MIRA INFORM REPORT

Report No. :	338891
Report Date :	28.08.2015

IDENTIFICATION DETAILS

Name :	ZUARI ROTEM SPECIALITY FERTILIZERS LIMITED
Registered Office :	Jai Kisaan Bhawan, Zuari Nagar, Mormugao – 403726, Goa
Tel No.:	91-832-2592431
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.11.2007
Com. Reg. No.:	24-005489
Capital Investment / Paid-up Capital :	Rs.69.150 Million
CIN No.: [Company Identification No.]	U01409GA2007PLC005489
TAN No.: [Tax Deduction & Collection Account No.]	BLRZ10952E
PAN No.: [Permanent Account No.]	AAACZ3153A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Water Solid Soluble Fertilizers and Related Products.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 209000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a 50:50 joint venture between Zuari Agro Chemicals Limited and Rotem Amfert Negev Limited (RANL), Israel. It is an established company having satisfactory track record. The company has incurred a loss during FY 2014 marked by the moderate financial risk profile of the company. Rating take comfort on the company, as it enjoys certain financial flexibility on account of indirect support from parent entities and being promoted by Zuari Agro Chemicals Limited (ZACL) - a domestic fertilizer major and part of the Adventz (erstwhile K.K. Birla) Group, and Rotem Amfert Negev Limited (RANL), which is a part of global fertiliser major Israel Chemicals Limited (ICL) Group. The ratings are however, constrained by vulnerability of profitability to currency fluctuations, agro climatic conditions and regulatory developments. 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 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	ICRA
Rating	Fund Based : BBB
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	July 2014

Rating Agency Name	ICRA
Rating	Non Fund Based : A3+
Rating Explanation	Moderate degree of safety and carry high credit risk.
Date	July 2014

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. Suraj Sharma
Designation :	Head Operations
Contact No.:	91-9850033545

LOCATIONS

Registered Office/ Factory 1 :	Jai Kisaan Bhawan, Zuari Nagar, Mormugao – 403726, Goa, India
Tel. No.:	91-832-2592431/ 2592180
Mobile No.:	91-9850033545 (Mr. Suraj Sharma)
Fax No.:	91-832-2555279/ 2555462
4E-Mail :	sagarhb@zuari.co.in raj@zuari.co.in ryp@zuari.co.in feedback@adventz.com shares@adventz.com
Website :	http://zuari.in
Corporate Office	5th Floor, Global Business Park, Tower A, M. G. Road, Sector 26, Gurgaon - 122002, Haryana, India
Tel. No.:	91-124-4827800
Fax No.:	91-124-4212046
Sales Head Office :	206, Tower A, World Trade Centre, Opposite. EON Free Zone, Survey No. 1/18, Kharadi, Pune – 411014, Maharashtra, India
Tel. No.:	91-20-46902000
Factory 2 :	Located at: Baramati, Maharashtra, India

DIRECTORS

As on 24.09.2014

Name :

Ms. Kirti Mohan Naithani

Designation :

Director

Address :

H. No. 14, Birch Court, Nirvana Country, Sector 50, Gurgaon - 122001, Haryana, India

Date of Birth/Age :

27.07.1952

Qualification:

BE Mech, Post Graduate in Management

Date of Appointment :

19.11.2007

DIN No.:

01156617

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	U74899DL2003PTC118362	ISRA FERTS CONSULTANTS PRIVATE LIMITED	Director	08/01/2003	08/01/2003	Strike off	NO
2	U01409GA2007PLC005489	ZUARI ROTEM SPECIALITY FERTILIZERS LIMITED	Director	30/06/2008	19/11/2007	Active	NO
3	U24119DL2003PTC119004	ICL FERTILIZERS INDIA PRIVATE LIMITED	Whole-time director	02/05/2015	13/09/2010	Active	NO
4	U51909DL2011PTC214757	ICL MANAGEMENT AND TRADING INDIA PRIVATE LIMITED	Director	24/02/2011	24/02/2011	Active	NO

Name :

Mr. Naveen Kumar Kapoor

Designation :

Director

Address :

B-6, Zil Colony, Zauri Nagar, Marmugao – 403726, Goa, India

Date of Birth/Age :

15.09.1953

Date of Appointment :

19.11.2007

DIN No.:

01680157

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	U01409GA2007PLC005489	ZUARI ROTEM SPECIALITY FERTILIZERS LIMITED	Director	15/09/2009	19/11/2007	-	Active	NO
2	U74900GA2006PLC004921	ZUARI MANAGEMENT SERVICES LIMITED	Director	15/09/2008	27/11/2007	-	Active	NO
3	U01122GA1995PLC001751	ZUARI AGRI SCIENCES LIMITED	Director	15/09/2008	24/01/2008	-	Active	NO
4	U11202GA2000PTC002869	ZUARI INDIAN OILTANKING Private Limited	Director	26/09/2008	26/09/2008	28/03/2012	Active	NO
5	U24120GA2009PLC006158	ZUARI FERTILISERS AND CHEMICALS LIMITED	Director	11/08/2009	11/08/2009	-	Active	NO
6	U74900WB2010PLC183704	ADVENTZ INDUSTRIES INDIA LIMITED	Director	14/06/2010	14/06/2010	18/08/2014	Active	NO
7	U36101TN1998PLC039842	STYLE SPA FURNITURE LIMITED	Director	24/06/2013	17/09/2012	-	Amalgamated	NO

Name :

Mr. Karl Peter Mielke

Designation :

Director appointed in casual vacancy

Address :

Fluitekruid 36, Mijdecht 3641VK, Netherlands

Date of Birth/Age :

22.11.1961

Date of Appointment :

06.01.2014

DIN No.:

06852866

Name :

Mr. Rajeev Sinha

Designation :

Alternate Director

Address :

F 301 Essel Twoer, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

24.08.1957

Qualification:

Master in History, Post graduate Diploma in Marketing and HR and Business Management

Date of Appointment :

30.04.2014

DIN No.:

01156651

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	U74899DL2003PTC118362	ISRA FERTS CONSULTANTS PRIVATE LIMITED	Director	08/01/2003	08/01/2003	Strike off	NO
2	U01409GA2007PLC005489	ZUARI ROTEM SPECIALITY FERTILIZERS LIMITED	Alternate director	30/04/2014	21/01/2011	Active	NO

Name :

Mr. Kapil Mehan

Designation :

Director appointed in casual vacancy

Address :

F No As1, Stone Valley Apartments, Road No 4, Banjara Hills, Hyderabad - 500034, Telangana, India

Date of Appointment :

08.05.2015

DIN No.:

01215092

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	U01403DL2007PTC160357	H G CONSULTANCY AND AGROPRODUCE PRIVATE LIMITED	Director	09/03/2007	09/03/2007	31/08/2010	Active	NO
2	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	27/03/2015	12/09/2008	-	Active	NO
3	L24239MH1939PLC002893	TATA CHEMICALS LIMITED	Whole-time director	30/07/2009	26/11/2008	31/08/2010	Active	NO
4	L24120TG1961PLC000892	COROMANDEL INTERNATIONAL LIMITED	Managing director	21/07/2011	19/10/2010	13/02/2015	Active	NO
5	U74999MH1995PLC088809	PARRY CHEMICALS LIMITED	Director	20/04/2011	20/04/2011	13/02/2015	Active	NO
6	L24110GJ1991PLC020753	SABERO ORGANICS GUJARAT LIMITED	Director	13/07/2012	19/12/2011	-	Amalgamated	NO
7	U65110TG2012PLC080296	DARE INVESTMENTS LIMITED	Director	13/04/2012	13/04/2012	13/02/2015	Active	NO
8	L24110GJ1987PLC009543	LIBERTY PHOSPHATE LIMITED	Director	17/07/2013	07/03/2013	-	Amalgamated	NO
9	U24211AP1983PLC090741	LIBERTY URVARAK LIMITED	Director	04/07/2013	28/03/2013	-	Amalgamated	NO
10	U24111TG1988PLC009231	ANDHRA PRADESH GAS POWER CORPORATION LIMITED	Director	29/09/2014	04/09/2013	25/03/2015	Active	NO
11	U29253TG2014PTC094854	YANMAR COROMANDEL AGRISOLUTIONS PRIVATE LIMITED	Director	14/07/2014	14/07/2014	16/02/2015	Active	NO
12	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Managing director	01/04/2015	01/04/2015	-	Active	NO
13	U24120GA2009PLC006158	ZUARI FERTILISERS AND CHEMICALS LIMITED	Additional director	07/05/2015	07/05/2015	-	Active	NO
14	U01122GA1995PLC001751	ZUARI AGRI SCIENCES LIMITED	Additional director	07/05/2015	07/05/2015	-	Active	NO
15	U01409GA2007PLC005489	ZUARI ROTEM SPECIALITY FERTILIZERS LIMITED	Director appointed in casual vacancy	08/05/2015	08/05/2015	-	Active	NO
16	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Managing director	14/05/2015	14/05/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sachin Shankar Patil
Designation :	Secretary
Address :	Plot No. 30, Saraf Colony, Tilakwadi, Belgaum – 590006, Karnataka, India
Date of Birth/Age :	16.11.1986
Date of Appointment :	23.07.2013
Pan No.:	BGZPP4332A
Name :	Mr. Suraj Sharma
Designation :	Head Operations

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2014

Names of Shareholders	No. of Shares
Zuari Agro Chemicals Limited jointly with Narayanan Suresh Krishnan	10
Zuari Agro Chemicals Limited jointly with Albert Mascarenhas	10
Zuari Agro Chemicals Limited jointly with George Ninan	10
Zuari Agro Chemicals Limited jointly with Patil Y. Ramakrishna	10
Zuari Agro Chemicals Limited jointly with MAlex Pacheco	10
Zuari Agro Chemicals Limited jointly with R.K. Gupta	10
Zuari Agro Chemicals Limited jointly with H.C. Shah	10
Zuari Agro Chemicals Limited	3457431
Rotem Amfert Negev Limited, India	3457501
TOTAL	6915002

As on 24.09.2014

Equity Share Break up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Water Solid Soluble Fertilizers and Related Products.

Products :

ITC Code No.	Product Descriptions
31051000	Water Soluble Fertilizer

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

Products :

Raw Material

Countries :

· Israel

· China

· Jordan

Terms :

Selling :

L/C, Cash and Credit (30/ 60/90 Days)

Purchasing :

L/C, Cash and Credit (30/ 60/90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	RNZ, Dubai
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:

Customers :

Reference :

Chambal Fertilizers and Chemicals Limited

Name of the Person :

Mr. Ashsihs Shrivastava – General Manager

Contact No.:

91-9899242765

Since How Long Known :

5 Years

Maximum Limit Dealt :

Rs. 70.000 Million Yearly

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

They gave us positive response about the subject company they are satisfied with their product quality and delivery behaviour.

No. of Employees :

250 (Approximately)

Bankers :

Corporation Bank, Vasco -da -Gama Branch, Raghunath Apartments, F. L. Gomes Road, P. B. 86, Vasco da Gama - 403802, Goa, India

Facilities :

SECURED LOAN	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	31.290
SHORT-TERM BORROWINGS
Working capital loans from banks	50.743	70.911
Total	50.743	102.201

Auditors :
Name :	SRBC and Company LLP Chartered Accountant
Address :	C-401, 4^th Floor, Panchshil Tech Park, Yerwada, Pune - 411006, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABSFS4151K
Memberships :	--
Collaborators :	--
Joint venture:	· Zuari Agro Chemicals Limited (formerly known as Zuari Holdings Limited) [L65910GA2009PLC006177] · Rotem Amfert Negev Limited, Israel
Group Companies :	· Zuari Agri Science Limited · Zuari Fertilisers and Chemicals Limited · Zuari Maroc Phosphates Limited · Paradeep Phosphates Limited · Zuari Rotem Speciality Fertilsers Limited · Gobind Sugar Mills Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6915002	Equity Shares	Rs.10/- each	Rs.69.150 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	69.150	69.150	69.150
(b) Reserves & Surplus	4.094	41.197	32.585
(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)	73.244	110.347	101.735
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	31.290	62.550
(b) Deferred tax liabilities (Net)	20.002	17.991	14.501
(c) Other long term liabilities	9.204	8.523	0.000
(d) long-term provisions	0.394	0.164	0.213
Total Non-current Liabilities (3)	29.600	57.968	77.264
(4) Current Liabilities
(a) Short term borrowings	70.899	120.911	40.483
(b) Trade payables	91.553	139.726	23.526
(c) Other current liabilities	34.098	36.129	37.637
(d) Short-term provisions	0.389	0.400	0.239
Total Current Liabilities (4)	196.939	297.166	101.885
TOTAL	299.783	465.481	280.884
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	161.086	168.328	171.465
(ii) Intangible Assets	0.022	0.019	0.007
(iii) Capital work-in-progress	0.000	0.231	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.717	7.745	6.589
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	168.825	176.323	178.061
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	81.816	87.684	59.042
(c) Trade receivables	23.408	177.794	14.577
(d) Cash and cash equivalents	1.544	3.315	24.318
(e) Short-term loans and advances	24.190	20.365	4.886
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	130.958	289.158	102.823
TOTAL	299.783	465.481	280.884

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	370.951	406.212	506.484
	Other Income	4.396	0.746	0.562
	TOTAL (A)	375.347	406.958	507.046
Less	EXPENSES
	Cost of Materials Consumed	136.462	268.250	293.925
	Purchases of Stock-in-Trade	170.434	81.260	37.944
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	5.908	(31.986)	41.128
	Employees benefits expense	5.282	6.051	5.682
	Other expenses	68.737	43.431	77.552
	Prior period items	0.392	0.440	0.280
	TOTAL (B)	387.215	367.446	456.511
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(11.868)	39.512	50.535
Less	FINANCIAL EXPENSES (D)	15.021	16.807	20.367
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(26.889)	22.705	30.168
Less/ Add	DEPRECIATION/ AMORTISATION (F)	8.204	8.040	7.707
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(35.093)	14.665	22.461
Less	TAX (I)	2.010	6.053	8.081
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(37.103)	8.612	14.380
	IMPORTS
	Raw materials and traded goods *	232.493	307.950	265.996
	TOTAL IMPORTS	232.493	307.950	265.996
	Earnings / (Loss) Per Share (Rs.)	(5.37)	1.25	2.08

Particulars	31.03.2015
Sales Turnover (Approximately)	400.000

The above information has been parted by Mr. Suraj Sharma

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	31.290	31.260	31.260
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	100.160	(44.181)	34.571

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(10.00)	2.12	2.84
Operating Profit Margin (PBIDT/Sales)	(%)	(3.20)	9.73	9.98
Return on Total Assets (PBT/Total Assets}	(%)	(11.71)	3.15	8.00
Return on Investment (ROI) (PBT/Networth)		(0.48)	0.13	0.22
Debt Equity Ratio (Total Debt /Networth)		1.40	1.66	1.32
Current Ratio (Current Asset/Current Liability)		0.66	0.97	1.01

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	69.150	69.150	69.150
Reserves & Surplus	32.585	41.197	4.094
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	101.735	110.347	73.244
long-term borrowings	62.550	31.290	0.000
Short term borrowings	40.483	120.911	70.899
Current Maturities of Long-Term Debts	31.260	31.260	31.290
Total borrowings	134.293	183.461	102.189
Debt/Equity ratio	1.320	1.663	1.395

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	506.484	406.212	370.951
		(19.798)	(8.680)

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	506.484	406.212	370.951
Profit	14.380	8.612	(37.103)
	2.84%	2.12%	(10.00%)

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	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
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 four 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

CORPORATE INFORMATION

Subject was incorporated on November 15, 2007 under the Companies Act, 1956 with its registered office at Jaikisan Bhawan, Zuari Nagar, Goa. The Company was formed as a joint venture pursuant to the agreement between Rotem Amfert Negev Limited ("Rotem") and Zuari Agro Chemicals Limited ("Zuari") [formerly Zuari Holdings Limited] dated August 3, 2007 with both Rotem and Zuari holding 50% each in the equity share capital of the Company.

Rotem has the experience and know-how for manufacture of Solid Water Soluble Fertilisers and related products and Zuari has necessary experience in manufacture, distribution, marketing and sale of fertilisers. The joint venture was entered into for conducting business in manufacturing, trading and marketing of fertilizer products for mutual benefit of both the parties. The manufacturing facilities of the Company are located at Baramati, near Pune in Maharashtra and the Company commenced its commercial production from March 27, 2010.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT-TERM BORROWINGS
Working capital loans from banks	20.156	50.000
Total	20.156	50.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10172091	23/01/2012 *	210,700,000.00	CORPORATION BANK	VASCO -DA -GAMA BRANCH, RAGHUNATH APARTMENTS, F. L. GOMES ROAD, P. B. 86, VASCO DA GAMA - 403802, GOA, INDIA	B32152936

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipment’s
• Other Equipment’s

Intangible assets

• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs66.06
UK Pound	1	Rs.102.35
Euro	1	Rs.74.97

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAS
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		42

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.