MIRA INFORM REPORT

Report Date :

02.10.2013

IDENTIFICATION DETAILS

Name :	REFRACAST METALLURGICALS PRIVATE LIMITED
Registered Office :	A-23, Industrial Area, Birgaon, Raipur – 493 221, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.07.1995
Com. Reg. No.:	10-009655
Capital Investment / Paid-up Capital :	Rs. 15.790 Millions
CIN No.: [Company Identification No.]	U24121CT1995PTC009655
TAN No.: [Tax Deduction & Collection Account No.]	JBPR00905C
PAN No.: [Permanent Account No.]	AABCR4431J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals, Ferro Alloy and Refractory Products
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 470000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB- = Long Term Rating
Rating Explanation	Moderate risk of default
Date	07.08.2012

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.

INFORMATION DENIED

Management Non-Cooperative. (91-771-4232100)

LOCATIONS

Registered Office/Factory :	A-23, Industrial Area, Birgaon, Raipur – 493 221, Chhattisgarh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	skjainryp@gmail.com
Correspondence Office :	Disha Crown, Katchna Road, Shankar Nagar, Raipur – 492 007, Chhattisgarh, India
Tel. No.:	91-771-4035300/304
Fax No.:	91-771- 4035393
E-Mail :	refmet@hotmail.com arnab.refmet@gmail.com duraikkannu@rediffmail.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Surendra Kumar Jain

Designation :

Director

Address :

B-4, Anupam Nagar, Raipur – 492 007, Chhattisgarh, India

Date of Birth/Age :

15.12.1959

Date of Appointment :

14.07.1995

DIN No.:

00251945

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	U31300CT1989PTC005547	SURYA WIRES PRIVATE LIMITED	Managing director	18/10/1989	18/10/1989	-	Active	NO
2	U65923OR1993PTC003283	SHANTI FINANCE AND PROPERTY DEVELOPMENT PRIVATE LIMITED	Director	17/03/1993	17/03/1993	-	Active	NO
3	U24121CT1995PTC009655	REFRACAST METALLURGICALS PRIVATE LIMITED	Director	14/07/1995	14/07/1995	-	Active	NO
4	U72200CT2000PTC014254	DISHA ONLINE PRIVATE LIMITED	Director	02/06/2000	02/06/2000	-	Active	NO
5	U52520CT2000PTC014410	DISHA VISION PRIVATE LIMITED	Director	12/04/2011	03/10/2000	-	Active	NO
6	U73200CT2000PTC014421	DISHA HITECH SYSTEMS PRIVATE LIMITED	Director	16/05/2011	09/10/2000	-	Active	NO
7	U72900CT1999PTC013621	DISHA INFOWAY INDIA PRIVATE LIMITED	Director	01/04/2001	01/04/2001	-	Active	NO
8	U51109WB1989PTC046961	POLYNESIA COMMERCE PRIVATE LIMITED	Director	07/02/2002	07/02/2002	-	Active	NO
9	U45202WB1993PTC057703	KIRAN CONSORTIUM TRADE PRIVATE LIMITED	Director	03/05/2002	03/05/2002	-	Active	NO
10	U51109WB1994PTC061866	VARSHA SALES PROMOTION PRIVATE LIMITED	Director	03/05/2002	03/05/2002	01/01/2013	Active	NO
11	U26921CT2003PTC015893	REFMET TECHNOLOGIES PRIVATE LIMITED	Director	30/06/2011	18/06/2003	-	Active	NO
12	U45209WB2004PTC098742	PANCHAM SALES PRIVATE LIMITED	Director	08/06/2004	08/06/2004	-	Active	NO

Name :

Mr. Arnab Roy

Designation :

Director

Address :

32, New Jalbihar Colony, Raipur – 492 001, Chhattisgarh, India

Date of Birth/Age :

29.07.1962

Date of Appointment :

01.04.1996

DIN No.:

00251974

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	U24121CT1995PTC009655	REFRACAST METALLURGICALS PRIVATE LIMITED	Director	01/04/1996	01/04/1996	-	Active	NO
2	U72900CT1999PTC013621	DISHA INFOWAY INDIA PRIVATE LIMITED	Director	01/01/2000	01/01/2000	12/08/2013	Active	NO
3	U72200CT2000PTC014254	DISHA ONLINE PRIVATE LIMITED	Director	02/06/2000	02/06/2000	-	Active	NO
4	U73200CT2000PTC014421	DISHA HITECH SYSTEMS PRIVATE LIMITED	Director	09/10/2000	09/10/2000	05/03/2010	Active	NO
5	U51109WB1994PTC061866	VARSHA SALES PROMOTION PRIVATE LIMITED	Director	03/05/2002	03/05/2002	-	Active	NO
6	U52520CT2000PTC014410	DISHA VISION PRIVATE LIMITED	Director	23/05/2002	23/05/2002	05/03/2010	Active	NO
7	U26921CT2003PTC015893	REFMET TECHNOLOGIES PRIVATE LIMITED	Director	18/06/2003	18/06/2003	-	Active	NO
8	U65923OR1993PTC003283	SHANTI FINANCE AND PROPERTY DEVELOPMENT PRIVATE LIMITED	Director	26/08/2003	26/08/2003	29/09/2012	Active	NO
9	U70101WB2005PTC101741	AISHWARYA TOWERS PRIVATE LIMITED	Director	16/02/2005	16/02/2005	-	Active	NO
10	U45203WB2005PTC101767	AISHWARYA HIGHRISE PRIVATE LIMITED	Director	17/02/2005	17/02/2005	19/07/2011	Active	NO
11	U51909WB2005PTC105708	TRUANT GOODS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO

Name :

Mrs. Ishita Roy

Designation :

Director

Address :

32, New Jalbihar Colony, Raipur – 492 001, Chhattisgarh, India

Date of Birth/Age :

10.03.1966

Date of Appointment :

01.10.1998

DIN No.:

00271124

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	U24121CT1995PTC009655	REFRACAST METALLURGICALS PRIVATE LIMITED	Director	01/10/1998	01/10/1998	-	Active	NO
2	U51109WB1994PTC061866	VARSHA SALES PROMOTION PRIVATE LIMITED	Director	03/05/2002	03/05/2002	-	Active	NO
3	U70101WB2005PTC101741	AISHWARYA TOWERS PRIVATE LIMITED	Director	16/02/2005	16/02/2005	-	Active	NO
4	U45203WB2005PTC101767	AISHWARYA HIGHRISE PRIVATE LIMITED	Director	13/08/2005	13/08/2005	19/07/2011	Active	NO
5	U51909WB2005PTC105708	TRUANT GOODS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
6	U51909WB2005PTC105709	MARTIN DEALERS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
7	U51909WB2005PTC105707	CALICO DEALERS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
8	U45200CT2010PTC021739	ASH ROY HOUSING PRIVATE LIMITED	Director	15/04/2010	15/04/2010	-	Active	NO
9	U45200CT2010PTC021751	ASH ROY REAL ESTATE PRIVATE LIMITED	Director	20/04/2010	20/04/2010	-	Active	NO

Name :

Mr. Gobinda Chadra Rath

Designation :

Director

Address :

32, New Jalbihar Colony, Raipur – 492 001, Chhattisgarh, India

Date of Birth/Age :

02.08.1980

Date of Appointment :

30.06.2011

DIN No.:

00296125

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	U27106CT1997PTC011933	KUNAL LOHACHEM PRIVATE LIMITED	Director	01/11/2004	01/11/2004	-	Active	NO
2	U45209WB2004PTC098742	PANCHAM SALES PRIVATE LIMITED	Director	09/12/2004	09/12/2004	-	Active	NO
3	U74140WB2004PTC098809	SANSKAR CONSULTANCY PRIVATE LIMITED	Director	15/06/2005	15/06/2005	-	Active	NO
4	U51909WB2004PTC098792	BESTWAY DISTRIBUTORS PRIVATE LIMITED	Director	10/10/2005	10/10/2005	-	Active	NO
5	U26921CT2003PTC015893	REFMET TECHNOLOGIES PRIVATE LIMITED	Director	18/05/2009	18/05/2009	-	Active	NO
6	U52520CT2000PTC014410	DISHA VISION PRIVATE LIMITED	Director	10/08/2013	05/03/2010	-	Active	NO
7	U73200CT2000PTC014421	DISHA HITECH SYSTEMS PRIVATE LIMITED	Director	05/03/2010	05/03/2010	-	Active	NO
8	U51909WB2005PTC105612	FORUM GOODS PRIVATE LIMITED	Director	15/10/2010	15/10/2010	-	Active	NO
9	U65923OR1993PTC003283	SHANTI FINANCE AND PROPERTY DEVELOPMENT PRIVATE LIMITED	Director	30/06/2011	30/06/2011	-	Active	NO
10	U24121CT1995PTC009655	REFRACAST METALLURGICALS PRIVATE LIMITED	Director	30/06/2011	30/06/2011	-	Active	NO
11	U31300CT1986PTC003504	SONA WIRES PRIVATE LIMITED	Director	12/02/2013	02/04/2012	-	Active	NO
12	U72900CT1999PTC013621	DISHA INFOWAY INDIA PRIVATE LIMITED	Director	10/08/2013	10/08/2013	-	Active	NO

Name :

Mr. Kunal Jain

Designation :

Director

Address :

B-4, Anupam Nagar, Raipur – 492 007, Chhattisgarh, India

Date of Birth/Age :

20.01.1989

Date of Appointment :

24.03.2012

DIN No.:

03344541

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	U31300CT1986PTC003504	SONA WIRES PRIVATE LIMITED	Director	11/01/2012	11/01/2012	14/12/2012	Active	NO
2	U31300CT1989PTC005547	SURYA WIRES PRIVATE LIMITED	Director	11/01/2012	11/01/2012	14/12/2012	Active	NO
3	U24121CT1995PTC009655	REFRACAST METALLURGICALS PRIVATE LIMITED	Director	24/03/2012	24/03/2012	-	Active	NO

MAJOR SHAREHOLDERS

As on 31.03.2012

Names of Shareholders	No. of Shares
Kiran Consortium Trade Private Limited, India	536600
Polymesia Commerce Private Limited, India	182600
Varsha Sales promotion Private Limited, India	661550

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	88.39
Directors or relatives of Directors	11.61
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals, Ferro Alloy and Refractory Products

Products :

Synthetic Slag for Secondary Steel. Compound for Hot metal de-sulfurisation Active Tundish Flux with turbulence Compound for De-Phosphorisation of steel. Inhibition pad for Tundish Metallurgy Ferro Alloys bearing Ni, Mo, Co, W, V and Cu. Refractory Refractory For Steel melting Shop Dry Ramming Mass Wet Ramming Mass Fettling Mass Gunning Material Hot patching Mass Nozzle Filling Compound (NFC) All kind of Castable and Precasts including Well Seating Block. For Blast Furnace Shop Tap Hole Clay Trough Mix for Main and Metal Runner

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Unit	Installed Capacity
Unit I
Refrectory Monolthics	Mts	1075.00
Precast Shape	Mts	125.00
Alcon Slag	Mts	1800.00
Unit II
Synthetic Slag	Mts	2000.00
Catalytic Preparation	Mts	300.00
Casting Flux	Mts	300.00
Refractory Monolthics	Mts	1000.00
Processed Minerals	Mts	1800.00
Alcon Slag	Mts	3000.00
Ferro Alloys	Mts	2000.00
Cupro Nickle	Mts	1000.00
Ferro Metal and alloys Metal	Mts	500.00

Particulars	Unit	Actual Production
Unit I
Casting Powder		36.000
Monolthics		183.5000
Unit II
Synthetic Slag		2477.055
Refractory Monolthics		32.000
Catalytic Slag		60.140
Ferro Alloys		310.570
Precast Shape		310.570

GENERAL INFORMATION

Customers :

• Essar Steels Limited
• Usha Martin Industries Limited, SAIL
• Bhilai Steel Plant, SAIL
• Research and Development Centre for Iron and Steel, Ranch
• Jindal Steel and Power Limited, Raigarh
• Jindal Vijaya Nagar Steels Limited, Bellary
• Mukund Steels Limited, Thane and Ginegera
• Ispat Industries Limited, Pen
• Ferro Alloys Corporation Limited, Nagpur
• TISCO Limited, Jamshedpur
• Iranian Steel Company

No. of Employees :

Information denied by management

Bankers :

· Central Bank of India, Fafadih Branch, Raipur, Madhya Pradesh, India

· State Bank of India, Me Sales HUB, SME Branch Premises, Bryon Bazar, Raipur – 492 001, Chhattisgarh, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term loan from banks
ICICI Bank (Against hypothecation of car) (applicable ROI is 12.19% and loan is repayable at an equated EMI of Rs. 0.011 Million)	0.000	0.061
HDFC Bank (Against hypothecation of car) (applicable ROI is 8.92% and loan is repayable at an equated EMI of Rs. 0.164 Million)	0.000	0.802
Short Term Borrowings
Loans repayable on demand from bank
State Bank of India
Cash Credit Limit	64.127	29.992
Letter of Credit discounting limit	42.044	30.893
Total	106.171	61.748

Note:

1. The working capital facilities from banks are secured by first charge over entire current assets i.e. stocks of raw material, finished goods, consumables, semi-finished goods and receivables of the company and second charge over the other movable assets and immovable assets of the company.
2. The above credit facilities are also secured by personal guarantee of promoter directors of the company and their relatives.

Banking Relations :	--
Auditors :
Name :	Rajendra Prasad Chartered Accountat
Address :	201/4A-Eskay Plaza, Moudha Para, Raipur – 492001, Chattisgarh, India
Tel. No.:	91-771-4035802/803
Fax No.:	91-771-4058801
E-Mail :	Rajendra_prasad@ical.org
PAN No.:	AAGFR7293A

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1579000	Equity Shares	Rs. 10/- each	Rs. 15.790 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	15.790	15.790
(b) Reserves & Surplus	102.711	97.315
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	118.501	113.105
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.863
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.863
(4) Current Liabilities
(a) Short term borrowings	120.802	64.639
(b) Trade payables	39.171	7.432
(c) Other current liabilities	10.221	10.164
(d) Short-term provisions	5.748	6.024
Total Current Liabilities (4)	175.942	88.259
TOTAL	294.443	202.227
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.995	17.333
(ii) Intangible Assets	0.436	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.500	0.500
(c) Deferred tax assets (net)	0.223	0.034
(d) Long-term Loan and Advances	2.952	2.462
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	19.106	20.329
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	184.818	82.315
(c) Trade receivables	58.718	46.857
(d) Cash and cash equivalents	13.682	6.837
(e) Short-term loans and advances	18.119	45.889
(f) Other current assets	0.000	0.000
Total Current Assets	275.337	181.898
TOTAL	294.443	202.227

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		13.590
2] Share Application Money		0.000
3] Reserves & Surplus		84.622
4] (Accumulated Losses)		0.000
NETWORTH		98.212
LOAN FUNDS
1] Secured Loans		48.157
2] Unsecured Loans		9.558
TOTAL BORROWING		57.715
DEFERRED TAX LIABILITIES		0.241
		3.270
TOTAL
		159.438
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.534
Capital work-in-progress		1.083
INVESTMENT		0.500
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.052
	Sundry Debtors	48.559
	Cash & Bank Balances	0.408
	Other Current Assets	0.000
	Loans & Advances	24.296
Total Current Assets		151.315
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.814
	Other Current Liabilities	0.180
	Provisions	5.507
Total Current Liabilities		12.501
Net Current Assets		138.814
MISCELLANEOUS EXPENSES		0.507
TOTAL		159.438

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income
	Other Income
	TOTAL	269.789	274.191	230.424
EXPENSES		NA	NA	NA
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		11.043	12.792	10.373
DEPRECIATION/ AMORTISATION		3.193	3.843	3.488
PROFIT/(LOSS) BEFORE TAX		7.850	8.949	6.875
TAX		2.454	3.456	1.907
PROFIT/(LOSS) AFTER TAX		5.396	5.493	4.768
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		47.880	42.378	37.619
BALANCE CARRIED TO THE B/S		53.276	47.880	42.378
Earnings Per Share (Rs.)		3.42	3.76	3.51

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.00	2.00	2.07
Return on Total Assets (PBT/Total Assets}	(%)	2.82	4.85	4.05
Return on Investment (ROI) (PBT/Networth)		0.07	0.08	0.07
Debt Equity Ratio (Total Debt /Networth)		1.02	0.58	0.59
Current Ratio (Current Asset/Current Liability)		1.56	2.06	12.10

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	No
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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Loans from related parties	14.631	3.754
Total	14.631	3.754

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90209764	11/02/2012 *	140,750,000.00	STATE BANK OF INDIA	ME SALES HUB SME BRANCH PREMISES, BYRON BAZAR, RAIPUR, Chhattisgarh - 492001, INDIA	B35764976

* Date of modification charge

FIXED ASSETS:

· Lease hold Land

· Factory and office Building

· Plant and Machinery

· Wooden

· Moulds

· Vehicles

· Lab Equipments

· Office Equipments

· Computer

· Furniture

· Car

· Weighting machine

· Diesel Genset

· Air conditioner

· Roasting Furnance

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] 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.62.35
UK Pound	1	Rs. 101.20
Euro	1	Rs. 84.54

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.