MIRA INFORM REPORT

Report Date :

27.10.2014

IDENTIFICATION DETAILS

Name :	LEITWIND SHRIRAM MANUFACTURING LIMITED (w.e.f. 13.06.2012)
Formerly Known As :	LEITNER SHRIRAM MANUFACTURING LIMITED
Registered Office :	18/3, 4^thFloor, Singappi Achi Building, Rukmini Lakshmipathi Salai (Marshalls Road), Egmore Chennai – 600008, Tamilnadu
Country :	India
Financials (as on) :	30.06.2013
Date of Incorporation :	10.01.2007
Com. Reg. No.:	18-061993
Capital Investment / Paid-up Capital :	Rs. 1630.727 Millions
CIN No.: [Company Identification No.]	U31101TN2007PLC061993
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Wind Energy (Wind Mills).
No. of Employees :	Information declined by management.

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and Delayed
Litigation :	Clear
Comments :	Subject is a joint venture between Chennai based Shriram Industrial holdings limited and Italy based windfin BV to manufacturer wind turbine generators. It is an established company having moderate track. The company has seen a deterioration in its financial profile marked by drastic fall in its revenue during financial year 2013 and resultant consecutive losses which led to erosion of its networth during the year under review. The ratings also take into consideration, the delays in debt servicing which forced the management to go in for corporate debt restructuring process. However, Business is active. Payment terms are slow and delayed. In view of weakening of liquidity profile, the company can be considered for business dealings on a safe and secured 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	INDIA RATINGS
Rating	Long Term Ratings “D”
Rating Explanation	Default or are expected to be in default soon.
Date	August 21, 2014

Rating Agency Name	INDIA RATINGS
Rating	Short term ratings “D”
Rating Explanation	Default or expected to be in default on maturity.
Date	August 21, 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

Management Non Co-Operative (Tel. No.: 91-44-27926000)

LOCATIONS

Registered Office :	18/3, 4^th Floor, Singappi Achi Building, Rukmini Lakshmipathi Salai (Marshalls Road), Egmore Chennai – 600008, Tamilnadu, India
Tel. No.:	91-44-49015678
Fax No.:	91-44-49015655
E-Mail :	secretarial@isml.in
Factory :	Spicot Industrial Complex D-17, Gummidipoondi, Thiruvallur – 601201, Tamilnadu, India
Tel. No.:	91-44-27926000/ 91-9176670421
Fax No.:	91-44-27924944
E-Mail :	info@Isml.in

DIRECTORS

As On 04.03.2014

Name :

Mr. Panchapakesan Krishna Kumar

Designation :

Director

Address :

B1, Heritage Apartment, 16 Haddows Road, First Street, Chennai – 600006, Tamilnadu, India

Date of Birth/Age :

16.06.1955

Date of Appointment :

24.09.2013

DIN No.:

01717373

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	L40108TN2006PLC061665	ORIENT GREEN POWER COMPANY LIMITED	Director	23/09/2013	28/09/2007	-	Active	NO
2	U90002TN2001PTC076734	AMRIT ENVIRONMENTAL TECHNOLOGIES PRIVATE LIMITED	Director	03/04/2008	03/04/2008	26/09/2013	Active	NO
3	U40100DL2007PTC171013	AMRIT ENVIRONMENTAL TECHNOLOGIES INDIA PRIVATE LIMITED	Director	03/04/2008	03/04/2008	03/04/2008	Active	NO
4	U40102TN2008PLC067817	ORIENT BIOPOWER LIMITED	Director	21/05/2008	21/05/2008	26/09/2013	Active	NO
5	U13100OR2005PLC008162	PALLAVI POWER AND MINES LIMITED	Director	30/09/2008	26/05/2008	-	Active	NO
6	U31200TN2000PTC076915	S.M. ENVIRONMENTAL TECHNOLOGIES PRIVATE LIMITED	Director	04/07/2008	04/07/2008	27/09/2013	Active	NO
7	U74999TN2008PTC069405	PREMIER COOLING TOWER PRIVATE LIMITED	Director	24/09/2008	24/09/2008	30/10/2008	Strike off	NO
8	U40101TN2008PTC093051	ORIENT GREEN POWER COMPANY (RAJASTHAN) PRIVATE LIMITED	Director	12/11/2008	12/11/2008	27/09/2013	Active	NO
9	U40102TN2001PTC072123	P S R GREEN POWER PROJECTS PRIVATE LIMITED	Additional director	28/09/2012	28/04/2009	24/09/2013	Active	NO
10	U40102TN2009PLC072518	Orient ECO Energy Limited	Director	07/08/2009	07/08/2009	25/09/2013	Under liquidation	NO
11	U40107TN2007PTC062310	SHRIRAM POWERGEN Private Limited	Director	20/09/2010	08/08/2009	24/09/2013	Active	NO
12	U15421TN2004PTC094307	SANJOG SUGARS AND ECO-POWER PRIVATE LIMITED	Director	22/08/2009	22/08/2009	27/09/2013	Active	NO
13	U40107TN2007PTC063261	SHRIRAM NON CONVENTIONAL ENERGY Private Limited	Director	03/08/2013	03/11/2009	25/09/2013	Active	NO
14	U40102TN2009PTC073976	GAMMA GREEN POWER Private Limited	Director	17/12/2009	17/12/2009	24/09/2013	Active	NO
15	U40102TN2010PLC074580	GAYATRI GREEN POWER LIMITED	Director	11/02/2010	11/02/2010	26/09/2013	Active	NO
16	U93000TN2010PTC074778	THETA MANAGEMENT CONSULTANCY PRIVATE LIMITED	Director	04/03/2010	04/03/2010	-	Active	NO
17	U40108TN2010PLC077073	BETA SOLAR POWER LIMITED	Director	20/08/2010	20/08/2010	-	Strike off	NO
18	U40108TN2010PTC076200	THETA WIND ENERGY PRIVATE LIMITED	Additional director	15/04/2011	15/04/2011	-	Active	NO
19	U29309TN1989PTC017819	GLOBAL POWERTECH EQUIPMENTS Private Limited	Director	27/09/2011	20/07/2011	25/09/2013	Active	NO
20	U40104TN2012PLC083988	SPARK ENVIRONMENTAL TECHNOLOGY LIMITED	Director	13/01/2012	13/01/2012	06/02/2012	Active	NO
21	U31101TN2007PLC061993	LEITWIND SHRIRAM MANUFACTURING LIMITED	Managing director	24/09/2013	24/09/2013	-	Active	NO

Name :

Mr. Thyagarajan Shivaraman

Designation :

Director

Address :

No. 12, Besant Road, Off Lloyds Road, Royapettah, Chennai – 600014, Tamilnadu, India

Date of Birth/Age :

18.11.1965

Date of Appointment :

24.02.2007

DIN No.:

01312018

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	U74140TN2003PTC050814	ASIA-PACIFIC RISK MANAGEMENT SERVICES PRIVATE LIMITED	Director	09/05/2003	09/05/2003	03/10/2006	Active	NO
2	U31101TN2007PLC061993	LEITWIND SHRIRAM MANUFACTURING LIMITED	Director	24/02/2007	24/02/2007	-	Active	NO
3	U31101TN2007PLC061935	SHRIRAM LEITWIND LIMITED	Director	21/03/2007	21/03/2007	27/06/2008	Amalgamated	NO
4	U29222MH1971PTC015045	HAMON SHRIRAM COTTRELL PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
5	L74210TN2000PLC045167	SHRIRAM EPC LIMITED	Managing director	20/09/2012	10/09/2007	-	Active	NO
6	U93090TN1984NPL010786	INDIA-ASEAN-SRI LANKA CHAMBER OF COMMERCE AND INDUSTRY	Director	26/09/2008	26/09/2008	29/09/2009	Active	NO
7	L40108TN2006PLC061665	ORIENT GREEN POWER COMPANY LIMITED	Whole-time director	27/03/2010	28/01/2010	-	Active	NO
8	U93000TN2010PTC074778	THETA MANAGEMENT CONSULTANCY PRIVATE LIMITED	Director	23/11/2010	03/03/2010	-	Active	NO
9	U15541TN2004PTC054260	HALDIA COKE AND CHEMICALS Private Limited	Director	30/09/2011	12/07/2010	-	Active	NO
10	U40104TN2012PLC083988	SPARK ENVIRONMENTAL TECHNOLOGY LIMITED	Director	13/01/2012	13/01/2012	06/02/2012	Active	NO
11	U23101TN2014PLC096120	Universal Coke AND POWER LIMITED	Director	11/06/2014	11/06/2014	-	Active	NO
12	AAA-4954	ASTS MANAGEMENT CONSULTANCY LLP	Designated Partner	25/05/2011	25/05/2011	-	Active	NO

Name :

Mr. Anton Seeber

Designation :

Director

Address :

Vicolo Del Conciliatori 2, Vipiteno – 39049, Italy

Date of Birth/Age :

02.02.1973

Date of Appointment :

24.02.2007

DIN No.:

01437454

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	U31101TN2007PLC061993	LEITWIND SHRIRAM MANUFACTURING LIMITED	Director	24/02/2007	24/02/2007	-	Active	NO
2	U31101TN2007PLC061935	SHRIRAM LEITWIND LIMITED	Director	29/03/2007	29/03/2007	-	Amalgamated	NO
3	U29299TN2008PTC069590	Leitwind Electronics Private Limited	Director	08/03/2010	02/02/2009	-	Active	NO

Name :

Mr. Michael Seeber

Designation :

Director

Address :

Vicolo Dei Conciliatori 2, Vipiteno – 39049, Italy.

Date of Birth/Age :

19.05.1948

Date of Appointment :

24.02.2007

DIN No.:

01452477

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	U31101TN2007PLC061993	LEITWIND SHRIRAM MANUFACTURING LIMITED	Director	24/02/2007	24/02/2007	-	Active	NO
2	U31101TN2007PLC061935	SHRIRAM LEITWIND LIMITED	Director	29/03/2007	29/03/2007	-	Amalgamated	NO

MAJOR SHAREHOLDERS

As on 04.03.2014

Names of Shareholders	No. of Shares
K. Murlidharan	20000
Avudiappan	10000
M. Amjad Shariff	20000
P. Ashok	35000
T. Shivaraman	25000
Shriram EPC Limited	3966474
P. Ashok	2625471
Windfin B V	79749389
Shriram Industrial Holding Limited	76621403
Total	163072737

As on 04.03.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.52
Bodies corporate	49.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wind Energy (Wind Mills).

Products :

Item Code No. (ITC Code)	Product Description
84128030	Manufacturing, Supply, erection and commissioning of Wind Turbine Generators

GENERAL INFORMATION

No. of Employees :

Information declined by management.

Bankers :

• Punjab National Bank, Large Corporate Branch, Rayala Towers, III- Floor, 781-785, Annasalai, Chennai – 600002, Tamilnadu, India
• Bank of Maharashtra
• Oriental Bank of Commerce

Facilities :

SECURED LOANS	30.06.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan from Bank	197.417	379.565
Term Loan from Others	268.634	99.012
Long term maturities of finance lease obligations	1.253	0.060
SHORT TERM BORROWINGS
Loans repayable on demand from banks	3594.349	2633.522
Total	4061.653	3112.159

Banking Relations :	--
Financial Institution	L and T Finance Limited, L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASV N Ramana Tower, 52, Venkatnarayana Road, T. Nagar, Chennai – 600017, Tamilnadu, India
PAN No.:	AACFD3771D

CAPITAL STRUCTURE

As On 04.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
166500000	Equity Shares	Rs. 10/- each	Rs.1665.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
163072737	Equity Shares	Rs. 10/- each	Rs.1630.727 Millions

After 04.03.2014

Authorised Capital : Rs. 3665.000 Millions

Issued, Subscribed & Paid-up Capital: Rs. 3630.727 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.06.2013 (15 Months)	31.03.2012 (12 Months)	31.03.2011 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1630.727	1630.727	1358.108
(b) Reserves & Surplus	(1939.560)	(299.414)	(11.824)
(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)	(308.833)	1331.313	1346.284
(3) Non-Current Liabilities
(a) long-term borrowings	1273.603	478.637	535.577
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	14.367	32.670	22.764
Total Non-current Liabilities (3)	1287.970	511.307	558.341
(4) Current Liabilities
(a) Short term borrowings	3750.325	3456.601	1964.952
(b) Trade payables	4009.825	2778.088	1483.674
(c) Other current liabilities	988.356	629.687	429.418
(d) Short-term provisions	9.597	16.031	6.254
Total Current Liabilities (4)	8758.103	6880.407	3884.298
TOTAL	9737.240	8723.027	5788.923
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1342.917	1240.537	1276.028
(ii) Intangible Assets	81.392	112.142	25.318
(iii) Capital work-in-progress	269.136	81.248	37.536
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.100	10.100	10.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	32.410	210.766	38.307
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1735.955	1654.793	1387.289
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4040.442	3192.406	1899.891
(c) Trade receivables	2161.757	2872.023	1778.043
(d) Cash and cash equivalents	242.678	186.375	225.039
(e) Short-term loans and advances	1524.972	791.423	498.661
(f) Other current assets	31.436	26.007	0.000
Total Current Assets	8001.285	7068.234	4401.634
TOTAL	9737.240	8723.027	5788.923

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2013 (15 Months)	31.03.2012 (12 Months)	31.03.2011 (12 Months)
	SALES
		Income	1634.048	7209.747	5500.069
		Other Income	60.388	57.516	49.714
		TOTAL (A)	1694.436	7267.263	5549.243
Less	EXPENSES
		Cost of Material Consumed	1413.852	6087.532	3985.435
		Purchase of Stock-in-trade	640.965	871.654	852.313
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(283.846)	(521.768)	(102.964)
		Employees benefit expenses	254.417	209.311	171.437
		Other expenses	280.079	297.259	177.022
		TOTAL (B)	2305.467	6943.988	5083.243
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(611.031)	323.275	466.000
Less	FINANCIAL EXPENSES (D)		858.204	497.093	324.253
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1469.235)	(173.818)	141.747
Less/ Add	DEPRECIATION/ AMORTISATION (F)		170.911	113.771	95.272
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1640.146)	(287.589)	46.475
Less	TAX (H)		0.000	0.000	4.503
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1640.146)	(287.589)	41.972
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		1328.332	976.313	901.231
	TOTAL EARNINGS		1328.332	976.313	901.231
	IMPORTS
	Raw Materials		936.759	2027.147	1053.426
	Capital Goods		0.000	16.166	72.367
	Testing and Consultancy		0.000	0.000	3.705
	TOTAL IMPORTS		936.759	2043.313	1129.498
	Earnings / (Loss) Per Share (Rs.)		(10.06)	(2.02)	0.43

KEY RATIOS

PARTICULARS		30.06.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(96.80)	(3.96)	0.76
Net Profit Margin (PBT/Sales)	(%)	(100.37)	(3.99)	0.84
Return on Total Assets (PBT/Total Assets}	(%)	(17.34)	(3.33)	0.81
Return on Investment (ROI) (PBT/Networth)		5.31	(0.22)	0.03
Debt Equity Ratio (Total Liability/Networth)		(16.27)	2.96	1.86
Current Ratio (Current Asset/Current Liability)		0.91	1.03	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	30.06.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1358.108	1630.727	1630.727
Reserves & Surplus	(11.824)	(299.414)	(1939.560)
Net worth	1346.284	1331.313	(308.833)
long-term borrowings	535.577	478.637	1273.603
Short term borrowings	1964.952	3456.601	3750.325
Total borrowings	2500.529	3935.238	5023.928
Debt/Equity ratio	1.857	2.956	(16.267)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	30.06.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5500.069	7209.747	1634.048
		31.085	(77.336)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	30.06.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5500.069	7209.747	1634.048
Profit	41.972	(287.589)	(1640.146)
	0.76%	(3.99%)	(100.37%)

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	No
10]	Designation of contact person	No
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	No
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

OPERTIONS

The operating results of the company for the 15 months period ended 30.06.2013 registered a consolidated sales and other income of Rs. 1694.400 Millions as against Rs.7267.200 Millions for the twelve months period for the previous year. The company incurred a net loss after tax of Rs.1640.100 Millions for the said period against a loss of Rs.287.500 Millions for the previous year

PERFORMANCE REVIEW:

The year has been challenging for the entire wind power industry. The sudden withdrawal of accelerated depreciation and generation based incentives has dwindled the fortunes of the industry as a whole. Therefore in line with the industry the company too had a steep decline in its top and bottom lines. In addition the adverse movement of USD/EURO during the year has further affected the operations of the company.

UNSECURED LOANS

PARTICULAR	30.06.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and Advances from related parties	806.300	0.000
SHORT TERM BORROWINGS
Loans repayable on demand	155.975	823.079
Total	962.275	823.079

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10344137	22/03/2012	157,500,000.00	L AND T FINANCE LIMITED	L AND T HOUSE, BALLARD ESTATE, MUMBAI, Maharashtra  - 400001, INDIA	B35781442
2	10298094	12/07/2011	50,000,000.00	PUNJAB NATIONAL BANK	Large Corporate Branch, Rayala Towers,, #781-785,  Annasala, Chennai, Tamil Nadu - 600002, INDIA	B17179086
3	10184173	03/12/2011 *	5,190,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, NO. 781-785, ANNA SALAI,  RAYALA TOWERS, III FLOOR, CHENNAI, Tamil Nadu - 60  0002, INDIA	B27143023
4	10169524	25/03/2011 *	3,850,000,000.00	PUNJAB NATIONAL BANK	Large Corporate Branch, Rayala Towers, #781-785,  Annasala, Chennai, Tamil Nadu - 600002, INDIA	B10435519
5	10142567	05/02/2009	450,000,000.00	BANK OF MAHARASHTRA	116, BROADWAY, CHENNAI, Tamil Nadu - 600108, INDIA	A56423924
6	10135966	12/11/2008	650,000,000.00	Oriental Bank of Commerce	Spencer Plaza, Ground Floor, 769, Anna Salai,  Chennai, Tamil Nadu - 600002, INDIA	A50611268

Fixed Assets:

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures [
• Vehicles
• Motor 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 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. 61.23
UK Pound	1	Rs. 98.66
Euro	1	Rs. 77.96

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

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.