MIRA INFORM REPORT

Report Date :

10.01.2012

IDENTIFICATION DETAILS

Name :	BURDWAN IRON AND STEEL COMPANY PRIVATE LIMITED
Registered Office :	25, Ganesh Chandra Avenue, Kolkata – 700 013, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.12.1994
Com. Reg. No.:	21-066604
Capital Investment / Paid-up Capital :	Rs.53.000 millions
CIN No.: [Company Identification No.]	U27209WB1994PTC066604
TAN No.: [Tax Deduction & Collection Account No.]	CALB07665A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Iron and Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 615000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. 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 caution.

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 :	25, Ganesh Chandra Avenue, Kolkata – 700 013, West Bengal, India
Tel. No.:	91-33-22111484
Fax No.:	Not Available
E-Mail :	burdwaniron@rediffmail.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Raj Kumar Kedia

Designation :

Director

Address :

4/5, Singhi Bagan Lane, Kolkata – 700 006, West Bengal, India

Date of Birth/Age :

19.05.1970

Date of Appointment :

07.03.2003

DIN No.:

00248629

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	U27209WB1994PTC066604	Burdwan Iron and Steel Company Private Limited	Director	07-03-03	07-03-03	-	Active	NO
2	U51909WB2006PLC111597	Concast Vyapaar Limited	Director	11-08-07	11-08-07	31-03-11	Active	NO
3	U27310WB2007PLC118140	Concast Sheets and Tubes Limited	Director	28-08-07	28-08-07	27-12-11	Active	NO
4	U51909WB2007PTC118553	Sodepur Commercial Private Limited	Director	12-09-07	12-09-07	15-12-11	Active	NO
5	U67190WB2011PTC158382	Concast Leasing and Finance Private Limited	Director	02-02-11	02-02-11	20-12-11	Active	NO

Name :

Lun Karan Sureka

Designation :

Director

Address :

28/1, Shakespeare Sarani, Kolkata – 700 017, West Bengal, India

Date of Birth/Age :

17.03.1952

Date of Appointment :

07.03.2003

Date of Ceasing :

05.12.2011

DIN No.:

00270788

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	U27209WB1994PTC066604	Burdwan Iron and Steel Company Private Limited	Director	07-03-03	07-03-03	05-12-11	Active	NO

KEY EXECUTIVES

Name :	Santosh Kumar Tibrewalla
Designation :	Practising Company Secretary
Address :	Marshall House, 33/1, N.S. Road, 7^th Floor, Room No.702, Kolkata - 700 001, West Bengal, India
Tel. No.:	91-33-30229082/ 40089047
E-Mail :	santibrewalla@rediffmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.10.2011

Names of Shareholders	No. of Shares
Lunkaran Sureka	18892
Raj Kumar Kedia	6852
Bimla Rani Sureka	57200
Sajjan Kumar Saraf	10000
Sureka Wires Private Limited, India	10000
Anup Jain	11760
Suvidha Infotech Com Services Private Limited, India	43330
Vedant Vinimoy Private Limited, India	43330
Agro Food Projects Limited, India	43930
Ace Flora Tech Limited, India	23926
IMT Sales Agencies Private Limited, India	8500
Ritu Viniyog and Traders Private Limited, India	51650
Payagroup Vyapaar Private Limited, India	3330
Alpha Tie Up Private Limited, India	3330
Agri Business Industries Limited, India	3330
BBR Developments Private Limited, India	3330
Eurolink Exports Private Limited, India	1660
Lokvani Commercials Private Limited, India	3330
Naviplast Suppliers Private Limited, India	660
Ajitnath Trexim Private Limited, India	5000
Alka Lefin Private Limited, India	3000
Axiom Tie Up Private Limited, India	5000
Bajrangbal! Vinimoy Private Limited, India	2000
Gurukul Properties Private Limited, India	4100
Kalimpong Vyapaar Private Limited, India	2000
Maa Jagdamba Nirman Private Limited, India	4000
Medhavi Goods Private Limited, India	9200
Moment Dealings Private Limited, India	1800
Netikta Vyapaar Private Limited, India	6000
Tanisha Vyapaar Private Limited, India	6000
Alex Polymers Private Limited, India	8000
Alokananda Vinimay Private Limited, India	8000
Basukinath Vyanijya Private Limited, India	3000
Evergreen Barter Private Limited, India	8000
Jps Enterprises Private Limited, India	2800
Padam Prabfiu Distributors Private Limited, India	2000
Rajoharana Properties Private Limited, India	2000
Sanmati Commodities Private Limited, India	2000
Tayal Vinimay Private Limited, India	2000
S G Strips Limited, India	5860
TIF (Castings) Limited, India	5900
CMG Ductiles Limited, India	4000
Fantom Commercials Private Limited, India	5000
Gurukul Commercial Private Limited, India	10000
Maa Ambey Tradelink Private Limited, India	32000
Vaikijnth Vintrade Private Limited, India	18000
Pabla Leasing and Finance Private Limited, India	15000
Total	530000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	80.24
Directors or relatives of directors	15.65
Other top fifty shareholders	4.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron and Steel.

Products :

Item Code No. (ITC Code)	720610.09
Product Description	M.S. Ingot
Item Code No. (ITC Code)	720410
Product Description	Scrap

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, N.S. Road, 8, N.S. Road, Kolkata – 700 001, West Bengal, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan:
From State Bank of India, Commercial Branch, N.S. Road, Kolkata (Secured against all fixed assets of the Company and Equitable Mortgage of Land and Building at Burdwan as Collateral Security, Term Deposits etc. and Director's personal guarantee)	2.531	12.500
Cash Credit:
From State Bank of India, Commercial Branch, N.S. Road, Kolkata (Secured against hypothecation of stocks, Book Debts and other Current Assets and Equitable Mortgage furnished by the Directors as Collateral Security)	105.399	104.939
Total	107.930	117.439

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Bank and Financial Institution	0.000	0.346
From Others	1.850	1.500
Total	1.850	1.846

Banking Relations :	--
Auditors :
Name :	M. Jain and Associates Chartered Accountants
Address :	Mercantile Building, 9/12, Lal Bazar Street, Block-B, 4^th Floor, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22484936/ 22135583
Fax No.:	91-33-22135583
Income-tax PAN of auditor or auditor's firm :	AAGFM9405R

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
530000	Equity Shares	Rs.100/- each	Rs.53.000 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		53.000	45.000	45.000
2] Share Application Money		0.000	40.000	40.000
3] Reserves & Surplus		100.775	68.351	67.033
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		153.775	153.351	152.033
LOAN FUNDS
1] Secured Loans		107.930	117.439	122.830
2] Unsecured Loans		1.850	1.846	1.802
TOTAL BORROWING		109.780	119.285	124.632
DEFERRED TAX LIABILITIES		5.022	1.480	1.538
TOTAL		268.577	274.116	278.203
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		73.417	77.237	84.898
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	199.022	196.071	196.445
	Sundry Debtors	98.360	93.080	92.401
	Cash & Bank Balances	14.615	12.423	13.363
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.978	15.979	30.163
Total Current Assets		339.975	317.553	332.372
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	137.348	116.157	126.492
	Other Current Liabilities	6.570	4.130	9.342
	Provisions	0.937	0.412	3.349
Total Current Liabilities		144.855	120.699	139.183
Net Current Assets		195.120	196.854	193.189
MISCELLANEOUS EXPENSES		0.040	0.025	0.116
TOTAL		268.577	274.116	278.203

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2160.937	2122.445	882.130
		Other Income
		TOTAL	2160.937	2122.445	882.130
Less	EXPENSES
		Office Expenses	2157.782	2119.385	874.526
		Administrative Expenses
		Advertising Expenses
		TOTAL	2157.782	2119.385	874.526
	PROFIT BEFORE TAX		3.155	3.060	7.604
Less	TAX		0.525	0.439	0.902
	PROFIT AFTER TAX		2.590	2.621	6.702
Add	MAT Credit entitlements
	For Earlier Year		2.251	0.000	0.000
	For Current Year		0.315	0.000	0.000
Add/ (Less)	Deferred Tax Adjustments		(3.542)	0.059	(0.149)
	Surplus during the year		1.614	2.680	6.553
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3.063)	(5.743)	(12.296)
	BALANCE CARRIED TO THE B/S		(1.449)	(3.063)	(5.743)
	Earnings Per Share (Rs.)		3.50	5.98	16.38

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.12	0.12	0.76
Return on Total Assets (PBT/Total Assets}	(%)	0.76	0.78	1.82
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.05
Debt Equity Ratio (Total Liability/Networth)		1.66	1.56	1.74
Current Ratio (Current Asset/Current Liability)		2.35	2.63	2.39

LOCAL AGENCY FURTHER INFORMATION

Note:

The company changed its registered office from 9, India Exchange Place, 6^th Floor, Hare Street, Kolkata – 700 001, West Bengal, India to 21, Hemant Basu Sarani, 5^th Floor, Room No.511 # 512, Kolkata – 700 001, West Bengal, India w.e.f. 01.04.2008.

The Registered Office has again shifted from to 21, Hemant Basu Sarani, 5^th Floor, Room No.511 # 512, Kolkata – 700 001, West Bengal, India to the present address 24.06.2011.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90244522
Corporate identity number of the company	U27209WB1994PTC066604
Name of the company	BURDWAN IRON AND STEEL COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	9, India Exchange Place, 6^th Floor, Hare Street, Kolkata – 700 001, West Bengal, India
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Floating Charge Others (Plant and Machinery)
Particular of charge holder	State Bank of India, Commercial Branch, N.S. Road, 8, N.S. Road, Kolkata – 700 001, West Bengal, India E-Mail: sbi.04125@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of Hypothecation of Goods and Assets for increase in the Overall Limit. (Read with Letter regarding the grant of individual Limits within the Overall Limit). Memorandum of deposit for creation of further charge for Term Loan/Overall Limit where the initial charge is created by way of mortgage by deposit of Title Deeds. (2 sets)
Date of instrument Creating the charge	30.10.2007
Amount secured by the charge	Rs.165.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: For Cash Credit (Stocks and Book Debts) @ 2.50% above SBAR with monthly rest, present effective rate of interest @ 15.25% p.a. For Corporate Loan @ 3.00% above SBAR with monthly rest, present effective rate of interest @ 15.75% p.a. Terms of Repayment: The Corporate Loan of Rs.27.500 millions is repayable as per existing repayment schedule. Margin: 25% of Raw Materials, 25% of Stocks-in-process, 25% of Finished Goods, 30% of Book Debts / Receivables (Cover 60 days), and 15% of Letter of Credit (LC). Extent and Operation of the charge: First Charge on the whole of the hypothecated assets and mortgaged properties.
Short particulars of the property charged	All present and future goods, book-debts and all other movable current assets of the borrower and plant and machinery to the Supplemental Agreement both present and future. Immovable Property at Mouza-Konarpara, J.L. No. 41, P.S.-Memari, District Burdwan admeasuring 3.23 acres. Immovable Property at Mouza-Konarpara, J.L. No. 41, P.S.-Memari, District Burdwan admeasuring 1.94 acres.
Date of latest modification prior to the present modification	29.03.2006
Particulars of the present modification	By this modification, the Overall Limit is enhanced from Rs.143.900 millions to Rs.165.000 millions. Particulars of Immovable properties and all other terms and conditions continue to remain as before in full force and effect.

FIXED ASSETS:

v Land and Development

v Factory Shed and Building

v Electricals

v Miscellaneous Fixed Assets

v Furniture and Fixture

v Office Equipment

v Computers

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.52.73
UK Pound	1	Rs.81.34
Euro	1	Rs.67.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		32

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.