MIRA INFORM REPORT

Report No. :	350426
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	THE MOBILESTORE SERVICES LIMITED (w.e.f. 10.08.2010)
Formerly Known As :	THE MOBILESTORE SERVICES PRIVATE LIMITED (w.e.f. 03.09.2007) MOBILE STORE SERVICES PRIVATE LIMITED
Registered Office :	Equinox Business Park, Building-B, 1^st Floor, Old Swan Mills Compound, L.B.S. Marg, Kurla (West), Mumbai – 400070, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.04.2007
Com. Reg. No.:	11-169998
Capital Investment / Paid-up Capital :	Rs. 8.400 Million
CIN No.: [Company Identification No.]	U74999MH2007PLC169998
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	MUMM32195C
PAN No.: [Permanent Account No.]	AAFCM1095F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Distributor of telecom, consumer electronics and related products including mobile handsets, accessories, domestic appliances and other consumer durable products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of The MobileStore Services (Mauritius) Limited, incorporated in the year 2007. It has satisfactory track. Management has registered improved scales of operations with the top line growth of 9.6%. The company has thin profit margin due to the trading nature of operations and increasing competition in mobile handset. The rating derives strength from the established promoter group, association with the leading mobile handset brands and low inventory risk. Trade relations are fair. Business is active. Payments are slow but correct. In view of aforesaid, the company 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	CARE
Rating	Long term bank facilities: “B+”
Rating Explanation	Risk-prone-credit quality and carries very high credit risk.
Date	25.02.2015

Rating Agency Name	CARE
Rating	Short term bank facilities: “A4”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	25.02.2015

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 31-03-2015.

INFORMATION DENIED BY

Name :	Ms. Nilam
Designation :	Accountant
Contact No.:	91-22-40011100
Date :	19.11.2015

LOCATIONS

Registered Office :	Equinox Business Park, Building-B, 1^st Floor, Old Swan Mills Compound, L.B.S. Marg, Kurla (West), Mumbai – 400070, Maharashtra, India
Tel. No.:	91-22-67447727/ 66601100/ 40011100/ 67448996
Fax No.:	91-22-67082177/ 66669435/ 67447530
E-Mail :	neelamv@themobilestore.in
Website :	http://www.themobilestore.in
Corporate Office :	Unit 501 and 502, Kohinoor City, Kirol Road, Off LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India
Tel. No.:	91-22-60006363
E-Mail :	mobicares@mytns.in
Retail Offices :	Located at: · Kolkata · Chennai · Maharashtra · Hyderabad · Bangalore · Cochin

DIRECTORS

As on 30.09.2014

Name :

Mr. Narottam Banulal Vyas

Designation :

Director

Address :

A-3/1701, Whispering Palms, Lokhandwala Complex, Akurli Road, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

03.07.1954

Qualification :

Chartered Accountant and Company Secretary

Date of Appointment :

15.02.2010

DIN No.:

00055499

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	U93090TN1983PTC019552	ESSAR PROPERTIES Private Limited	Director	01/10/1998	01/10/1998	06/06/2011	Active	NO
2	U93090TN1974FLC031513	CHILLODA FARMS LIMITED	Director	01/10/1998	01/10/1998	01/09/2005	Active	NO
3	U70100MH1982PTC117644	ESSAR HOUSE Private Limited	Director	01/10/1998	01/10/1998	04/07/2012	Active	NO
4	U63040MH1990PLC056592	FUTURA TRAVELS LIMITED	Director	01/10/1998	01/10/1998	04/07/2012	Active	NO
5	U30006TN1981PLC008616	ESSAR TELEHOLDINGS LIMITED	Director	24/03/2000	24/03/2000	-	Active	NO
6	U67190TN1972FLC031512	RUPA INVESTMENTS LIMITED	Director	31/08/2000	31/08/2000	01/09/2005	Active	NO
7	U99999MH1995PLC130159	Essar Holdings Limited	Director	31/08/2000	31/08/2000	01/09/2005	Amalgamated	NO
8	U35111TN1992PLC023724	ESSAR SISCO SHIP MANAGEMENT COMPANY LIMITED	Director	08/05/2002	08/05/2002	10/11/2008	Amalgamated	NO
9	U27100GJ2005PLC046272	ESSAR STEEL JHARKHAND LIMITED	Director	17/06/2005	17/06/2005	18/12/2008	Active	NO
10	U27100GJ2005FLC046274	ESSAR STEEL CHHATTISGARH LIMITED	Director	17/06/2005	17/06/2005	18/12/2008	Active	NO
11	U27100GJ2005FLC046273	ESSAR STEEL (HAZIRA) LIMITED	Director	17/06/2005	17/06/2005	18/12/2008	Amalgamated	NO
12	U51900MH1993PTC071684	PRAJESH MARKETING Private Limited	Director	01/09/2005	01/09/2005	08/04/2010	Active	NO
13	U65990MH1989PLC054296	SASMITA INVESTMENTS LIMITED	Director	02/09/2005	02/09/2005	23/07/2007	Active	NO
14	U31101DL2005PLC211274	ESSAR POWER (JHARKHAND ) LIMITED	Director	19/10/2005	19/10/2005	05/04/2010	Active	NO
15	U31101GJ2005PLC081701	ESSAR POWER (ORISSA) LIMITED	Director	19/10/2005	19/10/2005	05/04/2010	Active	NO
16	U70101MH1989PLC053170	PRATIK ESTATES LIMITED	Director	01/11/2005	01/11/2005	01/03/2008	Active	NO
17	U64202MH1995PTC087774	ESSAR INFRASTRUCTURE SERVICES Private Limited	Director	08/09/2006	08/09/2006	05/04/2012	Active	NO
18	U74210MH2006PLC159709	Jubilee Shipping & Logistics Holdings Limited	Additional director	14/11/2008	14/02/2007	01/02/2010	Active	NO
19	U27106MH2007PLC172940	ESSAR PELLETS MARKETING LIMITED	Director	08/08/2007	08/08/2007	18/12/2008	Active	NO
20	U99999MH1973PTC016585	WELLMAN HINDUSTAN Private Limited	Director	29/09/2008	20/09/2007	30/08/2011	Active	NO
21	U45203TN1990PTC026337	Imperial Procurement Services Private Limited	Additional director	07/04/2008	07/04/2008	-	Active	NO
22	U11101MH2007PLC171125	Essar Exploration & Production India Limited	Director	01/04/2009	01/04/2009	03/12/2009	Active	NO
23	U40106TN2007PLC062252	ESSAR POWER TAMILNADU LIMITED.	Director	10/07/2009	15/04/2009	05/04/2010	Under liquidation	NO
24	U35923GJ2009PLC057269	AMW AUTOCOMPONENT LIMITED	Director	16/06/2009	16/06/2009	08/06/2011	Active	NO
25	U67120TN2008PLC089704	ESSAR CAPITAL HOLDINGS (INDIA) LIMITED	Additional director	01/10/2009	01/10/2009	-	Active	NO
26	U74999MH2007PLC169998	THE MOBILESTORE SERVICES LIMITED.	Director	15/02/2010	15/12/2009	-	Active	NO
27	U99999MH1976PLC034721	ESSAR INVESTMENTS LIMITED	Director	01/07/2013	11/02/2010	-	Active	NO
28	L65990MH1984PLC033128	FRONTIER CAPITAL LIMITED	Director	30/09/2010	17/05/2010	05/08/2014	Active	NO
29	U65993TN1993PTC024724	IMPERIAL CONSULTANTS AND SECURITIES PRIVATE LIMITED	Director	28/09/2012	07/04/2012	-	Active	NO
30	L65990TN2005PLC071791	ESSAR SECURITIES LIMITED	Director	26/09/2014	24/08/2012	-	Active	NO

Name :

Mr. Mark Agnelo Silgardo

Designation :

Director

Address :

402/502, Anclare Abode, Plot No.96, St. Andrews Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

20.04.1958

Qualification :

MBA in International Finance, Post graduate studies in Marketing

Date of Appointment :

15.02.2010

DIN No.:

02298310

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	U65990MH2004FLC149552	ETHL GLOBAL CAPITAL LIMITED	Director	17/11/2004	17/11/2004	-	Under liquidation	NO
2	U93090TN1976PLC007236	ESSAR SERVICES LIMITED	Director	13/07/2005	13/07/2005	-	Dissolved	NO
3	U72200DL1997PTC085855	SOFTENG COMPUTERS PRIVATE LIMITED	Director	22/08/2005	22/08/2005	07/04/2010	Amalgamated	NO
4	U72200HR2003PTC043637	ATC Telecom Tower Corporation Private Limited	Director	22/08/2005	22/08/2005	06/08/2010	Active	NO
5	U65990MH1995PTC087697	Ample Holdings Private Limited	Director	22/08/2005	22/08/2005	-	Active	NO
6	U93090TN1974FLC031513	CHILLODA FARMS LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
7	U67190TN1972FLC031512	RUPA INVESTMENTS LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
8	U63090TN1995FLC029809	TELETECH INVESTMENTS (INDIA) LIMITED	Director	28/02/2006	28/02/2006	-	Under liquidation	NO
9	U93090MH2006PLC163779	ESSAR OILFIELD SERVICES INDIA LIMITED	Director	14/08/2006	14/08/2006	15/06/2009	Active	NO
10	U74999TN2008PTC067735	INIMITABLE CAPITAL FINANCE PRIVATE LIMITED	Director	14/05/2008	14/05/2008	01/09/2014	Active	NO
11	U65921MH2008PLC182234	AMW FINANCE LIMITED	Director	15/05/2008	15/05/2008	16/02/2012	Active	NO
12	U64200TN2008PLC089703	ESSAR SATVISION LIMITED	Director	16/06/2008	16/06/2008	-	Active	NO
13	U65923TN2007PLC085016	Essar Capital Limited	Director	27/09/2010	17/06/2008	-	Active	NO
14	U65990WB2008PLC126729	AMW CAPITAL LIMITED	Director	19/06/2008	19/06/2008	-	Strike off	NO
15	U67120TN2008PLC089704	ESSAR CAPITAL HOLDINGS (INDIA) LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
16	U74999MH2007PLC169998	THE MOBILESTORE SERVICES LIMITED.	Director	15/02/2010	15/12/2009	-	Active	NO
17	U93000KA2012PTC062559	MERADATA PRIVATE LIMITED	Director	15/02/2012	15/02/2012	-	Active	NO
18	L99999TN1984PLC075902	INDIA SECURITIES LIMITED	Additional director	11/05/2012	11/05/2012	-	Amalgamated	NO
19	L65990TN2005PLC071791	ESSAR SECURITIES LIMITED	Director	28/09/2012	14/05/2012	-	Active	NO
20	U72200KA2013PTC072405	TECHPRIMUS SOLUTIONS INDIA PRIVATE LIMITED	Director	09/12/2013	09/12/2013	-	Active	NO
21	L32200MH1986PLC040652	AGC NETWORKS LIMITED	Director	07/08/2014	22/04/2014	-	Active	NO

Name :

Mr. Neeraj Gupta

Designation :

Director

Address :

Flat No.3, 2^nd Floor, Samudra Gaurav Apartments, Worli Sea Face, Worli, Mumbai - 400025, Maharashtra, India

Date of Birth/Age :

20.11.1968

Qualification :

Chartered Accountant

Date of Appointment :

15.12.2009

DIN No.:

00317395

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	U65990MH2004FLC149552	ETHL GLOBAL CAPITAL LIMITED	Director	17/11/2004	17/11/2004	-	Under liquidation	NO
2	U93090TN1976PLC007236	ESSAR SERVICES LIMITED	Director	13/07/2005	13/07/2005	-	Dissolved	NO
3	U72200DL1997PTC085855	SOFTENG COMPUTERS PRIVATE LIMITED	Director	22/08/2005	22/08/2005	07/04/2010	Amalgamated	NO
4	U72200HR2003PTC043637	ATC Telecom Tower Corporation Private Limited	Director	22/08/2005	22/08/2005	06/08/2010	Active	NO
5	U65990MH1995PTC087697	Ample Holdings Private Limited	Director	22/08/2005	22/08/2005	-	Active	NO
6	U93090TN1974FLC031513	CHILLODA FARMS LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
7	U67190TN1972FLC031512	RUPA INVESTMENTS LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
8	U63090TN1995FLC029809	TELETECH INVESTMENTS (INDIA) LIMITED	Director	28/02/2006	28/02/2006	-	Under liquidation	NO
9	U93090MH2006PLC163779	ESSAR OILFIELD SERVICES INDIA LIMITED	Director	14/08/2006	14/08/2006	15/06/2009	Active	NO
10	U74999TN2008PTC067735	INIMITABLE CAPITAL FINANCE PRIVATE LIMITED	Director	14/05/2008	14/05/2008	01/09/2014	Active	NO
11	U65921MH2008PLC182234	AMW FINANCE LIMITED	Director	15/05/2008	15/05/2008	16/02/2012	Active	NO
12	U64200TN2008PLC089703	ESSAR SATVISION LIMITED	Director	16/06/2008	16/06/2008	-	Active	NO
13	U65923TN2007PLC085016	Essar Capital Limited	Director	27/09/2010	17/06/2008	-	Active	NO
14	U65990WB2008PLC126729	AMW CAPITAL LIMITED	Director	19/06/2008	19/06/2008	-	Strike off	NO
15	U67120TN2008PLC089704	ESSAR CAPITAL HOLDINGS (INDIA) LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
16	U74999MH2007PLC169998	THE MOBILESTORE SERVICES LIMITED.	Director	15/02/2010	15/12/2009	-	Active	NO
17	U93000KA2012PTC062559	MERADATA PRIVATE LIMITED	Director	15/02/2012	15/02/2012	-	Active	NO
18	L99999TN1984PLC075902	INDIA SECURITIES LIMITED	Additional director	11/05/2012	11/05/2012	-	Amalgamated	NO
19	L65990TN2005PLC071791	ESSAR SECURITIES LIMITED	Director	28/09/2012	14/05/2012	-	Active	NO
20	U72200KA2013PTC072405	TECHPRIMUS SOLUTIONS INDIA PRIVATE LIMITED	Director	09/12/2013	09/12/2013	-	Active	NO
21	L32200MH1986PLC040652	AGC NETWORKS LIMITED	Director	07/08/2014	22/04/2014	-	Active	NO

Name :

Mr. Alok Gupta

Designation :

Director

Address :

S-1202, The Imperial, Tardeo, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

02.05.1966

Qualification :

Management Graduate and Attended the Advanced Management Program at Harvard Business School

Date of Appointment :

18.04.2011

DIN No.:

02330045

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	U85110KA1993PLC015001	COFFEE DAY GLOBAL LIMITED	Director	04/09/2008	04/09/2008	06/07/2011	Active	NO
2	U74999MH2007PLC169998	THE MOBILESTORE SERVICES LIMITED.	Director	30/09/2011	18/04/2011	09/06/2015	Active	NO
3	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Whole-time director	20/10/2012	03/09/2012	16/11/2013	Active	NO
4	U74900GJ2007PLC066273	ESSAR POWER GUJARAT LIMITED	Director	27/09/2013	07/09/2012	26/12/2013	Active	NO
5	U40300GJ2006PLC063146	Essar Power Hazira Limited	Director	30/09/2013	07/09/2012	26/12/2013	Active	NO
6	U31101GJ2005PLC081701	ESSAR POWER (ORISSA) LIMITED	Director	12/09/2013	07/09/2012	26/12/2013	Active	NO
7	U40100DL2005PLC201961	ESSAR POWER M P LIMITED	Director	12/09/2013	07/09/2012	26/12/2013	Active	NO
8	U74120HR2007PTC039021	IMPACT RETAIL Private Limited	Director	30/09/2015	19/06/2015	-	Active	NO
9	U51909MH2006PTC164605	Essar Retail Holdings Private Limited	Director	30/09/2015	19/06/2015	-	Active	NO
10	U51900MH2006PLC160647	The MobileStore Limited	Managing director	30/09/2015	08/07/2015	-	Active	NO
11	U63090MH2015PTC270097	FED On-Demand Technology Private Limited	Director	10/11/2015	10/11/2015	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders	No. of Shares
The Mobilestore Limited, India	9998
Rajiv Agarwal - Nominee and The Mobilestore Limited, India	1
The Mobilestore Services (Mauritius) Limited, Mauritius	700000
Tara India Holdings A Limited, Mauritius	10
IL&FS Trust Company Limited on behalf of Tara India Fund III Domestic Trust, India	10
IL&FS Trust Company Limited on behalf of Tara India Fund III Trust, India	10
Narottam Babulal Vyas – Nominee and The Mobilestore Limited, India	1
Essar Retail Holdings Limited, India	33437
Bennett Coleman and Company Limited, India	100
Total	743567

Names of Preference Shareholders	No. of Shares
Tara India Holdings A Limited, Mauritius	76663
IL&FS Trust Company Limited on behalf of Tara India Fund III Domestic Trust, India	14005
IL&FS Trust Company Limited on behalf of Tara India Fund III Trust, India	11844
The Mobile Store Limited, India	41000000
Total	41102512

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	94.14
Bodies corporate	5.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of telecom, consumer electronics and related products including mobile handsets, accessories, domestic appliances and other consumer durable products.

Products :

Item Code No. (ITC Code)	Product Description
87052000	Mobile Hadsets, Accessories

Brand Names :

Not Available

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	The Jammu and Kashmir Bank Limited
Branch:	1st Floor, National Business Center, (Near MMRDA, Ground), Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· UCO Bank, Flagship Corporate Branch, Nariman Point, Mumbai - 400021, Maharashtra, India

· Punjab National Bank, Raheja Chambers, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Other loans and advances, others	984.200	672.000
Total	984.200	672.000

NOTES :

Primary Security: First Pari-passu charge on the Borrower's stocks of raw materials, semi-finished and finished goods, consumable stores, book debts/ receivables and such other movables. Second pari-passu charge on all immovable and movable fixed assets of the company and assignment of charge on all fixed and movable assets of The MobileStore Limited (TMSL).

Collateral Security: Following collateral security on pari-passu basis with other working capital consortium lenders: - Corporate Guarantee from Essar Retail Holdings Limited.

Auditors :
Name :	S. R. Batliboi and Company LLP Chartered Accountants
Address :	14^th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai - 400028, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9180N
Memberships :	--
Collaborators :	--
Holding Company:	The MobileStore Services (Mauritius) Limited, Mauritius
Other Related Parties :	· Aegis Limited [CIN No.: U99999MH1992PLC064767] · The MobileStore Services (Mauritius) Limited, Mauritius · Essar Global Fund Limited (EGFL), Cayman Islands

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Million
41,500,000	Preference Shares	Rs.10/- each	Rs. 415.000 Million
	Total		Rs. 435.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
743,567	Equity Shares	Rs.10/- each	Rs. 7.436 Million
41,102,512	Preference Shares	Rs.10/- each	Rs. 411.025 Million
	Total		Rs. 418.461 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Million
500000	Preference Shares	Rs.10/- each	Rs. 5.000 Million
	Total		Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
743467	Equity Shares	Rs.10/- each	Rs. 7.400 Million
102512	Preference Shares	Rs.10/- each	Rs. 1.000 Million
	Total		Rs. 8.400 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	8.400	8.400	8.400
(b) Reserves & Surplus	586.200	583.600	572.300
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	410.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1004.600	592.000	580.700
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	38.200	0.000	0.000
(d) long-term provisions	3.200	5.200	3.600
Total Non-current Liabilities (3)	41.400	5.200	3.600
(4) Current Liabilities
(a) Short term borrowings	984.200	672.000	0.000
(b) Trade payables	1879.500	711.000	710.500
(c) Other current liabilities	473.100	1073.900	197.100
(d) Short-term provisions	0.800	11.000	8.800
Total Current Liabilities (4)	3337.600	2467.900	916.400
TOTAL	4383.600	3065.100	1500.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.100	2.100
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	188.100	174.000	2.200
(e) Other Non-current assets	1.700	1.800	1.500
Total Non-Current Assets	189.800	175.900	5.800
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	69.400	8.500	17.700
(c) Trade receivables	4006.500	2790.300	1049.200
(d) Cash and cash equivalents	32.300	10.900	0.200
(e) Short-term loans and advances	85.600	79.500	427.800
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4193.800	2889.200	1494.900
TOTAL	4383.600	3065.100	1500.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	15103.400	13776.100	12084.700
		Other Income	20.500	10.400	61.800
		TOTAL (A)	15123.900	13786.500	12146.500
Less	EXPENSES
		Cost of Materials Consumed	14825.600	13454.400	11852.300
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(60.900)	9.200	18.500
		Employees benefits expense	66.900	170.400	194.700
		Other expenses	83.100	139.200	67.800
		TOTAL (B)	14914.700	13773.200	12133.300
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		209.200	13.300	13.200
Less	FINANCIAL EXPENSES (D)		206.500	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.700	13.300	13.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.100	2.000	2.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.600	11.300	11.200
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2.600	11.300	11.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(373.800)	(385.100)	(396.300)
	BALANCE CARRIED TO THE B/S		(371.200)	(373.800)	(385.100)
	Earnings / (Loss) Per Share (Rs.)		3.50	15.19	15.07

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	85.400	789.600	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	213.500	(45.200)	238.700

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.02	0.08	0.09
Operating Profit Margin (PBDIT/Sales)	(%)	1.39	0.10	0.11
Return on Total Assets (PBT/Total Assets}	(%)	0.06	0.37	0.75
Return on Investment (ROI) (PBT/Networth)		0.00	0.02	0.02
Debt Equity Ratio (Total Debt/Networth)		1.06	2.47	0.00
Current Ratio (Current Asset/Current Liability)		1.26	1.17	1.63

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	8.400	8.400	8.400
Reserves & Surplus	572.300	583.600	586.200
Share Application money pending allotment	0.000	0.000	410.000
Net worth	580.700	592.000	1004.600
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	672.000	984.200
Current maturities of long-term debts	0.000	789.600	85.400
Total borrowings	0.000	1461.600	1069.600
Debt/Equity ratio	0.000	2.469	1.065

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	12084.700	13776.100	15103.400
		13.996	9.635

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	12084.700	13776.100	15103.400
Profit	11.200	11.300	2.600
	0.09%	0.08%	0.02%

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	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10511510	25/07/2014	130,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, ATLANTA,, FIRST FLOOR, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	C14011886
2	10496519	05/05/2014	130,000,000.00	JAMMU AND KASHMIR BANK LIMITED	1ST FLOOR, NATIONAL BUSINESS CENTRE, (NEAR MMRDA,  GROUND), BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA	C05102223
3	10466822	13/12/2013	706,600,000.00	Punjab National Bank as the Lead Bank	Raheja Chambers, I Floor, Nariman Point, Mumbai , Maharashtra - 400021, INDIA	B92224690
4	10456966	05/10/2013	70,000,000.00	The Jammu and Kashmir Bank Limited	1st Floor, National Business Center, (Near MMRDA,  Ground), Bandra Kurla Complex, Bandra (East),, Mumbai, Maharashtra - 400051, INDIA	B88263330
5	10452258	28/09/2013	100,000,000.00	UCO Bank	FLAGSHIP CORPORATE BRANCH,, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	B86345402
6	10454094	27/09/2013	67,400,000.00	STATE BANK OF PATIALA	Atlanta, 1st Floor, Jamnalal Bajaj Marg,, Nariman  Point, Mumbai, Maharashtra - 400021, INDIA	B87115416

FIXED ASSETS

Tangible Assets

· Furniture and Fixtures

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Copyrights, Patents and Other Operating Rights

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.6.09
UK Pound	1	Rs.100.88
Euro	1	Rs.73.95

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	TRI
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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		42

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.