MIRA INFORM REPORT

Report Date :

22.09.2014

IDENTIFICATION DETAILS

Name :	3M INDIA LIMITED (w.e.f. December, 2002)
Formerly Known As :	BIRLA 3M LIMITED ISC
Registered Office :	Plot No.48-51, Electronics City, Hosur Road, Bangalore – 560100, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.07.1987
Com. Reg. No.:	08-013543
Capital Investment / Paid-up Capital :	Rs.112.651 Millions
CIN No.: [Company Identification No.]	L31300KA1987PLC013543
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject engaged in manufacturing of, and trading in, a wide variety of products catering to the industrial and transportation, healthcare, safety, security and protection services business, consumer and office, display and graphics segments.
No. of Employees :	1623 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of 3M Company, USA. It is a well-established company having fine track record. The rating reflects healthy financial risk profile supported by 3M India’s diverse and expanding product range, extensive and varied customer profile and strong product innovation and technological capabilities. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

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

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications: Apex court order may alter coal import dynamics. Traders go 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	CRISIL
Rating	Non-Convertible Debenture Programme = AAA
Rating Explanation	High degree of safety and carry lowest credit risk.
Date	24.12.2012

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 DENIED

Management Non-Cooperative (Tel. No.: 91-80-66595999/ 22231414)

LOCATIONS

Registered Office/ Factory 1/ Innovation Lab 1 :	Plot No.48-51, Electronics City, Hosur Road, Bangalore – 560 100, Karnataka, India
Tel. No.:	91-80-28520203/ 28520142/ 22231414/ 66595999
Fax No.:	91-80-28520576/ 22231450/ 28520157
E-Mail :	cramesh@mmm.com vsrinivasan@mmm.com 3Mindiagraphics@mmm.com
Website :	http://solutions.3mindia.co.in
Corporate Office/ Postal Address :	Concorde Block, UB City, 24, Vittal Mallya Road, Bangalore – 560 001, Karnataka, India
Tel No.:	91-80-22231414/ 66595759
Fax No.:	91-80-22231450
Factory 2:	Plot No.8, Moraiya Industrial Area, Off Sarkhej Bawla Highway, Moraiya, Taluka Sanand, Ahmedabad – 382 213,Gujarat, India
Tel. No.:	91-79-30465100
Factory 3:	Plot No.B-20, MIDC, Ranjangaon Industrial Area, Taluka Shirur, District Pune – 412 201, Maharashtra, India.
Tel. No.:	91-2138-329999/ 663726
Innovation Lab 2 :	60-61, Udyog Vihar, Phase IV, Gurgaon (NCR) – 122 001, Haryana, India
Tel. No.:	91-124-3854100
Fax No.:	91-124-3854101
Commercial Graphics Division :	138, Raheja Paramount, Residency Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-22231414
Fax No.:	91-80-22231450
Branch Office :	Located at: · Gurgaon · Mumbai · Chennai · Kolkata · Pune

DIRECTORS

As on 31.03.2014

Name :

Mr. Balaji Rao Jagannathrao Doveton

Designation :

Chairman, Non-Executive and Independent Director

Date of Birth / Age :

75 Years

Qualification :

B. E in Mechanical Engineering

Date of Appointment :

10.09.2008

DIN No.:

00025254

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	L35911PN1945PLC004656	Bajaj Holdings and Investment Limited	Director	28/03/2014	29/03/1997	-	Active	NO
2	L63032MH1986PLC154910	SEAMEC LIMITED	Director	08/03/2000	08/03/2000	19/04/2007	Active	NO
3	L31300KA1987PLC013543	3M INDIA LIMITED	Director	10/09/2008	26/12/2001	-	Active	NO
4	L34101TN1948PLC000105	ASHOK LEYLAND LIMITED	Director	27/03/2002	27/03/2002	-	Active	NO
5	U74899DL1993PLC054134	ICICI Prudential Trust Limited	Director	23/12/2003	23/12/2003	18/08/2009	Active	NO
6	L10101WB1974PLC094602	GRAPHITE INDIA LIMITED	Director	17/01/2004	17/01/2004	-	Active	NO
7	L27104TN1959PLC003849	HINDUJA FOUNDRIES LIMITED	Director	30/03/2004	30/03/2004	-	Active	NO
8	L74999MH1994PLC077041	JSW ENERGY LIMITED	Director	09/09/2005	09/09/2005	-	Active	NO
9	L65993PN2007PLC130076	BAJAJ AUTO LIMITED.	Director	01/04/2014	30/01/2008	-	Active	NO
10	L65923PN2007PLC130075	Bajaj Finserv Limited	Director	01/04/2014	30/01/2008	-	Active	NO
11	L65910MH1987PLC042961	BAJAJ FINANCE LIMITED	Director	01/04/2014	22/10/2008	-	Active	NO
12	L99999MH1986PLC039921	CMI FPE LIMITED	Director	11/09/2009	30/10/2008	-	Active	NO

Name :

Mr. Amit Laroya

Designation :

Managing Director

Date of Birth / Age :

49 Years

Date of Appointment :

01.10.2013

DIN No.:

00098933

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	U31909PY1989PTC001156	3M ELECTRO AND COMMUNICATION INDIA PRIVATE LIMITED	Director	01/11/2007	29/10/2003	31/12/2008	Active	NO
2	L31300KA1987PLC013543	3M INDIA LIMITED	Managing director	01/10/2013	01/10/2013	-	Active	NO

Name :

Mr. B. V. Shankaranarayana Rao

Designation :

Whole Time Director

Date of Appointment :

01.04.2012

DIN No.:

00044840

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	L31300KA1987PLC013543	3M INDIA LIMITED	Whole-time director	01/04/2012	23/02/2003	-	Active	NO

Name :

Mr. B. S. Iyer

Designation :

Director

Date of Birth / Age :

64 Years

Qualification :

Graduate

Date of Appointment :

26.12.2001

DIN No.:

00138425

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	L31300KA1987PLC013543	3M INDIA LIMITED	Director	26/12/2001	26/12/2001	-	Active	NO
2	L29130PN1981PLC023734	Z F STEERING GEAR (INDIA) LIMITED	Alternate director	26/05/2009	22/10/2008	30/06/2013	Active	NO
3	U72200KA2009PTC048794	HARMAN INTERNATIONAL (INDIA) PRIVATE LIMITED	Alternate director	04/03/2014	28/06/2010	-	Active	NO

Name :

Mr. Prabhakar Chandrashekharaiah Bhoopalam

Designation :

Director

Date of Birth / Age :

71 Years

Date of Appointment :

11.12.2006

DIN No.:

00040052

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	U74140KA1991PTC012659	ALIGN PLACEMENT SERVICES PRIVATE LIMITED	Director	27/12/1991	27/12/1991	-	Strike off	NO
2	U74140KA2004PTC033168	MANIPAL INTEGRATED SERVICES PRIVATE LIMITED	Director	20/12/2004	20/12/2004	06/08/2008	Active	NO
3	L51909KA1981PLC004198	AUTOMOTIVE AXLES LIMITED	Director	27/01/2005	27/01/2005	-	Active	NO
4	L31300KA1987PLC013543	3M INDIA LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
5	L32102KA1945PLC020800	WIPRO LIMITED	Director	18/07/2007	18/07/2007	-	Active	NO
6	L18101KA1994PLC016554	PAGE INDUSTRIES LIMITED	Director	08/08/2013	13/09/2012	-	Active	NO

Name :

Mr. Albert C. Wang

Designation :

Director

Date of Birth / Age :

46 Years

Date of Appointment :

26.07.2012

DIN No.:

05234667

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	L31300KA1987PLC013543	3M INDIA LIMITED	Director	26/07/2012	12/03/2012	-	Active	NO

Name :

Mr. Ippocratis Vrohidis

Designation :

Director

Date of Birth / Age :

47 Years

Qualification :

Bachelor Degree in Economics and Business, Mathematics and Computer Science

DIN No.:

05234667

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	L31300KA1987PLC013543	3M INDIA LIMITED	Director	26/07/2012	12/03/2012	-	Active	NO

Name :

Mr. Ashish Kumar Khandpur

Designation :

Non-Executive Director

Date of Birth / Age :

46 Years

Date of Appointment :

10.02.2014

DIN No.:

06808091

Name :

Mrs. Sadhana Kaul

Designation :

Additional Director

Date of Birth / Age :

50 Years

Date of Appointment :

10.02.2014

DIN No.:

02589934

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	U09219KA2002PTC031284	LEISURE ENTERTAINMENT PRIVATE LIMITED	Director	14/02/2003	14/02/2003	11/11/2009	Active	NO
2	L31300KA1987PLC013543	3M INDIA LIMITED	Additional director	10/02/2014	09/10/2009	-	Active	NO

Name :

Mr. B. V. Shankaranarayana Rao

Designation :

Whole-time Director

Date of Birth / Age :

54 Years

Qualification :

Bachelor Degree in Commerce and a Master’s Degree in Business Administration

Date of Appointment :

10.02.2014

DIN No.:

00044840

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	L31300KA1987PLC013543	3M INDIA LIMITED	Whole-time director	01/04/2012	23/02/2003	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Zinan Wadood
Designation :	Chief Financial Officer (Upto 31.03.2014)
Name :	Mr. Sameer Agarwal
Designation :	Chief Financial Officer (From 01.04.2014)
Name :	Mr. V. Srinivasan
Designation :	Company Secretary
Audit Committee :
Name :	Mr. B. S. Iyer
Designation :	Chairman
Name :	Mr. D. J. Balaji Rao
Designation :	Member
Name :	Mr. B. C. Prabhakar
Designation :	Member
Name :	Mr. Ippocratis Vrohidis
Designation :	Member (From 18.04.2014)
Shareholders’/ Investors’ Grievance Committee:
Name :	Mr. D. J. Balaji Rao
Designation :	Chairman
Name :	Mr. B. S. Iyer
Designation :	Member
Name :	Mr. B. C. Prabhakar
Designation :	Member
Name :	Mr. Ajay Nanavati
Designation :	Member
Name :	Mr. Amit Laroya
Designation :	Member
Stakeholders Relationship Committee :
Name :	Mr. D. J. Balaji Rao
Designation :	Chairman
Name :	Mr. B. S. Iyer
Designation :	Member
Name :	Mr. B. C. Prabhakar
Designation :	Member
Name :	Mr. Amit Laroya
Designation :	Member
Corporate Social Responsibility Committee :
Name :	Mr. B. S. Iyer
Designation :	Member
Name :	Mr. B. C. Prabhakar
Designation :	Member
Name :	Mr. B.V. Shankaarnarayana Rao
Designation :	Member
Nomination and Remuneration Committee :
Name :	Mr. B. S. Iyer
Designation :	Member
Name :	Mr. D. J. Balaji Rao
Designation :	Member
Name :	Mr. Albert C Wang
Designation :	Member
Name :	Mr. Ippocratis Vrohidis
Designation :	Member (From 18.04.2014)

SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	8448802	75.00
Sub Total	8448802	75.00
Total shareholding of Promoter and Promoter Group (A)	8448802	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	361685	3.21
Financial Institutions / Banks	814	0.01
Insurance Companies	60	0.00
Foreign Institutional Investors	1046920	9.29
Sub Total	1409479	12.51
(2) Non-Institutions
Bodies Corporate	308666	2.74
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	905466	8.04
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	101478	0.90
Any Others (Specify)	91179	0.81
Trusts	965	0.01
Non Resident Indians	42049	0.37
Clearing Members	48165	0.43
Sub Total	1406789	12.49
Total Public shareholding (B)	2816268	25.00
Total (A)+(B)	11265070	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)	11265070	100.00

BUSINESS DETAILS

Line of Business :

Subject engaged in manufacturing of, and trading in, a wide variety of products catering to the industrial and transportation, healthcare, safety, security and protection services business, consumer and office, display and graphics segments.

Products :

Product Description	Item Code No.
Self-Adhesive Labels	39.19
Abrasives	68.05
Surgical and Dental Products	30.05

· Injection Moulding Tape

· Adhesives (milling, Compounding)

· Coating

· Screen Printing

· Solvent Extraction

· Telecom Connectors

· Injection Moulding

· Electro Mechanical Assembly

· Fiber Optic Assembly Injection Moulding

GENERAL INFORMATION

No. of Employees :

1623 (Approximately)

Bankers :

· BNP Paribas

· Citibank N.A.

· Deutsche Bank AG

· HDFC Bank Limited

· ICICI Bank Limited

· JPMorgan Chase Bank, N.A.

· State Bank of India

· The Hongkong and Shanghai Banking Corporation Limited

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Finance Lease Obligations	67.428	76.913
Total	67.428	76.913

Notes:

Finance Lease Obligations are Secured by hypothecation of assets underlying the leases. Finance Lease Obligations are payable on monthly/quarterly payment of Equated Monthly Instalments beginning from the month subsequent to taking the lease.

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	5^th Floor, Tower “D”, The Millenia, 1 and 2 Murphy Road, Ulsoor, Bangalore – 560008, Karnataka, India
Holding Company :	· 3M Company, USA
Fellow Subsidiaries :	· 3M Gulf Limited · 3M Accounts Payable · 3M Innovation Singapore Pte Limited · 3M Italia SPA · 3M United Kingdom PLC · 3M Electro and Communication India Private Limited · 3M Philippines · 3M APAC · 3M Indonesia · 3M Canada Company · 3M Innovation (SG) Singapore · 3M APAC RDC Pte Limited · Sumitomo 3M Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11265070	Equity Shares	Rs.10/- each	Rs.112.651 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11265070	Equity Shares	Rs.10/- each	Rs.112.651 Millions

a) Reconciliation of the number of shares

Equity Shares	Number of Shares	Rs. In Millions
Shares outstanding at the beginning of the year	11265070	112.651
Shares issued during the year	--	--
Shares bought back during the year	--	--
Shares outstanding at the end of the year	11265070	112.651

b) Rights, preferences and restrictions attached to shares

The Company has only one class of shares referred to as equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

c) Shares held by Holding Company

Name of Shareholder	Number of Shares	% holding
3M Company, USA	8448802	84.488

d) Shares held by each shareholder holding more than 5 per cent shares

Name of Shareholder	Number of Shares	% holding
3M Company, USA, the Holding Company	8448802	75.00%

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	112.651	112.651	112.651
(b) Reserves & Surplus	6,881.615	6,451.713	5,929.060
(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)	6,994.266	6,564.364	6,041.711
(3) Non-Current Liabilities
(a) long-term borrowings	67.428	76.913	91.983
(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	109.628	128.645	110.679
Total Non-current Liabilities (3)	177.056	205.558	202.662
(4) Current Liabilities
(a) Short term borrowings	1,084.540	1,604.043	611.896
(b) Trade payables	1,294.323	1,279.667	1,450.823
(c) Other current liabilities	1,299.539	969.572	902.625
(d) Short-term provisions	27.642	4.098	3.810
Total Current Liabilities (4)	3,706.044	3,857.380	2,969.154
TOTAL	10,877.366	10,627.302	9,213.527
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4,128.776	2,939.842	2,838.528
(ii) Intangible Assets	53.977	55.707	60.207
(iii) Capital work-in-progress	70.249	1,208.496	208.014
(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)	128.855	90.647	44.048
(d) Long-term Loan and Advances	160.750	222.680	408.782
(e) Other Non-current assets	60.650	40.978	7.881
Total Non-Current Assets	4,603.257	4,558.350	3,567.460
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2,582.379	2,252.110	2,137.166
(c) Trade receivables	2,651.773	2,663.718	2,331.137
(d) Cash and cash equivalents	597.018	595.834	538.898
(e) Short-term loans and advances	442.939	557.290	638.866
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	6,274.109	6,068.952	5,646.067
TOTAL	10,877.366	10,627.302	9,213.527

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations (Net)	17,423.428	15741.312	14051.007
		Other Income	199.429	105.034	52.674
		TOTAL (A)	17,622.857	15846.346	14103.681
Less	EXPENSES
		Cost of materials consumed	6,296.419	6166.173	5135.592
		Purchases of stock-in-trade	4,708.237	3813.460	4138.905
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(50.585)	(40.678)	(597.497)
		Employee Benefits Expense	2,430.586	2128.217	1856.627
		Other Expenses	2,929.774	2569.058	2306.830
		TOTAL (B)	16,314.431	14636.230	12840.457
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1,308.426	1210.116	1263.224
Less	FINANCIAL EXPENSES (D)		141.717	95.135	31.805
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1,166.709	1114.981	1231.419
Less/ Add	DEPRECIATION/ AMORTISATION (F)		476.040	363.000	270.313
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		690.669	751.981	961.106
Less	TAX (H)		260.767	229.328	313.389
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		429.902	522.653	647.717
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6353.498	5830.845	5183.128
	BALANCE CARRIED TO THE B/S		6783.400	6353.498	5830.845
	EARNINGS IN FOREIGN CURRENCY
		Export of goods	343.109	231.991	221.046
		Freight and insurance on exports	2.115	4.547	4.701
		Contract Research	242.462	172.545	141.092
		Re-charge of Other Services	66.583	44.448	69.644
	TOTAL EARNINGS		654.269	453.531	436.483
	IMPORTS
		Raw Materials	2826.586	2926.953	2480.267
		Traded Goods	4574.761	3962.556	3707.305
		Stores & Spares	6.114	6.790	6.898
		Capital Goods	116.818	320.373	6.948
	TOTAL IMPORTS		7524.279	7216.672	6201.418
	Earnings/ (Loss) Per Share (Rs.)		38.16	46.40	57.50

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	2.44	3.30	4.59
Net Profit Margin (PBT/Sales)	(%)	3.96	4.78	6.84
Return on Total Assets (PBT/Total Assets}	(%)	6.47	8.06	10.72
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.16
Debt Equity Ratio (Total Debt /Networth)		0.16	0.26	0.12
Current Ratio (Current Asset/Current Liability)		1.69	1.57	1.90

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	112.651	112.651	112.651
Reserves & Surplus	5929.060	6451.713	6881.615
Net worth	6041.711	6564.364	6994.266
long-term borrowings	91.983	76.913	67.428
Short term borrowings	611.896	1604.043	1084.450
Total borrowings	703.879	1680.956	1151.878
Debt/Equity ratio	0.117	0.256	0.165

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	14,051.007	15,741.312	17,423.428
		12.030	10.686

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	14,051.007	15,741.312	17,423.428
Profit	647.717	522.653	429.902
	4.61%	3.32%	2.47%

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	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	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

LITIGATIN DETAILS

CASE PENDING

High Court of Karnataka -Bangalore Bench

MISC.CVL 22905/2009

Petitioner/Appnt. Name	THE COMMR OF INCOME TAX	Respondent/Defnt. Name	M/S 3M INDIA LIMITED
Petnr./Appnt. Advocate	M V SESHACHALA	Respnt./Defnt. Advocate

Date Filed

14/12/2009

Classification

District

Bangalore City

Stage

PENDING FOR ADMISSON

Last Posted For

Stage

Lower Court Details [Appeal from below case.]

Case No	Court Name	Disposal Dt
ITA 1412/2006	HC BANGALORE

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Term Loan from Bank	100.000	344.078
Working Capital Loans repayable on demand from banks	984.540	1259.965
Total	1084.540	1604.043

Notes: Term Loan from Bank is repayable after one year from the date of drawing along with the interest of 9% to 9.5% p.a.

GENERAL INFORMATION

The Company is the subsidiary of 3M Company, USA. The Company manages its operations in five operating segments: Industrial, Health Care, Safety and Graphics, Consumer and Energy. In India, the Company has manufacturing facilities at Ahmedabad, Bangalore, Pune and has a R and D Center in Bangalore. With effect from April 1, 2013, the Company internally aligned its operating divisions to new segments viz., Industrial, Health Care,

Safety and Graphics, Consumer and Energy from its old segments viz., Industrial and Transportation Business, Health Care Business, Safety, Security and Protection Services Business, Consumer and Office Business, Display and Graphics Business. 3M India’s five business segments bring together common or related 3M technologies that enhance the development of innovative products and services and provide efficient sharing of business resources. The Company is a public limited Company and is listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange Limited (NSE).

COMPANY PERFORMANCE

The Company started the year with caution as it expected the volatility to continue through 2013-14. The environment continued to remain challenging during the year. Despite a good monsoon, the manufacturing indices went down; commodity prices were at the peak resulting in high inflation, rupee depreciated significantly before reviving a little. The Government and the Central Bank managed to control to some extent appropriate monetary and fiscal policies. The Management believes that this is going to be a temporary phase though there is a possibility that acceleration in growth may take longer than anticipated earlier. The new Government likely to be in power shortly is expected to address many of the corporate challenges and to infuse significant amount of efforts to revive the economy.

The Directors are satisfied that in the current economic environment which continues to be weak and uncertain, the Company has kept its sight on strategy to deliver long term sustainable productivity led profitable growth. The Company has a strong leadership team which will continue to focus on reinforcing the growth drivers and further improving operational efficiencies.

The Company achieved the following impactful business wins during the year under reference:

INDUSTRIAL- Automotive After-Market Division increased its presence to 1400+ body shops in India, Wash products of the AAD being approved by leading Automobile Companies for their service centers,

HEALTHCARE – Launched first of its kind online portal for dental clinics, Food Safety solutions helped FMCG Companies to enhance their food safety standards,

CONSUMER – Home care division launched India’s first foot lock products, entered consumer health market with Nexcare™ products,

SAFETY and GRAPHICS – The Radio Frequency Identification tags on vehicles to aid nationwide electronic tolling, introduced products for Indian Navy and car personalisation wrap films, and

ENERGY – For the first time Indian nuclear & thermal power sector used our Scotchkote™ products.

Despite high volatility and uncertainty, the Supply Chain team of the Company has ensured supply of quality materials and services at competitive prices. The process to localise raw materials has continued successfully delivering savings and shorter procurement lead times. The Company continues to benefit from its access to the 3M Group research and development, and technical expertise, as well as the best practices available from the global network.

THE COMPANY

Subject is a subsidiary of 3M Company, USA, and is a diversified technology company with a global presence in the following businesses: Industrial; Health Care; Consumer; Safety and Graphics; and Energy. It is among the leading manufacturers of products for many of the markets it serves. Most of its products involve expertise in product development, manufacturing and marketing, and are subject to competition from products manufactured and sold by other technologically oriented companies. In India, the company has manufacturing facilities at Ahmedabad, Bangalore, Pune and has a R&D Center in Bangalore. As at March 31, 2014, the Company employed 1623 people.

The Company completed a realignment of its business segments effective from April 1, 2013 to better serve markets and customers.

The Company managed its operations in five (5) operating business segments: Industrial; Safety and Graphics; Energy; Health Care; and Consumer. The Company’s five business segments bring together common or related 3M technologies, enhancing the development of innovative products and services and providing for efficient sharing of business resources. These segments have worldwide responsibility for virtually all 3M product lines.

3M products are sold through numerous distribution channels, including directly to users and through numerous wholesalers, retailers, converters, distributors and dealers in a wide variety of trades in many countries around the world. The Management of the Company believes that the confidence of wholesalers, retailers, converters, distributors and dealers in 3M and its products – a confidence developed through long association with skilled marketing and sales representatives has contributed significantly to 3M India's growth and its position in the marketplace.

OUTLOOK

The Management believes that the volatility in the economy is going to be a temporary phase though there is a possibility that acceleration in growth may take longer than anticipated earlier. The new Government likely to be in power shortly is expected to address many of the corporate challenges and to infuse significant amount of efforts to revive the economy in the coming months.

Certain Businesses of the Company is dependent on the GDP and IPI growth, nevertheless it has kept its sight on strategy to deliver long term sustainable profitable growth by prioritising the growth opportunities. We expect faster recovery in construction, real estate, transportation, and manufacturing which are key sector for growth in the Company. Higher discretionary spending, growing aspirations of the Indian middle class, and growth of retail credit will drive the consumer retail and healthcare businesses in India.

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)	4550.859
b) Other operating income	75.334
Total income from Operations(net)	4626.193
2.Expenditure
a) Cost of material consumed	1466.066
b) Purchases of stock in trade	1322.237
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	19.051
d) Employees benefit expenses	589.504
e) Depreciation and amortization expenses	121.782
f) Other expenditure	727.541
Total expenses	4246.181
3. Profit from operations before other income and financial costs	380.012
4. Other income	22.333
5. Profit from ordinary activities before finance costs	402.345
6. Finance costs	18.691
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	383.654
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	383.654
10.Tax expenses	129.164
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	254.490
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	254.490
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	112.651
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):
(a) Basic	22.59
(b) Diluted	22.59
ii) Earnings per share (after extraordinary items)
(a) Basic	22.59
(b) Diluted	22.59

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	2816268
- Percentage of shareholding	25.00%
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)	--
Percentage of shares (as a % of total share capital of the company)	--
b) Non Encumbered
Number of shares	8448802
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)	75.00%
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	2
Disposed of during the quarter	2
Remaining unreserved at the end of the quarter	Nil

Notes:

1. The above Financial Results were reviewed by the Audit Committee in its meeting held on August 01, 2014 and approved by the Board of Directors of the Company at its meeting held on that date.

2. The Results for the quarter ended June 30, 2014 have been subjected to Limited Review by Statutory Auditors of the Company.

3. The company has re-estimated the useful lives of fixed assets based on economic lives of fixed assets prescribed under Schedule II of Companies Act, 2013 or actual useful life, whichever is lower.

Due to the above, depreciation charge for the quarter ended June 30, 2014, is higher by Rs.1.892 Millions. Further, based on transitional provision provided in Note 7(b) of Schedule II, an amount of Rs.0.547 Million (net of deferred tax) has been adjusted with retained earnings

4. Segments have been identified in line with the Accounting Standard on Segment Reporting (AS-17) taking into account the organisation structure as well as the differential risks and returns of these segments.

5. Segment revenue, results and capital employed figures include the respective amounts identifiable to each of the segments. Other unallocable income net off unallocable expenditure are towards common services to the segments which are not directly identifiable to the individual segments as well as those at a corporate level which relate to the Company as a whole

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

7. Corresponding previous quarters'/years' figures are regrouped wherever necessary.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90200246	22/09/1999 *	5,000,000.00	STATE BANK OF INDIA	Electonic City Branch, Block; 1 KSSIDC Complex, Bangalore, Karnataka - 561229, India	-

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Data Processing Equipment

· Leasehold Improvements

· Goodwill

· Computer Software

· Land-Leasehold

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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

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.