MIRA INFORM REPORT

Report No. :	493632
Report Date :	22.02.2018

IDENTIFICATION DETAILS

Name :	GOA GLASS FIBRE LIMITED
Formerly Known As :	VISHAKHA ENTERPRISES (INDIA) PRIVATE LIMITED
Registered Office :	37/2, Chinar Park, New Town Road, Rajarhat Main Road, P.O. Hatiara, Kolkata – 700157, West Bengal
Tel. No.:	91-33-25160049/ 32626795
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	19.06.1996
Com. Reg. No.:	21-080099
Capital Investment / Paid-up Capital :	INR 1639.774 Million
CIN No.: [Company Identification No.]	U26102WB1996PLC080099
IEC No.: [Import-Export Code No.]	0399069224
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCG5767A
GSTIN : [Goods & Service Tax Registration No.]	19AABCG5767A1ZO
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Subject is engaged in Manufacturing and Selling of Various Glass Fibre Products. (Registered activity and also Confirmed by management)
No. of Employees :	290 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a step down subsidiary of “Binani Industries Limited”. The company was incorporated in the year 1996. It is engaged in the business of manufacturing of glass fiber. For the financial year ended 2016, the company has achieved 9.11% growth in its revenue as compared to previous year revenue and has maintained decent profitability margin of 20.18% during the year under review. The moderate financial profile of the company is marked by negative reserve base along with comfortable debt coverage indicators. However, rating weakness is partially offset by strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Payments are seems to be slow. In view of aforesaid, the company can be considered for business dealing with some caution. Note: As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = B+
Rating Explanation	Moderate risk of default
Date	02.11.2017

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	02.11.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Vitthal Yelshatti Narvekar
Designation :	Finance Manager
Contact No.:	91-8806662294
Date :	22.02.2018

LOCATIONS

Registered Office :	37/2, Chinar Park, New Town Road, Rajarhat Main Road, P.O. Hatiara, Kolkata – 700157, West Bengal, India
Tel. No.:	91-33-25160049/ 32626795/ 32626796
Mobile No.:	91-8806662294 (Mr. Vitthal Yelshatti Narvekar) 91-9830056820 (Mr. Sushil Tiwari)
Fax No.:	91-33-25160053/ 40088802
E-Mail :	sauvik.nayak@binani.net atul@binani.net mahesh.b@binaniglassfibre.com manojg@binaniglassfibre.com vithal.narlekar@3b-fibreglass.com sushiltiwari_associates@rediffmail.com
Website :	http://www.binaniglassfibre.com
Corporate / Branch Office:	Mercantile Chambers, Ground Floor, 12, J. N. Heredia Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-30263000/01/02
Fax No.:	91-22-22634960
E-Mail :	mumbai@binani.net
Factory :	Survey No 220, Village Colvale, Taluka: Bardez, Goa - 403513, India
Tel. No.:	91-832-2299147 / 2299151/ 2299884/ 2299886
Fax No.:	91-832-2299887
E-Mail :	nitin.soman@binani.net binani_goa@sancharnet.in
Sales and marketing Office:	601, Axis Mall, 6^Th Floor, Block - 'C”, Action Area-I, New Town, Rajarhat, Kolkata – 700157, West Bengal, India
Tel. No:	91-33-25160049/ 23626795
Fax. No:	91-33-25160053

DIRECTORS

As on 31.03.2017

Name :

Mrs. Sudha Pravin Navandar

Designation :

Additional Director

Address :

Flat No.603/604, 6th Floor, Anita Kutir - C, Bldg. No. 209, Hig Colony, 90 Feet Road, Ghatkopar East, Mumbai - 400075, Maharashtra, India

Date of Birth/Age :

02.11.1966

Date of Appointment :

20.04.2016

DIN No. :

02804964

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67100MH2010PTC198519	KSHITIJ CAPITAL ADVISORS PRIVATE LIMITED	05/01/2010	-
U72900MH2004PLC146323	ROUTE MOBILE LIMITED	04/12/2017	-

Name :

Mr. Sri Ramchander Tumuluri

Designation :

Director

Address :

Rue Des Cimmas Elysees 84, Elysees, 1050, Belgium

Date of Birth/Age :

11.08.1962

Date of Appointment :

04.08.2014

Qualification:

B. COM (H), ACA, ACS

DIN No. :

06930558

Name :

Mr. Veeravenkatasatyanarayana Subba Rao Palepu

Designation :

Whole-time director

Address :

Flat No. Ca 3/2, Sapana Gardens, Chogam Road, Alto Porvorim, Goa - 403521, India

Date of Birth/Age :

29.06.1962

Date of Appointment :

04.08.2014

PAN:

AFJPP6885Q

Qualification:

B.TECH, Executive M.B.A.

DIN No. :

06940444

Name :

Mr. Kirti Mishra

Designation :

Additional Director

Address :

B-41/2, 2nd Floor, Panchsheel Enclave, New Delhi -110017, India

Date of Birth/Age :

19.09.1947

Date of Appointment :

26.05.2017

DIN No. :

07824918

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27204WB2000PLC091214	EDAYAR ZINC LIMITED	05/02/2018	-
U45400WB2010PLC151807	BIL INFRATECH LIMITED	21/09/2017	-

KEY EXECUTIVES

Name :	Mr. Vitthal Yelshatti Narvekar
Designation :	Chief Finance Officer (KMP)
Address :	A-16, Omkar Building, Ganeshpuri Mapusa – 403513, Goa, India
Date of Birth/Age :	10.03.1976
Qualification:	B.COM (H), ACA
Date of Appointment :	21.05.2014
Pan No.:	AETPN9932M
Name :	Mr. Sauvik Nayak
Designation :	Company Secretary
Address :	Economy Apt, Flat No B/3/8, 67, J. C. Khan Road, Jhilpark, Mankundu Hooghly District – 712139, West Bengal, India
Date of Birth/Age :	27.04.1973
Qualification:	B.COM (H), ACA
Date of Appointment :	21.04.2012
Pan No.:	ACSPN9097L
Name :	Mr. Sushil Tiwari and Associates
Designation :	Company Secretary
Address :	31A, S.P. Mukherjee Road, Kolkata-700205, West Bengal, India
Date of Birth/Age :	21.12.1956
Qualification:	B.TECH Executive M.B.A.

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Equity Shareholders	No. of Shares
3B Binani Glassfibre SARL, Luxembourg	74177289
3B Binani Glassfibre SARL Jointly with Braj Binani	50
3B Binani Glassfibre SARL Jointly with I.K. Pugalia	10
3B Binani Glassfibre S.a.r.l. Jointly with K. K. Saraf	10
3B Binani Glassfibre S.a.r.l. Jointly with V. Subramanian	10
3B Binani Glassfibre S.a.r.l. Jointly with Sushil Bhatter	10
3B Binani Glassfibre S.a.r.l. Jointly with M.K. Chattopadhyaya	10
Total	74177389

Names of Preference Shareholders	No. of Shares
Binani Industries Limited, India	5000000
3B Binani Glassfibre S.a.r.l., India	2962789
3B Binani Glassfibre S.a.r.l., India	1017208
Total	8979997

Equity Share Break up (Percentage of Total Equity)

As on 21.09.2017

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturing and Selling of Various Glass Fibre Products. (Registered activity and also Confirmed by management)

Products :

Item Code No.	Product Description
70191100	CS
70191200	Rovings
70193100	CSM
70194000	WR

NIC Code No.	Product Description
3212	Glass Fibre and articles thereof

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

European Countries

Imports :

Products :

Raw Material

Countries :

European Countries

Terms :

Selling :

Cheque and RTGS

Purchasing :

Cheque and RTGS

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Retailers and End Users

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

No. of Employees :

290 (Approximately)

Bankers :

Bank Name	Punjab National Bank
Branch	Ilaco House, Sir P. M. road, Fort, Mumbai - 400001, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	11.264
SHORT TERM BORROWINGS
Other loans and advances	65.433	14.070
Total	65.433	25.334

Auditors 1 :
Name :	Udeshi Shukla and Associates Chartered Accountants
Address :	B-220, Pranik Chambers, 2nd Floor, Saki Vihar Road, Sakinaka, Near Saki Naka Metro Station, Andheri (East), Mumbai - 400072, Maharashtra, India
Tel No.:	91-22-25706371
Email :	admin@smartca.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFU3304K
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	3B Fibreglass SPRL, Belgium
Ultimate Holding company :	Binani Industries Limited, India L24117WB1962PLC025584
Fellow Subsidiary :	3B Binani Glassfibre SPRL, Luxembourgv 3B Glass Fibre Norway (Birkland)

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital:

No. of Shares	Type	Value	Amount
75000000	Equity Shares	INR 10/- each	INR 750.000 Million
9300000	Preference Shares	INR 100/- each	INR 930.000 Million
	Total		INR 1680.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
74177389	Equity Shares	INR 10/- each	INR 741.774 Million
5000000	Preference Shares	INR 100/- each	INR 500.000 Million
2962789	Preference Shares	INR 100/- each	INR 296.279 Million
1017208	Preference Shares	INR 100/- each	INR 101.721 Million
	Total		INR 1639.774 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1639.774	1639.774	1241.774
(b) Reserves & Surplus	(760.026)	(1046.494)	(1065.025)
(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	879.748	593.280	176.749
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	11.264	101.536
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3.847	3.847	4.147
(d) long-term provisions	61.507	50.553	35.100
Total Non-current Liabilities	65.354	65.664	140.783
(4) Current Liabilities
(a) Short term borrowings	199.433	191.420	527.049
(b) Trade payables	78.057	69.315	104.835
(c) Other current liabilities	174.288	215.025	191.939
(d) Short-term provisions	3.443	0.844	3.465
Total Current Liabilities	455.221	476.604	827.288
TOTAL	1400.323	1135.548	1144.820
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	780.395	813.767	834.088
(ii) Intangible Assets	8.874	10.741	13.634
(iii) Capital work-in-progress	200.729	52.139	37.963
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	93.262	43.808	36.178
(e) Other Non-current assets	4.202	3.619	3.018
Total Non-Current Assets	1087.462	924.074	924.881
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	262.111	173.992	142.421
(c) Trade receivables	9.987	11.677	36.710
(d) Cash and cash equivalents	15.644	2.143	12.170
(e) Short-term loans and advances	23.975	23.062	27.939
(f) Other current assets	1.144	0.600	0.699
Total Current Assets	312.861	211.474	219.939
TOTAL	1400.323	1135.548	1144.820

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015	31.03.2014
	SALES
		Revenue from Operations	1393.931	1277.509	1224.641
		Other Income	25.300	30.757	19.656
		TOTAL	1419.231	1308.266	1244.297
Less	EXPENSES
		Cost of Materials Consumed	350.142	338.469	319.924
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(107.908)	(21.805)	45.969
		Employees benefits expense	177.225	172.021	174.993
		Other expenses	578.957	621.013	693.363
		TOTAL	998.416	1109.698	1234.249
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		420.815	198.568	10.048
Less	FINANCIAL EXPENSES		39.148	81.989	127.325
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		381.667	116.579	(117.277)
Less/ Add	DEPRECIATION/ AMORTISATION		95.199	89.441	128.954
	PROFIT/ (LOSS) BEFORE TAX		286.468	27.138	(246.231)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		286.468	27.138	(246.231)
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	229.113	241.883	263.980
	TOTAL EARNINGS		229.113	241.883	263.980
	IMPORTS
	Raw Materials		140.005	124.788	134.466
	Components and Stores parts		94.964	19.847	27.670
	TOTAL IMPORTS		234.969	144.635	162.136
	Earnings/ (Loss) Per Share (INR)		3.86	0.37	(3.32)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	11.106	115.003	125.333
Net cash flows from (used in) operations	368.348	200.178	86.400
Net cash flows from (used in) operating activities	366.644	199.298	85.589

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days [Sundry Debtors / Income * 365]	2.62	3.34	10.94
Account Receivables Turnover [Income / Sunday Debtors]	139.57	109.40	33.36
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	81.37	74.75	119.61
Inventory Turnover (Operating Income / Inventories)	1.61	1.14	0.07
Asset Turnover (Operating Income / Net Fixed Assets)	0.43	0.23	0.01

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.33	0.53	0.92
Debt Equity Ratio (Total Liability / Networth)	0.24	0.54	4.27
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.52	0.80	4.68
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.13	1.48	5.01
Interest Coverage Ratio (PBIT / Financial Charges)	10.75	2.42	0.08

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales) * 100)	%	20.55	2.12	(20.11)
Return on Total Assets ((PAT / Total Assets) * 100)	%	20.46	2.39	(21.51)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	32.56	4.57	(139.31)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.69	0.44	0.27
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.11	0.08	0.09
G-Score Ratio Financial (Networth / Total Assets)	0.63	0.52	0.15
G-Score Ratio Debt (Debts / Equity Capital)	0.13	0.19	0.61
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.69	0.44	0.27

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	1241.774	1639.774	1639.774
Reserves & Surplus	(1065.025)	(1046.494)	(760.026)
Net worth	176.749	593.280	879.748
Long-term borrowings	101.536	11.264	0.000
Short term borrowings	527.049	191.420	199.433
Current Maturities of Long term debt	125.333	115.003	11.106
Total borrowings	753.918	317.687	210.539
Debt/Equity ratio	4.265	0.535	0.239

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	1224.641	1277.509	1393.931
		4.317	9.113

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	1224.641	1277.509	1393.931
Profit/ (Loss)	(246.231)	27.138	286.468
	(20.11%)	2.12%	20.55%

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	Yes
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	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)	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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 706 'Om Tower', 32 Chowringhee Road, Kolkata – 700071, West Bengal, India to the present address w.e.f. 01.11.2010

GENERAL INFORMATION

The company domiciled in India and incorporated under the provisions of the Companies Act, 1956. It’s a wholly owned subsidiary of 3B Binani Glassfibre Sarl. The company is engaged in manufacturing and selling of various Glass Fibre products. The company caters to both domestic and international markets.

PERFORMANCE:

During the year, the Company produced 14,859 MT of finished products as compared to 13,490 MT in the previous year. Consequent to various steps taken, the Company's operating performance improved substantially across different functional areas. During the year, Company sold 13,340 MT with a revenue of INR 1393.900 Million as compared to Sales of 13,264 MT and revenue of INR 1277.500 Million in the previous year. In view of the improved market conditions, there would be better price realization.

FUTURE OUTLOOK:

The Company continues to lay emphasis on optimizing the product mix to improve the margins. This apart, focus is also on enhancing capacity utilization and contains operating costs. The Present ECR Glass melting furnace at GGFL was put in operation in 2009. The melting refractory furnace operates at significantly higher temperatures and has a normal anticipated life of about 6-7 years. The cold repair of the furnace was proposed to be undertaken during the third quarter of 2015-16, but based on technical assessment, has been postponed to the first quarter of 2016-17. The Furnace cold repair is used as an opportunity for other improvements and debottlenecking the technical constraints to the existing set-up hence contemplating phase wise replacement of manual cake winders with automatic cake winders to improve operational efficiency. The overall growth of fibre glass in the Indian market is an opportunity for demand. The Company's flagship product Chopped Strand Mat (CSM) of the Company continues to be well accepted in the Global Markets and being the remunerative product, every effort is being made to enhance its share in the Company's revenues, going forward. However, the major long term threat is anticipated in switch to more advanced production techniques that would require products other than Chopped Strand Mat. Cheaper Imports from China and upcoming plants in Middle East with large volumes also present a threat in short term.

UNSECURED LOAN

PARTICULARS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
SHORT TERM BORROWINGS
Other loans and advances	134.000	177.350
Total	134.000	177.350

INDEX OF CHARGES:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	B89286876	90254696	Punjab National Bank	11/07/2005	24/10/2013	-	310000000.0	Illaco House, Sir P. M. Road, Mumbai-400001, Maharashtra, India
2	G03671385	10290650	CENTRAL BANK OF INDIA	23/05/2011	08/08/2011	07/05/2016	234400000.0	INDUSTRIAL FINANCE BRANCH, CHANDERMUKHI, NARIMAN POINT, MUMBAI-400021, Maharashtra, India
3	C72287469	10118202	Vijaya Bank	04/08/2008	24/11/2008	24/11/2015	250000000.0	INDUSTRIAL FINANCE BRANCH, CHANDERMUKHI, NARIMAN POINT, MUMBAI-400021, Maharashtra, India
4	B95209367	10184895	Indian Overseas Bank	22/10/2009	21/11/2009	22/01/2014	250000000.0	229, BAKHTAWAR, GROUND FLOOR, NARIMAN POINT, MUMBAI-400021, Maharashtra, India
5	A44536233	10020255	ICICI BANK LIMITED	25/08/2006	-	28/08/2008	350000000.0	LANDMARKRACE COURCE CIRCLE, ALKAPURI, Vadodara – 390015, Gujarat, India
6	A44536183	80011455	ICICI BANK LIMITED	29/09/2001	25/08/2006	28/08/2008	200000000.0	LANDMARKRACE COURCE CIRCLE, ALKAPURI, Vadodara – 390015, Gujarat, India
7	A42954800	80047370	SREI INFRASTRUCTURE FINANCE LIMITED	08/03/2006	-	25/07/2008	10000000.0	VISHWAKARMA, 86 TOPSIA ROAD, KOLKATA-700017, West Bengal, India
8	A07365919	80017274	SREI INFRASTRUCTURE FINANCE LIMITED	25/05/2005	-	06/12/2006	9000000.0	TOPSIA ROAD, KOLKATA-700046, Bengal, India

CONTINGENT LIABILITIES:

(INR in Million)

PARTICULARS	31.03.2016
Guarantees	16179.638
Other money for which company is contingently liable	18.685

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Office Equipment

Intangible Assets

· Computer Software

· Copyrights, Patents and Other Operating Rights

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 64.53
UK Pound	1	INR 90.13
Euro	1	INR 79.86

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	VAR
Report Prepared by :	KJL

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.