MIRA INFORM REPORT

Report No. :	301359
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	AKSHYA DAIRY PRODUCTS PRIVATE LIMITED
Registered Office :	7, Raj Mohan Street, 3rd Floor, Kolkata – 700073, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.01.2011
Com. Reg. No.:	21-158092
Capital Investment / Paid-up Capital :	Rs.0.607 Million
CIN No.: [Company Identification No.]	U74999WB2011PTC158092
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALI03934A
PAN No.: [Permanent Account No.]	AACCI5138G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Dairy Products such as Paneer, Raw Milk, Milk Paneer, Dairy Paneer, Fresh Paneer, Fresh Mawa and Khoya.
No. of Employees :	6 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 18000
Status :	Small Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scales of activities are limited. The rating is constrained on account of company’s small scale of business operations and small net worth of the company. However, Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Devanand Chaubey
Designation :	Director
Contact No.:	91- 7043330356
Date :	15.01.2015

LOCATIONS

Registered Office :	7, Raj Mohan Street, 3rd Floor, Kolkata – 700073, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91- 7043330356
Fax No.:	Not Available
E-Mail :	akshyadairyproducts@gmail.com
Location :	Rented
Factory :	Located At Bardhaman, West Bengal, India
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Devanand Chaubey

Designation :

Director

Address :

BC-33, Deshbandhu Nagar, 3rd Floor, Flat - A, Baguihati, Kolkata - 700059, West Bengal, India

Date of Birth/Age :

02.11.1971

Date of Appointment :

22.11.2011

DIN No.:

03507109

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	U74999WB2011PTC158092	AKSHYA DAIRY PRODUCTS PRIVATE LIMITED	Director	22/11/2011	22/11/2011	-	Active	NO
2	U74900WB2013PTC191385	SUBHRATRI AGENCIES PRIVATE LIMITED	Director	12/03/2013	12/03/2013	-	Active	NO

Name :

Mr. Prem Bala Chaubey

Designation :

Director

Address :

29, Balaram Dey Street, Kolkata - 700006, West Bengal, India

Date of Birth/Age :

01.01.1969

Date of Appointment :

08.10.2013

DIN No.:

06709646

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Binay Kumar Shaw	6000
Shivnand Chaubay	500
Sudarshan Chaubay	12000
Sadanand Chaubay (HUF)	3000
Shruti Chaturvedi	7000
Puja Shaw	5000
Ashutosh Pandey	5000
Awashesh Kumar Singh (HUF)	3000
Santosh Kumar Dwivedi (HUF)	3000
Sudarshan Chaubay (HUF)	4100
Prembala Chaubay	6885
Shivnand Chaubay (HUF)	3000
Devanand Chaubay	550
Phool Sundari Chaubay	1665
Total	60700

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	64.00
Other top fifty shareholders	36.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Dairy Products such as Paneer, Raw Milk, Milk Paneer, Dairy Paneer, Fresh Paneer, Fresh Mawa and Khoya.
Products :	Paneer Raw milk Milk Paneer Dairy Paneer Fresh Paneer Fresh Mawa and Khoya
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Haldiram, Kolkata, West Benbal, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

6 (Approximately)

Bankers :

Union Bank of India, M G Road Branch, 134/4, Mahatma Gandhi Road, Kolkata - 700007, West Bengal, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Term Loan from Bank	0.395	0.583
SHORT TERM BORROWINGS
Rupee Loan from Bank
Cash Credit Account	0.982	0.995
Total	1.377	1.578

Note:

Term Loan Account with Union Bank of India, M. G. Road Branch, Kolkata is Secured by Hypothecation of Land and Building situated at Narsona, Katwa, Burdwan and personal guarantee of all Directors and Mr. S. N. Chaubey.

Auditors :
Name :	Sanjay R N Gupta and Company Chartered Accountants
Address :	Gyanendra Pally, Ashwininaga, Baguiati, Kolkata – 700159, West Bengal, India
PAN No.:	BMPPP2502J
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60700	Equity Shares	Rs.10/- each	Rs.0.607 Million

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	0.607	0.571	0.571
(b) Reserves & Surplus	5.767	4.815	4.467
(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)	6.374	5.386	5.038
(3) Non-Current Liabilities
(a) long-term borrowings	3.282	1.868	0.802
(b) Deferred tax liabilities (Net)	0.182	0.052	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)	3.464	1.920	0.802
(4) Current Liabilities
(a) Short term borrowings	0.982	0.995	0.154
(b) Trade payables	0.527	0.289	6.971
(c) Other current liabilities	1.657	1.364	2.012
(d) Short-term provisions	0.085	0.011	0.000
Total Current Liabilities (4)	3.251	2.659	9.137
TOTAL	13.089	9.965	14.977
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.624	7.918	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.890	0.019	5.785
(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	0.430	0.000	0.010
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9.944	7.937	5.795
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.447	0.386	0.253
(c) Trade receivables	1.648	1.592	8.839
(d) Cash and cash equivalents	0.037	0.050	0.090
(e) Short-term loans and advances	0.013	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3.145	2.028	9.182
TOTAL	13.089	9.965	14.977

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	33.848	20.222	8.952
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
	EXPENSES		NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX		0.867	0.411	0.228
Less	TAX		0.204	0.063	0.000
	PROFIT/(LOSS) AFTER TAX		0.663	0.348	0.228
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.576	0.228	0.000
	BALANCE CARRIED TO THE B/S		1.239	0.576	0.228
	Earnings / (Loss) Per Share (Rs.)		10.93	6.10	4.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.96	1.72	2.55
Return on Total Assets (PBT/Total Assets}	(%)	7.11	4.13	2.48
Return on Investment (ROI) (PBT/Networth)		0.14	0.08	0.05
Debt Equity Ratio (Total Debt /Networth)		0.67	0.53	0.19
Current Ratio (Current Asset/Current Liability)		0.97	0.76	1.00

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	0.571	0.571	0.607
Reserves & Surplus	4.467	4.815	5.767
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5.038	5.386	6.374
Long Term borrowings	0.802	1.868	3.282
Short Term borrowings	0.154	0.995	0.982
Total borrowings	0.956	2.863	4.264
Debt/Equity ratio	0.190	0.532	0.669

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	8.952	20.222	33.848
		125.894	67.382

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	8.952	20.222	33.848
Profit	0.228	0.348	0.663
	2.55%	1.72%	1.96%

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	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	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
From Related Parties	1.374	0.000
Bodies Corporate and Shareholders	1.513	1.285
Total	2.887	1.285

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10341391	04/09/2014 *	6,718,000.00	Union Bank Of India	M.G.Road Branch, 134/4,Mahatma Gandhi Road, Kolkata, West Bengal - 700007, India	C22901276

*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 exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.69
UK Pound	1	Rs.93.33
Euro	1	Rs.71.49

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.