MIRA INFORM REPORT

Report No. :	305922
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	CAPARO INDIA LIMITED (w.e.f. 30.09.2011)

Formerly Known As :	CAPARO INDIA PRIVATE LIMITED

Registered Office :	101-104, 1st Floor, Naurang House, 21, Kasturba Gandhi Marg, New Delhi - 110001

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	17.07.1998

Com. Reg. No.:	55-095074

Capital Investment / Paid-up Capital :	Rs.662.220 Millions

CIN No.: [Company Identification No.]	U45202DL1998PLC095074

TIN No.:	Not Available

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	AABCC7860Q

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Providing Hospitality Services.

No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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

Maximum Credit Limit :	USD 220000

Status :	Yet to commence business operations

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Even though the company was incorporated on 17^th July 1998, it is yet to commence its business operations. As claimed by Mr. Rajneesh Jain, Accounts Manager that subject is into hospitality business and its business operations will start from September 2015. As per available financial record of 2014, the company has incurred huge accumulated losses. As per status in the registrar of companies business appears to be active. Payments are reported to be unknown. The company can be considered for business dealings on safe and secured trade terms and conditions.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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	13.01.2015

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Shalender
Designation :	Manager
Contact No.:	91-124-4318233
Date :	03.02.2015

LOCATIONS

Registered Office :	101-104, 1st Floor, Naurang House, 21, Kasturba Gandhi Marg, New Delhi – 110001, India
Tel. No.:	91-11-43251111
Fax No.:	Not Available
E-Mail :	secretarial@caparo.co.in corp.mktg@caparo.co.in info@caparo.co.in recruitment.hr@caparo.co.in
Website :	www.caparo.co.in

Corporate Office :	Plot No. 7, Maruti JV Complex Delhi - Gurgaon Road, Gurgaon – 122015, Haryana, India
Tel. No.:	91-124-4318000 / 4318233 / 4318216
Fax No.:	91-124-4016829

DIRECTORS

Name :

Mr. Angad Paul

Designation :

Director

Address :

Penthouse, Ambika House, 9 A, Portland Place, London, W1B1PR, United Kingdom

Date of Appointment :

02.05.2007

DIN No.:

01475142

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	U74899DL1994PLC058269	CAPARO MARUTI LIMITED	Director	06/04/1994	06/04/1994	-	Active	NO
2	U74101DL2000PLC105609	CAPARO ENGINEERING INDIA LIMITED	Director	19/05/2000	19/05/2000	-	Active	NO
3	U80221DL2006NPL149709	CAPARO EDUCATION FOUNDATION	Director	14/06/2006	14/06/2006	-	Active	NO
4	U34300DL2007PTC158139	CAPARO MI STEEL PROCESSING PRIVATE LIMITED	Director	19/01/2007	19/01/2007	-	Active	NO
5	U34200DL2007PLC161380	CAPARO VEHICLE PRODUCTS INDIA LIMITED	Director	29/03/2007	29/03/2007	-	Active	NO
6	U45202DL1998PLC095074	CAPARO INDIA LIMITED	Director	30/06/2007	02/05/2007	-	Active	NO
7	U65910DL1994PLC057109	CAPARO FINANCIAL SOLUTIONS LIMITED	Director	22/08/2009	01/12/2008	-	Active	NO
8	U40108TG2009PLC065804	MYTRAH ENERGY (INDIA) LIMITED	Director	09/05/2011	12/11/2009	10/02/2012	Active	NO
9	U45400DL2010PLC205058	CAPARO ENGINEERING AND CONSTRUCTION LIMITED	Director	29/06/2011	01/07/2010	-	Active	NO
10	U51397DL2010PTC206554	CAPARO MEDICAL PRODUCTS PRIVATE LIMITED	Director	29/06/2011	02/11/2010	-	Active	NO
11	U74900DL2011FLC224177	CAPARO ASSOCIATES LIMITED	Director	25/08/2011	25/08/2011	09/12/2013	Active	NO
12	U40300DL2011PLC224213	CAPARO RENEWABLES LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
13	U27100DL2011FLC224185	CAPARO FASTENERS LIMITED	Director	26/08/2011	26/08/2011	09/12/2013	Active	NO
14	U74999DL2011FLC224279	CAPARO TUBES LIMITED	Director	29/08/2011	29/08/2011	09/12/2013	Active	NO
15	U29253DL2011FLC224283	CAPARO FOUNDRY AND ENGINEERING LIMITED	Director	29/08/2011	29/08/2011	09/12/2013	Active	NO
16	U17233DL2012PLC231570	CAPARO SPINKS WADE INTERNATIONAL LIMITED	Director	15/02/2012	15/02/2012	23/10/2013	Strike off	NO
17	U74140DL2013PLC259483	Caparo Procam Infrastructure Limited	Director	23/10/2013	23/10/2013	-	Active	NO
18	U17291DL2013PLC261174	CAPARO SLEEP TECHNOLOGY LIMITED	Director	27/11/2013	27/11/2013	-	Active	NO
19	U34200DL2013PLC261486	Caparo Autotech Limited	Director	03/12/2013	03/12/2013	-	Active	NO

Name :

Mr. Rakesh Mishra

Designation :

Director

Address :

B 403, Rose Wood Apts, Mayur Vihar I, Delhi - 110091, India

Date of Appointment :

30.09.2014

DIN No.:

01615758

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	U32301HR1979PLC038643	ITW INDIA LIMITED	Whole-time director	14/05/2010	02/11/2007	31/10/2010	Active	NO
2	U51397PN2006PTC130070	Stokvis Tape Products Private Limited	Additional director	30/05/2009	30/05/2009	31/10/2010	Strike off	NO
3	U51397PN2006PTC130069	Stokvis Tapes India Private Limited	Director	30/09/2009	30/05/2009	31/10/2010	Amalgamated	NO
4	U25209PN1998PTC113309	STOKVIS PROSTICK TAPES PRIVATE LIMITED	Director	30/09/2009	30/05/2009	31/10/2010	Amalgamated	NO
5	U33129TN2000PTC046155	INSTRON INDIA PRIVATE LIMITED	Director	30/09/2009	15/06/2009	31/10/2010	Amalgamated	NO
6	U72900KA2004FTC034003	ELANCE SOFTWARE TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	30/09/2009	05/08/2009	31/10/2010	Strike off	NO
7	U34200DL2013PLC261486	Caparo Autotech Limited	Additional director	06/06/2014	06/06/2014	-	Active	NO
8	U45202DL1998PLC095074	CAPARO INDIA LIMITED	Director	30/09/2014	06/06/2014	-	Active	NO
9	U45400DL2010PLC205058	CAPARO ENGINEERING AND CONSTRUCTION LIMITED	Director	23/09/2014	06/06/2014	-	Active	NO
10	U74140DL2014FLC270638	CAPARO BIO ENGINEERING LIMITED	Director	21/08/2014	21/08/2014	-	Active	NO

Name :

Mr. Rajesh Prasad

Designation :

Director

Address :

J- 1196, Palam Vihar, Gurgaon - 122017, Haryana, India

Date of Appointment :

11.08.2008

DIN No.:

02341590

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	U45202DL1998PLC095074	CAPARO INDIA LIMITED	Director	11/08/2008	02/08/2008	-	Active	NO
2	U80221DL2006NPL149709	CAPARO EDUCATION FOUNDATION	Director	02/08/2008	02/08/2008	-	Active	NO
3	U74101DL2000PLC105609	CAPARO ENGINEERING INDIA LIMITED	Managing director	03/11/2010	02/08/2008	-	Active	NO
4	U65910DL1994PLC057109	CAPARO FINANCIAL SOLUTIONS LIMITED	Managing director	01/04/2012	01/12/2008	-	Active	NO
5	U34200DL2007PLC161380	CAPARO VEHICLE PRODUCTS INDIA LIMITED	Director	30/09/2009	26/06/2009	-	Active	NO
6	U40108TG2009PLC065804	MYTRAH ENERGY (INDIA) LIMITED	Additional director	12/11/2009	12/11/2009	02/10/2010	Active	NO
7	U40101DL2008PLC219872	CAPARO POWER LIMITED	Director	27/09/2010	02/12/2009	-	Active	NO
8	U45400DL2010PLC205058	CAPARO ENGINEERING AND CONSTRUCTION LIMITED	Director	29/06/2011	01/07/2010	-	Active	NO
9	U51397DL2010PTC206554	CAPARO MEDICAL PRODUCTS PRIVATE LIMITED	Director	29/06/2011	02/08/2010	-	Active	NO
10	U34300DL2007PTC158139	CAPARO MI STEEL PROCESSING PRIVATE LIMITED	Director	29/06/2011	02/11/2010	-	Active	NO
11	U74899DL1994PLC058269	CAPARO MARUTI LIMITED	Director	27/06/2011	08/11/2010	-	Active	NO
12	U74900DL2011FLC224177	CAPARO ASSOCIATES LIMITED	Director	25/08/2011	25/08/2011	-	Active	NO
13	U40300DL2011PLC224213	CAPARO RENEWABLES LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
14	U27100DL2011FLC224185	CAPARO FASTENERS LIMITED	Director	26/08/2011	26/08/2011	07/11/2013	Active	NO
15	U74999DL2011FLC224279	CAPARO TUBES LIMITED	Director	29/08/2011	29/08/2011	07/11/2013	Active	NO
16	U29253DL2011FLC224283	CAPARO FOUNDRY AND ENGINEERING LIMITED	Director	29/08/2011	29/08/2011	07/11/2013	Active	NO
17	U74900DL2011PTC228179	CAPARO FACILITY MANAGEMENT SERVICES PRIVATE LIMITED	Director	01/12/2011	01/12/2011	-	Active	NO
18	U17233DL2012PLC231570	CAPARO SPINKS WADE INTERNATIONAL LIMITED	Director	15/02/2012	15/02/2012	07/11/2013	Strike off	NO
19	U74140DL2013PLC259483	Caparo Procam Infrastructure Limited	Director	23/10/2013	23/10/2013	-	Active	NO
20	U17291DL2013PLC261174	CAPARO SLEEP TECHNOLOGY LIMITED	Director	27/11/2013	27/11/2013	-	Active	NO
21	U34200DL2013PLC261486	Caparo Autotech Limited	Director	03/12/2013	03/12/2013	-	Active	NO
22	U74140DL2014FLC270638	CAPARO BIO ENGINEERING LIMITED	Director	21/08/2014	21/08/2014	-	Active	NO

Name :

Mr. Alok Chatterjee

Designation :

Director

Address :

52&53 Ground Floor, Ashiana Greens Indirapuram, Ghaziabad - 201014, Uttar Pradesh, India

Date of Appointment :

03.11.2010

DIN No.:

03313102

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	U45202DL1998PLC095074	CAPARO INDIA LIMITED	Director	30/09/2011	03/11/2010	-	Active	NO
2	U27100DL2011FLC224185	CAPARO FASTENERS LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
3	U45400DL2010PLC205058	CAPARO ENGINEERING AND CONSTRUCTION LIMITED	Director	30/06/2012	01/10/2011	-	Active	NO
4	U74900DL2011PTC228179	CAPARO FACILITY MANAGEMENT SERVICES PRIVATE LIMITED	Director	29/05/2013	10/09/2012	-	Active	NO
5	U51397DL2010PTC206554	CAPARO MEDICAL PRODUCTS PRIVATE LIMITED	Director	24/09/2014	12/08/2013	-	Active	NO
6	U17233DL2012PLC231570	CAPARO SPINKS WADE INTERNATIONAL LIMITED	Additional director	23/10/2013	23/10/2013	-	Strike off	NO

Name :

Mr. Ashok Kumar

Designation :

Director

Address :

House No. 669, Sector-23, Gurgaon - 122001, Haryana, India

Date of Appointment :

01.10.2011

DIN No.:

03543436

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	U74900DL2011FLC224177	CAPARO ASSOCIATES LIMITED	Director	25/08/2011	25/08/2011	-	Active	NO
2	U34200DL2007PLC161380	CAPARO VEHICLE PRODUCTS INDIA LIMITED	Director	30/06/2012	01/10/2011	-	Active	NO
3	U45202DL1998PLC095074	CAPARO INDIA LIMITED	Director	29/09/2012	01/10/2011	-	Active	NO
4	U74999DL2011FLC224279	CAPARO TUBES LIMITED	Director	13/02/2013	14/10/2011	-	Active	NO
5	U51397DL2010PTC206554	CAPARO MEDICAL PRODUCTS PRIVATE LIMITED	Director	30/06/2012	10/01/2012	-	Active	NO
6	U17233DL2012PLC231570	CAPARO SPINKS WADE INTERNATIONAL LIMITED	Director	26/07/2013	21/02/2012	-	Strike off	NO
7	U40101DL2008PLC219872	CAPARO POWER LIMITED	Director	26/06/2012	22/02/2012	-	Active	NO
8	U40300DL2011PLC224213	CAPARO RENEWABLES LIMITED	Director	29/09/2012	01/03/2012	-	Active	NO
9	U74899DL1994PLC058269	CAPARO MARUTI LIMITED	Director	30/06/2012	31/03/2012	-	Active	NO
10	U74900DL2011PTC228179	CAPARO FACILITY MANAGEMENT SERVICES PRIVATE LIMITED	Director	29/05/2013	10/09/2012	-	Active	NO
11	U29253DL2011FLC224283	CAPARO FOUNDRY AND ENGINEERING LIMITED	Director	26/02/2013	01/02/2013	-	Active	NO
12	U74140DL2013PLC259483	Caparo Procam Infrastructure Limited	Director	23/10/2013	23/10/2013	-	Active	NO
13	U27100DL2011FLC224185	CAPARO FASTENERS LIMITED	Director	12/05/2014	07/11/2013	-	Active	NO
14	U17291DL2013PLC261174	CAPARO SLEEP TECHNOLOGY LIMITED	Director	27/11/2013	27/11/2013	-	Active	NO
15	U74140DL2014FLC270638	CAPARO BIO ENGINEERING LIMITED	Director	21/08/2014	21/08/2014	-	Active	NO
3	U45202DL1998PLC095074	CAPARO INDIA LIMITED	Director	29/09/2012	01/10/2011	-	Active	NO
4	U74999DL2011FLC224279	CAPARO TUBES LIMITED	Director	13/02/2013	14/10/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Omesh Raina
Designation :	Manager
Address :	2565, Sector-16, Faridabad - 121002, Haryana, India
Date of Appointment :	13.10.2014
PAN No.:	AALPR7158M

Name :	Rakha Hari Jash
Designation :	Chief Finance Officer
Address :	91-D, Block- E4, Udyog Vihar, Sector-82, Ghaziabad, Noida - 201305, Uttar Pradesh, India
Date of Appointment :	10.10.2014
PAN No.:	ACSPJ7460R

Name :	Mr. Varun Jain
Designation :	Secretary
Address :	B-34/7254, Durga Puri, Haibowal Kalan, Ludhiana - 141001, Punjab, India
Date of Appointment :	10.10.2014
PAN No.:	AKDPJ4622L

MAJOR SHAREHOLDERS

As on 31.03.2014

Names of Shareholders (Equity Shares)		No. of Shares

Blue Elephant Finance Limited, Mauritius		56221995

Names of Shareholders (Preference Shares)		No. of Shares

Blue Elephant Finance Limited, Mauritius		9999000

BUSINESS DETAILS

Line of Business :

Providing Hospitality Services.

Products :

Product Description	Item Code No. (ITC Code)
Hospitality Services	99631110

Brand Names :

Agencies Held :

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

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
Remark :	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
Remark :	Not Divulged

No. of Employees :

2000 (Approximately)

Bankers :

State Bank of India, Commercial Branch, Palm Court, Gurgaon - 122001, Haryana, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee Term Loans From Banks	663.056	766.609
Car Loan	0.720	0.000
Less: Current Maturities	150.969	103.400
Total	512.807	663.209


Auditors :
Name :	Lodha and Company Chartered Accountants
PAN No.:	AABFL1894Q

Memberships :	--

Collaborators :	--

Holding Company :	· Blue Elephant Finance Limited

Ultimate Holding Company :	· Zatalo Finance BVI Hold Co, (Switzerland)

Subsidiary Company :	· Caparo Facility Management Services Private Limited CIN No.: U74900DL2011PTC228179

Fellow Subsidiary :	· Caparo Engineering India Limited CIN No.: U74101DL2000PLC105609

Associate :	· Blue Water Hospitality Private Limited

Enterprise under common Control :	· Caparo Engineering And Construction Limited CIN No.: U45400DL2010PLC205058 · Caparo Financial Solutions Limited CIN No.: U65910DL1994PLC057109 · Caparo Spinks Wade International Limited CIN No.: U17233DL2012PLC231570 · Caparo Vehicle Products India Limited CIN No.: U34200DL2007PLC161380 · Caparo Mi Steel Processing Private Limited CIN No.: U34300DL2007PTC158139 · Caparo Power Limited CIN No.: U40101DL2008PLC219872 · White Tiger Finance Limited (Mauritius)

Parties having Significant Influence :	· Caparo India Limited, Uk Ceased W.E.F. 26.03.2014

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions
30000000	Preference Shares	Rs.10/- each	Rs.300.000 Millions
	Total		Rs.900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

56222014	Equity Shares	Rs.10/- each	Rs.562.220 Millions
10000000	15% Cumulative Convertible Preference Shares	Rs.10/- each	Rs.100.000 Millions
	Total		Rs.662.220 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	662.220	662.220
(b) Reserves & Surplus	(585.826)	(389.170)
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	76.394	273.050

(3) Non-Current Liabilities
(a) long-term borrowings	512.807	663.209
(b) Deferred tax liabilities (Net)	1.602	1.602
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.149	0.290
Total Non-current Liabilities (3)	514.558	665.101

(4) Current Liabilities
(a) Short term borrowings	719.874	451.357
(b) Trade payables	3.107	5.049
(c) Other current liabilities	389.644	283.247
(d) Short-term provisions	0.003	0.006
Total Current Liabilities (4)	1,112.628	739.659

TOTAL	1,703.580	1,677.810

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	669.488	692.821
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	956.013	903.109
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	55.496	55.337
(e) Other Non-current assets	2.704	2.347
Total Non-Current Assets	1,683.801	1,653.714

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	9.392	9.392
(c) Trade receivables	0.228	4.026
(d) Cash and cash equivalents	0.657	0.461
(e) Short-term loans and advances	8.867	9.225
(f) Other current assets	0.635	0.992
Total Current Assets	19.779	24.096

TOTAL	1,703.580	1,677.810

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	5.196	6.619
		Other Income	0.521	0.465
		TOTAL (A)	5.717	7.084

Less	EXPENSES
		Employee Benefits Expenses	5.892	8.050
		Other Expenses	14.636	13.469
		TOTAL (B)	20.528	21.519

	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(14.811)	(14.435)

Less	FINANCIAL EXPENSES (D)		157.641	125.355

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(172.452)	(139.790)

Less	DEPRECIATION/ AMORTISATION (F)		24.204	26.161

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(196.656)	(165.951)

Less	TAX (H)		0.000	0.000

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(196.656)	(165.951)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(390.742)	(224.791)

	BALANCE CARRIED TO THE B/S		(587.398)	(390.742)

	Earnings / (Loss) Per Share (Rs.)		(3.81)	(3.26)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	(3784.76)	(2507.19)

Operating Profit Margin (PBDIT/Sales)	(%)	(285.05)	(218.08)

Return on Total Assets (PBT/Total Assets}	(%)	(26.31)	(21.42)

Return on Investment (ROI) (PBT/Networth)		(2.57)	(0.61)

Debt Equity Ratio (Total Debt /Networth)		16.14	4.08

Current Ratio (Current Asset/Current Liability)		0.02	0.03

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Share Capital	662.220	662.220
Reserves & Surplus	(389.170)	(585.826)
Share Application money pending allotment	0.000	0.000
Net worth	273.050	76.394

Long Term borrowings	663.209	512.807
Short Term borrowings	451.357	719.874
Total borrowings	1114.566	1232.681
Debt/Equity ratio	4.082	16.136

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	6.619	5.196
		(21.499)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	6.619	5.196
Profit	(165.951)	(196.656)
	(2507.19%)	(3784.76%)

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Loan from related parties (Body Corporates)	706.661	437.645
From Others	13.213	13.712
Total	719.874	451.357

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10131969	29/12/2010 *	1,015,000,000.00	State Bank of India	Commercial Branch, Palm Court, Gurgaon, Haryana - 122001, India	B04267316
2	10078554	17/11/2007	500,000,000.00	State Bank of India	Commercial Branch, Palm Court, Gurgaon, Haryana - 122001, India	A28195758

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 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.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

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

TOTAL		11

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.