MIRA INFORM REPORT

Report Date :

07.02.2012

IDENTIFICATION DETAILS

Name :	DINSHAW’S DAIRY FOODS LIMITED (w.e.f. 27.03.2001)
Formerly Known As :	DINSHAW’S DAIRY FOODS PRIVATE LIMITED
Registered Office :	Gittikhadan Gorewada Road, Nagpur – 440 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.08.1998
Com. Reg. No.:	11-116277
Capital Investment / Paid-up Capital :	Rs.65.000 Millions
CIN No.: [Company Identification No.]	U15200MH1998PLC116277
TAN No.: [Tax Deduction & Collection Account No.]	NGPD00368E
PAN No.: [Permanent Account No.]	AAACD6125G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Dairy Products.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1859000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Nandu
Designation :	Accountant
Contact No.:	91-9820747028
Date :	24.01.2012

LOCATIONS

Registered Office/ Factory :	Gittikhadan Gorewada Road, Nagpur – 440 013, Maharashtra, India
Tel. No.:	91-712-2582052
Mobile No.:	91-9820747028 (Mr. Nandu)
Fax No.:	91-712-2581407
E-Mail :	homyar@dinshaw’s.com ads@dinshaws.co.in nichatnagpur@rediffmail.com
Website :	www.dinshaw’s.com
Area :	10000 sq ft
Location :	Owned
Communication/ Head Office/ Corporate office :	B/122, Oberoi Chambers, Opp. Sub TV, Off. Newlink Road, Andheri, Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26733604/ 26733614
Fax No.:	91-22-26733604/ 26733614
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Jimmy Erach Rana

Designation :

Managing Director

Address :

Gittikhadan Gorewada Road, Nagpur – 440 013, Maharashtra, India

Date of Birth/Age :

18.08.1959

Date of Appointment :

19.08.1998

DIN No.:

00519865

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	U15130MH1994PTC078788	DINSHAWS TECHNO FOODS P LIMITED	Director	08-08-94	08-08-94	-	Active	NO
2	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Managing director	19-08-98	19-08-98	-	Active	NO
3	U67120MH1999PTC118718	DINSHAW'S HOLDINGS PRIVATE LIMITED	Director	09-03-99	09-03-99	-	Active	NO
4	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02-09-04	02-09-04	-	Active	NO
5	U72200MH2005PTC158260	HIFEM INFORMATIKS PRIVATE LIMITED	Director	22-12-05	22-12-05	-	Active	NO

Name :

Mrs. Dinaz Jimmy Rana

Designation :

Director

Address :

Gittikhadan Gorewada Road, Nagpur – 440 013, Maharashtra, India

Date of Birth/Age :

16.06.1960

Date of Appointment :

16.02.2001

DIN No.:

00519944

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	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	08-05-86	08-05-86	-	Active	NO
2	U67120MH1999PTC118718	DINSHAW'S HOLDINGS PRIVATE LIMITED	Director	09-03-99	09-03-99	-	Active	NO
3	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Director	16-02-01	16-02-01	-	Active	NO
4	U72200MH2005PTC158260	HIFEM INFORMATIKS PRIVATE LIMITED	Director	22-12-05	22-12-05	-	Active	NO

Name :

Mr. Aspi Dinshaw Bapuna

Designation :

Chairman

Address :

‘Banaz’, Byramji Town, Nagpur – 440 013, Maharashtra, India

Date of Birth/Age :

23.01.1950

Date of Appointment :

11.10.2002

DIN No.:

00503539

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	U15500MH1985PLC037069	AJANTA DISILLERIES LIMITED	Director	09-11-85	09-11-85	-	Active	NO
2	U15500MH1985PTC037057	VANDANA DISTILLERIES PRIVATE LIMITED	Director	19-02-86	19-02-86	-	Active	NO
3	U55200MH1984PTC032855	ORANGE CITY HOTELS PRIVATE LIMITED	Director	01-01-90	01-01-90	-	Active	NO
4	U51909MH1991PTC060950	LACEY TRADING COMPANY PRIVATE LIMITED	Director	08-06-92	08-06-92	-	Active	NO
5	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Director	16-06-94	16-06-94	-	Active	NO
6	U65910MH1985PLC035394	PREM KUTIR ESTATES AND PROPERTIES LIMITED	Director	01-08-95	01-08-95	-	Active	NO
7	U15520MH1996PLC096393	TRIPTI ALCOBREW LIMITED	Director	18-01-96	18-01-96	-	Active	NO
8	U51900MH1984PLC034747	BHAVANA COMMERCIAL ENTERPRISES LIMITED	Director	01-06-98	01-06-98	-	Active	NO
9	U15500MH1971PLC014983	RAMON DISTILLERIES LIMITED	Director	30-09-98	30-09-98	-	Active	NO
10	U65910MH1989PLC051014	SONA FINANCE AND LEASING LIMITED	Director	22-09-00	22-09-00	-	Active	NO
11	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMITED	Director	28-09-00	28-09-00	29-03-10	Active	NO
12	U15510PN2002PTC020018	ASSOCIATED BLENDERS PRIVATE LIMITED	Director	21-02-02	21-02-02	03-01-11	Active	NO
13	U65910MH2002PLC137466	PURBANCHAL FINANCE LIMITED	Director	04-10-02	04-10-02	-	Active	NO
14	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Director	11-10-02	11-10-02	-	Active	NO
15	U67120MH1999PTC118718	DINSHAW'S HOLDINGS PRIVATE LIMITED	Director	30-04-04	30-04-04	-	Active	NO
16	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PVT LTD	Director	02-09-04	02-09-04	-	Active	NO
17	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	25-06-07	25-06-07	-	Active	NO

Name :

Mr. Abad Dinshaw Bapuna

Designation :

Vice-Chairman

Address :

‘Banaz’, Byramji Town, Nagpur – 440 013, Maharashtra, India

Date of Birth/Age :

15.07.1955

Date of Appointment :

11.10.2002

DIN No.:

00503658

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	U15500MH1985PLC037069	AJANTA DISILLERIES LIMITED	Director	06-08-85	06-08-85	-	Active	NO
2	U15500MH1985PTC037057	VANDANA DISTILLERIES PRIVATE LIMITED	Director	09-11-85	09-11-85	-	Active	NO
3	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	28-11-88	28-11-88	-	Active	NO
4	U55200MH1984PTC032855	ORANGE CITY HOTELS PRIVATE LIMITED	Director	01-01-90	01-01-90	-	Active	NO
5	U51909MH1991PTC060950	LACEY TRADING COMPANY PRIVATE LIMITED	Director	08-06-92	08-06-92	-	Active	NO
6	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Director	16-06-94	16-06-94	-	Active	NO
7	U65910MH1985PLC035394	PREM KUTIR ESTATES AND PROPERTIES LIMITED	Director	01-08-95	01-08-95	-	Active	NO
8	U15520MH1996PLC096393	TRIPTI ALCOBREW LIMITED	Director	18-01-96	18-01-96	-	Active	NO
9	U51900MH1984PLC034747	BHAVANA COMMERCIAL ENTERPRISES LIMITED	Director	01-06-98	01-06-98	-	Active	NO
10	U65910MH1989PLC051014	SONA FINANCE AND LEASING LIMITED	Director	22-09-00	22-09-00	-	Active	NO
11	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMITED	Director	28-09-00	28-09-00	29-06-07	Active	NO
12	U65910MH2002PLC137466	PURBANCHAL FINANCE LIMITED	Director	04-10-02	04-10-02	-	Active	NO
13	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Director	11-10-02	11-10-02	-	Active	NO
14	U67120MH1999PTC118718	DINSHAW'S HOLDINGS PRIVATE LIMITED	Director	30-04-04	30-04-04	-	Active	NO
15	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02-09-04	02-09-04	-	Active	NO

Name :

Mr. Adil Dinshaw Bapuna

Designation :

Director

Address :

‘Banaz’, Byramji Town, Nagpur – 440 013, Maharashtra, India

Date of Birth/Age :

15.07.1955

Date of Appointment :

11.10.2002

DIN No.:

00503744

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	U15500MH1985PTC037057	VANDANA DISTILLERIES PRIVATE LIMITED	Director	06-08-85	06-08-85	-	Active	NO
2	U15500MH1985PLC037069	AJANTA DISILLERIES LIMITED	Director	10-07-86	10-07-86	-	Active	NO
3	U51909MH1991PTC060950	LACEY TRADING COMPANY PRIVATE LIMITED	Director	08-06-92	08-06-92	-	Active	NO
4	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Managing director	16-06-94	16-06-94	-	Active	NO
5	U65910MH1985PLC035394	PREM KUTIR ESTATES AND PROPERTIES LIMITED	Director	01-08-95	01-08-95	-	Active	NO
6	U15520MH1996PLC096393	TRIPTI ALCOBREW LIMITED	Director	18-01-96	18-01-96	-	Active	NO
7	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	28-05-97	28-05-97	-	Active	NO
8	U51900MH1984PLC034747	BHAVANA COMMERCIAL ENTERPRISES LIMITED	Director	01-06-98	01-06-98	-	Active	NO
9	U65910MH1989PLC051014	SONA FINANCE AND LEASING LIMITED	Director	22-09-00	22-09-00	-	Active	NO
10	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMITED	Director	28-09-00	28-09-00	29-06-07	Active	NO
11	U65910MH2002PLC137466	PURBANCHAL FINANCE LIMITED	Director	04-10-02	04-10-02	-	Active	NO
12	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Director	11-10-02	11-10-02	-	Active	NO
13	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02-09-04	02-09-04	-	Active	NO

Name :

Mr. Jamashp Aspi Bapuna

Designation :

Joint Managing Director

Address :

‘Banaz’, Byramji Town, Nagpur – 440 013, Maharashtra, India

Date of Birth/Age :

16.08.1978

Date of Appointment :

11.10.2002

DIN No.:

00503835

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	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	28-05-97	28-05-97	-	Active	NO
2	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Director	01-12-01	01-12-01	-	Active	NO
3	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Managing director	11-10-02	11-10-02	-	Active	NO
4	U15520MH1996PLC096393	TRIPTI ALCOBREW LIMITED	Director	30-09-03	30-09-03	-	Active	NO
5	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMITED	Director	28-06-07	28-06-07	29-03-10	Active	NO
6	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	30-09-09	30-09-09	-	Active	NO

Name :

Mr. Zervin Jimmy Rana

Designation :

Director

Address :

Gittikhadan Gorewada Road, Nagpur – 440 013, Maharashtra, India

Date of Birth/Age :

06.08.1985

Date of Appointment :

11.11.2003

DIN No.:

00520036

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	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Director	11-11-03	11-11-03	-	Active	NO
2	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02-09-04	02-09-04	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nandu
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Jimmy Erach Rana	2625500
Aspi Dinshaw Bapuna	833333
Abad Dinshaw Bapuna	1083334
Adil Dinshaw Bapuna	1083333
Dinaz Jimmy Rana	620000
Zervin Jimmy Rana	4500
Jamashp Bapuna	250000
TOTAL	6500000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Dairy Products

Products :

Item Code No. (ITC Code)	2015
Product Description	Ice Cream and all varieties
Item Code No. (ITC Code)	2014
Product Description	Milk

• Ice Lollies
• Pulpies
• Twin Bars
• Bar Novelties
• Double Delight
• Double Deckers
• Chocobars
• Kulfi
• Premium Tubs
• Small Cups
• Large Cups
• Sundaes
• Novelties
• Carnival

Exports :

Products :

Dairy Products

Countries :

• Dubai

Imports :

Products :

Machinery

Countries :

• Italy
• China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS

(As On 31.03.2010)

(Quantity in ‘000)

Particulars	Unit	Licensed Capacity Daily	Installed Capacity Daily	Actual Production Annual
Ice Cream	Liters	100	100	12419
Milk	Liters	200	200	43692
SMP	Kgs.	6	6	598
Butter	Kgs.	5	5	618

GENERAL INFORMATION

Suppliers :

• Blue Star

Customers :

Wholesalers and Retailers

• T J U.K And Company

No. of Employees :

600 (Approximately)

Bankers :

HDFC Bank Limited, 12, Milestone, 303 and 304, 3^rd Floor, Wardha Road, Near Lokmat Square, Nagpur – 400 013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans financial institutions secured	309.612	95.847
Working capital loans banks secured	237.926	265.916
Total	547.538	361.763
Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans directors unsecured	65.700	79.249
Public deposits unsecured	146.489	107.711
Other debt unsecured	18.744	0.000
Total	230.933	186.960

Banking Relations :	--
Auditors :
Name :	K.K. Mankeshwar and Company Chartered Accountants
Address :	Kingsway, Nagpur – 440 001, Maharashtra, India
Tel. No.:	91-712-2533846/ 2554223
E-Mail :	mail@kkmanekeshwar.com
PAN.:	AABFK1156A
Associates :	Dinshaws Ice Cream and Dairy Enterprises Dinshaws Frozen Foods Private Limited Dinshaws Techno Foods Private Limited Dinshaws Holdings Private Limited Dinshaws Investments

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 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		65.000	65.000	65.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		399.918	362.071	289.916
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		464.918	427.071	354.916
LOAN FUNDS
1] Secured Loans		547.538	361.763	277.956
2] Unsecured Loans		230.933	186.960	167.014
TOTAL BORROWING		778.471	548.723	444.970
DEFERRED TAX LIABILITIES		96.068	82.646	54.420
TOTAL		1339.457	1058.440	854.306
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		837.149	779.166	579.025
Capital work-in-progress		165.844	6.786	61.437
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	360.526	306.940	136.991
	Sundry Debtors	49.763	24.145	30.195
	Cash & Bank Balances	46.572	41.610	68.828
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	224.753	173.001	176.658
Total Current Assets		681.614	545.696	412.672
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	189.473	163.507	126.107
	Other Current Liabilities	141.856	67.614	59.017
	Provisions	13.821	42.087	13.704
Total Current Liabilities		345.150	273.208	198.828
Net Current Assets		336.464	272.488	213.844
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1339.457	1058.440	854.306

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2511.550	2100.895	1843.585
		Other Income	16.758	9.930	7.368
		TOTAL (A)	2528.308	2110.825	1850.953
Less	EXPENSES
		Consumption Materials	1723.788	1312.527	1654.989
		Manufacturing Service Cost	185.351	153.355
		Employee Related Cost	123.983	111.826
		Administrative, Selling and Other Expenses	323.032	285.027
		Research and Development	4.837	3.775
		Prior Period Items	0.030	0.000
		TOTAL (B)	2361.021	1866.510	1654.989
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		167.287	244.315	195.964
Less	FINANCIAL EXPENSES (D)		41.744	30.979	35.310
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		125.543	213.336	160.654
Less/ Add	DEPRECIATION/ AMORTISATION (F)		60.453	53.324	43.973
	PROFIT BEFORE TAX (E-F) (G)		65.090	160.012	116.681
Less	TAX (H)		27.243	70.313	34.117
	PROFIT AFTER TAX (G-H) (I)		37.847	89.699	82.564
	Prior Period S.T. Demand		--	--	(0.311)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		357.173	285.018	207.404
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	17.544	0.000
		Dividend	0.000		3.965
		Tax on Dividend	0.000		0.674
	BALANCE CARRIED TO THE B/S		395.020	357.174	285.018
	IMPORTS
		Raw Materials and Consumables	NA	5.741	4.987
	TOTAL IMPORTS		NA	5.741	4.987
	Earnings Per Share (Rs.)		5.83	13.80	12.70

Expected Sales (2011-2012): Rs.3100.000 Millions

The above information has been parted by Mr. Nandu – Accountant

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.50	4.25	4.46
Net Profit Margin (PBT/Sales)	(%)	2.59	7.62	6.33
Return on Total Assets (PBT/Total Assets}	(%)	4.29	12.10	11.83
Return on Investment (ROI) (PBT/Networth)		0.14	0.37	0.33
Debt Equity Ratio (Total Liability/Networth)		2.42	1.92	1.81
Current Ratio (Current Asset/Current Liability)		1.97	2.00	2.08

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	--
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

FINANCIAL RESULTS / WORKING

During the year the Company witnessed further growth in its sales performance. In fact the sales turnover of Ice-cream Division of the Company was Rs.1086.645 millions (Previous Year Rs.946.624 millions) and that of Dairy Division was Rs.1313.458 millions (Previous Year Rs.1067.572 millions. Besides the trading sales turnover is Rs.110.475 millions (Previous Year Rs.84.909 millions)

The consistent maintenance of the quality of the products by the Company and its appreciation on the part of the customers backed by favourable market conditions resulted into improved performance of the Company.

During the period, the Company posted overall sales turnover including other income, of Rs.2510.578 millions as against Rs.2099.005 millions during the last year. After providing Rs.44.723 millions towards interest and Rs.60.453 millions for depreciation and further Rs.27.242 millions for taxation , the Company earned net profit after tax of Rs.37.877 millions as against Rs.89.699 millions during the previous year.

The decline in profitability vis-à-vis sales turnover was due to hike in cost of raw materials apart from high cost of interest.

The Directors are focusing their concentration consistently upon the maintenance of quality of the Company’s products besides cost effective production which shall certainly enable the Company to go ahead with the multiplied profits during the years to come.

CONTINGENT LIABILITY

a) Rs.193.93.2 millions (Previous Year: Rs.133.969 millions) approximately being claims against the company not acknowledged as debts.

TRADE REFERENCES

• T J U.K and Company
• Blue Star

FIXED ASSETS:

· Land

· Factory Building

· Other Building

· Plant and Machinery

· Laboratory Equipments

· Furniture and Fixtures

· Office Equipments

· Computers

· Electric Installation

· Vehicles

· Wells

· Cold Storage and Deep Freezers

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.48.68
UK Pound	1	Rs.76.75
Euro	1	Rs.63.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		49

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.