MIRA INFORM REPORT

Report Date :

14.09.2011

IDENTIFICATION DETAILS

Name :	B G CHITALE DAIRIES PRIVATE LIMITED
Registered Office :	Bilwadi Station, Bhilwadi District, Sangali- 416303, Maharashtra.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.10.1983
Com. Reg. No.:	11-031197
Capital Investment / Paid-up Capital :	Rs.0.450 Million
CIN No.: [Company Identification No.]	U15203PN1983PTC031197
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Producer and Dealer of Milk, Cream, Curds and Other Milk Products.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 111000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Profit and Loss of the company not Available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Girish Chitale
Designation :	Son of Director
Date :	12.09.2011

LOCATIONS

Registered Office :	Bilwadi Station, Bhilwadi District, Sangali- 416303, Maharashtra, India
Tel. No.:	91-2346-233112
Fax No.:	91-2346-233114
E-Mail :	v.chitale@chitaledairy.com pgassociate@rediffmail.com info@chitaledairy.com
Area :	2000 Sq. ft
Location :	Owned

DIRECTORS

As on : 24.09.2010

Name :	Mr. Parshuram Bhaskar Chitale
Designation :	Managing Director
Address :	Bhilwadi Railway Station, Taluka Palus District, Sangali- 416303, Maharashtra, India.
Date of Birth/Age :	23.04.1935
Date of Appointment :	29.09.2003
Din No.:	00898164

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
U15203PN1983PTC031197	B G Chitale Dairies Private Limited	Managing director	29-09-03	29-09-03	-	Active	NO

Name :	Mr. Shripad Parshuram Chitale
Designation :	Director
Address :	Bhilwadi Railway Station, Taluka Palus District, Sangali- 416303, Maharashtra, India.
Date of Birth/Age :	23.11.1960
Date of Appointment :	30.09.2005
Din No.:	00855948

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
U01122PN2000PTC015320	Chitale Agro Industries Private Limited	Director	15-09-00	15-09-00	-	Active	NO
U15203PN1983PTC031197	B G Chitale Dairies Private Limited	Director	30-09-05	30-09-05	-	Active	NO

Name :	Mr. Dattatray Bhaskar Chitale
Designation :	Director
Address :	Bhilwadi Railway Station, Taluka Palus District, Sangali- 416303, Maharashtra, India.
Date of Birth/Age :	10.03.1942
Date of Appointment :	30.09.2004
Din No.:	01435424

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
U15203PN1983PTC031197	B G Chitale Dairies Private Limited	Director	30-09-04	30-09-04	-	Active	NO

Name :	Mr. Narsinha Bhaskar Chitale
Designation :	Director
Address :	Anand Bunglow, 2187, Sadashiv Peth, Pune- 400030, Maharashtra, India.
Date of Birth/Age :	22.08.1932
Date of Appointment :	30.09.2002
Din No.:	00838286

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
U15203PN1983PTC031197	B G Chitale Dairies Private Limited	Director	30-09-02	30-09-02	-	Active	NO
U74220PN2002NPL017463	National Agriculture And Food Analysis And Research Institute	Director	29-11-02	29-11-02	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Tawadar S Namdev
Designation :	Purchase Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 24.09.2010

Names of Shareholders	No. of Shares
Parshuram Bhaskar Chitale	11000
Dattatray Bhaskar Chitale	10000
Parshuram Bhaskar Chitale	4500
Dattatray Bhaskar Chitale	5500
Padmaja Bhaskar Chitale	7000
Sunita Dattatray Chitale	7000
TOTAL	45000

As on : 24.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Producer and Dealer of Milk, Cream, Curds and Other Milk Products.

GENERAL INFORMATION

No. of Employees :	50 (Approximately)
Bankers :	Bank of India- Bhilwadi, Sangali, Maharashtra, India.

Banking Relations :	Satisfactory
Auditors :
Name :	B C Abhyankar and Company Chartered Accountant
Address :	Sumangal- 33, Shivaji Nagar, Sangali- 416416, Maharashtra, India.
Associates/Subsidiaries :	v B G Chitale Address: Bilwadi Station, Bhilwadi District, Sangali- 416303, Maharashtra, India Activity: Trader of Milk v Chitale Bandhu Mithaiwala Address: Pune Activity: Manufacturer of Milk Products.

CAPITAL STRUCTURE

As on : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	‘A’ Equity Shares	Rs.10/- Each	Rs.0.500 Million
10000	‘B’ Equity Shares	Rs.10/- Each	Rs. 0.100 Million
40000	Preferences Shares	Rs. 10/- Each	Rs. 0.400 Million
	TOTAL		Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45000	Equity Shares	Rs.10/- Each	Rs.0.450 Million
	TOTAL		Rs.0.450 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		0.450	0.450	0.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.514	27.466	27.227
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.964	27.916	27.677
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2.500	2.500	2.500
TOTAL BORROWING		2.500	2.500	2.500
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		32.464	30.416	30.177
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.666	26.899	15.560
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	7.506
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.404	0.353	0.598
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.235	0.549	0.605
	Other Current Assets	1.767	2.779	2.057
	Loans & Advances	11.060	9.261	8.974
Total Current Assets		13.466	12.943	12.234
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	17.445	8.541	4.339
	Sundry Creditors
	Provisions	1.223	0.885	0.784
Total Current Liabilities		18.668	9.426	5.123
Net Current Assets		(5.202)	3.517	7.111
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		32.464	30.416	30.177

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2009	31.03.2008
Total Income	29.099	28.231
Profit/(Loss) After Tax	(4.092)	NA

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	0.70	0.43	0.27
Current Ratio (Current Asset/Current Liability)	0.72	1.37	2.39

LOCAL AGENCY FURTHER INFORMATION

NOTE: Sundry Creditors Details are not available.

WORKING RESULTS :

Company is not engaged in trading Activity, except for Cattle Farm and Agri Division.

PROSPECTUS FOR THE CURRENT YEAR :

The directors have taken steps for improving the quality and decide to give emphasis on marketing and to strengthen the internal controls. In view of this, the directors are hopeful of achieving better results.

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. 47.09
UK Pound	1	Rs. 74.64
Euro	1	Rs. 64.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.