FRESHTROP FRUITS LTD

Freshtrop Fruits Ltd. has been a leading and consistent supplier of grapes and pomegranates from India to supermarkets in Europe for more than a decade. Steadfast focus on quality and a systematic and thorough approach to food safety and traceability have been the directing forces for Freshtrop’s operations. The Company’s continuous efforts towards building and expanding relationships with growers have enabled it to become a dependable supplier of fresh produce. Seeking to harness the existing backward linkages and with a view to bring the same high standards of quality and food safety to the processed domain, Freshtrop established a state-of-the-art juice processing plant at Nasik, Maharashtra, about 180 km from Mumbai in 2009. The financials of the company has shown slow growth, RoCE is around 15.66% and at CMP its looks reasonably priced. Price difference is around 25% and acceptance ratio as per current share holding for retail will be around 10% and after announcement of buyback possibility of retail holding will increase. So expected acceptance ratio would be around 15% and gain around 3-5% for retail investors. So we give NEUTRAL rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal