MIRA INFORM REPORT

Report No. :	335677
Report Date :	08.08.2015

IDENTIFICATION DETAILS

Name :	DIAMOND POWER INFRASTRUCTURE LIMITED
Formerly Known As :	DIAMOND CABLES LIMITED
Registered Office :	Phase II, Village Vadadala, Taluka Savli, District Vadodara – 391 520, Gujarat
Tel. No.:	91-91-2667-251516
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	26.08.1992
Com. Reg. No.:	04-018198
Capital Investment / Paid-up Capital :	Rs. 581.420 Million
CIN No.: [Company Identification No.]	L31300GJ1992PLC018198
IEC No.:	3496000121
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACD8043K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Importer of all types of cables, conductors, power transmission equipments.
No. of Employees :	2000 (Approximately)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old established company incorporated during the year 1992 having a moderate track record. The rating is constrained on account of heavy loss incurred by the company during FY 2015 Further, borrowings recorded by the company has also increased. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal 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 ( C ) Suspended
Rating Explanation	Poor Credit Quality and Limited Prospects of Recovery
Date	Aug 3^rd 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities ( A4 ) Suspended
Rating Explanation	Minimal degree of safety and carry very high credit risk
Date	Aug 3^rd 2015

Note: Care has suspended the rating assigned to the company. As the company has not furnished information required to undertaken the ratings.

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 PARTED BY

Name :	Mr. Jayesh Patel
Designation :	General Manager
Contact No.:	91-265-2284328
Date :	07.08.2015

LOCATIONS

Registered Office / Factory :	Phase II, Village Vadadala, Taluka Savli, District Vadodara – 391 520, Gujarat, India
Tel. No.:	91-2667-251516 / 251354
Fax No.:	91-2667-251202
E-Mail :	shares@dicabs.com deepak@dicabs.com nishant.javlekar@dicabs.com corporatefinance@dicabs.com
Website :	http://www.dicabs.com
Location :	Owned
Locality:	Industrial
Corporate Office :	Essen House, 5/9-10, B.I.D.C., Gorwa, Vadodara – 390016, Gujarat, India
Tel No:	91-265-2284328 / 2283969
Fax No.:	91-265-2280528
Email :	marketing@dicabs.com
Marketing Office :	403, 4^th Floor, Subham Complex, Chakala Andheri Kurla Road, Andheri (East) Mumbai - 400099, Maharashtra, India
Branch Office :	Located at New Delhi Chennai Bangalore Mumbai Surat Ahmedabad Indore

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Amit Bhatnagar
Designation :	Managing Director
Qualification :	Bachelor’s degree in Industrial Engineering (gold medalist) from Saurashtra University and MBA in Finance and MOP with a gold medal from the Asian Institute of Management, Manila.
Experience :	24 years
Name :	Dr. Sumit Bhatnagar
Designation :	Joint Managing Director
Qualification :	BE in Electronics from Pune University
Name :	Mr. Karthik Athreya
Designation :	Non-Executive Nominee Director
Qualification :	Commerce degree from Loyola College, Chennai.
Name :	Mr. Bhavin Shah
Designation :	Non-Executive Director
Qualification :	Chartered Accountant and holds an MBA from the Indian Institute of Management (IIM), Ahmedabad.
Name :	Dr. Kirit Vyas
Designation :	Non-Executive Independent Director
Qualification :	Doctor of Philosophy and Master of Science in Chemical Engineering from Illinois Institute of Technology, Chicago, Illinois, U.S.A.
Name :	Mr. Ranvir Singh Shekhawat
Designation :	Non-executive Independent Direct
Name :	Mr. Aswini Sahoo
Designation :	Non-Executive Independent Director
Qualification :	degree in Mechanical Engineering from Regional Engineering College, Rourkela and Post- Graduate diploma in management from the Indian Institute of Management, Bangalore.
Name :	Ashok Kumar Gautam
Designation :	Independent Director
Name :	Ashok Kumar Singh
Designation :	Non-Executive Independent Director

KEY EXECUTIVES

Name :	Mr. Nishant Javlekar
Designation :	Company Secretary
Name :	Mr. Jayramrao Marathe
Designation :	Executive Director (EPC Division)*
Name :	Miss. Nivedita Pandya
Designation :	Technical advisor and Executive director (Projects)*
Name :	Mr. P. Sridharan
Designation :	Director- Operations* (Diamond Power Transformers Limited)
Name :	Mr. Jaideep Nigam
Designation :	Director Exports*(Diamond Power Global Holdings Limited, Dubai)
Name :	Mr. Kirit. S. Dave
Designation :	Sr. Vice President – EPC Division Diamond Power Infrastructure Limited
Name :	Mr. Prakash Mahajan
Designation :	Sr. Vice President – Cables
Name :	Mr. Bhagwan Makhijani
Designation :	Sr. Vice President – Finance and Strategic Initiatives and CFO (Diamond Power Transformers Limited)
Name :	Mr. Pankaj Pandya
Designation :	Vice- President – Commercial and Engineering Services
Name :	Mr. Rashesh Chhaya
Designation :	Vice President – Supply Chain
Name :	Mr. Ghanshyam Singh
Designation :	Vice President – LT Cables and Conductors
Name :	Mr. Ramesh Mishra
Designation :	Vice President – Testing (HT Plant)
Name :	Mr. Rajesh Dutta
Designation :	Vice President – Marketing
Name :	Mr. Jagdish Jain
Designation :	Vice President – HT Cables and EHV Cables
Name :	Mr. Prem Shekhar Prasad
Designation :	Vice President – EPC
Name :	Mr. Vijay Shankar N S
Designation :	Vice President – QTP and PPC
Name :	Mr. Lakhamshi R. Patel
Designation :	Vice – President (Marketing) Diamond Power Transformers Limited.
Name :	Mr. Pratik Shah
Designation :	Vice President (Accounts)
Name :	Mr. Dashrath M. Patel
Designation :	Vice – President of Diamond Power Transformers Limited.
Name :	Mr. Mukesh R Patel
Designation :	Vice President – HR
Name :	Mr. U K Shashidharan
Designation :	Assistant Vice President – Transmission Tower Production
Name :	Mr. M. Srinivassan
Designation :	Assistant Vice President – Marketing
Name :	Mr. Panicker Sugathan
Designation :	Assistant Vice President – Purchase
Name :	Mr. Omprakash Atre
Designation :	Assistant Vice President – Logistics and Warehouse
Name :	Mr. Chirag Kothari
Designation :	Account Manger
Name :	Mr. Jayesh Patel
Designation :	General Manager

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	5483393	10.15
Bodies Corporate	13261955	24.56
Sub Total	18745348	34.71
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	18745348	34.71
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	87183	0.16
Venture Capital Funds	2944066	5.45
Foreign Institutional Investors	8604507	15.93
Sub Total	11635756	21.55
(2) Non-Institutions
Bodies Corporate	7021642	13.00
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	8661157	16.04
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	5090593	9.43
Any Others (Specify)	2845999	5.27
Others	1663195	3.08
Clearing Members	69310	0.13
Non Resident Indians	1113140	2.06
Trusts	354	0.00
Sub Total	23619391	43.74
Total Public shareholding (B)	35255147	65.29
Total (A)+(B)	54000495	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)	54000495	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of all types of cables, conductors, power transmission equipments.
Products :	Cables Selling Out- Sourced Products EPC Contracts
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	USA Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: (AS ON 31.03.2014)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
All Aluminum Alloy Conductors and CSR Conductor (Excluding Conductors used In Cables)	MTPA.	NA	50500	43035
LT Electric Power Cables and Control Cables	Kms	NA	34300	30589
HT Cables	Kms	NA	5600	5485
EHV Cables	Kms	NA	2000	1035
Transmission Towers	MTPA	NA	48000	47031

Note:

Consumption of Assorted Wire / Wire rods is not provided, as they are totally consumed in-house for manufacture of conductors. Installed capacity and capacity utilization are as certified by the management and not verified by the auditors being a technical matter. The quantity in Kms. cannot comparable as the weight per Kms of each conductor varies on the cross section area and current carrying capacity. Hence, the production has been shown in Kms. The Quantity are usually taken as per relevant IS standards

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 :

2000 (Approximately)

Bankers :

• Bank of India
• Allahabad Bank
• Axis Bank
• Dena Bank
• Bank of Baroda
• Indian Overseas Bank
• ICICI Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Bonds / Debentures	NA	1000.000
Term Loan From Bank	NA	4717.944
Long Term Maturities of Finance lease obligation	NA	3.304
Unsecured Loans From Lender	NA	334.703
SHORT TERM BORROWING
Loan Repayable on Demand From Bank	NA	6000.000
Deposits/Instalment of Term Loan/DPG (Repayable within one year)	NA	398.506
Total	NA	12724.877

NOTES (AS ON 31.03.2014):

Term Loans from Banks

a) Rs 818.437 Million (Previous year Rs 1071.490 Million) Secured 1st Pari Passu Charge on the entire Fixed Assets of the company both present and Future. The Term Loan is repayable in remaining 18 equal Quarterly instalment by 30/03/2017 and present Interest rate is 12.90% p.a.

(b) Rs 3738.013 Million Secured 1st Pari Passu Charge on the entire Fixed Assets of the company both Present and Future. The Term Loan is Repayable in 26 equally Quarterly instalment commencing from 30th Sep, 2014 and carries Interest rate of 12.75% pa.

(c) Rs Nil secured by 1st pari passu charge on all fixed assets of the company both present and future within 60 days from the first disbursement. 2nd pari passu charge on all current assets of the company both present and future within 60 days from the 1^st Disbursement. The term loan is repayable in 11 equated quarterly instalment after moratorium period carries interest rate 12.25%.

(d) Rs. 1000.000 Million (Non-Convertible Debentures) secured by 1st pari passu charge on all fixed assets of the Company both present and future within 60 days from the first disbursement. 2nd pari passu charge on all current assets of the company both Present and future within 60 days from the 1st disbursement repayment starting from 1st june 2014 carries interest rate 12.35%.

(e) Rs 3.304 Million Loans taken for the Vehicles the present rate of interest charged is at 10.83% PA the duration of loan are for period of 36 Months from the Date of Disbursement.

(f) Rs 5000.000 Million secured by 1st pari passu charge on all fixed assets of the company both present and future within 60 days from the first disbursement. 2nd pari passu charge on all current assets of the company both present and future within 60 days from the 1^st Disbursement The term loan is repayable in 11 equated quarterly instalment after moratorium period carries interest rate 12.25%.

Auditors :
Name :	Vijay Tewar and Company Chartered Accountants
Address :	315-316, Panorama, R.C. Dutt Road, Vadodara -390007, Gujarat, India
Tel. No.:	91-265-2334295 / 2337702
Fax No.:	91-265-3083444
E-Mail :	vijay@vijaytewar.com vijaytewar@yahoo.com
Web Site :	www.vijaytewar.com
Memberships :	Not Available
Collaborators :	Not Available
Associates : (AS on 31.03.2014)	Diamond Info systems Limited Diamond Projects Limited Maktel Control And Systems Privet Limited Maktel Power Limited
Subsidiaries : (AS on 31.03.2014)	Diamond Power Transformers Limited Diamond Power Global Holding Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs. 581.420 Million

AS ON 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Million

Issued &Subscribed Capital:

No. of Shares	Type	Value	Amount
54680245	Equity Shares	Rs.10/- each	Rs.546.802 Million
4141500	Preference Shares	Rs.10/- each	Rs. 41.415 Million
	Total		Rs. 588.217 Million

Paid-up Capital:

No. of Shares	Type	Value	Amount
54000495	Equity Shares	Rs.10/- each	Rs.540.050 Million
4141500	Preference Shares	Rs.10/- each	Rs. 41.415 Million
	Total		Rs. 581.420 Million

Reconciliation of number of Equity Shares and amount outstanding at the beginning and at the end of the year

Equity Shares	31.03.2014
	No of Shares	Rs. In Million
Outstanding at the Beginning of the Year (Face Value Rs 10 each)	37206371	372.064
Add: Bonus Issue	12402124	124.021
Preferential Issue	4392000	43.920
Outstanding at the End of the Year	54000495	540.005

Shareholders holding more than 5% Equity Shares in the Company as at the end of the year

Name of Shareholder	31.03.2014
	No of Shares	% of Holding
Madhuri Finserve Privet Limited	8224550	15.23
Diamond Infosystems Limited	3704732	6.86
Diamond Projects Limited	2942464	5.45
Suresh N Bhatnagar	--	--
Clearwater Capital Partners Cyprus Limited	4330881	8.02
Macquarie Bank Limited	3868606	7.16
Kotak Mahindra Trusteeship Services Limited-A/C Ko	2944066	5.45
The Royal Bank of Scotland N.v. (London) Branch	--	--

For the period of 5 years immediately preceding the date as at which the balance Sheet is prepared

a) Aggregate Number and Class of Shares allocated as fully paid up pursuant to contract(s) without payment have being received in cash NA

b) Aggregate Number and Class of 12402124 Equity Shares allocated as fully paid up by way of Bonus Shares in FY 2013-14 and 7015690 Equity shares allocated as fully paid up by way of bonus share in FY 2009-10

c) Aggregate Number and Class of Shares bought Back NA

The Company has one class of equity shares having a par value of Rs 10 per share & Preference Shares having per value of Rs10 per share. Each holder of equity shares is entitled to one vote per share. 2.5 Forfeited Shares

The Company had Forfeited 679750 Equity Shares on 29.04.2000 out of Issued Capital of 18250000 Equity Shares the forfeited Shares where due to Unpaid Shares calls of Rs. 7 Per.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	581.420	581.420	372.064
(b) Reserves & Surplus	7529.188	8754.735	6647.752
(c) Money received against share warrants	340.750	0.000	0.000
(2) Share Application money pending allotment		0.000	0.000
Total Shareholders’ Funds (1) + (2)	8451.358	9336.155	7019.816
(3) Non-Current Liabilities
(a) long-term borrowings	10564.962	6326.371	5758.917
(b) Deferred tax liabilities (Net)	146.200	90.000	0.000
(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)	10711.162	6416.371	5758.917
(4) Current Liabilities
(a) Short term borrowings	8247.640	6398.506	5552.872
(b) Trade payables	661.802	1126.783	1029.023
(c) Other current liabilities	1520.150	4028.416	3752.917
(d) Short-term provisions	200.466	218.985	328.189
Total Current Liabilities (4)	10630.058	11772.690	10663.001
TOTAL	29792.578	27525.216	23441.734
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11173.068	9401.553	7054.245
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	172.069	170.780	170.780
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1235.155	2421.841	2222.489
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	12580.292	11994.174	9447.514
(2) Current assets
(a) Current investments	0.060	0.060	0.060
(b) Inventories	10763.941	11495.370	8491.318
(c) Trade receivables	5074.778	2370.143	3993.103
(d) Cash and cash equivalents	619.328	915.614	924.719
(e) Short-term loans and advances	754.179	749.855	585.020
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	17212.286	15531.042	13994.220
TOTAL	29792.578	27525.216	23441.734

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	24227.611	26742.927	21263.653
	Other Income	102.790	65.874	63.831
	TOTAL (A)	24330.401	26808.801	21327.484
Less	EXPENSES
	Cost of Materials Consumed	21385.503	27056.075	20253.423
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	967.045	(3566.037)	(1676.001)
	Employees benefits expense	308.301	299.004	256.829
	Other expenses	667.666	331.159	239.873
	Exceptional Items	300.134
	TOTAL (B)	23628.649	24120.201	19074.124
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	701.752	2688.600	2253.360
Less	FINANCIAL EXPENSES (D)	1277.956	1117.979	856.043
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(576.204)	1570.621	1397.317
Less/ Add	DEPRECIATION/ AMORTISATION (F)	530.286	350.934	326.541
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(1106.490)	1219.687	1070.776
Less	TAX (H)	56.200	180.000	150.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(1162.690)	1039.687	920.776
Less	APPROPRIATIONS
	Proposed Dividend	NA	0.000	49.608
	Tax on Proposed Dividend	NA	0.000	8.048
	Balance Carried to the B/S	NA	1039.687	863.120
	EARNINGS IN FOREIGN CURRENCY
	Foreign exchange fluctuation	NA	151.420	0.000
	TOTAL EARNINGS	NA	151.420	0.000
	Earnings / (Loss) Per Share (Rs.)	(21.53)	19.25	24.75

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	1410.529	(1192.289)
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(4.80)	3.89	4.33
Operating Profit Margin (PBIDT/Sales)	(%)	2.90	10.05	10.60
Return on Total Assets (PBT/Total Assets}	(%)	(3.74)	4.46	4.60
Return on Investment (ROI) (PBT/Networth)		(0.13)	0.13	0.15
Debt Equity Ratio (Total Debt /Networth)		2.23	1.36	1.61
Current Ratio (Current Asset/Current Liability)		1.62	1.32	1.31

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.41.85//-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	372.064	581.420	581.420
Reserves & Surplus	6647.752	8754.735	7529.188
Money received against share warrants	340.750	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7360.566	9336.155	8110.608
long-term borrowings	5758.917	6326.371	10564.962
Short term borrowings	5552.872	6398.506	8247.640
Total borrowings	11311.789	12724.877	18812.602
Debt/Equity ratio	1.537	1.363	2.320

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	21263.653	26742.927	24227.611
		25.768	(9.406)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	21263.653	26742.927	24227.611
Profit	920.776	1039.687	(1162.690)
	4.33%	3.89%	(4.80%)

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)	Yes
16	No. of employees	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Loans & Advances From Related Parties	NA	270.420
Total	NA	270.420
NOTE: (AS ON 31.03.2014) Rs 300.000 Million (Previous Year Rs 400.000 Million) are unsecured carrying interest rate of 12.90% and repayable within 90 days from the first Disbursement. Rs 270.420 Million (Previous Year Rs 1560.027 Million) are towards contribution from the Promoters’ group for the ongoing expansion project. During the year 4392000 Warrants were issued @120 per warrants same during the year got converted into equity shares and additionally preference share of 4141500 @181 these was equally allotted to Diamond Projects Limited and Madhuri Finserve Private Limited

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
	10577622	18/06/2015	28,589,100,000.00	BANK OF INDIA - LEAD BANK	VADODARA MID CORPORATE BRANCH, BANK OF INDIA BUIL DING, 2ND FLOOR, RAOPURA, VADODARA, GUJARAT - 3900 01, INDIA	C57780330
2	10549344	13/01/2015	4,180,000,000.00	BANK OF INDIA	VADODARA MID CORPORATE BRANCH, BANK OF INDIA BUIL DUING, 2ND FLOOR, RAOPURA, VADODARA, GUJARAT - 390 001, INDIA	C43597814
3	10529932	03/11/2014	500,000,000.00	IFCI LIMITED	IFCI TOWER, 61 NEHRU PLACE, NEW DELHI, DELHI - 110 019, INDIA	C32799223
4	10485499	28/02/2014	14,292,700,000.00	BANK OF INDIA- LEAD BANK	VADODARA MID CORPORATE BRANCH, BANK OF INDIA BUIL DING, 2ND FLOOR, RAOPURA, VADODARA, GUJARAT - 3900 01, INDIA	C00706440
5	10483882	22/10/2014 *	300,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA	C32039893
6	10422706	30/03/2013	2,860,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, ALKAPURI, R C DUTT ROAD, VAODADARA, GUJARAT - 390007, INDIA	B74030883
7	10417251	29/03/2013	400,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B72453046
8	10412962	18/02/2015 *	590,000,000.00	STATE BANK OF MYSORE	GROUND FLOOR, SHITI RATNA BUILDING, PANCHWATI CIRCLE,, AHMEDABAD, GUJARAT - 380006, INDIA	C45032695
9	10411402	01/03/2013	1,186,000,000.00	BANK OF INDIA	VADODARA MID CORPORATE BRANCH, BANK OF INDIA BUIL DING, 2ND FLOOR, RAOPURA, VADODARA, GUJARAT - 390001, INDIA	B70645213
10	10387327	28/02/2014 *	1,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA	B98866502

* Date of charge modification

FIXED ASSETS

· Land and Site Development

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture / Equipments

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a 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.98.93
Euro	1	Rs.69.66

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	GTA/ KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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		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.