1. Summary Information

		Country	India
Company Name	MAZAGON DOCK LIMITED	Principal Name 1	Mr. Harisimransingh Malhi
Status	Good	Principal Name 2	Mr. Gyanesh Kumar
		Registration #	11-002079
Street Address	Dockyard Road, Mumbai – 400 010, Maharashtra, India
Established Date	26.02.1934	SIC Code	--
Telephone#	91-22-23775562	Business Style 1	Manufacturer
Fax #	91-22-23738338	Business Style 2	--
Homepage	http://www.mazagondock.gov.in	Product Name 1	Warships
# of employees	8500 (Approximately)	Product Name 2	--
Paid up capital	Rs.1,992,000,000/-	Product Name 3	--
Shareholders	Government [Central and State] – 99.99% Directors or relatives of Directors – 0.01%	Banking	State Bank of India
Public Limited Corp.	NO	Business Period	79 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Aa (72)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	103,202,900,000	Current Liabilities	224,467,800,000
Inventories	138,192,700,000	Long-term Liabilities	817,100,000
Fixed Assets	1,233,600,000	Other Liabilities	3,047,400,000
Deferred Assets	447,300,000	Total Liabilities	228,332,300,000
Invest& other Assets	441,500,000	Retained Earnings	13,193,700,000
		Net Worth	15,185,700,000
Total Assets	243,518,000,000	Total Liab. & Equity	243,518,000,000
Total Assets (Previous Year)	222,213,500,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	25,236,900,000	Net Profit	4,943,100,000
Sales(Previous yr)	26,114,100,000	Net Profit(Prev.yr)	2,435,200,000

MIRA INFORM REPORT

Report Date :

14.06.2013

IDENTIFICATION DETAILS

Name :	MAZAGON DOCK LIMITED
Registered Office :	Dockyard Road, Mazagon, Mumbai - 400 010, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.02.1934
Com. Reg. No.:	11-002079
Capital Investment / Paid-up Capital :	Rs. 1992.000 Millions
CIN No.: [Company Identification No.]	U35100MH1934GOI002079
TAN No.: [Tax Deduction & Collection Account No.]	BLRM00118G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Warships and Submarines.
No. of Employees :	8500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 60000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is an union government company. It is a well established and a reputed company having fine track record. The lenders and creditors can be confident of their exposures in the company, subject being a government company. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-Term Rating = AAA
Rating Explanation	Highest degree of safety and lowest credit risk
Date	09.10.2012

Rating Agency Name	CRISIL
Rating	Short-Term Rating = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	09.10.2012

Note: CRISIL Maritime grading list has provided Mazagon Dock Limited with grade 1.

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.

LOCATIONS

Registered Office / Corporate Office :	Dockyard Road, Mazagon, Mumbai - 400 010, Maharashtra, India
Tel. No.:	91-22-23775562 (20 Lines)/ 23781561/ 23713451/ 23730660/ 23726293 / 3762000/ 23763000/ 23764000
Fax No.:	91-22-23738159 / 23738147 / 23738151 / 23738333 / 23738340 / 23738338
E-Mail :	mdlind.mazdock@gems.vsnl.net.in gmjaychandra@mazagon.gov.in eacmdmdl@vsnl.com ess2006@gamil.com
Website :	http://www.mazagondock.gov.in
Regional Office:	Shipyard House, A1/314, Safdarjung Enclave, New Delhi-110 029, India
Tel. No.:	91 -11-26714496 / 26108941
Fax No.:	91-11-26108940
Overseas Office 1 :	Embassy of India, MDL Wing, 4, Ulitsa Vorontsovo Polye, Moscow - 105064, Russia
Tel. No.:	91-007 – 495 – 9358689
Fax No.:	91-007 – 495 – 9171127
E-Mail :	mdl@indianembassy.ru
Overseas Office 1 :	Indian Submarine Liaison Team, 19-21 Rue Du Colonel Perrie – A Via 75737, Paris Cedex 15, France
Tel. No.:	91-33-0141082318
Fax No.:	91-33-0141082051

DIRECTORS

As on 25.08.2011

Name :

Mr. Gyanesh Kumar

Designation :

Director

Address :

C-II, 8-2, Sector 13, A Block R.K. Puram, New Delhi – 110066, India

Date of Birth/Age :

27.01.1964

Date of Appointment :

31.12.2007

DIN No.:

02046823

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	U35100MH1934GOI002079	MAZAGON DOCK LIMITED	Director	31-12-07	31-12-07	-	Active	NO
2	L32309KA1954GOI000787	BHARAT ELECTRONICS LIMITED	Director	29-09-08	31-12-07	27-01-10	Active	NO
3	U35111WB1934GOI007891	GARDEN REACH SHIPBUILDERS ENGINEERS LIMITED	Nominee director	31-12-07	31-12-07	-	Active	NO
4	U14292AP1973GOI001660	MISHRA DHATU NIGAM LIMITED	Director	28-01-10	28-01-10	-	Active	NO
5	U74899AP1952GOI076711	HINDUSTAN SHIPYARD LIMITED	Director	22-02-10	22-02-10	-	Active	NO

Name :

Mr. Prem Kumar Kataria

Designation :

Director

Address :

8205, Sector B-Date of Birth/Age X, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

01.05.1960

Date of Appointment :

12.07.2010

DIN No.:

03175921

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	U35100MH1934GOI002079	MAZAGON DOCK LIMITED	Director	12-07-10	12-07-10	-	Active	NO
2	U63032GA1967GOI000077	GOA SHIPYARD LIMITED	Director	12-07-10	12-07-10	-	Active	NO
3	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Director	12-07-10	12-07-10	-	Active	NO
4	L35202KA1964GOI001530	BEML LIMITED	Nominee director	13-06-12	13-06-12	02-08-12	Active	NO

Name :

Mr. Gopal Badrinath Bharti

Designation :

Whole Time Director

Address :

11, Currie House, MDL Officers Quarters, Dockyard Road, Mumbai – 400010, Maharashtra, India

Date of Birth/Age :

15.12.1953

Date of Appointment :

09.09.2008

DIN No.:

02333261

Name :

Mr. Anantharamalingeswara Rao Gadepalli

Designation :

Whole Time Director

Address :

14, Currie House, MDL Officers Quarters, Dockyard Road, Mumbai – 400010, Maharashtra, India

Date of Birth/Age :

26.01.1952

Date of Appointment :

28.01.2009

DIN No.:

02568379

Name :

Mr. Radam Bajaj Rakesh

Designation :

Whole Time Director

Address :

12, Currie House, MDL Officers Quarters, Dockyard Road, Mumbai – 400010, Maharashtra, India

Date of Birth/Age :

15.06.1953

Date of Appointment :

16.12.2009

DIN No.:

Name :

Mr. Ramarao Raghunath Penukonda

Designation :

Whole Time Director

Address :

8, CyrrieHouse MDL, Officers Quarters, Dockyard Road, Mumbai – 400010, Maharashtra, India

Date of Birth/Age :

07.12.1960

Date of Appointment :

01.07.2011

DIN No.:

03568403

Name :

Mr. Sastry Venkata Rama Vadlamani

Designation :

Director

Address :

957, 9^th Main 3^rd Stage, 3^rd Block, Basaveshwar Nagar, Bangalore-560079, Karnataka, India

Date of Birth/Age :

23.04.1949

Date of Appointment :

07.12.2010

DIN No.:

00027875

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	L32309KA1954GOI000787	BHARAT ELECTRONICS LIMITED	Managing director	01-02-07	01-05-05	30-04-09	Active	NO
2	U31909PN1990GOI058096	BEL OPTRONIC DEVICES LIMITED	Nominee director	01-02-07	19-05-05	01-05-09	Active	NO
3	U32109KA1997PTC022695	BEL MULTITONE Private LIMITED	Nominee director	27-06-05	27-06-05	01-05-09	Active	NO
4	U74899DL2005PTC142561	C-DOT Alcatel-Lucent Research Centre Private Limited	Additional director	10-09-10	10-09-10	-	Active	NO
5	U35100MH1934GOI002079	MAZAGON DOCK LIMITED	Director	07-12-10	07-12-10	-	Active	NO
6	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Director	09-03-11	09-03-11	-	Active	NO
7	U32100AP1967GOI001149	ELECTRONICS CORPORATION OF INDIA LIMITED	Director	10-03-11	10-03-11	-	Active	NO

Name :

Mr. Shridhar Laxman Bapat

Designation :

Director

Address :

9-C, Anjaneya C-operative Housing Society, Orchared Avenue, Opposite Hiranandani School, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

30.10.1952

Date of Appointment :

07.12.2010

DIN No.:

03363761

Name :

Mr. Pankaj Chandra

Designation :

Director

Address :

Indian Institute of Management Baneghat Road, Bangalore-560076, Karnataka, India

Date of Birth/Age :

28.02.1959

Date of Appointment :

07.12.2010

DIN No.:

00988867

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	U74999GJ1978PTC050338	ERHARDT + LEIMER (INDIA) PRIVATE LIMITED	Director	25-06-07	11-12-06	18-03-09	Active	NO
2	U27200GJ2004PTC051125	CEON SOLUTIONS PRIVATE LIMITED	Director	27-09-08	01-12-07	09-04-09	Active	NO
3	U40200MH1995PLC088133	MAHANAGAR GAS LIMITED	Director	30-09-08	07-05-08	28-06-11	Active	NO
4	U73200KA2010NPL053371	IIMB INNOVATIONS	Director	23-04-10	23-04-10	-	Active	NO
5	U35100MH1934GOI002079	MAZAGON DOCK LIMITED	Director	07-12-10	07-12-10	-	Active	NO
6	L72200KA1999PLC025564	MINDTREE LIMITED	Director	16-07-12	19-03-12	-	Active	NO

Name :

Mr. Pankaj Agarwal

Designation :

Director

Address :

B-3/55, Sardarjung Enclave, New Delhi-110029, India

Date of Birth/Age :

03.07.1961

Date of Appointment :

07.12.2010

DIN No.:

00353626

Other Directorship

Sr.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	U67120MH1996GOI097783	CANARA BANK SECURITIES LIMITED	Director	13-12-02	13-12-02	12-09-07	Active	NO
2	U74899DL1965PLC004322	CEMENT CORPORATION OF INDIA LIMITED	Director	09-09-10	09-09-10	-	Active	NO
3	U35100MH1934GOI002079	MAZAGON DOCK LIMITED	Director	07-12-10	07-12-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Enkandigai Sreenivasan Selvaraj
Designation :	Secretary
Address :	4, Sarin House, Mdl Officers Qtrs, Dockyards Road, Mumbai – 400010, Maharashtra, India
Date of Birth/Age :	03.06.1956
Date of Appointment :	17.04.2007
Pan No.:	AWVPS9292B
Name :	Mr. Devdas Uchil
Designation :	Additional General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.08.2011

Names of Shareholders	No. of Shares
President of India	19919995
Rajkumar Singh	1
Gyanesh Kumar	2
Prem Kumar Kataria	1
Vadm H.S. Malhi	1
Total	19920000

As on 25.08.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Government [Central and State]	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Warships and Submarines.

Products :

Item Code No. (ITC Code)	89050000
Product Description	Offshore Platform Fabrication
Item Code No. (ITC Code)	89060000
Product Description	Ship Construction
Item Code No. (ITC Code)	97900000
Product Description	Ship Repairs and General Engineering

GENERAL INFORMATION

No. of Employees :

8500 (Approximately)

Bankers :

State Bank of India, Consortium Commercial Branch, G. N. Vaidya Branch, Mumbai-400001, Maharashtra, India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Deferred payment liability to a foreign supplier against supply of materials	856.400	747.300
Less: Amount payable within 12 months	39.300	28.700
Total	817.100	718.600
Note : The deferred payment liability (non-interest bearing) of Rs. 962.800 Millions, payable over 45 years from 1992-93, in equal annual installment of Rs. 21.400 Millions was converted from Rouble to units of Special Drawings Rights (SDR) and stated in Rs.. The amount payable within a year of Rs. 39.300 Millions includes yearly instalment payable of Rs. 21.400 Millions (previous year: Rs. 21.400 Millions) and Rs. 17.900 Millions (previous year: Rs. 7.300 Millions) towards exchange variation fluctuation. The loan amount has been reinstated at the present rate of SDR announced by RBI as on 01.04.2012, which is Rs. 7.925 Millions for 1 SDR.

Banking Relations :	--
Auditors :
Name :	Ghalla and Bhansali Chartered Accountants
Address :	‘Devansh’ 2^nd Floor, D.S.P. Rood, Near Ranjit Studios, Dadar (East), Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-24147000 / 40497000
Fax No.:	91-22-241449000
E-Mail :	reachus@ghalla-bhansal.com

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.100/- each	Rs. 2000.000 Millions
12372000	7% Redeemable Cumulative Preference Shares	Rs. 100/- each	Rs. 1237.200 Millions
	Total		Rs. 3237.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19920000	Equity Shares	Rs.100/- each	Rs. 1992.000 Millions

Reconciliation of issued and fully paid-up Shares :

Particular	Nos.	Rs. In Millions
1. Opening no. of Shares & Amount
a) Equity Shares	19920000	1992.000
2. Closing no. of Shares & Amount
a) Equity Shares	19920000	1992.000

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1992.000
(b) Reserves & Surplus	13193.700
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
(3) Non-current liabilities
(a) long-term borrowings	817.100
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	3441.000
(d) long-term provisions	1319.400
(4) Current liabilities
(a) Short term borrowings	0.000
(b) Trade payables	18949.200
(c) Other current liabilities	202077.600
(d) Short-term provisions	1728.000
TOTAL	243518.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1143.900
(ii) Intangible Assets	89.700
(iii) Capital work-in-progress	381.500
(iv) Intangible assets under development	0.000
(b) Non-current Investments	60.000
(c) Deferred tax assets (net)	447.300
(d) Long-term Loan and Advances	3442.700
(e) Other Non-current assets	1571.000
(2) Current assets
(a) Current investments	0.000
(b) Inventories	138192.700
(c) Trade receivables	2924.900
(d) Cash and cash equivalents	52160.500
(e) Short-term loans and advances	41599.000
(f) Other current assets	1504.800
TOTAL	243518.000

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1992.000	2239.440
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		9408.200	7561.500
4] (Accumulated Losses)		0.000	0.000
NETWORTH		11400.200	9800.940
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		191.000	198.400
TOTAL BORROWING		191.000	198.400
DEFERRED TAX LIABILITIES		0.000	2.900
TOTAL		11591.200	10002.240
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1147.800	1137.300
Capital work-in-progress		3095.600	1515.600
INVESTMENT		60.000	60.000
DEFERREX TAX ASSETS		0.000	0.000
OTHER ASSETS		65.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	121662.900	96748.200
	Sundry Debtors	3079.700	3581.600
	Cash & Bank Balances	46105.200	25520.200
	Other Current Assets	1134.200	1117.940
	Loans & Advances	45863.100	41050.600
Total Current Assets		217845.100	168018.540
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12837.700	12345.900
	Other Current Liabilities	196723.000	147273.100
	Provisions	1061.600	1110.200
Total Current Liabilities		210622.300	160729.200
Net Current Assets		7222.800	7289.340
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		11591.200	10002.240

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	25236.900	26114.100	28561.300
		Other operating revenue	147.100	276.200
		Other Income	5315.000	1839.900	2272.000
		TOTAL (A)	30699.000	28230.200	30833.300
Less	EXPENSES
		Cost of Materials Consumed	12210.100	11636.800	12902.400
		Changes in Inventory of Work-in-progress	(1016.000)	0.000	--
		Employees Benefit Expenses	5818.000	6114.700	--
		Sub-Contract	1094.400	1869.000	5997.600
		Power & Fuel	112.700	111.600	132.800
		Salaries and Wages	--	--	5140.700
		Other expenses
		(a) Project related	4070.900	3756.900	1100.100
		(b) Others	1122.700	913.800
		Adjustment for Expenses Transferred to Fixed Assets	(30.600)	(30.600)	(20.100)
		Provisions made	1.200	70.100	486.100
		Prior Period Adjustments	6.100	0.100	(3.000)
		Expenses directly related to projects	--	--	1110.100
		TOTAL (B)	23389.500	24442.400	26846.700
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7309.500	3787.800	3986.600
Less	FINANCIAL EXPENSES (D)		260.300	1.700	0.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7049.200	3786.100	3986.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		131.400	125.600	121.700
	PROFIT BEFORE TAX (E-F) (G)		6917.800	3660.500	3864.700
Less	TAX (H)		1974.700	1225.300	1462.800
	PROFIT AFTER TAX (G-H) (I)		4943.100	2435.200	2401.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	228.700
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	1500.000
		Transfer to capital redemption reserves	NA	NA	247.400
		Proposed Dividend Equality Shares	NA	NA	498.000
		Preference Shares	NA	NA	24.600
		Tax on Dividend	NA	NA	86.800
	BALANCE CARRIED TO THE B/S		NA	NA	273.800
	IMPORTS
		Raw material including machinery, equipment for construction of ships, submarine, repairs and other production jobs	14121.300	14483.700	14181.300
		Stores & Spares	6.700	5.500	0.000
		Capital Goods	15.000	0.900	0.000
	TOTAL IMPORTS		14143.000	14490.100	14181.300
	Earnings Per Share (Rs.)		248.15	121.76	119.14

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	16.10	8.63	7.78
Net Profit Margin (PBT/Sales)	(%)	27.25	13.87	13.53
Return on Total Assets (PBT/Total Assets}	(%)	2.85	1.67	2.28
Return on Investment (ROI) (PBT/Networth)		0.46	0.32	0.39
Debt Equity Ratio (Total Debt /Networth)		0.05	0.02	0.02
Current Ratio (Current Asset/Current Liability)		1.06	1.05	1.04

LOCAL AGENCY FURTHER INFORMATION

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	Yes
9]	Name of person contacted	No
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	No
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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS
Bench:- Bombay
Stamp No:-	CAWST/1802/2013	Failing Date:-	17/01/2013	Reg. No.:-	CAW/166/2013	Reg. Date:-	17/01/2013
		Main Matter
Stamp No.:-	WPST/32104/2011		Reg. No.:-	WP/10551/2011
Petitioner:-	KAARYUNYA MARIFAB ENTERPRISES		Respondent:-	MAZAGON DOCK LIMITED
Petn.Adv:-	KAARYUNYA MARIFAB ENTERPRISES
District:-	MUMBAI
Bench:-	Division
Status:-	Pre-Admission		Stage:-	For Circulation (Civil side)
Coram:-	HON'BLE SHRI JUSTICE A.S. OKA HON'BLE MRS. JUSTICE MRIDULA BHATKAR
Last Date:-	08/04/2013
Last Coram:-	HON'BLE SHRI JUSTICE A.S. OKA HON'BLE MRS. JUSTICE MRIDULA BHATKAR
Act:-	Micro, Small & Medium Enterprise Dev. Act

CONTINGENT LIABILITIES AND COMMITMENTS:

(A) Amounts for which Company may be contingently liable:

Rs. In Millions

Particular	31.03.2012	31.03.2011
a) Estimated amount of contracts remaining to be executed on capital account.	3253.300	3998.600
b) Estimated amount of Liquidated Damages on contracts under Execution	5251.000	4435.900
c) Position of non-fund based limits utilized for:
(i) Letters of Credit	11382.200	14231.000
(ii) Guarantees and counter guarantees	838.500	1179.700
d) Indemnity Bonds issued by the Company to Customers for various contracts	294475.900	163228.700

Particular	31.03.2012	31.03.2011
(B) Receivables of the Company in the nature of amounts paid in respect of which the receipt of consideration is under dispute and/or uncertain	0.600	0.600

(C) Claims against the Company pending under litigation not acknowledged as debts in respect of claims made by:

Rs. In Millions

Particular	31.03.2012	31.03.2011
(i) Suppliers and Sub-contractors	145.400	133.700
(ii) Others	360.800	360.800
Interest on (i) & (ii) above	1966.700	1850.600
	2472.900	2345.100

(D) Amounts paid/payable by Company and reimbursable by Customers in the matters under dispute pending at various Assessment/Appellate Authorities relating to:

Rs. In Millions

Particular	31.03.2012	31.03.2011
Sales Tax	10812.600	10828.300
Excise Duty	17.600	16.800
	10830.200	10845.100

Central Excise Duty demand amounting to Rs. 14.134 Millions in respect of BBLRP project job work carried out at Nhava Yard for the removals during the period 2007-08 has been replied by MDL.

(E) Appeals against disputed tax demands pending before Adjudicating/Appellate Authorities not provided for in matters relating to

Rs. In Millions

Particular	31.03.2012	31.03.2011
Excise Duty	1.500	1.500
Service Tax*	597.000	568.200
	598.500	569.700

* Includes Rs. 269.900 Millions (Previous year Rs. 253.200 Millions) towards show cause notice issued from 2005-06 to 201112 by the Service Tax Department which have been replied to by MDL.

FIXED ASSETS :

• Leasehold Land
• Freehold Land
• Staff Quarters
• Buildings Berths
• Other Civil Works
• Plant and Machinery
• Vehicles
• Furniture, fittings, EDP and Office Equipments
• Launches and Boats
• Other intangible Assets

AS PER WEBSITE

PRESS RELEASE

Mumbai  July 4, 2012

MAZAGON DOCK MAY SPLIT ORDER AMONG 4

Windfall for shipbuilders, move to avoid fresh controversy and speedy delivery

The need to hasten implementation and avoid any further confrontation with other shipbuilding companies may see Mazagon Dock, India’s largest defence shipyard, split its ambitious Rs 1-lakh-crore naval order book among four major Indian private shipbuilders. After Pipapav Defence, Mazagon is considering similar joint ventures with L and T, ABG Shipyard and Bharati Shipyard, say people in the know.

Pipavav and Mazagon have already agreed on collaboration, but the agreement between the two does not have any exclusivity clause. “Pipavav is the preferred partner, but Mazagon may also explore roping in others, considering the strategic nature of national security,” said a senior official from one of these shipbuilding companies, on condition of anonymity.

So far, however, no written communication has been issued to this effect.

Last year, Mazagon had invited private shipbuilders to partner it in executing the mega warship orders, already delayed by seven-eight years. It had Mazagon had shortlisted four of the eight companies interested, before choosing Pipavav as the partner. The three companies that lost out complained to the defence ministry, alleging opaqueness in Pipavav’s selection. The ministry put the joint venture on hold, saying fresh guidelines would be issued in this regard. However, in May, the ministry gave its approval to the Pipavav-Mazagon joint venture.

However, considering the enormity of the contract, it may be difficult for just one vendor, Pipavav, to carry out the Navy warships projects of Rs 1 lakh crore. Therefore, Mazagon Dock is considering forming joint ventures with each of the four companies approved by the ministry to carry out the defence orders and expressions of interest for these would be invited soon. A Mazagon Dock official, on condition of anonymity, told Business Standard, “The plan is very fluid at the moment, but details are being worked out.”

Mazagon Dock did not reply to a query sent to it.

The procedure being considered is now possible, after the government had removed the ‘exclusivity’ norm, making such joint ventures open for all government-approved defence shipbuilders—BG Shipyard, Bharati Shipyard, L and T and Pipavav.

An official from one of the shipbuilders said, “This is definitely a good opportunity for us to get a share of this large order. It’s impossible for a joint venture to complete the order in the given timeframe. With multiple ventures and the work being split, the process would gain speed.”

As on March 31, ABG Shipyard had an order book of Rs 160000.000 Millions, to be executed over three-five years. Pipavav has an order book of about Rs 70000.000 Millions, while Bharati Shipyard’s order book stands at Rs 65000.000 Millions. With the Mazagon order book of Rs 1 lakh crore being split between the four companies, the revenue and profitability of these companies would get a boost, albeit over a long period of time.

The Mazagon projects would also help private shipbuilders boost revenue, aiding the shipping sector, which is recording a scarcity in new orders. The ministry’s nod to the Mazagon-Pipavav joint venture has also cleared the path for other government-owned defence shipyards like Hindustan Shipyard, Cochin Shipyard and Garden Reach Works in Kolkata to seek similar joint ventures for defence orders. The overall defence order book is estimated at a whopping Rs.1600000.000 Millions, to be delivered over four-five years.

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.58.41
UK Pound	1	Rs.91.62
Euro	1	Rs.78.12

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

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.