MIRA INFORM REPORT

Report No. :	308967
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	PARADEEP PHOSPHATES LIMITED
Registered Office :	5^th Floor, Orissa State, Handloom Weavers, Cooperative Building, Pandit J. N Marg, Bhubaneshwar – 751001
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.12.1981
Com. Reg. No.:	15-001020
Capital Investment / Paid-up Capital :	Rs. 5754.500 Million
CIN No.: [Company Identification No.]	U24129OR1981PLC001020
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCP3276D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Di-ammonium Phosphate and Complex Fertilizers of NPK Grades.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 29000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Zuari Maroc Phosphates Limited”. It is a well-established company having a satisfactory track record. The company has incurred a loss from, its operations during 2014. However, The company gets strong managerial and financial support from its Holding Company. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct and as per commitments. The company can be considered for normal business 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	Fund based, Long term facilities = BBB+
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	August, 2014

Rating Agency Name	ICRA
Rating	Non Fund based, Short term facilities = A2+
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	August, 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 DENIED

Management Non-Co-operative (91-674-2393931)

LOCATIONS

Registered Office :	5^th Floor, Orissa State, Handloom Weavers, Cooperative Building, Pandit J. N Marg, Bhubaneswar – 751001, Orissa, India
Tel. No.:	91-674-2393931 / 2391669
Fax No.:	91-674-2392631/ 2391669/ 2394987/ 2398392
E-Mail :	dmishra@paraphos.com connect@paraphos.com info@paraphos.com pplsite@paraphos.com
Website :	www.paradeepphosphates.com
Factory :	PPL Township, Paradeep – 754145, Orissa, India
Tel. No.:	91-6722-229600
Fax No.:	91-6722-229625/ 229605
E-Mail :	info@paraphos.com pplsite@paraphos.com
Regional Offices :	Located at: · Andhra Pradesh · Bihar · Chhattisgarh · Jharkhand · Madhya Pradesh · Maharashtra · Nashik · Orissa · Siliguri · Uttar Pradesh (Central) · Uttar Pradesh (East) · Uttar Pradesh (West) · Vijayawada · West Bengal

DIRECTORS

As on 19.09.2014

Name :

Saroj Kumar Poddar

Designation :

Nominee Director

Address :

Poddar Niket 2, Gurusaday Road, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

15.09.1945

Date of Appointment :

05.02.2014

DIN No.:

00008654

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	L28931RJ1984PLC002890	GILLETTE INDIA LIMITED	Director	09/02/1984	09/02/1984	26/12/2013	Active	NO
2	L85110GJ1975PLC054824	ESSAR PORTS LIMITED	Director	01/08/1984	01/08/1984	20/06/2008	Active	NO
3	L31102DL1957PLC193993	ALSTOM T AND D India Limited	Director	29/03/1988	29/03/1988	27/07/2009	Active	NO
4	L70101WB1939PLC009800	TEXMACO INFRASTRUCTURE AND HOLDINGS LIMITED	Whole-time director	01/04/2009	14/02/1991	-	Active	NO
5	U99999DL1956NPL002635	FEDERATION OF INDIAN CHAMBER OF COMMERCE AND INDUSTRY.	Director	11/10/1992	11/10/1992	-	Active	NO
6	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	16/09/2008	15/05/1993	-	Active	NO
7	L24124RJ1985PLC003293	CHAMBAL FERTILISERS AND CHEMICALS LIMITED	Director	13/02/1995	13/02/1995	-	Active	NO
8	U74899DL1995PLC071074	SIMON INDIA LIMITED	Director	25/07/1995	25/07/1995	-	Active	NO
9	L51226WB1985PLC039055	ADVENTZ INVESTMENTS AND HOLDINGS LIMITED	Director	18/12/1995	18/12/1995	-	Amalgamated	NO
10	U65993WB1996PTC079012	ADVENTZ FINANCE PRIVATE LIMITED	Director	18/06/1996	18/06/1996	-	Active	NO
11	U74999MH1982PTC247243	MINING CONSULTANTS (INDIA) PRIVATE LIMITED TRS FROM W.B TO DELHI	Director	24/06/1996	24/06/1996	30/12/2013	Active	NO
12	U52110WB1997PLC083860	LIONEL INDIA LIMITED	Director	03/04/1997	03/04/1997	-	Active	NO
13	U26942AP2000PLC050415	ZUARI CEMENT LIMITED	Director	25/01/2001	25/01/2001	-	Active	NO
14	U36109MH1999PTC161129	HETTICH INDIA PRIVATE LIMITED	Director	29/01/2001	29/01/2001	-	Active	NO
15	L26942TG1983PLC004257	SRI VISHNU CEMENT LIMITED	Director	18/05/2002	18/05/2002	-	Amalgamated	NO
16	U72200TN2000PLC089255	INDIAN FURNITURE PRODUCTS LIMITED	Director	19/09/2003	19/09/2003	14/06/2011	Active	NO
17	U45200DL2007PLC157223	Chambal Infrastructure Ventures Limited	Director	02/01/2007	02/01/2007	24/04/2014	Active	NO
18	U15490WB2007PLC121159	BENGAL FOODPARK LIMITED	Director	24/12/2007	24/12/2007	23/03/2009	Active	NO
19	U35201WB2009PTC133330	TEXMACO UGL RAIL PRIVATE LIMITED	Director	26/09/2011	27/07/2009	-	Active	NO
20	L29261WB1998PLC087404	TEXMACO RAIL AND ENGINEERING LIMITED	Whole-time director	25/09/2010	25/09/2010	-	Active	NO
21	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	20/05/2011	-	Active	NO
22	U24120GA2009PLC006158	ZUARI FERTILISERS AND CHEMICALS LIMITED	Director	19/09/2011	31/05/2011	-	Active	NO
23	U26941KA2007PLC054428	GULBARGA CEMENT LIMITED	Director	30/09/2011	09/09/2011	08/01/2015	Active	NO
24	U36912DL2013PTC260721	Ethan Allen India Private Limited	Director	23/11/2013	23/11/2013	-	Active	NO
25	U24129OR1981PLC001020	PARADEEP PHOSPHATES LTD	Nominee director	05/02/2014	05/02/2014	-	Active	NO
26	U74900WB2015PTC204931	ADVENTZ HOMECARE PRIVATE LIMITED	Director	13/01/2015	13/01/2015	-	Active	NO

Name :

Mr. Sharachchandra Shrikrishna Nandurdikar

Designation :

Managing director

Address :

49/2, Friends Colony (East), Mathura Road, Delhi – 110065, India

Date of Birth/Age :

09.09.1945

Qualification :

(1) B. Tech. in Mechanical Engineering from IIT, Mumbai

(2) P.G Diploma in Industrial Management from Bajaj Institute of Management, Mumbai.

Date of Appointment :

01.04.2013

DIN No.:

00148427

PAN No.:

AAQPN5214K

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	U74899DL1995PLC071074	SIMON INDIA LIMITED	Managing director	18/03/2013	12/03/1998	-	Active	NO
2	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Managing director	01/04/2013	01/09/2004	-	Active	NO
3	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	24/09/2004	24/09/2004	-	Active	NO

Name :

Ardeshir Philippus Wadia

Designation :

Director

Address :

Thakur Niwas 173, Jamshedji Tata Road, Mumbai – 400030, Maharsahtra, India

Date of Birth/Age :

30.01.1956

Date of Appointment :

21.03.2006

DIN No.:

00244357

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	U32109MH1970PTC014544	AMPHENOL INTERCONNECT INDIA PRIVATE LIMITED	Alternate director	18/05/2013	01/09/1984	-	Active	NO
2	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	01/09/2014	15/05/1993	-	Active	NO
3	L24124RJ1985PLC003293	CHAMBAL FERTILISERS AND CHEMICALS LIMITED	Director	18/09/2014	15/11/1994	-	Active	NO
4	U65191TN1997PLC039229	GMAC FINANCIAL SERVICES INDIA LIMITED	Director	03/12/1997	03/12/1997	-	Under liquidation	NO
5	L28100MH1907PLC000252	JOSTS ENGINEERING COMAPNY LIMITED	Director	10/07/2014	02/06/1998	-	Active	NO
6	L45200GJ1973PLC050790	STOVEC INDUSTRIES LIMITED	Director	21/05/1999	21/05/1999	-	Active	NO
7	U33110MH1957PTC010928	JOHNSON AND JOHNSON PRIVATE LIMITED	Director	28/11/2003	28/11/2003	-	Active	NO
8	U24124OR2002PLC017414	ZUARI MAROC PHOSPHATES LIMITED	Nominee director	23/12/2005	23/12/2005	21/05/2014	Active	NO
9	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	21/03/2006	21/03/2006	-	Active	NO
10	U74899DL1995PLC071074	SIMON INDIA LIMITED	Director	07/08/2014	05/06/2006	-	Active	NO
11	U45309KA2007PLC043161	ZUARI INFRAWORLD INDIA LIMITED	Director	19/09/2008	12/12/2007	21/05/2014	Active	NO
12	U32100TN2008PTC066155	Amphenol Omniconnect India Private Limited	Alternate director	17/05/2013	22/01/2008	-	Active	NO
13	U31909PN2010PTC137445	AMPHETRONIX OFFSET INTERCONNECT SOLUTIONS PRIVATE LIMITED	Director	29/09/2014	29/09/2010	-	Active	NO
14	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	01/09/2014	20/05/2011	-	Active	NO
15	L15421WB1952PLC020577	GOBIND SUGAR MILLS LIMITED	Director	28/12/2012	21/08/2012	-	Active	NO
16	U61100MH1975NPL018244	INDIAN REGISTER OF SHIPPING	Director	24/12/2014	13/06/2014	-	Active	NO

Name :

Neeraj Singhal

Designation :

Nominee Director

Address :

7 / 8 Block – A, Multi Storied Flats, Peshwa Road, New Delhi – 110001, Delhi, India

Date of Birth/Age :

02.10.1969

Date of Appointment :

26.07.2012

DIN No.:

05334230

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	U74899DL1961GOI003439	FERTILIZER CORPORATION OF INDIA LIMITED	Director	25/06/2012	25/06/2012	27/08/2012	Active	NO
2	U24123AS2002GOI006786	BRAHMAPUTRA VALLEY FERTILIZER CORPORATION LIMITED	Director	26/06/2012	26/06/2012	30/08/2012	Active	NO
3	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	26/07/2012	26/07/2012	-	Active	NO
4	U74899DL1978GOI008915	HINDUSTAN FERTILIZER CORPORATION LIMITED	Director	23/04/2013	23/04/2013	-	Active	NO

Name :

Vikram Singh Rana

Designation :

Director

Address :

F – 246, Vivek Vihar, Alwar, Jodhpur – 340002, Rajasthan, India

Date of Birth/Age :

22.09.1971

Date of Appointment :

29.04.2013

DIN No.:

06569690

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	U14105RJ2003GOI018093	FCI ARAVALI GYPSUM AND MINERALS INDIA LIMITED	Director	02/04/2013	02/04/2013	-	Active	NO
2	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	29/04/2013	29/04/2013	-	Active	NO

Name :

Mustapha Eloufi

Designation :

Nominee Director

Address :

RUE Imam Tabarani, RES Youssofia, Apartment – 108, Marif Casablanca, Morocco, India

Date of Birth/Age :

01.06.1969

Date of Appointment :

17.12.2013

DIN No.:

06765538

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	U24124OR2002PLC017414	ZUARI MAROC PHOSPHATES LIMITED	Director	30/09/2014	15/11/2013	-	Active	NO
2	U24129OR1981PLC001020	PARADEEP PHOSPHATES LIMITED	Nominee director	17/12/2013	17/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Damodar Mishra
Designation :	Secretary
Address :	VI – M – 839, H.B Colony, Sailashree Vihar, Chandrashekharpur, Bhubaneshwar – 751021, Khurda, Odisha, India
Date of Birth/Age :	06.07.1958
Pan No :	ABKPM7438B
Date of Appointment :	22.04.1997

MAJOR SHAREHOLDERS

As on 19.9.2014

Names of Shareholders	No. of Shares
India of President	1124879
Zuari Maroc Phosphates Limited	4629600
Sharachchandra Shrikrishna Nandurdikar	1
Ranjit Kumar Nanda	1
Satchikanta Parija	1
Damodar Mishra	1
R.Y Patil	1
Suresh Krishnan	1
Mukesh Bhardwaj	2
Suvendo Das	1
Zurari Maroc Phosphates Limited – India, jalkissan Bhawan	2
Zurari Maroc Phosphates Limited – India, Das Prashanta	1
Zurari Maroc Phosphates Limited – India, Sunil Gupta	1
Suresh Chandra Gupta	1
Parashar Kumar Anil	2
Sahu Bairagi P.	2
Kulwant Rana	1
Dhananjay Prasad Srivastava	1
P. K. Tripthi	1
Total	5754500

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Government [ Central and State ]	19.55
Bodies corporate	80.45
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Di-ammonium Phosphate and Complex Fertilizers of NPK Grades.

Products :

Product Description	Item Code No. (ITC Code)
Di-Ammonium Phosphates	31053000
NPK-10:26:26	31052000
NPK-20:20:0	31055100

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 :

• Syndicate Bank, Vanivihar Branch, B-61, Saheed Nagar, Bhubaneshwar – 751007, Orissa , India
• State Bank Of India, Commercial Branch, IDCO Bhawan, Unit – II, Ashok Nagar, Bhubaneshwar – 751009, Orissa, India
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Borrowing from foreign institutional agencies	3004.990	1087.786
SHORT TERM BORROWINGS
Rupee term loans from banks	4583.139	5445.590
Working capital loans from banks	8281.583	10589.934
Deferred payment foreign sources	5188.812	12810.239
Deferred payment Indian sources	856.032	0.000
Total	21914.556	29933.549

Financial Institutions :	International Finance Corporation, 3rd and 4th Floor, Maruti Suzuki Building, Plot No .1, Nelson Mandela Road, Vasant Kunj,, New Delhi, Delhi - 110070, India
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	22, Camac Street, Block-C, 3rd Floor Kolkata – 700016, West Bengal, India
PAN No.:	AALFS0506L
Holding Company :	Zuari Maroc Phosphates Limited [U24124OR2002PLC017414]
Joint Venture :	· Zuari Agro Chemicals Limited · OCP, Morocco · Maroc Phosphore, SA, Morocco
Subsidiary :	· Zuari Seeds Limited · Zuari Fertilizers and Chemicals Limited
Other Related Parties :	· Indo Maroc Phosphore SA, Morocco · Bunge Maroc Phosphore · Phosphates De Boucraa SA · Zuari Global Limited · Simon India Limited · Style Spa Furniture Limited · Indian Furniture Products Limited · Zuari Infraworld India Limited · Zuari Management Services Limited · Zuari Insurance Brokers Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.1000/- each	Rs.8000.000 Millions
2000000	Preference Shares	Rs.1000/- each	Rs.2000.000 Millions
	Total		Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5754500	Equity Shares	Rs.1000/- each	Rs.5754.500 Millions

FINANCIAL DATA

[all figures are in Rupees Million]

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	5754.500	5754.500	5754.500
(b) Reserves & Surplus	4404.091	5663.006	4627.083
(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)	10158.591	11417.506	10381.583
(3) Non-Current Liabilities
(a) long-term borrowings	3004.990	1087.786	0.000
(b) Deferred tax liabilities (Net)	0.000	63.886	0.000
(c) Other long term liabilities	225.172	48.019	12.927
(d) long-term provisions	59.674	422.646	336.924
Total Non-current Liabilities (3)	3289.836	1622.337	349.851
(4) Current Liabilities
(a) Short term borrowings	19164.213	28845.763	11335.156
(b) Trade payables	1728.058	1593.398	6037.359
(c) Other current liabilities	1289.824	1548.742	1527.662
(d) Short-term provisions	508.462	439.382	724.632
Total Current Liabilities (4)	22690.557	32427.285	19624.809
TOTAL	36138.984	45467.128	30356.243
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3447.015	2961.378	2380.700
(ii) Intangible Assets	10.491	12.117	17.693
(iii) Capital work-in-progress	3062.617	762.299	546.871
(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	275.605
(d) Long-term Loan and Advances	707.562	1144.578	159.831
(e) Other Non-current assets	260.307	136.815	0.000
Total Non-Current Assets	7487.992	5017.187	3380.700
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5418.261	6847.637	6753.257
(c) Trade receivables	17698.308	27655.077	15505.950
(d) Cash and cash equivalents	440.003	1056.024	34.874
(e) Short-term loans and advances	822.801	358.345	506.617
(f) Other current assets	4271.619	4532.858	4174.845
Total Current Assets	28650.992	40449.941	26975.543
TOTAL	36138.984	45467.128	30356.243

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	42310.731	52726.094	47260.753
	Other Income	428.774	745.630	443.779
	TOTAL	42739.505	53471.724	47704.532
Less	EXPENSES
	Cost of Materials Consumed	22704.738	23925.551	25587.423
	Purchases of Stock-in-Trade	10150.984	18204.547	14776.308
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	658.205	640.959	(2257.762)
	Employees benefits expense	986.832	901.210	729.480
	Other expenses	7071.372	6531.409	5204.771
	TOTAL	41572.131	50203.676	44040.220
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1167.374	3268.048	3664.312
Less	FINANCIAL EXPENSES	2260.933	1690.123	827.252
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(1093.559)	1577.925	2837.060
Less/ Add	DEPRECIATION/ AMORTISATION	247.424	260.503	244.484
	PROFIT/ (LOSS) BEFORE TAX	(1340.983)	1317.422	2592.576
Less	TAX	(82.068)	281.499	815.451
	PROFIT/ (LOSS) AFTER TAX	(1258.915)	1035.923	1777.125
	Earnings / (Loss) Per Share (Rs.)	(218.77)	180.02	308.82

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(2.98)	1.96	3.76
Operating Profit Margin (PBDIT / Sales)	(%)	2.76	6.20	7.75
Return on Total Assets (PBT/Total Assets}	(%)	(4.05)	2.95	8.78
Return on Investment (ROI) (PBT/Networth)		(0.13)	0.12	0.25
Debt Equity Ratio (Total Debt /Networth)		2.18	2.62	1.09
Current Ratio (Current Asset/Current Liability)		1.26	1.25	1.37

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5754.500	5754.500	5754.500
Reserves & Surplus	4627.083	5663.006	4404.091
Net worth	10381.583	11417.506	10158.591
long-term borrowings	0.000	1087.786	3004.990
Short term borrowings	11335.156	28845.763	19164.213
Total borrowings	11335.156	29933.549	22169.203
Debt/Equity ratio	1.092	2.622	2.182

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	47260.753	52726.094	42310.731
		11.564	(19.754)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	47260.753	52726.094	42310.731
Profit	1777.125	1035.923	(1258.915)
	3.76%	1.96%	(2.98%)

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	No
10]	Designation of contact person	No
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	Yes

UNSECURED LOAN

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans and advances from related parties	254.647	0.000
Total	254.647	0.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10518804	14/08/2014	1,250,000,000.00	Syndicate Bank	Vanivihar Branch, B-61, 1st Floor, Saheed Nagar,  Bhubaneswar, Orissa - 751007, INDIA	C19758911
2	10537572	30/04/2014	680,000,000.00	PUNJAB NATIONAL BANK	111A, PNB HOUSE, STATION SQUARE, BHUBANESWAR, Orissa - 751001, INDIA	C37485299
3	10452989	17/09/2013	1,910,000,000.00	Syndicate Bank	Vani Vihar Branch, B-61, Saheed Nagar, Bhubaneswar, Orissa - 751007, INDIA	B86628492
4	10414615	12/03/2013	6,950,000,000.00	State Bank of India	Commercial Branch, IDCO Bhawan, Unit - II, Ashok Nagar, Bhubaneswar, Orissa - 751009, INDIA	B71751630
5	10362915	27/06/2012	2,850,000,000.00	International Finance Corporation (IFC)	3rd & 4th Floor, Maruti Suzuki Building,, Plot No  .1, Nelson Mandela Road, Vasant Kunj,, New Delhi,  Delhi - 110070, INDIA	B42576900
6	10359557	28/11/2014 *	23,700,000,000.00	Syndicate Bank	Vani Vihar Branch, B-61, Saheed Nagar, Bhubaneswar, Orissa - 751007, INDIA	C35468388

FIXED ASSETS

· Land

· Buildings

· Residential building

· Office building

· Factory building

· Other building

· Plant and equipment

· Factory Equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Other Equipments

· Bridges roads ports culverts

· Railway sidings

· Computer 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.62.04
UK Pound	1	Rs.96.02
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	6
--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		47

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.