MIRA INFORM REPORT

Report Date :

27.07.2013

IDENTIFICATION DETAILS

Name :	GOOD-DAY FOODS PRIVATE LIMITED
Formerly Known As :	GOOD-DAY FOODS LIMITED
Registered Office :	806, Devika Tower, 6, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.07.2003
Com. Reg. No.:	55-121231
Capital Investment / Paid-up Capital :	Rs. 36.800 Millions
CIN No.: [Company Identification No.]	U15209DL2003PLC121231
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Indian ethnic sweets and related food products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 310000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company seems to be low. However, trade relations are reported to be 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	May 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.

INFORMATION DECLINED

Management Non Co-operative (91-22-25810262 / 25822516)

LOCATIONS

Registered Office :	806, Devika Tower, 6, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-65683592
Fax No.:	91-11-46540620
E-Mail :	umcsdsc@the-umgroup.com
Website :	http://www.gooddayfoods.com
Corporate Office :	The UM Group, UM House,Sector-44, Gurgaon-12202, Haryana, India
Factory :	A-62, Road No.22, Wagle Industrial Estate, Thane – 4000604, Maharashtra, India
Tel. No.:	91-22-25810262 / 25822516.
Fax No.:	91-22-25826127
E-Mail :	gdfl@gooddayfoods.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Salil Anupendranath Chaturvedi
Designation :	Director
Address :	Bungalow No.8, Premium Towers, Lokhandwala Complex, Mumbai-400053, Maharashtra, India
Date of Birth/Age :	03.08.1971
Date of Appointment :	01.05.2008
DIN No.:	00004768
Name :	Mr. Bala Chhabra
Designation :	Director
Address :	60, Prakriti Marg, M.G. Road, Gurgaon, New Delhi-110030, India
Date of Birth/Age :	08.02.1954
Date of Appointment :	09.07.2003
DIN No.:	00096666
Voter ID No.:	YRI2048908
Name :	Mr. Sushant Chhabra
Designation :	Director
Address :	60, Prakriti Marg, M.G. Road, Gurgaon, New Delhi-110030, India
Date of Birth/Age :	26.06.1974
Date of Appointment :	09.07.2003
DIN No.:	00096771
Voter ID No.:	YRI2048890
Name :	Mr. Verinder Kumar Chhabra
Designation :	Director
Address :	60, Prakriti Marg, M.G. Road, Gurgaon, New Delhi-110030, India
Date of Birth/Age :	11.06.1949
Date of Appointment :	09.07.2003
DIN No.:	00096937
Voter ID No.:	YRI2048882
Name :	Mr. Rajan Harikaran Malik
Designation :	Whole-time Director
Address :	601,Skylark 'A', Lokhand Wala Complex, Versova, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	05.10.1954
Date of Appointment :	01.08.2003
DIN No.:	00119881
Name :	Mr. Kishore Mahtani
Designation :	Whole-time Director
Address :	503,Skylark 'A', Lokhand Wala Complex, Versova, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	07.08.1961
Date of Appointment :	01.08.2003
DIN No.:	00119945

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Rajan Malik	257500
Mala Malik	7500
Suman Kumar Punn	2500
Trading Engineers International Limited, India	400000
Ruchi Chhabra	100000
Anisha Chhabra	100000
Techno Auto Components (India) Private Limited, India	100000
Gessup Logistics And Finance Private Limited, India	1505000
Unitech Machines Limited, India	450000
Kishore Mahtani	257500
SAB Holdings India Private Limited, India	500000
Total	3680000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	80.29
Directors or relatives of Directors	19.64
Other top fifty shareholders	0.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Indian ethnic sweets and related food products.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Corporation Bank, Industrial Finance Branch, Bharat House, 104, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

· Kotak Mahindra Bank

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG-TERM BORROWINGS
Term Loans Rupee Loans From Bank	8.793	6.375
Vehicle Loans Rupee Loans From Bank	0.064	0.663
SHORT TERM BORROWINGS
Working Capital Finance Rupee Loan Cash Credit From Bank	28.397	27.684
Packing Credit (PCL) - Pre and Post Shipment Rupee Loans From Bank	2.581	10.636
Total	39.835	45.358
Note : (1) Term Loan (Secured) (a) Term Loan from Corporation Bank is secured against hypothecation / Mortgage of Movable and Immovable Fixed Assets of the Company except vehicles & Personal Guarantee of some of the Directors (b) There is no default in terms of repayment (c) The term loan No.1 are repayable in 28 monthly installment of Rs. 286,000/- each and last installment is of Rs. 0.259 Million and term loan No.2 is repayable in 60 monthly installment of Rs. 258,620/- each commencing from 3rd month of first release (2) Vehicle Loans (Secured) (a) Vehicle Loans from Kotak Mahindra, HDFC Bank Limited and Corporation Bank Limited against hypothecation of respective vehicles (b) There is no default in terms of repayment (c) Kotak Mhindra Finance Limited loans no. 1 are repayable in 35 monthly installment of Rs. 0.015 Million started from 26/03/2009. Kotak Mhindra Finance Limited loans no. 2 and 3 are repayable in 35 monthly installament of Rs.37,210/ each loans started from 01/08/2009. Kotak Mhindra Finance Limited loans no. 4 are repayable in 34 monthly installament of Rs.0.024 Million started from 10/10/2009. HDFC Bank Limited loan no. 5 are repayable in 34 monthly installment of Rs.0.032 Million started from 05/07/2009. Corporation Bank Limited loan no. 6 are repayable in 36 monthly installment of Rs.0.007 Million started from 28/08/2011. (3) Working Capital Finance (Secured) (a) Cash Credit from Corporation Bank Limited is secured against hypothecation of Raw Materials, Work in Process, Finished Goods and Receivables and by way of additional charge on Movable and Immovable Fixed Assets of the Company except vehicles & Personal Guarantee of some of the Directors (b) There is no default in terms of repayment

Banking Relations :	---
Auditors :
Name :	Manish D. Ladage and Company Chartered Accountants
Address :	107/108,1^st Floor, Regent Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-42476600
Fax No.:	91-22-42476666
E-Mail :	manish@mastermindfinance.com
PAN No.:	AAAPL2634H
Associates :	· Unitech Machines Limited · Unitech IT\ Private Limited · Unitech Indraprasth TV Private Limited · Trading Engineers Int'l Limited · Comet Metals Foods Limited · Aey Gey Brothers

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3680000	Equity Shares	Rs.10/- each	Rs.36.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	36.800	36.800
(b) Reserves & Surplus	40.822	40.630
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	77.622	77.430
(3) Non-Current Liabilities
(a) long-term borrowings	8.856	7.038
(b) Deferred tax liabilities (Net)	9.429	9.158
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	18.285	16.196
(4) Current Liabilities
(a) Short term borrowings	30.979	38.320
(b) Trade payables	19.952	15.731
(c) Other current liabilities	14.177	13.334
(d) Short-term provisions	0.460	10.912
Total Current Liabilities (4)	65.568	78.297
TOTAL	161.475	171.923
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	98.132	89.776
(ii) Intangible Assets	2.128	2.296
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7.594	7.429
(e) Other Non-current assets	0.000	0.133
Total Non-Current Assets	107.854	99.634
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	15.259	17.533
(c) Trade receivables	33.473	36.680
(d) Cash and cash equivalents	0.702	0.501
(e) Short-term loans and advances	4.187	17.575
(f) Other current assets	0.000	0.000
Total Current Assets	53.621	72.289
TOTAL	161.475	171.923

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		36.800
2] Share Application Money		7.400
3] Reserves & Surplus		40.298
4] (Accumulated Losses)		0.000
NETWORTH		84.498
LOAN FUNDS
1] Secured Loans		42.231
2] Unsecured Loans		0.000
TOTAL BORROWING		42.231
DEFERRED TAX LIABILITIES		8.255
TOTAL		134.984
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		88.183
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.537
	Sundry Debtors	28.734
	Cash & Bank Balances	1.286
	Other Current Assets	0.000
	Loans & Advances	30.432
Total Current Assets		73.989
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.134
	Other Current Liabilities	1.161
	Provisions	12.121
Total Current Liabilities		27.416
Net Current Assets		46.573
MISCELLANEOUS EXPENSES		0.228
TOTAL		134.984

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	383.834	308.712	265.845
		Other Income	0.108	0.037	0.062
		TOTAL (A)	383.942	308.749	265.907
Less	EXPENSES
		Cost of Material Consumed	318.746	255.516
		Changes in inventories of finished goods, work in progress and Stock-in-trade	0.636	(4.117)	254.670
		Employee Benefit Expenses	9.110	7.436
		Other Expenses	40.523	37.374
		TOTAL (B)	369.015	296.209	254.670
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.927	12.540	11.237
Less	FINANCIAL EXPENSES (D)		7.944	6.399	5.482
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.983	6.141	5.755
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.389	4.751	4.515
	PROFIT BEFORE TAX (E-F) (G)		1.594	1.390	1.240
Less	TAX (H)		0.575	1.059	0.356
	PROFIT AFTER TAX (G-H) (I)		1.019	0.331	0.884
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		35.404	35.073	34.189
Less	Income Tax earlier years		0.887	0.000	0.000
	BALANCE CARRIED TO THE B/S		35.536	35.404	35.073
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	24.448	33.478	59.239
	TOTAL EARNINGS		24.448	33.478	59.239
	Earnings Per Share (Rs.)		0.28	0.09	0.24

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.27	0.11	0.33
Net Profit Margin (PBT/Sales)	(%)	0.42	0.45	0.47
Return on Total Assets (PBT/Total Assets}	(%)	0.99	0.81	0.76
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.01
Debt Equity Ratio (Total Debt /Networth)		0.51	0.59	0.50
Current Ratio (Current Asset/Current Liability)		0.82	0.92	2.70

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Millions

Particular	31.03.2012	31.03.2011	31.03.2010
Current maturities of long-term debt	4.879	3.471	NA

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

OPERATIONS

The Company has achieved a total income of Rs.383.942 Millions registering a growth of 24.35 % vis-a-vis Rs.308.749 Millions in previous year. The Company has registered a Profit after tax of Rs.1.019 Millions as compared to Rs. 0.331 Million in the previous year showing increase in profit of Rs.0.688 Million.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10433744	27/06/2013	130,000,000.00	RELIGARE FINVEST LIMITED	D3, P3B, DISTRICT CENTRE, SAKET, NEW DELHI, DELHI - 110017, INDIA	B78258621
2	80001844	04/08/2011 *	83,500,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, BHARAT HOUSE, 104, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400  023, INDIA	B19933126

FIXED ASSETS

· Land Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Computer Systems

· Electrical Installation

· Office Equipment

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.58.91
UK Pound	1	Rs.90.68
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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

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.