MIRA INFORM REPORT

Report Date :

10.06.2014

IDENTIFICATION DETAILS

Name :	CARLSBERG INDIA PRIVATE LIMITED (w.e.f. 23.02.2009)
Formerly Known As :	SOUTH ASIA BREWERIES PRIVATE LIMITED
Registered Office :	4^th Floor, Rectangle No.1, Commercial Complex, D4, Saket, New Delhi – 110 017
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	03.05.2006
Com. Reg. No.:	55-148579
Capital Investment / Paid-up Capital :	Rs.716.489 millions
CIN No.: [Company Identification No.]	U15111DL2006PTC145879
PAN No.: [Permanent Account No.]	AAJCS8454J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and sale of alcoholic beer.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 12134000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company not filed its latest financial i.e. December 2013 with the Government Department. As per ROC the date of balance sheet (i.e. financial filed) is shown as 31.12.2012 but the documents related to the financial for the year 2012 are not available from any sources. From the available financial of December 2011, the company seems to have recorded huge accumulated losses from its operations. However, 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 – 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.

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. Lalit Aggarwwal
Designation :	Accounts Manager
Contact No.:	91-124-4554444
Date :	03.06.2014

LOCATIONS

Registered Office :	4^th Floor, Rectangle No.1, Commercial Complex, D4, Saket, New Delhi – 110 017, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	roopali.singh@carlsberg.asia india.consumermanager@carlsberg.asia roopalis@carlsberg.in
Website :	www.carlsbergindia.com
Corporate Office :	5^th Floor, Paras Twin Towers, Tower B, Sector-54, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4554444/ 4554411
Fax No.:	91-124-4554499
Plant 1 :	Tokian, Paonta Sahib, District Sirmaur – 173 021, Himachal Pradesh, lndia
Tel. No.:	91-1704-645401/ 416
Fax No.:	91-1704-255161
Plant 2 :	SP 1-4 and B5-8, MIA Extension, Alwar – 301 030, Rajasthan, India
Tel. No.:	91-144-2881176
Fax No.:	91-144-2881177
Plant 3 :	H-17/1/1, MIDC Waluj, Aurangabad – 431 136, Maharashtra, India
Tel. No.:	91-240-2555101-2
Fax No.:	91-240-255103
Plant 4 :	Survey No.281/293, Mallepally, Kondapur (M), District Medak – 502 295, Andhra Pradesh, India
Tel. No.:	91-8455-230113/ 114/ 116
Fax No.:	91-8455-230116

DIRECTORS

AS ON 29.06.2013

Name :

Mr. Zubair Ahmed

Designation :

Director

Address :

A-24/5, DLF, Phase-1, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

16.05.1953

Date of Appointment :

30.09.2009

DIN No.:

00182990

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	L24231PB1958PLC002257	GLAXOSMITHKLINE CONSUMER HEALTHCARE LIMITED	Managing director	01-06-2013	01-01-2007	-	Active	NO
2	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Director	30-09-2009	28-10-2008	-	Active	NO
3	U45400DL1990PLC042200	RAHEJA DEVELOPERS LIMITED	Director	20-08-2009	20-08-2009	-	Active	NO

Name :

Mr. Surender Kumar Atri

Designation :

Director

Address :

6/17, Shanti Niketan, New Delhi – 110 021, India

Date of Birth/Age :

03.09.1949

Date of Appointment :

01.11.2007

DIN No.:

01459310

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	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Director	01-11-2007	15-03-2007	-	Active	NO
2	U15122DL2013PTC261418	LHOTSE FOOD PRODUCTS PRIVATE LIMITED	Additional director	06-01-2014	06-01-2014	-	Active	NO

Name :

Mr. Soren Hansen

Designation :

Director

Address :

Vardegade 17, 3th 2100, Copenhagen, Denmark-2100

Date of Birth/Age :

18.01.1966

Date of Appointment :

30.09.2009

DIN No.:

01835563

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	U15531WB2005PLC104895	PARAG BREWERIES LIMITED	Director	28-06-2012	10-10-2007	-	Active	NO
2	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Director	30-09-2009	18-03-2009	-	Active	NO

Name :

Mr. Graham James Fewkes

Designation :

Director

Address :

35/2, East Claremont Street, Edinburgh EH74HT, United Kingdom

Date of Birth/Age :

16.02.1968

Date of Appointment :

30.09.2009

DIN No.:

02401730

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	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Director	30-09-2009	28-10-2008	-	Active	NO

Name :

Mr. Krishna Selvanathan

Designation :

Director

Address :

12, Queens Terrace, Colombo, Sri Lanka-03

Date of Birth/Age :

30.06.1983

Date of Appointment :

29.06.2012

DIN No.:

02805668

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	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Director	29-06-2012	21-09-2009	-	Active	NO

Name :

Mr. Soren Gronnegard Lauridsen

Designation :

Managing Director

Address :

Ban Koknin Unit-4, Sisathanark, District Vientiang Laos-881

Date of Birth/Age :

14.04.1964

Date of Appointment :

29.06.2010

DIN No.:

02953837

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	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Managing director	29-06-2010	01-02-2010	-	Active	NO
2	U15531WB2005PLC104895	PARAG BREWERIES LIMITED	Managing director	01-04-2013	03-09-2010	-	Active	NO
3	U15511HR1993PLC034802	KOOL BREWERIES LIMITED	Additional director	25-09-2012	25-09-2012	18-05-2013	Active	NO

Name :

Mr. Ravi Kant Handa

Designation :

Whole-time Director

Address :

801, E-Tower, Uniworld City, Sector-30, Gurgaon – 122 001, Haryana, India

Date of Birth/Age :

14.05.1969

Date of Appointment :

29.06.2011

DIN No.:

03423607

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	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Whole-time director	29-06-2011	15-02-2011	-	Active	NO
2	U15511HR1993PLC034802	KOOL BREWERIES LIMITED	Additional director	25-09-2012	25-09-2012	18-05-2013	Active	NO
3	U15531WB2005PLC104895	PARAG BREWERIES LIMITED	Director	28-06-2013	26-11-2012	24-12-2013	Active	NO

Name :

Roland Arthur Lawrence

Designation :

Director

Address :

Hyatt Regency Hong Kong, Sha Tin of 18, Chak Cheung Street, Sha Tin, New Territories, Hong Kong

Date of Birth/Age :

03.02.1959

Date of Appointment :

29.06.2013

DIN No.:

06367644

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	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Director	29-06-2013	21-08-2012	-	Active	NO

Name :

Michael Norgaard Jensen

Designation :

Managing Director*

Address :

4^th Floor, B-31, West End, Diplomatic Colony, New Delhi – 110 021, India

Date of Birth/Age :

21.09.1961

Date of Appointment :

29.06.2013

DIN No.:

06598923

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	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Managing director	29-06-2013	01-06-2013	-	Active	NO

* Appointed as Deputy Managing Director.

KEY EXECUTIVES

Name :	Ms. Roopali Singh
Designation :	Secretary
Address :	G-40, Sector-39, Noida – 201 303, Uttar Pradesh, India
Date of Birth/Age :	27.06.1978
Date of Appointment :	16.05.2012
PAN No.:	AORPS0844K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.06.2013

Names of Shareholders (Equity Shares)	No. of Shares
South Asian Breweries Pte Limited, Singapore	53244080
Carlsberg Asia Pte Limited, Singapore	1
Total	53244081

Names of Shareholders (Preference Shares)	No. of Shares
South Asian Breweries Pte Limited, Singapore	24511333
Total	24511333

AS ON 25.10.2013

Names of Allottee (Equity Shares)	No. of Shares
South Asian Breweries Pte Limited, Singapore	1611892
Total	1611892

AS ON 29.06.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and sale of alcoholic beer.

Products :

ITC Code	Product Description
2203	Beer

PRODUCTION STATUS (AS ON 31.12.2011):

Particulars	Unit	Licensed Capacity	Installed Capacity*	Actual Production
Beer	HL	1700000	1670000	874971

* Certified by the management being a technical matter. The licensed and installed capacities have been given with reference to assets owned by the Company as at the year end.

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

BNP Paribas, East Tower (Sood Tower), 1^st Floor, 25, Barakhamba Road, New Delhi – 110 001, India

Facilities :

Secured Loan	31.12.2011 (Rs. in millions)	31.12.2010 (Rs. in millions)
Rupee term loans banks	750.000	250.000
Other debt	1944.440	2535.000
Total	2694.440	2785.000

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants (Kaushal Kishore)
Address :	Building No.10, 8^th Floor Tower No. B, DLF Cyber City, Phase-II, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
PAN No.:	AAAFB9852F
Holding Company:	· South Asian Breweries Pte. Limited, Singapore
Ultimate Holding Company:	· Carlsberg A/S, Denmark
Subsidiary Company:	· Parag Breweries Limited, India
Fellow Subsidiaries:	· Carlsberg Brewery Malaysia Berhad, Selangor Darul Ehsan, Malaysia · Carlsberg Breweries A/S, Denmark · Gorkha Brewery Private Limited, Nepal · The Lion Brewery Ceylon, Biyagama, Srilanka · Slodownia Strzengom Sp Z.O.O., Poland · Carlsberg Singapore Pte Limited, Singapore · Carlsberg South Asia Pte Limited, Singapore · Carlsberg Brewery Hong Kong Limited, Hong Kong, China · Carlsberg Group Procurement AG., Rheinfelden · Carlsberg Procurement (Shenzhen) Company Limited · Carlsberg Srbija d.o.o., Serbia

CAPITAL STRUCTURE

AFTER 29.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
58380000	Equity Shares	Rs.10/- each	Rs.583.800 millions
25000000	Preference Shares	Rs.10/- each	Rs.250.000 millions
	Total		Rs.833.800 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
54855973	Equity Shares	Rs.10/- each	Rs.548.560 millions
24511333	Preference Shares	Rs.10/- each	Rs.245.113 millions
	Total		Rs.793.673 millions

AS ON 29.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
58380000	Equity Shares	Rs.10/- each	Rs.583.800 millions
25000000	Preference Shares	Rs.10/- each	Rs.250.000 millions
	Total		Rs.833.800 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
53244081	Equity Shares	Rs.10/- each	Rs.532.441 millions
24511333	Preference Shares	Rs.10/- each	Rs.245.113 millions
	Total		Rs.777.554 millions

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
52500000	Equity Shares	Rs.10/- each	Rs.525.000 millions
25000000	Preference Shares	Rs.10/- each	Rs.250.000 millions
	Total		Rs.775.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47137569	Equity Shares	Rs.10/- each	Rs.471.376 millions
24511333	Preference Shares	Rs.10/- each	Rs.245.113 millions
	Total		Rs.716.489 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		716.489	655.068	618.288
2] Share Application Money		466.709	34.210	271.793
3] Reserves & Surplus		6772.697	3087.463	1635.298
4] (Accumulated Losses)		(4922.519)	(3022.274)	(1849.220)
NETWORTH		3033.376	754.467	676.159
LOAN FUNDS
1] Secured Loans		2694.440	2785.000	1562.272
2] Unsecured Loans		180.000	580.192	825.870
TOTAL BORROWING		2874.440	3365.192	2388.142
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5907.816	4119.659	3064.301
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3669.539	3299.950	2112.644
Capital work-in-progress		936.224	225.806	184.812
INVESTMENT		616.176	273.176	273.176
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	428.609	314.901	193.968
	Sundry Debtors	991.081	615.713	439.401
	Cash & Bank Balances	72.560	32.002	19.717
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	430.229	340.636	263.895
Total Current Assets		1922.479	1303.252	916.981
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1061.429	844.694	327.034
	Other Current Liabilities	99.059	114.242	57.459
	Provisions	76.114	23.589	38.819
Total Current Liabilities		1236.602	982.525	423.312
Net Current Assets		685.877	320.727	493.669
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5907.816	4119.659	3064.301

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	2788.512	1809.209	964.499
		Other Income	133.438	157.093	15.410
		TOTAL	2921.950	1966.302	979.909
Less	EXPENSES
		Office Expenses	4562.055	2968.715	1642.708
		Administrative Expenses
		Advertising Expenses
		TOTAL	4562.055	2968.715	1642.708
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(1640.105)	(1002.413)	(662.799)
Less/ Add	DEPRECIATION/ AMORTISATION		260.140	170.641	127.893
	PROFIT / (LOSS) BEFORE TAX		(1900.245)	(1173.054)	(790.692)
Less	TAX		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX		(1900.245)	(1173.054)	(790.692)
	EARNINGS IN FOREIGN CURRENCY
		Export Goods	67.866	0.000	0.000
		Export of Raw Material	0.000	3.026	0.000
	TOTAL EARNINGS		67.866	3.026	0.000
	IMPORTS
		Raw Materials	96.692	59.138	90.309
		Stores & Spares	8.005	2.521	0.495
		Capital Goods	78.975	192.727	0.972
	TOTAL IMPORTS		183.672	254.386	91.776
	Earnings / (Loss) Per Share (Rs.)		(43.49)	(30.11)	(21.82)

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	(65.03)	(59.66)	(80.69)
Net Profit Margin (PBT/Sales)	(%)	(68.15)	(64.84)	(81.98)
Return on Total Assets (PBT/Total Assets}	(%)	(33.98)	(25.48)	(26.10)
Return on Investment (ROI) (PBT/Networth)		(0.63)	(1.55)	(1.17)
Debt Equity Ratio (Total Debt /Networth)		0.95	4.46	3.53
Current Ratio (Current Asset/Current Liability)		1.55	1.33	2.17

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2009	31.12.2010	31.12.2011
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	618.288	655.068	716.489
Share Application money pending allotment	271.793	34.210	466.709
Reserves & Surplus	1635.298	3087.463	6772.697
(Accumulated Losses)	(1849.220)	(3022.274)	(4922.519)
Net worth	676.159	754.467	3033.376
Secured Loans	1562.272	2785.000	2694.440
Unsecured Loans	825.870	580.192	180.000
Total borrowings	2388.142	3365.192	2874.440
Debt/Equity ratio	3.532	4.460	0.948

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2009	31.12.2010	31.12.2011
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	964.499	1809.209	2788.512
		87.580	54.129

NET PROFIT MARGIN

Net Profit Margin	31.12.2009	31.12.2010	31.12.2011
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income	964.499	1809.209	2788.512
Profit	(790.692)	(1173.054)	(1900.245)
	(81.98%)	(64.84%)	(68.15%)

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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10288067	30/06/2011 *	1,000,000,000.00	THE BANK OF TOKYO-MITSUBISHI UFJ. LIMITED	JEEVAN VIHAR BUILDING, 3, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B17122722
2	10179712	03/06/2013 *	2,600,000,000.00	BNP PARIBAS	EAST TOWER (SOOD TOWER), 8TH FLOOR, 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B78582400

* Date of charge modification

Unsecured Loan	31.12.2011 (Rs. in millions)	31.12.2010 (Rs. in millions)
Rupee term loans	180.000	320.000
Other external commercial borrowings	0.000	260.192
Total	180.000	580.192

Note:

The registered office has been shifted from Regus, 4^th Floor, Rectangle No.1, Behind Marriot Hotel, Commercial Complex, D4, Saket, New Delhi – 110 017, India to the present address w.e.f. 01.09.2010.

BACKGROUND

Subject is engaged in the business of manufacturing and sale of alcoholic beer. The name of the Company was changed from South Asia Breweries Private Limited to Carlsberg India Private Limited with effect from 23 February 2009. The Company was incorporated in 2006 and has already established three breweries which are operational. The Company is in the process of establishing another brewery. The operations of the Company are spread across various parts of the country.

FINANCIAL PERFORMANCE

The turnover of the company for the year ended 31^st December, 2011 increased by 54.12% over the previous year from Rs.1809.000 millions to Rs.2788.000 millions. The company, however reports loss for the period, mainly due to increase in Personnel cost, investments in brand and interest expenses on capital investments in creating manufacturing capacities in line with their long term business objective to become the leading player in Indian beer market across all segments by offering premium international quality products to the Indian consumers.

MANAGEMENT REVIEW AND ANALYSIS

OPERATIONAL PERFORMANCE

During the year 2011, the Company has increased the installed capacity of all of its breweries to meet the increased market demand. The Company has also come up with various other expansions like increase in Warehouse capacity, introduction of new packaging Lines and Can Lines. With these expansions, the Directors are confident of gaining sizeable share in the Market and strengthen the position of the Company in India.

During the year, the Company has commenced various Strategic initiatives to improve costs, “Prodex” for improving cost of production, cost of transportation and warehousing, Demand Planning and Inventory Replenishment, Supply Planning and Label Registration under the “ Logex”, Efficient Bottle Procurement and Collection System under the domain “ BottleEx”. The Directors are hopeful that sustained effort in these areas would provide Long term benefits to the Company.

The Carlsberg India became the “No. 3”

Player in the Indian market in short span of 5 years. The Company has attained more than 8 % Market Share in 15 States.

In April 2011, the Carlsberg Group has globally re-launched its flagship brand “Carlsberg” with new positioning to globally unleash the brand’s full potential.

Further during the year the Company launched Carlsberg Elephant, a super premium strong beer and Pioneered in creating super premium segment in strong category. During the said period, the Company has also launched Palone 8 in strong beer segment.

The Portfolio of the Company’s Product now includes, Carlsberg, Carlsberg Elephant, Tuborg, Tuborg Strong, Okocim Palone and Palone 8.

Considering the growing potential of the Non alcoholic market in India, the Company has recently introduced Non alcoholic Malt Beverage – Tuborg Zero in select Metro cities.

With an aim to standardise processes and practices across the Company, during the year the Company took up the initiative to launch Standard Operating Procedures and integrating the same with ERP Package. The said implementation was successfully completed in the first quarter of 2011.

The Company earned the following prestigious Awards as under:

(a) Hyderabad Brewery wins Ambrosia Award 2012 for ‘Excellence in Brewery Operations and Innovations’

(b) Carlsberg Group’s Award for Best Business Plan Excellence For 2012 and Asia Finance Excellence Award for Innovation – 2011 to Finance Team led by Dheeraj Mishra- Director Finance

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Leasehold Improvements

· Furniture and Fixtures

· Office Equipments

· Computers

· Plant and Machinery

· Vehicles

Intangible Assets

· Software

· Brand

WEBSITE DETAILS:

PROFILE:

Subject entered India in May 2006 by incorporating a company named South Asia Breweries Private Limited The name changed to Carlsberg India Private Limited on 23rd February 2009 to reflect the company as a part of the Carlsberg Group.

Indian consumers have been experiencing Carlsberg since the 1900s, much before it commenced operations in India in 2007. In 1912, McDowel and Co. Limited, Madras, ordered the first delivery of 10 cases of Quarters and 10 cases of pints each of Carlsberg Munich and Pilsener Beer. Over the years there were many companies and agents that have brought Carlsberg to India.

However, coming to India in its own identity was a matter of time and Carlsberg entered India in May 2006 by incorporating a company named South Asia Breweries Private Limited The name was changed to Carlsberg India Private Limited on February 23, 2009 to reflect the company as a part of the Carlsberg Breweries.

India is one of the fastest growing markets for the beer industry. Given the fact that the per capita consumption is amongst the lowest in the world at 1.3 litres per annum, the growth opportunity is immense. The country has a huge consumer base and disposable incomes are increasing which makes it an attractive market for the future. To realise this potential, investments are being put behind the strategy and the company is focusing on building brands and a strong team.

Carlsberg’s commercial operations started in June 2007 with the commencement of production at an acquired brewery at Paonta Sahib, in Himachal Pradesh. The introduction of Okocim Palone in the ‘strong beer’ segment in some markets of North India was the first leg of its entry to India. The very first sale took place on June 2, 2007 with Okocim Palone in Himachal Pradesh. This was the start to a strong path of growth for the company in India.

Carlsberg expanded its operations by establishing breweries in Alwar, Rajasthan in March 2008 and in Aurangabad, Maharashtra in August 2008. In its mission to expand its reach to Indian consumers, two more breweries became operational at Hoogly (near Kolkata) West Bengal in June 2009 and Sangareddy, Andhra Pradesh in December 2010. This year in 2013 Carlsberg India inugurated its 6th Brewery in Dharuhera, Haryana.  In this short span, 6 breweries have been set up and in 2013 1 more brewery will become operational in District Patna, Bihar, which re-emphasize the Carlsberg Group’s strategic focus on India. The growth started from 5 markets in 2007 to 24 markets in 2008 to 32 markets (including Union Territories) to date.

The success of Carlsberg’s products globally and in India, can be attributed to the quality consciousness, the know-how and the technological proficiency developed by the breweries. The impressive beer portfolio in India ranges across mild and strong segments through the international brands Carlsberg, Carlsberg Elephant, Tuborg, Tuborg Strong and Palone 8.

With brewery expansion, market penetration, quality brands and strong teams, Carlsberg India has seen initial success as it is already the number 3 player in the market within 4 years of operation. This is an exciting milestone for a company that harbours an ambition ‘to be the fastest growing beer company in India.’

KEY DATES:

2006 Carlsberg entered India by incorporating a company named South Asia Breweries Private Limited.

2007 In June, production begins at an acquired brewery at Paonta Sahib, Himachal Pradesh with the launch of Palone and Carlsberg Green.

2008 The Brewery in Alwar becomes operational in March and in Aurangabad in August.

2009 The Company changes its name to Carlsberg India Private Limited on 23rd February; Launch of Tuborg Mild in March; Company expands its capacity by opening its Brewery in Hoogly (near Kolkata) in September.   

2010 Carlsberg India inaugurates its fifth Brewery at Sangareddy, Andhra Pradesh in December; Tuborg Strong launched in May.

2011 Carlsberg Elephant and Palone 8 launched.

2013 Carlsberg India inaugurates its 6th Brewery in Dharuhera, Haryana.

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.59.06
UK Pound	1	Rs.99.35
Euro	1	Rs.80.62

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		27

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.