MIRA INFORM REPORT

Report No. :	324069
Report Date :	23.05.2015

IDENTIFICATION DETAILS

Name :	MITTAL CORP LIMITED (w.e.f. 16.12.2008)
Formerly Known As :	JEWELS SEAMLESS LIMITED (w.e.f. 16.09.2008) JEWEL SEAMLESS LIMITED (w.e.f. 28.08.1995) JEWEL STEELS LIMITED
Registered Office :	315, Jolly Bhawan No.1, 10, New Marine Line, Mumbai – 400020, Maharashtra
Tel. No. :	91-22-22007526
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.07.1985
Com. Reg. No.:	11-169768
Capital Investment / Paid-up Capital :	Rs. 405.244 Million
CIN No.: [Company Identification No.]	U27106MH1985PLC169768
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCJ1303P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Stainless Steel Billets, Blooms, Rolled Flats of Various Thickness / Width.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 4500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The rating reflects its established market position in the stainless steel industry. Further, it has fair profitability during FY 2014. The rating also takes into consideration fair liquidity backed by favorable gap between trade receivables and payables during year under review. Trade relations reported to be fair. Business is active. Payments are reported to be slow but correct. In view of experienced promoters, subject can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating “BBB”
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	June 02, 2014

Rating Agency Name	CRISIL
Rating	Short Term Rating “A3+”
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	June 02, 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.

INFORMATION PARTED BY

Name :	Mr. Mahendra Jain
Designation :	Chief Financial Officer
Contact No.:	91-731-2437500
Date :	15.04.2015

LOCATIONS

Registered Office :	315, Jolly Bhawan No.1, 10, New Marine Line, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22007526
Fax No.:	91-22-22072752
E-Mail :	mittal.corp@yahoo.com info@mittalcorp.net cs@mittalco.p.net cfo@mittalco.p.net
Website :	http://www.mittalcorp.net
Area :	2000 Sq. Ft.
Location :	Owned
Corporate Office :	Maa Krepa, 16/1, New Palasia, Opposite Aishwarya Apatemtn, Near Curewell Hospital, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2437500 / 2436063
Fax No.:	91-731-2430408
Factory 1 :	Plot No.159, Sector-III, Industrial Area, Pithampur, District Dhar, Madhya Pradesh, India
Factory 2 :	Plot No.164-C, Sector III, Industrial Area, Pithampur, District Dhar, Madhya Pradesh, India
Branch Office :	Located At: · Ahmedabad · New Delhi · Jodhpur

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Karan Mittal

Designation :

Managing Director

Address :

153/1, Y.N. Road, Indore – 452 003, Madhya Pradesh, India

Date of Birth/Age :

31.12.1978

Date of Appointment :

01.09.2011

DIN No.:

00328725

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	U07220MP1995PLC009259	PARKS WEBTECH LIMITED	Director	01/10/1998	01/10/1998	-	Active	NO
2	U72200MP1999PTC013838	PARKS INFOWAY PRIVATE LIMITED	Director	09/11/1999	09/11/1999	-	Active	NO
3	U74899DL1995PTC069063	PARK HOLDINGS PRIVATE LIMITED	Director	07/09/2002	07/09/2002	-	Active	NO
4	U74899DL1995PTC069062	PARKS SALES PRIVATE LIMITED	Director	07/09/2002	07/09/2002	-	Active	NO
5	U27106MH1985PLC169768	MITTAL CORP LIMITED	Managing director	01/09/2011	25/09/2002	-	Active	NO
6	U51109MP1988PTC004632	LABH GANGA MARKETING PRIVATE LIMITED	Director	01/10/2006	01/10/2006	-	Active	NO
7	U64120MP1990PTC005706	PANDIT HOLDINGS PVT LTD	Director	01/10/2006	01/10/2006	-	Active	NO
8	U27310MH2007PTC171162	KN Metals Private Limited	Director	25/05/2007	25/05/2007	03/12/2010	Active	NO
9	U27310DL2007PTC164175	Future Stainless Steels Private Limited	Director	30/05/2007	30/05/2007	28/02/2009	Active	NO
10	U74140MP2009PTC022616	Matashrey Investment Services Private Limited	Director	10/11/2009	10/11/2009	-	Active	NO
11	U74140MP2009PTC022728	B L Agencies Private Limited	Director	26/11/2009	26/11/2009	-	Active	NO
12	U13209MH2010PTC207551	KNK Corp Private Limited	Director	09/09/2010	09/09/2010	20/01/2015	Active	NO
13	U27100MH2010PTC198414	MCL Global Steel Private Limited	Director	28/09/2012	10/04/2012	-	Active	NO

Name :

Mr. Dinesh Kumar Agrawal

Designation :

Whole Time Director

Address :

471, Sudama Nagar, Indore – 452 009, Madhya Pradesh, India

Date of Birth/Age :

12.10.1967

Date of Appointment :

26.09.2014

DIN No.:

00328874

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	U27106MH1985PLC169768	MITTAL CORP LIMITED	Whole-time director	26/09/2014	08/02/1999	-	Active	NO
2	U74899DL1995PTC065792	SPHINX INVESTMENTS PRIVATE LIMITED	Director	07/02/2002	07/02/2002	-	Active	NO
3	U27203MP1981PTC001743	MITTAL ENTERPRISES PVT LTD	Director	05/09/2002	05/09/2002	-	Active	NO
4	U67120MP1990PTC005799	ESHA AGRICULTURAL INVESTMENTS PVT LTD	Director	05/09/2002	05/09/2002	11/09/2008	Active	NO
5	U74899DL1994PTC063667	MAHALAXMI EXIM PRIVATE LIMITED	Director	07/09/2002	07/09/2002	-	Active	NO
6	U64120MP1990PTC005706	PANDIT HOLDINGS PVT LTD	Director	29/09/2010	01/10/2009	-	Active	NO
7	U13209MH2010PTC207551	KNK Corp Private Limited	Director	09/09/2010	09/09/2010	06/01/2015	Active	NO
8	U27100MH2010PTC198414	MCL Global Steel Private Limited	Director	28/09/2012	10/04/2012	-	Active	NO
9	U74140MP2009PTC022728	B L Agencies Private Limited	Director	27/09/2013	27/05/2013	09/02/2015	Active	NO

Name :

Mr. Vinod Kumar

Designation :

Whole Time Director

Address :

41, Prkroti Enclave, Bicholi Road, Indore – 452 001, Madhya Pradesh, India

Date of Birth/Age :

08.07.1952

Date of Appointment :

26.09.2014

DIN No.:

02728746

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	U75132OR2004NPL007530	JAJPUR CLUSTER DEVELOPMENT	Nominee director	29/09/2007	29/09/2007	17/11/2009	Active	NO
2	U27106MH1985PLC169768	MITTAL CORP LIMITED	Whole-time director	26/09/2014	12/08/2009	-	Active	NO

Name :

Mr. Mukesh Mandhani

Designation :

Additional director

Address :

Ward No. 11, Band Hanuman Gali, Rahu Gate Ke Pass, Towan Ladnun, Ladnun District Nagaur – 341306, Rajasthan, India

Date of Appointment :

20.01.2015

DIN No.:

07075075

KEY EXECUTIVES

Name :	Awadhesh Kumar Gupta
Designation :	Secretary
Address :	48, Nyay Nagar, Opposite, Marthoma School, Indore – 452010, Madhya Pradesh, India
Date of Birth/Age :	21.07.1974
Date of Appointment :	02.01.2014
PAN No. :	AKWPG6035B
Name :	Mr. Mahendra Jain
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Karan Mittal	561600
Pandit Holding Private Limited, India	6866700
Labh Ganga Marketing Private Limited, India	13161275
Mahalaxmi Exim Private Limited, India	4302000
Sphinx Investments Private Limited, India	3462090
Mittal Enterprises Private Limited, India	2329800
Parks Sales Private Limited, India	1436100
KN Metals Private Limited, India	1419000
Park Holdings Private Limited, India	1356300
Parks lnfoway Private Limited, India	1058100
Parks Webtech Private Limited, India	1014900
Future Stainless Steels Private Limited, India	870000
Gee Tee Forms Private Limited, India	723000
Mahesh G. Jarani	1095720
Kamla Jarani	240000
Om prakash Purey	33900
Dinesh Amawal	22500
Bennett Coleman and Company Limited, India	5
Matashrey Investment Service Private Limited, India	571428
Total	40524418

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	95.18
Directors or relatives of Directors	1.44
Other top fifty shareholders	3.38
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Stainless Steel
Billets, Blooms, Rolled Flats of Various Thickness / Width.

Products :

Item Code No. (ITC Code)	Product Description
99611925	Products of Steel

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Vietnam

Imports :

Products :

Raw Material

Countries :

• UK
• UAE
• South Africa

Terms :

Selling :

Cash and Credit (30, 60 and 90 days)

Purchasing :

Cash and Credit (30, 60 and 90 days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Sarda Power and Steel Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Reference :	Tata Steel Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users and OEMs

Reference :	Bansal Wire Industries Limited, Gaziabad
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Reference :	M.A. Enterprises, Jodhpur
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

800 (Approximately)

Bankers :

Banker Name	Oriental Bank of Commerce
Branch Address	R.N.T. Marg Branch, Indore
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Indian Bank, R.N.T. Marg Branch, Indore – 452001, Madhya Pradesh, India

• ICICI Bank Limited, Land mark, Race Course Circle, Vadodara – 390007, Gujarat, India

• Export-Import Bank of India , Centre One Building, Floor 21, World Trade Centre Complex, Cuff Parade, Mumbai – 400005, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	756.609	959.099
Other loans and advances	0.387	3.216
SHORT TERM BORROWINGS
Working capital loans from banks	1546.322	1211.710
Total	2303.318	2174.025

Auditors :
Name :	Mahendra Badjatya and Company Chartered Accountants
Address :	208, Morya Centre, 16, Race Course Road, Indore – 452003, Madhya Pradesh, India
PAN No:	AAVFM8487C
Memberships :	Not Available
Collaborators :	Not Available
Enterprises in which key managerial personnel & their relatives exercise significant influence :	L Agencies Private Limited KNK Corp Private Limited Labhganga Marketing Private Limited Mahalaxmi Exim Private Limited Matashrey Investment Services Private Limited MCL Global Steel Private Limited Mittal Enterprises Private Limited Pandit Holdings Private Limited Park Holdings Private Limited Parks Infoway Private Limited Parks Sales Private Limited Parks Webtech Limited. Sphinx Investments Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40524418	Equity Shares	Rs.10/- each	Rs. 405.244 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	405.244	405.244	352.196
(b) Reserves & Surplus	1158.654	1007.040	705.403
(c) Money received against share warrants	20.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1583.898	1412.284	1057.599
(3) Non-Current Liabilities
(a) long-term borrowings	756.996	962.315	942.523
(b) Deferred tax liabilities (Net)	63.634	60.386	38.416
(c) Other long term liabilities	918.465	826.325	340.150
(d) long-term provisions	7.560	7.198	6.773
Total Non-current Liabilities (3)	1746.655	1856.224	1327.862
(4) Current Liabilities
(a) Short term borrowings	3190.059	2488.552	1503.634
(b) Trade payables	76.970	186.143	34.952
(c) Other current liabilities	331.412	256.085	161.960
(d) Short-term provisions	42.260	50.626	63.738
Total Current Liabilities (4)	3640.701	2981.406	1764.284
TOTAL	6971.254	6249.914	4149.745
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2172.508	2333.692	976.012
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	11.000	65.411	864.025
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	12.560	0.160	0.160
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	101.101	67.112	61.581
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2297.169	2466.375	1901.778
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1830.288	1930.446	889.002
(c) Trade receivables	2135.619	1339.902	994.802
(d) Cash and cash equivalents	369.158	271.764	231.505
(e) Short-term loans and advances	308.116	231.914	125.793
(f) Other current assets	30.904	9.513	6.865
Total Current Assets	4674.085	3783.539	2247.967
TOTAL	6971.254	6249.914	4149.745

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	12330.435	8909.087	6666.997
	Other Income	36.365	22.368	13.236
	TOTAL (A)	12366.800	8931.455	6680.233
Less	EXPENSES
	Cost of Materials Consumed	7662.567	6240.704	4243.065
	Purchases of Stock-in-Trade	2166.422	1587.523	1233.997
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	250.503	(417.040)	(88.841)
	Employees benefits expense	210.705	130.719	88.619
	Other expenses	1268.403	835.027	748.431
	Prior Period Items	3.271	(10.979)	0.368
	Exceptional Items	42.726	18.697	23.125
	TOTAL (B)	11604.597	8384.651	6248.764
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	762.203	546.804	431.469
Less	FINANCIAL EXPENSES (D)	323.699	162.482	127.602
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	438.504	384.322	303.867
Less/ Add	DEPRECIATION/ AMORTISATION (F)	241.382	121.491	80.531
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	197.122	262.831	223.336
Less	TAX (H)	45.508	72.596	70.691
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	151.614	190.235	152.645
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	40.583	0.000	0.000
	TOTAL EARNINGS	40.583	0.000	0.000
	IMPORTS
	Raw Materials	962.762	373.070	299.532
	Stores, spares & consumables	119.872	109.668	33.223
	Capital Goods	21.505	1.686	347.035
	Advances for Stores, spares & consumables	14.680	0.000	7.895
	Advances for Capital Goods	0.000	0.030	22.666
	TOTAL IMPORTS	1118.819	484.454	710.351
	Earnings / (Loss) Per Share (Rs.)	3.74	4.97	4.64

Expected Sales (2014-2015): Rs. 20000.000 Million

The above information has been parted by Mr. Mahendra Jain (Chief Financial Officer)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
Current Maturities of Long term debt	244.136	148.990	73.860
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.23	2.14	2.29
Operating Profit Margin (PBDIT/Sales)	(%)	6.18	6.14	6.47
Return on Total Assets (PBT/Total Assets}	(%)	2.84	4.25	6.80
Return on Investment (ROI) (PBT/Networth)		0.12	0.19	0.21
Debt Equity Ratio (Total Debt/Networth)		2.65	2.55	2.38
Current Ratio (Current Asset/Current Liability)		1.28	1.27	1.27

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	352.196	405.244	405.244
Reserves & Surplus	705.403	1007.040	1158.654
Net worth	1057.599	1412.284	1563.898
long-term borrowings	942.523	962.315	756.996
Short term borrowings	1503.634	2488.552	3190.059
Current Maturities of Long Term Debt	73.860	148.990	244.136
Total borrowings	2520.017	3599.857	4191.191
Debt/Equity ratio	2.383	2.549	2.680

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	6666.997	8909.087	12330.435
		33.630	38.403

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	6666.997	8909.087	12330.435
Profit	152.645	190.235	151.614
	2.29%	2.14%	1.23%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	No
6	Contact numbers	No
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	No
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	No
33	Market information	No
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

During the year, gross turnover of the company has increased to Rs. 13523.628 Million as against Rs. 9663.855 Million for the previous year ended 31st March, 2013, recording an increase of 39.94 %. During the year, EBITDA increased to Rs. 808.200 Million from Rs. 554.522 Million for the previous year ended 31st March, 2013. Profit after tax for the year stood at Rs. 151.614 Million as against Rs. 190.235 Million during last year.

The Company is a manufacturer of Stainless steel, Alloy Steel and Mild Steel long products. Its product range includes Wire Rods, hotrolled deformed bars, rounds, QTR bars, Billets, Flats etc. It operates two units

• Unit I (Steel Melt Shop) capacity: 120,000 TPA

• Unit II (Bar and Wire Rod Mill) capacity: 150,000 TPA

Unit II was commissioned in September, 2012. The present capex at Unit II is about Rs. 17.500 Million. The Company selected M/s Danieli Morgardshammer, Sweden for supply of technology and main equipments for the project who completed the work in record time. Unit II is capable of producing wire rod, rounds in all grades of stainless steel, alloy steel and carbon steel.

Company is catering to segments ranging from normal household goods to specialized steels. A comprehensive portfolio of long products allows the company to deliver the products as per customer’s requirement.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10523581	01/10/2014	660,000,000.00	ORIENTAL BANK OF COMMERCE	CHETAK CENTER, 12/2, R. N.T MARG, CHETAK CENTRE, INDORE, INDORE, MADHYA PRADESH - 452001, INDIA	C25312620
2	10518881	06/09/2014	300,000,000.00	BANK OF MAHARASHTRA	ADVANCES DEPARTMENT, 1ST FLOOR JANMANGAL, 45/47 MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	C19801471
3	10516494	30/07/2014	1,100,000,000.00	ORIENTAL BANK OF COMMERCE	CHETAK CENTER, 12/2, R. N.T MARG, INDORE, MADHYA PRADESH - 452001, INDIA	C17923954
4	10364572	19/12/2013 *	2,690,000,000.00	ORIENTAL BANK OF COMMERCE	CHETAK CENTER, 12/2, R. N. T. MARG, INDORE, MADHYA PRADESH - 452001, INDIA	B93968840
5	10356207	29/05/2012 *	970,000,000.00	ORIENTAL BANK OF COMMERCE	CHETAK CENTRE, 12/2, R. N. T. MARG, INDORE, MADHYA PRADESH - 452001, INDIA	B40213845
6	10355752	25/04/2012	30,000,000.00	ORIENTAL BANK OF COMMERCE	CHETAK CENTER, 12/2, R. N. T. MARG, INDORE, MADHYA PRADESH - 452001, INDIA	B39631924
7	10239349	19/06/2013 *	366,500,000.00	ORIENTAL BANK OF COMMERCE	CHETAK CENTER, 12/2, R.N.T. ROAD, INDORE, MADHYA  PRADESH - 452001, INDIA	B78912730
8	10239240	19/06/2013 *	3,770,000,000.00	ORIENTAL BANK OF COMMERCE	CHETAK CENTER, 12/2 R. N. T. MARG, INDORE, MADHYA  PRADESH - 452001, INDIA	B78095551

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
SHORT TERM BORROWINGS
Other loans and advances, others	1643.737	1276.842
Total	1643.737	1276.842

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Outstanding L/C, FLC & BLC	2151.415	1170.355
Disputed demand of Income Tax for AY 2006-07 (Appeal at Appellate Tribunal) fully paid but not provided for	1.451	1.451
Disputed demand of Income Tax for AY 2008-09 (Appeal at CIT Appeal) fully paid but not provided for	1.616	1.616
Disputed demand of Income Tax for AY 2009-10 (Appeal at CIT Appeal) not provided for	3.214	3.214
Disputed demand of Income Tax for AY 2010-11 (Appeal at CIT Appeal) fully paid but not provided for	1.061	0.000
Bank Guarantee	0.000	2.200
Disputed demand of Excise under Appeal fully paid but not provided for	3.300	0.800
Disputed Demand of Commercial Tax / Entry Tax under Appeal fully paid but not provided for	1.340	1.340
Total	2163.397	1180.976

FIXED ASSETS

• Land
• Buildings
• Factory building
• Other building
• Plant and equipment
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Computer equipments
• Other equipments

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	Rs63.57
UK Pound	1	Rs. 99.67
Euro	1	Rs. 70.93

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.