MIRA INFORM REPORT

Report Date :

29.02.2012

IDENTIFICATION DETAILS

Name :	ICE BERG FOODS LIMITED
Formerly Known As :	AGGARWAL ICEBERG FOODS PRIVATE LIMITED
Registered Office :	North Delhi Mall – 1, 9^th Floor, Plot No. B-2, 3, 4, Netaji Subhash Place Delhi, Delhi-110034, India.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.11.1999
Com. Reg. No.:	55-102537
Capital Investment / Paid-up Capital :	Rs.25.168 Millions
CIN No.: [Company Identification No.]	U15332DL1999PLC102537
TAN No.: [Tax Deduction & Collection Account No.]	RTKI00374D / DELA07900E
PAN No.: [Permanent Account No.]	AACCA6027E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Food Beverages
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 330000
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. Payment 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

LOCATIONS

Registered Office :	North Delhi Mall – 1, 9^th Floor, Plot No. B-2, 3, 4, Netaji Subhash Place Delhi, Delhi-110034, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rocddc@in.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Kishore Aggarwal

Designation :

Director

Address :

C -2 / 41, Rajasthali Apartments, Pitampura, Delhi-110088, India.

Date of Birth/Age :

08.07.1969

Date of Appointment :

25.11.1999

DIN No.:

00064356

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	U15332DL1999PLC102537	ICE BERG FOODS LIMITED	Director	25/11/1999	25/11/1999	-	Active	NO
2	U74899DL1994PTC058330	FOUNDRY FLUXES RESOURCFES INDIA private limited	Director	15/07/2000	15/07/2000	-	Active	NO
3	U26939WB1995PLC075633	SREE METALIKS LTD.	Additional director	1/7/2011	1/9/2000	-	Active	NO
4	U51909WB1994PLC063569	THANWAS INVESTMENTS LIMITED	Director	15/02/2002	15/02/2002	-	Active	NO
5	U13100OR2004PTC007454	HIND METAL and INDUSTRIES PRIVATE LIMITED	Director	24/03/2004	24/03/2004	-	Active	NO
6	U15549DL2003PTC125516	ICEBERG AQUA PRIVATE LIMITED	Director	3/5/2004	3/5/2004	-	Active	NO
7	U51224AP2002PTC039389	TRINITY BEVERAGES PRIVATE LIMITED	Whole-time director	7/4/2006	7/4/2006	-	Active	NO
8	U13100OR2006PTC008672	PATRAPADA COAL MINING COMPANY PRIVATE LIMITED	Nominee director	10/4/2006	10/4/2006	-	Strike off	NO
9	U51109WB1995PTC074486	LAWRENCE MERCHANTS PVT LTD	Director	15/06/2006	15/06/2006	-	Active	NO
10	U15540MH2002PTC138410	ABHI RUCHI AQUA PRIVATE LIMITED	Director	21/12/2006	21/12/2006	-	Active	NO
11	U45200DL2007PTC157662	A S TECHNOBUILD PRIVATE LIMITED	Director	11/1/2007	11/1/2007	10/9/2010	Active	NO
12	U51109WB2006PTC110392	HERITAGE AGENCY PVT LTD	Director	18/02/2007	18/02/2007	-	Active	NO
13	U15549KA2010PTC053778	SDU BEVERAGES PRIVATE LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO
14	U15132DL2011PTC217874	KASHVI FOODS PRIVATE LIMITED	Director	20/04/2011	20/04/2011	-	Active	NO

Name :

Ms. Neelam Aggarwal

Designation :

Director

Address :

C -2 / 41, Rajasthali Apartments, Pitampura, Delhi-110088, India.

Date of Birth/Age :

17.09.1971

Date of Appointment :

20.12.2000

DIN No.:

01248536

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	U74899DL1994PTC058330	FOUNDRY FLUXES RESOURCFES INDIA private limited	Director	15/07/2000	15/07/2000	-	Active	NO
2	U15332DL1999PLC102537	ICE BERG FOODS LIMITED	Director	20/12/2000	20/12/2000	1/10/2010	Active	NO

Name :

Mr. Kushal Agarwal

Designation :

Director

Address :

Sarvesh Refractory Private Limited Power House Road, Roukela, Orissa-769001, India.

Date of Birth/Age :

01.04.1987

Date of Appointment :

29.12.2007

DIN No.:

01420262

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	U26999OR1992PLC003209	SARVESH REFRACTORIES LIMITED.	Director	1/4/2007	1/4/2007	-	Active	NO
2	U15332DL1999PLC102537	ICE BERG FOODS LIMITED	Director	29/12/2007	29/12/2007	-	Active	NO
3	U45201OR2006PTC009006	ADI GREEN DEVELOPERS PRIVATE LIMITED	Director	5/10/2009	5/10/2009	-	Active	NO

Name :

Mr. Anil Mittal

Designation :

Director

Address :

F-5, Jaipur Tower, M.I. Road, Jaipur, Rajasthan-330200, India.

Date of Birth/Age :

15.06.1974

Date of Appointment :

01.10.2010

DIN No.:

00337247

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	U15549RJ2004PTC019746	PURE LINE FOODS PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO
2	U15540MH2002PTC138410	ABHI RUCHI AQUA PRIVATE LIMITED	Director	13/02/2006	13/02/2006	-	Active	NO
3	U52190RJ2006PTC022774	STREET WAY MARKETING PRIVATE LIMITED	Director	7/7/2006	7/7/2006	-	Active	NO
4	U15332DL1999PLC102537	ICE BERG FOODS LIMITED	Additional director	1/10/2010	1/10/2010	-	Active	NO
5	U74999DL2007PTC162842	MAJARIA FOODS PRIVATE LIMITED	Additional director	11/10/2010	11/10/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kishore Aggarwal	397250
Sanjay Gupta	37113
Neelam Aggarwal	450250
Kishore Aggarwal (HUF)	336000
Anil mittal	17100
Suman Singhal	2010
Sunil Mittal	16700
Foundry Fluxes Resources India Private Limited	850391
Raasi Refractories limited	410000
Total	2516814

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	50.08
Directors or relatives of Directors	49.92
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Food Beverages
Products :	· Kingfisher Drinking Water · R.C.Cola

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Allahabad Bank, 1, Ansari Road, Daryaganj, New delhi-110002, India.

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan From Allahabad Bank	117.522	88.828
Cash Credit Limit From Allahabad Bank	201.503	103.436
HSBC Bank Buyers Credit	2.696	0.000
Vehicle Loan	19.328	20.694
Deferred Payment Credit	37.640	8.727
Total	378.689	221.685
Unsecured Loan
From companies	68.316	59.919
Total	68.316	59.919

Banking Relations :	--
Auditors :
Name :	Devendra Dahiya and company Chartered Accountant
Address :	BU-1, SFS Flats, Outer Ring Road, Pitampura, New Delhi- 110088, India
PAN.:	AAAFO7506K
Related Parties	· Sree Metaliks Limited · Iceberg Aqua Private Limited · Mohit Steel Private Limited · Foundry Fluxes Resources Private Limited · A.S.Technobuild Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2516814	Equity Shares	Rs.10/- each	Rs.25.168 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		25.168	25.168	25.168
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		57.716	51.391	32.192
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		82.884	76.559	57.360
LOAN FUNDS
1] Secured Loans		378.689	221.684	76.509
2] Unsecured Loans		68.316	59.919	43.595
TOTAL BORROWING		447.005	281.603	120.104
DEFERRED TAX LIABILITIES		18.582	14.155	7.101
TOTAL		548.471	372.317	184.565
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		334.535	243.487	120.636
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.149	0.149	0.149
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.022	63.897	32.293
	Sundry Debtors	143.409	97.892	50.149
	Cash & Bank Balances	23.548	15.249	9.169
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	70.221	59.522	42.854
Total Current Assets		335.200	236.560	134.465
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	99.756	81.570	50.122
	Other Current Liabilities	1.084	1.346	3.347
	Provisions	20.573	24.963	17.216
Total Current Liabilities		121.413	107.879	70.685
Net Current Assets		213.787	128.681	63.780
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		548.471	372.317	184.565

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	714.373	542.146	376.968
		Other Income	12.548	4.594	5.150
		TOTAL (A)	726.921	546.740	382.118
Less	EXPENSES
		Raw Material Consumed	480.079	354.600	247.816
		Manufacturing Expenses	57.309	40.829	32.698
		Personnel Expenses	57.071	36.859	19.024
		Excise Duty INCL. CESS	45.625	26.771	25.622
		Administrative Expenses	20.878	16.943	13.719
		Selling Expenses	27.471	24.058	16.897
		Accretion/Decretion To Stock	(24.025)	(9.601)	(11.662)
		TOTAL (B)	664.408	490.459	344.114
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		62.513	56.281	38.004
Less	FINANCIAL EXPENSES (D)		30.473	11.993	10.046
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		32.040	44.288	27.958
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.878	13.042	9.177
	PROFIT BEFORE TAX (E-F) (G)		14.162	31.246	18.737
	Prior Period Expenditure/ (income)		0.010	0.027	0.000
Less	TAX (I)		7.827	12.020	8.440
	PROFIT AFTER TAX (G-I) (J)		6.325	19.199	10.297
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		41.101	21.902	11.604
	BALANCE CARRIED TO THE B/S		47.425	41.101	21.902
	TOTAL IMPORTS		11.486	12.207	NA
	Earnings Per Share (Rs.)		2.51	7.62	4.09

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.87	3.51	2.69
Net Profit Margin (PBT/Sales)	(%)	1.98	5.76	4.97
Return on Total Assets (PBT/Total Assets}	(%)	2.11	6.50	7.34
Return on Investment (ROI) (PBT/Networth)		0.17	0.40	0.32
Debt Equity Ratio (Total Liability/Networth)		6.85	5.08	3.32
Current Ratio (Current Asset/Current Liability)		2.76	2.19	1.90

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered Office of the company has been shifted from 374, 3^rd Floor, Kohat Enclave, Main Road, Pitampura, New Delhi-110034, India to the present address w. e .f 01.11.2008.

Financial Results:

During the year, sale of company has increased from Rs. 546.700 Millions to Rs.726.900 Millions registering growth of 32.96% over preceding years. With the growth of sale, PBDIT has also increased from Rs. 553.000 Millions to Rs.58.200 Millions. However, PBDIT has not increased in proportion of Sale due to increase in expenses to maintain growth of sales.

Due to increase of interest expenses and with the increase of depreciation, profit has decreased from Rs. 31.200 Millions to Rs. 14.200 Millions.

Operation and Future Outlook:

With the increase in sales of company, company has planned to go for expansion to meet its demand of mineral water and soft drinks. Products of is getting good response from market. Company has explored the opportunity to set up its base in Eastern India as company has already shown its presence in Northern, Western, Southern and Central India.

Mineral water and flavored water industry is growing at fast pace in India and with the growth of industry, sale of company will also grow.

Contingent Liabilities	As on 31.03.2011 (Rs. In Millions)
Estimated Amount of Contract remaining to be executed on Capital A/c and not provided for	5.700
Bills discounted	NIL
Letter of credit open	43.000
Guarantees given by bank for the business of the company against while counter guarantees are given	NIL

Form 8:

Corporate identity number of the company	U15332DL1999PLC102537
Name of the company	ICE BERG FOODS LIMITED
Address of the registered office or of the principal place of business in India of the company	North Delhi Mall – 1, 9^th Floor, Plot No. B-2, 3, 4, Netaji Subhash Place Delhi, Delhi-110034, India. Email- rocddc@in.com
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Bank of Baroda, Corporate Financial Services, 1st Floor, 'Bank of Boroda', Opp. Law Garden, Ellisbridge Ahmedabad, Gujarat- 380006. Email- corahm@bankofbaroda.co.in
Nature of instrument creating charge	Supplementary Agreement of Mortgage
Date of instrument Creating the charge	27.05.2011
Amount secured by the charge	Rs. 50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15% p.a. (i.e. 5% over base rate) Terms of repayment 35 equals installments of Rs. 1.400 Millions commencing after 30 days of the first disbursement date and last installment of Rs 1.000 Millions Margin Nil Extent and operation of the charge First Charge and pari passu second charge.

Fixed Assets:

· Land

· Building

· Office Building

· Plant and Machinery

· Office Equipment

· Computer

· Car

· Furniture and Fixtures

· Fax Machine

· Electric Installations

· Motorcycle

· Fire Extinguisher

· C.C. TV and Camera

· Vehicles

· Mobile Set

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.49.14
UK Pound	1	Rs.77.86
Euro	1	Rs.66.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.