MIRA INFORM REPORT

Report No. :	350544
Report Date :	25.11.2015

IDENTIFICATION DETAILS

Name :	HERANBA INDUSTRIES LIMITED
Formerly Known As :	HERANBA INDUSTRIAL CHEMICALS LIMITED HERANBA INDUSTRIAL CHEMICALS PRIVATE LIMITED
Registered Office :	Plot No. 1505. G. I. D. C., Phase III, Vapi – 396195, Gujarat
Tel. No.:	91-260-2401646
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.03.1992
Com. Reg. No.:	04-017315
Capital Investment / Paid-up Capital :	Rs.40.983 Million
CIN No.: [Company Identification No.]	U24231GJ1992PLC017315
IEC No.:	0396018572
TAN No.: [Tax Deduction & Collection Account No.]	SRTH01177B
PAN No.: [Permanent Account No.]	AAACH3787Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Agro Chemicals.
No. of Employees :	600 (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 1900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1992 having satisfactory track. Subject is engaged in the business as manufacturer, exporter and importer of agro chemicals. The company possesses sound financial risk profile marked by healthy networth base along with fair liquidity and good profit margin of the company. Management has witnessed a healthy growth in its turnover and profit during FY 2014. Further, the rating also takes into consideration company’s long established track record and rich experience of its promoters. Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitment. In view of long track record and acceptable financial base, the company can be considered normal 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	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 PARTED BY

Name :	Mr. Ashok Kumar
Designation :	Assistance Manager Account
Contact No.:	91-22-28982133
Date :	24.11.2015

LOCATIONS

Registered Office/ Factory :	Plot No. 1505. G. I. D. C., Phase III, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2401646/22-28982133
Fax No.:	91-260-2429856
E-Mail :	maheshwar@heranba.com ashok@heranba.com
Website :	http://www.heranba.co.in
Area :	8000 Sq. Ft.
Location :	Owned
Head Office :	101/ 102, Kanchanganga, Factory Lane, Borivali (West), Mumbai-400092, Maharashtra, India
Tel. No.:	91-22-28982133/ 44/ 23987912/ 14/ 28984439
Fax No.:	91-22-28993948
E-Mail :	heranba@bom4.vsnl.net.in
Marketing Office :	201/ 202, Dwarkesh, Above Tribhuvandas Bhimji Jhaveri, L.T. Road, Borivali (West), Mumabi-400092, Maharashtra, India
Tel. No.:	91-22-28980680/ 28338443/ 44
Fax No.:	91-22-28338445
	sales@heranba.com
Branch Offices :	Located at : Delhi Haryana Punjab Lucknow Uttrakhand Rajasthan Jaipur Vijayawada Karnataka Chennai Hyderabad Ahmedabad Maharashtra – Pune Maharashtra - Akola Indore Raipur Orissa Kolkata Bihar
Factory 1:	Plot No. 2214/2215 GIDC III Phase, Vapi – 396195, Gujarat, India
Location :	Owned
Factory 2:	Plot – 1503, GIDC III Phase, Vapi – 396195, Gujarat, India
Location :	Owned

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Sadashiv Kanyana Shetty

Designation :

Managing director

Address :

18/A, Tower "D', Viceory Park, Opposite Thakur Cinema, Thakur Village, Kandivali (East), Mumbai - 400101,Maharashtra, India

Date of Birth/Age :

13.06.1954

Qualification :

Graduate

Date of Appointment :

01.09.2006

PAN No.:

AAJPS4330G

DIN No.:

00038681

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	U24231GJ1992PLC017315	HERANBA INDUSTRIES LIMITED	Managing director	01/09/2006	29/09/1994	-	Active	NO
2	U24110MH1994PLC082301	SAMS INDUSTRIES LIMITED	Director	24/10/1994	24/10/1994	-	Active	NO
3	U24116GJ1995PLC024430	SHAKTI BIO SCIENCE LIMITED	Managing director	01/01/2007	26/10/2005	16/09/2015	Active	NO
4	U24240MH2011PLC217567	HERANBA CROP CARE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
5	U24100GJ2012PLC068909	HERANBA AGRO SCIENCE LIMITED	Director	07/02/2012	07/02/2012	-	Active	NO
6	U51101MH2012PTC235357	DHAIRYA MERCANTILE PRIVATE LIMITED	Director	17/06/2013	17/06/2013	-	Active	NO
7	U51101MH2012PTC234846	NIRMIT MERCANTILE PRIVATE LIMITED	Director	17/06/2013	17/06/2013	-	Active	NO
8	U52100MH2014PTC251674	SUBHANG TRADING PRIVATE LIMITED	Additional director	10/04/2014	10/04/2014	-	Active	NO
9	U52300MH2014PTC252270	SANURAG TRADING PRIVATE LIMITED	Director	08/08/2014	10/04/2014	-	Active	NO
10	U51909MH2014PTC252433	SKYWOOD TRADING PRIVATE LIMITED	Additional director	02/05/2014	02/05/2014	-	Active	NO
11	U52100MH2013PTC239707	ALDEN EXIM PRIVATE LIMITED	Additional director	10/06/2014	10/06/2014	-	Active	NO

Name :

Mr. Raghuram Kanyan Shetty

Designation :

Whole-time director

Address :

1601/B, Shantivan, Devidas Lane, Near Club Aquria, Eksar Village Borivali (West), Mumbai - 400013, Maharashtra, India

Date of Birth/Age :

25.03.1959

Qualification :

Graduate

Date of Appointment :

01.09.2006

PAN No.:

AMWPS0596B

DIN No.:

00038703

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	U24231GJ1992PLC017315	HERANBA INDUSTRIES LIMITED	Whole-time director	01/09/2006	29/09/1994	-	Active	NO
2	U24110MH1994PLC082301	SAMS INDUSTRIES LIMITED	Director	24/10/1994	24/10/1994	-	Active	NO
3	U24240MH2011PLC217567	HERANBA CROP CARE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
4	U24100GJ2012PLC068909	HERANBA AGRO SCIENCE LIMITED	Managing director	07/02/2012	07/02/2012	-	Active	NO
5	U45202MH2009PTC192152	ANNAPURNA BUILDCON INFRA PRIVATE LIMITED	Director	04/07/2014	04/07/2014	28/10/2014	Active	NO
6	U70106MH2014PTC256716	NORTH SOUTH INFRA PRIVATE LIMITED	Director	30/07/2014	30/07/2014	-	Active	NO

Name :

Mrs. Sujata Sadashiv Shetty

Designation :

Director

Address :

18/A, Tower "D', Viceory Park, Opposite Thakur Cinema, Thakur Village, Kandivali (East), Mumbai - 400101,Maharashtra, India

Date of Birth/Age :

08.05.1960

Qualification :

Graduate

Date of Appointment :

27.12.2001

PAN No.:

AVGPS3084F

DIN No.:

00632563

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	U24110MH1994PLC082301	SAMS INDUSTRIES LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
2	U24231GJ1992PLC017315	HERANBA INDUSTRIES LIMITED	Director	27/12/2001	27/12/2001	-	Active	NO
3	U24116GJ1995PLC024430	SHAKTI BIO SCIENCE LIMITED	Whole-time director	01/01/2007	26/10/2005	-	Active	NO
4	U24240MH2011PLC217567	HERANBA CROP CARE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
5	U24100GJ2012PLC068909	HERANBA AGRO SCIENCE LIMITED	Director	07/02/2012	07/02/2012	-	Active	NO

Name :

Mrs. Vanita Raghuram Shetty

Designation :

Director

Address :

1601/B, Shantivan, Devidas Lane, Near Club Aquria, Eksar Village Borivali (West), Mumbai - 400013, Maharashtra, India

Date of Birth/Age :

14.11.1969

Qualification :

Graduate

Date of Appointment :

27.12.2001

PAN No.:

ACLPS0010K

DIN No.:

02493401

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	U24231GJ1992PLC017315	HERANBA INDUSTRIES LIMITED	Director	27/12/2001	27/12/2001	-	Active	NO
2	U24240MH2011PLC217567	HERANBA CROP CARE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
3	U24100GJ2012PLC068909	HERANBA AGRO SCIENCE LIMITED	Director	07/02/2012	07/02/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashok Kumar
Designation :	Assistance Manager Account

MAJOR SHAREHOLDERS

As on: 30.09.2013

Names Of Shareholders [Equity Shares]	No. Of Shares
Sadashiv Shetty	1523816
Raghuram Shetty	1018085
Sujata Sadashiv Shetty	317290
Vanita Raghuram Shetty	201800
Babu K Shetty	22500
Shanta B Shetty	7500
R.K. Shetty	90027
Vithal K Bhandary	15000
Bhupendra D Patel	100
Jagdish P Patel	100
Shreya Sadashiv Shetty	94250
Sadashiv Pakeera Shetty Huf	32060
Raghuram Pakeera Shetty Huf	138000
Sams Industries Limited	142625
Raunak R. Shetty	63625
Shriraj S. Shetty	84250
Roshan R. Shetty	63625
Total	3814653

Names Of Shareholders [Preference Shares]	No. Of Shares
Sadashiv Shetty	10100
Raghuram Shetty	6621
Sujata Sadashiv Shetty	4800
Vanita Raghuram Shetty	3600
Total	25121

As ON 28.05.2014

Names Of Allottees	No. Of Shares
Sadashiv Shetty	1542316
Raghuram Shetty	1032085
Sujata Sadashiv Shetty	317290
Vanita Raghuram Shetty	201800
Babu K Shetty	22500
Shanta B Shetty	7500
R.K. Shetty	90027
Vithal K Bhandary	15000
Bhupendra D Patel	100
Jagdish P Patel	100
Shreya Sadashiv Shetty	94250
Sadashiv Pakeera Shetty Huf	32060
Raghuram Pakeera Shetty Huf	138000
Sams Industries Limited	142625
Raunak R. Shetty	63625
Shriraj S. Shetty	84250
Roshan R. Shetty	63625
Total	3847153

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate	11.49
Directors or relatives of Directors	88.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Agro Chemicals.

Products :

Item Code No.	Product Description
8419310	Dryers For Agricultural Products

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Dryers For Agricultural Products

Countries :

• European Countries
• China
• Vietnam

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

L\C, Cheque and Credit

Purchasing :

L\C, Cheque and Credit

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 :

End Users and OEMs

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 :

600 (Approximately)

Bankers :

• Syndicate Bank, Neptune Tower,, Ashram Road, Ahmedabad- 
  380009,, Gujarat India

Banker Name	Corporation Bank Limited
Branch Address	68/72,Babu Genu Road, Kalbadevi, Post Box No 2587, Mumbai - 400002, Maharashtra, India
Person Name (With Designation)	Mr. Shastri (Assistant General Manager)
Contact Number	91-22-22036677
Name of Account Holder	Heranba Industris Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	2004
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	BG/LC/PCFC = Rs.123.000 Million
Account Operation	Not Available
Remarks (If any):Very good company, having satisfactory trade record in transaction, currently having consortium Facility with syndicate bank amount Rs.285.000 Million

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Rupee term loans from others	6.301	0.000
Loans taken for fixed assets	0.000	4.305
Other loans and advances, others	0.000	0.247
SHORT TERM BORROWINGS
Other loans and advances, others	377.723	531.031
Total	384.024	535.583

Auditors :
Name :	Anay Gogte and Company Chartered Accountants
Address :	1/F-6 Krishna Nagar, Chandavarkar Road, Borivali [West], Mumbai – 400092, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIPG0263F
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	Shakti Bio Science Limited [U24116GJ1995PLC024430] Sams Industries Limited [U24110MH1994PLC082301] Heranba Agro Science Limited, India [U24100GJ2012PLC068909]

CAPITAL STRUCTURE

After 29.09.2014

Authorised Capital : Rs.100.000 Million

Issued, Subscribed & Paid-up Capital : Rs.80.625 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Million
4500000	Preference Shares	Rs.100/. each	Rs.45.000 Million
	Total		Rs.90.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3847153	Equity Shares	Rs.10/- each	Rs.38.471 Million
25121	Preference Shares	Rs.100/. each	Rs.2.512 Million
	Total		Rs.40.983 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	40.983	40.658	40.158
(b) Reserves & Surplus	635.896	479.394	387.425
(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)	676.879	520.052	427.583
(3) Non-Current Liabilities
(a) long-term borrowings	6.301	4.552	18.750
(b) Deferred tax liabilities (Net)	21.084	19.626	6.140
(c) Other long term liabilities	27.978	23.731	20.704
(d) long-term provisions	13.360	13.168	13.638
Total Non-current Liabilities (3)	68.723	61.077	59.232
(4) Current Liabilities
(a) Short term borrowings	738.016	782.496	630.384
(b) Trade payables	1244.848	658.936	475.766
(c) Other current liabilities	110.839	83.974	115.402
(d) Short-term provisions	182.877	104.686	47.113
Total Current Liabilities (4)	2276.580	1630.092	1268.665
TOTAL	3022.182	2211.221	1755.480
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	365.574	262.426	264.848
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	7.520	55.522	36.374
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.267	0.232	0.211
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	19.091	20.311	17.029
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	392.452	338.491	318.462
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	945.008	687.585	679.809
(c) Trade receivables	1046.006	893.098	535.486
(d) Cash and cash equivalents	76.744	69.505	53.711
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	561.972	222.542	168.012
Total Current Assets	2629.730	1872.730	1437.018
TOTAL	3022.182	2211.221	1755.480

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	4561.000	3397.366	2441.687
	Other Income	45.545	20.091	67.856
	TOTAL (A)	4606.545	3417.457	2509.543
Less	EXPENSES
	Cost of Materials Consumed	3387.254	2480.048	1784.015
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(35.669)	7.055	(69.972)
	Employees benefits expense	187.906	156.134	149.390
	Other expenses	655.113	448.123	380.317
	TOTAL (B)	4194.604	3091.360	2243.750
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	411.941	326.097	265.793
Less	FINANCIAL EXPENSES (D)	131.387	123.957	121.440
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	280.554	202.140	144.353
Less/ Add	DEPRECIATION/ AMORTISATION (F)	45.165	30.125	31.123
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	235.389	172.015	113.230
Less	TAX (H)	73.458	78.222	51.194
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	161.931	93.793	62.036
	Earnings / (Loss) Per Share (Rs.)	42.26	24.74	16.67

Particulars	31.03.2015
Sales Turnover (Approximately)	5370.000

Expected Sales (2015-2016): Rs.5400.000 Million

The above information has been parted by Mr. Ashok Kumar (Assistance Manager Account).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	355.269	109.593	210.861

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.55	2.76	2.54
Operating Profit Margin (PBIDT/Sales)	(%)	9.03	9.60	10.89
Return on Total Assets (PBT/Total Assets}	(%)	7.81	7.98	6.59
Return on Investment (ROI) (PBT/Networth)		0.35	0.33	0.26
Debt Equity Ratio (Total Debt /Networth)		1.10	1.51	1.52
Current Ratio (Current Asset/Current Liability)		1.16	1.15	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	40.158	40.658	40.983
Reserves & Surplus	387.425	479.394	635.896
Share Application money pending allotment	0.000	0.000	0.000
Net worth	427.583	520.052	676.879
Long-term borrowings	18.750	4.552	6.301
Short term borrowings	630.384	782.496	738.016
Total borrowings	649.134	787.048	744.317
Debt/Equity ratio	1.518	1.513	1.100

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	2441.687	3397.366	4561.000
		39.140	34.251

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	2441.687	3397.366	4561.000
Profit	62.036	93.793	161.931
	2.54%	2.76%	3.55%

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	--
6	Contact numbers	Yes
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	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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWINGS
Loans repayable on demand from banks	355.750	234.208
Loans repayable on demand from others	4.543	0.000
Loans and advances from related parties	0.000	17.257
Total	360.293	251.465

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10504889	09/04/2014	3,000,000.00	CORPORATION BANK	BABU GENU ROAD, KALBADEVI ROAD, MUMBAI- 400002, MAHARASHTRA, INDIA	C07966914
2	10472756	30/11/2013	5,300,000.00	CORPORATION BANK	68/72, KALBA DEVI BRANCH,BABU GENU ROAD, HANUMAN  GALI, KALBADEVI ROAD, MUMBAI- 400002 , MAHARASHTRA, INDIA	B94435559
3	90095381	28/08/2015 *	1,525,000,000.00	SYNDICATE BANK	NEPTUNE TOWER,, ASHRAM ROAD, AHMEDABAD, GUJARAT -  380009, INDIA	C67925263

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipment
• Other 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 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.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.55

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	DIV
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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.