MIRA INFORM REPORT

Report No. :	339302
Report Date :	04.09.2015

IDENTIFICATION DETAILS

Name :	ISMT LIMITED
Registered Office :	Lunkad Towers, Viman Nagar, Pune – 411014, Maharashtra
Tel. No. :	91-20-41434100
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.09.1999
Com. Reg. No.:	11-016417
Capital Investment / Paid-up Capital :	Rs.732.500 Million
CIN No.: [Company Identification No.]	L27109PN1999PLC016417
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	PNEI00099B
PAN No.: [Permanent Account No.]	AAACJ9917A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in manufacturing of Seamless Tubes and Engineering Steels.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 8000000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Exist
Comments :	ISMT Limited was incorporated in the year 1999, is an established company having moderate track record. The company has reported drop into its sales turnover during financial year 2015 along with huge losses from its operations. The rating further constrained on company continues losses over past three years and moderate debt protection metrics. This rating is partially offset, long established track record and vast experiences of the promoter in manufacturing of seamless tubes and steel business. However, trade relations are fair. Business is active. Payment are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 31-03-2013.

LOCATIONS

Registered Office/ Corporate Office :	Lunkad Towers, Viman Nagar, Pune – 411014, Maharashtra, India
Tel. No.:	91-20-41434100/ 01/ 66024901/ 02/ 03/ 04
Fax No.:	91-20-26630779
E-Mail :	legal@ismt.co.in dbhansali@ismt.co.in secretarial@ismt.co.in
Website :	http://www.ismt.co.in http://www.ismt.com
Factory 1 (Tube) :	MIDC Industrial Area, Ahmednagar – 414111, Maharashtra, India
Tel. No.:	91-241-2777960/ 2777845/ 2777946
Fax No.:	91-241-2777363
Factory 2 (Tube):	MIDC Industrial Area, Baramati – 413133, India
Tel. No.:	91-2112-243861/65
Fax No.:	91-2112-243873
Factory 3 (Tube):	Structo Hydraulics AB Storfors, Swedan
Factory 4 (Steel) :	Jejuri – Morgaon Road, Jejuri – 412303, Maharashtra, India
Tel. No.:	91-2115-253335
Factory 5 (Power) :	Village Kurla, Warora, Chandrapur – 422910, Maharashtra, India

DIRECTORS

As on 31.03.2014

Name :	Mr. S C Gupta
Designation :	Chairman
Name :	Mr. O P Kakkar
Designation :	Director
Name :	Mr. K K Rai
Designation :	Director
Name :	Mr. Vinod Sethi
Designation :	Director (up to February 11, 2014)
Name :	Mr. J P Sureka
Designation :	Director
Name :	Mr. B R Taneja
Designation :	Director
Name :	Mr. Suresh Khatanhar
Designation :	Nominee Director of IDBI Bank Limited (w. e. f. June 06, 2012)

KEY EXECUTIVES

Name :	Mr. Salil Taneja
Designation :	Chief Executive Officer
Name :	Mr. Rajiv Goel
Designation :	Chief Financial Officer
Name :	Mr. Nilesh Jain
Designation :	Company Secretary
Name :	Mr. Joshi
Designation :	Accounts department

SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4976833	3.40
Bodies Corporate	70822532	48.34
Sub Total	75799365	51.74
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	75799365	51.74
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	75395	0.05
Financial Institutions / Banks	1993848	1.36
Foreign Institutional Investors	4241471	2.90
Sub Total	6310714	4.31
(2) Non-Institutions
Bodies Corporate	11155645	7.61
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	29053966	19.83
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	15282241	10.43
Any Others (Specify)	8899452	6.07
Trusts	5279111	3.60
Non Resident Indians	3618441	2.47
NRIs/Foreign Individuals	1900	0.00
Sub Total	64391304	43.95
Total Public shareholding (B)	70702018	48.26
Total (A)+(B)	146501383	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)	146501383	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of Seamless Tubes and Engineering Steels.
Products :	Seamless Tubes Engineering Steels
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Information declined by the management

Bankers :

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

• Bank of Baroda
• Bank of India
• Bank of Maharashtra
• Central Bank of India
• ICICI Bank Limited
• IDBI Bank Limited
• IKB Deutsche Industriesbank AG
• State Bank of India
• Indian Overseas Bank

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Rupee Loans		2851.700
Foreign Currency Loans		4265.500
Long Term maturities of finance lease Obligations		0.200
Short Term Borrowings
Working Capital Borrowings From Banks
Rupee Loans		4141.300
Foreign Currency Loans		0.000
Total	NA	11258.700

Auditors 1 :
Name :	J. K. Shah and Company Chartered Accountants
Auditors 2 :
Name :	P. G. Bhagwat Chartered Accountants
Cost Auditors 1 :
Name :	Dhananjay V. Joshi and Associates Cost Accountants
Cost Auditors 2 :
Name :	Parkhi Limaye and Company Cost Accountants
Advocates and Solicitors (As on 31.03.2014) : :	J Sagar Associates Federal and Rashmikant
Subsidiary Companies (As on 31.03.2014) :	ISMT Enterprises SA, Luxembourg Structo Hydraulics AB, Sweden ISMT Europe AB, Sweden Structo (UK) Limited, United Kingdom Tridem Port and Power Company Private Limited Nagapattinam Energy Private Limited Best Exim Private Limited. (w.e.f March 26, 2014) Success Power and Infraprojects Private Limited (w.e.f March 26, 2014) Marshal Microware Infrastructure Development Company Private Limited (w.e.f March 26, 2014) PT ISMT Resources, Indonesia Indian Seamless Inc, USA
Associate Companies (As on 31.03.2014) :	Indian Seamless Enterprises Limited Taneja Aerospace and Aviation Limited Structo Hydraulics India Private Limited Lighto Technologies Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.732.500 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
175000000	Equity Shares	Rs.5/- each	Rs.875.000 Million
	Unclassified Shares		Rs.710.000 Million
	Total		Rs.1585.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
146501383	Equity Shares	Rs.5/- each	Rs.732.500 Million

The Company has only one class of issued shares having par value of Rs.5/- each. Holder of Equity Shares is entitled to one vote per share.

The reconciliation of number of shares outstanding and the amount of share capital is set-out below.

Equity Shares	Number of Shares	Rs. in Million
Shares outstanding at the beginning of the year	146501383	732.500
Shares issued during the year	-	-
Shares bought back during the year	-	-
Shares outstanding at the end of the year	146501383	732.500

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Indian Seamless Enterprises Limited	55533788	37.90%
Vishkul Leather Garments Private Limited	14102179	9.63%
HDFC Trustee Company Limited - HDFC- Equity Fund	--	--
Jiten Kirtanlal Shah	7555305	5.16%

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	732.500	732.500	732.500
(b) Reserves & Surplus	2054.500	2312.400	4165.700
(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)	2787.000	3,044.900	4,898.200
(3) Non-Current Liabilities
(a) long-term borrowings	9671.700	7386.400	7318.700
(b) Deferred tax liabilities (Net)	0.000	0.000	343.600
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	63.400	63.300	60.200
Total Non-current Liabilities (3)	9735.100	7,449.700	7,722.500
(4) Current Liabilities
(a) Short term borrowings	4583.800	4641.300	3218.400
(b) Trade payables	4772.200	5904.200	6399.600
(c) Other current liabilities	5100.500	6390.400	5884.000
(d) Short-term provisions	32.100	14.700	17.900
Total Current Liabilities (4)	14488.600	16950.600	15519.900
TOTAL	27010.700	27445.200	28140.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15773.800	13145.400	13560.200
(ii) Intangible Assets	0.000	0.000	1.700
(iii) Capital work-in-progress	0.000	252.700	315.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	527.900	527.500	527.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1113.400	107.100	120.700
(e) Other Non-current assets	925.700	925.700	928.700
Total Non-Current Assets	18340.800	14958.400	15454.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4100.000	4721.300	5078.500
(c) Trade receivables	1761.400	3716.900	4000.600
(d) Cash and cash equivalents	1191.400	1289.900	743.700
(e) Short-term loans and advances	224.800	1302.500	1576.900
(f) Other current assets	1392.300	1456.200	1286.900
Total Current Assets	8669.900	12486.800	12686.600
TOTAL	27010.700	27445.200	28140.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	15045.000	15611.100	15917.900
		Other Income	113.900	156.100	206.600
		TOTAL (A)	15158.900	15767.200	16124.500
Less	EXPENSES
		Cost of Materials Consumed	7331.00	7614.600	7734.400
		Purchases of Traded Goods	162.400	17.800	82.100
		Changes in Inventories of Finished Goods & Work-in-Progress	588.600	(161.300)	(271.800)
		Employee Benefits	1208.100	1237.500	1157.900
		Other Expenses	5407.100	6029.500	5706.700
		Exceptional Items	(329.200)	219.400	638.500
		TOTAL (B)	14368.000	14957.500	15047.800
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		790.900	809.700	1076.700
Less	FINANCIAL EXPENSES (D)		2260.800	1835.300	1526.600
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1469.900)	(1025.600)	(449.900)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		740.000	1020.900	956.400
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(2209.900)	(2046.500)	(1406.300)
Less	TAX (H)		0.000	(343.600)	(409.200)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(2209.900)	(1702.900)	(997.100)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(749.800)	247.300
Less	APPROPRIATIONS
		Dividend		0.000	0.000
		Tax on Dividend		0.000	0.000
		General Reserve		0.000	0.000
	BALANCE CARRIED TO THE B/S			(2452.700)	(749.800)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		2765.800	3920.900
		Freight on Export	NA	142.400	199.800
		Receipt against Arbitration case		1340.500	0.000
	TOTAL EARNINGS			4248.700	4120.700
	IMPORTS
		Raw Materials		4102.700	4554.800
		Stores & Spares		601.700	502.700
		Capital Goods		2.400	0.000
	TOTAL IMPORTS			4706.800	5057.500
	Earnings/ (Loss) Per Share (Rs.)		(15.08)	(11.62)	(6.81)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	2882.000	2104.800
Cash generated from operations	NA	NA	NA
Net Cash flow from Operating Activities	NA	1059.200	1312.100

QUARTERLY RESULTS

Particulars	30.06.2015
UnAudited	1^ST Quarterly
Net Sales	2661.800
Total Expenditure	2576.600
PBIDT (Excl OI)	85.200
Other Income	23.900
Operating Profit	109.100
Interest	609.800
Exceptional Items	(83.400)
PBDT	(584.100)
Depreciation	178.600
Profit Before Tax	(762.700)
Tax	0.000
Provisions and contingencies	0.000
Profit After Tax	(762.700)
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	(762.700)
Equity Capital	732.500

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(14.69)	(10.91)	(6.26)
Operating Profit Margin (PBIDT/Sales)	(%)	5.26	5.19	6.76
Return on Total Assets (PBT/Total Assets}	(%)	(8.34)	(7.67)	(5.15)
Return on Investment (ROI) (PBT/Networth)		(0.79)	(0.67)	(0.29)
Debt Equity Ratio (Total Debt /Networth)		5.11	4.90	2.58
Current Ratio (Current Asset/Current Liability)		0.60	0.74	0.82

STOCK PRICES

Face Value	Rs.5.00/-
Market Value	Rs.7.38/-

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	732.500	732.500	732.500
Reserves & Surplus	4165.700	2312.400	2054.500
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4898.200	3044.900	2787.000
long-term borrowings	7318.700	7386.400	9671.700
Short term borrowings	3218.400	4641.300	4583.800
Total borrowings	10537.100	12027.700	14255.500
Debt/Equity ratio	2.151	3.950	5.115

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	15917.900	15611.100	15045.000
		(1.927)	(3.626)

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	15917.900	15611.100	15045.000
Profit	(997.100)	(1702.900)	(2209.900)
	(6.26%)	(10.91%)	(14.69%)

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	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	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

Case Details
Bench:- Bombay
Presentation Date:- 23/10/2013
Lodging No:-	CPL/736/2013	Failing Date:-	23/10/2013		Reg. No.:	CP/164/2014	Reg. Date:	01/03/2014
Petitioner:-	HOTEL PARC ESTIQUE			Respondent:-		ISMT LIMITED
Petn.Adv:-	S ASHINIKUMAR AND CO (O)
District:-	MUMBAI
Bench:-	SINGLE			Category:-		COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission			Stage:-
Last Date:-	20/03/2014
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER
Act:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Under Section:-	433 434

UNSECURED LOAN

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Term Loan from Bank	NA	269.000
Short Term Borrowings
Working Capital Borrowings From Bank Rupee Loan	NA	500.000
Total	NA	769.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10583286	10/07/2015	150,000,000.00	State Bank of India	Industrial Finance Branch, Pune, Tara Chambers, Mumbai Pune Road, Pune, Maharashtra - 411003, INDIA	C60424132
2	10561784	30/03/2015	200,000,000.00	BANK OF MAHARASHTRA	Lokmangal, 1501,Shivajinagar, Pune, Maharashtra - 411005, INDIA	C50218932
3	10562757	27/03/2015	500,000,000.00	Bank of Baroda	Corporate Financial Services Branch, Mantri Court , 1st Floor, 39, Ramabai Ambedkar Road, Pune, Maharashtra - 411001, INDIA	C50637776
4	10573540	10/07/2015 *	225,000,000.00	Andhra Bank	Specialized Corporate Finance Branch, 16th Floor, Earnest House, NCPA Marg, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	C60065398
5	10544247	10/07/2015 *	450,000,000.00	IDBI Bank Limited	Corporate Banking Group,, 2nd Floor, Pride House, Ganesh Khind,, Pune, Maharashtra - 411016, INDIA	C60762507
6	10541193	23/12/2014	850,000,000.00	Indian Overseas Bank	Pune Cantonment Branch, Wonderland, 7 M G Road, Pune, Maharashtra - 411001, INDIA	C39547062
7	10531079	10/07/2015 *	500,000,000.00	BANK OF MAHARASHTRA	Lokmangal, 1501,Shivajinagar, Pune, Maharashtra - 411005, INDIA	C60735792
8	10528112	10/07/2015 *	1,080,000,000.00	Bank of India	SUSHILP 1290 SHIVAJI NAGAR OPPOSIT HOTEL SWAN INN, , OFF JANGALI MAHARAJ ROAD, PUNE, Maharashtra - 411005, INDIA	C61651162
9	10510965	20/06/2014	500,000,000.00	Indian Overseas Bank	Pune Cantonment Branch, Wonderland, 7 M G Road, Pune, Maharashtra - 411001, INDIA	C13292024
10	10512020	17/06/2014	20,000,000.00	Andhra Bank	Specialized Corporate Finance Branch, 16th Floor,  Earnest House, NCPA Marg, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	C14454821

STATEMENT OF UNAUDITED FINANCIAL RESULT FOR THE QUARTER ENDED 30^th JUNE 2015

Sr. No	Particulars
		Quarter ended
		30.06.2015
		Unaudited
1	Gross Sales/ Income From Operations	3648.800
	Less: Inter Segment Transfers	710.000
	Inter Division Transfers	53.800
	Excise Duty	280.400
	a. Net Sales/ Income from Operations (Net of Excise Duty)	2604.600
	b. Other Operating Income	57.200
	Total Income from Operations (Net)	2661.800
2	Expenditure
	a. Consumption Of Raw Material	1365.700
	b. Purchase of Stock-in trade	0.200
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade	94.800
	d. Increase (Decrease) in Excise duty on Closing Stock of Finished Goods	0.000
	e. Employees Benefit Expenses	265.400
	f. Depreciation and Amortization Expenses	178.600
	g. Other expenses
	i) Energy	505.900
	ii) Other Direct Expenditure	275.200
	Total Expenses	2755.200
3	Profit from Operations before Other Income, Interest and Exceptional Items	(93.400)
4	Other Income	23.900
5	Profit from ordinary activities before finance cost & exceptional items	(69.500)
	Finance costs	609.800
	Profit from ordinary activities after finance cost & exceptional items	(679.300)
9	Exceptional items
	i) Foreign Exchange	72.000
	ii) Others	11.400
10	Profit from ordinary activities before tax	(762.700)
11	Tax Expense	0.000
12	Net profit from ordinary Activities after tax	(762.700)
13	Extra Ordinary Items (Net of tax expenses)	0.000
14	Net Profit After Tax	(762.700)
15	Paid-up equity share capital (face value of Rs.5 per share)	732.500
16	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year	0.000
17	Earning Per Share (of Rs.5 each) (not annualized)	(52.100)
	Before extraordinary items	(52.100)
A	PARTICULARS OF SHAREHOLDING
17	Public Shareholding
	- No. of shares	70702018
	- Percentage of shareholding	48.26%
18	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered
	- No. of shares	55230000
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	72.86%
	- Percentage of shareholding (as a % of the total share capital of the company)	37.70%
	b) Non-encumbered
	- No. of shares	20569365
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	27.14%
	- Percentage of shareholding (as a % of the total share capital of the company)	14.04%

	Particulars	Quarter Ended
B	Investor Complaints	(30.06.2015)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	Nil
	Disposed off during the quarter	Nil

FIXED ASSETS

• Land – Freehold
• Land – Leasehold
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Vehicles

• Technical Know-How
• Software Development

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.22
UK Pound	1	Rs.101.22
Euro	1	Rs.74.33

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KSH
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.