MIRA INFORM REPORT

Report Date :

08.11.2014

IDENTIFICATION DETAILS

Name :	INDO ALUSYS INDUSTRIES LIMITED
Formerly Known As :	MAHAVIR ALUMINIUM LIMITED
Registered Office :	606, Tolstoy House, 15, Tolstoy Marg, Delhi – 110001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.10.1979
Com. Reg. No.:	55-009937
Capital Investment / Paid-up Capital :	Rs. 85.079 Millions
CIN No.: [Company Identification No.]	L74999DL1979PLC009937
IEC No.:	0592055621
TAN No.: [Tax Deduction & Collection Account No.]	DELM08506B
PAN No.: [Permanent Account No.]	AAACM5489L
Legal Form :	A Closely Held Public Limited Liability Company. (Not in listed on BSE and NSE)
Line of Business :	Manufacturer, Exporter and Importer of Sophisticated Quality Aluminium Extrusions.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Profitability of the company appears to be low during 2013. However, General financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB- (Suspended)
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	December 11, 2013.

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3 (Susupended)
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	December 11, 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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Deepak Jain
Designation :	Finance Manager
Contact No.:	91-11-43564200
Date :	06.11.2014

LOCATIONS

Registered/ Head Office :	606, Tolstoy House, 15, Tolstoy Marg, Delhi – 110001, India
Tel. No.:	91-11-43564200
Mobile No.:	91-9650595900 (Mr. Deepak)
Fax No.:	91-11-23312677
E-Mail :	info@infoalusys.com
Website :	http://www.indoalusys.com
Location :	Owned
Factory :	SP – 2/333 Industrial Area, Bhiwandi, District Alwar, Rajasthan, India
Tel. No.:	91-1493-220764/ 220868/ 220924
Fax No.:	91-1493-220786
E-Mail :	mahalm@datainfosys.net works@indoalusys.com
Location :	Owned
Architechtural Division :	59 MM Hoose, IInd floor, Rani Jhasi Road, New Delhi – 110055, India
Tel. No.:	91-11-43758100
E-Mail :	infoaap@indoalusis.com infoaap@infoalusys.com
Cable and Conductor Division :	1004, Tolstoy House, 15, Tolstoy Marg, New Delhi – 110001, India
Tel. No.:	91-11-43564200
Fax No.:	91-11-23312677
E-Mail :	sales_cables@indoalusys.com cables@indoalusys.com

DIRECTORS

Name :

Pradeep Kumar Jain

Designation :

Managing Director

Address :

14 Alipur Road, Civil Lines, Delhi – 110054, India

Date of Birth/Age :

28.12.1956

Date of Appointment :

29.05.2014

PAN No.:

ACTPJ9187A

DIN No.:

00225927

Voter ID No.:

FSH0939132

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	L74999DL1979PLC009937	INDO ALUSYS INDUSTRIES LIMITED	Managing director	29/05/2014	17/10/1979	-	Active	NO
2	U74899DL1983PLC015996	SHRILON INDIA LIMITED	Director	07/03/1990	07/03/1990	-	Active	NO
3	U74899DL1977PTC008632	ASEEM CHITS PVT LTD	Director	29/09/1998	29/09/1998	-	Active	NO
4	U74899DL1980PTC010502	PSJ CONSTRUCTIONS PVT LTD	Director	29/09/1998	29/09/1998	-	Active	NO
5	U63040DL1999PLC098125	MAXIM RADIO CABS LIMITED	Director	28/01/1999	28/01/1999	01/12/2006	Active	NO
6	U74899DL1963PTC003875	SUPER TUBES PRIVATE LIMITED	Director	31/07/2009	31/07/2009	-	Active	NO
7	U74900DL2008PTC175104	PRIDE ENERGY SERVICES PRIVATE LIMITED	Director	28/09/2010	18/08/2009	07/07/2011	Active	NO
8	L25111DL1964PLC004235	JAIN TUBE COMPANY LIMITED	Additional director	11/05/2011	30/01/2010	-	Active	NO

Name :

Mahendra Dooger Kumar

Designation :

Director

Address :

B – 515, Sarita Vihar, Delhi – 110044, India

Date of Birth/Age :

01.07.1951

Date of Appointment :

25.09.2006

DIN No.:

00319034

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	U74899DL1982PTC014854	IMAGE INSURANCE BROKERS PRIVATE LIMITED	Director	18/12/1982	18/12/1982	-	Active	NO
2	L70109DL1986PLC025841	Morgan Ventures Limited	Director	23/10/1986	23/10/1986	-	Active	NO
3	U74899DL1981PTC012709	D AND A FINANCIAL SERVICES PRIVATE LIMITED	Director	20/03/1989	20/03/1989	-	Active	NO
4	U67190DL1993PLC053234	DOOGAR AND ASSOCIATES SECURITIES LIMITED	Director	23/04/1993	23/04/1993	-	Active	NO
5	U17118RJ1975PLC002275	BHILWARA PROCESSORS LTD.	Director	30/04/2001	30/04/2001	-	Amalgamated	NO
6	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	08/12/2001	08/12/2001	-	Active	NO
7	L45201GJ1986PLC008577	CHARTERED CAPITAL AND INVESTMENT LIMITED	Director	15/09/2003	15/09/2003	26/02/2009	Active	NO
8	L74999DL1979PLC009937	INDO ALUSYS INDUSTRIES LIMITED	Director	25/09/2006	31/05/2006	-	Active	NO
9	U31101DL2006PLC148862	BHILWARA ENERGY LIMITED	Director	20/07/2006	20/07/2006	15/03/2012	Active	NO
10	L27101DL1994PLC134282	KAMDHENU ISPAT LIMITED	Director	29/09/2014	22/09/2006	-	Active	NO
11	L26941UP1983PLC027278	RADICO KHAITAN LIMITED	Director	09/09/2010	15/12/2009	30/05/2014	Active	NO
12	L24297TN1973PLC006372	DALMIA REFRACTORIES LIMITED	Director	12/08/2014	29/09/2010	-	Active	NO
13	L24302RJ1970PLC002266	BSL LTD	Director	18/09/2012	04/05/2012	06/02/2014	Active	NO
14	L74899HR1962PLC002618	FRICK INDIA LIMITED	Director	29/12/2012	20/08/2012	-	Active	NO
15	L36911RJ1989PLC004945	VAIBHAV GLOBAL LIMITED	Director	25/07/2014	23/01/2014	-	Active	NO

Name :

Avinash Prakash Gandhi

Designation :

Director

Address :

C2/14, Safdarjung Development Area, Delhi – 110014, India

Date of Birth/Age :

01.10.1938

Date of Appointment :

25.09.2006

DIN No.:

00161107

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	L74899DL1981PLC012804	LUMAX INDUSTRIES LIMITED	Director	31/07/2002	31/07/2002	-	Active	NO
2	U45201HR1982PLC014785	UNIPRODUCTS (INDIA) LIMITED	Director	30/10/2003	30/10/2003	-	Active	NO
3	L34300MH1990PLC055300	FAIRFIELD ATLAS LIMITED	Director	31/10/2003	31/10/2003	14/03/2014	Active	NO
4	U74140DL2004PTC127802	AVINAR CONSULTING PRIVATE LIMITED	Director	22/07/2004	22/07/2004	-	Active	NO
5	U74899DL1994PTC060689	PANALFA AUTOMOTIVE PRIVATE LIMITED	Director	21/10/2004	21/10/2004	05/10/2012	Active	NO
6	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	09/07/2014	12/05/2005	-	Active	NO
7	U34300DL1996PLC081210	CONTINENTAL ENGINES LIMITED	Director	06/10/2005	06/10/2005	22/12/2011	Active	NO
8	L74899DL1985PLC020401	MINDA CORPORATION LIMITED	Director	10/09/2014	28/01/2006	-	Active	NO
9	L29130MH1962PLC012340	FAG BEARINGS INDIA LIMITED	Director	21/04/2011	20/04/2006	-	Active	NO
10	L74999DL1979PLC009937	INDO ALUSYS INDUSTRIES LIMITED	Director	25/09/2006	31/07/2006	-	Active	NO
11	U28920KA1995PLC017793	ALUCAST AUTO PARTS LIMITED	Director	23/01/2007	23/01/2007	01/09/2008	Active	NO
12	U29221DL2007PLC160549	PANALFA AUTOELEKTRIK LIMITED	Director	19/03/2007	19/03/2007	05/10/2012	Active	NO
13	U34300DL2007PTC157344	MINDA VALEO SECURITY SYSTEMS PRIVATE LIMITED	Director	23/09/2008	31/05/2007	-	Active	NO
14	U28910PB2001PLC024790	R.N.GUPTA AND COMPANY LIMITED	Director	30/09/2011	03/05/2008	18/03/2014	Active	NO
15	U34102TG1998PLC029977	M.L.R.MOTORS LIMITED	Director	30/09/2009	20/02/2009	10/11/2012	Active	NO
16	U29253DL2006PTC155275	MINDA FURUKAWA ELECTRIC PRIVATE LIMITED	Director	30/09/2009	03/03/2009	-	Active	NO
17	L34300DL1971PLC005634	CLUTCH AUTO LIMITED	Director	29/09/2009	18/04/2009	15/03/2013	Active	NO
18	U34300DL1988PTC030280	TECH AUTO PRIVATE LIMITED	Director	06/03/2010	06/03/2010	07/03/2014	Active	NO
19	U31905DL1981PLC127345	MINDA SAI LIMITED	Director	05/09/2014	09/04/2011	-	Active	NO

Name :

Sarada Prasana Singha

Designation :

Director

Address :

Q – 505, Anupam Apartments East Arjun Nagar, Delhi – 110032, India

Date of Birth/Age :

06.08.1934

Date of Appointment :

15.10.2003

DIN No.:

00249043

KEY EXECUTIVES

Name :	Janmejay Rajput Singh
Designation :	Secretary
Address :	130, UGF Sant Nagar, East of Kailash, New Delhi – 110065, India
Date of Birth/Age :	29.12.1987
Date of Appointment :	20.12.2011
Name :	Deepak Jain
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDERS DETAILS ARE NOT AVAILABLE.

As on 31.03.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Public financial companies	7.93
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	12.59
Bodies corporate	28.79
Directors or relatives of Directors	47.85
Other top fifty shareholders	2.84
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Sophisticated Quality Aluminium Extrusions.
Exports :
Products :	Extrusions
Countries :	Canada US
Imports :
Products :	Raw Material
Countries :	UK USA Africa
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and Manufacturer

No. of Employees :

600 (Approximately)

Bankers :

State Bank of Mysore, Nehru Place, New Delhi – 110019, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupees term loan from banks	91.400	130.754
Term loans from others	50.000	75.000
Others loans and advances	45.009	57.581
SHORT TERM BORROWINGS
Loans repayable on demand	295.087	274.545
Other loans and advance	152.557	132.735
Total	634.053	670.615

Banking Relations :	--
Financial Institution :	Tata Capital Financial Services Limited, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400001, India
Auditors :
Name :	B. K. Shroff and Company
Address :	3/ 7B, Asaf Ali Road, New Delhi – 110002, India
PAN No.:	AADFB4923G
Others :	Indo Alusys Group Gratuity Fund

CAPITAL STRUCTURE

As On 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,507,866	Equity Shares	Rs. 10/- each	Rs. 85.079 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	85.079	85.079
(b) Reserves & Surplus	1313.313	1317.457
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1398.392	1402.536
(3) Non-Current Liabilities
(a) long-term borrowings	311.282	313.835
(b) Deferred tax liabilities (Net)	69.264	56.427
(c) Other long term liabilities	160.800	96.575
(d) long-term provisions	16.570	15.028
Total Non-current Liabilities (3)	557.916	481.865
(4) Current Liabilities
(a) Short term borrowings	447.644	407.280
(b) Trade payables	602.317	613.602
(c) Other current liabilities	147.460	98.808
(d) Short-term provisions	5.850	7.964
Total Current Liabilities (4)	1203.271	1127.654
TOTAL	3159.579	3012.055
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1584.302	1581.670
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	9.746
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.001	2.001
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1590.764	1599.206
(e) Other Non-current assets	33.955	26.053
Total Non-Current Assets	3211.022	3218.676
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1026.127	818.456
(c) Trade receivables	375.292	312.203
(d) Cash and cash equivalents	48.034	146.414
(e) Short-term loans and advances	85.407	109.723
(f) Other current assets	33.955	26.053
Total Current Assets	1568.815	1412.849
TOTAL	4779.837	4631.525

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		85.079
2] Share Application Money		1314.290
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1399.369
LOAN FUNDS
1] Secured Loans		508.184
2] Unsecured Loans		22.442
TOTAL BORROWING		530.626
DEFERRED TAX LIABILITIES		38.456
TOTAL		1968.451
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1439..345
Capital work-in-progress		19.056
INVESTMENT		2.493
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	729.847
	Sundry Debtors	320.826
	Cash & Bank Balances	36.299
	Other Current Assets	0.000
	Loans & Advances	126.573
Total Current Assets		1213.545
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	607.236
	Other Current Liabilities	88.277
	Provisions	10.474
Total Current Liabilities		705.987
Net Current Assets		507.558
MISCELLANEOUS EXPENSES		0.000
TOTAL		1968.452

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3055.116	2539.702	2335.671
		Other Income	33.185	16.287	13.571
		TOTAL (A)	3088.301	2555.989	2349.242
Less	EXPENSES
		Cost of Material Consumed	2418.187	1994.472	1964.577
		Purchase of Stock-in-Trade	169.706	20.377	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(194.638)	(20.275)	(138.163)
		Employees benefit expenses	119.413	101.719	96.759
		Expenditure on production, transportation and other expenditure pertaining to E and P activities	14.627	17.077	18.848
		Other expenses	287.146	227.730	245.996
		TOTAL (B)	2814.441	2341.100	2188.017
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		273.860	214.889	161.225
Less	FINANCIAL EXPENSES (D)		188.143	122.781	80.810
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		85.717	92.108	80.415
Less/ Add	DEPRECIATION/ AMORTISATION (F)		45.317	31.222	30.160
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		40.400	60.886	50.255
Less	TAX (H)		14.214	24.208	15.866
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		26.186	36.678	34.389
	Earnings / (Loss) Per Share (Rs.)		3.08	4.31	4.04

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	0.85	1.44	1.47
Operating Profit Margin (PBDIT/Sales)	(%)	8.96	8.46	6.90
Return on Total Assets (PBT/Total Assets}	(%)	0.85	1.32	1.89
Return on Investment (ROI) (PBT/Networth)		0.03	0.04	0.03
Debt Equity Ratio (Total Liability/Networth)		0.54	0.51	1.14
Current Ratio (Current Asset/Current Liability)		1.30	1.25	1.71

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	85.079	85.079
Reserves & Surplus	1317.457	1313.313
Net worth	1402.536	1398.392
long-term borrowings	313.835	311.282
Short term borrowings	407.280	447.644
Total borrowings	721.115	758.926
Debt/Equity ratio	0.514	0.543

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	2335.671	2539.702	3055.116
		8.735	20.294

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	2335.671	2539.702	3055.116
Profit	34.389	36.678	26.186
	1.47%	1.44%	0.86%

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	No
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	Yes
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	10493721	10/05/2014	15,000,000.00	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	GATEWAY BUILDING, APOLLO BUNDER,, ., MUMBAI, Maha  rashtra - 400001, INDIA	C04362406
2	10463705	26/11/2013 *	1,475,000,000.00	STATE BANK OF MYSORE	3,4,5 DDA BUILDING, NEW DELHI, Delhi - 110019, IND  IA	C16027674
3	10367665	02/01/2013 *	100,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	B65587248
4	10366588	18/07/2012	1,115,000,000.00	STATE BANK OF MYSORE	3,4,5 DDA BUILDING, NEHRU PLACE, NEW DELHI, Delhi  - 110019, INDIA	B44198117
5	10320639	02/01/2012 *	80,000,000.00	STATE BANK OF BIKANER AND JAIPUR	DEVIKA TOWER, 6, NEHRU PLACE, NEW DELHI, Delhi -  110019, INDIA	B32705600
6	10243127	25/11/2011 *	81,000,000.00	AXIS BANK LIMITED	4/10, OPG HOUSE, ASAF ALI ROAD, New Delhi, Delhi  - 110002, INDIA	B26373837
7	10143090	25/10/2010 *	75,000,000.00	AXIS BANK LTD.	4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, Delhi  - 110002, INDIA	B00196006
8	80025372	10/09/2012 *	40,000,000.00	State Bank of Mysore	3,4 & 5 DDA BUILDING, NEHRU PLACE, NEW DELHI, Del  hi - 110019, INDIA	B57768244

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from others	12.613	0.000
Other loans and advances	112.260	50.500
Total	124.873	50.500

FIXED ASSETS

• Buildings
• Factory Buildings
• Plant and Equipments
• Furniture and Fixture
• 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. 61.38
UK Pound	1	Rs. 98.00
Euro	1	Rs. 76.98

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.