MIRA INFORM REPORT

Report No. :	349671
Report Date :	16.11.2015

IDENTIFICATION DETAILS

Name :	RENFRO INDIA PRIVATE LIMITED
Registered Office :	Gat No. 1231 (Part), Sanaswadi, Taluka Shirur, District: Pune – 412208, Maharashtra
Tel. No.:	91-2137-391600
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.10.1995
Com. Reg. No.:	11-018285
Capital Investment / Paid-up Capital :	Rs.92.463 Million
CIN No.: [Company Identification No.]	U17118PN1995PTC018285
IEC No.:	0396052649
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK2518C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the Manufacturer and Seller of all types of Knitted Socks.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1277000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Renfro Corporation, USA. It is an established company having satisfactory track. The company has suffered loss from its business operations during FY 2014. However, rating favourably considers company’s good financial risk profile with adequate networth base, comfortable liquidity position and low debt balance sheet profile of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. Moreover, the company gets good support from its parent company. In the view of good support from parent company, 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	April 23, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	April 23, 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 31-03-2015.

INFORMATION DENIED

Management Non-Cooperative (Tel No.: 91-20-30552300)

LOCATIONS

Registered Office/ Factory 1 :	Gat No. 1231 (Part), Sanaswadi, Taluka Shirur, District: Pune – 412208, Maharashtra, India
Tel. No.:	91-2137-391600
Fax No.:	91-2137-391666
E-Mail :	finance@renfroindia.com customercare@renfroindia.com business@renfroindia.com suppliers@renfroindia.com
Website :	http://www.renfroindia.com
Factory 2 :	Gat No. 350, Wadivarhe, Tal. Igatpuri, District Nasik – 422403, Maharashtra, India
Tel. No.:	91-2553-306400/ 99
Fax No.:	91-2553-306408
Sales/ Marketing Office :	The Chambers, Office No. 403, Near Ganapati Temple, Viman Nagar, Pune – 411014, Maharashtra, India
Tel. No.:	91-20-30552300/ 30552308
Fax No.:	91-20-30552356
Website :	http://www.renfroindia.com

DIRECTORS

AS ON 18.12.2014

Name :

Mr. Rohit Yoginder Pal

Designation :

Managing director

Address :

Satellite Vega 103, Koregaon Park Extention, Mundhwa, Pune - 411036, Maharashtra, India

Date of Birth/Age :

08.10.1968

Qualification :

B Sc Finance and Economics, Clarkson University

MBA Entrepreneurship, Clarkson University

Experience :

17 Years

Date of Appointment :

24.06.2004

PAN No.:

AIJPP0530F

DIN No.:

01799567

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	U51900MH1995PTC084782	KARNIK OVERSEAS PRIVATE LIMITED	Director	19/01/1995	19/01/1995	-	Amalgamated	NO
2	U17118PN1995PTC018285	RENFRO INDIA PRIVATE LIMITED	Managing director	24/06/2004	24/06/2004	-	Active	NO
3	U91110PN2005NPL020305	YOUNG PRESIDENTS ORGANIZATION (PUNE CHAPTER)	Additional director	22/08/2015	22/08/2015	-	Active	NO

Name :

Mr. Chugh Yoginder Pal

Designation :

Director

Address :

11 B, Vaibhv, 80, B. Desai Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

06.03.1937

Qualification :

B E

Experience :

39 Years

Date of Appointment :

06.10.1995

PAN No.:

AACPP1234E

DIN No.:

00106536

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	U92410MH1946PLC004878	INDURI FARM LIMITED	Director	28/05/1979	28/05/1979	09/06/2015	Active	NO
2	U17303MH1995PTC093343	RENFRO INDIA PRIVATE LIMITED	Director	06/10/1995	06/10/1995	-	Not Available for eFiling	NO
3	U17118PN1995PTC018285	RENFRO INDIA PRIVATE LIMITED	Director	06/10/1995	06/10/1995	-	Active	NO
4	U15430MH1948PTC006457	Mondelez India Foods Private Limited	Director	01/04/1997	01/04/1997	25/03/2015	Active	NO
5	U74999MH2000NPL127870	FRANCHISING ASSOCIATION OF INDIA	Director	21/07/2000	21/07/2000	-	Active	NO
6	L29112DL1963PLC004084	SHRIRAM PISTONS AND RINGS LIMITED	Director	16/05/2003	16/05/2003	-	Active	NO
7	L72900MH2000PLC123841	APTECH LIMITED	Director	05/01/2004	05/01/2004	-	Active	NO
8	L36999KA1999PLC025195	UNITED BREWERIES LIMITED	Director	29/04/2005	29/04/2005	-	Active	NO
9	U92100MH1989PLC051768	MAYA ENTERTAINMENT LIMITED	Director	19/08/2011	30/05/2011	-	Amalgamated	NO
10	U74999PN2006PLC128787	Maya Entertainment Limited	Director	30/09/2014	24/09/2014	-	Active	NO

Name :

Mr. Menon Radhakrishnan Balakrishna

Designation :

Director

Address :

5, Bournville Apartments, Cadbury House, Bhulabhai Desi Road, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

23.02.1955

Date of Appointment :

30.09.2010

DIN No.:

01473781

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	U74999TG2007PTC054200	LBW CONSULTING PRIVATE LIMITED	Managing director	01/09/2007	30/05/2007	-	Active	NO
2	U17118PN1995PTC018285	RENFRO INDIA PRIVATE LIMITED	Director	30/09/2010	26/08/2010	-	Active	NO
3	U74140TG1994PLC018833	RAMKY ENVIRO ENGINEERS LIMITED	Director	30/09/2015	04/09/2015	-	Active	NO

Name :

Mr. Andrew Lomax Kilby JR

Designation :

Director

Address :

216 Howard St, Mount Airy, North Carolina, 270302932, United States of America

Date of Birth/Age :

24.01.1951

Date of Appointment :

24.09.2002

DIN No.:

02365929

Name :

Mr. George Michael Bowman

Designation :

Director

Address :

117 Hunting Hill Dr, Mount Airy, North Carolina 270309261, United States of America

Date of Birth/Age :

09.01.1951

Date of Appointment :

24.09.2002

Name :

Mr. David Harold Dinkins

Designation :

Director

Address :

1256 Greenhill Road, Mount Airy NC, North Carolina, 28272, United States of America

Date of Birth/Age :

23.08.1960

Date of Appointment :

30.09.2010

DIN No.:

03040156

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	U17118PN1995PTC018285	RENFRO INDIA PRIVATE LIMITED	Director	30/09/2010	04/03/2010	-	Active	NO

Name :

Mr. Susan Connors Bevard

Designation :

Director

Address :

2105 Margaret Dr, Mount Airy Nc 27030-2433, North Carolina, United States of America

Date of Birth/Age :

16.09.1965

Date of Appointment :

30.09.2010

DIN No.:

03320994

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	U17118PN1995PTC018285	RENFRO INDIA PRIVATE LIMITED	Director	30/09/2010	17/07/2010	-	Active	NO

Name :

Mr. James Timothy Pickett

Designation :

Director

Address :

3608 Wickersham Lane, Winston Salem, North Carolina - 271063583, United States of America

Date of Appointment :

24.09.2015

DIN No.:

07264585

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	U17118PN1995PTC018285	RENFRO INDIA PRIVATE LIMITED	Director	24/09/2015	22/08/2015	-	Active	NO

KEY EXECUTIVES

Name :	Yashvi Kumar Sancheti
Designation :	Secretary
Address :	1744, Badjatya Bhawan, Ghee Walon Ka Rasta, Johari Bazar, Jaipur - 302003, Rajasthan, India
Date of Birth/Age :	13.06.1984
Date of Appointment :	27.02.2013
PAN No.:	CIKPS6762D
Name :	Mr. Dibyendu Bandyopadhyay
Designation :	Chief Operating Officer
Date of Birth/Age :	40 Years
Qualification :	Chartered Accountant and Cost and Works Accountant (CWA)
Experience :	16 Years
Name :	Ankush Pandurang Lawate
Designation :	Secretary
Address :	23/2/3, Lane No. 1, Shrikrishna colony,, Thergaon Phata, Dange Chowk, Chinchwad, Pune, 411033, Maharashtra, INDIA
Date of Appointment :	24.08.2015
PAN No.:	AHNPL9890R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.12.2014

Names of Shareholders	No. of Shares
Carey Holdings (Mauritius) Private Limited, Mauritius	304388
Aekta Trust, India	103381
Wadhwa Murlidhar Ashok	685218
Khanna Simi	50000
Pal Yoginder Rohit	10
Renfro Corporation, USA	2968743
Pal Yoginder Chugh	1825746
Renfro and Cary Holdings Limited, Mauritius	4451187
Total	10388673

AS ON 18.12.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	74.35
Directors or relatives of directors	24.17
Other top fifty shareholders	1.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Manufacturer and Seller of all types of Knitted Socks.

Products :

ITC Code No.	Product Descriptions
61159500	Knitted Cotton Socks

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 :

Information declined by the management

Bankers :

· The Hongkong and Shanghai Banking Corporation Limited

Amar Avinash Corporate City, Shop No. 6-7-8, Survey No.11, Bund Garden Road, Pune - 411001, Maharashtra, India

· Export-Import Bank of India

Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· IndusInd Bank Limited

2401, Gen. Thimmayya Road, Cantonment, Pune - 411001, Maharashtra, India

· Axis Bank Limited

214-215, City Mall, Ganeshkhind Road, Near Pune University, Pune - 411007, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	1.070	3.626
Rupee term loans from others	12.746	18.817
Foreign currency term loans from others	137.295	160.286
SHORT TERM BORROWINGS
Working capital loans from banks	172.147	121.926
Loans repayable on demand	74.222	47.893
Total	397.480	352.548

Auditors :
Name :	S. R. Batliboi and Company LLP Chartered Accountants
Address :	22, Camac Street, Block C, 3rd Floor, Kolkata – 700016, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Ultimate holding company :	Renfro Corporation, USA
Fellow subsidiaries :	· Renfro and Cary Holding Limited · Renfro Asia Limited · Renfro Canada · Renfro Japan

CAPITAL STRUCTURE

After 18.12.2014

Authorised Capital : Rs.307.500 Million

Issued, Subscribed & Paid-up Capital : Rs.117.074 Million

AS ON 18.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs.150.000 Million
15750000	Preference Shares	Rs. 10/- each	Rs.157.500 Million
	Total		Rs.307.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10388673	Equity Shares	Rs. 10/- each	Rs.103.887 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11500000	Equity Shares	Rs. 10/- each	Rs.115.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9246293	Equity Shares	Rs. 10/- each	Rs. 92.463 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	92.463	90.759	77.605
(b) Reserves & Surplus	262.051	366.168	170.451
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	92.533	0.000	0.000
Total Shareholders’ Funds (1) + (2)	447.047	456.927	248.056
(3) Non-Current Liabilities
(a) Long-term borrowings	151.111	182.729	84.344
(b) Deferred tax liabilities (Net)	23.023	18.373	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	32.342	10.639	9.203
Total Non-current Liabilities (3)	206.476	211.741	93.547
(4) Current Liabilities
(a) Short term borrowings	246.369	169.819	36.588
(b) Trade payables	235.427	127.621	143.392
(c) Other current liabilities	160.954	52.793	171.382
(d) Short-term provisions	113.577	6.934	46.655
Total Current Liabilities (4)	756.327	357.167	398.017
TOTAL	1409.850	1025.835	739.620
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	581.223	546.752	317.388
(ii) Intangible Assets	1.382	2.261	2.015
(iii) Capital work-in-progress	47.452	3.798	40.989
(iv) Intangible assets under development	3.300	3.300	1.389
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	40.344	4.711	18.147
(e) Other Non-current assets	12.403	0.000	5.488
Total Non-Current Assets	686.104	560.822	385.416
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	430.072	229.099	208.815
(c) Trade receivables	104.178	86.627	45.739
(d) Cash and cash equivalents	87.881	36.746	31.925
(e) Short-term loans and advances	91.989	104.726	67.725
(f) Other current assets	9.626	7.815	0.000
Total Current Assets	723.746	465.013	354.204
TOTAL	1409.850	1025.835	739.620

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL INCOME	1528.216	1140.879	909.465
Less	EXPENSES
		TOTAL	1443.419	961.650	821.856
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		84.797	179.229	87.609
Less/ Add	DEPRECIATION/ AMORTISATION		78.080	53.867	40.118
	PROFIT/ (LOSS) BEFORE TAX		6.717	125.362	47.491
Less	TAX		7.370	18.373	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.653)	106.989	47.491
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		154.479	47.490	0.000
	BALANCE CARRIED TO THE B/S		153.826	154.479	47.491
	EARNINGS IN FOREIGN CURRENCY
		Export sales (F.O.B. value)	1170.102	754.302	614.395
		Retrospective price increase	0.000	0.000	6.539
		Miscellaneous income	0.000	11.842	0.000
	TOTAL EARNINGS		1170.102	766.144	620.934
	IMPORTS
		Raw Materials	49.114	51.608	13.362
		Components, packing material and spare parts	43.463	17.542	21.534
		Capital Goods	59.513	154.889	53.182
	TOTAL IMPORTS		152.090	224.039	88.078
	Earnings/ (Loss) Per Share (Rs.)		(0.07)	11.79	6.12

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	47.522	28.924	18.167
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	35.904	(50.525)	106.534
Net cash flow from operating activity	65.715	(80.742)	93.206

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.49	12.31	6.81
Return on Investment (ROI) (PBT/Networth)		0.02	0.27	0.19
Debt Equity Ratio (Total Debt/Networth)		1.00	0.83	0.56
Current Ratio (Current Asset/Current Liability)		0.96	1.30	0.89

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	77.605	90.759	92.463
Reserves & Surplus	170.451	366.168	262.051
Share Application money pending allotment	0.000	0.000	92.533
Net worth	248.056	456.927	447.047
Long-term borrowings	84.344	182.729	151.111
Short term borrowings	36.588	169.819	246.369
Current Maturities of Long-Term Debts	18.167	28.924	47.522
Total borrowings	139.099	381.472	445.002
Debt/Equity ratio	0.561	0.835	0.995

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)
Total Income	909.465	1140.879	1528.216
		25.445	33.951

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	909.465	1140.879	1528.216
Profit/ (Loss)	47.491	106.989	(0.653)
	5.22%	9.38%	(0.04%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject is a private limited company domiciled in India and incorporated under the provisions of Companies Act, 1956 on October 6, 1995, as Karnik Hurwits Intersocks Private Limited, a joint venture between Hurwits Intersocks S.R.L. and the Pal family. Consequent to the joint venture between Renfro Corporation, USA and the Pal family, the Company changed its name to Renfro India Private Limited. The Company is engaged in the manufacture and sale of knitted socks. The Company’s CIN is U17118PN1995PTC018285.

OUTLOOK

The Company has built production capacities in the past 18 months, the year 2014-15 is expected to have incremental sales but the real benefits from these additional capacities are expected from financial year 2015-16 and onwards.

Exports are expected to continue with steady growth rate and further investment is being planned for expansion in domestic market.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10528926	04/02/2015 *	248,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C44404234
2	10456120	04/02/2015 *	240,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	AMAR AVINASH CORPORATE CITY, SHOP NO. 6-7-8, SURVEY NO.11, BUND GARDEN ROAD, PUNE, PUNE, MAHARASHTRA - 411001, INDIA	C44864577
3	10384060	04/02/2015 *	155,000,000.00	AXIS BANK LIMITED	214-215, CITY MALL, GANESHKHIND ROAD, NEAR PUNE  UNIVERSITY, PUNE, MAHARASHTRA - 411007, INDIA	C44538643
4	10308663	18/06/2012 *	166,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B42696112
5	10275231	07/03/2011	3,810,128.00	ELECTRONICA FINANCE LIMITED	128/A, PLOT NO.3, KAILASHCHANDRA APPARTMENTS,, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA	B08310880
6	90090486	18/06/2012 *	232,600,000.00	INDUSIND BANK LIMITED	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA	B42435354

CONTINGENT LIABILITIES:

(Rs. in million)

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Income Tax demand * * Contingent liability represent disputed income tax demands pertaining to Assessment year 2009-10 arising from disallowances of the Company’s claim of uses of Resale Price Method for transfer pricing and adjustment of written down value of imported machinery under Income tax Act, 1956. The Company has received the final order from Disputed Resolution Panel (DRP) of Rs. Nil value.	0.000	34.331

FIXED ASSETS

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· 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 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.66.13
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	HNA
Report Prepared by :	SUD

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	5
--PROFITABILITY	1~10	3
--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	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		44

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.