MIRA INFORM REPORT

Report Date :

31.10.2012

IDENTIFICATION DETAILS

Name :	EURO FRUITS PRIVATE LIMITED
Registered Office :	301, Vikas Commercial Centre, Dr. C. G. Road, Next to Basant Cinema, Chembur, Mumbai – 400 074, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.05.1993
Com. Reg. No.:	11-71997
Capital Investment / Paid-up Capital :	Rs. 9.000 Millions
CIN No.: [Company Identification No.]	U51220MH1993PTC071997
TAN No.: [Tax Deduction & Collection Account No.]	MUME05749C
PAN No.: [Permanent Account No.]	AAACE2180N
Legal Form :	Private Limited Liability Company
Line of Business :	Cultivation and Exporters of Fruits.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 500000
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 condition

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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.

LOCATIONS

Registered Office :	301, Vikas Commercial Centre, Dr. C. G. Road, Next to Basant Cinema, Chembur, Mumbai – 400 074, Maharashtra, India
Tel. No.:	91-22-25557838 / 25555964
Fax No.:	91-22-25555080
E-Mail :	info@eurofruits.com eurofruits@eurofruits.com nitin@eurofruits.com
Website :	http://www.eurofruits.com
Area :	1200 Sq. ft.
Location :	Owned
Factory 1 :	Gat No. 1031, Vadner Bhairav Road, Taluka Chandwad, District Nashik – 423 111, Maharashtra, India
Tel. No.:	91-2550-222174 257165 / 66
Fax No.:	91-2550-257104
Factory 2 :	Sangli – Gat No. 107, Post Mukkam, Karve Taluka, Khannapur, District – Sangli, Maharashtra, India
Tel. No.:	91-2347-229075

DIRECTORS

As on: 30.09.2011

Name :

Mr. Nitin Gopal Agrawal

Designation :

Director

Address :

3/14 Neelkanth Apartments, Amar Mahal, Tilak Nagar P. O, Chembur, Mumbai – 400089, Maharashtra, India

Date of Birth/Age :

04.11.1965

Date of Appointment :

14.05.1993

DIN No.:

00353147

Other Directorship :

Top of Form Top of Form S.No. Bottom of Form Bottom of Form	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51220MH1993PTC071997	EURO FRUITS PRIVATE LIMITED	Managing director	14-05-93	14-05-93	-	Active	NO
2 Bottom of Form Bottom of Form	U15130MH2005PTC154178	EURO GRAPES PRIVATE LIMITED	Director	23-06-05	23-06-05	-	Active	NO

Name :

Ms. Shraddha Nitin Agrawal

Designation :

Director

Address :

14/3 Neelkanth Apartments, Amar Mahal, Chembur, Mumbai – 400089, Maharashtra, India

Date of Birth/Age :

29.01.1967

Date of Appointment :

01.06.2001

DIN No.:

00353433

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51220MH1993PTC071997	EURO FRUITS PRIVATE LIMITED	Director	01-06-01	01-06-01	-	Active	NO
2	U15130MH2005PTC154178	EURO GRAPES PRIVATE LIMITED	Director	08-08-05	08-08-05	-	Active	NO

Name :

Mr. Bharat Bhalchandra Thosar

Designation :

Director

Address :

C/4-7, Suman Nagar, Chembur, Mumbai – 400 071, Maharashtra, India

Date of Birth/Age :

13.11.1960

Date of Appointment :

27.05.2004

DIN No.:

00353265

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01110MH1994PTC076577	VALENTINE AGRO PRIVATE LIMITED	Director	06-01-00	06-01-00	21-03-12	Active	NO
2	U51220MH1993PTC071997	EURO FRUITS PRIVATE LIMITED	Director	27-05-04	27-05-04	-	Active	NO
3	U15130MH2005PTC151263	VALENTINE FOODS PRIVATE LIMITED	Director	21-03-05	21-03-05	21-03-12	Active	NO
4	U15130MH2005PTC154178	EURO GRAPES PRIVATE LIMITED	Director	23-06-05	23-06-05	-	Active	NO
5	U24119MH1978PTC205970	VALENTINE FOOD INGREDIENTS PRIVATE LIMITED	Director	01-11-06	01-11-06	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Nitin Gopal Agrawal	80460
Shraddha Nitin Agrawal	6540
Sanchi Nitin Agrawal	3000
Total	90000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Cultivation and Exporters of Fruits.
Products :	· Pre-Cooled Fresh Grapes · Pre-Cooled Fresh Vegetables

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

· Union Bank of India, Ghatkopar Branch, Mumbai – 400 086, Maharashtra, India

· The Industrial Credit and INV Corporation of India Limited, Zenith House, Keshav Khade Masrg, Bombay – 400034, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
ICICI Bank Property Loan - Corporate	0.000	0.003
ICICI Bank Property Loan -301 Vikas	0.000	0.003
ICICI Bank Property Loan –Ekta Exotiqe	0.000	0.003
HDFC Cash Credit	56.899	100.176
Total	56.899	100.185

Banking Relations :	--
Auditors :
Name :	Chandiramani and Company Chartered Accountants
Address :	B-104, Soni Park, 1 CHS, Chikuwadi, off. Link Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28991453
PAN No.:	AABPC1521H

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.100/- each	Rs. 9.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.100/- each	Rs. 9.000 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		9.000	9.000	9.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		130.705	103.750	69.868
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		139.705	112.750	78.868
LOAN FUNDS
1] Secured Loans		56.899	100.185	35.610
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		56.899	100.185	35.610
DEFERRED TAX LIABILITIES		0.852	0.553	0.600
TOTAL		197.456	213.488	115.078
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		134.141	139.526	98.030
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.325	7.215	2.820
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	159.222	130.666	69.478
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	76.646	172.808	161.562
Total Current Assets		242.193	310.689	233.860
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	46.063	62.003	60.215
	Others Current Liabilities	118.858	158.865	147.780
	Provisions	13.957	15.858	8.817
Total Current Liabilities		178.878	236.726	216.812
Net Current Assets		63.315	73.962	17.048
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		197.456	213.488	115.078

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	313.600	303.190	232.723
		Other Income	26.374	51.768	25.191
		TOTAL (A)	339.974	354.958	257.914
Less	EXPENSES
		Cost of Goods Sold	227.846	168.591	129.085
		Direct Expenditure	27.285	108.246	77.019
		Other Operating Expenditure	28.552	20.094	16.841
		TOTAL (B)	283.683	296.931	222.945
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.291	58.027	34.969
Less	FINANCIAL EXPENSES (D)		6.196	5.760	6.142
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		50.095	52.267	28.827
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.158	1.829	1.967
	PROFIT BEFORE TAX (E-F) (G)		44.937	50.438	26.860
Less	TAX (I)		14.255	15.747	8.695
Less	PRIOR YEAR ADJUSTMENT		3.727	0.809	0.921
	PROFIT AFTER TAX (G-I) (J)		26.955	33.882	17.244
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		96.126	62.244	45.000
	BALANCE CARRIED TO THE B/S		123.081	96.126	62.244
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	271.655	213.141	166.043
	TOTAL EARNINGS		271.655	213.141	166.043
	Earnings Per Share (Rs.)		29.950	37.646	19.160

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.93	9.55	6.68
Net Profit Margin (PBT/Sales)	(%)	14.33	16.64	11.54
Return on Total Assets (PBT/Total Assets}	(%)	11.94	11.20	8.09
Return on Investment (ROI) (PBT/Networth)		0.32	0.45	0.34
Debt Equity Ratio (Total Liability/Networth)		1.68	2.99	3.20
Current Ratio (Current Asset/Current Liability)		1.35	1.31	1.08

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51220MH1993PTC071997
Name of the company	EURO FRUITS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	301, Vikas Commercial Centre, Dr. C. G. Road, Next to Basant Cinema, Chembur, Mumbai – 400074, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India shanthi.venkatesan@icicibank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 19.12.2011.
Date of instrument Creating the charge	19.12.2011
Amount secured by the charge	Rs.25.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 9.2% p.a. payable quarterly. I.e. each year on 15th February, 15th May, 15th August and 15th November. Terms of Repayment Repayable in 20 quarterly installments. Margin As per agreement Extent and Operation of the charge As per Agreement
Short particulars of the property charged	· Hypothecation of stocks of raw materials, semi-finished and finished goods, consumable stores, book debts and plant and machinery, machinery spares, tools and accessories and other movables · Both present and future.

BUSINESS PERFORMANCE AND FINANCIAL RESULTS

The company witnessed a rather low volume season in 2011 particularly in the backdrop of highest ever volume attained in previous season 2010. This was the cumulative effect of unseasonal rains during flowering period and scare amongst farmers about extended residues testing regime for European exports.

The company converted this lower material! availability (or European markers into an opportunity by accessing new markets in South East Asia, with first ever shipments to Far East, More importantly, the season 2011 concluded totally incident free in terms of residues and as promised, the company delivered totally EU MRL compliant produce to European markets. This has increased the confidence that European buyers have in Euro Fruits. It has also encouraged us to embark upon a significant capacity expansion and facilities modernization project at Nasik. The project is being structured and scheduled for completion well in time for Season 2012. With the consolidation happening in the industry, the company is well positioned to reap the rewards in the coming seasons as it enjoys the trust and confidence of both European buyers as well as farmer suppliers

FIXED ASSETS

· Freehold Land

· Factory Building

· Refrigeration Equipment

· Electric Installation

· DG Set

· Transformer

· Weighing Machine

· Strapping Tools

· Computer System

· Furniture

· Telephone

· Motor Cycle

· Air Conditioner

· Skoda Car

· Dock Leveler

· 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 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. 54.17
UK Pound	1	Rs. 86.83
Euro	1	Rs. 69.85

INFORMATION DETAILS

Report Prepared by :

UDS

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	6
--PROFITABILIRY	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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	-

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