. Summary Information

Reference #	135-264499-02-020(20120216046)	Country	India
Company Name	VIMAL AGRO FOOD PRODUCTS PRIVATE LIMITED	Principal Name 1	Mr.Subhashchandra Parsotam Nemani
Status	Satisfactory	Principal Name 2	Mr.Sandeep Subhashchandra Nemani
Our Reference #	170095.2	Registration #	04-011372
Street Address	GIDC, Ten Road, BArdoli, Surat -394601,Gujarat India
Established Date	14.10.1988	SIC Code	--
Telephone#	91-2622-223859	Business Style 1	Manufacturer
Fax #	91-2622-222759	Business Style 2	--
Homepage	www.vimalagro.com	Product Name 1	Mango Pulp
# of employees	--	Product Name 2	Canned Vegetables
Paid up capital	Rs. 36,000,000/-	Product Name 3	Mango Pickles
Shareholders	Directors or relatives of directors – 50% Other top fifty shareholders – 50%	Banking	State Bank of India,
Public Limited Corp.	No	Business Period	24 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	77,960,000	Current Liabilities	20,429,000
Inventories	74,424,000	Long-term Liabilities	185,613,000
Fixed Assets	183,925,000	Other Liabilities	29,920,000
Deferred Assets	--	Total Liabilities	235,962,000
Invest& other Assets	81,466,000	Retained Earnings	145,813,000
		Net Worth	181,813,000
Total Assets	417,775,000	Total Liab. & Equity	417,775,000
Total Assets (Previous Year)	385,254,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	348,537,000	Net Profit	7,622,000
Sales(Previous yr)	357,108,000	Net Profit(Prev.yr)	12,072,000

MIRA INFORM REPORT

REVISED REPORT

Report Date :

10.03.2012

Tel. No.:	91-2622-223859
E-Mail :	vimalagro@gmail.com info@vimalagro.com

IDENTIFICATION DETAILS

Name :	VIMAL AGRO PRODUCTS PRIVATE LIMITED
Registered Office :	Ten Road, GIDC, Bardoli, Surat -394601, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.10.1988
Com. Reg. No.:	04-011372
Capital Investment/ Paid-up Capital:	Rs.36.000 Millions
CIN No.: [Company Identification No.]	U15131GJ1988PTC011372
PAN No.: [Permanent Account No.]	AAACV8036E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Mango Pulp, Canned Vegetables, Mango Pickles and Papad etc
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 727000
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 :	Ten Road, GIDC, Bardoli, Surat -394601, Gujarat, India
Tel. No.:	91-2622-222759
Fax No.:	91-2622-222759
E-Mail :	vimalagro@gmail.com info@vimalagro.com vimalagro@drdcs.net
Website :	http://www.vimalagro.com

DIRECTORS

(As on 30.09.2011)

Name :

Mr Sandeep Subhashchandra Nemani

Designation :

Director

Address :

Nemani Niwas, Near Shukla Hospital, M. G. Road, Bardoli, Surat, Gujarat, India

Date of Birth/Age :

07.01.1972

Date of Appointment :

05.08.1994

DIN No:

01112153

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	U15131GJ1988PTC011372	VIMAL AGRO PRODUCTS PRIVATE LIMITED	Director	5/8/1994	5/8/1994	-	Active	NO
2	U28999GJ1996PTC030861	VINDEC TINBOX COMPANY PRIVATE LIMITED	Director	3/10/1996	3/10/1996	-	Active	NO

Name :

Mr. Piyushkumar Subhashchandra Nemani

Designation :

Director

Address :

Nemani Niwas, Near Shukla Hospital, M. G. Road, Bardoli, Surat, Gujarat, India

Date of Birth/Age :

17.11.1967

Date of Appointment :

14.10.1988

DIN No:

01113813

Name :

Mr. Subhashchandra Parsotam Nemani

Designation :

Managing Director

Address :

Nemani Niwas, Near Shukla Hospital, M. G. Road, Bardoli, Surat, Gujarat, India

Date of Birth/Age :

30.09.1946

Date of Appointment :

14.10.1988

DIN No:

01509584

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 30.09.2011)

Names of Shareholders	No. of Shares
Mr.Subhashchandra Parsotamdas Nemani	17700
Mr.Sandeep Subhashchandra Nemani	8000
Mrs.Sushiladevi Nemani	6800
Mr.Piyush Subhashchandra Nemani	10100
Mrs.Renu P.Nemani	6200
Mrs.Shweta S. Nemani	8200
Mr.Subhash Nemani HUF	5000
Mr.Piyush Nemani HUF	5000
Mr.Sandeep Nemani HUF	5000
Total	72000

(As on 30.09.2011)

Category	Percentage
Directors or relatives of directors	50.00
Other top fifty shareholders	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Mango Pulp, Canned Vegetables, Mango Pickles and Papad

Products :

ITC Code No.	Product Description
081290	Mango Pulp
071190	Canned Vegetables
200190	Mango Pickles
190190.09	Papad

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Mid Corporate Branch, Trade House, Opposite Mandarwaja Fire Station, Ring Road, Surat - 395002, Gujarat, India

Facilities :

Secured Loan	31.03.2011	31.03.2010
	(Rs. In Millions)
From State Bank Of India Manufacturing Division Term Loan	62.330	54.067
Working Capital Facilities -Export Packing Credit	98.607	66.205
Working Capital Facilities -Foreign Bill Purchase	0.000	5.922
Power Division Term Loan for Wind Mill	10.490	14.681
Hire Purchase Vehicle Loans	4.861	6.741
Total	176.288	147.616
Unsecured Loan	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Members	9.325	17.900
Total	9.325	17.900

Banking Relations :	--
Auditors :
Name :	SNK and company Chartered Accountants
Address :	SNK HOUSE, 31-A, Adarsh Society Opposite Seventh Day High School, Athwalines, Surat - 395001, Gujarat, India
PAN No.:	AAJFS8455L

CAPITAL STRUCTURE

(As on 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
80,000	Equity Share	Rs.500/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72,000	Equity Share	Rs.500/- each	Rs.36.000 Millions

Notes :

(Out of which 15,000 Equity shares are fully paid in cash and remaining 57,000 Equity shares in cash and remaining 57,000 Equity shares have been issued as Bonus shares)

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		36.000	32.000	32.000
2] Share Application Money		0.000	4.000	0.000
3] Reserves & Surplus		145.813	142.733	130.637
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		181.813	178.733	162.637
LOAN FUNDS
1] Secured Loans		176.288	147.616	103.633
2] Unsecured Loans		9.325	17.900	6.071
TOTAL BORROWING		185.613	165.516	109.704
DEFERRED TAX LIABILITIES		29.920	22.777	14.881
TOTAL		397.346	367.026	287.222
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		183.925	187.654	104.148
Capital work-in-progress		1.858	0.000	14.554
INVESTMENT		79.608	66.792	66.839
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	74.424	38.736	30.388
	Sundry Debtors	45.743	57.526	33.980
	Cash & Bank Balances	8.497	17.583	28.509
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	23.720	16.963	37.686
Total Current Assets		152.384	130.808	130.563
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7.770	12.693
	Other Current Liabilities	6.800	0.747	25.278
	Provisions	5.859	4.788	3.604
Total Current Liabilities		20.429	18.228	28.882
Net Current Assets		131.955	112.580	101.681
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		397.346	367.026	287.222

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	348.537	357.108	300.218
		Export Incentives	18.979	17.250	10.705
		Other Income	0.542	0.000	0.316
		TOTAL (A)	368.058	374.358	311.239
Less	EXPENSES
		Materials	173.517	187.514	128.220
		Manufacturing and operating expenses	122.005	114.280	103.183
		Sales and Administrative expenses	37.377	27.651	32.437
		Increase/Decrease in Stock	(15.238)	(0.277)	(1.562)
		TOTAL (B)	317.661	329.168	262.278
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		50.397	45.190	48.961
Less	FINANCIAL EXPENSES (D)		18.223	14.163	17.948
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.174	31.027	31.013
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.191	6.679	4.512
	PROFIT BEFORE TAX (E-F) (G)		19.983	24.348	26.501
Less	TAX (H)		12.361	12.276	6.627
	PROFIT AFTER TAX (G-H) (I)		7.622	12.072	19.874
Add	Share of Profit /loss from Partnership Firms		0.000	0.519	0.000
Add	Profit from sale of Shares/securities		0.000	0.006	0.000
Add	Profit/loss on sale of fixed assets		(0.551)	0.094	(90.629)
Add	Profit/loss from mutual fund		(3.838)	0.206	0.000
Add	Income/loss from investments in mutual funds		0.000	0.990	(1.014)
Add/Less	Previous Year adjustment		(0.270)	0.082	(0.105)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		138.414	126.317	111.397
Less	APPROPRIATIONS
		Dividend	0.000	1.600	3.200
		Tax on Dividend	0.000	0.272	0.544
	BALANCE CARRIED TO THE B/S		141.377	138.414	126.317
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS		0.000	321.106	244.537
	IMPORTS
	TOTAL IMPORTS		29.654	18.478	7.900
	Earnings Per Share (Rs.)		41	--	583

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.07	3.22	6.28
Net Profit Margin (PBT/Sales)	(%)	5.73	6.82	8.81
Return on Total Assets (PBT/Total Assets}	(%)	5.94	7.65	10.86
Return on Investment (ROI) (PBT/Networth)		0.11	0.14	0.16
Debt Equity Ratio (Total Liability/Networth)		1.13	1.03	0.85
Current Ratio (Current Asset/Current Liability)		7.46	7.18	4.52

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Corporate identity number of the company	U15131GJ1988PTC011372
Name of the company	VIMAL AGRO PRODUCTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ten Road, GIDC, Bardoli, Surat, Gujarat -394601 , India
This form is for	Modification of charge
Type of charge	Immovable Property Book Debts Movable Property (not Being Pledge) Current Assets Including Stock and Wind Mill
Charge identification number of the charge to be modified	90101004
Particular of charge holder	State Bank of India, Mid Corporate Branch, Trade House, Opposite Mandarwaja Fire Station, Ring Road, Surat - 395002, Gujarat, India
Nature of instrument creating charge	1. Supplemental Agreement of Loan cum Hypothecation 2. Memorandum Relating to deposit of Title Deeds for creation of further Charge.
Date of instrument Creating the charge	15.02.2011
Amount secured by the charge	Rs.420.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	RATE OF INTEREST EPC/FBD - As Applicable to SBI Exporter's Gold card Scheme. TL-I- 4.75 % above Base Rate TL-II- 4.75 % above Base Rate TL III - 4.25 % above Base Rate TERMS OF REPAYMENT Working Capital: Repayable on demand T/L-I:- As per original repayment schedule (Repayable in 60 monthly installments of Rs.0.350 Millions each starting from January 2009) T/L-II:- As per original repayment Schedule Repayable in 63 monthly installments (58 installments of Rs 1.000 millions and lastly 5 installments of Rs 1.200 millions) starting from January 2010. T/L- III:- Repayable in 60 Monthly Installment (59 Installment of Rs. 0.666 millions and last Installment of Rs. 0.671 millions starting from October 2011. MARGIN Working Capital : Raw Material : 40.00 % Finished Goods: 30.00 %, Stores and Consumable - 25 %, EPC : 10 % LC : 15 % Cash Margin. Receivables : 50.00 % (90 days) EXTENT AND OPERATION OF THE CHARGE The charge will operate as continuing security by way of first charge for due repayment on demand of the bank of allmonies including principal sums, interest, cost, charges, expenses and other monies payable by the borrower concerning the aforesaid credit facilities agreed to be granted/ continued up to increased limit of Rs.420.0 Millions. Simple Registered Mortgage created on the Property of the Company to secure financial assistance given by the Bank to the Company.
Short Particulars of the property charged	All the present and future stocks, goods, raw materials, book debts, movable plants, machineries and other movable assets, referred in the said agreement as "THE SAID ASSETS" Factory Land & Building bearing cone no.408 S.No.384/1 admeasuring Hec 0-68-80 acre.of Ten Road, Nr. GIDC, Bardoli, Dist. Surat recorded as prop. no. 932 of Vil.Ten, Tal.Bardoli, Dist.Surat. All that piece and parcel of Factory Land and Building bearing cone no.413 survey no. 388p, 387/2 admeasuring Hec 0-61-83 are. Assessment Rs. 1523.42 ps of Ten Road, Nr. GIDC, Bardoli, Dist. Surat.
Date of last modification prior to the present modification	30.12.2009
Particulars of the present modification	Charge created on the property stated in point no. 15 above is now extended to secure Enhanced/Revised financial assistance of Rs. 420.000 Millions. (Enhanced From Rs.33.000 Millions. to Rs.42.000 Millions.) as stated below : 200.0 Millions FBD/EPC (Enhanced from Rs. 150.000 Millions) 020.0 Millions SLC 021.0 Millions Term Loan I 064.0 Millions Term Loan II 040.0 Millions Term Loan III (New) 075.0 Millions LC ------------ 420.0 Millions Total Limit

FIXED ASSETS:

• Land Development
• Building
• Plant and Machinery
• Furniture and fixtures
• Vehicles
• Office Equipment
• Computer and Software

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.49.15
UK Pound	1	Rs.78.25
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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.