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 is average, RoE is 6.01% and at CMP its looks fairly priced. As this is Open Offer buyback, so there is no arbitrage benefit to investors.  So we give AVOID rating to this buyback.

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