MIRA INFORM REPORT

Report Date :

18.04.2013

IDENTIFICATION DETAILS

Name :	GREENSPAN AGRI-TECH PRIVATE LIMITED
Registered Office :	Flat No.3, Plot No.31, Ashish Anand Park, Aundh, Pune – 411007, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.11.2003
Com. Reg. No.:	25-018590
Capital Investment / Paid-up Capital :	Rs. 1.615 Millions
CIN No.: [Company Identification No.]	U01113PN2003PTC018590
TAN No.: [Tax Deduction & Collection Account No.]	PNEG06188A
PAN No.: [Permanent Account No.]	AACCG1250H
Legal Form :	Private Limited Liability Company
Line of Business :	Construction of Greenhouses.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The financial risk profile is good. Trade relations are reported as decent. 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

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 :	Flat No.3, Plot No.31, Ashish Anand Park, Aundh, Pune – 411007, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	shail@greenspan-agritech.com
Factory :	Gat No.207, Village Parandwadi, Taluka Maval, District, Pune – 410506, Maharashtra, India
Tel. No.:	91-2114-281736
Fax No.:	91-2114-237737

DIRECTORS

As on: 16.07.2012

Name :

Mr. Shailprabhat Sudhakar Kulkarni

Designation :

Director

Address :

3, Ashish Residency, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

10.02.1964

Date of Appointment :

24.11.2003

DIN No.:

01627962

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	U52334MH1988PTC050063	KANAK AGRI-TECH PRIVATE LIMITED	Director	17/06/1995	17/06/1995	-	Active	NO
2	U01113PN2003PTC018590	GREENSPAN AGRI-TECH PRIVATE LIMITED	Director	24/11/2003	24/11/2003	-	Active	NO

Name :

Mrs. Meenal Shailprabhat Kulkarni

Designation :

Director

Address :

3, Ashish Residency, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

02.10.1966

Date of Appointment :

28.11.2003

DIN No.:

02477902

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	U52334MH1988PTC050063	KANAK AGRI-TECH PRIVATE LIMITED	Director	17/06/1995	17/06/1995	-	Active	NO
2	U01113PN2003PTC018590	GREENSPAN AGRI-TECH PRIVATE LIMITED	Director	28/11/2003	28/11/2003	-	Active	NO

KEY EXECUTIVES

Name :	Kanj and Associates
Designation :	Company Secretary
Address :	3-4, Aishwarya Sankul, S. No. 17, G. A. Kulkarni Path, Opposite Joshi Railway Museum, Pune – 411038, Maharashtra, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 16.07.2012

Names of Shareholders	No. of Shares
Acrodent Eindhoven Bv, Netherland	36598
Shailprabhat Sudhakar Kulkarni with Meenal	124402
Khanolkar Kedar With Khanolkar Ketaki	50
Parulekar Narayan with Parulekar Asha	50
Parulekar Amit with Parulekar Sheela	50
Lonkar Mangala with Lonkar Rajeev	50
Parulekar Asha with Narayan	50
Parulekar Sugandha with Nitin	100
Kulkarni Rajani with Kulkarni Sudhakar	50
Gosavi Prashant with Gosavi Sujata	50
Joshi Geetanjali with Joshi Vinay	50
Total	161500

Equity Share Break up (Percentage of Total Equity)

As on: 16.07.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	22.66
Directors or relatives of Directors	77.04
Other top fifty shareholders	0.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction of Greenhouses

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India, Industrial Finance Branch, 619, Sachapir Street, Pune

Camp, Pune - 411001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Loans repayable on demand from banks
UBI Packing Credit Loan (Hypothecation of Stocks and Receivable)	14.821	17.519
Foreign Document Bank Purchase Loan (Hypothecation of Foreign Bills)	0.845	8.711
Total	15.666	26.230

Banking Relations :	--
Auditors :
Name :	Prashant S. Kulkarni and Company Chartered Accountant
Address :	B 5, Seoul Co-Op Housing Society, S No 47/4 B, Kothrud, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25380403
E-Mail :	prashantkulkarni64@gmail.com
PAN.:	AJJPK9360P

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
161500	Equity Shares	Rs.10/- each	Rs. 1.615 Millions

Details of shares held by each shareholder holding more than 5% shares

Name of Shareholder	Number of Shares	% holding
Equity shares with voting right
Kulkarni shaliprabhat S.	124402	75.40
Acrodent Indovent BV, Netherland	36598	22.18

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.615	1.615	1.615
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		113.167	90.831	64.662
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		114.782	92.446	66.277
LOAN FUNDS
1] Secured Loans		15.666	26.230	10.225
2] Unsecured Loans		6.950	7.050	6.550
TOTAL BORROWING		22.616	33.280	16.775
DEFERRED TAX LIABILITIES		0.000	0.000	0.347
Others		0.000	0.000	2.952
TOTAL		137.398	125.726	86.351
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.567	28.322	26.225
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.821	0.000	0.000
DEFERREX TAX ASSETS		0.187	0.290	0.064
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.288	65.954	37.529
	Sundry Debtors	52.888	62.911	28.335
	Cash & Bank Balances	2.545	0.409	0.000
	Other Current Assets	0.438	0.337	0.000
	Loans & Advances	31.117	19.182	14.362
Total Current Assets		155.276	148.793	80.226
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	30.930	30.620	12.652
	Other Current Liabilities	12.226	19.701	2.699
	Provisions	5.297	1.358	4.863
Total Current Liabilities		48.453	51.679	20.214
Net Current Assets		106.823	97.114	60.012
MISCELLANEOUS EXPENSES		0.000	0.000	0.050
TOTAL		137.398	125.726	86.351

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	425.370	349.164	229.921
		Other Income
		TOTAL (A)	425.370	349.164	229.921
Less	EXPENSES
		Office Expenses
		Administrative Expenses	389.163	315.665	202.091
		Advertising Expenses
		TOTAL (B)	389.163	315.665	202.091
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		36.207	33.499	27.830
Less	FINANCIAL EXPENSES (D)		4.607	4.011	2.851
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.600	29.488	24.979
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.073	2.161	1.874
Add	EXCEPTIONAL ITEM		0.732	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		29.259	27.327	23.105
Less	TAX (H)		4.163	0.969	1.829
	PROFIT AFTER TAX (G-H) (I)		25.096	26.358	21.276
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		77.558	51.712	30.948
Less	APPROPRIATIONS
		Transfer to General Reserve	0.323	0.323	0.323
		Dividend and Dividend Tax	0.188	0.189	0.189
	BALANCE CARRIED TO THE B/S		102.143	77.558	51.712
	Earnings Per Share (Rs.)		155.39	163.21	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.90	7.55	9.25
Return on Total Assets (PBT/Total Assets}	(%)	15.83	15.43	21.71
Return on Investment (ROI) (PBT/Networth)		0.25	0.29	0.35
Debt Equity Ratio (Total Debt /Networth)		0.19	0.36	0.25
Current Ratio (Current Asset/Current Liability)		3.21	2.88	3.97

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	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

UNSECURED LOAN

(Rs in Millions)

Paricular	As on 31.03.2012	As on 31.03.2011
From other parties
Khanolkar Kedar Meghashyam	0.300	0.300
Parulekar Sugandha Mohan	0.600	0.600
Parulekar Narayan Mahadev	0.900	0.900
Gosavi Prashant R.	0.250	0.250
Parulekar Amit Narayan	0.500	0.500
Parulekar Asha Narayan	0.100	0.100
Geetanjali Vinay Joshi	0.250	0.250
Kulkarni Rajani Sudhakar	0.900	0.900
Mangala Rajiv Lonkar	0.200	0.200
Parulekar Nitinchandra Mohan	0.100	0.100
Loans and advances from related parties
Kulkarni Meenal Shailprabhat	1.350	1.850
Kulkarni Shailprabhat Sudhkar	1.500	1.100
Total	6.950	7.050

FIXED ASSETS

· Land

· Buildings

· Development Printers

· Plant and Machinery

· Office Equipment

· Vehicles

· Furniture and Fixture

· Computer

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 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. 53.94
UK Pound	1	Rs. 82.77
Euro	1	Rs. 71.05

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.