MIRA INFORM REPORT

Report No. :	305771
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	SHIVA GLOBAL AGRO INDUSTRIES LIMITED
Registered Office :	Shri Hanuman Nagar, Osman Nagar Road, Village - Dhakni, Nanded-431708, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.01.1993
Com. Reg. No.:	11-070334
Capital Investment / Paid-up Capital :	Rs.95.430 Millions
CIN No.: [Company Identification No.]	L24120MH1993PLC070334
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is primarily engaged in the manufacture and trading of Farm Inputs
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing Trade relation are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings at usual 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 – December 31, 2014

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term BB
Rating Explanation	Moderate risk of default
Date	March 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 31-03-2014.

LOCATIONS

Registered Office/ Factory :	Shri Hanuman Nagar, Osman Nagar Road, Village - Dhakni, Nanded-431708,Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	www.shivaagro.com shivaagrol@gmail.com
Plant :	B-17/2MIDC,Nanded Dist.Nanded, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Omprakash Gilda
Designation :	Managing Director
Date of Birth/Age:	02.01.1953
Qualification:	B.com
Name :	Mrs. Sandhya S. Maheshwari
Designation :	Director
Date of Birth/Age:	06.05.1966
Qualification:	B.com
Name :	Mr. Santosh H. Malpani
Designation :	Director
Date of Birth/Age:	10.08.1966
Qualification:	MBBS, MD (GP)
Name :	Mr. Divakar N. Shetty
Designation :	Director
Date of Birth/Age:	14.10.1944
Qualification:	B.com
Name :	Mr. Arun Toshniwal
Designation :	Non-Executive Director
Name :	Mr. Deepak Maliwal
Designation :	Non-Executive Director
Name :	Mr. Narayanlal Kalantri
Designation :	Non-Executive Director
Name :	Mr. Sambhaji Pawar
Designation :	Non-Executive Director
Name :	Mr. Vijay Agrawal
Designation :	Non-Executive Director
Name :	Mr. Satish Maheshwari
Designation :	Independent Director
Name :	Dr. Ruturaj Jadhav
Designation :	Independent Director
Name :	Dr. Santosh Malpani
Designation :	Independent Director
Name :	Mr. Divakar Shetty
Designation :	Independent Director
Name :	Mr. Shankar Dastapure
Designation :	Independent Director
Name :	Mr. Rajgopal Bhutada
Designation :	Independent Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4209758	44.11
Sub Total	4209758	44.11
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4209758	44.11
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1268404	13.29
Individuals
Individual shareholders holding nominal share capital up to Rs. 0. 100 million	1385429	14.52
Individual shareholders holding nominal share capital in excess of Rs.0. 100 million	2659371	27.87
Any Others (Specify)	20038	0.21
Non Resident Indians	7418	0.08
Clearing Members	12620	0.13
Sub Total	5333242	55.89
Total Public shareholding (B)	5333242	55.89
Total (A)+(B)	9543000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	9543000	0.00

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in the manufacture and trading of Farm Inputs
Products :	Farm Inputs
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS

Particulars	Unit	Actual Production
Electricity	PMT	32.10
Coal, Bio-Coal and Husk	PMT	0.0496

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Union Bank of India, Santkripa Market, G. G. Road, Nanded – 431601, Maharashtra

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term Loan from Bank	25.911	41.837
Short Term Borrowing
Working Capital Loans repayable on demand
Rupee Loan from Bank	337.640	344.830
Total	363.551	386.667

Nature of Security and terms of repayment for secured borrowings:

Nature of Security	Amount in Rs. In Millions	Terms of Repayment
Secured by mortgage of factory land and building and hypothecation of plant and machinery, office equipments and furniture and fixtures of the BRP Unit. Further, the loan has been guaranteed by the personal guarantee of all the directors except independent Directors of the Company	24.381	Repayable in 60 equal monthly installments of Rs.9,40,000/- from May, 2011 and ending on April, 2016, along with prevailing interest rate of 13.50% per annum
Secured by mortgage of factory land and building and hypothecation of plant and machinery, office equipments and furniture & fixtures of the BRP & SSP Unit. Further, the loan has been guaranteed by the personal guarantee of all the directors except independent Directors of the Company.	19.166	Repayable in 60 equal monthly installments of Rs.0.416 Millions from January, 2013 and ending on December, 2017 along with prevailing interest rate of 13.50% per annum.

Auditors :
Name :	M/s. J. P. Falor and Company Chartered Accountants
Address :	205 Second Floor, Sanman Towers, Vazirabad, Nanded-431601, Maharashtra, India
Tel. No.:	91-2462-247915
E-Mail :	falorjp@gmail.com
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Kirtiman Agrogenetics Limited Shiva Parvati Poultry Feed Private Limited Shrinivasa Agro Foods Private Limited Ghatprabha Fertilizers Private Limited
Associates :	Shiva Global Biotech Laxmi Sai Developers
Enterprises owned or significantly influenced by group of individuals or their relatives who have control or significant influence over the Company :	Kalantri Engineering Works Madhu Industries Ravito Engineering Works Preeti Enterprises Incorporated Sai Trading Company Vijay Fertilizers Agency Kedar Krishi Seva Kendra Durgeshwari Seeds & Fertilizers

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9543000	Equity Shares	Rs.10/- each	Rs.95.430 millions

(a)Terms/ rights attached to equity shares

The company has one class of share referred to as Equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders will be entitled to receive the remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(b) Reconciliation of Number of Shares

Particular	As at 31. 03. 2014 Number of Shares	As at 31. 03. 2013 Number of Shares
Balance at the Commencement of the year	95,43,000	95,43,000
Balance at the End of the year	95,43,000	95,43,000

(b) Details of shareholders holding more than 5% shares in the company

Particular	31 March, 2014
	Number of Shares	% holding in the class
Deepak Maliwal	5,65,850	5.93%
Omprakash Gilda	5,23,000	5.48%
Rhombus Securities and Financial	4,27,719	4.48%

FINANCIAL DATA

[all figures are in Rupees Millions]

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	95.430	95.430	95.430
(b) Reserves & Surplus	327.416	309.596	297.072
(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)	422.846	405.026	392.502
(3) Non-Current Liabilities
(a) long-term borrowings	31.177	59.910	39.523
(b) Deferred tax liabilities (Net)	15.129	11.737	10.253
(c) Other long term liabilities	3.955	3.256	2.355
(d) long-term provisions	0.000	0.152	0.153
Total Non-current Liabilities (3)	50.261	75.055	52.284
(4) Current Liabilities
(a) Short term borrowings	345.195	388.026	346.458
(b) Trade payables	197.630	242.171	224.254
(c) Other current liabilities	47.550	32.642	15.303
(d) Short-term provisions	0.000	7.086	19.257
Total Current Liabilities (4)	590.375	669.925	605.272
TOTAL	1063.482	1150.006	1050.058
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	170.728	138.670	130.977
(ii) Intangible Assets	0.117	0.257	0.288
(iii) Capital work-in-progress	0.791	35.883	12.224
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	194.952	196.291	185.679
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18.393	12.822	17.915
(e) Other Non-current assets	3.047	2.451	15.322
Total Non-Current Assets	388.028	386.374	362.405
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	321.416	304.798	308.138
(c) Trade receivables	314.902	403.898	361.776
(d) Cash and cash equivalents	18.377	10.428	5.118
(e) Short-term loans and advances	20.438	43.923	11.332
(f) Other current assets	0.321	0.585	1.289
Total Current Assets	675.454	763.632	687.653
TOTAL	1063.482	1150.006	1050.058

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	890.806	1061.451	1114.964
		Other Income	6.131	5.769	3.781
		TOTAL (A)	896.937	1067.220	1118.745
Less	EXPENSES
		Cost of Materials Consumed	545.565	735.455	725.179
		Purchases of Stock-in-Trade	92.008	110.069	54.263
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(42.822)	(69.900)	41.879
		Employees benefits expense	29.576	27.770	33.711
		Other expenses	174.949	160.253	151.134
		Proir Period Items	0.089	2.191	0.176
		TOTAL (B)	799.365	965.838	1006.342
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		97.572	101.382	112.403
Less	FINANCIAL EXPENSES (D)		58.810	63.529	57.427
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.762	37.853	54.976
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.242	9.553	8.851
	PROFIT BEFORE TAX (E-F) (G)		27.520	28.300	46.125
Less	TAX (H)		9.700	10.194	14.351
	PROFIT AFTER TAX (G-H) (I)		17.820	18.106	31.774
Less	APPROPRIATIONS
		Transfer to General Reserve	0.500	0.500	1.713
		Dividend	0.000	4.771	9.543
		Tax on Dividend	0.000	0.813	9.548
	BALANCE CARRIED TO THE B/S		0.500	6.084	20.804
	IMPORTS
		Raw Materials	63.564	61.145	1.002
	TOTAL IMPORTS		63.564	61.145	1.002
	Earnings Per Share (Rs.)		1.87	1.90	3.33

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.00	1.71	2.85
Operating Profit Margin (PBDIT/Sales)	(%)	10.95	9.55	10.08
Return on Total Assets (PBT/Total Assets}	(%)	3.17	3.08	5.41
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.12
Debt Equity Ratio (Total Debt /Networth)		0.89	1.11	0.98
Current Ratio (Current Asset/Current Liability)		1.14	1.14	1.14

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	95.430	95.430	95.430
Reserves & Surplus	297.072	309.596	327.416
Net worth	392.502	405.026	422.846
long-term borrowings	39.523	59.910	31.177
Short term borrowings	346.458	388.026	345.195
Total borrowings	385.981	447.936	376.372
Debt/Equity ratio	0.983	1.106	0.890

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1114.964	1061.451	890.806
		(4.800)	(16.077)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1114.964	1061.451	890.806
Profit	31.774	18.106	17.820
	2.85%	1.71%	2.00%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans and Advances From Others	5.265	18.073
Short Term Borrowing
Deposits	7.556	43.196
Total	12.821	61.269

(b) Terms of repayment for Unsecured borrowings:

Out of Unsecured loans and advances from others Rs.1.265 Millions carry interest @12% per annum and is repayable after a period of 5 years from the date of loan and the parties have a right to renew the agreement and Rs.4.000 Millions carry interest @18% per annum. The balance tenure of this loan is 16 months from the reporting date and the parties have a right to renew the agreement.

REVIEW OF OPERATIONS

The year was again a challenging year with weak economic environment with high inflation, working capital cruch resulting in inadequate supply of raw materials & increasing finance cost, a volatile and weakning currency and a very late and extended monsoon rains resulting into sluggish demand for SSP fertilizers in terms of production as well as sales volume.

During the year, the Company achieved turnover of Rs. 890.800 Millions as against the previous year Rs. 1061.500 Millions. The earnings before interest, depreciation and tax (EBIDTA) was Rs.97.600 Millions against Rs.101.400 Millions of the previous year. The EBIDTA as a percentage of turnover have increased from 9.55% to 10.95%. Whereas, the company’s other business through subsidiaries viz. seeds and solvent industry, have given a considerable contribution to achieve consolidated turnover of Rs.52615 Millions as compared to previous year’s Rs.51807 Millions and Net Profit After Tax of Rs.101.500 Millions for the year under review as against the previous year’s consolidated Net Profit After Tax of Rs. 90.600 Millions. With the formation of new government, the Company has formed a optimistic opinion and is looking at several options for diversifying in other businesses to ensure sustained growth.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10103217	28/04/2008	20,000,000.00	UNION BANK OF INDIA	NANDED BRANCH, SANTKRUPA MARKET,G.G. ROAD, NANDED  , Maharashtra - 431601, INDIA	A38519542
2	90214970	24/04/2004	32,500,000.00	UNION BANK OF INDIA	G.G. ROAD, NANDAD, Maharashtra, INDIA	-
3	90166612	01/03/1999	19,000,000.00	UNION BANK OF INDIA	GOVIND ROAD, BOMBAY, Maharashtra, INDIA	-
4	90165305	12/09/2003 *	93,000,000.00	UNION BANK OF INDIA	GOVIND ROAD, BOMBAY, Maharashtra, INDIA	-
5	90165227	12/06/2002 *	3,000,000.00	UNION BANK OF INDIA	GOVIND ROAD, BOMBAY, Maharashtra, INDIA	-
6	90166514	22/04/2002 *	5,000,000.00	UNION BANK OF INDIA	GOVIND ROAD, BOMBAY, Maharashtra, INDIA	-
7	90165189	16/05/1997 *	10,000,000.00	UNION BANK OF INDIA	GOVIND ROAD, BOMBAY, Maharashtra, INDIA	-
8	90166453	16/05/1997 *	10,000,000.00	UNION BANK OF INDIA	GOVIND ROAD, BOMBAY, Maharashtra, INDIA	-
9	90165057	12/06/2002 *	3,000,000.00	UNION BANK OF INDIA	GOVIND ROAD, BOMBAY, Maharashtra, INDIA	-
10	90166283	29/04/2014 *	489,500,000.00	UNION BANK OF INDIA	G. G. ROAD, SANT KRUPA MARKET, NANDED, Maharashtr  a - 431601, INDIA	C07607716

* Date of charge modification

FIXED ASSETS

• Leasehold Land
• Leasehold Buildings
• Land
• Buildings
• Plant and Equipments
• Electrical Installation
• Lab Equipments
• Furniture & Fixtures
• Vehicles
• Office Equipments
• Computer

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH SEPTEMBER 2014

(Rs. In Millions)

Sr. No	Particulars		Standalone
			Quarter Ended		Six Month Ended
			30.09.2014	30.06.2014	30.09.2014
			Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		335.962	427.396	763.358
	b. Other Operating Income		0.00	0.00	0.000
	Total Income from Operations (Net)		335.962	427.396	763.358
2	Expenditure
	a. Cost of material Consumed		279.395	259.816	539.202
	b. Purchase of Stock-in trade		0.062	0.00	0.062
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		(27.741)	78.262	50.521
	d. Employees Benefit Expenses		6.128	4.260	10.389
	e. Depreciation and Amortisation Expenses		3.040	3.040	6.080
	f. Other expenses		63.148	55.025	118.174
	Total Expenses		324.023	400.404	724.427
3	Profit from Operations before Other Income, Interest and Exceptional Items		11.939	26.992	38.931
4	Other Income		0.487	0.605	1.091
5	Profit from ordinary activities before finance cost & exceptional items		12.425	27.597	40.022
6	Finance Costs		10.739	10.986	21.725
7	Profit from ordinary activities after finance costs & exceptional items		1.686	16.611	18.297
8	Exceptional items		0.00	0.00	0.00
9	Profit from ordinary activities before tax
10	Tax Expense		1.377	4.500	5.877
	- Income Tax
	- Deferred Tax
11	Net Profit from ordinary activity after tax		0.309	12.111	12.420
12	Extraordinary Items		0.00	0.00	0.00
13	Net Profit After Tax		0.309	12.111	12.420
14	Paid-up equity share capital (face value of Rs.10 per share)		954.30	954.30	954.30
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		--	--	--
16	Earning Per Share (of Rs.10 each) (not annualized)		--	--	--
	Basic EPS		--	--	--
	Diluted EPS		--	--	--
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	5458242	5458242	5458242
		- Percentage of shareholding	57.20%	57.20%	57.20%
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	Nil	Nil	Nil
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	Nil	Nil	Nil
		- Percentage of shareholding (as a % of the total share capital of the company)	Nil	Nil	Nil
		b) Non-encumbered
		- No. of shares	4084758	4253758	4048758
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
		- Percentage of shareholding (as a % of the total share capital of the company)	42.80%	44.57%	42.80%

	Particulars	Quarter ended 30.09.2014
B	Investor Complaints
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed off during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

Note :

1. The above unaudited financial results were reviewed by the Audit committee and has been approved by the Board of Directors as its meeting held on 41th November, 2014.
2. Provision for Deferred Tax as applicable will be considered at the end of the Financial year.
3. Figures of the previous quarters/period /year have been regrouped and reclassified, wherever considered necessary.

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

Particulars		As at half year ended on 30.09.2014 (Unaudited)
A	EQUITY AND LIABILITIES
1	Shareholders' Funds
	(a) Share Capital	95.430
	(b) Reserves & Surplus	345.337
	Total Shareholders’ Funds	440.767
2	Non-Current Liabilities
	(a) long-term borrowings	17.771
	(b) Deferred tax liabilities (Net)	15.129
	(c) Other long term liabilities	4.025
	(d) long-term provisions	0.000
	Sub Total Non-current Liabilities	36.925
3	Current Liabilities
	(a) Short term borrowings	319.873
	(b) Trade payables	307.546
	(c) Other current liabilities	19.944
	(d) Short-term provisions	1.197
	Sub Total Current Liabilities	648.560
	TOTAL- EQUITY AND LIABILITIES	1126.252
A	ASSETS
1	Non-current assets
	(a) Fixed Assets	167.586
	(b) Non-current Investments	194.716
	(c) Long-term Loan and Advances	15.649
	(d) Other Non-current assets	0.620
	Sub Total Non-Current Assets	378.571
2	Current assets
	(a) Current investments	0.000
	(b) Inventories	142.369
	(c) Trade receivables	551.265
	(d) Cash and cash equivalents	48.363
	(e) Short-term loans and advances	5.684
	(f) Other current assets	0.000
	Sub Total Current Assets	747.681
	TOTAL-ASSETS	1126.252

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.68
UK Pound	1	Rs.93.53
Euro	1	Rs.70.75

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	JYTK / ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.