MIRA INFORM REPORT

Report No. :	331676
Report Date :	13.07.2015

IDENTIFICATION DETAILS

Name :	MUKAND LIMITED (w.e.f. 23.03.1989)
Formerly Known As :	MUKAND IRON AND STEEL WORKS LIMITED
Registered Office :	Bajaj Bhawan, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai – 400021, Maharashtra
Tel No.:	91-22-6121666
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	29.11.1937
Com. Reg. No.:	11-002726
Capital Investment / Paid-up Capital :	Rs. 1470.437 Million
CIN No.: [Company Identification No.]	L99999MH1937PLC002726
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19254E
PAN No.: [Permanent Account No.]	AAACM5008R
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Alloy Steel and Stainless Steel Long Products that feed into the Auto Components, Engineering, Defence and Fastners Industries.
No. of Employees :	1978 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (43)

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

Maximum Credit Limit :	USD 61000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject was established in the year 1937 and it is manufacturer of alloy steel and stainless steel long products that feed into the auto components, engineering, defense and fasteners industries. Subject is a well- established company having satisfactory track record. For the financial' year ended 2015, company possesses sound operational performance and it has reported profit during a year under a review. Rating also takes into account of long history business establishment supported by sound financial base and favorable gap between trade payables to its receivables. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of sound operational performance, the company can be considered for business dealings at usual trade terms and condition.

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	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. K. S. Narula
Designation :	Chief Accounts and Finance Manager
Contact No.:	91-22-21727500
Date :	11.07.2015

LOCATIONS

Registered Office :	Bajaj Bhawan, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-61216666/ 61216629
Fax No.:	91-22-22021174
E-Mail :	investors_cell@mukand.com kjmallya@mukand.com mukandop@bom3.vsnl.net.in co.secretary@mukand.com info@mukand.com
Website :	http://www.mukand.com
Factory 1 :	Thane-Belapur Road, Dighe, Kalwe, Thane – 400605, Maharashtra, India
Tel. No.:	91-22-21727500/ 7700
Fax No.:	91-22-25348179
Factory 2 :	Ginigera, Karnataka – 583228, India
Branch Offices :	Located at : · Bangalore · Chennai · Delhi · Kolkata · Visakhapatnam

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Nirajkumar Ramkrishnaji Bajaj
Designation :	Chairman and Managing Director
Address :	Mount Unique, 13th Floor, 62 Peddar Road, Mumbai – 400026, Maharashtra, India
Date Of Birth/Age :	10.10.1954
Qualification :	B.Com., M.B.A. (Harvard Business School)
Experience :	33 Years
Date Of Appointment :	03.07.1989
DIN No. :	00028261
Name :	Mr. Rajesh Viren Shah
Designation :	Co-Chairman and Managing Director
Address :	7 Janaki Kutir, Juhu Tara Road, Juhu, Mumbai – 400049, Maharashtra, India
Date Of Birth/Age :	01.10.1951
Qualification :	M.A.(Cambridge), M.B.A.(California), P.M.D.(Harvard Business School)
Experience :	37 Years
Date Of Appointment :	03.07.1989
DIN No. :	00033371
Name :	Mr. Suketu Viren Shah
Designation :	Managing Director
Address :	A/52 Darshan Apartments, Mount Pleasant Road, Malabar Hill, Mumbai – 400006, Maharashtra, India
Qualification :	B.Com.(Hons.),M.B.A (Harvard Business School)
Experience :	32 Years
Date Of Birth/Age :	04.12.1954
Date Of Appointment :	03.07.1989
DIN No. :	00033407
Name :	Mr. Dhirajlal Shantilal Mehta
Designation :	Director
Address :	301/302 Goragandhi Apartments, 3 Laburnam Road, Gamdevi, Mumbai – 400007, Maharashtra, India
Date Of Birth/Age :	27.04.1936
Date Of Appointment :	22.07.1976
DIN No. :	00038366
Name :	Mr. Vinod Sakarchand Shah
Designation :	Director
Address :	11 Om Surya Vihar Co Op Housing Society Ltd, Road No 25 – B, Sion Matunga Scheme No 6, Mumbai – 400022, Maharashtra, India
Date Of Birth/Age :	07.11.1930
Date Of Appointment :	03.07.1989
DIN No. :	00033327
Name :	Dr. N P Jain, IFS (Retd.)
Designation :	Director
Name :	Mr. Narendra J Shah
Designation :	Director
Name :	Mr. N C Sharma
Designation :	Director
Name :	Mr. Prakash V Mehta
Designation :	Director
Name :	Mr. Pradip P Shah
Designation :	Director
Name :	Mr. Amit Yadav
Designation :	Director

KEY EXECUTIVES

Name :	K J Mallya
Designation :	Company Secretary
MANAGEMENT TEAM
Corporate :	· Niraj Bajaj Chairman and Managing Director · Rajesh V Shah Co-Chairman and Managing Director · Suketu V Shah Joint Managing Director · S B Jhaveri Chief Financial Officer
Steel Division :	· A M Kulkarni Chief Executive (Steel Plant, Thane) · R Sampath Kumar Upto May 2, 2014 Chief Executive (Steel Plant, Ginigera) · B K Tiwari With effect from May 3, 2014 Chief Operating Officer (Steel Plant, Ginigera) · C H Sharma Technical Advisor, Steel · Sidharth Shah Chief of Materials Management · V M Mashruwala Chief of Marketing (Alloy and Stainless Steel) · Virendra K Mital Business Development Director
Industrial Machinery Division :	R Jagannathan Chief Executive
Name :	Mr. K. S. Narula
Designation :	Chief Accounts and Finance Manager

SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	37320648	26.39
Bodies Corporate	63717305	45.06
Sub Total	101037953	71.45
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	101037953	71.45
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6007	0.00
Financial Institutions / Banks	114429	0.08
Insurance Companies	7246338	5.12
Foreign Institutional Investors	30963	0.02
Sub Total	7397737	5.23
(2) Non-Institutions
Bodies Corporate	9806591	6.94
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	10347004	7.32
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	9417373	6.66
Any Others (Specify)	3399203	2.40
Clearing Members	66997	0.05
Non Resident Indians	639151	0.45
Trusts	2693055	1.90
Sub Total	32970171	23.32
Total Public shareholding (B)	40367908	28.55
Total (A)+(B)	141405861	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)	141405861	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Alloy Steel and Stainless Steel Long Products that feed into the Auto Components, Engineering, Defence and Fastners Industries.
Products :	Alloy Steel Stainless Steel
Brand Names :	Not Available
Agencies Held :	Not Available
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 :

1978 (Approximately)

Bankers :

· Central Bank of India

· Union Bank of India

· Housing Development Finance Corporation Limited

· Export Import Bank of India

· Dena Bank

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Debentures	NA	0.000
Term Loans : - from Banks	NA	1009.000
- from Financial Institutions	NA	1531.900
- from Others	NA	639.500
SHORT TERM BORROWINGS
Working Capital Loans from Banks	NA	6510.500
Total	NA	9690.900
SHORT TERM BORROWINGS – SECURED (AS ON 31.03.2014) Working Capital Facilities (a) Working Capital Facilities from the Banks and other non-funded facilities are secured by hypothecation of stocks (excluding machinery spares) and book debts. The said facilities are also secured by way of second and subservient pari passu charge against the same assets as given to Trustees for Debentures. The said charge shall be second and subservient to all other first charges created in favour of Trustees for all the series of Debentures and Lenders for their term loans (b) Company has defaulted in repayment of current maturity of Long Term Debt to lenders to the extent of Rs.130.400 Million (Previous year Rs.315.900 Million) which has been paid after close of the year.

Banking Relations :	--
Financial Institution :	Bajaj Finance Limited
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Subsidiaries (AS ON 31.03.2014):	· Mukand Global Finance Limited (MGFL) · Mukand International Limited (MIL) · Vidyavihar Containers Limited (VCL) · Mukand Vijayanagar Steel Limited (MVSL) · Mukand International FZE (MIFZE) · Mukand Sumi Metal Processing Limited (MSMPL) w.e.f. 29.10.2012
Other related parties where control exists (AS ON 31.03.2014):	· Mukand Engineers Limited (MEL) · Bombay Forgings Limited (BFL) · Stainless India Limited (SIL) · Hospet Steels Limited (HSL)
Joint Ventures (AS ON 31.03.2014):	Mukand Vini Mineral Limited (MVML)
Other related parties where significant influence exists or where the related party has significant influence on the Company (AS ON 31.03.2014):	· Kalyani Mukand Limited · Lineage Investments Limited (upto 29.03.2013) · Catalyst Finance Limited (upto 29.03.2013) · Econium Investments and Finance Limited (upto 29.03.2013) · Fusion Investments and Financial Services Limited (upto 29.03.2013) · Primus Investments and Finance Limited (upto 29.03.2013) · Conquest Investments and Finance Limited (upto 29.03.2013) · Jamnalal Sons Private Limited (JSPL) · Adonis Laboratories Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital: Rs. 1470.437 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
153000000	Equity Shares	Rs. 10/- each	Rs. 1530.000 Million
7000000	Preference Shares	Rs. 10/- each	Rs. 70.000 Million
	Total		Rs. 1600.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
146273934*	Equity Shares	Rs. 10/- each	Rs. 1462.700 Million
5626320	Preference Shares	Rs. 10/- each	Rs. 56.300 Million
	Total		Rs. 1519.000 Million

* includes 28,031 Equity Shares which have been kept in abeyance by the Stock Exchange Authorities

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
141405861	Equity Shares	Rs. 10/- each	Rs. 1414.100 Million
5626320	Preference Shares	Rs. 10/- each	Rs. 56.300 Million
	Add: Forfeited shares (amounts originally paid up)		Rs. 0.100 Million
	Total		Rs. 1470.500 Million

a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period.

Equity shares	31.03.2014
	Nos. in crore	Rs.in Million
At the beginning of the period	7.31	731.100
Add : issued during the period	6.83	683.000
Less : bought back during the year	--	--
Outstanding at the end of the period	14.14	1414.100

Preference shares (CRPS)	31.03.2014
	Nos. in crore	Rs.in Million
At the beginning of the period	0.56	56.300
Add : issued during the period	--	--
Less : bought back during the year	--	--
Outstanding at the end of the period	0.56	56.300

b. Terms / rights attached to equity shares

The Company has only one class of equity share having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees.

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.

During the year ended 31 March 2014, the amount of dividend per share recognized as distribution to equity shareholders was Rs. Nil (31 March 2013 : Rs. Nil). In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c. Terms of redemption of CRPS

Pursuant to the order of the Hon’ble High Court of Judicature at Bombay dated October 14, 2003, the Company had cancelled 22½ equity shares issued and unallotted and reduced 20% of the outstanding equity shares amounting to 56,26,320 equity shares. In lieu of cancelled shares, the Company has issued 56,26,320 0.01% Cumulative Redeemable Preference Shares of Rs.10/- each entitled for Cumulative Preference dividend of 0.01% p.a. and redeemable in five equal annual installments starting from September. 2019. In the event of liquidation of the Company before redemption, the holders of CRPS will have priority over equity shares in the payment of dividend and repayment of capital.

d. The Company does not have any holding company.

e. There are no bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date.

f. Details of shareholders holding more than 5% shares in the company

Equity Shares of Rs. 10/- each fully paid	31.03.2014
	Numbers	% holding in the class
Jamnalal Sons Private Limited	26295522	18.60
Life Insurance Corporation of India	7228076	5.11
Bajaj Holdings and Investments Limited	8113564	5.74
Jeewan Limited	4785369	3.38
Baroda Industries Private Limited	14326616	10.13
Niraj Bajaj	12887156	9.11
Rajesh V. Shah	7200842	5.09
Suketu V. Shah	7169018	5.07
CRPS of Rs. 10/- each fully paid
Life Insurance Corporation of India	595545	10.58
Jamnalal Sons Private Limited	474143	8.43

As per of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

g. There are no shares reserved for issue under options and contracts / commitments for sale of shares / disinvestment.

h. There are no unpaid calls from any Director and officer.

i. Utilization of the net proceeds of the rights Issue of equity shares:

The Allotment Committee of the Board of Directors of the Company allotted 68291732 equity shares under rights entitlement at a price of Rs.21.00 per share. Net proceeds received amounting to Rs.1434.100 Million have been utilized towards: i) payment of dues to secured lenders (Banks and Financial Institutions) Rs.700.000 Million and ii) working capital requirement (inventory) Rs.734.100 Million.

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	1470.437	1470.500	787.500
(b) Reserves & Surplus	19737.942	19849.700	20032.700
(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)	21208.379	21320.200	20820.200
(3) Non-Current Liabilities
(a) long-term borrowings	15015.838	11080.900	8567.200
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	40.000	138.600	120.300
(d) long-term provisions	393.102	356.800	300.500
Total Non-current Liabilities (3)	15448.940	11576.300	8988.000
(4) Current Liabilities
(a) Short term borrowings	8293.477	7876.400	8846.100
(b) Trade payables	9114.791	8502.400	6558.500
(c) Other current liabilities	4276.429	6470.300	6393.100
(d) Short-term provisions	58.141	42.900	29.100
Total Current Liabilities (4)	21742.838	22892.000	21826.800
TOTAL	58400.157	55788.500	51635.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24739.310	24857.000	24071.500
(ii) Intangible Assets		2.400	3.800
(iii) Capital work-in-progress		502.800	1461.000
(iv) Intangible assets under development		0.000	0.000
(b) Non-current Investments	2509.914	2509.900	2278.100
(c) Deferred tax assets (net)	453.222	421.500	82.400
(d) Long-term Loan and Advances	1063.298	1255.900	1124.900
(e) Other Non-current assets	482.809	482.800	482.800
Total Non-Current Assets	29248.553	30032.300	29504.500
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	14235.803	12351.700	10346.400
(c) Trade receivables	9864.957	9022.300	7923.100
(d) Cash and cash equivalents	798.727	848.900	748.000
(e) Short-term loans and advances	2409.164	1925.600	1664.200
(f) Other current assets	1842.953	1607.700	1448.800
Total Current Assets	29151.604	25756.200	22130.500
TOTAL	58400.157	55788.500	51635.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	28196.379	25395.800	21262.400
		Other Income	200.816	333.000	108.700
		TOTAL (A)	28397.195	25728.800	21371.100
Less	EXPENSES
		Cost of Materials Consumed	13842.304	13156.400	11212.400
		Purchases of Stock-in-Trade	15.830	289.700	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	-1373.183	(1758.300)	(611.300)
		Employees benefits expense	1590.123	1455.200	1365.300
		Other expenses	4248.199	10506.700	8324.900
		Expenditure transferred to Capital Accounts / Capital Work-in-Progress	--	(57.600)	(155.200)
		Exceptional Items	150.552	254.400	(1083.300)
		Stores, Spare, components tools etc consumed	4419.512	--	--
		Power and Fuel	1934.764	--	--
		Foreign Change Gain/ loss Net	137.206	--	--
		TOTAL (B)	24965.307	23846.500	19052.800
Less	PROFIT/ [LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3431.888	1882.300	2318.300
Less	FINANCIAL EXPENSES (D)		749.696	2438.900	2153.800
	PROFIT/ [LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2682.192	(556.600)	164.500
Less	DEPRECIATION/ AMORTISATION (F)		2660.879	670.400	641.500
	PROFIT/ [LOSS] BEFORE TAX (E-F) (G)		21.313	(1227.000)	(477.000)
Less	TAX (H)		5.506	(346.900)	(82.400)
	PROFIT/ [LOSS] AFTER TAX (G-H) (I)		15.807	(880.100)	(394.600)
	EARNINGS IN FOREIGN CURRENCY
		Exports (F.O.B. Value)	NA	1239.400	1518.300
		Dividend	NA	0.000	2.700
		Income from Engineering Contracts	NA	3.900	5.300
		Others (represents Management fees)	NA	1.800	1.600
	TOTAL EARNINGS		NA	1245.100	1527.900
	IMPORTS
		Raw Materials	NA	4356.000	2960.400
		Stores, Spare Parts, Components & Fuel	NA	613.600	391.800
		Goods for trade	NA	0.000	2.000
		Capital Goods	NA	70.400	249.700
	TOTAL IMPORTS		NA	5040.000	3603.900
	Earnings/ [Loss] Per Share (Rs.)		0.11	(11.54)	(5.40)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	4103.300	4191.500
Cash generated from operations	NA	NA	NA
Net Cash Inflow/(Outflow) from Operating Activities	NA	(262.200)	115.900

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
PAT / Total Income	(%)	0.06	(3.47)	(1.86)
Net Profit Margin (PBT/Sales)	(%)	12.17	7.41	10.90
Return on Total Assets (PBT/Total Assets}	(%)	0.04	(2.34)	(1.00)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.06)	(0.02)
Debt Equity Ratio (Total Debt/Networth)		1.10	1.08	1.04
Current Ratio (Current Asset/Current Liability)		1.34	1.13	1.01

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	787.500	1470.500	1470.437
Reserves & Surplus	20032.700	19849.700	19737.942
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	20820.200	21320.200	21208.379
long-term borrowings	8567.200	11080.900	15015.838
Short term borrowings	8846.100	7876.400	8293.477
Current maturities of long-term debts	4191.500	4103.300	0.000
Total borrowings	21604.800	23060.600	23309.315
Debt/Equity ratio	1.038	1.082	1.099

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	21262.400	25395.800	28196.379
		19.440	11.028

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	21262.400	25395.800	28196.379
Profit	(394.600)	(880.100)	15.807
	(1.86%)	(3.47%)	0.06%

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.38.95/-

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)	No
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	No
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 BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date: 20/02/2015

Lodging No: CEXAL/43/2015 Filing Date: 20/02/2015

Petitioner: Commissioner Of Central Excise Belapur Commissionerate. Respondent: Mukand Limited

District: MUMBAI

Bench: SINGLE

Status: Pre-Admission Category: CENTRAL EXCISE APPEAL (CEXA).

Last Date: 23/04/2015 Stage: FOR REJECTION [ORIGINAL SIDE MATTERS]

Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act: Central Excise & Salt Act

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10508672	16/06/2014	500,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, CHANDERMUKHI, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	C10371581
2	10494512	07/05/2014	150,000,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, MAHARASHTRA - 411035, INDIA	C04501391
3	10496277	03/05/2014	500,000,000.00	UNION BANK OF INDIA	UNION BANK BHAVAN, GROUND FLOOR, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	C04781167
4	10484101	27/02/2014	140,000,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE -411035, MAHARASHTRA, INDIA	C00155648
5	10442545	17/07/2013	750,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	B81895773
6	10396621	31/12/2012 *	500,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	B68239839
7	10389398	09/11/2012	80,000,000.00	WINRO COMMERCIAL (INDIA) LIMITED	209/210, ARCADIA BUILDING, 2ND FLOOR, PLOT NO. 195, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B62910583
8	10384912	22/10/2012	370,000,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA	B61470894
9	10379885	10/10/2012 *	500,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	B61366357
10	10352896	15/04/2012	250,000,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA	B38653804
11	10353101	15/04/2012	250,000,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA	B38654703
12	10345594	03/04/2012	250,000,000.00	BAJAJ FINANCE LIMITED	4TH FLOOR, BAJAJ FINSERV CORPORATE OFFICE, OFF. PUNE AHMEDNAGAR ROAD, VIMAN NAGAR, PUNE, MAHARASHTRA - 411014, INDIA	B36301315
13	10303605	01/08/2011	175,000,000.00	BAJAJ FINANCE LIMITED	4TH FLOOR, BAJAJ FINSERV CORPORATE OFFICE, OFF. PUNE AHMEDNAGAR ROAD, VIMAN NAGAR, PUNE, MAHARASHTRA - 411014, INDIA	B19338664
14	10273919	20/01/2014 *	800,000,000.00	EXPORT IMPORT BANK OF INDIA	21 FLOOR, CENTRE ONE BUILDING, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B94842358
15	10249773	23/10/2010	350,000,000.00	CORPORATION BANK	LARGE CORPORATE BRANCH, 301-302, EAGLES FLIGHT, SUREN ROAD, ANDHERI (E), MUMBAI, MAHARASHTRA - 400093, INDIA	A97753776
16	10193562	28/08/2013 *	2,750,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, CHANDER MUKHI BUILDING,  GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B82931536
17	10163749	05/08/2009 *	1,000,000,000.00	CENTRAL BANK OF INDIA	CHANDERMUKHI, NARIMAN POINT, MUMBAI, MAHARASHTRA  - 400021, INDIA	A67443333
18	10153984	22/06/2010 *	234,214,817.00	BAJAJ AUTO FINANCE LIMITED	AKURDI PUNE-, MUMBAI - PUNE ROAD, PUNE, MAHARASHTRA, INDIA	A87782009
19	10024169	16/06/2007 *	500,000,000.00	DENA BANK	C-10, G BLOCK, BANDRA KURLA COMLEX, BANDRA(E), MUMBAI, MAHARASHTRA - 400051, INDIA	A18223248
20	90236515	07/02/2006	100,000,000.00	INFRASTRUCTURE LEASING & FINANCIAL SERVICES LIMITED	PLOT C-22;BANDRA KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA, INDIA	-
21	90232897	16/12/2005	354,300,000.00	CANARA BANK	CANARA BANK BUILDING, 2ND/3RD FLOOR; ADIMARZBAN  PATH; BALLARAD ESTATE, MUMBAI, MAHARASHTRA - 400038, INDIA	-
22	90236490	16/12/2005	730,100,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER; 5TH FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA	-
23	80065070	11/09/2004	3,000,000,000.00	THE WESTERN INDIA TRUSTEE & EXECUTOR COMPANY LIMITED	161, MITTAL COURT-C JAMNALAL BAJAJ MARG, NARIMAN  POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
24	80005610	05/03/2013 *	11,310,000,000.00	DENA BANK	C-10, G-BLOCK, CORPORATE BUSINESS BRANCH, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	B71068076

* Date of charge modification

UNSECURED LOANS

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Fixed Deposits	NA	804.300
Long term loans from Companies	NA	7086.900
Sales Tax Deferment Loan	NA	9.300
SHORT TERM BORROWINGS
Short Term Loans from Companies	NA	1365.900
Total	NA	9266.400

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
(i) Disputed matters in appeal/contested in respect of:
- Income Tax * * included in this amount (not provided in the Accounts) is the liability under Sec 115JB of the Income Tax Act, 1961 for Assessment Year 2005-06 as the Company’s appeal is pending disposal. Company places reliance on certain judicial pronouncements and has also obtained a legal opinion on the matter.	NA	224.000
- Excise Duty, Customs Duty etc.		39.500
- Sales Tax, Works Contract Tax etc. ** ** In the matter of certain ex-parte assessments completed by Commercial Tax Officer in the State of Uttar Pradesh, Company is advised that liability if any, that may arise will be determined after the matter is remanded to the Assessing Officer and on completion of reassessment proceedings and therefore, the same is not included herein.		49.000
- Other matters		2.400
(ii) Claims against the Company not acknowledged as debt as these are disputed and pending disposal at various fora. The Company has taken legal and other steps to protect its interest in respect of these matters, which is based on legal advice and/or precedents in its own/other cases. It is not possible to make any further determination of the liability which may arise in these matters.	NA	155.000
(iii) Bills discounted with the Bankers and others Sale Bills discounted		39.100
(iv) Guarantees and Counter guarantees given by the Company on behalf of :- -Other Companies		701.500
(v) Bonds / Undertakings given by the Company under concessional duty/ exemption to Customs / Excise Authorities (Net of redemption applied for)		6.600
(vi) Bonds given by the Company against import of machinery under EPCG Scheme (Net of redemption applied for)		143.000
(vii) Demand for Annual Bonus for the financial years 1995-96 to 2006-07 by Staff and Officers’ Association is pending at different stages in proceedings under The Industrial Disputes Act, 1947. Bulk of these employees are statutorily not covered by The Payment of Bonus Act, 1965 and many of the employees are also not covered by The Industrial Disputes Act, 1947. Liability arising there from cannot therefore be determined at present. (viii) Government of Maharashtra had served a Demand Notice on the Company for payment of electricity duty for power generated during the period 01.04.2000 to 30.04.2005 and penal interest thereon in Company’s Captive Power Plant amounting to Rs.142.700 Million. The Writ Petition filed by the Company was disposed by the Hon’ble Bombay High Court on 7th November, 2009 quashing the said Demand Notice. Government of Maharashtra has however, filed an appeal in the Supreme Court of India against the aforesaid judgment of High Court. (ix) There have been delays in payment of tax deducted at source in earlier years and also in FY2013-14. Interest payable on delays has been accounted for in respect of cases where appropriate orders have been received from Income Tax authorities or at the time of Filing the Quarterly TDS Returns. (x) A claim towards difference in price of calibrated iron ore for the period 1st April, 2006 to 28th February, 2007 amounting to Rs.330.700 Million has been raised by a supplier in March 2007. The Company has been legally advised that the supplier cannot seek this price revision under a concluded agreement and hence no provision is made in the Accounts for the same. The issue along with method of review and re-fixing of price of calibrated iron ore effective on 1st of April each year in terms of agreement is referred to an arbitral tribunal whose award was pronounced on 28th February 2014. In terms of the said award, the supplier is directed to re-compute amount payable by the Company. Pending receipt of the revised claim, the final liability arising there from is not ascertainable. Moreover, the said supplier has also unilaterally increased the price of calibrated iron ore w.e.f. 1st April, 2007 and thereafter w.e.f. 1st April, every year. This issue too was settled by the aforesaid arbitral tribunal. In terms of the said award, the Company is required to submit certain details to the supplier for re-computing its claim in terms of the award. However, pending such determination of final price, the supplier has raised invoices at an ad-hoc interim mutually agreed price on the marketing contractor who in turn, has billed the Company at the same price and which liability, has been fully accounted for. An appeal is also being preferred for challenging the said arbitration award.

FIXED ASSETS:

Tangible Assets

· Freehold Land

· Leasehold Land

· Railway Siding

· Buildings and Roads

· Plant and Machinery

· Furniture, Fixtures, etc.

· Office Machinery

· Vehicles

Intangible Assets

· 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 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 :	NYA
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.