MIRA INFORM REPORT

Report Date :

04.01.2014

IDENTIFICATION DETAILS

Name :	RAJ REFRACTORIES PRIVATE LIMITED
Registered Office :	Hindustan Building, 5^th Floor, Main Road, Ranchi P S, Lower Bazar, Ranchi – 834 001, Jharkhand
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.07.1992
Com. Reg. No.:	03-004963
Capital Investment / Paid-up Capital :	Rs.15.485 Millions
CIN No.: [Company Identification No.]	U23100JH1992PTC004963
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Manufacturers, Designers, Importers, Exporters, Buyers, Buyers, Sellers, Distributors and Dealers in Refractories and its Allied Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company possesses an average financial position marked by drastic dip in its net profitability during 2013. However, trade relation are fair. Business is active. Payment term are reported as 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 – 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 :	Hindustan Building, 5^th Floor, Main Road, Ranchi P S, Lower Bazar, Ranchi – 834 001, Jharkhand, India
Tel. No.:	91-651-2203084
Fax No.:	91-651-2330353
E-Mail :	Ashoksaboo78@gmail.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Champalal Biyani

Designation :

Director

Address :

Mangalam North Office Para, Doranda, Ranchi – 834 002, Jharkhand, India

Date of Birth/Age :

15.03.1938

Date of Appointment :

09.07.1992

DIN No.:

00303207

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	U65993WB1991PTC053607	ASHAALKA FINVEST PRIVATE LIMITED	Director	22/12/1991	22/12/1991	-	Active	NO
2	U23100JH1992PTC004963	RAJ REFRACTORIES PRIVATE LIMITED	Director	09/07/1992	09/07/1992	-	Active	NO
3	U23101KA1997PTC056462	HOSPET ISPAT PRIVATE LIMITED	Director	30/09/2003	30/09/2003	30/04/2007	Active	NO

Name :

Mr. Hari Prasad Biyani

Designation :

Director

Address :

Mangalam North Office Para, Doranda, Ranchi – 834 002, Jharkhand, India

Date of Birth/Age :

14.03.1950

Date of Appointment :

09.07.1992

DIN No.:

01013653

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	U23100JH1992PTC004963	RAJ REFRACTORIES PRIVATE LIMITED	Director	09/07/1992	09/07/1992	Active	NO
2	U70109JH2012PTC000196	SHREE SOHAM VARDA DEVELOPER PRIVATE LIMITED	Director	06/02/2012	06/02/2012	Active	NO

Name :

Mr. Raj Kumar Biyani

Designation :

Director

Address :

Mangalam North Office Para, Doranda, Ranchi – 834 002, Jharkhand, India

Date of Birth/Age :

30.03.1958

Date of Appointment :

09.07.1992

DIN No.:

00961676

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	U23100JH1992PTC004963	RAJ REFRACTORIES PRIVATE LIMITED	Director	09/07/1992	09/07/1992	Active	NO
2	U65993WB1991PTC053607	ASHAALKA PRIVATE LIMITED	Director	18/01/2005	18/01/2005	Active	NO
3	U36912WB2007PTC121294	RAJ CALCINERS PRIVATE LIMITED	Director	31/12/2007	31/12/2007	Active	NO

Name :

Mr. Aditya Biyani

Designation :

Director

Address :

Mangalam North Office Para, Doranda, Ranchi – 834 002, Jharkhand, India

Date of Birth/Age :

22.12.1961

Date of Appointment :

30.04.2003

DIN No.:

01013692

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	U23100JH1992PTC004963	RAJ REFRACTORIES PRIVATE LIMITED	Director	30/04/2003	30/04/2003	Active	NO
2	U36912WB2007PTC121294	RAJ CALCINERS PRIVATE LIMITED	Director	31/12/2007	31/12/2007	Active	NO

Name :

Mr. Rajeev Biyani

Designation :

Director

Address :

Mangalam North Office Para, Doranda, Ranchi – 834 002, Jharkhand, India

Date of Birth/Age :

01.04.1978

Date of Appointment :

20.10.2008

DIN No.:

02058411

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	U51300KA1997PLC023230	SNOW WHITE HYGENIC LIMITED	Director	05/06/2005	05/06/2005	Strike off	NO
2	U23100JH1992PTC004963	RAJ REFRACTORIES PRIVATE LIMITED	Director	28/10/2008	28/10/2008	Active	NO
3	U36912WB2007PTC121294	RAJ CALCINERS PRIVATE LIMITED	Director	15/03/2012	15/03/2012	Active	NO
4	U14200WB2012PTC184868	ANJANEY TAR PRIVATE LIMITED	Director	21/08/2012	21/08/2012	Active	NO

Name :

Mr. Akhilesh Biyani

Designation :

Director

Address :

Mangalam North Office Para, Doranda, Ranchi – 834 002, Jharkhand, India

Date of Birth/Age :

30.03.1958

Date of Appointment :

28.10.2008

DIN No.:

00156683

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	U65920JH2006PTC012328	NIKHIL FOREX PRIVATE LIMITED	Director	25/04/2006	25/04/2006	Active	NO
2	U23100JH1992PTC004963	RAJ REFRACTORIES PRIVATE LIMITED	Director	28/10/2008	28/10/2008	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Champa Biyani	3670
Hari Biyani	21230
Raj Biyani	10790
Rajeev Biyani	7370
Aasha Biyani	17647
Kishen Biyani	50
Seema Biyani	50
Aditya Biyani	21875
Sharda Biyani	20930
Vineet Biyani	600
Usha Biyani	50
Alka Biyani	3740
Mridula Biyani	5450
Shanti Biyani	16142
Akhilesh Biyani	2500
Shakuntala Biyani	4390
Sudarshan Biyani	50
Archana Biyani	50
Dr. Chandra Biyani	50
Damyanti Biyani	100
Neeraj Biyani	50
Rajeshree Biyani	4460
Seema Biyani	10
Pooja Biyani	13546
Eeti Biyani	10
Neeti Biyani	10
Dheeraj Biyani	10
Shailja Biyani	10
Khushi Biyani	10
Total	154850

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Bodies corporate
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Manufacturers, Designers, Importers, Exporters, Buyers, Buyers, Sellers, Distributors and Dealers in Refractories and its Allied Products.

Products :

Item Code No. (ITC Code)	69022020
Product Description :	Bricks and Shapes, High Alumina Refractories
Item Code No. (ITC Code)	69021040
Product Description :	Bricks and Shapes, Magnesia Carbon
Item Code No. (ITC Code)	25182000
Product Description :	Calcined / Burnt Dolomite

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Commercial Branch, Mecon Campus, Doranda, Ranchi – 834 002, Jarkhand, India

· State Bank of India, SME Branch, Mecon Campus, Doranda, Ranchi – 834 002, Jarkhand, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loans from Banks	10.746	7.625
Total	10.746	7.625

Banking Relations :	--
Auditors :
Name :	A.K. Saboo and Associates Chartered Accountants
Address :	Shreevandan, Deputy Para, Near Kutchery Chowk, Ranchi – 834 001, Jharkhand, India
Tel. No.:	91-651-2360609
Mobile No.:	91-9431169388
E-Mail :	Ashoksaboo78@gmail.com

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
190000	Equity Shares	Rs. 100/- each	Rs.19.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
154850	Equity Shares	Rs. 100/- each	Rs.15.485 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	15.485	10.485	10.485
(b) Reserves & Surplus	54.494	47.653	40.750
(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)	69.979	58.138	51.235
(3) Non-Current Liabilities
(a) long-term borrowings	30.841	29.006	25.710
(b) Deferred tax liabilities (Net)	1.874	2.582	3.310
(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)	32.715	31.588	29.020
(4) Current Liabilities
(a) Short term borrowings	37.042	38.384	36.064
(b) Trade payables	7.940	9.063	6.601
(c) Other current liabilities	4.057	1.937	1.209
(d) Short-term provisions	9.085	8.921	7.775
Total Current Liabilities (4)	58.124	58.305	51.649
TOTAL	160.818	148.031	131.904
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.730	43.258	46.482
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	13.854	2.376	0.536
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.110	0.110	0.110
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.923	3.554	3.380
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	57.617	49.298	50.508
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	47.168	54.204	37.399
(c) Trade receivables	39.027	29.172	28.694
(d) Cash and cash equivalents	10.476	7.271	6.890
(e) Short-term loans and advances	6.530	8.086	8.413
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	103.201	98.733	81.396
TOTAL	160.818	148.031	131.904

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	203.739	206.130	180.402
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.512	24.641	20.927
Less	FINANCIAL EXPENSES (D)		9.630	8.400	6.372
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.882	16.241	14.555
Less	DEPRECIATION/ AMORTISATION (F)		5.749	6.295	6.625
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		10.133	9.946	7.930
Less	TAX (H)		3.273	3.039	2.437
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		6.860	6.907	5.493
					0
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		47.653	40.748	35.256
Add	HOUSE PROPERTY		0.191	0.000	0.000
Less	TDS ADJUSTMENT		0.000	0.002	0.000
Less	IT ASST.		0.210	0.000	0.001
	BALANCE CARRIED TO THE B/S		54.494	47.653	40.748
	TOTAL EARNINGS		27.469	21.856	23.067
	TOTAL IMPORTS		7.074	13.582	3.481
	Earnings Per Share (Rs.)		44.30	65.88	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	4.97	4.83	3.67
Return on Total Assets (PBT/Total Assets}	(%)	7.04	7.00	0.06
Return on Investment (ROI) (PBT/Networth)		0.14	0.17	0.15
Debt Equity Ratio (Total Debt /Networth)		0.97	1.16	1.21
Current Ratio (Current Asset/Current Liability)		1.78	1.69	1.58

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From Shareholders	20.095	21.381
Short Term Borrowings
Foreign Currency Loans	0.000	24.344
Rupee Loan	37.042	10.675
	0.000	3.365
Total	57.137	59.765

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10025641	04/09/2012 *	96,796,000.00	STATE BANK OF INDIA	SME BRANCH, MECON CAMPUS DORANDA, RANCHI - 834002, JHARKHAND, INDIA	B58692435

* Date of charge modification

FIXED ASSETS:

· Land

· Factory Building

· Other Building

· Plant and Machinery

· Data Processing

· Furniture and Fixture

· Vehicles

· Office Exuipments

· Plantation

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.62.41
UK Pound	1	Rs.102.54
Euro	1	Rs.85.20

INFORMATION DETAILS

Report Prepared by :

NKT

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.