MIRA INFORM REPORT

Report No. :	354745
Report Date :	16.12.2015

IDENTIFICATION DETAILS

Name :	DHANUKA LABORATORIES LIMITED
Formerly Known As :	DHANUKA LABORATORIES PRIVATE LIMITED QUANTUM POLYMERS PRIVATE LIMITED
Registered Office :	82, Abhinash Mansion, 1^st Floor, Joshi Road, Karol Bagh, New Delhi - 110005
Tel. No.:	91-11-64656800-02
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	24.02.1993
Com. Reg. No.:	55-052285
Capital Investment / Paid-up Capital :	Rs. 60.395 Million
CIN No.: [Company Identification No.]	U24100DL1993PLC052285
IEC No.:	0598003959
TAN No.: [Tax Deduction & Collection Account No.]	DELD04043E
PAN No.: [Permanent Account No.]	AAACD2877R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Drugs and Pharmaceuticals Ingredients. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1819000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was established in the year 1993 and it is engaged in manufacturing and marketing of pharmaceutical ingredients and advanced intermediates in the field of cephalosporin antibiotics. Its products include agro chemicals, seeds and pharmaceuticals. For the financial year ended 2015, revenue of the company has marginally declined by 3.57% but it has been able to maintain average profit margin at 4.77% during the year under review. Rating takes into consideration company’s established track record of business operations marked by its diversified product profile and established relationship its customers. Rating also takes into consideration its satisfactory financial profile marked by its adequate net worth base along with favorable gap between trade payables to its receivable and sound debt coverage indicators. However, rating strength is partially offset by company’s heavy reliance on a single product segment cephalosporin at a standalone level, which is expected to continue to constitute a bulk of its revenues marked by high competitive intensity in the industry and API industry remains exposed to price erosion risks as the products become commoditized. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	ICRA
Rating	Fund based facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	November, 2015

Rating Agency Name	ICRA
Rating	Non fund based facilities = A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	November, 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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Pankaj Bansal
Designation :	Accounts Head
Contact No.:	91-124-3838500
Date :	14.12.2015

LOCATIONS

Registered Office :	82, Abhinash Mansion, 1^st Floor, Joshi Road, Karol Bagh, New Delhi – 110005, India
Tel. No.:	91-11-64656800-02
Fax No.:	91-11-43850614
E-Mail :	headoffice@dhanuka.com Investors@dhanuka.com recruitment@dhanuka.com
Website :	http://www.dhanuka.com
Corporate Office :	Dhanuka Agritech Limited, 14^th Floor, Building 5A, DLF Cyber Terrace, Cyber City, DLF Phase III, Gurgaon- 122002, Haryana, India
Tel. No.:	91-124-3838500
Factory/ Warehouse:	7^th KM, Old Manesar Road, Village, Mohammedpur, Gurgaon – 122001, Haryana, India

DIRECTORS

AS ON 30.09.2015

Name :

Mr. Arjun Dhanuka

Designation :

Whole-Time Director

Address :

31-B Cottage-4, Rajpur Road, Delhi - 110054, India

Date of Appointment :

01.08.2015

DIN No.:

00454689

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	Company/ LLP Status	Defaulting status
1	U74899DL1984PTC018862	LIBERTY SALES PRIVATE LIMITED	Director	13/02/2007	13/02/2007	Amalgamated	NO
2	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Whole-time director	01/08/2015	18/08/2008	Active	NO

Name :

Mr. Mahendra Kumar Dhanuka

Designation :

Director

Address :

Plot No. 95-B, E-2 Lane, Eastern Avenue, Sainik Farm, New Delhi - 110062, India

Date of Birth/Age :

14.12.1954

Qualification :

Commerce Graduate

Date of Appointment :

02.03.1999

DIN No.:

00628039

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	Company/ LLP Status	Defaulting status
1	L24219DL1985PLC020126	DHANUKA AGRITECH LIMITED	Managing director	17/09/2014	13/02/1985	Active	NO
2	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	02/03/1999	02/03/1999	Active	NO
3	U51109DL2004PTC128122	GOLDEN OVERSEAS Private Limited	Director	05/12/2005	05/12/2005	Active	NO
4	U74994DL2006PTC147162	MADHURI DESIGNS-N-EXPORTS PRIVATE LIMITED	Director	06/03/2006	06/03/2006	Strike off	NO
5	U72200DL2006PTC147749	DHANUKA INFOTECH PRIVATE LIMITED	Director	20/03/2006	20/03/2006	Active	NO
6	U70101DL2005PTC135106	M D BUILDTECH PRIVATE LIMITED	Director	30/09/2010	04/09/2010	Active	NO
7	U65991DL2013PTC262060	Dhanuka Finvest Private Limited	Director	12/12/2013	12/12/2013	Active	NO

Name :

Mr. Rahul Dhanuka

Designation :

Director

Address :

Plot No. 95a, E-2 Lane, Eastern Avenue, Sainik Farms, New Delhi - 110062, India

Date of Birth/Age :

04.04.1975

Date of Appointment :

02.03.1999

DIN No.:

00150140

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	U74899DL1960PLC003276	NORTHERN MINERALS LIMITED	Whole-time director	11/12/1995	11/12/1995	-	Amalgamated	NO
2	U65921DL1984PLC018746	EXCLUSIVE LEASING AND FINANCE LIMITED	Director	20/01/1999	20/01/1999	29/03/2011	Active	NO
3	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	02/03/1999	02/03/1999	-	Active	NO
4	L24219DL1985PLC020126	DHANUKA AGRITECH LIMITED	Whole-time director	01/05/2012	28/01/2002	-	Active	NO
5	U70101DL2005PTC135106	M D BUILDTECH PRIVATE LIMITED	Director	20/04/2005	20/04/2005	04/09/2010	Active	NO
6	U51109DL2004PTC128122	GOLDEN OVERSEAS PRIVATE LIMITED	Director	05/12/2005	05/12/2005	-	Active	NO
7	U72200DL2006PTC147749	DHANUKA INFOTECH PRIVATE LIMITED	Director	20/03/2006	20/03/2006	04/09/2010	Active	NO
8	U70101DL2005PTC135107	H D REALTORS PRIVATE LIMITED	Director	30/09/2015	13/04/2015	-	Active	NO

Name :

Urmila Dhanuka

Designation :

Director

Address :

Plot No. 95a,E-2 Lane,Eastern Avenue, Sainik Farm, New Delhi, New Delhi - 110062, India

Date of Birth/Age :

15.08.1951

Qualification :

Graduate

Date of Appointment :

24.10.2001

PAN No.:

AAAPD1027E

DIN No.:

01252045

Other Directorship :

Top of Form

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	Company/ LLP Status	Defaulting status
1	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	24/10/2001	24/10/2001	Active	NO
2	U70101DL2005PTC135107	H D REALTORS PRIVATE LIMITED	Director	30/09/2015	13/04/2015	Active	NO

Bottom of Form

Name :

Mr. Mridul Dhanuka

Designation :

Director

Address :

Plot No. 95B, E-2 Lane, Eastern Avenue, Sainik Farms, New Delhi - 110062, India

Date of Birth/Age :

20.10.1980

Qualification :

B Tech, MBA

Date of Appointment :

06.10.2005

DIN No.:

00199441

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	U70101DL2005PTC135106	M D BUILDTECH PRIVATE LIMITED	Director	20/04/2005	20/04/2005	-	Active	NO
2	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	06/10/2005	06/10/2005	-	Active	NO
3	U24239DL2006PTC144368	OTSUKA CHEMICAL (INDIA) PRIVATE LIMITED	Director	02/01/2006	02/01/2006	-	Active	NO
4	U74899DL1960PLC003276	NORTHERN MINERALS LIMITED	Whole-time director	15/03/2007	15/03/2007	-	Amalgamated	NO
5	U34300DL1985PLC021785	HINDON MERCANTILE LIMITED	Director	07/09/2010	16/12/2009	25/03/2011	Active	NO
6	U65921DL1984PLC018746	EXCLUSIVE LEASING AND FINANCE LIMITED	Director	10/09/2010	17/12/2009	23/05/2011	Active	NO
7	U72200DL2006PTC147749	DHANUKA INFOTECH PRIVATE LIMITED	Director	30/09/2010	04/09/2010	-	Active	NO
8	L24219DL1985PLC020126	DHANUKA AGRITECH LIMITED	Whole-time director	29/07/2011	23/05/2011	-	Active	NO

Name :

Mr. Arun Kumar Dhanuka

Designation :

Director

Address :

31-B, Cottage No. 4, Rajpur Road, Civil Lines, Delhi - 110054, India

Date of Birth/Age :

14.05.1957

Qualification :

Commerce Graduate

Date of Appointment :

24.02.1993

PAN No.:

AAFPD3685B

DIN No.:

00627425

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	Company/ LLP Status	Defaulting status
1	U74899DL1960PLC003276	NORTHERN MINERALS LIMITED	Whole-time director	08/08/1980	08/08/1980	Amalgamated	NO
2	U74899DL1987PTC029586	GROWTH ADVERTISING AND MARKETING PRIVATE LTD	Director	17/05/1990	17/05/1990	Amalgamated	NO
3	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	24/02/1993	24/02/1993	Active	NO
4	U74899DL1990PTC040509	DUKE IMPEX PRIVATE LIMITED	Director	13/02/2007	13/02/2007	Amalgamated	NO
5	L24219DL1985PLC020126	DHANUKA AGRITECH LIMITED	Whole-time director	01/08/2013	23/05/2007	Active	NO
6	U51101DL2014PTC263829	A.M. BROS. FINTRADE PRIVATE LIMITED	Director	22/01/2014	22/01/2014	Active	NO

Name :

Mrs. Seema Dhanuka

Designation :

Director

Address :

31-B, Rajpur Road, Cottage No-4, Delhi -110054, India

Date of Birth/Age :

26.05.1969

Qualification :

Commerce Graduate

Date of Appointment :

21.09.1996

PAN No.:

AAEPD0576A

DIN No.:

00455088

Other Directorship :

Top of Form

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	Company/ LLP Status	Defaulting status
1	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	21/09/1996	21/09/1996	Active	NO
2	U74899DL1984PTC018862	LIBERTY SALES PRIVATE LIMITED	Director	13/02/2007	13/02/2007	Amalgamated	NO

Bottom of Form

Name :

Mr. Kunj Sonthalia

Designation :

Director

Address :

C-122, Sushant Apartments, Block-C, Sushant Lok-I, Gurgaon - 122001, Haryana, India

Date of Appointment :

30.09.2015

DIN No.:

00756382

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	Company/ LLP Status	Defaulting status
1	U51101DL2014PTC263829	A.M. BROS. FINTRADE PRIVATE LIMITED	Director	30/09/2015	13/09/2014	Active	NO
2	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	30/09/2015	25/02/2015	Active	NO

Name :

Mr. Naresh Kumar

Designation :

Director

Address :

House No.1071 Sector 36-C, Chandigarh -160036, Chandigarh, India

Date of Appointment :

30.09.2015

DIN No.:

01109265

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	U00000PB2004NPL026873	NIMBUA GREENFIELD (PUNJAB) LIMITED	Director	01/03/2004	01/03/2004	27/09/2010	Active	NO
2	L24110TG1991PLC013511	KREBS BIOCHEMICALS AND INDUSTRIES LIMITED	Director	27/09/2007	22/02/2007	30/09/2010	Active	NO
3	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	30/09/2015	28/03/2015	-	Active	NO

Name :

Mr. Manish Dhanuka

Designation :

Managing Director

Address :

Cottage No 4 , 31 B, Rajpur Road , Civil Lines, Delhi -110054, India

Date of Birth/Age :

28.09.1967

Qualification :

M. Tech

Date of Appointment :

01.03.2014

PAN No.:

AAEPD0075G

DIN No.:

00238798

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	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC040509	DUKE IMPEX PRIVATE LIMITED	Director	15/06/1990	15/06/1990	Amalgamated	NO
2	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Managing director	01/03/2014	24/02/1993	Active	NO
3	U24239DL2006PTC144368	OTSUKA CHEMICAL (INDIA) Private Limited	Director	02/01/2006	02/01/2006	Active	NO
4	U74899DL1984PTC029568	COSMO COMPONENTS PRIVATE LIMITED	Director	13/02/2007	13/02/2007	Amalgamated	NO
5	U51101DL2014PTC263829	A.M. BROS. FINTRADE PRIVATE LIMITED	Director	22/01/2014	22/01/2014	Active	NO
6	U24232DL2009PTC194500	SYNMEDIC LABORATORIES PRIVATE LIMITED	Director	10/08/2015	16/07/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Shashikant Pandey
Designation :	Secretary
Address :	H-16 200/49 Ratiya Marg, Sangam Vihar, New Delhi - 110063, India
Date of Birth/Age :	06.10.1985
Date of Appointment :	11.08.2014
PAN No.:	BBHPP9089F
Name :	Mr. Pankaj Bansal
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Ram Gopal Agarwal	64250
M.K.Dhanuka	67250
Urmila Dhanuka	40000
Uma Dhanuka	58500
Rahul Dhanuka	23100
Mridul Dhanuka	1000
Harsh Dhanuka	15000
Reema Khowala	1000
R.G. Agarwal (HUF)	12000
M.K. Dhanuka (HUF)	4400
Rahul Dhanuka (HUF)	2000
Mridul Dhanuka (HUF)	10000
Harsh Dhanuka (HUF)	10000
Arun Kumar Dhanuka	119560
Manish Dhanuka	30640
Arjun Dhanuka	30000
Mamta Dhanuka	49190
Seema Dhanuka	3700
Pushpa Dhanuka	57510
Manish Dhanuka (HUF)	3850
Arun Kumar Dhanuka (HUF)	1000
Total	603950

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	92.84
Other top fifty shareholders	7.16
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Drugs and Pharmaceuticals Ingredients. (Registered Activity)
Brand Names :	--
Agencies Held :	--
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 (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Yes Bank Limited

9^th Floor, Nehru Centre, Discovery of India,, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Corporation Bank

SCF 87/88, Shopping Area, Sector-14, Gurgaon - 122001, Haryana, India

· Barclays Bank PLC.

Ground Floor, Eros Corporate Tower, Nehru Place, New Delhi - 110019, India

· Centurion Bank of Punjab Limited

10166-67,Gurudwara Road, Karol Bagh, New Delhi - 201301, India

· HSBC Bank (Mauritius) Limited

6^th Floor, HSBC Centre, 18 Cybercity, Ebene, Mauritius, - NA, Mauritius

· DBS Bank Limited

Capital Point, Baba Kharak Singh Marg, Connaught  Place, New Delhi - 110001, India

· Indusind Bank Limited

Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi - 110001, India

· Kotak Mahindra Bank Limited

22, Ground Floor, ING Vysya House, M.G. Road, Bangalore - 560001, Karnataka, India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	35.667	84.103
Rupee term loans from others	1.886	4.584
SHORT TERM BORROWINGS
Term loans	295.158	355.314
Total	332.711	444.001

Auditors :
Name :	Goyal Malhotra and Associates Chartered Accountants
Address :	D-64 Ground Floor, Near park Plaza, Hotel Sector 55, Noida, Uttar Pradesh, India
E-Mail :	mail@goyalmalhotra.com
Income-tax PAN of auditor or auditor's firm :	AAKFA1724D
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Dhanuka Agritech Limited (L24219DL1985PLC020126) · Growth Advertising and Marketing Private Limited (U74899DL1987PTC029586) · Liberty Sales Private Limited (U74899DL1984PTC018862) · Duke Impex Private Limited (U74899DL1990PTC040509) · Cosmo Components Private Limited (U74899DL1984PTC029568) · Ambros Finetrade Private Limited · Otsuka Chemical (India) Private Limited (U24239DL2006PTC144368)
Joint Venture:	· Synmedic Laboratories · Otsuka Chemical (India) Private Limited
Others related Party:	IKO Overseas

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
800,000	Equity Shares	Rs. 100/- each	Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
603,950	Equity Shares	Rs. 100/- each	Rs. 60.395 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	60.395	79.900	79.900
(b) Reserves & Surplus	576.145	397.092	269.185
(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)	636.540	476.992	349.085
(3) Non-Current Liabilities
(a) Long-term borrowings	245.763	277.727	269.552
(b) Deferred tax liabilities (Net)	62.274	59.336	51.737
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	308.037	337.063	321.289
(4) Current Liabilities
(a) Short term borrowings	295.158	355.314	361.613
(b) Trade payables	760.056	663.872	760.654
(c) Other current liabilities	56.861	36.878	37.623
(d) Short-term provisions	42.374	71.839	41.755
Total Current Liabilities (4)	1154.449	1127.903	1201.645
TOTAL	2099.026	1941.958	1872.019
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	454.650	484.365	459.805
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.591	6.971	3.851
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	363.312	190.885	101.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.346	0.346	15.641
Total Non-Current Assets	824.899	682.567	580.797
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	436.371	323.615	403.056
(c) Trade receivables	669.837	743.496	692.285
(d) Cash and cash equivalents	3.271	23.700	39.062
(e) Short-term loans and advances	125.563	135.105	108.869
(f) Other current assets	39.085	33.475	47.950
Total Current Assets	1274.127	1259.391	1291.222
TOTAL	2099.026	1941.958	1872.019

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	3480.610	3700.792	3082.593
		Other Income	108.221	34.507	17.852
		TOTAL (A)	3588.831	3735.299	3100.445
Less	EXPENSES
		Cost of Materials Consumed	2847.413	2924.386	2622.916
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(32.313)	45.949	(85.571)
		Employees benefits expense	89.772	82.420	69.527
		Other expenses	379.130	403.175	282.944
		TOTAL (B)	3284.002	3455.930	2889.816
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		304.829	279.369	210.629
Less	FINANCIAL EXPENSES (D)		62.861	59.669	74.656
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		241.968	219.700	135.973
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.621	24.555	22.764
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		214.347	195.145	113.209
Less	TAX (H)		28.847	67.238	34.925
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		185.500	127.907	78.284
	Earnings Per Share (Rs.)		266.78	160.08	156.37

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	319.586	171.080	(275.332)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.33	3.46	2.54
Operating Profit Margin (PBDIT/Sales)	(%)	8.76	7.55	6.83
Return on Total Assets (PBT/Total Assets}	(%)	12.40	11.19	6.41
Return on Investment (ROI) (PBT/Networth)		0.34	0.41	0.32
Debt Equity Ratio (Total Debt/Networth)		0.85	1.33	1.81
Current Ratio (Current Asset/Current Liability)		1.10	1.12	1.07

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	79.900	79.900	60.395
Reserves & Surplus	269.185	397.092	576.145
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	349.085	476.992	636.540
Long-term borrowings	269.552	277.727	245.763
Short term borrowings	361.613	355.314	295.158
Total borrowings	631.165	633.041	540.921
Debt/Equity ratio	1.808	1.327	0.850

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	3082.593	3700.792	3480.610
		20.055	-5.950

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	3082.593	3700.792	3480.610
Profit	78.284	127.907	185.500
	2.54%	3.46%	5.33%

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	Yes
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	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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10602582	21/10/2015	390,909,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE,, 18 CYBERCITY, EBENE, MA  URITIUS, - NA, MAURITIUS	C70155817
2	10600227	07/10/2015	180,000,000.00	DBS BANK LIMITED	CAPITAL POINT, BABA KHARAK SINGH MARG, CONNAUGHT  PLACE, NEW DELHI - 110001, INDIA	C68974146
3	10531810	19/12/2014 *	280,000,000.00	INDUSIND BANK LIMITED	DR. GOPAL DAS BHAWAN, 28, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	C39840624
4	10518278	19/12/2014 *	280,000,000.00	ING VYSYA BANK LIMITED	22,GROUND FLOOR,ING VYSYA HOUSE, M.G.ROAD, BANG  ALORE - 560001, KARNATAKA, INDIA	C39605589
5	10480791	03/02/2014	1,100,000.00	CORPORATION BANK	S.C.F 87/88, SHOPPING AREA COMPLEX,, SECTOR-14, G  URGAON - 122001, HARYANA, INDIA	B97686265
6	10328109	19/12/2014 *	195,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI -  400018, MAHARASHTRA, INDIA	C49384613
7	10268229	26/08/2011 *	84,500,000.00	BARCLAYS BANK PLC.	GROUND FLOOR, EROS CORPORATE TOWER, NEHRU PLACE,  NEW DELHI - 110019, INDIA	B21377056
8	10174226	26/05/2014 *	130,000,000.00	HDFC BANK LIMITED	2ND FLOOR, INDIAN EXPRESS BUILDING,, 9-10, BAHADUR SHAH ZAFAR MARG, ITO, DELHI - 110002, INDIA	C14457238
9	10054143	18/02/2014 *	200,000,000.00	INDUSIND BANK LTD.	DR. GOPAL DAS BUILDING,, 28, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B97283543
10	10025720	13/10/2006	63,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	A05913884
11	80000210	01/06/2012 *	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B44326981

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from others	50.000	171.630
Other loans and advances, others	158.210	17.410
Total	208.210	189.040

BUSINESS OPERATIONS

During this period, the Company has exported goods worth Rs.1762.426 million. The Net Profit during this period was Rs.185.500 million after providing for Interest, Income Tax and Depreciation. The provision for Income Tax amounting to Rs.30.096 million has been made. A provision of Rs.2.738 million for deferred tax liability has also been made and Company is entitled to MAT Credit of Rs.4.187 million.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

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 AntiCorruption 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.67.04
UK Pound	1	Rs.101.67
Euro	1	Rs.73.93

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAR
Report Prepared by :	ARC

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.