MIRA INFORM REPORT

Report No. :	494024
Report Date :	03.03.2018

IDENTIFICATION DETAILS

Name :	IDMC LIMITED [w.e.f. 23.09.2003]
Formerly Known As :	INDIAN DAIRY MACHINERY COMPANY 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) :	31.03.2017
Date of Incorporation :	14.09.1992
Com. Reg. No.:	04-018283
Capital Investment / Paid-up Capital :	INR 121.450 Million
CIN No.: [Company Identification No.]	U29299GJ1992PLC018283
IEC No.:	Not Divulged `
TIN No:	24151000865
GST No.:	24AAACI4631E1Z3
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI4631E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of 7 - Fabricated Equipment Bulk Milk Cooling Tank S. S. Fittings Pumps Plate Heat Exchangers Components, Spares and Accessories Optifilm Machinery and Mechanical Appliances Steel Products Articles of Plastics and Polymers. (Registered Activity)
No. of Employees :	Not Divulged

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+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 3220000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in the year 1992. It is a wholly owned subsidiary of National Dairy Development Board (NDDB). The company is a manufacturer food grade packaging films, laminates and pouches it also provides packaging solutions for liquid milk and milk products, edible oils, frozen vegetables, personal care products and other consumer goods. As per the financial records of 2017, the company has earned a favourable growth of 27.20% in its revenue as compared to the previous year’s revenue and has achieved an average profitability margin of 0.93%. The company possesses sound financial position marked by healthy net worth base along with strong debt coverage indicator due to low debt balance sheet profile and fair liquidity parameters. Rating takes into consideration the strength that the company derives from its holding company and its experienced management team. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered 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

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

Rating Agency Name	CRISIL
Rating	Long term Loans: A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	30.01.2017

Rating Agency Name	CRISIL
Rating	Short term Loans: A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	30.01.2017

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 31-03-2016.

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 03.03.2018.

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 DECLINED BY

Name :	Mr. Deepak Saini
Designation :	Sales Manager
Contact No.:	91-9784499000
Date :	27.02.2018
Name :	Mr. Karan
Designation :	Not Divulged
Contact No.:	91-2692-233029
Date :	27.02.2018

MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-2692-236375/ 220100]

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 / 220100/ 229915-24
Mobile No.:	91-9784499000 [Mr. Deepak Saini]
Fax No.:	91-2692-236580 / 236164
E-Mail :	idmc@idmc.coop kinnarishah@idmc.com
Website :	http://idmc.com
Regional Offices :	· Block 4A, Ground Floor 02, DLF Corporate Park, DLF City, Phase III Gurugram - 122023 Haryana, India Tel. No.: 91-124-4931370 · Priya Darshini Apartment Near Boring Road, Crossing, Patna - 800001 Bihar, India

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Sriram Mankal Shankar

Designation :

Director

Address :

No. 3, Fourth Main Road, Chamarajapet, Bangalore-560018, Karnataka, India

Date of Birth/Age :

16.05.1962

Date of Appointment :

13.01.2017

DIN No.:

00588922

CIN/FCRN	Company Name	Begin Date	End Date
U01403DL2009NPL195142	NDDB DAIRY SERVICES	28/09/2012	-
U74899DL1999PLC109396	MICRO CREDIT RATINGS INTERNATIONAL LIMITED	27/09/2017	-

Name :

Mr. Yuvaraj Yashvant Patil

Designation :

Director

Address :

Quarter No. C-52, NDDB Campus, Anand – 388001, Gujarat, India

Date of Birth/Age :

01.06.1957

Qualification:

B.COM, LLB, ICWAI, SAS (COMMERCIAL), PGDRDM

Date of Appointment :

13.01.2017

DIN No.:

07058130

Pan No.:

ADOPP8398P

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01403DL2009NPL195142	NDDB DAIRY SERVICES	28/07/2015	-
U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	07/09/2017	-

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

PAN:

AFOPR3828N

Qualification :

M. SC. AND IAS

DIN No.:

05163623

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01403DL2009NPL195142	NDDB DAIRY SERVICES	28/09/2012	-
U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	19/07/2012	-
U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	14/09/2012	-

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

Qualification :

B. SC and CAIIB

PAN No.:

AAFPI7202K

Date of Appointment :

01.04.2014

DIN No.:

00580437

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L17100MH1984PLC033143	ZODIAC CLOTHING COMPANY LIMITED	22/06/2002	-
U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	07/07/2003	-
U63030MH1987PTC045750	P N WRITER AND COMPANY PRIVATE LIMITED	31/12/2008	-
U70100MH1995PTC092800	WRITER LIFESTYLE PRIVATE LIMITED	10/09/2009	-
U74110MH2012PTC230432	WRITER BUSINESS SERVICES PRIVATE LIMITED	30/09/2016	-
U74120MH2011PTC220601	WATERFIELD ADVISORS PRIVATE LIMITED	14/09/2012	-
U74900MH2012PTC234921	WATERFIELD FINANCIAL AND INVESTMENT ADVISORS PRIVATE LIMITED	19/03/2014	-
U74999MH2001PTC130866	WRITER SAFEGUARD PRIVATE LIMITED	30/09/2010	-

Name :

Mr. Sangramsinh Raysangbhai Chaudhary

Designation :

Director

Address :

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

Date of Birth/Age :

06.09.1960

Qualification :

PGLS and PGDRM

PAN No.:

ABEPC1030D

Date of Appointment :

16.07.2012

DIN No.:

01850128

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01403DL2009NPL195142	NDDB DAIRY SERVICES	20/05/2014	-
U15200GJ1998NPL034249	VIDYA DAIRY	17/02/2012	-
U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	30/12/2014	-
U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	22/01/2015	-

Name :

Mr. Ashis Kumar Chakraborty

Designation :

Director

Address :

C-27, NDDB Campus, Anand – 388001, Gujarat, India

Date of Birth/Age :

21.11.1957

Date of Appointment :

13.01.2017

DIN No.:

07706751

Name :

Mr. Rajesh Subramaniam

Designation :

Whole-Time Director

Address :

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

Date of Birth/Age :

06.09.1964

Qualification :

PGDRM

PAN No.:

AHNPS1837R

Date of Appointment :

01.04.2015

DIN No.:

07127772

Name :

Mrs. Alka Anil Mahajan

Designation :

Additional Director

Address :

B-9, Shivganesh-2, Hebatpur Road, Opposite Zydus Hospital, Thaltej, Ahmedabad-380059,Gujarat, India

Date of Birth/Age :

11.08.1961

Date of Appointment :

27.04.2017

DIN No.:

07802003

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. Jeevan Kumar Akhouri
Designation :	Chief Executive Officer
Name :	302, Nandan, Ansh Dev Nandan, Behind NDDB Campus, Jaganathpura, Anand 388001, Gujarat, India
Date of Appointment :	05.05.2015
Date of Birth/Age :	01.07.1960
PAN No.:	M. COM
PAN No.:	ABUPA1500G
Name :	Mr. Deepak Saini
Designation :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

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

AS ON: 27.07.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters (Financial Institutions)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of 7 - Fabricated Equipment Bulk Milk Cooling Tank S. S. Fittings Pumps Plate Heat Exchangers Components, Spares and Accessories Optifilm Machinery and Mechanical Appliances Steel Products Articles of Plastics and Polymers. (Registered Activity)

Products :

ITC Code No.	Product Descriptions
84186950	Bulk Milk Cooling Tank
84818030	Components, Spares and Accessories
84798200	Fabricated Equipment and Machinery
39201099	Opt film
84195020	Plate Heat Exchangers
84137099	Pumps
73079390	S. S. Fittings

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 (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Divulged

Bankers :

· Axis Bank Limited

· State Bank of India

Special Commercial Branch, Jaylaxmi Plaza, Ganesh Crossing, Anand - 388001, Gujarat, India

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Rupee term loans from others	0.000	28.650
SHORT TERM BORROWINGS
Loans repayable on demand from others	260.000	1270.000
Total	260.000	1298.650

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	31, Nutan Bharat Society, Alkapuri, Baroda – 390 007, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AADFD2337G
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	National Dairy Development Board, Idnia
Fellow Subsidiary Company	· Mother Diary Fruit and Vegetable Private Limited · Indian Immunologicals Limited · Vidya Dairy

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	INR 10/- each	INR 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12144544	Equity Shares	INR 10/- each	INR 121.450 Million

FINANCIAL DATA

[all figures are in 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	121.450	121.450	121.450
(b) Reserves & Surplus	1006.820	883.140	748.590
(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)	1128.270	1004.590	870.040
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	28.650	56.300
(b) Deferred tax liabilities (Net)	68.060	45.660	56.250
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	57.780	55.490	40.330
Total Non-current Liabilities (3)	125.840	129.800	152.880
(4) Current Liabilities
(a) Short term borrowings	260.000	1537.400	857.090
(b) Trade payables	1715.210	1215.210	880.320
(c) Other current liabilities	3644.570	383.440	261.880
(d) Short-term provisions	55.460	64.360	14.570
Total Current Liabilities (4)	5675.240	3200.410	2013.860
TOTAL	6929.350	4334.800	3036.780
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	928.240	843.520	720.180
(ii) Intangible Assets	21.670	16.160	15.670
(iii) Capital work-in-progress	2.650	55.670	14.170
(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	211.650	80.960	65.690
(e) Other Non-current assets	2.910	26.370	27.010
Total Non-Current Assets	1167.120	1022.680	842.720
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	967.740	671.550	498.150
(c) Trade receivables	2564.680	1923.100	1405.210
(d) Cash and cash equivalents	1290.190	416.160	22.650
(e) Short-term loans and advances	698.460	214.500	217.470
(f) Other current assets	241.160	86.810	50.580
Total Current Assets	5762.230	3312.120	2194.060
TOTAL	6929.350	4334.800	3036.780

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	6855.140	5389.160	3787.150
		Other Income	112.530	23.660	19.220
		TOTAL	6967.670	5412.820	3806.370
Less	EXPENSES
		Cost of Materials Consumed	5187.560	3795.940	2503.110
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(289.850)	(80.900)	21.760
		Employees benefits expense	538.090	441.320	377.470
		CSR expenditure	2.550	0.000	0.000
		Other expenses	1136.370	894.880	677.330
		TOTAL	6574.720	5051.240	3579.670
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		392.950	361.580	226.700
Less	FINANCIAL EXPENSES		95.580	136.470	96.090
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		297.370	225.110	130.610
Less/ Add	DEPRECIATION/ AMORTISATION		88.270	73.720	90.290
	PROFIT BEFORE TAX		209.100	151.390	40.320
Less	TAX		63.490	(5.090)	(16.620)
	PROFIT AFTER TAX		145.610	156.480	56.940
	EARNINGS IN FOREIGN CURRENCY
		Export (FOB basis)	55.410	81.540	87.730
	IMPORTS
		Raw Materials	304.900	305.330	324.530
		Components and spare parts	322.040	251.870	106.300
		capital goods	0.000	0.000	2.070
	TOTAL IMPORTS		626.940	557.200	432.900
	Earnings(Loss) Per Share (INR)		11.99	12.88	4.69

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.000	26.580	30.330
Net cash flows from (used in) operations	2579.710	139.950	(58.040)
Net cash flows from (used in) operating activities	2434.740	124.700	(39.390)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	136.56	130.25	135.43
Account Receivables Turnover (Income / Sundry Debtors)	2.67	2.80	2.70
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	120.68	116.85	128.37
Inventory Turnover (Operating Income / Inventories)	0.41	0.54	0.46
Asset Turnover (Operating Income / Net Fixed Assets)	0.41	0.40	0.30

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.82	0.75	0.69
Debt Equity Ratio (Total Liability / Networth)	0.23	1.59	1.08
Current Liabilities to Networth (Current Liabilities / Net Worth)	5.03	3.19	2.31
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.84	0.91	0.86
Interest Coverage Ratio (PBIT / Financial Charges)	4.11	2.65	2.36

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.12	2.90	1.50
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.10	3.61	1.88
Return on Investment (ROI) ((PAT / Networth) * 100)	%	12.91	15.58	6.54

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.02	1.03	1.09
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.84	0.83	0.84
G-Score Ratio Financial (Networth / Total Assets)	0.16	0.23	0.29
G-Score Ratio Debt (Debts / Equity Capital)	2.14	13.11	7.77
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.02	1.03	1.09

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

FINANCIAL ANALYSIS

[all figures are in 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	121.450	121.450	121.450
Reserves & Surplus	748.590	883.140	1006.820
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	870.040	1004.590	1128.270
long-term borrowings	56.300	28.650	0.000
Short term borrowings	857.090	1537.400	260.000
Current Maturities of Long term debt	30.330	26.580	0.000
Total borrowings	943.720	1592.630	260.000
Debt/Equity ratio	1.085	1.585	0.230

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	3787.150	5389.160	6855.140
		42.301	27.202

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	3787.150	5389.160	6855.140
Profit	56.940	156.480	145.610
	1.50%	2.90%	2.12%

LEGAL CASE

HIGH COURT

AHMEDABAD COMMISSIONER OF CUSTOMS VS IDMC LIMITED

high court-Guj

Case no:10. TAXAP/2/2015

Case status:Pending

Judge:HON'BLE MR.JUSTICE RAVI R.TRIPATHIHON'BLE MR.JUSTICE N.V.ANJARIA

Date:2015-07-01T00:00:00Z

LILASONS INDUSTRIES LIMIT ED AURANGABAD VS IDMC LIMITED

high court-Aurangabad

Case no:908. AO/220/2011

Case status:Pending

Judge:HON'BLE SHRI JUSTICE S V GANGAPURWALA

Date:2012-01-13T00:00:00Z

LILASONS INDUSTRIES LIMIT ED AURANGABAD VS IDMC LIMITED

high court-Aurangabad

Case no:908. CA/15489/2011

Case status:Pending

Judge:HON'BLE SHRI JUSTICE S V GANGAPURWALA

Date:2012-01-13T00:00:00Z

LILASONS INDUSTRIES LIMIT ED AURANGABAD VS IDMC LIMITED

high court-Aurangabad

Case no:917. CP/88/2012

Case status:Pending

Judge:HON'BLE SHRI JUSTICE A.M. THIPSAY

Date:2012-06-28T00:00:00Z

LILASONS INDUSTRIES LIMIT ED AURANGABAD VS IDMC LIMITED HAS FILED AFFIDAVIT IN REPLY

high court-Aurangabad

Case no:916. CP/88/2012

Case status:Pending

Judge:HON'BLE SHRI JUSTICE T.V. NALAWADE

Date:2012-06-21T00:00:00Z

LILASONS INDUSTRIES LIMIT ED AURANGABAD VS IDMC LIMITED FILED IN COURT ARE

high court-Aurangabad

Case no:910. AO/220/2011

Case status:Pending

Judge:HON'BLE SHRI JUSTICE S V GANGAPURWALA

Date:2012-01-20T00:00:00Z

LILASONS INDUSTRIES LIMIT ED AURANGABAD VS IDMC LIMITED HAS NOT DELETED THE NAME

high court-Aurangabad

Case no:973. CP/88/2012

Case status:Pending

Judge:HON'BLE SHRI JUSTICE M.T. JOSHI

Date:2012-04-20T00:00:00Z

LILASONS INDUSTRIES LIMIT ED AURANGABAD VS IDMC LIMITED OF R1 TO 4 ARE AWAITED.

high court-Aurangabad

Case no:33. CP/88/2012

Case status:Pending

Judge:HON'BLE SHRI JUSTICE A.M. THIPSAY

Date:2012-03-26T00:00:00Z

LILASONS INDUSTRIES LIMIT ED AURANGABAD VS IDMC LIMITED OF R13 & 4 ARE FOR ORDERS

high court-Aurangabad

Case no:934. CP/88/2012

Case status:Pending

Judge:HON'BLE SHRI JUSTICE M.T. JOSHI

Date:2012-06-13T00:00:00Z

PR. COMMISSIONER OF INC MR KM PARIKH 1 OME TAX VADODARA2 VS MS IDMC LIMITED

high court-Gujarat

Case no:TAXAP/824/2016

Case status:Pending

Judge:HONOURABLE MR.JUSTICE M.R. SHAH AND HONOURABLE MR.JUSTICE B.N. KARIA

Date:2016-11-28

PR. COMMISSIONER OF INC MR KM PARIKH 1 OME TAX VADODARA2 VS MS IDMC LIMITED 160 FOR FINAL HEARING

high court-Gujarat

Case no:TAXAP/824/2016

Case status:Pending

Judge:HONOURABLE MR.JUSTICE M.R. SHAH AND HONOURABLE MR.JUSTICE B.N. KARIA

Date:2017-01-17

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

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G74334947	100130469	NATIONAL DAIRY DEVELOPMENT BOARD	05/09/2017	28/12/2017	-	264653000.0	NEAR JAGNATH MAHADEVANANDANANDGJ388001IN
2	G76716364	10381722	STATE BANK OF INDIA	17/10/2012	25/01/2018	-	2970000000.0	SPECIALISED COMMERCIAL BRANCHJAYLAXMI PLAZA, GANESH CROSSINGANANDGJ388001IN
3	G13933791	10372064	INDIAN BANK	28/07/2012	07/09/2016	-	3760000000.0	5/8/14, STATION ROADANANDANANDGJ388001IN
4	G34660258	10348929	AXIS BANK LIMITED	22/03/2012	22/12/2016	-	960000000.0	"TRISHUL", 3RD FLOOR, OPP. SAMATHESHWAR TEMPLELAW GARDEN, ELLISBRIDGEAHMEDABADGJ380006IN
5	G59519892	10344136	NATIONAL DAIRY DEVELOPMENT BOARD	22/03/2012	06/10/2017	-	1300000000.0	NEAR JAGNATH MAHADEVANANDANANDGJ388001IN
6	G61030748	90096023	NATIONAL DAIRY DEVELOPMENT BOARD	28/01/1999	27/07/2000	23/10/2017	120000000.0	POST BOX NO. 40ANANDGJ388001IN
7	G61019451	90095538	NATIONAL DAIRY DEVELOPMENT BOARD	19/07/1994	05/06/2002	23/10/2017	48279000.0	POST BOX NO. 40ANANDWB388001IN
8	G61027405	90095886	NATIONAL DAIRY DEVELOPMENT BOARD	19/07/1994	-	23/10/2017	48279000.0	POST BOX NO. 40ANANDGJ388001IN
9	G61028973	90095986	NATIONAL DAIRY DEVELOPMENT BOARD	29/12/1997	-	23/10/2017	72500000.0	P. B. NO. 40ANANDGJ388001IN
10	G08672057	10562073	NATIONAL DAIRY DEVELOPMENT BOARD (NDDB)	26/03/2015	-	15/07/2016	64260000.0	NEAR JAGNATH MAHADEV,ANANDANANDGJ388001IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
SHORT TERM BORROWINGS
Loans repayable on demand from others	0.000	267.400
Total	0.000	267.400

OUTLOOK

FY 2017-18 begins with a good carry forward volume of orders for projects, both on-going and new. The packaging business is likely to witness a positive trend. Importantly, GST is scheduled to be implemented from 1 July 2017. This will completely alter the landscape for all businesses. The Company is gearing up and strategizing the integration of GST into its operations. Critically this will include preparedness to migrate balance deliveries against existing contracts and compliance with a proposed e-way bill which would have to be generated by bringing the supplier, transporter and recipient on a single platform through an e-way bill portal. It appears the entire business ecosystem may undergo some turbulence and uncertainty before the larger collective and individual good accrues through GST. Therefore, while IDMC’s top line would ordinarily have registered a healthy growth during FY 2017-18, it could be subject to moderation.

DAIRY SOLUTIONS

IDMC’s business in design, supply, installation, testing and commissioning (DSITC) of dairy projects grew significantly. The Company completed DSITC of many dairy projects including:

· Two 5 LLPD liquid milk processing plants, one each in north and south India respectively;

· Two ice-cream plants of capacity 1 LLPD and 10,000 LPD respectively, both in the north;

· Ice cream plant expansion from 50 KLPD to 1 LLPD in the west;

· A continuous butter making facility of 2.5 TPH in the west;

· Pre-processing facilities for a UHT plant in the west;

· A 2 LLPD liquid milk processing and packing plant in the west;

· Utility equipment and piping for plant to manufacture cheese and process whey in the west

.

The projects under implementation during the year and carried forward were:

· Ten turnkey dairy solutions in north India, with two milk powder plants, each of 20 TPD;

· One 10 LLPD dairy project in west;

· One 10 LLPD dairy plant including butter milk of 2 LLPD, ghee making and packing and 5000 LPD of ice cream in the west;

· One large 5 TPH butter manufacturing line in the west;

· One large ice cream plant of 50 KLPD in the north;

· One turnkey dairy solution for 80 KLPD UHT pouch milk plant in the south.

The year marked a significant consolidation of IDMC’s initiative to offer turnkey solutions in the DSITC of dairy plants, covering civil, mechanical, electrical, automation, utilities and their seamless integration.

IDMC continued to manufacture and supply individual equipment such as tankages, silos, CIP systems, bulk milk coolers, mobile bulk milk coolers, liquid milk vending machines, milking machines, heaters, chillers, pasteurizers, stainless steel sanitary fittings, pumps, pneumatic valves and other flow components for use in the dairy industry.

Thermal Solutions

IDMC completed the following ammonia based refrigeration projects during the year:

· 1800 TR to 2460 TR refrigeration expansion project for a dairy plant in the west;

· 1200 TR capacity project for a new dairy in the north;

· 1100 TR capacity expansion project for manufacturing ice cream in the north;

· 600 TR expansion project, including shifting of refrigeration equipment for a dairy in the west;

· 400 TR glycol chilling system for a dairy in the west.

The ammonia refrigeration projects under implementation during the year and carried forward were:

· 1385 TR refrigeration project for a dairy in the west;

· 860 TR expansion project for a dairy in the west;

· 388 TR refrigeration project for a fruit and vegetable processing facility in the east;

· 90 TR to 400 TR refrigeration projects for 10 dairy projects in the north.

IDMC intensified its Making in India initiative for ice silos. The Company commissioned five indigenously manufactured ice silos with capacities ranging from 3000 to 4100 MCAL. In addition, orders for seven similar ice silos were being executed and would be completed by the next year.

Cattle Feed Solutions

· IDMC successfully executed a turnkey solution of a 100 TPD automatic cattle feed plant in a record time of 12 months. It included civil works and the DSITC of mechanical, electrical, automation and utility systems.

· The Company also completed a project to expand the capacity for manufacturing cattle feed from 500 TPD to 800 TPD in the West and installed a silo storage system of 1,500 MT in the North.

Pharma Solutions

During the year, work on the following pharma projects were underway:

· A large fermentation project for manufacturing multiple products like enzymes, probiotics and recombinant therapeutics in the south;

· An automated effluent decontamination system with a high degree of safety features for a BSL3+ affiliated laboratory in the east;

· A continuous effluent decontamination system for a biotech company in the west.

IDMC successfully commissioned the PED approved mixing vessel which it had manufactured and supplied to a MHRA certified pharmaceutical company in the UK.

Beverage Solutions

IDMC completed the DSITC of a 24 KLPH Juice processing plant with automatic double circuit in the North.

By the end of the year, IDMC supplied an 8 KLPH sugar dissolving system to a food and beverage plant in the west.

Packaging Solutions

Adequate planning facilitated the operations of the packaging film plant at its rated capacity of 9000 tons per annum. Preparations for expanding the plant by adding two blown film lines, one each for three layer and seven layer respectively were at an advanced stage.

IDMC manufactured and sold about 9,500 tons of food grade packaging films, laminates and pouches for packaging liquid milk and milk products, edible oils, frozen vegetables, bread and bakery products and other consumer goods.

IDMC installed and commissioned a laser scoring machine which will enable IDMC to supply pouches with an easy tear facility.

Accreditation of the packaging film plant has been upgraded from ISO 22000:2005 to FSSC:22000 certification during the year.

CONTINGENT LIABILITIES:

Particulars	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
Demands from statutory authorities contested by the Company
Sales Tax	1.220	10.870
Income Tax	8.540	6.060
Customs Duty	58.190	53.790
Excise Duty	41.270	79.360
Service Tax	3.460	3.050
Outstanding balance on letter of credit and bank guarantees	6898.330	2225.070
Differential custom duty for importing goods under Project Import -Chapter No.98.01 (to the extent remaining unfulfilled)	7.900	7.900
Workmen compensation and other claims against the Company, not acknowledged as debt	Amount not determinable	Amount not determinable

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipment’s

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipment’s

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 records 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 65.23
UK Pound	1	INR 89.71
Euro	1	INR 79.50

INFORMATION DETAILS

Information Gathered by :	SHK
Analysis Done by :	NYT
Report Prepared by :	ARC

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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--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.