MIRA INFORM REPORT

Report Date :

02.10.2012

IDENTIFICATION DETAILS

Name :	ORIENT PAPER AND INDUSTRIES LIMITED

Registered Office :	Unit VIII, Plot No. 7, Bhoinagar, Bhubaneswar – 751 012, Orissa

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	25.07.1936

Com. Reg. No.:	15-000117

Capital Investment / Paid-up Capital :	Rs.204.879 millions

CIN No.: [Company Identification No.]	L21011OR1936PLC000117

TAN No.: [Tax Deduction & Collection Account No.]	HYDO00346D

Legal Form :	A Public Limited Liability Company. The company shares are listed on the Stock Exchange

Line of Business :	Manufacturer of Paper and Paperboards.

No. of Employees :	3807 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 44000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Payments are reported to be regular and as per commitments. 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Short Term Rating: A1+
Rating Explanation	Having very strong degree of safety regarding timely payment of financial obligation. It carry lowest credit risk.
Date	October 2011

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 31-03-2012.

INFORMATION DENIED BY

Name :	Mt. Mohata
Designation :	Vice President in Finance
Contact No.:	91-7652-286275
Date :	27.09.2012

LOCATIONS

Registered Office :	Unit VIII, Plot No. 7, Bhoinagar, Bhubaneswar – 751 012, Orissa.
Tel. No.:	91-674-2396930, 2392947
Fax No.:	91-674-2396364
E-mail :	paper@opilbbsr.com aklabhcs@gmail.com
Website:	http://www.orientpaperindia.com

Plant :	ORIENT CEMENT P.O.:- Devapur Cement Works, Dist.:- Adilabad, - 504 218, Andhra Pradesh, India Tel No. 91-8736- 240709 Fax:- 91-8736-240522 E-mail: orcem123@sancharnet.in Vill:- Nashirabad, National Highway No. 6, Dist.:- Jalgaon - 425309, Maharashtra, India Tel No.:- 91-257-2356651 Fax:- 91-257-2356290 E-mail: orinas_jal@sancharnet.in ORIENT FANS 6, Ghore Bibi Lane, Kolkata - - 700 054, West Bengal, India Tel No.:- 91-33-2320-3614/15/16/19 Fax :- 91-33-23205246 E-mail: custcare@orientfans.com 11, Industrial Estate, Sector – 6, Faridabad - 121 006, Uttar Pradesh, India Tel No. 91-129- 2241871/1872/1873 Fax:- 91-129-2242511 E-mail: custcare@orientfans.com 17, Taratalla Road, Kolkata-700088, West Bengal, India ORIENT PAPER MILLS: P.O. Amlai Paper Mills District Shahdol – 484117, Maharashtra, India Tel No.:- (07652) 286275 / 286277 Fax:- (07652) 286274 E-mail: unit_amlai@orientpaperindia.com Brajrajnagar, Jharsuguda - 768 216, Orissa, India

Corporate Office / Principal Office:	Birla Building, 13^th Floor, 9/1, R. N. Mukherje Road, Kolkata – 700 001.
Tel. No.:	91-33-2248 0135/22131680/ 30573700/ 30410900
Fax No.:	91-33-22430490
E-mail :	info@orientpaperindia.com

DIRECTORS

As on 31.03.2012

Name :	Mr. C.K. Birla
Designation :	Chairman

Name :	Mr. B.K. Jhawar
Designation :	Director

Name :	Mr. A. Ghosh
Designation :	Director

Name :	Mr. Michael Bastian
Designation :	Nominee – IDBI

Name :	Mr. M. L. Pachisia
Designation :	Managing Director

KEY EXECUTIVES

Name :	Mr. S L Saraf
Designation :	Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Shareholding of Promoter and Promoter Group²
Indian
Individuals/ Hindu Undivided Family	7371250	3.60
Bodies Corporate	69458672	33.90
Sub-Total (A)	76829922	37.50
Foreign
Total Shareholding of Promoter and Promoter	76829922	37.50
Public shareholding
Institutions
Mutual Funds/ UTI	42393450	20.69
Financial Institutions/ Banks	211210	0.10
Central Government/ State Government(s)	4000	0.00
Insurance Companies	27362104	13.36
Foreign Institution Investors	4091815	2.00
Sub-Total (B)	74062579	36.15
Non-Institutions
Bodies Corporate	27044929	13.20
Individuals - i. Individual shareholders holding nominal share capital up to Rs. 0.100 millions	19571424	9.55
ii. Individual shareholders holding nominal share capital in excess in excess of Rs. 0.100 millions	2844961	1.39
Any Others (Specify)
Trust and Foundations	40	40
Non Resident Indians	832665	0.41
Overseas Corporate Bodies	3682240	1.80
Sub-Total (B)	53976259	26.35
Total public shareholding (B)	128038838	62.50
TOTAL (A)+(B)	204868760	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Paper and Paperboards.

Products :

Item Code No.	Product
25231000	Ordinary Portland Cement
48024000	Paper
84145102	Electric Fans

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Actual Production
Electricity(KWH)	MT	78.10
Furnace Oil(K Liters)	MT	--
Coal(C D E & F MT)	MT	0.14
Others*((KWH)	MT	--

* Excludes generation, consumption & expenses on Power generation of 27.96 lac KWH from Power Plant during trail run period

**Internal generation by back pressure turbine of Paper Machine Drive

***Exclude Coal & furnace oil consumption in Lime reburning Plant

GENERAL INFORMATION

No. of Employees :

3807 (Approximately)

Bankers :

Not Available

Facilities :

SECURED LOAN

31.03.2012

(Rs. In Millions )

31.03.2011

(Rs. In Millions )

Debentures (Privately Placed)

1000 Non-Convertilble Debentures of Rs. 1000000/- each

1000.000

From Scheduled Banks

Term Loans from Bank

0.000

1227.834

Debentures (Privately Placed) (31 March 2011: 95) Non–Convertible Debentures of Rs.0.010 millions each

0.000

950.000

Cash credit from banks

1156.013

514.722

Total

2156.013

3692.556

1. 12.45% Non-Convertible Debentures of Rs.0.100 millions each are redeemable at par on November 14, 2013 and these Debentures are secured by first mortgage/charge ranking pari-passu with each other on the moveable and immovable properties pertaining to the Paper Plants at Amlai and Brajrajnagar and Cement plants at Devapur and Jalgaon and a first charge on the Company's freehold land at Mehsana, Gujarat.

2. (a) Term Loans of Rs. 114.434 millions (31st March 2011 Rs.228.869 millions) carry interest @ 8.25% to 8.35%. The loans are repayable in 6 half yearly installments starting from 31st July, 2009 and ending on 31^st July, 2012. The loans are secured by first charge ranking pari-passu with each other on the immovable properties ( both present and future ) pertaining to the Paper plants at Amlai and Brajrajnagar and Cement plant at Devapur and by way of hypothecation of moveable fixed assets (both present and future) ranking pari passu with each other, pertaining to the Paper plants at Amlai and Brajrajnagar and Cement plant at Devapur.

(b) Term Loan of Rs.947.000 millions (31st March 2011 Rs.947.000 millions) carries interest @ 8.50% which is repayable in two equal installments payable on 27th May, 2012 and 27th August, 2012 and term Loan of Rs.166.400 millions (31st March 2011 Rs.333.200 millions) carries interest @ 8.90% which is repayable in 12 quarterly installments of Rs.41.700 millions each, starting from 30^th June, 2010. These loans are secured by first charge ranking pari-passu with each other on the fixed assets (both present and future) pertaining to the Paper plants at Amlai and Brajrajnagar and Cement plants at Devapur and Jalgaon

3. Deferred sales tax loan is interest free and is payable in 26 installments between February, 2012 to January, 2023.

UNSECURED LOAN	31.03.2012 (Rs. In Millions )	31.03.2011 (Rs. In Millions )
Other loans and advances (unsecured)
Deferred sales tax loan	489.052	500.720
Commercial Papers From a Scheduled Bank	650.000	250.000
From Others	500.000	150.000
Buyers Credit	61.848	0.000
Total	1700.900	900.720


Banking Relations :	--

Auditors :
Name :	S. R. Batliboi and Company Chartered Accountant
Address :	22, Camac Street, Block C, 3^rd Floor, Kolkata-700016, India

Subsidiaries :	Orient Cement Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

750000000	Equity Shares	Rs. 1/- each	Rs. 750.000 millions
2500000	Preference Shares	Rs. 100/- each	Rs. 250.000 millions
	Total		Rs. 1000.000 millions

Issued

No. of Shares	Type	Value	Amount

204888000	Equity Shares	Rs. 1/- each	Rs.204.888 millions

Subscribed & Paid-up Capital :


204869000	Equity Shares	Rs. 1/- each	Rs.204.869 millions
	Add : Forfeited Shares	Rs. 100/- each	Rs.0.010 millions
			Rs.204.879 millions

Note:

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Equity shares

Particular	No.	31^st March, 2012
At the beginning of the period	1928.85	192.877
Issued during the period - on conversion of share warrants	120.00	12.000
Shares forfeited during the year 0.16 0.08	0.16	0.008
Outstanding at the end of the period 2	2048.69	204.869

Particular	No.	31^st March, 2012
Preference shares
At the beginning of the period	1.00	10.000
Redeemed during the period	1.00	10.000
Outstanding at the end of the period	--	--

(b) Terms/ rights attached to equity shares

The Company has only one class of equity shares having a par value of `1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31 March 2012, the amount of per share dividend recognized as distributions to equity shareholders was ` 2.00 including interim dividend of `1.00 per share (31 March 2011: `1.50).

(c) Terms of Redeemable Non-Cumulative Preference Shares Redeemable non-cumulative preference shares issued in earlier years have been redeemed during the year which carried dividend @6% p.a. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors upto the date of redemption is subject to the approval of the shareholders in the ensuing Annual General

Meeting.

Particular	No.	31^st March, 2012
Name of the shareholder		% holding in the class
Equity shares of `1 each fully paid
Central India Industries Limited	491.44	23.99%
Reliance Capital Trustee Company Limited A/c Reliance Growth Fund	143.42	7.00%
Shekhavati Investments and Traders Limited	123.21	6.01%
Shares of `100 each fully paid	--	--
GMMCO Limited	--	--

As per records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		204.879	202.877	202.867
2] Money received against warrant		0.000	171.750	0.000
3] Reserves & Surplus		10980.836	8651.597	7564.020
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11185.715	9026.224	7766.887
LOAN FUNDS
1] Secured Loans		2156.013	3692.556	4171.022
2] Unsecured Loans		1700.900	900.720	964.151
TOTAL BORROWING		3856.913	4593.276	5135.173
DEFERRED TAX LIABILITIES		1462.349	1353.551	1102.781
DEFERRED PAYMENT LIABILITIES		0.000	0.000	27.304

TOTAL		16504.977	14973.051	14032.145

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		12319.040	11955.470	11159.127
Capital work-in-progress		1442.733	166.591	534.616
Expenditure on Expansion/New projects (pending allocation)		292.058	106.171	33.148

INVESTMENT		874.579	663.154	471.190
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1964.266	1642.345	1503.093
	Sundry Debtors	3469.505	2396.529	1844.000
	Cash & Bank Balances	514.919	588.391	466.974
	Other Current Assets	66.135	37.470	96.463
	Loans & Advances	1359.102	1790.385	1076.804
Total Current Assets		7373.927	6455.120	4987.334
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2217.107	1894.513	1873.013
	Other Current Liabilities	2952.119	1796.383	473.310
	Provisions	628.134	682.559	806.947
Total Current Liabilities		5797.360	4373.455	3153.270
Net Current Assets		1576.567	2081.665	1834.064

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		16504.977	14973.051	14032.145

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	24906.374	19799.657	16197.546
		Other Income	222.949	166.712	162.886
		TOTAL (A)	25129.323	19966.369	16360.432

Less	EXPENSES
		Cost of raw material and components consumed	7394.668	6092.389
		Purchase of traded goods	1250.041	906.861
		(Increase) / decrease in inventories of finished goods work-in-progress and traded goods	(139.872)	39.743
		Employee benefits expense	1467.630	1191.409
		Other expenses	10666.081	8386.364
		TOTAL (B)	20638.548	16616.766	13123.915

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4490.775	3349.603	3236.517

Less	FINANCIAL EXPENSES (D)		423.322	439.671	345.327

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4067.453	2909.932	2891.190

Less/ Add	DEPRECIATION/ AMORTISATION (F)		884.004	814.820	550.136

	PROFIT BEFORE TAX (E-F) (G)		3183.449	2095.112	2341.054

Less	TAX (I)		1060.691	664.067	7479.660

	PROFIT AFTER TAX (G-I) (J)		2122.758	1431.045	1593.088
Add	Debenture Redemption Reserve Written back				250.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1050.400	1694.600	2144.085

Less	APPROPRIATIONS
		Transfer to General Reserve	1000.000	1500.800	1766.957
		Dividend on Preference Shares	0.200	0.600	0.600
		Proposed Final Dividend on Equity Shares	0.000	0.000	289.327
		Dividend on Ordinary shares	397.700	289.300	0.000
		Debenture Redemption Reserve	10.000	0.000	187.500
		Tax on Dividend	64.600	47.000	48.154
	BALANCE CARRIED TO THE B/S		170.658	1050.400	1694.600

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	898.152	839.325	536.420
	TOTAL EARNINGS		898.152	839.325	536.420

	IMPORTS
		Raw Materials	303.131	135.608	113.272
		Stores & Spares	43.537	81.066	31.762
		Capital Goods	78.239	133.035	150.247
		Trading Goods	50.120	84.623	57.722
	TOTAL IMPORTS		475.027	434.332	353.003

	Earnings Per Share (Rs.)		10.94	7.42	8.26

QUARTERLY RESULTS

PARTICULARS	30.06.2012
	1^st Quarter
Net Sales	6684.450
Total Expenditure	5692.090
PBIDT (Excl OI)	992.360
Other Income	37.100
Operating Profit	1029.460
Interest	95.340
Exceptional Items	0.000
PBDT	934.120
Depreciation	217.080
Profit Before Tax	717.040
Tax	228.240
Provisions and contingencies	0.000
Profit After Tax	488.800
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	488.800

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.63	7.16	9.74

Net Profit Margin (PBT/Sales)	(%)	12.78	10.58	14.45

Return on Total Assets (PBT/Total Assets}	(%)	16.16	11.37	14.50

Return on Investment (ROI) (PBT/Networth)		0.28	0.23	0.30

Debt Equity Ratio (Total Liability/Networth)		0.86	0.99	1.21

Current Ratio (Current Asset/Current Liability)		1.27	1.47	1.58

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

DEMERGER OF CEMENT DIVISION

The Board, shareholders and creditors of Orient Paper and Industries Limited (OPIL) have approved a scheme for demerger of the Cement Undertaking of OPIL to Orient Cement Limited. OPIL and Orient Cement Limited have filed applications in Court seeking sanction for such demerger, which is now pending final hearing.

ECONOMIC CLIMATE AND PERFORMANCE

There has been a perceptible slow down in the Indian economy with GDP growth coming down to below 7% for the year as against over 8% growth achieved during past several years. While slow-down in International economy caused by Euro zone crisis must have also contributed to this, they believe that internal factors like slow pace of infrastructure development, high inflation, unprecedented increases in prices of vital input like coal and power, credit squeeze applied by RBI and general lack of policy direction were the major factors in bringing down the rate of growth.

However, India still continues to be one of the fastest growing economies of the world and they hope that the Government will take effective and pro-active steps to restore the growth momentum to above 8% soon.

It is a matter of satisfaction that even in the face of these challenges, they were able to achieve a growth of 27 % in their net sales turnover and 48 % in their net profit after tax.

Domestic cement demand grew by 6.6% during the year due to the good growth recorded during 2^nd half of the year. However, there was no growth in the Southern region, mainly because of negative growth of -8% in Andhra Pradesh. They were however able to increase their cement sales volumes by 8% and gain market share in their core markets. They could also achieve a capacity utilisation of 77% compared to the industry average of 68% in South and West, where their plants are located. In spite of huge pressure on their costs because of factors totally beyond their control, they were also able to increase their PBIT from cement business by 62% through a combination of higher volumes, better product and market mix and cost reduction efforts.

Because of slow-down in construction activities, overall demand for Fans also came down by 2.8% compared to previous year. However, they were still able to achieve a 5.6% growth in their Fan volumes through introduction of new and exciting models and increasing their distribution reach. In lighting products, they increased their sales volumes by 38 % and introduced several new SKUs. Towards the end of this financial year, they also launched a wide range of household electrical appliances. Overall their electrical division achieved a growth of 18 % in net sales turnover for the year. Also, they were able to achieve similar profitability level in this division as the preceding year in spite of substantial cost and competitive pressures.

In their paper division also, they were able to increase their Paper volumes by 22 % in spite of 43 days shut down in the 1st quarter due to water scarcity and loss of 5 days output in December due to a minor fire incident in the power plant. Paper volume could have still been higher but for frequent break-down of their aging power plant. The Chemical plant performed satisfactorily.

However, there were unprecedented increases in prices of pulp wood, coal and power which resulted in substantially increased losses from this business. Going forward, they expect this division’s performance to improve once the new 55 MW power plant, now nearing completion, gets commissioned as it will not only bring down the cost of energy but will also contribute towards stabilizing operations. They also do not expect any water scarcity related shut down in 2012-13 as there is adequate water available in their water reservoirs. The proportion of value added Tissue papers is also expected to increase as the additional rewinder for the 2^ndTissue machine is now fully operational.

MANAGEMENT DISCUSSION AND ANALYSIS FOR BUSINESS SEGMENTS

1. OVERALL ECONOMY

There has been a perceptible slow down in the Indian economy with GDP growth coming down to below 7% for the year. Infrastructure development has not kept pace with expectations.

Rampant inflation and escalating cost of vital industrial inputs such as Coal, power and freight etc have also caused severe strain on the economy.

Credit squeeze and tight monetary policies adopted by RBI do not appear to have neither controlled inflation nor helped growth.

Slow-down in International economy caused by Euro zone crisis also contributed to poor market sentiments.

Coupled with lack of clear policy direction and minimal progress on the reforms process, these factors have changed the investment climate from being optimistic to cautionary.

However, India still continues to be one of the fastest growing economies of the world and hope that the Government will take effective and pro-active steps soon to restore the growth momentum to above 8%.

On their part, they continue to strongly believe in the India growth story and feel that in spite of these temporary problems, Indian economy will soon return to a healthier growth path. Accordingly, they continue to pursue aggressive growth targets for all their businesses.

2. Segment-wise business analysis

2.1 Business segment – cement 2.1.1. Industry structure and development

Thanks to a pick-up in demand in 2nd half of the year, domestic cement demand, which had a dismal growth of only 3% in 1st half, could register a growth of 6.6% for the year.

However, cement demand in Southern region recorded no growth at all mainly because of a negative growth of -8% in Andhra Pradesh. It will be recalled that Andhra Pradesh had registered a negative growth of -

15% in the preceding year as well.

Capacity additions also slowed down with only 11 million tons of new capacities being commissioned during the year. With these additions, the total capacity of the Indian cement industry stood at over 300 million tons as at the end of March 2012.

Still, capacity utilisation on an all- India basis continued to be around 77% because of slower than expected growth in demand. The southern region was affected even more with capacity utilisation of plants in the region coming down to as low as 63%.

Simultaneously, the industry had to again contend with steep statutory increases in cost of most major inputs such as coal, power, fly ash etc. Logistics costs also increased significantly.

However, particularly due to improved demand for cement during 2^nd half of the year, cement prices improved and remained generally firm.

Segmental review and analysis

They sold 3.782 millions tons of cement during the year against 3.497 millions tons last year. However, they reduced their clinker sales to only 0.052 million tons against 0.143 million tons last year.

Thus they achieved 8% growth in volumes against 5 % growth by the industry in Southern+ Western region. Their capacity utilization was also higher at 77% against the industry average of 68% in South & West. Consequently, they were able to increase market share in both their primary markets of Andhra Pradesh and Maharashtra.

They were also able to maintain a better proportion of blended cement in their product mix at 73% compared to industry average of 47% in Andhra Pradesh, 69% in Maharashtra and 68% nationally.

As with the entire cement industry, they also faced significant cost pressures because of steep increases in prices of coal, fly ash and packaging material etc. Logistics costs also increased, particularly after the rail freight hike in the last quarter of the financial year.

However, their continuous efforts towards reducing costs and improving efficiencies enabled us to achieve best-in-class benchmarks in terms of manufacturing as well as distribution costs. For example they further improved on their power and fuel consumptions and also started using alternative fuels and in-house production of gypsum from waste materials. These initiatives helped us to partly offset the cost increases due to external factors mentioned

above.

Their new 50 MW power plant also stabilized and enabled us to meet most of their power requirement for Devapur plant and insulated us against the large scale power cuts imposed in Andhra Pradesh from time to time.

As a result, they have been able to further strengthen their position as one of the lowest cost producers of cement in India.

Their sales realisation was also better this year partly because of favourable market situation and also because of better product and market mix achieved by us.

These factors contributed towards increase of 33% in net sales turnover of their cement division to from Rs.10332.400 millions last year to Rs.13750.900 millions for the year Their PBIDT also increased by 51% to Rs. 4356.400 millions from Rs.2879.000 millions Last year. Similarly PBIT also improved to Rs.3775.800 millions this year from Rs. 2336.200 millions last year.

Outlook

As approved by the Board and shareholders of the Company, cement business is proposed to be demerged into an independent company, Orient Cement limited, with effect from 1st April 2012 through a classical demerger scheme under which all shareholders of Orient paper and Industries Limited as on the record date will receive shares of Orient Cement Limited in the ratio of 1:1. This is expected to unlock significant value for their shareholders.

While post this demerger, cement business will be reported independently, they wish to share with their existing stakeholders the outlook and plans for their cement business hereunder.

They remain hopeful that cement demand in India should increase by between 8%-10% per year during the next few years. Coupled with their continuous efforts to increase market share in their core markets, this should result in steady improvement in capacity utilization of their existing plants. Several initiatives towards further efficiency

improvements are also in the process.

They have also been able to synchronise their captive power plant with the grid and have obtained approval for sale of surplus power generated by us. Sale of surplus power is expected to commence from May 2012. This will enable us to run their power plant at full capacity thereafter.

Land acquisition for their proposed green field 3 million tons per year cement plant in Gulbarga district of Karnataka has reached an advanced stage. They have also obtained an inprinciple environmental approval. They propose to place orders for equipment and construction during the 1st half of FY 12-13.

While sales realisation will depend upon market forces, they are confident that Orient’s cement business will be able to maintain its cost leadership. Coupled with expected increase in capacity utilisation of the existing facilities

and the expansion plans already in hand, they believe that Orient cement will have a bright future and continue to delight all its stake holders.

Business segment – Paper

Industry structure and development

Aggregate Paper demand in India is estimated to be growing at around 6%. However, growth in demand for packaging boards, coated paper and tissue paper has been much higher, while in writing and printing segment it has been lower. They estimate growth in Tissue paper segment to be as high as around 20%.

During the year, there was no significant capacity addition in the Writing and Printing segment from integrated pulp and paper mills. However, significant capacities had been added in this segment in the last two years, which came into full production this year. This has resulted into over-capacity writing and printing paper for the present.

Globally, pulp and paper prices also softened due to poor demand from Europe and USA. Therefore export realisations were also not attractive. Withdrawal of DEPB scheme and its replacement with lower rates of duty

draw back scheme also proved to be a deterrent in encouraging exports. Combined result of the above factors resulted into lower price realization from the writing and printing paper segment and affected market

Sentiments.

At the same time, pulp wood prices increased substantially because of limited availability to meet increased demand from new capacities. This was in spite of major efforts made by the organised paper industry over the years to increase plantations through social and farm forestry schemes. Social and farm forestry, in the context of small land holdings in India, obviously imposes limitations on mass scale plantations required to meet needs of the paper industry. That is why the industry has been making repeated representations to the authorities for Public- Private Partnership in large scale plantations on huge tracts of degraded forest lands and/or revenue waste lands, which can be put to productive use and create significant employment opportunities in rural areas.

Apart from pulpwood availability and costs, recent unprecedented increases in price of coal in the garb of rationalization and re-grading have added to the woes of paper industry. As a result of lower realisation and increasing costs, margins for the entire paper industry in India remained under severe pressure throughout the year. A redeeming feature has been the robust growth in Tissue paper demand and reasonable price realisation in that segment.

Segmental review and analysis

In spite of 43 days of plant shut down in the 1st quarter due to water scarcity and another 5 days lost due to a minor fire in the power plant, they could increase their paper production by 22% to 64193 tons during the year as against 52534 tons in the preceding year. Production volume could have been still higher but for frequent break-downs of their aging power plant.

They were also able to increase the proportion of the more remunerative tissue papers in their Product Mix from 20.4 % last year to 25.6 % during the year . Quality of their tissue papers has found wide acceptance in the global market and they have been successful in developing regular exports to UK, USA, France, Hong Kong, Singapore, China, Philippines, East Africa, Nigeria and the Middle east countries.

Their net sales turnover from Paper division increased by 20% from Rs.2773.600 millions last year to Rs. 3337.500 millions during the year .Although they could also achieve some improvements in efficiencies, steep escalation in costs of pulpwood, coal, power and chemicals could not be compensated. Additionally, Madhya

Pradesh Government imposed electricity duty and cess of a whopping 87 paisa per unit of power generated by captive power plants. This additional burden had to be borne only by us in the Indian paper industry.

As a result even after increase in volumes and turnover, their PBIDT loss from the division increased to Rs. 415.300 millions from Rs. 84.200 millions last year. Loss before interest and tax was higher at Rs. 620.100 millions as against Rs. 281.600 millions last year.

In order to address the rising cost of pulp wood, they have been laying increasing emphasis on development and plantation of clonal saplings, which ensure better survival and faster growth. Their clonal plantations increased to 4.50 million this year as against 3.65 million in the previous year and covered 1808 hectares during the year against 1448 hectares last year. The benefits from these increased plantations are expected to accrue in the coming years.

As informed earlier, they are building a new and efficient 55 MW power plant in order to address high energy costs, which is one of the major cost constituents in production of paper, caustic and chlorine. This power plant will not only meet their total requirement for the division and will also substantially reduce their coal and energy costs. It will also have over 15 MW surplus capacity for sale of power. The new power plant should also be exempt from electricity duty as per M.P. Government’s declared industrial policy. The project is already in advanced stage of completion and is expected to be operational by the 2^nd quarter of FY 2012-13.

Outlook – Amlai plant

The new power plant, expected to be commissioned shortly, should substantially reduce costs and also facilitate uninterrupted operations of the paper plant. It will also open up opportunities for capacity expansion and / or income from export of power.

The additional rewinder of Tissue Machine 2 has started yielding results. Some modifications and adjustments have recently been made to improve productivity of this machine with the objective of further enriching their product mix.

Water scarcity related shut down should henceforth be minimal, if at all.

Based upon all these factors, they believe that operational performance will improve and the division will return to good health.

Business segment – Electricals

Industry structure and development Fans

Because of slow down in construction activities, the Indian fan industry registered a de-growth of - 2.8% compared to the previous year.

It has indeed been a long time since the industry saw a year of de-growth Most organised players in the Indian fan industry have reported lower volumes than the previous year.

Orient is one of only two companies to have achieved positive growth during the year.

Ceiling fans constituted around 74% of the total demand for fans with table, pedestal, exhaust and industrial fans accounting for the balance.

Costs for the industry always remain under pressure because of fluctuations in prices of commodities

like copper, aluminium, paints etc.

On the other hand, Fan industry remains highly competitive with several organised players and a number of relatively smaller regional producers. It is therefore not possible always to pass on these increased costs to the market.

Therefore, successful players not only need to continuously achieve higher volumes but also to reduce costs through regular value engineering, while maintaining quality and product innovations to attract customer preference.

Lighting

The lighting industry in India is estimated have grown by 15% during the year with CFLs and Luminaires growing by 21% and 20% respectively.

With power tariffs increasing and growing awareness on energy conservation, CFLs and energy efficient Luminaires are becoming increasingly popular.

Orient entered Lighting business 3 Household electrical appliances Orient has entered this line of business for the first time just before last quarter of the financial year . The products covered by this segment include water heaters, air coolers, mixers/ grinders/ juicers, electric irons, kettles, toasters etc.

The Indian market for these appliances is estimated to be worth Rs. 52000.000 millions and is estimated to be growing at the rate of around 12% per year. The market is being catered by about a dozen medium and large

volume players.

With changing life styles and growing nuclear families, usage of these appliances is bound to grow rapidly and therefore this business presents a good potential for Orient’s growth.

Segment review and analysis

Fans

They achieved growth of 5.3% in their fan volumes as against a negative growth of -2.8% in the industry as a whole. Obviously, this has been possible through increase in their market share across the entire product range.

They introduced a number of new and exciting models, which have been greatly appreciated by the customers. Simultaneously, they also further strengthened their distribution network to extend their market reach and penetration.

As a result sales of their fans increased to 6.925 millions units during the year from 6.548 millions units in the previous year.

While cost escalations arising out of frequent increase in commodity prices continued to put pressure on margins, they could offset part of the same by reduction in costs through concentrated actions on optimisation

in all areas.

In this effort, they have also engaged the services of one of the most reputed International consulting organisation. While part of benefits from this initiative has been captured within the year , further benefits are expected to be derived in the coming year.

Lighting

They could achieve a growth of 44% in sales volume to reach 1.25 million units this year as against 87 lac units

in the previous year.

Their market share has thus increased from 3.3% last year to 4.2% during the year .

Apart from introducing several new SKUs, they have further increased their distribution reach and penetration across the Country.

Household appliances While they have just introduced this product range in limited markets, they are highly encouraged by the initial response from customers and dealers alike.

Within a limited period of less than four months and restricted markets in which these products have been test marketed, they have been able to achieve sales of over fifty one thousand appliances.

They therefore see a good avenue for growth in this large market.

Overall

Net sales turnover of the division increased by 18% to Rs. 7636.100 millions from Rs.6483.700 millions in the previous year.

In spite of the cost escalations and initial expenditure on introduction of new product ranges, they could maintain similar level of PBIDT at Rs. 600.300 millions compared to Rs.619.800 millions in the previous year.

Outlook

Fans

Their fan division continues to achieve increasing share in the domestic market. A spate of new products

introduced during last year and those in the pipe line should enable us to

further strengthen their competitive edge.

They also expect their export volumes to grow significantly based upon the response from their existing markets and as well as new territories being focused upon. New models specially designed for export markets will help

in the process.

They have significantly increased their media spend including television, outdoor and print media. A new campaign has recently been launched and is being appreciated by the market. The brand recall is excellent.

Their capacity already stands expanded to Rs.0.900 millions fans per year and they hope to achieve full utilisation of this capacity in the next couple of years.

Company’s overall performance

and analysis

Sales and profit

Their gross sales increased from Rs.21750.000 millions in 2010-11 to Rs. 27640.000 millions in 2011-12, while net sales increased from Rs.19590.000 millions to Rs.24910.000 millions

Despite challenges of cost escalations and poor performance of their paper business, they achieved profit before depreciation and interest of Rs.4490.000 millions for the year against Rs. 3330.000 millions in the previous year.

Net profit before tax also increased similarly from Rs. 2090.000 millions in the preceeding year to Rs. 3180.000 millions for the year .

Net profit after tax (after deferred tax provision of Rs.108.800 millions) was Rs.2120.000 millions this year against Rs.1430.000 millions last year.

This translates to an EPS of ` 10.94 and cash EPS of ` 16.06 for the year as against ` 7.42 and ` 12.94 respectively for the preceding year. They invested Rs. 2724.800 millions on capital projects during the year mostly out of internal generation.

The financial position of the Company continues to be fairly strong with their debt equity ratio at 0.25:1 and the DSCR of 5.57.

They believe that the Company has initiated a number of concrete steps in each of its businesses to unleash significant value through not only demerger of the cement business but also to achieve accelerated growth through diversification and expansion in the electricals and paper businesses as well.

Unaudited Financial Results for the Quarter ended 30th June, 2012

Sr. No.	Particular	Unaudited
		Quarter ended 31.06.2012
1	Income from Operations
	Gross Sales/Income from Operations	7374.771
	Less : Excise duty	805.894
	(a) Net Sales/Income from Operations	6568.877
	(b)Other Operating Income	115.569
	Total Income from Operations (Net)	6684.446
2	Expenditure	5909.162
	(a) Increase (-) / decrease (+) in Stock in trade and work-in-progress	(440.621)
	(b) Purchases of Traded Goods	385.770
	(c) Consumption of raw materials	2113.810
	(d) Consumption of Stores , Chemicals & Spares	206.657
	(e) Power and Fuel	1239.111
	(f) Employees benefits expenses	413.057
	(g) Packing, Freight and Forwarding Charges	937.346
	(h) Depreciation	217.084
	(i) Other Expenditure	836.948
3	Profit from Operations before Other Income, Finance costs and tax (1-2)	775.284
4	Other Income	37.100
5	Profit before Finance costs and tax (3+4)	812.384
6	Finance costs	95.343
7	Profit from Ordinary Activities before tax (5-6)	717.041
8	Tax Expenses
	Current Tax	225.300
	MAT Credit Entitlement	-
	Deferred Tax	2.941
9	Net Profit from Ordinary Activities after tax (7-8)	488.800
10	Paid-up Equity Share Capital (Face Value per share : Re.1/-each)	204.879
11	Reserves excluding Revaluation Reserve
12	Earning per share (EPS) (Face value of Re.1/- each))
	Basic	2.39
	Diluted	2.39
PART - II
A	Particulars of Shareholding
1	Aggregate of Public Shareholding
	- Number of shares	12,80,38,838
	- Percentage of shareholding	62.50%
2	Promoters and Promoter Group Share Holding
	a) Pledged / Encumbered
	Number of shares	70,00,000
	Percentage of shares (as % of the total shareholding of promoter and promoter group)	9.11%
	Percentage of shares (as % of the total share capital of the company)	3.42%
	b) Non- Encumbered
	Number of shares	6,98,29,922
	Percentage of shares (as % of the total shareholding of
	promoter and promoter group)	90.89%
	Percentage of shares (as % of the total share capital of the company)	34.08%

B	Investor Complaints	3 months ended 30-06-2012
	Pending at the beginning of the quarter	Nil
	Received during the quarter	2
	Disposed of during the quarter	2
	Remaining unresolved at the end of the quarter	Nil

Notes:- 1. Limited Review of the above quarterly results has been carried out by the statutory auditors of the Company. 2. The figures for the quarter ended 31st March, 2012 are the balancing figures between audited figures in respect of the full financial year ended 31st March, 2012 and the unaudited published year-to-date figures up to 31st December, 2011, being the end of the third quarter of the previous financial year, which were subjected to a limited review. 3. Provision against demand for Water Tax, which had been referred to by the auditors in their report on accounts for the year ended 31st March, 2012, has been paid / provided to the extent of liability admitted by the Company for the period up to April, 2009 i.e. the period prior to new agreement effective from May, 2009 entered into with the Water Resources Department. No provision against the balance demand of Rs. 2327.747 millions has been made since the Company's application for waiver thereof is under consideration by the Government of Madhya Pradesh. 4. The Board of Directors of the Company had decided to demerge the Cement undertaking of the Company by transferring the same on a going concern basis to a newly formed wholly owned subsidiary namely Orient Cement Limited through a scheme of arrangement w.e.f.1^st April, 2012, which has since been approved by the Hon'ble Orissa High Court vide its Order dated 27th July, 2012. Pending receipt of Certified Copy of the above Order and its filing with the Registrar of Companies, upon which the demerger will become effective, no accounting adjustment thereof has been made in the above results. 5. The above results include profit from discontinuing operation I.e. cement undertaking of the Company which is to be demerged w.e.f.1^st April, 2012 as stated in Note No. 4 above, the details whereof are as under :
	Particular	30-06-2012
	1) Income from Operations
	Gross Sales/Income from Operations	4453.388
	Less : Excise duty	556.955
	(a) Net Sales/Income from operations	3896.433
	(b)Other Operating Income	16.552
	Total Income from operations ( Net )	3912.985
	2) Expenditure	3002.466
	(a) Increase (-) / decrease (+) in Stock in trade and work-in-progress	(118.914)
	(b) Purchases of Traded Goods	-
	(c) Consumption of raw materials	585.349
	(d) Consumption of Stores , Chemicals and Spares	74.468
	(e) Power and Fuel	910.682
	(f) Employees benefits expense	120.951
	(g) Packing, Freight and Forwarding Charges	775.381
	(h) Depreciation	137.882
	(i) Other Expenditure	516.667
	3) Profit from Operations before Other Income, Finance costs and tax (1-2)	910.519
	4) Other Income	3.515
	5) Profit before Finance costs and tax (3+4)	914.034
	6) Finance Costs	61.029
	7) Profit from Ordinary Activities before tax (5-6)	853.005
	8) Tax Expenses (including deferred tax)	276.757
	9) Net Profit from Ordinary Activities after tax (7-8)	576.248
6. There were no exceptional and extraordinary items during the quarter ended 30th June '2012. 7. Previous period figures have been regrouped / rearranged wherever necessary. 8. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at their respective meetings held on 1st August, 2012.
Segment wise Revenue, Results and Capital Employed under Clause 41 of the Listing Agreement
Sl. No.	Particulars	Quarter Ended
		30.06.2012 ( Unaudited )
1	Segment Revenue :
	a) Cement	3896.433
	b) Paper and Board	816.249
	c) Electrical Consumer Durables	1840.042
	d) Others	16.153
	Total	6568.877
	Less : Inter Segment Revenue	-
	Net Sales/Income from Operations	6568.877
2	Segment Results : (Profit (+)/Loss(-) before interest
	and Tax from each segment) :
	a) Cement	913.242
	b) Paper and Board - Amlai	(147.324)
	- Brajrajnagar *	(11.554)
		(158.878)
	c) Electrical Consumer Durables	67.278
	d) Others	0.801
	Total	822.443
	Less :
	(i) Finance Cost	95.343
	(ii) Other un-allocable expenditure
	net of un-allocable income	10.059
	Profit Before Tax	717.041
3	Capital Employed :
	a) Cement	10295.989
	b) Paper and Board	4359.380
	c) Electrical Consumer Durables	2258.923
	d) Others	11.614
	Total	16925.906

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	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.79

INFORMATION DETAILS

Information Gathered by :	SVA

Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--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
TOTAL		65

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

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

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.

MIRA INFORM REPORT

1964.266

1503.093

3469.505

1844.000

514.919

466.974

66.135

96.463

1359.102

1076.804

7373.927

2217.107

1873.013

2952.119

473.310

628.134

806.947

5797.360

1576.567

1834.064

10.63

9.74

12.78

14.45

16.16

14.50

0.28

0.30

0.86

1.21

1.27

1.58

Unit