MIRA INFORM REPORT

Report No. :	347008
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	AAYUSH IMPEX
Registered Office :	F-28/29, APMC Fruit Market, Sector – 19, Vashi, Navi Mumbai – 400703, Maharashtra
Tel. No.:	91-22-27841350/27849835
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	1965
Capital Investment :	Rs. 13.598 Million (Consolidated)
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Trading, Exporting and Importing of all types of Fresh Fruits.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 1965 as proprietary concern and it is a trader, exporter and importer of all types of fresh fruits. It is having a satisfactory track record. Rating takes into consideration concern’s long history of established track record of business operations marked by its satisfactory revenue profile and extensive industry experience of proprietor in trading business. Mr. Sunil J Sachdeva, proprietor has provided information to us and informed that financial record of 2014 and 2013 for Jhulelal Fruits and Aayush Impex are consolidated. Further he also informed that they are not preparing separate financial for both the entities and financial record of 2015 is under auditing. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the concern can be considered for business dealings at usual trade terms and conditions.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Sunil
Designation :	Proprietor
Contact No.:	91-9820155085
Date :	24.10.2015

LOCATIONS

Registered Office :	F-28/29, APMC Fruit Market, Sector – 19, Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-27841350/27849835
Mobile No.:	91-9820155085 (Mr. Sunil)
Fax No.:	91-22-27841350/27848679
E-Mail :	sunil@aayushimpex.com
Area :	1800 sq. ft.
Location :	Owned
Branch Office 1 :	F – 21/29, New Sabji Mandi, Azadpur, Delhi – 110033, India
Branch Office 2 :	F-43, APMC Furit Market, Sector – 19, Turbhe, Vashi, Navi Mumbai – 400703, Maharashtra, India

SOLE PROPRIETOR

Name :	Mr. Sunil J Shah
Designation :	Proprietor
Date of Birth/Age :	46 Years (1969)
Qualification :	HSC

BUSINESS DETAILS

Line of Business :	Trading, Exporting and Importing of all types of Fresh Fruits.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Fresh Fruits
Countries :	Gulf Countries
Imports :
Products :	Fresh Fruits
Countries :	· Australia · USA · New Zealand · China · Italy · Chile · France · Mexico · Belgium
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

GENERAL INFORMATION

Suppliers :

Reference:	Dovex Export Company, US
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark

Customers :

Reference:	Godrej Nature’s Basket, Mumbai, Maharashtra, India
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark

No. of Employees :

35 (Approximately)

Bankers :

Bank Name:	Tamilnad Mercantile Bank Limited
Branch:	Sector-19, Vashi Branch, Navi Mumbai, Maharashtra, India
Person Name (with Designation):	Mr. Sayed Mohd (Regional Manager)
Contact Number:	91-9821353159
Name of Account Holder:	Ayush Impex
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	20 Years
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Cash Credit = Rs. 30.000 Million
Account Operation:	Satisfactory
Remarks: Having Satisfactory Track Record

· ICICI Bank Limited

Sector-19, Vashi Branch, Navi Mumbai, Maharashtra, India

· Union Bank of India

Sector-19, Vashi Branch, Navi Mumbai, Maharashtra, India

· State Bank of India

Dana Bunder Branch, Sector-19, Vashi Branch, Navi Mumbai, Maharashtra, India

· HDFC Bank Limited

APMC Branch, Vashi, Navi Mumbai, Maharashtra, India

Auditors :

Name :

V.A. Dodeja and Company

Chartered Accountants

Memberships :

--

Collaborators :

--

Sister Concern :

Name:	Jhulelal Fruits
Address:	F-28/29, APMC Fruit Market, Sector-19, Turbhe Vashi, Navi Mumbai – 400703, Maharashtra, India
Line of Business :	Trader and importer of all types of Fresh Fruits.

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :
Owned :	Rs. 13.598 Million
Borrowed :	--
Total :	Rs. 13.598 Million

FINANCIAL DATA

[all figures are in Rupees Million]

AAYUSH IMPEX

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	1200.000

Expected Sales (2015-16): Rs. 1500.000 Million

The above information has been parted by Mr. Sunil J Sachdeva (Proprietor)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

JHULELAL FRUITS AND AAYUSH IMPEX

CONSOLIDATED

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Proprietor’s Capital		13.598	8.873
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		13.598	8.873
LOAN FUNDS
1] Secured Loans		26.696	28.222
2] Unsecured Loans		4.273	4.273
TOTAL BORROWING		30.969	32.495
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		44.567	41.368
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.657	10.938
Capital work-in-progress		0.000	0.000
INVESTMENT		20.853	2.289
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.228	20.064
	Sundry Debtors	15.881	26.032
	Cash & Bank Balances	8.978	5.737
	Other Current Assets	0.323	0.000
	Loans & Advances	18.340	4.437
Total Current Assets		48.750	56.270
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.132	26.004
	Other Current Liabilities	0.000	0.000
	Provisions	1.561	2.125
Total Current Liabilities		40.693	28.129
Net Current Assets		8.057	28.141
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		44.567	41.368

PROFIT & LOSS ACCOUNT

JHULELAL FRUITS AND AAYUSH IMPEX

CONSOLIDATED

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	882.360	859.458
		Other Income	6.439	2.786
		TOTAL	888.799	862.244
Less	EXPENSES
		Cost of goods sold	558.872	536.034
		Agency Expenses	2.134	2.608
		Container Transport Charges	3.166	3.863
		Custom Duty	231.836	234.047
		Dock Expenses	6.539	4.606
		Insurance Expenses	0.000	0.183
		Lorry Fare	10.131	4.179
		S C O Expenses	0.000	16.465
		Cold Store Rent	7.924	9.335
		Miscellaneous P Q Expenses	0.543	0.009
		Cold Store Labour	3.631	3.822
		Warehouse Expenses	16.786	18.966
		A C Expenses	0.000	0.034
		Advertisement	0.431	0.001
		Air Freight	0.123	0.085
		Airport Expenses	0.038	0.159
		Bank Charges	0.688	1.312
		Bank Interest	1.711	0.517
		Bardana Expenses	0.766	0.706
		Electricity Fitting Expenses	0.002	0.022
		Bonus	0.200	0.141
		Cold Storage	1.336	0.072
		Computer Expenses	0.057	0.119
		Conveyance Expenses	0.647	0.564
		Diwali Expenses	0.215	0.170
		Donation	0.034	0.062
		Electricity Bill	0.914	0.688
		Hamali	0.684	0.565
		APMC Charges	0.002	0.150
		Insurance	0.032	0.137
		Interest Paid	0.001	0.672
		Salaries	4.899	3.881
		Survey Expenses	0.447	0.153
		Vehicle Maintenance	0.163	0.044
		Visa Expenses	0.011	0.000
		Wages	0.017	0.067
		Water Expenses	0.071	0.043
		Other Expenses	25.706	13.377
		TOTAL	880.757	857.858
	PROFIT / (LOSS) BEFORE DEPRECIATION		8.042	4.386
Less	DEPRECIATION		1.350	1.170
	NET PROFIT / (LOSS)		6.692	3.216

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.76	0.37
Operating Profit Margin (PBDIT/Sales)	(%)	0.91	0.51
Return on Total Assets (PBT/Total Assets}	(%)	10.39	4.79
Return on Investment (ROI) (PBT/Networth)		0.49	0.36
Debt Equity Ratio (Total Debt/Networth)		2.28	3.66
Current Ratio (Current Asset/Current Liability)		1.08	1.74

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Proprietor Capital	8.873	13.598
Reserves & Surplus	0.000	0.000
Net worth	8.873	13.598
Secured Loans	28.222	26.696
Unsecured Loans	4.273	4.273
Total borrowings	32.495	30.969
Debt/Equity ratio	3.662	2.277

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	859.458	882.360
		2.665

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	859.458	882.360
Net Profit	3.216	6.692
	0.37%	0.76%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	Yes
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	----
33	Market information	----
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

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 records 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.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.