MIRA INFORM REPORT

Report Date :

03.01.2014

IDENTIFICATION DETAILS

Name :	NECO CERAMICS LIMITED
Formerly Known As :	THE CENTRAL POTTERIES LIMITED
Registered Office :	Old Barni Karkhana Road, Near Harihar Mandir, Bagadganj, Nagpur - 440008, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.02.1930
Com. Reg. No.:	11-010268
Capital Investment / Paid-up Capital :	Rs. 16.300 Millions
CIN No.: [Company Identification No.]	U99999MH1930PLC010268
TAN No.: [Tax Deduction & Collection Account No.]	NGPN01452D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Acid Resistant and Refractory Bricks / Fire Bricks for Arc Furnace, Blast Furnace and Ramming Masses for Induction and Arc furnace use
No. of Employees :	155 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 230000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well-established company having moderate track record. Profitability of the company appears to be very low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Factory :	Old Barni Karkhana Road, Near Harihar Mandir, Bagadganj, Nagpur - 440008, Maharashtra, India
Tel. No.:	91-712-2767423/ 2778345
Fax No.:	91-712-2763494/ 2767423
E-Mail :	contact@necoindia.com necoceramics@sancharnet.in accounts@nci.co.in
Website :	http://www.necoindia.com

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Basant Lall Shaw

Designation :

Director

Address :

“Usha Sadan” 246, PT. R.S.S. Marg, Civil Lines, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

03.08.1933

Date of Appointment :

01.04.2005

DIN No.:

00249729

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	L28920MH1972PLC016154	JAYASWAL NECO INDUSTRIES LIMITED	Director	28/11/1972	28/11/1972	-	Active	NO
2	U27310MH1981PLC163100	NSSL LIMITED	Director	23/04/1981	23/04/1981	25/05/2013	Active	NO
3	U65990MH1984PTC033821	JAYASWAL HOLDINGS PRIVATE LIMITED	Director	23/08/1984	23/08/1984	-	Active	NO
4	U29120MH1985PTC035613	NECO VALVES AND PUMPS PRIVATE LIMITED	Director	14/03/1985	14/03/1985	-	Active	NO
5	U65920MH1987PTC043982	NECO LEASING AND FINANCE PRIVATE LIMITED	Director	03/07/1987	03/07/1987	-	Active	NO
6	U61862MH1991PLC061862	NAGPUR AGRO AND FOOD PROCESSORS LIMITED	Director	22/01/1993	22/01/1993	-	Active	NO
7	U27300MH1987PLC045436	NECO HEAVY ENGINEERING AND CASTINGS LIMITED	Director	14/11/1994	14/11/1994	-	Active	NO
8	U27300MH1995PLC091956	MAA USHA URJA LIMITED	Director	18/08/1995	18/08/1995	-	Active	NO
9	U28920MH1997PTC110868	CENTRAL INDIA DEVELOPERS LIMITED	Director	24/09/1997	24/09/1997	-	Active	NO
10	U65191MH1991PLC060014	NECO INDUSTRIES LIMITED	Director	24/09/1997	24/09/1997	-	Active	NO
11	U67120MH1984PTC033850	JYOTIKANT INVESTMENTS PRIVATE LIMITED	Director	30/09/1997	30/09/1997	-	Active	NO
12	U27100MH2003PTC140824	A M R IRON AND STEEL PRIVATE LIMITED	Director	10/06/2003	10/06/2003	31/08/2012	Active	NO
13	U99999MH1930PLC010268	NECO CERAMICS LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
14	U99999MH2006PLC159353	NORTH KARANPURA POWER COMPANY LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
15	U99999MH2006PLC159352	NORTH KARANPURA COAL COMPANY LIMIITED	Director	30/01/2006	30/01/2006	-	Active	NO
16	U31100MH1981PLC024075	ASHUTOSH CASTINGS LIMITED	Director	10/04/2006	10/04/2006	-	Amalgamated	NO
17	U65990MH1991PTC062471	NECO HOLDINGS PRIVATE LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
18	U40102MH2007PLC169762	JAYASWAL NECO URJA LIMITED	Director	09/04/2007	09/04/2007	-	Active	NO
19	U35999TN1981PLC008916	ECONO VALVES LIMITED	Director	29/09/2007	29/09/2007	-	Active	NO
20	U27102CT2008PTC020681	BHILAI IRON FOUNDRY PRIVATE LIMITED	Director	02/06/2008	02/06/2008	-	Active	NO
21	U27310WB1993PTC058237	JAYASWAL NECO METALLICS PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO
22	U51900MH1993PTC072686	ANURAG SALES AND SERVICES PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO
23	U51900MH1993PTC072288	AVON SALES AND SERVICES PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO
24	U27104CT1995PTC010157	RAJIV IRON AND STEEL PRIVATE LIMITED	Additional director	24/12/2008	24/12/2008	-	Active	NO
25	U27209CT2007PLC020492	NECO STRIPS LIMITED	Director	02/03/2009	02/03/2009	-	Active	NO
26	U45203MH1991PTC062496	DEIFY INFRAPROJECTS PRIVATE LIMITED	Director	30/09/2009	20/04/2009	-	Active	NO
27	U27100MH2010PTC203176	A M R STEEL INDUSTRIES PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO
28	U10100MH2010PLC205101	NECO MINING COMPANY LIMITED	Director	01/07/2010	01/07/2010	-	Active	NO

Name :

Mr. Sanjay Kumar Jayswal

Designation :

Director

Address :

4, Maniktala Bazar Lane, C.M.C. Burtola, Calcutta – 700006, West Bengal, India

Date of Birth/Age :

10.01.1960

Date of Appointment :

01.03.2005

DIN No.:

02462066

Name :

Mr. Anand Arvindkumar Jayaswal

Designation :

Director

Address :

“Usha Sadan” 246, PT. R.S.S. Marg, Civil Lines, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

10.11.1976

Date of Appointment :

30.09.2008

DIN No.:

00192612

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	U27108WB1984PLC170097	ABHIJEET INFRASTRUCTURE LIMITED	Director	01/09/2001	01/09/2001	07/04/2009	Active	NO
2	U40103WB2002PLC145294	ABHIJEET POWER LIMITED	Director	16/07/2002	16/07/2002	01/04/2009	Active	NO
3	U45201MH2001PLC132249	JAS TOLL ROAD COMPANY LIMITED	Director	12/11/2002	12/11/2002	14/03/2009	Active	NO
4	U27110WB1988PLC163594	CORPORATE ISPAT ALLOYS LIMITED	Director	22/12/2003	22/12/2003	31/03/2009	Active	NO
5	U45200MH1998PTC117012	ABHIJEET ASHOKA INFRASTRUCTURE PRIVATE LIMITED	Director	25/09/2004	25/09/2004	31/03/2009	Active	NO
6	U40109WB2002PLC162558	JAS INFRASTRUCTURE AND POWER LIMITED	Director	30/09/2004	30/09/2004	01/04/2009	Active	NO
7	U27106WB2006PLC150110	CORPORATE POWER LIMITED	Director	11/05/2006	11/05/2006	01/04/2009	Active	NO
8	U27100MH2003PTC140824	A M R IRON AND STEEL PRIVATE LIMITED	Director	04/08/2006	04/08/2006	17/11/2012	Active	NO
9	U99999MH2006PLC159352	NORTH KARANPURA COAL COMPANY LIMIITED	Director	17/08/2006	17/08/2006	-	Active	NO
10	U40101MH2006PLC166285	JLD YAVATMAL ENERGY LIMITED	Director	18/12/2006	18/12/2006	-	Active	NO
11	U40109MH2007PTC172271	ABHIJEET MADC NAGPUR ENERGY PRIVATE LIMITED	Director	12/07/2007	12/07/2007	25/02/2009	Active	NO
12	U51109WB2006PTC107004	GHANSHYAM VYAPAAR PRIVATE LIMITED	Director	16/08/2007	16/08/2007	-	Active	NO
13	U51109WB2006PTC110021	RAM PRAKASH SALES & SERVICES PRIVATE LIMITED	Director	16/08/2007	16/08/2007	-	Active	NO
14	U51109WB2005PTC102384	NABO JAGORAN TRADING PRIVATE LIMITED	Director	16/08/2007	16/08/2007	-	Active	NO
15	U51109WB2005PTC102377	SAMADHAN TRADERS PRIVATE LIMITED	Director	16/08/2007	16/08/2007	-	Active	NO
16	U35999TN1981PLC008916	ECONO VALVES LIMITED	Director	29/09/2007	29/09/2007	-	Active	NO
17	U27310MH1981PLC163100	NSSL LIMITED	Managing director	01/04/2011	01/04/2008	-	Active	NO
18	U99999MH1930PLC010268	NECO CERAMICS LIMITED	Director	30/09/2008	04/09/2008	-	Active	NO
19	U51900MH1993PTC072686	ANURAG SALES AND SERVICES PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO
20	U51900MH1993PTC072288	AVON SALES AND SERVICES PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO
21	U14200AP2008PTC058784	FERROMAX MINES & MINERALS PRIVATE LIMITED	Director	12/03/2009	12/03/2009	-	Active	NO
22	U45200MH1991PLC062469	TERRA INFRA DEVELOPMENT LIMITED	Director	21/04/2009	21/04/2009	-	Active	NO
23	U45200MH1991PLC062470	TERRA PROJECTS LIMITED	Director	21/04/2009	21/04/2009	-	Active	NO
24	U61862MH1991PLC061862	NAGPUR AGRO AND FOOD PROCESSORS LIMITED	Director	30/09/2009	31/07/2009	-	Active	NO
25	U45203MH1991PTC062495	JAYASWAL NECO INFRAPROJECTS PRIVATE LIMITED	Director	30/09/2009	31/07/2009	-	Active	NO
26	U45203MH1991PTC062496	DEIFY INFRAPROJECTS PRIVATE LIMITED	Director	30/09/2010	10/10/2009	-	Active	NO
27	U45203MH1991PLC062494	DEIFY INFRASTRUCTURES LIMITED	Director	30/09/2010	10/10/2009	25/05/2013	Active	NO
28	U75301MH2010PLC204477	NECO DEFENCE SYSTEMS LIMITED	Director	18/06/2010	18/06/2010	-	Active	NO
29	U27106MH1996PLC099228	JAYASWAL NECO STEEL AND MINING LIMITED	Director	30/09/2011	04/10/2010	-	Active	NO
30	U32109MH1986PLC039947	VIBRANT ELECTRONICS LIMITED	Director	30/09/2011	04/10/2010	-	Active	NO
31	U40102MH2007PLC169762	JAYASWAL NECO URJA LIMITED	Director	24/09/2011	10/10/2010	-	Active	NO
32	U70109WB1997PTC084234	GEEDEE SHAW & CO. PRIVATE LIMITED	Director	30/09/2011	16/12/2010	-	Active	NO
33	U99999MH1982PTC026769	NAGPUR FASTENERS INDUSTRIES PRIVATE LIMITED	Director	29/09/2012	05/12/2011	-	Active	NO
34	U25203MH2012PLC234002	NECO POLYPROPYLENE LIMITED	Director	01/08/2012	01/08/2012	-	Active	NO

Name :

Avneesh Jayaswal

Designation :

Director

Address :

“Usha Sadan” 246, PT. R.S.S. Marg, Civil Lines, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

07.09.1985

Date of Appointment :

28.09.2012

DIN No.:

01227404

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	U27110WB1988PLC163594	CORPORATE ISPAT ALLOYS LIMITED	Director	22/12/2003	22/12/2003	31/03/2009	Active	NO
2	U99999MH2006PLC159352	NORTH KARANPURA COAL COMPANY LIMIITED	Director	17/08/2006	17/08/2006	-	Active	NO
3	U51109WB2006PTC107421	AMAN TRADECOM PRIVATE LIMITED	Director	16/08/2007	16/08/2007	-	Active	NO
4	U51109WB2005PTC101749	GRACE TIE-UP PRIVATE LIMITED	Director	16/08/2007	16/08/2007	-	Active	NO
5	U51900MH1993PTC072686	ANURAG SALES AND SERVICES PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO
6	U51900MH1993PTC072288	AVON SALES AND SERVICES PRIVATE LIMITED	Director	01/10/2008	01/10/2008	-	Active	NO
7	U61862MH1991PLC061862	NAGPUR AGRO AND FOOD PROCESSORS LIMITED	Director	30/09/2009	31/07/2009	-	Active	NO
8	U27209CT2007PLC020492	NECO STRIPS LIMITED	Director appointed in casual vacancy	05/05/2010	05/05/2010	-	Active	NO
9	U65191MH1991PLC060014	NECO INDUSTRIES LIMITED	Director	30/09/2010	05/05/2010	-	Active	NO
10	U35999TN1981PLC008916	ECONO VALVES LIMITED	Director	30/09/2010	05/06/2010	25/05/2013	Active	NO
11	U75301MH2010PLC204477	NECO DEFENCE SYSTEMS LIMITED	Director	18/06/2010	18/06/2010	-	Active	NO
12	U27106MH1996PLC099228	JAYASWAL NECO STEEL AND MINING LIMITED	Director	30/09/2011	04/10/2010	-	Active	NO
13	U40102MH2007PLC169762	JAYASWAL NECO URJA LIMITED	Director	01/06/2013	10/10/2010	-	Active	NO
14	U70109WB1997PTC084234	GEEDEE SHAW & CO. PRIVATE LIMITED	Director	30/09/2011	16/12/2010	-	Active	NO
15	U99999MH1930PLC010268	NECO CERAMICS LIMITED	Director	28/09/2012	05/03/2012	-	Active	NO
16	U25203MH2012PLC234002	NECO POLYPROPYLENE LIMITED	Director	01/08/2012	01/08/2012	-	Active	NO
17	U45203MH1991PLC062494	DEIFY INFRASTRUCTURES LIMITED	Whole-time director	01/06/2013	25/05/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	92.30
Other top fifty shareholders	0.96
Others	6.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Acid Resistant and Refractory Bricks / Fire Bricks for Arc Furnace, Blast Furnace and Ramming Masses for Induction and Arc furnace use

Products/ Services :

ITC Code No.	Product Descriptions
6901.90	Fire Bricks
3816.00	Binding Materials

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Fire Bricks	MT	1500	2597.287
Binding Materials	MT	6600	--
Others	MT	--	2680.662

GENERAL INFORMATION

No. of Employees :

155 (Approximately)

Bankers :

· State Bank of Travancore

125, Central Avenue, Gandhiputala, Nagpur - 440032, Maharashtra, India

· Allahabad Bank

Industrial Finance Branch, 17, R. N. Mukherjee Road, 4th Floor, Kolkata - 700001, West Bengal, India

· State Bank of India

SME City Credit Centre, 128-A, Shraddhanandpeth, South Ambazari Road,, Nagpur - 440022, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Car Loan - State Bank of India	0.378	0.000
SHORT TERM BORROWINGS
Working Capital Loans - From Banks State Bank of India CC A/c	0.000	26.550
Total	0.378	26.550

Banking Relations :	--
Auditors :
Name :	P.N. Bahri and Company Chartered Accountants
Address :	4, 3rd Floor, NMC Complex, Nagpur Sadar, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-3042547
E-Mail :	bahri-ngp@sancharnet.in
Income-tax PAN of auditor or auditor's firm :	AABFB2336H
Enterprises under significant influence of key management personnel:	· Jayaswals Neco Industries Limited Jayaswal Holding Private Limited Neco Heavy Engg and Casting Limited Corporate Ispat Alloys Limited AMR Iron and Steel Private Limited Neco Ceramics Nepal Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,650,000	Equity Shares	Rs. 10/- each	Rs. 16.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,630,000	Equity Shares	Rs. 10/- each	Rs. 16.300 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	16.300	16.300	16.300
(b) Reserves & Surplus	41.369	41.354	41.143
(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)	57.669	57.654	57.443
(3) Non-Current Liabilities
(a) long-term borrowings	33.321	32.943	34.677
(b) Deferred tax liabilities (Net)	2.687	3.124	3.742
(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)	36.008	36.067	38.419
(4) Current Liabilities
(a) Short term borrowings	0.000	26.550	17.500
(b) Trade payables	36.037	24.169	19.618
(c) Other current liabilities	16.903	31.820	17.339
(d) Short-term provisions	0.486	0.725	0.785
Total Current Liabilities (4)	53.426	83.264	55.242
TOTAL	147.103	176.985	151.104
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.514	49.541	57.018
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	44.514	49.541	57.018
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	82.839	79.279	68.434
(c) Trade receivables	13.719	32.290	14.710
(d) Cash and cash equivalents	2.304	11.726	6.563
(e) Short-term loans and advances	3.727	4.149	4.379
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	102.589	127.444	94.086
TOTAL	147.103	176.985	151.104

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	158.859	142.786	125.344
		Other Income	0.486	0.839	2.047
		TOTAL (A)	159.345	143.625	127.391
Less	EXPENSES
		Cost of Materials Consumed	117.664	101.985	76.144
		Changes in Inventories of Finished Goods, Stock-in-Process and Stock-in-Trade	(4.404)	(16.768)	(0.449)
		Employee Benefit Expenses	14.870	14.763	12.599
		Other Expense	23.135	27.753	18.475
		TOTAL (B)	151.265	127.733	106.769
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.080	15.892	20.622
Less	FINANCIAL EXPENSES (D)		1.359	8.041	8.423
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.721	7.851	12.199
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.598	7.530	8.156
	PROFIT BEFORE TAX (E-F) (G)		0.123	0.321	4.043
Less	TAX (H)		0.109	0.109	0.114
	PROFIT AFTER TAX (G-H) (I)		0.014	0.212	3.929
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		41.354	41.142	37.213
	BALANCE CARRIED TO THE B/S		41.368	41.354	41.142
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	6.284	6.141	2.811
	IMPORTS
		Raw Materials	68.192	59.073	44.547
	Earnings Per Share (Rs.)		0.01	0.13	2.41

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.01	0.15	3.08
Net Profit Margin (PBT/Sales)	(%)	0.08	0.22	3.23
Return on Total Assets (PBT/Total Assets}	(%)	0.08	0.18	2.68
Return on Investment (ROI) (PBT/Networth)		0.00	0.01	0.07
Debt Equity Ratio (Total Debt/Networth)		0.58	1.03	0.91
Current Ratio (Current Asset/Current Liability)		1.92	1.53	1.70

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	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	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10387006	07/11/2012	510,000.00	STATE BANK OF INDIA	SME CITY CREDIT CENTRE, 128-A, SHRADDHANANDPETH, SOUTH AMBAZARI ROAD, NAGPUR - 440022, MAHARASHTRA, INDIA	B62213939
2	10364493	25/06/2012	1,000,000,000.00	STATE BANK OF TRAVANCORE	125, CENTRAL AVENUE, GANDHIPUTALA, NAGPUR - 440032, MAHARASHTRA, INDIA	B43193366
3	10025579	27/09/2006	304,300,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, KISHORE BHAVAN, 17, R N MUKHARGEE ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	A06170385

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
From Directors and Shareholders	32.943	32.943
Total	32.943	32.943

OPERATIONS:

The performance of the Company during the year was not as per the expectations. Despite fall in production there is a growth in the top line, the Profit of the Company has drastically reduced mainly due to higher cost of raw materials and manufacturing expenses. The export income has increased to Rs. 6.283 lacs from Rs. 6.141 Millions of the previous year. The total income of the Company was Rs 159.345 Millions as compared to Rs 143.625 Millions during the previous year. The profit after tax was Rs. 0.014 Million as compared to Rs. 0.211 Million in the previous year. The Board of Directors are putting their best efforts to improve the performance of the Company in the coming period

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Bank Guarantees outstanding not provided for	0.000	73.100
Fixed deposits offered as security for bank guarantee	0.000	7.209
Claims against the company not acknowledged as debts	0.000	0.000
Estimated Liability for Gratuity	1.208	1.003
Total	1.208	81.312

FIXED ASSETS:

· Land

Building

Plant and Machinery

Vehicles

Truck

Office Equipments

Fax Machine

Computer

Dies and Module

Laboratory

Electrical Generator

Chamber Kline

Muller

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. 61.90
UK Pound	1	Rs. 102.74
Euro	1	Rs. 85.16

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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.