MIRA INFORM REPORT

Report Date :

12.10.2013

IDENTIFICATION DETAILS

Name :	SAYAJI INDUSTRIES LIMITED
Registered Office :	Post Office, Kathwada Maize Products, Ahmedabad - 382430, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.01.1941
Com. Reg. No.:	04-000471
Capital Investment / Paid-up Capital :	Rs. 7.900 Millions
CIN No.: [Company Identification No.]	L99999GJ1941PLC000471
PAN No.: [Permanent Account No.]	AADCS0861R
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Subject is engaged in the business of manufacture and sale of Starch, its derivatives and by-products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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

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.

LOCATIONS

Registered Office/ Factory :	Post Office, Kathwada Maize Products, Ahmedabad - 382430, Gujarat, India
Tel. No.:	91-79-22900881 to 85
Fax No.:	91-79-22902424/ 22901013
E-Mail :	sales@maizeproducts.com rhs@maizeproducts.com
Website :	http://www.maizeproducts.com

DIRECTORS

As on: 14.08.2013

Name :	Mr. Priyam Bipinbhai Mehta
Designation :	Managing director
Address :	‘Bipln Nivas’ Panchvati, Ellispridge, Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	01.01.1964
Date of Appointment :	18.11.1962
PAN No.:	ABAPM7126N
DIN No.:	00030933
Name :	Mr. Varun Priyam Mehta
Designation :	Whole-time director
Address :	‘Bipln Nivas’ Panchvati, Ellispridge, Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	29.06.1986
Date of Appointment :	18.10.2006
PAN No.:	AKEPM9196M
DIN No.:	00900734
Name :	Mr. Vishal Priyam Mehta
Designation :	Whole-time director
Address :	‘Bipln Nivas’ Panchvati, Ellispridge, Ahmedabad – 380008, Gujarat, India
Date of Birth/Age :	14.12.1988
Date of Appointment :	16.01.2010
PAN No.:	APVPM4361C
DIN No.:	02690946
Name :	Mr. Mahendrabhai Natvarlal Shah
Designation :	Director
Address :	2, Walkeshwara Society, Ambewadi, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	02.02.1934
Date of Appointment :	12.08.1983
DIN No.:	00021194
Name :	Mr. Vishvajit Makarand Mehta
Designation :	Director
Address :	‘Makarand’ 4 J P Nagar, Old Padra Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	12.01.1980
Date of Appointment :	21.10.1993
DIN No.:	00032207
Name :	Mr. Gaurang Kantilal Dalal
Designation :	Additional director
Address :	3, Ashani Society B/h, Arislovilla Jodhpur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	18.08.1952
Date of Appointment :	16.01.2010
DIN No.:	00040924
Name :	Mr. Janak Dinkar Desai
Designation :	Director
Address :	11, Heritage Residency, Tgailej, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	03.04.1958
Date of Appointment :	29.01.2011
DIN No.:	02565216
Name :	Mr. Chirag Mahendrabhai Shah
Designation :	Additional director
Address :	2, Walkeshwara Society, Ambewadi, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	27.07.1988
Date of Appointment :	26.07.2011
DIN No.:	00021298

KEY EXECUTIVES

Name :	Mr. Rajesh Hasmukhlal Shah
Designation :	Secretary
Address :	F-404, Tulip Citadel Manekbaug, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	14.11.1963
Date of Appointment :	15.07.2002
PAN No.:	ALWPS7388G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Shareholders Details File Attached

Equity Share Break up (Percentage of Total Equity)

As on: 14.08.2013

Category	Percentage
Nationalized or other banks	0.02
Bodies corporate	36.02
Directors or relatives of directors	38.99
Other top fifty shareholders	7.58
Other	17.39
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in the business of manufacture and sale of Starch, its derivatives and by-products.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India
• Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India
• Punjab National Bank, Vanijya Bhavan Branch, Vanijya Bhavan, Kankaria, Ahmedabad - 380022, Gujarat, 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	111.755	100.643
Short term borrowings
Working capital loans from banks	235.367	221.507
Total	347.122	322.150

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	3rd Floor, Heritage Near, Vidhyapith, Ahmedabad – 380014, Gujarat India
PAN No.:	AABFD7919A
Associates:	Sayaji Sethness Limited CIN No.:U24110GJ1993PLC020479 C V Mehta Pvt Ltd CIN No.:U65910GJ1941PTC000367 Priyam Commercial Enterprises Private Limited CIN No.:U65990GJ1982PTC005051 N B Commercial Enterprises Private Limited CIN No.:U65910GJ1982PTC005052 Viva Tex-Chem Pvt Ltd CIN No.:U24231GJ1992PTC016940 Bini Commercial Enterprises Private Limited CIN No.:U65910GJ1982PTC005053 Varun Travels Pvt Ltd CIN No.:U63090GJ1987PTC010020

CAPITAL STRUCTURE

As on: 14.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
79000	Equity Shares	Rs.100/- each	Rs. 7.900 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.900	7.900
(b) Reserves & Surplus	274.256	252.761
(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)	282.156	260.661
(3) Non-Current Liabilities
(a) long-term borrowings	263.040	216.268
(b) Deferred tax liabilities (Net)	85.164	75.639
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	29.045	28.524
Total Non-current Liabilities (3)	377.249	320.431
(4) Current Liabilities
(a) Short term borrowings	271.266	284.594
(b) Trade payables	553.353	396.134
(c) Other current liabilities	86.580	112.071
(d) Short-term provisions	57.955	53.135
Total Current Liabilities (4)	969.154	845.934
TOTAL	1628.559	1427.026
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	820.591	683.503
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	13.731	83.104
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	15.139	15.130
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	23.318	18.985
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	872.779	800.722
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	407.228	317.649
(c) Trade receivables	303.259	266.684
(d) Cash and cash equivalents	11.149	9.238
(e) Short-term loans and advances	34.144	32.733
(f) Other current assets	0.000	0.000
Total Current Assets	755.780	626.304
TOTAL	1628.559	1427.026

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.000
2] Share Application Money		0.000
3] Reserves & Surplus		203.664
4] (Accumulated Losses)		0.000
NETWORTH		209.664
LOAN FUNDS
1] Secured Loans		487.957
2] Unsecured Loans		186.673
TOTAL BORROWING		674.630
DEFERRED TAX LIABILITIES		61.398
TOTAL		945.692
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		624.679
Capital work-in-progress		49.244
INVESTMENT		12.930
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	389.938
	Sundry Debtors	247.598
	Cash & Bank Balances	13.945
	Other Current Assets	0.000
	Loans & Advances	61.041
Total Current Assets		712.522
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	416.254
	Other Current Liabilities	1.156
	Provisions	36.576
Total Current Liabilities		453.986
Net Current Assets		258.536
MISCELLANEOUS EXPENSES		0.303
TOTAL		945.692

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3627.661	3136.691	2598.451
		Other Income	30.991	19.211	2.788
		TOTAL (A)	3658.652	3155.902	2601.239
Less	EXPENSES
		Cost of materials consumed	2213.574	1785.923
		Purchases of stock-in-trade	6.639	4.649
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(21.091)	(8.348)
		Employee benefit expense	240.643	233.143
		Other expenses	1051.724	970.818
		TOTAL (B)	3491.489	2986.185	2479.773
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		167.163	169.717	121.466
Less	FINANCIAL EXPENSES (D)		67.110	66.341	59.006
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		100.053	103.376	62.460
Less/ Add	DEPRECIATION/ AMORTISATION (F)		51.700	46.226	43.495
	PROFIT BEFORE TAX (E-F) (G)		48.353	57.150	18.965
Less	TAX (H)		17.676	26.391	10.665
	PROFIT AFTER TAX (G-H) (I)		30.677	30.759	8.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.058	6.511	7.774
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	10.000	9.563
		Dividend	7.900	7.900	0.000
		Tax on Dividend	1.282	1.312	0.00
	BALANCE CARRIED TO THE B/S		29.553	18.058	6.511
	Earnings Per Share (Rs.)		388.32	427.99	138.33

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.83	0.98	0.31
Net Profit Margin (PBT/Sales)	(%)	1.33	1.82	0.72
Return on Total Assets (PBT/Total Assets}	(%)	3.02	4.31	1.41
Return on Investment (ROI) (PBT/Networth)		0.17	0.21	0.10
Debt Equity Ratio (Total Debt/Networth)		1.89	1.92	3.21
Current Ratio (Current Asset/Current Liability)		0.78	0.75	1.57

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	Yes
10]	Designation of contact person	Yes
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	Yes
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

LISTING DETAILS

TAX APPEAL No. 2577 of 2009

Status : PENDING

( Converted from : ST/4542/2009 )

CCIN No : 001092200902577

Next Listing Date:

21/10/2013

Coram

HONOURABLE MR.JUSTICE M.R. SHAH HONOURABLE MS JUSTICE SONIA GOKANI

Not Before :

HONOURABLE MR.JUSTICE AKSHAY H.MEHTA

---

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX-IV	MS PAURAMI B SHETH for: Appellant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1	SAYAJI INDUSTRIES LTD	MR MANISH J SHAH for :Opponent(s)  1

Presented On	: 18/12/2009	Registered On	: 18/12/2009
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 29 times
Stage Name	: FOR FINAL HEARING

Classification	DB - BANKING MATTERS - BAKING REGULATION ACT, 1949 - RELATING TO RESERVE BANK O INDIA & OTHER BANKS UNDER THE BANKING REGULATIONS ACT AND OTHER BANKING LAWS.
Act	INCOME-TAX ACT, 1961

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2009	VAKALATNAMA	MR MANISH J SHAH ADVOCATE for RESPONDENT(s)  1	-	MR MANISH J SHAH:1
2	15/08/2009	VAKALATNAMA	MS PAURAMI B SHETH ADVOCATE for PETITIONER(s)  1	-	MS PAURAMI B SHETH:1
3	08/08/2011	VAKALATNAMA	MR MANISH J SHAH ADVOCATE for RESPONDENT(s)  1	5	MR MANISH J SHAH:1
4	16/05/2012	APPEARANCE NOTE	MS PAURAMI B SHETH ADVOCATE for PETITIONER(s)  1	-	MS PAURAMI B SHETH:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	15/06/2011	5	-	TAX APPEALS - GROUP E MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI  HONOURABLE MS JUSTICE SONIA GOKANI
2	21/10/2013	5	-	FOR FINAL HEARING	undefined	HONOURABLE MR.JUSTICE M.R. SHAH  HONOURABLE MS JUSTICE SONIA GOKANI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment/Order	Download
1	TAX APPEAL/2577/2009	HONOURABLE MR.JUSTICE AKIL KURESHI  HONOURABLE MS JUSTICE SONIA GOKANI	15/06/2011	N	ORDER	Download
Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	16/06/2011	O/21061/2011	15/06/2011	22/06/2011	23/06/2011	Delivered	-

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Long term borrowings
Deposit	151.285	115.625
Short term borrowings
Deposit	35.899	63.087
Total	187.184	178.712

STATEMENT OF AUDITED RESULTS FOR THE YEAR ENDED 31ST MARCH, 2013

			Quarter ended		Year ended
	PARTICULARS		31.03.13 (Audited)	31.12.12 (Unaudited)	31.03.13 (Audited)
1	Income from operations
	(a) Net sales/income from operations (Net of excise duty)		1304.135	1315.336	4710085
	(b) Other operating income		6.066	8.034	27.253
	Total income from operations (net)		1310.201	1323.370	4737.338
2	Expenses
	(a) Cost of materials consumed		760.356	663.141	2597.769
	(b) Purchases of stock-in-trade		189.193	246.561	585.425
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(43.899)	32.816	(31.467)
	(d) Employee benefits expense		63.371	66.154	257.086
	(e) Depreciation and amortization Expense		15.469	15.018	60.521
	(f) Power and Fuel		85.359	88.444	358.061
	(g) Other expenses		205.990	174.594	769.283
	Total expenses		1275.839	1286.728	4596.678
3	Profit from operations before other income, finance costs and exceptional items (1-2)		34.362	36.642	140.660
4	Other Income		0.093	0.264	2.997
5	Profit from ordinary activities before finance costs and exceptional items (3 + 4)		34.455	36.906	143.657
6	Finance costs		20.443	20.380	78.760
7	Profit from ordinary activities after finance costs but before exceptional items (5 - 6)		14.012	16.526	64.897
8	Exceptional items		---	---	---
9	Profit from ordinary activities before tax(7- 8)		14.012	16.526	64.897
10	Tax expense		(25.338)	6.200	(6.138)
11	Net Profit from ordinary activities after tax (9 -10)		39.350	10.326	71.035
12	Extraordinary items		---	---	---
13	Net Profit for the period (11- 12)		39.350	10.326	71.035
14	Paid-up equity share capital (Face Value of Rs.100 each)		7.900	7.900	7.900
15	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year		---	---	334.662
16 i	Basic and diluted Earnings per share (before extraordinary items) (of Rs.100/- each) (not annualized)		498.10	130.71	899.18
16 ii	Basic and diluted Earnings per share (after extraordinary items) (of Rs.100/- each) (not annualized)		498.10	130.71	899.18
1.	Public Shareholding: - Number of Shares		19759	19759	19759
	Percentage of Shareholding		25.01	25.01	25.01
2.	Promoters and promoter group Shareholding: a) Pledged/Encumbered - - Number of Shares - Percentage of shares (as a % of the total Shareholding of promoter group) - Percentage of shares (as a % of the total Share capital of the Company) b) Non-encumbered - - Number of Shares - Percentage of shares (as a % of the total Shareholding of promoter group) - Percentage of shares (as a % of the total Share capital of the Company)		Nil Nil Nil 59241 100.00 74.99	Nil Nil Nil 59241 100.00 74.99	Nil Nil Nil 59241 100.00 74.99
B	INVESTOR COMPLAINTS Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter	Nil 3 3 Nil

Statement of Assets and Liabilities Particulars		Year ended 31.03.2013
A 1 2 3 B 1 2	EQUITY AND LIABILITIES Shareholders Funds Share Capital Reserves and surplus Sub total – Shareholders funds Non Current Liabilities Long-term borrowings Deferred tax liabilities (net) Long-term provisions Sub total – Non Current Liabilities Current Liabilities Short term borrowings Trade payables Other current liabilities Short term provisions Sub total – Current Liabilities Total Equity and Liabilities ASSETS Non Current Assets Fixed Assets Non Current Investments Long Term loans and advances Sub total – Non Current Assets Current Assets Inventories Trade receivables Cash and cash equivalents Short term loans and advances Sub total – Current Assets Total Assets	790.000 33466.200 34256.200 31166.600 9922.600 2167.500 43256.700 30695.700 68461.700 13221.900 6926.800 119306.100 196819.000 86532.600 1513.900 1712.500 89759.000 46866.900 39754.800 990.900 19447.400 107060.000 196819.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10367927	25/07/2012	100,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, M  UMBAI, Maharashtra - 400021, INDIA	B44651651
2	10021607	29/09/2006	80,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	A05367693
3	10007887	04/02/2013 *	180,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	B69523868
4	80005786	24/07/2012 *	441,500,000.00	PUNJAB NATIONAL BANK	VANIJYA BHAVAN BRANCH, VANIJYA BHAVAN, KANKARIA,  AHMEDABAD, AHMEDABAD, Gujarat - 380022, INDIA	B44456820
5	80005787	24/07/2012 *	441,500,000.00	PUNJAB NATIONAL BANK	VANIJYA BHAVAN BRANCH, VANIJYA BHAVAN, KANKARIA,  AHMEDABAD, AHMEDABAD, Gujarat - 380022, INDIA	B44457802

* Date of charge modification

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. 61.16
UK Pound	1	Rs. 97.77
Euro	1	Rs. 82.78

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.