MIRA INFORM REPORT

Report Date :

12.10.2013

IDENTIFICATION DETAILS

Name :	ADHUNIK METALIKS LIMITED (w.e.f 09.08.2005)
Formerly Known As :	NEEPAZ METALIKS LIMITED (w.e.f 18.02.2004) NEEPAZ METALIKS PRIVATE LIMITED
Registered Office :	Chadri Hariharpur, P.O.- Kuarmunda, Sundargarh – 770039, Orissa
Country :	India
Financials (as on) :	30.06.2012
Date of Incorporation :	20.11.2001
Com. Reg. No.:	15-017271 (New) 21-093945 (Old)
Capital Investment / Paid-up Capital :	Rs. 1234.995 Millions
CIN No.: [Company Identification No.]	L28110OR2001PLC017271 (New) L28110WB2001PLC093945 (Old)
TAN No.: [Tax Deduction & Collection Account No.]	RCHN00117F
PAN No.: [Permanent Account No.]	AABCN5676P
Legal Form :	A Public Limited Liability Company. Company’s Shares are Listed on The Stock Exchange.
Line of Business :	Manufacture and Sale of Steel, Both Alloy and Non Alloy.
No. of Employees :	10000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 49000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is the Flagship Company of ‘Adhunik Group’. It is a well established company having a good track record. The companies have changed its date of annual return. There appear some losses recorded by the company during June 2012. However, financial position of the company seems to be good. Trade relations are reported to be decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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	FITCH
Rating	BBB (Long Term Loan)
Rating Explanation	The default risk is low capacity for payment of financial commitments is considered adequate but adverse business or economic condition are more likely to impair this capacity.
Date	July 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. G. Randey
Designation :	Account Department
Contact No.:	91-33-30517100
Date :	08.10.2013

LOCATIONS

Registered Office / Factory 1 :	Chadri Hariharpur, P.O.- Kuarmunda, Sundargarh – 770039, Orissa, India
Tel. No.:	91-661-2586001-04 / 2586006 / 3051300 / 2401974/60/46
Fax No.:	91-661-2586005
E-Mail :	bvarughese@adhunikgroup.co.in
Website :	www.adhunikgroup.com
Location :	Owned
Corporate Office :	Lansdowne Towers, 2/1A, Sarat Bose Road, Kolkata-700020, West Bengal, India
Tel. No.:	91-33-30517100 (30 Lines)
Fax No.:	91-33-22890285
E-Mail :	info@adhunikgroup.com
Factory 2 :	Kandra Chowka Road, P.O: Kandra District Saraikela-Kharswan Jharkhand - 832402, India
Tel. No.:	91-6597-3298932/3292943
Fax No.:	91-6597-255413/422/411
Branch Office :	14 N S Road, 2^nd Floor, Kolkata-700001, West Bengal, India.
Tel. No.:	91-33-22428551/8553
Tele Fax No. :	91-33-22428553
Fax No.:	91-33-22428551
Marketing Offices :	Located At: West Bengal Jharkhand Orissa Punjab Haryana Maharashtra Karnataka

DIRECTORS

AS ON 30.06.2012

Name :	Mr. Ghanshyamdas Agarwal
Designation :	Chairman
Date of Birth/Age :	16.10.1957
Name :	Mr. Jugal Kishore Agarwal
Designation :	Director
Date of Birth/Age :	05.10.1951
Name :	Mr. Nirmal Kumar Agarwal
Designation :	Director
Date of Birth/Age :	11.11.1962
Name :	Mr. Mohan Lal Agarwal
Designation :	Director
Date of Birth/Age :	10.05.1964
Name :	Mr. Mahesh Kumar Agarwal
Designation :	Director
Date of Birth/Age :	10.05.1966
Name :	Mr. Nihar Ranjan Hota
Designation :	Director
Name :	Mr. Lalit Mohan Chatterjee
Designation :	Director
Name :	Mr. Manoj Kumar Agarwal
Designation :	Managing Director
Date of Birth/Age :	06.08.1969
Name :	Mr. Ram Gopal Agarwal
Designation :	Director
Name :	Mr. Nandanandan Mishra
Designation :	Director
Name :	Mr. Surendra Mohan Lakhotia
Designation :	Director
Name :	Mr. Raghaw Sharan Pandey
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Anand Sharma
Designation :	Company Secretary
Name :	Mr. G. Randey
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2013

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	11103634	8.99
Bodies Corporate	68809537	55.72
Sub Total	79913171	64.71
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	79913171	64.71
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1109909	0.90
Financial Institutions / Banks	4942366	4.00
Foreign Institutional Investors	6657271	5.39
Sub Total	12709546	10.29
(2) Non-Institutions
Bodies Corporate	11639878	9.43
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	8381495	6.79
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4922578	3.99
Any Others (Specify)	5932868	4.80
Non Resident Indians	397084	0.32
Clearing Members	71604	0.06
Overseas Corporate Bodies	1000	0.00
Foreign Corporate Bodies	5463180	4.42
Sub Total	30876819	25.00
Total Public shareholding (B)	43586365	35.29
Total (A)+(B)	123499536	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	123499536	0.00

BUSINESS DETAILS

Line of Business :	Manufacture and Sale of Steel, Both Alloy and Non Alloy.
Products :	· Auto steel · Gear steel · Spring flat steel · Free cutting · Non hardened and tempered steel · Micro alloyed steel
Terms :
Selling :	L/C / Credit
Purchasing :	L/C / Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production In MT
Sponge Iron	Tonnes	300000	203695
Pig Iron	Tonnes	213792	179338
Billets	Tonnes	445400	335036
Rolled Product	Tonnes	220000	159564
Silco and Ferro Alloys	Tonnes	46880	24456
Oxygen Gas	M. Cu.	35972000	30801498
Sinter	Tonnes	267300	243735
By-Product	Tonnes	--	489944
Trading Goods	Tonnes	--	5726
Miscellaneous	Rupees	--	--

* Includes sale of By-Products amounting to Rs. 0.142 Million

Notes:

a) Licensed capacity is not applicable as the industry is delicensed

b) Installed Capacity is as certified by the Management and relied upon by the Auditors.

c) After adjusting shortages

d) Include Trial Run Stock

e) Excludes materials captively consumed

f) Excluding own consumption / transferred to Raw Material after rescreening

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

10000 (Approximately)

Bankers :

· Allahabad Bank

· Bank of Baroda

· Bank of India

· Bank of Maharashtra

· Canara Bank

· Corporation Bank

· Dena Bank

· HDFC Bank

· ICICI Bank

· Indian Overseas Bank

· IndusInd Bank

· Oriental Bank of Commerce

· Punjab National Bank

· State Bank of Bikaner and Jaipur

· State Bank of India

· State Bank of Mysore

· State Bank of Patiala

· State Bank of Travancore

· Syndicate Bank

· UCO Bank

· Union Bank of India

Facilities :

Rs. In Millions

Secured Loan

30.06.2012

(15 Months)

31.03.2011

(12 Months)

Long Term Borrowings

Term Loans

Rupee loans from banks

5416.400

7459.401

Defered Payment Liabilities

Vehicle / Equipment Loans

43.941

16.523

Short Term Borrowings

Cash credits from banks

4741.006

3911.598

Export Packing credit loan (in foreign currency)

140.773

89.745

Short Term Loan from Bank

500.000

0.000

TOTAL

10842.120

11477.267

NOTES

LONG TERM BORROWINGS

(a) Nature of security –

i) The rupee term loans from banks amounting to Rs. 6614.100 Millions (Rs. 6368.928 Millions) are secured by first charge over all the fixed assets of the Company, both present and future, at Chadrihariharpur Kuarmunda, District Sundargarh, Orissa, ranking pari passu with the charges created / to be created in favour of other existing and proposed Institutions / Banks and second pari-passu charge on all the current assets of the Company.

ii) The rupee term loans from banks amounting to Rs. 1375.000 Millions (Rs. 1500.000 Millions) are secured by second charge on entire movable and immovable assets of the Company.

iii) The rupee term loans from banks amounting to Rs. 912.500 Millions (Rs. 700.000 Millions) are secured by a subservient charge on the fixed and current assets of the Company.

iv) The rupee Term Loans of Rs. 8901.600 Millions (Rs. 8568.928 Millions) from banks are further secured by the personal guarantee of one or more promoter directors of the Company.

v) Finance against equipments/vehicles are secured by hypothecation of the respective equipments/vehicles.

(b) Terms of repayment of rupee loans from banks and rate of interest charged –

Rupee term loans of Rs. 8901.600 Millions (Rs. 8568.928 Millions) from banks carry interest ranging between respective bank's base rate (ranging between 9.75% to 10.50%) plus 2.55% to 4.25% per annum. The repayment terms of the said loans are as under:

Rupee Term Loans

Payment terms	50 structured quarterly installments starting from June 2008 to September 2020
Installments due	Number of Installments	Rs. In Millions
Within one year	5	3485.200
One year to Three Year	8	2853.766
Three Year to Five Year	8	1314.900
More than Five Year	29	1247.734
TOTAL	50	8901.600

(c) The rupee term loans of Rs. 477.800 Millions (Rs. Nil) due for payment as on 30th June 2012 and interest of Rs. 218.270 Millions (Rs. 79.853 Millions) which was due for payment in April 2012 to June 2012, have not yet been paid.

(d) Vehicle / Equipment loans carry interest ranging between 8.46% to 11.40% per annum and are secured by the respective fixed assets purchased there against. Following is the repayment schedule of such loans:

SHORT TERM BORROWINGS

(a) Cash credit from banks of Rs. 4741.006 Millions (Rs. 3911.698 Millions) which is repayable on demand and export packing credit facilities from banks of Rs. 140.773 Millions (Rs. 89.745 Millions) which is repayable within one year, are secured by first charge on pari passu basis with other working capital lenders by way of hypothecation of entire stock of raw materials, finished goods, process stock, trade receivables and other current assets (both present and future). The same are further secured by a second charge on pari-passu basis together with other working capital lenders over the fixed assets of the Company. Cash credit from banks carry interest ranging between bank base rate (ranging from 9.75% to 10.75%) plus 3.75% to 4.25% per annum. Export packing credit facilities from banks carry interest ranging between LIBOR plus 4.00% per annum.

(b) Short term rupee loan from bank (secured) of Rs. 500.000 Millions (Rs. Nil) is secured by a first charge on all the fixed assets of the Company ranking pari passu with other lenders. The loan is repayable within one year carrying interest rate of bank's base rate (9.75%) plus 3.25% per annum.

(c) Cash credit from banks of Rs. 4741.006 Millions (Rs. 3911.598 Millions) as well as Short term loans from Banks of Rs. 500.000 Millions (Rs. Nil) are further secured by the personal guarantee of one or more promoter directors of the Company.

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountant
Subsidiaries / Step Down Subsidiary Companies :	· Orissa Manganese and Minerals Limited · Adhunik Power and Natural Resources Limited · Adhunik Power and Transmission Limited (Ceased to be a subsidiary company w.e.f. 1st November 2011) · Neepaz V Forge (India) Limited (Ceased to be a subsidiary company we.f 27th April 2012)
Other Related Parties :	· Adhunik Alloys and Power Limited · Adhunik Infotech Limited · Adhunik Industries Limited · Adhunik Meghalaya Steels (Private) Limited · Adhunik Steels Limited · Futuristic Steels Limited · Mahananda Suppliers Limited · Neepaz B.C. Dagara Steels Private Limited · Swarnarekha Steel Industries Limited · Zion Steel Limited

CAPITAL STRUCTURE

AS ON 30.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
145180000	Equity Shares	Rs.10/- each	Rs. 1451.800 Millions
2000	Preference Shares	Rs.100/- each	Rs. 0.200 Million
	TOTAL		Rs. 1452.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
123499536	Equity Shares	Rs.10/- each	Rs. 1234.995 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.06.2012 (15 Months)	31.03.2011 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1234.995	1234.995
(b) Reserves & Surplus	11161.575	5173.653
(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)	12396.570	6408.648
(3) Non-Current Liabilities
(a) long-term borrowings	5460.341	7475.924
(b) Deferred tax liabilities (Net)	956.831	1471.302
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	38.917	36.196
Total Non-current Liabilities (3)	6456.089	8983.422
(4) Current Liabilities
(a) Short term borrowings	5381.779	4727.464
(b) Trade payables	7382.189	5098.996
(c) Other current liabilities	4347.850	1712.234
(d) Short-term provisions	29.543	192.944
Total Current Liabilities (4)	17141.361	11731.638
TOTAL	35994.020	27123.708
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14637.972	12613.556
(ii) Intangible Assets	4313.534	19.940
(iii) Capital work-in-progress	703.945	424.040
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	732.581	2070.733
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	788.252	604.046
(e) Other Non-current assets	368.566	458.549
Total Non-Current Assets	21544.850	16190.864
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8869.116	6577.903
(c) Trade receivables	2586.700	2973.714
(d) Cash and cash equivalents	245.512	127.483
(e) Short-term loans and advances	1447.216	1015.211
(f) Other current assets	1300.626	238.533
Total Current Assets	14449.170	10932.844
TOTAL	35994.020	27123.708

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1234.995
2] Share Application Money		0.000
3] Reserves & Surplus		4920.048
4] (Accumulated Losses)		0.000
NETWORTH		6155.043
LOAN FUNDS
1] Secured Loans		9726.964
2] Unsecured Loans		2457.859
TOTAL BORROWING		12184.823
DEFERRED TAX LIABILITIES		1342.399
TOTAL		19682.265
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13099.542
Capital work-in-progress		355.903
Capital expenditure on new Projects and Trial Run expenses		24.722
INVESTMENT		2060.699
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4469.501
	Sundry Debtors	2061.516
	Cash & Bank Balances	995.388
	Other Current Assets	23.235
	Loans & Advances	1485.866
Total Current Assets		9035.506
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1803.932
	Other Current Liabilities	2878.215
	Provisions	211.960
Total Current Liabilities		4894.107
Net Current Assets		4141.399
MISCELLANEOUS EXPENSES		0.000
TOTAL		19682.265

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2012 (15 Months)	31.03.2011 (12 Months)	31.03.2010
	SALES
		Income	18584.240	14407.748	12585.895
		Other Income	415.561	489.962	369.502
		TOTAL (A)	18999.801	14897.710	12955.397
Less	EXPENSES
		Cost of Raw Materials Consumed	11192.836	8360.051	10313.895
		Purchase of Stock-in-trade	837.108	151.483
		Employee benefits expense	595.074	577.822
		Other expenses	4896.117	4461.502
		Exceptional items	(595.959)	0.000
		(Increase)/ decrease in inventories of Finished Goods, Work-in-Progress, Stock-in-trade and By-Products	(1616.956)	(2020.013)
		TOTAL (B)	15308.220	11530.845	10313.895
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3691.581	3366.865	2641.502
Less	FINANCIAL EXPENSES (D)		3009.019	1825.043	1380.220
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		682.562	1541.822	1261.282
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1131.447	875.761	582.345
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(448.885)	666.061	678.937
Less	TAX (H)		(443.668)	97.452	139.869
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(5.217)	568.609	539.068
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2480.684	2126.606	1839.123
Less	Adjustment of loss pertaining to the amalgamating companies		0.000	0.000	58.094
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	28.430	13.477
		Dividend	0.000	185.249	154.374
		Tax on Dividend	0.000	0.852	25.640
	BALANCE CARRIED TO THE B/S		2475.467	2480.684	2126.606
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3471.369	1047.117	29.844
	TOTAL EARNINGS		3471.369	1047.117	29.844
	IMPORTS
		Raw Materials	3097.881	2089.506	1138.961
		Stores & Spares	111.341	104.580	81.909
		Capital Goods	111.921	0.000	0.000
	TOTAL IMPORTS		3321.143	2194.086	1220.870
	Earnings Per Share (Rs.)		(0.04)	4.60	4.80

QUARTERLY RESULTS

PARTICULARS	30.09.2012	31.12.2012	31.03.2013	30.06.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	3866.600	3517.200	5673.100	3523.400
Total Expenditure	3389.700	2813.000	5052.500	2813.700
PBIDT (Excl OI)	476.900	704.200	620.500	709.700
Other Income	263.200	143.700	209.200	38.800
Operating Profit	740.100	847.900	829.700	748.500
Interest	605.200	585.300	585.800	500.000
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	134.900	262.600	243.900	248.500
Depreciation	243.500	242.100	236.800	237.900
Profit Before Tax	(108.700)	20.600	7.200	10.600
Tax	(21.500)	(80.000)	(1.900)	4.900
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	(87.200)	100.600	9.100	5.700
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(87.200)	100.600	(9.100)	5.700

KEY RATIOS

PARTICULARS		30.06.2012 (15 Months)	31.03.2011 (12 Months)	31.03.2010
PAT / Total Income	(%)	(0.03)	3.82	4.16
Net Profit Margin (PBT/Sales)	(%)	(2.42)	4.62	5.39
Return on Total Assets (PBT/Total Assets}	(%)	(1.30)	2.70	3.07
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.10	0.11
Debt Equity Ratio (Total Debt/Networth)		0.87	1.90	1.98
Current Ratio (Current Asset/Current Liability)		0.84	0.93	1.85

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	No
8]	No. of employees	Yes
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	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	No
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

Rs. In Millions

Particular	30.06.2012 (15 Months)	31.03.2011 (12 Months)
Short Term Borrowings
Short Term Loan from
Banks	0.000	600.578
Financial Institutions	0.000	125.543
TOTAL	0.000	726.121

Note:

The registered office of the company has been shifted from 14 N S Road, 2^nd Floor, Kolkata-700001, West Bengal, India to present address

FINANCIAL YEAR

The financial period of the Company has been extended by a period of 3 (three) months up to 30th June, 2012. Accordingly, the Company’s financial period 2011-12 is for a period of 15 (fifteen) months i.e.; 1st April, 2011 to 30th June, 2012.

OPERATIONS

Steel industry has witnessed difficult time in FY 2011-12. The financial and operational performance was marred by the slowdown in the end-user industry yet increasing raw material prices adversely affected the margins of all the steel companies. The Company performance during the period was also affected due to the slowdown in the automobiles sector. The key raw material prices like those of iron ore, coal, coking coal had increased substantially whereas the same can’t be passed on to consumers due to weak demand.

However, the situation is gradually improving with a fall in coking coal prices and stability in other raw material prices. The Company is the first one in Orissa to start a captive iron ore mine located at the villages namely-Deojhar, Kulum and Mahadevnasa under Champa sub-division of Keonjhar district in the last ten years. Sourcing of iron ore from its captive mine will result in savings in raw material costs benefits, which will be reflected in the coming quarter of the Company.

The Company achieved net sales of Rs.18584.240 Millions in 15 months period ending 30th June 2012. The Company had extended its accounting year by a period of three months to end on 30th June 2012. Accordingly, the current financial year of the Company is for a period of fifteen months from 1st April 2011 to 30th June 2012. Hence, the current period's figures are not comparable with the previous year's figures.

The Company’s consolidated net sales were Rs 22854.698 Millions for a 15 months period ending 30th June 2012. The pellet plant which started commercial operations in December contributed incremental revenues during the period. The consolidated profit after tax was Rs. 206.645 Millions for the period.

SUBSIDIARIES

The Company has following subsidiaries viz.:

• Orissa Manganese and Minerals Limited became a subsidiary of the Company with effect from April 5, 2007.

• Adhunik Power and Natural Resources Limited became subsidiary of the Company with effect from November 14, 2008. However with effect from December 24, 2010, Adhunik Power and Natural Resources became a subsidiary of Orissa Manganese and Minerals Limited, the wholly-owned subsidiary of the Company and as such a step down subsidiary of the Company.

During the period, the Company’s wholly-owned subsidiary OMML has successfully commissioned its 1.2 million

tonne iron ore beneficiation and pelletisation plant situated at District Saraikela – Kharswan in the state of Jharkhand. During the period, the Company’s wholly-owned subsidiary OMML has issued and allotted 1,80,00,000 bonus shares to the Company.

During the period, the project cost for APNRL’s project of 270x2 MW Independent Power Producer Plant situated at District Saraikela – Kharswan, Jharkhand has been revised. The resultant increase in the project cost arising out of the aforesaid revision in the project cost has since been duly tied up in terms of equity as also in terms of substantial amount of debt. The first phase of Independent Power Producer Project having a capacity of 270x1 MW is expected to commence by November, 2012.

During the period, the Company divested its investment in two subsidiaries namely Adhunik Power Transmission Limited and Neepaz VForge (India) Limited w.e.f. 31st October, 2011 and 26th April, 2012 respectively.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC REVIEW

The Indian economy grew 6.5% in 2011-12 compared with 8.4% in the preceding two years on account of a weakening global economy, lower industrial growth and reforms slowdown.

IRON ORE

The iron ore sector grew on account of economic growth in China. Despite a price decline of 22% since the beginning of 2011, the iron ore spot price remained at a historically high level supported by three main producers accounting for more than half of the global export market and more than a third of

Chinese demand addressed domestically where the cost of production continues to increase. According to the U.S. Geological Survey, world iron ore reserves are estimated at 80Gt of contained Fe, 73% of which is located in Australia, Brazil, Russia, China and India.

Global demand: Demand for iron ore is largely predicated on global steel production since steelmaking consumes 98% of the world’s iron ore. It is estimated that the global iron ore demand will increase at a compound

annual rate of 3.7% - from 1.8Gtpa in 2011 to 2.2Gtpa in 2016 based on steel demand forecasts for 2012-13 from the World Steel Association and global crude steel production growth forecasts for 2011-16 from the CRU.

India demand: India’s iron ore demand is likely to increase to about 207.6 million tons during the 12th Five Year Plan. However, given the tight completion schedule of steel projects, iron ore demand may even increase to about 220 million tons.

The measures by the Indian government to improve domestic ore production comprise the following:

· New legislation on mining and mineral concession allocation to expedite and streamline the process of allocation of mineral concessions through a transparent time-bound mechanism.

· New Land Acquisition Act brought out by the government to smoothen land acquisition for projects (including mining).

· Priority to iron ore exploration to increase proven reserves.

· Efforts to explore whether reserves of iron ore (magnetite) in environmentally sensitive regions can be exploited through underground mining.

· Permission for 100% FDI in iron ore Mining

The measures taken by the Indian government to improve the availability of domestic iron ore reserves for the steel industry comprise the following:

· Provision of preferential allocation of mining leases to companies setting up value-addition projects including steel plants

· Management of the country’s exportled ore mining with the view to preserve the environment and prevent illegal mining.

· Encourage the beneficiation of low grade iron ore, fines and agglomeration.

MANGANESE ORE

Manganese (Mn) is a brittle, hard grey metal that looks much like iron. Manganese is the twelfth-most abundant element widely distributed in the earth’s crust and the fourth-most used metal in terms of tonnage, ranked after iron, aluminium and copper. Demand for manganese is primarily driven by the steel industry, which consumes 94% of the manganese ore produced. Out of total manganese ore reserves (based on land) of 5200 Mn tons, South Africa alone accounts for 75% share followed Ukraine with a share of 10% and by Australia and India with share of 3% each.

GLOBAL SCENARIO

Over the next five years (2012-2016), manganese consumption is expected to increase at a CAGR of 6%, backed by the rise in steel production, with China and India providing the main impetus for this growth.

By 2016, global manganese ore production is likely to exceed 52MMT with a manganese content of over 18MMT in comparison to an estimated output of 42MMT containing 14.7MMT of manganese in 2011, a growth of 22% over 5 years.

INDIA

India’s manganese consumption in 2000-01 was 9.13 lakhs MT, increasing to 30.25 lakhs MT. Silico-manganese (62%) and ferro-alloys (31%) were the major consumers followed by iron and steel (5.2%). India’s estimated manganese production was about 4.56 million tons in 2011-12 and projected at 6.7 million tons by 2016-17; consumption is estimated at 4.98 million tons by 2011-12 and 7.31 million tons by 2016-17.

ALLOY STEEL

Alloy steel is steel containing elements like chromium, nickel, molybdenum and vanadium used in specialized applications in the automotive, engineering, railways and defence sectors. The demand for alloy steel is riding a surge in the automobile, capital goods and engineering sectors. The Indian alloy steel industry largely caters to the growing automobile sector followed by the Railways and Defence sectors. India’s alloy steel demand is expected to increase from 3.5 mn tons in 2011-12 to 5 mn tons in 2016-17, while annual global demand is estimated at 125 mn tons.

STEEL

Global steel production reached 1,527 mn tons in 2011 from 1,430 mn tons in 2010. On the other hand, global steel consumption increased 5.6% from 1,302 mn tons in 2010 to 1,373 mn tons in 2011 owing to higher consumption coming out of the emerging and developing economies. Emerging nations accounted for 72% of global steel consumption - 980 mn tons from 928 mn tons in 2010. In 2011, China reported a 6% increase in steel

production to 696 mn tons and accounted for 45% of the global steel production.

In 2011, India emerged as fourthlargest steel manufacturer after China, USA and Japan. The country produced 74 mn tons of crude steel in 2011-12 against 71 mn tons in 2010 with an average capacity utilisation of 83% in 2011-12. India’s per capita steel consumption – a key indicator of steel consumption growth - is 57 kg, only better than the average per capita consumption of Africa.

The World Steel Association projects demand for global steel to grow by 49 mn tons to 1,422 mn tons in 2012 – a

growth of 3.6% against 5.6% in 2011. The steel demand across economies is also expected to increase – BRIC 3.2%, MENA at 5.7%, US at 5.2% Turkey at 7.9% while Europe is expected to record negative steel demand of 1.2%. The Indian steel industry health is expected to remain robust and expected to add 23 mn tons capacity by 2013-14, emerging as possibly the world’s third largest steel producer in the process.

STAINLESS STEEL

Stainless steel is defined as a durable iron-base alloy, with a minimum of 10.5 or 11% chromium content by mass, designed for resistance to corrosion and/or oxidation. Stainless steel usually contains less than 30% chromium and more than 50% iron. Carbon is usually present in amounts ranging from less than 0.03% to over 1.0% in certain martensitic grades. According to figures released by ISSF in April 2012, the world produced 32.1 million metric tons of stainless steel in 2011, a new record. This is a rise of 3.3% compared to 2011. China remained the driving force in stainless steel production with growth of 11.9% in 2011. The country now produces almost 40% of the world’s stainless steel.

India recorded rapid stainless steel growth production. Production in 2011 was 162 times higher than in 1978, 13 times higher than in 1990 and almost three times higher than in 2000, reaching 2.93 million tons in 2011. On an average, India reported an annual growth rate of 16% since 1978. India’s stainless steel demand is predominantly derived from utensils (70% of demand), consumer durables, transport, construction and tubes. Increasing governmental focus on infrastructural development and growing consumer affluence, stainless steel consumption is slated to grow rapidly and India is expected to emerge as the world’s third-largest producer of stainless steel by 2014.

RAW MATERIAL MANAGEMENT

Highlights, 2011-12

· Commenced captive iron ore mine

· Secured long-term agreement with Orissa Mining Corporation for supply of 1.00 MTPA high grade iron ore fines.

OVERVIEW

Around four tons of raw materials is required for manufacturing one ton of end-product, making raw material management a key driver for operational success. The Company’s strategically located manufacturing unit in Sundergarh (Orissa) makes it possible to procure 90% of all raw materials (iron ore, coal, coke, limestone, power,

and manganese ore, among others) from within 200 km of the Company’s manufacturing unit.

Iron ore: Adhunik’s captive iron ore mine in Keonjhar (Orissa) possesses estimated reserves of 18 mn tons and is expected to service demand for 30 years. The mine started despatching ore from June 2012 and presently supplies 10000 tons a month, meeting around 15% of the total required material. Procurement of iron ore from captive iron ore mine will result in savings of around Rs.2000-2500 per ton of iron ore. Around 40% of the requirement is

procured from the merchant mines of OMML, (120 km away).

Coal: Non-coking coal is sourced through a linkage with Mahanadi Coalfields Limited and the e-auction route. Coking coal is imported from Australia through long-term contracts.

Limestone: The Company procures limestone and dolomite from the Katni and Gomadi mines and captively from

United Minerals (partnership status).

Manganese ore: The Company sources manganese from OMML’s Patmunda mine, one of the largest of its kind in India (manganese content 22% to 52%).

Power: The Company sources 40% of its power requirement from its 34-MW captive power plant and the rest from the State Electricity Grid.

OPERATIONS

Highlights, 2011-12

· Achieved billets production of 3,82,269 ton

· Achieved capacity utilisation of 69%

· Initiated total productive maintenance (TPM) to eliminate downtime

· Achieved an yield of 94%

OVERVIEW

Adhunik invested in a fully integrated business model (captive mines and power plants, captive railway sidings and rakes, among others, to create one of the most cost-effective steel manufacturing units in the country. It is a secondary steel manufacturer with the following capacities: 450,000 TPA of steel, 3,00,000 TPA of sponge iron, 2,13,792 TPA of pig iron , 46,880 TPA of ferro alloys, 267,300 TPA of sinter, 1,20,000 TPA coke oven and 34 MW

captive power.

QUALITY MANAGEMENT

Highlights, 2011-12

· The Company’s products were approved by all the major OEMs in India.

· Reducing trend of rejection level and improved customer satisfaction.

· Continual improvement of process and product quality and development of new grades

· Added testing method for supporting Processes

· Decreasing the process and product costs by minimization of idle time and processes.

· Training of skilled and semi skilled personnel

OVERVIEW

As the Company is a preferred supplier to quality-demanding automobile OEMs, it becomes imperative for the Company to maintain strict quality. Consistent quality is also a key factor in maintaining long-standing customer relationships.

Adhunik’s strong quality team ensured conformance to the globally benchmarked quality standards from incoming raw material to the manufacture of intermediate products to the production of finished goods. It invested in a state-of-the-art quality control laboratory with sophisticated equipment – vacuum de-gasser, electromagnetic stirrer, LECO hydrogen, nitrogen and oxygen analyser and metallographic polishing machines, among others. The Company was ISO 9001:2000-certified and received other coveted certificates like TS 16949, BIS (IS: 2830/IS: 2831) and RDSO.

POWER GENERATION

Highlights, 2011-12

· Achieved PLF of 88% against 82% in 2010-11 in captive power plant

· Long term PPA signed for 435 MW

· Power Evacuation arrangement completed

· Boiler Hydro Test and Boiler Test Completed for Unit 1 of 270 MW

· Boiler Hydro Test completed for Unit II of 270 MW

Captive generation: Adhunik’s two captive power plants (cumulative 34 MW) provide 40% of its power needs while the rest is sourced from the State Electricity Grid. The power plant uses waste generated from the DRI plant, waste char (around 20% carbon) and coal washery rejects. Average per unit generation cost for the Company was Rs. 3.88 compared with grid costs of at Rs. 5.44 per unit.

Power generation(IPP): The Company forayed in the business of power generation through its subsidiary Adhunik Power and Natural Resources Limited (APNRL). It is establishing a 1,080-MW plant across three phases in Jharkhand. In the first two phases, two plants of 270 MW each will be commissioned in October 2012 and January 2013.

MINING

Highlights, 2011-12

· Started operations of the captive iron ore mining for AML

· Commenced operations of the Sulaipat mine

· Commissioned the pellet plant

OVERVIEW

The Company, through its subsidiary, possesses iron ore and manganese ore mines with estimated reserves of 40-45 mn tons and 20 mn tons respectively.

These reserves are expected to last over 30 years at the Company’s post commissioning throughput. The iron ore and manganese ore mines are open cast with a low stripping ratio. The ratio of lumps to fines is 60:40. Some of the Company’s major clients are Bhushan Steel, Raipur Power and Steel Limited, Jindal Stainless and Rohit Ferro Tech, Impex Ferro Alloy among others. The Company’s 1.2 MTPA iron ore beneficiation plant and pellet plant (to convert the iron ore fines into pellets) is operational and will be invested with a railway siding in the mines and near the plant.

FIXED ASSETS

v Freehold Land

v Leasehold Land

v Buildings

v Plant and Machinery

v Vehicle

v Computers

v Furniture and Fixtures

v Office Equipments

v Rolling Stock

v Railway Siding

v Forest Restoration

v Computer Software

WEBSITE DETAILS

PROFILE

Adhunik Group, the Rs.35000.000 Millions conglomerate, is one of the fastest growing groups in India. It is engaged in mining, steel, power, and value added steel products, catering to a vast and quality-focused customer base.

With a dependable and committed employees and a strong customer support, the Group has emerged as a steady performer, undeterred even during cyclical fluctuations and unsteadiness of the market. It has grown continuously, backed with strong financial performance.

The Group has steel manufacturing facilities in Orissa and Jharkhand. Besides, it has a chain of value-added products including carbon and alloy steel billets, auto-grade steel rolled products, rounds and flats (4,50,000 TPA), TMT bars and wire rods (1,50,000 TPA), sponge iron (5,10,000 TPA), pig iron (2,31,000 TPA), Ferro alloys products including Ferro manganese, Silico manganese, Ferro silicon (50,000 TPA) and stainless steel products (1,20,000 TPA).

The Group has embarked upon an ambitious expansion plan in the power sector. It is implementing a 540 MW power plant in Jharkhand which is on the verge of completion. The Group has also secured captive coal block for this 540 MW power It has an existing power generation capacity of 64 MW which is being captively consumed.

In the mining sector, it has iron ore and manganese ore mines in Jharkhand and Odisha, respectively. The Group has mining resources including iron ore, coal, manganese ore and lime stone which are the key inputs of production. The Group has also set up 1.2 Million ton Pellet and Beneficiation plant in Jharkhand to utilize the low grade iron ore fines and convert them into value added product Pellet.

Over the years the Group has shown robust operational results and has an excellent track record of growth and profitability.

MANAGEMENT

Chairman

Mr. Ghanshyam Das Agarwal – Chairman

A commerce graduate from Calcutta University, he has over 25 years of experience in the steel sector. He is looking after group activities in Assam and Meghalaya and the social activities being undertaken by the group.

Directors

Mr. Jugal Kishore Agarwal – Director

A law graduate from Calcutta University, he has more than 25 years of experience in the steel sector. Mr. Agarwal has been a guiding force behind the Group and has played a key role in envisioning the various business initiatives. He has been an important contributor in all the financial matters of the group.

Mr. Mohan Lal Agarwal – Director

A commerce graduate, he has over 17 years of experience in the steel sector. He look after the day to day administrative activities of the group.

Mr. Nirmal Kumar Agarwal – Director

A science graduate, he has about 20 years of experience in the steel sector and has been mainly involved in the marketing activity of the Group. Under his guidance the Group started operations in Mandi Gobindgarh, Punjab, the hub of steel trading in India. He is keenly involved with various industrial associations. He is also looking after the mining activities of the Group.

Mr. Mahesh Kumar Agarwal – Director

A commerce graduate from Calcutta University, he has over 16 years of experience in the steel sector. He has hands on experience in all the accounting and financials of the Company. He set up the first sponge iron plant and rolling mill of the Group in 2001. He looks after the Durgapur plants.

Managing Director

Mr. Manoj Kumar Agarwal - Managing Director

A graduate in engineering from REC Kurukshetra, he has more than 13 years of experience in the steel industry. He visualised the Group's road map for growth. A dynamic entrepreneur, he has had a major influence in shaping the future operations of the group.

Independent Directors

Mr. Nihar Ranjan Hota - Independent Director

Mr. Nihar Ranjan Hota is a retired IAS officer having 33 years of experience from 1960 to 1993, holding various responsible positions under the State and Central Government and retired as the Chief Secretary to the Government of Orissa. He was also a member of Orissa Stayyte Finance Commission from 2003 to 2004. He was the Chairman cum Managing Director in Industrial Development Corporation of Orissa from 1990 to 1993.

Mr. Lalit Mohan Chatterjee - Independent Director

Mr. Lalit Mohan Chatterjee is a Graduate from Bengal Engineering College and completed his post-graduate diploma from SNTI Jamshedpur. He joined Tata Steel as a graduate Trainee and in his period of service spanning over 40 years he worked in various positions in different divisions. When he retired he was the Deputy General Manager at Tata Steel. He has been awarded the 'Bakura Gold Medal' and 'O.P. Jindal Gold Medal' for outstanding contribution in Ferrous Metallurgy. He now utilizes his vast experience by providing consultancy and advisor services to numerous Steel Plants in the Country.

Dr Ramgopal Agarwala - Independent Director

Dr. Ramgopal Agarwala (Ph. D, Manchester University) is an eminent economist of the Country. He was associated with World Bank as Senior Advisor and currently associated with Research and Information System for Developing Countries (RIS) as Senior Advisor. He is author of many research papers, books on economy and conference presentations. His areas of expertise include Macro modeling, Macro Economic management, Regional economic cooperation, Pension system reform, Foreign aid for development and development policy paradigm etc.

Mr. Nandanandan Mishra - Independent Director

Mr. Nandanandan Mishra, Ex Chief Commissioner of Income Tax, belongs to the 1966 cadre of the Indian Revenue Service and has over 36 years of rich experience in various critical portfolios in public sector administration. During his last tenure, he was the Director General of Income Tax (Administration) and was responsible for streamlining long term strategic plan in relation to internal inspection, reviewing tax payer service programmes and manage delinquent accounts. He has participated in various Committees in the Government and has successfully piloted a restructuring plan for the Income Tax Department in India, which is considered as a key innovation in Civil Service management in India.

Mr. Surendra Mohan Lakhotia - Independent Director

Mr. Surendra Mohan Lakhotia is a Chartered Accountant (rank holder). He has worked in diversified companies in the Corporate sector. In early 80's, he joined as the Vice- President in Indian Rayon Industries Limited. He also worked as Senior Vice – President in Hindalco Industries Limited; Joint President in Hindalco Industries Limited and as Executive President in the management services Division of the Aditya Birla Group. He has won several awards for professional excellence in Aditya Birla Group. He represented Aditya Birla group in several conference abroad including at Harvard. He has been invitee faculty and speaker at IIM-Kolkata. Presently he is rendering professional services as a management consultant. He is about 67 years of age and has gained extensive experience in all commercial and financial related matters

Mr. Raghaw Sharan Pandey - Independent Director

Mr. Raghaw Sharan Pandey is an IAS Officer belongs to 1972 Batch and retired on January 31, 2010. During his tenure he held various key positions in diverse areas of the Government of India such as Economic, Social as well as Coordination and Administrative sector such as Secretary, Ministry of Petroleum and Natural Gas, Secretary, Ministry of Steel, Additional Secretary, Ministry of Agriculture, Jt. Secretary, Ministry of Human Resources Development, Secretary, National Council of Educational Research and Training (NCERT) and Joint Secretary, Ministry of Welfare He also held the position of Resident Commissioner, Government of Nagaland based at New Delhi from 1991 to 1994 and Chief Secretary, Government of Nagaland for a period of 4 years, from 2000 to 2004. Currently Mr. Pandey is associated with Govt. of India, in the rank of Cabinet Secretary, as Representative and Interlocutor for Naga Peace Talks.

PRESS RELEASE

17^TH FEB 2012

ADHUNIK METALIKS LIMITED -NEWS VERIFICATION

News Verification : The media had reports that Adhunik Metaliks Limited is in talks to sell its forging arm to Amtek Auto Limited. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Adhunik Metaliks Limited has vide its letter inter-alia stated, "We do not comment on these speculative media reports. In case, any matter relating to our business and that of our subsidiaries is taken up by the Board of Directors of the company, we will intimate the Stock Exchanges and media, on such events or matters which have a bearing on the operational/ performance of the company as well as price sensitive information."

NEEPAZ V FORGE SOLD TO NAGPUR AUTOMOTIVE

Subject, sold its forging subsidiary, Neepaz V Forge, to Nagpur Automotive Industries Private Limited for Rs 2300.000 millions ($44 million), outlaying a strategy to divest non-core assets. Neepaz V Forge manufactures forged products for automobile players such as Tata Motors, Ashok Leyland, Renault and Mahindra and Mahindra. Subject is backed by Clearwater Capital Advisors.

Neepaz's revenue is said to be Rs 1160.000 millions with Ebitda of Rs 200.000 millions, and net profit of Rs 48.000 millions. Its product profile includes front axle beams, crank shafts, cam shafts, connecting rods, stub axles, steering knuckles, axle arms, differential case, differential covers, differential housings, pistons, yokes, gears, track links etc.

The current deal values the company at 11.4 times its previous-year Ebitda and 48-times its net profit.

The advisors for the deal were Enam for Subject and ICICI Securities for Nagpur Automotive.

In September 2007, Subject had acquired V Cube Forge India Limited for an undisclosed amount in September 2007 and later renamed it as Neepaz V Forge. The Kolkata-based Adhunik is a $1 billion group with business interests in steel, power and mining. Subject is a public listed firm.

Earlier transactions of Subject included the Deepak Cables India Limited acquisition of Adhunik Power Transmission Limited from Subject. Subject Power Transmission (formerly Unistar Galvanisers and Fabricators Limited) is a manufacturer of fabricated and galvanised items.

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. 61.16
UK Pound	1	Rs. 97.77
Euro	1	Rs. 82.78

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.