MIRA INFORM REPORT

Report No. :	306202
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	SINGER INDIA LIMITED
Registered Office :	A-26/4, Mohan Co-Operative, Industrial Estate, New Delhi - 110044
Country :	India
Financials (as on) :	30.06.2014
Date of Incorporation :	19.10.1977
Com. Reg. No.:	55-025405
Capital Investment / Paid-up Capital :	Rs. 107.431 Millions
CIN No.: [Company Identification No.]	L52109DL1977PLC025405
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 engaged in the business of trading / manufacturing in sewing machines and also conducts limited trading in small appliances, household / consumer durables
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. There seems sharp dip in the profit of the company during FY 2014 however net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relations 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 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 – 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 Non – Fund Based (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.

INFORMATION DENIED BY

Name :	Mr. Y. P. Sharma
Designation :	Accounts Manager
Contact No.:	91-11-40617777
Date :	02.02.2015

LOCATIONS

Registered Office/Head Office/Corporate Office :	A-26/4, Mohan Co-Operative, Industrial Estate, New Delhi - 110044
Tel. No.:	91-11-40617777
Fax No.:	91-11-40617799
E-Mail :	mail@singerindia.net asrivastava@singerindia.net secretarial@singerindia.com
Website :	http://www.singerindia.com
Factory :	Lane No.4, SIDCO Industrial Estate, Jammu, India
Factory 2 :	Lane No.2, SIDCO Industrial Estate, Phase II, Jammu, India

DIRECTORS

As on: 12.11.2014

Name :	Mr. K. K. Gupta
Designation :	Chairman and Director
Name :	Mr. Ajit Kumar
Designation :	Director
DIN No.:	00106597
Name :	Mr. Deepak Sabharwal
Designation :	Director
DIN No.:	00173116
Name :	Mr. Gavin Walker
Designation :	Director
DIN No.:	01216863
Name :	Mrs. Madhu Vij
Designation :	Director
DIN No.:	00025006
Name :	Mr. P. N. Sharma
Designation :	Director
DIN No.:	00023625
Name :	Mr. Rajeev Bajaj
Designation :	Managing Director
DIN No.:	02284467

KEY EXECUTIVES

Name :	Mr. Ashish Srivastva
Designation :	Secretary
Name :	Mr. Y. P. Sharma
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	8057351	75.00
Sub Total	8057351	75.00
Total shareholding of Promoter and Promoter Group (A)	8057351	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5	0.00
Financial Institutions / Banks	120	0.00
Central Government / State Government(s)	121400	1.13
Insurance Companies	17	0.00
Sub Total	121542	1.13
(2) Non-Institutions
Bodies Corporate	375565	3.50
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	1046036	9.74
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	1117781	10.40
Any Others (Specify)	24860	0.23
Non Resident Indians	24860	0.23
Sub Total	2564242	23.87
Total Public shareholding (B)	2685784	25.00
Total (A)+(B)	10743135	100.00
© 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)	10743135	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of trading / manufacturing in sewing machines and also conducts limited trading in small appliances, household / consumer durables
Products :	Small Appliances Household / Consumer Durables
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

• Yes Bank
• The Jammu and Kashmir Bank Limited
• ICICI Bank Limited

Facilities :

Secured Loan	30.06.2014 (Rs. in Millions)	30.06.2013 (Rs. in Millions)
Short-term borrowings
Loan Repayable on Demand from banks – cash credit	1.621	0.000
Total	1.621	0.000

Note:

The loan from J and K Bank is secured by hypothecation of stocks and book debts of Jammu unit and mortgage of leasehold rights of building and land at Jammu. The rate of interest is base rate 3%.

Auditors :
Name :	Ray and Ray Chartered Accountants
Address :	205, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi – 110001, India
Tel. No.:	91-11-23705415/23705416/41525215
E-Mail :	raynraydelhi@vsnl.com
Memberships :	Not Available
Collaborators :	Not Available
Holding Company	Singer India B.V., Netherland
Ultimate Holding Company	Retail Holding N.V., Curacao
Holding Company of Singer Asia Holding B.V. , Netherland	Singer Asia Limited, Cayman Islands
Subsidiary Companies:	Himec India Limited (Under Liquidation) Singer India Trading Limited (Under Liquidation)
Associates:	Brand trading India Private Limited Singer Asia Holdings B.V., Netherland Singer Bangladesh Limited Singer Industries (Ceylon) PLC
Name of related parties where control exists having no transaction during the year:	Btindia Limited (B.V.I.) Reality Lanka Limited Regnits Lanka PLC Regnis Appliances Private Limited Sewko Asean Trading Limited (B.V.I.) Singer Broker Limited Singer Pakistan B.V., Netherland Singer Sri Lanka B.V., Netherland Singer Asia Finance B.V., Curacao Singer Thailand B.V., Curacao Singer Asia Holdings N.V., Curacao Singer Bhold B.V., Netherland Singer Services Plus Company Limited Singer Leasing Thailand Company Limited Singer Corporation Limited , Hong Kong Singer Finance Lanka PLC Sibger Pakistan Limited Singer Sri Lanka PLC Singer Thailand Public Company Limited Thailnvest B.V., Netherland Telshan Private Limited SEWKO Holdings Limited, Cayman Island Brand Trading Cambodia Limited, RaHo Limited, Cayman Islands Singer Digital Media Private Limited UCL Holding VII Limited (B.V.I.)

CAPITAL STRUCTURE

As on 30.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions
500000	Preference Share	Rs.100/- each	Rs. 50.000 Millions
	Total		Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10743135	Equity Shares	Rs.10/- each	Rs. 107.431 Millions

1. Reconciliation of the number of shares outstanding at the beginning and the end of the reporting period:

	30.06.2014
	No. of Shares held	Rs. in Millions
Equity Shares of Rs. 10 At the beginning of the period	10743135	107.431
Issued during the period	-	-
Outstanding at the end of the period	10743135	107.431

2. The Company's Authorized Capital comprises of two class of shares. The Equity shares have a par value of Rs. 10 each and the Redeemable Preference shares have a par value of Rs. 100 each. No Redeemable Preference Shares have been issued.

3. Terms / Rights attached to the Equity Shares:

The Company has at present one class of shares i.e. equity shares having par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend if any, is proposed by the Board of Directors & is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive 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.

E. Shareholder's holding more than 5% of Equity shares at the end of the year in the Company:

Name of Shareholder	30.06.2014
	No. of Shares held	%
Singer India B.V., Netherland The Holding Company	10743135	75.00

As per the of the Company, including its register of shareholders / members and other declaration received from the shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

F. 9177900 Equity Shares of Rs. 10 each were allotted through preferential basis as fully paid up to Singer (India) B.V. Netherlands the Holding Company consequent to compliance with the scheme of rehabilitation sanctioned by the Hon'ble BIFR. Out of which 827900 Equity Shares of Rs. 10/- each were allotted by converting 10% amount borrowed from them in form of external commercial borrowing.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.06.2014	30.06.2013	30.06.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	107.431	107.431	107.431
(b) Reserves & Surplus	314.381	265.492	37.579
(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)	421.812	372.923	145.010
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6.738	8.438	13.815
(d) long-term provisions	9.935	7.016	5.147
Total Non-current Liabilities (3)	16.673	15.454	18.962
(4) Current Liabilities
(a) Short term borrowings	1.621	0.000	0.000
(b) Trade payables	164.363	110.787	95.482
(c) Other current liabilities	130.401	111.071	99.748
(d) Short-term provisions	97.034	96.062	94.097
Total Current Liabilities (4)	393.419	317.920	289.327
TOTAL	831.904	706.297	453.299
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	114.697	118.352	20.889
(ii) Intangible Assets	0.342	0.406	0.000
(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)	83.021	105.298	45.796
(d) Long-term Loan and Advances	49.131	27.469	8.874
(e) Other Non-current assets	1.383	0.000	0.000
Total Non-Current Assets	248.574	251.525	75.559
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	246.367	206.472	190.856
(c) Trade receivables	187.859	131.827	59.298
(d) Cash and cash equivalents	116.849	92.879	104.059
(e) Short-term loans and advances	29.311	21.817	22.526
(f) Other current assets	2.944	1.777	1.001
Total Current Assets	583.330	454.772	377.740
TOTAL	831.904	706.297	453.299

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2014	30.06.2013	30.06.2012
	SALES
		Revenue from Operations	2433.489	1969.173	1559.316
		Other Income	16.414	38.467	12.611
		TOTAL	2449.903	2007.640	1571.927
Less	EXPENSES
		Cost of Materials Consumed	73.156	13.174	9.431
		Purchases of Stock-in-Trade	1902.231	1573.248	1314.706
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(37.160)	(13.642)	(72.692)
		Employees benefits expense	103.603	69.019	47.939
		Other expenses	308.508	265.713	182.002
		TOTAL	2350.338	1907.512	1481.386
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		99.565	100.128	90.541
Less	FINANCIAL EXPENSES		0.805	0.524	0.397
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		98.760	99.604	90.144
Less/ Add	DEPRECIATION/ AMORTISATION		6.746	5.896	4.036
	PROFIT/ (LOSS) BEFORE TAX		92.014	93.708	86.108
Less	TAX		22.277	(59.502)	(16.034)
	PROFIT/ (LOSS) AFTER TAX		69.737	153.210	102.142
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		152.024	25.329	(76.813)
Less	APPROPRIATIONS
	Transfer to General Reserve		3.487	7.661	0.000
	Dividend		16.115	16.115	0.000
	Tax on Dividend		3.222	2.739	0.000
	Total		22.824	26.515	0.000
	Balance Carried to the B/S		198.937	152.024	25.329
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	30.138	0.000	0.835
	TOTAL EARNINGS		66.242	68.010	37.215
	IMPORTS
		Finished Goods	353.716	232.152	234.379
	TOTAL IMPORTS		353.716	232.152	234.379
	Earnings/ (Loss) Per Share (Rs.)		6.49	14.26	9.51

QUARTERLY RESULTS

PARTICULARS	30.09.2014
Type	2^nd Quarter
Other Income	693.900
Total Income	3.400
Expenditure	697.300
Interest	(673.500)
PBDT	(0.100)
Depreciation	2.37
PBT	(2.000)
Tax	21.700
Net Profit	(6.900)
Other Income	14.800

KEY RATIOS

PARTICULARS		30.06.2014	30.06.2013	30.06.2012
Net Profit Margin (PAT / Sales)	(%)	2.87	7.78	6.55
Operating Profit Margin (PBIDT/Sales)	(%)	4.09	5.08	5.81
Return on Total Assets (PBT/Total Assets}	(%)	12.29	15.59	21.13
Return on Investment (ROI) (PBT/Networth)		0.22	0.25	0.59
Debt Equity Ratio (Total Debt /Networth)		0.04	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.48	1.43	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.06.2012	30.06.2013	30.06.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	107.431	107.431	107.431
Reserves & Surplus	37.579	265.492	314.381
Net worth	145.010	372.923	421.812
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	1.621
Total borrowings	0.000	0.000	1.621
Debt/Equity ratio	0.000	0.000	0.004

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.06.2012	30.06.2013	30.06.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1559.316	1969.173	2433.489
		26.284	23.579

NET PROFIT MARGIN

Net Profit Margin	30.06.2012	30.06.2013	30.06.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1559.316	1969.173	2433.489
Profit	102.142	153.210	69.737
	6.55%	7.78%	2.87%

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	Yes
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	Yes
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

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

CS (OS) 3136/2012

USHA INTERNATIONAL LIMITED..... PLAINTIFF

THROUGH: MR. KANISHK KUMAR, ADV.

VERSUS

SINGER INDIA LIMITED..... DEFENDANT

THROUGH: MR. SUMIT WADHWA AND MR. ANIMESH RASTOGI, ADVS.

CORAM: SH. KOVAI VENUGOPAL (DHJS), JOINT REGISTRAR (JUDICIAL)

ORDER:  06.01.2015

AFFIDAVITS OF EVIDENCE OF TWO WITNESSES ARE FILED BY PLAINTIFF.

COPY SUPPLIED.

PWS NOT PRESENT. LD. COUNSEL FOR PLAINTIFF REQUESTS TIME FOR MARKING EXHIBITS.

REQUEST ALLOWED SUBJECT TO COSTS OF RS.2000/- TO BE PAID TO THE OTHER SIDE.

PUT UP ON 28.04.2015 FOR PLAINTIFF’S EVIDENCE.

KOVAI VENUGOPAL (DHJS)

JOINT REGISTRAR (JUDICIAL)

JANUARY 06, 2015

P$4

OPERATIONS:

Total revenue for the ended 30th June 2014 increased by 22% to 2449.900 million from Rs. 2007.600 Millions in the previous year. While domestic sewing revenue at Rs. 2179.600 million grew by 18% over prior year, the small appliances business, a relatively new business segment of the company, at Rs. 223.700 million grew by 77%. The small appliances business accounted for 9.3% of the total business of the company in the year. The company also started export of sewing machines during the year which amount to Rs. 30.100 million (18000 sewing machines).

The company business strategy continues to be to expand small appliance business, while zealously protecting its core sewing business. The company is strengthening its organization, revamping its product portfolio to prepare for future expansion. As a result the selling and administrative expenses have increased during the year.

The profit before tax and after tax for the year amounted to Rs. 92.000 million and Rs. 69.700 million respectively. In the year, lower other income at Rs. 16.400 Millions as against Rs. 38.500 Millions in the previous year and Tax expenses at Rs. 22.300 millions in the previous year impacted profit

The company managed to remain almost debt free and could maintain sufficient liquidity to manage its working capital for expanding the business.

The company would work on improving manpower productivity while simultaneously pursuing cost reduction programs to sustain growth with profitability

MANAGEMENT DISCUSSION AND ANALYSIS:

Industry Structure and Development:

The sewing machine industry in India continues to be dominated by the small scale industry. However, the industry offers a lot of opportunity to grow particularly in the export markets.

Even though sewing machine is a mature product line, the market continues to grow albeit at a very small rate of less than 3%. The Zig Zag and Electronic Sewing machines offer higher potential for growth in future with increasing awareness of this product amongst consumers who can afford to pay higher price for the added features.

Small appliances market offers a huge market in India with rising households and income levels

Outlook and Opportunities:

Considering the current market share of your Company, there is potential to increase its share both in straight stitch and Zig Zag segments. The restarting of Jammu factory has opened many avenues for the Company to grow the sewing business in future.

The small appliances market, which is a large and growing market, offers tremendous opportunity to the Company to expand this business with its strong brand equity.

Segment-wise Performance:

The Company's core business remains sewing machines. However, the Company has re-entered the small appliances business. Hence, segment-wise performance is not being given as small appliances business still accounts for less than 10% of the total business.

Financial Performance:

Sales and service Income of the Company increased by 23.60% in the financial year ended 30th June 2014 compared to the previous year ended 30th June, 2013. This came 1% from price inflation and the balance from better product mix/volumes. The Company posted a profit of Rs.69.700Millions after recording all exceptional items during the year ended 30th June 2014.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	30.06.2014
Excise Duty	6.038
Value added tax / Sales tax	14.309
Others ( including present & ex staff)	83.190
Total	103.537
Note: *As certified by the management. No provision has been made in the financial statements as the Board of Directors and Audit Committee consider the probability of the claim succeeding to be remote.

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10461574	18/11/2013	50,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	B90078064
2	10464351	14/11/2013	5,000,000.00	THE JAMMU AND KASHMIR BANK LIMITED	TRIKUTA NAGAR, JAMMU, JAMMU AND KASHMIR - 180012,  INDIA	B91189779

FIXED ASSETS:

• Leasehold Land
• Building Leasehold Land
• Plant and Machinery
• Office Equipment
• Furniture and Equipment/ Furniture
• Leasehold Improvement
• Computers
• Computer Software

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30TH SEPTEMBER, 2014

[RS. IN MILLIONS]

PARTICULARS	QUARTER ENDED
	30.09.2014 [Unaudited]
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	692.100
b) Other operating income	1.800
Total Income from Operations (net)	693.900
2.Expenditure
a) Cost of material consumed	21.700
b) Purchases of stock in trade	544.200
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(12.600)
d) Employees benefit expenses	31.300
e) Depreciation and Amortization	2.000
e) Research and Development Expenses	7.500
f) Other expenditure	81.400
Total expenses	675.500
3. Profit from operations before other income, and financial costs and Exceptional Items	18.400
Profit/ (Loss) before Interest, Depreciation, Tax and Amortization
4. Other income	3.400
5. Profit from ordinary activities before finance costs	21.800
6. Finance costs	0.100
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	21.700
8. Exceptional item	-
9. Profit from ordinary activities before tax Expense:	21.700
10.Tax expenses	6.900
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	14.800
12.Extraordinary Items (net of tax expense)	-
13.Net Profit / (Loss) for the period (11 -12)	14.800
14.Paid-up equity share capital (Nominal value Rs.10 per share)	1074
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):	1.38
(a) Basic and diluted	1.38
A. PARTICULARS OF SHAREHOLDING
1. Public Shareholding
- Number of shares	2685784
- Percentage of shareholding	25.00
2. Promoters and Promoters group Shareholding
a) Pledged /Encumbered
Number of shares
Percentage of shares (as a % of total shareholding of the promoter and promoter group)
Percentage of shares (as a % of total share capital of the company)
b) Non Encumbered
Number of shares	8057351
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00
Percentage of shares (as a % of total share capital of the company)	75.00

	PARTICULARS	3 Months Ended 30.09.2014
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	-
	Received during the quarter	3
	Disposed of during the quarter	3
	Remaining unresolved at the end of the quarter	-

• The results for the quarter ended 30th September, 2014 have been reviewed by the Audit Committee and were taken on record by the Board of Directors at their meeting held on 12th November, 2014. 

• At present there are no reportable segments. The Company has provided for Minimum Alternate Tax (MAT). Earnings per share for the quarter are not annualized.
• 
  Pending assessment of useful life of fixed assets as required under Schedule II of the Companies Act, 2013, the Company has provided for depreciation at rates prevailing in the previous financial year. Necessary adjustments will be done in the subsequent periods.
• 
  The Company had paid Mr. K.K.Gupta Non-Executive Director Rs. 25.61 lacs upto 30th June, 2014 and a further sum of Rs. 0.83 lacs for the month of July for which the Company has made an application to the Ministry of Corporate Affairs for reconsideration and review of the above remuneration which was rejected earlier. No remuneration has been paid subsequently. 
• 
  Previous year / period figures have been regrouped / rearranged wherever necessary.

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.61.68
UK Pound	1	Rs.93.53
Euro	1	Rs.70.75

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	MTN

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
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--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	YES
--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.