MIRA INFORM REPORT

Report Date :

04.03.2013

IDENTIFICATION DETAILS

Name :	SRESTA NATURAL BIOPRODUCTS PRIVATE LIMITED
Registered Office :	203, Pavani Annexe, Road No. 2, Banjara Hills, Hyderabad - 500 034, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.03.2004
Com. Reg. No.:	01-042837
Capital Investment / Paid-up Capital :	Rs. 108.268 millions
CIN No.: [Company Identification No.]	U01122AP2004PTC042837
TAN No.: [Tax Deduction & Collection Account No.]	HYDS07392A
PAN No.: [Permanent Account No.]	AAHCS9571J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer and Dealer of Organic Food Products and Beverages.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 1100000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be very low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with same caution.

NOTES:

The Profit and Loss Account of the company is Not Available.

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 :	203, Pavani Annexe, Road No. 2, Banjara Hills, Hyderabad - 500 034, Andhra Pradesh, India
Tel. No.:	91-40-40072526 / 25 / 28
Fax No.:	91-40-40072527
E-Mail :	srilakshmi.y@sresta.com info@sresta.com rajseelam@sresta.com
Corporate Office :	Sresta House, H.No. B–2–468/A/1/2, 2^nd and 3^rd Floor, Road No–5, Banjara Hills, Hyderabad–500 034, Andhra Pradesh, India
Tel. No.:	91-40-40072525/26/28
Fax No.:	91-40-40072527
E-Mail :	info@sresta.com
Website :	www.sresta.com

DIRECTORS

As on 28.09.2012

Name :

Mr. Sarath Naru

Designation :

Nominee Director

Address :

# 3, 7^th Avenue Harrington Road, Chetput, Chennai – 600 018, Tamilnadu, India

Date of Birth/Age :

15.08.1957

Date of Appointment :

13.09.2010

DIN No.:

00027469

Other Directorship:

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
DYNAM VENTURE EAST PRIVATE LIMITED	Director	29/04/1994	29/04/1994	-	Active	NO
A.P.I.D.C. VENTURE CAPITAL PRIVATE LIMITED	Managing director	18/11/1994	18/11/1994	-	Active	NO
DODLA DAIRY LIMITED	Nominee director	12/02/1998	12/02/1998	28/08/2012	Active	NO
OCEAN SPARKLE LIMITED	Nominee director	22/10/1998	22/10/1998	08/06/2007	Active	NO
NR OPERATIONAL SYNERGY SOFTWARE PRIVATE LIMITED	Director	16/03/2001	16/03/2001	-	Active	NO
VENTUREAST FUND ADVISORS (INDIA) PRIVATE LIMITED	Director	27/09/2012	14/09/2001	-	Active	NO
VENTUREAST TRUST CAPITAL (INDIA) PRIVATE LIMITED	Director	24/09/2001	24/09/2001	-	Active	YES
N-LOGUE COMMUNICATIONS PRIVATE LIMITED	Director	28/12/2001	28/12/2001	30/08/2008	Under liquidation	NO
NMSWORKS SOFTWARE PRIVATE LIMITED	Director	12/02/2003	12/02/2003	27/09/2007	Active	NO
EVOLVA BIOTECH PRIVATE LIMITED	Nominee director	15/02/2005	15/02/2005	30/11/2012	Active	NO
NEXGE TECHNOLOGIES PRIVATE LIMITED	Additional director	18/03/2005	18/03/2005	11/04/2011	Active	NO
FOUR SOFT LIMITED	Director	30/01/2006	30/01/2006	16/03/2009	Active	NO
UTI VENTURE FUNDS MANAGEMENT COMPANY PRIVATE LIMITED.	Director	31/05/2006	31/05/2006	-	Active	NO
ELBIT MEDICAL DIAGNOSTICS LIMITED	Nominee director	01/06/2006	01/06/2006	-	Active	NO
Ventureast Micro-Equity Managers Private Limited	Nominee director	24/10/2007	24/10/2007	-	Active	NO
Ventureast Social Investment Trustee Private Limited	Director	17/12/2007	17/12/2007	-	Active	YES
PACIFIC HOSPITALS PRIVATE LIMITED	Director	29/09/2008	29/02/2008	20/02/2012	Active	NO
ASCENT CAPITAL ADVISORS INDIA PRIVATE LIMITED	Director	22/06/2009	25/08/2008	-	Active	NO
SRESTA NATURAL BIOPRODUCTS PRIVATE LIMITED	Nominee director	13/09/2010	12/03/2010	-	Active	NO
Equitas Housing Finance Private Limited	Director	14/05/2010	14/05/2010	-	Active	NO
Flow Edge Financial Solutions Private Limited	Director	30/03/2012	30/03/2012	-	Active	NO
E to E Transportation Infrastructure Private Limited	Director	29/09/2012	09/04/2012	-	Active	NO
ROYAL IMAGES CATALOGUE COMPANY PRIVATE LIMITED	Nominee director	04/05/2012	04/05/2012	-	Active	NO
e YANTRA INDUSTRIES Private Limited	Additional director	27/06/2012	27/06/2012	-	Active	NO

Name :

Mr. Rajashekar Reddy Seelam

Designation :

Managing Director

Address :

101, Krishna Vihar, 22 – 16 / 2, Durgabai, Deshmukh Colony, Bagh Amberpet – 500 013, Hyderabad

Date of Birth/Age :

20.09.1964

Qualification :

Graduate

Date of Appointment :

09.03.2004

DIN No.:

00278954

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	U01122AP2004PTC042837	SRESTA NATURAL BIOPRODUCTS PRIVATE LIMITED	Managing director	09/03/2004	09/03/2004	-	Active	NO
2	U52110AP2005PTC045685	GS2 RETAIL VENTURES PRIVATE LIMITED	Director	22/03/2005	22/03/2005	-	Active	NO
3	AAA-0091	RELOG BUSINESS SOLUTIONS LLP	Designated Partner	03/08/2009	03/08/2009	-	Strike off	NO

Name :

Mr. Balasubramanian Narayanan

Designation :

Whole-time Director

Address :

G – 3, Ashoka Silent Valley Road, No. 10, Banjara Hills, Hyderabad

Date of Birth/Age :

20.08.1965

Qualification :

M.sc (Physics)

Date of Appointment :

13.09.2010

DIN No.:

03070468

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	U01122AP2004PTC042837	SRESTA NATURAL BIOPRODUCTS PRIVATE LIMITED	Whole-time director	13/09/2010	05/08/2010	-	Active	NO

Name :

Mr. Sundaresan Suryanarayana Arumbakkam

Designation :

Nominee Director

Address :

46 / 2, New No. 109, 4^th Main Road Extension, Kottur Gardens, Chennai – 600 085

Date of Birth/Age :

05.01.1965

Date of Appointment :

30.09.2011

DIN No.:

03584228

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	U01122AP2004PTC042837	SRESTA NATURAL BIOPRODUCTS PRIVATE LIMITED	Nominee director	30/09/2011	20/09/2011	-	Active	NO
2	U72200KA2002PTC030917	TELE DNA COMMUNICATIONS PRIVATE LIMITED	Director	27/03/2012	22/12/2011	-	Active	NO
3	U55101TN1994PTC027509	ORIENTAL CUISINES PRIVATE LIMITED	Director	28/09/2012	24/05/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares (Equity)
Rajshekhar Reddy Seelam	3125607
Renuka Seelam	456858
Siva Shankar Prasad Yedla	87500
Vijay Bhasker Reddy Seelam	64000
K. Pandiarajan	142027
VSK Kishore	20000
Meena Mohan	25000
Ventureast Trustee Company Private Limited (“VTCPL”), India	4055174
K Jaishree	55000
Ventureast Life Fund III LLC, Mauritius	795459
Balasubramanian Narayanan	50000
Peepul Capital Fund III LLC, Mauritius	3130505
Total	12007130

Names of Shareholders	No. of Shares (Compulsorily Convertible Cumulative Preference Shares)
Peepul Capital Fund III LLC, Mauritius	1453186
Total	1453186

As on 29.10.2012

Names of Allottees	No. of Shares Allotted
Siva Shankar Prasad Yedla	10000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	32.70
Bodies corporate	33.77
Directors or relatives of Directors	30.78
Other top fifty shareholders	2.75
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Importer and Dealer of Organic Food Products and Beverages.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India

Yellareddyguda Branch – 3257, Srinagar Colony Road, Hyderabad – 500 073, Andhra Pradesh, India

• HDFC Bank Limited

HDFC Bank Housesenapati Bapat Marg, Lower Parel (W), Mumbai – 400 013, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Working Capital Loans From Banks	15.801	24.809
Total	15.801	24.809

Banking Relations :	--
Auditors :
Name :	Gandhi and Gandhi Chartered Accountants
Address :	1002 Paigah Plaza, Basheerbagh, Hyderabad – 500 063, Andhra Pradesh, India
PAN No.:	AABFG9298H
Companies and Other Organisations under the control of the directors:	A. Raymond ET CIE SCS A Raymond France A Raymond GMBH and Company., Germany A Raymond Italiana A Raymond Jabloneck SRO Czech Republic A Raymond S.A.R.L Au Capital A Raymond fasteners (Z) Company Limited., China A Raymond Tecniacero, S.A.U., Spain A Raymond Japan Company Limited A Raymond Limited, U.K. A Raymond, U.S.A A Raymond Brasil Limited Pacific Sight holdings Limited., China Rayconnect Inc., U.S.A. Raygroup SAS France Rayconnect International SASU France Raynet SNC, France

CAPITAL STRUCTURE

After 28.09.2012

Authorised Capital: Rs. 182.000 Millions

Paid-up Capital: Rs. 122.900 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 Millions
5200000	Preference Shares	Rs.10/- each	Rs.52.000 Millions
	Total		Rs.182.000 Millions

Issued & Subscribed Capital : Not Available

Paid-up Capital : Rs. 108.268 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		108.268	76.741	53.003
2] Share Application Money		0.100	3.162	0.050
3] Reserves & Surplus		155.397	35.967	64.118
4] (Accumulated Losses)		0.000	0.000	(74.639)
NETWORTH		263.765	115.870	42.532
LOAN FUNDS
1] Secured Loans		15.801	24.809	25.119
2] Unsecured Loans		0.000	3.000	20.000
TOTAL BORROWING		15.801	27.809	45.119
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		279.566	143.679	87.651
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.926	11.997	11.749
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		30.161	5.902	5.902
DEFERRED TAX ASSETS		28.363	30.103	30.436
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	92.828	42.347	21.225
	Sundry Debtors	65.616	49.530	23.375
	Cash & Bank Balances	3.681	0.891	0.961
	Other Current Assets	61.286	10.078	0.650
	Loans & Advances	11.616	4.756	1.272
Total Current Assets		235.027	107.602	47.483
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.088	8.796	1.792
	Other Current Liabilities	21.869	2.641	6.127
	Provisions	0.954	0.488	0.000
Total Current Liabilities		38.911	11.925	7.919
Net Current Assets		196.116	95.677	39.564
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		279.566	143.679	87.651

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Turnover	296.500	164.700	N.A

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt/Networth)	0.06	0.24	1.06
Current Ratio (Current Asset/Current Liability)	6.04	9.02	6.40

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 two years	Yes
12]	Profitability for last three years	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

REVIEW OF OPERATIONS:

The company has recorded a Turnover of 296.5 million, when compared to the previous Turnover of 164.7 million.

The key highlights of operations during 2011-12 are given below:

• The company partnered with Indian Grocery Stores in USA and also launched products in 24 LM brand.
• Major branding exercises in domestic market.
• The company has expanded the new clientele in India and abroad.

INDUSTRY SCENARIO AND FUTURE PROSPECTS:

The market for organic food has been growing at about 7% to 8% per annum for the last years. The major markets are Europe, USA, Canada and Japan. The market is getting good traction in countries like Brazil, China, Taiwan, India etc. The worldwide market is currently estimated to be about USD 56 billion. The Indian market is estimated to be about Rs 1500 Millions. The organized markets is about Rs 500 to 600 Millions. This is growing at 40% to 50% per annum. Organic products are currently sold in about 40 cities in India. The main drivers for growth of organic food in India are health, pesticide residues and adulteration.

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans and Advances From Directors	0.000	3.000
Total	0.000	3.000

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.54.48
UK Pound	1	Rs.82.71
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

RSMK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		28

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.