MIRA INFORM REPORT

Report No. :	310543
Report Date :	14.03.2015

IDENTIFICATION DETAILS

Name :	SAURASHTRA FUELS PRIVATE LIMITED

Registered Office :	C- 93, 9th Floor Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	06.12.1993

Com. Reg. No.:	11-075455

Capital Investment / Paid-up Capital :	Rs.49.501 Million

CIN No.: [Company Identification No.]	U23200MH1993PTC075455

TAN No.: [Tax Deduction & Collection Account No.]	MUMS18257B

PAN No.: [Permanent Account No.]	AAACS7271G

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Low Ash Metallurgical Coke (LAM Coke).

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1200000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There seems continuous dip in its turnover of the company and highly leveraged capital structure during FY 14. The rating also take into consideration, the listing of subject under the preview of corporate debt restructuring package. However, trade relations seem to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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	Long term loans : B+
Rating Explanation	Have high risk of default.
Date	September 2014

Rating Agency Name	ICRA
Rating	Short term loans: A4
Rating Explanation	Have minimal degree of safety and carry very high 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 31-03-2014.

LOCATIONS

Registered Office :	C- 93, 9th Floor Mittal Tower, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66550621 / 40467500
Fax No.:	91-22-66550623
E-Mail :	vikassawant@saurashtracorp.com mumbai@saurashtracorp.com info@saurashtracorp.com
Website:	www.saurashtracorp.com
Location:	Owned

Porbandar Office :	4th Floor, Shree Chambers, Opposite M.E.M. School, Near Kamla Nehru Baug, Porbander-360575, Gujarat, India
Tel. No.:	91-286-2243586
Fax No.:	91-286-2240908

Ahmedabad Office :	202, Sarthik – II, Opposite Rajpath Club, S.G. Highway, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-40227500
Fax No.:	91-79-40034142
E-Mail :	riteshoza@saurashtracorp.com

Mundra Office :	Maha Shakti Coke, 2nd Floor, Saurashtra CFS, Admin Building, Bharat CFS Zone-1 MP and SEZ Limited Road, Mundra-370421 (District Kutch), Gujarat, India
Tel. No.:	91-2838-222525
Fax No.:	91-2838-224141

Factory 1 :	Village Lakhapur and Baraya, Mundra, Kutch – 370421, Gujarat, India

Factory 2 :	Village Bhod, Ranavav, Porbandar – 360575, Gujarat, India

DIRECTORS

As on 19.08.2014

Name :

Mr. Dipak Agarwalla

Designation :

Director

Address :

13/14, 13^th Floor, Buckley Court, Wodehouse Road, Colaba, Mumbai- 400005, Maharashtra, India

Date of Appointment :

06.12.1993

PAN No.:

ADDPA3497R

DIN No.:

00267085

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	U74140WB1957PLC023533	B P AGARWALLA & SONS LTD	Director	02-01-1976	02-01-1976	23-11-2007	Active	NO
2	U14101RJ1985PLC003396	MEWAR MARBLES LIMITED	Director	04-09-1985	04-09-1985	30-09-2010	Active	NO
3	U23200MH1993PTC075455	SAURASHTRA FUELS P LTD	Director	06-12-1993	06-12-1993	-	Active	NO
4	U10101WB1918PLC000660	BENGAL NAGPUR COAL CO LTD	Director	06-07-1999	06-07-1999	23-11-2007	Active	NO
5	U45500WB1962PTC025513	MINING MACHINERY & EXPLOSIVE PVT LTD	Director	19-08-2002	19-08-2002	23-11-2007	Strike off	NO
6	U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	06-12-2004	06-12-2004	-	Active	NO
7	U35110MH2004PTC150100	DKS SHIPPING PRIVATE LIMITED	Director	20-12-2004	20-12-2004	25-11-2013	Active	NO
8	U45400MH2005PTC150685	SAURASHTRA INFRA AND POWER PRIVATE LIMITED	Director	17-01-2005	17-01-2005	-	Active	NO
9	U27100GJ2005PTC079361	SAURASHTRA FERROUS PRIVATE LIMITED	Director	26-04-2005	26-04-2005	26-03-2014	Active	NO
10	U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	04-04-2008	04-04-2008	30-03-2011	Active	NO
11	U23100MH2004PTC225007	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Additional director	31-05-2008	31-05-2008	-	Amalgamated	NO
12	U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Additional director	31-05-2008	31-05-2008	-	Amalgamated	NO
13	U10102MH2002PTC225006	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31-03-2009	31-03-2009	-	Amalgamated	NO
14	U10102MH2004PTC225005	HINDUSTAN FUELS PRIVATE LIMITED	Director	31-03-2009	31-03-2009	-	Amalgamated	NO
15	U67120MH2001PTC132404	DIVYAJYOTI HOLDINGS PRIVATE LIMITED	Director	22-12-2010	22-12-2010	-	Active	NO

Name :

Mr. Kunda Singh

Designation :

Director

Date of Appointment :

01.07.1995

PAN No.:

AAAPK0712C

DIN No.:

00971459

Name :

Mr. Raghav Dipak Agarwalla

Designation :

Director

Date of Appointment :

01.11.2010

PAN No.:

AHBPA8174F

DIN No.:

01085318

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	U70101MH2004PTC149327	SWAPNALOK PROPERTIES PRIVATE LIMITED	Director	22-12-2005	22-12-2005	-	Active	NO
2	U27100GJ2005PTC079361	SAURASHTRA FERROUS PRIVATE LIMITED	Director	01-12-2006	01-12-2006	26-03-2014	Active	NO
3	U45400MH2005PTC150685	SAURASHTRA INFRA AND POWER PRIVATE LIMITED	Director	01-09-2008	01-09-2008	-	Active	NO
4	U10102MH2002PTC225006	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31-03-2009	31-03-2009	-	Amalgamated	NO
5	U10102MH2004PTC225005	HINDUSTAN FUELS PRIVATE LIMITED	Director	31-03-2009	31-03-2009	-	Amalgamated	NO
6	U23100MH2004PTC225007	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Director	01-04-2009	01-04-2009	-	Amalgamated	NO
7	U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	01-04-2009	01-04-2009	-	Active	NO
8	U74140WB1993PTC057705	NISHANT MANAGEMENT PVT.LTD.	Director	23-11-2009	23-11-2009	-	Active	NO
9	U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Director	17-03-2010	17-03-2010	-	Amalgamated	NO
10	U67120MH2001PTC132404	DIVYAJYOTI HOLDINGS PRIVATE LIMITED	Director	15-05-2010	15-05-2010	-	Active	NO
11	U23200MH1993PTC075455	SAURASHTRA FUELS P LTD	Director	01-11-2010	01-11-2010	-	Active	NO
12	U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	22-12-2010	22-12-2010	-	Active	NO

Name :

Mr. Surendra Kumar Sinha

Designation :

Director

Address :

Brahma House, Dhirendra Puram, Dhaiya, P. O. - ISM, Dhanbad, Jharkhand – 826004, India

Date of Appointment :

04.04.2008

PAN No.:

AHFPS8855D

DIN No.:

01511505

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	U91110JH1935GAP000071	INDUSTRIES AND COMMERCE ASSOCIATION	Director	29-03-1980	29-03-1980	-	Active	NO
2	U23109WB1989PTC046970	B.D.S.COKE INDUSTRIES PRIVATE LIMITED	Director	30-05-1989	30-05-1989	-	Active	NO
3	U27310WB1972PTC028422	NARANG IRON & STEEL CO PVT LTD	Director	02-06-1995	02-06-1995	-	Active	NO
4	U22219WB1984PTC037419	AWAZ PRAKASHAN PVT LTD	Director	05-05-2000	05-05-2000	-	Active	NO
5	U23200MH1993PTC075455	SAURASHTRA FUELS P LTD	Director	06-12-2003	06-12-2003	-	Active	NO
6	U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	06-12-2004	06-12-2004	-	Active	NO
7	U35110MH2004PTC150100	DKS SHIPPING PRIVATE LIMITED	Director	12-01-2005	12-01-2005	25-11-2013	Active	NO
8	U23109WB2005PTC102402	RAJGANJ COKE PRODUCTS PRIVATE LIMITED	Director	22-03-2005	22-03-2005	-	Active	NO
9	U27100GJ2005PTC079361	SAURASHTRA FERROUS PRIVATE LIMITED	Director	16-05-2005	16-05-2005	26-03-2014	Active	NO
10	U45400MH2005PTC150685	SAURASHTRA INFRA AND POWER PRIVATE LIMITED	Director	16-05-2005	16-05-2005	-	Active	NO
11	U26931WB2005PTC105941	SHREEGANGA BRICKS PRIVATE LIMITED	Director	19-10-2005	19-10-2005	-	Active	NO
12	U23109WB2005PTC102302	BRAHMDEO SINHA & CO (HARD COKE) PRIVATE LIMITED	Director	10-05-2007	10-05-2007	-	Active	NO
13	U26959WB2005PTC102339	BRAHMA REFRACTORIES PRIVATE LIMITED	Director	01-04-2008	01-04-2008	-	Active	NO
14	U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	04-04-2008	04-04-2008	30-03-2011	Active	NO
15	U23100MH2004PTC225007	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Additional director	31-05-2008	31-05-2008	-	Amalgamated	NO
16	U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Additional director	31-05-2008	31-05-2008	-	Amalgamated	NO
17	U10102MH2002PTC225006	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31-03-2009	31-03-2009	-	Amalgamated	NO
18	U10102MH2004PTC225005	HINDUSTAN FUELS PRIVATE LIMITED	Director	31-03-2009	31-03-2009	-	Amalgamated	NO

Name :

Mr. Navin Kumar Sinha

Designation :

Director

Address :

Brahma House, Dhirendra Puram, Dhaiya, P.O – ISM, Dhanbad, Jharkhand-826004, India

Date of Birth/Age :

22.05.1979

Date of Appointment :

22.12.2010

PAN No.:

AIEPS3226L

DIN No.:

01593775

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	U23109WB1989PTC046970	B.D.S.COKE INDUSTRIES PRIVATE LIMITED	Director	17-04-2003	17-04-2003	-	Active	NO
2	U35110MH2004PTC150100	DKS SHIPPING PRIVATE LIMITED	Director	12-01-2005	12-01-2005	25-11-2013	Active	NO
3	U23109WB2005PTC102402	RAJGANJ COKE PRODUCTS PRIVATE LIMITED	Director	22-03-2005	22-03-2005	-	Active	NO
4	U27100GJ2005PTC079361	SAURASHTRA FERROUS PRIVATE LIMITED	Director	01-12-2006	01-12-2006	26-03-2014	Active	NO
5	U23109WB2005PTC102302	BRAHMDEO SINHA & CO (HARD COKE) PRIVATE LIMITED	Director	10-05-2007	10-05-2007	-	Active	NO
6	U26959WB2005PTC102339	BRAHMA REFRACTORIES PRIVATE LIMITED	Director	01-04-2008	01-04-2008	-	Active	NO
7	U10102MH2002PTC225006	KUTCH COAL CARBONISATION PRIVATE LIMITED	Director	31-03-2009	31-03-2009	-	Amalgamated	NO
8	U10102MH2004PTC225005	HINDUSTAN FUELS PRIVATE LIMITED	Director	31-03-2009	31-03-2009	-	Amalgamated	NO
9	U23100MH2004PTC225007	CLASSIC ENERGY (INDIA) PRIVATE LIMITED	Director	01-04-2009	01-04-2009	-	Amalgamated	NO
10	U74140WB1993PTC057705	NISHANT MANAGEMENT PVT.LTD.	Director	23-11-2009	23-11-2009	-	Active	NO
11	U40100MH2004PTC149461	KANDLA POWER PRIVATE LIMITED	Director	17-03-2010	17-03-2010	-	Amalgamated	NO
12	U45400MH2005PTC150685	SAURASHTRA INFRA AND POWER PRIVATE LIMITED	Director	22-12-2010	22-12-2010	01-04-2012	Active	NO
13	U40102MH2008PTC180833	SAURASHTRA POWER PRIVATE LIMITED	Director	22-12-2010	22-12-2010	-	Active	NO
14	U23200MH1993PTC075455	SAURASHTRA FUELS P LTD	Director	22-12-2010	22-12-2010	-	Active	NO
15	U23100MH2004PTC149820	SAURASHTRA EXIM PRIVATE LIMITED C/N	Director	22-12-2010	22-12-2010	-	Active	NO
16	U22219WB1984PTC037419	AWAZ PRAKASHAN PVT LTD	Director	17-11-2014	17-11-2014	-	Active	NO
17	U67120MH2001PTC132403	MOLSHREE TRADE INVEST PRIVATE LIMITED	Director	17-11-2014	17-11-2014	-	Active	NO

Name :

Mr. Rajesh Manharlal Desai

Designation :

Director

Date of Appointment :

15.09.2008

DIN No.:

01719358

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	U99999MH1990PTC058911	BRIGHTSTAR EXPORTS PRIVATE LIMITED	Director	08-11-1990	08-11-1990	07-09-2009	Active	NO
2	U65990MH1994PTC077965	CALCICOLE INVESTMENTS P.LTD.	Director	25-04-1994	25-04-1994	-	Active	NO
3	U51900MH1994PTC082375	CATERINA OVERSEAS PRIVATE LIMITED	Director	25-10-1994	25-10-1994	-	Strike off	NO
4	U67120MH1995PTC085043	SHREE NAMAN SECURITIES & FINANCE PRIVATE LIMITED	Director	12-06-1998	12-06-1998	-	Active	NO
5	U67120MH1998PTC117082	SHREE NAMAN COMMTRADE INDIA PRIVATE LIMITED	Director	11-11-1998	11-11-1998	-	Active	NO
6	U45200MH2005PTC156701	EKNATH PROPERTIES PRIVATE LIMITED	Director	01-04-2006	01-04-2006	-	Active	NO
7	U65990MH2000PTC127181	J P R INVESTMENTS AND TRADING PRIVATE LIMITED	Director	01-09-2006	01-09-2006	-	Active	NO
8	U23200MH1993PTC075455	SAURASHTRA FUELS P LTD	Director	15-09-2008	15-09-2008	-	Active	NO
9	U55204MH2007PTC175253	PILGRIMAGE HOTELS PRIVATE LIMITED	Director	29-09-2010	02-08-2010	-	Active	NO
10	U55101MH2009PTC189351	CHECK-INN HOTELS PRIVATE LIMITED	Director	29-09-2010	02-08-2010	-	Active	NO
11	U67190MH2011PTC214102	SHREE NAMAN WEALTH MANAGEMENT PRIVATE LIMITED	Director	26-02-2011	26-02-2011	-	Active	NO
12	U45400MH2012PTC228777	ILLUMINATI BUILDING SOLUTIONS PRIVATE LIMITED	Director	27-03-2012	27-03-2012	-	Active	NO
13	U55101MH2009PTC191015	GO-GO FOODS PRIVATE LIMITED	Director	13-05-2013	13-05-2013	-	Active	NO
14	U74120MH2014PTC256783	ILLUMINATI TECH PRIVATE LIMITED	Director	31-07-2014	31-07-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.08.2014

Names of Shareholders		No. of Shares
Dipak Agarwalla		181750
Surendra Kumar Sinha		1624890
Dipak Agarwalla- HUF		72800
Vibha Agarwalla		78800
Kirti G. Saparia		10
Surendra Kumar Sinha-HUF		33550
Navin Kumar Sinha		150000
Molshree Trade Invest Private Limited, India		166600
Divyajyoti Holdings Private Limited, India		166600
Ozone Global Limited, U.A.E.		1475100
Nishant Management Private Limited, India		1000000
Total		4950100

Equity Share Break up (Percentage of Total Equity)

As on 19.08.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	29.80
Bodies corporate	26.93
Directors or relatives of Directors	41.12
Other	2.15
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Low Ash Metallurgical Coke (LAM Coke).

Products :	Low Ash Metallurgical Coke (LAM Coke).

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 :

Not Divulged

Bankers :

State Bank of India, Commercial Branch, 3rd Paramsiddhi Complex, Ellisbridge, Ahmedabad - 380006, Gujarat, India
Commercial Branch, 3rd Floor, Paramsiddhi Complex, Opposite. V.S. Hospital, Ellisbridge, Ahmedabad - 380006, Gujarat, India
ING Vysya Bank Limited, P.B.No.4038 Chanakya Building, Near Dinesh Hall off Ashram Road, Ahmedabad - 380009, Gujarat, India
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India
ICICI Bank Limited, Land mark race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	544.153	857.878
Term loans from others	0.495	0.373
Loans taken for vehicles	0.319	0.576
Short-term borrowings
Working capital loans from banks	437.836	102.686
Total	982.803	961.513

Auditors :
Name :	Pravin Kumar and Associates Chartered Accountants
Address :	33/ 2^nd Floor, 160, Dr. D.N. Road, Mumbai – 400001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABPA5760C

Memberships :	Not Divulged

Collaborators :	Not Divulged

Subsidiary Company :	Saurashtra Ferrous Private Limited CIN No.: U27100MH2005PTC152830 Kutch Coal Carbonisation Private Limited CIN No.:U10102MH2002PTC225006 Kandla Power Private Limited CIN No.:U40100MH2004PTC149461 Hindustan Fuels Private Limited CIN No.:U10102MH2004PTC225005 Classic Energy (India) Private Limited CIN No.:U23100MH2004PTC225007

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	DKS Shipping Private Limited CIN No.:U35110MH2004PTC150100 Saurashtra Exim Private Limited CIN No.:U23100MH2004PTC149820 Brahma Refractories Private Limited CIN No.:U26959WB2005PTC102339 Magnum Shipping Services Saurashtra Containers Private Limited CIN No.:U63090MH2005PTC150685 Brahmdeo Sinha and Co (Hard Coke) Private Limited CIN No.:U23109WB2005PTC102302

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

15750000	Equity Shares	Rs.10/- each	Rs.157.500 Million
1250000	Preference Shares	Rs.100/- each	Rs.125.000 Million
	Total		Rs.282.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4950100	Equity Shares	Rs.10/- each	Rs.49.501 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	49.501	49.501	49.501
(b) Reserves & Surplus	340.256	249.553	329.057
(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)	389.757	299.054	378.558

(3) Non-Current Liabilities
(a) long-term borrowings	1613.876	1848.839	1940.530
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	32.580	152.610
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1613.876	1881.419	2093.140

(4) Current Liabilities
(a) Short term borrowings	437.836	102.686	482.491
(b) Trade payables	1511.402	928.944	2484.062
(c) Other current liabilities	201.379	313.434	299.746
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	2150.617	1345.064	3266.299

TOTAL	4154.250	3525.537	5737.997

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	713.174	827.860	837.421
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	232.548	83.204	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	99.800	99.800	290.408
(c) Deferred tax assets (net)	54.843	99.575	69.270
(d) Long-term Loan and Advances	81.553	87.398	78.951
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1181.918	1197.837	1276.050

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1810.259	1137.481	3168.686
(c) Trade receivables	637.138	622.711	633.616
(d) Cash and cash equivalents	102.165	132.885	139.849
(e) Short-term loans and advances	422.770	434.623	519.796
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2972.332	2327.700	4461.947

TOTAL	4154.250	3525.537	5737.997

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	6281.958	10089.025	14711.193

Less	TOTAL EXPENSES	5799.911	9729.862	14308.966

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	482.047	359.163	402.227

Less	FINANCIAL EXPENSES	227.318	315.987	299.773

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	254.729	43.176	102.454

Less/ Add	DEPRECIATION/ AMORTISATION	117.651	140.580	144.636

	PROFIT/ (LOSS) BEFORE TAX	137.078	(97.404)	(42.182)

Less	TAX	46.376	(26.776)	238.071

	PROFIT/ (LOSS) AFTER TAX	90.702	(70.628)	(280.253)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	209.553	280.182	569.310

	Balance Carried to the B/S	300.255	209.554	289.057

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		2215.418	5726.597
	Other Earnings		44.686	39.925
	TOTAL EARNINGS	536.811	2260.104	5766.522

	IMPORTS
	Raw Materials	0.000	5510.922	12370.821
	Traded Goods	0.000	175.985	507.745
	TOTAL IMPORTS	0.000	5686.907	12878.566

	Earnings / (Loss) Per Share (Rs.)	42.33	(14.27)	(56.62)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.44	(0.70)	(0.24)

Operating Profit Margin (PBIDT/Sales)	(%)	7.67	3.56	0.35

Return on Total Assets (PBT/Total Assets}	(%)	3.64	(3.00)	(0.78)

Return on Investment (ROI) (PBT/Networth)		0.35	(0.33)	(0.11)

Debt Equity Ratio (Total Debt /Networth)		5.26	6.53	6.40

Current Ratio (Current Asset/Current Liability)		1.38	1.73	1.37

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	49.501	49.501	49.501
Reserves & Surplus	329.057	249.553	340.256
Net worth	378.558	299.054	389.757

long-term borrowings	1940.530	1848.839	1613.876
Short term borrowings	482.491	102.686	437.836
Total borrowings	2423.021	1951.525	2051.712
Debt/Equity ratio	6.401	6.526	5.264

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	14711.193	10089.025	6281.958
		(31.419)	(37.735)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	14711.193	10089.025	6281.958
Profit	(280.253)	(70.628)	90.702
	(1.91)%	(0.70)%	1.44%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE

The registered office of the company has been shifted from Office 93, 9^th Floormittal Tower, Nariman Point, Mumbai-400021, Maharashtra, India to the present address w.e.f. 12.12.2012

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10298744	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	Commercial Branch, Paramsidhi Complex, Opp. V.S. Hospital, Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA	B41448267
2	10298763	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	Commercial Branch, Paramsidhi Complex, Opp. V.S. Hospital, Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA	B41447632
3	10298767	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	Commercial Branch, Paramsidhi Complex,, Opp. V.S. Hospital, Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA	B41447517
4	10298775	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	Commercial Branch, Paramsidhi Complex,, Opp. V.S. Hospital, Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA	B41450164
5	10298808	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	Commercial Branch, Paramsiddhi Complex, Opp. V.S. Hospital, Ellisbridge, Ahmedabad, Gujarat - 38000 6, INDIA	B41446675
6	10201417	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	Commercial Branch, Paramsiddhi Complex, Opp. V.S. Hospital, Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA	B41447020
7	10201483	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	Commercial Branch, Paramsidhi Complex, Opp. V.S. Hospital, Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA	B41447970
8	10201586	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	Commercial Branch, Paramsidhi Complex, Opp. V.S. Hospital, Ellisbridge,, Ahmedabad, Gujarat - 380006, INDIA	B41449745
9	10205620	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	Commercial Branch, Paramsidhi Complex, Opp. V.S. Hospital, Ellisbridge,, Ahmedabad, Gujarat - 380006, INDIA	B41448036
10	10207206	22/05/2012 *	3,551,800,000.00	STATE BANK OF INDIA	Commercial Branch, Paramsidhi Complex, Opp. V.S. Hospital, Ellisbridge,, Ahmedabad, Gujarat - 380006, INDIA	B41448358

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Fully convertible debentures others	37.002	37.002
Other loans and advances, others	188.007	189.757
Deferred payment liabilities	843.900	763.253
Total	1068.909	990.012

FIXED ASSETS

Land
Buildings
Plant and Equipment
Furniture and Fixtures
Vehicles
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 records 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.62.67
UK Pound	1	Rs.93.16
Euro	1	Rs.66.42

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	2
--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		27

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.

MIRA INFORM REPORT

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