MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	CONCAST BENGAL INDUSTRIES LIMITED
Registered Office :	21, Hemant Basu Sarani, 5^th Floor, Room Nos.511 and 512, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.04.1995
Com. Reg. No.:	21-071063
Capital Investment / Paid-up Capital :	Rs.163.511 Millions
CIN No.: [Company Identification No.]	U27109WB1995PLC071063
TAN No.: [Tax Deduction & Collection Account No.]	CALC04207A
PAN No.: [Permanent Account No.]	AACCC1876D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Marketing of Steel Billets and Sponge Iron.
No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 10446000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. External borrowing of the company has increased. However, overall financial position of the company appears to be satisfactory. Rating also takes into consideration experience of promoters and stabilization of forward integration initiatives. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB
Rating Explanation	Moderate credit quality and average credit risk.
Date	March 8, 2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	March 8, 2013

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 DECLINED

Management non-cooperative

((Tel. No.: 91-33-22130481)

LOCATIONS

Registered Office :	21, Hemant Basu Sarani, 5^th Floor, Room Nos.511 and 512, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22130481-87
Fax No.:	91-33-22130488
E-Mail :	contact.concast@gmail.com sanjay@concastispat.com
Factory :	Mouza Mosliya, Junebedia, Bankura, West Bengal, India

DIRECTORS

AS ON 26.09.2012

Name :

Mr. Sanjay Kumar Sureka

Designation :

Director

Address :

28/1, Shakespeare Sarani, Kolkata – 700 017, West Bengal, India

Date of Birth/Age :

22.01.1971

Qualification :

B. Com

Date of Appointment :

30.09.2011

Election Commission Identity Card No.:

WB-23-146-069180

DIN No.:

00218025

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	U51909WB1978PLC031558	SUREKA EXPORTS LIMITED	Director	02/11/1992	02/11/1992	-	Active	NO
2	U27101WB1941PLC010497	CONCAST ISPAT LIMITED	Managing director	01/04/2009	27/09/1999	-	Active	NO
3	U70109WB2002PTC094216	CONCAST INFRASTRUCTURE PRIVATE LIMITED	Director	16/04/2010	11/02/2002	-	Active	NO
4	U15499WB2002PLC094218	ORGANIC GREEN FOODS LIMITED	Director	12/02/2002	12/02/2002	30/04/2009	Active	NO
5	U27109WB1995PLC071063	CONCAST BENGAL INDUSTRIES LIMITED	Director	30/09/2011	12/02/2002	-	Active	NO
6	U27109WB1995PLC067953	DANKUNI STEELS LIMITED	Director	10/04/2004	10/04/2004	-	Active	NO
7	U27109WB2004PLC099978	CONCAST ENERGY LIMITED	Director	28/09/2004	28/09/2004	04/05/2009	Active	NO
8	U14108WB2005PTC104298	BANKURA DRI MINING MANUFACTURERS COMPANY PRIVATE LIMITED	Director	27/07/2005	27/07/2005	-	Active	NO
9	U36900WB2006PTC108596	CONCAST BEVERAGES PRIVATE LIMITED	Director	17/03/2006	17/03/2006	-	Active	NO
10	U27106WB1996PLC076334	CONCAST GLOBAL LIMITED	Director	30/09/2011	13/05/2006	-	Active	NO
11	U51909WB2006PLC111597	CONCAST VYAPAAR LIMITED	Director	25/10/2006	25/10/2006	-	Active	NO
12	U27310WB2007PLC118140	CONCAST SHEETS AND TUBES LIMITED	Director	28/08/2007	28/08/2007	04/05/2009	Active	NO
13	U51109WB1990PTC048957	JAI BHOLA TRADING COMPANY PRIVATE LIMITED	Director	14/01/2008	14/01/2008	27/04/2009	Active	NO
14	U51909WB1995PLC072045	CONCAST STEEL AND POWER LIMITED	Managing director	15/07/2012	03/07/2008	-	Active	NO
15	U27100WB2008PTC129844	CONCAST ENGINEERING PRIVATE LIMITED	Director	03/10/2008	03/10/2008	15/12/2012	Active	NO
16	U51101WB2009PLC132009	CONCAST EXIM LIMITED	Director	15/01/2009	15/01/2009	-	Active	NO
17	U85110WB2009PTC139889	INDO-US HEALTHCARE PRIVATE LIMITED	Director	03/12/2009	03/12/2009	15/12/2012	Active	NO
18	U10102AR2008PLC008257	CONCAST CEMENT INDUSTRIES LIMITED	Director	07/01/2010	07/01/2010	-	Active	NO
19	U40105AR2008PLC008256	SATYAM (NORTH EAST) THERMAL POWER LIMITED	Director	07/01/2010	07/01/2010	03/12/2012	Active	NO
20	U11101AR2010PLC008294	SATYAM (NORTH EAST) ENERGY LIMITED	Director	05/03/2010	05/03/2010	16/02/2012	Active	NO
21	U51101WB2010PTC151974	ROOTSTAR TRADELI NK PRIVATE LIMITED	Director	10/09/2010	10/09/2010	-	Active	NO
22	U45400WB2010PLC153282	CONCAST INFRATECH LIMITED	Director	22/09/2010	22/09/2010	-	Active	NO
23	U51103WB2011PTC158382	CONCAST CEMENT PRIVATE LIMITED	Director	02/02/2011	02/02/2011	05/12/2012	Active	NO
24	U26922WB2006PTC109915	SWATI UDYOG PRIVATE LIMITED	Director	21/06/2011	15/03/2011	25/01/2012	Active	NO
25	U41000WB2011PTC160977	CONCAST INDO RUSS WATER PRIVATE LIMITED	Director	21/03/2011	21/03/2011	05/12/2012	Active	NO
26	U64202WB1995PLC075980	I-WIN ADVISORY SERVICES LIMITED	Director	29/09/2011	02/05/2011	-	Active	NO
27	U51909WB2007PTC118553	SODEPUR COMMERCIAL PRIVATE LIMITED	Director	30/09/2011	01/06/2011	15/12/2012	Active	NO
28	U45400WB2011PTC170236	CONCAST DAMOH ROAD PROJECT PRIVATE LIMITED	Director	02/12/2011	02/12/2011	-	Active	NO
29	U45203WB2011PTC170728	CONCAST DHANETA ROAD PROJECTS PRIVATE LIMITED	Director	15/12/2011	15/12/2011	-	Active	NO
30	U45400WB2011PTC171198	CONCAST AMBHA ROAD PROJECTS PRIVATE LIMITED	Director	26/12/2011	26/12/2011	-	Active	NO
31	U45203WB2011PTC171173	CONCAST PATAN ROAD PROJECTS PRIVATE LIMITED	Director	26/12/2011	26/12/2011	-	Active	NO
32	U45400WB2011PTC171170	CONCAST JAWASA ROAD PROJECTS PRIVATE LIMITED	Director	26/12/2011	26/12/2011	-	Active	NO
33	U45400WB2012PTC171877	LIFEWOOD PROMOTERS PRIVATE LIMITED	Director	10/01/2012	10/01/2012	-	Active	NO
34	U45400WB2012PTC171876	HARDSOFT PROMOTERS PRIVATE LIMITED	Director	10/01/2012	10/01/2012	-	Active	NO
35	U45400WB2012PTC172398	CONCAST PATH BAMEETHA SATNA ROAD PROJECTS PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO
36	U45400WB2012PTC171878	STARTREE RESIDENCY PRIVATE LIMITED	Director	16/02/2012	16/02/2012	-	Active	NO
37	U45203WB2012PTC183550	CONCAST SENDHWA ROAD PROJECTS PRIVATE LIMITED	Director	06/07/2012	06/07/2012	-	Active	NO
38	U23101ML2012PTC008517	CARBOENERGY RESOURCES PRIVATE LIMITED	Director	22/08/2012	22/08/2012	-	Active	NO
39	U40300WB2012PTC186479	CONCAST SOLAR POWER PRIVATE LIMITED	Director	26/09/2012	26/09/2012	28/01/2013	Active	NO
40	U45400WB2012PTC186737	CONCAST MORENA ROAD PROJECTS PRIVATE LIMITED	Director	03/10/2012	03/10/2012	-	Active	NO
41	U45400WB2012PTC189322	CONCAST BADNAGAR ROAD PROJECTS PRIVATE LIMITED	Director	18/12/2012	18/12/2012	-	Active	NO
42	U45400WB2013PTC195801	CONCAST JABALPUR ROAD PROJECTS PRIVATE LIMITED	Director	23/07/2013	23/07/2013	-	Active	NO
43	U74900WB2013PLC197050	CONCAST COMMOTRADE LIMITED	Director	05/09/2013	05/09/2013	-	Active	NO
44	AAA-5148	SANJAY COMMOTRADE LLP	Designated Partner	10/06/2011	10/06/2011	-	Active	NO

Name :

Mr. Arvind Kumar Dalmia

Designation :

Whole Time Director

Address :

26/C/2, Lake View Road, Kolkata – 700 029, Maharashtra, India

Date of Birth/Age :

22.10.1967

Qualification :

B. Com

Date of Appointment :

01.02.2013

DIN No.:

02919718

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	U27109WB1995PLC067953	DANKUNI STEELS LIMITED	Additional director	21/01/2010	21/01/2010	-	Active	NO
2	U27109WB1995PLC071063	CONCAST BENGAL INDUSTRIES LIMITED	Whole-time director	01/02/2013	21/01/2010	-	Active	NO
3	U27109WB2004PLC099978	CONCAST ENERGY LIMITED	Director	02/02/2010	02/02/2010	-	Active	NO
4	U70200WB1980PTC032822	KALIGHAT PROPERTIES PRIVATE LIMITED	Additional director	24/03/2010	24/03/2010	26/12/2011	Active	NO
5	U45203WB2007PTC112792	N.K.S. PROJECTS PRIVATE LIMITED	Director	25/08/2010	25/08/2010	-	Active	NO
6	U45203WB2007PTC112790	MATASHREE PROPERTIES PRIVATE LIMITED	Director	30/09/2011	30/05/2011	-	Active	NO
7	U45203WB2007PTC112800	G.N.K.PROPERTIES PRIVATE LIMITED	Director	30/09/2011	30/05/2011	-	Active	NO
8	U45203WB2007PTC112791	N.G.K. PROPERTIES PRIVATE LIMITED	Director	30/09/2011	30/05/2011	-	Active	NO
9	U45203WB2007PTC112744	GANGOUR NIRMAN PRIVATE LIMITED	Director	30/09/2011	30/05/2011	-	Active	NO
10	U45203WB2007PTC112807	TRITIUM PROPERTIES PRIVATE LIMITED.	Director	30/09/2011	30/05/2011	-	Active	NO
11	U51909WB2006PLC111597	CONCAST VYAPAAR LIMITED	Director	30/09/2011	05/09/2011	-	Active	NO
12	U51909WB1978PLC031558	SUREKA EXPORTS LIMITED	Director	29/09/2012	07/11/2011	-	Active	NO
13	U27310WB2007PLC118140	CONCAST SHEETS AND TUBES LIMITED	Director	27/09/2012	27/12/2011	-	Active	NO
14	U45400WB2012PTC183617	DREAMLIGHT PROPERTIES PRIVATE LIMITED	Additional director	10/09/2012	10/09/2012	-	Active	NO
15	U51103WB2011PTC158382	CONCAST CEMENT PRIVATE LIMITED	Additional director	05/12/2012	05/12/2012	-	Active	NO
16	U27100WB2008PTC129844	CONCAST ENGINEERING PRIVATE LIMITED	Additional director	05/12/2012	05/12/2012	-	Active	NO
17	U51909WB2007PTC118553	SODEPUR COMMERCIAL PRIVATE LIMITED	Additional director	05/12/2012	05/12/2012	-	Active	NO
18	U41000WB2011PTC160977	CONCAST INDO RUSS WATER PRIVATE LIMITED	Additional director	05/12/2012	05/12/2012	-	Active	NO
19	U70109WB2002PTC094216	CONCAST INFRASTRUCTURE PRIVATE LIMITED	Additional director	07/08/2013	07/08/2013	-	Active	NO

Name :

Thiruvengadu Ramasami Narayan

Designation :

Director

Address :

26/2/D, Naskarpara Road, Thakurpukur, Kolkata – 700 041, West Bengal, India

Date of Birth/Age :

09.10.1934

Qualification :

B. Com

Date of Appointment :

26.09.2012

DIN No.:

00248802

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	U27101WB1941PLC010497	CONCAST ISPAT LIMITED	Director	28/02/1997	28/02/1997	-	Active	NO
2	U51909WB2007PTC118553	SODEPUR COMMERCIAL PRIVATE LIMITED	Director	12/09/2007	12/09/2007	-	Active	NO
3	U27109WB1995PLC071063	CONCAST BENGAL INDUSTRIES LIMITED	Director	26/09/2012	25/11/2011	-	Active	NO
4	U27310WB2007PLC118140	CONCAST SHEETS AND TUBES LIMITED	Director	27/09/2012	27/12/2011	-	Active	NO
5	U51101WB2009PLC132009	CONCAST EXIM LIMITED	Additional director	05/08/2013	05/08/2013	-	Active	NO
6	U27109WB2004PLC099978	CONCAST ENERGY LIMITED	Additional director	07/08/2013	07/08/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2012

Note:

Shareholding details file attached.

AS ON 26.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	91.63
Directors or relatives of directors	8.13
Other top fifty shareholders	0.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Steel Billets and Sponge Iron.

Products :

Products Description	Item Code No.
Iron and Steel	26011190

GENERAL INFORMATION

No. of Employees :

Information declined by the Management

Bankers :

· State Bank of India, Industrial Finance Branch, 11 Dr. U.N. Brahmachari Street, Kolkata – 700 017, West Bengal, India

· Oriental Bank of Commerce, Strand Road Branch, 2, N.C. Dutta Sarani, Kolkata – 700 001, West Bengal, India

· UCO Bank, Mid Corporate Branch, 2, India Exchange Place, Kolkata – 700 001, West Bengal, India

· Allahabad Bank, Kolkata Main Branch, 14, India Exchange Place, Kolkata – 700 001, West Bengal, India

· Canara Bank, Prime Corporate Branch, Bells House, 21, Camac Street, Ground Floor, Kolkata – 700 016, West Bengal, India

· United Bank of India, Old Court House Street Branch, 11, Hemnata Basu Sarani, Kolkata – 700 001, West Bengal, India

· UCO Bank, Flagship Corporate Branch, 3, Netaji Subhas Road, Kolkata – 700 001, West Bengal, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	654.480	924.154
Other loans and advances	0.840	10.894
SHORT-TERM BORROWINGS
Rupee term loans from banks	287.800	295.600
Working capital loans from banks	1999.364	980.396
Other loans and advances	0.777	1.948
Total	2943.261	2212.992

Notes:

LONG-TERM BORROWINGS

The term loan from UCO Bank, Canara Bank, United Bank of India, Oriental bank of commerce and WBIDFC are secured by first hypothecation charge on entire movable plant and machinery and other movable fixed assets( both existing and future) of the company at Mosliya, Bankura, WB on pari-passu basis with other secured term lenders of the company and first mortgage charge on the entire land, building, factory shed including all the immovable fixed assets and plant and machinery of the company at Mosliya, Bankura, West Bengal on pari-passu. Further second hypothecation charge on entire current assets of the company on pari-passu basis(first charge will be with working capital loan bankers).

SHORT-TERM BORROWINGS

Working capital limits from State Bank of India, Canara Bank, Lakshmi Vilash Bank, State Bank of Travancore and UCO bank are secured by first hypothecation charge of stock of raw matarial, stock in process, finished goods, stores, receivable and all other current assets of the company both present and future on pari-passu basis. Second charge on fixed assets (both movable and immovable), present and future of the company on paripassu basis with other working capital lenders. The above facilities are additionally secured by the personal guarantee of some of the directors and their relatives. The above loans are repayable on demand.

Banking Relations :	--
Financial Institution :	IFCI Limited, IFCI Tower, 61, Nehru Place, New Delhi – 110 019, India
Auditors :
Name :	M. Jain and Associates Chartered Accountants
Address :	Mercantile Building, 9/12, Lal Bazar Street, Block - B, 4^th Floor, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22484936/ 22135583
Fax No.:	91-33-22135583
E-Mail :	mja_cal@yahoo.com
PAN No:	AAGFM9405R
Associates :	· Concast Ispat Limited · Dankuni Steels Limited, India (CIN No.: U27109WB1995PLC067953) · Concast Exim Limited · Concast Steel and Power Limited · Concast Global Limited · Concast Infratech Limited · Concast Ambha Road Projects Private Limited · Concast Damoh Road Projects Private Limited · Concast Dhaneta Road Projects Private Limited · Concast Jawasa Road Projects Private Limited · Concast Energy Limited · Concast Infrastructure Private Limited · Concast Vyapaar Limited · Organic Green Foods Limited

CAPITAL STRUCTURE

AFTER 26.09.2012

Authorised Capital : Rs.210.000 millions

Issued, Subscribed & Paid-up Capital : Rs.191.267 millions

AS ON 26.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs.180.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16351100	Equity Shares	Rs.10/- each	Rs.163.511 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	163.511	142.963
(b) Reserves & Surplus	2447.976	1236.303
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	758.950
Total Shareholders’ Funds (1) + (2)	2611.487	2138.216
(3) Non-Current Liabilities
(a) Long-term borrowings	1069.813	1085.048
(b) Deferred tax liabilities (Net)	101.109	67.893
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	1.205	0.657
Total Non-current Liabilities (3)	1172.127	1153.598
(4) Current Liabilities
(a) Short term borrowings	2793.844	1777.944
(b) Trade payables	704.416	364.428
(c) Other current liabilities	35.295	56.650
(d) Short-term provisions	167.648	97.584
Total Current Liabilities (4)	3701.203	2296.606
TOTAL	7484.817	5588.420
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2038.015	743.646
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	435.349	1749.892
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	9.000	5.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.887	2.131
(e) Other Non-current assets	0.279	0.452
Total Non-Current Assets	2484.530	2501.121
(2) Current assets
(a) Current investments	10.481	30.990
(b) Inventories	2173.481	1236.657
(c) Trade receivables	1855.016	1105.994
(d) Cash and cash equivalents	126.632	75.512
(e) Short-term loans and advances	834.677	638.146
(f) Other current assets	0.000	0.000
Total Current Assets	5000.287	3087.299
TOTAL	7484.817	5588.420

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		142.963
2] Share Application Money		512.500
3] Reserves & Surplus		1042.338
4] (Accumulated Losses)		0.000
NETWORTH		1697.801
LOAN FUNDS
1] Secured Loans		1713.666
2] Unsecured Loans		7.088
TOTAL BORROWING		1720.754
DEFERRED TAX LIABILITIES		35.252
TOTAL		3453.807
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		468.988
Capital work-in-progress		1327.755
INVESTMENT		25.900
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	936.193
	Sundry Debtors	932.472
	Cash & Bank Balances	66.892
	Other Current Assets	0.000
	Loans & Advances	47.838
Total Current Assets		1983.395
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	300.954
	Other Current Liabilities	37.711
	Provisions	17.692
Total Current Liabilities		356.357
Net Current Assets		1627.038
MISCELLANEOUS EXPENSES		4.126
TOTAL		3453.807

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	7396.036	5973.660	5143.117
		Other Income	20.156	12.813	9.960
		TOTAL (A)	7416.192	5986.473	5153.077
Less	EXPENSES
		Cost of materials consumed	6306.161	5254.178	4900.335
		Purchases of stock-in-trade	201.218	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(311.546)	(170.947)
		Employee benefit expense	40.939	26.796
		Other expenses	351.208	353.825
		Extraordinary items	0.000	3.500
		TOTAL (B)	6587.980	5467.352	4900.335
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		828.212	519.121	252.742
Less	FINANCIAL EXPENSES (D)		426.618	171.664	141.408
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		401.594	347.457	111.334
Less/ Add	DEPRECIATION/ AMORTISATION (F)		82.493	26.656	23.513
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		319.101	320.801	87.821
Less	TAX (H)		114.280	126.836	4.881
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		204.821	193.965	82.940
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		414.525	220.560	137.620
	BALANCE CARRIED TO THE B/S		619.346	414.525	220.560
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	239.730	181.232	79.212
	TOTAL EARNINGS		239.730	181.232	79.212
	IMPORTS
		Raw Materials	1.254	1.876	4.565
	TOTAL IMPORTS		1.254	1.876	4.565
	Earnings / (Loss) Per Share (Rs.)		13.27	13.54	8.07

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.76	3.24	1.61
Net Profit Margin (PBT/Sales)	(%)	4.31	5.37	1.71
Return on Total Assets (PBT/Total Assets}	(%)	4.53	8.37	3.58
Return on Investment (ROI) (PBT/Networth)		0.12	0.15	0.05
Debt Equity Ratio (Total Debt/Networth)		1.48	1.34	1.01
Current Ratio (Current Asset/Current Liability)		1.35	1.34	5.57

LOCAL AGENCY FURTHER INFORMATION

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	No
33) Voter ID No of Proprietor/Partner/Director, if available	Yes
34) External Agency Rating, if available	Yes

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Other loans and advances	414.493	150.000
SHORT-TERM BORROWINGS
Working capital loans from banks	505.903	500.000
Total	920.396	650.000

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10448615	16/09/2013	1,000,000,000.00	IFCI LIMITED	IFCI TOWER, 61, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B84808179
2	10452188	11/09/2013	620,000,000.00	UNITED BANK OF INDIA	OLD COURT HOUSE STREET BRANCH, 11, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	B86294410
3	10442779	16/08/2013	400,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, 3, NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B81973661
4	10432136	10/06/2013	82,100,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U.N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017, INDIA	B77535391
5	10417704	26/03/2013	820,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH, BELLS HOUSE, 21, CAMAC STREET, GROUND FLOOR, KOLKATA, WEST BENGAL - 700016, INDIA	B72590409
6	10378371	21/09/2012	500,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U.N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017, INDIA	B58874223
7	10358516	27/06/2013 *	5,446,000,000.00	UCO BANK (TITLE DEED HOLDERS)	FLAGSHIP CORPORATE BRANCH, 3, NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B79707881
8	10298281	15/03/2013 *	450,000,000.00	STATE BANK OF TRAVANCORE	KOLKATA MAIN BRANCH, 36, J L NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B70581145
9	10293180	02/06/2011	300,000,000.00	LAKSHMI VILAS BANK LIMITED	3, RED CROSS PLACE, KOLKATA, WEST BENGAL - 700001, INDIA	B15335656
10	10232657	07/08/2010	1,621,000,000.00	STATE BANK OF INDIA (LEAD BANK)	INDUSTRIAL FINANCE BRANCH, 11, DR. U.N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017, INDIA	A91514331
11	10230863	15/06/2010	852,000,000.00	UCO BANK (LEAD BANK)	MID CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA	A90620899
12	10176542	10/05/2013 *	4,001,000,000.00	STATE BANK OF INDIA (LEAD BANK)	INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U.N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017, INDIA	B75590299
13	10174456	20/08/2009	300,000,000.00	WEST BENGAL INFRASTRUCTURE DEVELOPMENT FINANCE COR PORATION LIMITED.	36A, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	A69327914
14	10167999	09/07/2009	3,120,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A66499039
15	10168957	06/07/2009	360,000,000.00	UNITED BANK OF INDIA	OLD COURT HOUSE STREET BRANCH, 11, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	A66608027
16	10148899	23/02/2009	192,000,000.00	UCO BANK	MID CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA	A58537333
17	10148898	23/02/2009	370,000,000.00	UCO BANK	MID CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA	A58537291
18	10122061	18/08/2008	810,000,000.00	UCO BANK	MID CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA	A45905775
19	10100440	25/04/2013 *	350,000,000.00	ORIENTAL BANK OF COMMERCE	STRAND ROAD BRANCH, 2, N.C. DUTTA SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	B73992711
20	10089741	02/01/2008	2,169,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A33172222
21	10093417	27/09/2007	410,000,000.00	UCO BANK	MID CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA	A34045328
22	10081261	11/08/2007	1,620,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A29086055
23	90246554	29/01/2013 *	1,660,200,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U.N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017, INDIA	B68641596

* Date of charge modification

PERFORMANCE:

The Company has achieved an aggregate income of Rs.7416.100 millions compared to previous year's Rs.5986.400 millions. Profit before tax has decreased from Rs.324.300 millions in 2010-11 to Rs.319.100 millions in 2011-12 Profit after tax has grown to Rs.204.800 millions in the year from Rs.193.900 millions in the previous year. The Reserves and Surplus have touched Rs.2447.900 millions.

Contingent liability not provided in respect of:

Particulars	31.03.2012 (Rs. in Millions)
Bank Guarantee	81.000
Capital Commitment	9.000

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Vehicles

· Office Equipment

· Computer 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 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.61.78
UK Pound	1	Rs.99.66
Euro	1	Rs.84.49

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		49

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.