MIRA INFORM REPORT

Report Date :

21.06.2014

IDENTIFICATION DETAILS

Name :	ANJANEY ALLOYS LIMITED
Registered Office :	4th Floor, 9, A J C Bose Road, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.09.2008
Com. Reg. No.:	21-129049
Capital Investment / Paid-up Capital :	Rs. 451.250 Millions
CIN No.: [Company Identification No.]	U27106WB2008PLC129049
TAN No.: [Tax Deduction & Collection Account No.]	CALA11263A
PAN No.: [Permanent Account No.]	AAHCA2525L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Trading of Ferro Alloys.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of Maithan Group. It is an established company having satisfactory track record. General financial position of the company is normal. However, the rating takes into consideration the group’s established market position in the ferroalloy industry. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – 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 wih 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	CRISIL
Rating	Long term rating : A
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	July 3, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A1
Rating Explanation	Very strong of safety and carry lowest credit risk.
Date	July 3, 2013

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 :	Ms. Banerjee
Designation :	Office Executive
Contact No.:	91-33-64502228
Date :	18.06.2014

LOCATIONS

Registered Office :	4th Floor, 9, A J C Bose Road, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-64502228/ 2229/ 2230/ 2231
Fax No.:	Not Available
E-Mail :	office@maithanalloys.com accounts.aal@maithanalloys.com kolkata@maithanalloys.com
Website :	www.maithanalloys.com
Corporate Office :	P.O. Kalyaneshwari, District Burdwan -- 713369, West Bengal, India
Tel. No.:	91-341-2014611
Fax No.:	91-341-2521303/ 2522996
Plant :	Plot No. 42 and 43, IN Apsez Visakhapatnam - 531011, Andhra Pradesh, India

DIRECTORS

AS ON 26.07.2013

Name :

Mr. Basant Kumar Agarwalla

Designation :

Director

Address :

2C, Mangalam, 35 Ahiripukur Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

06.02.1946

Qualification :

B. Com

Date of Appointment :

03.09.2008

PAN No.:

ACMPA9293K

DIN No.:

00129140

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	U26919WB1963PLC025751	MAITHAN CERAMIC LIMITED	Director	01/01/1970	01/01/1970	07/04/2008	Active	NO
2	L27101WB1985PLC039503	MAITHAN ALLOYS LIMITED	Whole-time director	01/04/2011	19/09/1985	-	Active	NO
3	U31200WB1989PLC047100	ANJANEY FERRO ALLOYS LIMITED	Director	15/03/1991	15/03/1991	-	Active	NO
4	U27101ML1999PLC005786	MAITHAN SMELTERS LIMITED	Director	12/09/2001	12/09/2001	30/04/2008	Active	NO
5	U27109WB2003PLC096854	MAITHAN ISPAT LIMITED	Director	27/08/2003	27/08/2003	-	Active	NO
6	U27101WB2005PLC101037	BMA MAITHAN FERROUS LIMITED	Director	07/01/2005	07/01/2005	22/11/2010	Active	NO
7	U27106WB2008PLC129049	ANJANEY ALLOYS LIMITED	Director	03/09/2008	03/09/2008	-	Active	NO

Name :

Mr. Subhas Chandra Agarwalla

Designation :

Managing director

Address :

P.O. Salanpur Burdwan – 713357, West Bengal, India

Date of Birth/Age :

27.11.1951

Qualification :

B. Com

Date of Appointment :

01.09.2010

PAN No.:

ACMPA9305J

DIN No.:

00088384

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	L27101WB1985PLC039503	MAITHAN ALLOYS LIMITED	Managing director	01/04/2011	15/04/1992	-	Active	NO
2	U31200WB1989PLC047100	ANJANEY FERRO ALLOYS LIMITED	Director	20/11/1998	20/11/1998	-	Active	NO
3	U21012WB1979PTC032249	SUMMIT PACKAGING PRIVATE LIMITED	Director	30/04/2001	30/04/2001	29/08/2008	Active	NO
4	U27101ML1999PLC005786	MAITHAN SMELTERS LIMITED	Director	12/09/2001	12/09/2001	30/04/2008	Active	NO
5	U14292OR1999PTC005643	AXL-EXPLORATION PRIVATE LIMITED	Director	24/02/2004	24/02/2004	29/11/2010	Active	NO
6	U27101WB2005PLC101037	BMA MAITHAN FERROUS LIMITED	Director	07/01/2005	07/01/2005	22/11/2010	Active	NO
7	U26941WB2003PLC096228	PURBANCHAL CEMENT LIMITED	Director	02/09/2010	09/08/2007	19/10/2010	Active	NO
8	U27106WB2008PLC129049	ANJANEY ALLOYS LIMITED	Managing director	01/09/2010	03/09/2008	-	Active	NO
9	U13100WB2008PLC130114	ANJANEY MINERALS LIMITED	Director	22/10/2008	22/10/2008	17/08/2011	Active	NO
10	U17115WB1983PLC036833	JIBRALTER TRADERS LIMITED	Director	24/12/2009	24/12/2009	-	Active	NO
11	U17298WB1992PTC056877	SUPER BRIGHT TEXTILES & FIANCE PRIVATE LIMITED	Director	24/12/2009	24/12/2009	-	Active	NO
12	U65910WB1996PTC079127	SHAKTI AUTO FINANCE PRIVATE LIMITED	Director	19/02/2010	19/02/2010	-	Active	NO
13	U14200WB2012PTC184868	ANJANEY TAR PRIVATE LIMITED	Additional director	28/04/2014	28/04/2014	-	Active	NO

Name :

Mr. Sudhanshu Agarwalla

Designation :

Director

Address :

P.O. Salanpur Burdwan – 713357, West Bengal, India

Date of Birth/Age :

04.03.1981

Qualification :

MBA

Date of Appointment :

03.09.2008

PAN No.:

ACMPA9309E

DIN No.:

00339679

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	U74140WB1988PTC044368	H S CONSULTANCY PRIVATE LIMITED	Director	20/03/2004	20/03/2004	-	Active	NO
2	U74999WB2004PLC100717	BMA WEALTH CREATORS LIMITED	Director	15/12/2004	15/12/2004	01/05/2010	Active	NO
3	U74999WB2004PTC100716	BMA COMMODITIES PRIVATE LIMITED	Director	15/12/2004	15/12/2004	01/05/2010	Active	NO
4	U65999WB1985PTC038934	SATYEN FINANCE & INVESTMENT COMPANY PRIVATE LIMITED	Director	09/04/2005	09/04/2005	26/08/2008	Active	NO
5	U27101ML1999PLC005786	MAITHAN SMELTERS LIMITED	Director	01/07/2006	01/07/2006	27/10/2011	Active	NO
6	U51909WB1985PTC039595	MOBILE MERCENTILES PRIVATE LIMITED	Director	05/06/2007	05/06/2007	-	Active	NO
7	U17299WB1992PTC055346	P V TEXTILES & FINANCE PRIVATE LIMITED	Director	06/06/2007	06/06/2007	-	Active	NO
8	U17298WB1992PTC056877	SUPER BRIGHT TEXTILES & FIANCE PRIVATE LIMITED	Director	08/09/2007	08/09/2007	-	Active	NO
9	U27106WB2008PLC129049	ANJANEY ALLOYS LIMITED	Director	03/09/2008	03/09/2008	-	Active	NO
10	U13100WB2008PLC130114	ANJANEY MINERALS LIMITED	Director	22/10/2008	22/10/2008	-	Active	NO
11	U67120WB1993PLC057514	JYO BINA INVESTMENT LIMITED	Director	24/02/2010	24/02/2010	-	Active	NO
12	U51909WB1995PTC072063	NEGUS DISTRIBUTORS PRIVATE LIMITED	Director	17/03/2010	17/03/2010	-	Active	NO
13	U51109WB1997PTC083453	SUPERDEAL SALES PRIVATE LIMITED	Director	13/04/2010	13/04/2010	-	Active	NO
14	U51909WB1996PTC079314	ULTRA SUPPLIERS PRIVATE LIMITED	Director	18/06/2010	18/06/2010	-	Active	NO
15	U52190WB2010PTC149840	NOVELTY VINCOM PRIVATE LIMITED	Director	11/11/2011	11/11/2011	-	Active	NO

Name :

Mr. Nand Kishore Agarwal

Designation :

Director

Address :

303, N S Road, Asansol – 713301, West Bengal, India

Date of Birth/Age :

01.02.1949

Qualification :

FCA

Date of Appointment :

27.08.2011

PAN No.:

ACIPA3456A

DIN No.:

00378444

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	U65921WB1994PTC063000	ENBEE SECURITIES PRIVATE LIMITED	Director	22/04/1994	22/04/1994	Active	NO
2	L27101WB1985PLC039503	MAITHAN ALLOYS LIMITED	Director	17/08/2001	17/08/2001	Active	NO
3	U27106WB2008PLC129049	ANJANEY ALLOYS LIMITED	Director	27/08/2011	09/12/2010	Active	NO

Name :

Mr. Kaushal Agarwalla

Designation :

Director

Address :

C/O. Maithan Ceramic Limited, P.O. Chirkunda, Dhanbad – 828202, Jharkhand, India

Date of Birth/Age :

03.05.1984

Qualification :

MBA

Date of Appointment :

21.09.2012

PAN No.:

AGGPA5008A

DIN No.:

03157148

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	U13100WB2008PLC130114	ANJANEY MINERALS LIMITED	Director	18/08/2010	28/07/2010	Active	NO
2	U51109WB1996PTC078530	TOPLINE DEALERS PRIVATE LIMITED	Director	01/06/2011	01/06/2011	Active	NO
3	U51909WB1995PTC067947	TOYOMA EXPORTS PRIVATE LIMITED	Director	01/06/2011	01/06/2011	Active	NO
4	U51909WB1996PLC078233	MAITHAN INDUSTRIES LIMITED	Director	22/09/2012	01/06/2011	Active	NO
5	U27106WB2008PLC129049	ANJANEY ALLOYS LIMITED	Director	21/09/2012	22/03/2012	Active	NO
6	U14107WB2012PTC182144	PURBANCHAL LIMES PRIVATE LIMITED	Director	28/05/2012	28/05/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Banerjee
Designation :	Office Executive
Name :	Ms. Anamika Gupta
Designation :	Secretary
Address :	205, Rabindra Sarani, Kolkata – 700007, West Bengal, India
Date of Birth/Age :	21.02.1970
Date of Appointment :	01.03.2011
PAN No.:	ACYPJ8957F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.07.2013

Names of Shareholders	No. of Shares
Basant Kumar Agarwalla	1
Subhas Chandra Agarwalla	1
Subodh Agarwalla	1
Sudhanshu Agarwalla	1
Vishal Agarwalla	1
Aditya Agarwalla	1
Maithan Alloys Limited, India	45124994
Total	45125000

AS ON 26.07.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Ferro Alloys.

Products/ Services :

ITC Code No.	Product Descriptions
72023000	Silico Manganese

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Punjab National Bank

Shakespear Sarani Branch, 52A, Shakespeare Sarani, Kolkata - 700017, West Bengal, India

· IDBI Bank Limited

44, Shakespeare Sarani, Kolkata - 700017, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks [First Mortgage on Entire Fixed Asset and Second Charge on Current Asset of the company. Corporate Guarantee of Holding Company and Personal Guarantee of Two Directors]	138.615	176.961
Foreign currency term loans from banks [First Mortgage on Entire Fixed Asset and Second Charge on Current Asset of the company. Corporate guarantee of Holding Company and Personal Guarantee of Two Directors]	1529.868	1483.538
SHORT TERM BORROWINGS
Working capital loans from banks [Hypothecation of Inventory and Book Debts, Second charge of Fixed Assets both present and future, Personal Guarantee of two Directors]	124.651	303.475
Loans and advances from others	0.779	0.779
Total	1793.913	1964.753

Banking Relations :	--
Auditors :
Name :	D.K. Chhajer and Company Chartered Accountants
Address :	5. Old Court House Street, Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AADFD5743N
Holding company :	Maithan Alloys Limited [L27101WB1985PLC039503]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Anjaney Ferro Alloys Limited [U31200WB1989PLC047100] · Maithan Ceramic Limited [U26919WB1963PLC025751]
Fellow Subsidiary company :	· AXL-Exploration Private Limited [U14292OR1999PTC005643] · Anjaney Minerals Limited [U13100WB2008PLC130114]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45,125,000	Equity Shares	Rs. 10/- each	Rs. 451.250 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	451.250	451.250	383.750
(b) Reserves & Surplus	310.321	294.144	250.596
(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)	761.571	745.394	634.346
(3) Non-Current Liabilities
(a) long-term borrowings	1668.483	1660.499	475.721
(b) Deferred tax liabilities (Net)	0.000	0.168	0.168
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.581	0.000	0.000
Total Non-current Liabilities (3)	1670.064	1660.667	475.889
(4) Current Liabilities
(a) Short term borrowings	125.430	304.254	0.000
(b) Trade payables	393.413	346.004	10.908
(c) Other current liabilities	109.750	68.634	1.516
(d) Short-term provisions	0.347	0.000	0.000
Total Current Liabilities (4)	628.940	718.892	12.424
TOTAL	3060.575	3124.953	1122.659
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2264.726	1419.068	273.815
(ii) Intangible Assets	0.357	0.201	0.000
(iii) Capital work-in-progress	6.014	650.335	654.477
(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)	8.657	0.000	0.000
(d) Long-term Loan and Advances	75.302	99.675	115.178
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2355.056	2169.279	1043.470
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	492.006	672.424	0.000
(c) Trade receivables	89.514	12.707	0.000
(d) Cash and cash equivalents	79.135	264.201	78.997
(e) Short-term loans and advances	18.263	5.787	0.192
(f) Other current assets	26.601	0.555	0.000
Total Current Assets	705.519	955.674	79.189
TOTAL	3060.575	3124.953	1122.659

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2428.593	368.574	0.000
		Other Income	16.740	10.716	0.695
		TOTAL (A)	2445.333	379.290	0.695
Less	EXPENSES
		Cost of Materials Consumed	1276.795	192.229	0.000
		Purchases of Stock-in-Trade	101.231	153.408	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(72.952)	(96.638)	0.000
		Employees benefits expense	33.615	10.038	0.000
		Other expenses	873.621	105.794	0.733
		TOTAL (B)	2212.310	364.831	0.733
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		233.023	14.459	(0.038)
Less	FINANCIAL EXPENSES (D)		103.954	16.023	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		129.069	(1.564)	(0.038)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		119.946	22.388	0.099
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		9.123	(23.952)	(0.137)
Less	TAX (H)		(7.055)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		16.178	(23.952)	(0.137)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1051.681	103.470	0.000
	IMPORTS
		Raw Materials	753.141	210.934	0.000
	Earnings/ (Loss) Per Share (Rs.)		0.36	(0.62)	(0.02)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.66	(6.31)	(19.71)
Net Profit Margin (PBT/Sales)	(%)	0.38	(6.50)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.30	(0.97)	(0.03)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.03)	0.00
Debt Equity Ratio (Total Debt/Networth)		2.36	2.64	0.75
Current Ratio (Current Asset/Current Liability)		1.12	1.33	6.37

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	383.750	451.250	451.250
Reserves & Surplus	250.596	294.144	310.321
Net worth	634.346	745.394	761.571
long-term borrowings	475.721	1660.499	1668.483
Short term borrowings	0.000	304.254	125.430
Total borrowings	475.721	1964.753	1793.913
Debt/Equity ratio	0.750	2.636	2.356

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	0.000	368.574	2428.593
			558.916

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	0.000	368.574	2428.593
Profit/ (Loss)	(0.137)	(23.952)	16.178
		(6.50%)	0.67%

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10325779	25/11/2011	1,530,000,000.00	PUNJAB NATIONAL BANK	SHAKESPEAR SARANI BRANCH, 52A, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA	B28857175
2	10322501	25/11/2011	1,600,000,000.00	STATE BANK OF INDIA (LEAD BANK)	INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N.  BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017, INDIA	B27615517
3	10316988	26/09/2011	500,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 1, SHAKESPEARE SARANI,  AC MARKET, 3RD FLOOR, KOLKATA, WEST BENGAL - 700071, INDIA	B25064957
4	10287066	30/04/2011	450,000,000.00	PUNJAB NATIONAL BANK (INTERNATIONAL) LTD.	84, GRESHAM STREET, LONDON EC2V 7NQ, LONDON, - EC 2V7NQ, UNITED KINGDOM	B12995668
5	10287068	30/04/2011	450,000,000.00	PUNJAB NATIONAL BANK (INTERNATIONAL) LTD.	84, GRESHAM STREET, LONDON EC2V 7NQ, LONDON, - EC 2V7NQ, UNITED KINGDOM	B12996484
6	10262029	27/10/2011 *	911,400,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B28021590
7	10262051	27/10/2011 *	911,400,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B28020832
8	10253944	02/08/2011 *	360,000,000.00	PUNJAB NATIONAL BANK	SHAKESPEARE SARANI, 52A, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA	B18928648
9	10253941	20/11/2010	360,000,000.00	PUNJAB NATIONAL BANK	52A SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA	B00703322

* Date of charge modification

OPERATIONS AND OUTLOOK

The Company has setup up its ferro alloy manufacturing unit in the state of Andhra Pradesh near in two phases. Visakhapatnam The first phase and second phase of the project has been completed during the year 2011-12 and 2012-13 respectively. The commercial production of both the phases has already been commenced. The acute shortage of power in Andhra Pradesh has remained a cause of concern for smooth running of the project.

During the year the company has achieved a turnover of Rs. 2445.300 Millions and EBITA of Rs.233.000 Millions. Despite huge burden of depreciation and interest cost amounting to 223.900 Millions the company managed to post a marginal profit before Tax of Rs 9.100 Millions, during the year 2012-13. The previous year figures are not comparable since the company was operational for three months only during the previous year 2011-12. During the year 2012-13, due to acute shortage of power all the furnances could not run at full capacity. However, the management expects that company will perform better once the power situation in Andhra Pradesh improves.

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Other building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.28
UK Pound	1	Rs. 102.77
Euro	1	Rs. 82.12

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		50

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.