MIRA INFORM REPORT

Report No. :	327469
Report Date :	17.06.2015

IDENTIFICATION DETAILS

Name :	RATNAMANI METALS AND TUBES LIMITED
Registered Office :	17, Rajmugat Society, Naranpura Char Rasta, Ankur Road, Naranpura, Ahmedabad – 380013, Gujarat
Tel. No.:	91-79-27415501
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	15.09.1983
Com. Reg. No.:	04-006460
Capital Investment / Paid-up Capital :	Rs. 93.456 Million
CIN No.: [Company Identification No.]	L70109GJ1983PLC006460
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AHMR01519A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter of Stainless Steel Pipes and Tubes and Carbon Steel Pipes.
No. of Employees :	1600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (76)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. For the financial year ended 2015, company has reported healthy operational performance with topline growth of 24.86% and it has maintained profitability margins at 10.71%. Rating also reflects Ratnamani’s robust financial risk profile, marked by a large net worth, low gearing, and adequate debt protection metrics. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of adequate operational profile along with healthy financial base, the company can be considered good for normal business dealing 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 = AA
Rating Explanation	High degree of safety and very low credit risk.
Date	01.08.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	01.08.2014

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. Rakesh Agarwal
Designation :	Account Executive
Contact No.:	91-79-27415501
Date :	15.06.2015

LOCATIONS

Registered/ Sales Office :	17, Rajmugat Society, Naranpura Char Rasta, Ankur Road Naranpura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-27415501/ 2/ 3/ 4
Fax No.:	91-79-27480999
E-Mail :	info@ratnamani.com jayantimsanghvi@ratnamani.com jiten.soni@ratnamani.com
Website :	www.ratnamani.com
Head Office / Factory 1:	STAINLESS STEEL TUBES AND PIPES DIVISION Survey No.769, Ahmedabad – Mehsana Highway, Village – Indrad, Near Chhatral GIDC, Taluka – Kadi, District – Mehsana, Gujarat, India
Tel. No.:	91-2764-232254/ 232263/ 233766
Fax No.:	91-2764-234105/ 233098
E-Mail :	info.sstp@ratnamani.com
Website :	www.ratnamani.com
Factory 2:	SAW PIPE DIVISION Plot No.3306-3309, GIDC; Chhatral, Taluka – Kalol, District – Mehsana, Gujarat, India
Tel. No.:	91-2764-232234/ 233919/ 232409
Fax No.:	91-2764-233859
Email :	Info.sp@ratnamani.com
Factory 3:	KUTCH DIVISION Survey No.474, Village – Bhimasar, Taluka – Anjar, District–Kutch, Gujarat, India
Tel. No.:	91-2836-285538/ 285539
Fax No.:	91-2836-285540
Email :	Info.kutch@ratnamani.com
Ratnamani Techno Casts Limited (RTCL) :	Plot No.3310, GIDC Estate Chhatral, Phase IV, Ahmedabad – Mehsana Highway, P.O. Chhatral, Taluka Kalol, District Gandhinagar – 382729, Gujarat, India
Tel. No.:	91-2764-233327/ 234488
Fax No.:	91-2764-233165
E-Mail :	info@ratnamanitechnocasts.com
Sales Office 1 :	516, Ansal Chamber, II Bhikaji Cama Place, New Delhi – 110066, India
Sales Office 2 :	B-Wing, 2^nd Floor, 55-Gama Devi Road, Near Dharam Palace, Mumbai – 400007, Maharashtra, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Prakash M. Sanghvi
Designation :	Chairman and Managing Director
Qualification :	Matriculation
Date of Appointment :	12.06.1989
Name :	Mr. Jayantilal M. Sanghvi
Designation :	Whole-Time Director
Qualification :	B.Com (FY)
Date of Appointment :	12.06.1989
Name :	Mr. Shantilal M. Sanghvi
Designation :	Whole-Time Director
Qualification :	Under Graduate
Date of Appointment :	01.11.1998
Name :	Mr. Divyabhash Chandrakant Anjaria
Designation :	Director
Qualification :	PGDM (Finance) from IIM, Ahmedabad
Name :	Dr. Vinodkumar Mahavirprasad Agrawal
Designation :	Director
Qualification :	MBBS
Experience :	Renowned doctor in practice since last 40 years
Name :	Mr. Pravinchandra M. Mehta
Designation :	Director
Qualification :	B.E. (Mechanical)
Name :	Mrs. Nidhi Gadhecha
Designation :	Directors
Name :	Mr. Vimal Katta
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rakesh Agarwal
Designation :	Account Executive
Audit Committee:	Mr. D C Anjaria ,Chairman Dr. V M Agarwal, Member Mr. P M Mehta, Member
Nomination and Remuneration Committee:	Mr. D C Anjaria ,Chairman Dr. V M Agarwal, Member Mr. P M Mehta, Member
Investor Grievance Committee:	Mr. D C Anjaria ,Chairman Dr. V M Agarwal, Member Mr. P M Mehta, Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	No. of Shares	Percentage of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	28021990	59.97
Sub Total	28021990	59.97
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	28021990	59.97
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	248753	0.53
Financial Institutions / Banks	3807	0.01
Foreign Institutional Investors	5758866	12.32
Sub Total	6011426	12.86
(2) Non-Institutions
Bodies Corporate	1078118	2.31
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3408212	7.29
Individual shareholders holding nominal share capital in excess of Rs. Rs. 0.100 Million	7385995	15.81
Any Others (Specify)	822259	1.76
Non Resident Indians	342426	0.73
Directors & their Relatives & Friends	59965	0.13
Others	6248	0.01
Sub Total	413620	0.89
Total Public shareholding (B)	12694584	27.17
Total (A)+(B)	18706010	40.03
(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)	46728000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter of Stainless Steel Pipes and Tubes and Carbon Steel Pipes.

Products :

Item Code No. (ITC CODE)	Product Description
730640	Stainless Steel Welded Tubes and Pipes
730490	Stainless Steel Seamless Tubes and Pipes (Cold-Drawn)
730690	EFSW Carbon Steel Pipes
730610	Carbon Steel Saw Pipes upto 16” (406.4 mm)
730512	Carbon Steel Saw Pipes Above 16”

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Countries :

• Gulf Country
• Korea

Imports :

Products :

Raw Materials

Countries :

• Korea
• Japan
• China

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

1600 (Approximately)

Bankers :

• Dena Bank
• Punjab National Bank, Ashram Road, Ahmedabad, Gujarat, India
• State Bank of India, Commercial Branch, Ahmedabad – 380013, Gujarat, India
• IDBI Bank Limited, Lal Bunglow, Ahmedabad, Gujarat, India
• ICICI Bank Limited, Parimal Garden Branch, Ahmedabad, Gujarat, India
• State Bank of India, Commercial Branch, Ahmedabad, Gujarat, India

Facilities :

Total fund + non fund = Rs. 4650.000 Million (From ICICI Bank, IDBI Bank, State Bank of India)

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
External (Foreign) Commercial Borrowings from Banks	NA	161.307
SHORT TERM BORROWING
Cash Credit/Export Packing Credit facilities	NA	94.508
Working Capital Demand Loan	NA	0.000
Total	NA	255.815

Auditors :
Name 1 :	Mehta Lodha and Company Chartered Accountants
Address :	63, Hirabhai Market, Diwan Ballubhai Road, Ahmedabad – 380022, Gujarat, India
Name 2 :	S.R. Batliboi and Associates Chartered Accountants
Cost Auditors :	N.D. Birla and Company Cost Accountants
Memberships :	Not Available
Collaborators :	Not Available
Enterprises owned or significantly influenced by key management personnel or their relatives : (As On 31.03.2014)	Ratnamani Food Products Private Limited Ratnamani Marketing Private Limited Ratnamani Healthcare Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Rs.150.000 million

Issued, Subscribed & Paid-up Capital : Rs. 93.456 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.2/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46683450	Equity Shares	Rs.2/- each	Rs.93.367 Million

Terms/Rights attached to Equity Shares

– The Company has only one class of Equity Shares having a par value of Rs.2/- per share. Each holder of Equity Shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders at the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by Share holders.

Details of Shareholders holding more than 5% Equity Shares in the Company

Name of the Shareholder	No. of Shares	% held
Nalanda India Equity Fund Limited	3906664	8.37%
Prakash M. Sanghvi	3672365	7.87%
Jayanti M. Sanghvi	2506435	5.37%

Shares Reserved for issue under option

The Company reserved issuance of 2250000 Equity Shares of Rs.2/- each for offering to eligible employees of the Company under Employees Stock Option Scheme 2006 at a price of Rs.59.40 per option plus all applicable taxes, as may be levied in this regard on the Company. The options were granted on 31st October, 2006 and have vested completely. Out of the reserved Equity Shares, 1415609 Equity Shares have been issued till date. The maximum exercise period is 8 years from the date of grant of options.

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	93.456	93.367	92.831
(b) Reserves & Surplus	8990.300	7571.986	6374.309
(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)	9083.756	7665.353	6467.140
(3) Non-Current Liabilities
(a) long-term borrowings	84.080	161.307	420.175
(b) Deferred tax liabilities (Net)	477.650	466.806	399.587
(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)	561.730	628.113	819.762
(4) Current Liabilities
(a) Short term borrowings	220.223	568.663	772.569
(b) Trade payables	1275.555	1531.000	1005.979
(c) Other current liabilities	694.899	737.028	890.720
(d) Short-term provisions	419.791	345.924	330.709
Total Current Liabilities (4)	2610.468	3182.615	2999.977
TOTAL	12255.954	11476.081	10286.879
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4665.504	4394.258	3875.783
(ii) Intangible Assets		23.982	29.065
(iii) Capital work-in-progress		129.874	228.558
(iv) Intangible assets under development		0.000	0.000
(b) Non-current Investments	0.703	0.095	0.090
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	249.428	79.853	89.484
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4915.635	4628.062	4222.980
(2) Current assets
(a) Current investments	200.000	540.528	291.052
(b) Inventories	3430.887	2517.154	2327.343
(c) Trade receivables	2233.742	2781.120	2511.887
(d) Cash and cash equivalents	756.893	434.119	600.359
(e) Short-term loans and advances	680.774	556.918	315.664
(f) Other current assets	38.023	18.180	17.594
Total Current Assets	7340.319	6848.019	6063.899
TOTAL	12255.954	11476.081	10286.879

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	16755.532	13261.049	12011.275
		Other Income	251.110	137.385	182.724
		TOTAL (A)	17006.642	13398.434	12193.999
Less	EXPENSES
		Cost of Raw Materials Consumed	11488.217	8097.962	7468.283
		Purchase of Stock-in-trade	10.719	228.917	47.660
		Changes in Inventories of Finished Goods, Work-in-Process	(553.816)	79.087	(117.772)
		Employee Benefits Expense	915.471	789.299	721.198
		Other Expenses	1901.501	1498.907	1513.426
		TOTAL (B)	13762.092	10694.172	9632.795
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3244.550	2704.262	2561.204
Less	FINANCIAL EXPENSES (D)		93.680	103.395	121.366
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3150.870	2600.867	2439.838
Less	DEPRECIATION/ AMORTISATION (F)		543.572	458.648	424.725
	PROFIT BEFORE TAX (E-F) (G)		2607.298	2142.219	2015.113
Less	TAX (H)		882.218	714.137	655.613
	PROFIT AFTER TAX (G-H) (I)		1725.080	1428.082	1359.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1995.907	1713.603	1171.318
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	900.000	600.000
		Proposed Dividend with dividend tax	NA	245.778	217.215
	BALANCE CARRIED TO THE B/S		NA	1995.907	1713.603
	EARNINGS IN FOREIGN CURRENCY
		Export at F.O.B. value	NA	3112.051	3437.626
	TOTAL EARNINGS			3112.051	3437.626
	IMPORTS
		Raw Materials	NA	2317.516	2467.397
		Components and Spare Parts	NA	31.086	148.454
		Capital Goods	NA	317.610	238.315
	TOTAL IMPORTS		NA	2666.212	2854.166
	Earnings Per Share (Rs.)
	- Basic		36.94	30.74	29.29
	- Diluted		36.94	30.49	29.14

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	80.653	162.353
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	10.30	10.77	11.32
Operating Profit Margin (PBIDT/Sales)	(%)	19.36	20.39	21.32
Return on Total Assets (PBT/Total Assets}	(%)	21.27	18.88	20.03
Return on Investment (ROI) (PBT/Networth)		0.29	0.28	0.31
Debt Equity Ratio (Total Debt /Networth)		0.03	0.11	0.21
Current Ratio (Current Asset/Current Liability)		2.81	2.15	2.02

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.530/-

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	92.831	93.367	93.456
Reserves & Surplus	6374.309	7571.986	8990.300
Net worth	6467.140	7665.353	9083.756
long-term borrowings	420.175	161.307	84.080
Short term borrowings	772.569	568.663	220.223
Total borrowings	1355.097	810.623	304.303
Debt/Equity ratio	0.210	0.106	0.033

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	12011.275	13261.049	16755.532
		10.405	26.351

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	12011.275	13261.049	16755.532
Profit	1359.500	1428.082	1725.080
	11.32%	10.77%	10.30%

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	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATIONS DETAILS

HIGH COURT OF GUJARAT

SPECIAL CIVIL APPLCIATION No. 7024 of 2015

[GROUP 00794-00795]

Status : PENDING

( Converted from : C/ST/6896/2015 )

CCIN No : 001021201507024

Next Listing Date:

18/06/2015

Coram

· HONOURABLE MR.JUSTICE JAYANT PATEL · HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

S.NO.

Name of the Petitioner

Advocate On Record

1

IMC LIMITED

MR DHAVAL SHAH for: Petitioner(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1
2
3

OFFICER OF SPECIAL DUTY (ESTATE) DIVISION
RATNAMANI METALS AND TUBES LTD
FRIENDS SALT WORK AND ALLIED INDUSTRIES

MR DHAVAL D VYAS for :Respondent(s) 1
MR.J S SHAH for :Respondent(s) 2
MR. ARCHIT P JANI for :Respondent(s) 3

Presented On

: 20/04/2015

Registered On

: 20/04/2015

Bench Category

: -

District

: KACHCHH

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 4 times

StageName

: NOTICE & ADJOURNED MATTERS

Classification	· DB - CONTRACT / TENDER - UNDER ARTICLE 226
Act	· CONSTITUTION OF INDIA

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	20/04/2015	VAKALATNAMA	MR DHAVAL SHAH ADVOCATE for PETITIONER(s) 1	5	MR DHAVAL SHAH(2354) for P:1
2	20/04/2015	MEMO OF PETITION/APPEAL/SUIT	MR DHAVAL SHAH ADVOCATE for PETITIONER(s) 1	50	MR DHAVAL SHAH(2354), for P:1
3	27/04/2015	VAKALATNAMA	MR DHAVAL D VYAS ADVOCATE for RESPONDENT(s) 1	5	MR DHAVAL D VYAS(3225) for R:1
4	28/04/2015	AFFIDAVIT OF DS	MR DHAVAL SHAH ADVOCATE for PETITIONER(s) 1 , 1	0	MR DHAVAL SHAH(2354) for P:1
5	30/04/2015	VAKALATNAMA	MR. ARCHIT P JANI ADVOCATE for RESPONDENT(s) 3	5	MR. ARCHIT P JANI(7304) for R:3
6	01/05/2015	VAKALATNAMA	MR.J S SHAH ADVOCATE for RESPONDENT(s) 2	5	MR.J S SHAH(7244) for R:2
7	08/06/2015	AFFIDAVIT IN REPLY	MR DHAVAL D VYAS ADVOCATE for RESPONDENT(s) 1	0	MR DHAVAL D VYAS(3225) for R:1
8	09/06/2015	AFFIDAVIT IN RE-JOINDER	MR DHAVAL SHAH ADVOCATE for PETITIONER(s) 1	0	MR DHAVAL SHAH(2354) for P:1
9	15/06/2015	AFFIDAVIT IN REPLY	MR. ARCHIT P JANI ADVOCATE for RESPONDENT(s) 3	0	MR. ARCHIT P JANI(7304) for R:3
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	21/04/2015	1	2	ADMISSION (FRESH MATTERS)	FIXED NOTICE	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE R.P.DHOLARIA
2	29/04/2015	1	15	NOTICE & ADJOURNED MATTERS	NEXT DATE	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE R.P.DHOLARIA
3	04/05/2015	1	22	NOTICE & ADJOURNED MATTERS	NEXT DATE	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE R.P.DHOLARIA
4	05/05/2015	1	31	NOTICE & ADJOURNED MATTERS	NEXT DATE	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE R.P.DHOLARIA
5	09/06/2015	2	14	NOTICE & ADJOURNED MATTERS	NEXT DATE	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE JAYANT PATEL and HONOURABLE MR.JUSTICE RAJESH H.SHUKLA and HONOURABLE MR.JUSTICE R.P.DHOLARIA
6	18/06/2015	2	-	NOTICE & ADJOURNED MATTERS		· HONOURABLE MR.JUSTICE JAYANT PATEL · HONOURABLE MR.JUSTICE RAJESH H.SHUKLA
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	SPECIAL CIVIL APPLICATION/7024/2015	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE R.P.DHOLARIA	21/04/2015	N	ORDER	-	Y
2	SPECIAL CIVIL APPLICATION/7024/2015	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE R.P.DHOLARIA	29/04/2015	N	ORDER	-	Y
3	SPECIAL CIVIL APPLICATION/7024/2015	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE R.P.DHOLARIA	04/05/2015	N	ORDER	-	Y
4	SPECIAL CIVIL APPLICATION/7024/2015	· HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI · HONOURABLE MR.JUSTICE R.P.DHOLARIA	05/05/2015	N	ORDER	-	Y

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short-term borrowings
Buyer's Credits in Foreign Currencies	NA	474.155
Total	NA	474.155

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10178252	16/09/2009	1,217,000,000.00	ICICI BANK LIMITED	9TH FLOOR, JMC HOUSE, OPPOSITE. PARIMAL GARDEN, AHMEDABAD, GUJARAT - 380006, INDIA	A70863808
2	10137333	15/01/2009	396,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	A54501564
3	80001941	27/01/2014 *	5,285,100,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, "PARAMSIDDHI" COMPLEX, OPPOSITE. V. S. HOSPITAL, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B95870341

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Lease Hold Land
• Freehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Vehicles

Intangible Assets

• 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.64.15
UK Pound	1	Rs.100.04
Euro	1	Rs.72.27

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	KAR
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	9
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		76

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.