MIRA INFORM REPORT

Report No. :	335648
Report Date :	08.08.2015

IDENTIFICATION DETAILS

Name :	SHAH PAPER MILLS LIMITED
Registered Office :	Angiline Apartment, B/202, 2^nd Floor, Vile Parle (West), Mumbai – 400056, Maharashtra
Tel. No.:	91-22—26161932
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.07.1990
Com. Reg. No.:	11-057464
Capital Investment / Paid-up Capital :	Rs. 182.500 Million
CIN No.: [Company Identification No.]	U21010MH1990PLC057464
IEC No.:	0392003074
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACS6438F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Newsprint Papers.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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 :	Exist
Comments :	Subject is an established company incorporated during the year 1990 having a satisfactory track record. The company is progressing well. General financial position of the company is sound and healthy. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. In view of long track record and acceptable financial base, the company can be considered normal 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 – 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 = BBB+ (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	February 25, 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+ (Suspended)
Rating Explanation	Moderate degree of safety and higher credit risk
Date	February 25, 2015

Reason for suspension: Absence of adequate information.

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. Girish S Shetty
Designation :	Director / CFO
Contact No.:	91-9825064403
Date :	06.08.2015

LOCATIONS

Registered Office :	Angiline Apartment, B/202, 2^nd Floor, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26161932
Mobile No.:	91-9825064403 (Mr. Girish)
Fax No.:	Not Available
E-Mail :	info@shahpaper.com hemantmodi@shahpapaer.com
Website :	http://www.shahpaper.com
Factory :	Plot No.5202, 3rd Phase, GIDC, Vapi Gujarat, India
Tel No.:	91-260-2400032 / 2400248
Fax No.:	91-260-2400995

DIRECTORS

AS ON 30.10.2014

Name :

Mr. Bhanupratap Pruthviraj Singh

Designation :

Director

Address :

48, Bharuch Pritam Society, Bharuch – 392001, Gujarat, India

Date of Birth/Age :

04.08.1956

Date of Appointment :

30.09.2013

DIN No.:

02254985

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	U21010MH1993PLC074945	SHAH PULP AND PAPER MILLS LIMITED	Director	26/02/2013	23/08/2008	01/04/2014	Active	NO
2	U21010MH1990PLC057464	SHAH PAPER MILLS LIMITED	Whole-time director	30/09/2013	26/02/2013	-	Active	NO

Name :

Mr. Girish Sarvotham Shetty

Designation :

Whole-time director

Address :

306, Rajlaxmi Co-Operative Housing Society, Near Gunjan Cinema, GIDC, Vapi, Valsad – 396195, Gujarat, India

Date of Birth/Age :

28.12.1973

Qualification :

B. Com

Date of Appointment :

01.04.2005

DIN No.:

00144740

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	U21010MH1993PLC074945	SHAH PULP AND PAPER MILLS LIMITED	Director	07/10/2002	07/10/2002	01/04/2014	Active	NO
2	U21010MH1990PLC057464	SHAH PAPER MILLS LIMITED	Whole-time director	01/05/2013	01/04/2005	-	Active	NO
3	U67120MH1996PLC101623	SHAH FINANCIAL SERVICES LIMITED	Director	30/08/2008	30/08/2008	-	Active	NO

Name :

Mr. Amritlal Khimji Shah

Designation :

Director

Address :

Haria, Plot No 207, Residential Area GIDC, Vapi, Valsad – 396195, Gujarat, India

Date of Birth/Age :

22.11.1944

Date of Appointment :

08.08.1990

Qualification :

B. Com

PAN No.:

AAIPS0295H

Voter ID No.:

GJ/26/182/030286

DIN No.:

00140411

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	U21010MH1990PLC057464	SHAH PAPER MILLS LIMITED	Director	30/09/2006	08/08/1990	-	Active	NO
2	U21010MH1993PLC074945	SHAH PULP AND PAPER MILLS LIMITED	Director	01/09/2006	05/11/1993	-	Active	NO
3	U67120MH1996PLC101623	SHAH FINANCIAL SERVICES LIMITED	Director	05/08/1996	05/08/1996	-	Active	NO
4	U45200MH1996PTC095845	NATVAR PROPERTIES PRIVATE LIMITED	Director	30/09/1996	30/09/1996	-	Active	NO
5	U74210GJ1997GAP031525	VAPI GREEN ENVIRO LIMITED	Director	17/01/1997	17/01/1997	-	Active	NO
6	U21020MH2004PTC145176	SHAH CONTAINERS PRIVATE LIMITED	Director	15/06/2004	15/06/2004	01/04/2014	Active	NO
7	U17299MH2006PTC163638	VENKATESHVARA TEXFAB PRIVATE LIMITED	Director	30/09/2013	01/04/2013	30/04/2014	Active	NO

Name :

Mr. Shailendra Raichand Shah

Designation :

Director

Address :

14, Swaminarayan Darshan, Dr. R. P. Road. Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

06.07.1957

Qualification :

B. Sc.

Date of Appointment :

01.04.2007

DIN No.:

00145201

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	U67120MH1996PLC101623	SHAH FINANCIAL SERVICES LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO
2	U21010MH1990PLC057464	SHAH PAPER MILLS LIMITED	Director	30/08/2007	01/04/2007	-	Active	NO
3	U21020MH2009PTC191388	PUSHPAM CONTAINERS PRIVATE LIMITED	Whole-time director	01/04/2014	01/04/2009	-	Active	NO

Name :

Mr. Mahendra Hirji Shah

Designation :

Managing director

Address :

202. Ashwamedh, Sarojini Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

16.05.1959

Qualification :

B. Com

Date of Appointment :

27.07.1990

PAN No.:

ACTPS9864K

Voter ID No.:

GJ/26/182/096311

DIN No.:

00190008

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	U21010MH1990PLC057464	SHAH PAPER MILLS LIMITED	Managing director	01/11/2014	27/07/1990	-	Active	NO
2	U21010MH1993PLC074945	SHAH PULP AND PAPER MILLS LIMITED	Managing director	01/01/2010	05/11/1993	-	Active	NO
3	U67120MH1996PLC101623	SHAH FINANCIAL SERVICES LIMITED	Director	05/08/1996	05/08/1996	-	Active	NO
4	U45200MH1996PTC095845	NATVAR PROPERTIES PRIVATE LIMITED	Director	30/09/1996	30/09/1996	-	Active	NO
5	U21020MH2004PTC145176	SHAH CONTAINERS PRIVATE LIMITED	Director	15/06/2004	15/06/2004	01/04/2014	Active	NO
6	U45202MH2008PTC183338	Your Home Developers Private Limited	Director	12/06/2008	10/06/2008	-	Active	NO
7	U17299MH2006PTC163638	VENKATESHVARA TEXFAB PRIVATE LIMITED	Director	11/03/2013	25/09/2010	30/04/2014	Active	NO
8	U51109MH2008PTC188417	AVION PAPER IMPEX PRIVATE LIMITED	Director	02/09/2011	02/09/2011	-	Active	NO

Name :

Mr. Ashok Zaverchand Shah

Designation :

Whole-time director

Address :

S-2 Paras Apartment, Residential Area, GIDC, Vapi, Valsad – 396195, Gujarat, India

Date of Birth/Age :

25.09.1963

Qualification :

B. Com

Date of Appointment :

13.02.1991

Voter ID No.:

GJ/26/182/024599

DIN No.:

00146132

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	U21010MH1990PLC057464	SHAH PAPER MILLS LIMITED	Whole-time director	01/11/2014	13/02/1991	-	Active	NO
2	U67120MH1996PLC101623	SHAH FINANCIAL SERVICES LIMITED	Managing director	30/08/2008	05/08/1996	-	Active	NO
3	U21010MH1993PLC074945	SHAH PULP AND PAPER MILLS LIMITED	Director	17/09/2004	17/09/2004	-	Active	NO
4	U17299MH2006PTC163638	VENKATESHVARA TEXFAB PRIVATE LIMITED	Director	30/09/2013	01/04/2013	30/04/2014	Active	NO

KEY EXECUTIVES

Name :	Pratim Dharmendra Ramani
Designation :	Secretary
Address :	A/3, Chandramani Appt., Near Effil Tower,, L.H. Road,, Surat, 395006, Gujarat, India
Date of Appointment :	16.06.2015
PAN No.:	AKOPR6075Q
Name :	Girish Sarvotham Shetty
Designation :	Cfo
Address :	306, Rajlaxmi Co. Op. Hsg. Society,Near Gunjan, Cinema, Gidc, Vapi, Valsad, 396195, Gujarat, India
Date of Appointment :	01.11.2014
PAN No.:	AUQPS1802G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.10.2014

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

AS ON 30.10.2014

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	0.98
Bodies corporate	43.95
Directors or relatives of Directors	52.38
Other top fifty shareholders	2.69
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Newsprint Papers.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	Belgium Oman UK Finland UAE Netherland Germany UAE Netherland France
Terms :
Selling :	Cash and Credit (30/60/90 days)
Purchasing :	Cash and Credit (30/60/90 days)

GENERAL INFORMATION

Suppliers :

Not Divulged

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

Customers :

Not Divulged

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

No. of Employees :

500 (Approximately)

Bankers :

Banker Name	DBS Bank
Branch Address	Fort House, Fort
Person Name (With Designation)	Not Divulged
Contact Number	91-22-66147599
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)	Cash credit Rs. 300.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
• State Bank of India, Vapi Industrial Township Branch, Vapi – 396195, Gujarat, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from banks	221.546	236.865
Other loans and advances	4.386	6.278
SHORT TERM BORROWING
Rupee term loans from banks	178.813	146.440
Working capital loans from banks	641.070	736.797
Other loans and advances	2.475	3.858
Total

Auditors :
Name :	R.R. Muni and Company Chartered Accountants
Address :	2543, Gokul, Building No. 55, Gandhi Nagar, Bandra (East). Mumbai – 400051, Maharashtra, India
PAN No.:	AAAFR2711F
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.10.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
13000000	Equity Shares	Rs.10/- each	Rs. 130.000 Million
700000	Preference Shares	Rs. 100/- each	Rs. 70.000 Million
	Total		Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
112500000	Equity Shares	Rs.10/- each	Rs. 112.500 Million
700000	Preference Shares	Rs. 100/- each	Rs. 70.000 Million
	Total		Rs. 182.500 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	182.500	162.500	162.500
(b) Reserves & Surplus	1145.314	1010.727	888.976
(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)	1327.814	1173.227	1051.476
(3) Non-Current Liabilities
(a) long-term borrowings	406.733	460.960	250.786
(b) Deferred tax liabilities (Net)	195.449	162.190	135.039
(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)	602.182	623.150	385.825
(4) Current Liabilities
(a) Short term borrowings	872.025	913.773	826.232
(b) Trade payables	1059.533	670.486	687.574
(c) Other current liabilities	281.813	208.961	170.186
(d) Short-term provisions	5.442	5.077	4.398
Total Current Liabilities (4)	2218.813	1798.297	1688.390
TOTAL	4148.809	3594.674	3125.691
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1391.506	1283.755	1020.548
(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	13.511	20.592
(b) Non-current Investments	3.031	2.915	2.942
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	40.344	42.348	36.737
(e) Other Non-current assets	91.058	90.929	90.009
Total Non-Current Assets	1525.939	1433.458	1170.828
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1395.921	1027.404	925.336
(c) Trade receivables	599.403	616.190	617.034
(d) Cash and cash equivalents	165.260	168.821	115.425
(e) Short-term loans and advances	462.286	348.801	297.068
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2622.870	2161.216	1954.863
TOTAL	4148.809	3594.674	3125.691

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	4401.212	4030.837	3668.240
	Other Income	73.642	74.859	57.895
	TOTAL	4474.854	4105.696	3726.135
Less	EXPENSES
	Cost of Materials Consumed	2927.119	2577.383	2395.607
	Purchases of Stock-in-Trade	64.825	68.916	6.853
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(93.578)	3.858	0.000
	Employees benefits expense	69.842	67.500	58.195
	Other expenses	900.915	862.315	794.825
	Exceptional Items	(4.946)	(4.946)	(4.947)
	TOTAL	3864.177	3575.026	3250.533
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	610.677	530.670	475.602
Less	FINANCIAL EXPENSES	298.900	256.746	216.412
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	311.777	273.924	259.190
Less/ Add	DEPRECIATION/ AMORTISATION	93.985	78.577	68.779
	PROFIT BEFORE TAX	217.792	195.347	190.411
Less	TAX	78.259	68.651	61.873
	PROFIT AFTER TAX	139.533	126.696	128.538
	Earnings Per Share (Rs.)	1.23	1.12	1.14

Particulars	31.03.2015
Sales Turnover (Approximately)	4800.000

The above information has been parted by Mr. Girish Shetty (Chief Financial Officer/Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.17	3.14	3.50
Operating Profit Margin (PBIDT/Sales)	(%)	13.88	13.17	12.97
Return on Total Assets (PBT/Total Assets}	(%)	5.25	5.46	6.14
Return on Investment (ROI) (PBT/Networth)		0.16	0.17	0.18
Debt Equity Ratio (Total Debt /Networth)		0.96	1.17	1.02
Current Ratio (Current Asset/Current Liability)		1.18	1.20	1.16

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	162.500	162.500	182.500
Reserves & Surplus	888.976	1010.727	1145.314
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1051.476	1173.227	1327.814
long-term borrowings	250.786	460.960	406.733
Short term borrowings	826.232	913.773	872.025
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	1077.018	1374.733	1278.758
Debt/Equity ratio	1.024	1.172	0.963

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3668.240	4030.837	4401.212
		9.885	9.189

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3668.240	4030.837	4401.212
Profit	128.538	126.696	139.533
	3.50%	3.14%	3.17%

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	Yes
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	Yes
33	Market information	----
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

FIRST APPEAL No. 4970 of 2008

---

Status : PENDING

( Converted from : FAST/625/2008 )

CCIN No : 001012200804970

Last Listing Date:

25/06/2015

Coram

HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

---

S.NO.	Name of the Petitioner	Advocate On Record
1	PAPER PRODUCTS LTD	MR AJ SHASTRI for: Appellant(s)  1

---

S.NO.	Name of the Respondant	Advocate On Record
1	SHAH PAPER MILLS LTD THROUGH DIRECTOR	MR DEEP D VYAS for :Defendant(s)  1

---

Presented On	: 27/02/2008	Registered On	: 27/02/2008
Bench Category	: SINGLE BENCH	District	: VALSAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 4 times
StageName	: FOR FINAL HEARING AT 4:00 P.M.

Act	CIVIL PROCEDURE CODE, 1908

Lower Court Details

S.No.	LowerCourt CaseDetail	LowerCourtName	JudgeName	Judgmentdate
1	SCS/121/2001	DISTRICT COURT, VALSAD	-	31/08/2007
Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	27/02/2008	VAKALATNAMA	MR AJ SHASTRI ADVOCATE for PETITIONER(s)  1	5	MR AJ SHASTRI:1
2	27/02/2008	MEMO OF PETITION/APPEAL/SUIT	MR AJ SHASTRI ADVOCATE for PETITIONER(s)  1	10	MR AJ SHASTRI:1
3	27/02/2008	CERTIFIED COPY	MR AJ SHASTRI ADVOCATE for PETITIONER(s)  1	12	MR AJ SHASTRI:1
4	15/08/2008	VAKALATNAMA	MR AJ SHASTRI ADVOCATE for PETITIONER(s)  1	-	MR AJ SHASTRI:1
5	25/08/2008	MEMO OF PETITION/APPEAL/SUIT	MR AJ SHASTRI ADVOCATE for PETITIONER(s)  1	17140	MR AJ SHASTRI:1
6	12/05/2009	VAKALATNAMA	MR DEEP D VYAS ADVOCATE for RESPONDENT(s)  1	5	MR DEEP D VYAS:1
Applications

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	CIVIL APPLICATION/10076/2008	DISPOSED	13/10/2008	RULE ABSOLUTE/ALLOWED @ FH HONOURABLE MR.JUSTICE H.K.RATHOD
2	CIVIL APPLICATION/12186/2008	DISPOSED	24/02/2010	RULE ABSOLUTE/ALLOWED @ FH HONOURABLE MR.JUSTICE H.K.RATHOD
3	CIVIL APPLICATION/8977/2009	DISPOSED	24/08/2009	CA DISPOSED OF HONOURABLE MR.JUSTICE H.K.RATHOD
4	CIVIL APPLICATION/423/2010	DISPOSED	27/01/2010	CA DISPOSED OF HONOURABLE MR.JUSTICE H.K.RATHOD
5	MISC. CIVIL APPLICATION/3461/2010	DISPOSED	20/12/2010	WITHDRAWN @ ADM.STAGE HONOURABLE MR.JUSTICE KS JHAVERI
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	15/04/2009	9	-	FOR REGULAR ADMISSION	RULE/ADMIT	HONOURABLE MR.JUSTICE H.K.RATHOD
2	15/11/2014	9	215	FOR ORDERS	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
3	05/12/2014	9	2	FOR ORDERS	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
4	09/12/2014	51	354	FOR ORDERS	NEXT DATE	HONOURABLE MS.JUSTICE HARSHA DEVANI
5	18/06/2015	51	202	FOR FINAL HEARING AT 4:00 P.M.	NEXT DATE	HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI
6	25/06/2015	51	-	FOR FINAL HEARING AT 4:00 P.M.		HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	FIRST APPEAL/4970/2008	REGISTRAR (JUDICIAL)	08/07/2008	N	ORDER	-	Y	Download
2	FIRST APPEAL/4970/2008	HONOURABLE MR.JUSTICE H.K.RATHOD	15/04/2009	N	ORDER	-	Y	Download

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from others	17.596	22.054
Intercorporate deposits	113.555	113.303
Other loans and advances	49.650	82.460
SHORT TERM BORROWING
Intercorporate deposits	49.667	25.678
Other loans and advances	0.000	1.000
Total

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10508957	28/01/2015 *	720,000,000.00	INDOSTAR CAPITAL FINANCE Limited	Room # 6, 4th Floor, Commerce House, 2A, Ganesh Chandra Avenue, Kolkata, West Bengal - 700013, INDIA	C43407568
2	90186649	14/08/2014 *	2,094,800,000.00	State Bank of India	Mid Corporate Branch, Shanti Complex, Behind 21st Century Hosp. GIDC Vapi, Vapi, Gujarat - 396195,  INDIA	C19915602

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office 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. 63.81
UK Pound	1	Rs. 98.93
Euro	1	Rs. 69.66

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.