MIRA INFORM REPORT

Report Date :

09.05.2011

NOTE:

The Registered Office of the company has been shifted from 20, New Cotton Market, Nagpur – 440018, Maharashtra, India, to the present address w.e.f. 15.01.2009.

IDENTIFICATION DETAILS

Name :	SHREE BAJRANG SALES PRIVATE LIMITED
Registered Office :	Flat No.101, “Maa Ashish” Apartment, Mahalaxmi Temple Line, Mumbai – 400026, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.01.1989
Com. Reg. No.:	11-50265
Capital Investment / Paid-up Capital :	Rs.8.503 Millions
CIN No.: [Company Identification No.]	U51900MH1989PTC050265
TAN No.: [Tax Deduction & Collection Account No.]	NGPB00121C
PAN No.: [Permanent Account No.]	AAECS0955M
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Seller and buyer of a quality-proven range of products such as Ferro Alloys, Non Ferrous Alloys, Ores and Minerals, Metals, Carburisers , Iron and Steel, Foundry Chemical for Casting Industries, Low Ash Metallurgical Coke, etc.
No. of Employees :	25 (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

Maximum Credit Limit :	USD 290000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Profit and Loss of the company is not available.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Ashish
Designation :	Marketing Manager
Contact No.:	91-9422102641
Date :	05.05.2011

LOCATIONS

Registered Office :	Flat No.101, “Maa Ashish” Apartment, Mahalaxmi Temple Line, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-712-2725884
Mobile No.:	91-9422102641 (Mr. Ashish)
Fax No.:	91-712-2721984
E-Mail :	cspinkush@gmail.com ashish@bharieas.com bhartia_ngp@sancharnet.in
Area :	5000 sq. ft.
Location :	Owned
Branch Office :	Plot No.65, Survey No.70-72, Sanjeevaiah Nagar, Co-Operative Society, Thokatta, Village – Bowenpally, Secunderabad Cantonment, India
Tel No.:	91-40-65991802
Fax No.:	91-40-27897810

DIRECTORS

(AS ON 29.09.2010)

Name :	Mr. Santkumar Bhartia
Designation :	Managing Director
Address :	Sarswati, Khare Town, Dharmpeth, Nagapur – 440010, Maharashtra, India
Date of Appointment :	01.12.1991
DIN No.:	00432335
Name :	Mr. Devendra Bhartia
Designation :	Director
Address :	Plot No.8A, Law College, 204 Sarita Co-op. Housing Society Chourasta, Nagpur – 440010, Maharashtra, India
Date of Appointment :	01.09.2004
DIN No.:	00432429

KEY EXECUTIVES

Name :	Mr. Ashish
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Allottees	No. of Equity Shares Allotted
Laxminarayan C. Bhartia	1800
Devendra C. Bhartia	13995
Harsh S. Bhartia	2295
Preeti Devendra Bhartia	2295
Reeti Devendra Bhartia	2295
Ekta Jagdamba Bhartia	2295
Radhika yudhisthir Bhartia	2295
Vidhi Surendra Bhartia	2295
Jagdambaprasad C. Bhartia	45
Santkumar C. Bhartia	45
Surendra C. Bhartia	14850
Yudhishir C. Bhartia	90
Tarun C. Bhartia	13500
Balkrishna C. Bhartia	45
Sudhir Laxminarayan Bhartia	45
Samir Laxminarayan Bhartia	45
Usha Laxminarayan Bhartia	45
Renu Santkumar Bhartia	45
Shashi Yudhisthir Bhartia	45
Annapurna Pradumna Thakar	45

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Seller and buyer of a quality-proven range of products such as Ferro Alloys, Non Ferrous Alloys, Ores and Minerals, Metals, Carburisers , Iron and Steel, Foundry Chemical for Casting Industries, Low Ash Metallurgical Coke, etc.
Products :	· Ferro Alloys Non Ferrous Alloys Ores and Minerals Carburisers Aluminium
Imports :
Products :	· Ores Non- Ferrous Alloys
Countries :	· China Russia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

· Bhartia Aqua Products

Bhartia Bio Tech

Bhartia Medicare Services

Maharaja Garage and Company

Vastal Aqua Pure

Shree Bajarang Sales Corporation

Mahavir Industries

Bhartia Petroleum Products

Bhartia Alloys

Bhartia Aqua Pure Private Limited

Murli Industries Limited

Laxmi Coal Products

Mahalaxmi Carbon Products

Suppliers :

· Adam Enterprises

Agrawal Petroleum Corporation

Bajaj Marbles

D S Electricals

Dwarika Iron Private Limited

Dwarika Coke (Private) Limited

Ferro Alloys Corporation Limited

Global Coke Private Limited

IMI Abrasives Private Limited, Raipur

Industrial Abrasives

M H Industries

Moly Metal Private Limited, Daman

Poddar Enterprises

Shri Krishna Plastics

Shree Ram Textile Private Limited

Sky Enterprises

Tarang Agencies

Tyre Bazar

Usha Ispat Limited

Vidarbha Bags and Sacks Private Limited

Westerm Coal Field Limited

No. of Employees :

25 (Approximately)

Bankers :

· Industrial Development Bank of India Limited

SME Centre, 1st Floor, Sanskrutik Sankul, Jhansi Rani Square, Sitabuldi, Nagpur - 440012, Maharashtra, India

· HDFC Bank

Union Bank of India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term Loans
IDBI Bank Term Loams (FDR)	0.152	0.152
Cholamandalam Finance	0.170	0.326
G F Money	9.966	6.723
HDFC Bank (Car Loan)	0.038	0.183
Tata Capital	0.422	0.746
IDBI Bank Limited	--	0.017
(Secured against hypothecation of Plant, Machinery and Building of Aqua Pure Unit) (Secured against Hypothecation of Vehicles)
Secured Loans By Third Party Property Mortgage
IDBI Bank Limited	0.496	0.000
IDBI Bank Limited (Raipur)	0.022	0.000
Cash Credit
From IDBI Bank Limited	27.836	17.099
From Union Bank of India	1.881	0.000
From IDBI Bank Limited	0.000	0.500
(secured against hypothecation Stock and Debtors of Trading Division, Cement part and Aqua Pure Unit Respectively)
Total	40.983	25.745
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Directors	0.984	1.196
From Shareholders	53.798	4.114
Total	54.782	42.336

Banking Relations :	--
Auditors :
Name :	B. C. Bhartia Chartered Accountant
Address :	77, Sadoday Gandhi Putla, Central Avenue, Nagpur – 440032,Maharashtra, India
Associates/Subsidiaries :	· Shree Bhartia Cements Private Limited CIN No.: U26922MH1998PTC114813

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
90000	Equity Share	Rs.100/- each	Rs.9.000 Millions
10000	Preference Share	Rs.100/- each	Rs.1.000 Million
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
83025	Equity Share	Rs.100/- each	Rs.8.303 Millions
2000	Preference Share	Rs.100/- each	Rs.0.200 Million
	Total		Rs.8.503 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		8.503	8.503	8.303
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		63.115	52.770	13.616
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		71.618	61.273	21.919
LOAN FUNDS
1] Secured Loans		40.983	25.744	14.535
2] Unsecured Loans		54.782	42.336	42.014
TOTAL BORROWING		95.765	68.080	56.549
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		167.383	129.353	78.468
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.552	27.277	25.225
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		27.621	27.420	7.400
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	27.589	32.574	16.967
	Sundry Debtors	69.554	12.418	25.698
	Cash & Bank Balances	1.769	2.262	2.338
	Other Current Assets	1.684	1.551	1.437
	Loans & Advances	40.182	53.410	30.845
Total Current Assets		140.778	102.215	77.285
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	12.814	17.562	16.666
	Other Current Liabilities	24.610	9.815	14.733
	Provisions	0.144	0.182	0.043
Total Current Liabilities		37.568	27.559	31.442
Net Current Assets		103.210	74.656	45.843
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		167.383	129.353	78.468

PROFIT & LOSS ACCOUNT

Particulars	31.03.2011	31.03.2010	31.03.2009	31.03.2008
Sales Turnover (Approximately)	48.551	45.521	27.300	NA

The above information has been parted by Mr. Ashish.

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	1.86	1.56	4.01
Current Ratio (Current Asset/Current Liability)	3.75	3.71	2.46

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company

U51900MH1989PTC050265

Name of the company

Shree Bajrang Sales Private Limited

Address of the registered office or of the principal place of business in India of the company

Flat No. 101 "Maa Ashish" Apartment, Mahalaxmi Temple Line, Mumbai – 400026, Maharashtra, India

cspinkush@gmail.com

This form is for

Modification of charge

Type of charge

Book Debts

Movable property (not being pledge)

Others – Stock

Particular of charge holder

Industrial Development Bank of India Limited

SME Centre, 1st Floor, Sanskrutik Sankul, Jhansi Rani Square, Sitabuldi, Nagpur – 440012, Maharashtra, India

avmcompanysecretaries@gmail.com

Nature of instrument creating charge

Loan-Cum-Hypothecation Agreement

( For Rs.59.500 Millions)

Date of instrument Creating the charge

30.01.2010

Amount secured by the charge

Rs.59.500 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interests:

1. CC (both) Limit:- Interest : BPLR i. e. 12.75 %.

2. BD Under LC:- FTP plus 150 bps not below 11.50%

3 LC:- Rate of commission As per rule.

4. BG:- Commission :- 3%. 5. LER:- Commission

Terms of Repayment:

1. C C (Hypo) Rs.30.000 Millions: Repayment on demand or renewal or review

2. C C (Water Div) of Rs.0.500 Million: Repayment on demand or renewal or review

3. LC BD Rs.10.000 Millions Repayment on demand or renewal or review

4. Letter of Credit of Rs.17.500 Millions : Repayment on demand or renewal or review

5. LER Limit of Rs.0.500 Millions:- Repayment on demand or renewal or review

6. BG Limit of Rs.1.000 Millions:- Repayment on demand or renewal or review

Margin:

1. Cash Credit Limit:- Inventory 25 % Book Debtors (below 90 days)

2. Cash Credit (Water Division) Inventory 25% (90days)

3. BD Under LC :- NIL

4. Letter of Credit :- 25% in FDR

5. Bank Guarantee :- 25% in FDR

6. LER (forex forward) :- 10% in the form of FD

Extent and Operation of the charge:

AT the request of the borrower, the bank has enhanced / revised the banking limits from Rs.34.500 Millions to Rs.59.500 Millions, to secure due repayment the above banking limits along with interest and other charges thereon, first charge on the movable assets of the company.

Others:

The details of modified / revised banking limits are as under :

Nature of Limits	Existing Rs. in Millions	Revised Rs. in Millions
Cash Credit (Hypo)	15.000	30.000
Cash Credit (Water)	0.500	0.500
LC BD	5.000	10.000
Letter of Credit	10.000	17.500
LER	0.000	0.500
Bank Guarantee	1.000	1.000

Particulars of the property charged

The whole of the Borrower's Stocks, stocks of raw materials Work in Process, Semi finished goods and finished goods such as packing materials and Stores etc.

All the present and future book-debts, outstandings, monies, receivable claims, bills, contracts, engagements, and securities.

All the tangible movable machinery and plant and cranes, boats and crafts and the vehicles of the borrowers together with spares, tools and accessories furniture, fixtures.

Particulars of the present modification

By way of present modification the charge enhanced / revised from Rs.34.500 Millions to Rs.59.500 Millions to secure due repayment the above banking limits along with interest and other charges thereon, first charge on the movable assets of the company

FIXED ASSETS

· Plant and Machinery

Office Building

Vehicles

Furniture and fixtures

Office Equipment

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	Indian Rupees
US Dollar	1	Rs.44.78
UK Pound	1	Rs.73.43
Euro	1	Rs.65.27

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.