MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	GOPANI IRON AND POWER (INDIA) PRIVATE LIMITED
Registered Office :	A-22,MIDC, Growth Center, Post : Tadali, District : Chanderpur – 442406, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.04.1988
Com. Reg. No.:	11-046932
Capital Investment / Paid-up Capital :	Rs. 243.000 Millions
CIN No.: [Company Identification No.]	U74300MH1988PTC046932
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	NGPG01095D
PAN No.: [Permanent Account No.]	AACCG0988N
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Sponge Iron, Power and Billet.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has reported consecutive losses from its operations. However, trade relations are seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of the extensive experience of the promoters, the company can be considered for business dealings with some caution.

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	CRISIL
Rating	Long term rating = “BB+”
Rating Explanation	Inadequate credit quality and high credit risk.
Date	November 24, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	November 24, 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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Srinivas
Designation :	Accountant
Contact No.:	91-7172-237706
Date :	24.11.2014

LOCATIONS

Registered Office :	A-22,MIDC, Growth Center, Post : Tadali, District : Chanderpur – 442406, Maharashtra, India
Tel. No.:	91-7172-237706/ 8/ 9
Fax No.:	91-7172-237707
E-Mail :	jgopani@hotmail.com jgopani@gmail.com mvbachan@gopanigroup.com
Website :	www.gopanigroup.com
Head Office :	Uttam House, Office No.2, Ground Floor, P. D’Mello Road, Carnac Bunder, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-23480949
Fax No.:	91-22-23481361

DIRECTORS

As On 11.07.2014

Name :

Mr. Jignesh Gunvant Gopani

Designation :

Director

Address :

604 – C Laxmi Apartments, Block No. 1, Lady Jahangir Road, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

09.03.1975

Qualification :

Graduate

Date of Appointment :

10.09.2000

PAN No.:

AAFPG3108C

DIN No.:

00091073

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	U51900MH1994PTC080487	GOPANI INTERNATIONAL PRIVATE LIMITED	Director	19/08/1994	19/08/1994	-	Active	NO
2	U74300MH1988PTC046932	GOPANI IRON AND POWER (INDIA) PRIVATE LIMITED	Director	10/09/2000	10/09/2000	-	Active	NO
3	U70100MH2006PTC159931	KHANNA AND GOPANI ESTATE (INDIA) PVT LTD	Director	22/02/2006	22/02/2006	-	Strike off	NO
4	U26940MH2006PTC161339	Y AND M CEMENT (INDIA) PRIVATE LIMITED	Director	25/04/2006	25/04/2006	-	Active	NO
5	U26999MH2006PTC161368	Y AND M MINERALS (INDIA) PRIVATE LIMITED	Director	25/04/2006	25/04/2006	-	Active	NO
6	U10100PN2010PTC136493	STUTIE MINING (INDIA) PRIVATE LIMITED	Director	04/06/2010	04/06/2010	-	Active	NO
7	U14200MH2010PTC207058	GOPANI OFFSHORE MINING PRIVATE LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO
8	U27310MH2011PTC221800	JIGSUN ALLOYS PRIVATE LIMITED	Director	10/09/2011	10/09/2011	-	Active	NO

Name :

Mr. Vinod Kumar Subkaran Jatia

Designation :

Director

Address :

Damodar Bhawan, 3^rd Floor, Bhulabhai Desai Marg, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

02.04.1957

Qualification :

Graduate

Date of Appointment :

10.10.2005

DIN No.:

00091115

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	U51900MH1981PLC024687	MAKALU TRADING LIMITED	Managing director	01/07/2014	24/06/1981	-	Active	NO
2	U70101MH1989PTC050776	DELAWARE PROPERTIES PRIVATE LIMITED	Director	21/04/1989	21/04/1989	-	Active	NO
3	U74899DL1981PTC012009	ASIAN HOLDINGS PRIVATE LIMITED	Director	29/08/1992	29/08/1992	15/05/2008	Active	NO
4	U51109WB1993PTC060631	BRIDHI COMMERCIAL PVT LTD	Director	01/11/1993	01/11/1993	-	Active	NO
5	U00776MH1994PLC081224	HELMET TRADERS LIMITED	Director	19/09/1994	19/09/1994	-	Active	NO
6	U65990MH1988PTC048910	YARDLEY INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	21/09/1994	21/09/1994	-	Active	NO
7	L67120MH1982PLC026924	SUPREME HOLDINGS & HOSPITALITY (INDIA) LIMITED	Managing director	01/07/2011	27/11/1995	-	Active	NO
8	U51909MH1989PTC050675	SUPERWAYS ENTERPRISES PRIVATE LIMITED	Director	28/10/1998	28/10/1998	-	Active	NO
9	U51900MH2000PTC123802	OGARDHANI EXPORTS PRIVATE LIMITED	Director	04/06/2001	04/06/2001	-	Active	NO
10	U51909MH2002PTC134615	SHRILEKHA TRADING PRIVATE LIMITED	Director	25/02/2002	25/02/2002	-	Active	NO
11	U45200MH1994PTC081267	Indrajit Power Private Limited	Director	15/01/2004	15/01/2004	23/04/2013	Active	NO
12	U55101MH2005PTC151196	GRANDEOUR HOTELS PRIVATE LIMITED	Director	10/02/2005	10/02/2005	-	Active	NO
13	U74300MH1988PTC046932	GOPANI IRON AND POWER (INDIA) PRIVATE LIMITED	Director	10/10/2005	10/10/2005	-	Active	NO
14	U55101KA2005PTC036952	NEW INDIA HOTELS AND RESORTS PRIVATE LIMITED	Director	26/10/2005	26/10/2005	06/04/2009	Active	NO
15	U55100MH2005PTC157086	JATIA HOTELS & RESORTS PRIVATE LIMITED	Managing director	10/06/2009	27/10/2005	-	Amalgamated	NO
16	U51909MH2006PTC163344	ROYALWAYS TRADING & INVESTMENT SERVICES PRIVATE LIMITED	Director	29/09/2007	11/12/2006	-	Amalgamated	NO
17	U65910MH1987PTC042110	PRAWAS LEASING AND FINANCE PRIVATE LIMITED	Additional director	06/05/2009	06/05/2009	30/09/2009	Active	NO
18	U70100MH1982PTC027614	PARISHRAM PROPERTIES PRIVATE LIMITED	Director	10/08/2009	06/05/2009	25/11/2011	Amalgamated	NO
19	U65921KA1996PTC020353	OPPORTUNE TRADING PRIVATE LIMITED	Director	30/09/2010	30/06/2010	20/09/2012	Active	NO
20	U45200MH1994PLC081233	INSCO STEELS LIMITED	Director	22/08/2011	16/09/2010	-	Active	NO
21	U51101MH1994PTC081163	Duli Trade & Commodities Private Limited	Director	05/09/2011	28/09/2010	24/10/2011	Active	NO
22	U99999MH1996PTC103123	Superways Investment & Finance Private Limited	Director	23/09/2013	23/03/2013	-	Active	NO
23	U65990MH1990PTC059029	CHEERFUL COMMERCIAL PRIVATE LIMITED	Director	22/08/2013	22/08/2013	-	Active	NO
24	U74999MH1965PTC013257	CHEM MACH PRIVATE LIMITEDN	Additional director	26/08/2013	26/08/2013	-	Active	NO
25	L74999MH1999PLC013394	PUDUMJEE INDUSTRIES LIMITED	Director	15/09/2014	17/09/2013	-	Active	NO
26	AAC-3989	HAWKEYE AERIAL CONSULTANCY SERVICES LLP	Designated Partner	24/06/2014	24/06/2014	-	Active	NO

Name :

Mr. Jayant Hiralal Shah

Designation :

Director

Address :

Plot No.9-11, Sujay Garden, 12, Mukund Nagar, Gultekdi, Pune – 411037, Maharashtra, India

Date of Birth/Age :

09.11.1960

Qualification :

Graduation

Date of Appointment :

27.06.2006

PAN No.:

AEGPS3036L

DIN No.:

00185389

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	U51909MH1996PTC097911	HIRAJ EXPORTS PRIVATE LIMITED	Director	07/03/1996	07/03/1996	31/08/2010	Active	NO
2	U45101PN2000PTC014744	SUJAY DEVELOPERS PRIVATE LIMITED	Director	10/04/2000	10/04/2000	-	Active	NO
3	U15499PN2000PTC015045	JAIRAJ FOODS PRIVATE LIMITED	Director	27/06/2000	27/06/2000	-	Active	NO
4	U45202PN2002PTC016784	JAYHIRA DEVELOPERS PRIVATE LIMITED	Director	28/02/2002	28/02/2002	-	Active	NO
5	U45202PN2002PTC016783	JAYANT DEVELOPERS PRIVATE LIMITED	Director	28/02/2002	28/02/2002	-	Active	NO
6	U45202PN2002PTC016814	J H PROMOTERS PRIVTE LIMITED	Director	11/03/2002	11/03/2002	27/03/2008	Active	NO
7	U45202PN2002PTC016812	PUNE PROMOTERS PRIVATE LIMITED	Director	11/03/2002	11/03/2002	-	Active	NO
8	U45202PN2002PTC016810	MALAV PROMOTERS PRIVATE LIMITED	Director	11/03/2002	11/03/2002	-	Active	NO
9	U45202PN2002PTC016807	KOHINOOR PROMOTERS PRIVATE LIMITED	Director	11/03/2002	11/03/2002	-	Active	NO
10	U45202PN2002PTC016811	KANCHAN DEVELOPERS PRIVATE LIMITED	Director	11/03/2002	11/03/2002	-	Active	NO
11	U45202PN2002PTC016813	Jairaj Realty Private Limited	Director	11/03/2002	11/03/2002	-	Active	NO
12	U45202PN2002PTC016809	JAIRAJ PROMOTERS PRIVATE LIMITED	Director	11/03/2002	11/03/2002	-	Active	NO
13	U45202PN2002PTC016808	HEENA BUILDERS PRIVATE LIMITED	Director	11/03/2002	11/03/2002	-	Active	NO
14	U70101PN1997PTC106895	AMEYA RESORTS & ESTATES PRIVATE LIMITED	Director	15/11/2003	15/11/2003	-	Active	NO
15	U74300MH1988PTC046932	GOPANI IRON AND POWER (INDIA) PRIVATE LIMITED	Director	27/06/2006	27/06/2006	-	Active	NO
16	U73100MH1970NPL014686	M.VISVESVARAYA INDUSTRIAL RESEARCH AND DEVELOPMENT CENTRE	Director	22/09/2006	22/09/2006	23/11/2009	Active	NO
17	U15116PN2004PTC019124	ICON AGRO FOODS (INDIA) PRIVATE LIMITED	Director	29/09/2007	09/02/2007	-	Active	NO
18	U45202PN2003PLC018435	CITY CORPORATION LIMITED	Director	22/08/2008	22/06/2007	-	Active	NO
19	U45202PN2007PTC130231	CITY DEVELOPMENT (MAHARASHTRA) Private LIMITED	Director	30/09/2008	25/02/2008	23/10/2010	Active	NO
20	U27200MH1988PTC045999	UJWAL METALS PRIVATE LIMITED	Director	07/03/2008	07/03/2008	15/03/2011	Active	NO
21	U01403PN2008PTC132376	Eway Agro Products Private Limited	Director	07/07/2008	07/07/2008	23/10/2010	Active	NO
22	U01403PN2008PLC132375	Eway Foods and Greenhouses Limited	Director	07/07/2008	07/07/2008	23/10/2010	Active	NO
23	U45200MH2008PLC177979	ASMEETA INFRATECH LIMITED	Director	30/09/2009	29/07/2008	13/12/2011	Active	NO
24	U85100PN2008PLC132514	Amanora Health Care Limited	Director	29/07/2008	29/07/2008	23/10/2010	Active	NO
25	U45201MH1986PLC039949	CITY VASTU PROJECTS LIMITED	Director	28/09/2009	14/08/2008	23/10/2010	Active	NO
26	U45203PN2007PLC130505	AMANORA PARK TOWN INFRASTRUCTURE SERVICES LIMITED	Director	30/09/2009	03/10/2008	23/10/2010	Active	NO
27	U55204PN2007PLC130209	AMANORA HOSPITALITY LIMITED	Director	30/09/2009	03/10/2008	23/10/2010	Active	NO
28	U70102PN2007PLC130371	AMANORA TOWNSHIP MANAGEMENT LIMITED	Director	30/09/2009	03/10/2008	23/10/2010	Active	NO
29	U45200PN2009PTC133421	Jayant Promoters Private Limited	Director	27/01/2009	27/01/2009	01/11/2011	Active	NO
30	U45200PN2009PTC133422	Malav Builders Private Limited	Director	27/01/2009	27/01/2009	-	Active	NO
31	U70100MH2005PTC157193	MAGNIFICENT ESTATE PRIVATE LIMITED	Additional director	12/03/2009	12/03/2009	16/06/2009	Active	NO
32	U80904PN2010NPL136215	AMANORA KNOWLEDGE FOUNDATION	Director	04/05/2010	04/05/2010	09/11/2013	Active	NO
33	U45200PN2010PTC136353	SANJEEV REALTY PRIVATE LIMITED	Director	20/05/2010	20/05/2010	01/07/2010	Active	NO
34	U45200PN2010PTC137771	JAIRAJ SHELTERS PRIVATE LIMITED	Director	18/11/2010	18/11/2010	-	Active	NO
35	U01122PN1989PTC054431	Yashomala Farming & Tourism Private Limited	Director	25/09/2014	27/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hanuman Prasad Vyas
Designation :	Secretary
Date of Appointment :	01.09.2012
Name :	Mr. Srinivas
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 11.07.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Gopani International Private Limited	16393320	67.46
Shree Golbal Tradefin Limited	6075000	25.00
Bharti Gopani	2100	0.01
Jignesh Gopani	6000	0.02
Anjali Gopani	2100	0.01
Jayant Shah	910740	3.75
Malav J. Shah	910740	3.75
Total	243,000,00	100.00

As on 11.07.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	92.46
Directors or relatives of Directors	7.54
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Sponge Iron, Power and Billet.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Punjab National Bank, Brandy House, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan	205.067	283.701
SHORT TERM BORROWINGS
Loans repayable on demand	60.613	0.609
Total	265.680	284.310
Note: Short Term Borrowings Cash credit facility from bank is Secured against Stock and Book Debts of the company. Car Loans are secured against respective Cars.

Auditors :
Name :	Vinod S. Mehta and Company Chartered Accountant
Address :	114, Jolly Bhavan, 10, New Marine Lines, Mumbai, Maharashtra, India
PAN No.:	AADFV0519Q
Memberships :	--
Collaborators :	--
Holding Company :	Gopani International Private Limited
Associates/Subsidiaries :	· Makalu Trading Limited (CIN No.: U51900MH1981PLC024687) · Superways Enterprises Private Limited (CIN No.: AAACS5416M) · Gopani International Private Limited (CIN No.: AAACG5644H) · Subhakaram and Sons (CIN No.: AADFS1088B) · Akruti Jay Developers (CIN No.: AAFFJ0932R) · Dilshad Trading Company Private Limited (CIN No.: U51900MH1982PTC027434) · Y and M Minerals (India) Private Limited (CIN No.: U26999MH2006PTC161368) · Orchid Associates

CAPITAL STRUCTURE

As On 11.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
24,500,000	Equity Shares	Rs. 10/- each	Rs. 245.000 Millions
50,000	Preference Shares	Rs. 10/- each	Rs. 5.000 Millions
	Total		Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24,300,000	Equity Shares	Rs. 10/- each	Rs. 243.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	243.000	243.000	243.000
(b) Reserves & Surplus	516.324	542.331	662.204
(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)	759.324	785.331	905.204
(3) Non-Current Liabilities
(a) long-term borrowings	974.648	989.728	929.587
(b) Deferred tax liabilities (Net)	107.090	119.782	176.701
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.621	8.728	5.532
Total Non-current Liabilities (3)	1090.359	1118.238	1111.820
(4) Current Liabilities
(a) Short term borrowings	60.613	0.609	21.221
(b) Trade payables	767.318	518.467	600.773
(c) Other current liabilities	324.500	302.824	134.568
(d) Short-term provisions	0.320	0.311	0.222
Total Current Liabilities (4)	1152.751	822.211	756.784
TOTAL	3002.434	2725.780	2773.808
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	908.909	1022.788	1036.760
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.300	1.944	13.090
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.362	7.362	7.312
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	86.587	79.698	89.518
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1004.158	1111.792	1146.680
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	575.833	467.705	272.929
(c) Trade receivables	976.798	790.683	994.660
(d) Cash and cash equivalents	98.411	95.002	94.147
(e) Short-term loans and advances	184.234	87.547	194.310
(f) Other current assets	163.000	173.051	71.082
Total Current Assets	1998.276	1613.988	1627.128
TOTAL	3002.434	2725.780	2773.808

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	4655.600	2424.500	2541.449
Less	EXPENSES
		TOTAL	4694.300	2601.300	2398.863
	PROFIT/ (LOSS) BEFORE TAX		(38.700)	(176.800)	142.586
Less	TAX		(12.700)	(56.900)	8.927
	PROFIT/ (LOSS) AFTER TAX		(26.000)	(119.900)	133.659
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		542.331	662.203	484.445
	BALANCE CARRIED TO THE B/S		516.324	542.331	662.203
	IMPORTS
		C.I.F. Value	637.916	374.910	0.000
	TOTAL IMPORTS		637.916	374.910	0.000
	Earnings / (Loss) Per Share (Rs.)		(1.07)	(4.93)	5.50

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(1.29)	(6.51)	5.18
Return on Investment (ROI) (PBT/Networth)		(0.05)	(0.23)	0.16
Debt Equity Ratio (Total Liability/Networth)		1.36	1.26	1.05
Current Ratio (Current Asset/Current Liability)		1.73	1.96	2.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	243.000	243.000	243.000
Reserves & Surplus	662.204	542.331	516.324
Net worth	905.204	785.331	759.324
long-term borrowings	929.587	989.728	974.648
Short term borrowings	21.221	0.609	60.613
Total borrowings	950.808	990.337	1035.261
Debt/Equity ratio	1.050	1.261	1.363

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2541.449	2424.500	4655.600
		(4.602)	92.023

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2541.449	2424.500	4655.600
Profit	133.659	(119.900)	(26.000)
	5.26%	(4.95%)	(0.56%)

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	No
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	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	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	10221860	27/04/2010	6,450,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH,, BRADY HOUSE, V. N. ROAD,,  MUMBAI, Maharashtra - 400001, INDIA	A85936482
2	10174350	21/07/2009	6,800,000.00	PUNJAB NATIONAL BANK	BRADY HOUSE,FORT,, MUMBAI, Maharashtra - 400001, I  NDIA	A68693092
3	10008980	14/10/2008 *	170,000,000.00	PUNJAB NATIONAL BANK	BRADY HOUSE,, FORT,, MUMBAI, Maharashtra - 400001  , INDIA	A52814431
4	10008972	21/02/2011 *	1,570,000,000.00	PUNJAB NATIONAL BANK AND UNION BANK OF INDIA	BRADY HOUSE, VEER NARIMAN ROAD,, FORT, MUMBAI, Ma  harashtra - 400023, INDIA	B07764418

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from Bank	769.581	706.027
Total	769.581	706.027

FIXED ASSETS

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computer Equipments

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. 61.77
UK Pound	1	Rs. 96.78
Euro	1	Rs. 76.59

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.