MIRA INFORM REPORT

Report Date :

27.08.2014

IDENTIFICATION DETAILS

Name :	SARLA PERFORMANCE FIBERS LIMITED (w.e.f. 05.01.2007)
Formerly Known As :	SARLA POLYESTER LIMITED
Registered Office :	Survey No.59/1/4, Amli, Piparia Industrial Estate, Silvassa, Dadar Nagar Haveli - 396230, Daman and Diu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.11.1993
Com. Reg. No.:	56-000056
Capital Investment / Paid-up Capital :	Rs.69.503 Millions
CIN No.: [Company Identification No.]	L31909DN1993PLC000056
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Yarn and Generation of Wind Power.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Matter Converted to MCA/2071/203
Comments :	Subject is an established company having fine track. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	ICRA
Rating	Short Term Find Based Limits = A2
Rating Explanation	Have strong degree of safety and carry low 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 DENIED

Management Non Co-Operative (Tel No.: 91-22-22834116)

LOCATIONS

Registered Office/ Plant 1 :	Survey No.59/1/4, Amli, Piparia Industrial Estate, Silvassa, Dadar Nagar Haveli - 396230, Daman and Diu
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	export@sarlafibers.com
Website :	http://www.sarlafibers.com
Corporate Office :	304, Arcadia, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22834116 / 40322786
Fax No.:	91-22-22851728
Plant 2 :	Survey No. 64/2/3/4, Amli, Piparia Industrial Estate, Silvassa, Dadar Nagar Haveli – 396230, India
Plant 3 :	Shed No. A1/48, 100 Shed Area, GIDC, Vapi – 369195, Gujarat, India

DIRECTORS

As on 31.03.2013

Name :	Mr. Madhusudhan Jhunjunwala
Designation :	Chairman and Whole-time Director
Name :	Mr. Krushna Kumar Jhunjunwala
Designation :	Managing Director
Name :	Mr. Arun Vaid
Designation :	Director
Name :	Mr. Jigar Shah
Designation :	Director
Name :	Mr. Anil Kumar Jain
Designation :	Director (upto 20th June 2013)

KEY EXECUTIVES

Name :	Mr. Mahendra Sheth
Designation :	Chief Financial Officer and Company Secretary:
Audit Committee :
Name :	Mr. Arun Vaid
Designation :	Chairman
Name :	Mr. Madhusudan Jhunjhunwala
Designation :	Member
Name :	Mr. Jigar A Shah
Designation :	Member

SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3340260	48.06
Bodies Corporate	1288172	18.53
Sub Total	4628432	66.59
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4628432	66.59
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2000	0.03
Financial Institutions / Banks	50	0.00
Venture Capital Funds	4000	0.06
Sub Total	6050	0.09
(2) Non-Institutions
Bodies Corporate	417881	6.01
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	743484	10.70
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	1000717	14.40
Any Others (Specify)	153736	2.21
Non Resident Indians	152996	2.20
Clearing Members	740	0.01
Sub Total	2315818	33.32
Total Public shareholding (B)	2321868	33.41
Total (A)+(B)	6950300	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	6950300	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Yarn and Generation of Wind Power.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· Andhra Bank

· Citibank N. A.

· DBS Bank Limited

· Standard Chartered Bank

· Yes Bank Limited

· Indusind Bank

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Foreign Currency Loan
From Standard Chartered Bank (Exclusive charge on wind turbine generator financed and situated at Satara and Sangli Dist. at Maharashtra and exclusive charge on wind turbine generator situated at Baradia, Gujarat and personal guarantee of managing director) (Total loan of Rs.3.900 Millions) (Term loan of Rs.2.000 Millions Repayable in 16 equal quarterly installment of Rs.0.125 Million each till March 2016) (Term loan of Rs.1.900 Millions Repayable in 16 equal quarterly installment of Rs.0.119 Million each till June 2017)	NA	138.215
From DBS Bank (Exclusive charge on wind turbine generator financed and situated at Satara and Sangli District At Maharashtra & and personal guarantee of managing director) (Term loan of Rs.3.000 Millions Repayable in 15 equal quarterly installment of Rs.0.200 Million each till June 2017)	NA	142.492
Vehicle Loan (Exclusive charge on vehicle financed)	NA	0.630
Short Term Borrowings
From Banks
Packing Credit Loan	NA	470.261
Post Shipment Credit	NA	0.000
Foreign Documentary Bill Purchase/Bill Discounting	NA	94.415
Buyers Credit	NA	113.928
Total	NA	959.941

Banking Relations :	--
Auditors :
Name :	Sundarlal, Desai and Kanodia Chartered Accountants
Address :	Mumbai, Maharashtra, India
As on 31.03.2013 :
Associates :	· Satidham Industries Private Limited · Hindustan Cotton Company · Shivchandrai Jhunjhunwala and Company
Subsidiary Companies :	· Sarla Overseas Holding Limited · Sarlaflex Inc. · Sarla Europe, Lda
Joint Ventures of Subsidiary Company :	· Savitex SA De C.V., Honduras · MRK SA De C.V., Honduras · Sarla Tekstil Filament Sanayi Ticaret A.S.

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.69.503 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6950300	Equity Shares	Rs.10/- each	Rs.69.503 Millions

Terms/rights attached to Equity Shares:

The Company has only one class of equity shares having par value of Rs.10. Each holder of equity shares is entitled to one vote per share. The company declares and pays 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.

During the year ended 31st March 2013, the amount of per share dividend recognized as distributions to equity shareholders was Rs.6.00 (31st March 2012 Rs.5.00)

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

Reconciliation of the number of shares

Equity Shares	Number of Shares
Shares outstanding at the beginning of the year	6950300
Shares issued during the year	--
Shares outstanding at the end of the year	6950300

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares
Hindustan Cotton Company - Through its partners	2116479
Satidham Industries Private Limited	1241053
Sarladevi Jhunjhunwala	388400
Total	3745932

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	69.503	69.503	69.503
(b) Reserves & Surplus	1,161.188	992.757	846.464
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1,230.691	1,062.260	915.967
(3) Non-Current Liabilities
(a) long-term borrowings	193.647	281.337	76.799
(b) Deferred tax liabilities (Net)	150.488	139.973	112.264
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	344.135	421.310	189.063
(4) Current Liabilities
(a) Short term borrowings	719.633	678.604	524.990
(b) Trade payables	86.276	53.660	125.504
(c) Other current liabilities	221.183	195.732	147.569
(d) Short-term provisions	65.176	52.246	43.175
Total Current Liabilities (4)	1,092.268	980.242	841.238
TOTAL	2,667.094	2,463.812	1,946.268
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,015.098	943.294	742.544
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.782	97.525	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	77.972	23.813	18.322
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	96.614	36.509	79.593
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1,198.466	1,101.141	840.459
(2) Foreign Currency Monetary Item Translation Difference Account	24.675	3.893	0.000
(3) Current assets
(a) Current investments	0.000	28.187	14.632
(b) Inventories	408.638	455.320	383.048
(c) Trade receivables	613.574	537.247	476.905
(d) Cash and cash equivalents	315.489	206.699	113.982
(e) Short-term loans and advances	72.819	97.581	98.811
(f) Other current assets	33.433	33.744	18.431
Total Current Assets	1,443.953	1,358.778	1,105.809
TOTAL	2,667.094	2,463.812	1,946.268

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2,460.591	2,335.398	1,820.572
		Other Income	78.389	7.850	12.397
		TOTAL (A)	2,538.980	2,343.248	1,832.969
Less	EXPENSES
		Cost of Materials Consumed	1,271.859	1,158.496	1,011.867
		Purchases of Stock-in-Trade	130.776	117.339	77.005
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	24.077	(31.488)	(77.390)
		Employees benefits expense	61.919	49.413	41.747
		Other expenses	595.295	660.954	527.388
		TOTAL (B)	2,083.926	1,954.714	1,580.617
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		455.054	388.534	252.352
Less	FINANCIAL EXPENSES (D)		38.889	43.108	26.969
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		416.165	345.426	225.383
Less/ Add	DEPRECIATION/ AMORTISATION (F)		93.598	80.272	70.415
	PROFIT BEFORE TAX (E-F) (G)		322.567	265.154	154.968
Less	TAX (H)		99.915	70.393	45.716
	PROFIT AFTER TAX (G-H) (I)		222.652	194.761	109.252
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		595.912	479.618	440.755
Less	APPROPRIATIONS
		Transfer to General Reserve		30.000	30.000
		Dividend		41.702	34.751
		Tax on Dividend		6.765	5.638
	BALANCE CARRIED TO THE B/S		NA	595.912	479.618
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	1372.756	1039.897
	TOTAL EARNINGS		NA	1372.756	1039.897
	IMPORTS
		Capital Goods		83.252	30.990
		Raw Materials		611.321	615.589
		Trading Goods		115.624	38.892
		Stores & Spares		32.898	19.122
	TOTAL IMPORTS		NA	843.095	704.593
	Earnings Per Share (Rs.)		32.03	28.02	15.72

QUARTERLY RESULTS

Particulars	30.06.2014 (Unaudited)
	1st Quarter
Net Sales	700.200
Total Expenditure	599.700
PBIDT (Excl OI)	100.500
Other Income	9.500
Operating Profit	110.000
Interest	6.200
Exceptional Items	0.000
PBDT	103.800
Depreciation	25100
Profit Before Tax	78.700
Tax	26.100
Provisions and contingencies	0.000
Profit After Tax	52.600
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	52.600

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	8.77	8.31	5.96
Net Profit Margin (PBT/Sales)	(%)	13.11	11.35	8.51
Return on Total Assets (PBT/Total Assets}	(%)	12.62	11.34	8.04
Return on Investment (ROI) (PBT/Networth)		0.26	0.25	0.17
Debt Equity Ratio (Total Debt /Networth)		0.74	0.90	0.66
Current Ratio (Current Asset/Current Liability)		1.32	1.39	1.31

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	69.503	69.503	69.503
Reserves & Surplus	846.464	992.757	1161.188
Net worth	915.967	1062.260	1230.691
long-term borrowings	76.799	281.337	193.647
Short term borrowings	524.990	678.604	719.633
Total borrowings	601.789	959.941	913.280
Debt/Equity ratio	0.657	0.904	0.742

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	1,820.572	2,335.398	2,460.591
		28.278	5.361

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	1,820.572	2,335.398	2,460.591
Profit	109.252	194.761	222.652
	6.00%	8.34%	9.05%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	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	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	Yes

UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30^TH JUNE 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	700.152
b) Other operating income	0.000
Total income from Operations(net)	700.152
2.Expenditure
a) Cost of material consumed	329.029
b) Purchases of stock in trade	99.160
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(5.047)
d) Employees benefit expenses	17.739
e) Depreciation and amortization expenses	25.122
f) Other expenses	158.805
Total expenses	624.808
3. Profit from operations before other income and financial costs	75.344
4. Other income	9.486
5. Profit from ordinary activities before finance costs	84.830
6. Finance costs	6.165
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	78.665
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	78.665
10.Tax expenses	26.100
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	52.565
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	52.565
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	69.503
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	7.56
ii) Earnings per share (after extraordinary items)
(a) Basic and diluted	7.56

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	2321868
- Percentage of shareholding	33.41$
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--
Percentage of shares (as a % of total share capital of the company)	--
b) Non Encumbered
Number of shares	4628432
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%
Percentage of shares (as a % of total share capital of the company)	66.59%

Notes:

1. The financial results were reviewed by the Audit Committee and approved by the Board of Directors of the company in their meeting held on 1st August, 2014

2. The Statutory Auditors have carried out a limited review of the results for the quarter ended 30th June, 2014, as required by Clause 41 of the listing agreement

3. Details of investor complaints - Opening Nil, Received during the quarter - Nil, Resolved - Nil and Closing balance - Nil.

4. The consolidated financial results represents those of Sarla Performance Fibers Limited and its wholly owned subsidiaries, namely Sarlaflex, Inc USA (Unaudited) and Sarla Overseas Holdings Ltd., BVI (SOHL) (Unaudited). The company SOHL has commercial disputes with its JV partners in Savitex S.A. De C.V. and MRK S.A. De C.V. resulting into the matter being referred to the appropriate judicial authority in Honduras. The matter being subjudice, the financial performance of both the JV's are not taken in to consideration while preparing the Consolidated Financial Results for the quarter ended 30.06.2014 and 30.06.2013 and Financial results of Sarla Tekstil, Turkey have also not been considered as same has not been received. Therefore the figures of current period are not comparable with previous period. All these accounts are considered herein in Indian Currencies.

5. The useful life of the fixed assets has to be determined in accordance with the Schedule II of the Companies Act 2013, effective from April 1, 2014. However the company has provided the depreciation as per the Schedule XIV of the Companies Act 1956 and impact in depreciation due to change in useful lifecould not be quantified.

6. Previous periods figures have been regrouped / reclassified wherever necessary to conform with the current period's presentation.

7. The company's' business activity falls under two business segment- Yarn and Wind Power. Secondary Segment (by geographical demarcation) is as under

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
1. Segment Revenues (Net)
(a). Yarn	685.089
- Within India	326.857
- Outside India	358.232
(b). Wind Power	15.063
Net Sales/Income From Operations	700.152
2. Segment Results
(a). Yarn	77.724
(b) Wind Power	7.106
Less : Finance cost (Unallocable)	6.165
Total Profit Before Tax	78.665
3. Capital Employed
(a). YARN	1164.932
(b). WIND POWER	118.324
Total	1283.256

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10491025	28/02/2014	484,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202 Maker Tower 'E', Cuff Parade, Mumbai, Mumbai, Maharashtra - 400005, India	C03568193
2	10461111	12/11/2013	253,000,000.00	Bank of Bahrain and Kuwait BSC	Jolly Maker Chambers Ii, 225, Nariman Point, Mumbai, Maharashtra - 400021, India	B89911010
3	10367968	20/06/2012	110,000,000.00	Standard Chartered Bank	Narain Manzil, 23, Barakhamba Road,, New Delhi, Delhi - 110001, India	B44667467
4	10360604	11/05/2012	159,000,000.00	DBS BANK LIMITED	221, Fort House, 3rd Floor, D.N.Road, Fort, Mumbai, Maharashtra - 400001, INDIA	B41619735
5	10343079	28/02/2014 *	1,625,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, Maker Tower, 'E', Cuffe Parade,, Colaba, Mumbai, Maharashtra - 400005, India	B97786602
6	10281541	08/12/2011 *	90,120,600.00	Standard Chartered Bank	Narain Manzil, 23,, Barakhamba Road, Delhi, Delhi - 110001, INDIA	B28927267
7	10204046	10/02/2010	35,000,000.00	ANDHRA BANK	9/15, M. P. Marg, Queens Road,, Opera House, Mumbai, Maharashtra - 400004, India	A79711149
8	90099548	16/06/2009 *	651,100,000.00	ANDHRA BANK	9/15, M.P. Marg, Queens Road,, Opera House, Mumbai, Maharashtra - 400004, India	A65168809

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture
• Office Equipment’s
• Vehicle
• Electrical Installation
• Other Fixed Assets
• Computers

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.60.43
UK Pound	1	Rs.100.12
Euro	1	Rs.79.74

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.