MIRA INFORM REPORT

Report No. :	355945
Report Date :	28.12.2015

IDENTIFICATION DETAILS

Name :	DINSHAW’S DAIRY FOODS PRIVATE LIMITED (w.e.f. 19.01.2015)
Formerly Known As :	DINSHAW’S DAIRY FOODS LIMITED (w.e.f. 27.03.2001) DINSHAW’S DAIRY FOODS PRIVATE LIMITED
Registered Office :	Gittikhadan Gorewada Road, Nagpur – 440013, Maharashtra
Tel. No.:	91-712-6605661/ 2
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	19.08.1998
Com. Reg. No.:	11-116277
Capital Investment / Paid-up Capital :	Rs.65.000 Million
CIN No.: [Company Identification No.]	U15200MH1998PTC116277
IEC No.:	Not Applicable [As claimed by Company management the company does not Export and Import]
TAN No.: [Tax Deduction & Collection Account No.]	NGPD00368E
PAN No.: [Permanent Account No.]	AAACD6125G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ice-Cream, Milk Products, Bakery Products. (Confirmed by Management)
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1998 with the name of DINSHAW’S DAIRY LIMITED which later got converted into private limited and its name changed to DINSHAW’S DAIRY FOODS Private Limited with effect from 19^th January 2015. The company possesses healthy revenue base marked by satisfactory profit margin. Operational performance has improved has compared to previous year. The company has decent net worth base but reported huge unfavourable gap between trade payables and receivables and decline in its cash accruals. However, rating takes into consideration the company’s established market position and efficient distribution network. Trade relations are fair. Business is active. Payments are regular and as per commitment. In view of promoter’s extensive industry experience, the company can be considered 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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	CRISIL
Rating	Long Term Rating = (A-)
Rating Explanation	Adequate degree of safety and low credit risk
Date	14.05.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = (A2+)
Rating Explanation	Short degree of safety and low credit risk
Date	14.05.2015

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ashish Thadani
Designation :	Account Manager
Contact No.:	91-9923409669
Date :	22.12.2015

LOCATIONS

Registered/ Head Office :	Gittikhadan Gorewada Road, Nagpur – 440 013, Maharashtra, India
Tel. No.:	91-712-6605661/2
Fax No.:	91-712-2581302
Mob. No.:	91-9923409669 (Mr. Ashish Thadani)
E-Mail :	customerdelight@dinshaws.co.in
Website :	http://www.dinshaws.co.in
Location:	Owned
Location:	Commercial
Factory 1 :	K-41/42, Five Star Industrial Estate, Bittibari, Nagpur, Maharashtra, India
Tel. No.:	91-7104-6642646
Location:	Leased
Corporate Office :	B/201, Oberoi Chambers, Opposite Sub T.V. Andheri (West), Maharashtra, India
Location:	Rented

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Aspi Dinshaw Bapuna

Designation :

Director

Address :

Banaz, Byramji Town, Nagpur - 440013, Maharashtra, India

Date of Birth/Age :

23.01.1950

Date of Appointment :

11.10.2002

PAN No.:

AAACD6029K

DIN No.:

00503539

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	U15500MH1985PLC037069	AJANTA DISTILLERIES LIMITED	Director	09/11/1985	09/11/1985	-	Active	NO
2	U15500MH1985PTC037057	VANDANA DISTILLERIES PRIVATE LIMITED	Director	19/02/1986	19/02/1986	-	Active	NO
3	U55200MH1984PTC032855	ORANGECITY HOTELS LIMITED	Director	01/01/1990	01/01/1990	-	Active	NO
4	U51909MH1991PTC060950	LACEY TRADING COMPANY PRIVATE LIMITED	Director	08/06/1992	08/06/1992	-	Active	NO
5	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Additional director	01/04/2015	16/06/1994	06/06/2015	Active	NO
6	U65910MH1985PLC035394	PREM KUTIR ESTATES AND PROPERTIES LTD	Director	01/08/1995	01/08/1995	-	Active	NO
7	U15520MH1996PTC096393	TRIPTI ALCOBREW PRIVATE LIMITED	Director	18/01/1996	18/01/1996	-	Active	NO
8	U51900MH1984PLC034747	BHAVANA COMMERCIAL ENTERPRISES LIMITED	Director	01/06/1998	01/06/1998	-	Active	NO
9	U15500MH1971PLC014983	RAMON DISTILLERIES LIMITED	Director	30/09/1998	30/09/1998	-	Active	NO
10	U65910MH1989PLC051014	SONA FINANCE AND LEASING LIMITED	Director	22/09/2000	22/09/2000	-	Active	NO
11	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMITED	Director	28/09/2000	28/09/2000	29/03/2010	Active	NO
12	U15510PN2002PTC020018	ASSOCIATED BLENDERS PRIVATE LIMITED	Director	21/02/2002	21/02/2002	03/01/2011	Active	NO
13	U65910MH2002PLC137466	PURBANCHAL FINANCE LIMITED	Director	04/10/2002	04/10/2002	-	Active	NO
14	U15200MH1998PTC116277	DINSHAW S DAIRY FOODS PRIVATE LIMITED	Director	11/10/2002	11/10/2002	-	Active	NO
15	U67120MH1999PTC118718	DINSHAW'S HOLDINGS PRIVATE LIMITED	Director	30/04/2004	30/04/2004	-	Active	NO
16	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02/09/2004	02/09/2004	-	Active	NO
17	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	25/06/2007	25/06/2007	-	Amalgamated	NO

Name :

Mr. Abad Dinshaw Bapuna

Designation :

Director

Address :

Banaz, By Ramji Town, Chhindwara Road, Katol Road, Nagpur - 440013, Maharashtra, India

Date of Birth/Age :

15.07.1955

Date of Appointment :

11.10.2002

PAN No.:

ABWPB1892J

DIN No.:

00503658

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	U15500MH1985PLC037069	AJANTA DISTILLERIES LIMITED	Director	06/08/1985	06/08/1985	-	Active	NO
2	U15500MH1985PTC037057	VANDANA DISTILLERIES PRIVATE LIMITED	Director	09/11/1985	09/11/1985	-	Active	NO
3	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	28/11/1988	28/11/1988	-	Amalgamated	NO
4	U55200MH1984PTC032855	ORANGECITY HOTELS LIMITED	Director	01/01/1990	01/01/1990	-	Active	NO
5	U51909MH1991PTC060950	LACEY TRADING COMPANY PRIVATE LIMITED	Director	08/06/1992	08/06/1992	-	Active	NO
6	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Additional director	01/04/2015	16/06/1994	06/06/2015	Active	NO
7	U65910MH1985PLC035394	PREM KUTIR ESTATES AND PROPERTIES LIMITED	Director	01/08/1995	01/08/1995	-	Active	NO
8	U15520MH1996PTC096393	TRIPTI ALCOBREW PRIVATE LIMITED	Director	18/01/1996	18/01/1996	-	Active	NO
9	U51900MH1984PLC034747	BHAVANA COMMERCIAL ENTERPRISES LIMITED	Director	01/06/1998	01/06/1998	-	Active	NO
10	U65910MH1989PLC051014	SONA FINANCE AND LEASING LIMITED	Director	22/09/2000	22/09/2000	-	Active	NO
11	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMITED	Director	28/09/2000	28/09/2000	29/06/2007	Active	NO
12	U65910MH2002PLC137466	PURBANCHAL FINANCE LIMITED	Director	04/10/2002	04/10/2002	-	Active	NO
13	U15200MH1998PTC116277	DINSHAW S DAIRY FOODS PRIVATE LIMITED	Director	11/10/2002	11/10/2002	-	Active	NO
14	U67120MH1999PTC118718	DINSHAW'S HOLDINGS PRIVATE LIMITED	Director	30/04/2004	30/04/2004	-	Active	NO
15	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02/09/2004	02/09/2004	-	Active	NO
16	U15500MH1971PLC014983	RAMON DISTILLERIES LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO

Name :

Mr. Adil Dinshaw Bapuna

Designation :

Director

Address :

124, Byramji Town, Nagpur -440013, Maharashtra, India

Date of Birth/Age :

15.07.1955

Date of Appointment :

11.10.2002

PAN No.:

ABWPB1894Q

DIN No.:

00503744

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	U15500MH1985PTC037057	VANDANA DISTILLERIES PRIVATE LIMITED	Director	06/08/1985	06/08/1985	-	Active	NO
2	U15500MH1985PLC037069	AJANTA DISTILLERIES LIMITED	Director	10/07/1986	10/07/1986	-	Active	NO
3	U51909MH1991PTC060950	LACEY TRADING COMPANY PRIVATE LIMITED	Director	08/06/1992	08/06/1992	-	Active	NO
4	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Additional director	01/04/2015	16/06/1994	06/06/2015	Active	NO
5	U65910MH1985PLC035394	PREM KUTIR ESTATES AND PROPERTIES LIMITED	Director	01/08/1995	01/08/1995	-	Active	NO
6	U15520MH1996PTC096393	TRIPTI ALCOBREW PRIVATE LIMITED	Managing director	01/04/2014	18/01/1996	-	Active	NO
7	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	28/05/1997	28/05/1997	-	Amalgamated	NO
8	U51900MH1984PLC034747	BHAVANA COMMERCIAL ENTERPRISES LIMITED	Director	01/06/1998	01/06/1998	-	Active	NO
9	U65910MH1989PLC051014	SONA FINANCE AND LEASING LIMITED	Director	22/09/2000	22/09/2000	-	Active	NO
10	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMTED	Director	28/09/2000	28/09/2000	29/06/2007	Active	NO
11	U65910MH2002PLC137466	PURBANCHAL FINANCE LIMITED	Director	04/10/2002	04/10/2002	-	Active	NO
12	U15200MH1998PTC116277	DINSHAW S DAIRY FOODS PRIVATE LIMITED	Director	11/10/2002	11/10/2002	-	Active	NO
13	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02/09/2004	02/09/2004	-	Active	NO
14	U15500MH1971PLC014983	RAMON DISTILLERIES LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO

Name :

Mr. Jamashp Aspi Bapuna

Designation :

Managing director

Address :

Banaz,Byramji Town, Chhindwara Road, Nagpur - 440013, Maharashtra, India

Date of Birth/Age :

16.08.1978

Date of Appointment :

11.10.2002

PAN No.:

ABWPB1898C

DIN No.:

00503835

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	U15500MH1987PLC042824	RAIRU DISTILLERIES LIMITED	Director	28/05/1997	28/05/1997	-	Amalgamated	NO
2	U51900MH1987PTC042774	GWALIOR ALCOBREW PRIVATE LIMITED	Director	01/12/2001	01/12/2001	01/04/2012	Active	NO
3	U15200MH1998PTC116277	DINSHAW S DAIRY FOODS PRIVATE LIMITED	Managing director	11/10/2002	11/10/2002	-	Active	NO
4	U15520MH1996PTC096393	TRIPTI ALCOBREW PRIVATE LIMITED	Director	30/09/2003	30/09/2003	-	Active	NO
5	U15520MH1985PLC038342	SAGAR DISTILLERIES LIMITED	Director	28/06/2007	28/06/2007	29/03/2010	Active	NO
6	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO

Name :

Mr. Jimmy Erach Rana

Designation :

Managing director

Address :

Dinshaw Building, Gittikhadan, Borgaon, Katol Road, Nagpur - 440013, Maharashtra, India

Date of Birth/Age :

18.08.1959

Date of Appointment :

19.08.1998

PAN No.:

ABWPR8238C

DIN No.:

00519865

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	Company/ LLP Status	Defaulting status
1	U15130MH1994PTC078788	DINSHAW'S DAIRY FOODS (CG) PRIVATE LIMITED	Director	08/08/1994	08/08/1994	Active	NO
2	U15200MH1998PTC116277	DINSHAW S DAIRY FOODS PRIVATE LIMITED	Managing director	19/08/1998	19/08/1998	Active	NO
3	U67120MH1999PTC118718	DINSHAW'S HOLDINGS PRIVATE LIMITED	Director	09/03/1999	09/03/1999	Active	NO
4	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02/09/2004	02/09/2004	Active	NO
5	U72200MH2005PTC158260	HIFEM INFORMATIKS PRIVATE LIMITED	Director	22/12/2005	22/12/2005	Active	NO

Name :

Mr. Zervin Jimmy Rana

Designation :

Director

Address :

Dinshaw Building, Gittikhadan, Borgaon, Nagpur - 440013, Maharashtra, India

Date of Birth/Age :

06.08.1985

Date of Appointment :

11.11.2003

PAN No.:

AGVPR5173J

DIN No.:

00520036

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	Company/ LLP Status	Defaulting status
1	U15200MH1998PTC116277	DINSHAW S DAIRY FOODS PRIVATE LIMITED	Director	11/11/2003	11/11/2003	Active	NO
2	U15200MH1986PTC039776	DINSHAW S FROZEN FOODS PRIVATE LIMITED	Director	02/09/2004	02/09/2004	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashish Thadani
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Jimmy Rana	2625500
Aspi Bapuna	833333
Abad Bapuna	1083334
Adil Bapuna	1083333
Jamashp Bapuna	620000
Zervin Rana	4500
Jamashp Bapuna	250000
Total	6500000

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ice-Cream, Milk Products, Bakery Products. (Confirmed by Management)
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Cash and Advance Payment
Purchasing :	Cash and Advance Payment

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Kap Cones – Mumbai, Maharashtra, India
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholersaler and Retailers

Reference:	TJUK Trade Networks Private Limited
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

Bank Name:	Oriental Bank of Commerce
Branch:	Kingsway, Nagpur - 440001, Maharashtra, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· HDFC Bank Limited

12, Milestone, 303 and 304, 3^rd Floor, Wardha Road, Near Lokmat Square, Nagpur - 400013, Maharashtra, India

ICICI Bank Limited

Commercial Banking Group, 1^st Floor, 222, Vishnu  Vaibhav Complex, Palm Road, Civil Lines, Nagpur - 440001, Maharashtra, India

Yes Bank Limited

9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai -  400018, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	303.002	413.464
SHORT TERM BORROWINGS
Working capital loans from banks	598.583	714.370
Total	901.585	1127.834

Auditors :
Name :	K.K. Mankeshwar and Company Chartered Accountants
Address :	Kingsway, Nagpur – 440 001, Maharashtra, India
Tel. No.:	91-712-2533846/ 2554223
E-Mail :	mail@kkmanekeshwar.com
Income-tax PAN of auditor or auditor's firm :	AABFK1156A
Memberships :	--
Collaborators :	--
Related Party:	Dinshawa Investments

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
6,500,000	Equity Shares	Rs. 10/- each	Rs. 65.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,500,000	Equity Shares	Rs. 10/- each	Rs. 65.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	65.000	65.000	65.000
(b) Reserves & Surplus	537.632	570.245	506.247
(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)	602.632	635.245	571.247
(3) Non-Current Liabilities
(a) Long-term borrowings	433.654	488.517	503.427
(b) Deferred tax liabilities (Net)	81.003	136.102	132.770
(c) Other long term liabilities	205.177	168.670	145.537
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	719.834	793.289	781.734
(4) Current Liabilities
(a) Short term borrowings	598.583	714.371	473.119
(b) Trade payables	391.024	399.208	373.472
(c) Other current liabilities	100.375	45.732	88.135
(d) Short-term provisions	70.731	26.322	40.825
Total Current Liabilities (4)	1160.713	1185.633	975.551
TOTAL	2483.179	2614.167	2328.532
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1331.171	1440.500	1424.972
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	17.166	7.261	1.766
(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	101.666	37.143	110.001
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1450.003	1484.904	1536.739
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	851.410	797.448	446.301
(c) Trade receivables	45.640	61.192	65.671
(d) Cash and cash equivalents	38.480	91.845	66.969
(e) Short-term loans and advances	97.646	178.778	212.852
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1033.176	1129.263	791.793
TOTAL	2483.179	2614.167	2328.532

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	4357.975	3403.593	3061.393
		Other Income	44.475	35.531	37.917
		TOTAL (A)	4402.450	3439.124	3099.310
Less	EXPENSES
		Cost of Materials Consumed	2881.814	2478.136	1902.351
		Purchases of Stock-in-Trade	100.335	73.840	22.064
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(24.202)	(320.335)	42.382
		Employees benefits expense	225.848	191.745	170.235
		Other expenses	788.765	701.843	660.363
		TOTAL (B)	3972.560	3125.229	2797.395
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		429.890	313.895	301.915
Less	FINANCIAL EXPENSES (D)		122.359	109.788	118.068
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		307.531	204.107	183.847
Less/ Add	DEPRECIATION/ AMORTISATION (F)		162.841	111.096	96.867
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		144.690	93.011	86.980
Less	TAX (H)		(28.891)	21.941	27.829
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		173.581	71.070	59.151
	IMPORTS
		Raw Materials	15.706	6.458	NA
		machinery & spare parts	32.599	0.000	NA
	TOTAL IMPORTS		48.305	6.458	NA
	Earnings Per Share (Rs.)		26.70	10.93	9.10

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	64.877	39.061	88.135
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operating Activities	275.433	(31.001)	207.577

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	3.98	2.09	1.93
Operating Profit Margin (PBDIT/Sales)	(%)	9.86	9.22	9.86
Return on Total Assets (PBT/Total Assets}	(%)	5.87	3.57	3.74
Return on Investment (ROI) (PBT/Networth)		0.24	0.15	0.15
Debt Equity Ratio (Total Debt/Networth)		1.71	1.89	1.71
Current Ratio (Current Asset/Current Liability)		0.89	0.95	0.81

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	65.000	65.000	65.000
Reserves & Surplus	506.247	570.245	537.632
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	571.247	635.245	602.632
Long-term borrowings	503.427	488.517	433.654
Short term borrowings	473.119	714.371	598.583
CURRENT MATURITIES OF LONG-TERM DEBTS	88.135	39.061	64.877
Total borrowings	1064.681	1241.949	1097.114
Debt/Equity ratio	1.864	1.955	1.821

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3061.393	3403.593	4357.975
		11.178	28.040

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3061.393	3403.593	4357.975
Profit	59.151	71.070	173.581
	1.93%	2.09%	3.98%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10575698	11/05/2015	75,000,000.00	HDFC BANK LIMITED	EMERGING CORPORATES GROUP,3RD FLOOR,, MILE STONE  BUILDING,LOKMAT SQUARE, RAMDASPETH, NAGPUR - 440010, MAHARASHTRA, INDIA	C56838790
2	10578553	11/03/2015	358,600,000.00	ICICI BANK LIMITED	COMMERCIAL BANKING GROUP, 1ST FLOOR, 222, VISHNU  VAIBHAV COMPLEX, PALM ROAD, CIVIL LINES, NAGPUR - 440001, MAHARASHTRA, INDIA	C58230699
3	10515785	25/07/2014	25,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI -  400018, MAHARASHTRA, INDIA	C17122078
4	10515513	26/06/2014	268,095,000.00	HDFC BANK LIMITED	EMERGING CORPORATES GROUP,3RD FLOOR, MILE STONE  BUILDING,LOKMAT SQUARE, RAMDASPETH, NAGPUR - 440010, MAHARASHTRA, INDIA	C16847261
5	10418234	18/02/2013	30,000,000.00	HDFC BANK LIMITED	12, 3RD FLOOR, MILESTONE, WARDHA ROAD, NEAR LOKMA  T SQUARE, NAGPUR - 400010, MAHARASHTRA, INDIA	B72740418
6	10309778	20/09/2011	140,000,000.00	ORIENTAL BANK OF COMMERCE	KINGSWAY, NAGPUR - 440001, MAHARASHTRA, INDIA	B22369474
7	10309780	20/09/2011	152,500,000.00	ORIENTAL BANK OF COMMERCE	KINGSWAY, NAGPUR - 440001, MAHARASHTRA, INDIA	B22370126
8	10267251	22/01/2011	250,000,000.00	ORIENTAL BANK OF COMMERCE	KINGSWAY, NAGPUR - 440001, MAHARASHTRA, INDIA	B05346341
9	10213666	28/04/2011 *	230,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B12710463
10	10212306	25/06/2014 *	200,000,000.00	HDFC BANK LIMITED	EMERGING CORPORATES GROUP,3RD FLOOR, MILE STONE  BUILDING, LOKMAT SQUARE, RAMDASPETH, NAGPUR - 440010, MAHARASHTRA, INDIA	C20347647

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from related	130.652	75.053
Total	130.652	75.053

CORPORATE INFORMATION

The Company is engaged in businesses of Ice cream, Milk and Milk Product. The Company has manufacturing units at Nagpur and Butibori Industrial Area, Nagpur. The company sells it products primarily in Central India through its independent retail stores and Parlours

STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK

The Directors have pleasure to report that the Company has been leading with its persistent growth in its operational as well as financial performance. During the period under review, the Company witnessed the sales turnover of Ice-cream amounting to Rs. 18304.034 million (Previous Year Rs. 1429.139 million) and that of Dairy Division (Milk & Milk Products & Consumables) Rs. 2563.866 million (Previous Year Rs. 1998.981 million) Besides, the other income derived by the Company is Rs. 48.208 (Previous year: Rs. 41.302 million). The Company thereby registered the growth in its sales performance of 28.18% over the pervious year.

The superior quality of the products of the Company and its appreciation on the part of the customers backed by favourable market conditions resulted into improved performance of the Company.

Accordingly, the Company posted overall sales turnover (net of excise duty) including other income, of Rs. 4402.451 million as against Rs. 3439.124 million during the last year. After providing Rs. 122.359 million towards interest and Rs. 162.841 million for depreciation and further adjusting Rs. 28.891 million for taxation (net) , the Company recorded net profit after tax of Rs. 173.581 million as against Rs. 71.070 million during the previous year. The hike in profitability of the Company during the year vis-à-vis the sales turnover as compared to last year is the outcome of the saving in cost of inputs.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Factory Equipment’s

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

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.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	AMR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		57

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.