MIRA INFORM REPORT

Report No. :	325440
Report Date :	03.06.2015

IDENTIFICATION DETAILS

Name :	RELIANCE CELLULOSE PRODUCTS LIMITED

Registered Office :	3-E, Surya Towers, 105, Sardar Patel Road, Secunderabad - 500003 Telangana
Tel. No.:	91-40-27542598

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	21.08.1978

Com. Reg. No.:	36-002337

Capital Investment / Paid-up Capital :	Rs. 98.030 Million

CIN No.: [Company Identification No.]	U15429AP1978PLC002337

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufactures of Cellulose and its derivatives.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow and Delayed

Litigation :	Exist

Comments :	Subject is an established company having moderate track record. Rating is constrained on account of company’s poor financial risk profile marked by delay in servicing its term debt obligation due to weak liquidity profile. Rating also takes into account of company listed with RBI defaulter. And its moderate operational base. Business is active. Payments are reported to be slow and delayed. In view of moderate financial and operational risk profile, the company can be considered for business dealings on safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = D
Rating Explanation	Lowest credit quality and very low prospects of recovery.
Date	06.04.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = D
Rating Explanation	Instruments with this rating are in default or expected to be in default on maturity.
Date	06.04.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

Suit-filed accounts of Rs. 10.000 Million. and above as on 27-May-2015

Search details

Borrower Containing - RELIANCE CELLULOSE

Bank	Branch	Quarter	Borrower Name	Outstanding Amount (Rs. in Million)
KOTAK MAHINDRA BANK	HYDERABAD	30-06-14	Reliance Cellulose Products Limited	127.000
KOTAK MAHINDRA BANK	HYDERABAD	30-09-14	Reliance Cellulose Products Limited	127.000
KOTAK MAHINDRA BANK	HYDERABAD	31-12-14	Reliance Cellulose Products Limited	127.000
KOTAK MAHINDRA BANK	HYDERABAD	31-12-14	Reliance Cellulose Products Limited	141.500
KOTAK MAHINDRA BANK	HYDERABAD	31-12-14	Reliance Cellulose Products Limited	164.400

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

Management non - corporate: 91-40-27542598

LOCATIONS

Registered Office :	3-E, Surya Towers, 105, Sardar Patel Road, Secunderabad - 50003 Telangana, India
Tel. No.:	91-40-27542598, 39184050
Fax No.:	91-40-27849134
E-Mail :	info@reliance-cellulose.com
Website :	www.reliance-cellulose.com

Regional Office:	Located at: Bengaluru Kolkata Chennai Indore Jaipur Mumbai New Delhi

DIRECTORS

As on 27.09.2014

Name :

Mr. S. S Jhunjhunwala

Designation :

Chairman and Director

Address :

Plot No. 4, Kausalya Eastate, Secunderabad – 500009, Telanagana, India

Date of Birth/Age :

14.10.1932

Date of Appointment :

21.08.1978

DIN No.:

01245115

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15429AP1978PLC002337	RELIANCE CELLULOSE PRODUCTS LIMITED	Managing director	21/08/1978	21/08/1978	-	Active	NO
2	U70109TG2009PTC065770	CHANDRAKALA HOMES INDIA PRIVATE LIMITED	Director	10/11/2009	10/11/2009	-	Active	NO

Name :

Mr. A.K. Jhunjhunwala

Designation :

Executive Director

Address :

Plot No. 4, Kausalya Eastate, Secunderabad – 500009, Telanagana, India 01448694

Date of Birth/Age :

16.11.1952

Date of Appointment :

30.04.1986

DIN No.:

00255122

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15429AP1978PLC002337	RELIANCE CELLULOSE PRODUCTS LIMITED	Director	30/04/1986	30/04/1986	-	Active	NO
2	U70109TG2009PTC065770	CHANDRAKALA HOMES INDIA PRIVATE LIMITED	Director	10/11/2009	10/11/2009	-	Active	NO
3	U37100MH2014PLC255736	SANTOGEN NATURAL RESOURCES LIMITED	Director	27/06/2014	27/06/2014	-	Active	NO

Name :

Mr. Dhanji. L. Sawla

Designation :

Director

Address :

5-2-468, Pandit Jawaharlal Nehru Road, Panjagutta, Hyderabad – 500082, Telangana, India

Date of Birth/Age :

06.08.1930

Date of Appointment :

25.07.1980

DIN No.:

00007918

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15429AP1978PLC002337	RELIANCE CELLULOSE PRODUCTS LIMITED	Director	25/07/1980	25/07/1980	-	Active	NO
2	L14102TG1991PLC013299	POKARNA LIMITED	Director	15/09/2014	01/07/2003	-	Active	NO
3	U17219TG2001PLC036015	POKARNA ENGINEERED STONE LIMITED	Director	15/09/2014	29/03/2011	-	Active	NO

Name :

Mr. Harish Narayan Dandotiya

Designation :

Director

Address :

8-2-248/1/7/20, Nagarjuna Hills, Panjagutta, Hyderabad – 500082, Telangana, India

Date of Birth/Age :

01.12.1984

Date of Appointment :

07.03.1984

DIN No.:

00294106

Name :

Mr. A.C Wadhavan

Designation :

Director Director

Address :

3, Kautilaya Marg, Chankya Puri , New Delhi – 110021, India

Date of Birth/Age :

21.01.1938

Date of Appointment :

08.06.2001

DIN No.:

00845735

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L27310WB1990PLC050000	TATA METALIKS LTD.	Director	29/10/1999	29/10/1999	27/01/2013	Active	NO
2	U29196MH1987PLC043015	FLSmidth Pfister India Limited	Director	08/02/2000	08/02/2000	17/10/2011	Amalgamated	NO
3	U15429AP1978PLC002337	RELIANCE CELLULOSE PRODUCTS LIMITED	Director	08/06/2001	08/06/2001	-	Active	NO
4	L17111UP1974PLC003979	JINDAL POLY FILMS LIMITED	Director	04/09/2001	04/09/2001	04/09/2010	Active	NO
5	L27204RJ1966PLC001208	HINDUSTAN ZINC LIMITED	Director	11/04/2002	11/04/2002	19/12/2007	Active	NO
6	U14109RJ1949SGC000505	RAJASTHAN STATE MINES AND MINERALS LTD	Director	27/09/2005	27/09/2005	30/12/2013	Active	NO

Name :

Mr. R.S Nanda

Designation :

Director

Address :

H. No. 8-263/1/D Road No.: 11, Banjara Hills, Hyderabad – 500082, Telangana, India

Date of Birth/Age :

04.03.1944

Date of Appointment :

18.02.2004

DIN No.:

00008255

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15429AP1978PLC002337	RELIANCE CELLULOSE PRODUCTS LIMITED	Director	18/02/2004	18/02/2004	19/02/2015	Active	NO
2	L24129TG1976PLC001983	NAGARJUNA FERTILIZERS AND CHEMICALS LTD.	Whole-time director	26/06/2010	26/06/2004	26/06/2011	Amalgamated	NO
3	L24219TG1986PLC016607	NAGARJUNA AGRICHEM LIMITED	Director	30/07/2009	16/09/2008	18/04/2012	Active	NO
4	U24100TG2012PTC082335	Fertis India Private Limited	Additional director	27/01/2014	27/01/2014	07/05/2014	Active	NO

Name :

Mr. M.V Rao

Designation :

Director

Address :

2-77/, Vijaya Suvarna Nilayam, P and T Colony, Ramavarappadu, Vijayawada, Krishna Hyderabad – 521108, Telangana, India

Date of Birth/Age :

01.01.1953

Date of Appointment :

21.11.2011

DIN No.:

05135099

Name :

Mr. Deepak Jhunjhunuwala

Designation :

Director

Address :

Q-1/6, Jeevan Chaya, Sector – 6, Vidyadhar Nagar, Jaipur, Rajasthan – 302012, India

Date of Birth/Age :

21.01.1972

Date of Appointment :

21.11.2011

Name :

Mr. Amarnath Sanganaria

Designation :

Director

Address :

Madhuban Apartment 17/1G Alipore Road, 7^th Floor Kolkata, West Bengal – 700027, India

Date of Birth/Age :

14.04.1954

Date of Appointment :

29.09.2010

DIN No.:

01448694

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U17299WB1997PTC083842	INDO TOSSA PRIVATE LIMITED	Director	20/12/2003	20/12/2003	-	Active	NO
2	U51109WB2008PTC122989	JINDAL VANIJYA PRIVATE LIMITED	Additional director	02/09/2009	02/09/2009	-	Active	NO
3	U15429AP1978PLC002337	RELIANCE CELLULOSE PRODUCTS LIMITED	Director	29/09/2010	29/09/2010	-	Active	NO

Name :

Mr. Harsha Deora

Designation :

Director

Address :

Santogen House, 18, Hatkesh S01, Road JVPD, Scheme, Mumbai – 400049, Maharashtra ,India

Date of Birth/Age :

14.03.1981

Date of Appointment :

29.09.2010

DIN No.:

03085831

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares
S.S. Jhunjhunwala	2502933
Chandrakala Jhunjhunwala	2456103
Ashok Jhunjhunwala	1129783
Tulsiani Investmetn Comopany Limited, India	1333400
S.S. Jhunjhunwala (HUF)	90000
Amrisha Jhunjhunwala	10000
Alka Jhunjhunwala	387700
Harsh Deora	10000
Amar Nath Saganaria	10000
Amrisha Distributors Limited, India	358100
Ranichem (P) Limited, India	343867

Total	8631886

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Bodies corporate	23.58
Directors or relatives of Directors	76.42

Total	100.00

BUSINESS DETAILS

Line of Business :

Manufactures of Cellulose and its derivatives.

Products :

Item Code No.	Product Description
39124000	Drugs

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India
Axis Bank Limited, 5-2-183/184, 8757 (old), 3rd Floor, RP Road, Secunderabad - 500003, Telangana, India
Andhra Bank, RP Road Branch, Secunderabad - 500003, Telangana, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan From Bank	195.363	218.168

Short-term borrowings
Working Capital Loan from Bank	265.611	188.627
Total	460.974	404.795

Auditors :
Name :	Sekhar and Suresh Chartered Accountants
PAN N Income-tax PAN of auditor or auditor's firm :	AAOFS2780F

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

13,000,000	Equity Shares	Rs.10/- each	Rs. 130.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

8,931,886	Equity Shares	Rs.10/- each	Rs. 86.319 Million
1,171,093	Preference Share	Rs.10/- each	Rs. 11.711 Million

		Total	Rs. 98.030 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	98.030	98.030	94.392
(b) Reserves & Surplus	200.740	409.713	356.310
(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)	298.770	507.743	450.702

(3) Non-Current Liabilities
(a) long-term borrowings	340.271	288.644	258.338
(b) Deferred tax liabilities (Net)	12.451	15.289	16.031
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	352.722	303.933	274.369

(4) Current Liabilities
(a) Short term borrowings	265.611	188.627	183.051
(b) Trade payables	189.406	84.723	28.811
(c) Other current liabilities	22.387	39.954	15.918
(d) Short-term provisions	0.434	0.434	22.777
Total Current Liabilities (4)	477.838	313.738	250.557

TOTAL	1129.330	1125.414	975.628

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	299.278	350.891	399.514
(ii) Intangible Assets	115.887	122.585	106.238
(iii) Capital work-in-progress	128.928	128.503	62.634
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.582	22.808	18.898
(e) Other Non-current assets
Total Non-Current Assets	566.675	624.787	587.284

(2) Current assets
(a) Current investments
(b) Inventories	228.554	239.375	213.109
(c) Trade receivables	282.420	202.655	155.964
(d) Cash and cash equivalents	6.709	4.166	5.615
(e) Short-term loans and advances	31.900	49.159	13.656
(f) Other current assets	13.072	5.272	0.000
Total Current Assets	562.655	500.627	388.344

TOTAL	1129.330	1125.414	975.628

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	199.231	761.706	728.946
	Other Income	5.514	42.438	2.086
	TOTAL (A)	204.745	804.144	731.032

Less	EXPENSES
	Cost of Materials Consumed	131.454	476.635	424.339
	Exceptional Item	1.675	5.385	0.215
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.193	19.411	(0.483)
	Prior Period Items	39.599	0.000	0.000
	Employees benefits expense	37.930	38.535	35.225
	Other expenses	78.056	140.472	115.569
	TOTAL	290.907	680.438	574.865

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(86.162)	123.706	156.167

Less	FINANCIAL EXPENSES	65.396	60.115	47.002

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(151.558)	63.591	109.165

Less/ Add	DEPRECIATION/ AMORTISATION	60.253	61.428	55.760

	PROFIT/ (LOSS) BEFORE TAX	(211.811)	2.163	53.405

Less	TAX	(2.838)	(0.307)	12.575

	PROFIT/ (LOSS) AFTER TAX	(208.973)	2.470	40.830

	Earnings / (Loss) Per Share (Rs.)	(2.13)	0.02	0.41

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

N.A

Cash generated from operations

N.A

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(104.89)	0.32	5.60

Operating Profit Margin (PBIDT/Sales)	(%)	(43.25)	16.24	21.42

Return on Total Assets (PBT/Total Assets}	(%)	(21.17)	0.22	5.85

Return on Investment (ROI) (PBT/Networth)		(0.71)	0.00	0.12

Debt Equity Ratio (Total Debt /Networth)		2.03	0.94	0.98

Current Ratio (Current Asset/Current Liability)		1.18	1.60	1.55

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	94.392	98.030	98.030
Reserves & Surplus	356.310	409.713	200.740
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	450.702	507.743	298.770

long-term borrowings	258.338	288.644	340.271
Short term borrowings	183.051	188.627	265.611
Total borrowings	441.389	477.271	605.882
Debt/Equity ratio	0.979	0.940	2.028

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	728.946	761.706	199.231
		4.494	(73.844)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	728.946	761.706	199.231
Profit	40.830	2.470	(208.973)
	5.60%	0.32%	(104.89)%

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	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

ITTA 47/2011		ITTASR 1008/2009			Case Status : Pending
PETTIONER	THE COMMISSIONER OF INCOME -TAX-III		RESPONDENT	VS M/s. RELIANCE CULLULOSE PRODUCTS LIMITED
Pet’s Adv:-	NARASIMHA SARMA		Resp. Adv.:
SUBJECT :	U/Sec. 148 Notice for Income Escaped Assessment		DISTRICT	HYDERABAD
FILLING DATE :	09.04.2009		POSTING STAGE :	FOR COMPLIANCE
REG. DATE	01.03.20111		LISTING DATE	17.03.2011
STATUS	ADMIT		HON’BLE JUDGE (S)	V.V S.RAO RAMESH RANGANATHAN

OVERALL ECONOMY:

The GDP of the country grew at 4.7%. The industrial climate was stressed during the year. The state of Andhra Pradesh was bifurcated into Telangana and residuary Andhra state. The company was affected by the power cuts and acute problem of water shortage during the year.

PERFORMANCE:

In the Financial Year the Company has faced many unprecedented adverse situations, which resulted in severe Cash crunch and suspension of the factory operations. To overcome the above Management raised funds through unsecured loans/ trade deposits. These funds were mainly utilized to meet fixed overheads and paying the bank interest. The operations of the Company also suffered because of the continued power cuts, and unfinished Capex for project implementation. Company was forced to stop production operations for the major part of the year because of loss and financial constraints. The Management is taking various steps to induct equity and restart the operations as early as possible. The Company has always endeavored to maintain and ensure high levels of quality. In this regard the Management has invested funds consistently for Research and Development for improving product quality, though even the R&D Activity got affected.

NON- OPERATION OF COLLOIDAL MCC UNIT:

On receipt of Customer feedback and other required specifications for the product Alfacel- P (CC) I, II & III, the Company was planning to carry out the development activity at R&D Centre. In the meanwhile TDB has called back the Loan and started recovery steps, without giving any weight-age for our written representation. At that point of time, Company was not able to attend development efforts as well as operations in that Unit because of cash crunch. Further action would be planned for commercial production based on the responses received from the TDB.

FUTURE- OUTLOOK:

The Company sees itself as one of the future market leaders in the years to come as far as the production of Colloidal MCC, Silified MCC, Calcium , Acid and Ammonia (CMC) on the basis of an excellent initial expression of interest received from both Local and International Markets. The Company has also envisioned and is well on course to formulate a future focused market strategy in order to be a major supplier in both International and Domestic Markets for businesses engaged in production of Generic Drugs, Neutraciticals and Dietary Supplements and food products and Cosmetics.

UNSECURED LOAN

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan From Bank	144.908	70.476

Total	144.908	70.476

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10363728	25/06/2012	180,741,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, M UMBAI, Maharashtra - 400021, INDIA	B42910141
2	10357668	16/05/2012	50,000,000.00	ANDHRA BANK	R P ROAD BRANCH, SECUNDERABAD, Andhra Pradesh - 50 0003, INDIA	B40403339
3	10329808	30/11/2011	14,320,000.00	BAJAJ FINANCE LIMITED	AKURDI PUNE-, PUNE, Maharashtra - 411035, INDIA	B29902913
4	10301045	15/07/2011	49,000,000.00	TECHNOLOGY DEVELOPMENT BOARD	Wing A, Ground Floor, Vishwakarma Bhavan, Shaheed Jeet Singh Marg, New Delhi, Delhi - 110016, INDIA	B18373126
5	10205412	02/03/2010	112,500,000.00	ANDHRA BANK	R.P ROAD BRANCH, SECUNDERABAD, Andhra Pradesh - 500003, INDIA	A80503022
6	90121827	02/03/2012 *	140,000,000.00	ANDHRA BANK	R P ROAD BRANCH, SECUNDERABAD, Andhra Pradesh - 500003, INDIA	B34007757
7	90120196	20/03/1987	4,000,000.00	INDUSTRIAL RECONSTRUCTION BANK OF INDIA	19 NETAJI SUBHAS ROAD, CALCUTTA, West Bengal - 700001, INDIA	-

FIXED ASSETS

TANGIBLE ASSETS

Land
Building
Factory building
Plant and machinery
Factory equipment
Furniture and fixture
Vehicle
Motor vehicle
Office equipment
Computer

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.63.83
UK Pound	1	Rs.97.10
Euro	1	Rs.69.74

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	KAR

Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	YES
--EPF	YES/NO	NO
TOTAL		16

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.