MIRA INFORM REPORT

Report Date :

14.10.2014

IDENTIFICATION DETAILS

Name :	UNIVERSAL CABLES LIMITED
Registered Office :	P.O. Biral Vikas, Satna - 485005, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.03.1945
Com. Reg. No.:	10-001114
Capital Investment / Paid-up Capital :	Rs.231.332 Millions
CIN No.: [Company Identification No.]	L31300MP1945PLC001114
TAN No.: [Tax Deduction & Collection Account No.]	JBPU00023C MUMU03691C MUMU04091D
PAN No.: [Permanent Account No.]	AAACU3547P AAACU3457P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The company is engaged in the manufacturing, laying, selling of Power Cables and Capacitors.
No. of Employees :	1250 (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

Maximum Credit Limit :	USD 5910000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of “M.P. Birla Group”. It is an established company having satisfactory track record. The company has incurred losses from its operational activities. However, the rating takes into consideration financial and managerial support that company receives from its group companies and sound liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of strong support from group companies, the company can be considered for business dealings at usual trade terms and condition.

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 slowly 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	CARE
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate Credit risk
Date	04.02.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	04.02.2014

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. Ashok Sharma
Designation :	Account Department
Contact No.:	91-7672414000
Date :	10.10.2014

LOCATIONS

Registered Office / Factory 1 :	P.O. Biral Vikas, Satna-485005, Madhya Pradesh, India
Tel. No.:	91-7672-414000 / 257121-27
Fax No.:	91-7672-257129 / 257131
E-Mail :	headoffice@unistar.co.in accounts@unistar.co.in
Website :	www.unistar.co.in
Corporate Office / Marketing Office :	Industry House, 159, Churchgate Reclamation, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-44422200
Fax No.:	91-22-22027854
E-Mail :	Mumbai@unistar.co.in Mumbai.sales@unistar.co.in
Factory 2 :	Plot Nos. L – 62 to L-64 A, Verna Industrial Estate, Verna, Salcette – 403722, Goa, India
Marketing Office :	Also Located At Allahabad Hyderabad Bangalore Kolkata Baroda Bhopal New Delhi Chennai Raipur Goa

DIRECTORS

As on 31.03.2014

Name :	Mr. Harsh V. Lodha
Designation :	Chairman
Date of Birth :	13.02.1967
Date of Appointment :	24.04.1998
Name :	Dr. S R Jain
Designation :	Director
Date of Birth :	29.10.1934
Date of Appointment :	05.09.2006
Name :	Mr. S S Kothari
Designation :	Director
Date of Birth :	25.03.1931
Date of Appointment :	26.10.2005
Name :	Mr. S C Jain
Designation :	Director
Date of Birth :	01.08.1940
Date of Appointment :	27.10.2004
Name :	Mr. Dinesh Chanda
Designation :	Director
Date of Birth :	26.10.1936
Date of Appointment :	23.05.2007
Name :	Mr. Bachh Raj Nahar
Designation :	Director
Date of Birth :	14.06.1951
Date of Appointment :	19.05.2014
Name :	Mr. D R Bansal
Designation :	Chief Mentor and Executive Director

KEY EXECUTIVES

Name :	Mr. Y S Lodha
Designation :	Chief Executive Office
Name :	Mr. Avanish Dwivedi
Designation :	Company Secretary
Audit Committee :	Mr. Dinesh Chanda – Chairman Dr. S R Jain Mr. S S Kothari

SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	12155664	52.55
Sub Total	12155664	52.55
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	12155664	52.55
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1200	0.01
Financial Institutions / Banks	119496	0.52
Central Government / State Government(s)	740	0.00
Insurance Companies	811752	3.51
Foreign Institutional Investors	500	0.00
Sub Total	933688	4.04
(2) Non-Institutions
Bodies Corporate	2638524	11.41
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	3121952	13.50
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	2376973	10.28
Any Others (Specify)	1903453	8.23
Foreign Nationals	59943	0.26
Clearing Members	83118	0.36
Trusts & Societies	1760392	7.61
Sub Total	10040902	43.41
Total Public shareholding (B)	10974590	47.45
Total (A)+(B)	23130254	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)	23130254	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the manufacturing, laying, selling of Power Cables and Capacitors.

Products :

Product Description	Item Code No.
Optical Fiber	9001.1000
Aluminum Rods	76.04
Capacitors	85.32
Cables	85.44

Exports :

Products :

Cables and Capacitors

Countries :

• Sri Lanka
• Pakistan
• UK
• USA
• Europe
• Germany
• Nepal
• Belgium
• South Africa

Imports :

Products :

Raw Material

Countries :

• China
• UK

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :

1250 (Approximately)

Bankers :

State Bank of India, Santna Branch, Madhya Pradesh, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Foreign Currency Loan - Buyer's Credit – Secured	82.720	67.009
Less : Current Maturities of Long Term Borrowings	44.460	28.375
SHORT TERM BORROWINGS
Cash Credit Account	1656.845	653.643
Working Capital Demand Loan	0.000	750.000
Foreign Currency Loan - Buyer's Credit	0.000	139.223
Total	1695.105	1581.500

Notes:

Long Term Borrowings

a) Foreign Currency Loan - Buyer’s Credit from Bank(s) are secured by hypothecation of entire present and future current assets of the Company. As collateral security, these facilities are additionally secured by way of first charge on certain immovable properties of the Company as continuing security by deposit of title deeds of such immovable properties. It is repayable within 2 years from the Balance sheet date and carries rate of Interest ranging from 1.50% - 3.00%. Long Term Foreign Currency Loan - Buyer’s Credit are repayable in 3 equal Installments.

b) As per the renewed/revised terms and conditions loans from Bodies Corporate amounting to Rs.800.000 Millions are repayable in full in the year 2015, Rs.150.000 Millions are repayable in the year 2016 and Rs.150.000 Millions are repayable in 2017. These loans carry interest @ 10.50% - 11.00% (rate as on reporting date).

Short Term Borrowings

Working Capital Loans from Bank(s) are secured by hypothecation of entire present and future current assets of the Company. As collateral security, these facilities are additionally secured by way of first charge on certain immovable properties of the Company as continuing security by deposit of title deeds of such immovable properties.

Banking Relations :	--
Auditors :
Name :	V Sankar Aiyar and Company Chartered Accountant
Joint Ventures :	Birla Ericsson Optical Limited (BEOL) Birla Furukawa Fibre Optics Limited (BFL)
Enterprise which is significantly influenced by the Company :	Vindhya Telelinks Limited (VTL)
Enterprise over which a Director is able to exercise significant influence :	Shakun Polymers Limited (SPL)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions
24500000	Preference Shares	Rs.10/- each	Rs.245.000 Millions
	Total		Rs.250.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
23136074	Equity Shares	Rs.10/- each	Rs.231.361 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23130254	Equity Shares	Rs.10/- each	Rs.231.303 Millions
	Add: Forfeited Shares		Rs.0.029 Million
	Total		Rs.231.332 Millions

a) Reconciliation of the number of shares

Equity Shares	Number of Shares	Rs. In Millions
Outstanding at the beginning of the year	23130254	231.332
Outstanding at the end of the year	23130254	231.332

b) Terms/Rights attached to Equity Shares:

The Company has issued only one class of Shares referred to as Equity Shares having a nominal value of Rs.10/- per share. Each holder of Equity Share is entitled to one vote per share.

c) Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Vindhya Telelinks Limited	4839908	20.92
The Punjab Produce and Trading Company Private Limited	2910128	12.58
Gwalior Webbing Company Private Limited	1688573	7.30

As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

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	231.332	231.332	231.332
(b) Reserves & Surplus	1,246.013	1,646.935	1,693.496
(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)	1,477.345	1,878.267	1,924.828
(3) Non-Current Liabilities
(a) long-term borrowings	1,138.260	38.634	2.463
(b) Deferred tax liabilities (Net)	0.000	40.555	63.964
(c) Other long term liabilities	1.618	0.413	0.584
(d) long-term provisions	69.686	22.757	22.380
Total Non-current Liabilities (3)	1,209.564	102.359	89.391
(4) Current Liabilities
(a) Short term borrowings	1,888.366	2,051.256	1,580.216
(b) Trade payables	1,032.303	1,220.473	432.199
(c) Other current liabilities	278.615	430.005	442.364
(d) Short-term provisions	50.831	133.893	135.348
Total Current Liabilities (4)	3,250.115	3,835.627	2,590.127
TOTAL	5,937.024	5,816.253	4,604.346
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,544.610	1,370.224	1,342.825
(ii) Intangible Assets	3.593	4.651	8.204
(iii) Capital work-in-progress	9.700	50.662	0.904
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	513.192	507.442	507.442
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	56.887	76.924	58.718
(e) Trade Receivables	133.172	210.401	206.287
(f) Other Non-current assets	40.817	70.252	74.744
Total Non-Current Assets	2,301.971	2,290.556	2,199.124
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1,049.286	1,267.905	1,024.521
(c) Trade receivables	2,233.033	1,988.104	1,078.664
(d) Cash and cash equivalents	48.446	27.432	29.986
(e) Short-term loans and advances	188.706	169.772	198.481
(f) Other current assets	115.582	72.484	73.570
Total Current Assets	3,635.053	3,525.697	2,405.222
TOTAL	5,937.024	5,816.253	4,604.346

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6,155.147	6,189.213	6,199.236
		Other Income	107.711	78.292	84.270
		TOTAL (A)	6,262.858	6,267.505	6,283.506
Less	EXPENSES
		Cost of Materials Consumed	4,667.315	4,592.493	4,533.155
		Purchases of Stock-in-Trade	267.599	207.002	335.463
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	67.679	(19.517)	(81.320)
		Employees benefits expense	399.530	414.529	367.654
		Other expenses	804.563	741.578	951.042
		TOTAL (B)	6,206.686	5,936.085	6,105.994
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.172	331.420	177.512
Less	FINANCIAL EXPENSES (D)		328.581	253.248	239.726
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(272.409)	78.172	(62.214)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		168.734	147.688	148.101
	PROFIT BEFORE TAX (E-F) (G)		(441.143)	(69.516)	(210.315)
Less	TAX (H)		(40.555)	(23.289)	(71.014)
	PROFIT AFTER TAX (G-H) (I)		(400.588)	(46.227)	(139.301)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		444.491	490.718	630.019
	BALANCE CARRIED TO THE B/S		43.903	444.491	490.718
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	36.435	30.926	258.359
		Claims From Vendors	0.000	0.200	0.225
	TOTAL EARNINGS		36.435	31.126	258.584
	IMPORTS
		Raw Materials	914.902	984.612	2502.101
		Stores & Spares	4.104	7.576	11.051
		Capital Goods	82.096	110.735	22.857
		Goods Purchased for Resale	81.060	68.638	4.786
	TOTAL IMPORTS		1082.162	1171.561	2540.795
	Earnings Per Share (Rs.)		(17.32)	(2.00)	(6.02)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	(6.40)	(0.74)	(2.22)
Net Profit Margin (PBT/Sales)	(%)	(7.17)	(1.12)	(3.39)
Return on Total Assets (PBT/Total Assets}	(%)	(8.23)	(1.34)	(5.21)
Return on Investment (ROI) (PBT/Networth)		(0.30)	(0.04)	(0.11)
Debt Equity Ratio (Total Debt /Networth)		2.05	1.11	0.82
Current Ratio (Current Asset/Current Liability)		1.12	0.92	0.93

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	231.332	231.332	231.332
Reserves & Surplus	1693.496	1646.935	1246.013
Net worth	1924.828	1878.267	1477.345
long-term borrowings	2.463	38.634	1138.260
Short term borrowings	1580.216	2051.256	1888.366
Total borrowings	1582.679	2089.890	3026.626
Debt/Equity ratio	0.822	1.113	2.049

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	6,199.236	6,189.213	6,155.147
		(0.162)	(0.550)

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	6,199.236	6,189.213	6,155.147
Profit	(139.301)	(46.227)	(400.588)
	(2.25%)	(0.75%)	(6.51%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Millions	31.03.2014 Rs. In Millions
LONG TERM BORROWINGS
Loans from Bodies Corporates	1100.000	0.000
SHORT TERM BORROWINGS
Loan From a Bank (repayable on demand)	231.521	203.522
Loan From Bodies Corporate (repayable on demand)	0.000	304.868
Total	1331.521	508.390

NATURE OF OPERATIONS

The company is engaged in the manufacturing, laying, selling of Power Cables and Capacitors.

GENERAL AND CORPORATE MATTERS

Despite subdued market scenario in the Power Sector, the Company has been able to achieve gross revenue of Rs.6866.100 Millions in the current fiscal as compared to Rs.6925.400 Millions for the previous year. However, the magnitude of loss suffered for the year is higher at Rs.400.600 Millions as compared to Rs.46.200 Millions for the previous fiscal.

During the year, the operations of the Company have been severely impacted due to increased finance cost arising from extended debtors cycle in the industry, the slow-down in the power transmission segment adversely affecting the EHV cable demand which is the Company’s key product coupled with predatory pricing strategy adopted by certain overseas players leading to severe pressure on margins. Many of the power infrastructural projects have been temporarily stalled due to the policy impasse on substantive issues of environmental clearances, Rights of-the-Way permissions, coal linkages/allocation and revision in power purchase agreement, etc. This has caused unanticipated deferment in their delivery schedule for the Company’s products leading to higher inventory of finished goods and payment hold up intensifying liquidity pressure on the Company. In addition to the above, apart from the other key imported raw-materials, the prices of bulk raw-materials such as Copper and Alumunium though indigenously sourced, are linked with the foreign exchange rates. The depreciation of the rupee has therefore severely affected the margins as the industry mainly operates on firm price contracts.

Under the present business environment, the Company has decided to re-structure its business strategy by broadening its market base. To de-risk itself from aberrations of a polarized Extra High Voltage (EHV) market segment, in which the Company is a formidable player and equipped with best-in-class VCV technology, it has expanded its capacity in the Medium Voltage (MV) and Light Duty cable verticals. The overall increase in the manufacturing capacity in the MV & Light Duty cable verticals would transform the Company into a competitive manufacturing base. The Company is focusing on products and customers from where better margins are available.

The Company has also ventured into execution of turnkey projects for capacitors banks where the margins are reasonably remunerative. Constant efforts are being made by the Company to enhance productivity with a view to gain competitive edge. In a parallel effort, the Company is continuously upgrading and modernizing the production facilities with a special focus on production cost reduction, optimization of raw material consumption and rationalization of manpower.

The Company’s strength lies in its technological primacy, advanced manufacturing facilities, high-end products, brand equity and skilled & talented manpower. Therefore, once the power & other infrastructural segment recovers from the present slump, the Company would emerge stronger.

FINANCIAL REVIEW

The financial performance of the Company during the year 2013-14 is stated as below:

• There has been a Loss in the current fiscal of Rs.400.600 Millions as compared to a Loss of Rs.46.200 Millions in the previous year which is due to the unprecedented depreciation of the rupee, severe liquidity crunch, rising prices of inputs and the competitive pressure on the margins.

• Despite the efforts to contain the financial cost at Rs.328.600 Millions, it has increased by Rs.75.300 Millions as compared to the previous year on account of higher interest rates, increased borrowings for working capital requirements arising from the delayed payment from customers.

• Total Borrowings increased by Rs.952.800 Millions due to increase in the Working Capital requirement arising from delayed payment from customers and larger fund requirements for higher volume of turnkey projects.

• The market value of quoted investment decreased to Rs.733.900 Millions from Rs.764.900 Millions in the previous year.

• The level of inventories has decreased from Rs.1267.900 Millions to Rs.1049.300 Millions by implementing strict inventory management. This has also resulted in reduction in the level of trade payables.

• Trade Receivables increased to Rs.2366.200 Millions as on 31st March, 2014 as compared to Rs.2198.500 Millions as at the end of the previous year due to slow-down in the implementation of infrastructural projects which has led to delays in despatch clearances and deferment in payment.

• The Company is now in the process of realizing Industrial Investment Promotion Assistance from the State Government. The first four year’s benefits have since been realised. The total amount of such Assistance realizable as on 31^st March, 2014 is Rs.106.500 Millions.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	1567.700
b) Other operating income	19.900
Total income from Operations(net)	1587.600
2.Expenditure
a) Cost of material consumed	1166.000
b) Purchases of stock in trade	72.000
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(37.700)
d) Employees benefit expenses	97.500
e) Depreciation and amortization expenses	43.400
f) Other expenditure	145.100
Total expenses	1486.300
3. Profit from operations before other income and financial costs	101.300
4. Other income	13.600
5. Profit from ordinary activities before finance costs	114.900
6. Finance costs	112.200
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	2.700
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	2.700
10.Tax expenses	0.500
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	2.200
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	2.200
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	231.300
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
Basic & Diluted EPS (Rs.) (not annualised)	0.09

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
A. Particulars of shareholding
1. Public Shareholding	10974590
- Number of shares	47.45
- Percentage of shareholding
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil
Percentage of shares (as a % of total share capital of the company)	Nil
b) Non Encumbered
Number of shares	12155664
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00
Percentage of shares (as a % of total share capital of the company)	52.55
B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	5
Disposed of during the quarter	5
Remaining unreserved at the end of the quarter	0

Notes:

1. The above unaudited financial results duly reviewed by the Audit Committee have been approved by the Board of Directors in its meeting held on 10th August, 2014 and subjected to a Limited Review by the statutory auditors of the Company.

2. The Figures of the quarter ended 31st March, 2014 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the financial year 2013-14.

3. The Company has exercised option provided in Para – 46A of Accounting Standard – 11 on Effects of Changes in Foreign Exchange rates with regard to the treatment of foreign exchange fluctuation gain/loss. Accordingly, for the quarter ended 30th June, 2014 gain on exchange fluctuation on long term foreign currency monetary items amounting to Rs.0.126 Millions have been adjusted to the cost of capital asset and depreciated over the balance life of the asset. This has resulted in decrease in profit by 1.24 Millions (net of depreciation of Rs.0.002 Millions) for the quarter ended 30th June, 2014.

4. Other Expenses/(Other Income) include foreign exchange loss/(gain) of Rs.(3.700) Millions for the quarter ended 30th June, 2014, Rs.(4.600) Millions for the quarter ended 31st March, 2014, Rs.33.600 Millions for the quarter ended 30th June, 2013 and Rs.30.900 Millions for the year ended 31st March, 2014.

5. The Company has only one reportable primary business segment. Hence, no separate segment-wise information of revenue, results and capital employed is given.

6. Figures of previous year/periods have been regrouped/recast, wherever considered necessary.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80005490	03/12/2012 *	3,565,000,000.00	State Bank of India	Corporate Accounts Group Branch, Neville House, J N Heredia Marg, Bellard Estate, Mumbai, Maharashtra - 400001, India	B65113060

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 records 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.61.25
UK Pound	1	Rs.98.68
Euro	1	Rs.77.60

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		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.