MIRA INFORM REPORT

Report Date :

15.07.2014

IDENTIFICATION DETAILS

Name :	ASIAN NATURAL RESOURCES (INDIA) LIMITED (w.e.f. 23.08.2012)
Formerly Known As :	BHATIA INTERNATIONAL LIMITED
Registered Office :	BCC House, 8/5, Manorama Ganj, Navratan Bagh, Main Road, Indore – 452 001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.08.1999
Com. Reg. No.:	10-013713
Capital Investment / Paid-up Capital :	Rs.94.100 millions
CIN No.: [Company Identification No.]	U23101MP1999PLC013713
PAN No.: [Permanent Account No.]	AABCB4177H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of indigenous and imported coal trading.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems continuous sharp dip in the turnover of the company, the company has also incurred a heavy loss during 2013. The rating is further constrained by the company’s exposure to foreign currency fluctuation risk. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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	Long Term Fund Based Limits: D
Rating Explanation	Lowest credit quality very low prospects of recovery.
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.: 91-731-4200214)

LOCATIONS

Registered Office :	BCC House, 8/5, Manorama Ganj, Navratan Bagh, Main Road, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-4066101/ 4200211/ 4200214
Fax No.:	91-731-4066102
E-Mail :	naval@bhatiacoalindia.com cs@bhatiacoalindia.com
Website :	http://www.bhatiacoalindia.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Surinder Singh Bhatia

Designation :

Director

Address :

Plot No.13 and 14, Aditya Nagar, Indore – 452 001, Madhya Pradesh, India

Date of Birth/Age :

09.08.1963

Qualification :

M. Com

Date of Appointment :

31.08.2012

DIN No.:

00038741

PAN No.:

ABHPB5246R

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	L65922MP1993PLC007767	BHATIA INDUSTRIES AND INFRASTRUCTURE LIMITED	Whole-time director	19-10-2009	08-07-1993	-	Active	NO
2	U63090MH1995PLC248129	BCC CARGO LIMITED	Director	25-05-1995	25-05-1995	-	Active	NO
3	U10102MH1997PLC246824	BCC ENTERPRISES (INDIA) LIMITED	Director	28-04-1997	28-04-1997	30-04-2012	Active	NO
4	U70102MP1997PTC012118	BCC ESTATES PRIVATE LIMITED	Director	09-07-1997	09-07-1997	-	Active	NO
5	U23101MP1999PLC013713	ASIAN NATURAL RESOURCES (INDIA) LIMITED	Director	31-08-2012	01-01-2004	-	Active	NO
6	U15540MP1966PTC001016	BHATIA SOFTWARE AND REALTORS PRIVATE LIMITED	Director	05-05-2004	05-05-2004	-	Active	NO
7	U51101MH1997PLC246823	ISHHAR OVERSEAS LIMITED	Director	04-03-2005	04-03-2005	-	Active	NO
8	U51102MP2008PLC020780	BHATIA COAL WASHERIES LIMITED	Director	13-06-2008	13-06-2008	06-07-2011	Active	NO
9	U40100MP2008PLC020787	BHATIA COKE AND ENERGY LIMITED	Director	13-06-2008	13-06-2008	-	Active	NO
10	U74140MP1974PTC015187	RELIANCE SERVICES AND CONSULTANTS PRIVATE LIMITED	Director	30-09-2009	01-08-2009	-	Active	NO
11	U80300MP2009PLC022462	BHATIA PROFESSIONAL EDUCATION INSTITUTIONS (INDORE) LIMITED	Director	05-10-2009	05-10-2009	-	Active	NO
12	U10100MP2009PLC022493	BHATIA SONS (INDIA) LIMITED	Director	13-10-2009	13-10-2009	-	Active	NO
13	U45203MP2009PLC022492	BHATIA PORT & INFRASTRUCTURE LIMITED	Director	13-10-2009	13-10-2009	-	Active	NO
14	U10100MP2009PLC022514	BHATIA OSL WASHERIES & MINERALS LIMITED	Director	16-10-2009	16-10-2009	-	Active	NO
15	U70100MP2010PTC023650	GSB REAL ESTATES PRIVATE LIMITED	Director	28-05-2010	28-05-2010	-	Active	NO
16	U70101MP2010PTC023930	SSB LAND DEVELOPERS PRIVATE LIMITED	Director	16-07-2010	16-07-2010	-	Active	NO
17	U40100MP2010PLC024232	BHATIA ENERGY LIMITED	Director	01-09-2010	01-09-2010	-	Active	NO
18	U60200MP1991PLC006626	BHATIA GLOBAL TRADING LIMITED	Managing director	01-09-2012	30-06-2011	-	Active	NO
19	U92100MP2012PTC027986	BHATIA ENTERTAINMENT PRIVATE LIMITED	Director	15-03-2012	15-03-2012	-	Active	NO

Name :

Mr. Jitendra Kumar Jain

Designation :

Director

Address :

Flat No.507, Sai Sam Pada Apartment, 16, Chhoti Khajrani, Indore – 452 001, Madhya Pradesh, India

Date of Birth/Age :

30.06.1963

Qualification :

B. Com

Date of Appointment :

01.08.2000

DIN No.:

00051878

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	U63090MH1995PLC248129	BCC CARGO LIMITED	Director	30-09-2009	25-05-1995	11-08-2012	Active	NO
2	L65922MP1993PLC007767	BHATIA INDUSTRIES AND INFRASTRUCTURE LIMITED	Director	26-08-1997	26-08-1997	-	Active	NO
3	U23101MP1999PLC013713	ASIAN NATURAL RESOURCES (INDIA) LIMITED	Director	01-08-2000	01-08-2000	-	Active	NO
4	U45201MP2008PTC020296	FCC ENTERPRISES AND INFRASTRUCTURE PRIVATE LIMITED	Director	05-02-2008	05-02-2008	01-06-2011	Active	NO
5	U51101MH1997PLC246823	ISHHAR OVERSEAS LIMITED	Director	30-09-2009	01-08-2009	11-08-2012	Active	NO
6	U51102MP2008PLC020780	BHATIA COAL WASHERIES LIMITED	Director	30-09-2009	12-08-2009	06-07-2011	Active	NO
7	U40100MP2008PLC020787	BHATIA COKE AND ENERGY LIMITED	Director	30-09-2009	12-08-2009	27-07-2011	Active	NO
8	U10100MP2009PLC022493	BHATIA SONS (INDIA) LIMITED	Director	13-10-2009	13-10-2009	02-07-2011	Active	NO
9	U45203MP2009PLC022492	BHATIA PORT AND INFRASTRUCTURE LIMITED	Director	13-10-2009	13-10-2009	-	Active	NO
10	U60200MP1991PLC006626	BHATIA GLOBAL TRADING LIMITED	Director	23-09-2010	20-10-2009	11-08-2012	Active	NO
11	U10102MH1997PLC246824	BCC ENTERPRISES (INDIA) LIMITED	Director	23-09-2010	10-02-2010	-	Active	NO
12	U92100MP2012PTC027986	BHATIA ENTERTAINMENT PRIVATE LIMITED	Director	15-03-2012	15-03-2012	-	Active	NO

Name :

Mr. Khalid Sayeed Baig

Designation :

Whole-time Director

Address :

Flat No.104, Amar Aangan, Basant Vihar Colony, Indore – 452 010, Madhya Pradesh, India

Date of Birth/Age :

11.07.1961

Qualification :

M. Com

Date of Appointment :

24.09.2012

DIN No.:

05312553

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	U23101MP1999PLC013713	ASIAN NATURAL RESOURCES (INDIA) LIMITED	Whole-time director	24-09-2012	11-08-2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders (Equity Shares)	No. of Shares
Govinder Singh Bhatia (HUF)	240709
Ishhar Overseas Limited, India	687286
BCC Cargo Limited, India	656000
Surinder Singh Bhatia (HUF)	340380
GS Bhatia Family Trust, India	1720
S.S. Bhatia Family Trust, India	2300
BCC Enterprises India Limited, India	1195000
Bhatia Global Trading Limited, India	641000
BCC Estates Private Limited, India	53000
Reliance Services and Consultants Private Limited, India	79000
Master Gurpreet Singh Bhatia	19482
Master Inshipal Singh Bhatia	79922
Rupalpreet Kaur Bhatia	3166
Surinder Singh Bhatia	2026786
Gurvinder Kaur Bhatia	235299
Ishipal Kaur Bhatia	5500
Veena Bhatia	55932
Amandeep Singh Bhatia	595165
Gurvinder Singh Bhatia	1303630

Names of Shareholders (9% Cumulative Redeemable Preference Shares)	No. of Shares
Bhatia Global Trading Limited, India	1067000
Total	1067000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	40.08
Directors or relatives of directors	48.42
Other top fifty shareholders	11.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of indigenous and imported coal trading.

Products :

Item Code No. (ITC Code)	27011990
Product Description	Imported and Indigenous Coal

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

· UCO Bank, Sanyogitaganj Branch, Indore – 452 001, Madhya Pradesh, India

· Oriental Bank of Commerce, Sneh Nagar, Indore – 452 001, Madhya Pradesh, India

· State Bank of Indore, Yeshwant Niwas Road Branch, Indore – 452 001, Madhya Pradesh, India

· IDBI Bank Limited, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia, Indore – 452 001, Madhya Pradesh, India

· State Bank of India, Commercial Branch, A.B. Road, Indore – 452 001, Madhya Pradesh, India

· Standard Chartered Bank, 23, Barakhambha Road, Narain Manzil, New Delhi – 110 001, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Loans repayable on demand from banks
Bank of India	19.730	18.950
HDFC Bank	0.000	0.640
IDBI Bank Limited	49.890	49.360
Indusind Bank Limited	2.830	0.000
Oriental Bank of Commerce	50.330	60.350
Standard Chartered Bank	0.000	130.090
UCO Bank	598.410	110.090
State Bank of India	0.000	1.320
Union Bank of India	29.260	28.980
Other loans and advances
Buyer's Line of Credit Facilities from1 and 2 IDBI Bank Limited	281.620	0.000
UCO Bank	53.090	300.730
Short Term Loan from Standard Chartered Bank	1456.000	1699.660
Total	2541.160	2400.170

Notes:

1. Cash Credits, Buyer's Line of Credit and Short Term Loan are secured by way of hypothecation on Stocks, Receivables and other Current Assets, present & future of the Company, under the ranking first charge on pari- passu basis as per Consortium Agreement and second charge ranking the parri -passu basis on the entire fixed Assets, present and future of Company and personal guarantee of the promoter directors of the Company and their relatives. The facilities are also secured by corporate guarantees provided by the Group Companies.

2. The Company has availed the Buyer’s Line of Credit facilities from Banks and such facilities are within the sanctioned limits provided by ear - marking the overall limits of Foreign Letter of Credit.

Banking Relations :	--
Auditors :
Name :	R. S. Bansal and Company Chartered Accountants
Address :	“Urvashi”, 1^st Floor, 3, Jaora Compound, Indore, Madhya Pradesh, India
PAN No.:	AABFR4852J
Subsidiary Company :	Senok Bhatia Coal Company Private Limited, Sri Lanka
Associates :	· Bhatia Software and Realtors Private Limited · BCC Cargo Limited · Ishhar Overseas Limited · Bhatia Port and Infrastructure Limited · GSB Real Estate Private Limited · SSB Land Developers Private Limited · Bhatia Energy Limited · Bhatia Entertainment Private Limited
Enterprises over which Key Managerial Personnel or Relatives of KMP are able to exercise Significant influence :	· BCC Estates Private Limited · Bhatia Coal Washeries Limited · Bhatia Coke and Energy Limited · Bhatia Global Trading Limited · Bhatia Industries and Infrastructure Limited · Bhatia OSL Washeries and Minerals Limited · Bhatia Professional Education Institutions (Indore) Limited · Bhatia Sons (India) Limited · Pure Oils and Products Limited · Bhatia International Pte Limited · IOF Pte Limited · Pt Bhatia International Limited · Reliance Services and Consultants Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 millions
2000000	Preference Shares	Rs.10/- each	Rs.20.000 millions
	Total		Rs.150.000 millions

Issued Capital :

No. of Shares	Type	Value	Amount
8491277	Equity Shares	Rs.10/- each	Rs.84.913 millions
1067000	Preference Shares	Rs.10/- each	Rs.10.670 millions
	Total		Rs.95.583 millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8194277	Equity Shares	Rs.10/- each	Rs.81.943 millions
1067000	Preference Shares	Rs.10/- each	Rs.10.670 millions
	Total		Rs.92.613 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs.130.000 millions
2000000	Preference Shares	Rs.10/- each	Rs.20.000 millions
	Total		Rs.150.000 millions

Issued Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8194277	Equity Shares	Rs.10/- each	Rs.81.940 millions
1067000	Preference Shares	Rs.10/- each	Rs.10.670 millions
297000	Forfeited Shares		Rs.1.490 millions
	Total		Rs.94.100 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	94.100	94.100	94.100
(b) Reserves & Surplus	2864.460	3777.240	3755.470
(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)	2958.560	3871.340	3849.570
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	13.200	12.300	10.840
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	13.200	12.300	10.840
(4) Current Liabilities
(a) Short term borrowings	2742.350	3755.670	7597.470
(b) Trade payables	2543.470	1820.360	3795.240
(c) Other current liabilities	155.890	277.120	438.740
(d) Short-term provisions	27.580	65.480	171.350
Total Current Liabilities (4)	5469.290	5918.630	12002.800
TOTAL	8441.050	9802.270	15863.210
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.700	7.890	51.630
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	38.500	46.720	31.880
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2416.710	111.250	60.640
(c) Deferred tax assets (net)	23.250	0.480	0.000
(d) Long-term Loan and Advances	691.840	601.570	385.090
(e) Other Non-current assets	134.300	168.380	0.000
Total Non-Current Assets	3305.300	936.290	529.240
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	319.900	554.420	1865.030
(c) Trade receivables	4121.420	4794.880	8479.430
(d) Cash and cash equivalents	435.330	714.800	2163.130
(e) Short-term loans and advances	158.580	2711.430	2710.360
(f) Other current assets	100.520	90.450	116.020
Total Current Assets	5135.750	8865.980	15333.970
TOTAL	8441.050	9802.270	15863.210

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	4922.440	13897.270	41376.240
		Other Income	94.450	128.320	141.820
		TOTAL (A)	5016.890	14025.590	41518.060
Less	EXPENSES
		Cost of materials consumed	0.000	0.000	1214.360
		Purchases of stock-in-trade	5221.610	11006.660	37332.360
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(114.040)	1659.180	(16.480)
		Employee benefit expense	27.390	48.200	151.550
		Other expenses	438.680	633.250	927.560
		Exceptional items	0.000	0.000	(3.160)
		Extraordinary items	0.000	0.000	909.750
		TOTAL (B)	5573.640	13347.290	40515.940
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(556.750)	678.300	1002.120
Less	FINANCIAL EXPENSES (D)		356.230	639.240	477.480
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(912.980)	39.060	524.640
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.130	0.150	143.670
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(913.110)	38.910	380.970
Less	TAX (H)		(0.080)	13.520	139.950
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(913.030)	25.390	241.020
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	393.990	2040.750	2319.990
	TOTAL EARNINGS		393.990	2040.750	2319.990
	Earnings / (Loss) Per Share (Rs.)		(111.42)	2.96	27.76

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(18.20)	0.18	0.58
Net Profit Margin (PBT/Sales)	(%)	(18.55)	0.28	0.92
Return on Total Assets (PBT/Total Assets}	(%)	(15.31)	0.40	2.42
Return on Investment (ROI) (PBT/Networth)		(0.31)	0.01	0.10
Debt Equity Ratio (Total Debt/Networth)		0.93	0.97	1.97
Current Ratio (Current Asset/Current Liability)		0.94	1.50	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	94.100	94.100	94.100
Reserves & Surplus	3755.470	3777.240	2864.460
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3849.570	3871.340	2958.560
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	7597.470	3755.670	2742.350
Total borrowings	7597.470	3755.670	2742.350
Debt/Equity ratio	1.974	0.970	0.927

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	41376.240	13897.270	4922.440
		(66.412)	(64.580)

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	41376.240	13897.270	4922.440
Profit	241.020	25.390	(913.030)
	0.58%	0.18%	(18.55%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10388359	06/10/2012	1,180,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B62738604
2	10259475	29/12/2010	1,500,000,000.00	UCO BANK	SANYOGITAGANJ BRANCH, INDORE, MADHYA PRADESH - 452001, INDIA	B02652659
3	10246640	27/10/2010	3,250,000,000.00	STANDARD CHARTERED BANK	23, BARAKHAMBHA ROAD, NARAIN MANZIL, NEW DELHI, DELHI - 110001, INDIA	A97520498
4	10147816	21/03/2009 *	768,900,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	A59579052
5	10144945	21/03/2009 *	22,680,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	A59577767

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Inter-corporate deposits	112.510	1300.690
Other loans and advances	88.680	54.810
Total	201.190	1355.500

PERFORMANCE REVIEW:

During the financial year:

- The total Turnover and other income of the Company decreased to 5016.170 millions from Rs.14025.590 millions in previous year.

- Recorded Profit/(Loss) before Finance Cost, Depreciation and Tax Rs. (556.750) millions against Rs.678.300 millions in previous year.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.01
UK Pound	1	Rs.102.72
Euro	1	Rs.81.60

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		19

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.