MIRA INFORM REPORT

Report No. :	344577
Report Date :	10.10.2015

IDENTIFICATION DETAILS

Name :	NILKAMAL LIMITED
Registered Office :	Survey No. 354/2 and 354/3, Near Rakholi Bridge, Silvassa Khanvel Road, Village Vasona, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli
Tel. No.:	91-260-2699082-083
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	05.12.1985
Com. Reg. No.:	54-000162
Capital Investment / Paid-up Capital :	Rs. 149.225 Million
CIN No.: [Company Identification No.]	L25209DN1985PLC000162
IEC No.:	0390018376
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACN2329N
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Home and Office Furniture.
No. of Employees :	2826 (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 14070000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Nilkamal Limited (NKL) promoted by Mr. Vamanrai V Parekh and Mr. Sharad V Parekh in the year 1985, it is an well-established company having fine track record. Rating on Nilkamal Limited reflects its healthy financial risk profile marked by steady operational performance and strong net worth base of the company in FY 15. Rating also derives strength from well-established market position of company in moulded plastic industry and its reputed brand name in plastic material handling and furniture segment. However, the assigned rating is partially offsets by exposure of volatility of raw material prices, presence of high competition prevalent in plastics industry. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered good for normal business dealings at its 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=AA-
Rating Explanation	High degree of safety and very low credit risk
Date	July, 2015
Rating Agency Name	CARE
Rating	Short Term Bank Facilities=A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	July, 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 DECLINED

MANAGEMENT NON-COOPERATIVE

(Contact No: 91-260-2699082/83/ 91-22-26818888)

LOCATIONS

Registered Office / Vasona Factory :	Survey No. 354/2 and 354/3, Near Rakholi Bridge, Silvassa Khanvel Road, Village Vasona, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli India
Tel. No.:	91-260-2699082-083
Fax No.:	91-260-2699215
Email :	investor@nilkamalplastics.com cratessales@nikamal.com
Website :	http://www.nilkamal.com
Corporate/ Administrative Office :	Nilkamal House, 77/ 78, Road No. 13/14, M.I.D.C., Andheri (East), Mumbai – 400093, Maharashtra, India
Tel No.:	91–22–28361366 / 28211172 / 28231471 / 26818888 / 26818628
Fax No.:	91–22–28367891 / 28361923
Email :	cratessales@nilkamal.com furniture@nilkamal.com
Barjora Factory :	Plot No. 1498/2613, WBIDC, Barjora Mejia Road, P.S.: Barjora, District : Bankura-722202, West Bengal, India
Hosur Factory:	Part of Survey No.149, 151 to 153, 227/ 2K3 and 299/1, Next to GNB Factory, Koneripalli Post, Nallaganakothapalli Village, Hosur Taluk, Krishnageri-635117 District, Tamilnadu, India
Jammu Factory :	Phase – II, Industrial Growth Centre, Samba – 184121, Jammu and Kashmir, India
Hooghly Factory :	Dayanidhan Compound, Godown No- 1A and 2, Delhi High Road, Dankuni, Village: Monoharpur, J. L. No. 98, Touzi No. 17, Police Station - Chanditala, District – Hooghly - 712311, West Bengal, India
Kharadpada Factory :	Survey No. 389, 391, 393, 396 and 401, Naroli – Kharadpad Road, Village : Kharadpada, Silvassa – 396 230, Union Territory of Dadra and Nagar Haveli, India
Noida Factory :	Plot No. 26, B/C Sector No. 31, Surajpur - Kasna Road, Greater Noida - 203 207, Uttar Pradesh, India
Pondicherry Factory :	19/3-5, 18/1 and 21/6, Pit-Olaivaikkal Village, Koodapakam Villianoor Road, Villianoor Taluk, Pondicherry - 605 110 (U.T.), India
Sinnar Factory :	STICE, Plot No. 971/1A, Sinnar Shirdi Road, Sinnar - 422 103, District Nashik, Maharashtra, India

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Vamanrai V. Parekh
Designation :	Chairman
Name :	Mr. Sharad V. Parekh
Designation :	Managing Director
Date of Birth/Age :	70 Years
Qualification :	Mr. Sharad V Parekh, the co-founder of Nilkamal Group has completed inter commerce from Mumbai University
Brief Resume :	And has over five decades of experience in the plastics industry. An expert in providing solutions to any industry’s mode of handling, assembling, storing and transporting its products, he has to be credited for pioneering the material handling business namely Crate and Bins in India. With his vast experience and expertise, he has introduced and provided customized material handling solutions catering to the varied requirements of the industries of almost all sectors for over three decades, which thus has enabled Nilkamal to emerge as an market leader in Material handling space in India. He is also member of several organizations related to plastics business and is actively involved in other social activities. Mr. Sharad V. Parekh has attained the age of 70 years and his appointment as Managing Director requires the approval of the members by way of Special Resolution pursuant to the provisions of Section 196 read with Schedule V of the Companies Act, 2013. Keeping in view the rich and vast experience possessed by Mr. Sharad V. Parekh, approval of the members is sought for passing the special resolution as set out in Item No. 10 of the Notice.
Date of Appointment :	14.06.1990
DIN No.:	00035747
Name :	Mr. Hiten V. Parekh
Designation :	Executive Director
Date of Birth/Age :	52 Years
Qualification :	Mr. Hiten V. Parekh, holds a bachelor’s degree in Commerce from Mumbai University and a Diploma in Quality Systems and Management.
Brief Resume :	He is associated with the Company since incorporation and has over 30 years of rich experience in the manufacturing sector. He overlooks the functions of several of its factories located across the country and acts as checkpoint for quality control and assurance of the Company’s products, which has enabled the Company to uphold it status as a quality market leader in the industry and has also helped to gain several awards to the Company. He is one amongst the first few persons in the plastics processing industry to extend the Company’s business out of India and took a step forward by setting up business at Sri Lanka. He is also instrumental in launching the Company’s retail business of lifestyle furniture, furnishing and accessories under the brand name ‘@home’ and the Company’s foray into mattress business under the brand name ‘Nilkamal Mattrezzz’.
Date of Appointment :	09.12.1985
DIN No.:	00037550
Name :	Mr. Manish V. Parekh
Designation :	Executive Director
Date of Birth/Age :	46 Years
Qualification :	Mr. Manish V. Parekh, holds a bachelor’s degree in commerce from Mumbai University.
Brief Resume :	He has 24 years of rich experience in the field of marketing and overlooks the furniture and ‘@home’ business of the Company. He is the pillar behind the enormous dealer network which is responsible for catering to requirements from the remotest region of the country. His seamless zeal has helped the Company to become a market leader in the country and one of the largest producer of moulded plastic furniture in the world. He is instrumental in launching the Company’s retail business of lifestyle furniture, furnishing and accessories under the brand name ‘@home’ and the Company’s foray into mattress business under the brand name ‘Nilkamal Mattrezzz’. Under his guidance, the Company’s retail business ‘@home’ has grown in a short span of time to provide quality furniture, accessories and design solutions.
Date of Appointment :	01.04.2000
DIN No.:	00037724
Name :	Mr. Nayan S. Parekh
Designation :	Executive Director
Date of Birth/Age :	43 Years
Qualification :	Mr. Nayan S. Parekh, has a bachelor’s degree in plastic engineering from the University of Massachusetts, United States of America. He has also undertaken a program of Owner/ President Management (OPM) from the Harvard Business School
Brief Resume :	He has on his hands rich experience of 19 years in various fields. He is responsible for looking into the operations of various factories and overlooks the Company’s Material Handling business and is steering Nilkamal to a strong position in the Material Handling industry which in its own is a revolution in the industry. Mr. Nayan S. Parekh is the brain behind setting up the Company’s two Joint Ventures viz Nilkamal Bito Storage Systems Private Limited – the Joint Venture with Bito Lagertechnik Bittmann GmbH, Germany and Cambro Nilkamal Private Limited – the Indo US Joint Venture with Cambro Manufacturing Company He is also foremost in establishing the Company’s profitable subsidiary viz NCB-FZE at Ajman, which is a free trade zone.
Date of Appointment :	01.04.2000
DIN No.:	00037597
Name :	Mr. Dadi B. Engineer
Designation :	Director
Name :	Ms. Hiroo Mirchandani
Designation :	Director
Date of Birth/Age :	54 Years
Qualification :	Ms. Hiroo Mirchandani is a Chevening Gurukul scholar and has studied Leadership and Globalization at the London School of Economics. She is a graduate from Shri Ram College of Commerce and an MBA in Marketing and Finance from the Faculty of Management Studies, Delhi
Brief Resume :	She has held Profit and Loss management roles and has built successful brands across diverse categories like healthcare, foods, paints, mobile telephone and jewellery.
Date of Appointment :	06.11.2014
DIN No.:	06992518
Name :	Mr. K. R. Ramamoorthy
Designation :	Director
DIN No.:	06992518
Name :	Mr. Mahendra V. Doshi
Designation :	Director
Name :	Mr. Mufazzal S. Federal
Designation :	Director
Name :	Mr. S. K. Palekar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Paresh B. Mehta
Designation :	Chief Financial Officer
Name :	Ms. Priti P. Dave
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	7193507	48.21
Bodies Corporate	2376500	15.93
Sub Total	9570007	64.13
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	9570007	64.13
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	400300	2.68
Financial Institutions / Banks	10119	0.07
Foreign Institutional Investors	416929	2.79
Sub Total	827348	5.54
(2) Non-Institutions
Bodies Corporate	1112378	7.45
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2014949	13.50
Individual shareholders holding nominal share capital in excess of Rs. Rs. 0.100 Million	1254657	8.41
Any Others (Specify)	143186	0.96
Non Resident Indians	100902	0.68
Trusts	35172	0.24
Others	7112	0.05
Sub Total	4525170	30.32
Total Public shareholding (B)	5352518	35.87
Total (A)+(B)	14922525	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)	14922525	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Home and Office Furniture.
Brand Names :	“NILKAMAL”
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

2826 (Approximately)

Bankers :

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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· State Bank of India

· Corporation Bank

· IDBI Bank Limited

· DBS Bank Limited

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term loan from banks
Rupee Loans	96.901	314.020
Foreign currency loans	342.515	614.180
SHORT TERM BORROWINGS
Working Capital Loan From Banks
Rupee Loans	1252.390	1759.917
Total	1691.806	2688.117

Banking Relations :	--
Auditors 1 :
Name :	BSR and Company LLP Chartered Accountants
Auditors 2 :
Name :	Vora and Associates Chartered Accountants
Memberships :	--
Collaborators :	--
Foreign Subsidiaries where control exists :	· Nilkamal Eswaran Plastics Private Limited · Nilkamal Eswaran Marketing Private Limited · Nilkamal Crates and Bins, FZE
Joint Venture :	· Nilkamal Bito Storage Systems Private Limited · Cambro Nilkamal Private Limited
Enterprise owned or significantly influenced by key Management Personnel or their relatives, where transactions have taken place :	· Nilkamal Crates and Containers · M. Tech Industries

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs. 10/- each	Rs. 220.000 Million
3000000	Preference Shares	Rs. 10/- each	Rs. 30.000 Million
	Total		Rs.250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14922525	Equity Shares	Rs. 10/- each	Rs.149.225 Million

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	149.225	149.225	149.225
(b) Reserves & Surplus	4775.125	4478.245	4141.848
(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)	4924.350	4627.470	4291.073
(3) Non-Current Liabilities
(a) Long-term borrowings	439.416	928.200	1117.888
(b) Deferred tax liabilities (Net)	157.780	243.045	219.044
(c) Other long term liabilities	370.744	332.690	323.735
(d) long-term provisions	69.602	67.970	70.558
Total Non-current Liabilities (3)	1037.542	1571.905	1731.225
(4) Current Liabilities
(a) Short term borrowings	1252.390	1759.917	2425.451
(b) Trade payables	953.238	941.569	939.141
(c) Other current liabilities	808.205	840.510	697.600
(d) Short-term provisions	229.054	221.281	194.284
Total Current Liabilities (4)	3242.887	3763.277	4256.476
TOTAL	9204.779	9962.652	10278.774
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2816.628	3285.639	3360.354
(ii) Intangible Assets	20.130	40.157	21.840
(iii) Capital work-in-progress	13.616	21.547	42.054
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	255.629	255.629	252.959
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	521.668	564.477	513.093
(e) Other Non-current assets	10.711	4.374	5.442
Total Non-Current Assets	3638.382	4171.823	4195.742
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2766.690	3006.349	3052.563
(c) Trade receivables	2315.500	2175.509	2297.417
(d) Cash and cash equivalents	82.026	180.523	254.290
(e) Short-term loans and advances	359.760	369.641	419.638
(f) Other current assets	42.421	58.807	59.124
Total Current Assets	5566.397	5790.829	6083.032
TOTAL	9204.779	9962.652	10278.774

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	17866.592	16490.729	16106.588
		Other Income	62.496	35.265	41.897
		TOTAL (A)	17929.088	16525.994	16148.485
Less	EXPENSES
		Cost of Materials Consumed	6876.169	5973.286	6369.720
		Purchases of Stock-in-Trade	4302.816	4268.320	4171.079
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	149.862	191.576	(360.735)
		Employees benefits expense	1129.351	1053.954	1016.302
		Other expenses	4008.420	3554.123	3642.423
		TOTAL (B)	16466.618	15041.259	14838.789
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1462.470	1484.735	1309.696
Less	FINANCIAL EXPENSES (D)		319.756	414.247	429.746
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1142.714	1070.488	879.950
Less/ Add	DEPRECIATION/ AMORTISATION (F)		537.567	489.222	443.432
	PROFIT BEFORE TAX (E-F) (G)		605.147	581.266	436.518
Less	TAX (H)		180.536	180.951	124.616
	PROFIT AFTER TAX (G-H) (I)		424.611	400.315	311.902
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	514.512	444.336	382.788
		Technical and Management Fees from Subsidiaries	3.183	2.896	11.560
		Income earned from export of services	4.904	8.107	3.793
		Dividend Received from Subsidiaries	17.725	1.172	5.497
		Lease Rent Received from Subsidiary	1.308	0.676	0.537
		Sale of Fixed Assets to Subsidiary	5.137	0.000	0.000
	TOTAL EARNINGS		546.769	457.187	404.175
	IMPORTS
		Raw Materials	851.766	529.361	654.689
		Traded Goods	910.645	856.039	946.044
		Stores, Spares etc.	28.942	23.844	54.420
		Capital Goods	21.728	79.189	208.755
	TOTAL IMPORTS		1813.081	1488.433	1863.908
	Earnings Per Share (Rs.)		28.45	26.83	20.90

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt
(i) Rupee Loans	158.444	255.993	325.274
(ii) Foreign Currency Loans	220.030	254.660	67.888
(iii) Unsecured Loans from Others	0.000	0.000	4.542
Total	378.474	510.653	397.704
Cash Generated from Operations	NA	NA	NA
Net Cash Inflow/ (Outflow) from Operating Activities	1520.221	1547.949	743.181

QUARTERLY RESULTS

PARTICULARS	30.06.2015 (Unaudited)
Type	1^rd Quarter
Net Sales	4575.520
Total Expenditure	4057.510
PBIDT (Excl OI)	518.010
Other Income	25.360
Operating Profit	543.370
Interest	50.600
Exceptional Items	0.000
PBDT	492.770
Depreciation	122.810
Profit Before Tax	369.960
Tax	116.950
Provisions and contingencies	0.000
Profit After Tax	253.010
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	253.010

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.38	2.43	1.94
Operating Profit Margin (PBDIT/Sales)	(%)	8.19	9.00	8.13
Return on Total Assets (PBT/Total Assets}	(%)	6.77	6.00	4.37
Return on Investment (ROI) (PBT/Networth)		0.12	0.13	0.10
Debt Equity Ratio (Total Liability/Networth)		0.42	0.69	0.92
Current Ratio (Current Asset/Current Liability)		1.72	1.54	1.43

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 982.75/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	149.225	149.225	149.225
Reserves & Surplus	4141.848	4478.245	4775.125
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4291.073	4627.470	4924.350
Long-term borrowings	1117.888	928.200	439.416
Short term borrowings	2425.451	1759.917	1252.390
CURRENT MATURITIES OF LONG-TERM DEBTS	397.704	510.653	378.474
Total borrowings	3941.043	3198.770	2070.280
Debt/Equity ratio	0.918	0.691	0.420

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	16106.588	16490.729	17866.592
		2.385	8.343

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	16106.588	16490.729	17866.592
Profit	311.902	400.315	424.611
	1.94%	2.43%	2.38%

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	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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
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	10444353	30/07/2013	282,800,000.00	DBS BANK LIMITED	DLF CAPITOL POINT, GROUND AND FIRST FLOOR,, BABA KHARAK SINGH MARG, CONNAUGHT PLACE,, NEW DELHI, DE LHI - 110001, INDIA	B82747262
2	10012972	24/04/2015 *	5,300,400,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH,, N.G.N. VAIDYA MARG,, MUMBAI- 400001, MAHARASHTRA, INDIA	C51436517
3	90098636	24/04/2015 *	5,017,600,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH,, N.G.N. VAIDYA MARG,, MUMBAI- 400001, MAHARASHTRA, INDIA	C51437887

* Date of charge modification

YEAR IN RETROSPECT:

The Company has recorded a gross turnover of Rs. 190,50.400 Million up from Rs. 174,79.300 Million of the previous financial year. The Operating Profit of the Company was Rs. 14,62.500 Million against Rs. 14,84.700 Million of the previous year. The plastic business has achieved a volume growth of 10% and value growth of 12%.

During financial year 2014-2015, the Company’s retail business of Lifestyle Furniture, Furnishing and Accessories – ‘@home’ had a total of 19 stores in 13 cities. The said retail division achieved a net turnover of Rs. 21,7.500 Million as against Rs. 21,88.200 Million of previous year, and made net loss of Rs. 1,10.600 Million as compared to profit of Rs. 1.500 Million of the previous year.

AWARDS AND RECOGNITIONS:

The Company has added yet another feather in its cap and kept up its record of displaying commendable performance in the manufacturing sector, which is reflected by the awards won by the Company as recognition thereof.

After receiving the Silver Certificate of Merit and Gold Award under the Indian Manufacturing Excellence category

from ‘Frost and Sullivans’ during the past four years for its various units, the Company is successful in grabbing the award for the fifth year in row under the category of “Challengers Award – Emerging Business Trophy –Gold Level” announced by the ‘Frost and Sullivan’s Green Manufacturing Excellence Awards 2015’. The said award is for adopting Green manufacturing practices at its Puducherry unit. The Puducherry unit has also bagged the “First Prize in the Plastics Sector” at the National Energy Conservation Award – 2014, announced by the Ministry of Power, Government of India, for the conservation of Energy.

Further, “Nilkamal” was ranked as India’s most trusted moulded plastics brand in the ‘Brand Trust Report India study 2015’, covering around 19000 brands across 16 cities in the country.

PERFORMANCE EVALUATION:

In compliance with the Companies Act, 2013 and Clause 49 of the Listing Agreement, during the year, the evaluation of all the Directors and the Board as a whole was conducted. The evaluation of the Independent Directors was carried out by the entire Board and that of the Chairman and the Non-Independent Directors were carried out by the Independent Directors. The Directors were satisfied with the evaluation results, which reflected the overall engagement of the Board with the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT OPPORTUNITIES, THREATS, RISKS, CONCERNS AND OUTLOOK:-

The Indian economy returned to the growth path in 2014-15. The country’s real gross domestic product (GDP) growth accelerated to 7.2 per cent from 6.9 per cent in 2013-14. The consumer price inflation fell to 5.9 per cent from over 10 per cent in the last two years. The fall in inflation was supported by falling oil prices, lower food and commodity prices, lower MSP hikes and the proactive measures taken by Government to lower food inflation such as curbing hoarding, offloading food stocks and restrictions on exports.

Contrary to the expectations, agricultural sector witnessed a good growth in 2014-15. However, the slow pace of reforms, lack of impetus for infrastructure projects, high interest rates and tightening of fiscal policies adversely impacted the capital goods sector. Industrial production/output was also sluggish.

The economy is expected to show a further acceleration in growth in 2015-16. Its real GDP is expected to grow by

7.8 per cent during the year. Higher growth expectations are backed by inflation which continues to be ticking lower, softening interest rates coupled with stable Indian Rupee and lower oil prices.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

(RS. IN MILLION)

PART I

	Particulars	30.06.2015 Quarter (Unaudited)
1.	Income from operations
	a) Net Sales/Income from Operations	4550.824
	(Net of excise duty)
	b) Other Operating Income	24.694
	Total Income from Operations (net)	4575.518
2.	Expenses
	a) Cost of materials consumed	1932.580
	b) Purchase of traded goods	1047.177
	c) Changes in inventories of finished goods, work-in-progress and traded goods	(287.283)
	d) Employee benefits expense	313.189
	e) Depreciation and amortisation expense	122.812
	f) Other expenses	1051.844
	Total Expenses	4180.319
3.	Profit from Operations before other income, Interest, finance costs and exceptional Items (1-2)	395.199
4.	Other Income	25.359
5.	Profit from ordinary activities before finance costs and exceptional Items (3+4)	420.558
6.	Finance costs	50.598
7.	Profit from ordinary activities after finance costs but before exceptional Items (5-6)	369.960
8.	Exceptional Items	---
9.	Profit from ordinary activities before tax (7-8)	369.960
10.	Tax expense	116.949
11.	Profit from ordinary activities after tax (9-10)	253.011
12.	Extraordinary items ( net of tax expense)	---
13.	Net Profit for the period (11-12)	253.011
14.	Paid - up Equity Share Capital @ Rs.10 face value	149.225
15.	Reserves excluding revaluation reserves as per balance sheet of previous accounting year
16.	Earnings Per Share (EPS)
	a) Basic and diluted EPS before exceptional Items for the period (Rs.)	16.96
	b) Basic and diluted EPS after exceptional Items for the period (Rs.)	16.96
PART II
A.	PARTICULARS OF SHAREHOLDING
1.	Public Shareholding
	- Number of Shares	5352518
	- Percentage of Shareholding	35.87%
2.	Promoter and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	N.A.
	-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	N.A.
	-Percentage of Shares (as a % of the total share capital of the Company)	N.A.
	b) Non-encumbered
	- Number of Shares	9570007
	-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00%
	-Percentage of Shares (as a % of the total share capital of the Company)	64.13% 35.87%

Segment wise Revenue, Results and Capital Employed

Particulars	Quarter Ended 30.06.2015 (Rs. In million) (Unaudited)
1] Segment Revenue
a) Plastics	4015.306
b) Lifestyle Furniture, Furnishing and Accessories	504.769
c) Others	81.832
TOTAL	4601.907
Less: Inter Segment Revenue	26.389
Net Income from Operations	4575.518
2] Segment Results
a) Plastics	471.529
b) Lifestyle Furniture, Furnishing and Accessories	(22.643)
c) Others	(0.941)
TOTAL	447.945
Less:
Interest and Finance Charges (Net)	50.598
Other Un-allocable expenditure net of un-allocable income	27.387
Total Profit Before Tax	369.960
3] Capital Employed
a) Plastics	5768.104
b) Lifestyle Furniture, Furnishing and Accessories	743.875
c) Others	203.697
d) Unallocable	(1538.492)

NOTES:

1. The above results have been subjected to ‘Limited Review’ by the Auditors of the Company, have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 3^rd August, 2015. The Limited Review report does not have any qualifications. The Limited Review report will be filed with stock exchanges and will be available on the company’s website.

2. The Company did not have any investor complaints pending as on 1^st April, 2015 and as on 30^th June, 2015. There were no complaints received during the quarter ended on 30^th June, 2015.

3. Figures for the quarter ended 31 March 2015 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the end of the third quarter of the relevant financial year. Also the figures up to the end of the third quarter had only been reviewed and not subjected to audit.

4. Previous Period’s/Year’s figures have been regrouped and reclassified, wherever necessary.

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
i) Excise and Service Tax matters	19.088	34.144
ii) Sales Tax matters *	161.648	113.260
iii) Income Tax matters	0.416	0.339
iv) a) On account of surety given on behalf of Joint Venture for claiming exemption from the payment of Central Excise Duty for export of excisable goods to foreign country or to Special Economic Zone / Export Oriented Unit without payment of Central Excise Duty	0.000	1.000
b) On account of Cross Subsidy Surcharge on electricity	0.938	0.938

* Includes Rs. 97.261 Million (Previous Year Rs. 97.261 Million) paid in full against the disputed Sales Tax liability under the Kerala General Sales Tax Act, 1963. The matter is pending for hearing in the Honorable Supreme Court of India.

NOTE: The Excise and Service Tax, Sales Tax and Income Tax demands are being contested by the Company at various levels. The Company has been legally advised that it has a good case and the demands by the authorities are not tenable. Future cash flows in respect of these are determinable only on receipt of judgements / decisions pending with various forums/ authorities.

FIXED ASSETS:

Tangible Assets

· Land Freehold Land

· Leasehold Land

· Buildings

· Plant and Equipments

· Furniture, Fixtures

· Office Equipment’s

· Vehicles

· Lease Equipments

· Leasehold Improvement

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. 64.78
UK Pound	1	Rs. 99.54
Euro	1	Rs. 73.08

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

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