MIRA INFORM REPORT

Report Date :

25.08.2014

IDENTIFICATION DETAILS

Name :	JINDAL INDIA LIMITED (w.e.f.19.02.1982)
Formerly Known As :	JINDAL (INDIA) PRIVATE LIMITED
Registered Office :	2/1, Ahmed Mamuji Street, PS Bally, Howrah – 711 204, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.04.1991
Com. Reg. No.:	21-092393
Capital Investment / Paid-up Capital :	Rs 181.727 Millions
CIN No.: [Company Identification No.]	U51109WB1991PLC092393
PAN No.: [Permanent Account No.]	AAACJ2054J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of ERW/HFIW Black and Galvanized Steel Piles and Tubes, Cold Rolled and Galvanized Plain and Corrugated Sheets.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 7700000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by drastic dip in profitability of the company during financial year 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 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	CRISIL
Rating	Long term Rating: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	29.11.2013

Rating Agency Name	CRISIL
Rating	Short term Rating: A3
Rating Explanation	Strong term rating moderate degree of safety and high credit risk.
Date	29.11.2013

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 DECLINED BY

Name :	Mr. K N Dhar
Designation :	Senior Executive in Export Department
Contact No.:	91-33-22481160

LOCATIONS

Registered Office :	2/1, Ahmed Mamuji Street, PS Bally, Howrah – 711 204, West Bengal, India
Tel. No.:	91-33-26556298/ 6399/ 26555490/ 0701
Fax No.:	91-33-26555186
E-Mail :	jillil@cal2.vsnl.net.in jil@cal2.vsnl.net.in
Website :	www.jindalindia.com
Area :	10000 sq ft
Location :	Owned
Corporate Office :	LMJ Chamber, 2^nd Floor, 15C, Hemanta Basu Sarani, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22481160/ 1162/ 22482266
Fax No.:	91-33-22481059
Location :	Leased
Factory 1 :	Belur Unit 4, Dharamtalla Road, Belurmath, Howrah – 711 202, West Bengal, India
Tel. No.:	91-33-26542606/ 2299
Fax No.:	91-33-26541770
Area :	14000 sq ft
Factory 2 :	Jangalpur Unit National Highway No.6, Village – Jangalpur, P.O. Andul, P.S. Sankrail, District Howrah – 711 302 ,West Bengal, India
Tel. No.:	91-33-26696319/ 0727/ 26691800-04
Fax No.:	91-33-26690356
Factory 3 :	Ghusuri Unit 107/2, Jay Bibi Lane, Ghusuri, Howrah – 711 107, West Bengal, India
Tel. No.:	91-33-26555889/ 3734
Fax No.:	91-33-26553028
Branches Office:	6-D, Gopala Towers, 25, Rajendra Place, New Delhi – 110 008, India
Tel. No.:	91-11-45552670-75
Fax No.:	91-11-45552676

DIRECTORS

As on 30.09.2013

Name :

Mr. Punit Jatia

Designation :

Whole-time Director

Address :

25 Raja Santosh Road, Alipore, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

14.01.1964

Qualification:

B.COM

Date of Appointment :

01.03.2012

DIN No.:

00082221

PAN NO.:

ACLPJ0397E

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	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Whole-time director	01/03/2012	01/03/1997	-	Active	NO
2	U01132AS1977PLC001713	BAZALONI GROUP LIMITED	Director	29/10/1998	29/10/1998	17/11/2011	Active	NO
3	U45202WB1995PLC069086	SAMBHU CONSTRUCTION LIMITED	Director	06/05/2010	06/05/2010	01/11/2011	Active	NO

Name :

Mr. Bhavi Chand Jindal

Designation :

Chairman cum Managing Director

Address :

20C, Belvedre Road, Alipore, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

15.07.1926

Qualification:

Higher Secondary

Date of Appointment :

01.08.2008

DIN No.:

00426886

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	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Managing director	01/08/2013	01/04/1991	-	Active	NO

Name :

Mr Ayush Jatia

Designation :

Whole-time Director

Address :

25, Raja Santosh Road, Alipore, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

26.02.1986

Qualification:

B.com (Hons) and Business Management, UK

Date of Appointment :

16.04.2013

DIN No.:

00557505

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	U65993WB1923PTC004723	PRAISE COMPANY PRIVATE LIMITED	Director	31/12/2005	31/12/2005	-	Active	NO
2	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Whole-time director	16/04/2013	16/04/2008	-	Active	NO

Name :

Mr Anubhav Poddar

Designation :

Director

Address :

26, Shareshfare Sarani, Kolkata-700017, West Bengal, India

Date of Birth/Age :

09.12.1981

Qualification:

Graduate

Date of Appointment :

27.09.2012

DIN No.:

03069096

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	U70102WB2010PTC145905	AGRI PROPERTIES PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
2	U70200WB2010PTC145952	AGRI INFRASTRUCTURE PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
3	U70109WB2011PTC162628	AGRI DEVELOPERS PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
4	U70109WB2011PTC162626	AGRI REALTY PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
5	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Director	27/09/2012	10/07/2012	-	Active	NO
6	U74120AS1977PLC001698	THE JOREHAUT GROUP LIMITED	Director	30/09/2013	02/05/2013	-	Active	NO

Name :

Mrs Mukti Nath Rai

Designation :

Whole-time Director

Address :

NH-6, Vill jangalpur, Howrah-711302, West Bengal,India

Date of Birth/Age :

20.01.1973

Qualification:

Graduate

Date of Appointment :

27.09.2012

DIN No.:

05295755

PAN No.:

AKMPR3524Q

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	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Whole-time director	27/09/2012	04/06/2012	-	Active	NO

Name :

Mr Utkarsh Jatia

Designation :

Whole-time director

Address :

25, Raja Santosh Road, Alipore, Kolkata-700027, West Bengal, India

Date of Birth/Age :

05.11.1988

Qualification:

Graduate

Date of Appointment :

01.03.2013

DIN No.:

05304921

PAN No.:

AHOPJ1914D

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	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Whole-time director	01/03/2013	18/06/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr Satish Kumar Garg
Designation :	Secretary
Address :	99 C, Girish Ghosh Road, Liluah – Howrah, Kolkata-711204, West Bengal, India
Date of Appointment :	01.04.2012
PAN No.:	ACVPG1074B
Name :	Mr. K N Dhar
Designation :	Senior Executive in Export Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Equity Shares
Shyam Sunder Jindal	500
Subhadra Jindal	2935
Consolidated Photo and Investment Limited, India	190000
Sunita Jatia	114435
Punit Jatia	56825
Bazaloni Group Limited, India	111000
Jindal Photo Investment Limited, India	200890
Ayush Jatia	20000
Utkarsh Jatia	20000
Penrose Mercantiles Limited, India	150000
Shyam Sunder Jindal (HUF)	400
Punit jatia (HUF)	23000
Soyuz Trading Company Limited, India	398388
Rishi Trading Company Limited, India	128842
Bhavesh Jindal	100000
Binod Kumar Agarwal	10
Manoj Banerjee	10
Vasdav Agarwal	10
Ramesh Sugla	10
Rakesh Goel	10
Total	1517265

Names of Shareholders	No. of Preference Shares
Bazaloni Group Limited	300000
Total	300000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	85.41
Directors or relatives of Directors	14.59
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of ERW/HFIW Black and Galvanized Steel Piles and Tubes, Cold Rolled and Galvanized Plain and Corrugated Sheets.

Products :

Item Code No.	Product Description
73061911	M.S. Pipes & Tubes
72251910	G.P. Coil/Sheet and G.C. Sheet

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Installed Capacity	Actual Production
M.S pipes and tubes	M.T	260000	106818531
M.S pipes and Fittings	M.T	6912	-
Steel Structurals and poles	M.T	4680	-
C.R. Strips	M.T	350000	*128457.593
G.P Coils/ Sheets and G.C. Sheets	M.T	400000	163926.275

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Punjab National Bank, 268/2, G.T. Road, Liluah, Howrah – 711 204, West Bengal, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. In Millions)
Long-term Borrowings
Rupee term loans from banks	245.911	37.549
Short-term borrowings
Working capital loans from banks	1745.575	2073.093
Loans repayable on demand	1700.437	750.618
Total	3691.923	2861.260

Banking Relations :	--
Auditors :
Name :	G. Sanyal and Company Chartered Accountants
Address :	6, Old Post Office Street, Kolkata – 700 001, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFG5079K
Associates:	· Bazaloni Group Limited, India [U01132AS1977PLC001713]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Adorable Commerce Private Limited, India [U74900WB2010PTC141172] · Jindal India Thermal Power Limited, India [U74999DL2001PLC109103] · Jindal Photo Limited, India [L33209DN2004PLC000198] · Jindal India Powertech Limited, India [U74999UP2007PLC034310] · Bindal Vanijya Private Limited, India [U51909WB2005PTC103345] · Soyuz Trading Company Limited, India [U51909WB1981PLC033450] · Safe Holdings Private Limited, India [U65993WB1992PTC054640] · Meena Devi Jindal Medical Institute and Research Centre

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1525000	Equity Shares	Rs. 100/-each	Rs. 152.500 Millions
2000000	Preference Shares	Rs.100/-each	Rs. 200.000 Millions
	Total		Rs- 352.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1517265	Equity Shares	Rs. 100/-each	Rs. 151.727 Millions
300000	Preference Shares	Rs.100/-each	Rs. 30.000 Millions
	Total		Rs- 181.727 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	181.727	179.080	199.080
(b) Reserves & Surplus	1744.788	1686.961	1364.874
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	2.647	0.000
Total Shareholders’ Funds (1) + (2)	1926.515	1868.688	1563.954
(3) Non-Current Liabilities
(a) long-term borrowings	255.911	47.549	111.733
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4.800	4.800	2.800
(d) long-term provisions	13.976	11.921	9.880
Total Non-current Liabilities (3)	274.687	64.270	124.413
(4) Current Liabilities
(a) Short term borrowings	3446.012	2823.711	2774.966
(b) Trade payables	475.947	477.278	149.504
(c) Other current liabilities	417.973	353.481	603.922
(d) Short-term provisions	1.036	1.084	8.675
Total Current Liabilities (4)	4340.968	3655.554	3537.067
TOTAL	6542.170	5588.512	5225.434
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1623.526	1243.111	1428.503
(ii) Intangible Assets	0.205	0.307	0.410
(iii) Capital work-in-progress	592.440	441.247	14.182
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8.511	8.511	74.161
(c) Deferred tax assets (net)	36.697	29.141	16.200
(d) Long-term Loan and Advances	354.948	211.460	54.821
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2616.327	1933.777	1588.277
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1521.830	1976.885	1820.634
(c) Trade receivables	1524.230	1073.093	1216.740
(d) Cash and cash equivalents	275.487	219.651	386.247
(e) Short-term loans and advances	606.996	379.332	209.216
(f) Other current assets	6.300	5.774	4.320
Total Current Assets	3934.843	3654.735	3637.157
TOTAL	6551.170	5588.512	5225.434

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	15277.847	15534.434	12453.777
	Other Income	69.183	128.636	85.581
	TOTAL (A)	15347.030	15663.070	12539.358
Less	EXPENSES
	Cost of Materials Consumed	12537.875	12394.878	10777.403
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(60.656)	649.596	-550.455
	Employees benefits expense	140.929	108.002	92.351
	Other expenses	1924.157	1548.989	1328.649
	Exceptional items	0.000	(11.672)	0.000
	TOTAL (B)	14542.305	14689.793	11647.948
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	804.725	973.277	891.410
Less	FINANCIAL EXPENSES (D)	421.140	299.820	178.294
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	383.585	673.457	713.116
Less/ Add	DEPRECIATION/ AMORTISATION (F)	305.214	277.416	322.863
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	78.371	396.041	390.253
Less	TAX (I)	20.543	137.059	123.767
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	57.828	258.982	266.486
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	184.144	175.162	158.676
Less	APPROPRIATIONS
	Transfer to General Reserve	5.700	250.000	250.000
	Balance Carried to the B/S	236.272	184.144	175.162
	EARNINGS IN FOREIGN CURRENCY
	FOB value of Export	4376.629	4214.364	3888.175
	Others (Freight)		248.223	240.224
	Miscellaneous		0.000	0.176
	TOTAL EARNINGS	4376.629	4462.587	4128.575
	IMPORTS
	Raw Materials	2755.243	3879.327	2882.479
	Stores & Spares	44.682	53.010	51.838
	Capital Goods	391.545	9.497	32.598
	TOTAL IMPORTS	3191.470	3941.834	2966.915
	Earnings / (Loss) Per Share (Rs.)
	Basic	31.82	171.69	175.37
	Diluted		168.70	175.37

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.38	1.65	2.13
Net Profit Margin (PBT/Sales)	(%)	0.51	2.55	3.13
Return on Total Assets (PBT/Total Assets}	(%)	1.33	7.75	7.62
Return on Investment (ROI) (PBT/Networth)		0.04	0.21	0.25
Debt Equity Ratio (Total Debt /Networth)		1.92	1.54	1.85
Current Ratio (Current Asset/Current Liability)		0.91	1.00	1.03

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	199.080	179.080	181.727
Reserves & Surplus	1364.874	1686.961	1744.788
Share Application money pending allotment	0.000	2.647	0.000
Net worth	1563.954	1868.688	1926.515
long-term borrowings	111.733	47.549	255.911
Short term borrowings	2774.966	2823.711	3446.012
Total borrowings	2886.699	2871.260	3701.923
Debt/Equity ratio	1.846	1.537	1.922

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	12453.777	15534.434	15277.847
		24.737	(1.652)

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	12453.777	15534.434	15277.847
Profit	266.486	258.982	57.828
	2.14%	1.67%	0.38%

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

RESULTS OF OPERATIONS:

The total turnover during the year was Rs. 15347.030 Millions against Rs. 15663.070 Millions in the previous year. Profit before tax for the year was Rs. 78.371 Millions as against Rs. 396.041 Millions in the previous year and profit after tax was of Rs. 57.828 Millions for the current year as against Rs.258.983 Millions in the previous year.

The operations during the year was adversely affected due to high inflation, stiff competition, economy slowdown and unprecedented exchange rate fluctuations.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 Rs in Millions
Long-term Borrowings
Other loans and advances, others	10.000	10.000
Total	10.000	10.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10396941	21/11/2012	6,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B65870743
2	90245046	10/03/2013 *	11,240,000,000.00	PUNJAB NATIONAL BANK	268/2 G T ROAD, LILUAH, HOWRAH, WEST BENGAL - 711 204, INDIA	B72353287

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Intangible assets

· Computer software

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.60.44
UK Pound	1	Rs.100.24
Euro	1	Rs.80.35

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.