MIRA INFORM REPORT

Report Date :

14.01.2012

IDENTIFICATION DETAILS

Name :	NASHIK VINTNERS PRIVATE LIMITED
Registered Office :	3^rd Floor, A Wing, Todi Estate, Sun Mill Compound, Lower Parel (West), Mumbai – 400 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.02.2003
Com. Reg. No.:	11-139352
Capital Investment / Paid-up Capital :	Rs.134.588 Millions
CIN No.: [Company Identification No.]	U15549MH2003PTC139352
TAN No.: [Tax Deduction & Collection Account No.]	MUMN11125C
PAN No.: [Permanent Account No.]	AABCN7126Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Distributor, Importer and Exporter of all types of Wines.
No. of Employees :	350 (Approximately)

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 5350000
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.

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/ Head Office/ Factory :	3^rd Floor, A Wing, Todi Estate, Sun Mill Compound, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-61280606/ 67211900
Fax No.:	91-22-24926064
E-Mail :	shivanic@sulawines.com info@sulawines.com cs@sulawines.com
Website :	www.sulawines.com
Winery/ Testing Room :	Survey 36/2, Govardhan Village, Off. Gangapur Savargaon Road, Nashik – 422 222, Maharashtra, India
Tel. No.:	91-253-2231663/ 2231720
Fax No.:	91-253-2230151
Area :	100000 Sq. Fts
Location :	Owned

DIRECTORS

As on 15.09.2011

Name :

Mr. Suresh Anant Samant

Designation :

Chairman

Address :

Carmichael House, Carmichael Road, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

24.10.1933

Date of Appointment :

06.03.2003

DIN No.:

00114890

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	U63090MH1982PLC028100	Thalassa Ship Management Limited	Director	30-08-82	30-08-82	Active	NO
2	U35112MH1994PLC081331	Samson Maritime Limited	Director	01-04-11	21-09-94	Active	NO
3	U74999MH1995PTC084320	Samant Soma Wines Private Limited	Director	07-01-98	07-01-98	Amalgamated	NO
4	U15549MH2003PTC139352	Nashik Vintners Private Limited	Director	06-03-03	06-03-03	Active	NO
5	U45200MH2008PLC185622	Underwater Services Company Limited	Director	08-08-08	08-08-08	Active	NO

Name :

Mr. Rajeev Suresh Samant

Designation :

Managing Director

Address :

Carmichael House, Carmichael Road, Mumbai - 400 026, Maharashtra, India

Date of Birth/Age :

21.01.1967

Date of Appointment :

26.02.2003

DIN No.:

00020675

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	U74999MH1995PTC084320	Samant Soma Wines Private Limited	Managing director	04-01-95	04-01-95	Amalgamated	NO
2	U15549MH2003PTC139352	Nashik Vintners Private Limited	Managing director	26-02-03	26-02-03	Active	NO
3	U55100MH2005PTC157762	Vitis Hospitality Private Limited	Director	02-12-05	02-12-05	Strike off	NO
4	U52200MH2007PTC172476	Sante Retail Private Limited	Director	25-10-08	21-04-08	Active	NO
5	U55209GA1999PTC002654	C'est UN Restaurant Private Limited	Director	29-03-10	29-03-10	Active	NO
6	U15122MH2011PTC222280	Twin Peaks Beverages Private Limited	Director	22-09-11	22-09-11	Active	NO

Name :

Mr. Jehangir Adi Moos

Designation :

Director

Address :

4^th Floor, Karai Estate, Tardeo Road, Mumbai - 400 007, Maharashtra, India

Date of Birth/Age :

21.05.1944

Date of Appointment :

28.09.2005

DIN No.:

00020609

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	U36900MH1973PTC016542	Uni-Gem India Private Limited	Director	22-05-89	22-05-89	-	Active	NO
2	U36912MH1989PTC051827	Supreme Gems Private Limited	Director	22-05-89	22-05-89	-	Active	NO
3	U36900MH1989PTC122077	Ornate Gems Private Limited	Director	24-07-89	24-07-89	-	Active	NO
4	L25200GJ1981PLC004375	Ecoplast Limited	Director	04-08-89	04-08-89	-	Active	NO
5	U74140MH1980PTC022915	Systsoft Systems and Software Private Limited	Director	11-06-90	11-06-90	25-08-08	Active	NO
6	U74120AP1991PTC012274	Santilla Engineers Private Limited	Director	30-01-91	30-01-91	-	Active	NO
7	U74999MH1995PTC084320	Samant Soma Wines Private Limited	Director	04-01-95	04-01-95	-	Amalgamated	NO
8	U35112MH1994PLC081331	Samson Maritime Limited	Director	29-02-96	29-02-96	26-11-10	Active	NO
9	U15549MH2003PTC139352	Nashik Vintners Private Limited	Director	26-09-06	28-09-05	-	Active	NO

Name :

Mr. Deepak Ishwardas Shahdadpuri

Designation :

Director

Address :

Acropolis Building, Flat No.11, 5^th Floor, 58, Bhagat Singh Road, Near Colaba Post Office, Colaba, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

05.07.1969

Date of Appointment :

05.10.2005

DIN No.:

00444270

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	U15549MH2003PTC139352	Nashik Vintners Private Limited	Director	26-09-06	05-10-05	-	Active	NO
2	U74999MH1995PTC084320	Samant Soma Wines Private Limited	Director	26-09-06	05-10-05	-	Amalgamated	NO
3	U74899DL1981PTC011949	Trak Services Private Limited	Director	14-10-05	14-10-05	-	Active	NO
4	U15131DL2001PTC111560	Bakers Circle (India) Private Limited	Nominee director	31-08-06	07-03-06	-	Active	NO
5	U74140MH2006PTC182243	BCP Advisors Private Limited	Managing director	07-11-06	07-11-06	-	Active	NO
6	U67190MH2007PTC171846	Baer Capital Partners (India) Private Limited	Director	20-06-07	20-06-07	-	Active	NO
7	U74140DL2007PTC165045	BVM Advisors Private Limited	Director	28-09-07	28-09-07	07-08-08	Active	NO
8	U92120MH2001PTC131164	Impresario Entertainment And Hospitality Private Limited	Nominee director	04-03-08	04-03-08	-	Active	NO
9	U22110TN2004PTC052565	New Horizon Media Private Limited	Director	21-04-08	21-04-08	18-05-11	Active	NO
10	U74899DL1979PTC009500	Bhayana Builders Private Limited	Nominee director	27-05-08	27-05-08	-	Active	NO
11	U74899DL1998PLC094773	Vatika Limited	Alternate director	17-12-10	09-03-09	24-03-11	Active	NO
12	U51909WB2009PTC136998	Indostar Capital Finance Private Limited	Director	23-09-11	28-04-11	-	Active	NO
13	U15122MH2011PTC222280	Twin Peaks Beverages Private Limited	Director	22-09-11	22-09-11	-	Active	NO

Name :

Hank Uberoi

Designation :

Director

Address :

321, Upper Mountain Avenue, Montclair, N.J. – 07043 U.SA

Date of Birth/Age :

10.02.1961

Date of Appointment :

06.09.2007

DIN No.:

01807181

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	U15549MH2003PTC139352	Nashik Vintners Private Limited	Director	06-09-07	27-03-07	-	Active	NO
2	U74140MH2006PTC166367	Bay Capital Investment Managers Private Limited	Director	14-06-07	14-06-07	30-07-10	Active	NO

Name :

Mr. Sameer Sain

Designation :

Director

Address :

21, Holland Park, Lien Towers # 07-21, Singapore 249476

Date of Birth/Age :

05.11.1970

Date of Appointment :

24.08.2007

DIN No.:

01164185

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	L29120MH2005PLC156795	Future Capital Holdings Limited	Director	05-02-10	15-04-06	10-08-10	Active	NO
2	U67190MH2004PLC150329	Kshitij Investment Advisory Company Limited	Director	02-05-06	02-05-06	15-02-10	Active	NO
3	U67190MH2005PLC155095	Fch Securities & Advisors Limited	Director	02-05-06	02-05-06	27-09-07	Active	NO
4	U99999MH1984PTC031975	Aparna Commercial Holdings Private Limited	Director	18-07-06	18-07-06	-	Active	NO
5	U52599MH2007PLC167292	Future Capital Financial Services Limited	Director	25-01-07	25-01-07	24-09-07	Amalgamated	NO
6	U67190MH2005PLC157444	Future Capital Investment Advisors Limited	Director	20-09-07	26-03-07	15-02-10	Active	NO
7	U85110MH2007PLC169493	Future Hospitality Management Limited	Director	31-03-07	31-03-07	24-09-07	Active	NO
8	U65933MH1991PLC192261	Future Finance Limited	Director	22-07-08	02-05-07	15-02-10	Active	NO
9	U74300MH2006PLC160375	Future Media (India) Limited	Director	29-06-07	29-06-07	19-06-08	Active	NO
10	U85110AP1998PTC030229	Ravindranath Ge Medical Associates Private Limited	Nominee director	30-06-07	30-06-07	27-02-08	Active	NO
11	U15549MH2003PTC139352	Nashik Vintners Private Limited	Director	06-09-07	24-08-07	-	Active	NO
12	U65999MH2004PTC144113	Pegasus Assets Reconstruction Private Limited	Director	03-09-07	03-09-07	07-03-11	Active	NO
13	U52399MH2007PLC171178	Future E-Commerce Infrastructure Limited	Director	24-10-07	24-10-07	19-06-08	Active	NO
14	U51909MH2007PTC168066	Mays Commercial Private Limited	Director	21-08-08	14-11-07	-	Active	NO
15	L67120MH1996PLC192090	Future Ventures India Limited	Director	30-09-08	28-01-08	05-02-10	Active	NO
16	U74899DL1996PLC082842	VLCC HEALTH CARE LIMITED	Nominee director	01-04-08	01-04-08	-	Active	NO
17	L65990MH1977PLC019986	Centrum Capital Limited	Director	29-12-08	16-07-08	14-10-11	Active	NO
18	U51101MH2010PTC207463	Essay Commercial Resources Private Limited	Director	06-09-10	06-09-10	-	Active	NO
19	U51909WB2009PTC136998	Indostar Capital Finance Private Limited	Director	23-09-11	28-04-11	-	Active	NO

Name :

Frederic Charles Josse Mutien Ghislain de Mevius Baron

Designation :

Director

Address :

La-Falize, Rhisnes 1, La Bruyere, Belgium-5080

Date of Birth/Age :

26.11.1958

Date of Appointment :

24.11.2010

DIN No.:

03359921

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	U15549MH2003PTC139352	Nashik Vintners Private Limited	Director	15-09-11	24-11-10	Active	NO

KEY EXECUTIVES

Name :	T.S. Sivaprasad
Designation :	Company Secretary
Address :	4A/53 , Kalpataru Estate, Jogeswari – Vikroli Link Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Date of Birth/Age :	08.10.1962
Date of Appointment :	01.03.2007
PAN No.:	AKMPS4609R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2011

Names of Shareholders	No. of Shares
Rajeev S. Samant	2289140
Sulabha S. Samant	123254
Dinesh G. Vazirani	61566
Suresh A. Samant	1513812
Jehangir A. Moos	24625
Arun V. Pathak	24625
Bharat S. Samant	15638
Daisy Damskey	144495
GIA (Sula) Holdings Limited, Mauritius	1338904
Manish Patel	40298
Sumeet Gupta	60447
Indivision Ventures I, Mauritius	2368884
Haystack Investments Limited, Mauritius	376305
Anuradha J. Chudasama	313456
Ursula G. Sumal	425834
ICP Holdings I, Mauritius	734161
Mohan B. Samant and Ashin M. Samant	487724
Mohan B. Samant and Ruta M. Samant	487724
Ajoy Rajendraprasad Shaw	3003
Rohan Jawaharlal Shah	1000
Verlinvest S.A., Belgium	1312692
Cofintra S.A., Belgium	1312692
Total	13460279

As on 15.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	56.37
Directors or relatives of directors	29.47
Other top fifty shareholders	14.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Distributor, Importer and Exporter of all types of Wines.

Products :

Product Description	ITC Code
Sparkling (Champagne Type) Wine	220410.00
Still Wine	220421.00

PRODUCTION STATUS (As ON 31.03.2011)

Particulars	31.03.2011
a) Licensed Capacity*	Not Applicable
b) Installed (tank) Capacity**	58,61,000 litres
c) Actual Production	31,04,508 litres

* No industrial license is required.

** As assessed by the Management, being a technical matter

Particulars	31.03.2011 Quantity (Bottles)
Production	51,34,751

Particulars	31.03.2011 Quantity (Nos.)
Grape Cuttings	45,022
Production

Particulars	31.03.2011 Quantity (Litres)
a) Bulk wine
Production/Purchase	31,04,508
b) Champagne II Fermentation
Production	1,84,329

GENERAL INFORMATION

No. of Employees :

350 (Approximately)

Bankers :

v The Saraswat Co-operative Bank Limited, Girgaum Branch, Girgaum, Mumbai - 400 004, Maharashtra, India

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India

Facilities :

SECURED LOANS :	31.03.2011 (Rs. In millions)	31.03.2010 (Rs. In millions)
Term Loans (Secured against hypothecation of plant and machinery and tangible movable property lying at Winery, Nashik)	94.623	106.974
Cash Credit (Secured against hypothecation of the company’s book debts and inventories)	0.000	277.478
Vehicle Loans (Secured against hypothecation of company’s vehicles)	2.945	0.459
Interest accrued and due	0.993	0.999
Total	98.561	385.910

UNSECURED LOANS :	31.03.2011 (Rs. In millions)	31.03.2010 (Rs. In millions)
From Directors (Interest Bearing)	2.500	15.000
Others
Sales Tax Deferment A/c under PSI 1993 (Due within one year – Nil (Previous year – Nil)	34.459	34.459
Total	36.959	49.459

Banking Relations :	--
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	701, Leela Business Park, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
PAN No.:	AAAFH2010F

CAPITAL STRUCTURE

As on 15.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20206000	Equity Shares	Rs.10/- each	Rs.202.060 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13460279	Equity Shares	Rs.10/- each	Rs.134.603 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20206000	Equity Shares	Rs.10/- each	Rs.202.060 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13458779	Equity Shares	Rs.10/- each	Rs.134.588 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		134.588	113.104	113.104
2] Equity Share Warrants		5.580	1.280	0.660
3] Reserves & Surplus		1197.415	591.449	563.962
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1337.583	705.833	677.726
LOAN FUNDS
1] Secured Loans		98.561	385.910	340.166
2] Unsecured Loans		36.959	49.459	39.459
TOTAL BORROWING		135.520	435.369	379.625
DEFERRED TAX LIABILITIES		52.636	36.956	27.204
TOTAL		1525.739	1178.158	1084.555
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		642.059	591.994	564.228
Capital work-in-progress		3.710	4.867	6.599
INVESTMENT		0.081	0.080	0.090
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	566.065	486.080	453.447
	Sundry Debtors	274.142	232.285	221.235
	Cash & Bank Balances	170.274	12.574	17.203
	Other Current Assets	64.318	16.637	0.747
	Loans & Advances	82.434	83.143	87.182
Total Current Assets		1157.233	830.719	779.814
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	158.619	172.763	165.632
	Other Current Liabilities	73.613	37.804	54.438
	Provisions	45.112	41.935	46.106
Total Current Liabilities		277.344	252.502	266.176
Net Current Assets		879.889	581.217	513.638
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1525.739	1178.158	1084.555

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Net Sales / Income from Operations	1039.700	680.470	533.569
		Other Income		23.932	5.627
		TOTAL (A)	1039.700	704.402	539.196
Less	EXPENSES
		Raw Materials	846.200	158.463	219.608
		Cost of Traded Goods		37.850	42.065
		Packing Materials		80.034	60.795
		Manufacturing Expenses		44.870	32.601
		Administrative Expenses		30.233	31.335
		Selling and Distribution Expenses		185.479	125.750
		Increase/(Decrease) in Stock		(46.331)	(136.415)
		Staff Costs		90.083	86.963
		TOTAL (B)	846.200	580.681	462.702
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		193.500	123.721	76.494
Less	INTEREST & FINANCIAL EXPENSES (D)		NA	46.926	33.769
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	76.795	42.725
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	31.617	24.224
	PROFIT BEFORE TAX (E-F) (G)		115.200	45.178	18.500
Less	TAX (H)		37.800	17.690	11.100
	PROFIT AFTER TAX (G-H) (I)		77.400	27.488	7.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	122.471	115.073
	BALANCE CARRIED TO THE B/S		NA	149.959	122.471
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	18.155	16.333	21.774
	TOTAL EXPORTS		18.155	16.333	21.774
	IMPORTS
		Raw Materials	NA	21.522	33.616
		Capital Goods	NA	0.925	9.268
	TOTAL IMPORTS		NA	22.447	42.884
	Earnings Per Share (Rs.)
	- Basic		6.41	2.43	0.66
	- Diluted		NA	2.42	0.65

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.44	3.90	1.37
Net Profit Margin (PBT/Sales)	(%)	NA	6.63	3.46
Return on Total Assets (PBT/Total Assets}	(%)	6.40	3.18	1.37
Return on Investment (ROI) (PBT/Networth)		0.09	0.06	0.03
Debt Equity Ratio (Total Liability/Networth)		0.31	1.02	0.99
Current Ratio (Current Asset/Current Liability)		4.17	3.30	2.92

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered office of the company has been shifted from 1 and 2, Matulya Centre, C Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India to the present address w.e.f. 02.03.2010.

BUSINESS PERFORMANCE

During the year, sales touched Rs.1039.700 millions and profit after tax was Rs.77.400 millions. Sales grew by 48% over the previous year, PBIDT by 56%, and PAT by 181.45%.

The Company’s market share remained on a strong upward trend, crossing 60% of the total Indian produced wine market by value. During the year the Company successfully launched two new wines, Sula Brut Rose (Methode Champenoise) and Port 1000 Gold, the most premium port produced in India. Hospitality operations continued to perform well and they welcomed more than 50,000 visitors to the vineyards. Sulafest has become one of India’s important music festivals.

The Company commenced import of the prestigious brands of Remy Cointreau SA. The new brands include Remy Martin cognac, Cointreau liqueur, Mount Gay rum and Piper Heidsieck Champagne. This first foray into imported spirits helped the Company’s BIO portfolio sales double from the previous FY.

The grape growing season was again a difficult one with crop 50% lower than expected. Climate change is becoming a key factor which will require major changes in viticultural practices over the coming years, and the Company is working hard to mitigate the effects.

Operations in Karnataka expanded to include production of premium wines.

The Company continued its drive to air-condition distributors’ warehouses to improve the cold chain, storage conditions and ultimately product quality in the end-consumers’ hands. New markets included Sri Lanka for exports, Assam and Chattisgarh states.

The Company was appointed by the Wine and Spirits Education Trust (WSET – UK) as an authorized course provider. This will help immensely in their mission to educate consumers and the trade in wine knowledge.

The Management wishes to place on record its heartfelt thanks to all the employees of the Sula family for helping to make this possible.

CORPORATE DEVELOPMENTS

Share Capital

Authorized Share Capital

During the year, there was no change in the authorized share capital of the Company.

Issued Share Capital

During the year the Company allotted 21,15,384 equity shares of Rs. 10/- each fully paid at a premium of Rs.250/- per share.

CONTINGENT LIABILITIES: (As on 31.03.2011)

(i) Bank guarantees issued by banks to excise authorities is Rs.2.327 millions.

(ii) Outstanding export obligation under EPCG scheme is Rs.31.285 millions and on account of acquisition of a 100% EOU unit is Rs.10.468 millions.

(iii) Corporate guarantee provided to bank for contractual obligation of grape farmers amounting to Rs.18.800 millions.

(iv) There is a disputed liability of Rs.199.961 millions demanded by the Maharashtra State Excise Department for the excise duty allegedly collected by the Company from its customers but not remitted to the Government after the remission of excise duty by the State Government. In reply to the demand notice, the Company has filed an appeal with the State Excise Department. The Company does not expect any liability on this account.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10008532
Corporate identity number of the company	U15549MH2003PTC139352
Name of the company	NASHIK VINTERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1 and 2, Matulya Centre, C Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Supplemental letter of hypothecation of stocks, book debts and machinery
Date of instrument Creating the charge	29.05.2009
Amount secured by the charge	Rs.150.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be stipulated by the bank from time to time. Terms of Repayment CC – on demand Margin As may be stipulated by the bank from time to time. Extent and Operation of the charge Charge on Stock, book debts and machinery - both present and future as mentioned in supplemental hypothecation agreement Others
Short particulars of the property charged	Charge on Stock, book debts and machinery - both present and future as mentioned in supplemental hypothecation agreement
Date of latest modification prior to the present modification	09.04.2008
Particulars of the present modification	Present charge by way of Hypothecation Charge on stocks, book debts and movable plant and machinery has been extended for enhanced limits of the company from Rs.120.000 Millions to Rs.150.000 Millions

Corporate identity number of the company	U15549MH2003PTC139352
Name of the company	NASHIK VINTERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3^rd Floor, A Wing, Todi Estate, Sun Mill Compound, Lower Parel (West), Mumbai 400013, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	The Saraswat Co-operative Bank Limited, GiRgaum Branch, Girgaum, Mumbai – 400 004, Maharashtra, India Email: njbhatia@rediffmail.com
Nature of instrument creating charge	Supplemental Recording Letter Evidencing Deposit of Title Deeds
Date of instrument Creating the charge	28.10.2010
Amount secured by the charge	Rs.200.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As determined by the bank from time to time Terms of repayment On demand Margin As determined by the bank from time to time Extent and operation of the charge Second Pari passu charge on immovable property for Non Fund base :Cash Credit: Rs 200.000 millions Other The Saraswat Co-operative Bank Limited has first exclusive charge basis for the term loan upto Rs.113.431 millions and on second pari passu charge basis for the cash credit limit, bank guarantee limit and letter of credit limit upto Rs.217.000 millions and HDFC bank has on second pari passu charge basis of the credit facilities upto Rs.180.000 millions
Short particulars of the property charged (Including location of the property)	Mortgage of all the piece and parcel of the land bearing NA Gat no 35/2 alongwith the construction made thereon of village Govardhane Tal and Dist Nashik Mortgage of all the piece and parcel of the land bearing NA gat no 36/2 alongwith the construction made thereon of village Govardhane, Tal and District Nashik Mortgage of all the piece and parcel of the NA property bearing Gat No.90 along with the construction made thereon of factory building , cold storage godown, office building and security office residential quarters and other structures standing thereto of village Jaulke Wani Tal Dindori and District Nahsik Together with all the buildings and structures thereon, fixtures, fittings, and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth both present and future.
Date of instrument modifying the charge	29.06.2010
Particulars of the present modification	Joint mortgage by deposit of title deeds of immovable properties belonging to the borrower and lying and being at the Borrowers place of business at Gat no.35/2 and Gat no.36/2, Govardhan Nashik and Gat No.90 at Village Jaulke Wani, Taluka Dindori, Nashik for Cash Credit: Rs.200.000 millions

FIXED ASSETS:

· Land – Freehold

· Building

· Plant and Machinery

· Electric Fittings

· Refrigerator

· S. S. Tanks

· Generator Set

· Laboratory Equipment

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computer

· Oak Barrels

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.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--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.