MIRA INFORM REPORT

Report No. :	327001
Report Date :	15.06.2015

IDENTIFICATION DETAILS

Name :	IND SWIFT LABORATORIES LIMITED
Registered Office :	SCO 850, Shivalik Enclave, NAC, Manimajra, Chandigarh – 160 101,
Tel. No.	91-172-2660918
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.01.1995
Com. Reg. No.:	16-015553
Capital Investment / Paid-up Capital :	Rs. 409.632 Million
CIN No.: [Company Identification No.]	L24232CH1995PLC015553
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PTLI10111D / PTLI10125D
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Seller of Active Pharmaceutical Ingredients (API) and Advanced Intermediates.
No. of Employees :	1000 (Approximately)

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

Maximum Credit Limit :	USD 17000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The rating reflects ISLL’s recent delays in debt servicing marked by weak operational performance which has resulted into decline in sales turnover and reported loss with continued high debt levels. Business is active. Payment terms are slow. 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	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	ICRA
Rating	Term Loan Faculties - (D)
Rating Explanation	Instruments with this rating are in default and expected to be in default on maturity
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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sanjeev
Designation :	Senor Accounts Executive
Contact No.:	91-172-5061850 / 53
Date :	13.06.2015

LOCATIONS

Registered/ Corporate Office :	SCO 850, Shivalik Enclave, NAC, Manimajra, Chandigarh – 160 101, India
Tel. No.	91-172-2660918/ 2604934/ 2730503/ 2730920/ 5061850-53/ 5076458/ 2738827/ 2738828/ 5072079/ 5072079/ 3292003
Fax No.	91-172-2660920/ 2730504/ 2736294
E-Mail :	pradeep.verma@indswiftlabs.com info@indswiftlabs.com investor@indswiftlabs.com
Website	http://www.indswiftlabs.com
Factory 1 :	Village Bhagwanpura, Barwala Road, Near Derabassi, District Mohali, Punjab, India
Tel. No.:	91-1762-231072/231048/233130
Fax No.:	91-1762-31073
E-Mail :	lalit.wadhwa@indswiftlabs.com
Location :	Owned
Factory 2 :	SIDCO, Industrial Growth Centre, Jammu, Jammu and Kashmir, India
Research and Development Facility :	Plot No. E-5, Industrial Area, Phase II, Mohali, Punjab, India
International Marketing :	711-712, Modi Tower, 98, Nehru Place, New Delhi – 110 019, India
Tel. No.:	91-11-26226140-43
Fax No.:	91-11-264146140
E-Mail :	anurag.chaturvedi@indswiftlabs.com
Branch office :	The Submit Business Bay, 102-03, Level-1, Service Road, Western Express Highway, Villey Parle (East), Mumbai - 400 052, Maharashtra, India
Tel. No.:	91-22-42288300
Fax No.:	91-22-26184120
E-Mail :	dinanath.gupta@indswiftlabs.com
US Operations :	IND-SWIFT Laboratories Inc., 3500, South Dupont Highway Dover, Delaware, 19901 (USA)
Tel. No.:	+1-9084211234
Fax No.:	+1-9083251613
E-Mail :	vikasnarendra@islinc.org info@islinc.org
EU Marketing Operations :	IND-SWIFT Laboratories Limited, 25 Moorgate, London EC2R 6AY, United Kingdom
Tel. No.:	+44-77-94385752
E-Mail :	varun.chhabra@indswiftlabs.com

DIRECTORS

As on: 31.03.2014

Name :	Mr. S.R. Mehta
Designation :	Non – Executive Chairman
Name :	Mr. N.R. Munjal
Designation :	Vice-Chairman cum Managing Director
Date of Birth/Age :	09.02.1952
Qualification :	B.Sc.
Date of Appointment :	04.01.1995
Name :	Mr. Himanshu Jain
Designation :	Joint Managing Director
Name :	Mr. Rishav Mehta
Designation :	Executive Director
Name :	Dr. V.R. Mehta
Designation :	Director
Date of Birth/Age :	30.11.1956
Qualification :	M. Sc. (PAU)
Date of Appointment :	31.07.2003
Name :	Dr. G. Munjal
Designation :	Director
Name :	Mr. K.M.S. Nambiar
Designation :	Director
Name :	Dr. Vinay Kumar Arora
Designation :	Director
Name :	Mr. T.S. Bhattacharya
Designation :	Director
Name :	Dr. J.K. Kakkar
Designation :	Director
Name :	Mr. Pradeep Kumar
Designation :	Director
Name :	S. V. Singh
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Pardeep Verma
Designation :	GM – Corporate Affairs and Company Secretary
SENIOR MANAGEMENT TEAM :
Name :	Dr. Lalit K. Wadhwa
Designation :	Director and Chief Operating Officer
Name :	Mr. Vijay Kumar
Designation :	Director Marketing and Special Projects
Name :	Sahil Munjal
Designation :	President (Operations)
Name :	Mr. Vikas Narendra
Designation :	President-US Operations
Name :	Mr. G.K. Sharma
Designation :	Manufacturing Head
Name :	Mr. Subodh Gupta
Designation :	Member Executive Board
Name :	Dr. R. Arul
Designation :	Vice – President (R and D and CRAMS)
Name :	Mr. Atul Choubey
Designation :	Vice President (HR)
Name :	Suresh Chandra Arora
Designation :	Head (Maintenance and Utility)
Name :	Mr. Sandeep Singh
Designation :	Vice President (Procurement)
Name :	Saranjai Tyagi
Designation :	Vice President (QA)
Name :	Mr. Rakesh Bahuguna
Designation :	Vice President (QC)
Name :	Anurag Chaturvedi
Designation :	Vice president (Marketing)
Name :	Varun Chhabra
Designation :	Vice president (Marketing)
COMMITTEES OF THE BOARD :
AUDIT COMMITTEE :
Name :	Mr. K.M.S. Nambiar
Designation :	Chairman
Name :	Dr. J.K. Kakkar
Designation :	Member
Name :	Pradeep Kumar
Designation :	Member
Name :	Mr. S.R. Mehta
Designation :	Member
Name :	S. V. Singh
Designation :	Member
REMUNERATION COMMITTEE :
Name :	Mr. K.M.S. Nambiar
Designation :	Chairman
Name :	Dr. J. K. Kakkar
Designation :	Member
Name :	Mr. Pradeep Kumar
Designation :	Member
Name :	S. V. Singh
Designation :	Member
Name :	S.R. Mehta
Designation :	Member
SHARE TRANSFER AND SHAREHOLDER / INVESTOR GRIEVANCE COMMITTEE :
Name :	Dr. J.K. Kakkar
Designation :	Chairman
Name :	Mr. N.R. Munjal
Designation :	Member
Name :	Mr. S.R. Mehta
Designation :	Member
Name :	Pradeep Kumar
Designation :	Member
COMPENSATION COMMITTEE :
Name :	Dr. J.K. Kakkar
Designation :	Chairman
Name :	Mr. K.M.S. Nambiar
Designation :	Member
Name :	S. V. Singh
Designation :	Member
SUB-COMMITTEE OF BOARD :
Name :	Mr. N.R. Munjal
Designation :	Chairman
Name :	Mr. Dr. J.K. Kakkar
Designation :	Member
Name :	Mr. K.M.S. Nambiar
Designation :	Member
Name :	Mr. Himanshu Jain
Designation :	Member
Name :	Pradeep Kumar
Designation :	Member

SHAREHOLDING PATTERN

As on: 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2216240	5.41
Bodies Corporate	19340611	47.24
Sub Total	21556851	52.66
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	21556851	52.66
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	14400	0.04
Foreign Institutional Investors	1551869	3.79
Sub Total	1566269	3.83
(2) Non-Institutions
Bodies Corporate	5248516	12.82
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	8124243	19.84
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4198542	10.26
Any Others (Specify)	245274	0.60
Non Resident Indians	245274	0.60
Sub Total	17816575	43.52
Total Public shareholding (B)	19382844	47.34
Total (A)+(B)	40939695	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	23500	0.00
Sub Total	23500	0.00
Total (A)+(B)+(C)	40963195	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Seller of Active Pharmaceutical Ingredients (API) and Advanced Intermediates.
Products :	Menthol Crystals Menthol Powder Mentho Oil Rectified Dementholised Oil Menthones Menthyl Acetate Mint Terpenes Menthe Piperita Oil
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	USA Pakistan
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L\C
Purchasing :	L\C

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
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 :

1000 (Approximately)

Bankers :

• State Bank of India, Specialized Commercial Branch, SCO:103-106, Sector 17-B, Chandigarh – 160 017, India

Tel No.: 91-22-2700915

• State Bank of Patiala, Commercial Branch, SCO:103-107, Sector 8-C, Chandigarh, India
• Bank of India, Bank Square, SCO: 81-93, Sector 17-B, Chandigarh – 160 017, India

Facilities :

Secured Loan	As on 31.03.2015	As on 31.03.2014
	(Rs. In Million)	(Rs. In Million)
LONG TERM BORROWINGS:
Non-Convertible Debentures		5.623
Term Loans From Banks		7837.131
Term Loans From other parties		662.147
SHORT TERM BORROWINGS:
Borrowings for working capital		3527.900
Buyer credit		318.742
Total	NA	12351.543

Auditors :
Name :	Jain and Associates Chartered Accountants,
Address :	SCO 819-20, Sector 22-A, Chandigarh - 160 022, India
Solicitors :
Name :	P.K. Goklaney and Company Advocate and Solicitors
Address :	#38, Sector 16A, Chandigarh – 160 015, India
Memberships :	Not Available
Collaborators :	Not Available
Associates (As on 31.03.204) :	Ind Swift Limited Essix Biosciences Limited Halcyon Life Sciences Private Limited Fortune (India) Constructions Limited Mansa Print and Publishers Limited Swift Fundamental Research and Education Society 3M Advertisers and Publishers Limited Punjab Renewable Energy Private Limited Hackim Farayand Chemi Company ( Iran)
Subsidiaries (As on 31.03.204) :	Ind Swift Laboratories Inc. USA Meteoric Life Sciences Pte Limited, Singapore Ind-Swift Middle East FZE (UAE)
Others entities in which relatives of KMP have control or significant influence (As on 31.03.204) :	Integral Buildcon Private Limited Vibrant Agro Industries Limited B. M. Cosmed Private Limited KMB Hospitality Services Private Limited

CAPITAL STRUCTURE

As on: 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
40963195	Equity Shares	Rs.10/- each	Rs.409.632 Million

Share held by each shareholders holding more than 5 % shares

Name	No. of shares
Ind Swift Limited	9499720 (23.191%)
Essix Bioscience Limited	5491801 (13.985%)

During the year, Company has made following preferential allotments.

Date of Allotment	Type	Equity Share Issued
03.02.2014	Preferential Allotment	1692725

The proceeds of preferential allotments was fully utilised towards the expenditure/projects/investments/product development undertaken by the company.

The Company has ESOP Scheme called “ESOP 2006”. During the year, Company has granted no Stock Option to its employees. Deffered employee compensation cost is being ammortised over a period of three years, being the vesting period and on proportionate basis.

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	409.600	409.632	392.705
(b) Reserves & Surplus	5513.900	6725.842	8032.285
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	115.600	93.100	93.100
Total Shareholders’ Funds (1) + (2)	6039.100	7228.574	8518.090
(3) Non-Current Liabilities
(a) long-term borrowings	9892.000	9410.879	8181.644
(b) Deferred tax liabilities (Net)	0.000	189.633	394.181
(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)	9892.000	9600.512	8575.825
(4) Current Liabilities
(a) Short term borrowings	4306.400	3909.734	4219.698
(b) Trade payables	1491.400	2063.405	1932.871
(c) Other current liabilities	653.700	463.436	268.855
(d) Short-term provisions	0.000	34.096	126.596
Total Current Liabilities (4)	6451.500	6470.671	6548.020
TOTAL	22382.600	23299.757	23641.935
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11711.100	11591.387	11301.948
(ii) Intangible Assets	2306.700	2426.715	2176.487
(iii) Capital work-in-progress (Tangible)	934.100	1213.829	993.213
(iv) Capital work-in-progress (Intangible)	194.300	234.792	619.789
(v) Assets held for disposal	22.200	22.336	22.336
Total	15168.400	15489.059	15113.774
Accumulated Depreciation	2874.000	2315.107	1806.822
Net Block	12294.400	13173.952	13306.952
(b) Non-current Investments	263.300	272.052	271.715
(c) Deferred tax assets (net)	48.100	0.000	0.000
(d) Long-term Loan and Advances	719.700	17.733	17.599
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	13325.500	13463.737	13596.266
(2) Current assets
(a) Current investments	0.000	0.000	1.000
(b) Inventories	3483.100	3770.287	4514.417
(c) Trade receivables	3749.00	4272.684	3938.654
(d) Cash and cash equivalents	184.600	189.218	177.506
(e) Short-term loans and advances	1640.400	1603.831	1414.092
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	9057.100	9836.020	10045.669
TOTAL	22382.600	23299.757	23641.935

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	6457.367	9406.614	10827.008
		Other Income	222.540	134.576	178.486
		TOTAL	6679.907	9541.190	11005.494
Less	EXPENSES
		Cost of Materials Consumed	3386.961	4400.218	5564.564
		Purchases of Stock-in-Trade	456.889	2368.561	3012.159
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	140.913	608.949	92.206
		Employees benefits expense	522.863	425.954	387.487
		Other expenses	1058.461	1018.575	1067.164
		Exceptional items	511.895	327.134	41.392
		Extra ordinary Items	0.000	0.000	100.000
		TOTAL	6077.982	9149.391	10264.972
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		601.925	391.799	740.522
Less	FINANCIAL EXPENSES		1191.878	1166.205	1396.147
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(589.953)	(774.406)	(655.625)
Less/ Add	DEPRECIATION/ AMORTISATION		842.901	657.656	543.305
	PROFIT / (LOSS) BEFORE TAX		(1432.854)	(1432.062)	(1198.930)
Less	TAX		(241.220)	(204.626)	(9.219)
	PROFIT / (LOSS) AFTER TAX		(1191.634)	(1227.436)	(1189.711)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			2105.620	3295.331
	BALANCE CARRIED TO THE B/S			878.184	2105.620
	EARNINGS IN FOREIGN CURRENCY		NA
		Export Earnings		5840.536	5866.355
	IMPORTS
		Raw Materials		3272.529	3622.938
	TOTAL IMPORTS			3272.529	3622.938
	Earnings Per Share (Rs.)		29.09	(29.28)	(30.35)

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	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(18.45)	(13.05)	(10.06)
Operating Profit Margin (PBIDT/Sales)	(%)	9.32	4.17	7.76
Return on Total Assets (PBT/Total Assets}	(%)	(6.21)	(14.56)	(10.94)
Return on Investment (ROI) (PBT/Networth)		(0.24)	(0.20)	(0.13)
Debt Equity Ratio (Total Debt /Networth)		2.35	1.84	1.46
Current Ratio (Current Asset/Current Liability)		1.40	1.52	1.53

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 28.20/-

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	392.705	409.632	409.600
Reserves & Surplus	8032.285	6725.842	5513.900
Share Application money pending allotment	93.100	93.100	115.600
Net worth	8518.090	7228.574	6039.100
long-term borrowings	8181.644	9410.879	9892.000
Short term borrowings	4219.698	3909.734	4306.400
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	12401.342	13320.613	14198.400
Debt/Equity ratio	1.456	1.843	2.351

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	10827.008	9406.614	6457.367
		(13.119)	(31.353)

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	10827.008	9406.614	6457.367
Profit	(1089.711)	(1227.436)	(1191.634)
	(10.06%)	(13.05%)	(18.45%)

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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

LITIGATION DETAILS:

Case Details For Case CM-17920-CII-2009
Diary Number	382564	District	UT-CHANDIGARH
Category	-	Main Case Detail	ITA-514-2009
Party Detail	CIT CHANDIGARH V/S M/S IND SWIFT LABORATORIES
Advocate Name	URVASHI DHUGGA	List Type	ORDINARY
Status	PENDING	Next date
Case Listing Details
No Listing Data Available
Judgment Details For Case: CM-17920-CII-2009  Party Detail: CIT CHANDIGARH V/S M/S IND SWIFT LABORATORIES
Order Date	Order Type	Bench	Judgment Link
No Judgment/Order Found.
Designed and developed by National Informatics Centre Contents Published and Managed by Punjab and Haryana High Court, Chandigarh

UNSECURED LOAN

Particulars	As on 31.03.2015	As on 31.03.2014
	(Rs. In Million)	(Rs. In Million)
LONG TERM BORROWINGS:
Fixed Deposits		881.596
Term Loans and Advances From Others		24.382
SHORT TERM BORROWINGS:
Fixed Deposits		50.592
ICD		12.500
Total	NA	969.070

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10423265	17/04/2013	250,000,000.00	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	GATEWAY BUILDING, APOLLO BUNDER, MUMBAI, MAHARASHTRA - 400001, INDIA	B74240045
2	10408579	04/03/2013	11,718,200,000.00	STATE BANK OF INDIA	SCO - 103 - 106, SECTOR - 17 B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B73867079
3	10356105	31/03/2012	55,000,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B39750930
4	10330322	04/01/2012	300,000,000.00	STATE BANK OF HYDERABAD	SCO 62-63, SECTOR - 34A, CHANDIGARH, CHANDIGARH - 160034, INDIA	B30070148
5	10323609	24/11/2011	400,000,000.00	STATE BANK OF TRAVANCORE	SCO - 206 - 207, SECTOR - 34 A, CHANDIGARH, CHANDIGARH - 160034, INDIA	B28006013
6	10317691	17/04/2013 *	500,000,000.00	BANK OF INDIA	STAR HOUSE, C-5, G BLOCK, BANDRA KURLA COMPLEX,  BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B74976259
7	10296105	30/06/2011	250,000,000.00	CANARA BANK	ADVANCES SECTION, SCO 311 - 312, SECTOR - 35 B,  CHANDIGARH, CHANDIGARH - 160022, INDIA	B16521387
8	10289168	17/04/2013 *	500,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, SCO - 103 - 107, CHANDIGARH, CHANDIGARH - 160018, INDIA	B74570383
9	10296547	25/05/2011	105,000,000.00	SBI GLOBAL FACTORS LIMITED	6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	B16620064
10	10291634	17/04/2013 *	200,000,000.00	L & T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B73476459

FIXED ASSETS (As on 31.03.2014):

· Land Free Hold

· Land Lease Hold

· Factory Buildings

· Office Buildings

· Flats

· R&D Buildings

· Building – Pilot Plant

· Plant and Machinery

· R&D Machinery

· Plant and Machinery – Pilot Plant

· Electric Installations – Pilot Plant

· Electric Installations

· Furniture and Fixtures

· Office Equipments

· Vehicles

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 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.64.03
UK Pound	1	Rs.99.27
Euro	1	Rs.71.90

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAR
Report Prepared by :	TEU

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
--PROFITABILIRY	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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--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.