MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	EMPIRE INDUSTRIES LIMITED
Formerly Known As :	EMPIRE DYEING AND MANUFACTURING COMPANY LIMITED (17/10/1900)
Registered Office :	414, Senapati Bapat Marg, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.10.1900
Com. Reg. No.:	11-000176
Capital Investment / Paid-up Capital :	Rs. 60.000 Millions
CIN No.: [Company Identification No.]	L17120MH1900PLC000176
TAN No.: [Tax Deduction & Collection Account No.]	MUME04628B
PAN No.: [Permanent Account No.]	AAACE2757R
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the manufacture of Amber Glass Bottles for the Pharmaceutical Industry.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by comfortable liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

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	ICRA
Rating	Fund based limits: “A-“
Rating Explanation	Adequate degree of safety and low credit risk.
Date	April 2014

Rating Agency Name	ICRA
Rating	Non fund based limit: “A2+“
Rating Explanation	Very strong degree of safety and low credit risk.
Date	April 2014

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 DECLINED

Management non-cooperative. (Tel. No.: 91-11-25719967)

LOCATIONS

Registered Office :	414, Senapati Bapat Marg, Mumbai – 400013, Maharashtra
Tel. No.:	91-22-66555453 / 24937200 / / 420 / 493 / 473 / 439
Fax No.:	91-22-24939143 / 24937203 /24930183
E-Mail :	email@empiresecretarial.com care@grabbitvending.com
Website :	http://www.empiremumbai.com
Factory :	L. B. Shastri Marg, Vikhroli, Mumbai – 400083, Maharashtra, India

DIRECTORS

As on: 31.03.2013

Name :	Mr. S. C. Malhotra
Designation :	Chairman
Name :	Mr. Ranjit Malhotra
Designation :	Vice-Chairman
Name :	Mr. Dileep Malhotra
Designation :	Joint Managing Director
Name :	Mr. R. A. Maskati
Designation :	Director
Name :	Mr. Rajbir Singh
Designation :	Director
Name :	Mr. C. P. Shah
Designation :	Director
Name :	Mr. B. C. Gandhi
Designation :	Director
Name :	Mr. Subodh Chandra
Designation :	Director

KEY EXECUTIVES

Name :	Mr. S. K. Gulati
Designation :	Director Finance and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2014

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	3067148	51.12
Bodies Corporate	1034454	17.24
Any Others (Specify)	54815	0.91
Trusts	54815	0.91
Sub Total	4156417	69.27
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4156417	69.27
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	504	0.01
Insurance Companies	1043626	17.39
Sub Total	1044130	17.40
(2) Non-Institutions
Bodies Corporate	138276	2.30
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	612194	10.20
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	38358	0.64
Any Others (Specify)	10623	0.18
Clearing Members	712	0.01
Non Resident Indians	9911	0.17
Sub Total	799451	13.32
Total Public shareholding (B)	1843581	30.73
Total (A)+(B)	5999998	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)	5999998	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

l.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Dileep Malhotra	13,36,934	22.28
2	Ranjit Malhotra	9,43,876	15.73
3	Satishchandra Malhotra	2,03,252	3.39
4	Empire International Private Limited	3,27,012	5.45
5	Usha Devi Malhotra	1,98,117	3.30
6	Uma Malhotra	77,973	1.30
7	Karan Malhotra	1,41,745	2.36
8	Kabir Malhotra	85,251	1.42
9	Anjali Malhotra	80,000	1.33
10	S C Malhotra as Trustee	12,410	0.21
11	S C Malhotra as Trustee	11,998	0.20
12	S C Malhotra as Trustee	10,285	0.17
13	S C Malhotra as Trustee	10,123	0.17
14	S C Malhotra as Trustee	9,999	0.17
15	Arjun Transport Company Private Limited	7,07,442	11.79
	Total	41,56,417	69.27

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
1	Life Insurance Corporation of India	948717	15.81
2	Oriental Insurance Company Limited	94909	1.58
3	Vishnu Trading Company Private Limited	89978	1.50
	Total	1133604	18.89

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
1	Life Insurance Corporation of India	948717	15.81
	Total	948717	15.81

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture of Amber Glass Bottles for the Pharmaceutical Industry.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• Indian Bank
• Allahabad Bank
• Bank of India
• Bank of Baroda
• Central Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Short term borrowings
Cash credit	37.410	10.434
Total	37.410	10.434

Banking Relations :	--
Auditors :
Name :	D. P. Ghevaria and Company Chartered Accountants
Related Party :	Empire International Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions
50000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 5.000 Millions
	Total		Rs. 155.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5999998	Equity Shares	Rs.10/- each	Rs. 60.000 Millions

The details of Shareholders holding more than 5% shares:

Name of the Shareholder	As on 31.03.2013
	No. of Shares	% held
Dileep Malhotra	1332723	22.21
Life Insurance Corporation of India	948717	15.81
Ranjit Malhotra	943876	15.73
Arjun Transport Company Private Limited	707442	11.79
Satish Chandra Malhotra	203252	3.39
Empire International Private Limited	327012	5.45
Usha Devi Malhotra	198117	3.30

The reconciliation of the number of shares outstanding

	As on 31.03.2013
	No of Share
Equity Shares at the beginning of the year	5999998
Add : Shares issued during the year	Nil
Equity Shares at the end of the year	5999998

Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity shares 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.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

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	60.000	60.000	60.000
(b) Reserves & Surplus	941.577	758.709	556.100
(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)	1001.577	818.709	616.100
(3) Non-Current Liabilities
(a) long-term borrowings	173.672	115.354	96.193
(b) Deferred tax liabilities (Net)	22.053	31.932	36.200
(c) Other long term liabilities	453.357	324.100	603.132
(d) long-term provisions	128.297	116.674	84.922
Total Non-current Liabilities (3)	777.379	588.060	820.447
(4) Current Liabilities
(a) Short term borrowings	444.080	467.763	298.075
(b) Trade payables	234.503	146.307	131.698
(c) Other current liabilities	321.216	462.789	173.919
(d) Short-term provisions	401.357	352.972	597.667
Total Current Liabilities (4)	1401.156	1429.831	1201.359
TOTAL	3180.112	2836.600	2637.906
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1336.702	1370.545	985.925
(ii) Intangible Assets	0.370	0.030	0.034
(iii) Capital work-in-progress	378.641	0.000	1.417
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.028	0.028	0.028
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	59.809	220.638	209.964
(e) Other Non-current assets	52.556	13.772	9.719
Total Non-Current Assets	1828.106	1605.013	1207.087
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	225.646	163.420	97.793
(c) Trade receivables	536.043	518.244	407.836
(d) Cash and cash equivalents	461.662	469.837	541.597
(e) Short-term loans and advances	26.067	9.339	315.248
(f) Other current assets	102.588	70.747	68.345
Total Current Assets	1352.006	1231.587	1430.819
TOTAL	3180.112	2836.600	2637.906

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	2799.871	2427.388	2160.804
	Other Income	79.147	46.195	50.205
	TOTAL (A)	2879.018	2473.583	2211.009
Less	EXPENSES
	Cost of Materials Consumed	463.183	370.718	310.100
	Purchases of Stock-in-Trade	332.608	254.258	265.439
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(46.378)	(54.813)	18.551
	Employees benefits expense	646.061	572.585	527.408
	Other expenses	851.189	697.731	574.659
	TOTAL (B)	2246.663	1840.479	1696.157
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	632.355	633.104	514.852
Less	FINANCIAL EXPENSES (D)	90.261	64.473	51.468
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	542.094	568.631	463.384
Less/ Add	DEPRECIATION/ AMORTISATION (F)	74.532	72.930	61.771
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	467.562	495.701	401.613
Less	TAX (I)	116.221	125.732	116.283
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	351.341	369.969	285.330
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	167.354	189.264	98.921
	Commission	562.870	366.740	471.100
	Others	3.833	9.101	5.606
	TOTAL EARNINGS	734.057	565.105	575.627
	IMPORTS
	Raw Materials	39.052	38.143	25.671
	Components and Stores parts	10.943	7.191	1.947
	Capital Goods	0.000	80.173	0.000
	Traded Goods	202.517	111.977	80.308
	TOTAL IMPORTS	252.512	237.484	107.926
	Earnings / (Loss) Per Share (Rs.)	58.56	61.66	47.55

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.20	14.96	12.90
Net Profit Margin (PBT/Sales)	(%)	16.70	20.42	18.59
Return on Total Assets (PBT/Total Assets}	(%)	16.69	17.48	15.23
Return on Investment (ROI) (PBT/Networth)		0.47	0.61	0.65
Debt Equity Ratio (Total Debt/Networth)		0.62	0.71	0.64
Current Ratio (Current Asset/Current Liability)		0.96	0.86	1.19

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	60.000	60.000	60.000
Reserves & Surplus	556.100	758.709	941.577
Net worth	616.100	818.709	1001.577
long-term borrowings	96.193	115.354	173.672
Short term borrowings	298.075	467.763	444.080
Total borrowings	394.268	583.117	617.752
Debt/Equity ratio	0.640	0.712	0.617

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	2160.804	2427.388	2799.871
		12.337	15.345

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	2160.804	2427.388	2799.871
Profit	285.330	369.969	351.341
	13.20%	15.24%	12.55%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	No
8]	No. of employees	No
9]	Name of person contacted	No
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Fixed Deposits	173.672	115.354
Short term borrowings
Fixed Deposits	110.770	98.179
Inter-corporates deposits	295.900	359.150
Total	580.342	572.683

HIGH COURT OF BOMBAY

Bench:- Bombay
Lodging No:-		RPL/23/2007		Filing Date:-	03/05/2007
Lodging No.:		ARBAPL/816/2004		Reg. Date:-	ARBAP/1/2005
Petitioner:-	Wigan and Leigh College (India() Limited		Respondent:-	Empire Industries Limited
Petn. Adv.:	Lalit V Jain (0)
District:-	Bombay
Bench:-	SINGLE
Status:-	Pre-Admission		Category:-	Review Petitions
Last Date:	26/02/2008		Stage:	Matters for Rejections U/R 986 of The H.C.(O.S.) Rules 1980
Last Coram:	Register (OS)/ Prothonotary and Sr. Master

OPERATIONS

The performance of the Company is satisfactory considering the recessionary/adverse market conditions and increase in input costs. The Division-wise performance is given below:

Vitrum Glass:

The Division manufactures Amber Glass Bottles of international quality for the Pharmaceutical Industry. Over 14.00 lakh bottles are manufactured every day on four fully automatic production lines. During the year demand for pharmaceutical bottles was good and the Division achieved 9% higher turnover at Rs. 1130.000 millions. However margins were under pressure as a result of increase in fuel and power costs and also over capacity created by producers. The Division is expected to do satisfactorily in the coming year.

EMPIRE MACHINE TOOLS – MFTM

(Metal Forming, Testing and Metrology):

This Division is engaged in indenting business of Imported Equipments. The Division is also engaged in sales, service and turnkey projects. Currently Forging Press Lines, Melting Furnaces, Sheet and Section Forming Presses, Welding Lines and big CMM’s etc are in demand, mainly from the Government Sector. The business in Private Sector is slow.

There has been a shortfall in their order intake, compared to initial projections, due to sluggish market conditions and the trend is likely to continue in the current year. Lack of clarity with customers involved, for the first time in E-bidding, dual currency quotes and progressive payments have resulted in several postponements in tenders. Matters are now getting sorted out with repeated interactions and representations. Shipments were delayed in many cases that affected profits but the backlog of orders for execution for the coming year is satisfactory.

The Division has restructured its manpower resources and engaged professional help to handle turnkey Projects. Also strategic planning in obtaining high value orders, with coordinated team efforts have received focused attention of entire sales force to become more successful, in an increasingly competitive market.

EMPIRE MACHINE TOOLS - MCAT

(Metal Cutting and Allied Technologies):

Order in-flow in MCAT Division has been affected due to recessionary trends and also due to unclear Government policies. There have been some cancellations of orders due to projects not coming up or due to manufacturer’s financial problems in Europe. Shipments have been badly affected. The Division is now focusing mainly on defence, railways, aerospace, tool rooms, steel, Oil and Gas.

Empire Industrial Equipment:

Empire Industrial Equipment performed reasonably well in the year. As projected, Oil and Gas Sector orders remained steady, with a major breakthrough in the Steel Sector. Power and Water departments have made considerable strides in promoting products and consolidating their position in the Market. For the year ahead, this Division continues to see good prospects in the Oil, Gas and Fertilizer sectors, with new projects coming up for investment. Steel Sector is slow. Ports and Shipyards area seems to show some good investment potential. Power, particularly Solar Power, should be good for then in the year ahead. Overall the Division expects to do better in the year ahead with Power and Water Management teams beginning to make significant contributions.

Management Discussion and Analysis

Overall Review

The Company is engaged in the manufacture of Amber Glass Bottles for the Pharmaceutical Industry. It represents a number of foreign manufacturers of Precision Machine Tools, Measuring Instruments, Testing Machines, designing and marketing of Industrial Equipments. The performance of all these Divisions is reviewed in the Directors’ Report.

Contingent liabilities not provided for:

(Rs. In Millions)

	31.03.2013	31.03.2012
Guarantees given by the Banks	68.576	80.654
Letters of Credits	48.059	9.871
Claims against the Company not acknowledged as debts	2.981	2.981
Estimated amount of contracts remaining to be executed on Capital Account.	344.522	17.955
Excise demand disputed by the Company.	2.734	1.073
Service tax demand disputed by the Company.	0.211	--
The Income Tax assessment of the Company has been completed upto Assessment Year 2009-10. The disputed demand outstanding for the said Assessment Year is Rs. 5.410 millions (Previous Year – Rs. 5.410 millions). Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly no provision has been made.

AUDITED FINANCIAL RESULTS FOR THE QUARTER / YEAR ENDED 31ST MARCH, 2014

(Rs. In Millions)

Sr. No.	Particulars	Quarter Ended		Quarter Ended
		31.03.2014	31.12.2013	31.03.2014
		(Unaudited)	(Unaudited)	(Unaudited)
	Income from operations
	Net Sales/Income from Operations	584.900	494.100	1941.500
	Other operating income	293.400	325.800	1196.100
	Total Income from Operations (Net)	878.300	819.900	3137.600
	Expenditure
	Increase/decrease in stock in trade and work in progress	(92.700)	(8.500)	(71.300)
	Consumption of raw materials	83.700	88.300	345.200
	Consumption of Stores, Spares, Packing Materials etc.	37.600	24.600	102.900
	Power and fuel	92.300	91.300	360.200
	Purchase of traded goods	259.900	173.700	621.100
	Employees Cost	126.900	164.600	629.000
	Depreciation	17.200	22.100	81.800
	Other expenditure	152.600	147.700	561.700
	Total Expenses	677.700	703.800	2620.400
	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	200.600	116.100	517.200
	Other Income	39.600	7.000	67.300
	Profit from Ordinary Activities before Finance Cost and Exceptional Items (3+4)	240.200	123.100	584.500
	Finance Cost	40.500	20.300	107.600
	Profit From Operations after Other Income, Interest and Exceptional Items (5-6)	199.700	102.800	478.900
	Exceptional Items	0.000	0.000	0.000
	Profit /(Loss) from ordinary activities before tax (7-8)	199.700	102.800	476.900
	Tax Expense	52.200	14.100	114.400
	Net Profit/ (Loss) from ordinary activities after tax (9-10)	147.500	88.700	362.500
	Extraordinary item	0.000	0.000	0.000
	Net Profit/ (Loss) for the period (11-12)	147.500	88.700	362.500
	Paid-up Equity Share Capital (Rs. 5/- Per Share)	60.000	60.000	60.000
	Reserves Excluding Revaluation Reserve per Balance Sheet of the previous accounting year	0	0	1135.5
	EPS before Extraordinary items	24.58	14.78	60.41
	EPS after Extraordinary items	24.58	14.78	60.41
	Public Shareholding
	-Number of Shares	1843581	1843581	1843581
	- Percentage of Shareholding	30.73%	30.73%	30.73%
	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	4156417	4156417	4156417
	- 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)	69.27%	69.27%	69.27%

SEGMENT WISE RESULTS

		Quarter Ended		Quarter Ended
Particulars		31.03.2014	31.12.2013	31.03.2014
1.	SEGMENT REVENUE
	Manufacturing	331.800	299.400	1266.200
	Trading and Indenting	400.000	361.200	1251.700
	Other	180.700	163.300	662.100
	Total segment revenue	912.500	823.900	3180.000
	Less: Inter-segment Revenue	0.000	0.000	0.000
	Net Sales/Income from operations	912.500	823.900	3180.000
2.	SEGMENT RESULTS:
	(Profit before tax and interest)
	Manufacturing	30.800	12.200	68.000
	Trading and Indenting	59.800	17.600	98.700
	Other	168.000	95.000	437.300
	Total	258.600	124.800	602.000
	Less
	a) Finance Cost	35.100	17.200	82.700
	b)Un-allocable expenditure (Net of un-allocable income)	23.600	4.800	42.400
	PROFIT BEFORE TAX	199.700	102.800	476.900
3.	CAPITAL EMPLOYED:
	(Segment Assets - Segment Liabilities)
	Manufacturing	482.200	432.400	482.200
	Trading and Indenting	435.300	346.800	435.300
	Other	278.100	437.400	278.100
	Total capital employed in segments	1195.600	1216.600	1195.600
	Add: Unallocable capital employed	0.000	0.000	0.000
	Total capital employed in the Company	1195.600	1216.600	1195.600

STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	60.000
(b) Reserves & Surplus	1135.566
Total Shareholders’ Funds (1) + (2)	1195.566
(3) Non-Current Liabilities
(a) long-term borrowings	409.387
(b) Deferred tax liabilities (Net)	51.180
(c) Other long term liabilities	545.841
(d) long-term provisions	123.231
Total Non-current Liabilities (3)	1129.639
(4) Current Liabilities
(a) Short term borrowings	592.344
(b) Trade payables	220.291
(c) Other current liabilities	315.538
(d) Short-term provisions	345.572
Total Current Liabilities (4)	1473.745
TOTAL	3798.950
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets	2045.804
(b) Non-current Investments	0.003
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	321.073
(e) Other Non-current assets	24.487
Total Non-Current Assets	2391.367
(2) Current assets
(a) Current investments	0.000
(b) Inventories	299.912
(c) Trade receivables	608.154
(d) Cash and cash equivalents	349.914
(e) Short-term loans and advances	59.864
(f) Other current assets	91.739
Total Current Assets	1407.583
TOTAL	3798.950

Note:

• The figures for the corresponding previous periods have been restated/regrouped wherever necessary, to make them comparable.

• The figures of last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto third quarter of the current financial year.

• The Board of Directors at their meeting approved and declared a dividend of Rs. 24/- per share.

• The above results were taken on record at the meeting of Board of Directors held on May 29, 2014.

• The number of investors' complaints: Opening – 0; Received – 0; Disposed – 0 and Closing – 0.

FIXED ASSETS

• Buildings
• Plant and Machinery
• Vehicles
• Furniture and Fixtures
• Office Equipments
• Moulds and Castings

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. 59.48
UK Pound	1	Rs. 100.93
Euro	1	Rs. 80.71

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		54

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.