MIRA INFORM REPORT

Report Date :

28.05.2013

IDENTIFICATION DETAILS

Name :	DHAMPUR SUGAR MILLS LIMITED
Registered Office :	Sugar Mills Compound, Dhampur, District Bijnor – 246761, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.05.1933
Com. Reg. No.:	20-000511
Capital Investment / Paid-up Capital :	Rs. 628.100 Millions
CIN No.: [Company Identification No.]	L15249UP1933PLC000511
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Sugar and Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

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

Maximum Credit Limit :	USD 194100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track record. Financial position of the company appears to be sound. Profitability of the company has increased during 2012. Directors are reported to be experienced and respectable businessman. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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 – 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

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 / Factory :	Sugar Mills Compound, Dhampur, District Bijnor – 246761, Uttar Pradesh, India
Tel. No.:	91-1344-220006/ 220662/ 220884
Fax No.:	91-1344-220006/ 220662
E-Mail :	dsmdhampur@dhampur.com cssaket.associates@gmailc.om
Website :	http://www.dhampur.com
Corporate Office :	241, Okhla Industrial Estate, Phase – III, New Delhi – 110020, India
Tel. No.:	91-11-30659400/ 41612456
Fax No.:	91-11-26935697/ 41612466
E-Mail :	corporateoffice@dhampur.com
Factory :	Dhampur Near Railway, District Bijnor – 246761, Uttar Pradesh, India Telefax : 91-1344–220006/ 220662 Mansurpur District Muzzafarnagar - 251203, Uttar Pradesh, India Tel : 91-1396–252238 Fax : 91-1396–252170 E-Mail : dsmmansurpur@dhampur.com Asmoli Village : Asmoli, Tehsil: Sambhal, District Moradabad – 244304, Uttar Pradesh India Telefax : 91-5923-221566/ 221310 E-Mail : dsmasmoli@dhampur.com Rajpura Village and Post Office: Rajpura, District Badaun 202527, Uttar Pradesh, India Tel : 91-5836-239055 Fax : 91-5836-239054 E-Mail : dsmrajpura@dhampur.com

DIRECTORS

AS ON 31.03.2012

Name :	Mr. V. K. Goel
Designation :	Chairman
Name :	Mr. A. K. Goel
Designation :	Vice Chairman
Name :	Mr. Gaurav Goel
Designation :	Managing Director
Date of Birth/Age :	38 Years
Qualification :	Bachelor in Business Management
Experience :	17 Years
Other Directorship :	1. Goel Investments Limited 2. Shudh Edible Products Limited 3. Decon Mercantile Private Limited 4. Francis Kleon and Company ( Bombay ) Private Limited 5. Star Metal Refinery Private Limited 6. KSM Holdings Limited 7. Dhampur International Pte. Limited ( Singapore) 8. YPO ( Delhi Chapter) U/S 25
Name :	Mr. Gautam Goel
Designation :	Managing Director
Date of Birth/Age :	37 Years
Qualification :	Graduate
Experience :	17 Years
Other Directorship :	1. Goel Investments Limited 2. Shudh Edible Products Limited 3. Saraswati Properties Limited 4. Sonitron Limited 5. KSM Holdings Limited 6. Indian Sugar Exim Corporation 7. Dhampur International Pte. Limited (Singapore) 8. Fat Bio Fuels Technology Pte. Limited (Singapore)
Name :	Mr. A. K. Gupta
Designation :	Director
Name :	Mr. M. P. Mehrotra
Designation :	Director
Date of Birth/Age :	74 Years
Qualification :	Chartered Accountant
Experience :	44 Years
Other Directorship :	1. VLS Finance Limited 2. South Asian Enterprises Limited 3. India Securities Limited 4. Empee Sugars and Chemicals Limited 5. Empee Distilleries Limited 6. Delton Cables Limited 7. SBICAP Securities Limited 8. Baroda Pioneer Asset Management Company Limited 9. Jaybharat Textiles and Real Estate Limited 10. Eskay K’n’IT ( India ) Limited 11. Asahi Industries Limited 12. KSL and Industries Limited 13. K- Lifestyle Technologies Limited 14. Superior Industrial Enterprises Limited 15. Moonrock Hospitality Private Limited 16. Maxim Infracom Private Limited 17. VLS Commodities Limited ( Formerly Gaurav Overseas Export Private Limited) 18. Bay Datacom Solutions (Private) Limited
Name :	Mr. Harish Saluja
Designation :	Director
Date of Birth/Age :	73 Years
Qualification :	Graduate
Experience :	43 Years
Other Directorship :	1. Saraswati Properties Limited 2. Revive Realty Private Limited 3. Ishwar dwellings Private Limited 4. Real Value Developers Private Limited 5. Real Value Energy Limited 6. Norburry Consultants Private Limited 7. Revive Containers Private Limited
Name :	Mr. Rahul Bedi
Designation :	Director
Name :	Mr. J. P. Sharma
Designation :	Director
Name :	Mr. Priya Brat
Designation :	Director
Name :	Mr. B. B. Tandon
Designation :	Director
Date of Birth/Age :	68 Years
Qualification :	M. A., LL. B, IAS
Experience :	44 Years
Other Directorship :	1. Adani Power Limited 2. ACB (India) Limited 3. Bhushan Steel Limited 4. Birla Corporation Limited 5. Exicom Tele-Systems Limited 6. Filatex India Limited 7. Jaiprakash Power Ventures Limited 8. Jaypee Infratech Limited 9. Lanco Anapara Power Limited 10. Oriental Carbon and Chemicals Limited 11. Precision Pipes and Profiles Limited 12. Vikas Global One Limited 13. VLS Finance Limited 14. Ambience Private Limited 15. Ambuja Cement Foundation 16. Price Waterhouse Coopers India, Member of Advisory Board.
Name :	Mr. R. K. Chaujar
Designation :	Nominee Director - Punjab National Bank
Name :	Mr. S. P. Arora
Designation :	Nominee Director - IFCI Limited
Name :	Ms. Romi Chakravorty
Designation :	Nominee Director - IDBI Bank Limited

KEY EXECUTIVES

Name :	Mr. Arhant Jain
Designation :	Executive President (Finance) and Secretary

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	7692767	14.27
Bodies Corporate	13122273	24.34
Any Others (Specify)	9575760	17.76
Directors/Promoters & their Relatives & Friends	85364	0.16
Persons Acting in Concert	9490396	17.61
Sub Total	30390800	56.38
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	30390800	56.38
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	23350	0.04
Financial Institutions / Banks	1962004	3.64
Foreign Institutional Investors	1281447	2.38
Sub Total	3266801	6.06
(2) Non-Institutions
Bodies Corporate	5471570	10.15
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	8848895	16.42
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	5163762	9.58
Any Others (Specify)	764147	1.42
Non Resident Indians	762047	1.41
Trusts	2100	0.00
Sub Total	20248374	37.56
Total Public shareholding (B)	23515175	43.62
Total (A)+(B)	53905975	100.00
© 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)	53905975	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sugar and Chemicals.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Punjab National Bank

Ø Bank of Baroda

Ø Central Bank of India

Ø State Bank of India

Ø Axis Bank

Ø State Bank of Travancore

Ø Jammu and Kashmir Bank

Ø ICICI Bank Limited

Ø IDBI Bank Limited

Ø IFCI Limited

Ø Prathma Bank

Ø UP Co-operative and District Co-operative Banks

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term loans
Rupee term loans from banks	3665.900	2365.400
Rupee term loans from banks under SEFASU	0.000	1.300
Foreign currency term loan from bank (ECB)	203.600	356.700
Rupee term loans from financial institutions	0.000	34.000
Zero coupon rupee term loans from banks	180.600	218.600
Rupee term loans from sugar development fund	1221.800	1433.300
Cash credit from banks	3303.900	2561.800
Total	8575.800	6971.100
Notes: Long-term borrowings Term loans (excise) from banks of Rs. 1.300 Millions under the Government sponsored subvention Scheme for extending Financial assistance to Sugar Undertakings, 2007 (SEFASU,2007) are secured by fifth residual parri passu charge on all movable and immovable assets of the company and personal guarantee of promoter directors. Term loans from bank of Rs. 29.300 Millions are secured by subservient sixth charge on all movable and immovable assets of the company. Term loans from Sugar Development Fund are secured by exclusive second charge on all movable and immovable assets excluding current assets of the company. All other term loans from financial institutions and banks (including ECB and Zero coupon loans) are secured by first parri passu charge on all movable and immovable assets except book debts, stock-in-trade, raw materials, spare parts and other assets and personal guarantee of promoters directors and part of above are also secured by pledge of 7562061 equity shares of Kashipur Sugar Mills Limited. Short-term borrowings All Cash credit limits from banks other than DCB are secured by pledge of stocks of sugar and hypothecation of consumable stores and spare parts, chemicals, molasses etc. by third charge over the fixed assets of the company and personal guarantee of promoter directors. Cash credit accounts from DCB are secured by pledge of stocks of sugar. Rupee term loans from banks are secured by personal guarantee of promoter directors.

Banking Relations :	--
Auditors 1 :
Name :	S. Vaish and Company Chartered Accountants
Address :	Kanpur, Uttar Pradesh, India
Auditors 2 :
Name :	Mittal Gupta and Company Chartered Accountants
Address :	Kanpur, Uttar Pradesh, India
Subsidiary :	Ø Dhampur International Pte Limited
Associate :	Ø Kashipur Sugar Mills Limited
Enterprises where there is significant influence :	Ø Goel investments Limited Ø Ujjwal Rural Services Limited Ø Saraswati Properties Limited Ø Shudh Edible Products Limited Ø Sonitron Limited

CAPITAL STRUCTURE

AS ON 30.08.2012

Authorised Capital : Rs. 1830.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 627.355 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
97000000	Equity Shares	Rs. 10/- each	Rs. 970.000 Millions
5100000	Preference shares	Rs. 100/- each	Rs. 510.000 Millions
	Total		Rs. 1480.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
53905975	Equity Shares	Rs. 10/- each	Rs. 539.100 Millions
	Add: 325496 Equity shares forfeited		Rs. 0.700 Million
413940	6% Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 41.400 Millions
469013	1% Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 46.900 Millions
	Total		Rs. 628.100 Millions

Reconciliation of shares outstanding at the and at the end of the reporting period is set out below :

Particulars	31.03.2012
	Number of Shares	Amount in Millions
Authorized shares
Equity shares
At the beginning of the period	87000000	870.000
Added as per scheme of amalgamation of DSDPL	10000000	100.000
Outstanding at the end of the period	97000000	970.000
Preference shares
At the beginning of the period	5100000	510.000
Change during the period	0	0.000
Outstanding at the end of the period	5100000	510.000
Issued , subscribed and paid-up shares
Equity shares
At the beginning of the period	53905975	539.100
Issued during the period - conversion of equity warrant	0	0.000
Outstanding at the end of the period	53905975	539.100
Preference shares
At the beginning of the period	882953	88.300
Change during the period	0	0.000
Outstanding at the end of the period	882953	88.300

Details of shareholders holding more than 5% shares :

Particulars	31.03.2012
	Number of Shares	% holding
Equity shares of Rs. 10 each fully paid-up
Goel Investments Limited	11255515	20.88
Sonitron Limited	4940716	9.17
Shudh Edible Products Limited	4549680	8.44
Gautam Goel	3009702	5.58
Gaurav Goel	2993095	5.55
6% Cumulative Redeemable Preference shares of Rs. 100 each fully paid-up
IFCI Limited	413940	100.00
1% Cumulative Redeemable Preference shares of Rs. 100 each fully paid-up
IFCI Limited	469013	100.00

Calls unpaid of equity shares

Particulars	31.03.2012
	Number of Shares	Amount in Millions
i) Calls unpaid by directors and officers	Nil	Nil
i) Calls unpaid by others	2185	0.011

Terms/right attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting

Terms of redemption of Preference shares

(i) 469013 - 1% Cumulative Redeemable Preference Shares of Rs.100 each are redeemable in 12 quarterly equal installments commencing from December, 2012.

(ii) 413940 - 6% Cumulative Redeemable Preference Shares of Rs.100 each are redeemable in 12 quarterly equal installments commencing from December, 2013.

The Board of directors recommended the following dividend :

Particulars	31.03.2012
Proposed dividend per equity share of Rs. 10/- each	Rs. 1.25
Proposed dividend per 1% Cumulative Redeemable Preference Share of Rs.100/- each	Rs. 1.00
Proposed dividend per 6% Cumulative Redeemable Preference Share of Rs.100/- each	Rs. 6.00

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012 [12 Months]	31.03.2011 [18 Months]	30.09.2009
SHAREHOLDERS FUNDS
1] Share Capital		628.100	628.100	624.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4225.200	4461.100	4370.100
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4853.300	5089.200	4994.600
LOAN FUNDS
1] Secured Loans		8575.800	6971.100	7004.500
2] Unsecured Loans		227.000	759.200	316.900
TOTAL BORROWING		8802.800	7730.300	7321.400
DEFERRED TAX LIABILITIES		16.200	0.000	0.000
TOTAL		13672.300	12819.500	12316.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9849.800	9763.000	9587.400
Capital work-in-progress		348.300	177.400	435.800
INVESTMENT		89.900	454.600	277.800
DEFERRED TAX ASSETS		0.000	138.800	154.200
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7102.300	6668.500	4195.800
	Sundry Debtors	2162.700	852.200	893.000
	Cash & Bank Balances	132.100	227.700	370.400
	Other Current Assets	244.900	333.400	0.000
	Loans & Advances	508.400	624.700	943.600
Total Current Assets		10150.400	8706.500	6402.800
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4331.000	4469.100	4213.100
	Other Current Liabilities	2102.800	1644.000	92.000
	Provisions	332.300	307.700	236.900
Total Current Liabilities		6766.100	6420.800	4542.000
Net Current Assets		3384.300	2285.700	1860.800
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		13672.300	12819.500	12316.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 [12 Months]	31.03.2011 [18 Months]	30.09.2009
	SALES
		Revenue from operations	15362.900	23376.000	9355.400
		Other Income	45.200	261.600	136.100
		TOTAL (A)	15408.100	23637.600	9491.500
Less	EXPENSES
		Cost of materials consumed	10320.700	21625.500
		Purchases of Stock-in-Trade	1499.300	1070.300
		(Increase)/Decrease in inventories of finished goods, work-in-progress and traded goods	(396.800)	(4563.600)
		Employee benefits expense	589.600	930.800
		Other expenses	1329.600	2236.300
		TOTAL (B)	13342.400	21299.300	7444.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2065.700	2338.300	2046.800
Less	FINANCIAL EXPENSES (D)		948.700	1272.400	809.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1117.000	1065.900	1236.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		676.600	961.700	615.800
	PROFIT BEFORE TAX (E-F) (G)		440.400	104.200	621.100
Less	TAX (H)		155.000	17.400	59.200
	PROFIT AFTER TAX (G-H) (I)		285.400	86.800	561.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		466.100	447.100	81.200
Add	PROFIT OF DHAMPUR SUGAR DISTILLERY PRIVATE LIMITED ON AMALGAMATION UPTO 31.03.2011		43.000	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	500.000	0.000	100.000
		Dividend on Equity Shares	67.400	53.900	79.100
		Dividend on Preference Shares	3.000	4.400	3.000
		Tax on Dividend	11.400	9.500	13.900
			581.8	67.8	196
	BALANCE CARRIED TO THE B/S		212.700	466.100	447.100
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	1455.300	1870.300	0.000
	IMPORTS
		Stores and spare parts	1.500	1.400	5.400
		Stock-in trade/ Raw material	1270.000	2971.100	2869.600
		Capital goods	0.000	40.900	0.000
	TOTAL IMPORTS		1271.500	3013.400	2875.000
	Earnings Per Share (Rs.)		5.23	1.52	10.59

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
Sales Turnover	3629.100	3405.000	3158.100	3577.200
Total Expenditure	3098.000	2898.200	2727.300	2836.200
PBIDT (Excl OI)	531.100	506.800	430.800	741.100
Other Income	3.800	5.700	26.600	37.100
Operating Profit	534.900	512.500	457.400	778.200
Interest	305.700	229.500	193.800	274.900
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	229.100	283.000	263.600	503.300
Depreciation	137.400	128.800	187.500	258.100
Profit Before Tax	91.800	154.200	76.100	245.200
Tax	27.500	46.300	22.800	78.600
Provisions and Contingencies	0.000	0.000	0.000	0.000
Reported PAT	64.200	107.900	53.300	166.600
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	64.200	107.900	53.300	166.600

KEY RATIOS

PARTICULARS		31.03.2012 [12 Months]	31.03.2011 [18 Months]	30.09.2009
PAT / Total Income	(%)	1.85	0.38	5.92
Net Profit Margin (PBT/Sales)	(%)	2.87	0.45	6.64
Return on Total Assets (PBT/Total Assets}	(%)	2.20	0.56	3.88
Return on Investment (ROI) (PBT/Networth)		0.09	0.02	0.12
Debt Equity Ratio (Total Debt/Networth)		1.81	1.52	1.47
Current Ratio (Current Asset/Current Liability)		1.50	1.36	1.41

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	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	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Deposits - from directors and their relatives	26.900	11.200
- from public	151.100	145.400
Buyers' credit from bank	44.800	594.300
Loans and advances from related parties	4.200	8.300
Total	227.000	759.200

PERFORMANCE OF THE COMPANY’S CHEMICAL UNIT:

The production of RS/ENA/Ethanol was at 181.96 lac BL during the year ended 31st March, 2012 as against production of 208.90 lac BL in the 18 months ended 31st March 2011.

Production (net) of chemicals stood at 184.19 lac kilograms during the year ended 31st March 2012 as against 184.95 lac kilograms in 18 months ended 31st March 2011.

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL SUGAR INDUSTRY

After two deficit years, world sugar production almost matched world sugar consumption at 167 million tonnes (MT) in 2010-11 compared with a production of 160.56 MT in 2009-10. Global fundamentals shifted from a perceived deficit to a short-term surplus due to a larger-than-expected Indian and Thai harvest.

Brazil: Brazil is the world’s largest sugar producer, producing 38.7 MT of sugar in 2010-11 compared with 28.6 MT in 2009-10. The sugar production in 2011-12 is estimated to dip to 37.07 MT, owing to dry weather conditions. In the upcoming harvest season, an increased amount of sugarcane will be diverted to ethanol production rather than sugar production as ethanol will enjoy a strong price momentum in the coming year owing to an additional two million flexi-fuel cars in Brazil in 2010-11 and ethanol shortage owing to a higher swing towards sugar production.

China: China is the world’s second largest sugar consumer after India. It imports most of its annual sugar requirement from Brazil – the world’s top producer. The country’s production declined from 11.4 million tonnes in 2009-10 to 10.5 million tonnes in 2010-11 as it was affected by drought. In 2011-12, the country is expected to produce around 11.5 million tonnes of sugar and import around 2.5 million tonnes of sugar in order to meet its annual demand of 14-14.5 million tonnes.

Thailand: Thailand is the world’s second-largest sugar exporter after` Brazil. It registered a 40% increase in sugar production from 6.9 million tonnes in 2009-10 to a record 9.7 million tonnes in 2010-11, owing to better climatic conditions. The country is estimated to produce another bumper sugar crop in 2011-12 at around 10 million tonnes, topping its previous year’s output of 9.66 million tonnes, owing to favourable climatic conditions.

OUTLOOK

Going ahead, world sugar production is estimated to be 175.8 million tones for the 2011-12 sugar season owing to higher cane acreage and higher production in India and Brazil. The consumption is expected to be low at 164 million tonnes due to a sluggish global economy and high prices.

INDIAN SUGAR INDUSTRY

The sugar industry is the second-largest agro-based industry in India next only to cotton textiles, supporting over 50 million sugarcane farmers, dependents and labourers involved in cultivation, harvesting and machine manufacture, among others (7.5% of the rural population). India possesses 20% of the world’s total sugar mills and accounts for about 15% of the global production

SUGAR PRODUCTION AND CONSUMPTION:

India’s sugar production during sugar year (SY) 2010-11 was 24.4 million tonnes, a 29.10% growth over the previous year’s 18.9 million tonnes, driven mainly by improved cane acreage, adequate rainfall and increased productivity. During SY 2011-12, sugar production is expected to be 10.16% higher at 26 million tones due to higher sowing in SY 2009-10 and SY 2010-11. This output is likely to outstrip domestic consumption of 23 million tonnes by almost 3 million tonnes. However, this surplus is likely to be offset through exports as the government already allowed 2.0 million tonnes of exports from 2011-12 production and have further allowed export under OGL without any quantitative restriction.

Cane prices: Cane prices increased across India. The state-advised prices (SAP) in UP increased 17-19% from ` 205 - ` 210 per tonne of cane in 2010-11 to ` 240 - ` 250 per tonne of cane in 2011-12, encouraging farmers to plant more sugarcane, leading to higher sugar production, making the country a net exporter of sugar.

Cane production: With higher cane prices, farmers increased the area under cane cultivation by 15.35% from 44.15 lakh hectares in 2008-09 to 50.93 lakh hectares in 2011-12 throughout the country and the farmers in UP increased cane acreage 8.06% from 20.84 lakh hectares to 22.52 lakh hectares respectively in the same period. With higher cane acreage, the total cane production is estimated to increase 9.82% to 380 million tones in 2011-12 as compared with 346 million tonnes in 2010-11.The outlook for cane production remains positive because cane returns continue to be higher than alternative crops.

Sugar prices: Domestic free sugar prices remained subdued between ` 28 and ` 30 per kg 2011-12 mainly because of a domestic sugar surplus. Sugar prices declined to a low of ` 28 per kg in August 2011 on account of lower-than-expected exports, together with a year-on-year rise in free sugar releases and anticipation of roduction increases. But after remaining below the production cost for a long time, prices improved to ` 30 per kg during September-November 2011 due to an increased sugar demand in the festive season, and allowance of 1 million tonnes of sugar exports under OGL. Domestic sugar prices started softening from December 2011 onwards because of fresh sugar production and softening international prices (which offset the positive impact of the government allowing an additional 1 million tonne of exports). Going ahead, outlook is likely to be driven by expectations of domestic sugar production for SY 2012-13, performance of international crude oil prices which will determine raw sugar: ethanol mix in Brazil and the Government of India’s policies regarding sugar exports and import duties.

Exports: Indian sugar production (24.5 million tonnes) surpassed consumption (22 million tonnes) in 2010-11, making India a net exporter of sugar in SY 2010-11. On account of higher production, the government allowed the export of 2 million tonnes of sugar from 2011-12 sugar production and thereafter allowed export under OGL without any quantitative restriction. The delay in harvesting in Brazil has given an opportunity to India to enter the international market and reduce domestic oversupply.

GROWTH DRIVERS

Low per capita consumption: India is one of the world’s largest sugar consumers with the lowest per capita sugar consumption at 21 kgs (Brazil’s per capita sugar consumption is 58 kgs).

Surging population: India’s sugar consumption is likely to be driven by population growth. India’s population of 1.21 billion is expected to reach 1.53 billion by 2030.

Growing per capita income: The increase in India’s per capita income from `10,574 in 1993-94 to ` 60,972 in 2011-12 resulted in higher sugar offtake, a trend that is expected to continue.

OUTLOOK

Going ahead, the cyclical nature of production and cane arrears could affect sugar production in the days to come. India’s sugar production is expected to be at the same level of 26 million tonnes in SY 2012-13, but comfortable enough to meet domestic demand and address exports.

COGENERATION SECTOR

In the present scenario marked by a shortage of fossil fuels, cogeneration faces a promising future. In a sugar mill, bagasse (a fibrous residue of crushed sugarcane) is incinerated to create high pressure steam in boilers to rotate the turbo generator blades to produce an electric current. The process is called cogeneration, which essentially implies the production of two forms of energy (electricity and heat). The power generated is used to meet sugar mill requirements; the surplus is fed into the grid.

India’s 527 working sugar mills crush around 240 million tonnes of cane per year and generate 80 million tonnes of wet bagasse (50% moisture), of which they consume around 70 million tonnes to meet captive requirements of power and steam. Thus, electricity production through cogeneration in sugar mills in India provides low cost, non-conventional power. Under the Eleventh Plan period (2007-2012), the government aims to add 1,700 MW of power generation capacities through biomass and bagasse cogeneration in various states (Maharashtra, Uttar Pradesh, Tamil Nadu and Karnataka). The target comprises 500 MW from biomass projects and 1,200 MW from projects based on utilising bagasse as a source of bioenergy. At present, a capacity of around 1854 MW of surplus power generation has been commissioned in 170 sugar mills in Andhra Pradesh, Bihar, Haryana, Karnataka, Maharashtra, Punjab, Tamil Nadu, Uttar Pradesh and Uttarakhand. More than 200 MW of projects in about 20 private sector sugar mills are under construction.

GROWTH DRIVERS

Low per capita consumption: India's per capita power consumption of 704 units per annum is miniscule compared with the power consumption of many developed countries, indicating the sector’s high growth potential. The National Electricity Policy envisages a rise in per capita power consumption to 1,000 units by 2012.

Substantial investments: As per the Power Ministry, the earmarked transmission and distribution investment for the 11th and 12th Plan is ` 1,400 billion and ` 2,400 billion respectively.

Private sector role: Currently, central and state utilities enjoy a dominant share in the country’s overall generation capacity. Going ahead, there will be a paradigm shift in the participation of private sector players in power generation, catalysed by the Electricity Act 2003 and National Tariff Policy 2006. The private sector, which contributed a mere 11% to installed capacity in FY10, which is expected to account for around 55% of the total capacity addition planned over FY10- 15E. Private sector participation increased on account of attractive returns, increased flexibility, funding options and high merchant power rates. Installed capacity is set to increase from 159,398 MW in FY10 to 270,929 MW in FY15E.

DEMAND AND SUPPLY FOR COAL

Rising power demand: During the mid-nineties, industry and agriculture were the largest consumers of electricity, accounting for 70% of India’s consumption. However, after implementing the Electricity Act in 2003, consumption by industry and agriculture reduced and domestic (residential) consumption grew.

Increased consumption: Power consumption is expected to increase from 668 billion units in 2010-11 to 1,100 billion units by the end of the Twelfth Plan. During the Twelfth Plan, capacities are expected to grow at a CAGR of 5.89%, leading to a 6.2% CAGR in generation. Consumption is expected to grow by a CAGR of 8% during the Twelfth Plan, primarily driven by a higher growth of 9.5% in the commercial segment, 9.25% growth in the domestic (residential) segment, a healthy 8.5% CAGR in the industrial segment and 4% CAGR in agriculture. By 2017, these sectors are estimated to account for around 93% of total consumption in the country. Given the huge capacities expected to be commissioned in various sectors in the economy, it is expected that around 50,000 MW capacities will be added in the Eleventh Plan and around 75,000 MW in the Twelfth Plan.

ROAD AHEAD

Going ahead, the Central Electricity Regulatory Commission will undertake cogeneration measures like generic tariff norms for cogeneration projects, norms and pricing framework for renewable energy certificates (RECs) and amendment of grid code provisions. The State Electricity Regulatory Commissions took proactive measures like increased cogeneration tariffs, permitting third-party sales, allowing coal use in the off-season and power offtake at preferential rates. As part of its National Action Plan for Climate Control, the Government of India set the share of renewable energy in the overall energy procurement of utilities at 10% (minimum) by 2015 and 15% (minimum) by 2020. Even under the conservative assumption that the mandatory renewable energy portfolio obligation for utilities accounts for 6% of their overall energy requirement by 2014-15 and that cogeneration contributes to its current share (8%) of the total renewable energy available, the additional cogeneration capacity requirement increases from 1,854 MW as on January 2012 to 3175 MW in 2014-15.

INDIAN ETHANOL SECTOR

India is the world’s fourth-largest petroleum consumer; 80% of the country’s oil consumption is addressed through petroleum and petroleum product imports. In order to enhance the country's energy security, the government mandated the blending of 5% ethanol with petrol in nine states and four Union Territories in 2003 and subsequently mandated 5% ethanol blending with petrol in 20 states and eight Union Territories in November 2006 on an all-India basis (except a few North-East states and Jammu & Kashmir). The Government of India approved the National Policy on Biofuels on December 24, 2009, which proposed a target of 20% blending of biofuel for bio-diesel and bio-ethanol by 2017.

India has 330 distilleries, which produce over 4 billion litres of rectified spirit (alcohol) a year. Of the total distilleries, about 120 distilleries have the capacity to distillate 1.8 billion litres (an additional annual ethanol production capacity of 365 million litres was built up in the last three years) of conventional ethanol per year and meet the demand for 5% blending with petrol. Presently, the Ministry of Petroleum and Natural Gas has not been able to implement compulsory blending of 5% ethanol in petrol (gasoline) due to a disagreement between different ministries over the compulsory 5% ethanol blending programme in addition to a disagreement over the EBP and interests of potable liquor and chemical makers.

Production: Total ethanol production increased from 1,435 million litres in 2009-10 to 1,934 million litres in 2010-11 on account of higher sugarcane and sugar production. In 2009-10, short supplies of sugar molasses constrained ethanol production and consequent higher prices made it unviable to supply ethanol to petroleum companies at negotiated prices. But with higher sugarcane and sugar production in 2011-12, the estimated ethanol production is pegged at 2,130 million litres and the government is likely to renew its focus and strongly implement mandatory 5% ethanol blending in petrol. It is expected that the government will raise ethanol prices from ` 27 per litre, which could provide supplementary income to distilleries and ensure farmers a better sugarcane price.

Consumption: Ethanol consumption increased from 1,780 million litres in 2009-10 to 2,010 million litres in 2010-11, owing to improved molasses supply and steady ethanol demand from competing industries. During 2009-10, better ethanol market prices were attractive for suppliers to divert their supplies from the government mandated ethanol blending programme. With improving ethanol demand across the chemical, potable liquor and EBP segments, total ethanol consumption is expected to rise to more than 2,095 million litres in 2011-12. The oil manufacturing companies floated tenders to purchase 1,010 million litres of ethanol in 2011-12 from the sugar industry for blending, whereas sugar millers agreed to supply 600 million litres, providing room for more growth.

AUDITED STANDALONE FINANCIAL RESULTS FOR THE YEAR ENDED 31.03.2013

Sl. No		Particulars	Quarter Ended		Year Ended
			31.03.2013	31.12.2012	31.03.2013
			(Unaudited)	(Unaudited)	(Audited)
1.		Income from operations
	(a)	Net Sales / Income from Operations (Net of excise duty)	3521.679	3156.609	13526.513
	(b)	Other Operating Income	55.545	1.438	242.825
		Total income from operations (net)	3577.224	3158.047	13769.338
2.		Expenses
	(a)	Cost of materials consumed	8281.861	4011.926	13313.677
	(b)	Purchases of stock-in-trade	56.892	105.945	246.819
	(c)	Changes in inventories of finished goods, work-in -progress and stock-in-trade	(6796.794)	(2032.544)	(4180.622)
	(d)	Employees benefits expense	226.199	153.367	624.349
	(e)	Depreciation and amortisation expense	258.073	187.542	711.781
	(f)	Other expenses	638.146	393.251	1555.432
	(g)	Off-season Expenses(Net)	429.855	95.321	0.000
		Total expenses	3094.232	2914.808	12271.436
3.		Profit / (Loss) from operations before other income, finance costs
		and exceptional items (1-2)	482.992	243.239	1497.902
4.		Other Income	37.122	26.633	73.294
5.		Profit / (Loss) from ordinary activities before finance costs
		and exceptional items (3+4)	520.114	269.872	1571.196
6.		Finance costs	274.918	193.781	1003.974
7.		Profit / (Loss) from ordinary activities after finance costs but
		before exceptional items (5-6)	245.196	76.091	567.222
8.		Exceptional Items {Net - Gain/(Loss)} : -
		Investments write-off/Differential Cane Price	(81.864)	0.000	(81.864)
		Less:- Transferred from General Reserve	81.864	0.000	81.864
9.		Profit / (Loss) from ordinary activities before tax (7-8)	245.196	76.091	567.222
10.		Tax expenses
		Current Tax (including MAT)	33.295	15.218	97.700
		Less: MAT credit entitlement	(33.095)	(15.218)	(97.500)
		Deferred Tax Liability/(Asset)	78.392	22.827	175.000
11.		Profit / (Loss) from ordinary activities after tax (9-10)	166.604	53.264	392.022
12.		Extraordinary items (net of tax expense Rs. Nil)	0.000	0.000	0.000
13.		Net Profit / (Loss) for the period (11-12)	166.604	53.264	392.022
14.		Paid-up Equity Share Capital (Face Value per Share Rs. 10/-Each )	539.060	539.060	539.060
15.		Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year	-	-	4454.700
16.	i	Earnings per share (before extraordinary items) (of ? 10/- each) (not annualised) :
		a) Basic	3.07	0.97	7.21
		b) Diluted	3.07	0.97	7.21
	ii	Earnings per share (after extraordinary items) (of ? 10/- each) (not annualised) :
		a) Basic	3.07	0.97	7.21
		b) Diluted	3.07	0.97	7.21
PART -II
A	Particulars of Shareholding
1		Public Shareholding
		- No. of Shares	23515175	23765175	23515175
		- Percentage of Shareholding	43.62%	44.09%	43.62%
2	(a)	Promoter and Promoter Group Shareholding: Pledged / Encumbered
		- No. of Shares	9774431	9774431	9774431
		- Percentage of Shares(as a % of the Total Shareholding of
		the Promoter and Promoter Group)	32.16%	32.43%	32.16%
		- Percentage of Share(as a % of the Total Share Capital of the Company)	18.13%	18.13%	18.13%
	(b)	Non-encumbered
		- No. of Shares	20616369	20366369	20616369
		- Percentage of Shares(as a % of the Total Shareholding of
		the Promoter and Promoter Group)	67.84%	67.57%	67.84%
		- Percentage of Share(as a % of the Total Share Capital of the Company)	38.25%	37.78%	38.25%
B		Investor Complaint(s)				Quarter ended
		Particulars [Nos.]				March, 2013
		Pending at the beginning of the quarter				Nil
		Received during the quarter				3
		Disposed of during the quarter				3
		Remaining unresolved at the end of the quarter				Nil

Notes:

1. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 21st May, 2013.

2. The Board of Directors of the Company has given approval to the amalgamation of J.K. Sugar Limited with the Company w.e.f. April 1, 2012 in accordance with the provisions of section 391 and 394 of the Companies Act, 1956 subject to requisite approvals from various statutory authorities and the Jurisdictional Hon'ble High Courts. Post approval by the shareholders of the respective Companies, petitions were filed in the respective Jurisdictional High Courts. The Hon'ble High Court of Judicature at Allahabad by its order dated March 18, 2013 approved the Scheme of Amalgamation and Hon'ble High Court of Judicature at Calcutta has also approved the same on 17th May 2013. The certified copy of the order is awaited. The scheme of amalgamation will be effective after filing of certified copy of high courts orders with the respective Registrar of Companies. As such the merger effect could not be given in the present accounts of the company.

3. The Board of Directors has approved the above financial results, subject to the condition that if both companies make all other requisite compliances before 15th August, 2013, the annual accounts to be revised to give effect to the Scheme of Amalgamation and the merged annual accounts will be placed before the Board for approval.

4. Exceptional item for the year amounting to Rs. 81.900 Millions represents write-off on investments in equity shares of Kashipur Sugar Mills Limited (KSML). Hon'ble Board for Industrial and Financial Reconstruction (BIFR) has ordered for winding-up of the KSML in their meeting held on 08-05-2013.Therefore, it has been decided to write-off the investments in the equity shares of KSML and an equivalent amount has been withdrawn from the General Reserve.

5. The Board of Directors has recommended a Equity dividend of Rs. 1.25/- (12.50%) per equity share of Rs. 10/- each for year ended 31st March, 2013.

6. Sugar being a seasonal industry, the performance of the quarter may not be representative of the annual performance of the Company.

7. Figures of the quarter ended 31st March, 2013 are the balancing figures between audited figures for full financial year and figures published for year to date upto the 3rd quarter of the current financial year.

Figures for the previous corresponding periods have been regrouped, wherever considered necessary.

QUARTERLY REPORTING OF SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF LISTING AGREEMENT

Sl. No	Particulars	Quarter Ended		Year Ended
		31.03.2013	31.12.2012	31.03.2013
		(Unaudited)	(Unaudited)	(Audited)
1	Segment Revenue (Net of Excise duty)
	a) Sugar	2713.176	2856.344	10641.920
	b) Power	1814.464	1045.986	3498.013
	c) Chemicals / Ethanol	935.877	465.914	3059.378
	d) Others	65.524	40.740	146.204
	Total	5529.041	4408.984	17345.515
	Less : Inter Segment Revenue (Net of Excise)	2007.362	1252.375	3819.002
	Net Sales / Income from Operation	3521.679	3156.609	13526.513
2	Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment)
	a) Sugar	(147.174)	(106.154)	252.325
	b) Power	662.358	361.422	1114.119
	c) Chemicals / Ethanol	55.906	50.913	369.038
	d) Others	3.157	1.829	6.498
	Total	574.247	308.010	1741.980
	Less : Interest	274.918	193.781	1003.974
	Less : Other Unallocable Expenses Net of Unallocable Income	(54.133)	(38.138)	(170.784)
	Net Profit (+) / Loss(-) before Tax	245.196	76.091	567.222
3	Capital Employed (Segment Assets - Segment Liabilities)
	a) Sugar	10658.600	5414.902	10658.600
	b) Power	5412.300	5316.463	5412.300
	c) Chemicals / Ethanol	2073.800	1983.658	20.738
	d) Others	9.600	12.020	9.600
	Total	18154.300	12727.043	181.543

4	STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH, 2013
	Particulars	31.03.2013
		(Audited)
A	EQUITY AND LIABILITIES
1	Shareholders' funds
	(a) Share capital	620.300
	(b) Reserves and surplus	4454.700
	(c) Money received against share warrants	0.000
	Sub-total - Shareholders' funds	5075.000
2	Share application money pending allotment	0.000
3	Non-current liabilities
	(a) Long-term borrowings	3424.500
	(b) Deferred tax liabilities (Net)	191.200
	(c) Other Long term liabilities	54.400
	(d) Long-term provisions	167.300
	Sub-total - Non-current liabilities	3837.400
4	Current liabilities
	(a) Short-term borrowings	7954.700
	(b) Trade payables	5400.700
	(c) Other current liabilities	1792.300
	(d) Short-term provisions	265.300
	Sub-total - Current liabilities	15413.000
	TOTAL - EQUITY AND LIABILITIES	24325.400
II	ASSETS
	Non-current assets
1	(a) Fixed assets	10189.900
	(b) Non-current investments	115.800
	(c) Long-term loans and advances	286.900
	(d) Other non-current assets	2.500
	Sub-total - Non-current assets	10595.100
2	Current assets
	(a) Current investments	0.000
	(b) Inventories	11448.800
	(c) Trade receivables	1408.700
	(d) Cash and cash equivalents	103.500
	(e) Short-term loans and advances	729.300
	(f) Other current assets	40.000
	Sub-total - Current assets	13730.300
	TOTAL - ASSETS	24325.400

FIXED ASSETS:

Ø Land

Ø Building

Ø Plant and Equipments

Ø Furniture and Fixtures

Ø Railway Sidings

Ø Weighbridge

Ø Computers

Ø Office Equipments

Ø Electrical Appliances

Ø Vehicles

Ø Live Stock

Ø Farm Asset and Equipment

PRESS RELEASE

DHAMPUR SUGAR CONSOLIDATED MAR '13 SALES AT RS 3577.200 MILLIONS

May 22, 2013

Dhampur Sugar Mills has reported a sales turnover of Rs 3577.200 Millions and a net profit of Rs 166.100 Millions for the quarter ended Mar '13

Dhampur Sugar Mills has reported a consolidated sales turnover of Rs 3577.200 Millions and a net profit of Rs 166.100 Millions for the quarter ended Mar '13. Other income for the quarter was Rs 37.100 Millions.

For the quarter ended Mar 2012 the consolidated sales turnover was Rs 4161.700 Millions and net profit was Rs 223.200 Millions., and other income Rs 26.200 Millions.

Dhampur Sugar shares closed at 43.20 on May 21, 2013 (NSE) and has given -28.77% returns over the last 6 months and 0.93% over the last 12 months.

DHAMPUR SUGAR : UPDATES ON AMALGAMATION

MAY 16, 2013

Dhampur Sugar Mills has informed BSE regarding the formal order of Hon'ble High Court at Allahabad approving the Merger of JK Sugar Limited with the Company. However the order from Hon'ble High Court at Kolkata for the approval is still awaited.

Dhampur Sugar Mills Limited has informed BSE regarding the formal order (Form no. 42) of Hon'ble High Court at Allahabad approving the Merger of JK Sugar Limited with the Company. However the order from Hon'ble High Court at Kolkata (of the Transferor Company) for the approval is still awaited.

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. 55.62
UK Pound	1	Rs. 84.18
Euro	1	Rs. 71.96

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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

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

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

RATING EXPLANATIONS

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.