MIRA INFORM REPORT

Report Date :

18.07.2014

IDENTIFICATION DETAILS

Name :	SAURASHTRA CEMENT LIMITED
Registered Office :	Near Railway Station, Ranavav – 360 560, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.06.1956
Com. Reg. No.:	04-000840
Capital Investment / Paid-up Capital :	Rs. 580.702 Millions
CIN No.: [Company Identification No.]	L26941GJ1956PLC000840
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	manufacturer of Ordinary Portland Cement and Pozzolana Portland Cement
No. of Employees :	474 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (21)

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 :	Sick company
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is the flag Ship company of the Mehta Group, one of the leading players in the Indian Cement Industry. The company is registered with the Board for Industrial and Financial Reconstruction (BIFR) vide case no 9/2006 since F.Y. 2005-2006, for financial restructuring process. Further, with the help of BIFR scheme sanctioned as on March14, 2013 and certain reliefs and concessions applicable to all sick industrial companies, the performance of the company is improving gradually marked by wiping of its accumulated losses during 2013. As per available latest financials, the company has continued to witness a moderation in its financial profile marked by adequate net worth base along with accrued payables and increasing other current liabilities which are yet too paid off by the management. Moreover, management has reported a constant sales volume whereas, has witnessed a drastic dip in its net profitability during FY 14. However, trade relations are improving. Business is active. Payment terms are reported as slow. In view of established brand image, market position and rich experience of the promoters, the subject can be considered for business dealings on a fully safe and 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.

INDIAN ECONOMIC OVERVIEW

N E W S

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 wih 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.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED BY

Management Non Co-operative (91-2801-304200)

LOCATIONS

Registered Office / Factory :	Near Railway Station, Ranavav – 360 560, Gujarat, India
Tel. No.:	91-2801-230824/27/28/29
Fax No.:	91-2801-230830/230617
E-Mail :	scl-mum@mehtagroup.com
Website :	www.mehtagroup.com
Corporate Office :	N. K. Mehta International House, 3rd Floor, 178, Backbay Reclamation, Mumbai - 400 020, Maharashtra, India
Tel. No.:	91-22-66365444/66365390
Fax No.:	91-22-66365445
Marketing Office :	Pelican, 7th Floor, Gujarat Chambers of Commerce and Industry Compound, Ashram Road, Ahmedabad - 380 009, Gujarat, India
Tel. No.:	91-79-2658 0135/0137/ 2658 9353
Fax No.:	91-79-2658 7265/2657 5453
Regional Offices :	Located at: Mumbai Bhavnagar Rajkot Surat Vadodara Junagadh

DIRECTORS

As on 31.03.2013

Name :	Mr. M N Mehta
Designation :	Chairman
Name :	Mr. Jay M Mehta
Designation :	Executive Vice Chairman
Name :	Mr. Hemang D. Mehta
Designation :	Director
Name :	Mr. M.N. Rao
Designation :	Director
Name :	Mr. S.V.S Raghavan
Designation :	Director
Name :	Mr. B.P. Deshmukh
Designation :	Director
Name :	Mr. K.N. Bhandari
Designation :	Director
Name :	Mr. Jayant N. Godbole
Designation :	Director
Name :	Mr. Hemnabh Khatau
Designation :	Director
Name :	Mr. Bimal Thakkar
Designation :	Director
Name :	Mr. Anil Kaul
Designation :	Special Director - BIFR
Name :	Mr. Denys Firth
Designation :	Nominee - India Debt Management Private Limited
Name :	Mr. Alexander Shaik
Designation :	Nominee - India Debt Management Private Limited
Name :	Mr. Sisheel Kak
Designation :	Nominee - India Debt Management Private Limited
Name :	Mr. M.S. Gilotra
Designation :	Managing Director

KEY EXECUTIVES

Name :	Mr. V R Mohnot
Designation :	Director (Finance) and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	215578	0.42
Bodies Corporate	149117	0.29
Sub Total	364695	0.71
(2) Foreign
Bodies Corporate	32610166	63.70
Sub Total	32610166	63.70
Total shareholding of Promoter and Promoter Group (A)	32974861	64.42
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1250	0.00
Financial Institutions / Banks	1005094	1.96
Insurance Companies	589682	1.15
Foreign Institutional Investors	1810	0.00
Sub Total	1597836	3.12
(2) Non-Institutions
Bodies Corporate	1946785	3.80
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1960986	3.83
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2116363	4.13
Qualified Foreign Investor	346368	0.68
Any Others (Specify)	10247866	20.02
Foreign Corporate Bodies	10029100	19.59
Clearing Members	218766	0.43
Sub Total	16618368	32.46
Total Public shareholding (B)	18216204	35.58
Total (A)+(B)	51191065	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	51191065	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)			Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Jagmi Investments Limited	51,75,000	10.11	5175000	100.00	10.11	10.11
2	The Mehta International Limited	3,750	0.01	3750	100.00	0.01	0.01
3	Aber Investments Limited	25,44,817	4.97	2544817	100.00	4.97	4.97
4	Clarence Investments Limited	1,28,86,599	25.17	12886599	100.00	25.17	25.17
5	TransAsia Investments and Trading Limited	80,00,000	15.63	8000000	100.00	15.63	15.63
6	Sampson Limited	40,00,000	7.81	4000000	100.00	7.81	7.81
7	Pallor Trading Co Private Limited	25,136	0.05	25136	100.00	0.05	0.05
8	Sameta Export Private Limited	1,23,531	0.24	123531	100.00	0.24	0.24
9	Villa Trading Co Private Limited	350	0.00	350	100.00	0.00	0.00
10	Gujarat Sidhee Cement Limited	100	0.00	0	0.00	0.00	0.00
11	Mahendrabhai N Mehta	28,480	0.06	0	0.00	0.00	0.06
12	Dhirendra N Mehta	5,000	0.01	0	0.00	0.00	0.01
13	Hemang D Mehta	51,534	0.10	0	0.00	0.00	0.10
14	Jaybhai M Mehta	14,630	0.03	0	0.00	0.00	0.03
15	Sunayanaben M Mehta	6,000	0.01	0	0.00	0.00	0.01
16	Medhavini D Mehta	46,184	0.09	0	0.00	0.00	0.09
17	Umade D Mehta	15,400	0.03	0	0.00	0.00	0.03
18	Kamalakshi D Mehta	15,400	0.03	0	0.00	0.00	0.03
19	Kamalakshi D Mehta	3,000	0.01	0	0.00	0.00	0.01
20	J Chawla	24,650	0.05	0	0.00	0.00	0.05
21	Radha Mahendra Mehta	5,100	0.01	0	0.00	0.00	0.01
22	Anisha Hemang Mehta	100	0.00	0	0.00	0.00	0.00
23	Devika Hemang Mehta	100	0.00	0	0.00	0.00	0.00
	Total	3,29,74,861	64.42	32759183	99.35	63.99	64.42

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Premji K Ruparel	577730	1.13	1.13
2	Toro Managers Limited	2470000	4.83	4.83
3	Mauritius Debt Management Limited	7450000	14.55	14.55
	Total	10497730	20.51	20.51

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Mauritius Debt Management Limited	7450000	14.55	14.55
	Total	7450000	14.55	14.55

BUSINESS DETAILS

Line of Business :

manufacturer of Ordinary Portland Cement and Pozzolana Portland Cement

Products :

Item Code No	Product Description
2232901	Cement Ordinary Portland Cement
2231000	Clinker

• Hathi OPC 43 Grade
• Hathi OPC 53 Grade
• Hathi PPC 53P Grade
• Chootu Hathi 1 K. G
• Chhotu Hathi 5 K.G

GENERAL INFORMATION

No. of Employees :

474 (Approximately)

Bankers :

· Bank of India

· Central Bank of India

· Dena Bank

· HDFC Bank Limited

· Rajkot Nagarik Sahakari Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
LONG-TERM BORROWINGS
Debentures 12% Non-convertible Debentures – Under Corporate Debt Restructuring (CDR)		112.041
Term Loans
From Banks		173.652
From Others	NA	858.954
SHORT-TERM BORROWINGS
Loans Repayable on Demand from Banks
Cash Credits		13.131
Others		44.074
Total	NA	1201.852
Security: The working capital facilities are secured by first charge by way of hypothecation of the current assets namely, stocks of raw materials, semi finished and finished goods, consumable stores and spares, bills receivables, book debts and all other movables, both present and future. It is also secured by second mortgage and charge on the Company’s immovable and movable properties both present and future. They are also secured by personal guarantee of two Directors of the Company. Of the above, a cash credit facility from a bank aggregating to Rs.1.139 Millions (Previous Year Rs.1.163 Millions), is further secured by shares of Gujarat Sidhee Cement Limited held by subsidiary companies.

Banking Relations :	---
Auditors :
Name :	Bansi S Mehta and Company  Chartered Accountants
Address :	Merchant Chember, 3^rd Floor, 41, New Marine Line, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22014922 / 22004002 / 22068409
Fax No.:	91-22-22050147
E-Mail :	bsmco@hathway.com
Enterprises under control, or are controlled by, or under common control, with the reporting enterprise are; (As on 31.03.2013)	· Jagmi Investment Limited · Sumaraj Holdings Private Limited · Fawn Trading Company Private Limited · Clarence Investments Limited · Fern Trading Company Private Limited · TransAsia Investment and Trading Limited · Willow Trading Company Private Limited · Hopgood Investments Limited · Tejashree Trading Company Private Limited · Sampson Limited · Pallor Trading Company Private Limited · Villa Trading Company Private Limited · The Mehta International Limited · Aber Investments Limited · Mehta Private Limited · Galaxy Technologies Private Limited · Sameta Exports Private Limited · Mehta Sports Private Limited · Glenn Investments Limited · The Sea Island Investments Limited · Sunnidhi Trading Private Limited
Subsidiary Companies : (As on 31.03.2013)	· Agrima Consultants International Limited · Ria Holdings Limited · Pranay Holdings Limited · Reeti Investments Limited · Prachit Holdings Limited · Concorde Cement Private Limited
Enterprise having Key Management Personnel in common : (As on 31.03.2013)	Gujarat Sidhee Cement Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 580.702 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
130000000	Equity Shares	Rs. 10/- each	Rs.1300.000 millions
6000000	Preference Shares	Rs. 100/- each	Rs 600.000 millions
5000000	Unclassified shares	Rs. 10/- each	Rs. 50.000 millions
	Total		Rs.1950.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
59095018	Equity Shares	Rs. 10/- each	Rs.590.950 millions
687595	13% Cumulative Preference Shares	Rs. 100/- each	Rs.68.760 millions
	Total		Rs.659.710 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51191065	Equity Shares	Rs. 10/- each	Rs. 511.911 millions
687595	13% Cumulative Preference Shares	Rs. 100/- each	Rs. 68.760 millions
15269	Forfeited Shares		Rs. 0.031 millions
	Total		Rs. 580.702 Millions

Note:

1. The above Result have been reviewed and recommended by the committee and approved by the Board of Director at their meeting held on May 30, 2014 

2. The Company has only one business segment Cement / Clinker as primary segment. 

3. The figures for the quarter ended March 31, 2014 and quarter ended March 31, 2013 are the balancing figures between audited figures in respect of the full financial year, and the published year to date figures upto the third quarter of the relevant financial year.

4. Previous period's figures have been regrouped and / or rearranged and / or reclassified wherever necessary to make them comparable with the current period's figures.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	580.702	580.702	580.702
(b) Reserves & Surplus	1124.937	920.257	(914.600)
(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)	1705.639	1500.959	(333.898)
(3) Non-Current Liabilities
(a) long-term borrowings	378.127	1144.647	1026.603
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	71.160	68.087	63.383
(d) long-term provisions	80.707	80.767	72.515
Total Non-current Liabilities (3)	529.994	1293.501	1162.501
(4) Current Liabilities
(a) Short term borrowings	57.452	57.205	53.978
(b) Trade payables	346.963	359.240	424.831
(c) Other current liabilities	1452.943	1116.072	3224.474
(d) Short-term provisions	36.532	25.173	22.840
Total Current Liabilities (4)	1893.890	1557.690	3726.123
TOTAL	4129.523	4352.150	4554.726
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2477.460	2062.574	2185.287
(ii) Intangible Assets	0.000	3.314	4.275
(iii) Capital work-in-progress	0.000	635.810	772.761
(iv) Intangible assets under development	0.000	6.975	0.000
(b) Non-current Investments	188.019	188.019	188.021
(c) Deferred tax assets (net)	0.000	0.000	320.468
(d) Long-term Loan and Advances	120.939	124.488	112.668
(e) Other Non-current assets	31.878	48.041	42.290
Total Non-Current Assets	2818.296	3069.221	3625.770
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	567.436	666.642	544.629
(c) Trade receivables	161.148	139.346	176.928
(d) Cash and cash equivalents	404.694	341.002	57.717
(e) Short-term loans and advances	141.372	104.915	143.514
(f) Other current assets	36.577	31.024	6.168
Total Current Assets	1311.227	1282.929	928.956
TOTAL	4129.523	4352.150	4554.726

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	5263.269	5379.105	4386.181
		Other Operating Income	50.355	0.000	0.000
		Other Income	46.070	102.582	52.595
		TOTAL (A)	5359.694	5481.687	4438.776
Less	EXPENSES
		Cost of Materials Consumed	368.535	349.564	316.313
		Purchases of Stock-in-Trade	398.382	293.966	161.034
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	30.779	(0.071)	25.079
		Employees benefits expense	300.332	281.884	249.120
		Exceptional items - gain / (loss)	0.000	(1611.529)	0.000
		Impairment loss	0.000	0.000	0.000
		Other expenses	918.960	3329.229	3211.472
		Stores and Repairs Expenses	633.129	0.000	0.000
		Fright Expenses	548.561	0.000	0.000
		Power and Fuel Expenses	1532.192	0.000	0.000
		TOTAL (B)	4730.870	2643.043	3963.018
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		628.824	2838.644	475.758
Less	FINANCIAL EXPENSES (D)		163.697	333.827	446.990
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		465.127	2504.817	28.768
Less/ Add	DEPRECIATION/ AMORTISATION (F)		258.621	343.960	219.643
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		206.506	2160.857	(190.875)
Less	TAX (H)		0.000	320.468	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		206.506	1840.389	(190.875)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1073.536)	(2913.925)	(2723.050)
	BALANCE CARRIED TO THE B/S		(867.030)	(1073.536)	(2913.925)
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB basis	NA	948.481	805.909
	TOTAL EARNINGS		NA	948.481	805.909
	IMPORTS
		Components and Spare Parts	NA	49.411	30.488
		Capital Goods		2.555	0.000
	TOTAL IMPORTS		NA	51.966	30.488
	Earnings / (Loss) Per Share (Rs.)		3.98	35.78	3.90

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	3.85	33.57	(4.30)
Net Profit Margin (PBT/Sales)	(%)	3.92	40.17	(4.35)
Return on Total Assets (PBT/Total Assets}	(%)	5.24	61.36	(5.83)
Return on Investment (ROI) (PBT/Networth)		0.12	1.44	0.57
Debt Equity Ratio (Total Debt /Networth)		0.26	0.80	(3.24)
Current Ratio (Current Asset/Current Liability)		0.69	0.82	0.25

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	580.702	580.702	580.702
Reserves & Surplus	(914.600)	920.257	1124.937
Net worth	(333.898)	1500.959	1705.639
long-term borrowings	1026.603	1144.647	378.127
Short term borrowings	53.978	57.205	57.452
Total borrowings	1080.581	1201.852	435.579
Debt/Equity ratio	(3.236)	0.801	0.255

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4386.181	5379.105	5263.269
		22.638	(2.153)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4386.181	5379.105	5263.269
Profit	(190.875)	1840.389	206.506
	(4.35%)	34.21%	3.92%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

Rs. In Millions

Particular	31.03.2014	31.03.2013	31.03.2012
Debentures - 12% Non-convertible		89.633	84.031
Term Loans
From Banks	NA	82.027	80.283
From Other Parties		398.005	29.950
Hire Purchase Principal		0.000	1.774
	NA	569.665	196.038

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	No
8]	No. of employees	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATIONS DETAILS

HIGH COURT OF GUJARAT

SPECIAL CIVIL APPLICATION No. 7577 of 2013

Status : PENDING	(Converted from : ST/7770/2013 )	CCIN No : 001021201307577
Next Listing Date:	07/04/2014
Coram	HONOURABLE MR.JUSTICE K.M.THAKER

S.NO.	Name of the Petitioner	Advocate On Record
1 2 3	PANKAJKUMAR SANKALCHAND PATEL SANKALCHAND JECHANDBHAI PATEL THRO'POA PANKAJKUMAR S PATEL SALILKUMAR SANKALCHAND PATEL THRO'POA PANKAJKUMAR S PATEL	MRS VD NANAVATI for: Petitioner(s)  1 - 3

S.NO.	Name of the Respondant	Advocate On Record
1 2 3	SAURASHTRA CEMENT LIMITED JIVANLAL BALDEVBHAI PATEL CHAIRMAN VITTHALBHAI JAYCHANDBHAI PATEL	MR NISARG N TRIVEDI for :Respondent(s)  1 MR. HJ KARATHIYA for :Respondent(s)  2 MR PRADIP J PATEL for :Respondent(s)  3

Presented On	: 22/04/2013	Registered On	: 24/04/2013
Bench Category	: SINGLE BENCH	District	: GANDHINAGAR
Case Originated From	: THROUGH ADVOCATE	Listed	: 22 times
StageName	: NOTICE AND ADJOURNED MATTERS
Classification	SJ - NON-SERVICE - LOWER COURT - CODE OF CIVIL PROCEDURE, 1908 - OTHER MISCELLANEOUS MATTERS
Act	CONSTITUTION OF INDIA

LOWERCOURT DETAILS

S.No.	LowerCourt CaseDetail	LowerCourtName	JudgeName	Judgmentdate
1	SCS/136/2008	DISTRICT COURT, GANDHINAGAR	-	10/04/2013

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	22/04/2013	VAKALATNAMA	MRS VD NANAVATI ADVOCATE for PETITIONER(s)  1	5	MRS VD NANAVATI:1-3
2	22/04/2013	CERTIFIED COPY	MRS VD NANAVATI ADVOCATE for PETITIONER(s)  1	8	MRS VD NANAVATI:1-3
3	22/04/2013	MEMO OF APPEAL/PETITION/SUIT	MRS VD NANAVATI ADVOCATE for PETITIONER(s)  1	100	MRS VD NANAVATI:1-3
4	05/07/2013	VAKALATNAMA	MR NISARG N TRIVEDI ADVOCATE for RESPONDENT(s)  1	5	MR NISARG N TRIVEDI(6144), for R:1
5	09/07/2013	VAKALATNAMA	MR. HJ KARATHIYA ADVOCATE for RESPONDENT(s)  2	5	MR. HJ KARATHIYA(7012), for R:2
6	28/11/2013	VAKALATNAMA	MR PRADIP J PATEL ADVOCATE for RESPONDENT(s)  3	5	MR PRADIP J PATEL(5896) for R:3

COURT PROCEEDINGS

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	25/04/2013	17	6	ADMISSION (FRESH MATTERS)	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
2	08/05/2013	17	35	OFFICE OBJECTION REMOVED	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
3	20/06/2013	16	22	ADMISSION (ADJOUNRED MATTERS)	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
4	11/07/2013	16	17	URGENT ADMISSION (ADJOUNRED MATTERS)	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
5	31/07/2013	16	21	URGENT ADMISSION (ADJOUNRED MATTERS)	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
6	13/08/2013	16	21	URGENT ADMISSION (ADJOUNRED MATTERS)	NEXT DATE	HONOURABLE MR.JUSTICE G.B.SHAH
7	27/08/2013	12	27	URGENT ADMISSION (ADJOUNRED MATTERS)	NEXT DATE	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI  HONOURABLE MR.JUSTICE G.B.SHAH
8	06/09/2013	12	25	URGENT ADMISSION (ADJOUNRED MATTERS)	NEXT DATE	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI
9	17/09/2013	12	16	URGENT ADMISSION (ADJOUNRED MATTERS)	FIXED NOTICE	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI
10	24/09/2013	12	98	FOR ORDERS		HONOURABLE SMT. JUSTICE ABHILASHA KUMARI
11	30/09/2013	12	108	FOR ORDERS	FIXED NOTICE	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI
12	09/10/2013	12	-	NOTICE AND ADJOURNED MATTERS		HONOURABLE SMT. JUSTICE ABHILASHA KUMARI
13	23/10/2013	12	66	NOTICE AND ADJOURNED MATTERS	NEXT DATE	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI
14	04/12/2013	12	68	NOTICE AND ADJOURNED MATTERS	NEXT DATE	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI
15	20/12/2013	12	68	NOTICE AND ADJOURNED MATTERS	NEXT DATE	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI
16	30/01/2014	13	35	NOTICE AND ADJOURNED MATTERS	NEXT DATE	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI  HONOURABLE MR.JUSTICE K.M.THAKER
17	03/03/2014	13	43	NOTICE AND ADJOURNED MATTERS	NEXT DATE	HONOURABLE MR.JUSTICE K.M.THAKER
18	07/04/2014	13	43	NOTICE AND ADJOURNED MATTERS		HONOURABLE MR.JUSTICE K.M.THAKER

AVAILABLE ORDERS

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	SPECIAL CIVIL APPLICATION/7577/2013	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI	17/09/2013	N	ORDER	-	Y	Download
2	SPECIAL CIVIL APPLICATION/7577/2013	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI	30/09/2013	N	ORDER	-	Y	Download
3	SPECIAL CIVIL APPLICATION/7577/2013	HONOURABLE SMT. JUSTICE ABHILASHA KUMARI	23/10/2013	N	ORDER	-	Y	Download

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10230392	12/09/2013 *	1,158,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B86411105
2	10231444	08/06/2010	1,157,900,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, DENA BANK BUILDING, 1ST FLOOR 17 HORNIMAN CIRCLE FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	A90583964
3	10145016	21/01/2010 *	2,210,500,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	A79810206
4	10108561	22/05/2008	12,000,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA, 86C, TOPSIA ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA	A40746091
5	10029618	08/12/2006	1,340,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA, 86C, TOPSIA ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA	A08376246
6	10012975	03/08/2006	1,000,000.00	INDIAN OVERSEAS BANK	SECTOR:16, GH-ROAD, GANDHINAGAE, GUJARAT - 382016, INDIA	A03252061
7	80032484	18/03/2008 *	708,100,000.00	CENTRAL BANK OF INDIA LIMITED	CHANDERMUKHI, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400020, INDIA	A37615259
8	80043460	19/07/1999	2,500,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400038, INDIA	-
9	80042699	18/03/2008 *	51,600,000.00	CENTRAL BANK OF INDIA LIMITED	M.G.ROAD, PORBANDAR, GUJARAT, GUJARAT - 360561, INDIA	A37611191
10	80042413	31/10/2007 *	403,866,000.00	IFCI LIMITED	IFCI TOWER61 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	A38152310
11	80042416	27/02/2008 *	145,000,000.00	CENTRAL BANK OF INDIA LIMITED	M.G.ROAD, PORBANDAR, GUJARAT, GUJARAT - 360561, INDIA	A37613858
12	80025124	19/06/2007 *	100,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A18368027
13	80042415	27/02/2008 *	134,900,000.00	CENTRAL BANK OF INDIA LIMITED	M.G.ROAD, PORBANDAR, GUJARAT, GUJARAT - 360561, INDIA	A37612553
14	80025125	19/06/2007 *	581,500,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A18367425

* Date of charge modification

FIXED ASSETS

· Freehold land

· Leasehold land

· Buildings

· Jetty – civil works

· Railway siding and weigh bridge

· Water supply installation

· Electric installation

· Plant and machinery

· Rolling stock and locomotives

· Furniture and fixtures

· Office equipments

· Motor cars, trucks etc

· Air conditioner

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.103.00
Euro	1	Rs.81.33

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	1
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		21

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.