MIRA INFORM REPORT

Report No. :	505935
Report Date :	28.04.2018

IDENTIFICATION DETAILS

Name :	HINDUSTAN FOODS LIMITED
Registered Office :	Dempo House, Campal, Panaji, Goa-403001
Tel. No.:	91- 832-2441300
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	31.12.1984
Com. Reg. No.:	24-000601
Capital Investment / Paid-up Capital :	INR 145.925 Million
CIN No.: [Company Identification No.]	L15139GA1984PLC000601
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Manufacture and exporter of milk and cereal based baby food, extruded snacks, instant porridge and extruded cereal products and importer of raw material. Manufacture of leather footwear. [Registered activity and also confirmed by management]
No. of Employees :	300 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 994000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is a subsidiary of “Vanity Case (India) Private Limited’. The company was incorporated in the year 1984. It is a manufacturer and supplier of Baby Food, Kurkure, Puffcorn, Extracted Cereal products and importer of Raw Material. For the financial year 2017, the company has achieved 58.75% growth in its revenue as compared to previous year revenue along with average profit margin of 3.55%. The sound financial profile of the company is marked by adequate networth base along with negligible debt level. Rating takes into consideration equity infused by its promoters. The rating also takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR 340 against the Face Value (FV) of INR 01 on BSE as on 24th April, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 261.74 million and has reported profit margin of 3.89%. Business is active. Payment seems to be usually correct. In view of aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 28.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ganesh Tukaram Argekar
Designation :	Director
Contact No.:	91-9364420401
Date :	24.04.2018

LOCATIONS

Registered Office/Corporate Office/Head Quarter :	Dempo House, Campal, Panaji, Goa-403001, India
Tel. No.:	91-832-2441300
Mobile No.:	91-9364420401 (Mr. Ganesh Tukaram Argekar)
Fax No.:	91-832-2225098
E-Mail :	hfl@dempos.com hflaccounts@dempos.com
Website :	www.hflgoa.com
Area :	3200 Sq. ft.
Location:	Owned
Locality:	Commercial
Factory 1/R&D/ :	Usgao Ponda, Goa - 403407, India
Tel. No.:	91-832-6531755
Fax No.:	91-832-2348009
Factory 2 :	RS No.254/1B, Poothurai Gorimedu Road, Poothurai Village, Vanur Villupuram-605111, Tamilnadu, India

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Shrinivas Vasudeva Dempo
Designation :	Chairman
Address :	Dempo Villa, Altinho, Panaji, Goa- 403001, India
Date of Appointment :	26.09.1999
DIN No.:	00043413
Name :	Mr. Sameer Ramanlal Kothari
Designation :	Managing Director
Address :	B/904, Kukreja Palace,Vallabh Baug Lane Extension Near Police Hockey Ground, Ghatkopar (East), Pant Nagar, Mumbai-400075, Maharashtra, India
Date of Birth/Age :	43 Years
Date of Appointment :	22.05.2017
DIN No.:	01361343
Name :	Mr. Ganesh Tukaram Argekar
Designation :	Whole Time Director
Address :	A/1301, Swapnalok Tower, Off. Film City Road Opposite Gokuldham Market, Pimpari Pada, Malad (East), Mumbai-400097, Maharashtra, India
Date of Birth/Age :	45 Years
Qualification :	B.Sc. (Chemistry), PGDMM – IIMM
Date of Appointment :	19.05.2014
DIN No.:	06865379
Name :	Mr. Sudin Manohar Usgaokar
Designation :	Director
Address :	XB-2, Sakhardande Apartments, Dada Vaiddya Road, Panaji, Goa-403001, India
Date of Appointment :	31.10.2002
DIN No.:	00326964
Name :	Mr. Shashi Kumar Kalathil
Designation :	Director
Address :	Flat No-A-1101, Chaitanya Towers Appasaheb Marathe Marg, Prabhadevi Mumbai-400025, Maharashtra, India
Qualification:	B.E. MBA
Date of Appointment :	09.11.2015
DIN No.:	02829333
Name :	Mr. Rajesh Soiru Dempo
Designation :	Director
Address :	Dempo Mansion, H No 21/368/1, Near Manipal Hospital, Goa University Road, Dona Paula, Panaji, Goa-403003, India
Date of Birth/Age :	41 Years
Qualification:	B.Com, MBA
Date of Appointment :	09.11.2015
DIN No.:	05143106
Name :	Mr. Nikhil Vora
Designation :	Director
Address :	Surya Tower, 10^th Floor, 789/10, 790/10, Nathalal Parekh Marg, Matunga, Mumabi-400019, Maharashtra, India
Date of Birth/Age :	45 Years
Date of Appointment :	22.05.2017
DIN No.:	05014606
Name :	Mr. Honey Hiranand Vazirani
Designation :	Director
Address :	3, Shubh Jeevan, Saraswati Road, Before Muktanand Park, Santacruz (West), Mumbai-400054, Maharashtra, India
Date of Birth/Age :	51 Years
Date of Appointment :	22.05.2017
DIN No.:	07508803

KEY EXECUTIVES

Name :	Mr. Kedarnath Swain
Designation :	Chief Finance Officer
Address :	B-20/74-75, RNA Broadway Avenue, Penkar Pada Road, Opposite Jangid Complex, Mira Road, Thane-401107, Maharashtra, India
Date of Appointment :	11.02.2015
PAN No.:	AVXPS2566D
Name :	Mrs. Beena Mahesh Mahambrey
Designation :	Company Secretary
Address :	5/B, F4 Model, Milleniums, Vistas Caranzalem, Panaji, Goa-403002, India
Date of Appointment :	26.05.2015
PAN No.:	AOQPM2346P
Name :	Mr. Sadashiv V. Shet
Designation :	Company secretary
Address :	S-15, Jairam Complex, Nebginagar, Panji, Goa-403001, India
Tel. No.:	91-832-2427847 / 2421237
E-Mail.:	sadashivshet@gmail.com

SHAREHOLDING PATTERN

AS ON MARCH 2018

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	7847294	60.40
(B) Public	5145206	39.60
Grand Total	12992500	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Any Other (specify)	7847294	60.40
Vanity Case India Private Limited	7847294	60.40
Sub Total A1	7847294	60.40
A2) Foreign		0.00
A=A1+A2	7847294	60.40

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions		0.00
Financial Institutions/ Banks	300	0.00
Insurance Companies	6900	0.05
Sub Total B1	7200	0.06
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	1642658	12.64
Individual share capital in excess of INR 0.200 Million	503089	3.87
Any Other (specify)	2992259	23.03
HUF	78188	0.60
Non-Resident Indian (NRI)	95879	0.74
Director or Director's Relatives	625500	4.81
Clearing Members	37246	0.29
Bodies Corporate	2155446	16.59
Sixth Sense India Opportunities-I	2000000	15.39
Vora Chaitali Nikhil	550000	4.23
Sub Total B3	5138006	39.55
B=B1+B2+B3	5145206	39.60

BUSINESS DETAILS

Line of Business :

• Manufacture and exporter of milk and cereal based baby food, extruded snacks, instant porridge and extruded cereal products and importer of raw material.

• Manufacture of leather footwear.

[Registered activity and also confirmed by management]

Products / Services :

NIC Code No.	Product Description
10794	Manufacture of Milk and Cereal based baby food, Extruded Snacks, Instant Porridge and Extruded Cereal Products
15201	Manufacture of leather footwear

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• United Kingdom
• United Arab Emirates

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash, L/C, Cheque and Credit (30, 60 Days)

Purchasing :

Cash, L/C, Cheque and Credit (30, 60 Days)

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers and End Users

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

No. of Employees :

300 (Approximately)

Bankers :

Bank Name	Bank of Maharashtra
Branch	8, Sukerkar Mansion, Mahatma Gandhi Road, Panaji, Goa-403001, India
Person Name (With Designation)	--
Contact Number	91-8322234160 (Number is continuously ringing)
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Loans from V S Dempo Holdings Private Limited (The above loan is at interest rate of 9%)	46.840	78.135
SHORT TERM BORROWINGS
Loans repayable on demand from Bank
Cash Credit from Bank of Maharashtra (Secured by hypothecation of stock and book debts)	0.000	1.684
Cash Credit from Bank of Maharashtra (Secured by pledge of fixed deposits of V S Dempo Holdings Private Limited)	0.000	4.595
Total	46.840	84.414

Auditor :
Name :	R. Sundararaman and Company Chartered Accountants
Address :	30/2, Indira Colony, Ashok Nagar, Chennai - 600083, Tamilnadu, India
Tel. No.:	91-44-24749101, 24749069
E-Mail :	rsramco@gmail.com
PAN No.:	AAHFR5192F
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Vanity Case (India) Private Limited, India CIN No.: U74999GA2012PTC006961

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	INR 10/- each	INR 130.000 Million
200000	9% Redeemable, Non-Convertible Preference Shares	INR 100/- each	INR 20.000 Million
	Total		INR 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12992500	Equity Shares	INR 10/- each	INR 129.925 Million
160000	9% Redeemable, Non-Convertible Preference Shares	INR 100/- each	INR 16.000 Million
	Total		INR 145.925 Million

a. Disclosure of number of shares outstanding for each class of shares as at

Particular	As on 31.03.2017
	Number	INR in Million
Equity Shares
Shares outstanding at the beginning of the year	5000000	50.000
Add : Shares issued during the year	7992500	79.925
Shares outstanding at the end of the year	12992500	129.925
Preference Shares
Shares outstanding at the beginning of the year	160000	16.000
Shares outstanding at the end of the year	160000	16.000

b. Terms and Rights attached to Shares

The Company has two class of shares. The Equity Shares have a par value of INR 10/- per share. Each holder of Equity Share is entitled to one vote per share. The Preference Shares have par value of INR 100/- per share and carry dividend of 9% per annum from the date of allotment. The dividend shall be payable at the time of declaration of dividend on Equity Shares. The Preference Shares shall be redeemed not later than 19 years from the date of issue.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution shall be in proportion to the equity shares held by the shareholders.

c. Disclosure of more than 5% shareholding

Name of Shareholder	31.03.2017
	No. of Equity Shares held	% Holding
Vanity Case (India) Private Limited	7847294	60%
Sixth Sense India Opportunities - 1	2000000	15%
	No. of Preference Shares held	% Holding
V. S. Dempo Holdings Private Limited	160000	100.00%

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	145.925	66.000	66.000
(b) Reserves & Surplus	201.923	(51.286)	(65.693)
(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)	347.848	14.714	0.307
(3) Non-Current Liabilities
(a) long-term borrowings	46.840	104.385	91.066
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.327	11.905	11.289
(d) long-term provisions	1.249	1.068	0.974
Total Non-current Liabilities (3)	49.416	117.358	103.329
(4) Current Liabilities
(a) Short term borrowings	0.000	6.279	5.223
(b) Trade payables	109.166	41.510	45.487
(c) Other current liabilities	7.671	13.515	17.333
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	116.837	61.304	68.043
TOTAL	514.101	193.376	171.679
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	94.224	86.529	89.735
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	33.160	22.464	22.464
(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)	14.669	14.933	0.000
(d) Long-term Loan and Advances	36.527	0.076	0.066
(e) Other Non-current assets	15.820	4.799	0.000
Total Non-Current Assets	194.400	128.801	112.265
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	59.122	15.006	26.575
(c) Trade receivables	59.652	36.381	22.637
(d) Cash and cash equivalents	164.768	1.348	0.746
(e) Short-term loans and advances	26.631	11.477	9.186
(f) Other current assets	9.528	0.363	0.270
Total Current Assets	319.701	64.575	59.414
TOTAL	514.101	193.376	171.679

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	378.641	238.502	174.238
	Other Income	2.155	0.146	110.670
	TOTAL	380.796	238.648	284.908
Less	EXPENSES
	Cost of Materials Consumed	230.499	140.335	102.248
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.202)	6.510	(11.936)
	Employees benefits expense	40.565	36.731	36.186
	Other expenses	77.226	32.404	104.903
	TOTAL	341.088	215.980	231.401
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	39.708	22.668	53.507
Less	FINANCIAL EXPENSES	9.386	9.812	15.515
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	30.322	12.856	37.992
Less	DEPRECIATION/ AMORTISATION	13.624	13.382	12.968
	PROFIT/ (LOSS) BEFORE TAX	16.698	(0.526)	25.024
Less	TAX	3.264	(14.933)	0.000
	PROFIT/ (LOSS) AFTER TAX	13.434	14.407	25.024
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(51.291)	(65.698)	(90.533)
Add	Value of Fixed Assets with useful life completed w/off	0.000	0.000	(0.189)
	Balance Carried to the B/S	(37.857)	(51.291)	(65.698)
	EARNINGS IN FOREIGN CURRENCY	121.957	0.000	0.000
	Earnings / (Loss) Per Share (INR)	1.79	2.88	5.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from Operations	(55.599)	21.168	10.192
Net Cash Flow from Operating Activities	(53.503)	5.924	9.743

QUARTERLY RESULTS

PARTICULARS	30.06.2017 1^st Quarter	30.09.2017 2^nd Quarter	31.12.2017 3^rd Quarter
	(Unaudited)	(Unaudited)	(Unaudited)
Net Sales	252.400	237.580	261.740
Total Expenditure	234.810	225.380	239.140
PBIDT (Excluding Other Income)	17.590	12.200	22.600
Other Income	1.540	5.660	1.910
Operating Profit	19.130	17.870	24.510
Interest	1.160	1.210	2.900
Exceptional Items	NA	NA	NA
PBDT	17.970	16.670	21.610
Depreciation	2.170	2.080	2.420
Profit Before Tax	15.800	14.590	19.190
Tax	(0.040)	5.310	8.990
Provisions and contingencies	NA	NA	NA
Profit After Tax	15.840	9.270	10.200
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	15.840	9.270	10.200

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	57.50	55.68	47.42
Account Receivables Turnover (Income / Sunday Debtors)	6.35	6.56	7.70
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	172.87	107.96	162.38
Inventory Turnover (Operating Income / Inventories)	0.67	1.51	2.01
Asset Turnover (Operating Income / Net Fixed Assets)	0.31	0.21	0.48

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.32	0.86	0.93
Debt Equity Ratio (Total Liability / Networth)	0.13	7.52	313.64
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.34	4.17	221.64
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.37	7.41	365.47
Interest Coverage Ratio (PBIT / Financial Charges)	4.23	2.31	3.45

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	3.55	6.04	14.36
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.61	7.45	14.58
Return on Investment (ROI) ((PAT / Networth) * 100)	%	3.86	97.91	8151.14

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.74	1.05	0.87
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.23	0.81	0.48
G-Score Ratio Financial (Networth / Total Assets)	0.68	0.08	0.00
G-Score Ratio Debt (Debts / Equity Capital)	0.32	1.68	1.46
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.74	1.05	0.87

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 340.00/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	66.000	66.000	145.925
Reserves & Surplus	(65.693)	(51.286)	201.923
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.307	14.714	347.848
Long-term borrowings	91.066	104.385	46.840
Short term borrowings	5.223	6.279	0.000
Total borrowings	96.289	110.664	46.840
Debt/Equity ratio	313.645	7.521	0.135

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	174.238	238.502	378.641
		36.883	58.758

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	174.238	238.502	378.641
Profit	25.024	14.407	13.434
	14.36%	6.04%	3.55%

LEGAL CASE

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	Yes
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	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

CORPORATE INFORMATION

The Company was incorporated in the year 1984 and is engaged in the business of manufacturing Cereal Based Foods and other items with its domicile presence in Goa.

During the year, the Company has taken over the leather business of Ponds Exports Limited, a subsidiary of Hindustan Unilever Limited, with operations in Pondicherry.

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMIC OVERVIEW

Global economic activity was mixed in 2016 in the advanced economies, the lingering legacies of the recent crisis, coupled with protracted monetary policy support and return to fiscal neutrality, moderated increasing output and declining unemployment. In countries outside the advanced economies, slower growth was influenced by commodity price declines to overhangs from past rapid credit growth to political turmoil. However, long-term prospects of emerging economies improved following a lowering of interest rates in advanced economies and firming commodity prices. India demonstrated robust growth (Source: IMF and World Bank).

OUTLOOK

Global growth was projected to slow to 3.1% in 2016 before recovering to 3.4% in 2017. The global economy entered its sixth year of stagnation with estimates for 2017 continuing to trend the historical path. A projected stabilisation in energy commodity prices may provide respite for resourcerich economies. However, the medium-term outlook continues to be bleak with growth weakening in terms of investments and labour supply. Businesses will need to address the challenges arising from geopolitical tensions, policy uncertainties, financial market volatilities and rapid technological advancements.

INDIAN ECONOMIC OVERVIEW

India’s GDP growth was at 7.1% for 2016-17, down from 8% recorded in 2015-16. Although demonetisation affected GDP growth by 25-100 bps, the government initiative of removing specified bank notes from circulation is expected have long-term benefits.

To boost the rural economy, the Budget 2017-18 set aside H48,700 crore for MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act, 2005) to provide a shot in the arm to the skills development sector, enhancing disposable incomes, giving a prospective boost to consumption and accelerating the overall rural economic growth.

OUTLOOK

The near-term growth outlook for India seems reasonable. Subsequently, India’s GVA (gross value-added) growth is likely to remain at 6.6% as economic activity could take time to normalise. The implementation of the Goods and Services Tax is expected to catalyse interstate trade through enhanced investments, reducing supply chain-related issues, improving economies-of-scale and moderating overheads (Source: IMF, ICRA).

FMCG FOOD INDUSTRY IN INDIA

The FMCG sector has grown at an annual average of about 11% over the last decade. Urban markets account for the major share (65%) of total revenues in the consumer durables sector in India. The Indian food processing industry accounts for 32% of the country’s total food market, one of the largest industries in India and ranked fifth in terms of production, consumption, export and expected growth. It contributes around 14% of manufacturing Gross Domestic Product (GDP), 13% of India’s exports and six per cent of total industrial investment. The Indian food service industry is expected to reach US$ 78 billion by 2018. The Indian gourmet food market is currently valued at US$ 1.3 billion and is growing at a Compound Annual Growth Rate (CAGR) of 20%. India's organic food market is expected to increase by three times by 2020.

Accounting for ~32% of the total food market, the Central Government has been instrumental in the development of the food processing industry. The government through the Ministry of Food Processing Industries is making all efforts to encourage investments in the business. It approved proposals for joint ventures, foreign collaborations, industrial licenses, and 100% export-oriented units.

OUTLOOK

The Indian consumer sector has grown at a CAGR of 5.7% between FY2005 to FY2015. Annual growth of the Indian consumption market was estimated to be 6.7% during FY2015-20 and 7.1% during FY2021-25 on the back of better access to information, increasing digitisation, rampant e-commerce growth and changing lifestyles. Case

in point: consumer spending is likely to increase to USD 3.6 trillion by 2020, the bulk of it taking place in segments

like food, household, transport and communications. The food industry, which is currently valued at US$ 39.71 billion, is expected to grow at a Compounded Annual Growth Rate of 11% to US$ 65.4 billion by 2018. The packaged food industry is the fifth-largest sector in India. The Indian packaged food industry is worth US$39.7 billion and expected to reach US$65.41 billion by 2020. (Source: IBEF)

UNSECURED LOANS:

Particular	31.03.2017 INR In Million	31.03.2016 INR In Million
Long-term Borrowings
Loan from Motown Investment Private Limited (The above loan is at interest rate of 9%)	0.000	16.000
Loan from The Vanity Case India Private Limited (The above loan is at interest rate of 9%)	0.000	10.250
Total	0.000	26.250

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G76555721	100150372	YES BANK LIMITED	12/08/2017	12/09/2017	580000000.0	9th Floor, Nehru Centre, Discovery Of India, Dr. A.B. Road, Worli, Mumbai-400018, Maharashtra, India
2	Y10147875	90065355	THE BANK OF MAHARASHTRA	30/03/2004	-	2000000.0	M. G. Road, Panaji, Goa, India
3	Y10147799	90065279	V. S. DEMPO & CO. LTD.	07/04/1997	-	80181597.0	M. G. Road, Panaji, Goa, India
4	Y10147780	90065260	THE BANK OF MAHARASHTRA	10/12/1994	-	1200000.0	M. G. Road, Panaji, Goa, India
5	Y10147778	90065258	THE BANK OF MAHARASHTRA	01/11/1994	-	3000000.0	M. G. Road, Panaji, Goa, India
6	Y10147774	90065254	THE BANK OF MAHARASHTRA	07/09/1994	-	5000000.0	M. G. Road, Panaji, Goa, India
7	Y10147770	90065250	THE BRITISH BANK OF MIDDLE EAST	22/06/1994	-	9687000.0	Mumbai, Maharashtra, India
8	Y10147453	90064933	V. S. DEMPO & CO. LTD.	21/05/1994	-	3000000.0	Dempo House, Panaji, Goa, India
9	Y10147724	90065204	THE BRITISH BANK OF THE MIDDLE EAST	17/11/1987	04/11/1988	5000000.0	16, Veer Nariman Road, Mumbai-400023, Maharashtra, India
10	Y10147930	90065410	THE BRITISH BANK OF THE MIDDLE EAST	17/11/1987	14/01/1989	9500000.0	16, Veer Nariman Road, Mumbai-400023, Maharashtra, India

STATEMNET OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED DECEMBER 31, 2017

(INR In Million)

Particulars	Quarter ended		Nine months ended
	31.12.2017	30.09.2017	31.12.2017
	(Unaudited)	(Unaudited)	(Unaudited)
INCOME FROM OPERATIONS
Revenue from operations	261.740	237.585	751.727
Other Income	1.914	5.665	9.118
Total Income from Operations	263.654	243.250	760.845
EXPENSES
Cost of materials consumed	121.611	136.246	349.908
Purchase of Stock in Trade	2.612	0.580	5.338
Changes in inventories of finished goods and work-in-progress	(0.797)	(10.119)	(12.824)
Excise duty	0.000	0.000	1.968
Employee benefits expense	27.301	26.365	75.985
Finance costs	2.895	1.208	5.261
Depreciation and Amortization expenses	2.425	2.077	6.670
Other Expenditure	88.417	72.306	233.959
Total Expenses	244.464	228.663	711.265
Profit / (Loss) before Tax	19.190	14.587	49.580
Tax Expense	8.994	5.316	14.274
Profit / (Loss) after Tax	10.196	9.271	35.306
Other comprehensive income (OCI)
Other comprehensive income not to be reclassified to profit or loss:
Re-measurement gains on defined benefit plans	(0.790)	(0.790)	(1.580)
Income tax effect on above	0.175	0.261	0.436
Total other comprehensive income	(0.615)	(0.529)	(1.144)
Total comprehensive income for the period	9.581	8.742	34.162
Paid-up Equity Share Capital (Face value INR 10/- per share)	129.925	129.925	129.925
Basic and Diluted EPS (in INR)	0.74	0.67	2.63

NOTES:

1) The Company adopted Indian Accounting Standards ("Ind-AS") from April 01, 2017 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in Ind-AS 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. Consequently, the results for the comparative quarter and nine months ended December 31, 2016 have been restated to comply with Ind-AS to make them comparable. The Ind-AS adjustment, pertaining to quarter and nine months ended December 31, 2016 have been prepared by the management and reviewed by auditors. 

2) The Statement of Financial Results has been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on February 14, 2018 and has been subjected to a limited review by Statutory Auditors of the Company. 

3) Revenue from operations for periods upto June 30, 2017 includes Excise Duty, which is discontinued effective July 1, 2017 upon implementation of Goods and Services Tax (GST) in India. In accordance with Ind-AS 18 "Revenue", GST is not included in Revenue from operations. In view of the aforesaid change, Revenue from operations for the quarter and nine months ended December 31, 2017 are not comparable with previous periods. The following information is provided to facilitate such comparison :- 

(INR in Million)

Particulars	Quarter ended		Nine months ended
	31.12.2017	30.09.2017	31.12.2017
	(Unaudited)	(Unaudited)	(Unaudited)
Revenue from operations	261.740	237.585	751.727
Less: Excise duty on sales	--	--	1.968
Revenue from operations (net of excise duty)	261.740	237.585	749.759

4) The Company is engaged in only one Segment viz third party manufacturing of food and leather products. As such there is no separate reportable segment as per Ind-AS 108 'Operating Segments'. 

5) The figures have been regrouped and / or rearranged wherever considered necessary. 

FIXED ASSETS:

Tangible Asset:

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Motor Cycle
• Computer
• Vehicles
• Air Conditioner

Intangible Asset:

· Trade marks

PRESS RELEASE / WEBSITE DETAILS

HINDUSTAN FOODS LIMITED TO ACQUIRE FOOTWEAR BUSINESS OF G SHOE EXPORT

Date: 26.03.2018

Hindustan Foods Ltd has signed a term sheet for buying movable assets and stocks in respect of footwear manufacturing business of G Shoe Export.

G Shoe Export is a Mumbai based entity in footwear manufacturing for last 4 decades for both global and Indian clients with the entire product range of leather and fashion footwear for men, women and kids.

The takeover is in line with company's long term goals and will further strengthen the existing footwear manufacturing business of the company which was started last year by acquiring movable assets and stocks from Ponds Export Ltd, a HUL subsidiary. The company will also acquire brand called ESTD 1977 which will complement UN: OR, the company's own brand which was launched a few months ago.

The entire process of statutory, legal and licensing will require approx. 3 months to close and the parties will sign an agreement in future course

Shares of HINDUSTAN FOODS LTD. was last trading in BSE at INR 280.75 as compared to the previous close of INR 286.2. The total number of shares traded during the day was 15189 in over 52 trades.

The stock hit an intraday high of INR 290 and intraday low of 276. The net turnover during the day was INR 4.337 Million.

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 records 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	INR
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74

INFORMATION DETAILS

Information Gathered by :	RUB
Analysis Done by :	VAR
Report Prepared by :	BHG

SCORE FACTORS

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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.