MIRA INFORM REPORT

Report No. :	301195
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	MERINO PANEL PRODUCTS LIMITED

Registered Office :	5, Alexander Court, 60/1, Chowringhee Road, Kolkata – 700 020, West Bengal

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	08.08.1994

Com. Reg. No.:	21-064386

Capital Investment / Paid-up Capital :	Rs. 20.000 Millions

CIN No.: [Company Identification No.]	U20299WB1994PLC064386

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CALM02677D

PAN No.: [Permanent Account No.]	AABCM5672Q

Legal Form :	Closely Held Public Limited Liability Company

Line of Business :	Manufacturing and selling of Decorative Laminates, Chemicals (primarily meant for captive consumption) and trading of Papers and Chemicals, Panel Boards and Plywood’s.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of “Merino Group”. It is a well-established company having fine track record. The company possesses a healthy financial profile marked by large networth, comfortable gearing and adequate debt protection metrics, along with huge working capital intensive operations which may act as a threat to the liquidity position. Management has witnessed a better growth in its sales volume as well as net profitability during FY14. The rating also take into consideration, the subject susceptibility to raw material prices and to industry competition. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of established market position, the subject can be considered 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities “A”
Rating Explanation	Adequate degree of safety and low credit risk.
Date	August 28, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities “A1”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	August 28, 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/ Head Office :	5, Alexander Court, 60/1, Chowringhee Road, Kolkata – 700 020, West Bengal, India
Tel. No.:	91-33-22479291 / 22470976 / 22472758 / 22477587/ 22901214 / 22901215/ 22872758
Fax No.:	91-33-22400314 / 22476103/ 22906103 / 91-1276-278337
Telex	021-2387 LNGX IN
E-Mail :	merinokol@merinoindia.com merinocal@vsnl.com merinorohad@merinoindia.com
Website :	http://www.merinoindia.com
Area :	Large
Location :	Owned

Marketing Office :	70, KLJ Complex, 2nd Floor, Moti Nagar, New Delhi-110015, India
Tel. No.:	91-11-45557000,25107617
Fax No.:	91-11-45557050

Factory 1 :	Village Achheja, PO-Hapur – 245101, District Ghaziabad, Uttar Pradesh, India
Tel. No.:	91-122-3082500,2308601
Fax No.:	91-122-2306998
Email :	merinohapur@merinoindia.com

Factory 2 :	44 KM. Stone, Delhi-Rohtak Road, Rohad, District Jhajjar – 124501, Haryana, India
Tel. No.:	91-1276-221000, 304900
Fax No.:	91-1276-221050
Email :	merinorohad@merinoindia.com

Factory 3 :	Bagalur Road, Kalahasthipuram Village, Hosur Taluk, Krishnagiri – 635103, Tamilnadu, India
Tel. No.:	91-4344-293545, 327765
Fax No.:	91-4344-245307
Email :	merinohosur@merinoindia.com

Overseas Office :	9600 NW, 25th Street, Doral, Florida – 33172
Tel No.:	305-456-1913
Email :	merinousa@merinoindia.com

Branch Offices :	Located as : · Gujarat · Karnataka · Maharashtra · Andhra Pradesh · Rajasthan · Kerala · Odisha · Tamilnadu · New Delhi

DIRECTORS

As on 31.07.2014

Name :

Mr. Champalal Lohia

Designation :

Director

Address :

44/78, Punjabi Bagh, New Delhi-110026, India

Date of Birth/Age :

09.03.1934

Date of Appointment :

08.08.1994

PAN No.:

ABDPL0118J

DIN No.:

00154019

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	U51909WB1965PLC026556	MERINO INDUSTRIES LIMITED	Whole-time director	01/04/2012	15/01/1968	-	Active	NO
2	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LIMITED	Director	08/08/1994	08/08/1994	-	Active	NO

Name :

Mr. Rup Chand Lohia

Designation :

Director

Address :

Flat No. 4D, 4^th Floor, 3 Mayfair Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

16.01.1940

Date of Appointment :

08.08.1994

PAN No.:

ABLPL0395H

DIN No.:

00063290

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	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LIMITED	Director	08/08/1994	08/08/1994	-	Active	NO
2	U70101WB1988PTC044285	MERINO EXPORTS PRIVATE LIMITED	Director	01/04/1996	01/04/1996	-	Active	NO
3	U25200MH1955NPL009601	THE PLASTICS EXPORT PROMOTION COUNCIL	Director	18/10/1996	18/10/1996	-	Active	NO
4	U51909WB1965PLC026556	MERINO INDUSTRIES LIMITED	Whole-time director	01/01/2013	01/01/2002	-	Active	NO

Name :

Mr. Prakash Lohia

Designation :

Managing Director

Address :

Vrindavan Apartment, 4^th Floor, 55/ 1 Kabi Bharati Sarani, Kolkata - 700029, West Bengal, India

Date of Birth/Age :

10.07.1952

Date of Appointment :

08.08.1994

PAN No.:

ABCPL3771E

DIN No.:

00063274

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	U51909WB1965PLC026556	MERINO INDUSTRIES LIMITED	Managing director	01/04/2012	14/07/1976	-	Active	NO
2	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LIMITED	Director	08/08/1994	08/08/1994	-	Active	NO
3	U51109WB1993PLC058257	MERINO SERVICES LIMITED	Director	27/09/2007	15/02/2007	-	Active	NO

Name :

Mr. Deepak Champa Lal Lohia

Designation :

Whole Time Director

Address :

H. No. 44, Gali No. 78, Punjabi Bagh, New Delhi-110026, India

Date of Birth/Age :

26.04.1976

Qualification :

B.E. (Mechanical)

Date of Appointment :

01.04.2012

PAN No.:

ABCPL3768M

DIN No.:

00154027

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	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LIMITED	Whole-time director	01/04/2012	01/04/2000	-	Active	NO
2	U63022WB1993PTC058460	KASTURI BAI GOPI BABU COLD STORAGE PRIVATE LIMITED	Director	31/07/2008	01/10/2006	-	Active	NO
3	U51109WB1993PLC058257	MERINO SERVICES LIMITED	Director	27/09/2007	15/02/2007	-	Active	NO

Name :

Mr. Manoj Rupchand Lohia

Designation :

WholeTime Director

Address :

No. 247 80 Feet Road, Defence Colony, Indira Nagar, Bangalore-560038, Karnataka, India

Date of Birth/Age :

17.02.1972

Qualification :

B.Com

Date of Appointment :

01.04.2012

PAN No.:

ABCPL3770F

DIN No.:

00127775

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	U70101WB1988PTC044285	MERINO EXPORTS PRIVATE LIMITED	Director	31/07/2008	01/04/2000	-	Active	NO
2	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LIMITED	Whole-time director	01/04/2012	01/06/2004	-	Active	NO

Name :

Mr. Asok Kumar Parui

Designation :

Director

Address :

4 Dr. A L Munshi Lane, P.O. Uttappara, Hooghly-712258, West Bengal, India

Date of Birth/Age :

27.12.1950

Date of Appointment :

01.10.1998

DIN No.:

00061267

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	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LIMITED	Director	01/10/1998	01/10/1998	-	Active	NO
2	U51109WB1993PLC058257	MERINO SERVICES LIMITED	Director	27/09/2007	15/02/2007	-	Active	NO

Name :

Mr. Anil Jajoo

Designation :

Director

Address :

44/2/27, Jheel Road, Block-A, Flat-5, 2^nd Floor, Kolkata-700075, West Bengal, India

Date of Birth/Age :

10.07.1968

Date of Appointment :

01.01.2004

DIN No.:

00063284

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	U63022WB1993PTC058460	KASTURI BAI GOPI BABU COLD STORAGE PRIVATE LIMITED	Director	14/08/1997	14/08/1997	-	Active	NO
2	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LIMITED	Director	01/01/2004	01/01/2004	-	Active	NO

Name :

Mrs. Ruchira Lohia

Designation :

Director

Address :

Kasturi Bai Cold Compound, Bukkand Shahar Road, Hapur, Ghaziabad – 245101, Uttar Pradesh, India

Date of Birth/Age :

14.07.1968

Date of Appointment :

31.07.2014

PAN No.:

ABCPL3766F

DIN No.:

00127797

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	U70101WB1988PTC044285	MERINO EXPORTS PRIVATE LIMITED	Director	08/04/1994	08/04/1994	-	Active	NO
2	U51909WB1965PLC026556	MERINO INDUSTRIES LIMITED	Whole-time director	01/04/2014	01/04/2000	-	Active	NO
3	U51109WB1993PLC058257	MERINO SERVICES LIMITED	Director	27/09/2007	15/02/2007	-	Active	NO
4	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LIMITED	Director	31/07/2014	01/05/2014	-	Active	NO

Name :

Mr. Amar Nath Roy

Designation :

Director

Address :

10, Central Road, Jadavpur, Kolkata – 700032, West Bengal, India

Date of Birth/Age :

16.12.1927

Date of Appointment :

31.07.2014

Voter ID :

WB/23/151366048

DIN No.:

00109280

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	U51909WB1965PLC026556	MERINO INDUSTRIES LIMITED	Director	31/07/2014	03/05/1999	-	Active	NO
2	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LIMITED	Director	31/07/2014	01/05/2014	-	Active	NO

Name :

Mr. Gautam Bhattacharjee

Designation :

Director

Address :

Oanchajanya, 4^th floor, 25/59, Prince Gulam MD Shah Road, Kolkata – 700095, West Bengal, India

Date of Birth/Age :

16.09.1953

Date of Appointment :

31.07.2014

PAN No.:

AGVPB7546F

DIN No.:

00109269

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	U51909WB1965PLC026556	MERINO INDUSTRIES LIMITED	Director	31/07/2014	01/08/1997	-	Active	NO
2	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LIMITED	Director	31/07/2014	01/05/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.07.2014

Names of Shareholders		No. of Shares
Man Kumar Lohia		1000
Champalal Lohia		1000
Rupchand Lohia		1000
Prakash Lohia		1000
Prasan Lohia		1900
Bikash Lohia		2480
Manoj Lohia		1860
Merion Industries Limited, West Bengal, India		1493000
Merion Exports Private Limited, West Bengal, India		490000
Deepak Lohia		2300
Madhusudan Lohia		2760
Ruchira Lohia		1700
Total		2000000

As on 31.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.00
Directors or relatives of Directors	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and selling of Decorative Laminates, Chemicals (primarily meant for captive consumption) and trading of Papers and Chemicals, Panel Boards and Plywood’s.

Products :

Product Description	Item Code Number
Decorative Laminates	48239019

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, First Floor, Vankarath Towers, Bye Pass Jn, Padivattom, Emakulam – 682024, Kerala, India
Axis Bank Limited, Corporate Banking Branch, A.C. market, 3^rd Floor, 1 Shakespeare Sarani, Kolkata – 700071, West Bengal, India
Indusind Bank Limited, Savitri Towers, 3A Upper Wood Street, Kolkata – 700017, West Bengal, India
ICICI Bank Limited, ICICI Tower, Bandra-Kurla; Bandra East, Mumbai - 400051, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	10.214	25.214
Foreign currency term loans from banks	6.722	9.167
Term loans from others	8.100	2.950

Short Term Borrowing
Working capital loans from banks	206.507	277.295
Total	231.543	314.626

Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	1B, Old Post Office Street,
PAN No.:	AASFS9578D

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	Merino Industries Limited, India CIN NO.: U51909WB1965PLC026556

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Merino Exports Private Limited, India CIN NO.: U70101WB1988PTC044285 Merino Services Limited, India CIN NO.: U51109WB1993PLC058257 Man Kumar Lohia and Brothers, India Sri Hara Kasturi Memorial Trust, India Anupriya Marketing Limited, India

CAPITAL STRUCTURE

As on 31.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

2750000	Equity Shares	Rs.10/- each	Rs. 27.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.10/- each	Rs. 20.000 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	20.000	20.000	20.000
(b) Reserves & Surplus	843.035	655.300	523.835
(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)	863.035	675.300	543.835

(3) Non-Current Liabilities
(a) long-term borrowings	25.036	37.331	48.531
(b) Deferred tax liabilities (Net)	40.843	38.520	29.038
(c) Other long term liabilities	0.000	0.000	0.052
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	65.879	75.851	77.621

(4) Current Liabilities
(a) Short term borrowings	256.507	277.295	333.510
(b) Trade payables	237.802	315.587	262.637
(c) Other current liabilities	113.411	65.358	76.447
(d) Short-term provisions	18.942	34.873	5.172
Total Current Liabilities (4)	626.662	693.113	677.766

TOTAL	1555.576	1444.264	1299.222

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	460.566	454.769	371.718
(ii) Intangible Assets	4.369	4.703	2.764
(iii) Capital work-in-progress	0.986	2.725	88.044
(iv) Intangible assets under development	0.000	0.000	0.525
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10.630	7.170	6.434
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	476.551	469.367	469.485

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	514.209	306.513	366.369
(c) Trade receivables	491.704	604.766	384.296
(d) Cash and cash equivalents	42.062	31.992	9.670
(e) Short-term loans and advances	29.120	30.205	69.068
(f) Other current assets	1.930	1.421	0.334
Total Current Assets	1079.025	974.897	829.737

TOTAL	1555.576	1444.264	1299.222

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2904.982	2480.570	1909.960
		Other Income	13.617	10.314	8.536
		TOTAL	2918.599	2490.884	1918.496

Less	EXPENSES
		Cost of Materials Consumed	1594.670	1402.760	1135.161
		Purchases of Stock-in-Trade	414.478	207.933	198.777
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(152.505)	12.443	(5.698)
		Employees benefits expense	201.794	154.506	117.908
		Other expenses	460.170	370.198	306.275
		TOTAL	2518.607	2147.840	1752.423

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		399.992	343.044	166.073

Less	FINANCIAL EXPENSES		33.716	52.936	37.172

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		366.276	290.108	128.901

Less/ Add	DEPRECIATION/ AMORTISATION		58.337	56.271	49.369

	PROFIT/ (LOSS) BEFORE TAX		307.939	233.837	79.532

Less	TAX		105.580	77.965	21.717

	PROFIT/ (LOSS) AFTER TAX		202.359	155.872	57.815

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		578.488	462.610	422.780

Less	APPROPRIATIONS
		Transfer to General Reserve	20.236	15.587	5.782
		Dividend	12.500	21.000	10.500
		Tax on Dividend	2.124	3.407	1.703
		Total	34.860	39.994	17.985

	BALANCE CARRIED TO THE B/S		745.987	578.488	462.610

	EARNINGS IN FOREIGN CURRENCY		941.214	942.911	577.312

	IMPORTS
		Raw Materials	1043.018	891.006	965.598
		Stores & Spares	2.300	7.993	10.646
		Capital Goods	11.622	7.377	1.669
	TOTAL IMPORTS		1056.940	906.376	977.913

	Earnings Per Share (Rs.)		101.18	77.94	28.91

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.97	6.28	3.03

Operating Profit Margin (PBDIT / Sales)	(%)	13.77	13.83	8.70

Return on Total Assets (PBT/Total Assets}	(%)	19.81	16.22	6.57

Return on Investment (ROI) (PBT/Networth)		0.36	0.35	0.15

Debt Equity Ratio (Total Debt /Networth)		0.33	0.47	0.70

Current Ratio (Current Asset/Current Liability)		1.72	1.41	1.22

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	20.000	20.000	20.000
Reserves & Surplus	523.835	655.300	843.035
Net worth	543.835	675.300	863.035

long-term borrowings	48.531	37.331	25.036
Short term borrowings	333.510	277.295	256.507
Total borrowings	382.041	314.626	281.543
Debt/Equity ratio	0.702	0.466	0.326

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	1909.960	2480.570	2904.982
		29.875	17.109

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	1909.960	2480.570	2904.982
Profit	57.815	155.872	202.359
	3.03%	6.28%	6.97%

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	Yes
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	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Working capital loans from banks	50.000	0.000
Total	50.000	0.000

OPERATIONS:

During the year, the Company net sales increased by Rs. 424.412 millions as compared to that of the previous year and the Profit before tax for the year increased to Rs. 307.939 millions as against Rs. 233.837 millions in the previous year. The Directors are hopeful that improved results would be continued to be posted in the coming years. Laminates segment continues to be the dominant business segment of the Company, accounting for substantial income and profitability. Increase in profitability is the result of overall improved product and cost management.

EXPORT PERFORMANCE

The export turnover (based on FOB value) of the Company during the year was Rs. 941.214 millions as against Rs. 942.911 millions, last year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	ADDRESS	Service Request Number (SRN)
1	10515874	22/08/2014	50,000,000.00	Citi Bank N.A.	KANAK BUILDING, 41 CHOWRINGHEE ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	C17226630
2	10516135	22/08/2014	85,000,000.00	Citi Bank N.A.	KANAK BUILDING, 41 CHOWRINGHEE ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	C17508664
3	10502835	19/05/2014	300,000,000.00	ING VYSYA BANK LIMITED	SIKKIM HOUSE, 4/1, MIDDLETON STREET, KOLKATA, WEST BENGAL - 700071, INDIA	C06561518
4	10485030	22/02/2014	276,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	C00550145
5	10417980	26/03/2013	977,100,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR, KOLKATA, WEST BENGAL - 700071, INDIA	B72660921
6	10398914	26/12/2012	2,030,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B66455684
7	10374994	22/08/2012	1,236,942.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B57473423
8	10375233	03/09/2014 *	830,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB), 1, SHAKESPEARE S ARANI, AC MARKET, 3RD FLOOR, KOLKATA, WEST BENGAL - 700071, INDIA	C25278912
9	90247515	23/03/2005	192,000.00	HDFC BANK LIMITED	10TH FLOOR; AMBADEEP BUILDING, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA	-

* Date of charge modification

FIXED ASSETS

Land
Building
Plant and Equipments
Furniture and Fixture
Vehicle
Office Equipment

PRESS RELEASE

GSFCL GETS REPRIEVE FROM COMPETITION WATCHDOG

The company was accused of abusing its dominant market position to get dumping duty imposed on Chinese melamine.

NEW DELHI, JAN. 12:

State-owned Gujarat State Fertilisers and Chemicals Ltd (GSFCL) has got a reprieve from the Competition Commission of India in a case related to anti-dumping duty on melamine imports from China.

Merino Panel Products, a melamine exporter, had approached the competition watchdog against GSFCL and the Directorate-General of Anti-Dumping and Allied Duties, alleging contravention of the Competition Act.

Merino informed the Commission that pursuant to an anti-dumping investigation in 2003 about alleged dumping of melamine into India from China, the Directorate-General had recommended imposition of anti-dumping duty on the imports from China.

“The Commission finds that there is no prima facie case of contravention of the provisions of the Act,” the Commission said in its order.

GSFCL is engaged in the business of producing melamine, a non-toxic substance used to laminate some electrical appliances. It is the sole producer of melamine in the country and a number of companies, including the complainant, Merino Panel Products, import melamine from abroad.

Merino said that the anti-dumping duty was reviewed and imposed again in 2010, while adding that GSFCL turned its attention to imports from Europe, Indonesia, Japan and Iran after making melamine imports from China costlier.

Pursuant to request from GSFCL, the Directorate-General investigated dumping issue from these countries and recommended imposition of anti-dumping duty on the imports from these countries as well last year.

Merino alleged that imposition of anti-dumping duty had enabled GSFCL to unilaterally increase sale price for its melamine, thereby forcing purchase of the product at artificially hiked prices.

It accused GSFCL of abusing its dominant market position, while the Directorate-General was also accused of following anti-competitive practices in recommending levy of anti-dumping duty on melamine.

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.63.38
UK Pound	1	Rs.96.84
Euro	1	Rs.75.66

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.

MIRA INFORM REPORT

GSFCL GETS REPRIEVE FROM COMPETITION WATCHDOG

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