MIRA INFORM REPORT

Report No. :	320603
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	INDIAN FOODTECH LIMITED

Registered Office :	SH-4, Vardhman Grand Plaza, District Centre, Sector – 3, Rohini, New Delhi – 110085
Tel. No.:	91-11-27948041/ 27948042

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	25.10.2010

Com. Reg. No.:	55-209763

Capital Investment / Paid-up Capital :	Rs. 18.721 Million

CIN No.: [Company Identification No.]	U15132DL2010PLC209763

IEC No.:	0510069924

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Read – to –eat and convenience foods.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 120000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The company has reported decent profitability for the year 2013 – 14 unlike loss in previous financial year. However, the rating takes into consideration company’s average financial risk profile and moderate networth. Trade relations are fair, business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	November 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ashok Ruhil
Designation :	Director
Contact No.:	91-9999021264

LOCATIONS

Registered Office :	SH-4, Vardhman Grand Plaza, Manglam Place, District Centre, Sector – 3, Rohini, New Delhi – 110085, India
Tel. No.:	91-11-27948041/ 27948042
Mobile No.:	91-9999021264 (Mr. Ashok)
Fax No.:	91-11-27948041
E-Mail :	ashok@indiansfood.in info@indiansfood.in
Website :	http://www.indiansfood.in www.indianfoodtech.com

Factory :	Rajat Industrial Park, Vikrampur, Bazpur, District U S Nagar, Uttarakhand, India

DIRECTORS

AS ON: 30.09.2014

Name :

Mr. Ashok Ruhil

Designation :

Director

Address :

175, Dharamkunj CHS Limited, Sector – 9, Rohini, Delhi – 110085, India

Date of Appointment :

30.04.2013

DIN No.:

01382321

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15400DL2005PLC138530	Natural Frozen Foods Limited	Director	11/07/2005	11/07/2005	-	Active	NO
2	U15122DL2008PLC173890	POWERCON INDUSTRIES LIMITED	Director	11/02/2008	11/02/2008	-	Active	NO
3	U51109UR1988PTC009529	SSR RUBBER & ALLIED PRODUCTS PRIVATE LIMITED	Director	18/04/2009	18/04/2009	10/06/2011	Active	NO
4	U15132DL2010PLC209763	INDIAN FOODTECH LIMITED	Director	30/04/2013	25/10/2010	-	Active	NO
5	U27109DL2007PTC158783	DYNAMIC ARC MOLTEN PRIVATE LIMITED	Additional director	01/12/2010	01/12/2010	01/08/2011	Active	NO
6	U15500DL2011PLC223116	INDIAN BEERS LIMITED	Director	02/08/2011	02/08/2011	-	Active	NO
7	AAA-2994	INDIAN FROZEN FOODS LLP	Designated Partner	03/12/2010	03/12/2010	-	Active	NO

Name :

Mrs. Anita Ruhil

Designation :

Director

Address :

175, Dharamkunj CHS Limited, Sector – 9, Rohini, Delhi – 110085, India

Date of Appointment :

25.10.2010

DIN No.:

01303040

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15400DL2005PLC138530	Natural Frozen Foods Limited	Director	11/07/2005	11/07/2005	-	Active	NO
2	U15122DL2008PLC173890	POWERCON INDUSTRIES LIMITED	Director	11/02/2008	11/02/2008	-	Active	NO
3	U51109UR1988PTC009529	SSR RUBBER & ALLIED PRODUCTS PRIVATE LIMITED	Director	18/04/2009	18/04/2009	10/06/2011	Active	NO
4	U15132DL2010PLC209763	INDIAN FOODTECH LIMITED	Director	25/10/2010	25/10/2010	-	Active	NO
5	U15500DL2011PLC223116	INDIAN BEERS LIMITED	Director	02/08/2011	02/08/2011	-	Active	NO

Name :

Mr. Sh.Amit Shokeen

Designation :

Director

Address :

255, Mangholpur kalan, Delhi – 110085, India

Date of Appointment :

30.04.2013

DIN No.:

01293610

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15400DL2005PLC138530	Natural Frozen Foods Limited	Director	11/07/2005	11/07/2005	-	Active	NO
2	U15122DL2008PLC173890	POWERCON INDUSTRIES LIMITED	Director	11/02/2008	11/02/2008	-	Active	NO
3	U32109DL2004PTC129270	NAV RATNA ELECTRONICS PRIVATE LIMITED	Additional director	21/01/2009	21/01/2009	11/08/2009	Active	NO
4	U51109UR1988PTC009529	SSR RUBBER & ALLIED PRODUCTS PRIVATE LIMITED	Director	18/04/2009	18/04/2009	10/06/2011	Active	NO
5	U15132DL2010PLC209763	INDIAN FOODTECH LIMITED	Director	30/04/2013	25/10/2010	-	Active	NO
6	U15500DL2011PLC223116	INDIAN BEERS LIMITED	Director	02/08/2011	02/08/2011	-	Active	NO
7	AAA-2994	INDIAN FROZEN FOODS LLP	Designated Partner	03/12/2010	03/12/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2014

Names of Shareholders	No. of Shares
Ashok Ruhil	1822200
Anita Ruhil	24300
Amit Shokeen	1000
Neeraj Ruhil	24300
Sunil Kumar Ruhil	100
Monika Pasricha	100
Rekha Gosain	100
Total	1872100

AS ON: 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category		Percentage
Directors or relatives of Directors		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Read – to –eat and convenience foods.

Products :	Not Divulged

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Cash and Credit (30 /60 /90 days)

Purchasing :	Cash and Credit (30 /60 /90 days)

GENERAL INFORMATION

Suppliers :

Reference :	Kris Flexi Packs Private Limited
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Inder Filing Station
Ram Shyam Enterprises
Sea Shell Chemicals Private Limited
Fuel India Agriency Syndicate
Jet Inks Private Limited
Kaushar India Limited
Jaiswal Art Press Private Limited
Kailash Packaging Industry

Customers :

End Users and OEMs

Reference :	Sea Shell Chemicals Private Limited
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Punjab National Bank
Branch Address	CAMA Palace, New Delhi - 110085, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Cash / Credit – Rs. 99.000 Million
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee Term Loan From Banks	28.676	37.789
Rupee term loans from Financial Institution	6.574	6.574
Total	35.250	44.363

Auditors :
Name :	Rashmi Narender and Company Chartered Accountants
Address :	B-387, Vardhman Grand Plaza, Outer Ring Road,Sector-3, Rohini, New Delhi – 110085, India
PAN No.:	AAJFR8203K


Memberships :	Not Available

Collaborators :	Not Available

Relative of Key Management Personnel:	Powercon Electricals Limited Indian Frozen Foods LLP

CAPITAL STRUCTURE

As on : 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2,500,000	Equity Shares	Rs.10/- each	Rs.25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,872,100	Equity Shares	Rs.10/- each	Rs.18.721 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	18.721	18.200	18.200
(b) Reserves & Surplus	23.833	13.207	(0.544)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	42.554	31.407	17.656

(3) Non-Current Liabilities
(a) long-term borrowings	68.626	48.107	76.976
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.702	2.573	16.342
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	69.328	50.680	93.318

(4) Current Liabilities
(a) Short term borrowings	49.251	50.405	27.174
(b) Trade payables	32.947	15.380	0.238
(c) Other current liabilities	3.287	0.798	1.205
(d) Short-term provisions	1.153	0.043	0.096
Total Current Liabilities (4)	86.638	66.626	28.713

TOTAL	198.520	148.713	139.687

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	104.067	105.530	104.991
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	3.868	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	104.067	109.398	104.991

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	79.883	23.740	7.481
(c) Trade receivables	3.676	6.375	0.113
(d) Cash and cash equivalents	2.261	0.441	21.315
(e) Short-term loans and advances	8.633	8.759	4.967
(f) Other current assets	0.000	0.000	0.820
Total Current Assets	94.453	39.315	34.696

TOTAL	198.520	148.713	139.687

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	153.881	22.983	0.093
		Other Income	2.279	0.048	0.012
		TOTAL	156.160	23.031	0.105

Less	EXPENSES
		Cost of Materials Consumed	124.805	14.880	(4.120)
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(28.037)	(2.664)	0.000
		Employees benefits expense	10.603	2.319	2.457
		Other Direct Expense	13.143	3.442	1.434
		Other expenses	5.062	1.215	0.033
		TOTAL	125.576	19.192	(0.196)

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		30.584	3.839	0.301

Less	FINANCIAL EXPENSES		10.905	3.633	0.184

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		19.679	0.206	0.117

Less/ Add	DEPRECIATION/ AMORTISATION		13.742	4.385	0.313

	PROFIT BEFORE TAX		5.937	(4.179)	(0.196)

Less	TAX		0.000	0.000	0.000

	PROFIT AFTER TAX		5.937	(4.179)	(0.196)

	Earnings Per Share (Rs.)		3.17	(2.23)	(0.10)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.86	(18.18)	(210.75)

Operating Profit Margin (PBDIT / Sales)	(%)	19.88	16.70	323.66

Return on Total Assets (PBT/Total Assets}	(%)	2.99	(2.89)	(0.14)

Return on Investment (ROI) (PBT/Networth)		0.14	(0.13)	(0.01)

Debt Equity Ratio (Total Debt /Networth)		2.77	3.14	5.90

Current Ratio (Current Asset/Current Liability)		1.09	0.59	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	18.200	18.200	18.721
Reserves & Surplus	(0.544)	13.207	23.833
Share Application money pending allotment	0.000	0.000	0.000
Net worth	17.656	31.407	42.554

long-term borrowings	76.976	48.107	68.626
Short term borrowings	27.174	50.405	49.251
Total borrowings	104.150	98.512	117.877
Debt/Equity ratio	5.899	3.137	2.770

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.093	22.983	153.881
		24,612.903	569.543

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.093	22.983	153.881
Profit/Loss	(0.196)	(4.179)	5.937
	(210.75%)	(18.18%)	3.86%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
	(Rs. In Million)
LONG TERM BORROWING
Loans and Advances from Related Parties (Loans Directors)	33.376	3.744
SHORT TERM BORROWING
Loans Repayable on Demands – From Banks (PNB OD A/C)	49.251	50.405
Total	82.627	54.149

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10271643	16/09/2014 *	99,916,000.00	PUNJAB NATIONAL BANK	7, BHIKHAIJI CAMA PLACE, NEW DELHI, DELHI - 110066 , INDIA	C25177734

OPERATION

During the year, the company tried well. The directors expect that the company will achieve new heights in the ensuing year.

FIXED ASSETS

Land
Factory Building
Plant and Machinery
Furniture and Fixtures
Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.20
UK Pound	1	Rs.97.01
Euro	1	Rs.69.34

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	SUC

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

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