MIRA INFORM REPORT

Report Date :

06.08.2014

IDENTIFICATION DETAILS

Name :	UIC UDYOG LIMITED (w.e.f. 16.04.2007)
Formerly Known As :	UIC WIRES LIMITED
Registered Office :	Anandlok, Block - A, 1^st Floor, 227, A.J.C. Bose Road, Kolkata – 700 020, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.12.1995
Com. Reg. No.:	21-076114
Capital Investment / Paid-up Capital :	Rs.67.000 millions
CIN No.: [Company Identification No.]	U27109WB1995PLC076114
TAN No.: [Tax Deduction & Collection Account No.]	CALU01275B
PAN No.: [Permanent Account No.]	AAACU3431C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacture and sale of steel wires and wire products, it also manufactures woven sacks, and in addition, the company generates electricity through wind power turbines, as well as trades iron and steel products.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The rating is constrained on account of company’s moderate financial risk profile and loss that company has incurred from its operational activities during financial year 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20%! Equities came in second with annualized return of 15.5%! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs.10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	July 29, 2013

Reason for suspension:

Not furnished the information required by CARE.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Manish Tripathi
Designation :	Senior Finance Manager
Contact No.:	91-33-30588850
Date :	04.08.2014

LOCATIONS

Registered Office :	Anandlok, Block - A, 1^st Floor, 227, A.J.C. Bose Road, Kolkata – 700 020, West Bengal, India
Tel. No.:	91-33-22808811/ 8812/ 8813/ 22809490
Fax No.:	91-33-22809492
E-Mail :	jsaha@uicwires.com hr@uicudyog.com sales@uicudyog.com ipo@uicudyog.com
Website :	http://www.uicudyog.com
Factory 1 :	Iron and Steel Wires and Card/ Gill/ Metapin Station Road, Khanyan, Hoogly, West Bengal, India
Factory 2 :	Iron and Steel Wires Industrial Growth Center, Phase - III, Kalyani, Nadia, West Bengal, India
Tel. No.:	91-33-25820069/ 6332
Fax No.:	91-33-25820070
Factory 3 :	Woven Sacks Survey No.117/1 and 2, Agarwal Estate, Vagdhara Dunra Road, Dadra and Nagar Haveli, Silvassa – 396 230, (UT), India
Factory 4 :	Wind Power Village Akrale, Taluka – Nandurbar, District Nandurbar, Maharashtra, India
Factory 5 :	Wind Power Village Kundadam, Coimbatore, Tamilnadu, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Bhanwar Lal Jajodia

Designation :

Managing Director

Address :

CF-286, Sector-I, Salt Lake City, Kolkata – 700 064, West Bengal, India

Date of Birth/Age :

22.12.1949

Date of Appointment :

31.03.2011

DIN No.:

00576094

PAN No.:

ACKPJ1856D

Election Commission Identity Card No.:

WB/20/139/735244

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	U65993WB1995PTC075046	UIC FINANCE PRIVATE LIMITED	Director	24-10-1995	24-10-1995	-	Active	NO
2	U27109WB1995PLC076114	UIC UDYOG LIMITED	Managing director	31-03-2011	21-12-1995	-	Active	NO
3	U29130WB1970NPL027659	STEEL WIRE MANUFACTURERS 'ASSOCIATION OF INDIA	Director	28-09-2006	28-09-2006	-	Active	NO
4	U70101WB2007PTC117583	UIC INFRASTRUCTURE INDIA PRIVATE LIMITED	Additional director	31-08-2007	31-08-2007	18-10-2010	Active	NO
5	U27101WB1992PLC056678	UIC INDUSTRIES LIMITED	Director	28-10-2010	28-10-2010	-	Active	NO

Name :

Mr. Ram Chandra Bajaj

Designation :

Whole Time Director

Address :

CG-242, Sector-I, Salt lake City, Kolkata – 700 091, West Bengal, India

Date of Birth/Age :

02.07.1952

Date of Appointment :

01.04.2012

DIN No.:

00568295

PAN No.:

AFRPB9765M

Election Commission Identity Card No.:

RJ/08/063/444323

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	U27109WB1995PLC076114	UIC UDYOG LIMITED	Whole-time director	01-04-2012	01-04-2002	-	Active	NO

Name :

Mr. Rajiv Singh

Designation :

Director

Address :

BK-296, Salt Lake City, Sector-2, Kolkata – 700 091, West Bengal, India

Date of Birth/Age :

03.05.1978

Date of Appointment :

30.09.2013

DIN No.:

02682631

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	U52390WB2009PTC136490	SIGNSCAPE MARKETING PRIVATE LIMITED	Director	03-07-2009	03-07-2009	-	Active	NO
2	U51109WB1992PTC054810	A.V. COMMERCIAL COMPANY 01-04-2012	Director	22-01-2010	22-01-2010	-	Active	NO
3	U27109WB1995PLC076114	UIC UDYOG LIMITED	Director	30-09-2013	18-07-2013	-	Active	NO

Name :

Mr. Vishnu Prasad Jajodia

Designation :

Director

Address :

153K, Bagadiya Road, Sujangarh, District Churu, Sujangarh, Birbhum – 331 507, Rajasthan, India

Date of Birth/Age :

21.03.1986

Date of Appointment :

30.09.2013

DIN No.:

06697563

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	U27109WB1995PLC076114	UIC UDYOG LIMITED	Director	30-09-2013	23-09-2013	-	Active	NO
2	U27101WB1992PLC056678	UIC INDUSTRIES LIMITED	Additional director	07-11-2013	07-11-2013	-	Active	NO

KEY EXECUTIVES

Name :	Jayanta Saha
Designation :	Director
Address :	Basu Villa, Ground Floor, 66, Kayastha Para Main Road, Kolkata – 700 078, West Bengal, India
Date of Birth/Age :	30.11.1961
Date of Appointment :	01.08.2001
Election Commission Identity Card No.:	WB/12/077/354240
PAN No.:	BBNPS9703B
Name :	Mr. Manish Tripathi
Designation :	Senior Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Bhanwar Lal Jajodia	493518
Mahendra Kumar Jajodia	277340
Madhu Devi Jajodia	354740
Prity Agarwal	701840
Kavita Jajodia	975012
Swati Bhalotia	813520
Mayank Agarwal	200000
Madan Lal Jajodia HUF	178600
Ankita Jajodia	839450
Bhanwar Lal Jajodia HUF	178600
Mahendra Kumar Jajodia HUF	184300
Bajrang Jajodia	227200
Bajrang Jajodia HUF	178600
Sangita Jajodia	230500
Pooja Jajodia	193000
Kunal Jajodia	391630
Akshat Jajodia	282150
Total	6700000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture and sale of steel wires and wire products, it also manufactures woven sacks, and in addition, the company generates electricity through wind power turbines, as well as trades iron and steel products.

Products :

Item Code No. (ITC Code)	72172001
Product Description	Steel Wire

Exports :

Products :

· Finished Goods

Countries :

· Bangladesh

· Sri Lanka

Imports :

Products :

· Raw Materials

Countries :

· China

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

GENERAL INFORMATION

Customers :

· Larsen and Toubro Limited

· NTPC

· NHPC

· Powergrid

· Kalpa-Taru

· Jyoti Structures Limited

· KEC International Limited

· Jharkhand State Electricity Board

No. of Employees :

300 (Approximately)

Bankers :

· State Bank of India, Commercial Branch, Jeevandeep, 1, Middleton Street, Jeevandeep Building, 2^nd Floor, Kolkata – 700 071, West Bengal, India

· IDBI Bank Limited, Mid Corporate Group, IDBI House, 44 Shakespeare Sarani, Kolkata – 700 017, West Bengal, India

· State Bank of India (Lead Bank), Commercial Branch, Alipore, 24/1/1, Alipore Road, Kolkata – 700 027, West Bengal, India

· DBS Bank Limited (Acting as Security Trustee on behalf of DBS Bank-Singapore), 4A, Nandalal Basu Sarani, Kolkata – 700 071, West Bengal, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks (Unconditional and irrevocable personal guarantee of the Chairman and Managing Director of the Company.) (11 equal quarterly installments of Rs.8.950 millions each from April, 2012 to October, 2014)	26.850	62.650
Foreign currency term loans from banks (Personal Guarantee of the Chairman and Managing Director of the Company.) (8 equal half yearly installments of Rs.67.875 millions each from December, 2013 to June, 2017)	475.125	450.500
Other external commercial borrowings (Finance lease obligations are secured by hypothecation of respective vehicles taken on lease.)	0.000	0.868
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	1794.942	1901.989
Total	2296.917	2416.007

Banking Relations :	--
Financial Institution :	3i Infotech Trusteeship Services Limited, 6^th Floor, Akrutl Centre Point, MIDC, Central Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Auditors :
Name :	Chhaparia and Associates Chartered Accountants
Address :	8, Camac Street, 6^th Floor, Kolkata – 700 017, West Bengal, India
Tel. No.:	91-33-22824241/4213 and 6444, 30522086/87/88
Fax No.:	91-33-22824752
PAN No:	AADFC1689C
Associates :	· UIC Industries Limited, India · UIC Finance Private Limited, India
Other Related Parties :	· Rampurhat PSC Sleepers Limited, India · Prity Properties Private Limited, India

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital : Rs.150.000 millions

Issued, Subscribed & Paid-up Capital : Rs.73.000 millions

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6700000	Equity Shares	Rs.10/- each	Rs.67.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	67.000	67.000	67.000
(b) Reserves & Surplus	1344.078	1421.462	1244.666
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1411.078	1488.462	1311.666
(3) Non-Current Liabilities
(a) Long-term borrowings	501.975	514.018	147.182
(b) Deferred tax liabilities (Net)	23.868	43.866	42.270
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	525.843	557.884	189.452
(4) Current Liabilities
(a) Short term borrowings	1874.942	1951.989	1366.403
(b) Trade payables	662.270	161.475	315.901
(c) Other current liabilities	164.920	115.076	134.881
(d) Short-term provisions	2.068	46.545	31.062
Total Current Liabilities (4)	2704.200	2275.085	1848.247
TOTAL	4641.121	4321.431	3349.365
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	844.184	965.457	984.156
(ii) Intangible Assets	0.153	0.368	0.530
(iii) Capital work-in-progress	221.247	66.636	3.531
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.138	1.333	1.185
(d) Long-term Loan and Advances	531.353	512.505	28.166
(e) Other Non-current assets	13.078	19.526	12.416
Total Non-Current Assets	1611.153	1565.825	1029.984
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	647.945	645.152	462.173
(c) Trade receivables	2211.227	1880.636	1608.531
(d) Cash and cash equivalents	102.842	93.688	77.754
(e) Short-term loans and advances	67.441	136.061	170.861
(f) Other current assets	0.513	0.069	0.062
Total Current Assets	3029.968	2755.606	2319.381
TOTAL	4641.121	4321.431	3349.365

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	5060.072	4497.345	3869.080
		Other Income	8.705	6.198	10.421
		TOTAL (A)	5068.777	4503.543	3879.501
Less	EXPENSES
		Cost of materials consumed	2482.759	2693.821	2162.570
		Purchases of stock-in-trade	1914.068	1073.359	858.053
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(37.998)	(281.122)	32.419
		Employee benefit expense	78.792	72.497	64.640
		Other expenses	380.833	315.198	264.150
		TOTAL (B)	4818.454	3873.753	3381.832
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		250.323	629.790	497.669
Less	FINANCIAL EXPENSES (D)		246.283	226.236	164.567
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.040	403.554	333.102
Less/ Add	DEPRECIATION/ AMORTISATION (F)		101.068	100.625	75.767
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(97.028)	302.929	257.335
Less	TAX (H)		(19.644)	106.666	85.752
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(77.384)	196.263	171.583
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		789.417	643.321	518.205
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	30.700	27.000
		Proposed Dividend on Equity Shares	0.000	16.750	16.750
		Tax on Dividend	0.000	2.717	2.717
	BALANCE CARRIED TO THE B/S		712.033	789.417	643.321
	EARNINGS IN FOREIGN CURRENCY		46.780	29.529	23.668
	Earnings / (Loss) Per Share (Rs.)		(11.55)	29.29	25.61

Particulars	31.03.2014
Sales Turnover (Approximately)	450.000

Note:

Sales is less due to closure of operation for a period of 9 months in the factory.

The above information has been parted by Mr. Manish Tripathi (Senior Finance Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(1.53)	4.36	4.42
Net Profit Margin (PBT/Sales)	(%)	(1.92)	6.74	6.65
Return on Total Assets (PBT/Total Assets}	(%)	(2.20)	7.12	7.69
Return on Investment (ROI) (PBT/Networth)		(0.07)	0.20	0.20
Debt Equity Ratio (Total Debt/Networth)		1.68	1.66	1.15
Current Ratio (Current Asset/Current Liability)		1.12	1.21	1.25

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	67.000	67.000	67.000
Reserves & Surplus	1244.666	1421.462	1344.078
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1311.666	1488.462	1411.078
Long-term borrowings	147.182	514.018	501.975
Short term borrowings	1366.403	1951.989	1874.942
Total borrowings	1513.585	2466.007	2376.917
Debt/Equity ratio	1.154	1.657	1.684

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	3869.080	4497.345	5060.072
		16.238	12.512

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	3,869.080	4,497.345	5,060.072
Profit	171.583	196.263	(77.384)
	4.43%	4.36%	(1.53%)

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	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%	Yes
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	Yes
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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10501912	20/05/2014 *	1,084,100,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JEEVANDEEP, 1, MIDDLETON STREET, JEEVANDEEP BUILDING, 2ND FLOOR, KOLKATA, WEST BENGAL - 700071, INDIA	C06425953
2	10382781	24/04/2013 *	450,500,000.00	DBS BANK LIMITED (ACTING AS SECURITY TRUSTEE ON BEHALF OF DBS BANK-SINGAPORE)	4A, NANDALAL BASU SARANI, KOLKATA, WEST BENGAL - 700071, INDIA	B73971525
3	10343146	14/09/2012 *	96,000,000.00	ICICI BANK LIMITED	3A, GURUSADAY ROAD, 2ND FLOOR, KOLKATA, WEST BENGAL - 700019, INDIA	B59087981
4	10264302	09/09/2013 *	2,366,000,000.00	IDBI BANK LIMITED	CORPORATE BANKING GROUP, 44, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA	B85085017
5	10252578	20/05/2014 *	1,371,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JEEVANDEEP, 1,MIDDLETON STREET, JEEVANDEEP BUILDING, 2ND FLOOR, KOLKATA, WEST BE NGAL - 700071, INDIA	C06424790
6	10187382	09/11/2009	6,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	6TH FLOOR, AKRUTL CENTRE POINT, MIDC CENTRAL ROAD, ANDHERI EAST, MUMBAI, MAHARASHTRA - 400093, INDIA	A73654428
7	10133590	18/12/2008 *	179,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	A53117230
8	10093192	19/03/2008	89,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A34199992
9	10095767	05/11/2009 *	95,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	6TH FLOOR, AKRUTL CENTRE POINT, MIDC CENTRAL ROAD, ANDHERI EAST, MUMBAI, MAHARASHTRA - 400093, INDIA	A73654345
10	10071298	04/10/2007	50,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	HONGKONG HOUSE, 31 B B D BAG, KOLKATA, WEST BENGAL - 700001, INDIA	A24339095

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	80.000	50.000
Total	80.000	50.000

Note:

The registered office address of the company has been shifted from Swaika Centre, 4A, Pollock Street, 4^th Floor, Room No.6, Kolkata – 700 001, West Bengal, India to present w.e.f. 01.04.2009.

REVIEW OF PERFORMANCE

During the year, the gross turnover has increased by 12.31% to Rs.5417.000 millions from Rs.4823.400 millions in the previous year. However, there is a Loss before Tax of Rs.97.000 millions compared to Profit before Tax of Rs.302.900 millions in the previous year.

GUJARAT PROJECTS

Due to unfavourable economic conditions, the Company has kept on hold the proposed 180,000 MT per annum Wire Drawing Unit for manufacture of Non-alloy Steel Wires (both Galvanised and Non-Galvanised) at Bharuch in the state of Gujarat.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· Computer Software

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.60.87
UK Pound	1	Rs.102.67
Euro	1	Rs.81.69

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.