MIRA INFORM REPORT

Report No. :	334564
Report Date :	06.08.2015

IDENTIFICATION DETAILS

Name :	CAPARO ENGINEERING INDIA LIMITED (w. e. f. 10.10.2011)
Formerly Known As :	CAPARO ENGINEERING INDIA PRIVATE LIMITED
Registered Office :	101-104, 1^st Floor, Naurang House, 21, Kasturba Gandhi Marg, New Delhi - 110001
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.05.2000
Com. Reg. No.:	55-105609
Capital Investment / Paid-up Capital :	Rs.7305.721 Million
CIN No.: [Company Identification No.]	U74101DL2000PLC105609
TIN No.:	09966301205 (Noida) 07190318576 (Delhi)
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of automotive components.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 8100000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Caparo Engineering India Limited (CEIL) incorporated in May 2000, is engaged in the manufacturing of auto components viz. sheet metal components, tubes and fasteners. It is established company having moderate track record. The ratings derive strength from its experienced and resourceful promoters with demonstrated funding support over the years and CEIL’s strong business association with major auto manufactures in India. The ratings however, continued to be constrained by the weak financial risk profile marked by continued losses at the net level, moderate capital structure, weak debt coverage indicators and liquidity position and cyclicality associated with the auto industry. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long term Bank Facilities B
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk.
Date	March 15

Rating Agency Name	CARE
Rating	Short Term Bank Facilities
Rating Explanation	Minimal degree of safety and very high credit risk
Date	March 15

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 31-03-2013.

INFORMATION DECLINED

Management non cooperative

LOCATIONS

Registered Office/ Factory :	101-104, 1^st Floor, Naurang House, 21, Kasturba Gandhi Marg, New Delhi – 110001, India
Tel No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@caparo.co.in caparo@satyam.net.in sectretarial@capro.co.in
Website :	http://www.caparo.co.in
Factory 1 :	Plot No. -7, Maruti JV Complex, Delhi –Gurgaon Road, Gurgaon – 122015, Haryana, India
Tel. No.:	91-124-4318000
Fax No.:	91-124-4318000
E-Mail :	info@caparo.co.in
Factory 2 :	Chopanki Industrial Area, Near Bhiwadi, Plot No. A-7, Bhiwadi – 301707, Rajasthan, India

DIRECTORS

As on 25.09.2014

Name :

Mr. Angad Paul

Designation :

Director

Address :

Penthhouse, Ambika House, 9a, Portland Place, London, W1b1PR, United Kingdom

Date of Birth/Age :

04.08.1970

Date of Appointment :

19.05.2000

DIN No.:

01475142

Name :

Mr. Rajesh Prasad

Designation :

Managing Director

Address :

J-1196, Palam Vihar, Gurgaon – 122017, Haryana, India

Date of Birth/Age :

22.07.1958

Date of Appointment :

03.11.2010

DIN No.:

02341590

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	U45202DL1998PLC095074	CAPARO INDIA LIMITED	Director	11/08/2008	02/08/2008	-	Active	NO
2	U80221DL2006NPL149709	CAPARO EDUCATION FOUNDATION	Director	02/08/2008	02/08/2008	-	Active	NO
3	U74101DL2000PLC105609	CAPARO ENGINEERING INDIA LIMITED	Managing director	03/11/2010	02/08/2008	-	Active	NO
4	U65910DL1994PLC057109	CAPARO FINANCIAL SOLUTIONS LIMITED	Managing director	01/04/2012	01/12/2008	-	Active	NO
5	U34200DL2007PLC161380	CAPARO VEHICLE PRODUCTS INDIA LIMITED	Director	30/09/2009	26/06/2009	-	Active	NO
6	U40108TG2009PLC065804	MYTRAH ENERGY (INDIA) LIMITED	Additional director	12/11/2009	12/11/2009	02/10/2010	Active	NO
7	U40101DL2008PLC219872	CAPARO POWER LIMITED	Director	27/09/2010	02/12/2009	-	Active	NO
8	U45400DL2010PLC205058	CAPARO ENGINEERING AND CONSTRUCTION LIMITED	Director	29/06/2011	01/07/2010	09/01/2015	Active	NO
9	U51397DL2010PTC206554	CAPARO MEDICAL PRODUCTS PRIVATE LIMITED	Director	29/06/2011	02/08/2010	28/11/2013	Active	NO
10	U34300DL2007PTC158139	CAPARO MI STEEL PROCESSING PRIVATE LIMITED	Director	29/06/2011	02/11/2010	-	Active	NO
11	U74899DL1994PLC058269	CAPARO MARUTI LIMITED	Director	27/06/2011	08/11/2010	-	Active	NO
12	U74900DL2011FLC224177	CAPARO ASSOCIATES LIMITED	Director	25/08/2011	25/08/2011	09/01/2015	Active	NO
13	U27100DL2011FLC224185	CAPARO FASTENERS LIMITED	Director	26/08/2011	26/08/2011	07/11/2013	Active	NO
14	U40300DL2011PLC224213	CAPARO RENEWABLES LIMITED	Director	26/08/2011	26/08/2011	21/02/2015	Active	NO
15	U74999DL2011FLC224279	CAPARO TUBES LIMITED	Director	29/08/2011	29/08/2011	07/11/2013	Active	NO
16	U29253DL2011FLC224283	CAPARO FOUNDRY AND ENGINEERING LIMITED	Director	29/08/2011	29/08/2011	07/11/2013	Active	NO
17	U74900DL2011PTC228179	CAPARO FACILITY MANAGEMENT SERVICES PRIVATE LIMITED	Director	01/12/2011	01/12/2011	21/02/2015	Active	NO
18	U17233DL2012PLC231570	CAPARO SPINKS WADE INTERNATIONAL LIMITED	Director	15/02/2012	15/02/2012	07/11/2013	Strike off	NO
19	U74140DL2013PLC259483	Caparo Procam Infrastructure Limited	Director	23/10/2013	23/10/2013	08/01/2015	Active	NO
20	U17291DL2013PLC261174	CAPARO SLEEP TECHNOLOGY LIMITED	Director	27/11/2013	27/11/2013	08/01/2015	Active	NO
21	U34200DL2013PLC261486	Caparo Autotech Limited	Director	03/12/2013	03/12/2013	-	Active	NO
22	U74140DL2014FLC270638	CAPARO BIO ENGINEERING LIMITED	Director	21/08/2014	21/08/2014	-	Active	NO

Name :

Mr. Biswajit Ghosh

Designation :

Director

Address :

Flat No. 1148, Sector – D, Pcket – 1, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

11.09.1958

Date of Appointment :

18.02.2012

DIN No.:

02475618

KEY EXECUTIVE

Name :	Mr. Kapil Dev Taneja
Designation :	Company Secretary
Address :	56C, BB Block, Janakpuri, New Delhi – 110058, India
Date of Birth/Age :	08.07.1964
PAN No.:	AACPT7274R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

Names of Shareholders	No. of Shares
Caparo India Limited, India	16
Caparo India Limited, UK	126229687
Blue Elephant Finance Limited, Mauritius	604342423
Rajesh Prasad	1
Kapil Dev Taneja	1
Biswajit Ghosh	1
Ashok Kumar	1
Total	730572130

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of automotive components.
Products :	Sheet Metal Components Tubes Fasteners
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Central bank of India
Branch	101, Abhishree, Opp. Star Bazar, Satellite, Ahmedabad – 380015, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (15 Months) (Rs. in Million)	31.12.2012 (12 Months) (Rs. in Million)
Long-term Borrowings
Term loans from banks	1518.619	1937.636
Rupee term loans from others	1.626	3.039
Foreign currency term loans from others	1489.459	0.000
Short-term borrowings
Loans repayable on demand	1530.314	1600.701
Loans and advances from others	0.000	70.000
Total	4540.018	3611.376

Financial Institutions :	Blue Elephant Finance Limited, DTOS Limited, 4^th Floor, IBL House, Caudan, Port Louis – 000000, Mairitius
Auditors :
Name :	Lodha and Company Chartered Accountants
Address :	12, Bhagat Singh Marg
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Memberships :	--
Collaborators :	--
Ultimate Holding Company :	Zatalo Finance BVI Hold Company, Switzerland
Holding Company :	Blue Elephant Finance Limited, Mauritius

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750000000	Equity Shares	Rs.10/- each	Rs. 7500.000 Million
250000000	Preference Shares	Rs.10/- each	Rs. 2500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
730572130	Equity Shares	Rs.10/- each	Rs. 7305.721 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7305.721	7305.721	5509.307
(b) Reserves & Surplus	(4481.826)	(3441.369)	(1515.273)
(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)	2823.895	3864.352	3994.034
(3) Non-Current Liabilities
(a) long-term borrowings	3351.957	2288.755	2860.830
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	7.270	8.778	10.445
(d) long-term provisions	70.824	56.500	54.997
Total Non-current Liabilities (3)	3430.051	2354.033	2926.272
(4) Current Liabilities
(a) Short term borrowings	1883.314	2056.290	1706.586
(b) Trade payables	1283.203	1504.768	1954.622
(c) Other current liabilities	1783.872	2042.897	2061.605
(d) Short-term provisions	9.200	13.017	7.291
Total Current Liabilities (4)	4959.589	5616.972	5730.104
TOTAL	11213.535	11835.357	12650.410
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4733.021	5452.824	5647.615
(ii) Intangible Assets	168.973	53.231	75.160
(iii) Capital work-in-progress	283.098	298.773	604.131
(iv) Intangible assets under development	0.000	142.054	88.272
(b) Non-current Investments	710.151	669.130	669.130
(c) Deferred tax assets (net)	114.414	114.414	114.414
(d) Long-term Loan and Advances	121.915	145.630	204.096
(e) Other Non-current assets	24.033	40.498	37.597
Total Non-Current Assets	6155.605	6916.554	7440.415
(2) Current assets
(a) Current investments	0.033	0.033	0.086
(b) Inventories	1049.832	1283.060	1316.124
(c) Trade receivables	1570.251	1624.324	1934.862
(d) Cash and cash equivalents	134.030	113.766	206.560
(e) Short-term loans and advances	1560.660	1353.740	1439.460
(f) Other current assets	743.124	543.880	302.903
Total Current Assets	5057.930	4918.803	5199.995
TOTAL	11213.535	11835.357	12640.410

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
	SALES
	Revenue from Operation	7931.853	8965.729	8965.729
	Other Income	113.899	41.218	41.218
	TOTAL (A)	8045.752	9006.947	9006.947
Less	EXPENSES
	Cost of Materials Consumed	3960.220	5046.988	5046.988
	Purchases of Stock-in-Trade	127.839	170.150	170.150
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	127.391	(68.700)	(68.700)
	Employees benefits expense	890.751	740.742	740.742
	Exceptional items	197.023	0.000	0.000
	Other expenses	1896.587	1937.537	1937.537
	TOTAL (B)	7199.811	7826.717	7826.717
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	845.941	1180.230	1180.230
Less	FINANCIAL EXPENSES (D)	1033.840	886.714	886.714
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(187.899)	293.516	293.516
Less/ Add	DEPRECIATION/ AMORTISATION (F)	852.558	663.744	663.744
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(1040.457)	(370.228)	(370.228)
Less	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(1040.457)	(370.228)	(370.228)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	576.167	622.922	1239.919
	TOTAL EARNINGS	576.167	622.922	1239.919
	IMPORTS
	Raw Materials	92.011	133.111	289.348
	Components and Stores parts	4.037	9.715	395.204
	Capital Goods	6.486	3.682	12.345
	TOTAL IMPORTS	102.534	146.508	696.897
	Earnings / (Loss) Per Share (Rs.)	(1.42)	(0.52)	(0.67)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
Current Maturities of Long term debt	735.656	1185.370	1314.110
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	1195.500	1196.440	NA

KEY RATIOS

PARTICULARS		31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
Net Profit Margin (PAT / Sales)	(%)	(13.12)	(4.13)	(4.13)
Operating Profit Margin (PBIDT/Sales)	(%)	10.67	13.16	13.16
Return on Total Assets (PBT/Total Assets}	(%)	(10.30)	(3.49)	(3.32)
Return on Investment (ROI) (PBT/Networth)		(0.37)	(0.10)	(0.09)
Debt Equity Ratio (Total Debt /Networth)		2.11	1.43	1.47
Current Ratio (Current Asset/Current Liability)		1.02	0.88	0.91

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011 (12 Months)	31.12.2012 (12 Months)	31.03.2014 (15 Months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5509.307	7305.721	7305.721
Reserves & Surplus	(1515.273)	(3441.369)	(4481.826)
Net worth	3994.034	3864.352	2823.895
long-term borrowings	2860.830	2288.755	3351.957
Short term borrowings	1706.586	2056.290	1883.314
Current Maturities of Long-Term Debts	1314.110	1185.370	735.656
Total borrowings	5881.526	5530.415	5970.927
Debt/Equity ratio	1.473	1.431	2.114

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011 (12 Months)	31.12.2012 (12 Months)	31.03.2014 (15 Months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	8965.729	8965.729	7931.853
		0.000	(11.531)

NET PROFIT MARGIN

Net Profit Margin	31.12.2011 (12 Months)	31.12.2012 (12 Months)	31.03.2014 (15 Months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	8965.729	8965.729	7931.853
Profit	(370.228)	(9370.228)	(1040.457)
	(4.13%)	(4.13%)	(13.12%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

FINANCIAL PERFORMANCE

The performance of the Company remains stressful due to volatile economic condition of the country in general and of auto sector in particular. The Directors have been continuously endeavoring to bring down the losses but due to slow paced growth of the industry and certain other unavoidable economic factors, losses increased during the period. The Directors remain optimistic about the promising performance of the Company in the coming years. The performance of the Company is poised well at the projected recovery track.

As per the audited accounts of the Company for the financial year ended 31st March, 2014 (15 Months), the accumulated losses of the Company as at 31st March, 2014 amounting to Rs. 4481.800 Million have resulted in erosion of more than fifty percent of its peak net worth during the immediately preceding four financial years.

As per the provisions of Sick Industrial Companies (Special Provisions) Act, 1985, the Company falls under the category of Potentially Sick Industrial Company and is in process of reporting this fact to Board of Industrial and Financial Restructuring.

Despite adversity, the Company is making sincere efforts to sustain its market share in existing business and to diversify in new Greenfield sectors and it is expected that the Company shall overcome its losses and earn profits in the coming financial years.

PERFORMANCE OF THE SUBSIDIARY COMPANIES

The Company is having two subsidiary Companies i.e. Caparo MI Steel Processing Private Limited and Caparo Vehicle Products India Limited. The performance of both the subsidiary Companies is satisfactory in view of the market conditions and growth of the industry. In the coming years, the Board expects better growth prospects due to change in Government policies and positive market sentiments. Particulars of all the subsidiary companies are attached along with statement as required under Section 212 of the Companies Act, 1956.

INDUSTRY OVERVIEW

The year 2013-14 was undoubtedly one of the most challenging one for the automobile industry. Both, vehicle and auto component sales saw a decline during the fiscal year that ended in March, 2014. Few initiatives taken by the Government during the union budget 2014 will also help the industry record growth.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (15 Months) (Rs. in Million)	31.12.2012 (12 Months) (Rs. in Million)
Long-term Borrowings
Fully convertible debentures banks	341.070	341.070
Term loans from banks	1.183	7.009
Short-term borrowings
Loans and advances from related parties	353.000	385.590
Total	695.253	733.669

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10508689	01/07/2014	216,020,000.00	Blue Elephant Finance Limited	DTOS Limited, 4th Floor, IBL House, Caudan, Port  Louis, - 000000, MAURITIUS	C10763498
2	10518196	14/02/2015 *	200,000,000.00	State bank of Hyderabad	Industrial Finance Branch, No. 45, II Line Beach,  1st Floor, Chennai, Tamil Nadu - 600001, INDIA	C55395099
3	10500377	21/04/2014	70,000,000.00	CAPARO FINANCIAL SOLUTIONS LIMITED	101-104, 1st FLOOR, NAURANG HOUSE,, 21 KASTURBA G  ANDHI MARG,, NEW DELHI, Delhi - 110001, INDIA	C05738489
4	10441159	03/06/2014 *	315,221,539.00	Zatalo Finance S.A.	Pasea Estate, Road Town, Tortola British Virgin I  slands, - VG1110, VIRGIN ISLANDS, BRITISH	C09418070
5	10440591	22/08/2013 *	761,194,875.00	Zatalo Finance S.A.	Pasea Estate, Road Town, Tortola British Virgin Islands, - VG1110, VIRGIN ISLANDS, BRITISH	B83652610
6	10218808	24/03/2010	318,300,000.00	Corporation Bank	No. 213/ 214, Chanaperumal Nagar, Sriperumbudur,  Chennai, Tamil Nadu - 602105, INDIA	A85080182
7	10210234	24/07/2013 *	792,200,000.00	Central Bank of India	S.M. Road Branch, 101, Abhishree. Opp. Star Bazar  , Satellite, Ahemdabad, Gujarat - 380015, INDIA	B85071025
8	10126319	24/08/2010 *	130,000,000.00	State Bank of Indore	115, Broadway, Chennai, Tamil Nadu - 600108, INDIA	A94445715
9	10126320	24/08/2010 *	225,000,000.00	STATE BANK OF INDORE	115, BROADWAY, CHENNAI, Tamil Nadu - 600108, INDIA	A94447125
10	10119124	24/08/2010 *	180,000,000.00	State Bank of Indore	115, Broadway, Chennai, Tamil Nadu - 600108, INDIA	A94446507

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2012
Custom duty saved -excluding interest and penalty {Guarantee given to customs authorities for import of capital goods under EPCG license to the extent export obligation are outstanding Rs. NIL (Previous Year Rs. 484.030 Million)}, pending fulfillment of export obligation. #	0.000	167.963
Outstanding Bank Guarantees	85.661	87.828
Bills Discounted with Banks	135.405	123.410
Income Tax Demand where company has preferred appeals	5.229	6.636
Excise Duty/ Service Tax Demand*	47.948	48.600
Sales Tax/ Entry Tax Demand	121.433	105.215
Claim against the company not acknowledged as debt	56.659	27.241

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Leasehold improvements

Intangible Assets

• Computer Software

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.63.81
UK Pound	1	Rs.99.15
Euro	1	Rs.69.13

INFORMATION DETAILS

Analysis Done by :	KSH
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	--
--CREDIT LINES	1~10	3
--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		27

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.