MIRA INFORM REPORT

Report Date :

16.01.2013

IDENTIFICATION DETAILS

Name :	KALYANI CARPENTER SPECIAL STEEL LIMITED
Registered Office :	72-76, Mundhwa, Pune-411036, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.07.1998
Com. Reg. No.:	11-12724
Capital Investment / Paid-up Capital :	Rs.300.419 Millions
CIN No.: [Company Identification No.]	U27105PN1998PLC012724
TAN No.: [Tax Deduction & Collection Account No.]	PNEK05230B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Alloy Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (58)

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 6000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established and reputed company having fine track record. Latest financial i.e.2011-12 are missing from the government department. From the previous year available it seems that the company is performing well. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal 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 – 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	ICRA
Rating	A+ Long term loan
Rating Explanation	The adequate credit quality, It carry average credit risk
Date	16.01.2012

Rating Agency Name	ICRA
Rating	A+ Fund based limit
Rating Explanation	The highest credit quality, it carry lowest credit risk
Date	16.01.2012

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 :	72-76, Mundhwa, Pune-411036, Maharashtra, India
Tel. No.:	91-20-66215000 / 26824086
Fax No.:	91-20-26824483
E-Mail :	mktg@kcssl.com nitinbhat@kcssl.com birajdarr@kcssl.com prajakta.deshpande@kcssl.com
Website :	www.kalyanicarpenter.com
Head Office :	Plot No. 8-D, Door No. 5, 1st Floor, Balamurugan Nagar, Chitrai Veedhi, Alappakkam, Porur, Chennai – 600115, Tamilnadu, India
Tel. No.:	91 - 044 – 24760493
Fax No.:	91 - 044 – 24760493
Corporate Office :	Antriksh Bhavan, 14th Floor, 22, K.G. Marg, New Delhi – 110001, India
Tel. No.:	91 - 11 - 23730812
Fax No.:	91 - 11 - 23357083
Sales and Marketing Office:	Locate At: Pune Chennai New Delhi

DIRECTORS

AS ON 30.09.2012

Name :	Mr. Babasaheb Neelkanth Kalyani
Designation :	Director
Address :	221/ABCD, Kalyaninagar, Pune – 411 006, Maharashtra, India
Date of Birth/Age :	07.01.1949
Date of Appointment :	02.08.2009
DIN No.:	00089380

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	L27104MH1973PLC016350	KALYANI STEELS LTD	Director	15/02/1984	15/02/1984	-	Active	NO
2	L15421PN1939PLC006738	THE UGAR SUGAR WORKS LTD	Director	31/01/1986	31/01/1986	19/03/2010	Active	NO
3	L24200MH1988PTC048028	HIKAL LIMITED	Director	05/02/1992	05/02/1992	-	Active	NO
4	L25209PN1961PLC012046	BHARAT FORGE LTD	Managing director	30/03/2008	30/03/1993	-	Active	NO
5	U29303PN1996PLC096395	KALYANI HAYES LEMMERZ LIMITED	Director	18/01/1996	18/01/1996	-	Active	NO
6	U91110PN1965NPL018870	ASSOCIATION OF INDIAN FORGING INDUSTRY	Director	29/12/1997	29/12/1997	-	Active	NO
7	L51909KA1981PLC004198	AUTOMOTIVE AXLES LIMITED	Director	05/03/1998	05/03/1998	-	Active	NO
8	U85110KA1996PLC019619	NANDI INFRASTRUCTURE CORRIDOR ENTERPRISE LIMITED	Director	19/02/1999	19/02/1999	-	Active	NO
9	U29221KA1998PLC023383	MERITOR HVS (INDIA) LIMITED	Director	25/03/1999	25/03/1999	-	Active	NO
10	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	02/08/1999	02/08/1999	24/12/2009	Active	NO
11	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Whole-time director	02/08/2009	02/08/1999	-	Active	NO
12	L40108PN2000PLC015323	BF UTILITIES LIMITD	Director	15/09/2000	15/09/2000	-	Active	NO
13	U72900MH2000PTC140702	EPICENTER TECHNOLOGIES PRIVATE LIMITED	Director	06/10/2000	06/10/2000	-	Active	NO
14	U74999PN2003PLC018350	TRUE VALUE HOLDINGS LIMITED	Director	12/09/2003	12/09/2003	09/07/2010	Active	NO
15	U99999MH1956NPL009708	THE INDO GERMAN CHAMBER OF COMMERCE	Director	28/09/2005	28/09/2005	-	Active	NO
16	U85110KA2000PLC026939	NANDI ECONOMIC CORRIDOR ENTERPRISES LIMITED.	Director	30/09/2006	20/01/2006	-	Active	NO
17	U65991MH2002GOI137868	UTI TRUSTEE COMPANY PRIVATE LIMITED	Director	26/09/2006	27/03/2006	23/08/2011	Active	NO
18	U31909PN2006PLC129138	BF SYSTEMS LIMITED	Director	29/09/2006	29/09/2006	-	Strike off	NO
19	U45203PN2008PTC131242	KHED ECONOMIC INFRASTRUCTURE PRIVATE LIMITED	Director	04/01/2008	04/01/2008	-	Active	NO
20	U70102PN2008PLC131478	KHED DEVELOPERS LIMITED	Director	21/02/2008	21/02/2008	24/12/2009	Active	NO
21	U40102PN2007PTC130881	KENERSYS INDIA PRIVATE LIMITED	Nominee director	13/05/2008	13/05/2008	30/03/2009	Active	NO
22	U40106DL2008PLC179793	BF-NTPC Energy Systems Limited	Nominee director	19/06/2008	19/06/2008	-	Active	NO
23	L65993PN2009PLC134021	BF Investment Limited	Director	22/11/2010	26/05/2009	-	Active	NO
24	U29128DL2010PLC197806	Kalyani ALSTOM Power Limited	Director	06/07/2011	08/01/2010	-	Active	NO
25	U29111DL2010FLC197807	ALSTOM Bharat Forge Power Limited	Director	08/01/2010	08/01/2010	-	Active	NO
26	U45203PN2010PLC136755	BF INFRASTRUCTURE LIMITED	Director	02/08/2011	05/07/2010	01/06/2012	Active	NO
27	U35923PN2010PLC137191	IMPACT AUTOMOTIVE SOLUTIONS LIMITED	Director	25/08/2010	25/08/2010	-	Active	NO
28	U85100PN2011NPL141427	INSTITUTE FOR PROSTATE CANCER	Director	22/11/2011	22/11/2011	-	Active	NO

Name :	Mr. Sunil Yograj Widge
Designation :	Director
Address :	97, Fredericksville Road, Mertztown, US 19539
Date of Birth/Age :	18.09.1949
Date of Appointment :	20.09.2008
DIN No.:	01056289

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 Bottom of Form Top of Form
1	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	01/04/1999	01/04/1999	-	Active	NO
2	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Director	20/09/2008	15/02/2008	-	Active	NO Bottom of Form

Name :	Mr. Madan Umakant Takale
Designation :	Additional Director
Address :	3 Archway Apartments, Plot No.1, Nilanjali Hsg Society, Kalyani Nagar, Pune – 411 006, Maharashtra, India
Date of Birth/Age :	18.08.1960
Date of Appointment :	18.09.2010
DIN No.:	01291287

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	U51909PN1979PTC021628	RAJGAD TRADING CO PVT LTD	Director	06/12/1989	06/12/1989	07/01/2010	Active	NO
2	U65993MH1979PTC020902	JANNHAVI INVESTMENT PVT LTD	Director	06/12/1989	06/12/1989	07/01/2010	Active	NO
3	U65993PN1980PTC017814	TANGMARG INVESTMENT AND TRADING CO PRIVATE LIMITED	Director	06/12/1989	06/12/1989	07/01/2010	Active	NO
4	U65993PN1980PTC017813	YUSMARG INVESTMENT AND TRADING PRIVATE LIMITED	Director	06/12/1989	06/12/1989	07/01/2010	Active	NO
5	U72200PN2000PTC014486	TomTom India Private Limited	Director	29/09/2009	07/03/2000	12/11/2010	Active	NO
6	L27104MH1973PLC016350	KALYANI STEELS LTD	Director	27/06/2006	27/06/2006	-	Active	NO
7	U74210MH1997PLC105730	KALYANI INFOTECH SOLUTIONS LIMITED	Director	12/07/2007	12/07/2007	-	Active	NO
8	U72200PN2008PLC132839	KALYANI TECHNOLOGIES LIMITED	Director	25/09/2008	25/09/2008	-	Active	NO
9	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Director	18/09/2010	26/02/2009	-	Active	NO
10	L65993PN2009PLC134021	BF Investment Limited	Director	22/11/2010	05/03/2010	-	Active	NO

Name :	Mr. Ravindra Kumar Goyal
Designation :	Director
Address :	B4/140, First Floor, Safdarjung Enclave, New Delhi – 110029, Delhi, India
Date of Birth/Age :	18.05.1958
Date of Appointment :	22.09.2011
DIN No.:	03050193

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	U27109DL2004PLC128146	JINDAL STAINLESS STEELWAY LIMITED	Director	16/08/2010	05/04/2010	06/12/2010	Active	NO
2	L27104MH1973PLC016350	KALYANI STEELS LTD	Managing director	12/08/2011	17/01/2011	-	Active	NO
3	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Director	22/09/2011	22/06/2011	-	Active	NO
4	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	22/09/2011	22/06/2011	-	Active	NO
5	L65993PN2009PLC134196	KALYANI INVESTMENT COMPANY LIMITED	Director	28/07/2012	12/08/2011	-	Active	NO

Name :	Mr. Michael Hajost
Designation :	Director
Address :	1940, Meadow Lane, Wyomissing, PA , U.S.- 19610,
Date of Birth/Age :	28.08.1963
Date of Appointment :	28.09.2012
DIN No.:	05327255

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	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Director	28/09/2012	26/06/2012	-	Active	NO
2	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	28/09/2012	26/06/2012	-	Active	NO

Name :	Mr. Jaime Vasquez
Designation :	Director
Address :	17, Carmihne Dr. Sinking Spring PA, Pennasylvania, US 19608
Date of Birth/Age :	16.04.1962
Date of Appointment :	20.09.2008
DIN No.:	02073412

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	U27105PN1998PLC012724	KALYANI CARPENTER SPECIAL STEELS LIMITED	Director	20/09/2008	15/02/2008	26/06/2012	Active	NO
2	U27106PN1998PTC012742	CARPENTER KALYANI SPECIAL ALLOYS PRIVATE LIMITED	Director	18/09/2010	15/02/2008	26/06/2012	Active	N

KEY EXECUTIVES

Name :	Mr. Pankaj Anoop Deshpande
Designation :	Secretary
Address :	A-1/1, Vijaya- Rashmi Residency, Near Ganpati Matha, Warje Malwadi, Pune – 411058, Maharashtra, India
Date of Birth/Age :	28.06.1987
Date of Appointment :	22.09.2011
PAN No.:	ASYPP1293N

MAJOR SHAREHOLDERS

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Carpenter Technology Mauritius Limited, Mauritius	7810910
KSL Holdings Private Limited, India	22230548
BF Investment Limited, India	500
C.G. Patankar	1
B.B. Hattarki	1
D.R. Puranik	1
Anand Shirsat	1
TOTAL	30041962

AS ON 30.09.2012

Equity Shares Break Up	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	26
Bodies corporate	74
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Alloy Steel.

Products :

Product Description	Items Code
Alloy Bars and Roads	7228-30
Non Alloy Bars and Roads	7215-90
Non Alloy Ingots	7206-90

PRODUCTION STATUS (AS ON : 31.03.2011) [continued]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Ingot Blooms	M.T	200000	180000	160115
Billets and Bars	M.T	200000	180000	141499
Wire Roads and Bars	M.T	50000	4000	2484

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· Bank of Baroda – Lead Bank, Corporate Financial Services Branch, Mantri Court, 39 Ambedkar Road, Pune – 411 001, Maharashtra, India

· Canara Bank, Prime Corporate Branch, M.G. Road, Red Cross Building, Camp, Pune-411001, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan Secured	91.841	327.139
Foreign Currency Loan Secured – Others	265.402	175.722
Foreign Currency Loan Secured – Banks	159.535	266.204
Working Capital Loan Secured - Others	151.705	139.922
Working Capital Loan Secured - Banks	200.000	100.000
TOTAL	868.483	908.987

Banking Relations :

--

Auditors :

Name :

Dalal and Shah

Chartered Accountant

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai-400028, Maharashtra, India

Tel. No.:

91-22-66691000

Fax No.:

91-22-66547800/66547801

PAN No :

AAAFD0907D

Holding Company:

KSL Holing Private Limited (U65993PN2001PTC015938)

Controlling Company and Companies Under Common Control:

· Carpenter Technology Mauritius Limited

· Carpenter Technology Corporation

· Tally Metals Technology Inc.

· Tally Industries Inc.

· Carpenter Technology Asia Pacific Pte. Limited

· Aceros Fortuna

· CRS Holdings Inc.

· Carpenter Technology (Europe) S.A

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30041962	Equity Shares	Rs.10/- each	Rs.300.420 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		300.420	300.420	300.420
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1209.742	953.549	825.055
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1510.162	1253.969	1125.475
LOAN FUNDS
1] Secured Loans		868.483	908.987	1652.920
2] Unsecured Loans		200.835	201.315	4.664
TOTAL BORROWING		1069.318	1110.302	1657.584
DEFERRED TAX LIABILITIES		192.091	194.146	165.700
TOTAL		2771.571	2558.417	2948.759
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1530.429	1670.731	1687.578
Capital work-in-progress		18.549	12.613	59.392
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
TECHNICAL KNOW HOW		0.000	0.000	51.999
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	850.405	608.443	988.392
	Sundry Debtors	2161.710	1499.013	1159.585
	Cash & Bank Balances	30.336	33.018	10.017
	Other Current Assets	74.313	123.130	164.724
	Loans & Advances	275.762	248.819	340.696
Total Current Assets		3392.526	2512.423	2663.414
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1255.192	1007.514	842.688
	Other Current Liabilities	591.320	468.355	449.159
	Provisions	323.421	161.481	242.342
Total Current Liabilities		2169.933	1637.350	1534.189
Net Current Assets		1222.593	875.073	1129.225
MISCELLANEOUS EXPENSES		0.000	0.000	20.565
TOTAL		2771.571	2558.417	2948.759

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9896.428	7305.868	752.872
		Other Income	14.484	57.220	10.944
		TOTAL	9910.912	7363.088	7763.816
Less	EXPENSES
		Consumption materials changes inventories	6638.273	4952.658
		Manufacturing service cost	1525.380	1201.046
		Contract Cost	333.207	226.965
		Employee related expenses	353.527	301.349
		Administrating selling other expenses	207.972	166.657
		TOTAL	9058.3596	6848.675	7664.189
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		852.553	514.431	99.627
Less	FINANCIAL EXPENSES		178.958	228.404	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		673.595	286.027	99.627
Less/ Add	DEPRECIATION/ AMORTISATION (F)		146.108	124.561	94.218
	PROFIT / (LOSS) BEFORE TAX AND EXCEPTIONAL ITEMS		527.487	161.466	5.409
LESS	EXCEPTIONAL ITEMS		0.052	4.408	0.000
	PROFIT / (LOSS) BEFORE TAX		527.435	157.058	5.409
Less	TAX (H)		166.495	28.564	37.057
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		360.940	128.494	(31.648)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		525.563	397.069	431.780
Less	APPROPRIATIONS
		Excess / (Short) Provision for Taxation Expenses	0.000	0.000	3.063
	BALANCE CARRIED TO THE B/S		745.656	525.563	397.069
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	0.000
	TOTAL EARNINGS		0.000	0.000	0.000
	IMPORTS
		Raw Materials	N.A	408.701	824.747
		Capital Goods	N.A	0.000	14.157
	TOTAL IMPORTS		N.A	408.701	838.904
	Earnings Per Share (Rs.)		12.01	4.28	(1.16)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.64	1.75	(0.40)
Net Profit Margin (PBT/Sales)	(%)	5.33	2.15	0.71
Return on Total Assets (PBT/Total Assets}	(%)	10.71	3.75	0.12
Return on Investment (ROI) (PBT/Networth)		0.35	0.12	0.01
Debt Equity Ratio (Total Liability/Networth)		2.14	2.19	2.84
Current Ratio (Current Asset/Current Liability)		1.56	1.53	1.74

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	No
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

UNSECURED LOAN :

Particular	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan Others Unsecured	150.000	150.000
Foreign Currency Loan Unsecured	44.960	45.440
Deferred Sales tax loan unsecured	5.875	5.875
TOTAL	200.835	201.315

FORM 8

Corporate identity number of the company	U27105PN1998PLC012724
Name of the company	KALYANI CARPENTER SPECIAL STEELS LIMITED
Address of the registered office or of the principal place of business in India of the company	72-76, Mundhwa, Pune-411036, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of Baroda – Lead Bank, Corporate Financial Services Branch, Mantri Court, 39 Ambedkar Road, Pune – 411 001, Maharashtra, Indi
E-mail	corpun@bankofbaroda.com
Nature of instrument creating charge	Indenture of mortgage dated 29^th October 2012
Date of instrument Creating the charge	29.10.2010
Amount secured by the charge	Rs.625.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest ECB-US $ 10 Million Derivation limit (being credit exposure) – US $ 2.500 Million Terms of repayment 6 Months U.S.B LOBOR + 400bps p.a. Payable Quarterly. LIBOR shall be reset quarterly. Margin 30 Percent Margin for wind mill project and 58 percent margin for expansion of project under ECB loans is maintained Extent and operation of the charge First pari passu Charge on entire movable and immovable fixed assets Second pari passu Charge on Current Assets Viz. all stocks of raw Material, Semi Finished and finished Goods. Present and future and all other present and future book debts
Short particulars of the property charged (Including location of the property)	All piece of land known as Plot No. B – 5 in Ranjanagaon Industrial Area, Within the village limit of Dhoksangvi and outsides of shirur municipal council taluka and registeration Sub – District Shirur, District and registration district pune containing by admeasurement 25,542 square meters of there abouts and all Bounded by : towards north : plot reserves by c.w.c. towards South by : MIDC Land, towards East by : MIDC Boundary, Togather with all buildings and structure and all plants and machinery attached to the assets The whole of the movable fixed assets including movable plants and machinery spares, tools and accessories and other movables, both present and future, whether installed or not and stored in factories premises and godowns situated at 72 76 mundhwa, Pune – 411036, at Plot No. B. 5, Rajangaon Industrial Area, Pune 412209 and Four Kenersys make K82 2.0 MW Wind Turbine Generators with 82 M hub Ht and 80 M Steel Tubular Tower and Electrical Yard including Transformers, earthing and civil works for foundation and approach roads alongwith over head lines from winds Turbine Generator to Nearby Sub Station Locatd at Tith 3, 11, 12, 15 of titthwa village, tal wankaner, District Rajkot, The WHOLE OF Current Assets of the borrower namely, stock of raw material stock In Process, semi – finished and finished goods, store and spares not relating to plant and machinery (consumable stores and spares), bills receivable and book debts and all other movable, both presents and future, whether now lying loose or stored in factories, premises and godown situated at 72 – 76 Mundhwa, pune – 411036 and at Plot No. B.5, Rajangaon Industrial Area, Pune - 412209

THE YEAR UNDER REVIEW :

During the financial year 2010-11, Sales tonnage at 167,848 MT was higher by 12.16 percent over previous year, as market conditions continued to improve in the current year also. Turnover of your company in value terms, has increased by 35percent due to better per unit realization as a result of higher shipment of ESR grade steel during the year. Turnover increased by Rs2.591 Million to Rs.9.897 Million The Company believes that costs have to be continuously brought down while improving the product quality. The initiatives taken towards improvement in yields, reduction in oil consumption and reduction in metallic cost. have resulted in improving the contribution by 2percent over the previous year. Financial costs have also reduced by Rs 49.4 Mln during the year with better inventory management and timely realization of receivables.

FIXED ASSETS

• Leasehold Land
• Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fixtures
• Vehicles

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.54.54
UK Pound	1	Rs.87.69
Euro	1	Rs.72.85

INFORMATION DETAILS

Report Prepared by :

HET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION		7
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10
--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
TOTAL		58

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.