MIRA INFORM REPORT

Report No. :	320838
Report Date :	16.05.2015

IDENTIFICATION DETAILS

Name :	VEEKAY POLYCOATS LIMITED
Registered Office :	Flat No - 7D, 7^th Floor Hansalaya Building, 15, Barakhamba Road, New Delhi – 110001, Delhi
Tel No :	91-11-43135500 / 23355356
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.11.1992
Com. Reg. No.:	55-051038
Capital Investment / Paid-up Capital :	Rs. 184.086 Million
CIN No.: [Company Identification No.]	U74899DL1992PLC051038
IEC No.:	0595012973
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACV3231F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of PVC Flooring and Artificial Leather Cloth.
No. of Employees :	550 (Approximately)

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 3000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal 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

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) 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.

INFORMATION PARTED BY

Name :	Mr.Mukesh
Designation :	Marketing Executive
Contact No.:	91-9818150022
Date :	04.05.2015

LOCATIONS

Registered Office :	Flat no – 7- D, 7^th Floor, Hansalaya Building, 15, Barakhamba, Road, New Delhi – 110001, Delhi, India
Tel. No.:	91-11-43135500 / 23355356
Mobile No.:	91-9818150022 [ Mr. Mukesh ]
Fax No.:	91-11-23721847
E-Mail :	veekaypolycoats@gmail.com info@veekaypolycoat.com veekay.nidhi@gmail.com veekay12@satyam.net.in
Website :	http://www.veekaypolycoat.com
Location :	Owned
Factory 1 :	40^th Milestone, Jaipur Highway Village Narsinghpur, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2372397 / 2372242 / 4702100
Fax No.:	91-124-2371761
Factory 2 :	Vill Binola, P.O. Bhora Kalan, Gurgaon, Haryana,India
Tel. No.:	91-124-3250977

DIRECTORS

As on : 25.09.204

Name :

Mr. Vinod Kumar Garg

Designation :

Managing Director

Address :

ND – 27, Pitampura, New Delhi – 110034, India

Date of Birth/Age :

25.10.1956

Qualification :

Post Graduate

Date of Appointment :

01.04.2007

DIN No.:

00002673

PAN No.:

AAJPK2789B

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	U74899DL1991PTC042594	VEEKAY FOTOKAD INDIA PRIVATE LIMITED	Director	02/01/1991	02/01/1991	-	Active	NO
2	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Managing director	01/04/2012	18/11/1992	-	Active	NO
3	U21012DL2001PLC111372	VEEKAY SMARTEC LIMITED	Director	20/06/2001	20/06/2001	-	Active	NO
4	U27203DL2003PTC123774	ALUPAN COMPOSITE PANELS PRIVATE LIMITED	Director	31/12/2003	31/12/2003	-	Active	NO
5	U24232DL2005PTC143658	FERON LIFE SCIENCES PRIVATE LIMITED	Director	14/12/2005	14/12/2005	01/03/2013	Active	NO
6	U24232DL2007PTC163284	FERON BIOPHARMACEUTICALS PRIVATE LIMITED	Director	11/05/2007	11/05/2007	-	Active	NO
7	U45208DL2008PTC177282	NEPHRINE RENAL CARE PRIVATE LIMITED	Director	28/04/2008	28/04/2008	-	Active	NO
8	U15132DL2010PTC207210	Wendy Foods Processing Private Limited	Director	18/08/2010	18/08/2010	-	Active	NO
9	U24110DL2013PLC247681	VEEKAY PETROCHEMICALS LIMITED	Director	29/01/2013	29/01/2013	-	Active	NO
10	U51909WB1996PTC078768	ARION COMMERCIAL PVT LTD	Director	01/02/2013	01/02/2013	-	Active	NO
11	U15549PB2006PTC030505	VEE ESS BEVERAGES PRIVATE LIMITED	Director	30/09/2013	26/06/2013	-	Active	NO

Name :

Mr. Vijay Kumar Garg

Designation :

Whole Time Director

Address :

ND – 27, Pitampura, New Delhi – 110034, India

Date of Birth/Age :

08.07.1962

Qualification :

Graduate

Date of Appointment :

01.04.2007

DIN No.:

00002689

PAN No.:

AAHPG7119D

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	U74899DL1991PTC042594	VEEKAY FOTOKAD INDIA PRIVATE LIMITED	Director	02/01/1991	02/01/1991	-	Active	NO
2	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Whole-time director	01/04/2012	18/11/1992	-	Active	NO
3	U21012DL2001PLC111372	VEEKAY SMARTEC LIMITED	Director	20/06/2001	20/06/2001	-	Active	NO
4	U33110DL2009PTC190409	RV HEALTHWAYS PRIVATE LIMITED	Director	19/05/2009	19/05/2009	-	Active	NO
5	U24110DL2013PLC247681	VEEKAY PETROCHEMICALS LIMITED	Director	29/01/2013	29/01/2013	-	Active	NO

Name :

Mr. Lokesh Kumar Garg

Designation :

Whole Time Director

Address :

ND – 27, Pitampura, New Delhi – 110034, India

Date of Birth/Age :

12.07.1972

Qualification :

Graduate

Date of Appointment :

30.09.2002

DIN No.:

00003110

PAN No.:

AAHPG8265A

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	U21012DL2001PLC111372	VEEKAY SMARTEC LIMITED	Director	20/06/2001	20/06/2001	-	Active	NO
2	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Whole-time director	01/10/2011	30/09/2002	-	Active	NO
3	U22110DL2008PTC180213	BATRA OFFSET PRINTERS PRIVATE LIMITED	Director	27/06/2008	27/06/2008	31/03/2010	Active	NO
4	U74999DL2009PTC191883	LKG EXPORTS PRIVATE LIMITED	Director	03/07/2009	03/07/2009	-	Active	NO

Name :

Mr. Nitin Garg

Designation :

Director

Address :

ND – 27, Pitampura, New Delhi – 110034, India

Date of Birth/Age :

20.11.1982

Qualification :

MBA

Date of Appointment :

01.04.2007

DIN No.:

00002703

PAN No.:

AIMPG0538M

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	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Director	01/04/2010	13/10/2004	-	Active	NO
2	U27203DL2003PTC123774	ALUPAN COMPOSITE PANELS PRIVATE LIMITED	Whole-time director	01/04/2010	01/11/2004	-	Active	NO
3	U33110DL2009PTC190938	A.N. MEDICAL EQUIPMENTS PRIVATE LIMITED	Director	05/06/2009	05/06/2009	-	Active	NO
4	U24110DL2013PLC247681	VEEKAY PETROCHEMICALS LIMITED	Director	29/01/2013	29/01/2013	-	Active	NO
5	U51909WB1996PTC078768	ARION COMMERCIAL PVT LTD	Director	01/02/2013	01/02/2013	-	Active	NO
6	U24232DL2007PTC163284	FERON BIOPHARMACEUTICALS PRIVATE LIMITED	Director	30/09/2013	17/08/2013	-	Active	NO
7	U45200DL2009PTC191000	M.N. BUILDWELL PRIVATE LIMITED	Additional director	29/11/2013	29/11/2013	-	Active	NO

Name :

Mrs. Rekha Garg

Designation :

Director

Address :

ND – 27, Pitampura, New Delhi – 110034, India

Date of Birth/Age :

11.11.1963

Qualification :

Graduate

Date of Appointment :

18.11.1992

DIN No.:

00002762

PAN No.:

AAHPG5408K

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	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Director	18/11/1992	18/11/1992	-	Active	NO
2	U33110DL2009PTC190409	RV HEALTHWAYS PRIVATE LIMITED	Director	19/05/2009	19/05/2009	-	Active	NO

Name :

Mr. B.K Singh

Designation :

Director

Address :

6 / 804, East End Apartments, Mayur Vihar Phase – 1 Extn, Delhi, India

Date of Appointment :

16.07.2012

DIN No.:

05329739

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	U74899DL1992PLC051038	VEEKAY POLYCOATS LIMITED	Director	18/11/1992	18/11/1992	-	Active	NO
2	U33110DL2009PTC190409	RV HEALTHWAYS PRIVATE LIMITED	Director	19/05/2009	19/05/2009	-	Active	NO

Name :

Mr. Praveen Verma

Designation :

Director

Address :

3, Rajendra Nagar, Patna – 800016, Uttar Pradesh, India

Date of Birth/Age :

02.03.1959

Qualification :

MBA

Date of Appointment :

26.09.2012

DIN No.:

06389289

Name :

Mr. Joseph Henry Brown

Designation :

Director

Address :

#21, K R Garden, 2^nd Stage, 2^nd Cross, Cox Town, Behind ITC, Bangalore – 560005, Karnataka, India

Date of Appointment :

10.02.2014

DIN No.:

02023798

KEY EXECUTIVES

Name :	Mr. Mukesh
Designation :	Marketing Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 25.09.2014

Names of Shareholders	No. of Shares
Mr. Vinod Kumar Garg, India	1,476,900
Mr. Vijay Kumar Garg, India	735,900
Mrs. Rekha Garg, India	81,900
M/s Veekay Fotokad India Private Limited, India	3,884,000
Ms. Risha Garg, India	13,500
Mr. Nitin Garg, India	130,500
Mr. Mayank Garg, India	112,500
Ms. Sonal Garg, India	100,000
M/s Vinod Kumar Garg HUF, India	274,000
M/s Veekay Smartec Limited, India	1,424,500
M/s Anita Garg, India	8,900
M/s Feron Biopharmaceuticals Private Limited, India	200,000
Mr. Lokesh Garg, India	237,500
Mahak Gulf General Trading, LIC, India	386,566
M/s A.N. Medical Equipments Private Limited, India	666,000
M/s EMM AAR Tourism Private Limited, India	1,068,000
M/s LKG Exports Private Limited, India	1,066,000
M/s M.N. Buildwell Private Limited, India	586,000
M/s RV Healthways Private Limited, India	396,000
M/s Alupan Composite Panels Private Limited, India	280,000
M/s Arion Commercial Private Limited, India	5,280,000
Total	18,408,666

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.10
Bodies corporate	80.67
Directors or relatives of Directors	17.23
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of PVC Flooring and Artificial Leather Cloth.
Products :	PVC Flooring Artifical Leather Cloth PVC Leather Cloth PVC Sheeting Polypropline (P.P) Non Woven Spun Bonded Fabric, etc. PVC Films PVC Wall Covering PVC Coated Fabrics
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	PVC Floorings, Rexine
Countries :	China Dubia
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

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

Customers :

Wholesaler, Retailers, End Users, OEMs

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 :

550 (Approximately)

Bankers :

• State Bank Of India (Lead Bank), Overseas Branch, Jawahar Vyapar Bhawan 1, Tolstoy Marg, New Delhi – 110001, Delhi, India
• Citi Bank
• ICICI Bank
• Kotak Mahindra Bank
• Standard Chartered Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee terms loans from banks	404.278	526.731
SHORT TERM BORROWING
Loans repayable on demand	761.439	697.316
Total	1165.717	1224.047

Auditors :
Name :	A.K. Ketan and Company Chartered Accountant
Address :	422-A World Trade Centre, Barakhamba Lane , Connaught Place, New Delhi – 110001,
Tel. No.:	91-11-41063941 / 23413941
E-Mail :	khetanandco@yahoo.co.in
PAN No.:	AAGPK5890A
Memberships :	--
Collaborators :	--
Associates :	Veekay Fotokad India Private Limited CIN No.: U74899DL1991PTC042594 Feron Biopharmaceutical Private Limited CIN.: U2423DL2007PTC163284 Veekay Smartec Limited CIN.: U21012DL2001PLC111372 Nephrine Renal Care Private Limited CIN No.: U452008DL200PTC177282 Alupan Composite Panels Private Limited CIN.: U27203DL2003PTC123774
Enterprises :	Veekay Traders And Investments Private Limited CIN.: U52321TN1983PTC009798S
Sister Concerns :	Veekay Vinyl

CAPITAL STRUCTURE

As on : 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
21,000,000	Equity Shares	Rs.10/- each	Rs. 210.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18,408,666	Equity Shares	Rs.10/- each	Rs. 184.086 Million

After : 25.09.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
21,000,000	Equity Shares	Rs.10/- each	Rs. 210.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,195,866	Equity Shares	Rs.10/- each	Rs. 191.958 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	184.086	162.737	143.837
(b) Reserves & Surplus	868.185	744.804	610.469
(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)	1052.271	907.541	754.306
(3) Non-Current Liabilities
(a) long-term borrowings	413.004	537.673	534.647
(b) Deferred tax liabilities (Net)	28.133	29.478	26.015
(c) Other long term liabilities	0.000	0.000	18.708
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	441.137	567.151	579.370
(4) Current Liabilities
(a) Short term borrowings	761.439	697.316	556.268
(b) Trade payables	1239.313	821.848	587.112
(c) Other current liabilities	231.629	209.319	196.300
(d) Short-term provisions	30.829	26.539	18.747
Total Current Liabilities (4)	2263.21	1755.022	1358.427
TOTAL	3756.618	3229.714	2692.103
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1026.240	1081.220	1100.686
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.831	17.256	11.892
(iv) Intangible assets under development	11.266	0.838	0.838
(b) Non-current Investments	18.518	18.518	18.518
(c) Deferred tax assets (net)	0.000	0.00	0.000
(d) Long-term Loan and Advances	72.403	56.940	37.418
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1129.258	1174.772	1169.352
(2) Current assets
(a) Current investments	1.000	1.000	0.500
(b) Inventories	809.222	706.104	607.725
(c) Trade receivables	1586.884	1103.854	762.548
(d) Cash and cash equivalents	102.111	125.080	63.267
(e) Short-term loans and advances	128.143	118.904	88.711
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2627.360	2054.942	1522.751
TOTAL	3756.618	3229.714	2692.103

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3325.536	3260.306	2543.126
		Other Income	9.343	11.933	4.635
		TOTAL	3334.879	3272.239	2547.761
Less	EXPENSES
		Cost of materials consumed	2493.818	2162.491	1888.516
		Purchases of stock – in – trade	283.599	564.194	172.211
		Changes in inventories of finished goods, work – in – progress and stock – in – trade	(129.869)	(115.838)	(83.078)
		Employee benefit expense	67.063	60.754	54.472
		Expenditure on Production, transportation and other expenditure pertaining to E & P activities	(5.181)	(5.192)	0.000
		Other expenses	243.343	236.408	242.145
		TOTAL	2952.773	2902.817	2274.266
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		382.106	369.422	273.495
Less	FINANCIAL EXPENSES		228.705	197.006	136.089
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		153.401	172.416	137.406
Less/ Add	DEPRECIATION/ AMORTISATION		91.926	100.613	78.701
	PROFIT/(LOSS) BEFORE TAX		61.475	71.803	58.705
Less	TAX		23.494	12.678	30.825
	PROFIT/(LOSS) AFTER TAX		37.981	59.125	27.880
	Earnings Per Share (Rs.)		2.26	4.11	2.09

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.14	1.81	1.10
Operating Profit Margin (PBDIT / Sales)	(%)	11.49	11.33	10.75
Return on Total Assets (PBT/Total Assets}	(%)	1.65	2.25	2.21
Return on Investment (ROI) (PBT/Networth)		0.06	0.08	0.08
Debt Equity Ratio (Total Debt /Networth)		1.12	1.36	1.45
Current Ratio (Current Asset/Current Liability)		1.16	1.17	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	143.837	162.737	184.087
Reserves & Surplus	610.469	744.804	868.185
Net worth	754.306	907.541	1052.272
long-term borrowings	534.647	537.673	413.003
Short term borrowings	556.268	697.316	761.439
Total borrowings	1090.915	1234.989	1174.442
Debt/Equity ratio	1.446	1.361	1.116

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2543.126	3260.306	3325.536
		28.201	2.001

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2543.126	3260.306	3325.536
Profit	27.880	59.125	37.981
	1.10%	1.81%	1.14%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Operating Results

During the year under review, the total revenue of the Company was Rs. 3530.000 Million, registering an increase of 3 % from Rs. 3430.000 Million in the financial Year 2012 – 13. The EBIDTA for the year is Rs. 380.000 Million as compared to Rs. 360.000 Million for the Financial Year 2012-13 representing a very minor increase of about 5 %. The net profit before tax for the year is Rs. 61.500 Million against Rs. 71.800 Million in the previous year. Here the PBT has fallen inspite of some marginal EBIDTA growth due to high amount of interest cost.

Due to increase in raw material prices for a major part of the FY 2013 – 14, caused mainly by fall in value of India rupee vis a vis the US Dollar and volatility in crude oil prices, the Company’s profitability suffered a bit temporarily, since the impact of increase in raw material prices took some time for the Company to pass on to its own customers by way of corresponding increase in prices of its finished products. The Company’s order book is full and there is no dearth of buyers of Company’s products in either indigenous market or in overseas market. Your Directors are continuously looking for avenues for future growth of the Company.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related parties	8.725	10.942
Total	8.725	10.942

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10346830	08/10/2014 *	200,000,000.00	State Bank of Travancore	Travancore House, Kasturba Gandhi Marg, New Delhi  , Delhi - 110001, INDIA	C46122891
2	10260559	07/01/2011	175,000,000.00	STATE BANK OF TRAVANCORE	Travancore House, Kasturba Gandhi Marg,, New Delhi  , Delhi - 110001, INDIA	B02988616
3	10249287	07/01/2011 *	250,000,000.00	RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND INVESTM  ENT CORPORATION LTD	UDYOG BHAWAN TILAK MARG, JAIPUR, Rajasthan - 3020  05, INDIA	B02883296
4	10252518	07/01/2011 *	200,000,000.00	State Bank of Patiala	Commercial Branch, Chandralok Building, 2nd Floor  , 36, Janpath,, New Delhi, Delhi - 110001, INDIA	B04866505
5	10030363	25/10/2008 *	97,500,000.00	STATE BANK OF INDIA	JAWAHAR VYAPAR BHAWAN,, 1, TOLSTOY MARG,, NEW DEL  HI, Delhi - 110001, INDIA	A50951797
6	90051815	29/08/2007 *	10,000,000.00	CITI BANK	4th FLOOR, JEVAN BHARTI, BUILDING, NEW DELHI, Del  hi - 110001, INDIA	A21248646
7	90037849	07/07/2014 *	145,000,000.00	State Bank of India	Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolsto  y Marg,, New Delhi, Delhi - 110001, INDIA	C10467280

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Computer
• Office Equipments
• Electrical Installations
• Tempo
• Car
• Scooter
• Mobile Phones

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.57
UK Pound	1	Rs.100.29
Euro	1	Rs.72.37

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	RSH
Report Prepared by :	JAY

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	5
--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		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.