MIRA INFORM REPORT

Report Date :

27.07.2013

IDENTIFICATION DETAILS

Name :	NATIONAL BULK HANDLING CORPORATION LIMITED
Registered Office :	9th Floor, Everest Nivara Infotech Park-1, Plot No. D-3, TTC Industrial Area, Turbhe – MIDC, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.04.2005
Com. Reg. No.:	11-152747
Capital Investment / Paid-up Capital :	Rs. 820.000 Millions
CIN No.: [Company Identification No.]	U63030MH2005PLC152747
PAN No.: [Permanent Account No.]	AACCN1186B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Warehousing Facilities.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (38)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4306000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The reserves of the company are low but improving. There appears some dip in the profit margin during 2012. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Bhaskar
Designation :	Accounts Department
Contact No.:	91-22-30930500
Date :	25.07.2013

LOCATIONS

Registered/ Administrative Office :	9th Floor, Everest Nivara Infotech Park-1, Plot No. D-3, TTC Industrial Area, Turbhe – MIDC, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-30930500
Fax No.:	91-22-30930640/ 66866050
E-Mail :	info@nbhcindia.com
Website :	www.nbhcindia.com
Location :	Owned
Corporate Office :	FT Tower, CTS No. 256 and 257, Suren Road, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-30930500
Fax No.:	91-22-66866050
Regional Offices :	Located at: v Andhra Pradesh v Chhattisgarh v Delhi v Gujarat v Haryana v Karnataka v Kerala v Madhya Pradesh v Maharashtra v Orissa v Punjab v Rajasthan v Tamilnadu v Uttar Pradesh v Uttarakhand

DIRECTORS

AS ON 21.09.2012

Name :

Mr. Anil Kumar Choudhary

Designation :

Managing Director and CEO

Address :

Flat No. 704, Tower 4, Raheja Tipco Heights, Off Rani Sati Marg, Malad [East], Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

10.01.1961

Qualification :

BA (HONS)

Date of Appointment :

01.04.2013

DIN No.:

00133249

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	U63030MH2005PLC152747	NATIONAL BULK HANDLING CORPORATION LIMITED	Managing director	01/04/2013	01/04/2006	Active	NO
2	U65990MH1993PLC071004	APIAN FINANCE AND INVESTMENT LTD	Director	23/05/2008	30/04/2008	Active	NO

Name :

Mr. Jignesh Prakash Shah

Designation :

Director

Address :

R-Square, CTS No. 547, Plot No. 29, Jai Hind Society, N S. Road No. 12, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

12.01.1967

Qualification :

B.E.

Date of Appointment :

20.04.2005

DIN No.:

00064913

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	L29142TN1988PLC015586	FINANCIAL TECHNOLOGIES (INDIA) LIMITED	Managing director	31/01/2012	15/09/2000	-	Active	NO
2	U99999MH1996PTC102913	LA-FIN FINANCIAL SERVICES PRIVATE LIMITED	Director	23/12/2000	23/12/2000	-	Active	NO
3	U67190MH2001PLC130813	IBS FOREX LIMITED	Director	09/02/2001	09/02/2001	01/07/2011	Active	NO
4	L51909MH2002PLC135594	MULTI COMMODITY EXCHANGE OF INDIA LIMITED	Director	01/04/2008	01/08/2003	-	Active	NO
5	U72900MH2005PLC151034	TICKERPLANT LIMITED	Director	04/02/2005	04/02/2005	01/07/2011	Active	NO
6	U63030MH2005PLC152747	NATIONAL BULK HANDLING CORPORATION LIMITED	Director	20/04/2005	20/04/2005	-	Active	NO
7	U51100MH2005PLC153384	NATIONAL SPOT EXCHANGE LIMITED	Director	18/05/2005	18/05/2005	-	Active	NO
8	U72900MH2005PLC156695	ATOM TECHNOLOGIES LIMITED	Director	13/10/2005	13/10/2005	01/07/2011	Active	NO
9	U67140MH2005PLC157634	RISKRAFT CONSULTING LIMITED	Director	28/11/2005	28/11/2005	01/07/2011	Active	NO
10	U51909DL2006PLC234695	SAFAL NATIONAL EXCHANGE OF INDIA LIMITED	Nominee director	21/08/2007	20/09/2006	25/06/2010	Amalgamated	NO
11	U72900MH2007PLC168354	GLOBAL PAYMENT NETWORKS LIMITED	Director	05/03/2007	05/03/2007	01/07/2011	Active	NO
12	U72300MH2007PLC168679	FINANCIAL TECHNOLOGIES COMMUNICATIONS LIMITED	Director	13/03/2007	13/03/2007	01/07/2011	Active	NO
13	U74999MH2007PLC169201	INDIAN ENERGY EXCHANGE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
14	U80900MH2007PLC173924	FT KNOWLEDGE MANAGEMENT COMPANY LIMITED	Director	07/09/2007	07/09/2007	01/07/2011	Active	NO
15	U65999MH2008PLC185856	MCX STOCK EXCHANGE LIMITED	Nominee director	24/07/2009	06/10/2008	-	Active	NO
16	U45400MH2012PTC230260	IFC PROJECTS AND TECHNOLOGY SERVICES PRIVATE LIMITED	Director	25/04/2012	25/04/2012	-	Active	NO

Name :

Mr. Ramanathan Devarajan

Designation :

Director

Address :

A-603, Gundecha Altura, Opposite St. Xavier School, LBS Marg, Kanjur Marg (West), Mumbai – 400078, Maharashtra, India

Date of Birth/Age :

06.05.1954

Qualification :

C.A.

Date of Appointment :

28.09.2011

DIN No.:

02604441

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	L29142TN1988PLC015586	FINANCIAL TECHNOLOGIES (INDIA) LIMITED	Director	25/09/2009	23/03/2009	Active	NO
2	U63030MH2005PLC152747	NATIONAL BULK HANDLING CORPORATION LIMITED	Director	28/09/2011	24/02/2011	Active	NO
3	U72900MH2005PLC151034	TICKERPLANT LIMITED	Director	28/09/2011	01/07/2011	Active	NO
4	U67140MH2005PLC157634	RISKRAFT CONSULTING LIMITED	Director	27/09/2011	01/07/2011	Active	NO
5	U72900MH2005PLC156695	ATOM TECHNOLOGIES LIMITED	Director	26/09/2011	01/07/2011	Active	NO
6	U51100MH2005PLC153384	NATIONAL SPOT EXCHANGE LIMITED	Director	18/06/2012	30/11/2011	Active	NO

Name :

Mr. Paras Kishorbhai Ajmera

Designation :

Director

Address :

501, 5^th Floor Saskruti, N.S. Road No. 9, Hatkesh CHS, JVPD, Vile Parle [West], Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

27.09.1972

Qualification :

B.E.

Date of Appointment :

23.09.2009

DIN No.:

01381915

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	U67120MH2007PTC168631	MOONLIGHT SHARES AND SECURITIES PRIVATE LIMITED	Director	19/03/2007	19/03/2007	28/03/2007	Active	NO
2	U67120MH2007PTC168605	VISHWAS SHARES AND SECURITIES PRIVATE LIMITED	Director	19/03/2007	19/03/2007	28/03/2007	Active	NO
3	U84200MH1992PTC068878	MEHUL TELECOM PRIVATE LIMITED	Director	26/03/2007	26/03/2007	23/09/2009	Active	NO
4	U67190MH2008PLC179480	CREDIT MARKET SERVICES LIMITED	Additional director	23/05/2008	23/05/2008	26/08/2009	Active	NO
5	U74900MH2008PLC183331	TAKSHASHILA ACADEMIA OF ECONOMIC RESEARCH LIMITED	Director	09/06/2008	09/06/2008	17/04/2012	Active	NO
6	U93000MH2008NPL185106	GRAMEEN PRAGATI FOUNDATION	Director	25/07/2008	25/07/2008	17/04/2012	Active	NO
7	L51909MH2002PLC135594	MULTI COMMODITY EXCHANGE OF INDIA LIMITED	Nominee director	01/08/2008	01/08/2008	-	Active	NO
8	U63030MH2005PLC152747	NATIONAL BULK HANDLING CORPORATION LIMITED	Director	23/09/2009	18/08/2008	-	Active	NO
9	U67120MH2008PLC188032	MCX-SX CLEARING CORPORATION LIMITED	Director	07/11/2008	07/11/2008	-	Active	NO
10	U74990MH2009PLC190379	BOURSA INDIA LIMITED	Director	10/08/2010	25/02/2009	-	Active	NO
11	U70102MH2010PLC203336	FT PROJECTS LIMITED	Director	18/05/2010	18/05/2010	-	Active	NO
12	U74900MH2010PLC207641	SME EXCHANGE OF INDIA LIMITED	Director	14/09/2010	14/09/2010	-	Active	NO
13	U74999MH2007PLC169201	INDIAN ENERGY EXCHANGE LIMITED	Director	28/09/2012	21/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rakesh Garg
Designation :	Secretary
Address :	1102, Aparna Building, Azad Nagar, Veera Desai Road, Andheri [West] Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	09.10.1972
Date of Appointment :	21.08.2011
PAN No.:	ABOPG9064F
Name :	Mr. Bhaskar
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2012

Names of Shareholders	No. of Shares	% of Holding
Financial Technologies (India) Limited	75999994	76.00
Dewanft Sunderraj Neralla*	1	0.00
Manjay P. Shah*	1	0.00
C Subramaniam*	1	0.00
V. Hariharan*	1	0.00
Hariraj Chouhan*	1	0.00
Shreekant Javalgekar*	1	0.00
Jyoti Foundation	3400000	3.40
FT Foundation	20000000	20.00
AASL (India) Finvest Private Limited	50000	0.05
Superfine Agro Plast Limited	50000	0.05
Tezaz Trading Company Limited	500000	0.50
Total	100000000	100.00

* Nominees of Financial Technologies (India) Limited

AS ON 21.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	93.41
Other top fifty shareholders	6.59
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Warehousing Facilities.

Products/ Services :

ITC Code No.	Product Descriptions
99672900	Other Storage and Warehousing Services

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

800 (Approximately)

Bankers :

v Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, DR. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India [Tel No.: 91-22-66699000]

v HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

v Axis Bank Limited, Corporate Office, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India

v Industrial Development Bank of India Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

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

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	53.474	0.000
SHORT-TERM BORROWINGS
Term loans from banks	8.543	0.000
Working capital loans from banks	878.045	1092.381
Total	940.062	1092.381

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	22, Camac Street, Block C, 3rd Floor, Kolkata – 700016, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ABSFS4151K
Holding company :	Financial Technologies (India) Limited [L29142TN1988PLC015586]
Fellow subsidiaries :	v National Spot Exchange Limited v Tickerplant Limited v Takshashila Academia of Economic Research Limited v Apian Finance and Investments Limited v Atom Technologies Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
140,000,000	Equity Shares	Rs. 10/- each	Rs. 1400.000 Millions

Issued & Subscribed :

No. of Shares	Type	Value	Amount
100,000,000	Equity Shares	Rs. 10/- each	Rs. 1000.000 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
82,000,000	Equity Shares	Rs. 10/- each	Rs. 820.000 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	820.000	820.000
(b) Reserves & Surplus	256.604	224.451
(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)	1076.604	1044.451
(3) Non-Current Liabilities
(a) long-term borrowings	53.474	0.000
(b) Deferred tax liabilities (Net)	18.556	1.463
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	8.786	5.061
Total Non-current Liabilities (3)	80.816	6.524
(4) Current Liabilities
(a) Short term borrowings	886.588	1092.381
(b) Trade payables	122.686	80.400
(c) Other current liabilities	386.958	287.829
(d) Short-term provisions	1.210	3.010
Total Current Liabilities (4)	1397.442	1463.620
TOTAL	2554.862	2514.595
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	267.989	183.956
(ii) Intangible Assets	75.166	60.583
(iii) Capital work-in-progress	4.052	3.326
(iv) Intangible assets under development	9.292	29.481
(b) Non-current Investments	0.282	0.221
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	160.027	71.978
(e) Other Non-current assets	2.368	2.240
Total Non-Current Assets	519.176	351.785
(2) Current assets
(a) Current investments	3.299	3.076
(b) Inventories	1385.610	1500.532
(c) Trade receivables	326.649	317.448
(d) Cash and cash equivalents	84.223	53.783
(e) Short-term loans and advances	205.286	252.405
(f) Other current assets	30.619	35.566
Total Current Assets	2035.686	2162.810
TOTAL	2554.862	2514.595

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		820.000
2] Share Application Money		0.000
3] Reserves & Surplus		118.479
4] (Accumulated Losses)		0.000
NETWORTH		938.479
LOAN FUNDS
1] Secured Loans		21.299
2] Unsecured Loans		5.302
TOTAL BORROWING		26.601
DEFERRED TAX LIABILITIES		5.387
TOTAL		970.467
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		146.064
Capital work-in-progress		57.351
INVESTMENT		231.367
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.800
	Sundry Debtors	304.533
	Cash & Bank Balances	63.870
	Other Current Assets	0.000
	Loans & Advances	281.215
Total Current Assets		678.418
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	102.209
	Other Current Liabilities	36.210
	Provisions	4.314
Total Current Liabilities		142.733
Net Current Assets		535.685
MISCELLANEOUS EXPENSES		0.000
TOTAL		970.467

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	3590.346	2080.739	889.118
		Other Income	12.416	34.631	12.562
		TOTAL (A)	3602.762	2115.370	901.680
Less	EXPENSES
		Purchases of stock-in-trade	2244.700	2372.136
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	118.983	(1468.350)
		Employee benefit expense	293.290	316.049
		Other expenses	767.150	690.034
		TOTAL (B)	3424.123	1909.869	870.677
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		178.639	205.501	31.003
Less	FINANCIAL EXPENSES (D)		87.611	34.895	1.339
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		91.028	170.606	29.664
Less/ Add	DEPRECIATION/ AMORTISATION (F)		41.743	33.477	18.588
	PROFIT BEFORE TAX (E-F) (G)		49.285	137.129	11.076
Less	TAX (H)		17.133	31.157	0.939
	PROFIT AFTER TAX (G-H) (I)		32.152	105.972	10.137
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		224.450	118.478	108.341
	BALANCE CARRIED TO THE B/S		256.602	224.450	118.478
	Earnings Per Share (Rs.)		0.39	1.29	0.14

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.89	5.01	1.12
Net Profit Margin (PBT/Sales)	(%)	1.37	6.59	1.25
Return on Total Assets (PBT/Total Assets}	(%)	1.94	5.53	1.34
Return on Investment (ROI) (PBT/Networth)		0.05	0.13	0.01
Debt Equity Ratio (Total Debt/Networth)		0.87	1.05	0.03
Current Ratio (Current Asset/Current Liability)		1.46	1.48	4.75

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10420575	25/03/2013	750,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH (LOAN) N.G.N. VAIDYA MARG,, BAN STREET, HORIMAN CIRCLE FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B73423295
2	10399797	05/01/2013	500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B66709858
3	10377128	29/10/2012 *	116,200,000.00	AXIS BANK LIMITED	CORPORATE OFFICE, BOMBAY DYEING MILLS COMPOUND, P ANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA , INDIA	B62519897
4	10348442	08/06/2012 *	750,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA	B42696559
5	10082160	08/02/2009 *	750,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	A59414789

* Date of charge modification

OPERATIONAL REVIEW:

During fiscal year 2012, the Company forayed into value added services, exports of commodities, further entrenchment in Trade Facilitation activities, and construction of their own warehouses at select places with improved facilities and to take advantage of economy of scale.

Pest Management Services as a vertical has been a focus for further enhancement, by way of re-engineering its activities and cash flows.

The revenue from warehousing and allied services (which include Collateral Management Services, Warehousing Services and pest Management Services) aggregated 85% of the total at Rs 1050.000 Millions, with Trade Facilitation at 14% at Rs 175.000 Millions.

A snapshot of the segmental revenues under warehousing and allied services shows that Collateral Management comprises 27.67% at Rs 340.000 Millions, with revenue from Storage and Warehouse Management Services at 45.76 % at Rs 560.000 Millions and external Pest Management Services at 11.46% at Rs. 142.000 Millions of the total revenue of the Company.

The segmental revenues for Trade Facilitation and Pest Management services show an increase of 141% and 34% respectively over the Previous Financial Year, whereas Warehousing and Collateral Management Services witnessed a decline, mainly on account of a lower crop production & delayed arrivals in some of the large commodities leading to sub optimal storages and funding. Also, carryover of large stocks of previous financial year by a number of their large clients resulted in lower funding requirements.

Notwithstanding the many challenges the Company faces such as the increase in the number of competitors from the unorganized segment of service providers, stringent lending norms of banks, crop production and storage requirements, etc. we continue to focus on their core competencies, according to their Vision and Mission Statements and within the overall FT Group Policy.

As at 31.3.2012, the Company has presence in 19 states with sales and administrative offices in 70 locations. QA laboratories number 20 across the country with Pest Management services across the country in 13 states. Storage Capacity is at 2.06 mmt covered in 13.47 in 547 storage facilities.

The Company has brought more banks under its partnership, now numbering 37, which cumulatively have funded 200+ commodities and over Rs 247000.000 Millions.

KEY MILSTONES IN FY12

Increased the total number of Banks associated with to 37 Forayed into ownership of warehouses at strategic locations through acquisition and/or construction. Thus a total of owned capacity of about 43000 MTs will be available from 1st quarter of FY13 at Tarana, Ganj Basoda, Bellary in the states of MP and Karnataka respectively. Forayed into exports of commodities

FIXED ASSETS:

v Land

v Buildings

v Other building

v Plant and equipment

v Other plant and equipment

v Furniture and fixtures

v Vehicles

v Office equipment

v Motor vehicles

v Computer equipments

v Leasehold improvements

v Brands and trade marks

v Computer software

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 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. 58.91
UK Pound	1	Rs. 90.68
Euro	1	Rs. 78.22

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		38

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.