MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	AMBO EXPORTS LIMITED [w.e.f. 19.01.2006]
Formerly Known As :	AMBO EXPORTS PRIVATE LIMITED
Registered Office :	Chandra Kunj, 2^nd Floor, 3 Pretoria Street, Kolkata-700071, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.12.1992
Com. Reg. No.:	21-057283
Capital Investment / Paid-up Capital :	Rs. 67.840 Millions
CIN No.: [Company Identification No.]	U01132WB1992PLC057283
TAN No.: [Tax Deduction & Collection Account No.]	CALA03445B
PAN No.: [Permanent Account No.]	AACCA5668B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Tea and Other Products.
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 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A4+ [Short Term]
Rating Explanation	Minimal degree of safety. It carry very higher credit risk.
Date	April 17, 2012

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 :	Chandra Kunj, 2^nd Floor, 3 Pretoria Street, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22821197/ 22821125/ 22823006/ 22821198/ 30083333/ 4444/ 5555 (Board Line)
Fax No.:	91-33-22821148
E-Mail :	ambo@ambogroup.com ambo@vsnl.com
Website :	http://www.ambogroup.com

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Om Prakash Agarwal

Designation :

Chairman cum Managing Director

Address :

17, Camac Street, Monalisa, 11^th Floor, Kolkata-700017, West Bengal, India

Date of Birth/Age :

10.10.1951

Qualification :

B.Com, FCA

Date of Appointment :

05.09.1998

PAN No.:

ACDPA6872H

DIN No.:

00019765

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	U01132WB1992PLC057283	AMBO EXPORTS LIMITED	Managing director	30/05/2011	05/09/1998	-	Active	NO
2	U15419WB1994PTC064993	AMBO FOODS PRIVATE LIMITED	Director	10/11/1998	10/11/1998	-	Active	NO
3	L17226WB1946PLC013554	EASTERN SILK INDUSTRIES LIMITED	Director	23/04/1999	23/04/1999	11/02/2011	Active	NO
4	U15203WB1997PLC082728	CAPRICORN OILS LIMITED	Director	23/10/2003	23/10/2003	30/04/2012	Active	NO
5	U15141WB2003PLC097233	AMBO AGRO PRODUCTS LIMITED	Director	12/11/2003	12/11/2003	-	Active	NO
6	U15142WB1997PTC084070	SWASTIK REFINERY PRIVATE LIMITED	Director	15/03/2006	15/03/2006	-	Active	NO
7	L67120WB1974PLC029267	P.K.TEXTILES LIMITED	Director	30/10/2006	30/10/2006	27/04/2007	Active	NO
8	U01132AS2009PTC009102	DIHING TEA COMPANY PRIVATE LIMITED	Director	18/06/2009	18/06/2009	-	Active	NO
9	U24234DL2007PTC165068	G T BIOPHARMA PRIVATE LIMITED	Additional director	20/01/2010	20/01/2010	30/08/2010	Active	NO
10	U27106WB2011PLC157145	AMBO STEEL AND POWER LIMITED	Director	12/01/2011	12/01/2011	-	Active	NO

Name :

Mr. Rabindra Agarwal

Designation :

Whole-time director

Address :

227/1A AJC Bose Road, Gardenia House, 9^th Floor, Kolkata-700020, West Bengal, India

Date of Birth/Age :

06.06.1971

Qualification :

B.Com

Date of Appointment :

28.12.1992

PAN No.:

ACQPA6903Q

DIN No.:

00210109

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	U01132WB1992PLC057283	AMBO EXPORTS LIMITED	Whole-time director	30/05/2011	28/12/1992	-	Active	NO
2	U15142WB1997PTC084070	SWASTIK REFINERY PRIVATE LIMITED	Director	23/04/1997	23/04/1997	-	Active	NO
3	U24234DL2007PTC165068	G T BIOPHARMA PRIVATE LIMITED	Additional director	20/01/2010	20/01/2010	30/08/2010	Active	NO
4	U27106WB2011PLC157145	AMBO STEEL AND POWER LIMITED	Director	12/01/2011	12/01/2011	-	Active	NO

Name :

Mr. Sunil Krishna Bhattacharyya

Designation :

Director

Address :

406, Maharani Indira Devi Road, Parnashree, Flat No-P-8, 2^nd Floor, Kolkata-700060, West Bengal, India

Date of Birth/Age :

22.03.1936

Qualification :

BA, LLB

Date of Appointment :

24.07.2006

Voter ID :

WB22160159092

DIN No.:

00341624

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	Company/ LLP Status	Defaulting status
1	U01132WB1992PLC057283	AMBO EXPORTS LIMITED	Director	24/07/2006	30/05/2006	Active	NO

Name :

Mr. Shovon Majumder

Designation :

Director

Address :

2A, Trinyanee, 22B, Panchanant Ala Road, Kolkata-700029, West Bengal, India

Date of Birth/Age :

16.08.1951

Qualification :

B.Com

Date of Appointment :

24.07.2006

PAN No.:

AEPPM6164C

DIN No.:

00210922

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	Company/ LLP Status	Defaulting status
1	U01132WB1992PLC057283	AMBO EXPORTS LIMITED	Director	24/07/2006	30/01/2006	Active	NO
2	U92419WB2011NPL169431	CALCUTTA INTERNATIONAL CLUB	Director	14/11/2011	14/11/2011	Active	NO

Name :

Mr. Saroj Kumar Agarwal

Designation :

Whole-time director

Address :

17, Camac Street, Monalisa, 4^th Floor, Kolkata-700017, West Bengal, India

Date of Birth/Age :

21.07.1976

Qualification :

BBA

Date of Appointment :

11.04.1998

PAN No.:

ADMPA0301M

DIN No.:

00209800

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	U01132WB1992PLC057283	AMBO EXPORTS LIMITED	Whole-time director	30/05/2011	11/04/1998	-	Active	NO
2	U65929WB1991PTC050966	AMBO CREDIT PRIVATE LIMITED	Director	02/11/1998	02/11/1998	03/01/2008	Active	NO
3	U15419WB1994PTC064993	AMBO FOODS PRIVATE LIMITED	Director	10/11/1998	10/11/1998	13/09/2008	Active	NO
4	U51909WB1994PTC063083	SURYA CONTINENTAL PRIVATE LIMITED	Director	01/03/1999	01/03/1999	-	Active	NO
5	U15203WB1997PLC082728	CAPRICORN OILS LIMITED	Director	08/11/2003	08/11/2003	20/02/2007	Active	NO
6	U15142WB1997PTC084061	SREE VEGETABLE OIL PRIVATE LIMITED	Director	15/03/2006	15/03/2006	-	Amalgamated	NO
7	U24234DL2007PTC165068	G T BIOPHARMA PRIVATE LIMITED	Director	25/09/2010	20/01/2010	09/11/2010	Active	NO
8	U27106WB2011PLC157145	AMBO STEEL AND POWER LIMITED	Director	12/01/2011	12/01/2011	-	Active	NO

Name :

Mr. Binod Saharia

Designation :

Director

Address :

Flat -6A, Panchsheel Building, 41/1B, Jhowtalla Road, Kolkata-700019, West Bengal, India

Date of Birth/Age :

04.10.1957

Qualification :

B.Com

Date of Appointment :

24.07.2006

PAN No.:

AHSPS7411A

DIN No.:

00358093

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	Company/ LLP Status	Defaulting status
1	U15491AS1993PTC003996	CLASSIC TEA COMPANY PRIVATE LIMITED	Director	05/10/1993	05/10/1993	Active	NO
2	U01132AS1998PTC005507	RUMAI GABHARU TEA ESTATE PRIVATE LIMITED	Director	21/08/1998	21/08/1998	Active	NO
3	U51109WB1996PTC079155	KARTIK TRACON PRIVATE LIMITED	Director	07/06/2005	07/06/2005	Active	NO
4	U01132WB1992PLC057283	AMBO EXPORTS LIMITED	Director	24/07/2006	26/06/2006	Active	NO
5	U51109AS1998PTC005293	S D SERVICES PRIVATE LIMITED	Director	27/08/2006	27/08/2006	Active	NO
6	U01132AS2009PTC009102	DIHING TEA COMPANY PRIVATE LIMITED	Director	18/06/2009	18/06/2009	Active	NO
7	U01132AR1988PTC003137	LOHIT TEA PRIVATE LIMITED	Director	01/07/2009	01/07/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Dilip Kumar Ojha
Designation :	Secretary
Address :	Vinayak Apartment, 3^rd Floor, 84 Parnashree Pally, Kolkata - 700060, West Bengal, India
Date of Birth/Age :	10.04.1973
Date of Appointment :	01.06.2006
PAN No.:	AAJPO4317K
Voter ID :	FSZ1886522

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Bhagwan Das Agarwal	210000
Rabindra Agarwal	591500
Om Prakash Agarwal	580600
Saroj Agarwal	583600
Ashok Agarwal	591500
Manoj Agarwal	583600
Umesh Agarwal	583600
Leonie Commercial Enterprises Inc.	784026
Ritu Agarwal	203500
Sweety Agarwal	203500
Sushila Agarwal	560000
Aditi Agarwal	426200
Nandini Agarwal	451200
Geetanjali S Aarwal	431200
Total	6784026

AS ON 29.09.2011

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]	11.56
Directors or relatives of directors	88.44
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Tea and Other Products.

Products :

ITC Code	Product Descriptions
090230	Tea
26011104	Iron Ores Fines
151590	Rice Bran Extraction

PRODUCTION STATUS AS ON (31.03.2011)

Manufacturing / Processing / Blending of Tea	Unit	Licensed Capacity	Installed Capacity	Actual Production
Head Office	M.T.	N.A.	15,000	14,042.90
SEZ Office	M.T.	N.A.	25,000	531.593

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Princep Street Branch, 25, Princep Street, Kolkata-700072, West Bengal, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans taken for vehicles secured	1.626	1.049
Deposits secured	39.283	0.000
Other debt secured	827.525	752.425
Total	868.434	753.474
Note: (A) Head office motor car 1234940.60 Motor van 238.50 motor cycle 23104.91 SEZ unit motor cycle 3230 Mineral Division unit motor cycle 14533.12 (B) secured loan with Canara Bank (against fixed deposits) (C) For the year ended 31.03.2011 31.03.2010 packing credit with Canara Bank 335104357 185153566 (against hypothecation of stock) FBE & FDB credit with Canara Bank 479295000 525600000 ( Against book debts) Bank overdraft with Canara Bank 8518150.99 20495704.26 (CA30175) (against fixed deposit) Bank overdraft with Canara Bank 4607629.85 21175830.58 (10155)(against fixed deposit)
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other debt unsecured	95.935	49.038
Total	95.935	49.038

Banking Relations :	--
Auditors :
Name :	P. K. Sethia and Company Chartered Accountants
Address :	5, Khairu Place, Kolkata – 700072, West Bengal, India
Tel. No.:	91-33-22110479/ 22110538
E-Mail :	pkshetiaandco@vsnl.net
Income-tax PAN of auditor or auditor's firm :	AAGFP1422M
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Ø Ambo Credit Private Limited [U65929WB1991PTC050966] Ø Sree Vegetable Oil Private Limited [U15142WB1997PTC084061] Ø Anita Tea Company
Associates :	Ø Ambo Agro Products Limited [U15141WB2003PLC097233] Ø Capricorn Oils Limited [U15203WB1997PLC082728] Ø Swastik Refinery Private Limited [U15142WB1997PTC084070] Ø Ambo Foods Private Limited [U15419WB1994PTC064993] Ø Anita Exports

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
16,000,000	Equity Shares	Rs. 10/- each	Rs. 160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,784,026	Equity Share	Rs.10/- each	Rs. 67.840 Millions

Note:

(A) 16000000 equity shares of Rs 10/- each

(B) 6784026 equity shares of Rs 10/- each called up and fully paid up (of the above shares 5700000 shares are allotted as fully paid up by way of 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		67.840	67.840	67.840
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		199.682	171.315	130.413
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		267.522	239.155	198.253
LOAN FUNDS
1] Secured Loans		868.434	753.474	395.488
2] Unsecured Loans		95.935	49.038	12.653
TOTAL BORROWING		964.369	802.512	408.141
DEFERRED TAX LIABILITIES		0.280	0.491	0.364
TOTAL		1232.171	1042.158	606.758
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		32.999	25.474	23.553
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		60.119	61.495	51.886
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	154.455	231.319	129.198
	Sundry Debtors	490.184	625.056	261.223
	Cash & Bank Balances	261.751	151.742	109.224
	Other Current Assets	60.279	41.669	26.517
	Loans & Advances	379.603	214.460	103.136
Total Current Assets		1346.272	1264.246	629.298
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	124.419	204.635	54.160
	Other Current Liabilities	41.532	75.454	31.962
	Provisions	41.268	28.968	11.857
Total Current Liabilities		207.219	309.057	97.979
Net Current Assets		1139.053	955.189	531.319
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1232.171	1042.158	606.758

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2181.305	2102.426	1914.515
		Other Income	89.155	83.550	40.378
		TOTAL (A)	2270.460	2185.976	1954.893
Less	EXPENSES
		Consumption materials changes inventories	1441.150	1762.284
		Manufacturing service costs	2.870	60.118
		Employee related expenses	6.127	4.711
		Administrative selling other expenses	766.443	291.305
		TOTAL (B)	2216.590	2118.418	1917.316
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		53.870	67.558	37.577
Less	FINANCIAL EXPENSES (D)		10.563	5.496	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.307	62.062	37.577
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.852	1.147	2.518
	PROFIT BEFORE TAX (E-F) (G)		40.455	60.915	35.059
Less	TAX (H)		12.089	20.889	12.007
	PROFIT AFTER TAX (G-H) (I)		28.366	40.902	23.052
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1804.670	1977.067	1699.948
	Earnings Per Share (Rs.)		4.18	6.03	3.40

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.25	1.87	1.18
Net Profit Margin (PBT/Sales)	(%)	1.85	2.90	1.83
Return on Total Assets (PBT/Total Assets}	(%)	2.93	4.72	5.37
Return on Investment (ROI) (PBT/Networth)		0.15	25.47	0.18
Debt Equity Ratio (Total Liability/Networth)		4.38	4.65	2.55
Current Ratio (Current Asset/Current Liability)		6.50	4.09	6.42

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	No
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

PERFORMANCE AND OPERATIONS:

During the year the Company was mainly engaged in the export of tea and iron ore fines. The turnover of the Company has marginally increased as compared to the previous year but it could not bring about a corresponding improvement in profitability rather the profitability of the Company has declined due to inflationary pressures. The members are aware that during the year the economy of the Country was suffering from the stress and strain of inflationary pressures and the Company also could not escape it causing adverse effect on the profitability. However, the Company expects to achieve satisfactory results in the current year.

OVERVIEW:

Ambo Exports Limited was incorporated in the year 1992 as a private limited company and become Public Limited Company with effect from January 19, 2006 having its Registered Office at 3, Pretoria Street, Kolkata 700071. The company is a manufacturer of tea and is engaged in export of tea and other products. Most of its tea is exported to Iraq, Pakistan, Russia, Kazakhstan, Saudi Arabia, United Arab Emirates, Germany, Kenya, Egypt and Other countries. The company procures tea from all the auction centres in India and also imports from Sri Lanka and Vietnam. The same is processed and manufactured in the Company's processing cum Packaging units in Coimbatore and Kolkata. The Company was first recognised as an 'Export House' by the Government of India in the year 1995. Since then the company is maintaining 'Export House' status and in the year 2004-05 the company has received 'Two Star Export House' status. The Company has also received award from its Bankers - Canara Bank for excellence in Export Performance during 2003-04. The company established a SEZ Unit at Coimbatore on August 23, 2004 (Green card No.1257/MEPZ). The Company has also received Niryat Shree Gold Trophy from FIEO in the year 2004-05 for 'The Best Exporter' under category of Agriculture and Plantation Products (Non -SSI). The company received 'Best Exporter Award' from MEPZ - Chennai, Government of India for the year 2005-06. The company received a certificate from MEPZ - Special Economic Zone, Chennai in recognition of outstanding performance as EOU Unit in Food / Agro Allied sector for the year 2006-07. The company was also given award from the Export Promotion Council for EOUs and SEZs, Ministry of Commerce and Industry, Government of India, for best EOU and outstanding export performance (SSI Category) for the year 2006-07.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U01132WB1992PLC057283
Name of the company	AMBO EXPORTS LIMITED
Address of the registered office or of the principal place of business in India of the company	Chandra Kunj, 2^nd Floor, 3 Pretoria Street, Kolkata-700071, West Bengal, India Email ID: ambo@ambogroup.com
This form is for	Modification of charge
Charge identification number of the modified	90254153
Type of charge	Book Debts Movable Property Others (Fixed Assets)
Particular of charge holder	Canara Bank, Princep Street Branch, 25, Princep Street, Kolkata-700072, West Bengal, India Email ID: managercb0315@canarabank.co.in
Nature of description of the instrument creating or modifying the charge	a) Supplemental Common Hypothecation Agreement b) Canara Bank's sanction memo dated 07.02.2011
Date of instrument Creating the charge	07.02.2011
Amount secured by the charge	Rs. 900.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For Adhoc PC-Rs.50.000 Millions -10% Terms of Repayment For Adhoc PC-Rs.50.000 Millions -As stipulated by Bank Margin For Adhoc PC-Rs.50.000 Millions -10% Extent and Operation of the charge Exclusive First charge in favour of Canara Bank, Princep Street Branch by way of hypothecation of all the present and future stocks of the Borrower as Prime security and continuation of existing collateral security stated in Supplemental Hypothecation agreement to the extent of Overall limit of Rs.900.000 Millions granted by the Bank comprising of (PC-Rs.200.000 Millions, FDB/FBE- Rs.500.000 Millions, ILC/FLC(DA/DP)-Rs.50.000 Millions, BG-Rs.100.000 Millions and Adhoc PC-Rs.50.000 Millions now granted) Others As per original charge dated 23.11.2005 and subsequent modifications thereto
Short particulars of the property charged	Hypothecation of all the present and future stocks of Tea and packing materials located at Borrower's premises or wherever else the same be and all the present and future book debts of the Borrower as prime security and continuation of the all the existing collateral securities stated in supplemental common hypothecation agreement toward overall limit of Rs. 900.000 Millions granted by the Bank.
Date of latest modification prior to the present modification	08.09.2010
Particulars of the present modification	By this modification an adhoc PC limit of Rs.50.000 Millions has been granted by the Bank and adhoc limits granted earlier stands withdrawn. In view of the said modification the Overall charge/limit against prime and collateral securities stands revised to Rs. 900.000 Millions comprising of (PC-Rs. 200.000 Millions, FDB/FBE- Rs. 500.000 Millions, ILC/FLC (DA/DP)-Rs. 50.000 Millions, BG-Rs. 100.000 Millions and Adhoc PC-Rs. 50.000 Millions now granted). Other terms and conditions ( save as modified now) remain unchanged.

CONTINGENT LIABILITIES

Contingent Liabilities not provided for in respect of Bank Guarantees given as on 31st March 2011 In Favour of Value in Rupees MEPZ, Chennai 2.500 Millions

FIXED ASSETS:

Ø Plant and Machinery

Ø Air Conditioner

Ø Office Equipments

Ø Fax Machine

Ø Refrigerator

Ø Computer and Printer

Ø Furniture and Fixture

Ø Vehicle

Ø Land and Building

Ø Patents Trademarks and Design

WEBSITE DETAILS

PROFILE:

In 1992 first company of the AMBO Group "AMBO EXPORTS LIMITED [AEL] was incorporated as a Private Limited Company, with rapid expansions in business portfolio the constitution of this company was changed to Public Limited in 2006.

Indian Tea continues to be the main line of business since inception but today the business portfolio includes: Agricultural Commodities, Edible Oils, Cattle Feed Ingredients, Biscuits and Confectionary, Ores and Minerals, Processed and Packed Food etc. For enduring steady growth profile diverse commodities and openings in new markets remain a perennial target.

Phenomenal growth in export turnover of AEL earned the "TWO STAR EXPORT HOUSE" status. The Company had received several accolades in recognition of its performance. Some of the awards have been showcased in this profile. AMBO GROUP presently comprises of 5 companies, engaged in manufacturing, marketing and distribution of diverse product range in domestic market as well as in export domain..

The organic tea garden namely "Gosain Bari Tea Estate" is under Ambo Exports. This is one of the significant tea gardens among the very few organic tea gardens in the country. Plantation in Gosain Bari Estate is following the methods of Vrikshayurveda (ancient Indian science of Agriculture).

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. 53.26
UK Pound	1	Rs. 86.23
Euro	1	Rs. 68.64

INFORMATION DETAILS

Report Prepared by :

BVA

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	YES
--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

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.