MIRA INFORM REPORT

Report No. :	324620
Report Date :	01.06.2015

IDENTIFICATION DETAILS

Name :	HSIL LIMITED
Formerly Known As :	HINDUSTAN SANITARYWARE INDUSTRIES LIMITED
Registered Office :	2, Red Cross Place, Kolkata – 700001, West Bengal
Tel. No.:	91-33-22487406/ 07
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	08.02.1960
Com. Reg. No.:	21-024539
Capital Investment / Paid-up Capital :	Rs. 144.600 Million
CIN No.: [Company Identification No.]	L51433WB1960PLC024539
IEC No.:	0588080632
TAN No.: [Tax Deduction & Collection Account No.]	HYDH00554B / RTKH01805G
PAN No.: [Permanent Account No.]	AAACH7564H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Sanitaryware and Container Glass.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 41000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well – established company having fine track record. The rating reflects established track record of operations of HSIL’s with a strong market position in building products and glass container segment supported by wide products portfolio and stable financial risk profile. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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 : A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	09.04.2015

Rating Agency Name	CARE
Rating	Short term bank facilities : A+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	09.04.2015

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 31-03-2014.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE

CONTACT NO.: 91-124-4779200

LOCATIONS

Registered Office :	2, Red Cross Place, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22487406/ 07
Fax No.:	91-33-22487045
E-Mail :	hsilinvestors@hindware.co.in ngoenka@hindware.co.in rbkabra@hindware.co.in
Website :	http://www.hindwarehomes.com
Corporate Office :	301-302, Park Centra, Sector-30, National Highway – 8, Gurgaon, Haryana, India
Tel. No.:	91-124-4779200
Fax No.:	91-124-4292898-99
PLANT LOCATIONS :
Haryana	Building Products Division District Jhajjar, Bahadurgarh – 124507, Haryana, India
Andhra Pradesh	Building Products Division Somanypuram, Brahmanapally, Bibinagar, District Nalgonda– 508126, Andhra Pradesh, India Glass Division-I Glass Factory Road, Off Motinagar, P.B No. 1930, Sanathnagar P.O. Hyderabad - 500018, Andhra Pradesh, India Glass Division-II Glass Factory Road, Thukkapur Road, Bhongir, District Nalgonda – 508116, Andhra Pradesh, India
Rajasthan	Faucet Division G 470-471, Phase I, RIICO Industrial Area, Bhiwadi–301019, Rajasthan, India
Regional Offices :	Located at: v Ahmedabad v Bengaluru v Bhubaneswar v Chandigarh v Chennai v Ernakulam v Ghaziabad v Guwahati v Indore v Jaipur v Lucknow v Mumbai v Pune v Ranchi v Secunderabad
Evok Stores :	Located at: v Delhi: Kirtinagar; GK-II Market v Haryana: Crown Interiorz Mall, Faridabad; JMD Mall, Gurgaon v Uttar Pradesh: Shipra Mall, Ghaziabad; Sector 18 Market, Noida; v Shalimar Building, Lucknow v Punjab: Paras Down Town Square, Zirakpur; Chandigarh; Ferozpur Road, Ludhiana v Maharashtra: Ghodbunder Road, Thane v Andhra Pradesh: Jubilee Hills, Hyderabad v Karnataka: Bellandur; J P Nagar; Kalyan Nagar, Bengaluru v Rajasthan: Tonk Road, Jaipur v Kerala: RAK Tower, Kochi v Madhya Pradesh: Malhar Mega Mall, Indore

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Rajendra K Somany
Designation :	Chairman and Managing Director
Date of Birth/Age :	76 Years
Qualification :	B.com, FI (Ceramics) (U.K), LFAI MA, FC MI (UK), Member – IOM3 (U.K), Emeritus Member-American Ceramic Society
Experience :	58 Years
Date of Appointment :	01.10.1965
Name :	Mr. Sandip Somany
Designation :	Joint Managing Director
Date of Birth/Age :	49 Years
Qualification :	Bachelor in Commerce and Diploma holder in Ceramic Manufacturing Technology from the US
Brief Resume and Area of Expertise :	He is Promoter and Joint Managing Director of the Company. He has been associated with the Company since 1985 and has been since then driving the Company to success. He has been associated with various committees of Bureau of Indian Standards (BIS), Immediate Past President of PHD Chamber of Commerce and Industry (PHDCCI), Chairman of Indian Council of Sanitaryware Manufacturers Association (INCOSAMA), Member of the Executive Committee of FICCI and Member of Managing Committee of ASSOCHAM, Member of Governing Council of All India Glass Manufacturer’s Association, Member of Delhi Chapter of the Young Presidents’ Organisation (YPO) and Delhi Achievers Round Table.
Date of Appointment :	01.10.1985
Other Directorship :	v New Delhi Industrial Promoters and Investors Limited v Paco Exports Limited v C and K Management Limited v HSIL Associates Limited v AGI Glasspack Limited v Hindware Home Retail Private Limited
Name :	Mr. Ashok Jaipuria
Designation :	Director
Date of Birth/Age :	59 Years
Qualification :	Degree in Associate of Arts in Business Administration and Diploma in Marketing Science
Brief Resume and Area of Expertise:	He is Chairman and Managing Director of Cosmo Films Ltd, an Indian MNC which is into manufacture and export of Biaxially Oriented Polypropylene (BOPP) Films. He is also the Chairman of Cosmo Ferrites Limited. He is a member of Board of Governors of Indian Institute of Technology, Indore, The Institute of Liver and Biliary Sciences and Delhi Public School, Gurgaon.
Other Directorship :	v Cosmo Films Limited v Cosmo Ferrites Limited
Name :	Mr. G. L. Sultania
Designation :	Director
Date of Birth/Age :	67 Years
Qualification :	B.Com, F.C.A. , F.C.S.
Brief Resume and Area of Expertise:	He is a qualified Chartered Accountant and Company Secretary. He has vast knowledge and experience of Financial Restructuring, Corporate Laws and Legal Compliance.
Other Directorship:	v Somany Ceramics Limited v SR Continental Limited v Schablona India Limited v The United Provinces Sugar Company Limited v SKP Securities Limited v Paco Exports Limited v Bhilwara Holdings Limited v Sarvottam Vanijya Limited v Somany Global Limited v Garden Polymers Private Limited v Hindware Home Retail Private Limited
Name :	Mr. N. G. Khaitan
Designation :	Director
Name :	Mr. V. K. Bhandari
Designation :	Director
Name :	Dr. Rainer Siegfried Simon
Designation :	Director
Name :	Mr. Salil Kumar Bhandari
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Sawan Godiya
Designation :	Manager in Corporate Finance
Name :	Ms. Payal M. Puri
Designation :	Company Secretary
Name :	Mr. Ram Babu Kabra
Designation :	President - BPD
Name :	Mr. Santosh Nema
Designation :	President - BPD
Name :	Mr. Arun Kumar D
Designation :	President – Glass Division
Name :	Mr. J K Somani
Designation :	Sr. Vice President- BPD
Name :	Mr. Anil Chandani
Designation :	Sr. Vice President (Corporate Finance)
Name :	Mr. Rajendra K. Samany
Designation :	Chairman and Managing Director

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	5747719	7.95
Bodies Corporate	28314530	39.16
Sub Total	34062249	47.11
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	34062249	47.11
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	17673627	24.45
Financial Institutions / Banks	182922	0.25
Insurance Companies	500	0.00
Foreign Institutional Investors	8248698	11.41
Sub Total	26105747	36.11
(2) Non-Institutions
Bodies Corporate	3486663	4.82
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7355989	10.17
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	826073	1.14
Any Others (Specify)	459674	0.64
Non Resident Indians	236324	0.33
Trusts	9650	0.01
Clearing Members	213700	0.30
Sub Total	12128399	16.78
Total Public shareholding (B)	38234146	52.89
Total (A)+(B)	72296395	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	72296395	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Sanitary ware and Container Glass.
Products :	v Sanitary ware v Container Glass
Brand Names :	v Hindware v Hindware Art v Hindware Italian Collection v Benelave v ‘QUEO’ v Amore
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :

Reference :	Not Divulged
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 :

10 (Approximately)

Bankers :

v Andhra Bank

v Central Bank of India

v Citibank, N.A.

v DBS Bank

v Deutsche Bank AG

v HDFC Bank Limited

v Standard Chartered Bank

v The Bank of Nova Scotia

v The Honkong and Shanghai Banking Corporation Limited

Banker Name	Canara Bank
Branch Address	Gurgaon, Haryana, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term loans from banks Foreign currency loans	NA	4231.148
Rupee loans	NA	754.014
Car finance loans	NA	0.000
SHORT TERM BORROWINGS
Cash credit facilities from banks	NA	1754.813
Short term loans from banks	NA	800.000
Buyer's credit facilities from banks	NA	269.199
Total	NA	7809.174

Financial Institution :	v GE Money Financial Services Private Limited 401 402, 4th Floor, Aggarwal Millenium Tower, E1 2 3 Netaji Subhash Place, Pitampura, Delhi - 110034, India
Statutory Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Cost Auditors :
Name :	Narasimha Murthy and Company Cost Accountants
Internal Auditors :
Name :	DH Consultants Private Limited (formerly known as BDO Consulting Private Limited)
Wholly owned subsidiaries :	v AGI Glasspack Limited (ceased to be subsidiary w.e.f. 25 March 2013) v Hindware Home Retail Private Limited v HSIL Associates Limited v Garden Polymers Private Limited v Halis International Limited, Mauritius v Alchemy International Cooperatief U.A.(subsidiary of Halis International v Limited) v Haas International B.V. (Subsidiary of Alchemy International Cooperatief U.A.) v Barwood Products Limited (subsidiary of Haas International B.V.)
Entities where significant influence is exercised by KMP and / or their relatives having transactions with the Company :	v Textool Mercantile Private Limited v Paco Exports Limited v New Delhi Industrial Promotors and Investors Limited v Soma Investments Limited v Jugmug Projects Limited
Wholly owned subsidiaries :	v AGI Glasspack Limited (ceased to be subsidiary w.e.f. 25 March 2013) v Hindware Home Retail Private Limited v HSIL Associates Limited v Garden Polymers Private Limited v Halis International Limited, Mauritius v Alchemy International Cooperatief U.A.(subsidiary of Halis International v Limited) v Haas International B.V. (Subsidiary of Alchemy International Cooperatief U.A.) v Barwood Products Limited (subsidiary of Haas International B.V.)
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 144.600 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs. 2/- each	Rs. 200.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
66050220	Equity Shares	Rs. 2/- each	Rs. 132.100 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
66046395	Equity Shares	Rs. 2/- each	Rs. 132.093 Million
	Add : Forfeited shares		Rs. 0.004 Million
	Total		Rs. 132.097 Million

(a) Reconciliation of share outstanding at the beginning and at the end of reporting year

Particulars	31 March 2014
	No.	Rs. in Million
Equity shares outstanding at the beginning of theyear	66046395	132.093
Equity shares outstanding at the end of the year	66046395	132.093

(b) Terms and rights attached to equity shares

The Company has only one class of equity shares having par value of Rs. 2 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. During the year ended 31 March 2013, the amount of per share dividend is recognized as distribution to equity shareholder as Rs.3 per share (previous year Rs.3 per share)

The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holder 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) List of shareholders holding more than 5% of the equity share capital of the Company at the beginning and at the end of the reporting year

Name of Shareholders	31 March 2014
	No. of equity shares held	% of holding
Paco Exports Limited	20664530	31.29
Soma Investments Limited	4000000	6.06
New Delhi Industrial Promotors and Investors Limited	3650000	5.53
HPC (Mauritius) Limited	--	--
T. Rowe Price International Discovery Fund	--	--

The above information is furnished as per shareholder register as at the year end.

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	144.600	132.097	132.097
(b) Reserves & Surplus	14212.300	11082.669	10759.670
(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)	14356.900	11214.766	10891.767
(3) Non-Current Liabilities
(a) long-term borrowings	3571.100	5473.189	5782.270
(b) Deferred tax liabilities (Net)	1045.000	1154.040	1100.886
(c) Other long term liabilities	179.900	154.377	139.761
(d) long-term provisions	47.000	42.211	39.311
Total Non-current Liabilities (3)	4843.000	6823.817	7062.228
(4) Current Liabilities
(a) Short term borrowings	1882.300	3723.454	3255.507
(b) Trade payables	1285.100	1371.000	1316.692
(c) Other current liabilities	4057.400	3638.521	2691.830
(d) Short-term provisions	393.700	276.291	250.285
Total Current Liabilities (4)	7618.500	9009.266	7514.314
TOTAL	26818.400	27047.849	25468.309
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15930.800	14523.039	13817.610
(ii) Intangible Assets	0.000	349.271	14.649
(iii) Capital work-in-progress	0.000	1193.095	616.094
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1444.900	1327.400	1970.693
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	278.700	498.025	481.450
(e) Other Non-current assets	13.500	16.950	15.501
Total Non-Current Assets	17667.900	17907.780	16915.997
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4357.200	4057.300	3620.683
(c) Trade receivables	4067.500	4093.784	3510.980
(d) Cash and cash equivalents	239.600	584.690	792.049
(e) Short-term loans and advances	465.900	384.854	615.768
(f) Other current assets	20.300	19.441	12.832
Total Current Assets	9150.500	9140.069	8552.312
TOTAL	26818.400	27047.849	25468.309

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	18208.900	17464.791	15737.928
		Other Income	36.100	37.360	45.495
		Other operating income	361.300	0.000	0.000
		TOTAL	18606.300	17502.151	15783.423
Less	EXPENSES
		Cost of Materials Consumed	3519.300	3352.792	2849.630
		Purchases of traded goods	3281.400	2886.721	2252.497
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(199.100)	(410.152)	(764.694)
		Employees benefits expense	1970.500	1702.054	1583.276
		Other expenses	6583.700	7259.564	7221.671
		TOTAL	15155.800	14790.979	13142.380
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		3450.500	2711.172	2641.043
Less	FINANCIAL EXPENSES		735.500	678.943	639.416
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2715.000	2032.229	2001.627
Less/ Add	DEPRECIATION/ AMORTISATION		1192.500	1057.048	850.778
Add	EXCEPTIONAL ITEMS		0.000	0.000	236.630
	PROFIT BEFORE TAX		1522.500	975.181	1387.479
Less	TAX		481.000	413.184	396.255
	PROFIT AFTER TAX		1041.500	561.997	991.224
	EARNINGS IN FOREIGN CURRENCY
		FOB value of export of goods	NA	263.882	339.959
	IMPORTS
		Raw materials and components	NA	808.513	951.362
		Spares	NA	71.221	129.967
		Capital Goods	NA	109.409	302.283
		Goods purchased for resale	NA	855.312	605.253
	TOTAL IMPORTS		NA	1844.455	1988.865
	Earnings Per Share (Rs.)
	Basic		15.70	8.51	15.01
	Diluted		15.70	8.51	15.01

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	1787.636	954.323
Cash generated from operations	NA	1994.785	532.782

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
PAT / Total Income	(%)	5.72	3.22	6.30
Net Profit Margin (PBT/Sales)	(%)	18.95	15.52	16.78
Return on Total Assets (PBT/Total Assets}	(%)	6.00	3.98	6.06
Return on Investment (ROI) (PBT/Networth)		0.11	0.09	0.13
Debt Equity Ratio (Total Liability/Networth)		0.38	0.82	0.83
Current Ratio (Current Asset/Current Liability)		1.20	1.01	1.14

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	132.097	132.097	144.600
Reserves & Surplus	10759.670	11082.669	14212.300
Share Application money pending allotment	0.000	0.000	0.000
Net worth	10891.767	11214.766	14356.900
long-term borrowings	5782.270	5473.189	3571.100
Short term borrowings	3255.507	3723.454	1882.300
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	9037.777	9196.643	5453.400
Debt/Equity ratio	0.830	0.820	0.380

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	15737.928	17464.791	18208.900
		10.973	4.261

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	15737.928	17464.791	18208.900
Profit	991.224	561.997	1041.500
	6.30%	3.22%	5.72%

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	No
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	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

UNSECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Deferred payment liabilities	NA	488.027
SHORT TERM BORROWINGS
Buyer's credit facilities from banks	NA	29.442
Short term loans from banks	NA	870.000
Commercial papers	NA	0.000
Total	NA	1387.469

LITIGATION DETAILS

LITIGATION DETAILS

CALCUTTA HIGH COURT

CASE STATUS INFORMATION SYSTEM

CASE STATUS:

Pending

Status of

INCOME TAX APPEAL TENDERED 2 OF 2015

COMMISSIONER OF INCOME TAX, KOLKATA – 2 VS. HSIL LIMITED

(HINDUSTAN SANITARY WARE &)

Petn.Adv:-

SUDARSHAN LAMBA

RES. Adv. :

COURT NO.:

42 Last Listed On : No Date Mentioned

Category :

INCOME TAX : REVENUE

CONNECTED APPLICATION (S)	CONNECTED MATTER (S)
No Connected Application	No Connected Cases

Case Updated on : Monday, January 05,2015

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10537477	27/11/2014	9,857,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	C37441714
2	10522772	23/08/2014	7,293,689.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, MAHARASHTRA - 400013, INDIA	C23447097
3	10516916	06/08/2014	30,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	C18525162
4	10514633	22/07/2014	9,653,000.00	AXIS BANK LIMITED	ASSET SALES CENTRE, UPPER GROUND FLOOR, AND SECO  ND FLOOR, HIMALAYA HOUSE, CANNOUGHT PLACE,, DELHI,  DELHI - 110001, INDIA	C16245417
5	10466209	29/03/2014 *	1,237,000,000.00	HSBC BANK (MAURITIUS) LIMITED	HSBC CENTER, 18 CYBER CITY, EBENE, - NA, MAURITIU  S	C02662906
6	10466211	10/12/2013	1,237,000,000.00	HSBC BANK (MAURITIUS) LIMITED	HSBC CENTRE, 18 CYBER CITY, EBENE, - NA, MAURITIU  S	B91978049
7	10453514	05/12/2014 *	1,225,000,000.00	STANDARD CHARTERED BANK	(ACTING AS AN SECURITY AGENT) CDU,, NARAIN MANZIL  , 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, I  NDIA	C38067682
8	10386805	19/07/2013 *	500,000,000.00	DBS BANK LTD.	CAPITOL POINT, BABA KHARAK SINGH MARG,, CONNAUGHT  PLACE,, NEW DELHI, DELHI - 110001, INDIA	B81216723
9	10384915	31/10/2012	1,076,000,000.00	HSBC BANK (MAURITIUS) LIMITED	6TH FLOOR, HSBC CENTRE, 18, CYBERCITY, EBENE, MAU  RITIUS, - NA, MAURITIUS	B61536744
10	10321183	09/02/2012 *	1,223,965,000.00	DBS BANK LIMITED	ACTING ON BEHALF OF DBS BANK LTD., SINGAPORE, UGF  , BIRLA TOWER, 25 BARAKHAMBA ROAD,, NEW DELHI, DEL  HI - 110001, INDIA	B33582081

* Date of charge modification

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
1) Contingent liabilities not provided for in respect of:
a) Demands raised by the excise authorities against which appeals have been filed	NA	36.421
b) Demands made by the sales tax authorities against which appeals have been filed	NA	29.585
c) Demands raised by the income tax authorities against which appeals have been file	NA	6.265
d) Duty availed on imports against EPCG licenses	NA	281.842
e) Bank guarantees outstanding	NA	305.776
f)
g) Claims against the Company not acknowledged as debts	NA	204.344
2) Unfulfilled export obligation under EPCG license of EXIM Policy	NA	2386.282
Total	NA	3943.998

FIXED ASSETS:

Tangible assets

v Land freehold

v Leasehold land

v Building

v Plant and machinery

v Vehicles

v Office equipments

v Computers (including software)

v Furniture and fixtures

v Leasehold improvements

Intangible Assets

v Trade marks

v Technical know how

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.63.61
UK Pound	1	Rs.97.27
Euro	1	Rs.69.63

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	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		64

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.