MIRA INFORM REPORT

Report No. :	303743
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	LAFARGE INDIA PRIVATE LIMITED (w.e.f. 25.05.1999)
Formerly Known As :	INFRA CEMENT INDIA PRIVATE LIMITED
Registered Office :	Crescenzo, ‘B’ Wing, 10^th Floor, C-38 and C-39, “G” Block, Bandra-Kurla Complex, Bandra, (East), Mumbai – 400 051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.02.1999
Com. Reg. No.:	11-118229
Capital Investment / Paid-up Capital :	Rs.4564.100 Millions
CIN No.: [Company Identification No.]	U26940MH1999PTC118229
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUML03158B/ MUML03220A
PAN No.: [Permanent Account No.]	AAACL4159L/ AAACL5103G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cements, Ordinary Portland Cements and Portland Pozzolana Cements.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Not Available
Comments :	Subject is an established company having fine track record. Overall financial position of the company seems to be strong and healthy. The rating also takes into consideration strong position in cement market in eastern and northern India. Trade relation reported to be 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 – 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 = AA
Rating Explanation	Have high degree of safety and carry very low credit risk
Date	04.12.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk
Date	04.12.2014

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.

LOCATIONS

Registered/ Head Office :	Crescenzo, ‘B’ Wing, 10^th Floor, C-38 and C-39, “G” Block, Bandra-Kurla Complex, Bandra, (East), Mumbai – 400 051, Maharashtra, India
Tel. No.:	91-22-67692530/ 66306510/ 11/ 61202633
Fax No.:	91-22-67692572/ 66306510/ 67692572
E-Mail :	chandana.dhar@in.lafarge.com info@lafarge-india.com rubi.chaturvedi@in.lafarge.com ajay.singh@in.lafarge.com
Website :	www.lafarge-india.com
Regional Operations Office – East :	Block D, 4th Floor, 22, Camac Street, Kolkata – 700016, West Bengal, India
Tel No.:	91-33-39832100
Fax No.:	91-33-39832133
Factory :	Located at: · Sonadih, District Raipur, Chhattisgarh, India · Jojobera, District Singhbhum, Jharkhand, India · Arasmeta District Janjir – Champa, Chhattisgarh, India · Mejia District Bankura, West Bengal, India
Regional Sales Office :	Locate at: · West Bengal · Chhattisgarh · Jharkhand · Bihar · Orissa · North East

DIRECTORS

As on 23.09.2014

Name :

Mr. Ujjwal Batria

Designation :

Managing Director

Address :

Flat No. 302, 3rd Floor, Wilnomona B/62, Pali Hill, Nargis Dutt Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

24.12.1963

Date of Appointment :

18.08.2011

PAN No.:

AGLPB2907Q

DIN No.:

01737515

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	U26942MH2006PTC254531	LI EASTERN PRIVATE LIMITED	Director	13/07/2007	13/07/2007	07/11/2012	Active	NO
2	U26959WB1999PLC089065	LAFARGE RAJASTHAN CEMENT LIMITED	Director	17/09/2010	25/05/2009	-	Amalgamated	NO
3	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Managing director	18/08/2011	16/11/2010	-	Active	NO

Name :

Mrs. Renu Sud Karnad

Designation :

Additional Director

Address :

BB-14, Greater Kailash, Enclave-II, New Delhi – 110 048, India

Date of Birth/Age :

03.09.1952

Date of Appointment :

17.08.2011

PAN No.:

AAEPK2992H

DIN No.:

00008064

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	U74899DL1990PTC040630	Feedback Infra Private Limited	Nominee director	30/03/1998	30/03/1998	-	Active	NO
2	L70100MH1977PLC019916	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Managing director	01/01/2010	03/05/2000	-	Active	NO
3	U74140MH2000PLC124897	HDFC REALTY LIMITED	Nominee director	27/06/2000	27/06/2000	13/05/2009	Active	NO
4	U65991MH1999PLC123027	HDFC ASSET MANAGEMENT COMPANY LIMITED	Director	11/07/2000	11/07/2000	-	Active	NO
5	L65923GJ1986PLC008809	GRUH FINANCE LIMITED	Director	28/07/2000	28/07/2000	-	Active	NO
6	U72300MH2000PLC128359	CREDIT INFORMATION BUREAU (INDIA) LIMITED	Director	20/02/2001	20/02/2001	-	Active	NO
7	U66010MH2002PLC134869	HDFC ERGO GENERAL INSURANCE COMPANY LIMITED	Director	08/02/2002	08/02/2002	-	Active	NO
8	L65920MH1994PLC080618	HDFC BANK LIMITED	Director	06/07/2011	17/07/2002	-	Active	NO
9	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	22/10/2002	22/10/2002	07/01/2010	Active	NO
10	L24292WB1954PLC021516	Akzo Nobel India Limited	Director	01/08/2003	01/08/2003	09/09/2014	Active	NO
11	U99999MH2000PTC129112	Intelenet Global Services Private Limited	Director	21/07/2004	21/07/2004	19/09/2007	Amalgamated	NO
12	U65920MH2004PTC144182	HDFC SALES PRIVATE LIMITED	Nominee director	08/09/2004	08/09/2004	17/10/2012	Active	NO
13	U65991MH2004PLC149330	HDFC VENTURE CAPITAL LIMITED	Director	21/02/2005	21/02/2005	10/10/2011	Active	NO
14	L24232DL1988PLC030958	INDRAPRASTHA MEDICAL CORPORATION LIMITED	Director	31/08/2005	31/08/2005	-	Active	NO
15	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	25/01/2006	25/01/2006	-	Active	NO
16	U72900MH2005PLC157255	SPARSH BPO SERVICES LIMITED	Director	09/02/2006	09/02/2006	07/07/2011	Active	NO
17	U74140MH2006PLC165539	HDFC PROPERTY VENTURES LIMITED	Nominee director	14/11/2006	14/11/2006	-	Active	NO
18	L85110KA1951PLC000761	Bosch Limited	Director	07/06/2007	01/04/2007	-	Active	NO
19	U67120DL1996PTC080556	G4S CORPORATE SERVICES (INDIA) PRIVATE LIMITED	Director	30/09/2009	13/11/2008	-	Active	NO
20	U45202KA2008PTC047156	Value and Budget Housing Corporation Private Limited	Nominee director	17/09/2010	27/11/2009	10/07/2013	Active	NO
21	U93090MH2010NPL208544	BHAVISHYA ALLIANCE CHILD NUTRITION INITIATIVES	Director	03/10/2010	03/10/2010	-	Active	NO
22	U67190MH2006PTC159411	CREDILA FINANCIAL SERVICES PRIVATE LIMITED	Nominee director	20/10/2010	20/10/2010	-	Active	NO
23	L24230GJ1972PLC002126	TORRENT PHARMACEUTICALS LIMITED	Director	30/07/2011	18/04/2011	10/10/2011	Active	NO
24	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED	Director	17/08/2011	17/08/2011	-	Active	NO
25	L55101WB1949PLC017981	EIH LIMITED	Director	06/08/2014	31/10/2011	-	Active	NO
26	U80301MH2011PTC224035	HDFC EDUCATION AND DEVELOPMENT SERVICES PRIVATE LIMITED	Director	17/11/2011	17/11/2011	01/07/2013	Active	NO
27	U93000MH2012NPL237056	H T PAREKH FOUNDATION	Director	19/07/2013	19/10/2012	-	Active	NO
28	L01551KA1999PLC024991	United Spirits Limited	Director	24/09/2013	04/07/2013	25/02/2014	Active	NO
29	L32202KA1949PLC032923	ABB India Limited	Director	05/05/2014	09/08/2013	-	Active	NO

Name :

Mr. Vinayak Chatterjee

Designation :

Additional Director

Address :

E-2278, Palam Vihar, Gurgaon – 122 017, Haryana, India

Date of Birth/Age :

30.09.1959

Date of Appointment :

17.08.2011

PAN No.:

AABPC2139H

DIN No.:

00008933

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	U67120DL1996PTC082287	MISSION HOLDINGS PRIVATE LIMITED	Director	27/09/1996	27/09/1996	-	Active	NO
2	L18101DL1970PLC005197	SRF LIMITED	Director	05/03/2002	05/03/2002	-	Active	NO
3	U45201DL2001PTC113536	FEEDBACK INTEGRATED INFRASTRUCTURE DEVELOPERS PRIVATE LIMITED	Director	08/10/2013	22/06/2002	08/10/2013	Active	NO
4	U74899DL1990PTC040630	Feedback Infra Private Limited	Managing director	06/01/2007	06/01/2007	-	Active	NO
5	U40101DL2005PLC138906	AVANTHA POWER & INFRASTRUCTURE LIMITED	Director	30/09/2014	08/01/2007	21/11/2014	Active	NO
6	L74899DL1993PLC053677	IFCI LIMITED	Additional director	04/08/2007	04/08/2007	18/09/2007	Active	NO
7	U45400HR2009PTC039883	Feedback Brisa Highways OMT Private Limited	Nominee director	07/04/2011	05/01/2010	-	Active	NO
8	U40300HR2011PTC041945	FEEDBACK POWER OPERATIONS & MAINTENANCE SERVICES PRIVATE LIMITED	Director	21/01/2011	21/01/2011	-	Active	NO
9	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Director	17/08/2011	17/08/2011	-	Active	NO
10	U40300DL2012PLC244113	FEEDBACK ENERGY DISTRIBUTION COMPANY LIMITED	Director	29/10/2012	29/10/2012	-	Active	NO
11	L45200MH2005PLC152061	KEC INTERNATIONAL LIMITED	Director	28/07/2014	30/04/2014	-	Active	NO
12	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Director	25/08/2014	02/07/2014	-	Active	NO

Name :

Mr. Jean Desazars De Mantgailhard

Designation :

Director

Address :

17, Boulevard, Delessert 75016, Paris, France

Date of Birth/Age :

26.07.1953

Date of Appointment :

17.09.1999

DIN No.:

00067288

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	U14107ML1994PTC004299	LUM MAWSHUN MINERALS PRIVATE LIMITED	Nominee director	20/05/1999	20/05/1999	08/05/2012	Active	NO
2	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED	Director	17/09/1999	17/09/1999	-	Active	NO

Name :

Mr. Martin Kreigner

Designation :

Director

Address :

No.7 Jalan Balau Damansara Heights 50490 Kuala Lampar, Malaysia

Date of Birth/Age :

06.09.1961

Date of Appointment :

01.06.2012

PAN No.:

AKPPK7394A

DIN No.:

00077715

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	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Whole-time director	01/06/2012	07/03/2002	-	Active	NO

Name :

Mrs. Indu Ranjit Shahani

Designation :

Director

Address :

Flat 56, Hill Park, A G Bell Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

17.07.1951

Date of Appointment :

13.09.2012

PAN No.:

AKAPS6585N

DIN No.:

00112289

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	U28920MH1993PTC073668	OCTOPUS STEEL PRIVATE LIMITED	Director	23/01/2003	23/01/2003	-	Active	NO
2	L31500MH1938PLC009887	BAJAJ ELECTRICALS LIMITED	Director	27/07/2006	31/03/2006	-	Active	NO
3	L23201MH1959GOI011388	INDIAN OIL CORPN. LIMITED	Director	19/09/2008	01/06/2008	14/02/2013	Active	NO
4	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	25/06/2008	25/06/2008	-	Active	NO
5	U65991MH1995PTC095500	FRANKLIN TEMPLETON TRUSTEE SERVICES PRIVATE LIMITED	Director	27/01/2010	09/09/2009	-	Active	NO
6	L24200MH1937PLC002700	COLGATE-PALMOLIVE (INDIA) LIMITED	Director	25/07/2014	23/01/2012	-	Active	NO
7	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Director	13/09/2012	13/09/2012	-	Active	NO
8	L24110MH1956PLC010806	CLARIANT CHEMICALS (INDIA) LIMITED	Director appointed in casual vacancy	16/07/2013	16/07/2013	-	Active	NO
9	L01551KA1999PLC024991	United Spirits Limited	Director	30/09/2014	14/08/2014	-	Active	NO
10	AAA-1664	THINKEDUCATION ADVISORY SERVICES LLP	Designated Partner	25/06/2010	25/06/2010	01/09/2012	Active	NO

Name :

Mr. Jimmy Lachmandas Mahtani

Designation :

Director

Address :

1 Chatsworth Road, #22-21, Singapore, 249745, Singapore

Date of Birth/Age :

27.10.1976

Date of Appointment :

05.09.2013

PAN No.:

AJZPM2234Q

DIN No.:

00996110

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	U27100DL1999PLC108350	BHUSHAN POWER & STEEL LIMITED	Nominee director	23/05/2012	22/11/2006	-	Active	NO
2	U17111MH1982PLC118017	PRATIBHA SYNTEX LIMITED	Director	30/05/2007	30/05/2007	15/12/2010	Active	NO
3	U74999MH2004PTC175698	JSM CORPORATION PRIVATE LIMITED	Director	29/09/2007	12/06/2007	-	Active	NO
4	L15141MP1985PLC003171	K.S.OILS LIMITED	Director	20/10/2007	22/08/2007	20/05/2011	Active	NO
5	U74140MH2004PTC175689	H R CAFE INDIA PRIVATE LIMITED	Director	29/09/2007	24/08/2007	-	Amalgamated	NO
6	U67120TG1995PLC019877	KARVY STOCK BROKING LIMITED	Director	29/09/2008	23/11/2007	29/06/2010	Active	NO
7	U99999MH1995PLC087498	SHAREKHAN LIMITED	Director	24/09/2008	20/02/2008	-	Active	NO
8	U45200TG1999PTC031431	RITHWIK PROJECTS Private LIMITED	Director	26/03/2008	26/03/2008	23/04/2012	Active	NO
9	U85110KA1996PTC019807	RSP Design Consultants (India) Private Limited	Nominee director	04/08/2008	04/08/2008	-	Active	NO
10	U45203OR1995PLC003982	COASTAL PROJECTS LIMITED	Nominee director	17/09/2010	05/01/2010	01/10/2013	Active	NO
11	U80301DL2010FTC207423	GLOBAL INDIAN SCHOOL EDUCATION SERVICES PRIVATE LIMITED	Nominee director	29/09/2012	25/11/2011	-	Active	NO
12	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Director	05/09/2013	15/07/2013	-	Active	NO
13	L72900MH1992PLC069662	HEXAWARE TECHNOLOGIES LIMITED	Director	13/12/2013	11/10/2013	-	Active	NO

Name :

Mr. Vinayak Chatterjee

Designation :

Additional Director

Address :

E-2278, Palam Vihar, Gurgaon – 122 017, Haryana, India

Date of Birth/Age :

30.09.1959

Date of Appointment :

17.08.2011

PAN No.:

AABPC2139H

DIN No.:

00008933

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	U67120DL1996PTC082287	MISSION HOLDINGS PRIVATE LIMITED	Director	27/09/1996	27/09/1996	-	Active	NO
2	L18101DL1970PLC005197	SRF LIMITED	Director	05/03/2002	05/03/2002	-	Active	NO
3	U45201DL2001PTC113536	FEEDBACK INTEGRATED INFRASTRUCTURE DEVELOPERS PRIVATE LIMITED	Director	08/10/2013	22/06/2002	08/10/2013	Active	NO
4	U74899DL1990PTC040630	Feedback Infra Private Limited	Managing director	06/01/2007	06/01/2007	-	Active	NO
5	U40101DL2005PLC138906	AVANTHA POWER & INFRASTRUCTURE LIMITED	Director	30/09/2014	08/01/2007	21/11/2014	Active	NO
6	L74899DL1993PLC053677	IFCI LIMITED	Additional director	04/08/2007	04/08/2007	18/09/2007	Active	NO
7	U45400HR2009PTC039883	Feedback Brisa Highways OMT Private Limited	Nominee director	07/04/2011	05/01/2010	-	Active	NO
8	U40300HR2011PTC041945	FEEDBACK POWER OPERATIONS & MAINTENANCE SERVICES PRIVATE LIMITED	Director	21/01/2011	21/01/2011	-	Active	NO
9	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Director	17/08/2011	17/08/2011	-	Active	NO
10	U40300DL2012PLC244113	FEEDBACK ENERGY DISTRIBUTION COMPANY LIMITED	Director	29/10/2012	29/10/2012	-	Active	NO
11	L45200MH2005PLC152061	KEC INTERNATIONAL LIMITED	Director	28/07/2014	30/04/2014	-	Active	NO
12	L85110TN1979PLC008035	APOLLO HOSPITALS ENTERPRISE LIMITED	Director	25/08/2014	02/07/2014	-	Active	NO

Name :

Mr. Thomas Gerard Farrell

Designation :

Director

Address :

03 Rue Paul Ollendorff, Saint Cloud, Frnace 92210, France

Date of Appointment :

13.09.2012

DIN No.:

05298234

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	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Director	13/09/2012	07/05/2012	-	Active	NO

Name :

Frederic Bernard Robert Guimbal

Designation :

Director

Address :

Lafarge A and C I P Limited, 1004, B Wing, Crescenzo, 10 Floor, G Block, Bandra Kurla Complex, Behind MCA, Bandra (East), Mumbai - 400051, Maharashtra, India

Date of Birth/Age :

09.09.1971

Date of Appointment :

05.09.2013

PAN No.:

BGWPG9268H

DIN No.:

06451071

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	U74900MH2007PTC175495	Lafarge Aggregates & Concrete India Private Limited	Additional director	02/11/2012	02/11/2012	04/09/2013	Active	NO
2	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED	Director	05/09/2013	05/09/2013	-	Active	NO

Name :

Jean Carlos Angulo

Designation :

Director

Address :

81 Rue De La Tour, 75016, Paris, 75016, France

Date of Birth/Age :

13.04.1949

Date of Appointment :

05.09.2013

DIN No.:

06689056

Name :

Mr. Uday Chander Khanna

Designation :

Director

Address :

Centrum Towers, Flat 182, Centrum Co-Operative, Society Limited, Barkat Ali Road, Wadala, Mumbai – 40037, Maharashtra, India

Date of Birth/Age :

01.12.1949

Date of Appointment :

18.08.2011

PAN No.:

AFEPK7061E

DIN No.:

00079129

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	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Director	18/08/2011	01/07/2005	24/09/2014	Active	NO
2	U91110MH1977NPL019478	INDO-FRENCH CHAMBER OF COMMERCE AND INDUSTRY.	Director	19/08/2005	19/08/2005	-	Active	NO
3	U67120MH1999PTC118146	LAFARGE INDIA HOLDING PRIVATE LIMITED	Director	22/09/2005	22/09/2005	-	Amalgamated	NO
4	U74899MH2000PTC250063	LI CEMENT PRIVATE LIMITED.	Director	22/09/2005	22/09/2005	07/11/2012	Active	NO
5	U83000MH1926PLC001231	THE ANGLO SCOTTISH EDUCATION SOCIETY	Director	26/09/2005	26/09/2005	-	Active	NO
6	L19201WB1931PLC007261	BATA INDIA LIMITED	Director	04/08/2014	30/03/2006	-	Active	NO
7	U28939DL2006PTC150597	USG BORAL BUILDING PRODUCTS (INDIA) PRIVATE LIMITED	Director	10/07/2006	10/07/2006	22/01/2009	Active	NO
8	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	09/07/2013	01/06/2007	16/06/2014	Active	NO
9	U26942MH2006PTC254531	LI EASTERN PRIVATE LIMITED	Director	13/07/2007	13/07/2007	07/11/2012	Active	NO
10	U74900MH2007PTC175495	Lafarge Aggregates & Concrete India Private Limited	Director	29/10/2007	29/10/2007	30/12/2008	Active	NO
11	L23200MH1979PLC021359	CASTROL INDIA LIMITED	Director	16/04/2012	03/01/2012	-	Active	NO
12	L24231MH1950PLC008311	PFIZER LIMITED	Director	02/08/2012	21/05/2012	-	Active	NO
13	L24120TG1961PLC000892	COROMANDEL INTERNATIONAL LIMITED	Director	23/07/2014	23/07/2012	-	Active	NO
14	L63040MH1978PLC020717	THOMAS COOK (INDIA) LIMITED	Director	16/09/2014	29/10/2012	-	Active	NO
15	U74140MH1996PTC099483	DSP BlackRock INVESTMENT Managers Private Limited	Director	30/08/2013	01/04/2013	-	Active	NO
16	L24100MH1969PLC014336	PIDILITE INDUSTRIES LIMITED	Director	25/09/2014	03/04/2014	-	Active	NO
17	L29130MH1965PLC013251	NRB BEARINGS LIMITED (FULL FLEDGED PUBLIC CO)	Additional director	17/04/2014	17/04/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 23.09.2014

Names of Shareholders	No. of Shares
Financiere Lafarge, France	392363001
Societe Financiere Immobiliere ET Mobiliere SAS, France	1
Paris Cement Investment Holdings Limited, Mauritius	64049776
Total	456412778

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cements, Ordinary Portland Cements and Portland Pozzolana Cements.

Products :

Product Description	Item Code No. (ITC Code)
Cement	99885360

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

· State Bank of India, Cag Branch, Neville House, J.N. Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

· HDFC Bank Limited, Kamala MLLS Trade World New Building, 2nd Floor Senapati Bapat Marg, Lower Parel, Mumbai - 400031, Maharashtra, India

· Deutsche Bank AG, Deutsche Bank House Hazariman Somani Marg, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
9.15% Redeemable Non-Convertible Debentures	3500.000	5000.000
Term Loan from Scheduled Bank	2200.000	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	0.000	764.500
Total	5700.000	5764.500

Notes:

Long Term Borrowings

(a) The Debentures with all Interest is secured by a first pari passu charge on all movable and immovable properties at the Integrated Cement Unit located at Village-Bhawaliya, Tehasil- Nimbahera, District-Chittorgarh, Rajasthan-312620, India; and Cement Blending Unit at Village-Chidiya, Tehsil-Charkhi Dadri, District-Bhiwani, Haryana, India, both present and future, but excluding stocks of raw materials, semi-finished goods and finished goods, consumable stores & spares, book debts, outstanding monies and receivable from time to time secured in favour of working capital facilities. The Debentures are freely transferable and transmittable by the Debenture holders in whole or in part without the prior consent of the Company.

Repayment Schedule of 9.15% Redeemable Non-Convertible Debentures (from the balance sheet date)

Particulars	31.03.2014	31.03.2013
Not later than one year	1500.000	0.000
Later than one year and not later than two years	3500.000	1500.000
Later than two years and not later than five years	0.000	3500.000

(b) External Commercial Borrowing (in JPY) was availed during March 07 and drawn down during March'07 - August'08. Interest rate applicable for this loan was JPY 6M LIBOR+50 bps. This loan was fully hedged through a series of cross currency swaps, which translated this loan into a Fixed Rupee Loan. The outstanding balance as on 31st March' 14 is Rs. Nil (Previous Year Rs.2365.300 Millions) with a corresponding fixed effective interest rate of Nil (Previous Year 8.50%). This loan was secured by all Movable and Immovable properties situated at the second line clinkerisation unit located at Sonadih Cement Plant and the cement grinding unit at Mejia Cement Plant, excluding inventories and book debt of the Company which were secured in favour of the lender of working capital facilities. This loan has been fully repaid during the year, on the date it became due for repayment.

(c) The Term loan is secured by a first pari passu charge on all immovable properties at the Integrated Cement Unit located at Village-Bhawaliya,Tehasil- Nimbahera, District-Chittorgarh, Rajasthan-312620, India; and Cement Blending Unit at Village-Chidiya, Tehsil-Charkhi Dadri, District-Bhiwani, Haryana, India, both present and future, and movable machineries, spares, tools and accessories present and future, at both these locations, subject to prior charges created or to be created in favour of bankers for securing the working capital facilities. The rate of interest applicable to this term loan is Bank's Base Rate plus 50 basis point. The effective rate of interest is in the range of 10.20% to 10.50%.

Repayment Schedule of Term Loan from Scheduled Bank (from the balance sheet date)

Particulars	31.03.2014	31.03.2013
Later than one year and not later than two years	733.300	0.000
Later than two years and not later than five years	1466.700	0.000

Short Term Borrowings

a. Unsecured loan was rolled over from Scheduled Banks during the financial year 2013-14 and it carries interest of 10.5% p.a. This is repayable in December 2014.

b. Cash credit and Working Capital Demand Loan taken from banks is secured by hypothecation of the Company's Inventory and Trade Receivables. The Cash credit and Working Capital Demand Loan taken from banks are repayable on demand. In the Current Year, Cash Credit account had a favourable balance and hence shown under Cash and Bank Balance.

c. This balance is against bills discounted with banks with recourse to the Company with various maturities at a discounting rate of 10.50% p.a.

Financial Institution :	Housinh Development Finance Corporation Limited, Ramon House 169 Backbay Reclamation, Mumbai - 400020, Maharashtra, India
Auditors :
Name :	SRBC and Company LLP Chartered Accountants
Address :	22, Camac Street, 3^rd Floor, Block "C", Kolkata – 700016, West Bengal, India
PAN No.:	ABSFS4151K
Memberships :	--
Collaborators :	--
Holding Company :	· Financiere Lafarge SAS
Ultimate Holding Company :	· Lafarge SA
Subsidiary Companies :	· LI Eastern Private Limited · LI Cement Private Limited · Arasmeta Coal Mining Company Private Limited · Lafarge Aggregates and Concrete India Private Limited (w.e.f. 29.07.2013)
Joint Venture Company :	· Wardha Vaalley Coal Field Private Limited
Fellow Subsidiary Companies :	· Lafarge North America Corporate · PT Semen Andalas Indonesia · Lafarge Umium Mining Private Limited · Lafarge Asia Sdn Bhd · Lafarge Surma · Lafarge Cement Joint Venture Company, Vietnam · Lafarge Cement Services (Philippines) Inc. · Iligan Cement Corporation, Philippines · Lafarge Canada Inc. · Lafarge Boral Gypsum India Private Limited · Centre Technique Inter-Unites Du Groupe Lafarge · Bazian Cement · Lafarge International Services Singapore Pte Limited · Lafarge Emirates Cement · Lafarge Service Group Paris · Lafarge Cementos · AshakaCem PLC · Cementia Trading AG · Lafarge Mahaweli Cement (Pvt) Limited · Lafarge Middle East Africa Building Materials · Bamburi Cement Limited · Lafarge Perlmooser, Gmbh · Lafarge Shui On ( Beijing) Technical Services Company Limited · Lafarge Zement, Germany · Lafarge Energy Solutions SAS · Lafarge Aggregates and Concrete India Private Limited (Till 28.07.2013)

CAPITAL STRUCTURE

As on 23.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	Rs.10/- each	Rs.20000.000 Millions
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 Millions
	Total		Rs.30000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
456412778	Equity Shares	Rs.10/- each	Rs.4564.100 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	4,564.100	3,923.600	3,923.600
(b) Reserves & Surplus	40,319.200	22,711.400	17,505.700
(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)	44,883.300	26,635.000	21,429.300
(3) Non-Current Liabilities
(a) long-term borrowings	5,700.000	5,000.000	4,059.200
(b) Deferred tax liabilities (Net)	3,434.600	2,545.000	2,355.500
(c) Other long term liabilities	3,108.600	2,473.100	2,348.100
(d) long-term provisions	169.600	234.700	149.000
Total Non-current Liabilities (3)	12,412.800	10,252.800	8,911.800
(4) Current Liabilities
(a) Short term borrowings	1,281.500	2,004.500	3,240.000
(b) Trade payables	3,991.100	3,394.300	2,734.500
(c) Other current liabilities	5,194.000	8,574.900	7,031.900
(d) Short-term provisions	1,068.100	1,233.800	795.200
Total Current Liabilities (4)	11,534.700	15,207.500	13,801.600
TOTAL	68,830.800	52,095.300	44,142.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29,475.500	18,785.400	18,466.500
(ii) Intangible Assets	1,417.500	1,495.500	1,561.900
(iii) Capital work-in-progress	7,119.800	13,608.100	7,683.100
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	16,832.500	2,847.400	2,850.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1,857.300	1,722.900	4,056.200
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	56,702.600	38,459.300	34,617.900
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3,532.900	2,551.300	2,030.600
(c) Trade receivables	2,383.100	2,234.800	1,465.800
(d) Cash and cash equivalents	1,189.500	3,420.700	2,184.900
(e) Short-term loans and advances	4,991.800	5,423.300	3,839.900
(f) Other current assets	30.900	5.900	3.600
Total Current Assets	12,128.200	13,636.000	9,524.800
TOTAL	68,830.800	52,095.300	44,142.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	34,050.000	32,160.000	27,020.000
		Other Income	720.000	970.000	760.000
		TOTAL (A)	34,770.000	33,130.000	27,780.000
Less	EXPENSES
		TOTAL (B)	25,680.000	23,160.000	20,350.000
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9,090.000	9,970.000	7,430.000
Less	FINANCIAL EXPENSES (D)		770.000	710.000	890.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8,320.000	9,260.000	6,540.000
Less	DEPRECIATION/ AMORTISATION (F)		1,760.000	1,320.000	1,260.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		6,560.000	7,940.000	5,280.000
Less	TAX (H)		2,180.000	2,770.000	2,100.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		4,380.000	5,170.000	3,180.000
	Earnings / (Loss) Per Share (Rs.)		10.00	13.18	8.12

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	12.86	16.08	11.77
Operating Profit Margin (PBIDT/Sales)	(%)	26.70	31.00	27.50
Return on Total Assets (PBT/Total Assets}	(%)	14.62	22.28	15.71
Return on Investment (ROI) (PBT/Networth)		0.15	0.30	0.25
Debt Equity Ratio (Total Debt /Networth)		0.16	0.26	0.34
Current Ratio (Current Asset/Current Liability)		1.05	0.90	0.69

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	3923.600	3923.600	4564.100
Reserves & Surplus	17505.700	22711.400	40319.200
Share Application money pending allotment	0.000	0.000	0.000
Net worth	21429.300	26635.000	44883.300
Long Term borrowings	4059.200	5000.000	5700.000
Short Term borrowings	3240.000	2004.500	1281.500
Total borrowings	7299.200	7004.500	6981.500
Debt/Equity ratio	0.341	0.263	0.156

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	27,020.000	32,160.000	34,050.000
		19.023	5.877

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	27,020.000	32,160.000	34,050.000
Profit	3,180.000	5,170.000	4,380.000
	11.77%	16.08%	12.86%

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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Loans repayable on demand from banks	1240.000	1240.000
Loans repayable on demand from others	41.500	0.000
Total	1281.500	1240.000

ECONOMIC SCENARIO AND OUTLOOK

Indian economy grew at 4.7% in 2013-14 with industrial growth slipping to paltry 0.7%. This was despite expectations of rise in the demand and increase in the government spending in the run up to general elections. The slowdown in economic growth in the industrial sector attributed to various factors such as high interest rates, inflation, rupee depreciation, high fiscal deficit and global slowdown.

With the new Government in place, expectations are that reforms will take place in infrastructure, foreign direct investments, housing for all.

Economic growth is expected to be 5% in 2014-15.

All India cement demand is estimated to have grown by about 3% in 2013-14 (versus ~8% in 2012-13). Cement demand in the East region was at ~5% in 2013-14 (versus 8% in 2012-13).

PERFORMANCE REVIEW

The Company produced 7,254 KT of Cement as against 6,842 KT in the previous year. The sales volume increased by 5% to 7,158 KT during the year as against 6,824 KT during the previous year.

The Company’s Net Revenue from Operations recorded a growth of 6% to Rs. 3,405 Crores during the year as against Rs. 32160.000 Millions during the previous year. EBIDTA has declined by 9% to Rs.9090.000 Millions during the year as against Rs.9970.000 Millions during the previous year. This decrease in EBIDTA was on account of increase in production costs and freight costs, which could not be passed on to the customer due to adverse market condition. EBITDA was also impacted due to ramp up phase of the Northern Operations.

PROJECTS

During the year, the Company successfully commissioned 2.6 MT Greenfield Cement Plant at Chittorgarh, Rajasthan and a blending station at Bhiwani, Haryana. These plants are expected to help the Company in establishing its foot prints in the Northern Market.

The Company is also working on other projects to expand its foot prints on pan India level in the Cement Industry.

Alternative Fuels the Green Energy

The Company has been continuously working on supporting green environment and sustainability. In order to reduce consumption of fossil fuel, use of alternative fuels in the kilns is a key focus area for the Company.

To support this, the Company has been identifying and developing different industrial wastes and biomasses to reduce the carbon emissions. Due to constraints in availability of rice husk to Cement plants, other biomasses like soybean stalk, maze stalk, saw dust, bagasse from sugar mills are being tested as alternative fuel. The Company is co-processing hazardous and nonhazardous waste of various industries. This process is better than incineration and land filing, thus protecting the environment. The Sonadih cement plant of the company co-processed 7,756 ton of hazardous solid and liquid waste in the cement kilns during the financial year. In addition to alternate fuel, the Company has been using alternate raw materials also in the raw mix.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10442527	06/08/2013	6,000,000,000.00	State Bank Of India	Cag Branch, Neville House, J.N. Heredia Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B81924466
2	10428678	02/05/2013	5,000,000,000.00	IDBI Trusteeship Services Limited	Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India	B75949453
3	90225382	15/02/2005	50,000,000.00	BNP Paridad	French Bank Building, 62 Homji Street, Mombai, Maharashtra - 400001, India	-
4	90225336	15/07/2004 *	600,000,000.00	Standard Chartered Bank	23/25 Mahatma Gandhi Road, Mombai, Maharashtra - 400001, India	-
5	90223323	19/02/2002	250,000,000.00	Standard Chartered Bank	23-25;Mahatama Gandhi Road, Fort, Mumbai, Maharashtra - 400001, India	-
6	90225137	24/04/2005 *	10,000,000.00	Deutsche Bank Ag	Deutsche Bank House, Hazariman Somanl Marg, Mombai, Maharashtra - 400001, India	-
7	90223076	15/02/2005 *	375,000,000.00	State Bank of India	Cag Branch;At Killick House Charanjit Rao Marg, Fort, Mumbai, Maharashtra - 400001, India	-
8	90225038	15/02/2005 *	100,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	52/60 Mahatama Gandhi Road, Mumbai, Maharashtra - 400001, India	-

*Date of modification Charges

FIXED ASSETS:

· Goodwill

· Land

· Quarry Development

· Building and Roads

· Plant and Machinery

· Railway sidings and Locomotives

· Furniture Fixtures and office Equipment

· Vehicles

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 pyments 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.61.76
UK Pound	1	Rs.94.02
Euro	1	Rs.72.63

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	8
--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		67

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.