MIRA INFORM REPORT

Report No. :	347168
Report Date :	31.10.2015

IDENTIFICATION DETAILS

Name :	NITREX CHEMICALS INDIA LIMITED
Registered Office :	E-37, First Floor, Kakaji, New Delhi – 110019
Tel. No.:	91-11-49114911
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	07.02.2001
Com. Reg. No.:	55-109548
Capital Investment / Paid-up Capital :	Rs.497.862 Million
CIN No.: [Company Identification No.]	U00000DL2001PLC109548
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF7820L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Nitro Cellouse.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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 2001. Nitrex Mauritius Limited (Mauritius) holds 66.36% stakes in the subject company. The company has recorded slight decline in its sales turnover and profit margin as compared to last year, however reported satisfactory profit margin for the year 2015. It has low reserves but it has improved as compared to last year. The company possesses decent net worth bae marked by low borrowing, good liquidity position and there is favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payment are slow but correct. 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 :	Mr. Chirag Mehta
Designation :	Finance Head
Contact No.:	91-7405732987
Date :	27.10.2015

LOCATIONS

Registered Office :	E-37, First Floor, Kakaji, New Delhi – 110019, India
Tel. No.:	91-11-49114911
Mobile No.:	91-7405732987 (Mr. Chirag)
Fax No.:	Not Available
E-Mail :	c.mento@nitrex.in mglodha@yahoo.com
Website :	http://www.nitrex.in
Factory :	Plot No. 772, Road No.2, Jhagodia Mega Estate, GIDC Post Jagadio – 393110, Dist. Bharuch.
Head Office :	1213 Ansal Tower, 38 Nehru place, New Delhi 110019
Tel No.:	91 11 49114911
Fax No.:	91 11 49114922
E-Mail :	contact@nitrex.in
Works	Nitrocellulose Business, Near Water Works, Village Abrama, Dist. Valsad 396 001, Gujarat, India
Tel No.:	91-2632-227166
Fax No.:	91-2632-249564
E-Mail :	contact@nitrex.in

DIRECTORS

As on 19.09.2014

Name :

Mr. Rameshchandra Radhakishan Choudhary

Designation :

Whole-Time Director

Address :

B/1/81, Goyal Intercity, Opp. T.V. Tower, Drive In Road, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

28.02.1950

Date of Appointment :

10.10.2012

DIN No.:

01767224

Name :

Mr. Mahendra Gumanmalji Lodha

Designation :

Director

Address :

85, Sunrise Park, Opp. Drive-In Road, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

04.08.1956

Date of Appointment :

28.11.2008

DIN No.:

00012920

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	U67120MH1995PTC090839	AMFIN FINSER (INDIA) PRIVATE LIMITED	Director	20/07/1995	20/07/1995	-	Converted to LLP and dissolved	NO
2	U74140MH1992PTC068093	DISHA INFIN CONSULTANTS PVT LTD	Director	27/05/1996	27/05/1996	-	Active	NO
3	U45201GJ1992PLC017794	SHYAM COTSYN INDIA LTD	Director	07/04/1997	07/04/1997	04/08/2008	Active	NO
4	L74899DL1987PLC029184	TULIP STAR HOTELS LIMITED	Director	30/09/2014	13/05/1998	-	Active	NO
5	L23200MH1985PLC035187	RAMA PETROCHEMICALS LTD	Director	15/06/1998	15/06/1998	-	Active	NO
6	U14102GJ1991PTC015933	Amazon Textiles Pvt. Ltd.	Director	30/10/1999	30/10/1999	-	Active	NO
7	U60230GJ1991PTC016571	NITREX LOGISTICS PRIVATE LIMITED	Director	30/11/1999	30/11/1999	-	Active	NO
8	U17119GJ1998PTC034719	RAJDHANI TEXTILES PRIVATE LIMITED	Director	19/06/2000	19/06/2000	-	Active	NO
9	U67120GJ1994PLC022633	Edelweiss Stock Broking Limited	Director	19/03/2001	19/03/2001	21/01/2008	Amalgamated	NO
10	U74990GJ1996PTC031188	RASNA PROCESSORS PRIVATE LIMITED	Director	14/08/2001	14/08/2001	-	Active	NO
11	L18101PB1999PLC022452	RAINBOW DENIM LIMITED	Director	12/10/2001	12/10/2001	-	Active	NO
12	L27110GJ1989PLC011748	STEELCO GUJARAT LIMITED	Director	31/07/2003	31/07/2003	-	Active	NO
13	U74140GJ2004PTC043458	DISHAINFIN ADVISOR PRIVATE LIMITED	Director	13/01/2004	13/01/2004	-	Amalgamated	NO
14	L17110GJ1986PLC008886	ARVIND PRODUCTS LIMITED	Director	29/12/2005	29/12/2005	-	Amalgamated	NO
15	U55101BR1964PLC000737	BIHAR HOTELS LIMITED	Director	08/01/2006	08/01/2006	30/01/2010	Active	NO
16	L26942WB1937PLC009086	KALYANPUR CEMENTS LTD	Director	21/09/2012	23/02/2007	-	Active	NO
17	U67190MH2005PTC157235	SIRIUS FINANCIAL SERVICES PRIVATE LIMITED	Director	26/09/2009	08/08/2008	-	Active	NO
18	U00000DL2001PLC109548	NITREX CHEMICALS INDIA LIMITED	Director	28/11/2008	11/08/2008	-	Active	NO
19	U65993MH2002PTC138233	ELATE INVESTMENT AND HOLDINGS PRIVATE LIMITED	Director	01/01/2009	01/01/2009	-	Active	NO
20	L24110GJ1987PLC009484	METROCHEM INDUSTRIES LIMITED	Director	29/09/2010	19/02/2010	-	Amalgamated	NO
21	U74899MH2000PTC243438	Radiant Life Care Private Limited	Director	28/09/2011	25/08/2011	-	Active	NO
22	U45201GJ2006PTC048178	PINAL INFRASTRUCTURE PRIVATE LIMITED	Director	01/12/2011	01/12/2011	-	Amalgamated	NO
23	U02000MH1978PLC020238	AMUL EXIM LIMITED	Additional director	20/02/2012	20/02/2012	-	Active	NO
24	U25200GJ1989PLC012672	EMTELLE INDIA LIMITED	Director	26/12/2014	18/06/2012	-	Active	NO
25	U70102GJ2013PTC073374	SANAND INDUSTRIAL PARK PRIVATE LIMITED	Director	16/01/2013	16/01/2013	-	Active	NO

Name :

Mr. Soumitra Purkayastha

Designation :

Managing Director

Address :

Flat No 202, Embassy Orchid, No 38/3, 8 Th Main, R.M.V.Extn, Bangalore North Range - 560080, Karnataka, India

Date of Birth/Age :

20.12.1958

Date of Appointment :

21.10.2013

DIN No.:

02058146

KEY EXECUTIVES

Name :	Mr. Chirag Mehta
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2014

Names of Equity Shareholders	No. of Shares
Mahendra G. Lodha – HUF	200003
Sanjay Agarwal	1
Anand Thiyagarajan	32000
Disha Infin Consultant Private Limited	240000
Nitrex Chemicals ESOP Trust	424000
Mahendra Lodha	844000
Rasna Processors Private Limited	2000000
Sirus Financial Servces Private Limited	5750000
Nitrex Mauritius Limited	8350000
Total	17840004

Names of Preference Shareholders	No. of Shares
Nitrex Mauritius Limited	21200000
IDBI Limited	10746200
Total	31946200

Equity Share Break up (Percentage of Total Equity)

As on 19.09.2014

Category	Percentage
Bodies corporate	93.91
Directors or relatives of Directors	4.79
Other top fifty shareholders	1.30
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Nitro Cellouse.
Products :	Nitro Cellouse
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Countries :	European Countries Dubai Pakistan Egypt Greece Germany Italy Jordan Kenya Lebanon Philippines Russia South Africa Spain Turkey UAE Uganda UK USA
Imports :
Products :	Raw Material
Countries :	USA France Germany
Terms :
Selling :	Cheque and Credit
Purchasing :	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 :

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 :

1000 (Approximately)

Bankers :

Bank Name	Standard Chartered Bank
Branch	Credit Documentation Unit, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, 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)	WC = Rs. 200.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged
Bank Name	Standard Chartered Bank
Branch	Crescenzo, C-38/39, G-Block 6^th Floor, Behind MCA Club, Bandra – Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

• IDBI Bank Limited, IDBI Towerwct Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

• ABN Amro Bank, DLF Centre, Sansad Marg, New Delhi – 110001, India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	NA	39.150
Foreign currency term loans from banks	NA	53.994
Other loans and advances	NA	2.783
Short-term borrowings
Working capital loans from banks	NA	32.918
Total	NA	128.845

Auditors :
Name :	Hitesh Prakash Shah and Company Chartered Accountants
Address :	105, Sakar-1, 1^st Floor, Opposite Gandhigram Rly Station, Off. Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26586683-85
PAN N Income-tax PAN of auditor or auditor's firm :	APGPS0174L
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Sirius Financial Services Limited U67190MH2005PTC157235 Rasna Processors Private Limited U74990GJ1996PTC031188 Nitrex Mauritiues Limited Sanand Industrial Park Private Limited U70102GJ2013PTC073374 Elate Investment and Holding Private Limited U65993MH2002PTC138233 Mehta Lodha and Company
Subsidiary Company :	Shree Shuphurics Private Limited
Employee :	Nitrex Chemicals India Limited Gratuity Fund Nitrex Chemicals Employees Stocks Option Trust (ESOP) Trust Nitrex Chemicals India Limited Superannuation Fund

CAPITAL STRUCTURE

As On 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 497.862 Million

As on 19.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
17940000	Equity Shares	Rs.10/- each	Rs.179.400 Million
32000000	Preference Shares	Rs.10/- each	Rs.320.000 Million
	Total		Rs.499.400 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17840004	Equity Shares	Rs.10/- each	Rs.178.400 Million
31946200	Preference Shares	Rs.10/- each	Rs.319.462 Million
	Total		Rs.497.862 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	497.862	497.862	497.862
(b) Reserves & Surplus	385.339	294.410	199.316
(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)	883.201	792.272	697.178
(3) Non-Current Liabilities
(a) long-term borrowings	30.630	95.927	149.172
(b) Deferred tax liabilities (Net)	15.915	0.000	20.668
(c) Other long term liabilities	2.500	0.500	0.500
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	49.045	96.427	170.340
(4) Current Liabilities
(a) Short term borrowings	96.270	32.918	41.767
(b) Trade payables	303.449	272.732	180.115
(c) Other current liabilities	84.092	77.455	79.176
(d) Short-term provisions	29.516	41.851	27.688
Total Current Liabilities (4)	513.327	424.956	328.746
TOTAL	1445.573	1313.655	1196.264
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	543.146	375.894	405.357
(ii) Intangible Assets	0.000	0.000	20.801
(iii) Capital work-in-progress	42.040	104.370	107.561
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	173.065	61.280	3.933
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	51.920	33.530	21.209
(e) Other Non-current assets	5.823	0.184	0.346
Total Non-Current Assets	815.994	575.258	559.207
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	222.380	202.665	191.836
(c) Trade receivables	342.257	308.519	233.010
(d) Cash and cash equivalents	8.763	6.516	3.493
(e) Short-term loans and advances	54.819	220.019	208.707
(f) Other current assets	1.360	0.678	0.011
Total Current Assets	629.579	738.397	637.057
TOTAL	1445.573	1313.655	1196.264

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	1986.407	1685.818	2180.956
	Other Income	26.892	25.478	65.562
	TOTAL (A)	2013.299	1711.296	2246.518
Less	EXPENSES
	Cost of Materials Consumed	1079.114	880.267	1174.140
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(33.569)	(9.168)	(27.263)
	Employees benefits expense	182.147	158.653	188.067
	Preliminary Expenses Written Off	0.162	0.162	0.000
	Prior Period items before tax	0.000	0.000	(0.645)
	Other expenses	580.242	462.761	532.822
	TOTAL (B)	1808.096	1492.675	1867.121
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	205.203	218.621	379.397
Less	FINANCIAL EXPENSES (D)	24.097	17.833	35.948
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	181.106	200.788	343.449
Less/ Add	DEPRECIATION/ AMORTISATION (F)	41.253	70.112	196.062
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	139.853	130.676	147.387
Less	TAX (H)	48.898	35.571	31.252
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	90.955	95.105	116.135
	Earnings / (Loss) Per Share (Rs.)	5.10	5.33	19.4

Expected Sales (2015-2016) : Rs.2300.000 Million

The above information has been parted by Mr. Chirag (Finance Head)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	66.020	61.035
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	246.557	79.220
Net cash flow from operating activity	NA	177.467	5.715

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.58	5.64	5.32
Operating Profit Margin (PBIDT/Sales)	(%)	10.33	12.97	17.40
Return on Total Assets (PBT/Total Assets}	(%)	11.37	11.38	13.59
Return on Investment (ROI) (PBT/Networth)		0.16	0.16	0.21
Debt Equity Ratio (Total Debt /Networth)		0.14	0.25	0.36
Current Ratio (Current Asset/Current Liability)		1.23	1.74	1.94

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	497.862	497.862	497.862
Reserves & Surplus	199.316	294.410	385.339
Net worth	697.178	792.272	883.201
long-term borrowings	149.172	95.927	30.630
Short term borrowings	41.767	32.918	96.270
Total borrowings	190.939	128.845	126.900
Debt/Equity ratio	0.274	0.163	0.144

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	2180.956	1685.818	1986.407
		(22.703)	17.830

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	2180.956	1685.818	1986.407
Profit	116.135	95.105	90.955
	5.32%	5.64%	4.58%

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)	No
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	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

RESULTS OF OPERATIONS

This is the twelfth fiscal year of the Company’s operations and it has generated income from operations amounting to Rs. 1685.820 Million and earned profit before interest, depreciation and Tax of Rs. 218.620 Million. The results of the Current year i.e. 12 Months and Previous period i.e. 18 Months are being reported hereunder.

BUSINESS REVIEW

The income from operation increased to Rs. 1685.820 Million in FY 2013-14 (12 months) as against Rs.1453.970 Million in FY 2012-13 (Annualized) (18 Months - Rs. 2180.960 Million) showing an increase of Rs. 231.850 Million ( 15.95 % increased on Annualized basis ). The management is pleased to inform you that Profit Before Tax (PBT) for the year is Rs. 130.670 Million in FY 2013-14(12 Months) as against Rs. 97.830 Million in FY 2012-13 (Annualized) (18 months ? Rs. 146.740 Million) showing an increase of Rs. 32.840 Million (33.57% increased on

Annualized basis). Similarly, Profit After Tax (PAT) for the year is Rs. 95.100 Million in FY 2013 -14 (12 Months) as against Rs. 77.430 Million in FY 2012-13 (Annualized) (18 months ? Rs. 116.14 Million) showing an increase of Rs. 17.670 Million (22.82% increased on Annualized Basi).

The company was able to improve it’s bottom-line on account of increased Turnover and by reducing it’s manufacturing cost coupled with overall control on overheads.

During the period, the management continues to repay the dues of secured lenders as per schedule. The level of secured long term loans has reduced from Rs. 149.170 Million in FY 2012-13 to Rs. 95.930 Million in FY 2013-14.

COMPANY OVERVIEW

Nitrex Chemicals India Limited manufactures and supplies industrial nitrocellulose. It provides industrial grade nitrocellulose, a film forming resin that is used in auto refinish paints, wood lacquers, printing inks, leather finishing lacquers, nail varnishes, and other miscellaneous applications. The company was incorporated in 2001 and is based in New Delhi, India. Nitrex Chemicals India Limited is a former subsidiary of ICI India Limited

CORPORATE OVERVIEW

Introduction

Nitrex Chemicals India Limited. (Nitrex) is one of the world's leading manufacturers of industrial grade nitrocellulose, a film forming resin used in the auto refinish paints, wood lacquers, printing inks, leather finishing lacquers, nail varnishes and other miscellaneous applications. It is a high quality, supremely flexible material that demonstrates outstanding functionality, excellent value for money and high standards of safety. It delivers genuine competitive advantages.

Over the years it has been their constant endeavor to supply the highest quality product and services to our customers, while maintaining their commitment to safety, health and environment. They have the capability to meet all requirements of nitrocellulose users through a comprehensive product range that covers both solvent damped and plasticized products and can also offer customized grades.

The company apart from manufacturer of Nitrocellulose represents several globally renowned suppliers for promotion and marketing their products in India.

Vision and Mission

Nitrex aims to be the supplier of choice for the widest range of nitrocellulose products available globally.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10540884	11/12/2014	90,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA  ROAD, NEW DELHI, Delhi - 110001, INDIA	C39412481
2	10400153	16/01/2013	170,500,000.00	Standard Chartered Bank	(acting as an Security Agent) C D U, NARAIN MANZI  L, 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001,  INDIA	B66957630
3	10399992	18/06/2015 *	200,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA  ROAD, NEW DELHI, Delhi - 110001, INDIA	C58915364
4	10045756	18/06/2015 *	46,300,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA  ROAD, NEW DELHI, Delhi - 110001, INDIA	C58913732
5	10023795	11/12/2014 *	170,500,000.00	STANDARD CHARTERED BANK	(Acting as an Security Agent) CDU,, NARAIN MANZIL  , 23 BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, I  NDIA	C39406301
6	80036582	18/06/2015 *	200,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA  ROAD, NEW DELHI, Delhi - 110001, INDIA	C58910134

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Claims against company not acknowledged as debt	55.443
Guarantees	7.172
Other money for which company is contingently liable	0.000

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Factory building

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.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.66

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	AMT
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	4
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.