MIRA INFORM REPORT

Report No. :	324731
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	PRIMACY INDUSTRIES LIMITED (w.e.f. 18.09.2007)
Formerly Known As :	PRIMACY INDUSTRIES PRIVATE LIMITED
Registered Office :	Press Corner, Udayavani Building, Manipal - 576104, Karnataka
Tel. No.:	91-820-2575398
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.09.2004
Com. Reg. No.:	08-034633
Capital Investment / Paid-up Capital :	Rs 417.982 Million
CIN No.: [Company Identification No.]	U24242KA2004PLC034633
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRP04931D
PAN No.: [Permanent Account No.]	AADCP3568L
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Manufacturer and Exporter of Paraffin Wax Candles.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 2500000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established concern and it is having satisfactory track record. From the financial for the year ended 2014, company showed decline in its sales turnover of Rs. 1364.900 Million and reported minimal profit from its business operations. Rating taken into account on company’s established track record of its business operations backed by its decent experienced of its promoters. Trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business transaction with its 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

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) DEFAILTERS’ 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 PARTED BY

Name :	Mr. Rajesh
Designation :	Accounts Manager
Contact No.:	91-824-2889000
Date :	30.05.2015

LOCATIONS

Registered Office :	Press Corner, Udayavani Building, Manipal - 576104, Karnataka, India
Tel. No.:	91-820-2575398
Fax No.:	91-820-2575398
E-Mail :	info@primacyind.com dattayreya@primacyind.com klrao@manipalpress.com
Website :	www.primacyind.com
Head Office/ Factory 1 :	Plot No. 7A, Baikampady Industrial Area, Mangalore – 575 011, Karnataka, India
Tel. No.:	91-824-2405220/ 24 /21
Fax No.:	91-824-2405219
E-Mail :	talithaya_vk@primacyind.com raghavendrarao@primacyind.com
Factory 2 :	Plot No. 199/200 Baikampady Industrial Area, Mangalore – 575001 Karnataka, India
Factory 3 :	Plot No 314 /315, Gandhidham, Kutch – 370240, Gujarat
Tel. No.:	91-2836-655226
Fax No.:	91-824-2405219

DIRECTORS

Name :

Mr. Tonse Guatham Pai

Designation :

Managing Director

Address :

38, Ananth Nagar, Manipal – 576104, Karnataka, India

Date of Birth/Age :

26.09.1974

Qualification :

B.E.

Date of Appointment :

01.04.2014

DIN No.:

00120314

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	U22221KA1948PLC001159	MANIPAL MEDIA NETWORK LIMITED	Director	31/03/2009	24/06/1997	-	Active	NO
2	U64202KA1997PTC022991	ZETA INFOTECH PRIVATE LIMITED	Director	01/09/1998	01/09/1998	-	Active	NO
3	U65910KA1983PTC005626	SHARATH INVESTMENTS PRIVATE LIMITED	Director	20/03/1999	20/03/1999	-	Active	NO
4	U22219KA2000PLC026222	MANIPAL TECHNOLOGIES LIMITED	Managing director	01/11/2011	29/07/2003	-	Active	NO
5	U24242KA2004PLC034633	PRIMACY INDUSTRIES LIMITED	Managing director	01/04/2014	03/09/2004	-	Active	NO
6	U28992KA2007PTC041395	GENESIS PACKAGING PRIVATE LIMITED	Director	05/01/2007	05/01/2007	01/09/2013	Active	NO
7	U22300KA2007PTC041394	MANIPAL DIGITAL SYSTEMS PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
8	U72200MH2007PTC195863	Manipal Informatics Private Limited	Additional director	23/08/2007	23/08/2007	19/07/2008	Amalgamated	NO
9	U22219KA1973PTC002395	WESTTEK ENTERPRISES PRIVATE LIMITED	Additional director	10/12/2007	10/12/2007	10/04/2008	Active	NO
10	U21014KA2008PTC045299	MANIPAL UTILITY PACKAGING SOLUTIONS PRIVATE LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
11	U72900KA2008PTC045316	MCT CARDS & TECHNOLOGY PRIVATE LIMITED	Director	19/02/2008	19/02/2008	-	Active	NO
12	U74140KA2008PTC046520	MANIPAL ACE EVENT MANAGEMENT COMPANY PRIVATE LIMITED	Director	22/05/2008	22/05/2008	-	Active	NO
13	L22213TN1995PLC031845	UNIVERSAL PRINT SYSTEMS LIMITED	Director appointed in casual vacancy	13/06/2008	13/06/2008	-	Active	NO
14	U72200KA2009PTC050532	MANIPAL BUSINESS SOLUTIONS PRIVATE LIMITED	Director	31/07/2009	31/07/2009	-	Active	NO
15	U92200DL1959NPL003169	UNITED NEWS OF INDIA	Director	24/11/2011	20/08/2009	15/12/2011	Active	NO
16	U74900KA2010PTC053146	MANIPAL LOGISTICS PRIVATE LIMITED	Director	07/04/2010	07/04/2010	31/03/2014	Active	NO
17	U92190KA2010PTC053930	MANIPAL STUDIOS PRIVATE LIMITED	Director	03/06/2010	03/06/2010	31/03/2014	Active	NO
18	U72200KA2000PLC027929	MANIPAL DIGITAL LIMITED	Director	24/09/2010	17/07/2010	31/03/2014	Active	NO
19	U51900KA2010PTC055404	PRIMACY GLOBAL ENTERPRISES PRIVATE LIMITED	Director	05/10/2010	05/10/2010	-	Active	NO
20	U40108KA2011PLC056610	MANIPAL ENERGY & INFRATECH LIMITED	Director	12/01/2011	12/01/2011	-	Active	NO
21	U73100KA2011PTC057905	MANIPAL PRINTRONICS PRIVATE LIMITED	Director	29/03/2011	29/03/2011	-	Active	NO
22	U74900KA2011PTC058810	ANTLER FRAGRANCES PRIVATE LIMITED	Director	25/05/2011	25/05/2011	15/04/2013	Active	NO
23	U74900KA2011PTC059510	Manipal Archival Solutions Private Limited	Director	07/07/2011	07/07/2011	-	Active	NO
24	U92100KA2011PLC061061	MANIPAL BROADCAST NETWORK LIMITED	Director	03/11/2011	03/11/2011	31/03/2014	Active	NO

Name :

Mr. Sandhya Satish Pai

Designation :

Director

Address :

38, Ananth Nagar, Manipal – 576104, Karnataka, India

Date of Birth/Age :

26.02.1947

Qualification :

SSLC

Date of Appointment :

26.01.2006

DIN No.:

00120225

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	U65910KA1983PTC005626	SHARATH INVESTMENTS PRIVATE LIMITED	Managing director	11/03/1984	11/03/1984	-	Active	NO
2	U72200KA2000PLC027929	MANIPAL DIGITAL LIMITED	Director	05/09/2002	05/09/2002	-	Active	NO
3	U24242KA2004PLC034633	PRIMACY INDUSTRIES LIMITED	Director	26/01/2006	26/01/2006	-	Active	NO

Name :

Mr. Belle Monappa Hegde

Designation :

Director

Address :

Manjunath, Pais Hills, Bejai Mangalore, Dakshina Kannada – 575004, Karnataka, India

Date of Birth/Age :

18.08.1938

Qualification :

MBBS

Date of Appointment :

16.02.2015

DIN No.:

00128203

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	U22221KA1948PLC001159	MANIPAL MEDIA NETWORK LIMITED	Director	16/02/2015	25/08/2000	-	Active	NO
2	U24242KA2004PLC034633	PRIMACY INDUSTRIES LIMITED	Director	16/02/2015	01/09/2007	-	Active	NO
3	L15201GJ1994PLC023490	ZYDUS WELLNESS LIMITED	Director	16/07/2010	29/07/2009	-	Active	NO

Name :

Mr. Raghbir Kumar Sehgal

Designation :

Director

Address :

55, Cliffside Xing, Atlanta Ga, 303502704, United State of America

Date of Birth/Age :

03.04.1937

Qualification :

BS (CIVIL)

Date of Appointment :

03.09.2004

DIN No.:

02555557

Name :

Mr. Travis Ryan Propes

Designation :

Director

Address :

212, King George ST, Daniel Island, SC 29492, United State of America

Date of Birth/Age :

06.06.1975

Qualification :

Graduate

Date of Appointment :

26.01.2006

DIN No.:

02698958

Name :

Mary Frances Van De Venter Propes

Designation :

Director

Address :

232, Delahow St. Daniel Island, SC 294928276, United State of America

Date of Birth/Age :

29.04.1952

Qualification :

Under Graduate

Date of Appointment :

26.01.2006

DIN No.:

02700182

Name :

Mr. Mahendra Prakash Srivastava

Designation :

Director

Address :

10555, Branham Fields Road, Duluth, GA 300972091, United State of America

Date of Birth/Age :

18.08.1955

Qualification :

BS, PHD, MA

Date of Appointment :

03.09.2004

DIN No.:

02850152

Name :

Perdoor vaman mallya

Designation :

Director

Address :

D63C, Ananth Nagar ll Stage, Manipal, Udupi – 576104, Karnataka, India

Date of Birth/Age :

31.08.1948

Date of Appointment :

26.09.2013

DIN No. :

00120272

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	U65910KA1983PTC005626	SHARATH INVESTMENTS PRIVATE LIMITED	Director	30/01/1999	30/01/1999	-	Active	NO
2	U22219KA2000PLC026222	MANIPAL TECHNOLOGIES LIMITED	Director	25/01/2000	25/01/2000	-	Active	NO
3	U22219KA1973PTC002395	WESTTEK ENTERPRISES PRIVATE LIMITED	Director	26/09/2008	24/04/2008	06/03/2013	Active	NO
4	U72200KA1998PTC023347	ZETA CYBER SOLUTIONS PRIVATE LIMITED	Director	11/07/2008	11/07/2008	25/03/2011	Active	NO
5	U72900KA2008PTC045316	MCT CARDS & TECHNOLOGY PRIVATE LIMITED	Director	05/09/2012	07/10/2011	-	Active	NO
6	U22221KA1948PLC001159	MANIPAL MEDIA NETWORK LIMITED	Director	15/09/2012	12/10/2011	-	Active	NO
7	U92100KA2011PLC061061	MANIPAL BROADCAST NETWORK LIMITED	Director	03/11/2011	03/11/2011	-	Active	NO
8	U24242KA2004PLC034633	PRIMACY INDUSTRIES LIMITED	Director	26/09/2013	27/07/2013	-	Active	NO
9	U21014KA2008PTC045299	MANIPAL UTILITY PACKAGING SOLUTIONS PRIVATE LIMITED	Director	06/08/2014	03/10/2013	-	Active	NO
10	U92190KA2010PTC053930	MANIPAL STUDIOS PRIVATE LIMITED	Director	01/08/2014	31/03/2014	-	Active	NO
11	U45201TN1999PLC043271	MANIPAL PROPERTIES LIMITED	Director	26/09/2014	25/07/2014	-	Active	NO
12	U66010KA2001PLC029877	MANIPAL INSURANCE SERVICES LIMITED	Director	25/09/2014	25/07/2014	-	Active	NO
13	U74140KA1990PLC010763	MPL ENTERPRISES LIMITED	Director	25/09/2014	25/07/2014	-	Active	NO

Name :

Vorkadi Krishnamurthy Talithaya

Designation :

Director

Address :

103, Horizon Homes, Museum Road, Bejai Post, Mangalore, Dakshina Kannada – 575001, Karnataka, India

Date of Birth/Age :

10.12.1944

Date of Appointment :

30.09.2014

DIN No. :

06839522

KEY EXECUTIVES

Name :	M V Bhat
Designation :	Company Secretary
Address :	Noopura, Vyasa Rao Road, Kadri Mangalore, Dakshina Kannada – 575003, Karnataka, India
Date of Birth/Age :	03.04.1953
Date of Appointment :	01.12.2010
PAN No.:	ABOPB9822E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of (Equity) Shareholders	No. of Shares
Dr. Mahendra Srivastav	45575
Raghbir K Sehgal	289198
T. Gautham Pai	1250
Rolf Bartke	55615
K. Laxminarayan Rao	16
Sadashiva Pai B.	1
K. Govindraya Kamath	1
Vanita G. Pai	1
T. Satish U. Pai	1250
Sandhya S. Pai	1250
GP Global Limited, Dubai	3263438
Total	3657595

Names of (Preference) Shareholders	No. of Shares
T. Gautham Pai	200
T. Satish U. Pai	200
Sandhya S. Pai	200
GP Global Limited, Dubai	521627
Total	522227

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	90.74
Directors or relatives of Directors	9.26
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Paraffin Wax Candles.

Products :

Description of product or service category	ITC Code
Manufacturer Home Fragrance Candles	59070099

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• US
• Europe
• Australia

Imports :

Products :

Raw Material

Countries :

• China
• America

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

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 :

1500 (Approximately)

Bankers :

Banker Name	Syndicate Bank
Branch Address	London Branch, London – NA, United Kingdom
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

• Corporation Bank, Manipal Main Branch, Manipal – 576104, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	54.302	145.152
Foreign currency term loans from banks	513.843	708.076
SHORT TERM BORROWINGS
Working capital loans from banks	792.479	711.847
Total	1360.624	1565.075

Auditors :
Name :	Sriramulu Naidu and Company Chartered Accountants
Address :	3-12-1394/52, Ram Bhavan Complex, Kodiabail, Manglore - 575003, Karnataka, India
Tel. No.:	91-824-2441164/ 0464
PAN No.:	AAOFS3877R
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary :	MVP Group International Inc.
Holding company :	G P Global Limited
Associate :	Primacy Global Enterprises Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 100/- each	Rs. 400.000 Million
1000000	Preference Shares	Rs. 100/- each	Rs. 100.000 Million
	Total		Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3657595	Equity Shares	Rs. 100/- each	Rs. 365.759 Million
522227	Preference Shares	Rs. 100/- each	Rs. 52.223 Million
	Total		Rs. 417.982 Million

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	417.982	300.154	300.154
(b) Reserves & Surplus	463.739	347.272	714.418
(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)	881.721	647.426	1014.572
(3) Non-Current Liabilities
(a) long-term borrowings	568.145	853.228	589.361
(b) Deferred tax liabilities (Net)	0.000	0.000	13.481
(c) Other long term liabilities	31.640	22.344	9.839
(d) long-term provisions	0.000	1.586	0.000
Total Non-current Liabilities (3)	599.785	877.158	612.681
(4) Current Liabilities
(a) Short term borrowings	792.479	711.847	717.132
(b) Trade payables	164.137	234.434	39.218
(c) Other current liabilities	371.596	118.169	62.069
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1328.212	1064.450	818.419
TOTAL	2809.718	2589.034	2445.672
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	337.769	130.601	188.246
(ii) Intangible Assets	1.707	1.854	0.945
(iii) Capital work-in-progress	48.777	2.560	36.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1283.504	1283.504	1283.504
(c) Deferred tax assets (net)	127.048	131.395	0.000
(d) Long-term Loan and Advances	5.697	5.681	3.565
(e) Other Non-current assets	4.332	5.294	0.660
Total Non-Current Assets	1808.834	1560.889	1513.520
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	205.855	216.694	269.583
(c) Trade receivables	500.438	366.093	389.326
(d) Cash and cash equivalents	89.198	215.038	48.115
(e) Short-term loans and advances	204.975	229.916	224.943
(f) Other current assets	0.418	0.404	0.185
Total Current Assets	1000.884	1028.145	932.152
TOTAL	2809.718	2589.034	2445.672

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1243.335	1540.939	1505.182
	Other Income	121.572	97.601	48.313
	TOTAL (A)	1364.907	1638.540	1553.495
Less	EXPENSES
	Cost of Materials Consumed	672.335	992.182	1003.508
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.912)	(13.371)	(7.153)
	Employees benefits expense	136.805	144.392	136.921
	Other expenses	340.222	321.642	278.584
		10.283	326.077	(4.652)
	TOTAL (B)	1156.733	1770.922	1407.208
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	208.174	(132.382)	146.287
Less	FINANCIAL EXPENSES (D)	172.654	294.608	75.083
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	35.520	(426.990)	71.204
Less/ Add	DEPRECIATION/ AMORTISATION (F)	20.878	20.810	18.932
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	14.642	(447.800)	52.272
Less	TAX (H)	4.346	(143.537)	(6.814)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	10.296	(304.263)	59.086
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	54.737	359.000	318.814
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	18.900
	Total (K)	0.000	0.000	18.900
	Balance Carried to the B/S (I+J-K)	65.033	54.737	359.000
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1156.466	1500.326	1497.564
	Interest income on overdue invoices	49.252	43.345	36.049
	Management Services rendered	57.967	52.443	11.966
	TOTAL EARNINGS	1263.685	1596.114	1545.579
	Earnings / (Loss) Per Share (Rs.)	3.15	(101.37)	29.52

Expected Sales (2014-2015) : Rs. 1500.000 Million

The above information has been parted by Mr. Rajesh

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.83	-19.75	3.93
Operating Profit Margin (PBIDT/Sales)	(%)	16.74	-8.59	9.72
Return on Total Assets (PBT/Total Assets}	(%)	1.08	-38.22	4.64
Return on Investment (ROI) (PBT/Networth)		0.02	-0.69	0.05
Debt Equity Ratio (Total Liability/Networth)		1.54	2.42	1.29
Current Ratio (Current Asset/Current Liability)		0.75	0.97	1.14

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	300.154	300.154	417.982
Reserves & Surplus	714.418	347.272	463.739
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1014.572	647.426	881.721
long-term borrowings	589.361	853.228	568.145
Short term borrowings	717.132	711.847	792.479
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	1306.493	1565.075	1360.624
Debt/Equity ratio	1.288	2.417	1.543

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	1505.182	1540.939	1243.335
		2.376	(19.313)

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	1505.182	1540.939	1243.335
Profit	59.086	(304.263)	10.296
	3.93%	(19.75%)	0.83%

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)	Yes
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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10506050	05/06/2014	1,200,000,000.00	SYNDICATE BANK	MANIPAL BRANCH, MANIPAL, KARNATAKA - 576104, INDIA	C09198839
2	10416091	22/03/2013	200,000,000.00	SYNDICATE BANK	LONDON BRANCH, 2A, EASTCHEAP, LONDON, - NA, UNITED KINGDOM	B72091762
3	10407215	02/02/2013	1,114,000,000.00	SYNDICATE BANK	MAIN BRANCH, MANIPAL, KARNATAKA - 576104, INDIA	B69256154
4	10386163	22/10/2012	10,000,000.00	SYNDICATE BANK	MANIPAL BRANCH, MANIPAL, KARNATAKA - 576104, INDIA	B61980967
5	10372637	26/07/2012	38,587,500.00	SYNDICATE BANK	LONDON BRANCH, LONDON, - NA, UNITED KINGDOM	B56409527
6	10346890	29/02/2012	15,900,000.00	CORPORATION BANK	MANIPAL BRANCH, MANIPAL, KARNATAKA - 576104, INDIA	B36748218
7	10326676	08/12/2011	930,000,000.00	SYNDICATE BANK	MANIPAL BRANCH, MANIPAL, KARNATAKA - 576104, INDIA	B29012390
8	10301563	08/07/2011	67,000,000.00	INDIAN OVERSEAS BANK	UDUPI BRANCH, UDUPI, KARNATAKA - 576101, INDIA	B18541078
9	10260873	16/11/2010	790,000,000.00	SYNDICATE BANK	MANIPAL BRANCH, MANIPAL, KARNATAKA - 576104, INDIA	B00529032
10	10234771	13/07/2010	1,200,000.00	SYNDICATE BANK	MANIPAL BRANCH, MANIPAL, KARNATAKA - 576104, INDIA	A91087957

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Office building
• Factory building
• Plant and equipment
• Factory equipments
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other 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. 63.85
UK Pound	1	Rs. 98.12
Euro	1	Rs. 71.28

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KSP
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.