MIRA INFORM REPORT

Report No. :	344566
Report Date :	10.10.2015

IDENTIFICATION DETAILS

Name :	RESPONSIVE INDUSTRIES LIMITED
Registered Office :	Village Betegaon, Mahagaon Road, Boisar East, Taluka Palghar, Betegaon, District Thane – 401501, Maharashtra
Tel No.:	91-22-66562890
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	13.07.1982
Com. Reg. No.:	11-027797
Capital Investment / Paid-up Capital :	Rs.266.910 Million
CIN No.: [Company Identification No.]	L99999MH1982PLC027797
IEC No.:	0306084902
TAN No.: [Tax Deduction & Collection Account No.]	MUMS40483C PNER13984F
PAN No.: [Permanent Account No.]	AABCS5068A AABCS5068A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Rigid PVC, Leather cloth and Soft Shews.
No. of Employees :	1300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. For the financial year ended 2015, sales turnover of the company has declined which has resulted into dip in profit of the company during a year under a review. However, rating reflects company's established market position in the polyvinyl-chloride (PVC) based products and shipping ropes businesses supported by healthy financial base and adequate net worth profile of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	August 19, 2014

Rating Agency Name	CRISIL
Rating	Short term rating : A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	August 19, 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 (GENERAL DETAILS)

Name :	Mr. Ankush
Designation :	Accounts Department
Contact No.:	91-22-66562890
Date :	08.10.2015

LOCATIONS

Registered Office/ Factory :	Village Betegaon, Mahagaon Road, Boisar East, Taluka Palghar, Betegaon, District Thane– 401501, Maharashtra
Tel. No.:	91-22-66562890/ 66562727/ 66562704/66562727
Mobile No.:	91-9821999445 (Mr. Ankush)
Fax No.:	91-22-66562798/ 99
E-Mail :	investor@responsiveindustries.com responseoll@gmail.com tax@reponsiveindustries.com ankush@responsiveindustries.com
Website :	www.responsiveindustries.com
Location :	Owned
Corporate/ Administrative Office :	7^thFloor, Esperanca Building, Shahid Bhagat Singh Road, Colaba, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66562821
Fax No.:	91-22-66562798/ 99
E-Mail :	investor@responsiveindustries.com
Website:	http://www.responsiveindustries.com

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Atit Agarwal
Designation :	Chairman and Whole Time Director
Name :	Mrs. Swati Agarwal
Designation :	Non-Executive Director
Name :	Mr. Rajesh Pandey
Designation :	Director
Name :	Mr. S. S. Thakur
Designation :	Independent Non – Executive Director
Name :	Mr. Michael Freedman
Designation :	Independent Non – Executive Director (up to 30/05/2014)
Name :	V.K. Chopra
Designation :	Independent Non – Executive Director (up to 29/09/2014)
Name :	Mr. Jagannadham Thunuguntla
Designation :	Independent Non - Executive Director (w.e.f. 12/12/2014)
Name :	Ms. Jyoti Rai
Designation :	Independent Non - Executive Director (w.e.f. 13/02/2015)

KEY EXECUTIVES

Name :	Ms. Alpa Ramani
Designation :	Company Secretary
Name :	Mr. Ankush
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	3562340	1.33
Bodies Corporate	157705670	59.09
Sub Total	161268010	60.42
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	161268010	60.42
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	10908706	4.09
Foreign Institutional Investors	11469980	4.30
Sub Total	22378686	8.38
(2) Non-Institutions
Bodies Corporate	3240268	1.21
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	443882	0.17
Any Others (Specify)	79581854	29.82
Clearing Members	37034	0.01
Non Resident Indians	24589	0.01
Others	79520231	29.79
Sub Total	83266004	31.20
Total Public shareholding (B)	105644690	39.58
Total (A)+(B)	266912700	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)	266912700	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Rigid PVC, Leather cloth and Soft Shews.
Products :	Rigid PVC, Leather cloth and Soft Shews
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	European Country USA
Imports :
Products :	Raw Material
Countries :	South Korea China Taiwan
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers and Retailers

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 :

1300 (Approximately)

Bankers :

• Union Bank of India, Mumbai
• Bank of India, London Branch
• Canara Bank, London Branch
• Union Bank of India, Hong Kong Branch
• Export-Import Bank of India

Facilities :

SECURED LOANS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long Term Borrowings
From Bank
Vehicle Loans	8.260	10.900
External Commercial Borrowing	2836.390	3423.580
Short Term Borrowings
From Banks
Packing Credit Foreign Currency Loans	1077.770	1281.090
EBRD (Post Shipment) Loan	114.410	0.000
Buyer’s Credit	717.760	603.100
Bank Overdraft	0.000	3.190
Total	4754.590	5321.860

Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	42, Free Press House, 4th Floor, 2 1 5, Narirnan Point, Mumbai – 400021, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Wellknown Business Ventures LLP
Subsidiary Company :	Axiom Cordages Limited
Investment in partnership firm:	Maharashtra Holdings Mangaon Holding
Entities where Key Management Personnel have significant influence :	One Source Trading Company LLP One Source Enterprises LLP AA Superior Enterprises LLP

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
420000000	Equity Shares	Rs.1/- each	Rs.420.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
266912700	Equity Shares	Rs.1/- each	Rs.266.910 Million

Reconciliation of shares outstanding at the beginning and at the end of the year

(Rs. in Million)

Opening balance of shares	266912700
Closing balance of shares	266912700

Shares held by Holding Company and Associate Company

Holding Company - Wellknown Business Ventures Private Limited]	148425340
Subsidiary Company - [Axiom Cordages Limited]	4418330

Details of shareholders holding more than 5% sham in the company

Wellknown Business Ventures Private Limited
Number of share hold	148425340
% of total equity share capital	55.61%
Fossebridge Limited
Number of share hold	32901800
% of total equity share capital	12.33%
Xatis International Limited
Number of share hold	32705720
% of total equity share capital	12.25%
Brenzett Limited
Number of share hold	13912711
% of total equity share capital	5.55%

There are no bonus shares, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date.

Rights / Preferences and restrictions attached to equity shares.

Each holder of equity shares is entitled to one vote per equity share. They are entitled to receive dividend proposed by the Board of Directors and approved by shareholders in General Meeting, right to receive annual report and other quarterly / half yearly / annual publications and right to get new shares proportionately in case of issuance of additional shares by the Company.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after the distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

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	266.910	266.910	266.910
(b) Reserves & Surplus	5177.130	4549.540	4058.160
(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)	5444.040	4816.450	4325.070
(3) Non-Current Liabilities
(a) long-term borrowings	2844.650	3434.480	3504.690
(b) Deferred tax liabilities (Net)	359.370	478.980	464.190
(c) Other long term liabilities	5.000	5.000	5.000
(d) long-term provisions	23.660	16.190	12.620
Total Non-current Liabilities (3)	3232.680	3934.650	3986.500
(4) Current Liabilities
(a) Short term borrowings	1909.940	3303.490	1918.230
(b) Trade payables	182.750	262.890	276.000
(c) Other current liabilities	831.500	554.240	409.160
(d) Short-term provisions	48.310	77.480	38.560
Total Current Liabilities (4)	2972.500	4198.100	2641.950
TOTAL	11649.220	12949.200	10953.520
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7332.740	8273.170	7409.010
(ii) Intangible Assets	1.340	1.830	1.590
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	257.870	260.300	261.450
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	309.610	197.790	151.340
(e) Other Non-current assets	0.000	136.150	0.000
Total Non-Current Assets	7901.560	8869.240	7823.390
(2) Current assets
(a) Current investments	72.960	92.660	468.800
(b) Inventories	483.770	432.780	587.570
(c) Trade receivables	1781.470	2133.710	1329.350
(d) Cash and cash equivalents	574.780	861.720	227.030
(e) Short-term loans and advances	541.270	238.640	95.180
(f) Other current assets	293.410	320.450	422.200
Total Current Assets	3747.660	4079.960	3130.130
TOTAL	11649.220	12949.200	10953.520

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2015	31.03.2014	31.03.2013
	SALES
		Income		15135.430	18422.960	15188.540
		Other Income		215.560	149.090	26.820
		TOTAL (A)		15350.990	18572.050	15215.360
Less	EXPENSES
		Cost of Materials Consumed		12393.880	15693.280	12609.040
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		41.130	(10.890)	(4.070)
		Employee Benefits Expenses		103.330	85.090	89.570
		Other Expenses		849.720	826.570	802.860
		TOTAL (B)		13388.060	16594.050	13497.400
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			1962.930	1978.000	1717.960
Less	FINANCIAL EXPENSES (D)			259.350	294.280	278.630
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			1703.580	1683.720	1439.330
Less	DEPRECIATION/ AMORTISATION (F)			1231.180	1059.890	921.210
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			472.400	623.830	518.120
Less	TAX (H)			140.500	115.950	44.700
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			331.900	507.880	473.420
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			3053.170	2576.520	2134.330
Less	APPROPRIATIONS
			Proposed Dividend – Equity Shares	26.690	26.690	26.690
			Corporate Dividend Tax	5.430	4.540	4.540
	BALANCE CARRIED TO THE B/S			3352.950	3053.170	2576.520
	EARNINGS IN FOREIGN CURRENCY ON FOB			8767.450	10651.580	7284.570
	IMPORTS
			Raw Materials	6590.260	6420.630	3703.590
			Components & Stores parts	0.610	1.730	1.800
			Capital Goods	97.310	1485.510	874.250
	TOTAL IMPORTS			6688.180	7907.870	4579.640
	Earnings Per Share (Rs.)			1.24	1.90	1.77

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	747.000	448.390	324.740
Cash generated from operations	1844.400	977.600	1114.830
Net cash flow from (used in) operations	1717.850	882.470	1006.480

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	2.19	2.76	3.12
Operating Profit Margin (PBDIT/Sales)	(%)	12.97	10.74	11.31
Return on Total Assets (PBT/Total Assets)	(%)	4.15	4.92	4.85
Return on Investment (ROI) (PBT/Networth)		0.09	0.13	0.12
Debt Equity Ratio (Total Debt /Networth)		1.01	1.49	1.33
Current Ratio (Current Asset/Current Liability)		1.26	0.97	1.18

STOCK PRICES

Face Value	Rs.1.00/-
Market Value	Rs.81.65/-

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	266.910	266.910	266.910
Reserves & Surplus	4058.160	4549.540	5177.130
Net worth	4325.070	4816.450	5444.040
long-term borrowings	3504.690	3434.480	2844.650
Short term borrowings	1918.230	3303.490	1909.940
Current Maturities of Long term debt	324.740	448.390	747.000
Total borrowings	5747.660	7186.360	5501.590
Debt/Equity ratio	1.329	1.492	1.011

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	15188.540	18422.960	15135.430
		21.295	(17.845)

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	15188.540	18422.960	15135.430
Profit	473.420	507.880	331.900
	3.12%	2.76%	2.19%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last 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	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS AND STATE OF COMPANY'S AFFAIRS

Subject earned revenue of Rs. 15350.990 Million for the year ended 31 March, 2015, as compared to Rs. 18572.050 Million in the previous financial year.

Subject recorded a Net Profit after Tax of Rs. 331.900 Million compared to Rs. 507.880 Million in the previous financial year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENTS

Subject is one of the leading providers of vinyl flooring internationally and the largest Indian producer of PVC flooring, artificial leather cloth, rigid film and soft sheeting. They possess the largest domestic capacity in PVC flooring and artificial leather cloth segments.

Their products portfolio includes PVC flooring, automotive upholstery solutions, FMCG and pharmaceutical packaging and transparent sheeting. They serve multiple industries, comprising healthcare, hospitality, transportation, IT and telecom, retail, education, sports infrastructure and real estate which are widely used both for household and commercial purposes.

The Indian economy has been adversely affected due to the impact of global financial meltdown, moderating consumption demand and depreciating currency. During the financial year downfall recorded in the manufacturing sector. Indian plastic product sector witnessed strong double-digit growth, with strong offtake from key user industries like packaging, automotive and infrastructure sector.

During the year, subject’s performance was satisfactory and subject was able to meet the demand of PVC product satisfactorily. Despite the slowdown, subject is seeing bright future for its business and will strive for better performance in coming years.

PERFORMANCE OF COMPANY

Subject is engaged only in one segment of products i.e. PVC products. Subject produces various types, grades and form of PVC Leather Cloth, PVC Flooring, PVC Sheeting and PVC Rigid. The total production during the year 2014-15 is 82,193 Sq.Mtrs.,/L.Mtrs.,/Kgs.,(Qty. in '000) as against the total production of 91,054 Sq.Mtrs.,/L.Mtrs.,/Kgs.,(Qty. in '000) for the previous year 2013-14.

OUTLOOK

With subject's increased capacity utilization, strong product development, market efforts, subject is optimistic about its growth in the coming years too.

UNSECURED LOANS

PARTICULAR	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short Term Borrowings
From Others Parties
Suppliers Credit in foreign Currency	0.000	1416.110
Total	0.000	1416.110

LITIGATION DETAILS:

Case Details

Bench:-Bombay

Presentation Date:-				30/04/2015
Lodging No.:-	ARBPL/909/2015	Filing Date:-	30/04/2015	Reg. No.:-	ARBP/1259/2015	Reg. Date:-	03/08/2015

Petitioner:-

BANYAN TREE GROWTH CAPITAL, L.L.C.,

Respondent:-

RESPONSIVE INDUSTRIES LIMITED -

Petn.Adv.:-

AZB AND PARTNERS (I4127)

Resp.Adv.:-

D. H. LAW ASSOCIATES (680)

District:-

MUMBAI

Bench:-	SINGLE
Status:-	Pre-Admission	Category:-	ARBITRATION ACT.

Next Date:-

15/10/2015

Stage:-

ARBP FOR HEARING AND FINAL DISPOSAL U/S 9

Coram:-

HON'BLE SHRI JUSTICE R.D. DHANUKA

Last Date:-

03/09/2015

Stage:-

ARBP FOR HEARING AND FINAL DISPOSAL U/S 9

Last Coram:-

HON'BLE SHRI JUSTICE R.D. DHANUKA

Act :-

Arbitration and Conciliation Act 1996

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

Rs. In Million

Particulars	Quarter ended 30.06.2015
	(Unaudited)
Net Sales/ Income from Operations	4293.237
Other Operating Income	71.150
Total income from operation	4364.387
Expenditure
a) Cost of Materials Consumed	3724.765
b) Purchase of Stock in trade	0.000
c) Change in inventories of finished goods, work in progress & stock in trade	(30.029)
d) Employee benefits expense	23.103
e) Depreciation and amortization expense	311.008
f) Other expenses	216.368
Total	4245.215
Profit from operations before Other Income, Interest and Exceptional Items (1-2)	119.172
Other Income	19.193
Profit before Interest and Exceptional Items (3+4)	138.365
Interest	67.680
Profit after Interest but before Exceptional Items (5-6)	70.685
Exceptional Items	--
Profit (+)/ Loss (-) from Ordinary Activities before tax (7+8)	70.685
Tax expense	32.039
Net Profit (+)/ Loss (-) from Ordinary Activities after tax (9-10)	38.646
Extraordinary Items (Net of tax expense)	--
Net Profit (+)/ Loss (-) for the period	38.646
Paid-up equity share capital (Face value of Rs.10/- each)	266.913
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year	--
Earnings per share
Before Extraordinary items (not annualized)
- Basic (Rs.)	0.14
- Diluted (Rs.)	0.14
Public Shareholding
- No. of shares	105644690
- Percentage of shareholding	39.58%
Promoters and promoter group shareholding
Pledged/ Encumbered
- No. of shares	Nil
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	Nil
- Percentage of shares (as a % of the total share capital of the company)	Nil
Non-encumbered
- No. of shares	161268010
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00%
- Percentage of shares (as a % of the total share capital of the company)	60.42%
INVESTOR COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

NOTES:

1. The financial results of the Company and consolidated financial results for the quarter ended 30th June 2015 have been reviewed by the Audit committee and taken on record by the Board of Directors at its meeting held on 14th August 2015.The auditors have performed the limited review of the same.

2. Based on the guiding principles given in Accounting Standard on Segment Reporting (AS - 17) specified in Companies (Accounting Standards) Rules 2006, the Company's primary business consist of; "Articles made out of Plastics I Polymers". As the company's business actually falls within a single primary business segment, the disclosure requirements of AS - 17 in this regard are not applicable.

3. The Consolidated results represent that of Responsive Industries Limited and its subsidiary Axiom Cordages Limited. Responsive International Limited, a wholly owned subsidiary of Responsive Industries Limited, has not yet commenced its operations and hence not consolidated.

4. The Company is in the process of determining and identifying significant components of fixed assets as prescribed under schedule II to the Companies Act, 2013 and the resultant impact, if any will be considered in due course during the FY-2015-16.

5. The figures of the last quarter ended 31st March, 2015 are balancing figures between audited figures in respect of full financial year and the published year to date figures up to the third quarter of the relevant financial year.

6. Comparative financial information has been regrouped and reclassified, wherever necessary, to correspond to the figures of the current quarter.

INDEX OF CHARGES

S.No.	Charge Id	Date of Charge Creation/Modification	Charge Amount Secured	Charge Holder	Address	Service Request Number (SRN)
1	10436671	19/09/2014 *	2,400,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	C21638846
2	10432597	24/05/2013	12,247,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B77702462
3	10290670	10/01/2013 *	3,288,677,500.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA	B65915225

* Date of charge modification

FIXED ASSETS

· Land

· Factory Building

· Plant and equipment

· Electrical Installation

· Furniture and Fixtures

· Office Equipments

· Computer

· Motor Cars

· Motor Trucks

· Weighing Scale

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 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. 64.78
UK Pound	1	Rs. 99.54
Euro	1	Rs. 73.08

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		52

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.