MIRA INFORM REPORT

Report Date :

04.12.2014

IDENTIFICATION DETAILS

Name :	GODAVARI BIOREFINERIES LIMITED (w.e.f. 10.11.2006)
Formerly Known As :	GODAVARI INVESTMENT AND FINANCE CORPORATION LTMITED
Registered Office :	Somaiya Bhavan, 45/47, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.01.1956
Com. Reg. No.:	11-009707
Capital Investment / Paid-up Capital :	Rs. 376.021 Millions
CIN No.: [Company Identification No.]	U67120MH1956PLC009707
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMG13940D
PAN No.: [Permanent Account No.]	AABCG2543C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Sugar, Distillery and Chemicals and Generation of Power.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 5300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having Satisfactory track record. Rating is constrained on account of high borrowing and low profitability margins. However, Rating derived strength from its parentage support of Somaiya group and diversified revenue profile. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term loan: “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	18.04.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A3”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	18.04.2014

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 PARTED BY

Name :	Mr. Pravin Vanjare
Designation :	Finance Department
Contact No.:	91-22-22048272
Date :	03.12.2014

LOCATIONS

Registered Office/ Marketing Office 1 :	Somaiya Bhavan, 45/47, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22858430/ 40/ 50/ 59/ 22048272
Fax No.:	91-22-22047297
E-Mail :	gupta@somaiya.com accounts@somaiya.com pawar.rutika@somaiya.com
Website :	http://www.somaiya.com
Location :	Owned
Marketing Office 2 :	Warden House 3^rd Floor, P.M. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22884635/ 5631/ 4294
Research Department :	K.J. Somaiya Institute of Applied Agriculture Research (KIAAR) A/P: Sameerwadi, District: Bagalkot – 587316, Karnataka, India
Tel. No.:	91-8350-260046/ 47/ 48
Fax No.:	91-8350-260037
Factory 1 :	Sugar/ Power/ Chemicals (Sameerwad) A/P: Sameerwadi, Taluka – Mudhol, District: Bagalkot – 587316, Karnataka, India
Tel. No.:	91-8350-260046/ 47/ 48/ 81
Fax No.:	91-8350-260037
Factory 2 :	Chemicals (Sakarwadi) A/P: Sakarwadi, District – Ahmednagar – 413708, Maharashtra, India
Tel. No.:	91-2423-279396/ 97/ 08
Fax No.:	91-2423-279339
Branch Office 1 :	Bank of Baroda Building, 6^th Floor, Parliament Street, New Delhi – 110001, India
Tel. No.:	91-11-23723351
Branch Office 2 :	Utility Buildings, Tower Block, 4^th Floor, J.C. Road, Bangalore – 560 002, Karnataka, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Samir Shantilal Somaiya

Designation :

Chairman and Managing Director

Address :

‘Padmanabh’, 10, M.L. Dahanukar Marg, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

28.02.1968

Qualification :

B.S. Chem. Engr. Cornell, M. Chem Engr., Cornell, MBA Cornell, MPA Harvard

Date of Appointment :

01.04.2012

PAN No.:

AMUPS9442C

DIN No.:

00295458

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	U15420MH1973PTC016460	LAKSHMIWADI MINES AND MINERALS PRIVATE LIMITED	Director	05-02-96	05-02-96	-	Active	NO
2	U15420MH1964PTC012992	SOMAIYA AGENCIES PRIVATE LIMITED	Director	24-07-96	24-07-96	-	Active	NO
3	U51900MH1998PTC113856	SOLAR MAGIC PRIVATE LIMITED	Director	06-03-98	06-03-98	-	Active	NO
4	U70101MH1939PTC002945	SOMAIYA PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Director	01-08-09	29-09-00	-	Active	NO
5	U72900MH2000PTC129222	THE BRAINSTORMING COMPANY (INTERNATIONAL) PRIVATE LIMITED	Director	17-10-00	17-10-00	-	Strike off	NO
6	U72900MH2005PTC155414	HAVANET NETWORKING AND INTERNET SERVICES PRIVATE LIMITED	Director	17-08-05	17-08-05	-	Strike off	NO
7	U99999DL1969GAP005106	INDIAN SUGAR EXIM CORPORATION LIMITED	Nominee director	29-09-05	29-09-05	30-09-13	Active	NO
8	U24230MH2005PLC155922	GENESIS LABS LIMITED	Director	09-12-05	09-12-05	29-03-12	Active	NO
9	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Managing director	01-04-12	22-06-07	-	Active	NO
10	U01113MH1973PTC016459	SAKARWADI TRADING COMPANY PRIVATE LIMITED	Director	10-09-10	02-03-10	-	Active	NO

Name :

Mr. Vinay Venkatesh Joshi

Designation :

Whole Time Director

Address :

C-712, Dev Deveshwar C.H.S., Teli Gali Cross Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

10.03.1954

Date of Appointment :

01.04.2013

PAN No.:

AAHPJ2213M

DIN No.:

00300227

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	U22210MH1967PTC013667	SOMAIYA PUBLICATIONS PRIVATE LIMITED	Director	14-03-94	14-03-94	25-11-10	Active	NO
2	U01110MH1951PLC008444	ARPIT LIMITED	Director	16-08-01	16-08-01	28-03-11	Active	NO
3	U22120MH1953PLC009191	THE BOOK CENTRE LIMITED	Director	25-03-05	25-03-05	-	Active	NO
4	U24230MH2005PLC155922	GENESIS LABS LIMITED	Director	06-09-05	06-09-05	29-03-12	Active	NO
5	U32300MH1946PTC005101	MAMLI PRIVATE LIMITED	Director	01-12-05	01-12-05	-	Amalgamated	NO
6	U99999MH1983PTC031419	AABEEARR INDUSTRIAL ESTATE PRIVATE LIMITED	Director	26-04-06	26-04-06	25-11-10	Active	NO
7	U70100MH1980PTC022694	GRAPEVINE GROWTH CONSTRUCTION PRIVATE LIMITED	Director	17-05-06	17-05-06	-	Amalgamated	NO
8	U51900MH1998PTC113856	SOLAR MAGIC PRIVATE LIMITED	Director	31-08-07	31-08-07	-	Active	NO
9	L24116MH1986PLC041681	PENTOKEY ORGANY (INDIA) LIMITED	Director	29-09-08	05-05-08	05-08-10	Active	NO
10	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Whole-time director	01-04-13	28-09-10	-	Active	NO

Name :

Mr. Kailash Pershad

Designation :

Director

Address :

D-31, 5^th Floor, New Chandra CHS, Opposite Reliance Fresh, Off Veeradesai Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

01.02.1940

Qualification :

Engineer

Date of Appointment :

12.08.2009

DIN No.:

00503603

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	U70101MH1939PTC002945	SOMAIYA PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Director	27-12-94	27-12-94	24-04-09	Active	NO
2	L31300MH1964PLC013088	INDOKEM LIMITED	Director	31-10-06	31-10-06	-	Active	NO
3	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Director	12-08-09	24-04-09	-	Active	NO

Name :

Dr. Badrinarayan Ramulal Barwale

Designation :

Director

Address :

72-B, ‘Urvashi’, Petit Estate, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

13.08.1931

Qualification :

Doctor of Science (Honoris Causa)

Date of Appointment :

12.08.2009

DIN No.:

00001479

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	U01100MH1970PLC014600	MAHARASHTRA HYBRID SEEDS COMPANY LIMITED	Director	04-05-70	04-05-70	-	Active	NO
2	U01110MH1972PLC015630	JALNA SEEDS PROCESSING AND REFRIGERATION COMPANY LIMITED	Director	23-12-78	23-12-78	-	Active	NO
3	U99999MH1958PTC011014	AMRITLAL CHEMAUX PRIVATE LIMITED	Director	25-08-82	25-08-82	-	Active	NO
4	U24110MH1984PTC034809	MARATHAWADA REALTORS PRIVATE LIMITED	Director	14-12-84	14-12-84	14-11-07	Active	NO
5	L99999MH1982PLC026903	SHRENUJ AND COMPANY LIMITED	Director	17-09-87	17-09-87	-	Active	NO
6	U73100MH1987GAP042298	BARWALE FOUNDATION	Director	21-10-87	21-10-87	-	Active	NO
7	U65990MH1990PTC055398	ALMET HEALTHCARE PRIVATE LIMITED	Director	12-02-90	12-02-90	-	Active	NO
8	U67120MH1990PTC055473	HARIRANI INVESTMENT AND TRADING PRIVATE LIMITED	Director	15-02-90	15-02-90	-	Active	NO
9	U67120MH1990PTC055474	HARBHAJAN INVESTMENT AND TRADING PRIVATE LIMITED	Director	15-02-90	15-02-90	-	Active	NO
10	U65990MH1990PTC055475	DUDHNA INVESTMENT AND TRADING PRIVATE LIMITED	Director	15-02-90	15-02-90	-	Active	NO
11	U65990MH1990PTC055470	RAJUR GANAPATI INVESTMENT AND TRADING PRIVATE LIMITED	Director	15-02-90	15-02-90	-	Active	NO
12	U67120MH1990PTC055592	JOHN FOWLER OCULAR LENSES PRIVATE LIMITED	Director	28-02-90	28-02-90	-	Active	NO
13	U73200MH1986NPL041521	CENTRE FOR ADVANCEMENT OF PHILANTHROPY.	Director	08-12-90	08-12-90	18-09-09	Active	NO
14	U65999MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	25-03-91	25-03-91	-	Active	NO
15	U70101MH1939PTC002945	SOMAIYA PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Director	04-08-93	04-08-93	24-04-09	Active	NO
16	U85100MH1995PTC094853	JOHN FOWLER OPHTHALMICS PRIVATE LIMITED	Director	29-11-95	29-11-95	14-11-07	Active	NO
17	U65990MH1996PLC099431	GANGABISHAN BHIKULAL INVESTMENT AND TRADING LIMITED	Director	10-05-96	10-05-96	-	Active	NO
18	U73100MH1997PLC111505	MAHYCO MONSANTO BIOTECH (INDIA) LIMITED	Director	23-10-97	23-10-97	-	Active	NO
19	U29219MH1998PTC115973	DICKINSON FOWLER PRIVATE LIMITED	Director	27-07-98	27-07-98	-	Active	NO
20	U01120MH1999PLC122855	MAHYCO VEGETABLE SEEDS LIMITED	Director	01-12-99	01-12-99	-	Amalgamated	NO
21	U74999MH2000PTC123855	FOWLER WESTRUP (INDIA) PRIVATE LIMITED	Director	27-01-00	27-01-00	-	Active	NO
22	U91990MH2001NPL133451	MAHARAJA AGRESEN FOUNDATION	Director	24-09-01	24-09-01	-	Active	NO
23	U40107MH1995PLC084203	MAHYCO SEEDS LIMITED	Director	20-08-02	20-08-02	-	Amalgamated	NO
24	U74999MH1991PLC061969	SUNGRO SEEDS LIMITED	Director	28-10-05	28-10-05	-	Active	NO
25	U67120MH2006PTC159783	BARWALE INVESTMENT AND TRADING PRIVATE LIMITED	Director	16-02-06	16-02-06	-	Amalgamated	NO
26	U01403MH1990PTC055515	VIKRAM SEEDS PRIVATE LIMITED	Director	30-09-08	28-04-08	-	Active	NO
27	U73100MH2009PTC191681	NANOPHORE LIFE SCIENCES PRIVATE LIMITED	Director	15-04-09	15-04-09	13-09-12	Strike off	NO
28	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Director	12-08-09	24-04-09	-	Active	NO

Name :

Dr. Kondapuram Vijaya Raghavan, FNAE

Designation :

Director

Address :

INAE, Distinguished Professor, Reaction Engineering Laboratory Indian Institute of Chemical Technology, Uppal Road, Hyderabad – 500007, Andhra Pradesh, India

Date of Birth/Age :

01.10.1943

Qualification

B.Tech, M.S., Ph. D.

Date of Appointment :

12.08.2009

DIN No.:

00144054

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	U70101MH1939PTC002945	SOMAIYA PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Director	28-09-02	28-09-02	24-04-09	Active	NO
2	L24110TG1989PLC009713	SUVEN LIFE SCIENCES LIMITED	Director	12-08-14	04-12-06	-	Active	NO
3	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Director	12-08-09	24-04-09	-	Active	NO

Name :

Mr. Indubhai Chaturbhai Patel

Designation :

Director

Address :

P-68, South Extension, Part II, New Delhi – 110049, India

Date of Birth/Age :

24.11.1928

Date of Appointment :

12.08.2009

DIN No.:

00456456

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	U70101MH1939PTC002945	SOMAIYA PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Director	04-08-93	04-08-93	24-04-09	Active	NO
2	U99999DL1969GAP005106	INDIAN SUGAR EXIM CORPORATION LIMITED	Nominee director	26-09-01	26-09-01	30-09-13	Active	NO
3	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Director	12-08-09	24-04-09	-	Active	NO

Name :

Mr. Shrinivas Narayanrao Bableshwar

Designation :

Whole Time Director

Address :

SOB 4/4, GSM QTRS Sameerwadi, Mudhol, District Bagalkot – 587316, Karnataka, India

Date of Birth/Age :

16.06.1951

Qualification:

B. Sc. (Chemistry), Post Graduate

Date of Appointment :

19.12.2011

DIN No.:

05101183

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	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Whole-time director	19-12-11	28-09-11	-	Active	NO
2	U51900MH1998PTC113856	SOLAR MAGIC PRIVATE LIMITED	Director	20-09-12	28-12-11	-	Active	NO

Name :

Dr. Paul Steffen Zorner

Designation :

Additional Director

Address :

1720, Hygeia Avenue, Encinitas, California, USA-92024

Date of Birth/Age :

26.05.1954

Date of Appointment :

17.09.2013

DIN No.:

01888805

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	U70101MH1939PTC002945	SOMAIYA PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Director	07-12-07	24-09-07	24-04-09	Active	NO
2	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Director	17-09-13	24-04-09	-	Active	NO

Name :

Mr. Jayendra Natwarlal Shah

Designation :

Additional Director

Address :

52, Apurva Building, 5, Nepean Sea Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

07.03.1959

Date of Appointment :

17.09.2013

DIN No.:

00084759

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	U74140MH1987PTC044896	N.A. SHAH ASSOCIATES (CONSULTANTS) PRIVATE LIMITED	Director	06-10-87	06-10-87	19-10-10	Active	NO
2	U67190MH1992PTC066176	MEGHRAJ CAPITAL ADVISORS PRIVATE LIMITED	Director	21-05-92	21-05-92	-	Active	NO
3	U67190MH1993PTC073819	A P TARAPOREVALA AND SONS PRIVATE LIMITED	Director	08-09-93	08-09-93	20-05-07	Active	NO
4	U65990MH1994PTC077569	PEWTER INVESTMENT AND FINANCE PRIVATE LIMITED	Director	31-10-94	31-10-94	20-05-07	Active	NO
5	U24239MH1986PLC040697	RAIGAD PHARMACEUTICALS LIMITED	Director	11-07-96	11-07-96	20-03-08	Active	NO
6	U65910GJ1981PTC004898	ABUZU HOLDINGS PRIVATE LIMITED	Director	27-02-97	27-02-97	20-05-07	Active	NO
7	U74140MH2006PTC163850	TRANS CONTINENTAL CAPITAL ADVISORS PRIVATE LIMITED	Director	18-08-06	18-08-06	-	Active	NO
8	U65990MH1987PTC044769	MEGHRAJ FINANCIAL CONSULTANTS PRIVATE LIMITED	Director	31-10-06	31-10-06	21-05-07	Active	NO
9	L25200MH1981PLC025731	EPC INDUSTRIE LIMITED	Director	22-01-07	22-01-07	29-09-11	Active	NO
10	L24110TG1991PLC013512	GAYATRI BIOORGANICS LIMITED	Director	27-09-07	31-07-07	21-05-10	Active	NO
11	U01111DL1992PLC049149	MAHAAN PROTEINS LIMITED	Additional director	04-10-07	04-10-07	16-01-08	Active	NO
12	L74899DL1956GOI002674	THE STATE TRADING CORPORATION OF INDIA LIMITED	Additional director	18-04-12	01-12-08	-	Active	NO
13	U99999MH1973PTC016613	LOKMAT MEDIA PRIVATE LIMITED	Director	06-12-10	06-12-10	06-08-13	Active	NO
14	U72900MH2009PTC191549	SOCIAL PR OUTSOURCING PRIVATE LIMITED	Director	28-09-12	01-12-11	19-05-14	Active	NO
15	U28920MH1989PTC054711	ANANDJI HARIDAS AND COMPANY PRIVATE LIMITED	Director	31-01-12	31-01-12	-	Active	NO
16	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Director	17-09-13	21-09-12	-	Active	NO
17	U72300MH2012PTC239173	WHITE OCEAN DIGITAL SOLUTIONS PRIVATE LIMITED	Director	31-12-12	31-12-12	17-06-14	Under Process of Striking off	NO
18	U70101MH1939PTC002945	SOMAIYA PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Director	20-09-13	24-06-13	-	Active	NO

Name :

Mr. Werner Walfried Wutscher

Designation :

Additional Director

Address :

Wolkersbergenstrasse 172/1, Vienna, Austria-1130

Date of Birth/Age :

03.05.1968

Date of Appointment :

21.09.2012

DIN No.:

06456562

Name :

Mr. G. M. Kajaria

Designation :

Director Works (Sakarwadi)

Address :

At post Sakaewadi, Taluka-Kopargaon, Dist. – Ahmednagar-413708, Maharashtra, India

Date of Birth/Age :

14.07.1949

Date of Appointment :

20.06.2014

DIN No.:

02263052

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	L24116MH1986PLC041681	PENTOKEY ORGANY (INDIA) LIMITED	Director	29-09-08	05-05-08	-	Active	NO
2	U70101MH1939PTC002945	SOMAIYA PROPERTIES AND INVESTMENTS PRIVATE LIMITED	Director	28-09-10	02-03-10	-	Active	NO
3	U24110MH1960PTC011824	SOMAIYA CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	26-09-11	08-06-11	-	Active	NO
4	U67120MH1956PLC009707	GODAVARI BIOREFINERIES LIMITED	Additional director	20-06-14	20-06-14	-	Active	NO

Name :

Mr. Sanjay Kumar Gupta

Designation :

Nominee Director – IDBI

Address :

Dy. General Manager, Corporate Banking Group, IDBI Bank Limited, IDBI Tower, WTC-Complex, Cuff Pared, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

22.04.1965

Date of Appointment :

16.07.2013

DIN No.:

06651946

KEY EXECUTIVES

Name :	Ms. Rutika Somdatta Pawar
Designation :	Company Secretary
Address :	201, Bashikali Nagar, Building No.1, Navghar Road, Bhayander (East), Thane – 401105, Maharashtra, India
Date of Birth/Age :	01.05.1980
Date of Appointment :	23.07.2012
PAN No.:	AGIPR7903F
Name :	Mr. N.S. Khetan
Designation :	Chief Financial Officer
Name :	Mr. Pravin Vanjare
Designation :	Finance Department

MAJOR SHAREHOLDERS

As on 29.09.2014

SHAREHOLDERS DETAILS FILE ATTACH

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

Category	Percentage
Bodies corporate	76.41
Directors or relatives of Directors	15.62
Other top fifty shareholders	7.97
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sugar, Distillery and Chemicals and Generation of Power.

Products/ Services :

ITC Code No.	Product Descriptions
17011190	Sugar
29153100	Ethyl Acetate

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

All over World

Imports :

Products :

Raw Material

Countries :

Japan

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

1000 (Approximately)

Bankers :

· Andhra Bank

· Bank of Baroda, Industrial Finance Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India

· Bank of India

· Corporation Bank

· IDBI Bank Limited

· Punjab National Bank

· State Bank of India

· State Bank of Patiala

· Sugar Development Fund

· Sugar Technology Mission

· Syndicate Bank

· Union Bank of India, Industrial Finance Branch, 66/80, Mumbai Samachar Marg, Fort,, Mumbai - 400023, Maharashtra, India

Facilities :

SECURED LOANS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
From Banks Term Loans	996.306	1454.989
From Others Sugar Development Fund	673.035	673.035
Sugar Technology Mission	0.000	6.800
Others	1.171	1.602
SHORT TERM BORROWINGS
From Banks Cash Credit	3634.210	2836.145
Buyers' Credit	111.272	116.733
Total	5415.994	5089.304
LONG TERM BORROWINGS Nature of Securities i) Loan covered in Sr. No. 1 to 4, First Pari Passu Charge on Fixed Assets of Sameerwadi, Karnataka, Subservient First Ranking Charge on Fixed Assets of Sakarwadi, Maharashtra and First Pari Passu Charge on certain Assets of Somaiya Properties and Investments Private Limited (Formerly known as The Godavari Sugar Mills Private Limited) ,as Corporate Guarantee. Second Pari Passu charge on Current Asset of Sugar Division at Sameerwadi, Karnataka. ii) Loan covered in Sr. No. 5 and 6 First Pari Passu Charge on Fixed Assets of Sameerwadi, Karnataka, Subservient First Charge on Fixed Assets of Sakarwadi, Maharashtra, and First Pari Passu Charge on certain Assets of Somaiya Properties and Investments Private Limited (Formerly known as The Godavari Sugar Mills Private Limited), as Corporate Guarantee, Second Pari Passu Charge on Current Assets of Cogeneration Division. iii) Loan covered under Sr. No. 7, First Pari Passu Charge along with Loan covered under Sr. No. 10, on Fixed Assets of Sakarwadi, Maharashtra, Second Pari Passu Charge on Fixed Assets of Sameerwadi, Karnataka, and on certain Assets of Somaiya Properties and Investments Private Limited (Formerly known as The Godavari Sugar Mills Private Limited) as Corporate Guarantee, Second Pari Passu Charge on the Current Assets of Distillery and Chemicals Division. iv) Loan covered in Sr.No. 8, First Pari Passu Charge on Fixed Assets of Sameerwadi, Karnataka. Second Pari Passu Chrage on Curent Assets of Sugar and Cogen Division. v) Loan covered in Sr.no. 9 First Pari Passu Charge on Fixed Assets of Sameerwadi, Karantaka and second Pari Passu Charge on Fixed Assets of Sakarwadi, Maharashtra and second pari passu charge on current Asset of Sugar Division. vi) Loan covered in Sr.No. 10,First Pari Passu Charge on Fixed Assets of Company and Second Pari Passu Chrage on Curent Assets of Company. vii) Loan covered in Sr. No. 11 and 12, All Immoveable and Moveable Properties at Sameerwadi Factory, Karnataka on First Pari Passu Charge basis. viii) Loan covered in Sr.No. 13, Exclusive Charge on Machineries purchased out of the said loan availed. ix) Loan covered in Sr.No. 14, Exclusive Charge on Assets purchased under Hire purchase arrangements. Interest for above loans varies from 4% to 14.50% (Previous Period 4% to 15.25%) and for Foreign Currency Loan Libor Plus 500 bps (Previous period 450 bps). SHORT TERM BORROWINGS Nature of Security Secured by First Pari Passu charge over current assets of the company (respective division), both present and future and second Pari Passu charge on Fixed Asset; and Second charge of Somaiya Properties and Investments Private Limited (Formerly known as The Godavari Sugar Mills Private Limited) as a Corporate Guranatee Interest for above Rupee loans varies from 12.5% to 14.5% (previous period 12.5% to 14.5%) and for foreign currency loan varies from Libor Plus 100 to 500 bps (Previous Period 100 to 450 bps)

Banking Relations :	---
Solicitors :	Gagrats Hariani and Company
Cost Auditors :
Name :	B J D Nanbhoy and Company Cost Accountants
Auditors :
Name :	Desai Saksena and Assocaites Chartered Accountants
Memberships :	-----
Collaborators :	-----
Subsidiaries :	· Solar Magic Private Limited · Cayuga Investments B.V. · Godavari Biorefineries B.V. · Godavari Biorefineries INC.
Associates :	· Somaiya Properties and Investments Private Limited (Formerly known as The Godavari Sugar Mills Private Limited) · The Book Centre Limited · Jasmine Trading Company Private Limited · K.J. Somaiya and Sons Private Limited · Lakshmiwadi Mines and Minerals Private Limited · Sakarwadi Trading Company Private Limited · Somaiya Agencies Private Limited · Somaiya Chemical Industries Private Limited · Pentokey Organy (India) Limited · Genesis Labs Limited · Oriental Power Cables Limited (upto 18.09.2012) · Somaiya Publications Private Limited · Zenith Commercial Agencies Private Limited · Arpit Limited · Filmedia Communication System Private Limited

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
42000000	Equity Shares	Rs. 10/- each	Rs. 420.000 Millions
1800000	Preference Shares	Rs. 100/- each	Rs. 180.000 Millions
	Total		Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30602100	Equity Shares	Rs. 10/- each	Rs. 306.021 Millions
1750000	Preference Shares	Rs. 100/- each	Rs. 175.000 Millions
	Total		Rs. 481.021 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1694780	Equity Shares	Rs. 10/- each	Rs. 16.948 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	30.06.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	376.021	376.021	376.021
(b) Reserves & Surplus	1496.063	1476.475	1456.836
(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)	1872.084	1852.496	1832.857
(3) Non-Current Liabilities
(a) long-term borrowings	1777.441	2180.076	2138.093
(b) Deferred tax liabilities (Net)	165.857	155.526	135.566
(c) Other long term liabilities	52.380	81.619	80.686
(d) long-term provisions	5.853	5.234	3.559
Total Non-current Liabilities (3)	2001.531	2422.455	2357.904
(4) Current Liabilities
(a) Short term borrowings	5753.572	5467.297	4389.293
(b) Trade payables	1161.600	1155.668	462.659
(c) Other current liabilities	1068.138	743.376	1213.360
(d) Short-term provisions	41.124	63.214	36.086
Total Current Liabilities (4)	8024.434	7429.555	6101.398
TOTAL	11898.049	11704.506	10292.159
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5009.531	5132.735	4211.095
(ii) Intangible Assets	0.006	0.006	0.005
(iii) Capital work-in-progress	144.771	48.733	1003.658
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	59.089	61.589	45.810
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	26.083	32.007	32.738
(e) Other Non-current assets	75.690	76.655	100.861
Total Non-Current Assets	5315.170	5351.725	5394.167
(2) Current assets
(a) Current investments	0.382	0.442	0.499
(b) Inventories	5777.022	5390.684	3884.461
(c) Trade receivables	58.091	315.155	247.994
(d) Cash and cash equivalents	77.212	77.745	68.089
(e) Short-term loans and advances	647.962	526.442	691.777
(f) Other current assets	22.210	42.313	5.172
Total Current Assets	6582.879	6352.781	4897.992
TOTAL	11898.049	11704.506	10292.159

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	30.06.2011
	SALES
		Income	11951.885	9134.497	12393.433
		Other Income	99.770	21.059	26.495
		TOTAL (A)	12051.655	9155.556	12419.928
Less	EXPENSES
		Cost of Materials Consumed	8872.764	7762.194	8204.467
		Purchases of Stock-in-Trade	105.253	36.287	329.253
		Manufacturing Expenses	1097.488	965.127	1112.256
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(402.068)	(1395.241)	552.414
		Employees benefits expense	564.486	407.999	591.554
		Other expenses	523.976	395.750	528.595
		TOTAL (B)	10761.899	8172.116	11318.539
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1289.756	983.440	1101.389
Less	FINANCIAL EXPENSES (D)		860.658	628.885	731.869
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		429.098	354.555	369.520
Less/ Add	DEPRECIATION/ AMORTISATION (F)		365.962	251.066	315.616
	PROFIT BEFORE TAX (E-F) (G)		63.136	103.489	53.904
Less	TAX (H)		22.979	40.961	14.568
	PROFIT AFTER TAX (G-H) (I)		40.157	62.528	39.336
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3972.769	3323.578	3434.897
	IMPORTS
		Raw Material and Traded Goods	1160.082	932.240	1408.725
		Capital Goods	0.000	0.000	27.181
	TOTAL IMPORTS		1160.082	932.240	1435.906
	Earnings Per Share (Rs.)		0.99	1.80	1.15

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.34	0.68	0.32
Operating Profit Margin (PBIDT/Sales)	(%)	10.79	10.77	8.89
Return on Total Assets (PBT/Total Assets}	(%)	0.54	0.89	0.58
Return on Investment (ROI) (PBT/Networth)		0.03	0.06	0.03
Debt Equity Ratio (Total Debt /Networth)		4.02	4.13	3.56
Current Ratio (Current Asset/Current Liability)		0.82	0.86	0.80

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.06.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	376.021	376.021	376.021
Reserves & Surplus	1456.836	1476.475	1496.063
Net worth	1832.857	1852.496	1872.084
long-term borrowings	2138.093	2180.076	1777.441
Short term borrowings	4389.293	5467.297	5753.572
Total borrowings	6527.386	7647.373	7531.013
Debt/Equity ratio	3.561	4.128	4.023

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.06.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	12393.433	9134.497	11951.885
		(26.296)	30.843

NET PROFIT MARGIN

Net Profit Margin	30.06.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	12393.433	9134.497	11951.885
Profit	39.336	62.528	40.157
	0.32%	0.68%	0.34%

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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10501603	03/04/2014 *	200,000,000.00	ANDHRA BANK	18, HOMI MODI STREET, NANAVATHI MAHALAYA, FORT,MUMBAI, MAHARASHTRA - 400001, INDIA	C14059893
2	10460822	03/04/2014 *	400,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHA  R MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	C14340301
3	10446765	03/04/2014 *	400,000,000.00	BANK OF INDIA	MUMBAI LARGE CORPORATE BRANCH, ORIENTAL BUILDING,  GR. FLOOR, 364, D.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C12062444
4	10256595	03/02/2011 *	115,000,000.00	BANK OF BARODA	CORPORATE FINANCE SERVICE BRANCH, 10/12, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001,  INDIA	B07314867
5	10246718	03/02/2011 *	419,800,000.00	GOVERNMENT OF INDIA MINISTRY OF CONSUMER AFFAIRS F  OOD AND PUBLIC DISTRIBUTION	DEPARTMENT OF FOOD AND PUBLIC DISTRIBUTION, KRISH  I BHAVAN, NEW DELHI, DELHI - 110001, INDIA	B05540257
6	10238829	03/02/2011 *	478,600,000.00	CORPORATION BANK	BAGALKOT BRANCH, BAGALKOT, BAGALKOT, KARNATAKA -  587101, INDIA	B06691935
7	10234703	03/02/2011 *	475,800,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, MAKER TOWER-E, GROUND FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B06438030
8	10228907	03/04/2014 *	1,878,000,000.00	BANK OF BARODA (LEAD) & SYNDICATE BANK	CORPORATE FINANCIAL SERVICES BRANCH, 4TH FLOOR, 10/12 MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	C17466624
9	10228910	03/02/2011 *	290,000,000.00	GOVERNMENT OF INDIA MINISTRY OF CONSUMER AFFAIRS F  OOD AND PUBLIC DISTRIBUTION	DEPARTMENT OF FOOD AND PUBLIC DISTRIBUTION, KRISH  I BHAVAN, NEW DELHI, DELHI - 110001, INDIA	B05524061
10	10228510	07/02/2014 *	119,963,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, ATLANTA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B97768279
11	10227185	03/04/2014 *	774,846,000.00	BANK OF INDIA - LEAD BANK	MUMBAI LARGE CORPORATE BRANCH, ORIENTAL BUILDING,  GR. FLOOR, 364, D.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C14096119
12	10229639	03/04/2014 *	3,076,300,000.00	BANK OF INDIA - LEAD BANK	MUMBAI LARGE CORPORATE BRANCH, ORIENTAL BUILDING,  GR. FLOOR, 364, D.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C10279065
13	10210838	03/02/2011 *	160,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR  MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B08244774

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
From Others Council of Scientific and Industrial Research	48.500	43.650
Deferred Cane Purchase Tax	58.429	0.000
SHORT TERM BORROWINGS
From Banks	1920.676	2233.492
From Others Public Deposits	45.834	46.637
Deposits from Related Party	6.610	5.290
Council of Scientific and Industrial Research	0.000	4.850
Inter Corporates Deposits	34.970	224.150
Total	2115.019	2558.069

FINANCIAL RESULTS

The Company has reported Net Sales Turnover of Rs. 11951.900 Millions for the Financial Year (IT) 2012-13 for a period of 12 months against the Net Sales Turnover of Rs. 9134.500 Millions for EY 2011-12 for the period of 9 Months. During the year the company earned Net Profit before tax of Rs. 63.100 Millions in FY 2012-13 against profit of Rs. 103.500 Millions in FY 2011-12.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Excise Duty and Service Tax (Excluding Interest and Penalty)	26.474	26.474
Bank Guarantee	20.300	95.002
Letter of Credits	53.388	106.469
Total	100.162	227.945

1) The Company does not expect any reimbursements in respect of above contingent liabilities.

2) It is not practicable to estimate the timing of cash flows, if any, in respect of matters related to Excise duty and Service Tax pending resolution of the appellate proceedings.

FIXED ASSETS:

Tangible Asset

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computers

Intangible Asset

· Patents

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. 61.88
UK Pound	1	Rs. 96.82
Euro	1	Rs. 76.57

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.