MIRA INFORM REPORT

Report Date :

02.08.2014

IDENTIFICATION DETAILS

Name :	ADANI AGRI FRESH LIMITED
Registered Office :	Adani House, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380 009, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.12.2004
Com. Reg. No.:	04-045143
Capital Investment / Paid-up Capital :	Rs.1025.710 millions
CIN No.: [Company Identification No.]	U63022GJ2004PLC045143
TAN No.: [Tax Deduction & Collection Account No.]	AHMA04990G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Importer of fruits and vegetable
No. of Employees :	85 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 4010000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “ADANI ENTERPRISES LIMITED”. It is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by accumulated losses incurred and sharp dip in profit of the company during financial year 2013. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities =BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	06.02.2014

Rating Agency Name	CARE
Rating	Short term bank facilities = A3 +
Rating Explanation	Moderate degree of safety and high credit risk
Date	06.02.2014

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Tarsem Rana
Designation :	Finance Department
Contact No.:	91-124-2555510
Date :	29.07.2014

LOCATIONS

Registered Office / Headquarter 1 :	Adani House, Near Mithakhali Circle, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26565555 / 25555101
Fax No.:	91-79-26565500 / 25555500 / 25555102
E-Mail :	info@adanigroup.com tarun.agarwal@adanilogistics.com srinivasa.ramanujam@adani.com customercare.aafl@adani.com tarsem.rana@adani.com
Websites :	http://www.adanigroup.com
Corporate Office / Headquarter 2 :	Plot No. 83, Sector – 32 Institutional Area, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124-2555101 / 2555000 / 2555555
Fax No.:	91-124-2555212 / 2555110
Administrative Office :	Near Railway Crossing, 3^rd Floor, Fortune House, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-25556673
Fax No.:	91-79-25555621
Headquarter 3 :	Post Box No. 1, Mundra (Kutch) 370421, Gujarat, India
Tel. No.:	91-2838-289248 / 448
Shimla Office :	Evergreen House, 1-New Road, Chotta Shimla, Shimla – 171 002, Himachal Pradesh, India
Tel. No.:	91- 177-2624560
Fax No.:	91-177-2623907
E-Mail:	umesh.gupta@adani.com
Sainj Site :	Village: Sainj, Tehsil-Theog, District: Shimla, Himachal Pradesh, India
Tel. No.:	91-1783-235241
E-Mail:	munish.agrawal@adani.com
Rampur Site :	Village: Rewali (Bithal), Tehsil-Kumarsain, District: Shimla, Himachal Pradesh, India
Tel. No.:	91-1782-221799
Fax No.:	91-1782-221797
E-Mail:	sanjay.mahajan@adani.com
Rohru Site :	Village: Mehndli, Tehsil-Rohru, District: Shimla, Himachal Pradesh, India
Tel. No.:	91-1781-241474
E-Mail:	bhupinder.tanwar@adani.com
Branch Office :	Located at : · Kolkata · Mumbai · Delhi · Indore

DIRECTORS

As on: 30.09.2013

Name :

Mr. Pranav Vinod Adani

Designation :

Managing Director

Address :

Paramshanti Bunglow, Survey No. 100/1, Near Shaswat Bunglow, Behind Rajpath Club, Ahmedabad – 380059, Gujarat, India

Date of Birth/Age :

09.08.1978

Qualification :

MBA from Boston University (USA)

Date of Appointment :

15.06.2010

DIN No.:

00008457

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	U17110GJ1993PTC020968	VISHAKHA POLYFAB PRIVATE LIMITED	Director	06/10/2001	06/10/2001	31/03/2008	Active	NO
2	U72200GJ2000PTC050919	NETVANTAGE INTERNATIONAL PRIVATE LIMITED	Director	10/09/2003	10/09/2003	25/09/2008	Active	NO
3	U45300GJ1999PTC036797	ADANI PORT INFRASTRUCTURE PRIVATE LIMITED	Managing director	22/03/2004	22/03/2004	-	Amalgamated	NO
4	U52190GJ2000PTC038315	ADANI RETAIL Private LIMITED	Director	25/06/2004	25/06/2004	19/08/2008	Amalgamated	NO
5	U63022GJ2004PLC045143	ADANI AGRI FRESH LIMITED	Managing director	15/06/2010	15/06/2005	-	Active	NO
6	U51109GJ2007PLC049968	RELIANCE VANTAGE RETAIL LIMITED	Additional director	13/02/2007	13/02/2007	27/12/2007	Active	NO
7	U45200GJ2006PTC049220	ADANI HABITATS PRIVATE LIMITED	Director	29/09/2007	26/03/2007	29/07/2008	Strike off	NO
8	U45201GJ2006PTC066449	ADANI INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	13/09/2010	Active	NO
9	U45201GJ2007PTC051837	ADANI LANDSCAPES PRIVATE LIMITED	Director	27/09/2007	27/09/2007	22/09/2008	Active	NO
10	U45208GJ2006PTC048538	ADANI MUNDRA SEZ INFRASTRUCTURE PRIVATE LIMITED	Director	17/10/2007	17/10/2007	22/09/2008	Active	NO
11	U45209GJ2008PTC052722	RAJASTHAN SEZ PRIVATE LIMITED	Director	28/07/2008	24/01/2008	23/08/2008	Strike off	NO
12	U51109GJ1997PTC032088	MIRAJ IMPEX PRIVATE LIMITED	Additional director	04/03/2008	04/03/2008	29/07/2008	Active	NO
13	U45200GJ2005PTC047086	SHANTIGRAM ESTATE MANAGEMENT PRIVATE LIMITED	Director	04/03/2008	04/03/2008	13/09/2010	Active	NO
14	U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	Director	27/06/2008	04/03/2008	-	Active	NO
15	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Managing director	01/04/2013	01/04/2008	-	Active	NO
16	U14200GJ2007PTC051634	ADANI MINING PRIVATE LIMITED	Director	25/08/2009	29/09/2008	-	Active	NO
17	U40100GJ2008PTC055265	BARAMATI POWER PRIVATE LIMITED	Director	21/10/2008	21/10/2008	-	Under Process of Striking off	NO
18	U40108GJ2008PLC055342	MUNDRA POWER SEZ LIMITED	Director	20/06/2009	27/10/2008	01/03/2011	Strike off	NO
19	U40200GJ2008PTC054045	CHEMOIL ADANI PRIVATE LIMITED	Director	25/08/2009	03/12/2008	-	Active	NO
20	U45400MH1999PTC120892	AALOKA REAL ESTATE PRIVATE LIMITED	Director	25/08/2009	29/01/2009	13/09/2010	Active	NO
21	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29/12/2011	03/04/2009	-	Active	NO
22	U01110GJ1995PTC024627	ADANI AGRO PRIVATE LIMITED	Director	29/09/2009	31/05/2009	25/09/2013	Active	NO
23	U51100GJ2000PTC038408	B 2 B INDIA PRIVATE LIMITED	Director	31/08/2009	31/05/2009	-	Active	NO
24	U45201GJ1999PTC036798	ADANI INFRASTRUCTURE SERVICES PRIVATE LIMITED	Director	29/09/2009	31/05/2009	-	Amalgamated	NO
25	U45201GJ1995PTC026067	ADANI PROPERTIES PRIVATE LIMITED	Director	14/09/2009	31/05/2009	-	Active	NO
26	U40100GJ2005PLC046553	ADANI GAS LIMITED	Director	20/08/2010	08/08/2009	-	Active	NO
27	U26943GJ2009PLC058955	ADANI CEMENTS LIMITED	Director	21/12/2009	21/12/2009	-	Strike off	NO
28	U40100GJ2010PLC059653	MAHAGUJ POWER LIMITED	Director	20/02/2010	20/02/2010	-	Active	NO
29	U51900GJ2010PTC059763	ADANI TRADELINKS PRIVATE LIMITED	Director	03/03/2010	03/03/2010	-	Amalgamated	NO
30	U40100GJ2009PLC057562	KUTCHH POWER GENERATION LIMITED	Director	20/08/2010	16/03/2010	01/03/2011	Active	NO
31	U40100GJ2006PLC047672	ADANI POWER DAHEJ LIMITED	Director	20/08/2010	16/03/2010	01/03/2011	Active	NO
32	U51909GJ2010PTC060309	ADVANCE TRADEX PRIVATE LIMITED	Director	19/04/2010	19/04/2010	-	Amalgamated	NO
33	U40100GJ2005PLC046554	ADANI WELSPUN EXPLORATION LIMITED	Director	09/08/2011	22/11/2010	-	Active	NO
34	U23203GJ2007SGC050115	GSPC LNG LIMITED	Nominee director	17/09/2013	14/08/2013	-	Active	NO
35	U40106GJ2014PLC078744	ADANI SYNENERGY LIMITED	Director	14/02/2014	14/02/2014	-	Active	NO
36	AAA-5204	ADANI ADVISORY LLP	Designated Partner	15/06/2011	15/06/2011	-	Active	NO

Name :

Mr. Atul Lekhendranath Chaturvedi

Designation :

Director

Address :

B/11 Shakti Enclave, Near Judges Bunglow Road, Vastrapur, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

06.10.1955

Date of Appointment :

14.12.2004

DIN No.:

00175355

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	U63022GJ2004PLC045143	ADANI AGRI FRESH LIMITED	Director	14/12/2004	14/12/2004	-	Active	NO
2	U63090GJ2005PLC045356	ADANI AGRI LOGISTICS LIMITED	Managing director	02/06/2011	19/01/2008	-	Active	NO
3	U01112MP1979NPL001559	SOYABEEN PROCESSORS ASSOCIATION OF INDIA	Director	30/09/2010	30/09/2010	-	Active	NO
4	U15143TN2002PTC049397	K.T.V. HEALTH FOOD PRIVATE LIMITED	Director	30/09/2011	23/12/2010	02/04/2012	Active	NO
5	U15142TN1992PTC022080	VARADARAJA AGRO INDUSTRIES PRIVATE LIMITED	Director	30/09/2011	23/12/2010	02/04/2012	Amalgamated	NO
6	U74999MH2008PTC185990	NATURAL GROWERS PRIVATE LIMITED	Director	05/08/2011	05/03/2011	-	Active	NO
7	U15143GJ2011PTC064651	AWN AGRO PRIVATE LIMITED	Director	27/06/2011	27/06/2011	02/04/2012	Active	NO
8	U91110MH1971NPL015233	THE SOLVENT EXTRACTORS ASSOCIATION OF INDIA	Director	23/09/2011	23/09/2011	-	Active	NO
9	U15146GJ1999PLC035320	ADANI WILMAR LIMITED	Whole-time director	01/04/2012	01/04/2012	-	Active	NO

Name :

Mr. A. Srinivasa Ramanujum

Designation :

Whole Time Director

Address :

A – 5/203, La Habitat, Near Ayana Complex, Off. S. G. Highway, Thaltej, Ahmedabad -380059, Gujarat, India

Date of Birth/Age :

01.05.1958

Date of Appointment :

28.06.2013

DIN No.:

06631451

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Equity Shareholders	No. of Shares
Adani Enterprises Limited, India	45609940
Pranav Vinodbhai Adani (Nominee of Adani Enterprises Limited, India )	10
Namrata P Adani (Nominee of Adani Enterprises Limited, India)	10
Priti G Adani (Nominee of Adani Enterprises Limited, India)	10
Shilin R. Adani (Nominee of Adani Enterprises Limited, India)	10
Ranjan Adani (Nominee of Adani Enterprises Limited, India)	10
Vinod Adani (Nominee of Adani Enterprises Limited, India)	10
Total	45610000

Names of Preference Shareholders	No. of Shares
Adani Enterprises Limited, India	56961000
Total	56961000

As on 01.06.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Fruits and Vegetable

Products :

Description of product	Product ITC Code
Apple, Pears and Quinces Fresh	0808

Brand Names :

‘FARM-PIK’

Imports :

Countries :

· China

· Italy

· USA

GENERAL INFORMATION

Suppliers :	Shandong Goodfarmer International
Customers :	Zam Zam Fruits Company
No. of Employees :	85 (Approximately)
Bankers :	HDFC Bank Lmited, HDFC Bank Housesenapti Bapat Marg, Lower Parel W, Mumbai – 400013, Maharashtra, India UCO Bank, SDA Complex, Kasumpati, Shimla – 171009, Himachal Pradesh, India ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India
Facilities :	--

Banking Relations :
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address :	New Delhi Stock exchange Building, 3/1, Asaf Ali Road, New Delhi – 110 001, India
Tel. No.:	91-11-23279809 / 23263324
Fax No.:	91-11-23264419
E-Mail :	contact@stdelhi.com
Pan No.:	AABFS5418B
Holding Company :	Adani Enterprises Limited, India (Formerly known as Adani Exports Limited) CIN No.: L51100GJ1993PLC019067
Associate Companies/ Firms	· Adani Wilmar Limited · Vishakha Industries · Adani Golbal FZE

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 millions
56961000	Preferences Shares	Rs.10/- each	Rs.569.610 millions
	Total		Rs.1069.610 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45610000	Equity Shares	Rs.10/- each	Rs.456.100 millions
56961000	0.01% Non-Cumulative Optionally Convertible Preferences Shares	Rs.10/- each	Rs.569.610 millions
	Total		Rs.1025.710 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	1025.710	1025.710	1025.710
(b) Reserves & Surplus	(21.389)	(52.491)	(193.008)
(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)	1004.321	973.219	832.702
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1090.271	1097.318
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.032	2.806	2.306
Total Non-current Liabilities (3)	3.032	1093.077	1099.624
(4) Current Liabilities
(a) Short term borrowings	996.071	0.000	300.000
(b) Trade payables	117.367	69.878	65.347
(c) Other current liabilities	28.862	18.989	53.200
(d) Short-term provisions	11.859	4.067	6.488
Total Current Liabilities (4)	1154.159	92.934	425.035
TOTAL	2161.512	2159.230	2357.361
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1276.770	1358.761	1446.188
(ii) Intangible Assets	0.599	1.018	1.655
(iii) Capital work-in-progress	0.000	0.064	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	96.810	90.454	79.675
(c) Deferred tax assets (net)	52.552	51.511	105.961
(d) Long-term Loan and Advances	16.988	15.093	13.936
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1443.719	1516.901	1647.415
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	250.068	136.914	67.150
(c) Trade receivables	317.954	88.455	113.661
(d) Cash and cash equivalents	92.946	45.623	196.763
(e) Short-term loans and advances	20.997	335.250	331.263
(f) Other current assets	35.825	36.087	1.109
Total Current Assets	717.790	642.329	709.946
TOTAL	2161.509	2159.230	2357.361

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1631.808	1125.647	1543.620
		Other Income	9.782	33.007	9.098
		TOTAL (A)	1641.590	1158.654	1552.718
Less	EXPENSES
		Cost of Materials Consumed	1422.222	812.093	663.116
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(109.957)	(64.964)	346.292
		Employees benefits expense	41.817	41.773	39.318
		Other expenses	137.050	79.560	201.848
		TOTAL (B)	1491.132	868.462	1250.574
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		150.458	290.192	302.144
Less	FINANCIAL EXPENSES (D)		31.693	5.455	46.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		118.765	284.737	255.344
Less/ Add	DEPRECIATION/ AMORTISATION (F)		88.335	88.611	94.585
	PROFIT BEFORE TAX (E-F) (G)		30.430	196.126	160.759
Less	TAX (H)		(0.672)	55.610	56.831
	PROFIT AFTER TAX (G-H) (I)		31.102	140.516	103.928
	Earnings Per Share (Rs.)		0.68	3.08	2.28

Particulars	31.03.2014
Sales Turnover	2100.000

The above information has been parted by Mr. Tarsen Rana (Finance Department).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.89	12.13	6.69
Net Profit Margin (PBT/Sales)	(%)	1.86	17.42	10.41
Return on Total Assets (PBT/Total Assets}	(%)	1.51	9.72	7.40
Return on Investment (ROI) (PBT/Networth)		0.03	0.20	0.19
Debt Equity Ratio (Total Liability/Networth)		0.99	1.12	1.68
Current Ratio (Current Asset/Current Liability)		0.62	6.91	1.67

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1025.710	1025.710	1025.710
Reserves & Surplus	(193.008)	(52.491)	(21.389)
Net worth	832.702	973.219	1004.321
long-term borrowings	1097.318	1090.271	0.000
Short term borrowings	300.000	0.000	996.071
Total borrowings	1397.318	1090.271	996.071
Debt/Equity ratio	1.678	1.120	0.992

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1543.620	1125.647	1631.808
		(27.077)	44.966

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1543.620	1125.647	1631.808
Profit	103.928	140.516	31.102
	6.73%	12.48%	1.91%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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 LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loans and advances from others	0.000	1090.271
SHORT TERM BORROWINGS:
Loans repayable on demand from banks	300.000	0.000
Loans and advances from others	596.071	0.000
Working capital loans from others	100.000	0.000
Total	996.071	1090.271

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10507115	19/06/2014	237,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG,, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	C09927161
2	10384395	10/10/2012	600,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B61322707
3	10112450	17/07/2013 *	1,360,000,000.00	UCO BANK	SDA COMPLEX, KASUMPATI, SHIMLA - 171009, HIMACHAL PRADESH , INDIA	B83300426
4	10091943	17/07/2013 *	1,360,000,000.00	UCO BANK	SDA COMPLEX,, KASUMPTI BRANCH, SHIMLA - 171009, HIMACHAL PRADESH, INDIA	B83296582

Fixed Assets

· Freehold Land

· Building – Porta Cabin and Civil Work

· D G Set

· Material Handling Equipment

· Plant and Machinery

· Furniture and Fixture

· Electric Installation

· Office Equipments

· Computers

· Bicycle

· Vehicles

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No 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.60.85
UK Pound	1	Rs.102.69
Euro	1	Rs.81.46

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.