MIRA INFORM REPORT

Report Date :

24.04.2013

IDENTIFICATION DETAILS

Name :	MOON BEVERAGES LIMITED
Registered Office :	Superior House, 25, Bazar Lane, Bengali Market, New Delhi – 110 003
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.01.1987
Com. Reg. No.:	55-026632
Capital Investment / Paid-up Capital :	Rs.21.700 millions
CIN No.: [Company Identification No.]	U15549DL1987PLC026632
TAN No.: [Tax Deduction & Collection Account No.]	DELM10609E / DELMO9135A
PAN No.: [Permanent Account No.]	AAACM1635J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Soft Drinks.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 3368000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Letter of Credit: A1+
Rating Explanation	Highest degree of safety it carry lowest credit risk.
Date	February 18, 2013

Rating Agency Name	CRISIL
Rating	Term Loan: A+
Rating Explanation	Adequate degree of safety it carry low credit risk.
Date	February 18, 2013

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 :	Superior House, 25, Bazar Lane, Bengali Market, New Delhi – 110 003, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	mbl@vsnl.net
Website :	http://www.mmgindia.in
Corporate Office :	1010, Vijaya Building, 17, Barakhamba Road, New Delhi – 110 001, India
Tel. No.:	91-11-43585000 (30 lines)
Fax No.:	91-11-43585015
E-Mail :	ho@mmgindia.in
Factory :	2B/1, Ecotech-3, Udyog Kendra, Greater Noida, Gautambudh Nagar – 201 306, Uttar Pradesh, India
Plants :	Located at: · Kanpur · Rourkela
Mumbai Office :	201, Blog No.8, Solitaire Corporate Park, Andheri Kurla Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-40010030
Fax No.:	91-22-40010350

DIRECTORS

As on 29.09.2012

Name :	Mr. Sanjeev Agarwal
Designation :	Managing Director
Address :	1, Maharaja Lal Lane, Civil Lines, Delhi – 110 054, India
Date of Birth/Age :	05.12.1963
Qualification :	MBA
Date of Appointment :	09.01.1997
DIN No.:	00282059
PAN No.:	ABOPA4675N
Name :	Mr. Mukesh Aggarwal
Designation :	Director
Address :	A-48, Chander Nagar, Ghaziabad – 201 001, Uttar Pradesh, India
Date of Birth/Age :	24.12.1960
Qualification :	Graduate
Date of Appointment :	01.10.2003
DIN No.:	00810649
PAN No.:	ABQPA7032B
Name :	Mr. Rajeev Hari Om Goel
Designation :	Additional Director
Address :	2433, L.G.F., Hudson Line, Kingsway Camp, New Delhi – 110 009, India
Date of Birth/Age :	14.09.1973
Date of Appointment :	01.11.2012
DIN No.:	02312655

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Sanjeev Agarwal	391255	18.04
Fortune Industrial Resources Limited, India	527198	24.31
Saptrishi Finance Limited, India	257500	11.87
Deepti Agarwal	65265	3.01
HAL Offshore Limited, India	43837	2.02
Metbrass Plassim India Limited, India	26025	1.20
Trimurti Petrochemicals and Allied Services Private Limited, India	98630	4.56
Sumiti Agarwal	31550	1.45
Awantika Agarwal	31750	1.46
Anant Agarwal	27250	1.26
Maksad Infracon (Private) Limited, India	125850	5.80
Maksad Buildcon (Private) Limited, India	50000	2.31
RPG Securities and Financial Services Limited, India	46500	2.14
S E Finvest (Private) Limited, India	3300	0.15
RPL Capital Finance Limited, India*	420650	19.39
Indian Durobuild (Private) Limited, India	15300	0.71
Gemini Builttech (Private) Limited, India	4000	0.18
Passion IT Solutions (Private) Limited, India	3000	0.14
Total	2168860	100.00

* Scheme of Merger and Amalgamation between Sterling Foils Limited, Mahesh Finsec Limited and RPL Capital Finance Limited has been approved by the High Court order dated 21.03.2011 and pursuant to this High Court Approval the Entire shareholding of Sterling Foils Limited and Mahesh Finsec Limited in the company has been transferred to RPL Capital Finance Limited.

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	74.78
Directors or relatives of directors	25.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Soft Drinks.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, Alipur Road, Civil Lines, Delhi – 110 054, India
• Oriental Bank of Commerce
• HDFC Bank Limited
• ICICI Bank Limited
• Citi Bank

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Punjab National Bank A) Over Draft Account (Secured against first charge on Fixed Assets of the Company and Personal Guarantee of Directors)	149.700	125.900
B) Term Loan (Secured Against First Charge on PET Plant and Machinery and Personal Guarantee of Directors)	32.200	51.300
C) Over Draft Account/Demand Loan (Secured Against Pledge of FDR of the company with bank)	63.000	163.200
Benque Des Mascareignes Lteeport Louis MV / Citi Bank (Buyer's credit Secured Against Bank Guarantee of Punjab National Bank)	14.000	12.800
Kotak Mahindra Prime Limited (Secured Against Hypothecation of Cars)	0.200	0.300
ICICI Bank Limited (Secured Against Hypothecation of Cars and Delivery Vehicles)	25.900	11.300
HDFC Bank Limited (Secured Against Hypothecation of Cars)	9.700	7.800
Tata Motors Finance Limited (Secured Against Hypothecation of Car and Delivery Vehicles)	14.600	21.300
Dealership Security Deposit (Secured Against Possession of Returnable Empty Bottles/ Containers With Dealers)	683.300	924.100
Total	992.600	1318.000

Banking Relations :	--
Financial Institution :	Tata Motors Finance Limited
Auditors :
Name :	Kamal and Company Chartered Accountants
Address :	1372, Kashmere Gate, Delhi – 110 006, India
Tel. No.:	91-11-23957796/ 23960247/ 23940661
E-Mail :	91-11-23926325
Income-tax PAN of auditor or auditor's firm :	AAAPG3907G
Subsidiaries :	· Superior Exim Private Limited, India (CIN No.: U51311DL2003PTC119635) · Hindustan Aqua Limited, India (CIN No.: U65929DL1986PLC025956)
Other Related Parties :	· Versatile Polytech Private Limited, India (CIN No.: U25209DL2004PTC124164) · Superior Industrial Enterprises Limited, India (CIN No.: L15142DL1991PLC046469)

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2168860	Equity Shares	Rs.10/- each	Rs.21.700 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		21.700	20.800	18.969
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		820.200	712.200	565.816
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		841.900	733.000	584.785
LOAN FUNDS
1] Secured Loans		992.600	1318.000	1276.581
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		992.600	1318.000	1276.581
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1834.500	2051.000	1861.366
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		591.800	615.600	598.173
Capital work-in-progress		0.000	3.200	0.000
INVESTMENT		267.700	267.700	235.833
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	120.100	135.800	186.068
	Sundry Debtors	10.900	11.200	14.502
	Cash & Bank Balances	813.600	979.700	879.281
	Other Current Assets	20.600	71.700	0.000
	Loans & Advances	202.700	232.900	263.644
Total Current Assets		1167.900	1431.300	1343.495
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	78.000	85.100	40.028
	Other Current Liabilities	86.900	107.200	204.120
	Provisions	28.000	74.500	71.987
Total Current Liabilities		192.900	266.800	316.135
Net Current Assets		975.000	1164.500	1027.360
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1834.500	2051.000	1861.366

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1841.500	1580.900	1722.620
		Other Income	87.400	52.200	71.209
		TOTAL (A)	1928.900	1633.100	1793.829
Less	EXPENSES
		Cost of materials consumed	1083.500	921.000	1416.701
		Purchases of stock-in-trade	202.000	114.500
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(4.200)	(7.400)
		Employee benefit expense	48.200	41.700
		Other expenses	288.000	244.800
		Extraordinary items	(0.200)	1.300
		TOTAL (B)	1617.300	1315.900	1416.701
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		311.600	317.200	377.128
Less	FINANCIAL EXPENSES (D)		27.000	22.600	19.378
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		284.600	294.600	357.750
Less/ Add	DEPRECIATION/ AMORTISATION (F)		200.900	234.700	279.221
	PROFIT BEFORE TAX (E-F) (G)		83.700	59.900	78.529
Less	TAX (H)		28.000	21.500	27.362
	PROFIT AFTER TAX (G-H) (I)		55.700	38.400	51.167
	Earnings Per Share (Rs.)		26.00	18.00	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.89	2.35	2.85
Net Profit Margin (PBT/Sales)	(%)	4.55	3.79	4.56
Return on Total Assets (PBT/Total Assets}	(%)	4.76	2.93	4.04
Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.13
Debt Equity Ratio (Total Debt/Networth)		1.18	1.80	2.18
Current Ratio (Current Asset/Current Liability)		6.05	5.36	4.25

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	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) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from 21, Sri Ram Road, Civil Lines, Delhi – 110 054 to the present address w.e.f. 01.04.2006.

OPERATIONS

The Company continues to take effective steps in broad-basing its range of activities. The performance of the Company during the period has been satisfactory.

FUTURE OUTLOOK

In the current year, the directors are putting up efforts and it is hoped that the company will do better in the current year.

CONTINGENT LIABILITY EXISTS IN RESPECT OF (AS ON 31.03.2012):

(a) Any demand that may be raised on final determination of Entry Tax / Sales Tax/VAT liabilities by the Sales Tax/VAT authorities on completion of Assessments. Sales Tax Assessments are pending from the Assessment Year 2008-2009 onwards for works at Sahibabad District Ghaziabad and Delhi Office for Assessment year 2010-2011 onwards.

(b) Any demand that may be raised suppliers on reconciliation of accounts, if any

(c) Any demand that may be raised by Income Tax Authorities on completion of pending assessments. Assessments for the assessment year 2010-11 onward are pending.

(d) Demand that may be raised against Empty Bottles and container received on returnable basis, if any.

(e) Excise contingencies not acknowledged as debt amounts not ascertainable. Further any demand that may be raised by Excise Authorities on completion of Excise Audit.

(f) Any demand that may be raised by the concerned authorities in respect of the late deposit of Government dues i.e. E.S.I., P.F., T.D.S. in yester years.

(g) Any demand against case filed by Paragon Shrink Packers Private Limited. In Delhi High Court for purchase of shrink sleeves.

(h) Machinery Import done from U.S.A. under Benque Des Mascareignes Lteeport Louis MV credit for 275000 US Dollars.

(i) Flat booking with Builders Parsavnath Builders for Rs.10.010 millions.

(j) Plot booking with M/s Basera Apartment for Rs.8.000 millions.

WEBSITE DETAILS:

PROFILE:

Established in 1987, the company is manufacturing soft drinks. The company started with manufacturing of THUMS UP, LIMCA, MAAZA, RIMZHIM, BISLERI, SODA GOLD SPOT under arrangement with Parle. However with the takeover of Parle soft drinks limited by Coca Cola Inc., USA in 1993, the company became the franchise manufacturer for Coca Cola Products. The existing installed capacity of the company is 10 million cases p.a.

Other than the above, the group also has a Co-pack arrangement with Coca-Cola Inc. under its company – Hindustan Aqua Limited.

Hindustan Aqua Limited Under which production and sale and marketing is done by Coca Cola India. At present the company has two state of the art plants in Kanpur and Rourkela with total installed capacity of 10 million cases a year wherein the complete civil construction cum erection of the plant and machinery and the bottling lines was carried out in a record time much to the satisfaction of the Coca Cola Standards. The plants are fully automatic with labor dependence only limited to carrying out ancillary activities.

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 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.54.30
UK Pound	1	Rs.82.88
Euro	1	Rs.70.80

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.