MIRA INFORM REPORT

Report Date :

29.05.2012

IDENTIFICATION DETAILS

Name :	UAL INDUSTRIES LIMITED (w.e.f 16.01.2006)
Formerly Known As :	UTKAL ASBESTOS LIMITED
Registered Office :	“Mani Uday”, 16, Myfair Road, Kokata – 700019, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.11.1974
Com. Reg. No.:	21-140600
Capital Investment / Paid-up Capital :	Rs.44.350 millions
CIN No.: [Company Identification No.]	U26943WB1974PLC140600
TAN No.: [Tax Deduction & Collection Account No.]	CALU02967G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the manufacturing of asbestos cement sheets and accessories.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 4700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track. The company is doing well. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	“Mani Uday”, 16, Myfair Road, Kokata – 700019, West Bengal, India
Tel. No.:	91-33-40115100/22838801
Fax No.:	91-33-40115199/22838805/40115158
E-Mail :	ual_kol@ualind.com info@ualind.com
Website :	http://www.ualind.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Arun Kumar Saraf

Designation :

Managing Director

Address :

AT/PO-12 Ashoka Road, Kolata – 700027, West Bengal, India

Date of Birth/Age :

01.09.1955

Qualifications:

B.Com (Hons)

Date of Appointment :

18.11.1985

DIN No.:

00704840

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	U24221OR1975PTC000653	ROURKELA PIGMENTS AND CHEMICAL PRIVATE LIMITED	Director	21/09/1977	21/09/1977	-	Active	NO
2	U63090WB1981PTC033797	SAP CARRIERS PRIVATE LIMITED	Director	20/06/1981	20/06/1981	-	Active	NO
3	U26943WB1974PLC140600	UAL INDUSTRIES LIMITED.	Managing director	18/11/1985	18/11/1985	-	Active	NO
4	U51909WB1991PTC052303	IONIC EXPORTS PRIVATE LIMITED	Director	1/01/1996	1/01/1996	-	Active	NO
5	U13100WB1992PLC055279	EASTERN MINERALS AND ALLOYS LIMITED	Director	27/04/2002	27/04/2002	-	Active	NO
6	U51909WB1993PTC058093	PRABHAKAR COMMERCIAL PRIVATE LIMITED	Director	12/06/2003	12/06/2003	-	Active	NO
7	U51909WB1993PTC057640	PRANAV MERCHANDISE PRIVATE LIMITED	Director	12/06/2003	12/06/2003	-	Active	NO
8	U70109WB1996PLC080433	VICTORIA CONSTRUCTION LIMITED	Director	28/07/2003	28/07/2003	-	Active	NO
9	U27205OR2008PTC009895	TITANIUM PRODUCTS PRIVATE LIMITED	Director	24/07/2008	24/07/2008	-	Active	NO

Name :

Mr. Sanwar Mull Shroff

Designation :

Director

Address :

3 Hungerfor D Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

12.01.1935

Date of Appointment :

07.12.1991

DIN No.:

00005263

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	U27109WB1965PTC026509	SARAF AGENCIES PRIVATE LIMITED	Director	1/04/2009	21/01/1967	-	Active	NO
2	U65993WB1974PLC029299	KONARK INVESTMENTS LIMITED	Director	7/03/1974	7/03/1974	-	Amalgamated	NO
3	U45202WB1981PTC033681	H J PROPERTIES PRIVATE LIMITED	Director	21/05/1981	21/05/1981	1/01/2012	Active	NO
4	U74999WB1928PTC006224	HEILGERS PRIVATE LIMITED	Director	14/09/2009	27/06/1983	1/01/2012	Active	NO
5	U65993WB1984PTC037337	HEILGERS DEVELOPMENT AND CONSTRUCTION COMPANY PRIVATE LIMITED	Director	30/03/1984	30/03/1984	1/01/2012	Active	NO
6	U45201DL1984PLC181590	SHREE NIRMAN LIMITED	Director	24/04/1984	24/04/1984	18/10/2008	Active	NO
7	U26943WB1974PLC140600	UAL INDUSTRIES LIMITED.	Director	7/12/1991	7/12/1991	30/03/2012	Active	NO
8	L14101RJ1945PLC000283	ASSOCIATED STONE INDUSTRIES (KOTAH) LIMITED	Director	15/01/1993	15/01/1993	2/02/2012	Active	NO
9	U70109WB1981PTC033872	FORUM PROJECTS PRIVATE LIMITED	Director	20/06/1996	20/06/1996	-	Active	NO
10	U01111OR1997PTC004793	EXOTIC PLANTATION PRIVATE LIMITED	Director	6/02/1997	6/02/1997	5/09/2008	Active	NO
11	U01121OR1997PTC004794	SOUTH-WEST PLANTATION PRIVATE LIMITED	Director	6/02/1997	6/02/1997	5/09/2008	Active	NO
12	U24222WB1998PLC176323	TITANIUM MINERAL PRODUCTS LIMITED	Director	13/10/1998	13/10/1998	-	Active	NO
13	U70101OR1982PTC001037	SAFARI RETREATS PRIVATE LIMITED	Director	19/04/2002	19/04/2002	7/08/2007	Active	NO
14	U51109WB1984PTC037271	FORUM SHOPPING MALL PRIVATE LIMITED	Director	27/12/2002	27/12/2002	1/01/2012	Active	NO
15	U51109MH1985PTC185222	SHREE TIRUPATI COMMERCIAL COMPANY PRIVATE LIMITED	Director	8/03/2004	8/03/2004	12/09/2007	Active	NO
16	U90002WB2002PTC095094	FORUM MALL MANAGEMENT SERVICES PRIVATE LIMITED	Director	10/06/2004	10/06/2004	1/01/2012	Active	NO
17	U27109WB2004PTC100313	CHARIOT STEEL AND POWER PRIVATE LIMITED	Director	4/11/2004	4/11/2004	28/03/2007	Active	NO
18	U80221WB1987PTC043014	FORUM PROJECT HOLDINGS PRIVATE LIMITED	Director	25/05/2005	25/05/2005	1/01/2012	Active	NO
19	U70109WB1995PTC075176	MULTIPLE TOWERS PRIVATE LIMITED	Director	1/06/2005	1/06/2005	13/06/2008	Active	NO
20	U45201WB2006PTC107409	TECHNOPOLIS INFRASTRUCTURE PRIVATE LIMITED	Director	19/01/2006	19/01/2006	1/01/2012	Active	NO
21	U45201WB2006PTC107405	FORUM SHOPPING CENTRES PRIVATE LIMITED	Director	19/01/2006	19/01/2006	1/01/2012	Active	NO
22	U45200WB2007PTC112724	FORUM INFRASTRUCTURE PRIVATE LIMITED	Director	24/01/2007	24/01/2007	1/01/2012	Active	NO
23	U45400WB2007PTC114605	FORUM IT PARKS PRIVATE LIMITED	Director	26/03/2007	26/03/2007	21/11/2007	Active	NO
24	U45400WB2007PTC114916	FORUM RETAIL PRIVATE LIMITED	Director	30/03/2007	30/03/2007	1/01/2012	Active	NO
25	U55101WB2007PTC116832	ADITYAPUR CITY CENTRE HOTEL PRIVATE LIMITED	Director	27/06/2007	27/06/2007	1/01/2012	Active	NO
26	U45400WB2007PTC116830	FORUM VENTURES PRIVATE LIMITED	Director	27/06/2007	27/06/2007	1/01/2012	Active	NO
27	U85100WB2007PTC121093	ADITYAPUR CITY CENTRE HOSPITAL PRIVATE LIMITED	Director	18/12/2007	18/12/2007	10/07/2008	Active	NO
28	U51909WB2008PTC123577	FORUM DEVELOPMENT AND CONSTRUCTION COMPANY PRIVATE LIMITED	Director	4/03/2008	4/03/2008	1/01/2012	Active	NO
29	U27205OR2008PTC009895	TITANIUM PRODUCTS PRIVATE LIMITED	Director	27/03/2008	27/03/2008	-	Active	NO
30	U70109WB2008PTC125171	FORUM ETA REALTY PRIVATE LIMITED	Director	24/04/2008	24/04/2008	1/01/2012	Active	NO
31	U45400WB2008PTC124817	FORUM RIVIERA CONSTRUCTIONS PRIVATE LIMITED	Director	30/09/2009	16/02/2009	1/01/2012	Active	NO

Name :

Mr. Gopal Kumar Tulsyan

Designation :

Director

Address :

11B/1 Palm Avenue, Kolakata – 700019, West Bengal, India

Date of Birth/Age :

03.09.1953

Qualifications:

b.Sc, F.C.A

Date of Appointment :

31.08.1999

DIN No.:

00062465

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	U74210WB1984PTC037272	VIKAS CONSULTANTS PRIVATE LIMITED	Director	1/04/1992	1/04/1992	-	Active	NO
2	U65991WB1994PLC065766	RADAR SECURITIES LIMITED	Director	7/11/1994	7/11/1994	-	Active	NO
3	U51109WB1983PTC036411	CHICKY TRADERS PRIVATE LIMITED	Director	18/12/1995	18/12/1995	-	Active	NO
4	U67120WB1995PTC070712	RADAR STOCK BROKING PRIVATE LIMITED	Director	4/08/1997	4/08/1997	-	Active	NO
5	U27203WB1990PTC095847	RADAR COMMERCIALS PRIVATE LIMITED	Director	22/10/1997	22/10/1997	-	Active	NO
6	U26943WB1974PLC140600	UAL INDUSTRIES LIMITED.	Director	31/08/1999	31/08/1999	-	Active	NO
7	U70109WB1991PTC050778	SATYAPRAKASH VANIJYA VINIYOG PRIVATE LIMITED	Director	27/11/2000	27/11/2000	26/05/2008	Active	NO
8	U13100WB1992PLC055279	EASTERN MINERALS AND ALLOYS LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO

Name :

Mr. Sushil Chndra Jain

Designation :

Director

Address :

AT/PO- Tulsi Apartment, Flat No. 301, Hindustan Park, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

01.08.1940

Qualifications:

Master Degree in personal Management and L.L.B

Date of Appointment :

07.12.1991

DIN No.:

00194087

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	U26943WB1974PLC140600	UAL INDUSTRIES LIMITED.	Director	7/12/1991	7/12/1991	-	Active	NO
2	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	27/10/2006	27/10/2006	-	Active	NO

Name :

Mr. Kaushlesh Nandanprasad Sinha

Designation :

Director

Address :

Utkal Asbestos Limited, Post Box No. 8, Dhenkanal – 759001, Orissa, India

Date of Birth/Age :

11.05.1953

Qualifications:

B.E (Chemical Engineering)

Date of Appointment :

14.05.2005

DIN No.:

00704925

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	U13100WB1992PLC055279	EASTERN MINERALS AND ALLOYS LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
2	U51109WB1996PTC078405	GUNJAN MARKETING PRIVATE LIMITED	Director	16/03/2005	16/03/2005	-	Active	NO
3	U26943WB1974PLC140600	UAL INDUSTRIES LIMITED.	Director	14/05/2005	14/05/2005	-	Active	NO
4	L23109WB1988PLC045142	PRATEEK COKE LIMITED	Director	9/06/2006	9/06/2006	-	Active	NO

Name :

Mrs. Nupur Poddar

Designation :

Director

Address :

CE 80 Salt Lake City, Sector -1, Kolakata – 700064, West Bengal, India

Date of Birth/Age :

17.12.1979

Date of Appointment :

20.04.2011

DIN No.:

01049724

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	U51909WB1987PTC042153	NEELACHAL NATURAL RESOURCE PRIVATE LIMITED	Director	2/01/1998	2/01/1998	-	Active	NO
2	U13100WB1992PLC055279	EASTERN MINERALS AND ALLOYS LIMITED	Director	2/01/1998	2/01/1998	-	Active	NO
3	U51109WB1994PTC064039	KASTURI VINIMAY PRIVATE LIMITED	Director	1/08/1998	1/08/1998	-	Active	NO
4	U26943WB1974PLC140600	UAL INDUSTRIES LIMITED.	Director	30/09/2011	20/04/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Directors or Relative of Directors
Arun Kumar Saraf	315600
Saroj Saraf	308000
Jamunadhar Arun Kumar (H.U.F)	3335000
Noel Saraf	378000
Nupur Poddar	323000
Sushil Kumar Poddar (Abhishek Family Trust)	50000
Sonal Khandelwal	323000
Bodies Corporate
Ionic Exports Private limited, India	39000
Joyous agencies Private limited, India	112550
A K D Vinimay Private limited, India	112000
Tirupati Coal Industry Private limited, India	205000
Prateek Coke limited, India	858900
Hema Exports Private limited, India	52800
Kasturi Vinimay Private limited, India	151900

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	54.20
Directors or relatives of Directors	45.80
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the manufacturing of asbestos cement sheets and accessories.
Products :	ITC Code No.	Product Description
	252400	Asbestos Cement Products

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Asbestos Cement Products	MT	430000	399275

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Pradeshiya industrial and Investment Corporation of UP Limited, Pickup Bhavan, Gomti nagar, Lucknow – 226010, Uttar Pradesh, India

· IDBI Bank, IDBI House, Janpath, Bhubaneswar – 751022, Orissa, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	184.262	283.417
Rupee term loans others secured	97.025	59.127
Working capital loans banks secured	202.049	179.906
Total	483.336	522.450
Secured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	11.300	0.000
Other debt unsecured	71.715	4.164
Total	83.015	4.164

Banking Relations :	--
Auditors :
Name :	N.K.Batra and Company Chartered Accountant
Address :	A – 154, Sahid Nagar, Bhubaneswar – 751007, Orissa, India
PAN.:	ABEPB1096L

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5250000	Equity Shares	Rs.10/- each	Rs.52.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4435000	Equity Shares	Rs.10/- each	Rs.44.350 Millions

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		44.350	43.450	42.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1155.309	780.382	478.383
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1199.659	823.832	520.483
LOAN FUNDS
1] Secured Loans		483.336	522.450	602.273
2] Unsecured Loans		83.015	4.164	62.520
TOTAL BORROWING		566.351	526.614	664.793
DEFERRED TAX LIABILITIES		18.390	21.040	20.884
TOTAL		1784.400	1371.486	1206.160
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		701.002	664.583	661.525
Capital work-in-progress		99.493	49.208	0.000
INVESTMENT		63.815	51.697	39.727
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	950.882	669.589	627.501
	Sundry Debtors	279.901	215.894	152.426
	Cash & Bank Balances	169.617	220.702	173.135
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	603.540	345.586	169.401
Total Current Assets		2003.940	1451.771	1122.463
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	233.919	211.005	332.885
	Other Current Liabilities	438.925	372.228	146.187
	Provisions	411.006	262.540	138.483
Total Current Liabilities		1083.850	845.773	617.555
Net Current Assets		920.090	605.998	504.908
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1784.400	1371.486	1206.160

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3375.546	3065.041	2433.638
		Other Income	13.497	13.860	6.269
		TOTAL (A)	3389.043	3078.901	2439.907
Less	EXPENSES
		Consumption material changes inventories Expenses	1903.890	1719.610
		Manufacturing service cost	150.063	118.586
		Employee related expenses	133.817	121.361
		Administrative selling other expenses	625.964	585.033
		TOTAL (B)	2813.734	2544.590	2183.815
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		575.309	534.311	256.092
Less	FINANCIAL EXPENSES (D)		24.992	29.106	86.234
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		550.317	505.205	169.858
Less/ Add	DEPRECIATION/ AMORTISATION (F)		107.339	101.718	70.772
	PROFIT BEFORE TAX (E-F) (G)		442.978	403.487	99.086
Less	TAX (I)		147.019	142.458	32.979
	PROFIT AFTER TAX (G-I) (J)		295.959	261.029	66.107
Less	APPROPRIATIONS		10.133	25.180	14.776
	BALANCE CARRIED TO THE B/S		285.826	235.849	51.331
	IMPORTS
		Raw Materials	1245.18	1005.292	740.382
		Stores & Spares	0.230	0.555	0.366
		Capital Goods	4.810	3.671	21.659
	TOTAL IMPORTS		1250.220	1009.518	762.407
	Earnings Per Share (Rs.)		66.73	60.07	15.70

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.73	8.48	2.71
Net Profit Margin (PBT/Sales)	(%)	13.12	13.16	4.07
Return on Total Assets (PBT/Total Assets}	(%)	22.11	27.79	8.88
Return on Investment (ROI) (PBT/Networth)		0.37	0.49	0.19
Debt Equity Ratio (Total Liability/Networth)		0.90	1.03	1.17
Current Ratio (Current Asset/Current Liability)		1.85	1.72	1.82

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	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	No
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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	Yes

Note: Registered office of the company has been shifted from Village –Korian, Dhenkanal – 759013, Orissa, India to be present address w.e.f 24.11.2009

PERFORMANCE AND OPERATIONS

The year 2010-11 continued to prove to be a satisfactory year in respect of all measures and strengthening the financial position of the Company. The sales revenues are higher by 12% and profits by 13%. The table below reflects the growth during the year compared to previous year.

FINANCE

The Company issued 90,000 Nos. of equity share of Rs.10/- each at a premium of Rs.990/- per share thereby raising the share capital from Rs.43.450 Millions to Rs.44.350 Millions and the share premium amounting to Rs.89.100 Millions has been transferred to share premium account taking the total share premium reserve at Rs.217.450 Millions

Contingent Liabilities

Contingent liabilities are not provided for and are disclosed by way of Notes to the Accounts.

Following Contingent Liabilities have not been provided for:

PARTICULAR	31.03.2011
Bank Guarantees given by Bank on behalf of the Company	49.791
Capital commitments nor due and not provided for	255.000
The disputed liabilities amounting to Rs.27.970 Millions out of which Rs.2.800 Millions has been paid on account of Sales Tax as per stay order granted by Honble High Court of Orissa.	--

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U26943WB1974PLC140600
Name of the company	UAL INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	“Mani Uday”, 16, Myfair Road, Kokata – 700019, West Bengal, India Email: ual_kol@ualind.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10148286
Type of charge	Uncalled share capital Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	The Pradeshiya industrial and Investment Corporation of UP Limited, Pickup Bhavan, Gomti nagar, Lucknow – 226010, Uttar Pradesh, India Email: cl.aaaca@gmail.com
Nature of instrument creating charge	1.Agreement of Hypothecation
Date of instrument Creating the charge	28.03.2011
Amount secured by the charge	Rs.97.025 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest No Interest Refer Agreement of Hypothecation Terms of Repayment Refer Agreement of Hypothecation Margin Refer Agreement of Hypothecation Extent and Operation of the charge Refer Agreement of Hypothecation
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The property is located at the heart of city Varanasi and is a five storeyed commerial complex named Kuber Complex, With Office At The Fourth Floor For Details Refer Hypothecation Agreement
Particulars of the present modification	The Loan Amount has been increased from Rs.59.127 Millions to Rs.97.025 Millions Refre Sanction Letter For Details

Fixed Assets

· Land Building

· Plant and Machinery

· Office Equipment and Computer

· Vehicle

· Flyash Handing System

· Capital Work in Progress

AS PER WEBSITE DETAILS

COMPANY PROFILE

Subject is in the business of manufacturing Fibre Cement Corrugated sheets and accessories under the brand name “Konark”. The company has manufacturing units in 3 locations namely Dhenkanal (Orissa), Tungadhowa (Midnapore, West Bengal) and Baramanpur (Uttar Pradesh).

The mother Plant was set up at Dhenkanal, Orissa with the initial installed capacity of 30,000 MT per annum in the year 1980. To the day, in 2010, the production capacity of the company is Rs.0.430 Millions MT per annum. The company’s products are sold and distributed under the brand name “Konark” which is synonymous with Orissa. The company maintains its leadership in Eastern India with the “Konark” brand established as a superior Brand based on quality, strength, and durability. The company received the ISO 9001: 2008, ISO 14001: 2004 and OSHAS 18001:2007 certifications from Bureau Veritas Quality International (BVQI) and TUV which exhibits the highest quality standards.

Subject is a professionally managed company. Shri S M Shroff, is the non – executive Chairman and Shri A K Saraf is the Managing Director who manages overall functioning of the company along with Executive Director, Sri K N P Sinha and other professionally qualified Non-executive Directors, unit heads and a dedicated team of Officers and Executives.

Subject is the largest Fibre Cement Sheet manufacturer and marketer in Eastern India with a 40% market share in East India. The National average is 10%. The company provides opportunity of direct employment to more than 700 personnel and indirectly to nearly 1500 persons.

It may be worthwhile to mention that after a lot of R and D the company has started using Fly Ash as a major Raw Material to the extent of 37% in the Raw Material Mix since 1992 and thereby helping in tackling the environment problem created by emission of fly ash. The Company is recipient of Environment Excellence Awards from Govt. of West Bengal, Orissa and TERI on various occasions.

A new green field Fibre Cement Sheet manufacturing facility is being set up in the State of Bihar in the district of Vaishali near Patna. The land has been acquired and project clearance from the Ministry of Environment and Forests, New Delhi is awaited. The Capital investment in initial phase of the project shall be of the order of Rs. 300.000 Millions. It is likely to be commissioned during the first quarter of next financial year 2011–12. With addition to this plant, the total production capacity would stand enhanced to Rs.0.550 Millions MT per annum.

BOARD OF DIRECTOR

Shri A.K. Saraf - CMD

Qualifications – B. Com. (Hons.)

Relevant Industry Expertise – He has an experience of over 30 years in the industries engaged in manufacturing of cement and fibre cement roofing sheets and accessories. He plans, co-ordinates and directs all the facets of the management of the company. He acts as the brain of the organization and leads the company to success while achieving the company’s vision and objectives.

Shri K. N. P. Sinha - Executive Director

Qualifications – B.E. (Chemical Engineering)

Relevant Industry Expertise – He has a long experience of 35 years in Fibre Cement Sheet Industry. His expertise includes hands on knowledge of not only plant operations but strategic planning as well.

Shri S.C. JAIN – Director

Qualifications – Master Degree in Personnel Management and L.L.B.

Relevant Industry Expertise – He is widely associated with various types of industries in his capacity as an Industrial Advisor in the matter of Personnel Management. He has a long experience in Industrial Relations and Labor Laws.

Shri G. K. Tulsyan – Director

Qualifications – B.Sc, F.C.A.

Relevant Industry Expertise – He is a practicing Chartered Accountant and commands a wide knowledge on the subject of taxation and company law matters. He has a long experience and good command over his profession.

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.55.26
UK Pound	1	Rs.86.80
Euro	1	Rs.69.63

INFORMATION DETAILS

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.