MIRA INFORM REPORT

Report Date :

13.12.2013

IDENTIFICATION DETAILS

Name :	KARAM CHAND THAPAR AND BROS (COAL SALES) LIMITED
Registered Office :	Thapar House, 25 Brabourne Road, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.04.1943
Com. Reg. No.:	21-011283
Capital Investment / Paid-up Capital :	Rs.34.504 Millions
CIN No.: [Company Identification No.]	U51909WB1943PLC011283
TAN No.: [Tax Deduction & Collection Account No.]	CALK00002C
PAN No.: [Permanent Account No.]	AABCK1281H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of · Trading of coal, petroleum goods, starch, etc. · Manufacturing of Mining Machinery, Material Handling and allied equipment · Construction Activity
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (61)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 44500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a flagship company is the “KCT Group” of Kolkata. It is one of the largest coal logistics and service companies of India having a fine track record. There appears dip in profit of the company in 2013. However, financial and liquidity position appears to be strong and healthy. The ratings also take into consideration the established presence in the coal logistics and services sector and long standing client relationship. The company has also acquired coal mining assets in Indonesia through in subsidiary which show their diversified business interests. Trade relations are fair. Business is active. Payment terms are regular and as per commitments. In view of strong group support the subject can be considered good for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: AA
Rating Explanation	High degree of safety and low credit risk.
Date	05.08.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A1+
Rating Explanation	Very Strong Degree of safety and lowest credit risk.
Date	05.08.2013

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 :	Thapar House, 25 Brabourne Road, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-40057000
Fax No.:	91-33-22428684
E-Mail :	kctcal@gmail.com info@kctcoalsales.com
Website :	http://www.kctcoalsales.com

DIRECTORS

As on 27.09.2013

Name :

Mr. Vikramaditya Mohan Thapar

Designation :

Managing Director

Address :

E-67, Vasant Marg, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

26.10.1947

Date of Appointment :

05.12.2011

PAN No.:

ABNPT6299A

DIN No.:

00030967

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	U67120WB1984PLC037223	CYNERA INVESTMENTS AND HOLDINGS LIMITED	Director	16/07/1984	16/07/1984	-	Amalgamated	NO
2	L05005AP1987PLC018436	THE WATERBASE LIMITED	Director	23/11/1988	23/11/1988	-	Active	NO
3	U51909WB1943PLC011283	KARAM CHAND THAPAR AND BROS (COAL SALES ) LIMITED	Managing director	05/12/2011	30/03/1989	-	Active	NO
4	U74899DL1995PLC064627	T H E SILKBASE COMPANY LIMITED	Director	23/01/1995	23/01/1995	-	Active	NO
5	U52110DL1992PLC005844	KARAM CHAND THAPAR AND BROS. LIMITED	Director	01/04/1997	01/04/1997	08/06/2009	Amalgamated	NO
6	U70101WB1939PLC009551	INDIAN CITY PROPERTIES LIMITED	Managing director	01/11/2011	30/10/2000	-	Active	NO
7	U10102WB2004PLC133311	KCT COAL LIMITED	Director	28/09/2004	28/09/2004	-	Amalgamated	NO
8	U15127TN2002PTC048418	HANDY - WATERBASE INDIA PRIVATE LIMITED	Additional director	08/01/2008	08/01/2008	22/11/2010	Active	NO
9	U45203DL2007PTC167302	WEST HARYANA HIGHWAYS PROJECTS PRIVATE LIMITED	Director	29/09/2008	22/03/2008	-	Active	NO
10	U28992WB2009PLC139572	INDICON ENTERPRISES LIMITED	Director	19/11/2009	19/11/2009	-	Active	NO
11	U45400WB2010PLC155945	THAPAR INFRA CONSTRUCTION INDIA LIMITED	Director	20/12/2010	20/12/2010	-	Active	NO
12	U70109WB2012PTC182055	KCT REALCON PRIVATE LIMITED	Director	23/05/2012	23/05/2012	-	Active	NO
13	U29248WB2012PLC198970	BHARAT WESTFALIA ENGINEERING LIMITED	Director	06/11/2012	06/11/2012	-	Active	NO

Name :

Mr. Varun Aditya Thapar

Designation :

Whole-time Director

Address :

35/1, Ballygubge Circular, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

05.03.1985

Date of Appointment :

05.12.20111

PAN No.:

ADOPT2612A

DIN No.:

02322660

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	U51909WB1943PLC011283	KARAM CHAND THAPAR AND BROS (COAL SALES ) LIMITED	Whole-time director	05/12/2011	29/08/2008	-	Active	NO
2	U67120WB1984PLC037223	CYNERA INVESTMENTS AND HOLDINGS LIMITED	Director	03/09/2009	26/05/2009	-	Amalgamated	NO
3	U28992WB2009PLC139572	INDICON ENTERPRISES LIMITED	Managing director	23/02/2011	19/11/2009	-	Active	NO
4	U45400WB2010PLC155945	THAPAR INFRA CONSTRUCTION INDIA LIMITED	Director	20/12/2010	20/12/2010	-	Active	NO
5	U70109WB2012PTC182055	KCT REALCON PRIVATE LIMITED	Director	23/05/2012	23/05/2012	-	Active	NO
6	U70109WB2012PTC183737	HONEYBIRD REALCON PRIVATE LIMITED	Director	09/10/2012	09/10/2012	-	Active	NO
7	U29248WB2012PLC198970	BHARAT WESTFALIA ENGINEERING LIMITED	Director	06/11/2012	06/11/2012	-	Active	NO

Name :

Mr. Anup singh

Designation :

Director

Address :

16-A, Palam Marg, Vasant Vihar, New Delhi – 110057, India

Date of Birth/Age :

09.11.1931

Date of Appointment :

01.04.1990

PAN No.:

ABBPS9770M

DIN No.:

00012835

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	U51909WB1943PLC011283	KARAM CHAND THAPAR AND BROS (COAL SALES ) LIMITED	Director	01/04/1990	01/04/1990	-	Active	NO
2	U74899DL1991PTC043492	PACO RUBBER INDUSTRIES PRIVATE LIMITED	Director	22/07/1991	22/07/1991	-	Active	NO
3	L34300HR1983PLC023187	RICO AUTO INDUSTRIES LIMITED	Director	28/06/1996	28/06/1996	29/09/2012	Active	NO
4	U74899DL2000PTC108908	VGI POWER SYSTEMS PRIVATE LIMITED	Director	18/12/2000	18/12/2000	-	Active	NO
5	U51102DL1997PLC112862	SOLARIS CHEMTECH LIMITED	Director	26/09/2003	26/09/2003	-	Amalgamated	NO
6	U29113DL2005PTC139208	Hegenscheidt MFD India Private Limited	Director	01/08/2005	01/08/2005	-	Active	NO
7	L99999MH1987PLC044151	UNITED VANDER HORST LIMITED	Director	29/03/2006	29/03/2006	26/09/2009	Active	NO
8	U74899DL1984PTC019082	CHHAPRI ENGINEERING PRIVATE LIMITED	Director	15/04/2006	15/04/2006	-	Active	NO

Name :

Mr. Gopal Krishna Jaidka

Designation :

Director

Address :

77, S P Mukherjee Road, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

03.11.1968

Date of Appointment :

29.09.2009

PAN No.:

ACVPJ0010A

DIN No.:

00230657

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	U50103WB1946PLC013162	JAIDKA MOTOR CO LIMITED	Director	08/05/1991	08/05/1991	21/01/2011	Active	NO
2	U65993WB1951PLC019505	VEHICLE FINANCE CO LIMITED	Director	09/10/1995	09/10/1995	-	Strike off	NO
3	U51909WB1943PLC011283	KARAM CHAND THAPAR AND BROS (COAL SALES ) LIMITED	Director	29/09/2009	04/12/2008	-	Active	NO
4	U28992WB2009PLC139572	INDICON ENTERPRISES LIMITED	Director	30/09/2010	24/02/2010	-	Active	NO
5	U74999WB2011PTC161461	JAIDKA POWER SYSTEMS PRIVATE LIMITED	Director	04/04/2011	04/04/2011	-	Active	NO
6	U90001WB2013NPL195390	GFI CLEAN ROADS INDIA	Managing director	05/07/2013	05/07/2013	-	Active	NO

Name :

Mr. Partha Sarathi Bhattacharyya

Designation :

Director

Address :

NA15, Sanjeeva Town, Konchpukur, Rajarhat – 700156, West Bengal, India

Date of Birth/Age :

27.02.1951

Date of Appointment :

26.09.2012

PAN No.:

ACZPB3511C

DIN No.:

00329479

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	L23109WB1973GOI028844	COAL INDIA LIMITED GOVT OF INDIA UNDERTAKING	Managing director	01/10/2006	01/10/2006	28/02/2011	Active	NO
2	U10100DL2009PTC190448	INTERNATIONAL COAL VENTURES PRIVATE LIMITED	Director	20/05/2009	20/05/2009	28/02/2011	Active	NO
3	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LIMITED	Managing director	01/04/2011	01/04/2011	19/06/2012	Active	NO
4	U45201WB1998PLC086768	HALDIA CRACKER COMPLEX LIMITED	Director	03/06/2011	03/06/2011	19/06/2012	Active	NO
5	U45202WB1998PLC087462	HALDIA RIVERSIDE ESTATES LIMITED	Director	03/06/2011	03/06/2011	19/06/2012	Active	NO
6	U67120WB1893NPL000761	THE BENGAL CHAMBER OF COMMERCE AND INDUSTRY	Director	20/10/2011	20/10/2011	28/09/2012	Active	NO
7	U51909WB1943PLC011283	KARAM CHAND THAPAR AND BROS (COAL SALES ) LIMITED	Director	26/09/2012	22/08/2012	-	Active	NO
8	U10300WB2011PTC166207	SWAYMBHU NATURAL RESOURCES PRIVATE LIMITED	Director	29/09/2012	14/09/2012	-	Active	NO
9	L24121MH1979PLC021360	DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED	Whole-time director	31/10/2012	31/10/2012	-	Active	NO
10	U14200PN2012PTC145300	RungePincockMinarco India Private Limited	Director	12/08/2013	15/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shashi Kant Mahajan
Designation :	Company Secretary
Address :	4 A and B, 4^th Floor, 28 S R Das Road, Kolkata – 700026, West Bengal, India
Date of Birth/Age :	09.11.1943
Date of Appointment :	28.02.1975
PAN No.:	AHVPM3188K

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares	% of Holding
Vikrarnaditya Mahan Thapar	106180	30.77
Jyoti Thapar	23282	6.75
Varun Aditya Thapar	105229	30.50
Ayesha ThaparNitasha Thapar	25	0.01
Nitisha Thapar	49	0.01
Lala Jai Ram Das Nanda	25	0.01
Indian City Properties Limited, India	4287	1.24
Central India Agencies (Private) Limited, India	49928	14.47
The Doaba Industrial and Trading Company Private Limited, India	5352	1.55
Kararn Chand Thapar and Bros (J and K) Private Limited, India	246	0.07
The Punjab Business and Supply Company Private Limited, India	284	0.08
Varun Thapar Jointly with Mrs. Jyoti Thapar	5000	1.45
Jyoti Thapar Jointly with Mr. Vikrarnaditya Mohan Thapar	15000	4.35
Ayesha Thapar Jointly with Mrs. Jyoti Thapar	5000	1.45
Nitasha Thapar Jointly with Mrs. Jyoti Thapar	5000	1.45
Vikramaditya Mohan Thapar Jointly with Mrs. Jyoti Thapar	20000	5.80
Life Insurance Corporation of India, Indi	101	0.03
National Insurance Company Limited	49	0.01
Olga M. Divecha	1	0.00
Total	345038	100.00

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Public Financial Companies	0.04
Bodies corporate	17.41
Directors or relatives of Directors	82.54
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of

· Trading of coal, petroleum goods, starch, etc.

· Manufacturing of Mining Machinery, Material Handling and allied equipment

· Construction Activity

Products :

Products Description	Item Code No.
Coal	84742020
Comments of Feeder Breakers	84305010

GENERAL INFORMATION

Customers :

· JK Paper Limited

· The West Bengal Power Development Corporation Limited (WBPDCL)

· Ballarpur Industries Limited (BILT)

· Bokaro Power Supply Corporation Private Limited (BPSCL)

· Gujarat Narmada Valley Fertilizers Company Limited (GNFC)

· Heinz India Limited

· Century Cement

· Maihar Cement

· Maharashtra State Power Generation Company Limited (MAHAGENCO)

· Glaxo Smithkline Consumer Beecham Limited

· Vedanta Aluminium Limited

· Nestle India Limited

· Punjab State Electricity Board (PSEB)

· Gujarat State Electricity Corporation Limited (GSECL)

· Tamil Nadu Electricity Board (TNEB)

· Star Paper Mills Limited

· Jagatjit Cotton Textiles Mills Limited (JCT)

· Shriram Rayons

· Karnataka Power Corporation Limited (KPCL)

· Avantha Power and Infrastructure Limited

· HEG Limited

· Sukhjit Starch and Chemicals Limited

· Haryana Power Generation Corporation Limited

· Cement Corporation of India Limited (Rajban UNIT)

· Andhra Pradesh Power Generation Corporation Limited

· National Aluminium Company Limited

No. of Employees :

Not Available

Bankers :

· Oriental Bank of Commerce, Brabourne Road Branch, 25 Brabourne Road, Kolkata – 700001, West Bengal, India

· ICICI Bank Limited, 22, R. N. Mukherjee Road, Kolkata – 700001, West Bengal, India

· The Hong Kong and Shanghai Banking Corporation Limited, Hongkong House, 31, B B D Bag, Kolkata – 700001, West Bengal, India

· Central Bank of India, Jabalpur, Madhya Pradesh, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Foreign currency term loans from banks (Foreign Currency Loans from Banks are secured against pledge of fixed deposit receipts or units of debt mutual funds/ fixed maturity plans.)	16.953	77.328
Loans taken for fixed assets (Car Loans are secured by way of hypothecation of related cars)	4.992	5.686
Short Term Borrowings
Working capital loans from banks	114.721	346.717
Total	136.666	429.731

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Kolkata, West Bengal, India
PAN No.:	AAEFP3641G
Subsidiaries Companies :	· Bharat Westfalia Engineering Limited CIN No.: U29248JH2012PLC000782 · KCT Realcon Private Limited CIN No.: U70109WB2012PTC182055 · Pinnae Feeds Limited CIN No.: U05004TN2012PLC086634 · Indicon Enterprises Limited (Formerly known as Indicon Logistics Limited) CIN No.: U28992WB2009PLC139572 · KCT Global Pte. Limited · Indian City Properties Limited CIN No.: U70101WB1939PLC009551 · Thapar Infra Construction India Limited CIN No.: U45400WB2010PLC155945 · PT KCT International · West Haryana Highways Projects Private Limited CIN No.: U45203DL2007PTC167302 · Kamya Infrastructures Private Limited · Anaisha Buildcon Private Limited · Karmshil Construction Private Limited · Karmath Infrastructure Private Limited · Saundriya Construction Private Limited · Rapid Buildcon Private Limited · Gems Infrastructures and Developers Private Limited · Robust Buildcon (P) Limited(w.e.f. 03-05-2012 ) · Splendid Nirman (P) Limited(w.e.f. 03-05-2012) · Krit Yug Infrabuild Private Limited · Nyas Infrabuild Private Limited · Ananya Infrabuild Private Limited
Joint Ventures :	· SK E and C India Private Limited CIN No.: U51909HR2006PTC049187
Associates :	· Karam Chand Thapar and Bros ( Jammu and Kashmir) Private Limited CIN No.: U51109JK1941PTC000058 · Central India Agencies Private Limited CIN No.: U51909CH1994PTC014213 · The Doaba Industrial and Trading Company Private Limited CIN No.: U74900HR1942PTC000443 · The Punjab Business and Supply Company Private Limited CIN No.: U74999HR1942PTC000447 · The Waterbase Limited · Payal Electronics Private Limited CIN No.: U32109MH1987PTC042257
Enterprises/ entities over which key management personnel and/ or their relatives are able to exercise significant influence:	· JCT Limited (upto 15.11.2011) CIN No.: L17117PB1946PLC004565 · KCT Trading Private Limited CIN No.: U51109WB2006PTC108443 · Karam Chand Thapar and Bros. Limited CIN No.: U51909WB1940PLC006349 · Towerbase Services Private Limited CIN No.: U74999DL2002PTC114102

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
345038	Equity Shares	Rs. 100/- each	Rs.34.504 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	34.504	34.504	34.504
(b) Reserves & Surplus	11088.031	10782.790	10282.256
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	11122.535	10817.294	10316.760
(3) Non-Current Liabilities
(a) long-term borrowings	21.945	83.014	83.107
(b) Deferred tax liabilities (Net)	0.000	20.264	0.000
(c) Other long term liabilities	13.935	16.733	16.733
(d) long-term provisions	9.514	9.553	10.664
Total Non-current Liabilities (3)	45.394	129.564	110.504
(4) Current Liabilities
(a) Short term borrowings	114.721	346.717	1.720
(b) Trade payables	363.415	433.532	162.447
(c) Other current liabilities	725.563	460.030	582.039
(d) Short-term provisions	161.264	142.022	314.317
Total Current Liabilities (4)	1364.963	1382.301	1060.523
TOTAL	12532.892	12329.159	11487.787
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	703.216	722.500	232.405
(ii) Intangible Assets	3.972	2.064	1.388
(iii) Capital work-in-progress	21.677	3.381	80.979
(iv) Intangible assets under development	1.011	0.000	0.000
(b) Non-current Investments	1690.958	1806.718	860.586
(c) Deferred tax assets (net)	0.386	0.000	1.367
(d) Long-term Loan and Advances	834.464	606.199	146.267
(e) Other Non-current assets	151.213	61.869	118.945
Total Non-Current Assets	3406.897	3202.731	1441.937
(2) Current assets
(a) Current investments	4062.451	2851.249	2045.450
(b) Inventories	216.909	565.319	59.874
(c) Trade receivables	2227.026	1460.678	434.664
(d) Cash and cash equivalents	1431.022	3433.937	6695.163
(e) Short-term loans and advances	1088.098	688.104	527.400
(f) Other current assets	100.489	127.141	283.299
Total Current Assets	9125.995	9126.428	10045.850
TOTAL	12532.892	12329.159	11487.787

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		3950.551	2748.294	1199.879
		Other Income		715.802	816.105	659.987
		TOTAL (A)		4666.353	3564.399	1859.866
Less	EXPENSES
		Cost of Materials Consumed		122.770	80.355	72.367
		Purchase of Stock-in-trade		1129.158	2107.157	145.704
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		363.887	(523.353)	2.253
		Employee Benefits Expenses		415.438	340.708	310.793
		Other Expenses		1906.557	816.830	379.825
		Extraordinary Items		159.500	0.000	0.000
		TOTAL (B)		4097.310	2821.697	910.942
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			569.043	742.701	948.924
Less	FINANCIAL EXPENSES (D)			10.750	21.472	5.045
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			558.293	721.229	943.879
Less	DEPRECIATION/ AMORTISATION (F)			78.879	72.262	165.595
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			479.414	648.967	778.284
Less	TAX (H)			133.673	136.271	286.938
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			345.741	512.696	491.346
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			48.542	47.876	38.560
Less	APPROPRIATIONS
			Transfer to General Reserve	285.000	500.000	470.000
			Proposed Dividend on 3,45,038 Ordinary Shares @ 30%	34.504	10.351	10.351
			Tax on Proposed Dividend @ 16.995%	5.864	1.679	1.679
	BALANCE CARRIED TO THE B/S			68.915	48.542	47.876
	Earnings Per Share (Rs.)			1002.00	1486.00	1424.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.41	14.38	26.42
Net Profit Margin (PBT/Sales)	(%)	12.14	23.61	64.86
Return on Total Assets (PBT/Total Assets}	(%)	7.41	14.38	26.42
Return on Investment (ROI) (PBT/Networth)		252.98	119.31	579.23
Debt Equity Ratio (Total Debt /Networth)		0.01	0.04	0.01
Current Ratio (Current Asset/Current Liability)		6.69	6.60	9.47

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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10444748	02/07/2013	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, Mumbai, Maharashtra - 400018, INDIA	B82951526
2	10423874	23/04/2013	1,150,000,000.00	ICICI BANK LIMITED	22, R.N. Mukherjee Road, Kolkata, West Bengal - 700001, INDIA	B74476953

FIXED ASSETS:

· Land

· Building

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computer

· Other Equipments

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 recordsexist 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.61.62
UK Pound	1	Rs.100.84
Euro	1	Rs.84.98

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		61

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.