MIRA INFORM REPORT

Report No. :	305812
Report Date :	13.02.2015

IDENTIFICATION DETAILS

Name :	THERMAX BABCOCK AND WILCOX ENERGY SOLUTIONS PRIVATE LIMITED
Registered Office :	Dhanraj Mahal, 2nd Floor, Chhatrapati Shivaji, Maharaj Marg, Near Regal Cinema, Colaba, Mumbai – 400039, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.06.2010
Com. Reg. No.:	11-204890
Capital Investment / Paid-up Capital :	Rs.3850.000 Millions
CIN No.: [Company Identification No.]	U29253MH2010PTC204890
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCT5273A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of power plants, boiler and boiler components.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 7800000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “THERMAX LIMITED”. It is an established company having satisfactory track record. The company has incurred huge accumulated losses during 2014. However, the rating takes into consideration financial as well as managerial supported that company receives from its parent company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of strong holding company support, the company can be considered for business dealings at usual trade terms and condition. Note: As claimed by Mr. Thombre (Finance Manager – 91-20-67337700) that the subject has been started their business activity from April 2013.

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	Term loans : BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October, 2014

Rating Agency Name	ICRA
Rating	Short term fund – based limits : A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	October, 2014

Rating Agency Name	ICRA
Rating	Working capital term loans : AA- (SO)
Rating Explanation	High degree of safety and very low credit risk.
Date	October, 2014

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 (PARTIAL DETAILS)

Name :	Mr. Thombre
Designation :	Finance Manager
Contact No.:	91-20-67337700
Date :	04.02.2015

LOCATIONS

Registered Office :	Dhanraj Mahal, 2nd Floor, Chhatrapati Shivaji, Maharaj Marg, Near Regal Cinema, Colaba, Mumbai – 400039, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	Not Available
Fax No.:	Not Available
E-Mail :	Satish.Thombre@thermaxindia.com
Administrate Office / Factory 1 :	Survey No. 152/153, PMT Complex, Behind PCMC Office Building Old Pune – Mumbai Road, Pimpri, Pune-411018, Maharashtra, India
Tel. No.:	91-20-66126464/67337700/66155222/27478055/27474218/67308989
Fax No.:	91-20-67308888/27479200/24126324/66126612/67337800
Factory 2:	Plot No A-2 and A-3, Khandala Industrial Area, Satara – 412802, Maharashtra, India

DIRECTORS

As on 18.07.2014

Name :

Mr. Meher Pheroz Pudumjee

Designation :

Chairman Managing Director

Address :

5, Naylor Road, Pune – 411001, Maharashtra, India

Date of Birth/Age :

11.10.1966

Date of Appointment :

30.07.2011

DIN No.:

00019581

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	U45201PN1982PTC026508	KRA HOLDING AND TRADING PRIVATE LIMITED	Director	17-04-1995	17-04-1995	-	Amalgamated	NO
2	U65993MH1982PTC026509	ARA TRADING AND INVESTMENTS PVT LTD	Director	17-04-1995	17-04-1995	-	Amalgamated	NO
3	U23100MH1990PLC059511	WINMAN GAS LIMITED	Director	24-03-1998	24-03-1998	-	Amalgamated	NO
4	U51219MH1994PLC075876	THERMAX ELECTRONICS LIMITED	Director	06-09-2000	06-09-2000	-	Amalgamated	NO
5	U29219PN1987PLC045658	THERMAX SUSTAINABLE ENERGY SOLUTIONS LIMITED	Director	07-09-2000	07-09-2000	25-01-2010	Active	NO
6	L29299PN1980PLC022787	THERMAX LIMITED.	Director	15-01-2001	15-01-2001	-	Active	NO
7	U45001PN1982PTC026507	RDA HOLDINGS PRIVATE LIMITED	Whole-time director	01-04-2001	01-04-2001	-	Active	NO
8	U40101MH1996PLC099641	THERMAX ENERGY PERFORMANCE SERVICES LIMITED	Director	28-10-2002	28-10-2002	-	Dissolved	NO
9	U72200MH1996PTC099050	THERMAX INSTRUMENTATION LIMITED	Director	30-04-2003	30-04-2003	13-07-2007	Active	NO
10	U29299MH1997PLC107595	THERMAX CO-GEN LIMITED	Director	02-11-2004	02-11-2004	-	Amalgamated	NO
11	U29246MH1991PLC062959	THERMAX ENGINEERING CONSTRUCTION COMPANY LIMITED	Director	02-11-2004	02-11-2004	13-07-2007	Active	NO
12	U29197DL1986PLC025120	DEGREMONT LIMITED	Director	31-08-2006	31-08-2006	25-09-2009	Active	NO
13	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	05-08-2014	14-10-2006	-	Active	NO
14	U80904MH2007PLC167754	IMPERIAL COLLEGE INDIA FOUNDATION	Director	10-02-2007	10-02-2007	-	Active	NO
15	U80102PN2007NPL129858	THERMAX SOCIAL INITIATIVE FOUNDATION	Director	26-03-2007	26-03-2007	-	Active	NO
16	U93030DL2009NPL194891	SHAKTI SUSTAINABLE ENERGY FOUNDATION	Director	27-08-2010	11-11-2009	-	Active	NO
17	U29253MH2010PTC204890	THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS PRIVATE LIMITED	Director	30-07-2011	26-06-2010	-	Active	NO
18	U85100DL2008NPL178133	CARE INDIA SOLUTIONS FOR SUSTAINABLE DEVELOPMENT	Director	13-04-2012	13-04-2012	08-08-2012	Active	NO
19	U65923PN2013PTC146743	KRA HOLDINGS PRIVATE LIMITED	Director	28-03-2013	28-03-2013	-	Active	NO
20	U29254MH2012PLC232826	MIDCO LIMITED	Additional director	27-09-2013	27-09-2013	30-04-2014	Active	NO
21	U74999PN2014PTC150809	ARA Trusteeship Company Private Limited	Director	28-02-2014	28-02-2014	-	Active	NO

Name :

Mr. Unnikrishnan Mangalath Sukumara Panicker

Designation :

Director

Address :

L – 201 / 202, Lyra satellite towers, Near army Sports Institute, Koregaon Park Annex, Pune – 411036, Maharashtra, India

Date of Birth/Age :

27.07.1960

Date of Appointment :

30.07.2011

DIN No.:

01460245

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	U45201PN1982PTC026508	KRA HOLDING AND TRADING PRIVATE LIMITED	Director	17-04-1995	17-04-1995	-	Amalgamated	NO
2	U65993MH1982PTC026509	ARA TRADING AND INVESTMENTS PRIVATE LIMITED	Director	17-04-1995	17-04-1995	-	Amalgamated	NO
3	U23100MH1990PLC059511	WINMAN GAS LIMITED	Director	24-03-1998	24-03-1998	-	Amalgamated	NO
4	U51219MH1994PLC075876	THERMAX ELECTRONICS LIMITED	Director	06-09-2000	06-09-2000	-	Amalgamated	NO
5	U29219PN1987PLC045658	THERMAX SUSTAINABLE ENERGY SOLUTIONS LIMITED	Director	07-09-2000	07-09-2000	25-01-2010	Active	NO
6	L29299PN1980PLC022787	THERMAX LIMITED.	Director	15-01-2001	15-01-2001	-	Active	NO
7	U45001PN1982PTC026507	RDA HOLDINGS PRIVATE LIMITED	Whole-time director	01-04-2001	01-04-2001	-	Active	NO
8	U40101MH1996PLC099641	THERMAX ENERGY PERFORMANCE SERVICES LIMITED	Director	28-10-2002	28-10-2002	-	Dissolved	NO
9	U72200MH1996PTC099050	THERMAX INSTRUMENTATION LIMITED	Director	30-04-2003	30-04-2003	13-07-2007	Active	NO
10	U29299MH1997PLC107595	THERMAX CO-GEN LIMITED	Director	02-11-2004	02-11-2004	-	Amalgamated	NO
11	U29246MH1991PLC062959	THERMAX ENGINEERING CONSTRUCTION COMPANY LIMITED	Director	02-11-2004	02-11-2004	13-07-2007	Active	NO
12	U29197DL1986PLC025120	DEGREMONT LIMITED	Director	31-08-2006	31-08-2006	25-09-2009	Active	NO
13	L99999MH1937PLC002641	CROMPTON GREAVES LIMITED	Director	05-08-2014	14-10-2006	-	Active	NO
14	U80904MH2007PLC167754	IMPERIAL COLLEGE INDIA FOUNDATION	Director	10-02-2007	10-02-2007	-	Active	NO
15	U80102PN2007NPL129858	THERMAX SOCIAL INITIATIVE FOUNDATION	Director	26-03-2007	26-03-2007	-	Active	NO
16	U93030DL2009NPL194891	SHAKTI SUSTAINABLE ENERGY FOUNDATION	Director	27-08-2010	11-11-2009	-	Active	NO
17	U29253MH2010PTC204890	THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS PRIVATE LIMITED	Director	30-07-2011	26-06-2010	-	Active	NO
18	U85100DL2008NPL178133	CARE INDIA SOLUTIONS FOR SUSTAINABLE DEVELOPMENT	Director	13-04-2012	13-04-2012	08-08-2012	Active	NO
19	U65923PN2013PTC146743	KRA HOLDINGS PRIVATE LIMITED	Director	28-03-2013	28-03-2013	-	Active	NO
20	U29254MH2012PLC232826	MIDCO LIMITED	Additional director	27-09-2013	27-09-2013	30-04-2014	Active	NO
21	U74999PN2014PTC150809	ARA Trusteeship Company Private Limited	Director	28-02-2014	28-02-2014	-	Active	NO

Name :

Mr. Ravinder Ram Advani

Designation :

Director

Address :

257, Sindh Co-operative Housing Society, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

03.06.1949

Date of Appointment :

30.07.2011

DIN No.:

01677195

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	U72200MH1996PTC099050	THERMAX INSTRUMENTATION LIMITED	Director	14-07-2008	13-07-2007	-	Active	NO
2	U29246MH1991PLC062959	THERMAX ENGINEERING CONSTRUCTION COMPANY LIMITED	Director	14-07-2008	13-07-2007	-	Active	NO
3	U29253MH2010PTC204890	Thermax Babcock & Wilcox Energy Solutions Private Limited	Director	30-07-2011	18-08-2010	-	Active	NO
4	U29299PN2009PLC134761	THERMAX SPX ENERGY TECHNOLOGIES LIMITED	Director	28-07-2014	15-10-2013	-	Active	NO

Name :

Mr. Amitabha Kashinath Mukhopadhyay

Designation :

Director

Address :

104, Maestros Salunkevihar Road, Pune – 411007, Maharashtra, India

Date of Birth/Age :

17.08.1964

Date of Appointment :

18.07.2014

DIN No.:

01806781

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	U34300PN1999PTC014564	MUBEA SUSPENSION INDIA Private Limited	Additional director	17-09-2007	17-09-2007	04-09-2008	Active	NO
2	U99999PN1997PLC110139	TATA TOYO RADIATOR LIMITED	Director	22-06-2012	29-09-2007	09-10-2013	Active	NO
3	U34300PN2003PTC021545	KNORR-BREMSE SYSTEMS FOR COMMERCIAL VEHICLES INDIA PRIVATE LIMITED	Director	27-05-2010	26-08-2008	02-03-2011	Active	NO
4	U29130PN2006PTC128649	TATA autocomp Hendrickson Suspensions Private Limited	Additional director	29-09-2008	29-09-2008	30-12-2008	Active	NO
5	U34300PN2004PTC019215	FAURECIA INTERIOR SYSTEMS INDIA PRIVATE LIMITED	Additional director	29-09-2008	29-09-2008	25-12-2008	Active	NO
6	U29299PN2005PTC020907	VISTEON ENGINEERING CENTER (INDIA) PRIVATE LIMITED	Director	04-09-2009	29-09-2008	15-02-2010	Active	NO
7	U31902PN2005PTC020905	VISTEON AUTOMOTIVE (INDIA) PRIVATE LIMITED	Nominee director	29-09-2008	29-09-2008	15-02-2010	Active	NO
8	U31300PN2005PLC021394	TATA AUTOCOMP GY BATTERIES LIMITED	Director	19-07-2012	29-09-2008	09-10-2013	Active	NO
9	U34300PN1997PTC015436	YAZAKI INDIA Private Limited	Director	29-07-2010	18-01-2010	11-01-2013	Active	NO
10	L28932PN1990PLC016314	AUTOMOTIVE STAMPINGS AND ASSEMBLIES LIMITED	Director	16-07-2010	28-04-2010	09-10-2013	Active	NO
11	U80903PN2012NPL145231	AUTOMOTIVE SKILLS TRAINING FOUNDATION	Director	31-10-2012	31-10-2012	09-10-2013	Active	NO
12	U29246MH1991PLC062959	THERMAX ENGINEERING CONSTRUCTION COMPANY LIMITED	Director	14-07-2014	16-10-2013	-	Active	NO
13	U72200MH1996PTC099050	THERMAX INSTRUMENTATION LIMITED	Director	14-07-2014	18-10-2013	-	Active	NO
14	U40109PN2009PLC134659	THERMAX ONSITE ENERGY SOLUTIONS LIMITED	Director	14-07-2014	22-10-2013	-	Active	NO
15	U29253MH2010PTC204890	Thermax Babcock & Wilcox Energy Solutions Private Limited	Director	18-07-2014	20-11-2013	-	Active	NO

Name :

Mr. Joseph Randall Data

Designation :

Director

Address :

13069, Knicely LN. Doylestown - 44230, United State of America

Date of Birth/Age :

24.07.1965

Date of Appointment :

30.07.2011

DIN No.:

03020296

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	U29253MH2010PTC204890	Thermax Babcock & Wilcox Energy Solutions Private Limited	Director	30-07-2011	26-06-2010	-	Active	NO

Name :

Mr. Rodney E Carlson

Designation :

Director

Address :

2420 Red Oak Court, Ravenna Ohio - 44266, United State of America

Date of Birth/Age :

16.02.1968

Date of Appointment :

31.07.2012

DIN No.:

05149336

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	U29253MH2010PTC204890	Thermax Babcock & Wilcox Energy Solutions Private Limited	Director	31-07-2012	16-12-2011	-	Active	NO

Name :

Mr. Douglas Paul Scavuzzo

Designation :

Director

Address :

3660, Turnbery Drive, Medina – OH44256, United State of America

Date of Birth/Age :

22.04.1964

Date of Appointment :

09.07.2013

DIN No.:

06504054

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	U29253MH2010PTC204890	THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS PRIVATE LIMITED	Director	09-07-2013	19-03-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Satish Vasant Thombre
Designation :	Secretary
Address :	201 Nirmal Residendy, 18, Gururaj Society, Paud Road, Kothrud, Pune – 411038, Maharashtra, India
Date of Birth/Age :	25.09.1953
Date of Appointment :	28.05.2012
PAN No.:	AAMPT8417E
Name :	Mr. Deepak Chopra
Designation :	Manager
Address :	F – 101/1, Baud Ganesh Khind Road, Pune – 411016, Maharashtra, India
Experience :	38 Years
Qualification :	B Tech (Mechanical) PGDM
Date of Birth/Age :	28.06.1951
Date of Appointment :	09.07.2013
Name :	Mr. Thombre
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.07.2014

Names of Shareholders	No. of Shares	%age holding
Thermax Limited	196350000	51.00
Babcock and Wilcox India Holdings INC.	188650000	49.00
Total	385000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 18.07.2014

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	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of power plants, boiler and boiler components.

Products :

Item Code No.	Product Description
84191920	Super Critical Boiler

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

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 :

· ICICI Bank Limited, 3rd Floor A Wing Shangrila Building, Bund Gargen Road, Pune - 411001, Maharashtra, India

· State Bank of India, Corporate Accounts Group- Mumbai, Neville House, 3rd Floor, J N Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks (The repayment term of the loan is scheduled on quarterly basis starting from quarter ending 12 months from Commercial Operation Date over a period of six years.)	4271.935	3012.357
Total	4271.935	3012.357

Auditors :
Financial Institute:	SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Name :	B. K. Khare Chartered Accountants
Address :	Hotel Swaroop, Fourth Floor, Lane No 10, Prabhat Road, Erandwane, Pune 411004, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB0265E
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding company :	· RDA Holdings Private Limited (U45001PN1982PTC026507)
Holding company :	· Thermax Limited, India (L29299PN1980PLC022787)
Fellow Subsidiary company :	· Thermax Engineering Construction Company Limited, India (U29246MH1991PLC062959) · Thermax Instrumentation Limited, India (U72200MH1996PTC099050) · Thermax Sustainable Energy Solutions Limited, India (U29219PN1987PLC045658) · Thermax International Limited (Mauritius) · Thermax Hong Kong Limited (Hong Kong) · Thermax Europe Limited (U.K.) · Thermax Inc. (U.S.A) · Thermax (Zhejiang) Cooling and Heating Engineering Company Limited (China) · Thermax do Brazil Energiae Equipametos Limited (Brazil) · Thermax Onsite Energy Solutions Limited, India (U40109PN2009PLC134659) · Thermax Spx Energy Technologies Limited, India (U29299PN2009PLC134761) · Thermax Netherlands B.V. · Thermax Denmark ApS · Omnical Kessel- und Apparatebau GmbH · Ejendomsanpartsselskabet · Industrivej Nord 13 · Ejendomsanpartsselskabet Industrivej Nord 13 · Thermax SDN. BHD. (Malaysia)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Babcock and Wilcox India Holdings INC · Babcock and Wilcox Power Generation Group

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
400000000	Equity Shares	Rs.10/- each	Rs.4000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
385000000	Equity Shares	Rs.10/- each	Rs.3850.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3850.000	2714.833	2414.833
(b) Reserves & Surplus	(1117.365)	(586.393)	(282.729)
(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)	2732.635	2128.440	2132.104
(3) Non-Current Liabilities
(a) long-term borrowings	4271.935	3012.357	5.003
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	283.037	341.879	155.332
(d) long-term provisions	6.887	0.100	11.108
Total Non-current Liabilities (3)	4561.859	3354.336	171.443
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	217.885	0.000	0.000
(c) Other current liabilities	75.061	59.581	1176.320
(d) Short-term provisions	19.171	37.103	25.942
Total Current Liabilities (4)	312.117	96.684	1202.262
TOTAL	7606.611	5579.460	3505.809
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5806.379	481.617	481.779
(ii) Intangible Assets	258.457	284.714	297.938
(iii) Capital work-in-progress	0.000	4260.421	2042.506
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.781	121.336	334.725
(e) Other Non-current assets	326.763	125.448	36.880
Total Non-Current Assets	6416.380	5273.536	3193.828
(2) Current assets
(a) Current investments	703.959	271.737	275.431
(b) Inventories	65.256	0.000	0.000
(c) Trade receivables	2.199	0.000	0.000
(d) Cash and cash equivalents	254.944	15.207	27.514
(e) Short-term loans and advances	0.772	0.241	0.006
(f) Other current assets	163.101	18.739	9.030
Total Current Assets	1190.231	305.924	311.981
TOTAL	7606.611	5579.460	3505.809

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	165.400	17.400	34.400
	Other Income
	TOTAL	165.400	17.400	34.400
Less	TOTAL EXPENSES	571.600	271.200	184.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(406.200)	(253.800)	(149.900)
Less/ Add	DEPRECIATION/ AMORTISATION	124.800	49.900	40.900
	PROFIT/ (LOSS) BEFORE TAX	(531.000)	(303.700)	(190.800)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(531.000)	(303.700)	(190.800)
	Earnings / (Loss) Per Share (Rs.)	(1.38)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(6.98)	(23.02)	(13.04)
Return on Investment (ROI) (PBT/Networth)		(0.19)	(0.14)	(0.09)
Debt Equity Ratio (Total Debt /Networth)		1.56	1.42	0.00
Current Ratio (Current Asset/Current Liability)		3.81	3.16	0.26

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2414.833	2714.833	3850.000
Reserves & Surplus	(282.7299)	(586.393)	(1117.365)
Net worth	2132.104	2128.440	2732.635
long-term borrowings	5.003	3012.357	4271.935
Short term borrowings	0.000	0.000	0.000
Total borrowings	5.003	3012.357	4271.935
Debt/Equity ratio	0.002	1.415	1.563

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	34.400	17.400	165.400
		(49.419)	850.575

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	34.400	17.400	165.400
Profit	(190.800)	(303.700)	(531.000)
	(554.65)%	(1745.40)%	(321.04)%

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	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10329048	25/11/2011	5,250,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP MUMBAI, NEVILLE HOUSE, 3RD FLOOR, J N HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B29560901
2	10325875	16/11/2011	4,370,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	B28899805
3	10292367	29/11/2011 *	2,500,000,000.00	ICICI BANK LIMITED	3RD FLOOR A WING SHANGRILA BUILDING,, BUND GARGEN ROAD, PUNE, MAHARASHTRA - 411001, INDIA	B29932951

FIXED ASSETS

Tangible assets

· Motor vehicles

· Office equipment

· Computer equipment’s

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Buildings

· Office building

· Plant and equipment

Intangible assets

· Know-how

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.62.43
UK Pound	1	Rs.95.02
Euro	1	Rs.70.63

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	---
--LIQUIDITY	1~10	5
--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	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		41

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.