MIRA INFORM REPORT

Report Date :

28.11.2011

IDENTIFICATION DETAILS

Name :	BRG IRON AND STEEL COMPANY PRIVATE LIMITED
Registered Office :	Godrej Waterside, Suit No. 402-403-404, Plot No. 5, Sector 5, Salt Lake City, Kolkata-700091, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.12.2002
Com. Reg. No.:	21-095499
Capital Investment / Paid-up Capital :	Rs.740.492 Millions
CIN No.: [Company Identification No.]	U27101WB2002PTC095499
TAN No.: [Tax Deduction & Collection Account No.]	CALB05984G
PAN No.: [Permanent Account No.]	AACCB2175L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron, Ferro Manganese, Silica Manganese and Stainless Steel Slabs.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 7400000
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.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Factory :	Godrej Waterside, Suit No. 402-403-404, Plot No. 5, Sector 5, Salt Lake City, Kolkata-700091, West Bengal, India
Tel. No.:	91-33-40162300 / 66051400
Fax No.:	91-33-40162350 / 66051700
E-Mail :	cosecbrg@brggroup.in
Website :	http://www.brggroup.in

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Anajni Kumar Goyal

Designation :

Chairman Cum Managing Director

Address :

DL-18, Sita Kunj, Salt Lake City, Kolkata-700091, West Bengal, India

Date of Birth/Age :

06.01.1949

Date of Appointment :

12.12.2002

Din No.:

00276348

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109WB1995PLC071548	Shyam Ferro Alloys Limited	Director	16-05-95	16-05-95	Active	NO
2	U27101WB2002PTC095499	BRG Iron And Steel Company Private Limited	Director	12-12-02	12-12-02	Active	NO
3	U27106WB2003PTC095753	BRG Metal And Power Private Limited	Director	04-02-03	04-02-03	Active	NO
4	U27320WB2002PTC095111	Jai Hanumanta Steel Private Limited	Director	25-07-03	25-07-03	Active	NO
5	U51109WB1995PTC068654	Rabirun Vinimay Private Limited	Director	07-06-07	07-06-07	Active	NO
6	U74140WB1993PTC057394	Bhuvee Profiles And Stainless Private Limited	Director	15-09-07	15-09-07	Active	NO
7	U25112WB2008PTC130382	Integerated Pipes And Tubes Private Limited	Director	10-11-08	10-11-08	Active	NO
8	U29120WB2008PTC131341	Bhuvee Household Utensils And Pipes Private Limited	Director	18-12-08	18-12-08	Active	NO
9	U27100WB2009PTC138217	Mahanadi Decorative Sheets Private Limited	Director	03-09-09	03-09-09	Active	NO
10	U27100WB2007PTC120297	Integerated Equipments And Infraservices Private Limited	Director	30-09-10	06-11-09	Active	NO
11	U52100WB2010PTC151212	BRG International Private Limited	Director	12-07-10	12-07-10	Active	NO
12	U52390WB2010PTC151210	BRG Industries Private Limited	Director	12-07-10	12-07-10	Active	NO
13	U74999WB2011PTC158153	Integerated Engineering Solution Private Limited	Director	28-01-11	28-01-11	Active	NO

Name :

Mr. Vijay Kumar Goyal

Designation :

Director

Address :

23, Raja Santosh Road, Flat No. Alipore, Kolkata-700027, West Bengal, India

Date of Birth/Age :

14.05.1953

Date of Appointment :

06.02.2010

Din No.:

00324981

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U26916HR1980PTC010939	Indian Gaur Gum Private Limited	Director	1/2/1981	1/2/1981	-	Active	NO
2	U27101WB2002PTC095499	BRG Iron and Steel Company. Private Limited	Additional director	6/2/2010	12/12/2002	-	Active	NO
3	U51109WB1996PTC078066	Allworth Merchandise Private Limited	Director	24/02/2003	24/02/2003	-	Active	NO
4	U51909WB1996PTC078600	Sunrise Merchandise Private Limited	Director	24/02/2003	24/02/2003	-	Active	NO
5	U24298WB1997PTC083224	Maryn Industries Private Limited	Director	16/12/2008	16/12/2008	-	Active	NO
6	U74899DL1980PTC010946	Jay Gum Chemicals India Private Limited	Director	13/03/2009	13/03/2009	-	Active	NO
7	U51503WB2005PTC103093	Drive Engineering Private Limited	Director	10/4/2009	10/4/2009	-	Active	NO
8	U74140DL2008PTC184263	Vs Professionals Private Limited	Director	18/09/2009	18/09/2009	-	Active	NO
9	U51909DL2008PTC180868	Radinton Tradex Private Limited	Director	28/09/2009	28/09/2009	-	Active	NO
10	U25199DL2005PTC135955	Pioneer Gel Private Limited	Director	29/09/2009	29/09/2009	-	Active	NO
11	U51109WB1995PTC072656	Dhanterash Tracon Private Limited	Director	26/11/2009	26/11/2009	-	Active	NO
12	U67120WB1988PTC043858	Deepa Holding Private Limited	Director	30/11/2009	30/11/2009	-	Active	NO
13	U51909WB1994PTC061543	Pushpadant Commercial Private Limited	Director	30/11/2009	30/11/2009	-	Active	NO
14	U51909WB2009PTC139865	Pratham Commotrade Private Limited	Director	4/12/2009	4/12/2009	-	Active	NO
15	U51909WB2009PTC139825	Lakshya Commodeal Private Limited	Director	4/12/2009	4/12/2009	-	Active	NO
16	U51101WB2009PTC139833	Fourfold Suppliers Private Limited	Director	4/12/2009	4/12/2009	-	Active	NO
17	U15314WB1994PTC063246	Raj Kavira Mercantile Private Limited	Director	23/03/2011	7/12/2009	-	Active	NO
18	U51909WB1996PTC078657	Sakthi Traders Private Limited	Director	8/12/2009	8/12/2009	-	Active	NO
19	U26900WB1996PTC078669	BRG Iron and Steel Industries Private Limited	Director	8/12/2009	8/12/2009	-	Active	NO
20	U51109WB2008PTC122364	Quality Vanijya Private Limited	Director	8/12/2009	8/12/2009	-	Active	NO
21	U51109WB2006PTC111945	Konark Tie Up Private Limited	Director	8/12/2009	8/12/2009	-	Active	NO
22	U67120WB1996PTC077085	Nishant Fiscal Services Private Limited	Director	30/09/2010	1/2/2010	-	Active	NO
23	U70100WB2008PTC121403	Spring City Estates Private Limited	Director	28/02/2011	27/05/2010	-	Active	NO
24	U29219WB1987PTC042304	Paks Trade Centre Private Limited	Director	14/06/2010	14/06/2010	-	Active	NO
25	U70100WB2010PTC151385	Spring Town Realtors Private Limited	Director	19/07/2010	19/07/2010	-	Active	NO
26	U51109WB2007PTC113672	Harmony Merchants Private Limited	Director	30/09/2010	27/07/2010	-	Active	NO
27	U74210WB1994PTC065024	Vardhaman Gears Private Limited	Director	30/09/2010	27/07/2010	-	Active	NO
28	U65910WB1991PTC053637	Mukesh Trade and Finance Private Limited	Director	30/07/2010	30/07/2010	23/11/2010	Active	NO
29	U45200HR2009PTC039866	Hsr Infrastructure Private Limited	Director	4/3/2011	4/3/2011	-	Active	NO
30	U40102WB2011PTC162028	BRG Infrapower (India) Private Limited	Director	25/04/2011	25/04/2011	-	Active	NO
31	U40102WB2011PTC162049	BRG Renewable Infrapower (India) Private Limited	Director	26/04/2011	26/04/2011	-	Active	NO
32	U70102WB2010PTC153274	Panchmukhi Projects Private Limited	Director	9/5/2011	9/5/2011	-	Active	NO

Name :

Mr. Jai Kumar Goyal

Designation :

Director

Address :

1, Ballygunj Park Road, 6 C Bally High, Ballygunge, Kolkata-700019, West Bengal, India

Date of Birth/Age :

08.05.1955

Date of Appointment :

12.12.2002

Din No.:

00324847

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1980PTC010946	Jay Gum Chemicals India Private Limited	Director	11/5/2000	11/5/2000	-	Active	NO
2	U27101WB2002PTC095499	BRG Iron and Steel Company. Private Limited	Director	12/12/2002	12/12/2002	-	Active	NO
3	U51109WB1996PTC078066	Allworth Merchandise Private Limited	Director	24/02/2003	24/02/2003	-	Active	NO
4	U51909WB1996PTC078600	Sunrise Merchandise Private Limited	Director	24/02/2003	24/02/2003	-	Active	NO
5	U27109WB2003PTC095735	BRG Steel Private Limited	Director	2/6/2003	2/6/2003	-	Dormant	NO
6	U74140WB1993PTC057394	Bhuvee Profiles and Stainless Private Limited	Director	1/2/2011	1/2/2011	-	Active	NO
7	U27100WB2007PTC120297	Integerated Equipments and Infraservices Private Limited	Director	1/2/2011	1/2/2011	-	Active	NO
8	U51109WB1995PTC068654	Rabirun Vinimay Private Limited	Director	1/2/2011	1/2/2011	-	Active	NO

Name :

Mr. Himanshu Goyal

Designation :

Director

Address :

DL-18, Sita Kunj, Salt Lake City, Kolkata-700091, West Bengal, India

Date of Birth/Age :

24.02.1975

Date of Appointment :

12.12.2002

Din No.:

00276571

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1980PTC010946	Jay Gum Chemicals India Private Limited	Director	15/11/1994	15/11/1994	-	Active	NO
2	U27109WB2000PLC091371	G S C Castofirm Limited	Director	15/03/2000	15/03/2000	10/3/2009	Active	NO
3	U27101WB2002PTC095499	BRG Iron and Steel Company. Private Limited	Director	12/12/2002	12/12/2002	-	Active	NO
4	U27109WB2003PTC095735	BRG Steel Private Limited	Director	31/01/2003	31/01/2003	-	Dormant	NO
5	U27106WB2003PTC095753	BRG Metal and Power Private Limited.	Director	4/2/2003	4/2/2003	-	Active	NO
6	U27320WB2002PTC095111	Jai Hanumanta Steel Private Limited	Director	25/07/2003	25/07/2003	-	Active	NO
7	U27109WB1995PLC071548	Shyam Ferro Alloys Limited.	Director	25/07/2004	25/07/2004	-	Active	NO
8	U51109WB1994PTC063491	Modsna Tie Up Private Limited	Director	30/09/2010	15/01/2010	-	Active	NO
9	U52390WB2010PTC151210	BRG Industries Private Limited	Director	12/7/2010	12/7/2010	-	Active	NO
10	U52100WB2010PTC151212	BRG International Private Limited	Director	12/7/2010	12/7/2010	-	Active	NO
11	U74140WB1993PTC057394	Bhuvee Profiles and Stainless Private Limited	Director	1/2/2011	1/2/2011	-	Active	NO
12	U27100WB2007PTC120297	Integerated Equipments and Infraservices Private Limited	Director	1/2/2011	1/2/2011	-	Active	NO
13	U51109WB1995PTC068654	Rabirun Vinimay Private Limited	Director	1/2/2011	1/2/2011	-	Active	NO

Name :

Mr. Sandeep Goyal

Designation :

Managing Director

Address :

DL-18, Sita Kunj, Salt Lake City, Kolkata-700091, West Bengal, India

Date of Birth/Age :

02.12.1973

Date of Appointment :

06.02.2010

Din No.:

00276140

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27109WB2000PLC091371	G S C Castofirm Limited	Director	15/03/2000	15/03/2000	10/3/2009	Active	NO
2	U51109WB1996PTC080975	Rcd Trading Private Limited	Director	12/9/2001	12/9/2001	-	Active	NO
3	U27109WB1995PLC071548	Shyam Ferro Alloys Limited	Director	7/6/2003	7/6/2003	-	Active	NO
4	U51909WB1995PTC073411	Kecons Tradecare Private Limited	Director	31/12/2003	31/12/2003	-	Active	NO
5	U74220WB1992PLC054631	Pafco Laboratories Limited	Director	14/02/2005	14/02/2005	-	Active	NO
6	U51109WB1994PTC064288	Evika Vincom Private Limited	Director	1/4/2006	1/4/2006	-	Active	NO
7	U51909WB1994PTC062493	Ledo Vyapaar Private Limited	Director	1/4/2006	1/4/2006	-	Active	NO
8	U74140WB1993PTC057394	Bhuvee Profiles and Stainless Private Limited	Managing director	30/09/2010	15/05/2006	-	Active	NO
9	U51109WB1995PTC068654	Rabirun Vinimay Private Limited	Managing director	30/09/2010	24/01/2007	-	Active	NO
10	U27100WB2007PTC120297	Integerated Equipments and Infraservices Private Limited	Managing director	30/09/2010	7/11/2007	-	Active	NO
11	U74120WB1994PTC061528	Advin Fiscal Services Private Limited	Director	28/07/2008	1/4/2008	-	Active	NO
12	U51109WB1994PTC063125	Ashdil Trading Company Private Limited	Director	28/07/2008	1/4/2008	-	Active	NO
13	U25112WB2008PTC130382	Integerated Pipes and Tubes Private Limited	Director	10/11/2008	10/11/2008	-	Active	NO
14	U29120WB2008PTC131341	Bhuvee Household Utensils and Pipes Private Limited	Director	18/12/2008	18/12/2008	-	Active	NO
15	U27100WB2009PTC138217	Mahanadi Decorative Sheets Private Limited	Director	3/9/2009	3/9/2009	-	Active	NO
16	U52190WB1994PTC062081	Wellman Sales Agency Private Limited	Director	30/10/2009	30/10/2009	-	Active	NO
17	U51109WB1995PTC067905	Carol Syntex Private Limited	Director	30/10/2009	30/10/2009	-	Active	NO
18	U51109WB1995PTC075883	Anudeep Consultants Private Limited	Director	30/10/2009	30/10/2009	-	Active	NO
19	U51109WB1995PTC068590	Cynosure Tracon Private Limited	Director	30/10/2009	30/10/2009	-	Active	NO
20	U27101WB2002PTC095499	BRG Iron and Steel Company. Private Limited	Managing director	30/09/2010	6/2/2010	-	Active	NO
21	U27100WB2009PTC138222	Suncity Strips and Tubes Private Limited	Director	30/09/2010	1/4/2010	-	Active	NO
22	U51109WB1996PTC078066	Allworth Merchandise Private Limited	Director	30/09/2010	6/4/2010	-	Active	NO
23	U51909WB1996PTC078600	Sunrise Merchandise Private Limited	Director	30/09/2010	6/4/2010	-	Active	NO
24	U51109WB1994PTC063491	Modsna Tie Up Private Limited	Director	30/09/2010	12/4/2010	-	Active	NO
25	U52100WB2010PTC151212	BRG International Private Limited	Managing director	30/07/2010	13/07/2010	-	Active	NO
26	U74999WB2011PTC158153	Integerated Engineering Solution Private Limited	Director	28/01/2011	28/01/2011	-	Active	NO

Name :

Mr. Anshul Goyal

Designation :

Director

Address :

6C, Bally High, 1 Ballygung Park Lane, Kolkata-700019, West Bengal, India

Date of Birth/Age :

28.10.1986

Din No.:

01585603

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140WB1993PTC057394	Bhuvee Profiles and Stainless Private Limited	Director	1/2/2011	15/03/2007	-	Active	NO
2	U27100WB2007PTC120297	Integerated Equipments and Infraservices Private Limited	Director	1/2/2011	7/11/2007	-	Active	NO
3	U27101WB2002PTC095499	BRG Iron and Steel Company. Private Limited	Director	1/2/2011	1/2/2011	-	Active	NO
4	U51109WB1995PTC068654	Rabirun Vinimay Private Limited	Director	1/2/2011	1/2/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manoj Kumar Singh
Designation :	Secretary
Address :	12 A, Saheb Bagan, Liluah, Howrah-711203, West Bengal, India
Date of Birth/Age :	29.11.1975
Date of Appointment :	28.08.2007
Pan No.:	BDDPS2514N
Name :	Mr. P.M. Parakh
Designation :	Head of Account

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Anajni Kumar Goyal	377500
Vijay Kumar Goyal	522500
Jai Kumar Goyal	585000
Himanshu Goyal	387500
Babu Goyal	91250
Babu Ram Goyal (Karta)	30750
Evika Vincom Private Limited, India	13447500
Ledo Vyapaar Private Limited, India	20747750
Modsna Tie-Up Private Limited, India	16585000
Pafco Laboratories Limited, India	8134000
RCD Trading Private Limited, India	6657500
Sita Devi Goyal	68000
Sandeep Goyal	415000
Ashdil Trading Company Private Limited, India	3000000
Advin Fiscal Services Private Limited, India	3000000
Total	74049250

Equity Share Breakup

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	96.65
Directors or relatives of directors	3.35
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Sponge Iron, Ferro Manganese, Silica Manganese and Stainless Steel Slabs.
Products :	· Boilers · Coke · Engineering Equipment · Steel Pipe · Chilling Plants · Cooling Towers Engineering Equipment · Iron Steel · Turbines · Coal · DM Plant · Steel

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· Tamilnadu Mercantile Bank Limited, 58 D, N.S. Road, 2^nd Floor, Ganesh Market, Kolkata-700001, West Bengal, India

· State Bank of Bikaner and Jaipur, Park Street Branch, 20 B, Park Street, Kolkata-700016, West Bengal, India

Facilities :

(Rs. in millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
TERM LOAN FROM BANKS (Secured by way of equitable mortgage of Land and Buildings, first pari passu charge on entire fixed assets of the Company, both present and future, second charge by way of hypothecation on the entire current assets, both present and future, and personal guarantee of Directors of the Company)		866.180
WORKING CAPITAL LOAN (Secured by way of hypothecation of stock of raw materials, stock in process, finished goods, semi finished goods, stores and spares and book book-debts and other current assets, both present and future, and personal guarantee of Directors of the Company)	1907.289	438.656
FINANCE AGAINST EQUIPMENTS/VEHICLES (Secured by way of hypothecation of respective equipments/vehicles)		4.618
Total	1907.289	1309.454

Banking Relations :	--
Auditors :
Name :	G.P. Agrawal and Company Chartered Accountants
Address :	7A, Kiran Shankar Ray Road, Kolkata-700001, West Bengal, India

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Shares	Rs.10/- each	Rs.900.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
74049250	Equity Shares	Rs.10/- each	Rs.740.492 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		740.492	565.517	565.517
2] Share Application Money		2.010	315.250	259.600
3] Reserves & Surplus		1108.512	665.222	579.591
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1851.014	1545.989	1404.708
LOAN FUNDS
1] Secured Loans		1907.289	1309.454	1373.903
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1907.289	1309.454	1373.903
DEFERRED TAX LIABILITIES		155.475	130.501	68.265
TOTAL		3913.778	2985.944	2846.876
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1771.718	1708.975	1388.149
Capital work-in-progress		458.705	449.978	822.950
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	512.959	74.526	234.775
	Sundry Debtors	285.931	526.535	142.221
	Cash & Bank Balances	87.808	33.183	46.259
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1547.537	640.533	355.755
Total Current Assets		2434.235	1274.777	779.010
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		0.538	0.000
	Other Current Liabilities	659.907	417.109	131.565
	Provisions	90.973	30.139	12.184
Total Current Liabilities		750.880	447.786	143.749
Net Current Assets		1683.355	826.991	635.261
MISCELLANEOUS EXPENSES		0.000	0.000	0.516
TOTAL		3913.778	2985.944	2846.876

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	6850.521	3646.768	560.773
		Other Income	7.585	19.741	0.393
		TOTAL	6858.106	3666.509	561.166
Less	EXPENSES
		Office Expenses
		Administrative Expenses	6521.824	3517.537	489.968
		Advertising Expenses
		TOTAL	6521.824	3517.537	489.968
	PROFIT BEFORE TAX		336.282	148.972	71.198
Less	TAX		139.272	63.341	58.936
	PROFIT AFTER TAX		200.010	85.631	12.262
	Earnings Per Share (Rs.)		--	1.51	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.92	2.34	2.19
Net Profit Margin (PBT/Sales)	(%)	4.91	4.09	12.70
Return on Total Assets (PBT/Total Assets}	(%)	8.00	4.99	3.29
Return on Investment (ROI) (PBT/Networth)		0.18	0.10	0.05
Debt Equity Ratio (Total Liability/Networth)		1.44	1.14	1.08
Current Ratio (Current Asset/Current Liability)		3.24	2.85	5.42

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office of the company has been shifted from 41 Shakesdeare Sarani, Duck Back House, Suite No. 1C, Kolkata-700017, West Bengal, India to the present address w.e.f. 28.01.2011.

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U27101WB2002PTC095499
Name of the company	BRG IRON AND STEEL COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Godrej Waterside, Suit No. 402-403-404, Plot No. 5, Sector 5, Salt Lake City, Kolkata-700091, West Bengal, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge Immovable Property
Particular of charge holder	State Bank of Bikaner and Jaipur, Park Street Branch, 20 B, Park Street, Kolkata-700016, West Bengal, India
Email	sbbj10604@sbbj.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Goods and Assets. Letter Regarding the Grant of Individual Limits within the Overall Limit. Memorandum of Deposit for Creation of Charge for Term Loan / Overall Limit.
Date of instrument Creating the charge	03.09.2011
Amount secured by the charge	Rs.2200.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest For Cash Credit @ 4% above Base Rate i.e.@ 14.25% p.a. on monthly basis to change from time to time. For EPC : As per RBI Norms. b) Terms of Repayment The borrowings are repayable on demand. The loan is for Working Capital only which is repayable on demand according to Banking norms. c) Margin 25% of Raw Materials, 25% of Stock-in-Process, 25% of Finished Goods, and 40% of Book Debts / Receivables. d) Extent and Operation of the charge Pari Passu First Charge on the whole of the hypothecated assets and mortgaged properties with Consortium Banks.
Short particulars of the property charged	i) First Charge by way of hypothecation of Company's raw materials, stock-in-process, finished goods, semi finished goods, stores, spares and book debts and other current assets, both present and future ii) On pari passu basis with consortium Banks. iii) Second pari passu charge over the entire fixed assets of the Company movable and immovable both present and future with other lenders. iv) Personal Guarantee of Promoters Mr. Anjani Kumar Goyal, Shri Himanshu Goyal, Shri Sandeep Goyal and Shri Jai Kumar Goyal. v) Corporate Guarantee of M/s. Ledo Vyapaar Private Limited and M/s. Modsna Tie-up Private Limited. vi) Land, Building, Plant and Machinery and erections thereon (both present and future) and all the fixed assets in the name of the Company located at Village Kurunti, PS Motonga, Kusapanga, District Dhenkanal, vii) Orissa and at Village Basulai, District Dhenakanal, Orissa more particulars described of all immovable properties

FIXED ASSETS:

· Goodwill

· Land Freehold

· Building Factory

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Office Equipments

· Computer

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.52.16
UK Pound	1	Rs.80.64
Euro	1	Rs.69.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.