MIRA INFORM REPORT

Report No. :	343207
Report Date :	02.10.2015

IDENTIFICATION DETAILS

Name :	JINDAL WORLDWIDE LIMITED (w.e.f. 18.04.1995)
Formerly Known As :	JINDAL (INDIA) TEXTILES MILLS LIMITED (w.e.f. 1993) JINDAL (INDIA) TEXTILES MILLS PRIVATE LIMITED
Registered Office :	“Jindal House”, Opposite Dmart, I.O.C. Petrol Pump Lane, Shivranjani Shyamal, 132 Feet Ring Road, Satellite, Ahmedabad - 380015, Gujarat
Tel. No.:	91-79-71001500
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	02.09.1986
Com. Reg. No.:	04-008942
Capital Investment / Paid-up Capital :	Rs. 200.520 Million
CIN No.: [Company Identification No.]	L17110GJ1986PLC008942
IEC No.:	0890001910
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00461G
PAN No.: [Permanent Account No.]	AAACJ3816G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Denim Fabric and undertakes manufacturing, dyeing and printing of products in home textiles and suiting and shirting fabrics.
No. of Employees :	1150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 4900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. For the financial year ended 2015, the company has healthy scale of operations marked by good top line growth along with profitability margin of 3.1%. Further, the rating continue to derive strength from strong financial base, adequate networth position and vast experience of its promoters. Trade relations are fair. Business is active. Payments are usually correct and as per commitment. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank Facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	26.11.2014

Rating Agency Name	CARE
Rating	Short term Bank Facilities = A2
Rating Explanation	Strong degree of safety and low credit risk
Date	26.11.2014

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 :	Ms. Ankita Parmar
Designation :	Company Secretary
Contact No.:	91-79-71001500
Date :	29.09.2015

LOCATIONS

Registered Office :	“Jindal House”, Opposite Dmart, I.O.C. Petrol Pump Lane, Shivranjani Shyamal, 132 Feet Ring Road, Satellite, Ahmedabad - 380015, Gujarat, India
Tel. No.:	91-79-71001500
Fax No.:	Not Available
E-Mail :	csjindal@jindaltextiles.com
Factory :	207, Saijpur Gopalpur, On. Opp. Lane of Piplaj, Narol Octroi Naka, N.H.-8 Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-2573 5600/5700/5800/5900
Fax No.:	91-79-2573 4100
E-Mail :	info@jindaltextiles.com

DIRECTORS

As on 31.03.2015

Name :	Dr. Yamunadutt Agrawal
Designation :	Director
Address :	Jindal Park View Society, Polytechnic Road, Ambawadi, Ahmadabad-380006, Gujarat, India
Date of Appointment :	15.02.1992
DIN No :	00243192
Name :	Mr. Amit Agrawal
Designation :	Director
Address :	Jindal Park View Society, Polytechnic Road, Ambawadi, Ahmadabad-380006, Gujarat, India
Date of Appointment :	28.09.2004
DIN No :	00169061
Name :	Mr. Jitendra Agrawal
Designation :	Director
Address :	12 Aswamegh Bunglows, Satelite Road, Ahmadabad-380015, Gujarat, India
Date of Appointment :	01.04.2001
DIN No :	00243327
Name :	Mr. Rajesh Jain
Designation :	Director
Address :	H No. C-1/149, A-3, Block, Janak Puri, I, Delhi-110058, India
Date of Appointment :	01.09.2001
DIN No :	00209896
Name :	Mr. Vikram Oza
Designation :	Director
Address :	A-175, Vibhusha Bungalows, Opposite Homepathic Collage, Bopal Ghuma Road, Dascroi-380058, Gujarat, India
Date of Appointment :	01.11.2006
DIN No :	01192552
Name :	Mr. Ashish Navnitlal Shah
Designation :	Director
Address :	1, Shital Chhaya Apartments, Near Hirabaug Crossing, Ambawadi, Ellisebridge,, Ahmedabad - 380006, Gujarat, India
Date of Appointment :	01.08.2014
DIN No :	00089075
Name :	Mr. Navinchandra Ajwalia
Designation :	Director
Address :	5, Mudra Apartment, Chaitanya Society, Near Stadium Petrol Pump, Navarangpura, Ahmedabad - 380014, Gujarat, India
Date of Appointment :	01.08.2014
DIN No :	00343512
Name :	Ms. Deepali Agrawal
Designation :	Director
Address :	039-D, Sulay Delux Row House, Makarba Road, Vejalpur, Ahmedabad, 380051, Gujarat, India
Date of Appointment :	01.08.2014
DIN No :	06935197

KEY EXECUTIVES

Name :	Ms. Ankita Parmar
Designation :	Company Secretary
Address :	15 Vishnu, Brahma Vishnu Mahesh Flats, Near Haridham Mandir, Gorwa, Vadodara - 390016, Gujarat, India
Date of Appointment :	01.06.2015
PAN No :	BIUPP7530D
Name :	Hirva Kishorebhai Shah
Designation :	Chief Finance Officer
Address :	F/2, Divya Surya Apartment 50 - Chaitanya Society, Behind Stadium Petrol Pump, Navrangpura, Ahmedabad - 380014, Gujarat, India
Date of Appointment :	31.03.2015
PAN No :	BSLPS2665H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	11266440	56.19
Sub Total	11266440	56.19
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	11266440	56.19
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	4201899	20.95
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	313027	1.56
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4237068	21.13
Any Others (Specify)	33606	0.17
Hindu Undivided Families	30941	0.15
Non Resident Indians	2016	0.01
Clearing Members	649	0.00
Sub Total	8785600	43.81
Total Public shareholding (B)	8785600	43.81
Total (A)+(B)	20052040	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	20052040	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Denim Fabric and undertakes manufacturing, dyeing and printing of products in home textiles and suiting and shirting fabrics.
Products :	Denim Fabric
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	South America European Countries African Countries Middle East Asia
Imports :
Products :	Raw Materia
Countries :	South Africa North Africa Bangladesh
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Filatex India Limited, Delhi, India
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 :

Wholesalers, Retailer and End Users

Reference :	Tushar Fabric Private Limited, Mumbai, Maharashtra, India
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 :

1150 (Approximately)

Bankers :

• Bank of Maharashtra

• Oriental Bank of Commerce
• Karur Vysya Bank Limited
• Standard Chartered Bank
• Allahabad Bank
• Syndicate Bank
• Indian Overseas Bank
• Indusind Bank
• Vijaya Bank
• State Bank of Travancore
• Indian Bank
• Saraswat Co-Operative Bank
• Punjab National Bank

Bank Name	Bank of India
Branch	Mid Corporate Branch, Ahmedabad, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term loans
From Bank		1603.994
From other Parties		0.000
SHORT TERM BORROWING
Loans repayable on demand		987.538
Total	N.A	2591.532

Auditors :
Name :	M/S. Mehra Anil and Associates Chartered Accounts, Ahmedabad
Address :	2- E, Suryarath, Panchvati, Ahmedabad - 380006, Gujarat, India
Memberships :	--
Collaborators :	--
Associates : (As on 31.03.2014)	Amitara Overseas Limited Jindal Synthetics Limited
Subsidiaries: (As on 31.03.2014)	Balaji Realty Private Limited
Enterprises over which Key Managerial Personnel are able to exercise significant influence: (As on 31.03.2014)	Amitara Green Hi-tech Textiles Park Private Limited Deepshikha Exim Private Limited Jilco Securities Limited Jindal Creations Limited Jindal Denifine Line Private Limited Jindal (I) Polytex Private Limited Shiv Shakti Petrofil Private Limited Shiv Shakti Weavetex Private Limited Tarachand & Sons Trading Private Limited Yash Export (I) Limited Yash Weavers Private Limited Jindal Integrated Textiles Park Private Limited Rohan Industrial Enterprises Private Limited

CAPITAL STRUCTURE

As on: 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 200.520 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20052040	Equity Shares	Rs.10/- each	Rs. 200.520 Million

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	200.520	200.520	200.520
(b) Reserves & Surplus	1524.559	1190.615	952.661
(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)	1725.079	1391.135	1153.181
(3) Non-Current Liabilities
(a) long-term borrowings	2183.378	1979.470	808.884
(b) Deferred tax liabilities (Net)	174.106	170.401	148.959
(c) Other long term liabilities	387.997	265.195	74.548
(d) long-term provisions	1.081	1.081	1.081
Total Non-current Liabilities (3)	2746.562	2416.147	1033.472
(4) Current Liabilities
(a) Short term borrowings	1114.929	987.538	646.153
(b) Trade payables	731.664	990.700	823.880
(c) Other current liabilities	250.013	150.034	132.646
(d) Short-term provisions	86.129	75.230	51.252
Total Current Liabilities (4)	2182.735	2203.502	1653.931
TOTAL	6654.376	6010.784	3840.584
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3491.401	2954.382	1542.265
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	124.152	39.462	21.561
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	24.418	24.416	24.416
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.074	12.063	12.063
(e) Other Non-current assets	0.000	0.821	1.793
Total Non-Current Assets	3652.045	3031.144	1602.098
(2) Current assets
(a) Current investments	42.237	42.228	42.228
(b) Inventories	1075.107	1281.614	722.677
(c) Trade receivables	857.366	890.337	601.352
(d) Cash and cash equivalents	342.772	118.457	272.083
(e) Short-term loans and advances	544.233	645.225	598.395
(f) Other current assets	140.616	1.779	1.751
Total Current Assets	3002.331	2979.640	2238.486
TOTAL	6654.376	6010.784	3840.584

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	8400.853	7824.322	6059.397
	Other Income	62.851	83.431	15.403
	TOTAL	8463.704	7907.753	6074.800
Less	EXPENSES
	Cost of Materials Consumed	4920.861	5751.834	4178.214
	Purchases of Stock-in-Trade	39.585	61.529	17.118
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	211.130	(591.479)	(39.767)
	Employees benefits expense	63.622	26.694	21.113
	Other expenses	2286.065	1929.867	1430.877
	TOTAL	7521.263	7178.445	5607.555
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	942.441	729.308	467.245
Less	FINANCIAL EXPENSES	266.986	232.231	220.484
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	675.455	497.077	246.761
Less/ Add	DEPRECIATION/ AMORTISATION	323.502	177.794	64.969
	PROFIT/ (LOSS) BEFORE TAX	351.953	319.283	181.792
Less	TAX	85.596	68.684	60.141
	PROFIT/ (LOSS) AFTER TAX	266.357	250.599	121.651
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	N.A	9.632	156.187
	TOTAL EARNINGS	N.A	9.632	156.187
	IMPORTS
	Raw Materials	N.A	202.747	192.575
	Others	N.A	2.962	2.167
	Capital Expenditure	N.A	505.594	9.147
	TOTAL IMPORTS	N.A	711.303	203.889
	Earnings / (Loss) Per Share (Rs.)	13.28	12.49	6.06

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	N.A	133.558	121.589
Cash generated from operations	N.A	203.470	431.810
Net cash flow from operating activity	N.A	180.103	397.190

QUARTERLY RESULTS

Particulars	30.03.2015
UnAudited	(1^st Quarter)
Net Sales	2472.780
Total Expenditure	2171.490
PBIDT (Excl OI)	301.290
Other Income	14.480
Operating Profit	315.780
Interest	94.260
Exceptional Items	NA
PBDT	221.520
Depreciation	114.490
Profit Before Tax	107.030
Tax	21.460
Provisions and contingencies	NA
Profit After Tax	85.570
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	85.570

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	3.17	3.20	2.01
Operating Profit Margin (PBIDT/Sales)	(%)	11.22	9.32	7.71
Return on Total Assets (PBT/Total Assets}	(%)	5.41	5.37	4.79
Return on Investment (ROI) (PBT/Networth)		0.20	0.23	0.16
Debt Equity Ratio (Total Debt /Networth)		1.91	2.23	1.37
Current Ratio (Current Asset/Current Liability)		1.38	1.35	1.35

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 163.00/-

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	200.520	200.520	200.520
Reserves & Surplus	952.661	1192.471	1526.506
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.003	0.000
Net worth	1153.181	1392.994	1727.026
long-term borrowings	808.884	1979.470	2183.378
Short term borrowings	646.153	987.538	1114.929
Total borrowings	1455.037	2967.008	3298.307
Debt/Equity ratio	1.262	2.130	1.910

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	6059.397	7824.322	8400.853
		29.127	7.368

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	6059.397	7824.322	8400.853
Profit	121.651	250.599	266.357
	2.01%	3.20%	3.17%

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	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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH JUNE, 2015

(Rs. In Million)

Sr. No	Particulars		Quarter Ended
			Quarter Ended
			30.06.2015
			Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		2471.497
	b. Other Operating Income		1.288
	Total Income from Operations (Net)		2472.784
2	Expenditure
	a. Cost of material Consumed		1308.059
	b. Purchase of Stock-in trade		27.677
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		115.044
	d. Employees Benefit Expenses		16.933
	e. Depreciation and Amortisation Expenses		114.485
	f. Other expenses		703.778
	Total Expenses		2285.976
3	Profit from Operations before Other Income, Interest and Exceptional Items		186.808
4	Other Income		14.481
5	Profit from ordinary activities before finance cost & exceptional items		201.289
6	Finance Costs		94.259
7	Profit from ordinary activities after finance costs & exceptional items		107.030
8	Exceptional items		0.000
9	Profit from ordinary activities before tax		107.030
10	Tax Expense		21.458
11	Net Profit from ordinary activity after tax		85.573
12	Extraordinary Items		0.000
13	Net Profit After Tax		85.573
14	Paid-up equity share capital (face value of Rs.10 per share)		2005.20
15	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		-
16	Earning Per Share (of Rs.10 each) (not annualized)
	Basic EPS		4.27
	Diluted EPS		4.27
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	8785600
		- Percentage of shareholding	43.81%
18		Promoter & Promoter Group Shareholding
		a) Pledged/Encumbered
		- No. of shares	1600700
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	14.21%
		- Percentage of shareholding (as a % of the total share capital of the company)	7.98%
		b) Non-encumbered
		- No. of shares	9665740
		- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	85.79%
		- Percentage of shareholding (as a % of the total share capital of the company)	48.21%

	Particulars	Quarter ended 30.06.2015
B	Investor Complaints
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed of during the quarter	Nil
	Remaining unresolved at the end of the quarter	Nil

UNSECURED LOAN

(Ra. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term loans
From body corporate		375.475
Total	N.A	375.475

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10548495	21/01/2015	371,000,000.00	PNB INVESTMET SERVICES LIMITED	10, RAKESH DEEP BUILDING,, YUSUF SARAI COMMERCIAL  COMPLEX, GULMOHAR ENCLAVE, DELHI - 110049, INDIA	C43222686
2	10527352	26/09/2014	371,000,000.00	PUNJAB NATIONAL BANK	AMBAWADI BRANCH,HARIKRUPA TOWER, OLD SHARDA MANDIR, CROSS ROAD, OPP GUJARAT COLLEGE GROUND,ELLISBRIDGE, AHMEDABAD- 380006, GUJARAT, INDIA	C30824098
3	10427981	29/05/2013 *	99,000,000.00	BANK OF INDIA	PANCHVATI BRANCH, NEAR PANCHVATI CIRCLE AMBAWADI,  AHMEDABAD- 380006, GUJARAT, INDIA	B76687581
4	10390476	29/10/2012	200,000,000.00	KARUR VYSYA BANK LIMITED	SAKAR VII,NEHRY BRIDGE CORNER, ASHARAM ROAD, AHMEDABAD - 380009, GUJAREAT, INDIA	B63532659
5	10362496	05/06/2012	76,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	3, EYE COMPLEX,UNIT NO 7 AND 8, PANCHVATI, PANCH RASTA, C.G.ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	B42402313
6	10358439	10/01/2014 *	4,508,800,000.00	PNB INVESTMENT SERVICE LIMITED-SECURITY TRUSTEE-BOI-BOM-OBC-SBT-IOB- KVB-INDB-AB-SB-STCB-VB-IB-SBI-SRCB	MOTOR SALES & SERVICES BUILDING, ASHRAM ROAD, AHMEDABAD- 380009, GUJARAT, INDIA	B94870714
7	10348591	06/01/2014 *	4,508,800,000.00	PNB INVESTMENT SERVICE LIMITED -SECURITY TRUSTEE-BOI-BOM-OBC-SBT-IOB- KVB-INDB-AB-SB-STCB-VB-IB-SBI-SRCB	MOTOR SALES & SERVICES BUILDING, ASHRAM ROAD, AHMEDABAD- 380009, GUJARAT, INDIA	B94693900
8	10326053	15/12/2011	75,000,000.00	BANK OF INDIA	AHMEDABAD MID CORPORATE BRANCH, 1ST FLOOR,, BOI B  UILDING, SWASTIK CHAR RASTA, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA	B28938553
9	10275684	31/01/2011	92,500,000.00	BANK OF INDIA	PANCHAVATI, AMBAVADI, AHMEDABAD- 380006 , GUJARAT, INDIA	B09063314
10	10275685	31/01/2011	84,500,000.00	BANK OF INDIA	PANCHAVATI, AMBAWADI, AHMEDABAD- 380006 , GUJARAT, INDIA	B09063900

CONTINGENT LIABILITIES:

(Rs. In Million)

PARTICULARS	31.03.2014
Corporate Guarantee given to banks on behalf of Bodies Corporate	245.686

FIXED ASSETS

• Land
• Building
• Road
• Plant and Machinery
• Electric Installation
• Office Equipments
• Furniture and Fixtures
• Vehicles
• Computers

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.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.070

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	TRI
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.