MIRA INFORM REPORT

Report No. :	352727
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	JAY CHEMICAL INDUSTRIES LIMITED
Registered Office :	Jay House, Near Saffron Building, Panchvati Circle, Ellisbridge, Ambawadi, Ahmedabad – 380006, Gujarat
Tel. No.:	91-79-26423363
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.03.2000
Com. Reg. No.:	04-037683
Capital Investment / Paid-up Capital :	Rs. 143.339 Million
CIN No.: [Company Identification No.]	U24119GJ2000PLC037683
IEC No.:	0888017031
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACJ7628J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of reactive, direct and acid dyestuffs for textile applications. (Confirmed by management)
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 4531000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2000. It is engaged in the business of manufacturing and exporting of reactive, direct and acid dyestuff for textile applications. For the financial year ended 2014, the company has decent top line growth along with profitability margin of 5.98%. The company has healthy financial base marked by efficient networth position along with good gap between trade payables and receivables. Business is active. Payments are regular. 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 = A
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	08.09.2014

Rating Agency Name	CARE
Rating	Short Term bank Facilities = A 2 +
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	08.09.2014

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 31-03-2015.

INFORMATION PARTED BY

Name :	Ms. Pooja Yadav
Designation :	Secretary
Contact No.:	91-79-26423363

LOCATIONS

Registered / Head Office :	Jay House, Near Saffron Building, Panchvati Circle, Ellisbridge, Ambawadi, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26423363
Fax No.:	91-79-26425763
E-Mail :	cs@jaychemical.com info@jaychemical.com
Website :	www.jaychemical.com
Dealer/ distributors/ Warehouse :	Located at : Bihar Delhi Himachal Pradesh Jammu and Kashmir Karnataka Madhya Pradesh Orissa West Bengal Punjab Andhra Pradesh Haryana Maharashtra Gujarat Tamilnadu Rajasthan Uttar Pradesh

DIRECTORS

As on: 30.08.2014

Name :

Mr. JayendraKumar Hiralal Kharawala

Designation :

Managing Director

Date of Birth/Age :

18.02.1939

Date of Appointment :

01.03.2014

DIN No.:

00077389

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	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Managing director	01/06/2007	28/10/1980	-	Amalgamated	NO
2	U65910GJ1982PTC005117	JALDHARA TRADING AND INVESTMENTS PVT LTD	Director	07/08/1990	07/08/1990	-	Strike off	NO
3	U65910GJ1982PTC005114	JANMEJAY TRADING AND INVESTMENTS PVT LTD	Director	07/08/1990	07/08/1990	10/01/2014	Active	NO
4	U65910GJ1982PTC005115	JAYENDRAKUMAR TRADING AND INVESTMENTS PVT LTD	Director	07/08/1990	07/08/1990	10/01/2014	Active	NO
5	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	10/09/1992	10/09/1992	01/01/2014	Active	NO
6	U74999GJ1996PTC030600	JAYSON CREATIVE SOURCE PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Strike off	NO
7	U29199GJ1996PLC029914	ODHAV ENVIRO PROJECTS LIMITED	Director	27/03/1997	27/03/1997	-	Active	NO
8	U65910GJ1982PTC005113	GREEVA TRADING AND INVESTMENTS PVT LTD	Director	03/04/1999	03/04/1999	10/01/2014	Active	NO
9	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Managing director	01/03/2014	31/03/2000	-	Active	NO
10	U74140GJ2008PTC055674	JAY CORPORATE MANAGEMENT PRIVATE LIMITED	Director	15/12/2008	15/12/2008	-	Active	NO

Name :

Mr. Greeven Jayendrakumar Kharwala

Designation :

Managing Director

Date of Birth/Age :

29.09.1974

Date of Appointment :

01.03.2014

DIN No.:

00358381

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	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	30/09/1992	30/09/1992	01/01/2015	Active	NO
2	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Managing director	01/09/1995	01/09/1995	-	Amalgamated	NO
3	U74999GJ1996PTC030600	JAYSON CREATIVE SOURCE PRIVATE LIMITED	Director	30/08/1996	30/08/1996	-	Strike off	NO
4	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Managing director	01/03/2014	31/03/2000	-	Active	NO
5	U93090GJ2007NPL050142	NOVEL SPENT ACID MANAGEMENT	Director	02/03/2007	02/03/2007	-	Active	NO
6	U74140GJ2008PTC055674	JAY CORPORATE MANAGEMENT PRIVATE LIMITED	Director	15/12/2008	15/12/2008	-	Active	NO

Name :

Mr. Ravi Babulal kabra

Designation :

Whole Time Director

Date of Birth/Age :

12.05.1976

Date of Appointment :

01.03.2014

DIN No.:

00080979

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	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Whole-time director	01/03/2014	30/03/2003	-	Active	NO
2	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Director	30/03/2003	30/03/2003	-	Amalgamated	NO
3	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	01/11/2005	01/11/2005	-	Active	NO

Name :

Mr. Dakshesh Mohanlal Macchar

Designation :

Whole Time Director

Date of Birth/Age :

29.09.1966

Date of Appointment :

01.03.2014

DIN No.:

00081032

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	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Whole-time director	01/03/2014	30/03/2003	-	Active	NO
2	U24100GJ1980PTC004022	J H KHARAWALA PRIVATE LIMITED	Director	30/03/2003	30/03/2003	-	Amalgamated	NO
3	U51909GJ1990PTC014227	JAY INFA TRADE PRIVATE LIMITED	Director	01/11/2005	01/11/2005	-	Active	NO

Name :

Mr. Shambunath Sushil Kumar Chakraverty

Designation :

Whole Time Director

Date of Birth/Age :

20.08.1942

Date of Appointment :

01.03.2014

DIN No.:

00689059

Name :

Mr. Bipinbhai Raghunathbhai Patel

Designation :

Whole Time Director

Date of Birth/Age :

01.03.1945

Date of Appointment :

01.08.2014

DIN No.:

01186974

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	U36998GJ1997PTC032218	AMI PIGMENTS PRIVATE LIMITED	Director	14/05/1998	14/05/1998	-	Active	NO
2	L24231GJ1998PLC034094	KIRI INDUSTRIES LIMITED	Director	01/09/2006	01/09/2006	26/04/2010	Active	NO
3	L24110GJ1986PLC009003	BODAL CHEMICALS LIMITED	Director	29/09/2007	14/08/2007	-	Active	NO
4	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Whole-time director	01/08/2014	01/10/2008	-	Active	NO
5	U91110GJ2012NPL070701	CONFEDERATION OF INDIAN CLUBS	Director	23/07/2012	23/07/2012	-	Active	NO
6	U24231GJ1989PLC011882	MAYUR DYECHEM INTERMEDIATES LIMITED	Additional director	01/01/2014	01/01/2014	-	Converted to LLP and dissolved	NO
7	U37100GJ2014PTC080566	ECOCARE INFRASTRUCTURES PRIVATE LIMITED	Director	25/08/2014	25/08/2014	-	Active	NO

Name :

Mr. Kntibhai Hirabhai patel

Designation :

Director

Date of Birth/Age :

03.09.1946

Date of Appointment :

26.09.2008

DIN No.:

02325787

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	U51101GJ1984PTC006663	ORLEY LABORATORIES PRIVATE LIMITED	Director	15/09/2008	15/09/2008	22/03/2010	Active	NO
2	U24119GJ2000PLC037683	JAY CHEMICAL INDUSTRIES LIMITED	Director	26/09/2008	26/09/2008	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Director	31/07/2009	24/10/2008	-	Active	NO
4	U74140GJ2010PTC060526	K H PATEL LABOUR CONSULTANCY PRIVATE LIMITED	Director	03/05/2010	03/05/2010	-	Active	NO
5	U20299GJ1983PLC005945	SUNDEK INDIA LIMITED	Director	30/09/2010	01/06/2010	-	Active	NO
6	L21010GJ1986PLC008772	RAINBOW PAPERS LIMITED	Director	27/09/2011	12/08/2010	-	Active	NO

Name :

Mr. Alpesh Popatlal Shah

Designation :

Whole Time Director

Date of Birth/Age :

01.02.1974

Date of Appointment :

01.08.2014

DIN No.:

06943944

KEY EXECUTIVES

Name :	Ms. Pooja Yadav
Designation :	Secretary
Date of Birth/Age :	03.08.1942
Date of Appointment :	01.08.2014
Pan No :	AGMPY7448L

MAJOR SHAREHOLDERS

As on: 30.08.2014

Names of Shareholders	No. of Shares
Jayendra H. Kharwala	8705530
Greeven J. Kharwala	1503390
Mokshadaben G. Kharwala	50290
Ushaben J. Kharwala	1624760
Jay Infa Trade Private Limited	49500
J.H. Kharwala – HUF	1799530
Ravi Babulal Kabra	100
G.J. Kharawala – HUF	600000
Greeva trading and Investments Private Limited	100
Janmejay Trading and Investments Private Limited	395
Jayendrakumar Trading and Investments Private Limited	395
Total	14333990

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	0.35
Directors or relatives of Directors	99.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of reactive, direct and acid dyestuffs for textile applications. (Confirmed by management)

Products :

Product Description	Item Code No. (ITC Code)
Reactive Dyes (synthetic organicdyes) - Blue	32041650

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Countries :

Germany

Imports :

Not Available

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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 :

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 :

3000 (Approximately)

Bankers :

Bank Name	Axis Bank Limited
Branch	Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India
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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Export - Import Bank of India, Floor 21, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

• Bank of Baroda, Ahramroad, Ahmedabad - 380006, 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	701.563	626.013
SHORT TERM BORROWING
Loans repayable on demand	1800.285	1467.433
Total	2501.848	2093.446

Auditors :
Name :	Shah and Nagori Chartered Accountant
Address :	T-1, Dhaval Complex, B/H Navarangpura Post Office, Navarangpura, Ahmedabad-380009, Gujarat, India
PAN No.:	AACFS5758B
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Jay Infa Trade Private Limited U51909GJI990PTC014227 Jay Enterprise, India Ronuk Dyes and Chemical The India Textile Products Greeva
Subsidiary :	Solunaris GMBH Jay Global PTE. LTD
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Jushika Corporation Prem Chemical Industries

CAPITAL STRUCTURE

As on: 30.08.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
14333990	Equity Shares	Rs.10/- each	Rs.143.339 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	143.339	143.339	143.339
(b) Reserves & Surplus	1442.732	991.805	895.937
(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)	1586.071	1135.144	1039.276
(3) Non-Current Liabilities
(a) long-term borrowings	754.632	663.358	762.499
(b) Deferred tax liabilities (Net)	274.072	222.811	168.326
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	93.060	61.945	43.731
Total Non-current Liabilities (3)	1121.764	948.114	974.556
(4) Current Liabilities
(a) Short term borrowings	1800.285	1467.433	1241.805
(b) Trade payables	1450.204	1007.977	1026.164
(c) Other current liabilities	472.819	369.217	278.965
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	3723.308	2844.627	2546.934
TOTAL	6431.143	4927.885	4560.766
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2306.725	2069.791	1530.773
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	85.397	50.575	420.543
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	45.232	45.182	45.181
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.882	4.838	39.977
(e) Other Non-current assets	34.425	51.311	67.956
Total Non-Current Assets	2476.661	2221.697	2104.430
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1399.787	997.853	1056.826
(c) Trade receivables	2154.957	1385.907	1059.564
(d) Cash and cash equivalents	79.180	54.852	67.845
(e) Short-term loans and advances	268.534	179.955	217.456
(f) Other current assets	52.024	87.621	54.645
Total Current Assets	3954.482	2706.188	2456.336
TOTAL	6431.143	4927.885	4560.766

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	7545.911	4715.478	3576.599
		Other Income	23.686	25.753	21.559
		TOTAL	7569.597	4741.231	3598.158
Less	EXPENSES
		Cost of Materials Consumed	4367.513	2725.905	2136.696
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(147.683)	43.860	(47.856)
		Employees benefits expense	352.656	298.525	219.453
		Other expenses	1719.077	1142.569	973.880
		Exceptional Items	0.032	0.000	(0.396)
		TOTAL	6291.595	4210.859	3281.777
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1278.002	530.372	316.381
Less	FINANCIAL EXPENSES		278.204	236.870	174.330
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		999.798	293.502	142.051
Less/ Add	DEPRECIATION/ AMORTISATION		272.441	145.723	117.588
	PROFIT BEFORE TAX		727.357	147.779	24.463
Less	TAX		276.430	51.912	4.330
	PROFIT AFTER TAX		450.927	95.867	20.133
	Earnings Per Share (Rs.)		31.46	6.69	1.40

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	303.522	305.925	245.508
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	830.003	579.962	583.634

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.98	2.03	0.56
Operating Profit Margin (PBDIT / Sales)	(%)	16.94	11.25	8.85
Return on Total Assets (PBT/Total Assets}	(%)	11.54	3.06	0.60
Return on Investment (ROI) (PBT/Networth)		0.46	0.13	0.02
Debt Equity Ratio (Total Debt /Networth)		1.80	2.15	2.16
Current Ratio (Current Asset/Current Liability)		1.06	0.95	0.96

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	143.339	143.339	143.339
Reserves & Surplus	895.937	991.805	1442.732
Net worth	1039.276	1135.144	1586.071
long-term borrowings	762.499	663.358	754.632
Short term borrowings	1241.805	1467.433	1800.285
Current maturities of long-term debts	245.508	305.925	303.522
Total borrowings	2249.812	2436.716	2858.439
Debt/Equity ratio	2.165	2.147	1.802

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	3576.599	4715.478	7545.911
		31.843	60.024

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	3576.599	4715.478	7545.911
Profit	20.133	95.867	450.927
	0.56%	2.03%	5.98%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity -Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	No
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Deposits from others	42.035	35.221
Loans taken for fixed assets	11.034	2.124
Total	53.069	37.345

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10518681	23/08/2014	2,075,000.00	BANK OF BARODA	ASHRAM ROAD BRANCH,VALLABH SADAN, OPPosite NATRAJ CIN  EMA, ASHRAM ROAD, AHMEDABAD - 380009, Gujarat, INDIA	C19660943
2	10474050	03/02/2015 *	4,375,300,000.00	PNB INVESTMENT SERVIC LTD - SEC TRUSTEE OF BOB CON  ST BOB -SIBL- AXIS - ICICI AND EXIM	C/O PUNJAB NATIONAL BANK, CIRCLE OFFICE, 6TH FLOOR, GUJARAT BHAVAN, OPP. M J LIBRARY, ELLISBRIDGE,  AHMEDABAD - 380006, Gujarat, INDIA	C44682979
3	10082281	03/02/2015 *	4,375,300,000.00	PNB INVESTMENT SERVIC LTD - SEC TRUSTEE OF BOB CONST BOB -SIBL- AXIS - ICICI AND EXIM	C/O PUNJAB NATIONAL BANK, CIRCLE OFFICE, 6TH FLOOR, GUJARAT BHAVAN, OPP. M J LIBRARY, ELLISBRIDGE,  AHMEDABAD - 380006, Gujarat, INDIA	C44682151

FIXED ASSETS

• Freehold Land

• Leasehold Land
• Estate
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipment
• 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 aginst 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.66.74
UK Pound	1	Rs.99.61
Euro	1	Rs.70.66

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	TRI
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.