MIRA INFORM REPORT

Report No. :	338044
Report Date :	25.08.2015

IDENTIFICATION DETAILS

Name :	DEVI MARINE FOOD EXPORTS PRIVATE LIMITED
Registered Office :	New No. 30, Old No. 60, 28th Cross Street, Indira Nagar, Chennai – 600020, Tamilnadu
Tel. No.:	91-44-45520012
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.03.1973
Com. Reg. No.:	18-006322
Capital Investment / Paid-up Capital :	Rs. 39.900 Million
CIN No.: [Company Identification No.]	U15120TN1973PTC006322
IEC No.:	0488018854
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACD1950D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Processor of Marine Foods.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1400000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	The company forms part of the “Liberty Group”. It is primarily engaged in export of seafood (largely shrimps), it is established company having satisfactory track record. According to the results, the Company has reported net profit of Rs. 33.400 Million on an operating income of Rs. 2374.500 Million during 2013-2014 as against net profit of Rs. 309.300 Million on an operating income of Rs. 1586.500 Million during 2012-2013. The rating factors in moderate revenue growth of the company in 2013-14 supported by improvement in volumes on the back of stable demand. However, the revenue growth was offset to an extent by decline in profit due to sharp drop in prices. The rating take consideration on the established presence of the Liberty group in the seafood export business and the diversified revenue base of the company. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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	ICRA
Rating	Long term Bank facilities = BB+
Rating Explanation	Inadequate credit quality and high credit risk.
Date	June 2015

Rating Agency Name	ICRA
Rating	Short term Bank facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	June 2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DECLINED BY

Name :	Ms. Sameen
Designation :	Accounts Department
Contact No.:	91-22-66381080
Date :	24.08.2015

LOCATIONS

Registered Office :	New No. 30, Old No. 60, 28th Cross Street, Indira Nagar, Chennai – 600020, Tamilnadu, India
Tel. No.:	91-44-45520012
Fax No.:	91-44-45520014
E-Mail :	exports@libertyfoods.net accounts@libertyfoods.net
Website :	http://www.libertyfoods.net

DIRECTORS

AS ON 29.09.2014

Name :

Afzal Esmail Kader

Designation :

Director

Address :

Liberty House, 31, Farook Oomerbhoy Path, Byculla, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

03.10.1953

Date of Appointment :

16.03.1978

PAN No.:

AANPK7297C

DIN No.:

01275547

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	Company/ LLP Status	Defaulting status
1	U15120TN1973PTC006322	DEVI MARINE FOOD EXPORTS PRIVATE LIMITED	Director	16-03-1978	16-03-1978	Active	NO
2	U63022MH1980PTC023048	LIBERTY COLD STORAGE BOMBAY PRIVATE LIMITED	Director	30-08-1980	30-08-1980	Active	NO
3	U93090TN1981PTC034315	KADER INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	05-11-1981	05-11-1981	Active	NO
4	U15499TN1983PTC010518	LIBERTY FROZEN FOODS PRIVATE LIMITED	Director	12-12-1983	12-12-1983	Active	NO
5	U63023TN1984PTC010904	UNIVERSAL COLD STORAGE PRIVATE LIMITED	Director	30-05-1984	30-05-1984	Active	NO
6	U15142MH1978PTC020372	KADER EXPORTS PRIVATE LIMITED	Director	26-09-1988	26-09-1988	Active	NO
7	U29191TN1976PTC007850	LIBERTY COLD STORAGE PRIVATE LIMITED	Director	20-10-1988	20-10-1988	Active	NO
8	U05001TN1993PTC026295	VITAL HATCHERIES PRIVATE LIMITED	Director	01-12-1993	01-12-1993	Active	NO
9	U65990MH1978PTC020458	LIBERTY INVESTMENTS PRIVATE LIMITED	Director	31-10-1998	31-10-1998	Active	NO
10	U15140MH1978PLC020274	LIBERTY OIL MILLS LIMITED	Director	30-01-2003	30-01-2003	Active	NO
11	U74999TN2013PTC090407	LIBERTY CARRIERS PRIVATE LIMITED	Director	03-04-2013	03-04-2013	Active	NO
12	U74999TN2013PTC090476	PREMIER MARINE PRODUCTS PRIVATE LIMITED	Director	08-04-2013	08-04-2013	Active	NO

Name :

Parvez Hamza Kader

Designation :

Director

Address :

Liberty House, 31, Farook Oomerbhoy Path, Byculla, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

02.06.1959

Date of Appointment :

16.03.1978

PAN No.:

AADPK3302L

DIN No.:

00546469

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	U15120TN1973PTC006322	DEVI MARINE FOOD EXPORTS PRIVATE LIMITED	Director	16-03-1978	16-03-1978	-	Active	NO
2	U15140MH1978PLC020274	LIBERTY OIL MILLS LIMITED	Managing director	01-10-2012	07-04-1978	-	Active	NO
3	U63022MH1980PTC023048	LIBERTY COLD STORAGE BOMBAY PRIVATE LIMITED	Director	30-08-1980	30-08-1980	-	Active	NO
4	U93090TN1981PTC034315	KADER INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	05-11-1981	05-11-1981	-	Active	NO
5	U15499TN1983PTC010518	LIBERTY FROZEN FOODS PRIVATE LIMITED	Director	12-12-1983	12-12-1983	-	Active	NO
6	U63023TN1984PTC010904	UNIVERSAL COLD STORAGE PRIVATE LIMITED	Director	30-05-1984	30-05-1984	-	Active	NO
7	U65990MH1978PTC020458	LIBERTY INVESTMENTS PRIVATE LIMITED	Director	31-10-1998	31-10-1998	-	Active	NO
8	U01112MH2002PTC263473	LIBERTY AGRI PRODUCTS PRIVATE LIMITED	Director	09-09-2002	09-09-2002	-	Active	NO
9	U63020MH1998PTC115926	KISSAN WAREHOUSE PRIVATE LIMITED	Director	01-02-2003	01-02-2003	-	Active	NO
10	U15141MH2004PTC128747	LIBERTY FOODS PRIVATE LIMITED	Director	30-09-2004	30-09-2004	-	Amalgamated	NO
11	U15140MH2004PTC149085	LIBERTY INDUSTRIES PRIVATE LIMITED	Director	11-10-2004	11-10-2004	-	Amalgamated	NO
12	U99999MH1938GAP002843	THE BOMBAY COMMODITY EXCHANGE LIMITED	Director	31-12-2005	31-12-2005	02-02-2008	Active	NO
13	U25209DL1996NPL078182	THE CENTRAL ORGANISATION FOR OIL INDUSTRY AND TRADE	Director	22-09-2006	22-09-2006	-	Active	NO
14	U91110MH1971NPL015233	THE SOLVENT EXTRACTORS ASSOCIATION OF INDIA	Director	22-09-2006	22-09-2006	-	Active	NO
15	U74999TN2013PTC090407	LIBERTY CARRIERS PRIVATE LIMITED	Director	03-04-2013	03-04-2013	-	Active	NO
16	U74999TN2013PTC090476	PREMIER MARINE PRODUCTS PRIVATE LIMITED	Director	08-04-2013	08-04-2013	-	Active	NO

Name :

Najib Hamza Kader

Designation :

Director

Address :

Liberty House, 31, Farook Oomerbhoy Path, Byculla, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

14.11.1967

Date of Appointment :

01.10.1986

PAN No.:

AADPK1640M

DIN No.:

00547214

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	Company/ LLP Status	Defaulting status
1	U63022MH1980PTC023048	LIBERTY COLD STORAGE BOMBAY PRIVATE LIMITED	Director	30-09-1986	30-09-1986	Active	NO
2	U63023TN1984PTC010904	UNIVERSAL COLD STORAGE PRIVATE LIMITED	Director	01-10-1986	01-10-1986	Active	NO
3	U15120TN1973PTC006322	DEVI MARINE FOOD EXPORTS PRIVATE LIMITED	Director	01-10-1986	01-10-1986	Active	NO
4	U15499TN1983PTC010518	LIBERTY FROZEN FOODS PRIVATE LIMITED	Director	01-10-1986	01-10-1986	Active	NO
5	U65990MH1978PTC020458	LIBERTY INVESTMENTS PRIVATE LIMITED	Director	15-12-1995	15-12-1995	Active	NO
6	U15140MH1978PLC020274	LIBERTY OIL MILLS LIMITED	Director	30-01-2003	30-01-2003	Active	NO

Name :

Abdul Razzak Ganj

Designation :

Director

Address :

Flat #7, Shalimar Garden, 5^th Valmigi Street, Injambakkam, Chennai – 600115, Tamilnadu, India

Date of Birth/Age :

17.12.1946

Date of Appointment :

01.10.1986

DIN No.:

02414699

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	Company/ LLP Status	Defaulting status
1	U63023TN1984PTC010904	UNIVERSAL COLD STORAGE PRIVATE LIMITED	Director	01-10-1986	01-10-1986	Active	NO
2	U15499TN1983PTC010518	LIBERTY FROZEN FOODS PRIVATE LIMITED	Director	01-10-1986	01-10-1986	Active	NO
3	U15120TN1973PTC006322	DEVI MARINE FOOD EXPORTS PRIVATE LIMITED	Director	01-10-1986	01-10-1986	Active	NO
4	U15142MH1978PTC020372	KADER EXPORTS PRIVATE LIMITED	Director	26-09-1988	26-09-1988	Active	NO
5	U93090TN1981PTC034315	KADER INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	17-09-1990	17-09-1990	Active	NO
6	U74999TN2013PTC090476	PREMIER MARINE PRODUCTS PRIVATE LIMITED	Director	22-07-2013	22-07-2013	Active	NO

Name :

Zaid Afzal Kader

Designation :

Additional director

Address :

Liberty House, 31, Farook Oomerbhoy Path, Byculla, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

31.01.1989

Date of Appointment :

09.12.2013

DIN No.:

03554382

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	Company/ LLP Status	Defaulting status
1	U15140MH1978PLC020274	LIBERTY OIL MILLS LIMITED	Whole-time director	01-10-2011	17-06-2011	Active	NO
2	U15120TN1973PTC006322	DEVI MARINE FOOD EXPORTS PRIVATE LIMITED	Director	29-09-2014	09-12-2013	Active	NO
3	U74999TN2013PTC090476	PREMIER MARINE PRODUCTS PRIVATE LIMITED	Director	29-09-2014	10-12-2013	Active	NO
4	U63023TN1984PTC010904	UNIVERSAL COLD STORAGE PRIVATE LIMITED	Director	29-09-2014	11-12-2013	Active	NO
5	U93090TN1981PTC034315	KADER INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	29-09-2014	12-12-2013	Active	NO
6	U15142MH1978PTC020372	KADER EXPORTS PRIVATE LIMITED	Additional director	13-12-2013	13-12-2013	Active	NO
7	U15499TN1983PTC010518	LIBERTY FROZEN FOODS PRIVATE LIMITED	Director	29-09-2014	14-12-2013	Active	NO

KEY EXECUTIVES

Name :	Ms. Sameen
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Afzal Esmail Kader	54031
Parvez Hamza Kader	53988
Z.I. Kader	16148
Hamida Abdul Kader	15180
Najib Hamza Kader	13112
Zaid Afzal Kader	18788
Najib Hamza Kader	12320
Roshna Esmail Kader	25388
Kader Investment and Trading Company Private Limited	44044
Liberty Investment Private Limited	99000
Kader Exports Private Limited	47000
Maimoona Mustafa Kader	1
Total	399000

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	48.00
Directors or relatives of directors	52.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Processor of Marine Foods.

Products :

ITC Code No.	Product Descriptions
16052000	Shrimps and Prawns

Brand Names :

“Unistar, Vital & Buyers”

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Bank of Maharashtra

116, Sri Gujarati Mandal Bhavan, Broadway, Chennai - 600108, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	7.299	0.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	175.987	126.948
Total	183.286	126.948

Banking Relations :	--
Auditors :
Name :	Vijayaraghavan and Associates Chartered Accountants
Address :	51, Giri Road, T. Nagar, Chennai – 600017, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFV1842R
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
399,000	Equity Shares	Rs. 100/- each	Rs. 39.900 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	39.900	39.900	39.900
(b) Reserves & Surplus	453.544	420.105	110.729
(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)	493.444	460.005	150.629
(3) Non-Current Liabilities
(a) Long-term borrowings	7.299	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	12.705	9.871	7.167
Total Non-current Liabilities (3)	20.004	9.871	7.167
(4) Current Liabilities
(a) Short term borrowings	181.037	140.498	201.478
(b) Trade payables	37.460	24.979	5.858
(c) Other current liabilities	5.603	3.703	2.969
(d) Short-term provisions	127.379	108.255	12.886
Total Current Liabilities (4)	351.479	277.435	223.191
TOTAL	864.927	747.311	380.987
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33.120	17.380	47.452
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.262	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.901	6.901	6.901
(c) Deferred tax assets (net)	3.667	2.791	1.955
(d) Long-term Loan and Advances	1.052	1.106	2.674
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	47.002	28.178	58.982
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	291.598	321.955	186.106
(c) Trade receivables	37.421	31.516	42.529
(d) Cash and cash equivalents	51.530	34.270	9.586
(e) Short-term loans and advances	378.048	287.493	70.777
(f) Other current assets	59.328	43.899	13.007
Total Current Assets	817.925	719.133	322.005
TOTAL	864.927	747.311	380.987

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2221.300	1124.200	877.300
		Other Income	153.200	462.300	60.900
		TOTAL (A)	2374.500	1586.500	938.200
Less	EXPENSES
		TOTAL (B)	2308.800	1167.700	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		65.700	418.800	(Including Interest and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		11.200	15.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.500	403.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.500	0.000
	PROFIT BEFORE TAX (E-F) (G)		50.000	403.600	NA
Less	TAX (H)		16.600	94.300	NA
	PROFIT AFTER TAX (G-H) (I)		33.400	309.300	3.636
	EARNINGS IN FOREIGN CURRENCY
		Export of Sea Food	2221.258	1124.199	NA
	Earnings Per Share (Rs.)		83.71	775.19	9.11

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 flows from (used in) operations	87.308	67.027	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.50	27.51	0.41
Operating Profit Margin (PBDIT/Sales)	(%)	2.96	37.25	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.87	54.72	NA
Return on Investment (ROI) (PBT/Networth)		0.10	0.88	NA
Debt Equity Ratio (Total Liability/Networth)		0.38	0.31	1.34
Current Ratio (Current Asset/Current Liability)		2.33	2.59	1.44

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	39.900	39.900	39.900
Reserves & Surplus	110.729	420.105	453.544
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	150.629	460.005	493.444
Long-term borrowings	0.000	0.000	7.299
Short term borrowings	201.478	140.498	181.037
Total borrowings	201.478	140.498	188.336
Debt/Equity ratio	1.338	0.305	0.382

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	877.300	1124.200	2221.300
		28.143	97.589

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	877.300	1124.200	2221.300
Profit	3.636	309.300	33.400
	0.41%	27.51%	1.50%

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	Yes
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90289982	30/03/2015 *	780,000,000.00	BANK OF MAHARASHTRA	NO.116, SRI GUJARATI MANDAL BHAVAN, BROADWAY, CHENNAI, TAMILNADU - 600108, INDIA	C54266408

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advances from related parties	5.050	13.550
Total	5.050	13.550

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from 63/1-A, Muttukadu Road, Neelangarai, Madras - 600041, Tamilnadu India to the present address w.e.f.01.06.2012.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· 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. 66.51
UK Pound	1	Rs. 104.01
Euro	1	Rs. 76.27

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		43

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.