MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	SHREE AGRONOMIC PROJECTS PRIVATE LIMITED (w.e.f ) 14.02.2008

Formerly Known As :	MASK COMMOTRADE PRIVATE LIMITED

Registered Office :	4, Synagogue Street, 8^th Floor, No.803, Kolkata – 700001, West Bengal

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	19.07.1996

Com. Reg. No.:	21-080531

Capital Investment / Paid-up Capital :	Rs. 0.202 Million

CIN No.: [Company Identification No.]	U51909WB1996PTC080531

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in export and supply of a comprehensive range of agro and food products.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 1200

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a relatively small company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office :	4, Synagogue Street, 8^th Floor, No.803, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-40002877
Fax no.:	Not Available
E-Mail :	corporate@agronomicventures.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Ratanlal Agarwal

Designation :

Director

Address :

Purbacahal Saltlake, Block Ga Cluster, 7/10, Kolkata – 700097, West Bengal, India

Date of Birth/Age :

19.09.1944

Date of Appointment :

19.07.1996

DIN No.:

00993358

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909WB1996PTC080531	Shree Agronomic Projects Private Limited	Director	19-07-96	19-07-96	-	Active	NO
2	U51109WB2005PTC106387	Mountain Vanijya Private Limited	Director	13-03-08	13-03-08	-	Active	NO
3	U01403WB2007PTC114828	Greenline Agro Seeds Private Limited	Director	26-06-08	26-06-08	-	Active	NO
4	U70101WB2006PTC109562	Castle Promoters Private Limited	Director	05-08-08	05-08-08	-	Active	NO
5	U51909WB1992PTC057174	Falcon Holdings Private Limited	Director	01-09-08	01-09-08	-	Active	NO
6	U74140WB2003PTC096790	Shashwat Consultancy Private Limited	Director	14-05-09	14-05-09	-	Active	NO
7	U51909WB2009PTC138253	Dynamic Dealtrade Private Limited	Director	25-01-10	25-01-10	-	Active	NO
8	U51909WB2009PTC134893	Rishab Tradecomm Private Limited	Director	17-02-10	17-02-10	-	Active	NO
9	U74140WB2006PTC107058	Bluestone Quantum Management Private Limited	Director	17-02-10	17-02-10	-	Active	NO
10	U51109WB2007PTC115514	Leverage Capital Private Limited	Director	17-02-10	17-02-10	-	Active	NO
11	U74120WB1998PTC086945	Quantum Business Consulting Private Limited	Director	17-02-10	17-02-10	-	Active	NO

Name :

Mr. Vikas Agarwal

Designation :

Director

Address :

Purbacahal Saltlake, Block Ga Cluster, 7/10, Kolkata – 700097, West Bengal, India

Date of Birth/Age :

05.12.1978

Date of Appointment :

22.06.2007

DIN No.:

00485121

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74120WB1998PTC086945	Quantum Business Consulting Private Limited	Director	06-04-98	06-04-98	-	Active	NO
2	U74140WB2003PTC096790	Shashwat Consultancy Private Limited	Director	26-08-03	26-08-03	02-03-10	Active	NO
3	U51909WB1996PTC080531	Shree Agronomic Projects Private Limited	Director	22-06-07	22-06-07	-	Active	NO
4	U01403WB2007PTC114828	Greenline Agro Seeds Private Limited	Director	26-06-08	26-06-08	-	Active	NO
5	U51101WB2009PTC136000	Dhanvriddhi Commodities Trading Private Limited	Director	18-06-09	18-06-09	-	Active	NO
6	U66000WB2001PTC092949	Anjali Insurance Broking Company Private Limited	Managing director	17-02-10	17-02-10	-	Active	NO
7	U51909WB2011PTC158896	Sidhishree Vanijya Private Limited	Director	20-04-11	20-04-11	-	Active	NO
8	U51909WB2010PTC155553	Lilygold Vintrade Private Limited	Director	06-05-11	06-05-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Ratanlal Agarwal		1100
Sushila Agarwal		100
Ratanlal Agarwal HUF		15000
Saroj Agarwal		1500
Sashikant Agarwal		2000
Vikash Agarwal		500
TOTAL		20200

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in export and supply of a comprehensive range of agro and food products.

Products :	Instant Energy Drink Powder Mango Juice Noni Fruit Juice Beverages Soap Nuts Burrst Mixed Fruits Amla Juice Pomegranate Juice and Concentrate Mineral Water Guava Drink

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Director	0.150	0.100
From Body Corporate	1.500	3.950
Total	1.650	4.050

Banking Relations :	--

Auditors :
Name :	R M M and Associates Chartered Accountants
Address :	7/1A, Grant lane, 1^st Floor, Room No.14, Kolkata – 700012, West Bengal, India
Tel. No.:	91-33-22111813/12
PAN.:	AIPPA0387D

Associates :	Quantum Business Solutions Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

20200	Equity Shares	Rs.10/- each	Rs. 0.202 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.202	0.202	0.202
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.100	0.024	0.017
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.302	0.226	0.219
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1.650	4.050	2.700
TOTAL BORROWING		1.650	4.050	2.700
DEFERRED TAX LIABILITIES		0.003	0.004	0.003

TOTAL		1.955	4.280	2.922

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.106	0.127	0.095
Capital work-in-progress		0.000	0.989	0.704

INVESTMENT		0.075	0.175	0.175
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.104	0.167	0.128
	Sundry Debtors	0.487	2.340	0.238
	Cash & Bank Balances	0.355	0.046	0.125
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.474	1.483	1.465
Total Current Assets		2.420	4.036	1.956
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.611	1.044	0.003
	Other Current Liabilities	0.001	0.000	0.000
	Provisions	0.034	0.003	0.005
Total Current Liabilities		0.646	1.047	0.008
Net Current Assets		1.774	2.989	1.948

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1.955	4.280	2.922

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales (including Export Sales)	29.921	22.705	3.518
		Profit/(Loss) on F & O	(0.261)	(0.048)	0.000
		Commission	0.467	0.000	0.000
		Duty Drawback on Exports	0.060	0.000	0.000
		TOTAL	30.187	22.657	3.518

Less	EXPENSES
		Increase/(Decrease) in Stock	0.063	(0.039)	(0.128)
		Purchases (including processing of agri product)	27.355	20.049	2.756
		Direct Expenses	0.489	0.653	0.217
		Administrative & Other Expenses	2.144	1.961	0.642
		TOTAL	30.051	22.624	3.487

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.136	0.033	0.031

Less/ Add	DEPRECIATION/ AMORTISATION		0.026	0.022	0.016

	PROFIT BEFORE TAX		0.110	0.011	0.015

Less	TAX		0.034	0.003	0.008

	PROFIT AFTER TAX		0.076	0.008	0.007

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.024	0.016	0.010

	BALANCE CARRIED TO THE B/S		0.100	0.025	0.017

	EARNINGS IN FOREIGN CURRENCY		USD 30000	NA	NA

	Earnings Per Share (Rs.)		3.76	0.38	0.33

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.25	0.04	0.20

Net Profit Margin (PBT/Sales)	(%)	0.37	0.05	0.43

Return on Total Assets (PBT/Total Assets}	(%)	4.35	0.26	0.73

Return on Investment (ROI) (PBT/Networth)		0.36	0.05	0.07

Debt Equity Ratio (Total Liability/Networth)		7.60	22.55	12.37

Current Ratio (Current Asset/Current Liability)		3.75	3.85	244.5

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

Air Conditioner
Computer and Printer
Furniture
Shallow Machine
Weighing Machine

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 records 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.49.08
UK Pound	1	Rs.78.78
Euro	1	Rs.67.76

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	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
TOTAL		28

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

0.104

0.487

0.355

0.000

1.474

2.420

0.611

0.001

0.034

0.646

1.774

0.25

0.37

4.35

0.36

7.60

3.75

Unit