MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	WEST BENGAL AGRO TEXTILE CORPORATION LIMITED
Registered Office :	Room No. 11, 19th Floor, 33A, J. L. Nehru Road, Chatterjee International Centre, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.03.1973
Com. Reg. No.:	21-028732
Capital Investment / Paid-up Capital :	Rs. 90.100 Millions
CIN No.: [Company Identification No.]	U51211WB1973SGC028732
TAN No.: [Tax Deduction & Collection Account No.]	CALW00532A
PAN No.: [Permanent Account No.]	AAACW3323M / AAACW4132G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Jute and Jute Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 246000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary company of Howrah Mills Company Limited. It is an established company having moderate track record. There appear some accumulated losses which seem to be decreasing. However, company has recorded profit during the financial year 2012. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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/ Admin Office :	Room No. 11, 19th Floor, 33A, J. L. Nehru Road, Chatterjee International Centre, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22263672/ 3723/ 3722/ 22286193
Fax No.:	91-33-22887045
E-Mail :	tarunmall@hotmail.com wbatc@vsnl.net
Website :	http://www.mjindia.com

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Jyoti Mohan Mall

Designation :

Managing director

Address :

FE 379, Salt Lake City, Sector III, Kolkata – 700106, West Bengal, India

Date of Birth/Age :

04.02.1963

Date of Appointment :

21.04.2010

PAN No.:

AEAPM5914K

DIN No.:

00007796

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	U70109WB1986PTC040214	HOWRAH LAND AND HOLDING PRIVATE LIMITED	Director	20/02/1986	20/02/1986	-	Amalgamated	NO
2	U45201WB1995PTC067143	VIVEKANAND CONSTRUCTION PRIVATE LIMITED	Director	28/10/2002	28/10/2002	-	Active	NO
3	U51909WB1996PTC079239	AKASHGANGA DEALCOMM PRIVATE LIMITED	Director	25/01/2003	25/01/2003	-	Active	NO
4	U65999WB1995PLC067446	H R GLOBAL FINANCE LIMITED	Director	01/04/2005	01/04/2005	29/09/2011	Active	NO
5	U65992WB2005PTC104041	ASHAMANGAL PORTFOLIO PRIVATE LIMITED	Director	06/07/2005	06/07/2005	29/12/2009	Active	NO
6	U24299WB1993PTC058985	SURYA TWINES PRIVATE LIMITED	Director	01/04/2006	01/04/2006	01/02/2012	Active	NO
7	U17119WB1992PLC055992	H.R. INTERNATIONAL LIMITED	Director	26/12/2006	26/12/2006	-	Active	NO
8	U51211WB1973SGC028732	WEST BENGAL AGRO TEXTILE CORPORATION LIMITED	Managing director	21/04/2010	20/04/2007	-	Active	NO
9	U70101WB2007PLC117899	BENGAL TECHNO INDUSTRIAL PROJECTS LIMITED	Director	20/08/2007	20/08/2007	-	Active	NO
10	U45400WB2008PLC124588	H. R. INFRACON LIMITED	Director	28/03/2008	28/03/2008	10/03/2010	Active	NO
11	U27143WB1931PLC007131	TATANAGAR FOUNDRY COMPANY LIMITED	Director	10/07/2008	10/07/2008	04/06/2012	Active	NO

Name :

Mr. Sitansu Banerjee

Designation :

Nominee director

Address :

8/2/A, Alipore Park Road, Floor 6, Flat 6C, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

01.07.1933

Date of Appointment :

02.03.2010

DIN No.:

00014699

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	L51909WB1918PLC000625	HOWRAH MILLS COMPANY LIMITED	Whole-time director	01/04/2012	14/02/1994	-	Active	NO
2	U24232WB1995PLC075698	STANDARD PHARMACEUTICALS LIMITED	Director	03/11/2000	03/11/2000	08/11/2010	Active	NO
3	U65999WB1995PLC067446	H R GLOBAL FINANCE LIMITED	Additional director	15/02/2007	15/02/2007	-	Active	NO
4	U45400WB2008PLC124588	H. R. INFRACON LIMITED	Director	28/03/2008	28/03/2008	-	Active	NO
5	U51211WB1973SGC028732	WEST BENGAL AGRO TEXTILE CORPORATION LIMITED	Nominee director	02/03/2010	02/03/2010	-	Active	NO
6	U18104WB2009PLC139485	HMC JUTE PARK ENTERPRISES LIMITED	Director	31/12/2010	14/12/2010	-	Active	NO
7	U17119WB1992PLC055992	H.R. INTERNATIONAL LIMITED	Additional director	20/03/2013	20/03/2013	24/04/2013	Active	NO

Name :

Mr. Sanjay Mall

Designation :

Nominee director

Address :

216, Mahatma Gandhi Road, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

12.08.1968

Date of Appointment :

20.04.2007

DIN No.:

00289626

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	U51109WB1996PTC080038	MALL INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	13/06/1996	13/06/1996	-	Active	NO
2	U51211WB1973SGC028732	WEST BENGAL AGRO TEXTILE CORPORATION LIMITED	Nominee director	20/04/2007	20/04/2007	-	Active	NO
3	U70101WB2007PLC117899	BENGAL TECHNO INDUSTRIAL PROJECTS LIMITED	Director	20/08/2007	20/08/2007	-	Active	NO
4	U83522WB1997PTC083522	ADHUNIK NAVNIRMAN PRIVATE LIMITED	Director	28/09/2007	28/09/2007	17/04/2008	Amalgamated	NO
5	U70101WB2008PLC130352	COOCHBEHAR JUTE PARKS INFRASTRUCTURE LIMITED	Director	07/11/2008	07/11/2008	-	Active	YES
6	U17232WB1989NPL047311	INDIAN JUTE MILLS ASSOCIATION	Director	25/03/2009	25/03/2009	-	Active	NO
7	U18104WB2009PLC139485	HMC JUTE PARK ENTERPRISES LIMITED	Director	18/11/2009	18/11/2009	-	Active	NO
8	L51909WB1918PLC000625	HOWRAH MILLS COMPANY LIMITED	Managing director	01/06/2012	28/01/2010	-	Active	NO
9	U25200WB2010PTC150471	H. R. POLYSACK PRIVATE LIMITED	Director	17/06/2010	17/06/2010	04/12/2012	Active	NO
10	U93000WB2010NPL150601	JUTE PRODUCTS DEVELOPMENT AND EXPORT PROMOTION COUNCIL	Director	22/07/2010	22/07/2010	-	Active	NO

Name :

Mr. Uday Chand Sen

Designation :

Nominee director

Address :

KB 9, Flat No. 1, Sector III, Salt Lake, Kolkata – 700098, West Bengal, India

Date of Birth/Age :

11.10.1946

Date of Appointment :

20.04.2007

DIN No.:

00566960

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	U85195WB1976SGC030823	INFUSIONS (INDIA) LTD	Director	13/06/2006	13/06/2006	15/02/2007	Active	NO
2	U85195WB1961SGC025168	ELECTRO MEDICAL AND ALLIED INDUSTRIES LIMITED	Managing director	01/11/2006	01/11/2006	01/02/2010	Active	NO
3	U51211WB1973SGC028732	WEST BENGAL AGRO TEXTILE CORPORATION LIMITED	Nominee director	20/04/2007	20/04/2007	-	Active	NO
4	U24121WB1988PLC044290	WEST BENGAL CHEMICAL INDUSTRIES LIMITED	Additional director	26/09/2007	26/09/2007	27/06/2011	Active	NO

Name :

Mr. Nand Kishore Jhawar

Designation :

Nominee director

Address :

159, Rabindra Sarani, Kolkata – 700007, West Bengal, India

Date of Birth/Age :

21.06.1961

Date of Appointment :

20.04.2007

DIN No.:

00748809

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	Company/ LLP Status	Defaulting status
1	U51909WB1996PTC080929	ANJANI KNIT (INDIA) PRIVATE LIMITED	Director	13/08/1996	13/08/1996	Active	NO
2	U51211WB1973SGC028732	WEST BENGAL AGRO TEXTILE CORPORATION LIMITED	Nominee director	20/04/2007	20/04/2007	Active	NO

Name :

Mr. Nanda Dulal Datta

Designation :

Nominee director

Address :

13B Kashi Doctor Lane, Shiristala, Serumpore, Hoogly – 712201, West Bengal, India

Date of Birth/Age :

21.02.1947

Date of Appointment :

20.04.2007

DIN No.:

00874815

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	Company/ LLP Status	Defaulting status
1	U17119WB1915PLC002651	NEW CENTRAL JUTE MILLS COMPANY LIMITED	Director	01/07/2005	01/07/2005	Active	NO
2	U51211WB1973SGC028732	WEST BENGAL AGRO TEXTILE CORPORATION LIMITED	Nominee director	20/04/2007	20/04/2007	Active	NO

Name :

Rabindra Nath Mahapatra

Designation :

Nominee director

Address :

A/7, Becharam Chatterjee, Government Housing Estate, LP-52/35/11 Kolkata - 700034, West Bengal, India

Date of Birth/Age :

19.01.1954

Date of Appointment :

07.09.2012

DIN No.:

02605154

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	U22219WB1982SGC035285	SILPABARTA PRINTING PRESS LIMITED	Director	04/06/2009	04/06/2009	28/01/2010	Active	NO
2	U51211WB1973SGC028732	WEST BENGAL AGRO TEXTILE CORPORATION LIMITED	Nominee director	07/09/2012	07/09/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Nanda Dulal Datta	1
Dinabandhu Bhattacharya	1
Governor of West Bengal	23440
Howrah Mills Company Limited, India	18055
Malay Ranjan Laha	1
Barun Kumar Banik	1
Anadi Biswas	1
Trend Dealcom Private Limited, India	9000
Kalyani Concern Private Limited, India	9000
Milestone Vintrade Private Limited, India	9000
Vedansh Traders Private Limited, India	21600
Total	90100

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Government [Central and State]	26.00
Bodies corporate	74.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Jute and Jute Products.

Products/ Services :

ITC Code No.	Product Descriptions
99889090	Jute Product

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Allahabad Bank

· Punjab National Bank

· State Bank of India, SME Branch, Howrah, 9, G. T. Road (South), Howrah - 711101, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks [Equitable Mortgage-Entire Fixed Assets (Present and Future)]	5.088	7.605
SHORT TERM BORROWINGS
Working capital loans from banks [Hypothecation of entire stock & book debts]	14.659	12.096
Total	19.747	19.701

Banking Relations :	--
Auditors :
Name :	Ghosal Bera and Company Chartered Accountants
Address :	8/2, Kiran Sankar Roy Road, Rooms 26-27, 2nd Floor, Kolkata 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAEFG6609B
Holding Company :	Howrah Mills Company Limited [L51909WB1918PLC000625]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
90,100	Equity Shares	Rs. 1000/- each	Rs. 90.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90,100	Equity Shares	Rs. 1000/- each	Rs. 90.100 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	90.100	90.100
(b) Reserves & Surplus	(28.564)	(31.342)
(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)	61.536	58.758
(3) Non-Current Liabilities
(a) long-term borrowings	5.088	7.605
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.116	0.116
Total Non-current Liabilities (3)	5.204	7.721
(4) Current Liabilities
(a) Short term borrowings	14.659	12.096
(b) Trade payables	61.635	60.707
(c) Other current liabilities	7.133	6.041
(d) Short-term provisions	2.196	2.183
Total Current Liabilities (4)	85.623	81.027
TOTAL	152.363	147.506
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.027	23.914
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.266	2.266
(e) Other Non-current assets	61.435	57.114
Total Non-Current Assets	86.728	83.294
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	50.618	42.389
(c) Trade receivables	11.414	20.019
(d) Cash and cash equivalents	1.661	1.553
(e) Short-term loans and advances	0.857	0.072
(f) Other current assets	1.085	0.179
Total Current Assets	65.635	64.212
TOTAL	152.363	147.506

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		90.100
2] Share Application Money		0.000
3] Reserves & Surplus		1.850
4] (Accumulated Losses)		(34.154)
NETWORTH		57.796
LOAN FUNDS
1] Secured Loans		19.822
2] Unsecured Loans		0.000
TOTAL BORROWING		19.822
DEFERRED TAX LIABILITIES		0.000
TOTAL		77.618
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.187
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.200
	Sundry Debtors	9.296
	Cash & Bank Balances	0.901
	Other Current Assets	0.061
	Loans & Advances	51.291
Total Current Assets		101.749
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.197
	Other Current Liabilities	10.344
	Provisions	1.777
Total Current Liabilities		50.318
Net Current Assets		51.431
MISCELLANEOUS EXPENSES		0.000
TOTAL		77.618

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	256.246	267.570	163.755
		Other Income	1.052	3.033	0.138
		TOTAL (A)	257.298	270.603	163.893
Less	EXPENSES
		Cost of materials consumed	129.320	168.088
		Purchases of stock-in-trade	9.024	6.923
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(2.223)	(8.791)
		Employee benefit expense	67.765	59.331
		Other expenses	44.286	37.930
		TOTAL (B)	248.172	263.481	167.789
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.126	7.122	(3.896)
Less	FINANCIAL EXPENSES (D)		3.071	2.672	2.897
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.055	4.450	(6.793)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.277	3.488	3.465
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.778	0.962	(10.258)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2.778	0.962	(10.258)
	Earnings/ (Loss) Per Share (Rs.)		30.83	10.67	(113.85)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.08	0.36	(6.26)
Net Profit Margin (PBT/Sales)	(%)	1.08	0.36	(6.26)
Return on Total Assets (PBT/Total Assets}	(%)	1.82	0.65	(8.02)
Return on Investment (ROI) (PBT/Networth)		0.05	0.02	(0.18)
Debt Equity Ratio (Total Debt/Networth)		0.32	0.34	0.34
Current Ratio (Current Asset/Current Liability)		0.77	0.79	2.02

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10093287	12/10/2012 *	31,312,000.00	STATE BANK OF INDIA	SME BRANCH, HOWRAH, 9, G. T. ROAD (SOUTH), HOWRAH - 711101, WEST BENGAL, INDIA	B61441564
2	10093290	12/10/2012 *	31,312,000.00	STATE BANK OF INDIA	SME BRANCH, HOWRAH, 9, G. T. ROAD (SOUTH), HOWRAH - 711101, WEST BENGAL, INDIA	B61441978

* Date of charge modification

Note:

The registered office of the company has been shifted from 331A, Jawaharlal Nehru Road, 19^th Floor, Room No. 12, Kolkata – 700071, West Bengal, India to the present w.e.f.17.08.2006

REVIEW OF OPERATIONS AND FUTURE PROSPECTS

During the year the Company’s production was 5139.776 M Tons as compared to 5176.045 M Tons last year, which shows a nominal decrease of 0.70% as compared to last year. As a result in wage hike there has been some increase in the wage cost in 2010-2011 and wage cost will increase considerably in the future. Raw jute prices come down from previous year of March 2011. Despite various adverse factors as mentioned above the profit for the year increased to Rs. 2.778 Millions against the previous year profit of Rs. 0.962 Million. In spite of inflationary pressure and stiff competition the company has been able to maintain reasonable profit level as per the industry standard.

Price for raw jute is expected to come down due to increase cultivation during the financial year 2012-2013 and with effect of this the Company is very much hopeful of improved performance by which profit margin in the company will improve its profit considerably.

FUTURE OUTLOOK

Jute industry is passing through a very critical period, decreasing price of Finished Goods, low productivity are main areas of concern but favorable weather conditions and big Government order for the next season will help the industry a lot, the Company is very much hopeful of improved performance in the current year due to certain cost cutting measures, aggressive marketing and increased productivity. The company continues its thrust to modernize the mill and strive for value added products.

CONTINGENT LIABILITIES:

a) Bank Guarantee issued in favour of CESE Limited for Rs.326.900 Millions

b) Counter Guarantee given in favour of the company’s bankers for guarantees given by them for Rs. 5.000 Millions

FIXED ASSETS:

· Land

Buildings

Office building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No 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. 61.49
UK Pound	1	Rs. 99.41
Euro	1	Rs. 84.12

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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