MIRA INFORM REPORT

Report Date :

15.03.2014

IDENTIFICATION DETAILS

Name :	ESSEL MINING AND INDUSTRIES LIMITED
Registered Office :	10, Camac Street, Kolkata -700017, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.04.1950
Com. Reg. No.:	21-018728
Capital Investment / Paid-up Capital :	Rs. 2997.347 Millions
CIN No.: [Company Identification No.]	U51109WB1950PLC018728
PAN No.: [Permanent Account No.]	AAACE6607L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Low Carbon Ferro Alloys and HDPE/PP Woven Sacks and Iron Ore.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (70)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 260000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile supported by adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based bank facilities: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	November 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

Name :	Mr. Punit Rawat
Designation :	Accountant
Contact No.:	91-33-39876000
Date :	13.03.2014

LOCATIONS

Registered Office :	10, Camac Street, Kolkata -700017, West Bengal, India
Tel. No.:	91-33-39876000
Fax No.:	91-33-30518300
E-Mail :	rakhi.agarwal@adityabirla.com esselmines@adityabirla.com
Website :	http://www.esselmining.com
Location :	Owned
Corporate Office :	Aditya Birla Centre, S K Ahire Marg, Worli, Mumbai-400030, Maharashtra, India
Tel. No.:	91-22-66525000
E-Mail :	esselimines@adityabirla.com
Factory 1 :	Mining Division At P.O. Barbil, District Keonjhar-758035, Orissa, India
Tel. No.:	91-6767-275224/237
E-Mail :	esselimines@adityabirla.com
Factory 2 :	Ferro Chem Division Plot No. 165 and 166, GIDC, District Valsad, Vapi-396195, Gujarat, India
Tel. No.:	91-260-2423199/2436520
Fax No.:	91-260-2431099
E-Mail :	esselimines@adityabirla.com
Factory 3 :	Wind Power Division Village Khori, Taluka Sakri, District Dhule, Maharashtra, India
E-Mail :	esselimines@adityabirla.com
China Representative Office:	1914, Shanghai International Trade Centre, 2201-Yannan Road (West), Shanghai, China-200336
Tel No.:	+86-21-62093137/62081617

DIRECTORS

As on: 24.09.2012

Name :

Mr. Kumar Mangalam Birla

Designation :

Director

Address:

Mangal Adityaayan, 20, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

14.06.1967

Qualification:

CA, MBA

Date of Appointment :

09.05.2004

PAN No.:

AEFPB5926H

DIN No.:

00012813

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	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Director	23/09/1992	23/09/1992	-	Active	NO
2	L17124MP1947PLC000410	GRASIM INDUSTRIES LIMITED	Director	14/10/1992	14/10/1992	-	Active	NO
3	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Director	16/11/1992	16/11/1992	-	Active	NO
4	U80300MH1987GAP042663	G.D.BIRLA MEDICAL RESEARCH AND EDUCATION FOUNDATION	Director	20/09/1993	20/09/1993	-	Active	NO
5	U70101MP1986PTC003398	GWALIOR PROPERTIES AND ESTATES PRIVATE LIMITED	Director	13/06/1994	13/06/1994	-	Active	NO
6	U51109MP1985PTC002775	TRAPTI TRADING AND INVESTMENT PRIVATE LIMITED	Director	13/06/1994	13/06/1994	-	Active	NO
7	U67120MP1989PTC005169	TURQUOISE INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	13/06/1994	13/06/1994	-	Active	NO
8	U70101MP1986PTC003444	SESHASAYEE PROPERTIES PRIVATE LIMITED	Director	13/06/1994	13/06/1994	-	Active	NO
9	U65991MH1994PLC080811	BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LIMITED	Director	28/10/1995	28/10/1995	-	Active	NO
10	U67120MH1980PTC023476	BIRLA GROUP HOLDINGS PRIVATE LIMITED	Director	31/07/1998	31/07/1998	-	Active	NO
11	U73100MH1999PTC118379	ADITYA BIRLA MANAGEMENT CORPORATION Private LIMITED	Director	15/06/1999	15/06/1999	-	Active	NO
12	U99999MH2000PLC128110	BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Director	04/08/2000	04/08/2000	-	Active	NO
13	U72200KA1976PLC027564	ADITYA BIRLA MINACS IT SERVICES LIMITED	Director	24/10/2001	24/10/2001	24/04/2008	Amalgamated	NO
14	U80101MH2002NPL136300	PRATHAM EDUCATION FOUNDATION	Director	01/10/2002	01/10/2002	-	Active	NO
15	U99999KA1995PLC052040	ADITYA BIRLA MINACS WORLDWIDE LIMITED	Additional director	12/10/2010	21/07/2003	11/04/2011	Active	NO
16	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	09/05/2004	09/05/2004	-	Active	NO
17	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
18	U65993MH2002PTC135827	TGS INVESTMENT AND TRADE PRIVATE LIMITED	Director	17/12/2004	17/12/2004	-	Active	NO
19	U67120MH1982PTC028144	VIKRAM HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
20	U67120MH1982PTC028252	RAJRATNA HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
21	U67120MH1982PTC026923	VAIBHAV HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
22	U67120MH1981PTC025438	GLOBAL HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
23	L17120MH1897PLC000163	CENTURY TEXTILE AND INDUSTRIES LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
24	L32100GJ1996PLC030976	IDEA CELLULAR LIMITED	Director	30/09/2006	20/06/2006	-	Active	NO
25	U65990MH1988PLC048117	ADITYA BIRLA RETAIL LIMITED	Director	29/09/2007	28/12/2006	13/03/2008	Active	NO
26	U65990MH1988PTC048498	KANISHTHA FINANCE AND INVESTMENT PRIVATE LIMITED	Director	28/09/2007	04/01/2007	-	Active	NO
27	U74140MH2008PTC179360	ADITYA BIRLA CAPITAL ADVISORS PRIVATE LIMITED	Director	14/09/2009	05/01/2009	-	Active	NO
28	U51109WB1918PTC003010	BIRLA BROTHERS PRIVATE LIMITED	Director	06/04/2010	06/04/2010	-	Active	NO
29	L24131WB1948PLC095302	PILANI INVESTMENT AND INDUSTRIES CORPORATION LIMITED	Director	27/08/2010	29/04/2010	-	Active	NO
30	L26959GJ2009PLC058011	SAMRUDDHI CEMENT LIMITED	Director	24/07/2010	18/05/2010	-	Amalgamated	NO
31	U45200MH2007PTC173199	ABG REALTY AND INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	30/09/2011	21/10/2010	-	Active	NO
32	U74120MH2012PTC227069	SVATANTRA MICROFIN PRIVATE LIMITED	Director	28/09/2012	06/03/2012	-	Active	NO
33	U80301WB2012NPL184963	BIRLA INSTITUTE OF TECHNOLOGY AND SCIENCE COMPANY	Director	23/08/2012	23/08/2012	-	Active	NO
34	U52100MH2012PTC238167	RKN RETAIL PRIVATE LIMITED	Director	28/02/2013	28/02/2013	-	Active	NO

Name :

Mrs. Rajashree Birla

Designation :

Director

Address:

Mangal Adityaayan, 20, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

15.09.1945

Qualification:

B.A.

Date of Appointment :

09.05.2004

PAN No.:

AAFPB1583L

DIN No.:

00022995

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	U67120MH1982PTC028144	VIKRAM HOLDINGS PRIVATE LIMITED	Director	10/09/1982	10/09/1982	-	Active	NO
2	U80300MH1987GAP042663	G.D.BIRLA MEDICAL RESEARCH AND EDUCATION FOUNDATION	Director	21/05/1987	21/05/1987	-	Active	NO
3	U70101MP1986PTC003398	GWALIOR PROPERTIES AND ESTATES PRIVATE LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
4	U51109MP1985PTC002775	TRAPTI TRADING AND INVESTMENT PRIVATE LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
5	U67120MP1989PTC005169	TURQUOISE INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
6	U70101MP1986PTC003444	SESHASAYEE PROPERTIES PRIVATE LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
7	L17124MP1947PLC000410	GRASIM INDUSTRIES LIMITED	Director	14/03/1996	14/03/1996	-	Active	NO
8	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Director	14/03/1996	14/03/1996	-	Active	NO
9	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Director	15/03/1996	15/03/1996	-	Active	NO
10	U67120MH1980PTC023476	BIRLA GROUP HOLDINGS PRIVATE LIMITED	Director	31/07/1998	31/07/1998	-	Active	NO
11	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	24/06/1999	24/06/1999	-	Active	NO
12	U55100MH1988GAP046130	VAIBHAV MEDICAL AND EDUCATION FOUNDATION	Director	08/08/2000	08/08/2000	-	Active	NO
13	U85199PN2001PLC019881	ADITYA BIRLA HEALTH SERVICES LIMITED	Director	20/04/2001	20/04/2001	-	Active	NO
14	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	09/05/2004	09/05/2004	-	Active	NO
15	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
16	U65993MH2002PTC135827	TGS INVESTMENT AND TRADE PRIVATE LIMITED	Director	17/12/2004	17/12/2004	-	Active	NO
17	U67120MH1982PTC028252	RAJRATNA HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
18	U67120MH1982PTC026923	VAIBHAV HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
19	U67120MH1981PTC025438	GLOBAL HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
20	U64200MH2000PTC129356	IGH HOLDINGS PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
21	L32100GJ1996PLC030976	IDEA CELLULAR LIMITED	Director	30/09/2006	20/06/2006	-	Active	NO
22	U65990MH1988PTC048498	KANISHTHA FINANCE AND INVESTMENT PRIVATE LIMITED	Director	28/09/2007	29/12/2006	-	Active	NO
23	U93000TN2012NPL086435	WORLD VEG COUNCIL	Director	21/06/2012	21/06/2012	-	Active	NO
24	U52100MH2012PTC238167	RKN RETAIL PRIVATE LIMITED	Director	28/02/2013	28/02/2013	-	Active	NO

Name :

Tuhin Kumar Mukherjee

Designation :

Managing Director

Address:

Flat No. 3502, Imperial South Tower, BB Nakashe Marg, Tardeo, Mumbai-400034, Maharashtra, India

Date of Birth :

25.03.1952

Date of Appointment :

21.01.2011

PAN No.:

ABEPM7567K

DIN No.:

01163569

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	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Managing director	15/02/2010	19/01/2007	27/12/2010	Active	NO
2	U14200MH2007PLC173687	JSW NATURAL RESOURCES INDIA LIMITED	Director	31/08/2007	31/08/2007	24/12/2010	Active	NO
3	U10300DL2008PTC176675	ROHNE COAL COMPANY PRIVATE LIMITED	Director	11/04/2008	11/04/2008	27/12/2010	Active	NO
4	U10200OR2008GOI010250	MJSJ COAL LIMITED	Director	13/08/2008	13/08/2008	24/10/2008	Active	NO
5	U10100WB2009PLC139007	GOURANGDIH COAL LIMITED	Director	28/08/2010	26/10/2009	14/01/2011	Active	NO
6	U10300MH2010PLC200871	JSW NATURAL RESOURCES BENGAL LIMITED	Director	13/03/2010	13/03/2010	24/12/2010	Active	NO
7	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Managing director	21/01/2011	21/01/2011	-	Active	NO
8	U13209WB2007PTC120296	AB PGM MINING COMPANY PRIVATE LIMITED	Director	20/09/2011	04/02/2011	-	Active	NO
9	U13209WB2007PTC120293	AB METAL MINING COMPANY PRIVATE LIMITED	Director	20/09/2011	04/02/2011	-	Active	NO
10	U13209WB2007PTC120294	AB BASE METAL MINING COMPANY PRIVATE LIMITED	Director	20/09/2011	04/02/2011	-	Active	NO
11	U10200WB2007PTC120295	SL PGM MINING COMPANY PRIVATE LIMITED	Director	20/09/2011	04/02/2011	-	Active	NO
12	U13209WB2007PTC120292	SL BASE METAL MINING COMPANY PRIVATE LIMITED	Director	20/09/2011	04/02/2011	-	Active	NO
13	U14220MH2011PLC219760	ADITYA BIRLA NATURAL RESOURCES LIMITED	Director	13/07/2011	13/07/2011	-	Active	NO

Name :

Mr. Ashwin Kumar Kothari

Designation :

Director

Address:

Gold Cornet, Flat No.4, 1st Floor, 11 Nawroji Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

14.09.1942

Qualification:

Graduate in Chemical Sciences from (MIT)

Date of Appointment :

08.12.1993

PAN No.:

AFYPK7068M

DIN No.:

00033730

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	U67120MH1982PLC027788	RAJASHREE HOLDINGS LIMITED	Director	31/08/1982	31/08/1982	31/12/2010	Active	NO
2	U51900MH1984PLC033049	SUNAYNA TRADE AND INVESTMENT COMPANY LIMITED	Director	12/09/1984	12/09/1984	31/12/2010	Active	NO
3	U65990MH1984PLC033112	SAMBHAW FINANCE AND TRADING COMPANY LIMITED	Director	12/09/1984	12/09/1984	31/12/2010	Active	NO
4	U74999MH1985PLC034989	FOUR DIMENSIONS SECURITIES (INDIA) LIMITED	Director	05/01/1985	05/01/1985	09/02/2007	Active	NO
5	U17120MH1983PLC029380	JATAYU TEXTILES AND INDUSTRIES LIMITED	Director	06/03/1985	06/03/1985	-	Active	NO
6	U67120MH1982PLC027789	FIVE-STAR TRADING AND INVESTMENT COMPANY LIMITED	Director	13/06/1986	13/06/1986	-	Active	NO
7	L74999MH1985PLC035047	ARONI COMMERCIALS LIMITED	Director	01/09/1987	01/09/1987	17/01/2011	Active	NO
8	U80300MH1987GAP042663	G.D.BIRLA MEDICAL RESEARCH AND EDUCATION FOUNDATION	Director	21/09/1987	21/09/1987	-	Active	NO
9	U55100MH1988GAP046130	VAIBHAV MEDICAL AND EDUCATION FOUNDATION	Director	05/02/1988	05/02/1988	-	Active	NO
10	U27200MH1985PLC035603	PARK AVENUE ENGINEERING LIMITED	Director	15/09/1990	15/09/1990	-	Active	NO
11	U25202MH1988PTC048570	MAHAVIR BOX MANUFACTURERS PRIVATE LIMITED	Director	30/10/1992	30/10/1992	-	Strike off	NO
12	L24249MH1984PLC032170	GEECEE VENTURES LIMITED	Whole-time director	09/08/2010	12/05/1993	-	Active	NO
13	L52110DL1985PLC020240	MEENAKSHI STEEL INDUSTRIES LIMITED	Director	07/09/1993	07/09/1993	-	Active	NO
14	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	08/12/1993	08/12/1993	-	Active	NO
15	U67120MP1998PTC012984	SAM-JAG-DEEP INVESTMENTS PRIVATE LIMITED	Director	31/07/1998	31/07/1998	20/12/2010	Active	NO
16	L31300MH1989PLC054356	PRECISION WIRES INDIA LIMITED	Director	23/07/1999	23/07/1999	-	Active	NO
17	U85199PN2001PLC019881	ADITYA BIRLA HEALTH SERVICES LIMITED	Director	20/04/2001	20/04/2001	-	Active	NO
18	U65990MH1995PTC088410	FOUR DIMENSIONS CAPITAL MARKETS PRIVATE LIMITED	Director	30/09/2010	18/08/2010	-	Active	NO
19	U01403MH2011PTC222013	NEW METHOD AGRIPLANT PRIVATE LIMITED	Director	14/09/2011	14/09/2011	-	Active	NO
20	U01403MH2011PTC222023	RIVEREND AGRO PRIVATE LIMITED	Director	15/09/2011	15/09/2011	-	Active	NO
21	U01400MH2011PTC222108	FRESHWATER FARMS PRIVATE LIMITED	Director	17/09/2011	17/09/2011	-	Active	NO

Name :

Mr. Sunil Kumar Daga

Designation :

Director

Address:

Rajanigandha, 25 Ballygunge Park, Flat No, 14 W, Kolkata - 700 019, West Bengal, India

Date of Birth :

06.03.1941

Qualification:

B.COM

Date of Appointment :

18.07.1975

PAN No.:

ACUPD8176C

DIN No.:

00441579

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	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	18/07/1975	18/07/1975	-	Active	NO
2	U70101WB1980PLC032592	RAJNIGANDHA APARTMENTS LIMITED	Director	30/04/1982	30/04/1982	-	Active	NO
3	U67120MH1982PLC027789	FIVE-STAR TRADING AND INVESTMENT COMPANY LIMITED	Director	31/08/1982	31/08/1982	-	Active	NO
4	U67120MH1982PTC028252	RAJRATNA HOLDINGS PRIVATE LIMITED	Director	25/07/1984	25/07/1984	-	Active	NO
5	U70109WB1985PLC038472	PIC PROPERTIES LIMITED.	Director	04/09/1986	04/09/1986	-	Active	NO
6	U34300WB1990FTC049600	V.E. MOTOR ACCESSORIES AND COMPONENTS PRIVATE LIMITED.	Director	10/08/1990	10/08/1990	-	Active	NO
7	U74899DL1990PTC041298	AMARAWATI EXPORTS PRIVATE LIMITED	Director	28/08/1990	28/08/1990	-	Strike off	NO
8	L51109WB1982PLC034798	UMANG COMMERCIAL CO LIMITED	Director	30/06/1992	30/06/1992	-	Active	NO
9	U65920MH1987PTC044226	MRAGYA FINANCE AND INVESTMENT PRIVATE LIMITED	Director	27/08/1992	27/08/1992	-	Active	NO
10	L99999MH1985PLC035905	MANSOON TRADING COMPANY LIMITED	Director	06/09/1993	06/09/1993	-	Active	NO
11	L74140WB1983PLC036546	MANGALAM SERVICES LIMITED	Director	31/12/1994	31/12/1994	-	Active	NO
12	U29130WB1996PLC079441	MADHUSUDAN ELECTRO CIRCUIT SYSTEMS LIMITED	Director	22/04/1996	22/04/1996	-	Active	NO
13	U51109WB1998PTC087058	RAJNIGANDHA VANIJYA PRIVATE LIMITED	Whole-time director	13/04/1998	13/04/1998	-	Active	NO
14	U31200WB1987PTC042919	NOUVELLE TEA PRIVATE LIMITED	Director	18/01/2002	18/01/2002	30/06/2010	Active	NO
15	U34300WB1978PTC031822	MAHANAGAR ENGINEERING PRIVATE LIMITED	Director	07/04/2005	07/04/2005	-	Active	NO
16	L51909WB1983PLC035853	HERITAGE HOUSING FINANCE LIMITED	Director	31/10/2005	31/10/2005	-	Active	NO
17	U15421WB1913PLC002430	AMARAWATI TEA CO LIMITED	Whole-time director	01/04/2011	28/09/2006	-	Active	NO
18	U74930WB2009PTC132962	HILAND SAPPHIRE MAINTENANCE COMPANY PRIVATE LIMITED	Director	20/02/2009	20/02/2009	28/06/2010	Active	NO
19	U65993WB1981PTC034105	RAJNIGANDHA PROMOTIONS PRIVATE LIMITED	Director	17/03/2010	17/03/2010	-	Active	NO
20	U74900WB2012NPL187487	RAJNIGANDHA OWNERS ASSOCIATION	Director	19/10/2012	19/10/2012	-	Active	NO

Name :

Mr. Manish Newar

Designation :

Director

Address:

Kusum Apartments, 11 Gurusaday Road, 6th Floor, Flat No. 63/64, Kolkata – 700019, West Bengal

Date of Birth :

30.03.1969

Qualification:

B.COM, MBA

Date of Appointment :

08.12.1993

PAN No.:

ABKPN2310B

DIN No.:

00469539

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	U01132WB1986PTC041068	DUKENHENGRA TEA PRIVATE LIMITED	Director	24/06/1992	24/06/1992	-	Active	NO
2	U65993WB1980PTC032694	KUSHAL INVESTMENT PRIVATE LIMITED	Director	15/10/1992	15/10/1992	-	Active	NO
3	U01132WB1955PTC022727	HALMIRA ESTATE TEA PRIVATE LIMITED	Director	21/11/1992	21/11/1992	-	Active	NO
4	U45200WB1986PTC040083	HALMIRA PROPERTIES PRIVATE LIMITED	Director	23/11/1992	23/11/1992	-	Active	NO
5	U65990MH1984PLC033112	SAMBHAW FINANCE AND TRADING COMPANY LIMITED	Director	30/08/1993	30/08/1993	-	Active	NO
6	L27300MH1983PLC029360	NILKANTH ENGINEERING LIMITED	Director	06/09/1993	06/09/1993	-	Active	NO
7	U51900MH1984PLC033049	SUNAYNA TRADE AND INVESTMENT COMPANY LIMITED	Director	30/09/1993	30/09/1993	-	Active	NO
8	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED.	Director	08/12/1993	08/12/1993	-	Active	NO
9	U27101WB1983PLC154615	ARVIND PRESS CAPS LIMITED	Managing director	01/10/2009	01/10/1994	-	Active	NO
10	U27203WB1967PTC027082	ARVIND METALS AND MINERALS PRIVATE LIMITED	Director	02/01/1995	02/01/1995	-	Active	NO
11	U01132WB1984PTC151081	THRIBHUVAN ASSOCIATES PRIVATE LIMITED	Director	16/01/1996	16/01/1996	-	Amalgamated	NO
12	U30008WB1997PLC085366	KOOL KIDZ PRODUCTS LIMITED	Director	26/11/1997	26/11/1997	-	Active	NO
13	U45203WB1945PTC012185	U P PAPER CORPORATION PRIVATE LIMITED	Director	30/12/1997	30/12/1997	-	Active	NO
14	U70109WB1996PTC076743	MANJUSHREE PROPERTIES PRIVATE LIMITED	Director	26/10/1998	26/10/1998	-	Active	NO
15	U70101WB1996PTC076744	UMASHREE PROPERTIES PRIVATE LIMITED	Director	23/09/2004	23/09/2004	-	Active	NO
16	L29130WB1991PLC050797	T AND I GLOBAL LIMITED.	Director	31/01/2007	31/01/2007	-	Active	NO
17	U45200WB2007PTC113586	AMBROSIA NIRMAN PRIVATE LIMITED	Director	20/03/2007	20/03/2007	29/11/2010	Active	NO
18	U72300DL2006PTC56712	OSS CUBE SOLUTIONS PRIVATE LIMITED	Director	07/11/2012	07/11/2012	-	Active	NO

Name :

Mr. Nagendra Chandra Shah

Designation :

Director

Address:

1, Burdwan Road, Alipore, Kolkata - 700 027, West Bengal, India

Date of Birth :

10.08.1935

Qualification:

B.COM, L.L.B

Date of Appointment :

05.11.1973

PAN No.:

AMKPS3622A

DIN No.:

00442180

KEY EXECUTIVES

Name :	Mr. Narendra Singh
Designation :	Company Secretary
Address :	T2/F3/G2, Eastern High, Society New Town, Kolkata – 700156, West Bengal, India
Date of Birth/Age :	26.05.1972
Date of Appointment :	25.06.2012
PAN No.:	AAOLPS3188L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 24.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

As on: 24.09.212

PREFERENCE SHAREHOLDERS

Names of Preference Share	No. of Preference Share
Surya Abha Investment Pte Limited, India	29920000
Total	29920000

Equity Share Break up (Percentage of Total Equity)

As on: 24.09.2012

Category	Percentage
Public financial companies	0.01
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	7.86
Bodies corporate	86.51
Directors or relatives of directors	3.19
Other top fifty shareholders	2.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Low Carbon Ferro Alloys and HDPE/PP Woven Sacks and Iron Ore.

Products :

• Ferro Molybdenum (Lumps/Powder)
• Ferro Vanadium (Lumps/Powder)
• Ferro Titanium (Lumps/Powder)
• Vanadium Pentoxide (Fused/Unfused)
• Calibrated Ores
• Fine Ores

ITEM Code No.	Product description
39231000.00	Low Carbon ferro Alloys and HDPE/PP Woven Sacks
260111	Iron Ore
7202	Ferro Molybdenum
7202	Ferro Vanadium

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Corporate Accounts Group Branch, Reliance House, 2nd Floor, 34,Jawaharlal Nehru Road, Kolkata - 700071, West Bengal, India
• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Fully convertible debentures intercorporate	10001.000	12993.000
Short term borrowings
Rupee term loans from banks	1140.000	0.000
Loans repayable on demand	11.229	13.184
Other loans and advances	303.492	0.000
Total	11455.721	13006.184

Banking Relations :	--
Finance Institutions:	IDBI Trusteeship Services Limited, Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India Unit Trust Of India Investment Advisory Services Limited, Uti Tower Gn Blockbandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	22, Camac Street, Block C, 3^rd Floor, Kolkata - 700016, West Bengal, India
PAN No.:	AALFS0506L
Subsidiaries : (As on 31.03.2011)	IGH Holding Private Limited [U64200MH2000PTC129356] SL Base Metal Mining Company Private Limited [U13209WB2007PTC120292] AB Base Metal Mining Company Private Limited [U13209WB2007PTC120294] AB PGM Mining Company Private Limited [U13209WB2007PTC120296] SL PGM Mining Company Private Limited [U10200WB2007PTC120295] Bhubaneshwari Coal Mining Limited [w.e.f. 21.09.2010] Rajmahal Coal Mining Limited

CAPITAL STRUCTURE

As on: 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
299000000	Preference Shares	Rs.100/- each	Rs.29900.000 Millions
	Total		Rs.30000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
534735	Equity Shares	Rs.10/- each	Rs.5.347 Millions
29920000	Preference Shares	Rs.100/- each	Rs.2992.000 Millions
	Total		Rs.2997.347 Millions

As on 31.03.2013

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
299000000	Preferences Shares	Rs.100/- each	Rs.29900.000 Millions
	Total		Rs.30000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
492695	Equity Shares	Rs.10/- each	Rs.4.927 Millions
29920000	Preferences Shares	Rs.100/- each	Rs.2992.000 Millions
	Total		Rs.2996.927 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	2,997.347	2,997.347	2,996.927
(b) Reserves & Surplus	62,013.819	54,906.288	46,899.051
(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)	65,011.166	57,903.635	49,895.978
(3) Non-Current Liabilities
(a) long-term borrowings	10,001.000	12,993.000	15,985.000
(b) Deferred tax liabilities (Net)	634.699	440.405	347.271
(c) Other long term liabilities	193.500	96.700	0.000
(d) long-term provisions	40.368	37.786	41.457
Total Non-current Liabilities (3)	10,869.567	13,567.891	16,373.728
(4) Current Liabilities
(a) Short term borrowings	9,162.846	954.570	5.959
(b) Trade payables	2,595.207	2,204.940	2,347.599
(c) Other current liabilities	1,277.954	2,085.785	3,093.120
(d) Short-term provisions	379.313	391.237	181.469
Total Current Liabilities (4)	13,415.320	5,636.532	5,628.147
TOTAL	89,296.053	77,108.058	71,897.853
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4,872.736	4,894.572	4,449.748
(ii) Intangible Assets	32.826	0.000	0.000
(iii) Capital work-in-progress	759.192	653.177	646.652
(iv) Intangible assets under development	0.000	20.633	0.000
(b) Non-current Investments	33,383.767	32,809.331	26,610.578
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	47,083.032	34,871.672	32,326.076
(e) Other Non-current assets	1.546	1.493	1.544
Total Non-Current Assets	86,133.099	73,250.878	64,034.598
(2) Current assets
(a) Current investments	0.169	0.200	3,783.301
(b) Inventories	929.511	1,134.474	910.776
(c) Trade receivables	661.933	610.784	716.630
(d) Cash and cash equivalents	334.568	621.125	133.402
(e) Short-term loans and advances	1,066.870	1,355.117	2,148.252
(f) Other current assets	169.903	135.480	170.894
Total Current Assets	3,162.954	3,857.180	7,863.255
TOTAL	89,296.053	77,108.058	71,897.853

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	22,189.769	15,159.645	22,766.697
	Other Income	424.701	444.495	1,021.531
	TOTAL (A)	22,614.470	15,604.140	23,788.228
Less	EXPENSES
	Cost of Materials Consumed	1,444.878	1,414.648	1,500.854
	Purchases of Stock-in-Trade	0.000	0.000	80.646
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	250.590	(238.482)	11.463
	Employees benefits expense	933.458	773.766	638.991
	Other expenses	6,874.662	7,415.594	9,689.610
	TOTAL (B)	9,503.588	9,365.526	11,921.564
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	13,110.882	6,238.614	11,866.664
Less	FINANCIAL EXPENSES (D)	1,964.707	1,816.303	2,063.687
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	11,146.175	4,422.311	9,802.977
Less/ Add	DEPRECIATION/ AMORTISATION (F)	441.461	367.621	350.122
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	10,704.714	4,054.690	9,452.855
Less	TAX (I)	3,263.704	1,203.019	2,564.932
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	7,441.010	2,851.671	6,887.923
	EARNINGS IN FOREIGN CURRENCY	2,243.900	NA	NA
	Earnings / (Loss) Per Share (Rs.)	13,297.54	4,780.32	13,308.48

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	32.90	18.28	28.96
Net Profit Margin (PBT/Sales)	(%)	48.24	26.75	41.52
Return on Total Assets (PBT/Total Assets}	(%)	19.41	9.29	21.18
Return on Investment (ROI) (PBT/Networth)		0.16	0.07	0.19
Debt Equity Ratio (Total Debt/Networth)		0.29	0.25	0.32
Current Ratio (Current Asset/Current Liability)		0.24	0.68	1.40

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	2,996.927	2,997.347	2,997.347
Reserves & Surplus	46,899.051	54,906.288	62,013.819
Net worth	49,895.978	57,903.635	65,011.166
long-term borrowings	15,985.000	12,993.000	10,001.000
Short term borrowings	5.959	954.570	9,162.846
Total borrowings	15,990.959	13,947.570	19,163.846
Debt/Equity ratio	0.320	0.241	0.295

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	22,766.697	15,159.645	22,189.769
		(33.413)	46.374

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	22,766.697	15,159.645	22,189.769
Profit	6,887.923	2,851.671	7,441.010
	30.25%	18.81%	33.53%

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	Yes
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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Short term borrowings
Term loans from banks	830.000	0.000
Loans repayable on demand from banks	189.111	0.000
Loans repayable on demand from others	19.000	0.000
Commercial paper	6000.000	0.000
Other loans and advances	670.014	941.386
Total	7708.125	941.386

OVERVIEW AND REVIEW OF OPERATIONS

During the year, the net revenue from operations of the Company grew by 46.37%, from Rs. 1,5159.600 millions to Rs. 2,2189.800 millions. Similarly, profit after tax for the year stood at Rs. 7441.000 millions vis - - vis Rs. 2851.700 millions in the previous year, registering a growth of 160.93% on year - on - year basis. Mining Division continues to be the key contributor to the profit. It recorded a total EBITDA of Rs. 1,3455.000 millions vis - - vis Rs. 6376.100 millions achieved in the previous year. The Ferro - Chem Division posted higher results in comparison to the last fiscal i.e. EBITDA of Rs. 98.400 millions as against Rs. 78.900 millions. The EBITDA of the Wind Power Division was higher at Rs. 485.100 millions in FY 2012 - 13 in comparison to Rs. 473.000 millions in FY 2011 - 12. The lease rental income of the Company’s Solar business stood at Rs. 115.500 millions as against Rs. 51.700 millions in FY 2011 - 12.During the second half of FY 2012 - 13, regulatory constraints and directives of the Government of Odisha, limiting production of iron ore for captive consumption, affected Mining operations.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10479349	31/01/2014	1,095,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B97105308
2	10475842	23/01/2014	500,000,000.00	CITIFINANCIAL CONSUMER FINANCE INDIA LIMITED	3 LOCAL SHOPPING COMPLEX, PUSHP VIHAR, NEW DELHI,  DELHI - 110062, INDIA	B95587762
3	10392661	01/12/2012	400,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	B64403090
4	10123016	10/04/2013 *	7,950,000,000.00	STATE BANK OF INDIA (LEAD BANK)	CORPORATE ACCOUNTS GROUP BRANCH, RELIANCE HOUSE, 34, JAWAHARLAL NEHRU ROAD, KOLKATA, WEST BENGAL -  700071, INDIA	B74695453
5	10096826	27/09/2013 *	10,001,000,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP AMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA	B86520624

FIXED ASSETS:

• Goodwill
• Freehold Land
• Leasehold Land
• Mining Lease and Mining Rights
• Buildings
• Railway Sidings
• Plant and Machinery
• Furniture, Fixtures and Fittings
• Vehicles
• Cylinders

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 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. 61.51
UK Pound	1	Rs. 102.21
Euro	1	Rs. 85.22

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		70

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.