MIRA INFORM REPORT

Report Date :

25.01.2012

IDENTIFICATION DETAILS

Name :	PARAG MILK FOODS PRIVATE LIMITED
Formerly Known As :	PARAG MILK AND MILK PRODUCTS PRIVATE LIMITED
Registered Office :	Flat No.1, Plot No.19, Nav Rajasthan Society, Behind Ratna Memorial Hospital, S.B. Road, Shivaji Nagar, Pune – 411 016, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.12.1992
Com. Reg. No.:	11-070209
Capital Investment / Paid-up Capital :	Rs.158.103 Millions
CIN No.: [Company Identification No.]	U15204MH1992PTC070209
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Milk Products such as Ghee, Butter, Cheese and Milk Powder.
No. of Employees :	850 (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 2362000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and reputed 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.

INFORMATION PARTED BY

Name :	Mr. Ajit
Designation :	Accountant
Contact No.:	91-9890700668
Date :	05.01.2012

LOCATIONS

Registered Office :	Flat No.1, Plot No.19, Nav Rajasthan Society, Behind Ratna Memorial Hospital, S.B. Road, Shivaji Nagar, Pune – 411 016, Maharashtra, India
Tel. No.:	91-20-25674762/ 25674761
Mobile No.:	91-9890700668 (Mr. Ajit Marathe)
Fax No.:	91-20-25674763/ 25674761
E-Mail :	cs@gowardhaindia.com marathe@gowardhaindia.com
Website :	http://www.gowardhaindia.com
Area :	2000 sq. ft.
Location :	Owned
Corporate Office/ Factory 1 :	Awasari Phata, Manchar, District Pune – 410 503, Maharashtra, India
Tel. No.:	91-21-33224763 /61
E-Mail :	parag@gowardhaindia.com
Fax No.:	91-21-33223940
Location :	Owned
Factory 2 :	Village Samudrapalle, and Panchayat Palmner Handal, Andhra Pradesh, India
Location :	Owned
Marketing Office:	8^th Floor, A Wing, Mittal Court, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22844763
Eastern Regional Office:	P-12, Kalindi Housing Estate, Ground Floor, Kolkata – 700 089, West Bengal, India
Tel. No.:	91-33-25223090/ 25223092
E-Mail :	gowardhan@cal3.vsnl.net.in

DIRECTORS

As on 29.09.2010

Name :

Mr. Devendra Prakash Shah

Designation :

Chairman

Address :

A-602, Kumar Puram Mukund Nagar, Pune – 411 037, Maharashtra, India

Date of Birth/Age :

27.04.1964

Qualification :

B.Com

Experience :

16 Years

Date of Appointment :

29.12.1992

DIN No.:

01127319

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	U15204MH1992PTC070209	PARAG MILK FOODS PRIVATE LIMITED	Director	29-12-92	29-12-92	-	Active	NO
2	U01211PN2003PTC018624	BHAGYALAXMI DAIRY FARMS PRIVATE LIMITED	Director	02-12-03	02-12-03	-	Active	NO
3	U15200MH2008PTC181251	POOJAN FOODS PRIVATE LIMITED	Director	17-04-08	17-04-08	03-09-11	Active	NO
4	U51390MH2008PTC181254	STAVAN EXIM PRIVATE LIMITED	Director	17-04-08	17-04-08	-	Active	NO

Name :

Mr. Pritam Prakash Shah

Designation :

Managing Director

Address :

A-602, Kumar Puram Mukund Nagar, Pune – 411 037, Maharashtra, India

Date of Birth/Age :

01.11.1970

Qualification :

B.Com

Experience :

16 Years

Date of Appointment :

06.02.2009

DIN No.:

01127247

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	U15204MH1992PTC070209	PARAG MILK FOODS PRIVATE LIMITED	Managing director	06-02-09	29-12-92	-	Active	NO
2	U01211PN2003PTC018624	BHAGYALAXMI DAIRY FARMS PRIVATE LIMITED	Director	02-12-03	02-12-03	-	Active	NO
3	U15200MH2008PTC181251	POOJAN FOODS PRIVATE LIMITED	Director	17-04-08	17-04-08	03-09-11	Active	NO
4	U51390MH2008PTC181254	STAVAN EXIM PRIVATE LIMITED	Director	17-04-08	17-04-08	-	Active	NO

Name :

Mr. Parag Prakash Shah

Designation :

Director

Address :

A-602, Kumar Puram Mukund Nagar, Pune – 411 037, Maharashtra, India

Date of Birth/Age :

22.06.1967

Date of Appointment :

29.12.1992

DIN No.:

01127099

Name :

Mr. Dhaval Sumantrai Desai

Designation :

Director

Address :

405, Gayatri Opposite Pratap Society, J.P. Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

14.09.1956

Qualification :

Graduate

Date of Appointment :

15.01.2008

DIN No.:

00510044

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	U65990MH1988PTC046422	CLEA FINANCE PRIVATE LIMITED	Director	08-03-88	08-03-88	-	Active	NO
2	U99999MH1985PTC037723	CLEA ADVERTISING & MARKETING PRIVATE LIMITED	Director	01-04-92	01-04-92	-	Strike off	NO
3	U72300MH1993PLC075032	MIRAGE ADVERTISING AND MARKETING LTD.	Director	09-11-93	09-11-93	-	Active	NO
4	L67120MH1993PLC074278	LADDERUP FINANCE LIMITED	Director	22-04-04	22-04-04	-	Active	NO
5	U15204MH1992PTC070209	PARAG MILK FOODS PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
6	U74300MH2008PLC184244	ELEVEN BRAND WORKS LIMITED	Director	03-07-08	03-07-08	-	Active	NO
7	U22190MH2008PLC188548	Scarecrow Communications Limited	Director	01-12-08	01-12-08	-	Active	NO
8	U22300MH2011PLC214980	Color Purple Films Limited	Director	18-03-11	18-03-11	-	Active	NO
9	U74300MH1987PLC042964	CONCEPT COMMUNICATION LIMITED	Additional director	27-10-11	27-10-11	-	Active	NO

Name :

Mr. Sunil Badriprasad Goyal

Designation :

Director

Address :

731/ A, 7^th Floor, Akshay Girikunj – III, Paliram Road, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

04.10.1967

Date of Appointment :

15.01.2008

DIN No.:

00503570

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	L67120MH1993PLC074278	LADDERUP FINANCE LIMITED	Managing director	29-04-08	01-10-93	-	Active	NO
2	U67120MH1995PTC086308	QUIET INVESTMENTS PRIVATE LIMITED	Director	06-08-98	06-08-98	-	Active	NO
3	U67120MH1995PTC087059	CHETAN SECURITIES PRIVATE LIMITED	Director	11-02-99	11-02-99	-	Active	NO
4	L17120MH1989PLC054305	KISAN MOULDINGS LIMITED	Director	30-09-06	24-12-05	-	Active	NO
5	U67190MH2007PTC166958	LADDERUP CORPORATE ADVISORY PRIVATE LIMITED	Managing director	29-04-08	11-01-07	-	Active	NO
6	U74140MH2002PTC137911	STRUCTMAST REALTORS (MUMBAI) PRIVATE LIMITED	Director	23-03-07	23-03-07	-	Active	NO
7	U70100MH2005PTC152911	LOTUS SPACES PRIVATE LIMITED	Director	07-06-07	07-06-07	-	Active	NO
8	U45201MH2007PTC175137	LADDERUP INFRA INVESTMENTS PRIVATE LIMITED	Director	17-10-07	17-10-07	-	Active	NO
9	U33110MH2005PTC152988	INVENT BIO-MED PRIVATE LIMITED	Director	20-09-08	23-11-07	-	Active	NO
10	U55101MH2004PTC147568	JUMBOKING FOODS PRIVATE LIMITED	Nominee director	22-12-07	22-12-07	-	Active	NO
11	U74140MH2008PTC177491	LADDERUP WEALTH MANAGEMENT PRIVATE LIMITED	Director	07-01-08	07-01-08	-	Active	NO
12	U15204MH1992PTC070209	PARAG MILK FOODS PRIVATE LIMITED	Director	15-01-08	15-01-08	-	Active	NO
13	U93090MH2008PLC188187	MOTILAL OSWAL TRUSTEE COMPANY LIMITED	Director	22-06-10	08-04-10	-	Active	NO
14	U66000MH2010PTC203020	LADDERUP INSURANCE BROKING PRIVATE LIMITED	Director	16-07-11	02-06-10	-	Active	NO
15	U74999MH2006PTC164682	ALF MALL MANAGEMENT COMPANY PRIVATE LIMITED	Additional director	22-06-10	22-06-10	-	Active	NO
16	U67120MH1995PTC087075	LADDERUP SECURITIES PRIVATE LIMITED	Director	16-09-11	04-02-11	-	Active	NO

Name :

Mr. Rakesh Ram Gopal Sony

Designation :

Director

Address :

Lotus Court, Flat No.10, JT Road, Chruchgate, Mumbai - 400 020, Maharashtra, India

Date of Birth/Age :

02.01.1976

Date of Appointment :

06.02.2009

DIN No.:

00363053

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	U51909WB1995PLC072876	MICROSEC CAPITAL LIMITED	Managing director	02-04-07	31-08-02	07-10-08	Active	NO
2	U67200WB2002PLC095275	MICROSEC INSURANCE BROKERS LIMITED	Director	09-10-02	09-10-02	07-10-08	Active	NO
3	U74300WB2002PLC095393	MICROSEC TECHNOLOGIES LIMITED	Director	18-11-02	18-11-02	-	Amalgamated	NO
4	U74140WB1994PLC066386	MICROSEC COMMERZE LIMITED	Director	28-07-03	28-07-03	07-10-08	Active	NO
5	L65993WB1989PLC047002	MICROSEC FINANCIAL SERVICES LIMITED	Director	27-09-05	27-09-05	07-10-08	Active	NO
6	U51109WB1994PTC066509	MICROSEC RESOURCES PRIVATE LIMITED	Director	24-07-06	24-07-06	07-10-08	Active	NO
7	U72200WB2002PLC094642	MICROSEC TECHNOLOGIES LIMITED	Director	15-09-06	15-09-06	07-10-08	Active	NO
8	U74210WB2006PTC111951	SONY ADVISORY PRIVATE LIMITED	Director	27-11-06	27-11-06	19-10-10	Active	YES
9	U74300MH2004PLC147649	EFFORT BPO LIMITED	Director	15-12-08	15-12-08	16-03-11	Active	NO
10	U15204MH1992PTC070209	PARAG MILK FOODS PRIVATE LIMITED	Nominee director	30-09-09	06-02-09	-	Active	NO
11	U74140AP1999PLC032156	POWER MECH PROJECTS LIMITED	Director	15-09-10	24-11-09	-	Active	NO
12	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	24-12-10	17-02-10	-	Active	NO
13	U23201DL2001PLC111781	MINDA AUTOGAS LTD	Director	30-09-10	17-02-10	-	Amalgamated	NO
14	U34300DL2004PLC127423	MINDA ACOUSTIC LIMITED	Director	29-07-10	17-02-10	-	Amalgamated	NO
15	U74899PB1995PLC033417	MRS.BECTORS FOOD SPECIALITIES LIMITED	Director	30-09-10	30-09-10	-	Active	NO

KEY EXECUTIVES

Name :	Asawari Avinash Tilak
Designation :	Secretary
Address :	A-9, Ganga Lahari Society, Ganeshnagar, Pune – 411 052, Maharashtra, India
Date of Birth/Age :	01.03.1985
Date of Appointment :	11.12.2008
PAN No.:	AFSPT4547E
Name :	Mr. Ajit Marathe
Designation :	Accountant
Name :	Mr. Romesh C. Mahajan
Designation :	Vice President (Project)
Date of Birth/Age :	64 Years 6 Months
Experience :	42 Years
Date of Appointment :	14.07.2008
Name :	H.S. Oberoi
Designation :	President
Date of Birth/Age :	67 Years 5 Months
Experience :	45 Years
Date of Appointment :	01.06.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Parag Prakash Shah	1631096
Pritam Prakash Shah	3053296
Devendra Prakash Shah	4856944
Prakash Babulal Shah	2239112
Priti Devendra Shah	496940
Rajni Prakash Shah	192004
Netra Pritam Shah	1177480
Purva Constructions and Engineering Private Limited, India	1000000
India Business Excel Lence Fund I, Mauritius	40
IL and FS Trust Company Limited, India	40
Suneeta agarwal	40
Vimla Oswal	40
Pratik Oswal	40
Anmol Insurance Consultants Private Limited, India	40000
IRIS Business Solutions Private Limited, India	900000
Ladderup Finance Limited, India	200000
Richa Gupta	3200
Chetan Narayan Pasari	6000
Meet Narayan Pasari	4000
Parvatidevi Pasari	4000
Narayan Ramgopal Pasari	4000
Kanhaiyalal Kabra	2000
Total	15810272

As on 29.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	13.53
Directors or relatives of directors	86.32
Other top fifty shareholders	0.15
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Milk Products such as Ghee, Butter, Cheese and Milk Powder.
Products :	v Ghee v Butter v Cheese v Cream v Gulab Jamun Mix v Milk Powders v Curd v Butter Milk v Butter Oil v Dairy Whitener v Milk
Brand Names :	GOWARDHAN
Exports :
Products :	v Ghee v Butter v Cheese v Cream v Gulab Jamun Mix v Milk Powders v Curd v Butter Milk v Butter Oil v Dairy Whitener v Milk
Countries :	v US v UAE v Singapore v Saudi Arabia v Bangladesh v Hong Kong v Oman
Imports :
Products :	Machinery
Countries :	v Germany v Switzerland
Terms :
Selling :	L/C, Credit (30 days) and Advance
Purchasing :	L/C, Cash and Credit (30 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Installed Capacities:

Particulars	As at March 31, 2010*
Pasteurized Milk	1200000 LPD
Condensed Milk	105 TPD
Cream/ Ghee/ Cheese	65 TPD
SMP/ Dairy Whitener/ Gulab Jamun Mix/ Real Milk Powder	65 TPD

* As certified by the management and accepted by the auditors.

LPD: Litre per day

TPD: Tonne per day

Particulars	Production/ Purchase 2009-10 Tonnes
Ghee	4209.77
Butter	1334.14
Cheese	2504.12
Cream	286.28
Gulab Jamun Mix	206.57
Instant Milk Powder	--
Skim Milk Powder	6113.47
Whole Milk Powder	120.02
Dahi	1351.43
Chass	16.62
Butter Oil	181.23
Dairy Whitener	628.45
Butter Milk Powder	655.59
Milk	*

* Milk is sold in both Tonnes and Litres. (390.99 Lacs Litres and 10037.53 Tonnes)

** This does not include income earned from processing on behalf of other parties.

GENERAL INFORMATION

Suppliers :

v Tetra Pak India Limited

v Gea Ecoflex India Private Limited

Customers :

Retailers

v Mother Dairy, Delhi

v Dominos

v Pizza Hut

No. of Employees :

850 (Approximately)

Bankers :

• Export - Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
• Bank of Maharashtra, Manchar Branch
• Union Bank of India, Industrial Finance Branch, 619, Sachapir Street, Pune – 411 001, Maharashtra, India
• Union Bank of India, Pune Camp Branch, Aurora Towers, M.G. Road, Pune – 411 001, Maharashtra, India
• State Bank of India, Industrial Finance Branch, Pune – 411 003, Maharashtra, India
• Standard Chartered Bank, Mumbai, Maharashtra, India
• IDBI Bank, Pune, Maharashtra, India

Facilities :

Total Facility – Rs.1750.000 millions (Export - Import Bank of India)

Total Facility (Cash Credit) – Rs.1750.000 millions (Union Bank of India)

Secured Loans	31.03.2010 (Rs. In millions)	31.03.2009 (Rs. In millions)
Term Loans from Banks	934.176	632.718
Working Capital Loans from Banks	781.229	746.561
Vehicle Loans	4.832	6.181
Total	1720.237	1385.460

Unsecured Loans	31.03.2010 (Rs. In millions)	31.03.2009 (Rs. In millions)
From Share Holders – Directors*	0.492	0.260
From Share Holders – Others*	0.394	0.743
Compulsory Convertible Debentures (CCDs)	550.000	500.000
Total	550.886	501.003

Banking Relations :	--
Auditors :
Name 1 :	SPCM and Associates Chartered Accountants
Address :	1211/B, Shukarwar Peth, Subhas Nagar, Lane No.4, Pune – 411 002, Maharashtra, India
Tel. No.:	91-20-24479119
Fax No.:	91-20-24486663
E-Mail :	accounts@spcm.co.in
Income-tax PAN of auditor or auditor's firm :	AABFB8864C
Name 2 :	Walker, Chandiok and Company Chartered Accountants
Address :	Engineering Centre, 6^th Floor, 9, Mathew Road, Opera House, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-66262600
Fax No.:	91-22-23671624
E-Mail :	MUMBAI@wcgt.in
Name 3 :	Haribhakti and Company Chartered Accountants
Subsidiaries :	Bhagyalaxmi Dairy Farms Private Limited CIN No.: U01211PN2003PTC018624

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15810272	Equity Shares	Rs.10/- each	Rs.158.103 Millions

Of the above shares:

111500 equity shares are allotted as fully paid-up pursuant to contract for a consideration other than cash.

11857704 equity shares are allotted as fully paid-up bonus shares by capitalization of Securities Premium.

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		158.103	158.103	35.143
2] Share Application Money		0.000	0.000	14.700
3] Reserves & Surplus		432.350	349.578	304.094
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		590.453	507.681	353.937
LOAN FUNDS
1] Secured Loans		1720.237	1385.460	641.868
2] Unsecured Loans		550.886	501.003	53.829
TOTAL BORROWING		2271.123	1886.463	695.697
DEFERRED TAX LIABILITIES		56.458	19.301	23.474
TOTAL		2918.034	2413.445	1073.108
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1438.313	420.286	387.727
Capital work-in-progress including capital Advances		346.423	945.887	84.802
INVESTMENT		177.698	128.578	21.350
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	732.268	661.862	532.151
	Sundry Debtors	551.974	375.348	298.307
	Cash & Bank Balances	71.412	179.142	41.124
	Other Current Assets	0.000	0.415	0.000
	Loans & Advances	161.027	118.933	66.599
Total Current Assets		1516.681	1335.700	938.181
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	410.619	363.696	293.874
	Other Current Liabilities	87.956	13.390
	Provisions	62.506	39.920	65.078
Total Current Liabilities		561.081	417.006	358.952
Net Current Assets		955.600	918.694	579.229
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2918.034	2413.445	1073.108

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Services	4920.200	3400.600	3043.300
		Other Income
		TOTAL (A)	4920.200	3400.600	3043.300
Less	EXPENSES
		Office Expenses	4556.600	3134.600	2750.800
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	4556.600	3134.600	2750.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		363.600	266.000	292.500
Less	INTEREST (D)		121.500	84.200	69.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		242.100	181.800	223.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		115.200	58.000	48.600
	PROFIT BEFORE TAX (E-F) (G)		126.900	123.800	174.800
Less	TAX (H)		44.200	40.000	60.700
	PROFIT AFTER TAX (G-H) (I)		82.700	83.800	114.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		274.300	190.500	84.400
Less	APPROPRIATIONS
		Proposed Dividend (including tax on dividend)	0.000	0.000	5.100
		Transfer to General Reserve	0.000	0.000	2.900
	BALANCE CARRIED TO THE B/S		357.100	274.300	190.500
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on F.O.B. Basis	44.536	799.681	778.842
	TOTAL EARNINGS		44.536	799.681	778.842
	IMPORTS
		Capital Goods (including Capital Work in progress)	32.943	327.920	7.895
		Stores and Consumables	16.753	6.976	4.929
	TOTAL IMPORTS		49.696	334.896	12.824
	Earnings Per Share (Rs.)		1.34	2.12	NA

Particulars	31.03.2011
Sales Turnover (Approximately)	6300.000

Expected Sales (2011-2012): Rs.10400.000 millions

The above information has been parted by Mr. Ajit (Accountant).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.68	2.46	3.75
Return on Total Assets (PBT/Total Assets}	(%)	4.29	7.05	13.18
Return on Investment (ROI) (PBT/Networth)		0.21	0.24	0.49
Debt Equity Ratio (Total Liability/Networth)		4.80	4.54	2.98
Current Ratio (Current Asset/Current Liability)		2.70	3.20	2.61

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 two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
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)	Yes
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	--

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
- Total outstanding dues to Micro Enterprises and Small Enterprises	--	--	NA
- Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises	410.619	363.696	NA
Total	410.619	363.696	NA

Note:

The registered office of the company has been shifted from 602, Kumar Purammukund Nagar, Pune – 411 037, Maharashtra to the present address w.e.f. 06.02.2009.

BUSINESS BACKGROUND

Subject was incorporated on December 20, 1992. The Company procures milk from Village Level Collection Centers (VLCC’s) and Chilling Centers located in various regions in western and southern India. The milk from the VLCC’s and Chilling Centers is transported to its factory premise at Manchar where the milk is processed and various products are manufactured namely cheese, butter, ghee, fresh cream, milk powder etc. are marketed under Its registered brand name “Gowardhan”. The products manufactured by the Company are prepared purely from cows’ milk. The Company as both a national and an international player

REVIEW OF OPERATION:

During the year, the Company has earned the total income of Rs.4920.200 millions from 3400.600 millions. The net profit after tax for the year in comparison has been Rs.82.772 millions as against Rs.83.833 millions during the previous financial year. During the year the company has made diversified expansions and also have experience an hike rise In the input variable prices and thus has declined the trend of margins. The Directors are continuously looking for avenues for future growth of the Company in the Dairy industry.

Company’s Achievements:

Technological Aspects:

During the current year Company has acquired technical know-how, advanced plant and machineries from reputed international machinery manufacturers in the cheese segment. Company has also strengthened human resources by employing senior expertise.

Marketing/ Distribution Network:

Company had its own distribution network in Maharashtra, Gujarat, Rajasthan, Delhi, Himachal Pradesh, Punjab, Haryana, Karnataka, Goa, Kerala, Tamilnadu, Andhra Pradesh West Bengal, Assam, Madhya Pradesh & Chattisgarh. During the year the Company have added new marketing network and new distribution at Uttar Pradesh, Madhya Pradesh, Uttrakhand, Jammu & KashmIr, Bihar, Orissa and Jharkhand,

Company has appointed 60 super stockiest which were 18 last year, under which 800 dealers / distributors which were 390 as compared to last year who cater the business and sell / distribute up to shop level. We have currently 56 Super Distributor and 950 distributor under super.

Besides that Company had tied up with major malls across the country including Reliance Fresh, Big Bazar, More, Dimart, Star Bazar, Vishal, Apple etc. During the year the Company/ we have new tie up with Spencer, Pizza Hut, Dominos US Pizza Taj Hotels and many more.

Export Market

During the last year the Company was dealing in the Export market in the segment of milk powder variants like skimmed milk powder and whole milk powder, however due to international turmoil from September 2008 onwards and dollar fluctuations in the international market there were sharp downfall in the international market as far as price is concerned. Hence Company could not achieve the sales in this particular segment.

Hence company had shifted focus on the sale of milk powders in the international market to domestic market considering the realisation in the export market i.e. average Rs.90/ per kg. as against in the domestic market i.e. average Rs.117/- per kg. The current sales of Ghee moved up to 600 MT from 300 MT per month in this financial year

Cheese

Company is now focusing to explore the possibility of exporting raw cheese in the international market and the cheese produced at present is of international standard.

Sampling approvals and ties up with various foreign buyers is in progress and company is expecting to export not only raw cheese, but processed cheese in the international market under its own brand also in the current year

Contingent Liabilities: (As on 31.03.2010)

a) Guarantees given by Banks on behalf of the Company Rs.4.340 millions

h) Corporate guarantees given by Company for loans taken by its suppliers from Banks /financial institutions to the tune of Rs.297.400 millions.

c Maharashtra State Electricity Board has raised a demand for interest on arrears of Security deposit for Rs.2.679 millions against which no provision has been made by the Company as the demand is the demand is not considered justified in opinion of the management.

FORM 8:

Corporate identity number of the company	U15204MH1992PTC070209
Name of the company	PARAG MILK FOODS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No.1, Plot No.19, Nav Rajasthan Society, Behind Ratna Memorial Hospital, S.B. Road, Shivaji Nagar, Pune – 411 016, Maharashtra, India E-Mail: cs@gowardhanindia.com
This form is for	Modification of charge
Charge identification number of the modified	10146538
Type of charge	Immovable Property Movable Property
Particular of charge holder	Union Bank of India, Industrial Finance Branch, 619, Sachapir Street, Pune – 411 001, Maharashtra, India E-Mail: ifbpune@unionbankofindia.com
Nature of description of the instrument creating or modifying the charge	Memorandum of entry (MOE) dated 11^th November, 2011
Date of instrument Creating the charge	11.11.2011
Amount secured by the charge	Rs.270.700 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per the sanction letter Terms of Repayment: As per the sanction letter Margin: As per the sanction letter Extent and Operation of the charge: The charge covers sanction of terms loan along with interest and panel interest etc.
Short particulars of the property charged	Survey No. 43, Hissa No.1 A/1 (old survey No.205 Hissa No. 1A/1) of Village Avsari Khurd, Taluka Ambegoan, District Pune, Survey No.43, Hissa No1A/2 of Village Avsari Khurd, Taluka Ambegoan, and District Pune. Survey No. 154, Hissa N. 2 of Village Avsari Khurd, Taluka Ambegoan, District. Pune Properties situated at Village Samudrapalle, and Panchayat Palmner Handal, State Andhra Pradesh.
Date of latest modification prior to the present modification	24.12.2009
Particulars of the present modification	By this Modification the existing limit of Rs.281.900 millions has been reduced to Rs.150.700 millions. The Bank has Sanctioned a new fresh Term Loan for Rs.120.000 millions by wide letter dated 6^th July, 2011. Now considering this the total charge against the immovable properties of the Company will be Rs150.700 millions (reduced term loan) plus fresh term loan of Rs.120.000 millions. Total charge will be 270.700 millions.

This form is for	Creation of charge
Corporate identity number of the company	U15204MH1992PTC070209
Name of the company	PARAG MILK FOODS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No.1, Plot No.19, Nav Rajasthan Society, Behind Ratna Memorial Hospital, S.B. Road, Shivaji Nagar, Pune – 411 016, Maharashtra, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Electronica Finance Limited, 128/A, Plot No. 3, Kailashchandra Apartments, Paud Road, Kothrud, Pune-411038, Maharashtra, India.
Email	finance@electronicafinance.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 1st November, 2010
Date of instrument Creating the charge	01.11.2010
Amount secured by the charge	Rs.28.257 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12.46% p. a Terms of Repayment 60 Monthly installments Extent and Operation of the charge First Charge
Short particulars of the property charged	I) Packing Machine for trangular processed choose portions FF220V Automatic Dashing wrapping machines lying at the premises of the borrower at Awasari Phata, Manchar, District: Pune II) 8 by 8 trangular portions in sealed and fully wrapped lying at the premises of the borrower at Awasari Phata, Manchar, District: Pune

TRADE REFERENCES:

v Mother Dairy, Delhi

v Dominos

v Tetra Pak India Limited

v Gea Ecoflex India Private Limited

FIXED ASSETS

Tangible Assets:

v Freehold Land

v Buildings

v Plant and Machinery

v Office Equipments

v Computers

v Furniture and Fittings

v Leasehold Building Improvements

v Vehicles

Intangible Assets:

v Trade Marks

v Computer Software

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.49.47
UK Pound	1	Rs.77.74
Euro	1	Rs.65.09

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.