MIRA INFORM REPORT

Report Date :

15.09.2014

IDENTIFICATION DETAILS

Name :	LOTUS DAIRY PRODUCTS PRIVATE LIMITED
Registered Office :	Plot No.1, District Shopping Center, 3^rd Floor, Madhav Plaza, Opposite J. P. Phatak, Sahakar Marg, Jaipur – 302015, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.09.2001
Com. Reg. No.:	17-017217
Capital Investment / Paid-up Capital :	Rs.10.300 Millions
CIN No.: [Company Identification No.]	U15203RJ2001PTC017217
TAN No.: [Tax Deduction & Collection Account No.]	JPRL01339C
PAN No.: [Permanent Account No.]	AAACL8670J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and processing of milk and milk products.
No. of Employees :	Information declined by the management

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 1200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 DENIED BY

Name :	Mr. Mohan Goyal
Designation :	Chartered Accountant
Contact No.:	91-9829269039
Date :	12.09.2014

LOCATIONS

Registered Office :	Plot No.1, District Shopping Center, 3^rd Floor, Madhav Plaza, Opposite J. P. Phatak, Sahakar Marg, Jaipur – 302015, Rajasthan, India
Tel. No.:	91-141-4078700
Mobile No.:	91-9829269039 (Mr. Mohan Goyal)
Fax No.:	Not Available
E-Mail :	mpk927@gmail.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Ashok Kumar Modi

Designation :

Director

Address :

Phad Bazar, Bikaner, Jaipur – 334001, Rajasthan, India

Date of Appointment :

08.04.2012

DIN No.:

00443618

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	U15499RJ1984PTC002945	MILK FOOD AIDS PRIVATE LIMITED	Director	28/03/1984	28/03/1984	-	Active	NO
2	U60231RJ1984PTC002961	PRAVEENRAJ TRANSPORT PRIVATE LIMITED	Director	03/04/1984	03/04/1984	-	Active	NO
3	U65929RJ1996PTC039663	NATRAJ FINLEASE PRIVATE LIMITED	Director	01/12/1996	01/12/1996	27/01/2011	Active	NO
4	U74899RJ1993PTC039664	VIBHUTI INTEGRATED FINANCE PRIVATE LIMITED	Director	25/05/1999	25/05/1999	27/01/2011	Active	NO
5	U01122RJ2006PTC023019	AKANASHA AGROCHEM PRIVATE LIMITED	Director	30/09/2009	02/04/2009	02/11/2012	Active	NO
6	U15203RJ2001PTC017217	LOTUS DAIRY PRODUCTS PRIVATE LIMITED	Additional director	08/04/2012	02/04/2010	-	Active	NO
7	U45201RJ2005PTC021816	MAHENDRA SINGH LAND PRIVATE LIMITED	Director	26/12/2012	26/12/2012	-	Active	NO

Name :

Mr. Dharam Dev Verma

Designation :

Director

Address :

2/09 SFS Agarwal Farm, Mansarovar, Jaipur – 302020, Rajasthan, India

Date of Appointment :

25.11.2003

DIN No.:

01161158

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	U15203RJ2001PTC017217	LOTUS DAIRY PRODUCTS PRIVATE LIMITED	Director	25/11/2003	25/11/2003	-	Active	NO
2	U51229DL2004PTC126701	DEV MILK FOODS PRIVATE LIMITED.	Director	01/06/2004	01/06/2004	16/09/2010	Active	NO
3	U15209RJ2010PTC032351	Lotus Farmfresh Foods Private Limited	Director	12/07/2010	12/07/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mohan Goyal
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Rahul Verma	2845
Uma Shankar Sharma	2495
Krishna Devi Khatri	2010
Sunita khatri	2000
Diwakar Khatri	1000
Kavita Khatri	1000
Bhanwar Lal Modi	15000
Praveen Raj Transport Private Limited	45000
Vibhuti Integrated Finance Private Limited	100000
Natraj Finalease Private Limited	322500
Dharam Dev Verma	105360
Praveen Modi	11490
Rohit verma	40350
D. .D. Verma (HUF)	40000
Seema Polyplast Private Limited in the name of BB Malik	20000
Epic Vyapaars Private Limited	160000
Dev Milk Foods Private Limited	150000
Sushila Devi	8250
Raj Verma	350
Priyanka Verma	350
Total	1030000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Bodies corporate	77.43
Directors or relatives of Directors	21.36
Other top fifty shareholders	1.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and processing of milk and milk products.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Punjab National Bank, Rani Bazar, Bikaner, Rajasthan, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loans from banks	39.944	15.000
Short Term Borrowings
Term loans from banks	32.286	12.561
Total	72.230	27.561

Banking Relations :	--
Auditors :
Name :	Manish Borad and Company Chartered Accountants
Address :	208, Saraogi Mansion, M. I. Road, Jaipur and Branch, Address is – 949, Barkat Nagar, Kishan Marg, Tonk Road, Jaipur – 302015, Rajasthan, India
PAN No.:	AANFM8702A

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1030000	Equity Shares	Rs.10/- each	Rs.10.300 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	10.300	10.300	10.300
(b) Reserves & Surplus	298.959	224.121	146.267
(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)	309.259	234.421	156.567
(3) Non-Current Liabilities
(a) long-term borrowings	55.000	15.000	0.000
(b) Deferred tax liabilities (Net)	0.288	0.000	0.422
(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)	55.288	15.000	0.422
(4) Current Liabilities
(a) Short term borrowings	32.286	12.561	12.786
(b) Trade payables	66.683	77.401	67.146
(c) Other current liabilities	44.706	42.208	30.268
(d) Short-term provisions	36.668	36.752	26.128
Total Current Liabilities (4)	180.343	168.922	136.328
TOTAL	544.890	418.343	293.317
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	99.458	86.885	66.570
(ii) Intangible Assets	0.105	0.000	0.000
(iii) Capital work-in-progress	289.603	154.083	50.891
(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	0.039	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	389.166	241.007	117.461
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	51.010	51.093	34.697
(c) Trade receivables	39.936	68.598	64.822
(d) Cash and cash equivalents	14.384	9.835	14.331
(e) Short-term loans and advances	50.394	47.810	58.898
(f) Other current assets	0.000	0.000	3.108
Total Current Assets	155.724	177.336	175.856
TOTAL	544.890	418.343	293.317

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)	112.696	114.165	78.327
Less	TAX (H)	37.531	36.773	26.736
	PROFIT/(LOSS) AFTER TAX (G-H) (I)	75.165	77.392	51.591
	Earnings Per Share (Rs.)	72.98	--	--

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	44.14	43.21	32.31
Return on Investment (ROI) (PBT/Networth)		0.36	0.49	0.50
Debt Equity Ratio (Total Debt /Networth)		0.28	0.12	0.08
Current Ratio (Current Asset/Current Liability)		0.86	1.05	1.29

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	10.300	10.300	10.300
Reserves & Surplus	146.267	224.121	298.959
Net worth	156.567	234.421	309.259
long-term borrowings	0.000	15.000	55.000
Short term borrowings	12.786	12.561	32.286
Total borrowings	12.786	27.561	87.286
Debt/Equity ratio	0.082	0.118	0.282

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	No
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	No
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	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Other loans and advances	15.056	0.000
Total	15.056	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10454039	13/09/2013	124,200,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B87096814
2	10258511	29/10/2013 *	170,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B89221212

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.84
UK Pound	1	Rs.98.73
Euro	1	Rs.78.64

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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 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.