MIRA INFORM REPORT

Report Date :

12.12.2013

IDENTIFICATION DETAILS

Name :	CHAND FRUIT COMPANY PRIVATE LIMITED
Formerly Known As :	CHAND FRUIT PRIVATE LIMITED
Registered Office :	Gat No.154/2A+2B, Bagwan Agricultural Farm, Takli Road, Miraj - 416 410, District Sangli , Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.08.1999
Com. Reg. No.:	11-013907
Capital Investment / Paid-up Capital :	Rs.5.768 Millions
CIN No.: [Company Identification No.]	U01122PN1999PTC013907
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Fresh Fruits.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 480000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Management of the company has failed to file its latest financials of 2013 with government department. As per of 2012, financial position of the company seems to be decent. Trade relation reported to be fair. Business is active. Payment term are reported to be usually correct. The company can be considered for business dealing at usual trade term 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.

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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.

INFORMATION PARTED BY

Name :	Mr. Nasir Mohamedsafi Bagwan
Designation :	Director
Contact No.:	91-9422041911
Date :	12.12.2013

LOCATIONS

Registered Office/ Factory :	Gat No.154/2A+2B, Bagwan Agricultural Farm, Takli Road, Miraj - 416 410, District Sangli, Maharashtra, India
Tel. No.:	91-233-2222199 / 2228532
	91-9422041911 (Mr. Nasir Mohamedsafi Bagwan)
Fax No.:	91-233-2223279
E-Mail :	chandfruit@yahoo.co.in chandfruit@gmail.com
Area :	45000 sq ft
Location :	Owned

DIRECTORS

As on 25.09.2012

Name :	Mr. Shafi Ahmed Haji Chandsaheb Bagwan
Designation :	Director
Address :	2349, Guruwar Peth, Miraj, Sangli – 416 410, Maharashtra, India
Date of Birth/Age :	02.10.1949
Date of Appointment :	11.08.1999
DIN No.:	01825414
Name :	Mr. Nasir Mohamedsafi Bagwan
Designation :	Director
Address :	Bagwan Agri Farm, Takali Road, Miraj, Sangli – 416 410, Maharashtra, India
Date of Birth/Age :	12.05.1971
Date of Appointment :	11.08.1999
DIN No.:	01494663
Name :	Mr. Bashir Ahmed Shafi Bagwan
Designation :	Director
Address :	Takali Road, Bagwan Farm, Miraj, Sangli - 416 410, Maharashtra, India
Date of Birth/Age :	11.02.1976
Date of Appointment :	05.11.1999
DIN No.:	01657181
Name :	Mr. Yunus Ahmed Shafi Bagwan
Designation :	Director
Address :	2349, Guruwar Peth, Miraj, Sangli – 416 410, Maharashtra, India
Date of Birth/Age :	28.11.1973
Date of Appointment :	11.08.1999
DIN No.:	01662589

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Names of Shareholders	No. of Shares
Shafiahmed H. Bagwan	419300
Nasir M. Bagwan	46800
Yunus S. Bagwan	70000
Bashir S. Bagwan	40700
Total	576800

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Exporter and Importer of Fresh Fruits.

Products :

Item Code No. (ITC Code)	Fresh Fruits and Vegetables
Product Description	0204

Exports :

Products :

Fresh Fruits

Countries :

v Gulf Countries

v Dubai

v Europe

v Far East

Imports :

Products :

Fresh Fruits

Countries :

v USA

v Australia

v China

v Chile

v Egypt

v Iran

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Annual Licensed, Installed and Utilized Capacity
Cold Storage Pre-Cooling	Tonnes	650
Unit	Tonnes	20

Notes:

1. Annual capacity on maximum utilized basis.

2. Figures regarding total capacity utilized are not readily available.

GENERAL INFORMATION

Suppliers:

· Aditya Computers

· Atlas Tours and Travels Private Limited

· Cool Line

· Dds Associates

· Deep Enterprises

· Divekar Marketing Associates

· Global Protection Systems

· Icon Inn

· Jerry and Company

Customers :

End users

No. of Employees :

20 (Approximately)

Bankers :

IDBI Bank Limited, Shri Krupa, C.S.No. 4158/A, Near Maidan Datta Mandir, Bramin Puri Near Maida, Miraj - 416410

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term Loans From Bank IDBI Loan Rs.12.500 Millions (Construction of pack house and cooling unit at vita) (Secured by first charge on the "pack house" and Precooling unit at B-73, Vita Growth Centre, Vita-Khanapur-Asngli (Inclusing all immovable and movable assets) proposed to be created out of bank finance valued Rs. 23.3000 Millions) (Collateral security-1. First Charge on gross block of company including existing cold storage unit at S. No. 2281610 22818 (excluding Windmill Project land and unit)valued at Rs. 88.000 Millions 2. Equitable Mortgage of Agri Land at Gat No. 15412N@B at miraj having market-value of Rs. 4.000 Millions and 3 FDR of Rs.10.000 Millions and Personal guarantee of all directors)	5.421	0.000
Short-term borrowings
Loans repayable of demand Working Capital Loan Cash Credit; IDBI Bank PCFC A/C for INR 80.000 Millions (Packing credit in foreign currency for IDBI Bank Limited is secured against the inward foreign currency remittances and also co secured against charge on the immovable properties of the company both present and future and by way of hypothecation of all the movable and immovable assets sutured at gat No154/2A/2+B Takali Road, Miraj, Taluka Miraj District Sangli and charge on plant and machinery)	79.363	87.243
Total	84.784	87.243

Banking Relations :	--
Auditors :
Name :	Khire Khandekar and Kirloskar Chartered Accountants
Address :	1051, Madhav Nagar Road, Sangli – 416 410, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFK5801G
Related Parties :	v Bagban Trading Company, Miraj v Chand Fruit Company, Miraj

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
650000	Equity Shares	Rs.10/- each	Rs.6.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
576800	Equity Shares	Rs.10/- each	Rs.5.768 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.768	5.768
(b) Reserves & Surplus	115.323	84.960
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	121.091	90.728
(3) Non-Current Liabilities
(a) long-term borrowings	5.421	0.000
(b) Deferred tax liabilities (Net)	1.540	0.789
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	6.961	0.789
(4) Current Liabilities
(a) Short term borrowings	84.000	90.664
(b) Trade payables	144.957	111.980
(c) Other current liabilities	0.259	0.036
(d) Short-term provisions	4.488	0.419
Total Current Liabilities (4)	233.704	203.099
TOTAL	361.756	294.616
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.032	52.078
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	13.601	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.908	19.045
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	93.541	71.123
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	73.335	85.565
(c) Trade receivables	167.776	98.665
(d) Cash and cash equivalents	18.954	19.154
(e) Short-term loans and advances	8.150	20.109
(f) Other current assets	0.000	0.000
Total Current Assets	268.215	223.493
TOTAL	361.756	294.616

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.768
2] Share Application Money		0.000
3] Reserves & Surplus		52.480
4] (Accumulated Losses)		0.000
NETWORTH		58.248
LOAN FUNDS
1] Secured Loans		72.884
2] Unsecured Loans		0.000
TOTAL BORROWING		72.884
DEFERRED TAX LIABILITIES		0.000
TOTAL		131.132
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.379
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.089
	Sundry Debtors	111.667
	Cash & Bank Balances	15.975
	Other Current Assets	6.842
	Loans & Advances	22.132
Total Current Assets		184.705
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	91.615
	Other Current Liabilities	2.087
	Provisions	21.250
Total Current Liabilities		114.952
Net Current Assets		69.753
MISCELLANEOUS EXPENSES		0.000
TOTAL		131.132

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	822.704	633.086	547.048
		Other Income	19.286	11.039	38.813
		TOTAL (A)	841.990	644.125	585.861
Less	EXPENSES
		Cost of material and direct Expenses	743.230	627.841
		Changes in inventories of finished goods work in progress and stock in trade	12.229	(57.476)
		Employee benefits expenses	3.466	2.561
		Other Expenses	16.919	14.163
		Exceptional items	8.609	0.000
		TOTAL (B)	784.453	587.089	553.683 (Including depreciation and interest expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		57.537	57.036
Less	FINANCIAL EXPENSES (D)		3.546	3.422
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		53.991	53.614
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.778	7.395
	PROFIT BEFORE TAX (E-F) (G)		45.213	46.219	32.178
Less	TAX (H)		14.850	13.739	11.254
	PROFIT AFTER TAX (G-H) (I)		30.363	32.480	20.924
	Earnings Per Share (Rs.)		52.64	56.31	36.27

Particulars	31.03.2013
Sales Turnover (Approximately)	1050.000

Expected Sales (2013-2014): Rs.1200.000 Millions

The above information has been parted by Mr. Nasir Mohamedsafi Bagwan (Director).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.61	5.04	3.57
Net Profit Margin (PBT/Sales)	(%)	5.50	7.30	5.88
Return on Total Assets (PBT/Total Assets}	(%)	12.99	15.69	13.08
Return on Investment (ROI) (PBT/Networth)		0.37	0.51	0.55
Debt Equity Ratio (Total Debt /Networth)		0.74	1.00	1.25
Current Ratio (Current Asset/Current Liability)		1.15	1.10	1.61

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Current maturities of long-term debt	0.000	0.000	NA
Total	0.000	0.000	NA

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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

OPERATIONS:-

Company is engaged in export of fruits and vegetables and generation of electricity and day by day company is expanding its activities. The directors have taken steps for improving the quality and decided to give emphasis on

marketing and to strengthen the internal controls, The focus during the year has been to continuously Invest in improving our delivery practices and enhance our relationships with our existing customers to deliver higher value. The company is expecting to grow the business in the corning years.

PERFORMANCE REVIEW:-

During the financial year, the total sales, other operating income and other income increased from Rs. 644.100 Millions to 841.900 Millions, a net increase of 30.

In spite intense competition and challenging business environment, the Profit before exception tax showed a phenomenon jump of 16%, rising from Rs. 46.200 Millions to Rs 53.800 Millions and Profit after tax recorded a nominal drop to Rs.30.300 Millions from Rs. 32.400 Millions.

Exceptional item of Rs. 8.600 Millions comprise of balances written off on account of sale of potato’s to parties In Russia and Ukraine comprising of 1,80,111 $@Rs.47.8/- per dollar which consignment was rejected due to damages in transportation.

FUTURE OUTLOOK

The company would continue to focus on enhancing growth in the development white targeting to reduce its overall debt by cost optimization process improvements and efficient management of working capital. The focus on execution in FY 12-13 shall continue and result in substantial deliveries in the coming year. This will lower the outstanding commitments of the company and help mitigate execution risks.

UNSECURED LOAN

	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Security Deposit (Y S Chumbalkar)	0.140	0.140
Rent deposit : Seshasai Business from Private Limited	1.700	0.000
Retenstion 5% (Kulkarni, vita)	0.199	0.000
Security Deposit: Umesh Kulkarni, Lvta	0.130	0.000
Advances from customers	2.468	3.281
Total	4.637	3.421

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10079976	19/12/2007	32,500,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	MIRAJ BRANCH, MIRAJ, MAHARASHTRA - 416410, INDIA	A28994135
2	90092409	24/02/2011 *	90,000,000.00	IDBI BANK LIMITED	SHRI KRUPA, C.S.NO. 4158/A,, NEAR MAIDAN DATTA MANDIR, BRAMIN PURI NEAR MAIDA, MIRAJ, MAHARASHTRA - 416410, INDIA	B10201168

* Date of charge modification

FIXED ASSETS

Land

Building

Plant and Machinery

Furniture and Fixtures

Vehicle

Office Equipment

Computer and Printer

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.61.33
UK Pound	1	Rs.100.79
Euro	1	Rs.84.38

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.