MIRA INFORM REPORT

Report No. :	307906
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	DHAMPUR SUGAR MILLS LIMITED
Registered Office :	District Bijnor, Dhampur – 246761, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.05.1933
Com. Reg. No.:	20-000511
Capital Investment / Paid-up Capital :	Rs.804.100 Millions
CIN No.: [Company Identification No.]	L15249UP1933PLC000511
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 :	Processor of sugarcane.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (61)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established public limited liability company having fine track record. The company has reported loss for the year 2013-14. However financial position of the company seems to be fair. Directors are reported to be experienced and respectable businessmen. Trade relations are fair. Business is active. Payment terms are reported to be regular. The company can be considered for business dealings with usual business 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

NOT AVAILABLE

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

Management Non-Cooperative (91-1344-220006)

LOCATIONS

Registered Office :	District Bijnor, Dhampur – 246761, Uttar Pradesh, India
Tel. No.:	91-1344-220006/ 220662/ 220884
Fax No.:	91-1344-220006/ 220662
E-Mail :	dsmdhampur@dhampur.com cssaket.associates@gmailc.om
Website :	http://www.dhampur.com
Corporate Office :	241, Okhla Industrial Estate, Phase – III, New Delhi – 110020, India
Tel. No.:	91-11-30659400/ 41612456
Fax No.:	91-11-26935697/ 41612466
E-Mail :	corporateoffice@dhampur.com
Factory :	Dhampur Near Railway, District Bijnor – 246761, Uttar Pradesh, India Telefax : 91-1344–220006/ 220662 Mansurpur District Muzzafarnagar - 251203, Uttar Pradesh, India Tel : 91-1396–252238 Fax : 91-1396–252170 E-Mail : dsmmansurpur@dhampur.com Asmoli Village : Asmoli, Tehsil: Sambhal, District Moradabad – 244304, Uttar Pradesh India Telefax : 91-5923-221566/ 221310 E-Mail : dsmasmoli@dhampur.com Rajpura Village and Post Office: Rajpura, District Badaun 202527, Uttar Pradesh, India Tel : 91-5836-239055 Fax : 91-5836-239054 E-Mail : dsmrajpura@dhampur.com

DIRECTORS

As on 26.09.2014

Name :	Mr. V. K. Goel
Designation :	Chairman
Name :	Mr. A. K. Goel
Designation :	Vice Chairman
Name :	Mr. Gaurav Goel
Designation :	Managing Director
Date of Birth/Age :	38 Years
Qualification :	Bachelor in Business Management
Experience :	17 Years
Other Directorship :	1. Goel Investments Limited 2. Shudh Edible Products Limited 3. Decon Mercantile Private Limited 4. Francis Kleon and Company ( Bombay ) Private Limited 5. Star Metal Refinery Private Limited 6. KSM Holdings Limited 7. Dhampur International Pte. Limited ( Singapore) 8. YPO ( Delhi Chapter) U/S 25
Name :	Mr. Gautam Goel
Designation :	Managing Director
Date of Birth/Age :	37 Years
Qualification :	Graduate
Experience :	17 Years
Other Directorship :	1. Goel Investments Limited 2. Shudh Edible Products Limited 3. Saraswati Properties Limited 4. Sonitron Limited 5. KSM Holdings Limited 6. Indian Sugar Exim Corporation 7. Dhampur International Pte. Limited (Singapore) 8. Fat Bio Fuels Technology Pte. Limited (Singapore)
Name :	Mr. A. K. Gupta
Designation :	Director
Name :	Mr. M. P. Mehrotra
Designation :	Director
Date of Birth/Age :	74 Years
Qualification :	Chartered Accountant
Experience :	44 Years
Other Directorship :	1. VLS Finance Limited 2. South Asian Enterprises Limited 3. India Securities Limited 4. Empee Sugars and Chemicals Limited 5. Empee Distilleries Limited 6. Delton Cables Limited 7. SBICAP Securities Limited 8. Baroda Pioneer Asset Management Company Limited 9. Jaybharat Textiles and Real Estate Limited 10. Eskay K’n’IT ( India ) Limited 11. Asahi Industries Limited 12. KSL and Industries Limited 13. K- Lifestyle Technologies Limited 14. Superior Industrial Enterprises Limited 15. Moonrock Hospitality Private Limited 16. Maxim Infracom Private Limited 17. VLS Commodities Limited ( Formerly Gaurav Overseas Export Private Limited) 18. Bay Datacom Solutions (Private) Limited
Name :	Mr. Harish Saluja
Designation :	Director
Date of Birth/Age :	73 Years
Qualification :	Graduate
Experience :	43 Years
Other Directorship :	1. Saraswati Properties Limited 2. Revive Realty Private Limited 3. Ishwar dwellings Private Limited 4. Real Value Developers Private Limited 5. Real Value Energy Limited 6. Norburry Consultants Private Limited 7. Revive Containers Private Limited
Name :	Mr. Rahul Bedi
Designation :	Director
Name :	Mr. J. P. Sharma
Designation :	Director
Name :	Mr. Priya Brat
Designation :	Director
Name :	Mr. B. B. Tandon
Designation :	Director
Date of Birth/Age :	68 Years
Qualification :	M. A., LL. B, IAS
Experience :	44 Years
Other Directorship :	1. Adani Power Limited 2. ACB (India) Limited 3. Bhushan Steel Limited 4. Birla Corporation Limited 5. Exicom Tele-Systems Limited 6. Filatex India Limited 7. Jaiprakash Power Ventures Limited 8. Jaypee Infratech Limited 9. Lanco Anapara Power Limited 10. Oriental Carbon and Chemicals Limited 11. Precision Pipes and Profiles Limited 12. Vikas Global One Limited 13. VLS Finance Limited 14. Ambience Private Limited 15. Ambuja Cement Foundation 16. Price Waterhouse Coopers India, Member of Advisory Board.
Name :	Mr. S. K. Wadhwa
Designation :	Nominee Director – Punjab National Bank

KEY EXECUTIVES

Name :	Mr. Arhant Jain
Designation :	Executive President (Finance) and Secretary

SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	7712604	13.48
Bodies Corporate	13297273	23.24
Any Others (Specify)	9575760	16.74
Directors/Promoters & their Relatives & Friends	85364	0.15
Persons Acting in Concert	9490396	16.59
Sub Total	30585637	53.46
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	30585637	53.46
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	18015	0.03
Financial Institutions / Banks	2081730	3.64
Foreign Institutional Investors	1447	0.00
Sub Total	2101192	3.67
(2) Non-Institutions
Bodies Corporate	8451382	14.77
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	9029230	15.78
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	5959928	10.42
Any Others (Specify)	1087566	1.90
Non Resident Indians	885689	1.55
Trusts	10065	0.02
Overseas Corporate Bodies	191812	0.34
Sub Total	24528106	42.87
Total Public shareholding (B)	26629298	46.54
Total (A)+(B)	57214935	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)	57214935	100.00

BUSINESS DETAILS

Line of Business :	Processor of sugarcane.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

· Punjab National Bank

· Bank of Baroda

· Central Bank of India

· UCO Bank

· Axis Bank

· ICICI Bank Limited

· IDBI Bank Limited

· IFCI Limited

· Prathma Bank

· UP Co-operative and District Co-operative Banks

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan
Rupee term loans from banks	3348.100	2755.700
Rupee term loans from banks SEFASU	1095.300	0.000
Zero coupon rupee term loans from banks	20.600	61.900
Rupee term loans from sugar development fund	686.600	1026.400
SHORT TERM BORROWINGS
Cash credit from banks	5634.700	7740.100
Rupee term loans from banks	797.600	1150.000
Total	11582.900	12734.100
Note : Long Term Borrowing Nature of security : Term loans (excise) from banks of Rs. 1095.300 Millions under the Government sponsored subvention scheme for extending Financial assistance to Sugar Undertakings, 2014 (SEFASU, 2014) will be secured by third parri passu charge on all movable and immovable asstes of the company and personal guarantee of promoter directors. Term loans from bank of Rs. 12.500 Millions are secured by subservient sixth charge on all movable and immovable assets of the company. Term loans from Sugar Development Fund are secured by exclusive second charge on all movable and immovable assets excluding cuurent assets of the company. All other term loans from financial institutions and banks (including ECB and Zero coupon loans) are secured by first parri passu charge on all movable and immovable assets except book debts, stock-in-trade, raw materials, spare parts and other assets and personal guarantee of promoters directors. Short Term Borrowing Nature of security : All Cash credit limits from banks other than District Co-operative Banks of Rs. 4673.800 Millions are secured by pledge of stocks of sugar and hypothecation of consumable stores and spare parts, chemicals, molasses etc. and by parri passu third charge over the fixed assets of the company and personal guarantee of promoter directors. Cash credit accounts from District Co-operatice Banks of Rs. 960.900 Millions are secured by pledge of stocks of sugar. Rupee loans from banks of Rs. 497.600 Millions are secured by pledge of stock of sugar and personal guarantee of promoter directors and Rs. 300.000 Millions by subservient charge on Fixed assets and Current Assets of the company.

Auditors 1 :
Name :	S. Vaish and Company Chartered Accountants
Address :	Kanpur, Uttar Pradesh, India
Auditors 2 :
Name :	Mittal Gupta and Company Chartered Accountants
Address :	Kanpur, Uttar Pradesh, India
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Kashipur Sugar Mills Limited
Enterprises which have significant influence and also owned or significantly influenced by Key Management Personnel :	· Goel investments Limited · Ujjwal Rural Services Limited · Saraswati Properties Limited
Enterprises owned or significantly influenced by Key Management Personnel or their relatives :	· Sonitron Limited · Shudh Edible Products Limited · India Green Fuel Private Limited · Dhampur Molasses Transport (Regd.) · J.P. & Sons (Regd.)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
113826000	Equity shares	Rs.10/-each	Rs.1138.300 Millions
6917400	Preference shares	Rs.100/-each	Rs.691.700 Millions
	Total		Rs.1830.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
57214935	Equity shares	Rs. 10/-each	Rs.572.100 Millions
325496	Equity shares forfeited		Rs.0.700 Millions
413940	6% Cumulative redeemable preference shares	Rs.100/-each	Rs.27.600 Millions
469013	1% Cumulative redeemable preference shares	Rs.100/-each	Rs.23.500 Millions
1801817	8% Cumulative Redeemable preference shares	Rs.100/-each	Rs.180.200 Millions
	Total		Rs.804.100 Millions

Reconciliation of shares outstanding at the beginning and at the end of the reporting period is set out below

Particulars	31.03.2014
	No. of Shares	Rs. In Millions
Authorized shares
Equity shares
At the beginning of the period	113826000	1138.300
Added as per scheme of amalgamation	---	---
Outstanding at the end of the period	113826000	1138.300
Preference shares
At the beginning of the period	6917400	691.700
Added as per scheme of amalgamation	---	---
Outstanding at the end of the period	6917400	691.700
Issued , subscribed and paid-up shares
Equity shares
At the beginning of the period	53905975	539.100
Issued during the period	3308960	33.000
Outstanding at the end of the period	57214935	572.100
Preference shares
At the beginning of the period	882953	88.300
Issued during the period	1801817	180.200
Outstanding at the end of the period	2684770	268.500

Details of shareholders holding more than 5% shares

Particulars	31.03.2014
	No. of Shares	No. of Holding
Equity shares of H 10 each fully paid-up
Goel Investments Ltd.	11255515	19.67
Sonitron Ltd.	4940716	8.64
Shudh Edible Products Ltd.	4549680	7.95
Mr. Gautam Goel	3492339	6.10
Mr. Gaurav Goel	3461379	6.05
6% Cumulative Redeemable Preference shares of H 100 each fully paid-up
IFCI Ltd.	413940	100.00
1% Cumulative Redeemable Preference shares of H 100 each fully paid-up
IFCI Ltd.	469013	100.00
8% Cumulative Redeemable Preference shares of H 100 each fully paid-up
JK Tyre & Indurties Limited	1801817	100.00

Calls unpaid of equity shares

Particulars	31.03.2014
	No. of Shares	Rs. In Millions
Calls unpaid by directors and officers	NIL	NIL
Calls unpaid by others	2185	0.010

Terms/right attached to equity shares

The company has only one class of equity shares having a par value of H 10 per share. Each holder of equity shares is entitled to one vote per share.

The company declares and pays dividend in Indian rupees. The dividend if 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, the shareholders of equity shares are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

3308960 Equity shares of H 10 each and 18,01,817 8% Cumulative Redeemable Preference shares of H 100 each were allotted during the year to the shareholders of J K Sugar Ltd pursuant to the scheme of amalgamation without payment being received in cash.

Right attached to Preference shares

The Preference shares will constitute direct, unconditional, un-subordinated and unsecured obligations of the company and will at all times rank pari passu and without any preference among them.

No premature redemption option to the company, nor to the shareholders of Cumulative Redeemable Preference shares and no option to the shareholders to seek redemption in case of non-payment of dividend.

Terms of redemption of Preference shares

413940 - 6% Cumulative Redeemable Preference Shares of H 100 each are redeemable in 3 equal yearly installments commencing from December, 2013.

469013 - 1% Cumulative Redeemable Preference Shares of H 100 each are redeemable in 12 equal quarterly installments commencing from December, 2012.

1801817 - 8% Cumulative Redeemable Preference Shares of H 100 each are redeemable in 3 equal yearly installments commencing from April 01, 2014.

As on 26.09.2014

Authorised Capital : Rs. 1830.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 840.626 Millions

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	804.100	833.600	628.100
(b) Reserves & Surplus	3639.900	4038.400	4224.300
(c) Money received against share warrants	24.800	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4468.800	4872.000	4852.400
(3) Non-Current Liabilities
(a) long-term borrowings	5447.400	3915.700	4262.300
(b) Deferred tax liabilities (Net)	0.000	55.900	16.200
(c) Other long term liabilities	51.500	54.400	57.500
(d) long-term provisions	199.500	180.300	150.300
Total Non-current Liabilities (3)	5698.400	4206.300	4486.300
(4) Current Liabilities
(a) Short term borrowings	6654.000	9055.200	4540.500
(b) Trade payables	8567.500	6182.800	4331.200
(c) Other current liabilities	1810.600	1994.000	2045.300
(d) Short-term provisions	104.200	258.600	182.000
Total Current Liabilities (4)	17136.300	17490.600	11099.000
TOTAL	27303.500	26568.900	20437.700
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10859.500	10730.100	9849.800
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2070.300	194.200	348.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	115.500	115.800	89.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	135.900	249.500	111.200
(e) Other Non-current assets	2.300	2.500	3.800
Total Non-Current Assets	13183.500	11292.100	10402.700
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12243.400	13112.600	7102.300
(c) Trade receivables	1102.500	1440.600	2162.700
(d) Cash and cash equivalents	149.300	128.700	132.100
(e) Short-term loans and advances	349.600	547.800	608.100
(f) Other current assets	275.200	47.100	29.800
Total Current Assets	14120.000	15276.800	10035.000
TOTAL	27303.500	26568.900	20437.700

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	18220.700	14812.200	15375.200
	Other Income	65.900	73.900	45.200
	TOTAL	18286.600	14886.100	15420.400
Less	EXPENSES
	Cost of Materials Consumed	13437.000	15177.900	10320.700
	Purchases of Stock-in-Trade	223.300	246.800	1499.300
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	696.300	(5217.600)	(396.800)
	Employees benefits expense	727.000	711.000	589.600
	Other expenses	1831.700	1680.700	1331.000
	TOTAL	16915.300	12598.800	13343.800
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1371.300	2287.300	2076.600
Less	FINANCIAL EXPENSES	1422.100	1126.700	948.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(50.800)	1160.600	1127.900
Less/ Add	DEPRECIATION/ AMORTISATION	758.800	767.600	676.600
	PROFIT/ (LOSS) BEFORE TAX	(809.600)	393.000	451.300
Less	TAX	(55.900)	165.400	155.000
	PROFIT/ (LOSS) AFTER TAX	(753.700)	227.600	296.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	173.700	212.700	466.100
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	150.000	NA
	Transferred to debenture redemption reserve	0.000	12.600	NA
	Dividend	2.600	88.900	NA
	Tax on Dividend	0.400	15.100	NA
	Total (M)	3.000	266.600	NA
	Balance Carried to the B/S	(583.000)	173.700	212.700
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1771.100	1892.500	1455.300
	TOTAL EARNINGS	1771.100	1892.500	1455.300
	IMPORTS
	Raw Materials	8.500	3.200	1.500
	Components and Stores parts	16.600	0.000	1270.000
	Capital Goods	239.500	3.700	0.000
	TOTAL IMPORTS	264.600	6.900	1271.500
	Earnings / (Loss) Per Share (Rs.)	(13.17)	3.98	5.18

QUARTERLY RESULTS

Particulars (Rs. In Millions)	Jun 2014	Sep 2014	Dec 2014
Audited / Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	3879.600	3655.200	5951.300
Total Expenditure	3470.100	3771.400	5716.700
PBIDT (Excl OI)	409.500	(116.200)	234.600
Other Income	12.300	0.700	9.800
Operating Profit	421.800	(115.500)	244.400
Interest	408.100	368.800	346.600
Exceptional Items	0.000	0.000	0.000
PBDT	13.800	(484.200)	(102.200)
Depreciation	124.200	102.500	154.900
Profit Before Tax	(110.400)	(586.700)	(257.100)
Tax	0.000	0.000	(79.400)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	(110.400)	(586.700)	(177.600)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	(110.400)	(586.700)	(177.600)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(4.13)	1.53	1.92
Operating Profit Margin (PBDIT/Sales)	(%)	7.52	15.44	13.50
Return on Total Assets (PBT/Total Assets}	(%)	(3.22)	1.50	2.26
Return on Investment (ROI) (PBT/Networth)		(0.18)	0.08	0.09
Debt Equity Ratio (Total Debts/Networth)		2.71	2.66	1.81
Current Ratio (Current Asset/Current Liability)		0.82	0.87	0.90

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	628.100	833.600	804.100
Reserves & Surplus	4224.300	4038.400	3639.900
Net worth	4852.400	4872.000	4444.000
long-term borrowings	4262.300	3915.700	5447.400
Short term borrowings	4540.500	9055.200	6654.000
Total borrowings	8802.800	12970.900	12101.400
Debt/Equity ratio	1.814	2.662	2.723

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	15375.200	14812.200	18220.700
		(3.662)	23.011

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	15375.200	14812.200	18220.700
Profit	296.300	227.600	(753.700)
	1.93%	1.54%	(4.14%)

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	No
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
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	No

LITIGATION DETAILS

HIGH COURT OF DELHI
Case No.: CS(OS)-2656/2014	Date of Filing : 01.09.2014
Status : PENDING	Date of Registration : 01.09.2014
	Date : 21.05.2015
RADICO KHAITN LIMITED Vs. DHAMPUR SUGAR MILLS LIMITED
Dealing Assistant : ORG-DA2
Filing Advocate : SAGAR CHANDRA AND ASSOCIATES
Subject 1 : TRADE/MERCHANDISE SUITS-INFRINGEMENT INJUNCTION
21-MAY -2015 To be Listed In Court 21 07-JAN-2015 DOCUMENT Filed by SURINDER SINGH On Behalf of Vide Diary No : 9282/2015 12-DEC-2014 received SERVICE OF NOTICE FROM OFFICER INCHARGE DISTRICT JUDGE BIJNOOR 03-DEC-2014 DOCUMENT Filed by SAGAR CHANDRA AND ASSOCIATES on Behalf of Vide Diary No : 250366/2014 03-DEC-2014 WRITTEN STATEMENT Filed by SURINDER SINGH On Behalf of Vide Diary No : 250360/2014 03-DEC-2014 Listed In Court 20 As Item No 24 03-DEC-2014 Vakalatnama/Appearance Filed by SURINDER SINGH 01-DEC-2014 Process Fee (Rs. 10) Filed By NAMITA ROY Vide Diary No : 240331/2014 28-NOV-2014 received AFF OF SERVICE FROM SAGAR CHANDRA ADV 06-SEP-2014 AFFIDAVIT Filed by SAGAR CHANDRA AND ASSOCIATES on behalf of Vide Diary No : 163039/2014 03-SEP-2014 Process Fee (Rs. 6) Filed by SAGAR CHANDRA AND ASSOCIATES Vide Diary No : 157691/2014 02-SEP-2014 Listed In Court 24 As Item No 33 01-SEP-2014 I.A.-16824/2014 For MISCELLANEOUS Filed by on Behalf of RADICO KHAITN LIMITED 01-SEP-2014 I.A.-16823/2014 For EX-PARTE STAY/INJUNCTION/INTERIM STAY/STATUS QUO/I Filed by on Behalf of RADICO KHAITN LIMITED

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10532951	29/10/2014	1,000,000,000.00	PUNJAB NATIONAL BANK	DHAMPUR MAIN, KALAGARH ROAD, DHAMPUR DISTT. BIJNOR, DHAMPUR, Uttar Pradesh - 246761, INDIA	C34677245
2	10506359	27/06/2014	1,095,300,000.00	PUNJAB NATIONAL BANK	DHAMPUR MAIN, KALAGARH ROAD, DHAMPUR DISTT. BIJNOR, DHAMPUR, Uttar Pradesh - 246761, INDIA	C09509571
3	10503349	28/05/2014	500,000,000.00	CENTRAL BANK OF INDIA	BO : 31 JAIL CHUNGI, MEERUT, MEERUT, Uttar Pradesh - 250002, INDIA	C06829196
4	10488296	18/02/2014	520,000,000.00	U.P Co-operative Bank Limited	U.P Co-operative Bank Limited, 2, MAHATMA GANDHI MARG, LUCKNOW, Uttar Pradesh - 226001, INDIA	C02831972
5	10466978	26/11/2013	455,000,000.00	PUNJAB NATIONAL BANK	DHAMPUR MAIN, KALARAGH ROAD, DHAMPUR DISTT. BIJNO  R, DHAMPUR, Uttar Pradesh - 246761, INDIA	B92283936
6	10459165	15/10/2013	650,000,000.00	CENTRAL BANK OF INDIA	BO : 31 JAIL CHUNGI, MEERUT, MEERUT, Uttar Pradesh - 250002, INDIA	B89049936
7	10423437	05/07/2013 *	520,000,000.00	PUNJAB NATIONAL BANK	DHAMPUR MAIN, KALARAGH ROAD, DHAMPUR DISTT. BIJNOR, DHAMPUR, Uttar Pradesh - 246761, INDIA	B82466905
8	10423439	05/07/2013 *	640,000,000.00	PUNJAB NATIONAL BANK	DHAMPUR MAIN, KALARAGH ROAD, DHAMPUR DISTT. BIJNOR, DHAMPUR, Uttar Pradesh - 246761, INDIA	B82743725
9	10412091	05/07/2013 *	250,000,000.00	PRATHAMA BANK	HO:PRATHAMA BHAWAN, P.B. 466, RAM GANGA VIHAR-II,  MORADABAD, Uttar Pradesh - 244001, INDIA	B81899502
10	10369607	01/02/2014 *	600,000,000.00	ZILA SAHKARI BANK LIMITED	HEAD OFFICE - CIVIL LINES 11, BIJNOR, BIJNOR, Uttar Pradesh - 246701, INDIA	C00458059

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Deposits
From directors and their relatives	0.000	19.800
From public	23.000	44.800
Buyers credit from bank	270.200	0.000
Deferred payment liabilities	3.600	3.500
SHORT TERM BORROWINGS
Deposits
From related parties	52.900	0.000
From public	164.100	140.900
Loans and advances from related parties	4.700	24.200
Total	518.500	233.200

REVIEW OF COMPANY’S 2013-14 PERFORMANCE

sugarcane costs and sugar realisations, as a result of which one segment of the business is government-dictated whereas the other is market-driven. For the industry growth to be equitable and sustainable, we believe that it is critical for cane costs to be based on market-realities with adequate provisions that protect the interest of growers, millers and consumers. As it turned out, India nursed one of the highest opening stocks of sugar of around 8.8 million tonnes in October 2013 (about 3 million tonnes more than the usual opening balance for a season), which moderated sugar realisations. The reality was our sugar realisations declined by an average of Rs. 23190.000 Millions per tonne, dropping below production costs across a good part of 2013-14. What was challenging with this scenario was that while sugar realisations strengthened by just 8 percent across three years, sugarcane costs increased over 70percent, affecting the viability of the entire sector.

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE THIRD QUARTER ENDED 31.12.2014

(Rs. In Millions)

Sl. No		Particulars	Quarter Ended		Nine Month Ended
			31.12.2014	30.09.2014	31.12.2014
			(Unaudited)	(Unaudited)	(Unaudited)
1.		Income from operations
	(a)	Net Sales / Income from Operations (Net of excise duty)	5798.463	3621.094	13260.642
	(b)	Other Operating Income	152.854	34.116	225.497
		Total income from operations (net)	5951.317	3655.210	13486.139
2.		Expenses
	(a)	Cost of materials consumed	3689.231	(144.102)	4648.019
	(b)	Purchases of stock-in-trade	743.446	24.572	850.637
	(c)	Changes in inventories of finished goods, work-in -progress and stock-in-trade	677.782	3791.635	6428.136
	(d)	Employees benefits expense	194.173	145.016	504.885
	(e)	Depreciation and amortisation expense	154.874	102.523	381.551
	(f)	Other expenses	487.028	307.370	1132.785
	(g)	Off-season Expenses(Net)	(74.972)	(356.087)	(608.277)
		Total expenses	5871.562	3873.927	13339.736)
3.		Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2)	79.755	(218.717)	146.403
4.		Other Income	9.793	0.737	22.845
5.		Profit / (Loss) from ordinary activities before finance costs and exceptional items (3+4)	89.548	(217.980)	169.248
6.		Finance costs	346.601	368.752	1123.416
7.		Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5-6)	(257.053)	(586.732)	(954.168)
8.		Exceptional Items {Net - Gain/(Loss)} : -	---	---	---
9.		Profit / (Loss) from ordinary activities before tax (7-8)	(25.053)	(586.732)	(954.168)
10.		Tax expenses
		Current Tax (including MAT)
		Less: MAT credit entitlement
		Deferred Tax Liability/(Asset)	79.429	---	79.429
11.		Profit / (Loss) from ordinary activities after tax (9-10)	(177.624)	(586.732)	(874.739)
12.		Extraordinary items (net of tax expense Rs. Nil)	---	---	---
13.		Net Profit / (Loss) for the period (11-12)	(177.624)	(586.732)	(874.739)
14.		Paid-up Equity Share Capital (Face Value per Share Rs. 10/-Each )	572.149	572.149	572.149
15.		Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year	---	---	---
16.	i	Earnings per share (before extraordinary items) (of ? 10/- each) (not annualised) :
		a) Basic	(3.18)	(10.33)	(15.52)
		b) Diluted	(3.02)	(9.82)	(14.74)
	ii	Earnings per share (after extraordinary items) (of ? 10/- each) (not annualised) :
		a) Basic	(3.18)	(10.33)	(15.52)
		b) Diluted	(3.02)	(9.82)	(14.74)
PART -II
A	Particulars of Shareholding
1		Public Shareholding
		- No. of Shares	26629298	26629298	26629298
		- Percentage of Shareholding	46.54%	46.54%	46.54%
2	(a)	Promoter and Promoter Group Shareholding: Pledged / Encumbered
		- No. of Shares	5525000	5525000	5525000
		- Percentage of Shares(as a % of the Total Shareholding of the Promoter and Promoter Group)	18.06%	18.06%	18.06%
		- Percentage of Share(as a % of the Total Share Capital of the Company)	9.66%	9.66%	9.66%
	(b)	Non-encumbered
		- No. of Shares	25060637	25060637	25060637
		- Percentage of Shares(as a % of the Total Shareholding of the Promoter and Promoter Group)	81.94%	81.94%	81.94%
		- Percentage of Share(as a % of the Total Share Capital of the Company)	43.80%	43.80%	43.80%
B		Investor Complaint(s)				Quarter ended
		Particulars [Nos.]				Dec, 2014
		Pending at the beginning of the quarter				Nil
		Received during the quarter				1
		Disposed of during the quarter				1
		Remaining unresolved at the end of the quarter				Nil

QUARTERLY REPORTING OF SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF LISTING AGREEMENT

(Rs. In Millions)

Sl. No	Particulars	Quarter Ended		Nine month Ended
		31.12.2014	30.09.2014	31.12.2014
		(Unaudited)	(Unaudited)	(Audited)
1	Segment Revenue (Net of Excise duty)
	a) Sugar	5360.612	3289.341	12019.305
	b) Power	1147.101	54.102	1758.064
	c) Chemicals / Ethanol	797.235	458.530	2121.146
	d) Others	43.885	25.461	111.895
	Total	7348.833	3827.434	16010.410
	Less : Inter Segment Revenue (Net of Excise)	1397.516	172.224	2524.271
	Net Sales / Income from Operation	5951.317	3655.210	13486.139
2	Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment)
	a) Sugar	(548.846)	(237.910)	(780.512)
	b) Power	522.834	9.069	728.178
	c) Chemicals / Ethanol	160.843	58.639	362.192
	d) Others	(9.529)	(8.346)	(26.170)
	Total	125.302	(178.548)	283.688
	Less : Interest	346.601	368.752	1123.416
	Less : Other Unallocable Expenses Net of Unallocable Income	(35.754)	(39.432)	(114.440)
	Net Profit (+) / Loss(-) before Tax	(257.053)	(586.732)	(954.168)
3	Capital Employed (Segment Assets - Segment Liabilities)
	a) Sugar	7597.887	7504.678	7597.887
	b) Power	5765.910	5629.573	5765.910
	c) Chemicals / Ethanol	2634.425	2096.903	2634.425
	d) Others	50.628	48.563	50.628
	Total	16048.850	15279.717	16048.850

Note :

1. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 10th February, 2015

2. The Statutory Auditors have carried out the Limited Review of the above financial results.

3. Sugar being a seasonal industry, the performance of the quarter may not be representative of the annual performance of the Company.

4. For the sugar season 2014-2015, the Government of Uttar Pradesh has announced certain financial assistance including Rs. 2.860 Millions (per qunital of cane) linked to average selling price of sugar and its by-products during 1st October, 2014 to 31st May, 2015.

5. Based on the prevailing selling price, the Company has accounted for financial assistance of Rs. 103.262 Millions @ Rs. 0.860 Millions only during the quarter. The balance financial assistance of Rs. 2.000 per qunital amounting to Rs. 240.144 Millions will be accounted for when the committee constituted by the Government of Uttar Pradesh recommends the same.

6. In view of expected improvement in financials due to linkage of cane price with average selling price of sugar and other by-products and also due to upward revision of power tariffs, the company believes that there would be sufficient taxable profits in future and accordingly recognized Net Deferred Tax Assets (DTA) in respect of losses during the quarter. DTA in respect of losses for the earlier periods will be reviewed and accordingly accounted for at the close of the financial year.

7. Figures for the previous corresponding periods have been regrouped, wherever considered necessary.

8. 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.62.24
UK Pound	1	Rs.95.57
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	SUC
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		61

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.