MIRA INFORM REPORT

Report No. :	307833
Report Date :	18.02.2015

IDENTIFICATION DETAILS

Name :	JSW JAIGARH PORT LIMITED
Registered Office :	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.01.2007
Com. Reg. No.:	11-166784
Capital Investment / Paid-up Capital :	Rs. 4005.000 Millions
CIN No.: [Company Identification No.]	U45205MH2007PLC166784
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ12503B
PAN No.: [Permanent Account No.]	AABCJ7959F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Service provider of Shipping and Port Agent.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

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

Maximum Credit Limit :	USD 16000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a JSW Group Company It is an established company having good track record. Financial position of the company is sound. Fundamentals of the company are healthy. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Chetan Vaidya
Designation :	Senior Manager Finance
Contact No.:	91-22-42861000
Date :	14.02.2015

LOCATIONS

Registered Office :	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No. :	91-22-42861000
Fax No. :	91-22-42863000
E-Mail :	Infra.mumbai@jsw.in chetan.vaidya@jsw.in
Website :	www.jsw.in
Port :	Taluka Ratnagiri – 415614, Maharashtra, India
Tel. No. :	91-2357-242551 / 242552 / 242556

DIRECTORS

As on: 26.08.2014

Name :

Mr. Bhartula Venkat Jogi Kameshwar Sharma

Designation :

Managing Director

Address :

1406, 14th Floor, Mount Alps, A Wing, Bhakti Park, Near Imax Theater, Mumbai - 400037, Maharashtra, India

Date of Birth/Age :

01.01.1963

Qualification :

Shipping Management, Master Foreign Going

Date of Appointment :

21.11.2012

DIN No.:

00017758

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	U45203GA1997PLC002369	SOUTH WEST PORT LIMITED	Managing director	13-08-2011	11-08-2003	21-11-2012	Active	NO
2	U45200MH2006PLC161268	JSW INFRASTRUCTURE LIMITED	Managing director	22-08-2013	21-04-2006	-	Active	NO
3	U45205MH2007PLC166784	JSW JAIGARH PORT LIMITED	Managing director	21-11-2012	06-01-2007	-	Active	NO
4	U45203MH2007PTC177168	JSW JAIGARH INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	31-12-2007	31-12-2007	29-10-2011	Active	NO
5	U63032MH2008PTC177642	JSW SHIPYARD PRIVATE LIMITED	Director	09-01-2008	09-01-2008	29-10-2011	Active	NO
6	U02710MH2003PTC187132	JSW Realty and Infrastructure Private Limited	Director	26-09-2009	01-04-2009	01-09-2010	Active	NO
7	U93030MH2011PTC224380	JSW NANDGAON PORT PRIVATE LIMITED	Director	25-11-2011	25-11-2011	-	Active	NO

Name :

Mr. Kantilal Narandas Patel

Designation :

Director

Address :

12, Yesho Mangal, 64B, Lallubhai Shamal Das Road, Andheri (West), Mumbai - 400058, Maharashtra, India

Date of Birth/Age :

30.05.1951

Qualification :

CA

Date of Appointment :

26.06.2007

DIN No.:

00019414

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	U22210MH1996PTC099042	ART INDIA PUBLISHING COMPANY PRIVATE LIMITED	Director	25-10-2001	25-10-2001	-	Active	NO
2	U74920GJ1993PLC069400	JINDAL STEEL and ALLOYS LIMITED	Director	29-01-2002	29-01-2002	20-03-2014	Active	NO
3	U72200MH2003PTC143356	JINDAL TECHNOLOGIES AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	26-06-2004	26-06-2004	22-08-2012	Active	NO
4	U45200MH2005PTC151268	Vinamra Properties Private Limited	Director	14-02-2005	14-02-2005	01-09-2008	Active	NO
5	U45200MH2005PTC151269	ADHUNIK RESIDENCY PRIVATE LIMITED	Director	14-02-2005	14-02-2005	01-09-2008	Active	NO
6	U62100MH2005PTC151746	HERITAGE AIRLINES PRIVATE LIMITED	Director	03-03-2005	03-03-2005	25-06-2008	Dormant	NO
7	U72900MH2000PLC129020	SAPPHIRE TECHNOLOGIES LIMITED	Director	31-03-2005	31-03-2005	14-07-2011	Active	NO
8	L67120MH2001PLC217751	JSW HOLDINGS LIMITED	Managing director	28-04-2010	28-04-2005	-	Active	NO
9	U27203MH2005PLC154612	JSW ALUMINIUM LIMITED	Director	08-07-2005	08-07-2005	-	Active	NO
10	U45203GA1997PLC002369	SOUTH WEST PORT LIMITED	Director	29-10-2005	29-10-2005	-	Active	NO
11	U26957MH2006PLC160839	JSW CEMENT LIMITED	Director	29-03-2006	29-03-2006	-	Active	NO
12	U74999MH2006PLC163924	JSW PROJECTS LIMITED	Director	21-08-2006	21-08-2006	21-02-2009	Active	NO
13	U85110KA1996PLC021242	SOUTH-WEST MINING LIMITED	Director	06-10-2006	06-10-2006	30-09-2010	Active	NO
14	U45200MH2006PLC161268	JSW INFRASTRUCTURE LIMITED	Director	13-09-2007	27-10-2006	-	Active	NO
15	U45205MH2007PLC166784	JSW JAIGARH PORT LIMITED	Director	16-08-2007	26-06-2007	-	Active	NO
16	U14200MH2007PLC173687	JSW NATURAL RESOURCES INDIA LIMITED	Director	31-08-2007	31-08-2007	07-07-2010	Active	NO
17	U65923MH2007PTC167960	JSW ENERGY INVESTMENTS PRIVATE LIMITED	Director	14-07-2008	04-12-2007	20-03-2014	Active	NO
18	U45203MH2007PTC177168	JSW JAIGARH INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	31-12-2007	31-12-2007	10-10-2011	Active	NO
19	U63032MH2008PTC177642	JSW SHIPYARD PRIVATE LIMITED	Director	09-01-2008	09-01-2008	10-10-2011	Active	NO
20	U92100MH2008PTC186594	JSW IMAGINEERING PRIVATE LIMITED	Director	09-09-2008	09-09-2008	-	Active	NO
21	U45400MH2009PTC192483	Design Deli Development Private Limited	Director	01-11-2010	19-05-2009	30-03-2012	Active	NO
22	U51900MH1946PTC013532	GOPAL TRADERS PRIVATE LIMITED	Director	30-09-2011	20-07-2011	-	Active	NO
23	U92412KA2012PTC075013	JSW BENGALURU FOOTBALL CLUB PRIVATE LIMITED	Director	30-10-2012	30-10-2012	-	Active	NO
24	U51909GJ2014PTC078497	SAHYOG TRADCORP PRIVATE LIMITED	Director	29-01-2014	29-01-2014	-	Active	NO
25	U92412MH2010PTC207121	Mumbai United Football Club Private Limited	Director	30-09-2014	07-02-2014	-	Active	NO
26	U74120MH2014PTC252000	VIVIDH CONSULTANCY AND ADVISORY SERVICES PRIVATE LIMITED	Director	26-09-2014	20-03-2014	-	Active	NO
27	U74999MH2014PTC257256	Jindal South West Sports Private Limited	Director	18-08-2014	18-08-2014	-	Active	NO

Name :

Mr. Kalyan Coomar Krishna Chandra Jena

Designation :

Director

Address :

RB Bunglow No.1, Hospital Road, Moti Bagh 1, New Delhi – 110021, India

Date of Birth/Age :

04.01.1949

Qualification :

BE

Date of Appointment :

21.11.2012

DIN No. :

02989575

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	U85110MH1998PTC114343	ASIAN HEART INSTITUTE and RESEARCH CENTRE PRIVATE LIMITED	Director	19-10-2010	14-02-2010	-	Active	NO
2	U45203AP1996PLC023529	KRISHNAPATNAM PORT COMPANY LIMITED	Whole-time director	28-06-2010	30-03-2010	-	Active	NO
3	U45200MH2006PLC161268	JSW INFRASTRUCTURE LIMITED	Director	26-08-2014	04-05-2010	-	Active	NO
4	U14100GJ1996PLC029375	RACHANA GLOBAL EXCAVATION LIMITED	Director	30-09-2010	17-09-2010	-	Active	NO
5	U74120MH2012PTC225864	AVALON CONSULTING PRIVATE LIMITED	Director	09-01-2012	09-01-2012	-	Active	NO
6	U45205MH2007PLC166784	JSW JAIGARH PORT LIMITED	Director	25-07-2013	21-11-2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Chetan Vaidya
Designation :	Senior Manager Finance/Accounts

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 26.08.2014

Names of Shareholders	No. of Shares
JSW Infrastructure Limited, India	400499400
Nirmal Kumar Jain	100
Bhartula Venkat Jogi Kameshwar Sharma	100
Balwant Ranka Kumar	100
Kantilal N. Patel	100
Narinder Singh Kahlon	100
JSW Investments Private Limited, India	100
Total	400500000

Equity Share Break up (Percentage of Total Equity)

As on: 26.08.2014

Category	Percentage
Bodies corporate	100.000
Total	100.00

BUSINESS DETAILS

Line of Business :

Service provider of Shipping and Port Agent.

Products/Service :

Item Code No. (ITC Code)	Product Description
99671101	Port Services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Products :

Machinery

Countries :

China

UK

Terms :

Selling :

Cash, Advance Payment and Credit (30/60/90 Days)

Purchasing :

Cash, Advance Payment and Credit (30/60/90 Days)

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 :

End Users and OEMs

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 :

100 (Approximately)

Bankers :

· Axis Bank Limited, Credit Management Center at Unit No 6, Corporate 
Park, Sion Trombay Road, Chembur, Mumbai, Maharashtra - 400071, India

· Yes Bank Limited, Nehru Centre, 9th Floor, Discovery Of India, Dr A B 
Road Worli, Mumbai, Maharashtra - 400018, India

· Bank of India

· Dena Bank

· Vijay Bank Limited

Bank Name	Punjab National Bank
Branch	Cuffe Parade, Large Corporate Branch
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)	Cash Credit – Rs. 300.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	425.960	1293.560
SHORT TERM BORROWINGS
Working capital loans from banks	180.420	162.560
Total	606.380	1456.120

Auditors :
Name :	Shah Gupta and Company Chartered Accountants
Address :	38, Bombay Mutual Building, 2^nd Floor, Dr. D.N. Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No. :	91-22-40851000
Fax No. :	91-22-4085-1015
E-Mail :	contact@shahgupta.com
Website:	http://www.shahgupta.com
Income-tax PAN of auditor or auditor's firm :	AAASS7702S
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	JSW Infrastructure Limited, India CIN No.: U45200MH2006PLC161268
Subsidiary company:	JSW Terminal (Mormugao) Private Limited U74900GA2014PTC007400
Associate:	· JSW Energy Limited CIN No.: L74999MH1994PLC077041 · JSW Ispat Steel Limited CIN No.: L27106MH1984PLC238266 · JSW Shipyard Private Limited CIN No.: U63032MH2008PTC177642 · JSW Steel Limited CIN No.: L27102MH1994PLC152925 · Raj Westpower Limited CIN No.: U31102MH1996PLC185098 · South West Port Limited CIN No.: U45203GA1997PLC002369 · JSW Nandgaon Port Private Limited · JSW Jaigarh Port Employees Welfare Trust

CAPITAL STRUCTURE

As on 26.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000,000	Equity Shares	Rs.10/- each	Rs. 10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400,500,000	Equity Shares	Rs.10/- each	Rs. 4005.000 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	4005.000	3700.000	3700.000
(b) Reserves & Surplus	1624.370	982.750	358.830
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	10.000	0.000
Total Shareholders’ Funds (1) + (2)	5629.370	4692.750	4058.830
(3) Non-Current Liabilities
(a) long-term borrowings	425.960	1293.560	1367.830
(b) Deferred tax liabilities (Net)	417.010	0.000	0.000
(c) Other long term liabilities	3.740	414.830	234.120
(d) long-term provisions	0.000	3.380	2.470
Total Non-current Liabilities (3)	846.710	1711.770	1604.420
(4) Current Liabilities
(a) Short term borrowings	760.420	422.560	800.000
(b) Trade payables	108.390	73.070	34.260
(c) Other current liabilities	500.780	167.460	137.180
(d) Short-term provisions	11.820	5.510	7.040
Total Current Liabilities (4)	1381.410	668.600	978.480
TOTAL	7857.490	7073.120	6641.730
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6258.470	5918.420	5872.870
(ii) Intangible Assets	8.410	7.340	8.670
(iii) Capital work-in-progress	882.720	732.050	280.350
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	187.370	55.500	20.880
(e) Other Non-current assets	0.000	49.710	39.760
Total Non-Current Assets	7337.070	6763.020	6222.530
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	79.010	52.840	47.130
(c) Trade receivables	170.050	124.890	171.980
(d) Cash and cash equivalents	73.450	16.100	131.830
(e) Short-term loans and advances	145.930	116.270	68.260
(f) Other current assets	51.980	0.000	0.000
Total Current Assets	520.420	310.100	419.200
TOTAL	7857.490	7073.120	6641.730

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operation	2295.290	2487.630	1689.840
		Other Income	57.220	50.850	43.590
		TOTAL (A)	2352.510	2538.480	1733.430
Less	EXPENSES
		Employees benefits expense	83.430	72.290	57.900
		Other expenses	981.120	1042.820	640.480
		TOTAL (B)	1064.550	1115.110	698.380
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1287.960	1423.370	1035.050
Less	FINANCIAL EXPENSES (D)		191.340	216.280	264.450
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1096.620	1207.090	770.600
Less	DEPRECIATION/ AMORTISATION (F)		453.050	427.110	374.330
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		643.570	779.980	396.270
Less	TAX (H)		1.950	156.060	80.440
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		641.620	623.920	315.830
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		982.750	358.830	43.000
	BALANCE CARRIED TO THE B/S		1624.370	982.750	358.830
	Earnings / (Loss) Per Share (Rs.)		1.72	1.69	1.92

Expected Sales (2014-15): Rs.2500.000 Millions

The above information has been parted by Mr. Chetan Vaidya (Senior Manager Finance/Accounts)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	27.95	25.08	18.69
Operating Profit Margin (PBIDT/Sales)	(%)	56.11	57.22	61.25
Return on Total Assets (PBT/Total Assets}	(%)	9.23	12.30	6.23
Return on Investment (ROI) (PBT/Networth)		0.11	0.17	0.10
Debt Equity Ratio (Total Debt /Networth)		0.21	0.37	0.53
Current Ratio (Current Asset/Current Liability)		0.38	0.46	0.43

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	3700.000	3700.000	4005.000
Reserves & Surplus	358.830	982.750	1624.370
Share Application money pending allotment	0.000	10.000	0.000
Net worth	4058.830	4692.750	5629.370
long-term borrowings	1367.830	1293.560	425.960
Short term borrowings	800.000	422.560	760.420
Total borrowings	2167.830	1716.120	1186.380
Debt/Equity ratio	0.534	0.366	0.211

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)
Revenue from operation	1689.840	2487.630	2295.290
		47.211	(7.732)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operation	1689.840	2487.630	2295.290
Profit	315.830	623.920	641.620
	18.69%	25.08%	27.95%

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	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE: The registered office of the company has been shifted from Jindal Mansion, 5A, Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India to the present address w.e.f. 31.07.2013.

FINANCIAL RESULTS

During the year, the Company has successfully handled 107 vessels and 5.90 MMT throughput as against 136 vessels and 7.58 million metric ton (MMT) in fiscal 2013. Cargo handled of JSW Energy Ltd during fiscal 2014 was 3.62 MMT as against 4.39 MMT in last fiscal.

• Revenue from operations decreased by 8% to Rs. 2295.000 million
• EBIDTA decreased by 10% to Rs. 1288.000 million
• Profit before Tax decreased by 17% to Rs. 644.000 million
• Cash Profit decreased by 4% to Rs. 1095.000 million
• Net Profit decreased by 3% to Rs. 642.000 million
• EBIDTA margin was 54.7% for the year ended March 31, 2014

FINANCE

The Company had outstanding long term debt of Rs. 1366.000 million at the beginning of the year from a consortium of lenders led by Punjab National Bank. Term Loans outstanding as on March 31, 2014 was Rs. 513.000 million.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans and advances from others	580.000	260.000
Total	580.000	260.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10538769	02/12/2014	3,250,000,000.00	YES BANK LIMITED	NEHRU CENTRE 9TH FLOOR DISCOVERY OF INDIA, DR A B ROAD WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	C38153938
2	10425869	17/04/2013	300,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCE MAKERS TOWER E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B75184622
3	10176793	12/08/2009	350,000,000.00	AXIS BANK LIMITED	CREDIT MANAGEMENT CENTER AT UNIT NO 6, CORPOARTE  PARK, SION TROMBAY ROAD CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA	A69580207
4	10111693	16/09/2011 *	3,150,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCE MAKERS TOWER E, CUFFE PARA  DE, MUMBAI, MAHARASHTRA -400005, INDIA	B22430177

* Date of charge modification

FIXED ASSETS

· Land

· Buildings, Berths and Bunds

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· 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.62.20
UK Pound	1	Rs.96.00
Euro	1	Rs.71.00

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--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	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		63

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.