MIRA INFORM REPORT

Report No. :	312720
Report Date :	19.03.2015

IDENTIFICATION DETAILS

Name :	BRAHMANI RIVER PELLETS LIMITED (w.e.f. 15.09.2006)
Formerly Known As :	BRAHMINI RIVER PELLETS LIMITED
Registered Office :	5^th and 6^th Floor, IPICOL, Annex Building, IPICOL House, Janpath, Bhubaneswar – 751 022, Orissa
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.08.2006
Com. Reg. No.:	15-008914
Capital Investment / Paid-up Capital :	Rs.4874.989 millions
CIN No.: [Company Identification No.]	U27106OR2006PLC008914
TAN No.: [Tax Deduction & Collection Account No.]	BBNB01033E
PAN No.: [Permanent Account No.]	AACCB9418Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of iron ore pellets
No. of Employees :	Not Divulged

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. The company has incurred a loss from its operations during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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	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	FITCH
Rating	Proposed Non-Convertible Debenture (NCD) – IND (BBB+) (SO)
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	23, December 2013

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.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (TEL No.91-22-67406666)

LOCATIONS

Registered Office :	5^th and 6^th Floor, IPICOL, Annex Building, IPICOL House, Janpath, Bhubaneswar – 751 022, Orissa, India
Tel. No.:	91-674-6542235
Fax No.:	91-674-2543398
E-Mail :	rajendra.bohra@stemcor.com
Website :	www.stemcor.com
Corporate Office :	Nirmal, 10^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-67406666
Fax No.:	91-22-67406699
Factory 1 :	Kalinga Nagar Industrial Complex, Khurunti, P.O. Danagadi, District Jajpur – 755 026, Orissa, India
Factory 2 :	Also located at: Burbil, Keonjhar in Odisha

DIRECTORS

As on: 30.09.2014

Name :

Mr. Dharma Rao Namballa

Designation :

Managing Director

Address :

Barbil Joda Highway, Box No-86, Barbil, Keonjhar – 758 035, Orissa, India

Date of Birth/Age :

30.06.1956

Qualification :

B. Tech

Date of Appointment :

01.09.2012

DIN No.:

03388743

Name :

Mr. Matthew Graham Stock

Designation :

Director

Address :

C/o Stemcor India Private Limited, Block 16, Garden Court Complex, Phonix Mill Compound, S.B. Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Date of Birth/Age :

10.04.1968

Date of Appointment :

24.08.2006

PAN No.:

00021030

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	U51420MH2003PTC249491	STEMCOR INDIA PRIVATE LIMITED	Managing director	22/08/2012	23/10/2003	05/08/2014	Active	NO
2	U27106OR2006PLC008914	BRAHMANI RIVER PELLETS LIMITED	Director	24/08/2006	24/08/2006	-	Active	NO
3	U13100WB1936PLC008817	ARYAN MINING AND TRADING CORPORATION LIMITED	Director	11/04/2007	11/04/2007	-	Active	NO
4	U23100MH1997PLC110901	AMBA RIVER COKE LIMITED	Nominee director	05/06/2009	05/06/2009	15/06/2011	Active	NO
5	U61200WB2011PTC158125	VEER SHIPPING PRIVATE LIMITED	Director	28/01/2011	28/01/2011	05/04/2011	Active	NO
6	U70102MH2011PTC217336	Veer Realcon Private Limited	Director	11/05/2011	11/05/2011	-	Active	NO
7	U13206MH2011PTC217322	VEER RESOURCES AND PROJECTS PRIVATE LIMITED	Director	11/05/2011	11/05/2011	-	Active	NO
8	U51109MH2011FTC218149	STEMCOR INDIA TRADING PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO

Name :

Mr. Sanjay Vijay Saraf

Designation :

Director

Date of Appointment :

21.03.2013

DIN No.:

00230888

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	U27110MH1999PTC120489	VNS INDUSTRIES PRIVATE LIMITED	DIRECTOR	23/06/1999	23/06/1999	23/12/2009	ACTIVE	NO
2	U70101WB1995PTC073881	SWARAJ PROPERTIES PRIVATE LIMITED	DIRECTOR	12/01/2001	12/01/2001	-	ACTIVE	NO
3	U13100WB1936PLC008817	ARYAN MINING AND TRADING CORPN LIMITED	DIRECTOR	14/11/2013	21/10/2008	04/11/2014	ACTIVE	NO
4	U28998WB1994PTC064126	VSS IRON AND MINERALS PRIVATE LIMITED	DIRECTOR	15/07/2009	15/07/2009	-	ACTIVE	NO
5	U70109WB2009PTC137876	VSS PROPERTIES PRIVATE LIMITED	DIRECTOR	20/08/2009	20/08/2009	-	ACTIVE	NO
6	U52390WB2009PTC137910	VSS EXIM PRIVATE LIMITED	DIRECTOR	21/08/2009	21/08/2009	-	ACTIVE	NO
7	U65921WB1994PTC063359	VSS METALS PRIVATE LIMITED	DIRECTOR	12/03/2010	12/03/2010	-	ACTIVE	NO
8	U70102MH2011PTC217336	VEER REALCON PRIVATE LIMITED	DIRECTOR	11/05/2011	11/05/2011	-	ACTIVE	NO
9	U65921WB1991PTC053167	VIDYUT MERCHANDISE PRIVATE LIMITED	DIRECTOR	29/09/2012	05/10/2011	-	ACTIVE	NO
10	U51109WB2009PTC135268	DIVYA SUPPLIERS PRIVATE LIMITED	ADDITIONAL DIRECTOR	01/02/2012	01/02/2012	-	ACTIVE	NO
11	U51109WB2009PTC135267	EMERALD TIEUP PRIVATE LIMITED	ADDITIONAL DIRECTOR	01/02/2012	01/02/2012	-	ACTIVE	NO
12	L67120MH1982PLC026924	SUPREME HOLDINGS & HOSPITALITY (INDIA) LIMITED	ADDITIONAL DIRECTOR	29/03/2012	29/03/2012	14/09/2012	ACTIVE	NO
13	U27106OR2006PLC008914	BRAHMANI RIVER PELLETS LIMITED	ADDITIONAL DIRECTOR	21/03/2013	21/03/2013	-	ACTIVE	NO

Name :

Mr. Pradeep Kumar Saraf

Designation :

Director

Date of Appointment :

06.02.2014

DIN No.:

00268686

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	U45200WB1986PTC040480	DOVER PROPERTIES PRIVATE LIMITED	Director	08-04-1986	08-04-1986	-	Active	NO
2	U67120WB1989PTC045911	LUNA PROPERTIES PRIVATE LIMITED	Director	03-01-1989	03-01-1989	22-04-2009	Active	NO
3	U70101WB1990PTC048293	CHRISTOPHER HOUSING DEVELOPERS PRIVATE LIMITED	Director	31-01-1990	31-01-1990	-	Active	NO
4	U01132AS1980PLC001815	BADULIPAR LIMITED	Director	15-03-1991	15-03-1991	02-06-2014	Active	NO
5	U70101WB1987PTC043006	SHREE GANGA BHAGIRATHI COMMERCIAL PROJECTS PRIVATE LIMITED	Director	14-09-1991	14-09-1991	-	Active	NO
6	U70101WB1986PLC040794	SHREE GANGA CONSTRUCTION COMPANY LIMITED	Director	02-05-1992	02-05-1992	14-09-2012	Active	NO
7	U70101WB1989PTC046227	CHATURMAN PROPERTIES PRIVATE LIMITED	Director	30-10-1992	30-10-1992	-	Amalgamated	NO
8	U67110WB1994PLC061919	KOIRA MINERALS LIMITED	Director	22-02-1994	22-02-1994	24-09-2007	Active	NO
9	U52190WB1994PTC062658	BROWNY MARKETING PRIVATE LIMITED	Director	12-04-1994	12-04-1994	18-08-2009	Active	NO
10	U70101WB1989PTC046206	ANUGRAH PROPERTIES PRIVATE LIMITED	Director	19-07-1994	19-07-1994	-	Amalgamated	NO
11	U51909WB1994PTC064595	CALCUTTA VINCOM PRIVATE LIMITED	Director	07-11-1994	07-11-1994	-	Active	NO
12	U51109WB1995PTC069271	JANPRAGATI DISTRIBUTORS PRIVATE LIMITED	Director	12-05-1995	12-05-1995	-	Active	NO
13	U70101WB1995PTC071725	GURUMANTRAYA PROPERTIES PRIVATE LIMITED.	Director	22-05-1995	22-05-1995	-	Active	NO
14	U70101WB1995PTC076248	AGAM HOUSING PRIVATE LIMITED	Director	29-12-1995	29-12-1995	05-12-2014	Active	NO
15	U70101WB1995PTC076246	ANTARIKSH HOUSING PRIVATE LIMITED	Director	29-12-1995	29-12-1995	18-08-2009	Active	NO
16	U70101WB1996PTC076295	GANGESH PROPERTIES PRIVATE LIMITED	Director	01-01-1996	01-01-1996	-	Active	NO
17	U45201WB1996PTC076288	GANITPRAGNAYA HOUSING PRIVATE LIMITED	Director	01-01-1996	01-01-1996	20-05-2009	Active	NO
18	U70101WB1996PTC076293	GANHITAYA HOUSING PRIVATE LIMITED	Director	01-01-1996	01-01-1996	20-05-2009	Active	NO
19	U70101WB1996PTC076397	ANSHUMATI HOUSING PRIVATE LIMITED	Director	05-01-1996	05-01-1996	05-12-2014	Active	NO
20	U70101WB1996PTC076400	AJIV HOUSING PRIVATE LIMITED	Director	05-01-1996	05-01-1996	05-12-2014	Active	NO
21	U70101WB1996PTC076406	ATREYEE HOUSING PRIVATE LIMITED	Director	05-01-1996	05-01-1996	19-07-2010	Active	NO
22	U70101WB1996PTC076569	ANURAG HOUSING PRIVATE LIMITED	Director	12-01-1996	12-01-1996	05-12-2014	Active	NO
23	U70200WB1996PTC076581	SRASHTI PROPERTIES PRIVATE LIMITED	Director	12-01-1996	12-01-1996	19-01-2015	Active	NO
24	U70109WB1996PTC076568	ACHLA HOUSING PRIVATE LIMITED	Director	12-01-1996	12-01-1996	05-12-2014	Active	NO
25	U70101WB1996PTC076402	AISAWAT HOUSING PRIVATE LIMITED	Director	25-01-1996	25-01-1996	-	Active	NO
26	U70109WB1989PTC046132	BANMALI PROPERTIES PRIVATE LIMITED	Director	19-02-1996	19-02-1996	25-06-2007	Active	NO
27	U70101WB1989PTC046214	ANSHUMATI PROPERTIES PRIVATE LIMITED	Director	15-07-1996	15-07-1996	-	Amalgamated	NO
28	U70101WB1989PTC046204	AMOD PROPERTIES PRIVATE LIMITED	Director	19-07-1996	19-07-1996	-	Amalgamated	NO
29	U70109WB1989PTC046138	CHANDRASEKHAR PROPERTIES PRIVATE LIMITED.	Director	19-07-1996	19-07-1996	-	Amalgamated	NO
30	U70101WB1989PTC046207	CHAKRAPANI PROPERTIES PRIVATE LIMITED	Director	19-07-1996	19-07-1996	-	Amalgamated	NO
31	U70109WB1989PTC046136	AGAM PROPERTIES PRIVATE LIMITED	Director	19-07-1996	19-07-1996	-	Amalgamated	NO
32	U70101WB1989PTC046202	ACHLA PROPERTIES PRIVATE LIMITED	Director	19-07-1996	19-07-1996	-	Amalgamated	NO
33	U51909WB1992PTC056635	PANCHANAN TRADING PRIVATE LIMITED	Director	10-12-1996	10-12-1996	18-10-2011	Active	NO
34	U51909WB1994PTC065977	DIMPLE VINCOM PRIVATE LIMITED	Director	02-06-1997	02-06-1997	-	Active	NO
35	U51109WB1997PTC083125	DEVINE MERCANTILES PRIVATE LIMITED	Director	12-11-1999	12-11-1999	-	Active	NO
36	U70109WB1998PTC088016	DHANDHANZA CONSTRUCTIONS PRIVATE LIMITED	Director	28-03-2000	28-03-2000	18-08-2009	Active	NO
37	U45201WB1998PTC088011	NIVEDITA CONSTRUCTION PRIVATE LIMITED	Director	28-03-2000	28-03-2000	04-06-2014	Active	NO
38	U70109WB1998PTC088010	PRIYANKA NIRMAN PRIVATE LIMITED	Director	31-03-2000	31-03-2000	04-06-2014	Active	NO
39	U25209WB1990PTC049997	IPW CONTAINERS PRIVATE LIMITED	Director	30-06-2000	30-06-2000	18-08-2009	Active	NO
40	U67120WB1989PTC045900	NIHARIKA ESTATES PRIVATE LIMITED	Director	15-03-2001	15-03-2001	-	Active	NO
41	U24231WB1976PTC030424	LARGUS FLEMING PHARMACEUTICALS PRIVATE LIMITED	Director	21-06-2001	21-06-2001	26-09-2012	Active	NO
42	U70109WB1993PTC057363	SWASTIK DEVELOPERS PRIVATE LIMITED	Director	15-01-2002	15-01-2002	04-06-2014	Active	NO
43	U70101WB1995PTC073890	RAVLON PROPERTIES PRIVATE LIMITED	Director	24-03-2005	24-03-2005	21-01-2015	Active	NO
44	U70200WB1996PTC076582	RANA PROPERTIES PRIVATE LIMITED	Director	11-07-2005	11-07-2005	18-08-2009	Active	NO
45	U51909WB1995PTC069333	ASCENT TRADING PRIVATE LIMITED	Director	11-01-2006	11-01-2006	-	Active	NO
46	U27108WB2003PTC189367	SMITA ISPAT PRIVATE LIMITED	Director	01-11-2006	01-11-2006	-	Active	NO
47	U51109WB2006PTC107602	LAKE VIEW SUPPLIERS PRIVATE LIMITED	Director	14-02-2007	14-02-2007	-	Amalgamated	NO
48	U13100WB1936PLC008817	ARYAN MINING AND TRADING CORPN LIMITED	Director	26-08-2009	21-10-2008	-	Active	NO
49	U51109WB1983PLC036718	SUNBEAM UDYOG LIMITED	Director	25-08-2009	25-08-2009	-	Active	NO
50	U50103WB1946PLC013162	JAIDKA MOTOR COMPANY LIMITED	Director	20-01-2011	20-01-2011	-	Active	NO
51	U45400WB2013PTC193169	NASHIB REALCON PRIVATE LIMITED	Director	01-08-2013	01-08-2013	-	Active	NO
52	U27106OR2006PLC008914	BRAHMANI RIVER PELLETS LIMITED	Additional director	06-02-2014	06-02-2014	-	Active	NO

Name :

Mr. Seshadri Dilip

Designation :

Director

Date of Appointment :

21.03.2013

DIN No.:

01710803

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	U27106OR2006PLC008914	BRAHMANI RIVER PELLETS LIMITED	Additional director	21/03/2013	24/08/2006	-	Active	NO
2	U13100WB1936PLC008817	ARYAN MINING and TRADING CORPN LIMITED	Director	13/06/2011	19/08/2010	20/09/2013	Active	NO
3	U51420MH2003PTC249491	STEMCOR INDIA PRIVATE LIMITED	Additional director	01/01/2012	01/01/2012	02/12/2013	Active	NO

Name :

Mr. Rusell Julian Oppenheimer

Designation :

Director

Date of Appointment :

21.03.2013

DIN No.:

06537994

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	U27106OR2006PLC008914	BRAHMANI RIVER PELLETS LIMITED	Additional director	21/03/2013	21/03/2013	-	Active	NO
2	U51420MH2003PTC249491	STEMCOR INDIA PRIVATE LIMITED	Additional director	27/09/2013	27/09/2013	08/08/2014	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Rajendra Bohra	1
Vineet Mehra	1
Rajesh Agarwal	1
Sebastian Rozario	1
Ayesha Fernandes	1
Ayesha Fernandes	1
Aryan Mining and Trading Corporation Limited	1
	487498888
Total	487498895

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of iron ore pellets

Products :

Item Code No. (ITC Code)	73012090
Product Description	Mining of Iron Ore Pellets

Brand Names :

Not Available

Agencies Held :

Not Available

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 :

Not Available

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Non-convertible debentures others	1262.626	0.000
Term loans from others	4375.000	6876.689
Total	5637.626	6876.689

Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India IL & FS Trust Company Limited, IL & FS Financial Centre, Plot No.C22 G Block Bandra, Kurla Complex Bandra (East), Mumbai – 400 051, Maharashtra, India
Auditors :
Name :	S.R.B. and Associates Chartered Accountants
Address :	5^th Floor, IDCO Tower, Janapath, Bhubaneshwar – 751 022, Orissa, India
PAN No.:	AAXFS6281Q
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Aryan Mining and Trading Corporation Private Limited, India (CIN No.: U13100WB1936PTC008817)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs.10/- each	Rs.10000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
487498894	Equity Shares	Rs.10/- each	Rs.4874.989 millions

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	4874.989	4874.989	4874.989
(b) Reserves & Surplus	(445.709)	0.000	0.000
(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)	4429.280	4874.989	4874.989
(3) Non-Current Liabilities
(a) long-term borrowings	6237.626	7776.689	8200.000
(b) Deferred tax liabilities (Net)	8402.130	6953.417	0.000
(c) Other long term liabilities	7.856	5.881	6.053
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14647.612	14735.987	8206.053
(4) Current Liabilities
(a) Short term borrowings	0.000	925.000	300.000
(b) Trade payables	1882.867	597.707	210.084
(c) Other current liabilities	3280.135	25.790	4079.618
(d) Short-term provisions	132.121	5.463	15.277
Total Current Liabilities (4)	5295.123	1553.960	4604.979
TOTAL	24372.015	21164.936	17686.021
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18737.505	475.140	344.146
(ii) Intangible Assets	235.103	2.857	2.593
(iii) Capital work-in-progress	961.285	19104.357	16595.359
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	229.514	0.000	0.000
(d) Long-term Loan and Advances	253.995	253.702	157.230
(e) Other Non-current assets	11.226	0.344	0.344
Total Non-Current Assets	20428.628	19836.400	17099.672
(2) Current assets
(a) Current investments	0.230	0.222	0.241
(b) Inventories	1693.274	381.130	32.088
(c) Trade receivables	555.867	0.000	0.000
(d) Cash and cash equivalents	903.085	576.368	250.677
(e) Short-term loans and advances	760.242	359.773	280.104
(f) Other current assets	30.689	11.043	23.239
Total Current Assets	3943.387	1328.536	586.349
TOTAL	24372.015	21164.936	17686.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	5718.965	0.000	127.379
		Other Income	73.204	0.000	0.000
		TOTAL (A)	5792.169	0.000	127.379
Less	EXPENSES
		Cost of Materials Consumed	2483.908	0.000	112.944
		Purchases of Stock-in-Trade	(1117.395)	0.000	0.000
		Employees benefits expense	153.925	0.000	333.696
		Other expenses	2541.828	0.000	574.218
		TOTAL (B)	4062.266	0.000	1020.858
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1729.903	0.000	(893.479)
Less	FINANCIAL EXPENSES (D)		1655.754	0.000	3657.836
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		74.149	0.000	(4551.315)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		749.372	0.000	25.409
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(675.223)	0.000	(4576.724)
Less	TAX (H)		(229.514)	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(445.709)	0.000	(4576.724)
	EARNINGS IN FOREIGN CURRENCY		2933.496	NA	NA
	Earnings Per Share (Rs.)		(0.91)	0.00	(9.39)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(7.79)	0.00	(3593.00)
Operating Profit Margin (PBIDT/Sales)	(%)	30.25	0.00	(701.43)
Return on Total Assets (PBT/Total Assets}	(%)	(2.91)	0.00	(419.63)
Return on Investment (ROI) (PBT/Networth)		(0.15)	0.00	(0.94)
Debt Equity Ratio (Total Debt /Networth)		1.41	1.78	1.74
Current Ratio (Current Asset/Current Liability)		0.74	0.85	0.13

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	4874.989	4874.989	4874.989
Reserves & Surplus	0.000	0.000	-445.709
Net worth	4874.989	4874.989	4429.280
long-term borrowings	8200.000	7776.689	6237.626
Short term borrowings	300.000	925.000	0.000
Total borrowings	8500.000	8701.689	6237.626
Debt/Equity ratio	1.744	1.785	1.408

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	127.379	0.000	5718.965
		(100.000)	0.000

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	127.379	0.000	5718.965
Profit/Loss	(4576.724)	229.514	(445.709)
	(3593.00%)	0.00%	(7.79%)

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 two years	Yes
12]	Profitability for last two 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	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS:

During the year the company has earned total income of Rs. 5792.100 Million and incurred a total expenditure of Rs. 6467.300 Million and incurred a net loss of Rs. 445.700 Million

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from others	600.000	900.000
Short-term borrowings
Rupee term loans from others	0.000	925.000
Total	600.000	1825.000

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10530563	17/10/2014 *	1,650,000,000.00	IL AND FS TRUST COMPANY LIMITED	IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, MAHARASHTRA , INDIA	C34449413
2	10375283	02/08/2012	1,500,000,000.00	IL AND FS TRUST COMPANY LIMITED	IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, MAHARASHTRA , INDIA	B57602930
3	10329278	27/12/2011 *	9,000,000,000.00	IL AND FS TRUST COMPANY LIMITED	IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, MAHARASHTRA , INDIA	B32205171

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Guarantees issued by the company’s banker on behalf of the company	216758.449
Disputed Excise duty & other demand	131423.359
Bonds Executed for machinery import under EPCG scheme	2756226.710
Total	3104408.518

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

Intangible Assets

Computer Software

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.92.46
Euro	1	Rs.66.34

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RSM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

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