MIRA INFORM REPORT

Report No. :	307711
Report Date :	18.02.2015

IDENTIFICATION DETAILS

Name :	L AND T SHIPBUILDING LIMITED
Registered Office :	Ground Floor, TC – 1, Building, L and T Construction Complex, Mount Poonamallee Road, Manapakkam, Chennai – 600089, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.11.2007
Com. Reg. No.:	065356
Capital Investment / Paid-up Capital :	Rs. 9340.000 Millions
CIN No.: [Company Identification No.]	U74900TN2007PLC065356
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEL04161D
PAN No.: [Permanent Account No.]	AABCL4108N
Legal Form :	A Closely Held Public Limited liability Company
Line of Business :	Manufacture, repair and maintenance of marine vessels and port services.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Aa (76)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Goods
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture project between L & T and Tamilnadu Industrial Development Corporation Limited (TIDCO), a Government of Tamilnadu Enterprise with respective shareholding of 97% and 3%. It is an established company having a fine track. The company has incurred a loss from its operations during 2014. However, trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. In view of strong holding company, the subject 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	ICRA
Rating	NCD: AAA (SO)
Rating Explanation	Have the highest degree of safety and carry lowest credit risk.
Date	February 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

Name :	Ms. Preeti
Designation :	Account Executive
Contact No.:	91-44-22706603
Date :	13.02.2015

LOCATIONS

Registered Office / Corporate Office:	Ground Floor, TC – 1, Building, L and T Construction Complex, Mount Poonamallee Road, Manapakkam, Chennai – 600089, Tamilnadu, India
Tel. No.:	91-44-22706603 / 22706565
Fax No.:	91-44-33464100 / 22706579
E-Mail :	abhishek.ns@arsentoubro.com shipbuilding@larsentoubro.com
Website :	www.larsentoubro.com
Shipyard 1 :	Kattupalli Village, Ponneri Taluk, NCTPP Sub Post Office, Thiruvallur District – 600120 Tamilnadu, India
Tel. No.:	91-44-22706501
Fax No.:	91-44-22529901
E-Mail :	nb.commercial@larsentoubro.com
Shipyard 2 :	Hazira Manufacturing Complex Post Bhatha, Surat – 394510, Gujarat, India
Tel. No.:	91-44-22706509
Fax No.:	91-44-22706579
E-Mail :	marine.marketing@larsentoubro.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Krishnamurthy Venkatesh

Designation :

Director

Address :

ECC Apartment, 36 CBN Reddy Road, T Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

30.01.1957

Date of Appointment :

10.06.2008

DIN No.:

00240086

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	U72200TG1997PLC026885	L & T INFOCITY LIMITED	Director	16/11/2001	16/11/2001	21/11/2011	Active	NO
2	U45201TN1997PLC038175	NARMADA INFRASTRUCTURE CONSTRUCTION ENTERPRISE LIMITED	Director	31/01/2002	31/01/2002	15/03/2007	Amalgamated	NO
3	U45203TN1999PLC042518	L&T WESTERN INDIA TOLLBRIDGE LIMITED	Director	25/09/2002	25/09/2002	15/03/2007	Active	NO
4	U45203TN1997PLC039102	L & T TRANSPORTATION INFRASTRUCTURE LIMITED	Director	25/09/2002	25/09/2002	27/03/2007	Active	NO
5	U45201WB2001PTC109652	SECOND VIVEKANANDA BRIDGE TOLLWAY COMPANY PRIVATE LIMITED	Director	25/02/2003	25/02/2003	27/10/2009	Active	NO
6	U24239TG1998PLC030697	KAKINADA SEAPORTS LIMITED	Director	05/02/2004	05/02/2004	08/08/2008	Active	NO
7	U67120MH2004PLC149297	PATALIPUTRA HIGHWAY LIMITED	Director	26/04/2006	23/04/2005	30/05/2008	Active	NO
8	U45209KL2005PLC037694	LULU TECH PARK LIMITED	Director	08/08/2005	08/08/2005	19/12/2007	Active	NO
9	U45203TN2005PLC056999	L & T PANIPAT ELEVATED CORRIDOR LIMITED	Director	24/03/2008	20/09/2005	-	Active	NO
10	U45203TN2005PLC057931	L & T WESTERN ANDHRA TOLLWAYS LIMITED	Additional director	22/08/2011	02/11/2005	05/07/2012	Active	NO
11	U45203TN2005PLC057930	L & T KRISHNAGIRI THOPUR TOLL ROAD LIMITED	Director appointed in casual vacancy	18/03/2008	02/11/2005	31/05/2008	Active	NO
12	U45203TN2005PLC058417	L & T VADODARA BHARUCH TOLLWAY LIMITED	Director	23/12/2005	23/12/2005	15/03/2007	Active	NO
13	U45203TN2006PLC058735	L& T INTERSTATE ROAD CORRIDOR LIMITED	Director	02/02/2006	02/02/2006	15/03/2007	Active	NO
14	U24233TG2003PTC041279	PHOENIX INFOCITY PRIVATE LIMITED	Director	29/09/2006	13/02/2006	30/03/2010	Active	NO
15	U45202KA2002PLC030180	CYBER PARK DEVELOPMENT & CONSTRUCTION LIMITED	Director	28/02/2006	28/02/2006	18/12/2007	Active	NO
16	U45203TN2006PLC059133	L & T URBAN INFRASTRUCTURE LIMITED	Director	08/03/2006	08/03/2006	11/02/2012	Amalgamated	NO
17	U52520TG2001PLC037105	HYDERABAD INTERNATIONAL TRADE EXPOSITIONS LIMITED	Nominee director	17/07/2006	23/03/2006	21/12/2011	Active	NO
18	U67190TN2006PLC059527	L&T INFRASTRUCTURE FINANCE COMPANY LIMITED	Director	18/04/2006	18/04/2006	13/08/2010	Active	NO
19	U40101MH2007PLC174071	L&T POWER DEVELOPMENT LIMITED	Director	12/09/2007	12/09/2007	11/11/2010	Active	NO
20	U70102MH2007PTC176291	L&T INFRA AND PROPERTY DEVELOPMENT PRIVATE LIMITED	Director	29/11/2007	29/11/2007	25/03/2008	Strike off	NO
21	U74200MH2007PLC176358	L&T REALTY LIMITED	Director	30/11/2007	30/11/2007	25/03/2008	Active	NO
22	U70101CH2006PTC029576	CSJ INFRASTRUCTURE PRIVATE LIMITED.	Director	26/05/2008	10/12/2007	29/03/2012	Active	NO
23	U45309TN2008PLC066938	L&T CHENNAI-TADA TOLLWAY LIMITED	Director	24/03/2008	24/03/2008	06/08/2012	Active	NO
24	U74900TN2007PLC065356	L&T SHIPBUILDING LIMITED	Director	10/06/2008	25/03/2008	-	Active	NO
25	U45203MH2008PTC178526	L&T TRANSCO PRIVATE LIMITED	Director	20/06/2008	26/03/2008	-	Amalgamated	NO
26	U45205TN2004PLC069094	INTERNATIONAL SEAPORT DREDGING LIMITED	Director	23/09/2008	31/05/2008	-	Active	NO
27	U40102HP2010PLC031697	L&T HIMACHAL HYDROPOWER LIMITED	Director	22/06/2010	22/06/2010	24/03/2011	Active	NO
28	U40300MH2010PLC204778	L&T ARUNACHAL HYDROPOWER LIMITED	Director	24/06/2010	24/06/2010	24/03/2011	Active	NO
29	U45300AP2010PLC070121	L&T METRO RAIL (HYDERABAD) LIMITED	Director	24/08/2010	24/08/2010	-	Active	NO
30	U45203TN2011PLC080786	L&T BPP TOLLWAY LIMITED	Director	25/05/2011	25/05/2011	-	Active	NO
31	U65993TN2001PLC046691	L&T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED	Managing director	13/07/2011	13/07/2011	-	Active	NO
32	U45205OR1998PLC005448	THE DHAMRA PORT COMPANY LIMITED	Director appointed in casual vacancy	29/08/2011	29/08/2011	23/06/2014	Active	NO
33	U74899DL1990PTC040630	Feedback Infra Private Limited	Nominee director	17/04/2012	17/04/2012	-	Active	NO
34	U40106DL2012GOI245339	KUDGI TRANSMISSION LIMITED	Director	19/09/2014	30/08/2013	-	Active	NO

Name :

Mr. Anil Thapliyal

Designation :

Director

Address :

27/11, Vasant Vihar, Phase – II, P.O New Forest Dehradun – 248001, Uttaranchal, India

Date of Birth/Age :

25.02.1955

Date of Appointment :

11.09.2013

DIN No.:

06477454

Name :

Mr. Vaidyanathan narasimhan kalpathi

Designation :

Additional Director

Address :

B-103, Eden – III, Hiranandani Gardens Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

19.09.1954

Date of Appointment :

13.08.2014

DIN No. :

06676970

Name :

Mr. Rajendran Balakrishnan Urikouth

Designation :

Director appointed in casual vacancy

Address :

Flat No. 701, L Block, Metrozone, Near Veecare Hospital, Anna Nagar, Chennai, Tamilnadu, India

Date of Birth/Age :

23.09.1958

Date of Appointment :

19.12.2013

DIN No. :

06764979

KEY EXECUTIVES

Name :	Mr. Hrishikesh Narasimhan
Designation :	Manager
Address :	Flat C, Sai Vilas, 976, 2^nd Canal Cross Road, Gandhinagar, Adyar, Chennai – 600020, Tamilnadu, India
Date of Birth/Age :	22.02.1963
Date of Appointment :	10.01.2013
PAN No.:	AABPH4638J
Name :	N S Abhishek
Designation :	Company Secretary
Address :	New No 10, Old No 11 Nagathamman Koil Street Extn, Ashok Nagar, Chennai – 600083, Tamilnadu, India
Date of Birth/Age :	18.07.1984
Date of Appointment :	20.08.2013
PAN No.:	AMFPA2603N

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Larsen and Toubro Limited, India	818679994
Ramanathan Chandrasekaran Jointly with Larsen and Toubro Limited, India	1
Rajendran Balakrishnan Urikouth Jointly with Larsen and Toubro Limited, India	1
Shailendra Narain Jointly with Larsen and Toubro Limited, India	1
Vaidyanathan Narasimhan Kalpathi Jointly with Larsen and Toubro Limited	1
Subramanian Sridhar Jointly with Larsen and Toubro Limited	1
Tamilnadu Instrial Development Corporation, India	25320000
Krishnamurthy Venkatesh Jointly with Larsen and Toubro Limited, India	1
Total	844000000

Preference Shareholders: Not Available

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Government Companies	3.00
Bodies corporate	97.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture, repair and maintenance of marine vessels and port services.

Products :

Item Code No. (ITC Code)	Product Description
89011010	Manufacture, Repair and Maintenance of marine Vessels and Port services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

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
Experience :	Not Divulged
Maximum Limit Dealt :	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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	State Bank of India
Branch Address	CAG Branch, III Floor, 18/3, Sigappi Achi Building, Rukmini Lakshmipathi road, Egmore, Chennai – 600008, Tamilnadu, 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	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Non-convertible debentures others	13310.000	13310.000
SHORT TERM BORROWINGS
Working capital loans from banks	4837.735	726.628
Total	18147.735	14036.628

Financial institute :	Sbicap Trustee Company Limited 202, Maker Tower, 'E', Cuffe Parade, Colaba,, Mumbai – 400005, Maharashtra, India
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address :	Parsn Manere, Block A-4, III Floor, 602 Anna Salai, Chennai – 600006, Tamilnadu, India
PAN No.:	AAAFS2512D
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company :	Larsen and Toubro Limited
Fellow subsidiaries :	L&T Infrastructure Development Projects Limited L&T Infrastructure Finance Company Limited L&T Hydrocarbon Engineering Limited EWAC Alloys Limited L&T General Insurance Company Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000000	Equity Shares	Rs.10/- each	Rs.13000.000 Millions
400000000	Preference shares	Rs.10/- each	Rs. 4000.000 Millions
	Total		Rs. 17000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
844000000	Equity Shares	Rs.10/- each	Rs. 8440.000 Millions
140000000	Preference shares	Rs.10/- each	Rs. 1400.000 Millions
	Total		Rs. 9840.000 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000000	Equity Shares	Rs.10/- each	Rs.13000.000 Millions
400000000	Preference shares	Rs.10/- each	Rs. 4000.000 Millions
	Total		Rs. 17000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
844000000	Equity Shares	Rs.10/- each	Rs. 8440.000 Millions
90000000	Preference shares	Rs.10/- each	Rs. 900.000 Millions
	Total		Rs. 9340.000 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	9340.000	8440.000	0.500
(b) Reserves & Surplus	(8712.935)	(2021.157)	(55.788)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	4218.600	4218.600	8778.100
Total Shareholders’ Funds (1) + (2)	4845.665	10637.443	8722.812
(3) Non-Current Liabilities
(a) long-term borrowings	28810.000	26810.000	22174.208
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	753.623	785.466	729.889
(d) long-term provisions	0.000	0.000	1.555
Total Non-current Liabilities (3)	29563.623	27595.466	22905.652
(4) Current Liabilities
(a) Short term borrowings	4837.735	726.628	0.000
(b) Trade payables	880.430	227.304	0.000
(c) Other current liabilities	5148.280	3473.187	1141.648
(d) Short-term provisions	48.941	14.619	14.381
Total Current Liabilities (4)	10915.386	4441.738	1156.029
TOTAL	45324.674	42674.647	32784.493
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	37537.716	38855.479	2847.179
(ii) Intangible Assets	61.332	78.129	30.551
(iii) Capital work-in-progress	406.397	293.784	28549.257
(iv) Intangible assets under development	0.000	0.000	13.861
(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	706.221	835.156	676.816
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	38711.666	40062.548	32117.664
(2) Current assets
(a) Current investments	117.765	823.833	0.000
(b) Inventories	81.631	8.631	397.032
(c) Trade receivables	192.300	269.357	0.000
(d) Cash and cash equivalents	3.229	182.750	244.184
(e) Short-term loans and advances	803.335	577.863	25.613
(f) Other current assets	5414.748	749.665	0.000
Total Current Assets	6613.008	2612.099	666.829
TOTAL	45324.674	42674.647	32784.493

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	5326.371	1048.233	0.000
	Other Income	129.392	116.091	41.454
	TOTAL (A)	5455.763	1164.324	41.454
Less	EXPENSES
	Cost of Materials Consumed	4836.199	894.059	0.000
	Purchases of Stock-in-Trade	1.626	75.738	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	666.542	293.097	25.407
	Other expenses	1872.375	635.128	25.562
	TOTAL (B)	7376.742	1898.022	50.969
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(1920.979)	(733.698)	(9.515)
Less	FINANCIAL EXPENSES (D)	2771.787	676.230	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(4692.766)	(1409.928)	(9.515)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1791.078	555.441	0.747
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(6483.844)	(1965.369)	(10.262)
Less	TAX (H)	(8.720)	0.000	13.450
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(6475.124)	(1965.369)	(23.712)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	(2021.157)	(55.788)	(32.076)
	Balance Carried to the B/S (I+J)	(8712.935)	(2021.157)	(55.788)
	Earnings / (Loss) Per Share (Rs.)	(7.67)	(3.62)	(474.24)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	(121.57)	(187.49)	NA
Operating Profit Margin (PBDIT/Sales)	(%)	(36.07)	(69.99)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(14.43)	(4.64)	(0.24)
Return on Investment (ROI) (PBT/Networth)		(1.34)	(0.18)	0.00
Debt Equity Ratio (Total Debt /Networth)		6.94	2.59	2.54
Current Ratio (Current Asset/Current Liability)		0.61	0.59	0.58

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	0.500	8440.000	9340.000
Reserves & Surplus	(55.788)	(2021.157)	(8712.935)
(2) Share Application money pending allotment	8778.100	4218.600	4218.600
Net worth	8722.812	10637.443	4845.665
long-term borrowings	22174.208	26810.000	28810.000
Short term borrowings	0.000	726.628	4837.735
Total borrowings	22174.208	27536.628	33647.735
Debt/Equity ratio	2.542	2.589	6.944

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	41.454	1164.324	5455.763
		2,708.713	368.578

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	41.454	1164.324	5455.763
Profit	(23.712)	(1965.369)	(6475.124)
	(57.20%)	(168.80%)	(118.68%)

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Non-convertible debentures intercorporate	15500.000	13500.000
Total	15500.000	13500.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10532055	23/09/2014	15,000,000,000.00	State Bank of India	CAG Branch, III Floor Sigappi Achi Bldng, Rukmini  Lakshmipathi Road, Egmore, Chennai, Tamil Nadu - 600008, INDIA	C34117101
2	10455164	23/10/2013	13,310,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDNG, GROUND FLOOR, 17, B.KAMANI MARG, BA  LLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA	B87517801

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

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 records 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. 95.99
Euro	1	Rs. 71.00

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	9
--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		76

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.