MIRA INFORM REPORT

Report No. :	331503
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	GUJARAT ALKALIES AND CHEMICALS LIMITED
Registered Office :	P. O. Petrochemicals, District Vadodara – 391346, Gujarat
Tel. No.:	91-265-2232981
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	29.03.1973
Com. Reg. No.:	04-002247
Capital Investment / Paid-up Capital :	Rs. 734.400 Million
CIN No.: [Company Identification No.]	L24110GJ1973PLC002247
IEC No.:	0888007655
TAN No.: [Tax Deduction & Collection Account No.]	BRDG00596B
PAN No.: [Permanent Account No.]	AAACG8896M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Manufacturers and Sellers of Caustic Soda Lye and Caustic Potash Lye, Chlorine, Chloromethanes, Sodium Cyanide, Phosphoric Acid, Hydrogen Peroxide, etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Aa (76)

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 :	Excellent
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject was promoted in 1973 by Government of Gujarat through its industrial investment arm, Gujarat Industrial Corporation Limited. Subject is a well-established and a reputed company having excellent track record. Company share are presently trading at market value of Rs.165/- which was initially issued at face value of Rs.10/-. Overall financial positon of the company seems to be sound. Fundamentals are very strong and healthy. The ratings also takes into consideration strong support it received from its parent company. Trade relations are reported as fair. Business is active. Payment terms are reported as regular and as per commitment. The company can be considered for business dealing at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AA+ (Long Term Rating)
Rating Explanation	High degree of safety and very low credit risk.
Date	September 05, 2014

Rating Agency Name	CARE
Rating	A1+ (Short Term Rating)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	September 05, 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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-265-2232981)

LOCATIONS

Registered Office / Factory 1 :	P. O. Petrochemicals, District Vadodara – 391346, Gujarat, India
Tel. No.:	91-265-2232681-82/2232981-82
Fax No.:	91-265-2232701/2272130/2273208
E-Mail :	general@gujaratalkalies.com gacl@guj1.gujarat.nic.in cosec@gacl.co.in
Website :	http://www.gujaratalkalies.com
Factory 2 :	P. O. Dahej, Taluka Vagra, District Bharuch - 392130, Gujarat, India
Tel. No.:	91-2641-256315-16-17/ 256235
Fax No.:	91-2641-256220
Overseas Market.:	Located at: v Australia v Chile v Indonesia v Mauritius v South Africa v Taiwan v U.K. v Bangladesh v China v Japan v Nepal v Singapore v Tanzania v Zimbabwe v Belgium, v Egypt v Kenya v Netherlands v Spain v Thailand v Brazil v Hong Kong v Malaysia v Philippines v Sri Lanka v UAE

DIRECTORS

AS ON 31.03.2014

Name :	Dr. Varesh Sinha, IAS
Designation :	Chairman
Name :	Dr. Hasmukh Adhia
Designation :	Director, IAS
Name :	Mr. D. J. Pandian
Designation :	Director, IAS
Name :	Mr. G. C. Murmu
Designation :	Director, IAS
Name :	Dr. Sukh Dev
Designation :	Director, IAS
Name :	Mr. J. N. Godbole
Designation :	Director, IAS
Name :	Mr. G. M. Yadwadkar
Designation :	Director (Upto 13.08.2013)
Name :	Mr. Ajoy Nath Jha
Designation :	Director (From 14.08.2013 to 18.03.2014)
Name :	Mr. M. S. Dagur
Designation :	Director, IAS (Upto 26.02.2014)
Name :	Mr. Atanu Chakraborty
Designation :	Managing Director, IAS (From 27.02.2014)

KEY EXECUTIVES

Name :	Mr. Sanjay S. Bhatt
Designation :	Company Secretary
Name :	Dr. H. B. Patel
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	21	0.00
Bodies Corporate	26867261	36.59
Financial Institutions / Banks	7119028	9.69
Sub Total	33986310	46.28
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	33986310	46.28
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1319429	1.80
Financial Institutions / Banks	15805	0.02
Insurance Companies	1459101	1.99
Foreign Institutional Investors	1875165	2.55
Any Others (Specify)	2571	0.00
Foreign Bank	2571	0.00
Sub Total	4672071	6.36
(2) Non-Institutions
Bodies Corporate	20606423	28.06
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	10497470	14.29
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3183989	4.34
Any Others (Specify)	490665	0.67
Non Resident Indians	411729	0.56
Societies	6905	0.01
Trusts	72031	0.10
Sub Total	34778547	47.36
Total Public shareholding (B)	39450618	53.72
Total (A)+(B)	73436928	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)	73436928	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Govt. of Gujarat	21	0.00	0.00
2	Gujarat Industrial Invest. Corpn. Limited	71,19,028	9.69	9.69
3	Gujarat State Investments Limited	1,53,29,373	20.87	20.87
4	Gujarat Mineral Development Corp. Limited	41,45,433	5.64	5.64
5	Gujarat Narmada Valley Fert. & Chem. Limited	17,59,996	2.40	2.40
6	Gujarat Industrial Development Corp.	28,97,740	3.95	3.95
7	Gujarat Maritime Board	27,34,719	3.72	3.72
	Total	3,39,86,310	46.28	46.28

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Lok Prakashan Limited	16075325	21.89	21.89
2	Gujarat State Fertilizers & Chem Limited	1655040	2.25	2.25
3	Shreyans Shantilal Shah	1375790	1.87	1.87
4	IDFC Sterling Equity Fund	1305000	1.78	1.78
5	Gujarat Industries Power Company Limited	1103360	1.50	1.50
6	General Insurance Corporation of India	801186	1.09	1.09
	Total	22315701	30.39	30.39

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Lok Prakashan Limited, Shreyans Shantilal Shah & Bahubali Shantilal Shah (PAC)	17582292	23.94	23.94
	Total	17582292	23.94	23.94

BUSINESS DETAILS

Line of Business :

Manufacturers and Sellers of Caustic Soda Lye and Caustic Potash Lye, Chlorine, Chloromethanes, Sodium Cyanide, Phosphoric Acid, Hydrogen Peroxide, etc.

Products :

Item Code No. (ITC Code)	Product Description
28151200	Sodium Hydroxide (Caustic Soda Lye)
28011000	Chlorine
28371100	Sodium Cyanide
29031200	Methylene Chloride
29031300	Chloroform / Trichloro Methane
29031400	Carbon Tetra Chloride

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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 :

Information declined by the management

Bankers :

• State Bank of India
• IDBI Bank Limited
• HDFC Bank Limited
• Central Bank of India
• AXIS Bank Limited
• UCO Bank
• Indian Bank

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loans from Banks :
External Commercial Borrowings from ICICI Bank*		798.867
External Commercial Borrowings from HDFC Bank **		718.980
Short-term borrowings
Loans repayable on demand from Banks #		40.985
Total	NA	1558.832
NOTES (AS ON 31.03.2014) LONG-TERM BORROWINGS * The Loan is secured by plant and machinery of 39 MW Wind Farm Project at Sinoi Site in Dist. : Kachchh, Gujarat. It has to repaid in 12 equal half yearly installments from 29.09.2011 and carries interest rate of LIBOR plus 2.95% p.a. ** The Loan is to be secured by plant and machinery of 20,000 MTA Sodium Chlorate Project at Dahej, Gujarat. It has to repaid in 10 equal half yearly installments from 14.08.2013 and carries interest rate of LIBOR plus 3.50% p.a. SHORT-TERM BORROWINGS # The Company has working capital facilities with various Banks carrying interest rate ranging from 10.40% to 15.00%. These facilities are secured by first charge by hypothecation of stocks and book debts and second charge over the immovable assets of the Company.

Banking Relations :
Auditors :
Name :	Messrs Prakash Chandra Jain and Company Chartered Accountants
Address :	Vadodara, Gujarat, India
Solicitors :
Name :	Messrs Amarchand and Mangaldas and Suresh A. Shroff and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Cost Auditors :
Name :	Messrs R K Patel and Company Cost Accountants
Address :	Vadodara, Gujarat, India
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 734.400 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs. 1000.000 Million
5000000	Redeemable Cumulative Preference Shares	Rs.100/- each	Rs. 500.000 Million
	TOTAL		Rs. 1500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73439875	Equity Shares	Rs.10/- each	Rs. 734.399 Million

Subscribed & Fully Paid-up Capital

No. of Shares	Type	Value	Amount
73436928	Equity Shares	Rs.10/- each	Rs. 734.369 Million

Subscribed & Not Fully Paid-up Capital

No. of Shares	Type	Value	Amount
2947	Equity Shares	Rs.5/- each	Rs. 0.015 Million

NOTES

Reconciliation of the number of equity shares

Particulars	2013-14
	NUMBER	(Rs. In Million)
Shares outstanding at the beginning of the period	7,34,36,928	734.384
Shares outstanding at the end of the period	7,34,36,928	734.384

Rights, preferences and restrictions attached to shares

The Company has one class of equity shares having a par value of Rs.10/- each. Each shareholder is eligible for one vote per one share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

List of shareholders holding more than 5% of total number of shares issued by the Company

Particulars	As at 31st March, 2014
	No. of shares held	% of shares held
Lok Prakashan Limited	1,60,75,325	21.89
Gujarat State Investment Limited.	1,53,29,373	20.87
Gujarat Industrial Investment Corporation Limited.	71,19,028	9.69
Gujarat Mineral Development Corporation Limited.	41,45,433	5.64

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	734.400	734.384	734.384
(b) Reserves & Surplus	20632.400	18902.896	17396.306
(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)	21366.800	19637.280	18130.690
(3) Non-Current Liabilities
(a) long-term borrowings	916.700	1517.897	1954.310
(b) Deferred tax liabilities (Net)	3165.700	3363.169	3347.119
(c) Other long term liabilities	0.000	219.525	178.144
(d) long-term provisions	553.400	414.853	427.535
Total Non-current Liabilities (3)	4635.800	5515.444	5907.108
(4) Current Liabilities
(a) Short term borrowings	32.300	40.985	152.181
(b) Trade payables	2309.700	961.393	858.185
(c) Other current liabilities	1119.800	868.891	879.013
(d) Short-term provisions	446.700	3358.403	3111.455
Total Current Liabilities (4)	3908.500	5229.672	5000.834
TOTAL	29911.100	30382.396	29038.632
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17231.800	16152.452	15052.920
(ii) Intangible Assets		0.000	0.000
(iii) Capital work-in-progress		1005.126	2591.175
(iv) Intangible assets under development		0.000	0.000
(b) Non-current Investments	1908.600	1797.208	1697.401
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2360.500	410.239	343.598
(e) Other Non-current assets	154.500	501.781	415.827
Total Non-Current Assets	21655.400	19866.806	20100.921
(2) Current assets
(a) Current investments	22.800	21.159	25.925
(b) Inventories	1863.100	1746.575	1521.451
(c) Trade receivables	3058.100	2988.313	2720.447
(d) Cash and cash equivalents	1870.100	2374.627	1519.431
(e) Short-term loans and advances	1256.500	3384.916	3150.457
(f) Other current assets	185.100	0.000	0.000
Total Current Assets	8255.700	10515.590	8937.711
TOTAL	29911.100	30382.396	29038.632

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	19481.200	18,960.630	18,146.035
	Other Income	489.500	302.716	187.026
	TOTAL (A)	19970.700	19263.346	18333.061
Less	EXPENSES
	Cost of Material Consumed	6755.700	7172.245	7,147.501
	Prior Period Items	0.000	1.779	1.386
	Other Exceptional Item	0.000	0.000	171.967
	Purchases of Stock-in-Trade	61.400	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	250.400	(44.676)	37.058
	Employees benefits expense	1669.900	1514.442	1,188.961
	Other expenses	469.800	6583.971	4,819.330
	Power, fuel and Other utilies	5746.800
	Other manufacturing and operative expenditure	1788.000
	TOTAL (B)	16742.000	15227.761	13366.203
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	3228.700	4035.585	4966.858
Less	FINANCIAL EXPENSES (D)	93.300	63.585	83.358
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3135.400	3972.000	4883.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)	980.600	1506.458	1515.202
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2154.800	2465.542	3368.298
Less	TAX (I)	(123.800)	615.282	1014.755
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	2278.600	1850.260	2353.543
	EARNINGS IN FOREIGN CURRENCY
	Export of Goods on FOB Basis	NA	2523.233	2258.952
	TOTAL EARNINGS	NA	2523.233	2258.952
	IMPORTS
	Raw Materials	NA	1509.974	1224.832
	Membranes for Remembraning	NA	21.979	29.043
	Stores and Spare Parts	NA	43.211	14.350
	Others	NA	0.008	2.057
	Capital Goods	NA	44.014	155.604
	TOTAL IMPORTS	NA	1619.186	1425.886
	Earnings / (Loss) Per Share (Rs.)	31.03	25.20	32.05

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	639.093	579.040
Cash Generated From Operations Before Tax	NA	3163.045	4944.594
Net Cash Flow From Operating Activities	NA	2364.483	4233.791

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	11.70	9.76	12.97
Operating Profit Margin (PBITD/Sales)	(%)	16.57	21.28	27.37
Return on Total Assets (PBT/Total Assets}	(%)	7.70	8.94	13.61
Return on Investment (ROI) (PBT/Networth)		0.10	0.13	0.19
Debt Equity Ratio (Total Debt /Networth)		0.04	0.11	0.15
Current Ratio (Current Asset/Current Liability)		2.11	2.01	1.79

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs.165/-

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	734.384	734.384	734.400
Reserves & Surplus	17396.306	18902.896	20632.400
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	18130.690	19637.280	21366.800
long-term borrowings	1954.310	1517.897	916.700
Short term borrowings	152.181	40.985	32.300
Total borrowings	2106.491	1558.882	949.000
Debt/Equity ratio	0.116	0.079	0.044

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	18146.035	18960.630	19481.200
		4.489	2.746

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	18146.035	18960.630	19481.200
Profit	2353.543	1850.260	2278.600
	12.97%	9.76%	11.70%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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)	No
16	No. of employees	No
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

STAMP NUMBER No. 3526 of 2006

Status : PENDING

CCIN No : 001087200603526

Last Listing Date:

10/07/2008

Coram

· HONOURABLE MR.JUSTICE D.A.MEHTA · HONOURABLE MS.JUSTICE HARSHA DEVANI

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER, CENTRAL EXCISE & CUSTOMS

MR PURVISH J MALKAN for: Petitioner(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

M/S. GUJARAT ALKALIES & CHEMICALS LTD.

MR HASIT DILIP DAVE for :Respondent(s) 1

Presented On

: 21/11/2006

Registered On

: 21/11/2006

Bench Category

: DIVISION BENCH

District

: VADODARA

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 1 times

StageName

: FOR ADMISSION TAXATION MATTERS

Act	CENTRAL EXCISES AND SALT ACT, 1944

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2006	VAKALATNAMA	MR HASIT DILIP DAVE ADVOCATE for RESPONDENT(s) 1	-	MR HASIT DILIP DAVE:1
2	15/08/2006	VAKALATNAMA	MR PURVISH J MALKAN ADVOCATE for PETITIONER(s) 1	-	MR PURVISH J MALKAN:1
3	21/11/2006	CERTIFIED COPY	MR PURVISH J MALKAN ADVOCATE for PETITIONER(s) 1	4	MR PURVISH J MALKAN:1
4	21/11/2006	MEMO OF PETITION/APPEAL/SUIT	MR PURVISH J MALKAN ADVOCATE for PETITIONER(s) 1	50	MR PURVISH J MALKAN:1
5	18/09/2007	VAKALATNAMA	MR HASIT DILIP DAVE ADVOCATE for RESPONDENT(s) 1	5	MR HASIT DILIP DAVE:1
Applications

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	CIVIL APPLICATION (OJ)/394/2006	DISPOSED	28/07/2008	DISMISSED @ ADM.STAGE · HONOURABLE MR.JUSTICE D.A.MEHTA · HONOURABLE MS.JUSTICE HARSHA DEVANI
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	10/07/2008	11	-	FOR ADMISSION TAXATION MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE D.A.MEHTA · HONOURABLE MS.JUSTICE HARSHA DEVANI

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Long term maturities of finance lease obligations	NA	0.050
Total	NA	0.050

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10435141	18/06/2013	1,142,000,000.00	3i Infotech Trusteeship Services Limited	3rd to 6th floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India	B78887585
2	10147712	03/11/2009 *	2,020,000,000.00	3i Infotech Trusteeship Services Limited	3rd to 6th floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, India	A72213622
3	80023708	19/05/2005	50,000,000.00	Industrial Development Bank Of India	Idbi Tower, Cuffe Parade Colaba, Mumbai, Maharashtra - 400005, India	-
4	90099964	19/05/2005 *	250,000,000.00	Indian Bank	Pro. Manekrao Road, Raopura, Vadodara, Gujarat - 390001, India	-
5	90099789	19/05/2005 *	100,000,000.00	UCO Bank Limited	Apsara Apartment, Pro. Manekrao Road;Dandia Bazar, Vadodara, Gujarat - 390001, India	-
6	90099774	19/05/2005 *	200,000,000.00	UTI Bank Limited.	Opp. G. E. B. Office, Near Pizza Hut; Race Course Circle (North), Vadodara, Gujarat - 390001, India	-
7	90099517	19/05/2005 *	170,000,000.00	HDFC Bank Limited.	Hdfc House, Near Mithakhali Six Road; Navrangpura, Ahmedabad, Gujarat - 380009, India	-
8	90102003	18/11/2003 *	175,000,000.00	Central Bank of India	Corporate Finance Branch, Race Couse Road, Vadodara, Gujarat - 390007, India	-
9	80023701	19/05/2005 *	805,000,000.00	State Bank of India	Gacl Project Site Branch, Po Petrochemicals, Vadodara, Gujarat - 391346, India	-

* Date of charge modification

FIXED ASSETS

• Freehold land
• Leasehold land
• Buildings
• Roads and Culverts
• Plant and Machinery
• Furniture
• Fixtures and equipments
• 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 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.63.38
UK Pound	1	Rs.97.65
Euro	1	Rs.70.43

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	SAN
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		76

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.