MIRA INFORM REPORT

Report Date :

29.01.2014

IDENTIFICATION DETAILS

Name :	BURDWAN IRON AND STEEL COMPANY PRIVATE LIMITED
Registered Office :	25, Ganesh Chandra Avenue, Kolkata – 700 013, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.12.1994
Com. Reg. No.:	21-066604
Capital Investment / Paid-up Capital :	Rs.53.000 Millions
CIN No.: [Company Identification No.]	U27209WB1994PTC066604
TAN No.: [Tax Deduction & Collection Account No.]	CALB07665A
PAN No.: [Permanent Account No.]	AACCB1367J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Iron and Steel.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 620000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having a moderate track record. Profitability of the company appears to be low. However, trade relation 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Sushant Shahoo
Designation :	Account Manager
Contact No.:	91-33-22111482
Date :	27.01.2014

INFORMATION DECLINED BY

Name :	Mr. Binit Agarwal
Designation :	Finance Manager
Contact No.:	91-33-40232323
Date :	27.01.2014

LOCATIONS

Registered Office :	25, Ganesh Chandra Avenue, Kolkata – 700 013, West Bengal, India
Tel. No.:	91-33-22111484/ 82
Fax No.:	Not Available
E-Mail :	burdwaniron@rediffmail.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Raj Kumar Kedia

Designation :

Director

Address :

4/5, Singhi Bagan Lane, Kolkata – 700 006, West Bengal, India

Date of Birth/Age :

19.05.1970

Date of Appointment :

07.03.2003

PAN No.:

AFNPK5336H

DIN No.:

00248629

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	U27209WB1994PTC066604	BURDWAN IRON AND STEEL COMPANY PRIVATE LIMITED	Director	07/03/2003	07/03/2003	-	Active	NO
2	U51909WB2006PLC111597	CONCAST VYAPAAR LIMITED	Director	11/08/2007	11/08/2007	31/03/2011	Active	NO
3	U27310WB2007PLC118140	CONCAST SHEETS AND TUBES LIMITED	Director	28/08/2007	28/08/2007	27/12/2011	Active	NO
4	U51909WB2007PTC118553	SODEPUR COMMERCIAL PRIVATE LIMITED	Director	12/09/2007	12/09/2007	15/12/2011	Active	NO
5	U51103WB2011PTC158382	CONCAST CEMENT PRIVATE LIMITED	Director	02/02/2011	02/02/2011	20/12/2011	Active	NO

Name :

Mr. Mahendra Kumar Sangai

Designation :

Director

Address :

120/1, Ram Krishnapur Lane, Lokenath Apartment, Shibpur Howrah-711102, West Bengal, India

Date of Birth/Age :

01.01.1964

Date of Appointment :

29.09.2012

DIN No.:

05136814

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	U27209WB1994PTC066604	BURDWAN IRON AND STEEL COMPANY PRIVATE LIMITED	Director	29/09/2012	05/12/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sushant Shahoo
Designation :	Account Manager
Name :	Mr. Binit Agarwal
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	80.24
Directors or relatives of Directors	1.29
Other top fifty shareholders	18.47
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron and Steel.

Products :

Products Description	Item Code No.
Iron and Steel	26011190

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
M S Ingot	MT	50000	50000	42187.130

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India

Commercial Branch, N.S. Road, 8, N.S. Road, Kolkata – 700001, West Bengal, India

a/c No.: 10687248425

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Working capital loans from banks	105.583	105.560
Total	105.583	105.560

Banking Relations :	--
Auditors :
Name :	M. Jain and Associates Chartered Accountants
Address :	Mercantile Building, 9/12, Lal Bazar Street, Block-B, 4^th Floor, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22484936/ 22135583
Fax No.:	91-33-22135583
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFM9405R

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
530000	Equity Shares	Rs.100/- each	Rs.53.000 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	53.000	53.000	53.000
(b) Reserves & Surplus	101.302	102.694	102.305
(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)	154.302	155.694	155.305
(3) Non-current liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	5.885	4.143	4.939
(c) Other long term liabilities	21.850	1.850	1.850
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	27.735	5.993	6.789
(4) Current liabilities
(a) Short term borrowings	105.583	105.560	105.557
(b) Trade payables	262.702	192.596	180.957
(c) Other current liabilities	8.358	1.276	0.643
(d) Short-term provisions	0.300	1.436	1.560
Total Current Liabilities (4)	376.943	300.868	288.717
TOTAL	558.980	462.555	450.811
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	56.781	61.703	66.386
(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	56.781	61.703	66.386
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	445.429	317.482	287.070
(c) Trade receivables	37.4110	63.748	73.150
(d) Cash and cash equivalents	14.617	12.318	11.999
(e) Short-term loans and advances	4.742	7.284	12.176
(f) Other current assets	0.000	0.020	0.030
Total Current Assets	502.199	400.852	384.425
TOTAL	558.980	462.555	450.811

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	8023.033	4270.821	2036.357
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	8021.584	4269.382	2033.092
	PROFIT BEFORE TAX		1.449	1.439	3.265
Less	TAX		0.302	0.141	0.695
	PROFIT AFTER TAX		1.147	1.298	2.570
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	1.121	(1.449)
	BALANCE CARRIED TO THE B/S		NA	2.419	1.121
	Earnings Per Share (Rs.)		2.16	2.45	4.85

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.01	0.03	0.13
Return on Total Assets (PBT/Total Assets}	(%)	0.26	0.31	0.72
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.02
Debt Equity Ratio (Total Debt /Networth)		0.68	0.68	0.68
Current Ratio (Current Asset/Current Liability)		1.33	1.33	1.33

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	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	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	Yes
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

LITIGATION DETAILS

CALCUTTA HIGH COURT

CASE STATUS INFORMATION SYSTEM

Case Status    :   Pending

Status of          CIVIL SUITS (CS)  17        of    2013    

CONCAST STEEL AND POWER LIMITED.            Vs.        BURDWAN IRON AND STEEL COMPANY PRIVATE LIMITED. AND ANR.

Pet's Adv.       :   DEY AND ASSOCIATES                   

Res's Adv.      :       

Court No.       :  42     Last Listed On :     No Date Mentioned     

Category        :   MONEY CLAIMS/COMPENSATION/DAMAGES/MESNE PROFITS  

CONNECTED APPLICATION (S)	CONNECTED MATTER (S)
No Connected Application	No Connected Cases

Case Updated on:   Wednesday, January 16, 2013

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90244522	30/10/2007 *	165,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N. S. ROAD, 8, N. S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	A26223917

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Office equipment

· Computer equipment’s

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.62.99
UK Pound	1	Rs.104.61
Euro	1	Rs.86.17

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		30

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.