MIRA INFORM REPORT

Report No. :	329123
Report Date :	25.06.2015

IDENTIFICATION DETAILS

Name :	BLISS GVS PHARMA LIMITED (w.e.f. 27.12.2006)
Formerly Known As :	BLISS CHEMICALS AND PHARMACEUTICALS INDIA LIMITED
Registered Office :	102, Hyde Park, Sakivihar Road, Andheri (East), Mumbai – 400 072, Maharashtra
Tel. No.:	91-22-42160000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	11.12.1984
Com. Reg. No.:	11-034771
Capital Investment / Paid-up Capital :	Rs.103.147 million
CIN No.: [Company Identification No.]	L24230MH1984PLC034771
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMB10979D
PAN No.: [Permanent Account No.]	AABCN1328J
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of developing, manufacturing and marketing of high quality pharmaceutical formulations.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an old and established company incorporated during the year 1984 having a satisfactory track record. Available financial indicates company’s sound financial risk profile marked by decent networth position with low borrowings and favorable gap between trade payable and trade receivable. Further the rating also takes into consideration, company’s good profitability. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. In view of long standing record and acceptable financial base, 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan: BBB+
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	September, 2014

Rating Agency Name	ICRA
Rating	Fund Based Limit: A2+
Rating Explanation	Strong degree of safety and carry low credit risk.
Date	September, 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 DECLINED BY

Name :	Mr. Dinesh Shetty
Designation :	Sales Department
Contact No.:	91-9820212869
Date :	24.06.2015

LOCATIONS

Registered Office/ Corporate Office/ Administrative Office :	102, Hyde Park, Sakivihar Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-42160000
Fax No.:	91-22-28563930
E-Mail :	info@blissgvs.com cs@blissgvs.com
Website :	http://www.blissgvs.com
Factory 1 :	Plot No.10, 11 and 12, Village: Aliyali, Palghar Taluka, District Thane – 401 404, Maharashtra, India
Tel. No.:	91-22-28505387/ 28503870
Fax No.:	91-22-28563930
Factory :	Also located at: · Ambernath, Thane, Maharashtra, India · Daman (U.T.), India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Govind Guno Desai
Designation :	Chairman
Address :	Kedar Apartment, Bhandar Lane, L.J. Road, Mahim, Mumbai – 400 015, Maharashtra, India
Date of Birth/ Age :	04.06.1933
Date of Appointment :	21.12.1984
DIN No.:	00140853
Name :	Mr. Shibroor Narsimha Kamath
Designation :	Managing Director
Address :	202, Jai Akshay Sagar CHS, Namdeao Path, Thane – 421 201, Maharashtra, India
Date of Birth/ Age :	21.12.1953
Date of Appointment :	01.04.2013
DIN No.:	00140593
PAN No.:	AFMPK8583R
Name :	Mr. Gautam Rasiklal Ashra
Designation :	Director
Address :	1/4, Breach Candy Apartment, B.D. Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/ Age :	15.10.1956
Date of Appointment :	14.06.2004
DIN No.:	00140942
PAN No.:	AABPA0457 E
Name :	Mr. Mayank Surendra Mehta
Designation :	Director
Address :	9, Prem Milan, 18/10 R.A. Kidwai Road, Wadala, Mumbai – 400 031, Maharashtra, India
Date of Birth/ Age :	08.04.1960
Date of Appointment :	29.07.2011
DIN No.:	00765052
Name :	Mr. Subramanian Ramaswamy Vaidya
Designation :	Director
Address :	Plot No.6, Block No.08, Peru Baug, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Date of Birth/ Age :	26.10.1942
Date of Appointment :	14.08.2014
DIN No.:	03600249
Name :	Ms. Shruti Narasimha Kamath
Designation :	Whole-Time Director
Address :	202, Jai Akshay Sagar CHS, Namdeao Path, Thane – 421 201, Maharashtra, India
Date of Birth/ Age :	06.04.1985
Date of Appointment :	01.04.2013
DIN No.:	00731501
Name :	Dr. Vibha Narsimha Kamath
Designation :	Whole-Time Director
Address :	202, Jai Akshay Sagar CHS, Namdeao Path, Thane – 421 201, Maharashtra, India
Date of Birth/ Age :	08.07.1983
Date of Appointment :	27.01.2013
DIN No.:	02307289

KEY EXECUTIVES

Name :	Ms. Sushama Dharmraj Yadav
Designation :	Secretary
Address :	302, New Golden Nest Complex, Building No.7, Mira-Bhayandar (East), Thane – 401 105, Maharashtra, India
Date of Birth/ Age :	15.07.1988
Date of Appointment :	01.11.2013
PAN No.:	ABVPY2378K
Name :	Mr. Dinesh Shetty
Designation :	Sales Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	65047246	63.06
Bodies Corporate	1942584	1.88
Sub Total	66989830	64.95
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	66989830	64.95
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	71450	0.07
Foreign Institutional Investors	4802475	4.66
Sub Total	4873925	4.73
(2) Non-Institutions
Bodies Corporate	8811665	8.54
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	15002533	14.54
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	2498041	2.42
Any Others (Specify)	4970678	4.82
Clearing Members	372741	0.36
NRIs/OCBs	4597937	4.46
Sub Total	31282917	30.33
Total Public shareholding (B)	36156842	35.05
Total (A)+(B)	103146672	100.00
(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)	103146672	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		Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total
1	Antara Gautam Ashra	1427924	1.38	1.38
2	Arjun Gautam Ashra	5000000	4.85	4.85
3	Gautam Rasiklal Ashra	5231045	5.07	5.07
4	Mamta Gautam Ashra	1980333	1.92	1.92
5	Mangesh Ghanashyam Wagle	65200	0.06	0.06
6	Mangesh Ghanashyam Wagle HUF	7720	0.01	0.01
7	Narasimha Shibroor Kamath	47017024	45.58	45.58
8	Shruti N Kamath	2000000	1.94	1.94
9	Vibha N Kamath	2000000	1.94	1.94
10	Prabhavati Rasiklal Ashra	98000	0.10	0.10
11	Vijayaben Kanji Ashra	220000	0.21	0.21
12	Genteel Trading Co Private Limited	612122	0.59	0.59
13	Kanji Forex Private Limited	1127622	1.09	1.09
14	Kanji Pitamber Forex Private Limited	202840	0.20	0.20
	Total	66989830	64.95	64.95

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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Nirav Commercial Limited	1040000	1.01	1.01
2	Gulbarga Trading and Investments Private Limited	5875000	5.70	5.70
3	Fidelity Puritan Trust Fid Low-Priced Stock Fund	4570530	4.43	4.43
4	Jashvant Mansukhlal Shah	2803199	2.72	2.72
	Total	14288729	13.85	13.85

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	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	Gulbarga Trading and Investments Private Limited	5875000	5.70	5.70
	Total	5875000	5.70	5.70

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of developing, manufacturing and marketing of high quality pharmaceutical formulations.
Products :	Pharma Products Other Healthcare Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	The Federal Bank Limited
Branch Address	101-105, Kasturi Plaza Complex-A, Manpada Road, Dombivali (East), Mumbai – 421 201, Maharashtra, 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

· Export Import Bank of India

· State Bank of Bikaner and Jaipur

· FirstRand Bank

Facilities :

Secured Loans	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Term Loan in Foreign Currency
- From Banks	NA	422.730
Rupee Term Loans
- From Banks	NA	27.144
- From Others	NA	1.480
SHORT TERM BORROWINGS
Loans repayable on demand
From Banks	NA	231.416
Total	NA	682.770

Notes:

LONG TERM BORROWING

(As on 31.03.2014)

1. The Term Loan in foreign Currency of Rs.573.705 million including current maturities bearing interest rate of LIBOR + 335 bps is secured against shares of Bliss GVS Healthcare Limited pari passu charge on Current assets and fixed assets of the Company and fixed deposit account with First Rand bank. Foreign Currency Loan is repayable from December 2013 in 12 Quarterly Installments.

2. Term Loans from bank include Loan of Rs.12.994 million including current maturities taken for EOU II bearing interest of BPLR- 2.25% p.a. unit is secured by equitable mortgage of Land and Building and Plant and Machinery of EOU II unit which is repayable from March 2010 in 66 monthly installments and Rs.40.414 million for Plot No.12, Aliyali Village Palghar for the extension of EOU I Unit bearing interest of Base rate + 2.55%p.a.and is secured by Land and Building of Plot No 12, along with the Property of R&D Centre and Plant and Machinery at R&D Centre which is repayable from December 2013 in equal monthly installments. Of the above Rs.25.864 million is shown in Note VIII as current maturities of Long Term Debt.

3. Loan from others is secured against vehicle repayable from November 2012 in 36 monthly installments.

SHORT TERM BORROWING

1. Includes cash credit of Rs.206.306 million bearing interest @ base rate +1.99% p.a. secured by creating 1^st pari passu charge on current assets of the company and second pari passu charge on fixed assets and is repayable on demand.

2. Includes Demand loan of Rs.25.110 million secured against Fixed deposits with Federal bank

Banking Relations :	--
Auditors :
Name :	B.K. Khare and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries and Step down Subsidiaries (As on 31.03.2014) :	Bliss Indasi Lifescience Private Limited Bliss GVS International Pte Limited Bliss GVS Clinic Health Care Pte Limited Kremoint Pharma Private limited Bliss GVS Healthcare Limited Surgimed Pharma Limited Lifeon Labs Private Limited Greenlife Bliss Healthcare Limited
Companies in which Key Management Personnel significant influence (As on 31.03.2014) :	Kanji Forex Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs.103.147 million

AS ON 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Re.1/- each	Rs.150.000 million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
103146672	Equity Shares	Re.1/- each	Rs.103.147 million

Details Shareholder Holding More than 5% shares in the company:

Particulars	31.03.2014
	Nos.	% of Holdings
S.N. Kamath	50517024	48.98
Gautam Rasiklal Ashra	11231045	10.89
Winever Investment Consultants Private Limited	1600000	1.55

Aggregate No of Bonus Shares Issued, Shares issued for consideration other than Cash during the period of 5 Years Immediately preceding reporting date:

Particulars	31.03.2014
Equity Shares of Re.1/- each fully paid have been issued as Bonus Shares by Capitalization of General Reserve and Share Premium Account.	38680002

The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital.

The Company has only one class of Equity Shares having a par value of Re.1/- per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the unlikely event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, in proportion to the number of equity shares held by the shareholders.

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	103.147	103.147	103.147
(b) Reserves & Surplus	3578.714	3045.264	2484.203
(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)	3681.861	3148.411	2587.350
(3) Non-Current Liabilities
(a) Long-term borrowings	302.095	451.354	536.781
(b) Deferred tax liabilities (Net)	71.530	61.980	43.669
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	13.985	7.923	7.381
Total Non-current Liabilities (3)	387.610	521.257	587.831
(4) Current Liabilities
(a) Short term borrowings	283.762	231.416	182.075
(b) Trade payables	504.672	589.897	924.253
(c) Other current liabilities	391.346	285.153	138.171
(d) Short-term provisions	300.762	87.811	142.223
Total Current Liabilities (4)	1480.542	1194.277	1386.722
TOTAL	5550.013	4863.945	4561.903
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	815.039	527.890	462.565
(ii) Intangible Assets		7.375	25.326
(iii) Capital work-in-progress		43.106	6.525
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	192.263	192.253	192.202
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1013.508	1061.786	951.728
(e) Other Non-current assets	4.326	18.866	24.120
Total Non-Current Assets	2025.136	1851.276	1662.466
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	225.183	212.289	245.845
(c) Trade receivables	2106.121	1835.325	2182.111
(d) Cash and cash equivalents	473.677	741.207	308.157
(e) Short-term loans and advances	613.362	155.204	120.732
(f) Other current assets	106.534	68.644	42.592
Total Current Assets	3524.877	3012.669	2899.437
TOTAL	5550.013	4863.945	4561.903

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations	3130.217	2904.568	3536.832
		Other Income	213.503	278.981	150.328
		TOTAL	3343.720	3183.549	3687.160
Less	EXPENSES
		Cost of materials consumed	1378.413	1351.782	1880.030
		Purchases of stock-in-trade	9.032	103.040	36.028
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	24.827	6.057	(51.173)
		Employees benefits expense	173.608	129.261	98.707
		Other expenses	682.394	631.446	565.421
		TOTAL	2268.274	2221.586	2529.013
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1075.446	961.963	1158.147
Less	FINANCIAL EXPENSES		112.118	94.363	65.547
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		963.328	867.600	1092.600
Less/ Add	DEPRECIATION/ AMORTISATION		50.783	44.616	44.278
	PROFIT/ (LOSS) BEFORE TAX		912.545	822.984	1048.322
Less	TAX		312.390	283.719	481.502
	PROFIT/ (LOSS) AFTER TAX		600.155	539.265	566.820
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2530.177	2111.496	1688.456
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	60.000	60.000
		Interim Dividend	NA	0.000	30.944
		Dividend Distribution Tax on Interim Dividend	NA	0.000	4.952
		Dividend Distribution Tax of Earlier Year	NA	0.317	0.000
		Proposed Dividends	NA	51.573	41.259
		Dividend Distribution Tax on Proposed Dividend	NA	8.694	6.625
	BALANCE CARRIED TO THE B/S		NA	2530.177	2111.496
	EARNINGS IN FOREIGN CURRENCY		NA	2668.623	3295.203
	IMPORTS
		Raw Materials and Packaging Materials	NA	105.606	69.556
		Capital Goods	NA	71.168	52.987
	TOTAL IMPORTS		NA	176.774	122.543
	Earnings/ (Loss) Per Share (Rs.)		5.82	5.23	5.50

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	179.239	39.555
Cash generated from operations	NA	881.819	(134.518)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	19.17	18.57	16.03
Operating Profit Margin (PBIDT/Sales)	(%)	34.36	33.12	32.75
Return on Total Assets (PBT/Total Assets}	(%)	17.03	17.78	24.03
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.41
Debt Equity Ratio (Total Debt /Networth)		0.16	0.22	0.28
Current Ratio (Current Asset/Current Liability)		2.38	2.52	2.09

STOCK PRICES

Face Value	Rs.1.00
Market Value	Rs.115.70

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	103.147	103.147	103.147
Reserves & Surplus	2484.203	3045.264	3578.714
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2587.350	3148.411	3681.861
Long-term borrowings	536.781	451.354	302.095
Short term borrowings	182.075	231.416	283.762
Total borrowings	718.856	682.770	585.857
Debt/Equity ratio	0.278	0.217	0.159

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)
Revenue from operations	3536.832	2904.568	3130.217
		(17.877)	7.769

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	3536.832	2904.568	3130.217
Profit	566.820	539.265	600.155
	16.03%	18.57%	19.17%

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	Yes
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	Yes
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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10411446	22/02/2013	100,000,000.00	FIRSTRAND BANK LIMITED	TCG FINANCIAL CENTRE PLOT NO.C-53, G BLOCK, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA	B70659289
2	10375374	28/07/2012	550,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B57635989
3	10354948	30/03/2012	70,700,000.00	PUNJAB NATIONAL BANK	SHOP NO.3/6, SAI KRISHNA APARTMENT, OPPOSITE INCOME TAX OFFICE, DEVKA ROAD, DAMAN, DAMAN AND DIU - 396210, INDIA	B39402797
4	10334858	20/12/2011 *	150,000,000.00	STATE BANK OF BIKANER AND JAIPUR	232-234, SAMUEL STREET, VADGADI, MANDVI, MUMBAI, MAHARASHTRA - 400003, INDIA	B32090128
5	10300313	13/02/2012 *	3,283,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B32463689
6	10026649	20/02/2014 *	825,000,000.00	THE FEDERAL BANK LIMITED	101-105, KASTURI PLAZA COMPLEX-A, MANPADA ROAD, DOMBIVALI (EAST), MUMBAI, MAHARASHTRA - 421201, INDIA	C11656899
7	90162153	11/04/1988	700,000.00	CANARA BANK	FORT, BOMBAY, MAHARASHTRA - 400032, INDIA	-
8	90161971	18/08/1986	600,000.00	CANARA BANK	FORT MARKET, BOMBAY, MAHARASHTRA - 400038, INDIA	-
9	90161940	07/04/1986	600,000.00	CANARA BANK	FORT MARKET FRERE ROAD, BOMBAY, MAHARASHTRA - 400038, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
a. Estimated amount of contract remaining to be executed on capital account and not provided for.	NA	33.756
b. Bank Guarantees issued to Excise Department.	NA	1.431
Bank Guarantees issued to Sales Tax Department	NA	40.000
c. Disputed Income Tax Demand	NA	Nil
d. Corporate Guarantee given to Bank for loan taken by Subsidiary	NA	400.052

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Office Equipments

· Computers

Intangible Assets

· Goodwill

· Software

· Brand

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.63.66
UK Pound	1	Rs.100.50
Euro	1	Rs.71.31

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	SMN

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		50

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.