MIRA INFORM REPORT

Report No. :	318515
Report Date :	24.04.2015

IDENTIFICATION DETAILS

Name :	RAMA VISION LIMITED
Registered Office :	Ward No. 3, Bureilly Road, Kicha, Distt. Uadham Singh Nagar, Uttranchal – 263148, Uttrakhand
Tel No :	91-5944-264263
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.01.1989
Com. Reg. No.:	015645
Capital Investment / Paid-up Capital :	Rs. 100.263 Million
CIN No.: [Company Identification No.]	L32203UR1989PLC015645
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Trader of FMCG Products
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 540000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	RAMA VISION Limited Is widely held Public Limited Company incorporated in 1989 in India, under the provisions of Companies Act, 1956. The Company is listed at Bombay Stock Exchange Limited, Mumbai, India. It is an established company having moderate track record. Reserves of the company seems to be low during 2014. Profitability of the company also seems to be low. Market Stock price of the subject company is lower than its Face value. However, trade relations are fair. Business is active. Payments terms are 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 (GENERAL DETAIL)

Name :	Mr. Mukta Sharma
Designation :	Senior Secretary
Contact No.:	91-11-45349999
Date :	18.04.2015

LOCATIONS

Registered Office :	Ward No. 3, Bureilly Road, Kicha, Distt. Uadham Singh Nagar, Uttranchal – 263148, Uttrakhand, India
Tel. No.:	91-5944-264263
Fax No.:	Not Available
E-Mail :	sehgal@ramavisionltd.com
Website :	http://www.ramavisionltd.com
Warehouse/Corporate Office :	Rama House 23, Najafgarh Road Industrial Area, Shivaji Marg, New Delhi – 110015, India
Tel No.:	91-11-45349999
Email Id :	Investor_relations@ramavisionltd.com
Website :	www.ramavisionltd.com
CIN :	L32203UR1989PLC015645
Branch Office 1:	RSC-IA, Plot No. 164-170, Gorai-A, Near Sai Baba Mandir (East Side), Boriwali (West), Mumbai – 400091, Maharashtra, India
Tel No.:	91-22-65262744
Email Id.:	mumbai@ramavisionltd.com
Branch Office 2 :	32/7, Ground Floor, Sahapur Colony, Plot No. 16, 256, Jodhpur Park, Kolkata – 700068, P.O. and P.S., India
Tel No.:	91-33-65435898
Email Id.:	kolkata@ramavisionltd.com

DIRECTORS

As on : 31.03.2014

Name :

Mr. .S.L. Baluja

Designation :

Director

Qualification :

B.A., C.A.l.l.B

Date of Birth :

14.04.1925

Date of Appointment :

30.09.2014

DIN No.:

00184997

Name :

Mr. G.P Agarwal

Designation :

Director

Qualification :

FCS, LL.B

Date of Birth :

09.11.1954

Date of Appointment :

30.04.2014

DIN No.:

00008429

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	L65910MH1991PLC080534	MARGO FINANCE LIMITED	Director	18/10/1991	18/10/1991	-	Active	NO
2	U74899DL1993PTC053056	RINI INVESTMENT & FINANCE PRIVATE LIMITED	Director	15/04/1993	15/04/1993	31/05/2007	Active	NO
3	U74899DL1995PLC065033	INDOCOUNT SECURITIES LIMITED	Director	03/02/1995	03/02/1995	02/08/2007	Active	NO
4	U18101MH1989PLC053954	YARNTEX EXPORTS LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
5	L74899DL1994PLC059839	Almondz Global Securities Limited	Whole-time director	01/04/2005	01/04/2005	31/12/2007	Active	NO
6	U72900DL2005PLC141221	LATITUDE 23 COMMUNICATIONS LIMITED	Director	28/09/2005	28/09/2005	15/06/2009	Active	NO
7	U74999DL2003PTC119593	ALMONDZ INSURANCE BROKERS PRIVATE LIMITED	Director	24/07/2006	14/01/2006	-	Active	NO
8	L32203UR1989PLC015645	RAMA VISION LIMITED	Director	30/09/2014	31/01/2006	-	Active	NO
9	U65191DL2006PLC148718	ALMONDZ FINANZ LIMITED	Director	12/05/2006	12/05/2006	-	Active	NO
10	L67190DL1991PLC045857	Avonmore Capital & Management Services Limited	Director	18/09/2007	19/03/2007	-	Active	NO
11	U55101DL2008PTC184462	SHIIVAZ SPAS AND HOSPITALITY PRIVATE LIMITED	Director	23/10/2008	23/10/2008	09/02/2009	Active	YES
12	U74900DL2011PTC213470	Rini Corporate Services Private Limited	Director	07/02/2011	07/02/2011	-	Active	NO
13	U66010DL2006PTC157026	ALMONDZ REINSURANCE BROKERS PRIVATE LIMITED	Director	30/08/2012	30/10/2011	-	Active	NO
14	U74140DL2013PLC262069	ALMONDZ GLOBAL INFRA-CONSULTANT LIMITED	Director	12/12/2013	12/12/2013	-	Active	NO
15	U70200DL2008PLC183702	ALMONDZ WEALTH ADVISORS LIMITED	Director	30/09/2014	12/12/2013	-	Active	NO
16	U67190DL2014PTC268993	Anemone Holdings Private Limited	Director	17/07/2014	17/07/2014	-	Active	NO

Name :

Mr. Satish Jain

Designation :

Chairman and Managing Director

Qualification :

B.E. in production Engineering

Date of Birth :

11.11.1954

Date of Appointment :

01.07.2014

DIN No.:

00052215

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	L21019UP1970PLC003363	CHEMOPULP TISSUES LIMITED	Managing director	01/10/2011	13/12/1978	-	Active	NO
2	U74899DL1985PTC020810	VIEWTRON ELECTONICS PRIVATE LIMITED	Director	29/04/1985	29/04/1985	-	Active	NO
3	L32203UR1989PLC015645	RAMA VISION LIMITED	Managing director	01/07/2014	23/01/1989	-	Active	NO
4	U74899DL1996PLC075878	RVL EXIM LIMITED	Director	31/01/1996	31/01/1996	-	Active	NO

Name :

Mr. Arhant Jain

Designation :

Director

Qualification :

Diploma in Marketing Management

Date of Birth :

13.10.1984

Date of Appointment :

01.07.2014

DIN No.:

00885159

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	U74899DL1996PLC075878	RVL EXIM LIMITED	Director	29/09/2007	23/09/2006	-	Active	NO
2	L32203UR1989PLC015645	RAMA VISION LIMITED	Whole-time director	01/07/2014	25/05/2009	-	Active	NO

Name :

Mr. S S L Gupta

Designation :

Dirtector

Qualification :

M.Com, LL.B, B.Com, ACS

MBA (Finance),

C.A.I.I.B.

Date of Birth :

28.09.1933

Date of Appointment :

30.09.2014

DIN No.:

00044635

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	L32203UR1989PLC015645	RAMA VISION LIMITED	Director	30/09/2014	24/03/1993	-	Active	NO
2	U74210DL1935PLC007123	Usha International Limited	Director	28/04/1999	28/04/1999	31/05/2008	Active	NO
3	U74899DL1986PLC025082	INSTAPOWER LIMITED	Director	30/09/2008	26/07/2008	-	Active	NO
4	L67190DL1991PLC045857	Avonmore Capital & Management Services Limited	Director	29/09/2014	30/07/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mukta Sharma
Designation :	Senior Secretary
Name :	Mr. Raj Kumar Sehgal
Designation :	Company Secretary
Name :	Mr. Kamlesh Jain
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a% of total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2108359	21.03
Bodies Corporate	3045586	30.38
Sub Total	5153945	51.40
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5153945	51.40
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4900	0.05
Financial Institutions / Banks	500	0.00
Sub Total	5400	0.05
(2) Non-Institutions
Bodies Corporate	560671	5.59
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	3898736	38.89
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	392905	3.92
Any Others (Specify)	14609	0.15
Non Resident Indians	3730	0.04
Clearing Members	10879	0.11
Sub Total	4866921	48.54
Total Public shareholding (B)	4872321	48.60
Total (A)+(B)	10026266	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)	10026266	100.00

BUSINESS DETAILS

Line of Business :	Trader of FMCG Products
Products :	FMCG Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

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

No. of Employees :

40 (Approximately)

Bankers :

Banker Name	Syndicate Bank
Branch Address	West Punjabi Bagh Branch– New Delhi – 110026, India
Person Name (With Designation)	Not Divulged
Contact Number	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)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Vehicle loan from Bank	0.763	1.433
(Secured by hypothecation of Vehicle financed)
SHORT TERM BORROWING
From a bank repayable on demand	41.784	0.000
Total	42.547	1.433
Loans from bank are secured by hypothecation of inventories and book debts and further secured by way of first charge on fixed assets both present and future and further guaranteed by managing Director and Director (Marketing) There is no default as on the Balance Sheet in repayment of loans and interest

Auditors :
Name :	B.K Shroff and Company Chartered Accountant
Address :	3/7-B, 1^st Floor, Flat No. 4, Asaf Ali Road, New Delhi – 110026, India
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on : 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10026266	Equity Shares	Rs.10/- each	Rs.100.263 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	100.263	100.263	100.263
(b) Reserves & Surplus	89.051	86.792	86.396
(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)	189.314	187.055	186.659
(3) Non-Current Liabilities
(a) long-term borrowings	0.763	1.433	2.273
(b) Deferred tax liabilities (Net)	11.725	12.324	7.774
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.636	6.586	5.549
Total Non-current Liabilities (3)	20.124	20.343	15.596
(4) Current Liabilities
(a) Short term borrowings	41.784	10.000	0.000
(b) Trade payables	0.544	0.457	0.358
(c) Other current liabilities	6.786	6.877	7.242
(d) Short-term provisions	1.770	1.053	1.523
Total Current Liabilities (4)	50.884	18.387	9.123
TOTAL	260.322	225.785	211.378
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	82.058	85.766	86.734
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.487	1.487	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.609	0.592	0.683
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	84.153	87.845	87.427
(2) Current assets
(a) Current investments	0.000	0.000	5.439
(b) Inventories	119.174	90.114	59.871
(c) Trade receivables	15.695	16.251	13.041
(d) Cash and cash equivalents	20.764	9.190	16.185
(e) Short-term loans and advances	19.217	20.488	27.322
(f) Other current assets	1.318	1.897	2.093
Total Current Assets	176.168	137.940	123.951
TOTAL	260.322	225.785	211.378

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	333.090	295.147	215.018
	Other Income	0.334	1.467	3.003
	TOTAL (A)	333.424	296.614	218.021
Less	EXPENSES
	Purchases of Stock-in-Trade	280.282	247.390	158.458
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(29.060)	(30.242)	(2.571)
	Employees benefits expense	33.732	30.677	24.503
	Other expenses	38.497	39.951	29.402
	TOTAL (B)	323.451	287.776	209.792
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	9.973	8.838	8.229
Less	FINANCIAL EXPENSES (D)	2.433	0.826	0.728
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	7.540	8.012	7.501
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.928	3.845	3.693
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3.612	4.167	3.808
Less	TAX (I)	1.353	3.771	3.395
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	2.259	0.396	0.413
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.227	1.173	1.392
	TOTAL EARNINGS	0.227	1.173	1.392
	IMPORTS
	Purchase of Trade goods	26.063	38.651	53.539
	TOTAL IMPORTS	26.063	38.651	53.539
	Earnings / (Loss) Per Share (Rs.)	0.23	0.04	0.04

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	June 2014	September 2014	December 2014
Audited / UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	97.800	102.100	99.600
Total Expenditure	93.300	96.600	95.900
PBIDT (Excl OI)	4.500	5.500	3.700
Other Income	0.100	0.100	0.000
Operating Profit	4.600	5.600	3.700
Interest	0.700	1.300	1.100
Exceptional Items	0.000	0.000	0.000
PBDT	3.900	4.300	2.600
Depreciation	1.100	1.200	1.200
Profit Before Tax	2.800	3.100	1.500
Tax	0.900	1.000	0.500
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	1.900	2.200	1.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.68	0.13	0.19
Operating Profit Margin (PBITD/Sales)	(%)	2.99	2.99	3.83
Return on Total Assets (PBT/Total Assets}	(%)	1.40	1.86	1.80
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.02
Debt Equity Ratio (Total Debt /Networth)		0.22	0.06	0.01
Current Ratio (Current Asset/Current Liability)		3.46	7.50	13.59

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	100.263	100.263	100.263
Reserves & Surplus	86.396	86.792	89.051
Net worth	186.659	187.055	189.314
long-term borrowings	2.273	1.433	0.763
Short term borrowings	0.000	10.000	41.784
Total borrowings	2.273	11.433	42.547
Debt/Equity ratio	0.012	0.061	0.225

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	218.021	296.614	333.424
		36.048	12.410

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	218.021	296.614	333.424
Profit	0.413	0.396	2.259
	0.19%	0.13%	0.68%

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

OPERATIONS :

The company has seen an overall growth in turnover from its business during the year. During the Current Financial Year the Company has achieved a turnover of Rs. 333.090 Million as against the turnover of Rs. 295.147 Million in the Previous Year. The net profit of the Company has also increased from last year. It is Rs. 2.259 Million in the current year as against Rs. 0.396 Million in the Previous Year.

MANAGEMENT DISCUSSION AND ANALYSIS

Overview and Industry Structure and Developments:

The Indian FMCG sector is the largest sector in the economy. Penetration level as well as per capita consumption in most product categories like Mother and Baby care products and ready to eat food etc. in India is growing day by day and there is a good Market Potential. Accordingly, the Company expects a good growth in the sale of products of Mother and Baby care and food products.

OPPORTUNITIES AND THREATS

Opportunities:

The Company has to go through different stages from conceptualization of the product to its launch in the market. It doesn't end there. The Company will always like to expand its business by entering into new products, increasing the distribution footprint, and the sellout by effective marketing techniques/activities in the fast changing scenario.

Product wise performance:

The Company is presently dealing mainly in two products lines. One is Mother and Baby care products and the second is food products. In both the products Lines Company is striving to increase its turnover.

Outlook:

There are abundant opportunities available in the Indian market where the Company through its distribution network can deliver its products in the market. The Company is continuously finding more and more retail outlets by entering into various cities of every State, where the products of your Company can penetrate. This will ultimately increase the turnover / operations of the Company.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
From a company repayable on demand	0.000	10.000
Total	0.000	10.000

CONTINGENT LIABILITIES AND COMMITMENTS

Particulars	Amount (Rs.in million)
	31.03.2014	31.03.2013
Contingent Liabilities
Outstanding Bank Guarantee	0.278	0.278
Income Tax, Excise duty & Service Tax demand under appeal	3.227	10.320
Claims against the company not acknowledged as debts	5.130	4.828

1. In the year 2003-2004, the company increased its installed capacity to manufacture black & white picture tubes from 20,00,000 pcs. p.a to 30,00,000 pcs. p.a by way of expansion resulting in more than 25% increase in installed capacity. In terms of notification no 50/2003-CE dated 10.06.2003 issued by Central Board of Excise & Customs, the company has neither charged nor paid to the government excise dutyon goods cleared from its factory located in Uttrakhand State on or after 27.09.03. However, the Central Excise Department has not accepted the contention of the company and raised demand amounting to Rs. 23460912 (previous year Rs.23460912) for the period from 27.09.2003 to 31.03.2005 which is being disputed in appeals. The Tribunal has granted stay from deposit of demand on merits.

2. In the opinion of the board the assets other than fixed assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10541084	10/12/2014	3,200,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C39468657
2	10524555	04/08/2014	900,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C27724194
3	10448506	30/08/2013	800,000.00	Syndicate Bank	Central Market,, Punjabi Bagh West,, New Delhi, D  elhi - 110026, INDIA	B84761436
4	10431085	21/05/2013	47,500,000.00	SYNDICATE BANK	CENTRAL MARKET, PUNJABI BAGH, NEW DELHI, Delhi -  110026, INDIA	B77086783
5	10355865	25/04/2012	367,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B39665237
6	10355699	25/04/2012	369,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	B39623541

* Date of charge modification

FIXED ASSETS

• Land
• Land and Building
• Office Equipment
• Furniture, Fixture and Fitting
• Vehicles

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER, 2014

(Rs. In Million)

Sr. No	Particulars	Standalone
		Quarter Ended Three months ended		Nine Month Ended
		31.12.2014	30.09.2014	31.12.2014
		Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)	99.558	101.318	298.709
	b. Other Operating Income	0.000	0.752	0.752
	Total Income from Operations (Net)	99.558	102.070	299.461
2	Expenditure
	a. Cost of material Consumed	0.000	0.000	0.000
	b. Purchase of Stock-in trade	70.626	74.771	227.947
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade	5.075	(0.651)	(4.818)
	d. Employees Benefit Expenses	10.227	10.138	29.343
	f. Depreciation and Amortization Expenses	1.160	1.153	3.422
	g. Other expenses	9.938	12.312	33.302
	Total Expenses	97.026	97.723	289.196
3	Profit from Operations before Other Income, Interest and Exceptional Items	2.532	4.347	10.265
4	Other Income	0.017	0.095	0.185
5	Profit from ordinary activities before finance cost & exceptional items	2.549	4.442	10.450
	Finance costs	1.091	1.303	3.074
	Profit from ordinary activities after finance cost & exceptional items	1.458	3.139	7.376
9	Exceptional items	0.000	0.000	0.000
10	Profit from ordinary activities before tax	1.458	3.139	7.376
11	Tax Expense	0.452	0.983	2.289
14	Net Profit After Tax	1.006	2.156	5.087
15	Paid-up equity share capital (face value of Rs.10 per share)	100.263	100.263	100.263
16	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year	0.000	0.000	0.000
17	Earning Per Share (of Rs.10 each) (not annualized)
	Basic and Diluted
	a.Before extraordinary items	0.10	0.22	0.51
	b.after extraordinary items	0.10	0.22	0.51
A	PARTICULARS OF SHAREHOLDING
17	Public Shareholding
	- No. of shares	4872321	4873982	4872321
	- Percentage of shareholding	48.60	48.61	48.60
18	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered
	- No. of shares	0.000	0.000	0.000
	b) Non-encumbered
	- No. of shares	5153945	5152284	5153945
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
	- Percentage of shareholding (as a % of the total share capital of the company)	51.40	51.39	51.40

NOTE :

1. The above financial results reviewed by the audit committee have been taken on record by the Board of Directors at their meeting held on 13.02.2015

2. The company operates in one segment i.e, only in trading activities.

3. Effective from April 1, 2014 the company has charged depreciation based on the revised remaining useful life of the assets as per the requirement of Schedule II of the Companies Act, 2013.

4. Figures for the previous period and / or year have been regrouped or rearranged wherever considered necessary.

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.63.18
UK Pound	1	Rs.94.93
Euro	1	Rs.67.65

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RSM
Report Prepared by :	SUJ

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
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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		27

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.