MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	HALDIRAM SNACKS PRIVATE LIMITED
Registered Office :	B-1/H-3, Mohan Co-Operative Industrial Estate, Mathura Road, New Delhi - 110044
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.09.1989
Com. Reg. No.:	55-037732
Capital Investment / Paid-up Capital :	Rs.300.000 Millions
CIN No.: [Company Identification No.]	U74899DL1989PTC037732
PAN No.: [Permanent Account No.]	AAACH0061R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Frozen Foods, Namkeens, Sweet, Cookies, Sherbets, Minute Khana, Papads, Pani Puri, Bhel Puri, Chips, Boletos, Takatak, Gujarati Snacks etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 8700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established and reputed company having fine track record. Financial position of the company appears to be strong and healthy. Trade relations are fair. Business is active. Payment terms are regular and as per commitment. The company can be considered good for normal business dealing 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash credit limits: “A +”
Rating Explanation	Adequate Credit quality and average credit risk.
Date	March 2013.

Rating Agency Name	ICRA
Rating	Non fund based limits: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	March 2013.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (Tel. No.:91-11-28898010/ 120-2400284)

LOCATIONS

Registered Office/ Corporate Office :	B-1/H-3, Mohan Co-Operative Industrial Estate, Mathura Road, New Delhi – 110044, India
Tel. No.:	91-11-28898010/ 11/ 45204100
Fax No.:	91-11-28898016
E-Mail :	enquiry@haldiram.com cs@ha;diram.com
Website :	http://www.haldiram.in
Factory 1:	NEW DELHI B1/F12, Mohan Cooperative Industrial Estate, Main Mathura Road, New Delhi – 110044, Delhi, India Tel. No.: 91-11-28898018, 28898019 Email-id: delhimr@haldiram.com Chandni Chowk, Delhi – 1100006, Delhi, India Tel. No.: 91-11-23862713, 23865211, 47685100 Email-id: delhicc@haldiram.com
Factory 2:	NOIDA B-1, Sector 63, Noida – 201307, Uttar Pradesh, Indi Tel. No.: 91-120-2400284, 2400285, 2400286, 4510000 Email-id: noida63@haldiram.com A-2,3,4 Sector 65, Noida – 201307, Uttar Pradesh, India Tel. No.: 91-120-4071200 Email-id: noida65@haldiram.com
Factory 3:	Kerki Daula Village, NH8, Manesar – 122051, Haryana, India
E-Mail :	gurgaon@haldiram.com
Factory 4:	Industrial Area, Rudrapur – 263153, Uttaranchal, India
E-Mail :	rudrapur@haldiram.com
Restaurants:	Located at: · New Delhi · NOIDA · Gurgaon · Faridabad · Ghaziabad

DIRECTORS

As on: 29.09.2012

Name :

Mr. Manohar Lal Agarwal

Designation :

Chairman and Managing Director

Address :

J-15, Block-J, Hauz Khas Enclave, New Delhi – 110016, India

Date of Birth/Age :

30.10.1954

Date of Appointment :

18.09.1989

PAN No.:

AAJPA2860K

DIN No.:

00290780

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	U74899DL1989PTC037732	HALDIRAM SNACKS PRIVATE LIMITED	Managing director	18/09/1989	18/09/1989	-	Active	NO
2	U74899DL1982PTC013296	HALDIRAM MARKETING PRIVATE LIMITED	Director	22/02/1992	22/02/1992	-	Active	NO
3	U74899DL1992PTC047164	HRB FOODS PRIVATE LIMITED	Director	14/06/1993	14/06/1993	-	Active	NO
4	U74899DL1993PTC055846	HALDIRAM EXPORTS PRIVATE LIMITED	Director	29/10/1993	29/10/1993	-	Active	NO
5	U74899DL1994PTC059370	HALDIRAM MANUFACTURING COMPANY PRIVATE LIMITED	Managing director	17/12/1994	17/12/1994	-	Active	NO
6	U74899DL1995PTC071180	HALDIRAM INDIA PRIVATE LIMITED	Director	27/07/1995	27/07/1995	-	Active	NO
7	U30007DL1996PTC082326	BAYANA INTECH PRIVATE LIMITED	Director	01/06/1998	01/06/1998	21/09/2011	Active	NO
8	U74899DL1985PTC021855	M .R . EQUIPMENT AND WARCHOUSING PRIVATE LIMITED	Director	05/07/1999	05/07/1999	-	Active	NO
9	U15138DL2005PTC135999	ORRIS FOODS PRIVATE LIMITED	Director	09/05/2005	09/05/2005	21/01/2012	Active	NO
10	U72200DL2005PTC137086	HRB SOFTECH PRIVATE LIMITED	Director	02/06/2005	02/06/2005	-	Active	NO
11	U85110DL2006PTC154782	ALPINE MEDICARE PRIVATE LIMITED	Director	14/10/2006	14/10/2006	20/08/2013	Active	NO
12	U01520DL2006PTC155931	BRIGHT AGROTECH PRIVATE LIMITED	Director	27/11/2006	27/11/2006	-	Active	NO
13	U01520DL2006PTC155932	HARMONY AGROTECH PRIVATE LIMITED	Director	27/11/2006	27/11/2006	03/04/2013	Active	NO
14	U14200DL2006PTC155907	HR EXPLORATION PRIVATE LIMITED	Director	27/11/2006	27/11/2006	-	Active	NO
15	U45200DL2008PTC176164	DOYEN TOWN PLANNERS PRIVATE LIMITED	Additional director	26/04/2008	26/04/2008	23/03/2009	Active	NO
16	U70109DL2008PTC176175	BLUEJAYS REALTECH PRIVATE LIMITED	Director	26/09/2009	25/09/2008	24/03/2010	Active	NO
17	U72200DL1997PTC195154	SELECTICA INDIA PRIVATE LIMITED	Director	12/09/2009	12/09/2009	-	Amalgamated	NO
18	U25209DL2006PTC155132	DELITE PRODUCTS PRIVATE LIMITED	Director	30/09/2010	03/04/2010	29/03/2013	Active	NO
19	U70109DL2007PTC158116	ADHUNIK REALATORS PRIVATE LIMITED	Director	28/09/2011	29/04/2010	-	Active	NO
20	U70109DL2006PTC152118	CREST DEVELOPERS PRIVATE LIMITED	Director	28/09/2010	31/05/2010	-	Active	NO
21	U70200DL2010PTC204801	GREEN BAY INFRASTRUCTURE PRIVATE LIMITED	Director	25/06/2010	25/06/2010	29/03/2013	Active	NO
22	U15122DL2003PTC122260	HALDIRAM ETHNIC FOODS PRIVATE LIMITED	Director	29/09/2012	02/07/2010	-	Active	NO
23	U15410DL2011PTC214258	HR SNACKS PRIVATE LIMITED	Director	17/02/2011	17/02/2011	-	Active	NO
24	U24232DL2012PTC232663	HR LIFECARE PRIVATE LIMITED	Director	12/03/2012	12/03/2012	-	Active	NO
25	U72900DL2012PTC229794	P.D. TECHSPACE PRIVATE LIMITED	Director	31/05/2013	18/05/2012	-	Active	NO

Name :

Mr. Anand Agarwal

Designation :

Managing Director

Address :

J-15, Block-J, Hauz Khas Enclave, New Delhi – 110016, India

Date of Birth/Age :

18.03.1978

Date of Appointment :

01.04.2003

PAN No.:

AADPA8152A

DIN No.:

00014112

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	L74899DL1985PLC019991	SURYA INDIA LIMITED	Director	30/09/1998	30/09/1998	22/12/2010	Active	NO
2	U74899DL1994PTC059370	HALDIRAM MANUFACTURING COMPANY PRIVATE LIMITED	Whole-time director	01/06/1999	01/06/1999	-	Active	NO
3	U74899DL1989PTC037732	HALDIRAM SNACKS PRIVATE LIMITED	Managing director	01/04/2003	01/04/2003	-	Active	NO
4	U01520DL2006PTC155931	BRIGHT AGROTECH PRIVATE LIMITED	Director	25/02/2008	25/02/2008	-	Active	NO
5	U72200DL1997PTC195154	SELECTICA INDIA PRIVATE LIMITED	Additional director	04/12/2009	04/12/2009	-	Amalgamated	NO
6	U70109DL2007PTC158116	ADHUNIK REALATORS PRIVATE LIMITED	Director	28/09/2011	29/04/2010	-	Active	NO
7	U15122DL2003PTC122260	HALDIRAM ETHNIC FOODS PRIVATE LIMITED	Director	29/09/2012	02/07/2010	-	Active	NO
8	U24232DL2012PTC232663	HR LIFECARE PRIVATE LIMITED	Director	12/03/2012	12/03/2012	-	Active	NO
9	U72900DL2012PTC229794	P.D. TECHSPACE PRIVATE LIMITED	Director	31/05/2013	18/05/2012	-	Active	NO
10	U14200DL2006PTC155907	HR EXPLORATION PRIVATE LIMITED	Additional director	14/02/2013	14/02/2013	-	Active	NO

Name :

Mr. Ashish Agarwal

Designation :

Whole-time Director

Address :

J-15, Block-J, Hauz Khas Enclave, New Delhi – 110016, India

Date of Birth/Age :

07.04.1983

Date of Appointment :

07.04.2004

PAN No.:

AEHPA5715R

DIN No.:

00011486

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	L74899DL1985PLC019991	SURYA INDIA LIMITED	Director	15/01/2002	15/01/2002	22/12/2010	Active	NO
2	U74899DL1989PTC037732	HALDIRAM SNACKS PRIVATE LIMITED	Additional director	10/11/2012	01/04/2004	-	Active	NO
3	U74899DL1994PTC059370	HALDIRAM MANUFACTURING COMPANY PRIVATE LIMITED	Director	01/07/2006	01/07/2006	-	Active	NO
4	U01520DL2006PTC155932	HARMONY AGROTECH PRIVATE LIMITED	Director	27/11/2006	27/11/2006	03/04/2013	Active	NO
5	U01520DL2006PTC155931	BRIGHT AGROTECH PRIVATE LIMITED	Director	25/02/2008	25/02/2008	-	Active	NO
6	U24232DL2012PTC232663	HR LIFECARE PRIVATE LIMITED	Additional director	13/03/2012	13/03/2012	-	Active	NO
7	U15122DL2003PTC122260	HALDIRAM ETHNIC FOODS PRIVATE LIMITED	Director	29/09/2012	01/05/2012	-	Active	NO
8	U72900DL2012PTC229794	P.D. TECHSPACE PRIVATE LIMITED	Director	31/05/2013	18/05/2012	-	Active	NO

Name :

Mr. Pankaj Agarwal

Designation :

Whole-time Director

Address :

J-15, Block-J, Hauz Khas Enclave, New Delhi – 110016, India

Date of Birth/Age :

01.04.1977

Date of Appointment :

01.07.2006

PAN No.:

AADPA8153B

DIN No.:

00011384

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	U74899DL1994PTC059370	HALDIRAM MANUFACTURING COMPANY PRIVATE LIMITED	Managing director	01/04/2006	31/03/1997	-	Active	NO
2	U15100MH1993PLC074269	NIRAJ SNACKS LIMITED	Director	08/12/2004	08/12/2004	-	Amalgamated	NO
3	U72200DL2005PTC137086	HRB SOFTECH PRIVATE LIMITED	Director	02/06/2005	02/06/2005	-	Active	NO
4	U74899DL1989PTC037732	HALDIRAM SNACKS PRIVATE LIMITED	Whole-time director	01/08/2011	01/07/2006	-	Active	NO
5	U01520DL2006PTC155931	BRIGHT AGROTECH PRIVATE LIMITED	Director	27/11/2006	27/11/2006	-	Active	NO
6	U70109DL2006PTC152118	CREST DEVELOPERS PRIVATE LIMITED	Director	28/09/2010	31/05/2010	-	Active	NO
7	U15410DL2011PTC214258	HR SNACKS PRIVATE LIMITED	Director	17/02/2011	17/02/2011	-	Active	NO
8	U24232DL2012PTC232663	HR LIFECARE PRIVATE LIMITED	Additional director	13/03/2012	13/03/2012	-	Active	NO

Name :

Mr. Madhu Sudan Agarwal

Designation :

Whole-time Director

Address :

J-15, Block-J, Hauz Khas Enclave, New Delhi – 110016, India

Date of Birth/Age :

10.01.1957

Date of Appointment :

26.04.2010

PAN No.:

AACPA3272C

DIN No.:

00011316

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	U74899DL1995PTC071180	HALDIRAM INDIA PRIVATE LIMITED	Director	27/07/1995	27/07/1995	-	Active	NO
2	U15490DL1996PTC081504	HALDI RAM PRODUCTS PRIVATE LIMITED	Managing director	01/07/2008	15/03/1997	-	Active	NO
3	U15100MH1987PTC045509	HALDIRAM FOODS INTERNATIONAL PRIVATE LIMITED	Director	01/06/1999	01/06/1999	01/02/2012	Active	NO
4	U25199DL2006PTC155141	CORAL PRODUCTS PRIVATE LIMITED	Director	30/09/2008	16/06/2008	-	Active	NO
5	U74899DL1989PTC037732	HALDIRAM SNACKS PRIVATE LIMITED	Whole-time director	01/05/2010	26/04/2010	-	Active	NO
6	U24232DL2012PTC232663	HR LIFECARE PRIVATE LIMITED	Additional director	13/03/2012	13/03/2012	-	Active	NO

Name :

Mr. Sanjay Kumar Singhania

Designation :

Director

Address :

9/402, B-9/3 Shakti Kunj Appartments, Sector – 62, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

02.05.1967

Date of Appointment :

28.09.2008

DIN No.:

02330235

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	U74899DL1989PTC037732	HALDIRAM SNACKS PRIVATE LIMITED	Director	28/09/2008	24/09/2008	-	Active	NO

Name :

Mr. Balbir Singh

Designation :

Director

Address :

Flat No.156, Pocket-6, Kendriya Vihar-2, Sector82, Noida-201301, Uttar Pradesh, India

Date of Birth/Age :

15.05.1971

Date of Appointment :

15.05.2009

DIN No.:

02640402

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	U74899DL1989PTC037732	HALDIRAM SNACKS PRIVATE LIMITED	Director	29/09/2009	15/05/2009	-	Active	NO

Name :

Mr. Tukaram Ramrao Chate

Designation :

Director

Address :

Damyanti Apartments, Flat No.1, Behind HDFC House, Civilline Nagar, Nagpur-440001, Maharashtra, India

Date of Birth/Age :

05.01.1956

Date of Appointment :

29.09.2010

DIN No.:

02919428

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	U74899DL1989PTC037732	HALDIRAM SNACKS PRIVATE LIMITED	Director	29/09/2011	21/01/2010	-	Active	NO

Name :

Mr. Himani Agarwal

Designation :

Director

Address :

J-15, Block-J, Hauz Khas Enclave, New Delhi – 110016, India

Date of Appointment :

29.09.2012

PAN No.:

AGDPJ9740K

DIN No.:

03362232

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	L74899DL1985PLC019991	SURYA INDIA LIMITED	Managing director	24/12/2010	24/12/2010	01/12/2011	Active	NO
2	U74899DL1989PTC037732	HALDIRAM SNACKS PRIVATE LIMITED	Director	29/09/2012	01/12/2011	-	Active	NO
3	U24232DL2012PTC232663	HR LIFECARE PRIVATE LIMITED	Additional director	13/03/2012	13/03/2012	-	Active	NO

Name :

Mr. ISH Prasanna Paltani

Designation :

Director

Address :

C-147, Sector – 51, Noida – 201303, Uttar Pradesh, India

Date of Appointment :

29.09.2012

DIN No.:

05343909

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	U74899DL1989PTC037732	HALDIRAM SNACKS PRIVATE LIMITED	Director	29/09/2012	10/07/2012	01/03/2013	Active	NO
2	U15122DL2003PTC122260	HALDIRAM ETHNIC FOODS PRIVATE LIMITED	Additional director	01/12/2012	01/12/2012	01/07/2013	Active	NO

Name :

Mr. Mahesh Chand Sharma

Designation :

Director

Address :

Flat No. UG-2-Tower-5, Civitech Florencia Park, Sapphire, Ramprashta Greens Vaishali – 201010, Uttar Pradesh, India

Date of Appointment :

29.09.2012

DIN No.:

06384218

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	U74899DL1989PTC037732	HALDIRAM SNACKS PRIVATE LIMITED	Director	29/09/2012	01/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Rekha Sadana
Designation :	Secretary
Address :	28/53, West Patel Nagar, New Delhi-110008, Delhi, India
Date of Birth/Age :	01.06.1974
Date of Appointment :	08.10.2003
PAN No.:	AVLPS5652C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Manohar Lal Agarwal	2380000
Madhusudan Agarwal	2380000
Anand Agarwal	2380000
Pnkaj Agarwal	2380000
Amit Agarwal	2380000
Sumitra Agarwal	970000
Manju Devi Agarwal	2360000
Preeti Agarwal	701607
Amisha Agarwal	1430000
Ritu Agarwal	220000
Ashish Agarwal	2380000
Umesh Agarwal	2100000
Haldiram Exports Private Limited	311725
Haldiram Marketing Private Limited, India	250000
Haldiram Manufacturing Company Private Limited, India	5276668
Higrove Management Limited, Cayman Island	230256
Priyanka Agarwal	35000
Himani Agarwal	300000
Manohar Lal Agarwal HUF	1250000
Madhusudan Agarwal HUF	284744
Total	30000000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.77
Bodies corporate	19.46
Directors or relatives of directors	79.77
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Frozen Foods, Namkeens, Sweet, Cookies, Sherbets, Minute Khana, Papads, Pani Puri, Bhel Puri, Chips, Boletos, Takatak, Gujarati Snacks etc.
Products :	v Frozen Foods v Namkeens v Sweet v Cookies v Sherbets v Minute Khana v Papads v Pani Puri v Bhel Puri v Chips v Boletos, v Takatak v Gujarati Snacks etc.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

· Citibank N.A, Jeevan Bharti Building, 4th Floor, 124, Connaught Circus, Connaught Place, New Delhi - 110001, Delhi, India

· HDFC Bank LimitedFC 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
Long term Borrowing
Rupee term loans from banks	389.862	517.389
Foreign currency term loans from banks	329.959	16.744
Other loans and advances	0.374	1.328
Short Term Borrowing
Foreign currency term loans from banks	150.490	20.996
Working capital loans from banks	280.416	270.961
Loans and advances from directors	1047.303	802.707
Total	2198.404	1630.125

Banking Relations :	--
Auditors :
Name :	P. R. Kumar and Company Chartered Accountants
Address :	C-2/4, Safdarjung Development Area, Main Aurobindo Marg, New Delhi - 110016, Delhi, India
Income-tax PAN of auditor or auditor's firm :	AAEFP8470B
Enterprise over which key management personnel and their relative are able to exercise significant influence- Associates Company:	· Haldiram Exports Private Limited · CIN: U74899DL1993PTC055846 · M.R. Equipment and Warehousing Private Limited · CIN: U74899DL1985PTC021855 · HRB Foods Private Limited · Haldiram Marketing Private Limited · CIN: U74899DL1982PTC013296 · Bright Agrotech Private Limited · Crest Developers Private Limited · CIN: U70109DL2006PTC152118 · Coral Products Private Limited · Harmony Agrotech Private Limited · Sharp Foods Private Limited · Alpine Medicare Private Limited · HRB Softech Private Limited · Haldiram Trading Private Limited · CIN: U51224DL2003PTC118463 · Haldiram Ethenic Foods Private Limited · CIN: U15122DL2003PTC122260 · Adhunik Realtors Private Limited · HR Snacks Private Limited · CIN: U15410DL2011PTC214258 · Surya India Limited · CIN: L74899DL1985PLC019991 · Haldiram India Private Limited. · CIN: U74899DL1995PTC071180 · Haldiram Manufacturing Company Private Limited · CIN: U74899DL1994PTC059370 · HR Lifecare Private Limited · Haldiram Oversease Private Limited · Haldi Ram Products Private Limited · CIN: U15490DL1996PTC081504

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	300.000	133.303
(b) Reserves & Surplus	1865.056	1441.217
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2165.056	1574.520
(3) Non-Current Liabilities
(a) long-term borrowings	720.196	535.461
(b) Deferred tax liabilities (Net)	75.443	43.589
(c) Other long term liabilities	48.270	48.284
(d) long-term provisions	21.218	15.375
Total Non-current Liabilities (3)	865.127	642.709
(4) Current Liabilities
(a) Short term borrowings	1478.208	1094.664
(b) Trade payables	267.389	77.096
(c) Other current liabilities	321.691	305.597
(d) Short-term provisions	473.886	359.271
Total Current Liabilities (4)	2541.174	1836.628
TOTAL	5571.357	4053.857
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3650.860	2333.389
(ii) Intangible Assets	1.255	1.498
(iii) Capital work-in-progress	362.435	581.726
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	82.773	85.478
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	197.596	151.140
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	4294.919	3153.231
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	509.240	325.692
(c) Trade receivables	123.698	89.581
(d) Cash and cash equivalents	125.561	109.044
(e) Short-term loans and advances	73.130	72.705
(f) Other current assets	444.808	303.604
Total Current Assets	1276.437	900.626
TOTAL	5571.357	4053.857

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		131.000
2] Share Application Money		22.303
3] Reserves & Surplus		1132.204
4] (Accumulated Losses)		0.000
NETWORTH		1285.507
LOAN FUNDS
1] Secured Loans		663.914
2] Unsecured Loans		430.974
TOTAL BORROWING		1094.888
DEFERRED TAX LIABILITIES		45.636
TOTAL		2426.031
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1757.162
Capital work-in-progress		350.807
INVESTMENT		1.009
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	281.078
	Sundry Debtors	46.359
	Cash & Bank Balances	68.880
	Other Current Assets	0.000
	Loans & Advances	400.399
Total Current Assets		796.716
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	117.163
	Other Current Liabilities	60.225
	Provisions	306.391
Total Current Liabilities		483.779
Net Current Assets		312.937
MISCELLANEOUS EXPENSES		4.116
TOTAL		2426.031

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	6437.291	4675.561	3481.605
		Other Income
		TOTAL	6437.291	4675.561	3481.605
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	5832.941	4095.27	2965.382
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		604.350	580.291	516.223
Less/ Add	DEPRECIATION/ AMORTISATION		210.049	173.595	118.945
	PROFIT BEFORE TAX		394.301	406.696	397.278
Less	TAX		126.236	132.867	120.216
	PROFIT AFTER TAX		268.065	273.829	277.062
	IMPORTS
		Raw Materials	3.666	3.911	2.816
		Stores & Spares	3.935	5.592	2.765
		Capital Goods	328.235	69.608	73.180
		Packing Material	8.753	9.649	10.144
	TOTAL IMPORTS		344.589	90.477	88.905
	Earnings Per Share (Rs.)		8.94	20.54	21.15

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.16	5.86	7.96
Return on Total Assets (PBT/Total Assets}	(%)	7.69	12.01	15.56
Return on Investment (ROI) (PBT/Networth)		0.18	0.26	0.31
Debt Equity Ratio (Total Debt/Networth)		1.02	1.04	0.85
Current Ratio (Current Asset/Current Liability)		0.59	0.57	1.65

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10443201	01/08/2013	450,000,000.00	CITIBANK N.A	JEEVAN BHARTI BUILDING, 4TH FLOOR, 124, CONNAUGHT CIRCUS, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B82171893
2	10431689	11/06/2013	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR ANNIE BESANT ROAD WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B77354298
3	10426597	10/05/2013	500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA	B75441931
4	10411267	24/01/2013	150,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B70605761
5	10402661	20/02/2013 *	378,000,000.00	DBS BANK LIMITED	(ACTING AS AN SECURITY AGENT) UPPER GROUND FLOOR, BIRLA TOWER 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B69727485
6	10402672	20/02/2013 *	540,000,000.00	DBS BANK LIMITED	(ACTING AS AN SECURITY AGENT) UPPER GROUND FLOOR, BIRLA TOWER 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B69714475
7	10410164	15/01/2013	350,000,000.00	DBS BANK LIMITED	CAPITOL POINT, BABA KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B70211321
8	10410362	15/01/2013	243,000,000.00	DBS BANK LIMITED	CAPITOL POINT, BABA KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B70282249
9	10365722	20/06/2012	275,000,000.00	CITIBANK N.A	9TH FLOOR, DLF SQUARE BUILDING, JACARANDA MARG, D LF CITY, PHASE - II, GURGAON, HARYANA - 122002, INDIA	B43719038
10	10318068	09/11/2011	375,000,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B25459819

Note: * Date of charge modification

CONTINGENT LIABILTIES (AS ON 31.03.2012)

The Company has imported Capital goods under the Export Promotion Capital Goods Scheme, of the Government of India, at concessional rates of duty on an undertaking to fulfill quantified exports against which remaining future obligations aggregates USD 1,43,61,619.34 (Previous Year USD 1,77,08,709.99). Non fulfillment of the balance of such future obligations, if any, entails options/rights to the Government to confiscate capital goods imported under the said licenses and other penalties under the above referred scheme, Minimum export obligation to be fulfillment by the Company under the said scheme, by 31st March, 2012 has been fulfilled.

Amount of contract remaining to be executed on capital account and not provided for, to the extent of Rs. 131.013 Millions (net of advances). (Previous Year Rs. 225.212 Millions)

Contingent liability on account of letter of credit issued by bank aggregating to Rs. 138.312 Millions (Previous Year Rs.180.651 Millions)

Contingent liability on account of Bank guarantees aggregating to Rs. 55.018 Millions (Previous Year 28,760 Millions). The Company has furnished a bond for Rs. 393.715 Millions (Previous year Rs. 254.300 Millions).

The company has outstanding guarantees of Rs. 720.485 Millions (Previous Year Rs. 470.485 Millions) as at 31st March, 2012 in respect of the loan facility given by the bank to the following parties

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

Intangible assets

· Computer software

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.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.