MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	LIPI DATA SYSTEMS LIMITED
Registered Office :	1, Mittal Chambers, Nariman Point, Mumbai - 400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.05.1992
Com. Reg. No.:	11-066759
Capital Investment / Paid-up Capital :	Rs. 49.001 Millions
CIN No.: [Company Identification No.]	U36007MH1992PLC066759
TAN No.: [Tax Deduction & Collection Account No.]	MUML01850C
PAN No.: [Permanent Account No.]	AAACL0916F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Electromechanical and Electronics Products, Line Printers and Sub Assemblies.
No. of Employees :	800 (Approximately)

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

Maximum Credit Limit :	USD 4880000
Status :	Satsfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears sharp dip in profitability of the company during the financial year 2013. However, general financial positon of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payments terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	05.07.2013

Rating Agency Name	CARE
Rating	Short term rating: “A2”
Rating Explanation	Strong degree of safety and low credit risk.
Date	05.07.2013

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Ashish Oza
Designation :	Accounts Executive
Contact No.:	91-22-22882960

LOCATIONS

Registered / Head Office :	1, Mittal Chambers, Nariman Point, Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-22882960/ 22882975
Fax No.:	91-22-22873314
E-Mail :	bombay@lipidata.com kygupta@lipidata.com bsinghvi@lipidata.com ems@lipidata.com saurabh.shah@lipdata.in suresh.kokare@lipindia.in
Website :	www.lipidata.com
Area :	5000 sq. ft.
Location :	Owned
Warehouse:	EL-209, Shil Mahape Road, Mahape MIDC TTC, Vashi, Navi Mumbai – 400710, Maharashtra, India
Tel. No.:	91-22-27683030/ 27684024
Fax No.:	91-22-27619203
E-Mail :	bombay@lipidata.in
Factory 1:	101, Mewar Indl. Area, Madri, Udaipur - 313003, Rajasthan, India
Tel. No.:	91-294-2499700
Fax No.:	91-294-2492409
E-Mail :	udaipur@lipidata.in
Factory 2:	Near Annapurna Hotal, Village Malku Majra, P.O. Bhud, Tehsil Nalagarh, District Solan, Baddi - 174101, Himachal Pradesh, India
Tel. No.:	91-1795-202253/ 54
E-Mail :	baddi@lipidata.in
Factory 3:	Unit No. 2, P.O. Dharampur Sai Road, Baddi, Tehsil Nalagarh, District Solan Dharampur - 173209, Himachal Pradesh, India
Tel. No.:	91-1795-274361/ 62
Depot :	Unit No. 53-56, Building No. 1, Electronic Sadan, T. T. C. Industrial Area, MIDC, Mahape, Thane, Navi Mumbai, Maharashtra, India
Tel. No.:	91-22-27680030
Fax No.:	91-22-27670054
Regional Offices:	Located At : · Kolkata Bangalore Chennai New Delhi
Sales and Service Network:	Located At: · Aurangabad Mumbai Vashi Kolhapur Nagpur Nasik Pune Solapur
Branch Offices :	Located At: · New Delhi · Bangalore · Chennai · Kolkata · Ahmedabad · Baroda · Belgaum · Bhopal · Calicut · Kochi · Coimbatore · Surat · Hadapsar · Thane · Jamshedpur · Jaipur · Kanpur · Kolhapur · Lucknow · Mangalore · Trichy · Vishakhapatnam

DIRECTORS

As on 02.09.2013

Name :

Mr. Sameer Piyush Singhal

Designation :

Joint Managing Director

Address :

109/110, Samudra Mahal, Dr. A B Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/ Age:

22.12.1972

Qualification :

BSC Computer Engg

Date of Appointment :

01.08.2012

PAN No. :

AAGPS9259P

DIN No.:

00010793

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	U24219MH1999PTC119250	SINGHAL PESTICIDES PRIVATE LIMITED	Director	01/04/1999	01/04/1999	Strike off	NO
2	U72200MH1999PTC122541	LIPI INFRASTRUCTURE PRIVATE LIMITED	Director	04/11/1999	04/11/1999	Active	NO
3	U65990MH1993PLC073223	COMPUTRONICS FINANCIAL SERVICES (INDIA) LIMITED	Director	01/07/2003	01/07/2003	Active	NO
4	U51909DL2002PTC114885	CHEMICALS INTERNATIONAL MUMBAI PRIVATE LIMITED	Director	01/07/2003	01/07/2003	Not Available for eFiling	NO
5	U36007MH1992PLC066759	LIPI DATA SYSTEMS LIMITED	Managing director	01/08/2012	01/07/2003	Active	NO
6	U99999MH2005PTC157080	CHEMICALS INTERNATIONAL (MUMBAI) PRIVATE LIMITED	Director	26/10/2005	26/10/2005	Active	NO
7	U67120MH1985PTC036431	SAMUK HOLDING PRIVATE LIMITED	Director	03/11/2005	03/11/2005	Active	NO
8	U67120MH2007PTC169012	LIPI SECURITIES PRIVATE LIMITED	Director	21/03/2007	21/03/2007	Strike off	NO

Name :

Mr. Surendra Kumar Vikal

Designation :

Director

Address :

703 Godavari, G Director Shantivan, Borivali (East), Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

11.03.1948

Date of Appointment :

22.09.2012

DIN No. :

02162675

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	U67120MH1985PTC036431	SAMUK HOLDING PRIVATE LIMITED	Director	15/03/1994	15/03/1994	08/08/2008	Active	NO
2	U24219MH1999PTC119250	SINGHAL PESTICIDES PRIVATE LIMITED	Director	16/12/2002	16/12/2002	08/08/2008	Strike off	NO
3	U74100MH2005PTC153187	SUCHETA CONSULTANCY PRIVATE LIMITED	Director	11/05/2005	11/05/2005	-	Active	NO
4	U67190MH2005PTC153202	SILVER DALE SERVICES (INDIA) PRIVATE LIMITED	Director	11/05/2005	11/05/2005	-	Active	NO
5	U70101DL2008PTC179028	SILVERCITY SERVICES PRIVATE LIMITED	Director	15/07/2008	15/07/2008	10/12/2012	Active	NO
6	U74990MH2011PTC211841	SRI SERVEAERO PRIVATE LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO
7	U74140MH2011PTC212973	SANCHITA ADVISORY SERVICES PRIVATE LIMITED	Director	03/02/2011	03/02/2011	-	Active	NO
8	U36007MH1992PLC066759	LIPI DATA SYSTEMS LIMITED	Director	22/09/2012	25/07/2012	-	Active	NO
9	U65990MH1993PLC073223	COMPUTRONICS FINANCIAL SERVICES (INDIA) LIMITED	Director	22/09/2012	25/07/2012	-	Active	NO

Name :

Mr. Rishab Mukul Singhal

Designation :

Managing director

Address :

205, Samudra Mahal, Dr. A.B. Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

09.16.1989

Qualification :

MBA

Date of Appointment :

01.08.2012

PAN No. :

BQQPS6129F

DIN No. :

03617102

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	U99999MH2005PTC157080	CHEMICALS INTERNATIONAL (MUMBAI) PRIVATE LIMITED	Director	22/09/2012	07/09/2011	Active	NO
2	U67120MH1985PTC036431	SAMUK HOLDING PRIVATE LIMITED	Director	21/09/2012	07/09/2011	Active	NO
3	U72200MH1999PTC122541	LIPI INFRASTRUCTURE PRIVATE LIMITED	Director	22/09/2012	07/09/2011	Active	NO
4	U65990MH1993PLC073223	COMPUTRONICS FINANCIAL SERVICES (INDIA) LIMITED	Director	22/09/2012	07/09/2011	Active	NO
5	U36007MH1992PLC066759	LIPI DATA SYSTEMS LIMITED	Managing director	01/08/2012	07/09/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashish Oza
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2012

Names of Shareholders	No. of Shares
Singhal Mukul Jt. Chemicals International (Mumbai) Private Limited	10
Samuk Holding Private Limited, India	400000
Mukul Singhal	1000000
Sameer Singhal	800000
Sameer Singhal Jt. Shilpa Singhal	200000
Chemicals International (Mumbai) Private Limited, India	2500070
Total	4900080

As on 02.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	59.18
Directors or relatives of Directors	40.82
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electromechanical and Electronics Products, Line Printers and Sub Assemblies.

Products :

Item Code No. (ITC Code)	Product Description
84713010	Automatic Data Processing Machines and Units
84729090	Other Office Machines (For Example, Hectograph Or Stencil Duplicating Machines, Addressing Machines, etc.

Exports :

Products :

Finished Goods

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Hardware	Nos.	30200	9053
Sub Assembly	Nos.	100000	--
Cartridges	Nos.	10000	5955

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

800 (Approximately)

Bankers :

· State Bank of Bikaner and Jaipur, Chetak Circle, Udaipur - 313001, Rajasthan, India

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· The Bank of Rajasthan Limited, Overseas Branch Mittal Tower C Wing, Mumbai - 400021, Maharashtra, India

Canara Bank, Overseas Branch, Nariman Point, Mumbai – 400021, Maharashtra, India

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· Corporation Bank, Fort Branch, Veena Chambers, 21, Dalal Street, Fort, Mumbai - 400023, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	110.200	132.400
Other loans and advances	(24.200)	(31.400)
SHORT TERM BORROWINGS
Working capital loans from banks	264.400	371.200
Total	350.400	472.200

NOTE

LONG TERM BORROWINGS

Form ICICI Bank Limited Rs. 33.000 Millions Secured against mortgage of specific flat and guaranteed by directors Form HDFC Bank Limited Rs. 77.200 Millions Secured against property at specific branches and guaranteed by directors

SHORT TERM BORROWINGS

State Bank of Bikaner and Jaipur 175.900 Millions Corporation Bank 88.500 Millions Secured against hypothecation of Raw Materials, Stock in process, finished goods, book debts and collateral security on the fixed assets by way of first charge of Udaipur factory

Banking Relations :	--
Auditors :
Name :	M. Bhandari and Company Chartered Accountants
Address :	Shah Market, 1^st Floor, Pali Bazar, Beawar - 305901, Rajasthan, India
Income-tax PAN of auditor or auditor's firm :	AARPB8590K
Holding Company:	Chemicals International (Mumbai) Private Limited, India CIN No.:U99999MH2005PTC157080
Associates - Companies and Firms:	· Computronics Financial Services (India) Limited, Mumbai Samuk Holding Private Limited, Mumbai P.P. Singhal and Company, Mumbai Chemicals International Mumbai (Private) Limited, Mumbai Lipi Infrastructure Private Limited, Mumbai

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4900080	Equity Shares	Rs.10/- each	Rs. 49.001 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	49.001	49.001	49.001
(b) Reserves & Surplus	1170.800	1149.100	693.300
(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)	1219.801	1198.101	742.301
(3) Non-Current Liabilities
(a) long-term borrowings	86.000	101.000	99.300
(b) Deferred tax liabilities (Net)	0.800	1.000	0.700
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	25.600	23.500	22.800
Total Non-current Liabilities (3)	112.400	125.500	122.800
(4) Current Liabilities
(a) Short term borrowings	264.400	371.200	236.400
(b) Trade payables	382.500	324.800	163.800
(c) Other current liabilities	94.500	155.000	152.500
(d) Short-term provisions	1.900	2.200	31.200
Total Current Liabilities (4)	743.300	853.200	583.900
TOTAL	2075.501	2176.801	1449.001
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	851.300	888.000	416.000
(ii) Intangible Assets	9.300	10.100	12.500
(iii) Capital work-in-progress	0.000	0.000	19.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	4.301	4.301
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	30.900	28.700	34.800
(e) Other Non-current assets	1.101	15.800	12.200
Total Non-Current Assets	892.601	946.901	499.401
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	486.600	367.500	275.700
(c) Trade receivables	591.200	698.100	534.200
(d) Cash and cash equivalents	52.700	110.800	73.800
(e) Short-term loans and advances	50.300	44.800	65.700
(f) Other current assets	2.100	8.700	0.200
Total Current Assets	1182.900	1229.900	949.600
TOTAL	2075.501	2176.801	1449.001

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2420.100	2485.100	1962.200
		Other Income	46.200	25.300	37.500
		TOTAL	2466.300	2510.400	1999.700
Less	EXPENSES
		Cost of materials consumed	597.700	592.700	564.300
		Purchases of stock-in-trade	1283.300	1301.900	869.700
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(34.300)	(39.900)	(41.700)
		Employee benefit expense	234.900	238.500	192.200
		Other expenses	253.700	281.400	203.600
		TOTAL	2335.300	2374.600	1788.100
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		131.000	135.800	211.600
Less	FINANCIAL EXPENSES		57.100	58.700	40.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		73.900	77.100	171.300
Less/ Add	DEPRECIATION/ AMORTISATION		50.000	53.700	47.200
	PROFIT/ (LOSS) BEFORE EXTRAORDINARY ITEMS AND TAX		23.900	23.400	124.100
Less	EXTRAORDINARY ITEMS		0.300	(2.900)	0.600
	PROFIT/ (LOSS) BEFORE TAX		23.600	26.300	123.500
Less	TAX		1.900	8.500	28.600
	PROFIT/ (LOSS) AFTER TAX		21.700	17.800	94.900
	EARNINGS IN FOREIGN CURRENCY
		Export Sale	0.000	0.000	0.609
		Commission, Brokerage and Discount	0.000	0.000	0.307
	TOTAL EARNINGS		0.000	0.000	0.916
	IMPORTS
		Raw Materials	479.501	504.133	391.923
		Finished Goods, Hardware Purchases and Spares	632.111	298.205	290.799
		Capital Goods	0.569	0.000	45.883
	TOTAL IMPORTS		1112.181	802.338	728.605
	Earnings / (Loss) Per Share (Rs.)		4.43	3.63	9.29

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.88	0.71	4.75
Net Profit Margin (PBT/Sales)	(%)	0.98	1.06	6.29
Return on Total Assets (PBT/Total Assets}	(%)	1.14	1.21	8.67
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.17
Debt Equity Ratio (Total Debt/Networth)		0.29	0.39	0.45
Current Ratio (Current Asset/Current Liability)		1.59	1.44	1.63

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	49.001	49.001	49.001
Reserves & Surplus	693.300	1149.100	1170.800
Net worth	742.301	1198.101	1219.801
long-term borrowings	99.300	101.000	86.000
Short term borrowings	236.400	371.200	264.400
Total borrowings	335.700	472.200	350.400
Debt/Equity ratio	0.452	0.394	0.287

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	1962.200	2485.100	2420.100
		26.649	-2.616

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	1962.200	2485.100	2420.100
Profit	94.900	17.800	21.700
	4.84%	0.72%	0.90%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10474283	13/01/2014	350,000,000.00	STATE BANK OF BIKANER AND JAIPUR	CHETAK CIRCLE BRANCH, UDAIPUR - 313001, RAJASTHAN, INDIA	B94969300
2	10348734	31/03/2012	240,000,000.00	CORPORATION BANK	FORT BRANCH, VEENA CHAMBERS, 21, DALAL STREET, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B37292802
3	10332228	09/01/2012	184,000,000.00	STATE BANK OF BIKANER AND JAIPUR	CHETAK CIRCLE BRANCH, UDAIPUR - 313001, RAJASTHAN, INDIA	B30697676
4	10258094	10/12/2010	137,800,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B00854695
5	10236751	10/01/2012 *	50,000,000.00	STATE BANK OF BIKANER AND JAIPUR	CHETAK CIRCLE BRANCH, UDAIPUR - 313001, RAJASTHAN, INDIA	B30698005
6	10187147	29/09/2009	40,000,000.00	CORPORATION BANK	FORT BRANCH, VEENA CHAMBERS, 21, DALAL STREET, FORT, MUMBAI - 400021, MAHARASHTRA, INDIA	A73464737
7	10122846	25/01/2014 *	121,100,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B95161113
8	90167132	17/12/2002	35,000,000.00	ICICI BANK LIMITED	ICICI TOWERS BANDRA KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA INDIA	-
9	90163399	05/03/2013 *	940,000,000.00	STATE BANK OF BIKANER AND JAIPUR	CHETAK CIRCLE, UDAIPUR - 313001, RAJASTHAN, INDIA	B71438030

* Date of charge modification

·

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Office Equipment

v Intangible Assets

Computer Software

Copyrights, Patents and Other Operating Rights

Other Intellectual Property Rights

Recipes, Formulae, Models, Designs and Prototypes

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 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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		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.