1. Summary Information

		Country	India
Company Name	SEPR REFRACTORIES INDIA LIMITED	Principal Name 1	Mr. Anand Y Mahajan
Status	Good	Principal Name 2	Mr. R. Srinivasan
		Registration #	11-191391
Street Address	5^th Level, Leela Business Park, Andheri-Kurla Road, Marol, Andheri East, Mumbai – 400059, Maharashtra, India
Established Date	13.11.2000	SIC Code	--
Telephone#	91--22-40212121	Business Style 1	Manufacturer
Fax #	91-22-40212102	Business Style 2	Exporter
Homepage	http://www.saint-gobain.com	Product Name 1	Electro Fused Cast Refractories
# of employees	450 (Approximately)	Product Name 2	-
Paid up capital	Rs.33,834,000/-	Product Name 3	-
Shareholders	Foreign holdings 100%	Banking	Not Available
Public Limited Corp.	YES	Business Period	14 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (51)
Related Company
Relation	Country	Company Name	CEO
Holding Company	France	SEPR SA
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	878,447,000	Current Liabilities	1,146,403000
Inventories	787,818,000	Long-term Liabilities	714,568,000
Fixed Assets	1,220,438,000	Other Liabilities	93,540,000
Deferred Assets	0.000	Total Liabilities	1,954,511,000
Invest& other Assets	543,421,000	Retained Earnings	1,441,779,000
		Net Worth	1,475,613,000
Total Assets	3,430,124,000	Total Liab. & Equity	3,430,124,000
Total Assets (Previous Year)	2,601,059,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	2,096,155,000	Net Profit	124,131,000
Sales(Previous yr)	2,451,069,000	Net Profit(Prev.yr)	259,740,000

MIRA INFORM REPORT

Report Date :

24.04.2014

IDENTIFICATION DETAILS

Name :	SEPR REFRACTORIES INDIA LIMITED
Registered Office :	5^th Level, Leela Business Park, Andheri-Kurla Road, Marol, Andheri East, Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.11.2000
Com. Reg. No.:	11-191391
Capital Investment / Paid-up Capital :	Rs.33.834 Millions
CIN No.: [Company Identification No.]	U26922MH2000PLC191391
TAN No.: [Tax Deduction & Collection Account No.]	MUMS27267C
PAN No.: [Permanent Account No.]	AAFCS6190K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Electro Fused Cast Refractories
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 5900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position of the company is sound and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 PARTED BY

Name :	Mr. Mohan Kumar
Designation :	Deputy Finance Manager
Contact No.:	91-491-3080333
Date :	21.04.2014

LOCATIONS

Registered Office :	5^th Level, Leela Business Park, Andheri-Kurla Road, Marol, Andheri East, Mumbai – 400059, Maharashtra, India
Tel. No.:	91--22-40212121
Fax No.:	91-22-40212102
E-Mail :	mohankumar.n@saint-gobain.com neilesh.ved@saint-gobain.com
Website :	http://www.saint-gobain.com
Factory :	P.B. No. 1, kanjikode (West), Post Office Palakkad – 678628, Kerala, India
Tel. No.:	91-491-2568655

DIRECTORS

As on: 02.09.2013

Name :

Mr. Anand Y Mahajan

Designation :

Director

Address :

Fiona 3^rd Floor, 176 Juhu Tara Road, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

03.01.1953

Date of Appointment :

08.04.2002

DIN No.:

00066320

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	L26593MH1950PLC008163	GRINDWELL NORTON LIMITED	Managing Director	01/04/2011	06/12/1988	-	Active	NO
2	U23200KA1993PLC044269	LINCOLN HELIOS (INDIA) LIMITED	Director	20/12/1993	20/12/1993	24/08/2007	Active	NO
3	L26101MH1973PLC018367	SAINT-GOBAIN SEKURIT INDIA LIMITED	Director	09/06/1995	09/06/1995	-	Active	NO
4	U26109TN1997PLC037875	SAINT-GOBAIN GLASS INDIA LIMITED	Whole-Time Director	01/01/2013	02/04/1997	-	Active	NO
5	U26102AP1998FTC030183	OWENS CORNING INDUSTRIES (INDIA) PRIVATE LIMITED	Director	17/09/1998	17/09/1998	01/11/2007	Active	NO
6	U31909MH1995PLC254155	SAINT-GOBAIN CRYSTALS & DETECTORS INDIA LIMITED	Director	30/04/1999	30/04/1999	-	Active	NO
7	U28930TN1962PTC004872	L.M.VAN MOPPES DIAMOND TOOLS INDIA PRIVATE LIMITED	Director	27/08/1999	27/08/1999	-	Active	NO
8	U26922MH2000PLC191391	SEPR REFRACTORIES INDIA LIMITED	Director	08/04/2002	08/04/2002	-	Active	NO
9	U45400MH2004PLC146280	SAINT-GOBAIN WEBER (INDIA) LIMITED	Director	17/01/2005	17/01/2005	-	Amalgamated	NO
10	U29256KA2005PLC036090	SAINT-GOBAIN SEVA ENGINEERING INDIA LIMITED	Director	18/04/2005	18/04/2005	-	Active	NO
11	L99999MH1962PLC012451	UNICHEM LABORATORIES LIMITED	Director	17/10/2005	17/10/2005	-	Active	NO
12	U91990MH2005NPL157644	SAINT GOBAIN INDIA FOUNDATION	Director	29/11/2005	29/11/2005	-	Active	NO
13	U67120MH1999PTC167800	BPB HOLDINGS INDIA PRIVATE LIMITED	Director	28/02/2006	28/02/2006	-	Amalgamated	NO
14	U26945TN1985PLC095752	Saint-Gobain Gyproc India Limited	Director	27/03/2006	27/03/2006	10/12/2013	Active	NO
15	U45200MH1978PTC020141	FIROZE ESTATES PRIVATE LIMITED	Director	27/09/2010	05/08/2010	-	Active	NO
16	U73100TN2012PLC087371	Saint-Gobain Research India Limited	Director	30/09/2013	27/08/2012	-	Active	NO

Name :

Mr. R. Srinivasan

Designation :

Managing Director

Address :

201, Sreevatsa Nalaraj Residency, New Damu Nagar, Coimbatore – 641014, Tamil Nadu, India

Date of Birth/Age :

20.07.1962

Qualification :

MSc, M Tech PGDM

Date of Appointment :

16.03.2006

DIN No.:

00266846

Name :

Mr. Joseph Andrew Jude Pereira

Designation :

Director

Address :

8 Coral Reef 55 Chim Bai Road, Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

29.11.1948

Date of Appointment :

21.12.2009

DIN No.:

00130239

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	U26102AP1998FTC030183	OWENS CORNING INDUSTRIES (INDIA) PRIVATE LIMITED	Alternate Director	06/09/2003	06/09/2003	01/11/2007	Active	NO
2	U45400MH2004PLC146280	SAINT-GOBAIN WEBER (INDIA) LIMITED	Director	13/05/2004	13/05/2004	-	Amalgamated	NO
3	U29256KA2005PLC036090	SAINT-GOBAIN SEVA ENGINEERING INDIA LIMITED	Alternate Director	07/11/2012	18/04/2005	30/10/2013	Active	NO
4	U91990MH2005NPL157644	SAINT GOBAIN INDIA FOUNDATION	Director	29/11/2005	29/11/2005	-	Active	NO
5	U31909MH1995PLC254155	SAINT-GOBAIN CRYSTALS & DETECTORS INDIA LIMITED	Alternate Director	03/09/2013	23/12/2005	-	Active	NO
6	U23200KA1993PLC044269	LINCOLN HELIOS (INDIA) LIMITED	Director	28/09/2006	07/04/2006	24/08/2007	Active	NO
7	U26109TN1997PLC037875	SAINT-GOBAIN GLASS INDIA LIMITED	Alternate Director	05/04/2007	05/04/2007	-	Active	NO
8	L26593MH1950PLC008163	GRINDWELL NORTON LIMITED	Alternate Director	24/10/2011	25/07/2007	-	Active	NO
9	U26922MH2000PLC191391	SEPR REFRACTORIES INDIA LIMITED	Director	21/12/2009	26/09/2009	-	Active	NO
10	U26945TN1985PLC095752	Saint-Gobain Gyproc India Limited	Director	29/09/2010	16/12/2009	10/12/2013	Active	NO
11	U73100TN2012PLC087371	Saint-Gobain Research India Limited	Director	30/09/2013	27/08/2012	-	Active	NO

Name :

Mr. Bertrand Pierre Antoine Clavel

Designation :

Director

Address :

27 Rue D Hennemont, Saint Germain EN Lay E 78, France

Date of Birth/Age :

28.02.1966

Date of Appointment :

21.12.2009

DIN No.:

02106326

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	U45400MH2004PLC146280	SAINT-GOBAIN WEBER (INDIA) LIMITED	Director	29/09/2008	01/10/2007	-	Amalgamated	NO
2	U26922MH2000PLC191391	SEPR REFRACTORIES INDIA LIMITED	Director	21/12/2009	26/09/2009	-	Active	NO

Name :

Mr. Alain Zanoli

Designation :

Director

Address :

2222 Jianhe LU Maiso N 41, Shanghai, 200336

Date of Birth/Age :

14.09.1959

Date of Appointment :

30.06.2011

DIN No.:

03643410

Name :

Mr. Raju Dayani

Designation :

Managing Director

Address :

Flat 1703, Valencia Building, Sundarban Complex, Andheri West, Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

25.06.1961

Date of Appointment :

13.04.2012

DIN No.:

05253897

KEY EXECUTIVES

Name :	Mr. Mohan Kumar
Designation :	Deputy Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 02.09.2013

Names of Shareholders	No. of Shares
SEPR SA, France	3,000,000
SEPR SA, France and Krishna Prasad	1
SEPR SA, France and Joseph Andrew Jude Pereira	1
SEPR SA, France and Aju Varghese Aprame	1
SEPR SA, France and Mahadeo Puranik	1
SEPR SA, France and Deepak Prabhakar Chindarkar	1
SEPR SA, France and Prakash Sabarad	1
SEPR SA, France and Anand Mahajan	1
Saint Gobain Webber SA	383,386
Total	3,383,393

Equity Share Break up (Percentage of Total Equity)

As on: 02.09.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electro Fused Cast Refractories
Exports :
Products :	Electro Fused Cast Refractories
Countries :	France USA Russia UK Egypt
Imports :
Products :	Raw Material
Countries :	China Japan
Terms :
Selling :	Cash and Advance

GENERAL INFORMATION

Customers :

Wholesaler and Retailers

No. of Employees :

450 (Approximately)

Bankers :

Not Divulged

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Rupee term loans from banks	167.474	161.541
Total	167.474	161.541

Banking Relations :

--

Auditors 1 :

Name :

Lovelock and Lewes Company

Chartered Accountants

Address :

Prestige Palladium Bayan, 8th Floor, 129-140, Greams Road, Thousand Lights, Chennai – 600006, Tamil Nadu, India

PAN No.:

AABFL5878L

Auditors 2 :

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

32 Khader Nawaz Khan Road, Nungambakkam, Chennai - 600006, Tamil Nadu, India

PAN No.:

AAEFP5579P

Ultimate Holding Company :

Compagnie de Saint-Gobain SA, France

Holding Company :

SEPR SA, France

Fellow Subsidiaries :

• Saint Gobain Industrial Pty Limited, Australia
• Corhart, U.S.A
• Saint Gobain Ceramics and Plastics Inc, U.S.A
• Beijing SEPR Refractories Co Limited, China
• SEPR Siege Social, France
• Grindwell Norton Limited, Mumbai, India
• Saint-Gobain Isover Gmbh, Germany
• Saint Gobain Glass Polaska, Poland
• BPB Asia Limited, India
• Compagnie De Saint Gobain S A, France
• Maxit, Finland
• Saint Gobain Ceramics and Plasticos, Brazil
• Saint Gobain (CREE Laboratory), France
• Saint Gobain Ceramics Pty Limited, Brazil
• SGD Brasil Vidros Limited, Brazil
• SGD North America, North America
• Saint Gobain Ceramics Materials, China
• Saint Gobain Ceramiques Informatique and Organisation, France
• SGD S.A Services Compatables, France
• Saint Gobain Construction Products, India
• Saint Gobain Emballage, Germany
• Saint Gobain Glass Benelux S.A., Belgium
• Saint Gobain Glass Deutschland Gmbh, Germany
• Saint Gobain Glass India Limited, India
• Saint Gobain Glass Egypte, Egypt
• Saint Gobain Glass, France
• Saint Gobain Weber AG, Switzerland
• Saint Gobain Glass, Mexico
• Saint Gobain Oberland AG, Germany
• Saint Gobain Seva Engineering India Limited, India
• Saint Gobain Vetri S.P.A., Italy
• Saint Gobain TM K.K Japan
• Saint Gobain TM K.K, Thailand
• Saint Gobain Vicasa, Spain
• Saint Gobain Weber, Broutin
• Saint Gobain Weber Co. Limited, Thailand
• Saint Gobain Weber SA, France
• Savoie Refractories, France
• Saint Gobain Desjonqueres SA, France
• SEPR - Service Comptable, France
• Saint-Gobain Services Materiaux Inn, France
• Saint Gobain Ceramics Material (Zhengzhou) Co. Limited, China
• Saint Gobain Gyproc India Limited, India
• Saint Gobain Containers Inc., USA
• SEPR Italia S.P.A, Italy
• Zao "Kamyshinsky Steklotarny Zavod", Russia
• SODAMCO Emirates Factory, U.A.E.
• Saint-Gobain Weber AG, France
• SECATOL(SAINT-BENOIT FRANCE)
• Linyi Saint Gobain Refractory Co.Lt, China

CAPITAL STRUCTURE

As on: 02.09.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
3,500,000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3,383,393	Equity Shares	Rs.10/- each	Rs.33.834 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	33.834	33.834	33.834
(b) Reserves & Surplus	1,441.779	1,317.648	1,057.908
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1,475.613	1,351.482	1,091.742
(3) Non-Current Liabilities
(a) long-term borrowings	493.570	0.000	0.000
(b) Deferred tax liabilities (Net)	68.605	59.711	43.103
(c) Other long term liabilities	13.689	13.689	13.689
(d) long-term provisions	9.009	5.557	4.210
Total Non-current Liabilities (3)	584.873	78.957	61.002
(4) Current Liabilities
(a) Short term borrowings	220.998	558.479	463.295
(b) Trade payables	517.078	329.798	401.813
(c) Other current liabilities	615.636	254.331	212.924
(d) Short-term provisions	15.926	28.012	21.558
Total Current Liabilities (4)	1,369.638	1,170.620	1,099.590
TOTAL	3,430.124	2,601.059	2,252.334
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,200.611	1,163.233	752.901
(ii) Intangible Assets	19.827	24.352	14.385
(iii) Capital work-in-progress	528.270	101.921	305.368
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.151	0.101	0.101
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	78.632	14.409	65.699
(e) Other Non-current assets	25.245	23.117	22.930
Total Non-Current Assets	1,852.736	1,327.133	1,161.384
(2) Current assets
(a) Current investments	15.000	0.000	20.026
(b) Inventories	787.818	549.869	376.752
(c) Trade receivables	466.190	504.833	328.866
(d) Cash and cash equivalents	68.797	34.188	30.948
(e) Short-term loans and advances	203.775	174.143	331.098
(f) Other current assets	35.808	10.893	3.260
Total Current Assets	1,577.388	1,273.926	1,090.950
TOTAL	3,430.124	2,601.059	2,252.334

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	2,096.155	2,451.069	1,587.858
	Other Income	12.835	4.814	4.185
	TOTAL (A)	2,108.990	2,455.883	1,592.043
Less	EXPENSES
	Cost of Materials Consumed	852.545	1,012.230	593.157
	Purchases of Stock-in-Trade	120.407	47.731	36.397
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(204.446)	(123.377)	(117.356)
	Employees benefits expense	207.684	189.985	146.378
	Other expenses	801.644	826.138	586.480
	TOTAL (B)	1,777.834	1,952.707	1,245.056
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	331.156	503.176	346.987
Less	FINANCIAL EXPENSES (D)	21.608	21.672	16.491
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	309.548	481.504	330.496
Less/ Add	DEPRECIATION/ AMORTISATION (F)	115.317	100.632	84.039
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	194.231	380.872	246.457
Less	TAX (H)	70.100	121.132	78.638
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	124.131	259.740	167.819
	Earnings / (Loss) Per Share (Rs.)	36.67	76.77	49.60

Particulars	31.03.2014
Sales Turnover (Approximately)	3000.000

The above information has been parted by Mr. Mohan Kumar

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.89	10.58	10.54
Net Profit Margin (PBT/Sales)	(%)	9.27	15.54	15.52
Return on Total Assets (PBT/Total Assets}	(%)	6.69	15.24	12.66
Return on Investment (ROI) (PBT/Networth)		0.13	0.28	0.23
Debt Equity Ratio (Total Debt/Networth)		0.48	0.41	0.42
Current Ratio (Current Asset/Current Liability)		1.15	1.09	0.99

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	33.834	33.834	33.834
Reserves & Surplus	1,057.908	1,317.648	1,441.779
Net worth	1,091.742	1,351.482	1,475.613
long-term borrowings	0.000	0.000	493.570
Short term borrowings	463.295	558.479	220.998
Total borrowings	463.295	558.479	714.568
Debt/Equity ratio	0.424	0.413	0.484

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1,587.858	2,451.069	2,096.155
		54.363	-14.480

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1,587.858	2,451.069	2,096.155
Profit	167.819	259.740	124.131
	10.57%	10.60%	5.92%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	No
24]	Banking facility details	No
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	No

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Rupee term loans from banks	493.570	0.000
Short Term Borrowings
Rupee term loans from banks	53.524	396.938
Total	547.094	396.938

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90378133	02/06/2006 *	3,300,000.00	PUNJAB NATIONAL BANK	MUMBAI, MUMBAI, Maharashtra, INDIA	-

* Date of charge modification

FIXED ASSETS:

• Freehold Land
• Building
• Computer Equipment
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Motor Vehicles
• Technical Know-How
• Licenses
• Software
• Non-Complete Fees

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 judgment 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.60.71
UK Pound	1	Rs.102.04
Euro	1	Rs.8377

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SMT
Report Prepared by :	VNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.