MIRA INFORM REPORT

Report No. :	324714
Report Date :	06.06.2015

IDENTIFICATION DETAILS

Name :	SHEELA FOAM PRIVATE LIMITED
Registered Office :	C-55, Preet Vihar, First Floor, Vikas Marg, Delhi – 110 092
Tel. No.:	91-120-4162200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.06.1971
Com. Reg. No.:	55-005679
Capital Investment / Paid-up Capital :	Rs.162.609 Millions
CIN No.: [Company Identification No.]	U74899DL1971PTC005679
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELS21008B
PAN No.: [Permanent Account No.]	AAACS0189B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Flexible Polyurethane Foam products such as Mattress, Foam Pillow Covers, Bed, Cushions and Covers.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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

Maximum Credit Limit :	USD 5300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and sound profitability margins of the company. 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 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	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	CRISIL
Rating	Long term rating A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	21.01.2015

Rating Agency Name	CRISIL
Rating	Short term rating A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	21.01.2015

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Sachindra
Designation :	Manager
Contact No.:	91-120-4162200
Date :	28.05.2015

LOCATIONS

Registered Office :	C-55, Preet Vihar, First Floor, Vikas Marg, Delhi – 110 092, India
Tel. No.:	91-120-4162200
Mobile No.:	91-8447572662 (Yogesh Sharma)
Fax No.:	91-11-22220624
E-Mail :	divay.tyagi@sheelafoam.com iquebal.ahmad@sheelafoam.com
Website :	http://ww.sheelafoam.com
Corporate Office :	Plot No. 37/2, Site IV, Sahibabad Industrial Area, District Ghaziabad - 201010, Uttar Pradesh, India
Tel. No.:	91-120-2770045 / 2770087 / 2775425 / 2770539 / 2770087 / 4162200 / 4512260
Fax No.:	91-120-2770366 / 2775427 / 4162282 / 4162283
E-Mail :	contactus@sheelafoam.com
Factory :	· Sahibabad, Uttar Pradesh, India · Plot No. 51 – A, Udyog Vihar, Greater Noida, District Gautam Budh Nagar, Noida – 201306, Uttar Pradesh, India · Sarajpur, Uttar Pradesh, India · Hyderabad, Andhra Pradesh, India · Plot No. 37/2, Site IV, Sahibabad Industrial Area, District Ghaziabad-201010, Uttar Pradesh, India Tel. No. : 91-120-2770045 / 2770087 / 2775425 Fax No. : 91-120-2770366 / 2775427 · Survey No. 261/1/2/3, Saily Umar Kui Road, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli · Pondicherry, India · Rampo, Sikkim, India · A-10, Sector 8, Noida – 201, 301, District Gautam Budh Nagar, Uttar Pradesh, India · Main Dadri Noida Road, Village Habibpur, District Gautam Budh Nagar, West Bengal, India · Plot No. 102/1, Madhuban Dam Road, Village Rakholi, Silvassa, Union Territory of Dadra and Nagar Haveli

DIRECTORS

AS ON: 30.09.2014

Name :

Mrs. Sheela Gautam

Designation :

Chairman cum Managing Director

Address :

D-2, Diwanshree Apartments, 30, Ferozesaha Road, New Delhi-110001, India

Date of Birth/Age :

15.11.1931

Date of Appointment :

18.06.1971

DIN No.:

00117059

Name :

Mr. Rahul Gautam

Designation :

Managing Director

Address :

D-2, Diwanshree Apartments, 30, Ferozesaha Road, New Delhi-110001, India

Date of Birth/Age :

18.12.1952

Qualification :

B. Tech. M.S. (Chemical Engineering) MS (USA)

Date of Appointment :

01.04.1996

DIN No.:

00192999

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	U74899DL1988PTC031115	CORE MOULDINGS PRIVATE LIMITED	Director	18/04/1988	18/04/1988	-	Active	NO
2	U74899DL1971PTC005679	SHEELA FOAM PRIVATE LIMITED	Managing director	01/04/1996	01/04/1996	-	Active	NO
3	U74930DL1998PTC097723	STARLITE INDIA PRIVATE LIMITED	Director	31/12/1998	31/12/1998	-	Amalgamated	NO
4	U74899DL1999PTC102553	RG PILLOW (INDIA) PRIVATE LIMITED	Director	26/11/1999	26/11/1999	-	Amalgamated	NO
5	U25206DL2006PTC152496	WOODBRIDGE FOAM PRIVATE LIMITED	Director	26/08/2006	26/08/2006	08/05/2014	Active	NO
6	U25191DL2008PTC185158	SNB Bedding International Private Limited	Director	24/11/2008	24/11/2008	-	Amalgamated	NO
7	U74899DL1996PTC082937	POLYFLEX MARKETING PRIVATE LIMITED	Director	20/10/2009	20/10/2009	-	Active	NO
8	U74899DL1990PTC041853	RANGOLI RESORTS PRIVATE LIMITED	Director	30/09/2010	05/07/2010	-	Active	NO
9	U72200DL2010PTC201680	DIVYA SOFTWARE SOLUTIONS PRIVATE LIMITED	Additional director	01/12/2014	01/12/2014	-	Active	NO

Name :

Ms. Namita Gautam

Designation :

Whole Time Director

Address :

D-2, Dewanshree Apartments, 30, Firozshah Road, New Delhi-110001, India

Date of Birth/Age :

17.07.1953

Qualification :

Post Graduate in Law

Date of Appointment :

14.11.2003

DIN No.:

00190463

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	U74899DL1988PTC031115	CORE MOULDINGS PRIVATE LIMITED	Director	01/06/1989	01/06/1989	-	Active	NO
2	U74899DL1990PTC041853	RANGOLI RESORTS PRIVATE LIMITED	Director	24/06/1997	24/06/1997	-	Active	NO
3	U74930DL1998PTC097723	STARLITE INDIA PRIVATE LIMITED	Director	31/12/1998	31/12/1998	-	Amalgamated	NO
4	U74899DL1971PTC005679	SHEELA FOAM PRIVATE LIMITED	Director	14/11/2003	14/11/2003	-	Active	NO
5	U74899DL1999PTC102553	RG PILLOW (INDIA) PRIVATE LIMITED	Director	30/09/2010	20/10/2009	-	Amalgamated	NO
6	U74899DL1996PTC082937	POLYFLEX MARKETING PRIVATE LIMITED	Director	20/10/2009	20/10/2009	-	Active	NO
7	U25191DL2008PTC185158	SNB Bedding International Private Limited	Director	30/09/2010	19/01/2010	-	Amalgamated	NO
8	U74899DL1994PTC062005	SLEEPWELL ENTERPRISES PRIVATE LIMITED	Alternate director	15/06/2010	15/06/2010	-	Active	NO

Name :

Mr. Rakesh Chahar

Designation :

Whole Time Director

Address :

C-648, 1st Floor, New Friends Colony, New Delhi, 110065, India

Date of Birth/Age :

15.12.1964

Qualification :

Graduate in Commerce from Delhi University

Date of Appointment :

14.11.2003

DIN No.:

00180587

Name :

Mr. Tushaar Gautam

Designation :

Whole Time Director

Address :

603 Ashadeep-9, Hailey Road, New Delhi, 110001, India

Date of Birth/Age :

21.05.1978

Qualification :

Graduate in Commerce from Delhi University

Date of Appointment :

01.04.2007

DIN No.:

01646487

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	U74899DL1971PTC005679	SHEELA FOAM PRIVATE LIMITED	Director	01/04/2007	01/04/2007	-	Active	NO
2	U25206DL2006PTC152496	WOODBRIDGE FOAM PRIVATE LIMITED	Director	30/09/2010	29/10/2009	08/05/2014	Active	NO
3	U25191DL2008PTC185158	SNB Bedding International Private Limited	Director	30/09/2010	19/01/2010	-	Amalgamated	NO
4	U72200DL2010PTC201680	DIVYA SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	01/12/2014	01/12/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Md Iquebal Ahmed
Designation :	Secretary
Address :	25 – A, Gaffor Nagar, Jamia Nagar, New Delhi – 100025, India
Date of Birth :	20.05.1975
Date of Appointment :	17.11.2008
PAN No.:	ALRPA0540K
Name :	Mr. Amitabh
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2014

Names of Shareholders	No. of Shares
Sheela Gautam and Tushaar Gautam	5853960
Rahul Gautam	3317265
Namita Gautam	1905293
Tushaar Gautam	662640
Polyflex Marketing Private Limited, India	4512558
Ravi Dhariwala and Rashmi Dhariwala	1
Versha H. Patel	1200
Kalpna Shrish Amin	1
Shobha Jagdish Amin	1
Uma Gautam	1
Mala Tandon	1
Rohini Chaudhry	1
Jagdish Bhai G Amin	1
Asha Sharma	1
Core Mouldings Private Limited	4006
Rangoli Resorts Private Limited	4006
Total	16260936

Equity Share Break up (Percentage of Total Equity)

AS ON: 30.09.2014

Category	Percentage
Bodies corporate	27.80
Directors or relatives of Directors	72.20
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Flexible Polyurethane Foam products such as Mattress, Foam Pillow Covers, Bed, Cushions and Covers.
Products :	Mattress Foam Pillow Covers Bed, Cushions and Covers
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Dubai Sri Lanka Asia Australia Thailand
Imports :
Products :	Chemicals
Countries :	Korea Hong Kong
Terms :
Selling :	Credit
Purchasing :	Credit

PRODUCTION STATUS

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 :

Distributors

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 :

1000 (Approximately)

Bankers :

Banker Name	Yes Bank Limited
Branch Address	9TH Floor, Nehru Centre, Discovery of India,, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, 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

• United Bank of India, Delhi Oberoi Hotel Branch, Hotel the Oberoi, Dr. Zakir Hussain Marg, New Delhi - 110003, India

• Standard Chartered Bank, Narain Manzil, 23, Barakhamba Road, New Delhi - 110001, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan from banks
Rupee Term Loan from Bank	319.329	490.058
Rupee Term Loan from Others	1.370	5.113
Deposits from Directors	3.500	22.618
Deposits from Shareholders	22.500	21.917
SHORT TERM BORROWING
Working Capital Loans	342.508	522.551
Other Loans and Advances	2.008	11.808
Total	691.215	1074.065

Auditors :
Name :	Gupta and Gupta Chartered Accountants
Address :	4/8, Asaf Ali Road, New Delhi – 110 002, India
Tel. No.:	91-11-23279527/23276456
E-Mail :	91-11-23280660
PAN No.:	AAAFG2405F
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Joyce Foam Pty Limited, Australia

CAPITAL STRUCTURE

AS ON: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
44010500	Equity Shares	Rs.10/- each	Rs. 440.105 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16260936	Equity Shares	Rs.10/- each	Rs. 162.609 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	162.609	162.609	165.293
(b) Reserves & Surplus	1699.068	1466.390	1224.022
(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)	1861.677	1628.999	1389.315
(3) Non-Current Liabilities
(a) long-term borrowings	386.166	616.199	760.316
(b) Deferred tax liabilities (Net)	56.905	64.780	5.961
(c) Other long term liabilities	217.849	174.114	113.703
(d) long-term provisions	71.107	53.734	35.079
Total Non-current Liabilities (3)	732.027	908.827	915.059
(4) Current Liabilities
(a) Short term borrowings	344.516	534.359	610.915
(b) Trade payables	708.756	562.200	547.852
(c) Other current liabilities	1020.114	626.658	375.642
(d) Short-term provisions	41.032	36.052	25.325
Total Current Liabilities (4)	2114.418	1759.269	1559.734
TOTAL	4708.122	4297.095	3864.108
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1646.553	1705.801	1190.835
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	167.789	14.570	410.480
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	230.734	307.083	315.914
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	63.169	58.571	37.769
(e) Other Non-current assets	4.279	5.630	3.178
Total Non-Current Assets	2112.524	2091.655	1958.176
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	862.095	853.405	577.901
(c) Trade receivables	811.375	783.450	841.877
(d) Cash and cash equivalents	696.056	292.692	149.567
(e) Short-term loans and advances	179.880	223.306	274.661
(f) Other current assets	46.192	52.587	61.926
Total Current Assets	2595.598	2205.440	1905.932
TOTAL	4708.122	4297.095	3864.108

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	11278.900	10008.600	8167.800
	Other Income	83.500	120.000	203.400
	TOTAL (A)	11362.400	10128.600	8371.200
Less:	EXPENSES	10744.600	9444.400	7801.200
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	617.800	684.200	570.000
Less:	FINANCIAL EXPENSES (D)	118.200	150.400	162.600
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	499.600	533.800	407.400
Less:	DEPRECIATION/ AMORTISATION (F)	202.200	193.000	141.200
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	297.400	340.800	266.200
Less:	TAX (H)	64.700	122.300	81.300
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	232.700	218.500	184.900
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	141.946	146.715	140.688
	TOTAL EARNINGS	141.946	146.715	140.688
	IMPORTS
	Raw Materials	2228.758	1939.577	1465.456
	Components and Stores parts	86.640	48.441	60.756
	Capital Goods	73.543	47.232	86.696
	TOTAL IMPORTS	2388.941	2035.250	1612.908
	Earnings / (Loss) Per Share (Rs.)	14.31	13.44	11.19

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	183.076	78.353	39.637
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.06	2.18	2.26
Operating Profit Margin (PBIDT/Sales)	(%)	5.48	6.84	6.98
Return on Total Assets (PBT/Total Assets}	(%)	6.90	8.57	8.48
Return on Investment (ROI) (PBT/Networth)		0.16	0.21	0.19
Debt Equity Ratio (Total Debt /Networth)		0.49	0.75	1.02
Current Ratio (Current Asset/Current Liability)		1.23	1.25	1.22

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	165.293	162.609	162.609
Reserves & Surplus	1224.022	1466.390	1699.068
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1389.315	1628.999	1861.677
long-term borrowings	760.316	616.199	386.166
Short term borrowings	610.915	534.359	344.516
Current maturities of long-term debts	39.637	78.353	183.076
Total borrowings	1410.868	1228.911	913.758
Debt/Equity ratio	1.016	0.754	0.491

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)
Revenue from Operations	8167.800	10008.600	11278.900
		22.537	12.692

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	8167.800	10008.600	11278.900
Profit	184.900	218.500	232.700
	2.26%	2.18%	2.06%

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	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	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATIONS DETAIL :

IN THE HIGH COURT OF DELHI AT NEW DELHI

ITA 1375/2009

THE COMMISSIONER OF INCOME TAX III..... Appellant  

Through: Mr. Sanjeev Sabharwal

Versus

SHEELA FOAM PRIVATE LIMITED..... Respondent

Through: Mrs Kavita Jha

CORAM:
HON'BLE MR. JUSTICE BADAR DURREZ AHMED

HON'BLE MR. JUSTICE V.K. JAIN

ORDER

05.05.2010

CM No. 17899/2009 ( for condonation of delay) 

The delay in re-filling the appeal is condoned.

The application stands disposed of.  

ITA No. 1375/2009

 We have heard the counsel for the parties. 

 Admit.

The following substantial questions of law arise for the consideration of this Court:-

1. Whether the Income Tax Appellate Tribunal erred in applying Net profit percentage in ratio of Eligible / Non Eligible unit turnover for determining market value of transferred semi-finished goods from the Non-Eligible unit for
  the purpose of benefit under Section 80IB of the Income Tax Act of 1961

2. Whether the Income Tax Appellate Tribunal erred in setting aside the disallowance under Section 80 HHC while computing Minimum Alternative Tax (MAT) under Section 115 JB of the Income Tax Act, 1961?

3. Whether the Income Tax Appellate Tribunal erred in deleting the addition of interest charged under Section 234 D by the Assessing Officer

The appellant shall file the paper books within three months as per rules.

List in due course.  

BADAR DURREZ AHMED,J

V.K. JAIN, J 

MAY 05, 2010

UNSECURED LOAN:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long term Borrowings:
Intercorporate Borrowing	25.000	56.693
Deferred sales tax loan	14.467	19.800
Total	39.467	76.493

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10478185	13/02/2014	220,000,000.00	Citibank N.A	JEEVAN BHARTI BUILDING, 4^th FLOOR, 124 CONNAUGHT CIRCUS, CONNAUGHT PLACE, NEW DELHI- 110001 , INDIA	B96635842
2	10366195	27/11/2014 *	28,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	25, BIRLA TOWER, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C43274620
3	10300946	10/02/2015 *	150,000,000.00	Axis Bank Limited	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD,  NEW DELHI, DELHI - 110001, INDIA	C45999141
4	10218458	25/03/2010	630,000,000.00	CENTRAL BANK OF INDIA	PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING, P  ARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	A84892892
5	10207442	25/01/2012 *	300,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	B32770851
6	90039217	05/08/2004	15,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, HINDUSTAN TIMES HOUSE;  K.G. MARG, NEW DELHI, DELHI, INDIA	-
7	80025322	30/03/2013 *	1,545,000,000.00	Central Bank Of India	PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING,,  PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDI  A

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees to Banks and Financial Institutions against credit facilities extended to Group Companies	567.385	476.709
Disputed liabilities not adjusted as expenses in the Accounts for various years being in appeals towards:
Sales tax	138.552	115.531
Entry tax	12.804	10.454
Income tax	232.009	39.766
Excise Duty	38.494	21.853
Guarantees given by the Bankers on behalf of the Company to third parties	20.893	24.762
Total	1010.137	689.075

FIXED ASSETS:

• Land
• Building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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. 63.90
UK Pound	1	Rs. 97.98
Euro	1	Rs. 71.82

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KRN
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.