7MIRA INFORM REPORT

Report Date :

25.06.2013

IDENTIFICATION DETAILS

Name :	SHREE SHUBHAM LOGISTICS LIMITED (w.e.f. 20.04.2007)
Formerly Known As :	SHREE SHUBHAM LOGISTICS PRIVATE LIMITED
Registered Office :	Plot No.A-1 and A-2, G.I.D.C. Electronic Estate, Sector – 25, Gandhinagar – 382 004, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.01.2007
Com. Reg. No.:	04-049796
Capital Investment / Paid-up Capital :	Rs.580.000 Millions
CIN No.: [Company Identification No.]	U60232GJ2007PLC049796
TAN No.: [Tax Deduction & Collection Account No.]	AHMS13821D
PAN No.: [Permanent Account No.]	AAKCS4924N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Service Provider of Warehousing, Stock Trading / Money Market, Quality Management Consultants.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2400000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Kalpataru Power Transmission Limited”. It is an established company having a satisfactory track record. External borrowings appear to be huge and increasing over year during 2012. The profit margin and the position of reserves seems to be low. However, trade relations are fair. Business is active. Payments terms are slow but correct. In view of strong holding and experienced co-promoters, the subject 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	03.04.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	03.04.2013

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

Management Non Co-operative (91-79-23214000)

LOCATIONS

Registered Office :	Plot No.A-1 and A-2, G.I.D.C. Electronic Estate, Sector – 25, Gandhinagar – 382 004, Gujarat, India
Tel. No.:	91-79-23214000
Fax No.:	91-22-23211966/ 23211971
E-Mail :	vishesh.singhvi@ssll.in aditya_bafna1981@yahoo.co.in
Website :	http://www.ssll.in
Corporate Office :	Unit No. 11 and M1, "Kalpataru Square", Kondivita Road, Off Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India.
Tel. No.:	91-22-33647500 / 7501
Fax No.:	91-22-33647502 / 7506
E-Mail :	enquiry@ssll.in
Regional Office :	C/o Kalpataru Theatres Private Limited, E-4, Shastri Nagar, Jodhpur – 342 003, Rajasthan, India
Tel. No.:	91-291-2771212/ 2771072
Fax No.:	91-291-2771744
Analysis and Certification Laboratory :	H-11, Goan Mandi Premises (Basni Mandi), Bhagat Ki Kothi, 2^nd Phase, Jodhpur - 342 001, Rajasthan, India
Tel. No.:	91-291-2720277
E-Mail :	acl.jodhpur@ssll.in acl@ssll.in

DIRECTORS

As on 04.08.2012

Name :	Mr. Aditya Gyanendra Bafna
Designation :	Whole-Time Director
Address :	C-55, Shastri Nagar, Jodhpur – 342 003, Rajasthan, India
Date of Birth/Age :	03.05.1981
Date of Appointment :	19.01.2007
PAN No.:	AEYPB6836M
DIN No.:	00441510
Name :	Mr. Shubhendra Kumar Gyanendra Bafna
Designation :	Whole-Time Director
Address :	C-55, Shastri Nagar, Jodhpur – 342 003, Rajasthan, India
Date of Birth/Age :	05.12.1983
Date of Appointment :	19.01.2007
PAN No.:	AFBPB5698H
DIN No.:	00464191
Name :	Mr. Manish Dashrathmal Mohnot
Designation :	Director
Address :	C/4/11, Sunder Nagar, S.V. Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Date of Birth/Age :	15.05.1972
Date of Appointment :	15.03.2007
DIN No.:	01229696
Name :	Mr. Kamalkishore Mohanlalji Jain
Designation :	Director
Address :	C-24, “Ninaad Greencity Society”, Opposite Vediocon Factory, Sector – 26, Gandhinagar – 382 044, Gujarat, India
Date of Birth/Age :	05.06.1957
Date of Appointment :	15.03.2007
PAN No.:	AAACK8387R
DIN No.:	00269810
Name :	Mr. Ravindra Jain
Designation :	Director
Address :	Plat No.3, Tulsi Villa 67, Vithal Nagar Society Road No.12, Ns JVPD Schem, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	14.09.1957
Date of Appointment :	16.11.2011
DIN No.:	00281279
Name :	Mr. Abinash Verma
Designation :	Director
Address :	W-99, 2nd Floor, Creater Kailash, Parti, New Delhi – 110048, India
Date of Birth/Age :	26.06.1963
Date of Appointment :	17.07.2012
DIN No.:	03063104

KEY EXECUTIVES

Name :	Vishesh Narendra Singhvi
Designation :	Secretary
Address :	D-76, Kamla Nehru Nagar, Jodhpur – 342 009, Rajasthan, India
Date of Birth/Age :	13.04.1979
Date of Appointment :	24.05.2008
PAN No. :	AOQPS7941Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 04.08.2012

Names of Shareholders (Equity Shares)	No. of Shares
Aditya Gyanendra Bafna	2762400
Shubhendra Kumar Gyanendra Bafna	2168000
Sumitra Gyanendra Bafna	43400
Ridhi Aditya Bafna	372500
Mamta Shubhendra Bafna	663500
Nilu Kankeria	100
Sudha Jain	100
Kalpatartu Power Transmission Limited, India	35850000
Gyanendra Bastimal Bafna	0
Shubhendra Kumar Bafna HUF	260000
Total	42120000

Names of Shareholders (Preference Shares)	No. of Shares
Aditya Gyanendra Bafna	951000
Shubhendra Kumar Gyanendra Bafna	901000
Sumitra Gyanendra Bafna	45000
Ridhi Aditya Bafna	176000
Kalpatartu Power Transmission Limited, India	13500000
Gyanendra Bastimal Bafna	176000
Shubham Fiscal Services Private Limited, India	131000
Total	15880000

As on 04.08.2012

Names of Allottee (Equity Shares)	No. of Allotted
Tano India Private Limited, Mauritius	4680000
Total	4680000

As on 04.08.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	85.11
Directors or relatives of Directors	14.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Warehousing, Stock Trading / Money Market, Quality Management Consultants.

Products :

Description of product or service	ITC Code
Warehousing	99672900
Jeera	09093011
Groundnut Seed	12022010
Ground Nut	12022010

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· Union Bank of India, Industrial Finance Branch, C U Shah Chambers, Ashram Road, Ahmedabad - 380009, Gujarat, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks Secured against L and S, Building and Plant and Machinery created out of term loan and personally guaranteed wholly by two Executive Directors Rs.609.200 Millions Secured against Plant and Machinery, Equipment, Other Fixed asests and Land and Warehousing Complexes Constructed thereon created out of term loan in pari pasu with another bank for Working Capital Facilities and further collaterally secured on Land at these locations with Warehouse constructed thereon in pari pasu with another bank for Working Capital Facilities and personally guaranteed wholly by two Executive Directors Rs.443.151 Millions Secured Against Vehicles Rs.0.989 Millions.	1053.340	551.288
Short-term borrowings
Rupee term loans from banks Secured against Fixed deposit receipts of the company Rs.3773 Millions Secured against pledge of Warehouse Receipt of Stock in trade RS. 7.953 Millions	83.304	60.359
Working capital loans from banks Secured against Hypothecation of stock , Book Debts ,Plant and Machinery and Equipments, Other Fixed assets, Lands and Warehousing Complexes constructed thereon in Pari Pasu with Term Lender and Personally Guaranteed Wholly by two Executive Directors	142.955	144.737
Total	1279.599	756.384

Banking Relations :	---
Auditors :
Name :	Kishan M. Mehta and Company Chartered Accountants
Address :	6, Premchand House Annexe, Ashram Road, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26581570/ 66055570
Fax No.:	91-79-66311570
E-Mail :	kishanmmehtaco@indiatimes.com kishanmmehtaco@gmail.com
PAN No.:	AABFK8413G
Holding company :	Kalpataru Power Transmission Limited
Subsidiary company :	JMC Projects (India) Limited
Enterprises under significant influence / Associate :	· Kalpataru Theatres Private Limited · Kalpataru Shubham Enterprises · Shree Pujiya Kripa Cold Stoarge LLP · Sai Charan Properties Private Limited · Property Solutions (India) Private Limited · Kalptaru Limited

CAPITAL STRUCTURE

After 04.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions
16000000	Preference Shares	Rs.10/- each	Rs.160.000 Millions
	Total		Rs.760.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46800000	Equity Shares	Rs.10/- each	Rs.468.000 Millions
15880000	Preference Shares	Rs.10/- each	Rs.158.800 Millions
	Total		Rs.626.800 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions
16000000	Preference Shares	Rs.10/- each	Rs.160.000 Millions
	Total		Rs.760.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42120000	Equity Shares	Rs.10/- each	Rs.421.200 Millions
15880000	Preference Shares	Rs.10/- each	Rs.158.800 Millions
	Total		Rs.580.000 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	580.000	420.000
(b) Reserves & Surplus	24.727	(7.521)
(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)	604.727	412.479
(3) Non-Current Liabilities
(a) long-term borrowings	1803.340	1251.288
(b) Deferred tax liabilities (Net)	10.482	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1813.822	1251.288
(4) Current Liabilities
(a) Short term borrowings	331.640	231.249
(b) Trade payables	91.534	70.297
(c) Other current liabilities	266.442	164.917
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	689.616	466.463
TOTAL	3108.165	2130.230
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1724.899	1418.255
(ii) Intangible Assets	6.670	4.123
(iii) Capital work-in-progress	88.319	29.000
(iv) Intangible assets under development	1.420	2.284
(b) Non-current Investments	3.265	2.884
(c) Deferred tax assets (net)	0.000	4.106
(d) Long-term Loan and Advances	71.691	16.380
(e) Other Non-current assets	44.064	24.946
Total Non-Current Assets	1940.328	1501.978
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	477.769	314.763
(c) Trade receivables	323.756	187.269
(d) Cash and cash equivalents	244.906	32.209
(e) Short-term loans and advances	75.744	70.911
(f) Other current assets	45.662	23.100
Total Current Assets	1167.837	628.252
TOTAL	3108.165	2130.230

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		340.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(31.441)
NETWORTH		308.559
LOAN FUNDS
1] Secured Loans		936.699
2] Unsecured Loans		490.947
TOTAL BORROWING		1427.646
DEFERRED TAX LIABILITIES		0.000
TOTAL		1736.205
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1365.577
Capital work-in-progress		127.487
INVESTMENT		0.000
DEFERREX TAX ASSETS		14.857
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.740
	Sundry Debtors	119.056
	Cash & Bank Balances	15.506
	Other Current Assets	0.000
	Loans & Advances	79.801
Total Current Assets		314.103
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.461
	Other Current Liabilities	64.089
	Provisions	0.000
Total Current Liabilities		86.550
Net Current Assets		227.553
MISCELLANEOUS EXPENSES		0.731
TOTAL		1736.205

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2029.596	1360.346	884.347
		Other Income	9.925	5.628	4.812
		TOTAL (A)	2039.521	1365.974	889.159
Less	EXPENSES
		Purchases of stock-in-trade	1643.659	1185.259
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(170.700)	(204.734)	863.677
		Employee benefit expense	80.221	75.317
		Other expenses	229.737	114.294
		TOTAL (B)	1782.917	1170.136	863.677
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		256.604	195.838	25.482
Less	FINANCIAL EXPENSES (D)		182.634	139.375	68.688
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		73.970	56.463	(43.206)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.134	21.792	9.858
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		46.836	34.671	(53.064)
Less	TAX (H)		14.588	10.751	(16.525)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		32.248	23.920	(36.539)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(7.525)	(31.441)	5.186
	Prior Period Income Tax		0.000	(0.004)	(0.088)
	BALANCE CARRIED TO THE B/S		24.723	(7.525)	(31.441)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	266.370	61.200	13.877
	TOTAL EARNINGS		266.370	61.200	13.877
	Earnings / (Loss) Per Share (Rs.)		0.93	0.79	(2.14)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.58	1.75	(4.11)
Net Profit Margin (PBT/Sales)	(%)	2.31	2.55	(6.00)
Return on Total Assets (PBT/Total Assets}	(%)	1.55	1.66	(3.16)
Return on Investment (ROI) (PBT/Networth)		0.08	0.008	(0.17)
Debt Equity Ratio (Total Debt /Networth)		3.53	3.59	4.63
Current Ratio (Current Asset/Current Liability)		1.69	1.35	3.63

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. In Millions

Particular	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	91.534	70.297	22.461
Total	91.534	70.297	22.461

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	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	No
34]	External Agency Rating, if available	Yes

OPERATIONS:

During the Financial year 2011-12, The Company has achieved turnover of Rs 2039.521 Millions which is over 49 % higher as compared to Financial Year 2010-11. The company has earned a net profit of Rs 32.248 Millions during the same period.

Over the period of operations, the Company has formulated a deep understanding of the Indian farming community. To overcome the diverse challenges of this community, the company has setup 12 Agri-Logistics Parks (ALPs) of global standards. These ALP’s are providing bouquet of services to manage risks across various stages of commodity and inventory handling.

The company offers end-to-end logistics solutions to all commodity stakeholders and provides services encompassing Storage and Preservation Chain of Cold and Dry Warehouses, Commodity Funding, Collateral Management, Testing and Certification, Commodity Procurement, Trading and Exports, Auction yard platform, Processing and Cleaning Grading Services and going forward planning to provide Fumigation and Pest Control Services also.

First set of 12 Agri Logistics Parks (ALPs) in the states of Rajasthan and Gujarat with capacity of around 2,00,000 MT are fully operational and running successfully.

The company has established itself as one of the largest private players in the Agri Logistics Sector by entering into a first of its kind MOU with Rajasthan State Warehouse Corporation (RSWC) on 5th March, 2010. It involves Warehousing Management and other value added services like Weigh Bridges, Testing and Certification, Commodity Funding, Procurement etc. in the state of Rajasthan. Under the MOU, the Company is managing and operating 38 warehouses of RSWC with a storage capacity of around 4, 28,230 MT. Currently the company is managing total storage capacity of 6, 28,230 MT over 50 locations in the states of Rajasthan and Gujarat. Also, as per MOU, the company has installed Electronic Weighbridges of 60 MT each at 30 warehouses and has setup Testing and Certification Laboratories at 15 warehouses, in addition to these the company has also done computerization at all 38 warehouses with connection through the ERP solution and plans to implement SAP (Systems, Applications and Products) at all 38 Rajasthan State Warehousing Corporation (RSWC) warehouses.

The Company has got accreditation from National Commodities and Derivates Exchange Limited (NCDEX) and NCDEX Spot Exchange as an approved Assayer (Testing and Certification) and Warehouse Service provider and currently 26 of its warehouses are accredited as NCDEX Delivery Centres for various commodities. The company has already handled volumes in various commodities (Mustard, Cumin Seeds, Guar Seed, Guar Gum, Barley, Coriander, Soybean, Castor, Cotton Oil Seed Cake etc.) traded on NCDEX in Demat Form and so far successfully delivered without any claim on account of Quality and Quantity.

The Company is also engaged in Domestic and International Trading of various types of commodities and last year exported in the countries like Iran Qatar, Georgia, Dubai (UAE), Jordan, Poland, Pakistan, Mauritius, China, Bangladesh, Indonesia, and Morocco.

The Company has also got the accreditation to issue Negotiable Warehouse Receipts? from Warehousing Development and Regulatory Authority (WDRA) for 3 of the Agri Logistics Parks (ALPs) and for other ALPs will receive the accreditation within Financial Year 2012-2013. The Company has also issued Negotiable Warehouse Receipts worth around Rs. 9500.000 Millions against which the banks have financed around Rs. 5000.000 Millions in the F.Y. 2011-2012.

In the quest to become a technologically driven organization, the company has successfully implemented the ERP- Systems, Applications and Products (SAP) at all its Agri Logistics Parks (ALPs) which has enabled the company to secure real time data and information from the field level, spanning a large number of procurement locations and increasing the transparency and efficiency at the locations and helping to serve customers better. The company plans to implement Systems, Applications and Products (SAP) at 38 Rajasthan State Warehousing Corporation (RSWC) locations covered under the MoU.

The company has unveiled its Phase II expansion for developing Agri-Logistics Parks (ALPs) at 16 locations in the states of Madhya Pradesh, Maharashtra, Gujarat and Rajasthan, creating an additional storage capacity of around 3.78 Lacs Metric Tonnes with an investment of around Rs 2700.000 Millions and total floor plate area of around 2.26 Million Square feet will be developed. For this, the company is availing interest and capital subsidy from the Government of India. The Company has got the term loan sanctioned from Axis Bank Limited under RIDF scheme of NABARD.

With this expansion, the company’s presence will increase to 69 locations across the states of Rajasthan, Gujarat, Madhya Pradesh and Maharashtra and total capacity under the management will be around 10 Lacs Metric Tonnes. The Company has already acquired Lands at Vidisha, Itarsi, Harda, Sagar, Vidisha, Neemuch and Ujjain in the state of Madhya Pradesh and also two lands have been allotted for 99 years lease by Agricultural Marketing Board, Jaipur under the policy for Promotion of Agro Processing and Agri Business Scheme, 2010.

The Company would be the first private company in Agri Logistics Industry to have its own infrastructure spread across the states of Rajasthan, Gujarat, Madhya Pradesh and Maharashtra. Currently its operating and managing 3.76 Million Sq.ft of area in the states of Rajasthan and Gujarat and will be developing additional 2.26 Million Sq.ft in Phase II in the states of Madhya Pradesh, Rajasthan, Gujarat and Maharashtra and with this Phase II expansion the Company will have around 6.02 Million Square feet under its umbrella.

BUSINESS OUTLOOK AND OPPORTUNITIES:

India government has set the food grain production target at 250 million tons for 2012-13, lower than last year’s 252 million tons.

The rice production target has been raised to 104 million for 2012-13 from 103.41 million tons last year. While, wheat is lowered to 86 million tons compared to 90.23 million tons.

Lower wheat production target would help the government warehouses to managing excess stock of wheat. The sowing will pick up once the monsoon hits the country, which is expected to be around June 1st week. The lower production target of wheat is one of the major reasons for the food grains output for 2012-13 is lower than last year. The government has set the production target of pulses at 18 million tons and oilseeds at 33 million tons from actual production of 7.02 million tons and 30 million tons respectively in 2011-12.

India's food grain production will touch 270 million tons by 2016-17 with the increasing yields, leaving behind at least 10 million tons of exportable grains.

Also, India can easily become self-sufficient in pulses production as the country produces around 17 million tons of pulses, while demand is 21 million tons. Around 3 million tons are imported to meet the demand.

India is presently struggling to accommodate the surplus production of grains in the country due to shortage of warehouses and storage places, which is opening ways for the country to be a leading exporter of food grains. The quantum of food grains damaged at Food Corporation of India (FCI) storages has come down from 1.35 lakh tonnes in 2003-04 to 0.03 lakh tonnes in 2011-12. The food grains damaged is 0.006 percent of food grains issued by FCI.

Warehouses have become key growth drivers in the logistics industry. Apart from conventional storing services, warehouses now providing value-added services like consolidation and breaking up of cargo, packaging, labeling, bar coding and reverse logistics etc. warehousing and related activities account for approx. 20% of the total logistics industry.

Most of the warehousing space in India lies with unorganized players in domestic front, which is causing wide supply and demand gap in storage space. According to KPMG, an additional 120 Million square feet of warehousing space is needed by 2012 to bridge this gap.

Currently, the organized warehousing industry in India has a capacity of approx. 80 Million metric tonnes and is growing at 35 to 40 per cent per annum. An investment of approximately US$ 500 Million is being planned by various logistics companies for the development of about 45 Million square feet of warehouse space by 2012. Many players in this segment such as Multi Modal Logistics Park, Mega Food Parks and Free Trade Warehousing Zones have planned next generation storage models.

The government has formulated a Private Entrepreneurs Guarantee Scheme for construction of godowns through private entrepreneurs to address the shortage of storage facility. A capacity of 151.96 lakh tonnes is to be created under the scheme through private entrepreneurs and central and state warehousing corporations in 19 states of this, tenders have been sanctioned for a capacity of 90.75 lakh tonnes. Besides, capacities of 5.40 lakh tonnes and 14.75 lakh tonnes have been allocated to central and state warehousing corporations respectively for construction of godowns on their own land. The government has also approved creation of a capacity of 20 lakh tonnes in silos within the overall storage requirement of FCI.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Term loans from others	750.000	700.000
Short-term borrowings
Term loans from others	105.381	26.153
Total	855.381	726.153

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U60232GJ2007PLC049796
Name of the company	SHREE SHUBHAM LOGISTICS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.A-1 and A-2, G.I.D.C. Electronic Estate, Sector – 25, Gandhinagar – 382 004, Gujarat, India vishesh.singhvi@ssll.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10125299
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others (Stocks)
Particular of charge holder	Union Bank of India, Industrial Finance Branch, C U Shah Chambers, Ashram Road, Ahmedabad - 380009, Gujarat, India ifbahmedabad@unionbankofindia.com
Nature of instrument creating charge	Supplemental Memorandum of Deposit of Title Deeds Dated 14th May 2013
Date of instrument Creating the charge	14.05.2013
Amount secured by the charge	Rs.400.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest C.C. Hypothecation: Base Rate + 2.00% p.a. or such other rates as may be prescribed by the bank from time to time as per the direction of RBI or as per Base Rate. Terms of Repayment Cash Credit Hypothecation: Payable on Demand Margin Cash Credit Hypothecation: 25% Extent and Operation of the charge Floating Charge on all current assets (excluding pledged) and equitable mortgage on immovable fixed assets
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stocks and book debts all present and future. Paripassu Charge by mortgage of land and warehousing complexes particularly described in Part A of First to Tenth Schedule of Supplemental Memorandum of Deposit of title deeds attached herewith. Paripassu Charge on Plant and Machinery, vehicles and other movable fixed assets at locations mentioned in Memorandum of Deposit of Title Deeds dated 6-7-2012.
Date of instrument modifying the charge	06.07.2012
Particulars of the present modification	Release of the assets by the Bank situated at 1. Plot No. E-17 adm. about 4500 sq. mt. M.I.A., Basni Phase II, Jodhpur Rajasthan Khasra No. 1815/1087, Near Basni Industrial Area, Jodhpur and 2. Industrial Plot Chak No. 7 adm. about 9583.20 sq. ft. 1064.80 sq. yard, Khasra No. 1815/1087 Village Jodhpur, Tehsil and District Jodhpur Remaining assets continues as security on first pari passu charge basis of Union Bank of India and HDFC Bank Limited. and second charge ceded in favour of Yes Bank Limited

FIXED ASSETS:

· Leasehold Land

· Freehold Land

· Buildings

· Plant and Machineries

· Furniture, Fixtures and Office Equipments

· Vehicles

· Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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] 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.59.73
UK Pound	1	Rs.91.82
Euro	1	Rs.78.23

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

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.