MIRA INFORM REPORT

Report Date :

05.04.2014

IDENTIFICATION DETAILS

Name :	EXCEL FOODS PRIVATE LIMITED
Registered Office :	# 202, 2nd Floor, Sadath Court, 5 & 6, Magrath Road, Bangalore – 560025, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.11.1984
Com. Reg. No.:	08-006499
Capital Investment / Paid-up Capital :	Rs. 0.847 Million
CIN No.: [Company Identification No.]	U01549KA1984PTC006499
TAN No.: [Tax Deduction & Collection Account No.]	BLRE03781B
PAN No.: [Permanent Account No.]	AAACE4047J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Processor of Juices, Beverages, Other Drinks etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 144000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company is performing well. However, the rating takes into consideration the financial flexibility, price/currency fluctuations, seasonal nature of operations and highly fragmented industry with presence of large number of players. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits : BB-
Rating Explanation	Moderate risk of default
Date	January 2013

Rating Agency Name	ICRA
Rating	Short term non-fund based limits : A4
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	January 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 BY

Name :	Mr. Prakash Kanoor
Designation :	Managing director
Contact No.:	91-9448110009
Date :	03.03.2014

LOCATIONS

Registered Office :	# 202, 2nd Floor, Sadath Court, 5 & 6, Magrath Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-836-2310431/ 2310341
Mobile No.:	91-9448110009 (Mr. Prakash Kanoor)
Fax No.:	91-836-2310431
E-Mail :	excelfoods@dataone.in

DIRECTORS

AS ON 20.09.2013

Name :

Mr. Prakash Madhavan Kanoor

Designation :

Director

Address :

“Poornima”, Vivekanand Colony, Keshwapur, Hubli, Karnataka, India

Date of Birth/Age :

26.09.1956

Date of Appointment :

16.11.1984

DIN No.:

00506842

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	U01549KA1984PTC006499	EXCEL FOODS PRIVATE LIMITED	Director	16/11/1984	16/11/1984	-	Active	NO
2	U15139KA2006PTC040854	TROPICOOL FOODS PRIVATE LIMITED	Director	06/11/2006	06/11/2006	-	Active	NO
3	U40107KA1991PTC012055	SUDARSHAN AGRO PRODUCTS PRIVATE LIMITED	Director	20/02/2008	20/02/2008	-	Active	NO
4	U93000KA2011PTC060597	AQUALEISURE LIFESTYLE PRODUCTS PRIVATE LIMITED	Director	27/09/2011	27/09/2011	04/01/2013	Active	NO

Name :

Mr. Pradeep Madhavan Kanoor

Designation :

Director

Address :

“Poornima”, Vivekanand Colony, Keshwapur, Hubli, Karnataka, India

Date of Birth/Age :

15.09.1960

Date of Appointment :

01.12.1984

DIN No.:

01692434

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	U01549KA1984PTC006499	EXCEL FOODS PRIVATE LIMITED	Director	01/12/1984	01/12/1984	Active	NO
2	U15139KA2006PTC040854	TROPICOOL FOODS PRIVATE LIMITED	Director	06/11/2006	06/11/2006	Active	NO
3	U40107KA1991PTC012055	SUDARSHAN AGRO PRODUCTS PRIVATE LIMITED	Nominee director	20/02/2008	20/02/2008	Active	NO

Name :

Mr. Madhavan Balkrishnan Nair

Designation :

Director

Address :

Unit 13, Steela Road, Lokhandewala Complex, Andheri [West], Mumbai, Maharashtra, India

Date of Birth/Age :

15.07.1924

Date of Appointment :

16.11.1984

DIN No.:

01814880

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Verma Shakuntala	1000	11.80
Kanoor Madhavan Prakash	1112	13.13
Kanoor Madhavan Pradeep	402	4.75
Patiah Kochu Madhavan	602	7.11
Kanoor Prakash Arjun	424	5.00
Kanoor Prakash Pooja	424	5.00
Kanoor Pradeep Bharat	424	5.00
Nitya Kanoor	424	5.00
Vishal	673	7.94
Gouri Rajendran	2987	35.26
Total	8472	100.00

AS ON 20.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Processor of Juices, Beverages, Other Drinks etc.
Exports :	Not Divulged
Imports :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

· State Bank of India

Anjuman Complex, Commercial Branch, Station Road, Hubli - 580020, Karnataka, India

· Indian Bank

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans from Banks State Bank of India, Term Loans	0.047	1.457
Term Loans from Banks State Bank of India, Car Loan	1.142	0.000
SHORT TERM BORROWINGS
Working capital loan from Banks State Bank of India, Cash Credit	9.602	10.025
State Bank of India, Export Packing Credit	43.815	58.581
State Bank of India, Stand by line of credit of EPC	6.466	0.000
Total	61.072	70.063

Financial Institution :	· The Karnataka State Financial Corporation Pune- Bangalore Road, Rayapur, Hubli - 580009, Karnataka, India
Banking Relations :	--
Auditors :
Name :	Sheshgiri B Kulkarni Chartered Accountant
Address :	204, 2nd Floor, Centre Point, Opposite Sanje Vani, New Cotton Market, Hubli – 580029, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AGQPK8141A
Subsidiary Company :	Sudarshan Agro Products Private Limited [U40107KA1991PTC012055]
Associate Company :	Tropicool Foods Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs. 100/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,472	Equity Shares	Rs. 100/- each	Rs. 0.847 Million

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	0.847	0.847	0.847
(b) Reserves & Surplus	35.244	29.187	23.906
(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)	36.091	30.034	24.753
(3) Non-Current Liabilities
(a) long-term borrowings	1.189	1.457	0.000
(b) Deferred tax liabilities (Net)	2.228	2.177	2.498
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.417	3.634	2.498
(4) Current Liabilities
(a) Short term borrowings	59.883	68.606	9.801
(b) Trade payables	18.390	14.228	4.846
(c) Other current liabilities	5.112	3.817	0.208
(d) Short-term provisions	5.096	4.454	2.458
Total Current Liabilities (4)	88.481	91.105	17.313
TOTAL	127.989	124.773	44.564
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.119	24.912	24.413
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.154	0.238	0.175
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.142	3.142	3.142
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.412	0.412	1.207
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	30.827	28.704	28.937
(2) Current assets
(a) Current investments	0.143	0.052	0.053
(b) Inventories	43.833	66.859	8.949
(c) Trade receivables	43.215	23.945	3.496
(d) Cash and cash equivalents	0.924	1.559	1.267
(e) Short-term loans and advances	9.047	3.654	1.862
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	97.162	96.069	15.627
TOTAL	127.989	124.773	44.564

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		170.027	80.990
		Other Income		0.231	0.270
		TOTAL	237.992	170.258	81.260
Less	EXPENSES
		TOTAL	223.850	158.987	74.827
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		14.142	11.271	6.433
Less/ Add	DEPRECIATION/ AMORTISATION		5.358	3.715	3.895
	PROFIT BEFORE TAX		8.784	7.556	2.538
Less	TAX		2.727	2.275	0.794
	PROFIT AFTER TAX		6.057	5.281	1.744
	Earnings Per Share (Rs.)		714.94	623.35	205.85

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.55	3.10	2.15
Net Profit Margin (PBT/Sales)	(%)	NA	4.44	3.13
Return on Total Assets (PBT/Total Assets}	(%)	7.04	6.22	6.15
Return on Investment (ROI) (PBT/Networth)		0.24	0.25	0.10
Debt Equity Ratio (Total Debt/Networth)		1.69	2.33	0.40
Current Ratio (Current Asset/Current Liability)		1.10	1.05	0.90

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.847	0.847	0.847
Reserves & Surplus	23.906	29.187	35.244
Net worth	24.753	30.034	36.091
long-term borrowings	0.000	1.457	1.189
Short term borrowings	9.801	68.606	59.883
Total borrowings	9.801	70.063	61.072
Debt/Equity ratio	0.396	2.333	1.692

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	81.260	170.258	237.992
		109.523	39.783

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	81.260	170.258	237.992
Profit	1.744	5.281	6.057
	2.15%	3.10%	2.55%

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	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	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	90191064	27/04/2011 *	142,000,000.00	STATE BANK OF INDIA	ANJUMAN COMPLEX, COMMERCIAL BRANCH, STATION ROAD, HUBLI - 580020, KARNATAKA, INDIA	B12704458
2	90193446	04/03/1989	75,000.00	STATE BANK OF INDIA	SIB KESHAVAPUR, KESHAVAPUR, HUBLI - 580023, KARNATAKA, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Factory Equipments

· Furniture and Fixture

· Vehicles

· Computers

· Ripening Shed

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. 60.32
UK Pound	1	Rs. 100.04
Euro	1	Rs. 82.65

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.