MIRA INFORM REPORT

Report No. :	324708
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	POLY MEDICURE LIMITED
Registered Office :	Property No. 232B, Third Floor, Okhla Industrial Estate, Phase-III, New Delhi-110020
Tel. No.:	91-129-2307000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	30.03.1995
Com. Reg. No.:	55-066923
Capital Investment / Paid-up Capital :	Rs.220.567 Million
CIN No.: [Company Identification No.]	L40300DL1995PLC066923 (New) L74899DL1995PLC066923 (Old)
TAN No.: [Tax Deduction & Collection Account No.]	RTKP01741F
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Primarily Engaged in a Business of Manufacturer and Sale of Medical Devices
No. of Employees :	1478 (Approximately) (w.e.f 31.03.2014)

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 4100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Subject is a part of POLY MED Group. Subject was incorporate in 1995. It is engaged in manufacturing of disposable medical items such as IV cannula, blood bags, and blood storage tubes. As per the director report, during the FY2014, the company’s total income increase to Rs. 3133.920 Million From Rs. 2526.055 Million in the precious year, registering a growth of 24.06%. Rating takes into consideration, healthy financial position of the company marked by health profitability levels, healthy annual growth in sales, large net worth and low gearing. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. 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 – 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	CRISIL
Rating	Long Term Rating- A+
Rating Explanation	Adequate degree of safety and low credit risk
Date	24.04.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating- A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	24.04.2015

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 PARTED BY (PARTIAL DETAILS)

Name :	Mr. Avinash
Designation :	Key Executive
Contact No.:	91-129-2307000
Date :	26.05.2015

LOCATIONS

Registered Office :	Property No. 232B, Third Floor, Okhla Industrial Estate Phase-III, New Delhi-110020, India
Tel. No.:	91-11-26321838/81/89/93
Fax No.:	91-11-26321839/94
E-Mail :	cs@polymedicure.com investorcare@polymedicure.com
Website :	www.polymedicure.com
Unit I :	Plot No. 104-105 and 115, Sector – 59, HSIDC Industrial Area, Ballabgarh, Faridabad - 121004, Haryana, India
Unit II :	Plot No. 115-116, Sector 59, HSIDC Industrial Estate, Ballabhgarh, Faridabad - 124004, Haryana, India
Tel. No.:	91-129-2307000/ 4287000
Fax No.:	91-129-2307007/2309401
Unit III :	Plot No. 17, Sector-3, I.I.E SIDCUL, Haridwar, Uttarakhand, India
Tel. No.:	91-1334-232734
Unit IV :	Plot No. PA010-019, Mahindra World City (SEZ), Jaipur

DIRECTORS

As on 23.09.2014

Name :

Mr. Himanshu Baid

Designation :

Managing Director

Date of Birth/Age :

44 Years

Qualification :

Electronics Engineer

Experience :

24 Years

Date of Appointment :

01.08.2014

DIN No.:

00014008

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	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Managing director	01/08/2014	30/03/1995	-	Active	NO
2	U13112RJ1996PLC011668	POLYCURE MARTECH LIMITED	Director	01/03/1998	01/03/1998	-	Active	NO
3	U25206RJ1999PTC015985	JAI POLYPAN PRIVATE LIMITED	Director	11/11/1999	11/11/1999	-	Active	NO
4	U64203HP1994PLC014541	EXICOM TELE-SYSTEMS LIMITED	Director	07/09/2009	11/11/2008	-	Active	NO
5	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	20/12/2014	31/12/2012	-	Active	NO

Name :

Mr. Devendra Raj Mehta

Designation :

Director

Date of Birth/Age :

77 Years

Qualification :

Law Economic Graduate and Retired I.A.S officer

Date of Appointment :

17.05.2010

DIN No.:

01067895

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	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	17/05/2010	26/05/2005	-	Active	NO
2	U67100MH2006PTC158601	OSETA INVESTMENTS TRUSTEE COMPANY PVT LIMITED	Director	16/01/2006	16/01/2006	22/01/2009	Active	NO
3	L74899DL1995PLC066827	SPICE COMMUNICATIONS LIMITED	Director	15/06/2007	23/03/2007	23/10/2008	Amalgamated	NO
4	L29120MH1986PLC042028	JAIN IRRIGATION SYSTEMS LIMITED	Director	26/09/2014	26/12/2007	-	Active	NO
5	U93090UP2007PTC033308	SMARTVALUE VENTURES PRIVATE LIMITED	Director	23/02/2014	18/08/2008	-	Active	NO
6	L45200GJ1986PLC008717	JMC PROJECTS (INDIA) LIMITED	Director	27/09/2014	11/12/2008	-	Active	NO
7	U72900DL2008PTC178018	SPICE INNOVATIVE TECHNOLOGIES PRIVATE LIMITED	Additional director	12/03/2009	12/03/2009	17/08/2009	Active	NO
8	U01122RJ2009PLC028415	ATUL RAJASTHAN DATE PALMS LIMITED	Additional director	10/06/2009	10/06/2009	-	Active	NO
9	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director	30/06/2010	14/08/2009	-	Active	NO
10	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Director	25/09/2009	14/08/2009	-	Active	NO
11	U34101HR1985PLC032462	MM AUTO INDUSTRIES LIMITED	Director	30/09/2013	09/04/2010	-	Active	NO
12	U32201HP1988PLC008020	SPICE RETAIL LIMITED	Director	05/08/2010	05/08/2010	02/07/2012	Active	NO
13	U80900DL2007PTC163495	EXTRAMARKS EDUCATION PRIVATE LIMITED	Director	30/09/2010	30/09/2010	01/08/2011	Active	NO
14	L72900UP1986PLC008448	SPICE MOBILITY LIMITED	Director	28/09/2011	04/11/2010	22/10/2012	Active	NO
15	U85110DL1991PTC042646	SAKET CITY HOSPITALS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	03/06/2014	Active	NO
16	U73200MH2007NPL169807	GANDHI RESEARCH FOUNDATION	Director	29/09/2012	07/10/2011	-	Active	NO
17	L36911RJ1990PLC005651	GOENKA DIAMOND AND JEWELS LIMITED	Director	27/09/2012	30/05/2012	26/11/2013	Active	NO
18	U65100DL2013PLC248013	M N M ASSETS RECONSTRUCTION COMPANY LIMITED	Director	07/02/2013	07/02/2013	-	Active	NO
19	U74120UP2013PTC057883	SMARTGLOBAL VENTURES PRIVATE LIMITED	Director	30/09/2014	23/02/2014	-	Active	NO
20	U70200DL2010PTC199975	ASHRAY HOMES BUILDWELL PRIVATE LIMITED	Director	19/09/2014	19/09/2014	-	Active	NO

Name :

Mr. Prakash Chand Surana

Designation :

Director

Date of Birth/Age :

09.02.1947

Qualification :

Chartered Accountant

Date of Appointment :

22.09.1997

DIN No.:

00361485

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	U65920DL1995PLC071071	S AND A FINMAN LIMITED	Director	13/05/2015	24/07/1995	-	Active	NO
2	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	22/09/1997	22/09/1997	-	Active	NO
3	U51399DL2000PTC103748	MEHAK ENTERPRISES PRIVATE LIMITED	Director	01/04/2002	01/04/2002	20/02/2013	Active	NO
4	U74999DL2002PTC116274	TECHNOMEDIA SOLUTIONS PRIVATE LIMITED	Director	29/04/2003	29/04/2003	-	Active	NO
5	U45201DL2004PTC128943	K S INFOWAYS PRIVATE LIMITED	Director	15/11/2004	15/11/2004	20/02/2013	Active	NO
6	U72200DL2005PTC133045	MODERN IT SOLUTIONS PRIVATE LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO

Name :

Mr. Yashwant Singh Choudhary

Designation :

Independent Director

Date of Appointment :

17.02.1997

DIN No.:

00006906

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	U64203HP1994PLC014541	EXICOM TELE-SYSTEMS LIMITED	Managing director	10/05/1994	10/05/1994	01/08/2008	Active	NO
2	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	17/02/1997	17/02/1997	-	Active	NO
3	U93090TN1960PLC004355	HTL LIMITED	Director	01/10/2004	01/10/2004	29/09/2009	Active	NO
4	L64200HP1987PLC007466	HIMACHAL FUTURISTIC COMMUNICATIONS LIMITED	Additional director	31/01/2009	31/01/2009	30/05/2009	Active	NO
5	U65921HP1995PTC017088	MONETA FINANCE PRIVATE LIMITED	Additional director	16/02/2009	16/02/2009	26/06/2014	Active	NO

Name :

Mr. Sohan Mohnot

Designation :

Director

Date of Birth/Age :

15.03.1929

Qualification :

Ph. D., C.M.C., F.I.M.C.I., F.I.S.T.D.

Date of Appointment :

22.09.1997

DIN No.:

00006889

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	U74899DL1973PTC006686	INDUSTRIAL TECHNO ECONOMIC SERVICES PRIVATE LIMITED	Managing director	28/06/1973	28/06/1973	-	Active	NO
2	U51395RJ1984PLC002879	ALLIED ELECTRONICS AND MAGNETICS LTD	Director	20/02/1985	20/02/1985	-	Active	NO
3	U27310DL1975PLC008008	UNIVERSAL CYLINDERS LIMITED	Director	24/03/1989	24/03/1989	-	Active	NO
4	U22219DL1981PLC012808	INTERNATIONAL PRINT-O-PAC LIMITED	Director	27/03/1990	27/03/1990	-	Active	NO
5	U74899DL1995PTC073970	SOFTWARE DIOXIDE PRIVATE LIMITED	Director	20/11/1995	20/11/1995	-	Active	NO
6	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	22/09/1997	22/09/1997	-	Active	NO
7	U74899DL1993PLC056293	QAI (INDIA) LIMITED	Director	31/10/2001	31/10/2001	-	Active	NO

Name :

Mr. Jugal Kishore Baid

Designation :

Director

Date of Appointment :

10.05.1995

DIN No.:

00077347

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	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	10/05/1995	10/05/1995	-	Active	NO
2	U13112RJ1996PLC011668	POLYCURE MARTECH LIMITED	Director	01/11/1997	01/11/1997	-	Active	NO

Name :

Mr. Shailendra Raj Mehta

Designation :

Director

Date of Birth/Age :

09.07.1959

Qualification :

B.A. M.A. From Delhi University, M. Phill from Balliol College Oxfords, Ph.D. in Economics from Harvard.

Date of Appointment :

28.09.2012

DIN No.:

02132246

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	U80302GJ2006FTC049522	DUKE CORPORATE EDUCATION INDIA PRIVATE LIMITED	Director	31/12/2007	15/03/2007	15/08/2009	Active	NO
2	L45200GJ1986PLC008717	JMC PROJECTS (INDIA) LIMITED	Director	27/09/2014	08/02/2012	-	Active	NO
3	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	28/09/2012	28/05/2012	-	Active	NO
4	U74140DL2013PTC259455	ARC ASSOCIATES PRIVATE LIMITED	Director	23/10/2013	23/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Avinash
Designation :	Key executive
Name :	Mr. Rishi Baid
Designation :	Key executive
Name :	Ms. Sonia Singh
Designation :	Secretary
Name :	Mr. Himanshu Baid
Designation :	Key executive
Name :	Mr. J.K Baid
Designation :	Key executive
Name :	Mr. Vishal Baid
Designation :	Key executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholders	No. Of Shares	% of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	17888704	40.55
Bodies Corporate	3448572	7.82
Sub Total	21337276	48.37
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	113600	0.26
Sub Total	113600	0.26
Total shareholding of Promoter and Promoter Group (A)	21450876	48.63
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	10349	0.02
Foreign Institutional Investors	3154665	7.15
Sub Total	3165014	7.17
(2) Non-Institutions
Bodies Corporate	14318995	32.46
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1482618	3.36
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3347173	7.59
Any Others (Specify)	348764	0.79
NRIs/OCBs	310505	0.70
Clearing Members	38259	0.09
Sub Total	19497550	44.20
Total Public shareholding (B)	22662564	51.37
Total (A)+(B)	44113440	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)	44113440	100.00

BUSINESS DETAILS

Line of Business :	Primarily Engaged in a Business of Manufacturer and Sale of Medical Devices
Products :	Infusion Therapy Central Venous Access Catheters Anaesthesia Gastroenterology Blood Management Urology Surgery and Wound Drainage Dialysis Diagnostics Pediatrics Others
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, L/C and Credit (30,60,90 Days)
Purchasing :	Cash, L/C and Credit (30,60,90 Days)

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

1478 (Approximately) (w.e.f 31.03.2014)

• Citibank N.A - New Delhi, India

Bankers :

Bank Name	State bank of India
Branch	New Delhi, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

Term Loan From bank

NA

342.621

Others - Vehicle Loan From bank

NA

2.087

Deferred Payment Liabilities

NA

41.759

Short-term borrowings

Cash/ Export Credit Loan

NA

101.013

Buyer Credit

Total

NA

487.480

Note:

Long Term Borrowing

(Rs. In Million)

Particular	Weighted average Rate of interest (P.A.)	Installm ents	Outstanding as at 31 march 2014	Annual repayment schedule
				2014-	2014-	2014-	2014-
Rupee Loan	11.66%	Qtr	329.202	87.780	92.336	94.800	54.286
Foreign Currency Loan	3.60%	Qtr	1,70.179	68.980	46.048	27.575	27.576
Others - Vehicle Loan	10.08%	Monthly	5.592	3.505	1.703	0.227	0.157
Deferred Payment Liabilities	-	2 in year	63.652	21.893	18.968	15.188	7.603
Details of security: Term Loans from State Bank of India are secured by way of first charge over entire fixed assets both present and future including equitable mortgage of factory land and buildings and are further secured by way of extension of charge on entire current assets of the company both present and future and are guaranteed by Managing Director and Executive Director of the company. Vehicle Loans are secured by hypothecation / lien of the respective vehicles. Deferred payment liabilities represents assets acquired on deferred credit terms. Note: Short Term Borrowing: Cash/Export credit limits from State Bank of India and Citibank N.A. are secured by way of first pari passue charge both present and future on the company's entire stock of Raw materials, stores spares, Stock in process, Finished goods etc. lying in factory, godowns, elsewhere and including goods in transit, trade receivables and are further secured by way of extension of second pari-passu charge on entire fixed assets of the company both present & future and are guaranteed by Managing Director & Executive Director of the company.

Auditors :
Name :	Doogar and Associates Chartered Accountants
Address :	New Delhi, India
Memberships :	Not Available
Collaborators :	Not Available
Associates (As on 31.03.2014):	Ø Ultra For Medical Products (UMIC), Egypt
Subsidiaries (As on 31.03.2014) :	Ø US Safety Syringes Company LLC, USA Ø Poly Medicure (Laiyang) Company Limited, China
Enterprises Over Which Key Management Personnel and Their Relatives Exercise Significant Influence (As on 31.03.2014)	Ø Vitromed Healthcare Ø Jai Polypan Private Limited Ø Stilocraft Ø Polycure Martech Limited Ø Jaichand Lal Hulasi Devi Baid Charitable Trust

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital: Not Available

Paid-up Capital: Rs. 220.567 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22033211	Equity Shares	Rs.10/- each	Rs.220.332Million

Reconciliation of the shares outstanding at the beginning and at the end of the reporting year:

Particulars	No. of Shares	Amount in Millions
At the beginning of the year	11012500	110.125
Add: Issued during the yearby way of Bonus Shares	11012500	110.125
Add: Issued during the yearby way of ESOS	8211	0.82
Less: Bought back during the year	-	-
Outstanding at the end of year	22033211	220.332

TERMS/RIGHTS ATTACHED TO EQUITY SHARES:

The company has only one class of equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2014, the amount of per share dividend recognized as distribution to equity shareholders is Rs. 4 (31st March 2013 Rs.2)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders

DETAILS OF SHAREHOLDERS' HOLDING MORE THAN 5% SHARES IN THE COMPANY:

Particulars	No. of Shares	% of Holding
Allegeny Finlease Private Limited	3142339	14.26%
Rishi Baid	2456512	11.15%
BS Trade Invest Private Limited	2398560	10.89%
Himanshu Baid	2018656	9.16%

The aforesaid disclosure is based upon percentages computed separately for class of shares outstanding, as at the balance sheet date. As per of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares

SHARES ALLOTTED FOR CONSIDERATION OTHER THAN CASH:

Particulars	No. of Shares
Equity Shares	16518750

Aggregate number of equity shares allotted as fully paid bonus shares by capitalization of Securities Premium Account and General Reserves during the financial year 2013-14 and also in preceding five financial years.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	220.567	220.332	110.125
(b) Reserves & Surplus	1699.129	1222.621	1000.273
(c) Money received against share warrants	0.000	0.042	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1919.696	1442.995	1110.398
(3) Non-Current Liabilities
(a) long-term borrowings	402.456	386.467	241.661
(b) Deferred tax liabilities (Net)	102.848	79.725	62.895
(c) Other long term liabilities	28.090	24.076	25.564
(d) long-term provisions	20.383	16.517	14.258
Total Non-current Liabilities (3)	553.777	506.785	344.378
(4) Current Liabilities
(a) Short term borrowings	180.737	101.013	134.492
(b) Trade payables	380.369	288.377	228.389
(c) Other current liabilities	374.155	380.601	245.598
(d) Short-term provisions	135.833	105.050	56.045
Total Current Liabilities (4)	1071.094	875.041	664.524
TOTAL	3544.567	2824.821	2119.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1704.639	1170.906	865.817
(ii) Intangible Assets	56.106	33.353	25.820
(iii) Capital work-in-progress	236.181	133.511	34.583
(iv) Intangible assets under development	33.472	63.125	45.374
(b) Non-current Investments	0.000	56.106	69.139
(c) Deferred tax assets (net)	0.000	178.290	150.525
(d) Long-term Loan and Advances	0.000	16.690	9.853
(e) Other Non-current assets
Total Non-Current Assets	2030.398	1651.981	1201.111
(2) Current assets
(a) Current investments
(b) Inventories	538.730	395.573	328.722
(c) Trade receivables	594.914	455.656	423.300
(d) Cash and cash equivalents	198.338	137.865	7.279
(e) Short-term loans and advances	106.646	101.873	98.901
(f) Other current assets	75.541	81.873	59.987
Total Current Assets	1514.169	1172.840	918.189
TOTAL	3544.567	2824.821	2119.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	3736.883	3123.332	2522.379
		Other Income	82.214	10.620	3.676
		TOTAL	3819.097	3233.098	2526.055
Less	EXPENSES
		Cost of Materials Consumed	1312.713	1008.567	793.277
		Purchases of Stock-in-Trade	65.253	57.591	50.108
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(30.683)	(34.748)	(11.054)
		Employees benefits expense	603.000	498.036	402.378
		Research and development expenses	0.0000	59.238	39.949
		Other expenses	960.268	808.312	736.195
		TOTAL	2910.551	2396.996	2010.853
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		908.546	736.956	515.202
Less	FINANCIAL EXPENSES		82.265	79.487	58.978
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		826.281	657.469	456.224
Less	DEPRECIATION/ AMORTISATION		180.899	135.106	118.206
	PROFIT/(LOSS) BEFORE Exceptional		645.382	522.363	338.018
Add:	Exceptional Items		195.780	99.146	0.000
	PROFIT/(LOSS) BEFORE TAX		841.162	621.509	338.018
Less	TAX		230.990	191.188	97.726
	PROFIT/(LOSS) AFTER TAX		610.172	430.321	240.292
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports			2010.172	1510.051
	Freight			129.583	35.208
	Dividend			4.254	0.000
	TOTAL EARNINGS			2144.009	1545.259
	IMPORTS		NA
	Raw Materials			517.420	391.474
	Traded Goods			52.524	43.208
	Stores, Spares and Packing Material			89.620	55.337
	Capital Goods			289.620	121.215
	TOTAL IMPORTS			949.184	611.234
	Earnings / (Loss) Per Share (Rs.) (Basic)		13.83	19.53	10.91
	Earnings / (Loss) Per Share (Rs.) (Diluted)		13.83	19.51	10.90

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	16.33	13.78	9.53
Operating Profit Margin (PBIDT/Sales)	(%)	29.55	26.77	20.43
Return on Total Assets (PBT/Total Assets}	(%)	25.69	25.96	18.58
Return on Investment (ROI) (PBT/Networth)		0.44	0.43	0.30
Debt Equity Ratio (Total Debt /Networth)		0.30	0.34	0.34
Current Ratio (Current Asset/Current Liability)		1.41	1.34	1.38

STOCK PRICES

Face Value	Rs.5
Market Value	Rs.491.50

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	110.125	220.332	220.567
Reserves & Surplus	1000.273	1222.621	1699.129
Money received against share warrants	0.000	0.042	0.042
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1110.398	1442.995	1919.738
long-term borrowings	241.661	386.467	402.456
Short term borrowings	134.492	101.013	180.737
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000	0.000
Total borrowings	376.153	487.480	583.193
Debt/Equity ratio	0.339	0.338	0.304

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	2522.379	3123.332	3736.883
		23.825	19.644

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	2522.379	3123.332	3736.883
Profit	240.292	430.321	610.172
	9.53%	13.78%	16.33%

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	Yes
8	Designation of contact person	Yes
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	Yes
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	No
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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	Yes
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 1^st Floor, 12, Santnagar, East of Kailash, New Delhi-110065, India to the present address w.e.f. 01.08.2014

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10292924	01/05/2015 *	210,000,000	Citi Bank N.A.	Jeevan Bharti Building, 4th Floor, Connaught Circus, Connaught Place, New Delhi, Delhi - 110001, INDIA	C52633690
2	90062621	18/10/2014 *	1,393,000,000	State Bank of India	Commercial Branch, 6the Floor Palm Court, Gurgaon, Haryana - 122001, INDIA	C32459976

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Contingent liabilities not provided for:
Show Cause notices from excise department	NA	29.39
Compensation for enhanced cost of Land contested in Punjab & Haryana High Court (Amount paid ` 2.33 lacs, Previous year ` 2.33 lacs)	NA	9.34
Liabilities against legal case filed under Industrial Dispute Act 1947	NA	1.85
Obligations and commitments outstanding:
Unexpired letters of credit ` 336.78 lacs (Previous year ` 419.15 lacs) and Guarantees issued by bankers ` 571.78 lacs (Previous year ` 554.56 lacs), (Net of margins)	NA	908.56
Bills discounted but not matured	NA	1,499.46
Custom duty against import under Advance Licence Scheme	NA	11.17
Custom duty against import under EPCG Scheme	NA	50.99
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances given)	NA	2,644.36

FIXED ASSETS

• Freehold Land
• Leasehold Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Vehicles
• Software
• Patent and Trade Marks

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 records 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.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.73

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	SAN
Report Prepared by :	PJA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION		-
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		66

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.