MIRA INFORM REPORT

Report Date :

06.08.2013

IDENTIFICATION DETAILS

Name :	VERITAS (INDIA) LIMITED
Registered Office :	701, Embassy Centre,  Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.03.1985
Com. Reg. No.:	11-035702
Capital Investment / Paid-up Capital :	Rs.24.210 Millions
CIN No.: [Company Identification No.]	L23209MH1985PLC035702
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Trader, Distributor and Exporter of Chemicals.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3270000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old and well established company having satisfactory track record. The company has seen a better growth in its sales turnover as well as net profitability during 2013. Financial and liquidity position appears to be strong and healthy. Trade relations are fair. Business is active. Payment terms are reported as regular. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB- (Term Loan)
Rating Explanation	Moderate degree of safety.
Date	January 2013

Rating Agency Name	ICRA
Rating	A3 (Non Fund Based Limits)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	January 2013

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 PARTED BY (GENERAL DETAILS)

Name :	Ms. Aditi
Designation :	Accounts Department
Contact No.:	91-22-22824444
Date :	05.08.2013

LOCATIONS

Registered Office :	701, Embassy Centre,  Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22824444/ 40098900
Fax No.:	91-22-22824440/ 22041411
E-Mail :	corp@veritasindia.net
Website :	http://www.veritasindia.net
Location :	Owned
Branch Office :	2/E/F Chgurch Square, Blossom Cochin Road, Elamkulam, Kadavanthra, Cochin, Kerala, India

DIRECTORS

As on: 31.03.2012

Name :	Mr. Nitin Kumar Didwania
Designation :	Director
Date of Birth/Age :	23.06.1974
Qualification :	M.Com
Expertise in specific functional areas :	Has rich and varied experience in the field of Imports and Exports, Trading, Marketing and Procurement since last more than 16 years.
Other Directorship :	· Biofuels (Veritas) Limited · Groupe Veritas Limited · HazeIInfotech Limited · Hazel Mercantile Limited · Hazel Infra Limited · India Pintrade Limited · Veritas Infrastructure Development Limited · Veritas Investments Limited
Name :	Ms. Alpa Parekh
Designation :	Director
Name :	Mr. Saurabh Sanghvi
Designation :	Director
Name :	Mr. Ratan Moondra
Designation :	Director
Date of Birth/Age :	30.01.1972
Qualification :	B. Sc, C.A.
Expertise in specific functional areas :	Has rich experience in the field of taxation, accountancy and is an expert consultant relating to Special Economic Zone (SEZ) Regulations
Name :	Justice S. S. Parkar (Retd.)
Designation :	Director

KEY EXECUTIVES

Name :	Ms. Aditi
Designation :	Accounts Department
Name :	Mr. Girish Zaveri
Designation :	Chief Financial Officer
Name :	Mr. Hanoz Chinoy
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2013

Category of Shareholder	Number of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	15963100	65.94
Bodies Corporate	250000	1.03
Sub Total	16213100	66.97
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	16213100	66.97
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1476414	6.10
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	707478	2.92
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1810224	7.48
Any Others (Specify)	4002784	16.53
Clearing Members	2559	0.01
NRIs/OCBs	225	0.00
Any Other	4000000	16.52
Sub Total	7996900	33.03
Total Public shareholding (B)	7996900	33.03
Total (A)+(B)	24210000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	24210000	0.00

BUSINESS DETAILS

Line of Business :	Trader, Distributor and Exporter of Chemicals.
Exports :
Products :	Chemicals
Countries :	· China · Africa
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

200 (Approximately)

Bankers :

· Punjab National Bank

· State Bank of India

· ICICI Bank Limited

· Axis Bank Limited

· Federal Bank Limited

· South Indian Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
From Banks (i), (ii), (iii)	38.337	47.545
Short Term Borrowings
From Banks (iv), (v)	102.325	64.870
Total	140.662	112.415
Note: (i) Primary Security Equitable mortgage of property being the land at Survey no.21, Rameshwar Wadi Village, Khatav Taluka, 5atara district in the state of Maharashtra and hypothecation of 2 nos. 600 kw Wind Electric Generator consisting each of tower, 1 set of blades, nacelle, control panel, transformer and internal cables. (ii) Collateral Personal gurantee of the promoter directors Mr. Nitin Kumar Didwania. (iii) The abvoe term loan exclude Rs.9.208 Millions (P.Y. Rs.9.208 Millions) falling due For payment within one year, which is shown as other current liabilities. (iv) Primary Security Exclusive charge on the Current Assets of the Company. (v) Collateral Personal Guarantee of the promoter Director Mr. Nitin Kumar Didwania

Banking Relations :	--
Auditors :
Name :	Shabbir S. Bagasrawala Chartered Accountants
Subsidiary Company :	· Vertias Global PTE Limited · Vertias FZE
Enterprise over which key managerial personal are able to exercise significant influence :	· Vertias Investment Limited · Arbitrium Fincap Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.1/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24210000	Equity Shares	Rs.1/- each	Rs.24.210 Millions

1) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting perlo

Sr. No.	Particulars	Opening Balance	Fresh issue	Closing Balance
(A)	Equity shares with voting rights
	Year ended 31 March, 2013
	- Number of sharps	24,210,000	-	21,210.000
	- Amount (Rs. In Millions))	24.210	-	24.210

2) Details of shares held by each shareholder holding more than 5% shares:

Sr. No.	Class of shares / Name of shareholder	As at 31 March. 2012
		Number of shares held	% holding in that class of shares
	Equity shares of Rs.1/- each fully paid-up with voting rights
1	Nitin Kumar Didwania	9250000	38.21
2	Niti Didwania	5713100	27.73
3	Kamalasini Tradelink Private Limited	1471300	6.08
4	Onix Assets Limited	3000000	12.39

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	24.210	24.210
(b) Reserves & Surplus	794.846	742.255
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	819.056	766.465
(3) Non-Current Liabilities
(a) long-term borrowings	38.337	47.545
(b) Deferred tax liabilities (Net)	23.612	17.344
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	61.949	64.889
(4) Current Liabilities
(a) Short term borrowings	102.684	65.568
(b) Trade payables	77.759	89.133
(c) Other current liabilities	14.404	196.562
(d) Short-term provisions	0.000	3.446
Total Current Liabilities (4)	194.847	354.709
TOTAL	1075.852	1186.063
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	78.264	82.311
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	99.146	99.146
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	223.276	312.036
(e) Other Non-current assets	0.000	0.580
Total Non-Current Assets	400.686	494.073
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	45.026	38.178
(c) Trade receivables	466.309	473.066
(d) Cash and cash equivalents	129.403	143.572
(e) Short-term loans and advances	34.428	37.174
(f) Other current assets	0.000	0.000
Total Current Assets	675.166	691.990
TOTAL	1075.852	1186.063

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		24.210
2] Share Application Money		0.000
3] Reserves & Surplus		723.077
4] (Accumulated Losses)		0.000
NETWORTH		747.287
LOAN FUNDS
1] Secured Loans		59.427
2] Unsecured Loans		0.434
TOTAL BORROWING		59.861
DEFERRED TAX LIABILITIES		9.467
TOTAL		816.615
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		85.096
Capital work-in-progress		0.000
INVESTMENT		98.168
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.853
	Sundry Debtors	443.937
	Cash & Bank Balances	83.377
	Other Current Assets	0.000
	Loans & Advances	243.409
Total Current Assets		771.576
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	127.157
	Other Current Liabilities	11.599
	Provisions	0.122
Total Current Liabilities		138.878
Net Current Assets		632.698
MISCELLANEOUS EXPENSES		0.653
TOTAL		816.615

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3070.544	2097.030	1117.536
		Other Income	91.419	0.100	0.000
		TOTAL (A)	3161.963	2097.130	1117.536
Less	EXPENSES
		Purchase of Stock-in-Trade	3031.238	2048.626
		Changes in Inventories of Stock-in-Trade	(6.847)	(37.324)
		Employee Benefit Expense	21.711	21.377
		Operation and Other Expenses	18.752	8.922
		TOTAL (B)	3064.854	2041.601	1098.803
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		97.109	55.529	18.733
Less	FINANCIAL EXPENSES (D)		18.342	13.219	2.633
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		78.767	42.310	16.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.092	4.792	3.197
	PROFIT BEFORE TAX (E-F) (G)		73.675	37.518	12.903
Less	TAX (H)		21.084	16.198	8.910
	PROFIT AFTER TAX (G-H) (I)		52.591	21.320	3.993
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.486	8.577	4.584
Less	APPROPRIATIONS
		Proposed Dividend	0.000	1.210	0.000
		Corporate Dividend Tax	0.000	0.201	0.000
	BALANCE CARRIED TO THE B/S		81.077	28.486	8.577
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	119.601	157.286
	TOTAL EARNINGS		NA	119.601	157.286
	IMPORTS
		Traded Goods	23.561	NA	NA
	TOTAL IMPORTS		23.561	NA	NA
	Earnings Per Share (Rs.)		2.17	0.88	3.93

QUARTERLY RESULTS

Particular	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	803.600	846.800	825.000	921.100
Total Expenditure	795.500	837.700	813.700	917.700
PBIDT (Excl OI)	8.100	9.100	11.300	3.400
Other Income	0.200	0.600	1.000	77.900
Operating Profit	8.300	9.700	11.400	81.400
Interest	4.100	4.600	7.700	5.300
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	4.200	5.100	3.700	76.100
Depreciation	1.500	1.300	1.400	1.400
Profit Before Tax	2.800	3.800	2.300	74.700
Tax	0.600	0.300	2.000	14.900
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	2.200	3.500	2.100	59.800
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	2.200	3.500	2.100	59.800

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.66	1.02	0.36
Net Profit Margin (PBT/Sales)	(%)	2.40	1.79	1.15
Return on Total Assets (PBT/Total Assets}	(%)	7.54	3.45	1.51
Return on Investment (ROI) (PBT/Networth)		0.09	0.05	0.02
Debt Equity Ratio (Total Debt/Networth)		0.17	0.15	0.08
Current Ratio (Current Asset/Current Liability)		3.47	1.95	5.56

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	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Short Term Borrowings
Loans and Advances from related parties
From Directors	0.359	0.698
Total	0.359	0.698

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10235087	20/09/2011 *	1,000,000,000.00	Axis Bank Limited	CREDIT MANAGEMENT CENTER, 4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI - 110002, INDIA	B23980055
2	10211900	19/03/2010	42,300,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A83054155
3	10218208	19/03/2010	42,300,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A83053827
4	10175240	22/08/2009	44,300,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A69467884
5	10175241	21/08/2009	44,300,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A69468478

Note: * Date of charge modification

WINDMILL PROJECT

During the year, the revenue from generation of power through Wind Energy has substantially increased from Rs. 4.915 Millions to Rs.8.062 Millions, an increase of 64%. They expect the revenue to rise at a steady rate from such non-conventional source of energy.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Industry Structure and Development

The Company is engaged in the business of imports, export, trading and distribution of chemicals and metals. The Company is also engaged in the generation of wind energy. India continues to be the second fastest growing economy in the Asia Pacific region. Despite the global meltdown effect of the past two years, the growth rate of Indian economy is estimated to be around 6.5%. The Chemical Industry is growing at a robust pace and it is expected that the Company will increase its turnover substantially in the financial year 2012-2013. The Company also has a well developed and robust logistic and marketing network which affords the buyers in the multiple choice of chemical products at reasonably competitive rates. The Chemical Industry and particularly the petro-chemical industry is at an upswing due to global rehabilitation and revival of economies of developed countries. The Government`s fiscal incentives for wind power generation will provide sufficient boost for wind power project.

Outlook

The management is quite positive on its outlook in terms of revenue in the coming period as economies all over the world are slowly recovering and it is expected that the global markets will respond well to the products traded by the Company. With the re-emergence of healthy economic environment, barring unforeseen circumstances, the Company is optimistic and confident to receive large demands and given the current financial performance of the Company; the Board is confident in its outlook for future that the Company shall grow substantially over and above its demonstrated growdi in terms of turnover and profits.

The Company`s business of power generation through wind mills, being a non- conventional source of energy, set up in the State of Maharashtra and Tamil Nadu have generated a revenue of Rs. 8.062 Millions for the period ended 31st March, 2012 a rise of about 64 % over the previous year and the management is confident of steady growth over the coming period.

Financial Performance with respect to Operational Performance:

During the year Sales have grown by approximately 28.33% and Net Profit after Tax has decreased by around 44.38% in comparison with the previous year.

The Company has a low debt equity ratio and is well placed to take care of its borrowings availed by way of credit facilities and Term Loan.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Guarantees given to bank on behalf of the subsidiary company	886.650	558.125

FIXED ASSETS

· Land at Satara

· Plant and Machinery

· Computer Systems

· Software Licence

· Furniture and Fixture

· Motor Car

· Office Equipment

STATEMENTS OF FINANCIAL RESULTS FOR THE QUARTER AND FINANCIAL YEAR ENDED 31^st MARCH, 2013

(Rs. In Millions)

Sr. No.	Particulars	31.03.2013 Quarter Ended	31.12.2012 Quarter Ended	31.03.2013 Accounting Year Ended
1	Income from operations:
	a) Net Sales/income from operations (Net of excise duty)	921.140	825.030	3396.560
	b) Other Operating Income	--	--	--
	Total Income from operations (net)	921.140	825.030	3396.560
2	Expenses:
	a) Cost of materials consumed	--	--	--
	b) Purchases of stock-in-trade	912.574	807.644	3298.864
	c) Changes in inventories of finished goods	(6.050)	(8.836)	16.026
	d) Employee benefits expense	5.096	6.089	22.858
	e) Depreciation and amortisation expense	1.367	1.400	5.516
	f) Other expenses	6.089	8.788	26.867
	Total Expenses	919.077	815.086	3370.132
3	Profit / (Loss) from Operations before Other Income, finance costs and exceptional items (1-2)	2.063	9.943	26.428
4	Other Income	77.937	0.047	78.798
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items (3+4)	80.000	9.990	105.227
6	Finance costs	5.265	7.682	21.643
7	Profit/ (Loss) from ordinary activities after finance costs but before exceptional items (5-6)	74.735	2.308	83.583
8	Exceptional Item	--	--	--
9	Profit/(Loss) from Ordinary Activities before tax (7+8)	74.735	2.308	83.583
10	Tax Expenses	14.893	0.214	15.931
11	Net Profit / (Loss) from Ordinary Activities after tax (9-10)	59.842	2.093	67.651
12	Extraordinary items	-	-	-
13	Net Profit / (Loss) for the period (11-12)	59.842	2.093	67.651
14	Share of Profit / (Loss) of Associates	--	--	--
15	Minority Interest	--	--	--
16	Net Profit / (Loss) after taxes, minority interest and Share of Profit / (Loss) of associates (13-14-15)	59.842	2.093	67.651
17	Paid-up equity share capital (Face value on Rs. 2/- each)	24.210	24.210	24.210
18	Reserves excluding revaluation reserve	--	--	861.090
19	Basic & Diluted Earning Per Share (after extraordinary items)(of Rs.1/-each) (not annualised)	2.472	0.086	2.974
	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	- Number of shares	7996900	7996900	7996900
	- Percentage of shareholding	33.03%	33.03%	33.03%
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	--	--	--
	- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	--	--	--
	- Percentage of Shares (as a %of the total share capital of the Company)	--	--	--
	b) Non-encumbered
	- Number of Shares	16213100	16213100	16213100
	- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100%	100%	100%
	- Percentage of Shares (as a % of the total share capital of the company)	66.97%	66.97%	66.97%
B	NUMBER OF INVESTOR COMPLAINTS	3 months ended 31-03-2013
	Pending at the beginning of the quarter	NIL
	Received during the quarter	NIL
	Disposed of during the quarter	NIL
	Remaining unresolved at the end of the quarter	NIL

Notes:

· The above financial results have been audited by Statutory Auditors and reviewed by the held Audit Committee and approved by the Board of Directors at its meeting of face on 30th May, 2013.

· The Board of Directors has recommended a Dividend of 5(five) paise per Equity Share value of Re 1/- each for the financial year 2012-2013, subject to the balancing approval of shareholders

· The figures for the previous quarter of the current year and for the previous year are the balancing figures between the audited figure in respect of the full financial year and the published year to data figures up to the third quarter

· Previous period figures have been regrouped/rearranged wherever necessary.

SEGMENT REPORTING UNDER CLAUSE 41 OF LISTING AGREEMENT

(Rs. In Millions)

	PARTICULARS	Quarter ended 31.03.2013	Quarter ended 31.12.2012	Accounting Year ended 31.03.2013
		Unaudited	Unaudited	Audited
1	Segment Revenue (Net Sales/ Income from each segment)
a)	Segment A- (Trading & Distribution)	920.724	823.806	3387.7.287
b)	Segment B - (Power Generation)	.416	1.223	8.8.321
c)	Unallocated	-	-	-
	TOTAL	921.140	825.030	3396.560
	Less: Inter Segment Revenue
	Net Sales/Income from Operations	921.140	825.030	3396.560
2	Segment Results (Profit before tax and interest from each Segment)
a)	Segment A- (Trading & Distribution)	(1.109)	10.323	22.111
b)	Segment B - (Power Generation)	3.172	(0.380)	4.317
1	Unallocated	77.937	0.047	78.798
	TOTAL	80.000	9.990	105.227
	Less: i Interest	5.265	7.682	21.643
	ii Other Un-allocable Expenditure net off
	iii Un-allocable income
	TOTAL Profit/ (Loss) before Tax	74.735	2.308	83.583
3	Capital Employed (Segment Assets- Segment Liabilities)
a)	Segment A- (Trading & Distribution)	900.798	834.595	900.798
b)	Segment B - (Power Generation)	38.271	51.891	38.271
c)	Unallocated	-	-	-
	TOTAL	939.069	836.487	939.069

STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDED 31ST MARCH, 2013

(Rs. In Millions)

	Particulars	As at Current Year ended 31.03.2013
		AUDITED
A	EQUITY AND LIABILITIES
1	Shareholders' funds
	a) Share Capital	24.210
	b) Reserves and Surplus	861.090
	c) Money received against share warrants	--
	Sub-total- Shareholders' Funds	885.300
2	Share Application Money pending allotment	--
3	Minority Interest	--
4	Non-Current Liabilities
	a) Long-term borrowings	31.125
	b) Deferred tax liabilities (net)	22.643
	c) Other long-term liabilities	--
	d) Long-term provisions	--
	Sub-total- Non-Current Liabilities	53.768
5	Current Liabilities
	a) Short-term borrowings	193.538
	b) Trade payables	12.721
	c) Other current liabilities	17.847
	d) Short-term provisions	1.406
	Sub-total- Current Liabilities	225.513
	TOTAL- EQUITY AND LIABILITIES	1164.583
B	ASSETS
1	Non-Current Assets
	a) Fixed Assets	76.983
	b) Goodwill on consolidation	--
	c) Non-Current investments	114.057
	d) Deferred Tax assets (net)	--
	e) Long-term Loans and Advances	229.216
	f) Other Non-Current Assets	--
	Sub-total- Non Current Assets	420.257
	Current Assets
	a) Current investments	--
	b) Inventories	28.999
	c) Trade Receivables	578.953
	d) Cash and Cash equivalents	107.009
	e) Short-term loans and advances	12.362
	f) Other Current assets	--
	Sub-total- Current Assets	744.325
	TOTAL- ASSETS	1164.583

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.60.82
UK Pound	1	Rs.92.97
Euro	1	Rs.80.73

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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
-	NB	New Business	-

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.