MIRA INFORM REPORT

Report Date :

06.07.2012

IDENTIFICATION DETAILS

Name :	BAJAJ STEEL INDUSTRIES LIMITED
Registered Office :	Imambada Road, Nagpur – 440018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.02.1961
Com. Reg. No.:	11-011936
Capital Investment / Paid-up Capital :	Rs.23.500 Millions
CIN No.: [Company Identification No.]	L27100MH1961PLC011936
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturer and Exporter of Machinery for Cotton Ginning and Pressing Decorting Machinery.
No. of Employees :	1300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old and established and reputed company having fine track. There appears some dip in the sales turnover and the profitability of the company during the year 2011. However, trade relations are reported to be decent. 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

INFORMATION PARTED BY

Name :	Mr. M K Sharma
Designation :	President
Contact No.:	91-9325132305
Date :	22.06.2012

LOCATIONS

Registered Office :	Imambada Road, Nagpur – 440018, Maharashtra, India
Tel. No.:	91-712-2720071 / 80
Mobile No.:	91-9325132305 (Mr. M K Sharma)
Fax No.:	91-712-2728050 / 2723068
E-Mail :	bsi@bajajngp.com mks@bajajngp.com cs@bajajngp.com
Website :	http://www.bajajngp.com
Area :	10 Acre
Location :	Owned
Factory 1 :	C-108, MIDC, Hingna Industrial Area, Nagpur - 440028
Factory 2 :	D-5/2, MIDC, Hingna Industrial Area, Nagpur – 440028
Factory 3 :	[Under Construction] G 108, Butibori, MIDC Industrial, Nagpur - 441122
Regional Office :	Godown No. 72, Sahajanand Estate, Co-operative Housing Society, Near Lalmulji Trasport, Sarkhej. Ahmedabad (G.S), Pin-332210

DIRECTORS

As on 31.03.2011

Name :	Mr. Hargovind Bajaj
Designation :	Chairman
Name :	Mr. Rohit Bajaj
Designation :	Managing Director
Name :	Mr. Sunil Bajaj
Designation :	Executive Director
Name :	Mr. Vinodkumar Bajaj
Designation :	Board of Directors (Promoter - Non-Executive Director)
Name :	Mr. Lachland Mutha
Designation :	Non-Executive Director
Name :	Mr. Kamal Kishore Kela
Designation :	Independent Director
Name :	Mr. Mohan Agarwal
Designation :	Independent Director
Name :	Mr. Alok Goenka
Designation :	Independent Director
Name :	Mr. Rajkumar Lohia
Designation :	Independent Director
Name :	Mr. Rajiv Ranka
Designation :	Independent Director
Name :	Mr. Deepak Batra
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. Jadish Shirke
Designation :	Company Secretary
Name :	Mr. M K Sharma
Designation :	President
Name :	Mr. Manish Sharma
Designation :	Chief Financial Officer
Audit Committee of Board of Directors
Name :	Deepak Batra
Designation :	Chairman
Name :	Rajiv Ranka
Designation :	Member
Name :	Alok Goenka
Designation :	Member
Remuneration Committee of Board of Directors
Name :	Deepak Batra
Designation :	Chairman
Name :	Rajiv Ranka
Designation :	Member
Name :	Alok Goenka
Designation :	Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Names of Shareholders	No. of Shares	Percentage
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	651,650	27.73
Bodies Corporate	209,000	8.89
Sub Total	860,650	36.62
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	860,650	36.62
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2,900	0.12
Financial Institutions / Banks	100	-
Sub Total	3,000	0.13
(2) Non-Institutions
Bodies Corporate	521,109	22.17
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	641,993	27.32
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	107,215	4.56
Any Others (Specify)	216,033	9.19
Clearing Members	129,543	5.51
Non Resident Indians	86,490	3.68
Sub Total	1,486,350	63.25
Total Public shareholding (B)	1,489,350	63.38
Total (A)+(B)	2,350,000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	2,350,000	-

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Machinery for Cotton Ginning and Pressing Decorting Machinery.
Products :	Item Code No.	Product Description
	844519.10	Main Activity-Machinery for cotton Ginning and Pressing used for preparing textile fabrics.
	320649.90	Subsidiary Activity-Plastic Master Batches based on Caco3
Exports :
Products :	· Cotton Ginning · Pressing Machinery
Countries :	Tanzania China Zimbabwe Africa Uganda USA Pakistan
Imports :
Products :	Raw Material
Countries :	· Germany · Taiwan · China · USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Installed Capacity
Master Batches	MTs	5000

Particulars	Unit	Actual Production
D. R. Gins	Nos	3172
Master Batches	MTs.	25560.180

GENERAL INFORMATION

Suppliers :

· Jindal Steels

· S R Steels

Customers :

End Users

· Amit Cotton

No. of Employees :

1300 (Approximately)

Bankers :

· Axis Bank, Civil Line, Nagpur, Maharashtra, India

· State Bank of India, Nagpur, Maharashtra, India

· Karur Vysya Bank, Nagpur, Maharashtra, India

Facilities :

CC/Ba Rs.200.000 Millions

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
A)Term Loans from : SlCOM Limited Secured by first charge on the entire fixed assets and movable assets, present and future, situated at Plot No. C-108, MIDC, Hingna, Nagpur and floating charge on all other assets of the Company and by personal guarantee of the Managing and Executive Director of the company.	68.000	75.000
B) i) Working Capital Loans from :
a) State Bank of India	64.272	61.948
B) Karur Vysya Bank Limited (Secured by first charge on current assets of Steel Division, collateral security by way of extension of first and exclusive charge on the entire fixed assets, present and future situated at plot No- G-108, Butibori, MIDC, Nagpur (Collateral Security pending documentation and Registration) and by personal guarantee of the Managing and Executive Directors of the Company.)	99.402	46.271
(ii) Overdraft from :
a) HDFC Bank Limited	8.124	17.124
b) Wardhaman Co-Operative Bank Limited	0.000	15.222
c) AXIS Bank Limited	3.226	3.015
d) Karur Vysya Bank Limited (Secured by pledge of certain Fixed Deposit Receipts)	0.000	9.075
C) * Vehicle Loans from :	0.000	0.000
a) ICICI Bank Limited	0.985	0.077
b) HDFC Bank Limited	5.158	8.454
c) Karur Vysya Bank Limited Secured by hypothecation of vehicles financed by them	6.095	0.000
	2.227	1.720
Total	257.489	237.906
Secured Loan	As on 31.03.201	As on 31.03.2010
Fixed Deposits	5.473	10.867
From Bodies Corporate	266.649	211.392
Total	272.122	222.259

Banking Relations :	--
Financial Institution:	SICOM Limited, Mumbai, Maharashtra, India
Auditors :
Name :	B. Chhawchharia and Company Chartered Accountants
Address :	602, Govind Estates, Plot No. 172, Shivaji Nagar, Nagpur – 440 010, Maharashtra, India
Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence:	· Associated Biscuit Company Limited · Bajaj Chemoplast (India) Limited · Bajaj Trade Development Limited · Bajaj Exports Private Limited · Rohit Polytex Limited · Prosperous Finance Services Limited · Ampee Textiles Private Limited · Twinstar Plasticoats Private Limited · Bajaj Global Limited · Ridhi Vinimay Private Limited · Sidhi Vinimay Private Limited · Vidarbha Tradelinks Private Limited · Glycosic Merchants Private Limited · Bajaj Marketing Services · Rohit Machines and Fabricators Limited · Bajaj Packaging · Gangalaxmi Agrotech Private Limited · Gangalaxmi Industries Limited · Luk Technical Services Private Limited · Luk Plastcon Limited · Plast Master Batches Private Limited · Luk Infrastructure Private Limited · Enbee Trade and Finance Limited · Luk Bedrocks Private Limited · Nagpur Infotech Private Limited · Bajaj Polymin Private Limited · Luk Bricks Private Limited · Bajaj Polyblends Private Limited · Bajaj Superpack Limited · Bajaj Gintech Private Limited · Bajaj Plastics Private Limited · Bajaj Cotgin Private Limited
Sister Concern:	Super Pack Address: Imambada Road, Nagpur – 440018, Maharashtra, India Line of Business: Manufacturer and Exporter of Machinery for Cotton Ginning and Pressing Decorting Machinery. Bajaj Coneagle LLC, USA

CAPITAL STRUCTURE

As on 31.03.2011

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
2350000	Equity Shares	Rs.10/- each	Rs.23.500 Millions

Note:

(The above Includes 5 10,000 Equity Shares Issued as fully paid Bonus snares by capitalisation of General Reserve)

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		23.500	22.000	22.000
2] Share Application Money		9.900	0.000	0.000
3] Reserves & Surplus		478.403	441.189	343.877
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		511.803	463.189	365.877
LOAN FUNDS
1] Secured Loans		257.489	237.906	87.985
2] Unsecured Loans		272.122	222.259	219.325
TOTAL BORROWING		529.611	460.165	307.310
DEFERRED TAX LIABILITIES		2.030	4.060	8.837
TOTAL		1043.444	927.414	682.024
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		342.703	317.239	305.525
Capital work-in-progress		130.357	103.555	45.954
INVESTMENT		2.784	2.783	16.463
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	614.159	458.024	273.886
	Sundry Debtors	236.343	155.573	160.191
	Cash & Bank Balances	185.625	233.755	161.040
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	104.300	100.512	47.442
Total Current Assets		1140.427	947.864	642.559
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	340.266	277.193	145.072
	Other Current Liabilities	203.611	147.019	152.116
	Provisions	28.950	19.815	31.289
Total Current Liabilities		572.827	444.027	328.477
Net Current Assets		567.600	503.837	314.082
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1043.444	927.414	682.024

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011	31.03.2010	31.03.2009
	SALES
			Income	2208.903	2245.395	2558.863
			Processing Charges	2.275	0.375	1.315
			Other Income	25.653	36.471	56.434
			TOTAL (A)	2236.831	2282.241	2616.612
Less	EXPENSES
			Raw Materials	1483.990	1315.542	1518.714
			Purchases	12.015	208.415	19.958
			Power and Fuel	13.670	11.733	10.861
			Stock Adjustments	(100.820)	(128.973)	83.319
			Other Manufacturing Expenses	143.527	141.423	130.352
			Personals	202.494	158.795	125.201
			Excise Duty	176.608	136.992	269.459
			Cost of Borrowing	58.975	55.999	44.729
			Other Expenses	163.190	178.349	137.476
			TOTAL (B)	2153.649	2078.275	2340.069
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			83.182	203.966	276.543
Less	FINANCIAL EXPENSES (D)			0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			83.182	203.966	276.552
Less/ Add	DEPRECIATION/ AMORTISATION (F)			57.295	51.392	43.138
	PROFIT BEFORE TAX (E-F) (G)			25.887	152.574	233.405
Less	TAX (I)			21.310	50.131	85.255
	PROFIT AFTER TAX (G-I) (J)			4.577	102.443	151.148
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			35.899	18.587	12.586
Less	APPROPRIATIONS
		Provision for Proposed dividend		4.700	4.400	40.400
		Corporate Dividend Tax		0.763	0.730	0.747
		Transfer to General Reserve		10.000	80.000	140.000
	BALANCE CARRIED TO THE B/S			25.013	35.899	18.587
	EARNINGS IN FOREIGN CURRENCY
	Export Earnings			121.685	293.614	164.024
	TOTAL EARNINGS			121.685	293.614	164.024
	IMPORTS
	Capital Goods			34.511	6.298	32.273
	Raw Materials			365.344	320.971	249.606
	TOTAL IMPORTS			399.855	327.269	281.879
	Earnings Per Share (Rs.)			2.08	46.56	68.70

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
	1^st Quarter	2^nd Quarter	3^rdQuarter	4^th Quarter
Net Sales	510.800	888.810	1053.090	702.090
Total Expenditure	493.250	834.430	939.960	667.450
PBIDT (Excl OI)	17.550	54.380	113.130	34.640
Other Income	3.990	5.500	4.570	8.820
Operating Profit	21.540	59.880	117.700	43.460
Interest	16.020	18.730	16.780	16.930
Exceptional Items	0.000	0.000	0.00	0.000
PBDT	5.520	41.150	100.920	26.530
Depreciation	13.900	13.900	13.9200	14.420
Profit Before Tax	(8.380)	27.250	87.000	12.110
Tax	0.000	5.900	28.100	4.000
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	(8.380)	21.350	58.900	8.110
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(8.380)	21.350	58.900	8.110

Particulars	31.03.2012
Sales Turnover (Approximately)	3370.000

Expected Sales (2012-2012): Rs.3000.000 Millions (Marketing Fluctuation)

The above information has been parted by Mr. M K Sharma – President

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.20	4.49	5.78
Net Profit Margin (PBT/Sales)	(%)	1.17	6.79	9.12
Return on Total Assets (PBT/Total Assets}	(%)	2.27	12.06	24.62
Return on Investment (ROI) (PBT/Networth)		0.05	0.33	0.64
Debt Equity Ratio (Total Liability/Networth)		2.15	1.95	1.74
Current Ratio (Current Asset/Current Liability)		1.99	2.13	1.96

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last one year	Yes
12) Profitability for last one year	Yes
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	No

WORKING AND FUTURE PROSPECTS:

The Company's performance was affected as the Company has introduced new products in the market. The outcome of these products has started receiving some response during the Financial Year 2010 -11 and its full fledge effect is expected in next few years. During the year, the turnover of the Company has been marginally decreased from Rs 2282.200 Millions in 2009-10 to Rs 2236.800 Millions in 2010 -2011 representing a fall of 2.00.%, this was due to uncertainty about cotton crop in the country. The profitability of the Company has also been affected as the profit of the Company has decreased from Rs 102.400 Millions in 2009 -10 to Rs. 4.600 Millions in 2010-11 .The Board of Directors are trying their best to improve the performance of the Company. The working of both the division of the Company is given as below:

STEEL DIVISION:

The Steel Division is concentrating in its core business of manufacturing Cotton ginning and Pressing machineries which has a great potential to expand, considering the increasing cotton cultivation in India and abroad. The Company had successfully launched few new products like Cotton Delinting Machines and Decorticating Machines, Pre-fabricated Industrial Sheds etc.

PLASTIC DIVISION (SUPERPACK):

The sale / disposal of the Superpack Division is expected to complete at the earliest. However the performance of the unit during the year was remained static due to adverse market forces.

MANAGEMENT DISCUSSION AND ANALYSIS

FORWARD LOOKING STATEMENTS:

Future Trend and Opportunities:

The technological developments on Ginning and Pressing Machinery has acted as an driving force in structural shift from old outdated to more productive advance machinery. By and large the good pace of technology development and dissemination has been witnessed in India in the last 10 years. The continuous thrust of Government, research institutes like Central Institute for Research on Cotton Technology, organizations like Cotton association of India and machinery manufactures towards technological developments will prove a driving force for the further improvement of cotton ginning and pressing machinery in future. The growth rate for utilization of cotton is about 10-15%, at present and among all the natural fibers cotton constitutes about 80% of the total consumption of natural fibers in the world. There are various possibilities to increase the use of cotton for diversified product manufacture, thus the requirement of modernization machinery is going to increase which will improve the working of the company in the core business. Further, the company has planned to take up the other areas of cotton ginning and pressing factories such as building structures, electrical panels, fire diversion, humidification systems and advanced material handling systems which will result in substantially higher value for orders as compared to earlier orders only for core machinery.

The Company has also started manufacturing Delinting and Decorticating Plant Machineries as well as other items for the same on turnkey basis under technical collaboration within M/s. Continental Eagle Corporation USA, this will also result in additional business.

INDUSTRY STRUCTURE AND DEVELOPMENT:

Primarily, the Company is consisting two Divisions viz Steel Division and Superpack (Plastic) Division. Steel Division of the Company is having distinguished manufacturing facilities in India for Cotton Ginning and Pressing Plants located at Imambada Road and C-108, Hingana Industrial Area, Hingna, Nagpur.

Recently the Company had acquired land in G-108 Butibori Industrial Estate, Nagpur (MH) where the construction of building work had been completed substantially and is expected to start the production at the earliest.

The Superpack Division of the Company is for manufacturing of Masterbatches. However, the sale / disposal of the Superpack Division is expected to complete at the earliest. Further, the Major thrust of the Management is on the operation of Steel Division of the Companywhich is its core business.

The strong vision and dedication of the promoters has put the Company as one of the biggest manufacturers of Cotton Ginning and Pressing Machineries with distinction of having only company in the world with capabilities for manufacturing Cotton Ginning Machines for all the three major cotton ginning technologies being used in the world and enjoying more than two – thirds of the market share in India while rapidly expanding wings in the other cotton growing countries of the world.

The Company has entered technical collaborations to manufacture the Cotton Processing Machines with following companies / institutes:

Sr. No.	Name of Machines	Name of Collaborators
	Continental Products	Continental Eagle Corporation. USA
	Ginning and Pressing Machines	Central Institute for Research on Cotton Technology (CIRCOT), ICAR, Government of India Mumbai
	Humidification System	Samuel Jackson lnc. of USA

These collaborations have enabled the company to expand its goodwill and to tap new areas of business.

DEVELOPMENT AND EXPANSION:

The Company is having distinguished manufacturing facilities in India for Cotton Ginning and Pressing Plants / Machineries. The facilities are equipped with state of art machines with latest technologies and managed by team of engineers. Moreover, the Company is in the process of expanding its business activities by way of expansion plans. Looking against the seasonal nature of Ginning Machines, the Company had successfully developed few new products like Cotton Seed Delinting Machines/ Decorticating Machines, Fire Diverter System, Pre-fabricated and Secondary Filter, Fibre Compacter, Bale Ties etc which would cater the market through out the year.

The company has recently developed an improved model of D.R. Gin Machine and named as “BAJAJ D R GIN MACHINE- GOLDEN JUBILEE” which give 20% more output with the same power consumption. Thus increasing the productivity of the gin machines

Moreover, the Company has introduced Cotton Seed Dispensing System Machine which evenly and gently open the seed cotton and allows consistent and uniform feeding of Seed Cotton hence resulting in the higher productivity. Subsequently the Company has applied to the Patent Office for the registration of “Cotton Seed Dispensing System Machine” under the Patent Act, 1970.

Moreover as the Company is in the phase of expansion and diversification, it had started the business of Construction and Fabrication of Factory Shades, Structural Buildings etc., the Company has filed application under The Trademarks Act, 1969 to register the BAJAJ STEEL BUILDING LOGO used by the Company in relation to the above mentioned activities undertaken by the Company.

EXPORT POTENTIAL OF GINNING MACHINES:

Like Indian economy, agriculture always remains the base of most of the developing countries. The company has successfully exported its cotton processing machines to Peru, Tajikistan, Srilanka, Myanmar, Bangladesh, Egypt, Pakistan, Madagascar, Nigeria, Zimbabwe, Zambia, Uganda, Tanzania, Malawi, Ethiopia etc.

The demand for spare parts for ginning machines and allied equipments are increasing manifold. In order to meet this demand, the company has opened a depot at Ahmadabad and planning to open more depots in other cotton growing areas in India.

SEGMENT WISE – PRODUCT WISE PERFORMANCE:

The Steel Division of the Company consists of manufacturing of Cotton Ginning and Pressing machineries and its spare parts and accessories.

During the year, the Steel Division has achieved a Turnover of Rs.1366.200 Millions and Superpack Division has achieved a turnover of Rs.858.000 Millions. The turnover of Cotton Division in domestic sale and export of Cotton Bales during the year is Rs.12.500 Millions. The details of segment wise revenue, Results and capital employed has been mentioned in Notes to the Accounts in this Annual Report.

CONTINGENT LIABILITIES

Rs. In Million

PARTICULARS	31.03.2011
	0.288
Labor Matters	0.043
Excise Duty	13.660
Custom Duty	3.621
Income Tax	20.089
Entry Tax	0.224

STATEMENT OF STANDALONE UN-AUDITED FINANCIAL RESULT FOR THE QUARTER ENDED 31.03.2012

				Rs in Millions	Rs in Millions	Rs in Millions
	Particulars			Quarter ended	Quarter ended	Year ended
				31.03.2012	31.12.2011	31.03.2012
				(Unaudited)	(Unaudited)	(Unaudited)
1	Net Sales/Income from Operations			687.299	1048.187	3133.136
	Other Operating Income			14.793	4.901	21.652
	Total Income from operations			702.092	1053.088	3154.788
2	Expenditure
	(a)		Cost Material consumed	449.948	694.162	1968.856
	(b)		Purchase of traded goods	0.000	0.000	139.905
	©		Changes in inventories of finished goods and works-in-process	17.040	44.302	135.216
	(d)		Employee benefits expense	54.601	58.247	214.279
	(e)		Depreciation	14.419	13.915	56.136
	(f )		Other Expenditure	145.867	143.249	476.843
			Total Expenses	681.875	953.875	2991.235
3			Profit from Operations before Other Income, financial costs and exceptional item	20.216	99.213	163.552
4			Other Income	8.819	4.565	22.875
5			Profit before finance costs and exceptional item	29.035	103.778	186.427
6	Financial Costs			16.929	16.780	68.457
7	Profit / (loss) after finance costs but before exceptional item			12.106	86.998	117.970
8	Exceptional Items			0.000	0.000	0.000
9	Profit / (loss) before tax			12.106	86.998	117.970
10	Tax Expenses			4.000	28.100	38.000
11	Net Profit / (loss) after tax			8.106	58.898	79.970
12	Share of profit /(loss) of Associates			0.000	0.000	0.00
13	Net Profit / (loss) after taxes and share of point / (loss) of Associate (13+14)			8.106	58.898	79.970
14	Paid up equity share capital (Face value per share of Rs.10/- each)			23.500	23.500	23.500
15	Reserves(excluding revaluation reserve			0.000	0.000	0.000
16		Earning Per Share (not annualised) Basic and Diluted		3.45	25.06	34.03
17		Public Shareholding
		Number of Shares		1489350	1489350	1489350
		Percentage of Shareholding		63.37%	63.37%	63.37%
18		Promoters and Promoter group
		a) Pledged/Encumbered
		Number of shares		NIL	NIL	NIL
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		NIL	NIL	NIL
		Percentage of Shares (as a % of the total share capital of the Company)		NIL	NIL	NIL
		b) Non-encumbered
		Number of shares		860650	860650	860650
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		100.00%	100.00%	100.00%
		Percentage of Shares (as a % of the total share capital of the Company)		36.62%	36.62%	36.62%

Particulars	3 months ended 31.03.2012
INVESTOR COMPLAINTS
Pending at the beginning of the quarter	01.01.2012
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	31.03.2012

Note:

1. The above financial result have been taken on record by the Board of Director at their Meeting held on 03 May 2012 after reviewed by the Audit Committee

2. There were no investor complains outstanding at the beginning of the quarter. All companies received during the quarter were resolved

3. Previous year/quarter figures are regrouped / restated wherever necessary

4. Statement of Asset and Liabilities is as Follows.

5. The classification / disclosure of items in the financial result shall be in accordance with the Revised Schedule VI of the companies Act 1956. Further for the above Profit / Loss from discounting operation if any included in the above shall be disclosed with details thereof.

STATEMENT OF ASSETS AND LIABILITIES

Rs. In Million

	PARTICULAR	31.03.2012
I	Equity and Liabilities
	1) Shareholders Funds
	a) Share Capital	23.500
	b) Reserves and Surplus	604.704
	Sub-total-Shareholders' funds	628.204
	2) Non – Current Liabilities
	a) Long term Borrowing	314.982
	b) Deferred tax liabilities (Net)	2.030
	c) Other Long term liabilities	10.643
	d) Long-term provisions	25.520
	Sub-total - Non-current liabilities	353.175
	3) Current Liabilities
	a) Short term borrowing	193.200
	b) Trade payable	330.791
	c) Other current liabilities	173.784
	d) Short term provision	0.000
	Total	697.774
	Total	1679.154
II	Assets
	1) Non – Current Assets
	a) Fixed assets	508.123
	b) Non – current Investment	2.784
	c) Long term loans and advance	80.480
	Total	591.387
	2) Current Assets
	a) Inventories	501.706
	b) Trade receivables	309.150
	c) Cash and cash equivalents	220.216
	d) Short term loans and advance	56.694
	Total	1087.767
	Total	1679.154

QUARTERLY REPORTING OF SEGMENT WISE REVENUE RESULT AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT

Rs. In Millions

Sr	PARTICULAR	Quarter Ended 31.03.2012 (Unaudited)	Quarter Ended 31.12.2011 (Unaudited)	Year Ended 31.03.2012 (Unaudited)
1	Segment Revenue
	a) Segment – Steel and Related Product	475.518	840.637	2126.602
	b) Segment – Cotton Trading	0.000	0.000	133.893
	c) Segment – Plastic and Related Product	235.392	217.016	917.168
	Total	710.910	1057.623	3177.662
	Less: Inter Segment Revenue	0.000	0.000	0.000
2	Segment Result (Profit) + (Loss) – before Tax and Financial Cost From each Segment
	a) Segment – Steel and Related Product	15.139	100.371	144.530
	b) Segment – Cotton Trading	(3.939)	(0.257)	3.859
	c) Segment – Plastic and Related Product	17.836	3.663	38.039
	Total	29.036	103.777	186.427
	Less: I Financial Cost	16.929	16.780	68.457
	Less: ii Other Un-allocable expenditure net un-allocable income	0.000	0.000	0.000
	Total Profit before Tax	12.107	86.997	117.970
3	Capital Employed (Segment Assets-Segment Liabilities)
	a) Segment – Steel and Related Product	576.992	572.078	576.992
	b) Segment – Cotton Trading	3.859	7.798	3.859
	c) Segment – Plastic and Related Product	(4.701)	(11.834)	(4.701)
	d) Other	16.058	13.342	16.058
	Total	592.208	581.384	592.208

TRADE REFERENCE

· Jindal Steels

· S R Steels

· Amit Cotton

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Vehicles

· Patents

AS PER WEBSITE DETAILS

COMPANY PROFILE

Subject, a significant part of Bajaj Group of Industries, Nagpur was established in the year 1961, as a manufacturer and exporter of cotton pressing and ginning machines. Under the guidance of Mr. M. K. Sharma, the President of the organization, they have set a strong foothold in the global market. His experience and knowledge has assisted us in achieving specialization in the manufacturing of Ginning and Pressing Equipment. Today, they are counted among the Decorticating Machines Suppliers and Hull Beater Exporters in India.

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.55.02
UK Pound	1	Rs.85.93
Euro	1	Rs.68.96

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.