MIRA INFORM REPORT

Report No. :	338258
Report Date :	25.08.2015

IDENTIFICATION DETAILS

Name :	ADICO FORGE PRIVATE LIMITED
Registered Office :	1103/A 09 Safalya Aadarsh Colony, Opposite Vidya Bhavan High School, Pune – 411016, Maharashtra
Tel. No.:	91-2138-675800
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.05.2004
Com. Reg. No.:	11-019295
Capital Investment / Paid-up Capital :	Rs. 25.000 Million
CIN No.: [Company Identification No.]	U27109PN2004PTC019295
IEC No.:	3104006415
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECA7334C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling of connecting rod forgings.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2004. It has a satisfactory track record. For the financial year 2014, the company has reported healthy operational activity along with decent sales turnover along with profitability margin of 2.6%. Further, rating derives the operating performance of the company and its debt has been guaranteed by Amul Industries Private Limited, which is the flagship company of Amul Group. Trade relations are reported as fair. Business is active. Payments terms are usually correct. In view of healthy operational activity, the company can be considered 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 = BB
Rating Explanation	Inadequate credit quality and high credit risk
Date	April 2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	April 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 DENIED BY

Name :	Mr. Sonawane
Designation :	Senior Accountant
Contact No.:	91-2138-675800
Date :	24.08.2015

LOCATIONS

Registered Office :	1103/A 09 Safalya Aadarsh Colony, Opposite Vidya Bhavan High School, Pune – 411016, Maharashtra, India
Tel. No.:	91-2138-675800
Fax No.:	Not Available
E-Mail :	audit@kalaria-sampat.com
Factory :	Gat No.1088 and 1091, (Near GKW Limited. F) Sanaswadi, Tehsil : Shirur, Pune – 412208,Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Sureshkumar Keshavjibhai Santoki

Designation :

Director

Address :

A/61, 6th Floor, Raghukul Appartment, Shroof Road, Near Sardar Baug, Rajkot – 360001, Gujarat, India

Date of Appointment :

21.05.2004

DIN No.:

00132139

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	U14101GJ1995PTC026118	AMUL INDUSTRIES PRIVATE LIMITED	Director	30/05/1995	30/05/1995	-	Active	NO
2	U29224GJ1996PTC028793	ADICO SPARES PRIVATE LIMITED	Director	12/02/1996	12/02/1996	-	Active	NO
3	U51500GJ1999PTC036332	ADVANCE TECHNOMECH PRIVATE LIMITED	Director	23/07/1999	23/07/1999	-	Active	NO
4	U31100GJ1990PTC013882	GALAXY CONVEYARS PVT LTD	Director	03/05/2003	03/05/2003	-	Active	NO
5	U51909PN2003PTC018403	AVICO EXIM PRIVATE LIMITED	Director	30/09/2003	30/09/2003	-	Active	NO
6	U27109PN2004PTC019295	ADICO FORGE PRIVATE LIMITED	Director	21/05/2004	21/05/2004	-	Active	NO
7	U29299PN2005PTC020915	AMUL CRANKSHAFT PRIVATE LIMITED	Director	22/06/2005	22/06/2005	-	Active	NO
8	U28910GJ2006PTC047476	AMUL CRANKCASE PRIVATE LIMITED	Director	09/01/2006	09/01/2006	-	Active	NO
9	U34106GJ2006PTC048345	AMUL AUTO COMPONENTS PRIVATE LIMITED	Director	29/05/2006	29/05/2006	-	Active	NO
10	U74900GJ2007PTC052272	AMUL AIR SOLUTIONS PRIVATE LIMITED	Director	05/12/2007	05/12/2007	-	Active	NO
11	U74900GJ2008PTC053954	Technigent Software Solutions Private Limited	Director	22/05/2008	22/05/2008	-	Active	NO
12	U51900GJ2009PTC057809	K. SANTOKI & SONS MARKETING PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Converted to LLP	NO
13	U29219GJ2011PTC064457	ADICO AGROTECH PRIVATE LIMITED	Director	16/03/2011	16/03/2011	-	Strike off	NO
14	U29211GJ2011PTC065867	ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
15	AAD-7019	K. SANTOKI & SONS MARKETING LLP	Designated Partner	01/04/2015	01/04/2015	-	Active	NO

Name :

Chandubhai Keshavjibhai Santoki

Designation :

Director

Address :

A-702, King Hites Appt,, Vidhyakunj Society, Rajkot – 360005, Gujarat, India

Date of Appointment :

21.05.2004

DIN No.:

00132156

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	U29199GJ1993PTC020851	ADVANCE DIESEL ENGINES PVT LTD	Director	02/05/1994	02/05/1994	10/03/2015	Active	NO
2	U14101GJ1995PTC026118	AMUL INDUSTRIES PRIVATE LIMITED	Director	30/05/1995	30/05/1995	-	Active	NO
3	U29224GJ1996PTC028793	ADICO SPARES PRIVATE LIMITED	Director	12/02/1996	12/02/1996	-	Active	NO
4	U18109GJ2003PTC053442	KG INTIMATEWEAR PRIVATE LIMITED	Director	07/04/2003	07/04/2003	-	Active	NO
5	U27109PN2004PTC019295	ADICO FORGE PRIVATE LIMITED	Director	21/05/2004	21/05/2004	-	Active	NO
6	U52322GJ2004PTC044524	CURVES FAHION PRIVATE LIMITED	Director	28/07/2004	28/07/2004	-	Active	NO
7	U27200MH2005PLC156392	DJR DELUX BEARINGS LIMITED	Director	28/09/2005	28/09/2005	-	Amalgamated	NO
8	U28910GJ2006PTC047476	AMUL CRANKCASE PRIVATE LIMITED	Director	09/01/2006	09/01/2006	-	Active	NO
9	U34106GJ2006PTC048345	AMUL AUTO COMPONENTS PRIVATE LIMITED	Director	29/05/2006	29/05/2006	-	Active	NO
10	U29299PN2005PTC020915	AMUL CRANKSHAFT PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
11	U51900GJ2009PTC057809	K. SANTOKI & SONS MARKETING PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Converted to LLP	NO
12	U29219GJ2011PTC064457	ADICO AGROTECH PRIVATE LIMITED	Director	16/03/2011	16/03/2011	-	Strike off	NO
13	U29211GJ2011PTC065867	ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
14	U29120GJ2014PTC080851	ADICO PANELLI PUMPS PRIVATE LIMITED	Director	22/09/2014	22/09/2014	-	Active	NO
15	AAD-7019	K. SANTOKI & SONS MARKETING LLP	Designated Partner	01/04/2015	01/04/2015	-	Active	NO

Name :

Girdharlal Veljibhai Santoki

Designation :

Director

Address :

Archana, 24-A, Shree Anupama Society, Aminavanda, Near Kotecha Nagar, Rajkot – 360003, Gujarat, India

Date of Appointment :

19.07.2004

DIN No.:

00163435

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	U14101GJ1995PTC026118	AMUL INDUSTRIES PRIVATE LIMITED	Director	30/05/1995	30/05/1995	-	Active	NO
2	U29224GJ1996PTC028793	ADICO SPARES PRIVATE LIMITED	Director	20/02/1996	20/02/1996	-	Active	NO
3	U51500GJ1999PTC036332	ADVANCE TECHNOMECH PRIVATE LIMITED	Director	23/07/1999	23/07/1999	-	Active	NO
4	U51909PN2003PTC018403	AVICO EXIM PRIVATE LIMITED	Director	30/09/2003	30/09/2003	-	Active	NO
5	U27109PN2004PTC019295	ADICO FORGE PRIVATE LIMITED	Director	19/07/2004	21/05/2004	-	Active	NO

Name :

Nanjibhai Naranbhai Santoki

Designation :

Director

Address :

Vipul, 2, Jankalyan Society, Rajkot – 360002, Gujarat, India

Date of Appointment :

19.07.2004

DIN No.:

00163545

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	U45201GJ1991PTC015511	AJANTA LAND DEVELOPERS PRIVATE LIMITED	Director	24/04/1991	24/04/1991	-	Active	NO
2	U29199GJ1993PTC020851	ADVANCE DIESEL ENGINES PVT LTD	Director	02/05/1994	02/05/1994	10/03/2015	Active	NO
3	U14101GJ1995PTC026118	AMUL INDUSTRIES PRIVATE LIMITED	Director	30/05/1995	30/05/1995	-	Active	NO
4	U29224GJ1996PTC028793	ADICO SPARES PRIVATE LIMITED	Director	20/02/1996	20/02/1996	-	Active	NO
5	U51500GJ1999PTC036332	ADVANCE TECHNOMECH PRIVATE LIMITED	Director	23/07/1999	23/07/1999	-	Active	NO
6	U27109PN2004PTC019295	ADICO FORGE PRIVATE LIMITED	Director	19/07/2004	19/07/2004	-	Active	NO

Name :

Dipakbhai Nanjibhai Santoki

Designation :

Director

Address :

Kanchan, Plot No. 27, 2-Jankalyan Society, Rajkot, 360002, Gujarat, India

Date of Appointment :

19.07.2004

DIN No.:

00958832

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	U14101GJ1995PTC026118	AMUL INDUSTRIES PRIVATE LIMITED	Director	30/05/1995	30/05/1995	-	Active	NO
2	U27109PN2004PTC019295	ADICO FORGE PRIVATE LIMITED	Director	19/07/2004	19/07/2004	-	Active	NO

Name :

Nipul Gangdas Santoki

Designation :

Director

Address :

M-71, Gujarat Housing Board, Opposite Mahila Kolege, Kalawad Road, Rajkot – 360001, Gujarat, India

Date of Appointment :

19.07.2004

DIN No.:

01663766

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	U27109PN2004PTC019295	ADICO FORGE PRIVATE LIMITED	Director	19/07/2004	19/07/2004	-	Active	NO
2	U14101GJ1995PTC026118	AMUL INDUSTRIES PRIVATE LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
3	U74900GJ2008PTC053954	Technigent Software Solutions Private Limited	Director	22/05/2008	22/05/2008	-	Active	NO
4	U18109GJ2003PTC053442	KG INTIMATEWEAR PRIVATE LIMITED	Director	21/03/2014	21/03/2014	-	Active	NO
5	U29211GJ2011PTC065867	ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITED	Additional director	14/07/2015	14/07/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sonawane
Designation :	Senior Accountant

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Sureshbhai Keshvjibhai Santoki	1200000
Seemaben Sureshaha Santoki	1050000
Chandubhai Keshvjibha] Sanioki	1200000
Ilaben Chandubhai Santoki	1050000
Nitinbhai Keshvjibhai Santoki	1200000
Sheetptrben Nitinbhai Santoki	1050000
Nanjibhai Namnbhai Santoki	2100000
Dipakbhai Nanjibhai Santoki	3950000
Vipulbhai Nanjibhai Santoki	3950000
Girdharbti.Ai Veljibhai Santoki	375000
Atulbhai Girdharbhai Santoki	1500000
Ketanbha Oqngoasbhai Santoki	1125000
Nipulbhai Gangdasbhai Santoki	750000
K. Santoki and Sons Marketing Private Limited	4500000
Total	25000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing and selling of connecting rod forgings.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Information declined by the management

Bankers :

• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
• State Bank of India, SSI Branch, Gondal Road, Rajkot – 360001, Gujarat, India
• State Bank of India, SME Branch, Rajkot – 360001, Gujarat, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From banks	52.500	0.000
ICICI Bank Limited – Car Loan	0.653	0.000
From Others	0.112	0.424
SHORT TERM BORROWING
Loans repayable on demand from State Bank of India	40.476	40.474
State Bank of India – Cash Credit	15.000	6.061
Industrial Development Bank of India – Cash Credit	0.000	45.534
Total	108.741	92.493

Auditors :
Name :	Kalaria and Sampat Chartered Accountant
Address :	302-305, Star Avenue, Dr. Radhakrishnan Road, Opposite Rajkumar College, Rajkot – 360001, Gujarat, India
PAN No.:	AACFK2045A
Memberships :	--
Collaborators :	--
Enterprises significantly influenced by KMP or relatives of KMP :	Amul Auto Components Private Limited Amul Auto Industries Private Limited Amultek Software Solutions Private Limited K. Santoki and Sons Marketing Private Limited Visionary Entrepreneurs LLP

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 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	25.000	25.000	25.000
(b) Reserves & Surplus	94.232	79.103	40.242
(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)	119.232	104.103	65.242
(3) Non-Current Liabilities
(a) long-term borrowings	139.883	76.084	67.762
(b) Deferred tax liabilities (Net)	17.987	20.927	10.094
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.591	2.165	1.661
Total Non-current Liabilities (3)	160.461	99.176	79.517
(4) Current Liabilities
(a) Short term borrowings	55.476	92.069	88.865
(b) Trade payables	161.549	144.525	114.734
(c) Other current liabilities	46.169	35.071	37.550
(d) Short-term provisions	3.619	17.328	10.267
Total Current Liabilities (4)	266.813	288.993	251.416
TOTAL	546.506	492.272	396.175
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	188.933	194.272	204.930
(ii) Intangible Assets	0.061	0.131	0.247
(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	0.022	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.621	13.250	9.473
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	200.637	207.653	214.650
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	55.407	42.953	48.633
(c) Trade receivables	198.412	204.900	102.350
(d) Cash and cash equivalents	5.453	8.674	9.692
(e) Short-term loans and advances	86.188	27.640	20.571
(f) Other current assets	0.409	0.452	0.279
Total Current Assets	345.869	284.619	181.525
TOTAL	546.506	492.272	396.175

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	571.477	648.513	561.835
	Other Income	1.753	1.943	0.700
	TOTAL	573.230	650.456	562.535
Less	EXPENSES
	Cost of Materials Consumed	330.362	362.653
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(20.315)	(0.597)
	Employees benefits expense	65.073	59.665
	Other expenses	122.575	117.546
	TOTAL	497.695	539.267	493.078
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	75.535	111.189	69.457
Less	FINANCIAL EXPENSES	39.524	35.072	34.403
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	36.011	76.117	35.054
Less/ Add	DEPRECIATION/ AMORTISATION	16.926	16.551	11.491
	PROFIT BEFORE TAX	19.085	59.566	23.563
Less	TAX	3.957	21.058	6.409
	PROFIT AFTER TAX	15.128	38.508	17.154
	Earnings Per Share (Rs.)	6.05	15.40	6.86

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	85.515	38.179	NA
Net cash flow from (used in) operation	65.578	32.897	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.65	5.94	3.05
Operating Profit Margin (PBIDT/Sales)	(%)	13.22	17.15	12.36
Return on Total Assets (PBT/Total Assets}	(%)	3.49	12.10	5.95
Return on Investment (ROI) (PBT/Networth)		0.16	0.57	0.36
Debt Equity Ratio (Total Debt /Networth)		1.64	1.62	2.40
Current Ratio (Current Asset/Current Liability)		1.30	0.98	0.72

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	25.000	25.000	25.000
Reserves & Surplus	40.242	79.103	94.232
Share Application money pending allotment	0.000	0.000	0.000
Net worth	65.242	104.103	119.232
long-term borrowings	67.762	76.084	139.883
Short term borrowings	88.865	92.069	55.476
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	156.627	168.153	195.359
Debt/Equity ratio	2.401	1.615	1.638

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	561.835	648.513	571.477
		15.428	-11.879

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	561.835	648.513	571.477
Profit	17.154	38.508	15.128
	3.05%	5.94%	2.65%

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

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
From corporate bodies	5.352	4.556
Loans and advances from related parties – from corporate bodies	10.271	17.267
From directors and their relatives	39.056	26.652
Loans and advances from others	31.939	27.185
Total	86.618	75.660

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90092825	09/04/2013 *	196,100,000.00	STATE BANK OF INDIA	SME BRANCH, RAJKOT, Gujarat - 360001, INDIA	B75974105
2	90094099	09/04/2013 *	196,100,000.00	STATE BANK OF INDIA	SME BRANCH, RAJKOT, Gujarat - 360001, INDIA	B75975516

* Date of charge modification

FIXED ASSETS

• Land
• Factory Buildings
• Plant and Equipments
• Furniture and Fixtures
• Electric Fittings
• Vehicles
• Office Equipments
• Computers

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 :	SPR
Analysis Done by :	TRI
Report Prepared by :	JYO

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
--PROFITABILITY	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.