MIRA INFORM REPORT

Report Date :

24.05.2014

IDENTIFICATION DETAILS

Name :	ICE BERG FOODS LIMITED (w.e.f. 08.01.2001)
Formerly Known As :	ICE BERG FOODS PRIVTAE LIMITED (w.e.f. 07.11.2000) AGGARWAL ICEBERG FOODS PRIVATE LIMITED
Registered Office :	North Delhi Mall – 1, 9^th Floor, Plot No. B-2, 3, 4, Netaji Subhash Place, Delhi-110034
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.11.1999
Com. Reg. No.:	55-102537
Capital Investment / Paid-up Capital :	Rs.25.168 Millions
CIN No.: [Company Identification No.]	U15332DL1999PLC102537
TAN No.: [Tax Deduction & Collection Account No.]	RTKI00374D / DELA07900E
PAN No.: [Permanent Account No.]	AACCA6027E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and trading of Mineral, Aerated Water and trading of fabric.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 290000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has reported a loss from its operations. External borrowings seems to be huge during FY 13. However, trade relations appear to be fair. Business is active. Payment terms are reported as 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BB+ (Suspended)
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	February 12, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4+ (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February 12, 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

Name :	Mr. Vikas
Designation :	Finance Manager
Contact No.:	91-11-47088100
Date :	21.05.2014

LOCATIONS

Registered Office :	North Delhi Mall – 1, 9^th Floor, Plot No. B-2, 3, 4, Netaji Subhash Place, Delhi-110034, India
Tel. No.:	91-11-47088100 / 47088200
Fax No.:	91-11-47088119
E-Mail :	rocddc@in.com shipracs@icebergefoods.com consumers@icebergfoods.com roc@ddandcompany.co.in
Website :	http://www.icebergfoods.com
Manufacturing Units :	Located At · Jhajjar, Haryana · Jaipur, Rajasthan

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Kishore Aggarwal

Designation :

Director

Address :

C -2 / 41, Rajasthali Apartments, Pitampura, Delhi-110088, India

Date of Birth/Age :

08.07.1969

Date of Appointment :

25.11.1999

DIN No.:

00064356

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	U15332DL1999PLC102537	ICE BERG FOODS LIMITED	Director	25/11/1999	25/11/1999	-	Active	NO
2	U74899DL1994PTC058330	RC RESOURCES PRIVATE LIMITED	Director	15/07/2000	15/07/2000	-	Active	NO
3	U26939WB1995PLC075633	SREE METALIKS LIMITED	Additional director	01/07/2011	01/09/2000	26/03/2012	Active	NO
4	U51909WB1994PLC063569	THANWAS INVESTMENTS LIMITED	Director	15/02/2002	15/02/2002	-	Active	NO
5	U13100OR2004PTC007454	HIND METAL and INDUSTRIES PRIVATE LIMITED	Director	24/03/2004	24/03/2004	04/11/2012	Active	NO
6	U15549DL2003PTC125516	ICEBERG AQUA PRIVATE LIMITED	Director	03/05/2004	03/05/2004	-	Active	NO
7	U51224AP2002PTC039389	TRINITY BEVERAGES PRIVATE LIMITED	Whole-time director	07/04/2006	07/04/2006	-	Active	NO
8	U13100OR2006PTC008672	PATRAPADA COAL MINING COMPANY PRIVATE LIMITED	Nominee director	10/04/2006	10/04/2006	-	Strike off	NO
9	U51109WB1995PTC074486	LAWRENCE MERCHANTS PRIVATE LIMITED	Director	15/06/2006	15/06/2006	-	Active	NO
10	U15540MH2002PTC138410	ABHI RUCHI AQUA PRIVATE LIMITED	Director	21/12/2006	21/12/2006	03/07/2012	Active	NO
11	U45200DL2007PTC157662	A S TECHNOBUILD PRIVATE LIMITED	Director	11/01/2007	11/01/2007	10/09/2010	Active	NO
12	U51109WB2006PTC110392	HERITAGE AGENCY PRIVATE LIMITED	Director	18/02/2007	18/02/2007	28/09/2012	Active	NO
13	U15549KA2010PTC053778	SDU BEVERAGES PRIVATE LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO
14	U15132DL2011PTC217874	KASHVI FOODS PRIVATE LIMITED	Director	20/04/2011	20/04/2011	-	Active	NO
15	U51909WB2012PTC172894	DREAM VALLY MERCHANDISE PRIVATE LIMITED	Director	04/06/2012	04/06/2012	-	Active	NO

Name :

Mr. Kushal Agarwal

Designation :

Director

Address :

Sarvesh Refractory Private Limited Power House Road, Roukela -769001, Orissa, India

Date of Birth/Age :

01.04.1987

Date of Appointment :

29.12.2007

DIN No.:

01420262

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	U26999OR1992PLC003209	SARVESH REFRACTORIES LIMITED.	Director	01/04/2007	01/04/2007	-	Active	NO
2	U15332DL1999PLC102537	ICE BERG FOODS LIMITED	Director	29/12/2007	29/12/2007	-	Active	NO
3	U45201OR2006PTC009006	ADI GREEN DEVELOPERS PRIVATE LIMITED	Director	05/10/2009	05/10/2009	-	Active	NO
4	U51909WB1995PLC070623	THANWAS FINANCIAL SERVICES LIMITED	Director	03/03/2012	03/03/2012	-	Active	NO
5	U51909WB1994PLC063569	THANWAS INVESTMENTS LIMITED	Director	03/03/2012	03/03/2012	-	Active	NO
6	U26939OR1987PTC001842	ROURKELA MINERALS CO PRIVATE LIMITED	Director	16/08/2013	16/08/2013	-	Active	NO

Name :

Mr. Anil Mittal

Designation :

Director

Address :

F-5, Jaipur Tower, M.I. Road, Jaipur - 330200, Rajasthan, India

Date of Birth/Age :

15.06.1974

Date of Appointment :

30.09.2011

DIN No.:

00337247

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	U15549RJ2004PTC019746	PURE LINE FOODS PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO
2	U15540MH2002PTC138410	ABHI RUCHI AQUA PRIVATE LIMITED	Director	30/09/2006	13/02/2006	-	Active	NO
3	U52190RJ2006PTC022774	STREET WAY MARKETING PRIVATE LIMITED	Director	07/07/2006	07/07/2006	-	Active	NO
4	U15332DL1999PLC102537	ICE BERG FOODS LIMITED	Director	30/09/2011	01/10/2010	-	Active	NO
5	U74999DL2007PTC162842	MAJARIA FOODS PRIVATE LIMITED	Director	30/09/2011	11/10/2010	-	Active	NO
6	U51909WB2012PTC172894	DREAM VALLY MERCHANDISE PRIVATE LIMITED	Director	04/06/2012	04/06/2012	-	Active	NO
7	U15549DL2003PTC125516	ICEBERG AQUA PRIVATE LIMITED	Director	30/09/2013	19/08/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Kishore Aggarwal	397250
Sanjay Gupta	37113
Neelam Aggarwal	450250
Kishore Aggarwal (HUF)	336000
Anil mittal	17100
Suman Singhal	2010
Sunil Mittal	16700
Foundry Fluxes Resources India Private Limited, India	850391
Raasi Refractories limited, India	410000
Total	2516814

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	50.08
Directors or relatives of Directors	49.92
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing and trading of Mineral, Aerated Water and trading of fabric.
Brand Names :	· KINGFISHER · R.C. COLA

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Bank of Baroda, Corporate Financial Services, 1st Floor, 'Bank of Boroda', Opposite Law Garden, Ellisbridge, Ahmedabad - 380006, Gujarat, India

· Bank of Maharashtra, 28/14, East Patel Nagar, Delhi - 110008, India

· Allahabad Bank, 1, Ansari Road, Daryaganj, New Delhi - 110002, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· ICICI Bank Limited

· Axis Bank Limited

· Kotak Mahindra Bank Limited

· State Bank of India

· Mumbai Hongkong and Shanghai Banking Corporation Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
FROM BANKS
Term Loan from Allahabad Bank (Secured By first charge on fixed assets of the company and is further secured by personal guarantee of director's)	62.904	80.410
Term Loan from Bank of Baroda (Secured By first charge on fixed assets of the company and is further secured by personal guarantee of director's)	7.949	22.006
FROM OTHERS
Vehicles Loan (Secured By first charge on respective vehicle and is further secured by personal guarantee of directors)	6.905	2.693
SHORT TERM BORROWINGS
FROM BANKS
Cash Credit Limit from Allahabad Bank (Secured By first charge on hypothecation of Stock and Trade Receivables and is further secured by personal guarantee of Directors)	229.135	215.059
Buyers Credit Limit from HSBC Limited (Secured By first charge on hypothecation of Stock is further secured by personal guarantee of Directors)	0.000	0.000
Letter of Credit payable to Allahabad Bank (Secured By first charge on hypothecation of Stock is further secured by personal guarantee of Directors)	33.876	33.298
Total	340.769	353.466

Banking Relations :	--
Auditors :
Name :	Devendra Dahiya and company Chartered Accountants
Address :	BU-1, SFS Flats, Outer Ring Road, Pitampura, New Delhi- 110088, India
PAN No.:	AAAFO7506K
Related Parties over which control exists :	· Sree Metaliks Limited · Iceberg Aqua Private Limited · Mohit Steel Industries Private Limited · RC Resources India Private Limited · Trinity Beverages Private Limited
Collaborations :	· United Breweries Group · Royal Crown Cola International

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2516814	Equity Shares	Rs.10/- each	Rs.25.168 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	25.168	25.168	25.168
(b) Reserves & Surplus	47.228	57.828	57.716
(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)	72.396	82.996	82.884
(3) Non-Current Liabilities
(a) long-term borrowings	161.174	185.125	173.016
(b) Deferred tax liabilities (Net)	21.041	19.959	18.582
(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)	182.215	205.084	191.598
(4) Current Liabilities
(a) Short term borrowings	263.011	248.357	241.840
(b) Trade payables	74.492	73.910	95.949
(c) Other current liabilities	236.102	180.831	37.040
(d) Short-term provisions	40.526	30.620	20.573
Total Current Liabilities (4)	614.131	533.718	395.402
TOTAL	868.742	821.798	669.884
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	353.421	353.658	334.535
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	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	353.421	353.658	334.535
(2) Current assets
(a) Current investments	5.149	5.149	0.149
(b) Inventories	98.610	126.759	98.022
(c) Trade receivables	241.203	194.965	143.409
(d) Cash and cash equivalents	11.061	16.364	23.548
(e) Short-term loans and advances	157.116	122.887	68.498
(f) Other current assets	2.182	2.016	1.723
Total Current Assets	515.321	468.140	335.349
TOTAL	868.742	821.798	669.884

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from Operations	873.236	809.080	668.747
	Other Income	4.794	15.130	12.549
	TOTAL (A)	878.030	824.210	681.296
Less	EXPENSES
	Cost of Materials Consumed	660.226	601.764	511.419
	Profit and Loss on Sale of Capital Goods	0.000	0.249	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(15.845)	16.337	(24.025)
	Employees benefits expense	39.938	48.021	57.671
	Profit Prior Expenditure	0.000	0.000	0.010
	Other expenses	115.536	82.866	73.718
	TOTAL (B)	799.855	749.237	618.793
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	78.175	74.973	62.503
Less	FINANCIAL EXPENSES (D)	58.323	54.955	30.473
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	19.852	20.018	32.030
Less/ Add	DEPRECIATION/ AMORTISATION (F)	29.283	17.992	17.878
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(9.431)	2.026	14.152
Less	TAX (I)	1.169	1.913	7.827
	PROFIT/ (LOSS) AFTER TAX (G-I)	(10.600)	0.113	6.325
	IMPORTS
	C.I.F. Basic Import	13.059	25.004	11.489
	TOTAL IMPORTS	13.059	25.004	11.489
	Earnings / (Loss) Per Share (Rs.)	(4.21)	0.04	2.51

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(1.21)	0.01	0.93
Net Profit Margin (PBT/Sales)	(%)	(1.08)	0.25	2.12
Return on Total Assets (PBT/Total Assets}	(%)	(1.09)	0.25	2.11
Return on Investment (ROI) (PBT/Networth)		(0.13)	0.02	0.17
Debt Equity Ratio (Total Debt/Networth)		5.86	5.22	5.01
Current Ratio (Current Asset/Current Liability)		0.84	0.88	0.85

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	25.168	25.168	25.168
Reserves & Surplus	57.716	57.828	47.228
Share Application money pending allotment	0.000	0.000	0.000
Net worth	82.884	82.996	72.396
long-term borrowings	173.016	185.125	161.174
Short term borrowings	241.840	248.357	263.011
Total borrowings	414.856	433.482	424.185
Debt/Equity ratio	5.005	5.223	5.859

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Revenue from Operations	668.747	809.080	873.236
		20.984	7.930

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Revenue from Operations	668.747	809.080	873.236
Profit After Tax	6.325	0.113	(10.600)
	0.95%	0.01%	(1.21%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-------
22]	Litigations that the firm / promoter involved in	-------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	------
26]	Buyer visit details	------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10290156	27/05/2011	50,000,000.00	Bank of Baroda	Corporate Financial Services, 1st Floor, 'Bank Of Boroda', Opp. Law Garden, Ellisbridge Ahmedabad - 380006, Gujarat, India	B14269328
2	10282279	21/04/2011	95,300,000.00	Allahabad Bank	1, Ansari Road, Daryaganj, New Delhi - 110002, India	B11367943
3	10188878	12/08/2010 *	124,000,000.00	Allahabad Bank	1, Ansari Road, Daryaganj, New Delhi - 110002, India	A93563534
4	10188877	12/08/2010 *	250,000,000.00	Allahabad Bank	1, Ansari Road, Daryaganj, New Delhi - 110002, India	A93562932
5	10179918	26/09/2009	3,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India	A71399448

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
FROM COMPANIES
A.S. Technobuild Private Limited	28.570	28.570
Shree Metaliks Limited	22.137	22.137
RC Resources India Private Limited	10.049	10.049
Mohit Steel Industries Private Limited	3.400	0.000
Rashi Refractories Limited	6.460	6.460
Trinity Beverages Private Limited	12.500	12.500
FROM OTHERS Mohinder Goyal	0.300	0.300
Total	83.416	80.016

FINANCIAL RESULTS:

During the year, sale of company has increased from Rs. 824.200 Millions to Rs. 878.000 Millions registering growth of 6.53% over preceeding years. With the growth of sale, PBDIT has also increased from Rs. 72.800 Millions to Rs. 74.700 Millions. But due to increase in interest and depreciation and amortisation of expenses, company had to suffer losses of Rs. 10.600 Millions during the year.

During the year, Company has amortised expenses incurred by it on advertisement, sales promotion for brand building of “RC” and “KINGFISHER” to the tune of Rs. 10.400 Millions and due to which company has to suffer losses.

OPERATION AND FUTURE OUTLOOK :

Products of the company is getting good response from market as evidences from growth of sale of company. Company has commenced its operations in Eastern India during the year apart from continuation of operations in Northern, Western, Southern and Central India. Directors are taking initiatives to boost sale of the company and company has incurred expenses on advertisement, show organisation, sales promotion which will boost sale of company in near future. Further, Mineral water and flavoured water industry is growing at fast pace in India and with the growth of industry, sale of company will also grow.

CONTINGENT LIABILITIES

Particulars	As on 31.03.2013 (Rs. In Millions)
Estimated Amount of Contract remaining to be executed on Capital A/c and not provided for	NIL
Bills discounted	NIL
Letter of credit open	33.876
Guarantees given by bank for the business of the company against while counter guarantees are given	NIL

FIXED ASSETS:

· Land

· Building

· Office Building

· Plant and Machinery

· Office Equipment

· Computer

· Car

· Furniture and Fixtures

· Fax Machine

· Electric Installations

· Motorcycle

· Fire Extinguisher

· C.C. TV and Camera

· Vehicles

· Mobile Set

WEBSITE DETAILS

PROFILE

Iceberg Foods Limited embarked its business voyage 10 years back with an idea of production and marketing of Aqua (water) products, since then its endeavors have multiplied with times. Iceberg has a privilege of working with two major consumer brands which stand for their uniqueness. IFL strategizes its operations in order to achieve optimal output.

Iceberg is the largest franchisee for manufacturing and marketing of “Kingfisher” Packaged Drinking Water and Soda, trademark owned by UB group.  Extending this list of accomplishment is the manufacturing and marketing agreement with the popular “RC cola,” the third largest selling cola brand in the world, trademark is owned by “Royal Crown Cola International”, United States of America.

To embrace a quality oriented approach, the company has earned the ISO certificate, recognition for its commitment to pure and hygienic products. Powered by its excellent distribution system, Iceberg ensures on-time services to retail vendors.

The bottling of Kingfisher’s packaged drinking water is done in a fully automated plant equipped with all modern amenities for reverse osmosis, ionization and ultra filtration process. In addition the plant also has the most advanced pesticides removal system that efficiently eradicates the elements of pesticides from the water through carbon filtration process in accordance with the prescribed norms. For processing of water, Iceberg uses sophisticated and ultra modern machines so as the resultant is pure, safe and sweet packaged drinking water.

When it comes to refreshing drinks, RC Cola with its fresh and invigorating taste is winning the heart of every consumer world over. The unique aspect of this drink is its exciting taste that remains intact even if it is not cold. Strict quality testing methods are employed by the company for analysis of water samples and other ingredients, so as to give its consumers an outstanding beverage.

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.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.81

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.