MIRA INFORM REPORT

Report No. :	356004
Report Date :	24.12.2015

IDENTIFICATION DETAILS

Name :	MAHINDRA STEEL SERVICES CENTRE LIMITED
Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018, Maharashtra
Tel. No.:	91-22-24948131/ 24935185/ 86
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	15.01.1993
Com. Reg. No.:	11-070416
Capital Investment / Paid-up Capital :	Rs. 165.398 Million
CIN No.: [Company Identification No.]	U27100MH1993PLC070416
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19662G MUMM09201D
PAN No.: [Permanent Account No.]	AAACM4987H
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Processing of automotive and electrical steel on job work as well as stock and sale basis. [From Indirect Sources]
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 2600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Mahindra Intertrade Limited and Metal One Corporation of Japan. It is a well-established company having a fine track record. The rating reflects company’s comfortable capital structure on account of an equity infusion during 2013-14 coupled with partial pre-payment of term loans in the current year, and the company’s status as a part of the “Mahindra & Mahindra” group, with strong operational and management linkages with Mahindra Intertrade Limited. The ratings also factor as the company’s customers are all large established players in the automobile and electrical sectors. The rating is constrained due to company’s dependence on a few clients, which exposes the company to client concentration risks to an extent and exposure of cyclicality inherent in the steel and automobile industries. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitment. In view of experience of promoters, the company can be considered normal for business dealing.

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
Rating	Long Term Bank Facilities = A+
Rating Explanation	Adequate degree of safety and low credit risk
Date	March 2015

Rating Agency Name	ICRA RATING
Rating	Short Term Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	March 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 :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24935185
Fax No.:	91-22-24951236
E-Mail :	SHETH.BAKUL@MAHINDRA.COM
Website :	WWW.MAHINDRASTEELSERVICECENTRE.COM
Pune (Plant I and II) :	At and Post Kanhe, Taluka Vadgaon, Maval, District Pune – 412 106, Maharashtra, India
Tel. No.:	91-2114-255348/ 255368
Fax No.:	91-2114-255433
E-Mail :	contact.mssclk@mahindra.com
Bhopal (Plant III) :	C-10 and 11, Industrial Area, Mandideep Phase-II, District: Raisen – 462 046, Madhya Pradesh, India
Tel. No.:	91-7480-281000
E-Mail :	contact.mssclb@mahindra.com
Regional Office :	Located at : · Delhi · Chennai

DIRECTORS

AS ON 31.03.2015

Name :

Sumit Issar

Designation :

Managing Director

Address :

1b/43 Kalpataru Gardens, Off Akurli Road, Ashok Nagar, Kandivali East, Mumbai - 400101, Maharashtra, India

Date of Appointment :

31.03.2015

DIN No.:

06951249

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	U27100MH2009PTC193205	Mahindra Electrical Steel Private Limited	Director	28/07/2015	19/08/2014	-	Active	NO
2	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Managing director	01/10/2015	31/03/2015	-	Active	NO
3	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Managing director	01/10/2015	01/10/2015	-	Active	NO
4	U27100MH2013PTC250979	Mahindra Auto Steel Private Limited	Additional director	20/10/2015	20/10/2015	-	Active	NO

Name :

Vijay Harbanslal Arora

Designation :

Additional Director

Address :

C-404, Lincoln - II, Mahindra Royale, Pimpri Nehrunagar Road, Pimpri, Pune - 411018, Maharashtra, India

Date of Appointment :

16.12.2015

DIN No.:

07347126

Name :

Rajeev Bidyanand Dubey

Designation :

Nominee Director

Address :

1701 Mahindra Heights, 96 Tardeo Road, Mumbai - 400034, Maharashtra, India

Date of Birth/Age :

03.04.1954

Date of Appointment :

08.11.2006

DIN No.:

00104817

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	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	25/02/2004	25/02/2004	-	Active	NO
2	U74999MH2000PLC126610	OFFICEMART INDIA .COM LIMITED	Director	10/03/2004	10/03/2004	16/11/2010	Active	NO
3	U65990MH1987PLC042609	MAHINDRA INSURANCE BROKERS LIMITED	Director	03/08/2004	03/08/2004	-	Active	NO
4	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	01/12/2004	01/12/2004	-	Active	NO
5	L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	Director	20/10/2006	20/10/2006	23/01/2009	Amalgamated	NO
6	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Nominee director	24/07/2007	08/11/2006	-	Active	NO
7	U52190MH2007PTC173762	MAHINDRA RETAIL PRIVATE LIMITED	Director	20/08/2008	03/09/2007	-	Active	NO
8	U74990MH2007PLC174898	WALCHAND TALENTFIRST LIMITED	Director	21/04/2008	31/12/2007	-	Amalgamated	NO
9	U35999MH2008PLC180385	Mahindra First Choice Services Limited	Director	22/07/2009	24/03/2008	-	Active	NO
10	U91110MH2001NPL130853	MAGIC BUS INDIA FOUNDATION	Director	26/09/2008	12/09/2008	-	Active	NO
11	U52399MH2008PTC187927	Mahindra Internet Commerce Private Limited	Director	01/09/2009	03/11/2008	17/12/2014	Active	NO
12	U27100MH2009PTC193205	Mahindra Electrical Steel Private Limited	Director	29/09/2010	10/06/2009	-	Active	NO
13	L65993MH1920PLC000791	WALCHAND PEOPLEFIRST LIMITED	Director	30/07/2014	07/05/2010	-	Active	NO
14	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	23/06/2012	23/06/2012	16/06/2014	Active	NO
15	U27100MH2013PTC250979	Mahindra Auto Steel Private Limited	Director	12/12/2013	12/12/2013	-	Active	NO
16	U93000MH2013NPL251507	MAHINDRA 'ELECTORAL TRUST' COMPANY	Additional director	10/02/2014	10/02/2014	18/11/2014	Active	NO

Name :

Padmanabh Ramchandra Barpande

Designation :

Director

Address :

Saubhagya Society, Block 51, 5th Floor, A - Wing, Jeevan Vikas Kendra Marg, Andheri (East), Mumbai - 400069, Maharashtra, India

Date of Appointment :

31.03.2015

DIN No.:

00016214

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	U65990MH1979PTC021763	Deloitte Shared Services India Private Limited	Director	10/08/1996	10/08/1996	31/03/2009	Active	NO
2	U67120MH2008PLC188032	Metropolitan Clearing Corporation of India Limited	Director	17/07/2009	17/04/2009	25/07/2013	Active	NO
3	U31200DD1989PLC003122	BLOSSOM INDUSTRIES LIMITED	Director	09/08/2014	07/11/2009	-	Active	NO
4	L29142TN1988PLC015586	FINANCIAL TECHNOLOGIES (INDIA) LIMITED	Director	01/04/2012	11/08/2010	10/08/2013	Active	NO
5	U65999MH2008PLC185856	Metropolitan Stock Exchange of India Limited	Director	27/09/2011	12/03/2011	04/02/2013	Active	NO
6	U24230GJ1983PTC006157	SIDMAK LABORATORIES (INDIA) PRIVATE LIMITED	Director	29/09/2011	31/03/2011	-	Active	NO
7	L51909MH2002PLC135594	MULTI COMMODITY EXCHANGE OF INDIA LIMITED	Director appointed in casual vacancy	28/06/2012	28/06/2012	30/08/2013	Active	NO
8	L65990MH1982PLC028593	WESTLIFE DEVELOPMENT LIMITED	Director	31/12/2012	24/11/2012	-	Active	NO
9	U70102MH2008PTC178127	WESTPOINT LEISUREPARKS PRIVATE LIMITED	Director	01/01/2013	01/01/2013	-	Amalgamated	NO
10	U55202MH1995PTC089619	TRIPLE A FOODS PRIVATE LIMITED	Director	01/01/2013	01/01/2013	-	Amalgamated	NO
11	U55101MH1995PTC091422	HARDCASTLE RESTAURANTS PRIVATE LIMITED	Director	30/09/2013	01/02/2013	-	Active	NO
12	U74140MH2006PTC161381	Jingo Competitive Consultants Private Limited	Director	28/09/2013	15/03/2013	-	Active	NO
13	U24110MH1967PLC013688	GHARDA CHEMICALS LIMITED	Director	29/09/2014	29/09/2014	-	Active	NO
14	U30007MH1991PLC064368	BRISTLECONE INDIA LIMITED	Director	02/03/2015	02/03/2015	-	Active	NO
15	U24120MH1982PLC026867	PRIVI ORGANICS LIMITED	Director	15/09/2015	20/03/2015	-	Active	NO
16	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO
17	U27100MH2013PTC250979	Mahindra Auto Steel Private Limited	Director	28/07/2015	29/04/2015	-	Active	NO

Name :

Ajay Natvarbhai Mehta

Designation :

Director

Address :

104 Vijay Chs Limited, S. V. Road, Poisar, Borivali (West), Mumbai - 400092, Maharashtra, India

Date of Appointment :

31.03.2015

DIN No.:

07102804

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	U67110MH2008PLC188837	RETAIL INITIATIVE HOLDINGS LIMITED	Director	20/03/2015	20/03/2015	-	Active	NO
2	U74999MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	23/03/2015	23/03/2015	-	Active	NO
3	U63000MH2007PLC173466	Mahindra Logistics Limited	Director	04/08/2015	27/03/2015	-	Active	NO
4	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Director	31/03/2015	31/03/2015	-	Active	NO

Name :

Toyokazu Makino

Designation :

Alternate Director

Address :

Flat No. 3202 Lodha Bellissimo A Wing, 32nd Floor Apollo Mills Compound N M Joshi Marg, Mumbai - 400011, Maharashtra, India

Date of Birth/Age :

13.04.1973

Date of Appointment :

10.11.2015

DIN No.:

06626817

Name :

Yuta Furuhashi

Designation :

Director

Address :

6-26-5, Todoroki, Setagaya-Ku, Tokyo, 1580082, Japan

Date of Appointment :

13.11.2014

DIN No.:

06941121

Name :

Yoshihisa Fujiwara

Designation :

Additional Director

Address :

Property No. 19, First Floor,Poorvi Marg, Vasant Vihar, Delhi - 110057, India

Date of Appointment :

30.07.2015

DIN No.:

07181962

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	U51909DL2007PTC165254	Metal One Corporation India Private Limited	Managing director	11/05/2015	11/05/2015	-	Active	NO
2	U45400HR2007PTC041278	Nifast India Private Limited	Director	24/09/2015	04/06/2015	-	Active	NO
3	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Additional director	30/07/2015	30/07/2015	-	Active	NO

KEY EXECUTIVES

Name :	Jitendra Tukaram Rahate
Designation :	CFO
Address :	502, Kulaswamini CHS Limited, Chunabhatti, Mumbai - 400022, Maharashtra, India
Date of Appointment :	23.04.2014
PAN No:	AGWPR2555F
Name :	Mr. Bakul Pranjivandas Sheth
Designation :	Company Secretary
Address :	B-104, Aum Darshan Apartments, Shankar Lane, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	17.09.1954
Date of Appointment :	23.04.1999
Pan No.:	AALPS0967M
Election Card No.:	MT/09/44/0987381

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Mahindra Intertrade Limited, India	10089250
Mahindra Intertrade Limited jointly with Mr. Zhooben Bhiwandiwala	1
Mahindra Intertrade Limited jointly with Mr. K. Chandrasekhar	1
Mahindra Intertrade Limited jointly with Mr. Rajeev Dubey	1
Mahindra Intertrade Limited jointly with Ms. Jyoti Walunj	1
Mahindra Intertrade Limited jointly with Mr. S. Venkatraman	1
Mahindra Intertrade Limited jointly Mr. Bakul P. Sheth	1
Mahindra Intertrade Limited jointly Mr. Harsh Kumar	1
Metal One Corporation, Japan	6450502
Total	16539759

Equity Share Break up (Percentage of Total Equity)

AS ON 31.03.2015

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	39.00
Bodies corporate	61.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Processing of automotive and electrical steel on job work as well as stock and sale basis. [From Indirect Sources]
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
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:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

• HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
• YES Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, DR. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Rupee term loans from banks	82.975	190.100
SHORT TERM BORROWING
Other loans and advances	35.632	0.000
Total	118.607	190.100

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27^th – 32^nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400 013, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFD7919A
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding company :	Mahindra and Mahindra Limited
Holding company :	Mahindra Intertrade Limited, India
Fellow Subsidiary Company :	Mahindra Middleeast Electrical Steel Service Centre (FZC) Mahindra Integrated Business Solutions Private Limited Mahindra Ugine Steel Company Limited Mahindra Hinoday Industries Limited Mahindra Holidays and Resorts India Limited Mahindra Auto Steel Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Metal One Corporation (MO), Japan

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs. 170.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16539759	Equity Shares	Rs.10/- each	Rs. 165.398 Million

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	165.398	165.398	139.536
(b) Reserves & Surplus	767.934	715.335	547.526
(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)	933.332	880.733	687.062
(3) Non-Current Liabilities
(a) long-term borrowings	129.117	241.151	304.811
(b) Deferred tax liabilities (Net)	106.217	93.349	88.085
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.236	6.177	5.171
Total Non-current Liabilities (3)	242.570	340.677	398.067
(4) Current Liabilities
(a) Short term borrowings	35.632	0.000	152.615
(b) Trade payables	716.611	412.134	500.265
(c) Other current liabilities	136.961	241.165	245.980
(d) Short-term provisions	21.974	12.962	4.333
Total Current Liabilities (4)	911.178	666.261	903.193
TOTAL	2087.080	1887.671	1988.322
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	933.537	979.219	1032.859
(ii) Intangible Assets	0.000	0.000	0.000
(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	15.685	14.214	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	19.894
(e) Other Non-current assets	60.173	0.000	0.000
Total Non-Current Assets	1009.395	993.433	1052.753
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	499.101	278.062	321.142
(c) Trade receivables	352.046	294.942	282.191
(d) Cash and cash equivalents	7.181	76.927	54.444
(e) Short-term loans and advances	207.366	244.265	276.807
(f) Other current assets	11.991	0.042	0.985
Total Current Assets	1077.685	894.238	935.569
TOTAL	2087.080	1887.671	1988.322

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1506.938	1219.337	1233.896
	Other Income	3.705	4.437	2.108
	TOTAL	1510.643	1223.774	1236.004
Less	EXPENSES
	Cost of Materials Consumed	1063.578	836.613	900.387
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(25.773)	16.933	(21.460)
	Employees benefits expense	74.451	63.021	71.402
	Other expenses	131.289	111.800	142.819
	TOTAL	1243.545	1028.367	1093.148
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	267.098	195.407	142.856
Less	FINANCIAL EXPENSES	34.805	46.502	46.110
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	232.293	148.905	96.746
Less/ Add	DEPRECIATION/ AMORTISATION	97.272	77.055	74.973
	PROFIT/ (LOSS) BEFORE TAX	135.021	71.850	21.773
Less	TAX	59.645	17.536	7.249
	PROFIT/ (LOSS) AFTER TAX	75.376	54.314	14.524
	EARNINGS IN FOREIGN CURRENCY	0.258	0.275	4.557
	IMPORTS
	Raw Materials	606.685	518.975	469.576
	Stores & Spares	2.790	9.728	3.741
	Capital Goods	39.765	0.000	1.696
	TOTAL IMPORTS	649.240	528.703	475.013
	Earnings Per Share (Rs.)	4.56	3.87	1.04

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	250.416	170.101	122.347

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.00	4.45	1.18
Operating Profit Margin (PBIDT/Sales)	(%)	17.72	16.03	11.58
Return on Total Assets (PBT/Total Assets}	(%)	6.52	3.84	1.10
Return on Investment (ROI) (PBT/Networth)		0.14	0.08	0.03
Debt Equity Ratio (Total Debt /Networth)		0.18	0.27	0.67
Current Ratio (Current Asset/Current Liability)		1.18	1.34	1.04

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	139.536	165.398	165.398
Reserves & Surplus	547.526	715.335	767.934
Net worth	687.062	880.733	933.332
long-term borrowings	304.811	241.151	129.117
Short term borrowings	152.615	0.000	35.632
Total borrowings	457.426	241.151	164.749
Debt/Equity ratio	0.666	0.274	0.177

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	1233.896	1219.337	1506.938
		(1.180)	23.587

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	1233.896	1219.337	1506.938
Profit	14.524	54.314	75.376
	1.18%	4.45%	5.00%

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	No
8	Designation of contact person	No
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	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Mahindra Tower, Worli Road No. 13, Worli, Mumbai – 400018, Maharashtra, India to the present address w.e.f. 24.10.2007.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Other loans and advances	33.620	35.995
Deferred sales tax loan	12.522	15.056
Total	46.142	51.051

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10446421	08/08/2013	110,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B83720920
2	10241609	06/07/2012 *	240,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA	B44674810
3	10214119	25/09/2012 *	280,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B59190231
4	10173629	02/02/2011 *	730,000,000.00	Axis Bank Limited	UNIT NO. 6, CORPORATE PARK, SION TROMBAY ROAD, CHEMBUR EAST, MUMBAI, Maharashtra - 400071, INDIA	B06270490

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Factory Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 66.20
UK Pound	1	Rs. 98.30
Euro	1	Rs. 72.14

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	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		51

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.