MIRA INFORM REPORT

Report Date :

17.11.2014

IDENTIFICATION DETAILS

Name :	RAINBOW PAPERS LIMITED
Registered Office :	801, Avdhesh House, Opposite Shri Guru Govind Gurudwara, Thaltej, Ahmedabad – 380054, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.07.1986
Com. Reg. No.:	04-008772
Capital Investment / Paid-up Capital :	Rs.197.939 Millions
CIN No.: [Company Identification No.]	L21010GJ1986PLC008772
TAN No.: [Tax Deduction & Collection Account No.]	AHMR00278F/ AHMR03475D
PAN No.: [Permanent Account No.]	AAACR5415K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Processing of Paper Products.
No. of Employees :	1700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. There is a dip in profit of the company in the year 2013-14. However, overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

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	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Inadequate credit quality and high credit risk
Date	21.02.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	21.02.2014

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 PARTED BY

Name :	Mr. Harshad B Shah
Designation :	Senior Manager Account and Finance
Contact No.:	91-79-26855716
Date :	14.11.2014

LOCATIONS

Registered Office/ Corporate Office :	801, Avdhesh House, Opposite Shri Guru Govind Gurudwara, Thaltej, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-26855716/ 14/ 32952073
Fax No.:	91-79-26855712/ 26855744
E-Mail :	secretarial@rainbowpapers.com accounts@rainbowpapers.com info@rainbowpapers.com
Website :	http://www.rainbowpapers.com
Branch Offices 1 :	101, Gemini Flats, Nehru Road, Vile Parle (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-26162426
Fax No.:	91-22-26102694
Branch Offices 2 :	202, Krishna House Co-Operative Society, 4805/24, Bharat Ram Road, Dariya Ganj, New Delhi, India
Tel. No.:	91-11- 23245756
Fax No.:	91-11- 23287553
Factory 1 :	Paper and Crepe Units 1453, Village Rajpur , Taluka Kadi, Kalol – Mehsana Highway - 382715, North Gujarat, India
Tel. No.:	91-2764-278492 – 93 – 94
Factory 2 :	Coating Division 1423, Village Rajpur , Taluka Kadi, Kalol – Mehsana Highway - 382715, North Gujarat, India
Tel. No.:	91-2764-278414

DIRECTORS

As on 31.03.2014

Name :	Mr. Ajaykumar Radheshyam Goenka
Designation :	Managing Director
Address :	71, Sunrise Park, Opposite Drive-In Cinema, Thaltej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	23.02.1958
Date of Appointment :	11.09.1990
PAN No.:	AAZPG8113B
DIN No.:	00139512
Name :	Mr. Rahul Jamnaprasad Maheshwari
Designation :	Director
Address :	903, Kanchandeep Appartment, Near Nehrunagar Circle, Ambawadi, Ahmedabad - 380015gujarat, India
Date of Birth/Age :	10.04.1976
Date of Appointment :	27.09.2011
DIN No.:	00289730
Name :	Mr. Kantibhai Hirabhai Patel
Designation :	Director
Address :	26, Mahasukhnagar C H S L -2 , 26 Prerna Tirth, Vibhag-1, Opposite Prerna Tirth Jain Derasar, Satelite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	03.09.1946
Date of Appointment :	27.09.2011
DIN No.:	02325787
Name :	Mr. Shashikant Natverlal Thakar
Designation :	Director
Address :	Shivam A-11-12, Shyam Nagar ROC, Near Vishrannagar, Memnagar, Ahmedabad – 380052, Gujarat, India
Date of Birth/Age :	02.09.1955
Date of Appointment :	30.01.2010
DIN No.:	02887471
Name :	Mr. Mahendrabhai Mohanlal Patel
Designation :	Additional Director
Address :	16 Vishnu Hari Apartment, 18 Pushpkunj Society, Kankaria, Ahmedabad – 380022, Gujarat, India
Date of Birth/Age :	22.12.1956
Date of Appointment :	21.10.2013
DIN No.:	00137602

KEY EXECUTIVES

Name :	Mr. Harshad B Shah
Designation :	Senior Manager Account and Finance
Name :	Runel Umang Rathi
Designation :	Secretary
Address :	A-12, Sterling Appartments, Shahibaug, Ahmedabad – 380004, Gujarat, India
Date of Birth/Age :	04.07.1979
Date of Appointment :	05.03.2007
PAN No.:	ACFPB9687D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2106930	2.72
Bodies Corporate	44349520	57.17
Sub Total	46456450	59.88
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	46456450	59.88
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	500	0.00
Financial Institutions / Banks	7150000	9.22
Foreign Institutional Investors	4637550	5.98
Sub Total	11788050	15.20
(2) Non-Institutions
Bodies Corporate	16201240	20.88
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2360230	3.04
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	551808	0.71
Any Others (Specify)	219797	0.28
Non Resident Indians	7273	0.01
Directors & their Relatives & Friends	190830	0.25
Clearing Members	21694	0.03
Sub Total	19333075	24.92
Total Public shareholding (B)	31121125	40.12
Total (A)+(B)	77577575	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	28639725	0.00
Sub Total	28639725	0.00
Total (A)+(B)+(C)	106217300	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)			Details of warrants		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)	Number of warrants held	As a % total number of warrants of the same class
1	Orient Newsprint Limited	2,33,77,520	22.01	14212520	60.80	13.38	0	0.00	22.01
2	Rainbow Industrial Park Private Limited	68,19,000	6.42	6819000	100.00	6.42	0	0.00	6.42
3	Drupa Suppliers Private Limited	1,41,53,000	13.32	5153000	36.41	4.85	7248000	100.00	20.15
4	Ajaykumar Radheshyam Goenka	11,20,750	1.06	1120750	100.00	1.06	0	0.00	1.06
5	Drupadi Devi Goenka	4,64,000	0.44	464000	100.00	0.44	0	0.00	0.44
6	Sangeeta Ajay Goenka	3,37,500	0.32	0	0.00	0.00	0	0.00	0.32
7	Talati Nikita Aniket	1,81,680	0.17	0	0.00	0.00	0	0.00	0.17
8	Ajay Goenka	2,500	0.00	0	0.00	0.00	0	0.00	0.00
9	Niyati Sunny Agrawal	500	0.00	0	0.00	0.00	0	0.00	0.00
	Total	4,64,56,450	43.74	27769270	59.77	26.14	7248000	100.00	50.56

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

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Devkant Synthetics India Private Limited	7668136	7.22	7.22
2	Life Insurance Corporation Of India	4500000	4.24	4.24
3	India Focus Cardinal Fund	2880500	2.71	2.71
4	General Insurance Coporation of India	2650000	2.49	2.49
5	Headway Capital Advisors Limited	2552114	2.40	2.40
6	BDR Securities Limited	2148213	2.02	2.02
7	Silver Stallion Limited	1425000	1.34	1.34
	Total	23823963	22.43	22.43

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

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Devkant Synthetics (India) Private Limited	7668136	7.22	7.22
	Total	7668136	7.22	7.22

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Drupa Suppliers Private Limited	90,00,000	8.47
2	Orient Newsprint Limited	60,00,000	5.65
	Total	1,50,00,000	14.12

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying  Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	GDRs	2,86,39,725	2,86,39,725	26.96
	Total	2,86,39,725	2,86,39,725	26.96

BUSINESS DETAILS

Line of Business :

Manufacturing and Processing of Paper Products.

Products :

Product Description	ITC code
Paper and Paper Board	48040000

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Paper Products.

Countries :

• USA
• UK
• Switzerland
• Dubai
• Middle East

Imports :

Products :

Raw Material

Countries :

• USA
• UK
• Dubai
• Switzerland

Terms :

Selling :

Cash / Advance Payment / Cheque / Credit (30 / 60 Days)

Purchasing :

Cash / Advance Payment / Cheque / Credit (30 / 60 Days)

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

1700 (Approximately)

Bankers :

• Allahabad Bank, S. P. Nagar Branch, Acme Centre, Shrimali Society, Near Navrangpura Railway Crossing, Navrangpura, Ahmedabad - 380009, Gujarat, India
• Axis Bank, Trishul, Opposite Samartheshwar Temple, Law Garden, Ellisbridge,, Ahmedabad - 380006, Gujarat, India
• Indusind Bank Limited, 2401, Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India
• Corporation Bank
• Union Bank of India
• Bank of India
• Punjab National Bank
• Dena Bank

Banker Name :	Indian Overseas Bank
Branch Address :	Kalupur Circle Branch, Kalupur, Ahmedabad - 380001, Gujarat, India
Facilities :	--
Person Name :	Mr. Rasha Krishna (Chief Manager)
Contact No.:	91-79-26581984
Report :	--

Facilities :

WC = Rs.3000.000 Millions, Fund Based = Rs.1500.000 Millions and Non-Fund Based = Rs.1500.000 Millions

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG-TERM BORROWINGS
Rupee term loans from banks	4594.565	4054.188
Foreign currency term loans from banks	0.000	113.948
Vehicle Loans	0.638	1.059
From others
Rupee term loans from others	800.000	180.938
Vehicle Loans	0.000	0.254
SHORT-TERM BORROWINGS
Loans repayable on demand from banks
Rupee loans	1189.735	791.662
Foreign currency loans	0.000	48.325
Total	6584.938	5190.374

Banking Relations :	--
Statutory Auditors :
Name :	PARY and Company Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Cost Auditors
Name :	Shri V. H. Shah Cost Accountants
Address :	Ahmedabad, Gujarat, India
Internal Auditors
Name :	Dhanesh B. Khatri and Company Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Related Parties :	Orient Newsprint Limited Drupa Suppliers Private Limited Rainbow Industrial Park Private Limited Rainbow Infrabuild Private Limited Rainbow Paper JLT Nigo Best Packs Private Limited Windsor Paper Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs.2/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98969300	Equity Shares	Rs.2/- each	Rs.197.939 Millions

Out of the above 5,11,77,275 of Rs. 2 each (PY 5,11,77,275 Equity Shares of Rs. 2 each ) fully paid up represent Global Depositary Receipts (GDRs)

Outstanding GDRs for conversion into Equity Shares are 2,86,39,725

(a) Reconciliation of number of shares :

	As at March 31, 2014
Equity shares:	No of Shares	Rs. In Millions
Shares outstanding at the beginning of the year	98717300	197.435
Add: Preferential issue of shares during the year	--	--
Add: Conversion of Convertible Warrants during the year	252000	0.504
Shares outstanding at the end of the year	98969300	197.939

(b) Terms/rights preferences and restrictions attached to securities:

- Equity Shares:

The company has one class of equity shares having a par value of Rs.2 each. Each shareholder is eligible for one vote per share held. The dividend proposed board of director is subject to the approval of shareholders in the ensuing Annual General meeting, except in case of interim dividend. In the event of liquidation, equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential dues, in proportion to their shareholding.

During the year ended 31 March 2013, the amount of per share dividend recognized for distribution to equity shareholders was Rs.0.40 (P.Y.31 March 2012 Rs.0.40)

(c) Details of shareholders holding more than 5% shares in the company:

	As at March 31, 2014
Name of share holders	No of Shares held	% of holding
Orient Newsprint Limited	23,377,520	23.68
Devkant Sythetics (India) Private Limited	7,617,746	7.70
Rainbow Industrial Park Private Limited	6,819,000	6.89
Drupa Suppliers Private Limited*	6,905,000	6.98
Headway Capital Advisors Limited	2,761,406	2.79

* 15,00,000 equity shares alloted on conversion of warrants on 30.03.2013, Listing and trading permission from exchanges awaited.

Convertible Warrants:

On December 20,2012 the company has alloted 90,00,000 convertible warrants on prefrential allotment basis to promoter group company at a price of Rs.81/- shall be convertible into equity shares (at the sole option of warrant holder(s)) at any time within a period of 18 months from the date of allotment of warrants. lock-in of shares acquired by excerise of the warrants shall be for the period of 3 years.

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	197.939	197.435	182.435
(b) Reserves & Surplus	5986.535	3670.665	2893.538
(c) Money received against share warrants	146.772	151.875	91.500
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	6331.246	4019.975	3167.473
(3) Non-Current Liabilities
(a) long-term borrowings	7082.307	5874.889	3462.594
(b) Deferred tax liabilities (Net)	437.155	340.152	238.785
(c) Other long term liabilities	170.761	293.247	0.000
(d) long-term provisions	15.537	15.693	11.360
Total Non-current Liabilities (3)	7705.760	6523.981	3712.739
(4) Current Liabilities
(a) Short term borrowings	1472.814	1213.693	1242.972
(b) Trade payables	1438.417	959.088	591.458
(c) Other current liabilities	1212.621	1218.934	1215.304
(d) Short-term provisions	59.195	57.137	51.654
Total Current Liabilities (4)	4183.047	3448.852	3101.388
TOTAL	18220.053	13992.808	9981.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10087.756	6280.035	3098.436
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3742.099	3558.963	3855.720
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.090	5.690	4.190
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	666.754	636.465	303.833
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	14500.699	10481.153	7262.179
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1185.387	773.307	764.674
(c) Trade receivables	935.074	1169.380	548.292
(d) Cash and cash equivalents	178.310	180.066	416.717
(e) Short-term loans and advances	1420.583	1388.902	989.738
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3719.354	3511.655	2719.421
TOTAL	18220.053	13992.808	9981.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6561.377	5267.369	4503.534
		Other Income	106.452	52.226	22.550
		TOTAL (A)	6667.829	5319.595	4526.084
Less	EXPENSES
		Cost of Materials Consumed	2676.045	2346.981	2189.509
		Purchases of Stock-in-Trade	1088.388	412.790	99.312
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(178.193)	(7.132)	(77.526)
		Employees benefits expense	214.336	179.197	165.540
		Other expenses	1443.563	1320.181	1194.351
		Prior period items	0.000	(1.635)	(0.473)
		Exceptional items	0.000	0.406	0.847
		TOTAL (B)	5244.139	4250.788	3571.560
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1423.690	1068.807	954.524
Less	FINANCIAL EXPENSES (D)		607.649	327.629	285.891
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		816.041	741.178	668.633
Less/ Add	DEPRECIATION/ AMORTISATION (F)		478.662	266.231	257.045
	PROFIT BEFORE TAX (E-F) (G)		337.379	474.947	411.588
Less	TAX (H)		97.003	121.331	83.963
	PROFIT AFTER TAX (G-H) (I)		240.376	353.616	327.625
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1470.797	1193.169	934.408
Less	APPROPRIATIONS
		Transfer to General Reserve	18.100	27.000	24.600
		Dividend	39.588	41.887	38.087
		Tax on Dividend	6.728	7.101	6.177
	BALANCE CARRIED TO THE B/S		1646.757	1470.797	1193.169
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on F.O.B. basis	674.731	738.167	934.044
		Interest on Deposits	0.000	0.132	23.606
	TOTAL EARNINGS		674.731	738.299	957.650
	IMPORTS
		Raw Materials	1085.674	804.699	721.002
		Components – spare parts	0.117	2.526	6.484
		Chemical	29.337	10.051	12.888
		Capital Goods	11.079	217.207	26.508
	TOTAL IMPORTS		1126.207	1034.483	766.882
	Earnings Per Share (Rs.)		2.43	3.74	3.66

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.66	6.71	7.27
Operating Profit Margin (PBIDT/Sales)	(%)	21.70	20.29	21.19
Return on Total Assets (PBT/Total Assets}	(%)	2.33	4.55	6.72
Return on Investment (ROI) (PBT/Networth)		0.05	0.12	0.13
Debt Equity Ratio (Total Debt /Networth)		1.35	1.76	1.49
Current Ratio (Current Asset/Current Liability)		0.89	1.02	0.88

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	182.435	197.435	197.939
Reserves & Surplus	2893.538	3670.665	5986.535
Money received against share warrants	91.500	151.875	146.772
Net worth	3167.473	4019.975	6331.246
long-term borrowings	3462.594	5874.889	7082.307
Short term borrowings	1242.972	1213.693	1472.814
Total borrowings	4705.566	7088.582	8555.121
Debt/Equity ratio	1.486	1.763	1.351

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	4503.534	5267.369	6561.377
		16.961	24.566

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	4503.534	5267.369	6561.377
Profit	327.625	353.616	240.376
	7.27%	6.71%	3.66%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

(Rs. In Millions)

PARTICULAR	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	1062.390	1097.063	988.705
Total	1062.390	1097.063	988.705

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	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	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF GUJARAT

CRIMINAL MISC.APPLICATION (FOR QUASHING AND SET ASIDE FIR/ORDER) No. 17991 of 2013 To CRIMINAL MISC.APPLICATION ( FOR QUASHING AND SET ASIDE FIR/ORDER ) No. 17992 of 2013

Status : PENDING

CCIN No : 001044201317991

Next Listing Date:

19/02/2014

Coram

HONOURABLE MR.JUSTICE G.R.UDHWANI

S.NO.	Name of the Petitioner	Advocate On Record
1 2 3	KALPATRU PACAKAGING PRODUCTS PRIVATE LIMITED - THRO' DIPESH M LADDHA RACHNA D LADDHA KAUSHALYA LADDHA	MS RV ACHARYA for: Applicant(s)  1 - 3

S.NO.	Name of the Respondant	Advocate On Record
1 2	STATE OF GUJARAT RAINBOW PAPERS LIMITED - THRO'SANKET SHAKTIBHAI MUKUL	PUBLIC PROSECUTOR for :Respondent(s)  1 MR ANIL H SONI for :Respondent(s)  2

Presented On	: 08/11/2013	Registered On	: 08/11/2013
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 3 times
Stage Name	: NOTICE RETURNABLE & ADJOURNED MATTERS

OFFICE OBJECTION

Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage

WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED ? WHETHER PROPER & FULL COURT FEE IS PAID ? WHETHER CERTIFIED COPIES FILED ? APPELLATE JUDGEMENT WHETHER NAMES OF THE PARTIES TALLY WITH NAMES IN THE CERTIFIED COPIES ? WHETHER PAGING IS DONE ? WHETHER COPY SERVED TO THE OTHERSIDE/CAVEATOR/P.P? WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ? WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ?

Classification	SJ - CRIMINAL MISC. APPLICATION - INDIAN PENAL CODE, 1860 - QUASHING OF COMPLAINT
Act	CRIMINAL PROCEDURE CODE, 1973

OTHER FORUMS

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	CRIMINAL CASE NO.24/2013	-	CHIEF JUDICIAL MAGISTRATE, AHMEDABAD	-	AHMEDABAD

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	08/11/2013	APPEARANCE NOTE	PUBLIC PROSECUTOR  for RESPONDENT(s)  1	0	PUBLIC PROSECUTOR(2) for R:1
2	08/11/2013	VAKALATNAMA	MS RV ACHARYA ADVOCATE for PETITIONER(s)  1	5	MS RV ACHARYA(1124) for P:1 - 3
3	08/11/2013	MEMO OF APPEAL/PETITION/SUIT	MS RV ACHARYA ADVOCATE for PETITIONER(s)  1	20	MS RV ACHARYA(1124), for P:1 - 3
4	26/11/2013	CERTIFIED COPY	MS RV ACHARYA ADVOCATE for PETITIONER(s)  1	20	MS RV ACHARYA(1124) for P:1 - 3
5	01/01/2014	AFFIDAVIT OF DS	MS RV ACHARYA ADVOCATE for PETITIONER(s)  1	0	MS RV ACHARYA(1124) for P:1 - 3
6	08/01/2014	VAKALATNAMA	MR ANIL H SONI ADVOCATE for RESPONDENT(s)  2	5	MR ANIL H SONI(2793) for R:2

COURT PROCEEDINGS

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	28/11/2013	10	4	FRESH MATTERS - QUASHING	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
2	09/01/2014	23	79	NOTICE RETURNABLE AND ADJOURNED MATTERS	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI  HONOURABLE MR.JUSTICE M.D. SHAH and HONOURABLE MR.JUSTICE G.R.UDHWANI
3	19/02/2014	23	79	NOTICE RETURNABLE AND ADJOURNED MATTERS		HONOURABLE MR.JUSTICE G.R.UDHWANI

AVAILABLE ORDERS

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	CRIMINAL MISC.APPLICATION/17991/2013	HONOURABLE MS.JUSTICE HARSHA DEVANI	28/11/2013	N	ORDER	-	Y	Download

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2014	As on 31.03.2013
LONG-TERM BORROWINGS
Financial Institutions	200.000	300.000
Loans and advances from others	729.500	729.500
Other loans and advances from others	757.604	495.002
SHORT-TERM BORROWINGS
Other loans and advances
From Banks (Buyer’s Credit)	283.079	373.706
Total	1970.183	1898.208

CORPORATE INFORMATION:

The company is engaged in manufacturing and marketing of paper. It uses various qualities of waste papers as its raw material for manufacturing finished paper. The company offers wide range of paper including Writing and printing paper, Newsprint paper, Duplex Board,Coated Paper, Colour Paper and Board, Crepe paper, Poster paper, Cast coated paper and fluroscent paper.

During the financial year 2011-12 the company has acquired 100% equity shares in two companies viz. Rainbow Papers JLT(Dubai) and Rainbow Infrabuild Private Limited. M/s Rainbow Infrabuild Private Limited has ceased to be a subsidiary of the company from 28.05.2013.

Review of Operations:

The brief highlights of the consolidated results of the Company during the year are as under:

• The company has achieved total production of 1,71,898.47 MT as compared to 1,49,251.23 MT in the previous year recording yoy growth of 16%.
• The company has recorded Gross Sales of Rs.11614.00 Millions as compared to Rs.9214.000 Millions for FY13, recording a yoy growth of 26%.
• The EBITDA for the financial year 2013-14 is Rs.1872.000 Millions compared to Rs.1365.000 Millions during the previous year, registering a growth of 37% yoy.
• The Net Profit is at Rs.622.000 Millions compared to Rs.611.000 Millions last year, generating a yoy growth of 2%.

Exports:

The Company exported 22,222.24 MT of paper during the year under review. The export proceeds amounted to Rs.835.400 Millions (being 8 % of Gross Sales) as compared to Rs.924.500 Millions during the previous year.

The main contributors for the satisfactory export performance were increased focus on export market development and product quality that matched the international standards.

With firm commitments and through sustained efforts, the Company continues to maintain good rapport with global customers. Their quality products and timely delivery have found wide acceptance in the highly competitive international market.

The Company has a strong presence in the international markets such as USA, Middle East, South-Africa and UK and exports nearly 20% of its production in these countries. The Company also has a wholly-owned subsidiary, Rainbow papers JLT, which is based in Dubai, UAE. Rainbow Papers Limited. has been a consistent exporter of paper and also one of the leading exporter from India in the last few years.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OVERVIEW

Paper is interwoven with human life in hundreds of ways. It is a bio-degradable product and has a benign footprint at the end of its life cycle. Despite the predictions that digital age would render paper obsolete, Paper Industry has been growing year after year.

A Paper Industry has a very prominent role in the World Economy. Annual revenue from this Sector exceeds US $ 500 billions. World consumptions of paper and boards grew from 169 million tonnes in 1981 to 253 million tonnes in 1993 and to 352 million tonnes in 2005. Current consumption is of the order of 400 million tonnes.

There are about 700-800 paper mills (organized and unorganized sector) in the country out of which 12 large units accounts for production share of about 30% and balance units mostly comprising of medium (Agro based) and Small (Waste Paper based) paper mills with production share of 70%. Wood based industry accounts for 35% of production while waste paper and agri residue accounts for 44% and 21% respectively.

The Indian paper industry is an integral part of the Nation’s economy and contributes to its growth and development. It is in this spirit that the Indian paper industry has continued to upgrade its capacities and technologies, in spite of huge challenges like shortage of raw material, highly capital intensive nature of the industry, threat of cheaper imports from Asian countries etc. From a situation where most paper mills were relatively small and with old technologies, we have now reached a stage where almost all major paper mills have adopted world class technologies and are fast progressing towards world’s scale of operations as well.

Demand is projected to grow by about 2-3% per annum. While the mature markets may record a flat growth rate, the emerging markets are expected to grow at a CAGR of 4-5%. India forecasts to have the highest growth rate of 6-7 % per annum. China and Russia are expected to register impressive growth rates in excess of 5% per annum.

India has to maintain its position as the 11th largest producer of paper in the world. However, the Indian Paper Industry accounted for a meagre 3% of global paper demand. The per-capita consumption amounted to about 10 kgs which is significantly lower than the world average of around 58 kgs. India’s per capita consumption is also lower than China’s (42 kg), Indonesia’s (22 kg), Malaysia’s (25 kg), and of course USA’s (312 kg) consumption levels. This indicates the ample scope available for expansion of the Indian Paper Industry.

While the market size and per capita consumption are relatively low, they have exhibited a rising trend over past several years, from 7.3 kg in 2008 to 10 kg in 2012, as per ICRA. The total paper consumption has grown at a CAGR of around 6% over last decade with none of the last ten years showing a decline in consumption demand. The long-term demand outlook for the Indian paper industry remains favourable, driven by increasing literacy levels, growth in print media (particularly in the vernacular languages), higher government spending on education sector, changing urban lifestyles, as well as economic growth. Given that these factors are likely to be sustained, the paper industry is likely to continue growing at a rate of 6-8% in the medium to long term, although there may be aberrant years given the cyclical nature of the industry.

Growth in Indian paper industry during 2013-14 was moderate and is likely to be so in 2014-15 also due to sluggish economic activity. Global demand to be CAGR 2% in next 5 years.

Industry has upgraded process technologies, installed most modern fiber lines and high-speed paper machines with shoe press to boost the production, conserve energy and water and improve financial performance. Many mills have adopted extended delignification process, Elemental Chlorine Free bleaching to modernize the fiber lines. In the area of paper making, adopted alkaline sizing, replacing clay and talk with Grounded Calcium Carbonate and Precipitated Calcium Carbonate fillers and increase the ash content in paper to reduce usage of fiber. Industry has progressed in spite of challenges, improved environmental performance in terms of reduction of effluent volumes, reduction in terms of usage of steam, power, AOX reduction, apart from many other successful achievements in process technologies.

COMPANY OVERVIEW

Rainbow Papers Limited. has a presence in all the below mentioned categories of paper:

• Paperboard
• W and P
• Newsprint
• Specialty.

In addition, under the conversion businesses, the company has set up facilities for manufacturing notebooks and copier papers inside its paper manufacturing complex to capture the higher value addition available in the conversion businesses.

The Company has capacities to manufacture duplex and multilayer paperboard which is used in a variety of industries such as FMCG, Textiles, Pharmaceuticals, Horticulture, F and B and Consumer Durables.

In addition, the Company also participates in the tenders of the “State Text Book Corporation” in Gujarat, MP and Chhatisgarh. Writing and Printing Paper is also consumed by various Government departments such as NCERT, IGNOU and the State Textbook Corporation of Western and Central India and a number of the leading State and Central University publications, where the company is a leading supplier.

Many of the leading media companies like HT Media and BCCL (Times Group) have therefore adopted a “buy local” policy and have targeted to increase their local newsprint procurement intakes from 25% to 90%. This has provided an opportunity to the company to manufacture and sell newsprints for local consumers, which is an import substitute. Similarly, the company has recently started manufacturing glazed newsprint which is in big demand in the country and also another import substitute.

The company also manufacturers a variety of Specialty Papers such as:

• Florescent Papers
• Art Board
• Chromo Papers
• Crepe and Decorative Papers.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10529050	22/10/2014	90,000,000.00	AXIS BANK LIMITED	1, KAMAL PALACE, 2ND FLOOR, 3RD EYE ONE BUILDING, NR. PANCHVATI CIRCLE, C G ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	C32223885
2	10526173	09/10/2014	50,000,000.00	INDIAN OVERSEAS BANK	LARGE CORPORATE BRANCH, SHARAD SHOPPING CENTRE,, OPP. HANDLOOM HOUSE, ASHRAM ROAD,, AHMEDABAD, GUJARAT - 380009, INDIA	C29851961
3	10523467	25/09/2014	165,000,000.00	AXIS BANK LIMITED	1, KAMAL PALACE, 2ND FLOOR, 3RD EYE ONE BUILDING, NR. PANCHVATI CIRCLE, C G ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	C25081886
4	10490088	21/07/2014 *	9,655,000,000.00	PNB INVESTMENT SERVICES LIMITED - SECURITY TRUSTEE OF IOB CONSORTIUM	6TH FLOOR, GUJARAT BHAVAN,, OPP M J LIBRARY, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	C13821228
5	10477509	13/02/2014	350,000,000.00	BANK OF INDIA	AHMEDABAD LARGE CORPORATE BRANCH, 2ND FLOOR, BANK OF INDIA BUILDING, BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA	B96327572
6	10467890	09/05/2014 *	1,000,000,000.00	IFCI LIMITED	IFCI TOWER,, 61, NEHRU PLACE,, NEW DELHI, DELHI - 110019, INDIA	C05274485
7	10453523	21/09/2013	836,500.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD,, CONTONMENT,, PUNE, MAHARASHTRA - 411001, INDIA	B86864022
8	10453525	21/09/2013	1,228,400.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD,, CONTONMENT,, PUNE, MAHARASHTRA - 411001, INDIA	B86864279
9	10414078	22/03/2013	500,000,000.00	ALLAHABAD BANK	S. P. NAGAR BRANCH, ACME CENTRE, SHRIMALI SOCIETY, NR. NAVRANGPURA RAILWAY CROSSING, NAVRANGPURA,, AHMEDABAD, GUJARAT - 380009, INDIA	B71540058
10	10388819	07/11/2012	750,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B62891841
11	10382286	04/10/2012	834,621.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD,, CONTONMENT,, PUNE, MAHARASHTRA - 411001, INDIA	B60382322
12	10382373	04/10/2012	834,621.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD,, CONTONMENT,, PUNE, MAHARASHTRA - 411001, INDIA	B60411428
13	10382285	28/09/2012	834,621.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD,, CONTONMENT,, PUNE, MAHARASHTRA - 411001, INDIA	B60381761
14	10382366	28/09/2012	834,621.00	INDUSIND BANK LIMITED	2401, GEN THIMMAYYA ROAD,, CONTONMENT,, PUNE, MAHARASHTRA - 411001, INDIA	B60409406
15	10342707	23/02/2012	750,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B35232503
16	90100111	12/09/2005	750,000.00	ICICI BANK LIMITED	11TH FLOOR; SAKAR -1; NEHRU BRIDGE CORNER, ASIAN ROAD, AHEMADABAD, GUJARAT - 380009, INDIA	-
17	90099918	23/10/2004	645,000.00	ICICI BANK LIMITED	P O BOX NO. 113 ; BANDRA EAST, 3, MUMBAI, GUJARAT - 400051, INDIA	-
18	80016306	29/09/2003	362,000,000.00	INDIAN OVERSEAS BANK CORPORATION BANK	KALUPUR CIRLCE, AHMEDABAD, GUJARAT - 380002, INDIA	-
19	90102715	07/01/2005 *	362,000,000.00	INDIAN OVERSEAS BANK	KALUPUR CIRCLE, AHEMADABAD, GUJARAT - 380002, INDIA	-
20	90099682	30/07/2003	164,000,000.00	CORPORTION BANK	INDUSTRIAL FINANCE BRANCH; RANGOLI COMPLEX, OPP; V S HOSPTAL, AHEMADABAD, GUJARAT, INDIA	-
21	90099616	29/01/2003	158,500,000.00	INDIAN OVERSEAS BANK	KALUPUR CIRCLE, 3, AHEMADABAD, GUJARAT - 380002, INDIA	-
22	90099615	22/09/2008 *	127,500,000.00	INDIAN OVERSEAS BANK	KALUPUR CIRCLE, AHMEDABAD, GUJARAT - 380002, INDIA	A50333251
23	80016303	28/01/2003	158,500,000.00	INDIAN OVERSEAS BANK	KALUPUR CIRCLE, AHMEDABAD, GUJARAT - 380002, INDIA	-
24	90099141	16/03/2000	11,900,000.00	GUJRAT INDUSTRIAL INVESTMENT CORPORTION LIMITED	UDYOG BHAVAN; 5 TH FLOOR BLOCK 11-12;, GANDHINAGAR, GUJARAT, INDIA	-
25	90098977	08/04/1999	13,000,000.00	GUJRAT INDUSTRIAL INVESTMENT CORPORTION LIMITED	CHUNNI BHAI CHAMBERS; ASHRAM ROAD, AHEMADABAD, GUJARAT - 380009, INDIA	-
26	90098778	07/02/1998	49,000,000.00	GUJRAT INDUSTRIAL INVESTMENT CORPORTION LIMITED	CHUNNI BHAI CHAMBERS; ASHRAM ROAD, AHEMADABAD, GUJARAT - 380009, INDIA	-
27	90098628	10/07/1997	15,000,000.00	GUJRAT INDUSTRIAL INVESTMENT CORPORTION LIMITED	CHUNNI BHAI CHAMBER; ASHRAM ROAD, AHEMADABAD, GUJARAT - 380009, INDIA	-
28	90098324	11/03/1996 *	31,200,000.00	GUJRAT INDUSTRIAL INVESTMENT CORPORTION LIMITED	CHUNNI BHAI CHAMBERS;ASHRAM ROAD, AHEMADABAD, GUJARAT - 380009, INDIA	-
29	90098218	11/03/1996 *	15,000,000.00	GUJRAT INDUSTRIAL INVESTMENT CORPORTION LIMITED	CHUNNI BHAI CHAMBERS;ASHRAM ROAD, AHEMADABAD, GUJARAT - 380009, INDIA	-
30	90097867	11/03/1996 *	10,000,000.00	GUJRAT INDUSTRIAL INVESTMENT CORPORTION LIMITED	CHUNNI BHAI CHAMBERS;ASHRAM ROAD, AHEMADABAD, GUJARAT - 380009, INDIA	-
31	90097860	12/03/1994 *	34,500,000.00	STATE BANK OF INDIA	LAGHU UDYOG BRANCH; GANDHIGRAM RLY.STATION, AHEMAD ABAD, GUJARAT - 380009, INDIA	-
32	90097824	05/03/2001 *	34,500,000.00	STATE BANK OF INDIA	SPECIALISED COMM. BRANCH, NEAR GANDHIGRAM RLY ST ATION, AHEMADABAD, GUJARAT - 380009, INDIA	-
33	90097454	16/01/1991	1,900,000.00	GUJRAT INDUSTRIAL INVESTMENT CORPORTION LIMITED	CHUNNI BHAI CHAMBERS; ASHRAM ROAD, AHEMADABAD, GUJARAT - 380009, INDIA	-
34	90097440	06/03/1996 *	15,000,000.00	GUJRAT INDUSTRIAL INVESTMENT CORPORTION LIMITED	ASHRAM ROAD, AHEMADABAD, GUJARAT - 380009, INDIA	-

* Date of charge modification

STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2014

(Rs. In Millions)

Sr. No.	Particular	Quarter Ended
		30.06.2014
1.	Income from operations	Unaudited
	Gross Sales
	Net Sales/Income from Operations	1470.400
	Other operating income	11.400
	Total Income	1481.800
2.	Expenditure
	Cost of materials consumed	637.200
	Purchase of stock in trade	109.200
	Changes in inventories of finished goods, work in progress and stock in trade	50.000
	Employee benefits expenses	54.900
	Depreciation and amortization expenses	97.100
	Other expenses	303.100
	Total Expenses	1251.500
3.	Profit/ (Loss) from Operations before Other Income, Interest and Exceptional Items (1-2)	230.300
4.	Other Income	22.700
5.	Profit/ (Loss) from ordinary activities before finance costs and Exceptional Items (3+4)	253.000
6.	Finance Cost (net)	176.400
7.	Profit/ (Loss) from ordinary activities after finance costs and but before Exceptional Items (5-6)	76.600
8.	Exceptional Items	1.600
9.	Profit/ (Loss) from ordinary activities before tax (7+8)	78.200
10.	Tax Expense
	(a) Current Tax	16.100
	(b) MAT Credit Entitlement	(16.100)
11.	Profit/ (Loss) from ordinary activities after tax (9-10)	78.200
12.	Extraordinary Items (net of tax expenses)	--
13	Net Profit/ (Loss) for the period (11-12)	78.200
14.	Operating Profit – EBITDA (2(e)+(5))	350.100
15.	Cash Profit	175.300
16.	Paid-up Equity Share Capital (Face Value per share Re.10)	212.400
17.	Reserve excluding Revaluation Reserves	--
16i.	Earnings Per Share – (Before Extraordinary Items)
	Basic	0.78
	Diluted	0.78
A	PARTICULARS OF SHAREHOLDING
1.	Public Shareholding
	-Number of Shares	59760850
	- Percentage of Shareholding	56.26
2.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	26934270
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	57.98
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	25.36
	b) Non Encumbered
	- Number of Shares	19522180
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	42.02
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	18.38

Particulars	Quarter Ended 30.06.2014
Pending at the beginning of the quarter	0
Received during the quarter	0
Disposed of during the quarter	0
Remaining unresolved at the end of the quarter	0

Note:

1. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on August 12, 2014. The Statutory Auditors have carried out the limited review of the financial results for the quarter ended on June 30, 2014 as per clause 41 of the Listing Agreements.

2. The company has opted to publish unaudited consolidated financial results, pursuant to the option made available under clause 41 of the Listing Agreements.

3. Effective from April 01, 2014, the company has charged depreciation based on the revised remaining useful life of the assets as per the requirement of schedule II of the Companies Act 2013. Due to above, depreciation charged for the quarter ended June 30, 2014 is lower by Rs. 36.200 Millions. Further based on transistional provision as per note 7(b) of Schedule II, an amount of Rs. 1.500 Millions (net of deferred tax) has been adjusted against retained earnings.

4. During the quarter 7248000 warrants have been converted into equity shares at Rs. 81/- per share to one of its promoter group company.

5. The deferred tax liability will be considered at the end of accounting year.

6. Figures of the last quarter are the balancing figures between the audited figures in respect of the year ended March 31, 2014 and the published figures upto the third quarter of the previous financial year.

7. The figures of previous year / period have been regrouped / reclassified wherever necessary.

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Tubewell
• Electrical Installation
• Workshop Equipment
• Vehicles
• Air Conditioners
• Computers

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 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.61.65
UK Pound	1	Rs.96.54
Euro	1	Rs.76.70

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		42

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.