MIRA INFORM REPORT

Report No. :	335302
Report Date :	04.08.2015

IDENTIFICATION DETAILS

Name :	KKALPANA INDUSTRIES (INDIA) LIMITED
Formerly Known As :	KALPENA INDUSTRIES LIMITED
Registered Office :	2 B, Pretoria Street, Kolkata-700071, West Bengal
Tel No.:	91-3322823744
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	03.09.1985
Com. Reg. No.:	21-039431
Capital Investment / Paid-up Capital :	Rs. 188.146 Million
CIN No.: [Company Identification No.]	L19202WB1985PLC039431
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALK03269A
PAN No.: [Permanent Account No.]	AABCK2239D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of PVC Compound and XLPE Compound.
No. of Employees :	846 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some continuous dip in the profit of the company however, net worth of the company is satisfactory. General financial position of the company is sound Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term rating : BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	30.03.2015

Rating Agency Name	CARE
Rating	Short Term rating : A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	30.03.2015

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. Dipankar Banerjee
Designation :	Vice President Finance
Contact No.:	91-33-22823744

LOCATIONS

Registered Office :	2 B, Pretoria Street, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22823744/ 3745/ 8818
Fax No.:	91-33-22823739
E-Mail :	kolkata@kalpena.co.in dhanerjee@kalpena.co.in
Website :	http://www.kalpenagroup.com
Location :	Owned
Factory 1 :	Kolkata Works II Village – Bhasa, No.14, P.O. and P.S. Bishnupur, Diamond Harbour Road, South 24 Parganas - 743503, West Bengal, India
Factory 2 :	Daman Works 168/151-158, Dhabel Industrial Co- Operative Society Limited, Dhabel, Daman – 396215, India
Factory 3 :	Dadra Work Survey No.24/3, Village – Demini, Demini Road, Dadra, Dadra and Nagar Haveli, India
Factory 4 :	Falta Works Falta Special Economic Zone, Plot No.29, Sector I, Village – Simulberia, Mouza – Bisra, District South 24 PGS
Factory 5 :	Surangi, Dadra Nagar Haveli
Mumbai Office :	106, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-67021470-2
Fax No.:	91-22-67021473
E-Mail :	mumbai@kalpena.co.in

DIRECTORS

As on 31.03.2014

Name :	Mr. Narrindra Suranna
Designation :	Chairman and Managing Director
Address :	227/2 AJC Bose Road, Kolkata – 700020, West Bengal, India
Date of Birth/Age :	01.08.1961
Qualification :	B.Com (Hons.), L.L.B from Calcutta University and MBA
Date of Appointment :	17.07.1996
Name :	Mr. Rajesh Kumar Kothari
Designation :	Whole Time Director
Address :	A 301 B1, Devadig CHS Limited, Sahara Pipe Line, Mumbai -400099, Maharashtra, India
Date of Birth/Age :	48 Years
Qualification :	B.com
Name :	Mr. Nirmalendu Guha
Designation :	Non-Executive Director
Address :	Flat 5B, 9 Mandeville Gardens, Kolkata – 700019, West Bengal, India
Date of Birth/Age :	79 Years
Qualification :	M. Tech (P. Engineering and Mgt.), C. Engineering, FIE (India), FI Plant E (UK), Hon FIPE, MMFI.
Name :	Mr. Nilay Guha
Designation :	Non-Executive Director
Address :	106 Oakhill Drive Castle Hill NSW 2154, Australia
Date of Birth/Age :	20.09.1964
Qualification :	MBA
Date of Appointment :	11.02.2012
Name :	Mr. Pranab Rajan Mukherjee
Designation :	Whole – Time Director (Technical)
Name :	Ms. Mamta Binani
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Dipankar Banerjee
Designation :	Vice President Finance
Name :	Mr. Jitendra Tiwari
Designation :	Senior President
Name :	Mr. I. C. Dakalia
Designation :	Chief Financial Officer
Name :	Mr. Ananth B. Chakrabartty
Designation :	Company Secretary
Name :	Ms. Priya
Designation :	Admin Department

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	764860	0.81
Bodies Corporate	68503515	72.82
Sub Total	69268375	73.63
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	69268375	73.63
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4000	0.00
Sub Total	4000	0.00
(2) Non-Institutions
Bodies Corporate	14887838	15.83
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	6943047	7.38
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2429648	2.58
Any Others (Specify)	540022	0.57
Non Resident Indians	480530	0.51
Clearing Members	59492	0.06
Sub Total	24800555	26.36
Total Public shareholding (B)	24804555	26.37
Total (A)+(B)	94072930	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	94072930	100.00

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP

Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
	No. of Shares held	As a % of grand total (A)+(B)+(C)
Tara Devi Surana	505	0.00	0.00
Narrindra Surana	2,000	0.00	0.00
Dev Krishna Surana	6,83,850	0.73	0.73
Surendra Kumar Surana	3,505	0.00	0.00
Dalam Chand Surana	75,000	0.08	0.08
Shyambaba Trexim Private Limited	1,55,51,680	16.53	16.53
Shriram Financial Consultants Private Limited	4,47,85,170	47.61	47.61
Inbara Holdings Private Limited	72,50,000	7.71	7.71
Krishna Commodelas Private Limited	9,16,665	0.97	0.97
Total	6,92,68,375	73.63	73.63

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PUBLIC AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES

Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
Subhlabh Vintrade Private Limited	7750000	8.24	8.24
Jaqua Industries & Sales Company Private Limited	4590135	4.88	4.88
Isana Green Ventures Limited	1068170	1.14	1.14
Total	13408305	14.25	14.25

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
Subhlabh Vintrade Private Limited	7750000	8.24	8.24
Total	7750000	8.24	8.24

BUSINESS DETAILS

Line of Business :

Manufacturer of PVC Compound and XLPE Compound.

Products :

Item Code No. (ITC Code)	Product Description
3901	Plastic and its Articles there of
3904	PVC Compound

PVC Compounds

• Insulation
• Sheathing

PE Compounds

• Silane Grafted XLPE Compound up to 1.1.KV(LT / LTABC / FR / SELF CURE / MV)
• Silane Grafted XLPE Compound for MV up to 35 KV
• XLPE Compounds for continuous Vulcanization Line up to 35 KV
• Zero Halogen FRLS Compounds
• Semi- Conductive Compounds

Filled Compound and Master Batches

• Calcium Carbonated / Talc filled in PE and PP

Colour and Speciality Master Batches-

• UV, Antioxidant Processing Aid Optical Brightner, Lubricant

Footwear Compound

• PVC Compact and Micro cellular
• TPR Glossy, Matt, Semi – matt Transparent and colour
• PVC / NBR Compact and Micro-cellular
• EVA Cross linked Foam

Pipe Compounds

• PEX
• PVC
• PPR

Engineering Plastics

• Nylon – Glass and Mineral filled
• PP, PBT – Glass and Mineral filled

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Good

Countries :

v Bangladesh

v Sri Lanka

v Qatar

Imports :

Products :

Raw Material

Countries :

v Japan

v Korea

Products :

Machinery

Countries :

v Germany

v Switzerland

v Japan

v Korea

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

Suppliers :

Reference :	Reliance
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 :	Havells
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 :

846 (Approximately)

Bankers :

• Dena Bank, Bhowanipore Branch, 109D, Ashutosh Mukherjee Road, Kolkata – 700025, West Bengal, India
• DBS Bank, 4A, Nandalal Basu Sarani, Kolkata – 700071, West Bengal, India
• Axis Bank, Corporation Banking Branch (CBB), 1, Shakeshpeare Sarani, Ac Market, 3^rd Floor, Kolkata – 700071, West Bengal, India
• Citi Bank
• RBL Bank
• HSBC Bank
• ICICI Bank
• Indusind Bank
• DCB Bank
• Standard Chartered Bank

Banker Name : 1	State Bank of India
Banker Name : 2	HDFC Bank
Branch Address	Not Divulged
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 :

SECURED LOAN

Particulars	As on 31.03.2015 Rs. in Million	As on 31.03.2014 Rs. in Million
LONG TERM BORROWINGS
Term Loan from Banks	NA	1493.817
Term Loan from Others	NA	2.893
SHORT-TERM BORROWINGS
Loan repayable on demands From Banks*	NA	2333.372
Total	NA	3830.082

Note :

LONG TERM BORROWINGS

Terms of repayment of long-term borrowings are as follows:

Term Loans from Banks

a) USD 3.75 million equivalent to Rs. 205.687 Million (31.03.2012: USD Rs. 0.625 million equivalent to Rs. 292.189 Million) loan is secured by exclusive charge on existing movable and immovable assets of Bhasa Unit in Kolkata and Silvassa Unit-I, Exclusive charge on all movable fixed assets of Kandua Unit, Kolkata, Exclusive charge on all movable assets of Bhiwadi Unit, and is repayable in 16 equal quarterly installments; the next installment is due on 30th May, 2014.

b) USD 16.03 million equivalent to Rs. 8893.47 Million (31.03.2013: Rs. 10526.00) loan is secured by 1st pari passu charge by way of equitable mortgage over all present and future movable and immovable properties located at Surangi Unit and all present and future movable properties located at Daman and Falta Unit, and is repayable in 16 equal quarterly installments; the next installment is due on 20th April, 2014.

c) USD 4.48 million equivalant to Rs. 269.054 Million (31.03.2013: USD 3.92 million equivalent to Rs. 2145.250 Million), EURO 3.41 million equivalant to Rs. 281.491 Million (31.03.2013: EURO 1.41 million equivalant to Rs. 100.384 Million ) and Indian rupee loan amounting Rs. 366.250 Million (31.03.2013: Rs. 470.000 Million) is secured by pari passu charge on movable and immovable assets of Dankuni Unit in Kolkata and is repayable in 16 equal quarterly installments; the next installment is due on 27th April, 2014.

Term Loan from Others

a) Indian rupee loan amounting Rs. 3.596 Million (31.03.2013: Rs. 3.564 Million) is secured by Hypothecation against Motor Car and repayable in 60 equal monthly installments.

SHORT-TERM BORROWINGS

* Includes Buyers Credit and Packing Credit

Working Capital Loans from Banks are secured by way of hypothecation of stocks of raw materials, work-in-progress, finished goods, stores and spares and book debts of the Company. Mortgage of Flat located at D-403, Dharam Palce, CHS limited, Shantvaan, Borivalli (East), Mumbai-400066, on First Pari-passu basis. These loans are further secured by a second charge over the residual value on the Fixed assets of the units both present and future located at the Dabhel Industrial area, Daman and others.

Financial Institute :	The Hongkong and Shanghai Banking Corporation Limited, “ Hongkong House” 31 B B D Bag, Kolkata – 700001, West Bengal, India
Auditors :
Statutory Auditors :
Name :	B. Mukherjee and Company Chartered Accountants
Address :	30B, Ramkamal Street, Kolkata – 700023, West Bengal, India
Internal Auditors :
Name :	D K D and Associates Chartered Accountants
Cost Auditors :
Name :	D. Sabyasachiand Company Cost Accountants
Memberships :	--
Collaborators :	--
Other Related Parties [AS ON 31.03.2014] :	Shriram Financial Consultants Private Limited (A shareholder holding more than 20% of equity shares of the company)

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :Not Available

Issued, Subscribed & Paid-up Capital : Rs. 188.146 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30600000	Equity Shares	Rs. 10/- each	Rs. 306.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18814586	Equity Shares	Rs. 10/- each	Rs. 188.146 Million

i) Terms/ Rights attached to Equity Shares:

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

The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2014, the amount of dividend recognized as distribution to equity shareholders is Rs. 1.20 per share.

ii) Reconciliation of the number of shares

Equity Shares	Number of Shares	Rs. In Million
Balance as at the beginning of the year	18814586	188.146
Add: Shares issued in the ratio of 2:3 to the shareholders of Bavaria Poly Private Limited. Pursuant to a Scheme of amalgamation without payment being received in Cash.	-	-
	-	-
Balance as at the end of the year	18814586	188.146

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

Name of Shareholder	Number of Shares	% holding
Shriram Financial Consultants Private Limited	8957034	47.61%
Shyambaba Trexim Private Limited	3110336	16.53%
Subh Labh Vintrade Private Limited	1550000	8.24%
Inbara Holdings Private Limited	1450000	7.71%

iv) Shares allotted as fully paid up pursuant to contract(s) without payment being received in cash during

the period of five years immediately preceding the reporting date:

Number of Equity Shares of Rs.10/- each allotted as fully paid up pursuant to contract (Scheme of Amalgamation/ Arrangements) without payment being received in Cash Rs. 521458.600 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	188.146	188.146	188.146
(b) Reserves & Surplus	2131.851	2120.979	1980.693
(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)	2319.997	2309.125	2168.839
(3) Non-Current Liabilities
(a) long-term borrowings	1113.640	1675.155	1778.010
(b) Deferred tax liabilities (Net)	189.712	185.699	158.509
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.324	2.365	2.437
Total Non-current Liabilities (3)	1303.676	1863.219	1938.956
(4) Current Liabilities
(a) Short term borrowings	2626.813	2483.372	1729.542
(b) Trade payables	605.284	800.170	748.446
(c) Other current liabilities	1267.633	688.680	654.600
(d) Short-term provisions	(2.624)	26.349	27.821
Total Current Liabilities (4)	4497.106	3998.571	3160.409
TOTAL	8120.779	8170.915	7268.204
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1830.666	1796.038	2077.964
(ii) Intangible Assets	0.000	3.502	4.219
(iii) Capital work-in-progress	0.000	1435.413	660.954
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	25.360	25.360	25.360
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	35.376	26.866	293.758
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1891.402	3287.179	3062.255
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1293.955	1334.515	1223.911
(c) Trade receivables	2365.363	2704.375	2219.388
(d) Cash and cash equivalents	365.439	205.330	224.536
(e) Short-term loans and advances	1879.723	284.080	533.629
(f) Other current assets	324.897	355.436	4.485
Total Current Assets	6229.377	4883.736	4205.949
TOTAL	8120.779	8170.915	7268.204

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations (net)	17131.814	12325.657	11668.607
		Other Income	160.767	130.196	132.325
		TOTAL	17292.581	12455.853	11800.932
Less	EXPENSES
		Cost of material consumed	15791.056	10700.823	10257.085
		Changes in inventories of finished goods	(483.068)	(10.629)	(58.288)
		Employee benefit expenses	208.453	167.040	141.085
		Other expenses	878.085	781.497	772.552
		Exceptional Items	247.167	0.000	0.000
		TOTAL	16641.693	11638.731	11112.434
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		650.888	817.122	688.498
Less	FINANCIAL EXPENSES		357.893	385.378	263.380
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		292.995	431.744	425.118
Less/ Add	DEPRECIATION/ AMORTISATION		212.341	150.830	118.932
	PROFIT BEFORE TAX		80.654	280.914	306.186
Less	TAX		36.520	86.071	106.480
	PROFIT AFTER TAX		44.134	194.843	199.706
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1171.855	1049.109	915.817
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	45.682	40.000
		Proposed final dividend on Equity Shares	NA	22.578	22.578
		Corporate Dividend Tax	NA	3.837	3.837
	BALANCE CARRIED TO THE B/S		NA	1171.855	1049.109
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	2069.855	1668.795
		Exchange Fluctuation	NA	NA	(9.536)
	TOTAL EARNINGS		NA	NA	1659.259
	IMPORTS
		Raw Materials	NA	3207.112	4271.554
		Stores & Spares	NA	9.913	6.575
		Capital Goods	NA	222.505	768.122
	TOTAL IMPORTS		NA	3439.530	5046.251
	Earnings Per Share (Rs.)
	- Basic		15.48	10.36	10.61
	- Diluted		15.48	10.36	10.61

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	518.714	389.328
Cash generated from operations	NA	505.175	284.822
Net Cash Generated from Operating Activities	NA	444.823	224.814

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	0.26	1.58	1.71
Operating Profit Margin (PBIDT/Sales)	(%)	3.80	6.63	5.90
Return on Total Assets (PBT/Total Assets}	(%)	1.00	4.19	4.65
Return on Investment (ROI) (PBT/Networth)		0.03	0.12	0.14
Debt Equity Ratio (Total Debt /Networth)		1.61	1.80	1.62
Current Ratio (Current Asset/Current Liability)		1.39	1.22	1.33

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.23.95/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	188.146	188.146	188.146
Reserves & Surplus	1980.693	2120.979	2131.851
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2168.839	2309.125	2319.997
long-term borrowings	1778.010	1675.155	1113.640
Short term borrowings	1729.542	2483.372	2626.813
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	3507.552	4158.527	3740.453
Debt/Equity ratio	1.617	1.801	1.612

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11668.607	12325.657	17131.814
		5.631	38.993

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11668.607	12325.657	17131.814
Profit	199.706	194.843	44.134
	1.71%	1.58%	0.26%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN:

Particulars	As on 31.03.2015 Rs. in Million	As on 31.03.2014 Rs. in Million
LONG-TERM BORROWINGS
Other Loans	NA	178.445
SHORT-TERM BORROWINGS
Short term loan from Bank	NA	150.000
Total	NA	328.445

OPERATIONS [AS ON 31.03.2014]

During the year, the Company achieved total revenue of Rs. 12455.800 Million including other income of Rs. 130.100 Million as against total revenue of Rs. 11800.900 Million including other income of Rs. 122.300 Million in the previous financial year ended 31st March, 2013. The Profit after Tax was Rs. 194.800 Million for the Current year as against Rs. 199.700 Million in the previous year. Despite of high finance cost and depreciation, the company has been able to generate PAT referred above.

The Company’s Production and Sales have recorded a significant growth over the previous year. Further, the operational efficiency has also resulted in Company’s financials.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT [AS ON 31.03.2014]

ECONOMIC OVERVIEW:

The financial year 2013-14 witnessed a gradual recovery of the global economy, although the pace has tended to be uneven and prone to uncertainties. At the same time, there has been a distinct change in the pattern of the recovery. While earlier, it was fuelled by the emerging markets and developing economies, the impetus to growth has now come from the developed economies this year. The US economy has performed fairly as evidenced by upbeat housing and employment related data, although the Euro region showed signs of subdued recovery. On the other hand, emerging markets like Brazil and India witnessed a slowdown in economic growth. China, on the other hand, is focusing on a more balanced growth strategy, which will augur well for the country, going forward.

Overall, however, the growth in advanced economies is likely to result in greater export oriented opportunities for emerging ones, thereby leading to a more balanced scenario. The global economy is estimated to grow at an average rate of 3.7% in 2014 compared to the 3% growth rate recorded in 2013. At the same time, emerging economies like China and India are also expected to grow owing to structural policies supporting investments in those regions.

India’s GDP is expected to be 5.7% in respect of Financial Year 2014-15. This is 1% more than the previous year. The economic momentum will fetch the countries with growth in industrial output, export and employment opportunities.

INDUSTRY OVERVIEW [AS ON 31.03.2014]

The products of Kalpena Industries Limited find application mainly in cable industries, packaging industries and footwear Industries. The Indian cable industry is highly fragmented with a large number of producers. The market for cables and wires is mainly dominated by the unorganized sector controlling about 70% of the domestic demand for wires and cables. However, due to change in government at the center, which has started focusing on development of Infrastructure including power sector, it is expected that your company will benefit substantially in near future.

OUTLOOK [AS ON 31.03.2014]

In order to overcome the stagnation in the growth of cable industries and Infrastructure Development, your company has diversified its activities in manufacturing of High Standard Flexible Packaging and Industrial Ink. The Company has already setup state of the art manufacturing facility of Flexible Packaging with fully automated equipments of international standards. The Commercial production has already been started and due to locational advantage, Kalpena is expected to have a very good market share in eastern India as well as in Bangladesh and Nepal. As a backward integration, Kalpena has set up unit for manufacturing of Industrial Ink at Bhasa. West Bengal.

INDUSTRY STRUCTURE AND DEVELOPMENTS [AS ON 31.03.2014]

The company’s polymer compounds business is directly related to the fortunes of cable industry/packaging industry / footwear industry. If there is demand push in these segments of Indian economy, the top line and bottom line of Kalpena Industries Limited will significantly increase

.

The strong R&D facilities of Kalpena, backed by competent R&D personnel will help to overcome many of the challenges including overall growth at a rate superior to industry average. Kalpena has been able to develop a number of products for domestic and international market such as Medium Voltage XLPE, Medium Voltage Semi conducting grades and also grades suitable for Pipes.

Kalpena has always endeavored to keep pace with evolving technologies and give high customize solutions to customers. Kalpena has bought into effect new, efficient and speedy customer support and logistics to enhance customer relationship. With these additional systems, Kalpena that constantly work with customers, meeting their requirements on time, every time.

COMPANY’S PERFORMANCE: [AS ON 31.03.2014]

A. Financial Performance:-

• Gross turnover for the year is Rs. 12450.000 Million against Rs.11800.000 Million in 2012 – 13.
• PBIDT for the year Rs.817.100 Million as against 688.500 Million in 2012-13.
• Profit after Tax for the year Rs. 194.800 Million against Rs. 199.700 Million in 2012-13.
• Capital Structure of the Company as at 31st March 2014 is Rs. 188.100 Million comprising of 18814586 nos. of equity shares of Rs. 10/- each.
• The Board of Directors has recommended an equity dividend of 12% i.e. Rs. 1.20 per equity shares of Rs. 10/-each.

B. Product wise operational performance:-

Product wise your company is engaged in manufacturing of the following products, the performance of which is discussed in the following lines-

PVC Compound and Master Batches

The turnover from PVC Compound & Master Batches is Rs. 3943.500 Million this year as against Rs. 3381.900 Million for the last year.

PE Compounds

Turnover from PE compound is Rs. 9198.200 Million this year as against Rs. 6422.900 Million in the last year.

Agglomerates, Reprocessed Granules & Scraps

Turnover from these items are 527.400 Million as against 2846.800 Million in the last year.

FUTURE OUTLOOK [AS ON 31.03.2014]

The Company continues to be the leading market player in manufacturing of polymer compounds. It has offered wide range of products to domestic and industrial users. In the years to come, the Company will come up with more new products to satisfy the diverse needs of the Customers. Kalpena Industries Limited is confident of accomplishing volume growth target and consequently the market share in very near future. Your company, being the only domestic player for Medium Voltage cables, consequently enjoys possibility of achieving higher volumes and margins. The marketing team is making incessant effort for increasing the presence in overseas market. Increased application of polymers and Performance polymers in the field of Consumer durable, Automobiles and also in Alternative & Renewable Energy sector provide ample opportunity to Kalpena in the field of polymer and performance polymer to enhance its business. Again, your company wants to be recognized amongst the best flexible packaging manufacturer across the globe.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10574402	10/06/2015	182,500,000.00	DCB BANK LIMITED	601 & 602, PENINSULA BUSINESS PARK, 6TH FLOOR,, T  OWER A, SENAPATI BAPAT MARG, LOWER PAREL,, MUMBAI,  MAHARASHTRA - 400013, INDIA	C56163728
2	10537269	31/10/2014	420,000,000.00	STATE BANK OF INDIA	COPORATE ACCOUNTS GROUP BRANCH, RELIANCE HOUSE,,  2ND FLOOR, 34 JAWAHARLAL NEHERU ROAD, KOLKATA, WES  T BENGAL - 700071, INDIA	C37335528
3	10518315	03/09/2014	800,000,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, 21, HEMANTA BASU SARANI  , KOLKATA, WEST BENGAL - 700001, INDIA	C19397777
4	10528048	29/08/2014	450,000,000.00	FEDERAL BANK	R.N.MUKHERJEE ROAD, KOLKATA, WEST BENGAL - 700001,  INDIA	C31372188
5	10502854	30/05/2014	230,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 41600  1, INDIA	C06571574
6	10485421	17/04/2015 *	500,000,000.00	RBL BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 41600  1, INDIA	C56819311
7	10481213	25/02/2014	450,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB),, 1, SHAKESPEARE S  ARANI, AC MARKET, 3RD FLOOR,, KOLKATA, WEST BENGAL  - 700071, INDIA	B97895783
8	10471931	23/12/2013	182,500,000.00	DCB BANK LIMITED	601 & 602, PENINSULA BUSINESS PARK, 6TH FLOOR,, T  OWER A, SENAPATI BAPAT MARG, LOWER PAREL,, MUMBAI,  MAHARASHTRA - 400013, INDIA	B94150026
9	10410385	26/11/2013 *	300,000,000.00	CITIBANK N.A	KANAK BUILDING, 41 CHOWRINGHEE ROAD, KOLKATA, WES  T BENGAL - 700071, INDIA	B94061488
10	10419576	30/01/2014 *	330,000,000.00	DBS BANK LTD.	4A NANDALAL BASU SARANI, KOLKATA, WEST BENGAL - 70  0071, INDIA	C02762193

* Date of charge modification

FIXED ASSEST:

• Free hold land
• Factory Building
• Plant and Machinery
• Motor Car
• Scooter, Moped and Cycle
• Laboratory Equipment
• Electrical Installation
• Office Equipment
• Air Conditioner
• Computer
• Technical Know-how
• Computer Software

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.64.01
UK Pound	1	Rs.99.84
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SAN
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.