MIRA INFORM REPORT

Report No. :	304121
Report Date :	23.01.2015

IDENTIFICATION DETAILS

Name :	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED
Registered Office :	1, Dorf Ketal Tower, D' Monte Street, Orlem, Malad (West), Mumbai - 400064, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.05.1992
Com. Reg. No.:	11-066726
Capital Investment / Paid-up Capital :	Rs. 1502.995 Millions
CIN No.: [Company Identification No.]	U24100MH1992PTC066726
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMD04225E
PAN No.: [Permanent Account No.]	AAACD3819P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 1000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy market position in the process chemicals and specialty catalysts business supported by decent financial base and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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 A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	December 11, 2013

Rating Agency Name	CRISIL
Rating	Short term rating A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	December 11, 2013

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 / Marketing and Sales Department :	1, Dorf Ketal Tower, D’ Monte Street, Orlem, Malad (West), Mumbai – 400 064, Maharashtra, India
Tel. No.:	91-22-28880420/ 421/ 422/ 423/ 28833900/ 28828374/ 28833901
Fax No.:	91-22-28813655/ 28882366
E-Mail :	kajalm@dorfketal.co.in ashokrao@dorfketal.co.in vaspuja21@yahoo.in ueries.india@dorfketal.com vijaymalpani@dorfketal.co.in queries.india@dorfketal.com
Website :	http://www.dorfketal.com
Corporate Office :	11104 West Airport Suite 125, Stafford, TX 77477, USA
Tel. No.:	832-351-3492/351-3497
Fax No.:	832-351-3498
E-Mail :	ramaswamy@dorfketalusa.com
Factory 1 :	W-165, MIDC, Taloja Chemical Zone, Taluka Panvel, District Raigad, Maharashtra, India
Factory 2:	Plot Survey No. 141, Near Water Treatment Plants of HPSEZ, Mundra, Kutch -370 421, Gujarat, India
Factory 3:	100 Percent Eou S.N.no. 130/1, Jayantibhai Desai Marg, Village Dadra, Silvassa Dadra Nagar and Haveli 396191
Overseas Offices :	Located at: · Brazil · Netherlands · USA · Kingdom of Bahrain · China · Singapore

DIRECTORS

As on 30.09.2014

Name :

Mr. Sudhir Vijayaraghav Menon

Designation :

Chairman and Managing director

Address :

501, Swapna Lok, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

27.06.1963

Qualification :

Chemical Engg., LLB, MBA

Date of Appointment :

09.07.1995

PAN No.:

AAJPM4604R

DIN No.:

02487658

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	U24100MH1992PTC066726	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED	Managing director	09/07/1995	09/07/1995	-	Active	NO
2	U24119MH1988PTC046283	SUDHA ORGANICS PRIVATE LIMITED	Managing director	06/08/1997	06/08/1997	-	Active	NO
3	U29196MH1984PTC033331	PERFECT SCALES CO PVT LTD	Managing director	10/02/1999	10/02/1999	-	Active	NO
4	U15540MH2005PTC153849	FOBEOZ INDIA PRIVATE LIMITED	Managing director	08/06/2005	08/06/2005	-	Active	NO
5	U24249MH2005PTC158039	BEETA FLAVOUR AND CHEMICALS INDIA PRIVATE LIMITED	Managing director	14/12/2005	14/12/2005	-	Strike off	NO
6	U55101MH2007PTC170292	La Jawaab Foods Private Limited	Managing director	25/04/2007	25/04/2007	-	Active	NO
7	U24233GJ2010PTC077267	DORF KETAL SPECIALITY CATALYST PRIVATE LIMITED	Director	01/01/2010	01/01/2010	-	Active	NO

Name :

Mr. Subodh Vijayaraghava Menon

Designation :

Director

Address :

301, Pankaj De’monte Street, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

08.08.1971

Qualification :

B. Sc.

Date of Appointment :

12.05.1992

PAN No.:

AAAPM6916D

DIN No.:

00972842

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	U24100MH1992PTC066726	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED	Director	12/05/1992	12/05/1992	-	Active	NO
2	U24119MH1988PTC046283	SUDHA ORGANICS PRIVATE LIMITED	Director	06/08/1997	06/08/1997	-	Active	NO
3	U29196MH1984PTC033331	PERFECT SCALES CO PVT LTD	Director	10/02/1999	10/02/1999	-	Active	NO
4	U15540MH2005PTC153849	FOBEOZ INDIA PRIVATE LIMITED	Director	08/06/2005	08/06/2005	-	Active	NO
5	U24249MH2005PTC158039	BEETA FLAVOUR AND CHEMICALS INDIA PRIVATE LIMITED	Director	14/12/2005	14/12/2005	-	Strike off	NO
6	U55101MH2007PTC170292	La Jawaab Foods Private Limited	Director	25/04/2007	25/04/2007	-	Active	NO
7	U45400MH2007PTC169683	ANKUR REALTY PRIVATE LIMITED	Director	09/05/2008	09/05/2008	15/11/2009	Active	NO
8	U24233GJ2010PTC077267	DORF KETAL SPECIALITY CATALYST PRIVATE LIMITED	Director	01/01/2010	01/01/2010	-	Active	NO

Name :

Mr. Perumangode Neelkandhan Ramaswamy

Designation :

Director

Address :

501, Sand Pebble Off, Veeradesai Road, 3^rd Azad Lane, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

22.12.1970

Date of Appointment :

12.05.1992

PAN No.:

AAAPR4696R

DIN No.:

02480775

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	U24100MH1992PTC066726	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED	Director	12/05/1992	12/05/1992	-	Active	NO
2	U15540MH2005PTC153849	FOBEOZ INDIA PRIVATE LIMITED	Director	08/06/2005	08/06/2005	-	Active	NO

Name :

Mr. Aniparambil Vijayaraghava Menon

Designation :

Director

Address :

203, Swing Building, Opposite Nutun School, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

23.07.1932

Date of Appointment :

26.02.1996

PAN No.:

AADPM5584B

DIN No.:

00019770

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	U24100MH1992PTC066726	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED	Director	26/02/1996	26/02/1996	-	Active	NO
2	L24230MH1990PLC059299	BDH INDUSTRIES LIMITED	Additional director	17/09/2014	24/01/2005	-	Active	NO

Name :

Mrs. Padmaja Vijayraghavan Menon

Designation :

Director

Address :

203, Swing Building, Opposite Nutun School, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

01.06.1940

Date of Appointment :

12.05.1992

PAN No.:

AMIPM8138M

DIN No.:

02501009

Name :

Mr. Mahesh Subramanyya Subramaniyam

Designation :

Director

Address :

1001, Orchid, hiranandani Meadows, Gladya Alwares Marg, Off. Pokhran Road 2, Thane (West), Thane – 400610, Maharashtra, India

Date of Birth/Age :

16.09.1968

Date of Appointment :

31.03.2003

PAN No.:

AKJPS5615A

DIN No.:

02507158

Name :

Mr. Pramod Menon

Designation :

Director

Address :

701, 7^th Floor, Sand Pebble Off, Veeradesai Road, 3^rd Azad Lane, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

04.01.1967

Date of Appointment :

01.04.2007

PAN No.:

AAHPM718P

DIN No.:

02529703

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	U24100MH1992PTC066726	DORF-KETAL CHEMICALS INDIA PRIVATE LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO
2	U29196MH1984PTC033331	PERFECT SCALES CO PVT LTD	Additional director	04/03/2013	04/03/2013	-	Active	NO
3	U24119MH1988PTC046283	SUDHA ORGANICS PRIVATE LIMITED	Additional director	04/03/2013	04/03/2013	-	Active	NO
4	U24249MH2005PTC158039	BEETA FLAVOUR AND CHEMICALS INDIA PRIVATE LIMITED	Additional director	02/05/2013	02/05/2013	-	Strike off	NO

Name :

Mr. George Mciver Brannon

Designation :

Director

Address :

10405 Manly Chapel Hill, North Carolina-275178391, United States of America

Date of Birth/Age :

13.10.1951

Date of Appointment :

01.04.2010

DIN No.:

03033411

Name :

Mr. Matthew Harrison Knight

Designation :

Director

Address :

18, Maentel Drive, West Chester, PA USA 19382

Date of Birth/Age :

10.07.1956

Date of Appointment :

23.12.2011

DIN No.:

05164222

Name :

Mr. Akhilesh Bramhaprakash Bhargava

Designation :

Director

Address :

101, Gautam Parag Society, Lewis Wadi, Thane West – 400604, Maharashtra, India

Date of Birth/Age :

25.08.1956

Date of Appointment :

23.01.2012

DIN No.:

005164222

KEY EXECUTIVES

Name :	Ms. Kajal Jayant Mehta
Designation :	Secretary
Address :	B/304, Jayshree Apartment Padma Nagar, Chiku Wadi, Borivali (West), Mumbai – 400091, Maharashtra, India
Date of Birth/Age :	09.03.1987
Date of Appointment :	01.12.2012
PAN No.:	ATYPM4574C

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Sudhir Menon	9787118
Subodh Menon	4998059
P N Ramaswamy	26235
Aniparambil Menon	4000
Padamaja Menon	2040
Mahesh Subramanium	2500
Sudhir Menon HUF	209000
Pramod Menon	1000
Total	15029952

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemicals.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS = 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 :

· State Bank of India, IFB, Natraj Building, 102, 1st Floor, 194, Sir M V Road Western Express Highway, Andheri (East), Mumbai - 400069, Maharashtra, India

· ABN Amro Bank N.V., 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

· Central Bank of Iondia, Kanbivli Branch, 192 A S Viveknanad Road, Mumbai – 400067, Maharashtra, India

· Barclays Bank Plc, 801/808, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loan from banks	146.071	16.038
SHORT TERM BORROWING
Foreign currency term loan from banks	417.093	420.090
Total	563.164	436.128

Auditors :
Name :	S.S. Gajja and Company Chartered Accountants
Address :	9, Raj Mahal, Mathuradas Vissanji Road, Andheri (East), Mumbai – 400069, Maharashtra, India
PAN No. :	AAAFS4063K
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company :	· Perfect Scales Company Private Limited [U29196MH1984PTC033331] · Sudha Organics Private Limited [U24119MH1988PTC046283] · Dorf Ketal Chemicals, LLC, USA · Dorf Ketal Chemicals B.V · Dorf Ketal Ltda, Brazil · Dorf Ketal AG, Switzerland · Dorf Ketal Speciality Catalyst Private Limited [U24233MH2010PTC198273] · DKSC LLC · Dorf Ketal B.V. (Netherlands) · Dorf Ketal Chemical AG · Dorf Ketal FZE · Dorf Ketal Chemicals (M) Sdn · Dorf Ketal Chemicals Pte Ltimited
Associate / Join Ventures :	· Beeta Flavour and Chemicals India Private Limited · Fobeoz India Private Limited [U15540MH2005PTC153849] · Octel Dorf Ketal (India) Private Limited [U24299MH2001PTC133208]

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15500000	Equity Shares	Rs.100/- each	Rs. 1550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15029952	Equity Shares	Rs.100/- each	Rs. 1502.995 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	1502.995	1186.846	842.131
(b) Reserves & Surplus	2058.228	1116.908	943.364
(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)	3561.223	2303.754	1785.495
(3) Non-Current Liabilities
(a) long-term borrowings	156.805	655.025	859.358
(b) Deferred tax liabilities (Net)	167.410	151.518	133.828
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	324.215	806.543	993.186
(4) Current Liabilities
(a) Short term borrowings	1048.160	995.125	881.485
(b) Trade payables	806.985	647.521	353.936
(c) Other current liabilities	112.965	238.001	191.352
(d) Short-term provisions	76.285	177.988	411.303
Total Current Liabilities (4)	2044.395	2058.635	1838.076
TOTAL	5929.833	5168.932	4616.757
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1176.885	1076.974	903.894
(ii) Intangible Assets	179.531	209.713	235.493
(iii) Capital work-in-progress	15.522	13.814	78.900
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	462.306	402.078	400.298
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	607.927	921.536	456.589
(e) Other Non-current assets	3.430	2.916	1.912
Total Non-Current Assets	2445.601	2627.031	2077.086
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	539.856	524.063	432.569
(c) Trade receivables	2511.838	1695.104	1799.082
(d) Cash and cash equivalents	136.311	147.377	205.473
(e) Short-term loans and advances	296.227	155.255	94.346
(f) Other current assets	0.000	20.102	8.201
Total Current Assets	3484.232	2541.901	2539.671
TOTAL	5929.833	5168.932	4616.757

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL (A)	5519.400	4923.000	4113.300
Less	TOTAL EXPENSES (B)	4987.800	4367.500	3585.900
Add	Dividend and Other Income	53.800	54.900	36.800
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	585.400	610.400	564.200
Less	FINANCIAL EXPENSES (D)	200.600	256.600	242.300
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	384.800	353.800	321.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)	108.100	111.000	97.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	276.700	242.800	224.900
Less	TAX (I)	75.500	69.300	58.500
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	201.200	173.500	166.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	1084.800	911.300	744.900
	Balance Carried to the B/S (J+K+L-M)	1286.000	1084.800	911.300
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	2387.604	46.022
	TOTAL EARNINGS	0.000	2387.604	46.022
	Earnings / (Loss) Per Share (Rs.)	13.39	11.54	11.07

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Total Income)	(%)	3.65	3.52	4.05
Operating Profit Margin (PBDIT / Total Income)	(%)	10.61	12.40	13.72
Return on Total Assets (PBT/Total Assets}	(%)	5.08	5.11	5.44
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.13
Debt Equity Ratio (Total Debt /Networth)		0.34	0.72	0.97
Current Ratio (Current Asset/Current Liability)		1.70	1.23	1.38

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	842.131	1186.846	1502.995
Reserves & Surplus	943.364	1116.908	2058.228
Net worth	1785.495	2303.754	3561.223
long-term borrowings	859.358	655.025	156.805
Short term borrowings	881.485	995.125	1048.160
Total borrowings	1740.843	1650.150	1204.965
Debt/Equity ratio	0.975	0.716	0.338

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)
Total Income	4113.300	4923.000	5519.400
		19.685	12.115

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	4113.300	4923.000	5519.400
Profit	166.400	173.500	201.200
	4.05%	3.52%	3.65%

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 LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related parties	10.734	638.987
SHORT TERM BORROWING
Working capital loans from banks	631.067	575.035
Total	641.801	1214.022

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10426538	30/04/2013	3,228,000.00	STATE BANK OF INDIA	IFB, Natraj Building, 102, 1st Floor, 194,, Sir M V Road Western Express Highway, Andheri (E),, Mumbai, Maharashtra - 400069, INDIA	B75420760
2	10406786	18/02/2013	240,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra - 400051, INDIA	B69096329
3	10398009	28/12/2012	837,000.00	STATE BANK OF INDIA	IFB, Natraj Building, 102, 1st Floor, 194,, Sir M V Road Western Express Highway, Andheri (E),, Mumbai, Maharashtra - 400069, INDIA	B66226267
4	10398007	28/12/2012	1,040,000.00	STATE BANK OF INDIA	IFB, Natraj Building, 102, 1st Floor, 194,, Sir M V Road Western Express Highway, Andheri (E),, Mumbai, Maharashtra - 400069, INDIA	B66226200
5	90154378	25/04/2013 *	1,341,700,000.00	STATE BANK OF INDIA	IFB, Natraj Building, 102, 1st Floor, 194,, Sir M V Road Western Express Highway, Andheri (E),, Mumbai, Maharashtra - 400069, INDIA	B74577735

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Office building

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Goodwill

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.93.32
Euro	1	Rs.71.49

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.