MIRA INFORM REPORT

Report Date :

07.06.2014

IDENTIFICATION DETAILS

Name :	MOON BEVERAGES LIMITED
Registered Office :	Superior House, 25, Bazar Lane, Bengali Market, New Delhi – 110003
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.01.1987
Com. Reg. No.:	55-026632
Capital Investment / Paid-up Capital :	Rs. 24.849 Millions
CIN No.: [Company Identification No.]	U15549DL1987PLC026632
TAN No.: [Tax Deduction & Collection Account No.]	DELM10609E / DELMO9135A
PAN No.: [Permanent Account No.]	AAACM1635J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Soft Drinks.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4060000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position of the company is good. Company is performing well. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-term rating : A+
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	January 06, 2014

Rating Agency Name	CRISIL
Rating	Short-term rating : A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	January 06, 2014

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. Sushil Sharma
Designation :	Finance Head
Contact No.:	91-9811910284
Date :	04.06.2014

LOCATIONS

Registered/ Head Office :	Superior House, 25, Bazar Lane, Bengali Market, New Delhi – 110003, India
Tel. No.:	91-11-23731230/ 33
Mobile No.:	91-9811910284 [Mr. Sushil Sharma]
Fax No.:	91-11-23352444
E-Mail :	mbl@vsnl.net bajajkk@mblcoca-cola.com
Website :	http://www.mmgindia.in
Corporate Office :	1010, Vijaya Building, 17, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-43585000 (30 lines)
Fax No.:	91-11-43585015
E-Mail :	ho@mmgindia.in
Factory 1 :	2B/1, Ecotech-3, Udyog Kendra, Greater Noida, Gautambudh Nagar – 201306, Uttar Pradesh, India
Factory 2 :	A-32, Site IV, Sahibabad Industrial Area, Sahibabad, Uttar Pradesh, India
Tel. No.:	91-120-4172600
Plants :	Located at: · Kanpur · Rourkela
Mumbai Office :	201, Blog No.8, Solitaire Corporate Park, Andheri Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-40010030
Fax No.:	91-22-40010350

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Mukesh Aggarwal

Designation :

Director

Address :

A-48, Chander Nagar, Ghaziabad – 201001, Uttar Pradesh, India

Date of Birth/Age :

24.12.1960

Qualification :

Graduate

Date of Appointment :

01.10.2003

PAN No.:

ABQPA7032B

DIN No.:

00810649

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	L15142DL1991PLC046469	SUPERIOR INDUSTRIAL ENTERPRISES LIMITED	Director	05/09/1993	05/09/1993	-	Active	NO
2	L65929DL1985PLC019972	SAPTRISHI FINANCE LIMITED	Director	02/03/2002	02/03/2002	-	Active	NO
3	U67120DL2000PTC108182	PIGEON EXPORTS INTERNATIONAL PRIVATE LIMITED	Director	04/03/2003	04/03/2003	-	Active	NO
4	U65929DL1986PLC025956	HINDUSTAN AQUA LIMITED	Director	01/04/2003	01/04/2003	-	Active	NO
5	U15549DL1987PLC026632	MOON BEVERAGES LIMITED	Director	01/10/2003	01/10/2003	-	Active	NO
6	U25209DL2004PTC124164	VERSATILE POLYTECH PRIVATE LIMITED	Director	19/01/2004	19/01/2004	-	Active	NO
7	U74999DL2004PTC126282	VERSATILE DATAMATICS PRIVATE LIMITED	Director	20/05/2004	20/05/2004	-	Active	NO
8	U24298DL1996PLC083879	HAL OFFSHORE LIMITED	Director	01/07/2004	01/07/2004	10/03/2014	Active	NO
9	U74140DL2000PTC108579	SOFTLIGN SOLUTIONS PRIVATE LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
10	U25201DL1986PLC025522	METBRASS PLASSIM INDIA LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
11	U00000DL2000PLC104196	RPL CAPITAL FINANCE LIMITED	Director	23/08/2004	23/08/2004	-	Active	NO
12	U18101DL2005PTC132702	ADHIST GARMENT EXPORT PRIVATE LIMITED	Director	29/11/2005	29/11/2005	30/09/2009	Active	NO
13	U45201DL2005PTC144282	HORIZON INFRA REALTORS PRIVATE LIMITED	Director	05/02/2006	05/02/2006	-	Active	NO
14	U72200DL2004PTC126281	SWASTIK CALLTECH PRIVATE LIMITED	Director	10/02/2006	10/02/2006	-	Active	NO
15	U70109DL2006PTC152597	SUNSTAR INFRA DEVELOPERS PRIVATE LIMITED	Director	01/09/2006	01/09/2006	-	Active	NO
16	U70109DL2006PTC152580	METRO REALCON PRIVATE LIMITED	Director	01/09/2006	01/09/2006	-	Active	NO
17	U45400DL2008PTC173176	PRINCE IT SOLUTIONS PRIVATE LIMITED	Director	26/01/2008	26/01/2008	-	Active	NO
18	U45400DL2008PTC172185	S K G MANGANESE PRIVATE LIMITED	Director	15/10/2008	15/10/2008	-	Active	NO
19	U45400DL2008PTC186160	MMG HOMES PRIVATE LIMITED	Director	26/12/2008	26/12/2008	-	Active	NO
20	U65190DL2008PTC179510	SIGNATURE HOLDINGS PRIVATE LIMITED	Additional director	16/11/2009	16/11/2009	-	Amalgamated	NO
21	U15511DL2010PLC210221	LONDON SPIRIT LIMITED	Director	04/11/2010	04/11/2010	-	Active	NO
22	U70200DL2009PTC189998	MAKSAD INFRACON PRIVATE LIMITED	Director	01/01/2011	01/01/2011	-	Active	NO
23	U51311DL2003PTC119635	SUPERIOR EXIM PRIVATE LIMITED	Director	01/10/2011	01/10/2011	-	Active	NO
24	U65910DL1996PTC075508	SE FINVEST PRIVATE LIMITED	Director	04/01/2012	04/01/2012	-	Active	NO
25	U70101DL2009PTC186947	GOLDSMITH REALTECH PRIVATE LIMITED	Director	04/01/2012	04/01/2012	-	Active	NO
26	U45201DL2005PTC144280	GEMINI BUILDTECH PRIVATE LIMITED	Director	30/09/2013	15/07/2013	-	Active	NO
27	U67120DL1996PTC077884	EMPIRE FINCAP PRIVATE LIMITED	Director	30/09/2013	25/07/2013	-	Active	NO
28	U45300DL2007PTC167877	MAKSAD BUILDWELL PRIVATE LIMITED	Director	30/09/2013	18/08/2013	-	Active	NO

Name :

Mr. Rajeev Hari Om Goel

Designation :

Additional Director

Address :

2433, L.G.F., Hudson Line, Kingsway Camp, New Delhi – 110009, India

Date of Birth/Age :

14.09.1973

Qualification :

B.Com/ C.A.

Date of Appointment :

28.09.2013

DIN No.:

02312655

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	U45400DL2008PTC179797	MANGLAM REALCON PRIVATE LIMITED	Director	18/06/2009	18/06/2009	27/12/2010	Active	NO
2	U45400DL2007PTC169929	APAC VENTURES (I) PRIVATE LIMITED	Director	30/07/2009	30/07/2009	-	Active	NO
3	U45400DL2008PTC172185	S K G MANGANESE PRIVATE LIMITED	Director	01/10/2009	01/10/2009	-	Active	NO
4	U15549DL1987PLC026632	MOON BEVERAGES LIMITED	Director	28/09/2013	01/11/2012	-	Active	NO
5	U27106DL2005PTC134284	SUN VISION POWER AND ISPAT PRIVATE LIMITED	Additional director	15/10/2013	15/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sushil Sharma
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Sanjeev Agarwal	391255
Fortune Industrial Resources Limited, India	527198
Saptrishi Finance Limited, India	257500
Deepti Agarwal	65265
HAL Offshore Limited, India	43837
Metbrass Plassim India Limited, India	26025
Trimurti Petrochemicals and Allied Services Private Limited, India	98630
Sumiti Agarwal	31550
Awantika Agarwal	31750
Anant Agarwal	27250
Maksad Infracon (Private) Limited, India	125850
Maksad Buildcon (Private) Limited, India	50000
RPG Securities and Financial Services Limited, India	46500
S E Finvest (Private) Limited, India	3300
RPL Capital Finance Limited, India	420650
Indian Durobuild (Private) Limited, India	15300
Gemini Builttech (Private) Limited, India	4000
Passion IT Solutions (Private) Limited, India	3000
Superior Industrial Resources Limited, India	316000
Total	2484860

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	77.98
Directors or relatives of directors	22.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Soft Drinks.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Allahabad Bank

International Branch, 17, Parliament Street, New Delhi - 110001, Delhi, India

· Punjab National Bank

· ICICI Bank Limited

· HDFC Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	263.843	244.954
Foreign currency term loans from banks	928.542	13.991
Deposits	614.169	683.251
Other loans and advances	51.986	50.376
Total	1858.540	992.572

Banking Relations :	--
Financial Institutions :	· Kotak Mahindra Prime Limited · Tata Motors Finance Limited
Auditors :
Name :	Kamal and Company Chartered Accountants
Address :	1372, Kashmere Gate, Delhi – 110006, India
Income-tax PAN of auditor or auditor's firm :	AAAPG3907C
Other Related Parties :	· Versatile Polytech Private Limited [U25209DL2004PTC124164] · Superior Industrial Enterprises Limited [L15142DL1991PLC046469]
Subsidiary Company :	· Superior Exim Private Limited [U51311DL2003PTC119635] · Hindustan Aqua Limited [U65929DL1986PLC025956]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,484,860	Equity Shares	Rs. 10/- each	Rs. 24.849 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	24.849	21.689	20.800
(b) Reserves & Surplus	991.135	820.237	712.200
(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)	1015.984	841.926	733.000
(3) Non-Current Liabilities
(a) long-term borrowings	1858.540	992.572	1318.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	1858.540	992.572	1318.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	173.652	74.348	85.100
(c) Other current liabilities	130.189	86.894	107.200
(d) Short-term provisions	27.000	28.000	74.500
Total Current Liabilities (4)	330.841	189.242	266.800
TOTAL	3205.365	2023.740	2317.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	502.093	591.758	615.600
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	868.624	0.000	3.200
(iv) Intangible assets under development	44.795	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1415.512	591.758	618.800
(2) Current assets
(a) Current investments	305.593	267.693	267.700
(b) Inventories	158.983	120.114	135.800
(c) Trade receivables	55.543	39.276	11.200
(d) Cash and cash equivalents	1053.291	813.573	979.700
(e) Short-term loans and advances	197.318	170.664	232.900
(f) Other current assets	19.125	20.662	71.700
Total Current Assets	1789.853	1431.982	1699.000
TOTAL	3205.365	2023.740	2317.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2023.292	1841.502	1580.900
		Other Income	91.226	87.395	52.200
		TOTAL (A)	2114.518	1928.897	1633.100
Less	EXPENSES
		Cost of Materials Consumed	1242.705	1083.536	921.000
		Purchases of Stock-in-Trade	220.100	201.985	114.500
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.220)	(4.163)	(7.400)
		Employees benefits expense	52.834	48.194	41.700
		Other expenses	334.709	287.987	244.800
		Extraordinary Items	2.041	(0.214)	1.300
		TOTAL (B)	1848.169	1617.325	1315.900
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		266.349	311.572	317.200
Less	FINANCIAL EXPENSES (D)		23.593	27.045	22.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		242.756	284.527	294.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		160.197	200.927	234.700
	PROFIT BEFORE TAX (E-F) (G)		82.559	83.600	59.900
Less	TAX (H)		27.001	28.001	21.500
	PROFIT AFTER TAX (G-H) (I)		55.558	55.599	38.400
	Earnings Per Share (Rs.)		22.36	25.64	18.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.63	2.88	2.35
Net Profit Margin (PBT/Sales)	(%)	4.08	4.54	3.79
Return on Total Assets (PBT/Total Assets}	(%)	3.60	4.13	2.59
Return on Investment (ROI) (PBT/Networth)		0.08	0.10	0.08
Debt Equity Ratio (Total Debt/Networth)		1.83	1.18	1.80
Current Ratio (Current Asset/Current Liability)		5.41	7.57	6.37

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	20.800	21.689	24.849
Reserves & Surplus	712.200	820.237	991.135
Net worth	733.000	841.926	1015.984
long-term borrowings	1318.000	992.572	1858.540
Short term borrowings	0.000	0.000	0.000
Total borrowings	1318.000	992.572	1858.540
Debt/Equity ratio	1.798	1.179	1.829

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)
Sales	1580.900	1841.502	2023.292
		16.484	9.872

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1580.900	1841.502	2023.292
Profit	38.400	55.599	55.558
	2.43%	3.02%	2.75%

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	Yes
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	10486442	05/09/2012	634,237,000.00	PUNJAB NATIONAL BANK (INTERNATIONAL) LIMITED	ONE MOORGATE, LONDON EC2R 6AB, LONDON, - EC2R6AB,  UNITED KINGDOM	B91784397
2	10219495	05/04/2010	355,000,000.00	ALLAHABAD BANK	INTERNATIONAL BRANCH, 17, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A85365955
3	10176609	22/08/2009	20,000,000.00	PUNJAB NATIONAL BANK	ALIPUR ROAD, CIVIL LINES, NEW DELHI, DELHI - 110054, INDIA	A69989184
4	10090883	30/03/2010 *	112,500,000.00	PUNJAB NATIONAL BANK	ALI-PUR ROAD, CIVIL LINES, NEW DELHI, DELHI - 110054, INDIA	A84956911
5	10054759	26/03/2009 *	1,637,300,000.00	PUNJAB NATIONAL BANK	ALI-PUR ROAD, CIVIL LINES, NEW DELHI, DELHI - 110054, INDIA	A62124896
6	10054771	22/04/2014 *	4,876,000,000.00	PUNJAB NATIONAL BANK	ALI-PUR ROAD, CIVIL LINES, NEW DELHI, DELHI - 110054, INDIA	C05040506
7	10055781	26/04/2007	641,300,000.00	ORIENTAL BANK OF COMMERCE	M-1/2/3 , M-BLOCK, CONNAUGHT PLACE, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA	A16884041
8	90055643	02/03/2005	375,000,000.00	PUNJAB NATIONAL BANK	CIVIL LINES, DELHI, DELHI - 110054, INDIA	-
9	90054842	17/03/2003	55,000,000.00	PUNJAB NATIONAL BANK	CIVIL LINES, DELHI, DELHI, INDIA	-
10	90052620	30/04/1994	19,900,000.00	THE PRADESHIYA INDUSTRIAL AND INVESTMENT CO. OF UP  . LTD	PICUP BHAWAN, GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA	-
11	90052398	07/08/1997 *	2,600,000.00	PUNJAB NATIONAL BANK	CIVIL LINES, DELHI, DELHI, INDIA	-
12	90052390	25/03/1991	1,000,000.00	PUNJAB NATIONAL BANK	CIVIL LINES BRANCH, DELHI, DELHI, INDIA	-
13	90052204	30/03/2013 *	450,000,000.00	PUNJAB NATIONAL BANK	ALIPUR ROAD, CIVIL LINES, DELHI, DELHI - 110054, INDIA	B81635344
14	90052198	22/08/1988	800,000.00	THE BANARES STATE BANK LTD	5; ANSARI ROAD, DARYA GANJ, NEW DELHI, DELHI, INDIA	-

* Date of charge modification

PERFORMANCE REVIEW

During the year, the Company has earned a net profit after tax of Rs. 55.558 Millions. The directors are continuously looking for avenues for future growth of the Company in its business operations.

OPERATIONS

The Company continues to take effective steps in broad-basing its range of activities. The performance of the Company during the period has been satisfactory as indicated by increased profit from last year.

CONTINGENT LIABILITIES (AS ON 31.03.2013):

1) Any demand that may be raised on final determination of Entry Tax / Sales Tax/VAT liabilities by the Sales Tax/VAT authorities on completion of Assessments. Sales Tax Assessments are pending from the Assessment Year 2009-2010 onwards for works at Sahibabad District Ghaziabad and Delhi Office for Assessment year 2012-2013 onwards.

2) Any demand that may be raised suppliers on reconciliation of accounts, if any

3) Any demand that may be raised by Income Tax Authorities on completion of pending assessments. Assessments for the assessment year 2011-12 onward are pending.

4) Demand that may be raised against Empty Bottles and container received on returnable basis, if any.

5) Excise contingencies not acknowledged as debt amounts not ascertainable. Further any demand that may be raised by Excise Authorities on completion of Excise Audit.

6) Any demand that may be raised by the concerned authorities in respect of the late deposit of Govt. dues i.e. E.S.I., P.F., T.D.S. in yester years.

7) Any demand against case filed by Paragon Shrink Packers Private Limited. In Delhi High Court for purchase of shrink sleeves.

8) Property advance with Basera Apartment for Rs.8.000 Millions previous year Rs.8.000 Millions.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

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 records 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. 59.20
UK Pound	1	Rs. 99.52
Euro	1	Rs. 80.83

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.