MIRA INFORM REPORT

Report No. :	329393
Report Date :	29.06.2015

IDENTIFICATION DETAILS

Name :	MAHALAXMI TMT PRIVATE LIMITED (w.e.f. 13.01.2009)
Formerly Known As :	MAHALAXMI INGOTS PRIVATE LIMITED
Registered Office :	B/306-309, Dynasty Business Park, J.B. Nagar, Andheri-Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra
Tel. No.:	91-22-61115200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.08.2004
Com. Reg. No.:	11-147918
Capital Investment / Paid-up Capital :	Rs.248.681 million
CIN No.: [Company Identification No.]	U27100MH2004PTC147918
IEC No.:	5009001225
TAN No.: [Tax Deduction & Collection Account No.]	NSKM05379D
PAN No.: [Permanent Account No.]	AAECM8393D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is principally engaged in the manufacture of Steel Billets, Sponge Iron and TMT Bars.
No. of Employees :	1600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred consecutive losses. Further, external borrowings are huge which seems to be increasing. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some caution.

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	Long term Bank Facilities=B
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	November 21, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities=A4
Rating Explanation	Minimal degree of safety and carry very high credit risk.
Date	November 21, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Yogesh Ramnivas Mandhani
Designation :	Director
Contact No.:	91-9822060827
Date :	27.06.2015

LOCATIONS

Registered Office/ Corporate Office/ Marketing Office :	B/306-309, Dynasty Business Park, J.B. Nagar, Andheri-Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel No:	91-22-61115222/ 61115200/ 228/ 299/ 28227861-64
Mobile No.:	91-9822060827 (Mr. Yogesh Ramnivas Mandhani)
Fax No:	91-22-28227865
E-Mail :	mtplaccount@gmail.com info@sangamsteel.in finance@sangamsteel.in mk.palaria@mahalaxmisteel.com mandhani.yogesh@mahalaxmisteel.com legal.secretarial2013@gmail.com
Website :	http://www.mahalaxmisteel.com
Location :	Owned
Locality :	Commercial
Factory :	Plot No.C-2, MIDC, Deoli Growth Centre, Deoli, District Wardha – 442 101, Maharashtra, India
Tel. No.:	91-7152-254044
Fax No.:	91-7152-287854
E-Mail :	mahalaxmiwardha@gmail.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ram Pal Soni

Designation :

Director

Address :

01, Main Sector, Shastri Nagar, Bhilwara – 311 001, Rajasthan, India

Date of Birth/Age :

26.01.1946

Qualification :

B. Sc. Diploma in Civil Engineering

Date of Appointment :

30.09.2010

DIN No:

00401439

PAN No.:

ACEPS7628E

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	L17118RJ1984PLC003173	SANGAM (INDIA) LIMITED	Director	01/10/2006	31/12/1984	-	Active	NO
2	U74899DL1994PTC063903	SANGAM HORTICULTURE PRIVATE LIMITED	Director	02/01/1995	02/01/1995	-	Active	NO
3	U67120MH1995PLC086813	SANGAM CAPITAL SERVICES LIMITED	Director	25/03/1995	25/03/1995	-	Active	NO
4	U64202RJ2000PLC016420	SANGAMINFOTECH.COM LIMITED	Director	12/05/2000	12/05/2000	-	Active	NO
5	U64202RJ2000PLC016419	SANGAM E-COM LIMITED	Director	12/05/2000	12/05/2000	-	Active	NO
6	U14101RJ2000PTC016160	HARI OM MARMO GRANI PRIVATE LIMITED	Director	02/09/2002	02/09/2002	01/02/2011	Active	NO
7	U74899DL1994PTC063935	BHILWARA ESTATES PRIVATE LIMITED	Director	24/12/2014	14/09/2002	-	Active	NO
8	U92100RJ2001PTC016868	SHRI NAVCHITRA DISTRIBUTORS (MULTIPLEX) PRIVATE LIMITED	Director	04/10/2004	04/10/2004	-	Active	NO
9	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	29/06/2005	29/06/2005	30/09/2011	Active	NO
10	U40101RJ2006PLC023015	SANGAM ENERGY LIMITED	Director	25/09/2006	25/09/2006	-	Strike off	NO
11	U45201RJ2006PLC023194	SANGAM INFRATECH LIMITED	Director	09/10/2006	09/10/2006	-	Active	NO
12	U45203MP2006PLC019151	KETI SANGAM INFRASTRUCTURE (INDIA) LIMITED	Director	21/12/2006	21/12/2006	-	Active	NO
13	U18101RJ2008NPL026261	RAJASTHAN TEXTILE INDUSTRY ASSOCIATION	Director	01/04/2008	01/04/2008	-	Under Process of Striking off	NO
14	U45200MH2008PTC182041	PKSS INFRASTRUCTURE PRIVATE LIMITED	Director	09/05/2008	09/05/2008	-	Active	NO
15	U45202MH2008PLC187333	KALYAN SANGAM INFRATECH LIMITED	Director	07/10/2008	07/10/2008	-	Active	NO
16	U70102MH2009PTC197744	SANGAM SAI ANANYA DEVELOPERS PRIVATE LIMITED	Director	09/12/2009	09/12/2009	-	Active	NO
17	U27100MH2004PTC147918	MAHALAXMI TMT PRIVATE LIMITED	Director	30/09/2010	18/03/2010	-	Active	NO
18	U74899DL1993PTC056085	REBECCA EXPO INVESTMENT CO. PRIVATE LIMITED	Director	27/12/2010	27/12/2010	17/12/2014	Active	NO
19	U51900MH1985PLC035609	SAPATRISHI COMMERCIAL COMPANY LIMITED	Director	21/05/2014	21/05/2014	-	Active	NO

Name :

Mr. Yogesh Ramnivas Mandhani

Designation :

Director

Address :

H. No.1-28-4118-3, Ramnivas, Karwa Nagar, Jalna – 431 203, Maharashtra, India

Date of Birth/Age :

06.12.1976

Qualification :

BE in Chemical Engineering

Date of Appointment :

22.08.2009

DIN No:

01691583

PAN No.:

ABFPM2361N

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	U24219MH1995PTC087966	SANTOSH HYBRID SEEDS COMPANY PRIVATE LIMITED	Director	01/05/2000	01/05/2000	21/02/2013	Active	NO
2	U24120MH1991PTC059782	VARAD FERTILISERS P LTD	Director	28/05/2001	28/05/2001	31/03/2013	Active	NO
3	U24219MH1995PTC087734	RAJLAXMI AGROTECH INDIA PRIVATE LIMITED	Director	02/05/2005	02/05/2005	08/03/2008	Active	NO
4	U24111MH1995PLC091000	RADHAGOVIND FERTILISERS AND CHEMICALS LIMITED	Director	02/05/2005	02/05/2005	08/03/2008	Active	NO
5	U24233MH2005PTC154448	VISION BIO-SCIENCE PRIVATE LIMITED	Director	04/07/2005	04/07/2005	-	Active	NO
6	U17111MH2007PTC172496	NCC SANTOSH FIBERS PRIVATE LIMITED	Additional director	01/08/2007	01/08/2007	09/06/2011	Active	NO
7	U45200MH2008PTC180925	MRM INFRASTRUTURES PRIVATE LIMITED	Director	08/04/2008	08/04/2008	-	Active	NO
8	U27100MH2004PTC147918	MAHALAXMI TMT PRIVATE LIMITED	Director	22/08/2009	26/05/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Kumar Palaria
Designation :	Secretary
Address :	House No.62, Snehal Nagar, Sevgram Road, PO Mahila Ashram, Wardha – 443 201, Maharashtra, India
Date of Birth/Age :	26.05.1974
Date of Appointment :	30.03.2011
PAN No.:	AJVPP8366Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Sanjay Ramkishan Mantri	5000
Ramkishan Nanakram Mantri	5000
Dhanlaxmi Re-rolling Mill, India	900000
Swift Ventures Private Limited, India	3448083
Sangam Infratech Limited, India	12221883
Suchitra Finance and Trading Company Limited, India	2214285
Sukaniya Properties Private Limited, India	1499404
Seawood Hospitality and Realty Private Limited, India	2097023
Intime Realty Private Limited, India	707142
Sangam Business Credit Limited, India	4978642
Sapatrishi Commercial Company Limited, India	298809
Total	28375271

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.97
Directors or relatives of directors	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is principally engaged in the manufacture of Steel Billets, Sponge Iron and TMT Bars.

Products :

Item Code No. (ITC Code)	Product Description
72071920	Billets
72044900	Scrape

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Products :

• Raw Materials

Countries :

• China
• Dubai
• Arabian Countries
• South Africa
• Europe
• UK

Terms :

Selling :

Cash and Credit (30/ 60/ 90 days)

Purchasing :

Cash and Credit (30/ 60/ 90 days)

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 :

End Users and OEM’s

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 :

1600 (Approximately)

Bankers :

Banker Name	Union Bank of India (Acting as Lead Bank and Agent on behalf of other lenders)
Branch Address	First Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-22024742 (only ringing)
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

· State Bank of Bikaner and Jaipur, 2^nd Floor, Tambi Towers, S.C. Road, Jaipur – 302 001, Rajasthan, India

· State Bank of Hyderabad

· IDBI Bank Limited

· Punjab National Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks 1. All terms loans are secured by First Pari Passu Charge on all Fixed Assets and Second Pari Passu Charge of all current assets and 2. Vehicle loans from banks are secured by Hypothecation of respective vehicle	4702.416	3687.041
SHORT TERM BORROWINGS
Working capital loans from banks (Working capital loans are secured by First Pari pasu charge on all current assets and second pari pasu chare on all fixed assets)	1640.881	2034.104
Total	6343.297	5721.145

Banking Relations :	--
Auditors :
Name :	R.N. Bhutra and Company Chartered Accountants
Address :	608-609, Chambers, Opposite Hotel Karan Palace, Sonawala Road, Goregaon (East), Mumbai – 400 063, Maharashtra, India
PAN No.:	AJUPB5639F
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Sangam Infratech Limited, India (CIN No.: U45201RJ2006PLC023194)
Associates/ Enterprises/ Joint Ventures over which Key Management Personnel have Significant Influences :	Swift Venture Private Limited, India (CIN No.: U65923MH2007PTC176282) Sangam Business Credit Limited, India (CIN No.: U65990MH1991PLC063821) Sangam (India) Limited, India (CIN No.: L17118RJ1984PLC003173) Kalyan Sangam Infratech Limited, India (CIN No.: U45202MH2008PLC187333)

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs.370.000 million

Issued, Subscribed & Paid-up Capital : Rs.359.895 million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28375271	Equity Shares	Rs.10/- each	Rs.283.753 million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24868129	Equity Shares	Rs.10/- each	Rs.248.681 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	248.681	165.100	125.100
(b) Reserves & Surplus	458.511	544.246	1030.936
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	64.800	351.042	364.969
Total Shareholders’ Funds (1) + (2)	771.992	1060.388	1521.005
(3) Non-Current Liabilities
(a) Long-term borrowings	4711.116	3758.841	2960.690
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4711.116	3758.841	2960.690
(4) Current Liabilities
(a) Short term borrowings	1640.881	2034.104	481.341
(b) Trade payables	2521.979	1691.212	1753.180
(c) Other current liabilities	419.267	199.498	794.786
(d) Short-term provisions	91.294	12.919	11.542
Total Current Liabilities (4)	4673.421	3937.733	3040.849
TOTAL	10156.529	8756.962	7522.544
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4177.132	4306.797	4241.652
(ii) Intangible Assets	0.016	0.031	0.046
(iii) Capital work-in-progress	109.425	107.462	74.125
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	43.218	43.218	43.218
(c) Deferred tax assets (net)	579.778	421.837	44.677
(d) Long-term Loan and Advances	0.836	0.813	0.846
(e) Other Non-current assets	10.937	10.937	10.937
Total Non-Current Assets	4921.342	4891.095	4415.501
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1080.993	752.499	909.622
(c) Trade receivables	2458.819	1442.316	577.805
(d) Cash and cash equivalents	227.885	202.593	281.858
(e) Short-term loans and advances	188.264	204.325	1166.417
(f) Other current assets	1279.226	1264.134	171.341
Total Current Assets	5235.187	3865.867	3107.043
TOTAL	10156.529	8756.962	7522.544

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	12486.920	9389.209	6848.300
		Other Income	820.582	443.732	379.300
		TOTAL	13307.502	9832.941	7227.600
Less	EXPENSES
		TOTAL	13818.637 (Including interest and depreciation)	10200.190	7162.800
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			(367.249)	64.800
Less	INTEREST			629.900	186.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			(997.149)	(121.400)
Less/ Add	DEPRECIATION/ AMORTISATION			226.700	74.700
	PROFIT/ (LOSS) BEFORE TAX		(511.135)	(1223.849)	(196.100)
Less	TAX		(157.941)	(377.160)	(62.900)
	PROFIT/ (LOSS) AFTER TAX		(353.194)	(846.689)	(133.200)
	Earnings / (Loss) Per Share (Rs.)		(17.55)	(54.54)	NA

Particulars	31.03.2015
Sales Turnover (Approximately)	15000.000

Expected Sales (2015-2016): Rs.20000.000 million

The above information has been parted by Mr. Yogesh Ramnivas Mandhani (Director).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	160.430	2.616	548.455
Net cash flows from (used in) operations	(139.802)	(409.095)	814.530

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(2.83)	(9.02)	(1.95)
Operating Profit Margin (PBIDT/Sales)	(%)	NA	(3.91)	0.95
Return on Total Assets (PBT/Total Assets}	(%)	(5.42)	(14.95)	(2.66)
Return on Investment (ROI) (PBT/Networth)		(0.66)	(1.15)	(0.13)
Debt Equity Ratio (Total Debt /Networth)		8.44	5.47	2.62
Current Ratio (Current Asset/Current Liability)		1.12	0.98	1.02

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	125.100	165.100	248.681
Reserves & Surplus	1030.936	544.246	458.511
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	364.969	351.042	64.800
Net worth	1521.005	1060.388	771.992
Long-term borrowings	2960.690	3758.841	4711.116
Short term borrowings	481.341	2034.104	1640.881
Current maturities of long-term debts	548.455	2.616	160.430
Total borrowings	3990.486	5795.561	6512.427
Debt/Equity ratio	2.624	5.466	8.436

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)
Revenue from operations	6848.300	9389.209	12486.920
		37.103	32.992

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	6848.300	9389.209	12486.920
Profit/ (Loss)	(133.200)	(846.689)	(353.194)
	(1.95%)	(9.02%)	(2.83%)

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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

OPERATION AND SALES:

During the year, the Company produced 551117.18 MT Steel in compare to production of 477991.57 MT Steel of last year comprising production of 225080.70 tons of Billets, 304365.31 MT of TMT Bars, 6785.60 MT of Miss Roll and 14885.57 MT of sponge iron. The company has achieved turnover of Rs.12486.900 million as against Rs.9389.200 million of previous year, showing growth of 33%. The company ended up with the Net losses of Rs.353.200 million in compare with the losses of Rs.846.700 million of last year, showing improvement of 58.28%.

FINANCE: PROJECT - ON GOING AND BALANCING EQUIPMENT

During the year, the company has proposed to change in scope of capex (phase III) primarily as under:

1. Balance 6 kilns not to be installed due to Sponge iron plants shifted to pelletisation as lower conversion costs, Using Gassifier in Rotary Kiln - Coal consumption reduced, Cost of imported Silicon Sagger in Static Kiln increased significantly. MTPL experimented with domestic saggers but failed, Quality of both technology products remains the same due to better gas based reaction in gassifier based reduction technology of rotary kiln technology and Sagger based technology of static Kiln.

2. Brick plant not to be installed.

3. Instead of 3rd unit of SMS comprised one furnace of 40 MT to be installed for matching the in-house production using same concast, laddel crane and other utilities, saving In Utility, operational cost, Manpower cost and administration cost, saving in Electrical infrastructure of 132 KV Substation cost as existing set up can easily accommodate increased load of 14 MVA and increase in capacity of direct charging of billet through induction heater reducing the rolling mill conversion cost of the entire billet which is rolled.

4. Hot billet charging unit to be set up to reduce the burning loss in rolling mill and saving in energy cost.

Now, the total cost of phase III project is Rs.1325.000 million. Out of that 425.000 million already invested in implementation of 3rd Phase. By changing in scope of balance capex under phase-III from the cost of project reduced from Rs.900.000 million to Rs.650.000 million will bring down the additional Term loan component required from Rs.650.000 million to Rs.400.000 million i.e. a direct reduction of Rs.250.000 million.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from others (Unsecured Term Loan taken from a Company in an earlier year)	8.700	71.800
Total	8.700	71.800

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10387912	25/10/2012	500,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, UNION BANK BHAWAN, 239, VIDHAN BHAWAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B62532379
2	10307892	27/08/2011	2,990,000,000.00	STATE BANK OF BIKANER AND JAIPUR	IIND FLOOR, TAMBI TOWERS, S.C. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA	B21313390
3	10297871	25/06/2011	1,260,000,000.00	STATE BANK OF BIKANER AND JAIPUR	IIND FLOOR, TAMBI TOWERS, S.C. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA	B17093030
4	10237089	22/08/2013 *	8,561,700,000.00	UNION BANK OF INDIA (ACTING AS LEAD BANK AND AGENT ON BEHALF OF OTHER LENDERS)	FIRST FLOOR, UNION BANK BHAVAN,, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B85440543
5	10213016	15/04/2010	2,520,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA	A83450270
6	10183347	01/10/2009 *	800,000,000.00	UNION BANK OF INDIA (ACING AS LEAD BANK)	IFB, 1ST FLOOR, UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A73304701

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
a. The Company has given following Bank guarantee during the year
In Favour of:
Maharashtra State Electricity Distribution Company Limited	12.390	96.743
Maharashtra Pollution Control Board	0.500	0.700
Wardha Power Company Limited	50.000	0.000

b. The Company had received demand notice of Rs.171.100 million during the previous year from the Additional Comm. of Income Tax for the Assessment year 2010-11 which is subjudice in appeal and deposited Rs.5.000 million as advance tax during the current year against the same.

c. The Company has opened Letter of Credit of Rs.60.100 million during the year (Previous Year Rs. Nil) against which material was not received till 31^st March 2014, which is outstanding as on that date.

d. The Department of Sales Tax has completed the assessment of VAT Refund for FY 2009-10 and issued the refund of Rs.7.585 million (excluding interest on refund) against the VAT Claim of Rs.29.323 million and for balance amount the Company has filed appeal.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

Intangible Assets

· Brands and Trade Marks

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.63.60
UK Pound	1	Rs.100.09
Euro	1	Rs.71.23

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.