MIRA INFORM REPORT

Report No. :	325464
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	PEPSICO INDIA HOLDINGS PRIVATE LIMITED
Registered Office :	B-3, DLF Corporate Park, ‘S’ Block, Qutab Enclave, Phase III, Gurgaon - 122002, Haryana
Tel. No.:	91-124-4998400
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.01.1994
Com. Reg. No.:	05-033754
Capital Investment / Paid-up Capital :	Rs.36949.900 Million
CIN No.: [Company Identification No.]	U15549HR1994PTC033754
IEC No.:	0594001137
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACP1272G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of aerated and non-aerated beverage products, juice and juice based drinks and packed food products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (64)

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

Maximum Credit Limit :	USD 110000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of the PepsiCo Group. PepsiCo entered India in 1989 and in a short period, has grown into one of the largest MNC food and beverage businesses in the country. It is an established company having fine track. The company’s products are well received in the market. Fundamentals of the company are decent. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In the view of strong parent company, subject can be considered normal 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

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Chandra
Designation :	Receptionist
Contact No.:	91-124-4998400

LOCATIONS

Registered Office :	B-3, DLF Corporate Park, ‘S’ Block, Qutab Enclave, Phase III, Gurgaon - 122002, Haryana, India
Tel. No.:	91-124-4998400
Fax No.:	91-124-2355853 / 2355861 / 2355862 / 6355862
E-Mail :	jaya.nagpal@pepsico.com jaya.nagpal@intl.pepsico.com manisha.arora@intl.pepsico.com sabiha.niyazi@pepsico.com
Website :	www.pepsiindia.co.in
Corporate Office :	LGF-54, World Trade Centre, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-23323021
Fax No.:	91-11-51522541
Location :	Commercial
Factory 2 :	Frito Lay Divison, Village Channo, Post Office Bhawanigarh, District Sangrur, Patiala - 148026, Punjab , India
Tel. No.:	91-1672-468118
Branch Offices :	Located at : · Chandigarh · Phillaur · Sangrur · Gurgaon · New Delhi

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajiv Wakhle

Designation :

Director

Address :

D-602, Ambience Island, NH-8, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

04.09.1958

B.E./B.Tech

Date of Appointment :

28.11.2008

PAN No.:

AAKPW1794P

DIN No.:

00265039

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	U15499PN2006PTC128630	AURIC FOODS PRIVATE LIMITED	Director	21/06/2006	21/06/2006	03/07/2006	Active	YES
2	U15549HR1994PTC033754	PEPSICO INDIA HOLDINGS PRIVATE LIMITED	Director	28/11/2008	28/03/2008	-	Active	NO

Name :

Kaushik Gunakar Mitra

Designation :

Director

Address :

Flat No. 402, Tower – 3, Belmonte Golf Course Road, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

30.10.1968

Qualification :

MBA

Date of Appointment :

29.09.2012

PAN No. :

ADPPM8004L

DIN No.:

05279295

Name :

Mr. Niteen Suryakant Pradhan

Designation :

Director

Address :

615-B, Hamilton Court, DLF Phase – IV, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

31.10.1959

Date of Appointment :

30.09.2014

DIN No.:

03129144

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	U15435HR1997PTC033752	ARADHANA SNACK FOODS COMPANY PRIVATE LIMITED	Director	30/09/2010	09/06/2010	28/09/2011	Amalgamated	NO
2	U15549HR1994PTC033754	PEPSICO INDIA HOLDINGS PRIVATE LIMITED	Director	30/09/2014	01/09/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vinod Kaushal
Designation :	Secretary
Address :	D-115, Ridgewood Estate, DLF City, Phase IV, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	19.12.1971
Date of Appointment :	07.03.2011
PAN No.:	AADPK5427C
Name :	Mr. Chandra
Designation :	Receptionist

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Pepsico Panimex Inc., Mauritius	3692172586
Beaman Bottling Company, Dover	2813601
Jyoti Sagar	26
Total	3694986213

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of aerated and non-aerated beverage products, juice and juice based drinks and packed food products.

Products :

Product Description	Item Code No. (ITC Code)
Aerated and Non aerated beverage	22021099
Potato Chips Fried	22052000
Namkeens	21069000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

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

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 :

Not Divulged

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
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

Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Bldg. No. 10, 8^th Floor, Tower B, DLF Cyber City, Phase II, Gurgaon – 122022, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Memberships :	Not Available
Collaborators :	Not Available
Ultimate holding Company :	PepsiCo Inc. (Trademark owner)
Holding company :	PepsiCo Panimex Inc
Subsidiaries :	Lehar Foods Private Limited Aradhana Drinks and Beverages Private Limited Aradhana Foods and Juices Private Limited
Fellow Subsidiaries :	PepsiCo World Trading Company, Inc. Pepsi Cola International Cork PepsiCo Inc. (Hong Kong Branch) Pepsi-Cola (Thai) Trading Co. Ltd Quakers Oats Australia Pty Limited Pepsico International Singapore Pte Limited PepsiCo Inc., Dubai LLC Lebedyansky Societe Moderne Lebanaise Pour The Pepsi Bottling Group (Canada) International Refreshment Company Limited Pepsi-Cola International Co. of Uruguary S.R.L Pepsi-Lipton International Limited Chipsy Foods Industries - SAE - Giza Tropicana Dubai FZE PCI NewYork PepsiCo Services Asia Limited Smith’s Snackfood Co Limited, Australia
Associates :	Pearl Drinks Limited Pearl Bottling Private Limited Pearl Beverages Limited SMV Beverages Private Limited
Joint Venture :	Nourishco Beverages Limited (NCBL)
Others :	PepsiCo India Holdings Employees Provident Fund Trust PepsiCo India Holdings Employees Superannuation Fund Trust

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
4000000000	Equity Shares	Rs.10/- each	Rs.40000.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3694986213	Equity Shares	Rs.10/- each	Rs.36949.900 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	36949.900	36949.900	36949.900
(b) Reserves & Surplus	3298.200	6097.900	5922.400
(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)	40248.100	43047.800	42872.300
(3) Non-Current Liabilities
(a) long-term borrowings	3561.400	7113.900	6720.500
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1064.300	976.800	887.300
(d) long-term provisions	815.900	712.700	489.700
Total Non-current Liabilities (3)	5441.600	8803.400	8097.500
(4) Current Liabilities
(a) Short term borrowings	1849.300	887.300	2526.500
(b) Trade payables	12712.400	11039.900	9599.800
(c) Other current liabilities	6957.400	1964.300	1217.700
(d) Short-term provisions	1960.200	1728.800	768.100
Total Current Liabilities (4)	23479.300	15620.300	14112.100
TOTAL	69169.000	67471.500	65081.900
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23008.600	21929.600	19777.000
(ii) Intangible Assets	11036.600	13843.500	16618.300
(iii) Capital work-in-progress	1912.700	1667.700	1589.500
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8432.100	6257.300	220.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5108.500	3945.600	2905.500
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	49498.500	47643.700	41111.200
(2) Current assets
(a) Current investments	184.100	239.700	336.300
(b) Inventories	7682.600	7557.200	6725.500
(c) Trade receivables	6774.400	5636.000	4678.900
(d) Cash and cash equivalents	1228.800	473.500	854.200
(e) Short-term loans and advances	3772.900	5903.600	11176.200
(f) Other current assets	27.700	17.800	199.600
Total Current Assets	19670.500	19827.800	23970.700
TOTAL	69169.000	67471.500	65081.900

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Turnover	72166.600	69947.700	60928.700
Operating Income	558.100	472.600	440.600
Other Income	999.100	1431.200	836.900
LESS :
Excise Duty	4248.000	4012.100	3341.500
Operating Expenditure	0.000	0.000	14655.500
Depreciation	6620.300	6112.800	8147.500
Employees benefits expenses	5602.200	5087.900	0.000
Finance Cost	3.900	10.500	128.100
Other Expenses	26067.200	23970.200	208000.800
Tax expenses
Current tax	164.400	0.000	0.000
MAT credit written off	15.100	0.000	0.000
Profit/Loss before Taxes, prior period expenses and exceptional items	(2620.200)	(507.300)	3287.900
Prior Period Expenses	0.000	683.100	181.900
Deffered Tax	0.000	0.000	41.000
Net Profit/Loss after Tax and exceptional items	(2799.700)	175.800	(3147.100)
EARNINGS IN FOREIGN CURRENCY	0.000	974.200	734.200

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	4279.000	34.200	0.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	NA
Operating Profit Margin (PBDIT / Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	NA
Return on Investment (ROI) (PBT/Networth)		NA	NA	NA
Debt Equity Ratio (Total Liability/Networth)		0.24	0.19	0.22
Current Ratio (Current Asset/Current Liability)		0.84	1.27	1.70

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	36949.900	36949.900	36949.900
Reserves & Surplus	5922.400	6097.900	3298.200
Share Application money pending allotment	0.000	0.000	0.000
Net worth	42872.300	43047.800	40248.100
long-term borrowings	6720.500	7113.900	3561.400
Short term borrowings	2526.500	887.300	1849.300
Current Maturities of Long Term Debt	0.000	34.200	4279.000
Total borrowings	9247.000	8035.400	9689.700
Debt/Equity ratio	0.216	0.187	0.241

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	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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	No
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

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from others	3546.900	7055.800
Deferred payment Liabilities	14.500	58.100
SHORT TERM BORROWING
Working Capital loans from banks	0.000	1.000
Deposits	1849.300	886.300
Total	5410.700	8001.200

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90182056	03/04/1995	20,000,000.00	BANK OF AMERICA	DCM BUILDING, 16; BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	-
2	90177587	28/03/1995	60,000,000.00	DEUTSCHE BANK	TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, Delhi - 110001, INDIA	-
3	90181951	18/07/1994	25,000,000.00	CITBANK N. A.	3; PARLIAMENT STREET, NEW DELHI, Delhi - 110001, INDIA	-
4	90181872	01/12/1993	20,000,000.00	BANK OF AMERICA	HANSALAYA BUILDING, NEW DELHI, Delhi, INDIA	-
5	90181871	25/11/1993	20,000,000.00	DEUTSCHE BANK	AG; TOLSTOY HOUSE, TOISTOY MARG, NEW DELHI, Delhi, INDIA	-
6	90181607	23/05/1994 *	40,000,000.00	STATE BANK OF PATIALA	THE MALL, PATIALA, Punjab - 147001, INDIA	-
7	90179110	25/11/1993 *	5,000,000.00	HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	28; KASTURBA GANDHI MARG, NEW DELHI, Delhi - 110001, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Plant and Machinery
• 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 records 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.63.85
UK Pound	1	Rs.98.12
Euro	1	Rs.71.28

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	SAN
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	8
--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		64

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.