MIRA INFORM REPORT

Report Date :

08.10.2014

IDENTIFICATION DETAILS

Name :	BALLARPUR INDUSTRIES LIMITED
Registered Office :	P.O. Ballarpur Paper Mills, Chandrapur Ballarpur – 442901, Maharashtra
Country :	India
Financials (as on) :	30.06.2014
Date of Incorporation :	26.04.1945
Com. Reg. No.:	11-010337
Capital Investment / Paid-up Capital :	Rs. 1311.200 Millions
CIN No.: [Company Identification No.]	L21010MH1945PLC010337
TAN No.: [Tax Deduction & Collection Account No.]	NGPB00166F / NGPB01717C
PAN No.: [Permanent Account No.]	AAACB5343E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Writing and Printing Paper and Paper Products.
No. of Employees :	2097 (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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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.

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	FITCH
Rating	Long Term issuer rating = A+
Rating Explanation	Adequate degree of safety and Low Credit Risk
Date	26 December 2013

Rating Agency Name	Fitch
Rating	Non fund based working capital limits = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	26 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 DENIED

Management Non-Co-operative (91124-2804242)

LOCATIONS

Registered Office/ Factory :	P.O. Ballarpur Paper Mills, Chandrapur Ballarpur – 442901, Maharashtra, India
Tel. No.:	91-124-2804242/ 43
Fax No.:	91-124-2804260/ 61
E-Mail :	akhil.mahajan@bilt.com sectdiv@bilt.com
Website :	http://www.bilt.com
Location :	Owned
Head Office :	Thapar House, 124 Janpath, New Delhi – 110001, India
Corporate/ Operating Office :	First India Place, Tower C, Mehrauli - Gurgaon Road, Gurgaon - 122002, Haryana, India
Tel. No.:	91-124-2804242/ 43
Fax No.:	91-124-2804260-61
E-Mail :	corpcom@bilt.com
Plant 1 :	Unit Sewa Gaganpur, P.O. Jeypore Railway Station, District Koraput - 764002, Orissa, India
Plant 2 :	Unit Shree Gopal P.O. Yamunanagar, District Yamunanagar - 135001, Haryana, India
Plant 3 :	Unit Ashti P.O. Ashti, Tehsil Chamorshi, District Gadchiroli - 442707, Maharashtra, India

DIRECTORS

AS ON 30.06.2013

Name :	Mr. Gautam Thapar
Designation :	Chairman
Name :	Mr. R.R. Vederah
Designation :	Manager Director and Executive Vice Chairman
Name :	Mr. B. Hariharan
Designation :	Group Director (Finance)
Experience :	29 years
Name :	Mr. A.P. Singh
Designation :	Director - Nominee of LIC
Name :	Mr. P.V. Bhide
Designation :	Director
Date of Birth/Age :	62 years
Name :	Mr. Sanjay Labroo
Designation :	Director
Name :	Mr. A.S. Dulat
Designation :	Director
Name :	Mr. Ashish Guha
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1211198	0.18
Bodies Corporate	322799469	49.24
Sub Total	324010667	49.43
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	324010667	49.43
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	32736871	4.99
Financial Institutions / Banks	538756	0.08
Central Government / State Government(s)	5550	0.00
Insurance Companies	63916669	9.75
Foreign Institutional Investors	109118403	16.65
Sub Total	206316249	31.47
(2) Non-Institutions
Bodies Corporate	27036673	4.12
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	59628964	9.10
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	20648922	3.15
Any Others (Specify)	17882241	2.73
Clearing Members	5167727	0.79
Non Resident Indians	12376472	1.89
Trusts	338042	0.05
Sub Total	125196800	19.10
Total Public shareholding (B)	331513049	50.57
Total (A)+(B)	655523716	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	123	0.00
Sub Total	123	0.00
Total (A)+(B)+(C)	655523839	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

SI.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a %
1	Blue Horizon Investments Ltd	450	0.00
2	Gautam Thapar	11,61,216	0.18
3	Avantha Holdings Ltd	32,26,89,019	49.23
4	B M Thapar	17,911	0.00
5	Nandini Kapur	4,800	0.00
6	Sulochana Thappar	27,271	0.00
7	Avantha Realty Ltd	1,10,000	0.02
	Total	32,40,10,667	49.43

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India	44134423	6.73
2	Samena Special Situations Mauritius	41515609	6.33
3	Platinum Investment Management Ltd A/c Platinum Asia Fund	35282244	5.38
4	HDFC Trustee Company Limited- Various Fund	21528028	3.28
5	General Insurance Corporation of India	12001050	1.83
6	UTI Dividend Yield Fund	11189208	1.71
7	Citigroup Global Markets Mauritius Private Limited	9901876	1.51
	Total	175552438	26.78

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India	44134423	6.73
2	Samena Special Situations Mauritius	41515609	6.33
3	Platinum Investment Management Ltd A/c Platinum Asia Fund	35282244	5.38
	Total	120932276	18.45

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying  Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	GDR	41	123	0.00
	Total	41	123	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Writing and Printing Paper and Paper Products.

Products/ Services :

ITC Code No.	Product Descriptions
4810.000	Paper

Exports :

Products :

Finished Goods

Countries :

· Malaysia

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS (AS ON 30.06.2011)

Particulars	Unit	Installed Capacity	Actual Production
Paper including Wrapper and Coated Paper	M.T.	232,068	200,253

a) The installed capacity is as certified by the Mangement and license capacity is not given as licensing is not applicable.

b) Includes Production 8649 MT of Coated Paper at Unit Shree Gopal converted out of the paper manufactured by Company.

c) Includes Production NIL of Paper Stationary converted out of the paper manufactured by Company.

d) The Installed Capacity and Actual Production of paper and wrapper includes Specialised Grades of paper.

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

2097 (Approximately)

Bankers :

· Axis Bank Limited

· Export-Import Bank of India

· State Bank of Travancore

Facilities :

SECURED LOANS	30.06.2014 (Rs. In Millions)	30.06.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
External commercial borrowings (ECB) from banks		0.000
Term loans from financial institutions		1900.000
Total	NA	1900.000
LONG-TERM BORROWINGS External Commercial Borrowings (ECB) from Banks External Commercial Borrowings (ECB) from HSBC is secured by the first pari-passu charged on all moveable properties of the Company both present and future. The current portion of ECB - ` 5,966.70 Lacs Term Loans The term loans from financial institutions are secured by pari-passu first charge created/to be created on all moveable properties of the Company both present and future. SHORT TERM BORROWINGS * Unclaimed matured deposits which will be credited to Investor Education and Protection Fund. The actual amount to be transferred to the fund will be determined on respective due date.

Banking Relations :	--
Financial Institutions :	· GE Money Financial Services Private Limited · Life Insurance Corporation of India
Auditors :
Name :	K. K. Mankeshwar and Company Chartered Accountants
Address :	Kingsway, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-6629946/ 47/ 2554223
Fax No.:	91-712-6629948/ 6613404
E-Mail :	mail@kkmindia.com
Subsidiary :	· Ballarpur International Holdings B.V. · Bilt Tree Tech Limited · Premier Tissues (India) Limited
Step Down Subsidiary :	· Ballarpur Paper Holdings B.V. · Bilt Graphic Paper Products Limited · Sabah Forest Industries Sdn. Bhd.
Other Related Parties :	· APR Sacks Limited · Arizona Printers and Packers Private Limited · Avantha Holdings Limited · Avantha Power and Infrastructure Limited · Avantha Realty Limited · Avantha Technologies Limited · Bilt Industrial Packaging Company Limited · Biltech Building Elements Limited · Crompton Greaves Limited · Global Green Company Limited · Imerys Newquest(India) Private Limited · Jhabua Power Limited · Korba West Power Company Limited · Krebs And Cie India Limited · Leading Line Merchant Traders Private Limited · Mirabelle Trading Pte. Limited · Prestige Wines and Spirits Private Limited · Salient Business Solutions Limited · Saraswati Travels Private Limited · SMI Newquest India Private Limited · Solaris Chemtech Industries Limited · UH L Power Company Limited

CAPITAL STRUCTURE

AS ON 30.06.2014

Authorised Capital : NA

Issued Subscribed & Paid-up Capital : Rs. 1311.200 Millions

AS ON 30.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,487,500,000	Equity Shares	Rs. 2/- each	Rs. 2975.000 Millions
10,250,000	Preference Shares	Rs. 100/- each	Rs. 1025.000 Millions
	Total		Rs. 4000.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
1,030,005,910	Equity Shares	Rs. 2/- each	Rs. 2060.000 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
655,773,584	Equity Shares	Rs. 2/- each	Rs. 1311.500 Millions
249,745	Less: Forfeited shares		Rs. 0.500 Million
655,523,839	Total Equity Shares	Rs. 2/- each	Rs. 1311.000 Millions
	Add: Amount originally paid up on forfeited shares		Rs. 0.200 Million
	Total		Rs. 1311.200 Millions

Reconciliation of number of Shares

Equity Shares:	30.06.2013
	No. of Shares	Rs. in Millions
Balance as at the beginning of the year	655,523,839	1311.200
Balance as at the end of the year	655,523,839	1311.200

Rights, preferences and restrictions attached to shares:

The Company has one class of equity shares having a par value of Rs.2 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shares held by shareholders holding more than 5% of the aggregate shares as on 30.06.2013 in the Company:

Name of Shareholders	30.06.2013
	No. of Shares	Holding ( % )
Avantha Holdings Limited	322,689,019	49.23
Life Insurance Corporation of India	44,134,423	6.73
Samena Special Situations Mauritius	41,515,609	6.33
Platinum Investment Management Limited A/c Platinum Asia Fund	35,282,244	5.38
HDFC Trustee Company Limited - HDFC Various Funds	--	--

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.06.2014	30.06.2013	30.06.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1311.200	1,311.200	1,311.200
(b) Reserves & Surplus	14856.300	14,661.400	14,559.600
(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)	16167.500	15,972.600	15,870.800
(3) Non-Current Liabilities
(a) long-term borrowings	4070.700	3,179.200	2,650.100
(b) Deferred tax liabilities (Net)	763.100	1,035.200	1,064.800
(c) Other long term liabilities	68.400	36.700	117.400
(d) long-term provisions	306.800	338.400	294.000
Total Non-current Liabilities (3)	5209.000	4,589.500	4,126.300
(4) Current Liabilities
(a) Short term borrowings	4839.500	4,021.500	3,357.300
(b) Trade payables	1168.800	1,351.700	1,216.400
(c) Other current liabilities	1862.700	2,326.500	2,439.700
(d) Short-term provisions	220.000	294.900	431.300
Total Current Liabilities (4)	8091.000	7,994.600	7,444.700
TOTAL	29467.500	28,556.700	27,441.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13793.800	11,823.200	8,931.300
(ii) Intangible Assets	0.000	330.800	0.700
(iii) Capital work-in-progress	0.000	1,368.700	1,415.900
(iv) Intangible assets under development	0.000	0.000	329.900
(b) Non-current Investments	8137.800	8,137.800	8,138.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	489.400	427.400	1,692.000
(e) Other Non-current assets	0.000	0.000	1.100
Total Non-Current Assets	22421.000	22,087.900	20,509.800
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3063.300	2,615.100	2,512.600
(c) Trade receivables	2091.700	2,129.600	2,353.700
(d) Cash and cash equivalents	196.900	177.800	146.300
(e) Short-term loans and advances	1692.700	1,544.500	1,909.400
(f) Other current assets	1.900	1.800	10.000
Total Current Assets	7046.500	6,468.800	6,932.000
TOTAL	29467.500	28,556.700	27,441.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2014	30.06.2013	30.06.2012
	SALES
		Revenue from operations	9448.100	9,846.800	10,943.500
		Other Income	100.600	36.500	51.000
		TOTAL (A)	9548.700	9,883.300	10,994.500
Less	EXPENSES
		Cost of Materials Consumed	3475.900	3,851.600	4,693.000
		Purchases of Stock-in-Trade	1439.800	1,039.300	883.800
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(148.800)	(159.800)	38.700
		Employees benefits expense	968.600	979.900	723.900
		Other expenses	2457.000	2,560.100	3,370.800
		TOTAL (B)	8192.500	8,271.100	9,710.200
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1356.200	1,612.200	1,284.300
Less	FINANCIAL EXPENSES (D)		537.400	426.400	264.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		818.800	1,185.800	1,020.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		717.400	808.900	898.300
	PROFIT BEFORE TAX (E-F) (G)		101.400	376.900	122.000
Less	TAX (H)		(250.800)	45.000	56.300
	PROFIT AFTER TAX (G-H) (I)		352.200	331.900	65.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2554.700	2488.700	2907.800
Add	DEBENTURE REDEMPTION RESERVE NO LONGER REQUIRED		NA	200.000	75.000
Less	APPROPRIATIONS
		Transfer to General Reserve		17.000	10.000
		Transfer to Debenture Redemption Reserve	NA	218.800	168.800
		Proposed Dividend		196.700	327.800
		Dividend Tax		33.400	53.200
	BALANCE CARRIED TO THE B/S		NA	2554.700	2488.700
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	NA	4.200	189.300
	IMPORTS
		Raw Materials		39.400	1138.400
		Components and spare parts		108.100	200.100
		Capital Goods		9.700	0.000
	TOTAL IMPORTS		NA	157.200	1338.500
	Earnings Per Share (Rs.)			0.51	0.10

KEY RATIOS

PARTICULARS		30.06.2014	30.06.2013	30.06.2012
PAT / Total Income	(%)	3.69	3.36	0.60
Net Profit Margin (PBT/Sales)	(%)	1.07	3.83	1.11
Return on Total Assets (PBT/Total Assets}	(%)	0.48	1.98	0.69
Return on Investment (ROI) (PBT/Networth)		0.01	0.02	0.01
Debt Equity Ratio (Total Debt/Networth)		0.55	0.45	0.38
Current Ratio (Current Asset/Current Liability)		0.87	0.81	0.93

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	30.06.2012	30.06.2013	30.06.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1311.200	1311.200	1311.200
Reserves & Surplus	14559.600	14661.400	14856.300
Net worth	15870.800	15972.600	16167.500
long-term borrowings	2650.100	3179.200	4070.700
Short term borrowings	3357.300	4021.500	4839.500
Total borrowings	6007.400	7200.700	8910.200
Debt/Equity ratio	0.379	0.451	0.551

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)
Sales	10943.500	9846.800	9448.100
		(10.021)	(4.049)

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	10943.500	9846.800	9448.100
Profit	65.700	331.900	352.200
	0.60%	3.37%	3.73%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBT

Particulars	30.06.2014	30.06.2013 (Rs. In Millions)	30.06.2012 (Rs. In Millions)
Current maturities of long term debt	NA	1535.800	1500.100

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	Yes
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	No
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

LITIGATION DETAILS
Bench:- Bombay
Lodging No. :	STRL/64/2006	Failing Date:-	22/06/2006	Reg. No.:-	STR/8/2010	Reg. Date:-	14/01/2010
Petitioner:-	THE COMMISSIONER OF SALES TAX MAHARASHTRA		Respondent:-	M/S. BALLARPUR INDUSTRIES LTD.
Petn.Adv:-	GOVT.PLEADER (0)
District:-	BOMBAY
Bench:-	DIVISION		Category:-	SALES TAX REFERENCES SALES TAX REFERENCES FOR
Status:-	Pre-Admission		Stage:-	REJECTION U/R 986 OF THE H.C. (O.S.) RULES 1980
Last Date:-	21/07/2009
Last Coram:-	REGISTRAR (OS)/PROTHONOTARY AND MASTER

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10493624	22/04/2014	1,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, 17, R Kamani Marg,  Ballard Estate, Mumbai, Maharashtra - 400001, INDIA	C03413119
2	10466699	23/12/2013	500,000,000.00	State Bank of Travancore	R. K. Puram Branch, 1st Floor Ansal Chambers - I,  3, Bhikaji Kama Place, New Delhi, Delhi - 110066,  INDIA	B92171701
3	10394873	31/12/2012	500,000,000.00	GE MONEY FINANCIAL SERVICES Private LIMITED	401 402 4TH FLOORAGGARWAL MILLENIUM TOWER, E1 2 3  NETAJI SUBHASH PLACE, PITAMPURA DELHI, Delhi - 110034, INDIA	B65128324
4	10382978	23/10/2012	1,500,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE  COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B60688421
5	80049461	28/09/2004	500,000,000.00	UTI BANK LTD	148BARAKHAMBHA ROAD, NEW DELHI, NEW DELHI, Delhi  - 110001, INDIA	-
6	90235022	16/02/2004	95,000,000.00	IDBI BANK LTD.	1109 & 1110; SURYA KIRAN BUILDING, 19; K.G. MARG,  NEW DELHI, Delhi, INDIA	-
7	90235007	24/12/2003	250,000,000.00	IDBI BANK LTD.	1109 & 1110; SURYA KIRAN BUILDING, 19; K.G. MARG,  NEW DELHI, Delhi - 110001, INDIA	-
8	90058140	03/06/2003	250,000,000.00	ING VYASA BANK LIMITED	G-35, CONNAUGHT PLACE, NEW DELHI, Delhi, INDIA	-
9	90234925	27/02/2003	5,000,000.00	EXPORT- IMPORT BANK OF INDIA	CENTRE ONE BUILDING; FLOOR 21, W.T.C. COMPLEX; CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	-
10	90238029	30/11/2002 *	500,000,000.00	UTI BANK LTD.	13TH FLOOR; MAKER TOWER F, CUFFE PARADE; COLABA,  MUMBAI, Maharashtra - 400005, INDIA	-

* Date of charge modification

UNSECURED LOANS UNSECURED LOANS

UNSECURED LOANS	30.06.2014 (Rs. In Millions)	30.06.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Non-convertible debentures		1250.000
Deferred payment liabilities		29.200
SHORT TERM BORROWINGS
Working capital loan		4019.700
Fixed deposits*		1.800
Total	NA	5300.700

CONTINGENT LIABILITIES:

Particulars	30.06.2014 (Rs. In Millions)	30.06.2013 (Rs. In Millions)	30.06.2012 (Rs. In Millions)
(a) Claims against the Company not acknowledged as debts		1083.100	1021.000
(b) Guarantees		185.600	137.900
Total	NA	1268.700	1158.900

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant & Equipments

· Furniture & Fixtures

· Vehicles

· Office Equipment

· Computer

· Railway Sidings, Trolley

· Lines, Tramway and

· Tipping Tubs

Intangible Assets

· Computer Software

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. 61.35
UK Pound	1	Rs. 98.70
Euro	1	Rs. 77.46

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--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.