MIRA INFORM REPORT

Report Date :

30.08.2014

IDENTIFICATION DETAILS

Name :	SUPER SMELTERS LIMITED
Registered Office :	39, Shakespeare Sarani, 3^rd Floor, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.06.1995
Com. Reg. No.:	21-072223
Capital Investment / Paid-up Capital :	Rs. 674.706 Millions
CIN No.: [Company Identification No.]	U27109WB1995PLC072223
TAN No.: [Tax Deduction & Collection Account No.]	CALS07997D
PAN No.: [Permanent Account No.]	AAFCS1116F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Iron and Steel Wire, Rod, TMT Bars, etc.
No. of Employees :	1000 (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are 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 – 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

N E W S

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 their 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 tat 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	CRISIL
Rating	Long term rating: “BBB”
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	19.05.2014
Rating Agency Name	CRISIL
Rating	Short term rating: “A3+”
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	19.05.2014

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 Soni
Designation :	Finance Manager
Contact No.:	91-9681083011
Date :	28.08.2014

LOCATIONS

Registered Office :	39, Shakespeare Sarani, 3^rd Floor, Kolkata – 700017, West Bengal, India
Tel. No.:	91-91-33-22892734/ 35/ 36
Mobile No.:	91-9681083011 (Mr. Manish Soni)
Fax No.:	91-91-33-22892734/ 35/ 36
E-Mail :	secl@supershakti.in info@supershakti.in manish.soni@supershakti.in
Website :	http://www.supershakti.in
Area :	7600 Sq. ft.
Location :	Owned
Branch Office:	318, Narayan Plaza, Exhibition Road, Patna – 800001, Bihar, India
Fax No.:	91-612-2231163
Factory 1 :	Kanjilal Avenue, Opposite DPL Zone, “B” Substation, Durgapur – 713210, West Bengal, India
Tel. No.:	91-343-2552598/ 3284
Factory 2 :	Adi Bunglow Road, Telaya Basti, Jhumri Telaya, Koderma – 825409, Jharkhand, India
Tel. No.:	91-6534-224701/ 02
Factory 3:	Jamuria Industrial Estate, Rajaram Danga (Aam Bagan), P.O. Ikra, Jamuria, Burdwan – 713362, West Bengal, India
Tel. No.:	91-341-2455077/ 2456688

DIRECTORS

As on: 29.09.2012

Name :

Mr. Sitaram Agarwal

Designation :

Managing Director

Address :

Geetayan, 18H, Alipore Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

06.08.1950

Qualification :

B. Sc.

Date of Appointment :

01.02.2010

PAN No.:

ACQPA1303A

DIN No.:

00343881

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	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Managing director	01/02/2010	03/11/1997	Active	NO
2	U27100WB2002PLC103719	SAI FERROUS LIMITED	Director	20/09/2002	20/09/2002	Dissolved	NO
3	U40104WB2008PLC127950	SUPERSHAKTI POWER & INFRASTRUCTURES LIMITED	Director	29/07/2008	29/07/2008	Active	NO
4	U40104WB2008PLC128044	SUPERSHAKTI ENERGY & INFRASTRUCTURES LIMITED	Director	31/07/2008	31/07/2008	Active	NO

Name :

Mr. Dilip Agarwal

Designation :

Whole-time director

Address :

Geetayan, 18H, Alipore Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

18.01.1971

Qualification :

B. Com

Date of Appointment :

01.03.2013

PAN No.:

AEAPK5325C

DIN No.:

00343856

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	U27100WB1991PLC099643	SAI IRON(INDIA) LIMITED	Director	26/09/2008	02/05/1997	-	Active	NO
2	U31901WB1998PLC099642	SAI ELECTROCASTING LIMITED	Director	30/09/2000	30/09/2000	-	Dissolved	NO
3	U27100WB2002PLC099644	SAI SPONGE (INDIA) LIMITED	Director	01/12/2009	11/09/2002	-	Active	NO
4	U27100WB2002PLC103719	SAI FERROUS LIMITED	Director	20/09/2002	20/09/2002	-	Dissolved	NO
5	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Whole-time director	01/03/2013	27/10/2005	-	Active	NO
6	U51109WB1995PTC070525	VEERBHADRA SALES PRIVATE LIMITED	Director	26/09/2006	26/09/2006	-	Active	NO
7	U72900WB1994PTC062761	ROCKY DATAMATICS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
8	U51109WB2007PTC113621	JAGDAMBA TRADECOM PRIVATE LIMITED	Director	26/02/2007	26/02/2007	17/07/2008	Active	NO
9	U51109WB2007PTC113624	MATASHREE TIE-UP PRIVATE LIMITED	Director	26/02/2007	26/02/2007	19/08/2008	Active	NO
10	U51109WB2007PTC113619	ANAAYA ADVERTISING PRIVATE LIMITED	Director	26/02/2007	26/02/2007	16/02/2008	Active	NO
11	U51109WB2007PTC113623	J.B. MEDICARE PRIVATE LIMITED	Director	26/02/2007	26/02/2007	23/11/2007	Active	NO
12	U51109WB2007PTC113786	BLUE MERIDIEN HOTEL PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/06/2008	Active	NO
13	U51109WB2007PTC113787	JAIGURU COMMODITIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	28/10/2010	Active	NO
14	U51109WB2007PTC113760	PASUPATI VINCOM PRIVATE LIMITED	Director	02/03/2007	02/03/2007	22/01/2008	Active	NO
15	U51909WB2007PTC113784	SANATAN AGENCIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/07/2008	Active	NO
16	U51109WB1994PTC062203	SKODA TREXIM PRIVATE LIMITED	Director	26/09/2008	24/03/2008	-	Active	NO
17	U40104WB2008PLC127950	SUPERSHAKTI POWER & INFRASTRUCTURES LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
18	U40104WB2008PLC128044	SUPERSHAKTI ENERGY & INFRASTRUCTURES LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO
19	U74900WB2012PTC189128	QUENTZ DEALTRADE PRIVATE LIMITED	Director	05/03/2013	05/03/2013	-	Active	NO
20	U74900WB2012PTC189119	DEVDRISHTI COMMOSALES PRIVATE LIMITED	Director	05/03/2013	05/03/2013	-	Active	NO

Name :

Mr. Deepak Agarwal

Designation :

Whole-time director

Address :

Geetayan, 18H, Alipore Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

14.07.1973

Qualification :

B. Com

Date of Appointment :

01.03.2013

PAN No.:

AAZPK8408R

DIN No.:

00343812

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	U31901WB1998PLC099642	SAI ELECTROCASTING LIMITED	Managing director	16/04/1998	16/04/1998	-	Dissolved	NO
2	U27100WB2002PLC099644	SAI SPONGE (INDIA) LIMITED	Director	11/09/2002	11/09/2002	-	Active	NO
3	U27100WB2002PLC103719	SAI FERROUS LIMITED	Director	20/09/2002	20/09/2002	-	Dissolved	NO
4	U27100WB1991PLC099643	SAI IRON(INDIA) LIMITED	Director	04/09/2003	04/09/2003	-	Active	NO
5	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Whole-time director	01/03/2013	27/10/2005	-	Active	NO
6	U51109WB1994PTC062203	SKODA TREXIM PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
7	U51109WB2007PTC113621	JAGDAMBA TRADECOM PRIVATE LIMITED	Director	26/02/2007	26/02/2007	17/07/2008	Active	NO
8	U51109WB2007PTC113624	MATASHREE TIE-UP PRIVATE LIMITED	Director	26/02/2007	26/02/2007	19/08/2008	Active	NO
9	U51109WB2007PTC113619	ANAAYA ADVERTISING PRIVATE LIMITED	Director	26/02/2007	26/02/2007	16/02/2008	Active	NO
10	U51109WB2007PTC113623	J.B. MEDICARE PRIVATE LIMITED	Director	26/02/2007	26/02/2007	23/11/2007	Active	NO
11	U51109WB2007PTC113786	BLUE MERIDIEN HOTEL PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/06/2008	Active	NO
12	U51109WB2007PTC113787	JAIGURU COMMODITIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	28/10/2010	Active	NO
13	U51109WB2007PTC113760	PASUPATI VINCOM PRIVATE LIMITED	Director	02/03/2007	02/03/2007	22/01/2008	Active	NO
14	U51909WB2007PTC113784	SANATAN AGENCIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/07/2008	Active	NO
15	U72900WB1994PTC062761	ROCKY DATAMATICS PRIVATE LIMITED	Director	26/09/2008	24/03/2008	-	Active	NO
16	U51109WB1995PTC070525	VEERBHADRA SALES PVT.LTD.	Director	26/09/2008	24/03/2008	-	Active	NO
17	U40104WB2008PLC127950	SUPERSHAKTI POWER & INFRASTRUCTURES LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
18	U40104WB2008PLC128044	SUPERSHAKTI ENERGY & INFRASTRUCTURES LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO
19	U74900WB2012PTC189128	QUENTZ DEALTRADE PRIVATE LIMITED	Director	05/03/2013	05/03/2013	-	Active	NO
20	U74900WB2012PTC189119	DEVDRISHTI COMMOSALES PRIVATE LIMITED	Director	05/03/2013	05/03/2013	-	Active	NO

Name :

Mr. Nagendra Prasad Sinha

Designation :

Director

Address :

A7, Sangam, 2, Wood Street, Kolkata – 700 016, West Bengal, India

Date of Birth/Age :

26.12.1938

Qualification :

M. Tech., Ph. D

Date of Appointment :

27.03.2000

DIN No.:

01090335

Name :

Mr. Vijay Kumar Bhandari

Designation :

Director

Address :

1704, Wallace Apartments, 17^th Floor, Sleater Road, Grant Road, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

14.10.1943

Qualification :

B. Com (Hons.), F.C.A

Date of Appointment :

26.09.2008

DIN No.:

00052716

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	U50404PB1974PLC003420	GURU NANAK AUTO ENTERPRISES LIMITED	Director	12/03/2004	12/03/2004	-	Active	NO
2	L51433WB1960PLC024539	HSIL LIMITED	Director	24/07/2004	24/07/2004	-	Active	NO
3	L24100MH1992PLC066691	JAYANT AGRO-ORGANICS LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
4	U65110PB1999PLC022634	CAPITAL LOCAL AREA BANK LIMITED	Director	02/09/2006	02/09/2006	-	Active	NO
5	U21012DL1985PLC020023	KHANNA PAPER MILLS LIMITED	Director	28/09/2007	02/04/2007	29/08/2011	Active	NO
6	U60231DL2007PLC169280	SHORE TO SHORE LOGISTICS INDIA LIMITED	Director	11/10/2007	11/10/2007	29/08/2011	Active	NO
7	L70200TZ1936PLC000001	PRIME URBAN DEVELOPMENT INDIA LIMITED	Director appointed in casual vacancy	30/06/2008	30/06/2008	30/06/2011	Active	NO
8	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Director	26/09/2008	19/08/2008	-	Active	NO
9	L16000GJ1955PLC067605	GOLDEN TOBACCO LIMITED	Director	15/09/2009	31/07/2009	-	Active	NO
10	L24230MH1958PLC011078	KOPRAN LIMITED	Director	14/09/2013	12/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subhankar Roychowdhuri
Designation :	Secretary
Address :	110/4, Sarat Ghosh Garden Road., Kamala Park, Dhakuria, Kolkata – 700031, West Bengal, India
Date of Birth/Age :	04.11.1954
Date of Appointment :	01.04.2008
PAN No.:	ADIPR0701Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Deepak Agarwal	199500
Dilip Agarwal	40500
Sabita Agarwal	85750
Sitaram Agarwal (HUF)	922500
Priti Agarwal	8000
Vibha Agarwal	8000
Sajjan Kumar Kedia	8000
Vikash Rungta	1600
Sitaram Agarwal	425400
Veerbhadra Sales Private Limited, India	12906650
Skoda Trexim Private Limited, India	14136660
Rocky Datamatics Private Limited, India	14279000
Khandelwal Finance Private Limited, India	5609500
Crawford Plantations Private Limited, India	11279500
Total	59910560

AS ON 22.12.2012

Names of Allottees	No. of Shares
Rocky Datamatics Private Limited, India	2300000
Skoda Trexim Private Limited, India	2200000
Veerbhadra Sales Private Limited, India	2000000
Crawford Plantations Private Limited, India	500000
Total	7000000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	97.16
Directors or relatives of directors	1.28
Other top fifty shareholders	1.56
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Iron and Steel Wire, Rod, TMT Bars, etc.

Products :

ITC Code No.	Product Descriptions
72139190	Wire Rod

Exports :

Products :

· Steel Wire

· Rod

· TMT Bars

Countries :

· Australia

· Japan

· Nepal

· Bangladesh

Imports :

Products :

· Raw Material

Countries :

· South Africa

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit, LC, DP

GENERAL INFORMATION

Suppliers :

· Tata International

Customers :

· Usha Martin

Wholesalers, Retailers

No. of Employees :

1000 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

Bank of India (Leader of Consortium), Kolkata Large Corporate Branch, 5, B.T.M. Sarani, Kolkata - 700001, West Bengal, India

Dena Bank

State Bank of Hyderabad

Union Bank of India

Bank of Baroda

Oriental Bank of Commerce

Canara Bank

State Bank of Travancore

Indian Overseas Bank

Axis Bank Limited

HDFC Bank Limited

ICICI Bank Limited

Facilities :

Fund Base: Rs. 10300.000 Millions

Non Fund Base: Rs. 1900.000 Millions

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Term loans from banks	4014.377	3548.581
Other loans from banks and NBFCs	30.997	43.589
Current Maturities
Term loans from banks	612.500	398.873
Other loans from banks and NBFCs	21.135	20.200
Less: current maturities disclosed under the head “other current liability”	(633.635)	(419.073)
SHORT TERM BORROWINGS
Working capital loans from banks	1862.822	2009.832
Buyers credit in foreign currency	1087.506	506.458
Buyers credit in foreign currency for capital goods	1.867	1.689
Total	6997.569	6110.149

Banking Relations :	--
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	Emerald House, 4^th Floor, 1B ,Old Post Office Street, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22484573 / 77
Mobile No.:	91-9836233222
Fax No.:	91-33-22307146
Email:	kolkata@singhico.com
PAN No.:	AASFS9578D
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Crawford Plantations Private Limited [U51109WB1995PTC069605] Khandelwal Finance Private Limited [U67120WB1991PTC053666] Rocky Datamatics Private Limited [U72900WB1994PTC062761] Sai Iron (India) Limited [U27100WB1991PLC099643] Promotional Equity Services Private Limited Skoda Trexim Private Limited [U51109WB1994PTC062203] Veerbhadra Sales Private Limited Private Limited [U51109WB1995PTC070525]
Subsidiary company :	· Devdrishti Commosales Private Limited [U74900WB2012PTC189119] Quentz Dealtrade Private Limited [U74900WB2012PTC189128] Sai Sponge (India) Limited [U27100WB2002PLC099644]

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs. 10/- each	Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
67470560	Equity Shares	Rs.10/- each	Rs. 674.706 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	674.706	629.906	509.106
(b) Reserves & Surplus	4835.365	4349.670	3494.230
(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)	5510.071	4979.576	4003.336
(3) Non-Current Liabilities
(a) long-term borrowings	4045.374	3592.171	1995.647
(b) Deferred tax liabilities (Net)	396.849	316.643	218.269
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	11.359	11.563	5.588
Total Non-current Liabilities (3)	4453.582	3920.377	2219.504
(4) Current Liabilities
(a) Short term borrowings	2952.195	2517.978	1947.661
(b) Trade payables	1673.569	1224.341	1665.039
(c) Other current liabilities	1425.069	1323.340	877.001
(d) Short-term provisions	15.043	12.614	20.157
Total Current Liabilities (4)	6065.876	5078.273	4509.858
TOTAL	16029.529	13978.226	10732.698
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6338.569	4817.927	4076.195
(ii) Intangible Assets	2.528	1.841	0.499
(iii) Capital work-in-progress	1902.391	2190.005	984.412
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.018	101.979	101.578
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	305.685	275.981	423.908
(e) Other Non-current assets	0.464	23.701	9.460
Total Non-Current Assets	8551.655	7411.434	5596.052
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3302.372	2357.487	2209.187
(c) Trade receivables	2719.659	3094.531	1992.599
(d) Cash and cash equivalents	393.678	356.883	184.703
(e) Short-term loans and advances	540.472	498.993	592.847
(f) Other current assets	521.693	258.898	157.310
Total Current Assets	7477.874	6566.792	5136.646
TOTAL	16029.529	13978.226	10732.698

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	12836.889	11335.711	9748.759
		Other Income	444.426	124.261	12.109
		TOTAL (A)	13281.315	11459.972	9760.868
Less	EXPENSES
		Cost of materials consumed	8925.267	6460.947	4490.642
		Purchases of stock-in-trade	1094.697	1874.093	3482.683
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	-166.984	244.934	(494.882)
		Employee benefit expense	136.241	117.470	72.453
		Other expenses	1915.515	1683.014	1374.995
		TOTAL (B)	11904.736	10380.458	8925.891
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1376.579	1079.514	834.977
Less	FINANCIAL EXPENSES (D)		735.659	510.598	392.341
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		640.920	568.916	442.636
Less/ Add	DEPRECIATION/ AMORTISATION (F)		356.985	309.580	224.729
	PROFIT BEFORE TAX (E-F) (G)		283.935	259.336	217.907
Less	TAX (H)		85.840	115.496	67.433
	PROFIT AFTER TAX (G-H) (I)		198.095	143.840	150.474
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	580.804	243.675	65.832
	IMPORTS
		Raw Materials	1514.541	1665.102	539.902
		Stores & Spares	2.720	4.482	11.545
		Capital Goods	10.621	15.509	0.000
	TOTAL IMPORTS		1527.882	1685.093	551.447
	Earnings Per Share (Rs.)		3.09	2.63	3.31

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	1.49	1.26	1.54
Net Profit Margin (PBT/Sales)	(%)	2.21	2.29	2.24
Return on Total Assets (PBT/Total Assets}	(%)	2.01	2.22	2.26
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.05
Debt Equity Ratio (Total Debt/Networth)		1.27	1.23	0.99
Current Ratio (Current Asset/Current Liability)		1.23	1.29	1.14

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	509.106	629.906	674.706
Reserves & Surplus	3494.230	4349.670	4835.365
Net worth	4003.336	4979.576	5510.071
long-term borrowings	1995.647	3592.171	4045.374
Short term borrowings	1947.661	2517.978	2952.195
Total borrowings	3943.308	6110.149	6997.569
Debt/Equity ratio	0.985	1.227	1.270

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9748.759	11335.711	12836.889
		16.279	13.243

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	9748.759	11335.711	12836.889
Profit	150.474	143.840	198.095
	1.54%	1.27%	1.54%

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	Yes
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%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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]	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10421134	25/03/2013	680,000,000.00	BANK OF BARODA	INDIA EXCHANGE BRANCH, 4 INDIA EXCHANGE PLACE, KOLKATA - 700001, WEST BENGAL, INDIA	B73591968
2	10412389	02/03/2013	900,000,000.00	BANK OF INDIA	KOLKATA LARGE CORPORATE BRANCH, 5, B.T.M. SARANI, KOLKATA - 700001, WEST BENGAL, INDIA	B70982079
3	10409609	12/02/2013	450,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1/1, CAMAC STREET, 1ST  FLOOR, KOLKATA - 700016, WEST BENGAL, INDIA	B69861102
4	10354716	21/12/2013 *	1,439,300,000.00	BANK OF BARODA	INDIA EXCHANGE BRANCH, 4 INDIA EXCHANGE PLACE, KOLKATA - 700001, WEST BENGAL, INDIA	B92761261
5	10354703	21/12/2013 *	4,000,000,000.00	BANK OF BARODA	INDIA EXCHANGE BRANCH, 4 INDIA EXCHANGE PLACE, KOLKATA - 700001, WEST BENGAL, INDIA	B92761931
6	10354665	21/12/2013 *	4,750,000,000.00	BANK OF INDIA (LEADER OF CONSORTIUM)	KOLKATA LARGE CORPORATE BRANCH, 5, B.T.M. SARANI, KOLKATA - 700001, WEST BENGAL, INDIA	B92914654
7	10217826	11/03/2010	250,000,000.00	ORIENTAL BANK OF COMMERCE	DURGAPUR BRANCH, NACHAN ROAD, BENACHITY, KOLKATA - 713213, WEST BENGAL, INDIA	A84698828
8	10188211	21/12/2013 *	408,900,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B93222156
9	10170570	10/09/2012 *	1,526,800,000.00	INDIAN OVERSEAS BANK (LEADER OF CONSORTIUM COMPRIS  ING IOB - UNION BANK OF INDIA - DENA BANK)	BALLYGUNGE PARK ROAD BRANCH, 22, BALLYGUNGE PARK ROAD, KOLKATA - 700019, WEST BENGAL, INDIA	B60010147

* Date of charge modification

FIXED ASSETS:

· Land

Buildings

Factory building

Plant and equipment

Factory equipment’s

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipment’s

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 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. 60.47
UK Pound	1	Rs. 100.35
Euro	1	Rs. 79.86

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

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