MIRA INFORM REPORT

Report No. :	325013
Report Date :	08.06.2015

IDENTIFICATION DETAILS

Name :	DHANUKA LABORATORIES LIMITED (w.e.f 23.03.2004)
Formerly Known As :	DHANUKA LABORATORIES PRIVATE LIMITED QUANTUM POLYMERS PRIVATE LIMITED
Registered Office :	861 - 862, Joshi Road, Karol Bagh, New Delhi – 110005
Tel. No.:	91-124-3938900
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.02.1993
Com. Reg. No.:	55-052285
Capital Investment / Paid-up Capital :	Rs. 79.900 Million
CIN No.: [Company Identification No.]	U24100DL1993PLC052285
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELD04043E
PAN No.: [Permanent Account No.]	AAACD2877R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The subject is engaged in Manufacturers and Marketing of Active Pharmaceutical Ingredients and Advanced Intermediates in the field of Cephalosporin Antibiotics.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 1993 and it is engaged in the manufacture and marketing of Active Pharmaceutical Ingredients (APLs) and advanced intermediates in the field of Cephalosporin antibiotics, it is well – established company having satisfactory track record. For the financial year ended 2014, company has reported decent operational performance and it has achieved topline growth of 20.05% during a year under a review. Profitability margins of the company stood at 3.46%. Rating also takes into consideration healthy operational risk profit backed by diversified product portfolio and extensive industry experience of promotors in pharmaceutical segment. Rating strength partially offset by company’s profile margins continue to remain exposed to volatility in foreign exchange fluctuations besides adverse raw material price movements. However, trade relations are reported as fair. Payment terms are reported to be usually correct. In view of healthy operational base backed by sound financial profile, the company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

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	ICRA
Rating	Fund Based Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August 2014

Rating Agency Name	ICRA
Rating	Non Fund Based Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	August 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-11-64656800)

LOCATIONS

Registered/ Head/ Corporate Office :	861 - 862, Joshi Road, Karol Bagh, New Delhi – 110 005, India
Tel. No.:	91-11-30511500 (30 Lines)/ 23518981/ 23518982/ 85/ 23518983/ 23519461-63/ 23518925/ 27534112/ 23518981/ 2/ 3
Fax No.:	91-11-23516750/ 23518981/ 124-3838888
E-Mail :	dhanuka@bol.net.in dhanuka@vsnl.com manishdhanuka@dhanuka.com headoffice@dhanuka.com clientsgga@rediffmail.com investors@dhanuka.com dhanukaggn@sify.com dll@dhanuka.com dllaccounts@dhanuka.com dllfinance@dhanuka.com headoffice@dhnuka.com
Website :	http://www.dhanuka.com
Location :	Commercial
Factory/ Warehouse/ Corporate Office :	7^th KM, Old Manesar Road, Village, Mohammedpur, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-3838500 / 2371884/ 2372715/ 2373845/ 6
Fax No.:	91-124-2371931
Area :	3000 sq. meters
Location:	Owned Industrial

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Manish Dhanuka

Designation :

Managing Director

Address :

4/31-B, Rajpur Road, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

28.09.1967

Qualification :

M. Tech

Date of Appointment :

01.09.2009

PAN No.:

AAEPD0075G

DIN No.:

00238798

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	U74899DL1990PTC040509	DUKE IMPEX PRIVATE LIMITED	Director	15-06-1990	15-06-1990	-	Amalgamated	NO
2	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Managing director	01-03-2009	24-02-1993	-	Active	NO
3	U24239DL2006PTC144368	OTSUKA CHEMICAL (INDIA) PRIVATE LIMITED	Director	02-01-2006	02-01-2006	-	Active	NO
4	U74899DL1984PTC029568	COSMO COMPONENTS PRIVATE LIMITED	Director	13-02-2007	13-02-2007	-	Amalgamated	NO
5	U51101DL2014PTC263829	A.M. BROS. FINTRADE PRIVATE LIMITED	Director	22-01-2014	22-01-2014	-	Active	NO

c

Name :

Mr. Arun Kumar Dhanuka

Designation :

Director

Address :

4/31-B, Rajpur Road, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

14.05.1957

Qualification :

Commerce Graduate

Date of Appointment :

24.02.1993

PAN No.:

AAFPD3685B

DIN No.:

00627425

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	U74899DL1960PLC003276	NORTHERN MINERALS LIMITED	Whole-time director	08-08-1980	08-08-1980	-	Amalgamated	NO
2	U74899DL1987PTC029586	GROWTH ADVERTISING AND MARKETING PRIVATE LIMITED	Director	17-05-1990	17-05-1990	-	Amalgamated	NO
3	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	24-02-1993	24-02-1993	-	Active	NO
4	U74899DL1990PTC040509	DUKE IMPEX PRIVATE LIMITED	Director	13-02-2007	13-02-2007	-	Amalgamated	NO
5	L24219DL1985PLC020126	DHANUKA AGRITECH LIMITED	Whole-time director	01-08-2013	23-05-2007	-	Active	NO
6	U51101DL2014PTC263829	A.M. BROS. FINTRADE PRIVATE LIMITED	Director	22-01-2014	22-01-2014	-	Active	NO

Name :

Mrs. Seema Dhanuka

Designation :

Director

Address :

4/31-B, Rajpur Road, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

26.05.1969

Qualification :

Commerce Graduate

Date of Appointment :

21.09.1996

PAN No.:

AAEPD0576A

DIN No.:

00455088

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	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	21-09-1996	21-09-1996	-	Active	NO
2	U74899DL1984PTC018862	LIBERTY SALES PRIVATE LIMITED	Director	13-02-2007	13-02-2007	-	Amalgamated	NO

Name :

Mr. Mridul Dhanuka

Designation :

Director

Address :

95-B, E-2, Lane, Eastern Avenue, Sainik Farms, New Delhi – 110 062, India

Date of Birth/Age :

20.10.1980

Qualification :

B Tech, MBA

Date of Appointment :

06.10.2005

DIN No.:

00199441

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	U70101DL2005PTC135106	M D BUILDTECH PRIVATE LIMITED	Director	20-04-2005	20-04-2005	-	Active	NO
2	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	06-10-2005	06-10-2005	-	Active	NO
3	U24239DL2006PTC144368	OTSUKA CHEMICAL (INDIA) PRIVATE LIMITED	Director	02-01-2006	02-01-2006	-	Active	NO
4	U74899DL1960PLC003276	NORTHERN MINERALS LIMITED	Whole-time director	15-03-2007	15-03-2007	-	Amalgamated	NO
5	U34300DL1985PLC021785	HINDON MERCANTILE LIMITED	Director	07-09-2010	16-12-2009	25-03-2011	Active	NO
6	U65921DL1984PLC018746	EXCLUSIVE LEASING AND FINANCE LIMITED	Director	10-09-2010	17-12-2009	23-05-2011	Active	NO
7	U72200DL2006PTC147749	DHANUKA INFOTECH PRIVATE LIMITED	Director	30-09-2010	04-09-2010	-	Active	NO
8	L24219DL1985PLC020126	DHANUKA AGRITECH LIMITED	Whole-time director	29-07-2011	23-05-2011	-	Active	NO

Name :

Mr. Rahul Dhanuka

Designation :

Director

Address :

95-A, E-2, Lane, Eastern Avenue, Sainik Farms, New Delhi – 110 062, India

Date of Birth/Age :

04.04.1975

Date of Appointment :

02.03.1999

DIN No.:

00150140

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	U74899DL1960PLC003276	NORTHERN MINERALS LIMITED	Whole-time director	11-12-1995	11-12-1995	-	Amalgamated	NO
2	U65921DL1984PLC018746	EXCLUSIVE LEASING AND FINANCE LIMITED	Director	20-01-1999	20-01-1999	29-03-2011	Active	NO
3	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	02-03-1999	02-03-1999	-	Active	NO
4	L24219DL1985PLC020126	DHANUKA AGRITECH LIMITED	Whole-time director	01-05-2012	28-01-2002	-	Active	NO
5	U70101DL2005PTC135106	M D BUILDTECH PRIVATE LIMITED	Director	20-04-2005	20-04-2005	04-09-2010	Active	NO
6	U51109DL2004PTC128122	GOLDEN OVERSEAS PRIVATE LIMITED	Director	05-12-2005	05-12-2005	-	Active	NO
7	U72200DL2006PTC147749	DHANUKA INFOTECH PRIVATE LIMITED	Director	20-03-2006	20-03-2006	04-09-2010	Active	NO
8	U70101DL2005PTC135107	H D REALTORS PRIVATE LIMITED	Additional director	13-04-2015	13-04-2015	-	Active	NO

Name :

Mr. Mahendra Kumar Dhanuka

Designation :

Director

Address :

95-B, E-2, Lane, Eastern Avenue, Sainik Farms, New Delhi – 110 062, India

Date of Birth/Age :

14.12.1954

Qualification :

Commerce Graduate

Date of Appointment :

02.03.1999

DIN No.:

00628039

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	L24219DL1985PLC020126	DHANUKA AGRITECH LIMITED	Managing director	17-09-2014	13-02-1985	-	Active	NO
2	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	02-03-1999	02-03-1999	-	Active	NO
3	U51109DL2004PTC128122	GOLDEN OVERSEAS PRIVATE LIMITED	Director	05-12-2005	05-12-2005	-	Active	NO
4	U74994DL2006PTC147162	MADHURI DESIGNS-N-EXPORTS PRIVATE LIMITED	Director	06-03-2006	06-03-2006	-	Strike off	NO
5	U72200DL2006PTC147749	DHANUKA INFOTECH PRIVATE LIMITED	Director	20-03-2006	20-03-2006	-	Active	NO
6	U70101DL2005PTC135106	M D BUILDTECH PRIVATE LIMITED	Director	30-09-2010	04-09-2010	-	Active	NO
7	U65991DL2013PTC262060	DHANUKA FINVEST PRIVATE LIMITED	Director	12-12-2013	12-12-2013	-	Active	NO

Name :

Mrs. Urmila Dhanuka

Designation :

Director

Address :

95-A, E-2, Lane, Eastern Avenue, Sainik Farms, New Delhi – 110 062, India

Date of Birth/Age :

15.08.1951

Qualification :

Graduate

Date of Appointment :

24.10.2001

PAN No.:

AAAPD1027E

DIN No.:

01252045

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	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Director	24-10-2001	24-10-2001	-	Active	NO
2	U70101DL2005PTC135107	H D REALTORS PRIVATE LIMITED	Additional director	13-04-2015	13-04-2015	-	Active	NO

Name :

Mr. Arjun Dhanuka

Designation :

Whole-time director

Address :

4/31-B, Rajpur Road, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

10.03.1988

Qualification :

Commerce Graduate

Date of Appointment :

28.09.2010

PAN No.:

AJLPD6285C

DIN No.:

00454689

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	U74899DL1984PTC018862	LIBERTY SALES PRIVATE LIMITED	Director	13-02-2007	13-02-2007	-	Amalgamated	NO
2	U24100DL1993PLC052285	DHANUKA LABORATORIES LIMITED	Whole-time director	28-09-2010	18-08-2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shailender Pandey
Designation :	Company Secretary
Address :	B - 4/ 6, Gmari Extension, Bhajanpura, Delhi, 110053, Delhi, India
Date of Birth/Age :	06.10.1985
Date of Appointment :	11.08.2014
PAN No.:	BRSPP0667E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Ram Gopal Agarwal	64250
M.K.Dhanuka	67250
Urmila Dhanuka	40000
Uma Dhanuka	58500
Rahul Dhanuka	23100
Mridul Dhanuka	1000
Harsh Dhanuka	15000
Reema Khowala	1000
R.G. Agarwal (HUF)	12000
M.K. Dhanuka (HUF)	4400
Rahul Dhanuka (HUF)	2000
Mridul Dhanuka (HUF)	10000
Harsh Dhanuka (HUF)	10000
Arun Kumar Dhanuka	119560
Manish Dhanuka	30640
Arjun Dhanuka	30000
Mamta Dhanuka	49190
Seema Dhanuka	3700
Pushpa Dhanuka	57510
Manish Dhanuka (HUF)	3850
Arun Kumar Dhanuka (HUF)	1000
Total	603950

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	92.84
Other top fifty shareholders	7.16
Total	100.00

BUSINESS DETAILS

Line of Business :

The subject is engaged in Manufacturers and Marketing of Active Pharmaceutical Ingredients and Advanced Intermediates in the field of Cephalosporin Antibiotics.

Products :

Item Code No.	Product Description
38089910	Pesticides

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

• Indusind Bank Limited, Dr. Gopal Das Building, 28, Barakhamba Road, New Delhi - 110001, Delhi, India
• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
• Bank of Panjab Limited, 10166-67;Gurudwara Road; Karol Bagh, New Delhi, Delhi, India
• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
• Corporation Bank, SCF 87/88, Shopping Area, Sector-14, Gurgaon - 122001, Haryana, India
• Corporation Bank, Industrial Finance Branch, 10th, Floor H.T. House, K.G. Marg Connaught Place, New Delhi - 110001, Delhi, India
• Centurion Bank of Punjab Limited, 10166-67,Gurudwara Road, Karol Bagh, New Delhi - 201301, Delhi, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from banks	84.103	51.827
Other loans and advances, others	4.583	10.695
SHORT TERM BORROWING
Rupee term loans from banks	349.203	355.502
Other loans and advances, others	6.111	6.111
Total	444.000	424.135

Auditors :
Name :	Goyal Malhotra and Associates Chartered Accountants
Address :	307, Ocean Plaza, Sector – 18, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-2510511/ 2514317/ 4261900
Fax No.:	91-120-2514317
E-Mail :	mail@goyalmalhotra.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAKFA1724D
Memberships :	Not Available
Collaborators :	Not Available
Enterprises over which key management personnel and their relatives have significant influence::	Dhanuka Agritech Limited, India [L24219DL1985PLC020126] Growth Advertising and Marketing Private Limited, India [U74899DL1987PTC029586] Liberty Sales Private Limited, India [U74899DL1984PTC018862] Duke Impex Private Limited, India [U74899DL1990PTC040509] Cosmo Components Private Limited, India [U74899DL1984PTC029568] A.M. Bros. Fintrade Private Limited
Joint Venture:	Otsuka Chemical (India) Private Limited, India [U24239DL2006PTC144368]
Related Party:	Synmedic Laboratories (98%) IKO Overseas (98%)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.100/- each	Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
603950	Equity Shares	Rs.100/- each	Rs. 60.395 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.100/- each	Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
799000	Equity Shares	Rs.100/- each	Rs. 79.900 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	79.900	79.900	49.900
(b) Reserves & Surplus	397.092	269.185	190.901
(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)	476.992	349.085	240.801
(3) Non-Current Liabilities
(a) long-term borrowings	277.727	269.552	421.390
(b) Deferred tax liabilities (Net)	59.336	51.737	48.729
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	337.063	321.289	470.119
(4) Current Liabilities
(a) Short term borrowings	355.314	361.613	566.228
(b) Trade payables	663.872	760.654	613.092
(c) Other current liabilities	36.878	37.623	33.385
(d) Short-term provisions	71.839	41.754	12.382
Total Current Liabilities (4)	1127.903	1201.644	1225.087
TOTAL	1941.958	1872.018	1936.007
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	484.365	459.805	449.067
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	6.971	3.851	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	190.885	101.500	101.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.346	15.641	1.662
Total Non-Current Assets	682.567	580.797	552.229
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	323.615	403.056	249.345
(c) Trade receivables	743.496	692.285	759.591
(d) Cash and cash equivalents	23.700	39.061	262.973
(e) Short-term loans and advances	135.105	108.869	58.109
(f) Other current assets	33.475	47.950	53.760
Total Current Assets	1259.391	1291.221	1383.778
TOTAL	1941.958	1872.018	1936.007

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3700.792	3082.593	2021.096
	Other Income	34.507	17.852	20.447
	TOTAL (A)	3735.299	3100.445	2041.543
Less	EXPENSES
	Cost of Materials Consumed	2924.386	2622.916	1640.142
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	45.949	(85.571)	(4.393)
	Employees benefits expense	82.420	69.527	55.474
	Other expenses	403.175	282.944	229.275
	TOTAL (B)	3455.930	2889.816	1920.498
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	279.369	210.629	121.045
Less	FINANCIAL EXPENSES (D)	59.669	74.656	69.980
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	219.700	135.973	51.065
Less/ Add	DEPRECIATION/ AMORTISATION (F)	24.555	22.764	19.246
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	195.145	113.209	31.819
Less	TAX (I)	67.238	34.925	10.682
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	127.907	78.284	21.137
	Earnings / (Loss) Per Share (Rs.)	60.08	156.37	42.36

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)	(%)	3.46	2.54	1.05
Operating Profit Margin (PBIDT/Sales)	(%)	7.55	6.83	5.99
Return on Total Assets (PBT/Total Assets}	(%)	11.19	6.41	1.73
Return on Investment (ROI) (PBT/Networth)		0.41	0.32	0.13
Debt Equity Ratio (Total Debt /Networth)		1.33	1.81	4.10
Current Ratio (Current Asset/Current Liability)		1.12	1.07	1.13

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	49.900	79.900	79.900
Reserves & Surplus	190.901	269.185	397.092
Net worth	240.801	349.085	476.992
long-term borrowings	421.390	269.552	277.727
Short term borrowings	566.228	361.613	355.314
Total borrowings	987.618	631.165	633.041
Debt/Equity ratio	4.101	1.808	1.327

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	2021.096	3082.593	3700.792
		52.521	20.055

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	2021.096	3082.593	3700.792
Profit	21.137	78.284	127.907
	1.05%	2.54%	3.46%

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	Yes
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	Yes
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

OPERATIONS

The Company has been able to surpass the target and achieved a Gross Turnover of Rs. 4028.203 Million. During this period, the Company has exported goods worth Rs.1797.516 Million. The Net Profit during this period was Rs.127.907 Million after providing for Interest, Income Tax and Depreciation. The provision for Income Tax amounting to Rs.58.640 Million has been made. A provision of Rs.7.599 Million for deferred tax liability has also been made.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from others	171.631	204.020
Loans and advances from directors	17.410	3.010
Total	189.041	207.030

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10531810	19/12/2014 *	280,000,000.00	INDUSIND BANK LTD.	DR. GOPAL DAS BHAWAN, 28, BARAKHAMBA ROAD, DELHI - 110001, INDIA	C39840624
2	10518278	19/12/2014 *	280,000,000.00	ING VYSYA BANK LIMITED	22,GROUND FLOOR,ING VYSYA HOUSE,, M.G.ROAD,, BANGALORE, KARNATAKA - 560001, INDIA	C39605589
3	10480791	03/02/2014	1,100,000.00	CORPORATION BANK	S.C.F 87/88, SHOPPING AREA COMPLEX,, SECTOR-14, G  URGAON, HARYANA - 122001, INDIA	B97686265
4	10347345	21/02/2012	550,000.00	CORPORATION BANK	SCF 87/88, SHOPPING AREA, SECTOR-14, GURGAON, HAR  YANA - 122001, INDIA	B36898104
5	10328109	19/12/2014 *	195,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	C49384613
6	10268229	26/08/2011 *	84,500,000.00	BARCLAYS BANK PLC.	GROUND FLOOR, EROS CORPORATE TOWER, NEHRU PLACE,  NEW DELHI, DELHI - 110019, INDIA	B21377056
7	10174226	26/05/2014 *	130,000,000.00	HDFC BANK LIMITED	2ND FLOOR, INDIAN EXPRESS BUILDING,, 9-10, BAHADU  R SHAH ZAFAR MARG, ITO, DELHI, DELHI - 110002, INDIA	C14457238
8	10054143	18/02/2014 *	200,000,000.00	INDUSIND BANK LTD.	DR. GOPAL DAS BUILDING,, 28, BARAKHAMBA ROAD, NEW  DELHI - 110001, INDIA	B97283543
9	10025720	13/10/2006	63,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A05913884
10	80000210	01/06/2012 *	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B44326981

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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.63.90
UK Pound	1	Rs.97.98
Euro	1	Rs.71.82

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--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		50

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.