MIRA INFORM REPORT

Report No. :	310647
Report Date :	04.03.2015

IDENTIFICATION DETAILS

Name :	DEEPAK SPINNERS LIMITED
Registered Office :	# 121, Industrial Area, Baddi Tehsil Nalagarh, District Solan – 173205, Himachal Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.03.1982
Com. Reg. No.:	06-016465
Capital Investment / Paid-up Capital :	Rs. 72.011 Million
CIN No.: [Company Identification No.]	L17111HP1982PLC016465
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Manufacturer of Synthetic Man Made Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 2300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	FITCH
Rating	Long Term Issuer Rating = IND BBB
Rating Explanation	Have Moderate degree of safety and carry moderate credit risk.
Date	September 2014

Rating Agency Name	FITCH
Rating	Non fund cased limits = IND A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	September 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 31-03-2014.

LOCATIONS

Registered Office/ Factory 1 :	# 121, Industrial Area, Baddi Tehsil Nalagarh, District Solan – 173 205, Himachal Pradesh, India
Tel. No.:	91-1795-244016/ 244017/ 244026/ 244024
Fax No.:	91-1795-244011
E-Mail :	vsmclients@gmail.com
Administrative Office:	SCO 16, II Floor, Sector 26, Madhya Marg, Chandigarh - 160 019, Punjab, India
Tel. No.:	91-172-2790973/ 2790974/ 2791272
Fax No.:	91-172-2790975/ 2790977
Corporate Office :	16, Hare Street, Kolkata – 700 001, West Bengal, India
Factory 2 :	Village: Pagara, Tehsil and District Guna - 473 001, Madhya Pradesh, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Pradip Kumar Daga
Designation :	Chairman and Managing Director
Name :	Mr. Vikram Prakash Aggarwal
Designation :	Director
Name :	Mr. Yashwant Daga
Designation :	Director
Name :	Mr. Pradeep Kumar Drolia
Designation :	Director

KEY EXECUTIVES

Name :	Mr. S.B. Sharda
Designation :	President and Chief Financial Officer
Name :	Mr. R. A. Sharma
Designation :	Vice President (Purchase)
Name :	M. S. Shekhawat
Designation :	Vice President (Sales)
Name :	Mr. P. C. Sharma
Designation :	Assistant Vice President (Accounts)
Name :	Mr. Sudesh Tiwari
Designation :	Senior Vice President (Technical)
Name :	Mr. S.K. Thakur
Designation :	Senior Vice President (Engineering)
Name :	Mr. S. S. Chundawat
Designation :	Vice President (Personnel and Admn.)
Name :	Mr. Ashok Kumar Gupta
Designation :	Senor Vice President (Works)
Name :	Mr. Onkar Nath Singh
Designation :	Vice President (Personnel and Admn.)
Name :	Mr. V. K. Shrivastav
Designation :	Vice President (Engineering)
Name :	Mrs. Puneeta Arora
Designation :	Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1155936	16.08
Bodies Corporate	1796099	24.98
Sub Total	2952035	41.06
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2952035	41.06
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5400	0.08
Financial Institutions / Banks	319780	4.45
Insurance Companies	3700	0.05
Sub Total	328880	4.57
(2) Non-Institutions
Bodies Corporate	173870	2.42
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1968853	27.39
Individual shareholders holding nominal share capital in excess of Rs. 0.1 Million	1614543	22.46
Any Others (Specify)	151187	2.10
Non Resident Indians	139101	1.93
Clearing Members	11986	0.17
Foreign Nationals	100	0.00
Sub Total	3908453	54.36
Total Public shareholding (B)	4237333	58.94
Total (A)+(B)	7189368	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	7189368	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Synthetic Man Made Yarn.
Products :	Synthetic Man Made Yarn
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	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
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

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

No. of Employees :

Not Available

Bankers :

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

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from a Bank	671.067	610.379
Term Loans from a Bank	58.6000	67.000
Vehicle Loans
From a Bank	0.235	0.431
From Others	0.536	0.921
SHORT TERM BORROWINGS
Loan repayable on demand
From bank	491.730	430.319
Total	1222.168	1109.050

Note:

LONG TERM BORROWINGS

1. Term Loan from a bank is secured by first charge on the Plant and Machineries, other movable fixed assets and extension of equitable mortgage on all immovable fixed assets and second charge on current assets of the textile business. These Loans are further secured by personal guarantee of the Chairman and Managing Director and a Director.

2. Term Loan from a bank is secured by Plant and Machinery and other fixed assets and extension of equitable mortgage of the immovable fixed assets of the Solar Power Plant and second charge on current assets of the company. This Loan is further secured by personal guarantee of the Chairman and Managing Director and a Director.

3. Secured by hypothecation of vehicle financed.

SHORT TERM BORROWINGS

1. Secured by first charge on current assets and additionally secured by way of second charge on fixed assets and extension of equitable mortgage on immovable fixed assets of the textile business. The same is further secured by personal guarantee of the Chairman and Managing Director and a Director.

Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	New Delhi, India
Memberships :	Not Available
Collaborators :	Not Available
Enterprises over which Key Management Personnel are able to exercise significant influence:	Deepak Industries Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 Million
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Million
	Total		Rs.140.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
7212868	Equity Shares	Rs.10/- each	Rs.72.129 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7189368	Equity Shares	Rs.10/- each	Rs.71.894 Million
	Add forfeited shares		Rs.0.117 Million
	Total		Rs.72.011 Million

Terms / Rights attached to Equity Shares

Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company. The distribution will be in proportion to the number of equity shares held by the shareholders. There is no restriction on distribution of dividend. However same other than interim dividend, is subject to the approval of the shareholders in the Annual General Meeting

Reconciliation of the number of Equity Shares Outstanding

Equity Shares	Number of Shares
Equity Shares outstanding at the beginning of the year	7189368
Equity Shares allotted during the year	-
Equity Shares outstanding at the end of the year	7189368

Shareholders holding more than 5 percent Equity shares of the Company:

Name of Shareholder	Number of Shares	% holding
M/s. Mangalam Engineering Projects Limited	918929	12.78%
Pradip Kumar Daga	502389	6.99%
Contransys Private Limited	402100	5.59%
Jalpaiguri Holding Private Limited	400770	5.57%
Asha Devi Daga	364062	5.06%

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	72.011	72.011	72.011
(b) Reserves & Surplus	750.625	635.525	505.602
(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)	822.636	707.536	577.613
(3) Non-Current Liabilities
(a) long-term borrowings	730.438	678.731	248.288
(b) Deferred tax liabilities (Net)	211.164	148.331	126.114
(c) Other long term liabilities	0.260	1.271	1.254
(d) long-term provisions	23.063	14.703	15.539
Total Non-current Liabilities (3)	964.925	843.036	391.195
(4) Current Liabilities
(a) Short term borrowings	491.730	430.319	374.557
(b) Trade payables	208.874	151.434	152.447
(c) Other current liabilities	223.209	124.839	88.867
(d) Short-term provisions	54.463	23.651	14.617
Total Current Liabilities (4)	978.276	730.243	630.488
TOTAL	2765.837	2280.815	1599.296
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1583.684	953.908	709.517
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	33.778	372.240	32.390
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.499
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	79.295	166.571	130.356
(e) Other Non-current assets	1.492	1.492	1.492
Total Non-Current Assets	1698.249	1494.211	874.254
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	575.927	380.062	393.734
(c) Trade receivables	378.180	325.033	240.873
(d) Cash and cash equivalents	7.223	16.838	17.881
(e) Short-term loans and advances	74.560	42.582	53.178
(f) Other current assets	31.698	22.089	19.376
Total Current Assets	1067.588	786.604	725.042
TOTAL	2765.837	2280.815	1599.296

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3922.111	3074.532	2797.203
	Other Income	28.259	45.702	38.195
	TOTAL (A)	3950.370	3120.234	2835.398
Less	EXPENSES
	Cost of Materials Consumed	2762.923	2042.311	2031.584
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(195.019)	41.895	(51.229)
	Employees benefits expense	309.647	240.549	194.732
	Other expenses	620.696	446.082	410.743
	TOTAL (B)	3498.247	2770.837	2585.830
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	452.123	349.397	249.568
Less	FINANCIAL EXPENSES (D)	120.572	74.345	86.961
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	331.551	275.052	162.607
Less/ Add	DEPRECIATION/ AMORTISATION (F)	106.043	74.591	68.686
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	225.508	200.461	93.921
Less	TAX (H)	110.408	70.538	17.865
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	115.100	129.923	76.056
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	316.659	312.706	440.964
	TOTAL EARNINGS	316.659	312.706	440.964
	IMPORTS
	Store and Spares	2.487	3.110	3.446
	Capital Goods	12.672	96.455	10.646
	TOTAL IMPORTS	15.159	99.565	14.092
	Earnings / (Loss) Per Share (Rs.)	16.01	18.04	10.57

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	2.93	4.23	2.72
Operating Profit Margin (PBDIT/Sales)	(%)	11.53	11.36	8.92
Return on Total Assets (PBT/Total Assets}	(%)	8.25	10.50	6.00
Return on Investment (ROI) (PBT/Networth)		0.27	0.28	0.16
Debt Equity Ratio (Total Debt /Networth)		1.49	1.57	1.08
Current Ratio (Current Asset/Current Liability)		1.09	1.08	1.15

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	72.011	72.011	72.011
Reserves & Surplus	505.602	635.525	750.625
Net worth	577.613	707.536	822.636
long-term borrowings	248.288	678.731	730.438
Short term borrowings	374.557	430.319	491.730
Total borrowings	622.845	1109.050	1222.168
Debt/Equity ratio	1.078	1.567	1.486

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	2797.203	3074.532	3922.111
		9.915	27.568

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	2797.203	3074.532	3922.111
Profit	76.056	129.923	115.100
	2.72%	4.23%	2.93%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	------------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

GENERAL REVIEW

The ongoing expansion cum modernisation programme taken up at both the units was fully completed during the year.

The directors have planned further upgradation/balancing programme at both the units and expansion at Guna unit. This proposed expansion provides for installation of about 14000 spindles and a complete dye house of 25 MTs per day capacity together with the buildings and related machinery. The total cost of the project is estimated at Rs. 885.300 Million, which will be funded by a Term Loan of Rs. 630.000 Million and cash accruals of Rs. 255.300 Million. Major portion of the Term Loan has been tied up and efforts are on to obtain sanction of the balance amount.

Availability of labour at Baddi continues to be a matter of concern. The management is seized of the problem and taking necessary steps. The performance of the year can be considered satisfactory but current year prospects have to be viewed with caution.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

India is among the few textiles manufacturing countries, and is fully integrated from fibre to finished products, with an emphasis on spinning. Spinning is very capital intensive and needs to be highly competitive to meet the requirements of the domestic and export markets.

The year 2013-14 was a positive one, with all the segments of textile value chain registering reasonable growth both in domestic and export markets. Over 11% average production growth was observed in the textile industry. Indian Textile Industry is one of the leading textile industries in the world. India offers higher skill, lower costs, modern technology global acceptance and highly creative pool of design talent. A supportive policy regime and the absolute commitment of private enterprise add strength to Indian prospects.

Technology Upgradation Fund Schemes (TUFS) for providing maximum subsidy in interest rates on loans to textile industry has been the flagship programme of government for textile industry. It shall continue in 12th plan.

OUTLOOK

The global man made textile market will continue to grow. The main drivers are increasing population, economic growth, consumer aspirations, new applications, and infrastructure projects. Their company has competitive edge in terms of quality and ability to be flexible on the face of changing requirements of the market.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10320805	24/09/2014 *	2,381,600,000.00	State Bank of India	Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal - 700016, INDIA	C29299997
2	80021618	24/09/2014 *	2,381,600,000.00	State Bank of India	Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal - 700016, INDIA	C29300837
3	80021622	05/10/2005 *	882,400,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 24, PARK STREET, KOLKATA, West Bengal - 700016, INDIA	-
4	80064560	11/04/2005	45,000,000.00	State Bank Of India	24,Park Street, Calcutta, Kolkata, West Bengal -  700016, INDIA	-
5	80023123	07/08/2008 *	760,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA, West Bengal - 700016, INDIA	A44016251
6	80064683	01/12/2003	43,750,000.00	State Bank Of India	Kolkata, , Kolkata, West Bengal - 700016, INDIA	-
7	80064557	10/07/2001	54,000,000.00	State Bank Of India	24,Park Street , Calcutta, Kolkata, West Bengal -  700016, INDIA	-
8	80064556	07/05/1996	33,200,000.00	State Bank Of India Commercial Branch	24,Park Street Calcutta, Calcutta, Kolkata, West  Bengal - 700016, INDIA	-
9	80064555	29/06/1995	19,800,000.00	State Bank of India commercial Branch.	24,Park Street, Calcutta, Calcutta, Kolkata, West  Bengal - 700016, INDIA	-
10	80064559	12/06/1996 *	152,000,000.00	State Bank Of India	24,Park Street Calcutta, Kolkata, Kolkata, West Bengal - 700016, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Bank Guarantee	0.000	0.100
Demand for Excise duty, being contested by the Company (Amount deposited Rs. 0.900 Million, Previous year Rs. 0.900 Million)	4.373	4.373
Demand for Income Tax, being contested by the Company * (Amount deposited Rs. 6.442 Million, Previous year Rs. 9.849 Million)	6.797	11.481
Legal Cases (Employees) The management believes that the Company has a strong chance of success in these cases, hence no provision considered necessary.	0.300	0.677
Demand for Cess on own generation of electricity	6.263	4.052

FIXED ASSETS

• Freehold Land
• Lease Hold Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicle

UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30^TH SEPTEMBER 2014

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)		Half Year Ended ( Unaudited)
	30.09.2014	30.06.2014	30.09.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	1115.400	1111.600	2227.000
b) Other operating income	4.300	4.100	8.400
Total income from Operations(net)	1119.700	1115.700	2235.400
2.Expenditure
a) Cost of material consumed	762.00	714.400	1476.400
b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(0.600)	54.500	53.900
c) Employees benefit expenses	97.700	82.900	180.600
d) Power and Fuel	81.200	72.600	153.800
e) Other expenditure	94.500	95.600	190.100
f) Depreciation and amortization expenses	36.100	34.700	70.800
Total expenses	1070.900	1054.700	2125.600
3. Profit from operations before other income and financial costs	48.800	61.000	109.800
4. Other income	3.700	6.800	10.500
5. Profit from ordinary activities before finance costs	52.500	67.800	120.300
6. Finance costs	42.700	38.100	80.800
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	9.800	29.700	39.500
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	9.800	29.700	39.500
10.Tax expenses	3.900	12.500	16.400
11.Net Profit / (Loss) from ordinary activities after tax	5.900	17.200	23.100
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period	5.900	17.200	23.100
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	72.000	72.000	72.000
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	0.82	2.39	3.21
ii) Earnings per share (after extraordinary items)
(a) Basic and diluted	0.82	2.39	3.21

SELECTED INFORMATION FOR THE QUARTER AND HALF YEAR ENDED 30THE SEPTEMBER 2014

Particulars	Quarter Ended ( Unaudited)		Half Year Ended ( Unaudited)
	30.09.2014	30.06.2014	30.09.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	4237333	4237333	4237333
- Percentage of shareholding	58.94 %	58.94 %	58.94 %
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	-	-	-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-	-	-
Percentage of shares (as a % of total share capital of the company)	-	-	-
b) Non Encumbered
Number of shares	2952035	2952035	2952035
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%	100.00%	100.00%
Percentage of shares (as a % of total share capital of the company)	41.06%	41.06%	41.06%

B. Investor Complaints	Quarter ended 30.09.2014
Pending at the beginning of the quarter	NIL
Receiving during the quarter	4
Disposed of during the quarter	4
Remaining unreserved at the end of the quarter	NIL

Note:

1. Consequent to the enactment of The Companies Act,2013 (the Act) and its applicability for accounting period commencing from 1st April’2014, the company has reassessed the economic life of its Plant and Machinery (including Power Plant) as per technical advise and other fixed assets as prescribed by Schedule II of the Act and consequently, the depreciation for the quarter ended Sep. 30, 2014 is higher by Rs. 67 Lacs (Rs. 11.900 Millions for half year ended 30th September,2014).

2. The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on 13th Nov,2014.

3. The figures of the previous period / year have been re-grouped /re-arranged and / or recast wherever found necessary.

STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014

Rs. In Millions

SOURCES OF FUNDS	30.09.2014 Unaudited
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	72.000
(b) Reserves & Surplus	761.300
Sub-total Shareholders’	833.300
(2) Non-current liabilities
(a) long-term borrowings	666.700
(b) Deferred tax liabilities (Net)	201.900
(c) Other long term liabilities	0.100
(d) long-term provisions	25.200
Sub-total of Non-Current liabilities	893.900
(4) Current liabilities
(a) Short term borrowings	538.800
(b) Trade payables	223.100
(c) Other current liabilities	228.000
(d) Short-term provisions	51.900
Sub-total of Current liabilities	1041.800
TOTAL	2769.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	1530.200
(b) Capital work-in-progress	21.900
(c) Long term loans and advances	88.400
(d) Other non-current assets	1.500
Sub-total of Non-Current Assets	1642.000
(2) Current assets
(a) Inventories	518.800
(b) Trade receivables	503.600
(c) Cash and cash equivalents	10.400
(d) Short-term loans and advances	59.700
(e) Other current assets	34.500
Sub-total of Current Assets	1127.000
TOTAL	2769.000

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. 61.84
UK Pound	1	Rs. 95.14
Euro	1	Rs. 69.25

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.