MIRA INFORM REPORT

Report Date :

16.11.2011

IDENTIFICATION DETAILS

Name :	OLIVE TREE TRADING PRIVATE LIMITED
Registered Office :	403, Aditi Commerce Centre, 2406, East Street, Pune – 411001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.07.2001
Com. Reg. No.:	11-016326
Capital Investment / Paid-up Capital :	Rs.10.200 Millions
CIN No.: [Company Identification No.]	U51225PN2001PTC016326
TAN No.: [Tax Deduction & Collection Account No.]	PNEO01139F
PAN No.: [Permanent Account No.]	AAACO4259J
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Importer and Distributor of Edible Oil, Olive Oils and Food Products.
No. of Employees :	Not divulged by the management.

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

Maximum Credit Limit :	USD 138000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION DECLINED BY

Name :	Mr. Rajesh Sharma
Designation :	General Manager
Date :	16-11-2011

LOCATIONS

Registered Office :	403, Aditi Commerce Centre, 2406, East Street, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-66011771
Fax No.:	91-20-66021902
E-Mail :	info@olivetreetrading.org olivetree@vsnl.net rajesharma@olivetreetrading.org
Website :	www.olivetreetrading.org
Area :	3000 sq. ft.
Location :	Leased
Warehouse :	No. 1 – 11 Savatri Warehouse, Pisoli, Pune.
Tel. No.:	91-20-66011771
Fax No.:	91-20-66021902
E-Mail :	info@olivetreetrading.org
Area :	20000 sq. ft.
Location :	Leased
Branch Office :	Unit G II Church Street, Brigade Gardens, Brigade Road, Bangalore – 560 001.
Area :	600 sq. ft.
Location :	Leased
Branch Office :	Unit No. F 27, 1^st Floor, Kamalaya Centre 156 A Lenin Sarani, Kolkata – 700 013, West Bengal, India
E-Mail :	info@olivetreetrading.org
Area :	800 sq. ft.
Location :	Leased

DIRECTORS

As on 29.09.2011

Name :

Mr. Sujeet Suresh Shah

Designation :

Chairman Cum Managing Director

Address :

23A, Padma Vilas Enclave, Wanowarie, Pune- 411040

Date of Birth/Age :

14.02.1964

Qualification :

Post Graduate

Experience :

20 years

Date of Appointment :

19.07.2001

Din No.:

01906925

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	U51225PN2001PTC016326	OLIVE TREE TRADING PRIVATE LIMITED	Director	19-07-01	19-07-01	-	Active	NO
2	U15141PN2011PTC140123	OLEA EUROPAEA TRADING PRIVATE LIMITED	Director	11-07-11	11-07-11	-	Active	NO

Name :

Mrs. Reshma Sujeet Shah

Designation :

Director

Address :

23A, Padma Vilas Enclave, Wanowarie, Pune- 411040

Date of Birth/Age :

23.09.1962

Qualification :

Graduate

Date of Appointment :

19.07.2001

Din No.:

01906949

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	U51225PN2001PTC016326	OLIVE TREE TRADING PRIVATE LIMITED	Director	19-07-01	19-07-01	-	Active	NO
2	U15141PN2011PTC140123	OLEA EUROPAEA TRADING PRIVATE LIMITED	Director	11-07-11	11-07-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Sujeet Suresh Shah	930000
Reshma Sujeet Shah	90000
Total	1020000

As on 29.09.2011

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 :	Trader, Importer and Distributor of Edible Oil, Olive Oils and Food Products.
Products :	v Coffee – Lavazza – Italy v Olive Oil – Olitalia – Italy v Balsamic Vinegars – Cremonini – Italy v Pasta – Dececco – Italy v Pasta Sauces and Preserved Vegetables – Sacla – Italy v Pastries and Cookies – Vicenzi – Italy v Olives, Artichokes, Sundried Tomatoes – Di Vita – Italy v Speciality Stuffed Olives – Cobos – Spain v Crisp Breads – Finn Crisp – Finland v Energy Drink – Battery – Finland v Organic Sormilk – Silk – USA v Organic Silken Tofu – Morinu – USA v Porcini Mushrooms and Polenta – I. I Gusto – Italy v Peeled Tomatoes – La Valle – Italy v White Truffle Oils and Winter Truffles – Tartu Falba – Italy v Japanese Foor Products and Kitchenware – Direct Imports from Japan.
Agencies Held :	v Olitalia Srl-Italy (Olives Oils and Balsamic Vinegar) v Sacla Srl- Italy (Biscuits and Pastries) v Dececco Srl- Italy (Pasta) v Riso Scotti Spa – Italy (Rice) v White Wave Inc- USA (Soymilk) v Morinaga Nutritional Foods Inc- USA (Tofu) v Di Vita Spa- Italy (Olives, Vegetables…) v Vicenzi-Srl-Italy (Biscuits and Pastries) v Lavazza Spa v Vicenzi Srl v Sinebrychoff – Finland v Vassan and Vassan – Finland

GENERAL INFORMATION

No. of Employees :

Not divulged by the management.

Bankers :

• ABN Amro Bank, Off M G Road, Camp, Pune - 411001, Maharashtra, India
• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India
• Citibank N. A., First Floor, Onyx Tower, Near Westin Hotel North, Main Road, Koregaon Park, Pune – 411001, Maharashtra, India
• HDFC Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Form ABN Cash Credit (Secured against hypothecation of current assets of the company and mortgage of personal property of directors)	40.365	28.505
From HDFC Car Loan (Against hypothecation charge on car)		1.754
Total	40.365	30.259
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From ICICI		--
From Citibank		--
From Barclays Bank	0.238	0.515
From Standard Chartered		1.176
From HDFC		1.678
Total	0.238	3.369

Banking Relations :	--
Auditors :
Name :	P.G. Joshi and Company Chartered Accountants
Address :	Flat No.6, Janhavi Apartments, CTS No.90/22, Bhonde Colony, Erandawane, Pune – 411004, Maharashra, India
Pan No.:	AABFP2335E

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1050000	Equity Shares	Rs.10/- each	Rs.10.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1020000	Equity Shares	Rs.10/- each	Rs.10.200 Millions

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		10.200	10.200	10.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.375	16.386	12.127
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.575	26.586	22.327
LOAN FUNDS
1] Secured Loans		40.365	30.259	33.729
2] Unsecured Loans		0.238	3.369	7.602
TOTAL BORROWING		40.603	33.628	41.331
DEFERRED TAX LIABILITIES		0.479	0.242	0.153
TOTAL		75.657	60.456	63.811
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.185	8.252	6.698
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.953	33.112	48.515
	Sundry Debtors	34.912	33.838	30.441
	Cash & Bank Balances	0.000	0.000	0.000
	Other Current Assets	0.945	1.148	1.021
	Loans & Advances	4.932	6.958	3.545
Total Current Assets		88.742	75.056	83.522
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.594	14.768	19.874
	Other Current Liabilities		4.415	1.156
	Provisions	6.676	3.669	6.079
Total Current Liabilities		39.270	22.852	27.109
Net Current Assets		49.472	52.204	56.412
MISCELLANEOUS EXPENSES		0.000	0.000	0.700
TOTAL		75.657	60.456	63.811

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	202.542	166.075	159.225
		Other Income		5.218	2.055
		TOTAL (A)	202.542	171.293	161.280
Less	EXPENSES
		Purchases		89.170	111.658
		Other Direct Expenses		5.025	3.522
		Indirect Expenses		0.000	0.000
		Increased/Decreased in Stock		15.402	(19.217)
		Staff related expenses		23.440	19.714
		Administration Expenses		26.949	31.135
		TOTAL (B)	190.801	159.986	146.812
			( Including
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Financial	11.307	14.468
			And
Less	FINANCIAL EXPENSES (D)		Depreciation	5.245	5.687
			Expenses)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			6.062	8.781
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.012	0.842
	PROFIT BEFORE TAX (E-F) (G)		11.741	5.050	7.939
Less	TAX (I)		NA	--	--
	PROFIT AFTER TAX (G-I) (J)		NA	---	--

The above information has been declined by Mr. Rajesh Sharma.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	5.79	3.04	4.98
Return on Total Assets (PBT/Total Assets}	(%)	10.21	6.06	8.80
Return on Investment (ROI) (PBT/Networth)		0.33	0.18	0.36
Debt Equity Ratio (Total Liability/Networth)		2.31	2.12	3.07
Current Ratio (Current Asset/Current Liability)		2.25	3.28	3.08

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	NA	14.768	19.874

FORM 8:

Corporate identity number of the company	U51225PN2001PTC016326
Name of the company	OLIVE TREE TRADING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Pune – 411001 Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Citibank N. A., First Floor, Onyx Tower, Near Westin Hotel North, Main Road, Koregaon Park, Pune – 411001, Maharashtra, India
Nature of instrument creating charge	Deed of Modification
Date of instrument Creating the charge	17/08/2011
Amount secured by the charge	Rs. 56.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge The Assets to the Bank more particularly described in item No.15 below hypothecated by way of first exclusive charge, as security for the repayment of the loan of Rs.56.000 millions, together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by Company to the Bank. Other Nil
Short particulars of the property charged (Including location of the property)	Hypothecation by way of first exclusive charge on Current Assets of the Company both present and future.
Particulars of the present modification	The charge shall now stand increased from Rs.46.000 millions to Rs.56.000 millions, in favour of the Bank.

FIXED ASSETS:

• Computers
• Motor Vehicles
• Furniture and Fixtures
• 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 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. 50.56
UK Pound	1	Rs. 80.29
Euro	1	Rs. 68.78

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
--PROFITABILIRY	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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.