MIRA INFORM REPORT

Report Date :

19.10.2011

IDENTIFICATION DETAILS

Name :	JAI BALAJI JYOTI STEEL LIMITED
Registered Office :	Unitech House, Udit Nagar, Rourkela – 769012, Orissa
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.04.2003
Com. Reg. No.:	15-007119
Capital Investment / Paid-up Capital :	Rs.449.017 Millions
CIN No.: [Company Identification No.]	U27102OR2003PLC007119
TAN No.: [Tax Deduction & Collection Account No.]	BBNM00331C
PAN No.: [Permanent Account No.]	AABCJ2488H
Legal Form :	A Closely held public limited liability company
Line of Business :	Manufacturer and Seller of iron and steel items

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 2940000
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 :	Unitech House, Udit Nagar, Rourkela – 769012, Orissa, India
Tel. No.:	91-661-2510164
Fax No.:	91-661-2510164
E-Mail :	info@jaibalajigroup.com atanita@jaibalajigroup.com
Website :	http://www.jaibalajigroup.com
Corporate Office :	5, Bentinck Street, 1^st Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22489808
Fax No.:	91-33-22430021
Works :	Taniser, Near Birkera, District : Sundargarh, Orissa, India
Tel. No.:	91-66-3296893

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Aditya Jajodia

Designation :

Director

Address :

5, Bentinck Street, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

07.09.1970

Date of Appointment :

13.04.2004

Din No.:

00045114

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
L13100WB1978PLC031670	CHANDI STEEL INDUSTRIES LTD	Director	17-09-93	17-09-93	22-12-07	Active	NO
U27109WB1995PTC071544	JAI SALASAR BALAJI INDUSTRIES PVT LTD	Director	16-05-95	16-05-95	-	Active	NO
L27102WB1999PLC089755	JAI BALAJI INDUSTRIES LIMITED	Managing director	23-07-07	01-07-99	-	Active	NO
U27320WB2002PLC094604	SHRI MARUTAYE BALAJI STEELS LIMITED	Director	06-05-02	06-05-02	-	Active	NO
U27320WB2002PLC094606	SHRI RAMRUPAI BALAJI STEELS LIMITED	Director	07-10-02	07-10-02	-	Dormant	NO
U27105WB2003PLC095998	SHRI SARVASARAI BALAJI STEELS LIMITED	Director	02-04-03	02-04-03	-	Active	NO
U27105WB2003PLC095999	SHRI SUMANGALAYA BALAJI STEELS LIMITED	Director	02-04-03	02-04-03	-	Active	NO
U51909WB1994PLC066507	ENFIELD SUPPLIERS LIMITED	Director	08-04-03	08-04-03	-	Active	NO
U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Director	01-04-09	13-04-04	-	Active	NO
U40101WB2005PTC103824	JAI BALAJI VYAVASAY PRIVATE LIMITED	Director	20-06-05	20-06-05	-	Active	NO
U27100WB2002PLC094612	NILACHAL IRON AND POWER LIMITED	Director	07-09-07	21-07-07	-	Active	NO
U26959ML2007PLC008285	JAI BALAJI SHAKTI CEMENT LIMITED	Director	23-10-07	23-10-07	-	Active	NO
U10300WB2009PTC138558	ANDAL EAST COAL COMPANY PRIVATE LIMITED	Director	22-09-09	22-09-09	-	Active	NO
U40300WB2010PLC154393	JAI BALAJI ENERGY (PURULIA) LIMITED	Director	01-11-10	01-11-10	-	Active	NO
U27100WB2010PLC154392	JAI BALAJI STEELS (PURULIA) LIMITED	Director	01-11-10	01-11-10	-	Active	NO
U27310WB2011PTC165871	SHRI SANKATMOCHAN STEEL PRIVATE LIMITED	Director	04-08-11	04-08-11	-	Active	NO
U27310WB2011PTC165933	SHRI JAIKAPISH STEEL PRIVATE LIMITED	Director	04-08-11	04-08-11	-	Active	NO
U27310WB2011PTC166211	SHRI KESHRINANDAN TRADE PRIVATE LIMITED	Director	10-08-11	10-08-11	-	Active	NO
U51909WB2011PTC166629	SHRI MAHATEJAS VINIMAY PRIVATE LIMITED	Director	20-08-11	20-08-11	-	Active	NO

Name :

Mr. Rajiv Jajodia

Designation :

Managing Director

Address :

5, Bentinck Street, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

03.04.1965

Date of Appointment :

13.04.2004

Din No.:

00045192

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
U27106WB1987PTC043246	K D JAJODIA STEEL INDUSTRIES PVT LTD	Director	06-11-87	06-11-87	-	Active	NO
U27109WB1995PTC071544	JAI SALASAR BALAJI INDUSTRIES PVT LTD	Director	18-05-96	18-05-96	-	Active	NO
L27102WB1999PLC089755	JAI BALAJI INDUSTRIES LIMITED	Director	01-07-99	01-07-99	-	Active	NO
U27320WB2002PLC094606	SHRI RAMRUPAI BALAJI STEELS LIMITED	Director	06-05-02	06-05-02	-	Dormant	NO
U27320WB2002PLC094604	SHRI MARUTAYE BALAJI STEELS LIMITED	Director	08-11-02	08-11-02	-	Active	NO
U27105WB2003PLC095998	SHRI SARVASARAI BALAJI STEELS LIMITED	Director	02-04-03	02-04-03	-	Active	NO
U27105WB2003PLC095999	SHRI SUMANGALAYA BALAJI STEELS LIMITED	Director	02-04-03	02-04-03	-	Active	NO
L13100WB1978PLC031670	CHANDI STEEL INDUSTRIES LTD	Director	20-09-03	20-09-03	22-12-07	Active	NO
U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Managing director	01-04-08	13-04-04	-	Active	NO
U40101WB2005PTC103824	JAI BALAJI VYAVASAY PRIVATE LIMITED	Director	20-06-05	20-06-05	-	Active	NO
U26959ML2007PLC008285	JAI BALAJI SHAKTI CEMENT LIMITED	Director	23-10-07	23-10-07	-	Active	NO
U40300WB2010PLC154393	JAI BALAJI ENERGY (PURULIA) LIMITED	Director	01-11-10	01-11-10	-	Active	NO
U27100WB2010PLC154392	JAI BALAJI STEELS (PURULIA) LIMITED	Director	01-11-10	01-11-10	-	Active	NO
U27310WB2011PTC165871	SHRI SANKATMOCHAN STEEL PRIVATE LIMITED	Director	04-08-11	04-08-11	-	Active	NO
U27310WB2011PTC165933	SHRI JAIKAPISH STEEL PRIVATE LIMITED	Director	04-08-11	04-08-11	-	Active	NO
U27310WB2011PTC166211	SHRI KESHRINANDAN TRADE PRIVATE LIMITED	Director	10-08-11	10-08-11	-	Active	NO
U51909WB2011PTC166629	SHRI MAHATEJAS VINIMAY PRIVATE LIMITED	Director	20-08-11	20-08-11	-	Active	NO

Name :

Mr. Bagri Vishal

Designation :

Director

Address :

40 Iron Side Road, 3B, Hemchaya, Kolkata – 700019, India

Date of Birth/Age :

25.12.1969

Date of Appointment :

22.02.2006

Din No.:

00078949

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
U27109WB1993PTC060475	DEB STEEL AND CASTINGS PVT LTD	Director	07-11-05	07-11-05	-	Active	NO
U72900WB2003PTC096955	JAI BALAJI INFOTECH PRIVATE LIMITED	Director	07-11-05	07-11-05	-	Active	NO
U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Director	22-02-06	22-02-06	-	Active	NO
L13100WB1978PLC031670	CHANDI STEEL INDUSTRIES LTD	Director	24-09-08	26-06-08	-	Active	NO
U45400WB2010PTC142258	NEELKANT REALBUILT PRIVATE LIMITED	Additional director	16-02-10	16-02-10	-	Active	NO

Name :

Mr. Sanjiv Jajodia

Designation :

Director

Address :

5, Bentinck Street, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

06.09.1963

Date of Appointment :

31.01.2008

Din No.:

00036339

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
U27106WB1987PTC043246	K D JAJODIA STEEL INDUSTRIES PRIVATE LIMITED	Director	06-11-87	06-11-87	-	Active	NO
L13100WB1978PLC031670	CHANDI STEEL INDUSTRIES LIMITED	Director	20-09-93	20-09-93	-	Active	NO
U27320WB2002PLC094606	SHRI RAMRUPAI BALAJI STEELS LIMITED	Director	06-05-02	06-05-02	-	Dormant	NO
L27102WB1999PLC089755	JAI BALAJI INDUSTRIES LIMITED	Whole-time director	01-05-08	31-05-02	-	Active	NO
U27105WB2003PLC095998	SHRI SARVASARAI BALAJI STEELS LIMITED	Director	02-04-03	02-04-03	-	Active	NO
U51909WB1994PLC066507	ENFIELD SUPPLIERS LIMITED	Director	08-04-03	08-04-03	-	Active	NO
U74140WB2003PLC096043	HARI MANAGEMENT LIMITED	Director	15-09-04	15-09-04	-	Active	NO
U27100WB2002PLC094612	NILACHAL IRON AND POWER LIMITED	Director	27-09-08	26-10-07	-	Active	NO
U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Director	26-09-08	31-01-08	-	Active	NO
U27320WB2002PLC094604	SHRI MARUTAYE BALAJI STEELS LIMITED	Director	30-09-09	03-10-08	-	Active	NO
U27105WB2003PLC095999	SHRI SUMANGALAYA BALAJI STEELS LIMITED	Director	30-09-09	04-10-08	-	Active	NO
U26959ML2007PLC008285	JAI BALAJI SHAKTI CEMENT LIMITED	Additional director	01-10-10	01-10-10	-	Active	NO
U40300WB2010PLC154393	JAI BALAJI ENERGY (PURULIA) LIMITED	Director	01-11-10	01-11-10	-	Active	NO
U27100WB2010PLC154392	JAI BALAJI STEELS (PURULIA) LIMITED	Director	01-11-10	01-11-10	-	Active	NO

Name :

Mr. Dinesh Kumar Agarwal

Designation :

Director

Address :

105/1, Bidhannagar Road, Kolkata – 700067, West Bengal, India

Date of Birth/Age :

25.07.1964

Date of Appointment :

14.01.2010

Din No.:

03093004

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
U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Director	28-09-10	12-01-10	-	Active	NO
U27100WB2002PLC094612	NILACHAL IRON AND POWER LIMITED	Director	21-09-10	14-01-10	-	Active	NO

Name :

Mr. Santosh Kumar Shah

Designation :

Director

Address :

93, Diamond Harbour Road, Khidoerpore, 2^nd Floor, Kolkata – 700023, India

Date of Birth/Age :

03.12.1951

Date of Appointment :

14.01.2010

Din No.:

02963319

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
U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Director	28-09-10	12-01-10	-	Active	NO
U27100WB2002PLC094612	NILACHAL IRON AND POWER LIMITED	Director	21-09-10	14-01-10	-	Active	NO
U51909WB2010PTC143024	PONTIAC COMMERCIAL PRIVATE LIMITED	Director	08-03-10	08-03-10	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Seema Sureka
Designation :	Secretary
Address :	18, Hanspokheria, First Lane, Kolkata – 700007, West Bengal, India
Date of Birth/Age :	07.04.1983
Date of Appointment :	06.03.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Govind Management Limited, India	983120
Sanjiv Jajodia	246620
Jajodia Aashish	20500
Rajiv Jajodia	500
Kanchan Jajodia	500
Rina Jajodia	500
Sangeeta jajodia	500
Aditya Jajodia	149000
Seema Jajodia	72500
K.D. Jajodia Steel Industries Limited Private Limited, India	73150
Shree Marutaye Balaji Steels Limited, India	4800
Shri Sarvasarai Balaji Steels Limited, India	73150

LIST OF ALLOTTEES (AS ON : 16.11.2010)

Names of Shareholders	No. of Shares
K.D. Jajodia Steel Industries (Private ) Limited, India	10000
Govind Management Limited, India	140850
Total	150850

LIST OF ALLOTTEES (AS ON 17.05.2011)

Names of Shareholders	No. of Shares
K.D. Jajodia Steel Industries (Private ) Limited, India	20000
Govind Management Limited, India	140850
Total	160850

AS ON 30.09.2010

EQUITY SHARE BREAK-UP

Category	Percentage
Bodies corporate	88.96
Directors or relatives of Directors	11.01
Other top fifty shareholders	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of iron and steel items

Products :

Item Code No.	Product Description
720310.00	Sponge Iron
720690.00	M S Ingot

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sponge Iron	MT	450000.000	120000.00	107502.56
M S Ingot/Billet	MT	336050.000	144200.00	32507.277
Iron Ore Fines	MT	NA	--	42780.537
Coal Fines	MT	NA	--	29878.991
Runner Riser	MT	NA	--	870.110

GENERAL INFORMATION

Bankers :

UCO Bank, Flagship Corporate Branch, 2 India Exchange Place, Kolkata – 700001, West Bengal, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan from Banks
In Indian Currency
Term Loan from Banks are secured by pari passu first charge on the entire fixed assets of company	110.003	213.215
Further secured by second charge on Current assets of the company
And personal guarantee of Directors
Short Term Loans
Short term loan are secured by charges on the entire assets of the company	403.745	0.000
And personal guarantee oi promoter Director
Working Capital Finance
From Banks
Cash Credit	197.295	239.721
Cash credit from banks are secured by hypothecation of stock and raw materials, stock of raw material	326.030	191.093
Further secured guatanree by during charges on Fixed assets
And personal Guarantee of Directors
Assets Finance Secured against equipments and Railway Wagon financed
And Personal Guarantee of Promoter Directors	59.494	82.531
Total	1096.568	726.561
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
UCO Bank	0.000	600.005
Jai Balaji Industries Limited	560.000	864.231
From Others	473.500	0.000
Total	1033.500	1464.237

Banking Relations :	---
Auditors :
Name :	Kadmawala and Company Chartered Accountants
Address :	Near Birsa Dahar Road, Rourkela, Orissa – 769012, Rourkela , India
Pan No.:	AEFPJ9335J
Associates :	· Jai Salaskar Balaji Industries Private Limited · Jai Balaji Industries Limited · K.D. Jajodia Steel Industries Private Limited · Hari Management Limited · Nilachal Iron and Power Limited · Chandi Steel Industries Limited · Jai Balaji Infotech Private Limited · Jai Balaji Jyoti Powertech (P) Limited · Balaji Ispat Udyog · Shri Maruthai Balaji Steel Limited

CAPITAL STRUCTURE

As on : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs. 100/- each	Rs. 800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4490170	Equity Shares	Rs.100/- each	Rs.449.017 Millions

AFTER 28.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs. 100/- each	Rs. 800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4801870	Equity Shares	Rs.100/- each	Rs.480.187 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		449.017	398.167	365.607
2] Share Application Money		63.306	102.941	125.416
3] Reserves & Surplus		222.686	150.319	124.984
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		735.009	651.427	616.007
LOAN FUNDS
1] Secured Loans		1096.568	726.561	573.081
2] Unsecured Loans		1033.500	1464.237	1754.760
TOTAL BORROWING		2130.068	2190.798	2327.841
DEFERRED TAX LIABILITIES		56.293	76.707	63.495
TOTAL		2921.370	2918.932	3007.343
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		920.056	869.967	747.756
Capital work-in-progress		192.506	192.894	120.125
INVESTMENT		0.335	38.889	38.889
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	584.173	602.710	630.705
	Sundry Debtors	193.965	181.116	524.759
	Cash & Bank Balances	23.380	33.233	81.887
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1304.375	1274.975	1308.426
Total Current Assets		2105.893	2092.034	2545.777
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	197.171	219.727	362.232
	Other Current Liabilities	112.488	52.840	82.689
	Provisions	6.961	3.785	2.511
Total Current Liabilities		298.620	276.352	447.432
Net Current Assets		1807.273	1815.682	2098.345
MISCELLANEOUS EXPENSES		1.200	1.500	2.228
TOTAL		2921.370	2918.932	3007.343

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1719.509	1894.990	2214.417
		Other Income	3.463	13.548	15.715
		TOTAL (A)	1722.972	1908.538	2230.132
Less	EXPENSES
		Increase/Decrease in Stock	(39.940)	(18.723)	(62.422)
		Excise Duty and Cess on Stocks	3.432	(3.227)	8.838
		Raw Material Consumed	1243.455	1398.344	1161.512
		Manufacturing Expenses	230.006	210.239	791.279
		Personnel Cost	27.866	28.597	12.529
		Selling Distribution and Administration Expenses	12.446	15.244	48.347
		TOTAL (B)	1477.265	1630.474	1960.083
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		245.707	278.064	270.049
Less	FINANCIAL EXPENSES (D)		142.563	192.039	128.569
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		103.144	86.025	141.480
Less/ Add	DEPRECIATION/ AMORTISATION (F)		49.334	47.156	31.405
	PROFIT BEFORE TAX (E-F) (G)		53.810	38.869	110.075
Less	TAX (H)		(18.557)	13.534	35.076
	PROFIT AFTER TAX (G-H) (I)		72.367	25.335	74.999
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		150.319	124.984	79.984
	BALANCE CARRIED TO THE B/S		222.686	150.319	124.984
	Earnings Per Share (Rs.)		16.12	6.36	20.51

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.20	1.32	3.36
Net Profit Margin (PBT/Sales)	(%)	3.12	1.33	3.38
Return on Total Assets (PBT/Total Assets}	(%)	1.77	1.31	3.34
Return on Investment (ROI) (PBT/Networth)		0.07	0.05	0.17
Debt Equity Ratio (Total Liability/Networth)		3.30	0.74	4.50
Current Ratio (Current Asset/Current Liability)		7.05	7.57	5.68

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATION

The Profit Before Tax for the year was is Rs.53.810 millions as compared to Rs.38.869 millions for the previous year 2008-09. The net profit for the year was to Rs.72.367 millions as compared to Rs.25.335 millions during the financial year 2008-09.

Unprecedented global financial turmoil and its consequent impact on metal industry in India caused sharp rise in our revenues and profits.

The Company reasonably believe that the turbulent conditions during the year under review, which did not allow the potential of the operations to be fully realized, will not be a lasting phenomenon.

BUSINESS OUTLOOK

The growth performance of the industrial sector specially in automobiles, engineering, construction coupled with the economic buoyancy has led to strong business sentiments in the iron and steel industry. The demand for the products of the Company is encouraging.

NOTE :

The registered office address of the company has been shifted from A-6 Commercial Estate Civil Township Rourkela, Orissa – 769004 to present address w.e.f. 07.02.2007.

CONTINGENT LIABILITIES NOT PROVIDED FOR :

1. Bank Guarantee Outstanding – Rs. 2.500 millions

2. Claims Against the Company not acknowledge as debt :

a) Excise and Custom demands under dispute/appeal : Rs. 25.271 millions

b) Services Tax tax matter under dispute Rs. 2.680 millions

FIXED ASSETS :

· Land

· Factory Building

· Other Building

· Plant and Machinery

· Furniture and Fixtures

· Movable Assets

· Office Equipments

· Computer Systems

AS PER WEBSITE DETAILS

CORPORATE PROFILE

Subject is one of the largest manufacturers of steel in the private sector in Eastern India. They have integrated facilities for producing steel in their eight manufacturing units spread across the states of West Bengal, Chhattisgarh, Orissa and Jharkhand in India.

Their Group has a chain of value-added products which include DRI, Pig Iron, Ferro Alloys, Alloy and Mild Steel Billets, Reinforcement Steel TMT Bars, Wire Rods, Ductile Iron Pipes and Alloy and Mild Steel Heavy Rounds. We draw their strength from an old tradition of reliable customer service and quality products.

With vibrant and dedicated employees forming the core of their Group, their have grown from strength to strength under the dynamic leadership of their promoters and directors. Their combined experience has propelled their Group into the league of formidable steel players in Eastern India, which has not only diversified into power generation in West Bengal and Chhattisgarh but has progressed work in allied industries like cement as well.

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. 49.13
UK Pound	1	Rs.77.58
Euro	1	Rs. 67.58

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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	YES
--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.