MIRA INFORM REPORT

Report No. :	316134
Report Date :	06.04.2015

IDENTIFICATION DETAILS

Name :	CARLSBERG INDIA PRIVATE LIMITED (w.e.f. 23.02.2009)

Formerly Known As :	SOUTH ASIA BREWERIES PRIVATE LIMITED

Registered Office :	4^th Floor, Rectangle No.1, Commercial Complex, D4, Saket, New Delhi – 110 017

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	03.05.2006

Com. Reg. No.:	55-148579

Capital Investment / Paid-up Capital :	Rs.793.673 million

CIN No.: [Company Identification No.]	U15111DL2006PTC148579

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAJCS8454J

Legal Form :	Private Limited Liability Company

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

No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 22000000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a step down subsidiary of Carlsberg A/S, Denmark. It is an established company having satisfactory track record. The company is continuously incurring losses from its operational activities however net worth of the company is strong. The rating also takes into consideration company strong band image and established market position in alcoholic segment. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. In view of strong holding company support backed by established brand name, the company can be considered normal for business dealings at usual trade terms and conditions. NOTE: Management of the company has changed its financial year from (December 31.12.2012 to March 31.03.2014) ranging from 1^st January 2013 to 31^st March 2014 from 15^th Months.

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 DECLINED BY

Name :	Mr. Saurabh Vaidya
Designation :	Account Executive
Contact No.:	91-240-2555102
Date :	04.04.2015

LOCATIONS

Registered Office :	4^th Floor, Rectangle No.1, Commercial Complex, D4, Saket, New Delhi – 110 017, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	roopali.singh@carlsberg.asia india.consumermanager@carlsberg.asia roopalis@carlsberg.in
Website :	www.carlsbergindia.com

Corporate Office :	5^th Floor, Paras Twin Towers, Tower B, Sector-54, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4554444/ 4554411
Fax No.:	91-124-4554499

Plant 1 :	Tokian, Paonta Sahib, District Sirmaur – 173 021, Himachal Pradesh, lndia
Tel. No.:	91-1704-645401/ 416
Fax No.:	91-1704-255161

Plant 2 :	SP 1-4 and B5-8, MIA Extension, Alwar – 301 030, Rajasthan, India
Tel. No.:	91-144-2881176
Fax No.:	91-144-2881177

Plant 3 :	H-17/1/1, MIDC Waluj, Aurangabad – 431 136, Maharashtra, India
Tel. No.:	91-240-2555101-2
Fax No.:	91-240-255103

Plant 4 :	Survey No.281/293, Mallepally, Kondapur (M), District Medak – 502 295, Andhra Pradesh, India
Tel. No.:	91-8455-230113/ 114/ 116
Fax No.:	91-8455-230116

DIRECTORS

As on 24.12.2014

Name :

Michael Norgaard Jensen

Designation :

Managing Director

Address :

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

Date of Birth/Age :

21.09.1961

Date of Appointment :

17.06.2014

DIN No.:

06598923

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Managing director	17-06-14	01-06-13	-	Active	NO
2	U15531WB2005PLC104895	PARAG BREWERIES LIMITED	Additional director	31-03-15	31-03-15	-	Active	NO

Name :

Mr. Pawan Kumar Jagetia

Designation :

Managing Director*

Address :

Flat no. 12, 02 Tower, A-3 World SPA Sector 30 ,Near Sector 31, Market, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

29.03.1972

Date of Appointment :

24.12.2014

DIN No.:

06981563

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Managing director	24-12-14	26-09-14	-	Active	NO

Name :

Mr. Zubair Ahmed

Designation :

Director

Address :

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

Date of Birth/Age :

16.05.1953

Date of Appointment :

30.09.2009

DIN No.:

00182990

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24231PB1958PLC002257	GLAXOSMITHKLINE CONSUMER HEALTHCARE LIMITED	Managing director	01-06-13	01-01-07	-	Active	NO
2	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Director	30-09-09	28-10-08	16-01-15	Active	NO
3	U45400DL1990PLC042200	RAHEJA DEVELOPERS LIMITED	Director	25-02-15	20-08-09	-	Active	NO

Name :

Mr. Surender Kumar Atri

Designation :

Director

Address :

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

Date of Birth/Age :

03.09.1949

Date of Appointment :

01.11.2007

DIN No.:

01459310

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Director	01-11-07	15-03-07	-	Active	NO
2	U15122DL2013PTC261418	LHOTSE FOOD PRODUCTS PRIVATE LIMITED	Director	29-12-14	06-01-14	-	Active	NO

Name :

Mr. Krishnan Ramesh

Designation :

Whole –time director

Address :

Flat No. 801, Tower – E, Uniworld City, Sector – 30, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

22.08.1963

Date of Appointment :

17.06.2014

DIN No.:

05340141

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	U99999MH1993PTC080795	DIAGEO INDIA PRIVATE LIMITED	Director	26-12-12	24-07-12	23-03-14	Active	NO
2	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Whole-time director	24-12-14	17-06-14	-	Active	NO

Name :

Roland Arthur Lawrence

Designation :

Director

Address :

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

Date of Birth/Age :

03.02.1959

Date of Appointment :

29.06.2013

DIN No.:

06367644

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15111DL2006PTC148579	CARLSBERG INDIA PRIVATE LIMITED	Director	29-06-13	21-08-12	-	Active	NO

* Appointed as Deputy Managing Director.

KEY EXECUTIVES

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

Name :	Mr. Saurabh Vaidya
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.12.2014

Names of Shareholders (Equity Shares)	No. of Shares
South Asian Breweries Pte Limited, Singapore	57018875
Carlsberg Asia Pte Limited, Singapore	1
Total	57018876

Names of Shareholders (Preference Shares)

No. of Shares

South Asian Breweries Pte Limited, Singapore

24511333

Total

24511333

Equity Share Break up (Percentage of Total Equity)

As on 24.12.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

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

Products :

ITC Code

Product Description

2203

Beer

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

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

Facilities :

Secured Loan	31.03.2014 (15 Months) (Rs. in Million)	31.12.2012 (12 Months) (Rs. in Million)
Long-term Borrowings
Term loans from banks	375.000	500.000
Short-term borrowings
Rupee term loans from banks	300.000	500.000
Working capital loans from banks	1725.598	674.302
Total	2400.598	1674.302


Banking Relations :	--

Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Building No. 10, 8Th Floor, Tower-B, DLF Cyber City, Phase-I, Gurgaon, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFB0630K

Memberships :	--

Collaborators :	--

Ultimate holding company:	Carlsberg A/S, Denmark

Holding company:	South Asian Breweries Pte. Limited., Singapore

Subsidiary companies:	Parag Breweries Limited, India [U15531WB2005PLC104895] Kool Breweries Limited, India (w.e.f 22 October 2012 till 31 March 2013) [U15511HR1993PLC034802]

Fellow subsidiaries:	Carlsberg Brewery Malaysia Berhad, Selangor Darul Ehsan, Malaysia Carlsberg Breweries A/S, Denmark Gorkha Brewery Pvt. Limited., Nepal The Lion Brewery Ceylon, Biyagama, Srilanka Carlsberg Singapore Pte Limited., Singapore Carlsberg South Asia Pte Limited Singapore Carlsberg Brewery Hong Kong Limited., Hong Kong, China Carlsberg Supply Company AG (earlier known as Carlsberg Group Procurement AG.),Rheinfelden Carlsberg Procurement (Shenzhen) Company Limited, China Carlsberg Srbija d.o.o., Serbia Baltika Breweries, Russia Carlsberg Svierge AB, Sweden Feldschtosschen Getranke, Rheinfelden Carlsberg Danmark A/s, Denmark Brasseries Kronenbourg, France Carlsberg Indochina Limited, Thailand Carlsberg UK Limited, UK Myanmar Carlsberg Company Limited., Myanmar

Enterprise over which key management personnel Have:	Kool International (Till 10 August 2013) Rimmels International Private Limited (Till 10 August 2013)

CAPITAL STRUCTURE

As on 24.12.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
57018876	Equity Shares	Rs.10/- each	Rs.570.189 Million
24511333	Preference Shares	Rs.10/- each	Rs.245.113 Million
	Total		Rs.815.302 Million

As on 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	793.673	764.334	716.489
(b) Reserves & Surplus	6566.399	5607.331	1850.177
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	273.056	13.432	466.709
Total Shareholders’ Funds (1) + (2)	7633.128	6385.097	3033.375

(3) Non-Current Liabilities
(a) long-term borrowings	375.000	500.000	590.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	50.271	24.897	12.704
Total Non-current Liabilities (3)	425.271	524.897	602.704

(4) Current Liabilities
(a) Short term borrowings	2025.598	1174.302	1944.440
(b) Trade payables	1868.996	763.610	841.100
(c) Other current liabilities	735.815	521.558	660.387
(d) Short-term provisions	42.718	36.098	63.411
Total Current Liabilities (4)	4673.127	2495.568	3509.338

TOTAL	12731.526	9405.562	7145.417

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6933.053	4498.669	3657.711
(ii) Intangible Assets	14.581	12.007	11.828
(iii) Capital work-in-progress	410.864	135.649	581.741
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	988.329	1713.115	616.176
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	90.063	619.297	512.907
(e) Other Non-current assets	1.000	0.545	1.945
Total Non-Current Assets	8437.890	6979.282	5382.308

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1121.627	378.103	428.609
(c) Trade receivables	2418.971	1454.693	991.081
(d) Cash and cash equivalents	176.342	94.420	62.872
(e) Short-term loans and advances	364.012	210.223	104.173
(f) Other current assets	212.684	288.841	176.374
Total Current Assets	4293.636	2426.280	1763.109

TOTAL	12731.526	9405.562	7145.417

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014 (15 Months)	31.12.2012 (12 Months)
	SALES
	Income	6215.670	4134.635
	Other Operating Revenue	84.529	51.313
	Other Income	106.589	163.688
	TOTAL	6406.788	4349.636

Less	EXPENSES	8556.974	6035.247

	LOSS BEFORE EXCEPTIONAL ITEMS AND TAX	(2150.186)	(1685.611)

Less/ Add	EXCEPTIONAL ITEMS	42.326	0.000

	PROFIT/ (LOSS) BEFORE TAX	(2192.512)	(1685.611)

Less	TAX	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX	(2192.512)	(1685.611)

	IMPORTS
	Raw materials and packing materials	242.286	178.750
	Capital goods	318.441	99.887
	Stores and spares	10.608	2.802
	TOTAL IMPORTS	571.335	281.439

	Earnings / (Loss) Per Share (Rs.)	(41.14)	(34.34)

	PARTICULARS	31.12.2011 (12 Months)
	SALES
	Income	2788.512
	Other Operating Revenue	133.438
	Other Income	NA
	TOTAL	NA

Less	EXPENSES	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(1640.105)

Less/ Add	DEPRECIATION/ AMORTISATION	260.140

	PROFIT/ (LOSS) BEFORE TAX	(1900.245)

Less	TAX	0.000

	PROFIT/ (LOSS) AFTER TAX	(1900.245)

	Raw materials and packing materials	96.692
	Capital goods	78.975
	Stores and spares	8.005
	TOTAL IMPORTS	183.672

	Earnings / (Loss) Per Share (Rs.)	(43.49)

KEY RATIOS

PARTICULARS		31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
Net Profit Margin (PAT / Sales)	(%)	(35.27)	(40.77)	(68.15)

Return on Total Assets (PBT/Total Assets}	(%)	(19.35)	(22.31)	(31.95)

Return on Investment (ROI) (PBT/Networth)		(0.29)	(0.26)	(0.63)

Debt Equity Ratio (Total Debt /Networth)		0.31	0.26	0.84

Current Ratio (Current Asset/Current Liability)		0.92	0.97	0.50

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	716.489	764.334	793.673
Reserves & Surplus	1850.177	5607.331	6566.399
Share Application money pending allotment	466.709	13.432	273.056
Net worth	3033.375	6385.097	7633.128

long-term borrowings	590.000	500.000	375.000
Short term borrowings	1944.440	1174.302	2025.598
Total borrowings	2534.440	1674.302	2400.598
Debt/Equity ratio	0.836	0.262	0.314

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2788.512	4134.635	6215.670
		48.274	50.332

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2788.512	4134.635	6215.670
Profit	(1900.245)	(1685.611)	(2192.512)
	(68.15%)	(40.77%)	(35.27%)

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	No

NOTE:

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

FINANCIAL PERFORMANCE

The turnover of the company for the period ended on 31st March, 2014 increased by 50% over the previous year from Rs. 4134.630 million to Rs. 6215.670 million. The company, however reports loss for the period under review, mainly due to increase in Personnel cost, expansion of the breweries, investments in brand and interest expenses on capital investments in creating manufacturing capacities in line with their long term business objective to become the leading player in Indian beer market across all segments by offering premium international quality products to the Indian consumers.

MANAGEMENT REVIEW AND ANALYSIS

A. OPERATIONAL PERFORMANCE

During fifteen months period from January 2013 to March 2014, the Company has undertaken capacity Expansion of its Plant at Poanta Sahib and has also planned expansion at its Plant at Dharuhera and Kolkata in this year. The Company inaugurated the operations of its 6th brewery in Haryana in May, 2013 and its 7th brewery became operational at Bihar in May, 2014. With these expansions, the Directors are confident of gaining sizeable share in the Market and strengthening the position of the Company in India. The Directors are confident that with enhanced production capacities and with the addition Breweries, the Company will consolidate and strengthen its position in India.

In order to become the fastest growing Beer company in India the Company has developed a strategy plan for next three years titled as Mission K-2 whereby the Company seeks to strengthen its market share by delivering its eight How to Wins and focusing on key states and cities. The Company has saved costs and reduced its recycled bottle usage ratio with its various Strategic initiatives taken to improve costs:

Prodex for improving cost of production, cost of transportation and warehousing, Demand Planning and Inventory Replenishment, Supply Planning and Label Registration under the Logex Efficient Bottle Procurement and Collection System (Recycle Bottle retrieval) under the domain BottleEx.

The Directors are hopeful that sustained effort in these areas would provide Long term benefits to the Company.

The directors are pleased to inform the that the Company has been able to retain its No. 3?position in the Indian Beer Market and garnered around 10.8% market share with an overall growth of upto 61%.

The Directors are pleased to inform you that the Company earned the following prestigious Carlsberg Group Awards as under:

(a) Their consumers and customers are at the heart of every decision they make for Tuborgs growth

(b) They Want to Win for PocureEx and BottleEx

BACKGROUND

The Company is primarily engaged in the business of manufacturing and sale of alcoholic beer. The Company was incorporated in 2006 and has established breweries, spread across various parts of the country.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10288067	30/06/2011 *	1,000,000,000.00	THE BANK OF TOKYO-MITSUBISHI UFJ. LTD.	JEEVAN VIHAR BUILDING, 3, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	B17122722
2	10179712	03/06/2013 *	2,600,000,000.00	BNP PARIBAS	EAST TOWER (SOOD TOWER), 8TH FLOOR, 25, BARAKHAMB A ROAD, NEW DELHI, DELHI - 110001, INDIA	B78582400

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014 (15 Months)	31.12.2012 (12 Months)

Corporate guarantee to BNP Paribas against loan to Parag Breweries Limited	500.000	390.000
Dividend on 2% cumulative preference shares (including corporate dividend tax) (from 15 March 2007)	40.446	33.077
Claims not acknowledged as debts (to the extent quantified)	18.610	10.845
Service tax demands*	102.605	25.499
Sales tax*	241.663	0.000
Others #	4.629	4.629
*Include cases amounting to Rs. 253.535 Million (Previous year Rs. 6.521 Million) filed subsequent to balance sheet date. # The Company acquired the assets of Himneel Breweries Limited (HBL) from Industrial Finance Corporation of India (IFCI) in May 2007. At the time of acquisition, recovery proceedings were pending against HBL for Provident Fund (PF) dues prior to 2007 by the Employees Provident Fund Organization (EPFO), Himachal Pradesh. HBL had, against the said recovery proceedings, obtained a stay order from the Provident Fund Tribunal. The Company had received a notice from the EPFO on 19 November 2007 for the recovery of Provident Fund dues against the brewery which was acquired and being operated by the Company. In 2008, the EPFO got the Provident Fund Tribunal stay order vacated from the High Court of Himachal Pradesh and issued notice to the Company on 11 September 2008 for the recovery of old dues amounting to Rs. 4.629 Million pertaining to liability of HBL. Subsequently, the EPFO on 6 January 2009 attached one bank account of the Company against which the Company filed a Writ Petition in the High Court of Himachal Pradesh stating that the Company is not liable to pay these dues as this liability accrues to HBL and HBL is contesting the matter before the Provident Fund Tribunal. The High Court of Himachal Pradesh admitted the Writ Petition of the Company and granted stay order on 9 January 2009 subject to submission of bank guarantee of Rs. 3.476 Million by the Company, which has been done. The Company’s bank account has been released. However, pending the final outcome of the case, the amount has been disclosed as a contingent liability.

FIXED ASSETS

Tangible assets

Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment

Intangible assets

Brands and trade marks
Computer software

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	DIV

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit