MIRA INFORM REPORT

Report No. :	329947
Report Date :	03.07.2015

IDENTIFICATION DETAILS

Name :	USHDEV INTERNATIONAL LIMITED

Registered Office :	New Harileela House, 6^th Floor, Mint Road, Mumbai – 400001, Maharashtra
Tel. No.:	91-22-22672450 / 60

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	18.05.1994

Com. Reg. No.:	11-078468

Capital Investment / Paid-up Capital :	Rs.338.494 Million

CIN No.: [Company Identification No.]	L40102MH1994PLC078468

TAN No.: [Tax Deduction & Collection Account No.]	MUMU03616E

PAN No.: [Permanent Account No.]	AAACU1672R

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

Line of Business :	Manufacturer, Trader, Exporter and Importer of Metals and Metal Trading Ferrous and Non Ferrous Metal and also Power Generation by Windmills.

No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 25000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an established company incorporated during the year 1994. It is engaged in the business of manufacturing, trading and exporting of metals and metal training ferrous and non ferrous metal and also power generation by windmills. It has a fine track record. For the financial year ended 2015, the company has healthy operational performance and it has significant growth in its sales turnover along with an average increase in profitability margin. Further, in reference with balance sheet, the company has strong financial risk profile marked with average networth position of the company along with good gap between trade receivables to its payables. Trade relations are reported as fair. Business is active. Payment terms are regular and as per commitment. In view of long history of business operations, 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	CARE
Rating	BBB + (Long Term Bank Facilities)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	1^st August, 2014

Rating Agency Name	CARE
Rating	A3+ (Short Term Bank Facilities)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	1^st August, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Ms. Nisha
Designation :	Finance Department
Contact No.:	91-22-61948888
Date :	01.07.2015

LOCATIONS

Registered Office :	New Harileela House, 6^th Floor, Mint Road, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-22672450 / 60
Fax No.:	Not Available
E-Mail :	ushdev@vsnl.net dgmfin1@ushdev.com pg@ushdev.com
Website :	http://www.ushdev.com
Location :	Owned

Corporate Office / Branch:	6^th Floor, Apeejay House, 130, Mumbai Samachar Marg, Fort, Mumbai – 400006, Maharashtra, India
Tel. No.:	91-22-22672450 / 60 / 66368888 / 61948888
Fax No.:	91-22-22671931 / 22821416

Factory 1 :	Chinnapthur Village, Taluka Dharapuram, Periyaa District, Tamilnadu, India

Factory 2 :	Gundikere Village, Halalkere Taluka, Chitradurga District, Karnataka, India

Factory 3 :	Bhu Village, Kita Village, Jaisalmer District, Rajasthan, India

Factory 4 :	Hadmatiya Village, Taluka Kalyanpur, Jamnagar District, Gujarat, India

Factory 5 :	Methan Village, Taluka Jamjodhpur, Jamnagar District, Gujarat, India

Factory 6 :	Andipatti Taluka, Thane District, Tamilnadu, India

Factory 7 :	Village Khabalwadi, Taluka Koregaon, District Satara, Maharashtra, India

DIRECTORS

AS ON 31.03.2014

Name :	Ms. Suman Gupta
Designation :	Chairperson and Non-Executive Director

Name :	Mr. Prateek Gupta
Designation :	Vice Chairman and Non-Executive Director

Name :	Mr. Arvind Prasad
Designation :	Managing Director

Name :	Mr. Ashwin Rathi
Designation :	Managing Director and Group CFO
Date of Birth/Age :	46 Years
Qualification :	M.B.A (Finance)
Experience :	More than 20 years
Date of Appointment :	29.01.2013

Name :	Mr. Narayan Hegde
Designation :	Independent and Non-Executive Director
Date of Birth/Age :	17.06.1947
Qualification :	M. Sc. (Agriculture), M.S. (Horticulture), Ph.D.
Experience :	Mr. Narayan Hedge has wide experience in the field of wastelands development and environmental science. He has also pursued a PG Certificate in Program for Management in Agriculture and is currently serving on the Board of Directors of Companies in different industry sector, he is also a rural development expert.
Date of Appointment :	29.04.2006

Name :	Mr. Vinay Kamat
Designation :	Independent and Non-Executive Director

Name :	Mr. Suresh Lakhiani
Designation :	Independent and Non-Executive Director

Name :	Mr. Vijay Kumar Gupta
Designation :	Independent and Non-Executive Director

KEY EXECUTIVES

Name :	Ms. Nisha
Designation :	Finance Department

SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6931326	20.48
Bodies Corporate	3067170	9.06
Sub Total	9998496	29.54
(2) Foreign
Bodies Corporate	6765952	19.99
Sub Total	6765952	19.99
Total shareholding of Promoter and Promoter Group (A)	16764448	49.53

(B) Public Shareholding
(1) Institutions
Central Government / State Government(s)	20000	0.06
Foreign Institutional Investors	6179291	18.26
Sub Total	6199291	18.31
(2) Non-Institutions
Bodies Corporate	1352890	4.00
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	180710	0.53
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4784902	14.14
Any Others (Specify)	4567159	13.49
Clearing Members	1650440	4.88
Non Resident Indians	2916719	8.62
Sub Total	10885661	32.16
Total Public shareholding (B)	17084952	50.47

Total (A)+(B)	33849400	100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00

Total (A)+(B)+(C)	33849400	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of Metals and Metal Trading Ferrous and Non Ferrous Metal and also Power Generation by Windmills.

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Ferrous and Non Ferrous Metal
Products :	USA Asian Countries Europe
Countries :

Imports :
Products :	Ferrous and Non Ferrous Metal
Countries :	China Japan Korea Germany

Terms :
Selling :	Cash, Cheque and Credit (60 days / 90 days)

Purchasing :	Cash, Cheque and Credit (60 days / 90 days)

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Retailers, End Users and Manufacturer

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

No. of Employees :

150 (Approximately)

Bankers :

State Bank of India
ICICI Bank Limited
IDBI Bank Limited
Indian Overseas Bank
Oriental bank of commerce
State Bank of Mysore
State Bank of Bikaner and Jaipur
State Bank of Travancore
Dena Bank Limited
UCO Bank Limited
Central Bank of India
Canara Bank
Andhra Bank
Bank of Baroda

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Term Loans from Banks	NA	479.397
Short Term Borrowings
Cash Credits	NA	2867.115
Buyers Credit	NA	9434.879
Total	NA	12781.391

NOTE :

Long Term Borrowings

Terms of Repayments:

Name of Bank

Nature of Loan

Mode of Repayment

Interest Type

EMI Amount

Rs. In Million

Date of Maturity

Security

Canara Bank

Term Loan

Repayable in 39 quarterly instalments

Floating Rate

9.000

2020-2021

Windmill at Tamilnadu and personal guarantee of Directors and Promoters

State Bank of Travancore

Term Loan

Repayable in 39 quarterly instalments

Floating Rate

10.000

2019-2020

Windmill at Maharashtra and personal guarantee of Directors and Promoters

Short Term Borrowings

Terms of Repayments:

Name of Bank	Nature of Loan	Repayment	Interest Type	Security
Central Bank of India	Cash Credit, Packing Credit Foreign Currency and Buyer’s Credit	Sanction for a period of one year and renewal on yearly basis	Rate of Interest is linked to base rate/BPLR	First charge by way of hypothecation of entrire current asset and certain fixed assets of the company present and future on pari passu basis with the consortuim bankers in addition to the collateral security offered. Assets including stock, receivables and fixed deposits.
State Bank of Bikaner and Jaipur
State Bank of India
State Bank of Travancore
State Bank of Mysore
Dena Bank
ICICI Bank
IDBI Bank
Oriental Bank of Commerce
Indian Overseas Bank
UCO Bank

Auditors :
Name :	M. P. Chitale and Company Chartered Accountants
Address :	Hamam House, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India
E-Mail :	office@mpchitale.com

Solicitors :
Name :	Desai and Diwanji
Address :	Lentin Chambers, Dalal Street, Fort, Mumbai – 400001, Maharashtra, India
Tel No.:	91-22-22651682/ 39841000
Fax No.:	91-22-22658245
E-Mail :	vydesai@desaidiwanji.com

Subsidiaries [AS ON 31.03.2014] :	Maa Jai Jyotawali Steels Private Limited Hobli Property Management Private Limited

Investment in erstwhile Subsidiaries [AS ON 31.03.2014] :	UIL Hongkong Limited UIL Singapore Pte Limited

Enterprises under common control and Enterprises in which Key Management Personnel and their relatives are able to exercise significant influence (Other Related Parties) [AS ON 31.03.2014]:	Enshrine Property Management Private Limited G G Trading Private Limited Hurricane Wind farms Private Limited Montex Trading Private Limited P G Mercantile Private Limited Ushdev Power Holdings Private Limited Ushdev Wind Park Private Limited Ushdev MG Wind farms Private Limited UD Industrial Holding Pte Limited Ushdev Mercantile Private Limited Ushdev Trade Limited Ushdev Commercial Services Private Limited Ushdev Securities Limited Typhoon Wind farms Private Limited Suzlon Engitech Limited Ushdev Engitech TN Private Limited Shree Shyam Exim Vijay Gupta (HUF)

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.338.494 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

35000000	Equity Shares	Rs.10/- each	Rs.350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

33849400	Equity Shares	Rs.10/- each	Rs.338.494 Million

Reconciliation of the number of shares

Equity Shares	Number of Shares
Outstanding at the beginning of the year	33849400
Addition during the year	--
Matured during the year	--
Outstanding at the end of the year	33849400

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Natasha Gupta	3619600	10.7%
Ushdev Commercial Services Private Limited	3875000	11.4%
Suman Gupta	5125426	15.1%
Vijay Gupta (HUF)	--	--
Chhaya Ilesh Gadhia	1800000	5.3%
Oxley Securities No.2 Pte Limited	4423600	13.1%

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	338.494	338.494	338.494
(b) Reserves & Surplus	8241.756	6232.137	5277.019
(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)	8580.250	6570.631	5615.513

(3) Non-Current Liabilities
(a) long-term borrowings	412.867	479.397	932.478
(b) Deferred tax liabilities (Net)	0.000	2.370	1.484
(c) Other long term liabilities	632.942	659.867	370.464
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1045.809	1141.634	1304.426

(4) Current Liabilities
(a) Short term borrowings	24564.655	12301.995	10755.714
(b) Trade payables	15457.791	9894.916	6792.974
(c) Other current liabilities	1838.867	1138.512	449.376
(d) Short-term provisions	86.171	130.463	71.105
Total Current Liabilities (4)	41947.484	23465.886	18069.169

TOTAL	51573.543	31178.151	24989.108

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1256.905	1247.383	1332.787
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	135.008	160.449	1298.868
(c) Deferred tax assets (net)	23.221	0.000	0.000
(d) Long-term Loan and Advances	632.517	294.974	256.962
(e) Other Non-current assets	2055.025	734.007	692.313
Total Non-Current Assets	4102.676	2436.813	3580.930

(2) Current assets
(a) Current investments	458.514	1182.427	0.000
(b) Inventories	1262.108	0.000	546.403
(c) Trade receivables	28670.001	20514.139	13370.481
(d) Cash and cash equivalents	13448.448	3654.878	3439.522
(e) Short-term loans and advances	2816.590	3179.939	3863.117
(f) Other current assets	815.206	209.955	188.655
Total Current Assets	47470.867	28741.338	21408.178

TOTAL	51573.543	31178.151	24989.108

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	87916.905	62168.325	52574.645
		Other Income	683.366	538.239	272.839
		TOTAL (A)	88600.271	62706.564	52847.484

Less	EXPENSES
		Purchases of Stock-in-trade	84775.506	58645.139	50570.966
		Change in inventories of Stock-in-trade	(1262.108)	546.403	(541.415)
		Employee Benefits Expenses	135.918	55.698	24.799
		Other Expenses	1258.475	632.582	444.186
		Exceptional Items	(744.996)	0.000	0.000
		TOTAL (B)	84162.795	59879.822	50498.536

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4437.476	2826.742	2348.948

Less	FINANCIAL EXPENSES (D)		1614.662	1306.036	1278.395

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2822.814	1520.706	1070.553

Less/ Add	DEPRECIATION/ AMORTISATION (F)		72.809	86.038	87.627

	PROFIT BEFORE TAX (E-F) (G)		2750.005	1434.668	982.926

Less	TAX (H)		715.121	396.386	187.428

	PROFIT AFTER TAX (G-H) (I)		2034.884	1038.282	795.498

	EARNINGS IN FOREIGN CURRENCY
		Sale of Steel	NA	31416.014	31425.346

	Earnings Per Share (Rs.)
	Basic		60.12	30.67	27.03
	Diluted		60.09	30.67	23.50

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

77.000

83.556

Cash generated from operations

1965.544

4322.633

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.31	1.67	1.51

Operating Profit Margin (PBIDT/Sales)	(%)	5.05	4.55	4.47

Return on Total Assets (PBT/Total Assets}	(%)	5.35	4.63	4.15

Return on Investment (ROI) (PBT/Networth)		0.32	0.22	0.18

Debt Equity Ratio (Total Debt/Networth)		2.91	1.95	2.08

Current Ratio (Current Asset/Current Liability)		1.13	1.22	1.18

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.348.20/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	338.494	338.494	338.494
Reserves & Surplus	5277.019	6232.137	8241.756
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5615.513	6570.631	8580.250

long-term borrowings	932.478	479.397	412.867
Short term borrowings	10755.714	12301.995	24564.655
Total borrowings	11688.192	12781.392	24977.522
Debt/Equity ratio	2.081	1.945	2.911

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	52574.645	62168.325	87916.905
		18.248	41.418

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	52574.645	62168.325	87916.905
Profit	795.498	1038.282	2034.884
	1.51%	1.67%	2.31%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)

PARTICULARS

31.03.2015

Rs. In Million

31.03.2014

Rs. In Million

Corporate Guarantees issued by the Company

13557.681

PERFORMANCE DURING THE YEAR [AS ON 31.03.2014]

POWER SECTOR

The Company has its windmills in five states i.e. Tamilnadu, Rajasthan, Karnataka, Gujarat and Maharashtra. The Details of the Company Project are as below

Date of Installation	Location	No. of WEG’s	Installed Capacity	Investments Rs in Million
29.03.2005	Tamilnadu 2	2	1.60 MW	80.747
29.03.2006	Rajasthan	3	2.40 MW	117.848
29.03.2006	Karnataka	2	1.60 MW	78.565
30.03.2007	Gujarat 1	2	1.60 MW	74.000
10.07.2007	Gujarat 2	4	3.20 MW	148.000
26.09.2009	Tamilnadu 3	6	9.90 MW	609.000
27.11.2010	Maharashtra	4	8.00 MW	490.000
Total		23	28.30 MW	1598.160

STEEL SECTOR

The Company’s emphasis on core competencies has paid off multifold’s. The Company has been successful in increasing its market share in the steel sector, thus in turn has been successful in increasing its presence in this sector. This has resulted in an increase in top line income by 45.90%.

MANAGEMENT DISCUSSION AND ANALYSIS [AS ON 31.03.2014]

FORWARD LOOKING STATEMENTS [AS ON 31.03.2014]

This section contains forward-looking statements, which may be identified by their use of words, like ‘plans’, ‘expects’, ‘wills’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’, or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the company’s strategy for growth, product development, market position, expenditures and financial results are forward-looking statements. Forward-Looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions are accurate or will be realized. The Company’s actual results, performance or achievements could thus differ materially from those projected in any such forward looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

INDUSTRY STRUCTURE AND DEVELOPMENT [AS ON 31.03.2014]

The Industry is on a growth path in terms of capacities and global consumption with global demand and supply growing in tandem.

OUTLOOK [AS ON 31.03.2014]

The Company is well respected in both aforesaid sectors i.e. Steel and Power generation. A detailed expansion is on an anvil especially in the Power generation sector to increase power generating capacity’s year on the most competitive terms.

SUBSIDIARY COMPANIES [AS ON 31.03.2014]

At the beginning of the financial year 2013-14, the Company had four subsidiaries viz. UIL (Singapore) Pte. Limited, UIL Hong Kong Limited, Maa Jai Jyotawali Steel Private Limited and Hobli Property Management Private Limited.

The Company had two wholly owned foreign subsidiaries viz. UIL (Singapore) Pte Limited and UIL Hong Kong Limited. However, the Company had vide Postal Ballot Notice dated January 30, 2014 passed the resolution for sale of the aforesaid subsidiaries to UD Trading Group Holding Pte Limited or its nominess in whole or in tranches. The said resolution was passed by the members on March 19, 2014. As on date the shareholding of the Company has been diluted in UIL (Singapore) Pte Limited and UIL Hong Kong Limited and therefore, they are no longer subsidiaries of the Company.

As on 31st March, 2014, the Company has following two subsidiaries:

i. Maa Jai Jyotawali Steel Private Limited

ii. Hobli Property Management Private Limited

In terms of Section 212(a) of the Companies Act, 1956, the Central Government, Ministry of Corporate Affairs vide its General Circular 2/2011 dated 8th February, 2011 has granted a general exemption to the Company from the requirement of attaching to its annual report, the Balance Sheet, Profit and Loss Account and the report of the Directors and Auditors thereon of its subsidiary. Accordingly, the same is not attached to the Balance Sheet of the Company. Shareholders who wish to have a copy of annual accounts of subsidiary company may write to the Company Secretary at the corporate office of the Company.

INDEX OF CHARGE

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10558873	16/03/2015	1,500,000,000.00	STATE BANK OF HYDERABAD	C-11 MITTAL TOWER, 210 NARIMAN POINT, MUMBAI, MAH ARASHTRA - 400021, INDIA	C48945182
2	10536263	12/12/2014	390,000,000.00	STATE BANK OF MYSORE	CORPORATE ACCOUNTS BRANCH, 224 -MITTAL COURT, C-W ING NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, I NDIA	C36776649
3	10503898	31/05/2014	500,000,000.00	IDBI BANK LIMITED	MITTAL COURT, NARIMAN POINT,, 224A, A WING, 2ND F LOOR, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021 , INDIA	C07158462
4	10504841	31/05/2014	1,500,000,000.00	BANK OF MAHARASHTRA	LOKMANGAL, 1501,, SHIVAJINAGAR, PUNE 411005, PUNE , MAHARASHTRA - 411005, INDIA	C08024432
5	10446851	05/09/2013	823,200,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 2ND FLOOR,, ALLAHABAD BANK BUILDING,37, MUMBAI SAMACHAR MARG,, MUMBAI, M AHARASHTRA - 400023, INDIA	B83941575
6	10259140	06/12/2010	365,000,000.00	STATE BANK OF TRAVANCORE	CORPORATE FINANCE BRANCH, 112-115, 1ST FLOOR,, WE ST WING, TULSIANI CHAMBERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B01976471
7	10252273	22/01/2015 *	24,044,100,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	C43531920
8	10252272	14/05/2013 *	14,642,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	B77015428
9	10251225	20/02/2014 *	20,495,800,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMB AI, MAHARASHTRA - 400005, INDIA	B97856009
10	10197575	06/01/2010 *	426,300,000.00	CANARA BANK	HABIBULLAH ROAD BRANCH, T. NAGAR, CHENNAI, TAMI L NADU - 600017, INDIA	A78766334

* Date of charge modification

FIXED ASSETS:

Freehold Land
Building
Leased Plant and Machinery
Office Premises
Plant and Machinery
Office Equipments
Computer Equipments
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.63.57
UK Pound	1	Rs.99.20
Euro	1	Rs.70.35

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	TRS

Report Prepared by :	SNT

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
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		54

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.

MIRA INFORM REPORT

Unit