MIRA INFORM REPORT

Report Date :

17.10.2012

IDENTIFICATION DETAILS

Name :	BHASKAR SHRACHI ALLOYS LIMITED
Registered Office :	8/1, Middleton Row, Kolkata-700071, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.04.1995
Com. Reg. No.:	21-071126
Capital Investment / Paid-up Capital :	Rs.120.000 Millions
CIN No.: [Company Identification No.]	L51109WB1995PLC071126
TAN No.: [Tax Deduction & Collection Account No.]	CALB03547F
Legal Form :	A Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Silico Manganese and Ferro Manganese.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 770000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some dip in the sales turnover and profits during 2011. Reserves of the company appears to be less. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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	FITCH
Rating	B [National Long Term]
Rating Explanation	Highly speculative.
Date	18.06.2012

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 :	8/1, Middleton Row, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22298877/22290114/22297190
Fax No.:	91-33-22297223
E-Mail :	bhaskar@cal.vsnl.net.in
Factory:	Durgapur, Waria Road, Angadpur, Durgapur-713215, West Bengal, India
Tel. No.:	91-343-2590709/2590702
Fax No.:	91-343-2590710

DIRECTORS

AS ON 20.08.2011

Name :

Mr. Ashish Rungta

Designation :

Managing Director

Address :

5 K, New Road, Alipore, Kolkata-700027, West Bengal, India

Date of Birth/Age :

23.06.1977

Date of Appointment :

28.08.2007

Din No.:

00394925

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	U70101WB1995PTC074152	BHASKAR PROPERTIES PRIVATE LIMITED	Director	11-09-95	11-09-95	-	Active	NO
2	L65993WB1978PLC031393	BHASKAR INDUSTRIAL DEVELOPMENTS LIMITED	Director	01-03-96	01-03-96	10-09-09	Active	NO
3	U27104WB1990PLC050102	SURYA ALLOY INDUSTRIES LIMITED	Managing director	01-01-08	16-05-96	-	Active	NO
4	U27106WB1988PTC045542	MANASH FORGINGS PRIVATE LIMITED	Director	07-01-99	07-01-99	22-06-09	Active	NO
5	U27101CT2004PTC016428	TIRUMALA BALAJI ALLOYS PRIVATE LIMITED	Director	01-03-04	01-03-04	-	Active	NO
6	U51909WB1996PTC076543	WHITESTONE CONSULTANTS PRIVATE LIMITED	Director	28-04-06	28-04-06	24-08-09	Active	NO
7	L51109WB1995PLC071126	BHASKAR SHRACHI ALLOYS LIMITED	Managing director	01-08-08	28-08-07	-	Active	NO
8	U51909DL1996PTC204913	BRIGHTSUN MERCHANTS PRIVATE LIMITED	Director	12-02-08	12-02-08	15-03-10	Active	NO
9	U74210WB1989PTC046619	PARTH ISPAT (INDIA) PRIVATE LIMITED	Director	23-09-09	20-07-09	-	Active	NO

Name :

Mr. Shrawan Kumar Todi

Designation :

Director

Address :

2 Queens Park, Kolkata-700019 West Bengal, India

Date of Birth/Age :

15.08.1941

Date of Appointment :

19.04.1995

Din No.:

00080303

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	L28932WB1958PLC023718	BENGAL TOOLS LIMITED	Director	30-09-65	30-09-65	-	Amalgamated	NO
2	U65993WB1979PTC032035	HARDEO FINANCE PRIVATE LIMITED	Director	28-05-79	28-05-79	-	Amalgamated	NO
3	U29299WB1989PLC046347	SHRACHI INFRASTRUCTURE FINANCE LIMITED	Director	06-09-89	06-09-89	-	Amalgamated	NO
4	U70101WB1990PTC049336	NSG ESTATE SERVICES PRIVATE LIMITED	Director	28-06-90	28-06-90	-	Strike off	NO
5	L10000WB1936PLC008775	KHAITAN (INDIA) LIMITED	Director	29-06-91	29-06-91	30-10-09	Active	NO
6	U85110WB1989PLC046284	ADVANCED MEDICARE AND RESEARCH INSTITUTE LIMITED	Director	16-11-94	16-11-94	-	Amalgamated	NO
7	U45201WB1995PLC067263	BENGAL NRI COMPLEX LIMITED	Managing director	09-01-95	09-01-95	-	Active	NO
8	L51109WB1995PLC071126	BHASKAR SHRACHI ALLOYS LIMITED	Director	31-07-08	19-04-95	-	Active	NO
9	U21019WB1995PLC071252	SOUTH CITY PROJECTS (KOLKATA) LIMITED	Director	27-04-95	27-04-95	-	Active	NO
10	U51109WB1981PLC034316	MURLIDHAR RATANLAL EXPORTS LIMITED	Director	27-12-95	27-12-95	-	Active	NO
11	U70109WB1997PLC084598	BENGAL SHRACHI HOUSING DEVELOPMENT LIMITED	Director	11-06-97	11-06-97	-	Active	NO
12	U85110WB1999PTC090053	HALDIA MEDICARE PRIVATE LIMITED	Director	12-08-99	12-08-99	-	Amalgamated	NO
13	U72900WB1997PTC085392	WEB DEVELOPMENT COMPANY PRIVATE LIMITED	Director	15-07-00	15-07-00	01-04-11	Active	NO
14	L21019WB1981PLC034161	EMAMI PAPER MILLS LIMITED	Director	05-04-03	05-04-03	-	Active	NO
15	L63993WB1983PLC036030	EMAMI LIMITED	Director	15-01-05	15-01-05	-	Active	NO
16	U70101WB2004PTC097663	SOUTH CITY PARIVAR PRIVATE LIMITED	Director	09-09-05	09-09-05	-	Amalgamated	NO
17	U65993WB1988PTC045852	JUHI INVESTMENT PRIVATE LIMITED	Director	08-12-05	08-12-05	-	Active	NO
18	U85110WB1986PLC040525	AMRI HOSPITALS LIMITED	Director	19-01-06	19-01-06	-	Active	NO
19	U45201WB2004PTC100084	ROSEDALE DEVELOPERS PRIVATE LIMITED	Director	03-03-06	03-03-06	-	Active	NO
20	U28999WB1993PLC060517	SHRACHI ENGINEERING AND INDUSTRIES LIMITED	Director	28-02-07	28-02-07	-	Amalgamated	NO
21	L51504WB1978PLC031813	MAGMA FINCORP LIMITED	Director	04-09-07	12-04-07	27-05-11	Active	NO
22	U28999WB1991PTC053525	GNB LOGISTICS PRIVATE LIMITED	Director	30-09-08	14-05-07	-	Converted to LLP and dissolved	NO
23	U70101WB2007PLC117604	BENGAL ANMOL SOUTH CITY INFRASTRUCTURE LIMITED	Director	03-08-07	03-08-07	-	Active	NO
24	U70101WB2007PLC117620	BENGAL SOUTH CITY MATRIX INFRASTRUCTURE LIMITED	Director	03-08-07	03-08-07	-	Active	NO
25	U70101WB2007PTC117468	SHRACHI REALTY PRIVATE LIMITED	Director	24-12-08	05-10-07	-	Active	NO
26	U45201WB1994PTC065054	SHRACHI DEVELOPERS PRIVATE LIMITED	Director	30-09-08	05-10-07	-	Active	NO
27	U51216WB1992PLC054541	BENGAL TOOLS LIMITED	Director	30-09-08	15-02-08	-	Active	NO
28	U45203WB2005PTC104918	SOUTH CITY RECREATION PRIVATE LIMITED	Director	01-12-08	01-12-08	-	Amalgamated	NO
29	U80210WB2005NPL104913	SOUTH CITY INTERNATIONAL SCHOOL	Director	01-12-08	01-12-08	-	Active	NO
30	U24231WB1995PLC071347	LIBERTY PHARMA LIMITED	Director	30-09-09	30-09-09	-	Active	NO
31	U70102WB2009PLC132056	KOLKATA METROPOLITAN SOUTH CITY LOGISTICS LIMITED	Director	12-07-10	10-05-10	-	Active	NO

Name :

Mr. Ravi Todi

Designation :

Director

Address :

2 Queens Park, Kolkata-700019 West Bengal, India

Date of Birth/Age :

01.05.1969

Date of Appointment :

09.11.2010

Din No.:

00080388

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	U29299WB1989PLC046347	SHRACHI INFRASTRUCTURE FINANCE LIMITED	Director	06-09-89	06-09-89	-	Amalgamated	NO
2	U65910WB1990PTC048119	SBR CREDIT PRIVATE LIMITED	Director	02-01-90	02-01-90	-	Under liquidation	NO
3	U70101WB1989PTC047400	SUTANUTTI CONSTRUCTION PRIVATE LIMITED	Director	25-01-91	25-01-91	-	Amalgamated	NO
4	U29219WB1993PTC059719	SINO-INDIAN AGRO MACHINERY COMPANY PRIVATE LIMITED	Director	11-08-93	11-08-93	14-11-07	Active	NO
5	U72100DL1976PLC008348	CONTINENTAL PACKAGINGS LIMITED	Director	01-09-93	01-09-93	01-02-09	Active	NO
6	U51109WB1993PLC060456	GODAVARI LEASING AND FINANCE LIMITED	Director	08-11-93	08-11-93	-	Active	NO
7	U65929WB1990PTC048201	G N B CREDIT PRIVATE LIMITED	Director	20-06-94	20-06-94	-	Amalgamated	NO
8	U70109WB1997PLC084598	BENGAL SHRACHI HOUSING DEVELOPMENT LIMITED	Director	11-06-97	11-06-97	-	Active	NO
9	L28932WB1958PLC023718	BENGAL TOOLS LIMITED	Director	29-09-97	29-09-97	-	Amalgamated	NO
10	U34300WB1998PTC087075	SHRACHI AUTO PRIVATE LIMITED	Director	05-05-98	05-05-98	01-01-07	Active	NO
11	U36900WB1992PLC101415	ACCENT INDUSTRIES LIMITED	Director	03-06-04	03-06-04	-	Active	NO
12	U85110WB1989PLC046284	ADVANCED MEDICARE AND RESEARCH INSTITUTE LIMITED	Director	29-12-04	29-12-04	-	Amalgamated	NO
13	U24231WB1995PLC071347	LIBERTY PHARMA LIMITED	Director	08-12-05	08-12-05	-	Active	NO
14	L24130MH1987PLC043709	DUJODWALA PAPER CHEMICALS LIMITED	Director	30-09-06	30-09-06	-	Active	NO
15	U45200WB2006PTC111545	SHRACHI BURDWAN DEVELOPERS PRIVATE LIMITED	Director	16-10-06	16-10-06	-	Active	NO
16	L51504WB1978PLC031813	MAGMA FINCORP LIMITED	Director	04-09-07	12-04-07	27-05-11	Active	NO
17	U65910WB2007PLC120137	MAGMA ITL FINANCE LIMITED	Director	01-11-07	01-11-07	27-05-11	Active	NO
18	U65900WB2007PTC120480	MAGMA CONSUMER FINANCE PRIVATE LIMITED	Director	21-11-07	21-11-07	27-05-11	Active	NO
19	U51216WB1992PLC054541	BENGAL TOOLS LIMITED	Managing director	01-05-08	15-02-08	-	Active	NO
20	U74999WB2008PTC126530	MF PROCESS AND SOLUTIONS PRIVATE LIMITED	Director	29-09-09	12-06-08	05-03-10	Active	NO
21	U85110WB1986PLC040525	AMRI HOSPITALS LIMITED	Director	30-09-09	18-05-09	-	Active	NO
22	U85300WB1926GAP005585	INDIAN CHAMBER OF COMMERCE CALCUTTA	Director	02-07-10	27-06-09	-	Active	NO
23	U70109WB1999PTC089015	CELICA DEVELOPERS PRIVATE LIMITED	Director	29-09-09	19-09-09	27-05-11	Active	NO
24	U70109WB1994PTC062617	MARTINA FINANCIAL SERVICES PRIVATE LIMITED	Director	30-09-09	30-09-09	-	Amalgamated	NO
25	U65993WB1988PTC045852	JUHI INVESTMENT PRIVATE LIMITED	Director	30-09-09	30-09-09	-	Active	NO
26	U40102WB1988PTC045661	SUNFLOWR ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	30-09-09	30-09-09	-	Active	NO
27	L51109WB1995PLC071126	BHASKAR SHRACHI ALLOYS LIMITED	Director	20-08-11	09-11-10	-	Active	NO
28	U28999WB1991PTC053525	GNB LOGISTICS PRIVATE LIMITED	Director	27-05-11	27-01-11	-	Converted to LLP and dissolved	NO
29	U28991WB1977PLC031188	CALCUTTA BECON ENGINEERING CO LIMITED	Director	27-05-11	27-01-11	-	Converted to LLP and dissolved	NO
30	U70102WB2010PTC152558	SUPREME SHRACHI INFRASTRUCTURES PRIVATE LIMITED	Director	30-09-11	08-07-11	-	Active	NO
31	U51909WB2011PTC166761	SAKURA EXIM PRIVATE LIMITED	Director	24-08-11	24-08-11	-	Active	NO
32	L74140WB1990PLC049032	SKP SECURITIES LIMITED	Additional director	29-10-11	29-10-11	-	Active	NO

Name :

Mr. Manoj Kumar Baheti

Designation :

Director

Address :

1, Shiv Thakur Lane, Burrabazar, Kolkata-700007, West Bengal, India

Date of Birth/Age :

04.02.1978

Date of Appointment :

31.07.2006

Din No.:

00562913

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	L51109WB1995PLC071126	BHASKAR SHRACHI ALLOYS LIMITED	Director	31-07-06	31-07-06	-	Active	NO
2	U51109WB2005PTC103855	FUSION MERCHANTILE PRIVATE LIMITED	Director	13-02-08	13-02-08	18-05-10	Active	NO
3	U45400WB2008PTC129057	VR PROPERTIES PRIVATE LIMITED	Director	04-09-08	04-09-08	-	Active	NO
4	U74210WB1989PTC046619	PARTH ISPAT (INDIA) PRIVATE LIMITED	Director	23-09-09	01-10-08	-	Active	NO
5	U27101CT2004PTC016428	TIRUMALA BALAJI ALLOYS PRIVATE LIMITED	Whole-time director	22-09-09	15-06-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prem Kumar Agarwal
Designation :	Secretary
Address :	72/1, Deshbandhu Road (East), Alambazar, Kolkata-700035, West Bengal, India
Date of Birth/Age :	12.08.1975
Date of Appointment :	23.08.2008
Pan No.:	ACZPA6385M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.08.2010

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 20.08.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	58.49
Directors or relatives of directors	21.48
Other top fifty shareholders	6.51
Others	13.10
Public financial companies	0.42
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Silico Manganese and Ferro Manganese.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Ferro Alloys	7202.00
Steel Billets	3309.00
Casting of Iron and Steel	3371.00

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity
Ferro Alloys	MT	24000	24000
Steel Billets	MT	65000	65000
Casting of Iron and Steel	MT	6000	6000

ACTUAL PRODUCTION

PARTICULAR	UNIT	PRODUCTION/PURCHASE
Silico Manganese	MT.	13762.000
SGCL Insert	Pcs.	4483510
Ferro Manganese	MT.	265.000
Steel Billet	MT.	2482.490

NOTE:

· The production and sales quantity of Silico Manganese includes 5702.000 MT of Silico Manganese towards conversion on behalf of Tata Steel Limited.

· Sales quantity of Silico Manganese includes captive consumption of 1.000 MT.

GENERAL INFORMATION

Customers :

· Tata Steel Limited

· IPI Steel Limited

· Kalyani Carpenter Special Steels Plant

· Titagarh Industries Limited

· Nam Alloys Private Limited

· Rathi Ispat Limited

· Bokaro Steel Plant

· Ganapati Enterprises

· Minmat Ferro Alloys Limited

· Besco Limited

· Jindal Strips Limited

No. of Employees :

Not Available

Bankers :

· State Bank of India, Mid Corporate Loan Administration Unit, 7^th Floor, Samriddhi Bhawan, Block E-1, Strand Road, Kolkata-700001, West Bengal, India

· State Bank of India, Commercial Branch, Alipore, 24/1/1, Alipore Road, Kolkata-700027, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	25.731	37.058
Other external commercial borrowings	0.485	0.772
Working capital loans	319.065	315.573
TOTAL	345.281	353.403
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Other debts	117.326	115.783
TOTAL	117.326	115.783

Banking Relations :	--
Auditors :
Name :	K.N. Gutgutia and Company Chartered Accountants
Address :	6C, Middleton Street, Kolkata-700071, West Bengal, India
Tel. No.:	91-33-22873735/56
Fax No.:	91-33-22873756
E-Mail :	kng_kol@vsnl.net
PAN No:	AACSK6448G
Related Parties :	· Surya Alloy Industries Limited · Tirumala Balaji Alloys Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 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		120.000	120.000	120.000
2] Share Application Money		0.200	0.200	0.200
3] Reserves & Surplus		74.697	68.559	43.294
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		194.897	188.759	163.494
LOAN FUNDS
1] Secured Loans		345.281	353.403	393.671
2] Unsecured Loans		117.326	115.783	9.881
TOTAL BORROWING		462.607	469.186	403.552
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		657.504	657.945	567.046
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		187.191	202.615	213.080
Capital work-in-progress		13.942	18.249	24.371
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	477.661	344.641	291.922
	Sundry Debtors	136.572	107.338	82.271
	Cash & Bank Balances	13.989	80.518	49.835
	Other Current Assets	0.345	0.327	0.001
	Loans & Advances	55.681	58.552	56.078
Total Current Assets		684.248	591.376	480.107
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	205.284	133.083	128.657
	Other Current Liabilities	10.893	14.804	17.804
	Provisions	11.700	6.408	4.051
Total Current Liabilities		227.877	154.295	150.512
Net Current Assets		456.371	437.081	329.595
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		657.504	657.945	567.046

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	938.396	1080.633	1032.726
		Other Income	122.336	185.315	155.199
		TOTAL (A)	1060.732	1265.948	1187.925
Less	EXPENSES
		Consumption Materials Changes Inventories	614.474	677.581
		Manufacturing Services Costs	290.858	407.689	1147.093
		Employee Related Expenses	24.152	22.048
		Administrative Selling Other Expenses	38.067	58.914
		TOTAL (B)	967.551	1166.232	1147.093
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		93.181	99.716	40.832
Less	FINANCIAL EXPENSES (D)		53.373	43.973	37.243
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.808	55.743	3.589
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.737	31.136	18.346
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		11.071	24.607	(14.757)
Less	TAX (H)		4.933	(0.658)	0.202
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		6.138	25.265	(14.959)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		66.400	41.094	56.053
	BALANCE CARRIED TO THE B/S		72.597	66.359	41.094
	EARNINGS IN FOREIGN CURRENCY		170.235	223.003	437.091
	IMPORTS		177.062	112.727	96.751
	Earnings / (Loss) Per Share (Rs.)		0.51	2.11	(1.66)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.58	2.00	(1.26)
Net Profit Margin (PBT/Sales)	(%)	1.18	2.28	(1.43)
Return on Total Assets (PBT/Total Assets}	(%)	1.27	3.10	(2.13)
Return on Investment (ROI) (PBT/Networth)		0.06	0.13	(0.09)
Debt Equity Ratio (Total Liability/Networth)		3.54	3.30	3.39
Current Ratio (Current Asset/Current Liability)		3.00	3.83	3.19

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	Yes
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

OPERATING RESULTS:

The gross sales were Rs. 990.000 Millions compared to Rs. 1129.100 Millions in the previous year and the net sales were Rs. 938.400 Millions as compared to Rs. 1080.600 Millions in the previous year. Other income were Rs. 122.300 Millions as compared to Rs.185.300 Millions in the previous year. Net profit was Rs. 6.200 Millions in comparison to Rs. 25.300 Millions in the previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80039729
Corporate identity number of the company	L51109WB1995PLC071126
Name of the company	BHASKAR SHRACHI ALLOYS LTD
Address of the registered office or of the principal place of business in India of the company	8/1, Middleton Row, Kolkata-700071, West Bengal, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Others
Particular of charge holder	State Bank of India, Mid Corporate Loan Administration Unit, 7^th Floor, Samriddhi Bhawan, Block E-1, Strand Road, Kolkata-700001, West Bengal, India
Email	sbi.10481@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of Hypothecation of Goods and Assets for Increase in the Overall Limit. (read with Letter regarding the Grant of Individual Limits within the Overall Limit).
Date of instrument Creating the charge	05.01.2010
Amount secured by the charge	Rs.470.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For Cash Credit (Stock) @ 2.5% above SBAR i.e. 14.25% p.a. For Term Loan-I @ 3% avove SBAR i.e. 14.75% p.a. For LC: As per Card rate. For BG: As per Card rate. Terms of Repayment Working Capital is repayable on demand as per Banking norms. The Term Loan-I of Rs.45.000 Millions is repayable in 16 quarterly installments, out of which first 15 installments of Rs.2.800 Millions each and the last installment of Rs.3.000 Millions. Margin 25% of Raw Materials, 25% of Stock-in-Process, 25% of Finished Goods, 30% of Book Debts/ Receivables (Cover period 60 days), 15% of Letter of Credit(Usance 60 days), and 25% of Bank Guarantees. Extent and Operation of the charge First Charge on the whole of the hypothecated assets as a continuing security.
Short particulars of the property charged	All goods book debts and all other movable assets of the Borrower including documents of title to the goods, outstanding moneys, receivables, claims, bills, invoices, Contracts, investments, plant and machinery both present and future and all other current assets by way of first charge.
Date of latest modification prior to the present modification	02.12.2008
Particulars of the present modification	By this modification, the Overall Limit is reduced from Rs.634.200 Millions to Rs.470.700 Millions. Particulars of Current Assets and all other terms and conditions continue to remain as before in full force and effect.

FIXED ASSETS:

· Land Leasehold

· Building

· Plant and Machinery

· Electrical Installation

· Vehicles

· Office Equipments

· Computer

· Furniture and Fixtures

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.52.82
UK Pound	1	Rs.84.95
Euro	1	Rs.68.61

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		35

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.