MIRA INFORM REPORT

Report Date :

12.10.2012

IDENTIFICATION DETAILS

Name :	SPECIAL BLASTS LIMITED
Registered Office :	Nathani Building, Shastri Chowk, Raipur -492001, C.G. Chhattisgarh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.08.1988
Com. Reg. No.:	10-004746
Capital Investment/ Paid-up Capital:	Rs.113.575 Millions
CIN No.: [Company Identification No.]	U24292CT1988PLC004746
TAN No.: [Tax Deduction & Collection Account No.]	JBPS03132D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Industrial Explosives
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Maximum Credit Limit :	USD 1625000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has failed to file its financial with the government department since 2010. However, trade relations are reported as fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some caution.

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	A3 (Bank Guarantee)
Rating Explanation	Moderate degree of safety and higher credit risk
Date	08.05.2012

Rating Agency Name	CRISIL
Rating	A3 (Letter of credit)
Rating Explanation	Moderate degree of safety and higher credit risk
Date	08.05.2012

Rating Agency Name	CRISIL
Rating	BBB- (Cash Credit)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	08.05.2012

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 :	Nathani Building, Shastri Chowk, Raipur -492001, C.G. Chhattisgarh, India
Tel. No.:	91-771-4065900
Fax No.:	91-771-4065920
E-Mail :	|sdpnraipur@rediffmail.com csonline24@gmail.com info@specialblasts.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Alok Choudhari

Designation :

Director

Address :

C-86,87, Sector – Devendra Nagar Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

11.05.1969

Date of Appointment :

17.08.1989

Din No.:

00007810

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	U24292CT1988PLC004746	SPECIAL BLASTS LIMITED	Director	17/08/1989	17/08/1989	-	Active	NO
2	U51495CT2001PTC014644	SHUBHAM ENTERPRISES (RAIPUR) PRIVATE LIMITED	Director	04/05/2001	04/05/2001	-	Active	NO
3	U27106MP1992PTC007024	RAGHUVIR FERRO ALLOY PVT LTD	Director	31/01/2003	31/01/2003	-	Active	YES
4	U27109CT2003PLC016284	CHHATTISGARH STEEL AND POWER LIMITED	Managing director	19/02/2007	04/09/2004	-	Active	NO
5	U10300CT2006PLC020006	MADANPUR SOUTH COAL COMPANY LIMITED	Director	23/05/2006	23/05/2006	-	Active	NO
6	U24134CT2007PTC020383	SRI BALMUKUND POLYPACK PRIVATE LIMITED	Director	24/09/2007	24/09/2007	-	Active	NO
7	U27100CT2010PLC021760	METAL CORPORATION OF INDIA LIMITED	Director	23/04/2010	23/04/2010	-	Active	NO
8	U25202CT2002PTC014968	V.M.EXTRUSIONS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	-	Active	NO
9	U40100MH2005PTC155649	KJSL COAL AND POWER PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO
10	U13203CT2012PLC000415	SPECIAL METALIKS LIMITED	Director	27/06/2012	27/06/2012	-	Active	NO

Name :

Mr. Ajay Choudhari

Designation :

Director

Address :

C-86,87, Sector – Devendra Nagar Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

17.05.1967

Date of Appointment :

17.08.1989

Din No.:

00961189

Name :

Mr. Sarajit Kumar Pathak

Designation :

Director

Address :

Nathani Building, Shastri Chowk, Raipur -492001, C.G. Chhattisgarh, India

Date of Birth/Age :

06.04.1965

Date of Appointment :

05.06.2009

Din No.:

02690649

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Aditya Transformer & Switchgear	62500
Ajay Choudhari	895525
Alok Choudhari	240695
Arya Electricals	75000
Ashok Agrawal	17500
Chhattisgarh Project (I) Private Limited, India	312500
Chhattisgarh Steel and Power Limited. India	2202200
C.K. Choudhari	1308000
DR. Anju and RJ Parekh	46165
DR. Padma * Manju Jain	113750
Free Wings Exports Limited. India	75000
Gangotri Cement Limited India	111250
Jainam Agro and FINANCE Private Limited. India	301000
Jitendra Agrawal	24000
Mahanadi Metals and Chemicals Private Limited, India	891165
Mahautkarsh Sec. and Finance Private Limited, India	22500
Manish, Manoj and Parimal	43750
Manju Choudhari	145775
Natura Hue-Chem Limited.	247450
New Era Alkaloides and Export Limited India	9175
Piyush Agrawal	100
Powersol Engg. and Consultant	125000
Presswell Industries(INDIA) Limited. India	61600
Radha Realties Private Limited. India	65625
Raghuvir Ferro Alloy Private Limited. India	173250
Rajesh Atlani	2500
Reena Choudhari	224500
Righil Electricals Private Limited. India	20000
Sanjay Choudhari	864875
Sanjay and Manju Choudhari	112875
S.c. Pathak	8750
Subham Enterprises Raipur Private Limited. India	722500
Southern Ispat Limited	80000
Veena Parekh	24500
Wallfort Financial Services Limited. India	288750
Wallfort Share and Stock Brokers Limited, India	537750
Total	10457475

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	59.00
Directors or relatives of directors	38.00
Other top fifty shareholders	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Industrial Explosives

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Slurry and bulk Explosives	MT	5000	5000	39336.129
Detonating Fuse	MT	120 Lac Mtrs	120 Lac Mtrs	11852600 Mtrs
PETN	MT	150	150	114.820
Cast Boosters	MT	50	50	NA
Installed Capacity at Waidhan (M.P) Slurry and bulk Explosives	MT	NA	25000	NA

Licensed Capacity at Waidhan (M.P)

GENERAL INFORMATION

Customers :

· South Eastern Coalfields Limited

· Central Coal fields Limited.

· Mahanadi coalfields Limited.

· Steel authority of India Limited.

· Ultratech Limited.

· Ambuja Cement Limited.

· Lafarge Cement Limited.

· Grasim Cement Limited.

· National Aluminium Company Limited.

· Prakash industries Limited.

· National Mineral Development Corporation Limited.

· Orissa Mining Limited.

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, 2^nd Floor, Pujari Complex, Pachpedi Naka, Raipur – 492001, Chhattisgarh, India

· IDBK Bank, Specialised Corporate Branch, 1^st Floor, Simran Towers, Opposite, LIC Main Building, Raipur – 492001, Chhattisgarh, India

· HDFC Bank Limited, HDFC House Senapati Marg, Lower Parel (west), Mumbai – 400013, Maharashtra, India

Facilities :

Rs. In Millions

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
State Bank of India Cash Credit Account	127.603	133.767
Vehicle/mining equipment from bank	13.224	19.056
Total	140.827	152.823

Note: the fund based and non - based credit facility provided by state bank of India commercial branch is secured by equipment mortgage of land and building excluding free hold land at fafadih, raipur and hypothocation of raw materiral , stock in process, stores a spares, books debt, fixed deposits kept as margin for lc limit and bg limit. the loan is further secured by hypothication of all the plant & machinery including electrical installation of the company. the loan is additionaly secured by personal guarantee of Shri Alok Choudhary and Shri Ajay Choudhary, director of the company. the vehicle equipment loan taken from ICICI Bank Limited, reliance capital Limited, HDFC Bank Limited, and Axis Bank Limited, which are secured by respective vehicle equipment finance by the bank.

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Deferred sales tax and CST	12.201	17.701
Loan From Directors	1.282	4.077
Loan from others	47.659	43.199
	61.142	64.977

Banking Relations :	--
Auditors :
Name :	Amitabh Agrawal and Company Chartered Accountant
Address :	1^st Floor, Nathani Building, Shastri Chowk, Raipur -492001, C.G. Chhattisgarh, India
Pan No.:	ACJPA2762N

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10457475	Equity Shares	Rs.10/- each	Rs.104.575 Millions
	Share application money		Rs.9.000 Millions
	Total		Rs.113.575 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		113.575	94.974	77.772
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		292.704	240.907	156.792
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		406.279	335.881	234.564
LOAN FUNDS
1] Secured Loans		140.827	152.823	92.030
2] Unsecured Loans		61.142	64.977	60.402
TOTAL BORROWING		201.969	217.800	152.432
DEFERRED TAX LIABILITIES		19.362	15.751	12.516
TOTAL		627.610	569.432	399.512
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		145.282	133.605	115.379
Capital work-in-progress		0.000	13.313	6.989
INVESTMENT		80.308	67.308	30.706
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	109.903	108.603	185.966
	Sundry Debtors	551.590	409.122	381.020
	Cash & Bank Balances	140.089	212.978	204.272
	Other Current Assets	165.937	131.355	56.906
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		967.519	862.058	828.164
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	534.279	479.071	560.339
	Other Current Liabilities	19.936	10.099	8.798
	Provisions	12.363	18.761	13.668
Total Current Liabilities		566.578	507.931	582.805
Net Current Assets		400.941	354.127	245.359
MISCELLANEOUS EXPENSES		1.079	1.079	1.079
TOTAL		627.610	569.432	399.512

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1635.117	1817.353	1475.891
		Income from mining operations	29.429	32.658	15.917
		Other Income	0.656	0.221	1.403
		TOTAL (A)	1665.202	1850.232	1493.211
Less	EXPENSES
		Cost of trading materials	636.613	566.868	597.786
		Raw Materials consumed	607.593	788.240	529.504
		Manufacturing expense	193.851	299.805	227.403
		Trading expenses	0.997	1.902	1.711
		Operational expense on mining	22.441	16.474	11.682
		Administrative selling other expenses	115.011	113.172	78.601
		Payment to and provision for employees	13.230	9.897	6.109
		Increase/(Decrease in stock of finished goods	3.171	(1.086)	(4.291)
		TOTAL (B)	1592.907	1795.272	1448.505
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		72.295	54.960	44.706
Less	FINANCIAL EXPENSES (D)		33.783	22.384	17.765
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.512	32.576	26.941
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.199	8.414	6.977
	PROFIT BEFORE TAX (E-F) (G)		28.313	24.162	19.964
Less	TAX (H)		9.920	8.871	7.648
	PROFIT AFTER TAX (G-H) (I)		18.393	15.291	12.316
Less	APPROPRIATIONS
		Transfer to General Reserve	1.839	1.529	1.231
	BALANCE CARRIED TO THE B/S		16.554	13.762	11.085
	Earnings Per Share (Rs.)		1.76	1.94	1.80

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.10	0.83	0.83
Net Profit Margin (PBT/Sales)	(%)	1.73	1.33	1.35
Return on Total Assets (PBT/Total Assets}	(%)	2.54	2.43	2.12
Return on Investment (ROI) (PBT/Networth)		0.07	0.02	0.02
Debt Equity Ratio (Total Liability/Networth)		1.89	2.16	3.13
Current Ratio (Current Asset/Current Liability)		1.71	1.70	1.43

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	Yes
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	Yes

FUTURE PROSPECTS

Explosives Industry is mainly dependent on the mining sector, which consumes 90% of the total explosives produced in the country. The production of the coal is growing at a pace of 8% per annum and this is resulting in about 13-15% growth in the Bulk Explosives.

With growing demand for power and steel, coal mining is bound to grow. In recent times it has grown at 8% annually. Further Golden quadrilateral project of national highways has created an additional demand of explosives. Keeping in view these facts the short to medium term prospect of explosive industry appears to be good.

With the shift to Vehicle mounted bulk delivery system of the fourth generation technology, the demand for Bulk Emulsion explosives shall grow at a rate of 50000 to 75000 tones per annum. This gives enough room for company to grab the share of this growth. The company is well placed to get the strategic advantage of the favorable logistics with regards to location and resources.

FORM 8

Corporate identity number of the company	U24292CT1988PLC004746
Name of the company	SPECIAL BLASTS LIMITED
Address of the registered office or of the principal place of business in India of the company	Nathani Building, Shastri Chowk, Raipur -492001, C.G. Chhattisgarh, India Email: csonline24@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	9203469
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	State Bank of India, Commercial Branch, 2^nd Floor, Pujari Complex, Pachpedi Naka, Raipur – 492001, Chhattisgarh, India Email: sbi.08536@sbi.co.in
Nature of instrument creating charge	1. Memorandum of recording of mortgage be deposit of title deeds covering enhanced limited 2. Joint Deed of Hypothecation 3. Working Capital Consortium Agreement 4. Particulars of Joint Charge Holders
Date of instrument Creating the charge	20.06.2012
Amount secured by the charge	Rs. 2210.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: SBI Cash Credit: At 4% above Br, with monthly rests or at such rates/intervals as may be specified by Bank. RBI, from time to time Term of Payment: SBI Cash Credit: on Demand IDBI Cash Credit: on Demand Margin SBI Manufacturing Raw Materials:25% Consumables and Receivables:30% FG:35% Trading Stock in trade:25% Receivables :25% BG:15% LC:15% IDBI Stock and Debtors 25% Extent and operation of the charge The charge operates as a security, interalia, for due repayment by the company the loans together with payment of all interests, additional interests, in case of default, liquidates damages, premium of prepayment, repayments of all costs, charges and expenses and all other obligations payable by the company in respect of the loans in accordance with terms and conditions of loan agreement and/or other financing documents Others: The security created under the document shall be continuing security.
Short particulars of the property charged (Including location of the property)	Paripassu charge along with IDBI Bank on existing as well as future stock of material, F. Goods, stock in process, book debts, etc, at the factory premises of the company or at any other place 1^st Charge on leasehold property situated at Kh. No.1346,1351,1352, Ph nO.37, Village Pirda, Berla Durg, admeasuring 1.35, hect and building constructed thereon 1^st Charge on leasehold property situated at Kh.424/2, Village Gdba, Berla, Durg, admeasuring 1.35 hect and Bldg constructed thereon 1st charge on leasehold property situated at Kh. No.42412,Village Gabda, Berla, Durg, admeasuring 0.79 hactares and building constructed thereon 1st charge on leasehold property at Kh.No. 1324,1325,1326,1327,1330,Village Pirda, Berla Durg admeasuring 2.75 Hectares and building constructed thereon. 1st charge on leasehold property situated at Kh. No. 1331, Village Pirda, Berla Durg admeasuring 0.65 Hectares and building constructed thereon. 1st charge on leasehold property situated at Plot No. 64 and 66, Udyog deep Industrial Area,Waidhan,Sidhi(M.P.)6232 Sq.mtr and building constructed thereon. 1st charge on freehold property situated at Kh.No 275,171,168,169,170,175,359,5and3 544/351 6, having total area 2.22 Hectares at Gondkhairi, Kamleshwar, Nagpur. EM of office premises office no. G-5, 105, 108, 109, 110, 408, 409, 410, 411, 412, 501 at Kh. No. 135, Plot NO. 1, Sheet No 40, Wallfort Ozone, Fafadih Chowk, Raipur admeasureing 14859 Sqft in the name of company. Hypothecation of Company's movable fixed assets, excluding vehicles charged to other Banks INBFCs.
Date of last modification prior to the present modification	28.04.2011
Particulars of the present modification	By present modification overall limited has been enhanced form Rs.1345.000 Million to Rs.2210.000 Millions {(SBI -CC- Rs.175.000 Millions LC –Rs.1000.000 Millions BG – Rs.250.000 Millions CEL – Rs.5.000 Millions ) and (CC – Rs. 70.000 Millions LC Rs.500.000 Millions BG – Rs.15.00 CEL -6.00)}

FIXED ASSETS

· Land

· Site Development

· Factory Building

· Plant and Machinery

· Lab Equipment

· Furniture

· Truck

· Tipper

· Car

· Two Wheelers

· Computer

· Office Equipment

AS PER WEB SITE DETAILS

Profile

Subject was incorporated in the year 1988 under the Companies Act, 1956 with main objects for manufacturing of Industrial Explosives. The company started the ground work with the help of a team of professional and technical personnel. The company set-up a plant for manufacturing of Large Diameter Slurry Explosives / Watergel explosives at Village Pirda, Teh. Berla, Distt : Durg (C.G.) in the year 1997 and the company was started commercial production during Fy 1998-99 after getting the License from Chief Controller of Explosives.

High Quality Water gel/ Slurry Explosives are manufactured by us, a venture promoted by a technocrat with a decade of experience in the filed of slurry explosives and accessories and assisted by qualified engineers.

These Explosives are Ammonium Nitrate based, suitable for all types of blasting operations like excavation, ore production. These explosives have an excellent consistency, high loading density, practically insensitive to impact and friction, excellent water resistance and safer to transport, store and handle due to their practical safety characteristics.

Their slurry explosives products have a shelf life of more than six months Z-Z categories. The Cap sensitive explosives can be initiated with No. 6 Cap. The Cap sensitive explosives can also be initiated by detonating fuse of 6gm/m or 10gm/m core load cord.

During the year 2000 the company enlisted new products in their product list i.e. PETN, Detonating Fuse (DF) and Cast Booster. In the year 2002, company installed plant for manufacturing the Bulk emulsion explosives and enhance its existing installed capacity of Slurry Explosive. Subsequently the Capacity of Bulk Emulsion also increased

Board of Directors

Shri Ajay Choudhari: aged 42 years B.Com LL.B has about 13 years of experience in financial activities like project consultancy including feasibility study, audit and taxation. to wide range of industries relating to Iron and Steel, Plywood, Solvent Extraction, Steel Shots, Industrial Oxygen and Chemical Units.

Since the Company's inception, he has been actively involved in all operations viz. land acquisition, obtaining government approval, getting licenses, tie up of finance, and selection of suppliers for machinery as well as raw materials etc. Presently he looks after the finance and raw material procurements for all the plants.

Shri Alok Choudhari, aged 39 years is professionally qualified having Bachelor of Engineering in Chemical Engineering from Govt. Engineering College, Raipur.

He has a creditable contribution in polymer trading and has established his trading company Shubham enterprises as the most prominent IPCL Distribution franchisee of Chhattisgarh region till IPCL was finally taken over by Reliance Industries. He has played a very active role in acquiring a sick unit and developing Raghuvir Ferro Alloys as a major ferro alloys manufacturing unit of Chhattisgarh. He has been contributing significantly in backward integration of its operations by import trading of manganese ore, mining of manganese ore, power procurement negotiations with the government and in promoting the finished product in the export market of its ferro manganese and ferro silico manganese products.

He is active Director of Chhattisgarh Steel and Power Limited and significantly contributing to commissioning of the project as envisaged.

Shri Sarajit Kumar Pathak aged 46 years has done B.E. (Mining) form National Institute of technology, Raipur in the year 1987. he has 25 years experience in explosive industry. He worked with Gulf Oil Corporation Limited, Coal India Limited and Hindustan Copper Limited; he has exposure to various International and national seminars related to explosive engineering and technology. He is well experienced manufacturing of all type of explosives and accessories and their usage in mines and construction industries.

Since 2004, he has been actively involved in all operations. Presently he is the Occupier of all the plants of the company and responsible for all the activities related to explosives manufacturing and business, including establishing new units, obtaining all statutory approvals and licenses, tieing up for finance, selection of supplier for raw materials and plant and machinery, participating in tender process of major Government and private companies etc.

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.53.07
UK Pound	1	Rs.84.95
Euro	1	Rs.68.24

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		37

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.