MIRA INFORM REPORT

Report Date :

21.10.2013

IDENTIFICATION DETAILS

Name :	HOWRAH MILLS COMPANY LIMITED
Registered Office :	“Howrah House”, 135, Foreshore Road, Howrah – 711102, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.09.1918
Com. Reg. No.:	21-000625
Capital Investment / Paid-up Capital :	Rs.54.443 Millions
CIN No.: [Company Identification No.]	L51909WB1918PLC000625
TAN No.: [Tax Deduction & Collection Account No.]	CALH00678G
PAN No.: [Permanent Account No.]	AAACH7560D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Jute Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 2050000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company appears to be low. However, trade relations are reported as 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 conditions.

NOTES :

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

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

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

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

INDIAN ECONOMIC OVERVIEW

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B (Long Term Rating)
Rating Explanation	Have high risk of default.
Date	August 16, 2013

Rating Agency Name	CRISIL
Rating	A4 (Short Term Rating)
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	August 16, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management Non-Cooperative (91-33-26412402)

LOCATIONS

Registered Office/ Administrative Office :	“Howrah House”, 135, Foreshore Road, Howrah – 711102, West Bengal, India
Tel. No.:	91-33-26412402/ 4446/ 4159/ 2748
Mobile No.:	91-
Fax No.:	91-33-26412796/ 1447
E-Mail :	howrahfinance@mjindia.com secretarialhmcl@gamil.com shreehrt@vsnl.com
Website :	http://www.mjindia.com
Factory :	493/C/A, G.T Road, Howrah(South), Howrah - 711102, West Bengal, India
Tel. No.:	91-33-26415107/ 4221

DIRECTORS

As on: 31.03.2013

Name :	Mr. Sanjay Mall
Designation :	Managing Director
Name :	Mr. Sitansu Banerjee
Designation :	Whole-Time Director
Date of Birth/Age :	01.07.1938
Date of Appointment :	14.02.2002
Name :	Mr. Shankar Lal Jhawar
Designation :	Director
Date of Birth/Age :	07.06.1961
Qualification :	B. Com
Date of Appointment :	08.06.1990
Name :	Mr. Bhag Chand Jain
Designation :	Director
Date of Birth/Age :	10.02.1946
Date of Appointment :	27.02.1988
Name :	Mr. Sankar Kumar Mukhopadhyay
Designation :	Director
Name :	Mr. Kamal Hyder Siddique
Designation :	Director

KEY EXECUTIVES

Name :	Tuhinangsu Roy
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	365900	5.68
Bodies Corporate	2142964	33.25
Sub Total	2508864	38.93
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2508864	38.93
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	115007	1.79
Financial Institutions / Banks	530	0.00
Foreign Institutional Investors	27575	0.43
Sub Total	143112	2.22
(2) Non-Institutions
Bodies Corporate	3182213	49.38
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	414030	6.43
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	189900	2.95
Any Others (Specify)
Foreign Company	900	0.01
Foreign National	2675	0.04
Custodian of enemy property	1025	0.01
Non Resident Individual	1588	0.02
Sub Total	3792331	58.85
Total Public shareholding (B)
Total (A)+(B)	3935443	61.07
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	6444307	100.00

Equity Share Break up (Percentage of Total Equity)

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Jute Products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India
• The Federal Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Term Loans from Banks
State Bank of India	49.359	64.251
The Federal Bank Limited	100.000	40.320
SHORT-TERM BORROWINGS
Working Capital Loans repayable on demand
From State Bank of India	292.378	285.940
From The Federal Bank Limited	160.458	131.873
I.F.C.I Limited	1.269	1.269
WBIDC Limited	0.000	25.700
Under Buyer's Credit arrangement	22.636	45.559
Total	626.100	594.912

Notes:

Nature of Security:

Term Loans are secured by / against:

(i) First Pari Passu charge on the entire fixed assets

(ii) Hypothecation of all the Stock in Trade, Stores and Book Debts of the Company, ranking Pari-passu

(iii) Personal guarantees of Om Prakash Mall, Shree Mohan Mall and Nand Kishore Jhawar

(iv) Rent Receivables

Major Terms of repayment of Long-Term Borrowings disclosed in (A) above:

Maturity Profile of Long-Term Borrowings outstanding as at 31 March, 2013

(Rs. In Millions)

	Term Loans	Corporate Loan	Total	2012-13 Current Maturities	2011-12 Current Maturities
Loan with residual maturity upto 1 year	-	-	-	-	9.614
Loan with residual maturity between 1 and 3 years	16.037	-	16.037	6877	-
Loan with residual maturity between 3 and 5 years	49.359	-	49.359	13.000	9.297
Loan with residual maturity between 5 and 10 years	100.000	-	100.000	8.991	13.000
Total	165.395	-	165.395	28.868	31.912

Banking Relations :	--
Auditors :
Name :	S. Jaykishan Chartered Accountant
Address :	12, Ho-Chi-Minh Sarani, Kolkata – 700071, West Bengal, India
Cost Auditor :
Name :	D. Radhakrishnan and Company Cost Accountants
Address :	11A, Dover Lane, Flat No. B1/34, Kolkata – 700029, West Bengal, India
Solicitor & Advocate :
Name :	Utpal Majumdar
Address :	7C, Kiran Shankar Roy Road, Hastings Chamber, 3rd Floor, Kolkata – 70000, West Bengal, India
Subsidiary :	HMC Power Companies Limited HMC Jute Park Enterprises Limited

CAPITAL STRUCTURE

As on: 30.08.2013

Authorised Capital : Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.64.443 Millions

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6737500	Equity Shares	Rs.10/- each	Rs.67.375 Millions
26250	9.1% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.2.625 Millions
	Total		Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5444307	Equity Shares	Rs.10/- each	Rs.54.443 Millions

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

	As at 31st March, 2013
	Number of Shares	Rs. In Millions
At the Beginning of the Period	5444307	54.443
Additions During the Year:	-	-
Shares at the end of the Reporting period	5444307	54.443

(b) Terms/rights attached to Equity Shares

The Company has only one class of equity share having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to the shareholding.

(c) Details of shareholders holding more than 5% shares in the Company

	As at 31st March, 2013
Name of Shareholders	Number of Shares	% of Holding
1) HR Global Finance Limited	1128369	20.73
2) HR International Limited	1014595	18.64
3) Vedansh Traders Private Limited	870000	15.98
4) HR Infracon Limited	780379	14.33
5) Alankar Commotrade Private Limited	415000	7.62

(d) 17,757 Equity Shares Rs.10/- each were alloted as fully paid up shares on 28.03.2009, pursuant to a Scheme of Amalgamation sanctioned by the Hon'ble High Court at Calcutta, without consideration being received in cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	54.443	54.443	49.443
(b) Reserves & Surplus	409.069	381.038	334.879
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	50.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	513.512	435.481	384.322
(3) Non-Current Liabilities
(a) long-term borrowings	136.528	72.659	103.824
(b) Deferred tax liabilities (Net)	0.245	0.245	0.245
(c) Other long term liabilities	18.590	14.383	15.435
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	155.363	87.287	119.504
(4) Current Liabilities
(a) Short term borrowings	559.153	647.963	610.256
(b) Trade payables	716.635	741.301	488.073
(c) Other current liabilities	181.506	133.236	187.646
(d) Short-term provisions	31.050	25.469	18.139
Total Current Liabilities (4)	1488.344	1547.969	1304.114
TOTAL	2157.219	2070.737	1807.940
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	502.728	490.914	377.648
(ii) Intangible Assets	1.782	2.009	0.029
(iii) Capital work-in-progress	3.374	34.706	34.022
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	23.648	23.648	76.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	72.035	55.470	53.322
(e) Other Non-current assets	50.913	52.862	52.881
Total Non-Current Assets	654.480	659.609	594.602
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	649.973	680.357	677.200
(c) Trade receivables	541.527	450.529	363.629
(d) Cash and cash equivalents	30.377	30.712	24.733
(e) Short-term loans and advances	232.953	145.865	112.054
(f) Other current assets	47.909	103.665	35.722
Total Current Assets	1502.739	1411.128	1213.338
TOTAL	2157.219	2070.737	1807.940

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3573.466	3900.549	3363.695
		Other Income	13.391	18.570	2.496
		TOTAL (A)	3586.857	3919.119	3366.191
Less	EXPENSES
		Cost of Materials Consumed	2397.273	2793.158	2561.973
		Changes in Inventories of Finished Goods & Work-In-Progress	(0.881)	(42.531)	(130.575)
		Employee Benefits Expense	631.994	572.947	487.017
		Other Expenses	407.689	434.603	328.135
		Exceptional Items	(25.700)	(8.181)	(1.139)
		TOTAL (B)	3410.375	3749.996	3245.411
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		176.482	169.123	120.780
Less	FINANCIAL EXPENSES (D)		90.575	81.296	54.588
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		85.907	87.827	66.192
Less/ Add	DEPRECIATION/ AMORTISATION (F)		48.193	43.916	38.991
	PROFIT BEFORE TAX (E-F) (G)		37.714	43.911	27.201
Less	TAX (H)		5.000	8.568	6.540
	PROFIT AFTER TAX (G-H) (I)		32.714	35.343	20.661
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		221.888	189.709	171.931
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	3.222	2.722	2.472
		Corporate Dividend Tax	0.523	0.442	0.411
	BALANCE CARRIED TO THE B/S		250.857	221.888	189.709
	EARNINGS IN FOREIGN CURRENCY
		Export of Finished Goods	218.798	720.308	454.053
		Certified Emission Reduction	0.000	2.995	7.018
	TOTAL EARNINGS		218.798	723.303	461.071
	IMPORTS
		Raw Jute	55.115	103.651	66.278
		Gunny & others	2.274	26.448	1.557
	TOTAL IMPORTS		57.389	130.099	67.835
	Earnings Per Share (Rs.)
	Basic		6.01	7.10	4.18
	Diluted		5.08	7.10	4.18

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.91	0.90	0.61
Net Profit Margin (PBT/Sales)	(%)	1.06	1.13	0.81
Return on Total Assets (PBT/Total Assets}	(%)	1.77	2.18	1.60
Return on Investment (ROI) (PBT/Networth)		0.07	0.10	0.07
Debt Equity Ratio (Total Debt/Networth)		1.35	1.65	1.86
Current Ratio (Current Asset/Current Liability)		1.01	0.91	0.93

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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Term Loan from a Body Corporate	16.037	0.000
Less: Current maturities of Long-Term Borrowings transferred to Other Current Liabilities	(28.868)	(31.912)
SHORT-TERM BORROWINGS
From Bodies Corporate	72.912	148.122
From a Director	9.500	9.500
Total	69.581	125.71

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10443721	24/07/2013	68,000,000.00		BURRA BAZAR BRANCH, 33A TARA CHAND DUTTA STREET,  KOLKATA, WEST BENGAL - 700073, INDIA	B82442427
2	10418886	28/03/2013	100,000,000.00	THE FEDERAL BANK LIMITED	BURRA BAZAAR BRANCH, 33A, TARACHAND DUTTA STREET,  KOLKATA, WEST BENGAL - 700073, INDIA	B72931900
3	10385395	12/10/2012	31,312,000.00	STATE BANK OF INDIA	SME BRANCH, HOWRAH, 9, G. T. ROAD (SOUTH), HOWRAH, WEST BENGAL - 711101, INDIA	B61705463
4	10141109	13/03/2013 *	726,100,000.00	State Bank of India (Lead Bank)	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	B73579880
5	90255274	08/08/2013 *	353,800,000.00	THE FEDERAL BANK LIMITED	BURRA BAZAR BRANCH, 33A TARACHAND DUTTA STREET, KOLKATA, WEST BENGAL - 700073, INDIA	B83560656
6	90255941	06/04/2013 *	632,300,000.00	State Bank of India	COMMERCIAL BRANCH, 24 PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	B74708140
7	90252675	06/04/2013 *	956,600,000.00	State Bank of India (Lead Bank)	COMMERCIAL BRANCH, 24 PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA	B75058651

* Date of charge modification

OPERATIONS

The year witnessed acute shortage of workers and absenteeism for which the production capacity could not be utilized fully. Apart from this there was a strike for some days due to labour dispute which also affected the production. As a result the production during the year was 46050 MT as compared to 47817 MT in the previous year. This resulted in reduced turnover from Rs.3900.500 Millions in the last year to Rs.3573.500 Millions in the current year.

The initial forecast of raw jute crop in the new jute season is good and there will be enough carry over of raw jute stock at the end of the year. Prices of raw jute in the current year are likely to be stable.

In view of low production and reduced turnover the Company’s profit after tax was Rs.32.700 Millions in the current year as compared to Rs.35.300 Millions in the previous year.

The Company had allotted 10,00,000 equity shares of Rs.10/- each at a premium of Rs.40/- per share totaling to Rs.50.000 Millions on preferential basis in terms of section 81(1A) of the Companies Act, 1956 read with SEBI (ICDR) Regulations, 2009. The consent of the members for such allotment was obtained through Postal Ballot in terms of section 192A of the Companies Act, 1956 read with Companies (Passing of the Resolution by Postal Ballot) Rules, 2011.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENTS

The Government of India by a notification during the year has diluted the compulsory packing norms for food grains and sugar under Jute Packaging Materials (Compulsory use for Packing Commodities) Act, 1987 (JPMA).

It has been directed that food grains to the extent of 90% of production and sugar to the extent of 40% of production, shall be packed in jute packaging material. The said notification is valid upto June, 2013.

SEGMENT WISE OR PRODUCT WISE PERFORMANCE

The Company’s turnover from jute activity has been reduced as compared to the last year. In the real estate sector there is some increase in the turnover in the current year as compared to the last year. Both in the jute and real estate sectors there are some marginal increase in the profits but due to increase in interest costs the overall profit has been reduced.

OUTLOOK

• The initial forecast of good monsoon will result in bumper crop of raw jute in the coming season. This should keep the prices of raw jute checked and barring any unforeseen circumstances the outlook for the current year appears to be promising.

• The Company continues its thrust to modernize its mill by installing high speed shuttle-less looms and spinning frames.

• The Management continues to make all efforts and is hopeful to be able to improve the overall performance of the Company in the years to come.

Contingent Liabilities not provided for:

(Rs. in Millions)

Particulars	As at 31st March, 2013	As at 31st March, 2012
a) Bank guarantees given on behalf of the company	36.950	40.997
b) West Bengal and Central Sales Tax assessments under appeal for the period 1st October, 2002 to 31st March, 2004	1.865	1.865
c) Bills discounted from bank (Since realized)	14.005	21.451
d) Letters of Credit issued in favour of various parties	141.464	186.482
e) Corporate guarantee given to State Bank of India on behalf of West Bengal Agro Textile Corporation Limited	31.312	33.860
f) Interest / penalties for non-payment of Service Tax realized by the company	Amount not ascertained	Amount not ascertained
g) Rent/interest and penalties for non-payment of Lease Rent to Kolkata Port Trust	Amount not ascertained	Amount not ascertained

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Machinery
• Electric Installation
• Furniture and Fixtures
• Computer
• Office Equipments

Intangible Assets

• Software

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE 1ST QUARTER ENDED ON 30.06.2013

(Rs. In Millions)

SI No	Particulars	30.06.2013
	Part I
1	Income from Operations
	(a) Net sales/income from operations (Net of Excise Duty)	809.859
	(b) Other Operating Income	31.291
	Total Income from Operations (net)	841.150
2	Expenses
	(a) Cost of Materials Consumed	594.762
	(b) Purchases of Stock-in-trade	-
	(c) Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-trade	(25.061)
	(d) Employee benefits expense	153.557
	(e) Depreciation and Amortisation expense	12.108
	(f) Other expenses (any item exceeding 10% of the total expenses relating to continuing operations to be shown separately	80.342
	Total Expenses	815.708
3	Profit/ (Loss) from operations before other income, finance costs & exceptional items	25.442
4	Other Income	1.738
5	Profit/ (Loss) from ordinary activities before finance costs & exceptional items	27.180
6	Finance Costs	23.659
7	Profit/ (Loss) from ordinary activities after finance costs but before exceptional items	3.521
8	Exceptional items	-
9	Profit / (Loss) from ordinary activities before tax	3.521
10	Tax Expense	1.000
11	Net Profit / (Loss) from ordinary activities After tax	2.521
12	Extra-ordinary items (net of tax expenses)	-
13	Net Profit / (Loss) for the period / year	2.521
14	Share of Profit / (Loss) of Associates	-
15	Minority interest	-
16	Net Profit / (Loss) after taxes, minority interest and share of profit / (loss) of Associates	2.521
17	Paid-up Equity Share Capital (Face value of Rs. 10/-each)	64.443
18	Reserve excluding Revaluation Reserves as per Balance Sheet of previous accounting year	-
19i	Earnings per share (before extra-ordinary items)
	(a) Basic	0.39
	(b) Diluted	0.39
19ii	Earnings per share (after extra-ordinary items)
	(a) Basic	0.39
	(b) Diluted	0.39

	PART II
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
No. of shares		3935443
% of shareholding		61.07
2	Promoters & Promoter group shareholding
	(a) Pledged / Encumbered
	No. of Shares	1178244
	% of Shares (as a % of the total shareholding of promoter & promoter group)	46.96
	% of Shares (as a % of the total Share Capital of the Company)	18.28
	(b) Non - encumbered
	No. of Shares	1330620
	% of Shares (as a % of the total shareholding of the Promoter & Promoter group)	53.04
	% of Shares (as a % of the total Share Capital of the Company)	20.65

B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	NIL
	Received during the quarter	0
	Disposed of during the quarter	0
	Remaining unresolved at the end of the quarter	NIL

QUARTERLY SEGMENT-WISE REVENUE, RESULTS AND CAPITAL

(Rs. In Millions)

SI No	Particulars	30.06.2013 (Unaudited)
1	Segment Revenue( net sales/income from each segment should be disclosed under this head)
	(a) Segment - Jute Activity	831.557
	(b) Segment - Real Estate	11.331
	(c) Unallocated	-
	Total	842.888
	Less: Inter Segment Revenue	-
	Net Sales /Income From Operations	842.888
2	Segment Results (Profit)(+)/Loss(-)before tax and interest from each segment
	(a) Segment - Jute Activity	21.569
	(b) Segment - Real Estate	5.611
	( c) Unallocated	-
	Total	27.180
	Less:
	i) Interest	23.659
	ii) Other Un-allocable Expenditure net off
	iii)Un-allocable income
	Total Profit before tax	3.521
3	Capital Employed (Segment assets - Segment Liabilities )
	(a) Segment - Jute Activity	541.302
	(b) Segment - Real Estate	1.934
	( c) Unallocated	-
	Total	516.236

Notes:

1. The above financial results have been prepared on Standalone basis.

2. The above unaudited financial results after review by the Audit Committee were approved by the Board of Directors at its meeting held on 12.08.2013

3. The Statutory Auditors of the Company have carried out a "Limited Review" of the Standalone financial results in terms of clause 41 of the Listing Agreement.

4. The outstanding balances of loans, denominated in foreign currency, taken from banks have not been translated at the closing exchange rates at the quarter end. Accordingly, the loss resulting on account of exchange difference as at the quarter end, as per AS 11 issued by the ICAI have remained unascertained and not been provided for in the accounts.

5. Previous period's figures have been regrouped/re- arranged, wherever necessary, to confirm to the current period's presentation.

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.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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		30

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.