MIRA INFORM REPORT

Report Date :

07.12.2013

IDENTIFICATION DETAILS

Name :	BILTUBE INDUSTRIES LIMITED (w.e.f. 28.05.2008)
Formerly Known As :	BILTUBE CORE BOARDS LIMITED (w.e.f. 31.03.2007) SIDDHARTH CORE BOARDS LIMITED
Registered Office :	1102, 11^thFloor, Sai Capital Building, Senapati Bapat Road, Pune – 411 016, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.03.2004
Com. Reg. No.:	25-018983
Capital Investment / Paid-up Capital :	Rs. 619.417 Millions
CIN No.: [Company Identification No.]	U21093PN2004PLC018983
TAN No.: [Tax Deduction & Collection Account No.]	PNES15070G
PAN No.: [Permanent Account No.]	AAHCS9883K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Paper Packing Materials.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 670000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has failed its latest financial with the government department but the same is not available with us. As per previous year financial record (i.e. 2012), the company has seen a drastic dip in its net profitability due to which the profit margin of the company has affected. However the networth appears to be decent. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Ganesh
Designation :	Not Divulged
Contact No.:	91-20-25662010
Date :	17.10.2013

LOCATIONS

Registered Office / Corporate Headquarters :	1102, 11^th Floor, Sai Capital Building Senapati Bapat Road, Pune – 41016, Maharashtra, India
Tel. No.:	91-20-25662010
Fax No.:	91-20-25660763
E-Mail :	shailesh@biltube.com rajni@biltube.com rkaran@biltube.com cs@biltube.com
Website :	www.biltube.com
Factory 1 :	Kodoli - Kolhapur Gate No. 1172 to 1178, Kodoli, Taluka - Panhala, District : Kolhapur - 416114, Maharashtra, India
Factory 2 :	Warana Warananagar, Taluka - Panhala, District - Kolhapur – 416113, Maharashtra, India
Factory 3 :	Patalganga A- 10, MIDC Patalganga, Near Castrol, District - Raigadh – 410220, Maharashtra, India
Factory 4 :	Located at: Surat Pirungut, District: Pune, Maharashtra, India
Branch 1 :	L-57, M.I.D.C. Kupwad, Sangli - 416436, Maharashtra, India
Branch 2:	Gate No. 520/ B, Shelakewadi, Ghotawade, Taluka - Mulshi, District - Pune – 411011, Maharashtra, India
Overseas Office 1 :	Kota Bukit Indah, D – II 24-25, Purwakarta - 41181 Indonesia
Tel. No.:	+ 62 264 351 315 / 316
Fax No.:	+ 62 264 351 317
Overseas Office 2 :	Le Crouzet - F – 43140, France
Tel. No.:	+ 33 (0) 6 0895 3669
Fax No.:	+ 33 (0) 4 7161 0591

DIRECTORS

As on 28.09.2012

Name :

Mr. Kiran Harakchand Bhandari

Designation :

Managing Director

Address :

605-A/B, Wing C, Mantri Lawas Co-op Housing Society, Anand Park, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

19.01.1962

Qualification :

M. Com, Business Administration

Date of Appointment :

01.06.2012

DIN No.:

00152868

PAN No.:

AEQPB1074H

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U21019PN2003PLC018305	BILTUBE INDIA LIMITED	Managing director	03/09/2003	03/09/2003	Active	NO
2	U21029PN2004PLC019015	ANAND PAPER CONVERSION LIMITED	Director	28/09/2012	15/03/2004	Active	NO
3	U70102PN2005PLC020342	FINESSE INFRASTRUCTURE LIMITED	Director	25/02/2005	25/02/2005	Active	NO
4	U24295PN2004PLC019741	RENUKA ADHESIVES LIMITED	Director	24/03/2005	24/03/2005	Active	NO
5	U21093PN2004PLC018983	BILTUBE INDUSTRIES LIMITED	Managing director	01/06/2012	24/03/2005	Active	NO
6	U70200PN2010PTC136587	FOURBEE REALTY PRIVATE LIMITED	Director	16/06/2010	16/06/2010	Strike off	NO
7	U21093KA2011PTC061722	DPIC BILTUBE PRIVATE LIMITED	Director	19/12/2011	19/12/2011	Active	NO

Name :

Mrs. Promodini Kiran Bhandari

Designation :

Whole Time Director

Address :

605-A/B, Wing C, Mantri Lawas Co-op Housing Society, Anand Park, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

26.08.1964

Qualification :

B. Com

Date of Appointment :

01.01.2012

DIN No.:

01176456

PAN No.:

ADZPB4113D

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U21093PN2004PLC018983	BILTUBE INDUSTRIES LIMITED	Director	01/01/2012	05/03/2004	Active	NO
2	U21029PN2004PLC019015	ANAND PAPER CONVERSION LIMITED	Director	28/09/2012	15/03/2004	Active	NO
3	U21019PN2003PLC018305	BILTUBE INDIA LIMITED	Director	01/04/2005	01/04/2005	Active	NO
4	U24295PN2004PLC019741	RENUKA ADHESIVES LIMITED	Director	04/02/2006	04/02/2006	Active	NO

Name :

Mrs. Meena Prakash Bhandari

Designation :

Executive Director

Address :

404 Wing C, mantri Lawns Co-op Housing Society, anand Park, Aundh, Pune - 411007, Maharashtra, India

Date of Birth/Age :

02.03.1965

Qualification :

B. Com

Date of Appointment :

25.03.2009

DIN No.:

01176594

PAN No.:

ADZPB4112C

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24295PN2004PLC019741	RENUKA ADHESIVES LIMITED	Director	24/03/2005	24/03/2005	Active	NO
2	U21093PN2004PLC018983	BILTUBE INDUSTRIES LIMITED	Director	25/03/2009	01/04/2005	Active	NO

Name :

Mr. Prakash Harakchand Bhandari

Designation :

Director

Address :

404 Wing C, mantri Lawns Co-op Housing Society, anand Park, Aundh, Pune - 411007, Maharashtra, India

Date of Birth/Age :

16.07.1963

Date of Appointment :

01.01.2012

DIN No.:

00153068

PAN No.:

AEQPB1075G

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U70102PN2005PLC020342	FINESSE INFRASTRUCTURE LIMITED	Director	25/02/2005	25/02/2005	Active	NO
2	U21029PN2004PLC019015	ANAND PAPER CONVERSION LIMITED	Director	28/09/2012	30/03/2005	Active	NO
3	U21093PN2004PLC018983	BILTUBE INDUSTRIES LIMITED	Managing director	01/01/2012	29/09/2007	Active	NO
4	U74900PN2008PLC133159	RAJARSHI SHAHU TRADE LINKS LIMITED	Director	05/12/2008	05/12/2008	Active	NO

Name :

Mr. Rajendra Popatlal Bora

Designation :

Director

Address :

A/P Karjat District Ahmednagar, Pune – 414 402, Maharashtra, India

Date of Birth/Age :

17.01.1968

Date of Appointment :

27.09.2008

DIN No.:

01130689

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U21019PN2003PLC018305	BILTUBE INDIA LIMITED	Director	03/03/2006	03/03/2006	Active	NO
2	U70102PN2005PLC020342	FINESSE INFRASTRUCTURE LIMITED	Director	04/03/2006	04/03/2006	Active	NO
3	U21093PN2004PLC018983	BILTUBE INDUSTRIES LIMITED	Director	27/09/2008	29/09/2007	Active	NO

Name :

Mr. Ravi Ghanshyamdas Lekhrajani

Designation :

Director

Address :

Flat No. B-605, 6^th Floor, Sagar Shrot, Juhu Varsova, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

26.11.1969

Date of Appointment :

09.11.2009

DIN No.:

01759409

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140GJ2004PTC044853	GRIN BPO SERVICES PRIVATE LIMITED	Director	04/10/2004	04/10/2004	20/03/2012	Active	NO
2	U34300PN1985PTC035877	INDO SCHOTTLE AUTO PARTS PRIVATE LIMITED	Nominee director	28/11/2005	28/11/2005	13/08/2008	Active	NO
3	U24110MH1991PTC063399	PHTHALO COLOURS AND CHEMICALS (INDIA) LIMITED	Nominee director	23/07/2007	23/07/2007	-	Active	NO
4	U60100WB2004PTC100396	VENKATESH LOGISTICS PRIVATE LIMITED	Nominee director	01/12/2008	01/12/2008	-	Active	NO
5	U21093PN2004PLC018983	BILTUBE INDUSTRIES LIMITED	Nominee director	09/11/2009	09/11/2009	-	Active	NO
6	U26941AP2007PLC053611	BHAVYA CEMENTS LIMITED	Nominee director	08/12/2009	08/12/2009	-	Active	NO
7	U67190MH2010PTC202800	WIP (INDIA) PRIVATE LIMITED	Director	31/10/2011	07/05/2010	-	Active	NO
8	U74999MH1955PTC009593	S H KELKAR AND COMPANY PRIVATE LIMITED	Director	04/09/2010	27/08/2010	08/08/2012	Active	NO
9	U99999MH1990PLC056461	TOPACK FITTINGS LIMITED	Director	08/06/2011	08/06/2011	-	Active	NO
10	U27100MH2005PTC153462	TEKNO STEELS AND FORGINGS PRIVATE LIMITED	Director	08/06/2011	08/06/2011	-	Active	NO
11	L74210WB1981PLC034281	RAMKRISHNA FORGINGS LTD	Nominee director	20/07/2013	03/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shailesh Suresh Shinde
Designation :	Secretary
Address :	S1/501, 5^th Floor, Sun Paradise Phase I, Opposite Off Sun City, Sinhgad Road, Anandnagar, Pune – 411051, Maharashtra, India
Date of Birth/Age :	25.12.1979
Date of Appointment :	11.11.2011
PAN No.:	BXAPS5428L

MAJOR SHAREHOLDERS

As on 28.09.2012

Names of Shareholders (Equity Shares)	No. of Shares
Promodini Kiran Bhandari	3910093
Shashikant Balkrishna Parasnis	1
Sharmishta Shashikant Parasnis	1
Kiran Harakchand Bhandari	4181073
Meena Prakash Bhandari	3910093
Harakchand Jethmal Bhandari	18
Prakash Harakchand Bhandari	3910093
Sharad Bhatewara	560000
Meshwell Auto Company Private Limited, India	44000
Shobha Dhakad	426283
Total	16941655

Names of Shareholders (Preference Shares)	No. of Shares
Wayzala Indian Ocean Limited, Mauritius	4500000
Total	4500000

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	0.26
Directors or relatives of Directors	93.92
Other top fifty shareholders	5.82
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Paper Packing Materials.

Products :

Item Code No.	Products Descriptions
84410000	Core Boards
48220000	Paper Boards

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Core Boards	Qty (MT)	135000	38343.02
Conversion	Qty (MT)	43900	12141.15

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Indian bank, Deccan Gymkhana, 759 / 62, Prabhat Road, Pune - 411004, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks (Secured by first pari-passu charge on the fixes assets. working capital limits are secured by pari-passu charge on stock and receivables of the company.)	1861.365	902.739
Deferred payment Indian sources (Secured by first Pari-passu charge On the fixes Assets’. working Capital limits are Secured by Pari-passu charge On stock and Receivables of the Company.)	807.249	1033.303
Short-term borrowings
Loans repayable on demand from banks (Secured by first Pari-passu charge On the fixes Assets’. working Capital limits are Secured by Pari-passu charge On stock and Receivables of the Company.	273.163	371.082
Total	2941.777	2307.124

Banking Relations :	---
Financial Institutions :	SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Auditors :
Name :	D. D. Karve and Company Chartered Accountants
Address :	1876, Sadashiv Peth, Natu Baug, Off Bajirao Road, Room No. 1, Chintamani, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-24486769
PAN No.:	ABRPK8645D
Subsidiary Companies :	· PT. Biltube Indonesia · Biltube Mauritius Limited · Biltube Europe Limited
Associates :	· B.B. Paper Recycling Company · Biltube India Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs. 10/- each	Rs.170.000 Millions
4500000	Preference Shares	Rs. 100/- each	Rs.450.000 Millions
	Total		Rs.620.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16941655	Equity Shares	Rs. 10/- each	Rs.169.417 Millions
4500000	Preference Shares	Rs. 100/- each	Rs.450.000 Millions
	Total		Rs.619.417 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	619.417	619.417
(b) Reserves & Surplus	1070.440	1066.150
(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)	1689.857	1685.567
(3) Non-Current Liabilities
(a) long-term borrowings	2947.835	2112.534
(b) Deferred tax liabilities (Net)	102.561	98.174
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	3050.396	2210.708
(4) Current Liabilities
(a) Short term borrowings	273.163	371.082
(b) Trade payables	21.133	89.485
(c) Other current liabilities	16.193	20.998
(d) Short-term provisions	36.556	45.338
Total Current Liabilities (4)	347.045	526.903
TOTAL	5087.298	4423.178
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3252.639	2779.843
(ii) Intangible Assets	0.269	0.269
(iii) Capital work-in-progress	0.000	151.631
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	575.930	575.930
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	3828.838	3507.673
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	474.322	365.433
(c) Trade receivables	624.123	402.903
(d) Cash and cash equivalents	10.090	15.681
(e) Short-term loans and advances	149.925	131.488
(f) Other current assets	0.000	0.000
Total Current Assets	1258.460	915.505
TOTAL	5087.298	4423.178

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		619.416
2] Share Application Money		0.000
3] Reserves & Surplus		938.900
4] (Accumulated Losses)		0.000
NETWORTH		1558.316
LOAN FUNDS
1] Secured Loans		1699.953
2] Unsecured Loans		115.077
TOTAL BORROWING		1815.030
DEFERRED TAX LIABILITIES		93.156
TOTAL		3466.502
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1028.076
Capital work-in-progress		1273.647
INVESTMENT		575.930
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	226.779
	Sundry Debtors	367.828
	Cash & Bank Balances	61.848
	Other Current Assets	0.000
	Loans & Advances	44.746
Total Current Assets		701.201
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	35.274
	Other Current Liabilities	38.774
	Provisions	38.304
Total Current Liabilities		112.352
Net Current Assets		588.849
MISCELLANEOUS EXPENSES		0.000
TOTAL		3466.502

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1898.351	1367.742	1032.168
		Other Income	13.179	8.490	11.992
		TOTAL (A)	1911.530	1376.232	1044.160
Less	EXPENSES
		Cost of materials consumed	995.827	750.777
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(23.671)	(15.289)	727.860
		Employee benefit expense	42.194	34.684
		Other expenses	327.230	190.882
		TOTAL (B)	1341.580	961.054	727.860
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		569.950	415.178	316.300
Less	FINANCIAL EXPENSES (D)		224.088	103.573	85.236
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		345.862	311.605	231.064
Less/ Add	DEPRECIATION/ AMORTISATION (F)		337.186	277.018	60.785
	PROFIT BEFORE TAX (E-F) (G)		8.676	34.587	170.279
Less	TAX (H)		4.387	11.912	34.083
	PROFIT AFTER TAX (G-H) (I)		4.289	22.675	136.196
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		193.732	206.714	141.144
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	9.349	50.000
		Dividend	0.000	22.562	17.630
		Tax on Dividend	0.000	3.746	2.996
	BALANCE CARRIED TO THE B/S		198.021	193.732	206.714
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	67.027	21.280	46.905
	TOTAL EARNINGS		67.027	21.280	46.905
	IMPORTS
		Raw Materials	17.322	35.823	10.017
		Capital Goods	249.570	244.874	240.277
	TOTAL IMPORTS		266.892	280.697	250.294
	Earnings Per Share (Rs.)		0.25	1.34	8.89

,.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.22	1.64	13.04
Net Profit Margin (PBT/Sales)	(%)	0.46	2.53	16.50
Return on Total Assets (PBT/Total Assets}	(%)	0.19	0.94	5.62
Return on Investment (ROI) (PBT/Networth)		0.01	0.02	0.11
Debt Equity Ratio (Total Debt /Networth)		1.91	1.47	1.16
Current Ratio (Current Asset/Current Liability)		3.63	1.74	5.27

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Other loans and advances	279.221	176.492
Total	279.221	176.492

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10239642	11/06/2012 *	1,500,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	B42570911
2	10239645	05/06/2012 *	3,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	B42586974
3	10179238	27/12/2011 *	230,000,000.00	AXIS BANK LIMITED	1262/B, STERLING PLAZA, JANGLI MAHARAJ ROAD, DECCAN GYMKHANA BRANCH, PUNE, MAHARASHTRA - 411004, INDIA	B30670962
4	10150350	09/03/2009 *	250,000,000.00	INDIAN BANK	DECCAN GYMKHANA BRANCH, 759/62, PRABHAT ROAD, DE  CCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA	A61390753
5	10101739	14/07/2010 *	1,274,700,000.00	STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH	'TARA CHAMBERS '2^ND FLOOR, NEAR MARIAAI POLICE CHOWKY, PUNE - MUMBAI HIGHWAY, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA	A92028307

* Date of charge modification

Fixed Assets:

· Land

· Building

· Plant and machinery

· Electrical Installation

· Furniture and Fixture

· Office Equipment

· Patents and Rights

AS PER WEBSITE

PRESS RELEASE

COS TAP CDR CELL TO REJIG RS. 52K-CR LOANS IN APR-NOV

December 22 2012, 

Corporate India’s balance sheets are getting increasingly stressed as companies struggle with the slowdown. And banks are bearing the brunt of it. Loans worth a whopping Rs 520000.000 Millions have been referred to the corporate debt restructuring (CDR) cell between April and November this year and that’s after Rs.500000.000 Millions of debt having been recast in the first six months of the year. Several large companies have sought lenient terms after their businesses turned weaker. These include Hotel Leela, Bharti Shipyard, GTL and HCC.

Bankers say requests continue to pour in: the CDR cell received requests worth Rs.30000.000 Millions in November from six companies requesting easier terms. Among these are Parabolic Drugs, Jai Hind Projects and Biltube Industries.

In 2011-12, Rs.393000.000 Millions of loans were restructured as companies sought easier repayment terms from banks. October saw the largest quantum of referrals so far in 2012-13 at about Rs.140000.000 Millions in September, loans worth Rs.70000.000 Millions were brought to the CDR cell.

The central bank’s new guidelines on restructured assets, based on the recommendations of the Mahapatra Committee, are expected in end-January. The panel has suggested that promoters make a bigger sacrifice to the tune of 15% of the fall in fair value or 2% of the restructured amount, whichever is higher. The RBI group also feels the conversion of loans into preference shares of the company should be done only as a last resort and conversion of the part of loan into preference shares must be capped at around 10%. The RBI had in October increased the provisions on restructured loans from 2% to 2.75%.

According to an ICRA report, standard restructured advances could move up to Rs.3.7-4.2 lakh crore or 6.5-7.5% of advances by March 31, 2013 against Rs.2.3 lakh crore as on March 31, 2012. It also notes that around 40-50% of banking sector exposure to the power sector may need to be restructured. The report goes on to state that gross non-performing assets levels for the banking industry are likely to cross Rs.2 lakh crore and reach 3.6-3.8% of gross advances as on March 31, 2013, up from

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.67
UK Pound	1	Rs.100.65
Euro	1	Rs.84.25

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.