MIRA INFORM REPORT

Report Date :

28.03.2013

IDENTIFICATION DETAILS

Name :	RED BULL INDIA PRIVATE LIMITED

Registered Office :	1^st Floor, B Wing, 215 Atrium, Chakala, Andheri - Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra

Country :	India

Financials (as on) :	31.12.2010

Date of Incorporation :	03.04.2007

Com. Reg. No.:	11-169580

Capital Investment / Paid-up Capital :	Rs. 27.300 Millions

CIN No.: [Company Identification No.]	U51909mh2007ftc169580

TAN No.: [Tax Deduction & Collection Account No.]	Mumr21838f

PAN No.: [Permanent Account No.]	Aadcr5842h

Legal Form :	Private Limited Liability Company

Line of Business :	Distributors of energy Drinks

No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 650000

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is an established and reputed company having moderate track record. The management has failed to file its latest financial with the government department. From the available financial, we found that the company has recorded some accumulated losses. The company is continuously incurring losses from its operation. However, trade relations are reported as fair. Business is active. In absence of latest financial, payment terms are unknown. The company can be considered for business dealings with slight caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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.

INFORMATION DECLINED BY

Name :	Mr. Harish
Designation :	Account Manager
Contact No.:	91-22-66180888
Date :	25.03.2013

LOCATIONS

Registered / Corporate Office :	1^st Floor, B Wing, 215 Atrium, Chakala, Andheri - Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India
Tel. No.:	91-22-66180888
Fax No.:	91-22-66180808
E-Mail :	titus@titus-india.com morris@littlecompany.com ankit.paleja@littlecompany.com ananth.venkatesan@ap.redbull.com ananth@ap.redbull.com ananth.rb@redbull.com chunder.khator@in.redbul.com ananth.venkatesan@in.redbull.com
Website :	www.redbull.com
Area :	2000 sq. ft
Location :	Owned

DIRECTORS

AS ON 30.06.2011

Name :	Mr. Rudolf Theierl
Designation :	Director
Address :	Gansbichlstrasse, Hallein, Austria 5400
Date of Birth/Age :	16.11.1949
Date of Appointment :	03.04.2007
DIN No.:	02022967

Name :	Mr. Bhaskar Vishwa Deva Sharma
Designation :	Director / General Manger – India
Address :	Flat No: 51, 5th Floor, Lavie Building, 14th Road, Khar (West), Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	31.08.1963
Qualification :	M Sc., MBA
	23 Years
Date of Appointment :	04.01.2010
DIN No.:	02871367

Name :	Mr. Harish Kanotra
Designation :	Additional director
Address :	B-404, RNA Heights, JVLR, Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	13.04.1974
Date of Appointment :	08.10.2010
DIN No.:	05154960

KEY EXECUTIVES

Name :	Mr. Harish
Designation :	Account Manager

Name :	Mr. Sunil Dhar
Designation :	Commercial Director – India
Date of Birth/Age :	44 years
Qualification :	B.Com, MBA
Experience :	21 Years

Name :	Mr. Vikaas Saxena
Designation :	Marketing Director – India
Date of Birth/Age :	36 years
Qualification :	B Sc., MBA (XLRI)
Experience :	12 years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2011

Names of Shareholders		No. of Shares
Red Bull GmbH, Austria		2729999
Red Bull Hanger – 7 GmbH		1

Total		2730000

AS ON 30.06.2011

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]		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Distributor of Energy Drinks.

Products :

ITC Code	Product Descriptions
22029090	Red Bull Energy Drink

GENERAL INFORMATION

No. of Employees :	Information declined by management

Bankers :	Hongkong and Shanghai Banking Corporation Limited, Andheri (East), Mumbai, Maharashtra, India


Banking Relations :	--

Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	Jalan Mill Compound, 95 Ganpatrao Kadam MArg, Lower Parel, Mumbai - 400013, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFS3421N

Holding Company :	Red Bull GmbH, Austria

Fellow Subsidiaries :	Ø Red Bull Asia FZE, Dubai Ø Salzburg Sport GmbH Ø Red Bull Technologies

CAPITAL STRUCTURE

AS ON 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

4,500,000	Equity Shares	Rs.10/- each	Rs. 45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2,730,000	Equity Shares	Rs.10/- each	Rs. 27.300 Millions

(Of the above, 2730000 (2009: 2150000) shares are held by Red Bull GmbH, Austria, the holding company and 1 share (2009: 1) is held by Red Bull Hangar 7)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		27.300	21.500	6.500
2] Share Application Money		0.000	140.000	0.000
3] Reserves & Surplus		709.200	135.000	0.000
4] (Accumulated Losses)		(573.837)	(260.387)	(108.497)
NETWORTH		162.663	36.113	(101.997)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		20.000	155.000	110.000
TOTAL BORROWING		20.000	155.000	110.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		182.663	191.113	8.003

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		98.823	109.255	41.782
Capital work-in-progress		106.985	104.685	9.397

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	110.463	89.849	38.441
	Sundry Debtors	44.567	41.448	103.187
	Cash & Bank Balances	19.986	1.971	1.065
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	210.035	111.622	21.519
Total Current Assets		385.051	244.890	164.212
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	323.129	205.722	115.660
	Other Current Liabilities	72.587	55.694	85.604
	Provisions	12.480	6.301	6.124
Total Current Liabilities		408.196	267.717	207.388
Net Current Assets		(23.145)	(22.827)	(43.176)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		182.663	191.113	8.003

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	745.221	483.684	458.337
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA

	PROFIT/ (LOSS) BEFORE TAX		NA	(144.919)	(71.867)

Less	TAX		NA	6.971	1.661

	PROFIT/ (LOSS) AFTER TAX		(313.450)	(151.890)	(73.528)

	IMPORTS
		Traded Goods	239.519	216.007	145.801
		Capital Goods	44.777	135.133	31.151
		Advertisement and Other Material	1.988	3.990	7.214
	TOTAL IMPORTS		286.284	355.130	184.166

	Earnings/ (Loss) Per Share (Rs.)		(131.25)	(168.64)	(113.12)

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
Net Profit Margin (PBT/Sales)	(%)	NA	(29.96)	(15.68)

Return on Total Assets (PBT/Total Assets}	(%)	NA	(40.92)	(34.89)

Return on Investment (ROI) (PBT/Networth)		NA	(4.01)	0.70

Debt Equity Ratio (Total Debt/Networth)		0.12	4.29	(1.08)

Current Ratio (Current Asset/Current Liability)		0.94	0.91	0.79

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars

31.12.2010

31.12.2009

31.12.2008

(Rs. In Millions)

Sundry Creditors

323.129

205.722

115.660

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	No
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	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	No
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	No
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	No

UNSECURED LOANS

Unsecured Loans	31.12.2010	31.12.2009
	(Rs. In Millions)
Short Term Loan from Bank ((Repayable within 1 year - Rs.20.000 millions (previous period : Rs.155.000 millions)	20.000	155.000
Total	20.000	155.000
The above loan is backed by corporate guarantee given by Red Bull GmbH, the holding company.

FINANCIAL RESULTS

During the Financial Year January 1, 2010 to December 31, 2010 the Company has affected sales of Rs.745.221 millions against sales of Rs.483.684 millions during the previous financial year. The Company has incurred a loss after tax of Rs.313.450 millions during the financial year.

The management of the Company has continued to strive its best to increase turnover and improved profitability of the Company.

CONTINGENT LIABILITY NOT PROVIDED FOR

(Rs. in millions)

Particulars	31.12.2010	31.12.2009

Customs Duty	299.658	166.171
Guarantee Given by the Bank on behalf of the company	0.200	0.200
TOTAL	299.858	166.371

FIXED ASSETS

Ø Leasehold Improvements

Ø Computers

Ø Furniture and Fixtures

Ø Office Equipment

Ø Marketing Assets

Ø Vehicles

WEBSITE DETAILS

PRESS RELEASE

RED BULL FACES ENERGY DRINK MARKET BATTLE IN INDIA

05.11.2012

Austrian energy drinks maker Red Bull and its erstwhile Indian partner Rahul Narang Group are headed for a long and bitter courtroom battle over territorial rights.

Red Bull, which recently severed its ties with the Indian partner, was stopped last week by a Mumbai court from poaching distributors of the Rahul Narang Group to sell their energy drink.

The Mumbai-based Rahul Narang Group had applied to a local court charging the Austrian multinational of poaching its proprietary distribution network, weeks after ending one of the oldest alliances in the country's beverage market.

Red Bull is growing at 30 percent annually. It is estimated to be a Rs 1900.000 Millions brand in India and controls close to 80 percent of the Rs 2500.000 Millions energy drinks market. Its rivals include Coca Cola's Burn, Zinga, local brands like Cloud 9 and a clutch of regional brands.

The Bombay City Civil Court agreed and restrained Red Bull from approaching three of RNG's sub-distributors in Pune, Bangalore and Gurgaon, and rejected the Euro 4.2-billion firm's plea seeking permission to move the matter to an arbitration court in Geneva.

But the court asked Red Bull not to approach those three specific sub-distributors and said the Austrian giant was free to negotiate with the remaining 300 distributors and sub-distributors.

"Red Bull is free to go on its own but let them build the operations on their own," Rahul Narang, founder and chairman of RNG, said in an interview.

Rohan Vyavahara, a spokesperson for Red Bull, confirmed that the company has been stepping up efforts to build its own India network.

"The court's outcome has confirmed our legitimate right to continue doing business with partners of our choice throughout India," Vyavehara said in a telephonic interview.

The Rahul Narang Group, meanwhile, is negotiating with Monster, a global energy brands from the United States, to market in India.

Ever since Red Bull set up its base with wholly owned subsidiary Red Bull India Private Limited in 2008, it became clear that the autonomy of the Indian partner would be curbed. Prior to 2008, RNG was importing and selling Red Bull on its own.

Over time, Red Bull put in place its own leadership team to oversee key accounts, ground sales and distribution operations of the Rahul Narang Group. Though logistics and warehousing were partially split, finance and marketing functions came under the direct supervision of the global energy drinks company.

According to The Economic Times, the split happened because RNG failed to meet mutually accepted targets. Two years back, both had agreed to scale up the venture's reach to 25,000 outlets from 15,000; but only 19,000 outlets were tapped. Currently Red Bull reaches to around 21,000 outlets and the company targets to triple that in the next 15 months.

Rahul Narang Group markets and distributes a clutch of international food and beverage brands including Perrier, Evian, Illy Coffee and Lindt Chocolates through its distribution network of over 150,000 points of sale nationwide.

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. 54.27
UK Pound	1	Rs. 82.49
Euro	1	Rs. 69.88

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.