MIRA INFORM REPORT

Report Date :

21.07.2014

IDENTIFICATION DETAILS

Name :	GIMPEX LIMITED
\
Registered Office :	181, Lingi Chetty Street, Madras - 600001, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.07.1974
Com. Reg. No.:	18-006655
Capital Investment / Paid-up Capital :	Rs. 21.693 Millions
CIN No.: [Company Identification No.]	U13200TN1974PLC006655
PAN No.: [Permanent Account No.]	AAACG2482P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Processing of Minerals and also Trading and Exporting of Processed Iron Ore and Minerals.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Based facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 2014

Rating Agency Name	ICRA
Rating	Non-Fund Based facilities = BB+
Rating Explanation	Moderate risk of default regarding timely servicing of debt obligations.
Date	May 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-44-25340061]

LOCATIONS

Registered Office :	181, Lingi Chetty Street, Madras - 600001, Tamilnadu, India
Tel. No.:	91-44-25340061/ 25302530
Fax No.:	91-44-25340435
E-Mail :	secretarial@gimpex.co.in gimpex@gimpex.com
Website :	http://www.gimpex.co.in

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Samir Goenka

Designation :

Managing director

Address :

No.9, Old No.4, Maharaja Surya Rao Road, Alwarpet, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

06.10.1964

Qualification :

Graduate

Date of Appointment :

01.04.2011

PAN No.:

AHOPG9091Q

DIN No.:

00574955

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	U13200TN1974PLC006655	GIMPEX LIMITED	Managing director	01/04/2011	01/11/1986	-	Active	NO
2	U14299TN1992PLC022467	GIMPEX METAL LIMITED	Director	08/04/1992	08/04/1992	-	Active	NO
3	U52599TN1991PTC020922	SIBELCO INDIA MINERALS PRIVATE LIMITED	Director	22/08/1994	22/08/1994	05/10/2010	Active	NO
4	U70101TN1995PLC034015	GANADHYAKSHYA PROPERTIES LIMITED	Director	29/12/1995	29/12/1995	-	Active	NO
5	U29309TN1998PTC040543	CENOSPHERE INDIA PRIVATE LIMITED	Director	21/05/1998	21/05/1998	-	Active	NO
6	U13209TN1998PTC040815	ALLIANCE MINERALS PRIVATE LIMITED	Director	15/07/1998	15/07/1998	-	Active	NO
7	U45202TN2001PTC047457	GIMPEX PROPERTIES PRIVATE LIMITED	Director	17/07/2001	17/07/2001	-	Active	NO
8	U14102TN1999PTC054392	MERCURY GRANITES PRIVATE LIMITED	Director	10/06/2004	10/06/2004	-	Amalgamated	NO
9	U15141TN1986PTC013236	STONE & SLATES PRIVATE LIMITED	Director	02/07/2004	02/07/2004	-	Amalgamated	NO
10	U13100TN2005PLC057689	ANDHRA PRADESH IRON ORE COMPANY LIMITED	Director	27/09/2005	27/09/2005	-	Active	NO
11	U14102TN2005PTC055688	INDIAN REALSTONES PRIVATE LIMITED	Director	28/07/2006	28/07/2006	-	Amalgamated	NO
12	U14102TN2007PTC063962	ALLIANCE ANDHRA PRADESH BLACK GALAXY GRANITES PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
13	U14215TN2008PTC069736	GIMPEX AP BARYTES BENEFICIATION PRIVATE LIMITED	Director	03/11/2008	03/11/2008	-	Active	NO
14	U14219TN1999PTC095855	MAA SARALA GRAPHITE PRIVATE LIMITED	Director	02/04/2009	02/04/2009	-	Active	NO
15	U13100TG2009PTC063631	ONGOLE IRON ORE MINING COMPANY Private LIMITED	Director	11/05/2009	11/05/2009	-	Active	NO
16	U13204TN2011PTC078850	SAMIGO MINERAL PRIVATE LIMITED	Director	17/01/2011	17/01/2011	-	Active	NO
17	U13203GJ2012PTC071156	M3 INFRASTRUCTURE BENTONITE (BHUJ) PRIVATE LIMITED	Director	16/07/2012	16/07/2012	-	Active	NO

Name :

Mr. Shivprakash Goenka

Designation :

Managing director

Address :

No.9, Old No.4, Maharaja Surya Rao Road, Alwarpet, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

10.08.1940

Qualification :

Graduate

Date of Appointment :

01.04.2011

PAN No.:

ABFPS1294L

DIN No.:

00574986

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	Company/ LLP Status	Defaulting status
1	U13200TN1974PLC006655	GIMPEX LIMITED	Managing director	01/04/2011	04/07/1974	Active	NO
2	U14299TN1992PLC022467	GIMPEX METAL LIMITED	Director	08/04/1992	08/04/1992	Active	NO
3	U70101TN1995PLC034015	GANADHYAKSHYA PROPERTIES LIMITED	Director	29/12/1995	29/12/1995	Active	NO
4	U13209TN1998PTC040815	ALLIANCE MINERALS PRIVATE LIMITED	Director	15/07/1998	15/07/1998	Active	NO
5	U45202TN2001PTC047457	GIMPEX PROPERTIES PRIVATE LIMITED	Director	17/07/2001	17/07/2001	Active	NO
6	U14101TN2003PTC050753	S.P.G. & COMPANY PRIVATE LIMITED	Director	24/04/2003	24/04/2003	Active	NO
7	U29309TN1998PTC040543	CENOSPHERE INDIA PRIVATE LIMITED	Director	19/05/2014	18/08/2003	Active	NO
8	U14102TN1999PTC054392	MERCURY GRANITES PRIVATE LIMITED	Director	10/06/2004	10/06/2004	Amalgamated	NO
9	U15141TN1986PTC013236	STONE & SLATES PRIVATE LIMITED	Director	02/07/2004	02/07/2004	Amalgamated	NO
10	U14102TN2007PTC063962	ALLIANCE ANDHRA PRADESH BLACK GALAXY GRANITES PRIVATE LIMITED	Director	14/06/2007	14/06/2007	Active	NO
11	U13100TN2005PLC057689	ANDHRA PRADESH IRON ORE COMPANY LIMITED	Director	30/06/2007	30/06/2007	Active	NO
12	U14215TN2008PTC069736	GIMPEX AP BARYTES BENEFICIATION PRIVATE LIMITED	Director	03/11/2008	03/11/2008	Active	NO
13	U13100TG2009PTC063631	ONGOLE IRON ORE MINING COMPANY Private LIMITED	Director	11/05/2009	11/05/2009	Active	NO
14	U13204TN2011PTC078850	SAMIGO MINERAL PRIVATE LIMITED	Director	17/01/2011	17/01/2011	Active	NO

Name :

Mr. Binod Choudhury

Designation :

Whole-time director

Address :

Flat 3 B, 3rd Floor, Starwberry Apartments, 20, Casa Major Road, Chennai – 600008, Tamilnadu, India

Date of Birth/Age :

22.07.1955

Qualification :

Graduate

Date of Appointment :

01.04.2011

PAN No.:

AAJPB2254Q

DIN No.:

00769002

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	U13200TN1974PLC006655	GIMPEX LIMITED	Whole-time director	01/04/2011	01/11/1986	-	Active	NO
2	U14299TN1992PLC022467	GIMPEX METAL LIMITED	Director	08/04/1992	08/04/1992	-	Active	NO
3	U52599TN1991PTC020922	SIBELCO INDIA MINERALS PRIVATE LIMITED	Director	22/08/1994	22/08/1994	05/10/2010	Active	NO
4	U45202TN2001PTC047457	GIMPEX PROPERTIES PRIVATE LIMITED	Director	17/07/2001	17/07/2001	-	Active	NO
5	U29309TN1998PTC040543	CENOSPHERE INDIA PRIVATE LIMITED	Director	19/05/2014	18/08/2003	-	Active	NO
6	U13209TN1998PTC040815	ALLIANCE MINERALS PRIVATE LIMITED	Director	02/06/2004	02/06/2004	-	Active	NO
7	U14102TN1999PTC054392	MERCURY GRANITES PRIVATE LIMITED	Director	10/06/2004	10/06/2004	-	Amalgamated	NO
8	U13100TN2005PLC057689	ANDHRA PRADESH IRON ORE COMPANY LIMITED	Director	27/09/2005	27/09/2005	-	Active	NO
9	U14102TN2005PTC055688	INDIAN REALSTONES PRIVATE LIMITED	Director	28/07/2006	28/07/2006	-	Amalgamated	NO
10	U15141TN1986PTC013236	STONE & SLATES PRIVATE LIMITED	Director	31/07/2006	31/07/2006	-	Amalgamated	NO
11	U14102TN2007PTC063962	ALLIANCE ANDHRA PRADESH BLACK GALAXY GRANITES PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
12	U70101TN1995PLC034015	GANADHYAKSHYA PROPERTIES LIMITED	Director	29/09/2008	29/09/2008	-	Active	NO
13	U14215TN2008PTC069736	GIMPEX AP BARYTES BENEFICIATION PRIVATE LIMITED	Director	03/11/2008	03/11/2008	-	Active	NO
14	U14219TN1999PTC095855	MAA SARALA GRAPHITE PRIVATE LIMITED	Director	02/04/2009	02/04/2009	-	Active	NO
15	U13100TG2009PTC063631	ONGOLE IRON ORE MINING COMPANY Private LIMITED	Managing director	12/01/2010	11/05/2009	-	Active	NO
16	U14200TN2010PTC074326	AMPL GRANITES PRIVATE LIMITED	Director	21/01/2010	21/01/2010	-	Active	NO
17	U13204TN2011PTC078850	SAMIGO MINERAL PRIVATE LIMITED	Director	17/01/2011	17/01/2011	-	Active	NO
18	U13203GJ2012PTC071156	M3 INFRASTRUCTURE BENTONITE (BHUJ) PRIVATE LIMITED	Director	16/07/2012	16/07/2012	-	Active	NO

Name :

Mr. Ram Swarup Goenka

Designation :

Whole-time director

Address :

181 Linghi Chetty Street, Chennai - 600001, Tamilnadu, India

Date of Birth/Age :

23.12.1954

Qualification :

Graduate

Date of Appointment :

01.04.2011

PAN No.:

AAIPR0199R

DIN No.:

01822880

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	Company/ LLP Status	Defaulting status
1	U13200TN1974PLC006655	GIMPEX LIMITED	Whole-time director	01/04/2011	04/07/1974	Active	NO
2	U45202TN2001PTC047457	GIMPEX PROPERTIES PRIVATE LIMITED	Director	17/07/2001	17/07/2001	Active	NO
3	U15141TN1986PTC013236	STONE & SLATES PRIVATE LIMITED	Director	02/07/2004	02/07/2004	Amalgamated	NO
4	U14215TN2008PTC069736	GIMPEX AP BARYTES BENEFICIATION PRIVATE LIMITED	Director	03/11/2008	03/11/2008	Active	NO
5	U74900TG2009PTC064859	ROCHAN IMPEX PRIVATE LIMITED	Director	26/08/2009	26/08/2009	Active	NO
6	U13204TN2011PTC078850	SAMIGO MINERAL PRIVATE LIMITED	Director	17/01/2011	17/01/2011	Active	NO
7	U13100WB2011PTC158244	MAHESHWARAM MINES & MINERALS PRIVATE LIMITED	Director	01/02/2011	01/02/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Equity Shareholders	No. of Shares
Shiv Prakash Goenka	252980
Shiv Prakash Goenka HUF	40500
Samir Goenka	206500
Nidhi Goenka	63000
Binod Choudhury	79500
Ram Swarup Goenka	103020
Sushma Devi Goenka	20000
Sudhansu Goenka	38500
Karan Goenka	39000
Gimpex Metal Limited, India	325000
Alliance Minerals Private Limited, India	1667
Total	1169667

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	28.00
Directors or relatives of directors	72.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Processing of Minerals and also Trading and Exporting of Processed Iron Ore and Minerals.

Products/ Services :

ITC Code No.	Product Descriptions
27011900	Coal
25111000	Barytes
25082000	Bentonite
26011100	Iron Ore

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· HDFC Bank Limited

HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India

· IDBI Bank Limited

115, Anna Salai, Saidapet, Chennai - 600015, Tamilnadu, India

· Punjab National Bank

781-785 Rayala Towers, Chennai - 600002, Tamilnadu, India

· ING Vysya Bank Limited

185 Anna Salai, Near TVS, Chennai - 600006, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Other loans and advances	11.616	41.181
SHORT TERM BORROWINGS
Loans repayable on demand from banks [Secured by hypothecation of Stock-in-Trade, supply bills and additional charge by way of equitable mortgage of land and bldg and hypothecation of plant and machinery)]	2420.437	3096.026
Total	2432.053	3137.207

Banking Relations :	--
Financial Institution :	· India Factoring and Finance Solutions Private Limited 6th Floor, Vaibhav Chambers, Opposite Income Tax, Bandra-Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, India
Auditors :
Name :	Khubhat and Company Chartered Accountants
Address :	144, N.S.C. Bose Road, Chennai – 600079, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFK5509L
Associate :	Cenosphere India Private Limited [U29309TN1998PTC040543]
Subsidiary company :	· SPG Minning Pte Limited Alliance Andhra Pradesh Black Galaxy Granites Private Limited [U14102TN2007PTC063962] Samigo Mineral Private Limited [U13204TN2011PTC078850] Gimpex Properties Private Limited [U45202TN2001PTC047457]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,630,000	Equity Shares	Rs. 10/- each	Rs. 36.300 Millions
1,500,000	Preference Shares	Rs. 10/- each	Rs. 15.000 Millions
	Total		Rs. 51.300 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,169,667	Equity Shares	Rs. 10/- each	Rs. 11.697 Millions
999,600	Preference Shares	Rs. 10/- each	Rs. 9.996 Millions
	Total		Rs. 21.693 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	21.693	21.693	21.693
(b) Reserves & Surplus	1430.179	1162.076	953.365
(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)	1451.872	1183.769	975.058
(3) Non-Current Liabilities
(a) long-term borrowings	26.046	58.514	98.033
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	343.743	317.562	223.799
(d) long-term provisions	17.453	16.256	17.233
Total Non-current Liabilities (3)	387.242	392.332	339.065
(4) Current Liabilities
(a) Short term borrowings	2420.437	3096.026	2017.551
(b) Trade payables	586.142	553.531	673.949
(c) Other current liabilities	38.372	82.278	119.755
(d) Short-term provisions	107.041	88.558	95.926
Total Current Liabilities (4)	3151.992	3820.393	2907.181
TOTAL	4991.106	5396.494	4221.304
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	432.794	503.946	457.384
(ii) Intangible Assets	0.280	0.989	28.932
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	283.343	288.285	288.266
(c) Deferred tax assets (net)	11.040	6.453	3.306
(d) Long-term Loan and Advances	261.672	104.019	93.525
(e) Other Non-current assets	14.367	15.957	10.679
Total Non-Current Assets	1003.496	919.649	882.092
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	783.010	1282.216	862.860
(c) Trade receivables	1441.128	1583.425	1026.750
(d) Cash and cash equivalents	332.365	285.821	381.164
(e) Short-term loans and advances	1391.475	1276.307	1048.191
(f) Other current assets	39.632	49.076	20.247
Total Current Assets	3987.610	4476.845	3339.212
TOTAL	4991.106	5396.494	4221.304

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	11457.349	10264.897	8258.239
		Other Income	150.089	112.895	36.484
		TOTAL (A)	11607.438	10377.792	8294.723
Less	EXPENSES
		Cost of Materials Consumed	90.046	101.628	122.517
		Purchases of Stock-in-Trade	8034.244	6812.524	4107.812
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	600.487	(428.451)	57.621
		Employees benefits expense	112.677	92.571	90.853
		Other expenses	1844.975	3058.391	3355.252
		Extraordinary Items	0.000	(35.741)	0.000
		TOTAL (B)	10682.429	9600.922	7734.055
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		925.009	776.870	560.668
Less	FINANCIAL EXPENSES (D)		465.685	417.434	259.639
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		459.324	359.436	301.029
Less/ Add	DEPRECIATION/ AMORTISATION (F)		71.376	72.733	64.923
	PROFIT BEFORE TAX (E-F) (G)		387.948	286.703	236.106
Less	TAX (H)		97.863	66.296	73.675
	PROFIT AFTER TAX (G-H) (I)		290.085	220.407	162.431
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods - At F.O.B. Value	9508.079	8337.902	6519.622
		Dividend	106.280	93.235	0.000
	TOTAL EARNINGS		9614.359	8431.137	6519.622
	IMPORTS
		Fixed Assets/ Advances	0.452	0.000	2.182
		Purchases	6244.783	4303.442	1700.651
	TOTAL IMPORTS		6245.235	4303.442	1702.833
	Earnings Per Share (Rs.)		248	188	137

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.50	2.12	1.96
Net Profit Margin (PBT/Sales)	(%)	3.39	2.79	2.86
Return on Total Assets (PBT/Total Assets}	(%)	8.26	5.62	6.01
Return on Investment (ROI) (PBT/Networth)		0.27	0.24	0.24
Debt Equity Ratio (Total Debt/Networth)		1.69	2.66	2.17
Current Ratio (Current Asset/Current Liability)		1.27	1.17	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	21.693	21.693	21.693
Reserves & Surplus	953.365	1162.076	1430.179
Net worth	975.058	1183.769	1451.872
long-term borrowings	98.033	58.514	26.046
Short term borrowings	2017.551	3096.026	2420.437
Total borrowings	2115.584	3154.540	2446.483
Debt/Equity ratio	2.170	2.665	1.685

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8258.239	10264.897	11457.349
		24.299	11.617

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	8258.239	10264.897	11457.349
Profit	162.431	220.407	290.085
	1.97%	2.15%	2.53%

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

LITIGATION DETAILS

CHENNAI COURT
CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	CIVIL SUITS
Case No.:	234
Year :	2013
Petitioner :	M/S. AANCHAL CEMENT LIMITED
Respondent :	M/S. GIMPEX LIMITED
Pet's Advocate :	M/S. RUGAN AND ARYA
Res's Advocate :	M/S.K.SUKUMARAN
Category :	Declaration
	Last Listed on: No Date Mentioned
Case Updated on :	Jul 14 2014
No Connected Application(s)	No Connected Matter(s)

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10429754	17/05/2013	20,000,000.00	INDIA FACTORING AND FINANCE SOLUTIONS PRIVATE LIMITED	6TH FLOOR, VAIBHAV CHAMBERS, OPPOSITE INCOME TAX,  BANDRA-KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B76592443
2	10345972	10/02/2012	6,954,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B36461259
3	10311871	23/09/2011	8,100,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B23178767
4	10311872	23/09/2011	27,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B23178882
5	10311873	23/09/2011	3,620,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B23179021
6	10274024	25/01/2011	850,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B08691081
7	10274027	25/01/2011	1,203,192.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B08691636
8	10274028	25/01/2011	22,476,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B08691180
9	10246856	15/10/2010	650,000,000.00	STANDARD CHARTERED BANK	19, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA	A97730030
10	10236713	19/08/2010	1,250,000,000.00	IDBI BANK LIMITED	115, ANNA SALAI, SAIDAPET, CHENNAI, TAMILNADU -  600015, INDIA	A93666469
11	10230203	22/06/2010	500,000,000.00	PUNJAB NATIONAL BANK	LCBRANCH , RAYALA TOWERS, THIRD FLOOR, 781-785 A  NNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	A90337346
12	10210261	23/03/2010	150,400,000.00	ING VYSYA BANK LIMITED	185 ANNA SALAI, NEAR TVS, CHENNAI, TAMIL NADU - 600006, INDIA	A82469529
13	10210472	12/03/2010	135,450,000.00	ING VYSYA BANK LIMITED	185 ANNA SALAI, NEAR TVS, CHENNAI, TAMIL NADU - 600006, INDIA	A82578212
14	10206514	10/03/2010	100,000,000.00	ING VYSYA BANK LIMITED	185 ANNA SALAI, NEAR TVS, CHENNAI, TAMIL NADU - 600006, INDIA	A81238743
15	10203924	11/02/2010	50,000,000.00	PUNJAB NATIONAL BANK	781-785 RAYALA TOWERS, CHENNAI, TAMIL NADU - 600002, INDIA	A79751830
16	10191911	19/12/2009	1,795,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A75948711
17	10192089	04/12/2009	5,489,988.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A75989004
18	10190444	04/12/2009	345,000,000.00	ING VYSYA BANK LIMITED	185 ANNA SALAI, NEAR TVS, CHENNAI, TAMILNADU - 600006, INDIA	A75407981
19	10186420	05/11/2009	50,000,000.00	PUNJAB NATIONAL BANK	781-785 RAYALA TOWERS, CHENNAI, TAMIL NADU - 600002, INDIA	A73742744
20	10176447	19/08/2009	150,000,000.00	ING VYSYA BANK LIMITED	185 ANNA SALAI,, NEAR TVS, CHENNAI, TAMIL NADU - 600006, INDIA	A70116850
21	10173112	07/08/2009	300,000,000.00	ING VYSYA BANK LIMITED	185 ANNA SALAI NEAR TVS, CHENNAI, TAMIL NADU - 600006, INDIA	A68703123
22	10151352	14/02/2009	271,300,000.00	BANK OF BARODA	CHENNAI MAIN BRANCH, NEW NO.70 (OLD NO.28), RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA	A59814087
23	10092501	29/01/2008	2,600,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A33913823
24	90287890	18/06/2007 *	1,000,000,000.00	ING VYSYA BANK LIMITED	185 ANNASALAI, NEAR TVS, CHENNAI, TAMILNADU - 600006, INDIA	A18651612
25	90291279	24/07/2013 *	4,720,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, RAYALA TOWERS, III FLOOR,  781-785, ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA	B82149162
26	90288905	13/02/2007 *	745,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, ANNA SALAI CHENNAI, CHENNAI, TAMIL NADU - 600002, INDIA	A11924255

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from directors	14.413	10.302
Other loans and advances	0.017	0.000
Loans and advances from others	0.000	7.031
Total	14.430	17.333

PERFORMANCE REPORT

The company has achieved a turnover of Rs. 11607.438 Millions in the year 2012-13 as compared to turnover of Rs 10377.792 Millions in the previous year. This represents a growth of 25% over the previous year. Which represent the Company was able to achieve this growth by adding additional minerals in its business portfolio. The additional turnover was achieved due to improved performance from barites and coal business of the company.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)
a. Claims against the company not acknowledged as debts
i) Disputed Income Tax Liability	77.572
ii) Disputed Sales Tax Liability @ Amounts paid Rs.26.675 Millions which is included in 'Payment of Taxes' under "Long Term Advances".	20.270
b. Guarantees
i) Guarantees furnished by Bankers	94.979
ii) Outstanding Letters of Credit	562.203
c. Others
i) Preference Dividend Payable	0.006
Total	755.030

FIXED ASSETS:

· Land

Buildings

Factory building

Plant and equipment

Factory equipments

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

Mining Rights

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. 60.33
UK Pound	1	Rs. 103.18
Euro	1	Rs. 81.58

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.