MIRA INFORM REPORT

Report No. :	331338
Report Date :	13.07.2015

IDENTIFICATION DETAILS

Name :	ELECTROSTEEL STEELS LIMITED (w.e.f. 05.05.2010)

Formerly Known As :	ELECTROSTEEL INTEGRATED LIMITED

Registered Office :	801, Uma Shanti Apartments, Kanke Road, Ranchi – 834 008, Jharkhand

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	20.12.2006

Com. Reg. No.:	03-012663

Capital Investment / Paid-up Capital :	Rs.24092.350 Million

CIN No.: [Company Identification No.]	L27310JH2006PLC012663

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCE6875H

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

Line of Business :	Manufacturer and Exporter of Steel Products

No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 31200000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company incorporated during the year 2006. It has a moderate track record. For the financial year 2015, the company weak financial risk profile marked by continuous losses incurred, however, it has decent sales volume. Further rating is constrain on account of modest networth position and huge borrowings taken by the company, also, the company has low share prices listed on stock exchange. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. In view of moderate financial risk profile, the company can be considered for business dealings with caution.

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	Long term Bank Facilities = B
Rating Explanation	High risk of default regarding payments
Date	07.07.2014

Rating Agency Name	CARE
Rating	Short term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	07.07.2014

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 :	Mr. R. L. Gupta
Designation :	General Manager in Finance and Accounts
Contact No.:	91-33-22839990

LOCATIONS

Registered Office :	801, Uma Shanti Apartments, Kanke Road, Ranchi – 834 008, Jharkhand, India
Tel. No.:	91-651-2231636
Fax No.:	91-651-2231636
E-Mail :	vikram.saraogi@electrosteel.com eil.investors@electrosteel.com rlgupta@electrosteel.com anubhavn@electrosteel.com
Website :	http://www.electrosteel.com
Area :	1000 Sq. ft.
Location :	Rented

Head Office :	G.K. Tower, 2^nd and 3^rd Floor, 19, Camac Street, Kolkata – 700 017, West Bengal, India
Tel. No.:	91-33-22839990
Fax No.:	91-33-22902882/ 22894339
Area :	10000 Sq. ft.
Location :	Rented

Factory / Project Site :	Village Siyljori, P.O.: Jogidih, PS: Chandankyari, District Bokaro – 828 303, Jharkhand, India
E-Mail :	ardhendhus.kahali@electrosteel.com

Warehouse :	78/186, Khasra No. 78, Plot No 186, Village Bakoli, Gt Road, Delhi, India

Branch Offices :	Located At Patna Bokaro Guwahati Bhubaneswar Kolkata

DIRECTORS

As on 31.03.2014

Name :	Mr. Umang Kejriwal
Designation :	Director

Name :	Mr. Naresh Pachisia
Designation :	Director

Name :	Mr. Lalit Kumar Singhi
Designation :	Director

Name :	Mr. Jinendra Kumar Jain
Designation :	Director

Name :	Mr. Sunil V. Diwakar
Designation :	Director

Name :	Mr. Amrendra Prasad Verma
Designation :	Director

Name :	Mr. Lawrence M. Roy
Designation :	Director

Name :	Mr. Ramashankar Singh
Designation :	Whole Time Director

KEY EXECUTIVES

Name :	Mr. Vikram Saraogi
Designation :	Company Secretary

Name :	Mr. R. L. Gupta
Designation :	General Manager in Finance and Accounts

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
Bodies Corporate	1089800000	45.23
Sub Total	1089800000	45.23
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1089800000	45.23

(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	8489224	0.35
Financial Institutions / Banks	1332514	0.06
Venture Capital Funds	15305000	0.64
Foreign Institutional Investors	10798227	0.45
Sub Total	35924965	1.49
(2) Non-Institutions
Bodies Corporate	315964700	13.11
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	68071276	2.83
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	177635492	7.37
Any Others (Specify)	721838590	29.96
Trusts	21523690	0.89
Non Resident Indians	4542004	0.19
Foreign Corporate Bodies	218742306	9.08
Clearing Members	833513	0.03
Foreign Company / Collaborator	476197077	19.77
Sub Total	1283510058	53.27

Total Public shareholding (B)	1319435023	54.77

Total (A)+(B)	2409235023	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)	2409235023	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Steel Products

Products :

Product Description	Item Code No.:
Iron and Steel in Primary / Semi Finished Goods	3301
Coke Oven Products	3180
Ferro Alloys	3320

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Steel Products

Countries :

Bangladesh
Nepal
Sri Lanka

Imports :

Products :

Raw Material

Countries :

China
Indonesia
Australia

Terms :

Selling :

Cash, Advance Payment and Credit (30 and 60 Days)

Purchasing :

Cash, Advance Payment and Credit (30 and 60 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Rumta Mines Private Limited, Mumbai
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	Hugavi Alloy Steel Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Reference :	Navraj Enterprises Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1500 (Approximately)

Bankers :

State Bank of India
Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Corporation Bank
Dena Bank
HUDCO ICICI Bank Limited
IL&FS Financial Services Limited
Indian Bank
Indian Overseas Bank
LIC of India
Oriental Bank of Commerce
Punjab Sind Bank
Punjab National Bank
State Bank of Hyderabad
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
Syndicate Bank
Jammu and Kashmir Bank Limited
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank
SREI Insfrastructure Finance Limited

Facilities :

(Rs. In Million)

Secured Loan	As on 31.03.2015	As on 31.03.2014
Long Term Borrowing
From Banks
Restructured Term Loan	NA	62229.472
Additional Term Loan	NA	6326.600
Funded Interest Term Loan (FITL)	NA	7225.124
Senior Debts	NA	0.000
Subordinate Debts	NA	0.000
External Commercial Borrowings (ECB)	NA	0.000
Securitization Loan	NA	0.000
Capacity Enhancement Loan	NA	0.000
From Others
Restructured Term Loan	NA	6837.768
Funded Interest Term Loan (FITL)	NA	657.154
Senior Debts	NA	0.000
Subordinate Debts	NA	0.000
Securitization Loan	NA	0.000

Short Term Borrowing
Working Capital facility from a Bank i	NA	133.831
Buyers Credit	NA	12.027
Total	NA	83421.976

NOTE :

LONG-TERM BORROWINGS

During the year, the Company was referred by the lenders to the Corporate Debt Restructuring (CDR) Cell. The CDREmpowered Group (CDR EG) Cell vide its Letter of Approval dated 28 September 2013 has approved a package to Zestructure/reschedule the Company's Debt and provide additional facilities. The Master Restructuring Agreement has been executed between the Company and the concerned lenders on 20 January 2014. The borrowings from non-CDR lenders (viz. HUDCO, IL & FS and SREI, appearing under the head 'From Others') have also been restructured bilaterally in line with CDR guidelines subject to certain modifications.

Security

1) The entire facilities from CDR lenders and a non-CDR lender (HUDCO) are secured by:

(a) first ranking pari passu charge by way of mortgage/hypothecation of all immovable and movable properties (including fixed assets, plant & machinery, tools & accessories etc.), current assets (including book debts), present and future and assignment over all of Company's bank accounts;

(b) pledge of 866,750,000 equity shares of the Company held by Electrosteel Castings Ltd. ('ECL') being the Promoter Company;

(d) pledge of 32,675,270 equity shares of ECL held by 2 of its promoter group companies;

(e) personal guarantee of Mr. Umang Kejriwal and Ms. Radha Kinkari Kejriwal (Sr. Executive).

2) The facility from a non-CDR lender (SREI) is secured by:

(a) second ranking pari passu charge by way of hypothecation of all movable assets (including receivables and intangibles), present and future;

(b) second charge on all rights, titles and interest in all assets of the Project, letter of credit/guarantee/performance bond provided in respect of the Project and all Project documents, Contracts, Insurance Policies etc.

3) The facility from another non-CDR lender (IL & FS) is secured by

(a) second ranking pari passu charge by way of mortgage/hypothecation of all assets mentioned in 1(a) above;

(b) pledge of shares as mentioned in 1(b) to 1(d) above ranking subservient to the pledge already created in favour of lenders;

B. Repayment terms

a) The Restructured Term Loan, Additional Term Loan and FITL from all lenders (except a non-CDR lender) are repayable in 29 quarterly instalments commencing from December 2015 and ending on December 2022 in a stepped up manner as follows:

Year	Term Loan due for repayment (%)
Year	Restructured FITL Term Loan	Additional Term Loan	FITL
2015-16	5.00%	6.00%	8.00%
2016-17	8.00%	12.50%	13.00%
2017-18	12.00%	12.50%	13.00%
2018-19	12.00%	12.50%	14.00%
2019-20	15.00%	14.00%	14.00%
2020-21	16.00%	14.00%	14.00%
2021-22	17.00%	15.00%	15.00%
2022-23	15.00%	13.00%	9.00%
TOTAL	100.00%	100.00%	100.00%

b) Repayment terms of a non-CDR lender (SREI):

i) The Restructured Term Loan (Rs. 35,000.00 lacs) is repayable in 16 quarterly instalments commencing from April 2016 and ending on January 2020 in a stepped up manner as follows:

Year	Term Loan due for repayment (%)
2016-17	10.00%
2017-18	20.00%
2018-19	30.00%
2019-20	40.00%
TOTAL	100.00%

ii) The Restructured Term Loan (Rs. 7,186.00 lacs) is repayable on or before 15th March 2016.

iii) The FITL is repayable in 19 equal quarterly instalments commencing from July 2015 and ending on January 2020.

B. The applicable rate of interest on the above term loans during the year are –

a) Restructured Term Loan and FITL from all lenders carries interest @ 10.75% p.a.

b) Additional Term Loan from all lenders carries interest @ 11.00% p.a.

c) Buyers' Credit carries interest rate at LIBOR plus spread being 0.50% to 1.25%.

SHORT-TERM BORROWINGS

Working Capital facility from a Bank & Buyers' Credit is secured as in Note 4(A)(1) above. The facility carries interest rate of

11.00% p.a.


Statutory Auditors :
Name :	B. Chhawchharia and Company Chartered Accountants
Address :	Kolkata, West Bengal, India

Cost Auditors :	S.G. and Associates Cost Accountants

Memberships :	Not Available

Collaborators :	Not Available

Enterprises where KMP/ relatives of KMP have significant influence or control :	Asian Informatics Private Limited Avalokiteshwar Valinv Limited Badrinath Industries Limited Bose Estates Private Limited Calcutta Diagnostics Centre Private Limited Cubbon Marketing Private Limited Electrosteel Aviation Limited Electrosteel Thermal Coal Limited Electrosteel Thermal Power Limited Ellenbarrie Chemical Allied Private Limited Ellenbarrie Developers Private Limited Escal Finance Services Limited Electrocast Sales India Limited Gaushree Enterprises G. K. Investments Limited G. K. and Sons Private Limited Jhilmil Traders Private Limited Lanco Industries Limited Malay Commercial Enterprises Limited Murari Investment and Trading Company Limited North Dhadhu Mining Company Private Limited Oxford Heights Private Limited Quinline Dealcomm Private Limited Rama Mining Consultants Private Limited Resina Developers Private Limited Sigma Commercials Private Limited Sri Gopal Investments Ventures Limited Sree Khemisati Construction Private Limited Tulsi Highrise Private Limited Tulip Enclave Private Limited Uttam Commercial Company Limited Wilcox Merchants Private Limited

Other related parties :	Electrosteel Castings Limited Electrosteel Europe SA Electrosteel Algeria SPA Electrosteel Brasil Limited A Tubos E Conexoes Duteis Electrosteel Castings (UK) Limited Electrosteel Castings Gulf Fze Electrosteel Doha for Trading LLC Electrosteel Trading S.A. Spain Electrosteel USA LLC Mahadev Vyapaar Private Limited Singardo International PTE Limited Waterfab LLC

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

Issued, Subscribed & Paid-up Capital :Rs.24092.350 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

4500000000	Equity Shares	Rs.10/- each	Rs.45000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

2186735023	Equity Shares	Rs.10/- each	Rs.21867.350 Million

The Company has only one class of shares referred to as Equity Shares having face value of Rs. 10. Each holder of Equity Shares is entiled to one vote per share. In the event of liquidation, the equity sharesholders are eligible to receive in proportion to their shareholding the remaining assets of the Company, after distribution of the preferential amount.

Share Capital Reconciliation

Equity shares	As at 31^st March, 2014
Equity shares	No. of Shares	Amount (Rs. in Million)
Opening balance	2186735023	21867.350
Issued during the period	----	-----
Closing Balance	2186735023	21867.350

Particulars of Equity Shareholders holding more than 5% Shares at Balance Sheet date

Name of Shareholders	As at 31^st March, 2014
Name of Shareholders	No. of Shares	% Holding
Electrosteel Castings Limited	866750000	39.66%
Stemcor Cast Iron Investments Limited	400909646	18.33%

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	24092.350	21867.350	21867.350
(b) Reserves & Surplus	(13163.957)	(6871.630)	(3960.313)
(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)	10928.393	14995.720	17907.037

(3) Non-Current Liabilities
(a) Long-term borrowings	88972.410	83276.118	56491.476
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6.947	6.947	4648.677
(d) Long-term provisions	43.376	27.888	21.539
Total Non-current Liabilities (3)	89022.733	83310.953	61161.692

(4) Current Liabilities
(a) Short term borrowings	6041.989	145.858	2331.292
(b) Trade payables	2470.660	2706.411	2068.272
(c) Other current liabilities	25430.903	12843.283	19135.231
(d) Short-term provisions	17.276	8.288	7.854
Total Current Liabilities (4)	33960.828	15703.840	23542.649

TOTAL	133911.954	114010.513	102611.378

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	114682.415	37279.366	14425.275
(ii) Intangible Assets	0.000	51.788	53.561
(iii) Capital work-in-progress	0.000	67597.070	81704.990
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1635.660	1046.499	1579.706
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	116318.075	105974.723	97763.532

(2) Current assets
(a) Current investments	400.777	1762.170	0.000
(b) Inventories	8190.232	3661.749	2259.336
(c) Trade receivables	1448.869	220.220	58.577
(d) Cash and cash equivalents	2532.588	691.757	925.110
(e) Short-term loans and advances	1239.821	1678.568	1511.229
(f) Other current assets	3781.592	21.326	93.594
Total Current Assets	17593.879	8035.790	4847.846

TOTAL	133911.954	114010.513	102611.378

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations (Net)	18312.407	5132.219	1631.101
		Other Income	156.049	69.257	9.339
		TOTAL (A)	18468.456	5201.476	1640.440

Less	EXPENSES
		Cost of Materials Consumed	14805.738	4686.877	1888.650
		Purchase Stock In Trade	586.180	0.000	0.000
		Changes in Inventories of Finished Goods, Work-in-Progress	(2071.824)	(479.813)	(79.932)
		Employee Benefits Expense	447.322	139.473	100.472
		Other expenses	4415.531	1316.567	573.483
		Exceptional Items	0.000	0.000	22.952
		TOTAL (B)	18182.947	5663.104	2505.625

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		285.509	(461.628)	(865.185)

Less	FINANCIAL EXPENSES (D)		4517.313	1773.141	1344.111

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(4231.804)	(2234.769)	(2209.296)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		2008.509	676.431	590.687

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(6240.313)	(2911.200)	(2799.983)

Less	TAX (H)		0.110	0.117	0.142

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(6240.423)	(2911.317)	(2800.125)

	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	NA	145.963	20.248
	TOTAL EARNINGS		NA	145.963	20.248

	IMPORTS
		Raw Materials	NA	3183.126	2060.485
		Stores & Spare Parts	NA	0.608	1.445
		Capital Goods	NA	286.343	871.783
	TOTAL IMPORTS		NA	3470.077	2933.713

	Earnings/ (Loss) Per Share (Rs.)		(2.68)	(1.33)	(1.32)

CURRENT MATURITIES OF LONG TERM BORROWINGS DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term borrowings	NA	472.300	12678.441
Cash generated from operations	NA	NA	NA
Cash generated from / (used in) operations	NA	(317.089)	652.483

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(34.08)	(56.73)	(171.67)

Operating Profit Margin (PBIDT/Sales)	(%)	1.56	(8.99)	(53.04)

Return on Total Assets (PBT/Total Assets}	(%)	(4.66)	(6.27)	(13.39)

Return on Investment (ROI) (PBT/Networth)		(0.57)	(0.19)	(0.16)

Debt Equity Ratio (Total Debt /Networth)		8.69	5.56	3.28

Current Ratio (Current Asset/Current Liability)		0.52	0.51	0.21

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.3.91/-

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	21867.350	21867.350	24092.350
Reserves & Surplus	(3960.313)	(6871.630)	(13163.957)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	17907.037	14995.720	10928.393

long-term borrowings	56491.476	83276.118	88972.410
Short term borrowings	2331.292	145.858	6041.989
Total borrowings	58822.768	83421.976	95014.399
Debt/Equity ratio	3.285	5.563	8.694

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	1631.101	5132.219	18312.407
		214.648	256.813

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	1631.101	5132.219	18312.407
Profit\Loss	(2800.125)	(2911.317)	(6240.423)
	(171.67%)	(56.73%)	(34.08%)

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	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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
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

UNSECURED LOAN

(Rs. In Million)

Particular	As on 31.03.2015	As on 31.03.2014
Short Term Borrowing
Inter Corporate Loan	NA	0.000
Total	NA	0.000

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. in Million	31.03.2014 (Rs. in Million
Show cause notice from Central Excise Authorities alleging wrong availment of Cenvat credit	NA	538256
Bills Discounted with Bank Sales Tax litigation	NA	114.208
Civil and criminal proceedings pending against the Company, the financial liability thereof, if any, is unascertainable.	NA	46.609
Income Tax & TDS	NA	1.453
Right of Recompense of Lenders as per CDR Guidelines	NA	1796.100
Show Cause Notice from SEBI	NA	10.000
Civil and criminal proceedings pending against the Company, the financial liability thereof, if any, is unascertainable.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10547664	31/03/2015 *	400,000,000.00	L&T FINCORP LIMITED	L & T HOUSE, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C50674753
2	10493325	20/12/2014 *	195,400,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	C40520397
3	10487072	20/12/2014 *	2,986,800,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	C39272919
4	10484687	20/12/2014 *	102,593,800,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	C37665163
5	10324558	26/12/2011	5,000,000,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA,86C,TOPSIA ROAD (SOUTH),, KOLKATA, WES T BENGAL - 700046, INDIA	B28352359
6	10261324	30/03/2013 *	8,650,000,000.00	STATE BANK OF INDIA	RELIANCE HOUSE, 34 J L NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B71995393

* Date of charge modification

FIXED ASSETS

Freehold Land
Leasehold Land
Buildings
Plant and Equipment
Furniture and Fixtures
Vehicles
Office Equipment
Railway Sidings
Computer Software

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. 63.38
UK Pound	1	Rs. 97.65
Euro	1	Rs. 70.43

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	TRS

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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

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