MIRA INFORM REPORT

Report No. :	345062
Report Date :	15.10.2015

IDENTIFICATION DETAILS

Name :	VERITAS (INDIA) LIMITED (w.e.f 04.06.2009)
Formally Known as:	Duroflex Engineering Limited
Registered Office :	701, Embassy Centre,  Nariman Point, Mumbai – 400021, Maharashtra
Tel. No.:	91-22-22824444
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	21.03.1985
Com. Reg. No.:	11-035702
Capital Investment / Paid-up Capital :	Rs.24.210 Million
CIN No.: [Company Identification No.]	L23209MH1985PLC035702
IEC No.:	0308000358
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACD1654J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of import, export, trading and distribution of Chemicals and metals and also engaged in the generation of wind energy.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Veritas India Limited (VIL), formerly known as “Duroflex Engineering Limited” was incorporated in Mumbai (Maharashtra) in 1985,. It is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and sound profitability margins of the company. The rating continue to reflect the extensive experience of its promoters in trading in bulk chemicals, rubber and metals; the company’s established presence and strong customer relationship. The ratings also factor in the business and financial support from the Hazel group. Trade relations are reported as fair. Business is active. Payments 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.

EXTERNAL RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating “BBB+”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	28.01.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating “A2”
Rating Explanation	Strong degree of safety and low credit risk.
Date	28.01.2015

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 (91-22-22755555)

LOCATIONS

Registered Office :	701, Embassy Centre,  Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22824444
Fax No.:	91-22-22824440
E-Mail :	corp@vertiasindia.net mukesh.t@veritas.net
Website :	http://www.vertiasindia.net
Corporate Office :	21, Shakil Niwas, Opposite Satya Saibaba Temple, Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-28207203
Fax No.:	91-22-28207207
E-Mail :	ravi@unisec.in
Branch Office 1 :	2/E/F Church Square, Blossom Cochin Road, Elamkulam, Kadavanthra, Cochin, Kerala, India
Warehouse/ Branch Office 2 :	Located at: Kolkata, India
Warehouse :	Located at: Bhiwandi, Thane, Maharashtra, India

DIRECTORS

AS ON: 31.03.2015

Name :	Mr. Nitinkumar Dindayal Didwania
Designation :	Director
Address :	172, Kshitij, 47, Nepeansea Road, Mumbai - 400036, Maharashtra, India
Date of Birth/Age :	23.06.1974
Qualification :	M.Com
Expertise in specific functional areas :	Has rich and varied experience in the field of Imports and Exports, Trading, Marketing and Procurement since last more than 16 years.
Date of Appointment :	05.12.2007
DIN No.:	00210289
Name :	Ms. Alpa Mayank Parekh
Designation :	Director
Address :	1103/104 Ankur 1AL, PS III, 7TH Lane, Boriwali (West), Mumbai - 400092, Maharashtra, India
Date of Appointment :	01.04.2014
DIN No.:	01299418
Name :	Mr. Saurabh Dipak Sanghvi
Designation :	Whole-time Director
Address :	66, Kamal Building, 69, Walkeshwar Road, Mumbai - 400006, Maharashtra, India
Date of Appointment :	01.11.2014
DIN No.:	02000411
Name :	Shafi Sayeed Parkar
Designation :	Director
Address :	1002, Avanti Apartment, L.R. Papan Marg, Off. Dr. E. Moses Road , K. Gandhi Nagar, Worli, Mumbai - 400018, Maharashtra, India
Date of Appointment :	01.04.2014
DIN No.:	02661621

KEY EXECUTIVES

Name :	Mr. Mukesh Narayan Tank
Designation :	Company Secretary
Address :	1304, Building No. 350, Shrusti, Sector No. 3, Phase 2, Kalpataru Complex, Mira Road, Thane - 401107, Maharashtra, India
Date of Appointment :	27.05.2013
PAN. No:	ACTPT5373L
Name :	Mr. Rajaram Satyendra Shanbhag
Designation :	Chief Financial Officer
Address :	A-10, Kanika Cooperative Housing Society Limited, Dr. Radhakrishnan Cross Road, Andheri - East, Mumbai - 400069, Maharashtra, India
Date of Appointment :	30.05.2014
PAN. No:	AMFPS6518N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 27.07.2015

Category of Shareholder	Total No. of Shares	% of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	15963100	59.54
Bodies Corporate	250000	0.93
Sub Total	16213100	60.47
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	16213100	60.47
(B) Public Shareholding
(1) Institutions
Any Others (Specify)	2600000	9.70
Others	2600000	9.70
Sub Total	2600000	9.70
(2) Non-Institutions
Bodies Corporate	1475576	5.50
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	710848	2.65
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1810224	6.75
Any Others (Specify)	4000252	14.92
Clearing Members	47	0.00
Others	4000000	14.92
Others	205	0.00
Sub Total	7996900	29.83
Total Public shareholding (B)	10596900	39.53
Total (A)+(B)	26810000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	26810000	0.00

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		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Group Veritas Limited	2,50,000	0.93	0.93
2	Niti Nitinkumar Didwania	67,13,100	25.04	25.04
3	Nitin Didwania	92,50,000	34.50	34.50
	Total	1,62,13,100	60.47	60.47

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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Neeti Bhatia	350000	1.31	1.31
2	Aman Bhatia	400000	1.49	1.49
3	Agarwal Sanjay	544000	2.03	2.03
4	Aventia Global Limited	1000000	3.73	3.73
5	Kamalsini Tradelink Private Limited	1471300	5.49	5.49
6	Latitude Consultants Limited	2600000	9.70	9.70
7	Onix Assets Limited	3000000	11.19	11.19
	Total	9365300	34.93	34.94

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Onix Assets Limited	3000000	11.19	11.19
2	Latitude Consultants Limited	2600000	9.70	9.70
3	Kamalasini Trade Link Private Limited	1471300	5.49	5.49
	Total	7071300	26.38	26.38

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Latitude Consultants Limited	26,00,000	9.70
	Total	26,00,000	9.70

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of import, export, trading and distribution of Chemicals and metals and also engaged in the generation of wind energy.
Products :	Chemicals Petrochemicals Polymers Papers Paper Boards Rubber Heavy Distillates
Brand Names :	Not Available
Agencies Held :	Not Available
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 :

Information declined by the management

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Worli, Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Punjab National Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
From Banks	11.588	21.322
SHORT TERM BORROWING
Loans repayable on demand From Banks	176.069	178.883
Total	187.657	200.205

Notes:

LONG TERM BORROWING

(i) Terms of Repayment

(Rs. In Million)

Sr. No	Nature of Loans	Installments	Mode of Payments	Rate of Interest	Mature of Security	Month and Year of Maturity
1	Term Loan	2.302	28 Quarterly Installments from June 2010	Base Rate +2%	Equitable mortgage on Land at Satara and Hypothecation of Wind Electric Generator and Personal Guarantee of the Director.	31st March 2207
2	Term Loan	0.073	59 Monthly Installments from June 2012	10.59%	Hypothecation of Car	01^st April 2017
The above term loan exclude Rs. 9.943 Million /- (P.Y. Rs. 10.079 Million) falling due for payment within one year, which is shown as other current liabilities.

SHORT TERM BORROWING

Primary Security

• Exclusive charge on the Current Assets of the Company.

Collateral

• Personal Guarantee of the Promoter Director Mr. Nitin Kumar Didwania

Auditors :
Name :	Shabbir S. Bagasrawala Chartered Accountant
Address :	Office No.8, 1^st Floor, Narayan Niwas, 63, Aarey Road, Off S.V. Road, Goregaon (west), Mumbai – 400062, Maharashtra, India
Tel. No.:	91-22-28720555 / 28739939
Fax No.:	91-22-28720555
E-Mail :	shabbir@snrllp.com
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies :	Veritas Global PTE Limited Hazel International FZE Veritas International FZE Kudrat Farming Private Limited Dharni Farming Private Limited Veritas Agro Venture Private Limited GV Investment Finance Company Limited
Enterprise over which Key Managerial Personnel able to exercise significant influence:	Veritast Investment Limited Diva Trade Impex Private Limited Sears Real estate Private Limited Clairvoyant Trade lmpex Private Limited Veritas Housing Development Private Limited Hazel logistic Private Limited Hazel Mercantite Limited Sanman Trade Impex Private Limited

CAPITAL STRUCTURE

AS ON: 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Re.1/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24210000	Equity Shares	Re.1/- each	Rs. 24.210 Million

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Sr. No.	Particulars	Opening Balance	Closing Balance
(A)	Equity shares with voting rights
	Year ended 31^st March, 2015
	Number of shares	24210000	24210000
	Amount ( Rs in Million)	24.210	24.210

Details of shares held by each shareholder holding more than 5% Shares:
Sr. No.	Class of shares / Name of shareholder	As at 31^st march, 2015
		Number of shares	% Holding
	Equity shares of Re 1/ - each fully paid – up with voting rights
1	Nitin Kumar Didwania	9250000	38.21
2	Niti Didwania	67131000	27.73
3	Kamalasini Tradelink Private Limited	1471300	6.08
4	Onix Assets Limited	3000000	12.39

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	24.210	24.210	24.210
(b) Reserves & Surplus	1098.064	1011.643	861.091
(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)	1122.274	1035.853	885.301
(3) Non-Current Liabilities
(a) long-term borrowings	11.588	21.322	31.126
(b) Deferred tax liabilities (Net)	19.52	21.286	22.643
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	31.108	42.608	53.769
(4) Current Liabilities
(a) Short term borrowings	176.069	178.883	193.538
(b) Trade payables	434.42	100.198	12.721
(c) Other current liabilities	51.668	18.18	17.848
(d) Short-term provisions	18.105	5.627	1.406
Total Current Liabilities (4)	680.262	302.888	225.513
TOTAL	1833.644	1381.349	1164.583
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	66.950	71.463	76.983
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	10.395	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	26.709	121.281	114.057
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.559	5.916	229.217
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	110.613	198.660	420.257
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	232.559	14.447	29.000
(c) Trade receivables	1038.930	1022.183	579.954
(d) Cash and cash equivalents	146.942	113.88	107.009
(e) Short-term loans and advances	130.667	32.179	28.363
(f) Other current assets	173.933	0.000	0.000
Total Current Assets	1723.031	1182.689	744.326
TOTAL	1833.644	1381.349	1164.583

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	5059.501	4027.274	3396.561
	Other Income	78.51	46.587	78.799
	TOTAL	5138.011	4073.861	3475.360
Less	EXPENSES
	Purchases of Stock-in-Trade	5135.033	3884.021	3298.865
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(218.112)	14.553	16.026
	Employees benefits expense	30.45	29.566	22.858
	Other expenses	59.676	31.94	26.867
	TOTAL	5007.047	3960.080	3364.616
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	130.964	113.781	110.744
Less	FINANCIAL EXPENSES	16.267	21.184	21.643
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	114.697	92.597	89.101
Less/ Add	DEPRECIATION/ AMORTISATION	5.808	5.555	5.516
	PROFIT/ (LOSS) BEFORE TAX	108.889	87.042	83.585
Less	TAX	21.206	15.859	15.932
	PROFIT/ (LOSS) AFTER TAX	87.683	71.183	67.653
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	217.305	147.322	81.076
Less	APPROPRIATIONS
	Credit for Tax on Dividend	(0.200)	(0.200)	0.000
	Proposed Dividend	1.200	1.200	1.211
	Dividend Distribution Tax	0.200	0.200	0.196
	Total	1.200	1.200	1.407
	Balance Carried to the B/S	303.788	217.305	147.322
	EARNINGS IN FOREIGN CURRENCY
	Dividend	11.845	12.632
	F.O.B. Value of Exports	362.897	0.000	N.A
	TOTAL EARNINGS	374.742	12.632	N.A
	IMPORTS
	Traded Goods	179.420	0.000	164.100
	TOTAL IMPORTS	179.420	0.000	164.100
	Earnings / (Loss) Per Share (Rs.)	3.62	2.94	2.79

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	9.944	10.079	10.079
Cash generated from operations	(87.116)	(262.756)	(125.907)
Net Cash From Operating Activities	(98.304)	(275.236)	(142.900)

QUARTERLY RESULTS

Particulars	30.06.2015
(Unaudited)	1^st Quarter
Net Sales	1417.230
Total Expenditure	1401.120
PBIDT (Excl OI)	16.110
Other Income	NA
Operating Profit	16.110
Interest	3.990
Exceptional Items	NA
PBDT	12.120
Depreciation	1.460
Profit Before Tax	10.660
Tax	2.130
Provisions and contingencies	NA
Profit After Tax	8.530
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	8.530

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.73	1.77	1.99
Operating Profit Margin (PBIDT/Sales)	(%)	2.59	2.83	3.26
Return on Total Assets (PBT/Total Assets}	(%)	6.06	6.91	7.96
Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.09
Debt Equity Ratio (Total Debt /Networth)		0.18	0.20	0.27
Current Ratio (Current Asset/Current Liability)		2.53	3.90	3.30

STOCK PRICES

Face Value	Rs. 1.00/-
Market Value	Rs.108.00/-

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	24.210	24.210	24.210
Reserves & Surplus	861.091	1011.643	1098.064
Net worth	885.301	1035.853	1122.274
long-term borrowings	31.126	21.322	11.588
Short term borrowings	193.538	178.883	176.069
Current maturities of long-term debts	10.079	10.079	9.944
Total borrowings	234.743	210.284	197.601
Debt/Equity ratio	0.265	0.203	0.176

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	3396.561	4027.274	5059.501
		18.569	25.631

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	3396.561	4027.274	5059.501
Profit	67.653	71.183	87.683
	1.99%	1.77%	1.73%

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	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	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

LITIGATIONS:

	Case Details
Bench:-Bombay
Presentation Date:- 31/03/2015
Lodging No.:-SL/308/2015 Filing Date:-31/03/2015 Reg. No: S/326/2015 Reg.Date:16.04.2015
Petitioner:- M/S. ONIX ASSETS LIMITED Respondent: VERITAS (INDIA) LIMITED
Petn. Adv.:-RAKSHA DWARKADAS TANNA (722) District:- MUMBAI
Bench:- SINGLE Status:- Pre-Admission Category:- BREACH OF CONTRACT SUITS
Act :- Code of Civil Procedure 1908

RESULTS OF OPERATION

The following are the figures and comparison of the operation of the Company;-

• Standalone revenue from operations increased by 25.63% to Rs. 5059.501 Million as compared to previous year of Rs. 4,027.274 Million

• Standalone Profit after Tax increased by 23.18% to Rs. 87.683 Million as compared to previous year of Rs. 71.182 Million

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015

(Rs. In Million)

	Standalone
Sr. No	Particulars		Quarter Ended
			30.06.2015
			Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		1417.231
	b. Other Operating Income		0.000
	Total Income from Operations (Net)
2	Expenditure
	a. Cost of material Consumed		0.000
	b. Purchase of Stock-in trade		1180.888
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		200.000
	d. Employees Benefit Expenses		8.826
	e. Depreciation and Amortisation Expenses		1.457
	f. Other expenses		11.402
	Total Expenses		1402.573
3	Profit from Operations before Other Income, Interest and Exceptional Items		14.658
4	Other Income		0.000
5	Profit from ordinary activities before finance cost & exceptional items		14.658
6	Finance Costs		3.994
7	Profit from ordinary activities after finance costs & exceptional items		10.664
8	Exceptional items		0.000
9	Profit from ordinary activities before tax		10.664
10	Tax Expense		2.133
11	Net Profit from ordinary activity after tax		8.531
12	Extraordinary Items		0.000
13	Net Profit After Tax		8.531
14	Paid-up equity share capital (face value of Rs.1 per share)		24.210
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		0.000
16	Earning Per Share (of Rs.1 each) (not annualized)
	Basic EPS		0.35
	Diluted EPS		0.35
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	7996900
		- Percentage of shareholding	33.03%
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	-
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	-
		- Percentage of shareholding (as a % of the total share capital of the company)	-
		b) Non-encumbered
		- No. of shares	16213100
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100.00%
		- Percentage of shareholding (as a % of the total share capital of the company)	69.97%

	Particulars	Quarter ended 30.06.2015
B	Investor Complaints
	Pending at the beginning of the quarter	NIL
	Received during the quarter	NIL
	Disposed off during the quarter	NIL
	Remaining unresolved at the end of the quarter	NIL

1. The above Unaudited financial results have been reviewed by the Audit Committee and the same have been taken on record by the Board of Directors at its meeting held on August 13, 2015.

2. The Statutory Auditors have carried out a Limited Review of the results for the quarter ended on June 30, 2015.

3. The figures for the quarter ended March 31, 2015 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2015 and the published year to date upto the third quarter of that relevant financial year.

4. Previous period figures have been regrouped / rearranged wherever necessary.

5. There was no Investor complaints pending at the beginning of the quarter and the company has not received any complaint during the quarter ended 30^th June, 2015.

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
1. Segment Revenue
(Net Sales/Income from each segment)
a) Segment A- (Trading and Distribution)	1415.808
b) Segment B- (Power Generation)	1.423
c) Unallocated	0.000
Total	1417.231
Less : Inter Segment Revenue	0.000
Net Sales	1417.231
2. Segment Result
(Profit before tax and interest from each segment)
a) Segment A- (Trading and Distribution)	14.886
b) Segment B- (Power Generation)	(0.228)
c) Unallocated	0.000
Total	14.658
i. Less : Interest	3.994
ii. Other Un-allocable Expenditure net off	0.000
iii. Un-allocable income	0.000
Total	10.664
3. Capital Employed (Segment Assets-Segment Liabilities)
Segment assets- Segment Liabilities
a) Segment A- (Trading and Distribution)	1124.351
b) Segment B- (Power Generation)	45.028
c) Unallocated	0.000
Total	1169.379

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10235087	19/09/2014 *	1,302,500,000.00	Axis Bank Limited	CORPORATE BANKING BRANCH, AXIS HOUSE, GROUND FLOOR, BOMBAY DYEING MILLS COMPOUND, P.B. MARG, WORLI  , MUMBAI, MAHARASHTRA - 400025, INDIA	C28971034
2	10211900	19/03/2010	42,300,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A83054155
3	10218208	19/03/2010	42,300,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A83053827
4	10175240	22/08/2009	44,300,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A69467884
5	10175241	21/08/2009	44,300,000.00	PUNJAB NATIONAL BANK	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

CONTINGENT LIABILITIES:

(Rs. In Million)

PARTICULARS	31.03.2015	31.03.2014
Stand by letter or credit	1695.325	1051.750
Income Tax demand pending Appeal	189.427	275.543
Sales Tax Demand Pending Appeal	0.209	0.000
Total	1884.961	1327.293

FIXED ASSETS:

• Freehold Land
• Plant and Machinery
• Computer Systems
• Software License
• Furniture and Fixture
• Motor Car
• Office Equipment

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. 65.02
UK Pound	1	Rs. 99.88
Euro	1	Rs. 73.91

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KSH
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.