MIRA INFORM REPORT

Report No. :	322860
Report Date :	20.05.2015

IDENTIFICATION DETAILS

Name :	OCL INDIA LIMITED (w.e.f. 23.01.1996)

Formerly Known As :	ORISSA CEMENT LIMITED

Registered Office :	AT/PO – Rajgangpur, Sundargarh – 770017, Orissa
Tel No.:	91-6624-221212

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	11.10.1949

Com. Reg. No.:	15-000185

Capital Investment / Paid-up Capital :	Rs. 113.850 Million

CIN No.: [Company Identification No.]	L26942OR1949PLC000185

IEC No.:	2388000050

TAN No.: [Tax Deduction & Collection Account No.]	CALO00890B

PAN No.: [Permanent Account No.]	AAACP1354J AAACO1354J

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

Line of Business :	Manufacturer, Trader and Exporter of Cement and Refractory.

No. of Employees :	5000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 850000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of “Dalmia Group”. It is a well-established company having fine track record. The company possesses a sound financial profile marked by healthy networth base along with strong liquidity position reflected by the huge liquid surplus adequate gearing as well as acceptable capital structure and coverage indicators. Management has witnessed a decent sales volume, whereas reported a declined in net profitability following higher selling expenses and overheads, which significantly increase in FY 14 on account of the new grinding unit in West Bengal. The ratings also take into consideration the exposure of margins to cyclicality in the cement industry and fluctuating trends of raw materials and other inputs along with the impact of cyclone phaillin and resultant floods in Orissa which may have affected the business profile, further exposing it to the geographical concentration risk. However, trade relations seem to be fair. Business is active. Payment terms are reported as regular and as per commitments. In view of long standing presence and experienced promoters, the company can be considered for good business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	NCD Programme : AA
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	30.01.2015

Rating Agency Name	ICRA
Rating	Short term loans : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	30.01.2015

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 :	Sunil Kumar
Designation :	DGM(Marketing)R
Contact No.:	91-9437049342
Date :	18.05.2015

LOCATIONS

Registered Office/ Cement and Refractory Works :	AT/PO - Rajgangpur, Sundargarh District – 770 017, Orissa, India
Tel. No.:	91-6624 221212/ 24220121 (4 Lines)
Fax No.:	91-6624 220133/ 24220933
E-Mail :	oclrpg@cal.vsnl.net.in skjain@oclindia.com sunilkumar@oclindia.com ocl_rajgangpur@ocl.in refractory_marketing@ocl.in
Website :	http://www.oclindia.com http://www.ocl.in
Location:	Owned

Kapilas Cement Works:	Cuttack-753004, Orissa, India

Branch Office :	17th, Floor, Narain Manzil, 23 Barakhamba Road, New Delhi-110001, India

Kolkata Office:	Stephen House, 4, B. B. D. Bagh (East), Kolkata - 700 001, West Bengal, India
Tel. No.:	91-033-2231-4440/2248-6087
Fax No.:	9-033-2230-0393
E-Mail :	calcutta_marketing@ocl.in ocl_calcutta@ocl.in

Bhubaneswar Office:	F-31/A, B.J.B. Nagar, Bhubaneswar - 751 014, Orissa, India
Tel. No.:	91-674-2430117, 2430076
Fax No.:	91-674-2432786
E-Mail :	ocl_bhubaneswar@ocl.in

DIRECTORS

As on 31.03.2014

Name :	Mr. Pradip Kumar Khaitan
Designation :	Chairman
Address :	B-103, Rai Enclave, 7/1a, Sunny Park, Kolkata-700019, West Bengal, India
Date of Birth/Age :	25.03.1941
Qualification :	B.Com./ Ll.B./ Attorney-At-Law,Bell Chambers Gold Medalist

Name :	Mr. Gaurav Dalmia
Designation :	Managing Director And Executive Vice Chairman
Address :	Dalmia House, 20 F, Prithviraj Road, New Delhi – 110 011, India
Date of Birth/Age :	26.09.1965
Qualification :	B.Sc.-Computer Science, University Of Salford, U.K./ M.B.A., Beta Gamma Sigma Honors, University Of Columbia, U.S.A.

Name :	Mr. Dharmendar Nath Davar
Designation :	Director
Address :	B-5/82, Safdurjung Enclave New Delhi - 110 029, India
Date of Birth/Age :	08.08.1934
Qualification :	B.Com.(Hons.)/ M.A.-Economics/ C.A.I.I.B.(Certified Associate, Indian Institute Of Bankers)/ Fellow, Economic Development Institute Of The World Bank

Name :	Dr. S. R. Jain
Designation :	Director

Name :	Dr. Ramesh Chander Vaish
Designation :	Director
Address :	169, Golf Links, New Delhi - 110 003, India
Date of Birth/Age :	19.06.1941
Qualification :	Ll.B./ M.A.-Accounting,University Of Florida,Usa/ M.Com./ F.C.A.(Fellow Member Of Institute Of Chartered Accountants Of India)/ Ph.D.-Economics

Name :	Mr. Puneet Yadu Dalmia
Designation :	Director
Address :	18, Golf Links, Archbishop Makarious Marg, New Delhi - 110 003, India
Date of Birth/Age :	15.10.1972
Qualification :	B.Tech. ,Iit Delhi/ M.B.A.,Iim Bangalore

Name :	Mr. V. P. Sood
Designation :	Director
Address :	E1-101, Shri Ram White House , 5th Main, 16th Cross, R.T. Nagar, Bangalore – 560 032, India
Date of Birth/Age :	15.07.1940
Qualification :	M.A.-Social Work

Name :	Mr. D. D. Atal
Designation :	Whole Time Director and Chief Executive Office

Name :	Mr. Gautam Dalmia
Designation :	Director
Address :	No.1, Tees January Marg, New Delhi- 110011, India
Date of Birth/Age :	16.01.1968

Name :	Ms. Sudha Pillai
Designation :	Director
Address :	D-241, Sarvodaya Enclave, 2nd Floor, New Delhi- 110017, India
Date of Birth/Age :	01.051950

Name :	Mr. Jayesh Doshi
Designation :	Director
Address :	C-66, Jangpura Extension, New Delhi – 110014 India
Date of Birth/Age :	02.02.1965

Name :	Mr. Mahendra Singhi
Designation :	Director
Address :	B-36, Malcha Marg, New Delhi-110021 India
Date of Birth/Age :	30.09.1952

Name :	Mr. Amandeep
Designation :	Director
Address :	A-6/110, Pd-2, Mg Road, Sahara Grace Apartments, Gurgaon-122001, Haryana India
Date of Birth/Age :	17.05.1969

KEY EXECUTIVES

Name :	Mr. M. H. Dalmia
Designation :	Presidents

Name :	Mr. R. H. Dalmia
Designation :	Presidents

Name :	Sunil Kumar
Designation :	DGM(Marketing)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

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
Individuals / Hindu Undivided Family	110541	0.19
Bodies Corporate	42479273	74.66
Any Others (Specify)	20708	0.04
Trusts	20708	0.04
Sub Total	42610522	74.89
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	42610522	74.89

(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	17500	0.03
Financial Institutions / Banks	80389	0.14
Foreign Institutional Investors	294076	0.52
Sub Total	391965	0.69
(2) Non-Institutions
Bodies Corporate	5279419	9.28
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4767052	8.38
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3430554	6.03
Any Others (Specify)	420708	0.74
Non Resident Indians	153350	0.27
Foreign Nationals	17080	0.03
Clearing Members	250278	0.44
Sub Total	13897733	24.42
Total Public shareholding (B)	14289698	25.11

Total (A)+(B)	56900220	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)	56900220	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of Cement and Refractory.

Products :	Cement and Refractory

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Products :	Refractory
Countries :	Not Divulged

Imports :
Products :	Raw materials for Rafractory, Machineries for production of Cement and Refractory
Countries :	Not Divulged

Terms :
Selling :	L/C, Cash and Credit (30 days)

Purchasing :	L/C, Cash and Credit (30 days)

PRODUCTION STATUS

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Cement Refractory

2 million tons

105000/Mt

Full

80,000 Mt Avg

GENERAL INFORMATION

Suppliers :

Reference :

Hindalco Industries Limited

Name of the Person :

Mr. Rajendro Singhi – AGM

Contact No.:

91-9088305096

91-33-22809710

Since How Long Known :

30 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

They gave us positive response about subject company they are satisfied with their payment behaviour and market goodwill.

Reference :

Almatis Aluumina Private Limited

Name of the Person :

Mr. Sarbapi Mukherji – Commercial Director

Contact No.:

91-9830171773

91-33-22421604

Since How Long Known :

1995

Maximum Limit Dealt :

Yearly 180.000 Million App

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

They gave us positive response about subject company they are satisfied with their payment behaviour and market goodwill.

Customers :

Reference :	Mukund Limited
Name of the Person :	Mr. Skand G Padalkar – Senior Manager Material
Contact No.:	91-22-21727409
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Reference :

Tata Iron and Steel Company Limited

Name of the Person :

Mr. Avinash Kumar – (Senior Manager) Purchase

Contact No.:

91-657-6508084/6645325

Since How Long Known :

30 Years

Maximum Limit Dealt :

Yearly 450.000 Million Appx

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

They age us positive response about subject company they are satisfied with their products quality and delivery behaviour.

No. of Employees :

5000 (Approximately)

Bankers :

United Bank of India
Punjab National Bank
UCO Bank
AXIS Bank Limited
International Finance Corporation
Export-Import Bank of India
Yes Bank Limited
HSBC Bank

Bank Name	State Bank of India
Branch	Bisra Chowk, Rourkela – 769001, Orissa, India
Person Name (With Designation)	Mr. A Mohapatra
Contact Number	91-9938535030
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	2000.000 Million working Capital, INR 1000.000 Million -Non Fund bank working capital
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015	31.03.2014 (Rs. in Million)
Long-term Borrowings
Redeemable Non-Convertible Debentures
Syndicate Bank @ 9.40%		0.000
Life Insurance Corporation of India @ 10.80% (Redeemable during 2014-15 to 2016-17)	NA	480.000
Term Loans From Banks
State Bank of India # (Repayable in 32 quarterly installments from Dec, 10)		329.149
State Bank of India # (Repayable in 24 quarterly installments from Dec, 12)		497.307
State Bank of India # (Repayable in 31 quarterly installments from June, 15)		500.000
Export Import Bank of India # (Repayable in 27 quarterly installments from June, 10)		119.130
Export Import Bank of India (Foreign Currency Loan) # (Repayable in 27 quarterly installments from June, 10)		167.098
Axis Bank Limited # (Repayable in 20 quarterly installments from Mar, 10)		0.000
United Bank of India $ (Repayable in 24 quarterly installments from Apr, 11)		166.480
United Bank of India $ (Repayable in 32 quarterly installments from Apr, 11)		484.665
United Bank of India $ (Repayable in 26 quarterly installments from Sept, 15)		452.884
Axis Bank Limited # (Repayable in 30 quarterly installments from Sept, 15)		250.000
From Others
International Finance Corporation @ (Repayable in 13 half yearly installments from Oct, 10)		631.386
International Finance Corporation # (Repayable in 14 half yearly installments from June, 16)		1209.800
Short-term borrowings
Loans repayable on demand Cash Credits from Banks*		754.779
Other Loans and advances Buyer's Credit from Banks $		0.000
Total	NA	6042.678

Auditors :
Name :	V. Sankar Aiyar and Company Chartered Accountants
Address :	Flat No.: 202, 203 and 301, Satyam Cinema Complex, Ranjit Nagar Community Centre, New Delhi – 110008, India
Tel No.:	91-11-25702074/ 25702691/ 25704639
Fax No.:	91-11-25705010
Email :	newdelhi@vsa.co.in

Memberships :	Not Available

Collaborators :	Not Available

Subsidiary (AS ON 31.03.2014) :	OCL Global Limited, Odisha Cement Limited (w.e.f 12.07.2013)

Step down Subsidiary(AS ON 31.03.2014) :	OCL China Limited

Enterprises over which key management personnel are able to exercise significant influence (AS ON 31.03.2014) :	Hari Machines Limited Dalmia Bharat Seva Trust Dalmia Institute of Scientific and Research (DISIR) Dalton International Limited Dalmia Cement (Bharat) Limited Landmark Property Development Company. Limited Shree Natraj Ceramic and Chemical Industries Limited Astir Properties Private Limited Landmark Landholdings Private Limited Dalmia Bharat Sugar and Industries Limited Dalmia Bharat Limited (Formaly Dalmia Bharat Entrprises Limited) Calcom Cement India Limited Debikay Systems Limited Kiran Resources (Private) Private Dalmia Refractories(Prop : Dalmia Bharat Enterprises Limited) Dalmia Magnesite Corporation(Prop : Dalmia Bharat Sugar and Industries Private

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. Rs.113.850 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs.100/- each	Rs.10.000 Million
70000000	Equity Shares	Rs.2/- each	Rs.140.000 Million
	Total		Rs.150.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount

63631805	Equity Shares	Rs.2/- each	Rs.127.264 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

56900220	Equity Shares	Rs.2/- each	Rs.113.800 Million
	Add: Shares Forfeited Account		Rs.0.050 Million
	Total		Rs.113.850 Million

a) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Particulars	31.03.2014
Particulars	No of Shares	Rs. in Million
Ordinary Shares outstanding at the beginning of the year	569.00	113.800
Ordinary Shares outstanding at the beginning of the year	-	-
Ordinary Shares bought back during the year	-	-
Ordinary Shares outstanding at the end of the year	569.00	113.800

b) Terms/ rights attached to ordinary shares

The Company has issued only one class of ordinary shares having a par value of Rs.2/- per share. Each holder of ordinary shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2014, the amount of dividend per share recognised for distribution to ordinary shareholders is Rs.4/- (Previous year: Interim Dividend Rs.2.50/- and Final dividend Rs.1.50/- per share).

In event of liquidation of the company, the holders of ordinary shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.

The distribution will be in proportion to the number of ordinary shares held by the shareholders.

c) Details of shareholders holding more than 5% shares in the Company

Name of the Shareholders	31.03.2014
Name of the Shareholders	No of Shares held (In Lakhs)	% of Holding
Mridu Hari Dalmia (C/o M H Dalmia Parivar Trust)	12.778	22.46%
Dalmia Cement (Bharat) Limited	27.312	48.00%
Dharti Investments and Holdings Limited	3.477	6.11%

d) Aggregate number of bonus shares issued and shares bought back during the period of five years immediately preceding the reporting date: Nil.

In respect of shares issued for consideration other than cash, 1,23,52,500/- ordinary shares of Rs.2/- each fully paid up where alloted during the year 2007-08 to the shareholders of erstwhile Dalmia Cement (Meghalaya) Limited pursuant to a scheme of arrangement for merger.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	113.850	113.850	113.850
(b) Reserves & Surplus	11848.213	10985.293	10272.812
(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)	11962.063	11099.143	10386.662

(3) Non-Current Liabilities
(a) long-term borrowings	11004.278	5356.765	4325.914
(b) Deferred tax liabilities (Net)	1526.637	1364.104	1295.224
(c) Other long term liabilities	1468.533	1226.321	317.999
(d) long-term provisions	43.707	27.573	0.000
Total Non-current Liabilities (3)	14043.155	7974.763	5939.137

(4) Current Liabilities
(a) Short term borrowings	1218.811	825.112	2464.438
(b) Trade payables	2883.035	2127.915	1609.733
(c) Other current liabilities	2426.910	2580.650	2988.803
(d) Short-term provisions	285.401	282.872	134.703
Total Current Liabilities (4)	6814.157	5816.549	7197.677

TOTAL	32819.375	24890.455	23523.476

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12235.767	12285.562	10467.262
(ii) Intangible Assets	35.707	50.583	45.593
(iii) Capital work-in-progress	1311.364	1588.312	1363.946
(iv) Intangible assets under development	0.000	0.000	3.106
(b) Non-current Investments	586.594	621.739	621.239
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	488.914	420.771	384.901
(e) Other Non-current assets	0.000	2.793	2.702
Total Non-Current Assets	14658.346	14969.760	12888.749

(2) Current assets
(a) Current investments	10551.701	2451.313	2651.872
(b) Inventories	3653.397	3187.464	3525.425
(c) Trade receivables	1991.133	2268.239	1749.503
(d) Cash and cash equivalents	892.756	855.532	1402.458
(e) Short-term loans and advances	971.002	1104.614	1270.198
(f) Other current assets	101.040	53.533	35.271
Total Current Assets	18161.029	9920.695	10634.727

TOTAL	32819.375	24890.455	23523.476

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	22149.189	18412.7810	18172.8890
	Other Income	277.952	365.5390	253.1400
	TOTAL (A)	22427.141	18778.320	18426.029

Less	EXPENSES
	Cost of Materials Consumed	4261.148	4020.018	4,468.651
	Purchases of Stock-in-Trade	719.072	383.272	773.466
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(190.037)	323.726	(1037.117)
	Employees benefits expense	1353.728	1117.398	965.921
	Power and Fuel	710.063	680.738	3172.274
	Freight and Forwarding Expenses
	On finished Products	3567.643	2696.641	265.800
	On Clinker Transfer	606.304	349.341	0.000
	Other expenses	4851.834	3789.649	5397.882
	TOTAL (B)	15879.755	13360.783	14006.877

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	6547.386	5417.537	4419.152

Less	FINANCIAL EXPENSES (D)	3547.940	2822.629	770.410

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2999.446	2594.908	3648.742

Less/ Add	DEPRECIATION/ AMORTISATION (F)	1389.205	1264.072	1384.339

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1610.241	1330.836	2264.403

Less	TAX (H)	473.386	352.073	700.544

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1136.855	978.763	1563.859

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	2043.401	1957.091

Less	APPROPRIATIONS
	Transfer to General Reserve		1200.000	1200.000
	Transfer to Debenture Redemption Reserve		0.000	12.367
	Proposed Dividend		227.601	85.350
	Tax on Dividend		38.682	14.505
	Interim Dividend		0.000	142.250
	Tax on Interim Dividend		0.000	23.077
	Balance Carried to the B/S	NA	1555.881	2043.401

	EARNINGS IN FOREIGN CURRENCY
	Goods exported (F.O.B. Value)		524.843	351.515
	Interest receipt		6.379	0.040
	Service charges		14.613	13.037
	UK Vat refund		0.018	0.023
	Sale of Goods on High Seas		0.000	0.797
	TOTAL EARNINGS		545.853	365.412
		NA
	IMPORTS
	Raw Materials		738.191	1725.287
	Components and Stores parts		220.907	470.114
	Capital Goods		604.291	14.921
	TOTAL IMPORTS	NA	1563.389	2210.322

	Earnings / (Loss) Per Share (Rs.)	19.98	17.20	27.48

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

1173.405

1157.067

Cash generated from operations

4091.701

4024.415

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.13	5.32	8.61

Operating Profit Margin (PBIDT/Sales)	(%)	29.56	29.42	24.32

Return on Total Assets (PBT/Total Assets}	(%)	5.21	5.87	10.51

Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.22

Debt Equity Ratio (Total Debt /Networth)		1.02	1.02	0.66

Current Ratio (Current Asset/Current Liability)		2.67	1.71	1.48

STOCK PRICES

Face Value	Rs.2/-
Market Value	Rs.460.75/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	113.850	113.850	113.850
Reserves & Surplus	10272.812	10985.293	11848.213
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	10386.662	11099.143	11962.063

long-term borrowings	4325.914	5356.765	11004.278
Short term borrowings	2464.438	825.112	1218.811
Total borrowings	6790.352	6181.877	12223.089
Debt/Equity ratio	0.654	0.557	1.022

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	18172.889	18412.781	22149.189
		1.320	20.292

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	18172.889	18412.781	22149.189
Profit	1563.859	978.763	1136.855
	8.61%	5.32%	5.13%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Public Deposits Others		68.866
Short-term borrowings
Public Deposits
Related Parties		2.675
Other than Related Parties		67.658
Total	NA	139.199

* Date of charge modification

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10477022	11/03/2014 *	2,000,000,000.00	INTERNATIONAL FINANCE CORPORATION	2121, PENNSYLVANIA AVENUE, NW, WASHINGTON DC, WASHINGTON DC, - 20433, UNITED STATES OF AMERICA	C00407759
2	10440970	11/03/2014 *	250,000,000.00	UNITED BANK OF INDIA	UNITED TOWER( GROUND FLOOR), NO.11, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	C00342261
3	10414992	11/03/2014 *	250,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C00353102
4	10412512	11/03/2014 *	500,000,000.00	UNITED BANK OF INDIA	UNITED TOWER( GROUND FLOOR), NO.11, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	C00339879
5	10369352	15/02/2013 *	1,500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	B69189561
6	10355003	09/05/2012	600,000,000.00	AXIS BANK LIMITED	STATESMAN HOUSE, 2ND FLOOR, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B39415948
7	10345331	05/03/2012	400,000,000.00	AXIS BANK LIMITED	STATESMAN HOUSE, 2ND FLOOR, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B36194231
8	10175596	11/03/2014 *	970,000,000.00	UNITED BANK OF INDIA	CORPORATE FINANCE BRANCH, 106-109, ANSAL TOWER, 1 ST FLOOR, 38, NEHRU PLACE, NEW DELHI, DELHI - 1100 19, INDIA	C00604264
9	10153198	28/01/2015 *	3,605,400,000.00	STATE BANK OF INDIA	SME BRANCH, ROURKELA, BIRSA CHOWK DISTRICT SUNDAR GARH, ODISHA, ORISSA - 769001, INDIA	C44178796
10	10142197	01/10/2010 *	400,000,000.00	AXIS BANK LIMITED	STATESMAN HOUSE, 2ND FLOOR, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	A99076655

* Date of charge modification

FIXED ASSETS:

Tangible Assets

Land
Land under lease
Buildings
Plant and Equipment
Plant and Equipment under lease
Furniture and Fixtures
Vehicles
Office equipments
Railway Line
Live Stock

Intangible Assets

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 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.63.69
UK Pound	1	Rs.99.73
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	SAN

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		67

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.