MIRA INFORM REPORT

Report No. :	328168
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	BARMER LIGNITE MINING COMPANY LIMITED
Registered Office :	Khanj Bhawan, Udyog Bhawan Campus, Tilak Marg, C-Scheme, Jaipur – 302001, Rajasthan
Tel. No.:	91-8875005244 (Mr. Rajat)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.01.2007
Com. Reg. No.:	17-023687
Capital Investment / Paid-up Capital :	Rs. 200.000 Million
CIN No.: [Company Identification No.]	U14109RJ2007SGC023687
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of mining of lignite coal.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “JSW Energy Limited”, incorporated in the year 2007. It is dealing into business of manufacturing of mining of lignite coal. During the year under a review, the company has incurred huge loss of Rs. 54.1000 Million due to provision of taxation on the amortization of land. However, the rating takes a satisfactory track record and experience of promoters in steel, power and infrastructure sectors, continued funding support from JSW Energy Limited. The company is a joint venture between Rajasthan state Mines and Minerals Limited, government of Rajasthan enterprise and Raj West Power Limited, a wholly owned subsidiary of JSW Energy Limited, with equity participation of 51% and 49% respectively. Trade relations are fair. Business is active. Payments are slow but correct. In the view of strong holdings, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE RATING
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 22, 2015

Rating Agency Name	CARE RATING
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	April 22, 2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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. Rajat
Designation :	Finance Head
Contact No.:	91-8875005244
Date :	18.06.2015

LOCATIONS

Registered Office :	Khanj Bhawan, Udyog Bhawan Campus, Tilak Marg, C-Scheme, Jaipur – 302001, Rajasthan, India
Tel. No.:	Not Available
Mobile No.:	91-8875005244
Fax No.:	Not Available
E-Mail :	nitesh.gangwal@jsw.in
Corporate Office :	Office No. 2 and 3, 7^th Floor, Man Upasana Plaza, Sardar Patel Marg, C Scheme, Jaipur – 302001, Rajasthan, India

DIRECTORS

AS ON 30.09.2014

Name :

Sanjay Sagar

Designation :

Director

Address :

A20/17, DLF, Qutub Enclave Phase – I, Gurgaon – 12202, Haryana, India

Date of Birth/Age :

04.08.1957

Date of Appointment :

19.07.2012

DIN No.:

00019489

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
	U10200RJ2007PLC025173	Parsa Kente Collieries Limited	Director	29/09/2008	16/10/2007	12/01/2009	Active	NO
2	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	19/07/2012	19/11/2009	-	Active	NO
3	U31102MH1996PLC185098	RAJ WESTPOWER LTD	Director	06/06/2011	01/06/2010	-	Active	NO
4	U40102MH2008PLC181433	Jaigad PowerTransco Limited	Nominee director	16/07/2012	16/07/2012	-	Active	NO
5	U40100MH2005PLC154613	JSW POWER TRADING COMPANY LIMITED	Director	24/07/2013	19/07/2012	-	Active	NO
6	U40103MH2009PLC195362	JSW Energy (Raigarh) Limited	Director	24/07/2013	19/07/2012	-	Active	NO
7	U40101MH2011PLC212214	JSW Green Energy Limited	Director	24/07/2013	19/07/2012	-	Active	NO
8	L74999MH1994PLC077041	JSW ENERGY LIMITED	Whole-time director	25/07/2013	21/07/2012	-	Active	NO
9	U40300MH2010PLC199844	JSW Energy (Bengal) Limited	Additional director	03/08/2012	03/08/2012	27/03/2013	Active	NO
10	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Director	22/07/2013	01/12/2012	-	Active	NO
11	U40101HP2013PLC000345	JSW Energy (Kutehr) Limited	Director	20/02/2013	20/02/2013	-	Active	NO
12	U40109MH2015PLC263619	JSW Energy (Toranagallu) Limited	Director	20/04/2015	20/04/2015	-	Active	NO

Name :

Pramod Prabhakaran Menon

Designation :

Nominee Director

Address :

L - 404, Dara Enclave, Awho, Plot No. 6, Sector 9, Nerul, Navi Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

12.08.1971

Date of Appointment :

03.05.2013

DIN No.:

01443287

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31102MH1996PLC185098	RAJ WESTPOWER LTD	Director	26/06/2007	12/04/2007	-	Active	NO
2	U40100MH2005PLC154613	JSW POWER TRADING COMPANY LIMITED	Director	30/07/2007	12/04/2007	-	Active	NO
3	U40101MH2006PLC161642	JSW ENERGY (VIJAYANAGAR) LIMITED	Director	30/07/2007	12/04/2007	-	Amalgamated	NO
4	U40106MH2006PLC162941	JSW ENERGY (RATNAGIRI) LIMITED	Director	30/07/2007	12/04/2007	-	Amalgamated	NO
5	U65923MH2007PTC167960	JSW ENERGY INVESTMENTS PRIVATE LIMITED	Director	30/07/2007	12/04/2007	17/12/2007	Active	NO
6	U40102MH2007PLC172095	JSW PowerTransco Limited	Director	03/07/2007	03/07/2007	-	Amalgamated	NO
7	U40102MH2008PLC181433	Jaigad PowerTransco Limited	Nominee director	05/11/2008	23/04/2008	-	Active	NO
8	U31100TN2008FTC069121	TOSHIBA JSW POWER SYSTEMS PRIVATE LIMITED	Director	24/11/2008	24/11/2008	15/06/2010	Active	NO
9	U40103MH2009PLC195362	JSW Energy (Raigarh) Limited	Director	31/08/2009	31/08/2009	-	Active	NO
10	U40300MH2010PLC199844	JSW Energy (Bengal) Limited	Director	08/02/2010	08/02/2010	01/04/2015	Active	NO
11	U10300MH2010PLC200871	JSW NATURAL RESOURCES BENGAL LIMITED	Director	13/03/2010	13/03/2010	28/06/2010	Active	NO
12	U10100WB2009PLC139007	GOURANGDIH COAL LIMITED	Director	28/08/2010	06/05/2010	-	Active	NO
13	U40101MH2011PLC212214	JSW Green Energy Limited	Director	12/01/2011	12/01/2011	-	Active	NO
14	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	03/05/2013	29/03/2011	-	Active	NO
15	U40101HP2013PLC000345	JSW Energy (Kutehr) Limited	Director	20/02/2013	20/02/2013	-	Active	NO
16	L74999MH1994PLC077041	JSW ENERGY LIMITED	Whole-time director	25/07/2013	03/05/2013	-	Active	NO
17	U40109MH2015PLC263619	JSW Energy (Toranagallu) Limited	Director	20/04/2015	20/04/2015	-	Active	NO

Name :

Umesh Narain Gupta

Designation :

Managing Director

Address :

F-68, Vinay Path, Kanti Chandra Road, Bani Park, Jaipur - 302016, Rajasthan, India

Date of Birth/Age :

17.10.1948

Date of Appointment :

06.09.2012

Name :

Ashok Singhvi

Designation :

Nominee director

Address :

3, Suraj Nagar (West), Raj Bhavan Road, Civil Lines, Jaipur – 302006, Rajasthan, INDIA

Date of Birth/Age :

11.09.1959

Date of Appointment :

27.06.2014

DIN No.:

00135589

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U14109RJ1949SGC000505	RAJASTHAN STATE MINES AND MINERALS LTD	Nominee director	02/07/2014	17/12/2005	-	Active	NO
2	U40101RJ1995SGC009847	RAJASTHAN RENEWABLE ENERGY CORPORATION LIMITED	Director	17/12/2005	17/12/2005	30/03/2009	Active	NO
3	U13100RJ1969SGC001263	RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND INVESTMENT CORPORATION LTD	Nominee director	10/07/2014	03/02/2006	-	Active	NO
4	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	27/06/2014	19/01/2007	-	Active	NO
5	U23201RJ2008SGC026960	RAJASTHAN STATE PETROLEUM CORPORATION LIMITED	Director	10/07/2008	10/07/2008	24/04/2009	Active	NO
6	U91110RJ1961SGC001118	THE RAJASTHAN SMALL INDUSTRIES CORPORATION LTD	Managing director	27/02/2012	28/03/2011	10/04/2012	Active	NO
7	U23201RJ2013GOI043865	HPCL RAJASTHAN REFINERY LIMITED	Director	26/11/2014	22/07/2014	-	Active	NO
8	U11101RJ2013SGC043884	RAJASTHAN STATE GAS LIMITED	Director	24/12/2014	23/07/2014	-	Active	NO

Name :

Prem Singh Mehra

Designation :

Nominee Director

Address :

I-50, Gandhi Nagar, Jaipur – 302015, Rajasthan, India

Date of Birth/Age :

21.02.1958

Date of Appointment :

23.09.2014

DIN No.:

03305680

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15511RJ2005SGC020336	RAJASTHAN STATE BEVERAGES CORPORATION LIMITED	Director	24/02/2005	24/02/2005	21/11/2007	Active	NO
2	U63040RJ1978SGC001831	RAJASTHAN TOURISM DEVELOPMENT CORPORATION LIMITED	Director	13/03/2009	13/03/2009	05/11/2009	Active	NO
3	U60210RJ2008SGC025819	JAIPUR CITY TRANSPORT SERVICES LIMITED	Director	23/06/2009	23/06/2009	30/09/2009	Active	NO
4	U63023RJ2010SGC033489	RAJASTHAN STATE FOOD AND CIVIL SUPPLIES CORPORATION LIMITED	Director	08/12/2010	08/12/2010	08/05/2012	Active	NO
5	U74999RJ1984SGC002881	RAJASTHAN JAL VIKAS NIGAM LTD	Director	10/01/2014	10/01/2014	-	Active	NO
6	U74999RJ2010NPL032633	RAJASTHAN SKILL AND LIVELIHOODS DEVELOPMENT CORPORATION	Director	06/08/2014	06/08/2014	-	Active	NO
7	U65923RJ2012SGC041087	RAJASTHAN STATE POWER FINANCE CORPORATION LIMITED	Director	13/09/2014	13/09/2014	-	Active	NO
8	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	23/09/2014	23/09/2014	-	Active	NO
9	U45203RJ2004PLC019850	ROAD INFRASTRUCTURE DEVELOPMENT COMPANY OF RAJASTHAN LIMITED	Nominee director	01/10/2014	01/10/2014	-	Active	NO
10	U23201RJ2013GOI043865	HPCL RAJASTHAN REFINERY LIMITED	Director	26/11/2014	16/10/2014	-	Active	NO
11	U13100RJ1969SGC001263	RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND INVESTMENT CORPORATION LTD	Nominee director	27/10/2014	27/10/2014	-	Active	NO
12	U74140RJ1997PLC014517	PDCOR LIMITED	Additional director	06/11/2014	06/11/2014	-	Active	NO
13	U11101RJ2013SGC043884	RAJASTHAN STATE GAS LIMITED	Additional director	10/02/2015	10/02/2015	-	Active	NO

Name :

Bhanu Prakash Yeturu

Designation :

Nominee Director

Address :

MD Residence Tiger Hill, Badi Road, Udaipur – 313001, Rajasthan, India

Date of Birth/Age :

07.09.1979

Date of Appointment :

04.12.2014

DIN No.:

07032883

Name :

Sanjay Malhotra

Designation :

Nominee Director

Address :

R - 1/1, Chambal Residential Colony, Hawa Sadak,, Jaipur, 302005, Rajasthan, India

Date of Birth/Age :

14.02.1968

Date of Appointment :

04.12.2014

DIN No.:

00992744

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15421RJ1945SGC000285	RAJASTHAN STATE GANGANAGAR SUGAR MILLS LTD	Director	01/09/2011	23/10/2006	20/10/2011	Active	NO
2	U40102RJ2000SGC016484	RAJASTHAN RAJYA VIDYUT UTPADAN NIGAM LIMITED	Nominee director	29/10/2014	21/11/2006	-	Active	NO
3	U40109RJ2000SGC016485	RAJASTHAN RAJYA VIDYUT PRASARAN NIGAM LIMITED	Managing director	29/10/2014	21/11/2006	-	Active	NO
4	U40109RJ2000SGC016486	JAIPUR VIDYUT VITRAN NIGAM LIMITED	Nominee director	29/10/2014	21/11/2006	-	Active	NO
5	U40109RJ2000SGC016483	JODHPUR VIDYUT VITRAN NIGAM LIMITED	Nominee director	29/10/2014	21/11/2006	-	Active	NO
6	U40109RJ2000SGC016482	AJMER VIDYUT VITRAN NIGAM LIMITED	Nominee director	01/11/2014	22/11/2006	-	Active	NO
7	U15511RJ2005SGC020336	RAJASTHAN STATE BEVERAGES CORPORATION LIMITED	Director	27/12/2013	27/12/2006	-	Active	NO
8	U14109RJ1949SGC000505	RAJASTHAN STATE MINES AND MINERALS LTD	Managing director	22/08/2009	22/08/2009	30/04/2010	Active	NO
9	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Nominee director	04/12/2014	02/09/2009	-	Active	NO
10	U23201RJ2008SGC026960	RAJASTHAN STATE PETROLEUM CORPORATION LIMITED	Managing director	02/09/2009	02/09/2009	17/08/2010	Active	NO
11	U24129RJ2007GOI025087	RAJASTHAN RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED	Nominee director	11/09/2009	11/09/2009	11/05/2010	Active	NO
12	U10200RJ2007PLC025173	Parsa Kente Collieries Limited	Nominee director	30/10/2014	23/12/2009	-	Active	NO
13	U80302RJ2008PLC026433	RAJASTHAN KNOWLEDGE CORPORATION LIMITED	Nominee director	01/05/2014	20/05/2010	26/11/2014	Active	NO
14	U72200RJ2010SGC033185	RajCOMP Info Services limited	Managing director	20/01/2011	27/10/2010	27/12/2013	Active	NO
15	U72900RJ2013SGC044538	RajOnline Limited	Director	10/12/2013	10/12/2013	-	Active	NO
16	U65923RJ2012SGC041087	RAJASTHAN STATE POWER FINANCE CORPORATION LIMITED	Director	23/12/2013	23/12/2013	-	Active	NO
17	U01122RJ1969SGC001271	RAJASTHAN STATE AGRO INDUSTRIES CORPORATION LIMITED	Nominee director	28/10/2014	28/10/2014	-	Active	NO
18	U10100RJ2012PLC038382	RAJASTHAN COLLIERIES LIMITED	Nominee director	30/10/2014	30/10/2014	-	Active	NO
19	U40109RJ2006SGC023356	GIRAL LIGNITE POWER LIMITED	Nominee director	27/11/2014	27/11/2014	-	Active	NO
20	U40109RJ2006SGC023353	CHHABRA POWER LIMITED	Nominee director	27/11/2014	27/11/2014	08/05/2015	Active	NO
21	U40109RJ2006SGC023352	DHOLPUR GAS POWER LIMITED	Nominee director	27/11/2014	27/11/2014	08/05/2015	Active	NO
22	U13100RJ1969SGC001263	RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND INVESTMENT CORPORATION LTD	Nominee director	10/12/2014	10/12/2014	-	Active	NO
23	U40104RJ2015PLC047322	SAURYA URJA COMPANY OF RAJASTHAN LIMITED	Director	07/04/2015	07/04/2015	-	Active	NO

KEY EXECUTIVES

Name :	Nitesh Gangwal
Designation :	Secretary
Address :	A-260, Triveni Nagar, Gopal Pura, Bia Pass, Jaipur – 302018, Rajasthan, India
Date of Birth/Age :	22.03.1979
Date of Appointment :	24.12.2007
PAN No.:	AFUPG4746E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Rajasthan State Mines and Minerals Limited, India	313001
Raj Westpower Limited, India	1
Raj Kumar Zoshi	1
Reetesh Pokharna	1
Arun Singh	1
Jain Kumar Nirmal	1
Umesh Narain Gupta	1
Total	313007

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Government companies	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of mining of lignite coal.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Cheque and Credit (30/60/90 days)
Purchasing :	Cash, Cheque and Credit (30/60/90 days)

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

• Retailers
• End Users
• OEM’s

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 :

200 (Approximately)

Bankers :

Banker Name	State Bank of Bikaner and Jaipur
Branch Address	Rajasthan – 302001, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loan from banks	8848.000	8465.000
Total	8848.000	8465.000

Auditors :
Name :	Chatter and Chatter Chartered Accountant
Address :	S-18, Mangal Marg, Bapu Nagar
PAN No.:	AAAFC7172K
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	200.000	200.000	200.000
(b) Reserves & Surplus	(7.500)	46.600	(11.000)
(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)	192.500	246.600	189.000
(3) Non-Current Liabilities
(a) long-term borrowings	12788.900	12150.900	11241.300
(b) Deferred tax liabilities (Net)	60.300	0.000	0.000
(c) Other long term liabilities	1709.400	1327.200	962.100
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14558.600	13478.100	12203.400
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	25.800	471.600	113.200
(c) Other current liabilities	1002.300	493.100	445.300
(d) Short-term provisions	60.000	1.100	5.300
Total Current Liabilities (4)	1088.100	965.800	563.800
TOTAL	15839.200	14690.500	12956.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1092.400	49.900	52.900
(ii) Intangible Assets	3334.700	3464.700	3610.000
(iii) Capital work-in-progress	3393.400	2847.100	1320.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	4.100	17.100
(d) Long-term Loan and Advances	7096.700	7082.800	7126.700
(e) Other Non-current assets	247.300	191.900	0.000
Total Non-Current Assets	15164.500	13640.500	12127.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.900	53.800	255.400
(c) Trade receivables	26.400	620.300	373.400
(d) Cash and cash equivalents	620.400	315.500	59.600
(e) Short-term loans and advances	19.500	60.400	8.100
(f) Other current assets	7.500	0.000	132.700
Total Current Assets	674.700	1050.000	829.200
TOTAL	15839.200	14690.500	12956.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4287.300	4039.900	1634.300
		Other Income	41.500	7.700	0.300
		TOTAL	4328.800	4047.600	1634.600
Less	EXPENSES
		Cost of Materials Consumed	3358.700	2916.700	1467.800
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	52.900	201.600	(255.400)
		Other expenses	335.500	328.200	157.700
		Prior Period Items	0.000	5.900	0.000
		TOTAL	3747.100	3452.400	1370.100
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		581.700	595.200	264.500
Less	FINANCIAL EXPENSES		356.200	358.700	184.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		225.500	236.500	80.200
Less/ Add	DEPRECIATION/ AMORTISATION		128.300	148.200	84.800
	PROFIT BEFORE TAX		97.200	88.300	(4.600)
Less	TAX		151.300	30.700	1.400
	PROFIT AFTER TAX		(54.100)	57.600	(6.000)
	Earnings Per Share (Rs.)		(2.70)	2.88	(0.30)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

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

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(1.26)	1.43	(0.37)
Operating Profit Margin (PBIDT/Sales)	(%)	13.57	14.73	16.18
Return on Total Assets (PBT/Total Assets}	(%)	0.78	0.75	(0.04)
Return on Investment (ROI) (PBT/Networth)		0.50	0.36	(0.02)
Debt Equity Ratio (Total Debt /Networth)		66.44	49.27	59.48
Current Ratio (Current Asset/Current Liability)		0.62	1.09	1.47

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	200.000	200.000	200.000
Reserves & Surplus	(11.000)	46.600	(7.500)
Share Application money pending allotment	0.000	0.000	0.000
Net worth	189.000	246.600	192.500
long-term borrowings	11241.300	12150.900	12788.900
Short term borrowings	0.000	0.000	0.000
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	11241.300	12150.900	12788.900
Debt/Equity ratio	59.478	49.274	66.436

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1634.300	4039.900	4287.300
		147.195	6.124

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1634.300	4039.900	4287.300
Profit	(6.000)	57.600	(54.100)
	(0.37%)	1.43%	(1.26%)

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)	No
16	No. of employees	Yes
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	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

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Intercorporate borrowings	3940.900	3685.900
Total	3940.900	3685.900

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10368137	27/03/2015 *	12,600,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, INDIA	C52059797

* Date of charge modification

FIXED ASSETS

• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.82
UK Pound	1	Rs. 101.26
Euro	1	Rs. 72.36

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	TRI
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.