MIRA INFORM REPORT

Report No. :	327383
Report Date :	19.06.2015

IDENTIFICATION DETAILS

Name :	BMM CEMENTS LIMITED
Registered Office :	No.101, 1^st Floor, Pride Elite No.10, Museum Road, Bangalore - 560001, Karnataka
Tel. No.:	91-80-41495660/61/63
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.08.2007
Com. Reg. No.:	08-043746
Capital Investment / Paid-up Capital :	Rs. 1038.129 Million
CIN No.: [Company Identification No.]	U40300KA2007PLC043746
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCB2257L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Cement
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca(11)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2007. The company is into mining to establish a power generation plant for captive use and creating a steel plant from the captive ore mine. It has a moderate track record. The company has incurred huge accumulated losses which has leverage the balance sheet profile of the company. Rating further considers the recent delays in debt servicing, due to strained liquidity position. Moreover, there is unfavourable gap between trade payable and receivables. Business is active. Payment terms are slow are delayed. In the view of weak financial base, the company can be considered for business dealings on safe and secure trade terms and condition

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA RATING
Rating	Term Facilities and Fund Based Facilities [ICRA (D)]
Rating Explanation	Lowest Credit Quality Very Low Prospect of Recovery
Date	March, 2014

Rating Agency Name	ICRA RATING
Rating	Non Fund Based Facilities [ICRA (D)]
Rating Explanation	Instruments with This Rating are in Default or Excepted to be in Default on Maturity
Date	March, 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 DENIED BY

Management non co-operative [91-80-41495660]

LOCATIONS

Registered Office/Corporate office :	No.101, 1^st Floor, Pride Elite No.10, Museum Road, Bangalore - 560001, Karnataka, India
Tel. No.:	91-80-41495660
Fax No.:	91-80-41495664
E-Mail :	suman@bmm.in
Factory :	Gudipadu (Village and Post), Yadiki Mandalam, Anantapur, Tadipatri – 515408, Andhra Pradesh, India
Tel No:	91-8558-200272

DIRECTORS

As on 29.09.2014

Name :

Mr. Dinesh Kumar Singh

Designation :

Director

Address :

No.7, 201, Shravani Pride, Basavanagudi, Market Road, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

14.01.1971

Date of Appointment :

02.05.2013

DIN No.:

00208064

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	U13201KA1999PTC024827	H.K.T. MINING PRIVATE LIMITED	Managing director	30/04/2007	26/02/1999	-	Amalgamated	NO
2	U67120KA1999PTC025712	SINGHI FINLEASE PRIVATE LIMITED	Director	15/09/1999	15/09/1999	-	Active	NO
3	U67120KA2001PTC028490	SNEHFIN INVESTMENTS PRIVATE LIMITED	Director	22/01/2001	22/01/2001	-	Active	NO
4	U13100KA2002PLC030365	B.M.M. ISPAT LIMITED	Managing director	30/04/2012	15/04/2002	-	Active	NO
5	U01010KA2004PTC033519	SHREE GAVISIDDESHWARA MINERALS PRIVATE LIMITED	Director	02/04/2007	16/11/2004	-	Strike off	NO
6	U70101KA2005PTC037125	SHRAVANEE PROPERTIES PRIVATE LIMITED	Director	02/09/2005	02/09/2005	-	Active	NO
7	U45203KA2006PTC040944	RANJITPURA INFRASTRUCTURE PRIVATE LIMITED	Director	28/09/2007	03/08/2007	-	Active	NO
8	U67120KA2007PTC043709	SINGHI HOLDINGS PRIVATE LIMITED	Director	27/08/2007	27/08/2007	-	Active	NO
9	U40300KA2007PLC043746	BMM Cements Limited	Director	02/05/2013	30/08/2007	-	Active	NO
10	U70101KA2007PTC041769	SNEH SHELTERS PRIVATE LIMITED	Director	26/09/2009	02/09/2008	-	Active	NO
11	U74899DL1995PTC070930	B. P.O .FINANCE AND INVESTMENTS PRIVATE LIMITED	Additional director	11/09/2009	11/09/2009	03/05/2010	Active	NO
12	U70101WB1986PTC101350	PANCHMUKHI PROPERTIES Private LIMITED	Additional director	11/09/2009	11/09/2009	03/05/2010	Active	NO
13	U40100KA2010PTC055239	BMM ENERGY PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO
14	U70100KA2012PTC065798	BMM CONSTRUCTION & PROJECTS PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Ms. Snehalata Singh

Designation :

Director

Address :

No.7, 201, Shravani Pride, Basavanagudi, Market Road, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

08.12.1972

Date of Appointment :

10.08.2012

DIN No.:

00208131

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	U67120KA1999PTC025712	SINGHI FINLEASE PRIVATE LIMITED	Director	15/09/1999	15/09/1999	-	Active	NO
2	U67120KA2001PTC028490	SNEHFIN INVESTMENTS PRIVATE LIMITED	Director	22/01/2001	22/01/2001	-	Active	NO
3	U13100KA2002PLC030365	B.M.M. ISPAT LIMITED	Whole-time director	02/04/2012	15/04/2002	-	Active	NO
4	U13201KA1999PTC024827	H.K.T. MINING PRIVATE LIMITED	Director	06/05/2003	06/05/2003	-	Amalgamated	NO
5	U01010KA2004PTC033519	SHREE GAVISIDDESHWARA MINERALS PRIVATE LIMITED	Director	16/11/2004	16/11/2004	-	Strike off	NO
6	U70101KA2005PTC037125	SHRAVANEE PROPERTIES PRIVATE LIMITED	Director	02/09/2005	02/09/2005	-	Active	NO
7	U14107KA2007PTC043429	LOKAPUR LIMESTONE MINING PRIVATE LIMITED	Director	20/07/2007	20/07/2007	-	Strike off	NO
8	U67120KA2007PTC043709	SINGHI HOLDINGS PRIVATE LIMITED	Director	27/08/2007	27/08/2007	-	Active	NO
9	U40300KA2007PLC043746	BMM Cements Limited	Director	10/08/2012	30/08/2007	-	Active	NO
10	U45203KA2006PTC040944	RANJITPURA INFRASTRUCTURE PRIVATE LIMITED	Director	25/09/2008	29/08/2008	03/02/2009	Active	NO
11	U70101KA2007PTC041769	SNEH SHELTERS PRIVATE LIMITED	Director	26/09/2009	02/09/2008	-	Active	NO
12	U70101WB1986PTC101350	PANCHMUKHI PROPERTIES Private LIMITED	Additional director	11/09/2009	11/09/2009	03/05/2010	Active	NO
13	U74899DL1995PTC070930	B. P.O .FINANCE AND INVESTMENTS PRIVATE LIMITED	Additional director	11/09/2009	11/09/2009	03/05/2010	Active	NO
14	U40100KA2010PTC055239	BMM ENERGY PRIVATE LIMITED	Additional director	03/09/2012	03/09/2012	-	Active	NO
15	U70100KA2012PTC065798	BMM CONSTRUCTION & PROJECTS PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Laxmipat Dudheria

Designation :

Director

Address :

No.7, 202, Shravani Pride, Basavanagudi, Market Road, Bangalore – 560004, Karnataka, India

Date of Birth/Age :

24.08.1962

Date of Appointment :

30.08.2007

DIN No.:

00300443

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	U67120KA2001PTC029030	VSL SECURITIES PRIVATE LIMITED	Director	21/05/2001	21/05/2001	-	Active	NO
2	U13100KA2002PLC030365	B.M.M. ISPAT LIMITED	Director	12/07/2004	12/07/2004	-	Active	NO
3	U01010KA2004PTC033519	SHREE GAVISIDDESHWARA MINERALS PRIVATE LIMITED	Director	16/11/2004	16/11/2004	-	Strike off	NO
4	U45200KA2006PTC040470	VSL REALTIES PRIVATE LIMITED	Director	11/09/2006	11/09/2006	-	Active	NO
5	U14107KA2007PTC043429	LOKAPUR LIMESTONE MINING PRIVATE LIMITED	Director	20/07/2007	20/07/2007	-	Strike off	NO
6	U40300KA2007PLC043746	BMM Cements Limited	Director	30/08/2007	30/08/2007	-	Active	NO
7	U13201KA1999PTC024827	H.K.T. MINING PRIVATE LIMITED	Director	25/07/2008	07/01/2008	-	Amalgamated	NO
8	U51109WB1994PTC066645	POLSON TIE-UP PVT. LTD.	Director	09/09/2009	09/09/2009	-	Active	NO
9	U40100KA2010PTC055239	BMM ENERGY PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO

Name :

Mr. Narasimha Murthy Karnam

Designation :

Whole Time Director

Address :

Singh Sadan, Infantry Road, Bellary – 583104, Karnataka, India

Date of Birth/Age :

13.03.1972

Date of Appointment :

25.08.2012

DIN No.:

03645923

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	U40300KA2007PLC043746	BMM Cements Limited	Director	25/08/2012	17/10/2011	-	Active	NO

Name :

Mr. Prakash Panangala

Designation :

Director

Address :

No.6 (New No.9), Dhanmal Street, Chetpet, Chennai – 600031, Tamilnadu, India

Date of Birth/Age :

30.05.1961

Date of Appointment :

29.09.2014

DIN No.:

00038729

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	U99999TG1996PLC025571	VALLOUREC HEAT EXCHANGER TUBES LIMITED	Director	06/04/2006	06/04/2006	31/03/2008	Active	NO
2	U13100KA2002PLC030365	B.M.M. ISPAT LIMITED	Director	30/09/2014	09/08/2007	-	Active	NO
3	U92132TG2004PTC044170	DEEP ROOTS ENTERTAINMENT AND MOVIES PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
4	U40300KA2007PLC043746	BMM Cements Limited	Director	29/09/2014	02/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Prakrti Sarvouy
Designation :	Secretary
Address :	Flat No 403, Mahaveer Glacier Apartment, 1^st Main, Vijay Park Road, KNP Layout, Arekere, Bannerghatta Road, Bangalore – 500076, Karnataka, India
Date of Birth/Age :	11.03.1983
Date of Appointment :	01.01.2014
PAN No.:	CAIPS9670J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares
Singh Holdings Private Limited, India	102052705
Laxmipat Dudheria, India	10000
Ravi Jain	100
VSl Securities Private Limited, india	1750000
Chetan T V	100
Varsha Dudheria	10
Nisha Dudheria	10
Total	103812925

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cement

Products :

• Pellets
• Sponge Iron
• TMT bars

Item Code No.	Product Description
Cement	25232910
Power	84101100

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

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 :

Information declined by the management

Bankers :

Bank Name	State Bank of Hyderabad
Branch	Industrial Finance Branch, 1st Floor, Sheriff House, # 85, Richmond Road, Bangalore – 560025, Karnataka - , 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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee Term Loan From bank (The Loan Is Secured By First Pari Passu Charge on The Fixed Assets And Second Charge On The Current Assets. Term Loan Is Further Secured By Personal Guarantees of Promoter/Directors.)	1832.453	2395.180
Short-term borrowings
Working capital Loans From Banks (First Charge On The Entire Current Assets Of The Company. Second Charge On The Entire Fixed Assets Of The Company. Personal Guarantee Of Mr. Dinesh Kumar Singhi And Ms Snehalata Singhi)	193.438	233.456
Total	2025.891	2628.636

Auditors :
Name :	T.D. Jain and D.I. Sakaria Chartered Accountants
Address :	#34, 3rd Floor, Keshava Nivas,1st Main, Gandhinagar, Bangalore– 560009, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFO2177L
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Singhi Holdings Private Limited
Related Party:	B.M.M. Ispat Limited (CIN No: U13100KA2002PLC030365)

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
132000000	Equity Shares	Rs.10/- each	Rs. 1320.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
103812925	Equity Shares	Rs.10/- each	Rs. 1038.129 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
132000000	Equity Shares	Rs.10/- each	Rs. 1320.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
102062925	Equity Shares	Rs.10/- each	Rs. 1020.629 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	1020.629	1277.629	1277.629
(b) Reserves & Surplus	(511.004)	(161.038)	415.187
(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)	509.625	1116.591	1692.816
(3) Non-Current Liabilities
(a) long-term borrowings	3001.593	2524.932	2130.996
(b) Deferred tax liabilities (Net)	94.932	158.289	0.000
(c) Other long term liabilities	6.197	4.679	2.646
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3102.722	2687.900	2133.642
(4) Current Liabilities
(a) Short term borrowings	193.438	233.456	15.790
(b) Trade payables	152.737	196.554	30.281
(c) Other current liabilities	931.149	1102.148	418.382
(d) Short-term provisions	0.627	0.480	0.271
Total Current Liabilities (4)	1277.951	1532.638	464.724
TOTAL	4890.298	5337.129	4291.182
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3955.309	3070.938	115.732
(ii) Intangible Assets	6.966	11.490	0.365
(iii) Capital work-in-progress	0.000	1240.111	3382.798
(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)	552.001	258.221	0.000
(d) Long-term Loan and Advances	51.144	56.879	436.944
(e) Other Non-current assets	0.000	44.945	0.039
Total Non-Current Assets	4565.420	4682.584	3935.878
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	152.903	196.978	79.898
(c) Trade receivables	132.706	104.410	26.869
(d) Cash and cash equivalents	13.966	68.599	11.988
(e) Short-term loans and advances	25.255	262.105	236.549
(f) Other current assets	0.048	22.453	0.000
Total Current Assets	324.878	654.545	355.304
TOTAL	4890.298	5337.129	4291.182

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1494.912	894.961	0.000
		Other Income	5.144	2.520	0.000
		TOTAL	1500.056	897.481	0.000
Less	EXPENSES
		Cost of Materials Consumed	223.633	170.588	0.000
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	30.660	0.335	0.000
		Employees benefits expense	108.850	72.323	0.000
		Other expenses	1234.036	679.755	0.000
		TOTAL (B)	1597.179	923.001	0.000
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(97.123)	(25.520)	0.000
Less	FINANCIAL EXPENSES		371.905	315.982	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(469.028)	(341.502)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION		481.719	492.591	0.000
	TOTAL PROFIT BEFORE EXTRAORDINARY BEFORE TAX		0.000	(834.093)	0.000
Add:	EXTRAORDINARY BEFORE TAX		0.000	(0.352)	0.000
	PROFIT/(LOSS) BEFORE TAX		(950.747)	(834.445)	0.000
Less	TAX		(293.781)	(258.220)	0.000
	PROFIT/(LOSS) AFTER TAX		(656.966)	(576.225)	0.000
	Earnings / (Loss) Per Share (Rs.)		(8.76)	(8.000)	0.000

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	689.600	914.988	234.000
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(43.95)	(64.39)	NA
Operating Profit Margin (PBIDT/Sales)	(%)	(6.50)	(2.89)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(21.92)	(21.74)	NA
Return on Investment (ROI) (PBT/Networth)		(1.87)	(0.75)	NA
Debt Equity Ratio (Total Debt /Networth)		7.62	3.29	1.41
Current Ratio (Current Asset/Current Liability)		0.25	0.43	0.76

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	1277.629	1277.629	1020.629
Reserves & Surplus	415.187	(161.038)	(511.004)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1692.816	1116.591	509.625
long-term borrowings	2130.996	2524.932	3001.593
Short term borrowings	15.790	233.456	193.438
CURRENT MATURITIES OF LONG-TERM DEBTS	234.000	914.988	689.600
Total borrowings	2380.786	3673.376	3884.631
Debt/Equity ratio	1.406	3.290	7.623

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	894.961	1494.912
	-------	67.037

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	894.961	1494.912
Profit/Loss	(576.225)	(656.966)
	(64.39)%	(43.95)%

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	No
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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

OVERVIEW AND REVIEW OF OPERATIONS:

The Company is engaged in the business of manufacturing of cement. The Company had started commercial operations of its 25MW Captive Power Plant in July, 2013. During the period, the Company reported net loss of Rs. 657.000 Million on total income of Rs.150.000 Million as against loss of Rs. 576.200 Million on total income of Rs. 897.400 Million in FY 2013.The year under the report was challenging due to mismatch in the demand and supply scenario in the market coupled with volatile raw material prices, high operating cost and increase in logistics and HSD prices. During the year, the Company has produced 348628 MT of cement. The cement production was on lower side as the plant operation has not yet stabilized and supply of power from the state grid was also disrupted due to power crisis in the State. The Company is expecting to improve its operational performance in the current financial year with commissioning of 25 MW captive power plant. The Company was self-sufficient in its power requirement and excess was sold to state grids.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and Advances from Related Parties	1169.140	129.751
Total	1169.140	129.751

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10379432	30/11/2012 *	1,680,000,000.00	STATE BANK OF HYDERABAD	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR,, SHERIFF HO  USE, # 85, RICHMOND ROAD,, BANGALORE, Karnataka -  560025, INDIA	B66631722
2	10361991	07/05/2012	270,000,000.00	STATE BANK OF HYDERABAD	INDUSTRIAL FINANCE BRANCH, SHERIFF HOUSE, 1ST FLOO  , N0 85, RICHMOND ROAD,, BENGALURU, Karnataka - 5  60025, INDIA	B42179572
3	10201237	08/12/2011 *	2,350,000,000.00	STATE BANK OF HYDERABAD	INDUSTRIAL FINANCE BRANCH, "SHERIFF HOUSE", NO.85  , RICHMOND ROAD, BANGALORE, Karnataka - 560025, IN  DIA	B30444301

FIXED ASSETS

• Land
• Building
• Office Building
• Plant and Equipment
• Other Plan and Equipment
• Furniture and Fixture
• Vehicle
• Motor Vehicle
• Computer Equipment
• Office Equipment

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.63.84
UK Pound	1	Rs.100.99
Euro	1	Rs.72.45

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	TRI
Report Prepared by :	PJA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	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		11

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.