MIRA INFORM REPORT

Report Date :

14.11.2014

IDENTIFICATION DETAILS

Name :	NATURAL CAPSULES LIMITED
Registered Office :	No. 102, Shreshta Bhumib, No. 87, V K Iyenkar, K R Road, Bangalore 560004, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.09.1993
Com. Reg. No.:	08-014742
Capital Investment / Paid-up Capital :	Rs. 50.227 Millions
CIN No.: [Company Identification No.]	L85110KA1993PLC014742
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	BLRN00437D
PAN No.: [Permanent Account No.]	AAACN6209M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Hard Gelatin Capsule Shells, Hard Cellulose Shells and Pharmaceutical Dosages Forms in Capsule dosage Form.
No. of Employees :	Not Divulged [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered good 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA Rating
Rating	Term loans: BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	June 2014

Rating Agency Name	ICRA Rating
Rating	Non fund based facility: A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	June 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 31-03-2014.

INFORMATION DECLINED BY

Management Non Co-operative (91-80-26671571)

LOCATIONS

Registered Office :	No. 102, Shreshta Bhumib, No. 87, V K Iyenkar, K R Road, Bangalore-560004, Karnataka, India
Tel. No.:	91-80-26671571 / 2667 1573 / 26671581
Fax No.:	91-80-26671562
E-Mail :	info@naturlacapsules.com sunil@naturalcapsules.com
Website :	www.naturalcapsules.com
Factory 1 :	Plot No.7A2, KIADB Industrial area, Attibele, Bangalore-562107, Karnataka, India
Factory 2 :	RS No.84, Perambai Road, Pitchaiveerampet, Pondicherry-652010, India

DIRECTORS

As on 25.07.2014

Name :

Mr. Sunil Laxminarayana Mundra

Designation :

Managing Director

Address :

Manjari 8/23, 10 Cross, Basappa Layout, Gavipuram Extn, Bangalore – 560019, Karnataka, India

Date of Birth/Age :

30.11.1964

PAN No.:

ADVPM5759J

Date of Appointment :

01.06.2014

DIN No.:

00214304

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	L85110KA1993PLC014742	NATURAL CAPSULES LIMITED	Managing director	01/06/2014	20/09/1993	-	Active	NO
2	U72102KA1994PTC015254	TAJOS INVESTMENTS PRIVATE LIMITED	Director	22/02/1994	22/02/1994	-	Active	NO
3	U74900KA2014PTC073459	SQUARE PLUS LIFE SCIENCES PRIVATE LIMITED	Director	06/02/2014	06/02/2014	-	Active	NO

Name :

Mr. Laxminarayan Mundra

Designation :

Whole-time Director

Address :

Manjari 8/23, 10 Cross, Basappa Layout, Gavipuram Extn, Bangalore – 560019, Karnataka, India

Date of Birth/Age :

01.06.1943

PAN No.:

ABQPM2191P

Date of Appointment :

01.09.2014

DIN No.:

00214298

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	L85110KA1993PLC014742	NATURAL CAPSULES LIMITED	Whole-time director	01/09/2014	20/09/1993	-	Active	NO
2	U72102KA1994PTC015254	TAJOS INVESTMENTS PRIVATE LIMITED	Director	22/02/1994	22/02/1994	-	Active	NO
3	U74900KA2014PTC073459	SQUARE PLUS LIFE SCIENCES PRIVATE LIMITED	Director	06/02/2014	06/02/2014	-	Active	NO

Name :

Mr. Satyanarayan Mundra

Designation :

Whole-time Director

Address :

Manjari 8/23, 10 Cross, Basappa Layout, Gavipuram Extn, Bangalore – 560019, Karnataka, India

Date of Birth/Age :

22.04.1952

PAN No.:

ADVPM5763A

Date of Appointment :

01.06.2014

DIN No.:

00214349

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	U25204KA1985PTC007068	NANDI SYNTHETICS PRIVATE LIMITED	Director	12/08/1985	12/08/1985	-	Active	NO
2	L85110KA1993PLC014742	NATURAL CAPSULES LIMITED	Whole-Time Director	01/06/2014	20/09/1993	-	Active	NO
3	U74900KA2014PTC073459	SQUARE PLUS LIFE SCIENCES PRIVATE LIMITED	Director	06/02/2014	06/02/2014	-	Active	NO

Name :

Mr. Srirangam Gopalan

Designation :

Director

Address :

No. 3, 2 Main Road, Jaganath Pura, Ualagheri, Chennai – 600042, Tamilnadu, India

Date of Birth/Age :

16.08.1934

Date of Appointment :

269.06.1994

DIN No.:

00287219

Name :

Mr. Sushil Kumar Mundra

Designation :

Director

Address :

Manjari 10 Cross, 3 Main Gavipuram Mew Extn, Bangalore – 560019, Karnataka, India

Date of Birth/Age :

03.12.1969

Date of Appointment :

20.09.1993

DIN No.:

00214332

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	L85110KA1993PLC014742	NATURAL CAPSULES LIMITED	Director	20/09/1993	20/09/1993	-	Active	NO
2	U25204KA1985PTC007068	NANDI SYNTHETICS PRIVATE LIMITED	Director	08/03/1994	08/03/1994	-	Active	NO
3	U24232KA2010PTC053898	MANAN HEALTHCARE PRIVATE LIMITED	Director	30/05/2012	30/05/2012	-	Active	NO
4	U74900KA2014PTC073459	SQUARE PLUS LIFE SCIENCES PRIVATE LIMITED	Director	06/02/2014	06/02/2014	-	Active	NO

Name :

Mr. Chikkana Yakanahalo Muddulingaiah Gurumurthy

Designation :

Director

Address :

No. 317, 6^th Main, Hal II, Stage 1, No. 1 Ranagar, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

30.06.1933

Date of Appointment :

29.06.1994

DIN No.:

00287294

Name :

Mr. Cattancoletore Padmanabhan Rangachar

Designation :

Director

Address :

Aranga No. 900, IB Cross Park Road, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

23.07.1942

Date of Appointment :

29.06.1994

DIN No.:

00310893

Name :

Mr. Balaji Venugopal Bhat

Designation :

Director

Address :

302 Embassy Orchid, 8 Main RMU Extn, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

19.06.1964

Date of Appointment :

29.01.2005

DIN No.:

00052256

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	L85110KA1994PLC016663	SUBEX LIMITED	Director	19/04/2000	19/04/2000	18/05/2012	Active	NO
2	U74140TN2000PLC071607	INDUSAGE ADVISORS LIMITED	Director	21/06/2000	21/06/2000	-	Active	NO
3	U32104KA1992PTC012863	APARA ENTERPRISE SOLUTIONS PRIVATE LIMITED	Director	10/01/2001	10/01/2001	08/01/2009	Active	NO
4	L29150KA1976PLC003017	YUKEN INDIA LIMITED	Director	21/06/2003	21/06/2003	08/02/2014	Active	NO
5	L85110KA1993PLC014742	NATURAL CAPSULES LIMITED	Director	29/01/2005	29/01/2005	02/09/2013	Active	NO
6	U74140KA2005PLC035905	SUBEX TECHNOLOGIES LIMITED	Director	28/03/2005	28/03/2005	25/03/2013	Active	NO
7	U18101KA2004PTC033743	K MOHAN AND COMPANY (EXPORTS) PRIVATE LIMITED	Director	27/09/2005	27/09/2005	18/10/2010	Active	NO
8	U18109KA1996PTC019991	PRIMUS BRANDS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Amalgamated	NO
9	U65999KA1995PTC019281	PRIMUS RETAIL PRIVATE LIMITED	Managing director	06/09/2006	30/09/2005	-	Active	NO
10	L17121KA1999PLC025320	INDUS FILA LIMITED	Director	11/04/2006	11/04/2006	14/11/2013	Active	NO
11	U18101KA1998PLC024274	PERSONALITY LIMITED	Director	30/05/2007	30/05/2007	-	Amalgamated	NO
12	U18109KA2009PTC050049	PRIMUS SPORTS PRIVATE LIMITED	Director	04/06/2009	04/06/2009	-	Amalgamated	NO
13	U18109KA2010PTC055327	WEEKENDER CLOTHING PRIVATE LIMITED	Director	28/09/2010	28/09/2010	-	Strike off	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2367883	47.14
Any Others (Specify)	3800	0.08
Directors/Promoters & their Relatives & Friends	3800	0.08
Sub Total	2371683	47.22
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2371683	47.22
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3700	0.07
Foreign Institutional Investors	300	0.01
Sub Total	4000	0.08
(2) Non-Institutions
Bodies Corporate	903964	18.00
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1201652	23.92
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	396526	7.89
Any Others (Specify)	144875	2.88
Clearing Members	9776	0.19
Hindu Undivided Families	92838	1.85
Non Resident Indians	42261	0.84
Sub Total	2647017	52.70
Total Public shareholding (B)	2651017	52.78
Total (A)+(B)	5022700	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	5022700	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hard Gelatin Capsule Shells, Hard Cellulose Shells and Pharmaceutical Dosages Forms in Capsule dosage Form.

Products :

PRODUCTION DESCRIPTION	ITEM CODE NO
9602	Gelatin Capsule

• Hard Gelatin Capsule Shells
• Hard Cellulose Capsule Shells
• BSE/TSE Free Gelatin Shells
• Shiny Gelatin Capsule Shells
• SLS Free Gelatin Capsule Shells
• Halal Certified Gelatin Capsule Shells
• Fortified Gelatin Capsule Shells
• Fast Release Gelatin Capsule Shells
• Printed Gelatin/Cellulose Capsule Shells

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

• State Bank of India, Specialized Commercial Branch, 1^st Floor, Krishi Bhavan, Hudson Circle, Bangalore-560001, Karnataka, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans banks	24.956	39.852
Working capital loans banks	34.887	40.046
Loans Repayable on Demand	0.000	10.083
Total	59.843	89.981

Banking Relations :	---
Auditors :
Name :	Gnanoba and Bhat Chartered Accountants
Address :	45 Annamalai Arcade 1st Cross Wilson Garden Bangalore – 560027, Karnataka, India
PAN No.:	AAAFG5742M
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	Not Divulged
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Mundra Enterprises

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Millions

Isued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5022700	Equity Shares	Rs.10/- each	Rs. 50.227 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	50.227	45.027	45.027
(b) Reserves & Surplus	372.978	322.595	267.133
(c) Money received against share warrants	3.960	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	427.165	367.622	312.160
(3) Non-Current Liabilities
(a) long-term borrowings	59.843	89.982	92.943
(b) Deferred tax liabilities (Net)	28.368	16.815	18.914
(c) Other long term liabilities	1.020	1.484	1.594
(d) long-term provisions	5.057	4.097	3.944
Total Non-current Liabilities (3)	94.288	112.378	117.395
(4) Current Liabilities
(a) Short term borrowings	0.803	0.292	0.000
(b) Trade payables	47.062	46.453	36.662
(c) Other current liabilities	10.230	23.339	14.649
(d) Short-term provisions	14.957	12.741	15.404
Total Current Liabilities (4)	73.052	82.825	66.715
TOTAL	594.505	562.825	496.270
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	313.396	292.297	264.140
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	16.199	28.596	36.920
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.870	10.037	1.160
(e) Other Non-current assets	11.335	12.848	16.020
Total Non-Current Assets	352.800	343.778	318.240
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35.662	35.211	25.248
(c) Trade receivables	189.697	171.395	138.777
(d) Cash and cash equivalents	3.411	2.886	1.989
(e) Short-term loans and advances	5.650	5.854	9.367
(f) Other current assets	7.285	3.701	2.649
Total Current Assets	241.705	219.047	178.030
TOTAL	594.505	562.825	496.270

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	585.298	534.726	437.612
		Other Income	8.914	7.163	8.305
		TOTAL (A)	594.212	541.889	445.917
Less	EXPENSES
		Cost of Materials Consumed	243.068	217.076	161.611
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.663	(10.831)	0.143
		Employees benefits expense	44.110	32.959	24.516
		Other expenses	187.978	186.197	141.918
			(1.265)	0.090	0.000
		TOTAL (B)	474.554	425.491	328.188
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		119.658	116.398	117.729
Less	FINANCIAL EXPENSES (D)		9.257	12.343	13.473
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		110.401	104.055	104.256
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.136	31.114	27.031
	PROFIT BEFORE TAX (E-F) (G)		74.265	72.941	77.225
Less	TAX (H)		28.646	9.630	26.538
	PROFIT AFTER TAX (G-H) (I)		45.619	63.311	50.687
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	153.740	121.153	64.066
	TOTAL EARNINGS		153.740	121.153	64.066
	Earnings Per Share (Rs.)		9.08	12.60	10.09

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	7.79	11.84	11.58
Operating Profit Margin (PBDIT / Sales)	(%)	20.44	21.77	26.90
Return on Total Assets (PBT/Total Assets}	(%)	12.84	13.65	16.81
Return on Investment (ROI) (PBT/Networth)		0.17	0.20	0.25
Debt Equity Ratio (Total Debt /Networth)		0.14	0.25	0.30
Current Ratio (Current Asset/Current Liability)		3.31	2.64	2.67

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	45.027	45.027	50.227
Reserves & Surplus	267.133	322.595	372.978
Money received against share warrants	0.000	0.000	3.960
Net worth	312.160	367.622	427.165
long-term borrowings	92.943	89.982	59.843
Short term borrowings	0.000	0.292	0.803
Total borrowings	92.943	90.274	60.646
Debt/Equity ratio	0.298	0.246	0.142

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	437.612	534.726	585.298
		22.192	9.458

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	437.612	534.726	585.298
Profit	50.687	63.311	45.619
	11.58%	11.84%	7.79%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	----------------------
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Rupee Term Loans from Bank	0.803	0.292
Total	0.803	0.292

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80002092	10/01/2014 *	204,900,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, 1ST FLOOR, KRISHI BHAVAN, HUDSON CIRCLE,BANGALORE, Karnataka - 560001, INDIA	B94513561

* Date of charge modification

PERFORMANCE & PROSPECTS:

During the year, the company’s turnover was Rs. 594.212 Millions and the company has earned a Net profit (before tax) of Rs 74.265 Millions as against the corresponding net profit of Rs 72.942 Millions in the previous year. An amount of Rs.44.055 Millions was ploughed back from profits for funding the ongoing expansion at Pondicherry. The exports of the company has increased by 10.96% due to continuous efforts being made by sales team. Even though the overall sales turnover has increased by 9.46%, the profit before tax has increased by 1.82% only due to higher input costs.

FLUCTUATION IN FOREIGN EXCHANGE:

The Company has benefited to an extent of Rs 4.324 Millions owing to foreign exchange fluctuation.

FIXED ASSETS

• Free hold land
• Building
• Plant and Machinery
• Computer
• Furniture and Fixture
• Office Equipments
• Motor Vehicles

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. 61.55
UK Pound	1	Rs. 97.09
Euro	1	Rs. 76.61

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.