MIRA INFORM REPORT

Report No. :	326888
Report Date :	13.06.2015

IDENTIFICATION DETAILS

Name :	POLYNOVA INDUSTRIES LIMITED (w.e.f. 1988)
Formerly Known As :	LUPIN POLYMERS LIMITED
Registered Office :	159, CST Road, Kalina, Santacruz (East), Mumbai – 400 098, Maharashtra
Tel. No.:	91-22-26528048
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.10.1986
Com. Reg. No.:	11-041294
Capital Investment / Paid-up Capital :	Rs. 184.800 Million
CIN No.: [Company Identification No.]	U25209MH1986PLC041294
IEC No.:	0388082852
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16865C
PAN No.: [Permanent Account No.]	AAACP3071F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of PU/PVC Coated Fabrics and Synthetic Rubber Coated Products Footwear.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 990000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payments terms are reported to be 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	ICRA
Rating	Long – Term Loans (BBB)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	November 2014

Rating Agency Name	ICRA
Rating	Short Term Loans (A2)
Rating Explanation	Strong degree of safety and carry low credit risk
Date	November 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 PARTED BY

Name :	Mr. Anand
Designation :	Account Executive
Contact No.:	91-22-42687878
Date :	11.06.2015

LOCATIONS

Registered Office/ Head Office :	159, CST Road, Kalina, Santacruz (East), Mumbai – 400 098, Maharashtra, India
Tel. No.:	91-22-26528048/ 26526297/ 26528035/ 26526151/ 26526927/ 26523981/ 26540915/ 42687878/ 42687804/ 42687811/ 42687812
Fax No.:	91-22-26526758/ 42687800
E-Mail :	polynova@lupinpharma.com polynovaccount@lupin.com
Website :	http://www.polynovaindia.com
Location :	Owned
Factory :	92-101, Kundaim Industrial Estate, Off. Panji Ponda Road, Kundaim Il has, Goa - 403 115, India
Tel. No.:	91-832-2395223/ 2395224
Fax No.:	91-832-2395222
E-Mail :	polynova@sancharnet.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Deshbhandu Gupta

Designation :

Director

Address :

48-49, Hatkesh Co-Operative Housing Society, JVPD Scheme, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

08.02.1938

Qualification :

M.Sc.

Date of Appointment :

29.04.2005

DIN No.:

00209378

PAN No.:

AABPG2863L

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	U24230MH1970PLC014881	ZYMA LABORATORIES LIMITED	Director	13/12/1979	13/12/1979	-	Active	NO
2	L24100MH1983PLC029442	LUPIN LIMITED	Whole-time director	01/04/2014	01/03/1983	-	Active	NO
3	U65990MH1984PTC034012	LUPIN INVESTMENTS PRIVATE LIMITED	Director	13/09/1984	13/09/1984	-	Active	NO
4	U24110MH1988PTC046677	LUPIN INTERNATIONAL PRIVATE LIMITED	Director	23/03/1988	23/03/1988	-	Active	NO
5	U65990MH1991PTC060087	RAHAS INVESTMENTS PRIVATE LIMITED	Director	01/12/1991	01/12/1991	-	Active	NO
6	U51900MH1988PTC046185	LUPIN HOLDINGS PRIVATE LIMITED	Director	19/01/2005	19/01/2005	-	Active	NO
7	U33202MH1989PTC052278	VISIOMED INVESTMENTS PRIVATE LIMITED	Director	19/01/2005	19/01/2005	-	Active	NO
8	U25209MH1986PLC041294	POLYNOVA INDUSTRIES LIMITED	Director	29/04/2005	29/04/2005	-	Active	NO
9	U24232MP1988PTC007551	NOVAMED INVESTMENTS PRIVATE LIMITED	Director	28/09/2013	15/03/2013	-	Active	NO
10	U24110MH1991PTC063012	SYNCHEM INVESTMENTS PRIVATE LIMITED	Director	30/09/2013	15/03/2013	-	Active	NO
11	U70102MH1995PLC085279	LUPIN PROPERTIES LIMITED	Director	30/09/2013	15/03/2013	-	Active	NO
12	U24110MH1995PTC084984	CROP TECH CHEMICALS (INDIA) PRIVATE LIMITED	Additional director	30/04/2015	30/04/2015	-	Active	NO

Name :

Mrs. Manju Deshbhandu Gupta

Designation :

Director

Address :

48-49, Hatkesh Co-Operative Housing Society, JVPD Scheme, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

22.09.1943

Qualification :

B.A.

Date of Appointment :

29.04.2005

DIN No.:

00209461

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	U24230MH1970PLC014881	ZYMA LABORATORIES LIMITED	Director	16/02/1976	16/02/1976	-	Active	NO
2	L24100MH1983PLC029442	LUPIN LIMITED	Whole-time director	01/04/2014	01/03/1983	-	Active	NO
3	U65990MH1984PTC034012	LUPIN INVESTMENTS PRIVATE LIMITED	Director	13/09/1984	13/09/1984	-	Active	NO
4	U24110MH1988PTC046677	LUPIN INTERNATIONAL PRIVATE LIMITED	Director	28/08/1990	28/08/1990	-	Active	NO
5	U65990MH1991PTC060087	RAHAS INVESTMENTS PRIVATE LIMITED	Director	01/12/1991	01/12/1991	-	Active	NO
6	U51900MH1988PTC046185	LUPIN HOLDINGS PRIVATE LIMITED	Director	19/01/2005	19/01/2005	-	Active	NO
7	U33202MH1989PTC052278	VISIOMED INVESTMENTS PRIVATE LIMITED	Director	19/01/2005	19/01/2005	-	Active	NO
8	U25209MH1986PLC041294	POLYNOVA INDUSTRIES LIMITED	Director	29/04/2005	29/04/2005	-	Active	NO
9	U24232MP1988PTC007551	NOVAMED INVESTMENTS PRIVATE LIMITED	Director	28/09/2013	15/03/2013	-	Active	NO
10	U24110MH1991PTC063012	SYNCHEM INVESTMENTS PRIVATE LIMITED	Director	30/09/2013	15/03/2013	-	Active	NO
11	U70102MH1995PLC085279	LUPIN PROPERTIES LIMITED	Director	30/09/2013	15/03/2013	-	Active	NO
12	U70101MH2013PTC241880	ELEMENT119 LEASING AND FINANCE PRIVATE LIMITED	Director	15/04/2013	15/04/2013	-	Active	NO

Name :

Mr. Sunil Makharia

Designation :

Director

Address :

C-106, Karan, Off Yari Road, Versova, Andheri (West), Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

17.08.1962

Qualification :

B.Com

Date of Appointment :

31.08.2001

DIN No.:

00064399

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	U67120MH1994PTC077362	SAMIKSH INVESTMENT PRIVATE LIMITED	Director	25/07/1997	25/07/1997	-	Amalgamated	NO
2	U25209MH1986PLC041294	POLYNOVA INDUSTRIES LIMITED	Director	31/08/2001	31/08/2001	-	Active	NO
3	U67120MH1994PTC077363	GOODYEAR INVESTMENT P. LTD	Director	09/03/2002	09/03/2002	-	Amalgamated	NO
4	U24230MH2004PLC144760	LUPIN HERBAL LIMITED	Director	10/12/2004	10/12/2004	-	Amalgamated	NO
5	U19120MH2004PTC046000	ZUARI LEATHERS PRIVATE LIMITED	Director	25/07/2005	25/07/2005	-	Amalgamated	NO
6	U24100MH2011PLC214885	Lupin Healthcare Limited	Director	17/03/2011	17/03/2011	-	Active	NO
7	U24110MH1991PTC063012	SYNCHEM INVESTMENTS PRIVATE LIMITED	Director	28/09/2012	05/06/2012	-	Active	NO
8	U24230MH1970PLC014881	ZYMA LABORATORIES LIMITED	Director	28/09/2012	14/06/2012	-	Active	NO
9	U33202MH1989PTC052278	VISIOMED INVESTMENTS PRIVATE LIMITED	Director	28/09/2012	14/06/2012	-	Active	NO
10	U65990MH1991PTC060087	RAHAS INVESTMENTS PRIVATE LIMITED	Director	28/09/2012	14/06/2012	-	Active	NO
11	U65990MH1984PTC034012	LUPIN INVESTMENTS PRIVATE LIMITED	Director	28/09/2012	14/06/2012	-	Active	NO
12	U24110MH1988PTC046677	LUPIN INTERNATIONAL PRIVATE LIMITED	Director	28/09/2012	14/06/2012	-	Active	NO
13	U51900MH1988PTC046185	LUPIN HOLDINGS PRIVATE LIMITED	Director	28/09/2012	14/06/2012	-	Active	NO
14	U70102MH1995PLC085279	LUPIN PROPERTIES LIMITED	Additional director	07/01/2015	07/01/2015	-	Active	NO
15	U24232MP1988PTC007551	NOVAMED INVESTMENTS PRIVATE LIMITED	Additional director	07/01/2015	07/01/2015	-	Active	NO
16	U24110MH1995PTC084984	CROP TECH CHEMICALS (INDIA) PRIVATE LIMITED	Additional director	07/01/2015	07/01/2015	-	Active	NO

Name :

Mr. Kushiram Gupta

Designation :

Director

Address :

Flat No.1301, 13^th Floor, Beachwood Towers Co-Operative Housing Society, Yari Road, Versova, Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

06.07.1955

Qualification :

M.Com.

Date of Appointment :

31.12.1999

DIN No.:

00389736

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	U33202MH1989PTC052278	VISIOMED INVESTMENTS PRIVATE LIMITED	Director	10/10/1993	10/10/1993	22/10/2009	Active	NO
2	U65910MH1991PTC061568	SANTOSH LEASINGS PRIVATE LIMITED	Director	09/12/1993	09/12/1993	-	Amalgamated	NO
3	U65923MH1994PTC079336	FRIGID LEASING AND FINANCE PVT LTD	Director	01/07/1994	01/07/1994	-	Amalgamated	NO
4	U65920MH1993PTC072965	TIMITA LEASING AND FINANCE PVT LTD	Director	21/11/1994	21/11/1994	-	Amalgamated	NO
5	U65990MH1994PTC077728	PIPLESHWAR HOLDING PRIVATE LIMITED	Director	20/01/1995	20/01/1995	-	Amalgamated	NO
6	U65920MH1993PTC072966	YOGINI LEASING AND FINANCE PVT LTD	Director	10/03/1995	10/03/1995	-	Amalgamated	NO
7	U24110MH1991PTC063012	SYNCHEM INVESTMENTS PRIVATE LIMITED	Director	10/05/1995	10/05/1995	-	Active	NO
8	U70102MH1995PLC085279	LUPIN PROPERTIES LIMITED	Director	28/06/1995	28/06/1995	-	Active	NO
9	U65920MH1993PTC072959	BADHIRA LEASING AND FINANCE PRIVATE LTD	Director	26/09/1996	26/09/1996	-	Amalgamated	NO
10	U67120MH1994PTC077362	SAMIKSH INVESTMENT PRIVATE LIMITED	Director	30/10/1996	30/10/1996	-	Amalgamated	NO
11	U67120MH1994PTC077363	GOODYEAR INVESTMENT P. LTD	Director	25/07/1997	25/07/1997	-	Amalgamated	NO
12	U24110MH1995PTC084984	CROP TECH CHEMICALS (INDIA) PRIVATE LIMITED	Director	03/12/1998	03/12/1998	-	Active	NO
13	U25209MH1986PLC041294	POLYNOVA INDUSTRIES LIMITED	Director	31/12/1999	31/12/1999	-	Active	NO
14	U65990MH1984PTC034012	LUPIN INVESTMENTS PRIVATE LIMITED	Director	14/03/2001	14/03/2001	-	Active	NO
15	U67120MH1991PTC061567	VISHTOSH INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	14/03/2001	14/03/2001	-	Amalgamated	NO
16	U24230MH1988PTC046481	NOVAMED PHARMACEUTICALS PRIVATE LIMITED	Director	27/04/2001	27/04/2001	-	Not Available for eFiling	NO
17	U24232MP1988PTC007551	NOVAMED INVESTMENTS PRIVATE LIMITED	Director	27/04/2001	27/04/2001	-	Active	NO
18	U24110MH1988PTC046677	LUPIN INTERNATIONAL PRIVATE LIMITED	Director	09/03/2002	09/03/2002	-	Active	NO
19	U67120MH1994PLC077938	LUPIN SECURITIES LIMITED	Director	09/03/2002	09/03/2002	-	Amalgamated	NO
20	U65923MH2004PLC073060	VARIJA LEASING AND FINANCE LIMITED	Director	28/09/2004	28/09/2004	-	Amalgamated	NO
21	U19120MH2004PTC046000	ZUARI LEATHERS PRIVATE LIMITED	Director	05/01/2005	05/01/2005	-	Amalgamated	NO
22	U24230MH1970PLC014881	ZYMA LABORATORIES LIMITED	Director	28/08/2005	28/08/2005	22/10/2009	Active	NO
23	U65990MH1991PTC060087	RAHAS INVESTMENTS PRIVATE LIMITED	Director	30/11/2006	30/11/2006	-	Active	NO
24	U51900MH1988PTC046185	LUPIN HOLDINGS PRIVATE LIMITED	Director	30/11/2006	30/11/2006	22/10/2009	Active	NO
25	U40101MH1995PLC085237	GOA VINYLS LIMITED	Additional director	15/04/2008	15/04/2008	-	Amalgamated	NO
26	U24100MH2011PLC214885	Lupin Healthcare Limited	Director	17/03/2011	17/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anand
Designation :	Account Executive
Name :	Mr. Pradeep Sanganeria
Designation :	CFO / Secretary
Address :	12B, Willow Co-Operative Society, Eden Woods, Thane – 400601, Maharashtra, India
Date of Birth/Age :	29.03.1964
Date of Appointment :	01.04.2014
PAN No.:	AMWPS3127J
Name :	Mr. Padmanabhan Nemmara Sankaranarayanan
Designation :	Manager
Address :	A302 Vasant Vihar Annexe Nandivali Road Pand T Colony Dombivali, Thane – 421204, Maharashtra, India
Date of Birth/Age :	17.05.1959
Date of Appointment :	01.04.2009
PAN No.:	AAKPP9311P

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Deshbhandu Pearreylal Gupta	100
Manju Deshbhandu Gupta	100
Arunkumar Guruprasad Gupta	1
Kamal Kishore Sharma	1
Kushi Ram Gupta	1
Rahas Investments Private Limited, India	4620000
Visiomed (India) Private Limited, India	4620000
Lupin Marketing Private Limited, India	4620000
Zyma Laboratories Private Limited, India	4619795
Sunil Makharia	2
Total	18480000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PU/PVC Coated Fabrics and Synthetic rubber coated products footwear.

Products :

Item Code No. (ITC Code)	Product Description
59031090	Coated textile fabric with pvc
39211900	Cellular sheets (unsupported)
39263090	Other sheets of pvc

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

• Stationery
• Footwear

Countries :

• France
• Germany
• USA
• UK

Imports :

Products :

Raw Material

Countries :

• UK
• Germany
• Japan
• US
• France

Terms :

Selling :

Cash and Credit (30,60 and 90 Days)

Purchasing :

Cash and Credit (30,60 and 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
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 :

150 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Commercial Branch, Fort, Mumbai, 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)	Cash/Credit 502.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	68.443	26.481
SHORT TERM BORROWINGS
Loans repayable on demand from banks	136.543	109.8100
Total	204.986	136.291

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27th - 32^nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai- 400 013, Maharashtra, India.
PAN No.:	AADFD2337G
Memberships :	Not Available
Collaborators :	Not Available
Entities in which the Key Management Personnel have control or significant influence :	Lupin Limited Synchem Investments Private Limited Novamed Investments Private Limited Lupin Marketing Private Limited Rahas Investments Private Limited Visiomed (India) Private Limited Zyma Laboratories Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18480000	Equity Shares	Rs.10/- each	Rs.184.800 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	184.800	184.800	184.800
(b) Reserves & Surplus	165.058	103.456	26.346
(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)	349.858	288.256	211.146
(3) Non-Current Liabilities
(a) long-term borrowings	158.743	116.781	90.300
(b) Deferred tax liabilities (Net)	5.271	5.848	6.002
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.855	1.364	0.979
Total Non-current Liabilities (3)	165.869	123.993	97.281
(4) Current Liabilities
(a) Short term borrowings	136.543	109.810	92.444
(b) Trade payables	314.871	210.647	189.930
(c) Other current liabilities	36.510	18.311	9.217
(d) Short-term provisions	7.307	9.520	8.235
Total Current Liabilities (4)	495.231	348.288	299.826
TOTAL	1010.958	760.537	608.253
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	113.051	107.790	78.717
(ii) Intangible Assets	1.540	1.549	1.550
(iii) Capital work-in-progress	148.967	61.067	15.535
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.001	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.026	14.596	8.023
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	272.585	185.003	103.826
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	221.110	165.518	147.741
(c) Trade receivables	425.588	340.221	312.091
(d) Cash and cash equivalents	21.274	10.617	7.158
(e) Short-term loans and advances	70.280	59.109	37.353
(f) Other current assets	0.121	0.069	0.084
Total Current Assets	738.373	575.534	504.427
TOTAL	1010.958	760.537	608.253

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1820.254	1659.367	1537.820
	Other Income	11.562	4.761	2.697
	TOTAL (A)	1831.816	1664.128	1540.517
Less	EXPENSES
	Cost of Materials Consumed	1421.170	1234.535	1163.948
	Purchases of Stock-in-Trade	0.064	0.076	0.051
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(8.830)	(10.828)	14.053
	Employees benefits expense	98.813	90.885	75.273
	Other expenses	187.260	198.602	172.789
	TOTAL (B)	1698.477	1513.270	1426.114
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	133.339	150.858	114.403
Less	FINANCIAL EXPENSES (D)	28.428	23.055	23.905
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	104.911	127.803	90.498
Less/ Add	DEPRECIATION/ AMORTISATION (F)	13.868	12.096	10.166
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	91.043	115.707	80.332
Less	TAX (H)	29.442	38.597	27.967
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	61.601	77.110	52.365
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	352.141	400.341	394.759
	TOTAL EARNINGS	352.141	400.341	394.759
	IMPORTS
	Raw Materials	223.181	212.896	228.774
	Capital Items	9.700	17.037	1.789
	TOTAL IMPORTS	232.881	229.933	230.563
	Earnings / (Loss) Per Share (Rs.)	3.33	4.17	2.83

Expected Sales (2014-2015) : Rs. Rs. 2500.000 Million

The above information has been parted by Mr. Padmanabhan

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	16.000	6.000	0.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	3.38	4.65	3.41
Operating Profit Margin (PBDIT/Sales)	(%)	7.33	9.09	7.44
Return on Total Assets (PBT/Total Assets}	(%)	10.56	16.54	13.55
Return on Investment (ROI) (PBT/Networth)		0.26	0.40	0.38
Debt Equity Ratio (Total Debt /Networth)		0.89	0.81	0.87
Current Ratio (Current Asset/Current Liability)		1.49	1.65	1.68

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	184.800	184.800	184.800
Reserves & Surplus	26.346	103.456	165.058
Share Application money pending allotment	0.000	0.000	0.000
Net worth	211.146	288.256	349.858
long-term borrowings	90.300	116.781	158.743
Short term borrowings	92.444	109.810	136.543
Current Maturities of Long Term Debt	0.000	6.000	16.000
Total borrowings	182.744	232.591	311.286
Debt/Equity ratio	0.865	0.807	0.890

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	1537.820	1659.367	1820.254
		7.904	9.696

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	1537.820	1659.367	1820.254
Profit	52.365	77.110	61.601
	3.41%	4.65%	3.38%

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	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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from others	90.300	90.300
Total	90.300	90.300

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80025033	28/01/2015 *	652,000,000.00	STATE BANK OF INDIA	Commercial Branch, N.G.N. Vaidya Marg, Horniman Circle, Fort, Mumbai, Maharashtra - 400001, INDIA	C43479633
2	80019406	07/11/2014 *	652,000,000.00	State Bank of India	Commercial Branch (Advances), N. G. N. Vaidya Marg, Bank Street, Horniman Circle, Post Box 10141, Mumbai, Maharashtra - 400001, INDIA	C35329622

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Bills of exchange discounted with Banks not matured	71.114	62.102
Disputed claim for Provident Fund dues	0.790	0.790
Disputed Central Excise claims	0.469	0.469
Disputed Income Tax claims	1.665	1.543
Disputed Anti -Dumping Duty Refund	0.541	0.000

FIXED ASSETS

• Land
• Buildings
• Office building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments
• Leasehold improvements

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. 64.03
UK Pound	1	Rs. 99.27
Euro	1	Rs. 71.90

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		49

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.