MIRA INFORM REPORT

Report No. :	327630
Report Date :	17.06.2015

IDENTIFICATION DETAILS

Name :	BALLARPUR INDUSTRIES LIMITED
Registered Office :	P.O. Ballarpur Paper Mills, Chandrapur Ballarpur – 442901, Maharashtra
Tel. No. :	91-124-4099208
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	26.04.1945
Com. Reg. No.:	11-010337
Capital Investment / Paid-up Capital :	Rs. 1311.200 Million
CIN No.: [Company Identification No.]	L21010MH1945PLC010337
IEC No.:	0588064459
TAN No.: [Tax Deduction & Collection Account No.]	NGPB00166F / NGPB01717C
PAN No.: [Permanent Account No.]	AAACB5343E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Writing and Printing Paper and Paper Products.
No. of Employees :	2097 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company incorporated in the year 1945, having fine track. As per financial year ending on 31 march 2015, the overall financial of the company is strong. Fundamentals of the company is decent. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. (Note: As confirmed by Mr. Nakul (deputy general manager), Management has changed the financial year ending from 30 June to 31 march. Available financials shows only for 9 months i.e. from 1st July 2014 to 31st March 2015)

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

Rating Agency Name	India Ratings
Rating	Commercial Paper “IND A1+”
Rating Explanation	Very strong degree of safety regarding timely payments and carry lowest credit risk.
Date	05.12.2014

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Nakul
Designation :	Deputy General Manager
Contact No.:	91-124-4099208
Date :	16.06.2015

LOCATIONS

Registered Office/ Factory :	P.O. Ballarpur Paper Mills, Chandrapur Ballarpur – 442901, Maharashtra, India
Tel. No.:	91-124-4099208 /2804242/ 43
Fax No.:	91-124-2804260 / 61
E-Mail :	akhil.mahajan@bilt.com sectdiv@bilt.com
Website :	http://www.bilt.com
Location :	Owned
Head Office :	Thapar House, 124 Janpath, New Delhi – 110001, India
Corporate/ Operating Office :	First India Place, Tower C, Mehrauli - Gurgaon Road, Gurgaon - 122002, Haryana, India
Tel. No.:	91-124-2804242/ 43
Fax No.:	91-124-2804260-61
E-Mail :	corpcom@bilt.com
Plant 1 :	Unit Sewa Gaganpur, P.O. Jeypore Railway Station, District Koraput - 764002, Orissa, India
Plant 2 :	Unit Shree Gopal P.O. Yamunanagar, District Yamunanagar - 135001, Haryana, India
Plant 3 :	Unit Ashti P.O. Ashti, Tehsil Chamorshi, District Gadchiroli - 442707, Maharashtra, India

DIRECTORS

AS ON 30.06.2016

Name :	Mr. Gautam Thapar
Designation :	Chairman
Name :	Mr. R.R. Vederah
Designation :	Manager Director and Executive Vice Chairman
Name :	Mr. B. Hariharan
Designation :	Group Director (Finance)
Name :	Mr. A.P. Singh
Designation :	Director - Nominee of LIC
Name :	Mr. P.V. Bhide
Designation :	Director
Name :	Mr. Sanjay Labroo
Designation :	Director
Name :	Mr. A.S. Dulat
Designation :	Director
Name :	Mr. Ashish Guha
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1211198	0.18
Bodies Corporate	322799469	49.24
Sub Total	324010667	49.43
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	324010667	49.43
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	27317663	4.17
Financial Institutions / Banks	480297	0.07
Central Government / State Government(s)	5550	0.00
Insurance Companies	63716669	9.72
Foreign Institutional Investors	108957912	16.62
Qualified Foreign Investor	1560554	0.24
Any Others (Specify)	3676010	0.56
Foreign Financial Institutions	3676010	0.56
Sub Total	205714655	31.38
(2) Non-Institutions
Bodies Corporate	19923906	3.04
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	63979617	9.76
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	30840937	4.70
Any Others (Specify)	11053934	1.69
Clearing Members	2143986	0.33
Non Resident Indians	2837271	0.43
Trusts	338042	0.05
Foreign Corporate Bodies	5734635	0.87
Sub Total	125798394	19.19
Total Public shareholding (B)	331513049	50.57
Total (A)+(B)	655523716	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	123	0.00
Sub Total	123	0.00
Total (A)+(B)+(C)	655523839	100.00

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 (A)+(B)+(C)
1	Blue Horizon Investments Limited	450	0.00
2	Gautam Thapar	11,61,216	0.18
3	Avantha Holdings Limited	32,26,89,019	49.23
4	B M Thapar	17,911	0.00
5	Nandini Kapur	4,800	0.00
6	Late Mrs Sulochana Thappar	27,271	0.00
7	Avantha Realty Limited	1,10,000	0.02
	Total	32,40,10,667	49.43

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	Life Insurance Corporation of India	44134423	6.73
2	Samena Special Situations Mauritius	41515609	6.33
3	Platinum Investment Management Limited A/c Platinum Asia Fund	35282244	5.38
4	HDFC Trustee Company Ltd - Various Fund	16227428	2.48
5	General Insurance Corporation of India	12001050	1.83
6	UTI Dividend Yield Fund	11070000	1.69
7	Citigroup Global Markets Mauritius Private Limited	9901876	1.51
	Total	170132630	25.95

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	Life Insurance Corporation of India	44134423	6.73
2	Samena Special Situations Mauritius	41515609	6.33
3	Platinum Investment Management Ltd A/c Platinum Asia Fund	35282244	5.38
	Total	120932276	18.45

Details of Depository Receipts (DRs)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying  Outstanding DRs
1	GDR	41	123
	Total	41	123

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Writing and Printing Paper and Paper Products.

Products/ Services :

ITC Code No.	Product Descriptions
4810.000	Paper

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

· Malaysia

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Shambhulal A Shah and Company (Dealer)
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 :

Retailers and End Users

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 :

2097 (Approximately)

Bankers :

· Axis Bank Limited

· Export-Import Bank of India

· State Bank of Travancore

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	30.06.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Non-convertible debentures		1500.000
Term loans from bank		485.00
Term loans from financial institutions		1585.700
Total	NA	3570.700

Banking Relations :	--
Financial Institutions :	· GE Money Financial Services Private Limited · Life Insurance Corporation of India
Auditors :
Name :	K. K. Mankeshwar and Company Chartered Accountants
Address :	Kingsway, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-6629946/ 47/ 2554223
Fax No.:	91-712-6629948/ 6613404
E-Mail :	mail@kkmindia.com
Subsidiary (30.06.2014) :	· Ballarpur International Holdings B.V. · Bilt Tree Tech Limited · Premier Tissues (India) Limited
Step Down Subsidiary (As on 30.06.2014) :	· Ballarpur Paper Holdings B.V. · Bilt Graphic Paper Products Limited · Sabah Forest Industries Sdn. Bhd.
Other Related Parties (As on 30.06.2014) :	· Arizona Printers and Packers Private Limited · Avantha Holdings Limited · Avantha Power and Infrastructure Limited · Avantha Realty Limited · Bilt Industrial Packaging Company Limited · Biltech Building Elements Limited · Crompton Greaves Limited · Global Green Company Limited · Jhabua Power Limited · Korba West Power Company Limited · Krebs And Cie India Limited · Leading Line Merchant Traders Private Limited · Mirabelle Trading Pte. Limited · Prestige Wines and Spirits Private Limited · Salient Business Solutions Limited · Saraswati Travels Private Limited · Solaris Chemtech Industries Limited · UH L Power Company Limited

CAPITAL STRUCTURE

AS ON 30.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,487,500,000	Equity Shares	Rs. 2/- each	Rs. 2975.000 Million
10,250,000	Preference Shares	Rs. 100/- each	Rs. 1025.000 Million
	Total		Rs. 4000.000 Million

Issued Capital :

No. of Shares	Type	Value	Amount
655773584	Equity Shares	Rs. 2/- each	Rs. 1311.500 Million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
655,773,584	Equity Shares	Rs. 2/- each	Rs. 1311.500 Million
249,745	Less: Forfeited shares		Rs. 0.500 Million
655,523,839	Total Equity Shares	Rs. 2/- each	Rs. 1311.000 Million
	Add: Amount originally paid up on forfeited shares		Rs. 0.200 Million
	Total		Rs. 1311.200 Million

Reconciliation of number of Shares

Equity Shares:	30.06.2014
	No. of Shares	Rs. in Million
Balance as at the beginning of the year	655,523,839	1311.200
Balance as at the end of the year	655,523,839	1311.200

Rights, preferences and restrictions attached to shares:

The Company has one class of equity shares having a par value of Rs.2 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shares held by shareholders holding more than 5% of the aggregate in the Company:

Name of Shareholders	30.06.2014
	No. of Shares	Holding ( % )
Avantha Holdings Limited	322,689,019	49.23
Life Insurance Corporation of India	44,134,423	6.73
Samena Special Situations Mauritius	41,515,609	6.33
Platinum Investment Management Limited A/c Platinum Asia Fund	35,282,244	5.38

Terms of securities convertible into equity shares:

123 equity shares of Rs. 2/- each represent 41 underlying Global Depository Receipts

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015 (9 Months)	30.06.2014 (12 Months)	30.06.2013 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1311.200	1311.200	1,311.200
(b) Reserves & Surplus	14793.700	14856.300	14,661.400
(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)	16104.900	16167.500	15,972.600
(3) Non-Current Liabilities
(a) long-term borrowings	4262.700	4070.700	3,179.200
(b) Deferred tax liabilities (Net)	563.300	763.100	1,035.200
(c) Other long term liabilities	49.100	68.400	36.700
(d) long-term provisions	303.000	306.800	338.400
Total Non-current Liabilities (3)	5178.100	5209.000	4,589.500
(4) Current Liabilities
(a) Short term borrowings	5134.400	4839.500	4,021.500
(b) Trade payables	1190.900	1168.800	1,351.700
(c) Other current liabilities	1634.500	1862.700	2,326.500
(d) Short-term provisions	335.700	220.000	294.900
Total Current Liabilities (4)	8295.500	8091.000	7,994.600
TOTAL	29578.500	29467.500	28,556.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14202.300	13793.800	11,823.200
(ii) Intangible Assets	0.000	0.000	330.800
(iii) Capital work-in-progress	0.000	0.000	1,368.700
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8137.800	8137.800	8,137.800
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	38.100	489.400	427.400
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	22378.200	22421.000	22,087.900
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2936.300	3063.300	2,615.100
(c) Trade receivables	2166.100	2091.700	2,129.600
(d) Cash and cash equivalents	101.600	196.900	177.800
(e) Short-term loans and advances	1993.500	1692.700	1,544.500
(f) Other current assets	2.800	1.900	1.800
Total Current Assets	7200.300	7046.500	6,468.800
TOTAL	29578.500	29467.500	28,556.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 (9 Months)	30.06.2014 (12 Months)	30.06.2013 (12 Months)
	SALES
		Revenue from operations	4462.700	9448.100	9,846.800
		Other Income	59.900	100.600	36.500
		TOTAL (A)	4522.600	9548.700	9,883.300
Less	EXPENSES
		Cost of Materials Consumed	1090.200	3475.900	3,851.600
		Purchases of Stock-in-Trade	687.600	1439.800	1,039.300
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(16.100)	(148.800)	(159.800)
		Employees benefits expense	573.000	968.600	979.900
		Other expenses	1494.900	2457.000	2,560.100
		TOTAL (B)	3829.600	8192.500	8,271.100
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		693.000	1356.200	1,612.200
Less	FINANCIAL EXPENSES (D)		359.900	537.400	426.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		333.100	818.800	1,185.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		443.500	717.400	808.900
	PROFIT BEFORE TAX (E-F) (G)		(110.400)	101.400	376.900
Less	TAX (H)		(199.800)	(250.800)	45.000
	PROFIT AFTER TAX (G-H) (I)		89.400	352.200	331.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	2554.700	2488.700
Add	DEBENTURE REDEMPTION RESERVE NO LONGER REQUIRED			187.500	200.000
Less	APPROPRIATIONS
		Transfer to General Reserve		0.000	17.000
		Transfer to Debenture Redemption Reserve		468.800	218.800
		Proposed Dividend		131.100	196.700
		Dividend Tax		26.200	33.400
	BALANCE CARRIED TO THE B/S		NA	2468.300	2554.700
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis		0.000	4.200
	IMPORTS
		Raw Materials		56.300	39.400
		Components and spare parts		193.000	108.100
		Capital Goods		2.600	9.700
	TOTAL IMPORTS			251.900	157.200
	Earnings Per Share (Rs.)		0.14	0.54	0.51

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	30.06.2014	30.06.2013
Current Maturities of Long term debt	NA	1108.500	1535.800
Cash generated from operations	NA	618.000	1876.900

KEY RATIOS

PARTICULARS		31.03.2015 (9 Months)	30.06.2014 (12 Months)	30.06.2013 (12 Months)
Net Profit Margin (PAT / Sales)	(%)	2.00	3.73	3.37
Operating Profit Margin (PBIDT/Sales)	(%)	15.53	14.35	16.37
Return on Total Assets (PBT/Total Assets}	(%)	(0.51)	0.48	1.98
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.01	0.02
Debt Equity Ratio (Total Debt/Networth)		0.58	0.62	0.55
Current Ratio (Current Asset/Current Liability)		0.87	0.87	0.81

STOCK PRICES

Face Value	Rs. 2/-
Market Value	Rs. 12.81/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	30.06.2013	30.06.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1311.200	1311.200	1311.200
Reserves & Surplus	14661.400	14856.300	14793.700
Share Application money pending allotment	0.000	0.000	0.000
Net worth	15972.600	16167.500	16104.900
long-term borrowings	3179.200	4070.700	4262.700
Short term borrowings	4021.500	4839.500	5134.400
Current Maturities of Long Term Debt	1535.800	1108.500	0.000
Total borrowings	8736.500	10018.700	9397.100
Debt/Equity ratio	0.547	0.620	0.583

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.06.2013	30.06.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	9846.800	9448.100	4462.700
		(4.049)	(52.766)

NET PROFIT MARGIN

Net Profit Margin	30.06.2013	30.06.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	9846.800	9448.100	4462.700
Profit	331.900	352.200	89.400
	3.37%	3.73%	2.00%

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	Yes
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	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10571343	30/05/2015	1,000,000,000.00	IDBI BANK LIMITED	INDIAN RED CROSS SOCIETY BUILDING, POST BAG NO. 231, NEW DELHI, DELHI - 110001, INDIA	C54610274
2	10543478	22/12/2014	1,000,000,000.00	THE SOUTH INDIAN BANK LIMITED	NEW DELHI-CONNAUGHT PLACE, P.B. NO. 323, 22, REG  AL BLDG, NEW DELHI, DELHI - 110001, INDIA	C40674012
3	10493624	22/04/2014	1,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	C03413119
4	10466699	23/12/2013	500,000,000.00	STATE BANK OF TRAVANCORE	R. K. PURAM BRANCH, 1ST FLOOR ANSAL CHAMBERS - I, 3, BHIKAJI KAMA PLACE, NEW DELHI, DELHI - 110066, INDIA	B92171701
5	10394873	31/12/2012	500,000,000.00	GE MONEY FINANCIAL SERVICES PRIVATE LIMITED	401 402 4TH FLOORAGGARWAL MILLENIUM TOWER, E1 2 3 NETAJI SUBHASH PLACE, PITAMPURA DELHI, DELHI - 110034, INDIA	B65128324
6	10382978	23/10/2012	1,500,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B60688421
7	80049461	28/09/2004	500,000,000.00	UTI BANK LIMITED	148BARAKHAMBHA ROAD, NEW DELHI, NEW DELHI, DELHI  - 110001, INDIA	-
8	90235022	16/02/2004	95,000,000.00	IDBI BANK LIMITED	1109 AND 1110; SURYA KIRAN BUILDING, 19; K.G. MARG, NEW DELHI, DELHI, INDIA	-
9	90235007	24/12/2003	250,000,000.00	IDBI BANK LIMITED	1109 AND 1110; SURYA KIRAN BUILDING, 19; K.G. MARG, NEW DELHI, DELHI - 110001, INDIA	-
10	90058140	03/06/2003	250,000,000.00	ING VYASA BANK LIMITED	G-35, CONNAUGHT PLACE, NEW DELHI, DELHI, INDIA	-

* Date of charge modification

UNSECURED LOANS UNSECURED LOANS

UNSECURED LOANS	32.03.2015 (Rs. In Million)	30.06.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Non-convertible debentures		500.00
SHORT TERM BORROWINGS
Working capital loan		4839.500
Total	NA	5339.500

CONTINGENT LIABILITIES:

Particulars	31.03.2015 (Rs. In Million)	30.06.2014 (Rs. In Million)
(a) Claims against the Company not acknowledged as debts		1208.000
(b) Guarantees		210.100
Total	NA	1418.100

FIXED ASSETS (As on 30.06.2014)

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant & Equipments

· Furniture & Fixtures

· Vehicles

· Office Equipment

· Computer

· Railway Sidings, Trolley

· Lines, Tramway and

· Tipping Tubs

Intangible Assets

· 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 records 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 records 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. 64.15
UK Pound	1	Rs. 100.04
Euro	1	Rs. 72.27

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.