MIRA INFORM REPORT

Report Date :

17.01.2012

IDENTIFICATION DETAILS

Name :	BHASKAR SHRACHI ALLOYS LIMITED
Registered Office :	8/1, Middleton Row, Kolkata-700071, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.04.1995
Com. Reg. No.:	21-071126
Capital Investment / Paid-up Capital :	Rs.120.000 Millions
CIN No.: [Company Identification No.]	L51109WB1995PLC071126
TAN No.: [Tax Deduction & Collection Account No.]	CALB03547F
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Silico Manganese and Ferro Manganese.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 750000
Status :	Moderate
Payment Behaviour :	Slow but correct
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 but correct. 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.

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 :	8/1, Middleton Row, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22298877/22290114/22297190
Fax No.:	91-33-22297223
E-Mail :	bhaskar@cal.vsnl.net.in
Factory:	Durgapur, Waria Road, Angadpur, Durgapur-713215, West Bengal, India
Tel. No.:	91-343-2590709/2590702
Fax No.:	91-343-2590710

DIRECTORS

As on 20.08.2011

Name :

Mr. Ashish Rungta

Designation :

Managing Director

Address :

5 K, New Road, Alipore, Kolkata-700027, West Bengal, India

Date of Birth/Age :

23.06.1977

Date of Appointment :

28.08.2007

Din No.:

00394925

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	U70101WB1995PTC074152	BHASKAR PROPERTIES PRIVATE LIMITED	Director	11-09-95	11-09-95	-	Active	NO
2	L65993WB1978PLC031393	BHASKAR INDUSTRIAL DEVELOPMENTS LIMITED	Director	01-03-96	01-03-96	10-09-09	Active	NO
3	U27104WB1990PLC050102	SURYA ALLOY INDUSTRIES LIMITED	Managing director	01-01-08	16-05-96	-	Active	NO
4	U27106WB1988PTC045542	MANASH FORGINGS PRIVATE LIMITED	Director	07-01-99	07-01-99	22-06-09	Active	NO
5	U27101CT2004PTC016428	TIRUMALA BALAJI ALLOYS PRIVATE LIMITED	Director	01-03-04	01-03-04	-	Active	NO
6	U51909WB1996PTC076543	WHITESTONE CONSULTANTS PRIVATE LIMITED	Director	28-04-06	28-04-06	24-08-09	Active	NO
7	L51109WB1995PLC071126	BHASKAR SHRACHI ALLOYS LIMITED	Managing director	01-08-08	28-08-07	-	Active	NO
8	U51909DL1996PTC204913	BRIGHTSUN MERCHANTS PRIVATE LIMITED	Director	12-02-08	12-02-08	15-03-10	Active	NO
9	U74210WB1989PTC046619	PARTH ISPAT (INDIA) PRIVATE LIMITED	Director	23-09-09	20-07-09	-	Active	NO

Name :

Mr. Shrawan Kumar Todi

Designation :

Director

Address :

2 Queens Park, Kolkata-700019 West Bengal, India

Date of Birth/Age :

15.08.1941

Date of Appointment :

19.04.1995

Din No.:

00080303

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	L28932WB1958PLC023718	BENGAL TOOLS LIMITED	Director	30-09-65	30-09-65	-	Amalgamated	NO
2	U65993WB1979PTC032035	HARDEO FINANCE PRIVATE LIMITED	Director	28-05-79	28-05-79	-	Amalgamated	NO
3	U29299WB1989PLC046347	SHRACHI INFRASTRUCTURE FINANCE LIMITED	Director	06-09-89	06-09-89	-	Amalgamated	NO
4	U70101WB1990PTC049336	NSG ESTATE SERVICES PRIVATE LIMITED	Director	28-06-90	28-06-90	-	Strike off	NO
5	L10000WB1936PLC008775	KHAITAN (INDIA) LIMITED	Director	29-06-91	29-06-91	30-10-09	Active	NO
6	U85110WB1989PLC046284	ADVANCED MEDICARE AND RESEARCH INSTITUTE LIMITED	Director	16-11-94	16-11-94	-	Amalgamated	NO
7	U45201WB1995PLC067263	BENGAL NRI COMPLEX LIMITED	Managing director	09-01-95	09-01-95	-	Active	NO
8	L51109WB1995PLC071126	BHASKAR SHRACHI ALLOYS LIMITED	Director	31-07-08	19-04-95	-	Active	NO
9	U21019WB1995PLC071252	SOUTH CITY PROJECTS (KOLKATA) LIMITED	Director	27-04-95	27-04-95	-	Active	NO
10	U51109WB1981PLC034316	MURLIDHAR RATANLAL EXPORTS LIMITED	Director	27-12-95	27-12-95	-	Active	NO
11	U70109WB1997PLC084598	BENGAL SHRACHI HOUSING DEVELOPMENT LIMITED	Director	11-06-97	11-06-97	-	Active	NO
12	U85110WB1999PTC090053	HALDIA MEDICARE PRIVATE LIMITED	Director	12-08-99	12-08-99	-	Amalgamated	NO
13	U72900WB1997PTC085392	WEB DEVELOPMENT COMPANY PRIVATE LIMITED	Director	15-07-00	15-07-00	01-04-11	Active	NO
14	L21019WB1981PLC034161	EMAMI PAPER MILLS LIMITED	Director	05-04-03	05-04-03	-	Active	NO
15	L63993WB1983PLC036030	EMAMI LIMITED	Director	15-01-05	15-01-05	-	Active	NO
16	U70101WB2004PTC097663	SOUTH CITY PARIVAR PRIVATE LIMITED	Director	09-09-05	09-09-05	-	Amalgamated	NO
17	U65993WB1988PTC045852	JUHI INVESTMENT PRIVATE LIMITED	Director	08-12-05	08-12-05	-	Active	NO
18	U85110WB1986PLC040525	AMRI HOSPITALS LIMITED	Director	19-01-06	19-01-06	-	Active	NO
19	U45201WB2004PTC100084	ROSEDALE DEVELOPERS PRIVATE LIMITED	Director	03-03-06	03-03-06	-	Active	NO
20	U28999WB1993PLC060517	SHRACHI ENGINEERING AND INDUSTRIES LIMITED	Director	28-02-07	28-02-07	-	Amalgamated	NO
21	L51504WB1978PLC031813	MAGMA FINCORP LIMITED	Director	04-09-07	12-04-07	27-05-11	Active	NO
22	U28999WB1991PTC053525	GNB LOGISTICS PRIVATE LIMITED	Director	30-09-08	14-05-07	-	Converted to LLP and dissolved	NO
23	U70101WB2007PLC117604	BENGAL ANMOL SOUTH CITY INFRASTRUCTURE LIMITED	Director	03-08-07	03-08-07	-	Active	NO
24	U70101WB2007PLC117620	BENGAL SOUTH CITY MATRIX INFRASTRUCTURE LIMITED	Director	03-08-07	03-08-07	-	Active	NO
25	U70101WB2007PTC117468	SHRACHI REALTY PRIVATE LIMITED	Director	24-12-08	05-10-07	-	Active	NO
26	U45201WB1994PTC065054	SHRACHI DEVELOPERS PRIVATE LIMITED	Director	30-09-08	05-10-07	-	Active	NO
27	U51216WB1992PLC054541	BENGAL TOOLS LIMITED	Director	30-09-08	15-02-08	-	Active	NO
28	U45203WB2005PTC104918	SOUTH CITY RECREATION PRIVATE LIMITED	Director	01-12-08	01-12-08	-	Amalgamated	NO
29	U80210WB2005NPL104913	SOUTH CITY INTERNATIONAL SCHOOL	Director	01-12-08	01-12-08	-	Active	NO
30	U24231WB1995PLC071347	LIBERTY PHARMA LIMITED	Director	30-09-09	30-09-09	-	Active	NO
31	U70102WB2009PLC132056	KOLKATA METROPOLITAN SOUTH CITY LOGISTICS LIMITED	Director	12-07-10	10-05-10	-	Active	NO

Name :

Mr. Ravi Todi

Designation :

Director

Address :

2 Queens Park, Kolkata-700019 West Bengal, India

Date of Birth/Age :

01.05.1969

Date of Appointment :

09.11.2010

Din No.:

00080388

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	U29299WB1989PLC046347	SHRACHI INFRASTRUCTURE FINANCE LIMITED	Director	06-09-89	06-09-89	-	Amalgamated	NO
2	U65910WB1990PTC048119	SBR CREDIT PRIVATE LIMITED	Director	02-01-90	02-01-90	-	Under liquidation	NO
3	U70101WB1989PTC047400	SUTANUTTI CONSTRUCTION PRIVATE LIMITED	Director	25-01-91	25-01-91	-	Amalgamated	NO
4	U29219WB1993PTC059719	SINO-INDIAN AGRO MACHINERY COMPANY PRIVATE LIMITED	Director	11-08-93	11-08-93	14-11-07	Active	NO
5	U72100DL1976PLC008348	CONTINENTAL PACKAGINGS LIMITED	Director	01-09-93	01-09-93	01-02-09	Active	NO
6	U51109WB1993PLC060456	GODAVARI LEASING AND FINANCE LIMITED	Director	08-11-93	08-11-93	-	Active	NO
7	U65929WB1990PTC048201	G N B CREDIT PRIVATE LIMITED	Director	20-06-94	20-06-94	-	Amalgamated	NO
8	U70109WB1997PLC084598	BENGAL SHRACHI HOUSING DEVELOPMENT LIMITED	Director	11-06-97	11-06-97	-	Active	NO
9	L28932WB1958PLC023718	BENGAL TOOLS LIMITED	Director	29-09-97	29-09-97	-	Amalgamated	NO
10	U34300WB1998PTC087075	SHRACHI AUTO PRIVATE LIMITED	Director	05-05-98	05-05-98	01-01-07	Active	NO
11	U36900WB1992PLC101415	ACCENT INDUSTRIES LIMITED	Director	03-06-04	03-06-04	-	Active	NO
12	U85110WB1989PLC046284	ADVANCED MEDICARE AND RESEARCH INSTITUTE LIMITED	Director	29-12-04	29-12-04	-	Amalgamated	NO
13	U24231WB1995PLC071347	LIBERTY PHARMA LIMITED	Director	08-12-05	08-12-05	-	Active	NO
14	L24130MH1987PLC043709	DUJODWALA PAPER CHEMICALS LIMITED	Director	30-09-06	30-09-06	-	Active	NO
15	U45200WB2006PTC111545	SHRACHI BURDWAN DEVELOPERS PRIVATE LIMITED	Director	16-10-06	16-10-06	-	Active	NO
16	L51504WB1978PLC031813	MAGMA FINCORP LIMITED	Director	04-09-07	12-04-07	27-05-11	Active	NO
17	U65910WB2007PLC120137	MAGMA ITL FINANCE LIMITED	Director	01-11-07	01-11-07	27-05-11	Active	NO
18	U65900WB2007PTC120480	MAGMA CONSUMER FINANCE PRIVATE LIMITED	Director	21-11-07	21-11-07	27-05-11	Active	NO
19	U51216WB1992PLC054541	BENGAL TOOLS LIMITED	Managing director	01-05-08	15-02-08	-	Active	NO
20	U74999WB2008PTC126530	MF PROCESS AND SOLUTIONS PRIVATE LIMITED	Director	29-09-09	12-06-08	05-03-10	Active	NO
21	U85110WB1986PLC040525	AMRI HOSPITALS LIMITED	Director	30-09-09	18-05-09	-	Active	NO
22	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	02-07-10	27-06-09	-	Active	NO
23	U70109WB1999PTC089015	CELICA DEVELOPERS PRIVATE LIMITED	Director	29-09-09	19-09-09	27-05-11	Active	NO
24	U70109WB1994PTC062617	MARTINA FINANCIAL SERVICES PRIVATE LIMITED	Director	30-09-09	30-09-09	-	Amalgamated	NO
25	U65993WB1988PTC045852	JUHI INVESTMENT PRIVATE LIMITED	Director	30-09-09	30-09-09	-	Active	NO
26	U40102WB1988PTC045661	SUNFLOWR ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	30-09-09	30-09-09	-	Active	NO
27	L51109WB1995PLC071126	BHASKAR SHRACHI ALLOYS LIMITED	Director	20-08-11	09-11-10	-	Active	NO
28	U28999WB1991PTC053525	GNB LOGISTICS PRIVATE LIMITED	Director	27-05-11	27-01-11	-	Converted to LLP and dissolved	NO
29	U28991WB1977PLC031188	CALCUTTA BECON ENGINEERING CO LIMITED	Director	27-05-11	27-01-11	-	Converted to LLP and dissolved	NO
30	U70102WB2010PTC152558	SUPREME SHRACHI INFRASTRUCTURES PRIVATE LIMITED	Director	30-09-11	08-07-11	-	Active	NO
31	U51909WB2011PTC166761	SAKURA EXIM PRIVATE LIMITED	Director	24-08-11	24-08-11	-	Active	NO
32	L74140WB1990PLC049032	SKP SECURITIES LIMITED	Additional director	29-10-11	29-10-11	-	Active	NO

Name :

Mr. Manoj Kumar Baheti

Designation :

Director

Address :

1, Shiv Thakur Lane, Burrabazar, Kolkata-700007, West Bengal, India

Date of Birth/Age :

04.02.1978

Date of Appointment :

31.07.2006

Din No.:

00562913

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	L51109WB1995PLC071126	BHASKAR SHRACHI ALLOYS LIMITED	Director	31-07-06	31-07-06	-	Active	NO
2	U51109WB2005PTC103855	FUSION MERCHANTILE PRIVATE LIMITED	Director	13-02-08	13-02-08	18-05-10	Active	NO
3	U45400WB2008PTC129057	VR PROPERTIES PRIVATE LIMITED	Director	04-09-08	04-09-08	-	Active	NO
4	U74210WB1989PTC046619	PARTH ISPAT (INDIA) PRIVATE LIMITED	Director	23-09-09	01-10-08	-	Active	NO
5	U27101CT2004PTC016428	TIRUMALA BALAJI ALLOYS PRIVATE LIMITED	Whole-time director	22-09-09	15-06-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prem Kumar Agarwal
Designation :	Secretary
Address :	72/1, Deshbandhu Road (East), Alambazar, Kolkata-700035, West Bengal, India
Date of Birth/Age :	12.08.1975
Date of Appointment :	23.08.2008
Pan No.:	ACZPA6385M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.08.2011

Names of Shareholders	No. of Shares
Everlest Fincon Private Limited, India	25000
GMB Finvest Private Limited, India	25000
Seksariah Enclaves Private Limited, India	26000
Balaji Nidhi	30000
Apeotex Ply (Private) Limited, India	30000
Essel Plowood Private Limited, India	30000
Shankar Kumar Somani	32500
Rajendra Kumar Bachhawat	40000
JBM Properties (Private) Limited, India	40000
Deepa Bagla	40000
Garima Rungta	40000
Dilip Agencies Private Limited, India	175000
Frankross Vinimay (Private) Limited, India	180000
R. A. Trading Private Limited, India	250000
Tulsyan and Sons Private Limited, India	1500000
Suryalata Texim Private Limited, India	250000
Usha Polychem India Private Limited, India	250000
Rahul Todi	450000
Bengal General Trading Company Private Limited, India	733200
Shrawan Kumar Todi	638100

As on 20.08.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	58.49
Directors or relatives of directors	21.48
Other top fifty shareholders	6.51
Others	13.10
Public financial companies	0.42
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Silico Manganese and Ferro Manganese.

Products :

Product Description	Item Code
Ferro Alloys	7202.00
Steel Billets	3309.00
Casting of Iron and Steel	3371.00

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Licensed Capacity	Installed Capacity
Ferro Alloys	MT	24000	24000
Steel Billets	MT	65000	65000
Casting of Iron and Steel	MT	6000	6000

Actual Production

Particular	Unit	Production/Purchase
Silico Manganese	MT	21421.000
SGCL Insert	Pcs.	4279310
Steel Billet	MT	9274.910

NOTE:

· The production and sales quantity of Silico Manganese includes 8432.000 MT of Silico Manganese towards conversion on behalf of Tata Steel Limited.

· Sales quantity of Silico Manganese includes captive consumption of 122.800 MT.

GENERAL INFORMATION

Customers :

· Tata Steel Limited

· IPI Steel Limited

· Kalyani Carpenter Special Steels Plant

· Titagarh Industries Limited

· Nam Alloys Private Limited

· Rathi Ispat Limited

· Bokaro Steel Plant

· Ganapati Enterprises

· Minmat Ferro Alloys Limited

· Besco Limited

· Jindal Strips Limited

Bankers :

State Bank of India, Mid Corporate Loan Administration Unit, 7^th Floor, Samriddhi Bhawan, Block E-1, Strand Road, Kolkata-700001, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Working Capital Loans
State Bank of India Alipore [FCNRB Loan]	91.107	0.000
State Bank of India Alipore [Cash Credit]	224.466	256.344
State Bank of India Alipore [Buyers Credit]	0.000	97.243
Long Term Loan State Bank of India Term Loan	37.058	40.084
Short Term Loan	0.772	0.000
Total	353.403	393.671

Banking Relations :	--
Auditors :
Name :	K.N. Gutgutia and Company Chartered Accountants
Address :	6C, Middleton Street, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22873735/56
Fax No.:	91-33-22873756
E-Mail :	kng_kol@vsnl.net
Pan No.:	AACSK6448G

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 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		120.000	120.000	90.000
2] Share Application Money		0.200	0.200	0.000
3] Reserves & Surplus		68.559	43.294	58.253
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		188.759	163.494	148.253
LOAN FUNDS
1] Secured Loans		353.403	393.671	203.014
2] Unsecured Loans		115.783	9.881	113.332
TOTAL BORROWING		469.186	403.552	316.346
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		657.945	567.046	464.599
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		202.615	213.080	132.033
Capital work-in-progress		18.249	24.371	33.319
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	344.641	291.922	95.938
	Sundry Debtors	107.338	82.271	253.046
	Cash & Bank Balances	80.518	49.835	50.607
	Other Current Assets	0.327	0.001	0.226
	Loans & Advances	58.552	56.078	43.340
Total Current Assets		591.376	480.107	443.157
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	133.083	128.657	103.221
	Other Current Liabilities	14.804	17.804	30.174
	Provisions	6.408	4.051	10.515
Total Current Liabilities		154.295	150.512	143.910
Net Current Assets		437.081	329.595	299.247
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		657.945	567.046	464.599

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1080.633	1032.726	1553.889
		Other Income	185.315	155.199	161.278
		TOTAL (A)	1265.948	1187.925	1715.167
Less	EXPENSES
		Raw Material Consumed	735.168	720.796	704.415
		Purchase of Traded Goods	18.336	61.637	404.188
		Excise Duty and Cess on Stocks	0.824	0.769	0.000
		Manufacturing Expenses	407.689	336.492	462.734
		Salaries, Wages and Other Employee Benefits	22.048	19.613	17.253
		Selling, Distribution and Administration Expenses	58.090	39.939	43.817
		Increase / Decrease in Stocks	(75.923)	(32.153)	17.126
		TOTAL (B)	1166.232	1147.093	1649.533
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		99.716	40.832	65.634
Less	FINANCIAL EXPENSES (D)		43.973	37.243	25.303
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		55.743	3.589	40.331
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.136	18.346	20.100
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		24.607	(14.757)	20.231
Less	TAX (H)		(0.658)	0.202	5.224
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		25.265	(14.959)	15.007
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		41.094	56.053	41.046
	BALANCE CARRIED TO THE B/S		66.359	41.094	56.053
	EARNINGS IN FOREIGN CURRENCY		223.003	437.091	354.868
	IMPORTS		112.727	96.751	6.414
	Earnings / (Loss) Per Share (Rs.)		2.11	(1.66)	1.67

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.00	(1.26)	0.87
Net Profit Margin (PBT/Sales)	(%)	2.28	(1.43)	1.30
Return on Total Assets (PBT/Total Assets}	(%)	3.10	(2.13)	3.52
Return on Investment (ROI) (PBT/Networth)		0.13	(0.09)	0.14
Debt Equity Ratio (Total Liability/Networth)		3.30	3.39	3.10
Current Ratio (Current Asset/Current Liability)		3.83	3.19	3.07

LOCAL AGENCY FURTHER INFORMATION

OPERATING RESULTS:

The gross sales were Rs.1129.100 Millions compared to Rs.1087.300 Millions in the previous year and the net sales were Rs.1080.600 Millions as compared to Rs.1032.700 Millions in the previous year. Other income were Rs.185.300 Millions as compared to Rs.155.200 Millions in the previous year. Net profit was Rs.25.300 Millions in comparison to net loss of Rs.14.900 Millions in the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80039729
Corporate identity number of the company	L51109WB1995PLC071126
Name of the company	BHASKAR SHRACHI ALLOYS LTD
Address of the registered office or of the principal place of business in India of the company	8/1, Middleton Row, Kolkata-700071, West Bengal, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Others
Particular of charge holder	State Bank of India, Mid Corporate Loan Administration Unit, 7^th Floor, Samriddhi Bhawan, Block E-1, Strand Road, Kolkata-700001, West Bengal, India
Email	sbi.10481@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).
Date of instrument Creating the charge	05.01.2010
Amount secured by the charge	Rs.470.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For Cash Credit (Stock) @ 2.5% above SBAR i.e. 14.25% p.a. For Term Loan-I @ 3% avove SBAR i.e. 14.75% p.a. For LC: As per Card rate. For BG: As per Card rate. Terms of Repayment Working Capital is repayable on demand as per Banking norms. The Term Loan-I of Rs.45.000 Millions is repayable in 16 quarterly installments, out of which first 15 installments of Rs.2.800 Millions each and the last installment of Rs.3.000 Millions. Margin 25% of Raw Materials, 25% of Stock-in-Process, 25% of Finished Goods, 30% of Book Debts/ Receivables (Cover period 60 days), 15% of Letter of Credit(Usance 60 days), and 25% of Bank Guarantees. Extent and Operation of the charge First Charge on the whole of the hypothecated assets as a continuing security.
Short particulars of the property charged	All goods book debts and all other movable assets of the Borrower including documents of title to the goods, outstanding moneys, receivables, claims, bills, invoices, Contracts, investments, plant and machinery both present and future and all other current assets by way of first charge.
Date of latest modification prior to the present modification	02.12.2008
Particulars of the present modification	By this modification, the Overall Limit is reduced from Rs.634.200 Millions to Rs.470.700 Millions.Particulars of Current Assets and all other terms and conditions continue to remain as before in full force and effect.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Un-expired bank guarantees and letter of credit	69.500	161.279
Disputed sales tax matters (WBST and CST for 2001-02)	0.000	5.478
Total	69.500	166.757

FIXED ASSETS:

· Land Leasehold

· Building

· Plant and Machinery

· Electrical Installation

· Vehicles

· Office Equipments

· Computer

· Furniture and Fixtures

WEBSITE DETAILS:

PROFILE:

Subject incorporated on April 13, 1995 with the intention to set up a plant for manufacturing Silico Manganese and Ferro Manganese. The company was promoted jointly by Mr. Shrawan Kumar Todi of Shrachi Group and Mr. Krishna Kumar Rungta of Bhaskar Group.

In the year 1995-96 the company has setup one submerged Arc Furnace of 6.00 MVA to manufacture Silico Manganese and Ferro Manganese at Waria Road, Angadpur, Durgapur. Encouraged with the market acceptance for its products and growing demand for ferro alloys by the consuming industry, both in the domestic and export sectors, the Company decided to go for further expansion of its manufacturing facilities at the existing site by putting up second submerged arc furnace of 7.50 MVA capacity for manufacturing HC Silico Manganese and HC Ferro Manganese. The company’s clients include SAIL, Tata Steel Limited, Vardhman Special steels, Usha Martin etc. The company also exports its products to Russia, Europe and other countries.

In the year 1999 the company diversified into manufacturing railway track materials by setting up Induction Furnaces for manufacturing SGCI Inserts for use in Railway sleepers. The company got the approval from RDSO (Research Designs and Standards Organisation, Ministry of Railways, Govt. of India) to manufacture and sale of SGCI Inserts. As per directives of Indian Railways, only RDSO approved companies can manufacture and supply railway track materials. This unit is now ISO 9001:2000 certified unit.

In the year 2004-05 the company decided to go for further expansion by setting up two 8.0 MT Induction Furnaces for manufacturing Steel Ingots and in the year 2009 the company expanded its Ingot manufacturing unit into Billets manufacturing unit at the existing manufacturing facility with a capacity to manufacture 65000 MT of Billets per annum which is now operational.

The company has been accorded status of Export House in accordance with the provisions of Foreign Trade Policy, 2004-09 by the Office of the Joint Director General of Foreign Trade, Govt. of India and has been awarded Star Performers award as medium enterprise in ferro alloys for export of ferro alloys for the year 2005-2006, 2007-08.

The company has also undertaken expansion project at its Durgapur Works to set up third submerged Arc Furnace of 9.00 MVA capacity along with EOT crane, complete with material handling system and other allied facilities to produce Ferro Alloys with a project cost of Rs.168.000 Millions.

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.51.65
UK Pound	1	Rs.79.10
Euro	1	Rs.65.32

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.