MIRA INFORM REPORT

Report No. :	346348
Report Date :	28.10.2015

IDENTIFICATION DETAILS

Name :	LONA INDUSTRIES LIMITED(w.e.f 1988)
Formerly Known As :	LONA INDUSTRIES PRIVATE LIMITED
Registered Office :	Gharkul, Plot No. 82, Dr. M.B. Raut Marg, Shivaji Park, Dadar (West), Mumbai-400028, Maharashtra
Tel. No.:	91-22-24442791 / 24451007
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.11.1962
Com. Reg. No.:	11–012526
Capital Investment / Paid-up Capital :	Rs.76.189 Million
CIN No.: [Company Identification No.]	U24110MH1962PLC012526
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUML04687E / MUML05181B
PAN No.: [Permanent Account No.]	AAACL1166F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Synthetic Organic Dyes and Pigments.
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

Maximum Credit Limit:	USD 1685000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1962 having good track. Available financial indicates company sound financial risk profile marked by healthy networth position with negligible debt recorded and good profit margin of the company. Directors are reported to be well experienced and knowledgeable businessmen. Trade relations are reported as fair. Business is active. Payments terms are reported as regular and as per commitment. In view of long track record and sound 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = A-
Rating Explanation	Adequate degree and carry very low credit risk.
Date	25.03.2015
Rating Agency Name	CARE
Rating	Short term bank facilities= A2
Rating Explanation	Strong degree of safety and carry low credit risk.
Date	25.03.2015

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 (91-22-24442791)

LOCATIONS

Registered / Corporate Office :	Gharkul, Plot No. 82, Dr. M.B. Raut Marg, Shivaji Park, Dadar (West), Mumbai-400028, Maharashtra, India
Tel. No.:	91-22-24442791 / 24451007 /09
Mobile :	91-9833198361 (Mr. Vijay)
Fax No.:	91-22-24453595 / 24442795
E-Mail :	altalab@vsnl.com lonaind@vsnl.com sales@lona.com export@lona.com info@lona.com vml@lona.com sales@lona.com accounts@lona.com
Website:	www.lona.cm
Factory :	Ladivali, Post: Gulsude, Taluka: Panvel, District Raigad - 410 207, Maharashtra, India
Tel. No.:	91-2192-250282-285
Fax No.:	91-2192-250286

DIRECTORS

As on: 29.12.2014

Name :

Mr. Sanjay Ramhari Dhote

Designation :

Managing Director

Address :

51, Khatau Apartments, 243, Walkeshwar Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

09.07.1960

Qualification :

B Sc. MBA (USA)

Date of Appointment :

01.04.2014

PAN No.:

AAAPD4581H

DIN No.:

00548542

Other Directorship :

S.No.		CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1983PTC029940		ALTONA INVESTMENTS PRIVATE LIMITED	Director	10/05/1983	10/05/1983	-	Active	NO
2	U85190MH1954PLC009215		ALTA LABORATORIES LIMITED	Director	01/04/1984	01/04/1984	-	Active	NO
3	U23239MH1978PTC020722		ALTAROMA CHEMICALS PRIVATE LIMITED	Director	06/11/1984	06/11/1984	-	Active	NO
4	U65993MH1978PTC020524		J AND S INVESTMENTS PRIVATE LIMITED	Director	24/03/1987	24/03/1987	-	Active	NO
5	U65910MH1991PLC063461		ALTA LEASING AND FINANCE LIMITED	Director	03/10/1991	03/10/1991	-	Active	NO
6	U24110MH1962PLC012526		LONA INDUSTRIES LIMITED	Managing director	01/04/2014	01/04/1994	-	Active	NO
7	U26960MH1993PTC071714		BROWNSTONE INTERNATIONAL PRIVATE LIMITED	Director	10/05/1994	10/05/1994	-	Active	NO
8	U67120MH1997PLC112504		ALTA SECURITIES LIMITED	Director	16/12/1997	16/12/1997	-	Active	NO

Name :

Mr. Jayant Ramhari Dhote

Designation :

Director

Address :

11, A/B, Hilltop Apartments, 49, Pali Hill, Bandra, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

13.08.1954

Qualification :

BSIE (USA)

Date of Appointment :

09.08.1978

PAN No.:

AAAPD4580G

DIN No.:

00548607

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110MH1962PLC012526	LONA INDUSTRIES LIMITED	Director	09/08/1978	09/08/1978	-	Active	NO
2	U85190MH1954PLC009215	ALTA LABORATORIES LIMITED	Managing director	01/04/2014	11/08/1978	-	Active	NO
3	U65993MH1978PTC020524	J AND S INVESTMENTS PRIVATE LIMITED	Director	26/08/1978	26/08/1978	-	Active	NO
4	U65990MH1983PTC029940	ALTONA INVESTMENTS PRIVATE LIMITED	Director	10/05/1983	10/05/1983	-	Active	NO
5	U23239MH1978PTC020722	ALTAROMA CHEMICALS PRIVATE LIMITED	Director	06/11/1984	06/11/1984	-	Active	NO
6	U65910MH1991PLC063461	ALTA LEASING AND FINANCE LIMITED	Managing director	01/04/2014	03/10/1991	-	Active	NO
7	U26960MH1993PTC071714	BROWNSTNE INTERNATIONAL PVT LTD	Managing director	10/05/1994	10/05/1994	-	Active	NO
8	U67120MH1997PLC112504	ALTA SECURITIES LIMITED	Director	16/12/1997	16/12/1997	-	Active	NO

Name :

Mr. Govind Guno Desai

Designation :

Director

Address :

Kedar Apartment, Bhandar Lane, L.J. Road, Mahim, Mumbai - 400015, Maharashtra, India

Date of Birth/Age :

14.06.1933

Date of Appointment :

25.03.2015

DIN No.:

00140853

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U13519MH1966PTC013519	BULLOWS INDIA PRIVATE LIMITED	Director	21/09/1982	21/09/1982	-	Active	NO
2	U29221MH1963PTC012756	BULLOWS PAINT EQUIPMENT PRIVATE LIMITED	Director	21/09/1982	21/09/1982	-	Active	NO
3	U74300MH1969PTC014297	CONTRACT ADVERTISING (INDIA) PRIVATE LIMITED	Director	31/07/1984	31/07/1984	-	Active	NO
4	L24230MH1984PLC034771	BLISS GVS PHARMA LIMITED	Director	21/12/1984	21/12/1984	29/05/2015	Active	NO
5	L74999MH1985PLC037618	INDAGE VINTNERS LIMITED	Director	04/01/1986	04/01/1986	09/12/2009	Under liquidation	NO
6	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Director	03/03/1987	03/03/1987	19/03/2010	Active	NO
7	L24223MH1946PLC005434	KOKUYO CAMLIN LIMITED	Director	16/03/1988	16/03/1988	28/07/2008	Active	NO
8	U02411KA1980PTC004053	FOSROC CHEMICALS (INDIA) PRIVATE LIMITED	Director	09/08/1989	09/08/1989	30/11/2007	Active	NO
9	U74999MH1987PTC044849	CLASSIC STRIPES Private Limited	Director	01/01/1997	01/01/1997	29/06/2011	Active	NO
10	L15520MH1982PLC028415	INDAGE RESTAURANTS AND LEISURE LIMITED	Director	14/02/1998	14/02/1998	09/12/2009	Active	NO
11	U24100MH1981PTC025661	CENTAUR CHEMICALS PRIVATE LIMITED	Director	06/02/2001	06/02/2001	-	Amalgamated	NO
12	U65910MH1991PLC063461	ALTA LEASING AND FINANCE LIMITED	Director	30/04/2001	30/04/2001	-	Active	NO
13	L99999MH1951PLC008485	DIL LIMITED	Director	24/09/2014	29/11/2001	14/02/2015	Active	NO
14	U45200MH1995PLC084766	AEGEAN PROPERTIES LIMITED	Director	27/02/2002	27/02/2002	-	Active	NO
15	U28933MH2004PTC148152	DURABUILD TECHNOLOGIES PRIVATE LIMITED	Director	05/05/2005	05/05/2005	08/06/2011	Active	NO
16	U24110MH1962PLC012526	LONA INDUSTRIES LIMITED	Director	25/03/2015	30/09/2005	-	Active	NO
17	U25208MH1995PTC093753	FORMA SPORTS PRIVATE LIMITED	Director	24/06/2006	24/04/2006	08/06/2011	Active	NO
18	U36930MH1994PTC082020	PRO-TECH SPORTS AND SAFETY PRODUCTS PRIVATE LIMITED	Director	24/06/2006	24/04/2006	08/06/2011	Active	NO
19	L65910MH1998PLC115967	IRB INFRASTRUCTURE DEVELOPERS LIMITED	Director	09/09/2014	03/08/2007	-	Active	NO
20	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Director	23/10/2008	23/10/2008	08/06/2015	Active	NO
21	U74130MH2004PTC145141	EVOTEC (INDIA) PRIVATE LIMITED	Additional director	20/02/2009	20/02/2009	31/08/2009	Under liquidation	NO
22	U45203MH1994PTC077075	MODERN ROAD MAKERS P LTD	Director	04/09/2014	28/04/2014	-	Active	NO
23	U70101MH1977PTC019903	IDEAL ROAD BUILDERS PRIVATE LIMITED	Director	04/09/2014	28/04/2014	-	Active	NO

Name :

Mr. Premanand Anandrao Narvekar

Designation :

Director

Address :

396/8, North Avenue, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

17.06.1975

Date of Appointment :

25.03.2015

DIN No.:

00387203

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65990MH1974PTC017293	KUMAR INVESTMENTS PVT LTD	Director	17/09/1978	17/09/1978	29/08/2013	Active	NO
2	U74200MH1979PTC021044	SARDESAI CONSULTANTS PRIVATE LIMITED	Director	22/02/1979	22/02/1979	29/08/2013	Active	NO
3	U67120MH1980PTC023062	SARDESAI HOLDINGS PRIVATE LIMITED	Director	04/09/1980	04/09/1980	29/08/2013	Active	NO
4	U74999MH1977PTC019998	KEMA SERVICES (INTERNATIONAL) PRIVATE LIMITED	Director	25/06/1984	25/06/1984	30/07/2015	Active	NO
5	L24223MH1946PLC005434	KOKUYO CAMLIN LIMITED	Director	16/03/1988	16/03/1988	28/07/2008	Active	NO
6	U24110MH1962PLC012526	LONA INDUSTRIES LIMITED	Director	25/03/2015	21/08/1991	-	Active	NO
7	U34300MH1990PTC058356	VIBRANT AUTO COMPONENTS PRIVATE LIMITED	Director	04/09/1991	04/09/1991	20/08/2014	Active	NO
8	U65910MH1991PLC063461	ALTA LEASING AND FINANCE LIMITED	Director	15/10/1991	15/10/1991	-	Active	NO
9	U51900MH1993PLC075140	CAMLIN INTERNATIONAL LIMITED	Director	16/11/1993	16/11/1993	06/05/2013	Active	NO
10	U74140MH2001PTC132727	GAJANAN CONSULTANCY SERVICES PRIVATE LIMITED	Managing director	16/07/2001	16/07/2001	-	Active	NO

Name :

Mrs. Saroj Yeshwant Kale

Designation :

Director

Address :

B/1, Asavari, 214, Veer Savarkar Marg, Mahim (West), Mumbai - 400016, Maharashtra, India

Date of Birth/Age :

15.09.1944

Qualification :

MBBS

Date of Appointment :

15.07.1974

PAN No.:

AACPK4375Q

DIN No.:

00548744

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85190MH1954PLC009215	ALTA LABORATORIES LIMITED	Director	27/02/1969	27/02/1969	-	Active	NO
2	U24110MH1962PLC012526	LONA INDUSTRIES LIMITED	Director	15/07/1974	15/07/1974	-	Active	NO
3	U24240MH1968PTC014165	EASTERN AROMATICS PRIVATE LIMITED	Director	31/01/1981	31/01/1981	-	Active	NO
4	U24222MH1970PTC014654	ANZAC IMPEX PRIVATE LIMITED	Director	31/01/1981	31/01/1981	-	Active	NO
5	U67120MH1997PLC112504	ALTA SECURITIES LIMITED	Director	13/09/2010	09/06/2010	-	Active	NO

Name :

Ms. Akita Hidemasa

Designation :

Director

Address :

9, Chome, 25-24, Asumigaoka, Midori Ku, Chiba Shi Chiba, Prefecture, Chiba Shi, NA, Japan

Date of Appointment :

21.06.2012

DIN No.:

05283042

Name :

Ms. Mangala Chavan

Designation :

Director

Address :

15/16, Shireesh CHS, 187, Veer Savarkar Marg, Mahim, Mumbai-400016, Maharashtra, India

Date of Appointment :

21.06.2012

DIN No.:

05284372

Name :

Mr. Rajan Dattaraya Mahajan

Designation :

Additional Director

Address :

A-8, ASAVARI MARG, 214, V.S. Marg, Mahim, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

24.09.1957

Date of Appointment :

25.03.2015

DIN No.:

00003376

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28920MH1998PTC113813	PEDDINGTON LUBRIMETAL PRIVATE LIMITED	Managing director	04/03/1998	04/03/1998	-	Active	NO
2	U45400MH2008PTC178763	VIBHAT INFRASTRUCTURE PRIVATE LIMITED	Director	12/02/2008	12/02/2008	-	Active	NO
3	U51496MH2008PTC186070	DEXTER SURFACE TREATMENTS PRIVATE LIMITED	Director	22/08/2008	22/08/2008	-	Active	NO
4	U24110MH1962PLC012526	LONA INDUSTRIES LIMITED	Director	25/03/2015	08/03/2013	-	Active	NO

Name :

Mr. Ravindra Madhusudan Dhamankar

Designation :

Alternate Director

Address :

B-6, Asavari, 214 Veer Savarkar Marg, Mahim, Mumbai-400016, Maharashtra, India

Date of Birth/Age :

15.01.1973

Date of Appointment :

17.04.2015

DIN No.:

00845471

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24120MH1999PTC121727	NIRAMAYA PRODUCTS PRIVATE LIMITED	MANAGING DIRECTOR	10/09/1999	10/09/1999	-	Active	NO
2	U24110MH1962PLC012526	LONA INDUSTRIES LIMITED	ALTERNATE DIRECTOR	17/04/2015	08/03/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.12.2014

Names of Shareholders	No. of Shares
R K Shote Big HUF	127167
Jayant R Dhole	513450
Geeta J Dhote	283733
Aditya J Dhote	233333
Rohan R Dhote	233333
Sanchit J Dhote	233333
Radhika J Dhote	233333
Altona Investment Private Limited, India	1491001
Jayant R Dhote (HUF)	217933
Sanjay R Dhote	618450
Vaishali S Dhote	280000
Rohit R Dhote	711667
Saroj Y Kale	41160
J and S Investments Private Limited, India	1480174
Sanjay R Dhote - HUF	299600
Ravindra M. Dhamankar Jointly with Kumudhini Dhamankar	2333
Dainichiseika Colour and Chemicals Manufacturing Company Limited, Japan	618925
TOTAL	7618925

Equity Share Break up (Percentage of Total Equity)

As on: 29.12.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	8.12
Bodies corporate	39.00
Directors or relatives of directors	44.42
Other	8.46
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Exporter and Importer of Pigments and Synthetic Dyes.

Products :

Item Code No.	Product Description
32041759	CPC (Synthetic organic coloring matter whether or not chemically defined; preparations as specified in based on synthetic organic colouring matter; synthetic organic products of a kind used as fluorescent brightening agens or as luminophores, whether or not chemically defined)

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

• Punjab National Bank, Mid Corporate Branch, 12/14, Brady House, V.N. Road, Fort, Mumbai- 400023, Maharashtra, India

Banker Name	The Cosmos Co-operative Bank Limited
Branch Address	Dadar Branch, 36A, Maru Niketan, D L Vaidya Road, Dadar (West), Mumbai-400028, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	5.556	17.003
Other loans and advances	1.661	3.372
Short-term borrowings
Working capital loans from banks	188.008	213.483
Total	195.225	213.858

Auditors :
Name :	B. K. Khare and Company Chartered Accountants
Address :	706-708, Sharda Chambers, New Marine Line, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22000607 / 7318 /6360 / 66315835 / 36
Fax No.:	91-22-22003476
E-Mail :	info@bkkhareco.com
PAN No:	AAAFB0265E
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Alta Laboratories Limited Sanjay Sales Corporation

CAPITAL STRUCTURE

AS ON 29.12.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7618925	Equity Shares	Rs.10/- each	Rs.76.189 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	76.189	76.189	76.189
(b) Reserves & Surplus	513.530	437.483	353.557
(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)	589.719	513.672	429.746
(3) Non-Current Liabilities
(a) long-term borrowings	7.217	26.222	60.775
(b) Deferred tax liabilities (Net)	31.178	28.344	25.957
(c) Other long term liabilities	0.000	1.134	1.200
(d) long-term provisions	7.731	8.477	8.272
Total Non-current Liabilities (3)	46.126	64.177	96.204
(4) Current Liabilities
(a) Short term borrowings	188.008	213.483	224.550
(b) Trade payables	427.587	412.388	363.706
(c) Other current liabilities	57.934	63.313	77.102
(d) Short-term provisions	26.722	1.728	17.225
Total Current Liabilities (4)	700.251	690.912	682.583
TOTAL	1336.096	1268.761	1208.533
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	296.656	279.738	281.361
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.211	24.327	0.123
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.142	0.142	0.418
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.931	28.725	25.909
(e) Other Non-current assets	6.932	8.001	4.277
Total Non-Current Assets	318.872	340.933	312.088
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	317.898	262.776	274.017
(c) Trade receivables	565.261	534.768	491.900
(d) Cash and cash equivalents	34.668	23.581	22.080
(e) Short-term loans and advances	92.242	96.112	105.895
(f) Other current assets	7.155	10.591	2.553
Total Current Assets	1017.224	927.828	896.445
TOTAL	1336.096	1268.761	1208.533

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2684.848	2369.570	2381.274
		Other Income	28.008	23.291	3.235
		TOTAL (A)	2712.856	2392.861	2384.509
Less	EXPENSES
		Cost of materials consumed	1783.545	1542.570	1663.497
		Employee benefit expense	130.769	105.766	99.241
		Other expenses	561.589	495.463	446.882
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	19.168	54.536	(70.521)
		TOTAL (B)	2495.071	2198.335	2139.099
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		217.785	194.526	245.410
Less	FINANCIAL EXPENSES (D)		25.636	37.254	48.475
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		192.149	157.272	196.935
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.706	31.716	29.543
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		160.443	125.556	167.392
Less	TAX (H)		66.111	41.631	59.030
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		94.332	83.925	108.362
Less	APPROPRIATIONS
		Transfer to General Reserve	9.400	8.400	50.000
		Tax on Dividend	3.000	0.000	1.900
		Proposed Dividend	15.200	0.000	11.400
	BALANCE CARRIED TO THE B/S		66.732	75.525	45.062
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1898.561	1791.022	1836.992
	TOTAL		1898.561	1791.022	1836.992
	IMPORTS
		Raw Materials	717.705	824.947	609.828
	Earnings / (Loss) Per Share (Rs.)		12.38	11.01	14.22

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	19.308	38.881	27.741
Cash generated from operations	N.A	N.A	N.A
Net cash flows from (used in) operations	124.448	190.983	223.671
Net cash flow from operating activity	81.948	145.983	163.671

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.51	3.54	4.55
Operating Profit Margin (PBIDT/Sales)	(%)	8.11	8.21	10.31
Return on Total Assets (PBT/Total Assets}	(%)	12.01	10.09	13.86
Return on Investment (ROI) (PBT/Networth)		0.272	0.24	0.39
Debt Equity Ratio (Total Debt /Networth)		0.36	0.54	0.73
Current Ratio (Current Asset/Current Liability)		1.45	1.34	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	76.189	76.189	76.189
Reserves & Surplus	353.557	437.483	513.530
Share Application money pending allotment	0.000	0.000	0.000
Net worth	429.746	513.672	589.719
long-term borrowings	60.775	26.222	7.217
Short term borrowings	224.550	213.483	188.008
Current Maturities of Long Term Debt	27.741	38.881	19.308
Total borrowings	313.066	278.586	214.533
Debt/Equity ratio	0.728	0.542	0.364

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2381.274	2369.570	2684.848
		(0.492)	13.305

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2381.274	2369.570	2684.848
Profit	108.362	83.925	94.332
	4.55%	3.54%	3.51%

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

NOTE:

The registered office of the company has been shifted from 532, Alta Bhavan, Senapati Bapat Marg, Dadar West, Mumbai-400028, Maharashtra, India to present address w.e.f. 08.03.2013

OPERATIONS:

The revenue from operations for the year was Rs. 2684.800 Million as compared to Rs.2369.600 Million in the previous year, registering growth of 13.30%. The Company posted a Net Profit of Rs: 94.300 Million for the year. The Profit before tax for the year registered a growth of 27.81% to Rs.160.400 Million as compare to Rs. 125.500 Million in the previous year. The performance of the company can be considered satisfactory in the midst of highly competitive business scenario.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Other loans and advances	0.000	5.848
Total	0.000	5.848

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10514710	03/07/2014	754,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, 12/14, BRADY HOUSE, V.N.ROAD, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	C16304370
2	10384491	12/10/2012	900,000.00	The Cosmos Co-op Bank Limited	DADAR BRANCH ,36A, MARU NIKETAN, D L VAIDYA ROAD  DADAR (WEST), MUMBAI - 400028, MAHARASHTRA, INDIA	B61382024
3	10371240	04/08/2012	1,300,000.00	The Cosmos Co-op Bank Limited	DADAR BRANCH ,36A, MARU NIKETAN, D L VAIDYA ROAD  DADAR (WEST), MUMBAI - 400028, MAHARASHTRA, INDIA	B55914733
4	10303958	14/07/2011	2,150,000.00	The Cosmos Co-op Bank Limited	DADAR BRANCH ,36A, MARU NIKETAN, D L VAIDYA ROAD  DADAR (WEST), MUMBAI - 400028, MAHARASHTRA, INDIA	B19517549
5	10198255	07/01/2010	1,000,000.00	The Cosmos Co-op Bank Limited	DADAR BRANCH ,36A, MARU NIKETAN, D L VAIDYA ROAD  DADAR (WEST), MUMBAI - 400028, MAHARASHTRA, INDIA	A77941631
6	10168779	14/03/2013 *	420,200,000.00	PUNJAB NATIONAL BANK	BRADY HOUSE, MID CAPITAL BRANCH, V N ROAD, FORT,  MUMBAI - 400001, MAHARASHTRA, INDIA	B74766247
7	10118987	20/08/2008	50,000,000.00	The Cosmos Co-op Bank Limited	DADAR BRANCH ,36A, MARU NIKETAN, D L VAIDYA ROAD  DADAR (WEST), MUMBAI - 400028, MAHARASHTRA, INDIA	A43878966
8	10117913	18/03/2013 *	103,000,000.00	The Cosmos Co-op Bank Limited	DADAR BRANCH ,36A, MARU NIKETAN, D L VAIDYA ROAD  DADAR (WEST), MUMBAI - 400028, MAHARASHTRA, INDIA	B71829345
9	10117912	12/08/2008	52,000,000.00	The Cosmos Co-op Bank Limited	DADAR BRANCH ,36A, MARU NIKETAN, D L VAIDYA ROAD  DADAR (WEST), MUMBAI - 400028, MAHARASHTRA, INDIA	A43878875

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Tax Matters disputed in Appeal	7.865
Claims against the company not acknowledged as debts with respect to water charges due to favorable order of Lower Court	22.696
Claims against the company not acknowledged as debts with respect of letter of credit	41.099

FIXED ASSETS:

• Land
• Factory Buildings
• Plant and Machinery
• Computer and Office Equipment, Electrical Appliances
• Vehicles
• Furniture and Fixtures

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report: No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.95
UK Pound	1	Rs.99.73
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
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	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	NO
--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.