MIRA INFORM REPORT

Report Date :

03.11.2012

IDENTIFICATION DETAILS

Name :	ESSEL MINING AND INDUSTRIES LIMITED
Registered Office :	10 Camac Street, Kolkata-700017, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.04.1950
Com. Reg. No.:	21-018728
Capital Investment / Paid-up Capital :	Rs.2996.927 Millions
CIN No.: [Company Identification No.]	U51109WB1950PLC018728
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Low Carbon Ferro Alloys and HDPE/PP Woven Sacks.
No. of Employees :	2000 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Aa (76)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 190000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Aditya Birla Group, India. It is well established and reputed company having excellent track. Directors are reported as resourceful and respectable businessmen. Their trade relations are fair. Fundamentals are strong and healthy. Payments are regular and as per commitments. The company can be considered good for any 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	CRISIL
Rating	AA [Long-Term Rating]
Rating Explanation	High degree of safety it carry very low credit risk.
Date	24.02.2012

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 :	10 Camac Street, Kolkata 700017, West Bengal, India
Tel. No.:	91-33-39876000
Fax No.:	91-33-30518300
E-Mail :	rakhi.agarwal@adityabirla.com esselmines@adityabirla.com
Corporate Office :	Aditya Birla Centre, S K Ahire Marg, Worli, Mumbai-400030, Maharashtra, India
Tel. No.:	91-22-66525000
E-Mail :	esselimines@adityabirla.com
Factory 1 :	Mining Division At P.O. Barbil, District Keonjhar-758035, Orissa, India
Tel. No.:	91-6767-275224/237
E-Mail :	esselimines@adityabirla.com
Factory 2 :	Ferro Chem Division Plot No. 165 and 166, GIDC, District Valsad, Vapi-396195, Gujarat, India
Tel. No.:	91-260-2423199/2436520
Fax No.:	91-260-2431099
E-Mail :	esselimines@adityabirla.com
Factory 3 :	Wind Power Division Village Khori, Taluka Sakri, District Dhule, Maharashtra, India
E-Mail :	esselimines@adityabirla.com
China Representative Office:	1914, Shanghai International Trade Centre, 2201-Yannan Road (West), Shanghai, China-200336
Tel No.:	+86-21-62093137/62081617

DIRECTORS

AS ON 29.09.2011

Name :

Tuhin Kumar Mukherjee

Designation :

Managing Director

Address:

Flat No. 3502, Imperial South Tower, BB Nakashe Marg, Tardeo, Mumbai-400034, Maharashtra, India

Date of Birth :

25.03.1952

Date of Appointment :

21.01.2011

Din No.:

01163569

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	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Managing director	15-02-10	19-01-07	27-12-10	Active	NO
2	U14200MH2007PLC173687	JSW NATURAL RESOURCES INDIA LIMITED	Director	31-08-07	31-08-07	24-12-10	Active	NO
3	U10300DL2008PTC176675	ROHNE COAL COMPANY PRIVATE LIMITED	Director	11-04-08	11-04-08	27-12-10	Active	NO
4	U10200OR2008GOI010250	MJSJ COAL LIMITED	Director	13-08-08	13-08-08	24-10-08	Active	NO
5	U10100WB2009PLC139007	GOURANGDIH COAL LIMITED	Director	28-08-10	26-10-09	14-01-11	Active	NO
6	U10300MH2010PLC200871	JSW NATURAL RESOURCES BENGAL LIMITED	Director	13-03-10	13-03-10	24-12-10	Active	NO
7	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Managing director	21-01-11	21-01-11	-	Active	NO
8	U13209WB2007PTC120296	AB PGM MINING COMPANY PRIVATE LIMITED	Director	20-09-11	04-02-11	-	Active	NO
9	U13209WB2007PTC120293	AB METAL MINING COMPANY PRIVATE LIMITED	Director	20-09-11	04-02-11	-	Active	NO
10	U13209WB2007PTC120294	AB BASE METAL MINING COMPANY PRIVATE LIMITED	Director	20-09-11	04-02-11	-	Active	NO
11	U10200WB2007PTC120295	SL PGM MINING COMPANY PRIVATE LIMITED	Director	20-09-11	04-02-11	-	Active	NO
12	U13209WB2007PTC120292	SL BASE METAL MINING COMPANY PRIVATE LIMITED	Director	20-09-11	04-02-11	-	Active	NO
13	U14220MH2011PLC219760	ADITYA BIRLA NATURAL RESOURCES LIMITED	Director	13-07-11	13-07-11	-	Active	NO

Name :

Mr. Sunil Kumar Daga

Designation :

Director

Address:

Rajanigandha, 25 Ballygunge Park, Flat No, 14 W, Kolkata - 700 019, West Bengal, India

Date of Birth :

06.03.1941

Date of Appointment :

18.07.1975

Din No.:

00441579

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	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	18-07-75	18-07-75	-	Active	NO
2	U70101WB1980PLC032592	RAJNIGANDHA APARTMENTS LIMITED	Director	30-04-82	30-04-82	-	Active	NO
3	U67120MH1982PLC027789	FIVE-STAR TRADING AND INVESTMENT COMPANY LIMITED	Director	31-08-82	31-08-82	-	Active	NO
4	U67120MH1982PTC028252	RAJRATNA HOLDINGS PRIVATE LIMITED	Director	25-07-84	25-07-84	-	Active	NO
5	U70109WB1985PLC038472	PIC PROPERTIES LIMITED	Director	04-09-86	04-09-86	-	Active	NO
6	U34300WB1990FTC049600	V.E. MOTOR ACCESSORIES AND COMPONENTS PRIVATE LIMITED	Director	10-08-90	10-08-90	-	Active	NO
7	U74899DL1990PTC041298	AMARAWATI EXPORTS PRIVATE LIMITED	Director	28-08-90	28-08-90	-	Strike off	NO
8	L51109WB1982PLC034798	UMANG COMMERCIAL COMPANY LIMITED	Director	30-06-92	30-06-92	-	Active	NO
9	U65920MH1987PTC044226	MRAGYA FINANCE AND INVESTMENT PRIVATE LIMITED	Director	27-08-92	27-08-92	-	Active	NO
10	L99999MH1985PLC035905	MANSOON TRADING COMPANY LIMITED	Director	06-09-93	06-09-93	-	Active	NO
11	L74140WB1983PLC036546	MANGALAM SERVICES LIMITED	Director	31-12-94	31-12-94	-	Active	NO
12	U29130WB1996PLC079441	MADHUSUDAN ELECTRO CIRCUIT SYSTEMS LIMITED	Director	22-04-96	22-04-96	-	Active	NO
13	U51109WB1998PTC087058	RAJNIGANDHA VANIJYA PRIVATE LIMITED	Whole-time director	13-04-98	13-04-98	-	Active	NO
14	U31200WB1987PTC042919	NOUVELLE TEA PRIVATE LIMITED	Director	18-01-02	18-01-02	30-06-10	Active	NO
15	U34300WB1978PTC031822	MAHANAGAR ENGINEERING PRIVATE LIMITED	Director	07-04-05	07-04-05	-	Active	NO
16	L51909WB1983PLC035853	HERITAGE HOUSING FINANCE LIMITED	Director	31-10-05	31-10-05	-	Active	NO
17	U15421WB1913PLC002430	AMARAWATI TEA CO LIMITED	Whole-time director	01-04-11	28-09-06	-	Active	NO
18	U74930WB2009PTC132962	HILAND SAPPHIRE MAINTENANCE COMPANY PRIVATE LIMITED	Director	20-02-09	20-02-09	28-06-10	Active	NO
19	U65993WB1981PTC034105	RAJNIGANDHA PROMOTIONS PRIVATE LIMITED	Director	17-03-10	17-03-10	-	Active	NO

Name :

Mr. Kumar Mangalam Birla

Designation :

Director

Address:

Mangal Adityaayan, 20, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

14.06.1967

Date of Appointment :

09.05.2004

Din No.:

00012813

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	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Director	23-09-92	23-09-92	-	Active	NO
2	L17124MP1947PLC000410	GRASIM INDUSTRIES LIMITED	Director	14-10-92	14-10-92	-	Active	NO
3	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Director	16-11-92	16-11-92	-	Active	NO
4	U80300MH1987GAP042663	G.D.BIRLA MEDICAL RESEARCH AND EDUCATION FOUNDATION	Director	20-09-93	20-09-93	-	Active	NO
5	U70101MP1986PTC003398	GWALIOR PROPERTIES AND ESTATES PRIVATE LIMITED	Director	13-06-94	13-06-94	-	Active	NO
6	U51109MP1985PTC002775	TRAPTI TRADING AND INVESTMENT PRIVATE LIMITED	Director	13-06-94	13-06-94	-	Active	NO
7	U67120MP1989PTC005169	TURQUOISE INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	13-06-94	13-06-94	-	Active	NO
8	U70101MP1986PTC003444	SESHASAYEE PROPERTIES PRIVATE LIMITED	Director	13-06-94	13-06-94	-	Active	NO
9	U65991MH1994PLC080811	BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LIMITED	Director	28-10-95	28-10-95	-	Active	NO
10	U67120MH1980PTC023476	BIRLA GROUP HOLDINGS PRIVATE LIMITED	Director	31-07-98	31-07-98	-	Active	NO
11	U73100MH1999PTC118379	ADITYA BIRLA MANAGEMENT CORPORATION Private LIMITED	Director	15-06-99	15-06-99	-	Active	NO
12	U99999MH2000PLC128110	BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Director	04-08-00	04-08-00	-	Active	NO
13	U72200KA1976PLC027564	ADITYA BIRLA MINACS IT SERVICES LIMITED	Director	24-10-01	24-10-01	24-04-08	Amalgamated	NO
14	U80101MH2002NPL136300	PRATHAM EDUCATION FOUNDATION	Director	01-10-02	01-10-02	-	Active	NO
15	U99999KA1995PLC052040	ADITYA BIRLA MINACS WORLDWIDE LIMITED	Additional director	12-10-10	21-07-03	11-04-11	Active	NO
16	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	09-05-04	09-05-04	-	Active	NO
17	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	14-05-04	14-05-04	-	Active	NO
18	U65993MH2002PTC135827	TGS INVESTMENT AND TRADE PRIVATE LIMITED	Director	17-12-04	17-12-04	-	Active	NO
19	U67120MH1982PTC028144	VIKRAM HOLDINGS PRIVATE LIMITED	Director	24-12-04	24-12-04	-	Active	NO
20	U67120MH1982PTC028252	RAJRATNA HOLDINGS PRIVATE LIMITED	Director	24-12-04	24-12-04	-	Active	NO
21	U67120MH1982PTC026923	VAIBHAV HOLDINGS PRIVATE LIMITED	Director	24-12-04	24-12-04	-	Active	NO
22	U67120MH1981PTC025438	GLOBAL HOLDINGS PRIVATE LIMITED	Director	24-12-04	24-12-04	-	Active	NO
23	L17120MH1897PLC000163	CENTURY TEXTILE AND INDUSTRIES LIMITED	Director	07-02-06	07-02-06	-	Active	NO
24	L32100GJ1996PLC030976	IDEA CELLULAR LIMITED	Director	30-09-06	20-06-06	-	Active	NO
25	U65990MH1988PLC048117	ADITYA BIRLA RETAIL LIMITED	Director	29-09-07	28-12-06	13-03-08	Active	NO
26	U65990MH1988PTC048498	KANISHTHA FINANCE AND INVESTMENT PRIVATE LIMITED	Director	28-09-07	04-01-07	-	Active	NO
27	U74140MH2008PTC179360	ADITYA BIRLA CAPITAL ADVISORS PRIVATE LIMITED	Director	14-09-09	05-01-09	-	Active	NO
28	U51109WB1918PTC003010	BIRLA BROTHERS PRIVATE LIMITED	Director	06-04-10	06-04-10	-	Active	NO
29	L24131WB1948PLC095302	PILANI INVESTMENT AND INDUSTRIES CORPORATION LIMITED	Director	27-08-10	29-04-10	-	Active	NO
30	L26959GJ2009PLC058011	SAMRUDDHI CEMENT LIMITED	Director	24-07-10	18-05-10	-	Amalgamated	NO
31	U45200MH2007PTC173199	ABG REALTY AND INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	30-09-11	21-10-10	-	Active	NO

Name :

Mrs. Rajashree Birla

Designation :

Director

Address:

Mangal Adityaayan, 20, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

15.09.1945

Date of Appointment :

09.05.2004

Din No.:

00022995

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120MH1982PTC028144	VIKRAM HOLDINGS PRIVATE LIMITED	Director	10-09-82	10-09-82	Active	NO
2	U80300MH1987GAP042663	G.D.BIRLA MEDICAL RESEARCH AND EDUCATION FOUNDATION	Director	21-05-87	21-05-87	Active	NO
3	U70101MP1986PTC003398	GWALIOR PROPERTIES AND ESTATES PRIVATE LIMITED	Director	15-12-95	15-12-95	Active	NO
4	U51109MP1985PTC002775	TRAPTI TRADING AND INVESTMENT PRIVATE LIMITED	Director	15-12-95	15-12-95	Active	NO
5	U67120MP1989PTC005169	TURQUOISE INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	15-12-95	15-12-95	Active	NO
6	U70101MP1986PTC003444	SESHASAYEE PROPERTIES PRIVATE LIMITED	Director	15-12-95	15-12-95	Active	NO
7	L17124MP1947PLC000410	GRASIM INDUSTRIES LIMITED	Director	14-03-96	14-03-96	Active	NO
8	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Director	14-03-96	14-03-96	Active	NO
9	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Director	15-03-96	15-03-96	Active	NO
10	U67120MH1980PTC023476	BIRLA GROUP HOLDINGS PRIVATE LIMITED	Director	31-07-98	31-07-98	Active	NO
11	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	24-06-99	24-06-99	Active	NO
12	U55100MH1988GAP046130	VAIBHAV MEDICAL AND EDUCATION FOUNDATION	Director	08-08-00	08-08-00	Active	NO
13	U85199PN2001PLC019881	ADITYA BIRLA HEALTH SERVICES LIMITED	Director	20-04-01	20-04-01	Active	NO
14	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	09-05-04	09-05-04	Active	NO
15	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	14-05-04	14-05-04	Active	NO
16	U65993MH2002PTC135827	TGS INVESTMENT AND TRADE PRIVATE LIMITED	Director	17-12-04	17-12-04	Active	NO
17	U67120MH1982PTC028252	RAJRATNA HOLDINGS PRIVATE LIMITED	Director	24-12-04	24-12-04	Active	NO
18	U67120MH1982PTC026923	VAIBHAV HOLDINGS PRIVATE LIMITED	Director	24-12-04	24-12-04	Active	NO
19	U67120MH1981PTC025438	GLOBAL HOLDINGS PRIVATE LIMITED	Director	24-12-04	24-12-04	Active	NO
20	U64200MH2000PTC129356	IGH HOLDINGS PRIVATE LIMITED	Director	31-03-06	31-03-06	Active	NO
21	L32100GJ1996PLC030976	IDEA CELLULAR LIMITED	Director	30-09-06	20-06-06	Active	NO
22	U65990MH1988PTC048498	KANISHTHA FINANCE AND INVESTMENT PRIVATE LIMITED	Director	28-09-07	29-12-06	Active	NO

Name :

Mr. Ashwin Kumar Kothari

Designation :

Director

Address:

Gold Cornet, Flat No.4, 1st Floor, 11 Nawroji Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

14.09.1942

Date of Appointment :

27.03.1970

Din No.:

00033730

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	U67120MH1982PLC027788	RAJASHREE HOLDINGS LIMITED	Director	31-08-82	31-08-82	31-12-10	Active	NO
2	U51900MH1984PLC033049	SUNAYNA TRADE AND INVESTMENT COMPANY LIMITED	Director	12-09-84	12-09-84	31-12-10	Active	NO
3	U65990MH1984PLC033112	SAMBHAW FINANCE AND TRADING COMPANY LIMITED	Director	12-09-84	12-09-84	31-12-10	Active	NO
4	U74999MH1985PLC034989	FOUR DIMENSIONS SECURITIES (INDIA) LIMITED	Director	05-01-85	05-01-85	09-02-07	Active	NO
5	U17120MH1983PLC029380	JATAYU TEXTILES AND INDUSTRIES LIMITED	Director	06-03-85	06-03-85	-	Active	NO
6	U67120MH1982PLC027789	FIVE-STAR TRADING AND INVESTMENT COMPANY LIMITED	Director	13-06-86	13-06-86	-	Active	NO
7	L74999MH1985PLC035047	ARONI COMMERCIALS LIMITED	Director	01-09-87	01-09-87	17-01-11	Active	NO
8	U80300MH1987GAP042663	G.D.BIRLA MEDICAL RESEARCH AND EDUCATION FOUNDATION	Director	21-09-87	21-09-87	-	Active	NO
9	U55100MH1988GAP046130	VAIBHAV MEDICAL AND EDUCATION FOUNDATION	Director	05-02-88	05-02-88	-	Active	NO
10	U27200MH1985PLC035603	PARK AVENUE ENGINEERING LIMITED	Director	15-09-90	15-09-90	-	Active	NO
11	U25202MH1988PTC048570	MAHAVIR BOX MANUFACTURERS PRIVATE LIMITED	Director	30-10-92	30-10-92	-	Strike off	NO
12	L24249MH1984PLC032170	GEECEE VENTURES LIMITED	Whole-time director	09-08-10	12-05-93	-	Active	NO
13	L52110DL1985PLC020240	MEENAKSHI STEEL INDUSTRIES LIMITED	Director	07-09-93	07-09-93	-	Active	NO
14	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	08-12-93	08-12-93	-	Active	NO
15	U67120MP1998PTC012984	SAM-JAG-DEEP INVESTMENTS PRIVATE LIMITED	Director	31-07-98	31-07-98	20-12-10	Active	NO
16	L31300MH1989PLC054356	PRECISION WIRES INDIA LIMITED	Director	23-07-99	23-07-99	-	Active	NO
17	U85199PN2001PLC019881	ADITYA BIRLA HEALTH SERVICES LIMITED	Director	20-04-01	20-04-01	-	Active	NO
18	U65990MH1995PTC088410	FOUR DIMENSIONS CAPITAL MARKETS PRIVATE LIMITED	Director	30-09-10	18-08-10	-	Active	NO
19	U01403MH2011PTC222013	NEW METHOD AGRIPLANT PRIVATE LIMITED	Director	14-09-11	14-09-11	-	Active	NO
20	U01403MH2011PTC222023	RIVEREND AGRO PRIVATE LIMITED	Director	15-09-11	15-09-11	-	Active	NO
21	U01400MH2011PTC222108	FRESHWATER FARMS PRIVATE LIMITED	Director	17-09-11	17-09-11	-	Active	NO

Name :

Mr. Manish Newar

Designation :

Director

Address:

Kusum Apartments, 11 Gurusaday Road, 6th Floor, Flat No. 63/64, Kolkata – 700019, West Bengal

Date of Birth :

30.03.1969

Date of Appointment :

08.12.1993

Din No.:

00469539

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	U01132WB1986PTC041068	DUKENHENGRA TEA PRIVATE LIMITED	Director	24-06-92	24-06-92	-	Active	NO
2	U65993WB1980PTC032694	KUSHAL INVESTMENT PRIVATE LIMITED	Director	15-10-92	15-10-92	-	Active	NO
3	U01132WB1955PTC022727	HALMIRA ESTATE TEA PRIVATE LIMITED	Director	21-11-92	21-11-92	-	Active	NO
4	U45200WB1986PTC040083	HALMIRA PROPERTIES PRIVATE LIMITED	Director	23-11-92	23-11-92	-	Active	NO
5	U65990MH1984PLC033112	SAMBHAW FINANCE AND TRADING COMPANY LIMITED	Director	30-08-93	30-08-93	-	Active	NO
6	L27300MH1983PLC029360	NILKANTH ENGINEERING LIMITED	Director	06-09-93	06-09-93	-	Active	NO
7	U51900MH1984PLC033049	SUNAYNA TRADE AND INVESTMENT COMPANY LIMITED	Director	30-09-93	30-09-93	-	Active	NO
8	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	08-12-93	08-12-93	-	Active	NO
9	U27101WB1983PLC154615	ARVIND PRESS CAPS LIMITED	Managing director	01-10-09	01-10-94	-	Active	NO
10	U27203WB1967PTC027082	ARVIND METALS AND MINERALS PRIVATE LIMITED	Director	02-01-95	02-01-95	-	Active	NO
11	U01132WB1984PTC151081	THRIBHUVAN ASSOCIATES PRIVATE LIMITED	Director	16-01-96	16-01-96	-	Amalgamated	NO
12	U30008WB1997PLC085366	KOOL KIDZ PRODUCTS LIMITED	Director	26-11-97	26-11-97	-	Active	NO
13	U45203WB1945PTC012185	U P PAPER CORPORATION PRIVATE LIMITED	Director	30-12-97	30-12-97	-	Active	NO
14	U70109WB1996PTC076743	MANJUSHREE PROPERTIES PRIVATE LIMITED	Director	26-10-98	26-10-98	-	Active	NO
15	U70101WB1996PTC076744	UMASHREE PROPERTIES PRIVATE LIMITED	Director	23-09-04	23-09-04	-	Active	NO
16	L29130WB1991PLC050797	T AND I GLOBAL LIMITED	Director	31-01-07	31-01-07	-	Active	NO
17	U45200WB2007PTC113586	AMBROSIA NIRMAN PRIVATE LIMITED	Director	20-03-07	20-03-07	29-11-10	Active	NO

Name :

Mr. Nagendra Chandra Shah

Designation :

Director

Address:

1, Burdwan Road, Alipore, Kolkata - 700 027, West Bengal, India

Date of Birth :

10.08.1935

Date of Appointment :

05.11.1973

Din No.:

00442180

KEY EXECUTIVES

Name :	Mrs. Rakhi Agarwal
Designation :	Secretary
Address :	Bhantiniket, Flat D-214, 32/4, Sahitya Parishad, Street Kolkata-700006, West Bengal, India
Date of Birth/Age :	26.12.1972
Date of Appointment :	30.03.2009
Name :	Mr. H C Daga
Designation :	Senior President
Name :	Mr. R P Pansari
Designation :	Senior President and Chief Finance Officer
Name :	Mr. Ramesh Aggarwal
Designation :	Senior Vice President (F and C)
Name :	Mr. G K Ravinder
Designation :	Senior Vice President – HR
Name :	Mr. R S Sharme (Mining Division)
Designation :	Jt. Executive President
Name :	Mr. Ravi Bansal (Ferro Chem Division)
Designation :	Vice President
Name :	Mr. M P Dhanuka (Nitrogen Gas Division)
Designation :	Vice President
Name :	Mr. Mahendra Bhandari
Designation :	Senior Vice President (Business Development)
Name :	Mr. Sukanta Nayak
Designation :	Chief Information Officer
Name :	Mr. Rakesh Paliwal
Designation :	Senior Vice President (Business Development) (Overseas)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

DETAILS OF EQUITY SHAREHOLDERS NOT AVAILABLE.

Names of Shareholders	No. of Preferences Shares
Surya Abha Investment Pte Limited, Singapore	29920000
Total	29920000

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	93.90
Directors or relatives of directors	1.83
Other top fifty shareholders	4.26
Public financial companies	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Low Carbon Ferro Alloys and HDPE/PP Woven Sacks.

Products :

• Ferro Molybdenum (Lumps/Powder)
• Ferro Vanadium (Lumps/Powder)
• Ferro Titanium (Lumps/Powder)
• Vanadium Pentoxide (Fused/Unfused)
• Calibrated Ores
• Fine Ores

ITEM CODE NO.	PRODUCT DESCRIPTION
39231000.00	Low Carbon ferro Alloys and HDPE/PP Woven Sacks
260111	Iron Ore
7202	Ferro Molybdenum
7202	Ferro Vanadium

GENERAL INFORMATION

No. of Employees :

2000 [Approximately]

Bankers :

• Indian Overseas Bank, Free School Street Branch, 6, Royd Street, Kolkata - 700 016, West Bengal
• State Bank of India, Commercial Branch, 24, Park Street,Kolkata - 700 016, West Bengal
• State Bank of India (Lead Bank), Corporate Accounts Group Branch, Reliance House, 2^nd Floor, 34, Jawaharlal Nehru Road, Kolkata-700071, West Bengal, India
• Axis Bank Limited, Central Office, 6^th Floor, Maker Tower F, Cuffe Parade, Colaba, Mumbai 400005, Maharashtra, India
• HDFC Bank, Kolkata, West Bengal, India
• ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Fully convertible debentures	15985.000	18977.000
Foreign currency loans financial institution	752.327	1599.050
Working capital loans banks secured	5.959	424.657
Total	16743.286	21000.707

Banking Relations :
Financial Institution:	Unit Trust of India, Investment Advisory Service Limited, UTI Tower, GN Bolck, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	22, Camac Street, Block C, 3^rd Floor, Kolkata-700016, West Bengal, India
Pan No.:	AALFS0506L
Subsidiaries :	IGH Holding Private Limited [U64200MH2000PTC129356] AB Metal Mining Company Private Limited [U13209WB2007PTC120293] SL Base Metal Mining Company Private Limited [U13209WB2007PTC120292] AB Base Metal Mining Company Private Limited [U13209WB2007PTC120294] AB PGM Mining Company Private Limited [U13209WB2007PTC120296] SL PGM Mining Company Private Limited [U10200WB2007PTC120295] Bhubaneshwari Coal Mining Limited [w.e.f. 21.09.2010] Aditya Birla Ports Limited [w.e.f. 19.11.2010] Malermeta Mining and Metal Company Private Limited [w.e.f. 04.021.2011] HGI Industries Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
299000000	Preferences Shares	Rs.100/- each	Rs.29900.000 Millions
	Total		Rs.30000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
492695	Equity Shares	Rs.10/- each	Rs.4.927 Millions
29920000	Preferences Shares	Rs.100/- each	Rs.2992.000 Millions
	Total		Rs.2996.927 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		2996.927	2996.927	2996.927
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		46899.051	40353.482	35259.753
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		49895.978	43350.409	38256.680
LOAN FUNDS
1] Secured Loans		16743.286	21000.707	24970.590
2] Unsecured Loans		0.000	0.000	150.000
TOTAL BORROWING		16743.286	21000.707	25120.590
DEFERRED TAX LIABILITIES		347.271	332.294	331.541
TOTAL		66986.535	64683.410	63708.811
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4449.748	4535.087	4634.538
Capital work-in-progress		705.575	648.803	407.812
INVESTMENT		30393.879	29312.768	27517.328
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	910.776	813.523	1689.653
	Sundry Debtors	716.630	939.648	1303.134
	Cash & Bank Balances	134.623	30.209	416.736
	Other Current Assets	474.467	0.000	0.000
	Loans & Advances	34122.576	32001.788	29850.989
Total Current Assets		36359.072	33785.168	33260.512
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3474.666	1918.787	1671.994
	Other Current Liabilities	1224.147	1350.523	273.470
	Provisions	222.926	329.106	165.915
Total Current Liabilities		4921.739	3598.416	2111.379
Net Current Assets		31437.333	30186.752	31149.133
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		66986.535	64683.410	63708.811

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	22663.404	24878.826	32382.404
		Other Income	1124.824	724.178	962.878
		TOTAL (A)	23788.228	25603.004	33345.282
Less	EXPENSES
		Cost of Materials		731.802	1640.512
		Directors Remuneration		306.175	195.566
		Increase/(Decrease) in Finished Goods	11931.951	784.358	231.527
		Raising, Manufacturing, Selling, Administrative and Other Expenses		11846.969	13129.524
		Purchase of Finished Goods		1519.924	598.755
		Excise Duty on Stocks		2.326	(16.787)
		TOTAL (B)	11931.951	15191.554	15779.097
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11856.277	10411.450	17566.185
Less	FINANCIAL EXPENSES (D)		2052.942	2376.688	2829.416
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9803.335	8034.762	14736.769
Less/ Add	DEPRECIATION/ AMORTISATION (F)		350.122	356.506	349.593
	PROFIT BEFORE TAX (E-F) (G)		9453.213	7678.256	14387.176
Less	TAX (H)		2565.290	2241.037	4486.117
	PROFIT AFTER TAX (G-H) (I)		6887.923	5437.219	9901.059
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22863.331	21761.602	13195.508
Less	APPROPRIATIONS
		Transfer to General Reserve	1000.000	1000.000	1000.000
		Transfer to Capital Redemption Reserve	2992.000	2992.000	0.000
		Proposed Dividends on Equity Shares	9.854	9.854	9.854
		Dividends on Preference Shares	284.240	284.240	276.453
		Tax on Dividend	48.260	49.396	48.658
	BALANCE CARRIED TO THE B/S		25416.900	22863.331	21761.602
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		10185.082	14822.428
		Commission Earnings	NA	10.545	0.000
		Other Earnings		0.000	79.464
	TOTAL EARNINGS		NA	10195.627	14901.892
	IMPORTS
		Raw Materials		456.461	1091.477
		Stores & Spares	NA	19.226	20.195
		Capital Goods		38.873	41.290
	TOTAL IMPORTS		NA	514.560	1152.962
	Earnings Per Share (Rs.)		13308.48	10361.83	19439.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	28.95	21.23	29.69
Net Profit Margin (PBT/Sales)	(%)	41.71	30.86	44.42
Return on Total Assets (PBT/Total Assets}	(%)	23.16	20.03	37.96
Return on Investment (ROI) (PBT/Networth)		0.19	0.17	0.37
Debt Equity Ratio (Total Liability/Networth)		0.43	0.57	0.72
Current Ratio (Current Asset/Current Liability)		7.39	9.38	15.75

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	Yes
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

OPERATIONS AND OVERALL PERFORMANCE

During the year, the net turnover of the company was Rs. 22663.400 Millions. Turnover declined by 8.9%, mainly on account of lower sales volume due to delays in getting regulatory approvals for Kasia and Koira mines. A surge of 22.01% in PBDT in comparison to the previous year was due to an overall price increase of 67% on an aggregate basis, during the year. Increase in export duty from 5% to 20% ad-valorem, w.e.f. 1st March 2011, resulted in higher cost of export fines and adversely impacted the export margins. Mining Division was the key contributor to the profit of the Company. It recorded a total PBDT of Rs.11717.100 Millions as against Rs.10550.900 Millions in the previous fiscal. Exports was lower by 41.41% at Rs. 7101.000 Millions during FY 2011 (Rs. 12119.600 Millions in FY 2010). Domestic sales was up by 17.24% at Rs.13381.500 Millions during the current fiscal in comparison to Rs.11414.100 Millions in FY 2010. Ferro-Chem Division also posted substantially higher results in comparison to the last fiscal. The PBDT trebled to Rs.168.900 Millions during the year, from Rs. 50.400 Millions during FY 2010. The PBDT of the Wind Power Division was lower at Rs. 312.500 Millions in FY 2011

FUTURE PROSPECTS

The Company will continue to sustain its revenues and earning in the years to come. However, there may be fluctuations due to the sovereign debt crisis in the US along with problems in Euro zone which may affect exports

from India and moderate the flow of capital into the country. Other factors like pricing strategy of major global players, withdrawal of the stimulus packages, tightening of monetary policy in the various countries, high interest rates, rising petrol prices and inflation may constrain the demand globally. The overall economic growth is likely to remain robust. The Company should be able to maintain its standing as a key player and one of India’s largest merchant iron ore mining company.

OUTLOOK

"InWEA" views the potential of Wind Power as immense. Even at the current level of technology, the ‘on-shore' potential for utilization of wind energy is of the order of 65000 MW. With higher levels of technology and better resource use, India's wind energy sector is set for a sustainable growth over the long term. The prospects for the Wind Power Division are favourable on account of expected realization from the sale of carbon credits.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10123016
Corporate identity number of the company	U51109WB1950PLC018728
Name of the company	ESSEL MINING AND INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	10 Camac Street, Kolkata 700017, West Bengal, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Others
Particular of charge holder	State Bank of India (Lead Bank), Corporate Accounts Group Branch, Reliance House, 2^nd Floor, 34, Jawaharlal Nehru Road, Kolkata-700071, West Bengal, India
Email	mitali.raha@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Joint Deed of Hypothecation.
Date of instrument Creating the charge	01.03.2011
Amount secured by the charge	Rs.3450.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest SBI: Base Rate (+) 4.15%. IOB: BPLR (-) 1.50%. UBI: BPLR (-) 4%. HDFC Bank: 14% ICICI Bank: BR (+) 3.46%. HSBC: BPLR. For other limits/sub-limits of the respective Banks as per terms of sanction. Terms of Repayment The Borrower shall repay the Working Capital Limit on demand of the respective Banks. Margin As specified in the Sanction Letter of the respective Bank/s. Extent and Operation of the charge The charge shall operate as pari passu first charge basis amongst the Working Capital Bankers on the whole of the hypothecated current assets of the Company, both present and future without any preference or priority of one over the other(s) to secure the overall limit of Rs.3450.000 Millions (SBI:Rs.1150.000 Millions, IOB:Rs.200.000 Millions, UBI:Rs.150.000 Millions, HDFC Bank Limited.:Rs.800.000 Millions, ICICI Bank Limited.:Rs.500.000 Millions and HSBC:Rs.650.000 Millions) together with interest, costs ,charges and other monies thereon. Others The Borrower shall not do or allow anything which may prejudice the security and shall comply with the terms and conditions of the sanction and Consortium Agreements.
Short particulars of the property charged	The whole of the Current Assets of the Borrower namely, Stocks or Raw Materials, Stocks in process, Semi-Finished and Finished Goods, Stores and Spares not related to Plant and Machinery (Consumables Stores and Spares), Bills Receivable and Book Debts and all other movables, both present and future whether now lying loose or in cases or which are now lying or stored in or about or shall in the State of Orissa and Gujarat or wherever else the same may be or be held by any party to the order or disposition of the Borrower or in the course of transit or on high seas or on order or delivery, howsoever and wheresoever in the possession of the Borrower and either by way of substitution or addition.
Particulars of the present modification	By this modification, HSBC joined as a member of "SBI Consortium" and thus charge on the hypothecated current assets extended to secure the enhanced overall limit of Rs.3450.000 Millions (SBI - Rs.1150.000 Millions, IOB - Rs.200.000 Millions, UBI - Rs.150.000 Millions, HDFC Bank Limited. - Rs.800.000 Millions, ICICI Bank Limited- Rs.500.000 Millions and HSBC- Rs.650.000 Millions) together with interest, costs and charges thereon.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Unredeemed Bank Guarantees	271.177	18.802
Bills Discounted with Banks	418.566	278.768
Excise Duty/Sales Tax matters under dispute	14.773	14.773
Service Tax matters under dispute	6.213	6.213
Income Tax demand contested by the company	0.000	81.216
Claims against the company by service providers not acknowledged as debt	63.876	38.977
Custom Duty on import under EPCG Scheme against which Export obligation is to be fulfilled	2.178	1.912
Corporate Guarantee/undertaking given for loans taken by others	64.438	264.438
Demand from Railways towards land licensing fees	157.536	0.000
Total	998.757	705.099

FIXED ASSETS:

· Goodwill

· Freehold Land

· Leasehold Land

· Mining Lease and Mining Rights

· Buildings

· Railway Sidings

· Plant and Machinery

· Furniture, Fixtures and Fittings

· Vehicles

· Cylinders

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 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.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		76

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.