MIRA INFORM REPORT

Report Date :

31.05.2014

IDENTIFICATION DETAILS

Name :	PENNA CEMENT INDUSTRIES LIMITED
Registered Office :	H. No. 8-2-268/A/1/S and S1, Plot No. 705, Road No. 3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.10.1991
Com. Reg. No.:	01-013359
Capital Investment / Paid-up Capital :	Rs.133.800 Millions
CIN No.: [Company Identification No.]	U26942AP1991PLC013359
TAN No.: [Tax Deduction & Collection Account No.]	HYDP00534C
PAN No.: [Permanent Account No.]	AABCP2290D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of wide range of Cement like Ordinary Portland Cement, Portland Pozzolana Cement, Portland Slag Cement, etc.
No. of Employees :	500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 48220800
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by adequate liquidity position and fair profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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	A+ [Proposed Non-convertible Debenture]
Rating Explanation	Adequate degree of safety and low credit risk.
Date	20.03.2014

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 PARTED BY [GENERAL DETAILS]

Name :	Mr. Yugender
Designation :	Finance Head Department
Contact No.:	91-44-44565100
Date :	21.05.2014

LOCATIONS

Registered / Corporate Office :	H. No. 8-2-268/A/1/S and S1, Plot No. 705, Road No. 3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh
Tel. No.:	91-40-44565100
Fax No.:	91-40-23353947/2 3328073 / 23355941
E-Mail :	cs@pennacement.com bookings@pennacement.com
Website :	www.pennacement.com
Branch Office :	Located At: Andhra Pradesh   Maharashtra Karnataka   Tamilnadu   Goa Kerala

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Puttamreddy Prathap Reddy

Designation :

Managing Director

Address :

8-2-309/M/1 to 4, Navodaya Colony, Road 14, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

06.04.1958

Date of Appointment :

01.09.2012

DIN No.:

00093176

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	U65990AP1986PLC006362	P R CEMENT HOLDIINGS LIMITED	Director	07-04-86	07-04-86	-	Active	NO
2	U45200AP1989PLC010055	PIONEER HOLIDAY RESORRTS LIMITED	Director	26-05-89	26-05-89	-	Active	NO
3	U26942AP1991PLC013359	PENNA CEMENT INDUSTRIES LIMITED	Managing director	01-09-12	24-10-91	-	Active	NO
4	U40109AP1995PLC019352	TRIDENT POWER SYSTEMS LIMITED	Director	29-08-97	29-08-97	21-11-11	Active	NO
5	U23209AP1998PLC028777	PIONEER REFINERY LIMITED	Director	22-01-98	22-01-98	18-10-10	Active	NO
6	U40109AP1997PLC027846	SRIBA INDUSTTRIES LIMITED	Director	29-09-99	29-09-99	10-10-10	Active	NO
7	U26942AP1993PLC015764	PARASAKTI CEMENT INDUSTRIES LIMITED	Director	18-12-00	18-12-00	-	Active	NO
8	U40109AP2001PLC038231	PIONEER GENCO LIMITED	Director	19-12-01	19-12-01	-	Active	NO
9	U40109AP2002PLC039289	PIONEER POWER CORPORATION LIMITED	Director	11-07-02	11-07-02	-	Active	NO
10	U40100AP1998PLC030368	PIONEER POWER LIMITED	Director	29-06-12	05-09-02	-	Active	NO
11	U24111AP1988PLC009231	ANDHRA PRADESH GAS POWER CORPORATION LIMITED	Director	23-12-02	23-12-02	-	Active	NO
12	U40101HP1994PLC014180	OM HYDROPOWER LIMITED	Director	08-09-04	08-09-04	29-06-12	Active	NO
13	U45200AP2004PLC044828	PIONEER BUILDERRS LIMITED	Director	29-06-12	09-12-04	-	Active	NO
14	U60231AP2006PLC048786	P R ENERRGY HOLDING LIMITED	Director	16-01-06	16-01-06	29-06-12	Active	NO
15	U27100AP2008PLC062127	PENNA STEELS LIMITED	Director	08-12-08	08-12-08	25-10-10	Active	NO
16	U74999AP2007PLC053278	ANRAK ALUMINNIUM LIMITED	Director	30-09-10	03-12-09	-	Active	NO
17	U26941AP2010PLC070651	PIONEER CEMENT INDUSTRIIES LIMITED	Director	30-09-10	30-09-10	-	Active	NO
18	U45209AP2010PLC070693	ANRAK SEAPORTSS LIMITED	Director	04-10-10	04-10-10	-	Active	NO
19	U40300AP2012PLC084566	PIONEER JK HYDROPOWER LIMITED	Director	04-12-12	04-12-12	-	Active	NO

Name :

Mr. Puttamreddy Venugopal Reddy

Designation :

Director

Address :

Plot No.702, Sriniketan Colony, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

17.04.1953

Date of Appointment :

01.01.2001

DIN No.:

00094146

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	U40109AP1997PLC027846	SRIBA INDUSTTRIES LIMITED	Director	29-09-99	29-09-99	-	Active	NO
2	U72200AP2000PLC034155	E-VISION SOFTECH INDIA LIMITED	Director	31-03-00	31-03-00	-	Active	NO
3	U26942AP1991PLC013359	PENNA CEMENT INDUSTRIES LIMITED	Director	01-01-01	01-01-01	-	Active	NO
4	U40109AP2001PLC038231	PIONEER GENCO LIMITED	Director	19-12-01	19-12-01	-	Active	NO
5	U40100AP1998PLC030368	PIONEER POWER LIMITED	Director	05-09-02	05-09-02	-	Active	NO
6	U74120AP2003PLC040545	PIONEER THERMAL POWER CORPORATION LIMITED	Director	20-02-03	20-02-03	-	Active	NO
7	U26940AP1996PLC024558	SHRI VIJAY LAKSHMI INDUSTRIES LIMITED	Director	11-12-03	11-12-03	-	Active	NO
8	U45200AP2004PLC044828	PIONEER BUILDERRS LIMITED	Whole-time director	01-04-10	09-12-04	-	Active	NO
9	U60231AP2006PLC048786	P R ENERRGY HOLDING LIMITED	Director	16-01-06	16-01-06	-	Active	NO
10	U27100AP2008PLC062127	PENNA STEELS LIMITED	Director	08-12-08	08-12-08	-	Active	NO
11	U26941AP2010PLC070651	PIONEER CEMENT INDUSTRIIES LIMITED	Director	30-09-10	30-09-10	-	Active	NO
12	U14220AP2011PLC072016	TRISHUL CEMENT INDUSTRIES INDIA LIMITED	Director	03-01-11	03-01-11	-	Active	NO
13	U40102AP2009PLC064620	LAKSHMI JALAVIDYUT (KRISHNA) LIMITED	Director	31-08-12	16-07-12	-	Active	NO
14	U26942AP1993PLC015764	PARASAKTI CEMENT INDUSTRIES LIMITED	Director	29-09-12	07-09-12	-	Active	NO

Name :

Mr. Bezawada Vikram

Designation :

Whole-Time Director

Address :

H.NO. 8-2-309/M/6, Road No. 14, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

01.05.1978

Date of Appointment :

01.09.2012

DIN No.:

02086809

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	U40106AP2008PLC058374	COOLROCKS ENERGY LIMITED	Director	27-03-08	27-03-08	-	Active	NO
2	U74900AP2007PLC054981	KRSHNA HYDRO ENERGY LIMITED	Managing director	07-12-09	04-04-08	-	Active	NO
3	U40100AP1998PLC030368	PIONEER POWER LIMITED	Director	31-08-12	24-10-08	-	Active	NO
4	U72200AP2000PLC034262	COOLROC TECHNOLOGIES LIMITED	Director	28-09-12	02-04-09	-	Active	NO
5	U40102AP2009PLC064620	LAKSHMI JALAVIDYUT (KRISHNA) LIMITED	Director	04-08-09	04-08-09	01-08-12	Active	NO
6	U26942AP1991PLC013359	PENNA CEMENT INDUSTRIES LIMITED	Whole-time director	01-09-12	28-06-10	-	Active	NO
7	U26941AP2010PLC070651	PIONEER CEMENT INDUSTRIIES LIMITED	Director	30-09-10	30-09-10	-	Active	NO
8	U40109AP1997PLC027846	SRIBA INDUSTTRIES LIMITED	Director	30-09-11	10-10-10	-	Active	NO
9	U24232AP2010PLC070871	PIONEER CHEMICALS LIMITED	Director	15-10-10	15-10-10	-	Active	NO
10	U23209AP1998PLC028777	PIONEER REFINERY LIMITED	Director	30-12-10	18-10-10	-	Active	NO
11	U40108AP2012PLC085160	KAMENG ENERGY LIMITED	Director	31-12-12	31-12-12	-	Active	NO

Name :

Mr. Munikrishna Papagari

Designation :

Director

Address :

Plot No.263, Kamalapuri Colony, Hyderabad – 500073, Andhra Pradesh, India

Date of Birth/Age :

01.02.1944

Date of Appointment :

10.02.1992

DIN No.:

00011580

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	U26942AP1991PLC013359	PENNA CEMENT INDUSTRIES LIMITED	Director	10-02-92	10-02-92	-	Active	NO
2	U65993AP1995PTC022421	SUBHADRA INVESTMENTS PRIVATE LIMITED	Director	29-11-95	29-11-95	-	Active	NO
3	U17110AP1995PLC021374	MYK SPINNING INDUSTRIES LIMITED	Managing director	01-04-11	24-07-96	-	Active	NO
4	U51909AP1998PLC029396	REITZ INDIA LIMITED	Director	13-05-98	13-05-98	-	Active	NO
5	U26942AP1978PLC002288	RAASI CEMENT LIMITED	Director	04-06-98	04-06-98	15-03-08	Active	NO
6	U72200AP1998PTC029812	POINTSOFT PRIVATE LIMITED	Director	23-07-98	23-07-98	19-09-07	Active	NO
7	U01122AP1992PTC014781	SHREE SAI GARDENS PRIVATE LIMITED.	Director	25-08-99	25-08-99	-	Active	NO
8	U99999AP1999PTC031624	MYK LATICRETE INDIA PRIVATE LIMITED	Director	21-10-99	21-10-99	-	Active	NO
9	U26942AP1993PLC015764	PARASAKTI CEMENT INDUSTRIES LIMITED	Managing director	18-12-00	18-12-00	-	Active	NO
10	U24114AP2006PTC050128	MYK SCHOMBURG INDIA PRIVATE LIMITED	Director	16-05-06	16-05-06	-	Active	NO
11	U65990AP2008PTC061323	MYK HOLDINGS PRIVATE LIMITED	Director	07-10-08	07-10-08	-	Active	NO

Name :

Mr. Yeratapalli Santoshkumar Reddy

Designation :

Director

Address :

Plot No.275, MLA and MPs colony, Road No.10c, J Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

01.07.1950

Date of Appointment :

29.09.2008

DIN No.:

00015092

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	U27203AP1990PLC011834	ENNAAR ALUMINIUM LIMITED	Director	09-10-90	09-10-90	-	Strike off	NO
2	U65993AP1991PTC012442	SRI VISHNAVI INVESTMENTS PRIVATE LIMITED	Director	12-03-91	12-03-91	-	Active	NO
3	L23100AP1989PLC010655	RAIN CALCINING LIMITED	Whole-time director	30-05-07	01-08-92	-	Amalgamated	NO
4	U05005AP1993PLC016493	LAKSHMI SEA FOODS LIMITED	Director	27-10-93	27-10-93	28-09-08	Active	NO
5	U65999AP1995PTC019589	YERETAPALLI INVESTMENTS PRIVATE LIMITED	Director	02-03-95	02-03-95	-	Active	NO
6	U65921AP1995PTC019609	SIRIUS TRANSPORT PRIVATE LIMITED	Director	06-03-95	06-03-95	29-04-11	Active	NO
7	U26942AP1991PLC013359	PENNA CEMENT INDUSTRIES LIMITED	Director	29-09-08	27-09-07	-	Active	NO
8	U23209AP1999PLC031631	RAIN CEMENTS LIMITED	Whole-time director	01-04-08	24-11-07	10-02-11	Active	NO
9	U11100AP2008PLC058785	RAIN CII CARBON (VIZAG) LIMITED	Managing director	20-02-12	23-04-08	-	Active	NO
10	U24110AP2008PLC058852	SANVIRA INDUSTRIES LIMITED	Director	27-06-09	25-04-08	11-04-11	Active	NO

Name :

Lakshmi Kantham Dabbara

Designation :

Whole-Time Director

Address :

Plot No. 20, Flat No. 101, Padmajalaya Apartments, Srinagar Colony, Hyderabad - 500 073, Andhra Pradesh, India

Date of Birth/Age :

10.05.1951

Date of Appointment :

01.09.2012

DIN No.:

00822385

Name :

Petluru Venugopal Reddy

Designation :

Whole Time Director

Address :

Flat No. 3, Megacity Residency, Narayanaguda, Hyderabad-500029, Andhra Pradesh, India

Date of Birth/Age :

20.07.1965

Date of Appointment :

29.06.2013

DIN No.:

02086809

KEY EXECUTIVES

Name :	Mr. Raj Kumar Singh
Designation :	Secretary
Address :	31, Rudra Nagar Colony, Lothkunta, Secunderabad, Hyderabad- 500 015, Andhra Pradesh, India
Date of Birth/Age :	23.03.1975
Date of Appointment :	07.11.2011
Pan No.:	AODPS4886F
Name :	Mr. Yugender
Designation :	Finance Head Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	33.35
Directors or relatives of directors	66.65
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of wide range of Cement like Ordinary Portland Cement, Portland Pozzolana Cement, Portland Slag Cement, etc.

Products :

PRODUCT DESCRIPTION	ITC NUMBER OF PRODUCT
Cement	10110
Power	1011090

Imports :

Products :

Raw Materials

Countries :

Indonesia

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

500 [Approximately]

Bankers :

· Bank of India, Khairatabad Branch, Hyderabad - 500004, Andhra Pradesh, India

· State Bank of India, Corporate Accounts Group Branch - 13039,, 'Ozone', 2nd Floor, 6-3-669, Punjagutta, Main Road, Hyderabad - 500082, Andhra Pradesh, India

· IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· Axis Bank Limited, Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

· Syndicate Bank - Corporate Finance Branch, 6-3-666, 1st Floor, Lumbini Towers, Opposite Nims , Punjagutta, Hyderabad - 500082, Andhra Pradesh, India

· Standard Chartered Bank, 6-3-1090, Raj Bhavan Road, Somajiguda,, Hyderabad - 500082, Andhra Pradesh, India

· ICICI Bank Limited, ICICI Bank Towers, Bandra (East), Mumbai - 400051, Maharashtra, India

· Punjab National Bank, Mid Corporate Branch, 8-2-672, Sufi Chambers, Road No. 1, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India.

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Rupee term loans from banks	797.100	2183.900
Short Term Borrowings
Loans repayable on demand from banks	1279.500	961.000
TOTAL	2076.600	3144.900

Banking Relations :	--
Auditors :
Name :	Ayyadevara and Company Chartered Accountants
Address :	1-2-386/A/1, Gagan Mahal, Hyderabad – 500029, Andhra Pradesh, India
PAN No:	ABLPA5021F
Associates :	Anrak Aluminium Limited [U74999AP2007PLC053278]
Other Related Parties :	· E-Vision Softech India Limited [U72200AP2000PLC034155] · Lakshmi Jalavidyut (Krishna) Limited [U40102AP2009PLC064620] · Pioneer Builderrs Limited [U45200AP2004PLC044828] · Pioneer Genco Limited [U40109AP2001PLC038231] · Pioneer Power Corporation Limited [U40109AP2002PLC039289] · P R Enerrgy Holding Limited [U60231AP2006PLC048786] · Sriba Industries Limited [U40109AP1997PLC027846]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13380000	Equity Shares	Rs.10/- each	Rs.133.800 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	133.800	133.800	133.800
(b) Reserves & Surplus	11921.400	10545.000	7824.400
(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)	12055.200	10678.800	7958.200
(3) Non-Current Liabilities
(a) long-term borrowings	2670.400	2183.900	4136.400
(b) Deferred tax liabilities (Net)	1583.900	1491.900	1393.700
(c) Other long term liabilities	4358.600	4919.800	3965.700
(d) long-term provisions	31.900	29.900	23.200
Total Non-current Liabilities (3)	8644.800	8625.500	9519.000
(4) Current Liabilities
(a) Short term borrowings	1279.500	961.000	761.900
(b) Trade payables	959.800	669.600	605.000
(c) Other current liabilities	1927.900	1996.900	2095.700
(d) Short-term provisions	220.600	41.500	46.600
Total Current Liabilities (4)	4387.800	3669.000	3509.200
TOTAL	25087.800	22973.300	20986.400
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12049.800	12451.400	11155.300
(ii) Intangible Assets	34.800	0.000	0.000
(iii) Capital work-in-progress	1661.600	2045.400	3109.000
(iv) Intangible assets under development	0.000	9.500	0.000
(b) Non-current Investments	4592.800	4296.900	2668.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	336.800	283.600	267.900
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	18675.800	19086.800	17200.900
(2) Current assets
(a) Current investments	50.200	190.000	449.500
(b) Inventories	1302.000	1196.500	951.000
(c) Trade receivables	1147.500	557.000	750.000
(d) Cash and cash equivalents	337.100	235.000	295.000
(e) Short-term loans and advances	2096.200	217.000	0.000
(f) Other current assets	1479.000	1491.000	1340.000
Total Current Assets	6412.000	3886.500	3785.500
TOTAL	25087.800	22973.300	20986.400

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	19416.300	17316.200	13767.400
	Other Income	68.900	1417.500	30.400
	TOTAL (A)	19485.200	18733.700	13797.800
Less	EXPENSES
	Cost of Materials Consumed	3378.300	2894.600	1457.500
	Purchases of stock-in-trade	0.000	0.000	9.600
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(47.100)	(82.800)	(178.400)
	Employees benefits expense	484.800	457.600	397.100
	exceptional items	11.000	0.000	0.000
	Other expenses	12195.000	10286.000	9268.200
	TOTAL (B)	16022.000	13555.400	10954.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	3463.200	5178.300	2843.800
Less	FINANCIAL EXPENSES (D)	623.300	731.600	679.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	2839.900	4446.700	2164.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)	717.000	664.900	628.300
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2122.900	3781.800	1536.300
Less	TAX (H)	705.300	1022.500	497.600
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1417.600	2759.300	1038.700
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	9184.300	6813.700	5919.000
	APPROPRIATIONS
	Transfer to General Reserve	350.000	350.000	105.000
	Dividend	33.500	33.500	33.500
	Tax on Dividend	5.700	5.400	5.400
	Total (M)	389.200	388.900	143.900
	Balance Carried to the B/S (J+K+L-M)	10212.700	9184.300	6813.800
	EARNINGS IN FOREIGN CURRENCY
	Earnings on Dividend	0.000	1339.000	0.000
	TOTAL EARNINGS	0.000	1339.000	0.000
	IMPORTS	1849.300	322.900	141.600
	Earnings / (Loss) Per Share (Rs.)	106.00	206.00	78.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.27	14.73	7.53
Net Profit Margin (PBT/Sales)	(%)	10.93	21.84	11.15
Return on Total Assets (PBT/Total Assets}	(%)	11.27	22.75	10.10
Return on Investment (ROI) (PBT/Networth)		0.17	0.35	0.19
Debt Equity Ratio (Total Debt/Networth)		0.33	0.29	0.62
Current Ratio (Current Asset/Current Liability)		1.46	1.05	1.07

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	133.800	133.800	133.800
Reserves & Surplus	7824.400	10545.000	11921.400
Net worth	7958.200	10678.800	12055.200
long-term borrowings	4136.400	2183.900	2670.400
Short term borrowings	761.900	961.000	1279.500
Total borrowings	4898.300	3144.900	3949.900
Debt/Equity ratio	0.616	0.294	0.328

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	13767.400	17316.200	19416.300
		25.777	12.128

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	13767.400	17316.200	19416.300
Profit	1038.700	2759.300	1417.600
	7.54%	15.93%	7.30%

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	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)	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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	10477206	28/12/2013	1,000,000,000.00	L & T FIN CORP	L & T HOUSE, N.M. MARG, BALLARD ESTATE, MUMBAI - 400001,  MAHARASHTRA, INDIA	B96187943
2	10427292	07/12/2013 *	1,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 6-3-669, OZONE,  2ND FLOOR, PUNJAGUTTA MAIN ROAD, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	B91296632
3	10401645	28/12/2013 *	1,000,000,000.00	L&T INFRASTRUCTURE FINANCE COMPANY LIMITED	MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI - 600089, TAMILNADU, INDIA	B94105285
4	10362940	24/09/2012 *	800,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI-  400018, MAHARASHTRA, INDIA	B59794370
5	10221882	20/02/2014 *	1,500,000,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE(BANJARA HILLS BRANCH, HYD), AHMEDAGAD - 380006, GUJARAT, INDIA	B97889018
6	10185869	19/06/2012 *	750,000,000.00	SYNDICATE BANK - CORPORATE FINANCE BRANCH	6-3-666, 1ST FLOOR, LUMBINI TOWERS, OPP : NIMS ,  PUNJAGUTTA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	B43207927
7	10181681	19/06/2012 *	650,000,000.00	DHANLAXMI BANK LIMITED	8-2-289/10, TRENDSET TOWERS, GROUND FLOOR, ROAD  NO.2, BANJARA HILLS, HYDERABAD -  500034, ANDHRA PRADESH, INDIA	B43069756
8	10149699	29/03/2010 *	1,000,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A85999829
9	90139893	07/12/2013 *	2,500,000,000.00	STATE BANK OF INDIA	CAG BRANCH, OZONE, 2ND FLOOR, # 6-3-669, PUNJAGUT  TA MAIN ROAD, HYDERABAD - 500082, ANDHRA PRADESH,  INDIA	B91306712

* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term loans from others	1873.300	0.000
TOTAL	1873.300	0.000

REVIEW OF OPERATIONS:

The Company has performed well despite the challenging environment in India and especially in the State of Andhra Pradesh. It has recorded gross turnover of Rs. 24320.000 Millions during the year as against Rs. 21560.000 Millions during the previous year.

FIXED ASSETS:

· Building

· Factory

· Plant Machinery

· Office Equipments

· Computer

· Furniture Fixtures

· Vehicles

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.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.