MIRA INFORM REPORT

Report Date :

19.11.2011

IDENTIFICATION DETAILS

Name :	DANONE NARANG BEVERAGES PRIVATE LIMITED (w.e.f. 30.12.2010)
Formerly Known As :	NARANG BEVERAGES PRIVATE LIMITED
Registered Office :	Hall No. 3, Sarkar Heritage, Kane and B.J. Road, Bandstand, Bandra (West), Mumbai-400050, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.08.2007
Com. Reg. No.:	11-173425
Capital Investment/ Paid-up Capital:	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U15500MH2007PTC173425
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of EMCG Product (Mineral Water).
No. of Employees:	Approximately 33 (Office 8, Factory 25)

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Recently Commenced business
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2007, the company has started its commercial business activities recently in the year July, 2010. Business is active. Payments are reported to be slow. 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.

INFORMATION PARTED BY

Name :	Mr. Parag Patwardhan
Designation :	Finance Controller
Contact No.:	91-9167620125
Date :	16.11.2011

LOCATIONS

Registered Office :	Hall No. 3, Sarkar Heritage, Kane and B.J. Road, Bandstand, Bandra (West), Mumbai-400050, Maharashtra, India
Tel. No.:	91-22-61330605 / 61330508
Mobile No.:	91-9167620125 (Mr. Parag Patwardhan)
Fax No.:	Not Available
E-Mail :	parag.p@narangacess.com vikas.h@naranggroup.com
Website :	http://www.naranggroup.coim
Area :	10000 sq. ft.
Location :	Leased
Accounts Office :	B-869, 2^nd Floor, JPKS Complex, Sarkar Heritage, Kane Road, Bandra (West), Mumbai-400050, Maharashtra, India
Tel. No.:	91-22-61330622
Factory :	Adhya Himalaya Water Plat 81 D1 EPIP Phase I, Jharmjri, Baddi, District Solan, Himachal Pradesh, India
Tel. No.:	91-1795-271600

DIRECTORS

AS ON : 29.09.2010

Name :

Mr. Rahul Rama Narang

Designation :

Director

Address :

Narang House, 40 Pali Hill, Zig Zag Road, Bandra West, Mumbai-400050, Maharashtra, India

Date of Birth/Age :

10.04.1974

Date of Appointment :

24.08.2007

DIN No.:

00029995

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U55101MH1999PTC123284	NARANGS HOSPITALITY SERVICES PRIVATE LIMITED	Director	24-12-99	24-12-99	Active	NO
2	U63010MH2007PTC173200	NARANG CONNECT PRIVATE LIMITED	Director	17-08-07	17-08-07	Active	NO
3	U52390MH2007PTC173212	NARANG RETAIL PRIVATE LIMITED	Director	18-08-07	18-08-07	Active	NO
4	U51900MH2007PTC173316	NARANG ACCESS PRIVATE LIMITED	Director	21-08-07	21-08-07	Active	NO
5	U74999MH2007PTC173341	NARANG BUZZ SERVICES PRIVATE LIMITED	Director	22-08-07	22-08-07	Active	NO
6	U15500MH2007PTC173425	DANONE NARANG BEVERAGES PRIVATE LIMITED	Director	24-08-07	24-08-07	Active	NO

Name :

Mrs. Mona Rama Narang

Designation :

Additional Director

Address :

Narang House, 40 Pali Hill, Zig Zag Road, Bandra West, Mumbai-400050, Maharashtra, India

Date of Birth/Age :

13.03.1947

Date of Appointment :

02.03.2009

DIN No.:

02966597

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U63010MH2007PTC173200	NARANG CONNECT PRIVATE LIMITED	Additional director	10-11-08	10-11-08	Active	NO
2	U51900MH2007PTC173316	NARANG ACCESS PRIVATE LIMITED	Additional director	10-11-08	10-11-08	Active	NO
3	U74999MH2007PTC173341	NARANG BUZZ SERVICES PRIVATE LIMITED	Additional director	02-03-09	02-03-09	Active	NO
4	U52390MH2007PTC173212	NARANG RETAIL PRIVATE LIMITED	Additional director	02-03-09	02-03-09	Active	NO
5	U15500MH2007PTC173425	DANONE NARANG BEVERAGES PRIVATE LIMITED	Additional director	02-03-09	02-03-09	Active	NO
6	U55101MH1999PTC123284	NARANGS HOSPITALITY SERVICES PRIVATE LIMITED	Director	25-01-10	25-01-10	Active	NO

Name :

Mr. Vincent Robert

Designation :

Director

Address :

09, Bis Avenue Du Clos Toutain, Vaucresson 92420

Date of Birth/Age :

20.09.1958

Date of Appointment :

16.07.2010

DIN No.:

03187008

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15500MH2007PTC173425	DANONE NARANG BEVERAGES PRIVATE LIMITED	Director	16-07-10	16-07-10	Active	NO
2	U51900MH2007PTC173316	NARANG ACCESS PRIVATE LIMITED	Director	16-07-10	16-07-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Parag Patwardhan
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON : 29.09.2010

Names of Shareholders	No. of Shares
Narang Rama Rahul	9999
Narang Buzz Services Private Limited, India	1
Myen Pte Limited, Singapore	10409
Total	20409

Equity Share Breakup (Percentage of Total Equity)

As on 29.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Bodies corporate	0.01
Directors or relatives of Directors	48.99
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of EMCG Product (Mineral Water).
Brand Names :	“QUA”
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	Approximately 33 (Office 8, Factory 25)
Bankers :	· Citi Bank, Fort Branch, Mumbai, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Fafdia and Fafdiya Chartered Accountant
Address :	412, Navjivan Building No. 3, Navjivan Commercial Premises, Lamington Road, Mumbai-400008, Maharashtra, India
Associates/Subsidiaries :	Navrang Access Private Limited Navrang Compact Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20409	Equity Shares	Rs. 10/- each	Rs. 0.204 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[0.079]	[0.071]	[0.011]
NETWORTH		0.021	0.029	0.089
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.012	0.020	0.008
TOTAL BORROWING		0.012	0.020	0.008
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.033	0.049	0.097
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.035	0.100	0.100
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		0.035	0.100	0.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.014	0.063	0.003
Total Current Liabilities		0.014	0.063	0.003
Net Current Assets		0.021	0.037	0.097
MISCELLANEOUS EXPENSES		0.012	0.012	0.000
TOTAL		0.033	0.049	0.097

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		Legal and Professional Expenses	0.004	0.057	0.009
		ROC Filing Fees	0.002	0.000	0.000
		Audit Fees	0.002	0.002	0.002
		TOTAL	0.008	0.059	0.011
	PROFIT / (LOSS) BEFORE TAX		[0.008]	[0.059]	[0.011]
Less	TAX		[0.071]	[0.011]	0.000
	PROFIT / (LOSS) AFTER TAX		[0.079]	[0.070]	[0.011]
	Earnings / (Loss) Per Share (Rs.)		(7.9)	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	260.000

Note: The Company has commenced its activities from 16.06.2010

The above information has been parted by Mr. Parag Patwardhan (Finance Controller)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	[22.86]	[59.00]	[11.00]
Return on Investment (ROI) (PBT/Networth)		[0.38]	[2.03]	[0.12]
Debt Equity Ratio (Total Liability/Networth)		1.24	2.03	0.12
Current Ratio (Current Asset/Current Liability)		2.5	1.59	33.33

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS ARE NOT AVAILABLE

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	------
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	No
13. Reasons for variation <> 20%	No
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	No
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

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. 51.35
UK Pound	1	Rs. 80.97
Euro	1	Rs. 69.25

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
TOTAL		17

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.