MIRA INFORM REPORT

Report Date :

21.05.2014

IDENTIFICATION DETAILS

Name :	GODAVARI BIOREFINERIES LIMITED (w.e.f. 10.11.2006)

Formerly Known As :	GODAVARI INVESTMENT AND FINANCE CORPORATION LTMITED

Registered Office :	Somaiya Bhavan, 45/47, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	12.01.1956

Com. Reg. No.:	11-009707

Capital Investment / Paid-up Capital :	Rs. 376.021 Millions

CIN No.: [Company Identification No.]	U67120MH1956PLC009707

TAN No.: [Tax Deduction & Collection Account No.]	MUMG13940D

PAN No.: [Permanent Account No.]	AABCG2543C

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Sugar, Distillery and Chemicals and Generation of Power.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 7488000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due huge external borrowing and low profitability. Rating also takes into consideration highly regulated nature of sugar industry. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution. Note: Company has changed its financial year from 9 Months to 12 Months.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

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 loan: “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	18.04.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A3”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	18.04.2014

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.: 91-22-22048272)

LOCATIONS

Registered Office/ Marketing Office 1 :	Somaiya Bhavan, 45/47, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22858430/ 40/ 50/ 59/ 22048272
Fax No.:	91-22-22047297
E-Mail :	gupta@somaiya.com accounts@somaiya.com pawar.rutika@somaiya.com
Website :	http://www.somaiya.com
Location :	Owned

Marketing Office 2 :	Warden House 3^rd Floor, P.M. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22884635/ 5631/ 4294

Research Department :	K.J. Somaiya Institute of Applied Agriculture Research (KIAAR) A/P: Sameerwadi, District: Bagalkot – 587316, Karnataka, India
Tel. No.:	91-8350-260046/ 47/ 48
Fax No.:	91-8350-260037

Factory 1 :	Sugar/ Power/ Chemicals (Sameerwad) A/P: Sameerwadi, Taluka – Mudhol, District: Bagalkot – 587316, Karnataka, India
Tel. No.:	91-8350-260046/ 47/ 48/ 81
Fax No.:	91-8350-260037

Factory 2 :	Chemicals (Sakarwadi) A/P: Sakarwadi, District – Ahmednagar – 413708, Maharashtra, India
Tel. No.:	91-2423-279396/ 97/ 08
Fax No.:	91-2423-279339

Branch Office 1 :	Bank of Baroda Building, 6^th Floor, Parliament Street, New Delhi – 110001, India
Tel. No.:	91-11-23723351

Branch Office 2 :	Utility Buildings, Tower Block, 4^th Floor, J.C. Road, Bangalore – 560 002, Karnataka, India

DIRECTORS

AS ON 17.09.2013

Name :	Mr. Samir Shantilal Somaiya
Designation :	Chairman and Managing Director
Address :	‘Padmanabh’, 10, M.L. Dahanukar Marg, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	28.02.1968
Qualification :	B.S. Chem. Engr. Cornell, M. Chem Engr., Cornell, MBA Cornell, MPA Harvard
Date of Appointment :	22.06.2007
PAN No.:	AMUPS9442C
DIN No.:	00295458

Name :	Mr. Vinay Venkatesh Joshi
Designation :	Whole Time Director
Address :	C-712, Dev Deveshwar C.H.S., Teli Gali Cross Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Date of Birth/Age :	10.03.1954
Date of Appointment :	28.09.2010
PAN No.:	AAHPJ2213M
DIN No.:	00300227

Name :	Mr. Kailash Pershad
Designation :	Director
Address :	D-31, 5^th Floor, New Chandra CHS, Opposite Reliance Fresh, Off Veeradesai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	01.02.1940
Qualification :	Engineer
Date of Appointment :	24.04.2009
DIN No.:	00503603

Name :	Dr. Badrinarayan Ramulal Barwale
Designation :	Director
Address :	72-B, ‘Urvashi’, Petit Estate, Nepean Sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	13.08.1931
Qualification :	Doctor of Science (Honoris Causa)
Date of Appointment :	24.04.2009
DIN No.:	00001479

Name :	Dr. Kondapuram Vijaya Raghavan, FNAE
Designation :	Director
Address :	INAE, Distinguished Professor, Reaction Engineering Laboratory Indian Institute of Chemical Technology, Uppal Road, Hyderabad – 500007, Andhra Pradesh, India
Date of Birth/Age :	01.10.1943
Qualification	B.Tech, M.S., Ph. D.
Date of Appointment :	24.04.2009
DIN No.:	00144054

Name :	Prof. Rooshikumar Vasudev Pandya
Designation :	Director
Address :	6A, Akashganga, 89, Warden Road, Mumbai – 400026, Maharashtra, India
Qualification	M.A. (USA), M.A. (Canada)
Date of Birth/Age :	27.03.1940
Date of Appointment :	24.02.2009
DIN No.:	00256957

Name :	Mr. Indubhai Chaturbhai Patel
Designation :	Director
Address :	P-68, South Extension, Part II, New Delhi – 110049, India
Date of Birth/Age :	24.11.1928
Date of Appointment :	24.04.2009
DIN No.:	00456456

Name :	Mr. Anilkumar Ramprit Jaiswara, DGM (O)
Designation :	Nominee Director - IDBI
Address :	IDBI Bank Limited, IDBI Tower, 14^th Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	04.04.1965
Qualification:	B.Com, CAIIB
Date of Appointment :	17.06.2009
DIN No.:	02593014

Name :	Mr. Shrinivas Narayanrao Bableshwar
Designation :	Whole Time Director
Address :	SOB 4/4, GSM QTRS Sameerwadi, Mudhol, District Bagalkot – 587316, Karnataka, India
Date of Birth/Age :	16.06.1951
Qualification:	B. Sc. (Chemistry), Post Graduate
Date of Appointment :	28.09.2011
DIN No.:	05101183

Name :	Dr. Paul Steffen Zorner
Designation :	Additional Director
Address :	1720, Hygeia Avenue, Encinitas, California, USA-92024
Date of Birth/Age :	26.05.1954
Date of Appointment :	21.09.2012
DIN No.:	01888805

Name :	Mr. Jayendra Natwarlal Shah
Designation :	Additional Director
Address :	52, Apurva Building, 5, Nepean Sea Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	07.03.1959
Date of Appointment :	21.09.2012
DIN No.:	00084759

Name :	Mr. Werner Walfried Wutscher
Designation :	Additional Director
Address :	Wolkersbergenstrasse 172/1, Vienna, Austria-1130
Date of Birth/Age :	03.05.1968
Date of Appointment :	21.09.2012
DIN No.:	06456562

KEY EXECUTIVES

Name :	Ms. Rutika Somdatta Pawar
Designation :	Company Secretary
Address :	201, Bashikali Nagar, Building No.1, Navghar Road, Bhayander (East), Thane – 401105, Maharashtra, India
Date of Birth/Age :	01.05.1980
Date of Appointment :	23.07.2012
PAN No.:	AGIPR7903F

Name :	Mr. Anil Kumar Jaiswara (Upto 09.04.2013)
Designation :	Nominee of IDBI Bank Limited

Name :	Mr. Vinay V. Joshi
Designation :	Executive Director

Name :	Mr. Shrinivas N. Bableshwar
Designation :	Director-Works

Name :	Mr. N.S. Khetan
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Names of Equity Shareholders	No. of Shares	Percentage of Holding
Somaiya Agencies Private Limited	8549965	27.94
Lakshmiwadi Mines and Minerals Private Limited	5061100	16.54
Sakarwadi Trading Company Private Limited	4743700	15.50
Trustees of Sameerwadi Sugarcane Farmers' Welfare Trust	2269600	7.42
Yellow Valley Transport Private Limited	1812155	5.92
Samir Shantilal Somaiya	3667815	11.99

Names of Preference Shareholders	No. of Shares	Percentage of Holding
Sakarwadi Trading Company Private Limited	200000	28.57
K.J. Somaiya and Sons Private Limited	400000	57.14
Samir Shantilal Somaiya	100000	14.29

BUSINESS DETAILS

Line of Business :

Manufacturer of Sugar, Distillery and Chemicals and Generation of Power.

Products/ Services :

ITC Code No.

Product Descriptions

17011190

Sugar

29153100

Ethyl Acetate

PRODUCTION STATUS (AS ON 30.06.2011)

Particulars	Licensed Capacity	Installed Capacity	Actual Production
Sugar	NA	12000 TCD	231301 MT
Power	NA	45.56 MWH	166892 MWH
Rectified Spirit and Extra Neutral Alcohol (ENA)	290 KLPD	290 KLPD	699385 HL
Ethanol	9628	5245	--
Ethyl Acetate	NA	270 TPD	85026 MT

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

v Andhra Bank

v Bank of Baroda

v Bank of India

v Corporation Bank

v IDBI Bank Limited

v Punjab National Bank

v State Bank of India

v State Bank of Patiala

v Sugar Development Fund

v Sugar Technology Mission

v Syndicate Bank

v Union Bank of India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
From Banks Term Loans	996.306	1454.989
From Others Sugar Development Fund	673.035	673.035
Sugar Technology Mission	0.000	6.800
Others	1.171	1.602
SHORT TERM BORROWINGS
From Banks Cash Credit	3634.210	2836.145
Buyers' Credit	111.272	116.733

Total	5415.994	5089.304
LONG TERM BORROWINGS Nature of Securities i) Loan covered in Sr. No. 1 to 4, First Pari Passu Charge on Fixed Assets of Sameerwadi, Karnataka, Subservient First Ranking Charge on Fixed Assets of Sakarwadi, Maharashtra and First Pari Passu Charge on certain Assets of Somaiya Properties and Investments Private Limited (Formerly known as The Godavari Sugar Mills Private Limited) ,as Corporate Guarantee. Second Pari Passu charge on Current Asset of Sugar Division at Sameerwadi, Karnataka. ii) Loan covered in Sr. No. 5 and 6 First Pari Passu Charge on Fixed Assets of Sameerwadi, Karnataka, Subservient First Charge on Fixed Assets of Sakarwadi, Maharashtra, and First Pari Passu Charge on certain Assets of Somaiya Properties and Investments Private Limited (Formerly known as The Godavari Sugar Mills Private Limited), as Corporate Guarantee, Second Pari Passu Charge on Current Assets of Cogeneration Division. iii) Loan covered under Sr. No. 7, First Pari Passu Charge along with Loan covered under Sr. No. 10, on Fixed Assets of Sakarwadi, Maharashtra, Second Pari Passu Charge on Fixed Assets of Sameerwadi, Karnataka, and on certain Assets of Somaiya Properties and Investments Private Limited (Formerly known as The Godavari Sugar Mills Private Limited) as Corporate Guarantee, Second Pari Passu Charge on the Current Assets of Distillery and Chemicals Division. iv) Loan covered in Sr.No. 8, First Pari Passu Charge on Fixed Assets of Sameerwadi, Karnataka. Second Pari Passu Chrage on Curent Assets of Sugar and Cogen Division. v) Loan covered in Sr.no. 9 First Pari Passu Charge on Fixed Assets of Sameerwadi, Karantaka and second Pari Passu Charge on Fixed Assets of Sakarwadi, Maharashtra and second pari passu charge on current Asset of Sugar Division. vi) Loan covered in Sr.No. 10,First Pari Passu Charge on Fixed Assets of Company and Second Pari Passu Chrage on Curent Assets of Company. vii) Loan covered in Sr. No. 11 and 12, All Immoveable and Moveable Properties at Sameerwadi Factory, Karnataka on First Pari Passu Charge basis. viii) Loan covered in Sr.No. 13, Exclusive Charge on Machineries purchased out of the said loan availed. ix) Loan covered in Sr.No. 14, Exclusive Charge on Assets purchased under Hire purchase arrangements. Interest for above loans varies from 4% to 14.50% (Previous Period 4% to 15.25%) and for Foreign Currency Loan Libor Plus 500 bps (Previous period 450 bps). SHORT TERM BORROWINGS Nature of Security Secured by First Pari Passu charge over current assets of the company (respective division), both present and future and second Pari Passu charge on Fixed Asset; and Second charge of Somaiya Properties and Investments Private Limited (Formerly known as The Godavari Sugar Mills Private Limited) as a Corporate Guranatee Interest for above Rupee loans varies from 12.5% to 14.5% (previous period 12.5% to 14.5%) and for foreign currency loan varies from Libor Plus 100 to 500 bps (Previous Period 100 to 450 bps)


Banking Relations :	--

Solicitors :	Gagrats Hariani and Company

Cost Auditors :
Name :	B J D Nanbhoy and Company Cost Accountants

Auditors :
Name :	Desai Saksena and Assocaites Chartered Accountants

Subsidiaries :	v Solar Magic Private Limited v Cayuga Investments B.V. v Godavari Biorefineries B.V. v Godavari Biorefineries INC.

Associates :	v Somaiya Properties and Investments Private Limited (Formerly known as The Godavari Sugar Mills Private Limited) v The Book Centre Limited v Jasmine Trading Company Private Limited v K.J. Somaiya and Sons Private Limited v Lakshmiwadi Mines and Minerals Private Limited v Sakarwadi Trading Company Private Limited v Somaiya Agencies Private Limited v Somaiya Chemical Industries Private Limited v Pentokey Organy (India) Limited v Genesis Labs Limited v Oriental Power Cables Limited (upto 18.09.2012) v Somaiya Publications Private Limited v Zenith Commercial Agencies Private Limited v Arpit Limited v Filmedia Communication System Private Limited

CAPITAL STRUCTURE

AFTER 17.09.2013

Authorised Capital : Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 426.021 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

42000000	Equity Shares	Rs. 10/- each	Rs. 420.000 Millions
1800000	12% Redeemable Cumulative Preference Shares	Rs. 100/- each	Rs. 180.000 Millions

	Total		Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

30602100	Equity Shares	Rs. 10/- each	Rs. 306.021 Millions
700000	12% Redeemable Cumulative Preference Shares	Rs. 100/- each	Rs. 70.000 Millions

	Total		Rs. 376.021 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	30.06.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	376.021	376.021	376.021
(b) Reserves & Surplus	1496.063	1476.475	1456.836
(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)	1872.084	1852.496	1832.857

(3) Non-Current Liabilities
(a) long-term borrowings	1777.441	2180.076	2138.093
(b) Deferred tax liabilities (Net)	165.857	155.526	135.566
(c) Other long term liabilities	52.380	81.619	80.686
(d) long-term provisions	5.853	5.234	3.559
Total Non-current Liabilities (3)	2001.531	2422.455	2357.904

(4) Current Liabilities
(a) Short term borrowings	5753.572	5467.297	4389.293
(b) Trade payables	1161.600	1155.668	462.659
(c) Other current liabilities	1068.138	743.376	1213.360
(d) Short-term provisions	41.124	63.214	36.086
Total Current Liabilities (4)	8024.434	7429.555	6101.398

TOTAL	11898.049	11704.506	10292.159

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5009.531	5132.735	4211.095
(ii) Intangible Assets	0.006	0.006	0.005
(iii) Capital work-in-progress	144.771	48.733	1003.658
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	59.089	61.589	45.810
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	26.083	32.007	32.738
(e) Other Non-current assets	75.690	76.655	100.861
Total Non-Current Assets	5315.170	5351.725	5394.167

(2) Current assets
(a) Current investments	0.382	0.442	0.499
(b) Inventories	5777.022	5390.684	3884.461
(c) Trade receivables	58.091	315.155	247.994
(d) Cash and cash equivalents	77.212	77.745	68.089
(e) Short-term loans and advances	647.962	526.442	691.777
(f) Other current assets	22.210	42.313	5.172
Total Current Assets	6582.879	6352.781	4897.992

TOTAL	11898.049	11704.506	10292.159

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	30.06.2011
	SALES
		Income	11951.885	9134.497	12393.433
		Other Income	99.770	21.059	26.495
		TOTAL (A)	12051.655	9155.556	12419.928

Less	EXPENSES
		Cost of Materials Consumed	8872.764	7762.194	8204.467
		Purchases of Stock-in-Trade	105.253	36.287	329.253
		Manufacturing Expenses	1097.488	965.127	1112.256
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(402.068)	(1395.241)	552.414
		Employees benefits expense	564.486	407.999	591.554
		Other expenses	523.976	395.750	528.595
		TOTAL (B)	10761.899	8172.116	11318.539

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1289.756	983.440	1101.389

Less	FINANCIAL EXPENSES (D)		860.658	628.885	731.869

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		429.098	354.555	369.520

Less/ Add	DEPRECIATION/ AMORTISATION (F)		365.962	251.066	315.616

	PROFIT BEFORE TAX (E-F) (G)		63.136	103.489	53.904

Less	TAX (H)		22.979	40.961	14.568

	PROFIT AFTER TAX (G-H) (I)		40.157	62.528	39.336

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3972.769	3323.578	3434.897

	IMPORTS
		Raw Material and Traded Goods	1160.082	932.240	1408.725
		Capital Goods	0.000	0.000	27.181
	TOTAL IMPORTS		1160.082	932.240	1435.906

	Earnings Per Share (Rs.)		0.99	1.80	1.15

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	30.06.2011
PAT / Total Income	(%)	0.33	0.68	0.32

Net Profit Margin (PBT/Sales)	(%)	0.53	1.13	0.43

Return on Total Assets (PBT/Total Assets}	(%)	0.54	0.89	0.58

Return on Investment (ROI) (PBT/Networth)		0.03	0.06	0.03

Debt Equity Ratio (Total Debt/Networth)		4.02	4.13	3.56

Current Ratio (Current Asset/Current Liability)		0.82	0.86	0.80

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.06.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	376.021	376.021	376.021
Reserves & Surplus	1456.836	1476.475	1496.063
Net worth	1832.857	1852.496	1872.084

long-term borrowings	2138.093	2180.076	1777.441
Short term borrowings	4389.293	5467.297	5753.572
Total borrowings	6527.386	7647.373	7531.013
Debt/Equity ratio	3.561	4.128	4.023

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.06.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	12393.433	9134.497	11951.885
		(26.296)	30.843

NET PROFIT MARGIN

Net Profit Margin	30.06.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	12393.433	9134.497	11951.885
Profit	39.336	62.528	40.157
	0.32%	0.68%	0.34%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)	30.06.2011 (Rs. In Millions)

Current Maturities of long-term debt	451.574	448.476	864.278

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	--
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10460822	03/12/2013 *	400,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B92160316
2	10446765	08/08/2013	400,000,000.00	BANK OF INDIA	MUMBAI LARGE CORPORATE BRANCH, ORIENTAL BUILDING, GR. FLOOR, 364, D.N.ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B83867374
3	10256595	03/02/2011 *	115,000,000.00	BANK OF BARODA	CORPORATE FINANCE SERVICE BRANCH, 10/12, MUMBAI S AMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B07314867
4	10246718	03/02/2011 *	419,800,000.00	GOVERNMENT OF INDIA MINISTRY OF CONSUMER AFFAIRS F OOD AND PUBLIC DISTRIBUTION	DEPARTMENT OF FOOD AND PUBLIC DISTRIBUTION, KRISHI BHAVAN, NEW DELHI, DELHI - 110001, INDIA	B05540257
5	10238829	03/02/2011 *	478,600,000.00	CORPORATION BANK	BAGALKOT BRANCH, BAGALKOT, BAGALKOT, KARNATAKA - 587101, INDIA	B06691935
6	10234703	03/02/2011 *	475,800,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, MAKER TOWER-E, GROUND FLOOR CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B06438030
7	10228907	26/09/2013 *	1,878,000,000.00	BANK OF BARODA (LEAD) & SYNDICATE BANK	CORPORATE FINANCIAL SERVICES BRANCH, 4TH FLOOR, 10/12 MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B87779781
8	10228910	03/02/2011 *	290,000,000.00	GOVERNMENT OF INDIA MINISTRY OF CONSUMER AFFAIRS F OOD AND PUBLIC DISTRIBUTION	DEPARTMENT OF FOOD AND PUBLIC DISTRIBUTION, KRISHI BHAVAN, NEW DELHI, DELHI - 110001, INDIA	B05524061
9	10228510	07/02/2014 *	119,963,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, ATLANTA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B97768279
10	10227185	03/02/2011 *	789,946,000.00	BANK OF INDIA & 4 OTHERS	MUMBAI LARGE CORPORATE BRANCH , 70/80 M G ROAD, 4TH FLOOR , FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B07161771
11	10229639	11/10/2012 *	3,215,500,000.00	BANK OF INDIA-LEAD BANK	MUMBAI LARGE CORPORATE BRANCH , 70/80 M G ROAD, 4TH FLOOR , FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B61607644
12	10210838	03/02/2011 *	160,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B08244774

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
From Others Council of Scientific and Industrial Research	48.500	43.650
Deferred Cane Purchase Tax	58.429	0.000
SHORT TERM BORROWINGS
From Banks	1920.676	2233.492
From Others Public Deposits	45.834	46.637
Deposits from Related Party	6.610	5.290
Council of Scientific and Industrial Research	0.000	4.850
Inter Corporates Deposits	34.970	224.150

Total	2115.019	2558.069

FINANCIAL RESULTS

The Company has reported Net Sales Turnover of Rs. 11951.900 Millions for the Financial Year (IT) 2012-13 for a period of 12 months against the Net Sales Turnover of Rs. 9134.500 Millions for EY 2011-12 for the period of 9 Months. During the year the company earned Net Profit before tax of Rs. 63.100 Millions in FY 2012-13 against profit of Rs. 103.500 Millions in FY 2011-12.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Excise Duty and Service Tax (Excluding Interest and Penalty)	26.474	26.474
Bank Guarantee	20.300	95.002
Letter of Credits	53.388	106.469

Total	100.162	227.945

1) The Company does not expect any reimbursements in respect of above contingent liabilities.

2) It is not practicable to estimate the timing of cash flows, if any, in respect of matters related to Excise duty and Service Tax pending resolution of the appellate proceedings.

FIXED ASSETS:

Tangible Asset

v Land

v Buildings

v Plant and Machinery

v Furniture and Fixtures

v Vehicles

v Office Equipments

v Computers

Intangible Asset

v Patents

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. 58.75
UK Pound	1	Rs. 98.77
Euro	1	Rs. 80.53

INFORMATION DETAILS

Information Gathered by :	PLK

Analysis Done by :	SUM

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		35

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.