MIRA INFORM REPORT

Report No. :	324803
Report Date :	28.05.2015

IDENTIFICATION DETAILS

Name :	KAMDHENU FOODS LIMITED
Registered Office :	D-10, D Block, Market Ashok Vihar, Phase – I, Delhi – 110 052
Tel. No.:	91-114-27412393 / 27229105
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.12.1994
Com. Reg. No.:	55-063743
Capital Investment / Paid-up Capital :	Rs.12.570 Million
CIN No.: [Company Identification No.]	U74899DL1994PLC063743
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELK03366G
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading in dairy products such as skimmed and whole milk powder, butter, ghee, edible acid casein, and dairy whitener.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 82000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by low profitability margins and leverage capital structure of the company. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing 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 – 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 B+
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	18.03.2015

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Anil Gupta
Designation :	Director
Contact No.:	91-9810124799
Date :	27.05.2015

LOCATIONS

Registered Office :	D-10, D Block, Market Ashok Vihar, Phase – I, Delhi – 110052, India
Tel No.:	Not Available
Mobile No.:	91-9810124799 (Mr. Anil Gupta)
Fax No.:	Not Available
E-Mail :	Singh_shoorveer@yahoo.com arbdelhi@gamil.com
Corporate Office :	1002, 10^th Floor, D Mall, Pitam Pura, New Delhi – 110034, Delhi, India
Tel. No.:	91-114-27412393 / 27229105
E-Mail :	kamdhenufood@gmail.com abhishek@kamdhenufoods.in
Website :	www.kamdhenufoods.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Anil Gupta

Designation :

Director

Address :

C-51, Phase 1, Ashok Vihar, Delhi – 110 052, India

Mobile No.:

91-9810124799

Date of Birth/Age :

14.04.1962

Date of Appointment :

23.12.1994

DIN No.:

00058333

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	U74899DL1994PLC063743	KAMDHENU FOODS LIMITED	Director	23/12/1994	23/12/1994	-	Active	NO
2	U74899DL1995PTC066142	RAM RATAN KASHI RAM PRIVATE LIMITED	Director	08/03/1995	08/03/1995	-	Active	NO
3	U74899DL1993PTC055998	PHAGU RESORTS PRIVATE LIMITED	Director	20/09/1998	20/09/1998	05/01/2009	Active	NO
4	U74899DL1995PTC069689	MOHAN UDYOG PRIVATE LIMITED	Director	11/10/2001	11/10/2001	-	Active	NO
5	L74140RJ1984PLC003147	INDUSTRIAL PROGRESIVE INDIA LTD	Whole-time director	31/01/2006	31/01/2006	05/04/2010	Active	NO

Name :

Mr. Ashok Gupta

Designation :

Director

Address :

C-51, Phase 1, Ashok Vihar, Delhi – 110 052, India

Mobile No.:

91-9810124946

Date of Birth/Age :

21.08.1959

Date of Appointment :

08.04.1996

DIN No.:

01325434

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	U74899DL1976PTC008306	SHAMROCK FOOD AND CHEMICALS PRIVATE LIMITED	Director	27/09/1990	27/09/1990	-	Active	NO
2	U74899DL1995PTC066142	RAM RATAN KASHI RAM PRIVATE LIMITED	Director	08/03/1995	08/03/1995	-	Active	NO
3	U74899DL1993PTC055998	PHAGU RESORTS PRIVATE LIMITED	Director	12/12/1995	12/12/1995	05/01/2009	Active	NO
4	U74899DL1994PLC063743	KAMDHENU FOODS LIMITED	Director	08/04/1996	08/04/1996	-	Active	NO
5	L74140RJ1984PLC003147	INDUSTRIAL PROGRESIVE INDIA LIMITED	Director	12/05/2005	12/05/2005	05/04/2010	Active	NO
6	U74899DL1995PTC069689	MOHAN UDYOG PRIVATE LIMITED	Director	01/03/2007	01/03/2007	-	Active	NO

Name :

Mr. Abhishek Gupta

Designation :

Director

Mobile No.:

91-9810534796

Address :

C-139, Phase 1, Ashok Vihar, Delhi – 110 052, India

Date of Birth/Age :

06.02.1985

Date of Appointment :

30.09.2013

DIN No.:

03360953

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1994PLC063743	KAMDHENU FOODS LIMITED	Director	30/09/2013	05/10/2011	Active	NO
2	U15122DL2012PTC237130	ARB FOODS PRIVATE LIMITED	Director	08/06/2012	08/06/2012	Active	NO

Name :

Mr. Anubhav Gupta

Designation :

Director

Address :

C-139, Ashok Vihar,, Phase 1, Delhi, 110052, Delhi, India

Date of Birth/Age :

19.04.1991

Date of Appointment :

25.06.2014

DIN No.:

06897890

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Anil Gupta	238766	18.99
Ashok Gupta	201666	16.04
Kanshi Ram Gupta	100	0.01
Abhishek Gupat	44500	3.54
Laxmi Rani	350000	27.84
Anil Gupta and Sons (HUF)	86500	6.88
Rajesh Kumar Gupta and Sons	38000	3.02
Vaibhav Laxmi Dairy Products Private Limited	280000	22.27
Vidhi Gupta	17500	1.39
Total	1257032	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	22.27
Directors or relatives of Directors	67.82
Others	9.91
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading in dairy products such as skimmed and whole milk powder, butter, ghee, edible acid casein, and dairy whitener.
Products :	· Whey Powder Demineralised · White Butter · Edible Acid Casein · Ghee (Butter Fat) · Dairy Whitener · Skimmed Milk Powder · Lactose · Full Cream Milk Powder · Milk Ingredients · Milk Formulations · Milk Protein Concentrate · Milk Powder and Milk Fat · Whey Powders and Milk Proteins
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	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 Available

Bankers :

· State Bank of India, Netaji Subhash Place, Pitampura, New Delhi – 110034, India

· Axis Bank

· Union Bank of India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Other loans and advances	77.586	100.214
Loans taken for vehicles	3.050	4.786
Total	80.636	105.000

Auditors :
Name :	Mukesh A Mittal And Company Chartered Accountants
Address :	306, ITI Tower, B-09, Netaji Subhash Place, Pitampura, Delhi – 110034, India
PAN No.:	AARFM4863E
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Shamrock Food and Chemicals Private Limited CIN No.: U74899DL1976PTC008306 Mohan Udyog Private Limited CIN No.: U74899DL1995PTC069689 Vaibhalaxmi Dairy Products Private Limited CIN No.: U74899DL1995PTC066164 Ram Ratan Kashi Ram Private Limited CIN No.: U74899DL1995PTC066142

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1257032	Equity Shares	Rs. 10/- each	Rs.12.570 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	12.570	12.570	12.570
(b) Reserves & Surplus	15.978	9.385	8.437
(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)	28.548	21.955	21.007
(3) Non-Current Liabilities
(a) long-term borrowings	80.636	105.000	107.049
(b) Deferred tax liabilities (Net)	0.391	0.287	0.169
(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)	81.027	105.287	107.218
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	79.046	114.003	15.444
(c) Other current liabilities	1.251	0.050	4.319
(d) Short-term provisions	3.230	0.307	0.514
Total Current Liabilities (4)	83.527	114.360	20.277
TOTAL	193.102	241.602	148.502
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.247	10.916	12.296
(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	16.788	16.788	24.516
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.148	0.148	0.148
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	28.183	27.852	36.960
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.289	82.216	60.972
(c) Trade receivables	97.886	57.853	40.275
(d) Cash and cash equivalents	0.781	1.388	0.839
(e) Short-term loans and advances	6.108	68.795	4.840
(f) Other current assets	3.855	3.498	4.616
Total Current Assets	164.919	213.750	111.542
TOTAL	193.102	241.602	148.502

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1465.611	604.349	421.495
		Other Income	0.841	1.531	1.135
		TOTAL (A)	1466.452	605.880	422.630
Less	EXPENSES
		Purchase of Stock-in-trade	1395.490	608.328	409.569
		Changes in Inventories of Finished Goods, work-in-progress and Stock-in-trade	25.927	(21.244)	(3.311)
		Employee Benefit Expenses	2.268	1.034	1.213
		Other Expenses	22.803	4.317	3.250
		TOTAL (B)	1446.488	592.435	410.721
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.964	13.445	11.909
Less	FINANCIAL EXPENSES (D)		8.613	10.692	9.057
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.351	2.753	2.852
Less	DEPRECIATION/ AMORTISATION (F)		1.423	1.380	0.905
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		9.928	1.373	1.947
Less	TAX (H)		3.334	0.425	0.604
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		6.594	0.948	1.343
	Earnings Per Share (Rs.)		5.25	0.75	1.07

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.45	0.16	0.32
Operating Profit Margin (PBDIT/Sales)	(%)	1.36	2.22	2.83
Return on Total Assets (PBT/Total Assets}	(%)	5.63	0.61	1.57
Return on Investment (ROI) (PBT/Networth)		0.35	0.06	0.09
Debt Equity Ratio (Total Debt /Networth)		2.82	4.78	5.10
Current Ratio (Current Asset/Current Liability)		1.97	1.87	5.50

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

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	12.570	12.570	12.570
Reserves & Surplus	8.437	9.385	15.978
Net worth	21.007	21.955	28.548
long-term borrowings	107.049	105.000	80.636
Short term borrowings	0.000	0.000	0.000
Total borrowings	107.049	105.000	80.636
Debt/Equity ratio	5.096	4.783	2.825

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	421.495	604.349	1465.611
		43.382	142.511

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	421.495	604.349	1465.611
Profit	1.343	0.948	6.594
	0.32%	0.16%	0.45%

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	No
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	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90332380	21/02/2012 *	110,000,000.00	STATE BANK OF INDIA	NETAJI SUBHASH PLACE, PITAMPURA, NEW DELHI – 110034, INDIA	B34372961

*Date of modification Charges

FIXED ASSETS:

· Air Conditioner

· Car

· Computer and Printers

· EPBAX

· Inverter

· Fax Machine

· Furniture and Fixtures

· Jeep-207

· Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.34
UK Pound	1	Rs.92.64
Euro	1	Rs.68.12

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	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		30

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.