MIRA INFORM REPORT

Report Date :

03.08.2012

IDENTIFICATION DETAILS

Name :	KADAM DAIRY EQUIPMENTS PRIVATE LIMITED
Registered Office :	612, Vakil Nagar, Erandawana, Pune – 411004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.09.1994
Com. Reg. No.:	11-081565
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U15147PN1994PTC081565
IEC No.:	3101005264
TAN No.: [Tax Deduction & Collection Account No.]	PNEK06150E
PAN No.: [Permanent Account No.]	AAACK7643Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Suppliers of all types of Dairy Equipments.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 20000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. 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 cautions.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Tambe
Designation :	Marketing Manager
Contact No.:	91-9371311709
Date :	31.07.2012

LOCATIONS

Registered Office :	612, Vakil Nagar, Erandawana, Pune – 411 004, Maharashtra, India
Tel. No.:	91-20-25448796
Mobile No.:	91-9371311709 (Mr. Tambe)
Fax No.:	91-20-25448796
E-Mail :	kadamde@vsnl.net kdepl@indiya.com
Website :	http://www.kamade.tradeindia.com www.indiamart.com/kadamdairy
Area :	800 sq. ft
Location :	Owned
Factory :	Plot No. L -73, Additional MIDC, Satara – 415 004, Pune, Maharashtra, India
Tel. No.:	91-2162-247540
Fax No.:	91-2162-247540
E-Mail :	kdepl@indiya.com
Area :	15000 sq. ft
Location :	Leased

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Mugutrao Shankarao Kadam

Designation :

Whole Time Director

Address :

612 Vakil Nagar Erandawana, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

02.06.1949

Qualification :

MSC. LLB , CAIIB

Date of Appointment:

29.09.1994

Voter ID No.:

SA01708858

DIN No. :

01991693

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U15147PN1994PTC081565	KADAM DAIRY EQUIPMENTS PRIVATE LIMITED	Whole-time director	29/09/1994	29/09/1994	Active	NO
2	U29197MH1996PTC101384	MKW BIOTECH PRIVATE LIMITED	Director	25/07/1996	25/07/1996	Strike off	NO

Name :

Mrs. Bharati Mugutrao Kadam

Designation :

Whole Time Director

Address :

612 Vakil Nagar Erandawane, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

05.10.1952

Qualification :

BA, LLB

Date of Appointment:

28.10.1994

DIN No. :

01991710

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U15147PN1994PTC081565	KADAM DAIRY EQUIPMENTS PRIVATE LIMITED	Whole-time director	29/09/1994	29/09/1994	Active	NO
2	U29197MH1996PTC101384	MKW BIOTECH PRIVATE LIMITED	Director	13/09/2002	13/09/2002	Strike off	NO

Name :

Mr. Arjunrao Shankar Kadam

Designation :

Director

Address :

New MIDC, Satara, Pune, Maharashtra, India

Date of Birth/Age :

01.06.1954

Qualification :

M Com

Date of Appointment:

28.10.1994

DIN No. :

01993439

Name :

Mr. Balkrishna Shankar Kadam

Designation :

Director

Address :

At H. No. R1/4/2, Additional MIDC, Kodoli Street, Satara, Pune, Maharashtra, India

Date of Birth/Age :

02.06.1952

Qualification :

M.Com

Date of Appointment :

29.09.1994

DIN No. :

01993421

Name :

Mr. Rajendra Pandurang Kadam

Designation :

Director

Address :

At H. No. R1/4/2, Additional MIDC, Kodoli Street, Satara, Pune, Maharashtra, India

Date of Birth/Age :

21.03.1970

Qualification :

DME

Date of Appointment:

28.10.1994

DIN No. :

01993486

KEY EXECUTIVES

Name :	Mr. Tambe
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Mugutrao S Kadam	8450
Bharati M Kadam	5500
Balasaheb S Kadam	4200
Arjunrao S Kadam	3450
Rajendra P Kadam	2900
Shrirang Shankarrao Kadam	100
Pandurang Shankarrao Kadam	100
Umesh P Kadam	2450
Jaywant S Kadam	2450
Asha Balkrishna Kadam	100
Surekha Arjunrao Kadam	100
Durpada Pandurang Kadam	100
Vaijayanta Shrirang Kadam	100
Total	30000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Suppliers of all types of Dairy Equipments.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

30 (Approximately)

Bankers :

v HDFC Bank

v IDBI Bank

IDBI Building, 4^th Floor, SME Department, Dyaneshwar Paduka Chowk, F. C. Road, Shivajinagar, Pune – 411004, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
IDBI Pune (Mortgage of Land and Building and Hypothecation of Machinery)	0.000	0.334
IDBI Pune (Hypothecation by book debts and stock)	3.038	3.018
Total	3.038	3.352

Banking Relations :	--
Auditors :
Name :	Patil Randive and Associates Chartered Accountants
Address :	501-B, Ghorpade Peth, 208, Panna Chambers, Shivaji Road, Swargate, Pune – 411042, Maharashtra, India
Tel. No.:	91-20-24480706
PAN No.:	AABFP4745N
Associates/Subsidiaries :	· Suruchi Food and Milk Products Plot No. L -75, ADDL. MIDC Satara - 415004, Maharashtra, India Activity: Manufacturer of all types of Pickles, Sauce, Ketchup, Jam, Tutifruity, Etc. · Kadam Engineers Plot No. L-75, ADDL MIDC, Satara - 415004, Maharashtra, India Activity: All types fabrication works

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs.3.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3.000	3.000	3.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.828	1.069	0.377
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.828	4.069	3.377
LOAN FUNDS
1] Secured Loans		3.038	3.352	3.160
2] Unsecured Loans		0.000	0.000	0.296
TOTAL BORROWING		3.038	3.352	3.456
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7.866	7.421	6.833
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.638	2.698	2.818
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	9.340	13.000	9.950
	Sundry Debtors	0.338	3.761	9.070
	Cash & Bank Balances	0.789	0.304	4.713
	Other Current Assets	1.036	1.020	0.606
	Loans & Advances	5.177	5.394	2.822
Total Current Assets		16.680	23.479	27.161
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.736	3.057	4.389
	Other Current Liabilities	5.403	13.034	18.133
	Provisions	3.313	2.665	0.624
Total Current Liabilities		10.452	18.756	23.146
Net Current Assets		6.228	4.723	4.015
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7.866	7.421	6.833

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	30.552	41.240	18.399
		Other Income	3.688	0.008	0.384
		TOTAL (A)	34.240	41.248	18.783
Less	EXPENSES
		Purchase and Consumables	20.924	35.331	19.249
		Personnel Expenses	0.000	0.025	0.000
		Operating and other Expenses	6.684	6.306	2.916
		Directors Sitting Fee	0.074	0.061	0.082
		Directors Remuneration	1.250	1.418	1.245
		Increase / (Decrease) in stock	3.660	(3.050)	(5.770)
		TOTAL (B)	32.592	40.091	17.722
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.648	1.157	1.061
Less	FINANCIAL EXPENSES (D)		0.554	0.718	0.770
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.094	0.439	0.291
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.216	0.209	0.184
	PROFIT BEFORE TAX (E-F) (G)		0.878	0.230	0.107
Less	TAX (H)		0.119	0.462	0.087
	PROFIT AFTER TAX (G-H) (I)		0.759	0.692	0.020
	EARNING IN FOREIGN CURRENCY		16.978	0.670	NA
	IMPORT VALUE		0.000	2.349	NA
	Earnings Per Share (Rs.)		12.66	11.53	0.34

Particulars	31.03.2012
Sales Turnover (Approximately)	55.000

Expected Sales (2012-13): Rs.60.000 Millions

The above information has been parted by Mr. Tambe.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.22	1.68	0.11
Net Profit Margin (PBT/Sales)	(%)	2.87	0.56	0.58
Return on Total Assets (PBT/Total Assets}	(%)	4.79	0.88	0.36
Return on Investment (ROI) (PBT/Networth)		0.18	0.06	0.03
Debt Equity Ratio (Total Liability/Networth)		2.79	5.43	7.88
Current Ratio (Current Asset/Current Liability)		1.60	1.25	1.17

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Passport No of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	Yes

CHANGE OF ADDRESS

Registered office of the company has been shifted from Plot No. L -73, Additional MIDC, Satara – 415 004, Pune, Maharashtra, India to the present address.

Bankers Charges Report as per Registry

Corporate identity number of the company	U15147PN1994PTC081565
Name of the company	KADAM DAIRY EQUIPMENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Satara – 415004, Maharashtra, India kadamde@vsnl.net
This form is for	Creation of charge
Type of charge	Immovable property Book debts
Particular of charge holder	IDBI Bank, IDBI Building, 4^th Floor, SME Department, Dyaneshwar Paduka Chowk, F. C. Road, Shivajinagar, Pune – 411004, Maharashtra, India ravinmdra.bondre@ibdi.co.in
Nature of instrument creating charge	Agreement of Hypothecation dated 13.08.2008
Date of instrument Creating the charge	13.08.2008
Amount secured by the charge	Rs.3.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest : 16.25% p.a. Terms of repayment : On demand Margin : 40% Extent and operation of the charge : The charge shall remain operative till full and final settlement of loan amount.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All those tangible movable properties and assets, all stocks, plants and machinery and vehicles, all the present and future book-debts, outstanding, monies receivables, claims, demand and bills.

FIXED ASSETS:

· Land

· Plot

· Building

· Plant and Machinery

· Electrification

· Furniture

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.55.81
UK Pound	1	Rs.87.67
Euro	1	Rs.68.45

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.