MIRA INFORM REPORT

Report No. :	309248
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	MEGHA FRUIT PROCESSING PRIVATE LIMITED
Registered Office :	Narimogaru Post and Village, Puttur Taluk, Puttur - 574202, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.11.2003
Com. Reg. No.:	08-032843
Capital Investment / Paid-up Capital :	Rs. 65.601 Millions
CIN No.: [Company Identification No.]	U51221KA2003PTC032843
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRM09885B
PAN No.: [Permanent Account No.]	AADCM9416C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of fruit juices.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen rise in its revenue and reported decent profitability for the year 2013-14. Financial position of the company seems to be fine. Trade relations are fair. Business is active. Payment are reported to be usually correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	ICRA
Rating	Long Term Fund Based Limits = BB
Rating Explanation	Adequate credit quality and high credit risk.
Date	May 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Nagraj Rao
Designation :	Manager
Contact No.:	91-8251-238889
Date :	21.02.2015

LOCATIONS

Registered Office :	Narimogaru Post and Village, Puttur Taluk, Puttur - 574202, Karnataka, India
Tel. No.:	91-8251-238889
Mobile No.:	91-9449596871 (Mr. Rao)
Fax No.:	Not Available
E-Mail :	knrao07@gmail.com

DIRECTORS

AS ON 30.09.2014

Name :

K. Sathya Shankar

Designation :

Director

Address :

Samrudhi, Samethadka Darbe, Puttur – 574202, Karnataka, India

Date of Birth/Age :

07.07.1964

Date of Appointment :

23.04.2004

DIN No.:

00341866

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	U50402KA1995PTC019387	PRAVEEN AUTO CARE PRIVATE LIMITED.	Managing director	14/12/1995	14/12/1995	01/01/2008	Active	NO
2	U51221KA2003PTC032843	MEGHA FRUIT PROCESSING PRIVATE LIMITED	Managing director	11/11/2003	11/11/2003	-	Active	NO
3	U15543KA2004PTC033818	MEGHA SPRINGS PRIVATE LIMITED	Managing director	23/04/2004	23/04/2004	-	Active	NO
4	U67120KA1996PTC072006	PRAVEEN CAPITAL PRIVATE LIMITED	Director	01/01/2006	01/01/2006	-	Active	NO
5	U15439KA2008PTC045320	MAHIMA SHANKAR PROCESSED FOODS PRIVATE LIMITED	Director	02/02/2015	02/02/2015	-	Active	NO

Name :

Ranjitha Shankar

Designation :

Director

Address :

Samrudhi, Samethadka, Darbe, Puttur – 574202, Karnataka, India

Date of Birth/Age :

09.01.1970

Date of Appointment :

11.11.2003

PAN No.:

00341880

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	U50402KA1995PTC019387	PRAVEEN AUTO CARE PRIVATE LIMITED.	Director	14/12/1995	14/12/1995	-	Active	NO
2	U51221KA2003PTC032843	MEGHA FRUIT PROCESSING PRIVATE LIMITED	Director	11/11/2003	11/11/2003	-	Active	NO
3	U15543KA2004PTC033818	MEGHA SPRINGS PRIVATE LIMITED	Director	23/04/2004	23/04/2004	-	Active	NO
4	U67120KA1996PTC072006	PRAVEEN CAPITAL PRIVATE LIMITED	Director	01/01/2006	01/01/2006	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nagraj Rao
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Mr. K. Sathiyashankar	2464750
Mrs. Ranjitha Shankar	3345050
Praveen Auto Care Private Limited	75000
Megha Springs Private Limited	15000
P. Subramanya Bhat	269560
Mrs. Lalitha S. Bhat	275800
Ms. Megha Shankar	114900
Total	6560060

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	1.38
Directors or relatives of Directors	98.62
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of fruit juices.
Products :	Fruit juices
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

10 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Mangalore – 575003, Karnataka, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loan from banks	145.956	141.853
SHORT TERM BORROWINGS
Working capital loans from banks	231.638	247.771
Total	377.594	389.624

Auditors :
Name :	Ganesh Joshy and Company Chartered Accountants
Address :	Shri Ananteshwara Kripa, Puttur - 574201, Karnataka, India
PAN No.:	ABEPJ6964H
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Megha Marketing Mahima Traders Megha Bottling Megha Springs (Private) Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6560060	Equity Shares	Rs. 10/- each	Rs. 65.601 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	65.601	65.601	11.195
(b) Reserves & Surplus	123.864	98.243	82.225
(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)	189.465	163.844	93.420
(3) Non-Current Liabilities
(a) long-term borrowings	145.956	141.853	37.260
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	145.956	141.853	37.260
(4) Current Liabilities
(a) Short term borrowings	231.638	247.770	147.997
(b) Trade payables	114.579	70.592	58.742
(c) Other current liabilities	5.514	4.968	2.544
(d) Short-term provisions	5.408	2.631	3.193
Total Current Liabilities (4)	357.139	325.961	212.476
TOTAL	692.560	631.658	343.156
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	223.485	210.242	70.934
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.745	1.745	1.745
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	225.230	211.987	72.679
(2) Current assets
(a) Current investments	2.420	1.800	1.750
(b) Inventories	321.822	269.279	183.556
(c) Trade receivables	108.197	102.799	56.371
(d) Cash and cash equivalents	16.537	15.548	11.949
(e) Short-term loans and advances	18.354	30.245	16.851
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	467.330	419.671	270.477
TOTAL	692.560	631.658	343.156

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL INCOME	1407.879	1267.388	903.986
Less	EXPENSES
		TOTAL	1344.843	1226.931	873.288
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		63.036	40.457	30.698
Less/ Add	DEPRECIATION/ AMORTISATION		32.357	20.433	10.538
	PROFIT/ (LOSS) BEFORE TAX		30.678	20.024	20.160
Less	TAX		6.438	4.006	4.965
	PROFIT/ (LOSS) AFTER TAX		24.240	16.018	15.195
	Earnings / (Loss) Per Share (Rs.)		37.29	24.64	23.37

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.44	3.18	5.90
Return on Investment (ROI) (PBT/Networth)		0.16	0.12	0.22
Debt Equity Ratio (Total Debt/Networth)		1.99	2.38	1.98
Current Ratio (Current Asset/Current Liability)		1.31	1.29	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	11.195	65.601	65.601
Reserves & Surplus	82.225	98.243	123.864
Net worth	93.420	163.844	189.465
long-term borrowings	37.260	141.853	145.956
Short term borrowings	147.997	247.770	231.638
Total borrowings	185.257	389.623	377.594
Debt/Equity ratio	1.983	2.378	1.993

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	903.986	1267.388	1407.879
		40.200	11.085

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	903.986	1267.388	1407.879
Profit	15.195	16.018	24.240
	1.68%	1.26%	1.72%

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

Note: Registered office of the company has been shifted from Ganesh Complex, Darbe, Puttur D. K. Darbe, Puttur – 574202, Karnatka, India to the present address w.e.f.01.07.2011.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10542909	28/10/2014	13,770,420.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, Maharashtra - 400018, INDIA	C40386732
2	10131660	22/11/2008	500,000.00	THE CANARA BANK LIMITED	PUTTUR BRANCH, KRISHNA PRASAD MAIN ROAD, MANGALORE, Karnataka - 574201, INDIA	A51563427
3	10131659	10/11/2008	550,000.00	THE CANARA BANK LIMITED	PUTTUR BRANCH, KRISHNA PRASAD MAIN ROAD, MANGALORE, Karnataka - 574201, INDIA	A51563831
4	10089103	29/04/2014 *	1,213,000,000.00	State Bank of India	SME Branch, Kathyayini Mahamaya Complex, Near PVS Kalakunj, Kodialbail,, Mangalore, Karnataka - 575003, INDIA	C04704896

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and equipment
• Factory equipments
• Furniture and fixture
• Vehicles
• Office equipments

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. 62.18
UK Pound	1	Rs. 95.70
Euro	1	Rs. 70.75

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUC
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.