MIRA INFORM REPORT

Report No. :	309962
Report Date :	28.02.2015

IDENTIFICATION DETAILS

Name :	SHETRON LIMITED
Formerly Known As :	SHETRON METALS LIMITED
Registered Office :	Plot No. 1, Bommasandra Industrial Area, Hosur Road, Bangalore – 560099, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.06.1980
Com. Reg. No.:	08-003842
Capital Investment / Paid-up Capital :	Rs.90.000 Million
CIN No.: [Company Identification No.]	L21014KA1980PLC003842
TAN No.: [Tax Deduction & Collection Account No.]	BLRS02308F
PAN No.: [Permanent Account No.]	AACCS9650F
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Metal Packaging.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3000000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred loss from its operation for the financial year 2013 – 14. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some caution.

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	FITCH
Rating	Fund based and Non Fund Based Working Capital Limits
Rating Explanation	BB : Inadequate credit quality and high credit risk A4+: Minimal degree of safety very high credit risk.
Date	December, 2014

Rating Agency Name	FITCH
Rating	Term Loans
Rating Explanation	BB : Inadequate credit quality and high credit risk
Date	December, 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 1 :	Plot No. 1, Bommasandra Industrial Area, Hosur Road, Bangalore – 560099, Karnataka, India
Tel. No.:	91-80-7832290 / 91 / 92 / 46
Fax No.:	91-80-7832293
E-Mail :	cmpsecy@shetrongroup.com investors@shetrongroup.com
Website :	http://www.shetrongroup.com
Head Office :	26/3A, Sankey Road, Bangalore - 560 052, Karnataka, India
Tel. No.:	91-80-226 8920 / 21
Fax No.:	91-80-225 8285
E-Mail :	shetron@vsnl.com
Corporate Office :	A/6, M.I.D.C. Road 5, Ramakrishna Mandir Road, Chakala, Andheri [East], Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-2832 6228 / 2832 8609
Fax No.:	91-22- 2837 2145
E-Mail :	shetron@vsnl.com corporate@shetrongroug.com
Factory 2 :	Asangaon Mumbai-Nasik Highway, Post Vasind, Taluk Shahapur, Dist Thane - 421604, Maharashtra, India
Tel. No.:	91-952527-220097/220521
Fax No.:	91-952527-220520

KEY EXECUTIVES

Name :	Mr. Ravindra
Designation :	Senior Manager
Mobile No. :	91-9845561583
Name :	Mr. Abhilash. B
Designation :	Senior Officer – Materials
Mobile No. :	91-9986790335

DIRECTORS

As on 29.09.2014

Name :

Mr. Divakar Sanku Shetty

Designation :

Whole-time director

Address :

Divya R.S. Jain Marg, Gandhigram Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

03.06.1943

Qualification :

B.Com.

PAN No.:

AAJPS9636B

Date of Appointment :

01.09.2013

DIN No.:

00432755

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U21010MH1968PLC014111	FIBRE FOILS LIMITED	Managing director	09-10-1968	09-10-1968	-	Active	NO
2	U31200MH1980PTC023344	KONJAL MACHINES PRIVATE LIMITED	Director	25-10-1980	25-10-1980	-	Active	NO
3	U21010MH1981PLC024358	FIBRE SHELLS LTD	Director	04-05-1981	04-05-1981	-	Amalgamated	NO
4	U22121KA1982PLC004650	FIBRE BOARDS LIMITED	Director	18-02-1982	18-02-1982	-	Active	NO
5	U67120MH1982PTC028993	SHETRON ENTERPRISES PRIVATE LIMITED	Director	30-12-1982	30-12-1982	-	Active	NO
6	U45200MH1974PTC018017	BUNTS PROPERTIES PRIVATE LIMITED	Director	27-11-1985	27-11-1985	-	Active	NO
7	U85110KA1985PLC006749	SANSHA SYSTEM LIMITED	Director	01-01-1996	01-01-1996	-	Active	NO
8	L21014KA1980PLC003842	SHETRON LIMITED	Whole-time director	01-09-2013	01-09-2005	-	Active	NO
9	U25205KA2005PTC037829	SHETRON METROPAK PRIVATE LIMITED	Director	01-12-2005	01-12-2005	-	Active	NO
10	U91990WB2005GAP106167	TINPLATE PROMOTION COUNCIL	Director	05-12-2005	05-12-2005	21-09-2011	Active	NO
11	U91110MH2006NPL160336	INDIAN BUNTS CHAMBER OF COMMERCE AND INDUSTRY	Director	07-03-2006	07-03-2006	25-08-2011	Active	NO
12	L29199KA1985PLC006934	SUPRAJIT ENGINEERING LIMITED	Director	31-07-2014	21-10-2006	-	Active	NO

Name :

Mr. Karitik Nayak

Designation :

Managing Director

Address :

Divya R.S. Jain Marg, Gandhigram Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

03.03.1967

Qualification :

M.S. (Industrial Engineering)

PAN No.:

ABEPN0021D

Date of Appointment :

01.09.2013

DIN No.:

00477686

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L21014KA1980PLC003842	SHETRON LIMITED	Managing director	01-09-2013	01-04-2003	-	Active	NO
2	U25205KA2005PTC037829	SHETRON METROPAK PRIVATE LIMITED	Managing director	01-12-2005	01-12-2005	-	Active	NO
3	U85110KA1985PLC006749	SANSHA SYSTEM LIMITED	Director	29-09-2007	29-09-2007	-	Active	NO

Name :

Mr. Babugowda Sanganagowda Patil

Designation :

Director

Address :

No.143, 10th Main Sthcrosrmv Extension, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

20.03.1967

Date of Appointment :

27.09.2002

DIN No.:

00061959

Other Directorship:

S.No.	CIN/LLPIN	Name Of The Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L21014KA1980PLC003842	SHETRON LIMITED	Director	27-09-2002	27-09-2002	-	Active	NO
2	L15421PN1939PLC006738	THE UGAR SUGAR WORKS LTD	Director	28-03-2005	28-03-2005	19-03-2010	Active	NO
3	U15421KA2002PLC029968	SADASHIVA SUGARS LIMITED	Director	09-12-2005	09-12-2005	18-08-2011	Active	NO
4	U74140KA2004PTC034016	SANYO BPL PRIVATE LIMITED	Director	15-12-2005	15-12-2005	01-01-2009	Under liquidation	NO
5	L85110KA1915PLC000740	UNITED BREWERIES (HOLDINGS) LIMITED	Director	22-03-2006	22-03-2006	01-06-2013	Active	NO
6	U01100MH1988PLC049515	GROVER ZAMPA VINEYARDS LIMITED	Director	30-09-2006	23-03-2006	01-09-2011	Active	NO
7	U19202KA2001PLC029428	UB INTERNATIONAL TRADING LIMITED	Director	28-03-2006	28-03-2006	01-06-2013	Active	NO
8	L29199KA1985PLC006934	SUPRAJIT ENGINEERING LIMITED	Director	19-06-2006	19-06-2006	-	Active	NO
9	L24123KA1966PLC002036	MANGALORE CHEMICALS AND FERTILISERS LIMITED	Director	27-11-2006	27-11-2006	01-06-2013	Active	NO
10	U18101KA2002PLC030185	SCOTTS GARMENTS LIMITED	Director	04-07-2007	04-07-2007	-	Active	NO
11	U45201TG2001PLC036617	AMR INDIA LIMITED	Director	24-09-2008	03-06-2008	01-10-2014	Active	NO
12	L27104TN1991PLC020533	SURANA INDUSTRIES LIMITED	Director	10-06-2010	30-10-2009	01-12-2014	Active	NO
13	U40104MH2007PTC175502	ODETTA REALTY PRIVATE LIMITED	Additional director	28-07-2010	28-07-2010	20-09-2010	Active	NO
14	U27300KA2011PTC058145	B R S PRECISION MANUFACTURING PRIVATE LIMITED	Director	13-04-2011	13-04-2011	-	Active	NO
15	U40109TN2010PLC074770	SURANA GREEN POWER LIMITED	Director	30-06-2012	06-02-2012	-	Active	NO
16	U40300TN2012PLC085008	SURANA GREEN ENERGY LIMITED	Director	19-03-2012	19-03-2012	-	Active	NO
17	U74899DL1995PTC070164	WEIR INDIA PRIVATE LIMITED	Director	22-09-2012	28-03-2012	02-06-2014	Active	NO
18	U40108KA1997PTC022700	TRINETHRA ENERGY CONVERTIONS PRIVATE LIMITED	Director	25-09-2013	26-11-2012	-	Amalgamated	NO
19	U85110KA1998PTC024498	PRASANNA POWER PRIVATE LIMITED	Director	25-09-2013	26-11-2012	-	Amalgamated	NO
20	U85110KA1992PTC013759	INTERNATIONAL POWER CORPORATION PRIVATE LIMITED	Director	25-09-2013	26-11-2012	-	Active	NO
21	U40105KA2013PTC072470	SADBHAVANA ENERGY PRIVATE LIMITED	Director	11-12-2013	11-12-2013	-	Active	NO

Name :

Dr. Madegowda Mahadeviah

Designation :

Director

Address :

Divya R.S. Jain Marg, Gandhigram Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

15.05.1939

Date of Appointment :

30.10.2006

DIN No.:

02573037

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Category of Shareholders	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	2029264	22.54
Bodies Corporate	3685130	40.93
Sub Total	5714394	63.47
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	81633	0.91
Sub Total	81633	0.91
Total shareholding of Promoter and Promoter Group (A)	5796027	64.38
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	100	0.00
Foreign Institutional Investors	5206	0.06
Sub Total	5306	0.06
(2) Non-Institutions
Bodies Corporate	498994	5.54
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1267862	14.08
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1229526	13.66
Any Others (Specify)	205585	2.28
Non Resident Indians	179500	1.99
Clearing Members	26085	0.29
Sub Total	3201967	35.56
Total Public shareholding (B)	3207273	35.62
Total (A)+(B)	9003300	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)	9003300	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Metal Packaging.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• The Cosmos Co-Operative Bank Limited, Vile Parle Branch, Nehru Road, Vile Parle East, Mumbai - 400057, Maharashtra, India
• State Bank of India
• Bank of India

Facilities :

Long Term Borrowings	As on 31.03.2014	As on 31.03.2013
Term Loan from Cosmos Co-Operative Bank Limited, Pune	596.200	572.600
Car Loan	1.400	0.700
Deferred Sales Tax	10.000	12.400
Loan From Related Parties	73.600	72.000
Suppliers’ Credit	81.700	103.700
Less: Maturities within one year	(40.400)	(17.100)
Short Term Borrowings
Demand Loan From Banks	281.700	273.100
Total	1004.200	1017.400

Note :

1. Term Loans from Banks are guaranteed by two promoter directors and one of their relatives.

2. Deferred Sales tax is payable over period of 15 years. Loan from related parties are not subjected to any repayment terms. Term Loans are repayable over a period of 7 years from the date of disbursement. Buyers’ credit are payable over a period of 3 years. Car Loan is payable over a period of five years from the date of disbursement.

3. Term Loans from Cosmos Co Op Bank Ltd are secured by First charge by way of Equitable Mortgage on the Company’s immovable property situated at Bangalore and First charge on the Plant & Machinery of the Company.

4. Car Loan is secured by hypothecation of vehicles acquired under the scheme.

5. The Short Term Borrowings are under Consortium Banking arrangement with Bank of India, State Bank of India and The Cosmos Co Op Bank Limited are secured by First Pari-passu charge on the Hypothecation of stocks, Books Debts and other Current Assets of the Company, exclusive First charge on the Company’s immovable property situated at Asangaon, Maharashtra and Second pari-passu charge on the Fixed Assets of the Company (including second charge by way of extension of Equitable Mortgage as on the immovable properties in Bangalore). Short Term Borrowings are guaranteed by two promoter directors and one of their relatives.

Auditors :
Name :	Pal and Shanbhogue Chartered Accountants
Address :	24, 4^th Main, Malleswaram, Bangalore – 560003, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFP3689D
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Fibre Foils Limited Sansha Systems Limited Shetron Enterprises Private Limited Bunts Property Private Limited
Subsidiary :	Shetron Metropak Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9003300	Equity Shares	Rs.10/- each	Rs.90.000 Million
	Less : Forfeited Shares		Rs. 0.035 Million
	Total		Rs. 90.000 Million

There is no other class of Shares other than the Equity Shares. There is no change in the outstanding shares at the beginning or at the end of the period. The company is a holding company of M/s Shetron Metropak Pvt Ltd. The other disclosure requirements of Schedule VI regarding share capital are not applicable to the Company.

The following shareholders hold more than 5% of value of shares.

Name of shareholder	Number of shares 31.03.2014
	No’s	%
Shetron Enterprises Private Limited	17,96,717	19.96%
Konjal Machines Private Limited	8,58,055	9.53%
Bunts Properties Private Limited	8,00,000	8.89%

As on 20.09.2014

Authorised Capital : Rs. 250.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 89.998 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	90.000	90.000	90.000
(b) Reserves & Surplus	303.000	313.000	347.8000
(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)	393.000	403.000	437.800
(3) Non-Current Liabilities
(a) long-term borrowings	722.500	744.300	661.000
(b) Deferred tax liabilities (Net)	50.300	55.400	71.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	772.800	799.700	732.000
(4) Current Liabilities
(a) Short term borrowings	281.700	273.100	287.600
(b) Trade payables	255.300	193.100	221.800
(c) Other current liabilities	49.300	26.000	103.700
(d) Short-term provisions	10.100	11.800	9.400
Total Current Liabilities (4)	596.400	504.000	622.500
TOTAL	1762.200	1706.700	1792.300
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	723.500	760.900	829.600
(ii) Intangible Assets	34.500	10.800	9.200
(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	13.300	13.300	13.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	111.800	143.800	149.600
(e) Other Non-current assets	54.100	59.100	59.100
Total Non-Current Assets	937.200	987.900	1060.800
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	305.100	246.500	348.600
(c) Trade receivables	272.400	271.700	219.200
(d) Cash and cash equivalents	89.600	77.900	73.700
(e) Short-term loans and advances	148.000	115.900	81.900
(f) Other current assets	9.900	6.800	8.100
Total Current Assets	825.000	718.800	731.500
TOTAL	1762.200	1706.700	1792.300

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1322.100	1221.500	1209.800
	Other Income	13.300	17.200	20.400
	TOTAL	1335.400	1238.700	1230.200
Less	EXPENSES
	Cost of Materials Consumed	927.200	831.500	895.400
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.500)	24.300	(12.600)
	Employees benefits expense	91.700	91.400	94.400
	Other expenses	97.300	94.100	103.700
	TOTAL	1105.700	1041.300	1080.900
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	229.700	197.400	149.300
Less	FINANCIAL EXPENSES	165.400	168.800	144.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	64.300	28.600	5.200
Less/ Add	DEPRECIATION/ AMORTISATION	79.400	79.000	76.600
	PROFIT/ (LOSS) BEFORE TAX	(15.100)	(50.400)	(71.400)
Less	TAX	(5.100)	(15.600)	(29.100)
	PROFIT/ (LOSS) AFTER TAX	(10.000)	(34.800)	(42.300)
	Balance Carried to the B/S	(10.000)	(34.800)	(42.300)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	244.500	293.700	272.400
	TOTAL EARNINGS	244.500	293.700	272.400
	IMPORTS
	Raw Materials	370.300	268.900	353.500
	Components and Stores parts	6.500	5.000	6.700
	TOTAL IMPORTS	376.800	273.900	360.200
	Earnings / (Loss) Per Share (Rs.)	(1.11)	(3.86)	(4.70)

QUARTERLY RESULTS

Particulars (Rs. Cr)	30.06.2014	30.09.2014	31.12.2014
Audited / Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	424.800	424.200	391.500
Total Expenditure	358.400	360.800	332.500
PBIDT (Excl OI)	66.400	63.400	59.000
Other Income	1.000	1.500	1.500
Operating Profit	67.400	64.900	60.500
Interest	44.600	41.900	40.100
Exceptional Items	0.000	0.000	0.000
PBDT	22.800	23.000	20.400
Depreciation	19.200	19.100	19.000
Profit Before Tax	3.600	3.900	1.400
Tax	(0.400)	2.900	0.500
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	4.000	1.000	0.900
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	4.000	1.000	0.900

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(0.76)	(2.85)	(3.50)
Operating Profit Margin (PBIDT/Sales)	(%)	17.37	16.16	12.34
Return on Total Assets (PBT/Total Assets}	(%)	(0.86)	(2.98)	(4.01)
Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.13)	(0.16)
Debt Equity Ratio (Total Debt /Networth)		2.56	2.52	2.17
Current Ratio (Current Asset/Current Liability)		1.38	1.43	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	90.000	90.000	90.000
Reserves & Surplus	347.800	313.000	303.000
Net worth	437.800	403.000	393.000
long-term borrowings	661.000	744.300	722.500
Short term borrowings	287.600	273.100	281.700
Total borrowings	948.600	1017.400	1004.200
Debt/Equity ratio	2.167	2.525	2.555

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	1209.800	1221.500	1322.100
		0.967	8.236

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	1209.800	1221.500	1322.100
Profit	(42.300)	(34.800)	(10.000)
	(3.50)%	(2.85)%	(0.76)%

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

YEAR IN RETROSPECT :

Gross sales for the year were marginally higher than the previous financial year. Profit before Depreciation, Interest and Taxation (PBDIT) was higher by 16% at Rs. 229.700 Million as compared to Rs. 197.400 Million in the previous year. The improvement in operating margin has helped the company to reduce the loss to Rs.10.000 Million for the year against a corresponding loss of Rs. 34.800 Million in the previous year.

BUSINESS PROSPECTS :

The Indian Packaging Industry is growing at more than 15% per annum. India stands at the 11th position in the world packaging industry and with the rising consumer demand and new technologies, it is expected to grow at 18-20 per cent and it is expected that annual turnover of Indian packaging industry will touch $32 billion by 2025. At the expected growth pace Indian Packaging Industry will soon climb up to the 4th position in the world packaging industry. There will be ten times increase of middle class population by 2025 in India which will further trigger the consumption of packaging material and thus, the packaging industry will grow further.

AWARDS & LAURELS :

As a testimonial of the company’s strength, IMDA, USA (International Metal Decorators Association) in recognition of the excellence in quality for printing has awarded the company again in the year 2014.

OVERVIEW :

The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956, guidelines issued by the Securities and Exchange Board of India (SEBI) and the Generally Accepted Accounting Principles (GAAP) in India; there are no material departures from prescribed accounting standards in the adoption of the accounting standards. Our Management accepts responsibility for the integrity and objectivity of these financial statements, as well as for the various estimates and judgments used therein. These estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, in order that the financial statements reflect in a true and fair manner, the form and substance of transactions and the state of affairs, profits and cash flows for the year.

ECONOMY, INDUSTRY STRUCTURE AND DEVELOPMENTS IN FOOD CANS AND BATTERY SEGMENTS:

GLOBAL ECONOMIC OVERVIEW :

In the year 2013-14, the global economy showed signs of revival after almost 4 years since the onset of the financial crisis. The recovery this time was different as developed economies consolidated while most emerging markets faced challenges to reviving for growth.

Global growth is expected to be better in the current year, as the developed world consolidates further. In the advanced economies, risks to economic activity associated with very low inflation have come to the fore, especially in the euro area, where large output gaps have contributed to low inflation. Emerging market economies will have to tackle inflationary pressures and currency volatility in the short and medium-term as they attempt to revive growth. There is a risk of continuing tight financial conditions leading to a higher cost of capital leading to a further slowdown in investments. Also the recent geo-political risks may lead to a renewed bout of increased risk aversion in global financial markets.

INDIA ECONOMIC OVERVIEW :

The GDP growth of Indian economy was 4.7% in the year 2013-14. The economy has remained challenged as growth has been below 5% in the last 7 quarters between Q1, 2012-2013 to Q4, 2013-2014. The only exception in this period was Q2, 2013- 2014 when GDP grew by 5.2%. This slowdown has coincided with a decline in financial savings, low and sluggish growth in fixed capital formation over successive quarters, persistently high inflation, low business confidence and particularly inadequate structural policy measures have impacted on potential growth.

The year witnessed sustained high inflation and a highly volatile exchange rate in the first half of the year. The subsequent tightening of monetary policy effectively choked economic recovery. Domestically, structural reforms did not proceed at the pace expected by markets, as bottlenecks continued to hamper investment projects, particularly in the critical power sector.

METAL PACKAGING INDUSTRY- CHALLENGES AND OUTLOOK :

Tinplate, a value added flat steel product, is a versatile packaging substrate used in edible oils, paints, pesticides, processed foods, beverages and other industries. Its high suitability for packaging of processed edibles has enabled it to withstand the vagaries of the economic environment resulting in a steady growth in demand. However, cost pressures will continue on account of inflation rates, energy and transportation costs.

Growth of packaging industry is strongly co-related to the economic growth of a region. During the past year, global economy posted a marginal growth, amidst slow growth in the European, US and Chinese economies. Global packaging demand accordingly grew at a slower pace.

In India however, though packaging industry is growing at around double digit figures, the tinplate consumption in particular has remained steady across all end uses and has shown steady growth rates, more in line with GDP growth rates.

With threat of substitutes, increasing competition from new / potential domestic players and imports continue to pose challenges for faster growth in the metal packaging industry. The Company has undertaken measures to meet these challenges.

The Company's performance for the period 2013-14 has to be seen in the context of above economic background.

SUPPLY SIDE OF TINPLATE :

Tinplate continues to enjoy the preferable as a packaging medium especially for food. It enjoys functional superiority over other alternatives in packaging of edibles because of its better shelf appeal, product preservation, barrier properties and biodegradability. Product integrity and sustainability are the cornerstones of this industry.

Today the per capita consumption of tinplate in India is around 0.43 kg which is still very low compared to many developed nations and developing economies like China. Growth in packaging industry has always been closely linked with the GDP growth of the country. In India, with high growth in modern retail, FDI in multi-brand retail and with Government’s thrust on the food processing industry, packaging industry is bound to grow. As a result, tinplate demand is likely to increase provided indigenous manufacturers undertake robust developments efforts. However, significant import of non-prime tinplate’s and their use in food packaging dampens the demand for prime tinplate. Though the Custom Duty for all steel products was increased to 7.5% recently, it continues to be relatively low and is not a significant deterrent to the dumping of non-prime tin mill products into India mainly from USA, Europe and Latin America. Further, the Free Trade Agreement with Japan has led to influx of good quality tinplate into India at very low (3%) customs duty.

Also, with strong competition from substitutes, the industry needs to continuously endeavour to make tinplate packaging more competitive at a global level by focusing on light-weighting.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014

Particulars	Quarter ended		Nine Months Ended
	31.12.2014 (Unaudited)	30.09.2014 (Unaudited)	31.12.2014 (Unaudited)
1) Income from operations
a)Gross Sales	0.00	0.00	0.00
b) Net sales/income from operations (Net of excise duty)	391.500	424.200	1240.500
c) Other operating income	0.00	0.00	0.00
Total Income from operations (net)	391.500	424.200	1240.500
2) Expenses
a) Cost of material consumed	274.100	306.200	877.700
b) Purchases of stock-in-trade	0.00	0.00	0.00
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1.900)	(2.800)	2.500
d) Employee benefits expense	25.600	24.900	76.700
e) Other Expenditure	34.700	32.500	94.800
Total expenses	351.500	379.900	1109.000
3) Profit from operations before other income, finance costs and exceptional items (1-2)	40.000	44.300	131.500
4) Other income	1.500	1.500	4.000
5) Profit from ordinary activities before finance costs and exceptional items (3+4)	41.500	45.800	135.500
6) Finance costs	40.100	41.900	126.600
7) Cash Profit (5-6)	1.400	3.900	8.900
8) Depreciation and amortisation expense	0.00	0.00	0.00
9) Profit / (Loss) from ordinary activities after finance costs but before exceptional items (7-8)	1.400	3.900	8.900
10) Exceptional items	0.00	0.00	0.00
11) Profit / (Loss) from ordinary activities before tax (9+/-10)	0.900	1.000	5.900
12) Tax expense	0.500	0.290	0.300
13) Net Profit from ordinary activities after tax (11+/-12)	0.900	1.000	5.900
14) Extraordinary items (net of tax expense)	0.00	0.00	0.00
15) Net Profit for the period (13+/-14)
16) Share of profit / (loss) of associates	0.00	0.00	0.00
17) Minority interest	0.00	0.00	0.00
18) Net Profit / (Loss) after taxes, minority interest and share of profit / (loss) of associates (15 + 16 + 17)
19) Paid up equity share capital(Face value Rs. 10/- each)	90.000	90.000	90.000
20) Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	0.00	0.00	0.00
21.i. Earnings per share (before extraordinary items) (of Rs 5/- each) (not annualized):
Basic / Diluted	0.10	0.11	0.66
21.ii. Earnings per share (after extraordinary items) (of Rs 5- each) (not annualized):	0.00	0.00	0.00
A PARTICULARS OF SHAREHOLDINGS
1. Public Shareholding
No. of shares	3207273	3207273	3207273
Percentage of shareholding	35.6	35.6	35.6
2. Promoter and Promoter group Shareholding
a. Pledged/Encumbered
-Number of Shares	475815	475815	475815
Percentage of Shares(as a % of total shareholding of promoter group)	8.2	8.2	8.2
-Percentage of Shares(as a % of the total Share Capital of Company	5.3	5.3	5.3
b Non-Encumbered
-Number of Shares	5320212	5320212	5320212
-Percentage of Shares(as a % of total shareholding of promoter group)	91.8	91.8	91.8
-Percentage of Shares(as a % of the total Share Capital of Company	59.1	59.1	59.1

CONTINGENT LIABILITIES:

(Rs. in Million)

Particular	31.03.2014	31.03.2013
Factoring obligations	86.100	86.300
Guarantees for Customs Duty	45.000	45.000
Guarantees for Financial Institutions/Banks as security	50.000	50.000
Export Obligations under EPCG Scheme	117.400	246.400
Disputed Income Tax	24.900	24.900
Total	323.400	452.600

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10485084	17/02/2014	30,000,000.00	BANK OF INDIA	MID CORPORATE BRANCH, BOI BUILDING, NO.11, K G RO AD, BANGALORE, KARNATAKA - 560009, INDIA	C00569178
2	10441312	18/06/2013	587,500,000.00	BANK OF INDIA AND STATE BANK OF INDIA	MID CORPORATE BRANCH, BANK OF INDIA BUILDING, NO. 11, K G ROAD, BANGALORE, KARNATAKA - 560009, INDIA	B81325565
3	10270683	18/06/2013 *	637,500,000.00	BANK OF INDIA	MID CORPORATE BRANCH, BANK OF INDIA BUILDING, NO. 11, K G ROAD, BANGALORE, KARNATAKA - 560009, INDIA	B78677887
4	10212944	06/11/2012 *	850,000,000.00	The Cosmos Co-op Bank Ltd	VILE PARLE BRANCH PRATIK AVENUE, 1ST FLOOR, NEHRU ROAD, VILE PARLE (E), MUMBAI, MAHARASHTRA - 400057, INDIA	B62044987
5	10041968	30/06/2010 *	320,000,000.00	Bank of India	CORPORATE BANKING BRANCH, # 11, 1ST FLOOR, KEMPEGOWDA ROAD, BANGALORE, KARNATAKA - 560009, INDIA	A89481261
6	80054940	02/09/2005	380,000,000.00	IL & FS COMPANY LTD	BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	-
7	80016462	19/11/2010 *	267,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RESIDENCY PLAZA, RESID ENCY ROAD, BANGALORE, KARNATAKA - 560025, INDIA	B01888361
8	80065495	17/11/1992	79,500,000.00	State Bank of India	INDUSTRIAL FINANCE BANK, RESIDENCY ROAD, BANGALORE, KARNATAKA - 560025, INDIA	-
9	80016454	12/01/1994 *	131,200,000.00	STATE BANK OF INDIA	INDL. FINANCE BRANCH, BANGALORE, KARNATAKA - 560025, INDIA	-
10	80065497	20/06/1992	6,500,000.00	UNION BANK OF INDIA	GANDHINAGAR BRANCH, SEVEKSHETRA, NO.14, FIRST MAIN ROAD, GANDHINAGAR, BANGALORE, KARNATAKA - 560009, INDIA	-

FIXED ASSETS

• Leasehold Land and Development
• Buildings
• Plant and Machinery
• Furniture, Fixture and Equipment’s
• Vehicles

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.61.79
UK Pound	1	Rs.95.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	---
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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		30

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.