MIRA INFORM REPORT

Report No. :	349912
Report Date :	16.11.2015

IDENTIFICATION DETAILS

Name :	SURYA ROSHNI LIMITED
Registered Office :	Prakash Nagar, Delhi-Rohtak Road, Sankhol, Bahadurgarh -124507, Haryana
Tel. No.:	91-1276-241540 / 241980 / 81 / 82
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	17.10.1973
Com. Reg. No.:	05-007543
Capital Investment / Paid-up Capital :	Rs. 438.312 Million
CIN No.: [Company Identification No.]	L31501HR1973PLC007543
IEC No.:	0591047519
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACS3558C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and seller of steel and lighting products.
No. of Employees :	3334 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 23000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Surya Roshni Limited (SRL), promoted by Mr. JP Agarwal, was incorporated in 1973 as a manufacturer of Electric Resistance Welded (ERW) pipes, sold undr the brand name of “Prakash-Surya”. In 1985, SRL diversified into lighting products with the manufacturing of General Lighting Systems (GLS) and Fluorescent Tube Lamps (FTL) sold under the brand name “Surya”. The manufacturing facilities for ERW pipes and CR sheets are located at Bahadurgarh (Haryana) and Malanpur (MP). It has fine track record. The company possesses a healthy profile marked by strong networth base along with good liquidity and profitability. The rating continue to draw support from the experienced promoters, consistent track record of profitable operations of the company, established brand name with a well-developed nation-wide marketing network and diversified product profile of the company. Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered good for normal 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	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 = A-
Rating Explanation	Having adequate degree of safety and carry low credit risk.
Date	October 28, 2015
Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2+
Rating Explanation	Having strong degree of safety and carry low credit risk.
Date	October 28, 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 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-1276-241540)

LOCATIONS

Registered Office / Works-Steel Division :	Prakash Nagar, Delhi-Rohtak Road, Sankhol, Bahadurgarh -124507, Haryana, India
Tel. No.:	91-1276-241540 / 241980 / 81 / 82
Fax No.:	91-1276-241886
E-Mail :	surya@suryasteelpipe.com surya@sroshni.com pvcsurya@sroshni.com bbsingal@gmail.com
Website :	http://www.surya.co.in www.suryaroshnilighting.com
Works - Steel Division (Malanpur)	Plot No. P-1 to P-20, Ghirongi Industrial Area, Malanpur, District Bhind, Madhya Pradesh, India
Works - Lighting Division 1 :	7k.m. Stone, Kashipur - Moradabad Road, District Udham Singh Nagar, Kashipur - 244 713, Uttarakhand, India
E-Mail :	srlkashipur@suryaksp.com
Works - Lighting Division 2 :	J - 7, 8 and 9 Malanpur Industrial Area Malanpur, District Bhind, Madhya Pradesh, India
E-Mail :	srlmlpr@sancharnet.in
Head Office	Padma Tower - 1, 5 Rajendra Place, New Delhi - 110008, India
Tel. No.:	91-11-25810093-96/ 47108000
Fax No.:	91-11-25789560
E-Mail :	consumercare@sroshni.com

DIRECTORS

As on: 31.03.2015

Name :	Mr. Jai Prakash Agarwal
Designation :	Chairman
Date of Appointment :	29.10.2012
DIN No.:	00041119
Name :	Mr. Raju Bista
Designation :	Managing Director
Date of Appointment :	18.06.2014
DIN No.:	01299297
Name :	Mr. Ravinder Kumar Narang
Designation :	Director
Date of Appointment :	05.09.2014
DIN No.:	02318041
Name :	Mr. Sudhanshu Kumar Awasthi
Designation :	Director
Date of Appointment :	05.09.2014
DIN No.:	02162923
Name :	Mr. Utpal Kumar Mukhopadhyay
Designation :	Director
Date of Appointment :	05.09.2014
DIN No.:	02766045
Name :	Mr. Tara Sankar Bhattacharya
Designation :	Director
Date of Appointment :	05.09.2014
DIN No.:	00157305
Name :	Mr. Surendra Singh Khurana
Designation :	Director
Date of Appointment :	05.09.2014
DIN No.:	02126149
Name :	Mrs. Salila Tewari
Designation :	Director
Date of Appointment :	31.03.2015
DIN No.:	01748088
Name :	Mr. Rajeev Kumar Sinha
Designation :	Nominee Director
Date of Appointment :	22.08.2015
DIN No.:	01334549
Name :	Mr. Mukesh Tripathi
Designation :	Director
Date of Appointment :	27.09.2013
DIN No.:	01951272
Name :	Mr. Utkarsh Dwivedi
Designation :	Dy. Managing Director
Date of Appointment :	27.09.2013
DIN No.:	05142124
Name :	Mr. Krishan Kumar Narula
Designation :	Director
Date of Appointment :	29.03.2000
DIN No.:	00098124

KEY EXECUTIVES

Name :	Mr. Ramanjit Singh
Designation :	Chief Executive Officer
PAN	AMCPS8944D
Date of Appointment :	13.08.2015
Name :	Mr. Bharat Bhushan Singal
Designation :	Secretary
PAN	AAMPS6517N
Date of Appointment :	15.07.1997
Name :	Mr. Roop Narain Maloo
Designation :	Chief Executive Officer
PAN	AAZPM3519K
Date of Appointment :	30.12.2013
Name :	Mr. Tarun Kumar Baldua
Designation :	Chief Executive Officer
PAN	ABAPB9375L
Date of Appointment :	14.11.2014
Name :	SGS Associates
Designation :	Secretarial Auditors

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2216383	5.06
Bodies Corporate	25538343	58.27
Sub Total	27754726	63.32
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	27754726	63.32
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	495	0.00
Financial Institutions / Banks	42580	0.10
Insurance Companies	0	0.01
Foreign Institutional Investors	20169	0.05
Sub Total	63244	0.16
(2) Non-Institutions
Bodies Corporate	7911948	18.09
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5272164	13.82
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1465360	3.34
Any Others (Specify)	550307	1.27
Non Resident Indians	243731	0.57
Clearing Members	306326	0.70
Trusts	250	0.00
Sub Total	15199779	36.52
Total Public shareholding (B)	15263023	36.68
Total (A)+(B)	43017749	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	43017749	100.00

Notes:

1. For determining public shareholding for the purpose of Clause 40A
2. 2. For definitions of Promoter and Promoter Group, refer to Clause 40A.
3. Public shareholding

BUSINESS DETAILS

Line of Business :

Manufacturer and seller of steel and lighting products

Products :

Item Code No.

Product Description

Brand Names :

• Prakash-Surya
• Surya

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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
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 :

3334 (Approximately)

Bankers :

• State Bank of India
• IDBI Bank Limited
• Punjab National Bank
• State Bank of Travancore
• State Bank of Patiala
• HDFC Bank Limited
• Canara Bank

Bank Name	Not Divulged
Branch	Not Divulged
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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term loan from Banks and Financial Institution	3642.752	2638.636
SHORT TERM BORROWING
Working capital loans from Banks	5155.215	5051.464
Short term loans from Banks	0.000	450.000
Total	8797.967	8140.100
NOTE : Term Loans banks and financial institutions are secured by deposit of title deeds relating to immovable assets of the company and further secured by hypothecation of all Company's movable assets and personal guarantee of Chairman of the Company. Working Capital Loans from Banks are secured against hypothecation of present and future stock of raw material, stock in process, finished goods, spare and stores, book debts etc., guaranteed by Chairman of the company and further secured by way of second charge on the company's Fixed Assets. The Short-term loan from banks are secured by subservient charges on fixed assets and guaranteed by the chairman company.

Auditors :
Name :	Sastry K. Anandam and Company Chartered Accountants
Cost Auditors :
Name :	R. J. Goel and Company Cost Accountants
Memberships :	--
Collaborators :	--
Associates :	Surya Global Steel Tubes Limited
Other Companies :	Surya Global Infrastructure Limited Surya Vijay Nagar Steel and Power Limited Surya Vijay Nagar Cement Limited

CAPITAL STRUCTURE

As on: 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
49800000	Equity Shares	Rs.10/- each	Rs. 498.000 Million
620000	Preference Shares	Rs.100/- each	Rs. 62.000 Million
	Total		Rs. 560.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43831250	Equity Shares	Rs.10/- each	Rs. 438.312 Million

Particulars	As at 31 March 2015
	Equity Shares	Preference Shares
Shares outstanding at the beginning of the year	43.831	---
Shares Issued during the year	---	---
Shares bought back during the year	---	---
Shares outstanding at the end of the year	43.831	---

Name of Shareholder	As at 31 March 2015
	No. of Shares held	% of Holding
Diwakar Marketing Private Limited	5637500	12.86
Cubitex Marketing Private Ltd.	4761000	10.86
Shreyansh Mercantile Private Ltd.	3178000	7.25
Lustre Merchants Private Limited	1622394	3.70

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	438.312	438.312	438.312
(b) Reserves & Surplus	7671.856	7300.745	6884.339
(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)	8110.168	7739.057	7322.651
(3) Non-Current Liabilities
(a) long-term borrowings	3642.752	4009.750	3683.109
(b) Deferred tax liabilities (Net)	513.036	483.491	424.357
(c) Other long term liabilities	70.285	58.020	52.671
(d) long-term provisions	192.082	171.074	175.085
Total Non-current Liabilities (3)	4418.155	4722.335	4335.222
(4) Current Liabilities
(a) Short term borrowings	5155.215	5501.464	4011.100
(b) Trade payables	1721.285	1158.363	745.176
(c) Other current liabilities	1206.839	1377.301	1330.393
(d) Short-term provisions	177.154	208.743	408.464
Total Current Liabilities (4)	8260.493	8245.871	6495.133
TOTAL	20788.816	20707.263	18153.006
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9364.739	9118.606	8532.295
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	263.783	537.088	259.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	500.000	500.000	500.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	10128.522	10155.694	9292.795
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3895.221	4331.282	3803.127
(c) Trade receivables	5242.279	4965.797	4103.404
(d) Cash and cash equivalents	263.514	246.856	186.567
(e) Short-term loans and advances	1176.876	940.290	702.782
(f) Other current assets	82.404	67.344	64.331
Total Current Assets	10660.294	10551.569	8860.211
TOTAL	20788.816	20707.263	18153.006

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	28570.982	30309.749	29590.275
		Other Income	37.313	35.831	16.271
		TOTAL	28608.295	30345.580	29606.546
Less	EXPENSES
		Cost of Materials Consumed	18583.531	21846.886	20742.055
		Purchases of Stock-in-Trade	2005.458	1437.923	1452.982
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	44.925	(624.488)	310.055
		Employees benefits expense	1563.748	1510.566	1346.857
		Other expenses	4142.439	3802.341	3371.987
		TOTAL	26340.101	27973.228	27223.936
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2268.194	2372.352	2382.610
Less	FINANCIAL EXPENSES		1089.984	1144.697	1096.721
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1178.210	1227.655	1285.889
Less/ Add	DEPRECIATION/ AMORTISATION		560.425	556.371	565.116
	PROFIT/(LOSS) BEFORE TAX		617.785	671.284	720.773
Less	TAX		76.913	137.679	28.322
	PROFIT/(LOSS) AFTER TAX		540.872	533.605	692.451
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)		3345.844	2923.519	2515.174
Less	APPROPRIATIONS
	Transfer to General Reserve		60.000	60.000	80.000
	Interim Dividend paid including dividend distribution tax		0.000	0.000	152.825
	Proposed Dividend including dividend distribution tax		52.754	51.280	51.280
	Total (M)		112.754	111.280	284.105
	Balance Carried to the B/S (J+K+L-M)		3773.962	3345.844	2923.520
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2371.058	3555.344	3703.424
	TOTAL EARNINGS		2371.058	3555.344	3703.424
	IMPORTS
		Raw Materials	1320.355	1596.520	1872.311
		Stores & Spares	12.832	19.504	8.327
		Capital Goods	7.072	36.618	80.326
		Others		0.000	0.000
	TOTAL IMPORTS		1340.259	1652.641	1960.964
	Earnings Per Share (Rs.)		12.34	12.17	15.80

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	678.428	867.700	878.400
Cash generated from operations	2785.170	1043.746	1902.608
Net Cash flows from operating activities	2666.950	903.042	1749.048

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.89	1.76	2.34
Operating Profit Margin (PBIDT/Sales)	(%)	7.94	7.83	8.05
Return on Total Assets (PBT/Total Assets}	(%)	3.09	3.41	4.14
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.10
Debt Equity Ratio (Total Debt /Networth)		1.17	1.34	1.17
Current Ratio (Current Asset/Current Liability)		1.29	1.28	1.36

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.129.90

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	438.312	438.312	438.312
Reserves & Surplus	6884.339	7300.745	7671.856
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7322.651	7739.057	8110.168
long-term borrowings	3683.109	4009.750	3642.752
Short term borrowings	4011.100	5501.464	5155.215
Current Maturities of Long Term Debt	878.400	867.700	678.428
Total borrowings	8572.609	10378.914	9476.395
Debt/Equity ratio	1.171	1.341	1.168

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	29590.275	30309.749	28570.982
		2.431	(5.737)

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	29590.275	30309.749	28570.982
Profit	692.451	533.605	540.872
	2.34%	1.76%	1.89%

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	Yes
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION:

HIGH COURT OF PUNJAB AND HARYANA
Case Details For Case CEA-54-2015
Diary Number	1412757	District	NEW-DELHI
Category	6.15-CEA	Main Case Detail	--
Party Detail	COMMISSIONER OF CENTRAL EXCISE ROHTAK V/S M/S SURYA ROSHNI LTD
Advocate Name	SUNISH BINDLISH	List Type	ORDINARY
Status	PENDING	Next date
Miscellaneous Applications
CM-21734-CII-2015		IN CEA-54-2015
CM-21735-CII-2015		IN CEA-54-2015
Case Listing Details
No Listing Data Available
Impung Order Detail
Order Date	Authority		District
06-SEP-12	CUSTOMS EXCISE AND STAT, NEW DELHI
Judgment Details For Case: CEA-54-2015 Party Detail: COMMISSIONER OF CENTRAL EXCISE ROHTAK V/S M/S SURYA ROSHNI LIMITED
Order Date	Order Type	Bench	Judgment Link
No Judgment/Order Found.
Designed and Developed by National Informatics Centre Contents Published and Managed by Punjab & Haryana High Court, Chandigarh. Disclaimer

MANAGEMENT DISCUSSION AND ANALYSIS

A journey of thousand miles, begins from a single motivation. To sustain a long journey, one needs to stay energized, motivated and absolutely focused. At Surya Roshni, they commenced their journey in 1973 as steel tube unit making. Since then, they embarked on this journey and today Surya Roshni is an Indian multinational with diverse businesses with units in different states and indeed takes pride for being the largest Indian Lighting Company & largest G.I & Hollow Section Pipes manufacturer. Surya products are so unique and special that it is popular in “EVERY CITY EVRY HOME”.

Surya, not only climbed the value chain to offer world class products to their customers but also expanded its horizon by entering into the realm of fans by launch of fans under its brand name 'SURYA FANS'. Each business was built with dedication and focus and going by the numbers, they sure have been successful in delivering what they set out for.

The company's core business comprises of lighting and steel tube products. The world in which they do business is Changing at a significant speed. Surya, adapts its technology, product development, manufacturing capabilities and marketing with the change needs and thus became the first lighting company in India to introduce energy-efficient lighting solutions. The next generation LED technology is the latest addition to 'SURYA' cosmic range of lighting series. SURYA competitively positioned today over its rivals and has become prominent brand in the consumer market due to the following factors –

• Largest ERW Pipe and Cold Rolled Strips Mills at Bahadurgarh, Haryana
• Largest G.I & Hollow Section Pipes Manufacturer.
• High Mast and ERW pipe Manufacturing unit at Malanpur, MP.
• Introduce Square & Section pipes in steel and thus increases its product Basket and achieved higher market share.
• Asia largest ribbon glass plant from Dema Glass UK at Gwalior, MP
• Surya is the only lighting company with 100 per cent backward integration. It manufactures all its components.
• Today, Surya is the second largest seller of GLS and FTL in India.
• Surya Lamps saves upto 85% electricity & have more life.
• State-of-the-art lighting laboratory in Noida that is one of the best lighting laboratories in Asia –Surya Technology & Innovation Centre (STIC). STIC has been recognized as an R & D center by DSIR, Ministry of Science and Technology. Listed as one of the best testing laboratories in India by BEE (Bureau of Energy Efficiency) LED lighting system.
• Surya, has an international presence in more than 54 countries
• Surya, offered a vast range of product line – up including Tube Lights, GLS,CFL Lamps, wide range of LED's, HPSV / Metal Halide Lamps, Street Lighting, High Bay Lighting, flooding lighting, landscape lighting and High Mast etc and thereby participate in the growing infrastructure sector.
• To complement its foray in luminaire segment, Surya Roshni has set up with state-of-the-art manufacturing facility for High Mast Lighting Systems and Octagonal Poles.
• Surya launch colorful range of ceiling, table, pedestral & wall mounting fans along with wide range domestic exhaust fans.

Quality has always been the driving force in every process from the raw material stage to the finished product at Surya. Their commitment to deliver world-class solutions to their clients in the shortest time lag enabled us to establish presence across two corners of India and globally, leading to improved customer relationship.

By being cost effective without compromising on quality, the company has become a leader in Steel pipes industry and the second largest lighting company in India. The company's processes are certified under ISO 9001:2008 Quality Management Systems Standard, ISO 14001:2004 Environmental Management Systems Standards and OHSAS 18001:2007 Occupational Health and Safety Management System Standard. Surya has also obtained 5 star rating for fluorescent tube lamps from Bureau of Energy Efficiency, India. Surya GLS also conforms to prestigious European safety standards - "CE" & TUV Bauart.

At Surya, they utilized the tough times to strengthen their operations and thereby setting a grander stage for a promising future. Surya is poised to capitalize on the immense opportunities unfolding in the global market giving it an edge over its peers.

INDUSTRY STRUCTURE, DEVELOPMENT & OUTLOOK

OUTLOOK FOR STEEL PIPES

India has become the global pipe manufacturing hub primarily due to the benefits of its lower cost, high quality and geographical advantages. The global accreditations and certifications that the Indian companies possess have made them preferred suppliers for many leading infrastructure and oil & gas companies in the world and particularly those in Middle East, North America and Europe. The global economy returned to sustained growth, secondly with the new stable government formed in India, the enormous growth opportunity is seen even the project held up due to various reasons are going to start shortly and the new Infra structural development will take place in due course. Therefore the domestic pipe industry is expected to accelerate into high growth improvement in the power condition both in urban and rural areas and anticipated increase in spending on infrastructure development both in public and private sectors in the coming years, the demand of regular lighting products is expected to increase by leaps and bounds.

Surya Roshni brings brightness to many homes every evening in over 54 countries across the globe. Surya Roshni is one among the large producers in the field of light source and its components in India and has played the role of a technology leader by establishing new benchmarks for the industry. As a leader in the area of lighting equipments, Surya Roshni has been providing innovative and safe lighting equipments to its customers and became the first lighting company in India to introduce energy-efficient lighting solutions.

Surya, brings one revolution in the fan market by launch of fans under its brand name “SURYA”. Company launched colorful range of Ceiling, Table, Pedestal, Wall mounted fans along with the wide range of domestic exhaust fans. Best material and technology is used to serve as the world's best fan in India and abroad.

Surya Roshni create landmark in Lighting Industry by adding in its product portfolio LED Bulb for 5W & 7W replacing 40w & 60w incandescent lamp. LED Bulb of Surya Roshni Limited has long life (up to 25,000 hours), wide range of operating voltage (110v – 300v), and free of mercury and substantial energy savings. LED Luminaire series consist of a wider basket of luminaries catering to different applications for indoor or outdoor illumination.

Surya, wide range of world class energy efficient lamps, T5 lamps, Fluorescent lamps, high pressure sodium and mercury lamps, metal halides lamps to name a few are manufactured at state-of-the-art units with top of the line machinery and equipments (from FALMA-Montena S.A., Switzerland, DEMA engineering UK.GE-Hungary) to benchmarked processes and practices. Surya Roshni has instituted a culture of continuous quality upgradation and a strong system to ensure that the quality meets international benchmark.

Surya Roshni has an exhaustive range of luminaires and accessories to meet the requirement of every segment of professional lighting that includes domestic, industrial, designer, commercial, street lights besides LEDs. Products are designed and developed after extensive in house research ensuring thereby high standards of quality. To complement its foray in luminaire segment, Surya Roshni has set up with state-of-the-art manufacturing facility for High Mast Lighting Systems and Octagonal Poles. Apart for light source manufacturing, Surya Roshni has also been a leading manufacturer of various lamps' components since last two decades and well known as quality lamp component supplier from India.

Surya Technology and Innovation Centre (STIC) at NOIDA is Jewel in the crown of Surya stable. It is one of the best higher volumes and increased margins in the near future. Now with the formation of new stable Government which is strongly committed to reforms agenda and taking effective economic action aimed at spurring consumption, building infrastructure and stimulating economic growth. Rural India is expected to thrive with good agricultural crop aided by appropriate government policy. Infra sectors provide a huge opportunity in both rural and urban India. The Construction sectors and housing sectors are booming thereby providing lighting and pipe industries a good opportunity to grow.

Outlook for lighting industry:

Lighting is always a prime necessity in the modern world. It is an important component in the industrial growth of a

Country and vital at the domestic front for a good living. With the increase in residential houses, the demand for lighting and consequently the lighting industries are growing at tremendous pace. With a general lighting laboratories in Asia. It has house the Mirror Gonio photometer from LMT-Germany and is used for developing new generation energy saving luminaries. In addition to this, Surya will provide Photometric Optical Testing facility for all kinds of luminaries.

STEEL DIVISION

Steel Industry witnessed the tough time during the year. However, the revenue from operations of the division stood at Rs 19537.900 Million as compared to Rs 20526.700 Million in the last financial year. The export turnover of the division is Rs. 3403.200 Million in comparison to Rs.3456.200 Million in the last financial year. The pipe division produces nearly 800000 MT of various pipes per annum in both galvanized and black verities, in sizes ranging from 15mm NB to 400mm NB and in various specifications. Trust is what they build through their Steel Pipes. The Company has continued a series of Dealer, Retailer, Plumber & Architect / Builder / Consultants Conferences along with Press conferences & Brand awareness campaigns, which has increased the demand potential substantially. Due to the rise of demand in the demand for steel pipes will enhance substantially during the year(s).

LIGHTING DIVISION

During the year, Lighting Division has grown at a rate much higher than that of national average of the Industry. As on date, they are the second largest Lighting Company of the country commanding a market share in excess of 25%. The performance of the division during the year shows robust growth. Revenue from operation of the division increased to Rs. 10771.900 Million as compared to Rs. 9063.600 Million last year, an increase of 18.85 % over the previous year. The higher sales have partly been accounted by new products and geographical expansion. They became the first lighting company in India to introduce energy-efficient lighting solutions. The recently launched LED add a great amount of color & class as well as complimenting the existing range of their products which include CFL, Tube Light, GLS, Luminaries and Accessories, High Mast Lighting Systems, Lighting Poles etc. LED Bulb has long life (up to 50,000 hours), wide range of operating voltage (110v – 300v), and free of mercury and substantial energy savings. LED Luminaire series consist of a wider basket of luminaries catering to different applications for indoor or outdoor illumination.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term loans	0.000	739.800
Public Deposits	0.000	631.314
Total	0.000	1371.114

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10577937	27/06/2015 *	1,750,000,000.00	STATE BANK OF INDIA	SPECIAL COMMERCIAL BRANCH, SCO-103-106, SECTOR 17-B, CHANDIGARH - 160017, INDIA	C58107731
2	10547893	09/06/2015 *	300,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR - 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	C57411126
3	10484842	27/06/2014 *	200,000,000.00	PUNJAB NATIONAL BANK	28A, K.G.MARG, ECE HOUSE, NEW DELHI - 110001, INDIA	C11580586
4	10477197	27/06/2014 *	500,000,000.00	STATE BANK OF TRAVANCORE	COMMERCIAL BRANCH, TRAVANCORE HOUSE, K. G. MARG,  NEW DELHI - 110001, INDIA	C09099466
5	10460677	29/11/2013 *	1,236,390,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, SCO 103-106, SECTOR-17-B, CHANDIGARH - 160017, INDIA	B94677275
6	10453097	27/06/2014 *	300,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR - 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	C09700766
7	10421251	31/08/2013 *	722,200,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, SCO 103-106, SECTOR-17-B, CHANDIGARH - 160017, INDIA	B84268010
8	10417318	31/08/2013 *	758,400,000.00	STATE BANK OF INDIA	SPECIAL COMMERCIAL BRANCH, SCO 103-106, SECTOR- 17B, CHANDIGARH - 160017, INDIA	B84276047
9	10337222	25/06/2012 *	200,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	GROUND FLOOR, VIDEOCON TOWER, E-1, RANI JHANSI ROAD, JHANDEWALAN EXTENSION, NEW DELHI - 110055, INDIA	B43614916
10	10214227	03/03/2012 *	500,000,000.00	STATE BANK OF INDIA	SPECIAL COMMERCIAL BRANCH, SCO 103-106, SECTOR 17B, CHANDIGARH - 160017, INDIA	B34653733

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015
Claims against the company not acknowleged as debt;	18.919
Guarantees;	571.162
Corporate Guarantee in favour of Banks for providing term loans to Surya Global Steel Tubes Limited: Sanctioned term loans amount - Rs. 135.000 Million; Outstanding term loans amount- Rs. 560.000 Million	210.000
Bonds executed by the Company to Custom Department against export obligation under EPCG Scheme	247.093

FIXED ASSETS

• Land Freehold
• Land under lease
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office equipment
• Air Conditioner and Coolers
• Temporary Construction
• Electric Equipments
• Miscellaneous Assets
• Computer

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND HALF YEARS ON 30.09.2015

[RS. IN MILLIONS]

PARTICULARS	3 Months Ended		6 Months Ended
	30.09.2015 [Unaudited]	30.06.2015 [Unaudited]	30.09.2015 [Unaudited]
(a) Net sates/income from operations (Net of excise duty)	7217.300	7312.300	14529.600
(b) Other Operating Income	0.000	0.000	0.000
Total income from operations (net)	7217.300	7312.300	14529.600
Expenses
(a) Cost of materials consumed	4701.500	4709.500	9411.000
(b) Purchases of stock-in trade	467.700	551.400	1019.100
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	-93.500	24.800	-68.700
(d) Employee benefits expense	450.800	443.300	894.100
(e) Depreciation and Amortization Expenses	153.700	149.200	302.900
(f) Other Expenses	1124.900	1024.900	2149.800
(g)Foreign Exchange	0.000	0.000	0.000
Total expenses	6805.100	6903.100	13708.200
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	412.200	409.200	821.400
Other Income	2.800	2.000	4.800
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	415.000	411.200	826.200
Finance Costs	242.200	247.700	489.900
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	172.800	163.500	336.300
Exceptional items	0.000	0.000	0.000
Profit/ (Loss) from ordinary activities before tax (7+8)	172.800	163.500	336.300
Tax expenses	45.300	45.600	90.900
Net Profit / (Loss) from ordinary activities after tax (9-10)	127.500	117.900	245.400
Extraordinary item (net of tax expense)	0.000	0.000	0.000
Net Profit / (Loss) for the period (11-12)	127.500	117.900	245.400
Share of profit' (loss) of associates
Minority Interest
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)
Paid up equity share capital (Face Value of Rs 10/-each)	438.3	438.3	438.3
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):
(a) Basic	2.91	2.69	5.6
(b) Diluted	2.91	2.69	5.6
PARTICULARS OF SHAREHOLDING
A. Public Shareholding
- Number of shares	16076524	16076524	16076524
- Percentage of shareholding	38.69	56.68	36.68
Promoters and Promoter group shareholding	63.32	53.32	63.32
a) Pledged / Encumbered
- Number of shares	9904281	9304161	9904161
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	35.68	33.52	35.68
- Percentage of shares (as a % of the total Share Capital of the Company)	22.59	21.23	22.59
b) Non Encumbered
- Number of shares	17850565	18450565	17850565
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	64.32	66.48	64.32
- Percentage of shares (as a % of the total Share Capital of the Company)	40.73	42.09	40.79

	PARTICULARS	3 Months Ended 30.09.2015
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	NILL
	Received during the Quarter	5
	Disposed of during the quarter	5
	Remaining unresolved at the end of the quarter	NIL

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

	PARTICULARS	3 Months Ended		Year Ended
		30.09.2015	30.06.2015	30.09.2015
		(Unaudited)	(Unaudited)	(Audited)
1	Segment Revenue
	(a) Steel Products	4144.800	4660.300	8805.100
	(b) Lighting Products	3553.600	3182.400	8735.900
	Total Segment Revenue	7698.400	7842.700	17541.000
	Less : Inter segment Revenue	-	-	-
	Less: Excise Duty	(481.000)	(530.400)	(1011.400)
	Net Sales/Income from operations	7217.400	7217.400	14434.800
2	Segment Results (Profit/(loss) before tax and interest from each segment)
	(a) Steel Products	92.000	101.700	193.700
	(b) Lighting Products	323.000	309.500	632.500
	TOTAL	415.000	411.200	826.200
	Less: (i) Finance Cost	(242.200)	(247.700)	(489.900)
	(ii) Other unallocable expenditure net off	--	--	--
	(iii) unallocable income	--	--	--
	Total Profit before tax	172.800	172.800	336.300
3	Capital Employed (Segment Assets less Segment Liabilities)
	(a) Steel Products	10473.00	10568.900	10473.000
	(b) Lighting Products	7212.600	7662.000	6313.600
	TOTAL	17685.600	18230.900	16786.600

(RS. IN MILLIONS)

SOURCES OF FUNDS	30.09.2014 [Unaudited]
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	438.300
(b) Reserves & Surplus	7917.200
Total Shareholders’ Funds	8355.500
(2) Share Application Money Pending Allotment	0.000
(3) Non-Current Liabilities
(a) long-term borrowings	3464.000
(b) Deferred tax liabilities (Net)	517.800
(c) Other long term liabilities	72.400
(d) long-term provisions	206.600
Total Non-current Liabilities (3)	4260.800
(4) Current Liabilities
(a) Short term borrowings	4665.700
(b) Trade payables	1947.900
(c) Other current liabilities	1283.300
(d) Short-term provisions	90.200
Total Current Liabilities (4)	7987.100
TOTAL	20603.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	9578.300
(b) Non-current Investments	500.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	10078.300
(2) Current assets
(a) Current investments	0.000
(b) Inventories	4208.200
(c) Trade receivables	4883.100
(d) Cash and cash equivalents	294.600
(e) Short-term loans and advances	1053.700
(f) Other current assets	96.300
Total Current Assets	10535.900
TOTAL	20603.200

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.66.14
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RSM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.