MIRA INFORM REPORT

Report No. :	355723
Report Date :	24.12.2015

IDENTIFICATION DETAILS

Name :	ARSHIYA LIMITED (w.e.f. 05.09.2013)

Formerly Known As :	ARSHIYA INTERNATIONAL LIMITED

Registered Office :	Unit No. A1, 4^th Floor, Cnergy, Appa Saheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra
Tel. No.:	91-22-42305400/01

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	03.07.1981

Com. Reg. No.:	11-024747

Capital Investment / Paid-up Capital :	Rs.254.859 Million

IEC No.:	Not Divulged

CIN No.: [Company Identification No.]	L27320MH1981PLC024747

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

Line of Business :	Subject is a unified supply chain integrated logistics infrastructure provider and is engaged in the business of Free Trade and Warehousing Zone (FTWXZ) and value added services along with development, operations and maintenance of FTWZ. (Registered Activity)

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow and delayed

Litigation :	Exist

Comments :	Subject is an old company incorporated in the year 1981. It has moderate track. The ratings takes into consideration moderate financial risk profile of the company marked by huge external borrowings taken by the company. Further, sales turnover of the company has declined drastically along with losses from its operations in the year 2015. Further from the indirect source we found that subject has reported delay in serving its term debt obligations. However, trade relations are fair. Business is active. Payment terms are reported to be slow and delayed. In view of leveraged capital structure, the company can be considered for business dealings with fully safe and secured trade terms and conditions. Note: Partial information has been taken from indirect source i.e. CARE Ratings

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

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=D
Rating Explanation	Lowest-credit quality and very low prospects of recovery.
Date	02.04.2015

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 31-03-2015.

LOCATIONS

Registered Office :	Unit No. A1, 4^th Floor, Cnergy, Appa Saheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-42305400/01
Fax No.:	91-22-42305555
E-Mail :	info@arshhiya.com bss@bigshareonline.com grv.redressal@arshiyainternational.com info@arshiyainternational.com rahul.neogi@arshiyainternational.com g.hariharan@arshiyainternational.com
Website :	www.arshiyainternational.com

Corporate Office :	302, Ceejay House, Level 3, Shiv Sagar Estate, F-Block, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India.
Tel. No.:	91-22-42305500
Fax No.:	91-22-42305555
E-Mail :	info@arshiyalimited.com
Website :	www.arshiyalimited.com

Mumbai-Panvel Office:	Sai Village, Taluka Panvel, District-Raigad – 410205, Panvel, India
Tel. No.:	91-2143-305000
Fax No.:	91-2143-661111/ 661188

Delhi-Khurja Site Office:	Junction Road, Khrja Industrial Area, Village Maujpur, Khurja, District – Bulanshahr – 203131, Uttar Pradesh, India
Tel. No.:	91-5738-234000/ 234033

DIRECTORS

As on 31.03.2015

Name :	Ms. Archana Ajay Mittal
Designation :	Managing Director
Address :	Mittal Bhavan, 62-A, Peddar Road, Mumbai - 400059, Maharashtra, India
Qualification :	Arts Graduate
Date of Appointment :	25.10.2005
DIN No.:	00703208

Name :	Mr. Ajay Shankarlal Mittal
Designation :	Managing Director
Address :	Mittal Bhavan, 62-A, Pedder Road, Mumbai - 400026, Maharashtra, India
Qualification :	Commerce Graduate and M.B.A. from USA
Date of Appointment :	31.12.2005
DIN No.:	00226355

Name :	Mr. Ashishkumar Bairagra
Designation :	Director
Address :	Flat No. 44, Sadhana Building, 'B' Road,, Churchgate, Mumbai - 400020, Maharashtra, India
Qualification :	B. Com., C.A.
Date of Appointment :	31.12.2005
DIN No.:	00049591

Name :	Mr. Shah Pankaj Rishabh
Designation :	Director
Address :	7, Saranam, 7th Road, Prabhat Colony, Santacruz (East), Mumbai - 400055, Maharashtra, India
Date of Appointment :	31.12.2005
DIN No.:	00694160

Name :	Mr. Ganeshan Raghuram
Designation :	Director
Address :	House No. 401,, Iima Campus, Ahmedabad - 380015, Gujarat, India
Qualification :	PhD (Northwestern University) and PGDM (IIM-A)
Date of Appointment :	24.02.2007
DIN No.:	01099026

Name :	Mr. Mukesh Kacker
Designation :	Director
Address :	5, Munirka Marg, Ground Floor, Vasant Vihar, New Delhi - 110057India
Qualification :	Master in Economics (Public Policy) from Harvard University, B Sc. (Physics, Mathematics and Statistics) and M.A. (Political Science) from Allahabad University. He was an IAS of 1979 batch.
Date of Appointment :	28.10.2009
DIN No.:	01569098

KEY EXECUTIVES

Name :	Mr. Vl Ganesh
Designation :	Chief Financial Officer
Address :	905, Marathon Galaxy, LBS Marg, Mulund (West), Mumbai - 400080, Maharashtra, India
Date of Appointment :	10.07.2015
PAN No.:	ABPPL2198J

Name :	Ms. Savita Dalal
Designation :	Secretary
Address :	B-104, Precious Residency, Plot No. 16 and 16A, Sector-19, Kamothe, Khandeshwar, Navi Mumbai - 410206, Maharashtra, India
Date of Appointment :	10.07.2015
PAN No.:	BKGPS4746C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	117120225	74.99
Sub Total	117120225	74.99
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	117120225	74.99
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	25000	0.02
Financial Institutions / Banks	19825	0.01
Foreign Institutional Investors	2184344	1.40
Sub Total	2229169	1.43
(2) Non-Institutions
Bodies Corporate	12766503	8.17
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	9066705	5.81
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	9757949	6.25
Any Others (Specify)	5238921	3.35
Clearing Members	383037	0.25
Non Resident Indians	1640824	1.05
Overseas Corporate Bodies	2746495	1.76
Directors & their Relatives & Friends	13955	0.01
Employees	4610	0.00
Foreign Individuals	450000	0.29
Sub Total	36830078	23.58
Total Public shareholding (B)	39059247	25.01
Total (A)+(B)	156179472	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	156179472	0.00

BUSINESS DETAILS

Line of Business :

Subject is a unified supply chain integrated logistics infrastructure provider and is engaged in the business of Free Trade and Warehousing Zone (FTWXZ) and value added services along with development, operations and maintenance of FTWZ. (Registered Activity)

Products/ Services :

Product/ Services Description

ITC Code

Logistics Services

985299

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

BHEL
Bilt
BOSE
Cipla
Coca-Cola
Dow
FAG
Glenmark
GOCCO

No. of Employees :

Not Available

Bankers :

Axis Bank Limited
Bank of India
Bank of Baroda
Bank of Maharashtra
Central Bank of India
Corporation Bank
Dena Bank
Indian Overseas Bank
ING Vysya Bank
Karur Vysya Bank
Laxmi Vilas Bank
Oriental Bank of Commerce
Punjab National Bank
State Bank of Bikaner and Jaipur
State Bank of India
State Bank of Mysore
State Bank of Travancore
State Bank of Patiala
State Bank of Hyderabad
Syndicate Bank
The South Indian Bank
Tamilnad Mercantile Bank
UCO Bank

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loan from - Banks
Term Loan	9233.638	10015.109
Funded Interest Term Loan	2007.664	1858.143
Other Related Parties	1236.028	566.668
0.948Vehicle loan from bank	0.612	0.947

Short-term borrowings
Short term loan from banks	545.000	295.000
Working capital loan from banks	599.471	801.708

Total	13622.413	13537.575


Statutory Auditors :
Name :	M.A. Parikh and Company Chartered Accountants
Address :	Yusuf Building, 2^nd Floor, 43 Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India

Internal Auditors:
Name :	S.K. Sheth and Associates Chartered Accountants
Address :	701, Ganjawala Residency, Ganjawala Lane, Borivali (West), Mumbai – 400092, Maharashtra, India

Secretarial Auditors:
Name :	Aabid and Company Chartered Accountants
Address :	Capital One Advisory LLP 12, 4^th Floor, Sai Sadan 68, Janma Bhoomi Marh Fort, Mumbai – 400001, Maharashtra, India
Cost Auditors:
Name :	Prashant Karlekar and Associates Chartered Accountants
Address :	Falt No.5 and 6, Suasha Society, Prashant Nagar, Wadar Wadi, Naupada, Thane (West), Thane – 400602, Maharashtra, India

Memberships :	--

Collaborators :	--

Direct Subsidiaries :	Arshiya Hong Kong Limited, Hong Kong Cyberlog Technologies International Pte Limited, Singapore Arshiya International Singapore Pte Limited, Singapore Arshiya Supply Chain Management Private Limited, India Arshiya Transport and Handling Limited, India Arshiya Northern FTWZ Limited Arshiya Central FTWZ Limited

Indirect Subsidiaries :	Held through Cyberlog Technologies International Pte Limited Cyberlog Technologies (UAE) FZE Arshiya Technologies (India) Private Limited Held through Arshiya Rail Infrastructure Limited Arshiya Rail Siding and Infrastructure Limited

Other related parties with whom transactions have taken place during the year or balances outstanding as at the reporting date :	Bhushan Steels Limited Mega Management Service Private Limited Welldone Software Consultancy Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

210000000	Equity Shares	Rs.2/- each	Rs.420.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

127429472	Equity Shares	Rs.2/- each	Rs.254.859 Million

Terms and rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 2 per share. Each equity shareholder is entitled to one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of shareholders in the Annual General Meeting.

In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in the proportion to the number of equity shares held by the shareholders.

Reconciliation of number of equity shares outstanding at the beginning and at the end of the year

Particulars	31.03.2015
	Number	Rs. In million
Balance at the beginning of the year	67129472	134.259
Issued during the year	60300000	120.600
Balance at the end of the year	127429472	254.859

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	254.859	134.259	123.759
(b) Reserves & Surplus	4446.889	5457.554	5378.456
(c) Money received against share warrants	0.000	274.900	836.088

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4701.748	5866.713	6338.303

(3) Non-Current Liabilities
(a) long-term borrowings	12477.942	12440.867	10453.733
(b) Deferred tax liabilities (Net)	0.000	0.000	156.872
(c) Other long term liabilities	320.408	10.953	10.555
(d) long-term provisions	0.631	6.079	10.379
Total Non-current Liabilities (3)	12798.981	12457.899	10631.539

(4) Current Liabilities
(a) Short term borrowings	1177.355	2247.411	2025.813
(b) Trade payables	67.584	604.351	2120.792
(c) Other current liabilities	4847.837	3474.573	4292.352
(d) Short-term provisions	428.107	345.900	62.291
Total Current Liabilities (4)	6520.883	6672.235	8501.248

TOTAL	24021.612	24996.847	25471.090

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9976.102	14819.849	6646.030
(ii) Intangible Assets	95.522	0.000	138.320
(iii) Capital work-in-progress	4420.701	0.000	6105.613
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8342.441	8345.972	4987.953
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	900.846	770.439	3607.348
(e) Other Non-current assets	0.000	6.133	211.804
Total Non-Current Assets	23735.612	23942.393	21697.068

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	33.634	778.900	3179.973
(d) Cash and cash equivalents	21.844	56.758	50.752
(e) Short-term loans and advances	230.522	218.636	345.129
(f) Other current assets	0.000	0.160	198.168
Total Current Assets	286.000	1054.454	3774.022

TOTAL	24021.612	24996.847	25471.090

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	505.053	3016.958	7011.506
	Other Income	6.022	148.528	231.700
	TOTAL (A)	511.075	3165.486	7243.206

Less	EXPENSES
	Cost of Operations	31.512	2526.506	4966.218
	Exceptional Items	100.879	1066.735	154.295
	Prior Period Adjustment	31.740	(8.136)	0.000
	Employees benefits expense	140.241	190.721	325.467
	Other expenses	222.450	331.421	419.893
	TOTAL (B)	526.822	4107.247	5865.873

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(15.747)	(941.761)	1377.333

Less	FINANCIAL EXPENSES (D)	2132.083	1848.780	1322.167

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(2147.830)	(2790.541)	55.166

Less/ Add	DEPRECIATION/ AMORTISATION (F)	292.202	195.810	199.083

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(2440.032)	(2986.351)	(143.917)

Less	TAX (H)	0.000	(9.583)	(3.867)

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(2440.032)	(2976.768)	(140.050)

	EARNINGS IN FOREIGN CURRENCY
	Revenue logistics operations	0.000	5.654	307.161
	Revenue from Free Trade Warehousing Zone	161.208	103.141	899.305
	TOTAL EARNINGS	161.208	108.795	1206.466

	Earnings / (Loss) Per Share (Rs.)	(22.82)	(48.07)	(2.33)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	1833.826	1536.994	NA
Cash generated from operations	488.295	178.898	NA
Net cash flow from operating activity	489.425	293.885	NA

QUARTERLY RESULTS

Particulars	30.06.2015	30.09.2015
UnAudited	1^st Quarter	2^nd Quarter
Net Sales	168.450	160.840
Total Expenditure	97.520	99.060
PBIDT (Excl OI)	70.930	61.780
Other Income	1.370	0.010
Operating Profit	72.300	61.790
Interest	460.320	574.410
Exceptional Items	(164.000)	(8.130)
PBDT	(552.020)	(520.750)
Depreciation	65.46	65.130
Profit Before Tax	(617.480)	(585.880)
Tax	NA	NA
Provisions and contingencies	NA	NA
Profit After Tax	(617.480)	(585.880)
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	(617.480)	(585.880)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(483.12)	(98.67)	(2.00)

Operating Profit Margin (PBIDT/Sales)	(%)	(3.12)	(31.22)	19.64

Return on Total Assets (PBT/Total Assets}	(%)	(21.67)	(17.94)	(1.00)

Return on Investment (ROI) (PBT/Networth)		(0.52)	(0.51)	(0.02)

Debt Equity Ratio (Total Debt /Networth)		3.29	2.77	1.97

Current Ratio (Current Asset/Current Liability)		0.04	0.16	0.44

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.46.00/- (BSR)

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	123.759	134.259	254.859
Reserves & Surplus	5378.456	5457.554	4446.889
Money received against share warrants	836.088	274.900	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6338.303	5866.713	4701.748

long-term borrowings	10453.733	12440.867	12477.942
Short term borrowings	2025.813	2247.411	1177.355
Total borrowings	12479.546	16225.272	15489.123
Debt/Equity ratio	1.969	2.766	3.294

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	7011.506	3016.958	505.053
		(56.971)	(83.260)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	7011.506	3016.958	505.053
Profit/ (Loss)	(140.050)	(2976.768)	(2440.032)
	(2.00%)	(98.67%)	(483.12%)

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

NOTE: The registered office of the company has been shifted from Unit No.A1, 4^th Floor, Energy, Appa Saheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India to the present address w.e.f. 01.08.2014

LITIGATION DETAILS

LITIGATION DETAILS
Bench:- Bombay
PRESENTATION DATE : 06/01/2015

Lodging No:-	CPL/10/2015	Failing Date:-	06.01.2015		Reg. No.:-		CP/519/2015	Reg. Date:-	07/05/2015

Petitioner:-	SBI CAPITAL MARKETS LIMITED		Respondent:-		ARSHIYA LIMITED
Petn.Adv:-	UTANGALE AND CO (I2096)			Resp.Adv.:	CHANDAN SALGAOCAR(I1868)
District:-	MUMBAI

Bench:-	SINGLE			Category:	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission		Stage:-		FOR ACCEPTANCE
Next Date:-	16/06/2015
Last Coram:-	COMPANY REGISTRAR

Act:-	Companies Act and Rules 1956			Under Section :-		433 434

CORPORATE INFORMATION:

The Company (formerly known as Arshiya International Limited) the company is a unified supply chain integrated logistics infrastructure provider and is engaged in the business of Free Trade and Warehousing Zone (FTWXZ) and value added services along with development, operations and maintenance of FTWZ.

BUSINESS AND FUTURE OUTLOOK:

World class logistics infrastructure on a pan India basis, created by your Company provides for unified supply chain as unique concept and serves as an one stop shop for all the needs of logistics.

Arshiya plans to capitalize on India`s mammoth logistics opportunity by being India`s only Unified Supply Chain Infrastructure and Solutions Group. With a rich legacy in the logistics and supply chain industry in India, Arshiya`s unique business model makes it a pioneering company in the country. Arshiya Rail and Rail Infrastructure:

Arshiya Rail Infrastructure started its operations in February 2009. There unique model has resulted in Arshiya Rail being the second largest Private Container Train Operator (PCTO) in India. This company is operating total 20 container trains at present and mostly in domestic sector. The company stands atop with regard to freight transportation per annum among all PCTO.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Loan from Director	27.884	1138.203
Inter-corporate deposits	5.000	12.500

Total	32.884	1150.703

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10370943	28/07/2012	200,000,000.00	ING VYSYA BANK LIMITED	103/104, 'A' WING, I FLOOR, FLORAL DECK, PLAZA, M IDC CENTRAL ROAD, ANDHERI (EAST), MUMBAI, Maharashtra - 400093, INDIA	B55807895
2	10337665	30/01/2012	400,000,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, Maharashtra - 400001, INDIA	B33010539
3	10325545	05/12/2011	550,000,000.00	LAKSHMI VILAS BANK LIMITED	BHARATH HOUSE, 104 MUMBAI SAMACHAR MARG, FORT, MU MBAI, Maharashtra - 400001, INDIA	B28764975
4	10317218	23/12/2011 *	700,000,000.00	SICOM LIMITED	SOLITAIRE CORPORATE PARK, BUILDING NO. 4, GURU, H ARGOVINDJI ROAD, ANDHERI (EAST), Mumbai, Maharashtra - 400093, INDIA	B29861234
5	10280458	03/09/2012 *	13,400,000,000.00	Axis Trustee Services Limited	Axis House, 2nd Flr, Bombay Dyeing Mills Compound,, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	B58973777
6	10249624	21/10/2010	200,000,000.00	ING VYSYA BANK LIMITED	103/104,'A' WING,I FLOOR, FLORAL DECK, PLAZA,MIDC CENTRAL ROAD,ANDHERI (EAST), MUMBAI, Maharashtra - 400093, INDIA	A97870463
7	10188188	24/12/2010 *	4,000,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MU MBAI, Maharashtra - 400005, INDIA	B03616877
8	10188180	12/11/2009	50,000,000.00	KARUR VYSYA BANK LIMITED	KAMANWALA CHAMBERS, SIR P M ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	A74066507

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30^th SEPTEMBER 2015

(Rs. In Million)

		Particulars	Quarter Ended 30.09.2015	Quarter Ended 30.06.2015	Half Year Ended 30.09.2015
1		Income from Operations
		Sales/Income from Operations (Gross)	168.449	160.841	329.290
		b) Other Operating Income	0.000	0.000	0.000
	Total Income from Operations (Net)		168.449	160.841	329.290
2	Expenses
	a)	Cost of Operations	8.630	10.240	18.870
	b)	Purchase of Stock-in-trade	0.000	0.000	0.000
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	0.000	0.000	0.000
	d)	Employee benefit expenses	45.410	44.376	89.786
	e)	Depreciation and amortization expense	65.459	65.129	130.588
	f)	Other expenses	43.480	44.445	87.925
	Total Expenses		162.979	164.190	327.169

3		Profit /(Loss) from operations before other income, finance costs and exceptional items	5.470	(3.349)	2.121
4	Other Income		1.374	0.010	1.384
5	Profit /(Loss) from ordinary activities before finance costs and exceptional items		6.844	(3.339)	3.505
6	Finance Costs		460.317	574.410	1034.728
7	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		(453.474)	(577.749)	(1031.223)
8	Exceptional Items		164.604	8.132	172.736
	Prior Period Adjustment		(0.602)	0.000	(0.602)
9	Profit /(Loss) from ordinary activities before tax		(617.476)	(585.882)	(1203.358)
10	Tax Expense		0.000	0.000	0.000
11	Net Profit /(Loss) from ordinary activities after tax		(617.476)	(585.882)	(1203.358)
12	Paid up equity share capital (Eq. shares of Rs.2/- each)		284.399	263.859	284.399
13	Reserve excluding revaluation reserves
14		Earnings per share (before/after extraordinary items) of Rs.2/- each
		Basic	(4.67)	(4.47)	(9.15)
		Diluted	(4.67)	(4.47)	(9.15)

A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	39059247	39059247	39059247
		- Percentage of Shareholding	27.47%	29.61%	27.47%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	92870225	84370225	92870225
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	90.04%	90.085%	90.04%
		- Percentage of shares (as a % of the total share capital of the Company)	65.31%	63.95%	65.31%
		b) Non- encumbered
		- Number of shares	10270000	8500000	10270000
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	9.96%	9.15%	9.96%
		- Percentage of shares (as a % of the total share capital of the Company)	7.22%	6.44%	7.22%

Particulars	Quarter Ended 30.09.2015
Pending at the beginning of the quarter	Nil
Received during the quarter	1
Disposed of during the quarter	1
Remaining unresolved at the end of the quarter	Nil

STATEMENT OF ASSETS ANS LIABILITIES AS ON 30^TH SEPTEMBER 2015

(Rs. In Million)

SOURCES OF FUNDS	30.09.2015
	(Half Year ended)

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	284.399
(b) Reserves & Surplus	3394.788
(c) Money received against share warrants	0.000

(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	3679.187

(3) Non-Current Liabilities
(a) long-term borrowings	10816.383
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	319.734
(d) long-term provisions	0.880
Total Non-current Liabilities (3)	11136.997

(4) Current Liabilities
(a) Short term borrowings	1120.619
(b) Trade payables	109.967
(c) Other current liabilities	7745.634
(d) Short-term provisions	188.394
Total Current Liabilities (4)	9164.614

TOTAL	23980.798

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14241.193
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	8341.941
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	1108.742
(e) Other Non-current assets	0.000
Total Non-Current Assets	23691.876

(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	20.931
(d) Cash and cash equivalents	29.435
(e) Short-term loans and advances	238.556
(f) Other current assets	0.000
Total Current Assets	288.922

TOTAL	23980.798

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015 (Rs. in million)	31.03.2014 (Rs. in million)
Disputed income tax demands	140.553	197.611
Disputed Sales Tax Demands	2.051	2.051
Disputed Local Body Tax Demands	16.033	Nil
Claims against the Company not acknowledged as debts	300.579	195.159
Right to recompense by Secured Lenders	733.500	403.800
Guarantees given on behalf of subsidiaries.	17734.719	117843.519

FIXED ASSETS

Tangibles

· Freehold Land

· Buildings

· Leasehold Improvements

· Plant and Machinery

· Computers

· Equipments

· Vehicles

· Furniture and Fixtures

Intangibles

· Softwares

· Trade Mark and Patents

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 records 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.66.20
UK Pound	1	Rs.98.29
Euro	1	Rs.72.41

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.