MIRA INFORM REPORT

Report Date :

14.12.2012

IDENTIFICATION DETAILS

Name :	TRICOM FRUIT PRODUCTS LIMITED
Registered Office :	Gat No. 336 - 341, Village Andori, Taluka Khandala, Shirval Pandarpur Road, District Satara – 415521, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.01.1995
Com. Reg. No.:	11-139099
Capital Investment / Paid-up Capital :	Rs.98.550 Millions
CIN No.: [Company Identification No.]	L67120PN1995PLC139099
Legal Form :	Public Limited Liability Company, The company’s shares are listed on Stock Exchange
Line of Business :	Manufacturing of fruit pulp and juices and other processed products prepared out of fruits like Mango, Pomegranate, Guava, Tomato etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 550000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The management of the company has not filled its latest financial i.e. 2011-12 with the government department. From the Financial of previous year. i.e. 2011 it seems that the reserve of the company appears to the low. Also the profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Sandeep Gupta
Designation :	Chief Financial Officer
Contact No.:	91-22-66907800
Date :	12.12.2012

LOCATIONS

Registered Office / Factory :	Gat No. 336 - 341, Village Andori, Taluka Khandala, Shirval Pandarpur Road, District Satara – 415521, Maharashtra, India
Tel No.:	91-2169-266251 / 52 / 61
E-Mail :	ridsecurities@gmail.com megha.trivedi@tricommail.com
Website :	www.tricomfruitproducts.com
Branch Office :	Office No.212, Ganaraj Market, Opposite Union Bank of India, Market Yard, Pune – 411037, Maharashtra, India

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Chetan Kothari
Designation:	Chairman
Name :	Mr. Jeetendra Wala
Designation:	Director
Name :	Mr. P. V. Naik
Designation:	Managing Director
Name :	Mr. Naran Bhati
Designation:	Director #
Name :	Mr. Mihir Shah
Designation:	Director #
Name :	Mr. Deepinder Mohan
Designation:	Director #
Name :	Mr. Bipin Shah
Designation:	Director

Note: # Resigned w.e.f. 11^th December, 2010

KEY EXECUTIVES

Name :	Mr. Sandeep Gupta
Designation:	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Category of Shareholder	Total No. of Shares	% of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	701895	7.12
Bodies Corporate	1228562	12.47
Sub Total	1930457	19.59
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1930457	19.59
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1673535	16.98
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1722247	17.48
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	4485030	45.51
Any Others (Specify)	43781	0.44
Clearing Members	6530	0.07
Non Resident Indians	37251	0.38
Sub Total	7924593	80.41
Total Public shareholding (B)	7924593	80.41
Total (A)+(B)	9855050	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	9855050	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of fruit pulp and juices and other processed products prepared out of fruits like Mango, Pomegranate, Guava, Tomato etc.

Products :

Product Description	Item Code No.:
Fruit, Juice, Pulp, Concentrate	08045040

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Actual Production
Fruit Pulp/Juice/Concentrate	Kgs	8,829,56

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Bank of India
• Bank of Baroda

Facilities :

SECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans from Banks
Term Loans	402.683	355.865
Motor Car Loan (secured against the Vehicle financed by Bank)	5.934	2.869
Working Capital Loan	171.903	0.000
Total	580.520	358.734
UNSECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Fixed Deposits	12.850	7.400
Inter Corporate Deposits	199.454	99.636
From Others	51.570	12.700
Total	263.874	119.736

Banking Relations :	--
Auditor 1 :
Name :	J. L. Bhatt and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Auditor 2 :
Name :	Koshal and Associates Chartered Accountants
Address :	Mumbai, Maharashtra, India
Related Parties :	Rids Textile Limited Dinesh Patadia Finance and Investment Private Limited Tricom India Limited (from 30-6-2010) Adilnath Finance Private Limited (from 30-06-2010) Trio Mercantile and Trading Limited (from 30-06-2010) Tricom Infotech Solutions Limited (from 30-06-2010) Tricom IT Services Private Limited(from 30-09-2010) Mastiff Tech Private Limited (From 30-09-2010) Tricom LPO Private Limited (From 13-12-2010) Tricom Document Management Inc. (from 30-06-2010) Tricom Software Services, Inc. (from 30-06-2010) Tricom Litigation Coding Services ,Inc.(from 30-06-2010) Tricom Data Services, Inc. (from 30-06-2010) Pacific Data Centers ,Inc. (from 30-06-2010) Tricom Infotech Solutions (Cyprus) Limited (from 30-06-2010) Tricom Infotech Solutions, Inc. (from 30-06-2010) Kothari Financial Services (from 30-06-2010) Chetan Kothari (HUF) (from 30-06-2010)

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.98.550 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
17500000	Equity Shares	Rs. 10 each	Rs.175.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9855050	Equity Shares	Rs. 10 each	Rs.98.550 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		98.550	98.550	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		38.453	33.291	0.892
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		137.003	131.841	50.892
LOAN FUNDS
1] Secured Loans		580.520	358.734	0.000
2] Unsecured Loans		263.874	119.736	0.000
TOTAL BORROWING		844.394	478.470	0.000
DEFERRED TAX LIABILITIES		0.000	0.872	0.826
TOTAL		981.397	611.183	51.718
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		644.572	77.596	43.791
Capital work-in-progress		0.250	540.152	0.000
INVESTMENT		0.100	0.120	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	157.374	2.379	1.384
	Sundry Debtors	132.291	2.010	5.472
	Cash & Bank Balances	11.352	13.892	0.776
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	73.913	20.597	0.160
Total Current Assets		374.930	38.878	7.792
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.918	44.297	0.030
	Other Current Liabilities	5.291	1.433	0.000
	Provisions	1.125	0.330	0.125
Total Current Liabilities		39.334	46.060	0.155
Net Current Assets		335.596	(7.182)	7.637
MISCELLANEOUS EXPENSES		0.879	0.497	0.290
TOTAL		981.397	611.183	51.718

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	368.304	9.648	3.920
		Other Income	6.973	0.302	0.000
		TOTAL (A)	375.277	9.950	3.920
Less	EXPENSES
		Cost of Materials	398.551	9.209	3.428
		Direct Expenses	20.824	0.000	0.00
		Increase/(Decrease) in Finished Goods	(154.995)	(0.994)	(1.084)
		Staff Expenses	17.941	0.317	0.000
		Administrative Expenses	14.388	0.697	0.580
		TOTAL (B)	296.709	9.229	2.924
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		78.568	0.721	0.996
Less	FINANCIAL EXPENSES (D)		59.239	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.329	0.721	0.996
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.041	0.237	0.237
	PROFIT BEFORE TAX (E-F) (G)		4.288	0.484	0.759
Less	TAX (H)		0.873	0.158	0.295
	PROFIT AFTER TAX (G-H) (I)		5.161	0.326	0.464
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.218	0.892	0.427
	BALANCE CARRIED TO THE B/S		6.379	1.218	0.892
	EARNINGS IN FOREIGN CURRENCY		66.083	0.000	0.000
	IMPORTS		5.106	29.459	0.000
	Earnings Per Share (Rs.)		0.60	0.07	0.09

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012	30.06.2012	30.09.2012
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	110.160	113.410	128.680	48.100	61.930	47.800
Total Expenditure	101.440	85.140	114.990	38.150	65.630	57.920
PBIDT (Excl OI)	8.720	28.270	13.690	9.950	(3.700)	(10.120)
Other Income	4.520	3.570	1.210	(0.040)	0.220	0.070
Operating Profit	13.240	31.840	14.900	9.910	(3.480)	(10.050)
Interest	20.600	24.730	24.210	13.820	27.320	22.320
Exceptional Items	0.000	0.000	0.000	0.000	0.000	0.000
PBDT	(7.360)	7.110	(9.310)	(3.910)	(30.800)	(32.370)
Depreciation	4.990	5.220	1.260	5.050	4.120	4.110
Profit Before Tax	(12.350)	1.890	(10.570)	(8.960)	(34.910)	(36.480)
Tax	0.000	0.000	0.000	0.000	0.000	0.000
Provisions and contingencies	0.000	0.000	0.000	0.000	0.000	0.000
Profit After Tax	(12.350)	1.890	(10.570)	(8.960)	(34.910)	(36.480)
Extraordinary Items	0.000	0.000	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000	0.000	0.000
Net Profit	(12.350)	1.890	(10.570)	(8.960)	(34.910)	(36.480)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.38	3.27	11.83
Net Profit Margin (PBT/Sales)	(%)	1.16	5.01	19.36
Return on Total Assets (PBT/Total Assets}	(%)	0.42	0.42	1.47
Return on Investment (ROI) (PBT/Networth)		0.03	0.00	0.01
Debt Equity Ratio (Total Liability/Networth)		6.45	3.98	0.02
Current Ratio (Current Asset/Current Liability)		9.53	0.84	50.27

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	32.918	44.297	0.030

Sr. No.	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	No
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BUSINESS OPERATIONS

The Company has started commercial production from the plant located at Andori, Satara, Maharashtra during the year. The plant has the capacity to process multiple fruits like Mango, Pomegranate, Guava, Tomato, Gooseberry, Papaya, etc. as to produce Clarified Juice, Pulp, Puree and Concentrate.

During the year, the Company’s Sales turnover was Rs. 368.304 Millions, as compared to sales of Rs. 9.649 Millions, during the last year. The Profit after tax during the year was Rs. 5.160 Millions as compared to Rs. 0.326 Million, during the last year.

INDUSTRY STRUCTURE AND DEVELOPMENTS

The food processing industry is one of the largest in India - it is ranked fifth in terms of production, consumption, export and expected growth. According to the leading industry body Technopak the Indian food industry is projected to touch USD 300 billion by 2015.

The growth witnessed in the industry is largely driven by higher disposable incomes, change in spending pattern, increasing organised food retailing, increasing export opportunities and favourable regulatory environment and Government support and investment inflows.

Food processing Industry is one of the largest industries operating in India, and is highly fragmented. The industry operates across various segments that include:

• Fruits and vegetables
• Meat and poultry
• Dairy
• Marine products, grains and consumer foods (that includes packaged food, beverages and packaged drinking water).

Value addition of food products is expected to increase from 8% to 35% by 2025. Fruit and vegetable processing is also expected to increase to 25% of total production in 2025 from the current level of 2%. Further according to Department of Industrial Policy and Promotion the sector has attracted foreign direct investment (FDI) worth USD 1,253.79 million from April 2000 to April 2011.The amount of FDI inflow for food processing sector in India during the financial year 2010-11 up to November 2010 (8 months) is USD 129.2 million.

There have been active reforms/measures by the Government in this sector. The Indian government has approved funds for establishing 15 mega food parks across the country. The Union budget 2011-12 has also allocated USD 135 million to the Food Processing Ministry from the previous USD 90 million.

The food industry in India has taken off significantly well and will continue to grow rapidly given the unexplored potential in the sector. The growth in this sector is not only indicative of changing development patterns of the country, similar to the developed nations, but also the promise it holds in propelling growth of a certain section of society that has remained constrained for a long time.

Changing lifestyles, food habits, organized food retail and urbanization are the key factors for processed foods in India, these are post-liberalization trends and they give boost to the sector.

Company's Strategy and Plans

The Company successfully completed its first year of operations. In the year under review, the Company has effectively made its mark in the global markets. To cater to growing demand in this industry the Company intends to focus on expanding its facilities as well as its product portfolio. The Company not only aims double its processing capabilities but is also exploring the option of setting up a new facility in Southern India.

Further, in its endeavour to enhance its product line, trials were conducted for clear mango juice and plans are on the anvil to explore the clear juice market for banana and guava as well.

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)	74.392	125.290
Bank Guarantees issued to Customs Authorities/DGFT	5.443	5.443

UNAUDITED FINANCIAL RESULT FOR THE QUARTER ENDED AS ON 30.09.2012

PARTICULARS	Unaudited					Audited
	Quarter ended			Half year Ended		Year ended
	30.09.2012	30.06.2012	30.09.2011	30.09.2012	30.09.2011	31.03.2012
INCOME FROM OPERATIONS
Sales & Income From Operations	47.823	61.409	113.408	109.232	223.563	406.338
(Net of excise duty)
Other Operating Income	(0.025)	0.524	3.559	0.499	7.563	2.644
Total Income from Operations (net)	47.798	61.9.33	116.967	109.731	231.126	408.981
EXPENSES
(a) Cost of materials consumed	49.748	62.227	17.990	111.975	64.367	75.816
(b)Purchase of stock-in-trade	-	-	91.590	-	91.590	185.805
(c)Changes in inventories of finished goods, work in progress and stock-in-trade	(1.841)	(8.492)	(44.577)	(10.333)	(11.008)	9.370
(d) Employee benefits expense	3.306	3.653	5.763	6.959	11.138	20.540
(e) Depreciation and amortisation expenses	4.113	4.068	5.215	8.181	10.207	16.370
(f) Other Expenses	6.707	8.336	14.384	15.043	27.992	43.239
TOTAL EXPENSES	62.033	69.791	90.364	131.825	1,94.286	351.141
Profit/(Loss) from operations before other income, finance costs and exceptional items	(14.235)	(7.858)	26.602	(22.094)	36.840	57.841
Other Income	0.070	0.221	0.008	0.292	0.016	0.104
Profit/(Loss) from ordinary activities before finance costs and exceptional items	(14.165)	(7.637)	26.610	(21.802)	36.857	57.945
Finance Cost	22.318	27.275	24.725	49.593	47.322	101.977
Profit/(Loss) from ordinary activities after finance costs but before exceptional items	(36.483)	(34.912)	1.885	(71.395)	(10.466)	(44.032)
Exceptional items	-	-	-	-	-	-
Profit/(Loss) from ordinary activities before tax	(36.483)	(34.912)	1.885	(71.395)	(10.466)	(44.032)
Tax Expenses	-	-				-
Net Profit/(Loss) from ordinary activities before tax	(36.483)	(34.912)	1.885	(71.395)	(10.466)	(44.032)
Extra Ordinary Items (Net Of Tax Expense Rs.)	-	-				-
Net Profit/(Loss) for the period	(36.483)	(34.912)	1.885	(71.395)	(10.466)	(44.032)
Paid-up equity share capital of Rs. 10/- per share	98.551	98.551	98.551	98.551	98.551	98.551
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
Basic Earning Per Share before Extraordinary item (Rs.)	(3.70)	(3.54)	0.19	(7.24)	(1.06)	(4.47)
Basic Earning Per Share after Extraordinary item (Rs.)	(3.70)	(3.54)	0.19	(7.24)	(1.06)	(4.47)
Diluted Earning Per Share before Extraordinary item (Rs.)	(3.70)	(3.54)	0.19	(7.24)	(1.06)	(4.47)
Diluted Earning Per Share after Extraordinary item (Rs.)	(3.70)	(3.54)	0.19	(7.24)	(1.06)	(4.47)
PARTICULARS OF SHAREHOLDING .
Public Shareholding
- Number of Shares	7924593	7144936	6596614	7924593	6596614	6629872
- Percentage of Shareholding	80.41%	72.50%	66.94%	80.41%	66.94%	67.27%
Promoters and Promoter group Shareholding
a) Pledged/ Encumbered
-Number of Shares	1862663	2614112	2945550	1862663	2945550	3036805
- Percentage of Shares (as a % of the total Shareholding of promoter and promoter group)	96.49%	96.46%	92.77%	96.49%	92.77%	94.16%
- Percentage of Shares (as a % of the total Share capital of the Company)	18.90%	26.53%	29.89%	18.90%	29.89%	30.81%
b) Non-encumbered
-Number of Shares	67794	96002	311836	67794	311836	188373
- Percentage of Shares (as a % of the total Shareholding of promoter and promoter group)	3.51%	3.54%	7.23%	3.51%	7.23%	5.84%
- Percentage of Shares (as a % of the total Share capital of the Company)	0.69%	0.97%	3.17%	0.69%	3.17%	1.91%

Particulars	3 months ended 30-09-2012
INVESTOR COMPLAINTS
Pending at the beginning of the quarter	0
Received during the quarter	2
Disposed of during the quarter	2
Remaining unresolved at the end of the quarter	NIL

STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

PARTICULARS	As at Current half year end	As at previous year end
	30.09.2012	31.03.2012
	(Unaudited)	(Audited)
A. EQUITY AND LIBILITIES
1. Shareholders' fund
a. Share capital	98.551	98.551
b. Reserves & surplus	(76.607)	(5.579)
c. Money received against share warrants	19.609	-
Sub-total Shareholder's funds	41.553	92.971
2. Share application money pending allotment	143.291	-
3. Non-current liabilities
a. Long-term borrowings	229.784	565.973
Sub-total Non Current liabilities	229.784	565.973
4. Current Liabilities
a. Short-term borrowings	369.597	178.570
b. Trade payables	48.765	5.964
c. Other current liabilities	201.105	131.619
Sub-total Current liabilities	619.467	316.153
TOTAL - EQUITY AND LIABILITIES	1034.095	975.098
B. ASSETS
1. Non Current Assets
a. Fixed Assets (incl. CWIP)	623.349	631.510
b. Non-current investments	0.100	0.100
c. Long-term loans and advances	1.407	1.400
d. Other non-current assets	2.235	2.136
Sub-total Non Current assets	627.091	635.146
2. Current assets
a. Inventories	163.364	153.030
b. Trade receivables	154.356	100.183
c. Cash and cash equivalents	0.184	0.203
d. Short term loans and advances	22.567	12.026
e. Other current assets	66.533	74.508
Sub-total Current assets	407.004	339.951
TOTAL - ASSETS	1034.095	975.098

NOTES:-

1. The results for the quarter ended September 30, 2012, have been subjected to Limited Review by the Statutory Auditors, reviewed by the Audit Committee at its meeting held on November 14, 2012 and approved by the Board of Directors at its meeting held on November 14, 2012.

2. Other Income includes Foreign Exchange Gain/(Loss).

3. The Company's operations relates to single segment i.e. Agro/Fruit processing.

4. The name of the Company was changed from 'Rids Securities Limited' to 'Tricom Fruit Products Limited' w.e.f 2nd August, 2010.

5. The figures of previous year / periods have been regrouped/ reclassified, wherever necessary.

FIXED ASSETS:

• Air Conditioner
• Furniture and Fixtures
• Improvement to Rented
• Premises
• Computers
• Office Equipments
• Vehicle
• Strapping Machine
• Weighing Machine
• Godown Building
• Land
• Electrical Installation
• Laboratory Equipments
• Plant and Machinery

PRESS RELEASE

TRICOM FRUIT PRODUCTS ON ACCELERATED GROWTH

MUMBAI AUGUST 23, 2011 –

Tricom Fruit Products Limited (Tricom Fruits) (BSE-531716, ASE-49187), fast emerging company engaged in multi-fruit processing, has announced its expansion plans after successfully completing its one year of operations.

Tricom Fruits within its first year of commencing fruit processing operations has won a reliable image in the international markets.

After having established itself in the export market in the first year of operations, Tricom Fruits is now planning to gain its foothold in the domestic market. New product development in terms of processing of new fruits and vegetable purees would also be a key priority.

The company intends to double its processing capacity from current 10 tonnes per hour to-20 tonnes per hour for mango and pomegranate and from 5 tonnes per hour to 10 tonnes per hour for guava, papaya, tomato and gooseberry (amla). After successfully completing trial runs for clear mango juice; the company plans to explore opportunities of clear juice for banana and guava as well.

Tricom Fruits is focusing on enhancing efficiency of existing processing lines by adopting energy efficient designs and better process controls.

Commenting on the expansion plans, Mr. Chetan Kothari, Chairman, Tricom Fruit Products India Limited said, "Our first year has been very encouraging and motivating us to further perform and give our best for the next year to come. The result just gives us further optimism to attain our goals."

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.54.23
UK Pound	1	Rs.87.53
Euro	1	Rs.70.94

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.