MIRA INFORM REPORT

Report Date :

08.07.2014

IDENTIFICATION DETAILS

Name :	GRAVITA INDIA LIMITED
Registered Office :	‘Saurabh’, Harsulia Mod, P. O. Harsulia, Diggi-Malpura Road, Tehsil Phagi-303904, Rajasthan
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.08.1992
Com. Reg. No.:	17-006870
Capital Investment / Paid-up Capital :	Rs.136.255 Millions
CIN No.: [Company Identification No.]	L29308RJ1992PLC006870
TAN No.: [Tax Deduction & Collection Account No.]	JPRG00562C
PAN No.: [Permanent Account No.]	AAACG6753F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Lead Metal, Specific Lead alloys, Lead oxides, Lead sheet and Lead Powder.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 3080000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company is decent. General financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payment terms are usually 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, 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB (Long Term Bank Facilities) Suspended
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August 02, 2013

Rating Agency Name	CARE
Rating	A2 (Short Term Bank Facilities)
Rating Explanation	Strong degree of safety and high credit risk.
Date	August 02, 2013

Reason of Suspension: The Company has not furnished the information.

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 (GENERAL DETAILS)

Name :	Mr. Ghanshyam Sharma
Designation :	Account Head
Contact No.:	91-141-2623266
Date :	05.07.2014

LOCATIONS

Registered Office/ Factory 1 :	‘Saurabh’, Harsulia Mod, P. O. Harsulia, Diggi-Malpura Road, Tehsil Phagi-303904, Rajasthan, India
Tel. No.:	91-141-2621046
Fax No.:	91-141-2621491
E-Mail :	companysecretary@gravitaindia.com info@gravitaindia.com works@gravitaindia.com
Website :	www.gravitaindia.com
Corporate Office :	402, Gravita Tower A-27-B, Shanti Path Tilak Nagar, Jaipur-302004, Rajasthan, India
Tel. No.:	91-141-4057800
Fax No.:	91-141-2621491
Factory 2 :	Plot No. 322, Mithirohar Industrial Estate, Mithirohar, Taluka Gandhidham, Gujarat, India
Factory 3 :	Plot No. PA-011-006, Mahindra SEZ, Village Kalwara, Tehsil Sanganer, District Jaipur, Rajasthan, India

DIRECTORS

As on: 31.03.2013

Name :	Dr. Mahavir Prasad Agarwal
Designation :	Chairman and Whole Time Director
Date of Birth/Age :	01.03.1934
Qualification :	M.B.B.S
Date of Appointment :	27.03.2007
Name :	Mr. Rajat Agarwal
Designation :	Managing Director
Name :	Mr. Rajeev Surana
Designation :	Whole Time Director
Name :	Mr. Dinesh Kumar Govil
Designation :	Director
Name :	Mr. Yogesh Mohan Kharbanda
Designation :	Director
Name :	Mr. Arun Kumar Gupta
Designation :	Director
Date of Birth/Age :	30.06.1944
Qualification :	Engineering Graduate
Date of Appointment :	11.08.2009

KEY EXECUTIVES

Name :	Mr. Navin Prakash Sharma
Designation :	President and Chief Executive Officer
Name :	Mr. Yogesh Malhotra
Designation :	Vice President (HR and Operations)
Name :	Mr. Sandeep Choudhary
Designation :	Vice President (Operations)
Name :	Mr. Vijendra Singh Tanwar
Designation :	Whole time Director–Gravita Exim Limited
Name :	Mr. Gopal Agrawal
Designation :	Vice President (Engineering)
Name :	Mr. Madhaw Ram Gupta
Designation :	Vice President (Production)
Name :	Mr. Vijay Pareek
Designation :	Vice President (Sales and Marketing)
Name :	Mr. Rakesh Jain
Designation :	Vice President (Projects)
Name :	Mr. Sanjay Singh Baid
Designation :	Vice President (Procurement)
Name :	Mr. Ghanshyam Sharma
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	50056000	73.42
Sub Total	50056000	73.42
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	50056000	73.42
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	5227398	7.67
Sub Total	5227398	7.67
(2) Non-Institutions
Bodies Corporate	5363057	7.87
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1647402	2.42
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	5538574	8.12
Any Others (Specify)	342735	0.50
Non Resident Indians	266823	0.39
Clearing Members	75912	0.11
Sub Total	12891768	18.91
Total Public shareholding (B)	18119166	26.58
Total (A)+(B)	68175166	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	68175166	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Lead Metal, Specific Lead alloys, Lead oxides, Lead sheet and Lead Powder.
Exports :
Products :	Finished Goods
Countries :	· African Countries · UAE
Imports :
Products :	Raw Material
Countries :	Africa
Terms :
Selling :	L/C, Cheque and Credit
Purchasing :	L/C, Cheque and Credit

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

· State Bank of India

· IDBI Bank Limited

· Axis Bank Limited

· Punjab National Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Term loans
Banks	7.781	11.120
Others	86.041	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from Banks*
Cash Credit	104.152	36.792
Packing Credit	93.925	55.538
Foreign Outward Bill Discount	0.000	57.408
Local Bill Discount	46.891	38.484
Foreign Currency Loans - Buyers Credit	164.436	236.660
Total	503.226	436.002

Notes:

1. Term Loan from Banks were taken as under: -

The Company has various term loans from banks which is secured by way of hypothecation of vehicles which are repayable on equal monthly installments over a period from 3 to 5 years. The loan contains rate of interest from 7.93% to 10.82% p.a.

Term Loan from Others were taken as under: -

The Company has term loan from Export Import Bank of India which is secured by way of following assets:

- Pledge of Fixed Deposits

- Second Charge on entire current assets and fixed assets including immovable property of the Company (pending to be secured)

- Pledge of shares of Gravita Ghana Limited and Gravita Senegal SAU (pending to be secured)

- Mortgage of Immovable Property owned by Director

- Extension of charge on the fixed assets of M/s Gravita Technomech (related party)

- Corporate Guarantee of M/s Gravita Technomech (related party)

- Personal Guarantee of a Director

The loan is repayable in 18 equal quarterly installments. The loan contains rate of interest 6 Months LIBOR plus 600 BPS.

* Loans repayable on demand are secured by way of:

- First pari-passu charge on entire Current Assets of the Company (both present and future),

- First pari-passu charge on the following Fixed Assets of the Company:

- Flat no. 302, 401, 403 in Rajputana Tower, A-27-B, Tilak Nagar, Shanti Path, Jaipur

- Land and building at Jai Chand ka Bas, Diggi Malpura Road, Phagi, Jaipur

- First pari-passu charge on the following assets:

- Land and house, 3/90, HIG, Mansarovar, Jaipur of M/s Gravita Impex Private Limited (related party)

- Flat no. 203, 402 in Rajputana Tower, A-27-B, Tilak Nagar, Shanti Path, Jaipur of a director

- Personal Gaurantee of a director

- Corporate Guarantee of M/s Gravita Impex Private Limited (related party)

- First charge over other block of assets of the Company (excluding Vehicle and Land and Building) both present and future.

Banking Relations :	--
Statutory Auditors :
Name :	Rajvanshi and Associates Chartered Accountants
Address :	H-15, Chitranjan Marg, C-Scheme, Jaipur, Rajasthan, India
Subsidiaries :	Gravita Exim Limited and its Associate · Navam Lanka Limited (Associate from 06th January, 2013) · Gravita Ghana Limited · Gravita Mozambique LDA · Gravita Senegal S.A.U (Subsidiary up to 26th December, 2012) · Gravita Energy Limited · Gravita Infra Private Limited · Noble Build Estate Private Limited (Subsidiary from 03rd July, 2012) Gravita Global Pte Limited and its Subsidiary · Gravita Netherlands BV and its subsidiaries · Gravita Senegal S.A.U (Subsidiary from 27th December, 2012) · Gravita Nicaragua S.A. · Gravita Trinidad and Tobago Limited
Associates :	· Gravita Honduras SA DE CV (Associate up to 25th September, 2012) · Navam Lanka Limited (Associate up to 05th January, 2013)
Limited Liability Partnership Firms :	Gravita Technomech LLP (in process of strike off)
Partnership Firms :	· Gravita Metals (formerly known as KM Udyog) · Gravita Metal Inc (formerly known as Metal Inc) · Gravita Technomech
Enterprises having same Key Management Personnel and/or their relatives as the reporting enterprise :	· Gravita Exim Limited · Gravita Ghana Limited · Gravita Mozambique LDA · Gravita Senegal S.A.U (Subsidiary up to 26th December, 2012) · Gravita Energy Limited · Gravita Infra Private Limited · Noble Build Estate Private Limited · Gravita Global Pte Limited · Gravita Netherlands BV · Navam Lanka Limited · Gravita Honduras SA DE CV (Associates up to 25th September, 2012) · Gravita Technomech LLP (in process of strike off) · Gravita Metals (formerly known as M/s KM Udyog) · Gravita Metal Inc (formerly known as M/s Metal Inc) · Gravita Technomech · Gravita Impex Private Limited · Saurabh Farms Limited · Shah Buildcon Private Limited · Jalousies India Private Limited · Surana Professional Services Private Limited · R.Surana and Company · Surana Associates · Gravita Nicaragua S.A · Gravita Trinidad and Tobago Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.2/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
68127552	Equity Shares	Rs.2/- each	Rs.136.255 Millions

1. During the year, the Company has sub-divided its 1 Equity Share of Rs. 10 each into 5 Equity Shares of Rs. 2 each vide shareholders’ approval through postal ballot on 11th May, 2012. Information relating to Shares/Share Capital in notes below should be read after considering the division of shares as explained herewith.

2. Reconciliation of the shares outstanding is set out below:

	As At 31st March, 2013
Equity Shares	No. of Shares	Rs. In Millions
At the beginning of the year	68100000	136.200
Issued during the year – ESOP	27552	0.055
Equity Shares at the end of the year	68127552	136.255

3. Terms/Rights attached to Equity Shares

The Company has only one class of Equity Shares having a face value of Rs. 2 per share (Rs.10 per share). Each equity share holder is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Ensuing Annual General Meeting.

The Board of Directors of the Company have declared interim dividend @ 10% amounting to ` 0.20 per share on the Paid-up Capital of the Company in the meeting held on 17th August, 2012 and @ 15% amounting to ` 0.30 per share on the paid up Capital of the Company in the meeting held on 28th January, 2013.

The Board of Directors of the Company proposed final dividend @ 15% amounting to Rs. 0.30 per share on the Paid-up Capital of the Company which is to be approved in Ensuing Annual General Meeting. Hence, total payment after the approval of final dividend would be @ 40% amounting to Rs. 0.80 per share on the Paid-up Capital of the Company.

In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive the Remaining Assets of the Company, after distribution of all preferential amounts.

4. Aggregate number of Bonus Shares issued, Shares issued for Consideration other than cash and Shares bought back during the period of five years immediately preceding the reporting date:-

During the F.Y. 2009-10, the Company has allotted 33,40,000 Equity Shares of Face value of Rs.10 each (one fully paid bonus share against two fully paid Equity Shares) by capitalization of Reserves amounting to Rs. 33.400 Millions.

Particulars	As at 31st March 2013
Fully paid up by way of bonus shares (one fully paid bonus share against two Fully paid Equity Shares)	16700000

5. Details of Shareholders holding more than 5% shares in the Company

	As At 31st March, 2013
Particulars	No. of shares (Rs.2/- each Fully Paid up)	% holding
Shareholder’s Name
Rajat Agrawal	24365475	35.76%
M. P. Agarwal	13673325	20.07%
Anchal Agrawal	8312250	12.20%
Shashi Agarwal	3674700	5.39%

6. Shares reserved for issue under Options

First Grant dated 23rd September, 2011

400,380 Options of face value of Rs. 2 each (80,076 Options of face value of Rs. 10 each) were granted on 23rd September, 2011 (effective from 01st October, 2011) exercisable over a period of 5 years after vesting on 01st October, 2012 at an exercise price of Rs. 2 per equity share (at par), out of which 162,910 Options of face value of Rs. 2 each (16,258 Options of face value of Rs. 10 each) were lapsed and 209,918 options of face value of Rs. 2 each (63,818 Options of face value of Rs. 10 each) are outstanding at the year end. During the year 27,552 Equity Shares of face value of Rs. 2 each were allotted as fully paid up at an exercise price of Rs. 2 per Equity Share against exercise of equal number of options.

Second Grant dated 05th July, 2012

31,000 Options of face value of Rs. 2 each (Nil options) were granted on 05th July, 2012 exercisable over a period of 5 years after vesting on 05th July, 2013 at an exercise price of Rs. 2 per share (at par), out of which 3,500 Options (Nil options) were lapsed and 27,500 (Nil options) are outstanding at the year end.

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	136.255	136.200	136.200
(b) Reserves & Surplus	635.757	512.700	493.005
(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)	772.012	648.900	629.205
(3) Non-Current Liabilities
(a) long-term borrowings	93.822	11.120	1.663
(b) Deferred tax liabilities (Net)	10.831	7.684	6.080
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	5.008
Total Non-current Liabilities (3)	104.653	18.804	12.751
(4) Current Liabilities
(a) Short term borrowings	409.404	424.882	260.194
(b) Trade payables	220.464	68.940	64.381
(c) Other current liabilities	91.194	24.844	7.710
(d) Short-term provisions	23.911	47.528	68.518
Total Current Liabilities (4)	744.973	566.194	400.803
TOTAL	1621.638	1233.898	1042.759
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	115.960	114.079	62.594
(ii) Intangible Assets	1.540	0.635	0.005
(iii) Capital work-in-progress	67.536	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	160.708	156.191	99.913
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	189.635	16.546	0.506
(e) Other Non-current assets	64.467	126.852	0.000
Total Non-Current Assets	599.846	414.303	163.018
(2) Current assets
(a) Current investments	246.892	241.889	264.547
(b) Inventories	382.409	156.637	164.172
(c) Trade receivables	225.640	285.774	314.752
(d) Cash and cash equivalents	13.729	16.758	3.675
(e) Short-term loans and advances	151.126	114.225	109.046
(f) Other current assets	1.996	4.312	23.549
Total Current Assets	1021.792	819.595	879.741
TOTAL	1621.638	1233.898	1042.759

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2564.203	2028.867	1953.819
		Other Income	63.977	37.314	45.973
		TOTAL (A)	2628.180	2066.181	1999.792
Less	EXPENSES
		Cost of Materials Consumed	1009.446	681.102	605.478
		Purchase of Stock-in-Trade (acquired for trading)	1410.333	1155.087	1101.811
		Change in Inventory of Finished Goods, Work-In-Progress & Stock In Trade	(137.563)	(8.982)	21.918
		Employee Benefits Expenses	71.374	61.683	55.016
		Other Expenses	68.184	49.848	56.130
		Exceptional Items	(49.830)	(3.218)	0.000
		Prior Period Items	0.000	(0.126)	0.000
		TOTAL (B)	2371.944	1935.394	1840.353
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		256.236	130.787	159.439
Less	FINANCIAL EXPENSES (D)		52.774	24.760	17.017
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		203.462	106.027	142.422
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.935	5.209	3.901
	PROFIT BEFORE TAX (E-F) (G)		196.527	100.818	138.521
Less	TAX (H)		16.739	22.587	41.199
	PROFIT AFTER TAX (G-H) (I)		179.788	78.231	97.322
	EARNINGS IN FOREIGN CURRENCY
		Exports of Goods (FOB)	1147.112	1094.681	751.129
		Other Income	31.246	3.911	0.000
		Exceptional Items	25.650	2.938	0.000
		Dividend Received	0.000	0.000	18.757
		Foreign Exchange Rate Difference	0.000	0.000	12.327
		Other Expenses recovered	0.858	0.000	0.000
	TOTAL EARNINGS		1204.866	1101.530	782.213
	Earnings Per Share (Rs.)		2.64	1.15	8.54

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.84	3.79	4.87
Net Profit Margin (PBT/Sales)	(%)	7.66	4.97	7.09
Return on Total Assets (PBT/Total Assets}	(%)	14.10	9.35	14.69
Return on Investment (ROI) (PBT/Networth)		0.25	0.16	0.22
Debt Equity Ratio (Total Debt/Networth)		0.65	0.67	0.42
Current Ratio (Current Asset/Current Liability)		1.37	1.45	2.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	136.200	136.200	136.255
Reserves & Surplus	493.005	512.700	635.757
Net worth	629.205	648.900	772.012
long-term borrowings	1.663	11.120	93.822
Short term borrowings	260.194	424.882	409.404
Total borrowings	261.857	436.002	503.226
Debt/Equity ratio	0.416	0.672	0.652

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	1953.819	2028.867	2564.203
		3.841	26.386

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	1953.819	2028.867	2564.203
Profit	97.322	78.231	179.788
	4.98%	3.86%	7.01%

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	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

MANAGEMENT DISCUSSION AND ANALYSIS

INDIAN ECONOMY

India’s economic growth decelerated for the second year in succession in 2012-13 from 6.2 percent in 2011- 12 to 5 percent in 2012-13 (advance estimates), its slowest economic growth in a decade. Economic moderation was due to a decline in the growth of all GDP constituents – agriculture, Industry and Services. Besides, deceleration in credit flows, policy uncertainty, infrastructural bottlenecks, high input costs, slowdown in consumer expenditure and subdued business confidence contributed to the overall slowdown.

To counter a challenging environment, the Central Government has sought to implement several important policies:

· Reducing interest rates to create a stronger investment climate;

· Reviving stressed infrastructure; fasttracking large infrastructure projects;

· Using the buffer stock to moderate food inflation;

· Introducing FDI in multi-brand retail and aviation (already implemented);

· Partial deregulation of the oil and gas sector (diesel pricing) to reduce fuel subsidy and hence cut the current account deficit (CAD).

An economic survey indicates that the Indian economy could grow between 6.1–6.7 percent in 2013-14 while CRISIL estimates that the Indian economy could grow at 6.7 percent in 2013-14 due to a consumption revival catalyzed by acceleration in the agricultural sector, lower interest rates and higher governmental spending.

GLOBAL INDUSTRY OVERVIEW

Usage

Global demand for refined Lead metal is forecast to rise by 3.4 percent to 10.80 mn tonnes in 2012, to 11.15 mn tonnes in 2013;

In China, Lead-acid battery production and exports have recovered strongly after the wide-ranging environmentally-motivated cutbacks in 2011 and Lead metal usage is expected to grow by 4.7 percent in 2013;

Despite a small reduction in shipments of replacement automotive Lead-acid batteries, it is widely anticipated that demand for Lead in the US will increase by 0.6 percent in 2013 principally driven by growth in the original equipment and industrial battery sectors;

European demand is expected to be adversely affected by declining automotive sales and is expected to remain flat in 2013.

Supply

World Lead mine production has risen to 5.21 mn tonnes in 2012 and is expected to grow by 2.8 percent to 5.36 mn tonnes in 2013;

These increases are almost entirely due to the further expansion of production levels in China with the outputs around the world forecast to be relatively stable as rises in Mexico, Peru and the Russian Federation are largely offset by a reduction in Canada;

Expected rise in refined Lead metal output by 3.8 percent to 11.32 mn tonnes in 2013 has been influenced both by the establishment of new capacities and by the reopening of existing ones placed on maintenance over the recent past.

Domestic battery overview

The Indian automobile battery industry is pegged at about Rs. 200000.000 Millions (organised sector: Rs.120000.000 Millions) and the market is divided into OEMs and replacements.

The steady growth in automotive batteries aftermarket in India is attributed to burgeoning sales across all vehicle segments. As batteries are nondiscretionary replacement products, the demand for them is expected to continue to rise. High replacement rates are also acting as a catalyst. Lead constitutes almost 70 percent of the cost of inputs of a battery

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2013	31.03.2012
Outstanding Guarantee submitted to bank in respect of Investment in Partnership firms	144.821	21.784
Guarantee Given to Government Authorities on behalf of Partnership firms	98.544	28.620
Letter of Credit for import of raw material	-	2.174
Bank Guarantee to BSE	-	2.250

STANDALONE RESULTS FOR THE QUARTER ENDED MARCH 31, 2014

(Rs. In Millions)

Sr. No.	Particular	Quarter Ended		Year Ended
		31.03.2014	31.12.2013	31.03.2014
1.	Income From Operations
	Net Sales/ Income from Operations (Net of Excise Duty)	1094.176	767.207	3246.253
	Other Operating Income
	share of profit from partnership firms	40.179	37.153	102.794
	Others	23.545	6.384	33.688
	Total Income from Operations (Net)	1157.900	810.744	3382.735
2.	Expenditure
	Cost of materials consumed	452.882	537.888	1803.384
	Purchase of stock in trade	482.543	226.408	1073.400
	Changes in inventories of finished goods, work in progress and stock in trade	48.909	(91.575)	(16.464)
	Employee benefits expenses	34.961	33.716	130.274
	Depreciation and amortization expenses	6.720	2.352	17.311
	Foreign exchange loss (net)	(12.589)	(5.513)	30.728
	Other expenses	35.305	43.911	134.253
	Total Expenses	1048.731	747.187	3172.886
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	109.169	63.557	209.608
4.	Other Income	5.469	5.697	27.759
5.	Profit before finance costs and exceptional items (3 + 4)	114.638	69.254	237.608
6.	Finance costs
	(a)Interest costs	13.332	12.693	49.643
	(b)Foreign exchange loss	8.604	0.930	27.916
	Total finance costs	21.936	13.623	77.559
7.	Profit/(loss) before exceptional items (5 - 6)	92.702	55.631	160.049
8.	Exceptional items (refer note 5)	-	-	-
9.	Profit/ (loss) before tax (7 + 8)	92.702	55.631	160.049
10.	Tax expenses
	(a) Current tax (net off minimum alternate tax credit entitlement)	10.864	3.082	13.946
	(b) Deferred tax	1.927	4.853	1.660
	(c) Tax relating to prior years /periods written back	(0.181)	(4.235)	(4.416)
	Total tax expense	12.610	3.700	11.190
11.	Net profit after tax (9 - 10)	80.092	51.931	148.859
12.	Extraordinary Items	-	-	-
13.	Net profit after tax (11-12)	80.092	51.931	148.859
14.	Paid up equity share capital, equity shares of Rs. 2 each	136.350	136.350	136.350
15.	Reserves excluding revaluation reserves as per previous balance sheet			726.125
16.	Earnings per share (not annualised) in Rs.
	- Basic	1.17	0.76	2.18
	- Diluted	1.16	0.76	2.17
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	-Number of Shares	18119166	18119166	18119166
	- Percentage of Shareholding	26.58	26.58	26.58
2.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	-	-	-
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	-	-	-
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	-	-	-
	b) Non Encumbered
	- Number of Shares	50056000	50056000	50056000
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100.00	100.00	100.00
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	73.42	73.42	73.42

Particulars	For the quarter ended on 31.03.2014
Pending at the beginning of the quarter	Nil
Received during the quarter	6
Disposed of during the quarter	6s
Remaining unresolved at the end of the quarter	Nil

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

	As at 31.03.2014
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	136.350
(b) Reserves & Surplus	727.713
	864.063
(2) Non-Current Liabilities
(a) long-term borrowings	70.930
(b) Deferred tax liabilities (Net)	12.491
(c) Long term provisions	1.930
	85.351
(3) Current Liabilities
(a) Short term borrowings	536.350
(b) Trade payables	119.196
(c) Other current liabilities	129.568
(d) Short-term provisions	39.732
	824.846
Total Liabilities	1774.260
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	412.740
(ii) Intangible Assets	2.981
(iii) Capital work-in-progress	23.341
	439.062
(b) Non-current Investments	155.795
(d) Long-term Loan and Advances	67.705
(e) Other Non-current assets	71.063
	294.563
(2) Current assets
(a) Current investments	61.468
(b) Inventories	359.958
(c) Trade receivables	352.099
(d) Cash and cash equivalents	10.639
(e) Short-term loans and advances	179.023
(f) Other current assets	77.448
	1040.635
Total Assets	1774.260

NOTES:

1. The above results were reviewed by the Audit Committee at their meeting held on May 29, 2014 and approved by Board of Directors at their meeting held on May 29, 2014.

2. The Board Of Directors in their meeting held on May 29, 2014 recommended a final dividend of Rs. 0.50 on each fully paid up equity share amounted to Rs. 39.618 Millions including dividend tax of Rs. 5.530 Millions, which is subject to approval of shareholders at its upcoming Annual General Meeting.

3. The Board of directors have approved an appropriation of Rs. 14.886 Millions to general reserve

4. Finance costs include exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.

5. Segment information has been provided under the notes forming part of the consolidated results for the quarter and year ended March 31, 2014 as per Accounting Standard (AS) 17

“Segment Reporting”,

6. Figures of the previous quarter /year mentioned above have been re-grouped/re-arranged to make them comparable wherever necessary.

FIXED ASSETS

Tangible Fixed Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computer and Accessories

Intangible Fixed Assets

· Computer Software

AS PER WEBSITE DETAILS

Press Release

GRAVITA POSTED OVERWHELMING INCREASE OF 238% IN PAT OF 2ND QUARTER

Gravita has announced its financial results for the quarter ended September 30. 2013. Consolidated net total income for the quarter was Rs. 1201.380 Millions, showing an increase of 25.26% over the total income of previous quarter. The profit after Tax of the company stood at Rs. 34.505 Millions depicting an outstanding increase of 238.48% as compared to previous quarter.

On standalone basis the total turnover and profit after tax stood at Rs. 747.332 Millions and Rs. 11.231 Millions respectively.

The company’s fast growing pace her been well recognized by Inc india’s ranking of top 500 fastest growing SME’s of India for 2013. The company has been positioned at 52nd rank in the said ranking.

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.59.95
UK Pound	1	Rs.102.78
Euro	1	Rs.81.39

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		51

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.