MIRA INFORM REPORT

Report Date :

03.09.2014

IDENTIFICATION DETAILS

Name :	JAQUAR AND COMPANY PRIVATE LIMITED (w.e.f. 19.08.2009)
Formerly Known As :	JAQUAR AND COMPANY LIMITED
Registered Office :	C - 20, S.M.A. Co-Operative Industrial Estate Limited, G T Karnal Road, New Delhi - 110 033
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.10.1983
Com. Reg. No.:	55-016665
Capital Investment / Paid-up Capital :	Rs. 36.821 Millions
CIN No.: [Company Identification No.]	U52110DL1983PTC016665
TAN No.: [Tax Deduction & Collection Account No.]	DELJ04600B
PAN No.: [Permanent Account No.]	AAACJ2324F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Marketing of Bath Fittings and Accessories.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 16700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and a reputed company having a fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATINGS
Rating	Long term rating “AA - ”
Rating Explanation	High degree of safety and very low credit risk.
Date	28.02.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Management non co – operative

Tel No.: 91-124-4746800

LOCATIONS

Registered Office :	C – 20, S.M.A. Co-Operative Industrial Estate Limited, G T Karnal Road, New Delhi - 110 033, India
Tel. No.:	91-11-27464808 / 4809
Fax No.:	91-11-27240388
E-Mail :	jaquar@indiabuildnet.com jaquar@bol.net.in support@jaquar.com accounts@jaquar.com
Website :	http://www.jaquar.com
Corporate Office :	Plot No 306, Udyog Vihar Phase II, Gurgaon - 122016, Haryana, India
Tel. No.:	91-124-4746800 (60 Lines)
Fax No.:	91-124-2346531 / 2346532
Factory 1 :	SP 53 , Riico Industrial Area, Bhiwadi, Rajasthan, India
Tel. No.:	91-1493-518608 (30 Lines)
Fax No.:	91-1493-222808
Factory 2 :	E- Block 426-427, Chopanki Industrial Area, District Alwar, Rajasthan, India
Tel. No.:	91-1493-516792 / 516793
Factory 3 :	SP 496 (B), Riico Industrial Area, Bhiwadi, Rajasthan, India
Tel. No.:	91-1493-225008 / 224008 / 221008
Regional Offices / Orientation Centre:	Located At · Ahmedabad · Bangalore · Bhopal · Bhubaneswar · Chandigarh · Chennai · Cochin · Guwahati · Hyderabad · Indore · Jaipur · Jammu · Jamshedpur · Kolkata · Lucknow · Ludhiana · Mumbai · New Delhi · Pune · Siliguri · Surat

DIRECTORS

As on: 30.09.2013

Name :

Mr. Sri Krishan Mehra

Designation :

Director

Address:

5, Flag Staff Road, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

15.12.1956

Date of Appointment :

22.03.1984

Qualification :

Graduate

Experience :

31 Years

PAN No.:

AAAPM6479R

DIN No.:

00058213

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	U52110DL1983PTC016665	JAQUAR AND COMPANY Private LIMITED	Whole-time director	01/10/2013	22/03/1984	-	Active	NO
2	U51496DL1991PTC042639	G.R. SALES PRIVATE LIMITED	Director	30/09/1991	30/09/1991	-	Active	NO
3	U74899DL1995PTC073342	SANRAJ FARMS PRIVATE LIMITED	Director	30/07/2005	28/06/2005	-	Active	NO
4	U45202CH2006PTC030178	AMTEX PACKAGINS PRIVATE LIMITED	Director	02/05/2006	02/05/2006	22/05/2006	Active	NO
5	U74899DL1982PTC013177	M G C ENTERPRISES PVT LTD	Director	30/09/2009	15/12/2007	01/11/2011	Active	NO
6	U26960DL2009PTC188572	SANIPLUS OVERSEAS PRIVATE LIMITED	Director	18/03/2009	18/03/2009	-	Amalgamated	NO
7	U70100DL2012PTC237538	KOKAM REALTY PRIVATE LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO
8	U70102DL2012PTC237678	PROTEAS REALTY PRIVATE LIMITED	Director	18/06/2012	18/06/2012	-	Active	NO
9	U70200DL2012PTC237763	WARAS REALTY PRIVATE LIMITED	Director	20/06/2012	20/06/2012	-	Active	NO
10	U29199DL1999PTC097822	SMG ENTERPRISES PRIVATE LIMITED	Director	17/01/2014	17/01/2014	-	Active	NO
11	U55101CH2011PTC032699	SWEET HOSPITALITY PRIVATE LIMITED	Director	12/05/2014	12/05/2014	-	Active	NO
12	L65993DL1990PLC039637	KRA LEASING LIMITED	Additional director	30/05/2014	30/05/2014	-	Active	NO

Name :

Mr. Rajesh Mehra

Designation :

Director

Address:

5, Flag Staff Road, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

04.09.1958

Qualification :

Graduate

Experience :

29 Years

Date of Appointment :

01.10.2013

PAN No.:

AAAPM2966R

DIN No.:

00058232

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	U51496DL1991PTC042639	G.R. SALES PRIVATE LIMITED	Director	30/09/1991	30/09/1991	-	Active	NO
2	U52110DL1983PTC016665	JAQUAR AND COMPANY PRIVATE LIMITED	Whole-time director	01/10/2013	01/02/1996	-	Active	NO
3	U74899DL1995PTC069771	PROMPT CAPITAL AND FINSER PRIVATE LIMITED	Director	03/04/1997	03/04/1997	-	Active	NO
4	U29199DL1999PTC097822	SMG ENTERPRISES PRIVATE LIMITED	Director	02/04/2000	02/04/2000	-	Active	NO
5	U25203DL1992PTC048851	ESSCO SANITATIONS PRIVATE LIMITED	Director	04/08/2003	04/08/2003	-	Active	NO
6	U74899DL1995PTC073342	SANRAJ FARMS PRIVATE LIMITED	Director	30/07/2005	28/06/2005	-	Active	NO
7	L65993DL1990PLC039637	KRA LEASING LIMITED	Managing director	12/12/2010	12/12/2005	-	Active	NO
8	U45202CH2006PTC030178	AMTEX PACKAGINS PRIVATE LIMITED	Director	02/05/2006	02/05/2006	22/05/2006	Active	NO
9	U74899DL1982PTC013177	M G C ENTERPRISES PVT LTD	Director	30/09/2009	15/12/2007	01/11/2011	Active	NO
10	U26960DL2009PTC188572	SANIPLUS OVERSEAS PRIVATE LIMITED	Director	18/03/2009	18/03/2009	-	Amalgamated	NO
11	U70100DL2012PTC237538	KOKAM REALTY PRIVATE LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO
12	U70101DL2012PTC237537	FIRESPIKE REALTY PRIVATE LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO
13	U55101CH2011PTC032699	SWEET HOSPITALITY PRIVATE LIMITED	Director	12/05/2014	12/05/2014	-	Active	NO

Name :

Mr. Ajay Mehra

Designation :

Director

Address:

5, Flag Staff Road, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

27.06.1962

Qualification :

Graduate

Experience :

23 Years

Date of Appointment :

01.10.2013

PAN No.:

AAAPM2971Q

DIN No.:

00058245

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	U25203DL1992PTC048851	ESSCO SANITATIONS PRIVATE LIMITED	Director	07/08/1992	07/08/1992	-	Active	NO
2	U29199DL1999PTC097822	SMG ENTERPRISES PRIVATE LIMITED	Director	20/06/2000	20/06/2000	-	Active	NO
3	U52110DL1983PTC016665	JAQUAR AND COMPANY PRIVATE LIMITED	Whole-time director	01/10/2013	01/04/2003	-	Active	NO
4	U51496DL1991PTC042639	G.R. SALES PRIVATE LIMITED	Director	31/08/2004	31/08/2004	-	Active	NO
5	U74899DL1995PTC073342	SANRAJ FARMS PRIVATE LIMITED	Director	30/07/2005	28/06/2005	-	Active	NO
6	U45202CH2006PTC030178	AMTEX PACKAGINS PRIVATE LIMITED	Director	02/05/2006	02/05/2006	22/05/2006	Active	NO
7	U74899DL1982PTC013177	M G C ENTERPRISES PVT LTD	Director	30/09/2009	15/12/2007	01/11/2011	Active	NO
8	U26960DL2009PTC188572	SANIPLUS OVERSEAS PRIVATE LIMITED	Director	18/03/2009	18/03/2009	-	Amalgamated	NO
9	U70101DL2012PTC237537	FIRESPIKE REALTY PRIVATE LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO
10	U70102DL2012PTC237531	ALLIUM REALTY PRIVATE LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO
11	U70200DL2012PTC237763	WARAS REALTY PRIVATE LIMITED	Director	20/06/2012	20/06/2012	-	Active	NO
12	U55101CH2011PTC032699	SWEET HOSPITALITY PRIVATE LIMITED	Director	12/05/2014	12/05/2014	-	Active	NO
13	L65993DL1990PLC039637	KRA LEASING LIMITED	Additional director	30/05/2014	30/05/2014	-	Active	NO

Name :

Mr. Bharat Bhushan Duggal

Designation :

Director

Address:

A – 5B/449, Paschim Vihar, Delhi – 110 054, India

Date of Birth/Age :

18.11.1955

Date of Appointment :

01.10.2013

DIN No.:

00058267

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	U25203DL1992PTC048851	ESSCO SANITATIONS PRIVATE LIMITED	Director	07/08/1992	07/08/1992	-	Active	NO
2	U29199DL1999PTC097822	SMG ENTERPRISES PRIVATE LIMITED	Director	20/06/2000	20/06/2000	-	Active	NO
3	U52110DL1983PTC016665	JAQUAR AND COMPANY PRIVATE LIMITED	Whole-time director	01/10/2013	01/04/2003	-	Active	NO
4	U51496DL1991PTC042639	G.R. SALES PRIVATE LIMITED	Director	31/08/2004	31/08/2004	-	Active	NO
5	U74899DL1995PTC073342	SANRAJ FARMS PRIVATE LIMITED	Director	30/07/2005	28/06/2005	-	Active	NO
6	U45202CH2006PTC030178	AMTEX PACKAGINS PRIVATE LIMITED	Director	02/05/2006	02/05/2006	22/05/2006	Active	NO
7	U74899DL1982PTC013177	M G C ENTERPRISES PVT LTD	Director	30/09/2009	15/12/2007	01/11/2011	Active	NO
8	U26960DL2009PTC188572	SANIPLUS OVERSEAS PRIVATE LIMITED	Director	18/03/2009	18/03/2009	-	Amalgamated	NO
9	U70101DL2012PTC237537	FIRESPIKE REALTY PRIVATE LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO
10	U70102DL2012PTC237531	ALLIUM REALTY PRIVATE LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO
11	U70200DL2012PTC237763	WARAS REALTY PRIVATE LIMITED	Director	20/06/2012	20/06/2012	-	Active	NO
12	U55101CH2011PTC032699	SWEET HOSPITALITY PRIVATE LIMITED	Director	12/05/2014	12/05/2014	-	Active	NO
13	L65993DL1990PLC039637	KRA LEASING LIMITED	Additional director	30/05/2014	30/05/2014	-	Active	NO

Name :

Mr. Ved Bandhu Aggarwal

Designation :

Director

Address:

A – 2/85, Rajouri Garden, Delhi – 110 028, India

Date of Birth/Age :

28.01.1948

Date of Appointment :

07.03.2005

DIN No.:

00058284

Name :

Mr. Parichay Mehra

Designation :

Additional Director

Address:

5, Flag Staff Road, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

24.12.1982

Qualification :

Graduate

Experience :

12 Years

Date of Appointment :

30.09.2010

DIN No.:

03204069

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	U52110DL1983PTC016665	JAQUAR AND COMPANY PRIVATE LIMITED	Director	30/09/2010	01/10/2009	-	Active	NO
2	U70102DL2012PTC237531	ALLIUM REALTY PRIVATE LIMITED	Director	15/06/2012	15/06/2012	-	Active	NO
3	U70102DL2012PTC237678	PROTEAS REALTY PRIVATE LIMITED	Director	18/06/2012	18/06/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Ajay Mehra	31620
Ajay Mehra and Sons (HUF)	1326
Deepika Mehra	31623
Essco Sanitations Limited, India	55161
G R Sales Limited, India	10050
Inder Singh Malhotra	26
Joginder Singh	31
KRA Leasing Limited, India	91238
Kanav Mehra	1945
Ranbir Raj Mehra	1271
Micky Khosla	101
Malti Mehra	32771
Nishi Mehra	32299
N L Mehra and Sons (HUF)	1333
Pal Singh	4
Parichay Mehra	1658
Parakh Sehgal	1643
Parinay Mehra	1325
Rajesh Mehra	32615
Rajesh Mehra (HUF)	1350
S.K. Mehra	31669
S K Mehra and Sons (HUF)	1621
Sabhyata Setia	1877
SMG Enterprises Private Limited, India	1150
Vidhi Mehra	2500
Total	368207

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	42.80
Directors or relatives of directors	57.15
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Marketing of Bath Fittings and Accessories.

Products :

ITC Code	84818020
Product Description	Bath Fittings and Accessories

Exports :

Not Divulged

Imports :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

· Standard Chartered Bank, Credit Documentation Unit, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, Delhi, India

· Citi Bank, Jeevan Bharti Building, 4^th Floor, 124 Connaught Circus, Connaught Place, New Delhi – 110001, Delhi, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Loans repayable on demand from banks	17.117	25.274
Loans repayable on demand from others	25.690	20.160
Total	42.807	45.434

Banking Relations :	--
Auditors :
Name :	Daleep Bhatia and Company Chartered Accountants
Address :	19, Vasant Enclave, Rao Tula Marg, New Delhi 110 057, India
Tel. No.:	91-11-26151888/ 26154255/ 26147624
Fax No.:	91-11-26151888
E-Mail :	daleepbhatia@rediffmail.com daleepbhatia19@yahoo.com
PAN No.:	AACFD8623J
Associates:	· G R Sales Private Limited · KRA Leasing Limited · SMG Enterprises Private Limited · Essco Sanitations Private Limited · Saniplus Overseas Private Limited · Prompt Capital and Finser Private Limited · Jaquar Mercantile · Essco Sanitations · Sanraj Farms Private Limited · M G C Enterprises Private Limited
Subsidiaries :	· Jaquar UK Limited, United Kingdom · Foshan Jaquar Trading Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
424000	Equity Shares	Rs.100/- each	Rs. 42.400 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
368207	Equity Shares	Rs.100/- each	Rs. 36.821 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	36.821	36.821	36.504
(b) Reserves & Surplus	4127.502	3396.796	2684.972
(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)	4164.323	3433.617	2721.476
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	56.967
(b) Deferred tax liabilities (Net)	127.355	119.196	115.244
(c) Other long term liabilities	72.500	66.933	0.000
(d) long-term provisions	81.690	54.573	38.239
Total Non-current Liabilities (3)	281.545	240.702	210.450
(4) Current Liabilities
(a) Short term borrowings	42.807	45.434	0.000
(b) Trade payables	2127.663	1496.271	1169.505
(c) Other current liabilities	414.398	270.701	304.491
(d) Short-term provisions	531.800	434.585	753.476
Total Current Liabilities (4)	3116.668	2246.991	2227.472
TOTAL	7562.536	5921.310	5159.398
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2674.077	2295.114	1487.481
(ii) Intangible Assets	23.675	10.230	13.282
(iii) Capital work-in-progress	650.444	225.066	3.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	41.510	27.400	93.795
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	83.275	47.968	27.038
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3472.981	2605.778	1624.596
(2) Current assets
(a) Current investments	52.282	50.000	0.000
(b) Inventories	2663.871	1840.690	1499.421
(c) Trade receivables	683.090	799.817	667.985
(d) Cash and cash equivalents	121.917	98.848	122.751
(e) Short-term loans and advances	566.271	525.464	1244.645
(f) Other current assets	2.124	0.713	0.000
Total Current Assets	4089.555	3315.532	3534.802
TOTAL	7562.536	5921.310	5159.398

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	12588.515	9493.543	9044.500
		Other Income	29.304	65.607
		TOTAL	12617.819	9559.150	9044.500
Less	EXPENSES		NA	NA	7957.300
	PROFIT BEFORE TAX		NA	NA	1087.200
Less	TAX		NA	NA	356.400
	PROFIT AFTER TAX		730.706	684.570	730.800
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	206.786	148.800
	TOTAL EARNINGS		NA	206.786	148.800
	Earnings Per Share (Rs.)		1984.50	1859.20	2002.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.79	7.16	8.08
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	18.22
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.34
Debt Equity Ratio (Total Debt/Networth)		0.01	0.01	0.02
Current Ratio (Current Asset/Current Liability)		1.31	1.48	1.59

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	36.504	36.821	36.821
Reserves & Surplus	2684.972	3396.796	4127.502
Net worth	2721.476	3433.617	4164.323
long-term borrowings	56.967	0.000	0.000
Short term borrowings	0.000	45.434	42.807
Total borrowings	56.967	45.434	42.807
Debt/Equity ratio	0.021	0.013	0.010

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	9044.500	9559.150	12617.819
		5.690	31.997

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	9044.500	9559.150	12617.819
Profit	730.800	684.570	730.706
	8.08%	7.16%	5.79%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
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	10329055	07/12/2011	650,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B29565033
2	10194809	25/11/2010 *	50,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B03796570
3	10154955	17/04/2009	15,000,000.00	CITIBANK N.A.	JEEVAN VIHAR, 3 SANSAD MARG, NEW DELHI - 110001, DELHI, INDIA	A61420568
4	10154977	17/04/2009	60,000,000.00	CITIBANK N.A.	JEEVAN VIHAR, 3 SANSAD MARG, NEW DELHI - 110001, DELHI, INDIA	A61431201
5	80045975	12/10/2011 *	367,500,000.00	CITIBANK N.A	JEEVAN BHARTI BUILDING, 4TH FLOOR, 124 CONNAUGHT  CIRCUS, CONNAUGHT PLACE, NEW DELHI - 110001, DELHI, INDIA	B23923352
6	80010116	02/11/2011 *	400,000,000.00	STANDARD CHARTERED BANK	CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, DELHI, INDIA	B28154896

FIXED ASSETS:

· Land

· Factory Building

· Office Building

· Furniture and Fixture

· Plant and Machinery

· Office Equipment

· Computer

· Capital work in process

· Vehicles

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 judgment 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.60.61
UK Pound	1	Rs.100.48
Euro	1	Rs.79.56

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	SUB
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YE
--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		68

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.