MIRA INFORM REPORT

Report Date :

05.09.2014

IDENTIFICATION DETAILS

Name :	SARDA ENERGY AND MINARALS LIMITED (w.e.f. 12.10.2007)
Formerly Known As :	RAIPUR ALLOYS AND STEEL LIMITED
Registered Office :	73/A, Central Avenue, Shri Ram Niketan, Nagpur – 440 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.06.1973
Com. Reg. No.:	11-016617
Capital Investment / Paid-up Capital :	Rs.358.500 Millions
CIN No.: [Company Identification No.]	L27100MH1973PLC016617
TAN No.: [Tax Deduction & Collection Account No.]	NGPR00172E
PAN No.: [Permanent Account No.]	AAACR6149L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Pellets, Sponge Iron, Steel Billets, Wire Rods, Ferro Alloys and Power.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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 :	Clear
Comments :	Subject is an established company having good track record. Overall financial position of the company is strong and healthy. Trade relation 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

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	CARE
Rating	Long term bank facilities A+
Rating Explanation	Adequate degree of safety and low credit risk
Date	22.08.2014

Rating Agency Name	CARE
Rating	Short term bank facilities A1+
Rating Explanation	Very strong degree at safety and lowest credit risk.
Date	22.08.2014

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 DECLINED

Management Non-cooperative. (Tel. No.:91-22-22880080)

LOCATIONS

Registered Office :	73/A, Central Avenue, Shri Ram Niketan, Nagpur – 440 018, Maharashtra, India
Tel. No.:	91-712-2727509/ 2660071/ 5616707 / 2722407
Fax No.:	91-712-2728207/ 2641171 / 2722107
E-Mail :	rasl_fin@rediffmail.com cs@raslindia.com nagpur@seml.co.in
Website :	http://www.seml.co.in
Head Office/ Factory :	Industrial Growth Center, Siltara, Raipur – 493 111, Chhattisgarh, India
Tel. No.:	91-771-2216000
Fax No.:	91-771-216198 / 2216199
Corporate Office :	125, B-Wing, Mittal Court, Nariman Point, Mumbai - 400 021, Maharashtra, India
Tel. No.:	91-22-22880080-81
Fax No.:	91-22-22826680
Branch Office :	Located At: · Delhi · Nagpur · Mumbai · Visakhapatnam · Ahmedabad · Barbil · Raigarh · Hong Kong · Beijing Rep

DIRECTORS

As on 31.03.2013

Name :	Mr. Kamal Kishore Sarda
Designation :	Chairman and Managing Director
Date of Birth/Age :	60 Years
Qualification :	B.E (Mechanical)
Experience :	38 Years
Name :	Mr. G K Chhanghani
Designation :	Executive Director
Qualification :	B.E (Mechanical)
Name :	Mr. Pankaj Sarda
Designation :	Whole Time Director
Name :	Mr. G D Mundra
Designation :	Whole Time Director
Name :	Mr. Asit Kumar Basu
Designation :	Director
Date of Birth/Age :	62 Years
Qualification :	BME
Experience :	More than 40 years in the field of finance
Date of Appointment :	31.01.2003
Other Directorships/ Partnerships :	· ICRA Online Limited · Pratibha Syntex Limited
Name :	Mr. C.K. Lakshminarayanan
Designation :	Director
Date of Birth/Age :	63 Years
Qualification :	Bachelor of Technology
Experience :	He worked as a Plant Engineer for 8 years with Madras Petrochem Limited. Thereafter, he worked with Industrial Development Bank of India, firstly in Project finance and then in Investment Banking. Lastly, he worked as President and CEO of STCMS Electric Company Private Limited, which is operating a 250 MW IPP.
Date of Appointment :	28.01.2009
Other Directorships/ Partnerships :	· Shri Kailash Logistics Limited · Madhya Bharat Power Corporation Limited
Name :	Mr. G.S. Sahni
Designation :	Director
Name :	Mr. Jitender Balakrishnan
Designation :	Director
Date of Birth/Age :	63 Years
Qualification :	B.E (Mech) National Institute of Technology (NIT) Madras University and Post Graduate Diploma in Industrial Management, Bombay University
Experience :	He has wide experience in the sectors like, Oil and Gas, Refineries, Power, Telecom, Airports, Roads, Ports, Steel, Cement, Fertilizers, Petrochemicals, Hotel, Pharmaceuticals, Paper, etc.
Date of Appointment :	30.07.2010
Other Directorships/ Partnerships :	· Bharti AXA General Life Insurance Company Limited · Bharti AXA Life Insurance Company Limited · Usha Martin Limited · Bhoruka Power Corporation Limited · Aditya Birla Finance Limited · Polyplex Corporation Limited · Binani Industries Limited · IL and FS Investment Managers Limited · S Kumars Nationwide Limited · India Glycols Limited · Essar Steel India Limited · Magus Estates and Hotels Limited · Shree Rajasthan Syntex Limited · Essar Services India Limited · Equinox Realty and Infrastructure Private Limited
Name :	Mr. P R Tripathi
Designation :	Director
Qualification :	Mining Engineer
Name :	Mr. Rakesh Mehra
Designation :	Director
Qualification :	FCWA

KEY EXECUTIVES

Name :	Mr. P. K. Jain
Designation :	Chief Financial Officer - Cum – Company Secretary
Name :	Mr. Manish
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	8153707	22.74
Bodies Corporate	16494651	46.01
Any Others (Specify)	1000000	2.79
Firm	1000000	2.79
Sub Total	25648358	71.54
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	25648358	71.54
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	907162	2.53
Financial Institutions / Banks	1844855	5.15
Insurance Companies	250	0.00
Foreign Institutional Investors	405680	1.13
Sub Total	3157947	8.81
(2) Non-Institutions
Bodies Corporate	3465435	9.67
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2767502	7.72
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	760446	2.12
Any Others (Specify)	50312	0.14
Directors & their Relatives & Friends	11957	0.03
Non Resident Indians	38355	0.11
Sub Total	7043695	19.65
Total Public shareholding (B)	10201642	28.46
Total (A)+(B)	35850000	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	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	35850000	0.00

Shareholding belonging to the category "Promoter and Promoter Group"

Sl.No.	Name of the Shareholder	Details of Shares held		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Chhattisgarh Investments Limited	1,22,94,179	34.29	34.29
2	Sarda Agriculture and Prop Private Limited	26,35,150	7.35	7.35
3	Prachi Agriculture and Prop Private Limited	15,65,322	4.37	4.37
4	G D Sarda	13,92,378	3.88	3.88
5	Kamal Kishore Sarda	13,09,149	3.65	3.65
6	J K Sarda	11,72,365	3.27	3.27
7	Shakuntala Sarda	10,14,518	2.83	2.83
8	Chhattisgarh Investments Limited	10,00,000	2.79	2.79
9	Veena Sarda	7,02,350	1.96	1.96
10	Pankaj Sarda	6,91,107	1.93	1.93
11	Premlata Sarda	4,68,910	1.31	1.31
12	Uma Sarda	4,89,425	1.37	1.37
13	Dr K K Rathi	2,51,731	0.70	0.70
14	Manish Sarda	2,37,570	0.66	0.66
15	Aditya Sarda	1,12,840	0.31	0.31
16	Raghav Sarda	1,12,840	0.31	0.31
17	Neeraj Sarda	98,490	0.27	0.27
18	Anant Sarda	49,140	0.14	0.14
19	JK Sarda (HUF)	21,716	0.06	0.06
20	Shashi Rathi	20,046	0.06	0.06
21	Aditi Sarda	9,132	0.03	0.03
	Total	2,56,48,358	71.54	71.54

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	IDFC Limited	1842105	5.14	5.14
2	Asia Minerals Limited	1804891	5.03	5.03
3	Relience -Capital Trustee Company Limited	784012	2.19	2.19
4	Orange Mauritius Investments Limited	390680	1.09	1.09
	Total	4821688	13.45	13.45

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	IDFC Limited	1842105	5.14	5.14
2	Asia Minerals Limited	1804891	5.03	5.03
	Total	3646996	10.17	10.17

BUSINESS DETAILS

Line of Business :

Manufacturing of Pellets, Sponge Iron, Steel Billets, Wire Rods, Ferro Alloys and Power.

Products :

Product Description	Item Code (ITC Code)
Sponge Iron	7203
Steel Billets	7207
Ferro Alloys	3322
Thermal Power	98010003

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Union Bank of India

· Bank of Baroda

· UCO Bank

· Axis Bank Limited

· HDFC Bank Limited

Facilities :

Secured Loan	31.03.2014 [Rs. in Millions]	31.03.2013 [Rs. in Millions]
Long Term Borrowing
Bonds/debentures
1,250 (1,250) 9.55 % Redeemable nonconvertible debentures of Rs. 10/- millions each	NA	1250.000
Term loans
From banks
Indian rupee loan	NA	292.130
Foreign currency loan	NA	952.455
Hire purchase loan	NA	2.205
From other parties
Indian rupee loan from financial institutions	NA	937.500
Short Term Borrowing
Loans repayable on demand
From banks
Working capital loans	NA	682.415
Working capital buyers credit loans	NA	755.679
Total	NA	4872.384

NOTE:

Long Term Borrowing

Terms of repayment

The non-convertible debentures are redeemable in three equal annual installments commencing from July, 2015. The company has an option to redeem these debentures earlier; however, no redemption will take place before the end of 3rd year from the date of allotment.

External commercial borrowings availed in foreign currencies are payable in 5 annual installments (First three installments are 1/6th of the loan amount and remaining 2 installments are 1/4th of the loan amount). First three installments have already been paid.

Rupee term loan from a financial institution is payable in 12 equal quarterly installments commencing from September, 2013.

Rupee term loan of Rs. 250.400 millions from bank is payable in 11 quarterly installments starting from September, 2013 quarter. During the financial year 2013-14, 3 installments comprising 10% of the loan amount will be repaid, in the year 2014-15, 4 installments involving 20% and in the year 2015-16, 4 installments involving 70% of the loan amount will be repaid.

Rupee term loan of Rs. 100.000 millions from bank is payable in 3 equal monthly installments starting from March, 2014.

Hire purchase loan of Rs. 4.193 millions from bank is payable in 34 equal installments of Rs. 0.194 millions starting from June, 2012.

Deferred sales tax loan is interest free and payable at the end of fifth year from the end of the financial year of accrual.

Security

The non-convertible debentures are secured by a registered mortgage of an immovable property of the company situated at Ahmedabad.

Term loans from bank, working capital term loan from bank, financial institution, external commercial borrowing and debentures are secured by first pari-passu charge by way of hypothecation of entire movable and immovable assets of the company situated at Industrial Growth Centre, Siltara, Raipur subject to prior charge on current assets in favour of working capital bankers and by way of joint equitable mortgage of immovable properties of the company situated at Industrial Growth Centre, Siltara.

Besides this, the term loan from bank, working capital term loan from bank and non-convertible debentures are also secured by unconditional and irrevocable personal guarantees of Mr K. K. Sarda and Mr Manish Sarda.

Hire purchase loan from bank is secured by hypothecation of related vehicles.

Short Term Borrowing

Security

Working capital loans from banks are secured by first pari-passu charge on stocks and book debts and second paripassu charge on all present and future movable plant and machinery and second charge by way of joint equitable mortgage of immovable properties located at Industrial Growth Centre, Siltara, Raipur. These facilities are also secured by irrevocable personal guarantees of Mr. K.K.Sarda and Mr. Manish Sarda.

Banking Relations :	--
Auditors :
Name :	M. M. Jain and Associates Chartered Accountants
Address :	AS / 502 Ujwal Flats, Rahate Colony, Wardha Road Nagpur – 440022, Maharashtra, India
PAN No.:	AABFM6199F
Subsidiaries :	Ø Sarda Energy and Minerals Hongkong Limited, Hongkong Ø Sarda Global Ventures Pte Limited, Singapore Ø Sarda Metals and Alloys Limited Ø Sarda Energy Limited Ø Parvatiya Power Limited Ø Madhya Bharat Power Corporation Limited Ø Sarda Hydro Power Private Limited Ø Raipur Fabritech Private Limited Ø Raipur Industrial Gases Private Limited
Controlled entities :	Ø Chhattisgarh Hydro Power LLP Ø Shri Ram Electricity LLP
Associate :	Ø Chhatisgarh Investments Limited Ø Chhattisgarh Bricks Private Limited (Upto 14.12.2012)
Related enterprises where significant influence exists :	Ø R.R. Sarda and Company
Joint ventures :	Ø Raipur Infrastructure Company Limited Ø Madanpur South Coal Company Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
35850000	Equity Shares	Rs.10/- each	Rs.358.500 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	358.500	358.500	358.500
(b) Reserves and Surplus	9490.795	8844.053	7723.465
(c) Money received against share warrants		0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	9849.295	9202.553	8081.965
(3) Non-Current Liabilities
(a) long-term borrowings	2567.312	3528.387	4506.722
(b) Deferred tax liabilities (Net)	669.841	433.103	499.614
(c) Other long term liabilities	34.087	23.128	17.151
(d) long-term provisions	276.932	114.728	83.476
Total Non-current Liabilities (3)	3548.172	4099.346	5106.963
(4) Current Liabilities
(a) Short term borrowings	2097.591	1674.042	2038.519
(b) Trade payables	1039.893	1038.802	834.863
(c) Other current liabilities	1860.870	1569.143	907.545
(d) Short-term provisions	47.993	36.333	48.998
Total Current Liabilities (4)	5046.347	4318.320	3829.925
TOTAL	18443.814	17620.219	17018.853
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7931.728	7104.675	6860.668
(ii) Intangible Assets	0.000	437.468	456.126
(iii) Capital work-in-progress	0.000	618.458	1087.694
(iv) Intangible assets under development	0.000	28.360	22.569
(b) Non-current Investments	4120.679	4021.950	2126.145
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	608.285	651.284	1884.081
(e) Other Non-current assets	2.805	6.839	12.102
Total Non-Current Assets	12663.497	12869.034	12449.385
(2) Current assets
(a) Current investments	3.061	3.122	5.139
(b) Inventories	2755.113	2199.890	2272.222
(c) Trade receivables	497.943	625.042	431.304
(d) Cash and cash equivalents	457.176	72.405	9.475
(e) Short-term loans and advances	2053.280	1732.183	1591.469
(f) Other current assets	13.744	118.543	259.859
Total Current Assets	5780.317	4751.185	4569.468
TOTAL	18443.814	17620.219	17018.853

PROFIT AND LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	12705.136	13839.453	11001.770
		Other Income	346.518	151.219	593.205
		TOTAL	13051.654	13990.672	11594.975
Less	EXPENSES
		Cost of materials consumed	6167.663	7458.025	6287.740
		Purchases of stock-in-trade	903.402	373.287	140.477
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(344.224)	160.736	(4.124)
		Employee benefits expense	531.982	496.330	408.701
		Other expenses	3187.863	2630.145	2386.483
		TOTAL	10446.686	11118.523	9219.277
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2604.968	2872.149	2375.698
Less	FINANCIAL EXPENSES		630.086	631.392	702.767
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1974.882	2240.757	1672.931
Less/ Add	DEPRECIATION/ AMORTISATION		632.169	640.792	632.336
	PROFIT BEFORE TAX		1342.713	1599.965	1040.595
Less	TAX		437.861	345.663	(103.395)
	PROFIT AFTER TAX		904.852	1245.302	1143.990
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6127.220	4535.420	3603.930
Less	APPROPRIATIONS
		Equity Dividend	NA	(107.550)	0.000
		Tax on equity dividend	NA	(17.448)	0.000
		Transfer to Debenture Redemption Reserve	NA	(62.500)	(62.500)
		Transfer to General Reserve	NA	(150.000)	(150.000)
	BALANCE CARRIED TO THE B/S		NA	5443.224	4535.420
	EARNINGS IN FOREIGN CURRENCY
		Fob value of exports (direct)	NA	1494.627	1135.110
		Interest received	NA	0.778	4.722
		Dividend	NA	0.000	266.550
		Discounts and dispatch money received	NA	0.000	0.000
	TOTAL EARNINGS		NA	1495.405	1406.382
	IMPORTS
		Raw materials	NA	1940.788	834.933
		Components, stores and spare parts	NA	68.376	73.366
		Capital goods	NA	22.329	46.970
	TOTAL IMPORTS		NA	2031.493	955.269
	Earnings Per Share (Rs.)		21.03	34.74	31.91

Note:

The above accounts were reviewed by the Audit Committee and considered and approved in the meeting of the Board of Directors held on May 10, 2014.

The other income for the year ended March 31, 2014 includes dividend received from subsidiary of Rs.168.700 millions.

In view of the permission received from Govt. for disposal of inventories, the provision made for impairment in earlier quarters has been reversed.

The Consolidated results include full year operations of its subsidiary Sarda Metals and Alloys Limited in the current year as against the operations of only one month in the previous year. Hence, the consolidated current year figures are not strictly comparable with the previous year figures.

The Board of Directors have recommended, subject to approval of shareholders, a dividend of Rs.3/- per fully paid up equity shares of Rs.10/ each, aggregating to Rs.125.828 millions, including dividend distribution tax.

The figures for the corresponding previous periods have been restated / regrouped, wherever necessary, to make them comparable. The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.

Ratios have been computed as under:-

DSCR = EBIDTA/ (Interest + Scheduled Principal Payments)

ISCR = EBIDTA/Interest Expenses (Excluding Notional Interest) Interest excludes exchange differences to the extent regarded as adjustment to interest cost.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	6.93	8.90	9.86
Net Profit Margin (PBT/Sales)	(%)	10.57	11.56	9.46
Return on Total Assets (PBT/Total Assets}	(%)	9.37	12.35	7.55
Return on Investment (ROI) (PBT/Networth)		0.14	0.17	0.13
Debt Equity Ratio (Total Debt /Networth)		0.47	0.56	0.81
Current Ratio (Current Asset/Current Liability)		1.15	1.10	1.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	358.500	358.500	358.500
Reserves & Surplus	7723.465	8844.053	9490.795
Net worth	8081.965	9202.553	9849.295
long-term borrowings	4506.722	3528.387	2567.312
Short term borrowings	2038.519	1674.042	2097.591
Total borrowings	6545.241	5202.429	4664.903
Debt/Equity ratio	0.810	0.565	0.474

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	11001.770	13839.453	12705.136
		25.793	-8.196

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	11001.770	13839.453	12705.136
Profit	1143.990	1254.302	904.852
	10.40%	9.06%	7.12%

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	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

UNSECURED LOAN:

Particulars	31.03.2014 [Rs. in Millions]	31.03.2013 [Rs. in Millions]
Long Term Borrowing
Deferred payment liabilities
Deferred sales tax loan	NA	94.097
Short Term Borrowing
Loans repayable on demand
From banks
Short term loans	NA	200.000
Other loans and advances
Advances from customers	NA	35.948
Total	NA	330.045

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10413661	21/03/2013	500,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR - 416001, Maharashtra, INDIA	B71405237
2	10361044	01/06/2012	5,700,000.00	HDFC BANK LIMITED	HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai- 400013, Maharashtra, India	B41797036
3	10292943	13/03/2013 *	1,250,000,000.00	IDFC Limited	KRM Tower, 8th Floor, No. 1, Harrington Road, Chetpet, Chennai- 600031, Tamil Nadu, India	B72618309
4	10248797	30/12/2010 *	1,250,000,000.00	Axis Trustee Services Limited	2nd Floor, Axis Bank Building, Bombay Dyeing Millis Compound, P. B. Marg, Mumbai - 400025, Maharashtra, INDIA	B04036919
5	10118855	31/01/2014 *	4,998,000,000.00	Union Bank of India	MAIN BRANCH, AJIT TOWER, RAMSAGARPARA, RAIPUR - 492009, Chhattisgarh, INDIA	B96903067
6	10084600	29/12/2010 *	2,600,400,000.00	Axis Bank Ltd.	2nd Floor, Axis Bank Building, Bombay Dyeing Millis Compound, P. B. Marg, Mumbai - 400025, Maharashtra, INDIA	B03608239
7	90238763	03/04/1975	2,000,000.00	MADHYA PRADESH AUDYOGIK VIKAS NIGAM	36; BHADBHADA ROAD, NEW MARKET, BHOPAL, Madhya Pradesh, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Freehold land

· Leasehold land

· Building

· Plant and machinery

· Furniture, fixture and equipment

· Vehicle

CMT REPORT (Corruption, Money Laundering and 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. 60.45
UK Pound	1	Rs. 99.46
Euro	1	Rs. 79.47

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	DPH

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.