MIRA INFORM REPORT

Report No. :	314368
Report Date :	28.03.2015

IDENTIFICATION DETAILS

Name :	MULTIBASE INDIA LIMITED
Registered Office :	74/5-6, Daman Industrial Estate Kadaiya Village, Nani Daman – 396210, Union Territory
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.12.1991
Com. Reg. No.:	56-002959
Capital Investment / Paid-up Capital :	Rs.126.200 Million
CIN No.: [Company Identification No.]	L01122DD1991PLC002959
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 :	Subject is engaged in manufacturing and selling of Polypropylene Compound, Thermoplastic Elastomer, Silicon Master Batch and Thermoplastic Master Batch.
No. of Employees :	Not Available

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 900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is a subsidiary of Multibase S. A France. It is an established company having satisfactory track. Profitability of the company seems to be decent. Overall fundamentals of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – 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

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) 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 / Plant :	74/5-6, Daman Industrial Estate Kadaiya Village, Nani Daman – 396210, Union Territory, India
Tel. No.:	91-260-6614400
Fax No.:	91-260-2221518
E-Mail :	Sanjay.goel@dowcorning.com
Website :	www.multibase.com
Principal Sales Office :	5th Floor, Scorpio House, Opp. Galleria Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-66946860
Fax No.:	91-22-66946848
E-Mail :	multibase@multibaseindia.com

DIRECTORS

As on 31.03.2014

Name :	Mr. Deepak Dhanak
Designation :	Managing Director
Name :	Mr. Peter Cartwright
Designation :	Director
Name :	Mr. Harish Narendra Motiwalla
Designation :	Director
Name :	Mr. Ashok Chhabra
Designation :	Director
Name :	Mr. Krishna Joshi
Designation :	Director

KEY EXECUTIVES

Name :	Ms. Amee B. Joshi
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	9464994	75.00
Sub Total	9464994	75.00
Total shareholding of Promoter and Promoter Group (A)	9464994	75.00
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	41719	0.33
Sub Total	41719	0.33
(2) Non-Institutions
Bodies Corporate	232028	1.84
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	1745953	13.83
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	716899	5.68
Any Others (Specify)	418407	3.32
Clearing Members	94861	0.75
Office Bearer	2600	0.02
Non-Resident Indians	307146	2.43
Directors & their Relatives & Friends	13800	0.11
Sub Total	3113287	24.67
Total Public shareholding (B)	3155006	25.00
Total (A)+(B)	12620000	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)	12620000	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing and selling of Polypropylene Compound, Thermoplastic Elastomer, Silicon Master Batch and Thermoplastic Master Batch.
Products :	Polypropylene Compound Thermoplastic Elastomer Silicon Master Batch Thermoplastic Master Batch
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 :

• Citi Bank

• HDFC Bank Limited
• State Bank of India

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Vadodara, Gujarat, India
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Multibase S.A, France
Subsidiary of Ultimate holding Company :	DC China Holding Company Limited DC Multibase ZJG Company Limited Dow Corning (Barry HQ) Limited Dow Corning (Hongkong HQ) Asia Dow Corning Co. – Korea Dow Corning India Private Limited Dow Corning Singapore Pte Limited Dow Corning Thailand Limited Multibase Inc. Copley
Ultimate Holding Company :	Dow Corning Corporation

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12620000	Equity Shares	Rs.10/- each	Rs.126.200 Million

Note:

1. The Company has one class of equity shares having a par value of Rs. 10 each. Each shareholder is eligible for one vote per share held. If any, dividend proposed by Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

2. Out of the above equity shares 9464994 shares i.e. 75% (Previous year 9,464,994 shares i.e. 75%) are held by M/s. Multibase S.A, France, the Holding Company (of which Dow Corning Corporation, USA is the ultimate Holding Company).

3. Except for above, no other shareholder holds more than 5% of the equity shares of the Company.

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	126.200	126.200	126.200
(b) Reserves & Surplus	214.167	163.378	118.481
(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)	340.367	289.578	244.681
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	2.346	2.093	1.916
(c) Other long term liabilities	2.797	2.872	2.941
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	5.143	4.965	4.857
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	55.633	62.767	74.141
(c) Other current liabilities	5.778	5.967	6.414
(d) Short-term provisions	0.131	0.119	0.213
Total Current Liabilities (4)	61.542	68.853	80.768
TOTAL	407.052	363.396	330.306
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	49.556	45.088	43.316
(ii) Intangible Assets	0.043	0.165	0.616
(iii) Capital work-in-progress	0.754	0.209	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(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	0.000	0.315	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	50.353	45.777	43.932
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	111.424	103.359	81.583
(c) Trade receivables	106.142	93.716	68.608
(d) Cash and cash equivalents	106.692	83.336	89.352
(e) Short-term loans and advances	32.441	37.208	46.831
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	356.699	317.619	286.374
TOTAL	407.052	363.396	330.306

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	545.640	451.464	396.974
	Other Income	8.185	8.230	5.220
	TOTAL	553.825	459.694	402.194
Less	EXPENSES
	Cost of Materials Consumed	342.993	276.213	262.436
	Purchases of Stock-in-Trade	40.171	35.008	20.604
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3.897	(12.127)	(8.808)
	Employees benefits expense	27.969	29.749	29.274
	Other expenses	58.160	59.592	59.872
	TOTAL	473.190	388.435	363.378
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	80.635	71.259	38.816
Less	FINANCIAL EXPENSES	0.715	0.945	0.947
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	79.920	70.314	37.869
Less/ Add	DEPRECIATION/ AMORTISATION	4.722	4.927	4.368
	PROFIT/ (LOSS) BEFORE TAX	75.198	65.387	33.501
Less	TAX	24.410	20.490	11.536
	PROFIT/ (LOSS) AFTER TAX	50.788	44.897	21.965
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	151.678	106.781	84.816
	Balance Carried to the B/S	202.466	151.678	106.781
	EARNINGS IN FOREIGN CURRENCY
	Exports at F.O.B. value	39.723	52.793	40.906
	Income from Shared services operations	5.966	5.036	5.450
	TOTAL EARNINGS	45.689	57.829	46.356
	IMPORTS
	Raw Materials	212.293	184.090	183.974
	Components and Stores parts	5.343	0.000	0.806
	Capital Goods	0.064	0.000	0.025
	TOTAL IMPORTS	217.700	184.090	184.805
	Earnings / (Loss) Per Share (Rs.)	4.02	3.56	1.74

QUARTERLY RESULTS

Particulars (Rs. In Million)	30.06.2014 1^st Quarter	30.09.2014 2^nd Quarter	31.12.2014 3^rd Quarter
Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	146.600	148.600	162.600
Total Expenditure	124.500	126.700	130.600
PBIDT (Excl OI)	22.100	21.900	32.000
Other Income	2.500	2.900	3.700
Operating Profit	24.600	24.800	35.700
Interest	0.100	0.200	0.100
Exceptional Items	0.000	0.000	0.000
PBDT	24.500	24.600	35.600
Depreciation	2.100	2.100	2.200
Profit Before Tax	22.400	22.400	33.400
Tax	7.300	6.800	11.300
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	15.100	15.600	22.200
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	15.100	15.600	22.200

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	9.31	9.94	5.53
Operating Profit Margin (PBDIT / Sales)	(%)	14.78	15.78	9.78
Return on Total Assets (PBT/Total Assets}	(%)	18.51	18.00	10.14
Return on Investment (ROI) (PBT/Networth)		0.22	0.23	0.14
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.80	4.61	3.55

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	126.200	126.200	126.200
Reserves & Surplus	118.481	163.378	214.167
Net worth	244.681	289.578	340.367
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	396.974	451.464	545.640
		13.726	20.860

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	396.974	451.464	545.640
Profit	21.965	44.897	50.788
	5.53%	9.94%	9.31%

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	Yes
23]	Banking Details	Yes
24]	Banking facility details	No
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	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 1960 of 2008

Status : PENDING		( Converted from : ST/4125/2008 )	CCIN No : 001092200801960
Last Listing Date:		11/01/2010
Coram	HONOURABLE MR.JUSTICE K.A.PUJ HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

S.NO.	Name of the Petitioner	Advocate On Record
1	DIRECTOR OF INCOME TAX	MRS MAUNA M BHATT for: Appellant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1	MULTIBASE INDIA LTD	MRS SWATI SOPARKAR for :Opponent(s)  1

Presented On	: 22/12/2008	Registered On	: 22/12/2008
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 198 times
Stage Name	: FOR FINAL HEARING - TAX MATTERS

Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961
Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2008	VAKALATNAMA	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	-	MRS MAUNA M BHATT:1
2	15/08/2008	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s)  1	-	MRS SWATI SOPARKAR:1
3	22/12/2008	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	6	MRS MAUNA M BHATT:1
4	22/12/2008	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1	20	MRS MAUNA M BHATT:1
5	10/03/2010	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s)  1	5	MRS SWATI SOPARKAR:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	11/01/2010	9	-	FOR FINAL HEARING - TAX MATTERS	RULE/ADMIT	HONOURABLE MR.JUSTICE K.A.PUJ HONOURABLE MR.JUSTICE RAJESH H.SHUKLA
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	TAX APPEAL/1960/2008	HONOURABLE MR.JUSTICE K.A.PUJ HONOURABLE MR.JUSTICE RAJESH H.SHUKLA	11/01/2010	N	ORDER	-	Y
Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	12/01/2010	O/871/2010	11/01/2010	15/01/2010	19/01/2010	Delivered	ORDER

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

OPERATIONS

During the year, the Company reported gross revenue from operations of Rs.604.819 Million as against Rs.497.678 Million during the FY 2012-13. The Company reported Profit before Tax of Rs.75.198 Million and Profit after Tax of Rs.50.789 Million as against Rs.65.387 Million and Rs.44.897 Million respectively for the previous Financial Year.

BACKGROUND AND INDUSTRY OUTLOOK

Year started with the backdrop of the markets recovering from the slow-down. The Company increased its presence in the Automotive (safety and non-safety products) and Silicon based thermoplastics segment. The Company prioritized its focus on Silicon-enhanced products and identified new opportunities in Engineering polymer markets. Thermoplastic Elastomers sales in India continued to grow at a steady rate by converting some of the non TPE applications to TPE. The company managed to hold the margins in an increasingly competitive market and during the global economy slowdown through a mix of innovative products, selective price increase and qualifying alternate raw materials.

OVERVIEW

It has been recognized world over that India is one of the fastest growing economies. The relevant markets for Multibase are growing steadily and we expect that the Company will benefit from this. The business prospects for the Company are good with increased volumes in these market segments. Increased competition and uncertainty in the world petrochemical markets could put some pressure on margins, since there could be the double effect of raw material price rises as well as pressure from competition. Company produces a range of both commodity and specialty products which are used in a wide range of applications in markets such as Automotive, Personal Care, Personal hygiene, Stationery, Telecommunications and Engineering Polymers etc. The Company continuously develops new generation products through its modern R and D plant in Daman to stay ahead of the competition. Global grades are now being produced in Daman to address the requirement of automotive sector.

FINANCIAL REVIEW

The overall performance of the Company for the current financial year improved as compared to previous financial year in spite of various challenges faced during the year such as overall slow-down of economy, high inflation and increase of prices of imported raw materials and commodities globally. During the year, the Company reported gross revenue from operations of Rs.604.819 Million as against Rs.497.678 Million during the FY 2012-13. The Company reported Profit before Tax of Rs.75.198 Million and Profit after Tax of Rs.50.789 Million as against Rs.65.387 Million and Rs.44.897 Million respectively for the previous Financial Year.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ON 31.12.2014

[RS. IN MILLIONS]

PARTICULARS	Quarter Ended		9 Months Ended
	31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
Income from operations
a) Net sales/ Income from operation (net of excise duty)	161.019	146.906	453.229
b) Other operating income	1.570	1.688	4.585
Total Income from Operations (net)	162.589	148.594	457.814
Expenditure
Cost of material consumed	97.834	102.911	288.310
Purchases of Stock-in-Trade	12.535	9.521	32.437
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.427)	(13.204)	(14.721)
Employees benefits expense	7.082	7.934	22.086
Depreciation	2.156	2.105	6.372
Other expenses	16.538	19.567	53.711
Total expenses	132.718	128.834	388.195
Profit/ (Loss) before Interest, Depreciation, Tax and Amortisation	29.871	19.760	69.619
Other income	3.674	2.883	9.087
Profit from ordinary activities before finance costs	33.545	22.643	78.706
Finance costs	0.131	0.196	0.425
Net profit/(loss) from ordinary activities after finance costs but before exceptional items	33.414	22.447	78.281
Exceptional item	---	---	---
Profit from ordinary activities before tax Expense:	33.414	22.447	78.281
Tax expenses	11.262	6.824	25.364
Net Profit / (Loss) from ordinary activities after tax (9-10)	22.152	15.623	52.917
Extraordinary Items (net of tax expense)	---	---	---
Net Profit / (Loss) for the period (11 -12)	22.152	15.623	52.917
Paid-up equity share capital (Nominal value Rs.10 per share)	126.200	126.200	126.200
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	---	---	---
Earnings per share (before and after extraordinary items) of Rs.10/- each) (not annualised):
Basic	1.76	1.24	4.19
Diluted	1.76	1.24	4.19
A. PARTICULARS OF SHAREHOLDING
1. Public Shareholding
- Number of shares	3155006	3155006	3155006
- Percentage of shareholding	25%	25%	25%
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	9464994	9464994	9464994
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%	100%	100%
Percentage of shares (as a % of total share capital of the company)	75%	75%	75%

	PARTICULARS	Quarter Ended 31.12.2014
B	Investor complaints (Nos.)
	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

Note:

1. The Company has only one segment, manufacturing three principal products, commonly referred to as "Thermoplastic Compounds" which are not significantly different and hence considered as single segment.

2. The above results have been subjected to Limited Review by statutory auditors of the company, reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on February 13, 2015.

3. Pursuant to Companies Act, 2013 ('the Act') being effective from 1 April 2014, the Company has revised depreciation rates on tangible fixed assets as per the useful life specified in Part 'C' of Schedule II of the Act.

As a result of this change, the depreciation charge for the quarter and nine months ended 31st December, 2014 is higher by Rs. 4.90 lacs and by Rs. 24.87 lacs respectively. In respect of assets whose useful life is already exhausted as on 1 April 2014. Depreciation of Rs. 9.47 lacs (net of tax impact of Rs. 4.58 lacs) has been adjusted in Retained Earnings in accordance with the requirements of Schedule II of the Act.

4. The details of foreign exchange loss/gain for the reported periods is as follows: (Rs. in Lacs)

Exchange Loss / (Gain): for Quarter Ended 31st December 2014 (Unaudited) - 5.73

5. Previous period figures are re-grouped and re-classified wherever considered necessary. 

FIXED ASSETS

• Land and site development
• Factory building
• Office building
• Leasehold improvements
• Plant and machinery
• Laboratory equipment
• Office Equipments
• Air conditioner
• Furniture and fixture
• Computers

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.62.60
UK Pound	1	Rs.92.95
Euro	1	Rs.68.14

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	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	NO
--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	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.