MIRA INFORM REPORT

Report Date :

13.03.2013

IDENTIFICATION DETAILS

Name :	DINSHAW’S DAIRY FOODS LIMITED (w.e.f. 27.03.2001)
Formerly Known As :	DINSHAW’S DAIRY FOODS PRIVATE LIMITED
Registered Office :	Gittikhadan Gorewada Road, Nagpur – 440 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.08.1998
Com. Reg. No.:	11-116277
Capital Investment / Paid-up Capital :	Rs.65.000 Millions
CIN No.: [Company Identification No.]	U15200MH1998PLC116277
TAN No.: [Tax Deduction & Collection Account No.]	NGPD00368E
PAN No.: [Permanent Account No.]	AAACD6125G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Dairy Products.
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 2100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track record. Financially company appears to be good. Performance capability appears to be high. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A- (Long Term Rating)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. It carry low credit risk.
Date	August 2012

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 PARTED BY

Name :	Mr. Shashi
Designation :	Admin Department
Contact No.:	91-22-26733604
Date :	13.03.2013

LOCATIONS

Registered Office/ Factory 1 :	Gittikhadan Gorewada Road, Nagpur – 440 013, Maharashtra, India
Tel. No.:	91-712-6605661 /4
Fax No.:	Not Available
E-Mail :	homyar@dinshaw’s.com ads@dinshaws.co.in nichatnagpur@rediffmail.com
Website :	www.dinshaw’s.com
Area :	10000 sq ft
Location :	Owned
Factory 2 :	Five Star Industrial Estate, Bittibari, Nagpur, Maharashtra, India
Tel. No.:	91-7104-6642646
Fax No.:	Not Available
Communication/ Head Office/ Corporate office :	B/212, Oberoi Chambers, Opposite Sub TV, Off. Newlink Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26733604/ 26733614
Fax No.:	91-22-26733604/ 26733614
Area :	10000 sq ft
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Jimmy Erach Rana
Designation :	Managing Director
Address :	Gittikhadan Gorewada Road, Nagpur – 440 013, Maharashtra, India
Date of Birth/Age :	18.08.1959
Date of Appointment :	19.08.1998
PAN No.:	ABWPR8238C
DIN No.:	00519865

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	U15130MH1994PTC078788	DINSHAW'S DAIRY FOODS (CG) PRIVATE LIMITED	Director	08/08/1994	08/08/1994	Active	NO
2	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Managing director	19/08/1998	19/08/1998	Active	NO
3	U67120MH1999PTC118718	DINSHAW'S HOLDINGS PRIVATE LIMITED	Director	09/03/1999	09/03/1999	Active	NO
4	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02/09/2004	02/09/2004	Active	NO
5	U72200MH2005PTC158260	HIFEM INFORMATIKS PRIVATE LIMITED	Director	22/12/2005	22/12/2005	Active	NO

Name :	Mr. Aspi Dinshaw Bapuna
Designation :	Chairman
Address :	‘Banaz’, Byramji Town, Nagpur – 440 013, Maharashtra, India
Date of Birth/Age :	23.01.1950
Date of Appointment :	11.10.2002
PAN No.:	AAACD6029K
DIN No.:	00503539

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U15500MH1985PLC037069	AJANTA DISTILLERIES LIMITED	Director	09/11/1985	09/11/1985	-	Active	NO
2	U15500MH1985PTC037057	VANDANA DISTILLERIES PRIVATE LIMITED	Director	19/02/1986	19/02/1986	-	Active	NO
3	U55200MH1984PTC032855	ORANGE CITY HOTELS PRIVATE LIMITED	Director	01/01/1990	01/01/1990	-	Active	NO
4	U51909MH1991PTC060950	LACEY TRADING COMPANY PRIVATE LIMITED	Director	08/06/1992	08/06/1992	-	Active	NO
5	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Director	16/06/1994	16/06/1994	01/04/2012	Active	NO
6	U65910MH1985PLC035394	PREM KUTIR ESTATES AND PROPERTIES LIMITED	Director	01/08/1995	01/08/1995	-	Active	NO
7	U15520MH1996PLC096393	TRIPTI ALCOBREW LIMITED	Director	18/01/1996	18/01/1996	-	Active	NO
8	U51900MH1984PLC034747	BHAVANA COMMERCIAL ENTERPRISES LIMITED	Director	01/06/1998	01/06/1998	-	Active	NO
9	U15500MH1971PLC014983	RAMON DISTILLERIES LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO
10	U65910MH1989PLC051014	SONA FINANCE AND LEASING LIMITED	Director	22/09/2000	22/09/2000	-	Active	NO
11	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMITED	Director	28/09/2000	28/09/2000	29/03/2010	Active	NO
12	U15510PN2002PTC020018	ASSOCIATED BLENDERS PRIVATE LIMITED	Director	21/02/2002	21/02/2002	03/01/2011	Active	NO
13	U65910MH2002PLC137466	PURBANCHAL FINANCE LIMITED	Director	04/10/2002	04/10/2002	-	Active	NO
14	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Director	11/10/2002	11/10/2002	-	Active	NO
15	U67120MH1999PTC118718	DINSHAW'S HOLDINGS PRIVATE LIMITED	Director	30/04/2004	30/04/2004	-	Active	NO
16	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02/09/2004	02/09/2004	-	Active	NO
17	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	25/06/2007	25/06/2007	-	Active	NO

Name :	Mr. Abad Dinshaw Bapuna
Designation :	Vice-Chairman
Address :	‘Banaz’, Byramji Town, Nagpur – 440 013, Maharashtra, India
Date of Birth/Age :	15.07.1955
Date of Appointment :	11.10.2002
PAN No.:	ABWPB1892J
DIN No.:	00503658

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U15500MH1985PLC037069	AJANTA DISTILLERIES LIMITED	Director	06/08/1985	06/08/1985	-	Active	NO
2	U15500MH1985PTC037057	VANDANA DISTILLERIES PRIVATE LIMITED	Director	09/11/1985	09/11/1985	-	Active	NO
3	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	28/11/1988	28/11/1988	-	Active	NO
4	U55200MH1984PTC032855	ORANGE CITY HOTELS PRIVATE LIMITED	Director	01/01/1990	01/01/1990	-	Active	NO
5	U51909MH1991PTC060950	LACEY TRADING COMPANY PRIVATE LIMITED	Director	08/06/1992	08/06/1992	-	Active	NO
6	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Director	16/06/1994	16/06/1994	01/04/2012	Active	NO
7	U65910MH1985PLC035394	PREM KUTIR ESTATES AND PROPERTIES LIMITED	Director	01/08/1995	01/08/1995	-	Active	NO
8	U15520MH1996PLC096393	TRIPTI ALCOBREW LIMITED	Director	18/01/1996	18/01/1996	-	Active	NO
9	U51900MH1984PLC034747	BHAVANA COMMERCIAL ENTERPRISES LIMITED	Director	01/06/1998	01/06/1998	-	Active	NO
10	U65910MH1989PLC051014	SONA FINANCE AND LEASING LIMITED	Director	22/09/2000	22/09/2000	-	Active	NO
11	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMITED	Director	28/09/2000	28/09/2000	29/06/2007	Active	NO
12	U65910MH2002PLC137466	PURBANCHAL FINANCE LIMITED	Director	04/10/2002	04/10/2002	-	Active	NO
13	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Director	11/10/2002	11/10/2002	-	Active	NO
14	U67120MH1999PTC118718	DINSHAW'S HOLDINGS PRIVATE LIMITED	Director	30/04/2004	30/04/2004	-	Active	NO
15	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02/09/2004	02/09/2004	-	Active	NO

Name :	Mr. Adil Dinshaw Bapuna
Designation :	Director
Address :	‘Banaz’, Byramji Town, Nagpur – 440 013, Maharashtra, India
Date of Birth/Age :	15.07.1955
Date of Appointment :	11.10.2002
PAN No.:	ABWPB1894Q
DIN No.:	00503744

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U15500MH1985PTC037057	VANDANA DISTILLERIES PRIVATE LIMITED	Director	06/08/1985	06/08/1985	-	Active	NO
2	U15500MH1985PLC037069	AJANTA DISTILLERIES LIMITED	Director	10/07/1986	10/07/1986	-	Active	NO
3	U51909MH1991PTC060950	LACEY TRADING COMPANY PRIVATE LIMITED	Director	08/06/1992	08/06/1992	-	Active	NO
4	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Managing director	16/06/1994	16/06/1994	01/04/2012	Active	NO
5	U65910MH1985PLC035394	PREM KUTIR ESTATES AND PROPERTIES LIMITED	Director	01/08/1995	01/08/1995	-	Active	NO
6	U15520MH1996PLC096393	TRIPTI ALCOBREW LIMITED	Director	18/01/1996	18/01/1996	-	Active	NO
7	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	28/05/1997	28/05/1997	-	Active	NO
8	U51900MH1984PLC034747	BHAVANA COMMERCIAL ENTERPRISES LIMITED	Director	01/06/1998	01/06/1998	-	Active	NO
9	U65910MH1989PLC051014	SONA FINANCE AND LEASING LIMITED	Director	22/09/2000	22/09/2000	-	Active	NO
10	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMITED	Director	28/09/2000	28/09/2000	29/06/2007	Active	NO
11	U65910MH2002PLC137466	PURBANCHAL FINANCE LIMITED	Director	04/10/2002	04/10/2002	-	Active	NO
12	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Director	11/10/2002	11/10/2002	-	Active	NO
13	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02/09/2004	02/09/2004	-	Active	NO

Name :	Mr. Jamashp Aspi Bapuna
Designation :	Joint Managing Director
Address :	‘Banaz’, Byramji Town, Nagpur – 440 013, Maharashtra, India
Date of Birth/Age :	16.08.1978
Date of Appointment :	11.10.2002
PAN No.:	ABWPB1898C
DIN No.:	00503835

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	28/05/1997	28/05/1997	-	Active	NO
2	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Director	01/12/2001	01/12/2001	01/04/2012	Active	NO
3	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Managing director	11/10/2002	11/10/2002	-	Active	NO
4	U15520MH1996PLC096393	TRIPTI ALCOBREW LIMITED	Director	30/09/2003	30/09/2003	-	Active	NO
5	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMITED	Director	28/06/2007	28/06/2007	29/03/2010	Active	NO
6	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO

Name :	Mr. Zervin Jimmy Rana
Designation :	Director
Address :	Gittikhadan Gorewada Road, Nagpur – 440 013, Maharashtra, India
Date of Birth/Age :	06.08.1985
Date of Appointment :	11.11.2003
PAN No.:	AGVPR5173J
DIN No.:	00520036

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	U15200MH1998PLC116277	DINSHAW S DAIRY FOODS LIMITED	Director	11/11/2003	11/11/2003	Active	NO
2	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02/09/2004	02/09/2004	Active	NO

KEY EXECUTIVES

Name :	Mr. Shashi
Designation :	Admin Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Jimmy Erach Rana	2625500
Aspi Dinshaw Bapuna	833333
Abad Dinshaw Bapuna	1083334
Adil Dinshaw Bapuna	1083333
Dinaz Jimmy Rana	620000
Zervin Jimmy Rana	4500
Jamashp Bapuna	250000
TOTAL	6500000

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Dairy Products

Products :

Item Code No. (ITC Code)	2015
Product Description	Ice Cream and all varieties
Item Code No. (ITC Code)	2014
Product Description	Milk

Exports :

Countries :

· Middle East Countries

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

No. of Employees :

600 (Approximately)

Bankers :

· Oriental Bank of Commerce, Kingsway, Nagpur-440001, Maharashtra, India

· ICICI Bank Limited, Commercial Banking Group. 1^st Floor, 222, Vishnu Vaibhav Complex, Palm Road, Civil Lines, Nagpur-440001, Maharashtra, India

· HDFC Bank, Andheri, Mumbai, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Term Loans from Banks	341.482	281.561
Working Capital loans from Banks	460.008	283.873
TOTAL	801.490	565.434

Banking Relations :	--
Auditors :
Name :	K.K. Mankeshwar and Company Chartered Accountants
Address :	Kingsway, Nagpur – 440 001, Maharashtra, India
Tel. No.:	91-712-2533846/ 2554223
E-Mail :	mail@kkmanekeshwar.com
PAN No.:	AABFK1156A
Associates :	· Dinshawa Frozen Foods · Dinshaws Investments · Dinshaws Techno Foods Private Limited Dinshaws Holdings Private Limited Gwalior Distilliers Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs. 65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs. 65.000 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		65.000	65.000	65.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		470.517	399.918	362.071
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		535.517	464.918	427.071
LOAN FUNDS
1] Secured Loans		801.490	565.434	361.763
2] Unsecured Loans		96.900	84.443	186.960
TOTAL BORROWING		898.390	649.877	548.723
DEFERRED TAX LIABILITIES		116.036	96.068	82.646
TOTAL		1549.943	1210.863	1058.440
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1296.047	837.149	779.166
Capital work-in-progress		1.477	165.843	6.786
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	478.145	360.526	306.940
	Sundry Debtors	64.807	49.763	24.145
	Cash & Bank Balances	79.692	46.572	41.610
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	287.798	224.753	173.001
Total Current Assets		910.442	681.614	545.696
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	316.049	274.626	163.507
	Other Current Liabilities	321.183	185.296	67.614
	Provisions	20.791	13.821	42.087
Total Current Liabilities		658.023	473.743	273.208
Net Current Assets		252.419	207.871	272.488
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1549.943	1210.863	1058.440

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3003.593	2511.840	2100.895
		Other Income	22.976	16.468	9.930
		TOTAL (A)	3026.569	2528.308	2110.825
Less	EXPENSES
		Cost of materials consumed	2064.533	1603.263	1866.510
		Purchases of stock-in-trade	116.107	107.090
		Employee benefit expense	145.835	123.983
		Other expenses	572.373	515.026
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(112.783)	5.936
		TOTAL (B)	2786.065	2355.298	1866.510
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		240.504	173.010	244.315
Less	FINANCIAL EXPENSES (D)		70.180	44.723	30.979
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		170.324	128.287	213.336
Less/ Add	DEPRECIATION/ AMORTISATION (F)		66.407	63.168	53.324
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		103.917	65.119	160.012
Less	TAX (H)		33.177	27.272	70.313
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		70.740	37.847	89.699
	Earnings Per Share (Rs.)		10.88	5.83	13.80

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.34	1.50	4.25
Net Profit Margin (PBT/Sales)	(%)	3.46	2.59	7.62
Return on Total Assets (PBT/Total Assets}	(%)	4.71	4.29	12.10
Return on Investment (ROI) (PBT/Networth)		0.19	0.14	0.37
Debt Equity Ratio (Total Debt /Networth)		1.68	1.40	1.28
Current Ratio (Current Asset/Current Liability)		1.38	1.44	2.00

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	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	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Loans and advances from Directors	96.900	84.443
TOTAL	96.900	84.443

FINANCIAL RESULTS / WORKING

The Company has been successful in maintaining the sustained growth in its performance. During the period, the Company witnessed further growth in its sales performance. In fact the sales turnover of Ice-cream Division of the Company was Rs. 1248.139 Millions (Previous Year Rs. 1086.645 Millions) and that of Dairy Division was Rs. 1755.003 Millions (Previous Year Rs. 1313.458 Millions.) Besides, the other income derived by the Company is Rs. 23.428 Millions (Previous year: Rs. 17.730 Millions). The consistent maintenance of the quality of the products by the Company and its appreciation on the part of the customers backed by favourable market conditions resulted into improved performance of the Company. Accordingly the Company posted overall sales turnover including other income, of Rs. 3026.570 Millions as against Rs. 2528.308 Millions as against during the last year. After providing Rs. 70.181 Millions towards interest and Rs. 66.407 Millions for depreciation and further Rs. 33.177 Millions for taxation, the Company posted net profit after tax of Rs. 70.740 Millions as against Rs. 37.847 Millions during the previous year. The Directors are focusing their concentration consistently upon the maintenance of quality of the Company’s products besides cost effective production which shall certainly enable the Company to go ahead with the multiplied profits during the years to come.

FORM 8

Corporate identity number of the company	U15200MH1998PLC116277
Name of the company	DINSHAW’S DAIRY FOODS LIMITED
Address of the registered office or of the principal place of business in India of the company	Gittikhadan Gorewada Road, Nagpur – 440 013, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	ICICI Bank Limited, Commercial Banking Group. 1^st Floor, 222, Vishnu Vaibhav Complex, Palm Road, Civil Lines, Nagpur-440001, Maharashtra, India
Nature of instrument creating charge	Deed of Hypothecation (WCF)
Date of instrument Creating the charge	02.11.2012
Amount secured by the charge	Rs. 100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC (Hypothecation) : Rs. 100.000 Millions : Presently : I-Base + Spread i.e. 12.15 % p.a., plus interest tax or other statutory levy., if any, subject to change as per ICICI Bank Guidelines. Terms of repayment Cash Credit (Hypothecation) Limit: Rs. 100.000 Millions: Repayable on demand. Margin Inventory : Uniform margin of 25% against all components of inventory. Book Debts : 25% Cover period : 90 days. Extent and operation of the charge The charge operates to secure due discharge and repayment by the Company to ICICI Bank Limited of its Cash Credit (Hypothecation) Limit of Rs. 100.000 Millions sanctioned to the Company, along with interest, commission, costs, charges, expenses and all other monies payable by the Company to ICICI Bank Limited in terms of Loan Documentation. Other All other terms and conditions are as per Letter of Sanction No. 23/CBGPNE/49162 dated 04.10.2012 addressed to the company.
Short particulars of the property charged (Including location of the property)	1) Hypothecation of the Company's whole of the stock of raw materials, goods-in-process, semi-finished and finished goods, consumable stores, and spares and such other movables, including book debts, bills, both present and future, whether lying loose or stored in factory, premises or godowns or lying wherever else or in transit, by way of first charge ranking pari passu with the charge created /to be created in favour of Oriental Bank of Commerce. 2) Hypothecation of the Company's whole of the moveable properties ( save and except current assets) including its movable plant and machinery, machinery spares, tools and accessories, non-trade receivables and other movables, both present and future whether lying loose or stored in factory, premises or godowns or lying wherever else or in transit, by way of first charge ranking pari passu with the charge created /to be created in favour of Oriental Bank of Commerce 3) Hypothecation of all amounts owing to, and received and/or receivable, by the Company and/or any person on its behalf, all book debts, all cash flows and receivables and proceeds arising from/ in connection with business and all rights, title, interest, benefits, claims and demands whatsoever of the Company in respect of all the aforesaid assets including but not restricted to the Co.'s cash in hand, both present and future, by way of first charge ranking pari passu with the charge created /to be created in favour of Oriental Bank of Commerce.

FIXED ASSETS

· Land

· Factory Building

· Other Building

· Plant and Machinery

· Laboratory Equipments

· Furniture and Fixtures

· Office Equipments

· Computers

· Electric Installation

· Vehicles

· Wells

· Cold Storage and Deep Freezers

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. 54.33
UK Pound	1	Rs. 80.89
Euro	1	Rs. 70.73

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.