MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	AMRIT CEMENT LIMITED (w.e.f. 09.12.2013)
Formerly Known As :	AMRIT CEMENT INDUSTRIES LIMITED
Registered Office :	Opposite–Horse Shoe Building, Lower Lachuimere, Shillong–793-001, Meghalaya
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.01.2008
Com. Reg. No.:	13-008302
Capital Investment / Paid-up Capital :	Rs. 36.887 Millions
CIN No.: [Company Identification No.]	U26940ML2008PLC008302
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Supplier and manufacturer of cement.
No. of Employees :	Information decline by management

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

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 and Delayed
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating takes into consideration delay in payment of debt obligation arising out of the delay in project implementation. Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings on 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.

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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DENIED

Management non co-operative (91-0364-2503192)

LOCATIONS

Registered Office :	Opposite–Horse Shoe Building, Lower Lachuimere, Shillong–793-001, Meghalaya
Tel. No.:	91-364 – 2503192
E-Mail :	sriagarwal@yahoo.co.in
Website :	http://amritcement.com
Office 2 :	Trishul Tower, 2^nd and 3rd Floor, Mother Teresa Road, Zoo Tinali, Guwahati – 781021, Assam, India
Corporate Office :	226/1, A.J.C Bose Road, Trinity Towers, 6th Floor, Kolkata-700020,West Bangal, India
Tel. No.:	91-33-40033441
E-Mail :	info@amrit.co.in
Factory 1 :	Vill-Umlaper Elaka-Rymbai, Jaintia Hills District-- 793200, Meghalaya India
Tel. No.:	91-0364 – 2307077

DIRECTORS

As on 30.09.2013

Name :

Mr. Pradeep Bagla

Designation :

Director

Address :

Jaisalmer Building, 6, Ashoka Road, Kolkata-700027,West Bengal, India

Date of Birth/Age :

07.09.1965

Date of Appointment :

24.01.2008

DIN No.:

00038117

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	U15339WB1994PLC064082	AMRIT FEEDS LIMITED	Director	20/06/2008	30/09/1994	14/12/2010	Active	NO
2	U01409WB1998PTC088048	AMRIT HATCHERIES PRIVATE LIMITED	Director	20/06/2008	24/09/1998	14/12/2010	Active	NO
3	U01409WB2000PTC090900	AMRICON AGROVET PRIVATE LIMITED	Director	10/1/2000	10/1/2000	14/12/2010	Active	NO
4	U45203WB2000PTC091684	SHREE SHAKAMBHARI PROPERTIES PRIVATE LIMITED	Director	13/04/2000	13/04/2000	21/03/2007	Active	NO
5	U45209WB2000PTC092459	SHREE SHAKAMBHARI VASTU NIRMAN PRIVATE LIMITED	Director	26/09/2000	26/09/2000	-	Active	NO
6	U01409WB2005PTC105500	AMRIT AGROVET PRIVATE LIMITED	Director	20/09/2005	20/09/2005	12/1/2012	Active	NO
7	U51900WB2005PTC106177	GREENBIRD VYAPAAR PRIVATE LIMITED	Director	4/1/2006	4/1/2006	22/07/2010	Active	NO
8	U70101WB1999PTC089108	OJESH APARTMENTS PRIVATE LIMITED	Director	10/4/2007	10/4/2007	-	Active	NO
9	U51909WB2007PLC119269	BAGLA AGRO LIMITED	Director	5/10/2007	5/10/2007	-	Active	NO
10	U26940ML2008PLC008302	AMRIT CEMENT LIMITED	Managing director	1/3/2010	24/01/2008	-	Active	NO
11	U26940WB2008PTC126894	KAZIRANGA CEMENT PRIVATE LIMITED	Director	25/06/2008	25/06/2008	-	Active	NO
12	U65921WB1993PTC138454	CHORDIA TRADE CREDITS PRIVATE LIMITED	Director	16/02/2009	16/02/2009	-	Active	NO
13	U51109WB1993PTC060546	S M R BUSINESSES PRIVATE LIMITED	Director	23/03/2009	23/03/2009	-	Active	NO
14	U51109WB1996PTC077443	GRAVITY SALES AGENCY PRIVATE LIMITED	Director	14/04/2009	14/04/2009	-	Active	NO
15	U26940WB2010PTC142112	AMRIT CEMENT COMPANY PRIVATE LIMITED	Director	12/2/2010	12/2/2010	-	Active	NO
16	U67120WB1995PTC067921	PRABHU DHAN FINANCE PRIVATE LIMITED	Director	11/3/2010	11/3/2010	-	Active	NO
17	U60200WB2009PTC134481	Integrated Roadways Private Limited	Director	1/7/2010	1/7/2010	2/12/2011	Active	NO
18	U15316WB2007PTC115854	NAMAN HEALTH FOOD INDUSTRIES PRIVATE LIMITED	Director	25/10/2010	25/10/2010	-	Active	NO
19	U51109WB2007PTC120429	SUBHLAKSHMI VANIJYA PRIVATE LIMITED	Director	25/10/2010	25/10/2010	-	Active	NO
20	U51109WB2006PTC107715	RIDHI SIDHI VANIJYA PRIVATE LIMITED	Director	25/10/2010	25/10/2010	-	Active	NO
21	U51109WB2005PTC103932	MADRID TRADERS PRIVATE LIMITED	Director	25/10/2010	25/10/2010	-	Active	NO
22	U51900WB2006PTC107716	JAI MATADI VANIJYA PRIVATE LIMITED	Director	25/10/2010	25/10/2010	-	Active	NO
23	U65921PB1950PLC001581	BHARAT FINANCE AND INDUSTRIES LIMITED	Director	24/02/2012	24/02/2012	-	Active	NO
24	U51909WB2009PTC136843	ADITYA DEALCOM PRIVATE LIMITED	Director	11/4/2013	11/4/2013	-	Active	NO
25	U51909WB2009PTC136848	CHAKRADHARI DEALCOM PRIVATE LIMITED	Director	11/4/2013	11/4/2013	-	Active	NO
26	U51909WB2009PTC136893	VIGNESH TRADERS PRIVATE LIMITED	Director	11/4/2013	11/4/2013	-	Active	NO

Name :

Mr. Sunil Kumar Khemka

Designation :

Director

Address :

301,Aparna Apartment, Exhibition Road, Patna-800001, Bihar, India

Date of Birth/Age :

10.10.1967

Date of Appointment :

28.11.2008

DIN No.:

00829794

Name :

Mr. Bhalang Singh Phanbuh

Designation :

Director

Address :

30, Lachumiere Hill, Shillong-793001, Meghalaya, India

Date of Birth/Age :

23.02.1968

Date of Appointment :

24.01.2008

DIN No.:

01830798

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	U26940ML2008PLC008302	AMRIT CEMENT LIMITED	Director	24/01/2008	24/01/2008	-	Active	NO
2	U01403ML2010PTC008441	MEGHALAYA AGROVET PRIVATE LIMITED	Director	20/11/2010	20/11/2010	-	Active	NO
3	U72300ML2013PTC008532	MEGH INFINITY PRIVATE LIMITED	Director	2/1/2013	2/1/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Pradeep kumar Bagla	161150
Deepa Bagla	50538
Sunil Kumar Khemka	100
Shrikrishna Agarwal	100
Bhalang Singh	100
MadridTraders Private Limited	216900
Naman Health Food Industries Private Limited	445500
P. K. Bagla (HUF)	966
SMR Business Private Limited	126750
Chordia Trade Credits Private Limited	879050
Ridhi Sidhi Vanijya Private Limited	169600
Gravity Sales Agency Private Limited	377150
Lord Deal Com Private Limited	245900
Bharat Finance Industries Limited	605000
Jai Matadi Vanijya Private Limited	162000
Gulmohar Vyapar Private Limited	34800
Prabhudham Finance Private Limited	10000
Armount Financial Management Private Limited	203100
Total	3688704

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	94.23
Directors or relatives of Directors	5.77
Total	100

BUSINESS DETAILS

Line of Business :	Supplier and manufacturer of cement.
Products :	Portland Pozzolana Cement (PPC) Ordinary Portland Cement (OPC)

GENERAL INFORMATION

No. of Employees :	Information decline by managment
Bankers :	Panjab National Bank, New Market Branch, Kolkata-700087, West Bengal, India Bank of Baroda, India Exchange Branch, 4, Indian Exchange Place, Kolkata-700001, West Bengal, , India HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
Banking Relations :	---
Financial Institute :	L and T Finance Limited, L and T House, Ballard Estate, Mumbai-400001, Maharashtra, India
Auditors :
Name :	K. K. Jain and Company Chartered Accountant
Address :	P-21/22,Radha Bazar Street, Kolkata- 700001, West Bengal, India
PAN No.:	AACFK5374P
Associates/Subsidiaries Enterprise in which Key management personnel has significant influence:	M/s Ojash Apartment Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4,450,000	Equity Shares	Rs.10/- each	Rs. 84.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,688,704	Equity Shares	Rs.10/- each	Rs. 36.887 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	36.887	28.896	13.901
(b) Reserves & Surplus	2887.967	1391.326	656.571
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	49.900
Total Shareholders’ Funds (1) + (2)	2924.854	1420.222	720.372
(3) Non-Current Liabilities
(a) long-term borrowings	3075.916	2690.358	1375.889
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3075.916	2690.358	1375.889
(4) Current Liabilities
(a) Short term borrowings	316.483	0.000	0.000
(b) Trade payables	497.553	5.022	6.825
(c) Other current liabilities	420.920	184.734	66.244
(d) Short-term provisions	0.590	0.000	0.000
Total Current Liabilities (4)	1235.546	189.756	73.069
TOTAL	7236.316	4300.336	2169.330
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4872.585	76.635	71.912
(ii) Intangible Assets	1.360	0.000	0.000
(iii) Capital work-in-progress	329.548	3988.513	1983.214
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.050	0.050	0.050
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.581	152.412	53.355
(e) Other Non-current assets	1022.517	10.093	7.120
Total Non-Current Assets	6235.641	4227.703	2115.651
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	414.549	0.000	0.000
(c) Trade receivables	66.602	0.000	0.000
(d) Cash and cash equivalents	42.824	12.485	37.472
(e) Short-term loans and advances	476.700	60.148	16.206
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1000.675	72.633	53.678
TOTAL	7236.316	4300.336	2169.329

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Sale of goods manufactured	291.694
		Other Income	367.666
		TOTAL	659.360
Less	EXPENSES
		Cost of Materials Consumed	42.325
		Purchases of Stock-in-Trade	0.060
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(117.848)
		Employees benefits expense	49.693
		Payment to Auditors	0.029
		Insurance expenses	0.544
		Power and fuel	101.241
		Other expenses	151.727
		TOTAL	227.771
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		431.589
Less	FINANCIAL EXPENSES		150.669
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		280.920
Less/ Add	DEPRECIATION/ AMORTISATION		195.510
	PROFIT BEFORE TAX		85.410
Less	TAX		0.000
	PROFIT AFTER TAX		85.410
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		85.410
	IMPORTS
		Capital Goods	12.855
	TOTAL IMPORTS		12.855
	Earnings Per Share (Rs.)		29.54

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	1.24	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.03	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		1.16	1.89	1.91
Current Ratio (Current Asset/Current Liability)		0.81	0.38	0.73

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	13.901	28.896	36.887
Reserves & Surplus	656.571	1391.326	2887.967
Net worth	670.472	1420.222	2924.854
long-term borrowings	1375.889	2690.358	3075.916
Short term borrowings	0.000	0.000	316.483
Total borrowings	1375.889	2690.358	3392.399
Debt/Equity ratio	2.052	1.894	1.160

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 one year	Yes
12]	Profitability for last one year	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10488028	11/04/2014 *	1,685,900,000.00	PUNJAB NATIONAL BANK	PUNJAB NATIONAL BANK, AGMO: NEW MARKET,9, LINDSAY  STREET, KOLKATA, WEST BENGAL - 700087, INDIA	C03306214
2	10439755	04/06/2013	1,445,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA-400001, INDIA	B80744287
3	10425454	10/05/2013	935,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	B75044693
4	10420215	17/08/2013 *	3,755,200,000.00	PUNJAB NATIONAL BANK	AGMO-9,LINDSAY STREET, NEW MARKET, KOLKATA, WEST  BENGAL - 700087, INDIA	B83950188
5	10414377	27/09/2013 *	3,347,000,000.00	PUNJAB NATIONAL BANK	AGMO-9,LINDSAY STREET, NEW MARKET, KOLKATA, WEST  BENGAL - 700087, INDIA	B87585048
6	10414523	09/03/2013	383,200,000.00	PUNJAB NATIONAL BANK	AGMO-9,LINDSAY STREET, NEW MARKET, KOLKATA, WEST  BENGAL - 700087, INDIA	B71708457
7	10420716	05/03/2013	3,880,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	B73453664
8	10402562	05/02/2013	3,870,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	B67929497
9	10401798	17/12/2012	29,000,000.00	BANK OF INDIA	KOLKATA LARGE CORPORATE BRANCH, 5, B.T.M. SARANI  , KOLKATA, WEST BENGAL - 700001, INDIA	B67576413
10	10400224	03/12/2012	7,778,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	B66983115
11	10383975	06/10/2012	7,287,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	B61106001
12	10373731	13/08/2012	236,200,000.00	INDIAN OVERSEAS BANK	MID CORPORATE BRANCH, 3, CHOWRINGHEE APPROACH, KO  LKATA, WEST BENGAL - 700072, INDIA	B56918675
13	10372071	21/07/2012	300,000,000.00	PUNJAB NATIONAL BANK	AGMO - 9, LINDSAY STREET, NEW MARKET, KOLKATA, WE  ST BENGAL - 700087, INDIA	B56213416
14	10308485	29/08/2011	2,779,800,000.00	PUNJAB NATIONAL BANK	AGMO-9,LINDSAY STREET, NEW MARKET, KOLKATA, WEST  BENGAL - 700087, INDIA	B21628011
15	10308878	26/09/2013 *	143,700,000.00	BANK OF BARODA	INDIA EXCHANGE BRANCH, 4, INDIA EXCHANGE PLACE, K  OLKATA, WEST BENGAL - 700001, INDIA	B85565943
16	10310743	19/08/2011	350,000,000.00	CORPORATION BANK	DHARAMTOLLA BRANCH, 8, LENIN SARANI, KOLKATA, WE  ST BENGAL - 700013, INDIA	B22777098
17	10272026	10/03/2011	7,182,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	B08248643
18	10258157	30/12/2010	6,662,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	B02731792
19	10239077	05/08/2010	6,915,700.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BE  NGAL - 700046, INDIA	A94640232
20	10232323	02/08/2010	2,430,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	A91518258
21	10215945	24/08/2012 *	3,730,200,000.00	PUNJAB NATIONAL BANK	AGMO - 9, LINDSAY STREET, NEW MARKET, KOLKATA, WE  ST BENGAL - 700087, INDIA	B57742884
22	10210111	27/02/2010	1,659,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, MAHARASHTRA - 400013, INDIA	A81767881
23	10204547	05/02/2010	1,062,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	A80049471
24	10189692	10/12/2009	1,700,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	A74693565
25	10189691	10/12/2009	3,825,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	A74692369
26	10195451	05/12/2009	1,160,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, MAHARASHTRA - 400013, INDIA	A77030088
27	10185930	05/11/2009	2,340,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	A73586976
28	10184490	26/10/2009	840,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	A72972318
29	10183957	26/10/2009	1,400,000.00	L AND T FINANCE LIMITED	LANDT HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA  - 400001, INDIA	A72483282
30	10189615	22/10/2009	3,901,635.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BE  NGAL - 700046, INDIA	A74359654
31	10166588	02/07/2009	5,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, M  UMBAI, MAHARASHTRA - 400021, INDIA	A65287724

* Date of charge modification

FIXED ASSETS

• Land- Freehold
• Buildings
• Phase and Equipment’s
• Furniture and Fixture
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CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.19
UK Pound	1	Rs.99.51
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	RSM
Analysis Done by :	NAN
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		17

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.