MIRA INFORM REPORT

Report Date :

02.10.2013

IDENTIFICATION DETAILS

Name :	MARMAGOA STEEL LIMITED

Registered Office :	Plot No.280, Eclate Curtorim Salcette, Margao – 403 709, Goa

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	17.07.1987

Com. Reg. No.:	24-000764

Capital Investment / Paid-up Capital :	Rs. 60.763 Millions

CIN No.: [Company Identification No.]	L27106GA1987PLC000764

TAN No.: [Tax Deduction & Collection Account No.]	BLRM00059D/ BLRM06834C

PAN No.: [Permanent Account No.]	AACCM0105H

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Manufacture and sale of steel billets and its rolled products.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 110000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Profitability of the company appears to be under severe pressure. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating = D (Suspended)
Rating Explanation	Default
Date	September 2013

Rating Agency Name	ICRA
Rating	Short Term Rating = D (Suspended)
Rating Explanation	Default (low credit quality and limited prospects recovery)
Date	September 2013

Reason for default: Due to lack of Co-operation from the company.

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 :	Plot No.280, Eclate Curtorim Salcette, Margao – 403 709, Goa, India
Tel. No.:	91-832-6484106/ 116/ 118
Fax No.:	91-832-2857495
E-Mail :	cosec@marmagoasteel.com mrmgostl@marmagoasteel.com marketing@marmagoasteel.com
Website :	http://www.marmagoasteel.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashok Mittal

Designation :

Chairman

Address :

Bungalow No. F – 10, Reliance Park, Par Seraulim, Colva Road, Margao -403 601, Goa, India

Date of Birth/Age :

07.08.1958

Date of Appointment :

23.09.2004

DIN No.:

00066318

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	U85110KA1988PLC008846	GOA SPRINGS LIMITED	Director	08/01/1988	08/01/1988	08/02/2013	Active	NO
2	U85110KA1995PLC018505	GOA INFRALOGISTICS LIMITED	Director	09/08/1995	09/08/1995	-	Active	NO
3	U67120WB1984PTC037540	KEWMAN INVESTMENT AND LEASING PRIVATE LIMITED	Director	27/06/2001	27/06/2001	-	Active	NO
4	U67120MH1976PTC018817	NITYANANDA TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	27/06/2001	27/06/2001	15/06/2010	Active	NO
5	U72200KA2000PTC028038	HEMSONS SOFTECH PRIVATE LIMITED	Director	27/06/2001	27/06/2001	-	Active	NO
6	U65993KA1974PTC002650	RUKMANI FINANCE PRIVATE LIMITED	Director	27/06/2001	27/06/2001	-	Active	NO
7	U01122GA2003PTC003304	AMONA POWER PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
8	U02710KA1991PTC011562	CHANDOR ENGINEERING AND TRADING COMPANY PRIVATE LIMITED	Additional director	15/03/2012	12/08/2004	-	Active	NO
9	L27106GA1987PLC000764	MARMAGOA STEEL LIMITED	Director	23/09/2004	23/09/2004	-	Active	NO
10	U28910GA2005PTC004113	KARNATAKA STEEL PRIVATE LIMITED	Director	11/08/2005	11/08/2005	-	Active	NO

Name :

Mr. R. K. Radhakrishna

Designation :

Director

Address :

Tulasi House, House No. 2337, Gomanchal Colony, Marlem Hill, Margao, Goa

Date of Birth/Age :

01.06.1955

Date of Appointment :

23.09.2004

DIN No.:

00074108

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	U00337KA1992PLC013021	RAICHUR ALOYS AND FORGINGS LIMITED	Director	31/03/1992	31/03/1992	29/09/2010	Active	NO
2	U85110KA1995PLC018505	GOA INFRALOGISTICS LIMITED	Director	15/04/2003	15/04/2003	16/01/2011	Active	NO
3	U02710KA1991PTC011562	CHANDOR ENGINEERING AND TRADING COMPANY PRIVATE LIMITED	Director	15/04/2003	15/04/2003	-	Active	NO
4	L27106GA1987PLC000764	MARMAGOA STEEL LIMITED	Managing director	23/09/2004	23/09/2004	-	Active	NO
5	U01122GA2003PTC003304	AMONA POWER PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
6	U28910GA2005PTC004113	KARNATAKA STEEL PRIVATE LIMITED	Director	11/08/2005	11/08/2005	15/06/2010	Active	NO
7	U27100KA1973PLC002473	SHIMOGA STEELS LIMITED	Director	04/09/2006	04/08/2006	-	Active	NO

Name :

Mr. Purushottam Jaganath Bhide

Designation :

Director

Address :

7, Waterloo Street, Kolkata - 700 069, West Bengal, India

Date of Birth/Age :

21.06.1934

Date of Appointment :

05.11.2005

DIN No.:

00012326

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	L01132KA1943PLC001574	COORG TEA COMPANY LIMITED	Director	19/02/1976	19/02/1976	-	Active	NO
2	U74999MH1985PTC035091	WESTERN INDIA MINING SERVICES PRIVATE LIMITED	Director	21/01/1985	21/01/1985	-	Active	NO
3	L51431WB1989PLC047277	PLENTY VALLEY INTRA LIMITED	Director	21/07/1989	21/07/1989	-	Active	NO
4	U29268WB1991PLC053132	GREENFIELD EXPORTS LIMITED	Director	02/05/1996	02/05/1996	-	Active	NO
5	L25200GJ1993PLC019158	UNICK FIX-A-FORM AND PRINTERS LIMITED	Director	20/06/2002	20/06/2002	-	Active	NO
6	L70200WB1995PLC073553	KWALITY BUILDERS AND DEVELOPERS LIMITED	Director	04/07/2002	04/07/2002	-	Active	NO
7	L15421WB1932PLC007463	BELSUND SUGAR AND INDUSTRIES LIMITED	Director	31/10/2003	31/10/2003	-	Active	NO
8	L27106GA1987PLC000764	MARMAGOA STEEL LIMITED	Director	05/11/2005	05/11/2005	-	Active	NO
9	U85110KA1988PLC008846	GOA SPRINGS LIMITED	Director	30/09/2009	20/02/2009	-	Active	NO
10	L01132WB1991PLC152586	THE COCHIN MALABAR ESTATES AND INDUSTRIES LIMITED	Director	22/09/2009	27/07/2009	-	Active	NO
11	U74994WB1986PTC040731	DESIGN INDIA PRIVATE LIMITED	Director	23/04/2011	23/04/2011	-	Active	NO
12	U65991WB1974PTC029493	SHAHADEV INVESTMENT AND FINANCE PRIVATE LIMITED	Additional director	15/03/2013	15/03/2013	-	Active	NO

Name :

Mr. Anant Kumar Sinha

Designation :

Director

Address :

F - 605,Redwood Block, Reheja Residency, Koramangal, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

01.02.1941

Date of Appointment :

30.10.2004

DIN No.:

00066371

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	U27104KA1973PLC002316	CANARA STEEL LIMITED	Director	26/04/1996	26/04/1996	-	Active	NO
2	U29309KA1984PLC005964	MANIPAL SPRINGS LIMITED	Director	30/06/1997	30/06/1997	-	Active	NO
3	L27106GA1987PLC000764	MARMAGOA STEEL LIMITED	Director	30/10/2004	30/10/2004	-	Active	NO
4	U85110KA1995PLC018505	GOA INFRALOGISTICS LIMITED	Director	04/11/2004	04/11/2004	16/01/2012	Active	NO
5	U28910GA2005PTC004113	KARNATAKA STEEL PRIVATE LIMITED	Director	30/09/2010	20/04/2010	-	Active	NO

Name :

Mr. Kovathakuthi Varadharajan Ramarathnam

Designation :

Director

Address :

Flat No. 9, Avanti Apartment, Alkapuri Society, Kothrud, Pune – 411038, Maharashtra, India

Date of Birth/Age :

15.01.1948

Date of Appointment :

29.09.2007

DIN No.:

00097892

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	L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	Director	05/05/2011	05/05/2003	05/05/2011	Active	NO
2	U27106MH1968NPL014092	THE ALLOY STEEL PRODUCERS ASSOCIATION OF INDIA	Director	14/02/2006	14/02/2006	19/09/2011	Active	NO
3	L27106GA1987PLC000764	MARMAGOA STEEL LIMITED	Director	29/09/2007	29/09/2007	-	Active	NO
4	U27100KA1973PLC002473	SHIMOGA STEELS LIMITED	Additional director	26/09/2011	26/09/2011	-	Active	NO
5	U27100PN2012PLC142162	MASSCORP INDUSTRIES LIMITED	Director	06/02/2012	06/02/2012	10/01/2013	Active	NO
6	U27320PN2012PLC142300	MASSCORP ALUMINIUM LIMITED	Director	17/02/2012	17/02/2012	10/01/2013	Active	NO
7	U51420PN2005PLC021685	MASSCORP LIMITED	Director	15/05/2012	15/05/2012	06/12/2012	Active	NO
8	L29309PN1991PLC063045	INNOVENTIVE INDUSTRIES LIMITED	Whole-time director	07/08/2012	07/08/2012	08/08/2013	Active	NO

KEY EXECUTIVES

Name :	U. V. Kini
Designation :	Company Secretary
Address :	BS-5 Kunde Complex, Near TVS Showroom, St. Joaquim Chapel Road,Borda, Fatorda Post, Margao – 403602,Goa, India
Date of Birth/Age :	09.05.1962
Date of Appointment :	01.04.2003
PAN No.:	ADIPK8320J

SHAREHOLDING PATTERN

As on 01.01.2012

Names of Shareholders	No. of Shares	% of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	639400	1.05
Bodies Corporate	40000000	65.64
Sub Total	40639400	66.68
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	40639400	66.68
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10700	0.02
Financial Institutions / Banks	1800	0.00
Sub Total	12500	0.02
(2) Non-Institutions
Bodies Corporate	9667454	15.86
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	6615989	10.86
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2705000	4.44
Any Others (Specify)	1302657	2.14
Non Resident Indians	1302657	2.14
Sub Total	20291100	33.30
Total Public shareholding (B)	20303600	33.32
Total (A)+(B)	60943000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	60943000	0.00

BUSINESS DETAILS

Line of Business :

Manufacture and sale of steel billets and its rolled products.

Products :

Product Description	Item Code No.
Spring Steel Rectangular Bars	72282000
Silico Manganese	72023000
Carbon Steel Billets	72071920

GENERAL INFORMATION

Customers :

Tata Motors
Ashok Leyland
Mahindra and Mahindra
Maruti Udyog
Canara Springs
Jamna Auto

No. of Employees :

Not Available

Bankers :

Bank of Maharashtra, Gomant Vidhya Niketan Building, Margoa – 403601, Goa, India
ICICI Bank Limited, Mumbai – 400051, Maharashtra, India
State Bank of Mysore, Margao Branch, Margao – 403601, Goa, India

Goa State Cooperative Bank Limited

Goa Urban Cooperative Bank Limited
IDBI Bank
State Bank of India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Working capital loans from banks	222.273	50.541
Total	222.273	50.541


Banking Relations :	--

Auditors :
Name :	Kamath and Rau Chartered Accountants
Address :	Door No. 41-1-56/1, Near Bunts Hostel, Karangalpady, Mangalore, India
PAN No.:	AABFK6431A

Holding company :	Rukmani Finance Private Limited CIN No.: U65993KA1974PTC002650

Fellow Subsidiary company :	Amona Power Private Limited CIN No.: U01122GA2003PTC003304

Associates :	Goa Infralogistics Limited CIN No.: U85110KA1995PLC018505

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

200000000	Equity Shares	Re. 1/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

60943000	Equity Shares	Re. 1/- each	Rs. 60.943 Millions
	Less : Decrease in the amount of shares		Rs. 0.180 Million
	Total		Rs. 60.763 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	60.763	60.763
(b) Reserves & Surplus	(32.048)	80.212
(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)	28.715	140.975

(3) Non-Current Liabilities
(a) long-term borrowings	100.000	100.000
(b) Deferred tax liabilities (Net)	23.835	35.520
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	23.291	20.907
Total Non-current Liabilities (3)	147.126	156.427

(4) Current Liabilities
(a) Short term borrowings	222.273	50.541
(b) Trade payables	482.342	519.454
(c) Other current liabilities	185.694	187.248
(d) Short-term provisions	2.886	2.823
Total Current Liabilities (4)	893.195	760.066

TOTAL	1069.036	1057.468

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	237.837	264.208
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.025	0.025
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.467	1.467
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	239.329	265.700

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	144.843	210.648
(c) Trade receivables	200.053	183.235
(d) Cash and cash equivalents	41.526	41.877
(e) Short-term loans and advances	443.285	356.008
(f) Other current assets	0.000	0.000
Total Current Assets	829.707	791.768

TOTAL	1069.036	1057.468

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		60.764
2] Share Application Money		0.000
3] Reserves & Surplus		134.444
4] (Accumulated Losses)		0.000
NETWORTH		195.208
LOAN FUNDS
1] Secured Loans		113.017
2] Unsecured Loans		100.000
TOTAL BORROWING		213.017
DEFERRED TAX LIABILITIES		28.212

TOTAL		436.437

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		277.843
Capital work-in-progress		0.000

INVESTMENT		0.025
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	206.182
	Sundry Debtors	116.057
	Cash & Bank Balances	64.631
	Other Current Assets	0.000
	Loans & Advances	306.044
Total Current Assets		692.914
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	405.106
	Other Current Liabilities	119.801
	Provisions	9.438
Total Current Liabilities		534.345
Net Current Assets		158.569

MISCELLANEOUS EXPENSES		0.000

TOTAL		436.437

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1607.025	1859.719	1507.315
		Other Income	3.497	11.373	3.943
		TOTAL	1610.522	1871.092	1511.258

Less	EXPENSES
		Cost of materials consumed	1089.057	1207.324
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	21.414	(34.396)
		Employee benefit expense	72.508	85.788
		Other expenses	459.656	578.425
		TOTAL	1642.635	1837.141	1568.427

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(32.113)	33.951	(57.169)

Less	FINANCIAL EXPENSES		63.458	52.368	78.675

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(95.571)	(18.417)	(135.844)

Less/ Add	DEPRECIATION/ AMORTISATION		28.137	28.445	28.115

Less	PRIOR PERIOD ITEMS		(0.236)	(0.057)	0.000

	PROFIT/(LOSS) BEFORE TAX		(123.944)	(46.919)	(163.959)

Less	TAX		(11.684)	7.313	(0.428)

	PROFIT/(LOSS) AFTER TAX		(112.260)	(54.232)	(163.531)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	11.847

	BALANCE CARRIED TO THE B/S		NA	NA	(151.684)

	IMPORTS
		Raw Materials	320.008	421.743	375.465
		Stores & Spares	8.386	11.386	15.282
	TOTAL IMPORTS		328.394	433.129	390.747

	Earnings / (Loss) Per Share (Rs.)		(1.84)	(0.89)	(2.68)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(6.97)	(2.90)	(10.82)

Net Profit Margin (PBT/Sales)	(%)	(7.71)	(2.52)	(10.88)

Return on Total Assets (PBT/Total Assets}	(%)	(14.91)	(5.91)	(16.89)

Return on Investment (ROI) (PBT/Networth)		(4.32)	(0.33)	(0.84)

Debt Equity Ratio (Total Debt /Networth)		11.22	1.078	1.09

Current Ratio (Current Asset/Current Liability)		0.93	1.04	1.30

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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Loans and advances from related parties	100.000	100.00
Total	100.000	100.00

Note:

The above long term borrowings are from Rukmini Finance Private Limited, a related party. There are no terms stipulated for repayment of loan which carries interest at 12.50%. There is no default in terms of repayment of principal and interest.

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10443027	28/08/2012	234,000,000.00	BANK OF MAHARASHTRA	MARGAO BRANCH, GOMANT VIDYA NIKETAN, MARGAO, Goa - 403601, INDIA	B70832183
2	10175342	08/02/2011 *	850,000,000.00	BANK OF MAHARASHTRA	GOMANT VIDYA NIKETAN BUILDING, MARGAO, Goa - 403601, INDIA	B07473077
3	10127125	30/08/2008	2,700,000.00	BANK OF MAHARASHTRA	GOMANT VIDYANIKETAN BUILDING, MARGAO, Goa - 403601, INDIA	A48284012
4	10281129	23/03/2007	60,000,000.00	BANK OF MAHARASHTRA	MARGAO, MARGAO, Goa - 403601, INDIA	A15077951
5	80005948	16/06/2006 *	482,700,000.00	STATE BANK OF INDIA	VASCO BRANCH, VASCO DA GAMA, Goa - 403802, INDIA	-
6	80005946	16/06/2006 *	482,700,000.00	STATE BANK OF INDIA	VASCO BRANCH, VASCO DA GAMA, Goa - 403802, INDIA	-
7	80007418	14/07/2006 *	125,000,000.00	BANK OF MAHARASHTRA	GOMANT VIDYANIKETAN BUILDING, MARGAO, Goa - 403601, INDIA	-
8	80052355	02/02/2009 *	476,000,000.00	BANK OF MAHARASHTRA	GOMANT VIDYANIKETAN, MARGAO, Goa - 403601, INDIA	A59167882
9	80010941	28/01/1993 *	3,800,000.00	ICICI	ICICI TOWER, BANDRA KURLA COMPLEX, MUMBAI, Maharashtra - 400051, INDIA	-
10	80006983	22/04/2006 *	7,600,000.00	IDBI BANK	MUMBAI, MUMBAI, Goa - 400005, INDIA	-

* Date of modification charge

OUTLOOK:

There is a good demand for the company’s product. The management is confident that there will be no fall in demand for its product in the near future.

FIXED ASSETS:

Land
Buildings
Plant and Machinery
Furniture and Fixture
Vehicles
Office Equipments

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.35
UK Pound	1	Rs. 101.20
Euro	1	Rs. 84.54

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.

MIRA INFORM REPORT

206.182

116.057

64.631

0.000

306.044

692.914

405.106

119.801

9.438

534.345

158.569

(6.97)

(10.82)

(7.71)

(10.88)

(14.91)

(16.89)

(4.32)

(0.84)

11.22

1.09

0.93

1.30

Unit