MIRA INFORM REPORT

Report Date :

10.03.2014

IDENTIFICATION DETAILS

Name :	FORECH INDIA LIMITED
Registered Office :	S-23, Green Park Extension, New Delhi – 110 016
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.01.1983
Com. Reg. No.:	55-015047
Capital Investment/ Paid-up Capital:	Rs.97.500 Millions
CIN No.: [Company Identification No.]	U51109DL1983PLC015047
TAN No.: [Tax Deduction & Collection Account No.]	DELF02468E
PAN No.: [Permanent Account No.]	AAACF0240N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Conveyor Belts, Rubber Sheets Conveyor Belt Accessories and Repair Material
No. of Employees:	Information declined by the management

ATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2500000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is sound. However, trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	09.05.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating=A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	09.05.2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED

Management Non Co-operative (91-11-26960868)

LOCATIONS

Registered Office :	S-23, Green Park Extension, New Delhi – 110 016, India
Tel. No.:	91-11-26960868
Fax No.:	91-11-26862373
E-Mail :	scg@forech.com
Website :	www.forech.com
Area :	10000 sq. ft. (approximately)
Location :	Owned
Factory 1 :	Village Rai, G. T. Road, Tehsil and District Sonepat – 131 029, Haryana, India
Tel. No.:	91-130-2366571/2366572/2366379
Fax No. :	91-130-2366384
E-Mail :	rai@forech.net
Factory 2 :	Malikpur Road, Village Dhaturi, Sonepat-131 027, Haryana, India
Tel. No.:	91-130-2475931
Fax No.:	91-130-2475931
E-Mail :	dhaturi@forech.net
Factory 3 :	1, Sipcot Indusrial Park, Post Mathur Mangal, Cheyyar, District Thiruvannamalai - 610 701, Tamil Nadu, India
Mobile No.:	91-9444895612
E-Mail :	cheyyar@forech.net

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ravi Khanna

Designation :

Managing Director

Address :

B-1/40, Safdarjaug Enclave, New Delhi – 110029, Delhi, India

Date of Birth/Age :

06.12.1955

Date of Appointment :

01.10.2012

DIN No. :

00165154

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	U74899DL1983PTC015595	MANSAAROVER IRRIGATIONS PRIVATE LIMITED	Director	23/04/1983	23/04/1983	-	Active	NO
2	U51109DL1983PLC015047	FORECH INDIA LIMITED	Managing director	01/10/2012	15/09/1995	-	Active	NO
3	U25209DL2002PTC115324	EAGLE MINING PRODUCTS PRIVATE LIMITED	Director	13/05/2002	13/05/2002	-	Active	NO
4	U51909DL2002PTC117547	NILOS RUBCON PRIVATE LIMITED	Director	31/10/2002	31/10/2002	24/03/2009	Active	NO
5	U25192DL2007PTC159129	OPTITECH CONVEYORS PRIVATE LIMITED	Director	12/02/2007	12/02/2007	25/03/2009	Active	NO
6	U22110HR2010PTC040759	JAYPEE PUBLISHER PRIVATE LIMITED	Director	25/06/2010	25/06/2010	01/11/2013	Active	NO
7	U25190DL2010PTC211372	GERBELT CONVEYER SYSTEMS PRIVATE LIMITED	Director	13/12/2010	13/12/2010	-	Active	NO
8	U85195MH1994PTC080801	ACCUREX BIOMEDICAL PRIVATE LIMITED	Director	30/09/2011	03/05/2011	-	Active	NO
9	U14220DL2007PTC163241	HILTON POLYFLEX PRIVATE LIMITED	Director	05/05/2011	05/05/2011	-	Active	NO

Name :

Mr. Krishan Agarwal

Designation :

Whole Time Director

Address :

53 Suvidha Kunj Zone H 4/5, Pitampura, New Delhi- 110085, Delhi, India

Date of Birth/Age :

25.05.1970

Date of Appointment :

22.07.2011

Din No.:

00020206

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	U45201DL2001PTC110851	VIKAS PLANNER PRIVATE LIMITED	Director	15/05/2001	15/05/2001	-	Active	NO
2	U51909DL2002PTC117547	NILOS RUBCON PRIVATE LIMITED	Director	31/12/2003	31/12/2003	24/03/2009	Active	NO
3	U74899DL1989PTC036948	NANDA DEVI BUILDERS PRIVATE LIMITED	Director	28/06/2005	28/06/2005	-	Active	NO
4	U17299DL2005PTC138149	SUNRISE FABTECH PRIVATE LIMITED	Director	29/06/2005	29/06/2005	-	Active	NO
5	U45201DL2005PTC138159	SUNRISE BUILDMORE PRIVATE LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
6	U27203PY1996PTC001274	SRI KRISHNA ALUCAST PRIVATE LIMITED	Director	12/11/2006	12/11/2006	20/08/2011	Active	NO
7	U27203PY1996PLC001275	PONDICHERRY ALUMINIUM LIMITED	Director	12/11/2006	12/11/2006	20/08/2011	Active	NO
8	U51109DL1983PLC015047	FORECH INDIA LIMITED	Director	22/07/2011	01/04/2008	-	Active	NO
9	U29249TN1986PTC013451	NILOS INDIA PRIVATE LIMITED	Alternate director	24/03/2010	24/03/2010	-	Active	NO
10	U45400DL2008PTC185721	GDS PROJECT SOLUTIONS PRIVATE LIMITED	Director	15/02/2011	15/02/2011	02/05/2012	Active	NO

Name :

Mr. Bharat Gandotra

Designation :

Whole-time director

Address :

B-1/40, Safdarjaug Enclave, New Delhi – 110029, Delhi, India

Date of Birth/Age :

10.07.1975

Date of Appointment :

01.10.2012

DIN No. :

00165267

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	U74899DL1994PLC059695	HILTON INTERNATIONAL LIMITED	Director	01/07/1997	01/07/1997	Amalgamated	NO
2	U51109DL1983PLC015047	FORECH INDIA LIMITED	Whole-time director	01/10/2012	01/04/2008	Active	NO
3	U25190DL2010PTC211372	GERBELT CONVEYER SYSTEMS PRIVATE LIMITED	Director	13/12/2010	13/12/2010	Active	NO

Name :

Ms. Jyoti Khanna

Designation :

Director

Address :

B-1/40, Safdarjaug Enclave, New Delhi – 110029, Delhi, India

Date of Birth/Age :

03.12.1957

Date of Appointment :

02.01.1995

DIN No. :

00165409

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	U51109DL1983PLC015047	FORECH INDIA LIMITED	Director	02/01/1995	02/01/1995	-	Active	NO
2	U22110HR2010PTC040759	JAYPEE PUBLISHER PRIVATE LIMITED	Director	25/06/2010	25/06/2010	01/11/2013	Active	NO

Name :

Mr. Jens Hamacher

Designation :

Additional Director

Address:

Dorotheenstrasse, Dusseldorf – 40325, Germany

Date of Birth/Age :

20.06.1973

Date of Appointment :

25.08.2010

DIN No. :

02758627

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	U51909DL2002PTC117547	NILOS RUBCON PRIVATE LIMITED	Nominee director	20/01/2004	20/01/2004	Active	NO
2	U51109DL1983PLC015047	FORECH INDIA LIMITED	Director	25/08/2010	28/05/2010	Active	NO

Name :

Mr. Thomas Josef Ziller

Designation :

Additional Director

Address:

Dorfstrasse, Erkrath – 40699, Germany

Date of Birth/Age :

14.03.1953

Date of Appointment :

25.08.2010

DIN No. :

02846016

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	U29249TN1986PTC013451	NILOS INDIA PRIVATE LIMITED	Nominee director	18/07/1997	18/07/1997	Active	NO
2	U51109DL1983PLC015047	FORECH INDIA LIMITED	Director	25/08/2010	28/05/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Anuradha Nahar
Designation :	Secretary
Address:	Namdev Chowk, Near Babaji Ki Haveli, Janganer, Jaipur– 302029, Rajasthan India
Date of Birth/Age :	06.07.1989
Date of Appointment :	11.05.2011
Pan No. :	ANWPN9280A

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Ravi Khanna	865000
Jyoti Khanna	630878
Aadisht Khanna	864000
Ravi Khanna HUF	2880494
Bhavya Khanna	857000
Suversha Khanna	448672
Ravi Khanna and R Letter Anand	9000
Hilton Tyre Private Limited	400000
Bharat Gandotra	846824
Bhavna Malik	16
Manik Dogra	16
D D Agarwal	86400
Pankaj Agarwal	9600
D D Aggarwal HUF	9600
Sunrise Build more Private limited, India	612500
Renu Aggarwal	67200
Hira Mani Devi	52800
Nilos Hans Ziller, Germany	960000
Blue prints Securities limited	600000
Total	10200000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	10.00
Bodies corporate	10.55
Directors or relatives of Directors	79.45
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Conveyor Belts, Rubber Sheets Conveyor Belt Accessories and Repair Material

Products :

Product Description	ITC Code
Conveyor Belt	4010.90
Compound Rubber	4005.00
Rubber Sheet	4008.29
Transmission Belt	4010.90

· Conveyor Belts

· Transmission belts

· Cleated Belts

· V-Belts

· Rubber Sheets

· Conveyor Accessories

· Strips

· Conveyor belts Repair Strips

· Patches

· Material Handling Equipments

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Conveyor Belts	MT	12000	564787 Mtrs
Rubber Sheet	MT	6000	237297 Mtrs

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai – 400 013, Maharashtra

· Bank of Punjab Limited, L – 40, Connaught Circus, New Delhi – 110 001, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee Term Loans from Banks	21.178	60.210
Other Loans and Advances (Vehicle Loans (Hire Purchase Agreement) in terms of Finance Lease obligations are secured against vehicles acquired by the Company)	1.808	1.955
Short Term Borrowings
Term Loans from Banks	29.191	48.180
Loans repayable on Demand	204.931	117.789
Total	257.108	228.134

Banking Relations :	--
Auditors :
Name :	Shanti Prasad and Company Chartered Accountants
Address :	M-96, Connaught Place, New Delhi 110 001, Delhi, India
Tel. No.:	91-11-23416000/ 7000
Pan No.:	AAZFS2102G
Associates :	· Eagle Mining Products Private Limited · Optitech Conveyors Private Limited · Rubcon Mining Accessories Private Limited · Sun Rise Build More Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
14200000	Equity Shares	Rs.10/- each	Rs.142.000 Millions

Issued, Subscribed Capital :

No. of Shares	Type	Value	Amount
10200000	Equity Shares	Rs.10/- each	Rs.102.000 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
9600000	Equity Shares	Rs.10/- each	Rs.96.000 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
14200000	Equity Shares	Rs.10/- each	Rs.142.000 Millions

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
9600000	Equity Shares	Rs.10/- each	Rs.96.000 Millions
	Add: Forfeited Shares		Rs.1.500 Millions
	Total		Rs.97.500 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	97.500	97.500	96.000
(b) Reserves & Surplus	552.104	480.414	382.206
(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)	649.604	577.914	478.206
(3) Non-Current Liabilities
(a) long-term borrowings	193.731	176.742	216.125
(b) Deferred tax liabilities (Net)	27.850	27.070	27.670
(c) Other long term liabilities	0.000	0.419	13.887
(d) long-term provisions	6.969	7.088	5.586
Total Non-current Liabilities (3)	228.550	211.319	263.268
(4) Current Liabilities
(a) Short term borrowings	234.122	165.969	129.851
(b) Trade payables	524.459	449.752	372.118
(c) Other current liabilities	111.240	124.182	210.564
(d) Short-term provisions	41.313	30.111	8.125
Total Current Liabilities (4)	911.134	770.014	720.658
TOTAL	1789.288	1559.247	1462.132
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	627.452	589.127	614.675
(ii) Intangible Assets	3.510	5.164	6.554
(iii) Capital work-in-progress	0.000	7.968	5.636
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.106	0.608	0.608
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	37.851	19.207	12.670
(e) Other Non-current assets	13.694	20.792	8.065
Total Non-Current Assets	682.613	642.866	648.208
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	298.966	342.145	348.195
(c) Trade receivables	598.645	463.556	345.980
(d) Cash and cash equivalents	49.415	19.760	30.592
(e) Short-term loans and advances	107.268	70.271	88.934
(f) Other current assets	52.381	20.649	0.223
Total Current Assets	1106.675	916.381	813.924
TOTAL	1789.288	1559.247	1462.132

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		2581.871	2499.300	1788.919
		Other Income		20.924	26.646	19.043
		TOTAL (A)		2602.795	2525.946	1807.962
Less	EXPENSES
		Cost of Materials Consumed		1761.010	1745.740	1343.217
		Purchase of Stock-in-trade		12.669	7.744	0.644
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		12.743	62.438	(79.049)
		Employee Benefits Expenses		112.519	95.355	84.243
		Other Expenses		450.064	371.890	281.361
		Exceptional Items		0.596	(5.075)	(1.475)
		TOTAL (B)		2349.601	2278.092	1628.941
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			253.194	247.854	179.021
Less	FINANCIAL EXPENSES (D)			60.605	64.171	65.119
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			192.589	183.683	113.902
Less	DEPRECIATION/ AMORTISATION (F)			85.460	82.751	84.302
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			107.129	100.932	29.600
Less	TAX (H)			35.439	31.224	6.195
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			71.690	69.708	23.405
	EARNINGS IN FOREIGN CURRENCY			NA	1019.205	974.489
	IMPORTS
			Raw Materials		899.836	493.366
			Maintenance Goods		5.618	0.015
			Capital Goods		7.109	14.996
			Packing Material		0.736	2.656
	TOTAL IMPORTS			NA	913.299	511.033
	Earnings Per Share (Rs.)			7.47	7.25	2.50

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.75	2.76	1.29
Net Profit Margin (PBT/Sales)	(%)	4.15	4.04	1.65
Return on Total Assets (PBT/Total Assets}	(%)	5.99	6.51	2.03
Return on Investment (ROI) (PBT/Networth)		0.16	0.17	0.06
Debt Equity Ratio (Total Debt /Networth)		0.66	0.59	0.72
Current Ratio (Current Asset/Current Liability)		1.21	1.19	1.13

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	96.000	97.500	97.500
Reserves & Surplus	382.206	480.414	552.104
Net worth	478.206	577.914	649.604
long-term borrowings	216.125	176.742	193.731
Short term borrowings	129.851	165.969	234.122
Total borrowings	345.976	342.711	427.853
Debt/Equity ratio	0.723	0.593	0.659

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	1788.919	2499.300	2581.871
		39.710	3.304

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	1788.919	2499.300	2581.871
Profit	23.405	69.708	71.690
	1.31%	2.79%	2.78%

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

LITIGATION DETAILS:

IN THE HIGH COURT OF DELHI AT NEW DELHI

  CS(OS) 383/2012

  DUNLOP INDIA LTD

  ..... Plaintiff

  Through None

versus

  FORECH INDIA LIMITED

  ..... Defendant

  Through Mr. G.S. Kahlon, Adv.


  CORAM:

   HON'BLE MS. JUSTICE MUKTA GUPTA

   O R D E R

   18.11.2013

  IA 18422/2013 (u/O XXXIX R 4 CPC)

  Notice be issued to the plaintiff/ non-applicant on the defendant/
  applicant taking steps through ordinary and dasti process and through the
  counsel as well returnable on 21st February, 2014 the date already fixed.

  In the meantime reply affidavit be filed by the plaintiff/ non-
  applicant.

  MUKTA GUPTA, J

  NOVEMBER 18, 2013

  ?ga?

  $ 12

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Deposits from Shareholders	6.014	5.400
Intercorporate Deposits	17.094	15.513
Deposits from Others	8.979	3.306
Loans and Advances from Related Parties	138.658	90.358
Total	170.745	114.577

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10292818	01/06/2013 *	548,578,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B77172500
2	10163509	23/06/2009	190,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH,VARDHMAN TRADE CENTRE, P. NO 3&4, IIND FLOOR, DDA BUILDING, NEHRU PLACE, NEW DELHI - 110019, INDIA	A64504954
3	10145666	29/02/2012 *	455,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, VARDHMAN TRADE CENTRE, NEHRU PLACE, NEW DELHI - 110019, INDIA	B36405199
4	10130714	18/11/2008	272,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	A51204014
5	10112151	21/07/2008	187,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	A41853938
6	10112153	24/08/2010 *	145,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	A92635770
7	10112157	24/08/2010 *	145,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI - 110046, INDIA	A96505029
8	10112402	21/07/2008	187,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA HOUSE, 25 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	A41908328
9	10028486	01/06/2013 *	548,578,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B77448637

* Date of charge modification

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Moulds

· Computer

· Office Equipments

· Fire Fighting Equipments

· Furniture and Fixture

· Cars

· Vehicles

· Air Pollution Equipments

· Testing Equipments

· Crane Escort

· Boiler Thermax

· ERP Software

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.60.99
UK Pound	1	Rs.102.07
Euro	1	Rs.84.53

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	NKT

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.