MIRA INFORM REPORT

Report Date :

17.07.2014

IDENTIFICATION DETAILS

Name :	VANDANA GLOBAL LIMITED
Formerly Known As :	VANDANA GLOBAL PRIVATE LIMITED
Registered Office :	The Capital Office No. 903, ‘B’ Wing, 9^th Floor, Plot No. C-70, BKC Bandra (East), Mumbai-400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.02.1996
Com. Reg. No.:	11-219948
Capital Investment / Paid-up Capital :	Rs. 129.654 Millions
CIN No.: [Company Identification No.]	U51101MH1996PLC219948
TAN No.: [Tax Deduction & Collection Account No.]	MUMV13026G
PAN No.: [Permanent Account No.]	AAACV2018E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sponge and Steel, Power, Ferro Alloys and Trading of Iron Ore Fines.
No. of Employees :	625 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 8041000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The ratings constrained on account of company’s moderate financial risk profile and continuous dip in profit of the company over a year. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities =BB+
Rating Explanation	Inadequate degree of safety and high credit risk
Date	07.02.2014

Rating Agency Name	CARE
Rating	Short term bank facilities= A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	07.02.2014

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Pankaj Baldua
Designation :	General Manager Finance Department
Contact No.:	91-9301721710
Date :	14.07.2014

LOCATIONS

Registered Office :	The Capital Office No. 903, ‘B’ Wing, 9^th Floor, Plot No. C-70, BKC Bandra (East), Mumbai-400051, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9301721710 [Mr. Pankaj Baldua]
Fax No.:	Not Available
E-Mail :	codinthree@rediffmail.com agmfinance@vandanaglobal.com
Website :	www.vandanaglobal.com
Corporate Office :	Vandana Bhawan, M.G. Road, Raipur - 492001, Chhattisgarh, India
Tel. No.:	91-771-4030440
Factory :	Siltara Industrial Area, Phase – 2, Siltara, Raipur – 493111, Chhattisgarh, India
Tel. No.:	91-771-2407250/ 2535440
Fax No.:	91-771-2407253
Area :	10 acres
Location :	Owned

DIRECTORS

As on: 30.09.2013

Name :

Mr. Gopal Prasad Agrawal

Designation :

Managing director

Address :

“Vandana” 21/35, Opposite Civil Lines, Telephone Exchange, Civil Lines, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

27.06.1956

Qualification :

M.Com, LLB

Date of Appointment :

01.04.2014

PAN No.:

ADVPA4105C

DIN No.:

00103805

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	U26954CT1985PLC003085	VANDANA ROLLING MILLS LIMITED	Director	11/10/1985	11/10/1985	23/07/2012	Active	NO
2	U25202CT1993PLC007901	VANDANA INDUSTRIES LIMITED	Managing director	04/04/2009	06/10/1993	01/06/2012	Active	NO
3	U27106CT1989PLC005557	VANDANAA UDHYOG LIMITED	Director	01/10/1994	01/10/1994	01/10/2013	Active	NO
4	U27106CT1995PLC008909	VANDANA ISPAT LIMITED	Director	03/01/1995	03/01/1995	23/07/2012	Active	NO
5	U51101CT1995PTC009243	SINGHAL MARKETING PRIVATE LIMITED	Director	28/03/1995	28/03/1995	29/09/2012	Active	NO
6	U04010CT1995PLC010142	VANDANA VIDHYUT LIMITED	Director	10/11/1995	10/11/1995	11/09/2013	Active	NO
7	U51101MH1996PLC219948	VANDANA GLOBAL LIMITED	Managing director	01/04/2014	12/02/1996	-	Active	NO
8	U02000MH1996PTC099544	SINGHAL FORESTRY PRIVATE LIMITED	Director	17/05/1996	17/05/1996	-	Active	NO
9	U63090MH1996PTC100527	GANGA SHIPPING AND LOGISTIC SOLUTION PRIVATE LIMITED	Director	26/06/1996	26/06/1996	-	Active	NO
10	U74900MH1996PTC100583	NIRSONS INFRASTRUCTURE PRIVATE LIMITED	Director	30/12/1997	30/12/1997	-	Active	NO
11	U45203CT2004PLC016321	RAIPUR INFRASTRUCTURE COMPANY LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
12	U01410CT2005PLC018224	CHHATTISGARH CAPTIVE COAL MINING LIMITED.	Director	01/04/2014	28/12/2005	-	Active	NO
13	U40103MH2009PLC196327	VANDANA POWER VENTURES LIMITED	Director	08/10/2009	08/10/2009	-	Active	NO
14	U70100MH2005PTC157302	V G REAL ESTATES PRIVATE LIMITED	Director	27/05/2010	27/05/2010	-	Active	NO
15	U27100MH2005PTC156733	KALAWATI ISPAT AND POWER PRIVATE LIMITED	Director	27/05/2010	27/05/2010	-	Active	NO
16	U10300CT2006PLC020006	MADANPUR SOUTH COAL COMPANY LIMITED	Director	29/09/2012	02/06/2012	-	Active	NO

Name :

Mr. Vijit Kumar Agrawal

Designation :

Whole-time director

Address :

“Vandana” 21/35, Opposite Civil Lines, Telephone Exchange, Civil Lines, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

28.08.1980

Qualification :

B.E.

Date of Appointment :

01.09.2010

PAN No.:

ADVPA4191Q

DIN No.:

00103847

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	U51909WB1996PLC079718	SHINSON INDIA LTD	Director	26/11/2001	26/11/2001	-	Amalgamated	NO
2	U04010CT1995PLC010142	VANDANA VIDHYUT LIMITED	Director	25/03/2003	25/03/2003	-	Active	NO
3	U51101MH1996PLC219948	VANDANA GLOBAL LIMITED	Whole-time director	01/09/2010	02/02/2004	-	Active	NO
4	U51109WB1996PTC078263	WAYLINK SUPPLIERS PVT LTD	Director	01/08/2004	01/08/2004	03/10/2013	Active	NO
5	U51909WB1995PTC069455	FERGUSON TRADERS PVT LTD	Director	02/08/2004	02/08/2004	03/10/2013	Active	NO
6	U02000MH1996PTC099544	Singhal Forestry Private Limited	Director	15/07/2005	11/02/2005	-	Active	NO
7	U70100MH2005PTC155501	SHAKUNTALA ENCLAVE PRIVATE LIMITED	Director	19/08/2005	19/08/2005	-	Active	NO
8	U27100MH2005PTC156733	KALAWATI ISPAT AND POWER PRIVATE LIMITED	Director	14/10/2005	14/10/2005	-	Active	NO
9	U70100MH2005PTC157302	V G REAL ESTATES PRIVATE LIMITED	Director	14/11/2005	14/11/2005	-	Active	NO
10	U45203CT2004PLC016321	RAIPUR INFRASTRUCTURE COMPANY LIMITED	Director	29/09/2007	29/09/2007	-	Active	NO
11	L70109WB1982PLC035056	MSD PROPERTIES LTD	Additional director	26/08/2008	26/08/2008	01/02/2009	Active	NO
12	U40103MH2009PLC196327	VANDANA POWER VENTURES LIMITED	Director	08/10/2009	08/10/2009	-	Active	NO
13	U51109WB1994PTC064765	SPREAD MERCHANT PVT.LTD.	Director	22/10/2009	22/10/2009	03/10/2013	Active	NO
14	U74900MH1996PTC100583	NIRSONS INFRASTRUCTURE PRIVATE LIMITED	Director	30/11/2012	30/11/2012	-	Active	NO
15	U63090MH1996PTC100527	GANGA SHIPPING AND LOGISTIC SOLUTION PRIVATE LIMITED	Director	30/11/2012	30/11/2012	-	Active	NO

Name :

Mr. Krishna Chandra Kukaraiti

Designation :

Director

Address :

HIG-II/84, Sector 4, Dindayal Upadhayay Nagar, Danganiya, Raipur – 492010, Chhattisgarh, India

Date of Birth/Age :

25.03.1942

Date of Appointment :

01.07.2013

DIN No.:

01119075

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	U51101MH1996PLC219948	VANDANA GLOBAL LIMITED	Director	01/07/2013	26/12/2006	-	Active	NO
2	U04010CT1995PLC010142	VANDANA VIDHYUT LIMITED	Director	01/01/2007	01/01/2007	01/02/2011	Active	NO
3	U40103MH2009PLC196327	VANDANA POWER VENTURES LIMITED	Director	08/10/2009	08/10/2009	-	Active	NO
4	U27100MH2005PTC156733	KALAWATI ISPAT AND POWER PRIVATE LIMITED	Additional director	21/03/2011	21/03/2011	18/04/2011	Active	NO

Name :

Mr. Nirmal Kumar Chaudhari

Designation :

Whole-time director

Address :

6, Prasad, Zenith Staff Colony, Khopoli, Raigad – 410203, Maharashtra, India

Date of Birth/Age :

01.04.1959

Date of Appointment :

01.04.2013

DIN No.:

01705352

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	U67120MH1983PTC030374	TUNGAHBHADRA HOLDINGS PRIVATE LIMITED	Director	01/08/2007	01/08/2007	-	Amalgamated	NO
2	U51101MH1996PLC219948	VANDANA GLOBAL LIMITED	Whole-time director	01/04/2013	02/08/2012	-	Active	NO

Name :

Mr. Dipen Vasant Parekh

Designation :

Director

Address :

501, 5^th Floor, Umerji House, Telli Gully, Andheri [East], Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

28.03.1960

Date of Appointment :

08.09.2012

DIN No.:

03227898

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	U74900MH2010PTC205747	IEC INDIA MANAGEMENT SOLUTIONS PRIVATE LIMITED	Director	05/10/2010	05/10/2010	-	Active	NO
2	U51101MH1996PLC219948	VANDANA GLOBAL LIMITED	Director	08/09/2012	20/03/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pankaj Baldua
Designation :	General Manager Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	91.75
Directors or relatives of directors	8.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sponge and Steel, Power, Ferro Alloys and Trading of Iron Ore Fines.

Products :

ITC CODE	PRODUCT DESCRIPTIONS
72023000	Silico Manganese
98010003	Electricity
72031000	Sponge Iron

Exports :

Products :

Ferro Alloys

Countries :

European Countries

Imports :

Products :

Scrap

Countries :

European Countries

Terms :

Selling :

LC / Cash and Credit

Purchasing :

LC / Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production [Qty]
Sponge Iron	M.T.	500000	231000	156068.000
M.S. Ingots/ M.S. Billet	M.T.	150000	129600	--
Power Plant	MW	72.50	40.05	--
Silico Manganese/ Ferro Manganese	M.T.	18000	18000	3114.500

GENERAL INFORMATION

No. of Employees :

625 [Approximately]

Financial Institutions :

L & T Finance Limited, L & T House, Ballard Estate, Mumbai – 400001, Maharashtra, India

Bankers :

· Oriental Bank of Commerce, Main Branch, Raj Tower, Tatyapara Chowk, Raipur - 492001, Chhattisgarh, India

· IDBI Bank, DIFC Branch, Dubai, - 150, United Arab Emirates

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Rupee term loans from banks	55.000	226.558
Other loans and advances	4.613	1.750
SHORT TERM BORROWINGS:
Working capital loans from banks	1414.568	1292.939
Total	1474.181	1521.247

Banking Relations :	--
Auditors 1 :
Name :	Bamb Taori and Company Chartered Accountants
Address :	B-36/5, Shilendra Nagar, Raipur, Chhattisgarh, India
PAN No.:	AACFB6620M
Auditors 2 :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFC0662N
Joint Venture Company :	· Chhattisgarh Captive Coal Mining Limited [U01410CT2005PLC018224] · Raipur Infrastructure Company Private Limited [U45203CT2004PLC016321]
	·
Subsidiaries :	· Vandana Power Ventures Limited [U40103MH2009PLC196327] · Kalawati Ispat and Power Private Limited [U27100MH2005PTC156733] · VG South Africa Mining (Pty) Limited · V G Power and Minerals Pte Limited · V G Overseas Limited · V.G. Enerji Ve Medencilik Limited STI
Other Related Parties :	· Ferguson Traders Private Limited [U51909WB1995PTC069455] · Ganga Shipping and Logistic Solutions Private Limited [U63090MH1996PTC100527] · Nirsons Infrastructures Private Limited [U74900MH1996PTC100583] · Shakuntala Enclave Private Limited [U70100MH2005PTC155501] · Shivali Udyog (I) Limited [U21015CT1995PLC010125] · Spread Merchant Private Limited [U51109WB1994PTC064765] · Singhal Forestry Private Limited [U02000MH1996PTC099544] · V G Real Estates Private Limited [U70100MH2005PTC157302] · Vandana Industries Limited [U25202CT1993PLC007901] · Vandana Rolling Mills Limited [U26954CT1985PLC003085] · Vandana Vidhyut Limited [U04010CT1995PLC010142] · Waylink Suppliers Private Limited [U51109WB1996PTC078263]

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
9750000	Equity Shares	Rs.10/- each	Rs.97.500 Millions
3250000	Preferences Shares	Rs.10/- each	Rs.32.500 Millions
	TOTAL		Rs.130.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
9625653	Equity Shares	Rs.10/- each	Rs.96.257 Millions
3250000	Preferences Shares	Rs.10/- each	Rs.32.500 Millions
	TOTAL		Rs.128.757 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9625653	Equity Shares	Rs.10/- each	Rs.96.257 Millions
3025000	Preferences Shares	Rs.10/- each	Rs.30.250 Millions
	TOTAL		Rs.126.507 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
9750000	Equity Shares	Rs. 10/- each	Rs. 97.500 Millions
3250000	Preference Shares	Rs. 10/- each	Rs. 32.500 Millions
	Total		Rs. 130.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9625653	Equity Shares	Rs. 10/- each	Rs.96.256 Millions
3025000	Preference Shares	Rs. 10/- each	Rs.30.250 Millions
	Total		Rs. 126.506 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	126.506	96.256	96.256
(b) Reserves & Surplus	1883.743	1725.860	1570.762
(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)	2010.249	1822.116	1667.018
(3) Non-Current Liabilities
(a) long-term borrowings	59.613	228.308	466.244
(b) Deferred tax liabilities (Net)	198.928	224.560	271.066
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	12.023	9.440	10.316
Total Non-current Liabilities (3)	270.564	462.308	747.626
(4) Current Liabilities
(a) Short term borrowings	1418.052	1293.710	1073.410
(b) Trade payables	749.281	589.592	499.863
(c) Other current liabilities	352.372	358.002	417.870
(d) Short-term provisions	55.859	56.536	59.960
Total Current Liabilities (4)	2575.564	2297.840	2051.103
TOTAL	4856.377	4582.264	4465.747
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1413.398	1372.393	1562.385
(ii) Intangible Assets	12.957	18.839	22.259
(iii) Capital work-in-progress	112.616	237.812	96.639
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	119.641	339.478	244.830
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	507.988	676.825	752.542
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2166.600	2645.347	2678.655
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1158.708	937.914	672.809
(c) Trade receivables	217.400	302.354	472.842
(d) Cash and cash equivalents	175.204	177.572	96.462
(e) Short-term loans and advances	1128.289	513.096	537.772
(f) Other current assets	10.176	5.981	7.207
Total Current Assets	2689.777	1936.917	1787.092
TOTAL	4856.377	4582.264	4465.747

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	5605.186	5285.009	4423.363
		Other Income	143.039	39.800	13.266
		TOTAL (A)	5748.225	5324.809	4436.629
Less	EXPENSES
		Cost of Materials Consumed	4410.861	4204.205	3043.988
		Purchases of Stock-in-Trade	121.778	1.562	91.129
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(16.288)	(141.714)	(33.117)
		Employees benefits expense	226.768	200.219	138.563
		Other expenses	436.480	454.267	310.985
		TOTAL (B)	5179.599	4718.539	3551.548
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		568.626	606.270	885.081
Less	FINANCIAL EXPENSES (D)		253.055	262.166	220.292
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		315.571	344.104	664.789
Less/ Add	DEPRECIATION/ AMORTISATION (F)		210.543	233.872	259.242
	PROFIT BEFORE TAX (E-F) (G)		105.028	110.232	405.547
Less	TAX (H)		(22.605)	(44.866)	92.050
	PROFIT AFTER TAX (G-H) (I)		127.633	155.098	313.497
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	81.350	176.932	NIL
	TOTAL EARNINGS		81.350	176.932	NIL
	IMPORTS
		Raw Materials	NA	NA	35.158
	TOTAL IMPORTS		NA	NA	35.158
	Earnings Per Share (Rs.)		13.26	16.11	32.57

Expected Sales (2013-2014): Rs.5761.100 Millions

The above information has been parted by Mr. Pankaj Baldua (General Manager Finance Department)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.22	2.91	7.07
Net Profit Margin (PBT/Sales)	(%)	1.87	2.09	9.17
Return on Total Assets (PBT/Total Assets}	(%)	2.27	2.75	9.83
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.24
Debt Equity Ratio (Total Debt/Networth)		0.74	0.84	0.92
Current Ratio (Current Asset/Current Liability)		1.04	0.84	0.87

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	96.256	96.256	126.506
Reserves & Surplus	1570.762	1725.860	1883.743
Net worth	1667.018	1822.116	2010.249
long-term borrowings	466.244	228.308	59.613
Short term borrowings	1073.410	1293.710	1418.052
Total borrowings	1539.654	1522.018	1477.665
Debt/Equity ratio	0.924	0.835	0.735

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4423.363	5285.009	5605.186
		19.479	6.058

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4423.363	5285.009	5605.186
Profit	313.497	155.098	127.633
	7.09%	2.93%	2.28%

LOCAL AGENCY FURTHER INFORMATION

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

Note: The Registered Office of the company has been shifted from Ground floor, 20 Amar Industrial Estate, 159 CST Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra, India to the present address w.e.f. 06.05.2013.

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Intercorporate Borrowings	3.484	0.221
Deferred Sales tax loan	0.000	0.550
Total	3.484	0.771

PERFORMANCE REVIEW:

During the year, the Company has achieved an aggregate turnover of Rs. 6179.100 Millions registering an increase of 7.23 % over the previous year’s Rs. 5762.900 Millions. Profit after tax stands at Rs. 127.600 Millions. Reserves and Surplus have increased to Rs. 1333.400 Millions as compared to last year’s Rs. 1205.800 Millions

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10486508	29/03/2014 *	550,000,000.00	ORIENTAL BANK OF COMMERCE	TATYAPARA CHOWK, G.E. ROAD, RAIPUR - 492001, CHHATTISGARH , INDIA	C01035054
2	10483146	08/02/2014	10,000,000.00	INDIAN OVERSEAS BANK	310, STATION ROAD, RAIPUR - 492001, CHHATTISGARH,  INDIA	B98697014
3	10473224	09/12/2013 *	10,000,000.00	ORIENTAL BANK OF COMMERCE	G.E. ROAD, RAIPUR - 492001, CHHATTISGARH, INDIA	B94951720
4	10455462	16/10/2013	2,416,000.00	L & T FINANCE LIMITED	L&T HOUSE,, BALLARD ESTATE,, MUMBAI - 400001, MAHARASHTRA , INDIA	B87693842
5	10450839	28/09/2013	666,311,800.00	IDBI BANK	DIFC BRANCH, DUBAI, - 150, UNITED ARAB EMIRATES	B85660496
6	10426689	29/04/2013 *	400,000,000.00	ORIENTAL BANK OF COMMERCE	G.E. ROAD, RAIPUR - 492001, CHHATTISGARH, INDIA	B75893297
7	10416641	20/03/2013 *	980,000,000.00	ORIENTAL BANK OF COMMERCE	MAIN BRANCH, RAJ TOWER, TATYAPARA CHOWK, RAIPUR - 492001,  CHHATTISGARH, INDIA	B72641277
8	10415081	18/03/2013	581,042,000.00	IDBI BANK LTD	IDBI TOWER, W.T.C. COMPLEX, CUFFE PARADE, MUMBAI - 400005,  MAHARASHTRA, INDIA	B71858526
9	10300523	30/06/2011	2,360,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013,MAHARASHTA, INDIA	B18178277
10	10289292	19/05/2011	208,000,000.00	Bank of India	MID CORPORATE BRANCH, RAIPUR - 492001, CHHATTISGARH, INDIA	B13913033

FIXED ASSETS:

· Land

· Building

· Factory building

· Plant and Machinery

· Computer and Equipments

· Furniture and Fixtures

· Vehicles

· Motor vehicles

· 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 judgment 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 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.60.19
UK Pound	1	Rs.103.14
Euro	1	Rs.81.66

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	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		34

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.