MIRA INFORM REPORT

Report Date :

31.01.2013

IDENTIFICATION DETAILS

Name :	DEV BHUMI COLD CHAIN LIMITED
Formerly Known As :	DEV BHUMI COLD CHAIN PRIVATE LIMITED
Registered Office :	Indraprastha Bhawan, Plot No. 17 and 18, New Subzimandi, Azadpur, Delhi – 110033
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.08.2003
Com. Reg. No.:	55-121616
Capital Investment / Paid-up Capital :	Rs. 42.500 millions
CIN No.: [Company Identification No.]	U74999DL2003PLC121616
TAN No.: [Tax Deduction & Collection Account No.]	DELD06128D DELD07493D
PAN No.: [Permanent Account No.]	AABCD7986J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Cold Storage Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 860000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The profitability of the company seems to be low during the current year. However, general financial position of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered 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 :	Indraprastha Bhawan, Plot No. 17 and 18, New Subzimandi, Azadpur, Delhi – 110033, India
Tel. No.:	91-11-47125555 / 47125510 / 47125530 / 47125531/ 27674876
Fax No.:	91-11-27671700 / 27482775
E-Mail :	purusottam@devbhumiagri.com ipcoldstorage@yahoo.com accounts@devbhumiagri.com legal@devbhumiagri.com
Website :	www.devbhumiagri.com
Strategic Distribution Centre/ Branch Office :	Apple Chowk, ViIIage Matiana, Tehsil, Theog District Shimla – 171212, Himachal Pradesh, India
Overseas Office :	Indraprastha Limited (USA), 284, Steelmanville Road, EHT, NJ – 08234, USA

DIRECTORS

As on 28.09.2012

Name :	Mr. Sanjay Aggarwal
Designation :	Managing Director
Address :	BN – 78, Paschimi Shalimar Bagh, New Delhi – 110052, India
Date of Birth/Age :	05.04.1959
Date of Appointment :	04.08.2003
DIN No.:	00211962
Name :	Mrs. Sunila Aggarwal
Designation :	Director
Address :	BN – 78, Paschimi Shalimar Bagh, New Delhi – 110052, India
Date of Birth/Age :	24.11.1961
Date of Appointment :	04.08.2003
DIN No.:	00212143
Name :	Mr. Ashutosh Verma
Designation :	Additional Director
Address :	B – 3/66, Second Floor, Sector 11, Rohini, Delhi – 110085, India
Date of Birth/Age :	18.10.1973
Date of Appointment :	02.06.2011
DIN No.:	02272269

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Sanjay Aggarwal	260997
Sanyogita Aggarwal	4313
Sunila Aggarwal	384650
Indraprastha Ice and Cold Storage Private Limited, India	10
Jagdish Prasad Aggarwal	10
Premlata Aggarwal	10
Kumar Dhruva Aggarwal	3600010
Total	4250000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Cold Storage Services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, New Subzi Mandi, Azadpur, Delhi – 110033, India
• Bank of Baroda, Indraprastha Bhawan, Azadpur, Delhi - 110033, Delhi, India
• Vijaya Bank
• UCO Bank

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long term Borrowing – Term Loans from Banks
Vijaya Bank – Vehicle Loan A/c 604308411000034	0.000	0.081
UCO Bank Loan A/c – Term Loan I – (Secured with matiana property)	27.379	38.500
UCO Bank Loan A/c – Term Loan II – (Secured with matiana property)	11.903	0.000
Secured by personal property of director
ING Vysya Bank Limited – (LAP)	48.672	50.000
SCB Loan A/c – (LAP)	34.990	36.036
Short – term Borrowings
Bank of Baroda – OD A/c 6789 (Secured with stock and debtors)	138.775	42.669
Buyer’s Credit Facility	59.566	37.418
UCO Bank Loan A/c – Term Loan-I – (Secured with Matiana Property)	5.923	0.000
UCO Bank Loan A/c – Term Loan-II (Secured with Matiana Property)	0.801	0.000
Indraprastha Ice and Cold Storage Private Limited. (Cr.)	1.998	0.000
Total	330.007	204.704

Banking Relations :	--
Auditors :
Name :	P.D. Mittal and Company Chartered Accountants
Address :	Mittal Bhawan, 70, Darya Ganj, New Delhi – 110002, India
Tel. No.:	91-11-65169313
PAN.:	AAGFP0579D
Name :	Chartered Accountants
Related Parties :	Matru Bhumi Supply Chain Private Limited Indraprastha Ice and Cold Storage Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4250000	Equity Shares	Rs.10/- each	Rs. 42.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		42.500	42.500	42.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		172.778	99.309	96.231
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		215.278	141.809	138.731
LOAN FUNDS
1] Secured Loans		330.007	204.704	126.436
2] Unsecured Loans		25.006	1.378	17.133
TOTAL BORROWING		355.013	206.082	143.569
DEFERRED TAX LIABILITIES		0.950	0.950	0.950
TOTAL		571.241	348.841	283.250
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		231.622	233.565	217.321
Capital work-in-progress		87.740	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	154.831	32.578	28.138
	Sundry Debtors	102.781	43.015	20.810
	Cash & Bank Balances	49.828	14.626	3.088
	Other Current Assets	0.592	0.260	0.000
	Loans & Advances	6.490	40.828	26.261
Total Current Assets		314.522	131.307	78.297
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.373	15.119	11.865
	Other Liabilities	22.133	1.012	0.603
	Provisions	8.237	0.000	0.000
Total Current Liabilities		62.743	16.131	12.468
Net Current Assets		251.779	115.176	65.829
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		571.241	348.841	283.250

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	811.574	358.557	171.552
		Other Income	24.580	18.857	13.370
		TOTAL (A)	836.154	377.414	184.922
Less	EXPENSES
		Purchase of Stock in Trade	898.434	345.354
		Employee Benefits Expenses	7.032	4.197	169.980
		Other Expenses	16.243	13.861
		Changes in Inventories of Finished goods work in progress and stock in Trade	(122.254)	(4.439)
		TOTAL (B)	799.455	358.973	169.980
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		36.699	18.441	14.942
Less	FINANCIAL EXPENSES (D)		24.158	13.751	12.297
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.541	4.690	2.645
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.180	0.889	0.745
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		7.361	3.801	1.900
Less	TAX (H)		1.365	0.724	0.513
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		5.996	3.077	1.387
	IMPORTS
		Trading Goods	507.130	224.093	67.843
		Machines and their parts	18.744	0.000
	TOTAL IMPORTS		525.874	224.093	67.843
	Earnings / (Loss) Per Share (Rs.)		1.41	0.72	0.45

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.72	0.82	0.75
Net Profit Margin (PBT/Sales)	(%)	0.91	1.06	1.11
Return on Total Assets (PBT/Total Assets}	(%)	1.35	1.04	0.64
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.01
Debt Equity Ratio (Total Debt/Networth)		1.65	1.45	1.03
Current Ratio (Current Asset/Current Liability)		1.25	8.14	6.28

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	No

UNSECURED LOAN

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loan from Directors	20.000	1.378
Matru Bhumi Supply Chain Private Limited	5.006	0.000
Total	25.006	1.378

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999DL2003PLC121616
Name of the company	DEV BHUMI COLD CHAIN LIMITED
Address of the registered office or of the principal place of business in India of the company	Indraprastha Bhawan, Plot No. 17 and 18, New Subzimandi, Azadpur, Delhi – 110033, India Email: legal@devbhumiagri.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10043722
Type of charge	§ Immovable property § Book debts § Movable property (not being pledge) § Floating charge
Particular of charge holder	Bank of Baroda, New Subzi Mandi, Azadpur, Delhi – 110033, India Email: ca_rcg@yahoo.co.in
Nature of instrument creating charge	UCO Bank's Letter dated 29.09.2012
Date of instrument Creating the charge	29.09.2012
Amount secured by the charge	Rs. 370.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 3.25% over Base Rate of the Bank ie 13.75% pa at present at monthly rest for CC limit and Commission as per Bank's guidelines/FEDAI Norms for Import LC(DP)/Letter of Comfort for Buyer's Credit limit Terms of Repayment Payable on demand. Margin 30% against stocks and 50% against Book-debts upto 90 days for Cash Credit limit and Cash margin of 25% in the shape of FDR for Import LC (DP)/Letter of Comfort for Buyer's Credit limit. Extent and Operation of the charge 100% Others To further secure all amounts payable under enhanced Cash Credit (Hyp. of stocks and book-debts) limit of Rs. 370.000 millions with Import LC(DP)/Letter of Comfort for Buyers' Credit limit of Rs. 150.000 millions as a sub-limit granted to/enjoyed by the Company by second charge on fixed assets of the Company i.e. land and building, plant and machinery
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of the following:- a)The whole of the Borrower's stock including raw-materials, work-in-process, semi-finished goods and finished goods such as fruits and vegetables now lying or hereafter stored at Company's premises at New Subzi Mandi, Azadpur, Delhi or at any other place(s) including those in transit. b)All book-debts, outstandings, monies receivables, claims, bills, contracts, engagements and security etc. - both present and future. c)All tangible moveable machinery and plant, vehicles together with spares, tools and accessories and other moveables, furniture, fixtures and fittings, office equipments stored/installed/affixed or to stored/installed/affixed at Company's premises at New Subzi Mandi, Azadpur, Delhi or at any other place(s) including those in transit.
Date of instrument modifying the charge	27.09.2012
Particulars of the present modification	All amounts payable under enhanced Cash Credit (Hypothecation of stocks and book-debts) limit of Rs. 370.000 millions with Import LC(DP)/Letter of Comfort for Buyers' Credit limit of Rs. 150.000 millions as a sub-limit granted to/enjoyed by the Company together with all interests, costs, charges, expenses, commission etc. stands further secured by second charge on fixed assets of the Company i.e. land and building, plant and machinery

CONTINGENT LIABILITIES:

Contingent Liabilities to the extent not provided for

(Rs. in millions)

PARTICULARS	31.03.2012
Claims against the company not acknowledged as debt*	17.773
Guarantees
Inland	50.000
Foreign	0.000
Other money for which the company is contingently liable	0.000

* Claims against the company not acknowledged as debt

FIXED ASSETS:

Head Office Assets

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

Shimla Project Assets:

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

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.53.57
UK Pound	1	Rs.84.37
Euro	1	Rs.72.23

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.