MIRA INFORM REPORT

Report No. :	331859
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	MERINO INDUSTRIES LIMITED
Formerly Known As :	CENTURY LAMINATING COMPANY LIMITED H. N. LOHIA (AGENCIES) PRIVATE LIMITED
Registered Office :	5, Alexandra Court, 60/1, Chowringhee Road, Kolkata – 700 020, West Bengal
Tel. No.:	91-33-22901214
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.07.1965
Com. Reg. No.:	21-026556
Capital Investment / Paid-up Capital :	Rs. 104.703 Million
CIN No.: [Company Identification No.]	U51909WB1965PLC026556
IEC No.:	0288000226
TAN No.: [Tax Deduction & Collection Account No.]	CALC05572A CALC00253B
PAN No.: [Permanent Account No.]	AAACC9186C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company has identified three reportable business segments:- i) Laminates: Comprises manufacturing and selling of Decorative Laminates, Chemicals (primarily meant for captive consumption), Adhesive and trading of Papers and Chemicals. ii) Panel Products and Furniture: Comprises manufacturing and selling of Furniture, Panel Boards, Plywood and related products. iii) Potato Flakes: Potato Flakes' comprises manufacturing and sale of Potato Flakes and Ready Mix.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 4000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old established company incorporated during the year 1965 having a good track record. Available financial indicated company sound net worth position with low borrowings recorded and favourable gap between trade payables and trade receivables. Further, the rating also takes into consideration good profitability margin of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. In view of long standing record and acceptable financial base, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED

Management non-cooperative (91-11-45557000)

LOCATIONS

Registered Office :	5, Alexandra Court, 60/1, Chowringhee Road, Kolkata – 700 020, West Bengal, India
Tel. No.:	91-33-22901214
Fax No.:	91-33-22870314
E-Mail :	merinokol@merinoindia.com
Website :	http://www.merinoindia.com
Factory 1:	Village Achheja, Post Hapur, District Ghaziabad, Hapur – 245 101, Uttar Pradesh, India
Tel. No.:	91-122-2308601/ 3290749/ 3290338
Fax No.:	91-122-2306998
E-Mail :	merinohapur@merinoindia.com
Factory 2:	44 Km Stone, Delhi - Rohtak Road, Rohad, District Jhajjar – 124 501, Haryana, India
Tel. No.:	91-1276-276335/ 276337/ 276338/ 276339
Fax No.:	91-1276- 276336
Email :	merino@nde.vsnl.net.in
Factory 3 :	Bagalur Road, Kalahasthipuram Village, Hosur Taluk, District Krishnagiri – 635 103 Tamilnadu, India
Tel No.:	91-4344-293545 / 327765
Fax No.:	91-4344-245307
Marketing Office :	70, KLJ Complex, 2nd Floor, Moti Nagar, New Delhi – 110 015, India
Tel. No.:	91-11-45557000 / 25107617
Fax No.:	91-11-45557000
Branch Office :	Located at: · Ahmedabad · Bangalore · Bhubaneswar · Chennai · Coimbatore · New Delhi · Hyderabad · Jaipur · Kochi · Mumbai · Nagpur · Pune
Overseas Office :	9600nw, 25th Street, Doral, FI-33172, USA
Tel. No.:	305-456-1913

DIRECTORS

As on 31.07.2014

Name :

Mr. Champa Lal Lohia

Designation :

Whole Time Director

Address :

44/78, Punjabi Bagh, New Delhi – 110 026, India

Date of Birth/Age :

09.03.1934

Qualification :

B. Com.

Date of Appointment :

01.04.2012

Voter ID No.:

DL/03/016/042803

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 LTD	Director	08-08-1994	08-08-1994	-	Active	NO

Name :

Mr. Prakash Lohia

Designation :

Managing Director

Address :

Vrindaban Apartments, Flat No.4B, 4^th Floor, 55/1, Kabi Bharati Sarani, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

10.07.1952

Qualification :

B. Tech. (Chem.), M.E.P. (I.I.M. Ahmedabad)

Date of Appointment :

01.03.2014

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	01-03-2014	14-07-1976	-	Active	NO
2	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LTD	Director	08-08-1994	08-08-1994	-	Active	NO
3	U51109WB1993PLC058257	MERINO SERVICES LTD.	Director	27-09-2007	15-02-2007	-	Active	NO

Name :

Mr. Nripen Kumar Dugar

Designation :

Whole Time Director

Address :

Kasturai Bai Cold Storage Compound, Bulland Shahar Road, Hapur – 245 101, Uttar Pradesh, India

Date of Birth/Age :

23.01.1962

Qualification :

B. Com

Date of Appointment :

31.07.2014

PAN No.:

AAMPD6538L

DIN No.:

00127790

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	31-07-2014	08-10-1986	-	Active	NO

Name :

Dr. Gautam Bhattacharjee

Designation :

Director

Address :

Panchajanya, 4^th Floor, 25/59, Prince Gulam MD Shah Road, Kolkata – 700 095, West Bengal, India

Date of Birth/Age :

16.09.1953

Experience :

D.M.R.T, M.D (CAL), F.IS.C.C (Oxford)

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 LTD	Director	31-07-2014	01-05-2014	-	Active	NO

Name :

Mr. Amar Nath Roy

Designation :

Director

Address :

10, Central Road, Jadavpur, Kolkata – 700 032, West Bengal, India

Date of Birth/Age :

16.12.1927

Qualification :

B.A, LLB

Date of Appointment :

31.07.2014

Voter ID No.:

WB/23/151/366048

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 LTD	Director	31-07-2014	01-05-2014	-	Active	NO

Name :

Ms. Ruchira Lohia

Designation :

Whole Time Director

Address :

Kasturi Bai Cold Storage Compound, Bulland Sahar Road, Hapur, Ghaziabad -245 101, Uttar Pradesh, India

Date of Birth/Age :

14.07.1968

Qualification :

B.A and M.E. P (IIM-Ahmedabad)

Date of Appointment :

01.04.2014

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 PVT LTD	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 LTD.	Director	27-09-2007	15-02-2007	-	Active	NO
4	U20299WB1994PLC064386	MERINO PANEL PRODUCTS LTD	Director	31-07-2014	01-05-2014	-	Active	NO

Name :

Mr. Rup chand Lohia

Designation :

Whole-time director

Address :

Flat No.40-D, 4^th Floor, 3, Mayfair Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

16.01.1940

Qualification :

B.M.E. (Mech.)

Date of Appointment :

01.01.2013

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 LTD	Director	08-08-1994	08-08-1994	-	Active	NO
2	U70101WB1988PTC044285	MERINO EXPORTS PVT LTD	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. Prasan Lohia

Designation :

Whole-time director

Address :

Flat No.4D, 4^th Floor, 3, Mayfair Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

12.10.1968

Qualification :

AB (ECON) USA ,BS (ELECT ENGG) USAMBA (USA)

Date of Appointment :

01.10.2013

PAN No.:

ABHPL7447C

DIN No.:

00061111

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 PVT LTD	Director	04-04-1994	04-04-1994	-	Active	NO
2	U51909WB1965PLC026556	MERINO INDUSTRIES LIMITED	Whole-time director	01-10-2013	01-10-2004	-	Active	NO
3	U51109WB1993PLC058257	MERINO SERVICES LTD.	Director	27-09-2007	15-02-2007	-	Active	NO

Name :

Mr. Bikash Lohia

Designation :

Whole Time Director

Address :

44/78, Punjabi Bagh, New Delhi – 110 028, India

Date of Birth/Age :

27.05.1970

Date of Appointment :

01.10.2012

PAN No.:

ABCPL3767E

DIN No.:

00154013

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 LTD	Director	01-10-2006	01-12-1994	27-11-2012	Active	NO
2	U51909WB1965PLC026556	MERINO INDUSTRIES LIMITED	Whole-time director	01-10-2012	01-10-2006	-	Active	NO
3	U51109WB1993PLC058257	MERINO SERVICES LTD.	Director	27-09-2007	15-02-2007	-	Active	NO

Name :

Mr. Madhusudan Lohia

Designation :

Whole Time Director

Address :

Vrindaban Apartments, Flat No.48, 4^th Floor, 55/1, Kabi Bharati Sarani, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

05.01.1980

Qualification :

Graduate in Business Process Management (Operations and International Business)-Indian University, USA

Date of Appointment :

01.10.2012

PAN No.:

ABCPL3772H

DIN No.:

00063278

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	U63022WB1993PTC058429	KASTURI BAI COLD STORAGE PVT LTD	Director	01-10-2006	01-06-2005	-	Amalgamated	NO
2	U51909WB1965PLC026556	MERINO INDUSTRIES LIMITED	Whole-time director	01-10-2012	01-10-2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.07.2014

SHAREHOLDING DETAILS FILE ATTACHED OF 2014

Equity Share Break up (Percentage of Total Equity)

As on 31.07.2014

Category	Percentage
Bodies corporate	32.82
Directors or relatives of Directors	61.20
Other top fifty shareholders	1.93
Other	4.05
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company has identified three reportable business segments:- i) Laminates: Comprises manufacturing and selling of Decorative Laminates, Chemicals (primarily meant for captive consumption), Adhesive and trading of Papers and Chemicals. ii) Panel Products and Furniture: Comprises manufacturing and selling of Furniture, Panel Boards, Plywood and related products. iii) Potato Flakes: Potato Flakes' comprises manufacturing and sale of Potato Flakes and Ready Mix.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

• Axis Bank Limited, Corporate Banking Branch (CBB), 1, Shakespeare Sarani, AC Market, 3rd Floor, Kolkata – 700071, West Bengal, India
• Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India
• DBS Bank Limited, 4A, Little Russel Street, Nanda Lal Basu Sarani, Kolkata – 700071, West Bengal, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	236.692	145.997
Term loans from others	37.417	84.917
Working capital loans from banks	0.000	134.980
Short-term borrowings
Term loans from banks	516.137	638.246
Total	790.246	1004.140

Banking Relations :	--
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	1B, Old Post office Street, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AASFS9578D
Memberships :	--
Collaborators :	--
Subsidiary Company :	Merino Panel Products Limited, India (CIN No.: U20299WB1994PLC064386)
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	Merino Exports Private Limited Kasturi Bai Cold Storage Private Limited Merino Services Limited Gopi Cold Storage Private Limited Sri Harakasturi Memorial Trust Man Kumar Lohia and Brothers Usha Agro Farm Private Limited Kasturi Bai Gopi Babu Cold Storage Private Limited Kay Marketing Services Limited Anupriya Marketing Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs.170.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
10566100	Equity Shares	Rs.10/- each	Rs.105.661 Million

Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
10369600	Equity Shares	Rs.10/- each	Rs.103.696 Million
	Add: Forfeited Shares		Rs. 1.007 Million
	Total		Rs.104.703 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	104.703	104.703	104.703
(b) Reserves & Surplus	1298.345	1095.842	912.195
(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)	1403.048	1200.545	1016.898
(3) Non-Current Liabilities
(a) long-term borrowings	274.109	230.914	288.122
(b) Deferred tax liabilities (Net)	83.832	74.230	62.850
(c) Other long term liabilities	1.910	1.710	2.122
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	359.851	306.854	353.094
(4) Current Liabilities
(a) Short term borrowings	1060.644	1141.119	1194.467
(b) Trade payables	584.487	456.761	441.672
(c) Other current liabilities	304.563	253.346	197.471
(d) Short-term provisions	50.948	13.735	30.885
Total Current Liabilities (4)	2000.642	1864.961	1864.495
TOTAL	3763.541	3372.360	3234.487
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1288.581	1254.609	1080.056
(ii) Intangible Assets	5.626	7.872	9.238
(iii) Capital work-in-progress	9.470	53.660	134.931
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	15.282	15.282	15.282
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	78.563	57.846	33.043
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1397.522	1389.269	1272.550
(2) Current assets
(a) Current investments
(b) Inventories	1210.623	1081.744	1022.461
(c) Trade receivables	915.079	731.478	660.923
(d) Cash and cash equivalents	96.150	96.121	201.448
(e) Short-term loans and advances	117.393	72.021	72.725
(f) Other current assets	26.774	1.727	4.380
Total Current Assets	2366.019	1983.091	1961.937
TOTAL	3763.541	3372.360	3234.487

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	5589.859	4718.605	4144.499
	Other Income	49.560	47.409	53.746
	TOTAL (A)	5639.419	4766.014	4198.245
Less	EXPENSES
	Cost of Materials Consumed	3008.492	2492.312	2235.807
	Purchases of Stock-in-Trade	330.867	190.754	162.674
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(97.073)	(90.128)	25.791
	Employees benefits expense	528.212	467.637	362.094
	Other expenses	1222.761	1132.146	967.574
	TOTAL (B)	4993.259	4192.721	3753.940
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	646.160	573.293	444.305
Less	FINANCIAL EXPENSES (D)	147.779	154.746	134.961
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	498.381	418.547	309.344
Less/ Add	DEPRECIATION/ AMORTISATION (F)	145.824	136.055	109.192
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	352.557	282.492	200.152
Less	TAX (I)	133.063	82.880	57.318
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	219.494	199.612	142.834
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	708.158	544.061	438.342
Less	APPROPRIATIONS
	Transfer to General Reserve	21.949	19.961	14.283
	Dividend	15.554	15.554	20.739
	Tax on Dividend	1.058	0.000	2.093
	Total (M)	38.561	35.515	37.115
	Balance Carried to the B/S (J+K+L-M)	889.091	708.158	544.061
	Earnings / (Loss) Per Share (Rs.)	21.17	19.25	13.77

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	114.372	96.786	49.784
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	407.735	440.057	149.441

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.93	4.23	3.45
Operating Profit Margin (PBIDT/Sales)	(%)	11.56	12.15	10.72
Return on Total Assets (PBT/Total Assets}	(%)	9.43	8.55	6.49
Return on Investment (ROI) (PBT/Networth)		0.25	0.24	0.20
Debt Equity Ratio (Total Debt /Networth)		0.95	1.14	1.46
Current Ratio (Current Asset/Current Liability)		1.18	1.06	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	104.703	104.703	104.703
Reserves & Surplus	912.195	1095.842	1298.345
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1016.898	1200.545	1403.048
long-term borrowings	288.122	230.914	274.109
Short term borrowings	1194.467	1141.119	1060.644
Current maturities of long-term debts	49.784	96.786	114.372
Total borrowings	1532.373	1468.819	1449.125
Debt/Equity ratio	1.507	1.223	1.033

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4144.499	4718.605	5589.859
		13.852	18.464

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	4144.499	4718.605	5589.859
Profit	142.834	199.612	219.494
	3.45%	4.23%	3.93%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Short Term unsecured borrowings	544.507	367.893
Total	544.507	367.893

Bankers Charges Report as per Registry

Corporate identity number of the company	U51909WB1965PLC026556
Name of the company	MERINO INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	5, Alexandra Court, 60/1, Chowringhee Road, Kolkata – 700 020, West Bengal
This form is for	Creation of Charge
Type of charge	Book debts Movable Property Others
Particular of charge holder	DBS Bank Limited, 4A, Little Russel Street, Nanda Lal Basu Sarani, Kolkata – 700071, West Bengal, India
Nature of instrument creating charge	As per Deed of Hypothecation dated 19.12.13 or as amended, modified or varied from time to time.
Date of instrument Creating the charge	19/12/2013
Amount secured by the charge	Rs. 260.000 Million
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest – As per Deed of Hypothecation and WC Facility agreement dated 19.12.13 or as amended, modified or varied from time to time. b) Terms of Repayment – As per Deed of Hypothecation and WC Facility agreement dated 19.12.13 or as amended, modified or varied from time to time. c) Margin – As per Deed of Hypothecation and WC Facility agreement dated 19.12.13 or as amended, modified or varied from time to time. d) Extent and operation of the charge – First pari-passu charge on current assets of the borrower, both present and future and second pari-passu charge on the entire fixed assets of the Company except assets charged exclusively to FIs/ Banks, both present and future in line with other consortium banks.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	I. First pari-passu charge on current assets of the borrower, both present and future and second pari-passu charge on entire fixed assets of the Company except assets charged exclusively to FIs/ Bank, II. both present and future in line with other consortium banks.

FIXED ASSETS

Tangible Assets

· Leasehold Land

· Freehold Land

· Leasehold Building

· Freehold Building

· Plant and Machinery

· Furniture and Fittings

· Vehicles

· Office Equipment

Intangible Assets

· Computer Software

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.63.37
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	ART

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	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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.