MIRA INFORM REPORT

Report Date :

07.11.2013

IDENTIFICATION DETAILS

Name :	PARLE BISLERI PRIVATE LIMITED (w.e.f. 03.12.2001)
Formerly Known As :	LIMCA BEVERAGES LIMITED LIMCA BEVERAGES PRIVATE LIMITED
Registered Office :	Western Express Highway, Chakala, Andheri (East), Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.04.1983
Com. Reg. No.:	11-029767
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U15540MH1983PTC029767
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16633B
PAN No.: [Permanent Account No.]	AABCA2056N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Packaged Drinking Water and Fruit Pulp/Juice etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 3770000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The company has recorded huge accumulated losses for past few years. However, the financial position appears to be decent as the management is operating on their own funds. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. in view of long standing experience of the promoters, 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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-COOPERATIVE [91-22-67348000]

LOCATIONS

Registered Office :	Western Express Highway, Chakala, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-61447000/ 67348000/ 66953000
Fax No.:	91-22-61447145
E-Mail :	rajeevnair@bisleri.co.in

DIRECTORS

AS ON 05.08.2013

Name :

Mr. Ramesh Jayantilal Chauhan

Designation :

Director

Address :

47, Shanti Kunj, Hanuman Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

17.06.1940

Date of Appointment :

01.01.2007

DIN No.:

00080323

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	U24110MH1936PTC002484	HEMLINE FLAVOURS PRIVATE LIMITED	Director	29/06/1970	29/06/1970	-	Active	NO
2	U15540MH1983PTC029767	PARLE BISLERI PRIVATE LIMITED	Director	01/01/2007	03/07/1987	-	Active	NO
3	U15420MH1995PTC088441	PARLE HEALTH PRODUCTS PRIVATE LIMITED	Director	21/05/1996	21/05/1996	-	Amalgamated	NO
4	U15440MH1994PTC129006	PARLE (EXPORTS) PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
5	U51909GJ1984PTC007204	ACQUA GOA DISTRIBUTORS PRIVATE LIMITED (RAJDHANI)	Director	20/01/2005	20/01/2005	-	Active	NO
6	U51109MH1973PTC016388	BISLERI ADVERTISING PRIVATE LIMITED	Director	17/05/2005	17/05/2005	-	Active	NO
7	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Managing director	01/04/2007	21/02/2006	-	Active	NO
8	U73100MH1970NPL014686	M.VISVESVARAYA INDUSTRIAL RESEARCH AND DEVELOPMENT CENTRE	Director	25/09/2007	25/09/2007	26/08/2010	Active	NO

Name :

Mr. Kadeer Khan

Designation :

Director

Address :

C - 62 – D, Gangotri Enclave, Alaknanda, New Delhi – 110019, India

Date of Birth/Age :

14.04.1958

Date of Appointment :

17.04.2004

DIN No.:

00088117

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	U51109MH1973PTC016388	BISLERI ADVERTISING PRIVATE LIMITED	Director	01/03/2004	01/03/2004	Active	NO
2	U15540MH1983PTC029767	PARLE BISLERI PRIVATE LIMITED	Director	17/04/2004	17/04/2004	Active	NO
3	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Director	01/06/2004	01/06/2004	Active	NO
4	U15440MH1994PTC129006	PARLE (EXPORTS) PRIVATE LIMITED	Director	21/04/2005	21/04/2005	Active	NO

Name :

Anjana Amitabh Ghosh

Designation :

Director

Address :

B\304, Poisden, Near Raj Classic, Off Yari Road, Versova Andheri, Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

28.08.1965

Date of Appointment :

29.09.2007

DIN No.:

01585901

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	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Director	29/09/2007	07/06/2007	Active	NO
2	U15540MH1983PTC029767	PARLE BISLERI PRIVATE LIMITED	Director	29/09/2007	07/06/2007	Active	NO

Name :

Jayanti Ramesh Chauhan

Designation :

Director

Address :

1 – 15, Shanti Niketan, New Delhi - 110021, India

Date of Birth/Age :

20.08.1984

Date of Appointment :

30.09.2009

DIN No.:

02607625

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	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Director	30/09/2009	09/04/2009	Active	NO
2	U15540MH1983PTC029767	PARLE BISLERI PRIVATE LIMITED	Director	30/09/2009	09/04/2009	Active	NO
3	U51109MH1973PTC016388	BISLERI ADVERTISING PRIVATE LIMITED	Director	25/08/2010	24/07/2010	Active	NO
4	U51909GJ1984PTC007204	ACQUA GOA DISTRIBUTORS PRIVATE LIMITED (RAJDHANI)	Director	18/08/2010	24/07/2010	Active	NO

Name :

Mr. Parag Jitendra Bengali

Designation :

Director

Address :

15, Hemant Bank of Baroda Employees CHSL, Justicemcchagla Marg, Vile Parle, Mumbai - 400099, Maharashtra, India

Date of Birth/Age :

07.05.1971

Date of Appointment :

19.09.2011

DIN No.:

03423747

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	U15540MH1984PTC127572	BISLERI INTERNATIONAL PRIVATE LIMITED	Director	30/09/2011	28/01/2011	Active	NO
2	U15540MH1983PTC029767	PARLE BISLERI PRIVATE LIMITED	Director	19/09/2011	28/01/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.08.2013

Names of Shareholders	No. of Shares
Parle (Exports) Private Limited, India	49999
Mungale N Ramchandra	1
Total	50000

AS ON 05.08.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.99
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Selling of Packaged Drinking Water and Fruit Pulp/Juice etc.
Exports :	Not Divulged
Imports :	Not Divulged

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Not Divulged
Bankers :	Indian Bank

Banking Relations :	--
Auditors :
Name :	SSPA and Associates Chartered Accountants
Address :	1st Floor, Arjun, Plot No.6A, V. P. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel No.:	91-22-26704376/ 26703682
Fax No.:	91-22-26703916
Income-tax PAN of auditor or auditor's firm :	ABUFS2629C
Holding Company :	Parle (Exports) Private Limited [U15440MH1994PTC129006]
Associate Company :	· Bisleri International Private Limited Acqua Goa Distributors Private Limited Bisleri Advertising Private Limited Hemline Flavours Private Limited (formerly known as Bisleri India Private Limited)

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000	5.000
(b) Reserves & Surplus	936.927	924.761	905.862
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	941.927	929.761	910.862
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.122	0.112	0.100
Total Non-current Liabilities (3)	0.122	0.112	0.100
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1.247	2.172	4.669
(c) Other current liabilities	4.166	0.948	5.307
(d) Short-term provisions	0.553	0.775	1.941
Total Current Liabilities (4)	5.966	3.895	11.917
TOTAL	948.015	933.768	922.879
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28.934	31.835	35.032
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	10.858	0.400	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	707.407	621.401	599.362
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	156.243	22.503	25.852
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	903.442	676.139	660.246
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	19.891	99.038	160.635
(d) Cash and cash equivalents	10.880	15.372	5.602
(e) Short-term loans and advances	12.435	142.139	95.874
(f) Other current assets	1.367	1.080	0.522
Total Current Assets	44.573	257.629	262.633
TOTAL	948.015	933.768	922.879

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	NA	45.000	50.700
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	24.000	27.000
Less	FINANCIAL EXPENSES (D)		NA	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	24.000	27.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	3.300	3.200
	PROFIT BEFORE TAX (E-F) (G)		NA	20.700	23.800
Less	TAX (H)		NA	1.800	1.800
	PROFIT AFTER TAX (G-H) (I)		12.166	18.900	22.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(183.800)	(202.300)
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.000	2.200
		Proposed Dividend	NA	0.000	1.000
		Tax on Dividend	NA	0.000	0.200
	BALANCE CARRIED TO THE B/S		NA	(164.900)	(183.800)
	Earnings Per Share (Rs.)		243.32	377.99	439.22

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	NA	46.00	46.94
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.64	7.36
Return on Investment (ROI) (PBT/Networth)		NA	0.02	0.03
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		7.47	66.14	22.04

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	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	Yes
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	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date: 29.05.2013

Lodging No: ITXAL/786/2013 Filing Date: 29.05.2013 Reg. No.: ITXA/1540/2013 Reg. Date: 08.08.2013

Petitioner: THE COMMISSIONER OF INCOME TAX-8, M Respondent: M/S PARLE BISLERI PRIVATE LIMITED

Petn. Adv: ARVIND PINTO Resp. Adv.: PDS LEGAL

District: Mumbai

Bench: SINGLE

Status: PRE-ADMISSION Category: TAX APPEALS

Next Date: 20.11.2013 Stage:

Coram: ACCORDING TO SITTING LIST

ACCORDING TO SITTING LIST

Act: Income Tax Act, 1961 Under Section: 260A

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90163297	09/07/2004 *	10,250,000.00	INDIAN BANK	VILE PARLE (E) BRANCH, MUMBAI - 400057, MAHARASHTRA, INDIA	-
2	90165910	28/05/1991 *	2,000,000.00	DENA BANK	JUHU VILE PARLE, MUMBAI - 400057, MAHARASHTRA, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Disputed Excise Demands (Excluding Interest)	62.320	62.320
Disputed Income Tax Demands (Excluding Interest)	425.749	432.761
Disputed Sales Tax Demands (Excluding Interest)	0.000	17.468

FIXED ASSETS:

· Freehold Land

Buildings – Residential

Buildings - Others

Plant and Equipments

Lifts and Electrical Installations

Furniture, Fixtures and Office Equipments

Vehicles

PRESS RELEASE

EUREKA FORBES TO ENTER PACKAGED DRINKING WATER MARKET

Mumbai July 10, 2011

Water purification appliances-maker Eureka Forbes is making a foray into the packaged water segment and will roll out the bottled water product on a pan-India basis by next year, a top company official said.

"We are foraying into the extremely competitive packaged drinking water market through the 'franchise' route. In our business model, each franchisee will invest Rs 15.000-20.000 Millions in a state-of-the-art purification and bottling set-up," Eureka Forbes CEO - Direct Sales and Senior Vice President Marketing, Marzin Shroff, told PTI.

The company will sell the product under the brand name 'AquaSure', in 20-litre and one-litre bottles, but has not divulged the prices.

Eureka Forbes, which started the direct selling concept in India, has a 52% market share in the 15000.000 Millions water purifier segment, with its Aquaguard and AquaSure brands.

When asked why it is entering the highly competitive market, where there are many players including multinationals, Shroff said, "Our core expertise of direct selling is our differentiator. We believe, this shall help us establish in the 20 litres 'bubble' segment that currently is dominated by local players. The existing customer base of over 10 million users of Aquaguard and AquaSure are a captive audience for bottled water launch."

At present, the bottled water segment is estimated to be worth Rs 30000.000 Millions, growing at an annual rate of 25%, and is dominated by Parle group's Bisleri, Manickchand group's Oxyrich, Tata Group's Himalayan, UB Group's Kingfisher, Pepsico's Aquafina and Coca-Cola's Kinley.

Eureka Forbes has already set up franchised operations for packaged drinking water in Andhra Pradesh and plans to enter Andhra Pradesh, Maharashtra, Tamil Nadu and Gujarat in a phased manner in the next four to six months.

"Our focus will be South India, Maharashtra and Gujarat... Markets that constitute almost 65-70% of the bottled water market, to begin with," he said.

The company is eyeing 14% growth in revenue in the current fiscal from Rs 14500.000 Millions last year on the back of its planned expansion in the air purification segment.

"The air purifier market is a nascent market. It is a category of the future and we intend to build in a big way. It is a category with tremendous potential. Right now, its contribution to the company's revenue may look minuscule, but we hope to treble the turnover every year. This is the future category for us so we will not keep any stone unturned to make it big," Shroff said.

"Last year, we did a turnover of Rs 30.000 Millions and this year, we should be between Rs 100.000 Millions for the segment," he said, adding that the company expected the segment to register a five-fold turnover going forward.

The air purifier market is estimated to be around worth Rs 40.000 Millions and the firm currently enjoys a market share of 70-80% and plans to sell 15,000 units, compared to 5,000 units sold last year.

Shroff further said the company is trying to expand its global footprint to 14 new countries and will be helped by Swiss firm Lux International AG, in which it acquired a 25% minority stake last year.

"We are in a partnership with them (Forbes - Lux Group AG) in 36 countries, we want to move that to 50 countries. We are expanding into Eastern Europe now. We are also looking at Southern Africa and South America," he said.

NO REGRETS SELLING THUMS UP, SAYS BISLERI CHIEF RAMESH CHAUHAN

Mumbai, June 13

Bisleri’s Chairman Ramesh Chauhan, the former owner of Thums Up, Gold Spot and Limca, is resting easy on his laurels. From fighting almost a lone battle to stop the entry of America’s Pepsi cola into India, Chauhan has come a long way, undeterred by what he terms the palpable “tension around cola majors”.

“It is a bread and butter business for them (Coca-Cola and Pepsi), whereas ours is a cash business. While they have to be bothered about carton suppliers and cap suppliers every week, we always have enough stock for we buy on credit,” said the Bisleri boss, in a recent conversation with Business Line.

One of India's feistiest entrepreneurs, Chauhan says, “It is a great feeling that Thums Up is still number one. Despite all the years gone by, their (multinationals) own brands have not been able to overshadow Thums Up.”

In 1977, Ramesh Chauhan along with brother Prakash Chauhan and then Parle CEO Bhanu Vakil had launched Thums Up as their flagship beverage. When Coca-Cola re-entered India in 1993, in its second stint in the country, Parle sold Thums Up, Limca and Gold Spot to Coca-Cola for around $60 million. Thums Up had 85 per cent market share when sold.

Terming it a pure business decision, Chauhan says, “There are no regrets and no hard feelings in selling the business. It was a simple business strategy, though we had many critics at that time. We did not have much choice, because we were working through a franchise system at that time.”

The franchising system entailed that each owner of a franchise was an owner of his own plant. Chauhan’s hand was forced, since most franchises declared their intentions to team up with Coca-Cola.

“At that time, it was difficult to create the franchise model that was required in the carbonated drinks business. I decided to concentrate on the bottled water business, in which we maintain a leadership position despite all the competition around us,” he says.

His enthusiasm at an all-time high, Chauhan says he is a savvy businessman and is sitting on cash reserves.

“We got enough money invested with Merrill Lynch, so we can draw on the money any time we want. We don't borrow. We have a policy here, not to borrow,” says the chairman.

Stating that the company does not need cash, or finance to chart out its growth plans, Chauhan maintains, “The brand (Bisleri) is doing very well. The new positioning and new advertising has resulted in good growth. I say this despite the fact that the water business is a revolving door, easy to enter easy to exit.”

A totally-at-bliss Chauhan says he is at a stage where he “does not have to worry about glass bottles, or the price of sugar, or citric acid, or colour or even carbon dioxide gas,” all the ingredients that worked their magic to make Thums Up what it is. He is glad that the headache has moved on to someone else.

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. 61.92
UK Pound	1	Rs. 99.60
Euro	1	Rs. 83.64

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		49

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.