MIRA INFORM REPORT

Report No. :	328938
Report Date :	24.06.2015

IDENTIFICATION DETAILS

Name :	INDIA STEEL WORKS LIMITED (w.e.f. 22.10.2007)
Formerly Known As :	ISIBARS LIMITED (w.e.f. 09.05.1991) ISIBARS PRIVATE LIMITED
Registered Office :	India Steel Works Complex, Zenith Compound, Khopoli, Raigad-410203, Maharashtra
Tel. No.:	91-2192-265812
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	15.04.1987
Com. Reg. No.:	11-043186
Capital Investment / Paid-up Capital :	Rs.1039.900 Millions
CIN No.: [Company Identification No.]	L29100MH1987PLC043186
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMI01649E
PAN No.: [Permanent Account No.]	AAACI1362A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Steel Billets, Hot Roll Bars etc.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 was incorporated in the year 1987. It is an established company having satisfactory track record. There seems dip in the sales turnover of the company during 2015. Profitability of the company seems to be low. However, Reserves of the company has increase compared to previous year. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) 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 DENIED BY

Name :	Mr. R. P. Srikumar
Designation :	Finance Manager
Contact No.:	91-2192-265812
Date :	24.06.2015

LOCATIONS

Registered Office / Factory 1 :	Special Steel Division India Steel Works Complex, Zenith Compound, Khopoli, Raigad-410203, Maharashtra, India
Tel. No.:	91-2192-265 812
Fax No.:	91-2192-264 061
E-Mail :	cosec@isibar.com cs@iswl.in info@indiasteel.in
Website :	www.indiasteel.in www.isibars.com
Corporate Office :	1101, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone (West), Mumbai - 400 013. Maharashtra, India
Tel. No.:	91-22-49102000
Fax No.:	91-22-49102099
E-Mail :	export@indiasteel.in
Factory 2 :	Bright Bars Division C- 63, TTC Area, MIDC Turbhe, Navi Mumbai - 400 705, Maharashtra , India
Tel. No.:	91-22-27686446 / 2768 6437 / 27670424
Fax No.:	91-22-27633888
Factory 3 :	Stainless Steel Wire Plant Savroli, Taluka Khalapur, Khopoli, District. Raigad, Maharashtra – 410202, India
Tel. No.:	91-22-2192274053
Fax No.:	91-22-2192274080

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Ashwinkumar Harbanlal Gupta
Designation :	Chairman
Address :	Ashiana, Vasant Vihar, C.G. Road, Chambur, Mumbai – 400074, Maharashtra, India
Date of Birth/Age :	06.01.1950
Date of Appointment :	19.02.1990
Name :	Mr. Sudhirkumar Harbanslal Gupta
Designation :	Managing Director
Address :	Ashoka Building, Adenwala Road, Matunga, Mumbai – 400031, Maharashtra, India
Date of Birth/Age :	06.07.1961
Date of Appointment :	19.02.1990
Name :	Mr. Varun Sudhirkumar Gupta
Designation :	Director
Address :	Ashok, 541/C, Adenwala Road, King Circle, Matunga (West), Mumbai – 400019, Maharashtra, India
Date of Birth/ Age :	17.06.1985
Date of Appointment :	17.12.2009
Name :	Mr. Satyaprakash Achru Khosla
Designation :	Director
Address :	Norwood, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/ Age :	01.05.1929
Date of Appointment :	25.09.1999
Name :	Mr. Bimal Ramanlal Desai
Designation :	Director
Address :	A-14, Jay Prabhat, Sahakar Nagar, J P Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/ Age :	19.11.1964
Date of Appointment :	12.12.2006
Name :	Mr. Neeraj Damodar Agarwal
Designation :	Director
Address :	103, laxmi Plaza, Laxmi Industrial Estate, New Link Road, Mumbai – 400053, Maharashtra, India
Date of Birth/ Age :	28.09.1974
Date of Appointment :	12.12.2006
Name :	Mr. Rahul Yenukar
Designation :	Whole – time Director
Name :	Mr. Subrata Dey
Designation :	Director (up to 22nd May, 2013)
Name :	Mr. Gaurav Chabbria
Designation :	Alternate Director (up to 3rd October, 2012)
Name :	Mr. Mahesh Sheregar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Dilip Maharana
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	Total No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	11271377	2.83
Bodies Corporate	187322650	47.06
Sub Total	198594027	49.89
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	198594027	49.89
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3600	0.00
Financial Institutions / Banks	7812475	1.96
Foreign Institutional Investors	14334300	3.60
Any Others (Specify)	14349200	3.60
Foreign Financial Institutions	14900	0.00
Foreign Mutual Fund	14334300	3.60
Sub Total	36499575	9.17
(2) Non-Institutions
Bodies Corporate	13880352	3.49
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	8929031	2.24
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	15791264	3.97
Any Others (Specify)	124386676	31.25
Clearing Members	10236	0.00
Foreign Corporate Bodies	119260000	29.96
Market Maker	7529	0.00
Non Resident Indians	4875033	1.22
Hindu Undivided Families	233878	0.06
Sub Total	162987323	40.94
Total Public shareholding (B)	199486898	50.11
Total (A)+(B)	398080925	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	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	398080925	0.00

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

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total (A)+(B)+(C)
1	India Steel International Private Limited	9,81,34,150	24.65
2	ISIWorld Steel Private Limited	1,78,37,500	4.48
3	ISIMetals India Private Limited	1,74,00,250	4.37
4	ISISales India Private Limited	1,74,00,250	4.37
5	Khamgaon Land Development & Trading Co Private Limited	1,74,00,000	4.37
6	Yeotmal Land Development & Trading Co Private Limited	1,74,00,000	4.37
7	Ashwin Gupta	55,15,825	1.39
8	Sudhir Gupta	53,82,725	1.35
9	ISICom Traders Private Limited	9,62,750	0.24
10	ISICOM Traders P Limited	3,50,000	0.09
11	ISIStar Exports P Limited	3,50,000	0.09
12	Varun Gupta	2,04,800	0.05
13	ISIStar Exports Private Limited	87,500	0.02
14	Priya Gupta	86,060	0.02
15	Anita Gupta	47,000	0.01
16	Siddharth Gupta	9,700	0.00
17	ISINOX Steels Limited	250	0.00
18	Ruchi V Agarwal	12,000	0.00
19	Malika Siddharth Gupta	5,000	0.00
20	Priyanka Varun Gupta	5,000	0.00
21	Vipin Agarwal	3,267	0.00
	Total	19,85,94,027	49.89

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	UD Industrial Holdings Pte Limited Singapore	92000000	23.11
2	TB Investments Limited	27000000	6.78
3	Ushdev International Limited	4931539	1.24
4	Apms Investment Fund Limited	14334300	3.60
5	Cresta Fund Limited	8400000	2.11
6	Parveen Kumar Gupta	7612221	1.91
7	K R Bharat	5494948	1.38
8	Lotus Global Investments Limited	5934300	1.49
9	Shaktiman Steel Castings Private Limited	5300054	1.33
10	Kotak Mahindra Bank Limited	5000000	1.26
11	Siddharthe Suresh Khatwani	4499821	1.13
	Total	180507183	45.34

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	UD Industrial Holdings Pte Limited Singapore	92000000	23.11
2	TB Investments Limited	27000000	6.78
	Total	119000000	29.89

Details of Locked-in Shares

Sl. No.	Name of the Shareholder	No. of Shares	Locked-in Shares as % of Total No. of Shares
1	ISIMetals India Private Limited	1,74,00,000	4.37
2	ISISales India Private Limited	1,74,00,000	4.37
3	ISIWorld Steel Private Limited	1,74,00,000	4.37
4	Khamgaon Land Development & Trading Co Private Limited	1,74,00,000	4.37
5	Yeotmal Land Development & Trading Co Private Limited	1,74,00,000	4.37
	Total	8,70,00,000	21.85

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel Billets, Hot Roll Bars etc.

Products :

Item Code	Product Description
722211.00	Stainless Steel Bars and Rods
722220.00	Stainless Steel Bright Bars and Rods
721899.00	Stainless Steel Billets

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

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 :

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

No. of Employees :

Information declined by the management

Bankers :

• Kotak Mahindra Bank Limited
• Dombivli Nagari Sahakari Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2015	As on 31.03.2014
Long-term borrowings
Kotak Mahindra Bank Limited	NA	86.493
Sundaram Finance Limited	NA	4.058
Short-term borrowings
Kotak Bank Limited	NA	248.841
Total	NA	339.392

Terms of Repayment and Security for Secured Loan.

1) Loans from Kotak Mahindra Bank Limited are secured/to be secured by first mortgage and charges on all immoveable and moveable properties both present and future and personal guarantees of some of the promoter directors of the company and are repayable in 48 equal monthly instalments.

2) Loans from Sundaram Finance Limited and Toyota Financial Services Limited are secured against hypothecation of respective motor vehicles. These loans are repayable in 36 and 48 months respectively.

Auditors :
Name :	Thanawala and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Isinox Steels Limited Indiasteel International Private Limited Inoxware Private Limited Isiworld Steel (India) Private Limited Isicom Traders Private Limited Isistar Exports Private Limited Isimetal (India) Private Limited Yeotmal Land Development and Trading Company Private Limited Emgee Homes Private Limited Gupta Housing Private Limited Titan Steel Private Limited
Enterprises over which Key Managerial Personnel are able to exercise significant influence	India Steel Industries Indiasteel International

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 1039.900 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
420000000	Equity Shares	Rs.1/- each	Rs.420.000 Millions
64500000	Preference shares	Rs.10/- each	Rs.645.000 Millions
	Total		Rs.1065.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
398080925	Equity Shares	Rs.1/- each	Rs.398.081 Millions
2000000	14% Cumulative Reedemable Preference shares	Rs.10/- each	Rs.20.000 Millions
53671310	0.01% Cumulative Reedemable Preference shares	Rs.10/- each	Rs.536.713 Millions
8514574	0.01% Cumulative Reedemable Preference shares	Rs.10/- each	Rs.85.146 Millions
	Total		Rs.1039.940 Millions

EQUITY SHARE

Of the above, 8,70,00,000 fully paid-up equity shares of Re 1/- each represent the shares which were alloted on a preferential basis to the promoters of the Company in the last 5 years

Of the above, 10,40,00,000 fully paid-up equity shares of Re 1/- each represent the shares which were alloted on a preferential basis to the Strategic Investors of the Company in the last 5 years

Of the above, 28,10,925 fully paid-up equity shares of Re 1/- each represent the shares which were alloted pursuant to cash payment of Rs 0.100 Million and balance against settlement of dues in the last 5 years

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Opening Balance	Fresh issue	Closing Balance
Equity shares with voting rights
Number of shares	234080925	164000000	398080925
Amount	234.081	164.000	398.081

Details of shares held by each shareholder holding more than 5% shares:

Class of shares / Name of shareholder	Number of shares held	% holding in that class of shares
Equity shares with voting rights
Indiasteel International Private Limited	98134150	24.65%
TB Investments Limited	27000000	6.78%
Mavi Investment Limited	14334300	3.60%
UD Industrial Holding Pte Limited	92000000	23.11%
TOTAL	231468450	58.14%

PREFERENCE SHARE

Note :

1) 14% Cumulative Reedemable Shares are reedemable in the year 2018.

2) 0.01% Cumulative Reedemable Shares are reedemable 25% in the year 2017, 25% in the year 2018, and 50% in the year 2019

3) 0.01% Cumulative Reedemable Shares (Option Series) are reedemable 25% in the year 2017, 25% in the year 2018, and 50% in the year 2019

4) Dividend on above Preference Shares for current year not provided Rs 28,62,186/- and till date amounted to Rs 4,96,48,525/-

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Opening Balance	Fresh issue	Closing Balance
Preference shares without voting rights
Number of shares	64185884	---	64185884
Rs. In Millions	641.859	---	641.859

Details of shares held by each shareholder holding more than 5% shares:

Class of shares / Name of shareholder	Number of shares held	% holding in that class of shares
Preference shares without voting rights
IDBI Limited.	37547800	58.50%
Punjab and Sind Bank	12138000	18.91%
Oriental Bank of Commerce	5698413	8.88%
TOTAL	55384213	86.29%

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	1039.900	1039.940	875.940
(b) Reserves & Surplus	1289.900	527.393	-281.118
(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)	2329.800	1567.333	594.822
(3) Non-Current Liabilities
(a) long-term borrowings	376.000	406.027	1143.534
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	191.800	142.545	98.197
(d) long-term provisions	43.800	35.919	26.765
Total Non-current Liabilities (3)	611.600	584.491	1268.496
(4) Current Liabilities
(a) Short term borrowings	368.500	248.841	238.755
(b) Trade payables	1245.700	1008.761	1248.544
(c) Other current liabilities	177.200	213.887	267.990
(d) Short-term provisions	134.100	114.974	103.040
Total Current Liabilities (4)	1925.500	1586.463	1858.329
TOTAL	4866.900	3738.287	3721.647
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2481.700	1561.600	1611.016
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	90.403	15.398
(iv) Intangible assets under development	0.000	1.844	0.000
(b) Non-current Investments	21.500	21.424	21.424
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	72.900	68.468	25.797
(e) Other Non-current assets	1.200	1.663	2.375
Total Non-Current Assets	2577.300	1745.402	1676.010
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1152.800	761.296	1060.276
(c) Trade receivables	417.400	392.655	266.327
(d) Cash and cash equivalents	18.600	18.584	101.465
(e) Short-term loans and advances	303.800	373.973	343.265
(f) Other current assets	397.000	446.377	274.304
Total Current Assets	2289.600	1992.885	2045.637
TOTAL	4866.900	3738.287	3721.647

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	5181.810	6132.272	7248.638
		Other Income	0.000	11.491	51.536
		TOTAL (A)	5181.810	6143.763	7300.174
Less	EXPENSES
		Cost of Materials Consumed	3805.291	3465.337	4587.775
		Purchases of Stock-in-Trade	323.566	1590.099	1970.648
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(333.578)	104.195	(335.815)
		Employees benefits expense	178.732	141.717	127.940
		Other expenses	923.639	711.950	773.105
		Exceptional items	0.000	(41.530)	0.037
		TOTAL (B)	4897.650	5971.768	7123.690
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		284.160	171.995	176.484
Less	FINANCIAL EXPENSES (D)		110.295	151.870	144.669
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		173.865	20.125	31.815
Less/ Add	DEPRECIATION/ AMORTISATION (F)		153.089	145.616	139.772
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		20.776	(125.491)	(107.957)
Less	TAX (H)		-0.430	0.248	0.150
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		21.206	(125.739)	(108.107)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1973.676)	(1847.937)	(1739.830)
	BALANCE CARRIED TO THE B/S		(1952.470)	(1973.676)	(1847.937)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	5.767	0.120
	TOTAL EARNINGS		NA	5.767	0.120
	IMPORTS
		Raw Materials	NA	245.210	877.609
		Capital Goods	NA	0.491	6.178
	TOTAL IMPORTS		NA	245.701	883.787
	Earnings /(Loss) Per Share (Rs.)		0.02	(0.32)	(0.46)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	(228.451)	482.547

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.41	-2.05	-1.49
Operating Profit Margin (PBIDT/Sales)	(%)	5.48	2.80	2.43
Return on Total Assets (PBT/Total Assets}	(%)	0.43	-3.46	-2.93
Return on Investment (ROI) (PBT/Networth)		0.01	-0.08	-0.18
Debt Equity Ratio (Total Debt /Networth)		0.32	0.42	2.32
Current Ratio (Current Asset/Current Liability)		1.19	1.26	1.10

STOCK PRICES

Face Value	Rs. 1/-
Market Value	Rs. 3.64/-

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	875.940	1039.940	1039.900
Reserves & Surplus	-281.118	527.393	1289.900
Share Application money pending allotment	0.000	0.000	0.000
Net worth	594.822	1567.333	2329.800
long-term borrowings	1143.534	406.027	376.000
Short term borrowings	238.755	248.841	368.500
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	1382.289	654.868	744.500
Debt/Equity ratio	2.324	0.418	0.320

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	7248.638	6132.272	5181.810
		(15.401)	(15.499)

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	7248.638	6132.272	5181.810
Profit	(108.107)	(125.739)	21.206
	(1.49%)	(2.05%)	0.41%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	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)	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 three years	Yes
27	Reasons for variation <> 20%	---
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2015	As on 31.03.2014
Long-term borrowings
Others **	NA	314.521
From related parties **	NA	0.955
Total	NA	315.476

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10501459	13/05/2014	200,000,000.00	DOMBIVLI NAGARI SAHAKARI BANK LIMITED	5/8, SAMBHAVA CHAMBERS, SIR P.M. ROAD,, FORT, MUMBAI, Maharashtra - 400001, INDIA	C05906466
2	10511552	10/05/2014	200,000,000.00	DOMBIVLI NAGARI SAHAKARI BANK LIMITED	5/8, SAMBHAVA CHAMBERS, SIR P.M. ROAD,, FORT, Mumbai, Maharashtra - 400001, INDIA	C14029094
3	10377586	03/09/2012	366,800,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT,, M  UMBAI, Maharashtra - 400021, INDIA	B58492943
4	80065429	01/10/2012 *	30,000,000.00	General Insurance Corporation of India	Suraksha,170 J Tata Road,, Churchgate, Mumbai, Maharashtra - 400020, INDIA	B62604186
5	80061920	10/09/1997 *	34,850,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LTD.	163, BACKBAY RECLAMATION, , MUMBAI, Maharashtra -  400020, INDIA	-
6	80027594	28/03/2007 *	395,800,000.00	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar(West), Mumbai, Maharashrta 400028, MUMBAI, Maharashtra - 400028, INDIA	A15370638
7	80026955	17/02/2007 *	96,000,000.00	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar (West), Mumbai, Maharashrta 400028, MUMBAI, Maharashtra - 400028, INDIA	A13323209
8	80049078	31/01/2008 *	122,500,000.00	BANK OF BARODA	OVERSEAS BRANCH,, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	A49293897
9	80049079	31/01/2008 *	122,500,000.00	BANK OF BARODA	OVERSEAS BRANCH,, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	A49293962
10	80049080	31/01/2008 *	122,500,000.00	BANK OF BARODA	OVERSEAS BRANCH,, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	A49294051

* Date of charge modification

FIXED ASSETS

• Land
• Factory Buildings
• Plant and Machinery
• Data Processing Equipment
• Motor Vehicles
• Office Equipment
• Furniture and Fixtures

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. 63.64
UK Pound	1	Rs. 100.41
Euro	1	Rs. 71.63

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.