MIRA INFORM REPORT

Report Date :

25.04.2012

IDENTIFICATION DETAILS

Name :	MAHINDRA SHUBHLABH SERVICES LIMITED (w.e.f. 16.08.2000)
Formerly Known As :	MAHINDRA SHUBHLABH SERVICES PRIVATE LIMITED
Registered Office :	Mahindra Towers, Dr. G.M. Bhosle Marg, P.K. Kurne Chowk, Worli, Mumbai -400 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.04.2000
Com. Reg. No.:	11-125781
Capital Investment / Paid-up Capital :	Rs.389.335 Millions
CIN No.: [Company Identification No.]	U01409MH2000PLC125781
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20219D
PAN No.: [Permanent Account No.]	AACCM1298D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged into Agri Farm Business and Services.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 585000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of Mahindra Group. The company’s profitability is under severe pressure. General financial position is moderate having good amount of accumulated losses. Trade relations are fair. Payments are reported as slow but correct. The company can be considered for business dealings with slight caution initially.

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 :	Mahindra Towers, Dr. G.M. Bhosle Marg, P.K. Kurne Chowk, Worli, Mumbai -400 018, Maharashtra, India
Tel. No.:	91-22-66483051/ 24905877/ 24931441
Fax No.:	91-22-24922726/ 24975081
E-Mail :	puri.vikram@mahindra.com arvind.talan@mahindra.com
Website :	www.mahindra.com
Location :	Owned
Corporate Office :	Farm Equipment Sector, Gate No.2, Akurli Road, Kandivali (East), Mumbai - 400 101, Maharashtra, India

DIRECTORS

As on 25.07.2011

Name :

Mr. Manohar Gopal Bhide

Designation :

Director

Address :

A5, Bageshree, Shankar Ghanekar Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

14.02.1939

Date of Appointment :

02.11.2000

DIN No.:

00001826

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	L67120MH1987PLC042363	Crisil Limited	Director	29-10-98	29-10-98	26-10-07	Active	NO
2	L63030MH1950GOI008033	Shipping Corporation of India Limited	Director	22-03-00	22-03-00	26-07-07	Active	NO
3	L40108PN1981PLC024153	Finolex Industries Limited	Director	21-08-00	21-08-00	15-06-10	Active	NO
4	L65921MH1991PLC059642	Mahindra and Mahindra Financial Services Limited	Director	24-10-00	24-10-00	-	Active	NO
5	U01409MH2000PLC125781	Mahindra Shubhlabh Services Limited	Director	02-11-00	02-11-00	-	Active	NO
6	U65990MH1998FTC115964	J.P. Morgan Securities India Private Limited	Director	05-12-00	05-12-00	-	Active	NO
7	U65929MH2001PLC131203	SBI Global Factors Limited	Director	25-05-01	25-05-01	07-06-10	Active	NO
8	U23200MH1996PLC102222	IOT Infrastructure and Energy Services Limited	Director	05-12-02	05-12-02	27-07-10	Active	NO
9	U65999MH2002PLC134884	Asset Reconstruction Company (India) Limited	Director	29-03-03	29-03-03	30-09-11	Active	NO
10	U30009MH1991PTC064182	I2IT Private Limited	Director	08-04-04	08-04-04	12-06-07	Active	NO
11	U99999MH1999PLC123304	Crisil Research And Information Services Limited	Director	14-12-05	14-12-05	-	Dormant	NO
12	U65999MH2006FTC165877	Jpmorgan Mutual Fund India Private Limited	Director	10-08-09	29-06-07	07-09-09	Active	NO
13	L92411MH2003PLC140134	Talwalkars Better Value Fitness Limited	Director	23-09-10	09-10-09	-	Active	NO
14	U66010MH2008PLC183679	Indiafirst Life Insurance Company Limited	Director	17-12-09	09-11-09	-	Active	NO

Name :

Mr. Chandrasekar Kandasamy

Designation :

Director

Address :

D11/53, Mahindra Park, LBS Marg, Ghatkopar (West), Mumbai - 400 086, Maharashtra, India

Date of Birth/Age :

08.01.1954

Date of Appointment :

22.12.2006

DIN No.:

01084215

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	U01409MH2000PLC125781	Mahindra Shubhlabh Services Limited	Director	25-07-07	22-12-06	Active	NO
2	U30007MH1991PLC064368	Bristlecone India Limited	Director	25-07-08	17-09-07	Active	NO
3	U63000MH2007PLC173466	Mahindra Logistics Limited	Director	10-09-08	03-10-07	Active	NO
4	U35999MH2008PLC180385	Mahindra First Choice Services Limited	Director	22-07-09	24-03-08	Active	NO
5	U30007MH1994PLC081637	Mahindra Sona Limited	Additional director	02-08-10	02-08-10	Active	NO
6	U74990MH2010PTC207854	Mahindra EPC Services Private Limited	Director	23-09-11	05-10-10	Active	NO

Name :

Mr. Anoop Krishna Mathur

Designation :

Director

Address :

70/71 Pchkkhanwala Road, Worli, Mumbai - 400 025, Maharashtra, India

Date of Birth/Age :

22.10.1947

Date of Appointment :

25.04.2007

DIN No.:

00014372

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	U01409MH2000PLC125781	Mahindra Shubhlabh Services Limited	Director	25-07-07	25-04-07	Active	NO
2	U35911MH2008PLC185462	Mahindra Two Wheelers Limited	Director	12-08-09	29-09-08	Active	NO

Name :

Mr. Anil Mohan Sawhney

Designation :

Director

Address :

H. No. 996, Sector 9, Panchkula – 134 109, Haryana, India

Date of Birth/Age :

03.01.1948

Date of Appointment :

09.08.2008

DIN No.:

00066895

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	L29211PB1970PLC002942	Punjab Tractors Limited	Managing director	14-07-07	01-04-04	Amalgamated	NO
2	L50210PB1985PLC006473	Swaraj Engines Limited	Nominee director	31-05-06	31-05-06	Active	NO
3	L45202PB1974PLC003516	Swaraj Automotives Limited	Nominee director	26-06-06	26-06-06	Active	NO
4	U01409MH2000PLC125781	Mahindra Shubhlabh Services Limited	Director	23-09-09	09-08-08	Active	NO

Name :

Mr. Ashok Hiralal Sharma

Designation :

Director

Address :

Mumbai, India

Date of Birth/Age :

15.06.1964

Date of Appointment :

06.12.2010

DIN No.:

02766679

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	U29296MH2010PTC198303	Mahindra EcoNova Private Limited	Director	27-06-11	02-01-10	-	Active	NO
2	U74900PN2008PTC132936	Vayugrid Marketplace Services Private Limited	Director	30-08-11	03-09-10	-	Active	NO
3	U34100GJ1978PLC003127	Mahindra Gujarat Tractor Limited	Nominee director	03-12-10	03-12-10	08-04-11	Active	NO
4	U01409MH2000PLC125781	Mahindra Shubhlabh Services Limited	Director	25-07-11	06-12-10	-	Active	NO
5	L25200MH1981PLC025731	EPC Industries Limited	Director	29-09-11	05-08-11	-	Active	NO

Name :

Ms. Veena Vedprakash Mishra

Designation :

Director

Address :

1203, 12^th Floor, Raheja Tipco Height 04, Western Express, Highway, Malad – East, Mumbai – 400 097, Maharashtra, India

Date of Birth/Age :

14.07.1956

Date of Appointment :

27.04.2011

DIN No.:

03502175

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	U35911MH2008PLC185462	Mahindra Two Wheelers Limited	Director	22-08-11	26-04-11	Active	NO
2	U01409MH2000PLC125781	Mahindra Shubhlabh Services Limited	Director	25-07-11	27-04-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Feroze Hoshang Baria
Designation :	Secretary
Address :	630, Gemlrina, Khareghar Road, Parsi Colony, Dadar, Mumbai – 400 014, Maharashtra, India
Date of Birth/Age :	09.07.1971
Date of Appointment :	09.05.2000
PAN No.:	AADPB1596R
Name :	Mr. Vikram Puri
Designation :	Chief Executive Office and Manager
Address :	7, Panoromic View Co-Operative Society Limited, 30, Golf Limks, Pali Hill, Khar, Mumbai - 400 052, Maharashtra, India
Date of Birth/Age :	06.09.1958
Date of Appointment :	19.08.2005
PAN No.:	AAHPP1456C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.07.2011

Names of Shareholders	No. of Shares
Mahindra and Mahindra Limited, India	3875983
Mahindra and Mahindra Limited Jointly with U.Y. Phadke	1
Mahindra and Mahindra Limited Jointly with A.G. Tawde	1
Mahindra and Mahindra Limited Jointly with C. Krishnadas	1
Mahindra and Mahindra Limited Jointly with M.A. Narareth	1
Mahindra and Mahindra Limited Jointly with Roshni Sagreiya	1
International Finance Corporation, United States of America	1036410
Mahindra and Mahindra Limited Jointly with Raghunath Murti	1
Mahindra Holdings Limited, India	1202114
Mahindra and Mahindra Limited Jointly with Gautam Nagwekar	1
Total	6114514

Equity Share Break up (Percentage of Total Equity)

As on 25.07.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	16.95
Bodies corporate	83.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into Agri Farm Business and Services.

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

• Bank of Baroda, Corporate Financial Services Branch, Ballard Pier, Walchand Hirachand Marg, Ballard Pier, Mumbai - 400 001, Maharashtra, India
• Export - Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Complex, Cuffe Parade, Mumbai - 400 005, Maharashtra, India
• HDFC Bank Limited
• State Bank of India

Facilities :

Secured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
From Financial Institution
Pre/Post Shipment Loan (Secured by hypothecation of current assets pertaining to exports of goods, both present and future)	42.500	0.000
From Bank
Cash credit account (secured by Hypothecation of stock and book debts-except export goods and receivables.)	92.581	30.868
Total	135.081	30.868

Unsecured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Short Term Loan – From Holding Company	0.000	20.000
Interest Accrued and Due	0.000	0.083
Total	0.000	20.083

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Beasant Road, Opposite Shiv Sagar Estate, Worli, Mumbai - 400 018, India
PAN No.:	AAEPJ3085C
Holding Company :	Mahindra and Mahindra Limited CIN No.: L65990MH1945PLC004558
Fellow Subsidiary Company :	Mahindra Holidays and Resort India Limited Bristlecone India Limited
Associate – Holding more than 20% stake :	Mega One Stop Farm Services Limited Kota Farm Service Limited Miryalguda Farm Solution Limited

CAPITAL STRUCTURE

As on 25.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6114514	Equity Shares	Rs.10/- each	Rs.61.145 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38933513	Equity Shares	Rs.10/- each	Rs.389.335 Millions

Note:

Out of the above:

24681437 Fully Paid up Equity Shares are held by Mahindra and Mahindra Limited, the holding company including 7 shares held jointly.

7653517 Fully Paid up Equity Shares are held by Mahindra Holdings Limited, Subsidiary of Mahindra and Mahindra Limited.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		389.335	389.335	290.858
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		50.530	50.529	50.529
4] (Accumulated Losses)		(293.695)	(299.120)	(292.337)
NETWORTH		146.170	140.744	49.050
LOAN FUNDS
1] Secured Loans		135.081	30.868	43.408
2] Unsecured Loans		0.000	20.083	82.500
TOTAL BORROWING		135.081	50.951	125.908
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		281.251	191.695	174.958
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.911	15.415	16.361
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.008	0.041	0.056
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	275.723	295.272	202.591
	Sundry Debtors	199.740	127.919	153.942
	Cash & Bank Balances	24.202	19.259	36.544
	Other Current Assets	0.005	0.031	0.043
	Loans & Advances	39.537	15.265	28.756
Total Current Assets		539.207	457.746	421.876
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	260.285	238.478	206.979
	Other Current Liabilities	9.795	41.868	55.100
	Provisions	2.795	1.161	1.256
Total Current Liabilities		272.875	281.507	263.335
Net Current Assets		266.332	176.239	158.541
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		281.251	191.695	174.958

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	793.125	487.676	373.737
		Other Income	52.578	18.949	16.300
		TOTAL (A)	845.703	506.625	390.037
Less	EXPENSES
		Purchase of Traded Goods	634.052	423.570	384.202
		Cost of Cultivation / Processed Seeds	37.921	82.013	42.617
		Decrease/ (Increase) in Stock of Trading Goods/ Seeds	19.549	(92.681)	(114.685)
		Personnel Costs	48.098	30.627	32.538
		Operating and Other Expenses	92.827	55.435	50.988
		TOTAL (B)	832.447	498.964	395.660
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.256	7.661	(5.623)
Less	INTEREST (D)		6.799	12.545	10.733
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.457	(4.884)	(16.356)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.032	1.057	1.132
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		5.425	(5.941)	(17.488)
Less	TAX (H)		0.000	0.842	1.089
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		5.425	(6.783)	(18.577)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(299.120)	(292.337)	(273.760)
	BALANCE CARRIED TO THE B/S		(293.695)	(299.120)	(292.337)
	EARNINGS IN FOREIGN CURRENCY
	- Export of Goods on F.O.B Basis		312.414	210.444	135.573
	TOTAL EARNINGS		312.414	210.444	135.573
	IMPORTS
	- Traded Goods		24.175	2.902	0.000
	TOTAL IMPORT		24.175	2.902	0.000
	Earnings/ (Loss) Per Share (Rs.)		0.14	(0.23)	(0.64)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.64	(1.34)	(4.76)
Net Profit Margin (PBT/Sales)	(%)	0.68	(1.22)	(4.68)
Return on Total Assets (PBT/Total Assets}	(%)	0.97	(1.26)	(3.99)
Return on Investment (ROI) (PBT/Networth)		0.03	(0.04)	(0.36)
Debt Equity Ratio (Total Liability/Networth)		2.79	2.36	7.94
Current Ratio (Current Asset/Current Liability)		1.97	1.63	1.60

LOCAL AGENCY FURTHER INFORMATION

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	Yes
9) Name of person contacted	No
10) Designation of contact person	No
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	No
18) Major customers	No
19) Payments terms	No
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	No
30) Major Shareholders, if available	Yes

OPERATION:

During the year, exports of fresh produce increased significantly over the last year. The Company exported 328 containers of grapes and pomegranates during the year as against 261 containers in the last year, recording a growth of 26%. The Company expanded its exports to Middle East and also added various new clients. The Company's product offerings were well received by its new customers. As a result, Exports (FOB) grew by 49% from Rs.210.000 millions to Rs.312.000 millions.

Export business continues to progress to ensure business excellence and is well poised to obtain accreditations like HACCP and Dutch Certificates.

The Company concluded a pilot project which was executed to explore domestic market for fresh fruits, including imports. The Pilot project confirmed the belief that the domestic market offers a good potential for business growth and the Company has therefore began the domestic operations in right earnest. The Company also expanded contract farming activity in Seed Potato.

The Company commenced operations with its Strategic partner, a Dutch Company which is a global leader in this domain. It exported a container of seed potato to a neighbouring export market to explore suitability of its offering and the results being encouraging is expected to provide a foundation for future growth.

The Crop Care business of the Company introduced two products each in nutrients and herbicides segment. It also focused in improved supply management and distribution network. As a result, sales grew by 45% to Rs.261.500 millions as compared to Rs.180.900 millions in the previous year.

CURRENT YEAR

The fresh Fruit Exports, Crop Care supply and Seed business activities are expected to improve in the future. The domestic fruit business will provide an engine for future growth of the Company's fruits business. The Company has initiated strong interest for expanding its product offerings. The Company expects to develop tie-ups with research led seed suppliers as well as manufacturers of niche crop care products which will contribute to future operations.

CONTINGENT LIABILITIES (AS ON 31.03.2010)

(i) Claims against the company for loss of business/services (excluding interest claimed) etc., not acknowledged as debts and not provided for Rs.2.401 Millions (Previous Year Rs.0.901 Million)

(ii) Sales Tax demands Rs.0.882 Million (Previous year Rs.0.882 Million) [Paid under protest Rs.0.092 Million (Previous year Rs.0.092 Million)] relating to issues of deductibility and taxability in respect of which the Company is in appeal and hopes to succeed in the matter.

(iii) Counter Guarantees given by the company against Bank Guarantees issued by the bank-

In Favour of	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sales Tax department	0.000	0.068
Custom Authorities	0.050	0.700
Agriculture Market committee	1.500	1.500
TOTAL	1.550	2.268

FORM 8:

Corporate identity number of the company	U01409MH2000PLC125781
Name of the company	MAHINDRA SHUBHLABH SERVICES LIMITED
Address of the registered office or of the principal place of business in India of the company	Mahindra Towers, Dr. G.M. Bhosle Marg, P.K. Kurne Chowk, Worli, Mumbai - 400 018, Maharashtra, India E-mail : puri.vikram@mahindra.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	80019180
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Export - Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Complex, Cuffe Parade, Mumbai - 400 005, Maharashtra, India E-mail : smeagrigroup@eximbankindia.in
Nature of instrument creating charge	Letter of Confirmation Dated 24.02.2011 Executed by Mahindra Shubhlabh Services Ltd ("The Borrower") In Favour of Export-Import Bank of India ("EXIM BANK") For Renewal of Pre/Post Shipment Credit Limit of USD 2.20 Million / Equivalent Euro / Equivalent INR.
Date of instrument Creating the charge	24.02.2011
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : SD: LIBOR (6 month) plus 350 bps p.a., payable quaterly. INR: 10.50% p.a. payable monthly on 20th day of each month in each year. Additional interest: 2% p.a., sub to rest Terms of Repayment: Each Disbursement Relating to Pre-Shipment Credit shall be Repaid by the Borrower within 180 Days from the date of such disbursement or Out of Relative Export Proceeds Or Equivalent Disbursement From Post-Shipment Credit, Whichever is earlier. Each Disbursement Relating to Post-Shipment Credit shall be Repaid by the Borrower within 180 Days from the date of such disbursement Or Out of Relative Export Proceeds, Whichever is earlier. Margin : Pre-Shipment Credit: 20% of Individual Export Order. Post-Shipment Credit: 10% of Individual Export bill Extent and Operation of the Charge: Exclusive Charge by way of Hypothecation in favor of EXIM Bank over Borrower's Current Assets Including Receivables, Pertaining to Export of Goods Both Present and Future, as security for the due repayment of the loan of USD 2.20 MN (Renewed for a further period of 1 year) and payment of interest and all other monies payable by the Borrower to EXIM Bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The whole of the Borrower's Current Assets including Receivables Pertaining to Exports of Fruits and Vegetables and other Agri Produce, both Present and Future.
Date of instrument modifying the charge	24.12.2009
Particulars of the present modification	Security created under DOH Dated 16/2/06 in favour of EXIM Bank for USD 450,000 and modified by supp DOH dated 22/3/07 for enhanced Amt of USD 1MN/Equiv EURO and modified by Second Supp DOH Dated 6/5/09 for enhanced limit of USD 1.50 Million over Borrower's current assets and further modified by Third Supp DOH Dated 24.12.2009 for enhanced limit of USD 2.20 Millions shall continue to secure loan of USD 2.20 Millions Renewed by Letter of Confirmation dated 24.02.2011

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computers

· Office Equipments

· Vehicles

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.52.79
UK Pound	1	Rs.85.17
Euro	1	Rs.69.53

INFORMATION DETAILS

Report Prepared by :

SMN

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	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	YES
TOTAL		34

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.