MIRA INFORM REPORT

Report No. :	318555
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	SANGHI BROTHERS (INDORE) PRIVATE LIMITED SANGHI METALS DIVISION OF SANGHI BROTHERS (INDORE) PRIVATE LIMITED
Registered Office :	6 Manorama, Ganj, Indore – 452001, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.04.1950
Com. Reg. No.:	10-000586
Capital Investment / Paid-up Capital :	Rs.20.077 Million
CIN No.: [Company Identification No.]	U35999MP1950PTC000586
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAKCS3060P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Non-Ferrous Alloys.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational performance which has resulted into dip in sales turnover of the company. Further company has reported low profitability and it has leverage capital structure. However, trade relations are fair. Business is active. Payments 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 – 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	CARE
Rating	Long-Term Bank Facilities BB+
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	20.04.2015

Rating Agency Name	CARE
Rating	Short-Term Bank Facilities A+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	20.04.2015

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 :	6, Manorama, Ganj Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2490361/62, 4076013, 4076014
Mobile No.:	91-9977100622 (Mr. Anil Borse)
Fax No.:	91-731-2492741
E-Mail :	akmcafiling@gmail.com sanghibrors@rediffmail.com
Factory :	Metal Division Industrial Area, Dewas, Madhya Pradesh, India.

DIRECTORS

As on 30.09.2014

Name :

Mr. Sharad Kumar

Designation :

Managing Director

Address :

25, Palasia Main Road, Indore – 452001, Madhya Pradesh, India

Date of Appointment :

04.09.1967

PAN No.:

AMJPS9009C

DIN No.:

00111432

Name :

Ms. Geeta Sanghi

Designation :

Whole Time Director

Date of Appointment :

24.01.1985

PAN No.:

AMJPS9008D

DIN No.:

00754612

Name :

Ms. Ragini Sanghi

Designation :

Director

Date of Appointment :

30.09.2014

PAN No.:

AMJPS1362M

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	U01122MP1994PTC008347	RAGINI ESTATES PRIVATE LIMITED	Director	18/05/94	18/05/94	-	Active	NO
2	U63090MP1994PTC008466	SKY MASTERS PVT LTD	Director	12/07/94	12/07/94	-	Active	NO
3	U34201MP1985PTC002984	ARPIJAY FABRICATORS PRIVATE LIMITED	Director	12/12/94	12/12/94	14/06/13	Active	NO
4	U40106MP1995PTC010146	JYOTI COPPER CRAFT PRIVATE LIMITED	Director	10/11/95	10/11/95	-	Amalgamated	NO
5	U35999MP1950PTC000586	SANGHI BROTHERS (INDORE) PVT LTD	Director	30/09/14	29/08/96	-	Active	NO
6	U01111MP1994PTC008277	RAJPUTANA PLANTATIONS PVT LTD	Director	26/06/02	26/06/02	14/06/13	Active	NO
7	U34300MP1985PTC002753	HARSH AUTOMOBILES PVT LTD	Managing director	01/03/10	02/09/02	-	Active	NO
8	U70109MP1994PTC008346	SNEHSUN ESTATES PRIVATE LIMITED	Director	30/12/04	30/12/04	-	Active	NO
9	U03410MP2006PTC018374	SANGHI VINTAGE AND CLASSIC CARS PRIVATE LIMITED	Director	06/02/06	06/02/06	19/03/13	Active	NO
10	U50100MP2012PTC027469	S.G.S. MOTORS PRIVATE LIMITED	Director	12/01/12	12/01/12	25/06/13	Active	NO

Name :

Ms. Priya Sanghi

Designation :

Managing Director

Date of Appointment :

01.04.2010

DIN No.:

00111625

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	U35999MP1950PTC000586	SANGHI BROTHERS (INDORE) PVT LTD	Managing director	01/04/10	01/07/99	-	Active	NO
2	U01122MP1994PTC008347	RAGINI ESTATES PRIVATE LIMITED	Director	18/06/02	18/06/02	20/02/08	Active	NO
3	U34201MP1985PTC002984	ARPIJAY FABRICATORS PRIVATE LIMITED	Director	30/09/02	30/09/02	01/03/08	Active	NO
4	U03410MP2006PTC018374	SANGHI VINTAGE AND CLASSIC CARS PRIVATE LIMITED	Director	06/02/06	06/02/06	19/03/13	Active	NO
5	U40106MP1995PTC010146	JYOTI COPPER CRAFT PRIVATE LIMITED	Director	22/05/06	22/05/06	13/05/08	Amalgamated	NO
6	U55101MP2008PTC020800	Blue Jay Entertainment & Developers Private Limited	Director	25/09/09	04/03/09	-	Active	NO
7	U34300MP1985PTC002753	HARSH AUTOMOBILES PVT LTD	Director	27/09/10	01/02/10	-	Active	NO
8	U60231MP2011PTC025495	MULTI PURPOSE LOGISTICS PRIVATE LIMITED	Director	04/03/11	04/03/11	31/03/11	Active	NO
9	U50100MP2012PTC027469	S.G.S. MOTORS PRIVATE LIMITED	Director	12/01/12	12/01/12	-	Active	NO
10	U01407MP2012PTC028142	CHASE AGRITECH PRIVATE LIMITED	Director	03/04/12	03/04/12	-	Active	NO

Name :

Ms. Jyotsana Sanghi

Designation :

Managing Director

Date of Appointment :

29.08.2011

PAN No.:

AMJPS9011J

DIN No.:

00111677

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	U35999MP1950PTC000586	SANGHI BROTHERS (INDORE) PVT LTD	Managing director	29/08/11	22/07/05	-	Active	NO
2	U03410MP2006PTC018374	SANGHI VINTAGE AND CLASSIC CARS PRIVATE LIMITED	Director	06/02/06	06/02/06	-	Active	NO
3	U34201MP1985PTC002984	ARPIJAY FABRICATORS PRIVATE LIMITED	Director	10/02/06	10/02/06	-	Active	NO
4	U40106MP1995PTC010146	JYOTI COPPER CRAFT PRIVATE LIMITED	Director	22/05/06	22/05/06	-	Amalgamated	NO
5	U34300MP1985PTC002753	HARSH AUTOMOBILES PVT LTD	Director	27/09/10	10/10/09	03/10/13	Active	NO
6	U01122MP1994PTC008345	BARWAHA AGRO PLANTATION PRIVATE LIMITED	Director	27/06/11	01/02/10	-	Active	NO
7	U45203MP1979PTC001548	VEER EARTH MOVERS AND DEVELOPERS PRIVATE LIMITED	Director	27/06/11	01/02/10	-	Active	NO
8	U70101MP1979PTC001537	GEETA ESTATES PVT. LTD	Director	27/09/10	01/02/10	-	Active	NO
9	U01111MP1994PTC008277	RAJPUTANA PLANTATIONS PVT LTD	Director	30/06/11	19/10/10	-	Active	NO
10	U70109MP1994PTC008346	SNEHSUN ESTATES PRIVATE LIMITED	Director	27/06/11	19/10/10	-	Active	NO
11	U01122MP1994PTC008347	RAGINI ESTATES PRIVATE LIMITED	Director	27/06/11	19/10/10	-	Active	NO
12	U60231MP2011PTC025495	MULTI PURPOSE LOGISTICS PRIVATE LIMITED	Director	01/11/11	04/03/11	-	Active	NO
13	U50100MP2012PTC027469	S.G.S. MOTORS PRIVATE LIMITED	Managing director	01/04/15	12/01/12	-	Active	NO
14	U34300MP1984PTC002566	RAASHI AUTO CARE PRIVATE LIMITED	Director	06/09/12	21/01/12	-	Active	NO

Name :

Mr Raveesh Balchandra Bafna

Designation :

Director

Date of Appointment :

30.09.2009

PAN No.:

AANPB8996M

DIN No.:

02744111

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	U35999MP1950PTC000586	SANGHI BROTHERS (INDORE) PVT LTD	Director	30/09/09	01/07/09	-	Active	NO
2	U45203MP1979PTC001548	VEER EARTH MOVERS AND DEVELOPERS PRIVATE LIMITED	Director	27/09/10	01/02/10	-	Active	NO
3	U70101MP1979PTC001537	GEETA ESTATES PVT. LTD	Director	27/09/10	01/02/10	-	Active	NO
4	U63090MP1994PTC008466	SKY MASTERS PVT LTD	Director	27/09/10	16/02/10	-	Active	NO
5	U60231MP2011PTC025495	MULTI PURPOSE LOGISTICS PRIVATE LIMITED	Director	01/11/11	31/03/11	-	Active	NO

Name :

Mr. Sandeep Chandra

Designation :

Director

Date of Appointment :

29.09.2010

PAN No.:

ABOPC2832K

DIN No.:

00889462

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	U15422UP1933PLC000489	L H SUGAR FACTORIES LIMITED	Whole-time director	11/11/09	08/11/05	10/01/14	Active	NO
2	L74899DL1993PLC051981	INTEGRATED CAPITAL SERVICES LIMITED	Director	23/05/09	09/01/09	-	Active	NO
3	U35999MP1950PTC000586	SANGHI BROTHERS (INDORE) PVT LTD	Director	27/09/10	04/01/10	-	Active	NO

Name :

Mr Ashok Deshprabhu

Designation :

Director and CEO (Shipping Division)

Date of Appointment :

27.09.2010

PAN No.:

ABOPD6777A

DIN No.:

00289175

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	U34201MP1985PTC002984	ARPIJAY FABRICATORS PRIVATE LIMITED	Director	30/03/91	30/03/91	-	Active	NO
2	U35999MP1950PTC000586	SANGHI BROTHERS (INDORE) PVT LTD	Director	27/09/10	27/08/10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suraj Ahmad Khan
Designation :	Senior President
Name :	Mr. Navin Prakash Dashora
Designation :	Vice President Finance and Accounts
Name :	Mr. Prakash Tagde Group
Designation :	General Manager (cvd)
Name :	Mr. B.R. Nima Chief Accountant
Designation :	Chief Accountant

Name :	Mr. M.K. Pandit
Designation :	Manager
Name :	Mr. Mukesh Dixit
Designation :	General Manager
Name :	Mr. A.G. Borse
Designation :	President and CEO
Name :	Mr. Sachin Nadkar
Designation :	General Manager
Name :	Mr. Rishi Saxena
Designation :	General Manager

Name :	Mrs. Rishi Saxena
Designation :	General Manager – HR and Admin

Name :	Mr. Anil Borse
Designation :	Director

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Sharad Kumar Sanghi	11041
Geeta Sanghi	1533
Ragini Sanghi	3330
Priya Sanghi	477
Jyotsana Sanghi	2260
Ragini Priya AOP	322
S.K. Pandit	15
Peter Naharwar	3
Sandeep Chandra	2
Raveesh Bafna	2
Suresh Kumar Sanghi	23
Suresh K. Sanghi (HUF)	230
Rajesh Kumar Sanghi	190
Anuradha Jamwal-	149
Ratan Kumar Sanghi	175
Nitin Kumar Sanghi	138
Pushpa Sanghi	69
Amrit Kumar Sanghi	49
Ajay Kumar Sanghi	46
Vijay Kumar Sanghi	23
Total	20077

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	94.56
Other top fifty shareholders	5.44
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Non-Ferrous Alloys.
Products :	Electrolytic Tough Pitch Tin Bearing Copper (TBC) Phosphorus Deoxidized Copper, High Residual (DHP)
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cheque
Purchasing :	Cheque

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 :

150 (Approximately)

Bankers :

• State Bank of India – Indore
• Central Bank of India Limited – MID Corporate Branch, MTH Compound Palika Plaza, Phase-l, Indore – 452007, Madhya Pradesh, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans from Banks	330.036	245.165
Short-term borrowings
Term Loan from Banks	729.439	625.477
Total	1059.475	870.642

Note: (A) Term Loan - From Banks Central Bank of India 1,50.406 18.308 73.852 17.831 Against Wind Mill at Kutch, Plant & Machinery of JLR at Indore & Personal Guarantee by CMD Shri Sharad Kumar Sanghi State Bank of India 10.035 25.693 16.400 16.400 Against Building, Plant & Machinery of Metal Division at Dewas & New Barge at Goa Additional Security on above : Pari Passu Charge over fixed assets situated at 6, Manorama ganj, Indore, Lasudia, Sendhwa, Ujjain & Neemuch as Collateral Security & Personal Guarantee by CMD Shri Sharad Kumar Sanghi ICICI Bank 1,68.108 1,90.887 58.968 46.785 Against Gurgaon Flat, Atlanta Building in Mumbai, Land at Chhindwara and Land at Pipliyapala & Personal Guarantee by CMD Shri Sharad Kumar Sanghi HDFC Bank Ltd. - - - 1.953 (Against Hypt. of Vehicles & Personal Guarantee by CMD Shri Sharad Kumar Sanghi) Others :- From NBFC 1.487 10.277 8.789 12.791 (Against Hypt. Of Vehicles & Personal Guarantee by CMD Shri Sharad Kumar Sanghi) 3,30.036 2,45.165 1,58.010 95.761 Less :- " Amount disclosed under the head " Other Current Liabilities" - - 1,580 95.761 (Refer Note No. 6 ) Total 3,30.036 2,45.165 -

(C) Term Loan - From Banks Central Bank of India 1,50.406 18.308 73.852 17.831 Against Wind Mill at Kutch, Plant & Machinery of JLR at Indore & Personal Guarantee by CMD Shri Sharad Kumar Sanghi State Bank of India 10.035 25.693 16.400 16.400 Against Building, Plant & Machinery of Metal Division at Dewas & New Barge at Goa Additional Security on above : Pari Passu Charge over fixed assets situated at 6, Manorama ganj, Indore, Lasudia, Sendhwa, Ujjain & Neemuch as Collateral Security & Personal Guarantee by CMD Shri Sharad Kumar Sanghi ICICI Bank 1,68.108 1,90.887 58.968 46.785 Against Gurgaon Flat, Atlanta Building in Mumbai, Land

at Chhindwara and Land at Pipliyapala & Personal Guarantee by CMD Shri Sharad Kumar Sanghi HDFC Bank Ltd. - - - 1.953 (Against Hypt. of Vehicles & Personal Guarantee by CMD Shri Sharad Kumar Sanghi) Others :- From NBFC 1.487 10.277 8.789 12.791 (Against Hypt. Of Vehicles & Personal Guarantee by CMD Shri Sharad Kumar Sanghi) 3,30.036 2,45.165 1,58.010 95.761 Less :- " Amount disclosed under the head " Other Current Liabilities" - - 1,580 95.761 (Refer Note No. 6 ) Total 3,30.036 2,45.165 -

(A) Sr. No Particulars Current Year Previous Year 1 Secured Loan Cash Credit - From Bank Central Bank Of India 7,12.599 5,94.904 State Bank Of India 16.840 30.573 ( Against Hypothecation of Stock in Trade & Book Debts & Personal Guarantee by CMD Shri Sharad Kumar Sanghi) Additional Collateral Security on above : Pari Passu Charge over fixed assets situated at 6, Manorama ganj, Indore, Lasudia, Sendhwa, Ujjain & Neemuch

Auditors :
Name :	Deepak and Shah Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Raashi Auto Care Private Limited Multi Purpose Logistics Private Limited Harsh Automobliles Private Limited Arpijay Fabricators Ptivate Limited G.S. Motors Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
155000	Equity Shares	Rs.1000/- each	Rs.155.000 Million
1500000	Preference Shares	Rs. 10/-each	Rs. 15.000 Million
	Total		Rs.170.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20077	Equity Shares	Rs.1000/- each	Rs.20.077 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	20.077	13.077	13.077
(b) Reserves & Surplus	526.309	516.265	531.611
(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)	546.386	529.342	544.688
(3) Non-Current Liabilities
(a) long-term borrowings	330.036	245.165	176.105
(b) Deferred tax liabilities (Net)	48.455	51.278	34.482
(c) Other long term liabilities	47.255	28.058	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	425.746	324.501	210.587
(4) Current Liabilities
(a) Short term borrowings	1101.963	1732.285	1652.369
(b) Trade payables	86.254	241.385	236.169
(c) Other current liabilities	344.788	195.527	173.020
(d) Short-term provisions	30.811	20.305	48.244
Total Current Liabilities (4)	1563.816	2189.502	2109.802
TOTAL	2535.948	3043.345	2865.077
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	988.060	820.819	727.940
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	57.856	69.917	12.781
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	16.974	17.650	16.950
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1062.890	908.386	757.671
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	746.287	909.365	1319.597
(c) Trade receivables	556.950	727.668	486.940
(d) Cash and cash equivalents	27.571	109.400	68.458
(e) Short-term loans and advances	142.250	388.526	232.411
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1473.058	2134.959	2107.406
TOTAL	2535.948	3043.345	2865.077

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	7258.314	10316.185	11578.183
Less	EXPENSES
	Other expenses	7008.129	10041.717	11213.122
	Exceptional Items	0.000	(12.645)	0.000
	TOTAL	6995.484	10029.072	11213.122
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	250.185	287.113	365.061
Less	FINANCIAL EXPENSES	180.489	236.527	180.219
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	69.696	50.586	184.842
Less	DEPRECIATION/ AMORTISATION	52.417	48.265	45.784
	PROFIT/ (LOSS) BEFORE TAX	17.279	2.321	139.058
Less	TAX	0.277	17.347	17.771
	PROFIT/ (LOSS) AFTER TAX	17.002	(15.026)	121.287
	Earnings / (Loss) Per Share (Rs.)	846.84	(748.42)	6041.09

Particulars	31.03.2015
Sales Turnover (Approximately)	600.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.23	(0.15)	1.05
Operating Profit Margin (PBIDT/Sales)	(%)	0.23	(0.15)	1.05
Return on Total Assets (PBT/Total Assets}	(%)	0.68	0.08	4.90
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.26
Debt Equity Ratio (Total Debt /Networth)		2.62	3.74	3.36
Current Ratio (Current Asset/Current Liability)		0.94	0.98	1.00

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	13.077	13.077	20.077
Reserves & Surplus	531.611	516.265	526.309
Share Application money pending allotment
Net worth	544.688	529.342	546.386
long-term borrowings	176.105	245.165	330.036
Short term borrowings	1652.369	1732.285	1101.963
Total borrowings	1828.474	1977.450	1431.999
Debt/Equity ratio	3.357	3.736	2.621

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	11578.183	10316.185	7258.319
		(10.900)	(29.641)

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	11578.183	10316.185	7258.319
Profit	121.287	(15.060)	17.002
	1.05%	(0.15%)	0.23%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	Yes
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	No
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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short Term Borrowing
Term Loan from Banks	372.524	1106.808
Total	372.524	1106.808

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10559545	31/03/15	90,000,000.00	TATA CAPITAL HOUSING FINANCE LIMITED	ONE FORBES, DR VB GANDHI MARG, FORT, MUMBAI, Maharashtra - 400001, INDIA	C49272248
2	10395548	30/03/2015 *	240,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat – 390015, INDIA	C48241434
3	10357751	30/05/12	80,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat – 390015, INDIA	B40456428
4	10345620	26/03/2014 *	475,000,000.00	State Bank of India	STATE BANK OF INDIA, A.B. ROAD, INDORE, Madhya Pradesh – 452001, INDIA	C02787729
5	10301294	14/02/2012 *	55,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat – 390015, INDIA	B33517210
					arat - 390015, INDIA
6	10217684	22/03/2013 *	521,300,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH,, A B ROAD, NEAR GPO,, INDORE, Madhya Pradesh – 452001, INDIA	B73493488
7	90204440	18/09/2013 *	1,652,000,000.00	CENTRAL BANK OF INDIA LIMITED	MID CORPORATE BRANCH, MTH COMPOUND PALIKA PLAZA, PHASE-I, INDORE, Madhya Pradesh – 45007, INDIA	B89199525

PERFORMANCE OF DIVISIONS:

Commercial Vehicle Division:

The Division recorded sales of 7621 vehicles, during the year under review compared to 13256 vehicles during previous financial year registering a decline of 42.50%.

The TML has launched Prima range in M&HCV segment, Ultra in LCV/ICV segment, Tata Ace Dicor and Face Lifted version of Tata Magic during the year.

Further stable Government both in State and Center, certain decisive policy measures as regards infrastructure, constructions and mining projects besides roll back of entry tax by the State Government are likely to have positive impact in the growth of CVs.

The Company was awarded highest market share award on MCV buses in Western region for FY 13-14 by TML

Passenger Car Division:

The Domestic Car Industry continued to reel under general economic slowdown followed by weak sentiments in general and lack of new Models vis-à-vis other automotive manufacturers and the customer perception in particular has severely affected the market for Tata passenger vehicles.

Your Company sold 1213 vehicles (including 157 Tata Motor Assured cars) during the year under review as against 2432 vehicles (including 380 Tata Motor Assured cars) in the previous financial year registering a decline of 50%.

The volumes are likely to increase with the recently launched ?Zest? with advanced features such as safety, driving Comfort, fuel efficiency and durability.

JLR (Jaguar Land Rover) Division:

During the year under review, the Division recorded a turnover of `37.24 Crores with the sale of 69 units, as against `32.46 Crores and 64 units during the FY 12-13 respectively.

The Division has successfully gathered a market share of 27% in the segment in its 2nd year of operation amidst established players viz. Audi, BMW , Mercedes etc.

FIAT Division:

During the first full year of the operations, the Division recorded a turnover of `13.62 Crores with the sale of 238 Vehicles. The FIAT has recently unveiled the Grande Punto Evo and planning to launch Fiat Avventura Crossover in the month of Sept. 2014 and Abarth Punto , Jeep Cherokee and Wrangler are likely to be launched in the year 2016.

Spare Parts Division:

The Division reported a sale of `20.96 Crore in the financial year 2013-14 as compared to `20.47 Crore in the previous year recording an increase of 2.39% of Commercial and Passenger Vehicles.

Shipping Division:

Due to ban on mining by Government of Goa followed by Supreme Court order the mining business in the State continued to remain standstill during the financial year 2013 ? 14 resulting in net loss of `2.58 Crore as compared to `1.77 Crore during the previous financial year. This loss of 2.58 Crore is inclusive of ` 0.75 crores paid during the financial year 2013-14 to 46 members of crew retrenched due to closure of operations and thereby arrested crew liability during the year by retrenching all the members of crew effective March, 2013. However, skeleton crew has been retained/ appointed on daily wages as watch keepers to look after the idling barges.

On 21st April, 2014, Apex court vacated its ban order by restricting mining in Goa to maximum of 20 million tons by directing Government of Goa to frame Policy on Mining. Government of Goa is expected to decide on Policy on Mining before end of September, 2014.

Though, Government of Goa started auctioning dumps available at various River Side Plots of different Exporters, full fledge mining with restrictions upto 20 million tons is expected to resume by December, 2014.It is feared that the barges may not get the desired number of trips as in the past but, may be able to generate adequate revenue to arrest further losses.

Travel Division:

The gross booking commission of the Division during the year under review has gone down to `84.23 Lacs vis-à-vis `92.64 Lacs during the previous year

Metal Division:

The Division reported a turnover of `17.13 Crore during the financial year 2013-14 as compared to ``39.29 Crore during the previous financial year primarily because of closure of the plant for over 4 months consequent to withdrawal of arrangement by Chandra Proteco Limited.

The Company is in advanced stage of negotiations with Chinese supplier for acquiring Rolling Mill and Slitting Line for manufacturing of high value added copper foil products for better margins.

Logistics Division:

The Division earned Gross revenue of `229.40 Lacs as compared to `312.31 Lacs registering a fall of 26.54%.

FINANCE:

In spite of tight money market situation, suppressed economic conditions and substantial erosion in profitability since last two years, the focus of the Company on the efficient management of short-term and long-term funds through rigorous monitoring of deployment towards working capital, a comprehensive evaluation and execution process for capital expenditure, and prudent deployment of surplus funds helped it generate positive cash flow from operations.

The company has acquired land at Ahilyapura for stocking the vehicle, plot in Sch. No. 78 for expansion purposes, upgraded and renovated the existing facilities at Bhopal and Chhindwara, constructed of new workshop at Guna, Narsinghpur and Khandwa and renovated the showroom & workshop for FIAT dealership at Indore and Bhopal.

FUTURE OUTLOOK:

Financial Year 2013-14 has been a challenging year with subdued economic growth, as a result of higher inflation, higher interest rates, lower industrial growth and lower investments in the country, along with the poor condition of the global economy.

However, the Indian economy is expected to perform comparatively better in the coming years. With a stable government at the centre, significant policy changes are anticipated in the near future. The government focus on infrastructure development, more foreign direct investment inflow and more transparency in governance is likely to significantly increase the business confidence in the country.

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles

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.64.20
UK Pound	1	Rs.100.03
Euro	1	Rs.71.91

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KAR
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL

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.