MIRA INFORM REPORT

Report Date :

16.06.2014

IDENTIFICATION DETAILS

Name :	STERLING AGRO INDUSTRIES LIMITED (w.e.f. 16.10.2009)
Formerly Known As :	STERLING AGRO INDUSTRIES PRIVATE LIMITED
Registered Office :	11^th Floor, Aggarwal Cyber Plaza - II, Netaji Subash Place, Pitampura, New Delhi – 110 034
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.10.1991
Com. Reg. No.:	11-189775
Capital Investment / Paid-up Capital :	Rs.371.678 millions
CIN No.: [Company Identification No.]	U01111DL1991PLC189775
TAN No.: [Tax Deduction & Collection Account No.]	DELS24285C
PAN No.: [Permanent Account No.]	AAACS2278R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Dairy Products.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 9100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects Sterling’s established market position in the dairy products industry marked by efficient operations, and above-average financial risk profile. 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.

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

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	Long term: (A)
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	13.08.2013

Rating Agency Name	CRISIL
Short Term Rating	Short term: (A1)
Rating Explanation	Strong degree of safety and carry lowest credit risk.
Date	13.08.2013

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. Naresh
Designation :	Finance Department
Contact No.:	91-11-47008000
Date :	13.06.2014

LOCATIONS

Registered Office :	11^th Floor, Aggarwal Cyber Plaza - II, Netaji Subash Place, Pitampura, New Delhi – 110 034, India
Tel. No.:	91-11-47008000 (EPBX)
Fax No.:	91-11-47008010/ 47050504
E-Mail :	naresh@steragro.com sterling@steragro.biz sterling@steragro.com
Website :	http://www.steragro.com
Location :	Owned
Factory 1 :	Q5-Q6, Ghirongi Industrial Area Malanpur, District. Bhind – 477 116, Madhya Pradesh, India
Tel. No.:	91-7539-403400/401
Factory :	Also located at: · Uttar Pradesh · Sonipat (Haryana)

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Kuldeep Saluja

Designation :

Managing Director

Address :

S-329, Greater Kailash Part-II, New Delhi – 110 048, India

Date of Birth/Age :

10.06.1952

Qualification :

Undergraduate

Experience :

36 Years

Date of Appointment :

02.04.2012

DIN No.:

00289187

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Managing director	02-04-2012	07-09-2000	-	Active	NO
2	U51109WB2005PTC101457	NARAYANI DEALERS PRIVATE LIMITED	Director	22-03-2007	22-03-2007	-	Active	NO
3	L65993WB1985PLC082197	ACME RESOURCES LIMITED	Director	27-09-2008	08-08-2007	-	Active	NO
4	U70101DL2008PTC177390	VRS ESTATES PRIVATE LIMITED	Director	29-04-2008	29-04-2008	-	Active	NO
5	U45400DL2008PTC179737	KESAR BUILDERS PRIVATE LIMTIED	Director	19-06-2008	19-06-2008	16-05-2013	Active	NO
6	U74950DL1997PTC084779	VINAY PACKAGING (INDIA) PRIVATE LIMITED	Director	13-08-2009	13-08-2009	-	Active	NO
7	U70101DL2011PTC219489	VINAY HOMES PRIVATE LIMITED	Director	20-05-2011	20-05-2011	-	Active	NO
8	U70101DL2011PTC219595	VINAY REAL ESTATES PRIVATE LIMITED	Director	23-05-2011	23-05-2011	-	Active	NO
9	U51909WB1995PLC074540	OJAS SUPPLIERS LIMITED	Director	30-09-2011	31-05-2011	-	Active	NO
10	U40101DL2011PTC220538	STERLING ENERGYTECH PRIVATE LIMITED	Director	08-06-2011	08-06-2011	-	Active	NO
11	U70101DL2011PTC219604	V M REAL ESTATES PRIVATE LIMITED	Director	29-09-2012	12-11-2011	-	Active	NO
12	U65100DL2011PTC227420	SALUJA FINCAP SERVICES PRIVATE LIMITED	Director	14-11-2011	14-11-2011	-	Active	NO
13	U70200DL2011PTC227584	RAVSAL ESTATES PRIVATE LIMITED	Director	17-11-2011	17-11-2011	-	Active	NO
14	U74999DL2010PLC208471	VARDHMAN BUSINESS VENTURES LIMITED	Additional director	01-11-2012	01-11-2012	02-08-2013	Active	NO
15	U74899DL1990PTC040931	RAJINDRA HIRE PURCHASE AND LEASING COMPANY PRIVATE LIMITED	Director	30-09-2013	12-04-2013	-	Active	NO
16	U45200DL2011PTC229099	JATIN INFRAPROJECTS PRIVATE LIMITED	Director	28-08-2013	28-08-2013	-	Active	NO
17	U45209CH2008PTC031312	MPS STRUCTURES PRIVATE LIMITED	Additional director	02-09-2013	02-09-2013	-	Active	NO

Name :

Ms. Laxmi Narain Kesarwani

Designation :

Whole-time Director

Address :

ND-69, Visakha Enclave, Pitampura, New Delhi – 110 034, India

Date of Birth/Age :

19.07.1949

Qualification :

Undergraduate

Experience :

38 Years

Date of Appointment :

02.04.2012

DIN No.:

00288852

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Whole-time director	02-04-2012	07-09-2000	-	Active	NO
2	U15209WB2005PTC103966	STERLING DAIRY PRODUCTS PRIVATE LIMITED	Director	30-06-2005	30-06-2005	-	Active	NO
3	L65993WB1985PLC082197	ACME RESOURCES LIMITED	Director	27-09-2008	01-04-2008	10-12-2012	Active	NO
4	U70101DL2008PTC177390	VRS ESTATES PRIVATE LIMITED	Director	29-04-2008	29-04-2008	-	Active	NO
5	U45400DL2008PTC179737	KESAR BUILDERS PRIVATE LIMTIED	Director	19-06-2008	19-06-2008	16-05-2013	Active	NO
6	U74950DL1997PTC084779	VINAY PACKAGING (INDIA) PVT LTD	Director	13-08-2009	13-08-2009	-	Active	NO
7	U70101DL2011PTC219489	VINAY HOMES PRIVATE LIMITED	Director	20-05-2011	20-05-2011	-	Active	NO
8	U70101DL2011PTC219595	VINAY REAL ESTATES PRIVATE LIMITED	Director	23-05-2011	23-05-2011	12-11-2011	Active	NO

Name :

Mr. Ravin Saluja

Designation :

Whole-time Director

Address :

S-329, Greater Kailash Part-II, New Delhi – 110 048, India

Date of Birth/Age :

29.04.1978

Qualification :

Graduate

Experience :

12 Years

Date of Appointment :

02.04.2012

DIN No.:

00289305

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Whole-time director	02-04-2012	07-09-2000	-	Active	NO
2	U70101DL1996PTC079469	V M ESTATE PRIVATE LIMITED	Director	25-02-2008	25-02-2008	-	Active	NO
3	U45201DL2004PTC123798	KAILASHWATI BUILDCON PRIVATE LIMITED	Director	17-04-2008	17-04-2008	-	Active	NO
4	U74899DL1990PTC039889	ATUL AGRO PRIVATE LIMITED	Director	26-08-2009	26-08-2009	-	Active	NO
5	U70101DL2011PTC219604	V M REAL ESTATES PRIVATE LIMITED	Director	23-05-2011	23-05-2011	-	Active	NO
6	U70101DL2011PTC219600	TULIP PRO BUILD PRIVATE LIMITED	Director	23-05-2011	23-05-2011	-	Active	NO
7	U51909WB1995PLC074540	OJAS SUPPLIERS LIMITED	Director	30-09-2011	31-05-2011	-	Active	NO
8	U65100DL2011PTC227420	SALUJA FINCAP SERVICES PRIVATE LIMITED	Director	14-11-2011	14-11-2011	-	Active	NO
9	U70200DL2011PTC227584	RAVSAL ESTATES PRIVATE LIMITED	Director	17-11-2011	17-11-2011	-	Active	NO
10	U70109DL2011PTC221731	UNIQUE INFRAHOMES PRIVATE LIMITED	Director	29-09-2012	07-08-2012	-	Active	NO
11	U74899DL1990PTC040931	RAJINDRA HIRE PURCHASE AND LEASING COMPANY PRIVATE LIMITED	Director	30-09-2013	12-04-2013	-	Active	NO

Name :

Mr. Vivek Kesarwani

Designation :

Whole-time Director

Address :

ND-69, Visakha Enclave, Pitampura, New Delhi – 110 034, India

Date of Birth/Age :

13.02.1978

Qualification :

Graduate

Experience :

12 Years

Date of Appointment :

02.04.2012

DIN No.:

00137920

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Whole-time director	02-04-2012	10-07-1999	-	Active	NO
2	U15209WB2005PTC103966	STERLING DAIRY PRODUCTS PRIVATE LIMITED	Director	30-06-2005	30-06-2005	-	Active	NO
3	U74899DL1990PTC042424	VIMAL PLASTICIZERS PRIVATE LIMITED	Director	15-07-2005	15-07-2005	-	Active	NO
4	U70101DL1996PTC079469	V M ESTATE PRIVATE LIMITED	Director	30-03-2008	30-03-2008	-	Active	NO
5	U45201DL2004PTC123798	KAILASHWATI BUILDCON PRIVATE LIMITED	Director	20-04-2008	20-04-2008	-	Active	NO
6	U74899DL1990PTC039889	ATUL AGRO PRIVATE LIMITED	Director	26-08-2009	26-08-2009	-	Active	NO
7	L65993WB1985PLC082197	ACME RESOURCES LIMITED	Director	29-09-2010	29-01-2010	10-12-2012	Active	NO
8	U45400DL2008PTC176981	LAVKUSH REALTORS PRIVATE LIMITED	Director	30-09-2010	05-03-2010	25-03-2013	Active	NO
9	U24247DL2001PTC112259	SHWETA HERBAL HENNA PRIVATE LIMITED	Director	30-09-2010	05-03-2010	25-03-2013	Active	NO
10	U70101DL2011PTC219604	V M REAL ESTATES PRIVATE LIMITED	Director	23-05-2011	23-05-2011	12-11-2011	Active	NO
11	U70101DL2011PTC219600	TULIP PRO BUILD PRIVATE LIMITED	Director	23-05-2011	23-05-2011	-	Active	NO
12	U70109DL2011PTC221731	UNIQUE INFRAHOMES PRIVATE LIMITED	Director	29-09-2012	07-08-2012	-	Active	NO
13	U74999DL2010PLC208471	VARDHMAN BUSINESS VENTURES LIMITED	Additional director	01-11-2012	01-11-2012	02-08-2013	Active	NO

Name :

Ms. Vimal Kishore Agarwal

Designation :

Whole-time Director

Address :

M-6, Gandhi Nagar, Gwalior – 250 576, Madhya Pradesh, India

Date of Birth/Age :

02.02.1962

Date of Appointment :

02.04.2012

DIN No.:

01376085

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Whole-time director	02-04-2012	01-07-2000	-	Active	NO
2	L65993WB1985PLC082197	ACME RESOURCES LIMITED	Director	29-09-2010	26-07-2010	-	Active	NO
3	U51909WB1995PLC074540	OJAS SUPPLIERS LIMITED	Director	01-04-2013	01-04-2013	-	Active	NO

Name :

Mr. Sharad Saluja

Designation :

Director

Address :

S-329, Greater Kailash Part-II, New Delhi – 110 048, India

Date of Birth/Age :

10.02.1985

Date of Appointment :

25.05.2007

DIN No.:

01516294

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Director	25-05-2007	25-05-2007	-	Active	NO
2	L65993WB1985PLC082197	ACME RESOURCES LIMITED	Managing director	01-01-2010	01-12-2007	-	Active	NO
3	U45400DL2008PTC176981	LAVKUSH REALTORS PRIVATE LIMITED	Director	30-09-2010	05-03-2010	25-03-2013	Active	NO
4	U24247DL2001PTC112259	SHWETA HERBAL HENNA PRIVATE LIMITED	Director	30-09-2010	05-03-2010	25-03-2013	Active	NO
5	U40101DL2011PTC220538	STERLING ENERGYTECH PRIVATE LIMITED	Director	08-06-2011	08-06-2011	-	Active	NO
6	U70101DL2011PTC219595	VINAY REAL ESTATES PRIVATE LIMITED	Director	26-09-2012	12-11-2011	-	Active	NO
7	U74999DL2010PLC208471	VARDHMAN BUSINESS VENTURES LIMITED	Additional director	01-11-2012	01-11-2012	02-08-2013	Active	NO
8	U45209CH2008PTC031312	MPS STRUCTURES PRIVATE LIMITED	Additional director	02-09-2013	02-09-2013	-	Active	NO

Name :

Mr. Raj Jaggi

Designation :

Director

Address :

H-501 Wonder City, Katraj, Pune – 411 046, Maharashtra, India

Date of Appointment :

01.03.2010

DIN No.:

03017408

Name :

Mr. Ramesh Chander Mahajan

Designation :

Director

Address :

D-219 FF Saket, New Delhi – 110 017, India

Date of Birth/Age :

25.09.1945

Date of Appointment :

29.09.2011

DIN No.:

00152225

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15317DL1999PTC097970	JAGATJIT BOTTLERS PRIVATE LIMITED	Director	08-10-2003	08-10-2003	26-05-2011	Active	NO
2	U15511GA2002PTC003102	VINAYAKA LIQUORS PRIVATE LIMITED	Director	21-10-2003	21-10-2003	16-10-2009	Active	NO
3	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Director	29-09-2011	01-08-2011	-	Active	NO

Name :

Mr. Pratik Gupta

Designation :

Director

Address :

409 Katra Maidgran Khari Baoli, Delhi – 110 006, India

Date of Birth/Age :

02.09.1984

Date of Appointment :

02.01.2009

DIN No.:

02506579

Name :

Mr. Sunil Raman Sapra

Designation :

Director

Address :

A/22/502, Happy Valley Homes, Near Tikkuji Niwadi, Manpada, Thane – 400 607, Maharashtra, India

Date of Birth/Age :

15.09.1973

Date of Appointment :

30.09.2013

DIN No.:

06409738

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Director	30-09-2013	01-11-2012	-	Active	NO

Name :

Mr. Paramjeet Singh Khamba

Designation :

Director

Address :

V-29, Vijaya Nagar, Gwalior – 474 011, Madhya Pradesh, India

Date of Birth/Age :

26.01.1966

Date of Appointment :

29.09.2012

DIN No.:

05339940

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01111DL1991PLC189775	STERLING AGRO INDUSTRIES LIMITED	Director	29-09-2012	01-08-2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Luv Kumar Malhotra
Designation :	Secretary
Address :	A-4C /160. Janakpuri, New Delhi – 110 058, India
Date of Birth/Age :	07.05.1986
Date of Appointment :	16.08.2011
PAN No.:	AXLPM9464E
Name :	Mr. Naresh
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Kuldeep Saluja	17048875
Raman Saluja	1525000
Laxmi Narain Kesarwani HUF	650000
Laxmi Narain Kesarwani	14878875
Sangeeta Kesarwani	5000
Pallavi Saluja	5000
Kesarwani Anju	5000
Vivek Kesarwani	3045000
Amrita Saluja	5000
Total	37167750

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Dairy Products.

Products :

ITC Code No.	Product Description
04011100	Milk
04059200	Ghee
04021010	SMP
04039090	Others

Brand Names :

• NOVA
• A-ONE

Exports :

Products :

• Finished Products

Countries :

• Middle East
• Pakistan

Imports :

Products :

• Raw Materials

Countries :

• New Zealand
• Australia

Terms :

Selling :

Depend

Purchasing :

Depend

GENERAL INFORMATION

Suppliers :

· Dairyman Producer Company Limited

Customers :

Retailers and Others

· Nestle India Limited

No. of Employees :

1000 (Approximately)

Bankers :

• Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India
• State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi – 110 001, India
• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
• The Hongkong and Shanghai Banking Corporation Limited

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans banks secured	70.176	113.070
Foreign currency loans from banks	1121.179	1263.756
Indian rupee loans from banks	12.027	3.806
Indian rupees term loans	250.994	179.645
Indian rupee loans against vehicle	6.850	4.496
SHORT TERM BORROWINGS
Secured	1267.958	891.887
Total	2729.184	2456.660

Banking Relations :	--
Finance Institutions:	U.P. Financial Corporation, 14/88, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India
Auditors :
Name :	S K Sehra and Company Chartered Accountants
Address :	Flat 104 1^st Floor, and Community Centre Naraina, New Delhi – 110 028, India
Tel. No.:	91-11-41410088
Fax No.:	91-11-41110022
E-Mail :	sksco@vsnl.com
PAN No.:	AABFS5617E
Subsidiaries :	Sterling Energytech Private Limited
Company in which key management personnel have control :	Acme Resources Limited Ojas Suppliers Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37167750	Equity Shares	Rs.10/- each	Rs.371.678 millions

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	371.678	347.739	347.739
(b) Reserves & Surplus	1905.333	1443.698	1061.547
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.0000
Total Shareholders’ Funds (1) + (2)	2277.011	1791.437	1409.286
(3) Non-Current Liabilities
(a) Long-term borrowings	1461.226	1764.773	1004.518
(b) Deferred tax liabilities (Net)	419.183	320.552	151.480
(c) Other long term liabilities	0.345	0.000	0.000
(d) Long-term provisions	8.896	6.047	3.720
Total Non-current Liabilities (3)	1889.650	2091.372	1159.718
(4) Current Liabilities
(a) Short term borrowings	1273.408	1180.450	939.711
(b) Trade payables	418.706	55.708	186.001
(c) Other current liabilities	499.052	405.387	275.836
(d) Short-term provisions	32.480	12.984	1.409
Total Current Liabilities (4)	2223.646	1654.529	1402.957
TOTAL	6390.307	5537.338	3971.961
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2591.479	2613.457	1677.949
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	13.914	309.994
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.201	3.701	3.601
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	211.703	169.292	171.869
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2804.383	2800.364	2163.413
(2) Current assets
(a) Current investments	0.000	1.500	100.500
(b) Inventories	1326.688	993.111	701.710
(c) Trade receivables	1500.399	1113.091	823.030
(d) Cash and cash equivalents	447.168	502.141	20.234
(e) Short-term loans and advances	288.340	112.908	147.517
(f) Other current assets	23.329	14.223	15.557
Total Current Assets	3585.924	2736.974	1808.548
TOTAL	6390.307	5537.338	3971.961

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	12230.258	12652.012	9212.899
		Other Income	94.415	23.113	74.528
		TOTAL (A)	12324.673	12675.125	9287.427
Less	EXPENSES
		Cost of materials consumed	9670.976	10654.148	6961.428
		Purchases of stock-in-trade	193.757	63.698	59.715
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(115.715)	(253.736)	959.078
		Employee benefit expense	90.718	73..403	55.149
		Other expenses	1274.108	1112.866	832.239
		TOTAL (B)	11113.844	11650.379	8867.609
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1210.829	1024.746	419.818
Less	FINANCIAL EXPENSES (D)		244.422	190.027	100.054
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		966.407	834.719	319.764
Less/ Add	DEPRECIATION/ AMORTISATION (F)		418.427	282.015	160.129
	PROFIT BEFORE TAX (E-F) (G)		547.980	552.704	159.635
Less	TAX (H)		194.069	170.553	56.339
	PROFIT AFTER TAX (G-H) (I)		353.911	382.151	103.296
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		166.382	84.231	80.935
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	300.000	100.000
	BALANCE CARRIED TO THE B/S		NA	166.382	84.231
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	720.931	107.080	103.297
	TOTAL EARNINGS		720.931	107.080	103.297
	IMPORTS
		Raw Materials & Capital Goods	NA	110.665	NA
	TOTAL IMPORTS		NA	110.665	NA
	Earnings Per Share (Rs.)		9.85	10.99	2.97

Particulars	31.03.2014
Sales Turnover (Approximately)	18000.000

The above information has been parted by Mr. Naresh (Finance Department).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.87	3.01	1.11
Net Profit Margin (PBT/Sales)	(%)	4.49	4.37	1.73
Return on Total Assets (PBT/Total Assets}	(%)	8.58	10.01	4.36
Return on Investment (ROI) (PBT/Networth)		0.25	0.31	0.11
Debt Equity Ratio (Total Debt/Networth)		1.21	1.65	1.38
Current Ratio (Current Asset/Current Liability)		1.61	1.65	1.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	347.739	347.739	371.678
Reserves & Surplus	1061.547	1443.698	1905.333
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1409.286	1791.437	2277.011
Long-term borrowings	1004.518	1764.773	1461.226
Short term borrowings	939.711	1180.450	1273.408
Total borrowings	1944.229	2945.223	2734.634
Debt/Equity ratio	1.380	1.644	1.201

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	9212.899	12652.012	12230.258
		37.329	(3.333)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	9212.899	12652.012	12230.258
Profit	103.296	382.151	353.911
	1.12%	3.02%	2.89%

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	Yes
18]	Major customers	Yes
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

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Indian rupee loans from banks	0.000	200.000
SHORT TERM BORROWINGS
Unsecured	0.000	250.000
Loans and advance from related parties	5.450	38.563
Total	5.450	488.563

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10474474	09/01/2014	300,000,000.00	CITIBANK N.A	JEEVAN BHARTI BUILDING, 4TH FLOOR, 124, CONNAUGHT CIRCUS, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B95043527
2	10446964	06/09/2013	61,161,000.00	U. P. FINANCIAL CORPORATION	14/88, CIVIL LINES, KANPUR, UTTAR PRADESH - 208001, INDIA	B84001312
3	10443272	08/08/2013	200,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B82225137
4	10441711	18/11/2013 *	522,800,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B91297879
5	10435733	25/06/2013	100,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B79143558
6	10369940	14/08/2012	71,350,000.00	U.P. FINANCIAL CORPORATION	14/88, CIVIL LINES, KANPUR, UTTAR PRADESH - 208001, INDIA	B45448552
7	10337560	15/02/2012 *	711,800,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B33180522
8	10288699	06/06/2011	46,935,000.00	U.P. FINANCIAL CORPORATION	14/88, CIVIL LINES, KANPUR, UTTAR PRADESH - 208001, INDIA	B13647441
9	10244398	04/05/2011 *	350,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B12692802
10	10241679	08/09/2010	755,700,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A95402434
11	10239353	14/08/2010	120,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	A94442928
12	10242107	12/08/2010	114,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A95644860
13	10232951	23/07/2010	40,454,000.00	U.P. FINANCIAL CORPORATION	14/88, CIVIL LINES, KANPUR, UTTAR PRADESH - 208001, INDIA	A90953316
14	10231821	14/02/2013 *	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B72772791
15	10116678	19/07/2012 *	500,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B73838385
16	10107213	19/06/2012 *	300,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B42420042
17	10107223	10/05/2011 *	300,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B15545205
18	10107212	30/05/2008	300,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA HOUSE, 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	A38895850
19	10070203	06/08/2010 *	400,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A94407467
20	10061138	31/10/2011 *	750,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B24078727
21	10050747	19/01/2010 *	92,255,000.00	UTTER PRADESH FINANCIAL CORPORATION	14/88, CIVIL LINES, KANPUR, UTTAR PRADESH - 206001, INDIA	A76900984

* Date of charge modification

FIXED ASSETS:

· Land and Buildings

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

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 :	PDT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.