MIRA INFORM REPORT

Report No. :	330767
Report Date :	14.07.2015

IDENTIFICATION DETAILS

Name :	ZUARI AGRO CHEMICALS LIMITED (w.e.f. 28.09.2012)
Formerly Known As :	ZUARI HOLDINGS LIMITED
Registered Office :	Jai Kissan Bhawan, Zuarinagar, Goa – 403726
Tel No.:	91-832-2592180
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	10.09.2009
Com. Reg. No.:	24-006177
Capital Investment / Paid-up Capital :	Rs.420.600 Million
CIN No.: [Company Identification No.]	L65910GA2009PLC006177
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRZ11011A
PAN No.: [Permanent Account No.]	AAACZ3924H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Subject is engaged in the manufacture, seller and trader of fertilisers and seeds.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating takes into consideration established position of the company in the fertilisers and other agribusinesses supported by diversified product portfolio along healthy operating efficiency and sound financial risk profile of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits = BBB+
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	July, 2014.

Rating Agency Name	ICRA
Rating	Short term Non - fund based limits = A2+
Rating Explanation	Strong degree of safety and carry low credit risk.
Date	July, 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. Umesh Sud
Designation :	Accounts Manager
Contact No.:	91-832-2592180
Date :	07.07.2015

LOCATIONS

Registered Office/ Factory :	Jai Kissan Bhawan, Zuarinagar, Goa – 403726, India
Tel. No.:	91-832-2592180/ 2592181
Fax No.:	91-832-2555462/ 2555279
E-Mail :	ryp@zuari.co.in anandu.nayal@zuari_avantz.com umesh.sud@zuari_avantz.com
Website :	http://www.zuari.in
Corporate Office:	5th Floor, Global Business Park, Tower A, M G Road, Sector – 26, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4827800
Fax No.:	91-124-4212046

DIRECTORS

As on: 31.03.2014

Name :	Mrs. Saroj Kumar Poddar
Designation :	Chairman
Date of Birth/Age :	15.09.1945
Qualification :	B.Com (Hons)
Date of Appointment :	07.08.2012
DIN No.:	00008654
Name :	Mr. Narayanan Suresh Krishnan
Designation :	Managing Director
Address :	Flat No.105, Four Seasons, No.16, Burnton Road, Bangalore, Bangalore – 560025, Karnataka, India
Date of Birth/Age :	03.06.1964
Qualification :	B.E. (Hons), M. Sc
Date of Appointment :	01.04.2012
DIN No.:	00021965
Name :	Mr. Jayant Narayan Godbole
Designation :	Additional Director
Date of Birth/Age :	17.02.1945
Qualification :	B.E. (Chemical Engineer)
Date of Appointment :	07.08.2012
DIN No.:	00056830
Name :	Mr. Marco Philippus Ardeshir Wadia
Designation :	Director
Date of Birth/Age :	30.01.1956
Qualification :	B.A. (Hons), L.L.B
Date of Appointment :	07.08.2012
DIN No.:	00244357
Name :	Mr. Gopal Krishna Pillai
Designation :	Additional Director
Date of Appointment :	31.07.2012
DIN No.:	02340756
Name :	Mr. Akshay Poddar
Designation :	Executive Director
Date of Birth/Age :	20.07.1976
Date of Appointment :	01.04.2012
DIN No.:	00008686
Name :	Mr. Kapil Mehan
Designation :	Managing director
Name :	Mr. Kiran Dhingra
Designation :	Additional director

KEY EXECUTIVES

Name :	R. Y. Patil
Designation :	Chief General Manager and Company Secretary
Name :	Mr. Naveen Kapoor
Designation :	President Agri-Business
Name :	R. S. Chugh
Designation :	Chief Manufacturing Officer
Name :	Mr. V. Sheshdhari
Designation :	Vice President – Finance
Name :	V. K. Sinha
Designation :	Vice President-Strategic Planning
Name :	Mr. Umesh Sud
Designation :	Accounts Manager
Name :	Mr. Ramkrishna Y Patil
Designation :	Secretary
Name :	Mr. Seshadri Venkatadriagharam
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	181027	0.43
Bodies Corporate	23232465	55.24
Sub Total	23413492	55.67
(2) Foreign
Bodies Corporate	7491750	17.81
Sub Total	7491750	17.81
Total shareholding of Promoter and Promoter Group (A)	30905242	73.48
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3959314	9.41
Financial Institutions / Banks	4795	0.01
Insurance Companies	2281393	5.42
Foreign Institutional Investors	1198746	2.85
Any Others (Specify)	217	0.00
Foreign Bank	217	0.00
Sub Total	7444465	17.70
(2) Non-Institutions
Bodies Corporate	927130	2.20
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2455960	5.84
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	260501	0.62
Any Others (Specify)	64708	0.15
Clearing Members	20618	0.05
Non Resident Indians	42697	0.10
Overseas Corporate Bodies	450	0.00
Trusts	943	0.00
Sub Total	3708299	8.82
Total Public shareholding (B)	11152764	26.52
Total (A)+(B)	42058006	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)	42058006	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)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Globalware Trading and Holdings Limited	70,12,000	16.67	0	0.00	0.00
2	Texmaco Infrastructure and Holdings Limited	30,00,125	7.13	0	0.00	0.00
3	Coltrane Corpn Limited	4,79,750	1.14	0	0.00	0.00
4	Jeewan Jyoti Medical Society	1,38,550	0.33	0	0.00	0.00
5	Adventz Finance Pvt Limited	13,22,641	3.14	0	0.00	0.00
6	Duke Commerce Limited	1,11,000	0.26	0	0.00	0.00
7	Saroj Kumar Poddar	79,406	0.19	0	0.00	0.00
8	Adventz Securities Enterprises Limited	98,804	0.23	0	0.00	0.00
9	Adventz Investment Co Pvt Limited	15,000	0.04	0	0.00	0.00
10	Ricon Commerce Limited	8,100	0.02	0	0.00	0.00
11	Jyotsna Poddar	71,621	0.17	0	0.00	0.00
12	New Eros Tradecom Limited	11,96,767	2.85	0	0.00	0.00
13	SIL Investments Limited	32,08,000	7.63	1575000	49.10	3.74
14	Pilani Investment and Ind Corp Limited	4,34,000	1.03	0	0.00	0.00
15	RTM Investment and Trading Company Limited	1,10,768	0.26	0	0.00	0.00
16	SCM Investment and Trading Company Limited	35,000	0.08	0	0.00	0.00
17	Ronson Traders Limited	63,200	0.15	0	0.00	0.00
18	Sarla Devi Birla	30,000	0.07	0	0.00	0.00
19	Zuari Global Limited	84,11,601	20.00	0	0.00	0.00
20	Zuari Management Services Limited	50,78,909	12.08	0	0.00	0.00
	Total	3,09,05,242	73.48	1575000	5.10	3.74

(*) 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
1	Life Insurance Corporation of India	1350526	3.21
2	Reliance Capital Trustee Company Limited	1200000	2.85
3	Deutsche Securities Mauritius Limited	899027	2.14
4	General Insurance Corporation of India	565972	1.35
5	Kotak Emerging Equity Scheme	620963	1.48
6	ICICI Prudnetial Value Fund Series 1	1862517	4.43
	Total	6499005	15.45

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	Zuari Global Limited	84,11,531	20.00
2	Zuari Management Services Limited	42,05,801	10.00
	Total	1,26,17,332	30.00

BUSINESS DETAILS

Line of Business :	The Subject is engaged in the manufacture, seller and trader of fertilizers and seeds.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Raw Material and Finished Goods
Countries :	Morocco Quote Jordan South African Countries etc
Terms :
Selling :	L/C
Purchasing :	L/C

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	OCP Morocco
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 :

Dealers, Farmers

Reference :	Farmores
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 :

700 (Approximately)

Bankers :

• State Bank of India
• HDFC Bank Limited
• Corporation Bank
• Canara Bank
• Indian Overseas Bank
• IDBI Bank

Facilities :

Secured Loan	As on 31.03.2015	As on 31.03.2014
	(Rs. In Million)
SHORT TERM BORROWINGS:
Cash Credit (including working capital demand loans) (The rate of interest on cash credit varies according to the banks between 10.20% - 18.50% and are repayable on demand. The rate of interest on working capital demand loans varies between 9.70% - 11.25% and are repayable over a period of 18 to 90 days)	NA	6764.803
Buyers Credit (The rate of interest on buyers credit varies between 0.65% - 1.66% and are repayable over a period of 148 - 360 days)	NA	9189.540
Short Term Loans
11.25% bridge loan to be secured against subsidy receivable. Repayable at the end of 60^th day from the date of availment.	NA	3000.000
[(10.40 % (31^st March, 2013:10.70%) (Including 8.00% (31^st March, 2013:8.00%) Paid Directly By Government of India To The Bank (Secured Against Subsidy Receivable of Equal Amount From GOI, Ministry of Chemicals And Fertilizer Under Special Banking Agreement.)]	NA	5183.333
Total	NA	24137.676

Legal Advisers :
Name :	Khaitan and Company
Address :	Kolkata, India
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate, Tower B, Sector 42, Gurgaon - 122002, Haryana, India
PAN No :	AALFS0506L
Enterprises in respect of which Company is an associate: (AS ON 31.03.2014):	· Zuari Global Limited (formerly known as Zuari Industries Limited) (w.e.f. 01.07.2011) · Indian Furniture Products Limited · Simon India Limited · Zuari Management Services Limited · Gulbarga Cement Limited · Globex Limited · Zuari Investments Limited · Zuari Insurance Brokers Limited – Subsidiary of Zuari Investments Limited · Zuari Commodity Trading Limited – Subsidiary of Zuari Investments Limited · Zuari Financial Services Limited – Subsidiary of Zuari Investments Limited · Style Spa Furniture Limited · Zuari Infraworld India Limited (Formerly Adventz Infraworld India Limited) · Zuari Indian Oiltaking Limited – Joint Venture of Zuari Global Limited · MCA Phosphates Pte. Limited (w.e.f. 27^th March, 2014)
Subsidiaries of the Company (AS ON 31.03.2014): :	Zuari Seeds Limited (with effect from 31.05.2011) Zuari Fertilisers and Chemicals Limited (with effect from 31.05.2011)
Joint Ventures of the Company (AS ON 31.03.2014): :	Zuari Maroc Phosphates Limited (with effect from 27.06.2011) Paradeep Phosphates Limited – Subsidiary of Zuari Maroc Phosphates Limited Zuari Rotem Speciality Fertilisers Limited (with effect from 31.05.2011) MCA Phosphates Pte. Limited (w.e.f. 27^th March, 2014)
Enterprises Owned Significantly Influenced By Key Management Personnel or Their Relatives(AS ON 31.03.2014): :	Gobind Sugar Mills Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : 420.600 Million

As on: 01.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
65000000	Equity Shares	Rs.10/- each	Rs.650.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42058006	Equity Shares	Rs.10/- each	Rs.420.580 Million

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
42058006	Equity Shares	Rs.10/- each	Rs.420.580 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42058006	Equity Shares	Rs.10/- each	Rs.420.580 Million

a. Reconciliation of Shares Outstanding at the beginning and end of the reporting year

PARTICULARS	31st March 2014
	In Numbers	Rs. In Million
Equity Shares
At the beginning of the year	42058006	420.580
Issued during the year	-	-
Outstanding at the end of the year	42058006	420.580

b. Terms/Rights Attached to equity Shares

The Company has only one class of equity shares having a par value of Rs.10/ - Share. Each shareholder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

During the year 31st March 2014, the amount of per share dividend recognised for distribution to equity share holders was Rs.3/ -, subject to approval of shareholders (31st March 2013: Rs.3/-)

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. Details of Shareholders holding more than 5% of equity shares in the Company

Name of Shareholder	31st March 2014
	No. of Shares held	% Holding in Class
Zuari Global Limited (Formerly known as Zuari Industries Limited)	84,11,601	20.00
SIL Investments Limited	32,08,000	7.63
Texmaco Infrastructure & Holdings Limited	3000125	7.13
Globalware Trading & Holdings Limited	70,12,000	16.67
Zuari Management Services Limited	5078909	12.08

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 ownership of shares.

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	420.600	420.580	420.580
(b) Reserves & Surplus	7613.100	7635.949	7522.162
(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)	8033.700	8056.529	7942.742
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	250.600	164.151	116.818
© Trade Payables	1.800	0.000	0.000
(d) Other long term liabilities	712.300	623.696	541.103
(e) long-term provisions	4.500	6.873	0.000
Total Non-current Liabilities (3)	969.200	794.720	657.921
(4) Current Liabilities
(a) Short term borrowings	23820.100	26137.676	29138.102
(b) Trade payables	9398.100	5841.234	4753.279
(c) Other current liabilities	1717.700	2503.327	864.067
(d) Short-term provisions	360.000	425.240	467.673
Total Current Liabilities (4)	35295.900	34907.477	35223.121
TOTAL	44298.800	43758.726	43823.784
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3638.200	2347.744	1881.729
(ii) Intangible Assets		13.870	0.090
(iii) Capital work-in-progress		782.996	808.115
(iv) Intangible assets under development		0.000	0.000
(b) Non-current Investments	3292.700	3289.019	1974.997
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3729.600	803.679	1154.811
(e) Other Non-current assets	49.500	71.179	84.797
Total Non-Current Assets	10710.000	7308.487	5904.539
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5579.100	5590.413	5811.312
(c) Trade receivables	26516.000	28625.985	29628.971
(d) Cash and cash equivalents	9.600	18.326	1567.522
(e) Short-term loans and advances	477.500	1804.011	608.397
(f) Other current assets	1006.600	411.504	303.043
Total Current Assets	33588.800	36450.239	37919.245
TOTAL	44298.800	43758.726	43823.784

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	55246.400	51758.974	52374.070
		Other Income	316.700	439.652	578.868
		TOTAL	55563.100	52198.626	52952.938
Less	EXPENSES
		Cost of raw material consumed	27399.500	23586.382	19629.443
		Purchase of traded goods	15052.300	17838.920	21651.392
		Decrease in inventories of finished goods, work-in-progress and traded goods	366.100	(1280.707)	640.519
		Employee benefits expense	824.700	776.979	753.781
		Administrative selling other expenses	5244.100	9078.875	7631.775
		Power, fuel and water	3962.400	--	--
		TOTAL	52849.100	50000.449	50306.910
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2714.000	2198.177	2646.028
Less	FINANCIAL EXPENSES		2328.100	2604.669	2103.262
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		385.900	(406.492)	542.766
Less/ Add	DEPRECIATION/ AMORTISATION		178.700	206.967	237.944
Less	EXCEPTIONAL ITEMS		--	(820.433)	0.000
	PROFIT BEFORE TAX		207.200	206.974	304.822
Less	TAX		83.600	(54.430)	60.359
	PROFIT AFTER TAX		123.600	261.404	244.463
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	431.678	384.832
	APPROPRIATIONS
		Transfer to General Reserve	NA	50.000	50.000
		Proposed Dividend : 30%	NA	126.174	126.174
		Tax on dividend (Including Surcharge)	NA	21.443	21.443
	BALANCE CARRIED TO THE B/S		NA	495.465	431.678
	IMPORTS
		Raw Materials	NA	12030.630	7978.264
		Stores & Spares	NA	28.989	26.799
		Capital Goods	NA	199.679	87.350
		Others	NA	15375.652	18716.178
	TOTAL IMPORTS		NA	27634.95	26808.591
	Earnings Per Share (Rs.)		2.94	6.22	5.81

Expected Sales (2015-2016) : Rs.55000.000 Million

The above information has been parted by Mr. Umesh Sud

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	3620.591	1226.955
Net cash flow from operating activities	NA	3574.532	1032.788

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.22	0.51	0.47
Operating Profit Margin (PBDIT / Sales)	(%)	4.91	4.25	5.05
Return on Total Assets (PBT/Total Assets}	(%)	0.51	0.52	0.74
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.04
Debt Equity Ratio (Total Debt/Networth)		2.97	3.24	3.67
Current Ratio (Current Asset/Current Liability)		0.95	1.04	1.08

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	420.580	420.580	420.600
Reserves & Surplus	7522.162	7635.949	7613.100
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	7942.742	8056.529	8033.700
long-term borrowings	0.000	0.000	0.000
Short term borrowings	29138.102	26137.676	23820.100
Total borrowings	29138.102	26137.676	23820.100
Debt/Equity ratio	3.669	3.244	2.965

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	52374.070	51758.974	55246.400
		(1.174)	6.738

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	52374.070	51758.974	55246.400
Profit	244.463	261.404	123.600
	0.47%	0.51%	0.22%

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 four 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

Particulars	As on 31.03.2015	As on 31.03.2014
	(Rs. In Million)
SHORT TERM BORROWINGS:
Short Term Loans
Working capital demand loans (The rate of interest on loans varies between 10.00% - 11.60% and are repayable over a period of 32 to 90 days)	NA	2000.000
Total	NA	2000.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10567856	12/05/2015	3,000,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	C52898285
2	10371392	25/11/2013 *	39,000,000,000.00	STATE BANK OF INDIA	NEVILLE HOUSE, J N HEREDIA MARG,, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400021, INDIA	B90206038

* Date of charge modification

FIXED ASSETS:

• Freehold Land
• Buildings
• Railway Siding
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Vehicles

• 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 judgment 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.63.47
UK Pound	1	Rs.98.47
Euro	1	Rs.70.69

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	RAS
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	6
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.