MIRA INFORM REPORT

Report Date :

25.06.2014

IDENTIFICATION DETAILS

Name :	TIMES FERRO ALLOYS LIMITED
Registered Office :	CE-61, Sector-I, Salt Lake City, Kolkata – 700069, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.06.2004
Com. Reg. No.:	21-098746
Capital Investment / Paid-up Capital :	Rs. 31.161 Millions
CIN No.: [Company Identification No.]	U27109WB2004PLC098746
TAN No.: [Tax Deduction & Collection Account No.]	CALT03057F
PAN No.: [Permanent Account No.]	AACCT0474A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Ferro Silicon, Silico Manganese and Ferro Manganese etc.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 910000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems sharp dip in the profit of the company during 2013. The rating also takes into consideration volatility in raw material prices and to working-capital intensive operations. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – 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 : B-
Rating Explanation	High risk of default.
Date	March 19, 2014

Rating Agency Name	CRISIL
Rating	Short term rating : A4
Rating Explanation	Minimal degree of safety it carry very high credit risk.
Date	March 19, 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. Biltu Bhowmica
Designation :	Account Department
Contact No.:	91-33-40001281
Date :	24.05.2014

LOCATIONS

Registered Office :	CE-61, Sector-I, Salt Lake City, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-40001281/ 23211881
Fax No.:	91-33-23211883
E-Mail :	timesferro.ltd@gmail.com timesferro@gmail.com
Location :	Owned
Factory :	Barjora, District Bankura, West Bengal, India
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Trilok Chand Agarwal

Designation :

Director

Address :

BE-223, Sector-1, Salt Lake City, Kolkata – 700064, West Bengal, India

Date of Appointment :

14.08.2011

DIN No.:

00123481

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	U00389WB1985PLC132787	JAMSHEDPUR WELPACK POLY INDUSTRIES LIMITED	Director	09/08/1985	09/08/1985	-	Active	NO
2	U28991WB1993PLC059151	TIS FAB LIMITED	Director	16/06/1993	16/06/1993	-	Amalgamated	NO
3	U25199WB1998PLC086311	BIHAR RAFFIA INDUSTRIES LIMITED	Director	13/01/1998	13/01/1998	30/03/2012	Active	NO
4	U45207WB1999PLC090826	TIMESPAC INDIA LIMITED	Director	24/12/1999	24/12/1999	05/06/2007	Active	NO
5	U25209ML2001PTC006589	MEGHA PLAST PRIVATE LIMITED	Director	06/08/2001	06/08/2001	-	Active	NO
6	U51109WB1996PTC079187	HIMTECH SALES PRIVATE LIMITED	Director	24/12/2001	24/12/2001	19/03/2012	Active	NO
7	U27103ML2002PLC006975	PURBANCHAL ALLOYS LIMITED	Director	13/12/2002	13/12/2002	-	Active	NO
8	U26941WB2003PLC096228	PURBANCHAL CEMENT LIMITED	Director	20/05/2003	20/05/2003	13/08/2007	Active	NO
9	U27109WB2004PLC098746	TIMES FERRO ALLOYS LIMITED	Director	14/08/2011	23/06/2004	-	Active	NO
10	U13209ML2004PLC007488	PURBANCHAL MINES & MINERALS LIMITED	Director	04/08/2004	04/08/2004	01/10/2008	Active	NO
11	U24139AS2005PTC007734	MEGHA GRANULES PRIVATE LIMITED	Director	05/05/2005	05/05/2005	-	Active	NO
12	U26959ML2007PLC008288	TIMES PORTLAND CEMENT LIMITED	Director	12/11/2007	12/11/2007	-	Active	NO
13	U26940ML2008PLC008306	JPN RYMBAI CEMENTS LIMITED	Director	07/02/2008	07/02/2008	-	Active	NO
14	U27100JH2008PLC013137	DHANANIA STEELS & POWER LIMITED	Director	17/10/2008	17/10/2008	-	Active	NO

Name :

Mr. Naresh Kumar Agarwal

Designation :

Director

Address :

BE-223, Sector-1, Salt Lake City, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

23.10.1958

Date of Appointment :

05.02.2007

PAN No.:

ACTPA2419E

DIN No.:

00124227

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	U28991WB1993PLC059151	TIS FAB LIMITED	Director	16/06/1993	16/06/1993	Amalgamated	NO
2	U51909WB1996PTC079311	TRIMUDRA SUPPLIERS PRIVATE LIMITED	Director	09/01/1998	09/01/1998	Active	NO
3	U45207WB1999PLC090826	TIMESPAC INDIA LIMITED	Director	24/12/1999	24/12/1999	Active	NO
4	U27109WB2004PLC098746	TIMES FERRO ALLOYS LIMITED	Director	05/02/2007	05/02/2007	Active	NO
5	U27101ML2008PLC008311	TIMES ALLOYS & POWER (MEGHALAYA) LIMITED	Director	25/03/2008	25/03/2008	Active	NO
6	U00389WB1985PLC132787	JAMSHEDPUR WELPACK POLY INDUSTRIES LIMITED	Director	15/02/2010	15/02/2010	Active	NO
7	U25199WB1998PLC086311	BIHAR RAFFIA INDUSTRIES LIMITED	Managing director	01/10/2012	15/02/2010	Active	NO
8	U51109WB1995PTC068852	VAIJNATH COMMERCIAL PRIVATE LIMITED	Director	29/11/2013	29/11/2013	Active	NO

Name :

Shwet Agarwal

Designation :

Director

Address :

BE-223, Sector-1, Salt Lake City, Kolkata – 700064, West Bengal, India

Date of Appointment :

23.06.2004

DIN No.:

00124266

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	U25199WB1998PLC086311	BIHAR RAFFIA INDUSTRIES LIMITED	Director	13/01/1998	13/01/1998	30/03/2012	Active	NO
2	U25209ML2001PTC006589	MEGHA PLAST PRIVATE LIMITED	Director	06/08/2001	06/08/2001	07/12/2009	Active	NO
3	U27109WB2004PLC098746	TIMES FERRO ALLOYS LIMITED	Director	23/06/2004	23/06/2004	-	Active	NO
4	U24139AS2005PTC007734	MEGHA GRANULES PRIVATE LIMITED	Director	05/05/2005	05/05/2005	-	Active	NO
5	U70200WB1999PTC089889	JAI VAIBHAV NIKETAN PRIVATE LIMITED	Director	10/03/2006	10/03/2006	05/10/2009	Active	NO
6	U70200WB1999PTC089894	JAI GOKUL TOWERS PRIVATE LIMITED	Director	10/03/2006	10/03/2006	05/10/2009	Active	NO
7	U70200WB1999PTC089896	JAI TRIDEV VIHAR PRIVATE LIMITED	Director	10/03/2006	10/03/2006	05/10/2009	Active	NO
8	U70101WB1999PTC089917	JAI BRIJMOHAN NIKETAN PRIVATE LIMITED	Director	10/03/2006	10/03/2006	05/10/2009	Active	NO
9	U70101WB1997PTC084181	A. M. SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	22/04/2006	22/04/2006	-	Active	NO
10	U70101WB1999PTC089911	JAI RAGHUVIR ENCLAVE PRIVATE LIMITED	Director	08/08/2006	08/08/2006	05/10/2009	Active	NO
11	U70101WB1999PTC089918	JAI BADRINATH NIKETAN PRIVATE LIMITED	Director	08/08/2006	08/08/2006	05/10/2009	Active	NO
12	U45207WB1999PLC090826	TIMESPAC INDIA LIMITED	Director	22/12/2006	22/12/2006	-	Active	NO
13	U26959ML2007PLC008288	TIMES PORTLAND CEMENT LIMITED	Director	12/11/2007	12/11/2007	-	Active	NO
14	U26940ML2008PLC008306	JPN RYMBAI CEMENTS LIMITED	Director	07/02/2008	07/02/2008	-	Active	NO
15	U27101ML2008PLC008311	TIMES ALLOYS & POWER (MEGHALAYA) LIMITED	Director	25/03/2008	25/03/2008	-	Active	NO
16	U27103ML2002PLC006975	PURBANCHAL ALLOYS LIMITED	Director	28/06/2008	28/06/2008	16/04/2010	Active	NO
17	U51432WB2004PTC099867	WELLBUILD CEMENT PRIVATE LIMITED	Director	14/04/2011	14/04/2011	-	Active	NO
18	U74999WB2004PTC099914	SATABADI JUTE PRIVATE LIMITED	Director	14/04/2011	14/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Biltu Bhowmica
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Santosh Agarwal	30000
Shwet Agarwal	25000
Bimla Tibrewal	7000
Manbhawati Devi Agarwal	27000
Kusum Agarwal	36000
Trilok Chand Agarwal	11000
Ayush Agarwal	10000
Dipali Agarwal	17500
Indu Agarwal	29500
Jai Gokul Towers Private Limited, India	25000
North East Synthetics Private Limited	365125
Aryata Agarwal	1250
Bihar Raffia Industries Limited, India	5000
Suresh Agarwal	1000
AM Software Solutions Private Limited, India	1449766
Trimudra Suppliers Private Limited	307407
Times Portland Cement Limited	461110
Vaijnath Commercial Private Limited	307407
Total	3116065

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	81.06
Directors or relatives of directors	5.10
Other top fifty shareholders	13.84
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of Ferro Silicon, Silico Manganese and Ferro Manganese etc.
Exports :
Products :	Finished Goods
Countries :	· Taiwan · Pakistan
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

150 (Approximately)

Bankers :

· State Bank of India

Specialised Chowringhee SME Branch, 2nd Floor, 1, Middleton Street, Jeevandeep Building, Kolkata - 700071, West Bengal, India

· UCO Bank

Mid Corporate Branch, 10, B. T. M. Sarani, (Brabourne Road), Kolkata - 700001, West Bengal, India

· State Bank of India

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

· Punjab National Bank

Fancy Bazar Branch, Fancy Bazar, Guwahati - 781001, Assam , India

· Central Bank of India (Lead Bank)

Corporate Finance Branch, 33, Netaji Subhas Road, Kolkata - 700001, West Bengal, India

· Axis Bank Limited

RAC - Kolkata, Loards Building, 1st Floor, 7/1 Lord Sinha Road, Kolkata - 700071, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans From Bank	31.985	12.031
Foreign Currency Loan From Banks	0.000	52.799
Long Term maturities of Finance lease obligations: Vehicle Loan	1.174	0.071
SHORT TERM BORROWINGS
Indian Rupee Loan from banks	141.004	96.248
Foreign Currency Loan from Banks	67.982	84.848
Buyer Credit from Bank	49.641	9.246
Total	291.786	255.243

Banking Relations :	--
Auditors :
Name :	S Bhalotia and Associates Chartered Accountants
Address :	20B Abdul Haamid Street, East India House, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-40047183/ 84/ 88
Fax No.:	91-33-40047016
E-Mail :	ho@sbassociates.co.in
Income-tax PAN of auditor or auditor's firm :	ABDFS9117L
Associates :	· Purbanchal Alloys Limited · A.M Software Solutions Private Limited
Company in which Key Management Personnel / Relatives of Key Management Personnel can exercise Significant Influence :	· Times Alloys and Power (Meghalaya) Limited · Times Portland Cement Limited · Timespac India Limited · Bihar Raffia Industries Limited · Megha Granules Private Limited · Satabadi Jute Private Limited · Wellbuild Cement Private Limited

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital : Rs. 55.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 47.161 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5,500,000	Equity Shares	Rs. 10/- each	Rs. 55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,116,065	Equity Shares	Rs. 10/- each	Rs. 31.161 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	31.161	31.161	31.161
(b) Reserves & Surplus	117.475	114.296	101.924
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	80.000	87.500	7.500
Total Shareholders’ Funds (1) + (2)	228.636	232.957	140.585
(3) Non-Current Liabilities
(a) long-term borrowings	40.213	78.405	40.576
(b) Deferred tax liabilities (Net)	6.925	3.509	3.324
(c) Other long term liabilities	92.593	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	139.731	81.914	43.900
(4) Current Liabilities
(a) Short term borrowings	258.627	190.342	75.598
(b) Trade payables	62.408	115.827	23.907
(c) Other current liabilities	34.617	52.283	43.808
(d) Short-term provisions	5.159	2.760	1.037
Total Current Liabilities (4)	360.811	361.212	144.350
TOTAL	729.178	676.083	328.835
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	101.068	109.741	118.922
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	31.050	25.071	17.254
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.491	9.491	9.491
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	29.020	70.942	14.183
(e) Other Non-current assets	3.047	5.643	0.069
Total Non-Current Assets	173.676	220.888	159.919
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	109.507	111.093	99.922
(c) Trade receivables	197.315	154.008	12.444
(d) Cash and cash equivalents	13.690	84.565	11.405
(e) Short-term loans and advances	201.696	84.332	44.787
(f) Other current assets	33.294	21.197	0.358
Total Current Assets	555.502	455.195	168.916
TOTAL	729.178	676.083	328.835

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	523.896	550.413	246.842
		Other Income	39.333	25.695	23.800
		TOTAL (A)	563.229	576.108	270.642
Less	EXPENSES
		Cost of Materials Consumed	227.746	194.912	148.074
		Purchases of Stock-in-Trade	110.438	193.630	17.673
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	5.778	4.809	(3.164)
		Employees benefits expense	11.545	3.565	2.060
		Other expenses	156.547	129.076	70.477
		TOTAL (B)	512.054	525.992	235.120
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.175	50.116	35.522
Less	FINANCIAL EXPENSES (D)		28.899	24.301	18.143
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.276	25.815	17.379
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.882	11.532	11.218
	PROFIT BEFORE TAX (E-F) (G)		10.394	14.283	6.161
Less	TAX (H)		7.215	1.942	(4.392)
	PROFIT AFTER TAX (G-H) (I)		3.179	12.341	10.553
	EARNINGS IN FOREIGN CURRENCY
		FOB of Exports	421.284	161.693	0.000
	CIF VALUE OF IMPORTS
		Raw Materials	133.667	73.376	0.000
	Earnings Per Share (Rs.)
	Basic		1.02	3.96	3.43
	Diluted		0.99	3.83	3.39

Particulars	31.03.2014
Sales Turnover (Approximately)	500.000
	(Due to Market Fluctuating)

The above information has been parted by Mr. Biltu Bhowmica (Account Department)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.56	2.14	3.90
Net Profit Margin (PBT/Sales)	(%)	1.98	2.59	2.50
Return on Total Assets (PBT/Total Assets}	(%)	1.51	2.23	2.04
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.04
Debt Equity Ratio (Total Debt/Networth)		1.31	1.15	0.83
Current Ratio (Current Asset/Current Liability)		1.54	1.26	1.17

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	31.161	31.161	31.161
Reserves & Surplus	101.924	114.296	117.475
Share Application money pending allotment	7.500	87.500	80.000
Net worth	140.585	232.957	228.636
long-term borrowings	40.576	78.405	40.213
Short term borrowings	75.598	190.342	258.627
Total borrowings	116.174	268.747	298.840
Debt/Equity ratio	0.826	1.154	1.307

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	246.842	550.413	523.896
		122.982	(4.818)

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	246.842	550.413	523.896
Profit	10.553	12.341	3.179
	4.28%	2.24%	0.61%

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%	Yes
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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10430572	22/05/2013	558,000,000.00	CENTRAL BANK OF INDIA (LEAD BANK)	CORPORATE FINANCE BRANCH, 33, NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B76898204
2	10416769	22/02/2013	148,000,000.00	PUNJAB NATIONAL BANK	FANCY BAZAR BRANCH, FANCY BAZAR, GUWAHATI, ASSAM - 781001, INDIA	B72290968
3	10375862	10/08/2012	1,436,000.00	AXIS BANK LIMITED	RAC - KOLKATA, LOARDS BUILDING, 1ST FLOOR, 7/1 LORD SINHA ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B57856635
4	10376006	27/07/2012	1,179,800,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, N.S.ROAD, 8, N. S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B57919003
5	10340034	08/05/2013 *	636,700,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N. S. ROAD, 8, N. S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B78673787
6	10211702	22/01/2014 *	412,000,000.00	STATE BANK OF INDIA	SPECIALISED CHOWRINGHEE SME BRANCH, 2ND FLOOR, 1, MIDDLETON STREET, JEEVANDEEP BUILDING, KOLKATA, WEST BENGAL - 700071, INDIA	B95580767

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
From Body Corporates	7.054	13.504
Total	7.054	13.504

CORPORATE INFORMATION

Subject is a Limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the manufacturing of ferro alloys and trading of its allied items. The Company caters to both domestic and international markets.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
(a) Claim against the company not acknowledged as debt
Electricity Charges *	42.146	21.011
Excise Duty Demand **	2.660	2.660
Sales Tax Demand ***	0.619	0.619
(b) Corporate Guarantee ****	15.300	15.300
Total	60.725	39.590
The claim against the company comprise : *Damodar Valley Corporation has revised the energy rate as per provisional order issued by CERC but company was paid lesser amount than the original bill raised by damodar valley corporation. There was a case pending in High Court, if the company loses the case than company shall pay the arrear of electricity amount w.e.f June 2011. **At the time of excise audit conducted by excise Authority as per The Central Excise Act 1944, the excise authority has found some mistake in the books of accounts maintained by the assesse and excise authority has raised a demand of Rs. 2.660 Millions. ***Sales tax authority raised a demand of Rs. 0.619 Million from times ferro alloys limited for not disclosing income and taking excess input credit benefit as per value added tax rules, 2005 and central sales tax rules 1958. In this regard company has filed an appeal to deputy commissioner of sales tax and has also deposited Rs. 0.050 Million against same and the case is still pending. ****The company has provided guarantee of Rs. 15.300 Millions to Megha Granules Private Limited as a term of land at village botejhari RNM and tahsil waraseoni district balaghat.

FIXED ASSETS:

· Free hold Land

· Lease hold Land

· Factory Building

· Administrative Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicle

· Electrical Installation

· Computer and Peripherals

· Pollution Control Equipments

· Miscellaneous Fixed Assets

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 records 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] 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. 60.11
UK Pound	1	Rs. 102.32
Euro	1	Rs. 81.75

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.