MIRA INFORM REPORT

Report Date :

04.06.2013

IDENTIFICATION DETAILS

Name :	TUNIP AGRO LIMITED [w.e.f.29.01.2008]
Formerly Known As :	TUNIP AGRO PRIVATE LIMITED
Registered Office :	107 and 108, Commerce House, 140, Nagindas Master Road, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.09.2004
Com. Reg. No.:	11-148387
Capital Investment / Paid-up Capital :	Rs. 177.626 Millions
CIN No.: [Company Identification No.]	U15100MH2004PLC148387
PAN No.: [Permanent Account No.]	AACCT0817D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Fruit Juice.
No. of Employees :	Information declined by the management

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 1549000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears drastic fall in the profitability of the company during 2012. However, trade relations are fair. Business is active. Payments are reported to be usually correct 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.

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 DECLINED BY

Name :	Mr. Siddhant
Designation :	Head of Export Import Department
Contact No.:	91-22-22630895
Date :	03.06.2013

LOCATIONS

Registered Office :	107 and 108, Commerce House, 140, Nagindas Master Road, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-40736300/ 40736322
Fax No.:	91-22-22630696
E-Mail :	onjus@tunip.com
Website :	www.tunip.com
Factory 1 :	C/O Schreiber Dynamix Dary Limited E-94, MIDC, Phigwan Road, Baramati, Pune – 413133, Maharashtra, India
Factory 2 :	144,1st Floor, JP Nagar, Co-Operative Housing Society, Hanta Nagar, Bhayander (West), Mumbai - 401101, Maharashtra, India
Tel. No.:	91-22-22630895

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Siddhant Tulsidas Goyal
Designation :	Managing director
Address :	Upahar Building 7th Floor, Siri Road, Chiranpilal Loyalka Marg, Chowpatty, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	02.07.1984
Qualification :	Bachelor of Business Administration, Boston University
Date of Appointment :	23.10.2006
PAN No.:	AKLPG0587D
DIN No.:	01164889
Name :	Mrs. Neeta Tulsidas Goyal
Designation :	Whole-time director
Address :	Upahar Building 7th Floor, Siri Road, Chiranpilal Loyalka Marg, Chowpatty, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	17.11.1960
Qualification :	Bachelor’s of Arts (Economics)
Date of Appointment :	04.12.2007
PAN No.:	AAFPG6489C
DIN No.:	00655827
Name :	Mr. Ghulam Mohammed Ghouse
Designation :	Director
Address :	8-A, Picachilly Flats, Clare Road, Byculla, Mumbai – 400008, Maharashtra, India
Date of Birth/Age :	21.11.1948
Qualification :	Bachelor’s of Arts (Economics) Honors
Date of Appointment :	01.12.2009
DIN No.:	00591038
Name :	Mr. Satyabir Pabitra Kumar Bhattacharyya
Designation :	Director
Address :	304, Krishna Kunj, Gokuldham, Goregaon [East], Dindoshi, Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	02.10.1950
Qualification :	M. Sc. London School of Economics
Date of Appointment :	01.12.2009
DIN No.:	01522689
Name :	Mr. Rajendra Badrinarayan Barwale
Designation :	Director
Address :	72-B, Urvashi Petit Estate, Nepean Sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	12.12.1955
Qualification :	B. Sc. (Hons.) Agriculture (Ag & AH)
Date of Appointment :	25.10.2010
DIN No.:	00001678
Name :	Mr. Uday Garg
Designation :	Director
Address :	62, Jupiter Apartment, Altamount Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	12.01.1979
Date of Appointment :	25.10.2010
PAN No.:	B.S. in Economics with a concentration in Finance from the Wharton School
DIN No.:	03285941
Name :	Mr. Manoj Dwarkanath Thakur
Designation :	Additional director
Address :	503, 5^th Floor, 20 Mhada Project, 55, Oshiwara, Andheri [West], Mumbai, Maharashtra, India
Date of Birth/Age :	08.08.1956
Date of Appointment :	20.04.2012
DIN No.:	01372581
Name :	Mr. Sudesh Ganesh Kamath
Designation :	Additional director
Address :	4, Jeevan Jyoti Society, Lalubhai Park Road, Andheri, Mumbai, Maharashtra, India
Date of Birth/Age :	27.03.1971
Date of Appointment :	20.04.2012
DIN No.:	03101885

KEY EXECUTIVES

Name :	Mr. Siddhant
Designation :	Head of Export Import Department
Name :	Mr. Latesh Shah
Designation :	Secretary
Address :	61/5, Bhavana Juhu Scheme, Vile Parle [West], Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	14.11.1986
Date of Appointment :	25.01.2010
PAN No.:	BGOPS0123F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 28.09.2012

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]	5.03
Bodies corporate	39.21
Directors or relatives of directors	53.28
Other top fifty shareholders	2.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Fruit Juice.

Products/ Services :

ITC Code No.	Product Descriptions
22029020	Fruit Pulp for Fruit Juice based Drinks

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Juice	Ltr.	587172

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Not Divulged

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans taken for fixed assets	1.525	0.000
Other loans and advances, others	94.186	48.187
Total	95.711	48.187
Notes: Secured loans are secured by first charge by way of hypothecation of whole current assets of the Company, both present and future, exclusive charge by way of hypothecation of the brand Onjus and Personal guarantees and pledge of share holdings of Mr. Siddhant Goyal and Mrs. Neeta Goyal-directors/promoters of the company

Banking Relations :	--
Financial Institution :	Sicom Investments and Finance Limited, C/O. Sicom Limited, 4th Floor, Solitaire Corporate, Park, Building No 4, G H Marg, Chakala, Andheri (East), Mumbai - 400093, Maharashtra, India
Auditors :
Name :	Pankaj Dalal and Associates Chartered Accountants
Address :	Saraswati Niwas, French Bridge, Mumbai – 400007, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACPD7494D
Joint Venture :	Indo Lanka Exports Private Limited

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,887,583	Equity Shares	Rs. 10/- each	Rs. 198.876 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17,762,583	Equity Shares	Rs. 10/- each	Rs. 177.626 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		177.626	165.126	75.575
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		209.836	172.246	41.440
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		387.462	337.372	117.015
LOAN FUNDS
1] Secured Loans		95.711	48.187	24.970
2] Unsecured Loans		2.451	7.258	8.923
TOTAL BORROWING		98.162	55.445	33.893
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		485.624	392.817	150.908
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.156	66.049	66.137
Capital work-in-progress		0.000	0.000	0.359
INVESTMENT		11.903	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	171.585	114.895	50.586
	Sundry Debtors	132.502	96.132	29.897
	Cash & Bank Balances	5.408	1.483	2.291
	Other Current Assets	11.268	11.083	0.000
	Loans & Advances	117.201	129.819	22.972
Total Current Assets		437.964	353.412	105.746
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.371	5.019	3.307
	Other Current Liabilities	7.914	7.355	11.208
	Provisions	14.114	14.270	8.592
Total Current Liabilities		32.399	26.644	23.107
Net Current Assets		405.565	326.768	82.639
MISCELLANEOUS EXPENSES		0.000	0.000	1.773
TOTAL		485.624	392.817	150.908

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	737.641	606.873	414.287
		Other Income	0.179	0.398	0.103
		TOTAL (A)	737.820	607.271	414.390
Less	EXPENSES
		Cost of materials consumed	70.839	23.829
		Purchases of stock-in-trade	500.405	455.588
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(49.889)	(52.042)
		Employee benefit expense	14.467	17.663
		Other expenses	177.056	131.109
		TOTAL (B)	712.878	576.147	397.521
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.942	31.124	16.869
Less	FINANCIAL EXPENSES (D)		20.338	10.482	3.165
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.604	20.642	13.704
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.463	0.713	0.087
	PROFIT BEFORE TAX (E-F) (G)		3.141	19.929	13.617
Less	TAX (H)		3.051	6.626	4.500
	PROFIT AFTER TAX (G-H) (I)		0.090	13.303	9.117
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.243	12.940	3.823
	BALANCE CARRIED TO THE B/S		26.333	26.243	12.940
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7.574	4.882	5.550
	IMPORTS
		Raw Materials	6.510	0.000	7.839
	Earnings Per Share (Rs.)
	Basic		0.01	0.81	1.20
	Diluted		0.01	1.72	1.20

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.01	2.19	2.20
Net Profit Margin (PBT/Sales)	(%)	0.43	3.28	3.29
Return on Total Assets (PBT/Total Assets}	(%)	0.62	4.75	7.92
Return on Investment (ROI) (PBT/Networth)		0.01	0.06	0.12
Debt Equity Ratio (Total Debt/Networth)		0.25	0.16	0.29
Current Ratio (Current Asset/Current Liability)		13.52	13.26	4.58

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade payable	10.371	5.019	3.307

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	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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
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	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans from banks	0.504	2.835
Other loans and advances	1.947	4.423
Total	2.451	7.258

REVIEW OF OPERATIONS:

The total turnover of the company during the period stood at Rs.737.810 million, resulting in a growth of 21.47% over the previous year. The company has managed to remain profitable taking into account a substantial increase in raw material prices and the steep depreciation of the Indian Rupees against the US Dollar.

BUSINESS PERFORMANCE:

The Company's strong performance continued in 2011-12, despite difficult economic conditions coupled with fierce competition, and high inflationary market conditions resulting in higher input cost. The depreciation of Rupee also imposed severe challenges during the year. Despite such a challenging environment, the Company achieved revenue growth during the year 2011-12. Sales for the year increased by Rs.130.000 million as against Rs 607.000 million during the previous year.

Cash generation continued to be strong arising from significant improvements in the business performance, efficiencies and cost savings across the organization and a continued efficient collection system.

The Company continued to achieve excellent business results year after year despite the testing market environment. This has been possible due to several key initiatives which focused on institutional, retail customers with a stronger focus on improvement, greater value and efficiency everywhere, while strengthening organizational leadership.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15100MH2004PLC148387
Name of the company	TUNIP AGRO LIMITED
Address of the registered office or of the principal place of business in India of the company	107 and 108, Commerce House, 140, Nagindas Master Road, Mumbai – 400023, Maharashtra, India Email: onjus@tunip.com
This form is for	Modification of charge
Charge identification number of the modified	10211335
Type of charge	Others [Conversion of Rs.85.000 Millions loan in to the Equity]
Particular of charge holder	Sicom Investments and Finance Limited, C/O. Sicom Limited, 4th Floor, Solitaire Corporate, Park, Building No 4, G H Marg, Chakala, Andheri (East), Mumbai - 400093, Maharashtra, India Email: ahvora@sifl.in CIN No.: U65922MH1996PLC096684
Nature of description of the instrument creating or modifying the charge	SICOM Investment and Finance Limited has converted their loan of Rs.85.000 Millions into the fully paid equity shares of Tunip Agro Limited. After this conversion SICOM Investment and Finance Limited total sanctioned loan is Rs.60.000 Millions.
Date of instrument Creating the charge	27.09.2012
Amount secured by the charge	Rs. 60.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest No Interest Terms of Repayment No terms for this modification of charge. Margin No Margin Extent and Operation of the charge For this modification of charge company has converted their loan of Rs.85.000 Millions into the Equity shares capital of the company. After this conversion SICOM Investment and Finance Limited total sanctioned loan is Rs. 60.000 Millions.
Short particulars of the property charged	For current modification company has not charged any property.
Date of Modification	24.08.2012
Particulars of the present modification	SICOM Investment and Finance Limited has converted their loan of Rs.85.000 Millions into the fully paid equity shares of Tunip Agro Limited. After this conversion SICOM Investment and Finance Limited total sanctioned loan is Rs. 60.000 Millions. Based on the same, the modification of charge on Tunip Agro Limited assets from the existing Rs. 145.000 Millions to Rs. 60.000 Millions.

FIXED ASSETS:

Ø Plant and equipment

Ø Factory

Ø Equipments

Ø Furniture and fixtures

Ø Vehicles

Ø Motor vehicles

Ø Office equipment

Ø Computer equipments

Ø Other equipments

Ø Brands and trade marks

Ø Trade marks

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. 56.57
UK Pound	1	Rs. 86.15
Euro	1	Rs. 73.64

INFORMATION DETAILS

Information Gathered by :	SVA
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	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		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
-	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.