MIRA INFORM REPORT

Report Date :

21.11.2014

IDENTIFICATION DETAILS

Name :	NATH PULP AND PAPER MILLS LIMITED
Registered Office :	Nath House, Nath Road, Aurangabad - 431 005, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.04.1975
Com. Reg. No.:	11-018289
Capital Investment / Paid-up Capital :	Rs. 200.000 Millions
CIN No.: [Company Identification No.]	L21100MH1975PLC018289
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	NSKN01815C
PAN No.: [Permanent Account No.]	AAACN9212A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of craft paper and thermal paper
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There seems huge accumulated loss recorded by the company during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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.

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. Vijay Saboo
Designation :	Finance Manager
Contact No.:	91-8888804745
Date :	18.11.2014

LOCATIONS

Registered Office :	Nath House, Nath Road, Aurangabad - 431 005, Maharashtra, India
Tel. No.:	91-240-2376314
Mobile No.:	91-8888804745 (Mr. Vijay)
Fax No.:	91-240-2355762
E-Mail :	vijaysaboo@nathpaper.com
Website :	http://www.nathpaper.com
Area :	1000 Sq. Ft
Location :	Rented
Factory :	Nathnagar, Paithan, Dist Aurangabad - 431 148, Maharashtra, India
Tel. No.:	91-2431-232181/ 232091
Fax No.:	91-2431-232124
E-Mail :	tapovan@sancharnet.in
Branch/ Sales Office :	1, Chateau Windsor, 86 Veer Nariman Road Mumbai - 400 020, Maharashtra, India
Tel. No.:	91-22-22871001/ 22875653-55
Fax No.:	91-22- 22875652
E-Mail :	admin@nathpaper.com

DIRECTORS

As on 31.03.2014

Name :

Mr. Akash Kagliwal

Designation :

Director

Address :

Akash Farms Private Limited, Paithan Road, Aurangabad-431005, India

Date of Birth/Age :

10.06.1979

Date of Appointment :

30.09.2011

DIN No.:

01691724

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	U01100MH1986PTC040077	MAYO FARMS PRIVATE LIMITED	Director	24/02/2000	24/02/2000	31/07/2006	Active	NO
2	U01100MH1986PTC040076	PRABHA FARMS PVT LTD	Director	24/02/2000	24/02/2000	-	Active	NO
3	U01100MH1986PTC040083	PARESH FARMS PVT LTD	Director	24/02/2000	24/02/2000	-	Active	NO
4	U01100MH1980PTC023168	AKASH FARMS PRIVATE LIMITED	Director	24/02/2000	24/02/2000	-	Active	NO
5	U21010MH1987PLC043655	TAPOVAN PAPER AND BOARD MILLS LIMITED	Director	31/03/2000	31/03/2000	-	Active	NO
6	U29200MH1986PTC040134	TAPOVAN FARMS PVT LTD	Director	24/04/2000	24/04/2000	31/07/2006	Active	NO
7	U05004MH1980PTC023170	ASHU FARMS PRIVATE LIMITED	Director	24/04/2000	24/04/2000	-	Active	NO
8	U01100MH1986PTC040086	JEEVAN FARMS PVT LTD	Director	02/08/2012	03/09/2001	-	Active	NO
9	U01110MH1991PLC063077	NATH BIO-TECHNOLOGIES LIMITED	Director	04/06/2002	04/06/2002	-	Active	NO
10	U01110MH1992PTC066515	FERRY FAX FARMS PVT LTD	Director	20/03/2003	20/03/2003	-	Active	NO
11	U01110MH1992PTC066199	BARKHA FARMS PVT LTD	Director	02/08/2003	02/08/2003	-	Active	NO
12	U01100MH1998PLC116471	NATH ROYAL LIMITED	Director	08/08/2003	08/08/2003	-	Active	NO
13	L45200MH1980PLC023364	TECHINDIA NIRMAN LIMITED	Director	06/09/2003	06/09/2003	-	Active	NO
14	L01110MH1993PLC073268	AGRI-TECH (INDIA) LIMITED	Managing director	05/07/2014	08/09/2003	-	Active	NO
15	U24239MH1982PLC026224	MAYO (INDIA) LIMITED	Director	10/03/2004	10/03/2004	-	Under liquidation	NO
16	L21100MH1975PLC018289	NATH PULP AND PAPER MILLS LIMITED	Whole-time director	30/09/2011	01/10/2006	-	Active	NO
17	L01110MH1993PLC072842	NATH BIO-GENES (INDIA) LIMITED	Director	30/03/2007	30/03/2007	10/10/2012	Active	NO
18	U73100MH2000PLC123602	GLOBAL TRANSGENES LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
19	U24110MH1978PLC020457	NATH INDUSTRIAL CHEMICAL LIMITED	Director	30/06/2010	30/06/2010	-	Active	NO
20	U01403MH2010PLC209768	NATH ROYAL SEEDS LIMITED	Director	03/11/2010	03/11/2010	-	Active	NO
21	U45400MH2011PTC216927	NATH NIRMAN INFRA PRIVATE LIMITED	Director	02/05/2011	02/05/2011	-	Active	NO
22	U01403MH2012PTC233977	EMERALD SEEDS PRIVATE LIMITED	Director	31/07/2012	31/07/2012	-	Active	NO
23	U80904MH2012NPL234382	N KAGLIWAL EDUCATION & RESEARCH FOUNDATION	Director	13/08/2012	13/08/2012	-	Active	NO
24	U52300MH2013PTC250887	Tapovan International Trading Private Limited	Director	09/12/2013	09/12/2013	-	Active	NO

Name :

Mr. Nandkishor Kagliwal

Designation :

Director

Address :

Akash Farms Private Limited, Paithan Road, Aurangabad-431005, India

Date of Birth/Age :

15.04.1946

Date of Appointment :

30.11.2009

DIN No.:

01691691

Name :

Mr. S. S. Agrawal

Designation :

Director

Address :

35 Bansailal Nagar, Aurangabad-431005, India

Date of Birth/Age :

16.02.1947

Date of Appointment :

30.09.2011

DIN No.:

00119681

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	U24239MH1982PLC026224	MAYO (INDIA) LIMITED	Director	01/07/1999	01/07/1999	-	Under liquidation	NO
2	U01110MH1992PTC066199	BARKHA FARMS PVT LTD	Director	20/10/1999	20/10/1999	-	Active	NO
3	U51490MH1985PTC036240	WEXFORD TRADING COMPANY PVT LTD	Director	28/10/1999	28/10/1999	-	Active	NO
4	U21010MH1987PLC043655	TAPOVAN PAPER AND BOARD MILLS LIMITED	Director	31/03/2000	31/03/2000	-	Active	NO
5	U24110TG1983PLC004352	RAASI SYNTHETICS AND CHEMICALS LIMITED	Director	30/11/2000	30/11/2000	-	Active	NO
6	U73100MH2000PLC123602	GLOBAL TRANSGENES LIMITED	Director	31/12/2006	31/12/2006	-	Active	NO
7	L45200MH1980PLC023364	TECHINDIA NIRMAN LIMITED	Director	30/01/2008	30/01/2008	-	Active	NO
8	L01110MH1993PLC073268	AGRI-TECH (INDIA) LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
9	U01110MH1991PLC063077	NATH BIO-TECHNOLOGIES LIMITED	Director	29/07/2008	29/07/2008	15/03/2012	Active	NO
10	L21100MH1975PLC018289	NATH PULP AND PAPER MILLS LIMITED	Director	30/09/2010	30/12/2009	-	Active	NO
11	U45400MH2011PTC220458	WELLSPRING ENTERPRISES PRIVATE LIMITED	Director	03/08/2011	03/08/2011	-	Active	NO
12	U29200MH1986PTC040134	TAPOVAN FARMS PVT LTD	Director	04/09/2011	04/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vijay Saboo
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	771	0.01
Bodies Corporate	6168008	68.53
Any Others (Specify)
Trusts	--	--
Sub Total	6168779	68.54
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6168779	68.54
(B) Public Shareholding
(1) Institutions
Mutual Funds/ UTI	3928	0.04
Financial Institutions / Banks	2118582	23.54
Sub Total	2122510	23.58
(2) Non-Institutions
Bodies Corporate	42859	0.48
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	599106	6.66
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	59819	0.66
Any Others (Specify)	6927	0.08
Non Resident Indians	4548	0.05
Employees	2379	0.03
Sub Total	708711	7.87
Total Public shareholding (B)	2831221	31.46
Total (A)+(B)	9000000	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)	9000000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of craft paper and thermal paper

Products :

Item Code No. (ITC Code)	Product Description
48044100	Kraft Paper

Exports :

Not Available

Imports :

Products :

Water Paper

Countries :

• UAE
• UK
• USA

Terms :

Selling :

Cash,Credit and DP

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Nathani Internatonal , UAE
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers

Reference :	Pap Print India Private Limited
Name of the Person :	Mr. Gauri Shankar Loya
Contact No.:	91-9820075398
Since How Long Known :	30 Years
Experience :	It’s a very good company we are working from very long time and happy with them.
Maximum Limit Dealt :	35 Years

No. of Employees :

300 (Approximately)

Bankers :

• Industrial Development Bank of India , IDBI Tower Sadhu Vaswani Marg, Cuff Parade, Colaba, Mumbai-400005, Maharashtra, India
• State Bank of India, IDNL Finance Branch, Aurangabad-431005, Maharashtra, India
• The Saraswat Co-Operative Bank Limited, Apsara Cinema Building, Dr. Dada Sahib Bhadkamkar Marg, Grant Road, Baombay, Maharashtra, India
• ICICI Bank, India

Banker Name :	Axis Bank
Branch Address :	Adalat Road, Aurangabad, India
Facilities :	Not Divulged
Person Name :	Mr. Nitin Chalse
Contact No.:	91-240-6621969
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	He denied to give any information.

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	8.829	1.742
Term loans from others	126.410	93.910
Total	135.239	95.652

Auditors :
Name :	R B Sharma and company Chartered Accountant
Address :	Block No 7 To 10, 2^nd Floor, Shangaria Complex, Samrath Nagar, Aurangabad-431001, Maharashtra, India
PAN No.:	AAACD8170F

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs.350.000

Issued, Subscribed & Paid-up Capital : Rs.90.000

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000millions

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	200.000	200.000	200.000
(b) Reserves & Surplus	(166.604)	(186.292)	(198.124)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	33.396	13.708	1.876
(3) Non-Current Liabilities
(a) long-term borrowings	313.728	265.154	316.708
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	22.303	21.872	19.200
Total Non-current Liabilities (3)	336.031	287.026	335.908
(4) Current Liabilities
(a) Short term borrowings	146.592	162.584	148.036
(b) Trade payables	97.828	82.887	78.372
(c) Other current liabilities	39.771	98.885	74.093
(d) Short-term provisions	5.749	4.125	3.227
Total Current Liabilities (4)	289.940	348.481	303.728
TOTAL	659.367	649.215	641.512
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	140.408	158.554	168.572
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.911	1.911	1.911
(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)	235.959	235.437	246.894
(d) Long-term Loan and Advances	43.466	43.109	41.462
(e) Other Non-current assets	11.803	11.803	11.803
Total Non-Current Assets	433.547	450.814	470.642
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	73.278	67.417	49.822
(c) Trade receivables	108.810	87.664	77.139
(d) Cash and cash equivalents	4.434	2.658	3.728
(e) Short-term loans and advances	39.298	38.419	35.051
(f) Other current assets	0.000	2.243	5.130
Total Current Assets	225.820	198.401	170.870
TOTAL	659.367	649.215	641.512

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	933.309	866.415	777.304
		Other Income	15.985	6.393	24.708
		TOTAL (A)	949.294	872.808	802.012
Less	EXPENSES
		Cost of Materials Consumed	628.650	569.638	524.971
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.968	-8.703	-4.861
		Employees benefits expense	60.313	55.106	46.684
		Other expenses	211.559	201.794	175.502
		Extraordinary Item	(0.182)	0.000	0.000
		TOTAL (B)	902.308	817.835	742.296
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		46.986	54.973	59.716
Less	FINANCIAL EXPENSES (D)		6.256	9.102	2.505
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.730	45.871	57.211
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.984	21.913	22.268
	PROFIT BEFORE TAX (E-F) (G)		19.746	23.958	34.943
Less	TAX (H)		(0.522)	11.457	16.665
	PROFIT AFTER TAX (G-H) (I)		20.268	12.501	18.278
	IMPORTS
		Raw Materials	130.906	112.821	104.738
	TOTAL IMPORTS		130.906	112.821	104.738
	Earnings Per Share (Rs.)		1.01	0.63	0.94

Expected Sales (2014-15) : Rs. 1200.000 millions

The above information has been parted by Mr. Vijay Saboo (Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.17	1.44	2.35
Operating Profit Margin (PBDIT/Sales)	(%)	5.03	6.34	7.68
Return on Total Assets (PBT/Total Assets}	(%)	4.68	5.82	8.90
Return on Investment (ROI) (PBT/Networth)		0.59	1.75	18.63
Debt Equity Ratio (Total Debt /Networth)		13.78	31.20	247.73
Current Ratio (Current Asset/Current Liability)		0.78	0.57	0.56

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	200.000	200.000	200.000
Reserves & Surplus	(198.124)	(186.292)	(166.604)
Net worth	1.876	13.708	33.396
long-term borrowings	316.708	265.154	313.728
Short term borrowings	148.036	162.584	146.592
Total borrowings	464.744	427.738	460.320
Debt/Equity ratio	247.731	31.204	13.784

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	777.304	866.415	933.309
		11.464	7.721

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	777.304	866.415	933.309
Profit	18.278	12.501	20.268
	2.35%	1.44%	2.17%

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----
22]	Litigations that the firm / promoter involved in	----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	Yes
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term loans from others	178.489	169.502
Short Term Borrowing
Loans repayable on demand	144.105	160.087
Loans and advances from related parties	2.487	2.497
Total	325.081	332.086

PERFORMANCE

The working of the company has been satisfactory during the year. However, the working results were adversely affected due to sluggish market conditions coupled with a steep hike in the cost of raw materials due to devaluation of the rupee against USD.

The company has also brought about significant changes in the process and product mix to produce core boards used for manufacture of tubes required by the textile industry. We also developed thermal paper and eco-friendly chromo paper for packaging. Production capacity was also raised from 33300 tons to 40000 tons of kraft paper. With these improvements the company expects to achieve better results in the years ahead.

The Company has achieved turnover and other income of Rs.949.294 millions, as compared to the previous year Rs. 872.808 millions. Company has achieved a net Profit after adjustment of deferred tax income of Rs. 20.269 millions.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90218043	11/03/2008 *	55,400,000.00	STATE BANK OF HYDERABAD	ISSARWADI BRANCH, TALUKA PAITHAN, DIST. AURANGABA  D, AURANGABAD, Maharashtra - 431005, INDIA	A39118773
2	90218007	27/12/2007 *	183,056,000.00	STATE BANK OF INDIA	INDL FINANCE BRANCH, AURANGABAD, AURANGABAD, Maharashtra - 431005, INDIA	A38741526
3	90218974	25/03/1994	5,500,000.00	HDFC BANK	RAMON; 163 BACKBAY RECLAMATION, BOMBAY, Maharashtra - 400020, INDIA	-
4	90217740	10/12/1993	194,000,000.00	STATE BANK OF INDIA	AURANGABAD, AURANGAND, Maharashtra, INDIA	-
5	90217722	26/10/1993	25,000,000.00	STATE BANK OF INDIA	SERVICES BANKING DIVISION; BOMBAY MAIN BRANCH, ST  ATE BANK BLDG. BOMBAY SAMACHAR MARG, BOMBAY, Maharashtra - 400023, INDIA	-
6	90217584	02/06/1992	10,000,000.00	OMAN INTERNATIONAL BANK	SADG; NARIMAN POINT, BOMBAY, Maharashtra - 400021,  INDIA	-
7	90217580	10/12/2007 *	46,500,000.00	STANDARD CHARTERED BANK	90, MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	A38147872
8	90217568	03/12/2007 *	152,400,000.00	INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED (I  FCI LIMITED)	BANK OF BARODA BUILDING, 16, SANSAD MARG, P.B.363  , MUMBAI, Delhi - 110001, INDIA	A40808446
9	90217501	10/12/2007 *	8,500,000.00	STANDARD CHARTERED BANK	90, MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	A38147369
10	90217468	10/01/1991	10,000,000.00	OMAN INTERNATIONAL BANK	NARIMAN POINT, BOMBAY, Maharashtra, INDIA	-

* Date of charge modification

FIXED ASSETS

• Building
• Plant and machinery
• Telephone
• Vehicles
• Computers
• Furniture and fixture

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER

30^TH SEPTEMBER, 2014

S. No.	Particular		Quarter ended 30.09.2014 (Rs. In Million)
			Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		308.788
	b. Other Operating Income		1.281
	Total Income from Operations (Net)		310.069
2	Expenditure
	a. Cost of material Consumed		198.356
	b. Purchase of Stock-in trade		(0.235)
	c. staff Cost		13.234
	d. other expenditure		87.359
	Total Expenses		298.713
3	Profit from before Interest and depreciation		11.356
4	Interest and financial charges		1.315
5	Depreciation		3.514
6	Profit (+)/loss (-) before Tax		6.527
7	Extraordinary Items and Prior Year Adjustment		0.063
8	Provision for taxation (deferred Tax Expenses)		--
10	Net Profit/loss after extra ordinary items and prior year adjustment		6.463
11	Paid-up equity share capital (face value of Rs.10 per share)		90.000
12	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		---
13	Earning Per Share (of Rs.10 each) (not annualized)
	Basic EPS		0.072
	Diluted EPS		0.072
A		PARTICULARS OF SHAREHOLDING
14		Public Shareholding
		- No. of shares	2831221
		- Percentage of shareholding	31.46%
15		Promoter & Promoter Group Shareholding	6168779
		a) Pledged/Encumbered
		- No. of shares	35000
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	0.57%
		- Percentage of shareholding (as a % of the total share capital of the company)	0.39%
		b) Non-encumbered
		- No. of shares	6133779
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	99.43%
		- Percentage of shareholding (as a % of the total share capital of the company)	68.15%

	Particulars		Quarter ended 30.09.2014
B		Investor Complaints
		Pending at the beginning of the quarter	Nil
		Received during the quarter	1
		Resolved during the quarter	1
		Remaining unresolved at the end of the quarter	Nil

SOURCES OF FUNDS	31.03.2014 As on 30.09.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	90.000
(b) Reserves & Surplus	34.259
	124.259
(2) Minority Interest
(3) Non-Current Liabilities
(a) long-term borrowings	294.654
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	20.604
	315.258
(4) Current Liabilities
(a) Short term borrowings	79.319
(b) Trade payables	126.604
(c) Other current liabilities	33.566
(d) Short-term provisions	6.521
	246.011
TOTAL	685.528
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	143.201
(b)Goodwill on Consolidation	0.000
(c) Non-current Investments	0.000
(d) Deferred tax assets (net)	235.959
(e) Long-term Loan and Advances	43.676
(f) Other Non-current assets	11.803
	434.639
(2) Current assets
(a) Current investments	0.000
(b) Inventories	59.140
(c) Trade receivables	138.331
(d) Cash and cash equivalents	21.536
(e) Short-term loans and advances	31.881
(f) Other current assets	0.000
	250.889
TOTAL	685.528

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.61.82
UK Pound	1	Rs.96.55
Euro	1	Rs.77.42

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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.