£

MIRA INFORM PRIVATE LIMITED Ground Floor `A' Neelambuj, Shanker Lane, Kandivli (W), Mumbai 400 067, INDIA

Tel. Nos.: 0091-22-28081714, 28079467, E- Mail : mira@mirainform.com

Fax Nos.: 0091-22-28074108, 28079691 Website : http://www.mirainform.com

MIRA INFORM
DOMESTIC & OVERSEAS BUSINESS INFORMATION REPORTS

FRITO LAY INDIA 03-OCT-2005.DOC

PAGE NO. : 1

MIRA INFORM REPORT
RECORDS
Report Date : 3rd October, 2005

IDENTIFICATION DETAILS
Name : Registered Office : FRITO LAY INDIA 3-B, DLF Corporate Park, S Block Qutab Enclave, Phase-III, Gurgaon-122002, Haryana 1st September, 1994 35-61200 Manufacturer of Potato Chips and Extruded Products and Namkeens.

Date of Incorporation : Com. Reg. No.: Line of Business :

RATING & COMMENTS
MIRA’s Rating : RATING >86 71-85 56-70 41-55 26-40 11-25 <10 Aaa Aa A Ba B Ca C STATUS
Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums Overall operation is considered normal. Capable to meet normal commitments. Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal. Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity Absolute credit risk exists. Caution needed to be exercised

PROPOSED CREDIT LINE Unlimited Large Fairly Large Satisfactory Small Limited with full security Credit not recommended

Maximum Credit Limit : Status : Payment Behaviour : Litigation : Comments :

USD 2600000

£
MIRA INFORM PRIVATE LIMITED Ground Floor `A' Neelambuj, Shanker Lane, Kandivli (W), Mumbai 400 067, INDIA

Tel. Nos.: 0091-22-28081714, 28079467, E- Mail : mira@mirainform.com

Fax Nos.: 0091-22-28074108, 28079691 Website : http://www.mirainform.com

MIRA INFORM
DOMESTIC & OVERSEAS BUSINESS INFORMATION REPORTS

FRITO LAY INDIA 03-OCT-2005.DOC

PAGE NO. : 2

LOCATIONS
Registered Office : Tel. No.: Fax No.: Factory 1 : 3-B, DLF Corporate Park, S Block Qutab Enclave, Phase-III, Gurgaon-122002, Haryana 91-124-2803200 91-124-2803165 3-B, DLF Corporate Park, S Block Qutab Enclave, Phase-III, Gurgaon-122002, Haryana

DIRECTORS
Name : Designation : Name : Designation : Mr. Mannu Bhatia Managing Director Mr. Samiran Das Director

KEY EXECUTIVES
Name : Designation : Mr. Vinod Kaushal Company Secretary

BUSINESS DETAILS
Line of Business : Manufacturer of Potato Chips and Extruded Products and Namkeens.

PRODUCTION STATUS Its production status as on 31.03.2004 was as under : Products Potato Chips Fried Baked Extruded Products Namkeens Units Tonnes Tonnes Tonnes Installed Capacity 6,100 6,900 2,400 Actual Production 13,147 1,748 14,992

GENERAL INFORMATION
Bankers : Facilities : Not Available --

Banking Relations : Auditors :

-Bharat S Raut and Company Chartered Accountants · · · · · · · · PepsiCo foods International Private Limited- Asia Pacific Region Singapore Frito-Lay International USA Pepsi Cola (Thai) Trading Company Limited, Thailand Frito-Lay Inc (Global Marketing Division) USA PepsiCo China PepsiCo Inc, HongKong Sabritas Mexico Quaker Malaysia

Associates/Subsidiaries :

£
MIRA INFORM PRIVATE LIMITED Ground Floor `A' Neelambuj, Shanker Lane, Kandivli (W), Mumbai 400 067, INDIA

Tel. Nos.: 0091-22-28081714, 28079467, E- Mail : mira@mirainform.com

Fax Nos.: 0091-22-28074108, 28079691 Website : http://www.mirainform.com

MIRA INFORM
DOMESTIC & OVERSEAS BUSINESS INFORMATION REPORTS

FRITO LAY INDIA 03-OCT-2005.DOC
· · Pepsi Foods Private Limited Tropicana Beverages Company

PAGE NO. : 3

CAPITAL STRUCTURE
Authorised Capital : No. of Shares Type 35,000,000 Equity Shares Value Rs. 10/- each Amount Rs. 350.000 millions

Issued, Subscribed & Paid-up Capital : No. of Shares Type 27,500,000 Equity Shares

Value Rs. 10/- each

Amount Rs. 275.000 millions

£
MIRA INFORM PRIVATE LIMITED Ground Floor `A' Neelambuj, Shanker Lane, Kandivli (W), Mumbai 400 067, INDIA

Tel. Nos.: 0091-22-28081714, 28079467, E- Mail : mira@mirainform.com

Fax Nos.: 0091-22-28074108, 28079691 Website : http://www.mirainform.com

MIRA INFORM
DOMESTIC & OVERSEAS BUSINESS INFORMATION REPORTS

FRITO LAY INDIA 03-OCT-2005.DOC

PAGE NO. : 4

FINANCIAL DATA
[all figures are in Rupees Millions] ABRIDGED BALANCE SHEET SOURCES OF FUNDS SHAREHOLDERS FUNDS 1] Share Capital 2] Share Application Money 3] Reserves & Surplus 4] (Accumulated Losses) NETWORTH LOAN FUNDS 1] Secured Loans 2] Unsecured Loans TOTAL BORROWING DEFERRED TAX LIABILITIES TOTAL APPLICATION OF FUNDS FIXED ASSETS [Net Block] Capital work-in-progress INVESTMENT DEFERREX TAX ASSETS CURRENT ASSETS, LOANS & ADVANCES Inventories Sundry Debtors Cash & Bank Balances Loans & Advances Total Current Assets Less : CURRENT LIABILITIES & PROVISIONS Current Liabilities Provisions Total Current Liabilities Net Current Assets MISCELLANEOUS EXPENSES TOTAL 844.368 160.919 0.000 0.000 672.058 57.133 0.000 0.000 632.711 1.975 0.000 0.000 31.03.2004 31.03.2003 (15 months) 275.000 0.000 0.000 (25.002) 249.998 0.000 540.000 540.000 7.172 797.170 31.12.2001 (12 months) 275.000 0.000 0.000 (132.874) 142.126 0.000 669.000 669.000 0.000 811.126

275.000 0.000 0.000 314.271 589.271 0.000 90.000 90.000 59.081 738.352

396.766 9.483 67.069 221.934 695.252 859.060 103.127 962.187 (266.935) 0.000 738.352

228.201 4.077 112.529 316.851 661.658 576.292 17.387 593.679 67.979 0.000 797.170

118.056 4.896 107.203 248.424 478.579 291.504 10.635 302.139 176.440 0.000 811.126

£
MIRA INFORM PRIVATE LIMITED Ground Floor `A' Neelambuj, Shanker Lane, Kandivli (W), Mumbai 400 067, INDIA

Tel. Nos.: 0091-22-28081714, 28079467, E- Mail : mira@mirainform.com

Fax Nos.: 0091-22-28074108, 28079691 Website : http://www.mirainform.com

MIRA INFORM
DOMESTIC & OVERSEAS BUSINESS INFORMATION REPORTS

FRITO LAY INDIA 03-OCT-2005.DOC
PROFIT & LOSS ACCOUNT PARTICULARS Sales Turnover [including other income] Profit/(Loss) Before Tax Provision for Taxation Profit/(Loss) After Tax Export Value Import Value Total Expenditure 31.03.2004 4789.678 566.182 226.909 339.273 7.232 117.854 4223.496 KEY RATIOS PARTICULARS PAT / Total Income Net Profit Margin (PBT/Sales) Return on Total Assets (PBT/Total Assets} Return on Investment (ROI) (PBT/Networth) Debt Equity Ratio (Total Liability/Networth) Current Ratio (Current Asset/Current Liability) (%) (%) 31.03.2004 7.08 11.82 31.03.2003 (15 months) 2.17 3.91 31.03.2003 (15 months) 3172.478 124.354 55.216 69.138 4.311 84.109 3048.124

PAGE NO. : 5

31.12.2001 (12 months) 1593.394 5.323 1.880 3.443 0.529 82.408 1596.03

31.12.2001 (12 months) 0.22 0.33

(%)

36.37

9.32

0.47

0.96

0.50

3.74

1.78

4.53

6.83

0.72

1.11

1.58

LOCAL AGENCY FURTHER INFORMATION
History: Subject was incorporated on 1st September, 1994 at New Delhi in India having Company Registration Number 35-61200. Subject’s registered office was shifted to Haryana with effect from 20th October, 1997 with new company registration number 05-33753. Business: Subject is engaged in the business as Manufacturer of Potato Chips and Extruded Products and Namkeens. Generic Names of the Principal Products include : Item Code 2005 20 1904 10 2106 90 Products Potato Chips Fried Baked Extruded Products Namkeens

£
MIRA INFORM PRIVATE LIMITED Ground Floor `A' Neelambuj, Shanker Lane, Kandivli (W), Mumbai 400 067, INDIA

Tel. Nos.: 0091-22-28081714, 28079467, E- Mail : mira@mirainform.com

Fax Nos.: 0091-22-28074108, 28079691 Website : http://www.mirainform.com

MIRA INFORM
DOMESTIC & OVERSEAS BUSINESS INFORMATION REPORTS

FRITO LAY INDIA 03-OCT-2005.DOC
TURNOVER AND GENERAL

PAGE NO. : 6

During the year under review, the turnover of the Company was around Rs. 8320.000 millions. The domestic sales of the Company were around Rs. 7520.000 millions. Overall, the company is reporting a loss for the year of Rs. 1247.000 millions as compared to a loss of Rs. 1631.000 millions during the previous year. The company’s fixed assets of important value include Goodwill, Trademarks, Non-Compete Fees, Leasehold Land, Buildings, Plant and Machinery, Office Equipment, Furniture and Fixtures, Computers, Vehicles and Leasehold Improvements. Holding Company · · PepsiCo Inc (Ultimate Holding Company) PepsiCo India Holdings Private Limited (Holding Company)

£
MIRA INFORM PRIVATE LIMITED Ground Floor `A' Neelambuj, Shanker Lane, Kandivli (W), Mumbai 400 067, INDIA

Tel. Nos.: 0091-22-28081714, 28079467, E- Mail : mira@mirainform.com

Fax Nos.: 0091-22-28074108, 28079691 Website : http://www.mirainform.com

MIRA INFORM
DOMESTIC & OVERSEAS BUSINESS INFORMATION REPORTS

FRITO LAY INDIA 03-OCT-2005.DOC

PAGE NO. : 7

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. 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. Asset Declaration : No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction. Record on Financial Crime : Charges or conviction registered against subject: Records on Violation of Anti-Corruption Laws : Charges or investigation registered against subject: Records on Int’l Anti-Money Laundering Laws/Standards : Charges or investigation registered against subject:

2]

3]

4]

None

5]

None

6]

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. 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. 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. Press Report : No press reports / filings exists on the subject.

8]

9]

10]

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.

£
MIRA INFORM PRIVATE LIMITED Ground Floor `A' Neelambuj, Shanker Lane, Kandivli (W), Mumbai 400 067, INDIA

Tel. Nos.: 0091-22-28081714, 28079467, E- Mail : mira@mirainform.com

Fax Nos.: 0091-22-28074108, 28079691 Website : http://www.mirainform.com

MIRA INFORM
DOMESTIC & OVERSEAS BUSINESS INFORMATION REPORTS

FRITO LAY INDIA 03-OCT-2005.DOC

PAGE NO. : 8

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 US Dollar UK Pound Euro RATING >86 71-85 56-70 41-55 26-40 11-25 <10 Aaa Aa A Ba B Ca C Unit 1 1 1 Indian Rupees Rs. 43.99 Rs. 77.78 Rs. 53.09 STATUS
Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums Overall operation is considered normal. Capable to meet normal commitments. Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal. Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity Absolute credit risk exists. Caution needed to be exercised

PROPOSED CREDIT LINE Unlimited Large Fairly Large Satisfactory Small Limited with full security Credit not recommended

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

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