MIRA INFORM REPORT

Report Date :

05.07.2014

IDENTIFICATION DETAILS

Name :	RAGHUVIR SYNTHETICS LIMITED
Registered Office :	Rakhial Road, Rakhial, Ahmedabad – 380023, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.08.1982
Com. Reg. No.:
Capital Investment / Paid-up Capital :	Rs.38.750 Millions
CIN No.: [Company Identification No.]	L17119GJ1982PLC005424
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufactures and sells cotton and fabrics.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 620000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems some dip in the turnover and drastic dip in the profitability of the company during 2014. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered fir business dealings with some caution.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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

MANAGEMENT NON – COOPERATIVE (91-79-26764224)

LOCATIONS

Registered Office / Mills:	Rakhial Road, Rakhial, Ahmedabad – 380023, Gujarat, India
Tel. No.:	91-79-22911015/22911902/22910963
Fax No.:	91-79-22125348
E-Mail :	ramdev@raghuvir.com raghuvirad1@sancharnet.in
Website :	www.raghuvir.com
Wind Farm Project:	Located at Village, Lambha Taluka Kalyanpur District: Jamnagar, Gujarat, India

DIRECTORS

As on 31.03.2013

Name :	Mr. Sunil R.Agarwal
Designation :	Chairman and Managing Director
Name :	Mr. Yash S. Agatwal
Designation:	Director
Name :	Mr. Hardik S. Agarwal
Designation :	Director
Name :	Mr. Mangesh H. Agatwal
Designation :	Director
Name :	Mr. Kamal B. Patel
Designation :	Director
Name :	Mr. Samir R. Sheth
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2010

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2642654	68.20
Sub Total	2642654	68.20
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2642654	68.20
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	87874	2.27
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1025867	26.47
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	118065	3.05
Any Others (Specify)	540	0.01
Non Resident Indians	260	0.01
Others	280	0.01
Sub Total	1232346	31.80
Total Public shareholding (B)	1232346	31.80
Total (A)+(B)	3875000	100.00
(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)	3875000	0.00

BUSINESS DETAILS

Line of Business :

Manufactures and sells cotton and fabrics.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

HDFC Bank Limited

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term Loan
HDFC Bank term loan – I	0.065	7.738
HDFC Bank term loan – II	14.210	0.000
HDFC Bank term loan – III	0.627	0.000
Vehicle Loan
HDFC Bank	0.000	0.092
HDFC Bank	0.000	0.687
Short-term borrowings
From Banks IDBI FD/OD A/c	1.703	1.751
Total	16.605	10.268
NOTE: LONG-TERM BORROWINGS Nature of Security The term loan amounting to Rs. 18.450 Millions (P-. Y Rs. NIL) are secured by way of hypothecation of plant and machinery acquired out of term loan and further secured by lien on fixed deposit of Raghuvir Synthetics Limited and personal guarantee of directors The term loans amounting to Rs. 7.738 Millions (-P .Y. Rs. 19.155 Millions)re secured by way of hypothecation of plant and machinery acquired out of term loan and further secured by lien on fixed deposit of Raghuvir Exim Limited. (Associate Concern) and personal guarantee of directors. The Vehicle loans amounting to Rs. 0.778 Million(P .Y. Rs 2.239 Millions) are secured by vehicles. Terms of Repayment of Loans Secured Loan Term Loan HDFC BANK Term Loan Repayable installments commencing from September, 2009. Last installments due on September, 2014. Rate of interest 8.50% as at year end. (P.Y. 8.50%) Vehicle Loan HDFC BANK Loan amounting to Rs. 0.092 Million (P.Y. Rs. 0.283 Million) is repayable in monthly installments of Rs. 0.016 Million. Repayable installments commencing from October, 2010. Last installments due on September, 2013. Rate of interest 10.10% as at year end. (P.Y. 10.10%) HDFC BANK Loan amounting to Rs.0.0686 Million (P.Y. Rs. 1.976 Millions) is repayable in Monthly installments of Rs. 0.117 Million. Repayable installments commencing from October, 2010. Last installments due on September, 2013. Rate of interest 8.50% as at year end. (P.Y. 8.50%) SHORT-TERM BORROWINGS Nature of Security Secured The Working Capital Loans from lDBl bank amounting to Rs. 1.703 Millions (P.Y. Rs. 1.751 Million) are against lien of fixed deposits.

Banking Relations :	--
Auditors :
Name :	G. K. Choksi and Company Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Internal Auditors:
Name :	Ashok K. Bhatt and Company
Address :	Ahmedabad, Gujarat, India
Associate Enterprise:	Raghuvir Exim Limited The Sagar Textiles Mills Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

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

Issued:

No. of Shares	Type	Value	Amount
3875000	Equity Shares	Rs.10/- each	Rs. 38.750 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3875000	Equity Shares	Rs.10/- each	Rs. 38.750 Millions
	Less: Calls in arrears		Rs. 0.209 Million
	Total		Rs.38.541 Millions

Note:

During the period of five financial years immediately preceding the Balance Sheet date, the company has not:

(i) Allotted any fully paid-up equity shares by way of bonus shares;

(ii) Allotted any equity shares pursuant to any contract without payment being received in cash;

(iii) Brought back any equity shares

(d) Reconciliation of number of shares

Particulars	Number of equity shares
At the beginning of the year	3.875
Add : issue during the year	0
As the end of the year	3.875

Rights, Preferences and Restrictions

The authorised share capital of the Company has only one class of shares referred to as 'equity shares' having a par value of Rs. 10/- each. The rights and privileges to equity shareholders are general in nature and defined under the Articles of Association.

The equity shareholders shall have:

(i) One Vote and a poll when present in person (including a body corporate by a duly authorized representative) or by an agent duly authorised under a power of attorney or by a proxy his voting right shall be in proportion to his share of the paid equity share capital of the company.. However, no member shall exercise any voting rights in respect of any share registered in his name on which any calls or other sums presently payable by him have not been paid or in regard to which the company has exercised any right of lien,

(ii) subject to the rights of person if any, entitled to share with special rights as to dividends, all dividends shall be declared and paid according to the amount paid or credited as paid to the shares in respect where of the dividend is paid but if and so long as nothing is paid upon any shares in the company, dividends may be declared and paid according to the amounts of the shares.

(iii) A special resolution sanctioning a sale to any other company duly passed pursuant to section 494 of the act may, subject to the provision of the act, in like manner as aforesaid determined that any shares or other consideration receivable by the liquidator be distributed against the members otherwise then in accordance with their existing rights and any such determination shall be binding upon all the members subject to the rights of dissent and consequential right conferred by the said section.

Particulars	Number of equity shares	% holding
Sunil Agarwal	905003	23.35
Pamita Agarwal	872546	22.52
Yash Agarwal	439203	11.33
Hardik Agarwal	374827	9.67

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	38.541	38.541
(b) Reserves & Surplus	112.465	82.249
(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)	151.006	120.790
(3) Non-Current Liabilities
(a) long-term borrowings	14.902	8.517
(b) Deferred tax liabilities (Net)	10.497	16.076
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.919	1.007
Total Non-current Liabilities (3)	26.318	25.600
(4) Current Liabilities
(a) Short term borrowings	1.703	1.751
(b) Trade payables	43.220	105.213
(c) Other current liabilities	27.960	13.651
(d) Short-term provisions	0.181	0.070
Total Current Liabilities (4)	73.064	120.685
TOTAL	250.388	267.075
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	151.139	173.582
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	21.978	0.957
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.004	5.504
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	9.790	7.673
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	182.911	187.716
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	15.794	10.385
(c) Trade receivables	3.691	45.005
(d) Cash and cash equivalents	1.798	3.354
(e) Short-term loans and advances	5.863	5.009
(f) Other current assets	40.331	15.606
Total Current Assets	67.477	79.359
TOTAL	250.388	267.075

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		38.541
2] Share Application Money		0.000
3] Reserves & Surplus		80.529
4] (Accumulated Losses)		0.000
NETWORTH		119.070
LOAN FUNDS
1] Secured Loans		35.070
2] Unsecured Loans		0.000
TOTAL BORROWING		35.070
DEFERRED TAX LIABILITIES		20.849
TOTAL		174.989
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		199.118
Capital work-in-progress		0.957
INVESTMENT		5.504
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.434
	Sundry Debtors	24.817
	Cash & Bank Balances	5.322
	Other Current Assets	0.000
	Loans & Advances	28.522
Total Current Assets		68.095
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	70.196
	Other Current Liabilities	19.900
	Provisions	8.589
Total Current Liabilities		98.685
Net Current Assets		(30.590)
MISCELLANEOUS EXPENSES		0.000
TOTAL		174.989

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	500.864	440.829	362.276
	Other Income	45.223	2.884	1.124
	TOTAL (A)	546.087	443.713	363.400
Less	EXPENSES
	Cost of Materials Consumed	297.997	242.170
	Purchases of Stock-in-Trade	1.264	0.674
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.351	0.877	321.984
	Operating expense	143.678	132.934
	Employees benefits expense	15.620	13.580
	Other expenses	17.606	12.276
	TOTAL (B)	476.516	402.511	321.984
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	69.571	41.202	41.416
Less	FINANCIAL EXPENSES (D)	1.339	1.366	1.627
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	68.232	39.836	39.789
Less/ Add	DEPRECIATION/ AMORTISATION (F)	34.984	36.102	38.323
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	33.248	3.734	1.466
Less	TAX (I)	3.031	2.014	1.176
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	30.217	1.720	0.290
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	NA	43.690
	Balance Carried to the B/S	NA	NA	43.980
	IMPORTS
	Components and Stores parts	1.255	0.000	6.497
	Capital Goods	7.003	0.000	1.661
	TOTAL IMPORTS	8.258	0.000	8.158
	Earnings / (Loss) Per Share (Rs.)	7.80	0.44	0.07

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.53	0.39	0.08
Net Profit Margin (PBT/Sales)	(%)	6.64	0.85	0.40
Return on Total Assets (PBT/Total Assets}	(%)	13.28	1.43	0.55
Return on Investment (ROI) (PBT/Networth)		0.22	0.03	0.01
Debt Equity Ratio (Total Debt /Networth)		0.11	0.09	0.29
Current Ratio (Current Asset/Current Liability)		0.92	0.66	0.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	38.541	38.541
Reserves & Surplus	82.249	112.465
Net worth	120.790	151.006
long-term borrowings	8.517	14.902
Short term borrowings	1.751	1.703
Total borrowings	10.268	16.605
Debt/Equity ratio	0.085	0.110

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	362.276	440.829	500.864
		21.683	13.619

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	362.276	440.829	500.864
Profit	0.290	1.720	30.217
	0.08%	0.39%	6.03%

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

OPERATIONAL PERFORMANCE

The total revenue of the Company has increased from Rs. 443.700 Millions to Rs. 546.000 Millions. The profit before tax of the Company has also increased from Rs. 3.734 Millions to Rs. 33.248 Millions. The net profit after tax has increased to Rs. 30.216 Millions as compared to previous year's net profit of Rs. 1.719 Millions

FUTURE OUTLOOK

India's key assets include a large and low-cost labor force, sizeable supply of fabrics, sufficiently in raw material and spinning capacities. On the basis of these strengths, India will become a major outsourcing hub for foreign manufacturers and retailers, with composite mills and large integrated firms being their preferred partners. In view of this, the company proposes to enhance its exports and, marketing strategies, introduce integrated human resource development and technological upgradation.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10180218	25/02/2014 *	83,800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B97307326

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Office Equipments
• Computer
• Vehicle

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31^ST MARCH, 2014

Rs. in Millions

Sr. No.	PARTICULAR	Quarter Ended		Year Ended
		31.03.2014 (Unaudited)	31.12.2013 (Unaudited)	31.03.2014 (Audited)
1.	Income from Operations
	(a) Net Sales / Income from Operations	103.879	123.711	387.879
	(b) Other Operating Income	0.000	0.000	0.000
	Total Income from Operations (net)	103.879	123.711	387.879
2.	Expenditure
	(a) Consumption of raw material	42.453	52.038	153.466
	(b) Purchase of traded goods	0.496	0.133	1.628
	(c) Changes in Inventories of Finished goods and Work-in -progress	(0.154)	(0.075)	(0.026)
	(d) Employee Benefits expense	4.648	4.879	16.851
	(e) Depreciation, Amortization and Impairment expense	4.611	6.754	29.665
	f) Other Expenses	52.530	65.092	182.142
	g) Total	104.584	118.821	383.526
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	(0.705)	4.890	4.353
4.	Other Income	2.785	0.870	5.014
5.	Profit Before Interest and Exceptional Items (3+4)	2.080	5.697	9.367
6.	Interest	0.020	0.964	2.215
7.	Profit After Interest but before Exceptional Items (5-6)	2.060	4.733	7.152
8.	Exceptional Items	0.000	0.000	0.000
9.	Profit from Ordinary Activities before Tax (7+8)	2.060	4.733	7.152
10.	Tax Expense	5.782	(3.682)	2.852
11.	Net Profit from Ordinary Activities after Tax (9-10)	(3.722)	8.414	4.300
12.	Extraordinary Item (net of expense)	0.000	0.000	0.000
13.	Net Profit for the period (11-12)	(3.722)	8.414	4.300
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	38.541	38.541	38.541
15.	Reserves Excluding Revaluation Reserve	--	--	116.766
16.	Basic and Diluted Earnings Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	(0.96)	2.17	1.11
	b) Basic and diluted EPS after extraordinary items	(0.96)	2.17	1.11
17.	Public Shareholding
	-Number of Shares	1232346	1246835	1232346
	- Percentage of Shareholding	31.80	32.18	31.80
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	NIL	NIL	NIL
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	NIL	NIL	NIL
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	NIL	NIL	NIL
	b) Non Encumbered
	- Number of Shares	2642654	2628165	2642654
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100		100
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	68.20	67.82	68.20

INVESTOR COMPLAINTS	Quarter Ended 31.03.2014
Pending at the beginning of the quarter	--
Received during the quarter	--
Disposed of during the quarter	--
Remaining unresolved at the end of the quarter	--

Note:

The above Financial Results were reviewed by the Audit Committee and thereafter approved by the Board of Directors of the company in their meeting held on May 27,2014.

Figures of the previous periods/year are being regrouped / restated wherever necessary.

The Company is having one segment only and therefore Segmental Reporting is not applicable.

Tax expenses includes Income Tax and Deferred Tax.

The figures for the quarter ended March 31 are the balancing figures between the audited figures in respect of the full financial year and published year to date figures up to third quarter of the relevant financial year.

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.59.79
UK Pound	1	Rs.102.66
Euro	1	Rs.81.32

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.