MIRA INFORM REPORT

Report No. :	350396
Report Date :	26.11.2015

IDENTIFICATION DETAILS

Name :	PANYAM CEMENTS AND MINERAL INDUSTRTIES LIMITED
Registered Office :	C-1, Industrial Estate, Bommalasatram,   Nandyal - 518502, Kurnool, Andhra Pradesh
Tel. No.:	91-8514-222274
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	23.06.1955
Com. Reg. No.:	18-000546
Capital Investment / Paid-up Capital :	Rs. 162.141 Million
CIN No.: [Company Identification No.]	L26940AP1955PLC000546
IEC No.:	Not Applicable (Note:- As claimed by company management chat company does not export and import)
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Ordinary Portland Cement (OPC).
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (21)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow but delayed
Litigation :	Clear
Comments :	Panyam Cements and Mineral Industries Limited (PCMIL), incorporated in June 23, 1955, and it is part of the Nandi Group of Industries based out of Nandyal in Andhra Pradesh. The rating is constrained on company weak financial risk profile of the company marked by the accumulated loss which has errored the reserves position of the company. The ratings, however, continue to be constrained by company’s leveraged capital structure, working capital-intensive nature of the business and significant exposure to the group companies. The ratings also factor in the long experience and satisfactory track record of promoter in diversified business and growth in total operating income in FY-15. However, business is active. Payment terms are slow and delayed. In view of aforesaid, the company can be considered for business dealings with some 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 (C)
Rating Explanation	Poor credit quality and limited prospects of recovery.
Date	October 2015
Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A4)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	October 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

Management non-co-operative (91-8514-222274)

LOCATIONS

Registered and Marketing Office :	C-1, Industrial Estate, Bommalasatram,   Nandyal - 518502, Kurnool, Andhra Pradesh, India
Tel. No.:	91-8514-222274
Fax No.:	91-8514-243106/ 243350
E-Mail :	kumarpanyam@gmail.com marketing@panyamcements.com mrnaidu@panyamcements.com hrjujary@yahoo.co.in regoffice@panyamcements.com
Website :	http://www.panyamcements.com
Corporate Office and Central Administrative Office:	Plot No:188, Phase-II, Kamalapuri Colony, Hyderabad-500073, Andhra Pradesh, India
Tel. No.:	91-40-23555317
Fax No.:	91-40-23555316
E-Mail :	caohyd@panyamcements.com
Factory :	Cement Nagar – 518206, Kurnool, Andhra Pradesh, India
Tel. No.:	91-8516-274638/ 274623/ 274625
Fax No.:	91-8516-274644/ 274625
E-Mail :	pcmil@panyamcements.com

DIRECTORS

As on: 31.03.2015

Name :

Mrs. Jayarama Reddy Pedireddygari

Designation :

Director

Address :

Block No.26, F.No.501, Raintree Park, Malaysian Township, KPHB Colony, Kukatpally, Ranga Reddy - 500072, Telangana, India

Date of Birth:

07.01.1946

Qualification:

Engineering Graduate

Date of Appointment :

31.12.2014

DIN No.:

07053207

Name :

Mr. Sureshkumar Shastry Vemuri

Designation :

Director

Address :

H No. 30/726, Bommalasatram, Nandyal-518502, Andhra Pradesh, India

Date of Appointment :

30.05.2011

DIN No.:

01788268

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	U72200TG2003PTC040211	KASURA TECHNOLOGIES PRIVATE LIMITED	Director	01/03/2004	01/03/2004	-	Active	NO
2	U01119TG2010PTC069072	NANDI GRAIN DERIVATIVES PRIVATE LIMITED	Managing director	01/09/2010	22/06/2010	-	Active	NO
3	U45200TG2005PTC047711	SUJALA INFRASTRUCTURE PRIVATE LIMITED	Managing director	01/01/2011	01/01/2011	-	Active	NO
4	L26940AP1955PLC000546	PANYAM CEMENTS AND MINERAL INDUSTRTIES LIMITED	Director	15/09/2011	30/05/2011	-	Active	NO
5	U25209AP2011PTC078016	ANANTAPUR PIPES PRIVATE LIMITED	Director	14/12/2011	14/12/2011	28/08/2013	Active	NO
6	U51909TG2013PTC085650	Nandi TradeImpex Private Limited	Director	08/02/2013	08/02/2013	-	Active	NO
7	L25209TG1994PLC016939	INTEGRATED THERMOPLASTICS LIMITED	Whole-time director	14/08/2014	14/08/2013	-	Active	NO
8	U61200TG2006PTC051735	NANDI WATER CONTAINERS PRIVATE LIMITED	Additional director	17/12/2013	17/12/2013	04/09/2014	Active	NO
9	U25190TG2015PTC100329	Telangana Pipes Private Limited	Director	19/08/2015	19/08/2015	-	Active	NO

Name :

Mr. Aravinda Rani Vemuri

Designation :

Director

Address :

31/726, Bommala Satram, Kurnool-518502, Andhra Pradesh, India

Date of Birth:

12.01.1979

Qualification:

B. Tech

Date of Appointment :

13.08.2014

DIN No.:

01241976

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	U01211AP2000PTC035850	SUJALA FEEDS PRIVATE LIMITED	Director	11/12/2000	11/12/2000	-	Active	NO
2	U25200AP2011PTC077073	NANDI PIPES PRIVATE LIMITED	Director	20/10/2011	20/10/2011	-	Active	NO
3	U25209AP2011PTC078016	ANANTAPUR PIPES PRIVATE LIMITED	Director	14/12/2011	14/12/2011	28/08/2013	Active	NO
4	U51909TG2013PTC086945	SREEKANTH TRADING PRIVATE LIMITED	Director	12/04/2013	12/04/2013	-	Active	NO
5	U61200TG2006PTC051735	NANDI WATER CONTAINERS PRIVATE LIMITED	Additional director	17/12/2013	17/12/2013	04/09/2014	Active	NO
6	U15200TG1996PTC023978	NANDI MILK PRODUCTS PRIVATE LIMITED	Additional director	01/04/2014	01/04/2014	-	Active	NO
7	U25200TG2012PTC079316	NANDI PIPES HYDERABAD PRIVATE LIMITED	Additional director	01/04/2014	01/04/2014	-	Active	NO
8	U01100TG2005PLC045887	S.P.Y. AGRO INDUSTRIES LIMITED	Director	30/09/2014	13/06/2014	-	Active	NO
9	U25209TG1998PTC029769	NANDHI PVC PRODUCTS PRIVATE LIMITED	Additional director	19/06/2014	19/06/2014	-	Active	NO
10	L26940AP1955PLC000546	PANYAM CEMENTS AND MINERAL INDUSTRTIES LIMITED	Director	13/08/2014	13/08/2014	-	Active	NO
11	U25190TG2014PTC094654	MONARCH WATER CONTAINERS PRIVATE LIMITED	Additional director	04/09/2014	04/09/2014	-	Active	NO
12	L25209TG1994PLC016939	INTEGRATED THERMOPLASTICS LIMITED	Director	30/09/2014	30/09/2014	-	Active	NO
13	U25209TG2006PTC050041	SREEKANTH PIPES PRIVATE LIMITED (PART IX).	Additional director	01/04/2015	01/04/2015	-	Active	NO
14	U25190TG2015PTC100329	Telangana Pipes Private Limited	Director	19/08/2015	19/08/2015	-	Active	NO
15	U25209TG2006PTC049592	ANANTHA PVC PIPES PRIVATE LIMITED (PART IX)	Additional director	05/11/2015	05/11/2015	-	Active	NO
16	U25191AP2005PTC047288	NANDI POLYMERS INDIA PRIVATE LIMITED	Additional director	05/11/2015	05/11/2015	-	Active	NO

Name :

Mrs. Velamati Ramnath

Designation :

Director

Address :

Plot No 23, H.No.8-2-310/B/23, Navodaya, Road No 1, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India

Date of Appointment :

18.11.1992

DIN No.:

01303846

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	L26940AP1955PLC000546	PANYAM CEMENTS AND MINERAL INDUSTRTIES LIMITED	Director	18/11/1992	18/11/1992	-	Active	NO
2	U72200TG2000PLC033944	VELCO TECHNOLOGIES LIMITED	Director	21/03/2000	21/03/2000	-	Active	NO
3	U26941TN1992PLC023405	CHERAN CEMENT LIMITED	Director	28/09/2001	28/09/2001	-	Active	NO
4	U15410TG2007PLC053579	BON SANTE BAKING COMPANY LIMITED	Director	13/04/2007	13/04/2007	-	Active	NO
5	U72200TG2007PTC055053	TEGRA DIGITAL PRIVATE LIMITED	Director	07/08/2007	07/08/2007	-	Active	NO

Name :

Mr. Sreedhar Reddy Sajjala

Designation :

Managing Director

Address :

30/726, Bommalasatram, Nandyal-518502, Andhra Pradesh, India

Date of Appointment :

18.08.2004

DIN No.:

01440442

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	U51495KA1999PTC025567	APOORVA PIPES PRIVATE LIMITED	Director	06/08/1999	06/08/1999	15/09/2012	Active	NO
2	U27104KA2004PLC034136	MAHESH SPONGE IRON AND POWER LIMITED	Director	16/06/2004	16/06/2004	15/11/2007	Active	NO
3	L26940AP1955PLC000546	PANYAM CEMENTS AND MINERAL INDUSTRTIES LIMITED	Managing director	30/10/2009	18/08/2004	-	Active	NO
4	U01100TG2005PLC045887	S.P.Y. AGRO INDUSTRIES LIMITED	Managing director	23/06/2010	13/04/2005	-	Active	NO
5	U25191AP2005PTC047288	NANDI POLYMERS INDIA PRIVATE LIMITED	Director	30/08/2005	30/08/2005	-	Active	NO
6	U25209TG2006PTC049592	ANANTHA PVC PIPES PRIVATE LIMITED (PART IX)	Director	23/03/2006	23/03/2006	-	Active	NO
7	U25209TG2006PTC050041	SREEKANTH PIPES PRIVATE LIMITED (PART IX).	Director	08/05/2006	08/05/2006	-	Active	NO
8	U61200TG2006PTC051735	NANDI WATER CONTAINERS PRIVATE LIMITED	Director	20/11/2006	20/11/2006	04/09/2014	Active	NO
9	U25209TG2006PTC051724	SURAJ WATER TANKS PRIVATE LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
10	U26941TN1992PLC023405	CHERAN CEMENT LIMITED	Director	31/01/2007	31/01/2007	06/01/2010	Active	NO
11	U24111AP2007PTC052862	NANDYALA GASES PRIVATE LIMITED	Director	21/02/2007	21/02/2007	-	Amalgamated	NO
12	U74999TG2007PLC054905	NANDI IRRIGATION SYSTEMS LIMITED	Director	26/07/2007	26/07/2007	-	Active	NO
13	U45200TG2008PTC057482	NandiPipes Builders & Developers Private Limited	Managing director	07/02/2008	07/02/2008	18/03/2009	Active	NO
14	U27310TG2008PTC059273	NANDI TMT BARS PRIVATE LIMITED	Director	21/05/2008	21/05/2008	26/03/2011	Active	NO
15	L27105MP1984PLC002521	STI INDIA LIMITED	Director	30/09/2008	30/06/2008	19/10/2011	Active	NO
16	U74900AP2008PTC060422	NANDI CPVC PIPE PRODUCTS INDIA PRIVATE LIMITED	Director	01/08/2008	01/08/2008	-	Active	NO
17	U11102AP2008PTC061173	RAYALASEEMA INDUSTRIAL GASES PRIVATE LIMITED	Director	23/09/2008	23/09/2008	21/07/2009	Active	NO
18	U45200TG2005PTC047711	SUJALA INFRASTRUCTURE PRIVATE LIMITED	Managing director	24/07/2009	03/10/2008	01/01/2011	Active	NO
19	U40200AP2008PTC061578	NANDI OXYGEN PRIVATE LIMITED	Director	27/10/2008	27/10/2008	-	Active	NO
20	U40103TG2010PTC067414	NANDI ENERGY SYSTEMS INDIA PRIVATE LIMITED	Director	08/03/2010	08/03/2010	01/09/2011	Active	NO
21	U01119TG2010PTC069072	NANDI GRAIN DERIVATIVES PRIVATE LIMITED	Director	22/06/2010	22/06/2010	-	Active	NO
22	U26960AP2010PTC069916	NANDI CONCRETE PRODUCTS PRIVATE LIMITED	Director	10/08/2010	10/08/2010	-	Active	NO
23	U29210TG2010PTC070026	NANDI PUMPS PRIVATE LIMITED	Director	17/08/2010	17/08/2010	-	Active	NO
24	U27100AP2010PTC070243	NANDI METALS PRIVATE LIMITED	Director	31/08/2010	31/08/2010	-	Active	NO
25	U74210AP2011PTC075284	PADILA AUTOMATION PRIVATE LIMITED	Director	30/06/2011	30/06/2011	-	Active	NO
26	U51101TG2013PTC086957	NANDYAL TRADING PRIVATE LIMITED	Director	12/04/2013	12/04/2013	03/03/2014	Active	NO
27	U25190TG2014PTC094654	MONARCH WATER CONTAINERS PRIVATE LIMITED	Director	27/06/2014	27/06/2014	04/09/2014	Active	NO

Name :

Dr. Ramakrishna Prasad Sunkara

Designation :

Director

Address :

1908, Trout Valley Rd, Champaign, Illinois-61822, , United States of America

Date of Birth:

16.11.1946

Qualification:

MBBS

Date of Appointment :

26.11.1994

DIN No.:

02451497

KEY EXECUTIVES

Name :	S. Nageswara Reddy
Designation :	Chief Financial Officer
Name :	Sri P. Kumar Raja
Designation :	G.M. (Marketing)
Name :	Sri R. Muniratnam Naidu
Designation :	G.M. (Marketing)
Name :	Sri G.S. Sainath
Designation :	Sr. Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2015

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	8367379	52.24
Sub Total	8367379	52.24
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	8367379	52.24
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	600	0.01
Insurance Companies	57260	0.36
Foreign Institutional Investors	3588235	22.40
Sub Total	3646095	22.77
(2) Non-Institutions
Bodies Corporate	184872	1.66
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	936404	9.60
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1869456	13.11
Any Others (Specify)	98133	0.61
Non-Resident Indians	54974	0.35
Clearing Members	43159	0.27
Sub Total	3088865	24.99
Total Public shareholding (B)	6734960	47.76
Total (A)+(B)	15102339	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	15102339	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Ordinary Portland Cement (OPC).
Products :	Cement
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Not Divulged

Bankers :

• State Bank of India, Specialized S.M.E. Branch, T.T.D Road, Nandyal - 518501, Andhra Pradesh, India
• State Bank of Hyderabad, Overseas Branch, 6-3-652, "Kautilya", Somajiguda, Hyderabad - 500082, Telangana, INDIA
• Indian Overseas Bank, Adarsh Nagar Branch, 5-9, Paigah Plaza, Basheerbagh, Hyderabad - 500029, Andhra Pradesh, India
• Kotak Mahindra Bank Limited, 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, Maharashtra, India
• State Bank of India (Lead Bank-TL-CG-SPY), Nandyal Main Branch, Srinivasa Nagar, Nandyal - 518501, Andhra Pradesh, India

Bank Name	Not Divulged
Branch	Not Divulged
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 :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loan from Banks
Indian overseas Bank
Term Loan II.Rs.105.000 Million repayable in 28 Quarterly installments of Rs.3.750 million from Dec, 2010.	26.219	37.469
Term Loan III.Rs.15.000 Million repayable in 24 Quarterly installments of Rs.0.625 million from Dec,2012	6.875	8.750
State Bank of Hyderabad
Term Loan I Rs.217.000 million repayable in 22 quarterly installments of Rs.9.850 million from Dec’2010	0.000	39.525
Term Loan II Rs.54.000 million repayable in 24 quarterly installments of Rs.5.464 million from October 2012	16.265	0.000
State Bank of India
Term Loan Rs.100.000 Million repayable in 20 quarterly instalments of Rs.3.750 million from April 2014 and 4 instalments of Rs 6.250 million from April 2019.	70.000	83.177
Corporate Loans
State Bank of India-Nandyal
Rs. 65.000 Million repayable in 7 Quarterly instalments of Rs.2.600 million from Sept 2015 to March 2017, 4 Installments of Rs 3.120 million from June 2017 to March 2018, 4 installments of Rs.5.200 million from June 2018 to March 2019 and 2 installments of Rs. 6.760 million from June 2019 to Sept 2019	57.197	0.000
State Bank of Hyderabad
Rs. 30.000 Million Repayable in 7 Quarterly instalments of Rs.1.200 million from Sept 2015 to March 2017, 4 Installments of Rs 1.450 million from June 2017 to March 2018, 4 installments of Rs.2.400 million from June 2018 to March 2019 and 2 installments of Rs. 3.100 million from June 2019 to Sept 2019	26.400	0.000
Hire Purchase Finance For purchase of Equipment and Vehicles under hypothecation	0.000	3.274
Short-term borrowings
From Banks
Working capital Demand Loans Cash Credits	307.577	307.013
Total	510.534	479.208

Note:

There were no long term Debentures, Deposits and Finance Lease obligations

The following are overdue installments of term loans and interest dues as on 31.03.2015 and 31.03.2014 which are included under Other Current Liabilities

Term loans from Banks -Installments of Rs.14.225 Million (Previous Year Rs.20.314 Million) and Interest for the month of March Rs.8.056 Million (previous year Rs.8.551 Million) Hire Purchase Finance - Installments of Rs.4.860 Million (Previous Year Rs.4.408 Million) and Interest dues of Rs.0.160 Million (Previous year Rs 0.565 Million)

SECURITY:

Term Loans and Corporate Loans from Banks:

Secured by first pari pasu charge on all the fixed assets and second charge on all Current Assets of the Company and also personal guarantee of Sri. S.P.Y. Reddy, Sri.S. Sreedhar Reddy, Managing Director and Sri. V. Ramanath, Director and Eknath Ganesh, and V. Venkata Rao, Shareholders)

Hire Purchase Finance: Secured by hypothecation of equipment and vehicles purchased and personal guarantee of two Directors of Company

There were no loans repayable on demand and short term deposits/loans and advances from related parties

There was no default as on 31.03.2015 and 31.03.2014 in repayment of loans and interest payments on working capital cash credit loans.

SECURITY;

Cash Credits working capital loans from banks: Secured by hypothecation of inventory of raw materials, finished goods, stocks in-process and book debts and first pari pasu charge on the current assets and second charge on fixed assets of the company and also by the personal guarantee of the above Directors and shareholders given for Term Loans.

Banking Relations :	L and T Finance Limited, L and T House, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	21/142-6, O Road, S.K.D. Colony, Adoni – 518301, Andhra Pradesh, India
Tel. No.:	91-8512-253447
Fax No.:	91-8512-222377
Email:	Brahmayya_adoni@yahoo.co.in
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
18500000	Equity Shares	Rs. 10/- each	Rs. 185.000 Million
5500	15% Redeemable ”A’ Cumulative	Rs. 100/- each	Rs.0.550 Million
23500	15% Redeemable ‘B’ Cumulative	Rs. 100/- each	Rs. 2.350 Million
21000	14% Redeemable ‘C’ Cumulative	Rs. 100/- each	Rs.2.100 Million
250000	Preference Shares	Rs. 100/- each	Rs. 25.000 Million
	Total		Rs. 215.000 Million

Issued

No. of Shares	Type	Value	Amount
13932770	Equity Shares	Rs. 10/- each	Rs. 139.328Million
2090909	Equity Shares	Rs. 10/- each	Rs. 20.909 Million
20942	14% Redeemable ‘C’ Cumulative	Rs. 100/- each	Rs. 2.094 Million
	Total		Rs. 162.331 Million

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
16018139	Equity Shares	Rs. 10/- each	Rs. 160.181 Million
	Add: Call Unpaid (forfeited Shares 5540 Equity Share)		Rs. 0.030 Million
19299	14% Redeemable ‘C’ Cumulative	Rs. 100/- each	Rs. 1.930 Million
	Total		Rs. 162.141 Million

b) Reconciliation of the number of shares outstanding at the beginning and the end of the reporting period:

	31.03.2015
	No. of Shares held	Rs. in Million
Equity Shares of Rs. 10 At the beginning of the period	16018139	Rs. 160.181
Preference Shares At the beginning of the period	19299	Rs. 0.019
Issued during the period	--
Outstanding at the end of the period	16018139	Rs. 160.200

The rights, preferences and restrictions including restrictions on the distribution of dividends and the repayment of capital:

c) Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held:

Name of Shareholders (Equity Shares )	31.03.2015
Name	No. of Shares held	% of Holding
S.P.Y. Reddy	1681404	10.00
S. Sreedhar Reddy	1744423	11.00
V. Suresh	1843752	12.00
S. Parvathi	921861	6.00
S. Sujala	1106274	7.00
V. Aravinda Rani	1033081	6.00
Copthal Mauritius Investment Limited	1380700	9.00

c) Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held:

Name of Shareholders (Preference Shares )	31.03.2015
Name	No. of Shares held	% of Holding
Life Insurance Corporation of India	13891	72.00
Oriental Fire & General Insurance Company Limited	5390	28.00

1. The Company has no Subsidiaries/Associates and has no Holding Company

2. Equity Shares issued, subscribed and fully paid up includes 9,17,740 equity shares of Rs.10/- each which were allotted as fully paid up for consideration other than cash pursuant to the Scheme of Amalgamation of the erstwhile Deccan Wires Limited with the Company during the year 1980-81

3. Equity Shares issued, subscribed and fully paid up includes 20,90,909 equity shares of Rs.10/- each at a premium of Rs.45/- each which were allotted on preferential allotment to promoters group on 01.03.2007

4. C’ Cumulative Preference Shares have fallen due for redemption on 25.07.1999 and the Company has requested
5. the institutional shareholders for extension of repayment period

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	162.141	162.141	162.141
(b) Reserves & Surplus	(17.563)	136.228	178.809
(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)	144.578	298.369	340.950
(3) Non-Current Liabilities
(a) long-term borrowings	507.288	593.444	337.310
(b) Deferred tax liabilities (Net)	41.394	41.394	41.394
(c) Other long term liabilities	71.099	99.092	443.607
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	619.781	733.930	822.311
(4) Current Liabilities
(a) Short term borrowings	307.577	307.013	315.427
(b) Trade payables	167.242	95.585	152.129
(c) Other current liabilities	914.791	643.258	627.241
(d) Short-term provisions	30.000	50.000	50.000
Total Current Liabilities (4)	1419.610	1095.856	1144.797
TOTAL	2183.969	2128.155	2308.058
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	728.200	712.564	779.930
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	250.432	311.998	288.244
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.816	3.816	3.816
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	436.937	387.353	389.603
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1419.385	1415.731	1461.593
(2) Current assets
(a) Current investments	9.424	9.423	66.052
(b) Inventories	228.207	174.270	197.289
(c) Trade receivables	137.203	106.872	180.059
(d) Cash and cash equivalents	27.990	23.819	14.028
(e) Short-term loans and advances	361.016	397.914	385.743
(f) Other current assets	0.744	0.126	3.294
Total Current Assets	764.584	712.424	846.465
TOTAL	2183.969	2128.155	2308.058

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	889.831	476.508	1022.602
		Other Income	52.313	45.753	55.313
		TOTAL (A)	942.144	522.261	1077.915
Less	EXPENSES
		Cost of Materials Consumed	195.191	64.177	147.168
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(18.482)	24.282	(8.405)
		Employees benefits expense	78.190	82.042	93.292
		Exceptional Item	0.000	(282.097)	(427.600)
		Other expenses	661.605	480.967	841.669
		TOTAL (B)	916.504	369.371	646.124
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.640	152.890	431.791
Less	FINANCIAL EXPENSES (D)		117.943	129.322	126.051
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(92.303)	23.568	305.740
Less	DEPRECIATION/ AMORTISATION (F)		59.250	66.149	80.867
	PROFIT / (LOSS)BEFORE TAX (E-F) (G)		(151.553)	(42.581)	224.873
Less	TAX (H)		0.000	0.000	50.000
	PROFIT / (LOSS)AFTER TAX (G-H) (I)		(151.553)	(42.581)	174.873
	Earnings Per Share (Rs.)		(9.48)	(2.67)	10.90

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	163.422	162.578	177.623
Cash generated from operations	253.427	(140.168)	156.080
Net Cash flows from operating activities	141.692	(264.077)	2.126

QUARTERLY RESULTS

PARTICULARS	1 Quarter	2 Quarter
Unaudited	30.06.2015	30.09.2015
Net Sales	687.510	505.780
Total Expenditure	(574.120)	(457.720)
PBIDT (Excl OI)	113.390	48.060
Other Income	20.580	19.900
Operating Profit	133.970	67.960
Interest	(34.080)	(34.010)
PBDT	99.890	33.960
Depreciation	(15.000)	(15.900)
Profit Before Tax	84.890	18.060
Tax	(5.600)	(3.400)
Provisions and contingencies	0.000	0.000
Profit After Tax	79.290	14.660

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(17.03)	(8.94)	17.10
Operating Profit Margin (PBIDT/Sales)	(%)	2.88	32.09	42.22
Return on Total Assets (PBT/Total Assets}	(%)	(7.85)	(2.35)	11.15
Return on Investment (ROI) (PBT/Networth)		(1.05)	(0.14)	0.66
Debt Equity Ratio (Total Debt /Networth)		6.77	3.56	2.44
Current Ratio (Current Asset/Current Liability)		0.54	0.65	0.74

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.7965.00/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	162.141	162.141	162.141
Reserves & Surplus	178.809	136.228	(17.563)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	340.950	298.369	144.578
long-term borrowings	337.310	593.444	507.288
Short term borrowings	315.427	307.013	307.577
Current Maturities of Long Term Debt	177.623	162.578	163.422
Total borrowings	830.360	1063.035	978.287
Debt/Equity ratio	2.435	3.563	6.766

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1022.602	476.508	889.831
		(53.402)	86.740

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1022.602	476.508	889.831
Profit (Loss)	174.873	(42.581)	(151.553)
	17.10%	(8.94%)	(17.03%)

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	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
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

OPERATIONS:

The company has produced during the year 2014-15, 245779 M. Tonnes of cement as against 1,40,298 M. Tonnes produced during the previous year. The performance of the Company has improved during the second half of the financial year. The major factor for improved performance was due to favourable market conditions and manufacture of slag cement.

The gross sales for the year under report was Rs. 1126.510 million as against Rs.617.591 million in the previous year. The Net Loss after tax for the year was Rs.151.554 million as against net loss (before exceptional income of Rs. 324.678 Million and net loss of Rs. 42.581 million in the previous year after exceptional income of Rs. 282.097 Million. As stated in our last year Annual Report, the developer Greenage Griha Nirman Private Limited (formerly known as Bhimsankar Realtors Private Limited) has completed the first phase of construction of four blocks and the remaining six blocks in second phase will be completed before 31st December, 2015.

MANAGEMENT DISCUSSION AND ANALYSIS:

Industry structure and development:

In the earlier years the Cement Division was incurring losses due to its inability to operate continuously at optimum levels on account of inadequate working capital and high cost of production which is mainly due to high power consumption and coal when compared to industry norms of similar capacity. Now the management has taken various steps to optimize the production levels and taken necessary measures to reduce the cost of production. The efforts of the management is yielding results.

Opportunity and threats:

Their cement plant being strategically located with high quality limestone mines very near to the plant can cater to the neighbouring States of Tamilnadu, Karnataka, Goa and Kerala where the realizations are better. The Company has also made arrangements to augment its working capital by getting approval of working capital from bank and is looking to reach optimum operational levels. Further, the company has enhanced its capacity by modernization of Kiln No.1 whereby the existing capacity of the kiln was enhanced from 550 M. Tonnes per day to 1800 M. Tonnes per day.

OUTLOOK:

The initiatives by the new Government such as housing for all, smart cities, Swachh Bharat campaign, infrastructure spending, concrete road initiatives and an increase in allocation of funds to States are likely to see a positive impact on the Cement Industry. Infrastructure development is the need of the nation; this along with rising housing provision will accelerate construction activity. Recovery of the global scenario could also provide impetus to economic growth and cement. The State has seen new players and also the existing players expanding capacities due to huge availability of limestone, which is the primary material for cement.

Risks and concerns

The drying up of Government contracts through irrigation, infrastructure and housing programmers was major reason for hitting the Industry. They presume that the bifurcation of erstwhile Andhra Pradesh will impetus the growth of cement consumption during the year.

Concerns of the Indian Cement Industry are high cost of power and coal, high freight costs, inadequate infrastructure, non-availability of wagons and poor quality of coal and heavy taxes/royalty levies.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Deferred Payment liabilities
Royalty payable as on 31.03.2005 of Rs.36.800 million deferred for payment for 8 years in monthly installments from 24.05.2008 as per Order dated 24.05.2006	0.000	5.862
Loans and advances from related parties From promotor’s group contribution to approved Project Scheme.	304.331	407.543
Loans and Advances from Others	0.000	7.844
Total	304.331	421.249

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10590229	07/08/2015	30,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI - 400051, MAHARASHTRA, INDIA	C63821078
2	10565931	15/04/2015	13,000,000.00	STATE BANK OF INDIA	SPECIALISED S.M.E. BRANCH, T.T.D ROAD, NANDYAL - 518501, ANDHRA PRADESH, INDIA	C51900850
3	10557288	28/02/2015	65,000,000.00	STATE BANK OF INDIA	SPECIALISED S.M.E. BRANCH, T.T.D ROAD, NANDYAL - 518501, ANDHRA PRADESH, INDIA	C47852058
4	10557818	30/12/2014	30,000,000.00	STATE BANK OF HYDERABAD	OVERSEAS BRANCH, 6-3-652, "KAUTILYA", SOMAJIGUDA,  HYDERABAD - 500082, TELANGANA, INDIA	C48206445
5	10530808	14/11/2014	30,000,000.00	STATE BANK OF INDIA	SPECIALISED S.M.E. BRANCH, T.T.D ROAD, NANDYAL - 518501, ANDHRA PRADESH, INDIA	C33330044
6	10454719	26/12/2013 *	1,760,900,000.00	STATE BANK OF INDIA (LEAD BANK-TL-CG-SPY)	NANDYAL MAIN BRANCH, SRINIVASA NAGAR, NANDYAL - 518501, ANDHRA PRADESH, INDIA	B94392438
7	10437235	25/06/2013	34,400,000.00	L & T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE,, MUMBAI - 400001, MAHARASHTRA , INDIA	B79773636
8	10412462	31/01/2013	15,000,000.00	INDIAN OVERSEAS BANK	ADARSH NAGAR BRANCH, 5-9, PAIGAH PLAZA, BASHEERBAGH, HYDERABAD - 500029, ANDHRA PRADESH, INDIA	B71007579
9	10323721	18/11/2011	14,400,000.00	L & T FINANCE LIMITED	L&T HOUSE, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA , INDIA	B28071223

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2015
As a signatory to the Memorandum of Cement Allocation and Co-coordinating Organization	0.100
Guarantees given by the Bankers / Letters of Credit (Net of margin money paid)	20.403
Corporate guarantee given to SIPCOT for the financial assistance availed by M/s. Cheran Cement Limited (as on 30-04-2013)	317.479
Corporate guarantee given to SBI, SBH, Bank of India, Syndicate Bank, Indian Overseas Bank, Central Bank of India and Canara Bank for financial assistance avai led by S.P.Y. Agro Industries Limited	1897.391
Arrears of dividend on “C” Cumulative Preference shares held by institutions, being not redeemed and requested for extension of time	4.320
Estimated amount of contracts remaining to be executed on capital account (Net of advances)	42.218
Claims against the Company not acknowledged as debts being disputed and pending in appeals and not provided for as the Company is hopeful of success in appeals:
i) CENTRAL EXCISE :
a) CENVAT credits availed and utilized were subsequently disallowed by the Department and demand raised for differential duty.	46.921
b) Differential Duty on supplies made to direct parties The Company has contested in appeals and are pending with the Commissioner of Appeals or CEGAT/or A.P High Court (paid under protest Rs.12.56 million)	67.124
ii) ELECTRICITY MATTERS
a) Claim of APSEB for 10% voltage surcharge for the period from September 1983 to November 1984 contested. High Court granted stay and directed APSEB to dispose of the pending representations made by the company.	3.064
b) Fuel Surcharge Adjustment (FSA) charges for the years 2008-09, 2009-10 and for the first quarter of 2010-11 payable to APCPDCL contested by the industrial units including the company before the Hon'ble High Court of A.P. and the High Court granted stay for the year 2009-10 and first quarter 2010-11 and the favourable order of the High Court for the year 2008-09 was referred to Supreme Court and the same is pending.	5.356
iii) INCOME TAX MATTERS
a) The Assessing Officer (Dy. Commissioner of Income Tax, Kurnool) has raised demand for payment of capital gains tax on land under Joint Development Agreement for the Assessment year 2006-07. The company contested the demand before the Commissioner of Income Tax Appeals, Hyderabad.	330.950
b) The Assessing Officer has re-opened the assessment for the A.Y 2008-09 and demand raised for MAT liability on book profit under section 115JB of Income Tax Act, the Company contested the demand before the Commissioner of Income Tax Appeals, Hyderabad.	87.868

FIXED ASSETS:

• Freehold Land
• Buildings-Factory
• Building-Residential & Non Factory
• Building-others (Temporary)
• Roads, Culverts and Bridges
• Wells and Water Works
• Plant and Machinery - Continuous Process
• Plant and Machinery-Power Generation
• Plant and Machinery-Others
• Plant and Machinery-Electrical Equipments
• Plant and Machinery-Others
• Plant and Machinery-Others
• Electrical Installation
• Telephone Installations
• Railway Siding and Weigh Bridge
• Ropeway
• Quarry Equipment
• Workshop Equipment
• Laboratory Equipment
• Mining Lease and Mineral Prospects
• Computers
• Office Equipments
• Servers & Networks
• Furniture & Fixtures
• Library
• Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS ON 30.09.2015

[RS. IN MILLION]

PARTICULARS	3 Months Ended		6 Months Ended
	30.09.2015 [Unaudited]	30.06.2015 [Unaudited]	30.09.2015 [Unaudited]
(a) Net sates/income from operations (Net of excise duty)	505.775	687.658	1193.433
(b) Other Operating Income	0.000	0.000	0.000
Total income from operations (net)	505.775	687.658	1193.433
Expenses
(a) Cost of materials consumed	110.635	157.789	268.424
(b) Purchases of stock-in trade	0.000	0.000	0.000
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	5.141	25.581	30.722
(d) Employee benefits expense	26.605	29.029	55.634
(e) Depreciation and Amortization Expenses	15.900	15.000	30.900
(f) Other Expenses	127.319	139.928	267.247
(g)Foreign Exchange	193.876	221.939	415.815
Total expenses	479.476	589.266	1068.742
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	26.299	98.392	124.691
Other Income	19.902	20.579	40.481
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	46.201	118.971	165.172
Finance Costs	34.006	34.082	68.088
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	12.195	84.889	97.084
Exceptional items	-5.863	0.000	-5.863
Profit/ (Loss) from ordinary activities before tax (7+8)	18.058	84.889	102.947
Tax expenses	3.400	5.600	9.000
Net Profit / (Loss) from ordinary activities after tax (9-10)	14.658	79.289	93.947
Extraordinary item (net of tax expense)	0.000	0.000	0.000
Net Profit / (Loss) for the period (11-12)	14.658	79.289	93.947
Share of profit' (loss) of associates
Minority Interest
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)	14.658	79.289	93.947
Paid up equity share capital (Face Value of Rs 10/-each)	160.181	160.181	160.181
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	-	-	-
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):	-	-	-
(a) Basic	0.92	4.95	5.87
(b) Diluted	0.92	4.95	5.87
PARTICULARS OF SHAREHOLDING
A. Public Shareholding
- Number of shares	7650260	7665244	7650260
- Percentage of shareholding	47.76	47.85	47.76
Promoters and Promoter group shareholding
a) Pledged / Encumbered
- Number of shares	5348797	8302456	5348797
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	63.92	99.4	63.92
- Percentage of shares (as a % of the total Share Capital of the Company)	33.39	51.83	33.39
b) Non Encumbered
- Number of shares	3019082	50439	3019082
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	36.08	0.6	36.08
- Percentage of shares (as a % of the total Share Capital of the Company)	18.85	0.32	18.85

	PARTICULARS	3 Months Ended 30.09.2015
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	NIL
	Received during the Quarter	1
	Disposed of during the quarter	1
	Remaining unresolved at the end of the quarter	NIL

(RS. IN MILLION)

SOURCES OF FUNDS	30.09.2015 [Unaudited]
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	162.141
(b) Reserves & Surplus	76.385
Total Shareholders’ Funds	238.526
(2) Share Application Money Pending Allotment	0.000
(3) Non-Current Liabilities
(a) long-term borrowings	190.063
(b) Deferred tax liabilities (Net)	41.394
(c) Other long term liabilities	69.353
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	300.81
(4) Current Liabilities
(a) Short term borrowings	310.757
(b) Trade payables	259.974
(c) Other current liabilities	1166.750
(d) Short-term provisions	39.000
Total Current Liabilities (4)	1776.481
TOTAL	2315.817
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	939.481
(b) Non-current Investments	3.816
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	467.325
(e) Other Non-current assets	0.000
Total Non-Current Assets	1410.622
(2) Current assets
(a) Current investments	8.495
(b) Inventories	227.945
(c) Trade receivables	198.047
(d) Cash and cash equivalents	29.555
(e) Short-term loans and advances	439.781
(f) Other current assets	1.372
Total Current Assets	905.195
TOTAL	2315.817

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.35

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KSP
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		21

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.