MIRA INFORM REPORT

Report No. :	355347
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	BIRLA FURUKAWA FIBRE OPTICS PRIVATE LIMITED (w.e.f. 14.01.2015)
Formerly Known As :	BIRLA FURUKAWA FIBRE OPTICS LIMITED
Registered Office :	Plot No.L-62 to L-64, Verna Industrial Estate, Verna – 403 722, Goa
Tel. No.:	91-830-6696400
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.07.2009
Com. Reg. No.:	24-006140
Capital Investment / Paid-up Capital :	Rs.123.080 Million
CIN No.: [Company Identification No.]	U33200GA2009PTC006140
IEC No.:	1709000821
TAN No.: [Tax Deduction & Collection Account No.]	BLRB08156B
PAN No.: [Permanent Account No.]	AADCB8087A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporting and Importing of Capital Fiber and Allied Products. (Confirmed by management)
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2009 having satisfactory track. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but the documents related to the financial for the year 2015 are not available from any sources. As per available financial of 2014, profit of the company has sharply declined. However, net worth base of the company is good. General financial position of the company is sound and healthy. Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitment. 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	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	CARE
Rating	Long-term Bank Facilities = (BBB+)
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	January 22, 2015

Rating Agency Name	CARE
Rating	Strong degree of safety and carry low credit risk.
Rating Explanation	Short-term Bank Facilities = (A2+)
Date	January 22, 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 PARTED BY

Name :	Mr. Vishant
Designation :	Accounts Manager
Contact No.:	91-832-6696400
Date :	16.12.2015

LOCATIONS

Registered Office / Factory:	Plot No.L-62 to L-64, Verna Industrial Estate, Verna – 403 722, Goa, India
Tel. No.:	91-830-6696400
Fax No.:	91-832-6696414
E-Mail :	accounts@birlafurukawa.com info@birlafurukawa.com sales@birlafurukawa.com
Website :	http://www.birlafurukawa.com
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 31.03.2015

Name :

Mr. Dhan Raj Bansal

Designation :

Director

Address :

House No. 12, Gotri Co-Opertive Housing Society, Behind Harikripa Society, Gotri Road, Vadodara - 390021, Gujarat, India

Date of Birth/Age :

01.08.1939

Qualification :

M.Sc

Date of Appointment :

23.07.2009

DIN No.:

00050612

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	L31300MP1983PLC002134	VINDHYA TELELINKS LIMITED	Director	06/11/1987	06/11/1987	-	Active	NO
2	L31300MP1992PLC007190	BIRLA ERICSSON OPTICAL LIMITED	Director	29/06/2012	24/10/1992	-	Active	NO
3	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Director	21/11/2008	30/09/2006	-	Active	NO
4	U24134DL2007PTC159596	HITEK DERIVATIVES & POLYMERS PRIVATE LIMITED	Director	22/02/2007	22/02/2007	03/03/2008	Active	NO
5	U31300UP1987PTC008657	UNIVERSAL TELELINKS PRIVATE LIMITED	Director	31/07/2007	16/06/2007	-	Active	NO
6	U33200GA2009PTC006140	BIRLA FURUKAWA FIBRE OPTICS Private Limited	Director	23/07/2009	23/07/2009	-	Active	NO
7	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	28/06/2012	05/05/2012	05/05/2015	Active	NO
8	U31300MP1989PTC005550	UNIVERSAL ELECTRICALS PRIVATE LIMITED	Director	12/08/2014	19/05/2014	-	Active	NO

Name :

Mr. Yashwant Singh Lodha

Designation :

Director

Address :

B-802, K.M. Apartments, Plot No.12, Sector-12, Dwarka, Delhi- 110075, India

Date of Birth/Age :

03.04.1964

Qualification :

Chartered Accountant and Company Secretary

Date of Appointment :

23.07.2009

DIN No.:

00052861

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	U51909WB1995PLC075959	LANESEDA AGENTS LTD	Director	23/09/1999	23/09/1999	01/01/2015	Active	NO
2	U31300MP1989PTC005550	UNIVERSAL ELECTRICALS PRIVATE LIMITED	Director	27/02/2004	27/02/2004	-	Active	NO
3	L31300MP1983PLC002134	VINDHYA TELELINKS LIMITED	Managing director	04/11/2015	27/10/2006	-	Active	NO
4	U31300UP1987PTC008657	UNIVERSAL TELELINKS PRIVATE LIMITED	Director	31/07/2007	16/06/2007	-	Active	NO
5	U33200GA2009PTC006140	BIRLA FURUKAWA FIBRE OPTICS Private Limited	Director	23/07/2009	23/07/2009	-	Active	NO
6	U45400DL2015PTC285164	Birla Visabeira Private Limited	Director	15/09/2015	15/09/2015	-	Active	NO

Name :

Mr. Harsh Vardhan Lodha

Designation :

Director

Address :

8, National Tower, 13, Loudon Street, Kolkata – 700 017, West Bengal, India

Date of Birth/Age :

13.02.1967

Qualification :

Chartered Accountant

Date of Appointment :

23.07.2009

DIN No.:

00394094

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	L74999WB1919PLC003516	ALFRED HERBERT (INDIA) LTD	Director	20/09/1990	20/09/1990	-	Active	NO
2	U21012DL1990PTC102759	SICPA INDIA Private Limited	Director	11/03/1994	11/03/1994	17/08/2015	Active	NO
3	L26942OR1949PLC000185	OCL INDIA LIMITED	Director	26/02/1996	26/02/1996	12/05/2008	Active	NO
4	U25199TN1955PLC000740	FENNER (INDIA) LIMITED	Director	18/03/1996	18/03/1996	-	Amalgamated	NO
5	U65999WB1995PTC068123	SWISS INDIA FINANCIAL SERVICES COMPANY PRIVATE LIMITED	Director	21/03/1996	21/03/1996	-	Active	NO
6	L01132WB1919PLC003334	BIRLA CORPORATION LIMITED	Director	23/04/1996	23/04/1996	-	Active	NO
7	U68192WB1983PLC036273	MANORAJ INVESTMENT LTD	Alternate director	20/05/1996	20/05/1996	28/02/2012	Active	NO
8	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	24/04/1998	24/04/1998	-	Active	NO
9	U74140WB1981PLC033942	ELCO CONSULTANTS LTD	Alternate director	09/01/2001	09/01/2001	19/09/2014	Active	NO
10	U29261WB1982PLC034537	CITY CONSULTANTS LTD	Alternate director	09/02/2001	09/02/2001	19/09/2014	Active	NO
11	U24114WB1982PLC034581	HARSH CHEMICALS LTD	Alternate director	16/02/2001	16/02/2001	06/10/2014	Active	NO
12	U74140WB1983PLC036275	ADVANCE BUSINESS SERVICES LTD	Alternate director	16/02/2001	16/02/2001	19/09/2014	Active	NO
13	U74140WB1983PLC036276	CENTRAL BUSINESS SERVICES LTD	Alternate director	16/02/2001	16/02/2001	19/09/2014	Active	NO
14	U70109WB1995PLC074449	PUNJAB PRODUCE HOLDINGS LIMITED	Director	08/04/2004	08/04/2004	-	Active	NO
15	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Director	05/05/2004	05/05/2004	-	Active	NO
16	L31300MP1983PLC002134	VINDHYA TELELINKS LIMITED	Director	05/05/2004	05/05/2004	-	Active	NO
17	U67120WB1995PTC074450	MAZBAT INVESTMENTS PVT LTD	Director	14/06/2004	14/06/2004	-	Active	NO
18	U70200WB1995PTC074504	MAZBAT PROPERTIES PVT. LTD.	Director	14/06/2004	14/06/2004	-	Active	NO
19	U65993WB1951PTC019688	EAST INDIA INVESTMENT CO PVT LTD	Director	15/06/2004	15/06/2004	-	Active	NO
20	U74999WB1937PTC025402	THE PUNJAB PRODUCE & TRADING CO. PVT. LTD.	Director	15/06/2004	15/06/2004	-	Active	NO
21	U28939WB1942PTC025403	GWALIOR WEBBING CO. PVT. LTD.	Director	15/06/2004	15/06/2004	-	Active	NO
22	U51109WB1942PTC075039	BARODA AGENTS AND TRADING CO. PRIVATE LIMITED	Director	15/06/2004	15/06/2004	-	Active	NO
23	U24134DL2007PTC159596	HITEK DERIVATIVES & POLYMERS PRIVATE LIMITED	Director	22/02/2007	22/02/2007	03/03/2008	Active	NO
24	U31300UP1987PTC008657	UNIVERSAL TELELINKS PRIVATE LIMITED	Director	31/07/2007	16/06/2007	25/09/2014	Active	NO
25	U24231TN1992PLC062306	J.K. Fenner (India) Limited	Director	27/12/2007	18/10/2007	-	Active	NO
26	L31300MP1992PLC007190	BIRLA ERICSSON OPTICAL LIMITED	Director	29/10/2007	29/10/2007	-	Active	NO
27	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	25/07/2015	30/06/2008	-	Active	NO
28	U74140WB2001PTC093908	Oneworld Resources Private Limited	Director	29/09/2009	17/10/2008	-	Active	NO
29	U33200GA2009PTC006140	BIRLA FURUKAWA FIBRE OPTICS Private Limited	Director	23/07/2009	23/07/2009	-	Active	NO
30	AAC-2063	LA CREME DE LA CREME SERVICES LLP	Designated Partner	24/03/2014	24/03/2014	-	Active	NO

Name :

Mr. Akio Nakajima

Designation :

Alternate Director

Address :

Mizuho 2-1-1-14-708, Hanamigawa Ward, Chiba - 2620026, Japan, India

Date of Birth/Age :

16.11.1969

Date of Appointment :

30.06.2015

DIN No.:

06904305

Name :

Shunichi Nakamura

Designation :

Director

Address :

Nishiki-Cho, 4-1-801, Hiratsuka Kanagawa - 2540044, Japan

Date of Appointment :

30.06.2015

DIN No.:

07222387

Name :

Toshihiko Ota

Designation :

Director

Address :

Chiharadai-Minami, 3-1-7, Ichihara Chiba - 2900142, Japan

Date of Appointment :

30.06.2015

DIN No.:

07222394

KEY EXECUTIVES

Name :	Ms. Divya S. Pai Vernekar
Designation :	Company Secretary
Address :	311, kamat Tower, Patto, Panjim – 403001, Goa, India
Tel No. :	91-832-2438313
Email :	cs.divyapv@gmail.com
Name :	Mr. Kapil Mehta
Designation :	Manager
Address :	114, Kamat Royale, Caranzalem - 403002, Goa, India
Date of Appointment :	09.03.2013
PAN No.:	AIAPM7521L
Name :	Mr. Prahlad Ray Somani
Designation :	Chief Finance Officer
Address :	Flat No. 8, First Floor, Building C, Sapna Oasis, Nagesh Garden Road, Borda, Margao, - 403602, Goa, India
Date of Appointment :	11.02.2015
PAN No.:	ANTPS4443D
Name :	Mr. Raghav Manoj Mulay
Designation :	Secretary
Address :	Flat F1, Building C, Mahanagar-1 Co-Operative Housing Society, Madel, Margao - 403601, Goa, India
Date of Appointment :	30.09.2013
PAN No.:	ARYPM3167H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares
Universal Cables Limited, India	4588465
The Punjab Produce and Trading Company Private Limited, India	738462
Baroda Agents and Trading Company Private Limited, India	246154
Gwalior Webbing Company Private Limited, India	246154
August Agents Limited	315000
Insilco Agents Limited	315000
Laneseda Agents Limited	320000
Furukawa Electric Co. Limited, Japan	5538463
Furukawa Electric Co. Limited, Japan (Jointly with Katsuhiko Murota)	1
Furukawa Electric Co. Limited, Japan (Jointly with Yoshiaki Mizota)	1
Total	12307700

LIST OF ALLOTTES

As on 30.06.2015

Names of Allottees	No. of Shares
The Punjab Produce and Trading Company Private Limited, India	528015
Baroda Agents and Trading Company Private Limited, India	442299
Gwalior Webbing Company Private Limited, India	42857
Furukawa Electric Co. Limited, Japan	964287
August Agents Limited	54844
Insilco Agents Limited	54844
Laneseda Agents Limited	55714
Total	2142860

Equity Share Break up (Percentage of Total Equity)

As on 18.08.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	45.00
Bodies corporate	55.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporting and Importing of Capital Fiber and Allied Products. (Confirmed by management)
Products :	Capital Fiber Allied Products
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Japan China Korea
Imports :
Products :	Raw Material
Countries :	Japan China
Terms :
Selling :	L/C and Credit (30 / 60 Days)
Purchasing :	L/C and Credit (30 / 60 Days)

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 :

Wholesalers

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 :

60 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	A Wing, 16^th Floor, BCC Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. B.N. Jha (Relationship Manager)
Contact Number	91-22-61709601 / 611
Name of Account Holder	Birla Furukawa Fiber Optics Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	5 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	As claimed by Mr. B.N. Jha (Relationship Manager) that he is satisfied with subject company.
Bank Name	Mizuho Corporate Bank Limited
Branch	Mumbai Branch, Maker Chamber IIIm,1^st Floor, Jamnalal Bajaj, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	167.470	24.610
Short-term borrowings
Working capital loans from banks	357.600	208.660
(Collateral security in the form of Corporate guarantee given by Universal Cables Limited)
Total	525.070	233.270

Auditors :
Name :	V. Sankar Aiyar and Company Chartered Accountants
Address :	Satyam Cinema Complex, Ranjit Nagar Community Centre, New Delhi – 110008, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFV0781D
Memberships :	Not Available
Collaborators :	Not Available
Other related parties :	Universal Cables Limited, India L31300MP1945PLC001114 Furukawa Electric Company Limited, Japan (FEC), Japan

CAPITAL STRUCTURE

After 18.08.2014

Authorised Capital : Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 144.506 Million

As on 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12307700	Equity Shares	Rs.10/- each	Rs.123.080 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	123.080	100.000	100.000
(b) Reserves & Surplus	677.450	520.560	440.100
(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)	800.530	620.560	540.100
(3) Non-Current Liabilities
(a) long-term borrowings	167.470	24.610	26.230
(b) Deferred tax liabilities (Net)	63.520	44.640	21.730
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	1.690
Total Non-current Liabilities (3)	230.990	69.250	49.650
(4) Current Liabilities
(a) Short term borrowings	357.600	208.660	226.950
(b) Trade payables	405.580	350.030	163.110
(c) Other current liabilities	113.320	45.150	87.910
(d) Short-term provisions	15.210	33.280	1.810
Total Current Liabilities (4)	891.710	637.120	479.780
TOTAL	1923.230	1326.930	1069.530
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	771.470	518.000	540.640
(ii) Intangible Assets	0.290	0.390	0.490
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	30.660	19.290	16.350
(e) Other Non-current assets	7.450	6.930	6.390
Total Non-Current Assets	809.870	544.610	563.870
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	293.810	264.330	85.850
(c) Trade receivables	686.910	417.870	280.100
(d) Cash and cash equivalents	19.600	30.380	96.270
(e) Short-term loans and advances	109.690	68.360	42.500
(f) Other current assets	3.350	1.380	0.940
Total Current Assets	1113.360	782.320	505.660
TOTAL	1923.230	1326.930	1069.530

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	1759.750	1272.360	1098.060
	Other Income	(9.750)	11.360	3.430
	TOTAL (A)	1750.000	1283.720	1101.490
Less	EXPENSES
	Cost of Materials Consumed	1014.330	821.010	664.420
	Purchases of Stock-in-Trade	314.990	18.260	6.910
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.960)	(62.430)	(5.590)
	Employees benefits expense	57.590	48.470	38.230
	Other expenses	208.180	215.040	243.140
	TOTAL (B)	1594.130	1040.350	947.110
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	155.870	243.370	154.380
Less	FINANCIAL EXPENSES (D)	29.920	22.910	33.530
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	125.950	220.460	120.850
Less/ Add	DEPRECIATION/ AMORTISATION (F)	66.490	60.520	57.750
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	59.460	159.940	63.100
Less	TAX (H)	19.020	52.570	22.860
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	40.440	107.370	40.240
	Earnings / (Loss) Per Share (Rs.)	3.62	10.74	4.02

Particulars	31.03.2015
Sales Turnover	2800.000

Expected Sales (2015-2016) : Rs.3000.000 Million

The above information has been parted by Mr. Vishant (Accounts Manager).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	54.850	33.950	72.150
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(156.820)	83.720	85.990
Net cash flow from operating activity	(168.870)	51.040	73.830

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.30	8.44	3.66
Operating Profit Margin (PBIDT/Sales)	(%)	8.86	19.13	14.06
Return on Total Assets (PBT/Total Assets}	(%)	3.09	12.05	5.90
Return on Investment (ROI) (PBT/Networth)		0.07	0.26	0.12
Debt Equity Ratio (Total Debt /Networth)		0.72	0.43	0.60
Current Ratio (Current Asset/Current Liability)		1.25	1.23	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	100.000	100.000	123.080
Reserves & Surplus	440.100	520.560	677.450
Net worth	540.100	620.560	800.530
long-term borrowings	26.230	24.610	167.470
Short term borrowings	226.950	208.660	357.600
Current Maturities Of Long-Term Debts	72.150	33.950	54.850
Total borrowings	325.330	267.220	579.920
Debt/Equity ratio	0.602	0.431	0.724

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1098.060	1272.360	1759.750
		15.873	38.306

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1098.060	1272.360	1759.750
Profit	40.240	107.370	40.440
	3.66%	8.44%	2.30%

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 three 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

GENERAL AND CORPORATE MATTERS

The Directors are pleased to report that the Company sustained its healthy and profitable performance during the year. Operating in a volatile and uncertain environment, the Company demonstrated the resilience of its business model. During the year, the Company’s revenue from operations increased to Rs.1959.140 million as against Rs.1378.410 million during the previous year, registering a growth of 42 per cent. The domestic turnover of the Company during the year was Rs.1807.120 million as against Rs.947.570 million achieved in the preceding year recording a growth of 91 per cent. The Company increased its focus on domestic markets in order to capitalise on the surge in the demand for the products using Optical Fibres, while continuing to monitor the export markets for opportunities based on economic considerations.

Optical Fibre industry is currently witnessing a strong spurt of opportunities and the scenario, coupled with the emergence of already announced new technologies and government and private initiatives viz. NOFN (National Optical Fibre Network) and 4G network deployment provides a positive future business outlook. With renewed interest by the planners and the government authorities alike in offering digital era to new age India, the Telecommunication industry is set for a transformation in coming years and will see changes in terms of available spectrums and launch of new and future ready networks to cater to these requirements which augurs well for the Company.

Despite a strong demand for Optical Fibre, its prices are continuously under pressure and witnessing reduction primarily due to weak sentiments amidst global slowdown. The company therefore needs to remain competitive by reducing costs, exploring new markets and widen its product

.

However, the Company, amid the backdrops, keeping a forward looking approach had conceptualised an expansion strategy which is nearing completion and the increased production capacity would give the Company a strong impetus, better deliverability and reinforced standing amid competition. The Company shall have benefits of expansion which shall accrue from 2014-15 fiscal year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10529716	10/11/2014	306,177,500.00	THE BANK OF TOKYO MITSUBISHI UFJ LTD	MUMBAI BRANCH, HOECHST HOUSE, 15TH FLOOR, 193, VINAY K SHAH MARG, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	C32666000
2	10281000	29/03/2011	352,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, J. N. HEREDIA MARG, BALLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA	B10887032
3	10257104	19/12/2013 *	158,976,000.00	THE BANK OF TOKYO MITSUBISHI UFJ LTD	MUMBAI BRANCH, HOECHST HOUSE, 15 FLOOR, 193, VINAY, K SHAH MARG, NARIMAN POINT, MUMBAI, Maharashtra  - 400021, INDIA	B93699239
4	10251470	17/12/2013 *	201,657,600.00	MIZUHO BANK LIMITED (FORMERLY KNOWN AS MIZUHO CORP  ORATE BANK LTD)	MUMBAI BRANCH, MAKER CHAMBER III, 1ST FLOOR, JAM  NALAL BAJAJ ROAD, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B94241254

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Estimated amount of contracts remaining to be executed on capital account and not provided for	14.510	11.100
Other commitments	41.490	0.000

FIXED ASSETS

• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Leasehold improvements

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.66.64
UK Pound	1	Rs.99.61
Euro	1	Rs.72.32

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.