MIRA INFORM REPORT

Report Date :

12.07.2014

IDENTIFICATION DETAILS

Name :	INTERNATIONAL AGRICULTURAL PROCESSING PRIVATE LIMITED
Registered Office :	332/5A, Perenai Road, Musuvanathu, Nilakottai Taluk, Dindigul – 624219, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.03.1998
Com. Reg. No.:	18-010866
Capital Investment / Paid-up Capital :	Rs.45.609 Millions
CIN No.: [Company Identification No.]	U01513TZ1998PTC010866
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Processing and Exporting Fruits and Vegetables (Mainly Gherkins in Jars and Barrels as a 100% EOU.)
No. of Employees :	120 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 813200
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company seems to be low during 2013. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company 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.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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 PARTED BY

Name :	Mr. Sakthivel
Designation :	Export Department
Contact No.:	91-4543-301241
Date :	09.07.2014

LOCATIONS

Registered Office / Factory :	332/5A, Perenai Road, Musuvanathu, Nilakottai Taluk, Dindigul – 624219, Tamilnadu, India
Tel. No.:	91-4543-301241
Fax No.:	91-4543-301241
E-Mail :	paakthivel.p@iap-india.com
Location :	Owned
Locality :	Commercial

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Murali Vasan Sundaralingam

Designation :

Chairman

Address :

APT 1508, 438, Richmond ST, Toronto On M5V3S6

Date of Birth/Age :

21.10.1968

Date of Appointment :

02.12.2011

Din No.:

02467096

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	U51219KA2002PTC030065	ALTERNATIV FOOD PROCESS PRIVATE LIMITED	Director	28-03-2002	28-03-2002	01-12-2011	Active	NO
2	U15137PY2011PTC002631	MARCATUS INTERNATIONAL FOODS PRIVATE LIMITED	Director	01-12-2011	01-12-2011	-	Active	NO
3	U01513TZ1998PTC010866	INTERNATIONAL AGRICULTURAL PROCESSING PRIVATE LIMITED	Director	09-08-2012	02-12-2011	-	Active	NO

Name :

Mr. Soundranayagam Rabindranath

Designation :

Managing Director

Address :

332/5A, Perenai Road, Musuvanathu, Nilakottai Taluk, Dindigul – 624219, Tamilnadu, India

Date of Birth/Age :

06.05.1956

Date of Appointment :

22.06.2005

Din No.:

00018669

Name :

Mr. Ramaswamy Raghavendra

Designation :

Whole Time Director

Address :

D. NO. 182, 128 MN, Rajajinagar, 6^th B, 12^th B MN, 6^th Block, Bangalore – 560010, Karnataka, India

Date of Birth/Age :

01.12.1967

Date of Appointment :

02.12.2011

Din No.:

01861451

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	Company/ LLP Status	Defaulting status
1	U51221KA2004PTC034460	SASYA AGRICULTURAL FOODS PRIVATE LIMITED	Director	28-09-2007	17-09-2007	Strike off	NO
2	U74900PY2008PTC002165	MARCATUS QED (INDIA) PRIVATE LIMITED	Director	25-04-2008	25-04-2008	Active	NO
3	U15137PY2011PTC002631	MARCATUS INTERNATIONAL FOODS PRIVATE LIMITED	Director	20-10-2011	20-10-2011	Active	NO
4	U01513TZ1998PTC010866	INTERNATIONAL AGRICULTURAL PROCESSING PRIVATE LIMITED	Whole-time director	04-07-2012	02-12-2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Sakthivel
Designation :	Export Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Marcatus International Foods Private Limited, Pondicherry	4560756	100.00
Marcatus Qed Limited, Canada	100	0.00
TOTAL	4560856	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.01
Bodies corporate	99.99
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Processing and Exporting Fruits and Vegetables (Mainly Gherkins in Jars and Barrels as a 100% EOU.)
Exports :
Products :	Finished Goods
Countries :	· Middle East · Europe · Australia · Canada
Imports :
Products :	Packaging Materials
Countries :	· Europe · China
Terms :
Selling :	LC and Credit
Purchasing :	LC and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

120 [Approximately]

Bankers :

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

· ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Loans Repayable on Demand From Bank
Working capital facilities from a Commercial Bank viz. ICICI Bank Limited	107.716	99.793
TOTAL	107.716	99.793

Banking Relations :	--
Auditors :
Name :	K.S. Satagopan and Associates Chartered Accountants
Address :	1, First Main Road, Indiranagar, Adayar, Chennai – 600020, Tamilnadu, India
PAN No:	AAIPS1663B
Subsidiaries :	IAP Farm Services Private Limited [U00011TZ2003PTC010685]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4560856	Equity Shares	Rs.10/- each	Rs.45.609 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	45.609	45.608	45.608
(b) Reserves & Surplus	141.388	135.769	133.960
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	16.309	16.309	16.309
Total Shareholders’ Funds (1) + (2)	203.306	197.686	195.877
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	9.645	10.380	8.850
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	9.645	10.380	8.850
(4) Current Liabilities
(a) Short term borrowings	117.924	99.793	79.660
(b) Trade payables	63.036	36.356	42.358
(c) Other current liabilities	13.353	29.820	6.929
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	194.313	165.969	128.947
TOTAL	407.264	374.035	333.674
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	106.739	110.312	118.003
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	2.959	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.102	0.102	0.102
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	31.214	31.644	1.385
(e) Other Non-current assets	1.040	1.053	2.354
Total Non-Current Assets	139.095	146.070	121.844
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	101.730	76.619	71.368
(c) Trade receivables	134.394	114.931	90.810
(d) Cash and cash equivalents	5.990	10.871	10.741
(e) Short-term loans and advances	25.760	25.072	38.911
(f) Other current assets	0.295	0.472	0.000
Total Current Assets	268.169	227.965	211.830
TOTAL	407.264	374.035	333.674

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	624.230	568.135	385.833
		Other Income	31.969	37.914	32.905
		TOTAL (A)	656.199	606.049	418.738
Less	EXPENSES
		TOTAL (B)	628.105	572.340	416.787
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28.094	33.709	1.951
Less	FINANCIAL EXPENSES (D)		9.342	14.812	9.918
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.752	18.897	(7.967)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.675	14.633	13.540
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		6.077	4.264	(21.507)
Less	TAX (H)		0.464	2.455	(1.720)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		5.613	1.809	(19.787)
	Earnings / (Loss) Per Share (Rs.)		1.23	--	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.86	0.30	(4.73)
Net Profit Margin (PBT/Sales)	(%)	0.97	0.75	(5.57)
Return on Total Assets (PBT/Total Assets}	(%)	1.49	1.15	(6.45)
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	(0.11)
Debt Equity Ratio (Total Debt/Networth)		0.58	0.50	0.41
Current Ratio (Current Asset/Current Liability)		1.38	1.37	1.64

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	45.608	45.608	45.609
Reserves & Surplus	133.960	135.769	141.388
Net worth	179.568	181.377	186.997
long-term borrowings	0.000	0.000	0.000
Short term borrowings	79.660	99.793	117.924
Total borrowings	79.660	99.793	117.924
Debt/Equity ratio	0.444	0.550	0.631

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	385.833	568.135	624.230
		47.249	9.874

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	385.833	568.135	624.230
Profit	(19.787)	1.809	5.613
	(5.13%)	0.32%	0.90%

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	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	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10460732	27/03/2014 *	197,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	C04916615
2	80064452	03/11/2003	17,500,000.00	STATE BANK OF INDIA	SALAI ROAD, , DINDIGUL - 624001, TAMILNADU, INDI  A	-

* Date of charge modification

GENERAL INFORMATION:

Subject is a private company incorporated in India on 24^th March 1998 and engaged in the business of processing and exporting fruits and vegetables (mainly gherkins in jars and barrels as a 100% EOU.) Subject state of art plant is situated Musuvanathu Village, Nilakottai Taluk, Dindigul District, Tamilnadu, India. Subject products are certified by authorities of International Food Standards (IFS), HACCP, SQF, Halal and OU.

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Loans Repayable on Demand From Bank
Working capital facilities from a Commercial Bank viz. ICICI Bank Limited	10.208	0.000
TOTAL	10.208	0.000

FIXED ASSETS:

· Land

· Building Factory

· Plant and Equipments

· Vehicles

· Furniture and Fixtures

· Office Equipments

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.60.19
UK Pound	1	Rs.103.15
Euro	1	Rs.81.87

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		30

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.