MIRA INFORM REPORT

Report No. :	342396
Report Date :	29.09.2015

IDENTIFICATION DETAILS

Name :	KRBL LIMITED

Registered Office :	5190, Lahori Gate, Delhi - 110006
Tel. No.:	91-11-23968328

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	30.03.1993

Com. Reg. No.:	55-052845

Capital Investment / Paid-up Capital :	Rs.235.390 Million

CIN No.: [Company Identification No.]	L01111DL1993PLC052845

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 :	Manufacturer and Exporter of Indian Rice, Basmati Rice, Long Grain Rice and Non-Basmati Rice.

No. of Employees :	2400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (80)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 36000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject was prmoted in 1993 by Mr. Anil K. Mittal, Mr. Anoop K. Gupta and Mr. Arun K. Gupta. It is an established company having fine track record. Overall fundamentals of the company seems to be sound and healthy. The rating also take into consideration the healthy growth in company’s operating income and profit during FY2015. The rating continue to derive strength from company’s experienced management, its long track record in the basmati rice industry, its established relationship with customers and its strong brand image in the market. The ratings also take into consideration, an acceptable share price of Rs. 150.40/- recorded by the company as against a face value of Rs. 1.00 as on September 23, 2015. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal for business dealing 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

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	ICRA
Rating	Term Loan = AA-
Rating Explanation	Have high degree of safety and carry very low credit risk.
Date	September 2014

Rating Agency Name	ICRA
Rating	Non Fund based limite = A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk
Date	September 2014

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 (Tel No.:91-11-23968328)

LOCATIONS

Registered Office :	5190, Lahori Gate, Delhi – 110006, India
Tel. No.:	91-11-23968328
Fax No.:	91-11-23968327
E-Mail :	bibhu@krblindia.com investors@krblindia.com
Website :	www.krblrice.com

Corporate Office :	C-32, 5th and 6th Floor, Sector 62, Noida - 201 301, Uttar Pradesh, India

Works :
Ghaziabad Factory :	9th Milestone, Post Dujana, Bulandshahr Road, Distt. Gautambudh Nagar - 203 207, Uttar Pradesh, India

Dhuri Factory :	Village Bhasaur (Dhuri), Distt. Sangrur – 148024, Punjab, India

Alipur Unit 1 :	29/ 15-29/ 16, Village Jindpur, G.T. Karnal Road, Alipur, Delhi - 110 036, India

Alipur Unit 2 :	Plot 258-260, Extended Lal Dora, Alipur, Delhi - 110 036, India

DIRECTORS

As on 31.03.2015

Name :	Mr. Anil Kumar Mittal
Designation :	Managing Director
Address :	J-207, Saket, New Delhi - 110017, India
Date of Appointment :	30.03.1993
DIN No.:	00030100

Name :	Mr. Arun Kumar Gupta
Designation :	Managing Director
Address :	5-Court Lane, Civil Lines, Delhi- 110054, India
Date of Appointment :	30.03.1993
DIN No.:	00030127

Name :	Mr. Anoop Kumar Gupta
Designation :	Managing Director
Address :	F-208, Sainik Farms, New Delhi - 110062, India
Date of Appointment :	30.03.1993
DIN No.:	00030160

Name :	Mr. Shyam Arora
Designation :	Director
Address :	C-781,Secter-C, Mahanagar, Lucknow - 226006, Uttar Pradesh, India
Date of Appointment :	09.06.2007
DIN No.:	00742924

Name :	Ms. Ashwani Dua
Designation :	Director
Address :	36/55, West Punjabi Bagh, New Delhi -110026, India
Date of Appointment :	09.06.20074
DIN No.:	01097653

Name :	Mr. Gautam Khaitam
Designation :	Director

Name :	Mr. Narpinder Kumar Gupta
Designation :	Director
Address :	8/14, Sarvapriya Vihar, New Delhi - 110016, India
Date of Appointment :	02.12.1994
DIN No.:	00032956

Name :	Mr. Ashok Chand Gupta
Designation :	Whole-Time Director
Address :	C-504, Badhwar Apartment, Plot No.3, Sector-6, Dwrka, New Delhi - 110045, India
Date of Appointment :	29.03.1999
DIN No.:	00030318

Name :	Ms. Priyanka Mittal
Designation :	Whole-Time Director
Address :	J-207, Saket, New Delhi - 110017, India
Date of Appointment :	28.11.2000
DIN No.:	00030479

Name :	Mr. Mahesh C. Jain
Designation :	Director

Name :	Mr. Vinod Ahuja
Designation :	Director
Address :	M-144, Greater Kailash Part One, New Delhi - 110048, India
Date of Appointment :	05.08.2002
DIN No.:	00030390

KEY EXECUTIVES

Name :	Mr. Raman Sapra
Designation :	Secretary
Address :	267, Gali No. 18, Pratap Nagar, Andha Mughal, Delhi - 110007, India
Date of Appointment :	08.11.2012
PAN No.:	CSXPS5298F

Name :	Mr. Rakesh Mehrotra
Designation :	Chief Executive Officer
Address :	H. No.-271, Sectro-37, Faridabad - 121003, Haryana, India
Date of Appointment :	08.05.2014
PAN No.:	AGTPM6421C

Name :	Mr. Anurag Potdar
Designation :	Purchasing Director

Name :	Mr. S. Chandrasekkar
Designation :	Export Manager

Name :	Mr. Brijesh Sood
Designation :	Marketing Manager

Name :	Mr. Sunil Kapoor
Designation :	Sales Manager

Name :	Narendra Sharma
Designation :	Purchasing Manager

BOARD COMMITTEES
Audit Committee	Mr. Devendra Kumar Agarwal - Chairman Ms. Priyanka Mittal – Member Mr. Ashwani Dua – Member Mr. Vinod Ahuja – Member Dr. Narpinder Kumar Gupta – Member

Nomination and Remuneration Committee	Mr. Ashwani Dua – Chairman Mr. Vinod Ahuja – Member Dr. Narpinder Kumar Gupta – Member

Stakeholders Relationship Committee	Mr. Ashwani Dua – Chairman Mr. Vinod Ahuja – Member Dr. Narpinder Kumar Gupta – Member

Corporate Social Responsibility Committee	Mr. Ashwani Dua – Chairman Mr. Anil Kumar Mittal – Member Mr. Anoop Kumar Gupta – Member Ms. Priyanka Mittal – Member

Risk Management Committee	Mr. Arun Kumar Gupta – Chairman Mr. Anoop Kumar Gupta – Member Mr. Ashok Chand – Member Mr. Rakesh Mehrotra – Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	110526024	46.95
Bodies Corporate	27913892	11.86
Sub Total	138439916	58.81
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	138439916	58.81
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	46177	0.02
Financial Institutions / Banks	49094	0.02
Central Government / State Government(s)	20	0.00
Foreign Institutional Investors	12491245	5.31
Qualified Foreign Investor	456014	0.19
Any Others (Specify)	1151685	0.49
Others	1151685	0.49
Sub Total	14194235	6.03
(2) Non-Institutions
Bodies Corporate	4461456	1.90
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	17635498	7.49
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	20306014	8.63
Any Others (Specify)	40352773	17.14
NRIs/Foreign Individuals	16100000	6.84
Non Resident Indians	1250663	0.53
Clearing Members	100110	0.04
Others	22902000	9.73
Sub Total	82755741	35.16
Total Public shareholding (B)	96949976	41.19
Total (A)+(B)	235389892	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)	235389892	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Indian Rice, Basmati Rice, Long Grain Rice and Non-Basmati Rice.

Products :	Not Divulged

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

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 :

2400 (Approximately)

Bankers :

Dena Bank
Corporation Bank
HDFC Bank Limited
Hong Kong and Sanghai Banking Corporation Limited
Karnataka Bank Limited
Kotak Mahindra Bank Limited
Oriental Bank of Commerce
Punjab National Bank
State Bank of Hyderabad
State Bank of Patiala
State Bank of Travancore
Union Bank of India
Societe Generale
Scotia Bank
ICICI Bank Limited
DBS Bank Limited

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loans-From Banks
State Bank of India (Tokyo Branch) - (Foreign Currency Loan) #	140.794	328.519
HSBC Bank (Mauritius) Limited (Foreign Currency Loan) #	0.000	70.500
ICICI Bank (Bahrain Branch) - (Foreign Currency Loan) #	619.795	697.270
State Bank of India #	541.929	0.000
Kotak Mahindra Bank Limited #	353.846	0.000
HSBC Bank Limited #	337.500	487.500
HSBC Bank Limited #	333.333	444.444
ICICI Bank Limited #	20.905	27.183
Corporation Bank Limited #	4.286	12.857
Corporation Bank Limited #	7.700	10.500
Corporation Bank Limited #	2.800	4.400

Short-term borrowings
Loans Repayable on Demand From Banks	7126.438	11111.701
Total	9489.326	13194.874

Statutory Auditors :

Name :

Vinod Kumar Bindal and Company

Chartered Accountants

Address 1:

Shiv Sushil Bhavan, D-219, Vivek-1, New Delhi – 110095, India

Tel. No.:

91-91-11-22140980 / 22153569 / 22144941

Fax No.:

91-91-22140162

E-Mail :

vkbindal_delhi@yahoo.co.in

Address 2:

503, Dalamal Chambers, 29, New Marine Lines, Mumbai – 400020, Maharashtra, India

Tel. No.:

91-22-22091075

Fax No.:

91-22-22091076

E-Mail :

vkbindal_mumbai@yahoo.co.in

Secretarial Auditors

Name :

DMK Associates

Company Secretaries

Address

31/36, Basement, Old Rajinder Nagar, Delhi-110 060, India

Internal Auditors

Name :

Anil Sood and Associates

Chartered Accountants

Address :

F90/8, Okhla Industrial Area, Phase-1, New Delhi-110 020, India

Cost Auditors

Name:

HMVN and Associates

Cost Accountants

Address :

31, Community Centre, Ashok Vihar, Delhi - 110 052, India

Memberships :

Not Available

Collaborators :

Not Available

Subsidiary Company

KRBL DMCC
K B Exports Private Limited

Employee benefit plans where there in significant influence:

KRBL Limited Employees Group Gratuity Trust

Associates Companies :

· Khushi Ram Behari Lal

· Radha Raj Ispat( Private) Limited

· KRBL Infrastructure (Private) Limited

· KRBL Infrastructure Limited

· Aakash Hospitality (Private) Limited

· K.B. Exports (Private) Limited

· Holistic Farms Private Limited

· Radha Raj Logistics Private Limited

· Radha Raj IT City and Parks Private Limited

Enterprises over which key managerial persons are able to exercise significant influence:

Khushi Ram Behari Lal	Partnership Firm in which Mr. Anil K. Mittal, Mr. Arun K. Gupta and Mr. Anoop K. Gupta are Partners
Anurup Exports Private Limited	Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta and Mr. Anoop K. Gupta are Directors
Radha Raj Ispat Private Limited.	Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta, Mr. Anoop K. Gupta, Mrs. Anulika Gupta, Mrs. Binita Gupta and Ms. Priyanka Mittal are Directors
Radha RajInfrastructure Private Limited	Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta, Mr. Anoop K. Gupta, Mr. Ashwani Dua, Mr. Manav Dua and Mr. Balbir Kapoor are Directors
KRBL Infrastructure Limited	Public Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta and Mr. Anoop K. Gupta are Directors
Aakash Hospitality Private Limited	Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta and Mr. Anoop K. Gupta are Directors
Holistic Farms Private Limited	Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta and Mr. Anoop K. Gupta are Directors
Radha Raj IT City and Parks Private Limited	Private Limited Company in which Mr. Anil K. Mittal, Arun K. Gupta and Mr. Anoop K. Gupta are Directors
Radha Raj Logistics Private Limited	Private Limited Company in which Mr. Anil K. Mittal, Arun K. Gupta and Mr. Anoop K. Gupta are Directors
KRBL Foods Limited	Public Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta and Mr. Anoop K. Gupta are Directors
Adwet Warehousing Private Limited	Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta and Mr. Anoop K. Gupta are Directors
Padmahasta Warehousing Private Limited	Private Limited Company in Which Mr. Anil K. Mittal, Mr. Arun K. Gupta and Mr. Anoop K. Gupta are Directors
K.B. Foods Private Limited	Private Limited Company in which Ms. Priyanka Mittal, Mr. Ashish Mittal and Mr. Kunal Gupta are Directors.
Solid Infradevelopers Private Limited	Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta, Mr. Anoop K. Gupta and Mr. Sanjeev Gupta are Directors

CAPITAL STRUCTURE

After As on 31.03.2015

No. of Shares	Type	Value	Amount

300000000	Equity Shares	Rs.1/- each	Rs.300.000 Million

No. of Shares	Type	Value	Amount

236818510	Equity Shares	Rs.1/- each	Rs.235.818 Million

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

300000000	Equity Shares	Rs.1/- each	Rs.300.000 Million

Issued, Subscribed Capital :

No. of Shares	Type	Value	Amount

236244892	Equity Shares	Rs.1/- each	Rs.236.245 Million

Paid-up Capital :

No. of Shares	Type	Value	Amount

235389892	Equity Shares	Rs.1/- each	Rs.235.390 Million

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

Particulars	As at March 31, 2015
	No. of Shares	Amount
Ordinary Equity Shares outstanding at the beginning of the year	23,53,89,892	235.390
Ordinary Equity Shares issued during the year	--	--
Ordinary Equity Shares bought back during the year	--	--
Ordinary Equity Shares outstanding at the end of the year	23,53,89,892	235.390

Terms / rights attached to ordinary Equity Shares

The Company has only one class of Equity Shares having a par value of Rs. 1 per share. Each holder of Equity Shares is entitled to be vote per share. The Company declares and pays dividend in Indian rupees. The Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31, 2015, the amount of per share dividend recognized as distributions to equity shareholders is Rs. 1.70 per share (P.Y: Rs. 1.20 per share).

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

Details of Shareholders holding more than 5% shares in the Company

Particulars	As at March 31, 2015
	No. of Shares Held	% of Holding
Anil Kumar Mittal	18490648	7.86%
Anoop Kumar Gupta	18896876	8.03%
Arun Kumar Gupta	19158500	8.14%
Radha Raj Ispat Private Limited	27913892	11.86%
Reliance Commodities DMCC	22900000	9.73%

Aggregate number of bonus shares issued, Shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date: During the Buy-Back period i.e. March 4, 2013 to February 11, 2014, the Company has Bought Back and Extinguished 77,22,048 Equity Shares at an average price of Rs. 23.58 per share, utilising a sum of Rs. 182.100 Million (Rupees Eighteen Crores Twenty One Lacs) excluding Transaction Cost. Agreegate number of Bonus shares issued in last 5 years immediately preceding the reporting date is Nil.

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	235.390	235.819	242.375
(b) Reserves & Surplus	12354.653	9963.770	7738.817
(c) Investment in Own Shares Account	0.000	0.000	-0.804

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	12590.043	10199.589	7980.388

(3) Non-Current Liabilities
(a) long-term borrowings	2362.888	2083.173	774.472
(b) Deferred tax liabilities (Net)	126.663	158.746	159.649
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	24.835	14.865	11.675
Total Non-current Liabilities (3)	2514.386	2256.784	945.796

(4) Current Liabilities
(a) Short term borrowings	10451.687	11111.701	7581.231
(b) Trade payables	1547.516	1470.356	800.818
(c) Other current liabilities	2430.595	1479.013	2226.678
(d) Short-term provisions	456.701	355.241	243.468
Total Current Liabilities (4)	14886.499	14416.311	10852.195

TOTAL	29990.928	26872.684	19778.379

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6333.826	5567.210	4365.503
(ii) Intangible Assets	14.355	11.295	13.187
(iii) Capital work-in-progress	1137.352	144.022	151.179
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	42.727	42.727	42.727
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	244.314	447.178	288.948
(e) Other Non-current assets	13.416	13.882	12.183
Total Non-Current Assets	7785.990	6226.314	4873.727

(2) Current assets
(a) Current investments	65.925	63.034	62.715
(b) Inventories	18584.760	16899.034	12602.906
(c) Trade receivables	3155.797	2792.531	1950.089
(d) Cash and cash equivalents	69.121	638.199	128.133
(e) Short-term loans and advances	253.533	180.850	118.309
(f) Other current assets	75.802	72.722	42.500
Total Current Assets	22204.938	20646.370	14904.652

TOTAL	29990.928	26872.684	19778.379

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	31130.116	27913.094	20803.409
	Other Income	33.826	618.970	297.180
	TOTAL (A)	31163.942	28532.064	21100.589

Less	EXPENSES
	Cost of Materials Consumed	24467.417	20969.407	16628.768
	Purchases of Stock-in-Trade	149.615	159.658	112.214
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1019.939)	695.663	(848.395)
	Employees benefits expense	533.557	451.418	410.052
	Exceptional items-Foreign Exchange Fluctuation	41.899	(50.195)	(81.634)
	Other expenses	2123.720	1603.485	1550.993
	TOTAL (B)	26296.269	23829.436	17771.998

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	4867.673	4702.628	3328.591

Less	FINANCIAL EXPENSES (D)	808.609	760.001	775.104

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	4059.064	3942.627	2553.487

Less/ Add	DEPRECIATION/ AMORTISATION (F)	526.803	576.446	505.539

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	3532.261	3366.181	2047.948

Less	TAX (H)	723.685	713.047	543.356

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2808.576	2653.134	1504.592

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	12248.986	11107.041	9070.498
	TOTAL EARNINGS	12248.986	11107.041	9070.498

	IMPORTS
	Components and Stores parts	3.140	9.986	1.613
	Capital Goods	34.321	9.899	31.006
	TOTAL IMPORTS	37.461	19.885	32.619

	Earnings / (Loss) Per Share (Rs.)	11.93	11.27	6.22

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	695.785	600.155	347.696
Cash generated from operations	4012.170	(1421.898)	2261.574
Net cash flow from operating activity	3240.919	(2114.989)	1701.167

QUARTERLY RESULTS

Particulars	30.06.2015
Audited / Unaudited	Unaudited
Net Sales	10063.200
Total Expenditure	8625.300
PBIDT (Excl OI)	1437.900
Other Income	421.200
Operating Profit	1859.100
Interest	177.000
Exceptional Items	(76.300)
PBDT	1605.800
Depreciation	116.300
Profit Before Tax	1489.500
Tax	293.600
Provisions and contingencies	NA
Profit After Tax	1195.900
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	1195.900

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	9.02	9.50	7.23

Operating Profit Margin (PBIDT/Sales)	(%)	15.64	16.85	16.00

Return on Total Assets (PBT/Total Assets}	(%)	12.26	12.61	10.46

Return on Investment (ROI) (PBT/Networth)		0.28	0.33	0.26

Debt Equity Ratio (Total Debt /Networth)		1.07	1.35	1.09

Current Ratio (Current Asset/Current Liability)		1.49	1.43	1.37

STOCK PRICES

Face Value	Rs.1/-
Market Value	Rs.150.40/-

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	242.375	235.819	235.390
Reserves & Surplus	7738.817	9963.770	12354.653
Investment in Own Shares Account	0.000	0.000	(0.804)
Net worth	7981.192	10199.589	12589.239

long-term borrowings	774.472	2083.173	2362.888
Short term borrowings	7581.231	11111.701	10451.687
Current Maturities Of Long-Term Debts	347.696	600.155	695.785
Total borrowings	8703.399	13795.029	13510.360
Debt/Equity ratio	1.090	1.353	1.073

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	20803.409	27913.094	31130.116
		34.176	11.525

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	20803.409	27913.094	31130.116
Profit	1504.592	2653.134	2808.576
	7.23%	9.50%	9.02%

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

ECONOMIC OVERVIEW

The Indian economy remained upbeat during the year, with a stable government at the Centre infusing positivity through a series of key initiatives. Controlled inflation, rise in domestic demand, increase in investments, decline in oil prices and structured reforms boosted economic sentiment to push growth.

According to Central Statistical Office (CSO) data, as per the new series with 2011-12 as base year, real Gross Domestic Product (GDP) growth rate for FY2015 is 7.3%, as against the revised FY2014 GDP growth of 6.9%. With improvement in the overall economic and consumer sentiment, Current Account Deficit (CAD) came down to a mere 0.2% of GDP for the March 2015 quarter and the same shrank to 1.3% of GDP for full financial year 2014-15.

The Rupee also showed robustness, losing only 4.3% of value against the US Dollar to become one of the best performers in the world. The Reserve Bank of India (RBI), on its part, softened its monetary policy stance by cutting repo rates by 25 basis points from 7.75% to 7.5% in March 2015. Amid the growth revival, inflation declined to 4.87% in April 2015, hitting a record low of 4.38% in November 2014. The average Wholesale

Price Index (WPI) inflation came down to (2.33%) during 2014-15 from 6% in 2013-14, due to sharp decline in inflation of majority of the groups like non-food articles, minerals, crude petroleum, fuel and power, rubber and plastic products and basic metals, alloys and metal products. Food price inflation also came down to 6.31% during this period.

Despite a 12% monsoon rainfall deficiency, agriculture and allied sectors continued to be a key contributor to the GDP growth, registering a 1.1% increase. Loss in production was successfully contained at 3% over the previous year and overall production exceeded the average production during the last 5 years by 8.2 million tonnes.

As per the 2nd advance estimates for 2014-15, total food grains production in India is estimated at 257.1 million tonnes.

The next few years will see increased growth momentum for the agriculture sector, as a result of higher investment in agricultural infrastructure, such as irrigation facilities, warehousing and cold storage. As per the 12th Five Year Plan’s estimates, storage capacity is targeted to go up to 35 MT and overall growth target is 4%. Other factors expected to contribute to the upward trend are reduced transaction costs and time, better port gate management and fiscal incentives. Increased use of genetically modified crops is also expected to improve the yield of the Indian farmers. Recognising the importance of the agriculture sector, the Government has also initiated a number of steps in the budget 2014-15 for sustainable development of agriculture.

GLOBAL RICE OVERVIEW

The 2014 global paddy season closed with an above-average production outturn as the dreaded effects of an El Niño weather event failed to materialise. For 2015, FAO’s first forecast sees global paddy production recovering by a modest 1.1% to 749.800 million tonnes (499.900 million tonnes, milled basis). This is despite the 0.5% contraction in 2014 world paddy resulting from climatic setbacks. Global paddy production in 2014 was 741.300 million tonnes (494.400 million tonnes, milled basis).

Assuming normalisation of the growing conditions, the Asian region is predicted to drive the 2015 global expansion, with sizable gains expected in India, Indonesia, Philippines, Sri Lanka and Thailand. It is expected that these gains would more than compensate for anticipated contractions in Bangladesh, the Chinese Province of Taiwan, the Republic of Korea, Pakistan and Vietnam. Outside of Asia, early prospects for Africa point to some output increases arising from improved weather conditions and/ or strong prices.

Moderate output gains are also anticipated in Europe on account of attractive Japonica rice prices in the EU and the Russian Federation, as well as in Latin America and the Caribbean, in spite of unseasonal weather and tight profit margins. In North America, the USDA forecasts a small contraction of output in the United States, reflecting a prolonged drought in California and weak price prospects. Output in Australia is also poised to contract in 2015, given the recurring water availability constraints.

FAO’s revised estimates of world rice trade in 2014 have undergone a considerable 2.2 million tonnes upward revision since December. International trade flows are now estimated to have grown by 14% from 2013, to a new record of 42.4 million tonnes (milled basis). On the demand side, the heightened 2014 impor estimates mostly concerned Far Eastern countries, which emerged as the prime drivers of 2014 import growth. Bangladesh, China (Mainland), Indonesia, Malaysia, the Philippines and Sri Lanka are all estimated to have let in much larger volumes than in 2013. Revised estimates also show imports to have increased since 2013 in a number of African countries.

FAO has also made upward revisions in exports. The largest such revision has been for India, with exports going up 7% over 2013. Pakistan has also shown increase of exports in the same period. In contrast, Argentina and Vietnam shipped less than foreseen last December; overall, these countries, along with Australia, Cambodia, China (Mainland) and the United States, delivered less rice on the global front than in 2013.

INDIAN RICE OVERVIEW

India continues to remain competitively positioned in the global rice market at the back of surplus rice stockpiles and improved production methods. The strength of the Indian rice industry is endorsed by the upward revision by FAO.

As per the FAO Rice Market Monitor, April 2015, India has retained its prime position among world suppliers in 2014. During the year, India shipped an unprecedented 11.3 million tonnes, or 7% more than in 2013. This was despite an overall decline, in percentage terms, of rice exports, resulting from lower production volumes triggered by the effects of a poor monsoon.

USDA Post has estimated India’s MY 2014-15 (October-September) rice exports at around 9 million tonnes, (around 5.8 million tonnes of basmati and 3.2 million tonnes of non-basmati), down about 13% from an estimated 10.3 million tonnes. An anticipated decline in supplies from low production and competition from other rice exporting countries was the major cause for the shortfall.

The Post estimates MY 2014-15 rice production at about 102 million tonnes (about 89.5 million tonnes from Kharif and 13 million from Rabi). This is down from an estimated 106.6 million tonnes in 2013-14, based on lower yield of Kharif (June-December) and less acreage of Rabi (November – March). Planting of Rabi 2015, as of January 30, 2015, has declined about 17% to around 1.5 million hectares from 1.800 million hectares last year.

However, FAO’s Rice Market Monitor, citing the Government of India’s Second Advanced Estimates of 2014 production released in February, has positioned Kharif crop at 134.300 million tonnes (89.600 million tonnes, milled basis). This is 1,50,000 tonnes less than previously foreseen by FAO. It is also 2.1% short of the 2013 cyclone-depressed turnout. Due to constraints in the availability of water for irrigation and electricity shortages in southern producing states, output from Rabi crop is gauged at 20.2 million tonnes (13.500 million tonnes, milled basis), nearly 8,00,000 tonnes lower than forecast by FAO and down 11% year-on-year.

As a result, overall 2014 output in India is now pegged at 154.5 (103.000 million tonnes, milled basis), implying a 3% yield-driven annual contraction, but still the fourth largest crop on record.

INDIAN BASMATI RICE OVERVIEW

Indian basmati has been the rice of choice for the world for years. Exporters from India entered into the world rice trade largely through the export of small quantities of highly priced basmati rice which was less than 5% in mid-1980s. Over the past few years, India’s basmati export has been growing steadily, from 7.71 Lacs metric tonnes in 2003 to an estimated 37.57 Lacs metric tonnes in 2013-14 on robust demand from the traditional markets in West Asia. Iran alone has been importing 40% of the total Basmati export from India.

In FY2015, India was the leading exporter of basmati to the global market, with Saudi Arabia, Iran, United Arab Emirates, Iraq and Kuwait the leading destinations. As per APEDA statistics, India exported 37,02,260 MT of basmati rice to the world for the worth of ` 27,597.89 Crores during the year.

The basmati rice industry thus remains in a positive mode, with basmati growers increasing rice acreage in 2014-15 by about 31% to around 2.1 million hectares from around 1.6 million hectares in 2013-14. A further increase in acreage is expected next year as basmati consumes less water and delivers higher yields, thus fetching more returns to farmers. Given the forecast of a relatively low rainfall in the 2015-16 monsoon season, sowing more of basmati would be beneficial to the farmers despite the lower returns in 2014-15. In terms of pricing, basmati remained under pressure during the year gone by due to increased supplies and reduced demand from major importers like Iran. Indian basmati rice prices fell significantly as a result of these developments. Though basmati exports to Iran declined about 35% y-o-y, to around 9,35,000 tonnes, exports to other destinations like US, Saudi Arabia and other Western countries increased significantly, resulting in total exports declining only marginally to 37,02,260 MT in 2014-15 as compared to 37,57,271 MT in the previous fiscal.

COMPA NY OVERVIEW

India’s preferred Basmati Rice Company with a legacy spanning 120 years, KRBL is a global rice entity with a multi-brand presence both in domestic as well as in the overseas markets. A leading integrated industry player, the Company’s business philosophy is aligned to the heart of India with its quality rice, led by its flagship brand India Gate, made in the country’s heartland.

The world’s largest Basmati Rice exporting company, KRBL’s business spans the value chain of rice, from the seed to the grain, across agro processing and marketing. Its rice milling capacity of 195 MT/hour, the largest in the world, lends it a distinctive edge, ranking it at the top of the industry. State-of-the-art storage and warehousing capacities, innovative marketing approach, expanding distribution network and strong R&D capabilities are the pillars of KRBL’s growth trajectory. The Company maintains robust and deep-rooted relations with farmers through a well-structured contact farming network, which has given the Company foundational strength.

As the choicest Basmati for India and the world, India Gate retained its niche leadership position to command a premium value over other brands during the financial year 2014-15. With a strong retail presence across different sizes and price points, India Gate continued to allure consumers across age groups and regions to lead the market and is today the most aspirational basmati rice Brand in India.

Backed by a strong brand equity and dealer network, KRBL has an extensive geographical presence in the Middle East region, with Saudi Arabia, UAE, Kuwait, Bahrain, Iran, Iraq and Qatar among the key buyers of its Basmati rice.

Over the years, the Company has also developed other popular rice brands, such as Nurjahan, Telephone, Train, Unity, Bawabat Al-hind, to meet the needs of different categories of consumers across regions.

FUTURE OUTLOOK

As a visionary and future-focused organisation, KRBL promises a continuing success story during the coming years. The Company is looking at increased sales and higher return on equity on the back of its brand power during 2015-16. With a robust financial position and balanced leveraged only to the extent of its working capital, the Company is well positioned to surge confidently ahead to further augment growth.

Strengthening of farmer relations and continued investments in building the HR component will further enhance the Company’s competitive position in the industry, domestically and globally.

With its high quality PUSA 1509 seeds to augment quality, the Company has a strong paddy base to support its growth plans in the rice, particularly Basmati, segment.

The Power segment also shows sign of greater traction, going forward, ensuring diversified earnings for the Company.

As per industry estimates, KRBL’s operating margin expansion in 2015-16 is likely to be aided by the low-cost paddy procured in 2014-15. This paddy is expected to be ready as finished by second half of 2015-16.

FINANCIAL REVIEW

Pushed by strong shift in consumer preference towards branded basmati rice in the domestic market and higher price realization in export market, KRBL reported excellent numbers during the year 2014-15. The Company performed extremely well and the highlights of the performance on consolidated basis are as under:

• Revenue from Operations increased by 9% to Rs. 31600.000 Million (P.Y. Rs. 29100.000 Million).

• Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 17% to Rs. 5320.000 Million (P.Y. Rs. 4550.000 Million).

• Profit after Tax (PAT) increased by 26% to Rs. 3220.00 Million (P.Y. Rs. 2550.000 Million).

• PAT Margin increased to 10% (P.Y. 9%).

• Return on Capital Employed (ROCE) increased to 20% (P.Y. 18%).

• Net Worth of the Company increased by 27% to Rs. 13250.000 Million (P.Y. Rs. 10450.000 Million).

• Market Capitalization increased by more than 300% to Rs. 39250.000 Million (P.Y. Rs. 11790.000 Million).

• 3 years Net Sales growth CAGR of 25% and EBITDA growth CAGR of 31%.

• Earning per Equity Share increased to Rs. 136.700 Million (P.Y. Rs. 108.400).

• Proposed Dividend of 170% for year ended March 31, 2015 as compared to 120% in the previous year.

PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS

As the ultimate responsibility for sound governance and prudential management of a company lies with its Board, it is imperative that the Board remains continually energized, proactive and effective. An important way to achieve this is through an objective stock taking by the Board of its own performance.

The Companies Act, 2013, notified on April 1, 2014, not only mandates board and director evaluation, but also requires the evaluation to be formal, regular and transparent. Subsequently, through two circulars (dated April 17, 2014 and September 15, 2014), SEBI has also revised the Equity Listing Agreement, to bring the requirements on this subject in line with the Act.

In accordance with the framework as recommended by the Nomination and Remuneration Committee and approved by the Board of Directors, the Board of Directors, in its Meeting held on February 18, 2015, authorised the Nomination and Remuneration Committee to carry out the performance evaluation process and also informed independent directors to call their meeting without the presence of non independent directors.

The Independent Directors had met separately without the presence of Non-Independent Directors and the members of management and discussed, inter-alia, the performance of Non-Independent Directors and Board as a whole and the performance of the Chairman of the Company after taking into consideration the views of Executive and Non-Executive Directors.

Board members had submitted to Nomination and Remuneration Committee, their response on a scale of 5 (Excellent)–1 (Performance Needs Improvement) for evaluating the entire Board, respective Committees of which they are members and of their peer Board members, including Chairman of the Board.

The Nomination and Remuneration Committee has also carried out evaluation of every Directors’ performance.

The Directors expressed their satisfaction with the evaluation process.

It was further acknowledged that every individual Member and Committee of the Board contribute its best in the overall growth of the organisation.

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Loans Repayable on Demand From Banks	2975.249	0.000
Loans from Related Party	350.000	0.000

Total	3325.249	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	10550603	29/12/2014	400,000,000.00	KOTAK MAHINDRA BANK LIMITED	7th Floor, Ambadeep Building, 14 K .G. Marg, New Delhi, Delhi - 110001, INDIA	C44339851
2	10336669	11/12/2014 *	21,273,500,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	C36472645

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015

(Rs. In Million)

		Particulars	Quarter ended 30.06.2015
1		Income from Operations
		a) Sales/Income from Operations (Gross)	10063.200
		b) Other Operating Income	0.000
	Total Income from Operations (Net)		10063.200
2	Expenses
	a)	Cost of Materials consumed	8918.100
	b)	Purchase of stock-in-trade	21.500
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1085.800)
	d)	Employee benefit expenses	140.600
	e)	Depreciation and amortization expense	116.300
	f)	Other expenses	630.900
	Total Expenses		8741.600

3		Profit /(Loss) from operations before other income, finance costs and exceptional items	1321.600
4	Other Income		421.200
5	Profit /(Loss) from ordinary activities before finance costs and exceptional items		1742.800
6	Finance Costs		177.000
7	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		1565.800
8	Exceptional Items (Foreign Exchange Fluctuation (Loss)/Profit ( Net))		(76.300)
9	Profit /(Loss) from ordinary activities before tax		1489.500
10	Tax Expense
	Current Taxation		317.900
	Deferred Taxation		(24.300)
11	Net Profit /(Loss) from ordinary activities after tax		1195.900
12	Paid up equity share capital (Eq. shares of Rs.10/- each)		235.400
13	Reserve excluding revaluation reserves		0.000
14		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic & Diluted	5.08

A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	96949976
		- Percentage of Shareholding	41.19
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	0.000
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	0.000
		- Percentage of shares (as a % of the total share capital of the Company)	0.000
		b) Non- encumbered
		- Number of shares	138439916
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00
		- Percentage of shares (as a % of the total share capital of the Company)	58.81

Particulars	Quarter Ended 30.06.2015
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

Note:

The unaudited financial year Results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors of the Company in its meeting held and Thursday, July 30, 2015 and the Statutory Auditors have carried out the limited review of the same.

Figures for the previous period have been regrouped and rearranged. Wherever necessary, to conform to the current period’s classification.

The consolidated Financial Results have been prepared by consolidating the company’s Unaudited Quarterly Accounts for the quarter ended June 30, 2015 with the Unaudited Quarterly Accounts for the June 30, 2015 of its Subsidiaries, KRBL DMCC, Dubai, UAE and K B Exports Private Limited, India
In accordance with the requirements prescribed under Schedule II and other applicable provision of companies Act, 2013 the company is in the process of identification of various components of all Plants and Machineries of the company, Keeping in view the quantum of the company’s business activity the proposed activity may take considerable time for implementation, therefore, the impact of same, will be reflects in financials of the company for the year ended March 31, 2015.

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

In accordance with clause 41 of the Listing Agreement, the company has published period to date Unaudited Consolidated Financial Results. The Standalone Financial Results of the company, will however, be available on the Website of NSE. The key Standalone Financial information is given below.

Particulars	Three Months ended
	30.06.2015
	(Unaudited)
Turnover	10484.400
Profit Before Tax	1489.500
Profit After tax	1195.900

SEGMENT-WISE REVENUE, RESULT AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT

(Rs. In Million)

Sr. No.	Particular	Quarter ended
		30.06.2015
A	Primary Segment	(Unaudited)
1.	Segment Revenue
	Agri	9843.900
	b. Energy	379.700
	Total	10223.600
	Less: Inter Segment Revenue	160.400
	Net Sales / Income from Operations	10063.200
2.	Segment Result
	Profit/(Loss) before tax and Interest from each segment
	Agri	1494.000
	b. Energy	149.900
	Total	1643.900
	Less : i. Interest	147.500
	ii. Other Un-allocable expenditure net off un-allocable income	6.900
	Total Profit/(Loss) before tax	1489.500
3.	Segment Capital Employed
	(Segment Assets – Segment Liabilities)
	Agri	11155.200
	b. Energy	4855.100
	Total	16010.300

(B)	Secondary Segment
a)	Agri
	India	3168.900
	Rest of world	6675.00
	Sub Total (a)	9843.900

b)	Energy
	India	379.700
	Rest of world	0.000
	Sub Total (b)	379.700
	Total (a)+(b)	10223.600
	Less : Inter Segment Revenue-Power	160.400
	Net Sales	10063.200

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
a. Liability relating to Bank Guarantee	118.928	36.957
b. Liability relating to Bills Discounted with Scheduled Banks	0.000	90.968
c. Disputed liability in respect of Income Tax Demand in appeal	0.586	0.341
- Amount paid against disputed Income Tax appeal as Rs. Nil (P.Y. Rs. Nil)
d. Disputed liability relating to Sales Tax / VAT	0.863	3.107
- Amount paid against disputed Sales Tax / VAT appeal as Rs. 0.863 Million (P.Y. Rs. 2.732 Million)
e. Disputed purchase tax liablity on paddy purchased in the course of exports*	90.549	90.549
- Amount paid against disputed purchase tax liability under appeal Rs. 22.637 Million (P.Y. Rs. 22.637 Million)
f. Disputed liability relating to Market Fees(Fazilka, Punjab)	0.000	1.509
- Amount paid against disputed Market Fees is Rs. 0.525 Million (P.Y. Rs. 0.386 Million)
g. Others	2.824	5.008
Amount paid against other disputed liabilities is Rs. Nil (P.Y. Nil)

FIXED ASSETS

Tangible Assets:-

Land-Freehold
Land-Leasehold
Buildings
Plant and Machinery
Vehicle and Trolley
Furniture and Fixture

Intangible Assets:-

Patent,Trade mark and Design
Computer Software
Development Charges

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.66.08
UK Pound	1	Rs.100.31
Euro	1	Rs.73.81

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	RSM

Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		80

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.