MIRA INFORM REPORT

Report Date :

18.03.2013

IDENTIFICATION DETAILS

Name :	MAURIA UDYOG LIMITED
Registered Office :	Anand Jyoti Building, 41 Netaji Subhas Road, Room No. 107, 1^st Floor, Kolkata - 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.09.1980
Com. Reg. No.:	21-033010
Capital Investment / Paid-up Capital :	Rs. 133.200 Millions
CIN No.: [Company Identification No.]	L51909WB1980PLC033010
TAN No.: [Tax Deduction & Collection Account No.]	CALM04672D / CALM00576C
PAN No.: [Permanent Account No.]	AABCM9522F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Cylinders, Valves and Regulators.
No. of Employees :	Not Available

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 3180000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Performance capability appears to be high. The external borrowing seems to be increasing over a years. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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	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

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

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.

LOCATIONS

Registered Office :	Anand Jyoti Building, 41 Netaji Subhas Road, Room No. 107, 1^st Floor, Kolkata - 700001, West Bengal, India
Tel. No.:	91-33-65180616
Fax No.:	Not Available
E-Mail :	lmgupta@mauria.com kmpai@mauria.com
Website:	http://www.mauria.com
Head Office :	602, Chiranjiv Tower 43, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-26221934/ 26414056/ 26447645-47
Fax No.:	91-11-26414057/ 26234244
E-Mail :	mauria_sureka@yahoo.co.in headoffice@mauria.com
Factory :	Sector - 25, Sohna Road, Faridabad - 121004, Haryana, India
Tel. No.:	91-129-2230394/ 2443195/ 4092003/ 4092006
Fax No.:	91-129-2231220
E-Mail :	mauria@mantraonline.com info@mauria.com

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Vishnu Kumar Sureka
Designation :	Managing Director
Address:	M- 14/B, NDSE Part- II, New Delhi - 110049, India
Date of Birth:	23.09.1950
Qualification :	Graduate
Date of Appointment :	31.12.1992
Name :	Mr. Navneet K Sureka
Designation :	Executive Director
Address:	M- 14/B, NDSE Part- II, New Delhi - 110049, India
Date of Birth:	16.09.1973
Date of Appointment :	29.07.1997
Name :	Mr. Akhil K Sureka
Designation :	Director
Address:	M- 14/B, NDSE Part- II, New Delhi - 110049, India
Date of Birth:	08.10.1978
Date of Appointment :	01.10.2001
Name :	Mr. O P Bhardwaj
Designation :	Director
Address:	SFS. Flats- No. 87, Ashok Vihar, Phase - 4, Delhi - 110052, India
Date of Birth:	07.06.1951
Qualification :	B. Com
Date of Appointment :	1.12.2003
Name :	Mr. Puneet Kumar Saraf
Designation :	Director
Address:	23/A, Banarasi Dass Estate, Lucknow Road, Timarpur, Delhi - 110054, India
Date of Birth:	09.04.1978
Qualification :	B.Com
Date of Appointment :	14.02.2006
Name :	Mr. Mohan Lal
Designation :	Director
Address:	H. No. 858, Gali No. 4, Bhood Colony, Old Faridabad, Faridabad - 121001, Haryana, India
Date of Birth:	10.10.1957
Date of Appointment :	1.12.2003
Name :	Mr. Swarnjit Singh Kamra
Designation :	Director
Address:	C- 3/186, Janakpuri, New Delhi - 110058, India
Date of Birth:	05.11.1949
Date of Appointment:	11.09.2008
Name :	Mr. Vijay Kumar Gupta
Designation :	Director
Address:	11- Kasinath Mullick Lane, Kolkata - 700073, West Bengal, India
Date of Birth:	14.07.1957
Date of Appointment:	11.09.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Cylinders, Valves and Regulators.

Products :

Product Description	Item Code
Soyabeen Meal / Oil Cake	230400
LPG Cylinder	731100
TMT Bar	720490

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed@ Capacity
LPG Cylinders	Nos.	1800000
LPG Valves	Nos.	1800000
LPG Regulator	Nos.	1200000

Note: @ as certified by the management.

Particular	Unit	Actual Production
LPG Cylinders	Nos.	1308145
LPG Valves	Nos.	2476826
LPG Regulator	Nos.	674198
Brass Adopter	Nos.	--
Cylinder Accessories and Parts	Nos.	See note below
Terry Towel	Kgs.	164695.71
Towel Fabric	Kgs.	741.82
Readymade Garments	Nos.	20786
Other Fabric (Processed)	Kgs.	3237

Note:

• Quantitative particulars of cylinder accessories and parts and other have not been given as it consists of various numerous assorted items.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Standard Chartered Bank - 10, Parliament Street, New Delhi - 110001, India

Ø Export Import Bank of India- Centre One Building, Floor 21, World trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India

Ø Karnataka Bank Limited

Ø Allahabad Bank

Ø HDFC Bank Limited

Ø Kotak Mahindra Bank Limited

Ø ICICI Bank Limited

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loan
Karnataka Bank Limited	41.496	46.273
Religare Finvest Limited	231.782	120.324
ICICI Bank Limited	28.278	0.000
HDB Financial Services Limited	30.000	0.000
Working Capital Loans
Karnataka Bank Limited	608.509	454.284
Allahabad Bank	196.838	151.242
Auto Loans
HDFC Bank Limited	10.780	5.498
Kotak Mahindra Bank Limited	0.000	1.877
BMW Financial Services Limited	4.253	5.116
Other Loan
Forward Lease arrangement with Tamweel, PJSC, Dubai, UAE	30.859	30.036
Acceptance	1034.895	990.233
Total	2217.690	1804.883

Banking Relations :	--
Financial Institutions :	Ø Religare Finvest Limited Ø HDB Financial Services Limited Ø BMW Financial Services Limited
Auditors :
Name :	Kamal Kumar Gupta Chartered Accountant
Associates :	Ø Jotindra Steel And Tubes Limited Ø Bihariji Ispat Udyog Limited Ø Synthetic Industries Limited Ø Merchants Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13320000	Equity Shares	Rs. 10/- each	Rs. 133.200 Millions

Shareholders holding 5% or more of shareholding

Name of Shareholders	31.03.2012
	No. of Shares	% of Held
Navneet Kumar Sureka	2267340	17.02
Navneet Kumar Sureka (HUF)	2071800	15.55
Deepanshu Sureka	1386600	10.41
Deepa Sureka	2061015	15.47
Prem Lata Sureka	1419615	10.66

Bonus Shares given in last years:

On 20.03.2012, 8880000 equity shares have been issued as fully paid up Bonus Shares by way of capitalization of Shares premium reserve amounting to Rs. 63.000 Millions and Rs. 25.800 Millions out of accumulated Balance of Profits.

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		133.200	44.400	44.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		661.208	659.923	591.491
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		794.408	704.323	635.891
LOAN FUNDS
1] Secured Loans		2217.690	1804.883	712.565
2] Unsecured Loans		59.753	66.123	35.059
TOTAL BORROWING		2277.443	1871.006	747.624
DEFERRED TAX LIABILITIES		24.074	19.383	15.554
TOTAL		3095.925	2594.712	1399.069
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		585.680	572.180	495.177
Capital work-in-progress		19.030	1.317	3.510
INVESTMENT		28.195	26.926	26.682
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	703.657	835.389	615.043
	Sundry Debtors	2112.952	798.107	809.591
	Cash & Bank Balances	153.150	126.091	131.440
	Other Current Assets	193.151	152.570	0.000
	Loans & Advances	268.665	651.577	360.763
Total Current Assets		3431.575	2563.734	1916.837
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	648.560	294.387	592.563
	Other Current Liabilities	277.001	230.874	424.501
	Provisions	42.994	44.184	26.073
Total Current Liabilities		968.555	569.445	1043.137
Net Current Assets		2463.020	1994.289	873.700
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3095.925	2594.712	1399.069

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	8959.799	7921.415	5970.128
		Other Income	11.389	10.292	22.815
		TOTAL (A)	8971.188	7931.707	5992.943
Less	EXPENSES
		Cost of material consumed	1515.826	1152.619
		Purchase of stock in trade	6146.754	6028.358
		Changes in inventories of finished goods, work in progress and stock in trade	85.182	(108.394)
		Employee benefit expenses	33.918	37.000
		Other Expenses	946.757	641.386
		TOTAL (B)	8728.437	7750.969	5855.901
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		242.751	180.738	137.042
Less	FINANCIAL EXPENSES (D)		67.860	35.305	48.464
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		174.891	145.433	88.578
Less/ Add	DEPRECIATION/ AMORTISATION (F)		33.842	26.726	23.508
	PROFIT BEFORE TAX (E-F) (G)		141.049	118.707	65.070
Less	TAX (H)		47.132	39.829	28.892
	PROFIT AFTER TAX (G-H) (I)		93.917	78.878	36.178
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	N.A.	779.382	912.649
	IMPORTS
		Raw Materials		63.831	110.398
		Stores & Spares		0.399	0.000
		Capital Goods		54.606	0.944
	TOTAL IMPORTS		N.A.	118.836	111.342
	Earnings Per Share (Rs.)		20.62	16.86	8.15

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.05	0.99	0.60
Net Profit Margin (PBT/Sales)	(%)	1.57	1.50	1.09
Return on Total Assets (PBT/Total Assets}	(%)	3.51	3.79	2.70
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.10
Debt Equity Ratio (Total Debt/Networth)		2.87	2.66	1.18
Current Ratio (Current Asset/Current Liability)		3.54	4.50	1.84

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	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	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Directors [Including interest free loan Rs. 21.548 millions]	39.130	48.857
From Bodies Corporate	11.652	0.000
From Other than Related Parties
From Bodies Corporate	8.971	17.266
Total	59.753	66.123

COMPANY PROFILE

INTRODUCTION

Subject is India’s largest Exporter and Manufacturer for welded steel cylinders.

They are the flagship company of a multi-product group of companies and is the India’s largest manufacturer and exporter of LPG Cylinders, LPG Valves, LPG Regulators and Terry Towels having an annual production of 3.0 million each for LPG cylinders and valves whereas for regulators it is 1.5 million.

Subject is an ISO 9001:2008 company certified by BSI, accredited by UKAS. Subject is also certified for OHSAS 18001: 2007 and ISO 14001: 2004 by BSI for its Health Safety and Environmental Management Systems. They are a Govt. of India recognized TRADING HOUSE, for consistent export of their products to various parts of the world such as UK, France, Poland, Spain, Denmark, Portugal, Australia, Angola, Tanzania, UAE, Bangladesh, Kenya, Sri Lanka, Maldives, Madagascar, Iraq, South Africa, Afghanistan, Oman, Bahrain, Ghana, Malta, Mauritania, Tunisia, Senegal, Mauritius, Libya, Tanzania, Congo, Nigeria, Mali, Cote’d’Ivoire, Zambia, Mozambique, Tchad, Cambodia, Guadeloupe, French Guyana, Martinique, Cameroon, Malawi, Benin, Togo, Sierra Leone, Cabo Verde, Netherland, South Korea, Nepal, etc., MUL exports its products to practically every continent of the world. The manufacturing works is situated at Faridabad, on the outskirts of New Delhi in the NCR region.

The Company has invested an amount of almost US$ 5.00 million in the modernization of its manufacturing unit in last three years, employing a team of about 750 qualified, experienced, dedicated skilled and unskilled workers. The products are being regularly inspected and certified by reputed international inspection agencies, such as Bureau Veritas, India (BV), SGS and Bureau of Indian Standards.

WELDED STEEL LPG CYLINDERS

Over the past 29 years subject has produced the cylinders as per different international standards such as EN 1442, ISO 4706, SANS 4706, DOT 4BA, KS ISO 4706, ISO 22991, IS 3196, OS 120, NIS 69, AS 2469, AS 2470, SNI 1452, SLS 1178 and EN 13322-1. Customers such as BP, SHELL, TOTAL, BOC/LINDE, VITOGAZ and ADDAX and ORYX GROUP etc. to name but a few have enjoyed their international quality at an affordable price. They have installed rigorous standards with modern equipment and a keen and well-trained workforce. They produce the cylinders from 4.0 litre (1.7 kgs gas capacity) to 120.0 litre (50.0 kgs ) for LPG and other gases such as ammonia and refrigerants.

REFILLABLE AND NON-REFILLABL CYLINDERS

Subject also manufactures Refillable (Refrigerant) cylinders as per ISO 4706, AS 2469, AS 2470 and EN 13322-1. The Non-refillable cylinders are manufactured as per DOT 39, EN 12205 and ISO 11118.

SELF CLOSING (COMPACT), MANUAL and CAMPING TYPE VALVES

Subject has the capability and facilities to manufacture any type and size of Valve fittings for use with Liquefied Petroleum Gas Cylinders of more than 5 Litres Water capacities. Valves are manufactured as per different standards with reference to different design and testing standards (national and international) such as IS 8737, EN 13152, EN 13153, EN 13953, EN 849, DIN 477, SLS 1184 and SNI 1591.

LPG REGULATORS and ADAPTORS

Subject manufactures all types and sizes of Pressure Regulators for use with Liquefied Petroleum Gas. Regulators are manufactured as per different Standards with reference to different designs and testing standards (national and international) such as IS 9798, EN 12864 and EN 13785.

LPG CYLINDER ACCESSORIES

Subject also manufactures various other Gas appliances such as LPG Burners, Cooker Rings, Heat Shields, Cylinder Guards, etc.

INTERNATIONAL RECOGNITION

Subject is an approved global supplier for LPG Cylinders to the following multinational oil and LPG companies: Totalgaz; BOC-Linde/Afrox; Shell; BP; Rubisenergie/Vitogaz and Oryx Oil and Gas.

And national oil companies such as:

ADNOC-UAE, Gas Filling Company-Iraq, Brega Petroluem-Libya, National Oil Company-Kenya, Somagaz-Mauritania, PT Pertamina-Indonesia and Indian Oil Giants like Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation limited.

LOGISTICS

Subject has a full-fledged logistics department and has made successful delivered shipments to Iraq, Kenya, Angola, Sri Lanka, Bangladesh, South Africa, Mauritius, Madagascar, UAE, etc. Subject holds the record for being the first company to deliver any commercial cargo to post-war Baghdad (Iraq) in 2003, among its 1.8 million cylinders shipped between 2000-2003 (including interruptions by the Iraq War), handling more than 1300 x 40’ FCLs. During the Iraq deliveries, Subject had chartered vessels on time and voyage charter basis to exclusively carry its containers.

OTHER GROUP COMPANIES AND PRODUCT LINES

TERRY TOWELS

Subject manufactures export-quality, luxury soft terry towels in a modern unit.

INTERNATIONAL TRADING and MERCHANDISING DIVISION

They distribute readymade garments for internationally recognized brands such as LEVIS/ DENIZEN, and in-house brand TAANZ. Mauria also retails these products through its dedicated stores in various parts of the country.

They also does international and domestic trading in agro-commodities such as soyabean meal and oil and Metals such as steel, brass, zinc, copper, ferrous scrap.

THEIR GROUP COMPANIES ARE:

JOTINDRA STEEL and TUBES LTD (JST)

An ISO 9001 company, and one of the pioneers in Steel Tubes and Pipes manufacturing in India, JST, is a major producer and exporter of ERW MS Black Steel Tubes and GI (Galvanised Iron) Pipes in India. JST is an authorized by the American Petroleum Institute to use API Monogram and are certified by them for manufacturing the pipes as per API Spec Q1, API Spec 5L PSL 1 and API ISO / TS 29001.

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Ownership Flats

Ø Plant and Machinery

Ø Electricity Installations

Ø Dies

Ø Measuring and Testing Equipments

Ø Furniture and Fixtures

Ø Office Equipments

Ø Computers

Ø Air Conditioner and Fans

Ø Vehicles

Ø Cranes

Ø Truck Trailers

Ø Fire Fighting Equipments

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2012

(Rs. In Millions)

Particular	3 months ended 30.09.2012	Preceding 3 months ended 30.06.2012	Year to date figures for the current period ended 30.09.2012
	Unaudited	Unaudited	Unaudited
Income from Operations
Net Sales/Income from Operations	2478.601	2049.444	4528.045
Other Operating Income	0.603	0.371	0.974
Total Income from operations (net)	2479.204	2049.815	4529.019
Expenses
(a) Cost of material consumed	756.217	591.801	1348.018
(b) Purchase of stock in trade	1059.910	959.598	2019.508
(c) Changes in inventories of finished goods, work in progress and stock in trade	196.165	99.828	295.993
(d) Employee benefit expenses	8.239	10.975	19.214
(e) Depreciation and amortization expenses	9.392	10.324	19.716
(f) Other Expenses	350.747	294.904	645.651
Total Expenses	2380.670	1967.430	4348.100
Profit from Operations before Other Income, Finance costs and Exceptional item	98.534	82.385	180.919
Other Income	2.207	2.213	4.420
Profit/ Loss from Ordinary Activities before Finance costs and Exceptional item	100.741	84.598	185.339
Finance costs	62.448	51.668	114.116
Profit/ Loss from Ordinary Activities after Finance costs but Exceptional item	38.293	32.930	71.223
Exceptional item	0.000	0.000	0.000
Profit/ Loss from Ordinary Activities before tax	38.293	32.930	71.223
Tax Expenses	12.000	10.000	22.000
Net Profit/ Loss from Ordinary Activities after tax	26.293	22.930	49.223
Extraordinary items (Net of Tax expense Rs. Millions)	0.000	0.000	0.000
Net Profit / Loss for the period (11 ±12)	0.000	22.930	49.223
Share of profit/ (loss) of associates	0.000	0.000	0.000
Minority interest	0.000	0.000	0.000
Net Profit/ (loss) after taxes, minority interest and share of profit/ (loss) of associates	26.293	22.930	49.223
Paid- up Equity Share Capital (Face value of the share – Rs. 10)	133.200	133.200	133.200
Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year	460.983	460.983
Earnings per share (before extraordinary items) (of Rs. 10/- each) (not annualized) - Basic	1.97	1.72	3.70
- Diluted
Earnings per share (after extraordinary items) (of Rs. 10/- each) (not annualized) - Basic	1.97	1.72	3.70
- Diluted
PARTICULARS OF SHAREHOLDING
1. Public shareholding
Number of Shares	3420480	3420480	3420480
Percentage of Shareholding	25.68	25.68	25.68
2. Promoters and promoter group shareholding
a) Pledged/Encumbered
- Number of Shares	0.00	0.00	0.00
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	0.00	0.00	0.00
- Percentage of Shares (as a % of the Total Share Capital of the Company)	0.00	0.00	0.00
Non - encumbered
- Number of Shares	9899520	9899520	9899520
- 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)	74.32	74.32	74.32

	Particulars	3 months ended 30.09.2012
B	Investor complaints
	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:

1. The above Unaudited Financial Results have been prepared on the basis of accounting policies adopted by the company for preparing the statutory accounts in the past and were reviewed by the Audit Committee.

2. Provision for Income Tax includes Deferred Tax, pursuant to provisions of accounting standard AS22.

3. Provisions have not been made in respect of decrease in Market Value of Quoted Investment being considered temporary in nature.

4. Statement of Assets and Liabilities as per Clause 41-I[ea] of the Listing Agreement is enclosed as an annexure.

5. The Unaudited Financial Results for the quarter ended 30.09.2012, have been approved and taken on record by the Board of Directors in their meeting held on 10.11.2012.

SEGMENT – WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGRREMENT

(Rs. In Millions)

Particulars	3 months ended 30.09.2012	Preceding 3 months ended 30.06.2012	Year to date figures for the current period ended 30.09.2012
	Unaudited	Unaudited	Unaudited
1. Segment Revenue
a. Segment A - Manufacturing	1400.822	1047.324	2448.146
b. Segments B - Merchandising	1077.779	1002.120	2079.899
c. Segment C - Investments & Finance	0.000	0.000	0.000
d. Unallocated	0.603	0.371	0.974
Total	2479.204	2049.815	4529.019
Less: Inter – segment revenue	0.000	0.000	0.000
Total income from operations (net)	2479.204	2049.815	4529.019
2. Segment Results
Profit/ (loss) before tax and interest
a. Segment A - Manufacturing	87.627	32.931	120.558
b. Segments B - Merchandising	10.304	49.083	59.387
c. Segment C - Investments & Finance	0.000	0.000	0.000
d. Unallocated	0.603	0.371	0.974
Total	98.534	82.385	180.919
Less: Finance Costs	62.448	51.668	114.116
Other un-allocable expenditure	0.000	0.000	0.000
Add: un-allocable operating income	2.207	2.213	4.420
Total Profit Before Tax	38.293	32.930	71.223
3. Capital Employed
(Segment Assets – Segment Liabilities)
a. Segment A - Manufacturing	25.860	491.419	517.279
b. Segments B - Merchandising	0.450	96.640	97.090
c. Segment C - Investments & Finance	(0.017)	28.195	28.178
d. Unallocated			0.000
Total	26.293	616.254	642.547

* Strike off whichever is not applicable

# Profit/ (Loss) before tax and after interest in case of segments having operations which are primarily of financial nature.

** Other than the interest pertaining to the segments having operations which are primarily of financial nature.

Notes:

(a) Segment Revenue, Segment Results, Segment assets and Segment liabilities shall have the same meaning as defined in the Accounting Standards on Segments Reporting (AS-17) issued by ICAI /Company. (Accounting Standard) Rules, 2006

(b) The above information shall be furnished for each of the reportable primary segments as identified in accordance withAS-17, issued by ICAI /Company [Accounting Standard ) Rules, 2006

STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS PER CLAUSE 41 OF THE LISTING AGRREMENT

(Rs. in Millions)

Particulars		As at year end / year 30.09.2012
A. EQUITY AND LIABILITIES		Audited
1. Shareholders Funds
a] Share Capital		133.200
b] Reserves and Surplus		710.229
c] Money received against share warrants		0.000
Sub-total – Shareholders’ funds		843.429
Share application money pending allotment		0.000
Minority interest *		0.000
2. Non-current Liabilities
a] Long term Borrowings		608.763
b] Deferred Tax Liabilities		24.074
c] Other long-term liabilities		0.000
d] Long term provisions		0.000
Sub-total - Non-current Liabilities		632.837
3. Current Liabilities
a] Short term Borrowings		1948.703
b] Trade Payables		1119.851
c] Other Current Liabilities		384.379
d] Short Term Provision		22.000
Sub-total - Current Liabilities		3474.934
TOTAL - EQUITY AND LIABILITIES		4951.200
B ASSETS
1. Non-current assets
a] Fixed assets		634.282
b] Goodwill on consolidation *		0.000
c] Non-current investments		22.706
d] Deferred tax assets (net)		0.000
e] Long-term loans and advances		69.803
f] Other non-current assets		0.000
Sub-total – Non- current assets		726.791
2. CURRENT ASSETS
	Current Investments	5.472
	Inventories	359.864
	Trade Receivables	3220.818
	Cash & Bank Balances	152.423
	Short Term loans and advances	265.911
	Other Current Assets	219.921
Sub-total – Current Assets		4224.410
TOTAL - ASSETS		4951.200

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. 54.16
UK Pound	1	Rs. 81.74
Euro	1	Rs. 70.50

INFORMATION DETAILS

Report Prepared by :

BVA

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
DEFAULTERS
--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.