MIRA INFORM REPORT

Report Date :

16.05.2012

IDENTIFICATION DETAILS

Name :	SCHREIBER DYNAMIX DAIRIES LIMITED (w.e.f. 03.11.2006)
Formerly Known As :	DYNAMIX DAIRY INDUSTRIES LIMITED
Registered Office :	A-306/307, Dynasty Business Park, 58 Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.05.1992
Com. Reg. No.:	11-066700
Capital Investment / Paid-up Capital :	Rs.950.962 Millions
CIN No.: [Company Identification No.]	U99999MH1992PLC066700
TAN No.: [Tax Deduction & Collection Account No.]	MUMD09903F
PAN No.: [Permanent Account No.]	AAACD3743J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of value added dairy products viz. Casein, Skimmed Milk Powder, Dairy Whitener, Cheese, Butter and Ghee.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having good track. General financial position is satisfactory. 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

LOCATIONS

Registered /Corporate Office :	A-306/307, Dynasty Business Park, 58 Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-67711900/ 903
Fax No.:	91-22-67711910
E-Mail :	praveen.heda@schreiberfoods.com hemant.kothari@schreiberfoods.com info@dynamixdairy.com
Website :	www.schreiberfoods.com
Area :	5000 sq. ft.
Location :	Owned
Factory :	E-94, MIDC, Bhigwan Road, Baramati, District Pune – 413 133, Maharashtra, India
Tel. No.:	91-2112-243821/ 22/ 23/ 24
Fax No.:	91-2112-243710/ 243707
Area :	2 acre
Location :	Owned

DIRECTORS

As on 16.09.2011

Name :

Mr. Amitabha Ray

Designation :

Managing Director

Address :

82, Trishul, 3^rd Cross Road Lokhandwala Complex, Andheri (West), Mumbai – 400 058, Maharashtra, India.

Date of Birth/Age :

23.08.1949

Date of Appointment :

18.11.2005

DIN No.:

00082806

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	U28920MH1968PTC014006	Fairlon Engineering Private Limited	Director	16-09-89	16-09-89	-	Active	NO
2	U01122PN2001PLC016511	Sharad Agro Processors Limited	Director	18-01-02	18-01-02	04-01-11	Active	NO
3	U99999MH1992PLC066700	Schreiber Dynamix Dairies Limited	Managing director	18-11-11	18-11-05	-	Active	NO

Name :

Mr. Pramod Krishnamoorary Goenka

Designation :

Director

Address :

Jakni Kutir, Vaibhav Society, Juhu Church Road, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

31.12.1961

Date of Appointment :

09.06.2001

DIN No.:

00029243

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	U36910MH1995PTC088038	Say India Jewellers Private Limited	Managing director	04-05-95	04-05-95	-	Active	NO
2	U15990MH1987PTC044777	Conwood Investments Private Limited	Director	21-03-96	21-03-96	-	Amalgamated	NO
3	U45200MH1978PTC020735	Conwood Construction Company Private Limited	Director	01-04-99	01-04-99	-	Amalgamated	NO
4	U99999MH1992PLC066700	Schreiber Dynamix Dairies Limited	Director	09-06-01	09-06-01	-	Active	NO
5	U36911MH2004PTC144344	Lily Jewellery Private Limited	Director	03-02-04	03-02-04	-	Active	NO
6	U45201MH2004PTC144704	Gokuldham Real Estate Development Company Private Limited	Director	25-02-04	25-02-04	01-09-09	Active	NO
7	U65990MH1994PTC080250	Dynamix Securities and Holdings Private Limited	Director	28-06-04	28-06-04	-	Active	NO
8	U36910MH2005PTC150740	Rolly Jewellery Private Limited	Director	19-01-05	19-01-05	-	Active	NO
9	U36100MH2005PTC156430	Dania Oro Jewellery Private Limited	Director	29-09-05	29-09-05	-	Active	NO
10	U55101MH2004PTC149876	Almanac Hotels Private Limited	Additional director	08-12-05	08-12-05	-	Dormant	NO
11	U55101MH2004PTC149219	Goan Hotels and Clubs Private Limited	Director	12-12-05	12-12-05	30-07-09	Active	NO
12	U74899MH1991PTC170072	Astalakshmi Financial and Investment Services Private Limited	Director	30-09-06	31-12-05	-	Active	NO
13	U55200MH1983PTC031709	Consort Hotels Private Limited	Director	29-09-06	17-01-06	02-04-08	Active	NO
14	U24239MH1959PTC011443	Aniline Construction Company Private Limited	Director	30-09-06	20-05-06	21-02-08	Active	NO
15	U45200MH1986PTC039169	Priya Constructions Private Limited	Director	29-09-06	06-07-06	02-04-08	Active	NO
16	U70101MH1989PTC052891	Hiracon Properties Private Limited	Director	30-09-06	06-07-06	-	Active	NO
17	U45200MH1988PTC047902	Kalpataru Plaza Private Limited	Director	06-07-06	06-07-06	-	Active	NO
18	U27200MH1946PLC005069	The Crescent Iron and Steel Corporation Limited	Director	30-09-06	06-07-06	-	Active	NO
19	U70100MH1979PTC021291	Eversmile Properties Private Limited	Director	06-07-06	06-07-06	02-01-09	Active	NO
20	U45200MH1989PTC154095	Goan Real Estate and Construction Private Limited	Director	06-07-06	06-07-06	02-04-08	Active	NO
21	U55200MH1993PTC075524	Dynamix Clubs and Resorts Private Limited	Director	30-09-06	06-07-06	02-04-08	Active	NO
22	U70100MH1982PTC092727	Excon Developers Private Limited	Director	06-07-06	06-07-06	02-04-08	Active	NO
23	U45200MH1990PTC056103	Hillside Constructions Company Private Limited	Director	06-07-06	06-07-06	02-04-08	Active	NO
24	U45202MH1982PTC026216	YJ Realty Private Limited	Director	30-09-06	08-07-06	-	Active	NO
25	U01110MH1994PTC077262	Dynamix Floriculture Private Limited	Director	29-09-06	14-08-06	22-06-09	Active	YES
26	U70100MH1979PTC020933	Conwood Construction and Developers Private Limited	Director	30-12-06	14-08-06	-	Active	NO
27	U01110MH1994PTC078964	Maldunge Farming and Agro Produce Private Limited	Director	14-08-06	14-08-06	-	Active	NO
28	U01110MH1994PTC083103	Maldunge Retreat and Farming Private Limited	Director	29-09-06	14-08-06	-	Active	NO
29	U27205MH2006PTC165520	Yash Jewellery Private Limited	Director	13-11-06	13-11-06	-	Active	NO
30	U70100MH2004PTC149602	D B Hospitality Private Limited	Director	15-11-06	15-11-06	07-03-09	Active	NO
31	U55101MH2006PTC165933	Dynamix Developers Private Limited	Director	01-12-06	01-12-06	03-12-11	Active	NO
32	U70102MH2006PTC165917	Kusegaon Realty Private Limited	Director	01-12-06	01-12-06	14-07-08	Active	NO
33	U51219MH2006PTC166097	Sahyadri Horticulture Private Limited	Director	08-12-06	08-12-06	14-07-08	Active	NO
34	U36911RJ2006PTC023478	Lakha Gems Private Limited	Director	15-12-06	15-12-06	-	Active	NO
35	U01119MH2006PTC166319	Sahyadri Grape Plantation Private Limited	Director	19-12-06	19-12-06	14-07-08	Active	NO
36	U01119MH2006PTC166452	Sahyadri Organic Farming Private Limited	Director	22-12-06	22-12-06	14-07-08	Active	NO
37	U55101MH2007PTC166968	Yadgar Hotels Private Limited	Director	11-01-07	11-01-07	14-07-08	Active	NO
38	U51909MH2007PTC166973	Yash Fruit Trading and Packaging Private Limited	Director	12-01-07	12-01-07	14-07-08	Active	NO
39	U70102MH2007PTC166974	Man Chandak Developers Private Limited	Director	12-01-07	12-01-07	14-07-08	Active	NO
40	L70200MH2007PLC166818	D B Realty Limited	Director	13-08-07	10-02-07	07-03-09	Active	NO
41	U99999MH1975PTC018511	Conwood Agencies Private Limited	Director	29-09-07	19-05-07	02-04-08	Active	NO
42	U45200MH1982PTC026500	Eversmile Construction Company Private Limited	Director	29-09-07	19-05-07	01-04-08	Active	NO
43	U55101MH1997PTC107571	BD and P Hotels (India) Private Limited	Additional director	29-09-07	29-09-07	10-06-08	Active	NO
44	U36911MH2007PTC175044	Dynamix Chains Manufacturing Private Limited	Director	29-09-08	18-10-07	-	Active	NO
45	U70102MH2007PTC176761	Conwood Realty Private Limited.	Director	13-12-07	13-12-07	11-03-10	Active	NO
46	U45200MH2004PTC144751	Trident Estates Private Limited	Director	30-09-08	08-02-08	07-12-09	Active	NO
47	U52393MH2008PTC178687	Magic Jewellery Private Limited	Director	09-02-08	09-02-08	-	Strike off	NO
48	U74210MH1992PTC068584	Indocon Developers Private Limited	Director	30-09-09	01-04-08	-	Active	NO
49	U51900MH1989PTC052409	Cogent Jewellery Private Limited	Director	27-05-08	27-05-08	-	Active	NO
50	U45200MH2008PTC181214	Modern Hi-Tech Developers Private Limited	Director	30-09-09	09-07-08	-	Active	NO
51	U92120MH2008PTC185498	Milan Theatres Private Limited	Director	05-08-08	05-08-08	-	Active	NO
52	U74120MH2010PTC202350	Astoria Agro and Allied Industries Private Limited	Director	23-04-10	23-04-10	-	Active	NO
53	U93090MH2010PTC210667	Nascent Jewellery Private Limited	Additional director	10-01-11	10-01-11	-	Active	NO
54	U01403MH2010PTC208645	Indocon Agro and Allied Activities Private Limited	Additional director	15-01-11	15-01-11	-	Active	NO

Name :

Mr. Gobind Kaliandas Dryanani

Designation :

Director

Address :

Flat No. 24, 2^nd Floor, Chitrakut Building, Altamount Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

13.08.1933

Date of Appointment :

24.06.2005

DIN No.:

00324867

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	U70100MH1979PTC021117	Daryanani (Indo-Salgaon) Constructions Private Limited	Director	17-03-79	17-03-79	-	Active	NO
2	U17120MH1951PTC008567	Swastik Rayon Mills Private Limited	Director	24-03-81	24-03-81	-	Active	NO
3	U99999MH1969PTC014494	Glass Containers Private Limited	Director	24-03-81	24-03-81	-	Active	NO
4	U45200MH1989PTC154095	Goan Real Estate and Construction Private Limited	Director	10-02-92	10-02-92	11-07-11	Active	NO
5	U65990MH1994PTC081606	Daryanani (Indo Saigon) Investments Private Limited	Director	29-09-94	29-09-94	-	Active	NO
6	U45201KA1995PTC017874	Sonata Builders Private Limited	Director	31-08-00	31-08-00	-	Strike off	NO
7	U45201KA1995PTC017959	Indo Saigon Developers Private Limited	Director	31-08-00	31-08-00	-	Active	NO
8	U70109KA1995PTC017873	Finesse Developers Private Limited	Director	31-08-00	31-08-00	-	Strike off	NO
9	U45202MH1982PTC026216	YJ Realty Private Limited	Director	04-09-04	04-09-04	-	Active	NO
10	U99999MH1992PLC066700	Schreiber Dynamix Dairies Limited	Director	24-06-05	24-06-05	-	Active	NO
11	U55101MH1997PTC107571	BD and P Hotels (India) Private Limited	Director	23-08-06	23-08-06	27-09-07	Active	NO
12	U45400MH2007PTC172316	Goldendreams Buildcon Private Limited	Director	06-12-08	15-02-08	12-12-11	Active	NO

Name :

Mr. Craig Edward Newman

Designation :

Director

Address :

3071, Mercedes Drives., Green Bay, Wisconsin 54313, USA

Date of Birth/Age :

22.09.1967

Date of Appointment :

25.09.2003

DIN No.:

01776419

Name :

Helmut Felder

Designation :

Director

Address :

425, Pine Street, Green bay, WI, USA-54301

Date of Birth/Age :

16.06.1957

Date of Appointment :

14.01.2004

DIN No.:

01776381

Name :

Mr. Krishna Murari Goenka

Designation :

Director

Address :

501 Kings Paartment, Juhu Tara Road, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

06.12.1936

Date of Appointment :

11.05.1992

DIN No.:

00029591

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	U99999MH1982PTC091647	Conwood Chemical Industries Private Limited	Director	12-04-84	12-04-84	-	Active	NO
2	U99999MH1992PLC066700	Schreiber Dynamix Dairies Limited	Director	11-05-92	11-05-92	-	Active	NO
3	U74140DL2004NPL125424	Centre for International Trade in Agriculture and Agro Based Industries	Director	25-03-04	25-03-04	29-01-07	Active	NO
4	U20291GJ1963PTC001226	Dense Wood Private Limited	Director	29-09-07	25-11-06	12-04-12	Active	NO
5	U45200MH1989PTC154095	Goan Real Estate and Construction Private Limited	Director	25-11-06	25-11-06	16-08-07	Active	NO
6	U45202MH1982PTC027927	Span Construction Company Private Limited	Director	25-11-06	25-11-06	-	Active	NO
7	U70102MH2006PTC165917	Kusegaon Realty Private Limited	Director	01-12-06	01-12-06	14-07-08	Active	NO
8	U51219MH2006PTC166097	Sahyadri Horticulture Private Limited	Director	08-12-06	08-12-06	14-07-08	Active	NO
9	U70102MH2007PTC166974	Man Chandak Developers Private Limited	Director	12-01-07	12-01-07	14-07-08	Active	NO
10	U01110MH1993PTC070820	Sahapur Plantations and Orchard Private Limited	Director	29-09-07	05-03-07	-	Active	NO
11	U70102MH2007PTC176761	Conwood Realty Private Limited	Director	13-12-07	13-12-07	10-01-10	Active	NO
12	L70200MH2007PLC166818	D B Realty Limited	Director	21-09-11	21-04-11	10-12-11	Active	NO
13	U70100MH2004PTC149602	D B Hospitality Private Limited	Alternate director	02-07-11	02-07-11	10-12-11	Active	NO
14	U01110PN1994PLC132478	Sahyadri Agro and Dairy Limited	Additional director	31-01-12	31-01-12	-	Active	NO

Name :

Harley Tipton Skidmore

Designation :

Director

Address :

1894, Cady Lane, De Pere, Wisconsin 54115

Date of Birth/Age :

09.02.1958

Date of Appointment :

13.03.2009

DIN No.:

02585285

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1992PLC066700	Schreiber Dynamix Dairies Limited	Director	24-09-09	13-03-09	Active	NO

KEY EXECUTIVES

Name :	Mr. Hemant Rajnikant Kothari
Designation :	Company Secretary
Address :	D–201, Akruti Park, A K Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Date of Birth/Age :	13.03.1976
Date of Appointment :	10.01.2009
PAN No.:	AJSPK4393H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.09.2011

Names of Shareholders	No. of Shares
Krishna Murari Goenka	1082720
Vinod K. Goenka	1647920
Vinod K. Goenka – Karta HUF	1647954
Aseela Goenka	1647920
Vinod K. Goenka	1647920
Pramod K.Goenka	1561714
Gobind K.Daryanani Rajni G. Daryanani	11811788
Schreiber International Inc., USA	48499062
Shivkumar Dalmia - HUF	201879
Surendrakumar Dalmia - HUF	201879
Ashokkumar Dalmia - HUF	201879
Meghna S. Dalmia Surendrakumar Dalmia	108537
Shivkumar Dalmia Umadevi Dalmia	102893
Surendrakumar Dalmia Nirmala Dalmia	165628
Ashokkumar Dalmia Veena Dalmia	102676
Sunita Bali Yashodham	1676670
Ram K. Daryanani Sangeeta Daryanani	8379830
Yashvardhan Goenka	3910668
Sunita Bali	594050
Pramod K.Goenka Bina Goenka	6886918
Jayvardhan Goenka Aseela Goenka	1647920

Equity Share Break up (Percentage of Total Equity)

As on 16.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	52.43
Directors or relatives of Directors	46.42
Other top fifty shareholders	1.15
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of value added dairy products viz. Casein, Skimmed Milk Powder, Dairy Whitener, Cheese, Butter and Ghee.

Products :

Product Description	Item Code No.
Butter	04-05-001
Skimmed Milk Powder	04-02-002
Processed Cheese	04-05-003

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Processed Cheese	MT	16307	3724
Casein MPC80	MT	3200	1513
Lactose	MT	3200	2260
Powders	MT	21600	17389
Butter and Ghee	MT	11520	8738
UHT Milk / Fl Milk / Juice	Ltr.’000	142356	61435
Natural / Mozzarella Cheese	MT	7200	6345
Dahi	MT	7920	1936

(a) Licensed capacity of 15 lakh litres per day approved by Ministry of Food Processing Industries, Government of India

(b) The installed capacity of butter is 4,800,000 kilograms

(c) Installed capacity has been determined on two/three shift basis, wherever applicable, and on the basis of maximum handling capacity of milk by each production line, as certified by the management of the company. The information being of a technical nature has been relied upon by auditors.

(d) The above information has been mentioned only for those class of goods, which are mainly meant for sale.

(e) Actual Production includes:-

i) Quantities Produced by third parties under contract with company.

ii) Quantities of Samples.

iii) Quantities for Captive Consumption.

GENERAL INFORMATION

No. of Employees :

600 (Approximately)

Bankers :

State Bank of India, Mumbai, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Foreign currency loans banks secured	51.267	96.945
Working capital loans banks secured	31.301	127.834
Other debt secured	1.607	3.776
Total	84.175	228.555

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks unsecured	150.000	0.000
Total	150.000	0.000

Banking Relations :	--
Financial Institution :	Rabo India Finance Limited, 1A Janpath, New Delhi – 110 001, India
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	6^th Floor, Express Towers, Nariman Point, Mumbai – 400 021, Maharashtra, India
PAN No.:	AAACE2442D
Ultimate Holding Company :	Schreiber Foods Inc.
Holding company :	Schreiber International Inc.
Fellow Subsidiary :	GBM Green Bay Machinery Co. Inc.
Enterprises owned or significantly influenced by key management personnel or their relatives (Where transaction exists) :	· Hotels Private Limited · Conwood Construction and Developers Private Limited · Sahyadri Agro and Dairy Limited CIN No.: U01110PN1994PLC132478 · Devashree Foods Private Limited · Aniline Construction Company Private Limited CIN No.: U24239MH1959PTC011443 · Conwood Ashish Assocaites · Conwood Construction and Developers Private Limited CIN No.: U70100MH1979PTC020933 · Conwood DB Joint Venture · Crystal Granite and Marble Private Limited · D B Realty Limited CIN No.: L70200MH2007PLC166818 · D B Hospitality Private Limited · Dania Oro Jewellery Private Limited CIN No.: U36100MH2005PTC156430 · Dynamix Balwas Resorts Private Limited CIN No.: U55101MH2006PTC164356 · Dynamix Chains Manufacturing Private Limited CIN No.: U36911MH2007PTC175044 · Dynamix Developers · Dynamix Reality · Eversmile Construction Company Private Limited CIN No.: U45200MH1982PTC026500 · ECCDB Joint Venture · Eon Aviation Private Limited · Goan Hotels and Clubs Private Limited CIN No.: U55101MH2004PTC149219 · Goan Real Estate and Construction Private Limited CIN No.: U45200MH1989PTC154095 · Hillside Constructions Company Private Limited CIN No.: U45200MH1990PTC056103 · K G Enterprises · Lily Jewellery Private Limited CIN No.: U36911MH2004PTC144344 · DB (BKC) Realtors Private Limited · Milan Theatres Private Limited · Neelkamal Realtors and Builders Private Limited CIN No.: U70100MH2003PTC142172 · Neelkamal Realtors and Erectors India Private Limited CIN No.: U45200MH2004PTC145288 · Neelkamal Realtors · Suburban Private Limited CIN No.: U70100MH2005PTC154506 · Neelkamal Realtors · Tower Private Limited CIN No.: U70100MH2005PTC158322 · Nihar Constructions Private Limited CIN No.: U45400MH2007PTC170439 · Priya Construction · Say India Jewellers Private Limited CIN No.: U36910MH1995PTC088038 · SLS Energy Private Limited CIN No.: U40109MH2008PTC209064 · Span Construction Company Private Limited · Suraksha DB Reality Private Limited · Turf Estate Joint Venture · Uppar Goind Nagar Welfare Association · Upvan Developers · Y J Reality

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
110000000	Equity Shares – A	Rs.10/- each	Rs.1100.000 Millions
100000000	Equity Shares – B	Re.1/- each	Rs.100.000 Millions
	TOTAL		Rs.1200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95096200	Equity Shares	Rs.10/- each	Rs.950.962 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		950.962	950.962	950.962
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1549.719	1419.105	1202.013
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2500.681	2370.067	2152.975
LOAN FUNDS
1] Secured Loans		84.175	228.555	165.897
2] Unsecured Loans		150.000	0.000	0.000
TOTAL BORROWING		234.175	228.555	165.897
DEFERRED TAX LIABILITIES		205.615	220.306	168.983
TOTAL		2940.471	2818.928	2487.855
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1868.794	1941.327	1442.302
Capital work-in-progress		53.614	28.524	152.972
INVESTMENT		0.820	0.820	0.820
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1254.705	1069.098	792.951
	Sundry Debtors	450.604	444.677	453.165
	Cash & Bank Balances	57.324	126.955	117.160
	Other Current Assets	14.257	26.773	6.645
	Loans & Advances	156.185	177.859	228.509
Total Current Assets		1933.075	1845.362	1598.430
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	539.943	694.076	384.321
	Other Current Liabilities	266.353	214.673	262.096
	Provisions	109.536	88.356	60.252
Total Current Liabilities		915.832	997.105	706.669
Net Current Assets		1017.243	848.257	891.761
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2940.471	2818.928	2487.855

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9378.103	7505.550	8719.422
		Other Income	119.074	91.851	106.584
		TOTAL	9497.177	7597.401	8826.006
Less	EXPENSES
		Consumption material changes inventories	7780.288	6095.094	7949.849
		Manufacturing service costs	691.083	578.166
		Employee related expenses	356.342	297.649
		Administrative selling other expenses	225.889	139.949
		TOTAL	9053.602	7110.858	7949.849
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		443.575	486.543	876.157
Less	FINANCIAL EXPENSES		23.905	9.939	32.390
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		419.670	476.604	843.767
Less	DEPRECIATION/ AMORTISATION		223.207	162.943	147.305
	PROFIT BEFORE TAX		196.463	313.661	696.462
Less	TAX		65.848	96.569	244.141
	PROFIT AFTER TAX		130.615	217.092	452.321
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1027.387	810.295	357.974
	BALANCE CARRIED TO THE B/S		1158.002	1027.387	810.295
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB basis	1447.871	775.917	3033.058
	TOTAL EARNINGS		1447.871	775.917	3033.058
	IMPORTS
		Raw Materials	372.147	271.048	151.809
		Components, spare parts and packaging material	78.334	109.908	53.271
		Capital goods	0.000	287.289	14.226
	TOTAL IMPORTS		450.481	668.245	219.306
	Earnings Per Share (Rs.)		1.37	2.28	4.76

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.38	2.86	5.12
Net Profit Margin (PBT/Sales)	(%)	2.09	4.18	7.98
Return on Total Assets (PBT/Total Assets}	(%)	5.17	8.28	21.80
Return on Investment (ROI) (PBT/Networth)		0.08	0.13	0.32
Debt Equity Ratio (Total Liability/Networth)		0.46	0.61	0.41
Current Ratio (Current Asset/Current Liability)		2.11	1.85	2.26

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	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

NATURE OF OPERATIONS

The Company is engaged in the business of manufacturing value added dairy products viz. Casein, Skimmed Milk Powder, Dairy Whitener, Cheese, Butter and Ghee. It also undertakes contract manufacturing in respect of certain products such as Butter, Ghee, Cheese, Fruit Juices, Curd etc.

PERFORMANCE AND PROSPECTS

During the year the performance of the Company has been satisfactory. The domestic market has shown a positive trend. The increase in the price of milk and recent ban on export of various dairy products has adversely affected the performance of the Company. This has, to a large extent, been compensated through increased realization from sale of all dairy products in the domestic market.

FIXED ASSETS

· Free Hold Land

· Leasehold Land

· Buildings

· Furniture and Fixtures

· Vehicles

· Plant and Machinery

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.53.84
UK Pound	1	Rs.86.72
Euro	1	Rs.69.17

INFORMATION DETAILS

Report Prepared by :

SMN

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.