MIRA INFORM REPORT

Report Date :

04.10.2014

IDENTIFICATION DETAILS

Name :	SIPOREX INDIA PRIVATE LIMITED (w.e.f. 03.09.2007)
Formerly Known As :	SIPOREX INDIA LIMITED
Registered Office :	No. 72/76, Mundhwa Industrial Estate, Nr. Bharat Forge, Mundhwa, Pune – 411036, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.03.1969
Com. Reg. No.:	11-014245
Capital Investment / Paid-up Capital :	Rs. 19.703 Millions
CIN No.: [Company Identification No.]	U26954MH1969PTC014245
PAN No.: [Permanent Account No.]	AABCS4221R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of light weight concrete slabs, AAC Precast, Partition panels etc.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 49000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are usually 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	ICRA
Rating	Term Loans = BBB-
Rating Explanation	Have Moderate degree of Safety and carry moderate credit risk
Date	December 2013

Rating Agency Name	ICRA
Rating	Non fund based limits = A3
Rating Explanation	Have Moderate degree of safety and carry higher credit risk
Date	December 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

Name :	Mr. D. V. Kulkarni
Designation :	Head of marketing Department
Contact No.:	91-9049005393
Date :	01.10.2014

LOCATIONS

Registered Office :	No. 72/76, Mundhwa Industrial Estate, Nr. Bharat Forge, Mundhwa, Pune – 411036, Maharashtra, India
Tel. No.:	91-20-26870284
Fax No.:	91-20-26870319
E-Mail :	dvkulkarnisil@shirke.co.in sunil_adhiya@vsnl.net
Website :	http://www.shirkegroup.com
Factory :	Vasanta Narfapura Industrial Estate, Tunkur, Karnataka, Bangladesh, India

DIRECTORS

AS ON 28.06.2014

Name :

Mr. Vijay Baburao Shirke

Designation :

Managing Director

Address :

1205 Apte Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

04.11.1949

Date of Appointment :

15.09.2010

DIN No. :

00006804

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	U99999MH1974PTC017912	SAPPHIRE EXPORTS PRIVATE LIMITED	Director	30/06/1975	30/06/1975	-	Strike off	NO
2	U65993MH1983PTC030846	KARMVEER INVESTMENTS PVT LTD	Director	15/09/1983	15/09/1983	-	Active	NO
3	U65993MH1983PTC030869	KIRKLAND INVESTMENTS PVT LTD	Director	16/09/1983	16/09/1983	-	Active	NO
4	U26954MH1969PTC014245	SIPOREX INDIA Private LIMITED	Managing director	15/09/2010	05/10/1985	-	Active	NO
5	U45201PN1994PTC077340	B. G. SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED	Managing director	25/03/1994	25/03/1994	-	Active	NO
6	U29150MH1970PTC014775	Potain India Private Limited	Additional director	23/08/2007	16/01/1999	25/08/2007	Active	NO
7	U65910MH1983PTC030847	CONVEX INVESTMENTS AND TRADING PVT LTD	Director	16/01/1999	16/01/1999	-	Active	NO
8	U65993MH1983PTC030868	ASHWAMEDH INVESTMENTS PVT LTD	Director	16/01/1999	16/01/1999	-	Active	NO
9	U63090MH2001PTC133415	FIVE STARS BULKCARRIERS Private Limited	Director	24/10/2005	24/10/2005	-	Active	NO
10	U91990MH1925PLC001182	ROYAL WESTERN INDIA TURF CLUB LIMITED	Director	21/12/2006	21/12/2006	20/12/2007	Active	NO
11	U40200PN2007PTC130217	B.G.SHIRKE OIL AND GAS PRIVATE LIMITED	Director	28/05/2007	28/05/2007	-	Strike off	NO
12	U11100PN2013PTC148582	B. G. SHIRKE OIL AND GAS INDIA PRIVATE LIMITED	Director	26/08/2013	26/08/2013	-	Active	NO
13	L29112PN1978PLC088972	KIRLOSKAR INDUSTRIES LIMITED	Director	02/09/2014	18/07/2014	-	Active	NO

Name :

Mr. Ajay Baburao Shirke

Designation :

Director

Address :

1205 Apte Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

26.04.1958

Date of Appointment :

01.11.2012

DIN No. :

00006807

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	U65910MH1983PTC030847	CONVEX INVESTMENTS AND TRADING PVT LTD	Director	15/09/1983	15/09/1983	-	Active	NO
2	U65993MH1983PTC030868	ASHWAMEDH INVESTMENTS PVT LTD	Director	16/09/1983	16/09/1983	-	Active	NO
3	U45201PN1994PTC077340	B. G. SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED	Director	25/03/1994	25/03/1994	-	Active	NO
4	U26954MH1969PTC014245	SIPOREX INDIA Private LIMITED	Director	01/11/2012	29/06/1996	-	Active	NO
5	U29150MH1970PTC014775	Potain India Private Limited	Director	16/01/1999	16/01/1999	19/07/2007	Active	NO
6	U65993MH1983PTC030869	KIRKLAND INVESTMENTS PVT LTD	Director	16/01/1999	16/01/1999	-	Active	NO
7	U65993MH1983PTC030846	KARMVEER INVESTMENTS PVT LTD	Director	16/01/1999	16/01/1999	-	Active	NO
8	U67200PN2001PTC016332	LIFE AND GENERAL INSURANCE AND REINSURANCE BROKERS PRIVATE LIMITED	Director	01/11/2002	01/11/2002	20/01/2010	Active	NO
9	U29308PN2008PTC131712	CADENCE SPECIALITY AUDIO PRODUCTS PRIVATE LIMITED	Director	28/03/2008	28/03/2008	-	Converted to LLP	NO
10	U92419PN2009NPL134984	MAHARASHTRA SPORTS AND LEISURE	Director	13/11/2009	13/11/2009	-	Active	NO
11	U70109MH2007PTC174275	FIRST FUTURE AIR SERVICES PRIVATE LIMITED	Director	15/09/2010	29/12/2009	-	Amalgamated	NO
12	U55101MH2000PLC187834	LAVASA CORPORATION LIMITED	Director	30/07/2010	16/07/2010	03/11/2011	Active	NO
13	AAB-6737	CADENCE SPECIALITY AUDIO PRODUCTS LLP	Designated Partner	26/07/2013	26/07/2013	-	Active	NO
14	AAB-9321	CADENCE AUDIO LLP	Designated Partner	16/12/2013	16/12/2013	-	Active	NO

Name :

Mr. Sanjay khatau asher

Designation :

Director

Address :

32 Mody Street Fort, Mumbai – 400001, Maharashtra, India

Date of Birth/Age :

26.11.1964

Date of Appointment :

29.04.1999

DIN No. :

00008221

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	U15141MP1992PLC007176	DEWAS SOYA LIMITED	Director	12/09/2011	29/07/1994	19/03/2012	Active	NO
2	U65920MH1994PTC080585	SEENOL FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	27/01/1995	27/01/1995	18/03/2010	Active	NO
3	U24231MH1979PTC020957	FINOLIB CHEMICALS PVT LTD	Director	30/09/1995	30/09/1995	-	Amalgamated	NO
4	L31300MH1967PLC016531	FINOLEX CABLES LIMITED	Director	01/07/1998	01/07/1998	-	Active	NO
5	U63000MH1998PTC117292	ALLIED PICKFORDS INDIA PRIVATE LIMITED	Director	01/12/1998	01/12/1998	-	Active	NO
6	U65993MH1980PTC022723	MAJESTY INVESTMENTS PRIVATE LIMITED	Director	18/03/1999	18/03/1999	-	Amalgamated	NO
7	U74999MH1971PTC015021	ORBIT ELECTRICALS PRIVATE LIMITED	Director	18/03/1999	18/03/1999	-	Active	NO
8	U26954MH1969PTC014245	SIPOREX INDIA Private LIMITED	Director	29/04/1999	29/04/1999	-	Active	NO

Name :

Mr. Devidas Vyankatesh Padsalgikar

Designation :

Director

Address :

G – 26 Salunke Vihar, Army Welfare HSG Colony, Kondhwa, Pune – 411048, Maharashtra, India

Date of Birth/Age :

01.10.1932

Date of Appointment :

01.04.1998

DIN No. :

00199535

Name :

Mr. Vyankatesh Ramchandra Manohar

Designation :

Director

Address :

Ward No. 3 Arunoday, Dhantoli, Nagpur – 440012, Maharashtra, India

Date of Birth/Age :

06.11.1934

Date of Appointment :

05.10.1985

DIN No. :

00698425

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	U22210MH1933PTC001944	ALL INDIA REPORTER PRIVATE LIMITED	Director	22/04/1976	22/04/1976	15/09/2008	Active	NO
2	U26954MH1969PTC014245	SIPOREX INDIA Private LIMITED	Director	05/10/1985	05/10/1985	25/07/2014	Active	NO
3	U65910MH1993PLC072040	JAIKA FINANCE LTD	Director	29/09/2005	29/09/2005	-	Active	NO
4	U92410MH1905NPL010248	THE CENTRAL PROVINCES CLUB NAGPUR LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO

Name :

Mr. Avanti Vijay Shirke

Designation :

Director

Address :

1205 Apte Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

09.10.1983

Date of Appointment :

10.06.2010

DIN No. :

02098186

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	U29308PN2008PTC131712	CADENCE SPECIALITY AUDIO PRODUCTS PRIVATE LIMITED	Director	28/03/2008	28/03/2008	-	Converted to LLP	NO
2	U26954MH1969PTC014245	SIPOREX INDIA Private LIMITED	Director	05/08/2010	10/06/2010	26/07/2014	Active	NO
3	U63090MH2001PTC133415	FIVE STARS BULKCARRIERS Private Limited	Director	31/08/2010	31/07/2010	18/07/2014	Active	NO
4	AAB-6737	CADENCE SPECIALITY AUDIO PRODUCTS LLP	Designated Partner	26/07/2013	26/07/2013	-	Active	NO
5	AAB-9321	CADENCE AUDIO LLP	Designated Partner	16/12/2013	16/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. D. V. Kulkarni
Designation :	Head of marketing Department

MAJOR SHAREHOLDERS

As on 28.06.2014

Names of Shareholders	No. of Shares
Avanti Vijay Shirke	57924
Jay Vijay Shirke	50675
Nirmal Ramparakash Bharadwaj	100
Pratap Baburao Shirke	275
Gayatri Vijay Shirke	39500
Vijay Baburao Shirke	576
Padmaja Vijay Shirke	25
Ketki Ajay Shirke	55
Pratap Baburao Shirke	19654
Pratap Baburao Shirke	28188
Ajay Baburao Shirke	58
Total	197030

As on 28.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.95
Other	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of light weight concrete slabs, AAC Precast, Partition panels etc.

Products :

Item Code No. (ITC Code)	Product Description
68101110	AAC Slabs
99721129	Leave and License
99531129	Supervision Charges
99651190	Truck Operation Income

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, 2, Molwdina Road, Camp Branch, Pune – 411001, Maharashtra, India

· HDFC Bank limited, HDFC Bank, House Senapati Bapat Marg, Lower Parel w, Mumbai - 400013, Maharashtra, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee Term loans from Banks	789.746	762.333
Other loans and advances	1.633	2.445
SHORT TERM BORROWINGS
Term loans from Banks	236.846	211.472
Total	1028.225	976.250

Banking Relations :	--
Auditors :
Name :	M/s Bhide and shah Chartered Accountants
Address :	5^th Floor 1025 Sadship Peth , Pune, Maharashtra, India
Pan No.:	AABCS4221R
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives (As on 31.03.2013)	· 10. Shirke Infrastructure · Karmveer Investments Private Limited · Ashwamedh Investments Private Limited · Convex investments And trading Private Limited · Five stars Bulkcarriers Limited · Cadence speciality Audio products Private limited · 8. Shirke Recreation Enterprise · 9. M/s. Cadence

CAPITAL STRUCTURE

As on 28.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
370000	Equity Shares	Rs.100/- each	Rs.37.000 Millions
23560	Preference Shares	Rs.100/- each	Rs. 2.356 Millions
1400		Rs.460/- each	Rs. 0.644 Million
	Total		Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
197030	Equity Shares	Rs.100/- each	Rs. 19.703 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	19.703	19.703	19.703
(b) Reserves & Surplus	478.813	412.076	366.970
(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)	498.516	431.779	386.673
(3) Non-Current Liabilities
(a) long-term borrowings	791.379	764.778	852.529
(b) Deferred tax liabilities (Net)	94.473	66.137	59.018
(c) Other long term liabilities	251.000	316.000	176.000
(d) long-term provisions	11.890	12.580	12.446
Total Non-current Liabilities (3)	1148.742	1159.495	1099.993
(4) Current Liabilities
(a) Short term borrowings	236.846	211.472	163.818
(b) Trade payables	61.111	72.676	61.476
(c) Other current liabilities	203.323	253.197	200.452
(d) Short-term provisions	38.558	19.107	20.202
Total Current Liabilities (4)	539.838	556.452	445.948
TOTAL	2187.096	2147.726	1932.614
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1526.369	1504.276	1458.622
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.126	59.717	50.781
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	37.625	37.625	37.625
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.931	8.349	8.892
(e) Other Non-current assets	4.200	4.200	4.200
Total Non-Current Assets	1575.251	1614.167	1560.120
(2) Current assets
(a) Current investments	44.439	63.390	23.824
(b) Inventories	77.782	83.688	62.941
(c) Trade receivables	389.400	293.828	169.209
(d) Cash and cash equivalents	9.064	4.864	16.962
(e) Short-term loans and advances	87.692	85.171	95.951
(f) Other current assets	3.468	2.618	3.607
Total Current Assets	611.845	533.559	372.494
TOTAL	2187.096	2147.726	1932.614

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL	NA	1222.691	981.467
Less	EXPENSES
	TOTAL	NA	935.268	762.422
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		287.423	219.045
Less	FINANCIAL EXPENSES		148.964	131.780
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		138.459	87.265
		NA
Less/ Add	DEPRECIATION/ AMORTISATION		85.947	66.928
Add	EXCEPTIONAL ITEMS		0.828	3.020
	PROFIT/ (LOSS) BEFORE TAX		53.340	23.357
Less	TAX		8.234	(7.549)
	PROFIT/ (LOSS) AFTER TAX	66.737	45.106	30.906
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	355.306	310.200	282.394
Less	APPROPRIATIONS
	Transfer to General Reserve			3.100
	Dividend			0.000
	Tax on Dividend			0.000
	Total	NA	NA	3.100
	Balance Carried to the B/S	422.043	355.306	310.200
	Earnings / (Loss) Per Share (Rs.)	338.715	228.930	156.860

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	NA	3.69	3.15
Return on Total Assets (PBT/Total Assets}	(%)	0.00	2.60	1.27
Return on Investment (ROI) (PBT/Networth)		0.00	0.12	0.06
Debt Equity Ratio (Total Debt /Networth)		2.06	2.26	2.63
Current Ratio (Current Asset/Current Liability)		1.13	0.96	0.84

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	19.703	19.703	19.703
Reserves & Surplus	366.970	412.076	478.813
Net worth	386.673	431.779	498.516
long-term borrowings	852.529	764.778	791.379
Short term borrowings	163.818	211.472	236.846
Total borrowings	1016.347	976.250	1028.225
Debt/Equity ratio	2.628	2.261	2.063

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 Two 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

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10497070	28/05/2014	2,038,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C05332663
2	10496734	15/05/2014	7,375,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C05205216
3	10476535	04/02/2014	571,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B95911541
4	10407760	16/02/2013	70,000,000.00	THE KARNATAKA BANK LIMITED	KARNATAKA BANK LIMITED,REGD. AND HEAD OFFICE, P.B.NO.599, MAHAVEERA CIRCLE, KANKANADY MANGALORE, Karnataka - 575002, INDIA	B69520781
5	10394739	10/12/2012	556,820.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B65089823
6	10365332	21/06/2012	1,153,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B43561786
7	10337828	07/02/2012	1,188,823.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN, 227, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B33076340
8	10323728	12/12/2011	612,513.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN,, 227, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B28073559
9	10312989	04/10/2011	40,000,000.00	THE KARNATAKA BANK LIMITED	KARNATAKA BANK LIMITED, REGD. AND HEAD OFFICE, P.B.NO.599,MAHAVEERA CIRCLE, KANKANADY MANGALORE, Karnataka - 575002, INDIA	B23490162
10	10313263	27/09/2011	601,370.00	KOTAK MAHINDRA PRIME LIMITED	36-38A NARIMAN BHAVAN, 227, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B23547003

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Plant and Equipment

· Factory Equipment

· Furniture and Fixture

· Vehicle

· Office equipment

· Computer Equipment

·

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. 61.75
UK Pound	1	Rs. 100.06
Euro	1	Rs. 77.95

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	TRU

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		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.