MIRA INFORM REPORT

Report No. :	355452
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	TUNIP AGRO LIMITED (w.e.f. 29.01.2008)
Formerly Known As :	TUNIP AGRO PRIVATE LIMITED
Registered Office :	712/713/714, Trade World Building, 7^th Floor, C Wing, Kamala Mill Compound, S.B. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Tel. No.:	91-22-40736300
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.09.2004
Com. Reg. No.:	11-148387
Capital Investment / Paid-up Capital :	Rs.198.876 Million
CIN No.: [Company Identification No.]	U15100MH2004PLC148387
IEC No.:	0304051675
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCT0817D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Fruit based Juice. (Confirmed by management)
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 2100000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 2004 and it is engaged in manufacturing and supplying of fruit juices. It offers onjus mango chill juice, mixed fruit juice, guava juice, red grape juice, pomegranate juice, pineapple juice, orange juice, cherry berry fruit juice, cranberry juice and gold mixed fruit juice. For the financial year ended 2014 company has achieved 13.13% growth in its revenue profile but failed to maintain profit and reported low margin at 0.36% during the year under review. Rating remain constrained on account of company’s moderate financial profile marked by modest net worth along with moderate debt coverage indicators and unfavorable gap between trade payables to its receivables. Rating also takes into consideration susceptibility to fluctuation in raw material prices along with erratic monsoon which led to impact revenue of the company and exposure to intense competition in the food product industry. However, rating weakness is partially offset by company’s established track record of business operations backed by extensive industry experience of promoters in food processing industry. Trade relations are reported as fair. Payment terms are slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. Note: Management of the company has not filed its financial with government department for the year 2015 and same are not available from any sources.

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Siddhant Tulsidas Goyal
Designation :	Managing director
Contact No.:	91-22-40736300
Date :	19.12.2015

LOCATIONS

Registered Office / Head Office :	712/713/714, Trade World Building, 7^th Floor, C Wing, Kamala Mill Compound, S.B. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-40736300
Fax No.:	91-22-40736399
E-Mail :	onjus@tunip.com onjus@onjusindia.com
Website :	www.tunip.com
Location :	Owned
Locality :	Commercial
Factory 1 :	C/O Schreiber Dynamix Dary Limited E-94, MIDC, Phigwan Road, Baramati, Pune – 413133, Maharashtra, India
Factory 2 :	144,1st Floor, JP Nagar, Co-Operative Housing Society, Hanta Nagar, Bhayander (West), Mumbai - 401101, Maharashtra, India
Tel. No.:	91-22-22630895
Factory 3 :	Lot No. 24, Ring Road 1, Pahse 1, Export Processing Zone Katunayaka Sri Lanka, India
Tel No.:	91-411-2252835
Fax No.:	91-411-2252835

DIRECTORS

As on 31.03.2015

Name :

Mr. Siddhant Tulsidas Goyal

Designation :

Managing Director

Address :

Upahar Building 7th Floor, Siri Road, Chiranpilal Loyalka Marg, Chowpatty, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

02.07.1984

Qualification :

Bachelor of Business Administration, Boston University

Date of Appointment :

01.04.2013

PAN No.:

AKLPG0587D

DIN No.:

01164889

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	U15100MH2004PLC148387	TUNIP AGRO LIMITED	Managing director	01/04/2013	23/10/2006	-	Active	NO
2	U17120MH1990PLC055038	NITYA INDUSTRIES LIMITED	Director	01/03/2007	01/03/2007	31/03/2009	Active	NO
3	U72900MH2001PTC131814	PYRAMID INFOWAY PRIVATE LIMITED	Director	15/09/2007	15/09/2007	-	Amalgamated	NO
4	U74140MH1999PTC118530	TUNIP EXPORTS PRIVATE LIMITED	Director	15/09/2007	15/09/2007	-	Amalgamated	NO
5	U18101MH1997PTC107051	ASP SYNTHETICS PRIVATE LIMITED	Director	01/04/2008	01/04/2008	31/03/2009	Active	NO
6	U99999MH1990PLC055399	AVON SYNTHETICS LIMITED	Director	01/04/2008	01/04/2008	31/03/2009	Active	NO
7	U68401MH1992PLC068401	INDEX SHARE PLAZA LIMITED	Additional director	01/05/2012	01/05/2012	-	Active	NO

Name :

Mrs. Neeta Tulsidas Goyal

Designation :

Whole-time director

Address :

Upahar Building 7th Floor, Siri Road, Chiranpilal Loyalka Marg, Chowpatty, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

17.11.1960

Qualification :

Bachelors of Arts (Economics)

Date of Appointment :

01.03.2007

PAN No.:

AAFPG6489C

DIN No.:

00655827

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	U74140MH1990PTC055657	SIDDHANT ENGINEERING AND CONSULTANTS PRIVATE LIMITED	Director	30/01/2004	30/01/2004	31/03/2009	Active	NO
2	U17120MH1990PLC055038	NITYA INDUSTRIES LIMITED	Director	01/03/2007	01/03/2007	01/03/2007	Active	NO
3	U72900MH2001PTC131814	PYRAMID INFOWAY PRIVATE LIMITED	Director	12/10/2007	12/10/2007	-	Amalgamated	NO
4	U74140MH1999PTC118530	TUNIP EXPORTS PRIVATE LIMITED	Director	12/10/2007	12/10/2007	-	Amalgamated	NO
5	U15100MH2004PLC148387	TUNIP AGRO LIMITED	Whole-time director	01/04/2013	04/12/2007	-	Active	NO
6	U99999MH1990PLC055399	AVON SYNTHETICS LIMITED	Director	09/02/2009	09/02/2009	09/02/2009	Active	NO
7	U68401MH1992PLC068401	INDEX SHARE PLAZA LIMITED	Additional director	01/05/2012	01/05/2012	-	Active	NO

Name :

Mr. Satyabir Pabitra Kumar Bhattacharyya

Designation :

Director

Address :

304, Krishna Kunj, Gokuldham, Goregaon [East], Dindoshi, Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

02.10.1950

Qualification :

M. Sc. London School of Economics

Date of Appointment :

30.09.2010

DIN No.:

01522689

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	U74140MH2000PLC123863	TECHNOSOLUTIONS (INDIA) LIMITED	Director	01/07/2007	01/07/2007	14/07/2011	Active	NO
2	U74140WB1996PTC079369	CHR Global HR Services Private Limited	Director	30/09/2009	10/08/2009	01/08/2010	Active	NO
3	U15100MH2004PLC148387	TUNIP AGRO LIMITED	Director	30/09/2010	01/12/2009	-	Active	NO
4	U63090WB1991PLC052729	CREDENCE LOGISTICS LIMITED	Director	15/09/2011	30/06/2011	01/11/2012	Active	NO

Name :

Mr. Rajendra Badrinarayan Barwale

Designation :

Director

Address :

72-B, Urvashi Petit Estate, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

12.12.1955

Qualification :

B. Sc. (Hons.) Agriculture (Ag & AH)

Designation :

Director

Date of Appointment :

24.12.2010

DIN No.:

00001678

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	U01110MH1978PTC020708	BARWALE SEEDS PRIVATE LIMITED	Director	19/10/1978	19/10/1978	-	Active	NO
2	U01110MH1972PLC015630	JALNA SEEDS PROCESSING AND REFRIGERATION COMPANY LIMITED	Director	23/12/1978	23/12/1978	-	Active	NO
3	U24110MH1984PTC034809	MARATHAWADA REALTORS PRIVATE LIMITED	Director	26/02/1985	26/02/1985	14/11/2007	Active	NO
4	U73100MH1987GAP042298	BARWALE FOUNDATION	Director	21/10/1987	21/10/1987	-	Active	NO
5	U29290MH1960PLC059367	ALMET CORPORATION LIMITED	Director	14/09/1989	14/09/1989	14/11/2007	Active	NO
6	U65990MH1990PTC055402	NEEMUCH INVESTMENT AND TRADING PRIVATE LIMITED	Director	12/02/1990	12/02/1990	26/07/2013	Converted to LLP and dissolved	NO
7	U65990MH1990PTC055398	Almet Healthcare Private Limited	Director	12/02/1990	12/02/1990	-	Active	NO
8	U65990MH1990PTC055475	DUDHNA INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	16/03/2015	Active	NO
9	U67120MH1990PTC055474	HARBHAJAN INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	16/03/2015	Active	NO
10	U67120MH1990PTC055473	HARIRANI INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
11	U67120MH1990PTC055472	NIDHONA INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	26/07/2013	Converted to LLP and dissolved	NO
12	U65990MH1990PTC055470	RAJUR GANAPATI INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
13	U65990MH1990PTC055468	JAMWADI INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	-	Active	NO
14	U65990MH1990PTC055467	AKSHNISHIT INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/02/1990	15/02/1990	26/07/2013	Active	NO
15	U01403MH1990PTC055515	VIKRAM SEEDS PRIVATE LIMITED	Director	20/02/1990	20/02/1990	13/11/2014	Amalgamated	NO
16	U67120MH1990PTC055592	JOHN FOWLER OCULAR LENSES PRIVATE LIMITED	Director	28/02/1990	28/02/1990	-	Active	NO
17	U67120MH1990PTC055591	CHITTODA INVESTMENT AND TRADING PRIVATE LIMITED	Director	28/02/1990	28/02/1990	-	Active	NO
18	U65999MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	25/03/1991	25/03/1991	-	Amalgamated	NO
19	U31503MH1987PTC247879	R.B.ASSOCIATES PRIVATE LIMITED	Director	16/03/1993	16/03/1993	-	Active	NO
20	U85100MH1995PTC094853	JOHN FOWLER OPHTHALMICS PRIVATE LIMITED	Director	29/11/1995	29/11/1995	14/11/2007	Active	NO
21	U65990MH1996PLC099431	GANGABISHAN BHIKULAL INVESTMENT AND TRADING LIMITED	Director	10/05/1996	10/05/1996	-	Active	NO
22	U01135JK1973PLC000388	SUNGRO SEEDS RESEARCH LIMITED	Director	29/07/1996	29/07/1996	-	Amalgamated	NO
23	U74899DL1991PLC044605	SUNGRO SEED EXPORTS LIMITED	Director	29/07/1996	29/07/1996	-	Amalgamated	NO
24	U73100MH1997PTC111505	MAHYCO MONSANTO BIOTECH (INDIA) Private Limited	Director	23/10/1997	23/10/1997	-	Active	NO
25	U29219MH1998PTC115973	DICKINSON FOWLER PRIVATE LIMITED	Director	27/07/1998	27/07/1998	-	Active	NO
26	U01120MH1999PLC122855	MAHYCO VEGETABLE SEEDS LIMITED	Director	01/12/1999	01/12/1999	-	Amalgamated	NO
27	U74999MH1972PLC015791	SEED TRADE ASSOCIATION OF MAHARASHTRA LIMITED	Director	22/11/2000	22/11/2000	-	Strike off	NO
28	U74999MH2000PTC123855	FOWLER WESTRUP (INDIA) PRIVATE LIMITED	Director	05/02/2001	05/02/2001	-	Active	NO
29	U01110MH1992NPL066942	ASSOCIATION OF SEED INDUSTRY	Director	09/10/2001	09/10/2001	-	Active	NO
30	U40107MH1995PLC084203	MAHYCO SEEDS LIMITED	Managing director	07/03/2008	07/03/2003	-	Amalgamated	NO
31	U01100MH1970PTC014600	MAHARASHTRA HYBRID SEEDS COMPANY Private Limited	Managing director	18/08/2013	18/08/2003	-	Active	NO
32	U73100DL1990PLC041486	BIOTECH CONSORTIUM INDIA LIMITED	Director	24/11/2003	24/11/2003	05/09/2013	Active	NO
33	U30007KA1998PTC024374	Nova Techset Private Limited	Director	24/06/2004	24/06/2004	-	Active	NO
34	U91990MH2005NPL153954	INDIAN FOUNDATION SEED AND SERVICES ASSOCIATION	Director	14/06/2005	14/06/2005	-	Active	NO
35	U74999MH1991PTC061969	Sungro Seeds Private Limited	Director	28/10/2005	28/10/2005	05/03/2015	Active	NO
36	U67120MH2006PTC159783	BARWALE INVESTMENT AND TRADING PRIVATE LIMITED	Director	16/02/2006	16/02/2006	-	Amalgamated	NO
37	U72200KA2001PTC069316	TECHSET COMPOSITION INDIA PRIVATE LIMITED	Director	27/09/2007	29/08/2007	19/12/2014	Amalgamated	NO
38	U73100MH2009PTC191681	Nanophore Life Sciences Private Limited	Director	15/04/2009	15/04/2009	-	Strike off	NO
39	U15100MH2004PLC148387	TUNIP AGRO LIMITED	Director	24/12/2010	25/10/2010	-	Active	NO
40	U80302PN2001PLC135348	MAHARASHTRA KNOWLEDGE CORPORATION LIMITED	Director appointed in casual vacancy	15/01/2011	15/01/2011	15/01/2014	Active	NO

Name :

Mr. Uday Garg

Designation :

Director

Address :

62, Jupiter Apartment, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

12.01.1979

Date of Appointment :

24.12.2010

PAN No.:

B.S. in Economics with a concentration in Finance from the Wharton School

DIN No.:

03285941

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	U15100MH2004PLC148387	TUNIP AGRO LIMITED	Director	24/12/2010	25/10/2010	-	Active	NO
2	U41000MH2012PTC230296	Varuna Water Resources Private Limited	Director	26/04/2012	26/04/2012	-	Active	NO
3	U74899TG1984PLC089495	GATI KAUSAR INDIA LIMITED	Director	28/07/2015	09/10/2014	-	Active	NO
4	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Nominee director	17/04/2015	19/03/2015	-	Active	NO
5	U65999MH2011PLC213640	Sustainable Agro-Commercial Finance Limited	Nominee director	22/04/2015	22/04/2015	07/08/2015	Active	NO

Name :

Mr. Manoj Dwarkanath Thakur

Designation :

Additional director

Address :

503, 5^th Floor, 20 Mhada Project, 55, Oshiwara, Andheri [West], Mumbai, Maharashtra, India

Date of Birth/Age :

08.08.1956

Date of Appointment :

29.09.2012

DIN No.:

01372581

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	U74999MH2001PTC131469	SICOM ARC LIMITED	Director	14/07/2003	14/07/2003	17/05/2007	Active	NO
2	U65922MH1996PLC096684	SICOM INVESTMENTS & FINANCE LIMITED	Managing director	12/09/2014	10/10/2006	-	Active	NO
3	U24239MH2001PTC132122	STAR ORECHEM INTERNATIONAL PRIVATE LIMITED	Nominee director	29/04/2010	29/04/2010	25/06/2012	Active	NO
4	U15100MH2004PLC148387	TUNIP AGRO LIMITED	Nominee director	29/09/2012	20/04/2012	-	Active	NO

Name :

Mr. Sudesh Ganesh Kamath

Designation :

Additional director

Address :

4, Jeevan Jyoti Society, Lalubhai Park Road, Andheri, Mumbai, Maharashtra, India

Date of Birth/Age :

27.03.1971

Date of Appointment :

29.09.2012

DIN No.:

03101885

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	U24239MH2001PTC132122	STAR ORECHEM INTERNATIONAL PRIVATE LIMITED	Nominee director	29/04/2010	29/04/2010	25/06/2012	Active	NO
2	U15100MH2004PLC148387	TUNIP AGRO LIMITED	Nominee director	29/09/2012	20/04/2012	-	Active	NO
3	L01403GJ1996PLC030581	SHRI ASTER SILICATES LIMITED	Nominee director	10/01/2014	10/01/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.10.2014

Names of Shareholders	No. of Shares
Fready Aspi Irani	2154
Dinesh Mirchandani	4475
Rustam N Mulla	2067
Mandala Capital Ag Fund Limited	1000000
Prime Broking Company India Limited	71709
Judith Investments Private Limited	166617
Prime Securities Limited	873687
Dr Abdul Aziz Hakim	45
Dr Abdul Aziz Hakim	43
Atiya Hakim	43
Vanisha Jagwani	2766
Sanjay Soni	669
Kiran Soni	153
Mukund Prataprai Mehta	502
Paresh Raja	2773
Sicom Investments And Finance Limited	3375000
Neshaminy Ambrish Dalal	9504
Mita Ambrish Dalal	4734
Fardun Nadirshah Mulla	1752
Radha Patel	2011
Kirti J Doshi	50000
Hina K Doshi	100000
Neeta Tulsidas Goyal	5170958
Brand Equity Treaties Limited	913201
Meenakshi Mercentiles Limited	6312
Ashok Vishwanath Hiremath	1733
Rushda A Hakim	149
Dharmayug Investments Limited	753549
Paresh Prataprai Mehta	499
John Fowler (India) Private Limited	1250000
Madhuri R Dhoot	11928
Obaid Aziz Hakim	83
Satish P Sakhardande	209
Siddhant T Goyal	5425000
Others Physical Holding	683258
Total	19887583

Equity Share Break up (Percentage of Total Equity)

As on 17.10.2014

Category	Percentage
Bodies corporate	26.57
Directors or relatives of Directors	53.28
Other top fifty shareholders	3.18
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Fruit based Juice. (Confirmed by management)
Products :	Fruit based Juice
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	Srilanka
Terms :
Selling :	Cheque
Purchasing :	Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

125 (Approximately)

Bankers :

Bank Name	Yes Bank
Branch	Ground Floor, 1A Mittal, Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-66749000
Name of Account Holder	Tunip Agro Limited
Account Number	000484100000444
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	No one is responding properly.

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other loans and advances, others	1105.899	854.504
Short-term borrowings
Other loans and advances, others	34.097	0.363
Total	1139.996	854.867

Financial Institutions :	SICOM Investments and Finance Limited, 402, Ground Floor, Solitare Corporate Park, Building No. 4, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India
Auditors :
Name :	Pankaj Dalal and Associates Chartered Accountants
Address :	Saraswati Niwas, French Bridge, Mumbai – 400007, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACPD7494D
Memberships :	Not Available
Collaborators :	Not Available
Joint venture :	Indo Lanka Exports Private Limited, Sri Lanka
Subsidiaries :	Tunip Lanka Private Limited, Sri Lanka

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19887583	Equity Shares	Rs.10/- each	Rs.198.876 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	198.876	198.876	177.626
(b) Reserves & Surplus	277.111	275.523	209.836
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	250.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	725.987	474.399	387.462
(3) Non-Current Liabilities
(a) long-term borrowings	1105.899	854.504	95.711
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.940	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1107.839	854.504	95.711
(4) Current Liabilities
(a) Short term borrowings	34.097	0.363	2.451
(b) Trade payables	24.035	33.081	10.371
(c) Other current liabilities	44.148	17.907	7.914
(d) Short-term provisions	16.178	15.728	14.114
Total Current Liabilities (4)	118.458	67.079	34.850
TOTAL	1952.284	1395.982	518.023
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.646	5.474	2.384
(ii) Intangible Assets	65.772	65.772	65.772
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	17.664	17.664	11.903
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1785.397	1212.028	103.413
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1879.479	1300.938	183.472
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38.818	49.431	171.585
(c) Trade receivables	8.229	11.052	132.502
(d) Cash and cash equivalents	8.534	16.611	5.408
(e) Short-term loans and advances	4.692	5.313	13.788
(f) Other current assets	12.532	12.637	11.268
Total Current Assets	72.805	95.044	334.551
TOTAL	1952.284	1395.982	518.023

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1232.513	1089.997	737.640
	Other Income	246.989	130.589	0.179
	TOTAL (A)	1479.502	1220.586	737.819
Less	EXPENSES
	Cost of Materials Consumed	6.303	45.718	70.839
	Purchases of Stock-in-Trade	843.427	688.910	500.405
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(20.179)	115.426	(49.889)
	Employees benefits expense	43.073	25.877	14.467
	Other expenses	354.768	209.767	177.056
	TOTAL (B)	1227.392	1085.698	712.878
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	252.110	134.888	24.941
Less	FINANCIAL EXPENSES (D)	247.433	129.307	20.338
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	4.677	5.581	4.603
Less/ Add	DEPRECIATION/ AMORTISATION (F)	2.640	2.031	1.463
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2.037	3.550	3.140
Less	TAX (H)	0.450	1.613	3.050
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1.587	1.937	0.090
	Earnings / (Loss) Per Share (Rs.)	0.00	0.00	0.01

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(536.122)	(819.269)	(71.529)
Net cash flow from operating activity	(536.572)	(820.882)	(74.579)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.13	0.18	0.01
Operating Profit Margin (PBIDT/Sales)	(%)	20.45	12.38	3.38
Return on Total Assets (PBT/Total Assets}	(%)	0.11	0.26	0.62
Return on Investment (ROI) (PBT/Networth)		0.00	0.01	0.01
Debt Equity Ratio (Total Debt /Networth)		1.57	1.80	0.25
Current Ratio (Current Asset/Current Liability)		0.61	1.42	9.60

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	177.626	198.876	198.876
Reserves & Surplus	209.836	275.523	277.111
Share Application money pending allotment	0.000	0.000	250.000
Net worth	387.462	474.399	725.987
long-term borrowings	95.711	854.504	1105.899
Short term borrowings	2.451	0.363	34.097
Total borrowings	98.162	854.867	1139.996
Debt/Equity ratio	0.253	1.802	1.570

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	737.640	1089.997	1232.513
		47.768	13.075

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	737.640	1089.997	1232.513
Profit	0.090	1.937	1.587
	0.01%	0.18%	0.13%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	No
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF OPERATIONS:

During the financial year 13 14, the company has completed the construction and installation of its first manufacturing facility in Sri Lanka. It has achieved record revenues this year of Rs. 1230.000 Million. This is on account of increase in width and depth of distribution across India.

BUSINESS PERFORMANCE:

The Company's strong performance continued in 2013-14, despite difficult economic conditions coupled with fierce competition, and high inflationary market conditions resulting in higher input cost. The depreciation of Rupee also imposed severe challenges during the year. Despite such a challenging environment, the Company achieved a 13.8% sales growth during the year 2013-14. Sales for the year increased by Rs. 143.000 Million as against Rs1089.000 Million during the previous year.

The profit before tax for the financial year 2013-14 was Rs. 1.580 Million as against Rs. 1.936 Million during the previous year. The Company continued to achieve excellent business results year after year despite the testing market environment. This has been possible due to several key initiatives which focused on institutional, retail customers with a stronger focus on improvement, greater value and efficiency everywhere, while strengthening organizational leadership.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10527324	22/09/2014	300,000,000.00	SICOM LIMITED	SOLITAIRE CORPORATE PARK, BUILDING NO. 4, GURU, H  ARGOVINDJI ROAD, ANDHERI (EAST), Mumbai, Maharashtra - 400093, INDIA	C30793871
2	10479382	06/02/2014	40,000,000.00	SICOM INVESTMENTS & FINANCE LIMITED	402, GROUND FLOOR, SOLITARE CORPORATE PARK,, BLDG  NO. 4, CHAKALA, ANDHERI (EAST),, MUMBAI, Maharashtra - 400093, INDIA	B97124218
3	10484102	19/06/2013	200,000,000.00	SICOM LIMITED	SOLITAIRE CORPORATE PARK, BUILDING NO. 4, GURU, H  ARGOVINDJI ROAD, ANDHERI (EAST), Mumbai, Maharashtra - 400093, INDIA	B87745014
4	10486359	18/02/2013	50,000,000.00	SICOM INVESTMENTS & FINANCE LIMITED	402, GROUND FLOOR, SOLITARE CORPORATE PARK, BLDG  NO. 4, CHAKALA, ANDHERI (EAST),, MUMBAI, Maharashtra - 400093, INDIA	B87878427
5	10351063	30/03/2012	750,000,000.00	SICOM LIMITED	SOLITAIRE CORPORATE PARK, BUILDING NO. 4, GURU, H  ARGOVINDJI ROAD, ANDHERI (EAST), Mumbai, Maharasht  ra - 400093, INDIA	B37959368
6	10211335	27/09/2012 *	60,000,000.00	SICOM INVESTMENTS & FINANCE LIMITED	C/O. SICOM LIMITED, 4TH FLR., SOLITAIRE CORPORATE,  PARK, BLDG NO 4, G H MARG, CHAKALA, ANDHERI (E),  MUMBAI, Maharashtra - 400093, INDIA	B59459016

FIXED ASSETS

• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.66.32
UK Pound	1	Rs.98.98
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	SUJ

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
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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		32

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.