MIRA INFORM REPORT

Report No. :	487562
Report Date :	22.01.2018

IDENTIFICATION DETAILS

Name :	INDIAN POTASH LIMITED
Formerly Known As :	INDIAN POTASH SUPPLY AGE NCY LIMITED
Registered Office :	Seethakathi Business Centre, 1st Floor ,684-690, Annasalai Chennai – 600006, Tamilnadu
Tel. No.:	91-44-28297869
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	17.06.1955
Com. Reg. No.:	18-000961
Capital Investment / Paid-up Capital :	INR 142.986 Million
CIN No.: [Company Identification No.]	U14219TN1955PLC000961
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	CHEI00029B
PAN No.: [Permanent Account No.]	AAACI0888H
GSTIN :	Not Divulged
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Sugar and Sugar Product, Milk and Milk products and Cattle Feed. (Registered Activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit:	USD 53000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company incorporated in the year 1955 having good track. Management of the company has not filed its financial with the government department for the year 2017 As per available financial of 2016, the company has witnessed a healthy growth in its revenue and has achieved profit margin at 0.98% (approx.) Rating takes into consideration sound financial profile of the company marked by strong net worth base. Further, the rating reflects the company’s long track record of business operations and decent earning per share of the company (i.e., earning per share of INR 113 against face value of INR 10) Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company being renowned fertilizer company, it can be considered for normal for business dealings with 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating = A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	03.11.2017
Rating Agency Name	ICRA
Rating	Short Term Rating = A+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	03.11.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 22.01.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

(91-44-28520855/28297869/28297857/28297327)

LOCATIONS

Registered / Head Office :	Seethakathi Business Centre, 1^st Floor, 684-690, Anna Salai, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28520855/ 28297869/ 28297857/ 28297327
Fax No.:	91-44-28522407
E-Mail :	rajeshkumar@potindia.com iplho@potindia.com pcschn1@gmail.com
Website :	www.indianpotash.org
Sugar and Power Division :	Potash Bhawan, 3rd Floor, 10-B, Potash Bhawan, Rajendra Park, Pusa Road, New Delhi – 110060, India
Tel. No.:	91-11-25761540/ 25763570/ 25732438/ 25725084
Fax No.:	91-11-25755313/ 25757062
E-Mail :	ipldel@potindia.com ipldelcorp@rediffmail.com
Sugar Units :	Located at · Kushi Nagar · Maharajganj · Meerut · Muzaffar Nagar · Bahraich
Regional Offices :	Located at: · Ahmedabad · Bangalore · Bhopal · Bhubaneshwar · Chandigarh · Guwahati · Jaipur · Kochi · Kolkata · Lucknow · Mumbai · Patna · Raipur · Secunderabad

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Udai Shanker Awasthi

Designation :

Nominee Director

Address :

L-4, Hauz Khas Enclave, New Delhi - 110017, India

Date of Birth/Age :

12.07.1945

PAN No. :

AAAPA3909L

Qualification:

Graduate

Date of Appointment :

29.06.1993

DIN No.:

00026019

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U74899DL2000PLC107621	IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED	08/09/2000	-
U74999DL2004PLC124867	IFFCO KISAN LOGISTICS LIMITED	08/03/2004	-
U32308DL2007PLC161809	IFFCO KISAN SANCHAR LIMITED	12/04/2007	-
U45209DL2008PLC175835	IFFCO KISAN SEZ LIMITED	25/03/2008	-
U52590DL2011PLC225858	IFFCO EBAZAR LIMITED	15/09/2015	-

Name :

Mr. Devinder Kumar

Designation :

Nominee Director

Address :

Flat N0.612, Sail Cghs Limited, Plot No.35, Sector-4, Dwarka, New Delhi - 110075, India

Date of Birth/Age :

03.07.1953

PAN No. :

AAFPK3533R

Qualification:

Graduate

Date of Appointment :

09.10.2001

DIN No.:

00085467

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U74899DL1995PLC064072	UEC SAIL INNFORMATION TECHNOLOGY LIMITED	13/06/2008	-

Name :

Mr. Balwinder Singh Nakai

Designation :

Director

Address :

Khati Sadar Bazaar, Rampura Phul - 151103, Punjab, India

Date of Birth/Age :

05.12.1934

Date of Appointment :

25.09.1993

DIN No.:

00823528

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U60221PB1997PTC020143	BROADWAY ROADLINES PRIVATE LIMITED	27/06/1997	-
U74899DL2000PLC107621	IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED	10/03/2011	-
U74999DL2004PLC124867	IFFCO KISAN LOGISTICS LIMITED	31/07/2012	-

Name :

Mr. Nataverlal Pitamberdas Patel

Designation :

Nominee director

Address :

17/B, Virnagar Society, S.T. Workshop Road, District Mehsana - 384002, Gujarat, India

Date of Birth/Age :

28.07.1936

Date of Appointment :

24.08.2007

DIN No.:

00008225

Name :

Mr. Prem Chandra Munshi

Designation :

Nominee Director

Address :

106, Aditya Vikash Complex, Talpatra Compound, Budh Marg, Patna - 800001, Bihar, India

Date of Birth/Age :

17.01.1962

Date of Appointment :

08.08.2011

DIN No.:

03597933

Name :

Mr. Parvinder Singh Gahlaut

Designation :

Managing Director

Address :

C-9/9156, Vasant Kunj, New Delhi - 110030, India

Date of Birth/Age :

27.07.1947

PAN No. :

AACPG7488C

Qualification:

Graduate

Date of Appointment :

29.09.1997

DIN No.:

00049401

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U00300BR1986PLC002370	SRI KRISHNA FERTILISERS LIMITED	29/05/2014	-
U15203HR1992PLC034058	GOLDLINE MILKFOOD AND ALLIED INDUSTRIES LIMITED	17/10/2001	-
U74899DL2000PLC107621	IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED	22/03/2010	-
U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	11/12/1998	-
U67120GJ2008PLC099142	INDIAN COMMODITY EXCHANGE LIMITED	27/08/2011	-
U15122DL2011PLC217940	IPL SUGARS AND ALLIED INDUSTRIES LIMITED	21/04/2011	-
U74900TN2011PLC080295	IPL GUJARAT PORT LIMITED	25/04/2011	-
U60232DL2016PLC300872	IFFCO CRWC LOGISTICS LIMITED	03/06/2016	-
U72900HR2016FTC072039	WISEKEY INDIA PRIVATE LIMITED	25/08/2017	-

Name :

Mr. Vasudha Mishra

Designation :

Nominee Director

Address :

Qr. No. P / J / 7, Ias Officers Colony, Punjagutta, Hyderabad - 500082, Andhra Pradesh, India

Date of Birth/Age :

11.02.1963

DIN No.:

02371330

Name :

Mr. Mallela Venkateswara Rao

Designation :

Nominee Director

Address :

Ce-7 Sector I Near Water Tank No 4, Salt Lake, Kolkata - 700064, West Bengal, India

DIN No.:

02371330

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U45203WB2004PTC100921	BENGAL CES INFRATECH PRIVATE LIMITED	15/11/2007	-
U23101WB2005PLC101608	HOOGHLY MET COKE & POWER COMPANY LIMITED	28/05/2008	-

Name :

Mr. Amarjit Singh Samra

Designation :

Nominee Director

Address :

182, New Jawahar Nagar, Jalandhar – 144001, Punjab, India

Date of Appointment :

14.09.2017

DIN No.:

00650133

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U60210PB1944PLC001975	PRINCE BUS AND TRANSPORT CO LTD	10/08/1971	-

Name :

Mrs. Reena Kaishing

Designation :

Additional Director

Address :

Bunglow 59, New Moti Bagh, New Delhi - 110021, India

DIN No.:

07233812

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U74999DL2004PLC124867	IFFCO KISAN LOGISTICS LIMITED	17/06/2015	-
U63030GJ2016PLC094439	SAGARMALA COASTAL LIMITED	21/11/2016	-

Name :

Mr. Dnyaneshwar Bhalchandra Patil

Designation :

Nominee Director

Address :

B 25, ChalImli, IAS Guest House, Bhopal – 462016, Madhya Pradesh, India

Date of Appointment :

14.09.2017

DIN No.:

06999046

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U60200MP2015SGC035125	SARNI CITY LINK LIMITED	23/12/2015	-

Name :

Padma Kumar

Designation :

Nominee Director

Address :

A1, Millennium Apartments Poojappura, Thycaud P O, Jagathy, Thiruvananthapuram – 695014, Kerala, India

Date of Appointment :

29.11.2017

DIN No.:

07987246

Name :

Anandmohan Tiwari

Designation :

Nominee Director

Address :

Block - 229 / A, KH Type Sector – 19, Gandhinagar – 382019, Gujarat, India

Date of Appointment :

22.06.2016

DIN No :

02986260

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
L99999GJ1962PLC001121	GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED	01/02/2016	-
U63020GJ1998PLC035039	GUJARAT GREEN REVOLUTION COMPANY LIMITED	25/02/2016	-
U74999GJ2017PTC096542	GUJARAT AROGYA SEVA PRIVATE LIMITED	28/03/2017	-

Name :

Meenakshi Gupta

Designation :

Nominee Director

Address :

Flat No-5-2,C-Ii, Multi Story Flats , Shahjahan Road Near India Gate , Pandara Road, New Delhi – 110003, India

Date of Appointment :

24.03.2017

DIN No :

07686646

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
L99999MH1960GOI011895	HINDUSTAN ORGANIC CHEMICALS LIMITED	15/11/2016	-
L32201TN1966GOI005469	MADRAS FERTILIZERS LIMITED	08/12/2016	-
L74899DL1974GOI007417	NATIONAL FERTILIZERS LIMITED	27/09/2017	-

KEY EXECUTIVES

Name :	Rajesh Kumar Sadangi
Designation :	Company Secretary
Address :	76/50, Kamaraj Nagar, 3rd Street, Choolaimedu, Chennai – 600094, Tamilnadu, India
Date of Appointment :	01.08.2009
PAN No :	ATNPK3444J
Name :	George Zachariah
Designation :	CFO(KMP)
Address :	Ground Floor B Sunset Terrace, 13, Ramanathan Street, K Ilpauk, Chennai – 600010, Tamilnadu, India
Date of Appointment :	05.06.2015
PAN No :	AAAPG4948B

SHAREHOLDING PATTERN

AS ON 31.03.2016

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 01.09.2016

Category	Percentage
Public/Other than promoters- Individual/Hindu Undivided Family- Indian	1.30
Public/Other than promoters-Government	12.68
Public/Other than promoters - Body corporate	15.81
Public/Other than promoters- Others	70.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Sugar and Sugar Product, Milk and Milk products and Cattle Feed. (Registered Activity)

Products :

Description products / services	ITC Code No
Muriate of Potash	46692
Di Ammonium Phosphate	46692
Urea	46692

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Allahabad Bank
Branch Address	International Finance Branch, Anna Theater Building, Anna Salai, Chennai – 600002, Tamilnadu, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

SECURED LOAN	As on 31.03.2016	As on 31.03.2015
LONG TERM BORROWING
Term loans from banks	114.260	171.392
SHORT TERM BORROWING
Term loans	3000.000	272.302
Total	3114.260	443.694

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Chennai, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries Company :	· Goldline Milkfood and Allied Industries Limited (U15203HR1992PLC034058) · IPL Gujarat Port Limited (U74900TN2011PLC080295) · IPL Sugars and Allied Industries Limited (U15122DL2011PLC217940)

CAPITAL STRUCTURE

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	INR 10/- each	INR 500.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
16568200	Equity Shares	INR 10/- each	INR 165.682 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14298600	Equity Shares	INR 10/- each	INR 142.986 Million

FINANCIAL DATA

[all figures are in Indian Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	142.986	142.986	142.986
(b) Reserves & Surplus	18508.860	16941.417	14909.052
(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)	18651.846	17084.403	15052.038
(3) Non-Current Liabilities
(a) long-term borrowings	114.260	171.392	171.392
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	18.360	18.054	17.748
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	132.620	189.446	189.140
(4) Current Liabilities
(a) Short term borrowings	56581.825	44830.697	31849.925
(b) Trade payables	4820.621	9927.950	19096.481
(c) Other current liabilities	7045.438	7347.578	6632.154
(d) Short-term provisions	1149.168	43.024	41.822
Total Current Liabilities (4)	69597.052	62149.249	57620.382
TOTAL	88381.518	79423.098	72861.560
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3990.956	3756.904	3331.194
(ii) Intangible Assets	0.000	61.215	61.871
(iii) Capital work-in-progress	711.157	677.184	204.479
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	628.513	129.393	209.076
(c) Deferred tax assets (net)	805.066	453.755	400.160
(d) Long-term Loan and Advances	431.749	962.273	566.518
(e) Other Non-current assets	3245.340	3245.340	0.000
Total Non-Current Assets	9812.781	9286.064	4773.298
(2) Current assets
(a) Current investments	4202.903	0.111	3245.356
(b) Inventories	19563.793	19084.250	11942.065
(c) Trade receivables	41755.769	37046.960	44338.662
(d) Cash and cash equivalents	954.135	11059.795	6528.635
(e) Short-term loans and advances	1434.991	1304.267	1143.042
(f) Other current assets	10657.146	1641.651	890.502
Total Current Assets	78568.737	70137.034	68088.262
TOTAL	88381.518	79423.098	72861.560

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	164609.338	155423.969	148936.088
	Other Income	1892.917	1167.829	1388.462
	TOTAL	166502.255	156591.798	150324.550
Less	EXPENSES
	Cost of Materials Consumed	17323.145	4210.389	4083.749
	Purchases of Stock-in-Trade	135733.115	135500.055	124147.968
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(531.534)	(7023.097)	(869.312)
	Employees benefits expense	546.353	597.296	572.666
	Expenditure expenses	0.000	12783.562	9969.849
	Exception items	0.000	-289.561	0.000
	Other expenses	5662.585	5013.864	6419.670
	TOTAL	158733.664	150792.508	144324.590
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	7768.591	5799.290	5999.960
Less	FINANCIAL EXPENSES	5114.775	2677.709	4214.750
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2653.816	3121.581	1785.210
Less/ Add	DEPRECIATION/ AMORTISATION	179.108	163.674	206.525
	PROFIT/ (LOSS) BEFORE TAX	2474.708	2957.907	1578.685
Less	TAX	855.638	845.337	505.097
	PROFIT/ (LOSS) AFTER TAX	1619.070	2112.570	1073.588
	Earnings / (Loss) Per Share (INR)	113.23	147.75	75.08

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(12450.558)	(3487.239)	NA
Net cash flows from (used in) operations	(12325.945)	(4970.348)	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	92.59	87.00	108.66
Account Receivables Turnover (Income / Sundry Debtors)	3.94	4.20	3.36
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	11.50	25.94	54.36
Inventory Turnover (Operating Income / Inventories)	0.40	0.30	0.50
Asset Turnover (Operating Income / Net Fixed Assets)	1.65	1.29	1.67

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.79	0.78	0.79
Debt Equity Ratio (Total Liability / Networth)	3.04	2.63	2.13
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.73	3.64	3.83
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.25	0.26	0.24
Interest Coverage Ratio (PBIT / Financial Charges)	1.52	2.17	1.42

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
PAT to sales Income ((PAT / sales) * 100)	%	0.98	1.36	0.72
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.83	2.66	1.47
Return on Investment (ROI) ((PAT / Networth) * 100)	%	8.68	12.37	7.13

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.13	1.13	1.18
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.85	0.82	0.97
G-Score Ratio Financial (Networth / Total Assets)	0.21	0.22	0.21
G-Score Ratio Debt (Debts / Equity Capital)	396.51	314.73	223.95
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.13	1.13	1.18

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

FINANCIAL ANALYSIS

[all figures are in Indian Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	142.986	142.986	142.986
Reserves & Surplus	14909.052	16941.417	18508.860
Net worth	15052.038	17084.403	18651.846
long-term borrowings	171.392	171.392	114.260
Short term borrowings	31849.925	44830.697	56581.825
Total borrowings	32021.317	45002.089	56696.085
Debt/Equity ratio	2.127	2.634	3.040

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	148936.088	155423.969	164609.338
		4.356	5.910

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	148936.088	155423.969	164609.338
Profit	1073.588	2112.570	1619.070
	0.72%	1.36%	0.98%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	142.986	142.986
(b) Reserves & Surplus	18551.267	16994.990
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	18694.253	17137.976
(3) Non-Current Liabilities
(a) long-term borrowings	114.260	171.812
(b) Deferred tax liabilities (Net)	0.205	0.310
(c) Other long term liabilities	18.360	18.079
(d) long-term provisions	2.034	1.824
Total Non-current Liabilities (3)	134.859	192.025
(4) Current Liabilities
(a) Short term borrowings	56581.825	44830.983
(b) Trade payables	4821.883	9933.486
(c) Other current liabilities	7052.054	7347.330
(d) Short-term provisions	1149.168	43.024
Total Current Liabilities (4)	69604.930	62154.823
TOTAL	88434.042	79484.824
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4017.437	3846.650
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	756.506	694.365
(iv) Intangible assets under development	40.983	40.983
(b) Non-current Investments	601.805	102.685
(c) Deferred tax assets (net)	805.067	453.755
(d) Long-term Loan and Advances	79.215	900.749
(e) Other Non-current assets	3252.435	3245.340
Total Non-Current Assets	9553.448	9284.527
(2) Current assets
(a) Current investments	4202.903	0.111
(b) Inventories	19563.945	19090.414
(c) Trade receivables	41752.688	37046.960
(d) Cash and cash equivalents	1014.740	11114.892
(e) Short-term loans and advances	1687.313	1305.105
(f) Other current assets	10659.005	1642.815
Total Current Assets	78880.594	70200.297
TOTAL	88434.042	79484.824

PROFIT AND LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Income	165222.103	156401.249
	Other Income	1898.486	1173.235
	TOTAL	167120.589	157574.484
Less	EXPENSES
	Cost of Materials Consumed	5082.344	5397.978
	Purchases of Stock-in-Trade	148572.481	148331.231
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(530.560)	(7301.032)
	Employees benefits expense	554.987	605.698
	CSR expense	1.526	7.937
	Exceptional item	0.000	(289.561)
	Other expenses	5677.047	5011.514
	TOTAL	159357.825	151763.765
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	7762.764	5810.719
Less	FINANCIAL EXPENSES	5114.791	2677.965
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2647.973	3132.754
Less/ Add	DEPRECIATION/ AMORTISATION	182.336	167.775
	PROFIT/ (LOSS) BEFORE TAX	2465.637	2964.979
Less	TAX	856.748	848.534
	PROFIT/ (LOSS) AFTER TAX	1608.889	2116.445
	Earnings / (Loss) Per Share (INR)	112.52	148.02

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	No
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	Yes
11	Pan Card No. of Proprietor / Partners	yes
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	No
25	Last accounts filed at ROC, if applicable	No
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	No
30	Major shareholders, if available	No
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2016 INR In Million	31.03.2015 INR In Million
SHORT TERM BORROWINGS
Term loans	53581.825	44558.395
Total	53581.825	44558.395

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C66183450	10594928	HDFC BANK LIMITED	11/09/2015	-	-	251620000.0	9TH FLOOR, 115, DR. RADHAKRISHNAN SALAI,MYLAPORECHENNAITN600004IN
2	C04688685	10495368	HDFC BANK LIMITED	21/03/2014	-	-	180000000.0	115, DR.RADHAKRISHNAN SALAI, MYLAPORECHENNAITN600004IN
3	B07932239	10040188	STATE BANK OF HYDERABAD	17/07/2006	02/03/2011	-	5725000000.0	NO.37/B, WHITES ROADROYAPETTAHCHENNAITN600014IN
4	C78906849	80011234	STATE BANK OF INDIA	15/04/2005	18/01/2016	-	80500000000.0	CORPORATE ACCOUNTS GROUP BRANCH 3RDFLR SIGAPPIACHIBUILDING, RUKMINI LAKSHMIPATHI ROAD, EGMORECHENNAITN600008IN
5	G50128495	10243441	ALLAHABAD BANK	09/09/2010	-	02/08/2017	3000000000.0	INTERNATIONAL FINANCE BRANCH,ANNA THEATER BUILDING, ANNA SALAI,CHENNAITN600002IN
6	G34825323	80023040	VIJAYA BANK LTD	23/03/2006	-	31/01/2017	1925000000.0	MOUNT ROAD BRANCHCHENNAITN600002IN
7	G34373829	10279253	BANK OF BARODA	18/03/2011	-	06/01/2017	9500000000.0	MOUNT ROAD BRANCH1, CLUB HOUSE ROAD, ANNA SALAICHENNAITN600002IN
8	G10796464	10342549	ALLAHABAD BANK	06/03/2012	-	31/08/2016	5000000000.0	41 ANNA THEATRE COMPLEX, ANNA SALAICHENNAITN600002IN
9	G09707241	10066562	ALLAHABAD BANK	06/09/2007	25/10/2007	27/07/2016	3000000000.0	INTERNATIONAL BRANCH41 ANNA SALAICHENNAITN600002IN
10	G09706888	80012950	ALLAHABAD BANK	24/05/2004	16/09/2006	27/07/2016	2000000000.0	INTERNATIONAL BRANCH41 ANNA SALAICHENNAITN600002IN

FIXED ASSETS:

• Land
• Buildings
• Factory building
• Other building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No records 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	INR 63.88
UK Pound	1	INR 88.59
Euro	1	INR 78.12

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	DIV
Report Prepared by :	NKTS

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES
--LITIGATION	NO
--OTHER ADVERSE INFORMATION	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	NO
--EXPORT ACTIVITIES	NO
--AFFILIATION	YES
--LISTED	NO
--OTHER MERIT FACTORS	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.