MIRA INFORM REPORT

Report Date :

21.12.2013

IDENTIFICATION DETAILS

Name :	ADHUNIK INDUSTRIES LIMITED
Registered Office :	14, N.S. Road, 2^nd Floor, Kolkata-700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.08.1979
Com. Reg. No.:	21-032200
Capital Investment / Paid-up Capital :	Rs.467.637 Millions
CIN No.: [Company Identification No.]	L65921WB1979PLC032200
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of TMT Bars and Wires.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 3410000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some dip in the profitability of the company during current year. Reserves of the company also appear to be low. 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 – 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.

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.

INFORMATION PARTED BY

Name :	Mr. Pankaj Singh
Designation :	Finance Department
Contact No.:	91-33-30517100
Date :	19.12.2013

LOCATIONS

Registered Office :	14, N.S. Road, 2^nd Floor, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22428551 / 53
Fax No.:	Not Available
E-Mail :	info@adhunikgroup.com pankajsingh@adhunikgroup.co.in
Website :	www.adhunikgroup.com
Corporate Office :	Lansdowne Tower, 2/1A, Sarat Bose Road, Kolkata-700020, West Bengal, India
Tel. No.:	91-33-30517100
Fax No.:	91-33-22890285
Factory :	Located at Raturia, Angadpur, Durgapur-713215, West Bengal, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Jugal Kishore Agarwal

Designation :

Managing Director

Address :

BA-209, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

05.10.1951

Date of Appointment :

30.11.2009

Pan No.:

ADCPA9670K

Din No.:

00227460

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	U27109WB1992PLC055488	AADHUNIK STEELS LIMITED	Director	27/09/2012	20/05/1992	-	Active	NO
2	U65993WB1994PTC062157	SUVARNAPUSPA INVESTMENT PRIVATE LIMITED	Director	28/02/2000	28/02/2000	-	Amalgamated	NO
3	U27101WB2002PLC094691	ADHUNIK ISPAT LIMITED	Managing director	28/05/2002	28/05/2002	-	Amalgamated	NO
4	U52392WB2003PLC095975	ADHUNIK INFOTECH LIMITED	Director	29/09/2010	31/03/2003	-	Active	NO
5	U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	Director	01/05/2003	01/05/2003	28/09/2012	Active	NO
6	U27106WB1996PLC076992	ADHUNIK CORPORATION LIMITED	Director	03/05/2003	03/05/2003	-	Active	NO
7	L28110OR2001PLC017271	ADHUNIK METALIKS LIMITED	Director	02/06/2003	02/06/2003	-	Active	NO
8	U27104WB2003PLC096616	ADHUNIK ALLOYS & POWER LIMITED	Director	22/07/2003	22/07/2003	-	Active	NO
9	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Managing director	30/11/2009	27/08/2003	-	Active	NO
10	U65993WB1994PLC066223	SUNGROWTH SHARE & STOCKS LIMITED	Director	01/09/2003	01/09/2003	-	Active	NO
11	U27101ML2000PTC006356	ADHUNIK MEGHALAYA STEELS PRIVATE LIMITED	Director	22/06/2004	22/06/2004	15/06/2010	Active	NO
12	U51909WB1995PLC070966	MAHANANDA SUPPLIERS LTD.	Director	01/12/2004	01/12/2004	-	Active	NO
13	U40101WB2005PLC102934	NEEPAZ POWER LIMITED	Director	03/05/2005	03/05/2005	30/03/2010	Active	NO
14	U40101WB2005PLC102935	ADHUNIK POWER & NATURAL RESOURCES LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
15	U70101WB2005PLC105172	ADHUNIK SHRISTI & POWER TRADING COMPANY LIMITED	Director	05/09/2005	05/09/2005	30/03/2010	Active	NO
16	U45203WB2006PLC111423	NEEPAZ INFRASTRUCTURE & DEVELOPERS LIMITED	Director	20/09/2006	20/09/2006	03/10/2008	Active	NO
17	U13201OR1953PLC017027	ORISSA MANGANESE & MINERALS LTD	Director	05/04/2007	05/04/2007	-	Active	NO
18	U15491WB1992PTC056802	KESAR TEA COMPANY PRIVATE LIMITED	Director	10/01/2008	10/01/2008	-	Amalgamated	NO
19	U15141WB1992PTC056803	KESAR OIL COMPANY PRIVATE LIMITED	Director	10/01/2008	10/01/2008	-	Amalgamated	NO
20	U14219WB2008PLC124324	VASUNDHRA RESOURCES LIMITED	Director	19/03/2008	19/03/2008	25/03/2008	Active	NO
21	U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	Director	26/06/2008	26/06/2008	27/09/2012	Active	NO
22	U27100WB2009PLC137300	SWARNREKHA STEEL INDUSTRIES LIMITED	Director	29/07/2009	29/07/2009	-	Active	NO
23	U45400WB2007PTC117368	SPECTURM COMPLEX PRIVATE LIMITED	Director	29/09/2009	03/08/2009	01/11/2013	Active	NO
24	U10101ML2009PTC008383	RIBHOI MINING & MINERALS PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
25	U10100WB2009PLC140050	MOIRA MADHUJORE COAL LIMITED	Director	09/12/2009	09/12/2009	-	Active	NO
26	U27100OR2010PTC012205	NEEPAZ B C DAGARA STEELS PRIVATE LIMITED	Director	06/07/2010	06/07/2010	-	Active	NO
27	U13209WB2010PTC154485	GADCHIROLI MINING COMPANY PRIVATE LIMITED	Director	08/11/2010	08/11/2010	-	Active	NO
28	U74140WB2004PLC099957	HANUMAN ADVISORY LIMITED	Director	29/09/2012	07/03/2012	-	Active	NO
29	U74140WB2004PLC099958	GAJESHWAR ADVISORY LIMITED	Director	29/09/2012	07/03/2012	-	Active	NO
30	U51909WB2006PTC108140	ARAVALI MERCHANTS PRIVATE LIMITED	Director	29/09/2012	07/03/2012	-	Active	NO
31	U26960WB2013PTC198516	KOLKATA GLASS & CERAMICS PRIVATE LIMITED	Director	20/11/2013	20/11/2013	-	Active	NO

Name :

Mr. Ashok Bacter

Designation :

Director

Address :

26, P.K. Tagore Street, Ram Sadan, Kolkata-700006, West Bengal, India

Date of Birth/Age :

04.06.1952

Date of Appointment :

03.04.2012

Pan No.:

AHZPB6480B

Din No.:

00582126

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	U51909WB1996PTC079696	RANGS CREDIT PRIVATE LIMITED	Director	03/07/2006	03/07/2006	-	Active	NO
2	U27109WB2003PTC096901	GAJESWAR ISPAT PRIVATE LIMITED	Director	15/12/2006	15/12/2006	-	Active	NO
3	U45203WB2006PLC111423	NEEPAZ INFRASTRUCTURE & DEVELOPERS LIMITED	Director	29/09/2009	03/10/2008	-	Active	NO
4	U27109WB1992PLC055488	AADHUNIK STEELS LIMITED	Director	27/09/2012	02/03/2011	15/05/2013	Active	NO
5	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Director	29/09/2012	03/04/2012	-	Active	NO

Name :

Mr. Mahesh Kumar Agarwal

Designation :

Director

Address :

BA-209, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

10.05.1966

Date of Appointment :

27.08.2003

Pan No.:

ABCPA9256J

Din No.:

00507690

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	U27109WB1992PLC055488	AADHUNIK STEELS LIMITED	Director	30/09/2011	16/01/1995	20/12/2011	Active	NO
2	U27107WB1995PLC076049	FUTURISTIC STEEL LIMITED	Director	18/12/1995	18/12/1995	08/11/2010	Active	NO
3	U65993WB1994PTC062157	SUVARNAPUSPA INVESTMENT PRIVATE LIMITED	Director	28/02/2000	28/02/2000	-	Amalgamated	NO
4	U27101ML2000PTC006356	ADHUNIK MEGHALAYA STEELS PRIVATE LIMITED	Director	14/11/2000	14/11/2000	-	Active	NO
5	U27106WB1996PLC076992	ADHUNIK CORPORATION LIMITED	Managing director	20/04/2009	05/03/2001	-	Active	NO
6	U27209WB2002PTC095080	SRI M P ISPAT & POWER PRIVATE LIMITED	Director	29/08/2002	29/08/2002	-	Amalgamated	NO
7	U52392WB2003PLC095975	ADHUNIK INFOTECH LIMITED	Director	31/03/2003	31/03/2003	05/12/2011	Active	NO
8	U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	Additional director	25/03/2013	01/05/2003	12/04/2013	Active	NO
9	U27104WB2003PLC096616	ADHUNIK ALLOYS & POWER LIMITED	Director	22/07/2003	22/07/2003	-	Active	NO
10	U65993WB1994PLC066223	SUNGROWTH SHARE & STOCKS LIMITED.	Director	28/07/2003	28/07/2003	-	Active	NO
11	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Director	27/08/2003	27/08/2003	-	Active	NO
12	U51909WB1995PLC070966	MAHANANDA SUPPLIERS LTD.	Director	01/12/2004	01/12/2004	-	Active	NO
13	U27101WB2002PLC094691	ADHUNIK ISPAT LIMITED	Director	01/01/2005	01/01/2005	-	Amalgamated	NO
14	U40101WB2005PLC102934	NEEPAZ POWER LIMITED	Director	03/05/2005	03/05/2005	05/12/2011	Active	NO
15	U40101WB2005PLC102935	ADHUNIK POWER & NATURAL RESOURCES LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
16	U70101WB2005PLC105172	ADHUNIK SHRISTI & POWER TRADING COMPANY LIMITED	Director	05/09/2005	05/09/2005	13/12/2010	Active	NO
17	U13100OR2006PTC008672	PATRAPADA COAL MINING COMPANY PRIVATE LIMITED	Nominee director	10/04/2006	10/04/2006	-	Strike off	NO
18	U27102WB2004PTC097594	BENGAL SPONGE MANUFACTURERS MINING PRIVATE LIMITED	Director	27/07/2006	27/07/2006	03/11/2008	Active	NO
19	U45203WB2006PLC111423	NEEPAZ INFRASTRUCTURE & DEVELOPERS LIMITED	Director	20/09/2006	20/09/2006	03/10/2008	Active	NO
20	L28110OR2001PLC017271	ADHUNIK METALIKS LIMITED	Director	28/12/2006	28/12/2006	-	Active	NO
21	U13201OR1953PLC017027	ORISSA MANGANESE & MINERALS LTD	Director	05/04/2007	05/04/2007	-	Active	NO
22	U14219WB2008PLC124324	VASUNDHRA RESOURCES LIMITED	Director	19/03/2008	19/03/2008	01/02/2012	Active	NO
23	U45201AS2008PTC008718	MEGHTECH INFRASERVICES PRIVATE LIMITED	Director	26/06/2008	26/06/2008	15/12/2010	Active	NO
24	U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	Director	26/06/2008	26/06/2008	27/09/2012	Active	NO
25	U27100WB2009PLC137300	SWARNREKHA STEEL INDUSTRIES LIMITED	Director	29/07/2009	29/07/2009	13/12/2010	Active	NO
26	U45400WB2007PTC117368	SPECTURM COMPLEX PRIVATE LIMITED	Director	29/09/2009	03/08/2009	12/04/2012	Active	NO
27	U10100WB2009PLC140050	MOIRA MADHUJORE COAL LIMITED	Director	09/12/2009	09/12/2009	-	Active	NO
28	U13209WB2010PTC154485	GADCHIROLI MINING COMPANY PRIVATE LIMITED	Director	08/11/2010	08/11/2010	-	Active	NO
29	U17200WB1989PLC101348	ARENA TEXTILES AND INDUSTRIES LIMITED	Director	29/09/2012	07/09/2012	-	Active	NO
30	U26960WB2013PTC198516	KOLKATA GLASS & CERAMICS PRIVATE LIMITED	Director	20/11/2013	20/11/2013	-	Active	NO

Name :

Mr. Mohan Lal Agarwal

Designation :

Director

Address :

BA-209, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

10.05.1965

Date of Appointment :

27.08.2003

Pan No.:

ACVPA7179F

Din No.:

01047906

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	U27109WB1992PLC055488	AADHUNIK STEELS LIMITED	Director	27/09/2012	16/01/1995	-	Active	NO
2	U27106WB1996PLC076992	ADHUNIK CORPORATION LIMITED	Director	02/02/1996	02/02/1996	-	Active	NO
3	U27101ML2000PTC006356	ADHUNIK MEGHALAYA STEELS PRIVATE LIMITED	Director	14/11/2000	14/11/2000	15/06/2010	Active	NO
4	U52392WB2003PLC095975	ADHUNIK INFOTECH LIMITED	Director	09/04/2003	09/04/2003	30/03/2010	Active	NO
5	U65993WB1994PLC066223	SUNGROWTH SHARE & STOCKS LIMITED.	Director	28/07/2003	28/07/2003	-	Active	NO
6	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Director	27/08/2003	27/08/2003	-	Active	NO
7	L28110OR2001PLC017271	ADHUNIK METALIKS LIMITED	Director	15/09/2003	15/09/2003	-	Active	NO
8	U51909WB1995PLC070966	MAHANANDA SUPPLIERS LIMITED	Director	01/12/2004	01/12/2004	-	Active	NO
9	U40101WB2005PLC102934	NEEPAZ POWER LIMITED	Director	03/05/2005	03/05/2005	30/03/2010	Active	NO
10	U40101WB2005PLC102935	ADHUNIK POWER & NATURAL RESOURCES LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
11	U70101WB2005PLC105172	ADHUNIK SHRISTI & POWER TRADING COMPANY LIMITED	Director	21/09/2012	05/09/2005	-	Active	NO
12	U27107WB1995PLC076049	FUTURISTIC STEEL LTD.	Managing director	01/04/2011	01/04/2006	-	Active	NO
13	U27109OR2006PLC017026	ZION STEEL LIMITED	Director	16/08/2006	16/08/2006	-	Active	NO
14	U45203WB2006PLC111423	NEEPAZ INFRASTRUCTURE & DEVELOPERS LIMITED	Director	20/09/2006	20/09/2006	03/10/2008	Active	NO
15	U27104WB2003PLC096616	ADHUNIK ALLOYS & POWER LIMITED	Director	16/03/2007	16/03/2007	-	Active	NO
16	U13201OR1953PLC017027	ORISSA MANGANESE & MINERALS LTD	Director	05/04/2007	05/04/2007	-	Active	NO
17	U27109OR1991PLC002859	VEDVYAS ISPAT LIMITED	Additional director	15/08/2007	15/08/2007	-	Amalgamated	NO
18	U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	Director	01/12/2007	01/12/2007	28/09/2012	Active	NO
19	U14219WB2008PLC124324	VASUNDHRA RESOURCES LIMITED	Director	19/03/2008	19/03/2008	30/03/2010	Active	NO
20	U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	Director	26/06/2008	26/06/2008	30/03/2010	Active	NO
21	U14200AS2010PTC009783	SONAPAHAR NATURAL RESOURCES PRIVATE LIMITED	Director	26/02/2010	26/02/2010	-	Active	NO
22	U51909WB2006PLC108516	PERFORMANCE MARKETING LTD	Director	26/09/2011	02/04/2011	-	Active	NO

Name :

Mr. Shyam Bahadur Singh

Designation :

Director

Address :

135, Chria Chas, Bokaro-827013, Jharkhand, India

Date of Birth/Age :

01.04.1941

Date of Appointment :

19.04.2013

Pan No.:

ALDPS9969A

Din No.:

01982407

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	L27102WB1999PLC089755	JAI BALAJI INDUSTRIES LIMITED	Director	01/10/2012	17/12/2007	-	Active	NO
2	U40101WB2002PLC095491	SHYAM METALICS AND ENERGY LIMITED	Additional director	10/04/2009	10/04/2009	06/12/2011	Active	NO
3	L40104WB1981PLC033408	SKIPPER LIMITED	Director	10/03/2010	25/11/2009	-	Active	NO
4	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Director	30/09/2013	19/04/2013	-	Active	NO

Name :

Mr. Asit Baran Dasgupta

Designation :

Director

Address :

CL-92, 1^st Floor, Sector 11, Salt Lake, Kolkata-700091, West Bengal, India

Date of Birth/Age :

01.01.1941

Date of Appointment :

26.06.2013

Pan No.:

ACXPD6190M

Din No.:

02476594

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	L17110DN1986PLC000334	ALOK INDUSTRIES LIMITED	Nominee director	30/12/2008	30/12/2008	01/11/2010	Active	NO
2	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Director	30/09/2013	26/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat Agarwal
Designation :	Secretary
Address :	2/1A, Sarat Bose Road, Kolkata-700020, West Bengal, India
Date of Birth/Age :	11.07.1984
Date of Appointment :	01.04.2010
Pan No.:	AIJPA4484H
Name :	Mr. Pankaj Singh
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	92.95
Directors or relatives of directors	6.91
Other top fifty shareholders	0.14
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of TMT Bars and Wires.
Exports :
Products :	Finished Goods
Countries :	Nepal
Imports :
Products :	Raw Materials
Countries :	· Germany · Hong Kong
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India (Lead Bank) Commercial Branch, Kolkata, 24 Park Street, Kolkata - 700016, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	244.062	304.375
Short Term Borrowings
Working capital loans from banks	787.379	752.680
TOTAL	1031.441	1057.055

Banking Relations :	--
Auditors :
Name :	Sudhir Kumar Jain & Associates Chartered Accountants
Address :	Moon house, 5th Floor, Suit No.- 31, 21, Ganesh Chandra Avenue, Kolkata-700013, West Bengal, India
PAN No:	AASFS7011H

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46763750	Equity Shares	Rs.10/- each	Rs.467.637 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	467.637	467.637	467.637
(b) Reserves & Surplus	386.861	348.618	289.788
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	52.700
Total Shareholders’ Funds (1) + (2)	854.498	816.255	810.125
(3) Non-Current Liabilities
(a) long-term borrowings	425.448	583.713	428.712
(b) Deferred tax liabilities (Net)	85.807	82.951	80.272
(c) Other long term liabilities	13.755	13.415	181.475
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	525.010	680.079	690.459
(4) Current Liabilities
(a) Short term borrowings	787.379	752.680	585.402
(b) Trade payables	321.456	298.514	161.697
(c) Other current liabilities	73.467	67.657	42.264
(d) Short-term provisions	1.805	14.992	65.645
Total Current Liabilities (4)	1184.107	1133.843	855.008
TOTAL	2563.615	2630.177	2355.592
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	579.927	617.005	637.107
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	57.716	101.428	51.349
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.400	0.400	0.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.124	6.461	6.164
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	643.167	725.294	695.020
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	717.507	489.346	600.326
(c) Trade receivables	798.285	862.336	679.899
(d) Cash and cash equivalents	59.451	60.008	113.315
(e) Short-term loans and advances	345.205	493.193	267.032
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1920.448	1904.883	1660.572
TOTAL	2563.615	2630.177	2355.592

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4136.828	3537.527	3348.880
		Other Income	9.215	16.988	1.332
		TOTAL (A)	4146.043	3554.515	3350.212
Less	EXPENSES
		Cost of materials consumed	3695.014	2906.405	3068.073
		Employee benefit expense	14.745	12.623	9.265
		Other expenses	164.215	155.669	143.240
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(13.966)	177.689	(152.953)
		TOTAL (B)	3860.008	3252.386	3067.625
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		286.035	302.129	282.587
Less	FINANCIAL EXPENSES (D)		197.010	187.827	73.593
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		89.025	114.302	208.994
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.221	36.815	21.691
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		51.804	77.487	187.303
Less	TAX (H)		13.561	18.657	60.452
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		38.243	58.830	126.851
	Earnings / (Loss) Per Share (Rs.)
	- Basic		0.82	1.26	2.71
	- Diluted		0.82	1.26	2.55

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.92	1.65	3.79
Net Profit Margin (PBT/Sales)	(%)	1.25	2.19	5.59
Return on Total Assets (PBT/Total Assets}	(%)	2.07	3.06	8.13
Return on Investment (ROI) (PBT/Networth)		0.06	0.09	0.23
Debt Equity Ratio (Total Debt/Networth)		1.42	1.64	1.25
Current Ratio (Current Asset/Current Liability)		1.62	1.68	1.94

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	Yes
10]	Designation of contact person	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10349408	24/03/2012	320,000,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, KOLKATA, 24 PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA	B37494598
2	10349417	24/03/2012	1,275,300,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, KOLKATA, 24 PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA	B37496791
3	10314826	22/10/2011	70,000,000.00	STATE BANK OF MYSORE	180 RASH BEHARI AVENUE, KOLKATA - 700029, WEST BENGAL, INDIA	B24173320
4	10279599	12/04/2011	142,500,000.00	ORIENTAL BANK OF COMMERCE	PARK STREET BRANCH,, 107/1, PARK STREET (1ST FLOOR), KOLKATA - 700016, WEST BENGAL, INDIA	B10380954
5	10284172	12/04/2011	220,000,000.00	BANK OF BARODA	BRABOURNE ROAD BRANCH, 4, BRABOURNE ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B12096582
6	10276477	18/03/2011	612,300,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KOLKATA, 24 PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA	B09435454
7	10277564	18/03/2011	241,000,000.00	PUNJAB NATIONAL BANK	SHAKESPEARE SARANI BRANCH, 52A, SHAKESPEARE SARANI, KOLKATA - 700017, WEST BENGAL, INDIA	B09748054
8	10131141	07/11/2008	67,500,000.00	BANK OF INDIA	DOBSON LANE BRANCH,, P-4, DOBSON LANE, HOWRAH - 711101, WEST BENGAL, INDIA	A51470193
9	10023841	11/09/2006	573,000,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, KOLKATA, 24, PARK STREET, KOLKATA - 700016, WEST BENGAL, INDIA	A05277959
10	90246585	18/04/2005	20,000,000.00	CANARA BANK	2BRABOURNE ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	-

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Intercorporate borrowings	181.386	279.338
TOTAL	181.386	279.338

OPERATIONS:

During the year, the Company witnessed a growth in sales figures, coupled with wider geographic extension of customer base and extension of product mix to various growing sectors. However, due to increase in raw material prices as well in the market, profitability of the company is also affected. Deposits The Company did not accept any deposits within the meaning of Section 58A of the Companies Act, 1956 and the rules made there under.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.101.81
Euro	1	Rs.84.87

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.