MIRA INFORM REPORT

Report No. :	355910
Report Date :	25.12.2015

IDENTIFICATION DETAILS

Name :	KORES (INDIA) LIMITED
Registered Office :	301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016, Maharashtra
Tel. No.:	91-22-24476800
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	26.05.1936
Com. Reg. No.:	11-002494
Capital Investment / Paid-up Capital :	Rs.130.000 Million
CIN No.: [Company Identification No.]	U21198MH1936PLC002494
IEC No.:	0388008873
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK5069Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of textiles, foundry products, pharma products and engineering products. [Confirmed by management]
No. of Employees :	190 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum credit Limit:	USD 2700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s significant improvement in its financial risk profile backed by increased cash flows and minimal capital expenditure (capex) plans. The rating upgrade also factors in company's improved liquidity and comfortable debt protection metrics. Ratings also reflect company's diversified revenue profile, established market position in the office products segment, and the favorable long-term outlook for its foundry and engineering divisions. This rating strength is partially offset by the company's working-capital-intensive operations, and exposure of profitability to volatile raw material prices. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal business dealings at usual trade terms and condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CRISIL
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	August, 2015

Rating Agency Name	CRISIL
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	August, 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.

INFORMATION PARTED BY

Name :	Mr. Vimal Bagadia
Designation :	Senior Vice President in Finance
Contact No.:	91-22-24476800
Date :	24.12.2015

LOCATIONS

Registered Office :	301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-24476800
Fax No.:	91-22-24476999
E-Mail :	info@kores-india.com legal@kores-india.com response@kores-india.com sunilcs2004@rediffmail.com
Website :	http://www.kores-india.com
Area:	1400 Sq. Ft.
Location:	Owned
Factory:
Textile Unit:	Wakaner, Near Rajkot, Gujarat, India
Pharma Unit:	Roha District, Dhatar, Raigad, Maharashtra, India
Foundry Plant:	Chakan, Pune, Maharashtra, India
Engineering Plant:	Pitampura, Indore, Madhya Pradesh, India

DIRECTORS

As on 31.03.2015

Name :

Mr. Sushil Kumar Thirani

Designation :

Chairman and Whole Time Director

Address :

Flat No. 7, A wing, Sea Face Apartment, 50, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

20.10.1930

Qualification :

Inter Science

Date of Appointment :

01.03.2009

DIN No.:

00082283

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	U21198MH1936PLC002494	KORES (INDIA) LIMITED	Whole-time director	01-03-2009	30-11-1956	-	Active	NO
2	U45209WB1949PTC024424	SHASHI FINANCE PRIVATE LIMITED	Director	24-10-1982	24-10-1982	-	Strike off	NO
3	U65990MH1959PTC045435	SHASHI FINANCE PRIVATE LIMITED	Director	24-10-1982	24-10-1982	-	Active	NO
4	U51909MH1983PLC030389	KORES SERVICES LIMITED	Director	11-07-1983	11-07-1983	05-06-2009	Active	NO
5	L65990MH1971PLC015137	FUTURISTIC SECURITIES LIMITED	Director	16-10-1986	16-10-1986	-	Active	NO
6	U65990MH1981PLC025482	VISHVAKIRTI CONSULTANCY LIMITED	Director	31-08-1990	31-08-1990	-	Active	NO

Name :

Mr. Anand Kumar Thirani

Designation :

Managing Director

Address :

Flat No. 19 and 20, Firpose Co-operative Society Limited, 47A-Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

03.09.1956

Qualification :

B. Com.

Date of Appointment :

01.05.2012

DIN No.:

00082344

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	U45209WB1949PTC024424	SHASHI FINANCE PRIVATE LIMITED	Director	12-02-1980	12-02-1980	-	Strike off	NO
2	U65990MH1959PTC045435	SHASHI FINANCE PRIVATE LIMITED	Director	12-02-1980	12-02-1980	-	Active	NO
3	U21198MH1936PLC002494	KORES (INDIA) LIMITED	Managing director	01-05-2012	29-05-1981	-	Active	NO
4	U51909MH1983PLC030389	KORES SERVICES LIMITED	Director	11-07-1983	11-07-1983	05-06-2009	Active	NO
5	U51900MH1987PTC042413	KORES INTERNATIONAL PRIVATE LIMITED	Director	21-11-1990	21-11-1990	18-06-2007	Active	NO
6	U65990MH1981PLC025482	VISHVAKIRTI CONSULTANCY LIMITED	Director	12-06-1997	12-06-1997	-	Active	NO
7	U28920PN2006PTC022035	AUM HIGH POWER PLATING AND EQUIPMENTS PRIVATE LIMITED	Director	30-09-2013	01-02-2013	07-10-2013	Active	NO
8	U31503KA2013PTC071934	ARRAYSTORM LIGHTING PRIVATE LIMITED	Additional director	24-07-2014	24-07-2014	-	Active	NO

Name :

Mr. Rajkumar Hanumanprasad Saboo

Designation :

Whole Time Director

Address :

Flat No. 1902, C Wing, Gundecha Garden, Lal Baug, Mumbai-400012, Maharashtra, India

Date of Birth/Age :

19.12.1964

Date of Appointment :

01.04.2012

DIN No.:

00053600

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	U21198MH1936PLC002494	KORES (INDIA) LIMITED	Whole-time director	01-04-2012	01-04-2005	-	Active	NO
2	U31503KA2013PTC071934	ARRAYSTORM LIGHTING PRIVATE LIMITED	Additional director	24-07-2014	24-07-2014	-	Active	NO

Name :

Mr. Jagdish Prasad Gupta

Designation :

Director

Address :

Flat No. 104, Azalea Apartments, Naber, Pune-411045, Maharashtra, India

Date of Birth/Age :

15.10.1935

Date of Appointment :

03.09.2014

DIN No.:

00053681

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	U33129MH1988PTC047183	MATRIX BUSINESS MACHINES PRIVATE LIMITED	Director	05-11-1996	05-11-1996	-	Active	NO
2	U21198MH1936PLC002494	KORES (INDIA) LIMITED	Director	03-09-2014	20-11-1997	-	Active	NO

Name :

Mr. Satish Kantilal Patel

Designation :

Director

Address :

604, Sibylle Apartments, 65, Worlihill Estate, Worli, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

16.05.1936

Date of Appointment :

03.09.2014

DIN No.:

00081904

Name :

Mr. Sameer Ashok Mehta

Designation :

Director

Address :

702, Sukh Sagar Building, Sir Bhalchandra Road, Matunga, Mumbai – 400019, Maharasahtra, India

Date of Birth/Age :

29.11.1976

Date of Appointment :

14.08.2013

DIN No.:

02945481

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	U21198MH1936PLC002494	KORES (INDIA) LIMITED	Director	14-08-2013	02-03-2010	-	Active	NO
2	U52300MH2013PTC249758	IMAGINE MARKETING PRIVATE LIMITED	Director	01-11-2013	01-11-2013	-	Active	NO

Name :

Mr. Vivek Prakash Bagri

Designation :

Director

Address :

Uday Niwas, 29D, Dopngarsi Road, Malabar Hill, Mumbai – 400006, Maharashtra, Inida

Date of Birth/Age :

08.09.1980

Date of Appointment :

15.05.2013

DIN No.:

03527490

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	U93030MH2011PTC217606	LIVEDARSHAN INDIA PRIVATE LIMITED	Director	18-05-2011	18-05-2011	-	Active	NO
2	U21198MH1936PLC002494	KORES (INDIA) LIMITED	Director	14-08-2013	17-05-2013	-	Active	NO
3	U31503KA2013PTC071934	ARRAYSTORM LIGHTING PRIVATE LIMITED	Additional director	24-07-2014	24-07-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vishnu Ramchand Murkar
Designation :	Secretary
Address :	A-404, New Shreenath Complex Co-operative Society Mira Bhayander Road, Mira Road, Thane – 401107, Maharashtra, India
Date of Birth/Age :	01.06.1979
Date of Appointment :	02.04.2012
PAN No.:	AHLPM0620L
Name :	Mr. Vimal Bagadia
Designation :	Sr. V. P. Finance

MAJOR SHAREHOLDERS

As on 30.09.2013

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	39.54
Directors or relatives of Directors	51.69
Other top fifty shareholders	7.74
Others	1.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of textiles, foundry products, pharma products and engineering products. [Confirmed by management]
Products :	Textiles Foundry Products Pharma Products Engineering Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	European Countries USA Middle East
Imports :
Products :	Raw Materials
Countries :	China Korea European countries
Terms :
Selling :	Advance Payment, L\C, Cheque and Credit [30 Days]
Purchasing :	Advance Payment, L\C, Cheque and Credit [30 Days]

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 :

Retailers and End Users

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

No. of Employees :

190 [Approximately]

Bankers :

• Central Bank Of India - Corporate Finance Branch, Ist Floor, Mmo Building, M. G. Road, Mumbai - 400023, Maharashtra, India

• Kotak Mahindra Bank Limited - 36-38a, Nariman Bhavan, 227,D, Nariman Point,, Mumbai - 400021, Maharashtra, India

• State Bank Of India - Industrial Finance Branch, The Arcade, 2nd Floor, World Trade Centre, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

• State Bank Of Indore - Empire House, 214, D.N. Road, Fort,, Mumbai - 400001, Maharashtra, India

Banker Name	ICICI Bank Limited
Branch Address	ICICI Bank Tower Bandra Kurla Complex Bandra East, Mumbai - 400051, Maharashtra, 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

Facility

Consortium Facility Including all Banks is Rs.1080.000 Million

Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	901 A Twin Towers Lokhandwala Complex, Andheri (West), Mumbai, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAQFS5579C
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Kores Services Limited – India, (U51909MH1983PLC030389) Solar Packaging Private Limited – India, (U74950MH1969PTC014381) Pepega ( Insulation And Packaging ) Limited– India, (U21000MH1971PLC015347) Quality Inks Private Limited – India, (U36991MH1961PTC012155) Shri Amarsinhji Stationery Industries Limited – India, (L99999GJ1932PLC000727) Art Enterprises – India Livedarshan India Private Limited– India, (U93030MH2011PTC217606) Shashi Finance Private Limited – India, (U65990MH1959PTC045435) Aum High Power Plating And Equipments Private Limited – India, (U28920PN2006PTC022035) Matrix Business Machines Private Limited – India, (U33129MH1988PTC047183)

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.13.000 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million
250000	Preference Shares	Rs.100/- each	Rs.25.000 Million
	Total		Rs. 175.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Million
200.000	Preference Shares	Rs.100/- each	Rs. 20.000 Million
	Total		Rs. 130.000 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	130.000	130.000	130.000
(b) Reserves & Surplus	829.885	744.665	703.055
(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)	959.885	874.665	833.055
(3) Non-Current Liabilities
(a) long-term borrowings	297.770	373.041	837.605
(b) Deferred tax liabilities (Net)	59.723	58.562	0.000
(c) Other long term liabilities	130.851	116.728	0.000
(d) long-term provisions	0.000	0.000	118.256
Total Non-current Liabilities (3)	488.344	548.331	955.861
(4) Current Liabilities
(a) Short term borrowings	895.449	876.097	706.493
(b) Trade payables	1241.078	1466.038	1236.057
(c) Other current liabilities	254.447	284.623	552.987
(d) Short-term provisions	21.836	19.659	24.179
Total Current Liabilities (4)	2412.810	2646.417	2519.716
TOTAL	3861.039	4069.413	4308.632
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1346.343	1375.039	1786.118
(ii) Intangible Assets	0.638	0.923	2.291
(iii) Capital work-in-progress	47.714	16.237	20.157
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.024	7.525	8.331
(c) Deferred tax assets (net)	40.261	51.067	38.197
(d) Long-term Loan and Advances	7.767	5.599	9.514
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1451.747	1456.390	1864.608
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	838.309	1069.880	836.662
(c) Trade receivables	1047.689	1009.594	1075.949
(d) Cash and cash equivalents	72.134	66.473	78.362
(e) Short-term loans and advances	448.642	466.305	450.644
(f) Other current assets	2.518	1.771	2.407
Total Current Assets	2409.292	2614.023	2444.024
TOTAL	3861.039	4070.413	4308.632

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	7552.990	6463.425	6534.978
	Other Income	30.141	98.2	33.151
	TOTAL (A)	7583.131	6561.625	6568.129
Less	EXPENSES
	Cost of Materials Consumed	2227.492	2369.819	2288.635
	Purchases of Stock-in-Trade	2305.769	1887.822	1856.749
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	133.966	(234.777)	20.15
	Cost of construction project	90.833	1.571	0.000
	Employees benefits expense	726.452	683.564	674.574
	Other expenses	1628.365	1400.483	1445.457
	Extraordinary Items	0.000	38.737	0.674
	TOTAL (B)	7112.877	6147.219	6286.239
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	470.254	414.406	281.890
Less	FINANCIAL EXPENSES (D)	197.977	216.411	254.59
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	272.277	197.995	27.300
Less	DEPRECIATION/ AMORTISATION (F)	175.931	159.992	165.264
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	96.346	38.003	(137.964)
Less	TAX (H)	11.126	(3.605)	(48.623)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	85.220	41.608	(89.341)
	Earnings / (Loss) Per Share (Rs.)	7.55	3.58	(8.32)

Expected Sales (2015-2016): Rs.7000.000 Million [Ups and Down in Market]

The above information has been parted by Mr. Vimal Bagadia (Sr. V. P.in Finance).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	119.356	218.138	194.277
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	490.750	418.786

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.13	0.64	(1.37)
Operating Profit Margin (PBIDT/Sales)	(%)	6.23	6.41	4.31
Return on Total Assets (PBT/Total Assets}	(%)	2.56	0.95	(3.25)
Return on Investment (ROI) (PBT/Networth)		0.10	0.04	(0.17)
Debt Equity Ratio (Total Debt /Networth)		1.24	1.43	1.85
Current Ratio (Current Asset/Current Liability)		1.00	0.99	0.97

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	130.000	130.000	130.000
Reserves & Surplus	703.055	744.665	829.885
Net worth	833.055	874.665	959.885
Long-term borrowings	837.605	373.041	297.770
Short term borrowings	706.493	876.097	895.449
Current maturities of long-term debts	194.277	218.138	119.356
Total borrowings	1738.375	1467.276	1312.575
Debt/Equity ratio	2.087	1.678	1.367

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	6534.978	6463.425	7552.990
		(1.095)	16.857

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	6534.978	6463.425	7552.990
Profit	(89.341)	41.608	85.220
	(1.37%)	0.64%	1.13%

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	Yes
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%	Yes
28	Estimation for coming financial year	Yes
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

NOTE: Registered Office of the Company Has Been Shifted from Kores House Plot No 10 off Dr. E Moses Road Worli Mumbai Maharashtra India 400018 to the Present Address W.E.F. 10.06.2011

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10590681	31/08/2015	84,000,000.00	DENA BANK	DENA CORPORATE CENTRE, C-10, G-BLOCK BANDRA KUR  LA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	C64083298
2	10550618	27/01/2015	40,000,000.00	DEUTSCHE BANK AG	DEUTSCHE BANK HOUSE, HAZARIMAL SOMANI MARG, FORT,  MUMBAI, MAHARASHTRA - 400001, INDIA	C44213890
3	10549236	22/01/2015	50,000,000.00	DEUTSCHE BANK AG	P.O. BOX NO. 9080, GOREGAON(EAST), MUMBAI 400063, MUMBAI, MAHARASHTRA - 400063, INDIA	C43436781
4	10549446	22/01/2015	60,000,000.00	DEUTSCHE BANK AG	P.O. BOX NO. 9080, GOREGAON(EAST), MUMBAI 400063, MUMBAI, MAHARASHTRA - 400063, INDIA	C43446293
5	10537541	16/03/2015 *	40,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI,  MAHARASHTRA - 400001, INDIA	C55565188
6	10516261	31/07/2014	18,520,725.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, MAHA  RASHTRA - 400018, INDIA	C17648692
7	10483549	22/02/2014	154,700,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR,, 17, HORNIM  AN CIRCLE, FORT, MUMBAI, MAHARASHTRA - 400023, IND  IA	B98891096
8	10241933	07/09/2010	99,500,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH,IST FLOOR, MMO BUILDING,  M.G.ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA	A95642153
9	10193856	30/12/2009	10,000,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHA  RASHTRA - 400001, INDIA	A76460278
10	10171970	29/07/2009	12,500,000.00	TATA CAPITAL LIMITED	ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHA  RASHTRA - 400001, INDIA	A67585737

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Leasehold improvements

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	Rs.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	KAS
Report Prepared by :	GEET

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		48

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.