MIRA INFORM REPORT

Report No. :	340695
Report Date :	10.09.2015

IDENTIFICATION DETAILS

Name :	IDMC LIMITED (w.e.f. 26.01.2007)
Formerly Known As :	INDIAN DAIRY MACHINERY COMPANY PRIVATE LIMITED
Registered Office :	Plot No. 124-128, GIDC Estate, Vithal Udyognagar, District Anand - 388121, Gujarat
Tel. No.:	91-2692-236375 / 229917
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.09.1992
Com. Reg. No.:	04-018283
Capital Investment / Paid-up Capital :	Rs. 121.450 Million
CIN No.: [Company Identification No.]	U29299GJ1992PLC018283
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDI00332D
PAN No.: [Permanent Account No.]	AAACI4631E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Equipment for Application in Dairy, Pharma, Beverage, Brewery and Thermal Management, Cattle feed as well as packaging Industries.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limits :	USD 2400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a wholly owned subsidiary of “National Dairy Development Board”. It is a well-established and reputed company having fine track record. Financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payments terms are reported to be regular and as per commitment. In view of strong holdings the company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: A
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	19.12.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A1
Rating Explanation	Have Very strong degree of safety and carry lowest credit risk.
Date	19.12.2014

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. Ann
Designation :	Corporate Communication Executive
Contact No.:	91-2692-220132
Date :	09.09.2015

LOCATIONS

Registered Office / Corporate office / Factory 1:	Plot No. 124-128, GIDC Estate, Vithal Udyognagar, District Anand - 388121, Gujarat, India
Tel. No.:	91-2692-236375 / 229917
Fax No.:	91-2692-236580 / 236164
E-Mail :	idmc@idmc.coop info@rushabhinfosoft.com jpgopal@idmc.coop anilshenoi@idmc.coop ssbhatnagar@idmc.coop
Website :	www.idmc.coop www.idmc.co.in
Location:	Owned
Factory 2 :	(Machine Shop) Plot No. 606-608, GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat, India
Location:	Owned
Factory 3 :	(BMC Unit) Plot No. 443-B , GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat, India
Location:	Owned
Factory 4 :	(Optifilm Division) Plot No. 94-97, GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat, India
Fax No.:	91-2692-233029
Location:	Owned
Factory 5 :	Plot No. C-1/11-12, GIDC Estate, Vithal Udyog Nagar, Anand, Gujarat, India
Location:	Owned
Regional Offices :	Western Express Highway, Near Mahananda, Dairy, Goregaon (East), Mumbai – 400063, Maharashtra, India Tel. No.: 91-22-26856256 / 23591884 Fax No.:91-22-26856122 Located At: Chennai New Delhi Bangalore Patna Hyderabad Kolkata Anand

DIRECTORS

As on 09.09.2014

Name :

Mr. Ravi Shankar

Designation :

Managing Director

Address :

B-3, NDDB Campus, Anand – 388 001, Gujarat, India

Date of Birth/Age :

20.05.1962

Date of Appointment :

02.04.2013

DIN No.:

00277044

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	U01211TG2004PLC044520	INDIAGEN LIMITED	Director	11/09/2008	24/04/2008	22/06/2009	Amalgamated	NO
2	U01403DL2009NPL195142	NDDB Dairy Services	Director	30/09/2010	12/10/2009	27/01/2012	Active	NO
3	U29299GJ1992PLC018283	IDMC LIMITED	Managing director	02/04/2013	16/03/2012	-	Active	NO

Name :

Mr. Sudhir Kumar Dalal

Designation :

Director

Address :

C-44, Nddb Campus, Anand-388001, Gujarat, India

Date of Appointment :

29.12.2014

DIN No.:

05186509

Name :

Mr. Dilip Rath

Designation :

Director

Address :

National Dairy Development board, Near Jagnath Mahadev, Anand – 388001, Gujarat, India

Date of Birth/Age :

15.11.1954

Date of Appointment :

21.12.2011

DIN No.:

05163623

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	U29299GJ1992PLC018283	IDMC LIMITED	Director	16/07/2012	21/12/2011	-	Active	NO
2	U01403DL2009NPL195142	NDDB Dairy Services	Director	28/09/2012	27/01/2012	-	Active	NO
3	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	19/07/2012	26/03/2012	-	Active	NO
4	U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	Director	14/09/2012	15/04/2012	-	Active	NO

Name :

Mr. Subramaniam Ramachandran Iyer

Designation :

Director

Address :

R - 3, Rao Mansions, No. 4, 17^th A Cross, 8^th Main, Malleswaram , Bangalore - 560 055, Karnataka, India

Date of Birth/Age :

28.05.1940

Date of Appointment :

01.04.2014

DIN No.:

00580437

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	L17100MH1984PLC033143	ZODIAC CLOTHING COMPANY LIMITED	Director	22/06/2002	22/06/2002	-	Active	NO
2	U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	Director	07/07/2003	07/07/2003	-	Amalgamated	NO
3	U29299GJ1992PLC018283	IDMC LIMITED	Director	01/04/2014	22/09/2003	-	Active	NO
4	L45204AP2001PLC057199	KSK ENERGY VENTURES LIMITED	Director	27/09/2014	12/05/2005	-	Active	NO
5	U63030MH1987PTC045750	P N WRITER AND COMPANY PRIVATE LIMITED	Director	31/12/2008	03/10/2007	-	Active	NO
6	U40109TG2005PTC047594	KSK ELECTRICITY FINANCING INDIA PRIVATE LIMITED	Director	18/08/2008	16/01/2008	01/02/2013	Active	NO
7	U70100MH1995PTC092800	WRITER LIFESTYLE PRIVATE LIMITED	Director	10/09/2009	10/09/2009	-	Active	NO
8	U22300KA2005PLC035885	KANNADA PRABHA PUBLICATIONS LIMITED	Director	20/09/2010	01/04/2010	14/09/2014	Active	NO
9	U74999MH2001PTC130866	WRITER SAFEGUARD PRIVATE LIMITED	Director	30/09/2010	02/09/2010	-	Active	NO
10	L85110KA1987PLC008699	CAN FIN HOMES LIMITED	Director	16/02/2012	05/01/2011	27/06/2014	Active	NO
11	U40109TG2005PLC047917	SAI WARDHA POWER LIMITED	Director	27/09/2014	25/01/2012	-	Active	NO
12	U40300TG2009PLC064062	KSK MAHANADI POWER COMPANY LIMITED	Director	27/09/2014	25/01/2012	-	Active	NO
13	U74120MH2011PTC220601	WATERFIELD ADVISORS PRIVATE LIMITED	Director	14/09/2012	09/08/2012	-	Active	NO
14	U74900MH2012PTC234921	WATERFIELD FINANCIAL AND INVESTMENT ADVISORS PRIVATE LIMITED	Director	19/03/2014	19/03/2014	-	Active	NO

Name :

Mr. Sangramsinh Raysangbhai Chaudhary

Designation :

Director

Address :

B-6, NDDB Campus, Anand – 388 001, Gujarat, India

Date of Birth/Age :

06.09.1960

Date of Appointment :

16.07.2012

DIN No.:

01850128

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	U74950GJ1985PTC007652	PEOPLE"S TRUSTEESHIP PACKAGING PVT LTD	Director	12/01/2004	12/01/2004	31/07/2012	Active	NO
2	U01403DL2009NPL195142	NDDB Dairy Services	Director	30/03/2015	27/01/2012	-	Active	NO
3	U15200GJ1998NPL034249	VIDYA DAIRY	Nominee director	17/02/2012	17/02/2012	-	Active	NO
4	U29299GJ1992PLC018283	IDMC LIMITED	Director	16/07/2012	16/03/2012	-	Active	NO
5	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	30/12/2014	30/12/2014	-	Active	NO
6	U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	Director	22/01/2015	22/01/2015	-	Active	NO

Name :

Mr. Anil Shenoi

Designation :

Whole-time Director

Address :

B -12, NDDB Campus, Anand – 388 001, Gujarat, India

Date of Birth/Age :

01.02.1958

Date of Appointment :

01.04.2005

DIN No.:

00062468

PAN No.:

AHFPS3497R

Name :

Jeemol Unni

Designation :

Director

Address :

312, IIM Campus, Vastrapur, Ahmedabad-380015, Gujarat, India

Date of Appointment :

26.03.2015

DIN No.:

06481734

Name :

Rajesh Subramaniam

Designation :

Whole-Time Director

Address :

C-37, National Dairy Development Board, Opp Jagnath Mahadev, Anand, 388001, Gujarat, India

Date of Appointment :

01.04.2015

DIN No.:

07127772

KEY EXECUTIVES

Name :	Ms. Kinnari Hanskumar Shah
Designation :	Company Secretary
Address :	10, Ashok Apartment, Opposite Suraj Paty Plot, Behind Dharnidhar Temple, Vasana, Ahmedabad – 380 007, Gujarat, India
Date of Birth/Age :	06.07.1978
Date of Appointment :	01.01.2011
Pan No. :	BAGPS6051Q
Name :	Mr. Vasu
Designation :	Deputy Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.09.2014

Names of Shareholders	No. of Shares
National Dairy Development Board, India	12144538
T. Nanda Kumar	1
Y. Y. Patil	1
Jeevan Akhouri	1
Dilip Rath	1
Sangram R. Chaudhary	1
Ravi Shankar	1
Total	12144544

As on 09.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Public Financial Companies	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Equipment for Application in Dairy, Pharma, Beverage, Brewery and Thermal Management, Cattle feed as well as packaging Industries.

Products :

Product Description	Item Code No. (Itc Code)
Bulk Milk Cooling Tank	84186950
Components, Spares And Accessories	84818030
Fabricated Equipment’s	84798200
Optifilm	39201099
Plate Heat Exchangers	84195020
Pumps	84137099
S. S. Fittings	73079390

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	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 :

Reference :	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 :

Not Divulged

Bankers :

Bank Name	Indian Bank
Branch	5/8/14, Station Road, Anand – 388 001, Gujarat, 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

• Axis Bank Limited, "Trishul", 3rd Floor, Opp. Samatheshwar Temple, Law Garden, Ellisbridge,, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loans	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Long Term Borrowings
Rupee term loans from bank (Loans from Banks are secured by hypothecation of specific Fixed Assets)	27.710	106.830
Rupee term loans from others (Loans from National Dairy Development Board (NDDB) are secured by hypothecation of all movable fixed assets Except those specifically charged to Banks.)	4.570	22.220
Short Term Borrowings
Loans repayable on demand from banks	0.000	0.000
Loans repayable on demand from others	666.360	945.330
Total	698.640	1074.380

Banking Relations :	--
Financial Institute:	National Dairy Development Board, Near Jagnath Mahadev, Anand - 380001, Gujarat, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	31, Nutan Bharat Society, Alkapuri, Baroda – 390 007, Gujarat, India
PAN No.:	AADFD2337G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12144544	Equity Shares	Rs. 10/- each	Rs. 121.450 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	121.450	121.450	121.450
(b) Reserves & Surplus	706.220	657.130	787.870
(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)	827.670	778.580	909.320
(3) Non-Current Liabilities
(a) long-term borrowings	32.280	129.050	202.800
(b) Deferred tax liabilities (Net)	72.940	87.070	80.620
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	24.870	4.870	4.870
Total Non-current Liabilities (3)	130.090	220.990	288.290
(4) Current Liabilities
(a) Short term borrowings	666.360	945.330	814.070
(b) Trade payables	688.630	681.850	855.810
(c) Other current liabilities	350.010	457.850	325.150
(d) Short-term provisions	12.790	0.000	24.750
Total Current Liabilities (4)	1717.790	2085.030	2019.780
TOTAL	2675.550	3084.600	3217.390
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	726.410	782.780	821.960
(ii) Intangible Assets	20.480	25.460	16.150
(iii) Capital work-in-progress	1.000	1.820	8.910
(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	22.550	15.870	12.190
(e) Other Non-current assets	42.090	124.790	149.010
Total Non-Current Assets	812.530	950.720	1008.220
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	526.720	531.720	549.420
(c) Trade receivables	1089.770	1226.260	1399.870
(d) Cash and cash equivalents	51.670	176.840	32.120
(e) Short-term loans and advances	136.710	177.350	212.640
(f) Other current assets	58.150	21.710	15.120
Total Current Assets	1863.020	2133.880	2209.170
TOTAL	2675.550	3084.600	3217.390

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4259.610	3599.180	4188.890
		Other Income	6.380	10.590	11.300
		TOTAL (A)	4265.990	3609.770	4200.190
Less	EXPENSES
		Cost of materials consumed	3027.890	2618.820	3080.740
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	11.170	21.690	75.760
		Employee benefit expense	329.920	303.820	280.570
		Other expenses	678.940	597.660	531.120
		TOTAL (B)	4047.920	3541.990	3968.190
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		218.070	67.780	232.000
Less	FINANCIAL EXPENSES (D)		83.340	111.390	132.940
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		134.730	(43.610)	99.060
Less/ Add	DEPRECIATION/ AMORTISATION (F)		83.900	85.570	79.460
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		50.830	(129.180)	19.600
Less	TAX (H)		(11.050)	1.560	12.380
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		61.880	(130.740)	7.220
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		415.260	546.000	538.780
Less	APPROPRIATIONS
		Transfer to General Reserve	10.930	0.000	0.000
		Proposed Dividend (including tax on dividend)	1.860	0.000	0.000
	BALANCE CARRIED TO THE B/S		477.140	415.260	546.000
	EARNINGS IN FOREIGN CURRENCY
		Export (FOB Basis)	25.100	11.640	22.590
		Commission Earnings	0.290	0.930	0.980
	TOTAL EARNINGS		25.390	12.570	23.570
	IMPORTS
		Raw Materials	1.050	7.460	3.730
		Bought Out	297.610	429.180	384.760
		Capital Goods	333.890	183.490	380.820
	TOTAL IMPORTS		632.550	620.130	769.310
	Earnings Per Share (Rs.)		5.10	(10.77)	0.59

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	33.490	73.740	76.700
Cash generated from operations	385.540	274.130	405.480
Net Cash From Operating Activities	390.110	268.90	312.400

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.45	(3.63)	0.17
Operating Profit Margin (PBITD/Sales)	(%)	5.12	1.88	5.54
Return on Total Assets (PBT/Total Assets}	(%)	1.90	(4.19)	0.61
Return on Investment (ROI) (PBT/Networth)		0.06	(0.17)	0.02
Debt Equity Ratio (Total Debt /Networth)		0.88	1.47	1.20
Current Ratio (Current Asset/Current Liability)		1.08	1.02	1.09

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	121.450	121.450	121.450
Reserves & Surplus	787.870	657.130	706.220
Net worth	909.320	778.580	827.670
long-term borrowings	202.800	129.050	32.280
Short term borrowings	814.070	945.330	666.360
Current maturities of long-term debts	76.700	73.740	33.490
Total borrowings	1093.570	1148.120	732.130
Debt/Equity ratio	1.203	1.475	0.885

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	4188.890	3599.180	4259.610
		(14.078)	18.349

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	4188.890	3599.180	4259.610
Profit	7.220	(130.740)	61.880
	0.17%	(3.63%)	1.45%

LOCAL AGENCY FURTHER INFORMATION

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

HIGH COURT OF GUJARAT

TAX APPEAL No. 2 of 2015

Status : PENDING

( Converted from : O/ST/3210/2014 )

CCIN No : 001092201500002

Next Listing Date: 07/01/2015

Coram

· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE R.P.DHOLARIA

S.NO.	Name of the Petitioner	Advocate On Record
1.	COMMISSIONER OF CUSTOMS	MS AMEE YAJNIK for: Appellant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1.	IDMC LIMITED	MR ANAND NAINAWATI for :Opponent(s)  1

Presented On	:  04/12/2014	Registered On	: 02/01/2015
Bench Category	: --	District	:  AHMEDABAD
Case Originated From	:THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 2 times

Stage Name	FOR FINAL HEARING
Classification	DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 130
Act	CUSTOMS ACT, 1962

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10562073	26/03/2015	64,260,000.00	NATIONAL DAIRY DEVELOPMENT BOARD (NDDB)	NEAR JAGNATH MAHADEV,, ANAND, ANAND, Gujarat - 38  8001, INDIA	C50334747
2	10381722	27/05/2014 *	300,000,000.00	State Bank of India	SPECIAL COMMERCIAL BRANCH, JAYLAXMI PLAZA,GANESH CHOWKADI, ANAND, Gujarat - 388001, INDIA	C07434715
3	10372064	01/11/2012 *	870,000,000.00	INDIAN BANK	5/8/14, STATION ROAD, ANAND, ANAND, Gujarat - 388001, INDIA	B62500277
4	10348929	03/07/2013 *	350,000,000.00	Axis Bank Limited	"TRISHUL", 3RD FLOOR, OPP. SAMATHESHWAR TEMPLE, LAW GARDEN, ELLISBRIDGE,, AHMEDABAD, Gujarat - 380006, INDIA	B79985537
5	10344136	01/09/2014 *	1,300,000,000.00	NATIONAL DAIRY DEVELOPMENT BOARD	NR. JAGNATH MAHADEV, NATIONAL DAIRY DEVELOPMENT BOARD, ANAND, Gujarat - 388001, INDIA	C22787808
6	90096023	27/07/2000 *	120,000,000.00	NATIONAL DAIRY DEVELOPMENT BOARD	POST BOX NO. 40, ANAND, Gujarat - 388001, INDIA	-
7	90095986	29/12/1997	72,500,000.00	NATIONAL DAIRY DEVELOPMENT BOARD	P. B. NO. 40, ANAND, Gujarat - 388001, INDIA	-
8	90095538	05/06/2002 *	48,279,000.00	NATIONAL DAIRY DEVELOPMENT BOARD	POST BOX NO. 40, ANAND, West Bengal - 388001, INDIA	-
9	90095886	19/07/1994	48,279,000.00	NATIONAL DAIRY DEVELOPMENT BOARD	POST BOX NO. 40, ANAND, Gujarat - 388001, INDIA	-

* Date of charge modification

PERFORMANCE

During the year, IDMC continued to operate in the business segments of Dairy, Thermal Management System, Pharmaceuticals & Biotechnology, Beverages, Cattle feed and Packaging.

IDMC’s income from operations for FY 2013-14 was Rs. 4,260 million, a growth of more than 18 percent over the previous year. The metals division registered sales of Rs. 3,105 million and the plastics division reported sales of Rs. 1,155 million.

OUTLOOK

While IDMC registered a reasonably good growth during FY 2013-14, the outlook for FY 2014-15 appears moderate and it will be contingent on a resurgence in the economy. It is expected that a consolidation of IDMC’s order book for FY 2014-15 could contribute to the company’s efforts in meeting the challenges of growth in a viable manner.

FIXED ASSETS

Tangible assets

œ Land

œ Buildings

œ Plant and equipment

œ Factory equipment’s

œ Furniture and fixtures

œ Vehicles

œ Motor vehicles

œ Office equipment

œ Computer equipment’s

Intangible assets

œ 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.66.29
UK Pound	1	Rs.101.88
Euro	1	Rs.73.98

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RAS
Report Prepared by :	JYTK

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.