MIRA INFORM REPORT

Report No. :	300984
Report Date :	12.01.2015

IDENTIFICATION DETAILS

Name :	MAHARASHTRA NATURAL GAS LIMITED
Registered Office :	Plot No. 27, Narveer Tanaji Wadi, PMT Bus Depot, Commercial Building, First Floor, Shivaji Nagar, Pune – 411005, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.01.2006
Com. Reg. No.:	11-021839
Capital Investment / Paid-up Capital :	Rs. 950.000 Millions
CIN No.: [Company Identification No.]	U11102PN2006PLC021839
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECM5536G
Legal Form :	A Closely Held Public Limited liability Company.
Line of Business :	Subject is engaged in retail gas distribution business for supply of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) to Domestic, Industrial and Commercial sectors in Pune and surrounding areas.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between GAIL and BPCL. It is an established company having satisfactory track record. General financial position of the company is sound. Profit margin of the company is decent. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. In view of strong managerial and technical support from MNGLS promoters, the subject can be considered normal for dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CRISIL
Rating	Long Term Rating (A-)
Rating Explanation	Adequate degree of safety and low credit risk
Date	December 1, 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-Cooperative (91-20-25611000)

LOCATIONS

Registered Office :	Plot No. 27, Narveer Tanaji Wadi, PMT Bus Depot, Commercial Building, First Floor, Shivaji Nagar, Pune – 411005, Maharashtra, India
Tel. No.:	91-20-25611000
Fax No.:	91-20-25511522
E-Mail :	csritu@mndl.in
Website :	http://www.mngl.in

DIRECTORS

AS ON 20.09.2013

Name :

Mr. Gajendra Singh

Designation :

Nominee Director

Address :

63, Chhotta Singh Block, Saiad Games Village, New Delhi – 110049, India

Date of Birth/Age :

15.06.1960

Qualification :

PG Electronics

Date of Appointment :

26.07.2011

DIN No. :

03290248

Name :

Mr. Bishwanath Chandradeep Gosain

Designation :

Managing Director

Address :

Flat No. 302 3^rd Floor K Trillion, Survey No. 130, Magarpatta Town – Pune, Pune – 411028, Maharashtra, India

Date of Birth/Age :

20.09.2013

Date of Appointment :

20.09.2013

DIN No. :

06564331

Name :

Mr. Chakresh Kumar Jain

Designation :

Whole-time Director

Address :

HIG – 14, Kamyani Enclave E – 7, Arera Colony, Bhopal – 462016, Madhya Pradesh, India

Date of Birth/Age :

15.07.1954

Date of Appointment :

20.07.2011

DIN No. :

03572612

Name :

Mr. Srinivas Rao Indumukhi

Designation :

Director

Address :

Anchorage 4^th Floor, PJ Ramchandan Marg, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

10.10.1959

Date of Appointment :

20.09.2013

DIN No. :

02350683

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	U40200GJ2006PLC048397	SABARMATI GAS LIMITED	Nominee director	22/09/2009	01/10/2008	-	Active	NO
2	U40200GJ2011SGC067449	GSPL INDIA GASNET LIMITED	Director	26/09/2012	13/06/2012	-	Active	NO
3	U40200GJ2011SGC067450	GSPL INDIA TRANSCO LIMITED	Director	26/09/2012	13/06/2012	-	Active	NO
4	U11102PN2006PLC021839	MAHARASHTRA NATURAL GAS LIMITED	Director	20/09/2013	01/02/2013	-	Active	NO
5	U40200UP2005PLC029538	CENTRAL U.P. GAS LIMITED	Nominee director	25/09/2014	15/11/2013	-	Active	NO

Name :

Mr. Krishnakumar Gangadharan

Designation :

Nominee Director

Address :

1104 11^th Floor Park Royal, MM Malviya Road, Mulund (West), Mumbai – 400080, Maharashtrra, India

Date of Birth/Age :

28.09.1971

Qualification :

MBA Finance

Date of Appointment :

29.04.2009

DIN No. :

00090715

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	U26942AS2004PLC007538	CALCOM CEMENT INDIA LIMITED	Nominee director	21/12/2005	21/12/2005	30/11/2007	Active	NO
2	U45200DL2000PLC151199	PIPAVAV RAILWAY CORPORATION LIMITED	Alternate director	02/11/2006	02/11/2006	05/02/2007	Active	NO
3	L74210TG1994PLC017356	RAMKY INFRASTRUCTURE LIMITED	Additional director	13/11/2014	22/12/2006	-	Active	NO
4	U40200UP2005PLC029538	CENTRAL U.P. GAS LIMITED	Director	22/12/2006	22/12/2006	21/06/2013	Active	NO
5	U45203MH1997PLC108251	PETRONET INDIA LIMITED	Director	27/07/2007	23/02/2007	-	Active	NO
6	U74996DL2006PTC149207	WORLDS WINDOW INFRASTRUCTURE AND LOGISTICS PVT LTD	Director	30/09/2013	09/02/2008	-	Active	NO
7	L92490DL2007PLC165673	DEN NETWORKS LIMITED	Alternate director	25/03/2010	28/08/2008	-	Active	NO
8	U11102PN2006PLC021839	MAHARASHTRA NATURAL GAS LIMITED	Nominee director	29/04/2009	29/04/2009	-	Active	NO
9	U35110MH2000PLC127953	DIGHI PORT LIMITED	Alternate director	27/10/2010	27/10/2010	-	Active	NO
10	U40101TG1997PLC037013	KONASEEMA GAS POWER LIMITED	Additional director	01/02/2011	01/02/2011	-	Active	NO
11	U72300HR2008PTC038097	Syniverse Technologies (India) Private Limited	Director	25/05/2012	19/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Ritu Aggarwal
Designation :	Secretary
Address :	B – 702, Laxmi Aangan S. No. 174/2/1, Pimple Saudagar, Pune – 411027, Maharashtra, India
Date of Birth/Age :	20.02.1984
Date of Appointment :	26.07.2011
PAN No.:	AJUPA47224

MAJOR SHAREHOLDERS

As on 20.09.2013

Names of Shareholders	No. of Shares
GAIL (India) Limited, India	22487500
Bharat Petroleum Corporation Limited, India	22499600
Raj Kumar Goel Jtly with GAIL (India) Limited, India	3125
N.K. Nagpal Jtly with GAIL (India) Limited, India	3125
S.C.Hatwal Jtly with GAIL (India) Limited, India	3125
Arun Kumar Bansal	100
R.P. Natekar	100
Satish Y Oke	100
IDFC Trustee Company Ltd A/C IDFC Infrastructure Fund 2 A/C IDFC Private Equity Fund II., India	20000000
IL & FS Trust Company Limited, India	11111111
Pan Asia Infrastructure Asset Management Company Pte Limited, Singapore	8888889
Axis Bank Limited	10000000
M Ravindran Jtly with GAIL	3125
S.Krishnamurti	100
Total	95000000

As on 20.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Government Companies	47.36
Public Financial Institutions	32.75
Nationalised /Other Banks	10.53
Bodies corporate	9.36
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in retail gas distribution business for supply of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) to Domestic, Industrial and Commercial sectors in Pune and surrounding areas.

Products :

Item Code No. (ITC Code)	Product Description
27111100	Natural Gas

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

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	Bank of Maharashtra
Branch Address	Corporate Finance Branch, 1183/A, F.C. Road, Pune – 411005, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans from banks	911.041	975.712
Total	911.041	975.712

Auditors :
Name :	M.P. Chitale and Company Chartered Accountants
Address :	417/1, Narayan Peth, Pune - 411030, Maharashtra, India
PAN No.:	AAASM2282Q
Mobile No.:
Memberships :	Not Divulged
Collaborators :	Not Divulged
Joint Venture:	Gail (India) Limited Bharat Petroleum Corporation Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95000000	Equity Shares	Rs.10/- each	Rs. 950.000 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	950.000	950.000	950.000
(b) Reserves & Surplus	725.866	309.339	12.679
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000		0.000
Total Shareholders’ Funds (1) + (2)	1675.866	1259.339	962.679
(3) Non-Current Liabilities
(a) long-term borrowings	911.041	975.712	463.713
(b) Deferred tax liabilities (Net)	110.426	65.789	38.339
(c) Other long term liabilities	143.518	93.921	34.452
(d) long-term provisions	9.022	7.620	2.661
Total Non-current Liabilities (3)	1174.007	1143.042	539.165
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	299.861	196.363	202.706
(c) Other current liabilities	543.861	33.118	36.243
(d) Short-term provisions	154.745	100.178	56.808
Total Current Liabilities (4)	998.467	329.659	295.757
TOTAL	3848.340	2732.040	1797.601
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1687.953	1050.118	881.304
(ii) Intangible Assets	0.957	1.026	2.597
(iii) Capital work-in-progress	1346.229	1219.443	678.452
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3035.139	2270.587	1562.353
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.828	1.257	0.755
(c) Trade receivables	391.028	146.404	67.850
(d) Cash and cash equivalents	296.208	219.571	92.714
(e) Short-term loans and advances	99.480	89.093	73.929
(f) Other current assets	22.657	5.128	0.000
Total Current Assets	813.201	461.453	235.248
TOTAL	3848.340	2732.040	1797.601

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operation	3462.419	1822.988	765.673
	Other Income	11.087	4.813	4.437
	TOTAL (A)	3473.506	1827.801	770.110
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	2141.826	979.795	366.370
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.571)	(0.502)	(0.299)
	Employees benefits expense	54.562	51.314	49.400
	Other expenses	318.281	208.221	119.828
	Prior period Items before tax	1.369	1.479	0.296
	TOTAL (B)	2513.467	1240.307	535.595
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	960.039	587.494	234.515
Less	FINANCIAL EXPENSES (D)	47.112	16.391	4.369
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	912.927	571.103	230.146
Less/ Add	DEPRECIATION/ AMORTISATION (F)	87.996	71.816	48.056
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	824.931	499.287	182.090
Less	TAX (H)	283.922	114.297	74.658
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	541.009	384.990	107.432
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	309.400	12.700	(61.600)
Less	APPROPRIATIONS
	Transfer to General Reserve	0.009	-0.010	0.032
	Dividend	106.400	76.000	28.500
	Tax on Dividend	18.100	12.300	4.600
	Total (K)	124.509	88.290	33.132
	Balance Carried to the B/S (I+J-K)	725.900	309.400	12.700
	Earnings / (Loss) Per Share (Rs.)	5.69	4.05	1.13

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Sales)	(%)	15.63	21.12	14.03
Operating Profit Margin (PBDIT/Sales)	(%)	27.73	32.23	30.63
Return on Total Assets (PBT/Total Assets}	(%)	32.97	33.01	16.27
Return on Investment (ROI) (PBT/Networth)		0.49	0.40	0.19
Debt Equity Ratio (Total Debt /Networth)		0.54	0.77	0.48
Current Ratio (Current Asset/Current Liability)		0.81	1.40	0.80

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	950.000	950.000	950.000
Reserves & Surplus	12.679	309.339	725.866
Net worth	962.679	1259.339	1675.866
long-term borrowings	463.713	975.712	911.041
Short term borrowings	0.000	0.000	0.000
Total borrowings	463.713	975.712	911.041
Debt/Equity ratio	0.482	0.775	0.544

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)
Sales	765.673	1822.988	3462.419
		138.090	89.931

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	765.673	1822.988	3462.419
Profit	107.432	384.990	541.009
	14.03%	21.12%	15.63%

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

Note:

The Registered office of the company has been shifted Shahajanand Complex, 2416, Gen. Thimmaya Road, East Street, P.B. No. 61, Pune – 411001, Maharashtra, India to the present address w.e.f. 14.03.2007

CORPORATE INFORMATION

Maharashtra Natural Gas Limited (MNGL) is a Company incorporated in January 2006 to meet the City Gas distribution needs of Pune and adjoining areas. MNGL has got the PNGRB authorization for city gas distribution in Pune and Pimpri-Chinchwad city including adjoining areas of Hinjewadi, Chakan and Talegaon and subsequently will move on to other districts of Maharashtra depending on economic feasibility.

MNGL is a joint venture Company of two navratna PSUs viz. Bharat Petroleum Corporation Limited (BPCL) and GAIL (India) Limited, with the mission to supply clean and green (eco-friendly) fuel.

Main business objectives of the company are as under:-

• To provide clean, environment friendly green fuel as an alternative to the conventional auto fuels like Petrol and Diesel and
• To provide safe, convenient and reliable piped natural gas to its customers in the domestic, commercial and industrial sectors. While transport sector will use Compressed Natural Gas (CNG), the domestic, commercial and industrial sectors will use Piped Natural Gas (PNG)

Basis of preparation of Financial Statements The financial statements of the Company have been prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified by Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

PERFORMANCE HIGHLIGHTS

COMPRESSED NATURAL GAS BUSINESS (CNG)

During this year 2013-14, CNG business has performed very well. The Company further augmented its CNG distribution infrastructure by enhancing capacity of existing stations and adding 11 number of new CNG stations. The nos. of stations gone up from 17 in March 2013 to 28 in March 2014. Additionally, 1 Daughter booster station was also converted to online station. Classifications of 28 stations are as follows: 5 Mother Stations, 8 Online Stations and 15 Daughter Booster Stations. The installed compression capacity went up by 85% in March 2014 from 32% in March 2013. The number of vehicles running on CNG as on 31st March, 2014 were over 60279 which includes 34434 Autos, 957 Buses, 23355 Private cars, 19 LCVs and 1514 taxis.

Distribution Schedule of CNG Vehicles

PIPED NATURAL GAS BUSINESS (PNG)

PNG Domestic Connections: The Company has continued laying of Piped Natural Gas distribution infrastructure in various areas of PMC which includes Model Colony, Apte Road, Amanora Park Town, Magarpatta city in Hadapsar, Kothrud and in PCMC which includes Akurdi, Nehru Nagar Extension and Vallabh Nagar, Chikali Moshi, Indrayani Nagar and Chakan. The Company has added its MDPE network by around 73.92 Kms in FY 13-14. The Company has provided PNG connection around 6143 domestic customers in FY 2013-14.

PNG Industrial and Commercial Connection:

The Company has maintained its focus on the Industrial and Commercial segment as one of the potential growth areas in the forthcoming years. Total nos. of Commercial Customers has increased from 20 in March 2013 to 31 in March 2014 and Industrial customers from 56 in March 2013 to 83 in March 2014 by connecting major automobile Companies like Volkswagen, Mercedes Benz, Mahindra and Mahindra. Sales volume from Commercial customers grew by 153 % and Industrial customers by 99.5 % over the previous year. The Company continues to expand its network to reach various Industrial units in the surrounding areas.

INDUSTRIAL/COMMERCIAL CONNECTION (NOS.)

PROGRESS OF THE PROJECT The Company has 5 Mother station at Chikli, Sant Tukaram Nagar, Shivaji Nagar, Kothrud and Hadapsar along with 15 Daughter Booster stations at various location in order to provide the CNG supply to the customers. The Company also has 8 online stations providing uninterrupted supply of the Natural Gas to its customers. With increase in compression capacity and increase in CNG and PNG customer base, the average sale per day has doubled from 0.198 mmscmd in FY 12-13 to 0.308 mmscmd in FY 13-14.

REGULATORY DEVELOPMENTS

Petroleum and Natural Gas Regulatory Board (PNGRB) vide its order no. TO/03/2012 dated 9th April?2012 determined the Network Tariff and Compression Charges for Indraprastha Gas Limited, Delhi (IGL) which was much lower than as submitted by IGL to the PNGRB. Resultantly, the said Order also prescribed reduction in final selling price to reflect a reduction in Network Tariff and Compression Charges. Further, PNGRB made the determined tariffs applicable with retrospective effect from 1st April 2008. IGL challenged the said Order of the PNGRB in Delhi High Court. The Delhi High court vide its judgment delivered on 1st June 2012 has held that PNGRB is not empowered to fix or regulate maximum retail price (including components thereof such as Network Tariff and Compression Charges) at which gas is to be sold by IGL to its consumers. The Honorable Court has quashed PNGRB order dated 9th April2012.

PNGRB then filed a Special leave petition in the Hon?ble Supreme court appealing the Hon’ble High Court order dated 1st June 2012. To protect its interest, MNGL has also filled Intervention Application (IA) in Hon?ble Supreme court, and has filed its reply to the PNGRB?s petition. As per latest update, PNGRB has submitted in the Honorable Supreme court that it did not desire to regulate the price of the gas sold to the customers and the Delhi High Court had erred in finding that this litigation was about price regulation. PNGRB wanted that CGD entities should make disclosure to the PNGRB and public/customers regarding the break-up of the price being charged. PNGRB also pointed out that the Central Government's letter of February 2014 also asked for the disclosure of price components and break-up. The Court has ordered the respondents to reply to the PNGRB's application within 2 weeks (i.e. by 18 July,2014) and the PNGRB file a rejoinder within 1 week thereafter (i.e. by 25 July,2014). Matter is sub-judice as on 23rd September 2014.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10375467	22/10/2013 *	3,190,000,000.00	BANK OF MAHARASHTRA	CORPORATE FINANCE BRANCH, 1183/A, F.C.ROAD, PUNE,  Maharashtra - 411005, INDIA	B89221691

* Date of charge modification

FIXED ASSETS

• Land
• Plant and equipment
• Factory equipments
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

WEBSITE DETAILS PRESS RELEASE / ARTICLES

IGL to invest ₹1900.000 Millions in Maharashtra Natural Gas

Our Bureau

Reliance Life Insurance – 10.000 Millions Cover@ Rs. 45.000 or 5.000 Millions @Rs. 253 per Month, Policy term up to 35 Years

NEW DELHI, AUGUST 4:  

Indraprastha Gas Ltd (IGL) has agreed to invest ₹190 crore in Maharashtra Natural Gas Ltd (MNGL) by acquiring 50.000 Millions shares from institutional investors. The acquisition will be in a manner wherein post the transaction, IGL’s shareholding does not exceed 50 per cent in MNGL. The shares will be acquired at ₹38 a share.

MNGL is in the business of city gas distribution in Pune. The company is a joint venture of GAIL (India) and BPCL with both owning 22.5 per cent each in the company. The other shareholders are the Government of Maharashtra which owns 5 per cent; IDFC which owns 20 per cent; IL&FS which owns 20 per cent and Axis Bank which owns the remaining 10 per cent.

“The purchase of shares is subject to finalisation and execution of definitive agreements (share purchase agreements) in this regard,” IGL said in a statement to the BSE.

Profit up 30% in Q1

Meanwhile, IGL reported a 30 per cent increase in its net profit to ₹1140.300 Millions for the first quarter of fiscal 2014-15 against ₹875.800 Millions on the back of a lower depreciation expense. However, the company’s net sales fell 3.5 per cent to ₹8687.300 Millions from ₹9006.600 Millions in the same quarter last year.

(This article was published on August 4, 2014)

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. 62.39
UK Pound	1	Rs. 94.16
Euro	1	Rs. 73.61

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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		50

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.