MIRA INFORM REPORT

Report No. :	343572
Report Date :	06.10.2015

IDENTIFICATION DETAILS

Name :	FIELDFRESH FOODS PRIVATE LIMITED [w.e.f. 20.05.2009]
Formerly Known As :	BHARTI DEL MONTE INDIA PRIVATE LIMITED [w.e.f. 23.05.2008] FIELD FRESH FOODS PRIVATE LIMITED
Registered Office :	C 2, First Floor, Plot No. 16, Udyog Vihar, Phase IV, Gurgaon-122015, Haryana
Tel. No.:	91-124-4109400
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.09.2004
Com. Reg. No.:	05-041215
Capital Investment / Paid-up Capital :	Rs. 2170.117 Million
CIN No.: [Company Identification No.]	U15133HR2004PTC041215
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF8488N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject engaged into production and selling of fresh vegetables and processed foods.
No. of Employees :	Not Available

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 240000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is joint venture between Bharti Enterprises and Del Monte Pacific Limited which is engaged in providing food products. It offers processed food and beverage products in India under the brand name of Del Monte and its export markets under the brand name of fieldfresh. With respect to the operational performance of 2014, company has registered a growth of 44% in net revenue as compared to the previous year, with Fresh Exports segment growing by 39% and Processed Foods segment growing by 47%. The net loss for the company recorded a fall of about 11% from Rs. 607.903 Million to Rs. 542.170 Million. The rating also take into consideration the adverse financial metrics of the company as reflected by its loss making nature of operations, highly aggressive capital structure and weak debt coverage metrics during 2014. However, rating weakness partially offset by strong financial and managerial support that company receives from its joint venture entities backed by its diversified product portfolio and well spread distribution networks in domestic and international markets. In view of aforesaid, the company can be considered for business dealings with some caution.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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.

LOCATIONS

Registered Office/Corporate Office :	C 2, First Floor, Plot No. 16, Udyog Vihar, Phase IV, Gurgaon -122015, Haryana, India
Tel. No.:	91-124-4109400
Fax No.:	91-124-4109390
E-Mail :	sridhar.natarajan@fieldfreshfoods.in info@fieldfreshfoods.in
Website:	www.fieldfreshfoods.in
Factory:	Opposite Duraflex factory, Kalukondapally, Thally Road, Krishnagiri, Hosur - 635114, Tamilnadu, India
Tel No.:	91-4347-229315

DIRECTORS

As on 02.09.2014

Name :

Mr. Rakesh Bharti Mittal

Designation :

Director

Address :

E-26, Vasanat Marg, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

18.09.1955

Date of Appointment :

06.09.2004

Din No.:

00042494

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	U74899DL1983PTC015323	BHARTI INFOTEL PRIVATE LIMITED	Director	04/03/1983	04/03/1983	09/12/2014	Active	NO
2	L74899DL1995PLC070609	Bharti Airtel Limited	Director	07/07/1995	07/07/1995	26/09/2012	Active	NO
3	U32204HR1999PLC042204	BEETEL TELETECH LIMITED	Director	01/04/2011	30/03/1999	02/10/2014	Active	NO
4	U72200HR1999PLC041214	Comviva Technologies Limited	Director	07/05/1999	07/05/1999	27/05/2014	Active	NO
5	U72900DL2003PLC119377	Aegis BPO Services (Gurgaon) Limited	Director	13/06/2006	12/03/2003	18/12/2007	Active	NO
6	U70101DL2003PTC120760	BHARTI REALTY PRIVATE LIMITED	Director	06/06/2003	06/06/2003	-	Amalgamated	NO
7	U15133HR2004PTC041215	FieldFresh Foods Private Limited	Director	06/09/2004	06/09/2004	-	Active	NO
8	U72300DL2005PTC142757	Bharti Overseas Private Limited	Director	01/08/2009	21/11/2005	-	Active	NO
9	U72300DL2005PLC142756	Bharti Ventures Limited	Managing director	11/01/2010	21/11/2005	01/10/2014	Active	NO
10	U74993DL2007PLC163757	BHARTI ENTERPRISES LIMITED.	Director	23/09/2008	22/05/2007	28/12/2009	Active	NO
11	U32039HR1985PLC032091	BHARTI TELECOM LIMITED	Director	24/09/2007	17/07/2007	30/10/2014	Active	NO
12	U65923DL2007PTC168641	Bharti (RM) Holdings Private Limited	Director	18/09/2008	25/09/2007	-	Active	NO
13	U74900DL2007PTC169368	Gourmet Investments Private Limited	Director	18/09/2008	12/10/2007	05/10/2011	Active	NO
14	U51909MH2007PLC268269	BHARTI RETAIL LIMITED	Director	20/03/2008	20/03/2008	12/01/2010	Active	NO
15	U45201DL2006PTC147183	DM BUILDWELL PRIVATE LIMITED	Additional director	20/11/2014	22/08/2008	-	Active	NO
16	U80100TG1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	29/09/2008	25/08/2008	-	Active	NO
17	U74900DL2009PTC190106	Bharti (RM) Trustees Private Limited	Director	30/09/2010	08/05/2009	-	Active	NO
18	U74900DL2009PTC190214	Bharti (Satya) Trustees Private Limited	Director	30/09/2010	12/05/2009	-	Active	NO
19	U74140DL2009PTC190300	Bharti (RM) Services Private Limited	Director	30/09/2010	14/05/2009	-	Active	NO
20	U74140DL2009PTC190298	Bharti (RM) Resources Private Limited	Director	30/09/2010	14/05/2009	-	Active	NO
21	U74900DL2009PTC190495	Bharti Management Private Limited	Director	30/09/2010	21/05/2009	-	Active	NO
22	U74120DL2007PLC158956	Centum Learning limited	Director	07/06/2010	24/07/2009	06/11/2014	Active	NO
23	U66030KA2007PLC043362	BHARTI AXA GENERAL INSURANCE COMPANY LIMITED	Director	17/08/2011	24/08/2009	-	Active	NO
24	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Director appointed in casual vacancy	10/09/2009	10/09/2009	-	Active	NO
25	U74140DL2010PTC197775	BHARTI ENTERPRISES (HOLDING) PRIVATE LIMITED	Director	06/12/2010	08/01/2010	-	Active	NO
26	L74899DL1993GOI053677	IFCI LIMITED	Director	13/09/2011	27/10/2010	05/01/2013	Active	NO
27	U66010DL2010PTC211456	Bharti Insurance Holdings Private Limited	Director	30/09/2011	15/12/2010	09/12/2014	Active	NO
28	U67120MH1996PTC250182	FIRST AMERICAN SECURITIES PRIVATE LIMITED	Alternate director	18/02/2013	10/08/2011	08/05/2013	Active	NO
29	U55101DL2011PTC228190	Atrium Restaurants India Private limited	Director	28/09/2012	07/06/2012	08/09/2014	Active	NO
30	L64201DL2006PLC156038	Bharti Infratel Limited	Director	01/04/2014	03/09/2012	-	Active	NO
31	U92100DL2007PLC170574	Indus Towers Limited	Director	18/10/2014	04/09/2012	-	Active	NO
32	U74140KA2007PTC043520	GIBA Holdings Private Limited	Alternate director	07/08/2013	07/08/2013	06/03/2014	Active	NO
33	U45208DL2003PLC123388	Bharti Realty Holdings Limited	Managing director	24/08/2015	01/10/2014	-	Active	NO

Name :

Mr. Joselito Dee Campos

Designation :

Director

Address :

9 Banaba Circle, Cir South Forbes Park, Metro Manila, Makati City-1220, Philippines

Date of Birth/Age :

23.01.1951

Date of Appointment :

19.08.2008

Din No.:

01885366

Name :

Mr. Luis  Francisco  Alejandro

Designation :

Director

Address :

414, Madrigal Ave Bgy, New Alabang, Ayala Alabang Village, Muntinpula, Manila-1780, Philippines

Date of Birth/Age :

09.11.1953

Date of Appointment :

21.08.2009

Din No.:

02156064

Name :

Mr. Yogesh Bellani

Designation :

Whole-time director

Address :

G-36, Masjid Moth, Greater Kailash Part - II, Delhi - 110048, India

Date of Appointment :

24.07.2015

Din No.:

07201081

Name :

Mr. Rolando C Gapud

Designation :

Director

Address :

Flat C, 4/F, Estoril Court, 55, Garden Road, Hong Kong

Date of Birth/Age :

24.01.1942

Date of Appointment :

19.08.2008

Din No.:

01879924

Name :

Mr. Rahul Bhatnagar

Designation :

Additional Director

Address :

10, Chitra Vihar, Delhi - 110092, India

Date of Appointment :

04.09.2015

Din No.:

07268064

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	U45208DL2003PLC123388	Bharti Realty Holdings Limited	Additional director	24/08/2015	24/08/2015	-	Active	NO
2	U52599DL2007PLC159150	CEDAR SUPPORT SERVICES LIMITED	Additional director	24/08/2015	24/08/2015	-	Active	NO
3	U67120MH1996PTC250182	FIRST AMERICAN SECURITIES PRIVATE LIMITED	Additional director	25/08/2015	25/08/2015	-	Active	NO
4	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Additional director	27/08/2015	27/08/2015	-	Active	NO
5	U74993DL2007PLC163757	BHARTI ENTERPRISES LIMITED.	Managing director	01/09/2015	31/08/2015	-	Active	NO
6	U55101DL2011PTC228190	Atrium Restaurants India Private limited	Additional director	31/08/2015	31/08/2015	-	Active	NO
7	U74900DL2007PTC169368	Gourmet Investments Private Limited	Additional director	31/08/2015	31/08/2015	-	Active	NO
8	U66030KA2007PLC043362	BHARTI AXA GENERAL INSURANCE COMPANY LIMITED	Additional director	01/09/2015	01/09/2015	-	Active	NO
9	U74140KA2007PTC043520	GIBA Holdings Private Limited	Additional director	02/09/2015	02/09/2015	-	Active	NO
10	U15133HR2004PTC041215	FieldFresh Foods Private Limited	Additional director	04/09/2015	04/09/2015	-	Active	NO
11	U93000DL2010PLC208520	Centum Workskills India Limited	Additional director	08/09/2015	08/09/2015	-	Active	NO
12	U74120DL2007PLC158956	Centum Learning limited	Additional director	08/09/2015	08/09/2015	-	Active	NO
13	U32204HR1999PLC042204	BEETEL TELETECH LIMITED	Additional director	11/09/2015	11/09/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sridhar Natarajan
Designation :	Secretary
Address :	Ms 12/601, Kendriya Vihar, Sector - 56, Gurgaon - 122003, Haryana, India
Date of Birth/Age :	09.02.1969
Date of Appointment :	19.02.2008
Pan No.:	ABDPS0736M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 02.09.2014

Names of Shareholders	No. of Shares
Bharti Ventures Limited, India (Formerly Bharti Enterprises India Limited)	3480176
DMPL India Limited, Mauritius (Formerly Elrothschild Limited)	116005873
Bharti (SBM) Holdings Private Limited, India	45010279
Bharti (RBM) Holdings Private Limited India	28131423
Bharti (RM) Holdings Private Limited, India	28131423
Bharti (Satya) Trustees Private Limited, India	11252572
Total	232011746

Equity Share Break up (Percentage of Total Equity)

As on 02.09.2014

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	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject engaged into production and selling of fresh vegetables and processed foods.
Products :	Fresh vegetable Processed foods
Brand Names :	Del Monte Fieldfresh
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

Not Available

Bankers :

• ICICI Bank Limited
• HDFC Bank Limited
• IDBI Bank Limited
• State Bank Limited
• Axis Bank Limited

Bank Name	YES Bank Limited
Branch	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai - 400018,Maharashtra, India
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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from bank	1129.219	1206.563
SHORT TERM BORROWING
Working capital loans from banks	473.900	394.435
Other loans and advance	68.991	67.519
Total	1672.11	1668.517

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City Phase II, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-6792000
Fax No.:	91-124-6792012
PAN No:	AABFD2095B
Memberships :	--
Collaborators :	--
Associates:	Wal-Mart India Private Limited, India CIN NO.:U51909DL2007PTC167118 Nile Tech Limited, India CIN NO.:U72900DL2006PLC153842 GTL Limited, Malaysia DMPL India Pte Limited, Singapore
Joint Venture :	Del Monte Pacific Limited, Virgin Islands, British DMPL India Limited, Mauritius Bharti Ventures Limited, India Bharti (SBM) Holdings Private Limited, India with effect from 27 March, 2012 Bharti (RBM) Holdings Private Limited, India with effect from 27 March, 2012 Bharti (RM) Holdings Private Limited, India with effect from 27 March, 2012 Bharti (Satya) Trustees Private Limited, India, with effect from 27 March, 2012
Entities where Key Management Personnel exercise significant influence / Group Companies* :	Bharti Airtel Limited, India Beetel Teletech Limited, India (Formerly Bharti Teletech Limited) Bharti Airtel Services Limited, India Bharti Wal-Mart Private Limited, India (Till 29 December, 20130 GTL Limited Bharti Foundation, India Bharti AXA General Insurance Company Limited, India Centum Learning Limited (formerly Bharti Learning Systems Limited) Bharti Telemedia Limited, India DMPL India Pte Limited Bharti Reality Holding Limited, India Niletech Limited Bharti Enterprises Limited, India Bharti Retail Limited, India NOTE: * As per the representation given by the management of the Company.

CAPITAL STRUCTURE

After 02.09.2014

Authorised Capital : Rs. 3500.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 2610.117 Million

As on 02.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs.10/- each	Rs. 3500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
232011746	Equity Shares	Rs.10/- each	Rs. 2320.117 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs.10/- each	Rs. 3500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
217011746	Equity Shares	Rs.10/- each	Rs. 2170.117 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	2170.117	1635.117	1175.117
(b) Reserves & Surplus	(2085.725)	(1543.553)	(935.649)
(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)	84.392	91.564	239.468
(3) Non-Current Liabilities
(a) long-term borrowings	1129.219	1206.562	1137.500
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	9.099	8.922	7.435
(d) long-term provisions	26.771	25.474	16.991
Total Non-current Liabilities (3)	1165.089	1240.958	1161.926
(4) Current Liabilities
(a) Short term borrowings	542.891	521.955	364.389
(b) Trade payables	722.730	500.984	361.508
(c) Other current liabilities	115.383	67.296	37.318
(d) Short-term provisions	1.525	1.291	0.913
Total Current Liabilities (4)	1382.529	1091.526	764.128
TOTAL	2632.010	2424.048	2165.522
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1203.897	1392.096	1459.803
(ii) Intangible Assets	6.578	11.500	16.468
(iii) Capital work-in-progress	2.997	6.373	4.432
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	36.110	35.677	33.392
(e) Other Non-current assets	0.817	0.736	0.684
Total Non-Current Assets	1250.399	1446.382	1514.779
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	632.265	497.780	306.464
(c) Trade receivables	462.722	353.597	236.794
(d) Cash and cash equivalents	6.301	10.813	2.319
(e) Short-term loans and advances	45.806	38.730	39.714
(f) Other current assets	234.517	76.746	65.452
Total Current Assets	1381.611	977.666	650.743
TOTAL	2632.010	2424.048	2165.522

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3343.483	2316.552	1757.661
	Other Income	12.719	11.954	11.461
	TOTAL	3356.202	2328.506	1769.122
Less	EXPENSES
	Purchase and Other direct cost	2040.653	1438.851	1199.749
	Overheads	1549.275	1208.976	1257.294
	TOTAL	3589.928	2647.827	2457.043
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(233.726)	(319.321)	(687.921)
Less	FINANCIAL EXPENSES	207.252	191.632	141.938
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(440.978)	(510.953)	(829.859)
Less/ Add	DEPRECIATION/ AMORTISATION	101.194	96.950	105.791
	PROFIT/ (LOSS) BEFORE TAX	(542.172)	(607.903)	(935.650)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(542.172)	(607.903)	(935.650)
	EARNINGS IN FOREIGN CURRENCY	528.910	344.632	193.025
	Earnings / (Loss) Per Share (Rs.)	(2.84)	(4.19)	(2.83)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	77.434	30.937	N.A
Cash generated from operations	N.A	N.A	N.A
Net cash flows from (used in) operations	(252.817)	(499.461)	(626.157)
Net cash flows from (used in) operating activities	(252.799)	(499.231)	(625.700)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(16.22)	(26.24)	(53.23)
Operating Profit Margin (PBIDT/Sales)	(%)	(6.99)	(13.78)	(39.14)
Return on Total Assets (PBT/Total Assets}	(%)	(20.62)	(25.14)	(43.30)
Return on Investment (ROI) (PBT/Networth)		(6.42)	(6.64)	(3.91)
Debt Equity Ratio (Total Debt /Networth)		20.73	19.22	6.27
Current Ratio (Current Asset/Current Liability)		1.00	0.90	0.85

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	1175.117	1635.117	2170.117
Reserves & Surplus	(935.649)	(1543.553)	(2085.725)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	239.468	91.564	84.392
long-term borrowings	1137.500	1206.562	1129.219
Short term borrowings	364.389	521.955	542.891
Current maturities of long-term debts	0.000	30.937	77.343
Total borrowings	1501.889	1759.454	1749.453
Debt/Equity ratio	6.272	19.216	20.730

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	1757.661	2316.552	3343.483
		31.797	44.330

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	1757.661	2316.552	3343.483
Profit	(935.650)	(607.903)	(542.172)
	(53.23)%	(26.24)%	(16.22)%

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	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	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

 CS(OS) 382/2013

 KLA FOODS INDIA LIMITED..... Plaintiff

Through None

versus

FIELDFRESH FOODS PRIVATE LIMITED..... Defendant

Through None

CORAM:

SH. ANIL KUMAR SISODIA (DHJS), JOINT REGISTRAR (JUDICIAL)

 ORDER

16.03.2015


The Lawyers are abstaining from the work today.

Parties have not filed their list of witnesses.

Parties are given one more opportunity to file their list of

witnesses within four weeks from today after exchanging the copies.

Plaintiff shall file evidence by way of affidavit within eight weeks

thereafter with copy to defendant.

Put up for plaintiff’s evidence on 23rd November, 2015.

  ANIL KUMAR SISODIA (DHJS)

  JOINT REGISTRAR (JUDICIAL)

  MARCH 16, 2015

  SAVITA

BACKGROUND

The Company was incorporated on 6 September, 2004 in the name of Fieldfresh Foods Private Limited. The name of the Company was changed to Bharti Del Monte India Private Limited on 23 May, 2008, which was subsequently changed to FieldFresh Foods Private Limited with effect from 20 May, 2009 and a fresh Certificate of Incorporation consequent upon change of name was issued by the Registrar of Companies, NCT of Delhi and Haryana.

The Company sells branded fresh vegetables and processed foods to the consumers across Indian and international markets. 1.01 Significant accounting policies The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 211 (3C) of the Companies Act, 1956 (the 1956 Act) (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 (the 2013 Act) in terms of General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs) and the relevant provisions of the 1956 Act/2013 Act, as applicable.

The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

OPERATIONAL REVIEW

The fiscal year 2013-14 closed with a growth of about 44% in net revenue as compared to the previous year, with Fresh Exports segment growing by 39% and Processed Foods segment growing by 47%. The net loss for the company recorded a fall of about 11% from Rs. 607.903 Million to Rs. 542.173 Million on account of higher sales, better product mix and reduced overheads.

The Fresh Exports business consolidated its position in the UK market for its products and also developed a range of frozen products during the year. In this financial year, the share of business from Fresh exports was 19% of its total revenue and the balance of 81% coming from the Processed Foods business.

The Processed Foods business strengthened its position in the B2B segment by expanding its product portfolio, leading product customization and by increasing its relative share of business with key international QSR’s. Brand “Del Monte” was also rated as one of the top 31 most successful Brands launched since 2011 The business also strengthened its position in Modern Trade and Del Monte ranked No 1 in Pasta and Packaged fruits and No 3 in Ketchup and Sauces as per the latest brand track commissioned by the company

However, the PET Juices were not able to make inroads in the market and the capacity utilization of the plant and equipment’s pertaining to the PET Juice Line were very low leading the company to sell of its PET Juice Line to its Joint Venture partner.

FUTURE OUTLOOK

Despite various economic challenges the branded packaged foods industry is poised for rapid growth in the country driven by rising disposal incomes, demographic and lifestyle changes etc. the Company has evolved as the most preferred brand in the segments it operates in by offering the consumers innovative products combining great taste, convenience and goodness of health

the Company’s manufacturing facility continues to meet the needs of the institutional and key accounts requirements besides other customers by constantly improving its operating efficiencies while ensuring its world class quality.

Through continuous R&D efforts and partner/controlled farming the Fresh Exports business enabled year round product delivery capability thereby developing stronger customer partnerships.

With continued focus on operational excellence coupled with increase in quality revenues and controlled cost; the Company would strive to reduce its losses in the coming year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capital loans from bank	0.000	60.000
Total	0.000	60.000

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10514385	22/07/2014	100,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI-  400018, MAHARASHTRA, INDIA	C16064461
2	10358275	24/05/2012	1,250,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI- 600031, TAMIL NADU, INDIA	B40661084
3	10332697	23/01/2012	1,000,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CH  ETPET, CHENNAI- 600031, TAMIL NADU, INDIA	B30880728
4	10332700	23/01/2012	250,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI, TAMIL NADU - 600031, INDIA	B30882492
5	10284252	27/08/2012 *	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI-  400018, MAHARASHTRA, INDIA	B57295859
6	10205818	20/06/2012 *	300,000,000.00	HDFC BANK LIMITED	HDFC BANK, HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI- 400013, MAHARASHTRA, INDIA	B43181502
7	10030090	23/08/2012 *	95,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, VADODARA- 390015, GUJARAT, INDIA	B56449457
8	10001648	20/06/2012 *	300,000,000.00	HDFC BANK LIMITED	HDFC BANK, HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA, INDIA	B43715184

FIXED ASSETS

• Land
• Building
• Leasehold Improvements
• Plant and Machinery
• Computer
• Office Equipments
• Furniture and Fixtures
• Vehicles
• Computer Software

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.65.29
UK Pound	1	Rs.99.31
Euro	1	Rs.73.39

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		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.