MIRA INFORM REPORT

Report Date :

07.08.2014

IDENTIFICATION DETAILS

Name :	SHREE AJIT PULP AND PAPER LIMITED
Registered Office :	Survey No. 239, Near Morai Railway Crossing, Village Salvav, Via-Vapi, District Valsad - 396191, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.03.1995
Com. Reg. No.:	04-025135
Capital Investment / Paid-up Capital :	Rs. 53.567 Millions
CIN No.: [Company Identification No.]	L21010GJ1995PLC025135
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Papers and also Power Generation by Windmills.
No. of Employees :	100 (Approximately)

RATING and COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability levels of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

INDIAN ECONOMIC OVERVIEW

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A- (Cash Credit Facility)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	January 2014

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 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (91-260-2437059)

LOCATIONS

Registered Office/ Factory :	Survey No. 239, Near Morai Railway Crossing, Village Salvav, Via-Vapi, District Valsad - 396191, Gujarat, India
Tel. No.:	91-260-2437059-091-106/ 3090919
Fax No.:	91-260-2437090
E-Mail :	shreeajit@shreeajit.com
Website :	http://www.shreeajit.com
Location :	Owned

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Gautam D Shah
Designation :	Managing Director
Date of Birth/Age :	49 Years
Qualification :	BE Civil
Experience :	24 Years
Date of Appointment :	01.07.2005
Name :	Mr. Dhansukhlal G Shah
Designation :	Director
Name :	Mr. Piyush R Shah
Designation :	Director - Marketing
Name :	Mr. Dhansukh H Shah
Designation :	Director
Date of Birth/Age :	07.07.1941
Qualification :	Advocate
Experience :	Specializing in Excise and Custom Matters.
Date of Appointment :	01.03.2003
Name :	Mr. Mitesh M Mehta
Designation :	Director
Date of Birth/Age :	06.03.1966
Qualification :	Chartered Accountant
Experience :	Expertise in the field of finance, accounts and auditing
Date of Appointment :	01.03.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2014

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2904290	54.22
Sub Total	2904290	54.22
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2904290	54.22
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	16071	0.30
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	738369	13.78
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1664362	31.07
Any Others (Specify)	33608	0.63
Clearing Members	26102	0.49
Non Resident Indians	7506	0.14
Sub Total	2452410	45.78
Total Public shareholding (B)	2452410	45.78
Total (A)+(B)	5356700	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5356700	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Sureshbhai C Shah	4,54,000	8.48	8.48
2	Gautam Dhansukhlal Shah	10,64,750	19.88	19.88
3	Bela G Shah	3,85,540	7.20	7.20
4	Jayantilal M Shah	4,35,000	8.12	8.12
5	Piyush R Shah	45,000	0.84	0.84
6	Piyush R Shah	45,000	0.84	0.84
7	Piyush R Shah	1,00,000	1.87	1.87
8	Jaywantiben J Shah	17,300	0.32	0.32
9	Sunita S Shah	1,84,200	3.44	3.44
10	Bela Piyush Shah	1,73,500	3.24	3.24
	Total	29,04,290	54.22	54.22

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Bharat Mafatlal Shah	270900	5.06	5.06
2	Varun Shah	305300	5.70	5.70
3	Mahesh H Shah	231475	4.32	4.32
4	Swetalben Mayur Shah	142965	2.67	2.67
5	Varun Shah	122400	2.28	2.28
6	Devashri Shah	121400	2.27	2.27
7	Dipika Rajendrakumar Shah	100860	1.88	1.88
8	Chandra C Shah	112100	2.09	2.09
	Total	1407400	26.27	26.27

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Bharat Mafatlal Shah	270900	5.06	5.06
2	Varun Shah	305300	5.70	5.70
	Total	576200	10.76	10.76

BUSINESS DETAILS

Line of Business :

Manufacturer of Papers and also Power Generation by Windmills.

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· Indian Overseas Bank

· State Bank of India

· Bank of Baroda

· HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loans	31.03.2014	31.03.2013
LONG TERM BORROWINGS
Term Loan From Banks		121.758
Other Loan From Others		1.010
SHORT TERM BORROWINGS
Cash Credit from Banks		116.971
Total	NA	239.739

Notes:

LONG TERM BORROWINGS

Secured Term Loan from Banks

Term Loan outstanding of Rs. NIL (30.000 Millions) from Nationalised Bank and carrying rate of Interest base rate plus 2.4% per annum and repayable in 60 Installments starting from April 2009 of Rs.2.500 Millions each along with interest.

Term Loan outstanding of Rs. 4.951 Millions (Rs. 34.147 Millions) from Nationalised Bank and carrying rate of Interest base rate plus 2.4% per annum and repayable in 60 Installments starting from Nov. 2009 of Rs.2.433 Millions each along with interest.

Term Loan outstanding of Rs.5.679 Millions (Rs. 7.533 Millions) from Nationalised Bank and carrying rate of Interest base rate plus 2.4% per annum and repayable in 60 Installments starting from July 2011 of Rs. 0.625 Million each along with interest.

Term Loan outstanding of Rs.41.812 Millions (Rs.1.358 Millions) from Nationalised Bank and carrying rate of Interest base rate plus 2.65% per annum and repayable in 60 Installments starting from Sep. 2013 of Rs.1.375 Millions each along with interest.

Term Loan outstanding of Rs.3.658 Millions (NIL) from Nationalised Bank and carrying rate of Interest base rate plus 2.5% per annum and repayable in 60 monthly Installments starting from December 2013 of Rs.0.860 Million each along with interest.

Term Loan outstanding of Rs.2.479 Millions (NIL) from Nationalised Bank and carrying rate of Interest base rate plus 3.15% per annum and repayable in 60 Installments starting from December 2013 of Rs.0.573 Million each along with interest. All above loans are Secured by Plant and Machinery and Equitable Mortgage on Immovable property and Hypothecation of stocks, book debts, furniture, fixture and fitting, office equipment situated at Vapi of the company.

Term Loan outstanding of Rs.23.818 Millions (Rs.36.820 Millions) from Nationalised Bank is Secured by way of first charge on Plant and Machinery and Equitable Mortgage on Immovable property situated at Vapi of the company, Secured by Hypothecation of Plant and Machinery for the Windmill situated on lease land at Village Bagasara, District Rajkot. Term loan is Carrying rate of Interest base rate plus 2.4% per annum and repayable in 60 Installments starting from Feb 2011 of Rs.1.083 Millions each along with interest.

Term Loan outstanding of Rs.39.066 Millions (Rs. 48.702 Millions) from Nationalised Bank is Secured by way of first charge on Plant and Machinery and Equitable Mortgage on Immovable property situated at Vapi of the company, Secured by Hypothecation of Plant and Machinery for the Windmill situated on lease land at Village Murvel, District Jamnagar. Term loan is Carrying rate of Interest base rate plus 2.9 % per annum and repayable in 60 Installments starting from March 2013 of Rs. 820000 each along with interest.

Vehicle Loan of Rs. NIL (Rs.0.267 Million) from Nationalised Bank is Secured by way of Hypothecation of Vehicle. The loan is repayable in 36 EMI starting from March 2011 of Rs. 0.022 Million each.

Forklift Loan of Rs.0.295 Million (Rs.1.213 Millions) from Private Bank is Secured by way of Hypothecation of Forklift. The loan is repayable in 31 Ml starting from May 2012. 14 monthly installments of Rs.0.105 Million each, 12 monthly installments of Rs. 0.078 Million each and 5 monthly installments of Rs.0.014 Million each.

Secured Term Loan from Other

Vehicle Loan of Rs.1.010 Millions (Rs.2.160 Millions) from NBFC is Secured by way of Hypothecation of Vehicle. The loan is repayable in 36 EMI starting from Jan 2012 of Rs.0.113 Million each.

All above secured term loans from Nationalised Bank and from other are secured by way of personal guarantee of Managing Director of the company.

SHORT TERM BORROWINGS

Cash Credit is Secured by Hypothecation of stocks, book debts, furniture, fixture and fitting, office equipment and Plant and Machinery and equitable mortgage of immovable properties and personal guarantee of Managing Director of the Company. The Cash Credit is repayable on demand and carries interest base rate plus 0.5% to 2.5%.

Banking Relations :	--
Auditors :
Name :	H P Shah Associates Chartered Accountants
Address :	Vapi, Valsad, Gujarat, India
Subsidiary Company :	Shree Samrudhi Industrial Papers Private Limited
Enterprises Owned by Directors or Major Shareholders :	· Ajit Steel Centre · Twinkle Investment · Paras Industries · Piyush Export · Ratilal Ujamlal · Kashinda · Shree Samrat Pulp and Paper Private Limited · Shree Samarpan Pulp and Paper Private Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.53.567 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
5356700	Equity Shares	Rs. 10/- each	Rs.53.567 Millions

Reconciliation of Number of shares fully paid up outstanding at the beginning and at the end of the year

Particulars	31.03.2013
	No. of Shares	Rs. in Millions
No. of Shares at the beginning of the year	5356700	53.567
Add: Shares fully paid up during the year	0.000	0.000
No. of Shares at the end of the year	5356700	53.567

Details of Shareholder holding more than 5 % shares

Name of the Shareholders	31.03.2013
	No. of Shares	% of Holding
Gautam D Shah	1064500	19.87%
Sureshbhai C Shah	454000	8.48%
Jayantilal M Shah	435000	8.12%
Bela G Shah	385540	7.20%
Varun Shah	304300	5.68%
Bharat Mafatlal Shah	270900	5.06%

Terms and Rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder of equity share is entitled to one vote per share. The company declare and pay dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company after distribution of preferential amount. The distribution will be in proportion of number of equity shares held by the shareholders.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	53.567	53.567	53.567
(b) Reserves & Surplus	636.651	518.019	380.295
(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)	690.218	571.586	433.862
(3) Non-Current Liabilities
(a) long-term borrowings	134.726	122.768	162.200
(b) Deferred tax liabilities (Net)	131.505	106.261	93.425
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.277	6.944	5.314
Total Non-current Liabilities (3)	270.508	235.973	260.939
(4) Current Liabilities
(a) Short term borrowings	171.969	116.971	126.086
(b) Trade payables	96.899	110.224	154.129
(c) Other current liabilities	113.531	115.233	90.024
(d) Short-term provisions	14.386	8.390	3.560
Total Current Liabilities (4)	396.785	350.818	373.799
TOTAL	1357.511	1158.377	1068.600
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	852.533	604.546	606.536
(ii) Intangible Assets		2.640	2.791
(iii) Capital work-in-progress		85.052	23.789
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	34.167	25.172	12.973
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	25.221	35.339	44.929
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	911.921	752.749	691.018
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	144.649	145.892	140.430
(c) Trade receivables	258.804	224.584	176.016
(d) Cash and cash equivalents	11.382	17.028	36.555
(e) Short-term loans and advances	28.168	16.723	23.301
(f) Other current assets	2.587	1.401	1.280
Total Current Assets	445.590	405.628	377.582
TOTAL	1357.511	1158.377	1068.600

PROFIT AND LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	1897.742	1792.252	1549.019
		Other Income	0.552	2.900	2.110
		TOTAL	1898.294	1795.152	1551.129
Less	EXPENSES
		Cost of materials consumed	1211.234	1038.505	948.767
		Changes in inventories of finished goods and work in progress	(22.413)	(0.471)	10.666
		Employee Benefit Expenses	82.339	72.411	57.165
		Fuel and Power consumed	251.247	0.000	0.000
		Other Expenses	120.512	409.917	351.628
		TOTAL	1642.919	1520.362	1368.226
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		255.375	274.790	182.903
Less	FINANCIAL EXPENSES		31.156	36.047	37.489
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		224.219	238.743	145.414
Less/ Add	DEPRECIATION/ AMORTISATION		45.301	39.077	34.121
	EXCEPTIONAL ITEMS		0.000	0.476	0.398
	PROFIT BEFORE TAX		178.918	200.142	111.691
Less	TAX		57.152	59.284	34.814
	PROFIT AFTER TAX		121.766	140.858	76.877
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		516.726	379.002	303.681
Less	APPROPRIATIONS
		Proposed Dividend	NA	3.134	1.556
	BALANCE CARRIED TO THE B/S		NA	516.726	379.002
	IMPORTS
		Raw Materials	NA	251.438	198.419
		Stores and Spares	NA	9.474	4.778
		Capital Goods	NA	19.883	11.991
	TOTAL IMPORTS		NA	280.795	215.188
	Earning (Including extraordinary/exceptional items) per equity share of face value of Rs.10 each Basic and Diluted		22.73	26.30	14.38
	Earning (Excluding extraordinary/exceptional items) per equity share of face value of Rs.10 each Basic and Diluted		22.73	26.21	14.32

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 28, 2014.

2. The Board of Directors have recommended dividend of Rs. 50 (Previous Financial Year Rs. 50) per paid up equity share of Rs. 10/- each for the accounting year ended March 31, 2014, subject to the approval of the shareholders.

3. The Figures of last quarter are the balancing figures between audited figures in respect at the full financial year and the unaudited published year to date figures upto the third quarter of the current financial year.

4. The Company identifies primary segments based on the dominant source, nature of risks and returns and the internal organisation and management structure Accordingly, the Company has identified two primary business segments viz Paper and Power Generation.

5. Deferred tax - prior pear tor the pear ended March 31, 2014 represents reversal at deferred tax liability created in earlier years in respect of timing differences which reverse during the tan holiday period.

6. Sales and other expenses are net of VAT paid payable.

7. Previous year/quarters figures have been regrouped wherever necessary to make them comparable/conform to current quarter classification.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	6.41	7.85	4.96
Net Profit Margin (PBT/Sales)	(%)	9.43	11.17	7.21
Return on Total Assets (PBT/Total Assets}	(%)	13.52	19.09	10.82
Return on Investment (ROI) (PBT/Networth)		0.26	0.35	0.26
Debt Equity Ratio (Total Debt/Networth)		0.44	0.42	0.66
Current Ratio (Current Asset/Current Liability)		1.12	1.16	1.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	53.567	53.567	53.567
Reserves & Surplus	380.295	518.019	636.651
Net worth	433.862	571.586	690.218
long-term borrowings	162.200	122.768	134.726
Short term borrowings	126.086	116.971	171.969
Total borrowings	288.286	239.739	306.695
Debt/Equity ratio	0.664	0.419	0.444

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1549.019	1792.252	1897.742
		15.702	5.886

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1549.019	1792.252	1897.742
Profit	76.877	140.858	121.766
	4.96%	7.86%	6.42%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT

(Rs. In Millions)

Particulars	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	NA	107.195	84.754
Total	NA	107.195	84.754

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10350704	02/04/2012	2,584,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA	B37871068
2	10343195	28/02/2012	53,700,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, GROUND FLOOR,VIA HOUSE PLOT NO 135, GIDC CHAR RASTA, VAPI - 396191, GUJARAT, INDIA	B35463132
3	10206849	21/03/2011 *	147,500,000.00	INDIAN OVERSEAS BANK	KANTA TRADE CENTRE, GIDC CHAR RASTA, VAPI SILVASSA ROAD, VAPI - 396195, GUJARAT, INDIA	B10064210
4	10131802	08/08/2012 *	774,500,000.00	INDIAN OVERSEAS BANK	KANTA TRADE CENTRE, GIDC CHAR RASTA, VAPI SILVASSA ROAD, VAPI - 396191, GUJARAT, INDIA	B56964679

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in Millions)

Particulars	31.03.2013
Counter claims by supplier against the company not acknowledged as debt	2.837
Bank Guarantee	4.388

FIXED ASSETS:

Tangible Assets

· Land-Free Hold

· Building

· Plant and Machinery

· Windmill

· Electrical Installations

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Asset

· Expenditure on Leasehold Land

CMT REPORT (Corruption, Money Laundering and 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] 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.61.34
UK Pound	1	Rs.103.44
Euro	1	Rs.81.96

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	VRN

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.