MIRA INFORM REPORT

Report Date :

18.12.2014

IDENTIFICATION DETAILS

Name :	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED
Registered Office :	101, Shivam Apartments, 9, Patel Colony, Bedi Bunder Road, Jamnagar – 361008, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.06.1999
Com. Reg. No.:	04-040064
Capital Investment / Paid-up Capital :	Rs. 30251.625 Millions
CIN No.: [Company Identification No.]	U60300GJ1999PLC040064
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMG07996C
PAN No.: [Permanent Account No.]	AABCP4405E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is in the business of Transportation of Natural Gas.
No. of Employees :	Information declined by the management.

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a Reliance Group Company It is an established company having satisfactory track. The company has incurred huge accumulated losses however the rating takes into consideration the established track record of the company and strong support received from its holding company Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. In view of strong Group support, 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating (AAA/Stable)
Rating Explanation	Highest degree of safety and carry lowest credit risk
Date	July 30, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating (A1+)
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	July 30, 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. Krunal Doshi
Designation :	Accounts Manager
Date :	15.12.2014

LOCATIONS

Registered Office :	101, Shivam Apartments, 9, Patel Colony, Bedi Bunder Road, Jamnagar – 361008, Gujarat, India
Tel. No.:	91-288-3091732
Fax No.:	91-288-3031003
E-Mail :	kalpana_srinivasan@ril.com geeta.fulwadaya@ril.com rina.padalia@ril.com
Website :	http://www.rgtil.com
Corporate Office :	Reliance Corporate Park (RCP), Building No. 7, “A” / “B” Wing, Second Floor, Thane-Belapur Road, Ghansoli, Navi Mumbai – 400701, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rajinder Kumar Dhadda

Designation :

Managing Director

Address :

805 B, Raheja Residency, Sector 14, Vashi, Navi Mumbai - 400703, Maharashtra, India

Date of Birth/Age :

11.02.1952

Qualification :

BE (Hons) in Mechanical Engineering from BITS, Pilani

Date of Appointment :

01.01.2013

DIN No. :

00353849

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	U60300GJ1999PLC040064	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED	Managing director	01/01/2013	15/05/2006	-	Active	NO
2	U74140MH2000PLC128405	RELOGISTICS INFRASTRUCTURE LIMITED	Managing director	01/10/2008	22/01/2008	-	Active	NO
3	U36911RJ2008PTC027477	SPECTRUM JEWELMART PRIVATE LIMITED	Director	15/01/2009	15/01/2009	12/03/2014	Active	NO

Name :

Mr. Raja Kolumum Ramachandran

Designation :

Director

Address :

1703/ 1704, Building No. 1, Raheja Clasique, New Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

19.12.1956

Qualification :

B.Sc., CA, ICWA

Date of Appointment :

29.09.2006

DIN No. :

00006673

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	U65990GJ1996PLC030537	Luxor Investments Limited	Director	31/12/2001	31/12/2001	-	Amalgamated	NO
2	U60300GJ1999PLC040064	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED	Director	29/09/2006	15/05/2006	-	Active	NO
3	U22130DL2006PTC150563	ALPHA BROADCASTING CORPORATION PRIVATE LIMITED	Director	05/07/2006	05/07/2006	18/07/2014	Active	NO
4	U67200MH2006PLC165651	RELIANCE RETAIL INSURANCE BROKING LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
5	U74999MH2007PTC167376	Dhanishta Commercials Private Limited	Director	25/09/2007	22/03/2007	-	Active	NO
6	U45102GJ1997PLC031906	RELIANCE PORTS AND TERMINALS LIMITED	Director	29/12/2007	09/06/2007	-	Active	NO
7	U24232MH2007PTC168160	RELIANCE PHARMACEUTICALS PRIVATE LIMITED	Director	21/08/2008	12/06/2007	-	Amalgamated	NO
8	U99999GJ2000PTC050444	RELIANCE UTILITIES Private LIMITED	Director	29/09/2008	10/08/2007	18/12/2009	Active	NO
9	U74140MH2000PLC128405	RELOGISTICS INFRASTRUCTURE LIMITED	Director	27/09/2008	26/11/2007	24/07/2012	Active	NO
10	U45400MH2007PLC171344	RELIANCE CONVENTION AND EXHIBITION CENTRE LIMITED	Director	29/09/2008	31/07/2008	-	Amalgamated	NO
11	U45400MH2007PLC171342	RELIANCE CORPORATE CENTRE LIMITED	Director	29/09/2008	31/07/2008	-	Amalgamated	NO
12	U45300GJ1999PLC036347	RELIANCE JAMNAGAR INFRASTRUCTURE LIMITED	Director	30/06/2010	14/12/2009	-	Amalgamated	NO
13	U52599MH2007PLC176409	RELIANCE HOME PRODUCTS LIMITED	Director	06/09/2010	15/12/2009	-	Amalgamated	NO
14	U74990MH2010PTC202009	SUPRITA COMMERCIALS PRIVATE LIMITED	Director	24/09/2011	21/04/2010	-	Active	NO
15	U74990MH2010PTC202010	Pinakin Commercials Private Limited	Director	26/09/2011	21/04/2010	-	Active	NO
16	U74990MH2010PTC202008	Pushkara Commercials Private Limited	Director	26/09/2011	21/04/2010	-	Active	NO
17	U52399MH2010PTC201011	ELAKSHI COMMERCIALS PRIVATE LIMITED	Director	12/09/2011	24/05/2010	-	Active	NO
18	U51109MH2008PLC185389	RELIANCE COMMERCIAL LAND & INFRASTRUCTURE LIMITED	Director	07/08/2010	01/07/2010	-	Active	NO
19	U74900MH2007PTC171234	VANISHREE COMMERCIALS PRIVATE LIMITED	Director	26/09/2011	31/01/2011	-	Active	NO
20	U51109MH2008PTC177458	ALTITUDE MERCANTILE PRIVATE LIMITED	Additional director	20/01/2012	20/01/2012	11/07/2012	Amalgamated	NO
21	U51109MH2008PTC177479	LONGITUDE MERCANTILE PRIVATE LIMITED	Additional director	20/01/2012	20/01/2012	11/07/2012	Amalgamated	NO
22	U52390MH2008PTC177456	EQUATOR TRADING ENTERPRISES PRIVATE LIMITED	Director	28/09/2012	20/01/2012	31/03/2014	Active	NO
23	U51900MP2007PTC020084	ANU TRADING PRIVATE LIMITED	Additional director	28/02/2012	28/02/2012	-	Amalgamated	NO
24	U72900MH2007PLC234712	Reliance Jio Infocomm Limited	Director	18/09/2013	01/03/2013	-	Active	NO
25	U51909MH2006PLC166166	Reliance Retail Ventures Limited	Director	30/12/2013	16/07/2013	-	Active	NO
26	U32204MH2013PTC239944	Reliance Jio Electronics Private Limited	Additional director	18/07/2013	18/07/2013	01/07/2014	Active	NO
27	U74300DL2011PTC227767	RB MEDIASOFT PRIVATE LIMITED	Additional director	07/07/2014	07/07/2014	-	Active	NO
28	U74300DL2010PTC208242	RB Media Holdings Private Limited	Additional director	07/07/2014	07/07/2014	-	Active	NO
29	U74900DL2011PTC229142	RRB MEDIASOFT PRIVATE LIMITED	Additional director	07/07/2014	07/07/2014	-	Active	NO
30	U65993DL2008PTC178073	RB HOLDINGS PRIVATE LIMITED	Additional director	07/07/2014	07/07/2014	-	Active	NO
31	U93000DL2010PTC211768	Colorful Media Private Limited	Additional director	07/07/2014	07/07/2014	-	Active	NO
32	U74900DL2011PTC218428	Adventure Marketing Private Limited	Additional director	07/07/2014	07/07/2014	-	Active	NO
33	U70101DL2011PTC212179	Watermark Infratech Private Limited	Additional director	07/07/2014	07/07/2014	-	Active	NO
34	U74999MH2008PTC180506	Sanchar Content Private Limited	Director	30/09/2014	18/07/2014	-	Active	NO
35	AAA-1151	DEVARSHI COMMERCIALS LLP	Body corporate as Designated Partner	23/02/2013	31/05/2010	-	Active	NO
36	AAA-1160	TATTVAM ENTERPRISES LLP	Body corporate as Designated Partner	23/02/2013	31/05/2010	-	Active	NO
37	AAA-1180	KARUNA COMMERCIALS LLP	Body corporate as Designated Partner	23/02/2013	31/05/2010	-	Active	NO
38	AAA-1162	SHRIPAL ENTERPRISES LLP	Body corporate as Designated Partner	23/02/2013	23/02/2013	-	Active	NO
39	AAA-1140	KAMALAKAR ENTERPRISES LLP	Body corporate as Designated Partner	09/09/2014	09/09/2014	-	Active	NO
40	AAC-9760	AGNI COMMEX LLP	Body corporate as Designated Partner	26/11/2014	26/11/2014	-	Active	NO
41	AAA-1171	NARAHARI ENTERPRISES LLP	Body corporate as Designated Partner	10/08/2010	10/08/2010	-	Active	NO

Name :

Mr. Mahesh Kalidas Kamdar

Designation :

Director

Address :

2201, Chaitanya Towers, C Wing Apartment, Saheb Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India

Date of Birth/Age :

27.09.1951

Qualification :

B. Com. (Mumbai University), Conferred Honorary Doctorate in Business Philosophy from Burkes University

Date of Appointment :

29.09.2006

DIN No. :

00013915

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	L60300MH1988PLC049019	RELIANCE INDUSTRIAL INFRASTRUCTURE LIMITED	Director	23/07/1990	23/07/1990	-	Active	NO
2	U27200MH1991PTC061411	PARIDHI TRADECOM PRIVATE LIMITED	Director	26/04/1991	26/04/1991	-	Converted to LLP and dissolved	NO
3	U51900MH1992PTC064975	SYMPHONY IMPEX (INDIA) PVT.LTD.	Director	21/01/1992	21/01/1992	30/04/2011	Active	NO
4	U51900MH1965PTC014453	RELIANCE EXPORTS PRIVATE LIMITED	Director	02/09/1993	02/09/1993	02/06/2009	Active	NO
5	U51909MH2005PTC153369	SANA TRADECOM PRIVATE LIMITED	Director	17/05/2005	17/05/2005	30/09/2011	Active	NO
6	U92100MH1942PTC003702	THE INDIAN FILM COMBINE PVT LTD	Nominee director	29/10/2005	29/10/2005	-	Active	NO
7	U45200MH2006PTC159144	BECREL ENGINEERING PRIVATE LIMITED	Director	20/01/2006	20/01/2006	29/12/2006	Amalgamated	NO
8	U60300GJ1999PLC040064	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED	Director	29/09/2006	15/05/2006	-	Active	NO
9	U85100MH1998PTC114935	RELIANCE HOSPITAL MANAGEMENT SERVICES PRIVATE LIMITED	Director	26/09/2007	15/09/2006	05/02/2011	Active	NO
10	U70100MH2006PTC159049	WESTWARD REALTY PRIVATE LIMITED	Nominee director	26/06/2007	26/06/2007	-	Active	NO
11	U45400MH2007PLC171344	RELIANCE CONVENTION AND EXHIBITION CENTRE LIMITED	Director	29/09/2008	31/07/2008	19/08/2009	Amalgamated	NO
12	U45400MH2007PLC171342	RELIANCE CORPORATE CENTRE LIMITED	Director	29/09/2008	31/07/2008	19/08/2009	Amalgamated	NO
13	AAA-4283	PARIDHI TRADECOM LLP	Designated Partner	30/03/2011	30/03/2011	-	Active	NO

Name :

Mr. Raj Pal Sharma

Designation :

Director

Address :

B-301, Ansal Apartments, No. 6, Aurangazeb Road, New Delhi - 110011, India

Date of Birth/Age :

09.10.1940

Qualification :

M.Sc. and Post-Graduation in Marketing

Date of Appointment :

29.09.2006

DIN No. :

00030711

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	U60300GJ1999PLC040064	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED	Director	29/09/2006	24/05/2006	-	Active	NO
2	U40200MH2007PTC168455	REGAL GAS PRIVATE LIMITED	Additional director	13/12/2007	13/12/2007	10/09/2008	Converted to LLP and dissolved	NO

Name :

Mr. Sridhar Vaidyanadhan

Designation :

Director

Address :

F L – B – 1203/1204 Neel Sidhi Atlantis PL – 49/1, Sec 19 A Nerul (East), Navi Mumbai, Thane – 400706, Maharashtra, India

Date of Birth/Age :

26.01.1960

Qualification :

M. Tech (Industrial Engineering and Operations Research) from IIT-Kharagpur, B.E. (Mechanical Engineering) from Andhra University College of Engineering, Visakhapatnam

Date of Appointment :

30.09.2011

DIN No. :

03303448

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	U60300GJ1999PLC040064	RELIANCE GAS TRANSPORTATION INFRASTRUCTURE LIMITED	Director	30/09/2011	26/10/2010	-	Active	NO
2	U45300GJ1999PLC036347	RELIANCE JAMNAGAR INFRASTRUCTURE LIMITED	Director	25/07/2011	26/10/2010	-	Amalgamated	NO
3	U51900MH2007PLC171071	RELIANCE GAS CORPORATION LIMITED	Director	16/06/2011	26/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bijay Agrawal
Designation :	Secretary
Address :	A 503, Harbour View, Plot 49/3, Sector 19A, Nerul, Navi Mumbai – 400706, Maharashtra, India
Date of Birth/Age :	24.013.19637
Date of Appointment :	28.05.2010
PAN No. :	ACIPA8664L
Name :	Mr. Krunal Doshi
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders [Physical Form]	No. of Shares
Reliance Utilities Private Limited, India	15751125494
Saraswatula Sudhakar Jointly with Reliance Utilities Private Limited, India	1
Bansal J.S.P. Jointly with Reliance Utilities Private Limited, India	1
Gandhi K. V. Jointly with Reliance Utilities Private Limited, India	1
Malhotra C. S. Jointly with Reliance Utilities Private Limited, India	1
Shah B. Ashish Jointly with Reliance Utilities Private Limited, India	1
Shah R. Mukesh Jointly with Reliance Utilities Private Limited, India	1
Total	15751125500

Names of Equity Shareholder [Electronic Mode]	No. of Shares
Reliance Utilities Private Limited, India	7000499500
Total	7000499500

Names of Preference Shareholders [Physical Form]	No. of Shares
Reliance Industries Limited, India	500000000
Reliance Ports And Terminals Limited, India	250000000
Total	750000000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of Transportation of Natural Gas.

Products :

ITC Code No.	Product Descriptions
99651312	Transport services via pipeline of natural gas

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Debenture	10000.000	10000.000
Rupee term loans from banks	42231.100	52844.400
Term loans from others	3325.000	4211.700
Total	55556.100	67056.100

Financial Institution :	· IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI - 400001, Maharashtra, India Infrastructure Development Finance Company Limited ITC Centre, 3^rd Floor 760, Anna Salai, Chennai - 600002, Tamilnadu, India
Auditors 1 :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFC0662N
Auditors 2 :
Name :	Lodha and Company Chartered Accountants
Address :	14, Government Place (East), Calcutta - 700069, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AABFL1894Q
Memberships :	Not Divulged
Collaborators :	Not Divulged
Ultimate Holding company:	Reliance Industries Holding Private Limited
Holding company:	Reliance Ports and Terminals Limited Reliance Utilities Private Limited
Associate:	Reliance Industries Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
70000000000	Equity Shares	Rs.1/- each	Rs. 70000.000 Millions
3000000000	Preference Shares	Rs.10/- each	Rs. 30000.000 Millions
	Total		Rs. 100000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22751625000	Equity Shares	Rs.1/- each	Rs. 22751.625 Millions
750000000	Preference Shares	Rs.10/- each	Rs. 7500.000 Millions
	Total		Rs. 30251.625 Millions

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	30251.600	30251.600	30251.600
(b) Reserves & Surplus	(39418.700)	(5394.100)	3717.300
(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)	(9167.100)	24857.500	33968.900
(3) Non-Current Liabilities
(a) long-term borrowings	152070.100	135409.600	153556.100
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	7811.100	7637.300	7561.100
(d) long-term provisions	8662.200	3996.300	3292.600
Total Non-current Liabilities (3)	168543.400	147043.200	164409.800
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	560.000	734.500	509.100
(c) Other current liabilities	13911.600	28001.000	15603.600
(d) Short-term provisions	471.600	1732.800	1435.600
Total Current Liabilities (4)	14943.200	30468.300	17548.300
TOTAL	174319.500	202369.000	215927.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	144477.600	175178.900	203705.100
(ii) Intangible Assets	0.400	1.100	2.700
(iii) Capital work-in-progress	161.300	652.800	3275.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	597.000	1270.800	1068.900
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	145236.300	177103.600	208051.700
(2) Current assets
(a) Current investments	502.100	100.000	2640.000
(b) Inventories	3086.600	2893.400	2963.400
(c) Trade receivables	577.400	831.900	1174.500
(d) Cash and cash equivalents	596.200	576.500	282.600
(e) Short-term loans and advances	208.900	273.200	653.600
(f) Other current assets	24112.000	20590.400	161.200
Total Current Assets	29083.200	25265.400	7875.300
TOTAL	174319.500	202369.000	215927.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	14124.300	40379.400	30208.700
	Other Income	978.600	188.600	224.600
	TOTAL (A)	15102.900	40568.000	30433.300
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	457.700	424.700	357.100
	Other expenses	9064.500	7371.900	7311.000
	Extraordinary			18730.200
	TOTAL (B)	9522.200	7796.600	26398.300
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	5580.700	32771.400	4035.000
Less	FINANCIAL EXPENSES (D)	8682.200	10670.500	13777.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(3101.500)	22100.900	-9742.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)	31186.100	31212.300	22066.100
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(34287.600)	(9111.400)	(31808.100)
Less	TAX (H)	(263.000)	0.000	(1745.800)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(34024.600)	(9111.400)	(30062.300)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	(47787.200)	(38675.800)	(11741.900)
Add	Shares Cancelled pursuant to the Scheme of Amalgamation and Arrangement (K)	0.000	0.000	3128.400
	Balance Carried to the B/S (I+J+K)	(81811.800)	(47787.200)	(38675.800)
	Earnings / (Loss) Per Share (Rs.)
	Basic	(1.50)	(0.400)	(2.009)
	Diluted	(1.50)	(0.400)	(0.757)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(240.89)	(22.56)	(99.52)
Operating Profit Margin (PBDIT/Sales)	(%)	39.51	81.16	13.36
Return on Total Assets (PBT/Total Assets}	(%)	(19.69)	(4.52)	(14.96)
Return on Investment (ROI) (PBT/Networth)		3.74	(0.37)	(0.94)
Debt Equity Ratio (Total Debt /Networth)		(16.59)	5.45	4.52
Current Ratio (Current Asset/Current Liability)		1.95	0.83	0.45

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	30251.600	30251.600	30251.600
Reserves & Surplus	3717.300	(5394.100)	(39418.700)
Net worth	33968.900	24857.500	(9167.100)
long-term borrowings	153556.100	135409.600	152070.100
Short term borrowings	0.000	0.000	0.000
Total borrowings	153556.100	135409.600	152070.100
Debt/Equity ratio	4.520	5.447	-16.589

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	30208.700	40379.400	14124.300
		33.668	(65.021)

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	30208.700	40379.400	14124.300
Profit	(30062.300)	(9111.400)	(34024.600)
	(99.52%)	(22.56%)	(240.89%)

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	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	No
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

OPERATIONAL REVIEW:

During the year, the Company has successfully completed the fifth year of commercial operations of Kakinada – Hyderabad – Ahmedabad Gas Pipeline [East West Pipeline (“EWPL”)].

However, during the year, the Company continued to face the unprecedented challenge of capacity underutilization of EWPL. There has been a steady reduction in flow of gas for transportation by EWPL from Krishna Godavari (KG) basins, due to which the quantum of gas transported during the year, that was sourced from KG basins, is only 13 MMSCMD as against corresponding average quantity of gas of 40 MMSCMD transported in earlier four years. Compounded with the problem of reduced flow, the inlet pressure of gas from Onshore Terminal of KGD6 to EWPL dropped substantially resulting in operating the compressors very close to their minimum suction pressure. In spite of the above, Company continued to honour its commitment of transporting all the gas delivered in to EWPL, without any curtailment keeping in view the larger interest of shippers.

EWPL transported over 7.37 Billion Standard Cubic Meters (SCM) during the year. On a cumulative basis, 72.67 Billion SCM of gas has been transported since commencement of commercial operations. With such drastic reduction in key parameters of EWPL steadystate operation, your Company has submitted proposal of capacity reassessment to the Petroleum and Natural Gas Regulatory Board (PNGRB) in compliance with capacity regulations, which mandate periodic capacity reassessment in the event of +/- 10% change in the key parameters like entry point pressure and flow, amongst others. The proposals for the period financial year 2010-11 to financial year 2013-14 submitted by the Company are by the PNGRB, .

The Company continues its certification under ISO 9001:2008, ISO 14001:2004, and OSHAS 18001:2007 (Integrated Management System) which is the testimony to its commitment to the best industry practices in all facets of operation and maintenance.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Debenture	25000.000	25000.000
Loans and advances from related parties	54047.800	43353.500
Other Loans and advances	17466.200	0.000
Total	96514.000	68353.500

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10300743	16/03/2012 *	1,500,000,000.00	Axis Bank Limited	Axis House C-2, Wadia International Centre, PB  Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	B35789031
2	10300742	16/03/2012 *	20,000,000,000.00	Axis Bank Limited	Axis House, C-2, Wadia International Centre, PB  Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA	B35791508
3	10148532	16/03/2012 *	10,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA	B36824035
4	10088348	16/03/2012 *	2,437,200,000.00	Axis Bank Limited	Axis House, C-2, Wadia International Centre, PB  Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	B36197929
5	10059276	16/03/2012 *	79,562,800,000.00	Axis Bank Limited	Axis House, C-2, Wadia International Centre, PB  Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	B36191492

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Other equipments

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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. 63.58
UK Pound	1	Rs. 99.98
Euro	1	Rs. 79.39

INFORMATION DETAILS

Information Gathered by :	HEN
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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		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.