MIRA INFORM REPORT

Report Date :

06.06.2013

IDENTIFICATION DETAILS

Name :	PUDUMJEE INDUSTRIES LIMITED
Registered Office :	Thergaon, Chinchwad, Pune – 411033, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.12.1965
Com. Reg. No.:	11-013394
Capital Investment / Paid-up Capital :	Rs.36.000 Millions
CIN No.: [Company Identification No.]	L74999MH1999PLC013394
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15791G
PAN No.: [Permanent Account No.]	AAACP0487B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture of Crepe Tissues for the hygiene industry and other specialty products like Packaging Tissues, Carbon Base paper etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1600000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Pudumjee Paper and Pulp Mills Limited”. It is a well established company having a satisfactory track record. There appears some losses recorded by the company. However, the subject gets strong support from its associates companies. The directors seems to be well experience. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. In view of strong holdings, the company can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A- (Long Term Rating)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. It carry low credit risk.
Date	April 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 DENIED BY

Name :	Mr. Saath
Designation :	Account Department
Contact No.:	91-20-30613333
Date :	04.06.2013

LOCATIONS

Registered Office/ Factory :	Thergaon, Chinchwad, Pune – 411033, Maharashtra, India
Tel. No.:	91-20-30613333/ 27275381
Fax No.:	91-20-27273294/ 30613388
E-Mail :	sbw@pune.pudumjee.com sk@pune.pudumjee.com agro@pudumjee.com mumbai@pudumjee.com
Website :	http://www.pudumjeeindustries.com
Area :	65 Acres
Location :	Owned
Corporate/ Sales Office :	Jatia Chambers, 60, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22674485 / 4529/ 30213333
Fax No.:	91-22-22658316
E-Mail :	agro@pudumjee.com patel.ashok@pudumjee.com pudumjee@pudumjee.com

DIRECTORS

As on: 31.03.2012

Name :	Mr. Shyam M. Jatia
Designation :	Chairman cum Managing Director
Name :	Mr. A. S. Dayal
Designation :	Director
Name :	Mr. R. C. Saraf
Designation :	Director
Name :	Mr. A. K. Somany
Designation :	Director
Name :	Mr. G. N. Jadodiya
Designation :	Director
Name :	Mr. R.P Shroff
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Saath
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1748899	9.72
Bodies Corporate	9780827	54.34
Sub Total	11529726	64.05
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	1478936	8.22
Sub Total	1478936	8.22
Total shareholding of Promoter and Promoter Group (A)	13008662	72.27
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6000	0.03
Financial Institutions / Banks	500	0.00
Foreign Institutional Investors	150000	0.83
Sub Total	156500	0.87
(2) Non-Institutions
Bodies Corporate	1534453	8.52
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2630910	14.62
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	405714	2.25
Any Others (Specify)	263761	1.47
Non Resident Indians	27580	0.15
Clearing Members	100	0.00
Hindu Undivided Families	236081	1.31
Sub Total	4834838	26.86
Total Public shareholding (B)	4991338	27.73
Total (A)+(B)	18000000	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)	18000000	0.00

Shareholding belonging to the category "Promoter and Promoter Group

Sl. No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Shyam M Jatia	133600	0.74	0.74
2	Shyam M Jatia	838587	4.66	4.66
3	Mahabir Prasad Jatia	667462	3.71	3.71
4	Arun Kumar Jatia	327636	1.82	1.82
5	Arun Kumar Jatia	318500	1.77	1.77
6	Poonam Jatia	506800	2.82	2.82
7	Poonam Jatia	318500	1.77	1.77
8	Vandana Jatia	109250	0.61	0.61
9	Vasudha Jaita	1000	0.01	0.01
10	Vrinda Jatia	1000	0.01	0.01
11	Yashvardhan Jatia	5500	0.03	0.03
12	Apposite Trading Private Limited	380000	2.11	2.11
13	Cheerful Commercial Private Limited	404000	2.24	2.24
14	Chem Mach Private Limited	61450	0.34	0.34
15	Gelid Commercial Private Limited	493575	2.74	2.74
16	Pudumjee Investment and Finance Company Limited	3945790	21.92	21.92
17	Pudumjee Pulp and Paper Mills Limited	956725	5.32	5.32
18	Suma Commercial Private Limited	642950	3.57	3.57
19	Thacker and Company Limited	2509837	13.94	13.94
20	Ubiquitous Trading Private Limited	280000	1.56	1.56
21	Winterpak Investments and Finance Limited	106500	0.59	0.59
	Total	13008662	72.27	72.27

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Pragya Realty Developers Private Limited	999995	5.56	5.56
2	Santosh S Goenka	215365	1.20	1.20
	Total	1215360	6.75	6.75

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Pragya Realty Developers Private Limited	999995	5.56	5.56
	Total	999995	5.56	5.56

BUSINESS DETAILS

Line of Business :

Manufacture of Crepe Tissues for the hygiene industry and other specialty products like Packaging Tissues, Carbon Base paper etc.

Products :

Item Code No.	Product Description
480260.02	M. G. Poster Paper
480251.05	M. G. Tissue Paper
480300.00	Crepe Tissue Paper

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Paper	M. T.	NA	22500	18510

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· State Bank of India

· IDBI Bank Limited

· Axis Bank Limited

· Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
From Bank
Term Loan (Secured by first charge on the Fixed Assets of the Company)	31.039	53.539
Cash Credit repayable on demand (Secured by hypothecation of stock, stores and book debts and second charge on fixed assets of the company ranking pari passu among the consortium banks.)	118.522	29.071
Total	149.561	82.610
Notes: Excluding Rs.18.000 Millions (Last year Rs.13.500 Millions) shown under "Current maturities of Long Term Debt" Repayable in 20 equal quarterly installments beginning with 30.9.2010. There has been no default in repayment of loan and payment of interest.

Banking Relations :	--
Auditors :
Name :	Khare and Company Chartered Accountants
Solicitors :
Name :	Kanga and Company Chartered Accountants
Subsidiary Company :	· Pudumjee Hygiene Products Limited · Pudumjee Holding Limited
Associate Firms/ Companies :	· Pudumjee Pulp and Paper Mills Limited · Pudumjee Plant Laboratories Limited · Pudumjee Investments and Finance Company Limited · Prime Developers

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.2/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.2/- each	Rs.36.000 Millions

The reconciliation of the number of Equity shares outstanding:

Particulars	As at 31.03.2012
	No. of Shares
Equity Shares at the beginning and end of the year	18000000

The details of Shareholders holding more than 5% shares

	As at 31.03.2012
Name of the Shareholder	No. of Shares	% held
Pudumjee Investment and Finance Company Limited	3945790	21.92
Thacker and Company Limited	2509837	13.94
Shree Global Tradefin Limited	999995	5.56
Mr.Shyam M Jatia	972187	5.40
Pudumjee Pulp and Paper Mills Limited	956725	5.32

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		36.000	36.000	36.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		365.382	366.804	382.959
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		401.382	402.804	418.959
LOAN FUNDS
1] Secured Loans		149.561	82.610	167.541
2] Unsecured Loans		389.179	313.753	459.879
TOTAL BORROWING		538.740	396.363	627.420
DEFERRED TAX LIABILITIES		7.300	7.400	18.000
TOTAL		947.422	806.567	1064.379
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		224.857	236.330	249.427
Capital work-in-progress		0.371	1.628	0.979
INVESTMENT		177.316	176.816	126.816
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	255.795	211.855	214.057
	Sundry Debtors	205.038	160.336	157.281
	Cash & Bank Balances	6.419	3.233	13.741
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	269.220	167.880	406.518
Total Current Assets		736.472	543.304	791.597
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	155.441	121.386	52.422
	Other Current Liabilities	23.485	19.092	36.040
	Provisions	12.668	11.033	15.978
Total Current Liabilities		191.594	151.511	104.440
Net Current Assets		544.878	391.793	687.157
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		947.422	806.567	1064.379

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1256.375	994.264	702.694
		Other Income	19.616	44.927	46.235
		TOTAL (A)	1275.991	1039.191	748.929
Less	EXPENSES
		Cost of Materials Consumed	790.909	641.924
		Trade Purchases	44.384	83.236
		Changes in Inventories of Finished Goods, Work-in-Process and Stock in Trade	(37.867)	(32.161)
		Employees' Cost	55.091	44.648
		Foreign Exchange Loss/(Gain)	16.326	(1.893)
		Other Expenses	355.000	273.600
		TOTAL (B)	1223.843	1009.354	710.977 (Including Financial Expenses)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		52.148	29.837
Less	FINANCIAL EXPENSES (D)		37.779	39.387
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.369	(9.500)	37.952
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.657	16.631	11.407
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(2.288)	(26.181)	26.545
Less	TAX (H)		(0.050)	(10.550)	9.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(2.238)	(15.631)	17.545
Add	INCOME FOR EARLIER YEARS		0.755	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		107.002	122.633	109.286
Less	APPROPRIATIONS
		Proposed Dividend	0.000	0.000	3.600
		Tax on Proposed Dividend	0.000	0.000	0.598
	BALANCE CARRIED TO THE B/S		105.519	107.002	122.633
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	98.871	71.338	2.149
		Deemed Exports	0.218	0.000	0.000
	TOTAL EARNINGS		99.089	71.338	2.149
	IMPORTS
		Raw Materials	459.126	286.711	299.278
		Components & Spares Parts	16.301	21.781	19.278
		Capital Goods	0.884	0.225	44.124
		Goods for resale	34.015	59.962	17.769
	TOTAL IMPORTS		510.326	368.679	380.449
	Earnings Per Share (Rs.)		(0.12)	(0.87)	0.97

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	325.800	321.100	347.700	341.200
Total Expenditure	312.200	309.800	330.600	324.800
PBIDT (Excl OI)	13.600	11.300	17.100	16.400
Other Income	5.000	6.700	5.700	5.500
Operating Profit	18.600	18.000	22.800	21.900
Interest	12.400	11.900	16.400	15.300
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	6.200	6.100	6.400	6.600
Depreciation	4.100	4.100	4.200	4.300
Profit Before Tax	2.100	2.000	2.200	2.300
Tax	0.700	0.200	0.800	(0.100)
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	1.400	1.800	1.400	2.400
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	1.400	1.800	1.400	2.400

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.18)	(1.50)	2.34
Net Profit Margin (PBT/Sales)	(%)	(0.18)	(2.63)	3.78
Return on Total Assets (PBT/Total Assets}	(%)	(0.24)	(3.36)	2.55
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.06)	0.06
Debt Equity Ratio (Total Debt/Networth)		1.34	0.98	1.50
Current Ratio (Current Asset/Current Liability)		3.84	3.59	7.58

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors
Acceptances	98.155	83.156
Sundry Creditors	57.286	38.230
Total	155.441	121.386	52.422

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	No
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	Yes
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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Deposits from Associates	382.714	306.490
Other Deposits	6.465	7.263
Total	389.179	313.753

OPERATIONS

During the year the Company's operations were satisfactory and through concerted efforts it was possible to contain the losses suffered in the last year by judiciously changing the product mix. The costs were contained despite rising trend therein. The steep depreciation of Rupee has put higher pressures on the margins and the Management would concentrate its efforts to contain its impact to the maximum possible extent by suitably updating the product mix, wherever possible.

With regard to Company's Real Estate business in Partnership, Villas are under construction and inventory is expected to be liquidated soon in the normal course.

The wholly-owned subsidiary of the Company; namely; Pudumjee Hygiene Products Limited's margins remained under pressure during the year, due to contracted selling prices for the institutional business and exposure to fluctuating prices of purchased tissue paper jumbo rolls. A third party converting facility in Rajasthan has also been set up which is now operating and is expected to help in reducing cost.

Pudumjee Holding Limited, a Company which was recently incorporated has also become a wholly owned subsidiary of the Company. The Company is expected to engage in the activities relating to investment and finance.

The labour relations in the Company have remained cordial.

MANAGEMENT DISCUSSION AND ANALYSIS:

The Company is engaged in the business of manufacture of Crepe Tissues for the hygiene industry and other specialty products like Packaging Tissues, Carbon Base paper etc. Despite increased competition owing to installation of additional capacities by the competitors, the Company's products are well received in the market. The Company continues to direct its strategy in reducing costs especially with regard to raw material utilization to minimize the impact of rising cost.

The residential project of Real Estate business in Tirupur, being carried out by the Company in Partnership is progressing with an addition of 7 Villas under construction and the unsold inventory is in the process of being liquidated in the normal course.

The existing internal controls of the Company are periodically reviewed by the Audit Committee and are considered to be adequate.

The Company employs about 160 employees and its relations with the labthe have been cordial.

Pudumjee Hygiene Products Limited, the wholly-owned subsidiary of the Company, successfully sells its products under the "Greenlime" brand in the premium segment of hygiene products. The presence of the Company in the Retail Market is constantly increasing.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Bank Guarantees and Letters of Credit in favour of suppliers of raw materials, spares etc.*	16.001	27.073
Guarantee for other Companies *	15.622	17.027
Claims against the Company not acknowledged as debts for excise duty, property tax and commercial claims etc. **	51.818	47.709

Notes:

* Will not affect the future Profitability.

** May affect the future profitability to the extent indicated, if such liabilities crystallise.

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2013.

(Rs. In Millions)

	Quarter Ended		Year Ended
Particulars	31.03.2013	31.12.2012	31.03.2013
PART I			Audited
1 (a) Gross Sales/Income from Operations	362.500	369.500	1417.400
Less: Excise Duty	21.600	22.700	84.800
Net Sales/Income from Operations	340.900	3.46.800	1332.600
(b) Operating Income	0.300	0.900	3.200
Total Income from Operations (Net)	341.200	347.700	1335.800
2 Expenses
a) Cost of Material consumed	165.800	216.000	778.300
b) Purchases of Stock in Trade	0.200	0.400	6.200
c) Changes in inventories of finished goods, work-in-process and stock-in-trade	65.300	3.400	79.500
d) Employee benefits expense	14.400	14.100	53.800
e) Depreciation & amortisation expenses	4.300	4.200	16.700
f) Net Foreign Exchange Loss(Gain)	0.400	0.800	7.200
g) Consumption of Fuel Power & Water	55.300	70.800	249.400
h) Other expenditure	23.400	25.100	103.000
Total	329.100	334.800	1294.100
3 Profit/{Loss) from Operations before Other Income & finance cost and exceptional items(1-2)	12.100	12.900	41.700
4 Other Income	5.500	5.700	22.900
5 Profit/(Loss) from ordinary activities before finance cost and exceptional items (3+4)	17.600	18.600	64.600
6 Finance Cost	15.300	16.400	56.000
7 Profit/(Loss) from ordinary activities after finance cost but before exceptional items (5-6)	2.300	2.200	8.600
8 Exceptional items	-	-	-
9 Profit/Loss) from ordinary activities before Tax(7-8)	2.300	2.200	8.600
10 Tax Expenses	(0.100)	0.800	1.600
11 Net Profit/(Loss) from ordinary activities after Tax(9-10)	2.400	1.400	7.000
12 Extraordinary items	-	-	-
13 Net Profit/(Loss) for the period (11 -12)	2.400	1.400	7.000
14 Paid-up Equity Share Capital (face value Rs.2/-per share	36.000	36.000	36.000
15 Reserves (Excluding Revaluation Reserves)			3724
16 Basic/Diluted EPS (Rs) before and after extraordinary items (of Rs.2/-each)	0.13	0.08	0.39
PART II
A PARTICULARS OF SHARE HOLDING
1 Public Shareholding
Number of Shares	4991338	4991338	4991338
-Percentage of Shares holding	27.73%	27.73%	27.73%
2 Promoters & Promoter group Shareholding
a) Pledged/Encumbered	Nil	Nil	Nil
b) Non-Encumbered
-Number of Shares	13008662	13008662	13008662
-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
-Percentage of Shares (as a % of the total share capital of the company)	72.27 %	72.27 %	72.27 %
B INVESTOR COMPLAINTS	Year Ended 31^st March 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

(Rs. In Millions)

Statement of Assets and Liabilities	Year Ended
	31.03.2013 Audited
1. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	36.000
{b) Reserves and Surplus	372.400
(2) Non-Current Liabilities
(a) Long-term borrowings	507.600
(b) Deferred tax liabilities (Net)	7.300
(c) Other Long-term Liabilities	5.300
(d) Long term provisions	13.500
(3) Current Liabilities
(a) Short-term borrowings	22.200
(b) Trade payables	184.400
(c) Other current liabilities	22.200
(d) Short-term provisions	2.100
Total	1173.000
II. Assets
(1) Non-current assets
(a) Fixed assets
(i) Tangible assets	227.400
(ii) Intangible assets	1.400
(iii) Capital work-in-progress	0.500
(b) Non-current investments	177.300
(c) Long term loans and advances	271.300
(2) Current assets
(a) Inventories	206.600
(b) Trade receivables	234.600
(c) Cash and Bank Balances	8.700
(d) Short Term Loans & advances	45.200
Total	1173.000

Notes:

1) The Company, by itself operates only in one reportable segment, namely, paper.

2) The figures for the quarter ended 31st March are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to 31st December.

3) The figures for the previous periods have been recast and regrouped wherever necessary to conform to current period's presentation.

FIXED ASSETS

· Land – Freehold

· Building

· Machinery

· Furniture and Fixtures

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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.56.42
UK Pound	1	Rs.86.54
Euro	1	Rs.73.86

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.