1. Summary Information

		Country	India
Company Name	KOTHARI PRODUCTS LIMITED	Principal Name 1	Mr. Deepak Kothari
Status	Satisfactory	Principal Name 2	Mr. Mitesh Kothari
		Registration #	--
Street Address	Pan Parag House 24/19, The Mall, Kanpur – 208001, Uttar Pradesh
Established Date	17.09.1983	SIC Code	--
Telephone#	91-512-2312171 / 74	Business Style 1	Trader
Fax #	91-512-2312058	Business Style 2	Importer
Homepage	www.kothariproducts.in	Product Name 1	Pan Parag
# of employees	350 (Approximately)	Product Name 2	Pan Masala
Paid up capital	Rs.66,300,000/-	Product Name 3	--
Shareholders	Promoter and Promoter Group – 75.00% Public Shareholding – 25.00%	Banking	Bank of India
Public Limited Corp.	Yes	Business Period	31 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
Associates	India	Aangan Properties Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	29,478,800,000	Current Liabilities	22,753,200,000
Inventories	728,800,000	Long-term Liabilities	1,889,500,000
Fixed Assets	250,500,000	Other Liabilities	892,500,000
Deferred Assets	0.000	Total Liabilities	25,535,200,000
Invest& other Assets	1,892,100,000	Retained Earnings	6,748,700,000
		Net Worth	6,815,000,000
Total Assets	32,350,200,000	Total Liab. & Equity	32,350,200,000
Total Assets (Previous Year)	29,811,400,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	39,531,800,000	Net Profit	590,700,000
Sales(Previous yr)	33,033,400,000	Net Profit(Prev.yr)	526,500,000

MIRA INFORM REPORT

Report Date :

12.05.2014

IDENTIFICATION DETAILS

Name :	KOTHARI PRODUCTS LIMITED
Registered Office :	Pan Parag House 24/19, The Mall, Kanpur – 208001, Utter Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.09.1983
Com. Reg. No.:	20-006254
Capital Investment / Paid-up Capital :	Rs.66.320 Millions
CIN No.: [Company Identification No.]	L16008UP1983PLC006254
TAN No.: [Tax Deduction & Collection Account No.]	KNPK01137D
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges
Line of Business :	Trading of Import Exporter of Various Types of Product, Real Estate Venture
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 27000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is good. Net worth of the company is healthy. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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	CARE
Rating	Long Term Bank Facilities “BBB+”
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	Jan 14, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities “A3+”
Rating Explanation	Moderate degree of safety. It carry higher credit risk
Date	Jan 14, 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 PARTED BY

Name :	Mr. Anurag
Designation :	Accounts Manager
Contact No.:	91-22-43119000
Date :	30.04.2014

LOCATIONS

Registered Office :	Pan Parag House 24/19, The Mall, Kanpur – 208001, Uttar Pradesh, India
Tel. No.:	91-512-2312171 / 74
Fax No.:	91-512-2312058
E-Mail :	info@kothariproducts.in rkgupta@kothariproducts.in
Website :	www.kothariproducts.in
Head Office :	C/62, Vibgyor Tower, 9^th Floor, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-43119000
Fax No.:	Not Available
E-Mail :	info@kothariproducts.in

DIRECTORS

As on: 13.09.2013

Name :	Mr. Deepak Kothari
Designation :	Chairman and Managing Director
Name :	Mr. Mitesh Kothari
Designation :	Executive Director
Name :	Dr. Avinash Gupta
Designation :	Director
Name :	Mr. Pramod Kumar Tandon
Designation :	Director
Name :	Mr. Vikas Chaturvedi
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Raj Kumar Gupta
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.12.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4240635	63.94
Bodies Corporate	733333	11.06
Sub Total	4973968	75.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4973968	75.00
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	444	0.01
Sub Total	444	0.01
(2) Non-Institutions
Bodies Corporate	1003472	15.13
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	525590	7.93
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	95134	1.43
Any Others (Specify)	33362	0.50
Non Resident Indians	33362	0.50
Sub Total	1657558	24.99
Total Public shareholding (B)	1658002	25.00
Total (A)+(B)	6631970	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)	6631970	0.00

BUSINESS DETAILS

Line of Business :	Trading of Import Exporter of Various Types of Product, Real Estate Venture
Exports :
Products :	Coal
Imports :
Products :	Coal
Terms :
Selling :	L/C and Cheque
Purchasing :	L/C and Cheque

GENERAL INFORMATION

No. of Employees :

350 (Approximately)

Bankers :

· Canara Bank

· Bank of India

· UCO Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Short Term Borrowings
Overdraft against TDRs from Nationalised Banks	15,38.300	1,074.500
Cash Credit Limits from Nationalised Banks	2.300	3.500
Export Packing Credit Limits from Nationalised Banks	274.100	70.700
Total	1,814.700	1,148.700

Notes :

(i) Description of the Security Given :

Bank of India:

Prime Securities:

First pari passu charge by way of Hypothecation of Stocks and book debts.

Collateral Securities:

Exclusive charge by way of equitable mortgage of Property at Bangalore owned by other Company. Personal guarantee of two directors. Corporate guarantee by other company.

Allahabad Bank:

Prime Securities:

Hypothecation charge on current assets of the company both current and future and fixed assets, ranking pari passu with other multiple bankers.

Collateral Securities:

Term Deposit worth Rs.40.000 Millions, equitable mortgage of property at Noida and personal guarantee of two directors. Corporate guarantee by a wholly owned Subsidiary Company.

Canara Bank:

Prime Securities:

Hypothecation of Stocks, Book Debts and other current assets (existing and future).

Collateral Securities:

Equitable mortgage of property at Bangalore owned by another Company. Term Deposit of Rs.40.300 Millions, personal guarantee of two directors and corporate guarantee by a wholly owned Subsidiary Company. Corporate guarantee by two other companies.

Punjab National Bank:

Prime Securities:

Hypothecation charge on current assets of the company.

Collateral Securities:

Equitable mortgage of property at Bangalore owned by wholly owned subsidiary and personal guarantee of two directors.

Corporate guarantee by a wholly owned subsidiary Company.

UCO Bank:

Prime Securities:

First pari passu charge by way of hypothecation on the entire movable fixed and current assets of the company (both current and future) with existing Working Capital lenders.

Collateral Securities:

Rs.30.000 Millions by way of collateral in the form of Term Deposit Receipt. Personal Guarantee of two directors.

Indian Overseas Bank:

Prime Securities:

First pari passu charge on stock and all other current assets.

Collateral Securities:

Term Deposit worth Rs.10.000 Millions, equitable mortgage of property at Bangalore owned by an other company and personal guarantee of two directors. Corporate guarantee by a wholly owned Subsidiary Company and by two other companies.

Banking Relations :

--

Auditors :

Name :

Mehrotra and Mehrotra Company

Chartered Accountant

Address :

16/49, Civil Lines, Kanpur – 208001, Uttar Pradesh, India

Associates Companies :

· Aangan Properties Private Limited

· Hara Parvati Realtors Private Limited

· Sankhya Realtors Private Limited

· Aastitva Builders & Developers Private Limited

· IMK Agro Developers Private Limited

· Saphire Housing Private Limited

· Aman Leasing & Housing Finance Private Limited

· IMK Agro Tech Properties Private Limited

· Sattva Infrastructure India Private Limited

· Aman Overseas Private Limited

· IMK Developers Private Limited

· Sattva Realtors Private Limited

· Aman Spices Private Limited

· IMK Hospitality Private Limited

· Scaffold Properties Private Limited

· Ambakeshwar Realtors Private Limited

· Kothari Detergents Limited

· Sequence Properties Private Limited

· Arti Properties Private Limited

· Kothari World Infrastructure Private Limited

· Shilpi Property Developers (Bombay) Private Limited

· Arti WebDevelopers Private Limited

· Lohewala Constructions Private Limited Splint Realtors LLP

· Bhojeshwar Realtors Private Limited Margo Properties Private Limited

· Spica Properties Private Limited

· BKC Properties Private Limited

· Mataji Developers Private Limited SPPL Hotels Private Limited

· Blueberry Trading Company Private Limited

· MK Profi nlease Private Limited

· Shubhadra Realtors Private Limited

· Camelia Griha Nirman Private Limited

· Monotype Griha Nirman Private Limited

· Supraja Properties Private Limited

· Clastic Rock Realtors Private Limited

· MSR Properties Private Limited

· Synergy School Systems Private Limited

· Dham Securities Private Limited

· Orbus Property Private Limited

· Titania Technology Private Limited

· DK WebTech Private Limited

· Pan Parag India Limited

· Township Real Estate Developers (I) Private Limited

· DMK Holdings Private Limited

· Pandeep Technologies & Infrastructure Private Limited

· Vaishnodevi Realtors Private Limited

· Ekta Flavours Private

· Limited Parmy Manufactory Private Limited

· Venkatesh Griha Nirman Private Limited

· Elvis Properties Private Limited

· Real Griha Nirman Private Limited

· Warasgaon Lake View Hotels Limited

· Fobos Properties Private Limited

· Raj Power Parts and Engineering Company Private Limited

· Yoga Builders Private Limited

· Forcas Properties Private Limited

· Salarpuria Consultants Private Limited

· H & M Housing Finance & Leasing Private Limited

· Salarpuria Profit Private Limited

Subsidiaries Companies :

Direct Subsidiaries :

· Sukhdham Constructions & Developers Limited

· MK Web-Tech Private Limited

· KPL Exports Private Limited

· Kothari Products Singapore Pte. Limited

· IMK Hotels Private Limited

· Savitrimata Realtors Private Limited

· Blackplinth Realtors Private Limited

· Riverview Land Developers Private Limited

Indirect Subsidiary :

Pinehills (Singapore) Pte Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/ each	Rs.110.000 Millions

Issued, Subscribed & Paidup Capital :

No. of Shares	Type	Value	Amount
6631970	Equity Shares	Rs.10/ each	Rs.66.300 Millions

The company has only one class of shares referred to as equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share.

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of reporting period

	As at 31.03.2013
	Number of Shares	Amount (Rs. In Millions)
Opening Balance	6631970	66.300
Fresh Issue	-	-
Bonus	-	-
ESOP	-	-
Conversion	-	-
Buy Back	-	-
Other Changes	-	-
Closing Balance	6631970	66.300

Details of shares held by Shareowners holding more than 5% shares

	As at 31.03.2013
	Number of Shares	Holding %
Equity Share of Rs.10/- each fully paid up:-
a) Mrs. Arti D Kothari	631772	9.53
b) Mr. Deepak Kothari jointly with Mrs. Arti D. Kothari (As on 31.03.2012, out of 3051916 shares 2751916 shares were held in the name of Mr. Deepak Kothari)	3051916	46.02
c) Mitesh Kothari (HUF)	406244	6.13
d) Dham Securities Private Limited	733333	11.06
e) Parag Kumar Kishor Kumar Shah jointly with Yogesh Natwarlal Shah and Dinesh Chandra Mohanlal Shah	0	0.00
f) Magnus Properties Private Limited	375581	5.66

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	66.300	66.300
(b) Reserves & Surplus	6,748.700	6,313.100
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	6,815.000	6,379.400
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	7.300	4.700
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-Current Liabilities (3)	7.300	4.700
(4) Current Liabilities
(a) Short term borrowings	1,889.500	1,148.700
(b) Trade payables	16,421.900	14,646.700
(c) Other current liabilities	6,331.300	6,961.300
(d) Short-term provisions	885.200	670.600
Total Current Liabilities (4)	25,527.900	23,427.300
TOTAL	32,350.200	29,811.400
II. ASSETS
(1) Non-Current assets
(a) Fixed Assets
(i) Tangible assets	250.500	127.300
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	80.400
(iv) Intangible assets under development	0.000	0.000
(b) Noncurrent Investments	1,675.300	1,812.100
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1,105.400	1,606.300
(e) Other Noncurrent assets	0.000	0.000
Total Non-current Assets	3,031.200	3,626.100
(2) Current assets
(a) Current investments	216.800	52.000
(b) Inventories	728.800	1,056.400
(c) Trade receivables	12,279.900	10,854.400
(d) Cash and cash equivalents	13,693.900	12,882.000
(e) Short-term loans and advances	2,399.600	1,340.500
(f) Other current assets	0.000	0.000
Total Current Assets	29,319.000	26,185.300
TOTAL	32,350.200	29,811.400

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		66.300
2] Share Application Money		0.000
3] Reserves & Surplus		5902.300
4] (Accumulated Losses)		0.000
NETWORTH		5968.600
LOAN FUNDS
1] Secured Loans		705.000
2] Unsecured Loans		189.000
TOTAL BORROWING		894.000
DEFERRED TAX LIABILITIES		5.300
TOTAL		6867.900
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		129.400
Capital work-in-progress		68.700
INVESTMENT		2063.800
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	480.800
	Sundry Debtors	7297.000
	Cash & Bank Balances	6493.900
	Other Current Assets	0.000
	Loans & Advances	3223.800
Total Current Assets		17495.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7395.500
	Other Current Liabilities	4994.000
	Provisions	500.000
Total Current Liabilities		12889.500
Net Current Assets		4606.000
MISCELLANEOUS EXPENSES		0.000
TOTAL		6867.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	39,531.800	33,033.400	13,337.200
		Other Income	249.400	161.500	559.300
		TOTAL (A)	39,781.200	33,194.900	13,896.500
Less	EXPENSES
	Purchases		36,424.800	30,939.000	13,237.200
	Administrative, Selling and Distribution and Others Expenses		0.000	0.000	388.100
	Increase / (Decrease) In Stock		327.600	(575.500)	(468.100)
	Employee Benefit Expense		12.600	11.600	0.000
	Other Expense		1,920.800	1,956.600	0.000
		TOTAL (B)	38,685.800	32,331.700	13,157.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (AB) (C)		1,095.400	863.200	739.300
Less	FINANCIAL EXPENSES (D)		167.800	90.300	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (CD) (E)		927.600	772.900	739.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.000	8.500	8.300
	PROFIT BEFORE TAX (EF) (G)		912.600	764.400	731.000
Less	TAX (I)		321.900	237.900	114.900
	PROFIT AFTER TAX (GI) (J)		590.700	526.500	616.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2,823.400	2,465.200	2,080.300
Less	APPROPRIATIONS
		Transfer to General Reserve	59.100	52.600	61.600
		Dividend	132.600	99.500	145.900
		Tax on Dividend	22.500	16.200	23.700
	BALANCE CARRIED TO THE B/S		3,199.900	2,823.400	2,465.200
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings (F.O.B. Basis)	33,752.600	20,537.500	6,710.400
	IMPORTS
		Trading Items	35,806.800	25,511.700	10,637.900
	Earnings Per Share (Rs.)		89.07	79.39	92.90

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.48	1.59	4.43
Net Profit Margin (PBT/Sales)	(%)	2.31	2.31	5.48
Return on Total Assets (PBT/Total Assets}	(%)	2.98	2.74	4.15
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.12
Debt Equity Ratio (Total Debt/Networth)		0.28	0.18	2.31
Current Ratio (Current Asset/Current Liability)		1.15	1.12	1.36

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	66.300	66.300
Reserves & Surplus	6,313.100	6,748.700
Net worth	6,379.400	6,815.000
long-term borrowings	0.000	0.000
Short term borrowings	1,148.700	1,889.500
Total borrowings	1,148.700	1,889.500
Debt/Equity ratio	0.180	0.277

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	13,337.200	33,033.400	39,531.800
		147.679	19.672

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	13,337.200	33,033.400	39,531.800
Profit	616.100	526.500	590.700
	4.62%	1.59%	1.49%

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	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

2013 IN RETROSPECT

The Company’s sales turnover during the year has increased to Rs.38176.800 Millions from Rs.32114.500 Millions during the previous financial year. The Profit before depreciation & tax during the year has also increased to Rs.927.600 Millions as against Rs.772.900 Millions in the previous year registering an increase of about 20%. The Profit after Tax has also increased to Rs.590.700 Millions as against Rs.526.500 Millions in the previous year registering an increase of about 12%.

INTERNATIONAL BUSINESS

The Company’s export during the year has increased to Rs.33752.600 Millions as compared to Rs.20537.500 Millions during the previous year registering a whopping increase of about 64%.

SUBSIDIARIES

The Company had till the end of last financial year ten subsidiaries namely Arti Web - Developers Pvt. Ltd., Sukhdham Constructions & Developers Ltd., MK Web-Tech Pvt. Ltd., KPL Exports Pvt. Ltd. & IMK Hotels Pvt. Ltd. as its Wholly Owned Subsidiary Companies and Kothari Products Singapore Pvt. Ltd., Pinehills (Singapore) Pte. Ltd. (A wholly owned subsidiary of Kothari Products Singapore Pvt. Ltd.), Riverview Land Developers Pvt. Ltd., Blackplinth Realtors Pvt. Ltd. & Savitrimata Realtors Private Limited as its Subsidiary Companies. During the financial year one subsidiary was added namely Masscorp Limited but it had ceased to be a Subsidiary of the Company w.e.f.25th March, 2013. Further, Arti Web-Developers Pvt. Ltd. has also ceased to be a Subsidiary of the Company w.e.f.1st January, 2013. In accordance with the General Circular No.2/2011 dated 8th February, 2011 of the Ministry of Corporate Affairs granting general exemption under section 212 of the Companies Act, 1956, the detailed annual accounts and their attachments are not being published. However, the prescribed financial details of the aforesaid subsidiary companies have been disclosed in separate statements attached to the consolidated Balance Sheet. The Company hereby undertakes that the Annual Accounts of the subsidiary companies and their related detailed information shall be made available to the shareowners of the holding and subsidiary companies seeking such information at any point of time. The Annual Accounts of the subsidiary companies shall also be kept for inspection by any shareowner at the head office of the holding company and of the subsidiary companies concerned. The holding company shall furnish a hard copy of details of accounts of subsidiaries to any shareowner on demand. A Statement referred to in Clause (e) of sub Section 1 of Section 212 of the Act, disclosing the Company’s interest in subsidiaries and other information as required is attached.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENTS

Financial year 2012-13 witnessed global economic uncertainties and disturbances in many parts of the world.

Several Countries experienced recessionary trends due to high unemployment, fiscal tightening and sluggish growth. Asian economies are also growing through considerably slow growth, deceleration in industrial output and exports.

The industry, in which the company operates, is also facing challenging environment due to uncertainties in the global economy, Volatile Forex scenario and increasing current account deficit in the Indian economy. However, the Indian Government and RBI are taking various steps to address the problem of increasing current account deficit and to curb the Forex volatility. The Board is of view that these steps will boost the sentiments and instill the confidence of the industry.

FINANCIAL PERFORMANCE

They have registered an impressive growth in their sales volume in the international trade during the last completed financial year whereas the real estate sector remained stagnant. The Company’s sales have increased to Rs.38176.800 Millions during the period as against Rs.32114.500 Millions during the previous financial year. The profit before tax and depreciation during the year has also increased to Rs.927.600 Millions as against Rs.772.900 Millions in the previous year. The profit after tax has also increased to Rs.590.700 Millions as against Rs.526.500 Millions during the previous financial year. Profitability of the Company has increased in trading division from Rs.710.400 Millions to Rs.984.800 Millions whereas in Real Estate segment the profit has decreased to Rs.95.600 Millions from Rs.144.300 Millions in the previous year. The segment wise financial performance of the Company has also been mentioned in the Notes on Accounts being part of this Annual Report.

OUTLOOK

In view of the aforesaid robust performance of the Trading Division of the Company & the turnaround expected in the Real Estate Sector due to various reforms expected to be taken by the Government at various levels, the outlook of the company seems to be very bright.

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Short Term Borrowings
Loans and Advances from related parties	74.800	0.000
Total	74.800	0.000

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2013
Corporate Guarantees issued by the Company to certain banks on behalf of one of its subsidiary	2,605.200	1,526.600
Corporate Guarantee issued by the Company to Nationalised Banks on behalf of associate Companies	2,600.000	1,510.00
Estimated amount of contracts remaining to be executed on capital account and not provided for	Nil	14.700

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^st DECEMBER, 2013

(Rs. in millions)

Sr. No.	Particular	Quarter Ended		Nine Months Ended
		31.12.2013 (Unaudited)	30.09.2013 (Unaudited)	31.12.2013 (Unaudited)
1.	Net Sales/Income from Operations
	a) Net Sales	8,999.500	10,534.200	29,693.600
	b) Other Operating Income	344.600	325.300	983.800
	Total Income From Operations (Net)	9,344.100	10,859.500	30,677.400
2.	Expenses
	Purchase of Stock in Trade	8,546.000	9,770.900	28,182.300
	Change in Inventories of Stock in Trade	(29.700)	(8.600)	(102.900)
	Employees Benefit Expenses	5.200	5.600	14.400
	Depreciation and Amortization Expenses	2.400	3.00	8.200
	Forex Variations (Net)	(32.000)	582.000	2,191.100
	Other Expenditure	153.200	153.000	448.400
	Total Expenses	8,645.100	10,505.900	30,741.500
3.	Profit From Operations before Other Income, Finance Cost and Exceptional Items (1-2)	699.000	353.600	(64.100)
4.	Other Income	36.500	68.200	172.600
5.	Profit From Ordinary Activities Before Finance Cost and Exceptional Items (3+4)	735.500	421.800	108.500
6.	Finance Costs	77.900	40.800	133.400
7.	Profit From Ordinary Activities After Finance Cost before Exceptional Items (5-6)	657.600	381.000	(24.900)
8.	Exceptional Items	0.000	0.000	0.000
9.	Profit From Ordinary Activities before Tax (7+8)	657.600	381.000	(24.900)
10.	Tax Expense	0.000	0.000	0.000
11.	Net Profit from Ordinary Activities After Tax (9-10)	657.600	381.000	(24.900)
12.	Extraordinary Item	0.000	0.000	0.000
13.	Net Profit for the period (11-12)	657.600	381.000	(24.900)
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	66.300	66.300	66.300
15.	Reserves Excluding Revaluation Reserve	-	-	-
16i.	Earnings Per Share (Before Extraordinary Items) Of Rs.10/- Each &Not Annualised) (Rs.)
	(a) Basic	99.18*	57.43*	(3.76*)
	(b) Diluted	99.18*	57.43*	(3.76*)
16.ii	Earnings Per Share (Before Extraordinary Items) Of Rs.10/- Each &Not Annualised) (Rs.)
	(a) Basic	99.18*	57.43*	(3.76*)
	(b) Diluted	99.18*	57.43*	(3.76*)
A	PARTICULARS OF SHAREHOLDINGS
17.	Public Shareholding
	-Number of Shares	1658002	1658002	1658002
	-Percentage of Shareholding	25.00%	25.00%	25.00%
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	0	0	0
	-Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	0.00%	0.00%	0.00%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	0.00%	0.00%	0.00%
	b) Non Encumbered
	- Number of Shares	4973968	4973968	4973968
	-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)	75.00%	75.00%	75.00%

Particulars	Quarter Ended 31.12.203
B. INVESTOR COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	4
Disposed of during the quarter	4
Remaining unresolved at the end of the quarter	Nil

REPORTING OF SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Sl No.	Particulars	Quarter Ended		Nine Months Ended
		31.12.2013 Unaudited	30.09.2013 Unaudited	31.12.2013 Unaudited
1	Segment Revenue
	A) Segment – Trading Items	9,331.700	10,907.800	30,715.300
	B) Segment – Real Estate Etc.	52.300	34.600	120.300
	Total	9,384.000	10,942.400	30,835.600
	Less : Inter Segment Revenue	0.000	0.000	0.000
	Net Sales / Income from Operation	9,384.000	10,942.400	30,835.600
2	Segment Results
	Profit (+) / Loss (-) Before Tax For Each Segment
	A) Segment – Trading Items	687.200	363.500	10.400
	B) Segment – Real Estate Etc.	48.300	58.300	98.100
	Total	735.500	421.800	108.500
	- Finance Costs	77.900	40.800	133.400
	Total	657.600	381.000	(24.900)
3	Capital Employed
	A) Segment – Trading Items	3720.000	3210.800	3720.000
	B) Segment – Real Estate Etc.	3070.100	2921.700	3070.100
	Total Capital Employed	6790.100	6132.500	6790.100

NOTES

1. The aforesaid results for the quarter ended December 31, 2013 have been subjected to 'Limited Review' by the Statutory Auditors of the Company.

2. The aforesaid results have been reviewed by for the Audit Committee and approved and taken on record by the Board of Directors of the company, for release, at their meeting held on February 11, 2014.

3. The Board of Director of the company at its meeting held today, recommended the issue of Bonus Shares in the ratio of 2(two) Bonus Equity shares for every 1 (One) existing Equity share subject to the approval of the shareholders. The record date for the issue of Bonus shares to the shareholders will be fixed after the approval of the issue of Bonus shares by the shareholders of the company. Also at the same meeting the Board of Director recommended increase in the authorised share capital of the company from existing Rs.110.000 Millions to Rs.210.000 Millions subject to the approval of the shareholders.

4. The amount of dividend for the financial year 2005-06 remaining unpaid for a period of seven years has been transferred to the Investor Education & Protection Fund Account on October 03, 2013.

5. The figures of the previous period have been regrouped / recast wherever considered necessary to make them comparable with the figures of the current period.

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 judgment or order had been entered in a proceedings for violating money-laundering, anticorruption or bribery or international economic or antiterrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international antiterrorism 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 anticorruption 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.59.73
UK Pound	1	Rs.100.82
Euro	1	Rs.82.22

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	VNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAIDUP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
BUSINESS SCALE	1~10	6
PROFITABILIRY	1~10	6
LIQUIDITY	1~10	5
LEVERAGE	1~10	5
RESERVES	1~10	6
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		49

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
7185	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
5670	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
4155	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
2640	B	Capability to overcome financial difficulties seems comparatively below average.	Small
1125	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.