MIRA INFORM REPORT

Report No. :	304982
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	GLOBAL GREEN COMPANY LIMITED (w.e.f 23.12.1997)
Formerly Known As :	REITZEL INDIA LIMITED
Registered Office :	Thapar House, 124, Janpath, New Delhi - 110 001
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.02.1992
Com. Reg. No.:	55-047666
Capital Investment / Paid-up Capital :	Rs. 979.423 Millions
CIN No.: [Company Identification No.]	U02001DL1992PLC047666
TAN No.: [Tax Deduction & Collection Account No.]	HYDG01662D
PAN No.: [Permanent Account No.]	AAACR0635H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the Growing, Manufacturing, Distribution and Selling of Various Pickled Agri-Produce.
No. of Employees :	Not Available

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 71000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of ‘Avantha Group’. It is an established company having moderate track. There appears accumulated losses recorded by the company. The external borrowing appears to be huge during FY 14. However, company gets good support from its group companies. Trade relations are reported to be fair. Business is active. Payments are reported to be 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	India Ratings and Research
Rating	Long term rating: “BBB-“
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	11.12.2013

Rating Agency Name	India Ratings and Research
Rating	Short term rating: “A3“
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	11.12.2013

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 31-03-2014.

LOCATIONS

Registered Office :	Thapar House, 124, Janpath, New Delhi - 110001, India
Tel. No.:	91-11-23368332 / 23368811
Fax No.:	91-11-23368729
E-Mail :	misac@globalgreencompany.com kmanjunath@globalgreencompany.com sbudhiraja@bilt.com cs.ggcl@globalgreengroup.com
Website :	http://www.globalgreencompany.com
Corporate Office.	#14, 80 Feet Road, 4th Block,  Koramangala Bangalore - 560034, Karnataka, India
Tel. No.:	91-80-25536035/25527217
Fax No.:	91-80-25536061
Overseas Offices :	Located At: · European · North America

DIRECTORS

As on 29.09.2014

Name :

Mr. Gautam Thapar

Designation :

Director

Address :

E – 16, Pushpanjali Farm, Bijwasan, New Delhi – 110061, India

Date of Birth/Age :

07.12.1960

Date of Appointment :

15.04.1994

PAN No.:

ABNPT6298B

DIN No.:

00012289

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	U21019DL1975PLC198598	BILT PAPER HOLDINGS LIMITED	Managing director	01-04-2010	06-08-1993	-	Amalgamated	NO
2	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	15-04-1994	15-04-1994	-	Active	NO
3	U74899DL1994PTC061845	VANI AGENCIES PRIVATE LIMITED	Director	29-09-1994	29-09-1994	01-07-2009	Active	NO
4	U51102DL1997PLC112862	SOLARIS CHEMTECH LIMITED	Director	29-12-1997	29-12-1997	-	Amalgamated	NO
5	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Director	01-04-2010	16-04-1999	-	Active	NO
6	U67120MH1978PLC020308	CG CAPITAL AND INVESTMENTS LIMITED	Director	30-03-2001	30-03-2001	-	Amalgamated	NO
7	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	22-03-2002	22-03-2002	-	Active	NO
8	U80101MH2002NPL136300	PRATHAM EDUCATION FOUNDATION	Director	01-10-2002	01-10-2002	18-06-2009	Active	NO
9	U51900MH2000PTC127339	OSIAN'S - CONNOISSEURS OF ART PRIVATE LIMITED	Director	16-12-2002	16-12-2002	24-12-2009	Active	NO
10	U51396DL2004PLC129498	KCT PAPERS LIMITED	Director	28-09-2004	28-09-2004	-	Amalgamated	NO
11	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	07-08-2005	07-08-2005	-	Active	NO
12	U74140DL2005PLC135984	AVANTHA BUSINESS SOLUTIONS LIMITED	Director	07-10-2005	07-10-2005	-	Active	NO
13	U67120DL2003PLC198253	SOLARIS HOLDINGS LIMITED	Director	29-06-2007	22-08-2006	-	Amalgamated	NO
14	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	24-09-2006	24-09-2006	16-05-2007	Active	NO
15	U70102DL1981PLC198595	AVANTHA REALTY LIMITED	Director	26-12-2007	02-02-2007	13-12-2011	Active	NO
16	U67120DL1998PLC198627	AVANTHA HOLDINGS LIMITED	Whole-time director	01-04-2013	02-02-2007	-	Active	NO
17	U52110DL1992PLC005844	KARAM CHAND THAPAR AND BROS. LIMITED	Director	28-12-2007	26-02-2007	-	Amalgamated	NO
18	U55101MH2000PLC187834	LAVASA CORPORATION LIMITED	Director	04-06-2007	27-02-2007	-	Active	NO
19	U01214DL2004PTC125167	SOHNA STUD FARM PRIVATE LIMITED	Director	07-09-2007	10-05-2007	-	Active	NO
20	U80903DL2009NPL189043	AVANTHA FOUNDATION	Director	01-04-2009	01-04-2009	-	Active	NO
21	U99999UR1928NPL002455	INDIAN PUBLIC SCHOOLS SOCIETY	Director	21-12-2010	21-12-2010	-	Active	NO
22	U66000HR2013PLC048992	AVANTHA ERGO LIFE INSURANCE COMPANY LIMITED	Director	03-02-2014	30-01-2014	-	Active	NO
23	U36999DL1989PLC034942	BILT TREE TECH LIMITED	Director	18-12-2014	17-02-2014	-	Active	NO

Name :

Mr. Bhuthalingam Hariharan

Designation :

Director

Address :

D-2/3, Paschimi Marg, Vasant Vihar, New Delhi - 110057, India

Date of Birth/Age :

18.04.1957

Qualification:

ACA, AICWA and ACS

Date of Appointment :

18.11.2011

DIN No.:

00012432

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	U51102DL1997PLC112862	SOLARIS CHEMTECH LIMITED	Director	29-12-1997	29-12-1997	-	Amalgamated	NO
2	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Nominee director	18-11-2011	25-05-1999	-	Active	NO
3	U36999DL1989PLC034942	BILT TREE TECH LIMITED	Director	17-08-2000	17-08-2000	05-11-2012	Active	NO
4	L21010MH1945PLC010337	BALLARPUR INDUSTRIES LIMITED	Whole-time director	21-06-2001	21-06-2001	-	Active	NO
5	U67120DL1998PLC198627	AVANTHA HOLDINGS LIMITED	Director	26-03-2011	06-03-2002	-	Active	NO
6	U65999DL2003PLC119508	NEWQUEST INSURANCE BROKING SERVICES LIMITED	Director	24-03-2003	24-03-2003	-	Active	NO
7	U67120DL2003PLC198253	SOLARIS HOLDINGS LIMITED	Director	04-04-2003	04-04-2003	-	Amalgamated	NO
8	U74140DL2005PLC135984	AVANTHA BUSINESS SOLUTIONS LIMITED	Director	07-10-2005	07-10-2005	29-08-2014	Active	NO
9	U22121DL2005PTC138214	CONTENT SERVICES AND PUBLISHING PRIVATE LIMITED	Director	08-03-2006	08-03-2006	12-03-2010	Active	NO
10	U40101DL2005PLC138906	AVANTHA POWER AND INFRASTRUCTURE LIMITED	Director	13-12-2006	12-06-2006	-	Active	NO
11	U21000MH2007PLC172382	BILT GRAPHIC PAPER PRODUCTS LIMITED	Director	16-07-2007	16-07-2007	-	Active	NO
12	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	31-12-2008	26-09-2008	-	Active	NO
13	U67120DL2003PTC121919	TOPSCORE TRADEVARIETY PRIVATE LIMITED	Director	30-09-2010	21-07-2009	-	Amalgamated	NO
14	U24296DL2004PLC129497	KCT CHEMICALS AND ELECTRICALS LIMITED	Director	08-09-2009	21-07-2009	-	Amalgamated	NO
15	U70102DL1981PLC198595	AVANTHA REALTY LIMITED	Director	30-09-2010	04-11-2009	29-08-2014	Active	NO
16	U72900DL2001PLC109058	BILTECH BUILDING ELEMENTS LIMITED	Director	21-09-2011	16-11-2010	-	Active	NO
17	U85110KA1998PLC023512	PREMIER TISSUES (INDIA) LIMITED	Director	13-12-2011	09-03-2011	22-08-2014	Active	NO
18	U26942CT2007PTC020227	K.P. CEMENT MFG. CO. PRIVATE LIMITED	Director	27-09-2012	29-12-2011	29-08-2014	Active	NO
19	U40300MH2012PLC228170	CG POWER SOLUTIONS LIMITED	Director	14-03-2012	14-03-2012	-	Active	NO
20	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	06-08-2013	01-11-2012	-	Active	NO
21	U66000HR2013PLC048992	AVANTHA ERGO LIFE INSURANCE COMPANY LIMITED	Director	22-05-2014	02-05-2013	-	Active	NO

Name :

Mr. Wilton Henriques

Designation :

Director

Address :

Silvan Mansion, Lady Jamshedji Road, Mahim, Mumbai-400016, Maharashtra, India

Date of Birth/Age :

18.10.1955

Date of Appointment :

17.09.2009

DIN No.:

00059817

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	U31100MH1996PLC100151	CG ENERGY MANAGEMENT LIMITED	Director	26-11-2001	26-11-2001	08-11-2013	Active	NO
2	U24295GA1988PLC000921	CG-PPI ADHESIVE PRODUCTS LIMITED	Director	24-07-2002	24-07-2002	21-09-2010	Active	NO
3	U67120MH1978PLC020308	CG CAPITAL AND INVESTMENTS LIMITED	Managing director	01-11-2010	28-08-2002	-	Amalgamated	NO
4	U74899DL1993PTC051849	ITRON METERING SOLUTIONS INDIA PRIVATE LIMITED	Director	18-03-2005	18-03-2005	29-10-2010	Active	NO
5	U74909DL2005PLC131985	MALANPUR CAPTIVE POWER LIMITED	Director	02-06-2006	02-06-2006	23-04-2010	Active	NO
6	U31404TN1993PTC025779	AGILE CONSUMER ELECTRIC INDIA Private Limited	Director	27-07-2007	20-12-2006	29-10-2010	Active	NO
7	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	17-09-2009	16-02-2009	-	Active	NO
8	U31900MH2010PLC209840	CG-ZIV Power Automation Solutions Limited	Director	04-11-2010	04-11-2010	31-10-2013	Active	NO
9	U85110KA1998PLC023512	PREMIER TISSUES (INDIA) LIMITED	Director	13-12-2011	09-03-2011	-	Active	NO
10	U40300MH2012PLC228170	CG POWER SOLUTIONS LIMITED	Director	14-03-2012	14-03-2012	08-11-2013	Active	NO

Name :

Ashwani Gupta

Designation :

Director

Address :

C-27, Chirag Enclave, New Delhi -110048, India

Date of Birth/Age :

09.01.1958

Date of Appointment :

17.09.2009

DIN No.:

00122889

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	U74899DL1995PTC071592	HONEYWELL INTERNATIONAL (INDIA) PRIVATE LIMITED	Managing director	10-12-2002	10-12-2002	30-06-2008	Active	NO
2	U72200KA1994FTC016379	HONEYWELL TECHNOLOGY SOLUTIONS LAB PRIVATE LIMITED	Director	17-09-2003	17-09-2003	30-06-2008	Active	NO
3	U29299PN2004PTC019904	HONEYWELL TURBO TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	03-11-2004	03-11-2004	23-06-2008	Active	NO
4	U24119DL2001PLC111100	SOLARIS CHEMTECH INDUSTRIES LIMITED	Director	31-12-2008	26-09-2008	-	Active	NO
5	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	17-09-2009	16-02-2009	-	Active	NO
6	U74140KA2007PTC042034	FOOTPRINT VENTURES TRUSTEE COMPANY PRIVATE LIMITED	Director	13-09-2011	31-07-2010	-	Active	NO
7	U67190KA2006PTC038579	FOOTPRINT VENTURES CONSULTANCY PRIVATE LIMITED	Director	13-09-2011	31-07-2010	-	Active	NO
8	U74140DL2005PLC135984	AVANTHA BUSINESS SOLUTIONS LIMITED	Director	26-09-2011	18-03-2011	-	Active	NO
9	U31900MH2014PLC258217	CROMPTON GREAVES CONSUMER PRODUCTS LIMITED	Director	19-09-2014	19-09-2014	-	Active	NO

Name :

Mr. Rajesh Kumar Srivastava

Designation :

Director

Address :

S-376, (GF), Panchshila Park, New Delhi – 110017, India

Date of Birth/Age :

20.05.1957

Qualification:

BA, LLB

Date of Appointment :

30.09.2010

DIN No.:

00302223

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	U67120MH2003PTC139711	RABO INDIA SECURITIES PRIVATE LIMITED	Managing director	20-01-2007	01-06-2006	06-01-2009	Active	NO
2	U65929HR1998PLC037509	RABO INDIA FINANCE LIMITED	Director	18-07-2008	15-03-2007	15-12-2009	Active	NO
3	U67190DL2006PTC191588	Rabo Equity Advisors Private Limited	Managing director	18-07-2008	21-04-2008	-	Active	NO
4	U24239TG2006PLC050060	SRI BIOTECH LABORATORIES INDIA LIMITED	Director	03-03-2009	02-03-2009	-	Active	NO
5	U01110TG1997PTC026890	SRI BIOREMEDIES PRIVATE LIMITED	Director	05-03-2009	04-03-2009	-	Active	NO
6	U15493DL1991PTC205408	ADM AGRO INDUSTRIES KOTA AND AKOLA PRIVATE LIMITED	Director	05-11-2009	05-11-2009	16-08-2011	Active	NO
7	L74899DL1990PLC041790	LT FOODS LIMITED	Nominee director	30-09-2010	09-11-2009	-	Active	NO
8	U15209DL2005PLC135838	DAAWAT FOODS LIMITED	Nominee director	29-09-2010	29-12-2009	-	Active	NO
9	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	30-09-2010	31-03-2010	-	Active	NO
10	U74899UP1993PLC034039	VACMET INDIA LIMITED	Director	12-08-2011	19-08-2010	-	Active	NO
11	U74140MH2004PLC148859	NATIONAL COLLATERAL MANAGEMENT SERVICES LIMITED	Director	25-08-2011	13-06-2011	-	Active	NO
12	U01119TG2003PTC041810	SUPER AGRISEEDS PRIVATE LIMITED	Nominee director	30-03-2012	30-03-2012	-	Active	NO
13	U15200PN2009PTC134859	PRABHAT NUTRITIOUS AND FROZEN FOOD INDUSTRIES PRIVATE LIMITED	Nominee director	28-09-2012	28-09-2012	30-09-2013	Amalgamated	NO
14	U01122PN2007PTC129505	SUNFRESH AGRO INDUSTRIES PRIVATE LIMITED	Nominee director	28-09-2012	28-09-2012	-	Active	NO
15	U15203PN1998PTC013068	PRABHAT DAIRY PRIVATE LIMITED	Nominee director	28-09-2012	28-09-2012	-	Active	NO
16	U24111KA1994PTC015193	BAYIR EXTRACTS PRIVATE LIMITED	Nominee director	28-03-2014	28-03-2014	-	Active	NO
17	U73100KA2005PLC035741	BELOORBAYIR BIOTECH LIMITED	Nominee director	28-03-2014	28-03-2014	-	Active	NO

Name :

Mr. Digvijai Singh Gill

Designation :

Managing Director

Address :

Way 7017, Villa 1000, North Azaiba, Sultanate of Oman

Date of Birth/Age :

07.02.1962

Qualification:

B.A ( Economics ) (Columbia university) , M.B.A from Insead

Date of Appointment :

25.09.2012

PAN No.:

BGFPG1625P

DIN No.:

01226565

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	U99999MH1987PLC043940	NIMBUS COMMUNICATIONS LIMITED	Nominee director	11-01-2007	11-01-2007	06-09-2007	Active	NO
2	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Managing director	25-09-2012	06-03-2007	-	Active	NO

Name :

Mr. Anthonie Leendert Stal

Designation :

Director

Address :

Groot Haesebroekseweg 9 , Wassenaar 2243, Netherlands

Date of Birth/Age :

31.10.1953

Date of Appointment :

17.09.2009

DIN No.:

02681031

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	U02001DL1992PLC047666	GLOBAL GREEN COMPANY LIMITED	Director	17-09-2009	02-06-2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Ananya Ganguly
Designation :	Secretary
Address :	Flat No. C 701, Sarjapur Outr Ring Road Crossing, Mantri Flora, Bangalore – 560102, Karnataka, India
Date of Birth/Age :	30.03.1970
Date of Appointment :	01.12.2012
PAN No.:	AFPPA8078Q
Name :	Surinderpal Singh Chugh
Designation :	CFO
Address :	305/15, Heritage Estate, Dodballapur Main Road, Yelhanka, Bangalore – 560064, Karnataka, India
Date of Birth/Age :	10.02.1966
Date of Appointment :	14.08.2014
PAN No.:	ACAPC3863B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Equity Shareholders	No. of Shares
Avantha Holdings Limited, India	41631164
Krishnan S	10
Ramesh Kumar Chopra	10
Banthia S	10
Surendra Kumar Khandelwal	20
Akhil Mahajan	10
India Agri Business Fund Limited, Mauritius	11271475
Rajesh Shrivastava on Behalf of Real Trust	39593
Total	52942292

Names of Preference Shareholders	No. of Shares
Avantha Holdings Limited, India	45000000
Total	45000000

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	21.29
Bodies corporate	78.71
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the growing, manufacturing, distribution and selling of various pickled agri-produce.

Products :

Item Code No. (ITC Code)	Product Description
07114000	Gherkins in Brine
20011000	Gherkins in Vinegar
20019000	Jalapenos in Vinegar

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited, Singapore Branch, 9 Raffles Place, # 50-01, Republic Plaza, Singapore - 048619, India

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· Canara Bank, Agri Finance Branch, Unity Buildings, JC Road, Bangalore - 560002, Karnataka, India

· Export-Import Bank of India, Centre One Building, Floor 21, World Trad Centre Complex,Cuffe Parade, Mumbai - 400005, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	90.500	160.000
Foreign currency term loans from banks	0.000	35.285
SHORT TERM BORROWINGS
Working capital loans from banks	1158.735	1066.273
Other loans and advances, others	74.498	73.321
Total	1323.733	1334.879

NOTE

LONG TERM BORROWINGS

(a) Second Pari-passu charge on all fixed assets of the company. (b) Second Pari- passu charge on all current assets of the company. (c) Secured by Corporate guarantee of Avantha Holdings Limited, the holding company , against which a counter guarantee is provided by the company (d) Details of loan tenor and moratorium: - Term Loan 1 ( Rs. 20,000,000 included as current maturities of long term loan - 3,00,00,000 (Total Loan received) - 24 (Tenor in months) - 6 (Moratorium in months) - Term Loan 2 - 3,00,00,000 (Total Loan received) - 36 (Tenor in months) – 6 (Moratorium in months) - Term Loan 3 - 12,00,00,000 (Total Loan received) - 60 (Tenor in months) - 12 (Moratorium in months) (e) Applicable interest rate Bank base rate + 3.75% per annum

SHORT TERM BORROWINGS

Working capital loans from banks are secured by hypothecation of inventories, book debts and receivables both present and future along with second Pari-passu charge on all fixed assets of the company and corporate guarantee of Avantha Holdings Limited, the holding company.

Applicable Interest rate is 8.25% to 14.25%.

Banking Relations :	--
Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	Wings, First Floor, 16/1, Cambridge Road, Ulsoor, Bangalore - 560008, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAAFW4298E
Memberships :	--
Collaborators :	--
Holding company :	Avantha Holdings Limited, India U67120DL1998PLC198627
Fellow Subsidiary Company :	Bilt Paper Holdings Limited U21019DL1975PLC198598
Subsidiary Company:	· Global Green USA Limited · GG International NV · Intergarden NV · Dunakiliti Konzervem KFT · Puszta Konzervuzem KFT · Intergarden (India) Private Limited CIN No.: U01513DL1999PTC214146
Associate :	· Bilt Paper Limited · Bilt Tissues Private Limited · MTP New Ocean (Mauritius) Limited · Ballarpur Industries Limited CIN No.: L21010MH1945PLC010337 · Solaris Chemtech Industries Limited CIN No.: U24119DL2001PLC111100 · Avantha Technologies Limited CIN No.: U72300DL2004PLC128864

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
53,000,000	Equity Shares	Rs.10/- each	Rs. 530.000 Millions
45,000,000	Preference Shares	Rs.10/- each	Rs. 450.000 Millions
	Total		Rs. 980.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
52,942,292	Equity Shares	Rs.10/- each	Rs. 529.423 Millions
45,000,000	Preference Shares	Rs.10/- each	Rs. 450.000 Millions
	Total		Rs. 979.423 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	979.423	979.423	424.195
(b) Reserves & Surplus	(954.641)	(359.538)	58.857
(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)	24.782	619.885	483.052
(3) Non-Current Liabilities
(a) long-term borrowings	971.000	711.285	843.131
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	9.009	8.265	7.204
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	980.009	719.550	850.335
(4) Current Liabilities
(a) Short term borrowings	1233.233	1139.594	977.412
(b) Trade payables	1044.904	891.397	676.419
(c) Other current liabilities	460.824	400.899	150.670
(d) Short-term provisions	0.712	0.653	137.232
Total Current Liabilities (4)	2739.673	2432.543	1941.733
TOTAL	3744.464	3771.978	3275.120
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	569.150	584.030	400.729
(ii) Intangible Assets	30.600	41.075	29.167
(iii) Capital work-in-progress	1.199	4.429	4.035
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1376.006	1328.994	1328.992
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	313.669	301.944	175.835
(e) Other Non-current assets	16.038	16.582	14.906
Total Non-Current Assets	2306.662	2277.054	1953.664
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	679.297	610.603	445.733
(c) Trade receivables	591.195	678.078	811.623
(d) Cash and cash equivalents	6.997	11.013	27.433
(e) Short-term loans and advances	160.313	195.230	36.667
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1437.802	1494.924	1321.456
TOTAL	3744.464	3771.978	3275.120

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1690.219	1922.443	1624.444
		Other Income	18.476	11.236	15.867
		TOTAL (A)	1708.695	1933.679	1640.311
Less	EXPENSES
		Cost of Materials Consumed	945.642	1175.992	923.274
		Purchases of Stock-in-Trade	57.479	23.726	24.740
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(52.520)	(83.755)	109.042
		Employees benefits expense	225.517	185.172	168.563
		Other expenses	853.746	748.950	527.223
		Exceptional Items	0.000	0.000	63.746
		TOTAL (B)	2029.864	2050.085	1816.588
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(321.169)	(116.406)	(176.277)
Less	FINANCIAL EXPENSES (D)		193.784	159.396	182.260
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(514.953)	(275.802)	(358.537)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		81.157	59.524	71.422
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(596.110)	(335.326)	(429.959)
Less	TAX (H)		(1.220)	0.000	15.332
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(594.890)	(335.326)	(445.291)
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of exports	1275.201	1649.189	1327.712
	TOTAL EARNINGS		1275.201	1649.189	1327.712
	IMPORTS
		Raw Materials	99.317	133.224	127.365
		Components and Spare Parts	4.781	15.565	5.744
	TOTAL IMPORTS		104.098	148.789	133.109
	Earnings / (Loss) Per Share (Rs.)		(11.24)	(7.56)	(11.50)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(35.20)	(17.44)	(27.41)
Operating Profit Margin (PBDIT/Sales)	(%)	(19.00)	(6.06)	(10.85)
Return on Total Assets (PBT/Total Assets}	(%)	(25.18)	(13.75)	(22.14)
Return on Investment (ROI) (PBT/Networth)		(24.05)	(0.54)	(0.89)
Debt Equity Ratio (Total Debt/Networth)		88.94	2.99	3.77
Current Ratio (Current Asset/Current Liability)		0.52	0.61	0.68

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	424.195	979.423	979.423
Reserves & Surplus	58.857	(359.538)	(954.641)
Net worth	483.052	619.885	24.782
long-term borrowings	843.131	711.285	971.000
Short term borrowings	977.412	1139.594	1233.233
Total borrowings	1820.543	1850.879	2204.233
Debt/Equity ratio	3.769	2.986	88.945

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1624.444	1922.443	1690.219
		18.345	(12.080)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1624.444	1922.443	1690.219
Profit/ (Loss)	(445.291)	(335.326)	(594.890)
	(27.41%)	(17.44%)	(35.20%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last 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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10424050	09/04/2013	285,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B74537937
2	10394039	26/12/2012 *	120,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B65227407
3	10394120	08/11/2012	30,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B64899396
4	10315579	28/12/2012 *	40,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B65226946
5	10314613	08/11/2012 *	420,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B64889090
6	10075273	25/10/2007	100,000,000.00	CANARA BANK	AGRI FINANCE BRANCH, UNITY BUILDINGS , J.C. ROAD, BANGALORE, KARNATAKA - 560002, INDIA	A26310003
7	10048768	26/02/2008 *	100,000,000.00	CANARA BANK	AGRI FINANCE BRANCH, UNITY BUILDINGS, J C ROAD, BANGALORE, KARNATAKA - 560002, INDIA	A33939257
8	90041032	08/11/2012 *	735,000,000.00	CANARA BANK	HI-TECH AGRICULTURAL FINANCE BRANCH, 'M' BLOCK, UNITY BUILDING, J C ROAD, BANGALORE, KARNATAKA - 560002, INDIA	B65241242

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from others	880.500	516.000
Total	880.500	516.000

GENERAL INFORMATION

The Company was incorporated in accordance with the provisions of the Companies Act, 1956 (the Act) and is engaged in the growing, manufacturing, distribution and selling of various pickled agri-produce.

OPERATIONAL PERFORMANCE (ON STANDALONE BASIS)

During the year, the Company achieved a turnover of Rs. 1690.220 Millions as against Rs. 1922.440 Millions in the previous financial year registering a decrease of 12.08% year on year. The Company’s PAT was Rs. (594.890) Millions for the year ended 31^st March 2014 as compared to Rs. (335.330) Millions for the year ended 31 March 2013.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

Intangible Assets

· 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 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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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		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
--	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.