MIRA INFORM REPORT

Report Date :

13.03.2012

IDENTIFICATION DETAILS

Name :	DABON INTERNATIONAL PRIVATE LIMITED
Registered Office :	70/B1, Industrial Area, Amin Rama Road, New Delhi – 110 015, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.06.1996
Com. Reg. No.:	55-79523
Capital Investment / Paid-up Capital :	Rs.950.000 Millions
CIN No.: [Company Identification No.]	U74999DL1996PTC079523
TAN No.: [Tax Deduction & Collection Account No.]	DELD03680F
PAN No.: [Permanent Account No.]	AAACD3039P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Cheese, Cheese Specialties, Milk and Cream Products, Yogurt, Curd and Other Dairy and Food Products.
No. of Employees:	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported as slow. The company can be considered for business dealings on a secured 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 (GENERAL DETAILS)

Name :	Mr. Deepak
Designation :	Accountant
Contact No.:	91-11-45762222

LOCATIONS

Registered Office/ Factory :	70/B1, Industrial Area, Amin Rama Road, New Delhi – 110 015, Delhi, India
Tel. No.:	91-11-45095283/ 45762222/ 45762223
Fax No.:	91-45095285/ 45762244
E-Mail :	info@rka-india.com dabon@del3.vsnl.net.in info@dabonindia.com
Website :	http://www.dabonindia.com
Corporate Office :	A 41 and 42, Hosiery Complex, Phase 2, Near Jaideep Diagnostic Centre, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-2568722

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Alex Jean Marie Bongrain
Designation :	Director
Address :	Avenue W, Churchill, 194, UCCLE, Belgium
Date of Birth/Age :	16.03.1952
Date of Appointment :	28.06.1996
Name :	Mr. Arun Gupta
Designation :	Director
Address :	6A-47, WEA, Karol Bagh, New Delhi – 110005, Delhi, India
Date of Birth/Age :	18.10.1961
Date of Appointment :	15.01.2002

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	U74999DL1996PTC079523	DABON INTERNATIONAL PRIVATE LIMITED	Director	15/01/2002	15/01/2002	-	Active	NO
2	U34300DL2005PTC133336	SUPER HOZE INDUSTRIES PRIVATE LIMITED	Director	15/09/2008	11/08/2008	-	Active	NO

Name :	Mr. Claude Bertrand
Designation :	Director
Address :	C-56, Mayfair Gardens, New Delhi – 110016, Delhi, India
Date of Birth/Age :	01.07.1959
Date of Appointment :	10.01.2007

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	U74999DL1996PTC079523	DABON INTERNATIONAL PRIVATE LIMITED	Director	10/01/2007	10/01/2007	-	Active	NO

Name :	Mr. Xavier Lucien Stephane Cruse
Designation :	Director
Address :	6, Boulevard Flandrin Paris – 75116, France
Date of Birth/Age :	23.03.1953
Date of Appointment :	16.12.2009

KEY EXECUTIVES

Name :	Mr. Deepak
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Bongrain International SA	81500000
Dabur India Limited	270000
Dabur Investment Corporation Limited	13230000
Total	95000000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Cheese, Cheese Specialties, Milk and Cream Products, Yogurt, Curd and Other Dairy and Food Products.
Products :	Cheese Cheese Specialties Milk and Cream Products Yogurt Curd
Imports :
Products :	Chees Milk and Cream Products and Yogurt
Countries :	France Denmark Paris Switzerland

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Processed cheese	MT per annum	1260	807
Paneer	MT per annum	365	120

* Installed capacity are as certified by management. Being a technical matter, the same is relied upon by the auditors

GENERAL INFORMATION

Bankers :

Not Divulged

Facilities :

SECURED LOANS :	AS ON 31.03.2011 RS. IN MILLIONS	AS ON 31.03.2010 RS. IN MILLIONS
Rupee term loans banks secured	30.176	0.285
Working capital loans banks secured	130.000	40.000
Total	160.176	40.285

Banking Relations :	---
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building 8, 7^th and 8^th Floor, Tower B, DLF Cyber City, Gurgaon – 122002, Haryana, India
Fellow Subsidiary :	· Sofima SAS · Mantequerias Arias SA
Stake Holders:	· Daber India Limited · Daber Investment Corporation Limited · Mashreq Des Products
Holding Company:	Bongrain International SAS

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
95000000	Equity Shares	Rs.10/- Each	Rs.950.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95000000	Equity Shares	Rs.10/- Each	Rs.950.000 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		950.000	950.000	350.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(838.552)	(780.139)	(683.684)
NETWORTH		111.448	169.861	(333.684)
LOAN FUNDS
1] Secured Loans		160.176	40.285	0.000
2] Unsecured Loans		0.000	0.000	487.231
TOTAL BORROWING		160.176	40.285	487.231
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		271.624	210.146	153.547
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		145.064	131.331	124.745
Capital work-in-progress		0.349	0.349	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.679	38.092	13.433
	Sundry Debtors	72.958	36.660	16.279
	Cash & Bank Balances	0.130	0.291	0.157
	Other Current Assets	1.975	1.007	0.961
	Loans & Advances	20.923	14.495	11.218
Total Current Assets		160.665	90.545	42.048
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.964	22.765	0.000
	Other Current Liabilities	12.928	3.481	12.847
	Provisions	5.062	5.084	0.399
Total Current Liabilities		50.954	31.330	13.246
Net Current Assets		109.711	59.215	28.802
MISCELLANEOUS EXPENSES		16.500	19.251	0.000
TOTAL		271.624	210.146	153.547

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	313.491	137.164	67.592
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(48.374)	(87.628)	(176.989)
	DEPRECIATION/ AMORTISATION		10.039	8.827	8.649
	PROFIT/ BEFORE TAX		(58.413)	(96.455)	(100.748)
Less	TAX		0.000	0.000	0.348
	PROFIT AFTER TAX		(58.413)	(96.455)	(101.096)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	NA
	BALANCE CARRIED TO THE B/S		(838.551)	(780.139)	(683.684)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(18.63)	(70.32)	(149.57)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(19.11)	(43.47)	(60.40)
Return on Investment (ROI) (PBT/Networth)		(0.52)	(0.57)	(0.30)
Debt Equity Ratio (Total Liability/Networth)		1.89	0.42	(1.50)
Current Ratio (Current Asset/Current Liability)		0.33	2.89	3.17

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office of the company has been shifted from 3^rd Floor, Punjabi Bhawan, 10, Rouse Avenue, New Delhi - 110002, Delhi, India to the present address.

FIXED ASSETS:

• Leasehold Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Vehicles
• Air conditioners
• Computers
• Laboratory Equipments
• Stores Equipments

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.49.04
UK Pound	1	Rs.78.25
Euro	1	Rs.65.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		16

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.