MIRA INFORM REPORT

Report Date :

08.10.2011

IDENTIFICATION DETAILS

Name :	FIELDFRESH FOODS PRIVATE LIMITED (w.e.f. 20.05.2009)
Formerly Known As :	BHARTI DEL MONTE INDIA PRIVATE LIMITED
Registered Office :	C 2, First Floor, Plot No. 16, Udyog Vihar, Phase IV, Gurgaon-122015, Haryana
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.09.2004
Com. Reg. No.:	05-041215
Capital Investment / Paid-up Capital :	Rs.2955.000 Millions
CIN No.: [Company Identification No.]	U15133HR2004PTC041215
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Baby corn, snow peas, fine beans, fresh preserved vegetables, fruit, beans, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 5500000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a joint venture between Bharti Ventures Limited and DMPL India Limited. It is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	C 2, First Floor, Plot No. 16, Udyog Vihar, Phase IV, Gurgaon-122015, Haryana, India
Tel. No.:	91-124-4109400/4276187
Fax No.:	91-124-4109390
E-Mail :	sridhar.natarajan@fieldfreshfoods.in
Website:	http://www.fieldfreshfoods.in

DIRECTORS

As on 16.08.2010

Name :

Mr. Rakesh Bharti Mittal

Designation :

Director

Address :

E-26, Vasanat Marg, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

18.09.1955

Date of Appointment :

06.09.2004

DIN :

00042494

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1983PTC015323	Bharti Infotel Private Limited	Director	4/3/1983	4/3/1983	-	Active	NO
2	L74899DL1995PLC070609	Bharti Airtel Limited	Director	7/7/1995	7/7/1995	-	Active	NO
3	U32204HR1999PLC042204	Beetel Teletech Limited	Director	1/4/2011	30/03/1999	-	Active	NO
4	U72200HR1999PLC041214	Comviva Technologies Limited	Director	7/5/1999	7/5/1999	-	Active	NO
5	U72900DL2003PLC119377	Aegis Bpo Services (Gurgaon) Limited	Director	13/06/2006	12/3/2003	18/12/2007	Active	NO
6	U70101DL2003PTC120760	Bharti Realty Private Limited	Director	6/6/2003	6/6/2003	-	Amalgamated	NO
7	U15133HR2004PTC041215	Fieldfresh Foods Private Limited	Director	6/9/2004	6/9/2004	-	Active	NO
8	U72300DL2005PTC142757	Bharti Overseas Private Limited	Director	1/8/2009	21/11/2005	-	Active	NO
9	U72300DL2005PLC142756	Bharti Ventures Limited	Managing director	11/1/2010	21/11/2005	-	Active	NO
10	U74993DL2007PLC163757	Bharti Enterprises Limited.	Director	23/09/2008	22/05/2007	28/12/2009	Active	NO
11	U32039HR1985PLC032091	Bharti Telecom Limited	Director	24/09/2007	17/07/2007	-	Active	NO
12	U65923DL2007PTC168641	Bharti (Rm) Holdings Private Limited	Director	18/09/2008	25/09/2007	-	Active	NO
13	U74900DL2007PTC169368	Gourmet Investments Private Limited	Director	18/09/2008	12/10/2007	-	Active	NO
14	U51909DL2007PLC158953	Bharti Retail Limited	Director	20/03/2008	20/03/2008	12/1/2010	Active	NO
15	U45201DL2006PTC147183	Dm Buildwell Private Limited	Director	22/08/2008	22/08/2008	7/11/2009	Active	NO
16	U80100AP1997NPL036631	Indian School Of Business	Director	29/09/2008	25/08/2008	-	Active	NO
17	U74900DL2009PTC190106	Bharti (Rm) Trustees Private Limited	Director	30/09/2010	8/5/2009	-	Active	NO
18	U74900DL2009PTC190214	Bharti (Satya) Trustees Private Limited	Director	30/09/2010	12/5/2009	-	Active	NO
19	U74140DL2009PTC190298	Bharti (Rm) Resources Private Limited	Director	30/09/2010	14/05/2009	-	Active	NO
20	U74140DL2009PTC190300	Bharti (Rm) Services Private Limited	Director	30/09/2010	14/05/2009	-	Active	NO
21	U74900DL2009PTC190495	Bharti Management Private Limited	Director	30/09/2010	21/05/2009	-	Active	NO
22	U74120DL2007PLC158956	Centum Learning Limited	Director	7/6/2010	24/07/2009	-	Active	NO
23	U66030KA2007PLC043362	Bharti Axa General Insurance Company Limited	Director	17/08/2011	24/08/2009	-	Active	NO
24	U66010MH2005PLC157108	Bharti Axa Life Insurance Company Limited	Director appointed in casual vacancy	10/9/2009	10/9/2009	-	Active	NO
25	U74140DL2010PTC197775	Bharti Enterprises (Holding) Private Limited	Director	6/12/2010	8/1/2010	-	Active	NO
26	L74899DL1993PLC053677	Ifci Limited	Director	13/09/2011	27/10/2010	-	Active	NO
27	U66010DL2010PTC211456	Bharti Insurance Holdings Private Limited	Director	15/03/2011	15/12/2010	-	Active	NO
28	U67120DL1996PTC076641	First American Securities Private Limited	Alternate director	10/8/2011	10/8/2011	-	Active	NO

Name :

Mr. Joselito Dee Campos

Designation :

Director

Address :

9 Banaba Circle, Cir South Forbes Park, Metro Manila, Makati City-1220, Philippines

Date of Birth/Age :

23.01.1951

Date of Appointment :

05.10.2007

DIN :

01885366

Name :

Mr. Rolando C Gapud

Designation :

Director

Address :

Flat C, 4/F, Estoril Court, 55, Garden Road, Hong Kong

Date of Birth/Age :

24.01.1942

Date of Appointment :

05.10.2007

DIN :

01879924

Name :

Luis F Alejandro

Designation :

Director

Address :

414, Madrigal Ave Bgy, New Alabang, Ayala Alabang Village, Muntinpula, Manila-1780, Philippines

Date of Birth/Age :

09.11.1953

Date of Appointment :

25.11.2008

DIN :

02156064

Name :

Mr. Devendra Khanna

Designation :

Director

Address :

C-2/27, 1^st Floor, Safdarjung Develo, Pment Area, New Delhi-110016, India

Date of Birth/Age :

14.07.1960

Date of Appointment :

25.11.2008

DIN :

01996768

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U64201DL1997PLC091001	Bharti Airtel Services Limited	Director	1/8/2008	18/01/2008	-	Active	NO
2	U74999DL2000PLC108006	Bharti Aquanet Limited	Director	1/8/2008	21/01/2008	-	Amalgamated	NO
3	U32308DL2007PLC161809	Iffco Kisan Sanchar Limited	Director	5/9/2008	23/01/2008	30/06/2009	Active	NO
4	U32039HR1985PLC032091	Bharti Telecom Limited	Managing director	8/8/2008	29/01/2008	22/07/2009	Active	NO
5	U74899DL1995PLC067527	Bharti Hexacom Limited	Director	11/8/2008	27/03/2008	16/12/2009	Active	NO
6	U74140DL2008PTC173843	Bharti Retail Resources Private Limited	Director	24/04/2009	19/06/2008	-	Amalgamated	NO
7	U15133HR2004PTC041215	Fieldfresh Foods Private Limited	Director	21/08/2009	19/08/2008	-	Active	NO
8	U32204DL2008PLC183976	Bharti Teleports Limited	Director	6/10/2008	6/10/2008	26/03/2009	Active	NO
9	U32204HR1999PLC042204	Beetel Teletech Limited	Director	27/07/2009	27/01/2009	-	Active	NO
10	U74140KA2007PTC043520	Giba Holdings Private Limited	Alternate director	24/06/2011	24/06/2011	17/08/2011	Active	NO
11	U74900DL2011FTC221516	Bsb Innovation India Private Limited	Director	27/06/2011	27/06/2011	-	Active	NO

Name :

Mr. Sanjay Nandrajog

Designation :

Director

Address :

Ground Floor, TG-1, Orchid Garden, Sncity, Sector -54, Gurgaon-122003, Haryana, India

Date of Birth/Age :

12.09.1962

Date of Appointment :

19.11.2009

DIN :

02814947

KEY EXECUTIVES

Name :	Mr. Sanjay Nandrajog
Designation :	Manager
Address :	Ground Floor, TG-1, Orchid Garden, Sncity, Sector -54, Gurgaon-122003, Haryana, India
Date of Birth/Age :	12.09.1962
Date of Appointment :	19.02.2008
Name :	Mr. Sridhar Natarajan
Designation :	Secretary
Address :	202, Guru Gram, Haryana GP Co-Operative Housing Society, Plot No. 28, Sector 56, Gurgaon-122003, Haryana, India
Date of Birth/Age :	09.02.1969
Date of Appointment :	19.02.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.08.2010

Names of Shareholders	No. of Shares
Bharti Ventures Limited, India (Formerly Bharti Enterprises India Limited)	152750000
DMPL India Limited, Mauritius (Formerly Elrothschild Limited)	152750000
Total	305500000

List of Allottee:

As on 20.01.2011

Particular	No. of Shares
Bharti Ventures Limited, India	5000000
DMPL India Limited, Mauritius	5000000
Total	10000000

As on 16.08.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Baby corn, snow peas, fine beans, fresh preserved vegetables, fruit, beans, etc.

Products :

Product Description	Item Code
Fruit Drinks	20240000
Apples	20079940
Baby Corn	07099090

GENERAL INFORMATION

Bankers :

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

Facilities :

Secured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Loans From Banks
Term Loan*	51.875	118.542
Working Capital Loan**	0.000	17.500
Total	51.875	136.042
Unsecured Loan
Short Term Loan a Bank	0.000	117.198
Total	0.000	117.198

Note:

1. * Secured by a pari passu charge on all the movable fixed assets of the company, both present and future, situated at the Model Farm in Punjab, (Amount repayable with in one year RS.35.208 millions) previous year Rs.66.666 millions.

2. ** Secured by a pari passu charge on all current assets of the company both present and future. (Amount repayable within one year Rs. nil) previous year Rs.17.500 millions.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase II, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-6792000
Fax No.:	91-124-6792012
Joint Venture:	Del Monte Pacific Limited DMPL India Limited Bharti Ventures Limited

CAPITAL STRUCTURE

After 16.08.2010

Authorised Capital : Rs.3500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.3455.000 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000,000	Equity Shares	Rs.10/- each	Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
295,500,000	Equity Shares	Rs.10/- each	Rs.2955.000 Millions

Of the above:

1. 147750000 (Previous year 72750000) equity shares are held by Bharti Ventures Limited

2. 147750000 (Previous year 72750000) equity shares are held by DMPL India Limited, Mauritius.

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		2955.000	1455.000	1030.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(1572.961)	(1106.910)	(780.542)
NETWORTH		1382.039	348.090	249.458
LOAN FUNDS
1] Secured Loans		51.875	136.042	229.366
2] Unsecured Loans		0.000	117.198	27.619
TOTAL BORROWING		51.875	253.240	256.985
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1433.914	601.330	506.443
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		584.973	525.868	422.738
Capital work-in-progress		366.186	45.711	19.657
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	164.384	36.376	157.780
	Sundry Debtors	222.335	59.893	48.586
	Cash & Bank Balances	402.660	4.841	5.820
	Other Current Assets	31.920	18.969	0.026
	Loans & Advances	55.850	17.197	28.417
Total Current Assets		877.149	137.276	240.629
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	369.471	95.252
	Other Current Liabilities	16.069	6.100	173.140
	Provisions	8.854	6.173	3.441
Total Current Liabilities		394.394	107.525	176.581
Net Current Assets		482.755	29.751	64.048
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1433.914	601.330	506.443

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	822.797	436.555	249.417
		Other Income	48.461	33.109	13.367
		TOTAL (A)	871.258	469.664	262.784
Less	EXPENSES
		Purchase and Other Direct Costs	646.631	394.370	226.701
		Personnel Expenses	204.798	142.621	112.360
		Administration and Other Expenses	295.998	119.622	108.553
		Selling and Distribution Expenses	129.628	76.223	66.566
		TOTAL (B)	1277.055	732.836	514.180
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(405.797)	(263.172)	(251.396)
Less	FINANCIAL EXPENSES (D)		11.829	19.344	13.142
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(417.626)	(282.516)	(264.538)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		48.425	40.894	23.756
	PROFIT/LOSS BEFORE TAX (E-F) (G)		(466.051)	(323.410)	(288.294)
Less	TAX (H)		0.000	2.959	3.028
	PROFIT/LOSS AFTER TAX (G-H) (I)		(466.051)	(326.369)	(291.322)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1106.911)	(780.542)	(489.220)
	BALANCE CARRIED TO THE B/S		(1572.962)	(1106.911)	(780.542)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	127.854	209.648	155.990
	IMPORTS
		Packing Materials	0.762	3.633	10.444
		Finished Goods	231.550	33.756	0.000
		Capital Goods	6.928	1.954	45.392
	TOTAL IMPORTS		239.240	39.343	55.836
	Earnings/Loss Per Share (Rs.)		(2.39)	(2.66)	(3.61)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(53.49)	(69.49)	(110.86)
Net Profit Margin (PBT/Sales)	(%)	(56.64)	(74.08)	(115.59)
Return on Total Assets (PBT/Total Assets}	(%)	(31.87)	(48.77)	(43.46)
Return on Investment (ROI) (PBT/Networth)		(0.34)	(0.93)	(1.15)
Debt Equity Ratio (Total Liability/Networth)		0.32	1.04	1.74
Current Ratio (Current Asset/Current Liability)		2.22	1.28	1.36

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND

The Company was incorporated on 6 September, 2004 in the name of Fieldfresh Foods Private Limited. The name of the Company was changed to Bharti Del Monte India Private Limited on 23 May, 2008. The name of the Company was subsequently changed to FieldFresh Foods Private Limited with effect from 20 May, 2009 and a fresh Certificate of Incorporation consequent upon change of name was issued by the Registrar of Companies, NCR of Delhi and Haryana.

OPERATIONAL REVIEW

During the year 2009-10 the company showed a growth of 88% as compared to the previous year, led largely by the processed foods segment, being its first full year of operations. As a part of the Fresh business strategy in terms of the product portfolio, target markets, geographies and thrust areas, the company focused itself on three key products vz Apples, Banana and Corn. The Fresh exports business created a niche in the European market by contributing to 10% of the UK market share in the fresh baby corn segment. During the year the company also established the presence of Del Monte products in about 25 cities catering to both the Institutional and retail customers. The Del Monte products mainly comprise of juice drinks, canned fruits, tomato ketchup and Italian range of products.

In this financial year, the company consolidated its position in the Fresh business with 24 % of the total revenue coming from exports, 37% revenue coming from fresh domestic and the balance 39% coming from processed foods.

FUTURE OUTLOOK

With the business being focused on the three lines of businesses viz: Fresh Domestic, Fresh Exports and Processed Foods, the aim, going forward, is to create a unique organization that serves both consumer and customer needs as we build the "FieldFresh" and "Del Monte" brands in the respective markets.

The Fresh Exports business will continue to focus on the export of fresh baby corn and fresh sweet corn, backed by 3 years of R and D and learning's in Punjab and Maharashtra.

The Fresh domestic business based on the evaluation of the fruit and vegetable consumption basket, has identified two key products to focus on i.e. Apple and Banana, based on the market size, channel relevance, opportunity to differentiate through product branding ("FieldFresh") and impact of technology (R and D). The business model operates on creating end to end competence in the value chain for these two key products.

The Indian consumer market in processed foods is on a growth phase and has huge untapped potential. Consumption of processed/ packaged foods is expected to grow at a rapid pace, driven primarily by higher disposal income, changing consumer behavior, emergence of organized food retail etc. Our mission is to be one of the top 3 players in the juice drinks and culinary segments and to support this objective, the company's state of the art Greenfield manufacturing project at Hosur, is on the verge of completion and is likely to be fully operational from October 2010.

FIXED ASSETS:

• Land
• Building
• Leasehold Improvements
• Plant and Machinery
• Computer
• Office Equipments
• Furniture and Fixtures
• Vehicles
• Computer Software

AS PER WEBSITE DETAILS:

MANAGEMENT TEAM:

Mr. Rakesh Bharti Mittal, Chairman

Mr. Rakesh Bharti Mittal is the Chairman of Bharti Enterprises. An electronics engineer, he has rich experience in managing evolving business operations and environments for over 29 years. He is the Vice Chairman and Managing Director of Bharti Tele-Tech and is the Director in other group companies of Bharti, engaged in telecom services and solutions, BPO, etc.

Mr. Rolando C. Gapud, Director

 Mr. Rolando C. Gapud holds a Masters of Science in Industrial Management from the Massachusetts Institute of Technology. He has over thirty years experience in banking, finance and general management. Having worked as CEO of several Philippine companies, notably Security Bank and Trust Company, Oriental Petroleum and Minerals Corp. and Greenfield Development Corp. He was also the COO of the joint venture operations of Bankers Trust and American Express in the Philippines. He has served in the Boards of various major Philippine companies, including the Development Bank of the Philippines, the development finance arm of the Philippine Government. Mr. Gapud is currently an adviser to the NutriAsia Group of Companies.

Mr. Joselito D. Campos, Director

Mr. Joselito D. Campos, Jr. holds an MBA from the Cornell University. He is the Chairman and CEO of the NutriAsia Group of Companies, a major food conglomerate in Philippines. He is also the Chairman of Fort Bonifacio Development Corp. and the Vice Chairman of Ayala-Greenfield Development Corp., two major Philippine property developers. He was formerly Chairman and CEO of United Laboratories, Inc. and its regional subsidiaries and affiliates. UniLab is the Philippines’ largest pharmaceutical company with substantial operations in the Asian region. Mr. Campos is the Honorary Consul in the Philippines for the Republic of Seychelles. He is Chairman of the Metropolitan Museum of Manila and is a Trustee of the Asia Society in the Philippines, the Philippines-China Business Council and the Philippine Business for Social Progress Foundation.

Mr. Luis F. Alejandro, Director

He has over 20 years of experience in consumer product operations and management. He started his career with Procter and Gamble, where he spent 15 years in Brand Management before joining Kraft Foods Philippines Inc. as President and General Manager. Later, he joined Southeast Asia Foods Inc and Heinz UFC Philippines Inc. two leading consumer packaged condiment companies of the NutriAsia Group, as President and Chief Operating Officer.

He is an Economics graduate from the Ateneo De Manila University and an MBA from the Asian Institute of Management.

Mr. Devendra Khanna, Director

As  Corporate Director – Finance (Telecom and Retail), of Bharti Group, Deven is mainly responsible for corporate planning and business reviews, financial reporting, internal assurance and tax governance for all the businesses of the Bharti group. Deven joined Bharti Airtel in 2004 as the Group Financial Controller and spearheaded financial reporting, business planning and analysis, revenue assurance, taxation, risk controls and compliances and strategic financial projects. Deven has nearly 23 years of experience of which, 17 years was with the Triveni Group. He spearheaded group's public offerings, M and A and corporate restructuring initiatives. Deven is a Commerce graduate from Shri Ram College of Commerce, Delhi University and is a Fellow Member of the Institute of Chartered Accountants of India.

Mr. Sanjay Nandrajog, Director

Sanjay Nandrajog joined FieldFresh Foods Private Limited as the CEO in November 2007. He has been associated with the Bharti group since January 2003, where he has held several leadership positions in the Airtel Mobility business across both North and South business hubs. His last assignment was as an Executive Director – International Operations and Managed services, responsible for the Seychelles, Channel Islands and Sri Lanka operations. A chemical engineer from IIT Delhi and an alumnus of IIM Calcutta, Sanjay has a rich experience of over 23 years in diverse industries like Telecom, Beverages, Cosmetics, Paints, and Fertilizers and has worked in organizations like PepsiCo, Lakme and ICI in various Sales and Marketing, General Managerial and leadership roles.

Press Release

Del Monte on Song ! Launches its first musical beverage campaign on TV

Being the latest entrant in the beverage market what makes Del Monte special is the fact that we have amazing tasting products which are distinct in themselves. In a market where consumer tastes are moving steadily away from carbonated beverages towards healthier alternatives such as fruit drinks, this constitutes a big opportunity for the brand. The aim through the TVC is to leverage the unique taste and use the communication codes of “hip and cool” to communicate a simple brand truth: Taste. Like Never Before.

Another unique advantage with Del Monte fruit drinks is its packaging. Cans and PET are rapidly growing in the beverage market, as these are majorly used for on the go consumption.

Consumer Insight to the changing times

Fruit drinks serve the need for indulgence as well as refreshment. Audience today is well informed and aware, challenges existing norms and embraces ‘newness’. While fruit drink consumption cuts across age groups, younger consumers are more frequent consumers. The consumer insight was that young consumers found fruit drinks as “cool” as fizzy drinks were a few decades ago. This insight was a statement about changing times.

The Big Idea

The creative idea was that when we try something new and like it a lot, we may find it impossible to describe to ourselves and others what it tastes like. It could actually be a lot easier to say what it does not taste like! Our attempts to explain the taste may actually lead others to try it, in order to figure it out for themselves. The execution has been designed to be entertaining, pacy and fun rather than preachy and logical.

Prashant Mathur, General Manager and Delhi Head, (Contract) says, ‘The insight set the ball rolling and ensured that we maintained the cool quotient. We wanted to make a fun commercial and did not take the phrase “it tastes like” too literally when it came to communicating the brand message’.

Yogesh Bellani, Business Head, Del Monte Food Business, FieldFresh Foods Private Limited has this to say about the execution: ‘We had the option of following a story based approach but chose a montage format instead. Our objective was to arouse a curiosity and a happy feeling instead of simply imparting information about the brand and products. We’d like the consumer to connect with the TVC emotionally and be entertained by it. The simplicity of the message was amplified by the attractive characters, visuals and the foot-tapping Del Monte song’.

The song is the soul of the ad. It is peppy and catchy, reflecting energy and vibrancy with a host of adorable characters singing and dancing to the tune. The diverse characters and scenarios, make for fresh and lively visuals and their antics keep the audience engaged and arouses curiosity in the brand and the product. The TVC has a very modern look and feel. It engages the viewer to join the party, sing-along and ultimately urges the viewer to try out Del Monte fruit drink to find out what it tastes like. The underlining message of the song sums up the communication on the beverage and the brand itself, “Taste. Like Never Before.” Being high on brand imagery as well as having a strong audio track, the ad lends itself to multiple uses across media like TV, internet, OOH and Radio etc.

The Del Monte song was composed by Mikey McCleary, acclaimed song-writer and music composer and the film was directed by Sabal Singh Shekhawat of The Big Picture Company.

Making of the TVC

The making of the Del Monte beverage TVC has been an exciting journey. We chose not to follow a standard story based commercial and instead made a clutter breaking music video which connects to the audience specially the youth. The song is the soul of the TVC and thus maximum time was spent in creating the lyrics and a memorable melody. The lyrics are random verses inspired from circumstances or people we talk about in our daily lives. The fact that Del Monte fruit drinks don’t taste like these usual but special things makes them even more extraordinary. While Contract Advertising conceptualized the song, the soul was integrated by the music director Mikey who knew exactly how to strike the right chord with the urban Indian youth. Next step was to draft the situations relevant to our theme. We selected the characters which were relatable and from various walks of life like a chef, engineers at a construction site, college students, tattoo artist etc. While the situations and characters are stimulated by real life people, there was an element of edginess added. Each character nurtures a relationship with his/her drink. It’s very interesting to see their involvement with the Del Monte fruit drink in various situations. It’s an integral part of their lives and it’s almost like they are teasing the audience by comparing its taste to unlikely people and things. The 12 situations were shot in a span of 3 days at various locations in Mumbai. This film is also shot with latest HD technology which enhances the visuals and gives better picture clarity without bulky equipments thus making it highly portable and convenient.

We ensured the montage has a high youth appeal and stylization of the every character was minutely worked upon to this cause. The result was a highly international looking film which is fun to watch. Del Monte Four Seasons in a can, is central to all the situations where are characters are singing the song and consuming the fruit drink.

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 records 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.49.13
UK Pound	1	Rs.75.97
Euro	1	Rs.65.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	-
--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
TOTAL		30

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.