MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	509190
Report Date :	14.05.2018

IDENTIFICATION DETAILS

Name :	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED

Registered Office :	Mother Dairy, Patparganj, Delhi - 110092
Tel. No.:	91- 11-22471991

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	24.03.2000

Com. Reg. No.:	55-104671

Capital Investment / Paid-up Capital :	INR 2500.001 Million

CIN No.: [Company Identification No.]	U15209DL2000PTC104671

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

GST No.:	07AACCM3174A1ZX

TIN No.:	07500337272

PAN No.: [Permanent Account No.]	AACCM3174A

Legal Form :	Private Limited Liability Company

Line of Business :	The Company has structured its operations into the following segments: · Dairy: Liquid Milk and Other Milk Products Manufactured / Traded by the Company. · Horticulture: Fresh and Frozen Fruits and Vegetables, Fruit Pulp and Juices. · Edible Oil and others: Oil Processed/Traded by the Company and other products traded by the Company. [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 15085000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Mother Dairy Fruit and Vegetable Private Limited (MDFVL) a wholly-owned subsidiary of National Dairy Development Board (NDDB) and was incorporated in March 2000. It operates through its four SBUs – dairy, dairy products, horticulture and edible oils. The company sells liquid milk and milk products under the brand name of ‘Mother Dairy’, edible oil under the brand name of ‘Dhara’ and horticulture products under the brand name of ‘Safal’. For the financial year 2017, the company has increased its revenue from operations as compared to previous year and maintained average profit margin of 1.34%. The rating takes into consideration sound financial risk profile of the company marked by healthy networth base and low debt level along with fair liquidity position. Rating also derives strength from experienced and professional management team, support extended by National Dairy Development Board (NDDB), broad product portfolio, established brand presence through well-spread marketing and distribution networks and increasing geographical presence. However, rating strength is partially offset by sensitivity to government policies and environmental conditions, seasonal nature of operations and competition from other established players. Trade relations are reported as fair. Payments are reported to be regular and as per commitments. In view of established market position, the company can be considered good for normal 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

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	CARE
Rating	Long Term Rating = AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk
Date	02.01.2018

Rating Agency Name	CARE
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	02.01.2018

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 14.05.2018

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. Prakash Chand
Designation :	Not Divulged
Contact No.:	91-9560685666
Date :	12.05.2018

MANAGEMENT NON-COOPERATIVE

[Contact No: 91-11-22471991]

LOCATIONS

Registered Office :	Mother Dairy , Patparganj, Delhi – 110092, India
Tel. No.:	91-11-22471991
Mobile No.:	91-9560685666 [Mr. Prakash Chand]
Fax No.:	91-11-22475991
E-Mail :	contact@motherdairy.com west.mrf@motherdairy.com t.joseph@motherdairy.com
Website :	www.motherdairy.com

Corporate Office :	NDDB House, A-3, Sector-1, Noida 201301, Uttar Pradesh, India

Factory :	Ark Warehousing, Om Sai Nath, Gala No.1-10, Bhiwandi Commercial Complex, Bhiwandi, Thane-421302, Maharashtra, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Deepak Tikku

Designation :

Director

Address :

D-11 First Floor, Maharani Bagh, Delhi – 110065, India

Date of Birth/Age :

19.06.1948

Date of Appointment :

22.03.2017

PAN No.:

AAEPT2718A

DIN No.:

00064125

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15141DL2000PLC173051	DHARA VEGETABLE OIL AND FOODS COMPANY LIMITED	11/12/2000	-
U15419DL2002PLC115531	MOTHER DAIRY FOODS PROCESSING LIMITED	24/05/2002	-
U74899DL2003PLC119645	MOTHER DAIRY INDIA LIMITED	01/04/2003	-
U01211TG2004PLC044520	INDIAGEN LIMITED	01/11/2004	-
U74999RJ2016NPL055879	DAIRY HEALTH AND NUTRITION INITIATIVE INDIA FOUNDATION	28/09/2017	-

Name :

Mr. Venkataratnam Balaraman

Designation :

Director

Address :

Guru Guha, New No. 24, Old No Third Main Road, Kasturbai Nagar, Chennai -600020, Telangana, India

Date of Birth/Age :

18.08.1946

Date of Appointment :

31.01.2014

PAN No.:

AAAPB3329D

DIN No.:

00267829

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24117TN1952PLC005704	DELPHI-TVS DIESEL SYSTEMS LIMITED	25/03/2015	-
L31901TN1984PLC011021	INDIA NIPPON ELECTRICALS LIMITED	31/08/2009	-
U65910TN1988PTC015757	COMPUTER AGE MANAGEMENT SERVICES PRIVATE LIMITED	15/04/2000	-
U74110TN1990PLC020023	PARRY ENTERPRISES INDIA LIMITED	20/07/2012	-
U92490TN1997PLC037551	MAHINDRA WORLD CITY DEVELOPERS LIMITED	25/03/2002	-
U85100TN2008PTC068431	ANANDA NIDRA SLEEP MEDICINE CENTERS PRIVATE LIMITED	02/07/2008	-
L72900TN2011PLC080183	INTELLECT DESIGN ARENA LIMITED	17/09/2014	-

Name :

Mr. Saugata Mitra

Designation :

Whole-time Director

Address :

H. No. 6174, Sector - C Pocket-6, Vasant Kunj, Vasant Vihar , South West Delhi – 110070, India

Date of Birth/Age :

25.07.1964

Date of Appointment :

22.03.2017

DIN No.:

00541858

PAN No.:

AAJPM2221Q

Name :

Mr. Sangramsinh Raysangbhai Chaudhary

Designation :

Director

Address :

B-06, NDDB Campus, Near Jagnath Mahadev Mandir Anand - 388001, Gujarat, India

Date of Birth/Age :

06.09.1960

Date of Appointment :

30.12.2014

PAN No.:

ABEPC1030D

DIN No.:

01850128

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	22/01/2015	-
U29299GJ1992PLC018283	IDMC LIMITED	16/03/2012	-
U15200GJ1998NPL034249	VIDYA DAIRY	17/02/2012	-
U01403DL2009NPL195142	NDDB DAIRY SERVICES	20/05/2014	-

Name :

Mr. Sanjeev Khanna

Designation :

Managing Director

Address :

S-108 Block - S, Panchsheel Park, Delhi - 110017, India

Date of Appointment :

13.06.2017

DIN No.:

02607765

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01403DL2009NPL195142	NDDB DAIRY SERVICES	21/09/2017	-

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 :

26.03.2012

PAN No.:

AFOPR3828N

DIN No.:

05163623

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72200TG1999PLC032666	INDIAN IMMUNOLOGICALS LIMITED	14/09/2012	-
U29299GJ1992PLC018283	IDMC LIMITED	21/12/2011	-
U01403DL2009NPL195142	NDDB DAIRY SERVICES	28/09/2012	-

Name :

Mr. Sushil Kumar Mishra

Designation :

Director

Address :

D/03, Kinellan Tower, 100-A, Napean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

19.01.1955

Date of Appointment :

20.03.2015

PAN No.:

ADIPM8212B

DIN No.:

06411532

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L74999MH1983PLC029752	SUPREME INFRASTRUCTURE INDIA LIMITED	30/09/2015	-

KEY EXECUTIVES

Name :	Mr. Lalit Prabhakar
Designation :	Company Secretary
Address :	1033, Vikas Kunj Vikaspuri, New Delhi – 110018, India
Date of Appointment :	20.06.2011
PAN No.:	AAIPP6091Q

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
National Dairy Development Board	250000064
Dilip Rath (As a nominee of National Dairy Development Board)	2
Sangramsinh Raysangbhai Chaudhary (As a nominee of National Dairy Development Board)	1
Yuvraj Y. Patil (As a nominee of National Dairy Development Board)	1
Nagarajan (As a nominee of National Dairy Development Board)	1
Meghnad Mitra (As a nominee of National Dairy Development Board)	1

Total	250000070

AS ON 20.09.2017

Equity Share Break up	Percentage
Category
Promoters – [Financial Institution]	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :

The Company has structured its operations into the following segments:

· Dairy: Liquid Milk and Other Milk Products Manufactured / Traded by the Company.

· Horticulture: Fresh and Frozen Fruits and Vegetables, Fruit Pulp and Juices.

· Edible Oil and others: Oil Processed/Traded by the Company and other products traded by the Company.

[Registered Activity]

Products / Services :

ITC Code	Product/ Services Description
04012000	Milk and Milk Products
15079010	Edible Oil
07099090	Other Vegetables, Fresh or Chilled

Brand Names :

· “Dhara”

· “Safal”

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Purchasing :

Not Divulged

Selling :

Not Divulged

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 :

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

No. of Employees :

Not Divulged

Bankers :

· Punjab National Bank

Mangolpuri Branch Block, Mangolpuri Industrial Area, Delhi - 110083, India

Bank Name	State Bank of India
Branch	Mangolpuri Branch Block, Mangolpuri Industrial Area, Delhi - 110083, India
Person Name (With Designation)	--
Contact Number	--
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)	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term Loan From Bank	200.000	0.00
Term Loan From Holding Entity	0.000	240.200

Total	200.000	240.200

Auditors :
Name :	S.B. Billimoria and Company Chartered Accountants
Address :	7th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City, Phase - II , Gurugram-122002, Haryana, India
PAN No.:	AAAFS7376P

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	National Dairy Development Board

Fellow Subsidiary Companies :	IDMC Limited [CIN No. U29299GJ1992PLC018283] Indian Immunologicals Limited [CIN No. U72200TG1999PLC032666] NDDB Dairy Services [CIN No. U01403DL2009NPL195142] Pristine Biologicals (NZ) Limited

CAPITAL STRUCTURE

AS ON 20.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

897000000	Equity Shares	INR 10/- each	INR 8970.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

250000070	Equity Shares	INR 10/- each	INR 2500.001 Million

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	2500.001	2500.001	2500.001
(b) Reserves & Surplus	2768.399	1716.099	434.599
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
(3) Deferred government grants	11.100	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5279.500	4216.100	2934.600

(4) Non-Current Liabilities
(a) long-term borrowings	200.000	240.200	1608.900
(b) Deferred tax liabilities (Net)	86.300	67.000	17.700
(c) Other long term liabilities	1419.900	1216.300	1086.200
(d) long-term provisions	815.600	660.500	598.600
Total Non-current Liabilities (3)	2521.800	2184.000	3311.400

(5) Current Liabilities
(a) Short term borrowings	3242.300	3431.700	8206.800
(b) Trade payables	6195.300	6721.400	3069.200
(c) Other current liabilities	441.200	543.100	641.300
(d) Short-term provisions	28.100	327.500	206.900
Total Current Liabilities (4)	9906.900	11023.700	12124.200

TOTAL	17708.200	17423.800	18370.200

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6196.300	5506.900	5405.200
(ii) Intangible Assets	41.500	27.100	21.600
(iii) Capital work-in-progress	77.200	79.300	132.700
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	18.000	18.000	18.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	373.000	468.500	521.300
(e) Other Non-current assets	4.600	6.500	4.100
Total Non-Current Assets	6710.600	6106.300	6102.900

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8692.400	9079.700	9691.700
(c) Trade receivables	1077.700	1042.200	996.600
(d) Cash and cash equivalents	836.900	857.900	871.000
(e) Short-term loans and advances	295.100	198.300	246.200
(f) Other current assets	95.500	139.400	461.800
Total Current Assets	10997.600	11317.500	12267.300

TOTAL	17708.200	17423.800	18370.200

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Revenue from Operations	78903.000	71656.700	69150.800
	Other Income	277.700	201.400	149.500
	TOTAL	79180.700	71858.100	69300.300

Less	EXPENSES
	Cost of Materials Consumed	55655.400	48012.400	46945.900
	Purchases of Stock-in-Trade	10683.100	10833.700	11350.900
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(34.000)	(203.700)	(156.400)
	Employees benefits expense	2819.400	2610.400	2519.500
	Other expenses	7558.600	6908.900	6677.900
	CSR Expenditure	20.600	7.400	0.000
	TOTAL	76703.100	68169.100	67337.800

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2477.600	3689.000	1962.500

Less	FINANCIAL EXPENSES	152.000	553.900	634.600

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2325.600	3135.100	1327.900

Less/ Add	DEPRECIATION/ AMORTISATION	820.700	805.000	677.400

	PROFIT/ (LOSS) BEFORE TAX	1504.900	2330.100	650.500

Less	TAX	449.800	739.300	260.100

	PROFIT/ (LOSS) AFTER TAX	1055.100	1590.800	390.400

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	554.000	562.900	512.800
	TOTAL EARNINGS	554.000	562.900	512.800

	IMPORTS
	Raw Materials	43.200	4.540	44.300
	Components and Stores parts	7.100	8.700	5.100
	Capital Goods	79.800	3.300	15.900
	TOTAL IMPORTS	130.100	16.540	65.300

	Earnings / (Loss) Per Share (INR)	4.22	6.36	1.56

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	96.200	223.000

Net cash flow from (used in) operations	2370.900	8511.700	(2054.500)

Net cash flow from operating activities	2067.900	7839.800	(2166.600)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days [Sundry Debtors / Income * 365]	4.99	5.31	5.26

Account Receivables Turnover [Income / Sunday Debtors]	73.21	68.76	69.39

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	34.09	41.69	19.22

Inventory Turnover (Operating Income / Inventories)	0.29	0.41	0.20

Asset Turnover (Operating Income / Net Fixed Assets)	0.39	0.66	0.35

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.57	0.65	0.76

Debt Equity Ratio (Total Liability / Networth)	0.65	0.89	3.42

Current Liabilities to Networth (Current Liabilities / Net Worth)	1.88	2.61	4.13

Fixed Assets to Networth (Net Fixed Assets / Networth)	1.20	1.33	1.89

Interest Coverage Ratio (PBIT / Financial Charges)	16.30	6.66	3.09

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
PAT to Sales ((PAT / Sales) * 100)	%	1.34	2.22	0.56

Return on Total Assets ((PAT / Total Assets) * 100)	%	5.96	9.13	2.13

Return on Investment (ROI) ((PAT / Networth) * 100)	%	19.98	37.73	13.30

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.11	1.03	1.01

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.23	0.20	0.21

G-Score Ratio Financial (Networth / Total Assets)	0.30	0.24	0.16

G-Score Ratio Debt (Debts / Equity Capital)	1.38	1.51	4.02

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.11	1.03	1.01

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

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particulars	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	2500.001	2500.001	2500.001
Reserves & Surplus	434.599	1716.099	2768.399
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2934.600	4216.100	5268.400

Long Term borrowings	1608.900	240.200	200.000
Short Term borrowings	8206.800	3431.700	3242.300
Current Maturities of Long term debt	223.000	96.200	0.000
Total borrowings	10038.700	3768.100	3442.300
Debt/Equity ratio	3.421	0.894	0.653

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	69150.800	71656.700	78903.000
		3.624	10.113

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	69150.800	71656.700	78903.000
Profit	390.400	1590.800	1055.100
	0.56%	2.22%	1.34%

LEGAL CASE

HIGH COURT OF DELHI

Filing Advocate :	JASPREET SINGH KAPUR

Subject 1 :	Trade Mark

20-dec-2017

Listed In Court 7 (HON'BLE MR. JUSTICE SIDDHARTH MRIDUL, HON'BLE MS. JUSTICE DEEPA SHARMA) As Item No 6

17-nov-2017

Listed In Court 7 (HON'BLE MR. JUSTICE SIDDHARTH MRIDUL, HON'BLE MS. JUSTICE DEEPA SHARMA) As Item No 18

12-oct-2017

Listed In Court 6 (HON'BLE MR. JUSTICE SANJIV KHANNA, HON'BLE MR. JUSTICE NAVIN CHAWLA) As Item No 21

12-sep-2017

Listed In Court 6 (HON'BLE MR. JUSTICE SANJIV KHANNA, HON'BLE MR. JUSTICE NAVIN CHAWLA) As Item No 4

17-may-2017

Listed In Court 6 (HON'BLE MR. JUSTICE SANJIV KHANNA, HON'BLE MS. JUSTICE PRATHIBA M. SINGH) As Item No 5

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	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

PERFORMANCE OF THE COMPANY

RESULTS

In 2016-17, Company achieved a turnover of INR 79180.000 million registering an overall growth of 10%; profit before tax however decreased from INR 2330.000 million in 2015-16 to INR 1500.000 million in 2016-17 largely due to hardening in milk prices in flush season.

During the year, all our businesses delivered growth led by DHARA edible oils which grew at 24% followed by Mother Dairy Value Added Dairy Products (VADP) at 18%. They are happy to share that in their Milk business we have reversed the trend of the past and delivered a growth of 7% during 16-17. Horticulture business delivered 8% growth during the year.

REVIEW OF BUSINESS OPERATIONS OF THE COMPANY AND FUTURE OUTLOOK

The philosophy and operating values of the company is to ensure fair price to the primary producers and simultaneously develop and strengthen the institutional framework of the farmers. The company also strives to strike a fine balance of ensuring the consumers getting high quality of products and services at an affordable price.

In order to create capability for investment and to support the growth agenda, the company propose to add INR 1050.000 million to the Reserve and Surplus, taking overall Equity and Reserves to INR 5270.000 million (excluding dividend and dividend tax payment), INR 5030.000 million after paying off the proposed dividend and dividend tax.

The Reserves would make the company financially strong and can effectively address competitive issues in the market and create head room for growing the business in the future.

UNSECURED LOANS:

Unsecured Loan	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT-TERM BORROWINGS
Rupee term loans from banks	2646.300	33.800
Loans repayable on demand	596.00	3397.900
Total	3242.300	3431.700

INDEX OF CHARGES:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	AMOUNT	ADDRESS
1	G30415772	100066962	HDFC BANK LIMITED	24/11/2016	-	500000000.0	B-6/3 SAFDARJUNG ENCLAVE, DDA COMMERCIAL COMPLEX OPP. DEAR PARK, NEW DELHI – 110029, INDIA
2	C81522625	10625474	ICICI BANK LIMITED	23/02/2016	-	1000000000.0	LANDMARK RACE COURCE CIRCLE, ALKAPURI, VADODARA – 390015, GUJARAT, INDIA
3	C66275199	10595130	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	30/09/2015	-	2000000000.0	BIRLA TOWERS 25, BARAKHAMBA ROAD, NEW DELHI – 110001, INDIA
4	G08407447	10587022	PUNJAB NATIONAL BANK	06/08/2015	06/07/2016	44000000.0	SECTOR-1, NOIDA – 201301, UTTAR PRADESH, INDIA
5	C50670645	10562839	PUNJAB NATIONAL BANK	06/03/2015	-	1356900.0	MANGOLPURI INDUSTRIAL AREA, PHASE, DELHI – 110083, INDIA
6	G36821247	10557077	STATE BANK OF INDIA	30/01/2015	30/01/2017	60000000.0	MANGOLPURI BRANCH BLOCK, MANGOLPURI INDUSTRIAL AREA, DELHI – 110083, INDIA
7	G70540489	10532570	PUNJAB NATIONAL BANK	17/11/2014	16/11/2017	59200000.0	MANGOLPURI BRANCH BLOCK, MANGOLPURI INDUSTRIAL AREA, DELHI – 110083, INDIA
8	G54467758	10509645	STATE BANK OF INDIA	16/06/2014	05/09/2017	297700000.0	MOTHER DAIRY, PATPARGANJ, DELHI – 110092, INDIA
9	C62941307	10428444	HDFC BANK LIMITED	02/05/2013	12/08/2015	400000000.0	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI – 400013, INDIA
10	C69425957	10378221	STATE BANK OF INDIA	04/09/2012	26/10/2015	8250000000.0	14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI -110001, INDIA

CONTINGENT LIABILITIES:

PARTICULARS

31.03.2017

(INR in million)

31.03.2016

(INR in million)

Claims against company not acknowledged as debt

38.46

47.66

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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 67.22
UK Pound	1	INR 90.88
Euro	1	INR 80.09

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	PRS

Report Prepared by :	IND

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.

Case No :	FAO(OS)-272/2016	Date of Filing :	20-sep-2016

		Date of Registration :	20-sep-2016

Status :	PENDING