MIRA INFORM REPORT

Report No. :	350060
Report Date :	25.11.2015

IDENTIFICATION DETAILS

Name :	ARKAY LOGISTICS LIMITED [w.e.f.29.04.2015]
Formerly Known As :	ESSAR LOGISTICS LIMITED
Registered Office :	Essar House11 K K Marg, Mahalaxmi, Mumba – 400034, Maharashtra
Tel. No.:	91-22-66601100/ 261-6682919
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.10.2004
Com. Reg. No.:	11-149214
Capital Investment / Paid-up Capital :	Rs.730.000 Million
CIN No.: [Company Identification No.]	U63000MH2004PLC149214
IEC No.:	0306073897
TAN No.: [Tax Deduction & Collection Account No.]	SRTE00219C
PAN No.: [Permanent Account No.]	AABCE4028N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in rendering all types of Logistics and allied services for all types of Cargo.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Essar Global Limited’ and it was established in the year 2004 having moderate track record. During the year under a review, the company has earned total income of Rs.2824.700 million as compared to Rs.10356.190 million during the previous year, representing a decrease of 72.72%. The decrease in total income has been due to scaling down of operations during FY 2014. The company had reduced its logistics services operations and has given its entire assets on operating lease. Rating remain constrained on account of company’s moderate scale of business operations marked by its inadequate operational performance and its financial profile is likely hampered due unsatisfactory financial base of ‘Essar group’. Rating also takes into account of weak financial profile of one Essar group entity ‘Essar Steel India limited’. Essar steel has been classified as an NPA (non-performing asset) by HDFC Bank Limited and Bank of India. Moreover, Essar Group has raised external commercial borrowings amounting to USD 1500 Million, of which USD 1000 million has been used for refinancing of existing loans. However, on standalone basis the company has networth of Rs.2183.900 million and reported low borrowings of Rs.126.900 million as per the financial record of 2014. Payments are reported to be slow but correct. In view of weak financial performance of Essar Group, 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 CO-OPERATIVE (Tel No.91-22-66601100/ 261-682919)

LOCATIONS

Registered Office :	Essar House11 K K Marg, Mahalaxmi, Mumba – 400034, Maharashtra, India
Tel. No.:	91-22-66601100/ 261-6682919
Fax No.:	91-261-6682182
E-Mail :	bhavin.Sheth@essar.com
Branch Office :	27 KM, Surat Hazira Road, Hazira, Surat – 394270, Gujarat, India

DIRECTORS

AS ON 22.09.2014

Name :

Arun Kumar Musaddy

Designation :

Managing Director

Address :

Panhar, Flat 4-B,Plot No. 5,, Khan Abdul Gafar Khan Road, Worli Sea Face,Worli, Mumbai - 400025, Maharashtra, India

Date of Birth/Age :

05.04.1945

Date of Appointment :

03.04.2015

DIN No.:

00055534

PAN No.:

AGYPM9816E

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	U51909MH1946PLC005043	SG CHEMICALS AND DYES TRADING LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
2	U51900MH1993PTC071684	PRAJESH MARKETING PRIVATE LIMITED	Director	30/10/2001	30/10/2001	-	Active	NO
3	U51420MH2002PTC136497	GIRISHAN INVESTMENT PRIVATE LIMITED	Director	12/07/2002	12/07/2002	-	Active	NO
4	U65990MH1989PLC054279	TRIKAYA INVESTMENTS LIMITED	Director	02/09/2002	02/09/2002	12/07/2005	Amalgamated	NO
5	U67120MH1989PLC054295	SRIJAN INVESTMENTS LIMITED	Director	02/09/2002	02/09/2002	06/02/2014	Active	NO
6	U65990MH1989PLC054296	SASMITA INVESTMENTS LIMITED	Director	02/09/2002	02/09/2002	-	Active	NO
7	U65922MH1992PLC070199	ONLINE DISTRIBUTION SERVICES LIMITED	Director	02/09/2002	02/09/2002	-	Amalgamated	NO
8	U65993TN1993PTC024724	IMPERIAL CONSULTANTS AND SECURITIES PRIVATE LIMITED	Director	27/09/2002	27/09/2002	-	Active	NO
9	U93090TN1983PTC019552	ESSAR PROPERTIES PRIVATE LIMITED	Director	27/09/2002	27/09/2002	12/10/2012	Active	NO
10	U63000MH2004PLC149214	ARKAY LOGISTICS LIMITED	Managing director	03/04/2015	25/10/2004	-	Active	NO
11	U70101TN1995PLC031499	SHRI NAND NAKET PROPERTIES LIMITED	Director	22/08/2005	22/08/2005	-	Active	NO
12	U60231DL1983PLC015705	SUPREME TRANSPORT AND TRADERS LIMITED	Director	22/08/2005	22/08/2005	-	Active	NO
13	U74999MH1991PLC063551	ESSAR HOUSE SERVICES LIMITED	Director	01/09/2005	01/09/2005	-	Amalgamated	NO
14	U67120MH1993PLC070736	INDSEC HOLDINGS LIMITED	Director	20/10/2005	20/10/2005	-	Amalgamated	NO
15	U70101MH1989PLC053170	PRATIK ESTATES LIMITED	Director	29/09/2008	01/03/2008	02/09/2013	Active	NO
16	U01403MH2007PLC166813	TIRUNELVELI WIND FARMS LIMITED	Director	05/04/2010	05/04/2010	30/03/2013	Active	NO
17	U45200GJ2010PLC062746	ESSAR INFRASTRUCTURE PROJECTS LIMITED	Director	26/10/2010	26/10/2010	-	Strike off	NO
18	U45200GJ2010PLC062767	ESSAR UTILITY PROJECTS LIMITED	Director	27/10/2010	27/10/2010	-	Strike off	NO
19	U45200GJ2010PLC062785	ESSAR REFINERY PROJECTS LIMITED	Director	31/10/2010	31/10/2010	19/12/2012	Active	NO
20	U40109MH2008PLC184001	ESSAR ENERGY SERVICES LIMITED	Director	22/09/2011	05/11/2010	-	Active	NO
21	U60220GJ2013PLC074244	ESSAR STEEL LOGISTICS LIMITED	Managing director	20/05/2013	20/05/2013	21/05/2014	Active	NO
22	U61100GJ2014PTC079171	TAPTI WATERWAYS PRIVATE LIMITED	Director	18/03/2014	18/03/2014	-	Active	NO
23	U71200GJ2014PTC079224	DECCAN EQUIPMENT MANAGEMENT AND SERVICES PRIVATE LIMITED	Director	19/03/2014	19/03/2014	-	Active	NO
24	U60231GJ2014PTC079215	BHAKTI EARTH MOVERS PRIVATE LIMITED	Director	19/03/2014	19/03/2014	-	Active	NO
25	U61200GJ2014PTC079390	EROS SEA LOGISTICS PRIVATE LIMITED	Director	26/03/2014	26/03/2014	-	Active	NO
26	U63033WB2006PTC109200	SWIFT LIFTER PRIVATE LIMITED	Director	25/09/2014	25/09/2014	-	Active	NO
27	U60230GJ2015PTC082768	EQUIPTRANS LOGISTICS PRIVATE LIMITED	Additional director	10/09/2015	10/09/2015	-	Active	NO

Name :

Subhas Das

Designation :

Director

Address :

D 4/11, Nand Niketan,, Hazira Surat, 394270 - Gujarat, India

Date of Birth/Age :

234.1948

Date of Appointment :

22.09.2014

DIN No.:

02666332

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	U13100GJ2004PLC043477	ESSAR BULK TERMINAL LIMITED	Whole-time director	15/05/2012	15/05/2009	-	Active	NO
2	U63000MH2004PLC149214	ARKAY LOGISTICS LIMITED	Director	22/09/2014	21/10/2013	-	Active	NO
3	U63032MH2009PLC189497	ESSAR DREDGING LIMITED	Additional director	21/01/2015	21/01/2015	-	Active	NO

Name :

Chandikeshwar Sharma

Designation :

Director

Address :

602, Bhawani Towers, Bhawani Nagar,, Marol Maroshi Road, Andheri (East), Mumbai - 400059, Maharashtra, India

Date of Birth/Age :

31.07.1951

Date of Appointment :

22.09.2014

DIN No.:

06598312

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	U40108TN2010PLC074394	GITA RENEWABLE ENERGY LIMITED	Director	30/09/2013	03/06/2013	-	Active	NO
2	U60220GJ2013PLC074244	ESSAR STEEL LOGISTICS LIMITED	Director	30/09/2014	06/08/2013	-	Active	NO
3	U63000MH2004PLC149214	ARKAY LOGISTICS LIMITED	Director	22/09/2014	21/10/2013	-	Active	NO

Name :

Surinder Kumar Bhatia

Designation :

Director

Address :

401, Hill Park Plot, 138, Upper Govind Nagar, Chincholi, Malad (East), Mumbai - 400097, Maharashtra, India

Date of Appointment :

29.09.2015

DIN No.:

01536666

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	U35110MH2007FTC172887	SIMPSON SPENCE YOUNG INDIA PRIVATE LIMITED	Director	06/08/2007	06/08/2007	31/12/2008	Active	NO
2	U63000MH2004PLC149214	ARKAY LOGISTICS LIMITED	Director	22/09/2015	10/11/2014	-	Active	NO

Name :

Deepak Biharilal Berry

Designation :

Director

Address :

4-D, Arnav Apt, B/H Sarjan Soc,, City Lighy Road,, Surat - 395007, Gujarat, India

Date of Appointment :

22.09.2015

DIN No.:

05316614

Name :

Kalpana Gurumurthy

Designation :

Director

Address :

F1- 5 , Nand Niketan, Essar, Hazira, Surat - 394270, Gujarat, India

Date of Appointment :

22.09.2015

DIN No.:

07291844

KEY EXECUTIVES

Name :	Amit Ramgopal Agrawal
Designation :	Chief Executive Officer
Address :	A-402,Royal Residency, Opposite Mahalaxmi Temple, Anand Mahal Road,Adajan, Surat - 395009, Gujarat, India
Date of Birth/Age :	31.07.1974
Date of Appointment :	05.08.2014
PAN No:	ADEPA5469J
Name :	Bhavin Navinbhai Sheth
Designation :	Secretary
Address :	104/A, Tirthraj Apartment, Near Bhumi Complex., Ayodhyanagri Road, Nr Palanpur Patia, Adajan, Surat - 395009, Gujarat, India
Date of Birth/Age :	13.07.1984
Date of Appointment :	05.08.2014
PAN No:	BFHPS6074M

MAJOR SHAREHOLDERS

AS ON 22.09.2014

Names of Shareholders	No. of Shares
ESSAR SHIPPING LIMITED*, India	7299994
Raghavan Jagannathan	1
Ravi Vaidyanathan	1
Ashok Vaidyanathan	1
A R Ramarkrishan	1
Sivanna A Shetty	1
Raman Subramanian	1
Total	7300000

Equity Share Break up (Percentage of Total Equity)

AS ON 22.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in rendering all types of Logistics and allied services for all types of Cargo.

Products :

Item Code No.	Product Description
99679100	Surface transport services

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 :

· Dhanlaxmi Bank Limited, Dhanalakshmi Bank Buildingnaickanal, Naickanal, Trichur - 680001, Kerala, India

· State Bank of Travancore, 112-115, Tulsiani Chambers, Nariman Point, Mumbai - 400021, Maharashtra, India

Banker Name	Yes Bank Limited
Branch Address	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India
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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Rupee term loans from banks (Secured by first charge against trailers and Rs. 116.700 Million secured by corporate guarantee of Holding company)	126.900	228.800
Total	126.900	228.800

Financial Institute :	· IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India · India Securities Limited, Essar House, K.K.Marg, Mahalaxmi,, Mumbai - 400034, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Ahmedabad, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFD7919A
Memberships :	Not Available
Collaborators :	Not Available
Others:	· Aegis Limited, India [U99999MH1992PLC064767] · Essar Power (Jharkhand ) Limited, India [U31101DL2005PLC211274] · Essar Power M P Limited, India [U40100DL2005PLC201961] · Essar Steel India Limited, India [U27100GJ1976FLC013787] · Essar Steel Logistics Limited, India [U60220GJ2013PLC074244] · Essar Bulk Terminal (Salaya) Limited, India [U63032MH2007PLC176225] · Essar Bulk Terminal Limited, India [U13100GJ2004PLC043477] · Essar Offshore Subsea Limited, India [U11101MH2008PLC179089] · Essar Oil Limited, India [L11100GJ1989PLC032116] · Essar Oilfield Services Limited, Mauritius · Essar Power Gujarat Limited, India [U74900GJ2007PLC066273] · Essar Power Limited, India [U40100GJ1991PLC064824] · Essar Projects (India) Limited, India [U99999MH1989PLC053280] · Essar Steel Minnesota LLC, United States · Futura Travels Limited, India [U63040MH1990PLC05659] · Vadinar Oil Terminal Limited, India [U35111GJ1993FLC053434] · Vadinar Power Company Limited, India [U40100GJ1997PLC033108]
Holding company:	· Essar Shipping Limited, India [L61200GJ2010PLC060285] · Essar Shipping and Logisctics Limited, Cyprus
Fellow Subsidiary company:	· Essar Oilfield Services India Limited, India [U93090MH2006PLC163779]

CAPITAL STRUCTURE

AS ON 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73000000	Equity Shares	Rs.10/- each	Rs730.000 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	730.000	730.000	730.000
(b) Reserves & Surplus	1453.900	1432.400	1321.300
(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)	2183.900	2162.400	2051.300
(3) Non-Current Liabilities
(a) long-term borrowings	126.900	228.800	407.100
(b) Deferred tax liabilities (Net)	234.000	281.100	272.900
(c) Other long term liabilities	62.000	64.200	65.600
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	422.900	574.100	745.600
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.100
(b) Trade payables	3402.500	4107.100	3354.100
(c) Other current liabilities	617.000	277.800	2090.500
(d) Short-term provisions	25.000	21.400	22.200
Total Current Liabilities (4)	4044.500	4406.300	5466.900
TOTAL	6651.300	7142.800	8263.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1482.700	1616.600	1838.600
(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	90.200	270.300	255.900
(e) Other Non-current assets	0.000	0.000	8.100
Total Non-Current Assets	1572.900	1886.900	2102.600
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.700	15.600	7.800
(c) Trade receivables	1152.800	1364.400	3015.700
(d) Cash and cash equivalents	59.900	29.800	1483.000
(e) Short-term loans and advances	3141.800	3420.700	869.700
(f) Other current assets	715.200	425.400	785.000
Total Current Assets	5078.400	5255.900	6161.200
TOTAL	6651.300	7142.800	8263.800

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2306.200	10144.300	11312.900
	Other Income	518.600	211.900	264.900
	TOTAL (A)	2824.800	10356.200	11577.800
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employees benefits expense	29.400	86.500	133.100
	Other expenses	2248.900	9619.000	10764.200
	TOTAL (B)	2278.300	9705.500	10897.300
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	546.500	650.700	680.500
Less	FINANCIAL EXPENSES (D)	210.000	125.000	201.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	336.500	525.700	478.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)	303.900	338.500	324.400
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	32.600	187.200	154.300
Less	TAX (H)	11.100	76.100	48.200
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	21.500	111.100	106.100
	Earnings / (Loss) Per Share (Rs.)	2.90	15.20	14.50

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	101.900	177.200	1977.700
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	39.600	2150.700	21.504

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.93	1.10	0.94
Operating Profit Margin (PBIDT/Sales)	(%)	23.70	6.41	6.02
Return on Total Assets (PBT/Total Assets}	(%)	0.49	2.62	1.87
Return on Investment (ROI) (PBT/Networth)		0.01	0.09	0.08
Debt Equity Ratio (Total Debt /Networth)		0.10	0.19	1.16
Current Ratio (Current Asset/Current Liability)		1.26	1.19	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	730.000	730.000	730.000
Reserves & Surplus	1321.300	1432.400	1453.900
Net worth	2051.300	2162.400	2183.900
Long-term borrowings	407.100	228.800	126.900
Short term borrowings	0.100	0.000	0.000
Current Maturities Of Long-Term Debts	1977.700	177.200	101.900
Total borrowings	2384.900	406.000	228.800
Debt/Equity ratio	1.163	0.188	0.105

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	11312.900	10144.300	2306.200
		(10.330)	(77.266)

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	11312.900	10144.300	2306.200
Profit	106.100	111.100	21.500
	0.94%	1.10%	0.93%

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	No
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

FINANCIAL ANALYSIS

During the year, the Company earned a Total Income of Rs. 2824.700 Milion as compared to Rs. 10356.200 Million during the previous year, representing a decrease of 72.72%. The decrease in Total Income has been due to scaling down of operation during the current financial year.

The Net Profit for the year has decreased to Rs. 21.500 Million as compared to Rs. 111.100 Million in the previous year.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10475983	29/03/2014 *	300,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	C05264403
2	10466152	29/03/2014 *	560,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	C05264601
3	10471923	29/03/2014 *	1,500,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI-  400018,MAHARASHTRA INDIA	C05264684
4	10387506	26/09/2012	7,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG,  BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B62339502
5	10273594	18/02/2011	49,101,975.00	DHANLAXMI BANK LIMITED	DHANALAKSHMI BANK BUILDINGNAICKANAL, NAICKANAL, T  RICHUR, KERALA - 680001, INDIA	B07832710
6	10077733	10/12/2007	195,000,000.00	STATE BANK OF TRAVANCORE	112-115, TULSIANI CHAMBERS,, NARIMAN POINT,, MUMB  AI, MAHARASHTRA - 400021, INDIA	A27886662
7	10061971	26/11/2009 *	1,000,000,000.00	AXIS BANK LIMITED	CREDIT MANAGEMENT CENTRE,UNIT NO.6, CORPORATE PARK , SION-TROMBAYROAD, CHEMBUR,, MUMBAI, MAHARASHTRA - 400071, INDIA	A75072959
8	10096158	30/03/2007	316,000,000.00	INDIA SECURITIES LIMITED	ESSAR HOUSE,K.K.MARG, MAHALAXMI, MUMBAI, MAHARASHTRA - 400034, INDIA	A16980302

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Other money for which company is contingently liable	1513.400	1583.400

FIXED ASSETS

Tangible assets

· Land

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Ships vessels

· Office equipment

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 o 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.66.38
UK Pound	1	Rs.101.45
Euro	1	Rs.70.55

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.