MIRA INFORM REPORT

Report No. :	318724
Report Date :	25.04.2015

IDENTIFICATION DETAILS

Name :	ROYAL CASTOR PRODUCTS LIMITED (w.e.f. 30.05.2000)
Formerly Known As :	ROYAL CASTOR PRODUCTS PRIVATE LIMITED
Registered Office :	Unjha-Sidhpur State Highway, At-Khali, Sidhpur – 384151, Gujarat
Tel. No.:	91-2767-222905/6
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.08.1994
Com. Reg. No.:	04-022829
Capital Investment / Paid-up Capital :	Rs. 73.007 Million
CIN No.: [Company Identification No.]	U74999GJ1994PLC022829
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMR02889F
PAN No.: [Permanent Account No.]	AABCR3051J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of oily chemicals and castor derivatives.
No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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 is an established company having satisfactory track. The company possesses a favourable financial profile marked by adequate networth base coupled with moderation in gearing levels backed by equity infusion by the promoters and healthy accretion to reserve during the year under consideration. Management has witnessed a healthy growth in company revenues and improvement in its operating margin during FY14. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of experienced promoters, the company can be considered 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	February 09, 2015

Rating Agency Name	ICRA
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	February 09, 2015

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 PARTED BY

Name :	Mr. Shiv Narayan Baldi
Designation :	Accountant
Contact No.:	91-9428413620
Date :	23.04.2015

LOCATIONS

Registered Office/ Factory :	Unjha-Sidhpur State Highway, At-Khali, Sidhpur – 384151, Gujarat, India
Tel. No.:	91-2767-222905-6
Mobile No.:	91-9428413620 (Mr. Shiv Narayan Baldi)
Fax No.:	Not Available
E-Mail :	snb@royalcastor.in
Website :	http://www.royalcastor.in
Area :	28000 sq. ft.
Location :	Owned
Corporate Office :	101, Ketan Apartment, 233, R. B. Mehta Marg, Ghatkopar, Mumbai – 400077, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Patel Tulsibhai M.

Designation :

Director

Address :

8, Shraddhanagar Society, Radhanpur Road, Mehsana – 384002, Gujarat, India

Date of Birth/Age :

08.07.1946

Date of Appointment :

22.08.1994

DIN No.:

00169796

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	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Director	22/08/1994	22/08/1994	-	Active	NO
2	U45201GJ2007PTC050017	HMS CONSTRUCTION PRIVATE LIMITED	Director	14/02/2007	14/02/2007	25/12/2007	Active	NO
3	U45202GJ2009PTC057842	ROYAL TECHNO PROJECTS (INDIA) PRIVATE LIMITED	Director	19/08/2009	19/08/2009	-	Active	NO
4	U26922GJ2010PTC061002	ROYAL CRUCIBLE PRIVATE LIMITED	Director	05/06/2010	05/06/2010	-	Active	NO

Name :

Patel Mohanbhai M.

Designation :

Managing Director

Address :

4, Kapildev Society, Bindu Sarovar Road, Sidhpur, Patan – 384151, Gujarat, India

Date of Birth/Age :

05.04.1939

Date of Appointment :

12.09.1994

DIN No.:

00800719

Name :

Patel Natvarbhai J.

Designation :

Director

Address :

Virangar Society, S.T. Workshop Road, Mehsana – 384002, Gujarat, India

Date of Birth/Age :

01.06.1951

Date of Appointment :

12.09.1994

DIN No.:

00169890

Name :

Durgesh S. Chandavarkar

Designation :

Director

Address :

502, Seanymph, Greenfield Estate, A.B. Nair Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

07.02.1942

Date of Appointment :

15.12.1995

DIN No.:

00176277

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	U23209MH1990PTC058784	STANDARD PETROLEUMS PRIVATE LIMITED	Director	17/02/1993	17/02/1993	-	Amalgamated	NO
2	U23201MH1990PTC059257	TARAPUR GREASE INDUSTRIES PRIVATE LIMITED	Managing director	17/02/1993	17/02/1993	-	Active	NO
3	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
4	U67120MH1996PTC100281	JANUS CONSOLIDATED FINANCE PRIVATE LIMITED	Managing director	31/03/1999	31/03/1999	-	Active	NO
5	U85199MH1999PTC121686	ASTRUM HEALTHCARE PRIVATE LIMITED	Director	31/08/2001	31/08/2001	-	Active	NO
6	U24110MH2002PLC134562	SKY BIO-PHARMA (INDIA ) LIMITED	Director	15/01/2002	15/01/2002	-	Active	NO
7	U23201MH2002PTC138029	UNITED ADDITIVES PRIVATE LIMITED	Director	28/11/2002	28/11/2002	-	Active	NO
8	U23201MH2002PTC138368	ATLANTIC LUBRICANTS AND SPECIALITIES PRIVATE LIMITED	Director	23/12/2002	23/12/2002	23/08/2012	Active	NO
9	U23201MH2007PTC174641	STANDARD OILS & GREASES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
10	U23201MH2007PTC174642	STANDARD GREASES AND SPECIALITIES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
11	U23201MH2007PTC174638	STANDARD GREASES PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO
12	U40107MH2007PTC176232	STANDARD GREEN BIO-ENERGY PRIVATE LIMITED	Director	27/11/2007	27/11/2007	-	Active	NO
13	AAC-9956	EMPIRE BUILDERS & DEVELOPERS LLP	Partner	10/12/2014	01/12/2014	-	Active	NO

Name :

Haresh S. Vyas

Designation :

Manaing Director

Address :

23, Sindhubaug Society, Tilak Road, Ghatkopar (East), Mumbai, Maharashtra, India

Date of Birth/Age :

05.11.1955

Date of Appointment :

15.12.1995

DIN No.:

00181054

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	U23201MH1990PTC059257	TARAPUR GREASE INDUSTRIES PRIVATE LIMITED	Director	05/02/1992	05/02/1992	-	Active	NO
2	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Managing director	03/09/2012	15/12/1995	-	Active	NO
3	U23209MH1990PTC058784	STANDARD PETROLEUMS PRIVATE LIMITED	Director	16/03/1998	16/03/1998	-	Amalgamated	NO
4	U67120MH1996PTC100281	JANUS CONSOLIDATED FINANCE PRIVATE LIMITED	Director	20/01/2001	20/01/2001	-	Active	NO
5	U24110MH2002PLC134562	SKY BIO-PHARMA (INDIA ) LIMITED	Director	15/01/2002	15/01/2002	-	Active	NO
6	U24200MH2002PTC137816	ROYAL OLEOCHEMI PRIVATE LIMITED	Director	08/11/2002	08/11/2002	-	Strike off	NO
7	U72900MH2000PTC128984	LOGIS LUBENET SOLUTIONS PRIVATE LIMITED	Director	02/12/2002	02/12/2002	-	Strike off	NO
8	U51410MH1998PTC116215	CREST PACKAGING PRIVATE LIMITED	Director	01/04/2003	01/04/2003	01/01/2009	Active	NO
9	U24100MH2007PTC172193	Kusumoto Chemicals (India) Private Limited	Director	09/07/2007	09/07/2007	-	Active	NO
10	U23201MH2007PTC174642	STANDARD GREASES AND SPECIALITIES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
11	U23201MH2007PTC174638	STANDARD GREASES PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO
12	U23201MH2007PTC174641	STANDARD OILS & GREASES PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO
13	U85199MH1999PTC121686	ASTRUM HEALTHCARE PRIVATE LIMITED	Additional director	16/03/2015	16/03/2015	-	Active	NO

Name :

Vinod S.Vyas

Designation :

Director

Address :

7 and 8, Jay Jawan Nagar Housing Society, Bhanushali Lane, Ghatkopar (East), Mumbai, Maharashtra, India

Date of Birth/Age :

15.03.1951

Date of Appointment :

15.12.1995

DIN No.:

00176206

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	U23209MH1990PTC058784	STANDARD PETROLEUMS PRIVATE LIMITED	Director	01/11/1990	01/11/1990	-	Amalgamated	NO
2	U74999GJ1994PLC022829	ROYAL CASTOR PRODUCTS LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
3	U23201MH1990PTC059257	TARAPUR GREASE INDUSTRIES PRIVATE LIMITED	Director	01/08/1998	01/08/1998	-	Active	NO
4	U67120MH1996PTC100281	JANUS CONSOLIDATED FINANCE PRIVATE LIMITED	Director	31/03/1999	31/03/1999	-	Active	NO
5	U85199MH1999PTC121686	ASTRUM HEALTHCARE PRIVATE LIMITED	Director	31/08/2001	31/08/2001	-	Active	NO
6	U24110MH2002PLC134562	SKY BIO-PHARMA (INDIA ) LIMITED	Director	15/01/2002	15/01/2002	-	Active	NO
7	U23201MH2002PTC138029	UNITED ADDITIVES PRIVATE LIMITED	Director	28/11/2002	28/11/2002	-	Active	NO
8	U23201MH2002PTC138368	ATLANTIC LUBRICANTS AND SPECIALITIES PRIVATE LIMITED	Director	23/12/2002	23/12/2002	23/08/2012	Active	NO
9	U23201MH2007PTC174638	STANDARD GREASES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
10	U23201MH2007PTC174641	STANDARD OILS & GREASES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
11	U23201MH2007PTC174642	STANDARD GREASES AND SPECIALITIES PRIVATE LIMITED	Director	01/10/2007	01/10/2007	-	Active	NO
12	U40107MH2007PTC176232	STANDARD GREEN BIO-ENERGY PRIVATE LIMITED	Director	27/11/2007	27/11/2007	-	Active	NO
13	AAC-9956	EMPIRE BUILDERS & DEVELOPERS LLP	Partner	10/12/2014	01/12/2014	-	Active	NO

Name :

Kirankumar Mohanbhai Patel

Designation :

Director

Address :

Kapil Dev Society, Bindu Sarovar Road, Siddhapur, Patan – 384151, Gujarat, India

Date of Birth/Age :

09.11.1968

Date of Appointment :

29.09.2012

DIN No.:

03411098

Name :

Subhash Polara

Designation :

Director

Address :

37, Shyam Vihar – 2, Radhanpur Road, Mehsana – 384002, Gujarat, India

Date of Birth/Age :

21.07.1973

Date of Appointment :

29.09.2012

DIN No.:

03411426

KEY EXECUTIVES

Name :	Mr. Shiv Narayan Baldi
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Tuslibhai M. Patel	86754
Jitendrakumar M. Patel	58190
Natvarbhai J. Patel	107343
Rekhaben L. Patel	67089
Kiranbhai M. Patel	237000
Bhagvatibhai M. Patel	91241
Kanubhai M. Patel	64405
Induben P. Patel	64405
Vanitaben K. Patel	231322
Shantaben J. Patel	107342
Nitaben N. Patel	53671
Kokilaben N. Patel	107342
Hiten T. Engineer	82020
Lilaben J. Patel	21619
Jiten T. Engineer	60434

AS ON 30.09.2014

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	8.82
Bodies corporate	22.94
Directors or relatives of Directors	56.98
Other top fifty shareholders	11.26
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of oily chemicals and castor derivatives.
Products :	Oily chemicals Castor derivatives.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Oily chemicals Castor derivatives.
Countries :	Australia Brazil South Africa Japan Europe USA
Imports :
Products :	Raw Material
Countries :	China Japan Thailand
Terms :
Selling :	Cash, Advance Payment, Cheque and Credit
Purchasing :	Cash, Advance Payment, Cheque and Credit

GENERAL INFORMATION

Suppliers :

• N.K. Proteins
• Shivam Castrol Products Private Limited
• Gokul Refoils

Customers :

• Castrol India
• Hindustan Petroleum
• J.R. Speciality Private Limited

No. of Employees :

110 (Approximately)

Bankers :

• State Bank of India, Sidhpur Branch, Opposite Railway Station, Sidhpur – 384151, Gujarat, India
• Dena Bank, Sidhpur Branch, Sidhpur, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	23.287	40.420
SHORT TERM BORROWINGS
Working capital loans from banks	278.974	456.435
Total	302.261	496.855

Auditors :
Name :	Virendra Chinubhai and Company Chartered Accountants
Address :	123, Vyapar Bhavan, Opposite Railway Station, Visanagar – 384315, Gujarat, India
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Standard Greases and Specialities Private Limited Navin Enterprises Kusumoto Chemicals India Private Limited Kiran Enterprises

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
7310000	Equity Shares	Rs. 10/- each	Rs. 73.100 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7300666	Equity Shares	Rs. 10/- each	Rs. 73.007 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	73.007	68.100	62.100
(b) Reserves & Surplus	426.526	281.816	146.681
(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)	499.533	349.916	208.781
(3) Non-Current Liabilities
(a) long-term borrowings	66.009	69.973	108.997
(b) Deferred tax liabilities (Net)	46.747	33.057	34.604
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	112.756	103.030	143.601
(4) Current Liabilities
(a) Short term borrowings	278.974	456.435	156.389
(b) Trade payables	129.597	129.387	93.549
(c) Other current liabilities	268.084	111.537	17.017
(d) Short-term provisions	16.114	10.481	7.355
Total Current Liabilities (4)	692.769	707.840	274.310
TOTAL	1305.058	1160.786	626.692
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	520.330	253.489	256.679
(ii) Intangible Assets	0.000	0.000	0.428
(iii) Capital work-in-progress	0.000	67.033	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	2.107
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	35.549	41.036	40.898
Total Non-Current Assets	555.879	361.558	300.112
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	358.991	421.648	100.079
(c) Trade receivables	248.683	181.863	122.950
(d) Cash and cash equivalents	8.877	11.140	14.077
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	132.628	184.577	89.474
Total Current Assets	749.179	799.228	326.580
TOTAL	1305.058	1160.786	626.692

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2539.737	1848.219	2385.955
		Other Income	1.587	6.482	0.599
		TOTAL (A)	2541.324	1854.701	2386.554
Less	EXPENSES
		Cost of Materials Consumed	2136.911	1450.491	1989.303
		Purchases of Stock-in-Trade	5.087	60.387	5.059
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(60.973)	(14.974)	17.497
		Employees benefits expense	15.050	16.171	12.104
		Other expenses	253.555	210.557	237.002
		Prior Period Items Before Tax	0.356	(0.060)	0.401
		TOTAL (B)	2349.986	1722.572	2261.366
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		191.338	132.129	125.188
Less	FINANCIAL EXPENSES (D)		66.934	54.747	63.864
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		124.404	77.382	61.324
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.142	27.996	23.924
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		87.262	49.386	37.400
Less	TAX (H)		29.803	13.054	14.517
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		57.459	36.332	22.883
	Earnings / (Loss) Per Share (Rs.)		7.86	4.97	3.13

Expected Sales (2014-15): Rs. Rs. 3070.000 Million

The above information has been parted by Mr. Shiv Narayan Balaji (Accountant)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	2.26	1.97	0.96
Operating Profit Margin (PBDIT/Sales)	(%)	7.53	7.15	5.25
Return on Total Assets (PBT/Total Assets}	(%)	6.69	4.52	5.99
Return on Investment (ROI) (PBT/Networth)		0.17	0.14	0.18
Debt Equity Ratio (Total Debts/Networth)		0.69	1.50	1.27
Current Ratio (Current Asset/Current Liability)		1.08	1.13	1.19

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	62.100	68.100	73.007
Reserves & Surplus	146.681	281.816	426.526
Net worth	208.781	349.916	499.533
long-term borrowings	108.997	69.973	66.009
Short term borrowings	156.389	456.435	278.974
Total borrowings	265.386	526.408	344.983
Debt/Equity ratio	1.271	1.504	0.691

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2385.955	1848.219	2539.737
		(22.538)	37.415

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2385.955	1848.219	2539.737
Profit	22.883	36.332	57.459
	0.96%	1.97%	2.26%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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	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	10131898	18/05/2011 *	700,000,000.00	STATE BANK OF INDIA	SIDHPUR BRANCH, OPP. RAILWAY STATION, SIDHPUR, Gujarat - 384151, INDIA	B13693304
2	10131897	14/11/2008	423,300,000.00	STATE BANK OF INDIA	SIDHPUR BRANCH, OPP. RAILWAY STATION, SIDHPUR, Gujarat - 384151, INDIA	A51742641
3	10019680	25/06/2008 *	255,400,000.00	STATE BANK OF INDIA	OPP. RAILWAY STATION, SIDHPUR, Gujarat - 384151, INDIA	A41661018
4	90102418	25/11/2004	150,000,000.00	STATE BANK OF INDIA	SIDHPUR BRANCH ; SIDHPUR, Gujarat, INDIA	-
5	90098163	20/12/1997 *	15,000,000.00	GUJRAT STATE FINANCIAL CORPORATION	BUILDING ; ASHRAM ROAD, AHMEDABAD, Gujarat, INDIA	-

*Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Deposits	42.722	29.553
Total	42.722	29.553

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Factory Equipment
• Furniture and Fixture
• Vehicles
• Computer Equipment

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. 63.40
UK Pound	1	Rs. 95.42
Euro	1	Rs. 68.49

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		46

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.