MIRA INFORM REPORT

Report Date :

03.03.2014

IDENTIFICATION DETAILS

Name :	COSMIC FERRO ALLOYS LIMITED
Formerly Known As :	COSMIC FERRO ALLOYS PRIVATE LIMITED
Registered Office :	Sikkim Commerce House, 4/1, Middleton Street, Room No.406, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.07.2003
Com. Reg. No.:	21-096622
Capital Investment / Paid-up Capital :	Rs. 97.475 Millions
CIN No.: [Company Identification No.]	U27104WB2003PLC096622
TAN No.: [Tax Deduction & Collection Account No.]	CALC03766A
PAN No.: [Permanent Account No.]	AACCC1730C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Ferro Manganese, Silico Manganese and Slag.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 3050000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BB+
Rating Explanation	Moderate risk of default.
Date	December 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

MANAGEMENT NON-COOPERATIVE

(CONTACT NO.: 91-33-30576563/ 64)

LOCATIONS

Registered/ Administrative Office :	Sikkim Commerce House, 4/1, Middleton Street, Room No.406, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-30576563/ 64
Fax No.:	91-33-22836553
E-Mail :	cosmicgrp@hotmail.com cosmicgrp@yahoo.com exim@cosmicferro.com info@cosmicferro.com cosmicferro@gmail.com satish@cosmicferro.com birla.satish@gmail.com
Website :	http://www.cosmicferro.com
Factory :	Village Ghutgoria, P.O. Barjora, District Bankura 722168, West Bengal, India

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Satyanarayan Bidawatka

Designation :

Director

Address :

82- 9, Ballygunge, 68, Gariahat, Kolkata-700019, West Bengal, India

Date of Birth/Age :

28.11.1947

Qualification :

Mechanical Engineer

Date of Appointment :

23.07.2003

PAN No.:

AEEPB9521B

DIN No.:

00013310

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	U51109WB1996PTC080837	TOPSELL VINIMAY PRIVATE LIMITED	Managing director	08/08/1996	08/08/1996	-	Active	NO
2	U45201WB2002PTC095103	PRAGATI REALTORS PRIVATE LIMITED	Director	03/09/2002	03/09/2002	-	Active	NO
3	U45201WB2002PTC095104	COSMIC NIKETAN PRIVATE LIMITED	Director	04/09/2002	04/09/2002	07/09/2007	Active	NO
4	U27104WB2003PLC096622	COSMIC FERRO ALLOYS LIMITED	Director	23/07/2003	23/07/2003	-	Active	NO
5	U27109WB1998PTC087940	ADARSH TECHNOCOM PRIVATE LIMITED	Director	30/09/2011	09/02/2011	21/10/2013	Active	NO

Name :

Mr. Satish Kumar Birla

Designation :

Director

Address :

190-A, Manicktalla Main Road, 3^rd Floor, Kankurgachi, Kolkata-700054, West Bengal, India

Date of Birth/Age :

03.11.1963

Qualification :

CA, CS, ICWAI, B.Com

Date of Appointment :

23.07.2003

PAN No.:

AEAPB1094B

DIN No.:

00015809

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	U27109WB1998PTC087940	ADARSH TECHNOCOM PRIVATE LIMITED	Director	15/09/1998	15/09/1998	21/10/2013	Active	NO
2	U45201WB1995PTC071073	AAR ESS HOMES PRIVATE LIMITED	Director	19/06/2003	19/06/2003	21/10/2013	Active	NO
3	U27104WB2003PLC096622	COSMIC FERRO ALLOYS LIMITED	Director	23/07/2003	23/07/2003	-	Active	NO
4	U74300WB2008PTC127753	CITIZEN ADVERTISING AGENCY (INDIA) PRIVATE LIMITED	Director	22/07/2008	22/07/2008	18/02/2009	Active	NO
5	U70109WB2011PTC158740	R S B REALTORS PRIVATE LIMITED	Director	10/02/2011	10/02/2011	-	Active	NO
6	U51909WB2011PTC163359	INNOCENT VINCOM PRIVATE LIMITED	Director	23/09/2013	30/06/2012	-	Active	NO

Name :

Mr. Ravi Kumar Birla

Designation :

Director

Address :

188-E, Manicktalla Main Road, Kolkata-700054, West Bengal, India

Date of Birth/Age :

05.07.1962

Qualification :

B.Com

Date of Appointment :

23.07.2006

PAN No.:

AEIPB5797F

DIN No.:

00054438

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	U51109WB1996PTC080837	TOPSELL VINIMAY PRIVATE LIMITED	Director	08/08/1996	08/08/1996	-	Active	NO
2	U51109WB1997PTC083160	PARASPYARA COMMERCIAL PRIVATE LIMITED	Director	07/08/2001	07/08/2001	-	Active	NO
3	U45201WB2002PTC095103	PRAGATI REALTORS PRIVATE LIMITED	Director	03/09/2002	03/09/2002	-	Active	NO
4	U45201WB2002PTC095104	COSMIC NIKETAN PRIVATE LIMITED	Director	04/09/2002	04/09/2002	07/09/2007	Active	NO
5	U27104WB2003PLC096622	COSMIC FERRO ALLOYS LIMITED	Director	23/07/2006	23/07/2006	-	Active	NO
6	U74300WB2008PTC127753	CITIZEN ADVERTISING AGENCY (INDIA) PRIVATE LIMITED	Director	22/07/2008	22/07/2008	21/03/2011	Active	NO
7	U27209WB1992PTC054524	COMET TECHNOCOM PRIVATE LIMITED	Additional director	30/01/2009	30/01/2009	08/08/2013	Active	NO
8	U27109WB1998PTC087940	ADARSH TECHNOCOM PRIVATE LIMITED	Director	30/09/2011	09/02/2011	21/10/2013	Active	NO
9	U45201WB1995PTC071073	AAR ESS HOMES PRIVATE LIMITED	Director	30/09/2011	09/02/2011	-	Active	NO
10	U31200WB1969PTC027525	A & J MAIN & CO (ENGINEERS) PRIVATE LIMITED	Additional director	02/07/2011	02/07/2011	-	Active	NO
11	U70109WB2011PTC169577	PSD INFRA PROJECTS PRIVATE LIMITED	Director	18/11/2011	18/11/2011	-	Active	NO
12	AAB-4566	RIZ APARTMENTS LLP	Body corporate as Designated Partner	11/04/2013	11/04/2013	-	Active	NO

Name :

Mr. Pramod Kumar Agrawal

Designation :

Director

Address :

188-E, Manicktalla Main Road, Kolkata-700054, West Bengal, India

Date of Birth/Age :

08.06.1951

Date of Appointment :

11.09.2007

DIN No.:

00182583

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	U17121GJ2006PLC048795	GUGANRAM TEXTILES LIMITED	Director	31/07/2006	31/07/2006	02/05/2011	Active	NO
2	U27104WB2003PLC096622	COSMIC FERRO ALLOYS LIMITED	Director	11/09/2007	04/12/2006	-	Active	NO
3	U17120WB2011PTC159132	GUGANRAM TEXCOM PRIVATE LIMITED	Director	14/02/2011	14/02/2011	-	Active	NO
4	U45201WB1995PTC071073	AAR ESS HOMES PRIVATE LIMITED	Additional director	08/02/2012	08/02/2012	25/06/2013	Active	NO
5	U51909WB2011PTC163359	INNOCENT VINCOM PRIVATE LIMITED	Director	23/09/2013	30/06/2012	-	Active	NO

Name :

Mr. Vijay Kumar Birla

Designation :

Director

Address :

93, Aasha Apartments, Flat 1/C-6, 93, Deshpran Shasmal Road, Kolkata – 700033, West Bengal, India

Date of Birth/Age :

29.02.1960

Qualification :

C.A, B.Com

Date of Appointment :

30.09.2011

PAN No.:

ADWPB8921A

DIN No.:

00540548

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	U51109WB1997PTC083396	APOLLO VINIMAY PRIVATE LIMITED	Director	04/11/1997	04/11/1997	-	Active	NO
2	U45201WB1995PTC071073	AAR ESS HOMES PRIVATE LIMITED	Director	16/08/2000	16/08/2000	21/10/2013	Active	NO
3	U27109WB2003PTC096921	COSMIC STEELS PRIVATE LIMITED	Director	04/09/2003	04/09/2003	30/10/2013	Active	NO
4	U27106WB1984PTC037158	ASANSOL STEEL CASTINGS PRIVATE LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
5	U51909WB1994PTC061901	ARCHANA IMPEX PRIVATE LIMITED	Director	25/11/2005	25/11/2005	24/05/2013	Active	NO
6	U27209WB1992PTC054524	COMET TECHNOCOM PRIVATE LIMITED	Director	19/05/2006	19/05/2006	08/08/2013	Active	NO
7	U45201WB2002PTC095103	PRAGATI REALTORS PRIVATE LIMITED	Additional director	18/05/2009	18/05/2009	-	Active	NO
8	U27104WB2003PLC096622	COSMIC FERRO ALLOYS LIMITED	Director	30/09/2011	19/01/2011	-	Active	NO
9	U70109WB2012PTC175870	SNOWBLUE REALTORS PRIVATE LIMITED	Director	26/11/2012	26/11/2012	-	Active	NO
10	U45400WB2012PTC184924	MUCHMORE PROMOTERS PRIVATE LIMITED	Director	08/01/2013	08/01/2013	-	Active	NO

Name :

Mr. Raman Kumar Agarwal

Designation :

Director

Address :

190-A, Maniktalla Main Road, 3^rd Floor, Kolkata-700054, West Bengal, India

Date of Birth/Age :

02.08.1966

Date of Appointment :

30.09.2011

DIN No.:

00540572

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	U51109WB1997PTC083396	APOLLO VINIMAY PRIVATE LIMITED	Director	04/11/1997	04/11/1997	-	Active	NO
2	U45201WB1995PTC071073	AAR ESS HOMES PRIVATE LIMITED	Director	16/08/2000	16/08/2000	-	Active	NO
3	U45202WB1998PTC086948	SHRI VINAYAK DEVELOPERS PRIVATE LIMITED	Director	18/05/2001	18/05/2001	-	Active	NO
4	U27109WB1981PTC034386	GOEL METAL INDUSTRIES PRIVATE LIMITED	Director	06/08/2001	06/08/2001	27/12/2010	Active	NO
5	U27109WB2003PTC096921	COSMIC STEELS PRIVATE LIMITED	Director	04/09/2003	04/09/2003	30/10/2013	Active	NO
6	U27106WB1984PTC037158	ASANSOL STEEL CASTINGS PRIVATE LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
7	U27104WB2003PLC096622	COSMIC FERRO ALLOYS LIMITED	Director	30/09/2011	19/01/2011	-	Active	NO
8	U70109WB2012PTC175870	SNOWBLUE REALTORS PRIVATE LIMITED	Director	26/11/2012	26/11/2012	-	Active	NO

Name :

Nitai Chandra Pal

Designation :

Director

Address :

BE-29, Sector-I, Salt Lake, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

10.02.1946

Date of Appointment :

11.09.2007

DIN No.:

01924081

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	U27104WB2003PLC096622	COSMIC FERRO ALLOYS LIMITED	Director	11/09/2007	04/12/2006	Active	NO

Name :

Mr. Ranendra Nath Basuroy

Designation :

Director

Address :

82- 9, Ballygunge, 68, Gariahat, Kolkata-700019, West Bengal, India

Date of Birth/Age :

01.02.1934

Date of Appointment :

11.09.2007

DIN No.:

02008327

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	U27104WB2003PLC096622	COSMIC FERRO ALLOYS LIMITED	Director	11/09/2007	04/12/2006	Active	NO

Name :

Ms. Parvati Devi Birla

Designation :

Director

Address :

82/9, Ballygunge Place, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

01.11.1941

Qualification :

B.Com

Date of Appointment :

30.09.2011

PAN No.:

AGUPB5324J

DIN No.:

03622806

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	U27104WB2003PLC096622	COSMIC FERRO ALLOYS LIMITED	Director	30/09/2011	30/09/2011	Active	NO
2	U70109WB2011PTC169638	PD INFRA REALTY PRIVATE LIMITED	Director	21/11/2011	21/11/2011	Active	NO

KEY EXECUTIVES

Name :	Ms. Priyanka Kabra
Designation :	Secretary
Address :	18/1/G, T.C. Mukherjee Street, Rishra, Hooghly – 712248, West Bengal, India
Date of Birth/Age :	26.09.1985
Date of Appointment :	04.11.2011
PAN No.:	BSEPK9624F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 27.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	76.69
Directors or relatives of directors	23.31
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Ferro Manganese, Silico Manganese and Slag.

Products/ Services :

ITC Code No.	Product Descriptions
72021100	Ferro Manganese

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Syndicate Bank

LIC Building, ILLACO House, 1 Brabourne Road, Kolkata - 700001, West Bengal, India

· Citibank N.A

Kanak Building, 41 Chowringhee Road, Kolkata - 700071, West Bengal, India

· DBS Bank Limited

Kolkata Branch, 4a, Nandalal Basu Sarani, 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 banks	149.145	99.877
SHORT TERM BORROWINGS
Term loans from banks	92.805	22.827
Working capital loans from banks	206.386	163.872
Loans taken for vehicles	2.652	0.462
Loans taken for other fixed assets	0.001	0.001
Total	450.989	287.039

Banking Relations :	--
Auditors :
Name :	B. Jain And Company Chartered Accountants
Address :	2, Ashutosh Mukherjee Road, 4^th Floor, Kolkata - 700020, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ACQPJ9965K
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Pragati Realtors Private Limited [U45201WB2002PTC095103] Citizen Advertising Agency (India) Private Limited [U74300WB2008PTC127753] Apollo Vinimay Private Limited Archana Impex Private Limited Aar Ess Homes Private Limited Adarsh Engineering Adarsh Techno Com Private Limited Maxworth Industries Archana Industries Cosmic Engineers

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12,500,000	Equity Shares	Rs. 10/- each	Rs. 125.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,747,500	Equity Shares	Rs. 10/- each	Rs. 97.475 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	97.475	89.200	89.200
(b) Reserves & Surplus	665.029	576.399	560.562
(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)	762.504	665.599	649.762
(3) Non-Current Liabilities
(a) long-term borrowings	149.145	99.877	150.368
(b) Deferred tax liabilities (Net)	83.010	80.368	78.405
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	232.155	180.245	228.773
(4) Current Liabilities
(a) Short term borrowings	301.844	187.162	337.215
(b) Trade payables	784.669	688.752	616.625
(c) Other current liabilities	374.235	325.072	65.769
(d) Short-term provisions	79.781	67.789	62.982
Total Current Liabilities (4)	1,540.529	1,268.775	1,082.591
TOTAL	2,535.188	2,114.619	1,961.126
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	593.187	622.192	642.586
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	271.445	150.006	53.793
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	1.000	1.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	27.060	2.446	4.572
Total Non-Current Assets	891.792	775.644	701.951
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	836.241	655.159	711.572
(c) Trade receivables	313.910	219.786	247.105
(d) Cash and cash equivalents	165.973	247.832	178.177
(e) Short-term loans and advances	219.036	130.866	87.437
(f) Other current assets	108.236	85.332	34.884
Total Current Assets	1,643.396	1,338.975	1,259.175
TOTAL	2,535.188	2,114.619	1,961.126

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3,420.072	2,852.264	2,730.327
		Other Income	28.164	48.996	19.691
		TOTAL (A)	3,448.236	2,901.260	2,750.018
Less	EXPENSES
		Cost of Materials Consumed	1,803.238	1,603.464	1,717.189
		Purchase of Stock-in-Trade	0.000	0.000	11.599
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	31.823	(41.692)	(65.223)
		Employees benefits expense	86.206	76.339	82.487
		Other expenses	1,344.817	1,132.860	812.396
		TOTAL (B)	3,266.084	2,770.971	2,558.448
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		182.152	130.289	191.570
Less	FINANCIAL EXPENSES (D)		95.162	71.829	75.722
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		86.990	58.460	115.848
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.602	35.853	31.159
	PROFIT BEFORE TAX (E-F) (G)		50.388	22.607	84.689
Less	TAX (H)		6.443	6.770	35.725
	PROFIT AFTER TAX (G-H) (I)		43.945	15.837	48.964
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		266.841	251.004	202.040
	BALANCE CARRIED TO THE B/S		310.786	266.841	251.004
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1919.181	0.000	0.000
		Interest Earnings	0.000	1593.618	1672.399
		Other Earnings	0.048	0.000	0.000
	TOTAL EARNINGS		1919.229	1593.618	1672.399
	Earnings Per Share (Rs.)		4.86	1.78	5.49

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.27	0.55	1.78
Net Profit Margin (PBT/Sales)	(%)	1.47	0.79	3.10
Return on Total Assets (PBT/Total Assets}	(%)	2.23	1.15	4.44
Return on Investment (ROI) (PBT/Networth)		0.07	0.03	0.13
Debt Equity Ratio (Total Debt/Networth)		0.59	0.43	0.75
Current Ratio (Current Asset/Current Liability)		1.07	1.06	1.16

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	89.200	89.200	97.475
Reserves & Surplus	560.562	576.399	665.029
Net worth	649.762	665.599	762.504
long-term borrowings	150.368	99.877	149.145
Short term borrowings	337.215	187.162	301.844
Total borrowings	487.583	287.039	450.989
Debt/Equity ratio	0.750	0.431	0.591

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	2,730.327	2,852.264	3,420.072
		4.466	19.907

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	2,730.327	2,852.264	3,420.072
Profit	48.964	15.837	43.945
	1.79%	0.56%	1.28%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	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	10448357	28/08/2013	200,000,000.00	CITIBANK N.A	KANAK BUILDING, 41 CHOWRINGHEE ROAD, KOLKATA - 700071, WEST BENGAL, INDIA	B84698109
2	10425538	16/04/2013	100,000,000.00	DBS BANK LIMITED	4A, NANDALAL BASU SARANI, KOLKATA - 700071, WEST BENGAL, INDIA	B75075689
3	10421087	02/05/2013 *	110,000,000.00	DBS BANK LIMITED	4A, NANDALAL BASU SARANI, KOLKATA - 700071, WEST BENGAL, INDIA	B78061678
4	10387729	16/04/2013 *	220,000,000.00	DBS BANK LIMITED (ACTING AS SECURITY TRUSTEE ON BEHAL  F OF DBS BANK SINGAPORE)	4A, NANDALAL BASU SARANI, KOLKATA - 700071, WEST BENGAL, INDIA	B74026261
5	10344521	05/07/2013 *	100,000,000.00	DBS BANK LIMITED	KOLKATA BRANCH, 4A, NANDALAL BASU SARANI, KOLKATA - 700071, WEST BENGAL, INDIA	B78906211
6	10297774	29/06/2011	180,000,000.00	ICICI BANK LIMITED	3A, GURUSADAY ROAD, 2ND FLOOR, KOLKATA - 700019, WEST BENGAL, INDIA	B17060237
7	10232915	24/06/2010	435,000,000.00	BANK OF BARODA	INDIA EXCAHNGE BRANCH, 4, INDIA ECHANGE PLACE, KOLKATA - 700001, WEST BENGAL, INDIA	A91642678
8	10214439	03/03/2010	55,000,000.00	THE FEDERAL BANK LIMITED	BALLYGUNGE BRANCH, 1/D MANDIVILLE GARDEN, KOLKATA - 700019, WEST BENGAL, INDIA	A83841049
9	10169336	16/09/2011 *	1,550,000,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, N.S.ROAD, 8, N. S. ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B23686918
10	10089349	08/01/2008	110,000,000.00	THE FEDERAL BANK LIMITED	BALLYGUNGE BRANCH, 1/D MANDIVILLE GARDEN, KOLKATA - 700019, WEST BENGAL, INDIA	A32376964

* Date of charge modification

OPERATIONAL REVIEW

The Company is enjoying a strong domestic and global presence. They have achieved a turnover of over Rs. 3420.100 Millions for the year ended 31^st March 2013. During 2012-13, exports accounted for 60% of total turnover. The company also focuses on the domestic market. The sale prices of Ferro Alloys have also been showing upward movement. The products manufactured are basic inputs for manufacture of steel and for any type of steel or alloy casting. Hence Future of the company is very bright considering the upbeat prospect of the steel industry.

FIXED ASSETS:

· Land

Buildings

Factory building

Plant and equipment

Furniture and fixtures

Vehicles

Office equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.07
UK Pound	1	Rs. 103.61
Euro	1	Rs. 85.03

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.