MIRA INFORM REPORT

Report No. :	349280
Report Date :	27.11.2015

IDENTIFICATION DETAILS

Name :	NORTH EAST NUTRIENTS PRIVATE LIMITED
Registered Office :	Aradhana Building, 2/1 Anandilal Poddar Sarani, Kolkata – 700071, West Bengal
Tel. No.:	91-33-40701204
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.08.2013
Com. Reg. No.:	21-196135
Capital Investment / Paid-up Capital :	Rs.150.000 Million
CIN No.: [Company Identification No.]	U15122WB2013PTC196135
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	CALN06925C
PAN No.: [Permanent Account No.]	AAECN4753A
Legal Form :	Private Limited Liability Company
Line of Business :	The Company was incorporated primarily to establish a food processing facility in Assam to cater to the fast-growing market for branded packaged food products in the north eastern states. The Company is currently engaged in setting up a biscuit manufacturing facility in Mangaldai, Darrang District, Assam which is expected to start commercial production during the year 2015-16.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (58)

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 420000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	North East Nutrients Private Limited is a 76:24 joint venture company between “ITC Limited” and “SRD GROUP”. It is relatively new company incorporated in the year 2013. The company is currently engaged in setting up a biscuit manufacturing facility in Mangaldai, Darrang District, Assam which is expected to start commercial production during the year 2015-16. For the financial year ended 2014, the company has reported net loss of Rs.3.5 million which is treated as pre-operating expenses but it has satisfactory networth position of Rs.146.44 million recorded in the books. Further, rating takes into consideration strong support from its holding company i.e. “ITC Limited” which is ranked 82^nd in the India 100 for the year 2015 with brand value of USD 282 million and enterprise value of USD 45,460 million. Moreover, it is the 3^rd largest company in India with market cap of approx. USD 40 billion. In view of strong holding support, the company can be considered for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

HENKEL RATING

HENKEL’s Rating :

300, 301 (Moderate risk)

Credit Rating	Henkel Rating (Customer Risk Assesment- CRA)
Mira Inform	Risk Category	Credit Limit	Description
Aaa	100	Inter Company, credit limit not required	Very low risk (blue ships)
Aa	200, 201	(120% of Gross Annualised Sales/365)*Credit Term.	Low risk
A	300, 301	(100% of Gross Annualised Sales/365)*Credit Term.	Moderate risk
Ba	350	(90% of Gross Annualised Sales/365)*Credit Term.	Significant risk
B	400	(80% of Gross Annualised Sales/365)*Credit Term.	High risk
	450		Very high risk
Ca or C	500*	NIL/ Legal/ Bad/No Transaction	Doubtful accounts
	007*	NIL	Small unrated customers
	009*	NIL	Inactive customers
	999*	Initially First Invoice vales, CRA will be done and based on report the CL would get revised.	New customer

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 31-03-2015.

INFORMATION DENIED

Management Non Co-operative (91-33-40701204 / 22886418 / 22889900)

LOCATIONS

Registered Office :	Aradhana Building, 2/1 Anandilal Poddar Sarani, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-40701204 / 22886418 / 22889900
Fax No.:	Not Available
E-Mail :	nenpl14@gmail.com
Unit Address : :	ITC Limited, Maruthiseva Nagar 18, Bansawadi Main Road, Bangalore – 560005, Karnataka, India

DIRECTORS

AS ON 19.06.2014

Name :

Mr. Murali Ganesan

Designation :

Director

Address :

E- 201, Gulmohar Block, ITC Garden Enclave, Sy # 1-B, Jakkur Plantation Village, Yelahanka, Bangalore - 560064, Karnataka, India

Date of Birth/Age :

28.11.1962

Date of Appointment :

19.06.2014

DIN No.:

02669546

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	U15419KA2001PTC028407	INNOVISION FOODS PRIVATE LIMITED	Director	30/09/2009	05/09/2009	-	Active	NO
2	U51229KA2004PTC034563	FOOD FACTORY PRIVATE LIMITED	Director	30/09/2009	05/09/2009	07/01/2011	Active	NO
3	U15122WB2013PTC196135	North East Nutrients Private Limited	Director	19/06/2014	06/02/2014	-	Active	NO

Name :

Mr. Dharmarajan Ashok

Designation :

Director

Address :

22B Victoria View, 241/2 A. J. C. Bose Road, Kolkata - 700020, West Bengal, India

Date of Birth/Age :

15.01.1964

Date of Appointment :

19.06.2014

DIN No.:

02009735

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	U65993WB1993PLC060271	ANTRANG FINANCE LTD	Director	25/08/2008	21/01/2008	Active	NO
2	U57102WB1973PLC028864	MIMEC (INDIA) LTD	Managing director	10/02/2015	10/02/2012	Active	NO
3	U15122WB2013PTC196135	North East Nutrients Private Limited	Director	19/06/2014	06/02/2014	Active	NO

Name :

Mr. Paritosh Wali

Designation :

Director

Address :

C-101, Champaka, Itc Garden Enclave, Jakkur Plantation Village, North Yelahanka, Bangalore - 560064, Karnataka, India

Date of Birth/Age :

06.05.1969

Date of Appointment :

19.06.2014

DIN No.:

06767740

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	U15122WB2013PTC196135	North East Nutrients Private Limited	Director	19/06/2014	06/02/2014	Active	NO

Name :

Mr. Samrat Deka

Designation :

Director

Address :

Ward No-1, Mangaldai - 784125, Assam, India

Date of Birth/Age :

06.05.1969

Date of Appointment :

19.06.2014

DIN No.:

00559110

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	U51109AS1999PTC005681	REPOSE FOODS PRIVATE LIMITED	Director	23/02/1999	23/02/1999	Active	NO
2	U15494AS2001PTC006591	SRD NUTRIENTS PRIVATE LIMITED	Director	04/11/2003	04/11/2003	Active	NO
3	U15412AS2006PTC008112	SUNANDARAM FOODS PRIVATE LIMITED	Director	30/09/2010	30/09/2010	Active	NO
4	U15412AS2011PTC010674	SRD-VINPACK PRIVATE LIMITED	Director	06/09/2011	06/09/2011	Under Process of Striking off	NO
5	U55101AS2013PTC011483	Repose Highway Resort Private Limited	Director	11/04/2013	11/04/2013	Active	NO
6	U15122WB2013PTC196135	North East Nutrients Private Limited	Director	19/06/2014	06/02/2014	Active	NO

Name :

Mr. Ranjit George Jacob

Designation :

Director

Address :

2B, Regency Ligouri, 8 Walton Road, Bengaluru - 560001, Karnataka, India

Date of Appointment :

31.03.2015

DIN No.:

07103329

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	U65991WB1996PLC077341	ITC INFOTECH INDIA LIMITED	Director	23/02/2015	23/02/2015	Active	NO
2	U15122WB2013PTC196135	North East Nutrients Private Limited	Director	31/03/2015	31/03/2015	Active	NO

Name :

Mr. Raghavaiah Veera Kolamala

Designation :

Director

Address :

House 139 2^nd Main Panduranganagara, B G Road, Bangalore - 560076, Karnataka, India

Date of Appointment :

31.03.2015

DIN No.:

07114270

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	U74999TG1984PLC005192	SRINIVASA RESORTS LTD	Director	17/03/2015	17/03/2015	Active	NO
2	U15122WB2013PTC196135	North East Nutrients Private Limited	Director	31/03/2015	31/03/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Anindya Sengupta
Designation :	Chief Financial Officer
Address :	D-515,Purva Park Apartments, MSO Colony, Maruthi Seva Nagar, Bangalore - 560005, Karnataka, India
Date of Appointment :	01.01.2015
PAN No.:	BGVPS3245M

MAJOR SHAREHOLDERS

AS ON 19.06.2014

Names of Shareholders	No. of Shares
ITC Limited, India	11399990
ITC Limited Jointly with Dar Chitrajan	1
ITC Limited Jointly with Ganesan Murali	1
ITC Limited Jointly with Wali Paritosh	1
ITC Limited Jointly with Dutta Supratim	1
ITC Limited Jointly with Singh Jagdish	1
ITC Limited Jointly with Ashok Dharmarajan	1
ITC Limited Jointly with Thakar Ashish	1
ITC Limited Jointly with Singhi Kumar Rajendra	1
ITC Limited Jointly with K, Radhakrishnan	1
ITC Limited Jointly with Poddar Rajesh	1
Deka Chandra Mukul	900000
Deka Kumar Rajib	900000
Deka Anupam	900000
Deka Samrat	900000
Total	15000000

LIST OF ALLOTTEES:

AS ON 18.10.2014

NAMES OF ALLOTTEES	No. of Shares
ITC Limited, India	15833333
Deka Chandra Mukul	1250000
Deka Kumar Rajib	1250000
Deka Anupam	1250000
Deka Samrat	1250000
Total	20833333

AS ON 09.04.2015

NAMES OF ALLOTTEES	No. of Shares
ITC Limited, India	4689200
Deka Chandra Mukul	370200
Deka Kumar Rajib	370200
Deka Anupam	370200
Deka Samrat	370200
Total	6170000

Equity Share Break up (Percentage of Total Equity)

AS ON 19.06.2014

Category	Percentage
Bodies corporate	76.00
Directors or relatives of Directors	24.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company was incorporated primarily to establish a food processing facility in Assam to cater to the fast-growing market for branded packaged food products in the north eastern states. The Company is currently engaged in setting up a biscuit manufacturing facility in Mangaldai, Darrang District, Assam which is expected to start commercial production during the year 2015-16.
Products :	Food Product Biscuit
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

Information declined by the management

Bankers :

Banker Name :	Not Divulged
Branch :	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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Financial Institution :	Russell Credit Limited, Virginia House, 37, J. L. Nehru Road, Kolkata, West Bengal - 700071, India
Auditors :
Name :	S. K. Deora and Company Chartered Accountants
Address :	32/C/1, M.L.B. Road, Bally, Howrah – 711201,West Bengal, India
PAN No.:	ACSPD7237N
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding company :	ITC Limited

CAPITAL STRUCTURE

AFTER 19.06.2014

Authorised Capital: Rs.750.000 Million

Issued, Subscribed & Paid-up Capital: Rs.730.000 Million

AS ON 19.06.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

FINANCIAL DETAILS FILE ATTACHED

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	No
8	Designation of contact person	No
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	No
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 one year	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last one year	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	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 52, Weston Street, 3^rd Floor, Room No. 304, Kolkata – 700012, West Bengal, India to the present address w.e.f. 06.02.2014

COMPANY PERFORMANCE

The Company was incorporated primarily to establish a food processing facility in Assam to cater to the fast-growing market for branded packaged food products in the north eastern states. During the year, the Company became a joint venture between ITC Limited and the SRD Group with equity shareholding of 76% and 24% respectively.

The Company is currently engaged in setting up a biscuit manufacturing facility in Mangaldai, Darrang District, Assam which is expected to start commercial production during the year 2015-16.

The Net Loss of the Company stood at Rs. 3.550 million for the year mainly on account of incorporation related expenses.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10592266	27/08/2015	730,000,000.00	Russell Credit Limited	Virginia House, 37, J. L. Nehru Road, Kolkata, West Bengal - 700071, India	C64818099

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.66.55
UK Pound	1	Rs.100.64
Euro	1	Rs.70.70

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	HNA
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	5
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		58

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.