MIRA INFORM REPORT

Report No. :	334707
Report Date :	11.08.2015

IDENTIFICATION DETAILS

Name :	TAMIL NADU NEWSPRINT AND PAPERS LIMITED

Registered Office :	67, Mount Road, Guindy, Chennai - 600032, Tamilnadu
Tel. No.:	91-44-22354415/16/18/22301094/95/96/97/98/22350749

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	16.04.1979

Com. Reg. No.:	18-007799

Capital Investment / Paid-up Capital :	Rs.693.800 Million

CIN No.: [Company Identification No.]	L22121TN1979LC007799

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CHET000228A / CHET06348G

PAN No.: [Permanent Account No.]	AAACT2935J

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacturers of newsprint in rolls or sheets-others, paper and duplicating paper.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 34000000

Status :	Good

Payment Behavior :	Regular

Litigation :	Not Available

Comments :	Subject is an old and established company incorporated during the year 1979 having good track. Financial position of the company is sound. Fundamentals of the company are strong and healthy. Directors are reported to be well experienced and knowledgeable businessmen. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular as per commitment. In view of long track record and sound financial base, 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	CRISIL
Rating	Short Term Debt = (A1)
Rating Explanation	Very Strong Degree Of Safety And Carry Very Low Credit Risk.
Date	December 29, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

LOCATIONS

Registered Office :	67, Mount Road, Guindy, Chennai – 600 032, Tamilnadu, India
Tel. No.:	91-44-22354415/16/18/22301094/95/96/97/98/22350749
Fax No.:	91-44-22350834/4614
E-Mail :	response@tnpl.net export@tnpl.co.in sivakumar.vs@tnpl.co.in
Website :	http://www.tnpl.co.in

Regional Office :	Located at : Mumbai, Maharashtra New Delhi Kolkata, west Bengal Ernakulum, Kerala Bangalore, Karnataka Hyderabad, Andhra Pradesh

Wind Farm :	Situated at: Tirunelveli District, Tamilnadu

Plantation Divisional :	Located At : Villupuram Thanjavur Manpparai Namakkal Karajkudi Jayangondam Tiruchirapalli Karur Pudukkottai Tirunelveli

Dealer Locator :	Andhra Pradesh Delhi Gujarat Jharkhand Karnataka Kerala Maharashtra Orisa Punjab Rajasthan Tamilnadu

Factory :	Kagithapuram – 639 136, Karur District, Tamil Nadu, India
Tel. No.:	91-4324-277001/277017
Fax No.:	91-4324-277025/26/27

Branches :	Ahmedabad Bangalore Ernakulum Kolkata Mumbai Secunderbad New Delhi

DIRECTORS

AS ON 15.09.2014

Name :	Thiru C V Sankar IAS
Designation :	Chairman & Managing Director ((Full Additional Charge w.e.f. 25.10.2013))
Date of Birth/Age :	57 yrs.
Qualification :	M.Com., M.B.A.(Australia)
Experience :	31 years

Name :	Thiru N S Palaniappan IAS
Designation :	Chairman & Managing Director ((From 13.12.2012 to 25.10.2013)

Name :	Thiru T Udhayachandran IAS
Designation :	Director
Date of Birth/Age :	41 yrs.
Qualification :	B.E.(ECE)
Experience :	18 years

Name :	Thiru Mahe san Kasirajan IAS
Designation :	Director
Date of Birth/Age :	51 yrs.
Qualification :	PG in commerce Cost accountant Graduate in law
Experience :	22 years

Name :	Thiru A Ve lliangiri
Designation :	Deputy Managing Director
Date of Birth/Age :	64 yrs.
Qualification :	B.Com FCA FCS FICWA MBA DMA(ICA)
Experience :	40 years

Name :	Thiru R Mani
Designation :	Director (Operations)
Date of Birth/Age :	60 yrs.
Qualification :	E(Hons) in Mechanical Engineering
Experience :	30 years

Name :	Thiru V Narayanan
Designation :	Director
Date of Birth/Age :	75 yrs.
Qualification :	M.Sc.(Chemistry)
Experience :	48 years

Name :	Thiru N Kumarave lu
Designation :	Director
Date of Birth/Age :	58 yrs.
Qualification :	B.Com FCA
Experience :	Rich Experience

Name :	Thiru M R Kumar
Designation :	Director
Date of Birth/Age :	52 yrs.
Qualification :	B.Sc.
Experience	Presently, Zonal Manager

Name :	Thiru V Nagappan
Designation :	Director
Date of Birth/Age :	49 yrs.
Qualification :	B.Com., M.B.A.

Name :	Smt Sarada Jagan
Designation :	Director
Date of Birth/Age :	55 yrs.
Qualification :	M.Sc. B.Ed. PGDM(IIM-Ahmedabad)
Experience	27 years

KEY EXECUTIVES

Audit Committee

Name :	Thiru M R Kumar
Designation :	Member

Name :	Thiru V Nagappan
Designation :	Member

Name :	Tmt Sarada Jagan
Designation :	Member

Name :	Thiru N Kumarave lu
Designation :	Member

Name :	Thiru V Narayanan
Designation :	Chairman of Audit Committee

Stakeholders' Relationship Committee

Name :	Thiru V Narayanan
Designation :	Chairman of Stakeholders' Relationship Committee

Name :	Thiru N Kumarave lu
Designation :	Director

Name :	Thiru M R Kumar
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	24444900	35.32
Sub Total	24444900	35.32
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	24444900	35.32
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6242749	9.02
Financial Institutions / Banks	511704	0.74
Central Government / State Government(s)	2808580	4.06
Insurance Companies	10191904	14.73
Foreign Institutional Investors	7279302	10.52
Any Others (Specify)	51320	0.07
Others	51320	0.07
Sub Total	27085559	39.13
(2) Non-Institutions
Bodies Corporate	3823419	5.52
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	6286416	9.08
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6595784	9.53
Any Others (Specify)	974522	1.41
Clearing Members	72481	0.10
Hindu Undivided Families	468792	0.68
Non Resident Indians	431748	0.62
Trusts	1501	0.00
Sub Total	17680141	25.55
Total Public shareholding (B)	44765700	64.68
Total (A)+(B)	69210600	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)	69210600	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of newsprint in rolls or sheets-others, paper and duplicating paper.

Products :	Hi-Tech Maplitho TNPL Pigment Paper Radiant Printing Ace Marvel Hardbound Notebook Copy Crown

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name	Canara Bank Limited
Branch	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

DBS Bank Limited
HDFC Bank Limited
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab and Sind Bank
State Bank of India
State Bank of Patiala
State Bank of Travancore Syndicate Bank
The Hong Kong and Shanghai Banking Corporation Limited
The Karur Vysya Bank Limited
Union Bank of India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Debentures
(a) 11% Non-Convertible Debentures (Secured by a first charge on all the fixed assets of the company situated at Kagithapuram, Karur Dist., (movable & immovable ) on pari passu basis both present and future except Wind Mill & Bielomatic Cutter which are under specific charge to the respective term lenders including an equitable mortgage by deposit of title deeds in respect of 56.626 Million acres of land situated at Kagithapuram, Karur District, Tamilnadu)	NA	55.556
b) 8.75% Non-Convertible Debentures (Secured by subservient charge on the fixed assets of the Company (excluding the machinery which has been specifically charged to the respective lenders) situated at Kagithapuram, Karur Dist., Tamil Nadu)	NA	0.000
Term Loans from Banks
Mill Expansion Plan
External Commercial Borrowings (ECB)	NA	0.000
Other Foreign Currency Loan (Secured by a first charge on all the fixed assets of the company situated at Kagithapuram, Karur Dist., (movable & immovable) on pari passu basis both present and future except Wind Mill & Bioclimatic Cutter which are under specific charge to the respective term lenders including an equitable mortgage by deposit of title deeds in respect of 56.626 Million acres of land situated at Kagithapuram, Karur District, Tamilnadu.)	NA	323.193
Mill Expansion Plan
Rupee Term Loans (Secured by a first charge on all the fixed assets of the company situated at Kagithapuram, Karur Dist., (movable & immovable ) on pari passu basis both present and future except Wind Mill & Bielomatic Cutter which are under specific charge to the respective term lenders including an equitable mortgage by deposit of title deeds in respect of 566.26 acres of land situated at Kagithapuram, Karur District, Tamilnadu and pari passu second charge on the current assets of the company viz., stock of raw materials, finished goods, stores and other movables.)	NA	130.400
Mill Expansion Plan
Rupee Term Loans (Secured by subservient charge on the fixed assets of the Company (excluding the machinery which has been specifically charged to the respective lenders) situated at Kagithapuram, Karur Dist., Tamil Nadu.)	NA	0.000

De-Inking Plant (DIP)
Foreign Currency Loan	NA	334.862
Rupee Term Loans (Secured by a first pari passu charge on fixed assets of the Deinking Pulp Plant)	NA	649.000

Automatic Storage & Retrieval System(ASRS)
Rupee Term Loans	NA	0.000

Lime Sludge & Fly Ash Management System(LSFM)
Rupee Term Loans	NA	504.063

Revamping of Steam and Power System (RSPS)
Rupee Term Loans (Secured by a first pari passu charge on fixed assets created out of respective loans.)	NA	460.000

Term Loans-General Corporate Loan
Rupee Term Loans (Secured by a first charge on Wind Mill movable assets and subservient charge on the fixed assets of the Company (excluding the machinery which has been specifically charged to the respective lenders) situated at Kagithapuram, Karur Dist., Tamil Nadu)	NA	550.000

Rupee Term Loans (Secured by a first charge on all the fixed assets of the company situated at Kagithapuram, Karur Dist., (movable & immovable ) on pari passu basis both present and future except Wind Mill & Bielomatic Cutter which are under specific charge to the respective term lenders including an equitable mortgage by deposit of title deeds in respect of 566.26 acres of land situated at Kagithapuram, Karur District, Tamilnadu and pari passu second charge on the current assets of the company viz., stock of raw materials, finished goods, stores and other movables.)	NA	1000.000

Multilayer Coated Board Plant
Rupee Term Loans (Secured by a first pari passu charge on fixed assets to be created out of respective term loans and first charge on all the movable fixed assets of the company situated at Kagithapuram, Karur Dist., Tamil Nadu on pari passu basis both present & future except which are under specific charge to the respective term lenders and an equitable mortgage by deposit of title deeds in respect of 566.26 acres of land situated at Kagithapuram, Karur District, Tamilnadu.)	NA	1959.476
Short-term borrowings
Working Capital Loans From Banks
Cash Credit	NA	936.853
Buyer's Credit - Foreign Currency	NA	73.372
Short Term Loan	NA	885.000
Pre-shipment credit - Foreign Currency (Secured by a first charge on current assets of the company, namely raw materials, stock-in-process, semi-finished goods, finished goods, consumable stores & spares and receivables and a second charge by way of extension of equitable mortgage on immovable properties of the company in Kagithapuram, Karur District, Tamil nadu and second charge on the other fixed assets of the Company excluding Wind Mills, Vehicles and Computer Software and assets created/proposed to be created out of the ASRS, LSFM,RSPS and DIP projects.)	NA	298.850

Total	NA	8160.625

Auditors :
Name :	Raman Associate Chartered Accountants
Address :	1st Floor, RE Apartments, No.7, Arya Gowda Road, West Mambalam, Chennai 600 033, Tamil nadu, India
Cost Auditors :	M/s S Mahadevan and Company

Secretarial Auditor :	R. Sridharan and Associates


Memberships :	-----

Collaborators :	-----

Associates/Subsidiaries :	------

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued Subscribed & Fully Paid-up Capital : Rs.693.800 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

13,50,00,000	Equity Shares	Rs.10/- each	Rs. 1350.000 Million

Issued Capital,:

No. of Shares	Type	Value	Amount

7,00,00,000	Equity Shares	Rs.10/- each	Rs. 700.000 Million

Subscribed & Fully Paid-up Capital

No. of Shares	Type	Value	Amount

6,92,10,600	Equity Shares	Rs.10/- each	Rs. 692.106 Million
	Add:- shares forfeited		Rs. 1.672 Million
	Total		Rs. 693.778 Million

Shareholders holding more than 5% of Equity Shares:

Name of the Shareholder	As at 31.03.2014
	No. of share in lakh	% Age Holding
Governor of Tamil Nadu	24.445	35.32
Life Insurance Corporation of India	6.891	9.96
HDFC Trustee Company Limited - HDFC Prudence Fund	3.982	5.75
Warburg Value Fund	3.500	5.06

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	693.800	693.778	693.778
(b) Reserves & Surplus	11322.600	10765.962	9660.987
(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)	12016.400	11459.740	10354.765

(3) Non-Current Liabilities
(a) long-term borrowings	13691.700	6369.883	6572.861
(b) Deferred tax liabilities (Net)	3595.900	3166.400	2904.600
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1013.300	915.361	839.697
Total Non-current Liabilities (3)	18300.900	10451.644	10317.158

(4) Current Liabilities
(a) Short term borrowings	4752.800	4504.038	4958.564
(b) Trade payables	5801.800	4657.647	4062.885
(c) Other current liabilities	5358.100	5296.047	4547.970
(d) Short-term provisions	744.900	757.397	568.852
Total Current Liabilities (4)	16657.600	15215.129	14138.271

TOTAL	46974.900	37126.513	34810.194

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	30408.300	24258.830	20793.323
(ii) Intangible Assets	0.000	73.266	45.336
(iii) Capital work-in-progress	0.000	949.852	4568.646
(iv) Intangible assets under development	0.000	0.000	2.829
(b) Non-current Investments	11.400	11.405	11.405
(c) Capital Plantations	163.200	212.138	212.055
(d) Deferred tax assets (net)	0.000	0.000	0.000
(e) Long-term Loan and Advances	4048.700	2480.981	902.532
(f) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	34631.600	27986.472	26536.126

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4333.700	2853.648	2644.247
(c) Trade receivables	5013.600	3767.397	2769.417
(d) Cash and cash equivalents	203.300	122.145	245.054
(e) Short-term loans and advances	2634.300	2136.453	2397.879
(f) Other current assets	158.400	260.398	217.471
Total Current Assets	12343.300	9140.041	8274.068

TOTAL	46974.900	37126.513	34810.194

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	21357.300	22852.241	18612.575
	Other Income	166.400	167.209	199.232
	TOTAL	21523.700	23019.450	18811.807

Less	EXPENSES
	Cost of Materials Consumed	7054.000	7078.689	5313.766
	Purchases of Stock-in-Trade	1314.700	972.994	962.794
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1315.900)	49.755	266.693
	power, furl and water charges	4417.300	0.000	0.000
	repairs and maintenance	1386.300	0.000	0.000
	Employees benefits expense	1789.500	1557.945	1390.358
	Other expenses	1654.200	8128.022	6657.559
	TOTAL	16300.100	17787.405	14591.170

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	5223.600	5232.045	4220.637

Less	FINANCIAL EXPENSES	1549.300	1282.115	1209.713

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3674.300	3949.930	3010.924

Less/ Add	DEPRECIATION/ AMORTISATION	1373.000	1923.173	1749.861

	PROFIT/ (LOSS) BEFORE TAX	2301.300	2026.757	1261.063

Less	TAX	634.000	414.981	346.263

	PROFIT/ (LOSS) AFTER TAX	1667.300	1611.776	914.800

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	271.176	202.200	209.300

Less	APPROPRIATIONS
	Transfer to General Reserve	NA	1000.000	460.000
	debenture redemption reserve	NA	57.000	57.000
	proposed Dividend	NA	415.300	346.100
	Tax on Dividend	NA	70.500	58.800
	Total	NA	1542.800	921.900

	Balance Carried to the B/S	NA	271.176	202.200

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	3343.635	2970.448
	TOTAL EARNINGS	NA	3343.635	2970.448

	IMPORTS
	Wood Pulp	NA	591.130	377.659
	Chemicals	NA	238.217	163.021
	Coal	NA	3018.263	2233.947
	Waste Paper	NA	536.347	0.000
	Components and Stores parts	NA	538.627	259.609
	Capital Goods	NA	45.687	114.576
	TOTAL IMPORTS	NA	4968.271	3148.812

	Earnings / (Loss) Per Share (Rs.)	2.41	2.32	1.32

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	3877.204	3470.702
Cash From Operations	NA	5591.091	6554.048
Net cash from operating activities	NA	5235.979	6324.823

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	7.81	7.05	4.91

Operating Profit Margin (PBIDT/Sales)	(%)	24.46	22.90	22.68

Return on Total Assets (PBT/Total Assets}	(%)	4.92	5.64	4.20

Return on Investment (ROI) (PBT/Networth)		0.19	0.18	0.12

Debt Equity Ratio (Total Debt /Networth)		1.53	1.29	1.45

Current Ratio (Current Asset/Current Liability)		0.74	0.60	0.59

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.200.80/-

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	693.778	693.778	693.800
Reserves & Surplus	9660.987	10765.962	11322.600
Share Application money pending allotment	0.000	0.000	0.000
Net worth	10354.765	11459.740	12016.400

long-term borrowings	6572.861	6369.883	13691.700
Short term borrowings	4958.564	4504.038	4752.800
Total borrowings	11531.425	10873.921	18444.500
Debt/Equity ratio	1.114	0.949	1.535

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	18612.575	22852.241	21357.300
		22.779	(6.542)

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	18612.575	22852.241	21357.300
Profit	914.800	1611.776	1667.300
	4.91%	7.05%	7.81%

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	No
6	Contact numbers	No
7	Name of the person contacted	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	No
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 three years	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term borrowing
Term Loans-General Corporate Loan
Rupee Term Loans	NA	403.333
Short-term borrowing
Short Term Loans from Banks
Pre-Shipment Credit - Foreign Currency	NA	239.080
Buyer's Credit - Foreign Currency	NA	1820.883
Rupee Loan	NA	250.000
Total	NA	2713.296

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10554230	14/02/2015	1,100,000,000.00	Canara Bank	No 5, Greams Road, Thousand Lights, Chennai, Tamil Nadu - 600006, INDIA	C46222576
2	10551519	29/01/2015	1,000,000,000.00	Syndicate Bank	No. 38, Anna Salai, Chennai, Tamil Nadu - 600002, INDIA	C44762342
3	10557005	29/01/2015	2,500,000,000.00	Syndicate Bank	No.38, Anna Salai, Chennai, Tamil Nadu - 600002, INDIA	C47717863
4	10548872	22/01/2015	400,000,000.00	State Bank Of Travancore	No. 556, Jeevan Anand, Teynampet, Anna salai, Chennai, Tamil Nadu - 600018, INDIA	C43483296
5	10524637	15/09/2014	1,000,000,000.00	HDFC BANK LIMITED	9th Floor, 115, Dr.Radhakrishnan Salai, Mylapore, Chennai, Tamil Nadu - 600004, INDIA	C28109304
6	10482546	12/02/2014	2,500,000,000.00	CANARA BANK	524, ANNA SALAI, TEYNAMPET, CHENNAI, Tamil Nadu - 600018, INDIA	B98466576
7	10479751	29/01/2014	2,000,000,000.00	UNION BANK OF INDIA	SHAKTHI TOWERS, OLD NO 766, NEW NO 178, ANNA SALAI, CHENNAI, Tamil Nadu - 600002, INDIA	B97258123
8	10477893	21/01/2014	2,000,000,000.00	INDIAN BANK	THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDING, NO.61 1, ANNA SALAI, CHENNAI, Tamil Nadu - 600006, INDIA	B96496559
9	10475826	09/01/2014	1,000,000,000.00	STATE BNK OF TRAVANCORE	CHENNAI MAIN BRANCH, UNITED INDIA BUILDING, ESPLANADE, CHENNAI, Tamil Nadu - 600108, INDIA	B95581575
10	10479754	02/01/2014	2,000,000,000.00	PUNJAB & SIND BANK	SPENCER TOWERS, NO 770 A, ANNA SALAI, CHENNAI, Tamil Nadu - 600002, INDIA	B97259881

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014

CONTINGENT LIABILITIES :

a) Claims against the company not acknowledged as debts - Statutory Due
Income-tax	688.527
Wealth Tax	1.946
Custom Duty	27.121
Excise Duty	3276.915

b) Claims against the company not acknowledged as debts - Others
Corporate Office - Land	2.280
Land Acquisition Claims	13.612
Cess on Land Lease at Perungudi - Wind farm	9.274
Interest on Water Royalty paid belatedly	8.248
Lease - Wind Mill	0.812
Interest - ABFSL	13.824
Property Tax	0.000
Generation tax & interest on Generation Tax	142.963
Others	25.726

c) Concession in custom duty availed for imports cleared under EPCG Scheme	155.016
d) Solar Purchase Obligation	0.000
e) Revenue sharing agreement under captive plantation	Non-Quantifiable
f) Guarantees issued by the banks on behalf of the Company	263.306
g) Letter of Credit issued by banks on behalf of the Company
Unit - 1 - Paper	1014.226
Unit - 2 - Multilayer Coated Board Plant	3501.204
Sub Total	9145.000

OPERATIONS [AS ON 31.03.2014]

Sales turnover crossed Rs.20000.000 Million mark for the first time. At Rs. 22850.000 Million sales were 22% higher than in the previous year.

Profit before tax of Rs.2026.8 Million was an all-time record. Profit after tax of Rs.1611.8 Million. exceeded the PAT achieved in 2012-13 by 76%.

Sales volume of 391843 MT was the highest achieved by the Company in its history. This was made possible by the record production of 387714 MT by the Kagithapuram Factory. The company once again achieved ZERO stock of Printing and Writing paper at the end of the year.

The Directors have recommended a Dividend of 60% compared to 50% in each of the last three years. This rate of Dividend is the highest since the company began operations in 1986. The Dividend reflects the confidence that the Directors and Management have in the future of the company.

The Company generated 565.080 Million units of power and consumed 553.206 Million units. The excess of 11.874 Million units were exported to the State Grid. TNPL self-generates 99.2% of its power requirements and draws only 0.8% from the State Grid. This is an unparalleled performance compared to other mills in the paper industry in India and all industries in Tamil Nadu.

The company received 128043 Renewable Energy Certificates (REC) for generating power using steam produced in the Recovery Boiler. Of these 66854 RECs were sold during the year yielding revenues of Rs.100.000 Million

The Bio-methanation plants generated 96.64 lakh cubic meters of methane gas, the consumption of which in the lime kilns saved use of furnace oil valued at Rs. 245.400 Million

113904 tonnes of cement were produced using waste material - lime sludge and fly ash generated in the Paper Mill. TNPL is the first and only company in the Paper Industry in India to convert mill wastes into useable high grade cement.

257524 tonnes of Hardwood and Chemical Bagasse Pulp were produced during the year. The Company is involved in Farm Forestry and Plantations covering over 100185 acres benefitting 18709 farmers in 29 districts of Tamil Nadu.

The company repaid on schedule Term Loans amounting to Rs.3750.000 Million

OUTLOOK [AS ON 31.03.2014]

Despite slow economic recovery and continued erosion in demand by electronic media, global paper consumption is expected to reach 445 million tons by 2015, with a growth rate of 1.5 - 2% per annum. With consistent demand from the education sector, changes in lifestyle and overall economic growth there is potential for capacity addition and fresh investments in the Industry in the coming years.

As the demand for pulpwood exceeded supplies pulp wood prices have increased by about 60% during the year. Hit by the steep increase in pulpwood cost, the industry has stepped up plantation activities to augment pulp wood supplies. The shortage of pulpwood is expected to recede in a couple of years.

OUTLOOK, OPPORTUNITIES AND CHALLENGES [AS ON 31.03.2014]

NEWSPRINT

As manufacture of newsprint is uneconomical, TNPL has stopped producing newsprint during the year. TNPL is unlikely to produce Newsprint in the near future.

PRINTING AND WRITING PAPER

Global paper consumption is expected to reach 445 million tonnes by 2015. The growth in developed countries is expected to be flat. The growth in the developing countries is expected to provide for an overall growth of 1.5 to 2% per annum. Indian Paper Industry market size is estimated at 12 Million tonnes, consisting of Printing & Writing Paper 4.2 Million tonnes, Newsprint 2.3 Million tonnes, Industrial Paper 4.85 Million tonnes and Specialty Paper 0.65 Million tonnes.

In the Printing & Writing Paper Segment, uncoated varieties constitute 3.52 Million tonnes and coated varieties 0.68 Million tonnes. Within the uncoated varieties, Cream wove Papers constitute 50% and Surface Sized Grades account for the balance 50%.

Between 2008 and 2011, paper production capacity increased by about 1.50 Million tonnes, approximately 60% over the capacity in 2007 against the demand growth of about 8% per annum. Supplies were in excess of demand during 2011 and 2012. Paper prices therefore declined steeply during these years.

Raw materials shortage and steep increase in input costs increased the cost of production in all mills during the year. Because of steep increase in the input costs, paper prices were increased gradually from December 2012 onwards. The demand growth in the printing and writing paper is estimated at 6% per annum. No major capacity addition has been announced by mills as of now

PACKAGING BOARDS [AS ON 31.03.2014]

The packaging board market size is estimated at 2.2 million tonnes. Grey-back Boards constitute 50% and White-back Coated Boards, Folding Box Board, Solid Bleached Sulphate Board and other specialty board’s account for the balance 50%.

FIXED ASSETS

Tangible Assets

Land
Building
Railway sidings
Plant and machinery
Furniture and fixtures
Other equipments
vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.98.76
Euro	1	Rs.69.88

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		64

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 unfavorable 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.

MIRA INFORM REPORT

7.81

24.46

4.92

0.19

1.53

0.74

Unit