MIRA INFORM REPORT

Report No. :	311333
Report Date :	13.03.2015

IDENTIFICATION DETAILS

Name :	CENTURY EXTRUSIONS LIMITED
Registered Office :	113, Park Street, ‘N’ Block, 2ND Floor, Kolkata-700016, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.02.1988
Com. Reg. No.:	21-043705
Capital Investment / Paid-up Capital :	Rs. 80.000 Million
CIN No.: [Company Identification No.]	L27203WB1988PLC043705
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALC03885A/CALC00594G
PAN No.: [Permanent Account No.]	AABCC1791N
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Aluminum Extruded Products and manufacturing of Power Transmission and Distribution Line Hardware
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track. The rating is constrained on account of accumulated loss incurred by the company during FY2014, Also, it has weak liquidity position. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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	CRISIL
Rating	Long term rating “BB”
Rating Explanation	Inadequate credit quality and high credit risk
Date	20.12.2013

Rating Agency Name	CRISIL
Rating	Short terms rating “A4”
Rating Explanation	Minimal degree of safety and very high credit risk
Date	20.12.2013

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 :	113, Park Street, ‘N’ Block, 2ND Floor, Kolkata-700016, West Bengal, India
Tel. No.:	91-33- 2291012/1291
Fax No.:	91-33-22495656
E-Mail :	century@centuryextrusions.com
Website :	www.centuryextrusions.com
Factory :	WBIIDC Industrial Growth Centre, Plot No. 7A, Sector-B P.O. Rakhajungle, Pin-721301 Nimpura, Kharagpur Dist. West Midnapore, West Bengal, India

DIRECTORS

As on 31.03.2014

Name :	Mr. M P Jhunjhunwala
Designation :	Chairman and Managing Director
Name :	Mr. V K Mushran
Designation :	Director
Name :	Mr. M G Todi
Designation :	Director
Name :	Mr. R K Sharma
Designation :	Director
Name :	Mr. A K Hazra
Designation :	Director
Name :	Mr. Vikram Jhunjhunwala
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rajiv Agarwal
Designation :	Deputy General Manager (Finance) and Accounts
Name :	Ms. Sumana Raychaudhuri
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9168967	11.46
Bodies Corporate	32459682	40.57
Sub Total	41628649	52.04
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	41628649	52.04
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1800	0.00
Financial Institutions / Banks	2500	0.00
Central Government / State Government(s)	100	0.00
Sub Total	4400	0.01
(2) Non-Institutions
Bodies Corporate	3957001	4.95
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	29757858	37.20
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	2963143	3.70
Any Others (Specify)	1688949	2.11
Trust & Foundation	1900	0.00
Non Resident Indians	1687049	2.11
Sub Total	38366951	47.96
Total Public shareholding (B)	38371351	47.96
Total (A)+(B)	80000000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	80000000	0.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Aluminum Extruded Products and manufacturing of Power Transmission and Distribution Line Hardware
Products :	Not Available
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 :

• State Bank of India
• Axis Bank Limited
• ICICI Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term Loan from Banks	25.000	45.500
Vehicles Loan from Banks	0.700	0.900
Term Loans from Government of West Bengal	0.000	17.700
Short Term Borrowing
Loan Repayment on Demand :
Working Capital Loan	158.300	155.700
Channel Financing	90.200	98.900
Total	274.200	318.700

Working Capital Loan from Banks are secured - i) By first mortgage on all the immovable properties and a first charge by way of hypothecation of plant & machinery of the Company, both present and future, (except the fixed assets created out of the term loan on which the lender has exclusive first charge and the other consortium banks along with Goverment of West Bengal have pari passu second charge situated at Company’s factory at Kharagpur in West Bengal). ii) By first charge by hypothecation of stocks, receivables and other current assets. iii) By personal guarantees of the Chairman and Managing Director and one other Director of the Company.

Channel Financing from ICICI Bank Limited is secured against pledge of fixed deposit to the extent of 15% of sanctioned limit. It is further secured by personal guarantee of the Chairman & Managing Director and one other director of the Company.

Channel Financing from Yes Bank Limited is secured against pledge of fixed deposit to the extent of 15% of sanctioned limit. It is further secured by personal guarantee of the Chairman & Managing Director and one other director of the Company.

Auditors :
Name :	A L P S and Company Chartered Accountants
Address :	310, Todi Chambers 2, Lalbazar Street, Kolkata-700001, West Bengal, India
Cost Auditors :
Name :	N Radhakrishnan and Comapny Cost Accountants
Address :	11A, Dover Lane, Kolkata-700029, West Bengal, India
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Century Aluminium Manufacturing Company Limited Vintage Capital Markets Limited Paramsukh Properties Private Limited Jeco Exports and Finance Limited CAMCO Multi Metal Limited Alfa Aluminium ( P) Limited Vintage Securities Limited Kutir Udyog Kendra ( India ) Limited

CAPITAL STRUCTURE

As on 05.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12,00,00,000	Equity Shares	Rs.1/- each	Rs.120.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	Rs.1/- each	Rs. 80.000 million

a. Terms / Rights attached to Equity Shares :

The Company has only equity shares having a par value of Re.1/- per share. Each holder of Equity Shares is entitled to one vote per share and the dividend, if proposed by the Board of Directors and approved by the Shareholders in the ensuring Annual General Meeting. In the event of liquidation of the Company, the holders of Equity Shares shall be entitled to receive proportionately, any of the remaining assets of the Company after distribution of all preferential amounts.

b. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period :

The Company has neither issued nor bought back any shares during the financial year under review, hence there is no change in number of shares outstanding at the beginning and end of the year.

c. The Company is not a Subsidiary Company.

d. The Company has neither issued any Bonus Shares nor allot any shares pursuant to contract without payment received in cash nor bought back any shares during the financial year and in immediately preceding five financial years.

e. Details of Shareholders holding more than 5% Shares in the Company :

Particular	Number of Shares	Percentage Holding
Century Aluminium Manufacturing Company Limited	12984701	16.23
Vintage Securities Limited	6688831	8.36
Vintage Capital Markets Limited	5930125	7.41
Madhab Prasad Jhunjhunwala	5633924	7.04
Jeco Exports and Finance Limited	4830225	6.04

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	80.000	80.000	80.000
(b) Reserves & Surplus	276.700	283.100	279.200
(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)	356.700	363.100	359.200
(3) Non-Current Liabilities
(a) long-term borrowings	28.400	74.200	111.100
(b) Deferred tax liabilities (Net)	3.800	18.700	21.100
(c) Other long term liabilities	0.500	0.100	0.400
(d) long-term provisions	11.800	10.600	10.600
Total Non-current Liabilities (3)	44.500	103.600	143.200
(4) Current Liabilities
(a) Short term borrowings	272.900	307.500	241.300
(b) Trade payables	116.100	93.000	104.900
(c) Other current liabilities	154.800	137.500	111.800
(d) Short-term provisions	4.800	4.900	4.800
Total Current Liabilities (4)	548.600	542.900	462.800
TOTAL	949.800	1009.600	965.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	373.500	413.100	414.600
(ii) Intangible Assets	2.000	2.800	2.300
(iii) Capital work-in-progress	0.900	0.200	3.400
(iv) Intangible assets under development	0.000	0.000	0.600
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	78.000	77.200	54.700
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	454.400	493.300	475.600
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	177.700	225.300	222.000
(c) Trade receivables	247.100	233.300	221.900
(d) Cash and cash equivalents	36.100	39.700	27.600
(e) Short-term loans and advances	34.500	18.000	14.900
(f) Other current assets	0.000	0.000	3.200
Total Current Assets	495.400	516.300	489.600
TOTAL	949.800	1009.600	965.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1904.200	1781.000	1924.500
		Other Income	30.100	41.100	20.500
		TOTAL	1934.300	1822.100	1945.000
Less	EXPENSES
		Cost of Materials Consumed	1437.400	1356.400	1504.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	43.800	16.600	(37.200)
		Employees benefits expense	101.500	98.900	104.800
		Other expenses	251.000	230.700	230.000
		Exceptional Item	0.300	0.000	0.000
		TOTAL	1834.000	1702.600	1801.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		100.300	119.500	143.400
Less	FINANCIAL EXPENSES		44.100	44.200	75.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		56.200	75.300	68.400
Less/ Add	DEPRECIATION/ AMORTISATION		81.600	77.400	41.300
	PROFIT / (LOSS) BEFORE TAX		(25.400)	(2.100)	27.100
Less	TAX		(15.000)	(1.900)	(4.900)
	PROFIT / (LOSS) AFTER TAX		(10.400)	(0.200)	32.000
	IMPORTS
		Raw Materials	0.000	18.300	22.000
		Stores & Spares	0.000	12.400	0.700
		Capital Goods	0.000	18.700	3.000
	TOTAL IMPORTS		0.000	49.400	25.700
	Earnings Per Share (Rs.)		(0.130)	0.00	0.40

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(0.55)	(0.01)	1.66
Operating Profit Margin (PBDIT/Sales)	(%)	5.27	6.71	7.45
Return on Total Assets (PBT/Total Assets}	(%)	(2.68)	(0.21)	2.82
Return on Investment (ROI) (PBT/Networth)		(0.07)	(0.01)	0.08
Debt Equity Ratio (Total Debt /Networth)		0.84	1.05	0.98
Current Ratio (Current Asset/Current Liability)		0.90	0.95	1.06

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	80.000	80.000	80.000
Reserves & Surplus	279.200	283.100	276.700
Net worth	359.200	363.100	356.700
long-term borrowings	111.100	74.200	28.400
Short term borrowings	241.300	307.500	272.900
Total borrowings	352.400	381.700	301.300
Debt/Equity ratio	0.981	1.051	0.845

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	1924.500	1781.000	1904.200
		(7.456)	6.917

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	1924.500	1781.000	1904.200
Profit	32.000	(0.200)	(10.400)
	1.66%	(0.01%)	(0.55%)

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	Yes
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	Yes
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	Yes
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

LITIGATION DETAILS

CALCUTTA HIGH COURT
CASE DETAILS INFORMATION SYSTEM
Case Status	Pending
Status of	TEMP APO (APOT) 448 of 2013
JOINT COMMSSIONER, COMMERCIAL TAX, GRO VS. CENTURY EXTRUSIONS LIMITED AND ANR.
Pet’s Adv:-	PARITOSH SINHA
Resp. Adv.:
Court No.	1	Last listed On :	Friday , January 10, 2014
Category :	Sales tax : Revenue
	Connected Application (S)		Connected Matter (S)
	No Connected Application		No Connected Cases
	Case Updated on : Tuesday, December 24, 2013

UNSECURED LOAN

(Rs. In Million)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
From Bodies Corporate	2.700	10.100
Short Term Borrowing
Loans from Bodies Corporate	24.400	52.900
Total	27.100	63.000

FUTURE OUTLOOK

Extrusions

There Company has an installed capacity to produce 15000MT of extrusions per annum. As against this, there production for the year 2013-14 was 10833 MT. We thus have a significant spare capacity to increase production and sales volume.

If we look from a statistical angle from the year 2005 to 2010, it seems that the global annual growth for aluminium extrusions was somewhere around 4.9 percent. . In USA, the primary consumer of extruded aluminum products is the construction industry. The importance of extrusion industry can be evaluated from the fact that out of the total number of aluminum production firms nearly 36% are extrusion companies. The Chinese Aluminium Extrusion Industry has also seen a phenomenal growth in the last 15 years. China is performing well on the extrusion side — the industrial and commercial building and construction market are expected to see 10-15% growth. Surprisingly, U.K.’s per capita usage of extrusion is still less than 4kg, the lowest among the developed countries.

In India, per capita consumption of extrusion is amongst the lowest in the world. But the existence of high quality

Bauxite reserves in this country depicts a promising future and the need for emission reduction world over have made aluminium more attractive to automobile industry than steel. Aluminium is finding extensive use in lightweight vehicles without compromising in quality and performance as mankind is becoming more and more concerned about fuel-efficiency with stricter environmental pollution norms to reduce greenhouse gas emissions.

SEGMENT-WISE / PRODUCT-WISE PERFORMANCE

The Company has two business segments i.e. manufacturing of Aluminum Extruded Products and manufacturing of Power Transmission and Distribution Line Hardware. However, the Company does not fall under any of the criteria laid down under AS-17 and hence, Segment Reporting is not applicable

INTERNAL CONTROL SYSTEM

The Company has an adequate internal control system to ensure proper and efficient use of the Company’s resources, their protection against any unauthorized use, accuracy in financial reporting and due compliance of the Company’s policies and procedures as well as the Statutes. Internal Audit reports are regularly placed before the Audit committee and management analysis of the same is done to ensure checks and controls to align with the expected growth in operations. The Internal audit is carried out by an independent firm of Chartered Accountants on regular basis and corrective actions are taken when any shortcomings are identified. The Audit committee reviews the adequacy of the internal control system and provides its guidance for constant improvement in the system.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10446408	20/07/2013	15,000,000.00	STATE BANK OF INDIA	Industrial Finance Branch, Kolkata, 11, Dr. U. N.  Brahmachari Street, Kolkata, West Bengal - 700017 , INDIA	B83715235
2	10341756	19/08/2013 *	35,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB),, 1, SHAKESPEARE S  ARANI, AC MARKET, 3RD FLOOR,, KOLKATA, West Bengal - 700071, INDIA	B83385971
3	10211373	20/07/2013 *	336,000,000.00	STATE BANK OF INDIA (LEAD BANK)	Industrial Finance Branch, Kolkata, 11, Dr. U. N. Brahmachari Street, Kolkata, West Bengal - 700017 , INDIA	B83718601
4	10136809	09/02/2015 *	279,800,000.00	State Bank of India	Commercial Branch, Jeevandeep,1,Middleton Street , Jeevandeep Building, 2nd Floor, Kolkata, West Bengal - 700071, INDIA	C43641851
5	10105710	20/07/2013 *	476,400,000.00	STATE BANK OF INDIA (LEAD BANK)	Industrial Finance Branch, Kolkata, 11, Dr. U. N. Brahmachari Street, Kolkata, West Bengal - 700017, INDIA	B83720219
6	80022428	18/03/2005	31,400,000.00	INDUSTRIAL RECONSTRUCTION DEPARTMENT	GOVERNMENT OF WEST BENGAL, WRITERS BUILDING, KOLKATA, West Bengal - 700001, INDIA	-
7	80021389	28/09/2004	50,000,000.00	INDUSTRIAL RECONSTRUCTION DEPARTMENT	GOVERNMENT OF WEST BENGAL, WRITERS BUILDING, KOLKATA, West Bengal - 700001, INDIA	-

* Date of charge modification

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 31^st DECEMBER 2014

(Rs. in million)

PART I

Sr. No.	Particulars	Quarter Ended		Six Months Ended
		31.12.2014	30.09.2014	31.12.2014
		(Unaudited)	(Unaudited)	(Unaudited)
1	Income from Operations
	(a) Net Sales/Income from Operations (Net of excise duty)	435.400	481.500	1312.700
	(b) Other Operating Income	0.000	0.000	0.000
	Total Income from Operations (net)	435.400	481.500	1312.700
2	Expenses
	a) Cost of materials consumed	329.900	359.700	1001.500
	b) Changes in inventories of finished goods, work-in-progress and stock-in-trade	9.700	19.800	17.900
	c) Employee benefits expense	24.700	23.500	73.100
	d) Depreciation and amortisation expense	11.700	11.400	34.100
	e) Other expenses	47.600	49.600	144.500
	Total Expenses	423.600	464.000	1271.100
3	Profit / (Loss) from Operations before other income, finance costs and exceptional items (1-2)	11.600	17.500	41.600
4	Other Income	9.000	7.100	22.800
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items (3-4)	20.600	24.600	64.400
6	Finance costs	18.400	19.500	56.900
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5-6)	2.200	5.100	7.500
8	Exceptional Items (Note 4)	--	--	--
9	Profit / (Loss) from ordinary activities before tax (7+8)	2.200	5.100	7.500
10	Tax Expense	(5.700)	(0.200)	(9.400)
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	7.900	5.300	16.900
12	Extraordinary Item (net of tax expenses)	--	--	--
13	Net Profit / (Loss) for the period (11-12)	7.900	5.300	16.900
14	Paid-up Equity Shares Capital (Face value of Rs.10/- each)	80.000	80.000	80.000
15	Reserves excluding Revaluation Reserve as per Balance Sheet of Previous Year	2767	2767	2767
16i	Earning Per Shares (EPS before extraordinary items)
	Basic	0.10	0.07	0.21
	Diluted	0.10	0.07	0.21
PART II
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	- No of shares	38371351	38371351	38371351
	- Percentage of shareholding	47.96%	47.96%	47.96%
2	Promoters and promoter group shareholding
	a) Pledged / Encumbered
	- No of shares	--	--	--
	- Percentage of shares (as a % of the total shareholding of promoters and promoter group	--	--	--
	- Percentage of shares (as a % of the total share capital of the company)	--	--	--
	b) Non-encumbered
	- No of shares	41628649	5512098	5512098
	- Percentage of shares (as a % of the total shareholding of promoters and promoter group	100.00%	100.00%	100.00%
	- Percentage of shares (as a % of the total share capital of the company)	52.04%	52.04%	52.04%

B	INVESTOR COMPLAINTS	3 months ended as on 31.12.2014
	Pending at the beginning of the quarter	Nil
	Received during the quarter	1
	Disposed of during the quarter	1
	Remaining unresolved at the end of the quarter	Nil

1. The above results for the quarter ended on December 31, 2014 were reviewed by the Audit Committee at their meeting held on February 09, 2015 and thereafter were approved by the Board of Directors at their meeting held on February 09, 2015.
2. The Company has two business segments i.e. manufacturing of Aluminium Extruded Products and manufacturing Transmission and Distribution Line Hardware. However, the Company does not fall under any of the criteria laid down under AS-17 and hence segment Reporting not applicable.
3. The Company has changed the method of accounting in respect of consumption of Dies and Tools whereby the expenditure incurred on different heads for manufacture of dies and tools are directly considered in its valuation and then charged to profit & loss account on its rejection at its cost value reduced by realisable value instead of directly charged to profit & loss account. As a result of this change in the accounting method for Dies consumption the profit for the quarter ended on 31.12.2014 is higher by Rs. 3.400 Million (Net of taxation) and the value of Inventory is higher by Rs. 5.100 Million
4. Previous period / year's figures have been regrouped / rearranged, recalculated / reclassified, wherever considered necessary.

FIXED ASSETS

• Leasehold Land
• Building
• Plant and Machinery
• Electric Installation
• Vehicles
• Furniture and Fittings
• Office Equipment
• Computer Software

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 records 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.62.56
UK Pound	1	Rs.93.56
Euro	1	Rs.65.94

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.