MIRA INFORM REPORT

Report Date :

11.10.2014

IDENTIFICATION DETAILS

Name :	PARAM DAIRY LIMITED
Registered Office :	Param Tower, 11/5B, Pusa Road. New Delhi – 110005, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.08.1990
Com. Reg. No.:	55-041329
Capital Investment / Paid-up Capital :	Rs. 42.400 Millions
CIN No.: [Company Identification No.]	U74899DL1990PLC041329
PAN No.: [Permanent Account No.]	AACOP8066C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dairy Products.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 680000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED (GENERAL DETAILS)

Name :	Ms. Rita
Designation :	Admin Department
Contact No.:	91-11-25820071
Date :	06.10.2014

LOCATIONS

Registered Office :	Param Tower, 11/5B, Pusa Road. New Delhi – 110005, Delhi, India
Tel. No. :	91-11-25820071 / 25820072 / 25820073 / 25820074
Mobile No. :	91-9810775556 (Mrs. Namita)
Fax No. :	91-11-25820071 / 25820072 / 25820073 / 25820074
E-Mail :	param@paramdairy.com
Website :	http://www.paramdairy.com
Factory :	Param Nagar, G. T. Road, Khurja, Bhuland Shahar, Uttar Pradesh

DIRECTORS

As on 30.09.2013

Name :

Mr. Rajeev Kumar

Designation :

Managing Director

Address :

Rama Kuteer, DM Colony Road, Bulandshahr – 203001, Uttar Pradesh, India

Date of Birth/Age :

27.08.1969

Date of Appointment :

01.04.2011

PAN No.:

ADPPK0460Q

DIN No. :

00277139

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	U15499DL1989PTC036095	RAMA HYGIENIC PRODUCTS PRIVATE LIMITED	Director	02/05/1989	02/05/1989	-	Active	NO
2	U74899DL1993PLC053350	RAMA DAIRY PRODUCTS LIMITED	Director	30/04/1993	30/04/1993	01/10/2007	Active	NO
3	U74899DL1990PLC041329	PARAM DAIRY LIMITED	Managing director	01/04/2011	01/04/1997	-	Active	NO
4	U15549DL2000PTC105394	RAMA BREWERY PRODUCTS PRIVATE LIMITED	Director	25/04/2000	25/04/2000	-	Active	NO
5	U51909DL1998PTC091885	RAMA ALLIED PRODUCTS MARKETING PRIVATE LIMITED	Director	22/12/2000	22/12/2000	-	Active	NO
6	U74899DL2001PLC111769	PARAM INDIA LTD	Managing director	10/03/2009	23/08/2001	-	Active	NO

Name :

Ms. Leena agarwal

Designation :

Director

Address :

Rama Kuteer, DM Colony Road, Bulandshahr – 203001, Uttar Pradesh, India

Date of Birth/Age :

29.06.1975

Date of Appointment :

PAN No. :

AAPPL3326H

DIN No. :

02397090

Name :

Ms. Namita kumar

Designation :

Whole time director

Address :

Rama Kuteer, DM Colony Road, Bulandshahr – 203001, Uttar Pradesh, India

Date of Birth/Age :

20.08.12970

Date of Appointment :

03.10.2009

PAN No. :

ADFPN9834M

DIN No. :

00317640

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	U74899DL1997PTC087721	RAMA PASHU AAHAR PRIVATE LIMITED	DIRECTOR	03/03/1999	03/03/1999	-	Active	NO
2	U74899DL2001PLC111769	PARAM INDIA LTD	DIRECTOR	23/07/2009	23/08/2001	-	Active	NO
3	U74899DL1990PLC041329	PARAM DAIRY LIMITED	WHOLE-TIME DIRECTOR	03/10/2009	17/04/2002	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Rita
Designation :	Admin Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Mr. Rajeev Kumar	28900
Mr. Sanjeev Kumar	65500
Mr. Ram Gopal	35700
Mr. Sunil Kumar	18300
Smt. Santosh Devi	15000
Smt. Poonam	2600
Smt. Namita	79000
Smt. Leena	30000
Smt. Kamlesh Devi	25000
Smt. Neha Garg	1000
Mr. Pravin Aggarwal	1000
Mr. Jagdish	1000
Mr. Tinu	1000
Mr. Om Praksh Singh	1000
Mr. Nafees Ahmad Khan	3000
Mr.Abhay Kant Singhal	1000
Mr. Hariom	1000
Smt. Ruchi Aggarwal	1000
Mr. Moolchand	1000
Smt. Bhagwati Devi	1000
Mr. Nitin Kumar Gupta	1000
Mr. Anand Kumar	1000
Smt. Anita Gupts	1000
Mr. Dinesh Goyal	1000
Mr. Yash Kumr Gupta	1000
Smt. Sunita Rani	2000
M/. Moderate Credit Corporate Limited, India	50000
Nr, Neeraj Garg	1000
Mr. Amit Maheshwari	1000
Mr. Sunil Kumar Singhal	16000
Mr. Sudhir Aggarwal	1000
Mr. Shiv Kumar Goel	20000
Mr. Balbir Singh	15000
Total	424000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	11.78
Directors or relatives of Directors	88.22
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Dairy Products.

Products :

• Dairy Whitener
• Liquid Milk
• Paneer
• Flavored Milk
• Dahi
• Chhach
• White Butter

Item Code No. (ITC Code)	Product Description
0405	Milk and Milk Product
0405200	Dairy Spreads

Exports :

Products :

• Dairy Products

Countries :

• Dubai
• Philippines

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

• Yes Bank, Nehru Centra, Worli, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans from Banks	50.446	0.000
SHORT TERM BORROWINGS
Rupee Term Loans from Banks	139.540	132.426
Total	189.986	132.426

Banking Relations :	--
Auditors :
Name :	Anuj Kumar Gupta and Company Chartered Accountants
Address :	354, LGF, sector 47, Gurgaon – 122018, Haryana, India
PAN No. :	AAEPG1653M
Related Party :	Rama Dairy. India

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
424000	Equity Shares	Rs.100/- each	Rs. 42.400 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	42.400	42.400	42.400
(b) Reserves & Surplus	128.136	104.868	88.108
(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)	170.536	147.268	130.508
(3) Non-Current Liabilities
(a) long-term borrowings	67.182	22.784	18.437
(b) Deferred tax liabilities (Net)	18.184	14.495	12.666
(c) Other long term liabilities	7.626	7.894	7.714
(d) long-term provisions	1.686	1.560	1.478
Total Non-current Liabilities (3)	94.678	46.733	40.295
(4) Current Liabilities
(a) Short term borrowings	139.540	132.426	121.681
(b) Trade payables	131.847	122.080	70.462
(c) Other current liabilities	10.122	17.142	6.732
(d) Short-term provisions	0.164	0.131	0.120
Total Current Liabilities (4)	281.674	271.779	198.995
TOTAL	546.888	465.780	369.798
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	155.526	120.065	110.119
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	44.045	3.999	3.999
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.800	5.800	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.104	6.576	7.309
(e) Other Non-current assets	15.736	10.345	17.531
Total Non-Current Assets	230.211	146.785	138.958
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	149.351	135.417	90.943
(c) Trade receivables	131.374	142.342	93.302
(d) Cash and cash equivalents	30.355	20.760	29.755
(e) Short-term loans and advances	1.588	18.227	15.987
(f) Other current assets	4.009	2.249	0.853
Total Current Assets	316.677	318.995	230.840
TOTAL	546.888	465.780	369.798

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3638.339	3510.476	2882.020
		Other Income	1.171	0.300	0.146
		TOTAL	3639.510	3510.776	2882.166
Less	EXPENSES
		Cost of Materials Consumed	3326.981	3178.466	2551.820
		Purchases of Stock-in-Trade	54.469	132.843	89.354
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(14.133)	(44.577)	42.338
		Employees benefits expense	15.074	11.549	12.712
		Other expenses	202.591	185.714	151.925
		TOTAL (B)	3584.982	3463.995	2848.149
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		54.528	46.781	34.017
Less	FINANCIAL EXPENSES		11.215	13.549	12.136
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		43.313	33.232	21.881
Less/ Add	DEPRECIATION/ AMORTISATION		9.198	7.613	6.703
	PROFIT/ (LOSS) BEFORE TAX		34.115	25.619	15.178
Less	TAX		10.848	8.859	4.522
	PROFIT/ (LOSS) AFTER TAX		23.267	16.760	10.656
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		104.868	88.108	77.452
	BALANCE CARRIED TO THE B/S		128.135	104.868	88.108
	Earnings / (Loss) Per Share (Rs.)		54.88	39.53	25.13

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.64	0.48	0.37
Net Profit Margin (PBT/Sales)	(%)	0.94	0.73	0.53
Return on Total Assets (PBT/Total Assets}	(%)	6.86	5.62	4.15
Return on Investment (ROI) (PBT/Networth)		0.20	0.17	0.12
Debt Equity Ratio (Total Debt/Networth)		1.21	1.05	1.07
Current Ratio (Current Asset/Current Liability)		1.12	1.17	1.16

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	42.400	42.400	42.400
Reserves & Surplus	88.108	104.868	128.136
Net worth	130.508	147.268	170.536
long-term borrowings	18.437	22.784	67.182
Short term borrowings	121.681	132.426	139.540
Total borrowings	140.118	155.210	206.722
Debt/Equity ratio	1.074	1.054	1.212

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	2882.020	3510.476	3638.339
		21.806	3.642

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	2882.020	3510.476	3638.339
Profit	10.656	16.760	23.267
	0.37%	0.48%	0.64%

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	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

(Rs. In Millions)

PARTICULAR	31.03.2013	31.03.2012
LONG TERM BORROWINGS
Loans and Advances from Related Parties	16.736	22.784
Total	16.736	22.784

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90042256	28/04/2006 *	170,000,000.00	BANK OF BARODA	BULANDSHAHR (MAIN), CIVIL LINES, BULANDSHAHR, Utta  r Pradesh - 203001, INDIA	-

* Date of charge modification

FIXED ASSETS

• Computer Equipments
• Office Equipment
• Vehicles
• Furniture and Fixtures
• Plant and Equipment
• Factory Equipments
• Plant and Machinery
• Land and Building

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.61.16
UK Pound	1	Rs.98.62
Euro	1	Rs.77.67

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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 unfavorable 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.