MIRA INFORM REPORT

Report No. :	303995
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	INDIA STEEL WORKS LIMITED (w.e.f. 22.10.2007)
Formerly Known As :	ISIBARS LIMITED (w.e.f. 09.05.1991) ISIBARS PRIVATE LIMITED
Registered Office :	India Steel Works Complex, Zenith Compound, Khopoli, Raigad-410203, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.04.1987
Com. Reg. No.:	11-043186
Capital Investment / Paid-up Capital :	Rs.1039.940 Millions
CIN No.: [Company Identification No.]	L29100MH1987PLC043186
TAN No.: [Tax Deduction & Collection Account No.]	MUMI01649E
PAN No.: [Permanent Account No.]	AAACI1362A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Steel Billets, Hot Roll Bars etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4500000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2014. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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

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 Office / Factory 1 :	Special Steel Division India Steel Works Complex, Zenith Compound, Khopoli, Raigad-410203, Maharashtra, India
Tel. No.:	91-2192-265 812
Fax No.:	91-2192-264 061
E-Mail :	cosec@isibar.com cs@iswl.in info@indiasteel.in
Website :	www.indiasteel.in www.isibars.com
Corporate Office :	1101, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone (West), Mumbai - 400 013. Maharashtra, India
Tel. No.:	91-22-49102000
Fax No.:	91-22-49102099
E-Mail :	export@indiasteel.in
Factory 2 :	Bright Bars Division C- 63, TTC Area, MIDC Turbhe, Navi Mumbai - 400 705, Maharashtra , India
Tel. No.:	91-22-27686446 / 2768 6437 / 27670424
Fax No.:	91-22-27633888
Factory 3 :	Stainless Steel Wire Plant Savroli, Taluka Khalapur, Khopoli, District. Raigad, Maharashtra – 410202, India
Tel. No.:	91-22-2192274053
Fax No.:	91-22-2192274080

DIRECTORS

As on 31.03.2014

Name :	Mr. Ashwinkumar Harbanlal Gupta
Designation :	Chairman
Address :	Ashiana, Vasant Vihar, C.G. Road, Chambur, Mumbai – 400074, Maharashtra, India
Date of Birth/Age :	06.01.1950
Date of Appointment :	19.02.1990
Name :	Mr. Sudhirkumar Harbanslal Gupta
Designation :	Managing Director
Address :	Ashoka Building, Adenwala Road, Matunga, Mumbai – 400031, Maharashtra, India
Date of Birth/Age :	06.07.1961
Date of Appointment :	19.02.1990
Name :	Mr. Varun Sudhirkumar Gupta
Designation :	Director
Address :	Ashok, 541/C, Adenwala Road, King Circle, Matunga (West), Mumbai – 400019, Maharashtra, India
Date of Birth/ Age :	17.06.1985
Date of Appointment :	17.12.2009
Name :	Mr. Satyaprakash Achru Khosla
Designation :	Director
Address :	Norwood, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/ Age :	01.05.1929
Date of Appointment :	25.09.1999
Name :	Mr. Bimal Ramanlal Desai
Designation :	Director
Address :	A-14, Jay Prabhat, Sahakar Nagar, J P Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/ Age :	19.11.1964
Date of Appointment :	12.12.2006
Name :	Mr. Neeraj Damodar Agarwal
Designation :	Director
Address :	103, laxmi Plaza, Laxmi Industrial Estate, New Link Road, Mumbai – 400053, Maharashtra, India
Date of Birth/ Age :	28.09.1974
Date of Appointment :	12.12.2006
Name :	Mr. Rahul Yenukar
Designation :	Whole – time Director
Name :	Mr. Subrata Dey
Designation :	Director (up to 22nd May, 2013)
Name :	Mr. Gaurav Chabbria
Designation :	Alternate Director (up to 3rd October, 2012)
Name :	Mr. Mahesh Sheregar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Dilip Maharana
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	11246110	2.83
Bodies Corporate	187322650	47.06
Sub Total	198568760	49.88
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	198568760	49.88
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3600	0.00
Financial Institutions / Banks	7812475	1.96
Foreign Institutional Investors	14334300	3.60
Any Others (Specify)	14349200	3.60
Foreign Financial Institutions	14900	0.00
Foreign Mutual Fund	14334300	3.60
Sub Total	36499575	9.17
(2) Non-Institutions
Bodies Corporate	14196841	3.57
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	8830572	2.22
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	15597233	3.92
Any Others (Specify)	124387944	31.25
Clearing Members	11862	0.00
Foreign Corporate Bodies	119260000	29.96
Market Maker	7529	0.00
Non Resident Indians	4871549	1.22
Hindu Undivided Families	237004	0.06
Sub Total	163012590	40.95
Total Public shareholding (B)	199512165	50.12
Total (A)+(B)	398080925	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	398080925	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel Billets, Hot Roll Bars etc.

Products :

Item Code	Product Description
722211.00	Stainless Steel Bars and Rods
722220.00	Stainless Steel Bright Bars and Rods
721899.00	Stainless Steel Billets

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

• Kotak Mahindra Bank Limited
• Dombivli Nagari Sahakari Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
Long-term borrowings
Kotak Mahindra Bank Limited	86.493	115.762
Sundaram Finance Limited	4.058	4.037
Short-term borrowings
Kotak Bank Limited	248.841	238.755
Total	339.392	358.554

Terms of Repayment and Security for Secured Loan.

1) Loans from Kotak Mahindra Bank Limited are secured/to be secured by first mortgage and charges on all immoveable and moveable properties both present & future and personal guarantees of some of the promoter directors of the company and are repayable in 48 equal monthly instalments.

2) Loans from Sundaram Finance Limited and Toyota Financial Services Limited are secured against hypothecation of respective motor vehicles. These loans are repayable in 36 and 48 months respectively.

Auditors :
Name :	Thanawala and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Isinox Steels Limited Indiasteel International Private Limited Inoxware Private Limited Isiworld Steel (India) Private Limited Isicom Traders Private Limited Isistar Exports Private Limited Isimetal (India) Private Limited Yeotmal Land Development and Trading Company Private Limited Emgee Homes Private Limited Gupta Housing Private Limited Titan Steel Private Limited
Enterprises over which Key Managerial Personnel are able to exercise significant influence	India Steel Industries Indiasteel International

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
420000000	Equity Shares	Rs.1/- each	Rs.420.000 Millions
64500000	Preference shares	Rs.10/- each	Rs.645.000 Millions
	Total		Rs.1065.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
398080925	Equity Shares	Rs.1/- each	Rs.398.081 Millions
2000000	14% Cumulative Reedemable Preference shares	Rs.10/- each	Rs.20.000 Millions
53671310	0.01% Cumulative Reedemable Preference shares	Rs.10/- each	Rs.536.713 Millions
8514574	0.01% Cumulative Reedemable Preference shares	Rs.10/- each	Rs.85.146 Millions
	Total		Rs.1039.940 Millions

EQUITY SHARE

Of the above, 8,70,00,000 fully paid-up equity shares of Re 1/- each represent the shares which were alloted on a preferential basis to the promoters of the Company in the last 5 years

Of the above, 10,40,00,000 fully paid-up equity shares of Re 1/- each represent the shares which were alloted on a preferential basis to the Strategic Investors of the Company in the last 5 years

Of the above, 28,10,925 fully paid-up equity shares of Re 1/- each represent the shares which were alloted pursuant to cash payment of Rs 0.100 Million & balance against settlement of dues in the last 5 years

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Opening Balance	Fresh issue	Closing Balance
Equity shares with voting rights
Number of shares	234080925	164000000	398080925
Amount	234.081	164.000	398.081

Details of shares held by each shareholder holding more than 5% shares:

Class of shares / Name of shareholder	Number of shares held	% holding in that class of shares
Equity shares with voting rights
Indiasteel International Private Limited	98134150	24.65%
TB Investments Limited	27000000	6.78%
Mavi Investment Limited	14334300	3.60%
UD Industrial Holding Pte Limited	92000000	23.11%
TOTAL	231468450	58.14%

PREFERENCE SHARE

Note :

1) 14% Cumulative Reedemable Shares are reedemable in the year 2018.

2) 0.01% Cumulative Reedemable Shares are reedemable 25% in the year 2017, 25% in the year 2018, and 50% in the year 2019

3) 0.01% Cumulative Reedemable Shares (Option Series) are reedemable 25% in the year 2017, 25% in the year 2018, and 50% in the year 2019

4) Dividend on above Preference Shares for current year not provided Rs 28,62,186/- and till date amounted to Rs 4,96,48,525/-

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Opening Balance	Fresh issue	Closing Balance
Preference shares without voting rights
Number of shares	64185884	---	64185884
Rs. In Millions	641.859	---	641.859

Details of shares held by each shareholder holding more than 5% shares:

Class of shares / Name of shareholder	Number of shares held	% holding in that class of shares
Preference shares without voting rights
IDBI Limited.	37547800	58.50%
Punjab and Sind Bank	12138000	18.91%
Oriental Bank of Commerce	5698413	8.88%
TOTAL	55384213	86.29%

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	1039.940	875.940	852.720
(b) Reserves & Surplus	527.393	(281.118)	(173.012)
(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)	1567.333	594.822	679.708
(3) Non-Current Liabilities
(a) long-term borrowings	406.027	1143.534	1284.473
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	142.545	98.197	84.431
(d) long-term provisions	35.919	26.765	28.834
Total Non-current Liabilities (3)	584.491	1268.496	1397.738
(4) Current Liabilities
(a) Short term borrowings	248.841	238.755	0.000
(b) Trade payables	1008.761	1248.544	907.902
(c) Other current liabilities	213.887	267.990	128.774
(d) Short-term provisions	114.974	103.040	112.047
Total Current Liabilities (4)	1586.463	1858.329	1148.723
TOTAL	3738.287	3721.647	3226.169
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1561.600	1611.016	1521.218
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	90.403	15.398	0.000
(iv) Intangible assets under development	1.844	0.000	64.110
(b) Non-current Investments	21.424	21.424	21.460
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	68.468	25.797	40.546
(e) Other Non-current assets	1.663	2.375	12.513
Total Non-Current Assets	1745.402	1676.010	1659.847
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	761.296	1060.276	669.454
(c) Trade receivables	392.655	266.327	298.215
(d) Cash and cash equivalents	18.584	101.465	61.936
(e) Short-term loans and advances	373.973	343.265	261.780
(f) Other current assets	446.377	274.304	274.937
Total Current Assets	1992.885	2045.637	1566.322
TOTAL	3738.287	3721.647	3226.169

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6132.272	7248.638	6013.714
		Other Income	11.491	51.536	10.406
		TOTAL (A)	6143.763	7300.174	6024.120
Less	EXPENSES
		Cost of Materials Consumed	3465.337	4587.775	4700.779
		Purchases of Stock-in-Trade	1590.099	1970.648	120.700
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	104.195	(335.815)	89.834
		Employees benefits expense	141.717	127.940	116.553
		Other expenses	711.950	773.105	781.230
		Exceptional items	(41.530)	0.037	0.148
		TOTAL (B)	5971.768	7123.690	5809.244
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		171.995	176.484	214.876
Less	FINANCIAL EXPENSES (D)		151.870	144.669	147.687
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.125	31.815	67.189
Less/ Add	DEPRECIATION/ AMORTISATION (F)		145.616	139.772	138.326
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(125.491)	(107.957)	(71.137)
Less	TAX (H)		0.248	0.150	0.189
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(125.739)	(108.107)	(71.326)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1847.937)	(1739.830)	(1668.504)
	BALANCE CARRIED TO THE B/S		(1973.676)	(1847.937)	(1739.830)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5.767	0.120	28.882
	TOTAL EARNINGS		5.767	0.120	28.882
	IMPORTS
		Raw Materials	245.210	877.609	515.481
		Capital Goods	0.491	6.178	1.011
	TOTAL IMPORTS		245.701	883.787	516.492
	Earnings /(Loss) Per Share (Rs.)		(0.32)	(0.46)	(0.30)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	(2.05)	(1.49)	(1.19)
Net Profit Margin (PBT/Sales)	(%)	2.80	2.43	3.57
Return on Total Assets (PBT/Total Assets}	(%)	(3.46)	(2.93)	(2.27)
Return on Investment (ROI) (PBT/Networth)		(0.08)	(0.18)	(0.10)
Debt Equity Ratio (Total Debt /Networth)		0.42	2.32	1.89
Current Ratio (Current Asset/Current Liability)		1.26	1.10	1.36

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	852.720	875.940	1039.940
Reserves & Surplus	(173.012)	(281.118)	527.393
Net worth	679.708	594.822	1567.333
long-term borrowings	1284.473	1143.534	406.027
Short term borrowings	0.000	238.755	248.841
Total borrowings	1284.473	1382.289	654.868
Debt/Equity ratio	1.890	2.324	0.418

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	6013.714	7248.638	6132.272
		20.535	(15.401)

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	6013.714	7248.638	6132.272
Profit	(71.326)	(108.107)	(125.739)
	(1.19%)	(1.49%)	(2.05%)

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	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS
Bench:- Bombay
Presentation Date : 26/09/2013
Lodging No. :	NMAL/1898/2013	Failing Date:-	26/09/2013	Reg. No.:-	NMA/1371/2013	Reg. Date:-	04/10/2013
Main Matter
Lodging No.:-	CEXAL/103/2010		Reg No.:-	CEXA/147/2014
Petitioner:-	THE COMMISSIONER OF CENTRAL EXCISE		Respondent:-	INDIA STEEL WORKS LIMITED
Petn.Adv:-	SUCHITRA KAMBLE (0)
District:-	MUMBAI
Bench:-	DIVISION		Category:-	NOTICE OF MOTION (TAX)
Status:-	Pre-Admission
Last Date:-	22/09/2014		Category:-	NOTICE OF MOTION (TAX)
Last Coram:-	HON'BLE SHRI JUSTICE S.C. DHARMADHIKARI HON'BLE SHRI JUSTICE A. K. MENON		Stage:-	NOTICE OF MOTION FOR HEARING [ORIGINAL SIDE MATTERS]
Act. :	Central Excise and Salt Act

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2014	As on 31.03.2013
Long-term borrowings
Others **	314.521	324.427
From related parties **	0.955	699.308
Total	315.476	1023.735

COMPANY OVERVIEW

The Company was incorporated on April 15, 1987 as Khanna and Roy Heavy Engineering Private Limited, under the Companies Act, 1956.

The name was changed to Isibars Private Limited on May 9, 1991. Further Isibars Private Limited changed to Isibars Limited on November 29, 1991.Fresh Certificate of Incorporation upon change of name from Isibars Limited to subject was issued on October 22, 2007.The Company is involved in the business of steel.

OPERATIONS

During the year under review the Company has achieved a sales turnover of Rs. 6710.201 millions as against a turnover of Rs. 7930.017 millions in the previous year. The Operating Profit before Finance costs and Depreciation amounted to Rs.130.465 millions (previous year Rs.176.521 millions). The loss for the year stood Rs.125.738 millions as against Rs.108.106 millions in the previous year.

EXPORTS

During the period in report, the Company participated in various International trade fairs and was able to reach out to new and established customers. The entire product line of the Company continues to be well accepted by the quality conscious markets. Other than indirect exports, channeled through Traders and other finishing line manufacturers, during the year, the Company directly earned equivalent to Rs.114.870 millions on exports made on FOB basis compared to exports of Rs.5.767 millions in the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS

OUTLOOK

The increasing demand in the past and the sudden demand slowdown in the end-user industries globally have resulted in the oversupply of steel, ultimately leading to the depressed steel prices. Steel prices are likely to remain under pressure due to a steady stream of imports. However, the per-capita steel consumption in India is very low as against global average. Further more developmental works are expected in the coming years which will boost the steel consumption to reach the level of average global apparent steel use, causing strong headroom for growth for Indian steel industry. The Company’s endeavor shall be to take advantage of growth opportunities in order to increase the stake holders’ values.

OPPORTUNITIES AND THREATS

The main competitive strength is high quality products, product innovation and technological development, efficiency, and skilled manpower. The challenges are linked to the cost and availability of inputs i.e raw materials, energy etc., and competition from other producers. The business mood is cautious yet quite buoyant. But there is a lot of hard work required since the going is tough.

Opportunities:

· Re-instated integrated facility accredited with quality and ISO certifications.

· All downstream and upstream product lines are consolidated.

· Acceptance of the Company products in quality-conscious markets

· Export potential in traditionally overlooked markets.

· Impending Exit from Corporate Debt Restructuring.

Threats:

· Cautious economic scenario.

· Sharp increase in electricity and other fuel costs.

· High cost of existing working capital finance.

· Weak price trends, coupled with slower demand growth.

• Volatile rupee.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10501459	13/05/2014	200,000,000.00	DOMBIVLI NAGARI SAHAKARI BANK LIMITED	5/8, SAMBHAVA CHAMBERS, SIR P.M. ROAD,, FORT, MUMBAI, Maharashtra - 400001, INDIA	C05906466
2	10511552	10/05/2014	200,000,000.00	DOMBIVLI NAGARI SAHAKARI BANK LIMITED	5/8, SAMBHAVA CHAMBERS, SIR P.M. ROAD,, FORT, Mumbai, Maharashtra - 400001, INDIA	C14029094
3	10377586	03/09/2012	366,800,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT,, M  UMBAI, Maharashtra - 400021, INDIA	B58492943
4	80065429	01/10/2012 *	30,000,000.00	General Insurance Corporation of India	Suraksha,170 J Tata Road,, Churchgate, Mumbai, Maharashtra - 400020, INDIA	B62604186
5	80061920	10/09/1997 *	34,850,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LTD.	163, BACKBAY RECLAMATION, , MUMBAI, Maharashtra -  400020, INDIA	-
6	80027594	28/03/2007 *	395,800,000.00	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar(West), Mumbai, Maharashrta 400028, MUMBAI, Maharashtra - 400028, INDIA	A15370638
7	80026955	17/02/2007 *	96,000,000.00	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar (West), Mumbai, Maharashrta 400028, MUMBAI, Maharashtra - 400028, INDIA	A13323209
8	80049078	31/01/2008 *	122,500,000.00	BANK OF BARODA	OVERSEAS BRANCH,, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	A49293897
9	80049079	31/01/2008 *	122,500,000.00	BANK OF BARODA	OVERSEAS BRANCH,, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	A49293962
10	80049080	31/01/2008 *	122,500,000.00	BANK OF BARODA	OVERSEAS BRANCH,, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	A49294051

* Date of charge modification

FIXED ASSETS

• Land
• Factory Buildings
• Plant and Machinery
• Data Processing Equipment
• Motor Vehicles
• Office Equipment
• Furniture and Fixtures

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.61.69
UK Pound	1	Rs.93.41
Euro	1	Rs.71.33

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.