MIRA INFORM REPORT

Report Date :

16.03.2012

IDENTIFICATION DETAILS

Name :	DEV BHUMI COLD CHAIN LIMITED
Formerly Known As :	DEV BHUMI COLD CHAIN PRIVATE LIMITED
Registered Office :	Indraprastha Bhawan, Plot No. 17 and 18, New Subzimandi, Azadpur, Delhi – 110033
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.08.2003
Com. Reg. No.:	55 - 121616
Capital Investment / Paid-up Capital :	Rs. 42.500 Millions
CIN No.: [Company Identification No.]	U74999DL2003PLC121616
TAN No.: [Tax Deduction & Collection Account No.]	DELD06128D DELD07493D
PAN No.: [Permanent Account No.]	AABCD7986J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Cold Storage Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 567000
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 :	Indraprastha Bhawan, Plot No. 17 and 18, New Subzimandi, Azadpur, Delhi – 110033, India
Tel. No.:	91-11-47125555 / 47125510 / 47125530 / 47125531/ 27674876
Fax No.:	91-11-27671700 / 27482775
E-Mail :	purusottam@devbhumiagri.com ipcoldstorage@yahoo.com accounts@devbhumiagri.com
Website :	www.devbhumiagri.com
Strategic Distribution Centre/ Branch Office :	Apple Chowk, VIII Matiana, Tehsil, Theog District Shimla – 171212, Himachal Pradesh, India
Overseas Office :	Indraprastha Limited (USA), 284, Steelmanville Road, EHT, NJ – 08234, USA

DIRECTORS

As on 30.09.2010

Name :	Mr. Sanjay Aggarwal
Designation :	Managing Director
Address :	BN – 78, Paschimi Shalimar Bagh, New Delhi – 110052, India
Date of Birth/Age :	05.04.1959
Date of Appointment :	04.08.2003
DIN No.:	00211962
Name :	Mrs. Sunila Aggarwal
Designation :	Director
Address :	BN – 78, Paschimi Shalimar Bagh, New Delhi – 110052, India
Date of Birth/Age :	24.11.1961
Date of Appointment :	04.08.2003
DIN No.:	00212143
Name :	Ms. Sanyogita Aggarwal
Designation :	Whole Time Director
Address :	BN – 78, Paschimi Shalimar Bagh, New Delhi – 110088, India
Date of Birth/Age :	08.02.1985
Date of Appointment :	01.08.2010
DIN No.:	02007231
Name :	Mr. Subhash Kankan
Designation :	Whole Time Director
Address :	Flat No. 101-102, A-Wing, Ganpati Tower, Thakur Village, Kandivali (East), Mumbai – 400101
Date of Birth/Age :	06.11.1944
Date of Appointment :	01.08.2010
DIN No.:	03138594
Name :	Mr. Ashutosh Verma
Designation :	Additional Director
Address :	B – 3/66, Second Floor, Sector 11, Rohini, Delhi – 110085, India
Date of Birth/Age :	18.10.1973
Date of Appointment :	29.06.2009
DIN No.:	02272269

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sanjay Aggarwal	3860997
Sunila Aggarwal	384650
Sanyogita Aggarwal	4313
Anilkumar Dwivedi	10
Jagdish Prasad	10
Premlata Aggarwal	10
Kumar Dhurav Aggarwal	10
Total	4250000

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity) Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Cold Storage Services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• UCO Bank, Vill and PO Narkanda, Shimla – 171213, Himachal Pradesh, India
• Bank of Baroda, New Subzi Mandi, Azadpur, Delhi – 110033, India
• ICICI Bank Limited
• HDFC Bank Limited, K. G. Marg, New Delhi, India
• Vijaya Bank
• ING Vysya Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
ICICI Bank Term Loans A/c ACE3LA55	0.000	0.408
SCB Loan A/c	36.036	0.000
ING Vysya Bank Limited	50.000	0.000
Vijaya Bank – A/c 260002	0.000	[0.002]
Bank of Baroda – OD A/c 6789	42.669	72.937
Vijaya Bank – Vehicle Loan A/c 604308411000034	0.081	0.230
UCO Bank Loan A/c	38.500	38.499
Religare Finvest Limited, Tem loan a/c – XMORPNG00002952	0.000	14.363
Buyers Credit Liability	37.418	0.000
Total	204.704	126.436
Notes: The Vijaya Bank Vehicle Loans are secured against the vehicles financed by them. The Bank of Baroda-OD A/c is secured by hypothecation of the whole of stock and debtors of the company. The Uco Bank Mortagage loan is secured by hypothecation of the whole of the movable properties including the company's Plant and Machinery, Machinery spares. Tools and Accessories and other movables both present and future being created for the project at Matiana. The ING Vysya Bank and SCB Loan is secured by the hypothecation of the personal Residential Property of Director. Securities mentioned above in the notes are as per information given by management.
Unsecured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
From Directors	1.378	17.133
From Others	0.000	0.000
Total	1.378	17.133

Banking Relations :	--
Auditors :
Name :	P.D. Mittal and Company Chartered Accountants
Address :	Mittal Bhawan, 70, Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-65169313
PAN.:	AAGFP0579D
Subsidiary Companies :	Matru Bhumi Supply Chain Private Limited CIN : U01120DL2009PTC188622
Enterprise over which management personnel and their relatives are able to exercise significant influence :	Indraprastha Ice and Cold Storage Private Limited Jannat Bhumi Supply Chain Private Limited Matru Bhumi Supply Chain Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,250,000	Equity Shares	Rs.10/- each	Rs. 42.500 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		42.500	42.500	42.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		99.309	96.231	74.844
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		141.809	138.731	117.344
LOAN FUNDS
1] Secured Loans		204.704	126.436	116.871
2] Unsecured Loans		1.378	17.133	2.076
TOTAL BORROWING		206.082	143.569	118.947
DEFERRED TAX LIABILITIES		0.950	0.950	0.752
TOTAL		348.841	283.250	237.043
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		233.565	217.321	191.463
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.100	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.578	28.138	9.223
	Sundry Debtors	43.015	20.810	12.201
	Cash & Bank Balances	14.626	3.088	3.840
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	41.088	26.261	28.286
Total Current Assets		131.307	78.297	53.550
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.119	11.865	6.247
	Other Liabilities	1.012	0.603	1.723
	Provisions	0.000	0.000	0.000
Total Current Liabilities		16.131	12.468	7.970
Net Current Assets		115.176	65.829	45.580
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		348.841	283.250	237.043

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	358.557	171.552	86.771
		Other Income	18.857	13.370	18.763
		TOTAL (A)	377.414	184.922	105.534
Less	EXPENSES
		Cost of Goods Sold	340.915	158.344	79.086
		Selling and Administrative Expenses	18.058	11.636	13.253
		TOTAL (B)	358.973	169.980	92.339
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.441	14.942	13.195
Less	FINANCIAL EXPENSES (D)		13.751	12.297	8.499
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.690	2.645	4.696
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.889	0.745	0.704
	PROFIT BEFORE TAX (E-F) (G)		3.801	1.900	3.992
Less	TAX (H)		0.724	0.513	1.412
	PROFIT AFTER TAX (G-H) (I)		3.077	1.387	2.580
	IMPORTS - Goods		224.093	67.843	NA
	Earnings Per Share (Rs.)		0.72	0.45	0.94

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.81	0.75	2.44
Net Profit Margin (PBT/Sales)	(%)	1.06	1.11	4.60
Return on Total Assets (PBT/Total Assets}	(%)	1.04	0.64	1.63
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.03
Debt Equity Ratio (Total Liability/Networth)		1.57	1.12	1.08
Current Ratio (Current Asset/Current Liability)		8.14	6.28	6.72

LOCAL AGENCY FURTHER INFORMATION

Financial Results:

During the year, the total turnover of the Company is Rs. 358.557 Millions. After meeting all the expenses and depreciation, The Company has made profit of Rs. 4.690 Millions. The directors expect better performance next year.

Fixed Assets:

Head Office Assets

• Plant and Machinery
• Furniture and Fixtures
• Vehicles (Commercial)
• Computers
• Mobile
• Office Equipments

Shimla Project Assets:

• Land
• Building
• Car
• Computers
• Electrical Equipments
• Furniture and Fixtures
• Plant and Machinery
• Office Equipments
• Generator
• Bins
• Mobile
• Electrical Hoist

Form 8:

Corporate identity number of the company	U74999DL2003PLC121616
Name of the company	DEV BHUMI COLD CHAIN LIMITED
Address of the registered office or of the principal place of business in India of the company	Indraprastha Bhawan, Plot No. 17 and 18, New Subzimandi Azadpur, Delhi – 110033, India
This form is for	Creation of charge
Type of charge	Others – Corporate Guarantee
Particular of charge holder	Bank of Baroda, Indraprastha Bhawan, Azadpur, Delhi – 110033, India Email : Ca_rcg@yahoo.co.in
Nature of instrument creating charge	Corporate Guarantee Agreement dated 03.10.2011
Date of instrument Creating the charge	03.10.2011
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 - As applicable to various credit facilities aggregating to Rs.50.000 millions granted to/enjoyed by Matru Bhumi Supply Chain Private Limited Terms of Repayment - As applicable to various credit facilities aggregating to Rs.50.000 millions granted to/enjoyed by Matru Bhumi Supply Chain Private Limited Margin - As applicable to various credit facilities aggregating to Rs.50.000 millions granted to/enjoyed by Matru Bhumi Supply Chain Private Limited Extent and Operation of the charge - 100% Others - To guarantee payment of all sums due to the Bank under various credit facilities aggregating to Rs.50.000 millions granted to/enjoyed by Matru Bhumi Supply Chain Private Limited together with all interests, costs, charges, expenses, commission etc.
Short particulars of the property charged	Corporate Guarantee of the Company.

Corporate identity number of the company	U74999DL2003PLC121616
Name of the company	DEV BHUMI COLD CHAIN LIMITED
Address of the registered office or of the principal place of business in India of the company	Indraprastha Bhawan, Plot No. 17-18, New Subzimandi Azadpur Mandi, New Delhi – 110033, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10043722
Type of charge	Immovable property Book Debts Movable Property Floating Charge
Particular of charge holder	Bank of Baroda, New Subzi Mandi, Azadpur, Delhi – 110033, India
Nature of instrument creating charge	UCO Bank’s Letter dated 03.12.2010
Date of instrument Creating the charge	03.12.2010
Amount secured by the charge	Rs.210.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @4% over Base Rate of the Bank i.e. 12.50% at present at monthly rests for cash credit limit and commission as per bank’s guidelines/ FEDAI Norms for import LC (DA/DP) limit. Terms of Repayment Payable on demand Margin 30% against stock and 50% against book debts upto 90 days for cash credit limit and cash margin of 25% in the shape of FDR for import LC (DA/DP) limit. Extent and Operation of the charge 100% Others To further secure all amounts payable under CC (Hypothecation of stocks and book debts) limit of Rs. 150.000 Millions and LC (DA/DP) limit of Rs. 60.000 Millions granted to/ enjoyed by the company by way of second charge on fixed assets of the company i.e. Land and building, Plant and Machinery, Apple Grading and CA store comprised in Khasra No. 1007, 1009, 1010, 1012 and 1023, Khata Khatoni No. 78/196 situated in Muhal Kalinda (Matiana), The. Theog, District – Simla, the first charge on which is held by UCO Bank.
Short particulars of the property charged	Hypothecation of the following: - a)The whole of the Borrower’s stock including raw-materials, work-in-process, semi-1nished goods and finished goods such as fruits and vegetables now lying or hereafter stored at Company’s premises at New Subzi Mandi, Azadpur, Delhi or at any other place(s) including those in transit. b)All book-debts, outstandings, monies receivables, claims, bills, contracts, engagements and security etc. - both present & future. c)A tangible moveable machinery and plant, vehicles together with spares, tools and accessories and other moveables, furniture, fixtures and fittings, office equipments stored/ installed/ affixed or to be stored/ installed/ affixed at Company’s premises at New Subzi Mandi, Azadpur, Delhi or at any other place(s) including those in transit.
Date of instrument modifying the charge	01.12.2010
Particulars of the present modification	All amounts payable under Cash Credit (Hyp. of stocks and book-debts) limit of Rs. 150.000 Millions and LC (DAIDP) ,Rs. 60.000 Millions, stands further secured by way of second charge on fixed assets of the Company i.e. land and Building, plant and machinery, Apple Grading and CA Store situated in Muhal Kalinda (Matiana), Tehsil Theog, Distt. Simla (HP), the first charge on which is held by UCO Bank.

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.50.22
UK Pound	1	Rs.78.63
Euro	1	Rs.65.53

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.