MIRA INFORM REPORT

Report Date :

19.08.2014

IDENTIFICATION DETAILS

Name :	MANGALORE REFINERY AND PETROCHEMICALS LIMITED
Registered Office :	Mudapadav, Kuthethoor, P.O. Via Katipalla, Mangalore – 575030, Karnataka
Country :	India
Financials (as on) :	31.03.2014 (Summarised Figure)
Date of Incorporation :	07.03.1988
Com. Reg. No.:	08-008959
Capital Investment / Paid-up Capital :	Rs.17626.640 Millions
CIN No.: [Company Identification No.]	L85110KA1988GOI008959
TAN No.: [Tax Deduction & Collection Account No.]	BLRM00218B
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	The Company Is Engaged in the Business of Refining Crude Oil.
No. of Employees :	1625 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

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

Maximum Credit Limit :	USD 260000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a subsidiary of Oil and Natural Gas Corporation (ONGC). It is a well-established company having fine track record. The rating reflects o MRPL’s improved operational performance which resulting into profit achieved during financial year 2014 marked by strong operational, financial and managerial support that company receives from its parent company and decent liquidity profile of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. In view of strong holding support, 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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

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 that 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	Fund based limits: AAA
Rating Explanation	High degree of safety and very low credit risk.
Date	March 2014

Rating Agency Name	ICRA
Rating	Non Fund based Facilities: A1+
Rating Explanation	Very strong degree of safety and very lowest credit risk.
Date	March 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 DECLINED

MANAGEMENT NON-COOPERATIVE (91-824-2270400)

LOCATIONS

Registered Office/ Factory :	Mudapadav, Kuthethoor, P.O. Via Katipalla, Mangalore – 575030, Karnataka, India
Tel. No.:	91-824-2270400
Fax No.:	91-824-2271404/ 2270013/ 2271200
E-Mail :	mrplmlr@mrplindia.com investor@mrplindia.com mrpl@mrplindia.com
Website :	http://www.mrpl.co.in
Mumbai Office :	Maker Towers "F" Wing, 16^th Floor, Cuffe Parade, Mumbai - 400005, Maharashtra, India
Tel. No.:	91-22-22173000
Fax No.:	91-22-22173233
E-Mail :	investor@mrplindia.com
Delhi Office :	LGF, Mercantile House, 15 K G Marg, New Delhi - 110001, India
Tel. No.:	91-11-23463100
Fax No.:	91-11-23352317/ 23463201
E-Mail :	investor@mrplindia.com
Marketing Office :	Opposite KSSIDC A O Building, Rajajinagar Industrial Estate, Rajajinagar, Bangalore – 560010, Karnataka, India
Tel. No.:	91-80-22642200
Fax No.:	91-80-23505501 (Sales Department)

DIRECTORS

As on 31.03.2013

Name :	Mr. Sudhir Vasudeva
Designation :	Chairman
Date of Birth/ Age :	25.02.1954
Qualification:	Chemical Engineer - Gold Medalist with an Advanced Diploma in Management.
Date of Appointment :	29.02.2009
Other Directorship :	· Oil and Natural Gas Corporation Limited. Balmer Lawrie Investment Limited ONGC Videsh Limited. ONGC Petro- additions Limited. Mangalore SEZ Limited. ONGC Tripura Power Company Limited. Petronet LNG Limited. ONGC Mangalore Petrochemicals Limited. ONGC Mittal Energy Limited
Name :	Mr. P.P. Upadhya
Designation :	Managing Director
Name :	Mr. Vishnu Agrawal
Designation :	Director (Finance)
Name :	Mr. V. G. Joshi
Designation :	Director (Refinery) (From 04/04/2013)
Name :	Mr. P. Kalyanasundaram
Designation :	Director (From 15/04/2013)
Date of Birth/ Age :	25.12.1954
Qualification:	M.Sc (Geology); LLB;MBA, M. Phil (Commerce); M.A (Economics); M. Phil (Social Science); Masters’ Diploma in Public Administration; (Ph. D) in International Business.
Date of Appointment :	15-04-2013
Other Directorship :	Balmer Lawrie Investment Limited
Name :	Mr. B. K. Namdeo
Designation :	Director
Date of Appointment :	01.07.2013
Name :	Mr. B. Ravindranath
Designation :	Independent Director
Name :	Dr. D. Chandrasekharam
Designation :	Independent Director
Name :	Mr. K.S. Jamestin
Designation :	Special invitee
Name :	Mr. K. Murali
Designation :	Director (Upto 30/06/2013)
Name :	Mr. P.K. Singh
Designation :	Director (Upto 11/04/2013)
Name :	Dr. A.K. Rath
Designation :	Director (Upto 15/02/2013)
Name :	Mr. Vivek Kumar
Designation :	Director (Upto 06/08/2012)
Name :	Mr. U.K. Basu
Designation :	Managing Director (Upto 30/06/2012)

KEY EXECUTIVES

Name :	Mr. Dinesh Mishra (upto 13/02/2013)
Designation :	Company Secretary
Name :	Mr. B. Sukumar (from 14/02/2013)
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	1552507615	88.58
Sub Total	1552507615	88.58
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1552507615	88.58
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	12982145	0.74
Financial Institutions / Banks	40802205	2.33
Central Government / State Government(s)	2700	0.00
Insurance Companies	448453	0.03
Foreign Institutional Investors	9866253	0.56
Sub Total	64101756	3.66
(2) Non-Institutions
Bodies Corporate	18286688	1.04
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	102855935	5.87
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6520625	0.37
Any Others (Specify)	8326158	0.48
Foreign Nationals	1900	0.00
Trusts	20327	0.00
Non Resident Indians	8293931	0.47
Directors & their Relatives & Friends	9800	0.00
Hindu Undivided Families	200	0.00
Sub Total	135989406	7.76
Total Public shareholding (B)	200091162	11.42
Total (A)+(B)	1752598777	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)	1752598777	100.00

BUSINESS DETAILS

Line of Business :

The Company Is Engaged in the Business of Refining Crude Oil.

Products :

Item Code No. (ITC Code)	271019.30
Product Description	High Speed Diesel Oil
Item Code No. (ITC Code)	271019.20
Product Description	Fuel Oil
Item Code No. (ITC Code)	271011.19
Product Description	Motor Spirit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	2010-2011 Qty. (M.T)
Licensed Capacity	Delicensed
Installed Capacity	11,820,000
Actual production of Petroleum products *	11,772,855

*Excludes own consumption: 823,187 MT

GENERAL INFORMATION

No. of Employees :

1625 (Approximately)

Bankers :

· State Bank of India

Bank of Baroda

Punjab National Bank

United Bank of India

Canara Bank

IDBI Bank Limited

Corporation Bank

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)
Long-term Borrowings
External Commercial Borrowing (ECB) (Secured by first pari passu Charge over immovable fixed assets and first ranking pari passu charge over movable fixed assets both present and future. Charge/security is in the process of being created) Terms of Repayment: During 2015-16 : Rs.1221.980 Millions During 2016-17 : Rs.2036.630 Millions During 2017-18 : Rs.7874.950 Millions During 2018-19 : Rs.5159.440 Millions	16293.000
Short-term borrowings
Short term Loan From Banks : Working Capital (Secured by way of hypothecation of Company’s stocks of raw materials, finished goods, stock-in-process, stores, spares, components, book debts, outstanding moneys receivable, claim, bills, contracts, engagements, securities, both present and future and further secured/to be secured by residual charge on Company’s immovable and movable properties(save and except Current Assets) both present and future, ranking pari passu inter se and including a lien over Company’s Fixed Deposit amounting to Nil (Previous Year Nil ))	41.830
Total	16334.830

Banking Relations :	--
Joint Statutory Auditors :
Name :	Maharaj N.R. Suresh and Company Chartered Accountants
Name :	Gopalaiyer and Subramanian Chartered Accountants
Cost Auditor :	Musib and Associates Cost Accountants
Solicitors :	Mulla and Mulla and Craigie Blunt and Caroe
Advocates :	Alaya Legal
Associate : (As on 31.03.2013)	· ONGC Mangalore Petrochemicals Limited Mangalore SEZ Limited Petronet MHB Limited
Joint Venture : (As on 31.03.2013)	· Shell MRPL Aviation Fuels and Services Limited Mangalam Retail Services Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital : NOT AVAILABLE

Issued, Subscribed & Paid-up Capital : Rs. 17626.700 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1900000000	Equity Shares	Rs.10/- each	Rs. 19000.000 Millions
100000000	Redeemable Preference Shares @ 0.01% Non-Cumulative, Rs. 10 each	Rs.10/- each	Rs. 1000.000 Millions
	Total		Rs. 20000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1752598777	Equity Shares	Rs.10/- each	Rs. 17525.990 Millions
	Forfeited Shares		Rs. 0.650 Millions
	Total		Rs. 17526.640 Millions

NOTE:

Reconciliation of shares

Equity Shares

Particular	31.03.2013
Shares outstanding at the beginning of the year	1,752,598,777
Shares outstanding at the end of the year	1,752,598,777

Preference Shares

Particular	31.03.2013
Shares outstanding at the beginning of the year	9,186,242
Shares redeemed during the year	--
Shares outstanding at the end of the year	9,186,242

Rights, preferences and restrictions attached

Particulars	Equity Shares	Preference Shares
Distribution of Dividend	As approved by Shareholders in AGM	Fixed @ 0.01% on Face Value
Repayment of Capital	Not Applicable	Redemption in two Equal Installment (1st July 2011 and 1st July 2012)

Shares held by holding or ultimate holding company or its subsidiaries or associates

1,255,354,097 Equity Shares (1,255,354,097 Equity Shares) are held by ONGC Limited, the holding company.

Details of shareholders holding more than 5% of total shares

Equity Shares

Name of Shareholder	No. of Shares held	% of Holding
Oil and Natural Gas Corporation Limited	1,255,354,097	71.63%
Hindustan Petroleum Corporation Limited	297,153,518	16.96%

Preference Shares

Name of Shareholder	No. of Shares held	% of Holding
IFCI Limited	--	--
State Bank of Hyderabad	--	--

2.6 No shares are reserved for issue under options and contracts/commitments for the sale of shares/disinvestment

Convertible securities to equity or preference shares

Name of the security	No. of securities	Terms of conversion	No of Shares
Zero Coupon Bond	--	Convertible into Equity Shares of Rs.10 each at par upon default in repaymant of principle or interest	--

Forfeited Shares

No. of Shares Forfeited	Amount paid up in Rs. in Million
--	0.650

FINANCIAL DATA

[all figures are in Rupees Millions]

SUMMARISED FIGURE

SOURCES OF FUNDS	31.03.2014
Share Capital	17626.700
Reserves & Surplus	53162.100
long-term borrowings	88536.700
Deferred tax liabilities (Net)	4702.700
Other long term liabilities	18.000
long-term provisions	466.900
Trade payables	210311.700
Other current liabilities	19237.600
Short-term provisions	1214.300
Fixed Assets	145129.700
Non-current Investments	150.000
Long-term Loan and Advances	2736.600
Other Non-current assets	2694.800
Inventories	84689.600
Trade receivables	48311.400
Cash and cash equivalents	108723.300
Short-term loans and advances	7231.400
Other current assets	909.800

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17526.640	17572.570
(b) Reserves & Surplus	47150.260	54719.370
(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)	64676.900	72291.940
(3) Non-Current Liabilities
(a) long-term borrowings	57807.910	38919.120
(b) Deferred tax liabilities (Net)	7343.280	4531.400
(c) Other long term liabilities	0.310	20.290
(d) long-term provisions	451.430	543.220
Total Non-current Liabilities (3)	65602.930	44014.030
(4) Current Liabilities
(a) Short term borrowings	11990.030	18597.930
(b) Trade payables	109607.640	111046.600
(c) Other current liabilities	14130.920	12816.650
(d) Short-term provisions	1003.760	2778.520
Total Current Liabilities (4)	136732.350	145239.700
TOTAL	267012.180	261545.670
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	57768.520	40442.950
(ii) Intangible Assets	37.800	73.390
(iii) Capital work-in-progress	75544.810	70891.740
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	150.020	150.020
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4699.210	7909.220
(e) Other Non-current assets	974.350	1022.320
Total Non-Current Assets	139174.710	120489.640
(2) Current assets
(a) Current investments	0.000	272.780
(b) Inventories	67152.610	78175.760
(c) Trade receivables	39726.970	34592.660
(d) Cash and cash equivalents	16058.550	22347.160
(e) Short-term loans and advances	4748.880	5367.250
(f) Other current assets	150.460	300.420
Total Current Assets	127837.470	141056.030
TOTAL	267012.180	261545.670

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Net Revenue from Operations	718104.800	656962.180	537702.760
		Other Income	3244.700	1113.340	3473.760
		TOTAL (A)	721349.500	658075.520	541176.520
Less	EXPENSES
		Cost of materials consumed	708525.200	654001.820	512367.500
		Increase (-) / decrease In stock	(6740.800)	(11161.530)	(1502.050)
		Employee benefits expense	2154.700	1845.600	1608.830
		Other expenses	4153.800	9273.000	9094.710
		Exceptional Items	(1118.900)	(444.540)	0.000
		TOTAL (B)	706974.000	653514.350	521568.990
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14375.500	4561.170	19607.530
Less	FINANCIAL EXPENSES (D)		3214.400	3285.530	2066.770
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11161.100	1275.640	17540.760
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7064.200	6044.100	4338.730
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		4096.900	(4768.460)	13202.030
Less	TAX (H)		(1914.900)	2800.650	4116.250
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		6011.800	(7569.110)	9085.780
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		42370.000	49990.000	42980.000
	APPROPRIATIONS
		Dividend on Equity Shares	NA	0.000	1750.000
		Tax on Dividend	NA	0.000	280.000
		Transfer to Capital Redemption Reserve	NA	50.000	50.000
	BALANCE CARRIED TO THE B/S		NA	42370.000	49990.000
	EARNINGS IN FOREIGN CURRENCY
		Exports (FOB Value)	NA	321798.450	234183.240
		Deputation of Specialists	NA	0.000	0.000
	TOTAL EARNINGS		NA	321798.450	234183.24
	IMPORTS
		Capital Goods	NA	119.260	1396.910
		Raw Materials	NA	558690.880	476189.500
		Stores, Spares and Chemicals	NA	534.180	316.250
	TOTAL IMPORTS		NA	559344.320	477902.660
	Earnings / (loss) Per Share (Rs.)
	- Basic		3.43	(4.32)	5.18
	- Diluted		--	--	4.94

QUARTERLY RESULTS

PARTICULARS	30.06.2014
	1^stQuarter
Net Sales	157435.500
Total Expenditure	158910.200
PBIDT (Excl OI)	(1474.700)
Other Income	2210.700
Operating Profit	736.000
Interest	530.900
Exceptional Items	0.000
PBDT	205.100
Depreciation	945.600
Profit Before Tax	(740.500)
Tax	(379.500)
Provisions and contingencies	0.000
Profit After Tax	(361.000)
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	(361.000)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.83	1.15	1.68
Net Profit Margin (PBT/Sales)	(%)	0.57	0.73	2.46
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.49	6.93
Return on Investment (ROI) (PBT/Networth)		NA	0.07	0.18
Debt Equity Ratio (Total Debt /Networth)		NA	1.08	0.80
Current Ratio (Current Asset/Current Liability)		NA	0.93	0.97

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	17572.570	17526.640
Reserves & Surplus	54719.370	47150.260
Net worth	72291.940	64676.900
long-term borrowings	38919.120	57807.910
Short term borrowings	18597.930	11990.030
Total borrowings	57517.050	69797.940
Debt/Equity ratio	0.796	1.079

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	537702.760	656962.180	718104.800
		22.179	9.307

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	537702.760	656962.180	718104.800
Profit	9085.780	(7569.110)	6011.800
	1.69%	(1.15%)	0.84%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

CASE PENDING

High Court of Karnataka -Bangalore Bench

CSTA 1/2013

Petitioner/Appnt. Name	COMMISSIONER OF CUSTOMS		Respondent/Defnt. Name	M/S MANGALORE REFINERY &
Petnr./Appnt. Advocate	JEEVAN J NEERALGI		Respnt./Defnt. Advocate	LAKSHMIKUMARAN & SRIDHARAN
Date Filed	20/02/2013	Classification	District	Mangalore

Stage	HEARING	Last Posted For	ADMISSION
Last Action Taken	ADJOURNED	Last Date of Action	13/08/2014	Next Hearing Date
Latest Order
Before Hon'ble Judge/s	N.KUMAR RATHNAKALA

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10448674	26/09/2013 *	23,504,200,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B85841849
2	10378342	29/10/2012 *	13,325,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B61353405
3	80005571	23/08/2013 *	37,078,000,000.00	STATE BANK OF INDIA-	CORPORATE CORPORATE ACCOUNT GROUP, CAG BRANCH, 12TH FLOOR, JAWAHAR VYAPAR BHAWAN, NEW DELHI, DELHI - 110001, INDIA	B84354893

* Date of charge modification

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)
Long-term Borrowings
From Others : Term Loan from OIDB Terms of Repayment: During 2013-14 : Rs.1000.000 Millions During 2014-15 : Rs.2000.000 Millions During 2015-16 : Rs.2000.000 Millions During 2016-17 : Rs.2000.000 Millions During 2017-18 : Rs.1000.000 Millions	7000.000
Deferred payment liabilities Terms of Repayment: During 2014-15 : Rs.534.340 Millions During 2015-16 : Rs.555.830 Millions During 2016-17 : Rs.458.170 Millions During 2017-18 : Rs.526.540 Millions During 2018-19 : Rs.400.000 Millions During 2019-20 : Rs.218.630 Millions	2693.510
Loans and advances from related parties
Loan 1 During 2013-14 : Rs.3600.000 Millions	0.000
Loan 2 During 2013-14 : Rs. 1178.600 Millions During 2014-15 : Rs.4714.400 Millions During 2015-16 : Rs.4714.400 Millions During 2016-17 : Rs.4714.400 Millions During 2017-18 : Rs. 4714.400 Millions During 2018-19 : Rs. 4714.400 Millions During 2019-20 : Rs. 4714.400 Millions During 2020-21 : Rs.3535.000 Millions	31821.400
Short-term borrowings
External borrowing Short term Loan From Banks : Buyers Credit	11948.200
Total	53463.110

CONTINGENT LIABILITIES:

Corporate Guarantee given by the Company towards loan of Rs. 3,372.300 Millions sanctioned by certain bankers / financial institutions to New Mangalore Port Trust (NMPT) for construction of Jetties. Amount outstanding as at the close of the year ended 31st March, 2013, after adjusting the repayment made by NMPT is Rs. Nil (Previous Year Rs. Nil).

Claims against the Company not acknowledged as debt :

(Rs. in millions)

Sr. No.	Particulars	31.03.2013
1	Claims of Contractors / vendors in Arbitration / Court
	Some of the contractors for supply and installation of equipment have lodged claims on the company seeking revision of time of completion without liquidated damages, extended stay compensation and extra claims etc., which are contested by the company as not admissible in terms of the provisions of the respective contracts. In case of unfavourable awards the amount payable would be capitalised Rs. 327.390 million / Reimbursable Rs. 37.63 million [Previous year Rs. 306.730 million and Rs. 37.630 million respectively]	365.020
2	Claims / counter claims of Customers
(a)	The company and the customer had filed a petition before the H’ble High Court ,Mumbai on 16.08.2012 for withdrawal of case on account of amicable settlement	0.000
(b)	One of the customers has lodged a claim for damages for pre-closure of the contract. The company has disputed the claim basis Force Majure condition. In case of non-acceptance of the stand taken by the company the amount will be debited to the Profit and Loss account.	85.200
3	Others
(a)	The New Mangalore Port Trust (NMPT) has claimed from the company notified wharf age charges for handling cargo at oil berths for the period beyond MOU (berth No 10from 16.10.2009 to 31.03.2013 and for berth no 11 from 01.04.2011 to 31.03.2013). The company has claimed that Memorandum of understanding, provides for arriving at a mutually agreeable rate subject to Government approval (TAMP (Tariff Authority for Major Ports)). The issue is before the TAMP. On adjudication by TAMP, the differential wharfage amount between the notified wharfage rate and the wharfage rate being paid by the company, if any, will be debited / credited to the Profit and Loss Account in the year of such settlement.	1561.360
(b)	This represents the potential liability which the company has undertaken towards reimbursement to lessors in case of any liability in their respective tax assessments. In case of any claim by lessors the same will be debited to Profit and Loss Account.	133.670
(c)	The claim of Mangalore SEZ Ltd. over and above the advance paid for land and rehabilitation and resettlement work.	37.430
(d)	Charges for delay in creation of security for ECB borrowings	2.260
	Total	2184.940

FIXED ASSETS

· Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Intangible Assets

· Goodwill

· Computer software

· Licenses and franchise

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.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.56

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		72

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.