MIRA INFORM REPORT

Report Date :

08.07.2014

IDENTIFICATION DETAILS

Name :	USHA INTERNATIONAL LIMITED (w.e.f. 20.06.2008)
Formerly Known As :	THE JAY ENGINEERING WORKS LIMITED THE JAY ENGINEERING WORKS PRIVATE LIMITED
Registered Office :	19, Kasturba Gandhi Marg, New Delhi – 110 001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.11.1935
Com. Reg. No.:	55-007123
Capital Investment / Paid-up Capital :	Rs.479.837 millions
CIN No.: [Company Identification No.]	U74210DL1935PLC007123
TAN No.: [Tax Deduction & Collection Account No.]	DELU02431C
PAN No.: [Permanent Account No.]	AAACU0032B AAACT0066A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacture, marketing, and sale of electric fans, sewing machines, home appliances, electric motors and pumps, drinking water coolers and dispensers, and auto products.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 11120000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. The rating reflects UIL’s established position in the consumer durables market supported by its brand franchise, extensive distribution network, sound liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before. A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two. While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs.2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based Limits: A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	August, 2013

Rating Agency Name	ICRA
Rating	Non-Fund Based Limits: A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	August, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-124-4583100)

LOCATIONS

Registered Office :	19, Kasturba Gandhi Marg, New Delhi – 110 001, India
Tel. No.:	91-11-23318114
Fax No.:	91-11-23318118 / 23318119
E-Mail :	manoj_agrawal@ushainternational.com shankar_jee@ushainternational.com exports@ushainternational.com manish_gupta2@ushainternational.com
Website :	http://www.ushainternational.com
Head Quarters	Plot No.15, Institutional Area, Sector-32, Gurgaon – 122 001, Haryana, India
Tel. No.:	91-124-4583100
Fax No.:	91-124-4583200/ 2883300
Email :	corporate@ushainternational.com
Regional Office 1 :	Balanagar Township, Hyderabad – 500 037, Telangana, India
Tel. No.:	91-40-23078900
Regional Office :	Also located at: · Ahmedabad · Bangalore · Chennai · Cuttack · Ernakulam · Ghaziabad · Guwahati · Indore · Jaipur · Jalandhar · Kolkata · Lucknow · Mumbai · Delhi · Patna
Overseas Office :	Located at: · China · Sri Lanka

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Krishna Shriram

Designation :

Whole Time Director

Address :

D-46, Malcha Marg, New Delhi – 110 021, India

Date of Birth/Age :

03.06.1970

Qualification :

B.A. (English Hons) from St. Stephens College, Delhi University

Date of Appointment :

01.06.2011

DIN No.:

00031783

PAN No.:

AABPS4899L

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	U00000DL1990PTC039388	HURRYKRISHNA VENTURE PRIVATE LIMITED	Director	26-02-1998	26-02-1998	-	Active	NO
2	U67120DL2003PLC118675	SIEL HOLDINGS LIMITED	Director	20-08-2007	24-04-2007	-	Amalgamated	NO
3	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Whole-time director	01-06-2011	30-07-2008	-	Active	NO
4	U73200UP1997PTC023702	H-ONE INDIA PRIVATE LIMITED	Director	26-09-2008	26-08-2008	-	Active	NO
5	U40105DL1998PTC094903	VV SERVOTECH PRIVATE LIMITED	Director	20-10-2010	20-10-2010	-	Active	NO

Name :

Mr. Siddharth Shriram

Designation :

Director

Address :

No.3A, Chitrakoot, The Green, Opposite Air Force Station, Rajokari, New Delhi – 110 038, India

Date of Birth/Age :

18.01.1945

Graduate from St. Stephen’s College, Delhi University M. SC. In Management from MIT, USA, as a Sloan Fellow

Date of Appointment :

30.08.1996

DIN No.:

00027750

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	L40103DL2004PLC203950	HONDA SIEL POWER PRODUCTS LIMITED	Director	19-09-1985	19-09-1985	-	Active	NO
2	U27109DL1901PLC022060	HONDA SIEL POWER PRODUCTS LIMITED	Director	19-09-1985	19-09-1985	-	Not Available for eFiling	NO
3	U74999WB1996PTC202298	CERATIZIT INDIA PRIVATE LIMITED	Director	22-01-1996	22-01-1996	18-09-2013	Active	NO
4	L74899DL1954PLC002985	USHA INTERNATIONAL LIMITED	Director	28-05-1996	28-05-1996	-	Amalgamated	NO
5	U51909DL1980PTC010166	MADAN SHREE ENTERPRISES PRIVATE LIMITED	Director	21-08-1996	21-08-1996	-	Dormant	NO
6	U74899DL1958PTC002892	M.S.R. ENTERPRISES PRIVATE LIMITED	Director	21-08-1996	21-08-1996	-	Amalgamated	NO
7	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	30-08-1996	30-08-1996	-	Active	NO
8	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Nominee director	29-12-1997	29-12-1997	09-08-2012	Active	NO
9	L15421DL2002PLC118184	MAWANA SUGARS LIMITED	Managing director	01-10-2006	26-12-2002	-	Amalgamated	NO
10	U67120DL2003PLC118675	SIEL HOLDINGS LIMITED	Director	28-01-2003	28-01-2003	24-04-2007	Amalgamated	NO
11	L74100DL1961PLC003413	MAWANA SUGARS LIMITED	Managing director	15-10-2012	30-09-2003	-	Active	NO
12	U59199DL2003PLC122772	SHRIRAM FUEL INJECTION INDUSTRIES LIMITED	Director	22-10-2003	22-10-2003	-	Amalgamated	NO
13	U65993DL1989PTC035857	PERENNIAL INVESTMENTS PRIVATE LIMITED	Director	09-01-2004	09-01-2004	-	Amalgamated	NO
14	U67120DL2005PTC139480	ZAFIRA HOLDINGS PRIVATE LIMITED	Director	09-08-2005	09-08-2005	-	Dormant	NO
15	U74899DL2006PTC144412	MAWANA FOODS PRIVATE LIMITED	Director	03-01-2006	03-01-2006	-	Active	NO
16	U51109DL1984PTC195049	GREENFIELDS COMMERCIAL PRIVATE LIMITED	Director	24-08-2007	23-08-2006	-	Amalgamated	NO
17	U40105DL1998PTC094903	VV SERVOTECH PRIVATE LIMITED	Director	20-08-2007	04-09-2006	-	Active	NO
18	U45209DL1994PLC057359	SIEL INDUSTRIAL ESTATE LIMITED	Director	28-09-2011	25-10-2010	-	Active	NO
19	U74899DL1985PTC021191	SIEL INFRASTRUCTURE AND ESTATE DEVELOPERS PRIVATE LIMITED	Director	20-06-2012	19-06-2012	-	Active	NO
20	U70200DL2014PTC265529	USHA HEIGHTS PRIVATE LIMITED	Director	27-02-2014	27-02-2014	-	Active	NO

Name :

Ms. Chhaya Shriram

Designation :

Whole Time Director

Address :

D-46, Malcha Marg, New Delhi – 110 021, India

Date of Birth/Age :

18.02.1969

Qualification :

B.A. (History Hons.) from St. Stephens College, Delhi University M.A. Columbia University New York, U.S.A.

Date of Appointment :

01.04.2012

DIN No.:

00027813

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	U51109DL1984PTC195049	GREENFIELDS COMMERCIAL PRIVATE LIMITED	Director	20-06-2002	20-06-2002	-	Amalgamated	NO
2	L74899DL1954PLC002985	USHA INTERNATIONAL LIMITED	Whole-time director	21-10-2007	11-08-2003	-	Amalgamated	NO
3	U59199DL2003PLC122772	SHRIRAM FUEL INJECTION INDUSTRIES LIMITED	Director	22-10-2003	22-10-2003	-	Amalgamated	NO
4	U65993DL1989PTC035857	PERENNIAL INVESTMENTS PRIVATE LIMITED	Director	20-01-2006	20-01-2006	-	Amalgamated	NO
5	U74899DL1958PTC002892	M.S.R. ENTERPRISES PRIVATE LIMITED	Director	20-01-2006	20-01-2006	-	Amalgamated	NO
6	U67120DL2003PLC118675	SIEL HOLDINGS LIMITED	Director	29-09-2008	17-02-2006	-	Amalgamated	NO
7	U51909DL1980PTC010166	MADAN SHREE ENTERPRISES PRIVATE LIMITED	Director	23-08-2006	23-08-2006	-	Dormant	NO
8	U40105DL1998PTC094903	VV SERVOTECH PRIVATE LIMITED	Director	20-08-2007	04-09-2006	20-10-2010	Active	NO
9	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Whole-time director	01-04-2012	23-06-2008	-	Active	NO

Name :

Mr. Pramod Kumar Bhalla

Designation :

Director

Address :

House No.3509, DLF Phase IV, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

08.07.1952

B.Sc., LLB, FCS

Date of Appointment :

29.09.2008

DIN No. :

00035955

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	L74100DL1961PLC003413	MAWANA SUGARS LIMITED	Director	01-10-2000	01-10-2000	15-10-2007	Active	NO
2	U67120DL2003PLC118675	SIEL HOLDINGS LIMITED	Director	20-08-2007	24-04-2007	-	Amalgamated	NO
3	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	29-09-2008	30-10-2007	-	Active	NO
4	U45209DL1994PLC057359	SIEL INDUSTRIAL ESTATE LIMITED	Director	28-09-2011	25-10-2010	-	Active	NO
5	U74899DL1985PTC021191	SIEL INFRASTRUCTURE AND ESTATE DEVELOPERS PRIVATE LIMITED	Director	20-06-2012	19-06-2012	-	Active	NO
6	U74899DL2006PTC144412	MAWANA FOODS PRIVATE LIMITED	Director	27-09-2013	25-09-2013	-	Active	NO
7	U70200DL2014PTC265529	USHA HEIGHTS PRIVATE LIMITED	Director	27-02-2014	27-02-2014	-	Active	NO

Name :

Mr. Anil Kumar Jain

Designation :

Director

Address :

C-2, Sector 20, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

18.03.1951

B.Com (Hons.) AICWA, CISA

Date of Appointment :

29.09.2008

DIN No.:

00027911

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	L74899DL1954PLC002985	USHA INTERNATIONAL LIMITED	Director	29-09-1997	29-09-1997	-	Amalgamated	NO
2	U72200DL2002PTC115459	TRUSTED INFO SYSTEMS PRIVATE LIMITED	Director	21-05-2002	21-05-2002	-	Active	NO
3	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	29-09-2008	23-06-2008	-	Active	NO
4	L92114DL1976PLC008355	COSMO FILMS LIMITED	Whole-time director	24-05-2011	24-05-2011	-	Active	NO
5	L27106HP1985PLC006378	COSMO FERRITES LIMITED	Director appointed in casual vacancy	12-08-2011	12-08-2011	-	Active	NO

Name :

Mr. Anand Kumar Chowdhury

Designation :

Director

Address :

R-749, Ground Floor, New Rajendra Nagar, New Delhi – 110 060, India

Date of Birth/Age :

04.04.1944

M.A.

Date of Appointment :

29.09.2008

DIN No. :

00044601

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	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	29-09-2008	04-04-2002	-	Active	NO
2	U59199DL2003PLC122772	SHRIRAM FUEL INJECTION INDUSTRIES LIMITED	Director	22-10-2003	22-10-2003	-	Amalgamated	NO

Name :

Mr. Vinod Kumar Wazir

Designation :

Director

Address :

C-515, Defence Colony, New Delhi – 110 024, India

Date of Birth/Age :

07.07.1939

B.A. Physics and Mathematics B.E. Mechanical Engineering MIE, MIIF, MIIM Chartered Engineering

Date of Appointment :

29.09.2008

DIN No. :

01503448

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	U74899DL1991PTC045216	FUSION TRADING COMPANY PRIVATE LIMITED	Director	01-08-1991	01-08-1991	-	Active	NO
2	U74899DL1994PTC058477	FUSION AURO AGENCIES PRIVAQTE LIMITED	Director	19-04-1994	19-04-1994	-	Active	NO
3	U74899DL1995PTC074432	WBW CONSULTANTS PRIVATE LIMITED	Director	07-12-1995	07-12-1995	-	Strike off	NO
4	L74899DL1954PLC002985	USHA INTERNATIONAL LIMITED	Additional director	21-08-2006	21-08-2006	-	Amalgamated	NO
5	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	29-09-2008	23-06-2008	-	Active	NO

Name :

Mr. Nandan Kumar Goila

Designation :

Director

Address :

A-65/1, SFS Flats Saket, New Delhi – 110 017, India

Date of Birth/Age :

14.04.1947

B. Tech (Mech. Engineering) IIT, Delhi MBA, FMS, Delhi University

Date of Appointment :

30.08.1996

DIN No.:

00025007

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	U74210DL1935PLC007123	USHA INTERNATIONAL LIMITED	Director	30-08-1996	30-08-1996	-	Active	NO
2	U15114DL1995PLC203983	HONDA CARS INDIA LIMITED	Nominee director	09-01-2001	09-01-2001	14-04-2008	Active	NO
3	L74899DL1954PLC002985	USHA INTERNATIONAL LIMITED	Director	11-08-2003	11-08-2003	-	Amalgamated	NO
4	L15421DL2002PLC118184	MAWANA SUGARS LIMITED	Director	27-09-2003	27-09-2003	-	Amalgamated	NO
5	U59199DL2003PLC122772	SHRIRAM FUEL INJECTION INDUSTRIES LIMITED	Director	22-10-2003	22-10-2003	-	Amalgamated	NO
6	U67120DL2003PLC118675	SIEL HOLDINGS LIMITED	Director	18-02-2004	18-02-2004	24-04-2007	Amalgamated	NO
7	L74100DL1961PLC003413	MAWANA SUGARS LIMITED	Director	21-07-2006	31-03-2006	13-05-2013	Active	NO
8	U34102UP2006FTC032370	HONDA MOTOR INDIA PRIVATE LIMITED	Director	15-10-2007	18-09-2006	13-04-2008	Active	NO
9	U45209DL1994PLC057359	SIEL INDUSTRIAL ESTATE LIMITED	Director	28-09-2011	25-10-2010	25-06-2013	Active	NO
10	U70200DL2014PTC265529	USHA HEIGHTS PRIVATE LIMITED	Additional director	18-03-2014	18-03-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish Gupta
Designation :	Secretary
Address :	House No.301/37, Heritage Colony, Gurgaon – 122 001, Haryana, India
Date of Birth/Age :	06.01.1974
Date of Appointment :	14.08.2013
PAN No.:	AFMPG6388J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

Names of Shareholders	No. of Shares
Krishna Shriram	18139810
Enterprise Trust, India	14847028
Zafira Trust, India	203
Zafira Trust, India	14395897
Chhaya Shriram	600364
Siddharth Shriram	117
Terrestrial Market Private Limited, India	295
Pramod Kumar Bhalla	1
Total	47983715

AS ON 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	39.05
Other top fifty shareholders	60.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture, marketing, and sale of electric fans, sewing machines, home appliances, electric motors and pumps, drinking water coolers and dispensers, and auto products.

Products :

Item Code No. (ITC Code)	84145120
Product Description	Ceiling Fans
Item Code No. (ITC Code)	84521022
Product Description	Hand Operated
Item Code No. (ITC Code)	84137010
Product Description	Pumps for primarily designed for water

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

· IDBI Bank Limited, Videocon Tower, 1^st Floor, E-1, Jhandewalan Extension, New Delhi – 110 055, India

· IDBI Bank Limited, 3^rd Floor, Indian Red Cross Society Building, 1 Red Cross Road, New Delhi – 110 001, India

· Bank of Baroda, Corporate Financial Services Branch, Bank of Baroda Building, Ground Floor, 16, Parliament Street, New Delhi – 110 001, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	956.926	1231.657
Rupee term loans from others	38.709	199.999
SHORT-TERM BORROWINGS
Working capital loans from banks	698.197	306.862
Loans repayable on demand from banks	0.000	399.998
Other loans and advances	1739.215	1456.235
Total	3433.047	3594.751

Banking Relations :	--
Auditors :
Name :	Thakur Vaidyanath Aiyar and Company Chartered Accountants
Address :	221-223, Deen Dayal Marg, New Delhi – 110 002, India
PAN No.:	AAAFT3096M
Fellow Subsidiary Company :	Guangzhou Usha International Limited, China
Subsidiaries Companies :	· Mawana Sugars Limited, India (CIN No.: L15421DL2002PLC118184) · Mawana Foods Limited, India (CIN No.: U74899DL2006PLC144412) · Siel Infrastructure and Estate Developers Private Limited, India (CIN No.: U74899DL1985PTC021191) · Siel Industrial Estate Limited, India (CIN No.: U45209DL1994PLC057359) · Siel Financial Services Limited, India (CIN No.: L65999MP1990PLC007674)

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
47983715	Equity Shares	Rs.10/- each	Rs.479.837 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	479.837	485.837
(b) Reserves & Surplus	2299.780	1855.678
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2779.617	2341.515
(3) Non-Current Liabilities
(a) Long-term borrowings	995.635	1431.656
(b) Deferred tax liabilities (Net)	117.384	82.474
(c) Other long term liabilities	103.205	94.462
(d) Long-term provisions	34.141	29.492
Total Non-current Liabilities (3)	1250.365	1638.084
(4) Current Liabilities
(a) Short term borrowings	2440.570	2166.253
(b) Trade payables	1266.435	1357.920
(c) Other current liabilities	1414.667	1364.828
(d) Short-term provisions	99.483	95.108
Total Current Liabilities (4)	5221.155	4984.109
TOTAL	9251.137	8963.708
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1517.314	1498.976
(ii) Intangible Assets	995.239	1068.040
(iii) Capital work-in-progress	31.523	3.608
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	986.912	1669.941
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	161.853	141.967
(e) Other Non-current assets	1.015	1.198
Total Non-Current Assets	3693.856	4383.730
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3089.785	2479.631
(c) Trade receivables	1770.573	1402.196
(d) Cash and cash equivalents	479.988	409.885
(e) Short-term loans and advances	146.534	232.744
(f) Other current assets	70.401	55.522
Total Current Assets	5557.281	4579.978
TOTAL	9251.137	8963.708

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		485.837
2] Share Application Money		0.000
3] Reserves & Surplus		1750.302
4] (Accumulated Losses)		0.000
NETWORTH		2236.139
LOAN FUNDS
1] Secured Loans		2357.719
2] Unsecured Loans		95.024
TOTAL BORROWING		2452.743
DEFERRED TAX LIABILITIES		14.967
TOTAL		4703.849
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1495.071
Capital work-in-progress		755.519
INVESTMENT		1448.687
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2251.825
	Sundry Debtors	1090.008
	Cash & Bank Balances	500.155
	Other Current Assets	1.084
	Loans & Advances	297.267
Total Current Assets		4140.339
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2342.089
	Other Current Liabilities	671.565
	Provisions	122.113
Total Current Liabilities		3135.767
Net Current Assets		1004.572
MISCELLANEOUS EXPENSES		0.000
TOTAL		4703.849

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	18901.863	15604.200	12980.817
		Other Income	191.802	166.770	120.987
		TOTAL (A)	19093.665	15770.970	13101.804
Less	EXPENSES
		Cost of materials consumed	1174.428	876.580	927.347
		Purchases of stock-in-trade	11858.611	9483.410	8867.666
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(547.965)	(153.587)	(1171.501)
		Employee benefit expense	1306.155	1039.013	846.832
		Other expenses	4529.436	3617.384	2885.886
		Exceptional items	(958.309)	0.000	0.000
		TOTAL (B)	17362.356	14862.800	12356.230
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1731.309	908.170	745.574
Less	FINANCIAL EXPENSES (D)		409.013	406.097	100.758
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1322.296	502.073	644.816
Less/ Add	DEPRECIATION/ AMORTISATION (F)		289.499	257.936	104.538
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1032.797	244.137	540.278
Less	TAX (H)		261.153	74.979	163.041
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		771.644	169.158	377.237
	Earnings / (Loss) Per Share (Rs.)		16.08	3.00	7.76

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.04	1.07	2.88
Net Profit Margin (PBT/Sales)	(%)	5.46	1.56	4.16
Return on Total Assets (PBT/Total Assets}	(%)	12.55	3.35	9.59
Return on Investment (ROI) (PBT/Networth)		0.37	0.10	0.24
Debt Equity Ratio (Total Debt /Networth)		1.24	1.54	1.10
Current Ratio (Current Asset/Current Liability)		1.06	0.92	1.32

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)
Share Capital	485.837	479.837
Reserves & Surplus	1855.678	2299.780
Share Application money pending allotment	0.000	0.000
Net worth	2341.515	2779.617
Long-term borrowings	1431.656	995.635
Short term borrowings	2166.253	2440.570
Total borrowings	3597.909	3436.205
Debt/Equity ratio	1.537	1.236

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	12980.817	15604.200	18901.863
		20.210	21.133

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	12980.817	15604.200	18901.863
Profit	377.237	169.158	771.644
	2.91%	1.08%	4.08%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

O.M.P. 832/2013

SHRIRAM PISTONS AND RINGS LIMITED

..... Petitioner

Through: Mr. T.K. Ganju, Sr. Adv. with Mr. Jayant K Mehta, Advocate

versus

USHA INTERNATIONAL LIMITED

..... Respondent

Through: Mr. Suhail Dutt, Sr. Adv. with Mr. Munindra Dvivedi, Divya Bhalla and Gargi Bhatt, Advocates

O.M.P. 833/2013

SHRIRAM PISTONS AND RINGS LIMITED

..... Petitioner

Through:

Versus

USHA INTERNATIONAL LIMITED

..... Respondent

Through:

CORAM:

HON'BLE MR. JUSTICE VIPIN SANGHI

ORDER

The arbitration record has been received. Counsels should inspect the record and flag the relevant documents. Both counsels shall jointly prepare a convenience file of the documents that they wish to rely upon and file the same before the next date. They shall also file a synopsis of their arguments not running into more than three pages each.

The original arbitral award in O.M.P. No.292/2010 and 293/2010 be tagged along with the present petition.

Adjourned to 07.08.2014.

VIPIN SANGHI, J

MAY 12, 2014

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10308512	01/09/2011	250,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES (LARGE CORPORATE) BRANCH, GROUND FLOOR, 16, PARLIAMENT STREET, NEW DELHI - 110001, INDIA	B21697131
2	10279378	29/11/2012 *	1,000,000,000.00	IDBI BANK LIMITED	VIDEOCON TOWER, 1ST FLOOR, E - 1, JHANDEWALAN EXTENSION, NEW DELHI - 110055, INDIA	B64814643
3	10278304	17/03/2011	400,000,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B09926643
4	10273113	10/02/2011	560,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES (LARGE CORPORATE) BRANCH, BANK OF BARODA BUILDING, 16, PARLIAMENT STREET, NEW DELHI - 110001, INDIA	B08478190
5	10231870	07/07/2010	100,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES (LARGE CORPORATE) BRANCH, GROUND FLOOR, 16, PARLIAMENT STREET, NEW DELHI - 110001, INDIA	A90607490
6	10199772	23/01/2010	250,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	GROUND FLOOR, VIDEOCON TOWER, E-1, RANI JHANSI ROAD, JHANDEWALAN EXTENSION, NEW DELHI - 110 055, INDIA	A77672400
7	90051388	28/09/2006 *	30,000,000.00	PUNJAB NATIONAL BANK	CMO, BANK STREET, ABIDS, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	-
8	90042721	21/02/2013 *	2,850,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES (LARGE CORPORATE) BRANCH, GROUND FLOOR, 16, PARLIAMENT STREET,, NEW DELHI - 110001, INDIA	B70779541
9	90042717	15/03/2000	25,000,000.00	BANK OF BARODA	CORPORATE BANKING BRANCH, 16; PARLIAMENT STREET, NEW DELHI, INDIA	-
10	80034967	23/04/2011 *	650,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	GROUND FLOOR, VIDEOCON TOWER, E-1, RANI JHANSI ROAD, JHANDEWALAN EXTENSION, NEW DELHI - 110 055, INDIA	B11487394

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Other loans and advances	3.158	3.158
Total	3.158	3.158

SUBSIDIARIES OF THE COMPANY:

The Company has five subsidiary companies viz. Mawana Sugars Limited* (Usha International Limited holds 66.64% equity shares of Mawana Sugars Limited), Siel Financial Services Limited* (Mawana Sugars Limited holds 93.56% equity shares of Siel Financial Services Limited), Mawana Foods Limited** (formerly known as Siel Edible Oils Limited) (Mawana Sugars Limited holds 65.03% equity shares of Mawana Foods Limited), Siel Industrial Estate Limited* (Mawana Sugars Limited holds 50.71% equity shares of Siel Industrial Estate Limited) and Siel Infrastructure and Estate Developers Private Limited* (formerly known as Avro Sales Private Limited) (Mawana Sugars Limited holds 100% equity shares of Siel Infrastructure and Estate Developers Private Limited).

SALE OF INVESTMENT IN SIEL INFRASTUCTURE and ESTATE DEVELOPERS PRIVATE LIMITED (FORMERLY KNOWN AS AVRO SALES PRIVATE LIMITED) TO MAWANA SUGARS LIMITED (MSL):

The Company in its Board Meeting held on 18^th July, 2012 decided to offer for sale of equity shares held by the Company in Siel Infrastructure and Estate Developers Private Limited to Mawana Sugars Limited (MSL). The Board considered appropriate to sell equity shares of Siel Infrastructure and Estate Developers Private Limited (main object is development of land and other related activities) to MSL so as to help Siel Industrial Estate Limited (a subsidiary of Mawana Sugars Limited) in developing its infrastructure projects. MSL in its Board Meeting dated 13^th September, 2012 accepted the said offer.

*Ceased to be the subsidiary of the Company with effect from 20^th June, 2013.

**As on 29^th June 2013, the Company holds 99.99% shares of Mawana Foods Limited, hence it is a subsidiary of the Company.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Office Equipment

· Furniture and Fixtures

· Vehicles

· Leasehold Improvements

Intangible Assets

· Computer Software

· Technical Know-how

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.59.95
UK Pound	1	Rs.102.78
Euro	1	Rs.81.39

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		60

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.