MIRA INFORM REPORT

Report No. :	327636
Report Date :	16.06.2015

IDENTIFICATION DETAILS

Name :	PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LIMITED (w.e.f.29.09.2011)
Formerly Known As :	PIPAVAV SHIPYARD LIMITED (w.e.f.19.04.2005) PIPAVAV SHIP DISMANTLING AND ENGINEERING LIMITED
Registered Office :	Pipavav Port, Post Ucchaya, Via Rajula, Rajual – 365560, Gujarat
Tel. No. :	91-2794-286200
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	17.10.1997
Com. Reg. No.:	04-033193
Capital Investment / Paid-up Capital :	Rs. 7362.063 Million
CIN No.: [Company Identification No.]	L35110GJ1997PLC033193
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
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 :	Subject is engaged in the business of Ship Building and Fabrication includes Shipbuilding, Ship and Rig Repairs, Fabrication etc. and also Trading in Steel.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject was incorporated in the year 1997. It is engaged in the business of ship building and fabrication includes shipbuilding, ship and rig repairs, fabrication etc. and also trading in steel. It is an established company having a moderate track record. There seems drastic dip the turnover of the company and it has also incurred a huge loss from its operation during FY 2015. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 DENIED

Management non co-operative (91-2794-286200)

LOCATIONS

Registered Office :	Pipavav Port, Post Ucchaiya, Via Rajula, District Amreli, Rajual – 365560, Gujarat, India
Tel. No.:	91-2794-286200/ 201/ 661000
Fax No.:	91-2794-286373/ 661100
E-Mail :	contact@pipavavshipyard.com careers@pipavavshipyard.com company.secretary@pipavavshipyard.com nileshkmehta@gmail.com company.secretary@pipavavdoc.com
Website :	www.pipavavshipyard.com
Location :	Owned
Corporate office :	SKIL House, 209, Bank Street Cross Lane, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-66199126/ 66199000
Fax No.:	91-22-67158099/ 22696022/ 22659939
SEZ Units / Plant 1:	Village Rampara – II, Taluka Rajula and Village Lunsapur, Taluka Jafrabad, District – Amreli – 365560, Gujarat, India
Plant 2 :	Pipavav Port, Post Ucchaiya, Via-Rajula, District Amreli – 365560, Gujarat, India

DIRECTORS

As On 31.03.2014

Name :	Mr. Nikhil Prataprai Gandhi
Designation :	Chairman
Address :	38, Sagar Villa, Bhulabahai Desai Road, Mumbai – 400026, Maharashtra
Date of Birth/Age :	25.04.1958
Qualification :	B.Com
Date of Appointment :	17.10.1997
Name :	Mr. Bhavesh Prataprai Gandhi
Designation :	Executive Vice Chairman
Name :	Mr. Ajai Vikram Singh
Designation :	Independent Director
Address :	Bafhsuri House, Jaipur Road, Ajmer-305001, Rajasthan, India
Date of Birth/Age :	04.07.1945
Date of Appointment :	15.07.2008
Name :	Mr. David Rasquinha
Designation :	Nominee Director, EXIM Bank, Independent Director
Date of Appointment :	25.04.2011
Name :	Mr. Ramunni Menon Premkumar
Designation :	Independent Director
Address :	101, Praneet, Dr. Jayant Palkar Marg, Worli, Mumbai-400030, Maharashtra, India
Date of Birth/Age :	16.08.1945
Date of Appointment :	15.07.2008
Name :	Mr. Samar Ballav Mohapatra
Designation :	Independent Director
Address :	C-15, DGS Co-Operative Housing Society, Plot No. 6, Sector 22, Dwarka, Delhi-110075, India
Date of Birth/Age :	18.06.1944
Date of Appointment :	15.07.2008
Name :	Mr. Nils Peter Sandehed
Designation :	Additional Director
Date of Appointment :	27.05.2013
Name :	Mr. Ashok Katra
Designation :	Nominee Director, IDBI Bank Ltd.
Name :	Mr. Ashok Kumar Sahoo
Designation :	Nominee Director, LIC of India
Name :	Mr. Lars Olov Rikard Lindgren
Designation :	Alternate Director to Mr. Nils Peter Sandehed (w.e.f. August 14, 2013)

KEY EXECUTIVES

Audit Committee :	v Mr. Ramunni Menon Premkumar, Chairman v Mr. Ajai Vikram Singh, Member v Mr. Bhavesh Prataprai Gandhi, Member v Mr. David Rasquinha, Member v Mr. Samar Ballav Mohapatra, Member
Name :	Mr. Praveen Chand Mohnot
Designation :	Chief Financial Officer
Name :	Mr. Ajit Dabholkar
Designation :	Corporate Counsel and Company Secretary

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	993600	19.71
Bodies Corporate	2092770	41.52
Sub Total	3086370	61.24
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3086370	61.24
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	853724	16.94
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1100106	21.83
Sub Total	1953830	38.76
Total Public shareholding (B)	1953830	38.76
Total (A)+(B)	5040200	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5040200	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	SK Adya HUF	2,03,600	4.04
2	S K Adya	1,90,000	3.77
3	Veena Adya	1,90,000	3.77
4	Nischal Adya	1,90,000	3.77
5	Monika Adya	2,20,000	4.36
6	Mini Soft Limited	5,56,000	11.03
7	Haryana Wood and Allied Industries Private Limited	3,38,920	6.72
8	Gurshant Electrical Private Limited	4,00,000	7.94
9	Advin Project Limited	3,00,000	5.95
10	HWA Industries Limited	3,00,000	5.95
11	Adshu Steels Limited	1,97,850	3.93
	Total	30,86,370	61.24

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Sanchit Overseas Private Limited	251600	4.99
2	Napoli Exports Limited	299500	5.94
3	Capry Agro Limited	298000	5.91
	Total	849100	16.85

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Napoli Exports Limited	299500	5.94
2	Capry Agro Limited	298000	5.91
	Total	597500	11.85

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Ship Building and Fabrication includes Shipbuilding, Ship and Rig Repairs, Fabrication etc. and also Trading in Steel.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
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 :

Information declined by the management.

Bankers :

v Union Bank of India

v Industrial and Development Bank of India

v Export Import Bank of India

v Housing and Urban Development Corporation Limited

v Punjab National Bank

v State Bank of India

v Yes Bank Limited

v Oriental Bank of Commerce

v HDFC Bank Limited

v Dena Bank

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from: Banks	NA	16136.124
Financial Institutions	NA	3056.427
Body Corporates	NA	0.000
Vehicle Loans	NA	3.876
SHORT TERM BORROWINGS
Banks	NA	3000.000
Financial Institutions	NA	1500.000
Body Corporates	NA	0.000
Total	NA	23696.427

Statutory Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Internal Auditors :
Name :	M.A. Shah and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company (As on 31.03.2014) :	PDOC Pte. Limited E Complex Private Limited Pipavav Marine and Offshore Limited Pipavav Lighter Than Air Systems Private Limited (w.e.f. March 18, 2014)
Associates (As on 31.03.2014) :	SKIL Infrastructure Limited (formerly Horizon Infrastructure Limited) Conceptia Software Technologies Private Limited
Enterprises in which key managerial personnel or their relatives are able to exercise significant influence (As on 31.03.2014) :	Grevek Investments and Finance Private Limited Awaita Properties Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs. 10/- each	Rs. 10000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
736206269	Equity Shares	Rs. 10/- each	Rs. 7362.063 Million

Reconciliation of equity shares outstanding at the beginning and at the end of the year

Particulars	As at March 31, 2014
	No. of Shares	Rs. In Million
No. of shares at the beginning of the year	701198388	7011.984
Add: Shares issued during the year on conversion of debentures	24507881	245.079
Add: Shares issued during the year on conversion of warrants	10500000	105.000
No. of shares at the end of the year	736206269	7362.063

Shareholders holding more than 5% Shares in the Company

Shares held by	As at March 31, 2014
	No. of Shares	% Holding
SKIL Infrastructure Limited (formerly Horizon Infrastructure Limited)	267,037,043	36.27%
Life Insurance Corporation of India	58,465,899	7.94%
SKIL Shipyard Holdings Private Limited	38,377,686	5.21%
IL & FS Marine Infrastructure Company Limited	53,423,871	7.26%

Terms and Rights attached to Equity Shares

The Company has only one class of Equity Share having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation of the Company, the equity shareholders will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amount. The distribution will be in proportionate to the number of equity shares held by the shareholders.

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.7362.063 Million

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	7362.063	7362.063	7011.984
(b) Reserves & Surplus	12304.665	16006.725	13444.583
(c) Money received against share warrants	0.000	0.000	204.750
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	19666.728	23368.788	20661.317
(3) Non-Current Liabilities
(a) long-term borrowings	51017.279	20746.335	21505.201
(b) Deferred tax liabilities (Net)	27.928	946.848	751.175
(c) Other long term liabilities	562.421	1427.069	1424.753
(d) long-term provisions	40.519	27.838	10.089
Total Non-current Liabilities (3)	51648.147	23148.090	23691.218
(4) Current Liabilities
(a) Short term borrowings	11293.675	25510.540	21519.455
(b) Trade payables	3015.279	2820.444	3024.780
(c) Other current liabilities	6677.681	15956.546	8285.837
(d) Short-term provisions	5737.193	5170.103	2480.204
Total Current Liabilities (4)	26723.828	49457.633	35310.276
TOTAL	98038.703	95974.511	79662.811
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	70696.756	27109.220	26929.033
(ii) Intangible Assets	0.000	40.868	43.912
(iii) Capital work-in-progress	0.000	31392.888	21866.908
(iv) Intangible assets under development	0.000	184.657	0.000
(b) Non-current Investments	208.700	206.074	205.974
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3768.979	5298.440	5404.713
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	74674.435	64232.147	54450.540
(2) Current assets
(a) Current investments	0.000	0.000	45.000
(b) Inventories	3071.045	2309.430	1628.045
(c) Trade receivables	8335.986	13512.396	8959.910
(d) Cash and cash equivalents	2256.706	3841.538	3754.353
(e) Short-term loans and advances	4684.695	4113.086	2397.134
(f) Other current assets	5015.836	7965.914	8427.829
Total Current Assets	23364.268	31742.364	25212.271
TOTAL	98038.703	95974.511	79662.811

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	8310.070	22789.932	25864.681
		Other Income	310.721	400.831	265.618
		TOTAL	8620.791	23190.763	26130.299
Less	EXPENSES
		Cost of Materials Consumed	797.765	2666.558	2801.607
		Purchases of Stock-in-Trade	1324.555	4769.056	10693.989
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(88.963)	13.172	25.120
		Employees benefits expense	632.790	568.494	530.949
		Other expenses	4715.292	8625.114	6463.309
		TOTAL	7381.439	16642.394	20514.974
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1239.352	6548.369	5615.325
Less	FINANCIAL EXPENSES		4526.929	4652.081	3974.596
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(3287.577)	1896.288	1640.729
Less/ Add	DEPRECIATION/ AMORTISATION		1313.435	1617.040	1226.977
	PROFIT BEFORE TAX		(4601.012	279.248	413.752
Less	TAX		(910.689)	195.673	126.542
	PROFIT AFTER TAX		(3690.323)	83.575	287.210
	EARNINGS IN FOREIGN CURRENCY
		Ship Building and Ship Builders	NA	2720.531	4275.585
		Rig Repairs and Fabrication	NA	832.939	1108.833
	TOTAL EARNINGS		NA	3553.470	5384.418
	IMPORTS
		Raw Materials and Components	NA	1817.187	1780.578
		Stores & Spares	NA	0.565	71.478
		Capital Goods	NA	155.501	221.232
	TOTAL IMPORTS		NA	1973.253	2073.288
	Earnings Per Share (Rs.)		(5.01)	0.11	0.41

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	5296.796	4881.091
Cash generated from operations	NA	7655.816	6358.531

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	(44.41)	0.36	1.11
Operating Profit Margin (PBDIT/Sales)	(%)	14.91	28.73	21.71
Return on Total Assets (PBT/Total Assets}	(%)	(4.70)	0.44	0.72
Return on Investment (ROI) (PBT/Networth)		(0.23)	0.01	0.02
Debt Equity Ratio (Total Debts/Networth)		3.17	1.98	2.08
Current Ratio (Current Asset/Current Liability)		0.87	0.64	0.71

STOCK PRICES

Face Value	Rs.10/- each
Market Value	Rs.60.10 /- each

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	7011.984	7362.063	7362.063
Reserves & Surplus	13444.583	16006.725	12304.665
Net worth	20456.567	23368.788	19666.728
long-term borrowings	21505.201	20746.335	51017.279
Short term borrowings	21519.455	25510.540	11293.675
Current Maturities of Long Term Debt	4881.091	5296.796	0.000
Total borrowings	47905.747	51553.671	62310.954
Debt/Equity ratio	2.342	2.206	3.168

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	25864.681	22789.932	8310.070
		(11.888)	(63.536)

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	25864.681	22789.932	8310.070
Profit	287.210	83.575	(3690.323)
	1.11%	0.37%	(44.41%)

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

LITIGATION DETAILS :

HIGH COURT OF GUJARAT

COMPANY PETITION No. 18 of 2015

Status : PENDING ( Converted from : O/ST/3300/2014 ) CCIN No : 001058201500018

Last Listing Date: 16.06.2015

Coram : HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

S.NO.	Name of the Petitioner	Advocate On Record
1	KFC INTERNATIONAL LTD	MR ARPIT A KAPADIA for: Petitioner(s)  1
S.NO.	Name of the Respondant	Advocate On Record
1	PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LTD	DS AFF.NOT FILED (N) for :Respondent(s)  1

Presented On	: 17/12/2014	Registered On	: 21/01/2015
Bench Category	: -	District	: AHMEDABAD
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 8 times
StageName	: NOTICE RETURNABLE MATTERS

Office Objection

Filing Stage Filing Stage Filing Stage	· WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ? · WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ? · BLANKS IN MEMO
Classification	· SJ - OJ - COMPANY APPLICATION - COMPANIES ACT, 1956 - WINDING UP - 433 AND 434
Act	· COMPANIES ACT, 1956

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	17/12/2014	VAKALATNAMA	MR ARPIT A KAPADIA ADVOCATE for PETITIONER(s)  1	5	MR ARPIT A KAPADIA(3974) for P:1
2	17/12/2014	MEMO OF PETITION/APPEAL/SUIT	MR ARPIT A KAPADIA ADVOCATE for PETITIONER(s)  1	100	MR ARPIT A KAPADIA(3974), for P:1

Court Proceedings

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

22/01/2015

9

76

FOR OFFICE OBJECTION

NEXT DATE

· HONOURABLE MS.JUSTICE HARSHA DEVANI

2

12/02/2015

9

1

ADMISSION (FRESH MATTERS)

NEXT DATE

· HONOURABLE MS.JUSTICE HARSHA DEVANI

3

05/03/2015

9

15

ADJOURNED MATTERS

NEXT DATE

· HONOURABLE MS.JUSTICE HARSHA DEVANI

4

16/03/2015

8

6

ADJOURNED MATTERS

NEXT DATE

· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT  · HONOURABLE MS.JUSTICE HARSHA DEVANI

5

18/03/2015

8

12

ADJOURNED MATTERS

NEXT DATE

· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

6

08/04/2015

8

55

NOTICE RETURNABLE MATTERS

NEXT DATE

· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

7

04/05/2015

8

20

NOTICE RETURNABLE MATTERS

NEXT DATE

· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

8

16/06/2015

22

46

NOTICE RETURNABLE MATTERS

· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT  · HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

COMPANY PETITION/18/2015

· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

18/03/2015

N

ORDER

-

Y

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10534920	24/09/2014	5,350,000,000.00	Union Bank of India	Industrial Finance Branch, Union Bank Bhavan, 239,  Vidhan Bhavan Marg, Nariman Point, Mumbai - 400021, Maharashtra, INDIA	C35789569
2	10530975	11/07/2014	800,000,000.00	IDBI Bank Limited	221 A, 2nd floor, A wing, Mittal Court, NARIMAN POINT, MUMBAI - 400021, Maharashtra, INDIA	C33426834
3	10523266	27/06/2014	350,000,000.00	Central Bank of India	Corporate Finance Branch, 1st Floor, MMO Building  , Fort, Mumbai - 400023, Maharashtra, INDIA	C24774556
4	10506065	05/09/2014 *	1,500,000,000.00	IFCI LIMITED	IFCI Tower, Nehru Place, New Delhi, Delhi - 110019, INDIA	C20555926
5	10512424	19/03/2014	1,000,000,000.00	IL & FS TRUST COMPANY LIMITED	IL and FS Financial Centre, Bandrakurla complex, Ba  ndra East, Mumbai - 400051, Maharashtra, INDIA	C14743223
6	10512426	19/03/2014	4,115,720,400.00	IL & FS TRUST COMPANY LIMITED	IL and FS Financial Centre, Bandrakurla complex, Bandra East, Mumbai - 400051, Maharashtra, INDIA	C14745095
7	10464162	26/11/2013	2,500,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA	B91112615
8	10438901	18/09/2014 *	4,040,000,000.00	Oriental Bank of Commerce	E Block, Harsha Bhavan, Connaught Place, New Delhi, Delhi - 110001, INDIA	C21476312
9	10399851	24/12/2012	400,000,000.00	ORIENTAL BANK OF COMMERCE	Large Corporate Branch, 18th Floor, Maker Tower-  E, cuffe parade, Mumbai - 400005, Maharashtra, INDIA	B66744475
10	10390156	20/12/2013 *	5,400,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery of India, Dr.  Annie Besant Road, Worli, MUMBAI - 400018, Maharashtra, INDIA	C05486246

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Inter Corporate Deposit from Related Party	NA	1549.908
SHORT TERM BORROWINGS
From Banks	NA	8931.034
Total	NA	10480.942

OPERATIONS (As on 31.03.2014)

During the year, the Company has recorded total revenue of Rs. 23190.800 Million as compared to the total revenue of Rs. 26130.300 Million during the previous financial year. The Companyhas earned operating profit i.e. Profit before Depreciation, Interest and Tax of Rs.6147.500 Million for the year against Rs.5349.700 Million for the previous year.

The detailed information on all business activities of the Company is provided in the Management Discussion and Analysis Report, annexed hereto.

FUTURE OUTLOOK (As on 31.03.2014)

The global economy is showing positive signs of improvement and is expected to grow at 3.9% in 2015, higher than the levels of 2013 and 2014 with faster growth expected in the US, Japan and Emerging Markets. This strengthens the outlook for the shipbuilding, offshore and defence industries.

The Company is positioned to address the requirements of domestic and international clients in both defence and Hydrocarbon EPC segments. The Company has won multiple orders from the Ministry of Defence (MoD), leveraging its competences and infrastructure. The Company also expects the offshore segment to pick up further and expect major orders from large global player in the oil and gas space as the world energy requirements increases and it becomes necessary to replace old Hydrocarbon E&P assets with new ones.

Following the transformation into a defence and Hydrocarbon EPC focused Company, The Company expects accelerated production in FY 2014-15. Having received orders from the MoD and global offshore giants, the Company is gaining recognition as a global leader in manufacturing of defence and Hydrocarbon E&P assets

and expects to see stronger visibility going forward.

Capitalizing on defence opportunities, the Company is bidding for projects such as Landing Platform Docks, Antisubmarine Warfare Shallow Water Crafts, Fleet Support Vessels, Diving Support Vessels etc., for the Indian Navy. The Company is also a frontrunner in building LNG Carriers and looks forward to other such opportunities in the Hydrocarbon EPC sector.

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
a) Guarantees given by Company’s Bankers
i) Refund Bank Guarantees given to customers (Net of liabilities accounted for)	NA	9839.632
ii) Other Bank Guarantees (Bank Guarantees are provided under Contractual/ Legal obligations.)	NA	2735.884
Corporate Guarantee (Given to Banks, Financial Institutions and Body Corporates for credit facilities taken by subsidiary companies)	NA	5267.769
b) Demands not acknowledged as Debts
i) Income Tax (The Company has deposited under protest Rs.32.151 Million (Previous Year Rs.32.151 Million) out of total demand)	NA	419.054
ii) Service Tax and Excise Duty (Relates to disallowance of CENVAT Credit and VAT Credit taken by the Company)	NA	243.836
iii) Third Party Claims (Relates to demand raised by vendor)	NA	488.398
c) Letters of Credit opened in favour of suppliers (Cash Flow is expected on receipt of materials from Suppliers)	NA	427.203

FIXED ASSETS:

· Plant and Machinery

· Buildings

· Furniture and Fixtures

· Computers

· Office Furniture and Equipments

· Vehicles

· Leasehold Land

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a 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.64.08
UK Pound	1	Rs.99.57
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		30

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.