MIRA INFORM REPORT

Report No. :	319464
Report Date :	30.04.2015

IDENTIFICATION DETAILS

Name :	KAMACHI SPONGE AND POWER CORPORATION LIMITED
Registered Office :	ABC Trade Centre, Old No. 50, (New No.39), 3^rd Floor, Anna Salai, Chennai – 600002, Tamilnadu
Tel. No.:	91-44-42961100
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.10.2003
Com. Reg. No.:	18-051727
Capital Investment / Paid-up Capital :	Rs. 1315.586 Million
CIN No.: [Company Identification No.]	U27106TN2003PLC051727
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEK07478C
PAN No.: [Permanent Account No.]	AACCK6172C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Steel, Sponge iron, Metal.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

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
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company is continuously incurring losses from its operational activities. External borrowing of the company is also huge. Rating also takes into consideration instances of delays in servicing its debt. However, business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a 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 – 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	INDIA RATING
Rating	Long Term Issuer Rating = D
Rating Explanation	Lowest credit quality and very low prospects of recovery.
Date	October 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.

LOCATIONS

Registered Office :	ABC Trade Centre, Old No. 50, (New No.39), 3^rd Floor, Anna Salai, Chennai – 600002, Tamilnadu, India
Tel. No.:	91-44-42961100
Fax No.:	91-44-42961122
E-Mail :	vkkothari123@gmail.com sales@kamachitmt.com arihant@kamachigroup.com info@kamachigroup.com
Website :	www.kamachigroup.com
Corporate Office :	# 664, T.H. Road, Tondiarpet, Chennai – 600 081, Tamilnadu, India.
Tel. No.:	91-44-25910855/ 25910850
Fax No.:	91-44-25917603
E-Mail :	glkotari@vsnl.com
Factory :	Survey No.86, 115-119, 123, Pathapalayam Village, S.R. Kandigai Post, Gummidipoondi – 601 201, Tamilnadu, India
Tel. No.:	91-44-25910855/ 25910850/ 37900907
Tel. No.:	91-44-27924614

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ghisulal Kothari

Designation :

Director

Address :

New No.10, Old No.13, Sylvan Lodge Colony, 1^st Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

04.12.1950

Date of Appointment :

08.10.2003

DIN No.:

01168461

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	U45402TN1995PLC030832	ABC PROPERTIES LIMITED	Director	05-04-1995	05-04-1995	25-12-2009	Active	NO
2	U27105TN1995PLC030850	KAMACHI STEELS LIMITED	Director	06-04-1995	06-04-1995	-	Active	NO
3	U27104TN1990PLC019711	GOYAL ISPAT LIMITED	Director	24-07-2000	24-07-2000	-	Active	NO
4	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Director	08-10-2003	08-10-2003	-	Active	NO
5	U65921WB1990PTC050426	KAMACHI INVESTMENTS PRIVATE LIMITED	Whole-time director	13-09-2004	13-09-2004	-	Active	NO
6	U63023TN2005PLC055189	K.I.(INTERNATIONAL) LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
7	U51109WB1995PTC073455	SOLANKI TEXCOM PRIVATE LIMITED	Director	28-09-2006	19-04-2006	-	Active	NO
8	U74899WB1995PLC114981	SHIVPRIYA FINVEST LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
9	U51109WB2005PTC102246	SAMARTH GOODS PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
10	U72100WB2007PTC112561	SALTEE SOFTWARE PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
11	U14102RJ1993PTC007445	KAMACHI GRANITES PRIVATE LIMITED	Director	19-02-2011	19-02-2011	-	Active	NO
12	U40200TN2011PLC082149	KAMACHI THERMAL POWER LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO
13	U40108TN2011PLC082135	KAMACHI GREEN ENERGY LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO

Name :

Mr. Shantilal Meghraj Kothari

Designation :

Director

Address :

New No.10, Old No.13, Sylvan Lodge Colony, 1^st Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

01.05.1953

Date of Appointment :

08.10.2003

DIN No.:

01789941

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	U45402TN1995PLC030832	ABC PROPERTIES LIMITED	Director	05-04-1995	05-04-1995	25-12-2009	Active	NO
2	U27105TN1995PLC030850	KAMACHI STEELS LIMITED	Director	06-04-1995	06-04-1995	-	Active	NO
3	U27104TN1990PLC019711	GOYAL ISPAT LIMITED	Director	24-07-2000	24-07-2000	-	Active	NO
4	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Director	08-10-2003	08-10-2003	-	Active	NO
5	U65921WB1990PTC050426	KAMACHI INVESTMENTS PRIVATE LIMITED	Director	13-09-2004	13-09-2004	-	Active	NO
6	U63023TN2005PLC055189	K.I.(INTERNATIONAL) LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
7	U51109WB1995PTC073455	SOLANKI TEXCOM PRIVATE LIMITED	Director	19-04-2006	19-04-2006	-	Active	NO
8	U28931WB1996PTC117342	DEVSHREE SAVING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
9	U51109WB2005PTC102246	SAMARTH GOODS PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
10	U72100WB2007PTC112561	SALTEE SOFTWARE PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
11	U40200TN2011PLC082149	KAMACHI THERMAL POWER LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO
12	U40108TN2011PLC082135	KAMACHI GREEN ENERGY LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO

Name :

Mr. Sardarmal Kothari

Designation :

Managing Director

Address :

New No.10, Old No.13, Sylvan Lodge Colony, 1^st Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

03.10.1958

Date of Appointment :

02.08.2004

DIN No.:

01168374

PAN No.:

AADPK9902A

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	U27105TN1995PLC030850	KAMACHI STEELS LIMITED	Director	06-04-1995	06-04-1995	-	Active	NO
2	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Managing director	01-04-2014	08-10-2003	-	Active	NO
3	U27107GA2002PLC003121	MAA DURGA ENTERPRISES LIMITED	Director	02-08-2004	02-08-2004	-	Active	NO
4	U65921WB1990PTC050426	KAMACHI INVESTMENTS PRIVATE LIMITED	Director	13-09-2004	13-09-2004	-	Active	NO
5	U27104TN1990PLC019711	GOYAL ISPAT LIMITED	Director	01-10-2004	01-10-2004	-	Active	NO
6	U63023TN2005PLC055189	K.I.(INTERNATIONAL) LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
7	U51109WB1995PTC073455	SOLANKI TEXCOM PRIVATE LIMITED	Director	28-09-2006	19-04-2006	-	Active	NO
8	U67120WB1996PTC117347	S B M INVESTMENTS PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
9	U51109WB2005PTC102246	SAMARTH GOODS PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
10	U72100WB2007PTC112561	SALTEE SOFTWARE PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
11	U40200TN2011PLC082149	KAMACHI THERMAL POWER LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO
12	U40108TN2011PLC082135	KAMACHI GREEN ENERGY LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO

Name :

Mr. Kewalchand Meghraj Kothari

Designation :

Director

Address :

New No.10, Old No.13, Sylvan Lodge Colony, 1^st Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

15.06.1961

Date of Appointment :

08.10.2003

DIN No.:

01789704

PAN No.:

AADPK8674K

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	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Director	08-10-2003	08-10-2003	-	Active	NO
2	U27107GA2002PLC003121	MAA DURGA ENTERPRISES LIMITED	Director	20-01-2004	20-01-2004	-	Active	NO
3	U63023TN2005PLC055189	K.I.(INTERNATIONAL) LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
4	U65921WB1994PTC117343	BOOH FINANCE COMPANY PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
5	U51109WB2005PTC102246	SAMARTH GOODS PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
6	U72100WB2007PTC112561	SALTEE SOFTWARE PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
7	U14102RJ1993PTC007445	KAMACHI GRANITES PRIVATE LIMITED	Director	19-02-2011	04-02-2011	-	Active	NO
8	U40200TN2011PLC082149	KAMACHI THERMAL POWER LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO
9	U40108TN2011PLC082135	KAMACHI GREEN ENERGY LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO

Name :

Mr. Vinod Kothari

Designation :

Director

Address :

New No.10, Old No.13, Sylvan Lodge Colony, 1^st Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

05.12.1972

Date of Appointment :

11.02.2004

DIN No.:

00215412

PAN No.:

AADPK8080H

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	U27105TN1995PLC030850	KAMACHI STEELS LIMITED	Director	11-05-1998	11-05-1998	-	Active	NO
2	U27107GA2002PLC003121	MAA DURGA ENTERPRISES LIMITED	Director	20-01-2004	20-01-2004	-	Active	NO
3	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Whole-time director	01-11-2014	11-02-2004	-	Active	NO
4	U27104TN1990PLC019711	GOYAL ISPAT LIMITED	Director	01-11-2004	01-11-2004	-	Active	NO
5	U63023TN2005PLC055189	K.I.(INTERNATIONAL) LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
6	U65929WB1996PTC138106	PURE GOLD FINANCE PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
7	U67120WB1996PTC115245	UTTAM FINVEST PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
8	U67120WB1996PTC117347	S B M INVESTMENTS PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
9	U74899WB1995PLC114981	SHIVPRIYA FINVEST LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
10	U65921WB1994PTC117343	BOOH FINANCE COMPANY PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
11	U28931WB1996PTC117342	DEVSHREE SAVING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
12	U27310TN2008PTC067964	STRIDE STEELS PRIVATE LIMITED	Director	29-05-2008	29-05-2008	12-04-2011	Active	NO
13	U65921WB1990PTC050426	KAMACHI INVESTMENTS PRIVATE LIMITED	Director	01-04-2009	01-04-2009	-	Active	NO
14	U51109WB1995PTC073455	SOLANKI TEXCOM PRIVATE LIMITED	Director	27-09-2010	01-02-2010	-	Active	NO
15	U14102RJ1993PTC007445	KAMACHI GRANITES PRIVATE LIMITED	Additional director	19-01-2011	19-01-2011	07-03-2011	Active	NO
16	U65993WB1993PTC136508	SHOBHA INVESTMENT PRIVATE LIMITED	Director	22-03-2013	20-06-2012	-	Active	NO

Name :

Mr. Rajeev Kumar Raizada

Designation :

Nominee Director

Address :

Old No.67, New No.6, Pachiyappas College Hostel Road, Chetpet, Chennai – 600 031, Tamilnadu, India

Date of Birth/Age :

05.12.1956

Date of Appointment :

23.08.2013

DIN No.:

06617811

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	U67120TG2007PLC053327	PRIDHVI ASSET RECONSTRUCTION AND SECURITISATION COMPANY LIMITED	Director	10-09-2013	29-06-2013	-	Active	NO
2	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Nominee director	23-08-2013	23-08-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S. Varada Raj
Designation :	Secretary
Address :	72/11, Thottasalai Street, Vagarayam Palayam (Po), Coimbatore District – 641 659, Tamilnadu, India
Date of Birth/Age :	01.04.1985
Date of Appointment :	01.02.2010
PAN No.:	AGDPV1076C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 30.06.2014

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	1.62
Bodies corporate	93.94
Directors or relatives of Directors	4.44
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Steel, Sponge iron, Metal.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

• Punjab National Bank, 150, Luz Church Road, Mylapore, Chennai – 600004, Tamilnadu, India
• Andhra Bank, Chennail Main Branch, 48/39, Wavoo Mansion, Rajaji Salai, Chennai – 600001, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loan from banks	6418.599	6988.300
Other loans and advances	1.844	2.142
SHORT TERM BORROWINGS
Other loans and advances	2105.645	1677.942
Total	8526.088	8668.384

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Flat No.11 `Shanti Enclave', 25, Venkatakrishna Iyer Road, R.A. Puram, Chennai – 600 028, Tamilnadu, India
Tel. No.:	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Goyal Ispat Limited (CIN No.: U27104TN1990PLC019711) Kamachi Investments Private Limited (CIN No.: U65921WB1990PTC050426) Pure Gold Finance Private Limited (CIN No.: U65929WB1996PTC138106) S B M Investments Private Limited (CIN No.: U67120WB1996PTC117347) Saltee Softwars Private Limited (CIN No.: U72100WB2007PTC11256) Samarth Goods Private Limited (CIN No.: U51109WB2005PTC10224) Shivpriya Finvest Limited (CIN No.: U74899WB1995PLC114981) Solanki Texcom Private Limited (CIN No.: U51109WB1995PTC073455) Uttam Finvest Private Limited (CIN No.: U67120WB1996PTC115245) Shobha Investment Private Limited (CIN No.: U65993WB1993PTC136508) K.I.(International) Limited Kamachi Granites Private Limited (CIN No.: U14102RJ1993PTC00745) Kamachi Green Energy Limited (CIN No.: U40108TN2011PLC082135) Kamachi Steels Limited (CIN No.: U27105TN1995PLC030850) Maa Durga Enterprises Limited Stride Steels Private Limited Booh Finance Company Private Limited Devshree Saving And Investment Company Private Limited Greta Steels Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital : Rs. 1750.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 1640.786 Million

AFTER 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs. 10/- each	Rs. 1750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
174268571	Equity Shares	Rs. 10/- each	Rs. 1742.686 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs. 10/- each	Rs. 1500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
131558571	Equity Shares	Rs. 10/- each	Rs. 1315.586 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	1315.586	1061.286	1040.886
(b) Reserves & Surplus	(211.314)	777.953	1826.585
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	55.100	59.500	21.000
Total Shareholders’ Funds (1) + (2)	1159.372	1898.739	2888.471
(3) Non-Current Liabilities
(a) long-term borrowings	6421.464	6990.442	4135.156
(b) Deferred tax liabilities (Net)	0.000	0.000	108.665
(c) Other long term liabilities	277.746	294.143	0.000
(d) long-term provisions	5.484	4.293	3.383
Total Non-current Liabilities (3)	6704.694	7288.878	4247.204
(4) Current Liabilities
(a) Short term borrowings	2105.645	1677.942	2834.202
(b) Trade payables	2370.677	2094.510	2464.949
(c) Other current liabilities	1074.540	582.837	1185.955
(d) Short-term provisions	0.385	0.360	0.204
Total Current Liabilities (4)	5551.247	4355.649	6485.310
TOTAL	13415.313	13543.266	13620.985
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8789.047	9131.886	9137.971
(ii) Intangible Assets	1.956	2.605	3.252
(iii) Capital work-in-progress	2.470	30.831	77.029
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	103.619	187.969	172.613
(e) Other Non-current assets	0.000	0.000	24.237
Total Non-Current Assets	8897.092	9353.291	9415.102
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2294.418	1667.342	2640.391
(c) Trade receivables	1511.369	1744.496	622.836
(d) Cash and cash equivalents	335.200	191.221	503.937
(e) Short-term loans and advances	318.634	370.822	429.905
(f) Other current assets	58.600	216.094	8.814
Total Current Assets	4518.221	4189.975	4205.883
TOTAL	13415.313	13543.266	13620.985

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	8852.161	10205.311	6714.790
		Other Income	82.490	71.295	141.713
		TOTAL (A)	8934.651	10276.606	6856.503
Less	EXPENSES
		Cost of Materials Consumed	5222.886	5944.637	4982.178
		Purchases of Stock-in-Trade	671.546	1333.602	592.555
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(54.116)	189.934	(668.562)
		Employees benefits expense	148.232	142.369	82.963
		Other expenses	2188.976	2280.377	1241.459
		TOTAL (B)	8177.524	9890.919	6230.593
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		757.127	385.687	625.910
Less	FINANCIAL EXPENSES (D)		1209.369	1088.005	482.117
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(452.242)	(702.318)	143.793
Less/ Add	DEPRECIATION/ AMORTISATION (F)		512.790	485.579	147.311
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(965.032)	(1187.897)	(3.518)
Less	TAX (H)		0.000	(108.665)	(2.890)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(965.032)	(1079.232)	(0.628)
	IMPORTS
		Raw Materials	0.000	3012.719	4331.934
		Components and Stores parts	0.000	45.339	0.000
		Capital Goods	0.000	0.337	57.652
	TOTAL IMPORTS		0.000	3058.395	4389.587
	Earnings / (Loss) Per Share (Rs.)		(8.13)	(10.30)	(0.01)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(10.90)	(10.57)	(0.01)
Operating Profit Margin (PBDIT/Sales)	(%)	8.55	3.77	9.32
Return on Total Assets (PBT/Total Assets}	(%)	(7.19)	(8.79)	(0.03)
Return on Investment (ROI) (PBT/Networth)		(0.83)	(0.63)	0.00
Debt Equity Ratio (Total Debts/Networth)		7.35	4.57	2.41
Current Ratio (Current Asset/Current Liability)		0.81	0.96	0.65

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	1040.886	1061.286	1315.586
Reserves & Surplus	1826.585	777.953	-211.314
Share Application money pending allotment	21.000	59.500	55.100
Net worth	2888.471	1898.739	1159.372
long-term borrowings	4135.156	6990.442	6421.464
Short term borrowings	2834.202	1677.942	2105.645
Total borrowings	6969.358	8668.384	8527.109
Debt/Equity ratio	2.413	4.565	7.355

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	6714.790	10205.311	8852.161
		51.983	(13.259)

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	6714.790	10205.311	8852.161
Profit	(0.628)	(1079.232)	(965.032)
	(0.01%)	(10.58%)	(10.90%)

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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10428921	30/07/2013 *	82,300,000.00	PUNJAB NATIONAL BANK	150, Luz Church Road, Mylapore, Chennai, Tamil Nadu - 600004, INDIA	B83815431
2	10416739	30/07/2013 *	2,350,000,000.00	PUNJAB NATIONAL BANK	150, Luz Church Road, Mylapore, Chennai, Tamil Nadu - 600004, INDIA	B83815803
3	10360315	27/04/2012	1,440,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	B41504671
4	10361268	27/04/2012	1,440,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	B41887662
5	10156584	30/07/2013 *	5,250,000,000.00	PUNJAB NATIONAL BANK	150, LUZ CHURCH ROAD, MYLAPORE, CHENNAI, Tamil Nadu - 600004, INDIA	B83817908
6	80063471	30/07/2013 *	100,000,000.00	STATE BANK OF MYSORE	Industrial Finance Branch, 576, Anna Salai,Teynampet, Chennai, Tamil Nadu - 600006, INDIA	B84339142
7	80021222	19/03/2015 *	6,117,600,000.00	Punjab National Bank	150 Luz Church Road, Mylapore Branch, Chennai, Tamil Nadu - 600004, INDIA	C50281310
8	80063472	30/07/2013 *	305,000,000.00	STATE BANK OF INDIA	Industrial Finance Branch, 155, Anna Salai, Chennai, Tamil Nadu - 600002, INDIA	B84450675

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Other loans and advances	1.021	0.000
Total	1.021	0.000

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixture
• Vehicles
• Office Equipments
• 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 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. 63.20
UK Pound	1	Rs. 97.00
Euro	1	Rs.69.33

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	--
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		17

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.