MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	B.M.M. ISPAT LIMITED
Registered Office :	114, Danapur Village, Hobli Marriamanahalli, Hospet Taluk, Bellary District – 583 222, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.04.2002
Com. Reg. No.:	08-030365
Capital Investment/ Paid-up Capital:	Rs1021.998 Millions
CIN No.: [Company Identification No.]	U13100KA2002PLC030365
TAN No.: [Tax Deduction & Collection Account No.]	BLRB05074G
PAN No.: [Permanent Account No.]	AACCB3556B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Trading in Iron Ore, Generation and Sale of Power, Manufacturing TMT Bars and Iron ORE Processing.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 44300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is part of BMM Group. It is well established and reputed company having good track record. Financially company appears strong. The financial for the current year is missing form government department. However, from the previous year record company appears to be good. Performance capacity seems strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB [Term Loan]
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	02.05.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Factory :	114, Danapur Village, Hobli Marriamanahalli, Hospet Taluk, Bellary District – 583 222, Karnataka, India
Tel. No.:	91-8394-244681/82/83/84
Fax No.:	91-8394-244680/244686
E-Mail :	suman@bmm.in
Area :
Corporate Office :	101, 1^st Floor, Pride Elite, No.10, Museum Road. Bangalore – 560001, Karnataka, India.
Tel. No.:	91-80-41495660/ 1/3
Fax No.:	91-80-41495663/ 4
E-Mail :	bmmco@bmm.in bmmplant@bmm.in
Website :	www.bmm.in

DIRECTORS

AS ON 25.07.2012

Name :

Mr. Dinesh Kumar Singhi

Designation :

Managing Director

Address :

No.7-201-1, Shravanipride Basavangudi Market Road, Bangalore – 560004, India

Date of Birth/Age :

14.01.1971

Date of Appointment :

15.04.2002

Din No.:

00208064

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U13201KA1999PTC024827	H.K.T. MINING PRIVATE LIMITED	Managing director	30/04/2007	26/02/1999	-	Amalgamated	NO
2	U67120KA1999PTC025712	SINGHI FINLEASE PRIVATE LIMITED	Director	15/09/1999	15/09/1999	-	Active	NO
3	U67120KA2001PTC028490	SNEHFIN INVESTMENTS PRIVATE LIMITED	Director	22/01/2001	22/01/2001	-	Active	NO
4	U13100KA2002PLC030365	B.M.M. ISPAT LIMITED	Managing director	30/04/2012	15/04/2002	-	Active	NO
5	U01010KA2004PTC033519	SHREE GAVISIDDESHWARA MINERALS PRIVATE LIMITED	Director	02/04/2007	16/11/2004	-	Active	NO
6	U70101KA2005PTC037125	SHRAVANEE PROPERTIES PRIVATE LIMITED	Director	02/09/2005	02/09/2005	-	Active	NO
7	U45203KA2006PTC040944	RANJITPURA INFRASTRUCTURE PRIVATE LIMITED	Director	28/09/2007	03/08/2007	-	Active	NO
8	U67120KA2007PTC043709	SINGHI HOLDINGS PRIVATE LIMITED	Director	27/08/2007	27/08/2007	-	Active	NO
9	U40300KA2007PLC043746	BMM CEMENTS LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
10	U70101KA2007PTC041769	SNEH SHELTERS PRIVATE LIMITED	Director	26/09/2009	02/09/2008	-	Active	NO
11	U74899DL1995PTC070930	B. P.O .FINANCE AND INVESTMENTS PRIVATE LIMITED	Additional director	11/09/2009	11/09/2009	03/05/2010	Active	NO
12	U70101WB1986PTC101350	PANCHMUKHI PROPERTIES Private LIMITED	Additional director	11/09/2009	11/09/2009	03/05/2010	Active	NO
13	U40101KA2010PTC055239	BMM ENERGY PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO
14	U70100KA2012PTC065798	BMM CONSTRUCTION & PROJECTS PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Saibal Kanti Gupta

Designation :

Director

Address :

No. 14, Singapore Gardens Kanakapura Road, Doddakallasandra (PO), Bangalore – 560062, Karnataka, India.

Date of Birth/Age :

18.08.1938

Date of Appointment :

19.03.2008

Din No.:

00011138

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L27102MH1994PLC152925	JSW STEEL LIMITED	Director	25/04/1994	25/04/1994	-	Active	NO
2	L26933WB1991PLC052968	VESUVIUS INDIA LIMITED	Director	14/03/2000	14/03/2000	-	Active	NO
3	L27209KA1981PLC004343	BHUWALKA STEEL INDUSTRIES LIMITED	Director	29/09/2007	12/07/2001	14/04/2010	Active	NO
4	L67120MH2001PLC217751	JINDAL SOUTH WEST HOLDINGS LIMITED TFR. FROM MUMBAI TO DELHI	Director	12/07/2001	12/07/2001	-	Active	NO
5	L72200KA2001PLC029313	ENCORE SOFTWARE LIMITED	Director	24/07/2001	24/07/2001	25/08/2007	Active	NO
6	U01010KA2003PTC032248	ECOCOKE AND POWER PRIVATE LIMITED	Director	14/07/2003	14/07/2003	-	Under Process of Striking off	NO
7	U74140KA2004PTC034641	FERROGREEN TECHNOLOGIES PRIVATE LIMITED	Director	06/09/2004	06/09/2004	31/10/2009	Active	NO
8	U36911KA1995PLC018805	BHUWALKA JEWELLERS LIMITED	Director	07/02/2005	07/02/2005	01/04/2010	Active	NO
9	U27109AP2005PLC046635	IVRCL STEEL CONSTRUCTION AND SERVICES LIMITED	Director	23/06/2005	23/06/2005	26/04/2008	Active	NO
10	L29230KA1953PLC000748	H.M.T. LIMITED	Director	21/10/2005	21/10/2005	09/11/2008	Active	NO
11	L27104UP1984PLC023979	JINDAL SAW LIMITED	Director	22/11/2005	22/11/2005	-	Active	NO
12	L45201KA1995PLC018475	SOBHA DEVELOPERS LIMITED	Director	28/06/2006	28/06/2006	-	Active	NO
13	L45201AP1987PLC007959	IVRCL LIMITED	Director	07/07/2006	07/07/2006	15/11/2010	Active	NO
14	L27104TN1991PLC020533	SURANA INDUSTRIES LIMITED	Director	30/06/2007	27/01/2007	-	Active	NO
15	U74900DL2007PLC168338	JINDAL ITF LIMITED	Director	18/12/2007	18/12/2007	11/06/2008	Active	NO
16	U13100KA2002PLC030365	B.M.M. ISPAT LIMITED	Director	26/07/2008	19/03/2008	-	Active	NO
17	U02922KA1999GOI025572	HMT MACHINE TOOLS LIMITED	Director	26/09/2008	21/04/2008	24/12/2009	Active	YES

Name :

Mrs. Snehalatha Singhi

Designation :

Director

Address :

No.7-201-1, Shravanipride Basavangudi Market Road, Bangalore – 560004, India

Date of Birth/Age :

08.12.1972

Qualification :

B. Com

Date of Appointment :

15.04.2002

Din No.:

00208131

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120KA1999PTC025712	SINGHI FINLEASE PRIVATE LIMITED	Director	15/09/1999	15/09/1999	-	Active	NO
2	U67120KA2001PTC028490	SNEHFIN INVESTMENTS PRIVATE LIMITED	Director	22/01/2001	22/01/2001	-	Active	NO
3	U13100KA2002PLC030365	B.M.M. ISPAT LIMITED	Director	15/04/2002	15/04/2002	-	Active	NO
4	U13201KA1999PTC024827	H.K.T. MINING PRIVATE LIMITED	Director	06/05/2003	06/05/2003	-	Amalgamated	NO
5	U01010KA2004PTC033519	SHREE GAVISIDDESHWARA MINERALS PRIVATE LIMITED	Director	16/11/2004	16/11/2004	-	Active	NO
6	U70101KA2005PTC037125	SHRAVANEE PROPERTIES PRIVATE LIMITED	Director	02/09/2005	02/09/2005	-	Active	NO
7	U14107KA2007PTC043429	LOKAPUR LIMESTONE MINING PRIVATE LIMITED	Director	20/07/2007	20/07/2007	-	Strike off	NO
8	U67120KA2007PTC043709	SINGHI HOLDINGS PRIVATE LIMITED	Director	27/08/2007	27/08/2007	-	Active	NO
9	U40300KA2007PLC043746	BMM CEMENTS LIMITED	Managing director	20/07/2010	30/08/2007	-	Active	NO
10	U45203KA2006PTC040944	RANJITPURA INFRASTRUCTURE PRIVATE LIMITED	Director	25/09/2008	29/08/2008	03/02/2009	Active	NO
11	U70101KA2007PTC041769	SNEH SHELTERS PRIVATE LIMITED	Director	26/09/2009	02/09/2008	-	Active	NO
12	U70101WB1986PTC101350	PANCHMUKHI PROPERTIES Private LIMITED	Additional director	11/09/2009	11/09/2009	03/05/2010	Active	NO
13	U74899DL1995PTC070930	B. P.O .FINANCE AND INVESTMENTS PRIVATE LIMITED	Additional director	11/09/2009	11/09/2009	03/05/2010	Active	NO
14	U40101KA2010PTC055239	BMM ENERGY PRIVATE LIMITED	Additional director	03/09/2012	03/09/2012	-	Active	NO
15	U70100KA2012PTC065798	BMM CONSTRUCTION & PROJECTS PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Laxmipat Dudheria

Designation :

Director

Address :

No.7-201-1, Shravanipride Basavangudi Market Road, Bangalore – 560004, India

Date of Birth/Age :

24.08.1962

Qualification :

CA

Date of Appointment :

12.07.2004

Din No.:

00300443

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U67120KA2001PTC029030	VSL SECURITIES PRIVATE LIMITED	Director	21/05/2001	21/05/2001	Active	NO
2	U13100KA2002PLC030365	B.M.M. ISPAT LIMITED	Director	12/07/2004	12/07/2004	Active	NO
3	U01010KA2004PTC033519	SHREE GAVISIDDESHWARA MINERALS PRIVATE LIMITED	Director	16/11/2004	16/11/2004	Active	NO
4	U45200KA2006PTC040470	VSL REALTIES PRIVATE LIMITED	Director	11/09/2006	11/09/2006	Active	NO
5	U14107KA2007PTC043429	LOKAPUR LIMESTONE MINING PRIVATE LIMITED	Director	20/07/2007	20/07/2007	Strike off	NO
6	U40300KA2007PLC043746	BMM CEMENTS LIMITED	Director	30/08/2007	30/08/2007	Active	NO
7	U13201KA1999PTC024827	H.K.T. MINING PRIVATE LIMITED	Director	25/07/2008	07/01/2008	Amalgamated	NO
8	U51109WB1994PTC066645	POLSON TIE-UP PRIVATE LIMITED	Director	09/09/2009	09/09/2009	Active	NO
9	U40101KA2010PTC055239	BMM ENERGY PRIVATE LIMITED	Director	21/09/2010	21/09/2010	Active	NO

Name :

Mr. Mrutunjaya Senapati

Designation :

Director

Address :

002, Aster Block, Fantasy Gardens Apartments, 2nd Main, Kasturinagar, Bangalore-560043, Karnataka, India.

Date of Birth/Age :

15.05.1947

Qualification :

B.Sc. (Mechanical Engineering), MBA

Date of Appointment :

19.03.2008

Din No.:

02167644

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U13100KA2002PLC030365	B.M.M. ISPAT LIMITED	Whole-time director	01/06/2012	19/03/2008	Active	NO

Name :

Mr. Subramaniyam Pratapgiri

Designation :

Director

Address :

10-28 Patel Nagar, P and T Colony, Dilsukhnagar, Hyderabad-500060, Andhra Pradesh, India

Date of Birth/Age :

25.09.1965

Date of Appointment :

19.03.2008

Din No.:

00038729

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999AP1996PLC025571	CST VALINOX LIMITED	Director	06/04/2006	06/04/2006	31/03/2008	Active	NO
2	U13100KA2002PLC030365	B.M.M. ISPAT LIMITED	Director	26/07/2008	09/08/2007	-	Active	NO
3	U92132AP2004PTC044170	DEEP ROOTS ENTERTAINMENT AND MOVIES PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO

Name :

Mr. Virupaxagouda Ninganagouda Patil

Designation :

Whole Time Director

Address :

Flat B 402, Varad Vinayak Complex, Plot 4, Sector No. 5, New Panvel-410206, Maharashtra, India

Date of Birth/Age :

01.03.1954

Date of Appointment :

26.03.2012

Din No.:

05253394

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U13100KA2002PLC030365	B.M.M. ISPAT LIMITED	Whole-time director	25/07/2012	26/03/2012	Active	NO

KEY EXECUTIVES

Name :	Suman Bajoria
Designation :	Company Secretary
Address :	No. 251, 1^st Floor, 24^th Main, 5^th Phase, J.P. Nagar, Bangalore – 560 078, Karnataka, India.
Date of Birth/Age :	04.04.1982
Date of Appointment :	19.03.2008
Pan No.:	ANDPB4760G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.07.2012

Names of Shareholders	No. of Shares
Dinesh Kumar Singhi	47625000
Snehlatha Singhi	68605
Singhi Finlease Private Limited, India	15902910
Snehfin Investment Private Limited, India	34660750
Singhi Holdings Private Limited, India	3115000
Laxmipat Dudheria	50000
Dinesh Kumar Singhi (HUF)	55000
BPO Finance and Investment Private Limited, India	722500
Panchmukhi Properties Private Limited, India	725000
TOTAL	102924765

AS ON 25.07.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	53.62
Directors or relatives of directors	46.38
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Trading in Iron Ore, Generation and Sale of Power, Manufacturing TMT Bars and Iron ORE Processing.

Products :

PRODUCTS	ITEM CODE NO.
Iron Ore	26011130

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Installed Capacity	Actual Production
Iron Ore Concentrate	MT	1200000	805912
Iron Ore Pellets	MT	1200000	149588
Sponge Iron	MT	360000	96169
Billets	MT	100000	71959
TMT Bars	MT	90000	65178
Generation of Power	MT	25	18

NOTE:

1. Licensed capacity is not applicable in view of the company’s products having been delicensed as per the licensing policy of the Government of India.

2. Installed capacity is a certified by the management and accepted by the auditors, being a technical matter.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank, Large Corporate Branch, Centenary Building, No.28, M G Road, Bangalore-560001, Karnataka, India

· State Bank of India, Collage Road Branch, Pawaj Plaza, Collage Road, Hospet-583201, Karnataka, India

· Punjab National Bank

· Canara Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks secured	4171.306	2677.601
Working capital loans banks secured	124.398	0.000
TOTAL	4295.704	2677.601
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks unsecured	1517.461	694.497
Loans directors unsecured	1165.574	1030.839
TOTAL	2683.035	1725.336

Banking Relations :	--
Financial Institution :	SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Auditors :
Name :	Ostawal and Jain Chartered Accountants
Address :	No. 34, Keshava Nivas, 3rd Floor, 1st Main, Gandhinagar, 1st Main, Gandhinagar, Bangalore – 560009, Karnataka, India
PAN No:	AAAFO2177L
Subsidiaries :	· Ranjitpura Infrastructure Private Limited · BMM Global Resources Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
160000000	Equity Share	Rs.10/- each	Rs.1600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
102924765	Equity Shares	Rs.10/- each	Rs.1029.248 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		1021.998	1000.000	1000.000
2] Share Application Money		0.000	300.907	50.000
3] Reserves & Surplus		10072.228	5922.133	3334.322
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11094.226	7223.040	4384.322
LOAN FUNDS
1] Secured Loans		4295.704	2677.601	2474.140
2] Unsecured Loans		2683.035	1725.336	1082.918
TOTAL BORROWING		6978.739	4402.937	3557.058
DEFERRED TAX LIABILITIES		592.627	338.028	227.202
TOTAL		18665.592	11964.005	8168.582
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9314.183	6272.957	6107.579
Capital work-in-progress		6371.340	3246.036	762.996
INVESTMENT		988.645	1359.250	208.048
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2064.847	1326.083	941.334
	Sundry Debtors	319.281	353.257	250.078
	Cash & Bank Balances	878.692	398.631	154.678
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1343.390	505.913	908.210
Total Current Assets		4606.210	2583.884	2254.300
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1951.457	1151.183	957.381
	Other Current Liabilities	218.568	256.503	213.543
	Provisions	454.238	104.652	12.390
Total Current Liabilities		2624.263	1512.338	1183.314
Net Current Assets		1981.947	1071.546	1070.986
MISCELLANEOUS EXPENSES		9.477	14.216	18.973
TOTAL		18665.592	11964.005	8168.582

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	10422.063	6863.686	3582.694
		Other Income	2266.849	2348.059	927.978
		TOTAL (A)	12688.912	9211.745	4510.672
Less	EXPENSES
		Consumption materials changes inventories	5746.355	4107.027
		Manufacturing service costs	1441.699	1162.500
		Employee related expenses	207.088	137.355	3256.038
		Administrative selling other expenses	669.046	348.761
		Research development expenditure	0.000	0.131
		TOTAL (B)	8064.188	5755.774	3256.038
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4624.724	3455.971	1254.634
Less	FINANCIAL EXPENSES (D)		238.171	247.463	153.838
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4386.553	3208.508	1100.796
Less/ Add	DEPRECIATION/ AMORTISATION (F)		500.598	423.039	174.987
	PROFIT/LOSS FOR THE YEAR BEFORE TAXATION		0.000	0.000	925.809
Less	PRIOR PERIOD ADJUSTMENT		0.000	0.000	6.944
	PROFIT BEFORE TAX (E-F) (G)		3885.955	2785.469	918.865
Less	TAX (H)		593.769	197.659	128.115
	PROFIT AFTER TAX (G-H) (I)		3292.186	2587.810	790.750
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	165.248	792.965
	Earnings Per Share (Rs.)		32.82	25.88	15.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	25.95	28.09	17.53
Net Profit Margin (PBT/Sales)	(%)	37.29	40.58	25.64
Return on Total Assets (PBT/Total Assets}	(%)	27.92	31.44	10.99
Return on Investment (ROI) (PBT/Networth)		0.35	0.39	0.21
Debt Equity Ratio (Total Liability/Networth)		0.87	0.82	1.08
Current Ratio (Current Asset/Current Liability)		1.76	1.71	1.91

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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	Yes
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 involved in	--
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The registered office of the company has been shifted from “Singhi Sadan”, Infantry Road, Cantonment, Bellary-583104, Karnataka, India to the present address w.e.f. 04.09.2006.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U13100KA2002PLC030365
Name of the company	B.M.M. ISPAT LIMITED
Address of the registered office or of the principal place of business in India of the company	114, Danapur Village, Hobli Marriamanahalli Hospet Taluq, Bellary District – 583222, Karnataka, India Email: suman@bmm.in
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge) Floating Charge
Particular of charge holder	Punjab National Bank, Large Corporate Branch, Centenary Building, No.28, M G Road, Bangalore -560001, Karnataka, India Email: dgmlcb@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation to secure LC on DA/DP basis.
Date of instrument Creating the charge	05.03.2012
Amount secured by the charge	Rs.250.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate Of Interest As per Bank/sanction terms Terms of repayment ILC-90 days, FLC Maximum- 180 days Margin – 15% by way of FD duly lien marked Extent And Operation Of The Charge The charge shall operate to the extent of the loan amount plus interest, commission, cost, expenses and other charges there on. Others: ILC/FLC/(DA/DP)/LOU for buyers credit facility – 250.000 Millions
Short particulars of the property charged	Hypothecation of Exclusive Charge on Capital goods/ Machineries for replacement of old/ worn out machines/ equipments for the operational units in Phase-I and phase-II present and future ill retirement of bills under the LC stored/installed at company's factories, premises and go downs/Works At No.114, Danapur village, Hospet Taluk, Bellary District Karnataka, India or wherever else the same

FIXED ASSETS:

· Land and Land Improvements

· Freehold Land

· Building

· Office Equipments

· Plant and Machinery

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 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 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.53.77
UK Pound	1	Rs.86.77
Euro	1	Rs.69.71

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	5
--LEVERAGE	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.