MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	GREENSPAN AGRI-TECH PRIVATE LIMITED
Registered Office :	Flat No.3, Plot No.31, Ashish Anand Park, Aundh, Pune – 411007, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.11.2003
Com. Reg. No.:	25-018590
Capital Investment / Paid-up Capital :	Rs.1.615 Millions
CIN No.: [Company Identification No.]	U01113PN2003PTC018590
TAN No.: [Tax Deduction & Collection Account No.]	PNEG06188A
PAN No.: [Permanent Account No.]	AACCG1250H
Legal Form :	Private Limited Liability Company
Line of Business :	Construction of Greenhouses.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 370000
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 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Flat No.3, Plot No.31, Ashish Anand Park, Aundh, Pune – 411007, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	shail@greenspan-agritech.com
Factory :	Gat No.207, Village Parandwadi, Taluka Maval, District, Pune – 410506, Maharashtra, India
Tel. No.:	91-2114-281736
Fax No.:	91-2114-237737

DIRECTORS

(AS ON 15.07.2011)

Name :

Mr. Shailprabhat Sudhakar Kulkarni

Designation :

Director

Address :

3, Ashish Residency, Aundh, Pune – 411007, Maharashtra, India

Date of Appointment :

24.11.2003

DIN No.:

01627962

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U52334MH1988PTC050063	KANAK AGRI-TECH PRIVATE LIMITED	Director	17/06/1995	17/06/1995	Active	NO
2	U01113PN2003PTC018590	GREENSPAN AGRI-TECH PRIVATE LIMITED	Director	24/11/2003	24/11/2003	Active	NO

Name :

Mrs. Meenal Shailprabhat Kulkarni

Designation :

Director

Address :

3, Ashish Residency, Aundh, Pune – 411007, Maharashtra, India

Date of Appointment :

28.11.2003

DIN No.:

02477902

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U52334MH1988PTC050063	KANAK AGRI-TECH PRIVATE LIMITED	Director	17/06/1995	17/06/1995	Active	NO
2	U01113PN2003PTC018590	GREENSPAN AGRI-TECH PRIVATE LIMITED	Director	28/11/2003	28/11/2003	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 15.07.2011)

Names of Shareholders	No. of Shares
Acrodent Eindhoven Bv,	27000
Meenal Shailprabhat Kulkarni	134000
Khanolkar Kedar With Khanolkar Ketaki	50
Parulekar Amit with Parulekar Sheela	50
Lonkar Mangala with Lonkar Rajeev	50
Parulekar Asha with Narayan	50
Parulekar Sugandha with Nitin	100
Parulekar Narayan with Parulekar Asha	50
Kulkarni Rajani with Kulkarni Sudhakar	50
Gosavi Prashant with Gosavi Sujata	50
Geetanjali Joshi	50
Total	161500

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	16.77
Directors or relatives of directors	82.61
Others	0.62
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction of Greenhouses.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India

Industrial Finance Branch, 619, Sachapir Street, Pune Camp, Pune - 411001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
UBI Packing Credit Loan (Secured by hypothecation of stock and receivables)	17.519	10.225
Foreign Document Bank purchase loan (Secured by hypothecation of foreign Bills)	8.711	--
Total	26.230	10.225
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Shareholders	7.050	6.550
Total	7.050	6.550

Banking Relations :	--
Auditors :
Name :	Prashant S. Kulkarni and Company Chartered Accountant
Address :	B 5, Seoul Co-Op Housing Society, S No 47/4 B, Kothrud, Pune – 411038, Maharashtra, India
Tel No.:	91-20-25380403
PAN No.:	AJJPK9360P

CAPITAL STRUCTURE

(AS ON 15.07.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
161500	Equity Share	Rs.10/- each	Rs.1.615 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		1.615	1.615	1.615
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		90.831	64.662	43.575
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		92.446	66.277	45.190
LOAN FUNDS
1] Secured Loans		26.230	10.225	6.284
2] Unsecured Loans		7.050	6.550	8.669
TOTAL BORROWING		33.280	16.775	14.953
DEFERRED TAX LIABILITIES		0.000	0.347	0.329
Others		0.000	2.952	0.000
TOTAL		125.726	86.351	60.472
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		28.322	26.225	26.840
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.290	0.064	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.954	37.529	34.143
	Sundry Debtors	62.911	28.335	27.360
	Cash & Bank Balances	0.409	0.000	1.758
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.990	14.362	6.222
Total Current Assets		154.264	80.226	69.483
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	30.520	12.652	28.793
	Other Current Liabilities	19.733	2.699	3.758
	Provisions	6.897	4.863	3.399
Total Current Liabilities		57.150	20.214	35.950
Net Current Assets		97.114	60.012	33.533
MISCELLANEOUS EXPENSES		0.000	0.050	0.099
TOTAL		125.726	86.351	60.472

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL (A)	349.164	229.921	203.129
Less	EXPENSES
		TOTAL (B)	315.665	202.091	182.168
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.499	27.830	(Including Financial Expenses)
Less	FINANCIAL EXPENSES (D)		4.011	2.851
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.488	24.979	20.961
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.161	1.874	1.821
	PROFIT BEFORE TAX (E-F) (G)		27.327	23.105	19.140
Less	TAX (H)		0.969	1.829	(0.002)
	PROFIT AFTER TAX (G-H) (I)		26.358	21.276	19.142
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.712	30.948	12.318
Less	APPROPRIATIONS
		Transfer to General Reserve	0.323	0.323	0.512
		Dividend and Dividend Tax	0.189	0.189
	BALANCE CARRIED TO THE B/S		77.558	51.712	30.948
	Earnings Per Share (Rs.)		163.21	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.55	9.25	9.42
Return on Total Assets (PBT/Total Assets}	(%)	14.97	21.70	19.87
Return on Investment (ROI) (PBT/Networth)		0.30	0.35	0.42
Debt Equity Ratio (Total Liability/Networth)		0.98	0.56	1.13
Current Ratio (Current Asset/Current Liability)		2.70	3.97	1.93

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U01113PN2003PTC018590
Name of the company	GREENSPAN AGRI-TECH PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No.3, Plot No.31, Ashish Anand Park Aundh, Pune – 411007, Maharashtra, India shail@greenspan-agritech.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	· Union Bank of India Industrial Finance Branch, 619, Sachapir Street, Pune Camp, Pune - 411001, Maharashtra, India ifbpune@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Agreement, Letter of Continuity
Date of instrument Creating the charge	30.12.2010
Amount secured by the charge	Rs.5.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BASE Rate + 1.25% Terms of Repayment As per agreement Margin As per agreement Extent and Operation of the charge As per agreement
Short particulars of the property charged	Raw material, Work in Progress, Stock of pipes, fittings, spares, plastic sheets, Greenhouses etc

FIXED ASSETS

· Land

· Development Printers

· Software (Intangible Assets)

· Plant and Machinery

· Office Equipment

· Factory and Office Building

· Vehicles

· Furniture and Fixture

· Computer

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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	6
--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		46

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.