MIRA INFORM REPORT

Report Date :

24.02.2012

IDENTIFICATION DETAILS

Name :	IFGL EXPORTS LIMITED
Registered Office :	3, Netaji Subhas Road, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.09.2007
Com. Reg. No.:	21-118407
Capital Investment / Paid-up Capital :	Rs.14.050 Millions
CIN No.: [Company Identification No.]	U51909WB2007PLC118407
TAN No.: [Tax Deduction & Collection Account No.]	CALI02532F
PAN No.: [Permanent Account No.]	AABCI7391C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Refractories.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 540000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DENIED BY

Name :	Mr. S. Kumar
Designation :	Plant’s Head
Contact No.:	91-9724158708
Date :	21.02.2012

LOCATIONS

Registered Office :	3, Netaji Subhas Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22482411
Mobile No.:	91-9724158708 (Mr. S. Kumar)
Fax No.:	91-33-22430886
E-Mail :	ifglexports@bajoria.in
Factory 1 :	638-644, Kandla, Special Economic Zone, Po, Gandhidham, Kutch – 370230, Gujarat, India
Factory 2 :	Sector B, Kalunga Industrial Estate, P.O. Kalunga, District Sundergarh – 770031, Orissa, India

DIRECTORS

As on 16.08.2011

Name :

Mr. Shishir Kumar Bajoria

Designation :

Director

Address :

14/1 A, Burdwan Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

19.02.1957

Date of Appointment :

07.09.2007

DIN No.:

00084004

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	L27202OR1989PLC002971	IFGL Refractories Limited	Whole-time director	10/05/2010	22/11/1989	-	Active	NO
2	U51909WB1993PLC058677	Bajoria Enterprises Limited	Director	27/04/1993	27/04/1993	-	Active	NO
3	U67120WB1983PTC036590	Bajoria Holdings Private Limited	Director	1/12/1998	1/12/1998	-	Active	NO
4	U85195WB1998PTC088562	Heritage Health TPA Private Limited	Director	30/12/1998	30/12/1998	-	Active	NO
5	L23109WB1960PLC024602	Phillips Carbon Black Limited	Director	20/03/2002	20/03/2002	20/01/2007	Active	NO
6	U74140WB2002PTC095550	Coris Heritage Asia Pacific Private Limited	Director	24/12/2002	24/12/2002	-	Active	NO
7	U26915WB2003PLC096542	IFGL Bio Ceramics Limited	Director	9/07/2003	9/07/2003	-	Active	NO
8	U75131WB2001PTC092790	Bajoria Service Providers Private Limited	Director	15/07/2004	15/07/2004	-	Active	NO
9	U36911WB2006PTC110976	Ganges Art Gallery Private Limited	Director	29/07/2006	29/07/2006	-	Active	NO
10	U67120WB2006PTC111974	Bajoria Financial Services Private Limited	Director	30/11/2006	30/11/2006	-	Active	NO
11	U51909WB2007PLC118407	IFGL Exports Limited	Director	7/09/2007	7/09/2007	-	Active	NO

Name :

Mr. Pradeep Bajoria

Designation :

Director

Address :

4/1, Alipore Park Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

23.03.1960

Date of Appointment :

07.09.2007

DIN No.:

00084031

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	U67120WB1989PTC045979	Birdie Trading Private Limited	Director	13/01/1989	13/01/1989	-	Active	NO
2	U51909WB1993PLC058677	Bajoria Enterprises Limited	Director	27/04/1993	27/04/1993	-	Active	NO
3	U65993WB1993PTC059935	Heritage Insurance Brokers Private Limited	Director	27/08/1993	27/08/1993	-	Active	NO
4	L27202OR1989PLC002971	IFGL Refractories Limited	Managing director	10/05/2010	7/02/1996	-	Active	NO
5	U26915WB2003PLC096542	IFGL Bio Ceramics Limited	Director	9/07/2003	9/07/2003	-	Active	NO
6	U51909WB1995PTC070445	Cellour Commercial Private Limited	Director	1/03/2005	1/03/2005	-	Active	NO
7	U51909WB2007PLC118407	IFGL Exports Limited	Director	7/09/2007	7/09/2007	-	Active	NO
8	U45400WB2008PTC129822	Asap Enterprises Private Limited	Director	1/10/2008	1/10/2008	-	Active	NO
9	U51109WB2005PTC104265	Snehdeep Vanijya Private Limited	Director	20/05/2010	20/05/2010	-	Active	NO
10	U24100WB2010PTC154442	Krosaki IFGL Refractories Private Limited	Director	16/09/2011	13/12/2010	-	Active	NO

Name :

Mr. Om Prakash Agarwal

Designation :

Director

Address :

Flat No. – 3A, South End View, Diamond Harbour Road, Joka, Kolkata – 700104, West Bengal, India

Date of Birth/Age :

03.11.1956

Date of Appointment :

07.09.2007

DIN No.:

01652283

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	U67120WB2006PTC111974	Bajoria Financial Services Private Limited	Director	30/07/2008	9/07/2007	-	Active	NO
2	U51909WB2007PLC118407	IFGL Exports Limited	Director	7/09/2007	7/09/2007	-	Active	NO

Name :

Hisatake Yoshiharu Okumura

Designation :

Additional Director

Address :

9-1-310, Hiraomachi Yahatanishi, Kitakyushu, Fukuoka

Date of Birth/Age :

22.11.1962

Date of Appointment :

20.10.2011

DIN No.:

05130777

KEY EXECUTIVES

Name :	Mr. S. Kumar
Designation :	Plant’s Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.08.2011

Names of Shareholders	No. of Shares
Bajoria Holdings Private Limited, India	309400
Bajoria Enterprises Limited, India	100
Shishir Kumar Bajoria	467100
Smita Bajoria	100
Mihir Bajoria	100
S.K. Bajoria and Others (HUF)	100
Pradeep Bajoria	100
Bajoria Financial Services Private Limited, India	220000
IFGL Refractories Limited, India	136000
Krosaki Harima Corporation, Japan	272000
Total	1405000

Equity Share Break up (Percentage of Total Equity)

As on 16.08.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	19.36
Bodies corporate	47.37
Directors or relatives of Directors	33.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Refractories.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Refractory Nozzle, Rods, Tubes, Pipes	69032090

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Export-Import Bank of India, Floor 21, Centre One Building, World Trade Centre, Cuffee Parade, Mumbai – 400005, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· The HongKong and Shanghai Banking Corporation Limited, 31, BBD Bagh, Kolkata, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loan from Export-Import Bank of India (Exim Bank)	95.518	0.000
Secured by: a) A first charge by way of hypothecation of the entire moveable fixed assets, both present and future and second pari passu charge on the entire current assets including receivables, both present and future, b) A first charge by way of mortgage by deposit of title deeds on the entire immoveable properties, both present and future, and c) Pledge of 700000 equity shares of the Company held by promoters and IFGL Refractories Limited (IRL) Default payment guarantee by IRL
Total	95.518	0.000

Banking Relations :	--
Auditors :
Name :	Rupa and Company Chartered Accountants
Address :	20A, Amrita Banerjee Road, Kolkata – 700026, West Bengal, India
PAN.:	AEKPD4331H
Holding Company :	Bajoria Holdings Private Limited (BHPL)* *Ceased to be Holding Company (w.e.f. 15^th February 2011)
Fellow Subsidiaries** :	Indian Companies · Bajoria Financial Services Private Limited (BFSPL) · IFGL Refractories Limited (IRL) · IFGL Bio Ceramics Limited · Ganges Art Gallery Private Limited · Bajoria Enterprises Limited · Bajoria Service Providers Limited Foreign Companies · Tianjin Monocon Refractories Company Limited · Tianjin Monocon Aluminous Refractories Company Limited · Monocon International Refractories Limited · Goricon Metallurgical Services Limited · Goricon LLC. IFGL GmbH · Monocon Overseas Limited · Mono Ceramics Inc. · Hofmann Ceramic GmbH · Hofmann GMBH and Company, OHG · Hofmann Ceramic CZ s.r.o · Hofmann Ceramic Limited · Hofmann Ceramic LLC · IFGL Pyemetric LLC · Hofmann Pyemetric LLC · IFGL Inc. · IFGL Worldwide Holdings Limited · IFGL Monocon Holdings Limited · Monotec Refractories Limited · IFGL GMBH · EI Ceramic LLC (w.e.f. from September 10, 2010) · CUSC International Limited (w.e.f. from September 10, 2010) **Ceased to be Fellow Subsidiary Companies (w.e.f. 15^th February 2011)
Enterprises in which key management personal have significant influence :	Heritage Health TPA Private Limited Heritage Insurance Brokers Private Limited Coris Heritage Asia Pacific Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1405000	Equity Shares	Rs.10/- each	Rs.14.050 Millions

(Of above 309400 shares are held by Bajoria Holdings Private Limited, which has ceased to be the Holding Company w.e.f. 15th February 2011)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		14.050	5.650	3.670
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		121.950	46.350	28.530
4] (Accumulated Losses)		(1.982)	(1.605)	(0.918)
NETWORTH		134.018	50.395	31.282
LOAN FUNDS
1] Secured Loans		95.518	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		95.518	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		229.536	50.395	31.282
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.644	0.819	1.067
Capital work-in-progress		143.594	22.133	17.578
INVESTMENT		40.361	0.275	1.438
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	2.012	0.043	0.529
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	49.502	27.593	12.161
Total Current Assets		51.514	27.636	12.690
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.055	0.391	0.696
	Other Current Liabilities	1.522	0.077	0.735
	Provisions	0.000	0.000	0.060
Total Current Liabilities		6.577	0.468	1.491
Net Current Assets		44.937	27.168	11.199
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		229.536	50.395	31.282

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.499	0.040	0.188
		TOTAL (A)	0.499	0.040	0.188
Less	EXPENSES
		Other Expenses	0.618	0.480	0.856
		TOTAL (B)	0.618	0.480	0.856
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.119)	(0.440)	(0.668)
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.119)	(0.440)	(0.668)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.258	0.248	0.189
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.377)	(0.688)	(0.857)
Less	TAX (H)		0.000	0.000	0.060
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.377)	(0.688)	(0.917)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.605)	(0.917)	0.000
	BALANCE CARRIED TO THE B/S		(1.982)	(1.605)	(0.917)
	IMPORTS
		CIF Value of Imported Plant and Machinery	50.744	NA	NA
	TOTAL IMPORTS		50.744	NA	NA
	Earnings/ (Loss) Per Share (Rs.)		(0.49)	(1.69)	(4.20)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	75.55	1720.00	487.76
Return on Total Assets (PBT/Total Assets}	(%)	0.72	2.42	6.22
Return on Investment (ROI) (PBT/Networth)		0.00	0.01	0.03
Debt Equity Ratio (Total Liability/Networth)		0.76	0.01	0.05
Current Ratio (Current Asset/Current Liability)		7.83	59.05	8.51

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. in Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
For Capital Work in Progress	4.990	0.000	0.000
For Expenses	0.065	0.391	0.696
TOTAL	5.055	0.391	0.696

Financial Performance and future outlook

The Company is in the process of setting up a refractory manufacturing unit at new area of Kandla Special Economic Zone in Gujarat and trial production is likely to be commenced in August/ September, 2011. Expenses incurred and appropriated to capital work in progress as on 31^st March, 2011 amounted to Rs.143.594 Millions only. Future outlook appears to be promising as production of Iron and Steel in developed market is steadily increasing and this trend is likely to continue barring unforeseen circumstances.

Bankers Charges Report as per Registry

Corporate identity number of the company	U51909WB2007PLC118407
Name of the company	IFGL EXPORTS LIMITED
Address of the registered office or of the principal place of business in India of the company	3, Netaji Subhas Road, Kolkata – 700001, West Bengal, India Email : ifglexports@bajoria.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email : indrajit.gupta@hdfcbank.com
Nature of instrument creating charge	1) Memorandum relating to hypothecation of machinery 2) Letter of hypothecation of stocks and book debts
Date of instrument Creating the charge	09.12.2011
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest The rate of interest will be communicated by the bank to the company from time to time Terms of repayment 1) Cash Credit - upto 1 year or as mutually agreed from time to time 2) WCDL - upto 90 days or as mutually agreed from time to time 3) EPC / PCFC / PSC / buyer's credit - upto 180 days 4) ON usance / sight LC - upto 180 days 5) Bank Guarantee - upto 1 year ( including 3 months claim period) Margin 1) On Inventory a) On CC / WCDL - 25% b) On EPC/PCFC/PSC - 10% on CIF / 15% on FOB Value 2) ON book debts - 25% and upto 120 days 3) However in case of bank guarantee (BG) / letters of credit (LC) (Foreign / Domestic) - 10% Cash Margin Extent and operation of the charge 1) First charge on all current assets of the company (present and future) 2) Second charge on fixed assets of the company - both present and future
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise whatsover being movable properties All book debts, outstanding monies receivable, claims and bills etc. All movable plant and machinery both present and future

FIXED ASSETS

· Computers

· Furniture and Fixtures

· Equipments

· Vehicles

· Computer Software

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.49.25
UK Pound	1	Rs.77.19
Euro	1	Rs.65.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		27

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.