MIRA INFORM REPORT

Report No. :	339272
Report Date :	02.09.2015

IDENTIFICATION DETAILS

Name :	NAKODA DAIRY PRIVATE LIMITED
Registered Office :	11/1, K.R. Road, Next to Basavangudi Post Office, Bangalore – 560004, Karnataka
Tel. No.:	91-80-26670461
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.08.2005
Com. Reg. No.:	08-036883
Capital Investment / Paid-up Capital :	Rs.6.000 Million
CIN No.: [Company Identification No.]	U01520KA2005PTC036883
IEC No.:	0706004639
TAN No.: [Tax Deduction & Collection Account No.]	BLRN03510D
PAN No.: [Permanent Account No.]	AACCN2997G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Dairy Products
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 230000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company, incorporated during the year 2005. It is the manufacturer of dairy products. It has fine track record. In the financial year 2014, the company has healthy operational activity marked by fine top line growth along with decent sales turnover and profitability margin of 1.6%. The company has good financial structure. Trade relations are reported as fair. Business is active. Payment terms are usually correct. In view of healthy financial risk profile, 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Navrathan Kumar
Designation :	Director
Contact No.:	91-9886142416
Date :	01.09.2015

LOCATIONS

Registered Office :	No. 11/1, K.R Road, Next to Basavangudi Post Office, Bangalore – 560004, Karnataka, India
Tel. No.:	91-80-26670461 / 2 / 3
Mobile No.:	91-9886142416 (Mr. Navrathan)
Fax No.:	91-80-26670460
E-Mail :	svcoblr@dataone.in vikram@nakodadairy.com info@nakodadairy.com
Website :	www.nakodadairy.com

DIRECTORS

AS ON 29.09.2014

Name :	Mr. Dilip Kumar Niyal Chand
Designation :	Whole-time Director
Address :	3/5, 'B', Mandoth Residency, No. 3, K R Road, Basavanagudi, Bangalore – 560004, Karnataka, India
Date of Birth/Age :	22.07.1957
Date of Appointment :	03.08.2005
PAN No.:	AACPK6115A
DIN No.:	00225489
Name :	Mr. Navarathan Dilipkumar
Designation :	Director
Address :	3/5, 'B', Mandoth Residency, No. 3, K R Road, Basavanagudi, Bangalore – 560004, Karnataka, India
Date of Birth/Age :	07.07.1982
Date of Appointment :	03.08.2005
PAN No.:	ACGPN6722J
DIN No.:	00219587
Name :	Mrs. Nirmala Dilip Kumar
Designation :	Director
Address :	3/5, 'B', Mandoth Residency, No. 3, K R Road, Basavanagudi, Bangalore – 560004, Karnataka, India
Date of Birth/Age :	25.09.1963
Date of Appointment :	03.08.2005
PAN No.:	ACFPN9943A
DIN No.:	00219580
Name :	Mrs. Poonam Jayanthilal Ranka
Designation :	Director
Address :	3/5, 'B', Mandoth Residency, No. 3, K R Road, Basavanagudi, Bangalore – 560004, Karnataka, India
Date of Birth/Age :	20.12.1983
Date of Appointment :	26.03.2006
PAN No.:	AGFPR6660Q
DIN No.:	00225493

MAJOR SHAREHOLDERS

AS ON 29.09.2014

Names of Shareholders	No. of Shares	% of Holding
Dilip Kumar Niyalchand	10000	16.67
Navrathan Dilip Kumar	10550	17.58
Nirmala Dilip Kumar	17570	29.28
Poonam J Ranka	5000	8.33
Dilip Kumar Niyalchand (HUF)	6880	11.47
Confident Projects India Limited, India	10000	16.67
Total	60000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Bodies corporate	16.00
Directors or relatives of Directors	84.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Dairy Products
Products :	Skimmed Milk Powder Full Cream Milk Powder Dairy Whitener Dairy Creamer Butter Ghee Whey Powder Whey Protein Concentrate Whey Protein Isolate Condensed Milk Colostrum’s Powder Cheese Powder Lactose
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 :	Citi Bank N.A.
Branch :	2nd Floor, No. 5, M. G. Road, Bangalore – 560001 Karnataka, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Rupee term loans from banks	24.160	0.798
Total	24.160	0.798

Auditors :
Name :	S. Venkatram and Company Chartered Accountants
Address :	75/1, Railway Parallel Road, Kumarapark West, Bangalore – 560020, Karnataka, India
PAN No.:	AABFS8836R
Memberships :	Not Divulged
Collaborators :	Not Divulged
Key Management Personnel :	Dilip Kumar HUF

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.100/- each	Rs.6.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.100/- each	Rs.6.000 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	6.000	6.000	6.000
(b) Reserves & Surplus	74.623	52.566	40.320
(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)	80.623	58.566	46.320
(3) Non-Current Liabilities
(a) long-term borrowings	11.408	13.303	11.254
(b) Deferred tax liabilities (Net)	(0.001)	0.000	0.032
(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)	11.407	13.303	11.286
(4) Current Liabilities
(a) Short term borrowings	24.160	0.798	0.000
(b) Trade payables	203.259	191.255	96.344
(c) Other current liabilities	9.280	6.893	0.426
(d) Short-term provisions	8.540	6.277	2.513
Total Current Liabilities (4)	245.239	205.223	99.283
TOTAL	337.269	277.092	156.889
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.326	3.823	4.338
(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	0.859	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.005	0.000
(d) Long-term Loan and Advances	2.500	1.937	1.756
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.685	5.775	6.104
(2) Current assets
(a) Current investments	106.833	28.503	30.085
(b) Inventories	32.129	73.719	12.952
(c) Trade receivables	151.845	152.123	102.544
(d) Cash and cash equivalents	19.450	5.702	2.083
(e) Short-term loans and advances	21.327	11.270	3.121
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	331.584	271.317	150.785
TOTAL	337.269	277.092	156.889

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
TURNOVER	1823.948	1285.336	1128.810
EXPENSES	NA	NA	NA
PROFIT/(LOSS) BEFORE TAX	30.602	18.486	7.887
TAX	8.540	6.277	2.504
PROFIT/(LOSS) AFTER TAX	22.057	12.246	5.382
Earnings Per Share (Rs.)	367.62	--	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	0.000	0.000	0.000
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
Return on Total Assets (PBT/Total Assets)	(%)	9.10	6.67	5.03
Return on Investment (ROI) (PBT/Networth)		0.38	0.32	0.17
Debt Equity Ratio (Total Debt /Networth)		0.44	0.24	0.24
Current Ratio (Current Asset/Current Liability)		1.35	1.32	1.52

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	6.000	6.000	6.000
Reserves & Surplus	40.320	52.566	74.623
Net worth	46.320	58.566	80.623
long-term borrowings	11.254	13.303	11.408
Short term borrowings	0.000	0.798	24.160
Current Maturities of Long term debt	0.000	0.000	0.000
Total borrowings	11.254	14.101	35.568
Debt/Equity ratio	0.243	0.241	0.441

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
Turnover	1128.810	1285.336	1823.948
		13.866	41.904

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Turnover	1128.810	1285.336	1823.948
Profit	5.382	12.246	22.057
	0.48%	0.95%	1.21%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	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

NOTE: The registered office of the company has been shifted from 63, PVR Road, Near Jollimohalla, Bangalore – 560004, Karnataka, India to the present address w.e.f. 19.01.2009.

FINANCIAL RESULTS:

Subject has achieved a turnover of Rs.1823.948 million and a Net Profit of Rs.30.602 million. After making a provision of Rs.8.540 million for Corporate Income Tax and a sum of Rs.22.057 million has been carried as Reserves and Surplus in the Balance Sheet.

OPERATIONS:

Operations of subject during the period were satisfactory and they are confident that with this momentum and growth, they can achieve greater heights.

Subject is also exploring the opportunities of setting up a manufacturing unit to manufacture dairy products.

Subject has identified a suitable land near Bangalore and Directors are confident to setup the manufacturing unit in very fast phase and subject will enter into the manufacturing of Dairy Products. This will help subject in achieving greater heights in this field.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Loans and advances from related parties	11.408	13.303
Total	11.408	13.303

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10296250	26/05/2015 *	90,000,000.00	Citi Bank N.A.	2nd Floor, No. 5, M. G. Road, Bangalore- 560001, Karnataka, India	C56101728

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.66.26
UK Pound	1	Rs.101.99
Euro	1	Rs.74.79

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	TRI
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		45

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.