MIRA INFORM REPORT

Report Date :

05.06.2014

IDENTIFICATION DETAILS

Name :	PUDUMJEE INDUSTRIES LIMITED
Registered Office :	Thergaon, Chinchwad, Pune – 411033, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.12.1965
Com. Reg. No.:	11-013394
Capital Investment / Paid-up Capital :	Rs. 36.000 Millions
CIN No.: [Company Identification No.]	L74999MH1999PLC013394
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15791G
PAN No.: [Permanent Account No.]	AAACP0487B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture of Crepe Tissues for the hygiene industry and other specialty products like Packaging Tissues, Carbon Base paper etc.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1600000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a well established company having a satisfactory track record. The company possesses a favorable financial profile marked by adequate networth base with acceptable debt along with acceptable debt protection metrics. Management has reported a minimal profit during FY13 as against a consecutive loss recorded for past few years. The ratings also take into consideration the susceptibility of its profitability to volatility in raw material prices. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of the subjects established market position and the support received from its associate company, it can be considered for business dealings at usual trade terms and condition.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A – (Long Term Rating)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	25.11.2013

Rating Agency Name	CRISIL
Rating	A2+ (Short Term Rating)
Rating Explanation	Strong degree of safety and low credit risk.
Date	25.11.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Narke
Designation :	Account Executive
Contact No.:	91-20-30613333
Date :	03.06.2014

LOCATIONS

Registered Office/ Factory :	Thergaon, Chinchwad, Pune–411033, Maharashtra, India
Tel. No.:	91-20-30613333/ 27275381
Fax No.:	91-20-27273294/ 30613388
E-Mail :	sbw@pune.pudumjee.com sk@pune.pudumjee.com agro@pudumjee.com mumbai@pudumjee.com
Website :	http://www.pudumjeeindustries.com
Area :	65 Acres
Location :	Owned
Corporate/ Sales Office :	Jatia Chambers, 60, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22674485 / 4529/ 30213333
Fax No.:	91-22-22658316
E-Mail :	agro@pudumjee.com patel.ashok@pudumjee.com pudumjee@pudumjee.com

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Shyam M. Jatia
Designation :	Chairman cum Managing Director
Name :	Mr. A. S. Dayal
Designation :	Director
Name :	Mr. R. C. Saraf
Designation :	Director
Name :	Mr. A. K. Somany
Designation :	Director
Name :	Mr. G. N. Jadodiya
Designation :	Director
Name :	Mr. R.P Shroff
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Saath
Designation :	Account Department
Name :	Mr. Narke
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	667462	3.71
Bodies Corporate	10207700	56.71
Sub Total	10875162	60.42
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	2133500	11.85
Sub Total	2133500	11.85
Total shareholding of Promoter and Promoter Group (A)	13008662	72.27
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6000	0.03
Financial Institutions / Banks	500	0.00
Foreign Institutional Investors	150000	0.83
Sub Total	156500	0.87
(2) Non-Institutions
Bodies Corporate	1495739	8.31
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2663667	14.80
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	405714	2.25
Any Others (Specify)	269718	1.50
Non Resident Indians	27880	0.15
Hindu Undivided Families	241602	1.34
Clearing Members	236	0.00
Sub Total	4834838	26.86
Total Public shareholding (B)	4991338	27.73
Total (A)+(B)	18000000	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)	18000000	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Arun Kumar Jatia	3,27,636	1.82	1.82
2	Poonam Jatia	8,99,000	4.99	4.99
3	Vrinda Jatia	1,50,000	0.83	0.83
4	Vasudha Jatia	1,50,000	0.83	0.83
5	Yashvardhan Jatia	5,500	0.03	0.03
6	Mahabir Prasad Jatia	6,67,462	3.71	3.71
7	Arun Kumar Jatia	6,01,364	3.34	3.34
8	Thacker And Co Limited	25,20,210	14.00	14.00
9	Pudumjee Investment Finance Company Limited	39,45,790	21.92	21.92
10	Fujisan Technologies Limited	8,75,000	4.86	4.86
11	Gelid Commercial Private Limited	4,93,575	2.74	2.74
12	Ubiquitous Trading Private Limited	3,21,000	1.78	1.78
13	Suma Commercial Private Limited	6,42,950	3.57	3.57
14	Chem Mach Private Limited	61,450	0.34	0.34
15	Pudumjee Pulp Paper Mills Limited	9,56,725	5.32	5.32
16	Winterpak Investments & Finance Limited	3,91,000	2.17	2.17
	Total	1,30,08,662	72.27	72.27

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Pragya Realty Developers Private Limited	999995	5.56	5.56
2	Santosh S Goenka	215365	1.20	1.20
	Total	1215360	6.75	6.75

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Pragya Realty Developers Private Limited	999995	5.56	5.56
	Total	999995	5.56	5.56

BUSINESS DETAILS

Line of Business :

Manufacture of Crepe Tissues for the hygiene industry and other specialty products like Packaging Tissues, Carbon Base paper etc.

Products :

Item Code No.	Product Description
480260.02	M. G. Poster Paper
480251.05	M. G. Tissue Paper
480300.00	Crepe Tissue Paper

Exports :

Products :

Finished Good

Countries :

• Italy
• Sri Lanka
• Australia

Imports :

Products :

Pulp

Countries :

• Germany
• Sweden

Terms :

Selling :

L/C / Credit

Purchasing :

L/C / Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Paper	M. T.	22500	18510

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

500 (Approximately)

Bankers :

• State Bank of India, Fort, Mumbai, Maharashtra, India
• IDBI Bank Limited
• Bank of India
• Axis Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
LONG TERM BORROWINGS
FROM BANKS
Term Loan (Secured by first charge on the Fixed Assets of the Company)	13.039	31.039
Term Loan (Secured by vehicle purchased there from)	1.248	0.000
SHORT TERM BORROWINGS
Cash Credit Repayable on Demand (Secured by hypothecation of Stock, Stores, and Book Debts and Second Charge on fixed assets of the company ranking pari passu among the consortium banks)	16.207	118.522
TOTAL	30.494	149.561
NOTES LONG TERM BORROWINGS Excluding Rs. 18.000 Millions (Last year 13.500 Millions) shown under "Current maturities of Long Term Debt" Repayable in 20 equal quarterly installments beginning with 30.9.2010. Excluding Rs. 0.579 Million (Last Year Nil) shown under current maturities of Long Term Debts. Repayable in 36 installments beginning with 5.4.2013 There has been no default in repayment of loan and payment of interest. SHORT TERM BORROWINGS There has been no default in repayment of Loan and Payment of interest in respect of any of aforesaid borrowings.

Banking Relations :	--
Auditors :
Name :	Khare and Company Chartered Accountants
Solicitors :
Name :	Kanga and Company Chartered Accountants
Subsidiaries :	Pudumjee Hygiene Products Limited Pudumjee Holding Limited
Associates :	Pudumjee Pulp and Paper Mills Limited Pudumjee Plant Laboratories Limited Pudumjee Investments and Finance Company Limited Prime Developers

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.2/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.2/- each	Rs.36.000 Millions

NOTES

The reconciliation of the number of Equity shares outstanding

PARTICULARS	AS AT 31.03.2013
	No. of Shares
Equity Shares at the beginning and end of the year	18,000,000

The details of Shareholders holding more than 5% shares

PARTICULARS	AS AT 31.03.2013
Name of the Shareholder	No. of Shares	% held
Pudumjee Investment and Finance Company Limited	3,945,790	21.92
Thacker and Company Limited	2,509,837	13.94
Pragya Reality Developers Private Limited	999,995	5.56
Mr. Shyam M Jatia	972,187	5.40
Pudumjee Pulp and Paper Mills Limited	956,725	5.32

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	36.000	36.000	36.000
(b) Reserves & Surplus	372.390	365.382	366.804
(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)	408.390	401.382	402.804
(3) Non-Current Liabilities
(a) long-term borrowings	507.583	413.753	360.029
(b) Deferred tax liabilities (Net)	7.300	7.300	7.400
(c) Other long term liabilities	5.266	5.332	5.510
(d) long-term provisions	13.523	11.030	9.517
Total Non-current Liabilities (3)	533.672	437.415	382.456
(4) Current Liabilities
(a) Short term borrowings	22.200	124.987	36.334
(b) Trade payables	184.465	153.385	121.386
(c) Other current liabilities	22.169	20.209	13.582
(d) Short-term provisions	2.106	1.638	1.516
Total Current Liabilities (4)	230.940	300.219	172.818
TOTAL	1173.002	1139.016	958.078
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	227.356	223.009	236.330
(ii) Intangible Assets	1.394	1.848	0.000
(iii) Capital work-in-progress	0.538	0.371	1.628
(b) Non-current Investments	177.316	177.316	176.816
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	271.344	226.122	77.450
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	677.948	628.666	492.224
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	206.586	255.795	211.855
(c) Trade receivables	234.581	205.038	160.336
(d) Cash and cash equivalents	8.684	6.419	3.233
(e) Short-term loans and advances	45.203	43.098	90.430
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	495.054	510.350	465.854
TOTAL	1173.002	1139.016	958.078

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1335.834	1256.375	994.264
		Other Income	22.935	19.616	44.927
		TOTAL (A)	1358.769	1275.991	1039.191
Less	EXPENSES
		Cost of Materials Consumed	778.255	790.909	641.924
		Trade Purchases	6.206	44.384	83.236
		Employees' Cost	53.846	55.091	44.648
		Other Expenses	352.437	355.000	273.600
		Foreign Exchange Loss/(Gain)	7.185	16.326	(1.893)
		Changes in Inventories of Finished Goods, Work-in-Process and Stock in Trade	79.500	(37.867)	(32.161)
		TOTAL (B)	1277.429	1223.843	1009.354
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		81.340	52.148	29.837
Less	FINANCIAL EXPENSES (D)		56.047	37.779	39.387
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.293	14.369	(9.550)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.672	16.657	16.631
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		8.621	(2.288)	(26.181)
Less	TAX (H)		1.600	(0.050)	(10.550)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		7.021	(2.238)	(15.631)
	PRIOR PERIOD INCOME		0.058	0.755	0.000
	BALANCE CARRIED TO THE B/S		7.079	(1.483)	(15.631)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	106.505	98.871	71.338
		Deemed Exports	0.000	0.218	0.000
	TOTAL EARNINGS		106.505	99.089	71.338
	IMPORTS
		Raw Materials	465.635	459.126	286.711
		Components & Spares Parts	13.393	16.301	21.781
		Capital Goods	1.449	0.884	0.225
		Goods for resale	0.000	34.015	59.962
	TOTAL IMPORTS		480.477	510.326	368.679
	Earnings / (Loss) Per Share (Rs.)		0.39	(0.12)	(0.87)

Particulars	31.03.2014
Sales Turnover (Approximately)	1910.000

The above information has been parted by Mr. Narke

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.52	(0.18)	(1.50)
Net Profit Margin (PBT/Sales)	(%)	0.65	(0.18)	(2.63)
Return on Total Assets (PBT/Total Assets}	(%)	0.87	(0.24)	(3.36)
Return on Investment (ROI) (PBT/Networth)		0.02	(0.01)	(0.06)
Debt Equity Ratio (Total Debt /Networth)		1.30	1.34	0.98
Current Ratio (Current Asset/Current Liability)		2.14	1.70	2.70

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	36.000	36.000	36.000
Reserves & Surplus	366.804	365.382	372.390
Net worth	402.804	401.382	408.390
long-term borrowings	360.029	413.753	507.583
Short term borrowings	36.334	124.987	22.200
Total borrowings	396.363	538.740	529.783
Debt/Equity ratio	0.984	1.342	1.297

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	994.264	1256.375	1335.834
		26.362	6.324

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	994.264	1256.375	1335.834
Profit	(15.631)	(2.238)	7.021
	(1.57%)	(0.18%)	0.53%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Millions

Particular	31.03.2013	31.03.2012	31.03.2011
Current maturities of Long Term Secured Debts	18.579	18.000	13.500

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
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	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
LONG TERM BORROWINGS
Deposits from Associates	493.296	382.714
SHORT TERM BORROWINGS
Other Deposits	5.993	6.465
TOTAL	499.289	389.179

OPERATIONS

The Company was able to achieve better margins on its products during the year despite the ongoing slow down and recessionary conditions in the Country. The Management continues to concentrate its efforts to improve these margins further by higher capacity utilization and cost reduction wherever possible.

With regard to Company's Real Estate business in Partnership, the inventory is expected to be liquidated in normal course.

Pudumjee Hygiene Products Limited, the Company's wholly-owned subsidiary has been reducing its exposure to retail market segment and instead is concentrating on institutional business to improve the margins which are currently under pressure. It is also attempting to indigenize certain products by having them locally manufactured, to improve the margins further.

Pudumjee Holdings Limited, the Company's wholly owned subsidiary incorporated last year would be engaged in the activities relating to investment and finance, in due course.

The labour relations in the Company continue to remain cordial.

MANAGEMENT DISCUSSION AND ANALYSIS

The Company carries on the business of manufacture of Crepe Tissue for hygiene industry and certain specialty products like packaging tissue, carbon base paper etc. The products of the Company are well received in domestic and international markets though there is increasing competition from other manufacturers, limiting the margins. Efforts on cost reduction are being intensified.

The existing internal controls of the Company are periodically reviewed by the Audit Committee and are considered to be adequate.

The Company employs about 150 employees and its relations with the labour have been cordial.

Pudumjee Hygiene Products Limited, the wholly-owned subsidiary of the Company, successfully sells its products under the "Greenlime" brand in the premium segment of hygiene products which are well received. The Company's endeavours are to generate higher volume of business through improving productivity of distribution and marketing arrangement by appropriately incentivizing the efforts and thus contain the losses.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10201326	22/01/2010	90,000,000.00	STATE BANK OF INDIA ACTING FOR ITSELF AND AS AN AG  ENT OF AXIS BANK LTD. FOR A TERM LOAN OF RS.90.000 MILLIONS	COMMERCIAL BRANCH, BANK STREET, JUSTICE G N VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	A78666120
2	90092975	14/01/2005	33,000,000.00	THE UNITED WESTERN BANK LIMITED	VENKATESH CHAMBERS, PERESCOLROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
3	90084782	16/02/1998	199,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
4	90084685	27/09/2012 *	470,000,000.00	STATE BANK OF INDIA-AS LEAD BANK	COMMERCIAL BRANCH, BANK STREET, JUSTICE G N VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	B60431228
5	90084480	29/06/1996	25,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
6	90084440	09/04/1996	27,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
7	90084190	01/11/1994	10,674,106.00	BANK OF BARODA	JABALPUR BRANCH, LORGAN, JABALPUR, MADHYA PRADESH, INDIA	-
8	90084180	10/11/1994 *	4,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
9	90084077	07/03/1994	50,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
10	90084073	25/02/1994	29,000,000.00	THE BANK OF NOVA SCOTIA	MITTLE TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
11	90083976	11/06/1993	32,500,000.00	THE BANK OF NOVA SCOTIA	MITTLE TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA  - 400021, INDIA	-
12	90083930	12/12/1992 *	12,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
13	90083924	04/12/1995 *	15,000,000.00	ANZ GRINDLAYS BANK LTD.	90 M.G. ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
14	90083905	12/10/1992	15,000,000.00	ANZ GRINDLAYS BANK	90. M.G. ROAD, BOMBAY, BOMBAY, MAHARASHTRA - 400001, INDIA	-
15	90083878	22/07/1992	16,200,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, COFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA	-
16	90083801	03/02/1992 *	10,674,106.00	BANK OF BARODA	JABALPUR BRANCH, LORGANJ, JABALPUR, MADHYA PRADESH, INDIA	-
17	90083634	15/11/1989	110,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMB  AY, MAHARASHTRA - 400023, INDIA	-
18	90083466	03/06/1987	6,300,000.00	CITI BANK NA	293 DR D.N. ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA	-
19	90083445	11/12/1986 *	19,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA	-
20	90083395	29/08/1991 *	9,300,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF  INDIA LIMITED	163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land – Freehold
• Building
• Machinery
• Furniture and Fixtures
• Vehicles

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31^ST MARCH 2014

(Rs. in millions)

Sr. No.	Particular	Quarter Ended		Year Ended
		31.03.2014	31.12.2013	31.03.2014 (Audited)
1.	Income from Operations
	Net Sales	347.700	361.900	1375.600
	Other Operating Income	20.400	0.900	4.200
	Net Sales/Income from Operations	368.100	362.800	1379.800
2.	Expenditure
	Cost of Material Consumed	219.300	231.800	871.500
	Purchase of Stock In Trade	13.300	0.200	38.500
	Change in Inventories of Finished Goods, Work-In-Progress and Stock In Trade	(7.400)	(20.100)	(55.200)
	Employee Benefits Expenses	15.400	13.900	56.600
	Depreciation and Amortization Expenses	4.400	4.200	17.400
	Net Foreign Exchange Loss / (Gain)	(6.400)	0.900	4.900
	Consumption of Fuel, Power and Water	56.800	69.800	249.200
	Share of Loss in a Partnership Firm	--	--	11.100
	Other Expenses	31.400	34.700	122.200
	f) Total	326.800	335.400	1316.200
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	21.900	27.400	63.600
4.	Other Income	4.600	7.100	24.700
5.	Profit Before Interest and Exceptional Items (3+4)	26.500	34.500	88.300
6.	Interest	17.300	17.800	68.200
7.	Profit After Interest but before Exceptional Items (5-6)	9.200	16.700	20.100
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	9.200	16.700	20.100
10.	Tax Expense	6.300	5.600	13.100
11.	Net Profit from Ordinary Activities after Tax (9-10)	2.900	11.100	7.000
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	2.900	11.100	7.000
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	36.000	36.000	36.000
15.	Reserves Excluding Revaluation Reserve	--	--	379.500
16.	Basic and diluted EPS before extraordinary items	0.39	0.62	0.39
17.	Public Shareholding
	-Number of Shares	4,991,338	4,991,338	4,991,338
	- Percentage of Shareholding	27.73%	27.73%	27.73%
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	1,008,662	1,008,662	1,008,662
	- 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)	72.27%	72.27%	72.27%
B	Particulars
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed of during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

STATEMENT OF ASSETS AND LIABILITIES

Rs. In Millions

Particulars		As at 31.03.2014
		Audited
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	36.000
	b) Reserves & Surplus	379.500
	Sub Total- Shareholders funds	415.500
2	Share application money pending allotment	--
3	Minority Interest	--
4	Non-current liabilities
	(a) Long term borrowings	479.900
	(b) Deferred tax liabilities	14.100
	(b) Other long term liabilities	5.900
	(c) Long term provisions	13.500
	Sub Total- Non Current Liabilities	513.400
5	Current liabilities
	(a) Short term borrowings	38.300
	(b) Trade Payables	168.000
	(c) Other current liabilities	19.100
	(d) Short term provisions	3.400
	Sub Total- Current Liabilities	228.800
	TOTAL-EQUITY AND LIABILITIES	1157.700
B	ASSETS
1	Non-current assets
	(a) Fixed assets
	(i) Tangible assets	218.000
	(ii) Intangible assets	1.000
	(iii) Capital Work-in-progress	0.400
	(b) Non-current investments	177.200
	(c) Long term loans and advances	285.500
	Sub-Total- Non current assets	682.100
2	Current assets
	(a) Inventories	248.900
	(b) Trade Receivables	195.800
	(c) Cash and cash equivalents	6.700
	(d) Short term loans and advances	24.200
	Sub-Total- current assets	475.600
	TOTAL ASSETS	1157.700

NOTES

1) The Company, by itself operates only in one reportable segment, namely, paper.

2) The figures for the quarter ended 31^st March are the balancing figures between audited figures in respecte of the full financial year and the published year to date figures up to 31^st December.

3) The figures for the previous periods have been recast and regrouped wherever necessary to conform to current period's presentation.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.34
UK Pound	1	Rs.99.18
Euro	1	Rs.80.76

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	SUB
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.