MIRA INFORM REPORT

Report No. :	351414
Report Date :	26.11.2015

IDENTIFICATION DETAILS

Name :	DE NORA INDIA LIMITED (w.e.f 27.06.2007)
Formerly Known As :	TITANOR COMPONENTS LIMITED
Registered Office :	Plot Nos. 184,185 and 189, Kundaim Industrial Estate, Kundaim, Ponda - 403115, Goa
Tel. No.:	91-832-3981100
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	June 1989
Com. Reg. No.:	24-001335
Capital Investment / Paid-up Capital :	Rs. 53.086 Million
CIN No.: [Company Identification No.]	L31200GA1993PLC001335
IEC No.:	Not Divulged
TAN No.: [Tax Deduction and 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 manufacturing and coating of anode and cathode for electrolytic process for several industrial applications like for instance in the chlor-alkali industry, water and waste water treatment, pulp and paper manufacturing, surface finishing and plating industries and cathodic protection systems of steel structure and of cement.
No. of Employees :	Information declined by the management

RATING and COMMENTS

MIRA’s Rating :

Ba (51)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1993 having satisfactory track. Turnover and profit of the company has slightly declined during December 2014. However, the company possesses an above average financial risk profile marked by healthy net worth base and decent liquidity position of the company. Further, the rating also takes into consideration good profit margin and favorable gap between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitment. In view of long track record and acceptable financial base, the company can be considered normal 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.

EXTERNAL AGENCY RATING

Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON-CO-OPERATIVE

(91-832-3981100)

LOCATIONS

Registered Office/ Factory :	Plot Nos. 184,185 and 189, Kundaim Industrial Estate, Kundaim, Ponda - 403115, Goa, India
Tel. No.:	91-832-3981100
Fax No.:	91-832-3981101
E-Mail :	denoraindia@denora.com
Website :	www.denoraindia.com

DIRECTORS

AS ON 31.03.2015

Name :	Mr. M. A. Sundaram
Designation :	Chairman
DIN No.:	00144607

Name :	Mr. Robert Scannell
Designation :	Director
Address :	Gerhart-Hauptmann-Str. 15, 64319 Pfungstadt, Germany - 64319, Ireland
Date of Appointment :	14.05.2014
DIN No.:	06818489

Name :	Mr. Angelo Ferrari
Designation :	Director
Address :	Xxv Aprile N, 2/A, Agnadello, Italy
Date of Birth/Age :	54 Years
Qualification :	Degree in Business Administration C/O “Luigi Bocconi” University in Milan.
Experience :	Educated in Italy, Mr. Angelo Ferrari has more than 28 years of extensive experience and renowned knowledge in the areas of Finance, Administration and Control functions. He has been associated with the parent company since last 28 years. He is presently the head of Group Corporate Finance and Special Projects Activity in Industries De Nora S.P.A. He has also been the head of the Group Governance and Special Projects Activity in Federico De Nora. He is currently associated as a Director of various De Nora Group Companies. He also has vast experience as an Internal Auditor and Corporate Planner in different companies.
Other Directorship/ Committee Membership :	Oronzio De Nora International B. V., Netherlands – Managing Director De Nora Deutschland Gmbh, Germany – Managing Director Jetnor B. V. – Managing Director Capannoni S.R.L. - Director

Name :	Sarita D’souza
Designation :	Director
Address :	S-1, Serenity, Near Abalone Resorts, Gorbhat, Arpora, Bardez - 403516, Goa, India
Date of Appointment :	29.09.2014
DIN No.:	06949439

Name :	Mr. Krishan Khanna
Designation :	Director
Address :	305, Olympus, Altamount Road, Cumballa Hill Gamdevi, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	76 Years
Qualification :	I.Sc. From Benares Hindu University B.Tech In Mechanical Engineering From I. I. T. Kharagpur
Experience :	Mr. Khanna Is A Mechanical Engineer Having Specialization In Manufacturing Technology With 52 Years’ Experience In Industry, Education, Business Development, Governance And Corporate Management. He Is The Founder Trustee And The Chairman Of Iwatch, A Non-Governmental Organisation For Promoting Relevant Education And Vocational Training. He Has Wide Exposure In The Social Sector And Has Been Involved In Joint Business Ventures And Business Partnerships With 15 Different Countries. He Has Gathered Experience In Execution Of Projects In The Fields Of Promoting Education, Generation Of Employment Through Imparting Vocational Training And Skills, Corporate Governance And Administration Through CSR Activities.
Date of Appointment :	02.09.2013
DIN No.:	00046548
Other Directorship :	i2K Solutions Private Limited

KEY EXECUTIVES

Name :	Jyoti Bandodkar
Designation :	Company Secretary
Address :	House No. 581, Opposite PWD Quarters, Gouliwada, Fatorda, Salcete - 403602, Goa, India
PAN No.:	ASBPP5974H
Name :	Mr. Deepak Bhaskar Nagvekar
Designation :	Chief Executive Officer
Address :	H No. 198/1, Dwarkai, Divan Bhati, Opposite Arveshwar Devasthan, Arpora, Arpora - 403516, Goa, India
PAN No.:	AAGPN9663G
Name :	Mr. Vinay Chopra
Designation :	Manager
Address :	Flat No. S1, Building. No. E2, Navelkar Estate, Bainguinim, Old Goa - 403402, Goa, India
Date of Appointment :	02.09.2013
PAN No.:	ABKPC9804D
DIN No.:	06543610

SHAREHOLDING PATTERN

AS ON 30.09.2015

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	180732	3.40
Bodies Corporate	2849500	53.68
Sub Total	3030232	57.08
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3030232	57.08
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	100	0.00
Foreign Institutional Investors	7460	0.14
Sub Total	7560	0.14
(2) Non-Institutions
Bodies Corporate	193723	3.65
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	1524598	28.72
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	497908	9.38
Any Others (Specify)	54613	1.03
Non Resident Indians	54613	1.03
Sub Total	2270842	42.78
Total Public shareholding (B)	2278402	42.92
Total (A)+(B)	5308634	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5308634	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Oronzio De Nora International B V	28,49,500	53.68
2	Bunty Khanna	1,53,762	2.90
3	Madhu Khanna	26,970	0.51
	Total	30,30,232	57.08

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Lalan A Kapadia	75000	1.41
2	Bharat Ajay Kapadia	75000	1.41
3	Nitin Saxena	65366	1.23
	Total	215366	4.06

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing and coating of anode and cathode for electrolytic process for several industrial applications like for instance in the chlor-alkali industry, water and waste water treatment, pulp and paper manufacturing, surface finishing and plating industries and cathodic protection systems of steel structure and of cement.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

Information declined by the management

Bankers :

Banker Name :	Bank of Baroda
Branch :	Not Available
Person Name (With Designation) :	Not Available
Contact Number :	Not Available
Name of Account Holder :	Not Available
Account Number :	Not Available
Account Since (Date/Year of Account Opening) :	Not Available
Average Balance Maintained :	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Available
Account Operation :	Not Available
Remark :	Not Available

Cost Auditors :	K. C. Kohli and Company Chartered Accountants
Address :	Delhi, India
Collaborators :	Not Available
Membership :	Not Available
Holding Company:	Oronzio De Nora International B. V.

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
5,308,634	Equity Shares	Rs. 10/- each	Rs. 53.086 Million

Equity shares held by Ultimate Holding Company/ Holding Company and /or their associates or subsidiaries

Name of Shareholder	Relationship	31 December, 2014
		Number	Amount
Oronzio De Nora International B. V.	Holding Company	2,849,500	28.495

1. Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having a par value of Rs 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31 December 2014, the amount of per share dividend recognized as distribution to equity shareholders was Rs 1.5 per share (previous year: Rs 4 per share). The dividend appropriation for the year ended December 2014 amounted to Rs 7,962,951 (previous year: Rs 21,234,536) plus corporate dividend tax of Rs 1,353,304 (previous year: Rs 3,609,871)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

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

Name of Shareholder	Number of Shares	% holding
Oronzio De Nora International B. V.	2,849,500	53.68%

3. Reconciliation of the number of shares

Equity Shares	Number of Shares
Shares outstanding at the beginning of the year	5,308,634
Shares issued during the year	--
Shares outstanding at the end of the year	5,308,634

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	53.086	53.086	53.086
(b) Reserves and Surplus	339.556	306.347	283.721
(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)	392.642	359.433	336.807
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	10.059	7.675	21.371
Total Non-current Liabilities (3)	10.059	7.675	21.371
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	19.734	26.488	36.673
(c) Other current liabilities	36.159	37.691	45.102
(d) Short-term provisions	26.748	52.940	62.881
Total Current Liabilities (4)	82.641	117.119	144.656
TOTAL	485.342	484.227	502.834
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.935	71.640	64.197
(ii) Intangible Assets	0.524	0.670	0.401
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	12.491	8.795	8.795
(b) Non-current Investments	0.170	0.170	0.170
(c) Deferred tax assets (net)	15.865	16.953	7.737
(d) Long-term Loan and Advances	7.911	22.965	14.569
(e) Other Non-current assets	23.895	20.157	0.000
Total Non-Current Assets	128.791	141.350	95.869
(2) Current assets
(a) Current investments	142.918	76.434	152.299
(b) Inventories	66.976	113.858	102.047
(c) Trade receivables	116.274	128.860	92.225
(d) Cash and cash equivalents	10.409	11.484	50.318
(e) Short-term loans and advances	6.681	11.292	9.268
(f) Other current assets	13.293	0.949	0.808
Total Current Assets	356.551	342.877	406.965
TOTAL	485.342	484.227	502.834

PROFIT and LOSS ACCOUNT

	PARTICULARS	31.12.2014	31.12.2013	31.12.2012
	SALES
	Income	305.206	358.083	642.543
	Other Income	22.458	11.100	14.082
	TOTAL SALES	327.664	369.183	656.625
Less	EXPENSES
	Cost of Materials Consumed	81.927	129.404	281.261
	Purchases of Stock-in-Trade	13.704	2.564	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	11.041	7.109	18.451
	Employees benefits expense	46.390	43.940	40.226
	Other expenses	102.325	109.768	118.003
	TOTAL EXPENSES	255.387	292.785	457.941
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	72.277	76.398	198.684
Less	FINANCIAL EXPENSES	0.033	0.079	0.069
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	72.244	76.319	198.615
Less	DEPRECIATION/ AMORTISATION	12.009	7.144	5.976
	PROFIT/ (LOSS) BEFORE TAX	60.235	69.175	192.639
Less	TAX	17.710	21.418	59.569
	PROFIT/ (LOSS) AFTER TAX	42.525	47.757	133.070
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	11.606	9.063	26.261
	Recovery Charges	1.475	1.472	1.302
	TOTAL EARNINGS	13.081	10.535	27.563
	IMPORTS
	Raw Materials	34.201	107.505	130.246
	Inrangible Assets	6.248	0.000	8.482
	TOTAL IMPORTS	40.449	107.505	138.728
	EARNINGS / (LOSS) PER SHARE (RS.)	8.01	9.00	25.02

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	109.312	5.485	217.809
Cash generated from (Used) operations	NA	NA	NA
Cash generated from Operating Activities	97.141	(44.667)	173.599

QUARTERLY RESULTS

Particulars	30.09.2015	30.06.2015	31.03.2015
	UNAUDITED
Net Sales	143.020	59.850	75.890
Total Expenditure	96.650	48.220	56.280
PBIDT (Excl OI)	46.370	11.630	19.610
Other Income	3.780	24.640	6.040
Operating Profit	50.150	36.270	25.650
Interest	NA	0.010	NA
Exceptional Items	NA	NA	NA
PBDT	50.150	36.260	25.650
Depreciation	2.450	2.450	1.560
Profit Before Tax	47.700	33.810	24.090
Tax	16.360	9.550	8.630
Provisions and contingencies	NA	NA	NA
Profit After Tax	31.340	24.260	15.450
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	31.340	24.260	15.450

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	13.93	13.34	20.71
Operating Profit Margin (PBIDT/Sales)	(%)	23.68	21.34	30.92
Return on Total Assets (PBT/Total Assets}	(%)	13.19	15.09	39.63
Return on Investment (ROI) (PBT/Networth)		0.15	0.19	0.57
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.31	2.93	2.81

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 278.20/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	53.086	53.086	53.086
Reserves and Surplus	283.721	306.347	339.556
Net worth	336.807	359.433	392.642
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	642.543	358.083	305.206
		(44.271)	(14.767)

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	642.543	358.083	305.206
Profit	133.070	47.757	42.525
	20.71%	13.34%	13.93%

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	No
8	Designation of contact person	No
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

BACKGROUND:

De Nora India Limited (‘the Company’ or 'De Nora') was incorporated in June 1989 as Titanor Components Limited ('Titanor') and commenced business in November 1989. The Company's name was changed from Titanor to De Nora on 27 June 2007. The Company has its manufacturing facilities at Kundaim, Goa and is involved in the business of manufacturing and servicing of Electrolytic products.

OPERATIONS:

The Company continues to remain the market leader in the Chlor Alkali and Cathodic Protection Systems business. However, it was very difficult and challenging. Even though, the sales turnover of the Company for the year under review was lower than the previous year, the profitability for the year has been affected drastically and the Company has reported lower profit for the year ended 31st December, 2014, due to week industrial activity and sluggish market conditions in India. The Company is making all round efforts to overcome these difficulties in this competitive environment and is optimistic that the Company’s various initiatives and cost reduction schemes will give positive results in the current year.

OUTLOOK:

The Company is looking forward to maintain its position of market leader in Membrane Recoating Activity and Cathodic Protection Systems. The Directors are hopeful that ongoing efforts made in the field of chlorate Cells fabrication would pave way for the future growth of the Company. DNIL has successfully developed the new business of supplying of special electrodes for water treatment mainly for treating pharmaceutical waste water. DNIL was able to achieve the expected business in 2014 and looks forward to continue to develop this biz in 2015 as well. DNIL is also continuing to market new products of De Nora Next namely: Solar Mac NGOTM and Giselle.

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2015

(Rs. In Million)

Particulars	3 Months Ended	3 Months Ended	3 Months Ended
	30.09.2015	30.06.2015	30.09.2014
	UNAUDITED
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	143.002	59.852	278.204
b) Other operating income	0.016	0.004	0.557
Total income from Operations(net)	143.018	59.856	278.761
2.Expenditure
a) Cost of material consumed	45.725	27.868	95.468
b) Purchases of stock in trade	1.550	0.781	4.379
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	12.638	(14.268)	(2.557)
d) Employees benefit expenses	14.908	13.125	41.052
e) Depreciation and amortization expenses	2.451	2.451	6.457
f) Power and Fuel	0.000	0.000	0.000
g) Other expenditure	21.821	20.721	62.813
Total expenses	99.093	50.678	207.612
3. Profit from operations before other income and financial costs	43.925	9.178	71.149
4. Other income	3.776	24.639	34.458
5. Profit from ordinary activities before finance costs	47.701	33.817	105.607
6. Finance costs	--	0.009	0.013
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	47.701	33.808	105.594
8. Exchange Currency Fluctuation Loss/ (Gain)	--	--	--
9. Profit from ordinary activities before tax Expense:	47.701	33.808	105.594
10.Tax expenses	16.358	9.553	34.542
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	31.343	24.255	71.052
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period (11 -12)	31.343	24.255	71.052
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	53.086	53.086	53.086
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	--
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	5.90	4.57	13.38
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	2278402	2278402	2278402
- Percentage of shareholding	42.92	42.92	42.92
2. Promoters and Promoters group Shareholding-	--	--	--
a) Pledged /Encumbered
Number of shares	--	--	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--	--	--
Percentage of shares (as a % of total share capital of the company)	--	--	--
b) Non Encumbered
Number of shares	3030232	3030232	3030232
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	57.08	57.08	57.08
B. Investor Complaints
Pending at the beginning of the quarter				NIL
Receiving during the quarter				NIL
Disposed of during the quarter				NIL
Remaining unreserved at the end of the quarter				NIL

Notes:

1. The above results were reviewed by the audit committee approved by the Board of Directors at their meeting held on October 28, 2015.
2. The financial results for the quarter and nine months ended 30 September, 2015 as stated above have been subjected to “Limited Review” by the statutory auditors of the Company. The limited review report does not contain any modification.
3. The useful life of the fixed assets was revised in accordance with Schedule II to the Companies Act, 2013 which is application from accounting period commencing 1 April 2014. Accordingly the Depreciation expenses for the quarter and nine months ended 30 September 2014 was higher by Rs. 0.975 Million.
4. The board of directors as its meeting held on February 19, 2015 decided to change the financial year of the company from January-December to April-March. Accordingly the Company’s next Annual Accounts and report will be for a period of fifteen month i.e. from January 01, 2015 to March 31, 2016.
5. The company operates in a single business segment namely “Electrolytic Products”
6. The figures for the previous periods have been regrouped/ reclassified wherever necessary to confirm to the current period presentation.

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10539233	08/12/2014	60,000,000.00	BANK OF BARODA	P B NO. 236, GCCI BUILDING, OPPOSITE AZAD MAIDAN,  PANJIM, GOA - 403001, INDIA	C38410346

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering and 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. 66.38
UK Pound	1	Rs. 100.45
Euro	1	Rs. 70.55

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	SYL

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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 and 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.