MIRA INFORM REPORT

Report No. :	343626
Report Date :	05.10.2015

IDENTIFICATION DETAILS

Name :	JINDAL INDIA LIMITED
Formerly Known As :	JINDAL (INDIA) PRIVATE LIMITED
Registered Office :	2/1 Ahmed Mamuji Street, PS Bally, Howrah-711204, West Bengal
Tel. No.:	91-33-26556298/ 6399/ 26555490/ 0701
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.04.1991
Com. Reg. No.:	21-092393
Capital Investment / Paid-up Capital :	Rs. 231.727 Million
CIN No.: [Company Identification No.]	U51109WB1991PLC092393
IEC No.:	0288010159
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACJ2054J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of ERW/HFIW Black and Galvanized Steel Piles and Tubes, Cold Rolled and Galvanized Plain and Corrugated Sheets.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1991 engaged in manufacturing tubes and pipes. Its products include cold rolled mild steel, galvanized steel sheet and electric resistance welded pipes. For the financial year ended 2014, company has reported 11.68% sales turnover growth as compared to previous sales turnover and it has maintained decent profitability margins at 1.56% during the year under a review. Rating derive strength from the extensive industry experience of the promoters in steel industry supported by long track record of operations, established position in the galvanized sheets and pipes business, diversified revenue profile and presence in the export market. However, rating strength partially offset by working capital intensive nature of its operations, volatility in raw material prices and exposure to foreign exchange fluctuation risk. Trade relations are fair. Payment terms are reported to be slow. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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	CRISIL
Rating	Long-Term Bank Facilities=BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	23.06.2015
Rating Agency Name	CRISIL
Rating	Short-Term Bank Facilities =A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	23.06.2015

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 DECLINED

MANAGEMENT NON-COOPERATIVE

(Contact No: 91-33-22481160/ 26556298)

LOCATIONS

Registered Office :	2/1 Ahmed Mamuji Street, PS Bally, Howrah-711204, West Bengal, India
Tel. No.:	91-33-26556298/ 6399/ 5490/ 0701
Fax No.:	91-33-26555186
E-Mail :	jillil@cal2.vsnl.net.in accounts@indialindia.com info@jindalindia.com linepipe@jindalindia.com foil@jindalindia.com hr@jindalindia.com
Website :	http://jindalindia.com
Corporate Office :	LMJ Chamber, 2nd Floor, 15C, Hemanta Basu Sarani, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22481160/ 1162/ 22482266
Fax No.:	91-33-22481059
Factory 1 :	Belur Unit 4, Dharamtalla Road, Belurmath, Howrah – 711202, West Bengal, India
Tel. No.:	91-33-26542606/ 2299
Fax No.:	91-33-26541770
Factory 2 :	Jangalpur Unit National Highway No.6, Village – Jangalpur, P.O. Andul, P.S. Sankrail, District Howrah – 711302 ,West Bengal, India
Tel. No.:	91-33-26696319/ 0727/ 26691800-04
Fax No.:	91-33-26690356
Factory 3 :	Ghusuri Unit 107/2, Jay Bibi Lane, Ghusuri, Howrah – 711107, West Bengal, India
Tel. No.:	91-33-26555889/ 3734
Fax No.:	91-33-26553028
Branches Office:	6-D, Gopala Towers, 25, Rajendra Place, New Delhi – 110008, India
Tel. No.:	91-11-45552670-75
Fax No.:	91-11-45552676

AS ON 30.09.2014

Name :

Mr. Punit Jatia

Designation :

Whole-time director

Address :

25 Raja Santosh Road, Alipore, Kolkata-700027, West Bengal, India

Date of Birth/Age :

14.01.1964

Qualification :

B.com

Date of Appointment :

01.03.2012

PAN No.:

ACLPJ0397E

DIN No.:

00082221

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	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Whole-time director	01/03/2012	01/03/1997	-	Active	NO
2	U01132AS1977PLC001713	BAZALONI GROUP LIMITED	Director	29/10/1998	29/10/1998	17/11/2011	Active	NO
3	U45202WB1995PLC069086	SAMBHU CONSTRUCTION LIMITED	Director	06/05/2010	06/05/2010	01/11/2011	Active	NO

Name :

Mr. Anubhav Poddar

Designation :

Director

Address :

The Jorehaut Tea Limited, Dimple Court, 26, Shakespeare Sarani, Kolkata-700017, West Bengal, India

Date of Birth/Age :

09.12.1981

Qualification :

Graduate

Date of Appointment :

27.09.2012

DIN No.:

03069096

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	U70200WB2010PTC145952	AGRI INFRASTRUCTURE PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
2	U70102WB2010PTC145905	AGRI PROPERTIES PRIVATE LIMITED	Director	25/05/2010	25/05/2010	-	Active	NO
3	U70109WB2011PTC162626	AGRI REALTY PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
4	U70109WB2011PTC162628	AGRI DEVELOPERS PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
5	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Director	27/09/2012	10/07/2012	-	Active	NO
6	U74120AS1977PLC001698	THE JOREHAUT GROUP LIMITED	Director	30/09/2013	02/05/2013	23/03/2015	Active	NO

Name :

Mr. Mukti Nath Rai

Designation :

Whole-time director

Address :

Vill - Jangalpur, Po - Argori, Ps - Sankrail, Andul Howrah, Howrah-711302, West Bengal, India

Date of Birth/Age :

20.01.1973

Qualification :

Graduate

Experience :

AKMPR3524Q

Date of Appointment :

27.09.2012

DIN No.:

05295755

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	Company/ LLP Status	Defaulting status
1	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Whole-time director	27/09/2012	04/06/2012	Active	NO

Name :

Mr. Utkarsh Jatia

Designation :

Whole-time director

Address :

25, Raja Santosh Road, Kolkata-700027, West Bengal, India

Date of Birth/Age :

05.11.1988

Qualification :

Graduate

Experience :

AHOPJ1914D

Date of Appointment :

01.03.2013

DIN No.:

05304921

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	Company/ LLP Status	Defaulting status
1	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Whole-time director	01/03/2013	18/06/2012	Active	NO

Name :

Mr. Bhavi Chand Jindal

Designation :

Managing director

Address :

20c Velvedre Road, Alipore, Kolkata- 700027, West Bengal, India

Date of Birth/Age :

15.07.1926

Qualification :

Higher Secondary

Date of Appointment :

01.08.2013

PAN No.:

AAGPJ0185P

DIN No.:

00426886

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	Company/ LLP Status	Defaulting status
1	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Managing director	01/08/2013	01/04/1991	Active	NO

Name :

Mr. Ayush Jatia

Designation :

Whole-time director

Address :

25, Raja Sontosh Road, Alipore, Kolkata- 700027, West Bengal, India

Date of Birth/Age :

26.02.1986

Qualification :

B.com (Hons) and Business Management, UK

Date of Appointment :

16.04.2013

PAN No.:

AFEPJ0692N

DIN No.:

00557505

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	Company/ LLP Status	Defaulting status
1	U65993WB1923PTC004723	PRAISE CO PVT LTD	Director	31/12/2005	31/12/2005	Active	NO
2	U51109WB1991PLC092393	JINDAL INDIA LIMITED	Whole-time director	16/04/2013	16/04/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Satish Kumar Garg
Designation :	Secretary
Address :	15, Saha Lane, Kolkata-700007, West Bengal, India
Date of Birth/Age :	15.02.1972
Date of Appointment :	01.04.2012
PAN No.:	ACVPG1074B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Shyam Sunder Jindal	500
Subhadra Jindal	2935
Consolidated Photo and Investment Limited, India	190000
Sunita Jatia	114435
Punit Jatia	56825
Bazaloni Group Limited, India	111000
Jindal Photo Investment Limited, India	200890
Ayush Jatia	20000
Utkarsh Jatia	20000
Penrose Mercantiles Limited, India	150000
Shyam Sunder Jindal (HUF)	400
Punit jatia (HUF)	23000
Soyuz Trading Company Limited, India	398388
Rishi Trading Company Limited, India	128842
Bhavesh Jindal	100000
Binod Kumar Agarwal	10
Manoj Banerjee	10
Vasdav Agarwal	10
Ramesh Sugla	10
Rakesh Goel	10
Total	1517265

AS ON 31.03.2014

Names of Shareholders (Preference Shares)	No. of Shares
Bazaloni Group Limited	800000
Total	800000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	77.71
Directors or relatives of directors	22.29
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of ERW/HFIW Black and Galvanized Steel Piles and Tubes, Cold Rolled and Galvanized Plain and Corrugated Sheets.

Products :

ITC Code No.	Product Descriptions
73061911	M.S. Pipes and Tubes
72251910	G.P. Coil/Sheet and G.C. Sheet

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	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 :

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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· Punjab National Bank

268/2 G T Road, Liluah, Howrah - 711204, West Bengal, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	953.969	258.854
Foreign currency term loans from banks	489.579	0.000
SHORT TERM BORROWINGS
Rupee term loans from banks	2073.468	1700.437
Working capital loans from banks	687.905	1745.575
Total	4204.921	3704.866

Banking Relations :	--
Auditors :
Name :	G. Sanyal and Company Chartered Accountants
Address :	Temple Chamber 6, Old Post Office Street, Kolkata, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAEFG5079K
Memberships :	--
Collaborators :	--
Associates :	Bazaloni Group Limited, India (U01132AS1977PLC001713)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Adorable Commerce Private Limited, India (U74900WB2010PTC141172) · Jindal India Powertech Limited, India (U74999UP2007PLC034310) · Adorable Trading Private Limited, India (U74900WB2010PTC141187) · Jindal Photo Limited, India (L33209DN2004PLC000198) · Jindal India Thermal Power Limited, India (U74999DL2001PLC109103) · Bindal Vanijya Private Limited, India (U51909WB2005PTC103345) · Soyuz Trading Company Limited, India (U51909WB1981PLC033450) · Safe Holdings Private Limited, India (U65993WB1992PTC054640) · Meena Devi Jindal Medical Institute and Research Center · Universal Foils Limited, India (U36900WB2006PLC107515) · Consolidated Finvest and Holdings Limited, India (L33200UP1993PLC015474)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,525,000	Equity Shares	Rs. 100/- each	Rs. 152.500 Million
2,000,000	Preference Shares	Rs. 100/- each	Rs. 200.000 Million
	Total		Rs. 352.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,517,265	Equity Shares	Rs. 100/- each	Rs. 151.727 Million
1,200,000	Preference Shares	Rs. 100/- each	Rs. 120.000 Million
	Total		Rs. 271.727 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,525,000	Equity Shares	Rs. 100/- each	Rs. 152.500 Million
2,000,000	Preference Shares	Rs. 100/- each	Rs. 200.000 Million
	Total		Rs. 352.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1517265	Equity Shares	Rs. 100/- each	Rs. 151.727 Million
800000	Preference Shares	Rs. 100/- each	Rs. 80.000 Million
	Total		Rs. 231.727 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	231.727	181.727	179.080
(b) Reserves & Surplus	2013.428	1744.788	1686.961
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	40.000	0.000	2.647
Total Shareholders’ Funds (1) + (2)	2285.155	1926.515	1868.688
(3) Non-Current Liabilities
(a) Long-term borrowings	1467.548	268.854	47.549
(b) Deferred tax liabilities (Net)	33.755	0.000	0.000
(c) Other long term liabilities	5.300	4.800	4.800
(d) long-term provisions	17.239	13.976	11.921
Total Non-current Liabilities (3)	1523.842	287.630	64.270
(4) Current Liabilities
(a) Short term borrowings	2761.373	3446.012	2823.711
(b) Trade payables	1532.199	475.946	477.278
(c) Other current liabilities	850.216	405.031	353.481
(d) Short-term provisions	24.326	1.036	1.084
Total Current Liabilities (4)	5168.114	4328.025	3655.554
TOTAL	8977.111	6542.170	5588.512
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2841.581	1623.526	1243.111
(ii) Intangible Assets	0.509	0.205	0.307
(iii) Capital work-in-progress	319.870	592.440	441.247
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8.511	8.511	8.511
(c) Deferred tax assets (net)	0.000	36.697	29.141
(d) Long-term Loan and Advances	503.038	345.948	211.460
(e) Other Non-current assets	15.965	10.222	0.000
Total Non-Current Assets	3689.474	2617.549	1933.777
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1875.550	1521.830	1976.885
(c) Trade receivables	1890.374	1524.230	1073.093
(d) Cash and cash equivalents	476.256	265.265	219.651
(e) Short-term loans and advances	1035.498	606.996	379.332
(f) Other current assets	9.959	6.300	5.774
Total Current Assets	5287.637	3924.621	3654.735
TOTAL	8977.111	6542.170	5588.512

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operation	17069.612	15277.847	15534.434
		Other Income	56.404	69.183	128.636
		TOTAL	17126.016	15347.030	15663.070
Less	EXPENSES
		Cost of Materials Consumed	13830.148	12537.875	12394.878
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(66.500)	(60.656)	649.596
		Employees benefits expense	159.780	140.929	108.002
		Other expenses	1989.807	1924.157	1548.989
		TOTAL	15913.235	14542.305	14701.465
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1212.781	804.725	961.605
Less	FINANCIAL EXPENSES		406.476	421.140	299.820
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		806.305	383.585	661.785
Less/ Add	DEPRECIATION/ AMORTISATION		467.190	305.214	277.416
	EXCEPTIONAL ITEMS		0.000	0.000	(11.672)
	PROFIT BEFORE TAX		339.115	78.371	396.041
Less	TAX		70.475	20.543	137.058
	PROFIT AFTER TAX		268.640	57.828	258.983
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	NA	4376.629	4214.364
		Others (Freight)	NA	341.127	248.223
		Miscellaneous	NA	0.074	0.000
	TOTAL EARNINGS		NA	4717.830	4462.587
	IMPORTS
		Raw Materials	NA	2755.243	3879.327
		Stores & Spares	NA	44.682	53.010
		Capital Goods	NA	391.545	9.497
	TOTAL IMPORTS		NA	NA	3941.834
	Earnings Per Share (Rs.)		171.88	36.61	171.69

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	294.200	37.549	64.184
Cash Generated from Operations	1429.968	495.128	677.463
Net Cash from Operating Activities	1398.814	470.401	499.452

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.57	0.38	1.67
Operating Profit Margin (PBDIT/Sales)	(%)	7.10	5.27	6.19
Return on Total Assets (PBT/Total Assets}	(%)	3.92	1.33	7.75
Return on Investment (ROI) (PBT/Networth)		0.15	0.04	0.21
Debt Equity Ratio (Total Debt/Networth)		1.98	1.95	1.57
Current Ratio (Current Asset/Current Liability)		1.02	0.91	1.00

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	179.080	181.727	231.727
Reserves & Surplus	1686.961	1744.788	2013.428
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	2.647	0.000	40.000
Net worth	1868.688	1926.515	2285.155
Long-term borrowings	47.549	268.854	1467.548
Short term borrowings	2823.711	3446.012	2761.373
CURRENT MATURITIES OF LONG-TERM DEBTS	64.184	37.549	294.200
Total borrowings	2935.444	3752.415	4523.121
Debt/Equity ratio	1.571	1.948	1.979

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	15534.434	15277.847	17069.612
		(1.652)	11.728

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	15534.434	15277.847	17069.612
Profit	258.983	57.828	268.640
	1.67%	0.38%	1.57%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	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	10396941	21/11/2012	6,000,000.00	TATA CAPITAL FINANCIL SERVICS LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI- 400001, MAHARASHTRA, INDIA	B65870743
2	90245046	10/03/2013 *	11,240,000,000.00	PUNJAB NATIONAL BANK	268/2 G T ROAD, LILUAH, HOWRAH- 711 204, WEST BENGAL, INDIA	B72353287

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Other loans and advances	24.000	10.000
Total	24.000	10.000

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Unredeemed Bank Guarantees	795.930	905.533
Sales Tax demand in dispute and under appeal	50.322	43.083
Excise and service tax matters in dispute and under appeal	32.240	33.358
Income tax demand in dispute and under appeal	5.288	5.288
Bonds executed for machinery import under EPCG Scheme	40.611	40.611
Disputed dues of capital nature against the company not acknowledged as debt ( Euro - 817000 )	68.032	0.000
Total	992.423	1027.873

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· Computer software

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. 65.55
UK Pound	1	Rs. 99.17
Euro	1	Rs. 73.08

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	IND

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.