MIRA INFORM REPORT

Report No. :	496558
Report Date :	10.03.2018

IDENTIFICATION DETAILS

Name :	ITC LIMITED (w.e.f. 01.04.1974)
Formerly Known As :	INDIA TOBACCO COMPANY LIMITED (w.e.f. May 1970) IMPERIAL TOBACCO COMPANY OF INDIA LIMITED
Registered Office :	Virginia House, 37, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal
Tel. No.:	91-33-23454545
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	24.08.1910
Com. Reg. No.:	21-001985
Capital Investment / Paid-up Capital :	INR 12147.400 Million
CIN No.: [Company Identification No.]	L16005WB1910PLC001985
IEC No.: [Import-Export Code No.]	0288001079
GSTN : [Goods & Service Tax Registration No.]	19AAACI5950L1Z7
TIN No.:	05004002342/ 10560001031/ 36410177044/ 19200139067
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI5950L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	The business groups comprise the following: FMCG: Cigarettes – Cigarettes, Cigars etc. Others – Branded Packaged Foods Businesses (Staples, Snacks and Meals; Dairy and Beverages; Confections); Apparel; Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis. Hotels – Hoteliering Paperboards, Paper and Packaging – Paperboards, Paper including Specialty Paper and Packaging including Flexibles. Agri Business – Agri commodities such as soya, spices, coffee and leaf tobacco. [Registered Activity]
No. of Employees :	25883 (Approximately)

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++	Minimum Risk	Business dealings permissible with minimum risk of default

Maximum Credit Limit :	USD 1295460000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated on 24th August, 1910. It is the largest cigarette manufacturer and seller in the country. It currently operates in variety of business segments: FMCG Cigarettes; FMCG Others; Hotels; Paperboards, Paper and Packaging; and Agri Business. It is a leader in the Indian Cigarette market, driven by an established portfolio of brands and a superior distribution network. For the financial year 2017, the company has achieved top line growth of 6.75% as compared to the previous year along with decent profit margin of 18.40%. The company possesses a healthy financial profile marked by strong networth base, good revenue profile, low debt level, good profitability and robust liquidity. As per the quarterly financial of December 2017, the company achieved revenue of INR 99521.900 million along with a profit of INR 30902.000 million. Rating takes into consideration long operational track record, excellent business profile with a presence in diverse business and dominant position in the Indian cigarette market. Rating also takes into account the company’s focus on building cost efficacies, and its strong backward integration in the cigarette business through its leaf tobacco and packaging businesses, and also in the agricultural commodity and packaged food business through its e-chouple initiative. ITC’s Brand Aashirvaad, its packaged food brand has been growing at a compounded annual rate of 16.17% for the past few years. Subject, however, remains exposed to risks inherent in the individual business segments in which it operates. These include regulatory risks in the cigarette business such as increase in excise duty, and competitive pressures in the FMCG segment. Business is active. Payment seems to be regular and as per commitments. In view of the aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
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	CRISIL
Rating	Long term borrowing = AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk
Date	24.10.2017
Rating Agency Name	CRISIL
Rating	Short term borrowing = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	24.10.2017

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 10.03.2018.

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

Management Non-Cooperative (Tel. No.:91-33-23454545)

LOCATIONS

Registered Office / Service Centre :	Virginia House, 37, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-23454545 / 22889371
Fax No.:	91-33-22884016/ 1256/ 2259/ 2260
E-Mail :	itcsec@cal3.vsnl.net.in itcisc@vsnl.net isc@itc.in
Website :	www.itcportal.com
Hotel :	Oberio Flight Services, Sahar Airport Road, Andheri (East), Mumbai - 400099, Maharashtra, India
Headquarters :	84 (Old No.90) Chambers Road, Chennai - 600018, Tamilnadu, India
Tel. No.:	91-44-42081508
Fax No.:	91-44-24340294
Head Office :	ITC Hotel Kakatiya Sheraton and Totheyrs, 63-3-1187, Begumpet, Hyderabad -500016, Telangana, India
Tel. No.:	91-40-23400132
Fax No.:	91-40-23401045
Corporate Office :	Kakatiya Sheraton and Totheyrs, Begumpet, Hyderabad, Telangana, India
Tobacco Division :	(ITD Flavor Department), International Airport Road, Meenakunte Village Jalahobil, Bangalore - 562157, Karnataka, India
Branch Office :	International Sales No. 106, Sardar Patel Road, Secunderabad – 500003, Andhra Pradesh, India
Tel. No.:	91-40-27843768
Fax No.:	91-40-27810034
Agri Business Division :	Post Box No. 317, Grand Trunk Road, Guntur-522004, Andhra Pradesh, India
Business Division :	No. 18, Banaswadi Main Road, Bangalore-560005, Karnataka, India
PLANTS :
Cigarette Factories :	Bangalore Meenakunte Village, Jallahobli, Bangalore (North) - 562157, Karnataka, India Kolkata 93/1, Karl Marx Sarani, P. B. No. 17203, Kolkata - 700043, West Bengal, India Munger Basdeopur P. O., District Munger - 811202, Bihar, India Saharanpur Sardar Patel Marg, P. O. Box No. 25, Saharanpur - 247001, Uttar Pradesh, India Pune Plot No. B-27, MIDC Ranjangaon, Taluka Shirur, District Pune - 412220, Maharashtra , India
Green Leaf Threshing Plants :	Anaparti East Godavari District, Anaparti - 533342, Andhra Pradesh, India Chirala Prakasam, P. B. No. 1, Chirala, Prakasam - 523157, Andhra Pradesh, India Nanjangud Thandya Industrial Area Immavu and Adakanahalli Village Nanjangud Taluk, District Mysore - 571302, Karnataka, India
Packaging and Printing Plants	Chennai Post Box No. 2277, Tiruvottiyur, Chennai - 600019, Tamilnadu, India Haridwar Plot No. 1, Sector 11, Integrated Industrial Estate, Haridwar – 249403, Uttarkhand, India Munger Basdeopur P. O., District Munger - 811202, Bihar, India
Paper and Paperboard Mills :	· Bollaram Anrich Industrial Estate, Village Bollarum, Medak – 502325, Telangana, India · Sarapaka Sarapaka Village, District Bhadradri Kothagudem-507128, Telangana, India · Thekkampatty Thekkampatty Village, Vivekanandapuram Post, Mettupalayam Taluk, Coimbatore – 641113, Tamilnadu, India · Tribeni Village and Post Chandrahati, District Hooghly – 712504, West Bengal, India
Foods Factories :	Dhulagarh F - 26, Howrah Food Park, Dhulagarh, Sankrail, Howrah-711302, West Bengal, India Haridwar Plot No. 1, Sector 11, Integrated Industrial Estate, Haridwar - 249403 Uttarakhand, India Kamrup NH - 37, Bortejpur, Mouza Rampur, Kukurmara, District Kamrup-781134, Assam, India Malur Survey No. 15/1 and 15/2, Madivala Gram Panchayat Yeshwanthpura Village, District Kolar-563130, Karnataka, India Munger Sitakund Industrial Area, Village Nandlalpur, District Munger-811202, Bihar, India Nanjangud Survey No. 77/3, Thandya Industrial Area, Immavu and Adakanahalli Villages, Nanjangud Taluk, District Mysuru-571302, Karnataka, India Pune Plot No. D - 1, MIDC, Ranjangaon, Taluka Shirur, District Pune-412 220, Maharashtra, India Uluberia Mouza Amraberia, J. L. No. 8, P.S. Uluberia, District Howrah-711303, West Bengal, India
Personal Care Products Factories :	· Haridwar Plot No. 1, Sector 11, Integrated Industrial Estate, Haridwar-249403, Uttarakhand, India Kamrup NH - 37, Bortejpur, Mouza Rampur, Kukurmara, District Kamrup-781134, Assam, India · Manpura Village Manpura, Tehsil Baddi, District Solan-174101, Himachal Pradesh , India
Lifestyle Retailing :	Design and Technology Centre Manesar Plot No. 3, Sector – 5, IMT Manesar, Gurugram-122050, Haryana, India
Plants Under Construction:	· Ambarnath Integrated Consumer Goods, Manufacturing Facility, Off Kalyan Badlapur Road Ambarnath, District Thane-421505, Maharashtra, India Haridwar Food Unit - II, Plot No.1, Sector-11, Integrated Industrial Estate, Haridwar-249403, Uttarakhand, India Kapurthala Integrated Foods Manufacturing and Logistics Facility A-1-A, Mixed Use Industrial Park Village Jhalthikriwal, District Kapurthala-144601, Punjab, India Khordha Integrated Consumer Goods Manufacturing and Logistics Facility, IDCO Plot No. 4, Kholadwara Industrial Area, District Khordha-752050, Odisha, India Medak Integrated Consumer Goods Manufacturing and Logistics Facility, Village Manhorabad, District Medak-502336, Telangana, India Panchla Integrated Packaged Foods Manufacturing Unit, Mouza Kulai, J. L. No. 26, P.S. Panchla, District Howrah-711322, West Bengal, India Pudukkottai Integrated Consumer Goods Manufacturing and Logistics Facility, Vadugapatti and Velur Villages, Taluk Illupur, District Pudukkottai-621 316, Tamilnadu, India Pune Integrated Consumer Goods Manufacturing Facility, Plot No. D - 1, MIDC Ranjangaon, Taluka Shirur, District Pune-412220, Maharashtra, India Sehore Integrated Consumer Goods Manufacturing and Logistics Facility, Industrial Area Badiya Khedi, District Sehore-466001, Madhya Pradesh, India
HOTELS :
Owned Hotels :	· Agra ITC Mughal Taj Ganj Agra - 282001, Uttar Pradesh, India · Bangalore ITC Gardenia 1, Residency Road, Bangalore-560025, Karnataka, India ITC Windsor 25, Windsor Square, Golf Course Road, Bangalore- 560052, Karnataka, India My Fortune, Bangalore, 46, Richmond Road, Bangalore-560025, Karnataka, India · Chennai ITC Grand Chola, 63, Mount Road, Guindy, Chennai-600032, Tamilnadu, India My Fortune, Chennai, Cathedral Road, Chennai-600086, Tamilnadu, India · Jaipur ITC Rajputana Palace Road, Jaipur-302006, Rajasthan, India · Kolkata ITC Sonar, 1, JBS Haldane Avenue, Kolkata - 700046, West Bengal, India · Mumbai ITC Maratha, Sahar, Mumbai-400099, Maharashtra, India ITC Grand Central, 287, Dr. B. Ambedkar Road, Parel, Mumbai - 400012, Maharashtra, India · New Delhi ITC Maurya, Sardar Patel Marg, Diplomatic Enclave, New Delhi -110021, India Tel. No.: 91-11-26112233 Sheraton New Delhi Hotel, District Centre, Saket, New Delhi - 110017, India
Licenced Hotels :	Ahmedabad Fortune Park, Ellis Bridge, Ahmedabad-380006, Gujarat, India Gurugram ITC Grand Bharat, P.O. Hasanpur, Tauru, District Mewat-122105, Gurugram, India Kota Welcom Heritage, Umed Bhawan Palace, Palace Road, Kota-324001, Rajasthan, India · Port Blair Fortune Resort Bay Island, Marine Hill, Andaman and Nicobar Islands, Port Blair-744101, India · Vadodara WelcomHotel Vadodara, R. C. Dutt Road, Alkapuri, Vadodara - 390007, Gujarat, India
Hotels Under Operating Services :	· Aurangabad WelcomHotel Rama International, R-3, Chikalthana, Aurangabad- 431210, Maharashtra, India · Hyderabad, ITC Kakatiya, 6-3-1187, Begumpet, Hyderabad-500016, Telangana, India Jodhpur WelcomHotel Jodhpur, Khasra No. 53, Village – Uchiyarda, Jodhpur-342027, Rajasthan, India Khimsar WelcomHotel Khimsar Fort and Dunes, P.O. Khimsar, District Nagaur-341 025, Khimsar, India Mamallapuram WelcomHotel Kences Palm Beach No. 53, Devaneri Village East Coast Road, District Kanchipuram Mamallapuram-603104, Tamilnadu, India New Delhi WelcomHotel Dwarka, Plot No. 3, Sector – 10, District Centre, Dwarka, New Delhi-110075, India Panchkula WelcomHotel Bella Vista, SM - 8, Sector – 5, Panchkula-134109, Haryana, India · Visakhapatnam WelcomHotel Grand Bay, Beach Road, Visakhapatnam-530002, Andhra Pradesh, India
Choupal Saagars - Rural Services Centres  :	Located At · Amravati · Badaun · Bahraich · Chandouli · Chindwara · Dewas · Dhar · Gonda · Hardoi · Hathras · Itarsi · Jagdishpur · Mandsaur · Mhow · Nagda · Parbhani · Pilibhit · Ratlam · Sehore · Ujjain · Vidisha · Wardha · Washim Yavatmal
Wills Lifestyle Stores :	Located At: · Agra · Ahmedabad · Aurangabad · Belgaum · Bangalore · Bhopal · Bhubaneshwar · Chandigarh · Coimbatore · Dehradun · Ernakulam · Ghaziabad · Gurugram · Hyderabad · Indore · Jalandhar · Jaipur · Jammu · Kanpur · Kolkata · Lucknow · Ludhiana · Mumbai / Thane · Nagpur · Nashik · New Delhi · Noida · Panjim · Patna · Pune · Raipur · Ranchi · Siliguri · Surat · Vadodara · Visakhapatnam · John Players Stores · Chennai
Division Headquarters :	31, Sarojini Devi Road, Secunderabad, Hyderabad – 500003, Telangana, India

DIRECTORS

AS ON 2018

Name :	Mr. Yogesh Chander Deveshwar
Designation :	Chairman
Address :	Apartment No. 1014A, The Magnolias DLF Golf Links, DLF City, Phase V, Gurugram-122009, Haryana, India
Date of Appointment :	24.02.1994
DIN No.:	00044171
Name :	Mr. Nakul Anand
Designation :	Whole-time Director
Address :	No.18, Green Avenue, (Beh. Pkt - D-3, Vasant Kunj), Kishan Garh, New Delhi-110070, India
Date of Appointment :	30.07.2014
DIN No.:	00022279
Name :	Mr. Rajiv Tandon
Designation :	Whole-time Director
Address :	Woodlands Syndicate, Flat - 4, 8/7, Alipore Road, Kolkata-700027, West Bengal, India
Date of Appointment :	22.01.2016
DIN No.:	00042227
Name :	Mr. Sanjiv Puri
Designation :	Whole-time Director
Address :	4, Fountain Court, 7/1, Little Russell Street, Kolkata-700071, West Bengal, India
Date of Appointment :	06.12.2015
DIN No.:	00280529
Name :	Mr. Sunil Behari Mathur
Designation :	Director
Address :	Plot No. 10, A-10, Vasant Vihar, New Delhi-110057, India
Date of Appointment :	15.09.2014
DIN No.:	00013239
Name :	Mr. Arun Duggal
Designation :	Director
Address :	A-4, West End, New Delhi-110021, India
Date of Appointment :	15.09.2014
DIN No.:	00024262
Name :	Mr. Syed Habibur Rehman
Designation :	Director
Address :	N - 140, Panchsheel Park, New Delhi-110017, India
Date of Appointment :	27.07.2012
DIN No.:	00050862
Name :	Mr. Suryakant Balkrishna Mainak
Designation :	Director
Address :	B-1503, Oberoi Woods, Mohan Gokhale Marg, Off Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India
Date of Appointment :	25.04.2014
DIN No.:	02531129
Name :	Mr. Shilabhadra Banerjee
Designation :	Director
Address :	1464, Sector-14, Faridabad-121007, Haryana, India
Date of Appointment :	24.07.2014
DIN No.:	02922331
Name :	Mrs. Meera Shankar
Designation :	Director
Address :	Tower 34, Flat No. 202, Commonwealth Games Village, Delhi-110092, India
Date of Appointment :	06.09.2012
DIN No.:	06374957
Name :	Mrs. Nirupama Rao
Designation :	Director
Address :	Apartment D Springleaf, Apartments No. 6, Brunton Cross Road, Bangalore-560025, Karnataka, India
Date of Appointment :	08.04.2016
DIN No.:	06954879
Name :	Mr. Zafir Alam
Designation :	Director
Address :	B/22, Mayfair Garden Little Gibbs Road, Malabar Hills, Mumbai-400006, Maharashtra, India
Date of Appointment :	26.10.2016
DIN No.:	07641534
Name :	Mr. David Robert Simpson
Designation :	Director
Address :	38 Cambridge Street London SW1V4QH GB
Date of Appointment :	27.01.2017
DIN No.:	07717430
Name :	Mr. Ashok Malik
Designation :	Director
Name :	Mr. Pillapakkam Bahukutumbi Ramanujam
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rajiv Tandon
Designation :	Company Financial Officer (KMP)
Address :	Woodlands Syndicate Flat - 4, 8/7 Alipore Road, Kolkata-700027, West Bengal, India
Date of Appointment :	17.08.2009
PAN No:	AAQPT5649E
Name :	Mr. Sanjiv Puri
Designation :	Company Executive Officer (KMP)
Address :	4 Fountain Court, 7/1 Little Russell Street, Kolkata-700071, West Bengal, India
Date of Appointment :	05.02.2017
PAN No:	AEJPP3871R
Name :	Mr. Rajendra Kumar Singhi
Designation :	Company Secretary
Address :	Flat No. 5EE, Manikarn 3B, Rammohan Mullick Garden Lane, Kolkata-700010, West Bengal, India
Date of Appointment :	04.02.2018
PAN No:	AIRPS4155M
Name :	Mr. Biswa Behari Chatterjee
Designation :	Company Secretary
Name :	Mr. Kannadiputhur Sundararaman Suresh
Designation :	General Counsel
BOARD COMMITTEES
Audit Committee :	S B Mathur, Chairman Z Alam, Member A Duggal, Member P B Ramanujam, Member S S H Rehman, Member R Tandon, Invitee R Parasuram, Invitee (Head of Internal Audit) Representative of, Invitee the Statutory Auditors B B Chatterjee, Secretary
CSR and Sustainability Committee :	Y C Deveshwar, Chairman Z Alam, Member S B Mainak, Member A Malik, Member N Rao, Member M Shankar, Member D R Simpson, Member B B Chatterjee, Secretary
Securityholders Relationship Committee :	P B Ramanujam, Chairman S Puri, Member S S H Rehman, Member R Tandon, Member B B Chatterjee, Secretary
Nomination and Compensation Committee :	S Banerjee, Chairman Y C Deveshwar, Member S B Mainak, Member S S H Rehman, Member M Shankar, Member B B Chatterjee, Secretary
Independent Directors Committee :	S Banerjee, Member A Duggal, Member S B Mathur, Member P B Ramanujam, Member N Rao, Member S S H Rehman, Member M Shankar, Member
Corporate Management Committee :	S Puri, Chairman N Anand, Member R Tandon, Member C Dar, Member S K Singh, Member S Sivakumar, Member R Sridhar, Member B Sumant, Member K S Suresh, Member B B Chatterjee, Member and Secretary

SHAREHOLDING PATTERN

AS ON DECEMBER 2017

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(B) Public	12165495221	99.80
(C1) Shares underlying DRs	24961650	0.20
Grand Total	12190456871	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions		0.00
Mutual Funds/	684439404	5.63
Alternate Investment Funds	307396	0.00
Foreign Portfolio Investors	2267020723	18.63
Government of Singapore	159766591	1.31
Financial Institutions/ Banks	1043494800	8.58
Specified Undertaking of the Unit Trust of India	1025289805	8.43
Insurance Companies	2733137638	22.47
Life Insurance Corporation of India	1975075980	16.24
General Insurance Corporation of India	212875828	1.75
The New India Assurance Company Limited	198436306	1.63
The Oriental Insurance Company Limited	159756817	1.31
National Insurance Company Limited	122473330	1.01
Sub Total B1	6728399961	55.31
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	1046205176	8.60
Individual share capital in excess of INR 0.200 Million	145142883	1.19
Any Other (specify)	4245747201	34.90
Bodies Corporate	4091708392	33.63
NRI	70326666	0.58
PIO	86977	0.00
Trusts	60916752	0.50
Clearing Members	14584340	0.12
Foreign Individuals	444240	0.00
Tobacco Manufacturers (India) Limited	2978347320	24.48
Myddleton Investment Company Limited	486311940	4.00
Rothmans International Enterprises Limited	154954890	1.27
Investor Education and Protection Fund Authority Ministry of Corporate Affairs	7679834	0.06
Sub Total B3	5437095260	44.69
B=B1+B2+B3	12165495221	100.00

BUSINESS DETAILS

Line of Business :

The business groups comprise the following:

FMCG:

3. Cigarettes – Cigarettes, Cigars etc.
4. Others – Branded Packaged Foods Businesses (Staples, Snacks and Meals; Dairy and Beverages; Confections); Apparel; Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis.

Hotels – Hoteliering

Paperboards, Paper and Packaging – Paperboards, Paper including Specialty Paper and Packaging including Flexibles.

Agri Business – Agri commodities such as soya, spices, coffee and leaf tobacco. [Registered Activity]

Products / Services :

NIC Code No.	Product Description
FMCG
Cigarettes etc.	12003, 46307
Branded Packaged Food Products	10501, 10502, 10504, 10611, 10795, 10798, 10712, 10733, 10735, 10740, 10750, 10308, 10304, 10732
Others (Apparel, Education and Stationery Products, Personal Care Products, Safety Matches, Agarbattis etc.)	46496, 46909, 47711, 20231, 20236, 20237, 20234, 46497
Hotels
Hotels Sales / Income from Hotel Services	55101, 56101, 56210, 56301, 74909
Agri Business
Wheat, Soya, Spices, Coffee, Unmanufactured Tobacco, Aqua etc.	10795, 10209, 10304, 10309, 10406,10611, 10792, 46201, 46207, 46209, 46301, 46305, 46306, 47190, 47300, 47737, 12001, 20213
Paperboards, Paper and Packaging
Paperboards and Paper	17016
Printed Material	17022, 17029, 22203

Brand Names :

· Sunfeast Dark Fantasy

· Aashirvaad

· Sunfeast Yumfills

· Sunfeast Delishus

· Sunfeast Mom’s Magic

· Sunfeast Bounce

· Bingo! Tedhe Medhe

· Bingo! Mad Angles

· Yumitos

· YiPPee!

· Candyman

· Engage

· Fiama

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 :

25883 (Approximately)

Bankers :

Bank Name	IDFC Bank Limited
Branch	--
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 LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT TERM BORROWINGS
Loans from Banks
Cash credit facilities	0.100	36.000
Total	0.100	36.000

Note:

Cash credit facilities are secured by hypothecation of inventories of the Company, both present and future

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Bengal Intelligent Park, Building Alpha, 1^st Floor, Block - EP and GP Sector - V, Salt Lake Electronics Complex, Kolkata - 700 091, West Bengal, India
PAN No.:	AADFD5357J
Memberships :	Not Available
Collaborators :	Not Available
Enterprises Where Control Exists (Subsidiaries Companies) :	Srinivasa Resorts Limited Fortune Park Hotels Limited Bay Islands Hotels Limited WelcomHotels Lanka (Private) Limited, Sri Lanka Landbase India Limited Russell Credit Limited and its subsidiary Greenacre Holdings Limited Technico Pty Limited, Australia and its subsidiaries Technico Technologies Inc., Canada Technico Asia Holdings Pty Limited, Australia and its subsidiary Technico Horticultural (Kunming) Company Limited, China Technico Agri Sciences Limited Wimco Limited Pavan Poplar Limited Prag Agro Farm Limited ITC Infotech India Limited and its subsidiaries ITC Infotech Limited, UK ITC Infotech (USA), Inc. and its subsidiaries Pyxis Solutions, LLC , USA (merged with ITC Infotech (USA), Inc. w.e.f. 01.04.2016) Indivate Inc., USA (w.e.f. 18.11.2016) Gold Flake Corporation Limited ITC Investments and Holdings Limited and its subsidiary MRR Trading and Investment Company Limited Surya Nepal Private Limited King Maker Marketing, Inc., USA (ceased w.e.f. 16.11.2016) North East Nutrients Private Limited The above list does not include ITC Global Holdings Pte. Limited, Singapore (in liquidation)
Other Related Parties With Whom The Company Had Transactions (Associates Companies) :	Gujarat Hotels Limited International Travel House Limited – being associates of the Company, and Tobacco Manufacturers (India) Limited, UK – of which the Company is an associate
Other Related Parties With Whom The Company Had Transactions (Associates of the Company’s subsidiaries) :	Russell Investments Limited Divya Management Limited Antrang Finance Limited – being associates of Russell Credit Limited, and ATC Limited – being associate of Gold Flake Corporation Limited
Other Related Parties With Whom The Company Had Transactions (Joint Ventures) :	Maharaja Heritage Resorts Limited Espirit Hotels Private Limited Logix Developers Private Limited
Other Related Parties With Whom The Company Had Transactions (Joint Venture of the Company’s subsidiary) :	· ITC Essentra Limited – being joint venture of Gold Flake Corporation Limited Note: King Maker Marketing, Inc. USA (KMM) ceased to be a subsidiary of the Company with effect from 16.11.2016 consequent to divestment of the Company’s entire shareholding in KMM.
Employee Trusts where there is significant influence:	· IATC Provident Fund · ITC Defined Contribution Pension Fund · ITC Management Staff Gratuity Fund · ITC Employees Gratuity Fund · ITC Gratuity Fund ‘C’ · ITC Pension Fund · ILTD Seasonal Employees Pension Fund · ITC Platinum Jubilee Pension Fund · Tribeni Tissues Limited Gratuity Fund · ITC Bhadrachalam Paperboards Limited Management Staff Pension Fund · ITC Bhadrachalam Paperboards Limited Gratuity Fund ‘A’ · ITC Bhadrachalam Paperboards Limited Gratuity Fund ‘C’ · ITC Hotels Limited Employees Superannuation Scheme

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000000	Equity Shares	INR 1/- each	INR 20000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12147383071	Equity Shares	INR 1/- each	INR 12147.400 Million

a) Reconciliation of number of Ordinary Shares outstanding

Equity Shares	Number of Shares	INR in Million
at the beginning of the year	8047206991	8047.200
Add: Issue of Bonus Shares	4026657100	4026.700
Add: Issue of Shares on exercise of Options	73518980	73.500
As at end of the year	12147383071	12147.400

b) Shareholders holding more than 5% of the Ordinary Shares in the Company

Name of Shareholder	Number of Shares	% holding
Tobacco Manufacturers (India) Limited	2978347320	24.52
Life Insurance Corporation of India	1975075980	16.26
Specified Undertaking of the Unit Trust of India	1102591521	9.08
Total	6056014821	49.86

c) Ordinary Shares allotted as fully paid pursuant to contract(s) without payment being received in cash during the period of five years immediately preceding 31st March

Particular	Number of Shares
Shares issued in 2014-15 pursuant to the Scheme of Arrangement between Wimco Limited and ITC Limited	87761

d) Ordinary Shares allotted as fully paid up Bonus Shares for the period of five years immediately preceding 31st March

Particular	Number of Shares
Bonus Shares issued in 2016-17	4026657100

e) Rights, preferences and restrictions attached to the Ordinary Shares

The Ordinary Shares of the Company, having par value of INR 1.00 per share, rank pari passu in all respects including voting rights and entitlement to dividend.

f) Shares reserved for issue under Options

Particular	Number of Shares
Ordinary Shares of INR 1.00 each	431559080

Terms and Conditions of Options Granted

Each Option entitles the holder thereof to apply for and be allotted ten Ordinary Shares of the Company of INR 1.00 each upon payment of the exercise price during the exercise period. The exercise period commences from the date of vesting of the Options and expires at the end of five years from (i) the date of grant in respect of Options granted under the ITC Employee Stock Option Scheme (introduced in 2001) and (ii) the date of vesting in respect of Options granted under the ITC Employee Stock Option Scheme - 2006 and the ITC Employee Stock Option Scheme - 2010.

The vesting period for conversion of Options is as follows:

On completion of 12 months from the date of grant of the Options : 30% vests

On completion of 24 months from the date of grant of the Options : 30% vests

On completion of 36 months from the date of grant of the Options : 40% vests

The Options have been granted at the ‘market price’ as defined under the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014.

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12147.400	8047.200	8015.500
(b) Reserves & Surplus	441262.200	408517.100	299341.400
(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	453409.600	416564.300	307356.900
(3) Non-Current Liabilities
(a) long-term borrowings	179.900	258.300	386.900
(b) Deferred tax liabilities (Net)	18717.000	18674.300	16316.000
(c) Other long term liabilities	238.600	151.300	70.500
(d) long-term provisions	1313.700	1121.900	1007.200
Total Non-current Liabilities	20449.200	20205.800	17780.600
(4) Current Liabilities
(a) Short term borrowings	0.100	36.000	0.200
(b) Trade payables	25512.200	22280.100	19046.200
(c) Other current liabilities	42370.100	40650.600	36711.800
(d) Short-term provisions	418.300	576.000	61060.900
Total Current Liabilities	68300.700	63542.700	116819.100
TOTAL	542159.500	500312.800	441956.600
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	144693.200	135919.600	137771.400
(ii) Intangible Assets	4109.200	4190.100	4013.500
(iii) Capital work-in-progress	34913.300	23884.200	20854.900
(iv) Intangible assets under development	456.900	307.500	286.500
(b) Non-current Investments	84855.100	68532.000	24416.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	58.400	81.200	15063.600
(e) Other Non-current assets	27699.500	35059.000	0.000
Total Non-Current Assets	296785.600	267973.600	202406.300
(2) Current assets
(a) Current investments	100997.800	64713.300	59638.200
(b) Inventories	78639.900	85198.200	78367.600
(c) Trade receivables	22075.000	16863.500	17224.000
(d) Cash and cash equivalents	27472.700	56392.000	75886.100
(e) Short-term loans and advances	33.700	38.500	5498.900
(f) Other current assets	16154.800	9133.700	2935.500
Total Current Assets	245373.900	232339.200	239550.300
TOTAL	542159.500	500312.800	441956.600

PROFIT & LOSS ACCOUNT [STANDALONE]

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	554484.600	519445.700	365074.000
	Other Income	19859.100	17692.600	15431.300
	TOTAL	574343.700	537138.300	380505.300
Less	EXPENSES
	Cost of Materials Consumed	117655.600	110547.500	109878.300
	Purchases of Stock-in-Trade	35665.700	25918.000	38986.600
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	6441.700	(1965.500)	(2145.300)
	Employees benefits expense	24443.100	23315.900	17800.400
	Excise costs	153597.800	153619.000	0.000
	Other expenses	70900.300	70864.600	65818.500
	TOTAL	408704.200	382299.500	230338.500
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	165639.500	154838.800	150166.800
Less	FINANCIAL EXPENSES	229.500	491.300	574.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	165410.000	154347.500	149592.600
Less	DEPRECIATION/ AMORTISATION	10380.400	10006.800	9617.400
	PROFIT/ (LOSS) BEFORE TAX	155029.600	144340.700	139975.200
Less	TAX	53020.600	51057.000	43897.900
	PROFIT/ (LOSS) AFTER TAX	102009.000	93283.700	96077.300
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		30578.500	42531.800
	Hotel earnings		5337.600	7790.100
	Freight and Insurance recoveries		333.600	424.600
	Dividend		99.600	123.700
	Other earnings		88.100	89.700
	TOTAL EARNINGS	46090.000	36437.400	50959.900
	IMPORTS
	Raw Materials	NA	12471.800	14290.000
	Components and spare parts (including stores)	NA	615.500	689.200
	Purchase of Trademarks	NA	0.000	436.500
	Capital goods	NA	2112.500	2925.600
	Other goods	NA	153.600	179.800
	TOTAL IMPORTS	NA	15353.400	18521.100
	Earnings / (Loss) Per Share (INR)
	Basic	8.43	7.74	12.05
	Diluted	8.38	7.70	11.93

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	78.400	128.600	143.100
Cash generated from operations	152149.800	140396.400	135346.500
Net Cash From Operating Activities	100020.200	92119.200	93088.700

QUARTERLY RESULTS

PARTICULARS	30.06.2017 1^st Quarter	30.09.2017 2^nd Quarter	31.12.2017 3^rd Quarter
	Unaudited	Unaudited	Unaudited
Net Sales	138004.200	97639.200	99521.900
Total Expenditure	100540.200	60024.100	99521.900
PBIDT (Excl OI)	37464.000	37615.100	39045.000
Other Income	4767.700	4942.100	6269.200
Operating Profit	42231.700	42557.200	45314.200
Interest	103.800	290.100	240.200
Exceptional Items	NA	NA	4129.000
PBDT	42127.900	42267.100	49203.000
Depreciation	2682.100	2824.200	2907.500
Profit Before Tax	39445.800	39442.900	46295.500
Tax	13840.800	13044.500	15393.500
Provisions and contingencies	NA	NA	NA
Profit After Tax	25605.000	26398.400	30902.000
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	25605.000	26398.400	30902.000

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	14.53	11.85	17.22
Account Receivables Turnover (Income / Sundry Debtors)	25.12	30.80	21.20
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	60.73	59.59	46.70
Inventory Turnover (Operating Income / Inventories)	2.11	1.82	1.92
Asset Turnover (Operating Income / Net Fixed Assets)	0.90	0.94	0.92

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.13	0.13	0.27
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.15	0.15	0.38
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.41	0.39	0.53
Interest Coverage Ratio (PBIT / Financial Charges)	721.74	315.16	261.52

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	18.40	17.96	26.32
Return on Total Assets ((PAT / Total Assets) * 100)	%	18.82	18.65	21.74
Return on Investment (ROI) ((PAT / Networth) * 100)	%	22.50	22.39	31.26

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	3.59	3.66	2.05
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.44	2.32	1.38
G-Score Ratio Financial (Networth / Total Assets)	0.84	0.83	0.70
G-Score Ratio Debt (Debts / Equity Capital)	0.02	0.05	0.07
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.59	3.66	2.05

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

STOCK PRICES

Face Value	INR 1.00/-
Market Value	INR 257.95/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	8015.500	8047.200	12147.400
Reserves & Surplus	299341.400	408517.100	441262.200
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	307356.900	416564.300	453409.600
Long-term borrowings	386.900	258.300	179.900
Short term borrowings	0.200	36.000	0.100
Current Maturities of Long term debt	143.100	128.600	78.400
Total borrowings	530.200	422.900	258.400
Debt/Equity ratio	0.002	0.001	0.001

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	365074.000	519445.700	554484.600
		42.285	6.745

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	365074.000	519445.700	554484.600
Profit	96077.300	93283.700	102009.000
	26.32%	17.96%	18.40%

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12147.400	8047.200
(b) Reserves & Surplus	451981.900	418748.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority Interest	2947.400	2609.000
Total Shareholders’ Funds	467076.700	429404.200
(4) Non-Current Liabilities
(a) long-term borrowings	184.000	266.600
(b) Deferred tax liabilities (Net)	18787.700	18800.000
(c) Other long term liabilities	590.000	509.200
(d) long-term provisions	1584.200	1354.200
Total Non-current Liabilities	21145.900	20930.000
(5) Current Liabilities
(a) Short term borrowings	191.100	439.500
(b) Trade payables	26593.300	23392.900
(c) Other current liabilities	43814.100	42038.200
(d) Short-term provisions	611.600	714.000
Total Current Liabilities	71210.100	66584.600
TOTAL	559432.700	516918.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	152622.700	144593.600
(ii) Intangible Assets	4286.800	4447.400
(iii) Capital work-in-progress	36842.000	25289.700
(iv) Intangible assets under development	2482.200	2332.800
(b) Non-current Investments	66939.900	51258.100
(c) Deferred tax assets (net)	449.500	405.400
(d) Long-term Loan and Advances	85.400	129.600
(e) Other Non-current assets	33033.200	39837.200
Total Non-Current Assets	296741.700	268293.800
(2) Current assets
(a) Current investments	103323.900	66217.800
(b) Inventories	86711.000	90621.000
(c) Trade receivables	24742.900	19171.800
(d) Cash and cash equivalents	29674.000	60633.000
(e) Short-term loans and advances	67.800	80.700
(f) Other current assets	18171.400	11900.700
Total Current Assets	262691.000	248625.000
TOTAL	559432.700	516918.800

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	587315.200	550610.800
	Other Income	17615.300	15308.000
	TOTAL	604930.500	565918.800
Less	EXPENSES
	Cost of Materials Consumed	119790.300	111686.800
	Purchases of Stock-in-Trade	34775.600	25952.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	5925.700	(1953.800)
	Employees benefits expense	36317.300	34409.700
	Excise duty	159279.100	158689.800
	Share of profit of associates and joint venture	(59.700)	(84.200)
	Other expenses	76868.100	77317.800
	TOTAL	432896.400	406018.100
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	172034.100	159900.700
Less	FINANCIAL EXPENSES	243.000	536.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	171791.100	159364.700
Less	DEPRECIATION/ AMORTISATION	11527.900	10774.000
	PROFIT/ (LOSS) BEFORE TAX	160263.200	148590.700
Less	TAX	55490.900	53582.100
	PROFIT/ (LOSS) AFTER TAX	104772.300	95008.600
	Other Comprehensive Income
	Items that will not be reclassified to profit or loss:
	– Remeasurements of the defined benefit plans	(271.900)	(490.900)
	– Equity instruments through other comprehensive income	1396.800	(322.100)
	– Effective portion of losses on designated portion of hedging instruments in a cash flow hedge	(611.900)	0.000
	- Share of OCI in Associates and Joint Ventures	107.100	(96.900)
	Income tax relating to items that will not be reclassified to profit or loss:	239.100	169.400
	Items that will be reclassified to profit or loss:
	– Exchange differences in translating the financial statements of foreign operations	(555.500)	(43.400)
	– Effective portion of gains / (losses) on designated portion of hedging instruments in a cash flow hedge	182.900	(23.200)
	Income tax relating to items that will be reclassified to profit or loss	(63.100)	8.000
	Other Comprehensive Income	423.500	(799.100)
	Total Comprehensive Income for the year	105195.800	94209.500
	Earnings / (Loss) Per Share (INR)
	Basic	8.50	7.75
	Diluted	8.45	7.71

LEGAL CASE

High Court of Calcutta - Original Side

Case Status Information System

Case Status :	Pending
Status Of :	INCOME TAX APPEAL TENDERED  380  Of  2017
Litigants :	PRINCIPAL COMMISSIONER OF INCOME TAX -3,  Vs.  M/S. ITC LIMITED
Pet's Adv :	Y VATS
Res's Adv :
Last Date of Hearing :	Monday, February 05, 2018
Next / Final Date of Hearing :	Monday, March 05, 2018
Case Updated On :	Wednesday, February 28, 2018
Category :	INCOME TAX : REVENUE

Connected Application(s)

No Connected Application

Connected Matter(s)

No Connected Case

LOCAL AGENCY FURTHER INFORMATION

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

MANAGEMENT DISCUSSION AND ANALYSIS

SOCIO-ECONOMIC ENVIRONMENT

The global economy remained on a decelerating trend in 2016 growing by 3.1% compared to 3.4% in 2015 (as per latest IMF estimates). This marks the slowest pace of expansion since the global financial crisis in 2009 and the fifth successive year that the globaleconomy has grown at a rate lower than its long-term average of 3.6% p.a. The anticipated pick-up in global growth (3.4%) at the beginning of the year did not fructify mainly due to slower growth in the Advanced Economies which grew by 1.7% in 2016 against 2.1% in 2015. Within the Advanced Economies, the US posted a muted growth of 1.6% led by downward adjustments in inventories and contraction in Private Investments, particularly during the first half of the year. The Euro Area also recorded tepid growth, expanding by 1.7% during the year compared to 2.0% in 2015. Emerging Market and Developing Economies witnessed a growth of 4.1% in 2016 against 4.2% in 2015, with Brazil and Russia recording a reduced pace of contraction which was offset by slower growth in the emerging European economies and further slowdown in the Chinese economy from 6.9% in 2015 to 6.7% in 2016.

In spite of the lacklustre performance during the year as aforestated, green shoots of economic recovery became visible in the latter half of the year. It is anticipated that the global economy will perform better and grow by 3.5% in 2017 and improve further to 3.6% in 2018, on the back of synchronised growth momentum in Advanced as well as Emerging Economies. Within the Advanced Economies, the US economy is projected to grow at 2.3% in 2017 driven by expectations of a liberal fiscal policy and continued momentum in the manufacturing-led cyclical recovery. The outlook for Euro Area has also improved, though socio-political risks remain a potential downside. The Emerging Market and Developing Economies are also likely to witness improvement in growth at 4.5% in 2017, aided by recovery in commodity prices and Brazil and Russia emerging out of deep recession. Growth in China, however, is projected to slow down further to 6.6% in 2017, reflecting the ongoing rebalancing of the economy towards a more sustainable and broad-based consumption and services led growth. After years of persistently low inflation (even deflation), 2017 is expected to be a year of reflation. Stronger growth momentum, better prospects for oil and other commodities, and the US Dollar’s appreciation against other major currencies could cause inflation to return in most major economies. A strong US Dollar, increase in US interest rates, progressive tapering of quantitative easing in the EU and the looming threat of protectionism in the developed world could weigh on the nascent recovery in emerging markets including commodity-exporting emerging economies.

The Indian economy witnessed another challenging year, with Real GDP growth pegged at 7.1% representing a sharp slowdown over 2015-16 (7.9%). The Industry and Services sectors decelerated further during the year, recording the slowest growth in three years. Further, looking beyond the reported numbers, a wide range of economic indicators suggest tepid performance across private investments, consumption and manufacturing activity which have contracted significantly. The anticipated pick-up in Consumption and Private Investment remained elusive.

Private Investment is estimated to have grown by a mere 0.6% in 2016-17 - a 5-year low. Indian industry continues to be adversely impacted by low capacity utilisation and stretched balance sheets. Growth in Private Final Consumption Expenditure (PFCE) is estimated at 7.2% for 2016-17 (compared to 7.3% in 2015-16) aided by a rebound in Agriculture on the back of a good monsoon after two consecutive years of sub-par rainfall, partial implementation of recommendations of 7th Pay Commission and ‘One Rank One Pension’ (OROP) scheme. However, proxy indicators such as subdued performance of two-wheeler sales, marked deceleration in corporate sales growth, weak power demand, decline in cement and oil volumes, point to persistent weakness in Private Consumption and the broader economy.

On the positive side, India remains the fastest growing major economy in the world. During the year, there was significant improvement on the ‘twin deficit’ front. Fiscal Deficit is estimated to be contained within target at 3.5% of GDP in 2016-17 (against 3.9% in 2015-16) aided by buoyant tax collections and decline in oil subsidies. The Current Account Deficit was also contained within 1.0% of GDP in spite of an increase in oil prices during the year.

Inflation remained largely within the comfort zone of the RBI during the year. While growth in Wholesale Price Index (WPI) for 2016-17 stood at 1.7% compared to a decline of 3.7% in 2015-16, this was mainly attributable to the base effect of low fuel and commodity prices. Consumer Price Index (CPI) for 2016-17 declined to 4.5% against 4.9% in 2015-16 with Core CPI remaining stable at 4.7% in 2016-17 (4.6% in 2015-16). This prompted the RBI to reduce policy interest rates by 50 bps during the year. However, with commodity prices expected to firm up in the ensuing year and Core CPI remaining sticky at around 5% for the past several months, the scope for further reduction in interest rates seems limited.

Foreign capital flows into the country, in the form of Foreign Institutional Investments and Foreign Direct Investment, grew significantly during the year. It was a good year for the capital markets as well, with the Sensex advancing by 17% during the year (after declining by 9% in 2015-16), reflecting the optimism on improvement in the business environment, expected progress on the reforms agenda and anticipated acceleration in corporate earnings going forward.

As per median estimates, based on the Survey of Professional Forecasters conducted by RBI, the Gross Value Added (GVA) of the Indian economy is likely to grow by 7.3% in 2017-18 (6.7% in 2016-17). Timely and smooth implementation of key reforms, low inflation and expectations of a normal monsoon in the ensuing year represent some of the key factors that are likely to positively influence Private Consumption going forward. The pace of growth is expected to gather momentum in the medium-term on the back of favourable global economic tailwinds, pick-up in Private Investment and implementation of key policy reforms such as the Goods and Services Tax (GST).

The proposed implementation of the Goods and Services Tax (GST), with effect from 1st July 2017, is expected to transform the indirect tax landscape in the country and accelerate economic growth in the long run by simplifying the tax structure, enhancing tax compliance and facilitating the ease of doing business in a unified common market. This augurs well for the Company and each Business is gearing up to ensure a smooth transition to the new indirect tax regime and harness the supply chain and logistics efficiencies that are expected to accrue post implementation of GST. In the near-term, however, the preparedness of the Company’s suppliers and service providers, customers, trade channels etc. - especially the small and medium scale enterprises - remains a key factor to ensure a seamless transition to the GST regime with minimal disruption to operations.

While India remains one of the fastest growing major economies in the world, the pace of economic growth in recent years has remained below the desired levels and the country’s potential. Stagnation in the manufacturing sector needs to be reversed at the earliest towards the creation of sustainable livelihoods and absorption of millions of Indians entering the job market every year. In this context, the Government’s ‘Make in India’ initiative to turn the country into a global manufacturing hub coupled with focus on skill development are steps in the right direction. The successful implementation of structural initiatives identified by the Government towards improving the ease of doing business in the country by enhancing transparency, speeding up the approvals process, resolving policy issues by working in tandem with the States and fostering greater levels of value addition within the country would be critical to boost the performance of the Indian economy and realise its true potential. Enhancing agricultural productivity and value addition to international standards while simultaneously improving market linkages remain critical for the growth of the Agricultural sector. In this context, it is pertinent to note that anywhere between 5% and 40% of food is wasted along the chain in India, depending on the inherent perishability of the crop and the season. India processes only 8% of its total food production as compared to 23% in China, 65% in USA and 78% in Philippines. A big thrust on India’s Food Processing sector can lead to significant job creation, enhance rural incomes and help manage food inflation. Similarly, supportive policies in the area of agro-forestry would go a long way in creating sustainable livelihoods while simultaneously augmenting the nation’s environmental capital.

Given India’s disproportionately low share of global natural resources relative to its large population and where millions continue to live in abject poverty, the focus both at the national and corporate level should be on fashioning strategies that foster sustainable, equitable and inclusive growth. Differentiated and preferential incentives, in the form of fiscal or financial benefits to companies that adopt sustainable business practices would act as a force multiplier in achieving this critical national goal.

It is the Company’s belief that businesses can bring about transformational change by pursuing innovative business models that synergise the creation of sustainable livelihoods and the preservation of natural capital with enhancing shareholder value. This ‘Triple Bottom Line’ approach to creating larger ‘stakeholder value’, as opposed to merely ensuring uni-dimensional ‘shareholder value’, is the driving force that defines the Company’s sustainability vision and its growth path into the future.

The Company is a global exemplar in ‘Triple Bottom Line’ performance and is the only enterprise in the world of comparable dimensions to have achieved and sustained the three key global indices of environmental sustainability of being ‘water positive’ (for 15 years), ‘carbon positive’ (for 12 years), and ‘solid waste recycling positive’ (for 10 years). The focus on creating unique business models that generate substantial livelihoods across the value chains has led to the Company’s Businesses supporting six million sustainable livelihoods, many of whom belong to the weakest in society. The following sections outline the Company’s progress in pursuit of the ‘Triple Bottom Line’.

FINANCIAL PERFORMANCE

The Company delivered a steady performance during the year in the backdrop of a persistently sluggish demand environment, continuing pressure on the legal cigarette industry due to the cumulative impact of steep increase in taxation and regulatory pressures, sharp hike in input costs and gestation costs relating to new products/categories especially in the non-cigarette FMCG segment. The operating environment was rendered particularly challenging in the second half of the year with the currency crunch impacting the incipient recovery in demand. The business environment in the Hotels industry also remained subdued, with only a marginal improvement in room rates reflecting the overhang of excess room inventory in key markets. The Paperboards, Paper and Packaging segment also had to contend with a weak demand and pricing environment.

Despite the challenging business environment as aforestated, Gross Revenue at INR 550016.900 Million grew by 6.6% primarily driven by an 8.0% growth in the non-cigarette FMCG segment, 10.8% growth in Agri Business and 5.1% growth in the Cigarettes segment. Profit Before Tax registered a growth of 7.4% to INR 155029.600 Million while Profit After Tax at INR 102009.000 Million increased by 9.4%. Total Comprehensive Income for the year stood at INR 102779.000 Million (previous year INR 92617.900 Million). Earnings Per Share for the year stood at INR 8.43 (previous year INR 77.400). Cash flows from Operations aggregated INR 152149.800 Million, compared to INR 140396.400 Million in the previous year.

The Directors are pleased to recommend an Ordinary Dividend of INR 47.500 per share (previous year Ordinary Dividend of INR 43.300 per share and Special Dividend of INR 13.300 per share; adjusted for Bonus Issue) for the year ended 31st March, 2017. Total cash outflow in this regard will be INR 69446.500 Million including Dividend Distribution Tax of INR 11746.400 Million.

The Directors approved a transfer of INR 10300.000 Million (previous year INR 9900.000 Million) to General Reserve. Consequently, Retained Earnings as at 31st March, 2017 stands at INR 175768.100 Million (previous year INR 165898.900 Million).

UNSECURED LOANS:

Unsecured Loan	31.03.2017 INR In Million	31.03.2016 INR In Million
Long-term Borrowings
Deferred payment liabilities
Sales tax deferment loans	179.900	258.300
Total	179.900	258.300

Note:

Sales tax deferment loans

Interest free deferral period ranging from 10 to 14 years and are repayable by 2025-26.

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	Y10357587	90249950	INDUSTRIAL FINANCE CORPORATION OF INDIA	16/12/1992	-	-	100000000.0	Bank of Baroda Building 16; Sansad Marg, New Delhi-110001, India
2	Y10357568	90249931	THE INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF INDIA LTD.	14/05/1992	-	-	8600000.0	163, Backbay Reclamation, Mumbai-400020, Maharashtra, India
3	Y10359333	90251696	STATE BANK OF INDIA	20/09/1990	03/12/1998	-	7000000000.0	34, Jawaharlal Nehru Road, Kolkata-700071, West Bengal, India
4	Y10357498	90249861	INDUSTRIAL FINANCE CORPORATION OF INDIA	26/03/1990	-	-	11500000.0	2, Fairlie Place, Kolkata-700001, West Bengal, India
5	Y10357465	90249828	STATE BANK OF INDIA	26/06/1989	16/04/1998	-	7000000000.0	38, Chowringhee, Kolkata-700071, West Bengal, India
6	A93676666	90251676	State Bank of India	26/06/1989	15/07/2010	-	6000000000.0	Reliance House 34 J. L. Nehru Road, Kolkata-700071, West Bengal, India
7	Y10357190	90249553	INDUSTRIAL DEVELOPMENT BANK OF INDIA	03/04/1980	-	-	8690000.0	Jolly Maker Beckbay Reclamation, Mumbai-400021, Maharashtra, India
8	G59953323	90249593	TATA BURROUGHS LTD.	20/10/1981	-	16/10/2017	1750000.0	Manish Commercial Center 216;-A; Dr. Annie Desant Road, Worli, Mumbai-400025, Maharashtra, India
9	G60382934	90249531	INDIAN OVERSEAS BANK	20/11/1978	-	11/10/2017	2288700.0	13/03, Strand Road, Kolkata, West Bengal, India
10	G12400800	90250976	STATE BANK OF INDIA	18/04/1980	-	31/08/2016	2700000.0	Jeevan Deep 1-Middleton Street, Kolkata-700071, West Bengal, India

CONTINGENT LIABILITIES:

Claims against the Company not acknowledged as debts INR 6885.300 Million (2016 – INR 5812.500 Million; 2015 - INR 5582.500 Million), including interest on claims, where applicable, estimated to be INR 1951.700 Million (2016 - INR 1784.700 Million; 2015 - INR 1533.700 Million). These comprise:

Excise duty, VAT/sales taxes and other indirect taxes claims disputed by the Company relating to issues of applicability and classification aggregating INR 5826.000 Million (2016 - INR 4714.200 Million; 2015 - INR 4500.100 Million), including interest on claims, where applicable, estimated to be INR 1858.800 Million (2016 - INR 1599.800 Million; 2015 - INR 1355.800 Million).

Local Authority taxes/cess/royalty on property, utilities etc. claims disputed by the Company relating to issues of applicability and determination aggregating INR 594.200 Million (2016 - INR 733.600 Million; 2015 - INR 687.900 Million), including interest on claims, where applicable, estimated to be INR 49.900 Million (2016 - INR 144.600 Million; 2015 - INR 134.700 Million).

Third party claims arising from disputes relating to contracts aggregating INR 390.400 Million (2016- INR 291.000 Million; 2015 - INR 291.900 Million), including interest on claims, where applicable, estimated to be INR 3.600 Million (2016 - INR 2.500 Million; 2015 - INR 1.400 Million).

Other matters INR 74.700 Million (2016 - INR 73.700 Million; 2015 – INR 102.600 Million), including interest on other matters, where applicable, estimated to be INR 39.400 Million (2016 - INR 37.800 Million; 2015 - INR 41.800 Million).

It is not practicable for the Company to estimate the closure of these issues and the consequential timings of cash

flows, if any, in respect of the above.

Corporate Guarantee given to Yes Bank Limited for credit facility availed by Broadcast Audience Research Council (BARC) outstanding - INR 13.000 Million (2016 - INR 13.000 Million; 2015 - INR 13.000 Million).

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^st DECEMBER, 2017

(INR In Million)

Particulars	3 Months ended		Nine months ended
	31.12.2017	30.09.2017	31.12.2017
	(Unaudited)	(Unaudited)	(Unaudited)
INCOME FROM OPERATIONS
Net Sales	99521.900	97639.200	335165.300
Other Income	6269.200	4942.100	15979.000
Total Income from Operations	105791.100	102581.300	351144.300
EXPENSES
Cost of materials consumed	29419.100	28580.000	86948.100
Purchase of Stock in Trade	4989.000	5588.200	20486.100
Changes in inventories of finished goods and work-in-progress	1402.200	9395.500	10299.800
Excise duty	1801.700	(5502.100)	34757.200
Employee benefits expense	5950.200	6065.400	18761.900
Finance Costs	240.200	290.100	634.100
Depreciation and Amortization expenses	2907.500	2824.200	8413.800
Other Expenditure	16914.700	15897.100	49788.100
Total Expenses	63624.600	63138.400	230089.100
Profit before exceptional items	42166.500	39442.900	121055.200
exceptional items	4129.000	0.000	4129.000
Profit / (Loss) before Tax	46295.500	39442.900	125184.200
Tax Expense	15393.500	13044.500	42278.800
Profit / (Loss) after Tax	30902.000	26398.400	82905.400
Other Comprehensive Income	868.600	(290.400)	2146.400
Items that will not be reclassified to profit and loss	780.700	(260.700)	2161.200
Income tax relating to items that will not be reclassified to profit or loss	36.700	11.400	29.800
Items that will be reclassified to profit and loss	78.400	(62.900)	(68.000)
Income tax relating to items that will be reclassified to profit or loss	(27.200)	21.800	23.400
Total Comprehensive Income	31770.600	26108.000	85051.800
Paid-up Equity Share Capital (Ordinary shares INR 1/- per share)	12190.500	12183.600	12190.500
Earnings per Share (EPS) - INR
- Basic	2.54	2.17	6.82
- Diluted	2.52	2.15	6.76

SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND NINE MONTHS ENDED 31^st DECEMBER, 2017

Sr. No.	Particular	3 Months ended		Nine months ended
		31.12.2017	30.09.2017	31.12.2017
		(Unaudited)	(Unaudited)	(Unaudited)
1.	Segment Revenue
	FMCG - Cigarettes	46291.900	45542.100	179575.600
	- Others	28717.800	28041.100	82767.800
	Total FMCG	75009.700	73583.200	262343.400
	Hotels	4044.400	3001.800	10095.100
	Agri Business	15308.600	19679.800	62593.600
	Paperboards, Paper and Packaging	12796.000	13094.100	39488.300
	Total	107158.700	109358.900	374520.400
	Less: Inter segment revenue	8631.300	12596.900	42008.900
	Gross revenue from sale of products and services	98527.400	96762.000	332511.500
2.	Segment Result
	FMCG - Cigarettes	32692.500	32916.700	98350.600
	- Others	469.900	204.900	729.100
	Total FMCG	33162.400	33121.600	99079.700
	Hotels	547.700	42.400	643.200
	Agri Business	2333.400	2562.000	7246.500
	Paperboards, Paper and Packaging	2682.600	2741.900	7997.400
	Total	38726.100	38467.900	114966.800
	Less : i. Finance Costs	240.200	290.100	634.100
	ii. Other Un-allocable expenditure net off un-allocable expenditure	(3680.600)	(1265.100)	(6722.500)
	iii. Exceptional items	(4129.000)	0.000	(4129.000)
	Total Profit/(Loss) before tax	46295.500	39442.900	125184.200
3.	Segment Assets
	FMCG - Cigarettes	78293.100	83896.100	78293.100
	- Others	74365.100	77444.600	74365.100
	Total FMCG	152658.200	161340.700	152658.200
	Hotels	54025.900	53566.000	54025.900
	Agri Business	29865.600	29298.800	29865.600
	Paperboards, Paper and Packaging	68158.900	67746.800	68158.900
	Total	304708.600	311952.300	304708.600
	Unallocated corporate asset	293572.700	258981.200	293572.700
	Total Assets	592821.300	517502.700	598281.300
4	Segment Liabilities
	FMCG - Cigarettes	46847.300	29990.900	46847.300
	- Others	18793.700	14144.000	18793.700
	Total FMCG	65641.000	44134.900	65641.000
	Hotels	5129.400	4796.100	5129.400
	Agri Business	10275.800	11985.100	10275.800
	Paperboards, Paper and Packaging	7867.500	7495.300	7867.500
	Total	88913.700	64828.400	88913.700
	Unallocated corporate liabilities	29808.000	33026.900	29808.000
	Total Liabilities	118721.700	97855.300	118721.700

FIXED ASSETS:

Tangible Asset:

• Land
• Building
• Leasehold Improvements
• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Office Equipment
• Railway Sidings

Intangible Asset:

• Trademarks
• Computer Software
• Business and Commercial Rights

PRESS RELEASE / WEBSITE DETAILS

ITC SETS SIGHTS HIGHER FOR FOODS BRAND AASHIRVAAD

ITC sets goal of generating INR 100000.000 million from the Aashirvaad brand annually over five years

Date: Mar 07 2018

New Delhi: ITC Limited has set its sights higher for Aashirvaad—the Kolkata-based cigarette-to-shampoo maker’s largest packaged food brand.

The company has set an internal target of generating INR 100000.000 million from Aashirvaad annually in five years.

For perspective, this means that in five years, ITC will generate what the country’s largest pure-play listed food company, Nestle India Limited, notched up in calendar year 2017 sales (INR 101350.000 million), and more than the financial year 2017 revenue of biscuit maker Britannia Industries Limited (INR 86840.000 million) by selling food products under Aashirvaad— a brand ITC created in May 2002 to sell atta, and later expanded to include spices, salt, ghee, instant mixes and ready-to-eat meals.

“At the retail level, Brand Aashirvaad’s current sales is around INR 42000.000 million. The brand has been growing at a compounded annual rate of 16-17% for the past few years. They hope to maintain the rate of growth, and the target is to cross the INR 100000.000 million mark,” said Hemant Malik, divisional chief executive (foods), ITC.

To hit the INR 100000.000 million mark, according to Malik, Brand Aashirvaad will see a stream of product launches—backed by a micro-regional strategy for product innovation, distribution and communication targeting to get new sets of consumers.

Besides, the company is constantly working on reducing distance to market (from factory) to ensure freshness.

“They are launching ready-to-bake roti (Indian bread), with a five-day shelf life, later this year, hopefully by winter. They have already got the technology, and will soon start test marketing the product,” Malik said. The ready-to-bake roti will require only a few minutes’ heating.

While ready-to-bake rotis are available in some global markets, ITC will be among the first companies to bring the product to India. UK-based East End Food sells a similar product in some parts of that country.

In India, Bengaluru-based iD Fresh Food India Private Limited and New Delhi-based Ready Roti India Private Limited, in which Mexican firm Grupo Bimbo acquired a 65% stake in May 2017, also tried selling ready-to-heat rotis but the products are hard to find.

“While they plan to price it for the masses, the product will initially be sold in metro cities that house the maximum number of double-income families, or people with little time for cooking. Also, this is a product that would compete with the restaurants that deliver to homes. They are trying to bring as much convenience as possible to make cooking easier,” said Mailk.

ITC will also launch 7-8 variants of atta—produced with different blends of wheat—this year.

“These will be produced with different blends of wheat to make atta more suited to the taste buds of people in a particular region or state,” said Malik. At present, the company has 4 variants.

The idea, according to Malik, is to go micro-regional and launch products that are relevant to, say, a particular town, state, community or a socioeconomic class.

“With 29 factories and their back-end of wheat procurement, they can have 29 blends or more,” said Malik, adding that the company will also expand the atta and ready-to-make food portfolios to cater to people with lifestyle diseases such as diabetes or those suffering from malnutrition.

ITC’s focus on Aashirvaad is part of the company’s strategy to generate around INR 650000.000 crore million from packaged foods by 2030 to reach its target of INR 1 trillion revenue from non-cigarette packaged goods by that time, Mint reported on 21 September 2017.

Meanwhile, the company has been tackling the fallout of a set of videos shared on social media that allege that Aashirvaad atta has plastic in it.

“What is being shown as plastic in these mischievous videos is actually wheat protein which is a mandated component of atta by the FSSAI (Food Safety and Standards Authority of India). Protein is an integral part of any atta or wheat. This protein is what binds the atta. Without this protein, it is not possible to roll chappatis,” said Malik.

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	INR
US Dollar	1	INR 65.08
UK Pound	1	INR 89.85
Euro	1	INR 80.16

INFORMATION DETAILS

Information Gathered by :	SHI
Analysis Done by :	PRI
Report Prepared by :	BHG

SCORE FACTORS

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

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.