MIRA INFORM REPORT

Report No. :	351867
Report Date :	26.11.2015

IDENTIFICATION DETAILS

Name :	CHETTINAD CEMENT CORPORATION LIMITED
Registered Office :	Rani Seethai Hall Building, No.603, Anna Salai, Chennai – 600006, Tamilnadu
Tel. No.:	91-44-28292727
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.12.1962
Com. Reg. No.:	18-004947
Capital Investment / Paid-up Capital :	Rs.382.000 Million
CIN No.: [Company Identification No.]	U93090TN1962PLC004947
IEC No.:	0488057574
TAN No.: [Tax Deduction & Collection Account No.]	CHEC00061F
PAN No.: [Permanent Account No.]	AAACC3130A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the Manufacturing and Sale of Cement.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 36529000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Chettinad Cement Corporation Limited (CCCL) incorporated in 1962 and part of the Chettinad group, is engaged in the manufacturing of cement. It is an established company having good track. Financial position of the company is strong. Fundamentals of the company are healthy. Directors are reported to be well experienced and knowledgeable businessmen. Trade relations are reported as fair. Business is active. Payment terms are reported as regular and as per commitment. 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	CARE
Rating	Commercial Paper Issue = A1+
Rating Explanation	Very strong degree of safety and carry low credit risk.
Date	February, 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.

LOCATIONS

Registered Office :	Rani Seethai Hall Building, No.603, Anna Salai, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28292727
Fax No.:	91-44-28291558
E-Mail :	hariharan.s@chettinadcement.com chtdmds@vsnl.com chtdcbe@vsnl.com cccl@tr.dot.net.in
Website :	www.chettinad.com
Plants :	Puliyur Plant Kumara Rajah Muthiah Nagar, Puliyur CF Post, District Karur - 639114, Tamilnadu, India Tel. No.: 91-4324-251354 / 251355 Fax No.: 91-4324-251320 Email : contact@chettinadmail.com Karikkali Plant Rani Meyyammai Nagar, Vedasandur Taluk, Karikkali Post, District Dindigul - 624703, Tamilnadu, India   Tel. No.: 91-4551-234441 / 234431 Fax No.: 91-4551-234440 Email : info@chettinadmail.com Ariyalur Plant Trichy-Ariyalur Road, Keelpaluvur, Ariyalur – 621707, Tamilnadu, India Tel. No.: 91-4329-247774 Fax No.: 91-4329-247778 Email : ariyalur@chettinadmail.com Kallur Project  Survey No.5, Sangem.K Village, Kallur Works Bhaktampalli (Post), Chandapur S.O, Chincholi (Taluk), District Gulbarga - 585305, Karnataka, India Tel. No.: 91-8475-273029 Fax No.: 91-8475-273019 Email : kallur@chettinadcement.com

DIRECTORS

As on 27.08.2014

Name :

Mr. Muthiah Annamalai Muthiah Ramaswamy Muthiah

Designation :

Managing Director

Address :

Chettinad House, Rajah Annamalai Puram, Chennai - 600028, Tamilnadu, India

Date of Birth/Age :

31.05.1971

Date of Appointment :

28.09.2013

DIN No.:

00802807

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	U24246TN1991PTC020235	Chettinad Morimura Semiconductor Material Private Limited	Managing director	24/07/1996	24/07/1996	-	Active	NO
2	U93090TN1962PLC004947	CHETTINAD CEMENT CORPORATION LIMITED	Managing director	28/09/2013	18/05/1998	-	Active	NO
3	U28120MH2000PTC128675	Chennai Container Terminal Private Limited	Director	07/09/2001	07/09/2001	16/04/2008	Active	NO
4	U74999TN1910NPL002343	SOUTHERN INDIA CHAMBER OF COMMERCE AND INDUSTRY	Director	24/09/2008	24/09/2008	-	Active	NO
5	U74999TN1922NPL001455	MADRAS RACE CLUB	Director	03/08/2009	03/08/2009	09/05/2014	Active	NO
6	U80902TN2011NPL081862	CHETTINAD EDUCATIONAL INSTITUTIONS	Director	10/08/2011	10/08/2011	-	Active	NO

Name :

Mr. Lakshmanan Muthukrishnan

Designation :

Director

Address :

31/10, Beach Road, Tambaram, Tiruvanmiyur, Chennai - 600041, Tamilnadu, India

Date of Birth/Age :

13.11.1944

Date of Appointment :

25.09.2012

DIN No.:

01758013

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	U27209TN1966PLC005452	CHETTINAD STRUCTURAL AND ENGINEERING LIMITED	Director	17/03/1990	17/03/1990	30/11/2010	Active	NO
2	U74140TN2012PTC083855	CHETTINAD HOLDINGS PRIVATE LIMITED	Director	03/01/2012	03/01/2012	24/07/2012	Active	NO
3	U20231TN2011PTC081242	INDUS GREENGOLD INDIA PRIVATE LIMITED	Director	31/03/2012	31/03/2012	-	Active	NO
4	U93090TN1962PLC004947	CHETTINAD CEMENT CORPORATION LIMITED	Director	25/09/2012	15/05/2012	-	Active	NO

Name :

Mr. S. K. Prabakar

Designation :

Nominee Director

Address :

A 1/4, Saf Games Villages, Inner Ring Road, Koyambedu, Chennai - 600107, Tamilnadu, India

Date of Birth/Age :

15.01.1966

Date of Appointment :

12.02.2013

DIN No.:

01238040

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	U93090TN1949SGC001458	TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	Managing director	13/12/2012	03/01/2007	-	Active	NO
2	U74999TN1970SGC005821	TAMILNADU SMALL INDUSTRIES DEVELOPMENT CORPORATION LIMITED	Nominee director	24/12/2012	24/01/2007	-	Active	NO
3	U74999TN1971SGC005967	STATE INDUSTRIES PROMOTION CORPORATION OF TAMILNADU LIMITED	Director	18/05/2012	01/03/2007	-	Active	NO
4	U74210TN1979PLC007894	ITCOT CONSULTANCY AND SERVICES LIMITED	Nominee director	08/03/2013	22/03/2007	-	Active	NO
5	L21012TZ1960PLC000364	SESHASAYEE PAPER AND BOARDS LIMITED	Nominee director	01/08/2015	23/03/2007	-	Active	NO
6	U93090TN1962PLC004947	CHETTINAD CEMENT CORPORATION LIMITED	Nominee director	12/02/2013	23/04/2007	-	Active	NO
7	U64204TN2007SGC064958	TAMILNADU ARASU CABLE T.V. CORPORATION Public Limited	Director	03/03/2012	03/03/2012	11/09/2013	Active	NO
8	U27209TN1977SGC007291	ELECTRONICS CORPORATION OF TAMILNADU LIMITED	Director	23/06/2012	03/03/2012	27/08/2013	Active	NO
9	U45209TN2007PLC064060	TIDEL PARK COIMBATORE LIMITED	Nominee director	21/12/2012	21/03/2012	28/09/2013	Active	NO
10	U45203TN2003PLC050703	IT EXPRESSWAY LIMITED	Director	31/12/2012	29/03/2012	27/08/2013	Active	NO
11	U74999TN1997PLC039523	TIDEL PARK LIMITED	Director appointed in casual vacancy	30/03/2012	30/03/2012	30/09/2013	Active	NO
12	U73100TN2006NPL059651	IIT MADRAS RESEARCH PARK	Director	27/09/2012	27/08/2012	-	Active	NO
13	U75113TN2004NPL053490	GUINDY INDUSTRIAL ESTATE INFRASTRUCTURE UPGRADATION COMPANY	Nominee director	12/02/2013	12/02/2013	-	Active	NO
14	U74999TN1922NPL001455	MADRAS RACE CLUB	Nominee director	27/08/2013	27/08/2013	-	Active	NO
15	U93090TN1983SGC010048	TAMILNADU STATE MARKETING CORPORATION LIMITED	Director	10/09/2013	10/09/2013	30/10/2015	Active	NO

Name :

Mr. Rangaswami Ramakrishnan

Designation :

Director

Address :

No.27 (Old No.14), Seethamma Road, Alwarpet, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

26.03.1946

Date of Appointment :

30.07.2014

DIN No.:

00809342

Name :

Ms. Bhavna Govindbhai Desai

Designation :

Director

Address :

1101, Floor 11, Plot G7, Fortune Royale, Prabhakar Sule Road, Udct College, Wadala, Mumbai - 400031, Maharashtra, India

Date of Birth/Age :

09.09.1962

Date of Appointment :

27.08.2014

DIN No.:

06893242

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	U40102CT2009PLC021285	GODAWARI GREEN ENERGY LIMITED	Director	27/09/2014	31/07/2014	-	Active	NO
2	U27310MH2007PLC194166	ARDENT STEEL LIMITED	Director	20/09/2014	31/07/2014	-	Active	NO
3	L27106CT1999PLC013756	GODAWARI POWER AND ISPAT LIMITED	Director	27/09/2014	09/08/2014	-	Active	NO
4	U93090TN1962PLC004947	CHETTINAD CEMENT CORPORATION LIMITED	Director	27/08/2014	27/08/2014	-	Active	NO

Name :

Mr. Mohanakrishna Reddy Arvabumi

Designation :

Director

Address :

8-2-293/82/W/78, New No-123, Road No-5, Womens Cop House Society, Jubili Hills, Hyderabad - 500034, Telangana, India

Date of Appointment :

27.08.2014

DIN No.:

00093185

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	U24110TG1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Director	30/09/2014	24/12/2003	-	Active	NO
2	U74140TG1992PTC014155	M.ANANDAM CONSULTANCY SERVICES PRIVATE LIMITED	Director	01/01/2005	01/01/2005	-	Active	NO
3	U67120TG2005PTC047688	BANYAN SECURITIES AND FINANCIAL SERVICES PRIVATE LIMITED	Director	01/07/2011	02/11/2005	-	Active	NO
4	U74999TG2007PTC053533	Orafin Financial Services Private Limited	Director	11/04/2007	11/04/2007	-	Active	NO
5	U72200TG2007PTC052954	THRIVE SOLAR ENERGY PRIVATE LIMITED	Director	10/11/2007	10/11/2007	11/01/2013	Active	NO
6	U74900TN2008PTC065902	XYLEM SUPPLY CHANGE MANAGEMENT PRIVATE LIMITED	Director	01/01/2008	01/01/2008	21/07/2009	Active	YES
7	U45209TG2008PTC057522	3KOLL CONCRETE SOLUTIONS PRIVATE LIMITED	Director	08/02/2008	08/02/2008	29/04/2013	Active	NO
8	L72200AP1999PLC033131	PALRED TECHNOLOGIES LIMITED	Director	25/09/2009	19/06/2009	14/08/2015	Active	NO
9	U41000TN2010PTC075859	GREENTECH AQUA PRIVATE LIMITED	Director	19/01/2011	19/01/2011	01/03/2011	Active	NO
10	U74120TG2012NPL081700	HYDERABAD ANGELS FORUM FOR ENTREPRENEURSHIP DEVELOPMENT	Director	28/06/2012	28/06/2012	18/07/2014	Active	NO
11	U01122TG2004PTC042837	SRESTA NATURAL BIOPRODUCTS PRIVATE LIMITED	Nominee director	30/09/2013	30/08/2013	-	Active	NO
12	L74210TG1987PLC007580	ALPHAGEO (INDIA) LIMITED	Director	26/09/2014	29/05/2014	-	Active	NO
13	U93090TN1962PLC004947	CHETTINAD CEMENT CORPORATION LIMITED	Director	27/08/2014	27/08/2014	-	Active	NO
14	U45201TG1997PLC028680	GVPR ENGINEERS LIMITED	Director	18/09/2015	18/08/2015	-	Active	NO

Name :

Mr. Vikram Ravindra Mamidipudi

Designation :

Director

Address :

Plot No.16, Card Master Road, Arihant Road, Tarbund, Secunderabad - 500009, Telangana, India

Date of Appointment :

27.08.2014

DIN No.:

00008241

Name :

Mr. Valliappan Chandramoleeswaran

Designation :

Director Appointed In Casual Vacancy

Address :

No.67-1A, 1st Floor, Green Peace Apartments, R-K-Shanmugam Salai, K. K. Nagar, Chennai, 600078, Tamilnadu, India

Date of Appointment :

16.12.2014

DIN No.:

00589090

KEY EXECUTIVES

Name :	Mr. Subramanian Hariharan
Designation :	Secretary
Address :	Shrusti, Flat B, No 77, Natarajan Street, Dhanalakshmi Colony, Extension, Vadapalani, Chennai - 600026, Tamilnadu, India
Date of Appointment :	16.02.2002
PAN No. :	AAVPH8700M
Name :	Mr. Raghunathan Rajagopalan
Designation :	Chief Financial Officer
Address :	No. 16, 2nd Street, New Colony, Adambakkam, Chennai - 600088, Tamilnadu, India
Date of Appointment :	12.08.2015
PAN No. :	AEEPR1877E

MAJOR SHAREHOLDERS

As on 27.08.2014

SHAREHOLDERS FILE ATTACHED

As on 27.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Public financial companies	3.23
Nationalized or other banks	0.01
Mutual funds	0.01
Foreign holdings	0.04
Bodies corporate	0.06
Directors or relatives of Directors	95.14
Other top fifty shareholders	0.30
Others	1.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Manufacturing and Sale of Cement.

Products :

Item Code No. (ITC Code)	Product Description
25232901	Cement

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	APR  Projects Limited
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

• Bridge and Roof Co. (I) Limited
• Coromandel Engg. Co. Limited
• East Coast Construction Co. Limited
• Gammon India Limited
• JSW  Steel and Power Limited
• Larsen and Toubro Limited
• Ultratech RMC
• SEW Infrastructure Limited

No. of Employees :

Not Available

Bankers :

Banker Name	IDBI Bank Limited
Branch Address	115, Anna Salai, Saidapet, Chennai -  600015, Tamilnadu, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

• The Hong Kong and Shanghai Banking Corporation Limited, No 30, Rajaji Salai, Opposite to Beach Station, Chennai - 600001, Tamilnadu, India

• ICICI Bank Limited, No.1, Cenotaph Road, Teynampet, Chennai - 600018, Tamilnadu, India

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

• State Industries Promotion Corporation Of Tamilnadu, 19-A, Rukmani Lakshmipathy Road, Post Box No. 7223, Egmore, Chennai - 600008, Tamilnadu, India

• Central Bank of India, Mid Corporate Branch, 48/49 Montieth Road, Chennai - 600008, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loans from banks	1489.000	2381.700
Term Loans from Others	700.700	424.400
SHORT TERM BORROWINGS
Loans repayable on demand from banks	1995.400	346.700
Total	4185.100	3152.800

Auditors 1:
Name :	P. B. Vijayaraghavan and company Chartered Accountants
Address :	27, Cathedral, Garden Road, Nungambakkam, Chennai 600034 India
PAN No.:	AAAFV3332L
Auditors 2:
Name :	Krishaan and Company Chartered Accountants
Address :	Flat No 10, C-Wing VI, Floor Parsn, Manere 442, (602) Anna Salai, Chennai 600006 India
PAN No.:	AAAFK0459P
Auditors 3:
Name :	V. Soundarajan and Company Chartered Accountants
Address :	Ground Floor, Rear Emerald, Estate New No. 6/3, II Canal, Cross Road, Gandhi Nagar, Adyar, Chennai 600020 India
PAN No.:	AAAFV0357M
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Chettinad Builders Private Limited Chettinad E-Publishing Private Limited Chettinad Trucks and Equipments Private Limited Chettinad Logistics Private Limited Haaciendaa Infotech and Realtors Private Limited Chettinad Clearing and Forwarding Private Limited Chettinad Land and Building Development Private Limited Chettinad Projects Development Private Limited Chennai Computer and Software Services Private Limited Chettinad Inland Water Transport Services Private Limited Chettinad Infrastructures Property Developers Private Limited Chettinad Plantations Private Limited Chettinad Morimura Semiconductor Material Private Limited Chettinad Engineering and Allied Services Private Limited Chettinad Apparels Private Limited Chettinad Earth Movers Private Limited Chettinad Packers and Movers Private Limited Chettinad Tv Network Private Limited Chettinad Radio Network Private Limited Durandel Property Developers Private Limited Chettinad Container Terminal Private Limited Chettinad Energy Resource Private Limited Chettinad Lignite Transport Services Private Limited Chettinad Electric Company Private Limited Chettinad Enterprises Private Limited Chettinad Dairy and Poultry Farms Private Limited Chettinad Coal Washeries Private Limited Chettinad Structural and Engineering Limited Chettinad Micro Business Private Limited Chettinad Developers Private Limited Chettinad Security Services Private Limited Chettinad Properties Private Limited Chettinad Refineries Private Limited Chettinad Financial Management Services Private Limited Chettinad Oil and Gas Enterprises Private Limited Chettinad Natural Resources Private Limited Chettinad Oil Corporation Private Limited Belaire Apartments Private Limited South India Corpn Private Limited Chettinad International Coal Terminal Private Limited Chettinad Power Corporation Private Limited South India Corporation Travancore Private Limited Chettinad Software Services Private Limited Chettinad Corporation Private Limited Chettinad Holdings Private Limited Chettinad Realtors Private Limited Chettinad Hospitals Private Limited Chettinad Pharmaceuticals Private Limited Chettinad Electronics Private Limited

CAPITAL STRUCTURE

As on 27.08.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.10/-each	Rs.5000.000 Million

Issued Capital:

No. of Shares	Type	Value	Amount
38295748	Equity Shares	Rs.10/-each	Rs.382.957 Million

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
38198998	Equity Shares	Rs.10/-each	Rs.381.990 Million

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.10/-each	Rs.5000.000 Million

Issued Capital:

No. of Shares	Type	Value	Amount
38300000	Equity Shares	Rs.10/- each	Rs.383.000 Million

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
38200000	Equity Shares	Rs.10/- each	Rs.382.000 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	382.000	382.000	382.000
(b) Reserves & Surplus	12403.000	11574.000	10422.100
(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)	12785.000	11956.000	10804.100
(3) Non-Current Liabilities
(a) long-term borrowings	4333.400	4953.900	3916.600
(b) Deferred tax liabilities (Net)	96.300	101.200	128.400
(c) Other long term liabilities	302.800	270.000	203.700
(d) long-term provisions	32.700	39.600	63.400
Total Non-current Liabilities (3)	4765.200	5364.700	4312.100
(4) Current Liabilities
(a) Short term borrowings	3345.400	3886.700	5976.200
(b) Trade payables	1767.300	2027.400	1654.800
(c) Other current liabilities	2781.000	2939.200	2175.400
(d) Short-term provisions	258.900	253.700	387.000
Total Current Liabilities (4)	8152.600	9107.000	10193.400
TOTAL	25702.800	26427.700	25309.600
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16688.000	17266.300	17428.900
(ii) Intangible Assets	4.100	5.500	7.300
(iii) Capital work-in-progress	51.200	1092.200	1530.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	5.800
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	260.000	97.800	103.700
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	17003.300	18461.800	19076.300
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5310.800	4887.600	3748.500
(c) Trade receivables	2248.600	2132.000	1739.100
(d) Cash and cash equivalents	91.300	45.800	19.400
(e) Short-term loans and advances	1026.900	877.100	726.300
(f) Other current assets	21.900	23.400	0.000
Total Current Assets	8699.500	7965.900	6233.300
TOTAL	25702.800	26427.700	25309.600

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	22061.800	24507.800	20599.000
	Other Income	80.800	64.700	87.500
	TOTAL	22142.600	24572.500	20686.500
Less	EXPENSES
	Cost of Materials Consumed	3464.400	4145.100	2707.100
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	125.100	(236.900)	(407.000)
	Employees benefits expense	1109.900	1136.100	898.400
	Other expenses	12604.100	13180.600	10583.000
	TOTAL	17303.500	18224.900	13781.500
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	4839.100	6347.600	6905.000
Less	FINANCIAL EXPENSES	796.800	1060.500	924.900
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	4042.300	5287.100	5980.100
Less/ Add	DEPRECIATION/ AMORTISATION	2982.400	3714.900	3468.100
	PROFIT/ (LOSS) BEFORE TAX	1059.900	1572.200	2512.000
Less	TAX	(0.500)	196.800	632.000
	PROFIT/ (LOSS) AFTER TAX	1060.400	1375.400	1880.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	5935.300	4933.400	3586.400
Less	APPROPRIATIONS
	Transfer to General Reserve	110.000	150.000	200.000
	MAT Entitlement Reversal	7.900	0.000	0.000
	Dividend	191.000	190.900	286.500
	Tax on Dividend	32.500	32.600	46.500
	Total	341.400	373.500	533.000
	Balance Carried to the B/S	6654.300	5935.300	4933.400
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	23.500	41.500	19.600
	TOTAL EARNINGS	23.500	41.500	19.600
	IMPORTS
	Raw Materials	134.200	647.700	257.700
	Components and Stores parts	50.200	70.500	68.900
	Capital Goods	31.200	94.900	826.900
	TOTAL IMPORTS	215.600	813.100	1153.500
	Earnings / (Loss) Per Share (Rs.)	27.76	36.01	49.22

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1030.400	1174.300	1083.600
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	4200.000	5974.800	5670.900

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	4.80	5.61	9.12
Operating Profit Margin (PBDIT/Sales)	(%)	21.93	25.90	33.52
Return on Total Assets (PBT/Total Assets}	(%)	4.13	6.21	10.57
Return on Investment (ROI) (PBT/Networth)		0.08	0.13	0.23
Debt Equity Ratio (Total Liability/Networth)		0.60	0.74	0.92
Current Ratio (Current Asset/Current Liability)		1.07	0.87	0.61

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	382.000	382.000	382.000
Reserves & Surplus	10422.100	11574.000	12403.000
Net worth	10804.100	11956.000	12785.000
long-term borrowings	3916.600	4953.900	4333.400
Short term borrowings	5976.200	3886.700	3345.400
Current Maturities of Long Term Debt	1083.600	1174.300	1030.400
Total borrowings	10976.400	10014.900	8709.200
Debt/Equity ratio	1.016	0.838	0.681

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	20599.000	24507.800	22061.800
		18.976	(9.980)

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	20599.000	24507.800	22061.800
Profit	1880.000	1375.400	1060.400
	9.13%	5.61%	4.81%

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	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
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	10571428	29/05/2015	100,000,000.00	IDBI BANK LIMITED	115, ANNA SALAI, SAIDAPET, CHENNAI -  600015, TAMILNADU, INDIA	C54660774
2	10550429	28/01/2015	500,000,000.00	THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED	NO 30, RAJAJI SALAI, OPPOSITE TO BEACH STATION, CHENNAI - 600001, TAMILNADU, INDIA	C44260248
3	10506640	05/03/2015 *	500,000,000.00	ICICI BANK LIMITED	NO.1,CENOTAPH ROAD, TEYNAMPET, CHENNAI - 600018, TAMILNADU, INDIA	C47068952
4	10444840	23/07/2013	1,250,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	B82992546
5	10423468	24/03/2014 *	1,000,000,000.00	HDFC BANK LIMITED	HDFC BANK LIMITED, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	C02153286
6	10413844	24/03/2014 *	2,500,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA	C04787982
7	10265755	24/03/2014 *	8,797,800,000.00	STATE INDUSTRIES PROMOTION CORPORATION OF TAMILNADU	19-A, RUKMANI LAKSHMIPATHY ROAD, POST BOX NO. 7223, EGMORE, CHENNAI - 600008, TAMILNADU, INDIA	C04725479
8	80035993	02/09/2013 *	500,000,000.00	CENTRAL BANK OF INDIA	MID CORPORATE BRANCH, 48/49 MONTIETH ROAD, CHENNAI - 600008, TAMILNADU, INDIA	B88162383
9	80035994	02/09/2013 *	2,000,000,000.00	CENTRAL BANK OF INDIA	MID CORPORATE BRANCH, 48/49 MONTIETH ROAD, CHENNAI - 600008, TAMILNADU, INDIA	B88162201

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term Loans from others	2143.700	2147.800
SHORT TERM BORROWINGS
Loans repayable on demand from banks	500.000	500.000
Intercorporate deposits	850.000	3040.000
Total	3493.700	5687.800

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles

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

Analysis Done by :	DIV
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		64

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.