MIRA INFORM REPORT

Report Date :

17.05.2013

IDENTIFICATION DETAILS

Name :	HALDIRAM FOODS INTERNATIONAL PRIVATE LIMITED (w.e.f. 01.02.2012)
Formerly Known As :	HALDIRAM FOODS INTERNATIONAL LIMITED
Registered Office :	A 204, Shyam Kamal Agrawal Market, Tejpal Road, Vile Parle (East), Mumbai – 400 057, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.12.1987
Com. Reg. No.:	11-045509
Capital Investment / Paid-up Capital :	Rs. 124.059 Millions
CIN No.: [Company Identification No.]	U15100MH1987PTC045509
TAN No.: [Tax Deduction & Collection Account No.]	NGPH02489E
PAN No.: [Permanent Account No.]	AAACH3628L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling of sweets/namkeens and extruded snack items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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	ICRA
Rating	Fund Based Limit: A+
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	September, 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.

LOCATIONS

Registered Office/ Branch Office 1 :	A 204, Shyam Kamal, Agrawal Market, Tejpal Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India
Tel. No.:	91-22-26130771 / 26170762
Fax No.:	91-22-26145116
E-Mail :	haldiram@bom2.vsnl.net.in csngp@rediffmail.com systems@haldirams.com
Website :	http://haldirams.com
Head Office / Factory :	“Haldiram House”, 880, Small Factory Area, Bhandara Road, Nagpur –440008, Maharashtra, India
Tel. No.:	91-712-2681091 / 2681191-94
Fax No.:	91-712-2680218
E-Mail :	haldiram@bom2.vsnl.net.in
Branch Office 2 :	A 204, Tejpal Road Shyam Kamal, Agrawal CHS Limited, West Wing, Vile Parle (East), Mumbai - 400057, Maharashtra, India
Tel. No.:	91-22-26130771 / 26170762
Fax No.:	91-22-26145116
E-Mail :	haldirammumbai@vsnl.net
Branch Office 3 :	1213, 100 Feet Road, Hall II Stage, Indranagaram, Bangalore – 560008, Karnataka, India
E-Mail :	hfill.bangalore@haldirams.com
Branch Office 4 :	Number ½, Peeran Streets, Saligram, Near AVM Studio, Opposite Sooriya Hospital, Chennai – 600093, Tamilnadu, India
E-Mail :	hfil.chennai@haldirams.com

DIRECTORS

As on: 28.09.2012

Name :	Mr. Kamalkumar Shivkishan Agrawal
Designation :	Director
Address :	918, Deshpande Layuot, Wardhman Nagar, Nagpur – 440 008, Maharashtra, India
Date of Birth/Age :	05.08.1973
Qualification :	B.COM
Date of Appointment :	01.12.2007
PAN No.:	ABFPA1043D
DIN No.:	00015010
Name :	Mr. Rajendrakumar Shivkishan Agrawal
Designation :	Whole – time Director
Address :	918, Deshpande Layuot, Wardhman Nagar, Nagpur – 440 008, Maharashtra, India
Date of Birth/Age :	22.01.1960
Qualification :	M.COM
Date of Appointment :	25.07.2010
PAN No.:	ABFPA1041
DIN No.:	00074439
Name :	Mr. Sushilkumar Shivkishan Agrawal
Designation :	Director
Address :	918, Deshpande Layuot, Wardhman Nagar, Nagpur – 440 008, Maharashtra, India
Date of Birth/Age :	18.05.1967
Qualification :	MBA
Date of Appointment :	01.12.2007
PAN No.:	ABFPA1045F
DIN No.:	00074470
Name :	Mr. Srinivasrao Sambhashivrao Vinnokata
Designation :	Director
Address :	379 Subhan Nagar Opposite H. B. Town Nagpur – 440008, Maharashtra, India
Date of Birth/Age :	24.08.1965
Qualification :	M.COM
Date of Appointment :	01.04.2011
DIN No.:	01257848

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Bodies corporate	33.25
Directors or relatives of Directors	65.45
Other top fifty shareholders	1.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and selling of sweets/namkeens and extruded snack items.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Hingna Industrial Estate Branch, Hingna, Nagpur – 40016, Maharashtra, India
• HDFC Bank Limited, HDFC Bank, Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Rupee term loans from banks	0.000	16.141
Working capital loans from banks	279.713	222.634
Total	279.713	238.775

Banking Relations :	--
Auditors :
Name :	Agrawal Chhallani and Company Chartered Accountants
Address :	51, New Colony, Nagpur – 440 001, Maharashtra, India
Tel. No.:	91-712-2544250 / 2544253
PAN No.:	AASPC0224A

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs. 130.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12405877	Equity Shares	Rs.10/- each	Rs. 124.059 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		124.059	124.059	124.059
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3050.972	2373.358	1874.849
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3175.031	2497.417	1998.908
LOAN FUNDS
1] Secured Loans		279.713	238.775	74.735
2] Unsecured Loans		0.094	10.058	0.000
TOTAL BORROWING		279.807	248.833	74.735
DEFERRED TAX LIABILITIES		174.282	148.555	135.203
TOTAL		3629.120	2894.805	2208.846
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1758.779	1374.598	1067.556
Capital work-in-progress		606.048	237.334	400.700
INVESTMENT		28.853	2.095	218.145
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	379.705	358.408	290.353
	Sundry Debtors	238.182	221.770	135.419
	Cash & Bank Balances	811.179	604.925	314.878
	Other Current Assets	0.000	5.106	0.000
	Loans & Advances	508.434	542.212	375.341
Total Current Assets		1937.500	1732.421	1115.991
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	465.434	245.624	260.094
	Other Current Liabilities	236.626	177.072	98.979
	Provisions	0.000	28.947	234.473
Total Current Liabilities		702.060	451.643	593.546
Net Current Assets		1235.440	1280.778	522.445
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3629.120	2894.805	2208.846

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		6782.909	5538.023
		Other Income		45.231	19.519
		TOTAL		6828.140	5557.542
Less	EXPENSES
		Consumption material changes inventories		4942.221	3971.793
		Manufacturing service cost		135.497	98.905
		Employed related expenses		157.808	90.686
		Administrative selling Expenses		746.370	667.670
		TOTAL		5981.896	4829.054
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	846.244	728.488
Less	FINANCIAL EXPENSES			8.240	8.476
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			838.004	720.012
Less/ Add	DEPRECIATION/ AMORTISATION			62.595	56.496
	PROFIT BEFORE TAX			775.409	663.516
Less	TAX			247.967	217.101
	PROFIT AFTER TAX		677.614	527.442	446.480
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	459.538	58.99	NA
	TOTAL EARNINGS			58.99	NA
	IMPORTS
		Raw Materials	12.277	11.176	NA
		Stores & Spares	7.301	8.761	NA
		Capital Goods	173.128	34.059	NA
		Others	0.000	2.743	NA
	TOTAL IMPORTS		192.706	56.739	NA
	Earnings Per Share (Rs.)		54.62	42.52	35.99

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	7.72	8.03
Net Profit Margin (PBT/Sales)	(%)	NA	11.43	11.98
Return on Total Assets (PBT/Total Assets}	(%)	NA	25.10	30.39
Return on Investment (ROI) (PBT/Networth)		NA	0.31	0.33
Debt Equity Ratio (Total Debt /Networth)		0.09	0.10	0.04
Current Ratio (Current Asset/Current Liability)		2.76	3.84	1.88

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two 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	No
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 1174, Jalalpura Gandhi Baug, Nagpur- 440 002 Maharashtra, India to present address w.e.f. 01.06.2006

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15100MH1987PTC045509
Name of the company	HALDIRAM FOODS INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A 204, Shyam Kamal, Agrawal Market, Tejpal Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India csngp@rediffmail.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank Limited, HDFC Bank, Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India Brajesh.Joshi@hdfcbank.com
Nature of instrument creating charge	Memorandum relating to hypothecation of machinery dated 31.01.2013
Date of instrument Creating the charge	31.01.2013
Amount secured by the charge	Rs. 110.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Agreement Terms of Repayment Years on 180 Days Roll over Basis Margin 20% Extent and Operation of the charge Hypothecation of First Charge on Machinery purchased out of the Bank finance to secure the due repayment of the credit facilities along with interest, costs, charges and other dues that may any time hereafter become due and owing to the bank in respect of and under the credit facilities
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Plant and Machinery Name One Set Die Cut Papadams Manufacturing Line Featuring a twin screw Extruder, Capacity 1200KH/HR Referred to inlet raw Materials Along with essential set of Parts and Accessories

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans and advances from directors	0.094	10.058
Total	0.094	10.058

FIXED ASSETS

· Land

· Building

· Office Buildings

· Machinery

· Electrical Equipments

· Storage and Handling Equipment

· Laboratory Equipment

· Office Equipments

· Effluent Treatment Plant

· Computers

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. 54.77
UK Pound	1	Rs. 83.31
Euro	1	Rs. 70.46

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.