MIRA INFORM REPORT

Report Date :

08.12.2014

IDENTIFICATION DETAILS

Name :	THE INDIA THERMIT CORPORATION LIMITED
Registered Office :	B – 2/60, Safdarjung Enclave, New Delhi - 110029
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.09.1951
Com. Reg. No.:	55-161818
Capital Investment / Paid-up Capital :	Rs. 36.000 Millions
CIN No.: [Company Identification No.]	U74999DL1951PLC161818
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACT7462Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Thermit and Pre – fabricated dry Moulds
No. of Employees :	950 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 5300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2+
Rating Explanation	Strong Degree of Safety and Slow Credit Risk.
Date	04.10.2013

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Sujit Singh
Designation :	Finance Department
Contact No.:	91-512-2215161
Date :	05.12.2014

LOCATIONS

Registered Office / Factory :	B – 2/60, Safdarjung Enclave, New Delhi – 110029, India
Tel. No.:	91-512-2215161/64
Fax No.:	91-512-2216423
E-Mail :	info@indiathermit.com thermitco@gmail.com general@indiathermit.com
Website :	www.indiathermit.com
Area :	Owned
Head Office
Address :	84/22 Fazalganj, Kampur – 208002, Uttar Pradesh, India
Tel. No.:	91-512-2215161/64
Fax No.:	91-512-2216423
Address :	D1, D2 UPSIDC, Industrial Area, Jainpur, Kanpur Dehat – 209311, Uttar Pradesh, India
E-Mail :	tailknp@indiathermit.com
Bearing Division
Address :	C-27-28, Panki Industrial Estate, Kanpur – 208022, Uttar Pradesh, India
Tel. No.:	91-512-2691523/ 2691524
Fax No.:	91-512-2691524
Address :	Plot No. 4 Sector – 9, IIE- Panth Nagar – 263145, Udham Singh Nagar (U.K.)
Tel. No.:	91-5944250377
Email :	panthnagar@indiathermit.com
Address :	C- 101, MIDC Indistrial Area, Hingna Road, Nagpur – 440028, Maharashtra, India
Tel. No.:	91-7104-237941
Email :	thermitngp@satyam.net.in nagpur@indiathermit.com

DIRECTORS

Name :

Mr. Alok Nagory

Designation :

Chairman-Cum- Managing Director

Address :

7/197 Moti Sadan, Swaroop Nagar, Kanpur 208002, Uttar Pradesh, India

Date of Birth/Age :

16. 12. 1955

Date of Appointment :

01.07.2013

DIN No. :

00478140

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999DL1951PLC161818	THE INDIA THERMIT CORPORATION LIMITED	Managing director	01/07/2013	06/11/1990	-	Active	NO
2	U65993UP1997PTC021425	NAGORY INVESTMENTS PRIVATE LIMITED	Director	17/02/1997	17/02/1997	-	Active	NO
3	L27201UP1971PLC003408	EMA INDIA LIMITED	Director	20/01/2000	20/01/2000	06/06/2014	Active	NO
4	U36911UP2004PTC028992	NAGORY INNOVATIVE ARTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
5	U29130UP2005PLC029943	THERMIT-THORMAHLEN INDIA LIMITED	Director	02/05/2005	02/05/2005	-	Active	NO
6	U91110UP1894NPL000017	THE UPPER INDIA CHAMBER OF COMMERCE	Director	26/09/2006	26/09/2006	-	Active	NO
7	U45400UP2012PTC051171	DIVERSIFIED ENGINEERING CORPORATION PRIVATE LIMITED	Director	25/06/2012	25/06/2012	-	Active	NO
8	U74120UP2014PTC064740	NAGORY FOSTER PRIVATE LIMITED	Director	07/07/2014	07/07/2014	-	Active	NO
9	U74899DL1994PLC061753	UNIPARTS INDIA LIMITED	Director	20/09/2014	23/08/2014	-	Active	NO

Name :

Mr. Martin Niederkruger

Designation :

Director

Address :

Am Buch 13, Weissensberg, Na, Germany

Date of Birth/Age :

03. 09. 1958

Date of Appointment :

20.09.2013

DIN No. :

03409551

Name :

Mr. Raja Ram Jaipuria

Designation :

Director

Address :

Jaipuria House, A-9/24 Vasant Vihar, New Delhi, India

Date of Birth/Age :

16. 01. 1934

Date of Appointment :

31. 07. 1995

DIN No. :

00274866

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17112UP1980PTC004913	GANESH SYNTHETICS PRIVATE LIMITED	Director	30/05/1988	30/05/1988	-	Amalgamated	NO
2	L71200UP1982PLC012550	GINNI FILAMENTS LIMITED.	Managing director	01/04/2014	28/10/1988	-	Active	NO
3	L40101UP1983PLC033604	GINNI POWER LTD	Director	11/05/1994	11/05/1994	-	Amalgamated	NO
4	U74999DL1951PLC161818	THE INDIA THERMIT CORPORATION LIMITED	Director	31/07/1995	31/07/1995	-	Active	NO
5	U80904UP1991PTC013059	JAIPURIA EDU SERVICES PRIVATE LIMITED	Director	10/02/2000	10/02/2000	18/10/2010	Active	NO
6	U67120UP1986PTC008004	ABHINAV INVESTMENTS PRIVATE LIMITED	Director	02/01/2004	02/01/2004	-	Amalgamated	NO
7	U15311WB1974PLC029690	CFM INFRATEX LIMITED	Additional director	21/10/2013	21/10/2013	10/09/2014	Active	NO

Name :

Mr. Shailendra Swarup

Designation :

Director

Address :

127/A Sunder Nagar, New Delhi -110003 , Delhi, India

Date of Birth/Age :

20. 11. 1944

Date of Appointment :

26. 09. 1994

DIN No.:

00167799

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L24110GJ1987PLC009362	GUJARAT FLUOROCHEMICALS LIMITED	Director	10/09/2014	01/01/1988	-	Active	NO
2	L51909DL1986PLC024222	SAMTEL COLOR LIMITED	Director	16/03/1988	16/03/1988	28/01/2009	Active	NO
3	L21010GJ1960PLC018099	JK PAPER LIMITED	Director	27/09/2014	09/07/1992	-	Active	NO
4	U74899DL1992PTC049684	KANGAROO PROPERTIES AND SERVICES PRIVATE LIMITED	Director	08/02/1993	08/02/1993	-	Active	NO
5	U74999DL1951PLC161818	THE INDIA THERMIT CORPORATION LIMITED	Director	26/09/1994	26/09/1994	-	Active	NO
6	U65993DL1999PTC098393	XEROX INDIA ENTERPRISES PRIVATE LIMITED	Director	15/02/1999	15/02/1999	-	Active	NO
7	L74899DL1985PLC020134	SUBROS LIMITED	Director	31/10/2002	31/10/2002	-	Active	NO
8	U72293DL2006PTC148795	VIS LEGIS CONSULT PRIVATE LIMITED.	Director	15/05/2006	15/05/2006	-	Active	NO
9	U45209DL2007PTC159181	DEV VALLEY DEVCON PRIVATE LIMITED	Director	12/02/2007	12/02/2007	-	Active	NO
10	U70102KA2007PTC042273	GM NATURA INFRASTRUCTURE PRIVATE LIMITED	Director	27/03/2007	27/03/2007	29/06/2007	Active	NO
11	U63040HR2007PTC041959	AGA Assistance (India) Private Limited	Director	16/07/2007	16/07/2007	26/07/2007	Active	NO
12	U55101DL2008PTC179518	DHANALAKSHMI INFRA TECH PRIVATE LIMITED	Director	13/06/2008	13/06/2008	28/08/2009	Active	NO
13	L67120DL1947PLC116830	BENGAL & ASSAM COMPANY LIMITED	Director	02/09/2014	02/02/2009	-	Active	NO
14	U40300DL2010PTC198011	Eros Energy Private Limited	Director	15/01/2010	15/01/2010	-	Active	NO
15	U74899DL1983PTC016670	S J COUNSULIN PVT LTD	Additional director	16/03/2011	16/03/2011	-	Strike off	NO
16	U45200DL2007PLC159796	INOX INFRASTRUCTURE LIMITED	Director	08/09/2014	01/04/2014	-	Active	NO

Name :

Mr. Binod Kumar Patodia

Designation :

Director

Address :

Flat No. 45, 6th Floor, Mount Unique Peddar Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

01. 01. 1945

Date of Appointment :

08. 09. 2001

DIN No.:

00003516

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120KL1981PLC013244	GTN ENTERPRISES LIMITED	Director	27/07/1981	27/07/1981	-	Active	NO
2	U51420WB1981PTC034017	PATODIA EXPORTS & INVESTMENTS PVT LTD	Director	25/04/1987	25/04/1987	-	Active	NO
3	U17120MH1965PLC015806	HINDUSTAN POLYAMIDES AND FIBRES LIMITED	Director	29/06/1989	29/06/1989	04/12/2012	Active	NO
4	U67120WB1990PTC048375	UMANG FINANCE PVT. LTD.	Director	12/02/1990	12/02/1990	-	Active	NO
5	U65999WB1990PTC048390	BEEKAYPEE CREDIT PVT LTD	Director	14/02/1990	14/02/1990	-	Active	NO
6	L18101KL1991PLC006194	PATSPIN INDIA LTD	Director	20/09/1991	20/09/1991	-	Active	NO
7	U67120WB1961PTC025238	MADAN LAL BRIJ LAL PVT LTD	Director	31/01/1995	31/01/1995	04/02/2011	Active	NO
8	U45309KL1961SGC001937	KERALA STATE INDUSTRIAL DEVELOPMENT CORPN LTD	Director	18/12/1996	18/12/1996	14/05/2007	Active	NO
9	U18101KL1998PTC012497	PATSPIN APPARELS PRIVATE LIMITED	Director	28/09/1998	28/09/1998	-	Active	NO
10	U74999DL1951PLC161818	THE INDIA THERMIT CORPORATION LIMITED	Director	08/09/2001	08/09/2001	-	Active	NO
11	U67190WB1990PTC048536	M B CREDIT PVT LTD	Director	27/01/2003	27/01/2003	30/12/2006	Amalgamated	NO
12	L18101KL2005PLC018062	GTN TEXTILES LIMITED	Managing director	01/06/2014	28/03/2005	-	Active	NO
13	L28900MH1958PLC011077	HIND RECTIFIERS LIMITED	Director	14/08/2014	18/04/2007	-	Active	NO

Name :

Mr. Sudha Nagory

Designation :

Whole –Time Director

Address :

7/197 Moti Sadan, Swaroop Nagar, Kanpur – 208002. Uttar Pradesh, India

Date of Birth/Age :

28. 10. 1959

Date of Appointment :

01.04.2014

DIN No.:

00478180

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993UP1997PTC021425	NAGORY INVESTMENTS PRIVATE LIMITED	Director	17/02/1997	17/02/1997	-	Active	NO
2	U24231PN2001PTC016063	CREDENCE TECHNO SOLUTIONS PRIVATE LIMITED	Director	18/04/2001	18/04/2001	15/04/2013	Active	NO
3	U74999DL1951PLC161818	THE INDIA THERMIT CORPORATION LIMITED	Whole-time director	01/04/2014	02/11/2001	-	Active	NO
4	U36911UP2004PTC028992	NAGORY INNOVATIVE ARTS PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
5	U29130UP2005PLC029943	THERMIT-THORMAHLEN INDIA LIMITED	Director	02/05/2005	02/05/2005	17/09/2013	Active	NO

Name :

Mr. Hansjuergen Mundinger

Designation :

Director

Address :

Bergstrasse 48, Uhldingen Muehlhofen - 04107 Germany

Date of Birth/Age :

17. 05. 1955

Date of Appointment :

25. 09. 2012

DIN No.:

02229469

Name :

Mr. Shailendra Mohan Gupta

Designation :

Director

Address :

Puran Niwas, 7/51, Tilak Nagar, Kanpur - 208002, Uttar Pradesh, India

Date of Birth/Age :

17. 02. 1951

Date of Appointment :

25. 09. 2012

DIN No.:

00327249

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24111UP1974PLC004018	KANCHAN PROPERTIES LIMITED	Director	29/03/1982	29/03/1982	-	Active	NO
2	U32101UP1974PTC003975	CLASSIC HOSIERY PRIVATE LIMITED	Director	01/01/1985	01/01/1985	-	Active	NO
3	U15429UP1994PLC016271	SHAKUMBARI SUGAR AND ALLIED INDUSTRIES LIMITED	Director	15/12/2007	29/03/1994	09/02/2008	Active	NO
4	U67100UP1990PTC011645	JAGRAN MEDIA NETWORK INVESTMENT PRIVATE LIMITED	Director	12/11/2007	12/11/2007	-	Active	NO
5	L22219UP1975PLC004147	JAGRAN PRAKASHAN LIMITED	Director	04/09/2008	04/09/2008	-	Active	NO
6	U72700UP2000PTC025758	OM MULTIMEDIA PRIVATE LIMITED	Director	30/05/2009	30/05/2009	-	Active	NO
7	U70102UP2010PTC040079	P. C. RENEWABLE ENERGY PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
8	U74999DL1951PLC161818	THE INDIA THERMIT CORPORATION LIMITED	Director	25/09/2012	25/09/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 12.09.2014

Shareholding Details File Attached

As on 12.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	35.92
Bodies corporate	0.31
Directors or relatives of Directors	57.67
Other top fifty shareholders	6.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Thermit and Pre – fabricated dry Moulds

Products :

PRODUCT DESCRIPTION	ITC NO.
Thermit Portion for Welding	3810

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Countries :

• Bangladesh
• Sri lanka

Imports :

Products :

Raw Material

Countries :

• Germany
• USA

Terms :

Selling :

Cash, Cheque and Credit (60 Days)

Purchasing :

Cash, Cheque and Credit (60 Days)

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Wholesalers and Retailers
No. of Employees :	950 (Approximately)
Bankers :	State Bank of India, Main Branch, Kanpur, Uttar Pradesh, India Standard Chartered Bank, Credit Documentation Unit, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India

Auditors :
Name :	S. N. Gupta and Company Chartered Accountant
Address :	2/30, Swadeshi Bima Nagar, Mahatma Gandhi Road, Agra – 282002, Uttar Pradesh, India
PAN No. :	AADFS4925M
Memberships :	--
Collaborators :	--
Subsidiaries :	Asiatic Thermics Limited Thermit Thormahlen India Limited Thermit Arasan India Limited
Joint Venture :	ITC VRR JV ITC EEC JV Ndu Itcl Infra Limited
Associates :	Elektrothermit GmbH and Company

CAPITAL STRUCTURE

As on: 12.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3600000	Equity Shares	Rs.10/- each	Rs. 36.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	36.000	36.000	36.000
(b) Reserves & Surplus	1823.828	1582.678	1380.509
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1859.828	1618.678	1416.509
(3) Non-Current Liabilities	0.000	0.000	0.000
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.159	8.585	0.000
Total Non-current Liabilities (3)	8.159	8.585	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	11.191
(b) Trade payables	32.246	40.718	32.003
(c) Other current liabilities	209.112	168.448	155.253
(d) Short-term provisions	70.827	45.983	47.270
Total Current Liabilities (4)	312.185	255.149	245.717
TOTAL	2180.172	1882.412	1662.226
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	240.812	214.663	201.936
(ii) Intangible Assets	0.887	1.379	1.191
(iii) Capital work-in-progress	32.956	33.744	40.211
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	71.630	108.829	107.249
(c) Deferred tax assets (net)	19.345	14.845	9.781
(d) Long-term Loan and Advances	192.188	157.632	80.215
(e) Other Non-current assets	28.462	37.185	31.380
Total Non-Current Assets	586.280	568.277	471.963
(2) Current assets
(a) Current investments	116.771	65.800	38.564
(b) Inventories	229.662	231.002	198.290
(c) Trade receivables	661.469	610.935	523.878
(d) Cash and cash equivalents	388.156	252.554	276.987
(e) Short-term loans and advances	53.997	51.845	66.266
(f) Other current assets	143.837	101.999	86.278
Total Current Assets	1593.892	1314.135	1190.263
TOTAL	2180.172	1882.412	1662.226

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1304.290	1198.570	1221.388
	Other Income	48.701	39.735	29.610
	TOTAL (A)	1352.991	1238.305	1250.998
Less	EXPENSES
	Cost of Materials Consumed	234.098	212.336	248.446
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(19.192)	(3.248)	(3.838)
	Employees benefits expense	149.327	168.932	148.411
	Other expenses	495.346	452.868	422.576
	TOTAL (B)	859.579	830.888	815.595
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	493.412	407.417	435.403
Less	FINANCIAL EXPENSES (D)	1.064	2.018	2.126
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	492.348	405.399	433.277
Less/ Add	DEPRECIATION/ AMORTISATION (F)	52.521	56.187	46.005
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	439.827	349.212	387.272
Less	TAX (I)	135.500	104.936	90.352
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	304.327	244.276	296.920
Less	APPROPRIATIONS
	Transfer to General Reserve	98.177	67.118	30.000
	Interim Dividend	36.000	36.000	36.000
	Proposed Dividend	9.177	6.118	5.780
	Corporate Dividend Tax	35.000	25.000	0.000
	Total (M)	178.354	134.236	71.780
	Balance Carried to the B/S (J+K+L-M)	125.973	110.040	225.140
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	61.537	50.308	43.351
	TOTAL EARNINGS	61.537	50.308	43.351
	Earnings / (Loss) Per Share (Rs.)	84.54	67.85	82.47

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	23.33	20.38	24.31
Operating Profit Margin (PBDIT / Sales)	(%)	37.83	33.99	35.65
Return on Total Assets (PBT/Total Assets}	(%)	21.39	20.24	25.73
Return on Investment (ROI) (PBT/Networth)		0.24	0.22	0.27
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.01
Current Ratio (Current Asset/Current Liability)		5.11	5.15	4.84

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	36.000	36.000	36.000
Reserves & Surplus	1380.509	1582.678	1823.828
Net worth	1416.509	1618.678	1859.828
long-term borrowings	0.000	0.000	0.000
Short term borrowings	11.191	0.000	0.000
Total borrowings	11.191	0.000	0.000
Debt/Equity ratio	0.008	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1221.388	1198.570	1304.290
			8.821

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1221.388	1198.570	1304.290
Profit	296.920	244.276	304.327
	24.31%	20.38%	23.33%

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 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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
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

Note:

Registered office of the company has been shifted from Shree Bhawan, Saraf Road, Lashkar, Gwalior – 474001, Madhya Pradesh, India to the present address w.e.f.11.12.2006

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10218265	07/04/2010	18,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	A84657352
2	10134523	12/07/2011 *	110,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	B19890318
3	10052920	28/09/2010 *	80,000,000.00	BANK OF BARODA	Fazalganj branch, KANPUR, Uttar Pradesh - 208012, INDIA	A96836754
4	10033978	14/12/2013 *	350,000,000.00	Standard Chartered Bank	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA KHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	B95806915

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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. 61.85
UK Pound	1	Rs. 96.72
Euro	1	Rs. 76.53

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.