MIRA INFORM REPORT

Report No. :	306162
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	BOSCH REXROTH (INDIA) LIMITED (w.e.f. 20.06.2011)
Formerly Known As :	REXROTH MANEKLAL INDUSTRIES LIMITED
Registered Office :	Sanand Viramgam Highway, Mouje Lyava Taluka Sanand – 382170, Gujarat
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	18.02.1974
Com. Reg. No.:	04-002468
Capital Investment / Paid-up Capital :	Rs. 63.509 Millions
CIN No.: [Company Identification No.]	U29120GJ1974PLC002468
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMB00364A
PAN No.: [Permanent Account No.]	AAACM9898F
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Manufacturer, Exporter and Importer of Hydraulic Systems.
No. of Employees :	900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 5600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. Profit of the company has declined during 2013. However, the rating reflects established position of the company in the domestic market for industrial and mobile hydraulic solutions supported by decent financial base and adequate liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	ICRA
Rating	Long Term Fund Based = Cash Credit AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	March 14

Rating Agency Name	ICRA
Rating	Short Term Fund = Based Limits A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	March 14

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 PARTED BY

Name :	Mr. Ramakant Shinde
Designation :	Manager
Contact No.:	91-22-66058817
Date :	03.02.2015

LOCATIONS

Registered Office/ Factory/ Corporate office :	Sanand Viramgam Highway, Mouje Lyava Taluka Sanand – 382170, Gujarat, India
Tel. No.:	91-22-66058817
Fax No.:	Not Available
E-Mail :	vanraj.rathod@boschrexorth.co.in shinde.rd@boschrexroth.co.in
Website:	http://www.boschrexroth.co.in
Factory 2:	Located at: Bangalore
Sales Office:	Plot No. 96, B Wing, Ground Floor, Prabaht Bhavan, L.B.S. Marg, Vikroli (West), Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-66058817 / 77 / 88
Branch Office:	Located at: Kolkata Chennai Jamshedpur Pune Delhi

DIRECTORS

AS ON 30.06.2014

Name :

Mr. Karl Tragl

Designation :

Additional Director

Address :

Am Scholzenfeld 13, Partenstein, Germany-97846

Date of Birth/Age :

05.06.1962

Qualification :

Post Qualification

Date of Appointment :

23.06.2011

DIN No.:

03527241

Name :

Mr. Heribert Michael Ott

Designation :

Director

Address :

Birkigstrasse 13, Lohar Germany-97816

Date of Birth/Age :

15.10.1954

Qualification :

Post Qualification

Date of Appointment :

23.01.1999

DIN No.:

01639234

Name :

Mr. Johannes Thomas Grobe

Designation :

Managing director

Address :

3, Old No. 10, Midford, Garden Off. M. G. Road, Bangalore – 560001, Karnataka, India

Date of Birth/Age :

24.11.1965

Qualification :

Post Qualification

Date of Appointment :

01.08.2012

DIN No.:

06424758

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	U29120GJ1974PLC002468	BOSCH REXROTH (INDIA) LIMITED	Managing director	01/08/2012	01/08/2012	-	Active	NO
2	U29120KA2002PTC031230	MIVIN ENGG. TECHNOLOGIES PRIVATE LIMITED	Director	24/05/2013	17/05/2013	-	Active	NO

Name :

Mr. Deepak Sitaldas Chellani

Designation :

Whole-time director

Address :

1201, Raj Heritage Tower, L. M. Road, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Birth/Age :

28.06.1964

Date of Appointment :

25.06.2013

DIN No.:

06433338

Name :

Mr. Ramaswamy Srinivas Pradeep

Designation :

Whole-time director

Address :

No. 1, 11^th Cross, GHBCS Layout, Basaveshwari Nagar, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

14.04.1963

Date of Appointment :

25.06.2013

DIN No.:

06433529

Name :

Mr. Franz Hauber Xaver

Designation :

Director

Address :

No. 1, 11^th Cross, GHBCS Layout, Basaveshwari Nagar, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

18.07.1959

Date of Appointment :

25.06.2013

DIN No.:

06485529

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	U34300PN1982PLC027224	BOSCH CHASSIS SYSTEMS INDIA LIMITED	Director	30/09/2013	01/01/2013	-	Active	NO
2	U29120GJ1974PLC002468	BOSCH REXROTH (INDIA) LIMITED	Director	25/06/2013	01/01/2013	-	Active	NO
3	L85110KA1951PLC000761	Bosch Limited	Alternate director	06/06/2014	01/01/2014	-	Active	NO
4	U29221KA2008PTC045987	Bosch Automotive Electronics India Private Limited	Director	13/06/2014	24/03/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vanrajsinh Ganpatsinh Rathod
Designation :	Secretary
Address :	Shraddha Associates, Opposite Laxmi Lime, Godagam, Ahmedabad – 382481, Gujarat, India
Date of Birth/Age :	26.10.1987
Date of Appointment :	25.06.2013
PAN No.:	AMJPR7847R
Name :	Mr. Ramakant Shinde
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Bosch Rexroth AG, the Holding Company, Germany	5106908	80.00%
Bosch Rexroth Mellansel AB Sweden	1051260	17.00%

As on 30.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Public Financial companies	0.01
Nationalised or other banks	0.03
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	97.00
Bodies corporate	0.23
Other top fifty shareholders	0.83
Other	1.90
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Hydraulic Systems.

Products :

Item Code No. (ITC Code)	Product Description
84798999	Other

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Malaysia
• Austria
• Italy
• Korea
• Japan

Imports :

Products :

Raw Material

Countries :

• Germany
• Italy
• Sweden
• France
• Korea
• Japan
• China
• US
• England

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers and Retailers

Reference :	Writqen India Private Limited, Pune
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

900 (Approximately)

Bankers :

Banker Name	Deutsche Bank
Branch Address	H.S. Marg, Mumbai, 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

Banker Name	HDFC Bank Limited
Branch Address	Sanand-Viramgam, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.12.2013 (Rs. in Millions)	31.12.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Working Capital loans from banks	0.724	0.501
Total	0.724	0.501

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai - 400028, Maharashtra, India
PAN No.:	AADFP9359C
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Bosch Rexroth AG, Germany
Ultimate Holding Company :	Robert Bosch GmbH, Germany
Subsidiaries :	Mivin Engg. Technologies Private Limited, India
Fellow Subsidiaries:	Bosch Rexroth Pty Limited., Australia Bosch Limited, India Bosch Rexroth S.p.A., Italy Bosch Rexroth (China) Limited, Hong Kong Bosch Rexroth BV, Netherlands Bosch Rexroth Filtration Systems GmbH, Germany Bosch Thermotechnik GmbH, Germany Robert Bosch Licensing Administration CV, Netherland Bosch Rexroth Korea Limited, South Korea Bosch Rexroth Ltda., Brazil Bosch Rexroth Pte Limited., Singapore Bosch Rexroth Oy, Finland Bosch Rexroth Schweiz AG, Switzerland Bosch Rexroth Sdn. Bhd., Malaysia Bosch Rexroth Teknik AB, Sweden PT. Rexroth, Indonesia Shanghai Bosch Rexroth Hydraulics and Automation Limited, China Bosch Automotive Electronics India Private Limited, India Bosch Chassis Systems India Limited, India Bosch Electrical Drives India Private Limited, India Bosch Rexroth Mellansel AB, Sweden Robert Bosch Engineering and Business Solutions Limited, India Bosch Rexroth Corporation, USA Bosch Rexroth DSI SAS, France Bosch Rexroth Oil Control S.p.A., Italy Bosch Rexroth Sp. z o. o., Poland Bosch Rexroth Otomasyon San. ve., Turkey Bosch Rexroth (Beijing) Hydraulics Company Limited, China Bosch Rexroth Corporation, Japan Bosch Rexroth A/S, Denmark Bosch Rexroth Electric Drives and Controls (Xi'an) Company Limited, China Bosch Rexroth Fluidtech SAS, France Bosch Rexoth Limited, United Kingdom Bosch Rexroth Company Limited, Taiwan Dalian Rexroth Control Technology Limited, China Bosch Rexroth (Changzhou) Company Limited, China Bosch (China) Investment Limited, China Bosch Rexroth Canada Corporation, Canada Bosch Rexroth, spol. s.r.o., Czech Republic Bosch India Foundation, India
Entities where Key Management Personnel are able to exercise significant influence :	Bosch Rexroth Employees' Gratuity Trust Fund Bosch Rexroth (India) Limited Superannuation Fund

CAPITAL STRUCTURE

As on 30.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
19000000	Equity Shares	Rs.10/- each	Rs.190.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6350920	Equity Shares	Rs.10/- each	Rs. 63.509 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	63.509	63.509	52.996
(b) Reserves & Surplus	1924.549	1883.969	1385.483
(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)	1988.058	1947.478	1438.479
(3) Non-Current Liabilities
(a) long-term borrowings	1450.000	1250.000	1250.000
(b) Deferred tax liabilities (Net)	22.277	0.000	0.000
(c) Other long term liabilities	0.000	0.000	231.564
(d) long-term provisions	85.778	91.197	73.656
Total Non-current Liabilities (3)	1558.055	1341.197	1555.220
(4) Current Liabilities
(a) Short term borrowings	1561.069	1593.922	1585.460
(b) Trade payables	1236.492	1271.611	1262.288
(c) Other current liabilities	340.523	308.502	0.000
(d) Short-term provisions	61.736	93.975	41.402
Total Current Liabilities (4)	3199.820	3268.010	2889.150
TOTAL	6745.933	6556.685	5882.849
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3125.556	1108.752	1100.023
(ii) Intangible Assets	0.000	1.393	9.737
(iii) Capital work-in-progress	29.432	2020.940	1283.384
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	199.999	0.000	0.000
(c) Deferred tax assets (net)	0.000	54.557	45.643
(d) Long-term Loan and Advances	137.641	130.963	242.636
(e) Other Non-current assets	3.973	3.738	3.183
Total Non-Current Assets	3496.601	3320.343	2684.606
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1290.216	1534.964	1262.682
(c) Trade receivables	1589.987	1491.985	1805.386
(d) Cash and cash equivalents	96.105	66.136	44.171
(e) Short-term loans and advances	266.747	136.381	75.223
(f) Other current assets	6.277	6.876	10.781
Total Current Assets	3249.332	3236.342	3198.243
TOTAL	6745.933	6556.685	5882.849

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	SALES
	Income	6384.104	5969.681	6157.718
	Other Income	33.485	12.142	16.847
	TOTAL (A)	6417.589	5981.823	6174.565
Less	EXPENSES
	Cost of Materials Consumed	1579.818	1779.320	1932.127
	Purchases of Stock-in-Trade	2291.196	2625.799	2667.169
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	264.455	(345.661)	(66.349)
	Employees benefits expense	635.620	595.840	574.096
	Other expenses	898.774	739.226	707.968
	TOTAL (B)	5669.863	5394.524	5815.011
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	747.726	587.299	359.554
Less	FINANCIAL EXPENSES (D)	461.726	273.905	263.063
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	286.000	313.394	96.491
Less/ Add	DEPRECIATION/ AMORTISATION (F)	156.094	101.617	99.044
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	129.906	211.777	-2.553
Less	TAX (H)	89.326	79.128	6.693
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	40.580	132.649	(9.246)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	1391.530	1173.200	1182.446
Add	Adjustment on amalgamation of erstwhile Hagglunds Drives (India) Private Limited (K)	0.000	85.681	0.000
	Balance Carried to the B/S (I+J+K)	1432.110	1391.530	1173.200
	EARNINGS IN FOREIGN CURRENCY	389.560	NA	398.080
	Earnings / (Loss) Per Share (Rs.)
	Basic	6.39	20.89	(1.74)
	Diluted	6.39	20.89	20.89

Particulars	31.12.2014
Sales Turnover (Approximately)	7250.000

Expected Sales (2015) : Rs. 8000.000 Millions

The above information has been parted by Mr. Ramakant Shinde

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT/ Sales)	(%)	0.64	2.22	-0.15
Operating Profit Margin (PBDIT/Sales)	(%)	11.71	9.84	5.84
Return on Total Assets (PBT/Total Assets}	(%)	1.99	4.73	-0.06
Return on Investment (ROI) (PBT/Networth)		0.07	0.11	0.00
Debt Equity Ratio (Total Debt /Networth)		1.51	1.46	1.97
Current Ratio (Current Asset/Current Liability)		1.02	0.99	1.11

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	52.996	63.509	63.509
Reserves & Surplus	1385.483	1883.969	1924.549
Net worth	1438.479	1947.478	1988.058
long-term borrowings	1250.000	1250.000	1450.000
Short term borrowings	1585.460	1593.922	1561.069
Total borrowings	2835.460	2843.922	3011.069
Debt/Equity ratio	1.971	1.460	1.515

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	6157.718	5969.681	6384.104
		(3.054)	6.942

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	6157.718	5969.681	6384.104
Profit	(9.246)	132.649	40.580
	(0.15%)	2.22%	0.64%

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	------------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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

LITIGATION DETAILS :

HIGH COURT OF GUJARAT

TAX APPEAL No. 1429 of 2008

Status : PENDING

( Converted from : ST/2148/2008 )

CCIN No : 001092200801429

Last Listing Date:

11/05/2009

Coram

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX-I,	MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1	BOSCH REXROTH (INDIA) LTD.	MR MANISH J SHAH for :Opponent(s) 1

Presented On	: 18/06/2008	Registered On	: 18/06/2008
Bench Category	: SINGLE BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 198 times
StageName	: FOR FINAL HEARING - TAX MATTERS

Classification	· DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	· INCOME-TAX ACT, 1961

Lower Court Details

S. No.	Lower Court Case Detail	Lower Court Name	Judge Name	Judgment date
1	INCOME TAX APPLICATION/2820/2002	DISTRICT COURT, AHMEDABAD RURAL	-	31/08/2007
Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2008	VAKALATNAMA	MR MANISH J SHAH ADVOCATE for RESPONDENT(s) 1	-	MR MANISH J SHAH:1
2	15/08/2008	VAKALATNAMA	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	-	MRS MAUNA M BHATT:1
3	16/10/2008	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	6	MRS MAUNA M BHATT:1
4	29/11/2008	APPEARANCE NOTE	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	-	MRS MAUNA M BHATT:1
Linked Matters

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/1458/2008	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
2	TAX APPEAL/1459/2008	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
3	TAX APPEAL/1460/2008	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
4	TAX APPEAL/1461/2008	PENDING	-	- · HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	11/05/2009	1	-	FOR FINAL HEARING - TAX MATTERS	RULE/ADMIT	· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	TAX APPEAL/1429/2008	· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI	01/07/2009	N	ORDER	-	Y	Download
Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	02/07/2009	O/18927/2009	01/07/2009	07/07/2009	08/07/2009	Delivered	-

REVIEW OF OPERATIONS

For the year ended on 31st December, 2013, the Company has achieved Turnover of Rs. 6,384.100 million as against the Turnover of Rs.5,969.680 million during the previous year, representing increase in Turnover of 6.94 %. Result before Tax for the year was a profit of Rs. 129.910 million compared to Rs. 211.780 million in the previous year, after considering exceptional and non-recurring items. Material costs as a percentage to sales decreased by 3.65 % to 66.84 %. Profit before interest, depreciation and taxes was 38.66 % lower compared to previous year.

UNSECURED LOANS

PARTICULAR	31.12.2013 (Rs. in Millions)	31.12.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from others	1450.000	1250.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	60.345	93.421
Loans repayable on demand from others	1500.000	1500.000
Total	3010.345	2843.421

VIEW INDEX OF CHARGES: No Charges Exist for Company 

FIXED ASSETS

• Land
• Buildings
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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. 62.15
UK Pound	1	Rs. 94.72
Euro	1	Rs. 70.33

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YRD
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.