MIRA INFORM REPORT

Report No. :	326929
Report Date :	12.06.2015

IDENTIFICATION DETAILS

Name :	NEZONE TUBES LIMITED
Registered Office :	Ashoka House, 3A, Hare Street, 5^th Floor, Kolkata – 700001, West Bengal
Tel. No.:	91-33-22317280
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.08.1981
Com. Reg. No.:	21-098963
Capital Investment / Paid-up Capital :	Rs. 67.900 Million
CIN No.: [Company Identification No.]	U29120WB1981PLC098963
IEC No.:	1489000569
TAN No.: [Tax Deduction & Collection Account No.]	CALN00243F
PAN No.: [Permanent Account No.]	AABCN2550L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Electric Resistance Welded Steel tubes, H.R. Pipes, H.R. Tubes, Black ERW Pipes, Galvanized Pipes, etc.
No. of Employees :	150 (Approximately)

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 1900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company incorporated during the year 1981. The company is into manufacturing of Cold Rolled and Cold Rolled Close Anneal Strips, Precision Tubes, and CEW/CDW Tubes for the automobiles sector, Hollow Steel Sections, Air Pre-heater Tube, and OD Series Pipes for Idlers, Swaged Poles Tubular Towers and other related products. It is having a satisfactory track record. For the financial year ended 2014, the company has possesses upstanding operational performance and it has achieved top line growth of 22.67% across with above average profitability margin. Further, rating also takes into consideration the magnificent net worth of the company along with fair gap between trade payable and trade receivables. Trade relations are reported as fair. Business is active. Payment terms are usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) 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 :	Ms. Shampa
Designation :	Front Desk Executive
Contact No.:	91-22-22317280
Date :	11.06.2015

LOCATIONS

Registered Office :	Ashoka House, 3A, Hare Street, 5^th Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22317280 (Ms. Shampa)
Fax No.:	Not Divulged
E-Mail :	nezone@nezonesteel.com
Location :	Owned
Factory :	Delhi Road, Village – Chakundi, P.O. DCC Township, Dankuni – 711224, Hooghly, India
Location :	Owned
Branch Office :	D.D.Tower, 5^th Floor, Christain Basti, G.S. Road, Guwahati – 781005, Assam, India
Location :	Owned

DIRECTORS

AS ON 22.09.2014

Name :

Subhash Chandra Agarwal

Designation :

Director

Address :

Near Rajasthan Chhatrawas, Near Railway Gate No.5. A.T. Road, Guwahati – 781 001, Assam, India

Date of Birth/Age :

22.03.1950

Date of Appointment :

01.02.1984

DIN No.:

00333370

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	U29120WB1981PLC098963	NEZONE TUBES LIMITED	Director	01/02/1984	01/02/1984	-	Active	NO
2	U74210AS1994PTC004290	SOFTECH INDIA PVT LTD	Director	11/11/1994	11/11/1994	-	Active	NO
3	U45201AS1995PLC004380	TECH INDIA LIMITED	Director	01/03/1995	01/03/1995	-	Active	NO
4	U25191AS1989PLC003169	NORTH EASTERN TUBES LTD	Whole-time director	30/09/2014	01/09/1998	-	Active	NO
5	U27104WB1999PLC096987	NEZONE STRIPS LIMITED	Director	15/03/2000	15/03/2000	-	Active	NO
6	U25209ML1999PLC005962	NEZONE INDUSTRIES LIMITED	Director	05/11/2001	05/11/2001	31/01/2015	Active	NO
7	U27106ML2002PLC006833	NEZONE ALLOYS LIMITED	Director	30/05/2002	30/05/2002	-	Active	NO
8	U27109AS2002PLC006950	NEZONE TUBES (ASSAM) LIMITED	Director	21/11/2002	21/11/2002	-	Active	NO
9	U27104ML2003PTC007089	NTL STEELS PRIVATE LIMITED	Director	28/04/2003	28/04/2003	-	Active	NO
10	U51420AS2004PTC007496	NEZONE ISPAT MARKETING PRIVATE LIMITED	Director	22/11/2013	01/11/2004	-	Active	NO
11	U85110ML1999PLC005977	NEZONE POWER & ALLOYS LIMITED	Director	27/09/2008	27/12/2007	-	Active	NO
12	U70100AS2009PTC009069	SHREE SHYAM DEVCON PRIVATE LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
13	U27109AS2009PTC009070	NEZONE PIPES PRIVATE LIMITED	Director	02/06/2009	02/06/2009	-	Active	NO
14	U27109ML2009PLC008371	NEZONE PIPES & STRUCTURES LIMITED	Director	19/11/2011	19/11/2011	-	Active	NO
15	U25209AS2012PTC011253	NEZONE POLY PIPES PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Radhey Shyam Agarwal

Designation :

Director

Address :

Mahavir Stores, Fancy Valley, West Garo Hills, Tura, Meghalay – 794 001, India

Date of Birth/Age :

10.03.1937

Date of Appointment :

22.07.1982

DIN No.:

00867422

Name :

Mr. Ashok Kumar Agarwala

Designation :

Director

Address :

Neha Apartment, 7B Block, S.J. Road, Athgaon, Guwahati – 781 001, Assam, India

Date of Birth/Age :

01.01.1961

Date of Appointment :

28.10.1994

DIN No.:

00316931

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	U29120WB1981PLC098963	NEZONE TUBES LIMITED	Director	28/10/1994	28/10/1994	-	Active	NO
2	L51909AS1988PLC002853	AWANTIKA IMPEX LIMITED	Director	15/01/1995	15/01/1995	25/07/2014	Active	NO
3	U25191AS1989PLC003169	NORTH EASTERN TUBES LTD	Whole-time director	30/09/2014	01/09/1998	-	Active	NO

Name :

Mr. Pradip Kumar Agarwal

Designation :

Whole Time Director

Address :

48/ 3, Gariahat Road, Gariahat, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

10.01.1964

Date of Appointment :

01.10.2012

DIN No.:

00170716

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	U29120WB1981PLC098963	NEZONE TUBES LIMITED	Whole-time director	01/10/2012	28/10/1994	-	Active	NO
2	U27104WB1999PLC096987	NEZONE STRIPS LIMITED	Director	26/11/1999	26/11/1999	-	Active	NO
3	U52209AS2000PTC006283	MANJUSHREE POLYPACKS PRIVATE LIMITED	Director	26/08/2000	26/08/2000	01/12/2010	Active	NO
4	U25209ML1999PLC005962	NEZONE INDUSTRIES LIMITED	Director	05/11/2001	05/11/2001	31/01/2015	Active	NO
5	U25209ML2002PTC006736	KAKARANIA INNOVATIVE SYSTEMS PRIVATE LIMITED	Director	29/01/2002	29/01/2002	01/08/2012	Active	NO
6	U27109AS2002PLC006950	NEZONE TUBES (ASSAM) LIMITED	Director	21/11/2002	21/11/2002	-	Active	NO
7	U51420AS2004PTC007496	NEZONE ISPAT MARKETING PRIVATE LIMITED	Director	22/11/2013	01/11/2004	-	Active	NO
8	U70109WB1985PTC038733	JENKO BUSINESS PVT LTD	Director	16/12/2005	16/12/2005	-	Active	NO
9	U70101WB2006PTC108461	KRISH ESTATES PVT. LTD.	Director	03/03/2006	03/03/2006	-	Active	NO
10	U25191AS1989PLC003169	NORTH EASTERN TUBES LTD	Director	07/12/2006	07/12/2006	-	Active	NO
11	U45200WB2006PTC112096	SHRISTI NIWAS PRIVATE LIMITED	Director	13/12/2006	13/12/2006	-	Active	NO
12	U45400WB2008PTC121856	SAGAR MANSION PRIVATE LIMITED	Director	18/01/2008	18/01/2008	09/12/2013	Active	NO
13	U45400WB2008PTC124828	SAGAR AWAS PRIVATE LIMITED	Director	09/04/2008	09/04/2008	09/12/2013	Active	NO
14	U27100WB2008PLC127957	NEZONE ISPAT TUBES LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
15	U27100WB2008PLC128203	SUKRESWAR MAHADEV ISPAT LIMITED	Director	04/08/2008	04/08/2008	17/02/2012	Active	NO
16	U51900WB1994PTC066922	FRIGID VYAPAAR PVT LTD	Director	26/04/2010	26/04/2010	-	Active	NO
17	U25209AS2012PTC011253	NEZONE POLY PIPES PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Sanwar Mal Agarwala

Designation :

Director

Address :

Budhia Bhawan, 2^nd Floor, Sati Jaymati Road, Athgaon, Guwahati – 781 001, Assam, India

Date of Birth/Age :

05.02.1949

Date of Appointment :

01.02.1984

DIN No.:

00357900

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	U29120WB1981PLC098963	NEZONE TUBES LIMITED	Director	01/02/1984	01/02/1984	-	Active	NO
2	U45201AS1995PLC004380	TECH INDIA LIMITED	Director	01/03/1995	01/03/1995	-	Active	NO
3	U25191AS1989PLC003169	NORTH EASTERN TUBES LTD	Whole-time director	30/09/2014	01/09/1998	-	Active	NO
4	U27104WB1999PLC096987	NEZONE STRIPS LIMITED	Director	15/03/2000	15/03/2000	-	Active	NO
5	U25209ML1999PLC005962	NEZONE INDUSTRIES LIMITED	Director	05/11/2001	05/11/2001	31/01/2015	Active	NO
6	U27106ML2002PLC006833	NEZONE ALLOYS LIMITED	Director	30/05/2002	30/05/2002	-	Active	NO
7	U27109AS2002PLC006950	NEZONE TUBES (ASSAM) LIMITED	Director	21/11/2002	21/11/2002	-	Active	NO
8	U27104ML2003PTC007089	NTL STEELS PRIVATE LIMITED	Director	28/04/2003	28/04/2003	-	Active	NO
9	U51420AS2004PTC007496	NEZONE ISPAT MARKETING PRIVATE LIMITED	Director	22/11/2013	12/08/2004	-	Active	NO
10	U85110ML1999PLC005977	NEZONE POWER & ALLOYS LIMITED	Director	09/05/2008	09/05/2008	-	Active	NO
11	U70100AS2009PTC009069	SHREE SHYAM DEVCON PRIVATE LIMITED	Director	30/09/2010	08/06/2009	-	Active	NO
12	U27109AS2009PTC009070	NEZONE PIPES PRIVATE LIMITED	Director	30/09/2010	08/06/2009	-	Active	NO
13	U27109ML2009PLC008371	NEZONE PIPES & STRUCTURES LIMITED	Director	26/08/2009	26/08/2009	-	Active	NO
14	U25209AS2012PTC011253	NEZONE POLY PIPES PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Madanlal Beswal

Designation :

Managing Director

Address :

55, Raja Basant Roy Road, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

01.05.1940

Date of Appointment :

04.08.1981

DIN No.:

00277286

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	U29120WB1981PLC098963	NEZONE TUBES LIMITED	Whole-time director	01/04/2013	04/08/1981	-	Active	NO
2	U27104WB1999PLC096987	NEZONE STRIPS LIMITED	Director	26/11/1999	26/11/1999	-	Active	NO
3	U25209ML1999PLC005962	NEZONE INDUSTRIES LIMITED	Director	03/12/1999	03/12/1999	31/01/2015	Active	NO
4	U27106ML2002PLC006833	NEZONE ALLOYS LIMITED	Director	30/05/2002	30/05/2002	-	Active	NO
5	U91990WB2002NPL095194	HOOGHLY CHAMBER OF COMMERCE & INDUSTRY	Director	15/09/2013	19/09/2002	-	Active	NO
6	U27109AS2002PLC006950	NEZONE TUBES (ASSAM) LIMITED	Director	21/11/2002	21/11/2002	-	Active	NO
7	U27104ML2003PTC007089	NTL STEELS PRIVATE LIMITED	Director	28/04/2003	28/04/2003	-	Active	NO
8	U25191AS1989PLC003169	NORTH EASTERN TUBES LTD	Director	22/03/2004	22/03/2004	-	Active	NO
9	U51909ML2007PTC008246	JAI BALAJI MERCANTILES PRIVATE LIMITED	Director	16/01/2007	16/01/2007	27/03/2008	Active	NO
10	U85110ML1999PLC005977	NEZONE POWER & ALLOYS LIMITED	Director	09/05/2008	09/05/2008	-	Active	NO
11	U27100WB2008PLC127957	NEZONE ISPAT TUBES LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
12	U27100WB2008PLC128203	SUKRESWAR MAHADEV ISPAT LIMITED	Director	04/08/2008	04/08/2008	17/02/2012	Active	NO
13	U70109WB2009PTC135530	SHREE MARUTI NANDAN ESTATES PRIVATE LIMITED	Director	29/05/2009	29/05/2009	-	Active	NO
14	U70100AS2009PTC009069	SHREE SHYAM DEVCON PRIVATE LIMITED	Director	30/09/2010	08/06/2009	-	Active	NO
15	U27109AS2009PTC009070	NEZONE PIPES PRIVATE LIMITED	Director	30/09/2010	08/06/2009	-	Active	NO
16	U15142WB1995PLC067271	NEZONE INTERNATIONAL LIMITED	Director	15/07/2009	15/07/2009	-	Active	NO
17	U25209AS2012PTC011253	NEZONE POLY PIPES PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Manoj Beswal

Designation :

Director

Address :

55, Raja Basant Roy Road, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

12.09.1967

Date of Appointment :

01.03.2005

DIN No.:

00269749

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	U27104WB1999PLC096987	NEZONE STRIPS LIMITED	Whole-time director	01/05/2013	01/05/2003	-	Active	NO
2	U27106ML2002PLC006833	NEZONE ALLOYS LIMITED	Director	01/02/2004	01/02/2004	-	Active	NO
3	U29120WB1981PLC098963	NEZONE TUBES LIMITED	Director	01/03/2005	01/03/2005	-	Active	NO
4	U27100WB2008PLC127957	NEZONE ISPAT TUBES LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
5	U27100WB2008PLC128203	SUKRESWAR MAHADEV ISPAT LIMITED	Director	04/08/2008	04/08/2008	17/02/2012	Active	NO
6	U70109WB2009PTC135530	SHREE MARUTI NANDAN ESTATES PRIVATE LIMITED	Director	29/05/2009	29/05/2009	-	Active	NO
7	U91990WB2002NPL095194	HOOGHLY CHAMBER OF COMMERCE & INDUSTRY	Director	20/09/2014	20/09/2014	-	Active	NO

KEY EXECUTIVES

Name :	Santosh Kumar Jha
Designation :	Secretary
Address :	Gopal Bhawan Apartments, Flat no.13, Battala Bye Lane, Post Hindhooghly, West Bengal-712 233, India
Date of Birth/Age :	03.01.1968
Date of Appointment :	04.06.1981

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 22.09.2014

Category	Percentage
Bodies corporate	34.13
Directors or relatives of Directors	50.80
Other top fifty shareholders	15.07
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Electric Resistance Welded Steel tubes, H.R. Pipes, H.R. Tubes, Black ERW Pipes, Galvanized Pipes, etc.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Countries :	Srilanka
Imports :
Countries :	China
Terms :
Selling :	Cash, Cheque and Credit (9 days)
Purchasing :	Cash, Cheque and Credit (9 days)

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

150 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, Kolkata, 24, Park Street, Kolkata – 700016, Wet Bengal, India
• State Bank of India, Commercial Branch, G.S. Road, Guwahati – 781005, Assam, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from banks	126.755	151.988
Intercorporate borrowings	150.000	150.000
SHORT TERM BORROWING
Working capital loans from banks	871.827	422.667
Total	1148.582	724.655

Banking Relations :
Auditors :
Name :	R. Kothari and Company Chartered Accountants
Address :	16A, Shakespeare Sarani, Kolkata – 700 071, West Bengal, India
Memberships :	--
Collaborators :	--
Associates :	Nezone Strips Limited North Eastern Tubes Limited Nezone Poles and Towers Nezone Industries Limited Nezone Pipes and Structures Nezone Ispat Tubes Limited Shree Maruti Nandan Estates Private Limited

CAPITAL STRUCTURE

AS ON 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6900000	Equity Shares	Rs.10/- each	Rs. 69.000 Million
10000	Preference Shares	Rs. 100/- each	Rs. 1.000 Million
	Total		Rs. 70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6790000	Equity Shares	Rs.10/- each	Rs. 67.900 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	67.900	67.900	60.954
(b) Reserves & Surplus	608.758	534.841	425.040
(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)	676.658	602.741	485.994
(3) Non-Current Liabilities
(a) long-term borrowings	276.755	301.988	164.800
(b) Deferred tax liabilities (Net)	29.168	22.083	13.669
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.952	0.000	0.000
Total Non-current Liabilities (3)	310.875	324.071	178.469
(4) Current Liabilities
(a) Short term borrowings	878.067	433.692	534.820
(b) Trade payables	79.244	88.572	22.668
(c) Other current liabilities	62.992	46.060	25.749
(d) Short-term provisions	9.320	7.151	7.085
Total Current Liabilities (4)	1029.623	575.475	590.322
TOTAL	2017.156	1502.287	1254.785
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	357.557	289.956	104.889
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.784	43.389	54.538
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.558	0.558	0.558
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.940	14.821	24.589
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	371.839	348.724	184.574
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	724.726	478.796	430.996
(c) Trade receivables	756.936	512.335	459.558
(d) Cash and cash equivalents	27.310	29.131	3.124
(e) Short-term loans and advances	136.128	132.732	176.498
(f) Other current assets	0.217	0.569	0.035
Total Current Assets	1645.317	1153.563	1070.211
TOTAL	2017.156	1502.287	1254.785

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3729.584	3058.550	3229.679
		Other Income	(8.156)	3.880	2.649
		TOTAL	3721.428	3062.430	3232.328
Less	EXPENSES
		Cost of Materials Consumed	3302.956	2770.417	2857.024
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(38.896)	(65.724)	24.482
		Employees benefits expense	45.362	35.367	29.192
		Other expenses	175.538	131.498	140.003
		Prior period items before tax	4.130	0.000	0.000
		TOTAL	3489.090	2871.558	3050.701
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		232.338	190.872	181.627
Less	FINANCIAL EXPENSES		85.195	73.030	74.506
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		147.143	117.842	107.121
Less/ Add	DEPRECIATION/ AMORTISATION		22.662	14.789	12.359
	PROFIT BEFORE TAX		124.481	103.053	94.762
Less	TAX		42.384	34.545	30.959
	PROFIT AFTER TAX		82.097	68.508	63.803
	Earnings Per Share (Rs.)		12.09	10.09	9.40

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)	(%)	2.20	2.24	1.98
Operating Profit Margin (PBIDT/Sales)	(%)	6.23	6.24	5.62
Return on Total Assets (PBT/Total Assets}	(%)	6.19	7.07	7.90
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.19
Debt Equity Ratio (Total Debt /Networth)		1.71	1.22	1.44
Current Ratio (Current Asset/Current Liability)		1.60	2.00	1.81

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	60.954	67.900	67.900
Reserves & Surplus	425.040	534.841	608.758
Share Application money pending allotment	0.000	0.000	0.000
Net worth	485.994	602.741	676.658
long-term borrowings	164.800	301.988	276.755
Short term borrowings	534.820	433.692	878.067
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	699.620	735.680	1154.822
Debt/Equity ratio	1.440	1.221	1.707

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	3229.679	3058.550	3729.584
		(5.299)	21.940

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	3229.679	3058.550	3729.584
Profit	63.803	68.508	82.097
	1.98%	2.24%	2.20%

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	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	------
33	Market information	------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Borrowings	6.240	11.025
Total	6.240	11.025

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80021965	11/02/2015 *	1,974,300,000.00	State Bank of India	Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal - 700016, INDIA	C47376074
2	80021972	11/02/2015 *	1,974,300,000.00	State Bank of India	Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal - 700016, INDIA	C45676889

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Office Equipments
• Computer 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. 63.89
UK Pound	1	Rs. 98.90
Euro	1	Rs. 72.31

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	TRI
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	NO
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.