MIRA INFORM REPORT

Report Date :

19.11.2013

IDENTIFICATION DETAILS

Name :	DALMIA LAMINATORS LIMITED
Registered Office :	130, Cotton Street, Kolkata – 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.03.1986
Com. Reg. No.:	21-040284
Capital Investment / Paid-up Capital :	Rs.25.250 Millions
CIN No.: [Company Identification No.]	L51491WB1986PLC040284
TAN No.: [Tax Deduction & Collection Account No.]	CALD00620E
PAN No.: [Permanent Account No.]	AABCD1748C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Plastic Woven Bages used for Bulk Packaging of Fertilizers, Cements Food Grains.
No. of Employees :	Group 1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 965000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has failed to file its financial for the year 2013 with government department. As per available financial of 2012, external borrowings of the company appears to be huge which act as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments are slow but correct. The company can be considered for business dealings with some caution. NOTE : The company is the listed company on koljata and Guwahati stock exchange.

NOTES :

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

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

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

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BB+
Rating Explanation	Moderate risk of default and high credit risk.
Date	July 22, 2013

Rating Agency Name	CRISIL
Rating	Short term rating A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	July 22, 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Ranajit Basu
Designation :	Account Head
Contact No.:	91-33-40176900
Date :	14.11.2013

LOCATIONS

Registered Office :	130, Cotton Street, Kolkata – 700007, West Bengal, India
Tel. No. :	91-33-40176900
Fax No. :	91-33-22688587
E-Mail :	kolkata@mldgroup.in
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Pawan Kumar Kayan
Designation :	Director
Address :	28.06.1952
Date of Birth/Age :	49A / A, Tollygunge Road, Kolkata – 700053, West Bengal, India
Date of Appointment :	01.08.1990
DIN No. :	00195370
Name :	Mr. Manish Dalmia
Designation :	Director
Address :	392, Block G, New Alipore, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	18.01.1975
Date of Appointment :	01.11.2008
DIN No. :	00264752
Name :	Mr. Krishna Kumar Bhiwaniwalla
Designation :	Director
Address :	25.01.1939
Date of Birth/Age :	3, Goenka Lane, Kolkata – 700007, West Bengal , India
Date of Appointment :	03.03.1986
DIN No. :	00288942
Name :	Mr. Rajinder Prosad Jain
Designation :	Director
Address :	BE 378, Salt Lake, Kolkata – 700007, West Bengal, India
Date of Birth/Age :	10.03.1945
Date of Appointment :	15.06.1992
DIN No. :	00556325
Name :	Mr. Vijay Dalmia
Designation :	Director
Address :	21.10.1977
Date of Birth/Age :	392, Block G, New Alipore, Kolkata – 700053, West Bengal, India
Date of Appointment :	30.09.2009
DIN No. :	00583896
Name :	Mr. Girdhar Gopal Dalmia
Designation :	Managing director
Address :	392, Block G, New Alipore, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	11.01.1954
Date of Appointment :	03.03.1986
DIN No. :	00583976
Name :	Ms. Bhagwati Devi Dalmia
Designation :	Director
Address :	392, Block G, New Alipore, Kolkata – 700053, West Bengal, India
Date of Birth/Age :	27.10.1928
Date of Appointment :	03.03.1986
DIN No. :	00584031

KEY EXECUTIVES

Name :	Mr. Govind Kumar Agarwal
Designation :	Secretary
Address :	260, Bangur Park, Rishra, Hoogly – 712248, West Bengal, India
Date of Birth/Age :	10.07.1976
Date of Appointment :	01.03.2005
PAN No.:	AFZPA6501L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

As on 05.01.2013

Name of Allottee	No. of shares
Beteli Tea Company Limited	330000
Dalmia Tea Plantation and Industries Limited	330000
Manish Company Private Limited	540000
Total	1200000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	31.00
Directors or relatives of Directors	68.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Plastic Woven Bages used for Bulk Packaging of Fertilizers, Cements Food Grains.

Products :

Item Code No. (ITC Code)	Product Description
59039002	Jute Laminated Bag

Terms :

Selling :

Cash (Depend)

Purchasing :

Cash (Depend)

GENERAL INFORMATION

Customers :

Others

No. of Employees :

Group 1000 (Approximately)

Bankers :

Ø Bank of India, Dobson Lane, Howrah, West Bengal, India

Ø UCO Bank MCU, Kolkata Main Branch, 10, B. T. M. Sarani, 1st Floor, Kolkata - 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupees term loan from bank	338.895	166.456
Term loan from other	132.752	0.478
SHORT TERM BORROWINGS
Working capital loan from bank	199.008	121.586
Total	670.655	288.520

Banking Relations :	--
Auditors :
Name :	S. K. Ghosh and Company Chartered Accountants
Address :	10, Old Post Office Street
PAN No. :	AAIFS8746B
Associates :	Ø Bateli Tea Company Limited CIN No. : L01132WB1919PLC003227 Ø Manvijay Development Company Limited CIN No. : L45208WB1982PLC035377 Ø Manish Company Private Limited CIN No. : U51909WB1979PTC032027 Ø Dalmia Tea Plantation and Industries Limited CIN No. : U40105WB1997PLC085758 Ø Oracle Properties and Trades Private Limited CIN No. : U74109WB1982PTC034626 Ø Dalmia Polypack Limited. CIN No. : U24119WB1994PLC062841 Ø Sun Jute Press Private Limited CIN No. : U17125WB1937PTC008907

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2525000	Equity Shares	Rs.10/- each	Rs.25.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.250	25.250
(b) Reserves & Surplus	215.980	156.569
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	241.230	181.819
(3) Non-Current Liabilities
(a) long-term borrowings	893.254	648.124
(b) Deferred tax liabilities (Net)	48.298	26.613
(c) Other long term liabilities	25.809	0.000
(d) long-term provisions	31.837	17.927
Total Non-current Liabilities (3)	999.198	692.664
(4) Current Liabilities
(a) Short term borrowings	243.900	121.586
(b) Trade payables	42.568	3.688
(c) Other current liabilities	73.648	52.068
(d) Short-term provisions	1.916	2.227
Total Current Liabilities (4)	362.032	179.569
TOTAL	1602.460	1054.052
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	737.174	425.622
(ii) Intangible Assets	0.050	0.050
(iii) Capital work-in-progress	378.627	241.934
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	108.192	57.047
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1224.043	724.653
(2) Current assets
(a) Current investments	28.041	28.041
(b) Inventories	196.201	184.287
(c) Trade receivables	110.916	81.360
(d) Cash and cash equivalents	9.949	4.368
(e) Short-term loans and advances	28.925	29.611
(f) Other current assets	4.385	1.732
Total Current Assets	378.417	329.399
TOTAL	1602.460	1054.052

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.250
2] Share Application Money		0.000
3] Reserves & Surplus		41.772
4] (Accumulated Losses)		0.000
NETWORTH		67.022
LOAN FUNDS
1] Secured Loans		259.274
2] Unsecured Loans		229.371
TOTAL BORROWING		488.645
DEFERRED TAX LIABILITIES		13.434
TOTAL		569.101
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		314.226
Capital work-in-progress		35.439
INVESTMENT		8.325
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.778
	Sundry Debtors	84.283
	Cash & Bank Balances	7.130
	Other Current Assets	0.000
	Loans & Advances	42.849
Total Current Assets		244.040
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.234
	Other Current Liabilities	10.688
	Provisions	9.039
Total Current Liabilities		34.961
Net Current Assets		209.079
MISCELLANEOUS EXPENSES		2.032
TOTAL		569.101

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1126.172	863.228	671.423
		Other Income	2.226	1.630	1.721
		TOTAL	1128.398	864.858	673.144
Less	EXPENSES
		Cost of materials consumed	839.529	631.531
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(72.878)	(3.080)
		Employee benefit expense	29.956	19.281
		Other expenses	173.754	100.840
		TOTAL	970.361	748.572	606.536
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		158.037	116.286	66.608
Less	FINANCIAL EXPENSES		70.225	42.670	26.250
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		87.812	73.616	40.358
Less/ Add	DEPRECIATION/ AMORTISATION		32.449	33.608	19.247
	PROFIT/ (LOSS) BEFORE TAX		55.363	40.008	21.111
Less	TAX		21.685	21.251	11.251
	PROFIT/ (LOSS) AFTER TAX		33.678	18.757	9.860
	Earnings / (Loss) Per Share (Rs.)		13.34	7.43	3.89

Particulars	31.03.2013
Sales Turnover (Approximately)	1840.000

The above information has been parted by Mr. Mr. Ranajit Basu

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.98	2.17	1.46
Net Profit Margin (PBT/Sales)	(%)	4.92	4.63	3.14
Return on Total Assets (PBT/Total Assets}	(%)	4.52	4.93	3.21
Return on Investment (ROI) (PBT/Networth)		0.23	0.22	0.31
Debt Equity Ratio (Total Debt/Networth)		4.71	4.23	7.29
Current Ratio (Current Asset/Current Liability)		1.04	1.83	6.98

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	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	Yes

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loan and advnce from bank	355.128	448.713
Other loan and advance	66.479	32.477
SHORT TERM BORROWINGS
Other loan and advance	44.892	0.000
Total	466.499	481.190

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10455465	28/08/2013	600,000.00	BANK OF INDIA	DOBSON LANE BRANCH, P-4, DOBSON LANE, HOWRAH, West Bengal - 711101, INDIA	B87695292
2	10433870	10/06/2013	415,000,000.00	UCO BANK	MCU, KOLKATA MAIN BRANCH, 10, B. T.M . SARANI, 1ST FLOOR, KOLKATA, West Bengal - 700001, INDIA	B78295433
3	10415035	25/07/2013 *	138,600,000.00	UCO Bank	MCU, KOLKATA MAIN BRANCH, 10, B. T. M. SARANI, 1ST FLOOR, KOLKATA, West Bengal - 700001, INDIA	B80552219
4	10379933	31/08/2012	1,498,000.00	INDUSIND BANK	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA	B59460907
5	10360835	13/03/2013 *	927,600,000.00	UCO BANK (LEAD BANK)	KOLKATA MID CORPORATE BRANCH, 10, B. T. M. SARANI, 1ST FLOOR, KOLKATA, West Bengal - 700001, INDIA	B71853576
6	10359875	13/03/2013 *	447,600,000.00	UCO BANK	KOLKATA MID CORPORATE BRANCH, 10, B. T. M. SARANI, 1ST FLOOR,, KOLKATA, West Bengal - 700001, INDIA	B71852644
7	10359878	13/03/2013 *	480,000,000.00	UCO BANK (LEAD BANK)	KOLKATA MID CORPORATE BRANCH, 10, B. T. M. SARANI, 1ST FLOOR, KOLKATA, West Bengal - 700001, INDIA	B71851539
8	10324793	28/02/2012 *	156,100,000.00	INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	INDIA HABITAT CENTRE1ST FLOOR EAST COURT CORE, 4A LODHI ROAD, NEW DELHI, Delhi - 110003, INDIA	B33782194

* Date of charge modification

FIXED ASSETS

² Land

² Buildings

² Plant and equipment

² Furniture and fixtures

² Vehicles

² Office equipment

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.62.63
UK Pound	1	Rs.101.06
Euro	1	Rs.84.56

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.