MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	MAHINDRA SHUBHLABH SERVICES LIMITED (w.e.f. 16.08.2000)
Formerly Known As :	MAHINDRA SHUBHLABH SERVICES PRIVATE LIMITED
Registered Office :	Mahindra Towers, Dr. G.M. Bhosle Marg, P.K. Kurne Chowk, Worli, Mumbai -400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	11.04.2000
Com. Reg. No.:	11-125781
Capital Investment / Paid-up Capital :	Rs. 61.145 Millions
CIN No.: [Company Identification No.]	U01409MH2000PLC125781
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20219D
PAN No.: [Permanent Account No.]	AACCM1298D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of distribution of fruit which includes import of fruits, domestic sales and export of fruits.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 87000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of Mahindra Group Company. It is an established company having satisfactory track record. There appears some accumulated losses recorded by the company. However, the company receives good support from its group company. Directors are reported to be well experienced, knowledgeable and respectable businessmen. Trade relations are reported as fair. Business is active. Payment are reported to be usually correct and as per commitment. In view of strong holding 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.

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term = BBB+
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	09.10.2013

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.

LOCATIONS

Registered Office :	Mahindra Towers, Dr. G.M. Bhosle Marg, P.K. Kurne Chowk, Worli, Mumbai -400 018, Maharashtra, India
Tel. No.:	91-22-66483051/ 24905877/ 24931441
Fax No.:	91-22-24922726/ 24975081
E-Mail :	puri.vikram@mahindra.com arvind.talan@mahindra.com baria.feroze@mahindra.com
Website :	www.mahindra.com
Location :	Owned
Corporate Office :	Farm Equipment Sector, Gate No.2, Akurli Road, Kandivali (East), Mumbai - 400 101, Maharashtra, India

DIRECTORS

As on 24.07.2013

Name :

Mr. Manohar Gopal Bhide

Designation :

Director

Address :

A5, Bageshree, Shankar Ghanekar Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

14.02.1939

Date of Appointment :

02.11.2000

DIN No.:

00001826

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	L67120MH1987PLC042363	CRISIL LIMITED	Director	29/10/1998	29/10/1998	26/10/2007	Active	NO
2	L63030MH1950GOI008033	SHIPPING CORPORATION OF INDIA LIMITED	Director	22/03/2000	22/03/2000	26/07/2007	Active	NO
3	L40108PN1981PLC024153	FINOLEX INDUSTRIES LIMITED	Director	21/08/2000	21/08/2000	15/06/2010	Active	NO
4	L65921MH1991PLC059642	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	Director	24/10/2000	24/10/2000	-	Active	NO
5	U01409MH2000PLC125781	MAHINDRA SHUBHLABH SERVICES LIMITED	Director	02/11/2000	02/11/2000	-	Active	NO
6	U65990MH1998FTC115964	J.P. MORGAN SECURITIES INDIA PRIVATE LIMITED	Director	05/12/2000	05/12/2000	-	Active	NO
7	U65929MH2001PLC131203	SBI GLOBAL FACTORS LIMITED	Director	25/05/2001	25/05/2001	07/06/2010	Active	NO
8	U23200MH1996PLC102222	IOT INFRASTRUCTURE AND ENERGY SERVICES LIMITED	Director	05/12/2002	05/12/2002	27/07/2010	Active	NO
9	U65999MH2002PLC134884	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	Director	29/03/2003	29/03/2003	30/09/2011	Active	NO
10	U30009MH1991PTC064182	I2IT PRIVATE LIMITED	Director	08/04/2004	08/04/2004	12/06/2007	Active	NO
11	U99999MH1999PLC123304	CRISIL RESEARCH AND INFORMATION SERVICES LIMITED	Director	14/12/2005	14/12/2005	-	Amalgamated	NO
12	U65999MH2006FTC165877	JPMorgan Mutual Fund India Private Limited	Director	10/08/2009	29/06/2007	07/09/2009	Active	NO
13	L92411MH2003PLC140134	TALWALKARS BETTER VALUE FITNESS LIMITED	Director	23/09/2010	09/10/2009	-	Active	NO
14	U66010MH2008PLC183679	IndiaFirst Life Insurance Company Limited	Director	17/12/2009	09/11/2009	19/09/2013	Active	NO
15	U67100MH2013PTC245464	Mahindra Trustee Company Private Limited	Director	10/07/2013	10/07/2013	-	Active	NO

Name :

Mr. Chandrasekar Kandasamy

Designation :

Director

Address :

D11/53, Mahindra Park, LBS Marg, Ghatkopar (West), Mumbai - 400 086, Maharashtra, India

Date of Birth/Age :

08.01.1954

Date of Appointment :

25.07.2007

DIN No.:

01084215

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	U01409MH2000PLC125781	MAHINDRA SHUBHLABH SERVICES LIMITED	Director	25/07/2007	22/12/2006	-	Active	NO
2	U30007MH1991PLC064368	BRISTLECONE INDIA LIMITED	Director	25/07/2008	17/09/2007	-	Active	NO
3	U63000MH2007PLC173466	Mahindra Logistics Limited	Director	10/09/2008	03/10/2007	-	Active	NO
4	U35999MH2008PLC180385	Mahindra First Choice Services Limited	Director	22/07/2009	24/03/2008	-	Active	NO
5	U30007MH1994PLC081637	MAHINDRA SONA LIMITED	Director	20/12/2011	02/08/2010	-	Active	NO
6	U74990MH2010PTC207854	MAHINDRA EPC SERVICES PRIVATE LIMITED	Director	23/09/2011	05/10/2010	-	Active	NO
7	U34100GJ1978PLC003127	MAHINDRA GUJARAT TRACTOR LIMITED	Director	03/08/2012	11/11/2011	-	Active	NO
8	U65922MH2007PLC169791	MAHINDRA RURAL HOUSING FINANCE LIMITED	Director	16/07/2012	16/01/2012	-	Active	NO
9	U75144MH2012PTC231267	Mahindra Defence Naval Systems Private Limited	Director	18/05/2012	18/05/2012	-	Active	NO
10	U65993MH2007PLC175649	Mahindra Holdings Limited	Director	12/08/2013	07/11/2012	-	Active	NO

Name :

Mr. Anoop Krishna Mathur

Designation :

Director

Address :

70/71 Pchkkhanwala Road, Worli, Mumbai - 400 025, Maharashtra, India

Date of Birth/Age :

22.10.1947

Date of Appointment :

25.07.2007

DIN No.:

00014372

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	U01409MH2000PLC125781	MAHINDRA SHUBHLABH SERVICES LIMITED	Director	25/07/2007	25/04/2007	-	Active	NO
2	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	12/08/2009	29/09/2008	-	Active	NO
3	U29268MH2009PTC190702	DEFENCE LAND SYSTEMS INDIA PRIVATE LIMITED	Additional director	26/09/2013	26/09/2013	-	Active	NO

Name :

Mr. Ashok Hiralal Sharma

Designation :

Director

Address :

Mumbai, India

Date of Birth/Age :

15.06.1964

Date of Appointment :

25.07.2011

DIN No.:

02766679

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	U80302MH2010PTC198303	Mahindra Namaste Private Limited	Director	27/06/2011	02/01/2010	01/03/2013	Active	NO
2	U74900PN2008PTC132936	VAYUGRID MARKETPLACE SERVICES PRIVATE LIMITED	Director	30/08/2011	03/09/2010	12/06/2013	Active	NO
3	U34100GJ1978PLC003127	MAHINDRA GUJARAT TRACTOR LIMITED	Nominee director	03/12/2010	03/12/2010	08/04/2011	Active	NO
4	U01409MH2000PLC125781	MAHINDRA SHUBHLABH SERVICES LIMITED	Director	25/07/2011	06/12/2010	-	Active	NO
5	L25200MH1981PLC025731	EPC INDUSTRIE LIMITED	Whole-time director	01/08/2012	05/08/2011	-	Active	NO

Name :

Ms. Veena Vedprakash Mishra

Designation :

Director

Address :

1203, 12^th Floor, Raheja Tipco Height 04, Western Express, Highway, Malad – East, Mumbai – 400 097, Maharashtra, India

Date of Birth/Age :

14.07.1956

Date of Appointment :

25.07.2011

DIN No.:

03502175

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	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	22/08/2011	26/04/2011	-	Active	NO
2	U01409MH2000PLC125781	MAHINDRA SHUBHLABH SERVICES LIMITED	Director	25/07/2011	27/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Feroze Hoshang Baria
Designation :	Secretary
Address :	630, Gemlrina, Khareghar Road, Parsi Colony, Dadar, Mumbai – 400 014, Maharashtra, India
Date of Birth/Age :	09.07.1971
Date of Appointment :	09.05.2000
PAN No.:	AADPB1596R
Name :	Mr. Vikram Puri
Designation :	Chief Executive Office and Manager
Address :	7, Panoromic View Co-Operative Society Limited, 30, Golf Limks, Pali Hill, Khar, Mumbai - 400 052, Maharashtra, India
Date of Birth/Age :	06.09.1958
Date of Appointment :	19.08.2005
PAN No.:	AAHPP1456C
Name :	Mr. Nitin
Designation :	Account Executive

MAJOR SHAREHOLDERS

As on 24.07.2013

Names of Shareholders	No. of Shares
Mahindra and Mahindra Limited, India	3875983
Mahindra and Mahindra Limited, India Jointly with U.Y. Phadke	1
Mahindra and Mahindra Limited, India Jointly with A.G. Tawde	1
Mahindra and Mahindra Limited, India Jointly with C. Krishnadas	1
Mahindra and Mahindra Limited, India Jointly with M.A. Narareth	1
Mahindra and Mahindra Limited, India Jointly with Roshni Sagreiya	1
International Finance Corporation, United States of America	1036410
Mahindra and Mahindra Limited, India Jointly with Raghunath Murti	1
Mahindra Holdings Limited, India	1202114
Mahindra and Mahindra Limited, India Jointly with Gautam Nagwekar	1
Total	6114514

Equity Share Break up (Percentage of Total Equity)

As on 24.07.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of distribution of fruit which includes import of fruits, domestic sales and export of fruits.

Products :

Product Description	ITC Code
Grapes Fresh	08061000
Apples Fresh	08081000
Pears and Quinces Fresh	08082000
Kiwi Fruit	08105000
Citrus Fruit, Fresh or Dried	08051000

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India

• Bank of Baroda, Corporate Financial Services Branch, Ballard Pier, Walchand Hirachand Marg, Ballard Pier, Mumbai - 400 001, Maharashtra, India
• Export - Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Complex, Cuffe Parade, Mumbai - 400 005, Maharashtra, India

• State Bank of India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Working Capital loans from banks (Secured by hypothecation of stock0in0trade and trade receivables)	0.006	2.060
Loans repayable on demand from banks (Secured by hypothecation of current assets pertaining to exports of goods.)	150.000	21.158
Total	150.006	23.218

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Beasant Road, Opposite Shiv Sagar Estate, Worli, Mumbai - 400 018, India
PAN No.:	AAEPJ3085C
Holding Company :	Mahindra and Mahindra Limited CIN No.: L65990MH1945PLC004558
Fellow Subsidiary Company :	Mahindra Holidays and Resort India Limited CIN No.: L55101TN1996PLC036595 Bristlecone India Limited CIN No.: U30007MH1991PLC064368 Mahindra First Choice Wheels Limited CIN No.: U64200MH1994PLC083996 Mahindra Integrated Business Solutions Private Limited CIN No.: U74999MH2011PTC21246 Mahindra BPO Services Private Limited

CAPITAL STRUCTURE

As on 24.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs. 10/- each	Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6114514	Equity Shares	Rs. 10/- each	Rs. 61.145 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	61.145	61.145	61.145
(b) Reserves & Surplus	(39.376)	(73.341)	(79.565)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	21.769	(12.196)	(18.420)
(3) Non-Current Liabilities
(a) long-term borrowings	7.562	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4.629	3.505	2.986
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	12.191	3.505	2.986
(4) Current Liabilities
(a) Short term borrowings	215.006	103.218	82.500
(b) Trade payables	267.489	190.179	76.033
(c) Other current liabilities	21.565	30.467	48.350
(d) Short-term provisions	0.369	0.291	0.229
Total Current Liabilities (4)	504.429	324.155	207.112
TOTAL	538.389	315.464	191.678
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.225	0.848	0.899
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	2.371	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.875	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.239	2.187	1.205
(e) Other Non-current assets	0.064	1.564	1.550
Total Non-Current Assets	22.403	6.970	3.654
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	373.424	196.825	128.556
(c) Trade receivables	63.991	70.368	9.463
(d) Cash and cash equivalents	61.501	7.503	1.267
(e) Short-term loans and advances	7.434	21.680	37.564
(f) Other current assets	9.636	12.118	11.174
Total Current Assets	515.986	308.494	188.024
TOTAL	538.389	315.464	191.678

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	852.401	427.445	332.095
		Other Income	3.811	4.674	10.521
		TOTAL (A)	856.212	432.119	342.616
Less	EXPENSES
		Cost of material consumed	86.177	33.559	45.055
		Purchased of stock-in-trade	583.624	325.461	228.726
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(128.370)	(58.284)	49.264
		Employee benefit expenses	33.012	21.790	17.346
		Other expenses	229.649	89.090	77.892
		TOTAL (B)	804.092	411.616	418.283
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		52.120	20.503	(75.667)
Less	FINANCIAL EXPENSES (D)		8.683	8.971	5.788
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.437	11.532	(81.455)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.281	0.218	0.115
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		43.156	11.314	(81.570)
Less	TAX (H)		9.191	5.089	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		33.965	6.225	(81.570)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(73.340)	(79.565)	2.005
	BALANCE CARRIED TO THE B/S		(39.375)	(73.340)	(79.565)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value	509.291	207.489	147.106
	TOTAL EARNINGS		509.291	207.489	147.106
	IMPORTS
		Purchase of Traded Goods	53.356	73.430	47.656
		Purchase of Packing materials	69.690	23.015	21.114
	TOTAL IMPORTS		123.046	96.445	68.770
	Earnings Per Share (Rs.)		5.55	1.02	(13.34)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.97	1.44	(23.81)
Net Profit Margin (PBT/Sales)	(%)	5.06	2.65	(24.56)
Return on Total Assets (PBT/Total Assets}	(%)	8.15	3.62	(42.76)
Return on Investment (ROI) (PBT/Networth)		1.98	(0.93)	4.43
Debt Equity Ratio (Total Debt /Networth)		10.22	(8.46)	(4.48)
Current Ratio (Current Asset/Current Liability)		1.02	0.95	0.91

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Loans and advances from related parties	7.562	0.000
Short Term Borrowings
Intercorporate Deposit	65.000	80.000
Total	72.562	80.000

OPERATIONS

During the year, the performance of the Company has reflected significant improvement as compared to the previous year. The Company exported an all time high of 417 containers of Grapes during the Financial Year 2012-13 as compared to 187 containers in the previous financial year resulting in all time high realisations and Profits. This has been possible due to Khet-Se-Kaliyan-Tak ("KSKT'') initiatives adopted by the Company over the last few years, which has resulted in, inter alia, a strong bonding relationship with the farmers as a consequence of significantly improved yields of exportable grapes per acre. The Company has also initiated diversification of its exports from Europe to other countries in the Middle East, South East Asia and Russia. The Company was the largest Indian exporter of Grapes to the European Union in the last season and will continue to occupy the first position in the current season as well.

The Company has placed strict controls on the chemicals residue and is continuously being managed over the season. Consequently, there have been no quality issues in the current financial year pertaining to the export markets.

In the domestic fruit business, since the market conditions were not very favourable, the Company decided to go slow in imports of fruits.

CORPORATE INFORMATION:

Subject is engaged in the business of distribution of fruit which includes import of fruits, domestic sales and export of fruits. It is mainly into trading of fresh fruit products in domestic market as well as export on consignment basis.

INDEX OF CHARGE:

Sr .No	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10412086	09/04/2013 *	150,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B74367434
2	10324264	05/12/2011	30,000,000.00	Bank of Baroda	Corporate Financial Services Branch, Ballard Pier Walchand Hirachand Marg, Mumbai, Maharashtra - 400001, INDIA	B28102580

* Date of modification charge

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computers

· Office Equipments

· Vehicles

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. 61.46
UK Pound	1	Rs. 98.99
Euro	1	Rs. 84.72

INFORMATION DETAILS

Report Prepared by :

VNT

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	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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		45

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.