MIRA INFORM REPORT

Report Date :

03.01.2014

IDENTIFICATION DETAILS

Name :	PARASAKTI CEMENT INDUSTRIES LIMITED (w.e.f. 10.02.2003)
Formerly Known As :	CHOLA CEMENT INDUSTRIES LIMITED (w.e.f. 13.09.2001) CHOLA CEMENT LIMITED
Registered Office :	Plot # 8-3-214/21, Srinivasa Nagar Colony (West), Hyderabad – 500 038, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.05.1993
Com. Reg. No.:	01-015764
Capital Investment / Paid-up Capital :	Rs.264.000 millions
CIN No.: [Company Identification No.]	U26942AP1993PLC015764
PAN No.: [Permanent Account No.]	AABCC4801D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling of cement.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 4763000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears sharp dip in profit of the company during financial year 2013. However, general financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March, 2013

Rating Agency Name	ICRA
Rating	Non-Fund Based Facilities: A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	March, 2013

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. KKV Prasad
Designation :	Accounts Manager
Contact No.:	91-9949470507
Date :	31.12.2013

LOCATIONS

Registered Office :	Plot # 8-3-214/21, Srinivasa Nagar Colony (West), Hyderabad – 500 038, Andhra Pradesh
Tel. No.:	91-40-44119100/ 200/ 23745361
Mobile No.:	91-9949470507 (Mr. Prasad)
Fax No.:	91-40-44119199/ 23747562
E-Mail :	info@parasakticement.com cs@parasakticement.com
Website :	http://parasakticement.com
Area :	4000 sq. ft.
Location :	Rented
Head Office :	Jettipalem (V & P) - 522 421, Rentachintala (Mandal), Guntur (District), Andhra Pradesh, India
Tel. No.:	91-863-2344600
Fax No.:	91-863-2344600
E-Mail :	works@parasakticement.com
Area :	700 acres
Location :	Owned
Marketing Branch Offices :	Located at: · Guntur · Vijaywada · Ongole · Tirupati · Kurnool · Nalgonda · Rajahmundry · Visakhapatanam · Katpadi · Chennai · Bangalore

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Munikrishna Papagari

Designation :

Managing Director

Address :

H. No.8-2-293/82/JIII/392, Plot No.392, Phase-III, Road No.81, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India

Date of Birth/Age :

01.02.1944

Qualification :

B.E.

Experience :

46 Years

Date of Appointment :

18.12.2000

PAN No.:

ADFPP2190L

DIN No.:

00011580

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	U26942AP1991PLC013359	PENNA CEMENT INDUSTRIES LIMITED	Director	10/02/1992	10/02/1992	-	Active	NO
2	U65993AP1995PTC022421	SUBHADRA INVESTMENTS PRIVATE LIMITED	Director	29/11/1995	29/11/1995	-	Active	NO
3	U17110AP1995PLC021374	MYK SPINNING INDUSTRIES LIMITED	Managing director	01/04/2011	24/07/1996	-	Active	NO
4	U51909AP1998PLC029396	REITZ INDIA LIMITED	Director	13/05/1998	13/05/1998	-	Active	NO
5	U26942AP1978PLC002288	RAASI CEMENT LIMITED	Director	04/06/1998	04/06/1998	15/03/2008	Active	NO
6	U72200AP1998PTC029812	POINTSOFT PRIVATE LIMITED	Director	23/07/1998	23/07/1998	19/09/2007	Active	NO
7	U01122AP1992PTC014781	SHREE SAI GARDENS PRIVATE LIMITED	Director	25/08/1999	25/08/1999	-	Active	NO
8	U99999AP1999PTC031624	MYK LATICRETE INDIA PRIVATE LIMITED	Director	21/10/1999	21/10/1999	-	Active	NO
9	U26942AP1993PLC015764	PARASAKTI CEMENT INDUSTRIES LIMITED	Managing director	18/12/2000	18/12/2000	-	Active	NO
10	U24114AP2006PTC050128	MYK SCHOMBURG INDIA PRIVATE LIMITED	Director	16/05/2006	16/05/2006	-	Active	NO
11	U65990AP2008PTC061323	MYK HOLDINGS PRIVATE LIMITED	Director	07/10/2008	07/10/2008	-	Active	NO

Name :

Mr. Yashwanth Krishna Papagari

Designation :

Whole-Time Director

Address :

Flat No.2E, H.No.8-2-415/1-5, Road No.4, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

24.10.1976

Qualification :

Graduate

Date of Appointment :

29.06.2009

PAN No.:

AJXPP5472H

DIN No.:

00018320

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	U74210AP1995PTC022179	MYK ENGINEERING PRIVATE LIMITED	Director	29/09/1998	29/09/1998	21/09/2009	Active	NO
2	U72200AP1998PTC029812	POINTSOFT PRIVATE LIMITED	Director	12/01/2004	12/01/2004	19/09/2007	Active	NO
3	U14106AP2000PLC035749	TURBO CEMENT LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
4	U74210AP1992PTC014782	TURBOVENT INDUSTRIES PRIVATE LIMITED	Managing director	26/08/2006	26/08/2006	-	Active	NO
5	U17110AP1995PLC021374	MYK SPINNING INDUSTRIES LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
6	U65993AP1995PTC022421	SUBHADRA INVESTMENTS PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
7	U26942AP1993PLC015764	PARASAKTI CEMENT INDUSTRIES LIMITED	Whole-time director	29/06/2009	29/09/2006	-	Active	NO
8	U65990AP2008PTC061323	MYK HOLDINGS PRIVATE LIMITED	Director	07/10/2008	07/10/2008	-	Active	NO
9	U29253AP2009PTC065731	TURBOLARON INDUSTRIES (INDIA) PRIVATE LIMITED	Director	09/11/2009	09/11/2009	-	Active	NO
10	U29253AP2010PTC066932	TURBO ROTOLOK INDUSTRIES (INDIA) PRIVATE LIMITED	Director	05/02/2010	05/02/2010	-	Active	NO
11	U29199AP2012PTC083528	TURBOKOPAR INDUSTRIES INDIA PRIVATE LIMITED	Director	10/10/2012	10/10/2012	-	Active	NO

Name :

Mr. Muralidhar Yadama

Designation :

Director

Address :

A/4, Trendset Ville, Road No.3, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

16.04.1972

Qualification :

Graduate

Date of Appointment :

30.09.2005

DIN No.:

00034952

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	U72200AP1998PTC029812	POINTSOFT PRIVATE LIMITED	Director	23/07/1998	23/07/1998	19/09/2007	Active	NO
2	U99999AP1999PTC031624	MYK LATICRETE INDIA PRIVATE LIMITED	Managing director	04/05/1999	04/05/1999	-	Active	NO
3	U40101AP2001PTC036228	PARUSHNI POWER PRIVATE LIMITED	Director	15/02/2001	15/02/2001	-	Active	NO
4	U51909AP1998PLC029396	REITZ INDIA LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
5	U17110AP1995PLC021374	MYK SPINNING INDUSTRIES LIMITED	Director	25/08/2003	25/08/2003	-	Active	NO
6	U28999AP2004PTC043454	BEMCI INDUSTRIES PRIVATE LIMITED	Director	10/06/2004	10/06/2004	-	Active	NO
7	U26942AP1993PLC015764	PARASAKTI CEMENT INDUSTRIES LIMITED	Director	30/09/2005	05/05/2005	-	Active	NO
8	U24110AP2006PTC049719	MYK INDUSTRIES PRIVATE LIMITED	Director	04/04/2006	04/04/2006	-	Active	NO
9	U24114AP2006PTC050128	MYK SCHOMBURG INDIA PRIVATE LIMITED	Director	16/05/2006	16/05/2006	-	Active	NO
10	U65990AP2008PTC061323	MYK HOLDINGS PRIVATE LIMITED	Director	07/10/2008	07/10/2008	-	Active	NO
11	U24299AP2010PTC068258	MYK CEMENT PRIVATE LIMITED	Director	04/05/2010	04/05/2010	-	Active	NO
12	U74120AP2011PTC074666	PRO-TEAM BUILDING SYSTEMS (INDIA) PRIVATE LIMITED	Director	25/05/2011	25/05/2011	-	Active	NO
13	U29100AP2011PTC074919	MYK TOOLS PRIVATE LIMITED	Director	09/06/2011	09/06/2011	-	Active	NO
14	U51909WB2010PTC149734	TOP CLASS VINIMAY PRIVATE LIMITED	Director	20/03/2012	20/03/2012	28/03/2012	Active	NO
15	U40106DL2012PTC236615	SUGANDHA POWER INFRATECH PRIVATE LIMITED	Director	29/05/2012	29/05/2012	-	Strike off	NO
16	U40300AP2012PTC084712	VAIBHAV JYOTI POWER UTILITY SERVICES PRIVATE LIMITED	Director	10/12/2012	10/12/2012	-	Active	NO
17	U40300AP2013PTC086322	SUGANDHA POWER INFRASTRUCTURE PRIVATE LIMITED	Director	14/03/2013	14/03/2013	-	Active	NO

Name :

Mr. Prathap Reddy Puttamreddy

Designation :

Director

Address :

8-2-309/M/1, Road No.14, Navodaya Colony, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

06.04.1958

Date of Appointment :

18.12.2000

DIN No.:

00093176

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	U65990AP1986PLC006362	P R CEMENT HOLDIINGS LIMITED	Director	07/04/1986	07/04/1986	-	Active	NO
2	U45200AP1989PLC010055	PIONEER HOLIDAY RESORRTS LIMITED	Director	26/05/1989	26/05/1989	-	Active	NO
3	U26942AP1991PLC013359	PENNA CEMENT INDUSTRIES LIMITED	Managing director	01/09/2012	24/10/1991	-	Active	NO
4	U40109AP1995PLC019352	TRIDENT POWER SYSTEMS LIMITED	Director	29/08/1997	29/08/1997	21/11/2011	Active	NO
5	U23209AP1998PLC028777	PIONEER REFINERY LIMITED	Director	22/01/1998	22/01/1998	18/10/2010	Active	NO
6	U40109AP1997PLC027846	SRIBA INDUSTTRIES LIMITED	Director	29/09/1999	29/09/1999	10/10/2010	Active	NO
7	U26942AP1993PLC015764	PARASAKTI CEMENT INDUSTRIES LIMITED	Director	18/12/2000	18/12/2000	-	Active	NO
8	U40109AP2001PLC038231	PIONEER GENCO LIMITED	Director	19/12/2001	19/12/2001	-	Active	NO
9	U40109AP2002PLC039289	PIONEER POWER CORPORATION LIMITED	Director	11/07/2002	11/07/2002	-	Active	NO
10	U40100AP1998PLC030368	PIONEER POWER LIMITED	Director	29/06/2012	05/09/2002	-	Active	NO
11	U24111AP1988PLC009231	ANDHRA PRADESH GAS POWER CORPORATION LIMITED	Director	23/12/2002	23/12/2002	-	Active	NO
12	U40101HP1994PLC014180	OM HYDROPOWER LIMITED	Director	08/09/2004	08/09/2004	29/06/2012	Active	NO
13	U45200AP2004PLC044828	PIONEER BUILDERRS LIMITED	Director	29/06/2012	09/12/2004	-	Active	NO
14	U60231AP2006PLC048786	P R ENERRGY HOLDING LIMITED	Director	16/01/2006	16/01/2006	29/06/2012	Active	NO
15	U27100AP2008PLC062127	PENNA STEELS LIMITED	Director	08/12/2008	08/12/2008	25/10/2010	Active	NO
16	U74999AP2007PLC053278	ANRAK ALUMINIUM LIMITED	Director	30/09/2010	03/12/2009	-	Active	NO
17	U26941AP2010PLC070651	PIONEER CEMENT INDUSTRIES LIMITED	Director	30/09/2010	30/09/2010	-	Active	NO
18	U45209AP2010PLC070693	ANRAK SEAPORTSS LIMITED	Director	04/10/2010	04/10/2010	-	Active	NO
19	U40300AP2012PLC084566	PIONEER JK HYDROPOWER LIMITED	Director	04/12/2012	04/12/2012	-	Active	NO

Name :

Mr. Sanka Ganapathi Rao

Designation :

Director

Address :

206, Sneha Enclave, 1144, Srinagar Colony, Hyderabad – 500 073, Andhra Pradesh, India

Date of Birth/Age :

08.02.1957

Date of Appointment :

29.09.2012

DIN No.:

00093579

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	U40109AP2002PLC039289	PIONEER POWER CORPORATION LIMITED	Director	11/07/2002	11/07/2002	-	Active	NO
2	U40100AP1998PLC030368	PIONEER POWER LIMITED	Director	19/05/2006	19/05/2006	-	Active	NO
3	U01134AP1966PLC001134	PENNA TANDUR CEMENT COMPANY LIMITED	Director	27/11/2006	27/11/2006	-	Amalgamated	NO
4	U74999AP2007PLC053278	ANRAK ALUMINIUM LIMITED	Whole-time director	01/04/2012	30/06/2008	-	Active	NO
5	U45209AP2010PLC070693	ANRAK SEAPORTSS LIMITED	Director	04/10/2010	04/10/2010	-	Active	NO
6	U26942AP1993PLC015764	PARASAKTI CEMENT INDUSTRIES LIMITED	Director	29/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Puttamreddy Venugopal Reddy

Designation :

Director

Address :

Plot No.702, Sriniketan Colony, Road 3, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

17.04.1953

Date of Appointment :

29.09.2012

DIN No.:

00094146

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	U40109AP1997PLC027846	SRIBA INDUSTTRIES LIMITED	Director	29/09/1999	29/09/1999	-	Active	NO
2	U72200AP2000PLC034155	E-VISION SOFTECH INDIA LIMITED	Director	31/03/2000	31/03/2000	-	Active	NO
3	U26942AP1991PLC013359	PENNA CEMENT INDUSTRIES LIMITED	Director	01/01/2001	01/01/2001	-	Active	NO
4	U40109AP2001PLC038231	PIONEER GENCO LIMITED	Director	19/12/2001	19/12/2001	-	Active	NO
5	U40100AP1998PLC030368	PIONEER POWER LIMITED	Director	05/09/2002	05/09/2002	-	Active	NO
6	U74120AP2003PLC040545	PIONEER THERMAL POWER CORPORATION LIMITED	Director	20/02/2003	20/02/2003	-	Active	NO
7	U26940AP1996PLC024558	SHRI VIJAY LAKSHMI INDUSTRIES LIMITED	Director	11/12/2003	11/12/2003	-	Amalgamated	NO
8	U45200AP2004PLC044828	PIONEER BUILDERRS LIMITED	Whole-time director	01/04/2010	09/12/2004	-	Active	NO
9	U60231AP2006PLC048786	P R ENERRGY HOLDING LIMITED	Director	16/01/2006	16/01/2006	-	Active	NO
10	U27100AP2008PLC062127	PENNA STEELS LIMITED	Director	08/12/2008	08/12/2008	-	Active	NO
11	U26941AP2010PLC070651	PIONEER CEMENT INDUSTRIES LIMITED	Director	30/09/2010	30/09/2010	-	Active	NO
12	U14220AP2011PLC072016	TRISHUL CEMENT INDUSTRIES INDIA LIMITED	Director	03/01/2011	03/01/2011	-	Active	NO
13	U40102AP2009PLC064620	LAKSHMI JALAVIDYUT (KRISHNA) LIMITED	Director	31/08/2012	16/07/2012	-	Active	NO
14	U26942AP1993PLC015764	PARASAKTI CEMENT INDUSTRIES LIMITED	Director	29/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Saumya Chaudhuri

Designation :

Nominee Director

Address :

B/212nd Maker Kundan, Juhu Tara Road, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

19.12.1969

Date of Appointment :

29.04.2011

DIN No.:

03559925

KEY EXECUTIVES

Name :	Mr. KKV Prasad
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Sashi Krishna Papagari	2434700
Munikrishna Papagari	1232800
Muralidhar Yadama	300700
Kirthi Krishna Yadama	16300
Subhadra Investments Private Limited, India	9197000
Yashwanth Krishna Papagari	18500
Penna Cement Industries Limited, India	13200000
Total	26400000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	84.84
Directors or relatives of directors	15.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and selling of cement.

Products :

Item Code No. (ITC Code)	25232910
Product Description	Cement

Brand Names :

PARASAKTI

Imports :

Products :

· Machinery

· Raw Materials

Countries :

· Muscat

· South Africa

· Australia

· Belgium

Terms :

Selling :

Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]:

Particulars	Unit	Installed Capacity	Actual Production
Cement	MTS	16,80,000	9,34,097

GENERAL INFORMATION

Suppliers :

· Singareni Collieries Company Limited, Hyderabad

Customers :

Wholesalers and Retailers

· Krishna Trading Company, Hyderabad

No. of Employees :

250 (Approximately)

Bankers :

· Industrial Development Bank of India Limited, # 5-9-89/1 and 2, Chapel Road, Specialized Corporate Branch, Hyderabad – 500 001, Andhra Pradesh, India

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

· State Bank of India, Industrial Finance Branch, Raj Bhavan Road, Hyderabad – 500 082, Andhra Pradesh, India

Facilities :

Total Facilities: Rs.450.000 millions (From State Bank of India)

Total Facilities: Rs.350.000 millions (From Industrial Development Bank of India Limited)

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	87.166	297.500
SHORT-TERM BORROWINGS
Working capital loans from banks	219.987	200.196
Total	307.153	497.696

Banking Relations :	--
Auditors :
Name :	C. Ramachandram and Company Chartered Accountants
Address :	3-6-237, 606, Lingapur La Builde Complex, Himayat Nagar, Hyderabad – 500 029, Andhra Pradesh, India
PAN No.:	AABFC4266H
Associates :	· MYK Spinning Industries Limited, India (CIN No.: U17110AP1995PLC021374) · Penna Cement Industries Limited, India (CIN No.: U26942AP1991PLC013359) · MYK Laticrete India Private Limited, India (CIN No.: U99999AP1999PTC031624) · MYK Schomburg India Private Limited · Turbovent Industries Private Limited, India (CIN No.: U74210AP1992PTC014782)

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
27000000	Equity Shares	Rs.10/- each	Rs.270.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26400000	Equity Shares	Rs.10/- each	Rs.264.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	264.000	264.000	264.000
(b) Reserves & Surplus	926.825	884.345	614.686
(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)	1190.825	1148.345	878.686
(3) Non-Current Liabilities
(a) Long-term borrowings	87.166	297.500	482.500
(b) Deferred tax liabilities (Net)	323.789	320.760	306.220
(c) Other long term liabilities	1091.464	1096.145	1042.556
(d) Long-term provisions	17.975	13.632	10.789
Total Non-current Liabilities (3)	1520.394	1728.037	1842.065
(4) Current Liabilities
(a) Short term borrowings	219.987	200.196	213.119
(b) Trade payables	289.035	135.555	113.964
(c) Other current liabilities	282.410	294.580	349.968
(d) Short-term provisions	63.385	101.650	99.587
Total Current Liabilities (4)	854.817	731.981	776.638
TOTAL	3566.036	3608.363	3497.389
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2437.289	2525.167	2580.127
(ii) Intangible Assets	2.953	0.000	0.000
(iii) Capital work-in-progress	36.448	48.804	0.206
(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	0.000	0.000	0.000
(e) Other Non-current assets	96.908	71.966	133.599
Total Non-Current Assets	2573.598	2645.937	2713.932
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	354.150	260.101	247.011
(c) Trade receivables	347.066	229.220	248.432
(d) Cash and cash equivalents	96.257	216.835	70.408
(e) Short-term loans and advances	13.485	56.603	85.861
(f) Other current assets	181.480	199.667	131.745
Total Current Assets	992.438	962.426	783.457
TOTAL	3566.036	3608.363	3497.389

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	3483.414	3931.098	2925.268
		Other Income	9.607	8.609	5.264
		TOTAL (A)	3493.021	3939.707	2930.532
			(Due to market fluctuation)
Less	EXPENSES
		Cost of materials consumed	385.987	400.208	321.387
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(54.984)	49.288	(13.327)
		Employee benefit expense	177.124	147.942	105.605
		Other expenses	2622.441	2560.356	2044.428
		TOTAL (B)	3130.568	3157.794	2458.093
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		362.453	781.913	472.439
Less	FINANCIAL EXPENSES (D)		90.677	130.936	167.872
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		271.776	650.977	304.567
Less/ Add	DEPRECIATION/ AMORTISATION (F)		150.548	149.552	142.131
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		121.228	501.425	162.436
Less	TAX (H)		32.418	155.059	57.919
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		88.810	346.366	104.517
	APPROPRIATIONS
		Transferred to General Reserve	4.441	34.637	7.839
		Provision for Proposed Dividend	39.600	66.000	52.800
		Provision for Tax on Proposed Dividend	6.730	10.707	8.565
	SURPLUS CARRIED TO THE B/S		38.039	235.021	134.104
	IMPORTS
		Capital Goods	1.551	3.735	NA
		Fuel (Coal)	118.276	0.000	NA
	TOTAL IMPORTS		119.827	3.735	NA
	Earnings / (Loss) Per Share (Rs.)		3.36	13.12	3.96

Expected Sales (2013-2014): Rs.4500.000 millions

The above information has been parted by Mr. KKV Prasad (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.54	8.79	3.57
Net Profit Margin (PBT/Sales)	(%)	3.48	12.76	5.55
Return on Total Assets (PBT/Total Assets}	(%)	3.43	14.09	4.64
Return on Investment (ROI) (PBT/Networth)		0.10	0.44	0.18
Debt Equity Ratio (Total Debt/Networth)		0.26	0.43	0.79
Current Ratio (Current Asset/Current Liability)		1.16	1.31	1.01

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
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	Yes
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	10307097	30/08/2011	24,301,296.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B20931473
2	10069174	31/12/2012 *	250,000,000.00	IDBI BANK LIMITED	#5-9-89/1&2, CHAPEL ROAD, SPECIALIZED CORPORATE BRANCH, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	B68463538
3	10068294	28/12/2007 *	485,000,000.00	INDUSTRIAL DEVELOPEMENT BANK OF INDIA	MAIN BRANCH, 5-9-89/1&2, CHAPEL ROAD, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	A30365068
4	10068296	24/02/2011 *	465,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA	B08727299
5	90136366	03/01/2013 *	408,500,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD, HYDERABAD, ANDHRA PRADESH - 500082, INDIA	B66117375

* Date of charge modification

OPERATIONS AND PERFORMANCE:

During the period, the Company achieved a gross turnover of Rs.4778.116 millions and net profit of Rs.88.810 millions as against Rs.5362.963 millions and Rs.346.366 millions respectively in previous year. The Cement production decreased to 1031004 MT in current year compared to 1094141 MT in the previous year.

TRADE REFERENCES:

· Krishna Trading Company, Hyderabad

· Singareni Collieries Company Limited, Hyderabad

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Bank Guarantees and Other	10.188	12.045

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Computer Equipments

Intangible Assets

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.90
UK Pound	1	Rs.102.74
Euro	1	Rs.85.15

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.