MIRA INFORM REPORT

Report Date :

06.11.2012

IDENTIFICATION DETAILS

Name :	DOEHLER INDIA PRIVATE LIMITED
Registered Office :	Plot No. 3, Survey No. 285, Raisoni Industrial Park, Mann Mulshi Hinjewadi, Pune-411027, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.12.1992
Com. Reg. No.:	11-018993
Capital Investment / Paid-up Capital :	Rs.254.205 Millions
CIN No.: [Company Identification No.]	U15440PN1992PTC018993
TAN No.: [Tax Deduction & Collection Account No.]	PNED03119E
PAN No.: [Permanent Account No.]	AAACD2157N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Sale of Concentrates and Ingredients For Beverage Industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (39)

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

Maximum Credit Limit :	USD 1540000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Doehler GmbH, Germany’. It is an established company having moderate track. Reserves of the company appear to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Factory :	Plot No. 3, Survey No. 285, Raisoni Industrial Park, Mann Mulshi Hinjewadi, Pune-411027, Maharashtra, India
Tel. No.:	91-20-22939341 / 66744646 / 22934708 / 09 / 10
Fax No.:	91-20-66520251 / 66744610 / 22933073
E-Mail :	mailbox@doehlerindia.com tanay.srivastav@doehlerindia.com
Website :	http://www.doehler.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Tanay Srivastav

Designation :

Managing Director

Address :

43, Vascon Paradise, Baner Road, Baner, Pune – 411045, Maharashtra, India

Date of Birth/Age :

04.07.1972

Date of Appointment :

01.01.2005

Din No.:

00008575

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U15440PN1992PTC018993	DOEHLER INDIA PRIVATE LIMITED	Managing director	01/01/2005	01/01/2005	Active	NO
2	U15137KA1999PTC024875	EXOTIC FRUITS PRIVATE LIMITED	Alternate director	24/11/2010	24/11/2010	Active	NO

Name :

Mr. Milind Mahajan

Designation :

Alternate Director

Address :

A-2/201, Kalpataru Enclave, DP Road, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

16.12.1962

Date of Appointment :

21.06.2005

Din No.:

00055536

Name :

Mr. Kurt Hufnagel

Designation :

Director

Address :

Am Hopfengarten 4, 64295, Darmstadt, Germany

Date of Birth/Age :

30.12.1952

Date of Appointment :

29.06.2005

Din No.:

00489302

KEY EXECUTIVES

Name :	Ms. Megha Mahajan
Designation :	Secretary
Address :	A-302, Mahadkar Residency, Bhusari Colony, Paud Road, Kothrud, Pune – 411038, Maharashtra, India
Date of Birth/Age :	20.07.1973
Date of Appointment :	23.03.2007
Pan No.:	AKWPM9424G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Dohler GmbH, Germany	--	18293277
Dohler GmbH, Germany	7126266	--
Tanay Srivastav	--	1000
TOTAL	7126266	18294277

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.99
Directors or relatives of directors	0.01
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Sale of Concentrates and Ingredients For Beverage Industry.

PRODUCTION STATUS [AS ON 31.03.2011]

PARTICULARS	UNIT	ACTUAL PRODUCTION
Flavours	MT	394
Fruit Juice	MT	2189
TOTAL		2583

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Associates Chartered Accountants
Address :	802,Lloyds Chambers, Dr. Ambedkar Road, Opposite Ambedkar Bhavan, Pune-411011, Maharashtra, India
PAN No:	AAAFS1034J
Holding Company :	Doehler GmbH, Germany
Fellow Subsidiary :	· Dohler Holland B.V., Netherlands · Dohler America Latina, US · Dinter GmbH, Germany · Doehler Food and Beverage Ingredients Co Limited, China · Doehler Middle East Limited, United Arab Emirates · Alko International, Netherlands · BonJuice GmbH, Germany

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
19200000	Equity Shares	Rs.10/- each	Rs.192.000 Millions
8800000	Preferences Shares	Rs.10/- each	Rs.88.000 Millions
	TOTAL		RS.280.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18294277	Equity Shares	Rs.10/- each	Rs.182.943 Millions
7126266	Preferences Shares	Rs.10/- each	Rs.71.262 Millions
	TOTAL		Rs.254.205 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		254.205	254.205	254.205
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		132.327	83.331	21.647
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		386.532	337.536	275.852
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	26.749
TOTAL BORROWING		0.000	0.000	26.749
DEFERRED TAX LIABILITIES		11.310	11.630	9.470
TOTAL		397.842	349.166	312.071
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		141.668	143.322	144.946
Capital work-in-progress		5.925	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.270	110.003	96.823
	Sundry Debtors	76.094	86.630	67.694
	Cash & Bank Balances	83.961	70.069	72.704
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	51.541	54.156	20.600
Total Current Assets		384.866	320.858	257.821
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	90.424	50.376	66.065
	Other Current Liabilities	11.101	14.888	12.363
	Provisions	33.092	49.750	12.268
Total Current Liabilities		134.617	115.014	90.696
Net Current Assets		250.249	205.844	167.125
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		397.842	349.166	312.071

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	452.550	431.290	379.284
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		78.270	104.589	54.763
Less/ Add	DEPRECIATION/ AMORTISATION		7.420	7.746	7.476
	PROFIT / (LOSS) BEFORE TAX		70.850	96.843	47.287
Less	TAX		21.860	35.160	15.416
	PROFIT / (LOSS) AFTER TAX		48.990	61.683	31.871
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		77.690	16.008	(15.863)
	BALANCE CARRIED TO THE B/S		126.680	77.691	16.008
	Earnings / (Loss) Per Share (Rs.)		2.68	3.37	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	15.65	22.45	12.47
Return on Total Assets (PBT/Total Assets}	(%)	13.45	20.86	11.74
Return on Investment (ROI) (PBT/Networth)		0.18	0.29	0.17
Debt Equity Ratio (Total Liability/Networth)		0.35	0.34	0.43
Current Ratio (Current Asset/Current Liability)		2.85	2.79	2.84

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

Intangible Assets:

· Software (ERP Systems)

Tangible Assets:

· Freehold Land

· Office Building

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

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 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.54.07
UK Pound	1	Rs.86.69
Euro	1	Rs.69.37

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		39

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.