MIRA INFORM REPORT

Report No. :	323756
Report Date :	25.05.2015

IDENTIFICATION DETAILS

Name :	METROGLOBAL LIMITED (w.e.f. 02.09.2011)
Formerly Known As :	GLOBAL BOARDS LIMITED
Registered Office :	101, 1^stFloor, “Mangal Disha”, Near Guru Gangeshwar Temple, 6^th Road, Khar (West), Mumbai – 400052, Maharashtra
Tel. No.:	91-79-26468016
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.11.1992
Com. Reg. No.:	11-069527
Capital Investment / Paid-up Capital :	Rs. 163.267 Million
CIN No.: [Company Identification No.]	L21010MH1992PLC069527
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 the trading of specialty chemicals, dye intermediates, solvents, basic chemicals and mineral ores, textile fabrics, plastic granules. The company is also involved in the realty and infrastructure business, which include the development of residential and industrial estate projects; and finance businesses. In addition, it manufactures dyes and dye intermediates.
No. of Employees :	100 (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 6000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in 1992 and it is engaged in the business of Dyes and Dyes Intermediates, Realty and Infrastruture business. It is a well-established company having satisfactory track record. For the financial year ended 2014, company has reported sales turnover of Rs. 2719.700 Million with topline growth of 38.27% and profitability margins stood at 8.30% during a year under review. Rating also takes into consideration vast experience of the promoters of Metroglobal Limited (MGL) in the dyes and dye intermediates business supported by comfortable capital structure and sound liquidity position. Moreover rating slightly constrained by risk associated with trading nature of operations, exchange rate fluctuation risk, cyclical nature of chemical industry and risks associated with significant investments in real estate sector. Trade relations are reported as fair. Payments terms are reported to be usually correct. In view of sound operational performance backed by vast experience of promoters, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	December 08, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	December 08, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Sumit Mehta
Designation :	Finance Manager
Contact No.:	91-79-26468016
Date :	21.05.2015

LOCATIONS

Registered Office :	101, 1^stFloor, “Mangal Disha”, Near Guru Gangeshwar Temple, 6^th Road, Khar (West), Mumbai – 400052, Maharashtra, India
Tel. No.:	91-79-26468016
Fax No.:	Not Available
E-Mail :	sumitmehta@metroglobal.in
Website :	http://www.metrolglobal.com
Administrative / Corporate Office :	508-509, Ship, C.G. Road, Navarangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26468016 / 26469150
Fax No.:	91-79-26407838
E-Mail :	markrting@metroglobal.in
Accounts Office :	808-809, Shilp Building, Opposite Girish Cold Drinks, C.G. Road, Navarangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26403212, 26403930
Fax No.:	91-79-26463805
E-Mail :	Nitin.shah@mrtroglobal.in
Factory 1 :	Plot No: A-472-475, and 489-492 , Phase II, GIDC, Vatva, Ahmedabad - 382445, Gujarat, India
Factory 2 :	Plot No: Al-407,and A2-408 , Phase II, GIDC, Vatva, Ahmedabad - 382445, Gujarat, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Gautani M. Jain
Designation :	Chairman and Managing Director
Date of Appointment :	12.11.2011
Name :	Mr. Rahul G. Jain
Designation :	Executive Director
Date of Appointment :	12.11.2011
Name :	Mr. Sandeep S. Bhandari
Designation :	Independent Director
Date of Birth/Age :	19.12.1962
Qualification :	MBA Finance
Date of Appointment :	12.11.2011
Name :	Mr. Nilesh R. Desai
Designation :	Independent Director
Date of Appointment :	12.11.2011

KEY EXECUTIVES

Name :	Mr. Nitin S. Shah
Designation :	Company Secretary and Compliance Officer
Name :	Ms. Kirti
Designation :	HR Department
Name :	Mr. Sumit Mehta
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3333677	20.42
Bodies Corporate	6139017	37.60
Sub Total	9472694	58.02
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	9472694	58.02
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	568	0.00
Financial Institutions / Banks	10787	0.07
Central Government / State Government(s)	7576	0.05
Foreign Institutional Investors	1142	0.01
Sub Total	20073	0.12
(2) Non-Institutions
Bodies Corporate	4452102	27.27
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1353389	8.29
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1005321	6.16
Any Others (Specify)	23163	0.14
Non Resident Indians	7023	0.04
Overseas Corporate Bodies	14192	0.09
Clearing Members	1948	0.01
Sub Total	6833975	41.86
Total Public shareholding (B)	6854048	41.98
Total (A)+(B)	16326742	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)	16326742	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the trading of specialty chemicals, dye intermediates, solvents, basic chemicals and mineral ores, textile fabrics, plastic granules. The company is also involved in the realty and infrastructure business, which include the development of residential and industrial estate projects; and finance businesses. In addition, it manufactures dyes and dye intermediates.
Products/ Services :	Realty and infrastructure business Development of residential and industrial estate projects
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

100 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Law Garden Branch Navrangpura, Ahmedabad – 380009, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Secured Loan From Banks Indian Rupee loan from Kotak Mahindra Bank Limited amounting to ` 488.09 Lacs (P.Y. NIL). The new loan is repayable in 60 Equal Monthly installments of 11.44 Lacs each including interest. The loan is secured by exclusive charge over the land owned by the company located at Chhatral, Kalol	48.809	0.000
Short-term borrowings
Secured loan Working capital loan from State Bank Of India of Rs. 128.097 Million (P.Y. Rs. 96.418 Million). The same is secured by present and future book debts and inventories of the Company, personal guarantee of the promoter directors.	128.097	96.418
Total	176.906	93.418

Banking Relations :	--
Auditors :
Name :	AMPAC and Associates Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company :	Metrochem Capital Trust Limited
Associates Companies	Anil Dyechem Industries Private Limited Harvest Trade Finvest Private Limited Maiden Tradefin Private Limited Minerva Dyechem Industries Private Limited Bloom Investment and Trading Private Limited Charm Trading and Investment Private Limited · Search Invatrade Private Limited · Sparkling Tradefin Private Limited · Spring Trading and Investment Private Limited Progressive Invatrade Private Limited. DK Metro Procon Private Limited Miraj Impex Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
95000000	Equity Shares	Rs.10/- each	Rs. 950.000 Million
25000000	Cumulative/Non-Cumulative, Redeemable	Rs. 10/- each	Rs. 250.000 Million
	Total		Rs. 1200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16326742	Equity Shares	Rs.10/- each	Rs. 163.267 Million

The Company has only one class of shares referred to as Equity Shares having par value of Rs. 10/- each. There are no issue of bonus shares during last five financial years. Shares issued for consideration other than cash during last five financial years: 11433333 equity shares of Rs. 10 each issued to shareholders of Metrochem Industries Limited pursuant to scheme of arrangement.

Reconciliation of the number of shares

Equity Shares	Number of Shares
Equity Shares at the beginning of the year	15539709
Add: Issued during the financial year	787033
Equity Shares at the end of the year	16326742

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Gautam kumar Mithalal Jain	3125413	19.14
Maiden Tradefin Private Limited	1678052	10.28
Search Invatrade Private Limited	984360	6.03
Anil Dyechem Industries Private Limited	906526	5.55
Megha Biotech Private Limited	2705667	16.57
Total	9400018	57.57

LISTING DETAILS:

Subject Stock Code :	BSE : 500159 NSE : GLOBABOARD ISIN : INE085D01033
Stock Exchange Place :	The Stock Exchange, Mumbai
Listed Date :	Not Available

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	163.267	155.397	126.130
(b) Reserves & Surplus	2037.327	1673.973	961.258
(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)	2200.594	1829.370	1087.388
(3) Non-Current Liabilities
(a) long-term borrowings	478.496	333.587	846.402
(b) Deferred tax liabilities (Net)	4.607	4.607	4.607
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	483.103	338.194	851.009
(4) Current Liabilities
(a) Short term borrowings	205.946	163.776	154.676
(b) Trade payables	349.199	26.650	19.217
(c) Other current liabilities	12.043	13.553	14.066
(d) Short-term provisions	1.830	1.184	30.284
Total Current Liabilities (4)	569.018	205.163	218.243
TOTAL	3252.715	2372.727	2156.640
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.145	50.098	51.083
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	79.686	25.047	47.367
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	116.565	92.684	99.266
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	836.440	1134.096	1077.992
(e) Other Non-current assets	5.073	6.526	7.304
Total Non-Current Assets	1089.909	1308.451	1283.012
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	316.542	141.817	9.370
(c) Trade receivables	335.111	62.929	77.984
(d) Cash and cash equivalents	524.162	147.283	62.292
(e) Short-term loans and advances	986.991	712.247	723.982
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2162.806	1064.276	873.628
TOTAL	3252.715	2372.727	2156.640

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2719.758	1966.963	1453.306
		Other Income	45.724	62.917	29.413
		TOTAL	2765.482	2029.880	1482.719
Less	EXPENSES
		Cost of Materials Consumed	0.000	57.564	78.352
		Purchases of Stock-in-Trade	2555.457	1721.180	1100.205
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(176.727)	(35.072)	19.279
		Employees benefits expense	9.730	9.508	10.712
		Impairment Expenses	0.000	7.096	0.000
		Other expenses	128.632	40.619	46.363
		TOTAL	2517.092	1800.895	1254.911
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		248.390	228.985	227.808
Less	FINANCIAL EXPENSES		15.213	9.986	8.696
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		233.177	218.999	219.112
Less/ Add	DEPRECIATION/ AMORTISATION		3.619	3.817	5.341
	PROFIT BEFORE TAX		229.558	215.182	213.771
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		229.558	215.182	213.771
	Earnings Per Share (Rs.)		154.93	13.17	13.09

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(265.302)	98.690	NA

QUARTERLY RESULTS

Particulars	Jun 2014	Sep 2014	Dec 2014
Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	652.110	812.790	661.660
Total Expenditure	599.160	749.670	599.030
PBIDT (Excl OI)	52.950	63.120	62.630
Other Income	12.540	25.130	6.290
Operating Profit	65.490	88.250	68.920
Interest	3.310	3.600	3.270
Exceptional Items	NA	NA	NA
PBDT	62.180	84.650	65.650
Depreciation	0.700	0.700	0.700
Profit Before Tax	61.480	83.950	64.950
Tax	NA	NA	NA
Provisions and contingencies	NA	NA	NA
Profit After Tax	61.480	83.950	64.950
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	61.480	83.950	64.950

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	93.01	10.94	14.71
Operating Profit Margin (PBIDT/Sales)	(%)	93.70	11.64	15.68
Return on Total Assets (PBT/Total Assets}	(%)	82.76	9.54	10.64
Return on Investment (ROI) (PBT/Networth)		1.15	0.12	0.20
Debt Equity Ratio (Total Debt /Networth)		0.31	0.27	0.92
Current Ratio (Current Asset/Current Liability)		3.80	5.19	4.00

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	126.130	155.397	163.267
Reserves & Surplus	961.258	1673.973	2037.327
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1087.388	1829.370	2200.594
long-term borrowings	846.402	333.587	478.496
Short term borrowings	154.676	163.776	205.946
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000	0.000
Total borrowings	1001.078	497.363	684.442
Debt/Equity ratio	0.921	0.272	0.311

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	1453.306	1966.963	2719.758
		35.344	38.272

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	1453.306	1966.963	2719.758
Profit	213.771	215.182	229.558
	14.71%	10.94%	8.44%

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	No
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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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	Yes
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

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
NIL (previous year 1416660) Unsecured Convertible Debentures of Rs. 100 each	0.000	141.666
Other Unsecured Loan from Corporate Bodies (The unsecured loan includes loan taken from associate companies amounting to Rs. 429.700 Million (Previuos year ` 191.900 Million) which is expected to be paid within a period of 2-5 years.	429.687	191.921
Short-term borrowings
Unsecured Loan from Corporate Bodies	77.849	67.358
Total	507.536	400.945

OPERATIONAL PERFORMANCE

The turnover of the company for the various segments was Rs. 2719.758 Million for the year 2013-14 as against the turnover of Rs. 1966.963 Million during the year 2012-13.

The Company earned net profit of Rs. 229.558 Million during the year 2013-14 as against the net profit of Rs. 215.182 Million during the year 2012-13.

The management of the company is hopeful for the better performance in the coming years.

MANAGEMENT AND DISCUSSION ANALYSISZ

OVERALL INDUSTRIAL VIEW

India’s economy to grow 4.7 per cent in 2013-14, according to the gross domestic product (GDP) provisional estimates released, according to that the GDP growth rate in the previous year was a decade-low of 4.5 per cent. This is the second year in a row during which the economy’s growth remained below the 5 percent.

The manufacturing sector contracted (-) 0.7 per cent in 2013-14 against 1.1 per cent in 2012-13. Investments or capital formation fell due to low movement in infrastructure and high interest rates. The situation in India has obviously gone through a difficult period for the last couple of years, with growth below 5 per cent after several years after it was eight per cent and even higher.

With the new Indian government showing signs of economic reforms and brings in transparency in governance, the World Bank feels that the world’s third-largest economy could achieve a growth rate of 5.5 per cent this year as compared to 4.7 per cent last year.

Various projects under Implementation:

Residential Projects:

Metro Luxuria: Located at prime location off CG Road, Navrangpura. It is a luxurious 4-BHK residential apartment with modern amenities. The project is completed during the year.

Alpine Heights: Located at Opp. Income Tax Office, Ashram Road, Ahmadabad. It is a 2 BHK high–rise building with lifestyle residential apartment with modern amenities. This housing project is launched in the partnership with Samved Engineers through an SPV Metro-Samved Engineers. The project is completed during the year

Satej Homes: Located at Vatva, Ahmadabad. It is a 2BHK affordable housing lowrise residential apartment project. This housing project is also launched with the partnership with Samved Engineers through an SPV Metro-Samved Engineers.

Simandhar Metro: Located at Gota, Opp. Gujarat High Court, Ahmedabad. It is a 2 BHK Residential Apartment, which is done in partnership with Simandhar Construction Private Limited. The Project is completed during the year

Ganesh Infrastructure: The Company has also become partner of “Ganesh Infrastructure” for development of land and Building at Ankleshwar. Ganesh Infrastructure has entered into Agreement with “Keshavji developers“ for development of this project. This project comprises of residential apartments, bunglows, commercial complexes and shopping malls.

Takshashila Air : The Company has made investment in the land jointly with Miraj Impex Private Limited at prime location Opp. Panshikura Hotel, Behind Town Hall, Ellisbridge, Ahmedabad - 380 006. The Miraj Impex Pvt. Ltd. has given development rights of the projects to Takshashila Con-pro LLP for its development of residential 3 BHK Luxurious Project named "Takshashila Air". This project will be Ahmedabad landmark project for being the first tallest residential building.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10478273	21/01/2015 *	210,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, INDIA	C42601724
2	10399100	17/12/2013 *	500,000,000.00	STATE BANK OF INDIA	SME LAW GARDEN BRANCH, ZODIAC AVENUE, OPP. COMMIS  SIONERS BUNGLOW, AHMEDABAD, Gujarat - 380006, INDIA	B94443702
3	10401271	17/12/2013 *	500,000,000.00	STATE BANK OF INDIA	SME LAW GARDEN BRANCH, ZODIAC AVENUE, OPP. COMMIS  SIONERS BUNGLOW, AHMEDABAD, Gujarat - 380006, INDIA	B94705902
4	90099491	02/02/2007 *	770,000,000.00	STATE BANK OF INDIA	CORPORATE FINANCE BRANCH, 58, SHRIMALI SOCIETY, NAVARANGPURA, AHMEDABAD, Gujarat - 380009, INDIA	A11118692
5	90099100	19/09/2000 *	580,000,000.00	STATE BANK OF INDIA	SHRIMALI SOCIETY MITHAKALI, AHMEDABAD, Gujarat - 380006, INDIA	-
6	90102644	18/02/1998	18,400,000.00	STATE BANK OF INDIA	SHRIMALI SOCIETY MITHAKHALI, AHMEDABAD, Gujarat - 380009, INDIA	-
7	90098700	21/10/1997 *	355,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, AHMEDABAD, Gujarat, INDIA	-
8	90097863	23/04/1998 *	215,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, AHMEDABAD, Gujarat, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Income Tax	NIL	14.544
VAT/Sales Tax	5.309	5.309
Excise Duty (Interest thereon not ascertainable at present)	19.624	19.624
Others	NIL	18.000

During 1993, the Company had imported plant and machinery under Export Promotion Capital Goods Scheme (‘EPCG’) at concessional rate of custom duty against export obligation under the said Scheme. As the Company could complete only partial Export obligation, it has received a notice of demand from Directorate General of Foreign Trade (‘DGFT’). The Company has paid the entire differential duty amount for Rs. 94,68,900 on 10.05.2011 and has made necessary submissions before the authorities. In view of this submission and pending decision of forum, interest liability is not ascertainable.

Certain claims/show cause notices disputed have neither been considered as contingent liabilities nor acknowledged as claims based on the opinions obtained from legal counsels.

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

Particulars		Three months ended		Year ended
		30.09.2014	30.06.2014	30.09.2014
		Unaudited	Unaudited	Unaudited
1	Income from Operations
	(a) Net sates/income from operations (Net of excise duty)	812.785	652.114	1464.899
	(b) Other Operating Income	25.127	12.537	37.664
	Total income from operations (net)	837.912	664.651	1502.563
2	Expenses
	(a) Cost of materials consumed	--	--	--
	(b) Purchases of stock-in trade	687.264	627.085	1314.349
	(c) Changes in inventories of finished goods. work-in-progress and stock in trade	38.395	(34.205)	4.190
	(d) Staff Cost	2.583	2.173	4.756
	(e) Power, Water and Fuel	0.085	0.095	0.180
	(f) Depreciation and Ammortisation Expenses	0.695	0.695	1.390
	(g) Other Expenses	21.342	4.011	25.353
	Total expenses	750.364	599.854	1350.218
3	Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	87.548	64.797	152.345
4	Other Income	3.594	3.314	6.908
5	Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	83.594	61.483	145.437
6	Finance Costs	--	--	--
7	Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	83.594	61.483	145.437
8	Exceptional items	--	--	--
9	Profit/ (Loss) from ordinary activities before tax (7+8)	83.594	61.483	145.437
10	Tax expenses	--	--	--
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	83.594	61.483	145.437
12	Extraordinary item (net of tax expense)	--	--	--
13	Net Profit / (Loss) for the period (11-12)	83.594	61.483	145.437
14	Share of profit' (loss) of associates
15	Minority Interest
16	Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)	83.594	61.483	145.437
17	Paid up equity share capital (Face Value of Rs10/- each)	163.267	163.267	163.267
18	Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
19.i	Earnings per share (before extraordinary items) of Rs.10/- each (not annualised):
	(a) Basic	5.14	3.77	8.91
	(b) Diluted	5.14	3.77	8.91
19.ii	Earnings per share (after extraordinary items) of Rs.10/- each (not annualised)
	(a) Basic	5.14	3.77	8.91
	(b) Diluted	5.14	3.77	8.91
A	PARTICULARS OF SHAREHOLDING
1	Aggregate of Non Promoter Shareholding
	- Number of shares	6854048	6854048	6854048
	- Percentage of shareholding	41.98	41.98	41.98
2	Promoters and Promoter group shareholding
	a) Pledged / Encumbered
	- Number of shares	NIL	NIL	NIL
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	NIL	NIL	NIL
	- Percentage of shares (as a % of the total Share Capital of the Company)	NIL	NIL	NIL
	b) Non Encumbered
	- Number of shares	9472694	9472694	10104930
	- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100.00	100.00	100.00
	- Percentage of shares (as a % of the total Share Capital of the Company)	58.02	58.02	58.02

Segment wise Revenue Results and Capital Employed

Particulars		Three months ended		Year ended
		30.09.2014	30.06.2014	30.09.2013
		Unaudited	Unaudited	Unaudited
1	Segment Revenue
	a Dyetuffs and Dye Intermediates Mfg.	--	--	--
	b Infrastructure and Reallity	33.657	18.956	47.613
	c Trading and Finance	804.255	630.695	1454.950
	Total Income	837.912	664.651	489.878
2	Segment Results
	a Dyetuffs and Dye Intermediates Mfg.	--	--	--
	b Infrastructure and Reallity	23.157	13.956	37.113
	c Trading and Finance	60.797	57.527	108.324
	Total	83.954	61.483	145.437
	Total Profit(Loss) before Tax	83.954	61.483	145.437
3	Segment Capital employed
	a Dyetuffs and Dye Intermediates Mfg.	155.306	155.306	155.306
	b Infrastructure and Reallity	526.476	593.546	526.476
	c Trading and Finance	1664.249	1513.225	1664.249
	Total Segment Capital Employed	2346.031	2262.077	2346.031

STANDALONE STATEMENT OF ASSETS AND LIABILITIES 30.09.2014

Particulars		As at 30.09.2014
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	163.267
	b) Reserves & Surplus	2182.764
	c) Money received against share warrants	0.000
2	Share application money pending allotment	0.000
3	Minority Interest	0.000
4	Non-current liabilities
	(a) Long term borrowings	409.324
	(b) Deferred Tax Liablilities	4.607
	Sub Total- Non Current Liabilities	413.931
5	Current liabilities
	(a) Short term borrowings	104.164
	(b) Trade Payables	263.913
	(c) Other current liabilities	5.362
	(d) Short term provisions	0.948
	Sub Total- Current Liabilities	374.387
	TOTAL-EQUITY AND LIABILITIES	3134.349
B	ASSETS
1	Non-current assets
	(a) Fixed assets	50.755
	(b) Capital work-in-progress	79.676
	(c) Non-current investments	98.567
	(d) Loans and advances	1776.368
	(e) Other non-current assets	4.115
	Sub-Total- Non current assets	2009.481
2	Current assets
	a) Current Investments	0.000
	b) Inventories	312.352
	c) Trade Receivables	336.413
	d) Cash and cash equivalents	476.103
	(e) Short term loans and advances	0.000
	(f) Other current assets	0.000
	Sub-Total- current assets	1124.868
	TOTAL ASSETS	3134.349

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Laboratory Equipments
• Office Equipments
• Furniture and Fixture
• Vehicles

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. 99.67
Euro	1	Rs. 70.93

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.