MIRA INFORM REPORT

Report Date :

28.01.2012

IDENTIFICATION DETAILS

Name :	EXOTIC FRUITS PRIVATE LIMITED
Registered Office :	No. 2675, 4^th Cross, 17^th Main HAL, 2^nd Stage, Indira Nagar, Bangalore – 560008, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.03.1999
Com. Reg. No.:	08-024875
Capital Investment / Paid-up Capital :	Rs.6.250 Millions
CIN No.: [Company Identification No.]	U15137KA1999PTC024875
TAN No.: [Tax Deduction & Collection Account No.]	BLRE00651A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of fruit pulps-mango, pineapple, fruit products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has incurred some loss in the current year. However, networth appears to be satisfactory. 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 :	No. 2675, 4^th Cross, 17^th Main, HAL 2^nd Stage, Indira Nagar, Bangalore – 560008, Karnataka, India
Tel. No.:	91-80-25203080/81
Fax No.:	91-80-41161717
E-Mail :	exotic@eth.net exoticbir@vsnl.com madan@exotic-fruit.com
Website :	www.exotic-fruits.com
Marketing Office :	B-208, Arjun Center, BKS Devshi Marg, Govandi, Mumbai – 400088, Maharashtra, India
Tel. No.:	91-22-67550901
Fax No.:	91-22-67550902
E-Mail :	exoticblr@vsnl.net

DIRECTORS

As on 29.09.2011

Name :

Mr. Tanay Srivastav

Designation :

Alternate director

Address :

43 Vascon Paradise, Opposite Baner Telephone Exchange, Baner Road, Pune – 411045, Maharashtra, India

Date of Birth/Age :

04.07.1971

Date of Appointment :

24.11.2010

DIN No.:

00008575

Other Directorship :

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
U15440PN1992PTC018993	Doehler India Private Limited	Managing director	1/01/2005	1/01/2005	-	Active	NO
U15137KA1999PTC024875	Exotic Fruits Private Limited	Alternate director	24/11/2010	24/11/2010	-	Active	NO

Name :

Mr. Pratik Bhupendra Popat

Designation :

Whole-time director

Address :

13 C, Sett Minar, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

08.03.1966

Date of Appointment :

25.03.1999

DIN No.:

00542673

Other Directorship :

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
U15137KA1999PTC024875	Exotic Fruits Private Limited	Whole-time director	25/03/1999	25/03/1999	-	Active	NO
U15137MH2003PTC139166	Frusip Products Private Limited	Director	14/02/2003	14/02/2003	-	Strike off	NO

Name :

Mr. Chandrashekar Ramakrishnan

Designation :

Whole-time director

Address :

14, Jyotsana Sivarama Nagar, Ramanath Puram, Coimbatore – 641045, Tamilnadu, India

Date of Birth/Age :

06.10.1957

Date of Appointment :

22.06.2007

DIN No.:

00542727

Other Directorship :

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
U01135KA2003PTC033130	Exotic Agricultural Farms Private Limited	Director	31/12/2003	31/12/2003	-	Active	NO
U01111TN2005PTC056422	Hi-Tech Agro Food Private Limited	Director	28/07/2005	28/07/2005	-	Active	NO
U15137KA1999PTC024875	Exotic Fruits Private Limited	Whole-time director	22/06/2007	22/06/2007	-	Active	NO
U17111TN1995PTC029882	Rice - Land Agro Foods Private Limited	Director	7/03/2008	7/03/2008	-	Active	NO
U15410TZ2011PTC016926	Cakes and Bakes (India) Private Limited	Director	1/04/2011	1/04/2011	-	Active	NO

Name :

Mr. Avinash Vasant Phirke

Designation :

Managing director

Address :

401, Sneh Regnecy 79, Sector 29, Vashi, Navi Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

14.08.1959

Date of Appointment :

02.06.2003

DIN No.:

00542852

Other Directorship :

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
U15137MH2003PTC139166	Frusip Products Private Limited	Director	14/02/2003	14/02/2003	-	Strike off	NO
U15137KA1999PTC024875	Exotic Fruits Private Limited	Managing director	22/03/2011	2/06/2003	-	Active	NO

Name :

Mr. Cornelis Henricus Maria Cools

Designation :

Additional director

Address :

Rotsvlinderhof 6, Province of Noord Brabant, Oosterhout NL 4904

Date of Birth/Age :

01.03.1951

Date of Appointment :

24.11.2010

DIN No.:

03311949

Other Directorship :

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
U15137KA1999PTC024875	Exotic Fruits Private Limited	Director	29/09/2011	24/11/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
R Chandrashekar	118750
Pratik B Popat	143750
A Sashidharan	143750
Avinash V Phirke	93750
Dohler Asia Pte Limited, Singapore	125000
Total	625000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

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	20.00
Bodies corporate
Directors or relatives of Directors	57.00
Other top fifty shareholders	23.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of fruit pulps-mango, pineapple, fruit products.

Products :

Item Code No.	Product Description
--	Fruit Pulp

• Alphonso Mango Pulp
• Kesar Mango Pulp
• Raspuri Mango Pulp
• Totapuri Mango Pulp
• Mango Silces – Natural
• Red Papaya Pulp- Natural
• Musk Melon Pulp – Natural
• Guava Pulp

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit
Licensed Capacity		NA
Installed Capacity	MTS	18000 P.A.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Andhra Bank, N R Road Branch, Bangalore – 560002, Karnataka, India

· ICICI Bank

· Axis Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loan banks	0.000	0.187
Rupee Term Loans others	1.283	2.545
Working Capital Loans	421.634	199.693
Total	422.917	202.425

Banking Relations :	--
Auditors :
Name :	Ganoba and Bhat Chartered Accountants
Address :	No 45, 1^st Floor, Annamalai Arcade, Wilson Garden, Hosur Main Road, Bangalore – 560021, Karnataka, India
PAN.:	AAAFG5742M

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
625000	Equity Shares	Rs.10/- each	Rs.6.250 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		6.250	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		260.262	153.231	140.049
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		266.512	158.231	145.049
LOAN FUNDS
1] Secured Loans		422.917	202.425	101.534
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		422.917	202.425	101.534
DEFERRED TAX LIABILITIES		0.518	2.307	2.661
TOTAL		689.947	362.963	249.244
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		66.088	64.874	61.888
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.124	0.123	0.123
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	328.318	150.058	96.793
	Sundry Debtors	77.770	19.009	41.281
	Cash & Bank Balances	138.248	40.101	59.262
	Other Current Assets	77.200	56.823	74.373
	Loans & Advances	97.606	87.407	38.516
Total Current Assets		719.142	353.398	310.225
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.871	9.524	40.211
	Other Current Liabilities	32.183	22.532	57.600
	Provisions	23.353	23.376	25.181
Total Current Liabilities		95.407	55.432	122.992
Net Current Assets		623.735	297.966	187.233
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		689.947	362.963	249.244

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1086.702	1228.998	1018.631
		Other Income
		TOTAL (A)	1086.702	1228.998	1018.631
Less	EXPENSES
		Office Expenses	1050.704	1157.255	894.258
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1050.704	1157.255	894.258
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.998	71.743	124.373
Less	FINANCIAL EXPENSES (D)		49.959	41.225	34.073
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(13.961)	30.518	90.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.462	9.389	8.283
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(23.423)	21.129	82.017
Less	TAX (H)		0.084	7.947	15.723
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(23.507)	13.182	66.294
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	904.949	1033.976	874.970
		Export Earnings	957.261	1101.443	934.834
	TOTAL EARNINGS		1862.21	2135.419	1809.804
	IMPORTS		9.118	7.284	15.025
	Earnings/ (Loss) Per Share (Rs.)		(37.61)	26.36	132.59

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.16	1.07	6.51
Return on Total Assets (PBT/Total Assets}	(%)	(2.98)	5.05	22.04
Return on Investment (ROI) (PBT/Networth)		0.09	0.13	0.57
Debt Equity Ratio (Total Liability/Networth)		1.94	1.63	1.55
Current Ratio (Current Asset/Current Liability)		7.54	6.38	2.52

LOCAL AGENCY FURTHER INFORMATION

Note: The registered address of the company No.514, 16^th Cross, Indiranagar, 2^nd Stage, Bangalore – 560038, Karnataka, India has been shifted to the present address w.e.f. 14.07.2011

FORM 8

Corporate identity number of the company	U15137KA1999PTC024875
Name of the company	EXOTIC FRUITS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 514, 16th Cross, Indiranagar 2nd Stage, Bangalore – 560038, Karnataka, India Email Id : exoticblr@vsnl.com
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	Andhra Bank, N R Road Branch, Bangalore – 560002, Karnataka, India Email Id : krishnamurthyhn@gmail.com
Nature of instrument creating charge	Composite Agreement Pronote Letter Evidencing Deposit of Title Deeds
Date of instrument Creating the charge	07.09.2011
Amount secured by the charge	Rs.50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 3.25% Plus the base rate with a minimum of 10.75% p.a. (Adhoc PC-Rs.50.000 Millions) Terms of repayment Repayable on Demand Margin Margin 25% Extent and operation of the charge 100% Till the Closure of the Loan
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of All the Present Stocks of Raw Materials, Semi finished and finished Goods etc., and Equitable Mortgage of Property situated at Plot No.G-20, Mirjole, MIDC, Rathnagiri-415639, Maharashtra, India

Fixed Assets

• Leasehold land
• Building
• Plant and machinery
• Electrical installation
• Office equipments
• Computer
• Lab equipments
• Furniture and fixtures
• Vehicle

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.65
UK Pound	1	Rs.77.80
Euro	1	Rs.65.05

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.