MIRA INFORM REPORT

Report No. :	340827
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	STERLING BIOTECH LIMITED
Registered Office :	43, Atlanta Nariman Point, Mumbai – 400021, Maharashtra
Tel. No.:	91-22-66306732
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	23.03.1985
Com. Reg. No.:	11-035738
Capital Investment / Paid-up Capital :	Rs. 17649. 172 Million
CIN No.: [Company Identification No.]	L51900MH1985PLC035738
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the manufacturing of Pharma Grade Gelatine and Di-Calcium Phosphate and other Pharma Products
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject was incorporated in the year 1985 and it is a manufacturer of pharma grade gelatin and di-calcium phosphate and other pharma products. Subject is an established company having moderate track record. For the financial year ended 2014, company possesses weak operational performance and it has incurred huge losses from its operational activities. Rating also takes into consideration company moderate financial risk profile marked by modest net worth and leverage balance sheet profile of the company. Moreover, company found under RBI defaulter and defaulted hefty amount with financial institution and banks. Payments are reported to be slow and delayed. In view of weak financial profile, the company can be considered for business dealings on safe and secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under:

Suit-filled accounts of Rs. 1 Crore and above

Bank	Branch	Quarter	Borrower Name	Directors Name	Outstanding Amt. (Rs. In Million)
Bank Of Maharashtra	Overseas Branch, Mumbai	31-03-13	Sterling Biotech Limited	Vilas D. Joshi, Chetan J. Sandesara, N. B. Patel, P. B. Mehta, R. B. Dixit, Nitin J. Sandesara	218.800
Bank Of Maharashtra	Overseas Branch, Mumbai	30-06-13	Sterling Biotech Limited	Nitin J. Sandesara, Chetan J. Sandesara, R. B. Dixit, P. B. Mehta, Vilas D. Joshi, N. B. Patel	218.800
Bank Of Maharashtra	Overseas Branch, Mumbai	30-09-13	Sterling Biotech Limited	R. B. Dixit, P. B. Mehta, N. B. Patel, Nitin J. Sandesara, Vilas D. Joshi, Chetan J. Sandesara	218.800
Bank Of Maharashtra	Overseas Branch, Mumbai	31-12-13	Sterling Biotech Limited	Chetan J. Sandesara, Vilas D. Joshi, N. B. Patel, P. B. Mehta, Nitin J. Sandesara, R. B. Dixit	218.800
Bank Of Maharashtra	Overseas Branch, Mumbai	31-03-14	Sterling Biotech Limited	Vilas D. Joshi, Chetan J. Sandesara, N. B. Patel, Nitin J. Sandesara, R. B. Dixit, P. B. Mehta	218.800
Bank Of Maharashtra	Overseas Branch, Mumbai	30-06-14	Sterling Biotech Limited	Vilas D. Joshi, Chetan J. Sandesara, N. B. Patel, Nitin J. Sandesara, R. B. Dixit, P. B. Mehta	212.000
Bank Of Maharashtra	Overseas Branch, Mumbai	30-09-14	Sterling Biotech Limited	Vilas D. Joshi, Chetan J. Sandesara, N. B. Patel, Nitin J. Sandesara, R. B. Dixit, P. B. Mehta	212.000
Bank Of Maharashtra	Overseas Branch, Mumbai	31-12-14	Sterling Biotech Limited	Vilas D. Joshi, Chetan J. Sandesara, N. B. Patel, Nitin J. Sandesara, R. B. Dixit, P. B. Mehta	212.000
Hdfc Bank Limited	Mumbai	30-09-12	Sterling Biotech Limited	Chetan Jayantilal Sandesara, Vilas Dattatray Joshi, Narendrabhai B. Patel, Nitin Jayantilal Sandesara, Rajbhusan Omprakash Dixit, Pryidarshan Bhimbhai Mehta	291.900
Hdfc Bank Limited	Mumbai	31-12-12	Sterling Biotech Limited	Rajbhusan Omprakash Dixit, Pryidarshan Bhimbhai Mehta, Narendrabhai B. Patel, Chetan Jayantilal Sandesara, Vilas Dattatray Joshi, Nitin Jayantilal Sandesara	291.900
Hdfc Bank Limited	Mumbai	31-03-13	Sterling Biotech Limited	Chetan Jayantilal Sandesara, Vilas Dattatray Joshi, Narendrabhai B. Patel, Nitin Jayantilal Sandesara, Rajbhusan Omprakash Dixit, Pryidarshan Bhimbhai Mehta	291.900
Hdfc Bank Limited	Mumbai	30-06-13	Sterling Biotech Limited	Pryidarshan Bhimbhai Mehta, Rajbhusan Omprakash Dixit, Nitin Jayantilal Sandesara, Vilas Dattatray Joshi, Chetan Jayantilal Sandesara, Narendrabhai B. Patel	291.900
Hdfc Bank Limited	Mumbai	30-09-13	Sterling Biotech Limited	Rajbhusan Omprakash Dixit, Nitin Jayantilal Sandesara, Vilas Dattatray Joshi, Chetan Jayantilal Sandesara, Pryidarshan Bhimbhai Mehta, Narendrabhai B. Patel	291.900
Hdfc Bank Limited	Mumbai	31-12-13	Sterling Biotech Limited	Chetan Jayantilal Sandesara, Narendrabhai B. Patel, Vilas Dattatray Joshi, Nitin Jayantilal Sandesara, Rajbhusan Omprakash Dixit, Pryidarshan Bhimbhai Mehta	291.900
Hdfc Bank Limited	Mumbai	31-03-14	Sterling Biotech Limited	Vilas Dattatray Joshi, Chetan Jayantilal Sandesara, Pryidarshan Bhimbhai Mehta, Nitin Jayantilal Sandesara, Narendrabhai B. Patel, Rajbhusan Omprakash Dixit	291.900
Lic ( Life Insurance Corporation Of India)	Dalal Street Mumbai	30-06-12	Sterling Biotech Limited	Nitin J Sandesara	3318.900
State Bank Of Mysore	Dalal Street Mumbai	31-03-13	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Mysore	Dalal Street Mumbai	30-06-13	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Mysore	Dalal Street Mumbai	30-09-13	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Mysore	Dalal Street Mumbai	31-12-13	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Mysore	Dalal Street Mumbai	31-03-14	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Mysore	Dalal Street Mumbai	30-06-14	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Patiala	Nariman Point,Mumbai	30-09-13	Sterling Biotech Limited	Nitin J Sandesara	1.874
The Lakshmi Vilas Bank Limited	Fort Mumbai	31-03-13	Sterling Biotech Limited	Nitin J.Sandesara, Chetan J.Sandesara, R.B.Dixit, P.B.Mehta, Vilas D.Joshi, N.B.Patel	12.100
The Lakshmi Vilas Bank Limited	Fort Mumbai	30-06-13	Sterling Biotech Limited	N.B.Patel, Vilas D.Joshi, P.B.Mehta, Nitin J.Sandesara, R.B.Dixit, Chetan J.Sandesara	12.100

Suit-filled accounts of Rs. 25 lacs and above

Bank	Branch	Quarter	Borrower Name	Directors Name	Outstanding Amt. (Rs. In Million)
Andhra Bank	Nariman Point , Mumbai	31-12-14	Sterling Biotech Limited	Nitin J Sandesara, Chetan J Sandesara, Vilas D Joshi, P B Mehata, N B Patel, R B Dixit	194.200
Bank Of Maharashtra	Nariman Point , Mumbai	30-09-13	Sterling Biotech Limited	N B Patel, P B Mehata, Nitin J Sandesara, R B Dixit, Vilas D Joshi, Chetan J Sandesara	194.200
Bank Of Maharashtra	Nariman Point , Mumbai	30-09-13	Sterling Biotech Limited	N B Patel, Vilas D Joshi, Chetan J Sandesara, P B Mehata, Nitin J Sandesara, R B Dixit	194.200
Bank Of Maharashtra	Nariman Point , Mumbai	31-12-13	Sterling Biotech Limited	Vilas D Joshi, N B Patel, Chetan J Sandesara, P B Mehata, Nitin J Sandesara, R B Dixit	194.200
Bank Of Maharashtra	Nariman Point , Mumbai	31-03-14	Sterling Biotech Limited	Nitin J Sandesara, R B Dixit, P B Mehata, N B Patel, Chetan J Sandesara, Vilas D Joshi	194.200
Bank Of Maharashtra	Nariman Point , Mumbai	30-06-14	Sterling Biotech Limited	Nitin J Sandesara, Chetan J Sandesara, Vilas D Joshi, P B Mehata, N B Patel, R B Dixit	194.200
Bank Of Maharashtra	Nariman Point , Mumbai	31-03-15	Sterling Biotech Limited	Nitin J Sandesara, Chetan J Sandesara, Vilas D Joshi, P B Mehata, N B Patel, R B Dixit	194.200
Bank Of Maharashtra	Nariman Point , Mumbai	30-06-15	Sterling Biotech Limited	Nitin J Sandesara, Chetan J Sandesara, Vilas D Joshi, P B Mehata, N B Patel, R B Dixit	194.200
Lic ( Life Insurance Corporation Of India)	Central Office,Mumbai	31-03-13	Sterling Biotech Limited	Chetan Jayantilal Sandesara, Priyadarshanbhai Bhimbhai Mehta, Nitin Jayantilalsandesara, Narendrabhai Bulakhidas Patel, Rajbhushan Omprakash Dixit, Vilas Dattaray Joshi	2195.300
Lic ( Life Insurance Corporation Of India)	Central Office,Mumbai	30-06-13	Sterling Biotech Limited	Vilas Dattaray Joshi, Priyadarshanbhai Bhimbhai Mehta, Nitin Jayantilalsandesara, Chetan Jayantilal Sandesara, Narendrabhai Bulakhidas Patel, Rajbhushan Omprakash Dixit	2468.900
Lic ( Life Insurance Corporation Of India)	Central Office,Mumbai	30-09-13	Sterling Biotech Limited	Vilas Dattaray Joshi, Narendrabhai Bulakhidas Patel, Priyadarshanbhai Bhimbhai Mehta, Nitin Jayantilalsandesara, Chetan Jayantilal Sandesara, Rajbhushan Omprakash Dixit	2748.400
State Bank Of Mysore	Dalal Street Mumbai	30-09-12	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Mysore	Dalal Street Mumbai	31-12-12	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Mysore	Dalal Street Mumbai	31-03-13	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Mysore	Dalal Street Mumbai	30-09-13	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Mysore	Dalal Street Mumbai	31-12-13	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Mysore	Dalal Street Mumbai	31-03-14	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Mysore	Dalal Street Mumbai	30-06-14	Sterling Biotech Limited	Nitin J Sandesara	742.000
State Bank Of Patiala	Cb Mumbai	31-12-12	Sterling Biotech Limited	Nitin J. Sandesara, Chetan J . Sandesara, Vilas Dattatray Joshi, Priyadarshanbhai Bhimbhai Mehta, Rajbhushan Omprakash Dixit, Narendrabhai Bulakhldas Patel	187.400
State Bank Of Patiala	Cb Mumbai	31-03-13	Sterling Biotech Limited	Priyadarshanbhai Bhimbhai Mehta, Rajbhushan Omprakash Dixit, Nitin J. Sandesara, Chetan J . Sandesara, Narendrabhai Bulakhldas Patel, Vilas Dattatray Joshi	187.400
State Bank Of Patiala	Cb Mumbai	30-06-13	Sterling Biotech Limited	Chetan J . Sandesara, Vilas Dattatray Joshi, Nitin J. Sandesara, Rendrabhai Bulakhldas Patel, Priyadarshanbhai Bhimbhai Mehta, Rajbhushan Omprakash Dixit	187.400
State Bank Of Patiala	Cb Mumbai	30-09-13	Sterling Biotech Limited	Chetan J . Sandesara, Nitin J. Sandesara, Vilas Dattatray Joshi, Priyadarshanbhai Bhimbhai Mehta, Rajbhushan Omprakash Dixit, Narendrabhai Bulakhldas Patel	187.400
State Bank Of Patiala	Cb Mumbai	31-12-13	Sterling Biotech Limited	Rajbhushan Omprakash Dixit, Chetan J . Sandesara, Nitin J. Sandesara, Vilas Dattatray Joshi, Priyadarshanbhai Bhimbhai Mehta	187.400
State Bank Of Patiala	Cb Mumbai	30-09-14	Sterling Biotech Limited	Nitin J. Sandesara, Chetan J . Sandesara, Rajbhushan Omprakash Dixit, Vilas Dattatray Joshi, Priyadarshanbhai Bhimbhai Mehta, Narendrabhai Bulakhldas Patel	187.400
State Bank Of Patiala	Mumbai Cb	30-09-14	Sterling Biotech Limited	Nitin J. Sandesara, Chetan J . Sandesara, Rajbhushan Omprakash Dixit, Vilas Dattatray Joshi, Priyadarshanbhai Bhimbhai Mehta, Narendrabhai Bulakhldas Patel	187.400

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management non co-operative (Tel. No.: 91-22-66306732)

LOCATIONS

Registered Office :	43, Atlanta Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66306732
Fax No.:	Not Available
E-Mail :	sterlingbiotech@stergel.com

DIRECTORS

AS ON 31.03.2014

Name :	Nitin J. Sandesara
Designation :	Managing Director
Name :	Chetan J. Sandesara
Designation :	Joint Managing Director
Name :	Rajbhushan Dixit
Designation :	Director
Name :	Vilas D. Joshi
Designation :	Director
Name :	Priyadarshan B. Mehta
Designation :	Director
Name :	Mayuri Patel
Designation :	Director

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6252000	2.76
Bodies Corporate	84588135	37.36
Sub Total	90840135	40.13
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	90840135	40.13
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	7003	0.00
Foreign Institutional Investors	7280831	3.22
Sub Total	7287834	3.22
(2) Non-Institutions
Bodies Corporate	42874763	18.94
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	40628376	17.95
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	18387798	8.12
Any Others (Specify)	26366319	11.65
Clearing Members	5233297	2.31
Non Resident Indians	5168958	2.28
Others	830	0.00
Others	15963234	7.05
Sub Total	128257256	56.65
Total Public shareholding (B)	135545090	59.87
Total (A)+(B)	226385225	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	45662763	0.00
Sub Total	45662763	0.00
Total (A)+(B)+(C)	272047988	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
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Chetan Sandesara	52,00,000	1.91
2	Nitin Sandesara	10,52,000	0.39
3	Aditi Hospitals Private Limited	47,52,842	1.75
4	Anula Properties Private Limited	32,18,048	1.18
5	Blue Mark Mercantile Limited	53,26,890	1.96
6	Bullworth Investrade Private Limited	42,51,458	1.56
7	Doral Trading Private Limited	32,07,570	1.18
8	Helicopter Services Private Limited	49,70,220	1.83
9	Jaico Textiles Private Limited	48,23,620	1.77
10	Jangpriya Investments Private Limited	22,42,000	0.82
11	Modi Capital Finance India Limited	28,17,980	1.04
12	Natasha Investment Company Private Limited	31,45,392	1.16
13	Paysan Publishers Private Limited	28,03,875	1.03
14	Prabal Investrade Private Limited	39,27,146	1.44
15	Puja Aqua Farms Private Limited	30,74,778	1.13
16	Richmond Investment Private Limited	24,35,058	0.90
17	Rollstar Finance and Investment Private Limited	29,48,500	1.08
18	Sanyukta Investrade Private Limited	27,10,000	1.00
19	Shameek Breweries Private Limited	28,13,384	1.03
20	Unique Proteins Private Limited	30,19,780	1.11
21	Relique Leasfin Private Limited	16,40,458	0.60
22	Tarana Exports Private Limited	16,46,422	0.61
23	Coyote Leasing Private Limited	16,47,580	0.61
24	Hizin Trading Company Private Limited	16,63,450	0.61
25	Soham Proteins Private Limited	15,96,384	0.59
26	Ciel Port Management Private Limited	15,67,300	0.58
27	Titanic Investment and Consultants Private Limited	12,76,000	0.47
28	Swadeshi Finvest Private Limited	15,38,000	0.57
29	Sealord Erections Private Limited	18,70,000	0.69
30	Antariksha Capital and Finance India Private Limited	19,00,000	0.70
31	Eminence Trading Private Limited	19,19,000	0.71
32	Antariksha Securities Private Limited	19,50,000	0.72
33	Marut Apparels Private Limited	18,85,000	0.69
	Total	9,08,40,135	33.39

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

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Albula Investment Fund Limited	15963234	5.87
2	Amin Technology Services Private Limited	6315478	2.32
3	Faith Finstock Private Limited	5427683	2.00
4	Citypoint Trading Company Private Limited	5353297	1.97
5	Inkpot Infrastructure Private Limited	5207779	1.91
6	Elara India Opportunities Fund Limited	4455831	1.64
7	Francisca Investment Private Limited	4356133	1.60
8	Traub Automatics Private Limited	4163384	1.53
9	Arcadia Share and Stock Brokers Private Limited	3611930	1.33
10	Jitlal Financial Services Private Limited	3624942	1.33
11	Viel Insurance Services Private Limited	3398210	1.25
12	Soft Star Mercantile Company Private Limited	3000000	1.10
13	Avatar India Opportunities Fund	2800000	1.03
	Total	67677901	24.88

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
1	Albula Investment Fund Limited	15963234	5.87
	Total	15963234	5.87

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying  Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	GDR	76,10,460	4,56,62,763	16.78
	Total	76,10,460	4,56,62,763	16.78

Details of disclosure made by the Trading Members holding 1% or more of the Total No. of shares of the company.

Sl. No.	Name of the Trading Member	Name of the Beneficial Owner	No. of shares held	% of total no. of shares	Date of reporting by the Trading Member
1	ARCADIA SHARE AND STOCK BROKERS PRIVATE LIMITED.	93 client/s (individual holding less than 1%)	36,11,930	1.33	21/07/2015

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing of Pharma Grade Gelatine and Di-Calcium Phosphate and other Pharma Products
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• Andhra Bank
• Allahabad Bank
• Bank of Baroda
• Bank of India
• Bank of Maharashtra
• Catholic Syrian Bank Limited
• Indian Overseas Bank
• IDBI Bank
• Punjab National Bank
• Oriental Bank of Commerce
• Syndicate Bank
• State Bank of India
• Vijaya Bank
• UCO Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.12.2014	As on 31.12.2013
LONG TERM BORROWING
Term Loans from Banks	307.520	420.125
Redeemable Non-Convertible Debentures	0.000	450.000
External Commercial Borrowings ECB 2009 aggregating USD 25,875,000	1638.703	3133.535
ECB 2010 aggregating USD 61,908,000	3920.727	5474.189
SHORT TERM BORROWING
Working Capital Borrowings from Banks	7398.313	10306.272
Interest accrued and due on working capital borrowings	1488.233	2508.453
Short Term Loans from Banks	2930.597	4110.499
Total

NOTE

LONG TERM BORROWINGS

i) Interest rates on Rupee term loans from banks vary in the range of 11.5% p.a. to 16.35% p.a. (linked with BPLR). The said loans are repayable in quarterly installments with a maximum tenure of 6 years. Part of the said loans are also secured by way of second charge on the current assets of the Company, both present and future, on paripassu basis and/or the personal guarantees of the Promoter Directors of the Company

ii) Interest rate on Redeemable Non-Convertible Debentures is 12%. The said debentures are redeemable in 20 quarterly installments starting from November 05, 2010 and last installment due on August 05, 2015.

iii) Interest rates on External Commercial Borrowings vary in the range of 4.50% p.a. to 6.50% p.a. (linked with LIBOR). The said ECBs are repayable in half yearly installments starting from May 20, 2012 with a maximum tenure of 6 years.

iv) The company has defaulted in repayment of certain debt obligations towards installments and interest. Certain Banks and Financial Institutions have initiated legal action against the Company and/or its directors for recovery of these debt. However, the Company is in continuous dialogue with the lenders for bilateral restructuring of its debt. Certain banks have already restructured its debt.

v) . The company has executed Rupee Term Loan Agreement on January 09, 2015 with certain lenders including ECB lenders under obligor co-obligor structure for facilities granted to domestic group companies of Sandesara Group to which Compnay belongs. Accordingly, the securities and future cash flows will be charged in favour of the lenders participating in Obligor co-obligor structure and the interest rate for facilities extended by these lenders will be at 12% p.a.

vi) The Company has completed the Cashless Exchange Offer by issue of the Zero Coupon Convertible Bonds due 2019 aggregating to US$ 206,464,000 (Fresh FCCBs) in exchange of outstanding Zero Percent Foreign Currency Convertible Bonds due 2012. As per the terms of the Cashless Exchange Offer, now the Company’s obligation to the holders of the existing bonds with respect to payment of principal, interest, default interest and premium on existing bonds stands discharged in full and no other amounts shall be payable to the holders of existing bonds. The summery of Fresh FCCBs due 2019 are as under:

a) The FCCBs carry a 0% coupon with a yield of 5.43% per annum (calculated on semi-annual basis).

b) The FCCBs will mature on March 25, 2019.

c) The FCCBs are convertible into equity shares or GDRs of the Company. During the year pursuant to conversion of USD 5,218,000 FCCBs, the Company has issued 4,174,398 equity shares. After conversion, the outstanding FCCBs are USD 201,235,000.

d) The FCCBs are convertible at any time after May 05, 2014 at a conversion price of Rs. 60.00 per share with fixed rate of exchange on conversion of Rs. 48/- per USD.

e) The FCCBs are admitted for trading on the Euro MTF market of Luxembourg Stock Exchange

SHORT TERM BORROWINGS

i) Interest rates on Working capital Borrowings from Banks vary in the range of 13.25% p.a. to 16.50% p.a. (linked with BPLR). The said loans are repayable on demand and also secured by way of a second charge on the fixed assets of the Company, on pari passu basis. Part of the said loans are additionally secured by way of a personal guarantees of the two Directors of the Company.

ii) Interest rate on the Short Term Loans from Banks repayable during 2013 and 2014 vary in the range of 13.25% to 15%.

Auditors :
Name :	H. S. Hathi and Company Chartered Accountants
Memberships :	--
Collaborators :	--
Enterprises in which significant influence is exercised by Key Management Personnel :	Sterling SEZ and Infrastructure Limited Sterling Oil Resources Limited Sterling Port Limited Sterling International Enterprises Limited PMT Machines Limited Atlantic Bluewater Services Private Limited British Oil and Gas Exploration Limited Sterling Fincom Private Limited, Mauritius (Subsidiary) Sterling Commercial FZE, U.A.E. (subsidiary of Sterling Fincom Private Limited, Mauritius)

CAPITAL STRUCTURE

AS ON 31.12.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
500,000,000	Equity Shares	Rs.1/- each	Rs. 500.000 Million
2,750,000,000	8% Redeemable Cumulative Non-Participating Non-Convertible Preference Shares	Rs. 10/- each	Rs. 27500.000 Million
	Total		Rs. 28000.000 Million

Issued, Subscribed Capital:

No. of Shares	Type	Value	Amount
275,771,988	Equity Shares	Rs.1/- each	Rs. 275.772 Million
1,506,826,598	8% Redeemable Cumulative Non-Participating Non-Convertible Preference Shares	Rs. 10/- each	Rs. 15068.266 Million
	Total		Rs. 15344.038 Million

Paid-up Capital:

No. of Shares	Type	Value	Amount
272,047,988	Equity Shares	Rs.1/- each	Rs. 272.048 Million
1,506,826,598	8% Redeemable Cumulative Non-Participating Non-Convertible Preference Shares	Rs. 10/- each	Rs. 15068.266 Million
	Total		Rs. 15340.314 Million

a) Reconciliation of number of shares

Equity Shares	31.12.2014
	No. of Shares	Rs. In Million
Balance as at the beginning of the year	267,873,590	267.874
Add : Shares issued during the year	4,174,398	4.174
Balance as at the end of the year	272,047,988	272.047
Preference Shares
Balance as at the beginning of the year	--	--
Add : Shares issued during the year	1,506,826,598	15068.266
Balance as at the end of the year	1,506,826,598	15068.266

b) Rights, preferences and restrictions attached to shares

Equity Shares

The Company has only one class of equity shares having a par value of Rs. 1/- per share. Each shareholder of equity share is entitled for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding

Preference Shares

The Company has only one class of Unlisted 8% Redeemable Cumulative Non-Participating Non-Convertible Preference Shares redeemable at the end of 15 years from the date of allotment, carrying no voting rights, of face value of Rs. 10/- each issued on private Placement basis to Promoter Group and Associates whether or not they are member(s) of the Company.

Accumulated dividend on proportionate basis of issued Preference Shares as on balance sheet date amounts to Rs. 479.134 Million.

c) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

Names of Shareholders	31.12.2014
	No. of Shares	Rs. In Million
Equity shares of Rs. 1/- each fully paid Albula Investment Fund Limited	15,963,234	5.87%
Preference shares of Rs. 10/- each fully paid Sterling Port Limited PMT Machines Limited Sterling SEZ and Infrastructure Limited	1,246,563,599 159,999,999 100,263,000	82.73% 10.62% 6.65%

As per the of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15340.314	267.874	267.874
(b) Reserves & Surplus	10102.603	14433.365	18439.900
(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)	25442.917	14701.239	18707.774
(3) Non-Current Liabilities
(a) long-term borrowings	18611.464	9477.849	11373.494
(b) Deferred tax liabilities (Net)	0.000	0.000	1468.401
(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)	18611.464	9477.849	12841.895
(4) Current Liabilities
(a) Short term borrowings	11817.144	16925.224	14717.897
(b) Trade payables	246.906	200.517	264.989
(c) Other current liabilities	16006.908	32683.444	24304.227
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	28070.958	49809.185	39287.113
TOTAL	72125.339	73988.273	70836.782
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32738.421	34334.358	36331.309
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	22701.267	21097.920	15518.123
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1689.075	3765.175	3765.175
(c) Deferred tax assets (net)	2503.699	455.899	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	1885.707	0.000	0.000
Total Non-Current Assets	61518.169	59653.352	55614.607
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6345.654	7935.198	8699.373
(c) Trade receivables	1805.592	3357.060	3470.960
(d) Cash and cash equivalents	176.592	174.871	178.330
(e) Short-term loans and advances	2279.332	2867.792	2873.512
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	10607.170	14334.921	15222.175
TOTAL	72125.339	73988.273	70836.782

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2014	31.12.2013	31.12.2012
	SALES
	Income	6669.507	7180.695	8347.742
	Other Income	36.820	42.605	70.231
	TOTAL	6706.327	7223.300	8417.973
Less	EXPENSES
	Purchases of Stock-in-Trade	6178.387	4843.450	6144.501
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1523.262)	274.979	(335.082)
	Employees benefits expense	516.727	546.768	536.803
	Other expenses	385.281	568.692	525.512
	Extraordinary Items	0.000	0.000	12.187
	TOTAL	5557.133	6233.889	6883.921
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1149.194	989.411	1534.052
Less	FINANCIAL EXPENSES	4695.056	4377.079	4123.282
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	(3545.862)	(3387.668)	(2589.230)
Less/ Add	DEPRECIATION/ AMORTISATION	2765.743	2543.166	2588.309
	PROFIT BEFORE TAX	(6311.605)	(5930.834)	(5177.539)
Less	TAX	(2047.800)	(1924.300)	(1679.800)
	PROFIT AFTER TAX	(4263.805)	(4006.534)	(3497.739)
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings	0.007	0.019	0.022
	TOTAL EARNINGS	0.007	0.019	0.022
	Earnings Per Share (Rs.)	(2.39)	(2.24)	(1.96)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt
Term Loans from Banks	3446.364	8852.938	7758.232
Redeemable Non-Convertible Debentures	4699.249	3570.591	2518.072
External Commercial Borrowings ECB 2009 aggregating	3520.940	2928.672	1278.297
ECB 2010 aggregating	3889.808	4350.756	2180.440
Foreign Currency Convertible Bonds	0.000	12572.220	10070.920
Total Current Maturities of Long term debt	15556.361	32275.177	23805.961
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	2558.858	1718.734	8112.592

QUARTERLY RESULTS

PARTICULARS	Mar 2015 1^st Quarter	Jun 2015 2^nd Quarter
Unaudited	Unaudited	Unaudited
Net Sales	1020.550	1180.830
Total Expenditure	889.010	967.210
PBIDT (Excl OI)	131.540	213.620
Other Income	NA	NA
Operating Profit	131.540	213.620
Interest	763.940	821.700
Exceptional Items	NA	NA
PBDT	(632.40)	(608.080)
Depreciation	704.960	701.700)
Profit Before Tax	(1337.360)	(1309.780)
Tax	(433.900)	(425.000)
Provisions and contingencies	NA	NA
Profit After Tax	(903.460)	(884.780)
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	(903.460)	(884.780)

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	(63.93)	(55.80)	(41.90)
Operating Profit Margin (PBIDT/Sales)	(%)	17.23	13.78	18.38
Return on Total Assets (PBT/Total Assets}	(%)	(13.95)	(12.19)	(10.04)
Return on Investment (ROI) (PBT/Networth)		(0.25)	(0.40)	(0.28)
Debt Equity Ratio (Total Debt /Networth)		1.20	1.80	1.39
Current Ratio (Current Asset/Current Liability)		0.38	0.29	0.39

STOCK PRICES

Face Value	Rs. 1.00/-
Market Value	Rs. 5.05/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	267.874	267.874	15340.314
Reserves & Surplus	18439.900	14433.365	10102.603
Share Application money pending allotment	0.000	0.000	0.000
Net worth	18707.774	14701.239	25442.917
long-term borrowings	11373.494	9477.849	18611.464
Short term borrowings	14717.897	16925.224	11817.144
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	26091.391	26403.073	30428.608
Debt/Equity ratio	1.395	1.796	1.196

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	8347.742	7180.695	6669.507
		(13.980)	(7.119)

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	8347.742	7180.695	6669.507
Profit	(3497.739)	(4006.534)	(4263.805)
	(41.90%)	(55.80%)	(63.93%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	-----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date:- 08/06/2015

Lodging No.:- CPL/538/2015 Filing Date:- 08/06/2015

Main Matter

Reg. No.:- CP/729/2015 Reg. Date :- 29/06/2015

Petitioner: LIFE INSURANCE CORPORATION OF INDIA Respondent: STERLING BIOTECH LTD.

Petn. Adv : SINGHANIA LEGAL SERVICES (I6942)

District: MUMBAI

Bench: SINGLE

Status: PRE-ADMISSION Category: COMPANY PETITION U/SEC 433, 434,

439 COMPANIES ACT

Next Date: 01/12/2015 Stage: FOR ADMISSION [ORIGINAL SIDE

MATTERS]

Last Coram:

PROVISIONAL BOARD

Act: Companies Act and Rules 1956 UNDER SECTION: 433, 434 and 439

UNSECURED LOAN

Particulars	As on 31.12.2014	As on 31.12.2013
LONG TERM BORROWING
Foreign Currency Convertible Bonds	12744.514	0.000
Total	12744.514	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10379629	17/09/2012	1,026,100,000.00	Bank of Baroda	Tardeo Branch, mumbai, Maharashtra - 400034, INDIA	B59342055
2	10363954	25/05/2012	1,500,000,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA,86C,TOPSIA ROAD (SOUTH),, KOLKATA, Wes  t Bengal - 700046, INDIA	B42981498
3	10351397	06/04/2012	2,965,100,000.00	ALLAHABAD BANK	RAJMAHAL ROAD BRANCH, RAJ MAHAL ROAD, VADODARA, G  ujarat - 390001, INDIA	B38082160
4	10310375	19/08/2011	3,500,000,000.00	Uco Bank	Apsara Building, Prf. Manekrao Road,, Dandia Baza  r, Vadodara, Gujarat - 390001, INDIA	B22631345
5	10322143	04/06/2011	1,850,000,000.00	Bank of India	Nariman Point Large Corporate Branch, 92-93,, Fre  e Press House, Free Press Journal Marg, NP, Mumbai  , Maharashtra - 400021, INDIA	B20807806
6	10259992	04/01/2011 *	4,185,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, Maharashtra - 400005, INDIA	B06431209
7	10260793	04/01/2011 *	6,584,358,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU  MBAI, Maharashtra - 400005, INDIA	B06787964
8	10253703	28/10/2010	2,250,000,000.00	STATE BANK OF INDIA	Commercial Br. (Advances), N.G.N. Vaidya Marg,, B  ank Street, horniman Circle, post Box No. 10141.,  Mumbai, Maharashtra - 400001, INDIA	A98987340
9	10251658	23/09/2010	750,000,000.00	Bank of Baroda	Everest, J.D. Road, Tardeo, Mumbai, Maharashtra -  400034, INDIA	A98759855
10	10240009	30/07/2010	3,510,000,000.00	Andhra Bank	Akota Branch, Shrenik Park Char Rasta, Vadodara,  Gujarat - 390020, INDIA	A94759669

* Date of charge modification

OPERATIONS

During the year under review, the turnover (including other income) of the Company decreased to Rs. 6706.330 Million as against Rs. 7,223.300 Million in the previous year. The finance cost increased to Rs. 4,695.060 Million as against Rs. 4,377.080 Million in the previous year. The Loss before tax was Rs. 6,311.610 Million as against Rs. 5,930.830 Million in the previous year. After reducing the deferred tax, the loss after tax was Rs. 4,263.810 Million as against Rs. 4,006.530 Million in the previous year.

PERFORMANCE

Subject is engaged into manufacturing of Gelatin from animal bones. Gelatin is primarily used in pharmaceuticals industry for making capsule caps and in food industry. Company has developed world-class technology for gelatin by establishing state-of-the-art facilities. The Company's plants located at Karakhadi and Ooty employ the latest innovations in technology for the production of gelatin.

Subject produces pharmaceutical product meeting global quality standards, viz. Lovastatin (Cholesterol lowering drug) and Oncology / Other Pharmaceutical products. Sterling, as of today, has highest Lovastatin manufacturing capacity with required regulatory approvals. The fermentation facility of Masar plant is one of the largest fermentation facilities in India.

The company has increased its focus on Lovastatin and other Cholesterol lowering drugs as well as Oncology products which have a very bright future in Domestic and International Markets.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENTS

Global Gelatin Market is projected to reach 440 Thousand Metric Tons by 2020, driven by increasing use in drugs and supplements in the pharmaceutical industry, according to New Report by Global Industry Analysts, Inc. (GIA). As stated by the new market research report on Gelatin, Europe represents the largest market worldwide, followed by Asia-Pacific. Asia-Pacific is also forecast to spearhead growth with the fastest CAGR of 4.9% over the analysis period. Growing GDP, rising standards of living, increasing disposable income, expanding healthcare access and robust gelatin demand from end-use industries represent key factors driving growth in the region.

In recent years, usage of gelatin has increased steadily in food and nutraceuticals industries. This is due to the rise in demand for low fat, healthy and high protein food, particularly among the health conscious people. Food & beverage application segment accounted for over 28% of the gelatin market share while Neutraceutical, the second largest application market, accounted for over 25% (published news reports).

Gelatin is a brittle, colorless, water soluble, translucent substance with high molecular weight. It is a rich source of protein derived from collagen present in animals. Gelatin is viscous semi-solid gel; its general composition includes 85% to 90% protein, 2% to 4% mineral salts and 8% to 12% water. Edible gelatin is the most common form available that does not contain additives or preservatives. Non-edible gelatins are used mostly in cosmetics and photography. Gelatin is not only used extensively in the pharmaceutical, food and photographic industry, but also in such diverse industries as cosmetics, metal refining, paper, plastics and toiletries

Gelatin represents an omnipresent element in foods, drugs, and supplements used as a thickener, plasticizer, emulsifier, foaming agent, moisture retainer, texture enhancer, and binding agent. As a rich source of protein, Gelatin finds application in numerous end-use sectors including pharmaceuticals, food and beverage, photographic supplies, cosmetics, explosives, electroplating, dyes, papermaking and printing, among others. Rising standards of living, easier access to healthcare services, increase in disposable incomes and rapidly aging world population represent key factors driving growth in demand for gelatin. Improving lifestyles in developing economies of India and China are also expected to promote market expansion. Lack of availability of competitive substitutes in the market makes gelatin one of the most indispensable feedstock in various end-use industries.

The raw material for gelatin is the naturally occurring protein, collagen, which is commercially sourced from meat and leather industries. From its earliest rudimentary culinary uses, when boiled up into broth, which when cooled produced a nutritious jelly, gelatin is now manufactured on a commercial scale to stringent technical specifications to meet the demands of variety of industries. Like its parent material, collagen, gelatin is made up of many different amino acids which are the building blocks of all proteins.

The food and beverage industry represents the largest end-use application sector for gelatin supported by its increasing use in bakery, beverages, confectionery, ice creams, chilled desserts, low fat spreads, meat and tinned meat products, yogurt, and dairy products, among others. Consumption in the pharmaceutical industry remains high driven by rapidly ageing demographics, rising incidence of chronic and lifestyle related diseases, and growing health consciousness. Growing focus on preventive healthcare amidst mounting healthcare costs represents another important growth driver. Rising popularity of neutraceutical is also expected to benefit gelatin consumption in the near term. Gelatin encapsulated medicines and gelatin-based dietary and health supplements are expected to witness strong demand in the coming years.

The Indian pharmaceuticals market is third largest in terms of volume and thirteen largest in terms of value, as per a pharmaceuticals sector analysis report by equity master. India has achieved an eminent global position in pharma sector. The country also has a huge pool of scientists and engineers who have the potential to take the industry to a very high level.

The Indian pharmaceutical sector is expected to grow five-fold to reach 5 lakh crore (US$ 91.45 billion) by 2020 at 20% compound annual growth rate (CAGR) over the next five years. India is now among the top five pharmaceutical emerging markets. The Indian Pharma industry has been growing at a compounded annual growth rate (CAGR) of more than 15% over the last 5 years and has significant growth opportunities. Indian pharmaceutical manufacturing facilities registered with US Food and Drug Administration (FDA) as on March 2014 was the highest at 523 for any country outside the US.

OUTLOOK

Subject continues to focus its attention on Pharmaceutical products, Oncology products and Hydrolised Proteins besides production of Bone gelatin for its future growth. The Company intends to have focused and continuous innovation in Research and Development which will help secure a sound future. Concentration is also on expansion of the product portfolio along with stricter credit policy and cost control through long term contracts with suppliers and tightening of expenses so as to improve margins.

Subject has all required certifications in terms of quality which gives the company better demand visibility in the International & Domestic Market. With future growth in pharma sector which uses gelatin as raw material for manufacture of capsules, there will not be any demand constraint for the Company in coming years.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Estimated amount of contracts remaining to be executed on capital account	9.243	77.893
Letters of credit issued by the Banks	Nil	Nil
Disputed claims / levies in respect of claims by other parties	Nil	828.644

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 30^TH JUNE 2015

(Rs. in million)

Sr. No.	Particulars	Quarter Ended	Quarter Ended
		30.06.2015	30.03.2015
		Unaudited	Unaudited
Part I
1.	Income from Operations
	a) Net Sales / Income from Operations	1168.957	1006.299
	b) Other Operating Income	11.869	14.253
	Total Income from Operations (net)	1180.826	1020.552
2.	Expenditure
	a) Cost of materials consumed	797.145	1732.982
	b) Purchase of stock-in-trade	0.000	0.000
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(24.748)	(1054.863)
	d) Employee benefits expense	134.548	122.699
	e) Depreciation and amortisation expense	701.702	704.955
	f) Power and Fuel Charges	0.000	0.000
	g) Other expenses	70.251	88.199
	Total Expenses	1668.898	1593.972
3.	Profit/ (Loss) from Operations before Other Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2)	(488.072)	(573.420)
4.	Other Income	0.000	0.000
5.	Profit /(Loss) from Ordinary activities before finance costs and Exceptional items (3+4a+4b)	(488.072)	(573.420)
6.	Finance Costs	821.704	763.936
7.	Profit / (Loss) from ordinary activities after Finance costs but before Exceptional items (5-6)	(1309.776)	(1337.356)
8.	Exceptional items	0.000	0.000
9.	Profit/ (Loss) from ordinary activities before tax (7+8)	(1309.776)	(1337.356)
10.	Tax expenses	(425.000)	(433.900)
11.	Net Profit / (Loss) from ordinary activities after tax (9-10)	(884.776)	(903.456)
12.	Extraordinary items	0.000	0.000
13.	Net Profit / (Loss) for the period (11+12)	(884.776)	(903.456)
14.	Paid-up equity share capital (Face Value of Rs. 10 per share)	272.048	272.048
15.	Reserve excluding Revaluation reserve
16.	Earnings Per Share (EPS) before and after extraordinary items (of Rs. 10/- each) a) Basic b) Diluted	(3.25) (2.04)	(3.32) (2.09)
Part II
A.	PARTIULARS OF SHAREHOLDINGS
	Public Shareholding
	- Number of Shares	135545090	135545090
	- Percentage of Shareholding	49.82%	49.82%
	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	50816835	50816835
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	55.94%	55.94%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	18.68%	18.68%
	b) Non Encumbered
	- Number of Shares	40023300	40023300
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	44.06%	44.06%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	14.71%	14.71%

PARTICULARS	For the quarter ended 30^th June 2015
B INVESTORS COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	1
Disposed during the quarter	1
Remaining unresolved at the end of the quarter	Nil

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Particulars		As at 30.06.2015
	Particulars
A	EQUITY AND LIABILITIES
1	Shareholder’s Funds
	a) Share Capital	17649.172
	b) Reserves & Surplus	8314.371
	c) Money received against share warrants	0.000
	Sub Total- Shareholders funds	25963.543
2	Share application money pending allotment
3	Minority Interest
4	Non-current liabilities
	(a) Long term borrowings	23263.280
	(b) Other long term liabilities	0.000
	fc) Long term provisions	0.000
	Sub Total- Non Current Liabilities	23263.280
5	Current liabilities
	(a) Short term borrowings	10353.677
	(b) Trade Payables	262.695
	(c) Other current liabilities	13119.376
	(d) Short term provisions	0.000
	Sub Total- Current Liabilities	23735.748
	TOTAL-EQUITY AND LIABILITIES	72962.571
B	ASSETS
1	Non-current assets
	(a) Fixed assets	54691.971
	(b) Non-current Investments	1689.075
	(c) Deferred tax assets (net)	3362.599
	(d) Other non-current assets	1780.946
	Sub-Total- Non-current assets	61524.591
2	Current assets
	a) Current Investments	0.000
	b) Inventories	7341.696
	c) Trade Receivables	504.791
	d) Cash and cash equivalents	167.927
	(e) Short term loans and advances	3423.566
	(f) Other current assets	0.000
	Sub-Total- current assets	11437.980
	TOTAL ASSETS	72962.571

FIXED ASSETS

• Land and Development
• Leasehold Land
• Building
• Plant and Machinery
• Vehicles

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. 66.39
UK Pound	1	Rs. 102.59
Euro	1	Rs. 74.90

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	YES
--EPF	YES/NO	NO
TOTAL		18

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.