MIRA INFORM REPORT

Report No. :	302442
Report Date :	12.01.2015

IDENTIFICATION DETAILS

Name :	TILAKNAGAR INDUSTRIES LIMITED
Registered Office :	P O Tilaknagar, Taluka Shrirampur, District Ahmednagar, Shrirampur – 413720, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.07.1933
Com. Reg. No.:	11-133303
Capital Investment / Paid-up Capital :	Rs. 1237.700 Millions
CIN No.: [Company Identification No.]	L15420PN1933PLC133303
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNET05464E
PAN No.: [Permanent Account No.]	AAACT6047R
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of manufacture and sale of Indian Made Foreign Liquor.
No. of Employees :	702 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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 :	Exist
Comments :	Subject is an established company having a fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term loans = “BBB+”
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	28.05.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	28.05.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED

Management Non-cooperative. (Tel. No.: 91-22-67441313)

LOCATIONS

Registered Office/ Factory :	P O Tilaknagar, Taluka Shrirampur, District Ahmednagar, Shrirampur – 413720, Maharashtra, India
Tel. No.:	91-24-22265123/265032
Fax No.:	91-24-22265135
E-Mail :	regoff@tilind.com investor@tilind.com
Website :	www.tilind.com
Corporate Office :	3rd Floor, Industrial Assurance Building, Churchgate, Mumbai - 400002, Maharashtra, India
Tel. No.:	91-22-22831718 / 16
Fax No.:	91-22-22046904
E-Mail :	tiliquor@tilind.com

DIRECTORS

As on: 31.03.2014

Name :	Mr. Amit Dahanukar,
Designation :	Chairman and Managing Director
Name :	Mrs. Shivani Amit Dahanukar
Designation :	Executive Director
Name :	Mr. V. B. Haribhakti
Designation :	Non - Executive Directors
Name :	Dr. Vishnu Kanhere
Designation :	Non - Executive Directors
Name :	Dr. Ravindra Bapat
Designation :	Non - Executive Directors
Name :	Mr. C.V. Bijlani
Designation :	Non - Executive Directors
Name :	Mr. Madan Goyal
Designation :	Non - Executive Directors
Name :	Mr. Ronil Sujan (w.e.f. October 31, 2013)
Designation :	Non - Executive Directors

KEY EXECUTIVES

Name :	Mr. Gaurav Thakur
Designation :	Company Secretary
Name :	Mr. Srijit Mullick (w.e.f. October 05, 2013)
Designation :	Chief Financial Officer

SHAREHOLDING PATTERN

As on: 30.09.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	63816499	51.23
Bodies Corporate	4755169	3.82
Sub Total	68571668	55.05
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	68571668	55.05
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	11123651	8.93
Financial Institutions / Banks	211640	0.17
Foreign Institutional Investors	10419441	8.37
Sub Total	21754732	17.47
(2) Non-Institutions
Bodies Corporate	6034976	4.85
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	16995105	13.64
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	9621520	7.72
Any Others (Specify)	1579256	1.27
Clearing Members	302676	0.24
Non Resident Indians	1016591	0.82
Unclaimed Suspense A/c	259944	0.21
Trusts	45	0.00
Sub Total	34230857	27.48
Total Public shareholding (B)	55985589	44.95
Total (A)+(B)	124557257	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)	124557257	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	Shivani Amit Dahanukar	21655000	17.39
2	Amit Arun Dahanukar	22880701	18.37
3	Shivani Amit Dahanukar	9371043	7.52
4	Amit Arun Dahanukar	3675000	2.95
5	M L Dahanukar and Company Private Limited	3313324	2.66
6	Amit Dahanukar	3288851	2.64
7	Arunoday Investment Private Limited	1078407	0.87
8	Shivani Amit Dahanukar	1950000	1.57
9	Priyadarshini Arun Dahanukar	367587	0.30
10	Anupama Arun Dahanukar	302103	0.24
11	M L Dahanukar And Company Private Limited	250911	0.20
12	Priyadarshini Arun Dahanukar	168507	0.14
13	Anupama Arun Dahanukar	155520	0.12
14	Arunoday Investments Private Limited	112527	0.09
15	Priyadarshini Arun Dahanukar	2187	0.00
	Total	68571668	55.05

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Small Cap World Fund Inc	8270086	6.64
2	IDFC Premier Equity Fund	9000000	7.23
3	Biju P John	1480815	1.19
4	DNB Fund A/c DNB Fund-India	1300000	1.04
	Total	20050901	16.10

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Small Cap World Fund Inc	8270086	6.64
2	IDFC Premier Equity Fund	9000000	7.23
	Total	17270086	13.87

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Amit Arun Dahanukar	4284236	3.44
	Total	4284236	3.44

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacture and sale of Indian Made Foreign Liquor.
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 :

702 (Approximately)

Bankers :

• State Bank of India
• Bank of India
• Punjab National Bank
• Axis Bank Limited
• GE Money Financial Services Private Limited
• Allahabad Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
From Banks
Foreign Currency Term Loans	547.640	529.870
Rupee Term Loans	1529.970	1234.590
Hire Purchase Car Loans (with banker's lien on cars)	7.230	10.800
SHORT TERM BORROWINGS
Cash Credit (including Working Capital Demand Loan)	4938.150	4002.030
Total	7022.990	5777.290

Note:

Long Term Borrowings

a) The term loans are secured against first pari passu charge on all the fixed assets of the Company, both present and future excluding land and building on non plant area situated at Shrirampur, District Ahmednagar and pari passu second charge on all current assets both present and future.

b) Term loans from banks carry interest @ 11.70% to 13.20%. The loans are repayable in monthly / quarterly instalments each along with interest from the date of the loan.

c) The amounts of secured loans from banks outstanding at the end of the financial year have been guaranteed by the personal guarantee of Chairman and Managing Director of the Company.

d) Foreign currency loan is repayable in sixteen equal quarterly instalments of USD 583850 each after a moratorium of fifteen months from the origination of the loan viz March 28, 2013. Interest is payable on quarterly basis from the origination of the loan.

e) Maturity profile of Secured Term Loans

Particulars	1-2 years	2-3 years	3-4 years	Beyond 4 years
Foreign Currency Term Loan	136.910	136.910	136.910	136.910
Rupee Term Loans	537.760	480.560	421.530	90.120
Total	674.670	617.470	558.440	227.030

Cost Auditors :
Name :	P. D. Phadke and Associates Cost Accountants
Statutory Auditors:
Name :	Batliboi and Purohit Chartered Accountants
Internal Auditors:	Devdhar Joglekar and Srinivasan Chartered Accountants
Solicitors:	W. S. Kane and Company Holla and Holla Parekh and Company Advocate Dharmish Thanai Advocate Umamaheshwar Rao Economic Laws Practice (ELP)
Subsidiary Companies:	Prag Distillery Private Limited Vahni Distilleries Private Limited Kesarval Springs Distillers Private Limited Punjab Expo Breveries Private Limited Mykingdom Ventures Private Limited P.P. Caps Private Limited Studd Projects Private Limited Srirampur Grains Private Limited Shivprabha Sugars Limited
Company in which Key Managerial Personnel has substantial interest:	M.L. Dahanukar and Company Private Limited Arunoday Investments Private Limited Maharashtra Sugar Mills Private Limited

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital : Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 1246.729 Millions

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs. 10/- each	Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
123769643	Equity Shares	Rs.10/- each	Rs. 1237.700 Millions

Reconciliation of the number of shares outstanding

(Nos. in millions)

Particulars	No of Shares
Number of equity shares at the beginning	121.880
Equity shares issued on exercise of employee stock options	1.890
Number of equity shares at the end	123.770

Terms / rights attached to equity shares

Each holder of equity share is entitled to one vote per share with a right to receive per share dividend by the Company, when declared. In the event of liquidation, the equity shareholders will be entitled to receive remaining assets of the Company after distribution of all preferential amounts in the proportion to the number of equity shares held by them.

Details of shareholders holding more than 5% shares in the Company

(Nos. in millions)

Name of the shareholder	No. of equity	% of holding
Shivani Amit Dahanukar	32.980	26.64
Amit Dahanukar	29.840	24.11
Small Cap World Fund, Inc	8.890	7.18
IDFC Premier Equity Fund	7.500	6.06
Total	79.210	63.99

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	1237.700	1218.800	1200.020
(b) Reserves & Surplus	4182.860	3778.490	3340.390
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	3.980	1.680
Total Shareholders’ Funds (1) + (2)	5420.560	5001.270	4542.090
(3) Non-Current Liabilities
(a) long-term borrowings	2084.840	1775.260	723.500
(b) Deferred tax liabilities (Net)	357.650	305.420	259.130
(c) Other long term liabilities	678.350	451.940	321.890
(d) long-term provisions	12.720	8.440	8.230
Total Non-current Liabilities (3)	3133.560	2541.060	1312.750
(4) Current Liabilities
(a) Short term borrowings	4971.450	4095.330	3503.780
(b) Trade payables	437.600	455.660	355.730
(c) Other current liabilities	1016.410	318.900	375.730
(d) Short-term provisions	300.190	247.550	351.850
Total Current Liabilities (4)	6725.650	5117.440	4587.090
TOTAL	15279.770	12659.770	10441.930
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3811.920	3862.980	3886.270
(ii) Intangible Assets	251.800	57.220	85.420
(iii) Capital work-in-progress	1270.170	407.590	68.640
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	455.250	457.750	440.850
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1098.660	638.060	94.630
(e) Other Non-current assets	2.750	17.380	0.000
Total Non-Current Assets	6890.550	5440.980	4575.810
(2) Current assets
(a) Current investments	0.000	0.000	2.500
(b) Inventories	1048.730	1066.190	1081.400
(c) Trade receivables	1811.730	1348.180	894.860
(d) Cash and cash equivalents	107.630	88.520	80.920
(e) Short-term loans and advances	5420.940	4715.770	3805.920
(f) Other current assets	0.190	0.130	0.520
Total Current Assets	8389.220	7218.790	5866.120
TOTAL	15279.770	12659.770	10441.930

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6160.120	5690.610	4572.670
		Other Income	38.860	23.010	14.600
		TOTAL (A)	6198.980	5713.620	4587.270
Less	EXPENSES
		Cost of Materials Consumed	2785.780	2355.250	1851.910
		(Increase) / Decrease in stocks	11.270	145.650	(328.680)
		Employees benefits expense	322.060	276.350	272.440
		Other expenses	1623.420	1441.440	1457.240
		TOTAL (B)	4742.530	4218.690	3252.910
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1456.450	1494.930	1334.360
Less	FINANCIAL EXPENSES (D)		530.460	551.290	541.560
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		925.990	943.640	792.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		234.220	223.920	212.160
	PROFIT BEFORE TAX (E-F) (G)		691.770	719.720	580.640
Less	TAX (H)		205.820	216.290	193.100
	PROFIT AFTER TAX (G-H) (I)		485.950	503.430	387.540
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1133.800	744.090	468.260
Less	APPROPRIATIONS
		Tax on Dividend	117.390	113.720	111.710
	BALANCE CARRIED TO THE B/S		1502.360	1133.800	744.090
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	310.000	151.060	66.910
	TOTAL EARNINGS		310.000	151.060	66.910
	IMPORTS
		Raw Materials	22.080	92.770	20.290
	TOTAL IMPORTS		22.080	92.770	20.290
	Earnings Per Share (Rs.)		3.96	4.17	3.35

QUARTERLY RESULTS

Particulars (Rs. In Millions)	30.06.2014	30.09.2014
Audited / Unaudited	Unaudited	Unaudited
Net Sales	1597.700	1265.600
Total Expenditure	981.200	1013.500
PBIDT (Excl OI)	616.600	252.100
Other Income	4.700	3.700
Operating Profit	621.300	255.800
Interest	163.400	169.900
Exceptional Items	0.000	0.000
PBDT	457.900	86.000
Depreciation	80.400	80.500
Profit Before Tax	377.500	5.500
Tax	79.100	1.800
Provisions and contingencies	0.000	0.000
Profit After Tax	298.300	3.700
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	298.300	3.700

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	7.88	8.84	8.47
Operating Profit Margin (PBDIT/Sales)	(%)	23.64	26.27	29.18
Return on Total Assets (PBT/Total Assets}	(%)	5.10	6.10	5.85
Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.13
Debt Equity Ratio (Total Debt/Networth)		1.30	1.17	0.93
Current Ratio (Current Asset/Current Liability)		1.25	1.41	1.28

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	1200.020	1218.800	1237.700
Reserves & Surplus	3340.390	3778.490	4182.860
Share Application money pending allotment	1.680	3.980	0.000
Net worth	4542.090	5001.270	5420.560
long-term borrowings	723.500	1775.260	2084.840
Short term borrowings	3503.780	4095.330	4971.450
Total borrowings	4227.280	5870.590	7056.290
Debt/Equity ratio	0.931	1.174	1.302

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	4572.670	5690.610	6160.120
		24.448	8.251

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	4572.670	5690.610	6160.120
Profit	387.540	503.430	485.950
	8.48%	8.85%	7.89%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

(Rs. In Millions)

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current maturities of Term Loans- Foreign Currency Loan	307.820	149.570	140.680
Current maturities of Term Loans-Rupee Loans	568.560	153.600	252.370
Current maturities of Hire Purchase Car Loans	9.710	7.850	7.550
Total	886.090	311.020	400.600

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	Yes
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	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
From directors and related parties	33.300	93.300
Total	33.300	93.300

LISTING DETAILS:

Case Details

Bench:-Bombay

Stamp No.:

FAST/26134/2009

Filing Date:-

05/11/2009

Reg. No.:-

FA/1792/2009

Reg. Date:-

23/11/2009

Petitioner :-	M/S. ANUPAM DISRTIBUTORS	Respondent:-	M/S. TILAKNAGAR INDUSTRIES LIMITED
Petn.Adv.:-	VIDHI PARTNERS	Resp.Adv.-	MR. KUNAL BHANAGE (CAVEAT and VP FAILED)

District: - MUMBAI

Bench: - SINGLE

Status: - Admitted (Unready)

Last Date: - 14/08/2012 Stage:- FOR CIRCULATION [CIVIL SIDE]

Last Coram: - HON'BLE SMT. JUSTICE R.P. SONDURBALDOTA

Act: - C.P.C.- (Non-Interlocutory Order)

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10446202	14/08/2013	550,000,000.00	THE FEDERAL BANK LIMITED	FEDERAL TOWER S P B NO 103, ALWAYE, ERANAKULAM, Kerala - 683101, INDIA	B83632174
2	10434584	19/06/2013	350,000,000.00	ALLAHABAD BANK	Mittal Chambers, Nariman Point, Mumbai, Maharashtra - 400005, INDIA	B78611803
3	10418834	14/06/2013 *	650,000,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B79109674
4	10419016	14/06/2013 *	1,000,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, NGN VAIDYA MARG, HORNIMAN CIRCLE, FORT, MUMBAI, Maharashtra - 400001, INDIA	B79251567
5	10413248	07/03/2013	7,700,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B71280846
6	10396612	22/12/2012	695,000.00	Punjab National Bank	BO Brady House, Veer Nariman Road, Fort, Mumbai, Maharashtra - 400023, INDIA	B65765844
7	10395090	14/06/2013 *	500,000,000.00	GE MONEY FINANCIAL SERVICES Private LIMITED	401 402 4TH FLOOR AGGARWAL MILLENIUM TOWER, E1 2 3 NETAJI SUBHASH PLACE, PITAMPURA DELHI, Delhi - 110034, INDIA	B79314316
8	10364283	14/12/2012 *	400,000,000.00	Bank of India	Nariman Point Large Corporate Branch,, Free Press House, 9th Floor, 215 Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B65765133
9	10272976	25/03/2013 *	4,700,000,000.00	PNB INVESTMENT SERVICES LIMITED	10, Rakesh Deep Building,, Yusuf Sarai Commercial Complex, Gulmohar Enclave, New Delhi, Delhi - 110049, INDIA	B72883382
10	10173658	25/02/2013 *	364,000,000.00	State Bank of India	Commercial Branch, NGN Vaidya Marg, Horniman Circle, Fort, Mumbai, Maharashtra - 400001, INDIA	B69966208

* Date of modification charge

OPERATIONAL REVIEW

The Company believes in growing in a balanced manner with a combination of volumes and profitability. As a result, the Company has evolved to become a name to reckon within the Indian alcoholic beverages industry characterized by a robust portfolio of brands including iconic brands such as ‘Mansion House’ and ‘Courrier Napoleon’ supported by a loyal and growing customer base.

During the financial year 2013-14, the Company continued its drive towards sustainable growth and witnessed a volume growth of 17% translating to 16.13 Million cases as compared to 13.80 Million cases in the financial year 2012-13 driven by its concentrated efforts to capitalize the strong portfolio of brands through a well spread distribution network along with focus on brand development.

The Brandy segment of the Company continued to be at forefront contributing 55%, followed by Whisky and Rum segments, which have contributed 22% each to the overall sales volume of the Company. The sales volume in Brandy segment has increased by 24% to 8.80 Million cases as compared to 7.08 Million cases in the last financial year. The sales volume in Whisky segment has increased by 9% to 3.58 Million cases as compared to 3.28 Million cases in the last financial year. The sales volume in Rum segment grew by 9% to 3.57 Million cases as compared to 3.28 Million cases in the last financial year. In other segments, 0.18 Million cases were sold as compared to 0.16 Million cases sold in the last financial year.

The Company is predominantly present in southern region with sales volume of 12.85 Million cases which has grown by 19% as compared to 10.84 Million cases in the last financial year. The sales volume in eastern region increased to 0.66 Million cases as compared to 0.53 Million cases in the last financial year, an impressive increase of 25%. Sales volume in western region grew by 20% to 0.34 Million cases as compared to 0.28 Million cases in the last financial year. Export and Institution segment grew by 6% to 2.28 Million cases as compared to 2.15 Million cases in last financial year.

Despite the lower sales of brands in the State of Tamil Nadu due to lower supply on account of constrains faced by the bottlers, the Company has garnered total revenue of Rs.8284.630 Millions during the financial year 2013-14 as compared to Rs. 7545.840 Millions in the last financial year driven by its premiumization strategy, healthy increase in volumes in other States combined with the efforts to reach a wider consumer base, sustained brand development and marketing effort. The escalated ENA costs coupled with increased sales and distribution costs and hedging cost on forex loans have impacted profitability resulting in a marginal decrease in profit before tax from Rs. 850.370 Millions to Rs. 845.380 Millions. Accordingly, the profit after tax for the financial year 2013-14 stood at Rs. 582.560 Millions as compared to Rs. 605.960 Millions in the last financial year.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014

(Rs. In Millions)

Particulars	Three months ended		Half Year ended
	30.09.2014	30.06.2014	30.09.2014
	Unaudited	Unaudited	Unaudited
Income from Operations
(a) Net sates/income from operations (Net of excise duty)	1069.291	1104.914	2174.205
(b) Other Operating Income	196.287	492.833	689.120
Total income from operations (net)	1265.578	1597.747	2863.325
Expenses
(a) Cost of materials consumed	590.004	583.368	1173.372
(b) Purchases of stock-in trade	0.000	0.000	0.000
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(41.586)	(21.456)	(63.042)
(d) Employee benefits expense	76.414	72.509	148.923
(e) Depreciation and Anmortisation Expenses	80.482	80.412	160.894
(f) Other Expenses	388.614	346.773	735.387
Total expenses	1093.928	1061.606	2155.534
Profit from operations before other Income, finance costs and exceptional Items	171.650	536.141	707.791
Other Income	3.690	4.742	8.432
Profit from operations before other income, finance costs and exceptional items	175.340	540.883	716.223
Finance Costs	169.859	163.424	333.283
Profit from ordinary activities after finance cost but before exceptional items	5.481	377.459	382.940
Exceptional items	0.000	0.000	0.000
Profit from ordinary activities before tax	5.481	377.459	382.940
Tax expenses	1.801	79.117	80.918
Net Profit from ordinary activities after tax	3.680	298.342	302.022
Extraordinary item	0.000	0.000	0.000
Net Profit for the period	3.680	298.342	302.022
Paid up equity share capital (Face Value of Rs10/- each)	1245.573	1242.728	1245.573
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	0.000	0.000	0.000
Earnings per share (before extraordinary items) of Rs.10/- each (not annualised):
(a) Basic	0.03	2.41	2.43
(b) Diluted	0.03	2.37	2.40
Earnings per share (after extraordinary items) of Rs.10/- each (not annualised)
(a) Basic	0.03	2.41	2.43
(b) Diluted	0.03	2.37	2.40
PARTICULARS OF SHAREHOLDING
Public Shareholding
- Number of shares	55985589	55701170	55985589
- Percentage of shareholding	44.95%	44.82%	44.95%
Promoters and Promoter group shareholding
a) Pledged / Encumbered
- Number of shares	46322500	43723794	46322500
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	67.55%	63.76%	67.55%
- Percentage of shares (as a % of the total Share Capital of the Company)	37.19%	35.18%	37.19%
b) Non Encumbered
- Number of shares	22249168	24847874	22249168
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	32.45%	36.24%	32.45%
- Percentage of shares (as a % of the total Share Capital of the Company)	17.86%	20.00%	17.86%

INVESTOR COMPLAINTS	Quarter ended September 30, 2014
Pending at the beginning of the quarter	Nil
Received during the quarter	2
Disposed of during the quarter	2
Remaining unresolved at the end of the quarter	Nil

Notes:

1. The above Standalone Unaudited Financial Results reviewed by the Audit Committee have been approved and taken on record by the Board of Directors at its meeting held on November 14, 2014.

2. The Company is predominantly engaged in the business of manufacture and sale of Indian Made Foreign Liquor (IMFL) and its related products, which constitute a single business segment and therefore, disclosure under Accounting Standard (AS-17) on "Segment Reporting" issued by the ICAI is not applicable.

3. The Company has franchisee arrangements in some states and in respect of such arrangements the turnover of Rs. 415.755 Millions (Rs 1468.993 Millions) during the quarter ended September 30, 2014 and Rs. 1178.073 Millions (Rs. 3032.291 Millions) during the half year ended September 30, 2014 has not been treated as 'Sales'. However, the surplus generated out of these arrangements is included in the' Sales/Income from Operations'.

4. The statutory auditors have carried out a "Limited Review" of the standalone unaudited financial results of the Company for the quarter and half year ended September 30, 2014.

5. Statement of Outstanding Stock Options:

Particulars	ESOP Scheme 2008	ESOP Scheme 2010	ESOP Scheme 2012
Outstanding Stock Options as on July 01, 2014	988893	2150180	5509035
Stock Options Granted during the quarter	---	---	---
Stock Options Exercised during the quarter	59750	105777	118892
Stock Options Cancelled/Lapsed during the quarter	71880	61157	73896
Outstanding Stock Options as on September 30, 2014	857263	1983246	5316247

6. The Company has accrued the income entitlement of MVAT and CST refund for the quarter ended September 2014 and henceforth will account on quarterly basis to ensure comparison and consistency, instead of accruing the same on yearly basis as done in the past and hence the profit for the quarter ended September 30, 2014 and half year ended September 30, 2014 is higher to that extent. Operating income for the quarter ended September 30, 2014, June 30, 2014 and half year ended September 30, 2014 includes Rs 191.550 Millions, Rs 490.531 Millions and Rs 682.081 Millions respectively on account of entitlement of MVAT and CST refund as compared to Rs 123.755 Millions included in the half year ended September 30, 2013 and year ended March 31, 2014.

7. As per the requirement of Schedule II of the Companies Act, 2013 effective from April 01, 2014, the Company has charged depreciation based on the useful lives. Consequently, depreciation charge for the quarter and half year ended September 30, 2014 is higher by Rs. 13.707 Millions and Rs. 27.417 Millions respectively due to change in the useful life of certain assets. Further, an amount of Rs. 445.02 Millions has been adjusted against the opening balance of Retained Earnings (net of Deferred Tax Credit of Rs. 21.373 Millions) as on April 01, 2014, in respect of the residual value of assets wherein the remaining useful life has become 'NIL'.

8. During the quarter, the Company has allotted 284,419 equity shares to option grantees against exercise of vested stock options.

9. Employee benefits expense includes the provisions for Employee Retirement Benefits on pro-rata basis.
   
   
10. The figures for the quarter and half year ended September 30, 2014 are not comparable with those of the corresponding period of the previous year due to sale of entire stake held by the Company in its wholly owned subsidiary i.e. P.P. Caps Private Limited on January 16, 2014.]

11. The previous period figures have been regrouped and reclassified wherever necessary.

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

Particulars	As at Half Year ended 30.09.2014 (Unaudited)
EQUITY AND LIABILITIES
Shareholder’s Funds
a) Share Capital	1245.573
b) Reserves & Surplus	4469.763
c) Money received against share warrants	0.000
Sub Total- Shareholders funds	5715.336
Share application money pending allotment	0.000
Non-current liabilities
(a) Long term borrowings	1743.597
(b) Deferred tax liabilities (net)	339.325
(c) Other long term liabilities	937.546
(d) Long term provisions	13.043
Sub Total- Non Current Liabilities	3033.511
Current liabilities
(a) Short term borrowings	5327.775
(b) Trade Payables	647.965
(c) Other current liabilities	889.559
(d) Short term provisions	279.321
Sub Total- Current Liabilities	7144.620
TOTAL-EQUITY AND LIABILITIES	15893.467
ASSETS
Non-current assets
(a) Fixed assets	5411.203
(b) Non-Current investment	455.245
(c) Deferred Tax assets (net)	0.000
(d) Long term loans and advances	1150.597
(e) Other non-current assets	0.962
Sub-Total- Noncurrent assets	7018.007
Current assets
a) Current Investments	0.000
b) Inventories	1140.087
c) Trade Receivables	1508.842
d) Cash and cash equivalents	147.520
(e) Short term loans and advances	6078.768
(f) Other current assets	0.243
Sub-Total- current assets	8875.460
TOTAL ASSETS	15893.467

FIXED ASSETS:

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Office Equipment
• Computers
• Electrical Installation and Fittings
• Motor Car and Transport Vehicles
• Roads and Bridges
• Library Books
• Live stock
• Tools and Equipments

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. 62.39
UK Pound	1	Rs. 94.16
Euro	1	Rs. 73.61

INFORMATION DETAILS

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

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		51

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.