MIRA INFORM REPORT

Report No. :	329928
Report Date :	06.07.2015

IDENTIFICATION DETAILS

Name :	VARUN BEVERAGES LIMITED
Registered Office :	F-2/7, Okhla Industrial Area, Phase I, New Delhi – 110020
Tel. No.:	91-11-41706720
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	16.06.1995
Com. Reg. No.:	55-069839
Capital Investment / Paid-up Capital :	Rs. 3337.660 Million
CIN No.: [Company Identification No.]	U74899DL1995PLC069839
IEC No.:	0595023061
TAN No.: [Tax Deduction & Collection Account No.]	DELV04789B
PAN No.: [Permanent Account No.]	AAACV2678L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of Soft Drinks and also offers bottling services to Pepsi Co.
No. of Employees :	4000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 13000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject set up in 1995 to cater to the bottling requirement of Pepsi. It is a manufacturer and distributor of sweetened aerated water (soft drinks), non-sweetened aerated water (soda), packaged drinking water, and packaged juices. Subject is the largest third-party bottler and distributor for Pepsi in India, with 12 manufacturing units. It is a well-established company having fine track record. For the financial year ended 2014, company has reported healthy operational performance and achieved 17.64% topline growth along with profitability margins at 2.09% during a year under a review. Rating also takes into consideration company’s leadership position in Pepsi’s franchisee bottling operations along with increasing geographical diversity in the domestic and international markets marked by integrated manufacturing operations and improved financial risk profile of the company. Rating strengths are partially offset company’s modest net worth base marked by aggressive debt-funded and the susceptibility of its operations to regulatory changes. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal 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	17.06.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating= A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	17.06.2015

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Praval Jain
Designation :	Vice President
Contact No.:	91-124-4643100
Date :	03.07.2015

LOCATIONS

Registered Office :	F-2/7, Okhla Industrial Area, Phase I, New Delhi – 110020, India
Tel. No.:	91-11-41706720 / 4643100
Fax No.:	91-11-41706722
E-Mail :	gautamseth@rkjagroup.com
Website :	http://www.rkjagroup.com
Head Office :	Plot No.31, Institutional Area, Sector 44, Gurgaon - 122002, Haryana, India
Tel. No.:	91-124-4643100-500
Corporate Office :	F-34, Sector – VI, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-2422413 / 2422414 / 2530976 / 2531004 / 2550337
Fax No.:	91-120-2422870 / 2422745 / 2550338
Plants :	· Village Tajpur, Tehsil Nuh, District Mewat, Haryana, India · Balmukundapura, Ajmer Road, Tehsil Sanganer, Jaipur, Rajasthan, India · Village, Dautana, 107 K.M. Stone, Delhi – Agra High Way, Near Kosi Kalan Mills, District Mathura, Uttar Pradesh, India · Plot No. S.P. 646-653, Matsya Industrial Area, RIICO, Alwar, Rajasthan · Plot No.159, RIICO Industrial Area, Phase – II, Boranada, Jodhpur – 342801, Rajasthan, India
Overseas Office :	Located at: · Sri Lanka · Nepal · Mozambique · Zambia · Morocco

DIRECTORS

AS ON: 24.06.2014

Name :

Mr. Ravi Kant Jaipuria

Designation :

Director

Address :

Plot No. 7A, Aurangzeb Road, New Delhi – 110011, India

Date of Birth/Age :

28.11.1954

Qualification :

MBA

Date of Appointment :

16.06.1995

DIN No.:

00003668

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	U74899DL1995PLC069839	VARUN BEVERAGES LIMITED	Director	16/06/1995	16/06/1995	-	Active	NO
2	U15135DL1991PLC046758	DEVYANI INTERNATIONAL LIMITED	Director	15/07/1996	15/07/1996	-	Active	NO
3	U74899DL1991PLC046405	PARKVIEW CITY LIMITED	Director	17/04/1999	17/04/1999	11/11/2013	Active	NO
4	U74899DL1993PLC054195	SAAB TRAVEL AND TOURS LIMITED	Director	30/08/2009	17/04/1999	03/09/2009	Active	NO
5	U74899DL1999PLC101230	PARKVIEW INFRASTRUCTURES LIMITED	Director	19/08/1999	19/08/1999	06/06/2008	Active	NO
6	U64120DL1999PTC101124	UNIVERSAL TOWERS PRIVATE LIMITED	Director	30/10/1999	30/10/1999	-	Amalgamated	NO
7	U55101DL1999PTC100142	YUM RESTAURANTS MARKETING PRIVATE LIMITED	Director	02/09/2000	02/09/2000	23/02/2010	Active	NO
8	U74899DL1991PTC046386	PELICAN CAPS TECHNOLOGIES PRIVATE LIMITED	Director	25/09/2000	25/09/2000	-	Amalgamated	NO
9	U74899DL1991PTC046387	KANCHANJUNGA POWER COMPANY PRIVATE LIMITED	Director	25/09/2000	25/09/2000	21/01/2013	Active	NO
10	L32202RJ1992PLC017750	SHYAM TELECOM LIMITED	Director	20/12/2002	20/12/2002	11/02/2011	Active	NO
11	U80301DL2003PTC118290	MODERN MONTESSORI INTERNATIONAL (INDIA) PRIVATE LIMITED	Additional director	10/09/2012	02/01/2003	06/11/2012	Active	NO
12	U74899DL1992PLC049022	LEMON TREE HOTELS LIMITED	Director	23/12/2003	23/12/2003	-	Active	NO
13	U74899DL1989PTC037343	PARKVIEW APARTMENTS PRIVATE LIMITED	Director	30/01/2004	30/01/2004	06/06/2008	Active	NO
14	U55101DL2004PTC130720	TANGERINE HOTELS PRIVATE LIMITED	Director	03/05/2005	03/05/2005	-	Amalgamated	NO
15	U85195DL2005PTC137768	CRYOBANKS INTERNATIONAL INDIA PRIVATE LIMITED	Director	20/06/2005	20/06/2005	-	Active	NO

Name :

Mr. Christopher White

Designation :

Whole-time director

Address :

12, Cuscaden Walk, 19-02, Four Seasons PK, Singapore 249694

Date of Birth/Age :

01.11.1961

Qualification :

LL.B

Experience :

31 Years

Date of Appointment :

01.11.2013

PAN No.:

ABKPW4635J

DIN No.:

01564507

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	U51909MH2007FTC175129	CONSOLIDATED BRANDS (INDIA) TRADING PRIVATE LIMITED	Director	17/10/2007	17/10/2007	04/01/2008	Strike off	NO
2	U15549DL1997PTC210769	NORTH EAST PURE DRINKS PRIVATE LIMITED	Director	22/08/2008	23/02/2008	-	Amalgamated	NO
3	U51909DL2006PTC146757	FARM2PLATE DAIRY PRODUCE PRIVATE LIMITED	Director	15/06/2009	04/10/2008	15/06/2015	Active	NO
4	U74899DL1995PLC069839	VARUN BEVERAGES LIMITED	Whole-time director	01/11/2013	29/06/2009	-	Active	NO
5	U15134DL1965PLC129086	Varun Beverages (International) Limited	Director	23/09/2011	23/09/2011	-	Amalgamated	NO
6	U25199DL2011FTC226364	ALISHA TORRENT CLOSURES (INDIA) PRIVATE LIMITED	Director	17/10/2011	17/10/2011	-	Active	NO
7	U52100DL2013PTC259476	ALISHA RETAIL PRIVATE LIMITED	Director	23/10/2013	23/10/2013	-	Active	NO

Name :

Mr. Raj Pal Gandhi

Designation :

Whole-time director

Address :

P-2/50, DLF Phase II, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

07.06.1957

Qualification :

FCA

Experience :

34 Years

Date of Appointment :

01.11.2013

PAN No.:

AALPG8397D

DIN No.:

00003649

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	U74899DL1991PLC046405	PARKVIEW CITY LIMITED	Director	10/08/1998	10/08/1998	11/11/2013	Active	NO
2	U74899DL1999PLC101230	PARKVIEW INFRASTRUCTURES LIMITED	Director	19/08/1999	19/08/1999	06/06/2008	Active	NO
3	U80301DL2003PTC118290	MODERN MONTESSORI INTERNATIONAL (INDIA) PRIVATE LIMITED	Additional director	10/09/2012	13/01/2003	06/11/2012	Active	NO
4	U74899DL1989PTC037343	PARKVIEW APARTMENTS PRIVATE LIMITED	Director	09/04/2004	09/04/2004	06/06/2008	Active	NO
5	U74899DL1995PLC069839	VARUN BEVERAGES LIMITED	Whole-time director	01/11/2013	21/10/2004	-	Active	NO
6	U74899DL1978PTC009190	DEVYANI ENTERPRISES PRIVATE LIMITED	Director	10/11/2004	10/11/2004	20/11/2009	Active	NO
7	U55101DL2004PTC130720	TANGERINE HOTELS PRIVATE LIMITED	Director	03/05/2005	03/05/2005	-	Amalgamated	NO
8	U15532DL2005PTC136903	SEEBHAL DISTILLERY PRIVATE LIMITED	Director	30/09/2006	31/05/2005	15/05/2013	Active	NO
9	U45201DL2005PTC138289	VARUN RESIDENTIAL PROJECTS PRIVATE LIMITED	Director	05/07/2005	05/07/2005	01/05/2009	Strike off	NO
10	U55101DL2002PTC118179	CITRUS HOTELS PRIVATE LIMITED	Director	17/08/2005	17/08/2005	20/02/2008	Amalgamated	NO
11	U45201DL2005PTC138953	JAIPURIA TOWERS PRIVATE LIMITED	Director	11/01/2006	11/01/2006	-	Amalgamated	NO
12	U45201DL2005PTC138954	PARKVIEW INFRACON PRIVATE LIMITED	Director	11/01/2006	11/01/2006	05/06/2007	Active	NO
13	U70101DL2006PTC146701	JAIPURIA INFRACON PRIVATE LIMITED	Director	22/02/2006	22/02/2006	-	Amalgamated	NO
14	U70101DL2006PTC146724	JAIPURIA INFRATECH PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Amalgamated	NO
15	U51909DL2006PTC146757	FARM2PLATE DAIRY PRODUCE PRIVATE LIMITED	Director	24/02/2006	24/02/2006	15/06/2015	Active	NO

Name :

Mr. Varun Jaipuria

Designation :

Whole-time director

Address :

Plot No.7A, Aurangzeb Road, New Delhi – 110011, India

Date of Birth/Age :

10.11.1987

Qualification :

Graduate from Regents College, London

Experience :

6 Years

Date of Appointment :

01.11.2013

PAN No.:

AHAPJ9246N

DIN No.:

02465412

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	U74899DL1995PLC069839	VARUN BEVERAGES LIMITED	Whole-time director	01/11/2013	01/01/2009	-	Active	NO
2	U15135DL1991PLC046758	DEVYANI INTERNATIONAL LIMITED	Director	28/06/2010	13/11/2009	-	Active	NO
3	U62200DL1980PLC010262	RJ Corp Limited	Director	29/07/2013	22/09/2010	-	Active	NO
4	U15134DL1965PLC129086	Varun Beverages (International) Limited	Director	23/09/2011	23/09/2011	-	Amalgamated	NO
5	U52100DL2013PTC259476	ALISHA RETAIL PRIVATE LIMITED	Director	30/09/2014	10/03/2014	-	Active	NO

Name :

Mr. Kamlesh Kumar Jain

Designation :

Whole-time director

Address :

139-D, Pocket B, Mayur Vihar, Phase – II, Delhi – 110091, India

Date of Birth/Age :

23.06.1962

Qualification :

CA

Date of Appointment :

01.11.2013

PAN No.:

AAHPJ2128D

DIN No.:

01822576

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	U74899DL1989PTC034645	DEVYANI OVERSEAS PRIVATE LIMITED	Director	31/08/2009	31/07/1993	-	Active	NO
2	U55101DL1998PTC091666	UNIVERSAL DAIRY PRODUCTS PRIVATE LIMITED	Director	10/11/2004	10/11/2004	-	Active	NO
3	U74899DL1993PLC054195	SAAB TRAVEL AND TOURS LIMITED	Director	30/01/2009	26/12/2008	10/01/2013	Active	NO
4	U74899DL1995PLC069839	VARUN BEVERAGES LIMITED	Whole-time director	01/11/2013	18/02/2009	-	Active	NO
5	U45200DL2006PTC153494	Power Line Varun Constructions Private Limited	Director	19/08/2010	01/05/2009	-	Strike off	NO
6	U30005DL2006PTC147252	Angelica Technologies Private Limited	Director	04/09/2009	01/05/2009	-	Active	NO
7	U01403DL2006PTC155072	DEVYANI AGRI BUSINESS PRIVATE LIMITED	Director	30/09/2009	01/05/2009	-	Active	NO
8	U45200DL2006PTC156363	PINNACLE TOWNSHIP PRIVATE LIMITED	Director	25/09/2009	01/05/2009	-	Active	NO
9	U45200DL2006PTC156968	CAPITAL TOWERS PRIVATE LIMITED	Director	01/09/2009	01/05/2009	-	Active	NO
10	U45200DL2006PTC156677	PINNACLE TOWN PLANNERS PRIVATE LIMITED	Director	10/09/2009	01/05/2009	-	Active	NO
11	U70109DL2006PTC149325	PINNACLE CONSTRUCTIONS PRIVATE LIMITED	Director	31/08/2009	01/05/2009	-	Active	NO
12	U45201DL2005PTC138289	VARUN RESIDENTIAL PROJECTS PRIVATE LIMITED	Director	10/09/2009	01/05/2009	-	Strike off	NO
13	U45200DL2006PTC156349	PINNACLE PROPMART PRIVATE LIMITED	Director	31/08/2009	01/05/2009	28/02/2014	Active	NO
14	U74899DL1981PTC011706	DEVYANI HOTELS AND RESORTS PRIVATE LIMITED	Director	27/07/2009	01/05/2009	21/03/2015	Active	NO
15	U70109DL2006PTC149698	CAPITAL DEVELOPMENTS PRIVATE LIMITED	Director	26/08/2009	01/05/2009	28/07/2011	Active	NO
16	U45200DL2006PTC156386	CAPITAL REALCON PRIVATE LIMITED	Director	03/09/2009	01/05/2009	28/07/2011	Active	NO
17	U70101DL2006PTC156543	EMPIRE STOCKS PRIVATE LIMITED	Director	25/09/2009	01/05/2009	27/03/2015	Active	NO
18	U74899DL1987PTC027024	SHABNAM PROPERTIES PRIVATE LIMITED	Director	10/08/2009	06/07/2009	-	Active	NO
19	U74899DL1987PTC026815	BEHARILAL BENIPERSHAD PRIVATE LIMITED	Additional director	06/07/2009	06/07/2009	16/06/2010	Active	NO
20	U74899DL1986PTC026518	INTERIA CRAFTS PRIVATE LIMITED	Additional director	06/07/2009	06/07/2009	15/06/2011	Active	NO
21	U74899DL1991PTC045226	NORTHERN DISTRIBUTORS PRIVATE LIMITED	Additional director	06/07/2009	06/07/2009	15/06/2011	Active	NO
22	U15532DL2005PTC136903	SEEBHAL DISTILLERY PRIVATE LIMITED	Director	25/09/2009	06/07/2009	15/05/2013	Active	NO
23	U15511DL2000PTC154915	SEEBHAL MIKELIN DISTILLERY PRIVATE LIMITED	Director	16/08/2010	28/11/2009	15/05/2013	Active	NO
24	U74899DL1978PTC009190	DEVYANI ENTERPRISES PRIVATE LIMITED	Director	26/09/2011	14/06/2011	02/07/2014	Active	NO
25	U74899DL1991PTC046389	SELLWELL FOODS AND BEVERAGES PRIVATE LIMITED	Additional director	13/01/2012	13/01/2012	16/08/2012	Active	NO
26	U74899DL1991PLC046405	PARKVIEW CITY LIMITED	Additional director	11/11/2013	11/11/2013	01/01/2014	Active	NO
27	U55101DL2006PTC153561	D. J. AGRI INDUSTRIES PRIVATE LIMITED	Director	19/08/2014	19/08/2014	01/11/2014	Active	NO

Name :

Mr. Kapil Agarwal

Designation :

Director

Address :

KK-85, Kavi Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

08.06.1964

Qualification :

B.Com and PGDBM

Date of Appointment :

01.01.2013

DIN No.:

02079161

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	U15549DL1997PTC210769	NORTH EAST PURE DRINKS PRIVATE LIMITED	Director	22/08/2008	23/02/2008	-	Amalgamated	NO
2	U74899DL1991PLC046403	DEVYANI FOOD INDUSTRIES LIMITED	Director	02/08/2010	17/08/2009	-	Active	NO
3	U51909DL2006PTC146757	FARM2PLATE DAIRY PRODUCE PRIVATE LIMITED	Director	08/06/2010	26/03/2010	15/06/2015	Active	NO
4	U15500DL2008PTC183357	Accor Bev (Telangana) Private Limited	Director	26/08/2010	21/04/2010	15/06/2015	Active	NO
5	U15549DL2009PTC187422	Accor Bev (Punjab) Private Limited	Director	26/08/2010	21/04/2010	15/06/2015	Active	NO
6	U74899DL1995PLC069839	VARUN BEVERAGES LIMITED	Whole-time director	01/01/2013	01/01/2012	-	Active	NO

Name :

Udai Dhawan

Designation :

Director

Address :

107, 1st Floor, Anand Lok, New Delhi – 110049, India

Date of Birth/Age :

17.01.1973

Date of Appointment :

14.05.2013

DIN No.:

03048040

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	U55101KA2008PLC046866	COFFEE DAY ENTERPRISES Limited	Alternate director	14/04/2010	14/04/2010	26/01/2015	Active	NO
2	U85110KA1993PLC015001	COFFEE DAY GLOBAL LIMITED	Alternate director	07/06/2010	07/06/2010	26/01/2015	Active	NO
3	U28999KA2001PTC029937	FIREPRO SYSTEMS PRIVATE LIMITED	Nominee director	21/12/2012	15/07/2010	-	Active	NO
4	U74999DL2005PTC132134	INTERGLOBE TECHNOLOGY QUOTIENT PRIVATE LIMITED	Alternate director	22/01/2015	16/07/2010	-	Active	NO
5	U15134DL1965PLC129086	Varun Beverages (International) Limited	Director	18/07/2011	18/07/2011	-	Amalgamated	NO
6	U74899DL1995PLC069839	VARUN BEVERAGES LIMITED	Director	14/05/2013	13/05/2013	-	Active	NO
7	U74130MH2003PTC141496	STANDARD CHARTERED PRIVATE EQUITY ADVISORY (INDIA) PRIVATE LIMITED	Director	18/09/2014	01/01/2014	-	Active	NO
8	L85110DL1996PLC076704	Fortis Healthcare Limited	Nominee director	24/09/2014	11/02/2014	-	Active	NO
9	U31100MH1984PLC032825	POWERICA LIMITED	Alternate director	20/02/2014	20/02/2014	-	Active	NO
10	U33120DN2014PLC000454	STERLITE POWER GRID VENTURES LIMITED	Director	30/07/2014	30/07/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahavir Parsad Garg
Designation :	Secretary
Address :	WZ 17A, Krishna Puri, Tilak Nagar, New Delhi – 110018, India
Date of Birth/Age :	10.03.1967
Date of Appointment :	16.12.2013
PAN No.:	AAGPG1348H
Name :	Mr. R.J.S. Bagga
Designation :	Chief Operating Officer
Date of Birth/Age :	52 Years
Qualification :	MA (BE) and MBA (HR)
Experience :	33 Years
Name :	Mr. Sandeep Chandna
Designation :	Secretary
Address :	163, Chiranjeev Colony, B.T.M. Road, Bhiwani-127021, Haryana, India
Date of Birth/Age :	13.06.1972
Date of Appointment :	05.04.2013
PAN No.:	AEPPC5884F
Name :	Mr. Praval Jain
Designation :	Vice President
Name :	Latika Jetley
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 24.06.2014

Names of Shareholders	No. of Shares
R.K. Jaipuria and Sons (HUF)	44187870
Devyani Enterprises Private Limited, India	2270
Devyani Overseas Private Limited, India	5800
RJ Corp Limited, India	45387415
Varun Jaipuria	44175500
Universal Dairy Products Private Limited, India	1765
Devyani Jaipuria	1765
Dhara Jaipuria	2015
Standard Chartered Private Equity Mauritius II Limited, Mauritius	1765
Total	133766165

Name of Debenture Holders	No. of Debentures
Standard Chartered Private Equity Mauritius II Limited, Mauritius	4149980
Total	4149980

Equity Share Break up (Percentage of Total Equity)

AS ON: 24.06.2014

Category	Percentage
Bodies corporate	33.94
Directors or relatives of Directors	33.03
Other top fifty shareholders	33.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Soft Drinks and also offers bottling services to Pepsi Co.

Products :

Item Code No. (ITC Code)	Product Description
2202	Aerated Soft Drinks
22011020	Beverages
39259090	Preforms
83091000	Crown Corks
83091000	Lug Caps

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

Sri Lanka

Imports :

Products :

Raw Material

Countries :

China

Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.12.2011)

Particulars	Unit	31.12.2009
Licensed Capacity		NA
Installed Capacity*
Beverages	BPM	8820
Pet Performs	PPM	1000
Crown Corks	Gross Per Day	46500
LUG Caps	Nos. Per Day	576000
Corrugated Boxes	Nos. Per Day	52000
Actual Production
Beverages	Cases/Bags	45304730
Pet Performs	Nos.	**413923105
Crown Corks	Gross	9831650
PVC Shells	Nos.	0
LUG Caps	Nos.	16966313
Cartons	Nos.	10777009

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 :

Wholesalers, Retailers and Manufacturers

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 :

4000 (Approximately)

Bankers :

· Axis Bank Limited, 2nd Floor, Statesman House, 148, Barakhamba Road, New Delhi - 110001, India

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· DBS Bank Limited (Acting As An Security Agent), Capital Point, Baba Kharak Singh Marg, C.P., New Delhi - 110001, India

· Indusind Bank Limited, Dr. Gopal Das Bhawan, 28 Barakhamba Road, New Delhi - 110001, India

· Standard Chartered Bank, (Acting As An Security Agent) C D U, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, India

· The Hongkong and Shanghai Banking Corporation Limited, Birla Tower, 25 Barakhamba Road, New Delhi - 110001, India

· IDBI Bank Limited, Red Cross Building, 3rd Floor, 1, Red Cross Road, New Delhi - 110001, India

· The Ratnakar Bank Limited, Shahupuri, Kolhapur, Kolhapur-416001, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.12.2014	As on 31.12.2013
LONG TERM BORROWING
Rupee Term Loan from Banks	6277.070	6518.030
Foreign Currency Term Loan from Banks	1029.130	1501.000
Rupee Term Loan from Others	1200.000	1250.000
SHORT TERM BORROWING
Working Capital Loan from Banks	2560.720	2032.510
Total	11066.920	11301.540

Auditors :
Name 1 :	O.P. Bagala and Company Chartered Accountants
Address :	8 / 12, Kalkaji Extension, New Delhi – 110019, India
PAN No.:	AAAFO1030A
Name 2 :	Walker Chandiok and Associates Chartered Accountants
Address :	21^st Floor, DLF Phase-II, Jacranda Marg, DLF Phase - II, Gurgaon - 122002, Haryana, India
PAN No. :	AAAFW0513A
Subsidiaries and fellow subsidiaries :	¨ Varun Beverages Morocco SA. ¨ Varun Beverages (Nepal) Private Limited ¨ Varun Beverages (Lanka) Private Limited ¨ Ole Spring Bottlers Private Limited
Enterprise having significant influence :	¨ RJ Corp Limited. ¨ Ravi Kant Jaipuria and Sons (HUF)
Associates :	¨ Devyani International Limited ¨ Devyani Food Industries Limited ¨ SVS India Private Limited ¨ Sellwell Foods and Beverages Private Limited ¨ Ab Inbev India Private Limited ¨ FARM2PLATE DAIRY PRODUCE PRIVATE LIMITED

CAPITAL STRUCTURE

AS ON: 31.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
700000000	Equity Shares	Rs.100/- each	Rs. 7000.000 Million
30000000	Preference shares	Rs.10/- each	Rs. 3000.000 Million
730000000	Total		Rs. 10000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
133766165	Equity Shares	Rs.100/- each	Rs. 1337.662 Million
20000000	Preference shares	Rs.10/- each	Rs. 2000.000 Million
			Rs. 3337.662 Million

AS ON: 24.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
186000000	Equity Shares	Rs.10/- each	Rs. 1860.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
133766165	Equity Shares	Rs.10/- each	Rs. 1337.662 Million

After: 24.06.2014

Authorized Capital: Rs. 10000.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 5837.662 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3337.660	1337.660	267.530
(b) Reserves & Surplus	1199.170	823.020	1509.500
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	400.000	0.000
Total Shareholders’ Funds (1) + (2)	4536.830	2560.680	1777.030
(3) Non-Current Liabilities
(a) long-term borrowings	14915.260	14888.090	12118.360
(b) Deferred tax liabilities (Net)	809.100	752.800	935.400
(c) Other long term liabilities	0.000	187.390	218.120
(d) long-term provisions	207.760	125.610	98.610
Total Non-current Liabilities (3)	15932.120	15953.890	13370.490
(4) Current Liabilities
(a) Short term borrowings	3260.720	2032.510	2290.420
(b) Trade payables	931.000	775.650	526.450
(c) Other current liabilities	3897.020	3630.810	3642.750
(d) Short-term provisions	147.560	42.730	47.000
Total Current Liabilities (4)	8236.300	6481.700	6506.620
TOTAL	28705.250	24996.270	21654.140
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16155.920	15894.840	12212.880
(ii) Intangible Assets	1185.050	1307.360	23.770
(iii) Capital work-in-progress	168.700	102.250	1484.080
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2205.890	1684.500	1011.890
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1982.250	2205.500	2550.310
(e) Other Non-current assets	306.110	151.630	173.530
Total Non-Current Assets	22003.920	21346.080	17456.460
(2) Current assets
(a) Current investments	3019.800	0.010	0.010
(b) Inventories	2138.740	1815.990	1820.750
(c) Trade receivables	347.490	396.970	581.350
(d) Cash and cash equivalents	32.900	141.210	88.120
(e) Short-term loans and advances	744.370	956.710	1573.430
(f) Other current assets	418.030	339.300	134.020
Total Current Assets	6701.330	3650.190	4197.680
TOTAL	28705.250	24996.270	21654.140

PROFIT & LOSS ACCOUNT

PARTICULARS	31.12.2014	31.12.2013	31.12.2012
SALES
Income
Other Income
TOTAL	20631.200	17791.500	14979.470
EXPENSES	20118.630 (Including Financial and Depreciation)	17985.270 (Including Financial and Depreciation)	12610.560
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			2368.910
FINANCIAL EXPENSES			975.510
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			1393.400
DEPRECIATION/ AMORTISATION			961.820
PROFIT/ (LOSS) BEFORE TAX	512.570	(244.720)	431.580
TAX	79.040	(159.280)	132.580
PROFIT/ (LOSS) AFTER TAX	433.530	(85.440)	299.000
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	164.430	546.240	247.230
Balance Carried to the B/S	597.960	460.800	546.230
EARNINGS IN FOREIGN CURRENCY
FOB Value of Exports	248.010	161.960	133.57
Interest	83.760	98.630	86.79
Guarantee commission	30.270	31.260	0.000
TOTAL EARNINGS	362.040	291.850	220.360
IMPORTS
Stores Spares and Raw Material	1139.870	1357.250	537.650
Capital Goods	320.940	926.830	659.720
TOTAL IMPORTS	1460.810	2284.080	1197.370
Earnings / (Loss) Per Share (Rs.)	2.82	(0.67)	2.60

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	2136.820	2366.380	1891.440
Cash generated from operations	3767.770	2381.500	3308.460

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	2.10	(0.48)	2.00
Operating Profit Margin (PBIDT/Sales)	(%)	2.48	(1.38)	15.81
Return on Total Assets (PBT/Total Assets}	(%)	1.95	(1.05)	2.25
Return on Investment (ROI) (PBT/Networth)		0.11	(0.10)	0.24
Debt Equity Ratio (Total Debt /Networth)		4.48	7.53	9.17
Current Ratio (Current Asset/Current Liability)		0.81	0.56	0.65

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	267.530	1337.660	3337.660
Reserves & Surplus	1509.500	823.020	1199.170
Share Application money pending allotment	0.000	400.000	0.000
Net worth	1777.030	2560.680	4536.830
long-term borrowings	12118.360	14888.090	14915.260
Short term borrowings	2290.420	2032.510	3260.720
Current maturities of long-term debts	1891.440	2366.380	2136.820
Total borrowings	16300.220	19286.980	20312.800
Debt/Equity ratio	9.173	7.532	4.477

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	14979.470	17791.500	20631.200
		18.773	15.961

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	14979.470	17791.500	20631.200
Profit	299.000	(85.440)	433.530
	2.00%	(0.48%)	2.10%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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

UNSECURED LOAN:

PARTICULARS	31.12.2014 (Rs. in Million)	31.12.2013 (Rs. in Million)
LONG TERM BORROWINGS:
Fully Convertible Debentures Others	4149.980	4149.980
Rupee Term Loan from Others	1000.000	0.000
Deferred payment Indian Sources	1259.080	1469.080
SHORT TERM BORROWINGS:
Loans Repayable on Demand from Others	700.000	0.000
Total	7109.060	5619.060

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10566959	20/04/2015	1,360,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL  WEST MUMBAI, MAHARASHTRA - 400013, INDIA	C52393832
2	10546907	05/02/2015	1,500,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C42372870
3	10546292	28/01/2015	1,000,000,000.00	RBL Bank Limited	SHAHUPURI, KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA	C42068734
4	10531943	15/10/2014	9,000,000,000.00	AXIS BANK LIMITED.	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD,  NEW DELHI, DELHI - 110001, INDIA	C34045500
5	10515029	30/07/2014 *	1,250,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	C33709643
6	10485918	30/07/2014 *	1,000,000,000.00	INDUSIND BANK LIMITED.	DR. GOPAL DAS BUILDING, 28, BARAKHAMBA ROAD, NEW  DELHI, DELHI - 110001, INDIA	C16663775
7	10477634	31/01/2014	200,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA	B96385190
8	10477636	30/07/2014 *	800,000,000.00	RBL Bank Limited	SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 416001, INDIA	C45986445
9	10469313	30/07/2014 *	500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL  WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C19193101
10	10456991	30/07/2014 *	800,000,000.00	IDBI Bank Limited	3RD FLOOR, INDIAN RED CROSS SOCIETY BUILDING, 1,  RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA	C17787060

FIXED ASSETS:

Tangible Assets:

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

Intangible Assets:

• Computer software
• Licenses and franchise
• Franchise

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. 63.40
UK Pound	1	Rs. 98.94
Euro	1	Rs. 70.33

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KRN
Report Prepared by :	THR

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.