MIRA INFORM REPORT

Report Date :

07.02.2012

IDENTIFICATION DETAILS

Name :	DREAM BAKE PRIVATE LIMITED
Registered Office :	296, Kalu Khan Road, Boral, Kolkata-700154, West Bengal
Country :	India
Financials (as on) :	31.12.2009
Date of Incorporation :	12.11.1998
Com. Reg. No.:	21-088239
Capital Investment / Paid-up Capital :	Rs.69.558 Millions
CIN No.: [Company Identification No.]	U15419WB1998PTC088239
TAN No.: [Tax Deduction & Collection Account No.]	CALD02128A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Bakery Items, Cake, Cookies, etc.
No. of Employees :	500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 450000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has not filed the financial of the company with the government departments after the year 2009. However, trade relations are reported as fair. Business is active. Payments are unknown. 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 – 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. S. Datta
Designation :	Accounts Manager
Contact No.:	91-33-24353670
Date :	04.02.2012

LOCATIONS

Registered Office:	296, Kalu Khan Road, Boral, Kolkata-700154, West Bengal, India
Tel. No.:	91-33-24353670/24355951
Fax No.:	91-33-24353670/24353305
E-Mail :	shyameld@switzindia.net dbpl@switzindia.com
Website :	http://www.switzindia.net
Location :	Owned
Factory :	Plot No. F1 and F2, Sudharas Food Park, WBIDC, Phase-II, Howrah-711302, West Bengal, India

DIRECTORS

AS ON 07.06.2010

Name :

Mrs. Pratima Basu

Designation :

Director

Address :

The Residency, Flat No. 702, City Centre, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

03.09.1954

Date of Appointment :

12.11.1998

Pan No.:

ACWPBB776A

Din No.:

00349843

Name :

Mr. Priyatosh Dey

Designation :

Director

Address :

16, Sakher Bazar, Lane, Bhadrakali-712258, West Bengal, India

Date of Birth/Age :

01.01.1935

Date of Appointment :

12.04.1999

Din No.:

00350304

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	U15419WB1998PTC088239	DREAM BAKE PRIVATE LIMITED	Director	14-12-01	14-12-01	-	Active	NO
2	U15419OR1996PTC004350	KALINGA BAKERY PRIVATE LIMITED	Director	16-05-05	16-05-05	-	Active	NO
3	U55209AS2008PTC008586	BRAHMAPUTRA FOODS PRIVATE LIMITED	Director	05-02-08	05-02-08	05-02-08	Active	NO

Name :

Mr. Pratim Partha Acharya

Designation :

Director

Address :

41, Hemchandra Street, Kidderpore, Kolkata-700023, West Bengal, India

Date of Birth/Age :

18.04.1958

Date of Appointment :

14.12.2001

Din No.:

00324730

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	U15419WB1998PTC088239	DREAM BAKE PRIVATE LIMITED	Director	14-12-01	14-12-01	-	Active	NO
2	U15419OR1996PTC004350	KALINGA BAKERY PRIVATE LIMITED	Director	16-05-05	16-05-05	-	Active	NO
3	U55209AS2008PTC008586	BRAHMAPUTRA FOODS PRIVATE LIMITED	Director	05-02-08	05-02-08	05-02-08	Active	NO

KEY EXECUTIVES

Name :	Mr. S. Datta
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 07.06.2010

Names of Shareholders	No. of Shares
Arnab Basu	55851
Pratima Basu	153
International Foods Limited, Republic of Mauritius	64535
Lokesh Kumar	6000
Total	126539

AS ON 07.06.2010

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]	56.00
Directors or relatives of directors	44.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Bakery Items, Cake, Cookies, etc.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.12.2009]

Particulars	Unit	Actual Production
Cakes	PCS.	63250540
Cookies	PCS.	49264

GENERAL INFORMATION

Suppliers :

Chemex India

Customers :

Wholesalers and Retailers

· S S Enterprises

No. of Employees :

500 [Approximately]

Bankers :

Axis Bank Limited, Credit Management Centre (CMC), 1, Shakespeare Sarani, AC Market, 3^rd Floor,, Kolkata-700071, West Bengal, India

Facilities :

Secured Loan	As on 31.12.2009 [Rs. in Millions]	As on 31.12.2008 [Rs. in Millions]
Term Loan with Axis Bank Limited	215.249	156.664
Cash Credit with Axis Bank Limited	9.137	16.226
Car Loan	2.347	2.860
Total	226.733	175.750
Unsecured Loan
From International Foods Limited, Mauritius, the holding company [A foreign currency loan under ECB scheme as approved by the Reserve Bank of India]	7.561	7.561
Interest accrued and due thereon	1.335	1.145
From a body corporate	74.630	12.608
Interest accrued and due thereon	5.601	1.652
From shareholders	1.300	0.000
From others	36.265	34.268
Total	126.692	57.234

Banking Relations :	--
Financial Institution:	Dream Bade Private Limited, Garia Branch, 37, Raja Subodh Chandra Mullick Road, Garia, Kolkata-700084, West Bengal, India
Auditors :
Name :	J F Dastoor and Company Chartered Accountants
Address :	11/3, Old Ballygunge Lane, Saptarag, Ground Floor, Kolkata-700019, West Bengal, India
Pan No.:	AIBPG4011E
Subsidiaries :	Southern Bakeries Private Limited [U15433KA2002PTC030041]
Associates	· Switz Foods Private Limited · Kalinga Bakery Private Limited

CAPITAL STRUCTURE

AS ON 07.06.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
126539	Equity Shares	Rs.100/- each	Rs.12.654 Millions

As on 31.12.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.100/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
695580	Equity Shares	Rs.100/- each	Rs.69.558 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2009	31.12.2008	31.12.2007
SHAREHOLDERS FUNDS
1] Share Capital		69.558	12.654	12.654
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		43.808	75.209	71.993
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		113.366	87.863	84.647
LOAN FUNDS
1] Secured Loans		226.733	175.750	23.537
2] Unsecured Loans		126.692	57.234	21.030
TOTAL BORROWING		353.425	232.984	44.567
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		466.791	320.847	129.214
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.508	68.666	59.473
Capital work-in-progress		288.830	172.900	27.478
INVESTMENT		32.959	23.459	17.378
DEFERREX TAX ASSETS		0.533	0.441	0.205
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.287	14.991	14.219
	Sundry Debtors	67.375	58.194	64.249
	Cash & Bank Balances	18.838	10.097	8.647
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	125.463	80.074	51.121
Total Current Assets		223.963	163.356	138.236
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	76.739	51.433	51.482
	Other Current Liabilities	27.115	28.132	36.978
	Provisions	37.151	28.416	25.103
Total Current Liabilities		141.005	107.981	113.563
Net Current Assets		82.958	55.375	24.673
MISCELLANEOUS EXPENSES		0.003	0.006	0.007
TOTAL		466.791	320.847	129.214

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2009	31.12.2008	31.12.2007
	SALES
		Turnover	312.440	249.945	243.566
		Other Income	NA	3.312	1.625
		TOTAL (A)	NA	253.257	245.191
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	235.931	220.268
		Advertising Expenses
		TOTAL (B)	NA	235.931	220.268
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		48.535	17.326	24.923
Less	FINANCIAL EXPENSES (D)		6.303	3.348	2.119
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		42.232	13.978	22.804
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.459	7.059	7.108
	PROFIT BEFORE TAX (E-F) (G)		34.773	6.919	15.696
Less	TAX (H)		8.644	3.077	4.730
	PROFIT AFTER TAX (G-H) (I)		26.129	3.842	10.966
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		73.949	70.107	59.141
	BALANCE CARRIED TO THE B/S		100.078	73.949	70.107
	Earnings Per Share (Rs.)		37.56	30.36	86.66

Particulars	31.12.2011	31.12.2010
Sales Turnover [Approximately]	550.000 [Due to more order]	440.000

Expected Sales (2012) : Rs.700.000 Millions

The above information has been parted by Mr. S. Datta.

KEY RATIOS

PARTICULARS		31.12.2009	31.12.2008	31.12.2007
PAT / Total Income	(%)	NA	1.52	4.47
Net Profit Margin (PBT/Sales)	(%)	11.13	2.77	6.44
Return on Total Assets (PBT/Total Assets}	(%)	12.18	2.98	7.94
Return on Investment (ROI) (PBT/Networth)		0.31	0.07	0.19
Debt Equity Ratio (Total Liability/Networth)		4.36	3.88	1.87
Current Ratio (Current Asset/Current Liability)		1.59	1.51	1.22

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

OPERATIONS AND BUSINESS PERFORMANCE

The Company has achieved a turnover of Rs.312.400 millions registering a marginal growth over the previous year’s turnover of Rs.249.900 millions.

The Company has gone for major expansion and is hopeful that once the expansion projects are completed there will be increase in the activities and profitability.

EXPANSION PROGRAMME

The Company has undertaken an expansion programme and for the purpose has acquired 6.88 acres from WBIDC to develop a modern bakery manufacturing unit. It is expected that the unit will become fully operational within a short period.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U15419WB1998PTC088239
Name of the company	DREAM BAKE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	296, Kalu Khan Road, Boral, Kolkata-700154, West Bengal, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	Axis Bank Limited, Credit Management Centre (CMC), 1, Shakespeare Sarani, AC Market, 3^rd Floor,, Kolkata-700071, West Bengal, India
Email	siddhartha.saha@axisbank.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Deed (Current Assets, Movables, Plant and Machinery).
Date of instrument Creating the charge	26.11.2009
Amount secured by the charge	Rs.247.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest will be charged: Cash Credit and Term Loan - I and II at BPLR - 3.25% p.a. (presently 11.50%) at monthly rests. Terms of Repayment Cash Credit repayable on demand. Term Loan I and II repayment. Margin Cash Credit: 25% on Stock and Book Debts (Up to 45 days), Book Debts over 45 days will not be eligible for Bank Finance. Term Loan: 36.85%. Extent and Operation of the charge Charge on hypothecation of current assets, movables and plant and machinery. Others Amount Secured by the charge:- CC - AXIS Bank Limited, Garia Branch Rs. 18.000 Millions TL-I - AXIS Bank Limited, Golpark Branch Rs.206.000 Millions TL-II - AXIS Bank Limited, Golpark Branch Rs. 23.500 Millions Aggregate Limit Rs.247.500 Millions
Short particulars of the property charged	All the stock in trade both present and future consisting stocks including RMs, SIP, FGs, cash and other current assets etc. All the present and future book debts, outstanding, monies, receivables, claims bills contracts, engagements and securities etc. All tangible movable machinery, plant and machinery, fixture, fittings, other installation, cranes, furniture, computers and other accessories vehicles together with spares tools and accessories etc.

TRADE REFERENCES:

· Chemex India

· S S Enterprises

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.63.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		32

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.