MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED
Registered Office :	Mother Dairy, Patparganj, Delhi – 110092
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.03.2000
Com. Reg. No.:	55-104671
Paid up Capital :	Rs, 2500.001 Millions
CIN No.: [Company Identification No.]	U15209DL2000PTC104671
TAN No.: [Tax Deduction & Collection Account No.]	DELM05798C / DELM06025F
PAN No.: [Permanent Account No.]	AACCM3174A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of dairy products and processed foods with well established brands such as Mother Dairy (packaged milk, ice-cream, butter etc.), Safal (fresh fruits and vegetables, purees, pulp, concentrate, blend, frozen vegetable & fruits etc) and Dhara (packaged edible oil).
No. of Employees :	Information decline by management

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of “NATIONAL DAIRY DEVELOPMENT BOARD”. It is a well-established company having fine track record. A reserve of the company is low. However, the rating reflects company established track record of business operations marked by decent brand presence through well-spread marketing and distribution networks and healthy capital base of company. Further rating also reflects managerial, financial and technical support that company receive from national Dairy Development Board. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. In view of strong holding support, the Company can be considered as good for normal 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	CARE
Rating	AA+ (Long term bank facilities)
Rating Explanation	High degree of safety and very low credit risk
Date	03.03.2014

Rating Agency Name	CARE
Rating	A1+ (Short term bank facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	03.03.2014

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 DENIED BY

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-1204399546/573/551]

LOCATIONS

Registered Office :	Mother Dairy, Patparganj, Delhi – 110092, India
Tel. No.:	91-11-46071850 / 22471991
Fax No.:	91-11-46023652 / 22475991
E-Mail :	Kishor.mehta@motherdairy.com
Website :	www.motherdairy.com, www.safalindia.com
Factory 1 :	NDDB House, Opposite Kamal Cinema Complex, Safdarjung Enclave, New Delhi - 11 00 29 (INDIA)
Tel. No.:	91-11-41529100
Fax No.:	91-11-41527170
E-Mail :	dairy.info@motherdairy.com
Factory 2 :	Safal Fruit and Vegetable Unit, Mangolpuri Industrial Area Phase-I, Delhi - 11 00 83
Tel. No.:	91-11-27910213 / 27921729
Fax No.:	91-11-27915816
E-Mail :	fnv.info@motherdairy.com

DIRECTORS

AS ON 05.06.2013

Name :

Mr. Sanjeev Khanna

Designation :

Managing Director

Address :

S-108 Block – S, Panchsheel Park, New Delhi – 110017, India

Date of Birth/Age :

10.07.1960

Date of Appointment :

27.03.2009

DIN No.:

02607765

Name :

Mr. Nagarajan Sivaramakrishnan

Designation :

Managing Director

Address :

House No. B-01, Plot No. A-84, NDDB residential Campus, Noida, Gautam Budh Nagar,Uttar Pradesh, India

nagarajan.sivaramakrishnan@gmail.com

Date of Birth/Age :

17.09.1961

Date of Appointment :

30.06.2010

DIN No.:

03060429

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	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Managing director	30/06/2010	13/05/2010	-	Active	NO
2	U01403DL2009NPL195142	NDDB Dairy Services	Director	23/09/2011	30/06/2011	-	Active	NO
3	U51909DL2006PLC234695	SAFAL NATIONAL EXCHANGE OF INDIA LIMITED	Director	6/8/2012	4/1/2012	-	Amalgamated	NO

Name :

Mr. Deepak Tikku

Designation :

Director

Address :

D-11, First Floor, (B/P), Maharani Bagh, Delhi-110065

Date of Birth/Age :

19.06.1948

Date of Appointment :

24.03.2000

DIN No.:

00064125

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	U29299GJ1992PLC018283	IDMC LIMITED	Director	30/07/1999	30/07/1999	-	Active	NO
2	U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	Director	8/10/1999	8/10/1999	-	Active	NO
3	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	24/03/2000	24/03/2000	-	Active	NO
4	U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	Director	11/12/2000	11/12/2000	-	Amalgamated	NO
5	U15419DL2002PLC115531	MOTHER DAIRY FOODS PROCESSING LIMITED	Director	24/05/2002	24/05/2002	-	Amalgamated	NO
6	U74899DL2003PLC119645	MOTHER DAIRY INDIA LIMITED	Director	1/4/2003	1/4/2003	-	Amalgamated	NO
7	U01211TG2004PLC044520	INDIAGEN LIMITED	Director	1/11/2004	1/11/2004	-	Amalgamated	NO
8	U51909DL2006PLC234695	SAFAL NATIONAL EXCHANGE OF INDIA LIMITED	Nominee director	21/08/2007	20/09/2006	25/06/2010	Amalgamated	NO
9	U01403DL2009NPL195142	NDDB Dairy Services	Whole-time director	1/7/2013	12/10/2009	-	Active	NO

Name :

Mr. Akkapeddi Mohan Muralidhar Sarma

Designation :

Director

Address :

Plot No. 28, House 302, Union Bank Colony, Road No. 3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

12.11.1936

Date of Appointment :

30.06.2010

DIN No.:

00064988

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	U29299TG2004PTC042496	PRESHZINGER ENGINEERING CO. PRIVATE LIMITED	Director	30/09/2005	30/09/2005	10/8/2011	Active	NO
2	U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	Director	22/09/2006	9/11/2005	-	Active	NO
3	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	30/06/2010	30/06/2010	-	Active	NO

Name :

Nand Kumar Tharavanat

Designation :

Director

Address :

C-I/11 Pandara Park, New Delhi-110003, Delhi, India

Date of Birth/Age :

02.02.195

Date of Appointment :

28.03.2014

DIN No.:

02547901

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	U45203JH2003SGC010045	GREATER RANCHI DEVELOPMENT AGENCY LIMITED	Director	23/01/2006	23/01/2006	5/7/2006	Active	NO
2	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	28/03/2014	28/03/2014	-	Active	NO
3	U29299GJ1992PLC018283	IDMC LIMITED	Nominee director	23/04/2014	23/04/2014	-	Active	NO
4	U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	Director	5/5/2014	5/5/2014	-	Active	NO

Name :

Dilip Rathi

Designation :

Director

Address :

National Dairy Development Board, Near Jaganath Mahadev, Anand-388001, Gujarat, India

Date of Birth/Age :

15.11.1954

Date of Appointment :

26.03.2012

DIN No.:

05163623

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	U29299GJ1992PLC018283	IDMC LIMITED	Director	16/07/2012	21/12/2011	-	Active	NO
2	U01403DL2009NPL195142	NDDB Dairy Services	Director	28/09/2012	27/01/2012	-	Active	NO
3	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	19/07/2012	26/03/2012	-	Active	NO
4	U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	Director	14/09/2012	15/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Lalit Prabhakar
Designation :	Secretary
Address :	1033, Vikas Puri, New Delhi-110018, India
PAN No.:	AA1PP6091Q
Date of Birth/Age :	09.10.1968
Date of Appointment :	20.06.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.06.2013

Names of Shareholders	No. of Shares
Amrita Hirubhai Patel	1
National Dairy Development Board, India	250000069
Total	250000070

Equity Share Break up (Percentage of Total Equity)

AS ON 05.06.2013

Category	Percentage
Public Financial Companies	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and exporter of dairy products and processed foods with well established brands such as Mother Dairy (packaged milk, ice-cream, butter etc.), Safal (fresh fruits and vegetables, purees, pulp, concentrate, blend, frozen vegetable & fruits etc) and Dhara (packaged edible oil).

Products :

Item Code No.	ITC Code No.
Milk	0401.20.00
Edible Oil	1507.00.00
Fresh Fruits and Vegetables	0700.00.00

GENERAL INFORMATION

No. of Employees :

Information decline by management

Bankers :

Dena Bank, Dena Corporative Center, C-10, G Block, Bandra Kurla Complex, Bandra East, Mumbai-400051, Maharashtra, India

Facilities :

SECURED LOAN (Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term loan from banks	0.000	35.000
Loans and advances from others	290.408	360.271
SHORT TERM BORROWINGS
Term loan from banks	8788.213	7915.358
Total	9078.621	8310.629

Banking Relations :	---
Auditors :
Name :	S. B. Billimoria and Company Chartered Accountants
Address :	7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase II, Gurgaon – 122002, Hryana, India
Tel. No.:	91-124-6792000
Fax No.:	91-124-6792012
Holding Company :	National Dairy Development Board (NDDB)
Associates/Subsidiaries :	Safal National Exchange of India Limited CIN No.: U51909KA2006PLC040569
Fellow Subsidiaries :	IDMC Limited Indian Immunologicals Limited Indiagen Limited NDDB Dairy Services

CAPITAL STRUCTURE

AS ON 05.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
897000000	Equity Share	Rs.10/- each	Rs. 8970.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000070	Equity Share	Rs.10/- each	Rs, 2500.001 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	2500.001	2500.001	2500.001
(b) Reserves & Surplus	166.218	35.780	260.809
(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)	2666.219	2535.781	2760.810
(3) Non-Current Liabilities
(a) long-term borrowings	628.004	914.097	1210.946
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	896.426	750.532	640.129
(d) long-term provisions	421.069	359.124	282.512
Total Non-current Liabilities (3)	1945.499	2023.753	2133.587
(4) Current Liabilities
(a) Short term borrowings	8788.213	11915.358	8540.763
(b) Trade payables	2088.826	2800.177	1666.434
(c) Other current liabilities	570.524	661.249	757.994
(d) Short-term provisions	193.573	49.331	46.130
Total Current Liabilities (4)	11641.136	15426.115	11011.321
TOTAL	16252.854	19985.649	15905.718
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4011.602	3655.614	3411.583
(ii) Intangible Assets	26.514	35.047	39.584
(iii) Capital work-in-progress	143.883	193.591	111.712
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	18.006	18.006	18.013
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	577.625	514.725	543.178
(e) Other Non-current assets	4.547	3.872	0.000
Total Non-Current Assets	4782.177	4420.855	4124.070
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8851.525	11628.017	7094.497
(c) Trade receivables	812.821	585.360	483.472
(d) Cash and cash equivalents	1180.240	2363.304	3312.831
(e) Short-term loans and advances	448.626	763.737	701.047
(f) Other current assets	177.465	224.376	189.801
Total Current Assets	11470.677	15564.794	11781.648
TOTAL	16252.854	19985.649	15905.718

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	60505.400	54469.900	41431.949
		Other Income	132.800	262.300	303.998
		TOTAL (A)	60638.200	54732.200	41735.947
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	58754.900	53501.200	40848.964
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1883.300	1231.000	886.983
Less	FINANCIAL EXPENSES (D)		1090.600	773.600	481.592
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		792.700	457.400	405.391
Less/ Add	DEPRECIATION/ AMORTISATION (F)		488.700	432.500	396.510
	PROFIT BEFORE TAX (E-F) (G)		304.000	24.900	8.881
Less	TAX (H)		0.000	2.700	0.267
	PROFIT AFTER TAX (G-H) (I)		304.000	22.200	8.614
	Earnings Per Share (Rs.)		1.22	0.09	0.4

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.50	0.04	0.02
Net Profit Margin (PBT/Sales)	(%)	0.50	0.05	0.02
Return on Total Assets (PBT/Total Assets}	(%)	1.89	0.13	0.06
Return on Investment (ROI) (PBT/Networth)		0.11	0.01	0.00
Debt Equity Ratio (Total Debt /Networth)		3.53	5.06	3.53
Current Ratio (Current Asset/Current Liability)		0.99	1.01	1.07

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	2500.001	2500.001	2500.001
Reserves & Surplus	260.809	35.780	166.218
Net worth	2760.810	2535.781	2666.219
long-term borrowings	1210.946	914.097	628.004
Short term borrowings	8540.763	11915.358	8788.213
Total borrowings	9751.709	12829.455	9416.217
Debt/Equity ratio	3.532	5.059	3.532

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	41431.949	54469.900	60505.400
		31.468	11.080

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	41431.949	54469.900	60505.400
Profit	8.614	22.200	304.000
	0.02%	0.04%	0.50%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last 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	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

Court Name :	The High Court of Delhi at New Delhi
Case No. :	CS (OS) 2480/2009
Petitioner :	Marvel Tea Estate India Limited
Respondent :	Mother Dairy Fruit And Vegetable
Date :	01.04.2014

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Loans and advances from others	337.596	518.826
SHORT TERM BORROWINGS
Term loan from banks	0.000	4000.000
Total	337.596	4518.826

BACKGROUND

The Company was incorporated on 24 March 2000 as a wholly owned subsidiary of National Dairy Development Board (NDDB), a body corporate formed under the National Dairy Development Act, 1987 and having its head office at Anand.

In pursuance of an agreement with NDDB, the Company book over the specific assets and liabilities of the running business of two units of NDDB, namely ‘Mother Dairy’ and ‘Fruit and Vegetable Project’ with effect from April 1, 2000.

The entire manufacturing and processing business of the company was transferred to wholly owned Subsidiary of the Company, Mother Dairy Foods Processing Limited (MDFPL), with effect from 1 July 2002.

MDFPL was subsequently amalgamation with the company with effect from 1 April, 2006, consequent to which, the company acquired the business of processing, manufacturing and sell of milk, milk products, fresh and frozen fruit and vegetables, fruit pulp and juice, oil and other foods products. Dhara Vegetable Oil and Foods Company Limited, a wholly owned subsidiary of National Dairy Development Board (NDDB) amalgamated with the Company with effect from 1 April 2007. Consequent to the amalgamation, the Company acquired the business of processing and manufacturing of Dhara brand edible oil.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481135	07/02/2014	782,602,000.00	NATIONAL DAIRY DEVELOPMENT BOARD	NDDB CAMPUS, ANAND, GUJARAT - 388001, INDIA	B97853295
2	10437776	25/06/2013	141,398,000.00	NATIONAL DAIRY DEVELOPMENT BOARD	NDDB CAMPUS, ANAND, GUJARAT - 388001, INDIA	B80023815
3	10428444	02/05/2013	250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  ,MUMBAI, MAHARASHTRA - 400013, INDIA	B75994400
4	10378221	03/10/2013 *	9,750,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, JAWAHAR VYAPAR BHAWAN,  TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B88099320
5	10348070	23/03/2012	51,464,000.00	NATIONAL DAIRY DEVELOPMENT BOARD	NDDB CAMPUS, ANAND, GUJARAT - 388001, INDIA	B37114121
6	10320050	18/12/2012 *	2,500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	B66009747
7	10236057	04/09/2013 *	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, MAHARASHTRA - 400013, INDIA	B85507549
8	10145863	31/01/2012 *	2,500,000,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, 10TH FLOOR, HT HOUSE, 1  8/20 KG MARG, CONNAUGHT PLACE, DELHI - 110001, IND  IA	B32995136
9	10124279	23/09/2008	407,610,000.00	NATIONAL DAIRY DEVELOPMENT BOARD	NDDB CAMPUS, ANAND, GUJARAT - 388001, INDIA	A47449822
10	10124832	05/09/2008	1,000,000,000.00	CORPORATION BANK	ANAND BRANCH [520],, 1,JHULELAL SHOPPING CENTRE,  AMUL DAIRY ROAD, ANAND, GUJARAT - 388001, INDIA

* Date of charge modification

FIXED ASSETS

• Land
• Building / Improvements to Buildings
• Plant and Machinery
• Furniture and Fixture
• Vehicles

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. 59.47
UK Pound	1	Rs. 100.93
Euro	1	Rs. 80.71

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KRN
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		57

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.