MIRA INFORM REPORT

Report No. :	343573
Report Date :	05.10.2015

IDENTIFICATION DETAILS

Name :	BAKERS CIRCLE (INDIA) PRIVATE LIMITED
Registered Office :	1203-06, 12^thFloor, DLF Tower – B, District Centre, Jasola, New Delhi - 110025
Tel. No.:	91-11-47328802
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.17.2001
Com. Reg. No.:	55-111560
Capital Investment / Paid-up Capital :	Rs. 198.450 Million
CIN No.: [Company Identification No.]	U15131DL2001PTC111560
IEC No.:	0505061619
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCB7681G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Selling of Frozen Dough, Desserts and Confectionery
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 781000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Baker Circle (India) Private Limited (BCI) was incorporated in 2001 to manufacture bakery and confectionery products. Private equity investors viz. GIA (BCI) Holdings Ltd and Haystack Investments Limited (HIL) have also taken exposure in company. GIA had been associated with the company since 2005 and provided funding to the company multiple times in the past. BCI has reported a net loss of Rs.0.050 Million on a total operating income of Rs.638.600 Million in FY14 as against net loss of Rs.34.700 Million on a total operating income of Rs.515.600 Million in FY13. The ratings on Baker Circle (India) Private Limited (BCI) derive strength from the experienced promoters, qualified management, established track record of operations and comfortable capital structure. The ratings also takes into account of company’s growing scale of operations and moderate level of working capital requirement. The ratings, however, continue to remain constrained by the customer and supplier concentration risk and exposure to raw material price volatility marked by net loss in FY14. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. In view of strong financial support from private equity players, the company can be considered for the business dealings at usual trade terms and conditions.

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	CARE
Rating	Long term bank facilities = (BBB-)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	13.04.2015

Rating Agency Name	CARE
Rating	Short term bank facilities =A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	13.04.2015

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 31-03-2015.

LOCATIONS

Registered/ Corporate Office :	1203-06, 12^thFloor, DLF Tower – B, District Centre, Jasola, New Delhi – 110025, India
Tel. No.:	91-11-47328802
Fax No.:	91-11-47328823
E-Mail :	mcjain@bakerscircle.co.in customerservice@bakerscircle.co.in
Website :	http://www.bakerscircle.co.in
Factory :	Plot No. 9 and 10, Nand Nagar, Industrial Estate, Village – Mahuakhera Ganj, Ali Ganj Road, Kashipur (U.S. Nagar) – 244713, Uttarakhand, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rohitasava Chand

Designation :

Nominee Director

Address :

B-19, Defence Colony, New Delhi - 110024, India

Date of Birth/Age :

21.10.1946

Date of Appointment :

31.08.2006

DIN No.:

00011150

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	U70101MH1983PTC029837	IKHLAS PROPERTIES AND SERVICES PRIVATE LIMITED	Director	20/04/1983	20/04/1983	25/03/2015	Active	NO
2	U74899DL1981PTC011949	TRAK SERVICES PRIVATE LIMITED	Director	01/07/1985	01/07/1985	-	Active	NO
3	U74899DL1995PTC073489	YUKTI SECURITIES PRIVATE LIMITED	Director	09/04/1999	09/04/1999	11/01/2008	Active	NO
4	L72200DL1990PLC041275	AXISCADES ENGINEERING TECHNOLOGIES LIMITED	Director	01/04/2010	28/07/1999	-	Active	NO
5	U74899DL1998PLC095822	AXIS COGENT GLOBAL LIMITED	Director	22/10/1999	22/10/1999	19/11/2012	Active	NO
6	U72200MH2001PTC131059	GYANADA SOFTWARE PRIVATE LIMITED	Director	01/03/2001	01/03/2001	-	Amalgamated	NO
7	L92114DL1982PLC014334	CYBER MEDIA (INDIA) LIMITED	Director	09/01/2004	09/01/2004	18/06/2014	Active	NO
8	U72200DL2000PTC108425	AXIS INFOWAY (INDIA) PRIVATE LIMITED	Director	15/10/2004	15/10/2004	01/12/2008	Active	NO
9	U67120DL1989PTC038291	MADHAKI INVESTMENTS AND LEASING PRIVATE LIMITED	Director	30/05/2005	30/05/2005	-	Strike off	NO
10	L67120MH1993PLC070709	KHANDWALA SECURITIES LIMITED	Director	20/09/2014	23/07/2005	-	Active	NO
11	U74899DL1989PTC036798	BMC INTERNATIONAL PRIVATE LIMITED	Director	30/08/2005	30/08/2005	-	Active	NO
12	U74899DL1979PTC009527	SUMER CHAND AND COMPANY PRIVATE LIMITED	Director	30/08/2005	30/08/2005	23/03/2009	Converted to LLP	NO
13	U74899DL1934PTC000349	THE BRITISH MOTOR CAR COMPANY (1934) PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
14	U51900MH2006PTC158923	PLUSTECH MERCANTILE COMPANY PRIVATE LIMITED	Director	13/07/2007	28/01/2006	02/06/2010	Active	NO
15	U51900MH2006PTC158894	NADAL TRADING COMPANY PRIVATE LIMITED	Director	13/07/2007	28/01/2006	02/06/2010	Active	NO
16	U15131DL2001PTC111560	BAKERS CIRCLE (INDIA) PRIVATE LIMITED	Nominee director	31/08/2006	07/03/2006	-	Active	NO
17	U55201DL2005PTC138379	SUNRYDGE KILA RESORTS PRIVATE LIMITED	Director	07/07/2006	07/07/2006	22/03/2010	Active	NO
18	U15928MH2006PTC159281	AG MERCANTILE COMPANY PRIVATE LIMITED	Director	13/07/2007	28/01/2007	02/06/2010	Active	NO
19	U24231CH1994PTC015100	SABOO COATINGS PRIVATE LIMITED	Director	17/09/2008	10/05/2008	25/06/2014	Active	NO
20	U74140KA2007PTC042619	VIEDEA CAPITAL ADVISORS PRIVATE LIMITED	Director	25/10/2008	21/05/2008	08/12/2011	Active	NO
21	U72200DL2006PTC149932	VIENOVA EDUCATION PRIVATE LIMITED	Director	30/09/2009	07/11/2008	-	Active	NO
22	U65990MH1997PTC112707	TELECOM INVESTMENTS INDIA PRIVATE LIMITED	Director	30/09/2009	11/09/2009	17/03/2010	Active	NO
23	U65990MH1999PTC121979	JAYKAY FINHOLDING (INDIA) PRIVATE LIMITED	Alternate director	16/10/2009	16/10/2009	21/05/2010	Active	NO
24	U32202WB1995PLC069502	USHA MARTIN TELEMATICS LIMITED	Alternate director	16/10/2009	16/10/2009	21/05/2010	Active	NO
25	U65993WB1997PLC085278	UMT INVESTMENTS LIMITED	Alternate director	16/10/2009	16/10/2009	21/05/2010	Active	NO
26	U64202KA2001PTC029836	CADES DIGITECH PRIVATE LIMITED	Director	28/07/2010	24/10/2009	-	Amalgamated	NO
27	U80904DL2010PTC197827	C AND C EDUCATORS PRIVATE LIMITED	Director	11/01/2010	11/01/2010	14/10/2011	Active	NO
28	U80904DL2008PTC176419	VIENOVA EDUCATION PRIVATE LIMITED	Director	27/09/2011	06/06/2011	-	Amalgamated	NO
29	U15122DL2012PTC243550	VEEBA FOOD SERVICES PRIVATE LIMITED	Director	30/09/2013	15/04/2013	-	Active	NO
30	U72200HR2014FTC052328	MAVIN TECHNOLOGIES PRIVATE LIMITED	Director	31/03/2014	31/03/2014	24/07/2014	Active	NO
31	U92490DL2015PTC283900	PICTURE TIME DIGIPLEX PRIVATE LIMITED	Director	10/08/2015	10/08/2015	-	Active	NO
32	AAD-0844	SUMER CHAND AND COMPANY LLP	Designated Partner	19/12/2014	19/12/2014	-	Active	NO

Name :

Mr. Dev Dharee Lall

Designation :

Managing Director

Address :

H-8, Maharani Bagh, New Delhi - 110065, India

Date of Birth/Age :

21.04.1972

Date of Appointment :

30.01.2001

PAN No.:

ABIPL0149E

DIN No.:

00027948

Name :

Mr. Gopal Jain

Designation :

Additional Director

Address :

Flat No.1, 1st Floor, Ramalayam, 46 Peddar Road, Mumbai - 400026, Maharashtra, India

Date of Appointment :

11.02.2015

DIN No.:

00032308

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	U67190DL1999PTC099260	GAJA ADVISORS PRIVATE LIMITED	Director	09/04/1999	09/04/1999	-	Active	NO
2	U74999MH1968GAP014120	INDO-AMERICAN CHAMBER OF COMMERCE	Director	06/10/2004	06/10/2004	29/09/2006	Active	NO
3	L74999DL1994PLC061353	EDUCOMP SOLUTIONS LIMITED	Director	20/09/2005	23/08/2005	27/07/2012	Active	NO
4	U70104HR2006PLC045915	EDUCOMP INFRASTRUCTURE AND SCHOOL MANAGEMENT LIMITED	Director	02/09/2006	02/09/2006	05/02/2013	Active	NO
5	U65100DL2007PTC163599	GAJA TRUSTEE COMPANY PRIVATE LIMITED	Director	17/05/2007	17/05/2007	14/10/2008	Active	NO
6	U93000DL2007PTC171780	GAJA CORPORATE ADVISORS PRIVATE LIMITED	Director	26/12/2007	26/12/2007	05/03/2008	Active	NO
7	U80300HR2008PLC037672	EDUCOMP PROFESSIONAL EDUCATION LIMITED	Director	03/03/2008	03/03/2008	14/11/2011	Active	NO
8	U74899DL1996PLC078481	CL EDUCATE LIMITED	Director	31/03/2008	06/03/2008	-	Active	NO
9	U74900DL2008PTC175116	MARK CORPORATION PRIVATE LIMITED	Director	11/03/2008	11/03/2008	15/12/2010	Active	NO
10	U80103DL2006PLC153405	EDUCOMP SCHOOL MANAGEMENT LMITED	Director	29/09/2008	05/04/2008	05/02/2013	Active	NO
11	U65991DL1993PLC052280	BONANZA PORTFOLIO LIMITED	Director	09/08/2008	18/04/2008	-	Active	NO
12	U70101DL2005PLC137699	CAREER LAUNCHER EDUCATION INFRASTRUCTURE AND SERVICES LIMITED	Director	29/04/2008	29/04/2008	16/02/2015	Active	NO
13	U45200DL2008PTC174240	CAREER LAUNCHER INFRASTRUCTURE PRIVATE LIMITED	Director	27/07/2009	28/01/2009	-	Active	NO
14	U74140MH2000PLC124003	TEAMLEASE SERVICES LIMITED	Director	29/09/2010	13/11/2009	-	Active	NO
15	U51101MH2010PTC207603	SHIVANI MERCANTILE PRIVATE LIMITED	Director	31/12/2011	14/10/2010	-	Active	NO
16	U72200MH2006PTC218082	IIJT EDUCATION PRIVATE LIMITED	Director	29/12/2011	12/05/2011	-	Active	NO
17	U80903MH2011NPL219138	TEAMLEASE EDUCATION FOUNDATION	Director	28/09/2012	18/08/2011	-	Active	NO
18	U22120MH1993PTC075091	EUROKIDS INTERNATIONAL PRIVATE LIMITED	Director	30/09/2013	25/03/2013	-	Active	NO
19	U80211MH2011NPL256520	EUROSCHOOL FOUNDATION	Director	30/09/2013	25/03/2013	-	Active	NO
20	U93000MH2009PTC196084	EUROSCHOOL INTERNATIONAL PRIVATE LIMITED	Director	30/09/2013	25/03/2013	-	Active	NO
21	U80211MH2011NPL256518	EK EDUCATION AND RESEARCH FOUNDATION	Director	30/09/2013	25/03/2013	-	Active	NO
22	U80100MH2004PTC143941	EUROKIDS INDIA PRIVATE LIMITED	Director	30/09/2013	25/03/2013	15/10/2013	Amalgamated	NO
23	U70102MH2010PTC210964	EUROSCHOOL PROPERTIES AND INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2013	25/03/2013	15/10/2013	Active	NO
24	U15131DL2001PTC111560	BAKERS CIRCLE (INDIA) PRIVATE LIMITED	Additional director	11/02/2015	11/02/2015	-	Active	NO

Name :

Mr. Arjan Shamdas Lalwani

Designation :

Nominee director

Address :

13b Bauhinia Court, World Wide Gardens, 13 Lung Pak Street, Shatin, N.T, Hong Kong - 0000, Hong Kong

Date of Birth/Age :

27.09.1949

Date of Appointment :

31.08.2006

DIN No.:

00032554

Name :

Mr. Mukesh Chand Jain

Designation :

Director

Address :

Flat No.19, Kadambari Appartments,Sector-9, Delhi - 110085, India

Date of Birth/Age :

26.01.1954

Date of Appointment :

20.10.2003

PAN No.:

ADOPJ4673K

DIN No.:

00033823

Name :

Mr. Deepak Ishwardas Shahdadpuri

Designation :

Director

Address :

Flat No. 11,5th Floor, Acropolis Building, 58, S.B.S Road, Colaba, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

07.05.1969

Date of Appointment :

31.08.2006

DIN No.:

00444270

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	U15549MH2003PTC139352	SULA VINEYARDS PRIVATE LIMITED	Director	26/09/2006	05/10/2005	-	Active	NO
2	U74999MH1995PTC084320	SAMANT SOMA WINES PRIVATE LIMITED	Director	26/09/2006	05/10/2005	-	Amalgamated	NO
3	U74899DL1981PTC011949	TRAK SERVICES PRIVATE LIMITED	Director	14/10/2005	14/10/2005	-	Active	NO
4	U15131DL2001PTC111560	BAKERS CIRCLE (INDIA) PRIVATE LIMITED	Nominee director	31/08/2006	07/03/2006	-	Active	NO
5	U74140HR2006PTC051554	BCP ADVISORS PRIVATE LIMITED	Managing director	07/11/2006	07/11/2006	-	Active	NO
6	U67190MH2007PTC171846	BAER CAPITAL PARTNERS (INDIA) PRIVATE LIMITED	Director	20/06/2007	20/06/2007	-	Under liquidation	NO
7	U74140DL2007PTC165045	BVM ADVISORS PRIVATE LIMITED	Director	28/09/2007	28/09/2007	07/08/2008	Active	NO
8	U92120MH2001PTC131164	IMPRESARIO ENTERTAINMENT AND HOSPITALITY PRIVATE LIMITED	Nominee director	04/03/2008	04/03/2008	-	Active	NO
9	U22110TN2004PTC052565	NEW HORIZON MEDIA PRIVATE LIMITED	Director	21/04/2008	21/04/2008	18/05/2011	Active	NO
10	U74899DL1979PTC009500	BHAYANA BUILDERS PRIVATE LIMITED	Nominee director	27/05/2008	27/05/2008	-	Active	NO
11	U74899HR1998PLC054821	VATIKA LIMITED	Alternate director	17/12/2010	09/03/2009	24/03/2011	Active	NO
12	U51909MH2009PLC268160	INDOSTAR CAPITAL FINANCE LIMITED	Director	23/09/2011	28/04/2011	-	Active	NO
13	U15122MH2011PTC222280	ARTISAN SPIRITS PRIVATE LIMITED	Director	22/09/2011	22/09/2011	-	Active	NO
14	U72300MH2011PTC215103	MSWIPE TECHNOLOGIES PRIVATE LIMITED	Director	12/12/2012	01/12/2012	-	Active	NO
15	U15122DL2012PTC243550	VEEBA FOOD SERVICES PRIVATE LIMITED	Director	30/09/2013	15/04/2013	-	Active	NO
16	U15200CH2008PTC031297	EXITO GOURMET PRIVATE LIMITED	Additional director	22/08/2013	22/08/2013	-	Active	NO
17	U15122MH2011PTC218451	INDIAN HOME GOURMET PRIVATE LIMITED	Director	14/11/2013	14/11/2013	-	Active	NO
18	U51909GJ1990PLC013211	SARAF FOODS LIMITED	Nominee director	07/07/2014	25/12/2013	-	Active	NO
19	U55204MH2010PTC207466	SUZETTE GOURMET PRIVATE LIMITED	Nominee director	11/02/2015	11/02/2015	-	Active	NO
20	U74999DL2013PTC249324	GC WEB VENTURES PRIVATE LIMITED	Nominee director	08/07/2015	08/07/2015	-	Active	NO

Name :

Mr. Hank Uberoi

Designation :

Director

Address :

321 Upper Mountain AV, Mountclair, New Jersey - 070431015, United States of America

Date of Birth/Age :

10.02.1961

Date of Appointment :

26.09.2012

DIN No.:

01807181

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	U15549MH2003PTC139352	SULA VINEYARDS PRIVATE LIMITED	Director	06/09/2007	27/03/2007	-	Active	NO
2	U74140MH2006PTC166367	BAY CAPITAL INVESTMENT MANAGERS PRIVATE LIMITED	Director	14/06/2007	14/06/2007	30/07/2010	Active	NO
3	U15131DL2001PTC111560	BAKERS CIRCLE (INDIA) PRIVATE LIMITED	Director	26/09/2012	23/02/2012	-	Active	NO

Name :

Mr. Ranjit Manohar Kamath

Designation :

Director

Address :

D4/4226, Vasant Kunj, New Delhi - 110070, India

Date of Appointment :

05.02.2015

DIN No.:

02162020

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	U15541HR1997PTC033751	ARADHANA SOFT DRINKS COMPANY PRIVATE LIMITED	Director	30/09/2008	15/04/2008	Amalgamated	NO
2	U15131DL2001PTC111560	BAKERS CIRCLE (INDIA) PRIVATE LIMITED	Director	05/02/2015	18/09/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Ranjit Manohar Kamath
Designation :	Chief Finance Officer
Address :	B-2-0002, Uniworld City, Sector-30, Gurgoan - 122001, Haryana, India
Date of Appointment :	18.08.2014
PAN No.:	AAJPK6687L
Name :	Mr. Sudhakar Senapaty
Designation :	Secretary
Address :	39/9, 2^nd Floor, Ashok Nagar, New Delhi - 110018, India
Date of Appointment :	07.05.2015
PAN No.:	BTCPS2543G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Dev Dharee Lall	235000
Sheila Lall	723000
Dev Lall Karta HUF	1684317
Mukesh Chand Jain	15000
GIA (BCI) Holding Limited, Mauritius	1
Total	2657318

AS ON 31.03.2014

Names of Preference Shareholders	No. of Shares
GIA (BCI) Holdings Limited, Mauritius	4788380
Dev Dharee Lall Karta HUF	1556765
Yukti Securities Private Limited, India	1197095
Arjun Shamdas Lalwani	897760

AS ON 11.02.2015

Names of Equity Allottees	No. of Shares
Gaja Capital Fund II, Limited, Mauritius	1809793
Gaja Capital Fund II, Limited, Mauritius	90
Total	1809883

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	0.01
Directors or relatives of directors	99.99
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Selling of Frozen Dough, Desserts and Confectionery.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	--
Purchasing :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

· Café Coffee day

· Chijis

· Domino’s Pizza

· Dunkin Donuts

· McDonald’s

· Pizza Hut

No. of Employees :

Not Available

Bankers :

Bank Name:	--
Branch:	--
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

· RBL Bank Limited

Shahupuri, Kolhapur, Kolhapur - 416001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	26.277	40.726
Rupee term loans from others	0.043	0.206
SHORT TERM BORROWINGS
Rupee term loans from banks	32.624	35.767
Total	58.944	76.699

Banking Relations :	--
Auditors :
Name :	BSSR Company Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower B, DLF Cyber Cityphase-II, Gurgaon, Haryana India
Income-tax PAN of auditor or auditor's firm :	AAAFK7995E
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	GIA(BCI ) Holdings Limited, Mauritius

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 240.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 228.450 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Million
18,000,000	Preference Shares	Rs. 10/- each	Rs. 180.000 Million
	Total		Rs. 210.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,657,318	Equity Shares	Rs. 10/- each	Rs. 26.573 Million
17,187,700	Preference Shares	Rs. 10/- each	Rs. 171.877 Million
			Rs. 198.450 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	198.450	197.981	168.732
(b) Reserves & Surplus	75.016	72.195	-20.987
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	62.773
Total Shareholders’ Funds (1) + (2)	273.466	270.176	210.518
(3) Non-Current Liabilities
(a) Long-term borrowings	26.320	40.932	0.354
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.273	3.845	4.353
Total Non-current Liabilities (3)	31.593	44.777	4.707
(4) Current Liabilities
(a) Short term borrowings	53.648	54.537	16.104
(b) Trade payables	96.309	86.919	66.839
(c) Other current liabilities	26.042	41.117	6.553
(d) Short-term provisions	2.516	1.684	1.417
Total Current Liabilities (4)	178.515	184.257	90.913
TOTAL	483.574	499.210	306.138
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	297.035	298.555	122.524
(ii) Intangible Assets	1.864	1.637	1.744
(iii) Capital work-in-progress	0.000	19.996	1.597
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.010	0.010	0.005
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.780	2.269	21.855
(e) Other Non-current assets	6.193	6.257	0.250
Total Non-Current Assets	307.882	328.724	147.975
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	64.988	77.985	56.509
(c) Trade receivables	101.335	78.844	81.983
(d) Cash and cash equivalents	5.203	11.496	18.078
(e) Short-term loans and advances	3.140	1.393	1.476
(f) Other current assets	1.026	0.768	0.117
Total Current Assets	175.692	170.486	158.163
TOTAL	483.574	499.210	306.138

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	638.618	515.651	373.293
		Other Operating Revenue	2.814	1.788	21.157
		Other Income	1.219	3.814	0.794
		TOTAL	642.651	521.253	395.244
Less	EXPENSES
		TOTAL	605.763	532.137	375.741
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		36.888	(10.884)	19.503
Less	FINANCIAL EXPENSES		9.840	5.723	2.570
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		27.049	(16.607)	16.933
Less/ Add	DEPRECIATION/ AMORTISATION		27.509	18.054	10.376
	PROFIT/ (LOSS) BEFORE TAX		(0.460)	(34.661)	6.557
Less	TAX		0.000	0.000	(3.503)
	PROFIT/ (LOSS) AFTER TAX		(0.460)	(34.661)	10.060
	EARNINGS IN FOREIGN CURRENCY		NA	0.969	0.000
	IMPORTS
		Raw Materials		112.692	70.313
		Stores & Spares		0.191	0.013
		Capital Goods		161.339	12.196
	TOTAL IMPORTS		115.770	274.222	82.522
	Earnings/ (Loss) Per Share (Rs.)		(0.17)	(15.33)	4.55

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	13.454	12.787	0.982
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(0.07)	(6.72)	2.69
Operating Profit Margin (PBDIT/Sales)	(%)	5.78	(2.11)	5.22
Return on Total Assets (PBT/Total Assets}	(%)	(0.10)	(7.23)	2.15
Return on Investment (ROI) (PBT/Networth)		0.00	(0.13)	0.03
Debt Equity Ratio (Total Debt/Networth)		0.34	0.40	0.08
Current Ratio (Current Asset/Current Liability)		0.98	0.93	1.74

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	168.732	197.981	198.450
Reserves & Surplus	(20.987)	72.195	75.016
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	62.773	0.000	0.000
Net worth	210.518	270.176	273.466
Long-term borrowings	0.354	40.932	26.320
Short term borrowings	16.104	54.537	53.648
CURRENT MATURITIES OF LONG-TERM DEBTS	0.982	12.787	13.454
Total borrowings	17.440	108.256	93.422
Debt/Equity ratio	0.083	0.401	0.342

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	373.293	515.651	638.618
		38.136	23.847

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	373.293	515.651	638.618
Profit	10.060	(34.661)	(0.460)
	2.69%	(6.72%)	(0.07%)

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	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	Yes
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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10557826	24/03/2015	31,400,000.00	RBL BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR - 416001, MAHARASHTRA, INDIA	C48210215
2	10534020	02/12/2014	30,000,000.00	RBL BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR - 416001, MAHARASHTRA, INDIA	C35449313
3	10534022	03/09/2015 *	230,800,000.00	RBL BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR - 416001, MAHARASHTRA, INDIA	C64220866

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
SHORT TERM BORROWINGS
Rupee term loans from banks	21.024	18.770
Total	21.024	18.770

COMPANY OVERVIEW

The company is a company domiciled and headquartered in India. It is incorporated under the Companies Act, 1956. The Company is primarily engaged in the manufacturing and selling of frozen dough, desserts and confectionery .The Company caters to both domestic and international markets.

OUTLOOK

The outlook for the industry and the Company in particular is deemed to be positive.

HIGHLIGH CURRENT OPERATIONS

The turnover is Rs. 638.620 Million as compared to the previous year of Rs. 515.650 Millio. The growth in sales is about 24 percent. Other operating income in current year has been netted and represents the difference in freight. The company continued to keep its hubs at Hyderabad, Bangalore. Haryana and New Delhi at minimal level. The company has come out SME category. The operating cash flow during the year is Rs. 35.900 Million despite book loss Rs. 0.050 Million.

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

· Leasehold Improvements

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.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.08

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	ARC

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
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		47

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.