MIRA INFORM REPORT

Report No. :	324047
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	KABRA EXTRUSION TECHNIK LIMITED

Registered Office :	Kolsite House, Off Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra
Tel. No.:	91-22-26734822

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	21.10.1982

Com. Reg. No.:	11-028535

Capital Investment / Paid-up Capital :	Rs. 159.512 Million

CIN No.: [Company Identification No.]	L28900MH1982PLC028535

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	MUMK11319A

PAN No.: [Permanent Account No.]	AAACK4289L

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

Line of Business :	Manufacturing, Exporting and Importing of Extrusion Machinery.

No. of Employees :	560 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a part of the “Kolsite group”. It is a well established company having fine track. The company possesses a good financial profile marked by favourable networth base along with healthy capital structure and debt protection metrics backed by efficient working capital management. Management has witnessed a decent revenue base as well as net profitability during FY 14. The ratings also take into consideration, the susceptibility to competition from imports and to cyclicality in investments in the plastic products industry However, trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of experienced promoters and established market position of the subject in the industry, it can be considered good for 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	CRISIL
Rating	Long Term Rating “AA-“
Rating Explanation	High degree of safety and very low credit risk
Date	December 04, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	December 04, 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

Name :	Mr. Jayant Sarpodar
Designation :	Chief Executive Officer
Contact No.:	91-77-38333092
Date :	25.05.2015

LOCATIONS

Registered Office / Head Office :	Kolsite House, Off Veera Desai Road, Andheri (West), Mumbai-400053, Maharashtra, India
Tel. No.:	91-22-26734822-24 / 56952681 / 26367551 / 26330272
Mobile No.:	91-9322302755 (Mr. Anand Kabra)
Fax No.:	91-22-26735041/56952680/26367512/26326336
E-Mail :	sales@kolsitegroup.com sales@kmfm.kolsitegroup.com secretarial@kolsitegroiup.com
Website :	http://www.kolsite.com

Factory 1 :	Kachigam, Daman Industrial Estate, Plot No. 14 and 15, Kachigam, Daman - 396210, Gujarat, India
Tel. No.:	91-260-2241401-3/2242616
Fax No.:	91-260-2241965
E-Mail :	ket@kolsitegroup.com
Website:	http://www.kolsitegroup.com

Factory 2 :	259/260/265 (lll), Costal Highway, Dunetha, Daman – 396210, Gujarat, India

Regional Office / Branch Office :	Located at: · Ahmedabad · Delhi · Kolkatta · Chennai · Bangalore · Hyderabad

DIRECTORS

AS ON 31.03.2014

Name :

Mr. Shreevallabh G. Kabra

Designation :

Chairman and Managing Director

Address :

46, Vithal Nagar Co-Op Hsg, Soc. Limited, Gopikunj 11^th Road JVPD Scheme Vile Parle (W), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

13.02.1937

Date of Appointment :

01.04.2014

DIN No. :

00015415

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	U25209MH1974PTC017726	MAHASHREE PLASTIC INDUSTRIES PRIVATE LIMITED	Director	28/08/1974	28/08/1974	-	Amalgamated	NO
2	U28910MH1980PTC022877	KOLSITE MASCHINE FABRIK PRIVATE LIMITED	Director	22/07/1980	22/07/1980	-	Amalgamated	NO
3	L28900MH1982PLC028535	KABRA EXTRUSION TECHNIK LTD	Managing director	01/04/2014	21/10/1982	-	Active	NO
4	L25200MH1991PLC059943	PLASTIBLENDS INDIA LIMITED	Managing director	01/01/2012	22/01/1991	-	Active	NO
5	U55101DN1992PLC000043	WONDERWORLD RESORTS LTD (U.T.COMPANY)	Director	06/06/1996	06/06/1996	25/01/2013	Active	NO
6	U25209MH1984NPL032701	ORGANIZATION OF PLASTICS PROCESSORS OF INDIA	Director	31/07/1998	31/07/1998	-	Active	NO
7	U72100MH2000PLC125809	SMARTECH GLOBAL SOLUTIONS LIMITED	Director	12/04/2000	12/04/2000	-	Active	NO
8	U29268MH2009PLC190380	KABRA GLOUCESTER ENGINEERING LIMITED	Director	16/02/2009	16/02/2009	-	Active	NO
9	U99999PN1985PTC035557	GANGES URETHANE PRIVATE LIMITED	Additional director	28/12/2010	28/12/2010	-	Converted to LLP and dissolved	NO
10	U25203MH2011PTC222500	KOLSITE PACKAGING SYSTEMS Private Limited	Director	28/09/2011	28/09/2011	-	Active	NO
11	U91100DL2012NPL239417	PLASTICS MACHINERY MANUFACTURERS ASSOCIATION OF INDIA	Director	27/07/2012	27/07/2012	-	Active	NO

Name :

Mr. Satyanarayan Gopilal Kabra

Designation :

Vice Chairman and Managing Director

Address :

46, Vithal Nagar Co-Op Hsg, Soc. Limited, Gopikunj 11^th Road JVPD Scheme Vile Parle (W), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

09.01.1944

Date of Appointment :

01.07.2013

DIN No. :

00015930

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	U25209MH1974PTC017726	MAHASHREE PLASTIC INDUSTRIES PRIVATE LIMITED	Director	28/08/1974	28/08/1974	-	Amalgamated	NO
2	U28910MH1980PTC022877	KOLSITE MASCHINE FABRIK PRIVATE LIMITED	Director	22/07/1980	22/07/1980	-	Amalgamated	NO
3	L28900MH1982PLC028535	KABRA EXTRUSION TECHNIK LTD	Managing director	01/07/2013	21/10/1982	-	Active	NO
4	L25200MH1991PLC059943	PLASTIBLENDS INDIA LIMITED	Managing director	01/07/2013	22/01/1991	-	Active	NO
5	U55101DN1992PLC000043	WONDERWORLD RESORTS LTD (U.T.COMPANY)	Director	06/06/1996	06/06/1996	25/01/2013	Active	NO
6	U72100MH2000PLC125809	SMARTECH GLOBAL SOLUTIONS LIMITED	Director	12/04/2000	12/04/2000	-	Active	NO
7	U29268MH2009PLC190380	KABRA GLOUCESTER ENGINEERING LIMITED	Director	16/02/2009	16/02/2009	-	Active	NO
8	U99999PN1985PTC035557	GANGES URETHANE PRIVATE LIMITED	Additional director	28/12/2010	28/12/2010	-	Converted to LLP and dissolved	NO
9	U25203MH2011PTC222500	KOLSITE PACKAGING SYSTEMS Private Limited	Director	28/09/2011	28/09/2011	-	Active	NO
10	AAA-7541	KOLSITE CORPORATION LLP	Designated Partner	06/01/2012	06/01/2012	-	Active	NO

Name :

Mr. Anand Shreevallabh Kabra

Designation :

Technical Director

Address :

46, Vithal Nagar Co-Op Hsg, Soc. Limited, Gopikunj 11^th Road JVPD Scheme Vile Parle (W), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

16.09.1974

Date of Appointment :

01.08.2013

DIN No. :

00016010

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	U55101DN1992PLC000043	WONDERWORLD RESORTS LTD (U.T.COMPANY)	Director	06/06/1996	06/06/1996	25/01/2013	Active	NO
2	U72100MH2000PLC125809	SMARTECH GLOBAL SOLUTIONS LIMITED	Director	12/04/2000	12/04/2000	-	Active	NO
3	L25200MH1991PLC059943	PLASTIBLENDS INDIA LIMITED	Whole-time director	01/08/2011	19/06/2003	-	Active	NO
4	L28900MH1982PLC028535	KABRA EXTRUSION TECHNIK LTD	Whole-time director	01/08/2013	19/06/2003	-	Active	NO
5	U28910MH1980PTC022877	KOLSITE MASCHINE FABRIK PRIVATE LIMITED	Director	26/04/2005	26/04/2005	-	Amalgamated	NO
6	U29268MH2009PLC190380	KABRA GLOUCESTER ENGINEERING LIMITED	Director	16/02/2009	16/02/2009	-	Active	NO
7	U99999PN1985PTC035557	GANGES URETHANE PRIVATE LIMITED	Additional director	28/12/2010	28/12/2010	-	Converted to LLP and dissolved	NO
8	U25203MH2011PTC222500	KOLSITE PACKAGING SYSTEMS Private Limited	Director	28/09/2011	28/09/2011	-	Active	NO
9	AAA-7541	KOLSITE CORPORATION LLP	Designated Partner	06/01/2012	06/01/2012	-	Active	NO

Name :

Mr. Mahavir Prasad Taparia

Designation :

Independent Director

Address :

Girikunj 71, Marine drive, Churchgarte, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

21.11.1937

Date of Appointment :

09.09.2014

DIN No. :

00112461

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	L35920MH1942PLC003554	THE SUPREME INDUSTRIES LIMITED	Managing director	07/01/2014	02/08/1966	-	Active	NO
2	U92140MH1979PLC021532	MULTILAYER FILMS LIMITED	Director	07/08/1979	07/08/1979	-	Amalgamated	NO
3	U67120MH1981PTC024060	JAGATGURU INVESTMENT AND TRADING CO PVT LTD	Director	18/03/1981	18/03/1981	-	Amalgamated	NO
4	L28900MH1982PLC028535	KABRA EXTRUSION TECHNIK LTD	Director	09/09/2014	31/03/1989	-	Active	NO
5	L23200MH1989PLC054633	SUPREME PETROCHEM LIMITED	Director	14/12/1989	14/12/1989	-	Active	NO
6	U65990MH1994PLC081785	SUPREME CAPITAL MANAGEMENT LIMITED	Director	06/10/1994	06/10/1994	-	Active	NO
7	U24132MH1999NPL119821	POLYSTYRENE PRODUCERS' ASSOCIATION (INDIA)	Director	11/05/1999	11/05/1999	-	Active	NO
8	U93090MH2007PLC166777	SPL INDUSTRIAL PARK LIMITED	Director	06/01/2007	06/01/2007	-	Strike off	NO
9	L21010GJ1991PLC019432	SHREE RAMA NEWSPRINT LIMITED	Director	27/09/2007	03/05/2007	30/09/2010	Active	NO
10	U93000MH2007PLC173259	SPL INDUSTRIAL SUPPORT SERVICES LIMITED	Director	20/08/2007	20/08/2007	-	Strike off	NO
11	U65990MH2010PTC202490	JOVIAL INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Managing director	28/04/2010	28/04/2010	-	Active	NO
12	L02101KA1955PLC001936	THE WEST COAST PAPER MILLS LIMITED	Director	30/07/2011	11/11/2010	-	Active	NO
13	U65923MH2010PTC202488	BOON INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	15/03/2014	15/03/2014	-	Active	NO

Name :

Mr. Yagnesh Kumar Bhagwati Prasad Desai

Designation :

Independent Director

Address :

Flat No. 321/322, Raheja Crest – 3, off New Link Road, Lokhandwala, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

14.04.1941

Date of Appointment :

09.09.2014

DIN No. :

00021202

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	U65991MH2001PTC131170	DEUTSCHE TRUSTEE SERVICES (INDIA) PRIVATE LIMITED	Director	25/03/2002	25/03/2002	-	Active	NO
2	L65922MH1989PLC052257	LIC HOUSING FINANCE LTD	Director	24/05/2002	24/05/2002	20/07/2011	Active	NO
3	L28900MH1982PLC028535	KABRA EXTRUSION TECHNIK LTD	Director	09/09/2014	19/10/2002	-	Active	NO
4	L24230GJ1983PLC006329	DISHMAN PHARMACEUTICALS AND CHEMICALS LIMITED	Director	26/11/2003	26/11/2003	-	Active	NO

Name :

Mr. Nihalchand Chunilal Chauhan

Designation :

Director

Address :

Shree Patil Arcade 20^th Floor Flat No. 4, August Kranti Marg E, Nana Chowk, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

20.11.1935

Date of Appointment :

09.09.2014

DIN No. :

00021782

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	U74120MH1994PTC083907	ENCEE SECURITIES PRIVATE LIMITED	Director	10/01/1995	10/01/1995	08/06/2010	Active	NO
2	U67190MH2001PLC130813	IBS FOREX LIMITED	Director	17/05/2005	17/05/2005	27/08/2013	Active	NO
3	L28900MH1982PLC028535	KABRA EXTRUSION TECHNIK LTD	Director	09/09/2014	21/01/2006	-	Active	NO
4	L23200MH1989PLC054633	SUPREME PETROCHEM LIMITED	Director	27/04/2006	27/04/2006	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jayant Sarpodar
Designation :	Chief Executive Officer

Name :	Yogesh Dhirajlal Sanghavi
Designation :	Company Secretary
Address :	34 Nagardas Park Old Nagardas Road, Andheri East, Mumbai – 400069, Maharashtra, India
Date of Appointment :	16.10.1996
PAN No. :	AABPS3804M

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	10830800	33.95
Bodies Corporate	7089660	22.22
Sub Total	17920460	56.17
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	17920460	56.17
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4400	0.01
Financial Institutions / Banks	18611	0.06
Sub Total	23011	0.07
(2) Non-Institutions
Bodies Corporate	850884	2.67
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	4966147	15.57
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3263224	10.23
Any Others (Specify)	4878594	15.29
Non Resident Indians	412274	1.29
Foreign Corporate Bodies	4466320	14.00
Sub Total	13958849	43.75
Total Public shareholding (B)	13981860	43.83
Total (A)+(B)	31902320	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)	31902320	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting and Importing of Extrusion Machinery.

Products :	Extrusion Machinery

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Extrusion Machinery
Countries :	South America African Countries etc.

Imports :
Products :	Raw Material
Countries :	European Countries Asian Countries

Terms :
Selling :	Cash and Advance Payment

Purchasing :	Cash and Advance Payment

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

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 :

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 :

560 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	IFB, World trade center Kolasa
Person Name (With Designation)	Mr. Ajay Mahtole (Relationship Manager)
Contact Number	91-22-22160915 91-9004577344
Name of Account Holder	Kabra Extrusion Technik Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	10 Year More than
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	CC/BG/BD/LC – Rs.130 Million
Account Operation	60 to 70 Ulilisation
Remarks (If any)	Having Satisfactory trade Record in banking transactions having good future

Banker Name	Kotak Mahindra Bank
Branch Address	Lokhandwala Andheri (W)
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)	BD/BG/CC/LC Rs. 100.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2015	31.03.2014 (Rs. in Million)
SHORT TERM BORROWINGS
Loans repayable on demand
Cash Credit From Banks		169.580
Bills Discounted		1.146
Total	NA	170.726


Auditors :
Name :	Kirtane and Pandit Chartered Accountants

Memberships :	Not Available

Collaborators :	Not Available

Associate Companies or Promoter Companies (As on 31.03.2014)	Plastiblends India Limited

Enterprise over which key management personnel exercise significant influence (As on 31.03.2014)	Kolsite Industries Maharashtra Plastics and Industries Kolsite Corporation LLP Smartech Global Solutions Limited Rambalab Ramnaran Kabra Gloucester Engineering Limited Kolsite Packaging Systems Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

40000000	Equity Shares	Rs.5/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

31902320	Equity Shares	Rs.5/- each	Rs.159.512 Million

Of the above shares 23180160 Shares of Rs. 5/- each were allotted as fully paid up bonus shares without payment being received in cash.

Reconciliation of number of equity shares outstanding at the beginning and at the end of the year

Particular

As at

31 March 2014

Number of shares outstanding as at the beginning of the year

31.902

Number of shares outstanding as at the end of the year

31.902

The company has only one class of share having par value of Rs. 5/-.

Each holder of equity share is entitled to one vote per share.

Shares in the company held by each shareholder holding more than 5% shares


Name of the share holder	Number of Shares held in The company	% of shares held
Anand Kabra	2557018	8.02
Satyanarayan G Kabra	2073528	6.50
Saritadevi S Kabra	1670988	5.24
Varun S Kabra	1670988	5.24
Battenfeld Extrusiontechnik Gmbh	3600000	11.28
Kolsite Corporation LLP	6262288	19.63

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	159.512	159.512	159.512
(b) Reserves & Surplus	1266.493	1128.679	1042.536
(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)	1426.005	1288.191	1202.048

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	48.809	52.973	56.444
(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)	48.809	52.973	56.444

(4) Current Liabilities
(a) Short term borrowings	209.927	173.301	155.464
(b) Trade payables	328.978	208.219	228.613
(c) Other current liabilities	453.647	335.652	224.096
(d) Short-term provisions	143.716	180.888	129.516
Total Current Liabilities (4)	1136.268	898.060	737.689

TOTAL	2611.082	2239.224	1996.181

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	699.978	396.926	418.920
(ii) Intangible Assets	0.000	51.945	78.125
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	277.065	368.190	274.170
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	31.762	134.131	134.208
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1008.805	951.192	905.423

(2) Current assets
(a) Current investments	139.912	209.780	250.000
(b) Inventories	620.016	580.606	544.075
(c) Trade receivables	537.025	254.688	155.654
(d) Cash and cash equivalents	17.222	10.521	12.752
(e) Short-term loans and advances	288.102	232.437	128.277
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1602.277	1288.032	1090.758

TOTAL	2611.082	2239.224	1996.181

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	2712.754	2231.629	1799.416
	Other Income	85.152	21.242	50.516
	TOTAL (A)	2797.906	2252.871	1849.932

Less	EXPENSES
	Cost of Materials Consumed	1760.693	1458.773	1184.681
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(20.142)	(22.014)	(6.850)
	Employees benefits expense	256.209	200.067	176.736
	Other expenses	420.138	363.575	280.801
	TOTAL (B)	2416.898	2000.401	1635.368

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	381.008	252.470	214.564

Less	FINANCIAL EXPENSES (D)	34.408	18.430	27.781

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	346.600	234.040	186.783

Less/ Add	DEPRECIATION/ AMORTISATION (F)	76.095	59.286	58.394

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	270.505	174.754	128.389

Less	TAX (H)	46.517	32.625	19.771

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	223.988	142.129	108.618

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	592.886	521.043	460.649

Less	APPROPRIATIONS
	Transfer to General Reserve	22.500	14.300	10.900
	Proposed Dividend	63.804	47.853	31.902
	Tax on Dividend	13.351	8.133	5.422
	Depreciation Transitional Provision Effect	9.020	0.000	0.000
	Total (K)	108.675	70.286	48.224

	Balance Carried to the B/S (I+J-K)	708.199	592.886	521.043

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		750.770	631.812
	Interest		0.000	8.826
	TOTAL EARNINGS	NA	750.770	640.638

	IMPORTS
	Purchase of stores, spares and Raw Materials	NA	261.300	161.567
	TOTAL IMPORTS	NA	261.300	161.567

	Earnings / (Loss) Per Share (Rs.)	7.02	4.46	3.40

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
PARTICULARS
Net Profit Margin (PAT/ Sales)	(%)	8.26	6.37	6.04

Operating Profit Margin (PBDIT/Sales)	(%)	14.05	11.31	11.92

Return on Total Assets (PBT/Total Assets}	(%)	11.59	9.34	7.46

Return on Investment (ROI) (PBT/Networth)		0.19	0.14	0.11

Debt Equity Ratio (Total Debt /Networth)		0.15	0.13	0.13

Current Ratio (Current Asset/Current Liability)		1.41	1.43	1.48

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	159.512	159.512	159.512
Reserves & Surplus	1042.536	1128.679	1266.493
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1202.048	1288.191	1426.005

long-term borrowings	0.000	0.000	0.000
Short term borrowings	155.464	173.301	209.927
Total borrowings	155.464	173.301	209.927
Debt/Equity ratio	0.129	0.135	0.147

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	1799.416	2231.629	2712.754
		24.020	21.559

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	1799.416	2231.629	2712.754
Profit	108.618	142.129	223.988
	6.04%	6.37%	8.26%

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	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	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

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10445921	13/03/2014 *	100,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227 D NARIMAN POINT, Mumbai, Maharashtra - 400021, INDIA	C04651683
2	90222571	13/03/2014 *	344,700,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	C04672754

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
SHORT TERM BORROWINGS
Loans and advances from related parties
Inter Corporate Deposits	NA	2.575
Total	NA	2.575

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
Bank Guarantee and Counter guarantees / Letter of Credit given by the Company for the guarantees issued by Company’s bankers		64.053
Fixed deposits shown under the head cash and bank balances include deposits pledged with the banks as margins to secure letters of credit and guarantees issued by banks		4.653
Net amount		59.400
Service Tax matter under dispute		12.447
	NA	140.553

FIXED ASSETS

Land
Building
Plant and Equipment
Furniture and Fixture
Vehicles
Office Equipments
Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.90
UK Pound	1	Rs. 98.16
Euro	1	Rs. 69.74

INFORMATION DETAILS

Information Gathered by :	KMN

Analysis Done by :	RAS

Report Prepared by :	TRU

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
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		68

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.

MIRA INFORM REPORT

Unit