MIRA INFORM REPORT

Report Date :

09.10.2014

IDENTIFICATION DETAILS

Name :	DOZCO (INDIA) PRIVATE LIMITED
Registered Office :	6, Waterloo Street, 3^rd Floor, Room No. 309, Kolkata – 700069, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.1992
Com. Reg. No.:	21-054998
Capital Investment / Paid-up Capital :	Rs. 30.638 Millions
CIN No.: [Company Identification No.]	U29130WB1992PTC054998
TAN No.: [Tax Deduction & Collection Account No.]	CALD01356F / CAHD04029E
PAN No.: [Permanent Account No.]	AABCD0776E
Legal Form :	Private Limited Liability Company
Line of Business :	Selling of Heavy Earth Moving and Construction Machinery Spare Parts and Equipment’s and also Manufacturing of Rock Breakers, Chisels and Components.
No. of Employees :	540 (Approximately) (165 - In Office, 175 - In Factory and 200 - In Branch)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was established as partnership concern in the year 1983 with the name of “DOZCO”. Later it got converted in to private limited company on 30^th March, 1992 with the name of “DOZCO (INDIA) PRIVATE LIMITED”. It is a well-established company having satisfactory track record. The rating takes into consideration DPL’s established track record of business operations in Heavy Earth Moving Machinery equipment’s as well as spares dealership business and its wide sales network spared across the country. Further rating also reflects company’s sound financial risk profile marked by decent liquidity position and fair profitability levels of the company. Tarde relations are fair. Business is active. Payment terms are reported to be usually correct. In view of long operational track record backed by experienced management team, the company can be considered for business dealings at usual trade terms and condition.

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

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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	Cash Credit : “BB+”
Rating Explanation	Inadequate credit quality and high credit risk.
Date	September 2013

Rating Agency Name	ICRA
Rating	Letter of credit: “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September 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 BY

Name :	M Chandra Sekhara Rao
Designation :	Asst. Geneeral Manager Finance and Accounts
Contact No.:	91-9642225102
Date :	09.10.2014

LOCATIONS

Registered Office :	6, Waterloo Street, 3^rd Floor, Room No. 309, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-22489809/ 2082/ 22101930/ 22482082/ 22305943/ 40066560
Fax No.:	91-33-22480604
E-Mail :	kolkata@dozco.com opbangur@dozco.com mailto:dozkkbms@md3.vsnl.net.in mailto:ngbdozco@cal3.vsnl.net.in info@dozco.com
Website :	http://www.dozco.com
Factory :	Survey No: 90 and 91 G-Block, Industrial Park, Fakir Takiya Villege, Po BHPV Visakhapatnam – 530012, Andhra Pradesh, India
Area :	36585 Sq. ft.
Location :	Owned
Corporate Office :	Plot No. 243, Block D, Industrial Development Area, Auto Nagar, Visakhapatnam – 530012, Andhra Pradesh, India
Tel. No.:	91-891-2769681
Fax No.:	91-891-2769687
E-Mail :	vizag@dozco.com
Area :	11585 Sq. ft.
Location :	Owned
Branch Offices :	Located at: · New Delhi Guwahati Udaipur Dhanbad Ahmedabad Satna Mumbai Raipur Cochin Bilaspur Nagpur Barbil Bhopal Barhi Kota Pakur Bhubaneshwar Hyderabad Secundrabad Bangalore Chennai

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Radhe Shyam Bangur

Designation :

Whole-time director

Address :

A-32, Minocha Colony, Mungeli Road, Bilaspur - 495001, Chattisgarh, India

Date of Birth/Age :

21.01.1952

Date of Appointment :

30.03.1992

Qualification :

Commerce Graduate; Indian University

Experience :

Having over 39 years’ experience in business. Initially worked for 5 years in a manufacturing organizations in Delhi, India as executive having exposure in all branches of business.

Started a trading business with other brothers dealing in machine parts, hardware and general items. One of the founders of DOZCO venture in 1983.

A strategic planner and heads the company as the Chairman since its inception. Has widely traveled abroad.

PAN No.:

ACJPB8023D

DIN No.:

00120097

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	Company/ LLP Status	Defaulting status
1	U25199JH1990PTC003986	BANGUR RUBBER WORKS PRIVATE LIMITED	Whole-time director	02/04/1990	02/04/1990	Amalgamated	NO
2	U29130WB1992PTC054998	DOZCO (INDIA) PRIVATE LIMITED	Whole-time director	30/03/1992	30/03/1992	Active	NO
3	U51909WB1992PTC056527	GCB FINVEST PRIVATE LIMITED	Whole-time director	04/09/1992	04/09/1992	Active	NO
4	U71220WB2006PTC109476	DOZCO INFRATECH PRIVATE LIMITED	Whole-time director	19/05/2006	19/05/2006	Active	NO

Name :

Mr. Shiv Kumar Bangur

Designation :

Whole-time director

Address :

303, Amarjyoti Palace, Lokmat Square, Wardha Road, Nagpur – 440012, Maharashtra, India

Date of Birth/Age :

19.02.1954

Date of Appointment :

01.04.1994

PAN No.:

ACVPB5055F

Experience :

Having over 36 years experience in business.

Started his career at DOZCO at Dhanbad, India and acquired hands on experience in various aspects of business functions.

One of the Directors of DOZCO venture since its Inception.

A strategic planner having hands on experience on management and various policy implementation.

Has traveled widely abroad.

DIN No.:

00120871

Name :

Mr. Om Prakash Bangur

Designation :

Whole-time director

Address :

Darpan 50-A, Purna Das Road, 3^rd Floor, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

14.02.1957

Qualification :

B. Com, ACA

Date of Appointment :

30.03.1992

PAN No.:

AELPB3441H

Experience :

Having over 34 years’ experience in business.

Initially worked for ten years in various companies in Kolkata, India as Accounts Manager.

One of the Directors of DOZCO ventures since its Inception.

Having hands on experience in management, Company matters and on various policy implementation. Has traveled widely abroad.

DIN No.:

00091652

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	Company/ LLP Status	Defaulting status
1	U29130WB1992PTC054998	DOZCO (INDIA) PRIVATE LIMITED	Whole-time director	30/03/1992	30/03/1992	Active	NO
2	U51909WB1992PTC056527	GCB FINVEST PRIVATE LIMITED	Whole-time director	04/09/1992	04/09/1992	Active	NO
3	U71220WB2006PTC109476	DOZCO INFRATECH PRIVATE LIMITED	Whole-time director	19/05/2006	19/05/2006	Active	NO
4	U70109WB1995PTC068174	SAMSUNG PROPERTIES PRIVATE LIMITED	Director	01/08/2006	01/08/2006	Active	NO
5	U74950WB1993PTC060732	M G B COMMERCIAL PRIVATE LIMITED	Director	03/10/2006	03/10/2006	Active	NO
6	U65921WB1994PTC151636	SINGH FINVEST PRIVATE LIMITED	Director	01/09/2011	01/09/2011	Active	NO
7	U52201WB1994PTC064706	SILKINA COMMODEAL PRIVATE LIMITED	Director	22/10/2011	22/10/2011	Active	NO
8	U70109WB2012PTC172466	DOZCO-PMAX INFRA (INDIA) PRIVATE LIMITED	Director	18/01/2012	18/01/2012	Active	NO

Name :

Mr. Ramesh Kumar Bangur

Designation :

Whole-time director

Address :

Plot No.243, D-Block, Industrial Development Area, Auto Nagar, Vishakhapatnam – 530012, Andhra Pradesh, India

Date of Birth/Age :

10.12.1958

Qualification :

B. Com

Date of Appointment :

30.03.1992

PAN No.:

ACJPB8853D

Experience :

Having over 33 years’ experience in business.

Started his career at DOZCO at Dhanbad, India and acquired hands on experience in various aspects of business functions.

One of the Directors of DOZCO ventures since its Inception.

Having hands on experience on management and various policy implementation. Has traveled widely abroad.

DIN No.:

00241628

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	Company/ LLP Status	Defaulting status
1	U25199JH1990PTC003986	BANGUR RUBBER WORKS PRIVATE LIMITED	Whole-time director	02/04/1990	02/04/1990	Amalgamated	NO
2	U29130WB1992PTC054998	DOZCO (INDIA) PRIVATE LIMITED	Whole-time director	30/03/1992	30/03/1992	Active	NO
3	U70102AP2005PTC047122	RADIANT DEVELOPERS PRIVATE LIMITED	Director	30/09/2010	15/07/2010	Active	NO

Name :

Mr. Nand Gopal Bangur

Designation :

Whole-time director

Address :

Plot No.243, D-Block, Industrial Development Area, Auto Nagar, Vishakhapatnam – 530012, Andhra Pradesh, India

Date of Birth/Age :

06.05.1964

Qualification :

M. Tech.

Date of Appointment :

30.03.1992

PAN No.:

ACVPB5237H

Experience :

Having over 30 years’ experience in business.

Started his career at DOZCO at Dhanbad, India and acquired hands on experience in various aspects of business functions.

One of the Directors of DOZCO venture since its Inception.

A strategic planner having hands on experience on management and various policy implementation.

Has traveled widely abroad.

DIN No.:

00241593

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	Company/ LLP Status	Defaulting status
1	U25199JH1990PTC003986	BANGUR RUBBER WORKS PRIVATE LIMITED	Whole-time director	02/04/1990	02/04/1990	Amalgamated	NO
2	U29130WB1992PTC054998	DOZCO (INDIA) PRIVATE LIMITED	Whole-time director	30/03/1992	30/03/1992	Active	NO
3	U71220WB2006PTC109476	DOZCO INFRATECH PRIVATE LIMITED	Whole-time director	19/05/2006	19/05/2006	Active	NO
4	U70102AP2005PTC047122	RADIANT DEVELOPERS PRIVATE LIMITED	Director	30/09/2010	15/07/2010	Active	NO
5	U70109WB1995PTC068174	SAMSUNG PROPERTIES PRIVATE LIMITED	Director	30/09/2011	01/10/2010	Active	NO
6	U70109WB2012PTC172466	DOZCO-PMAX INFRA (INDIA) PRIVATE LIMITED	Director	18/01/2012	18/01/2012	Active	NO
7	U29248AP2012PTC084481	TAIHEIYO SEIKI (INDIA) PRIVATE LIMITED	Director	29/11/2012	29/11/2012	Active	NO

Name :

Mr. Kamal Kishor Bangur

Designation :

Whole-time director

Address :

248, Kilpauk Garden Road, Coral Orcheds, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

05.06.1968

Date of Appointment :

01.04.1994

PAN No.:

AAGPB6161K

Experience :

Having over 28 years’ experience in business.

Started his career at DOZCO at Dhanbad, India and acquired hands on experience in various aspects of business functions.

One of the Directors of DOZCO venture since its Inception.

A strategic planner having hands on experience on management and various policy implementation.

Has traveled widely abroad.

DIN No.:

00091697

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	Company/ LLP Status	Defaulting status
1	U25199JH1990PTC003986	BANGUR RUBBER WORKS PRIVATE LIMITED	Whole-time director	02/04/1990	02/04/1990	Amalgamated	NO
2	U29130WB1992PTC054998	DOZCO (INDIA) PRIVATE LIMITED	Whole-time director	01/04/1994	01/04/1994	Active	NO

KEY EXECUTIVES

Name :	Mr. Chandra Sekhar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2014

Sr. No.	Name & Address of Shareholders	No. of Shares Held	% Of Shares
	Directors
1	Om Prakash Bangur	91750	2.8358
2	Ramesh Kumar Bangur	93000	2.8744
3	Nand Gopal Bangur	87650	2.7091
4	Shiv Kumar Bangur	79250	2.4494
5	Radhey Shyam Bangur	79000	2.4417
6	Kamal Kishore Bangur	71750	2.2176
		502400	15.5281
	Relatives
7	Bhagwani Devi Bangur	35000	1.0818
8	Tara Bangur	33000	1.0200
9	Leela Bangur	26000	0.8036
10	Usha Bangur	6500	0.2009
11	Poonam Bangur	7400	0.2287
12	Manju Bangur	7400	0.2287
13	Vibha Bangur	7400	0.2287
14	Sandeep Bangur	21750	0.6722
15	Raunak Bangur	16750	0.5177
16	Pragati Bangur	83	0.0026
17	Swati Bangur	83	0.0026
		161366	4.9875
	Corporate
18	Galaxy Merchants Private Limited	214800	6.6390
19	MGB Commercial Private Limited	277800	8.5862
20	Cherry Business Private Limited	121875	3.7669
21	Revival Business Private Limited	122000	3.7708
22	GCB Finvest Private Limited	90000	2.7817
23	Kamdhenu Lefins Private Limited	35600	1.1003
24	Honourable Business Private Limited	53750	1.6613
25	Silkina Commodeal Private Limited	491000	15.1758
26	Chelsea Traders Private Limited	51250	1.5840
27	Gama Business Private Limited	21250	0.6568
28	Singh Finvest Private Limited	412500	12.7495
29	Paridhi Agencies Private Limited	27750	0.8577
30	Sundrop Towers Private Limited	23750	0.7341
31	Satya Tej Merchants Private Limited	17500	0.5409
32	Excon Equipment and Services PTE Limited	571658	17.6687
		2532483	78.2736
	Others
33	Radhe Shyam Bangur (HUF)	585	0.0181
34	Kamal Kishore Bangur (HUF)	752	0.0232
35	Om Prakash Bangur (HUF)	1500	0.0464
36	Shiv Kumar Bangur and Family (HUF)	15167	0.4688
37	Ramesh Kumar Bangur and Family (HUF)	10585	0.3272
38	Nand Gopal Bangur and Family (HUF)	10585	0.3272
		39174	1.2108
	Total	3235423	100.0000

BUSINESS DETAILS

Line of Business :

Selling of Heavy Earth Moving and Construction Machinery Spare Parts and Equipment’s and also Manufacturing of Rock Breakers, Chisels and Components.

Products/ Services :

ITC Code No.	Product Descriptions
73261910	Heavy Earthmoving and Mining Equipments

Exports :

Products :

Heavy Earthmoving Machinery And Spare Parts

Countries :

v Vietannam

v Dhoha

v Malaysia

v Libya

v Sri Lanka

Imports :

Products :

Heavy Eartmoving Machinery And Spare Parts

Countries :

v Japan

v China

v Korea

v Italy

v Australia

Terms :

Selling :

L/C

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

Wholesalers, OEM’S, Retailers, Others and End Users

v Punjlloyd Limited, Gurgaon

v Sadbhav Engineering Limited, Ahmedabad

v Dhansar Engineering, Dhanbad

v Amr Constructions, Hyderabad

v Mahanadi Coal Fields, Sambalpur

v Central Coal Fields Limited, Ranchi

v Eastern Coal Fields Limited, Asansol

v Visakhapatnam Steel Plant, Vizag

v Water Resource Department, Pune

v Nmdc Ltd, Hyderabad

v Singareni Colleries Company Limited, Kothagudem

No. of Employees :

540 (Approximately) (165 - In Office, 175 - In Factory and 200 - In Branch)

Bankers :

· State Bank of India (Lead Bank), Commercial Branch, # 43-29-54/8, 1st Floor, Balaji Metro Chambers, Dondaparthy, Visakhapatnam - 530016, Andhra Pradesh, India

Indusind Bank Limited

ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Other loans and advances	NA	10.215
SHORT TERM BORROWINGS
Other loans and advances		356.648
Total	NA	366.863

Banking Relations :	--
Auditors :
Name :	R K Periwal and Company Chartered Accountants
Address :	165/1, Sarda Pally, Sector-2, Makhla, Hooghly – 712245, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AFNPP8149K
Associate Companies / Entities :	· Dozco Infratech Private Limited [U71220WB2006PTC109476] GCB Finvest Private Limited MGB Commercial Private Limited [U74950WB1993PTC060732] Samsung Properties Private Limited [U70109WB1995PTC068174] Infratech Private Limited
Subsidiary company :	Beijing Excon Equipment Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital : NA

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3063800	Equity Shares	Rs. 10/- each	Rs. 30.638 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	30.638	25.804	23.153
(b) Reserves & Surplus	1102.582	868.126	714.977
(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)	1133.220	893.930	738.130
(3) Non-Current Liabilities
(a) long-term borrowings	203.664	52.250	154.548
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.311	0.747	0.418
(d) long-term provisions	84.900	58.125	35.105
Total Non-current Liabilities (3)	288.875	111.122	190.071
(4) Current Liabilities
(a) Short term borrowings	675.245	702.869	592.178
(b) Trade payables	239.138	284.296	206.263
(c) Other current liabilities	113.948	93.155	96.204
(d) Short-term provisions	32.589	32.773	28.437
Total Current Liabilities (4)	1060.920	1113.093	923.082
TOTAL	2483.015	2118.145	1851.283
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	445.411	311.337	216.088
(ii) Intangible Assets	0.551	0.551	0.551
(iii) Capital work-in-progress	38.353	16.644	6.766
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	40.154	40.154	40.154
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	118.135	115.789	66.721
(e) Other Non-current assets	20.072	22.624	26.701
Total Non-Current Assets	662.676	507.099	356.981
(2) Current assets
(a) Current investments	0.000	0.000	0.034
(b) Inventories	1410.524	1146.009	1041.181
(c) Trade receivables	269.841	360.063	302.440
(d) Cash and cash equivalents	10.039	14.608	43.840
(e) Short-term loans and advances	68.470	46.691	23.997
(f) Other current assets	61.465	43.675	82.810
Total Current Assets	1820.339	1611.046	1494.302
TOTAL	2483.015	2118.145	1851.283

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	1481.271	1566.328	1455.500
		Other Income	31.883	74.103	NA
		TOTAL (A)	1513.154	1640.431	NA
Less	EXPENSES
		Cost of Materials Consumed	108.071	0.000
		Purchases of Stock-in-Trade	927.978	1157.940
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(250.621)	(104.8280
		Employees benefits expense	123.697	103.052
		Other expenses	318.122	288.244
		TOTAL (B)	1227.247	1444.408	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		285.907	196.023	120.729
Less	FINANCIAL EXPENSES (D)		170.258	91.450	39.446
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		115.649	104.573	81.283
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.157	22.050	16.346
	PROFIT BEFORE TAX (E-F) (G)		78.492	82.523	64.937
Less	TAX (H)		25.466	26.775	21.571
	PROFIT AFTER TAX (G-H) (I)		53.026	55.748	43.366
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	40.696	34.023
Less	APPROPRIATIONS
		Proposed Dividend		5.161	4.631
		Dividend Tax		0.837	0.787
		Transfer to General Reserve		40.000	35.000
	BALANCE CARRIED TO THE B/S		NA	50.446	40.696
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F.O.B. Basis			104.784
		Rebate/ Discount/ Incentive			29.466
		Warrantee Claim			3.955
	TOTAL EARNINGS		NA	NA	138.205
	IMPORTS
		Material Purchased	NA	1045.447	696.065
	Earnings Per Share (Rs.)		20.00	24.00	20.34

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	3.50	3.40	NA
Net Profit Margin (PBT/Sales)	(%)	5.30	5.27	4.46
Return on Total Assets (PBT/Total Assets}	(%)	3.26	4.00	3.60
Return on Investment (ROI) (PBT/Networth)		0.07	0.09	0.09
Debt Equity Ratio (Total Debt/Networth)		0.78	0.84	1.01
Current Ratio (Current Asset/Current Liability)		1.72	1.45	1.62

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	23.153	25.804	30.638
Reserves & Surplus	714.977	868.126	1102.582
Net worth	738.130	893.930	1133.220
long-term borrowings	154.548	52.250	203.664
Short term borrowings	592.178	702.869	675.245
Total borrowings	746.726	755.119	878.909
Debt/Equity ratio	1.012	0.845	0.776

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)
Revenue from operations	1455.500	1566.328	1481.271
		7.614	(5.430)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1455.500	1566.328	1481.271
Profit	43.366	55.748	53.026
	2.98%	3.56%	3.58%

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	Yes
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	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	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	10317743	15/11/2011	80,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, #43-29-54/8, NARONA ROAD, BALAJI METRO CHAMBERS, DONDAPARTHY, VISAKHAPATNAM - 530016, ANDHRA PRADESH, INDIA	B25341447
2	90252233	17/02/2005 *	135,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 9-1-57 GNT ROAD, VISAKHAPATNAM - 530013, ANDHRA PRADESH, INDIA	-
3	90251379	13/12/2012 *	1,100,000,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, #43-29-54/8, NARONA ROAD, BALAJI METRO CHAMBERS, DONDAPARTHY, VISAKHAPATNAM - 530016, ANDHRA PRADESH, INDIA	B65763591

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties		42.035
Other external commercial borrowings	NA	0.000
SHORT TERM BORROWINGS
Term loans from others		182.204
Intercorporate borrowings		164.017
Total	NA	388.256

FIXED ASSETS:

· Land

Buildings

Office building

Factory building

Other building

Plant and equipment

Factory equipments

Other pollution reduction equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other 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 records 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. 61.46
UK Pound	1	Rs. 98.77
Euro	1	Rs. 77.65

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.