MIRA INFORM REPORT

Report Date :

02.05.2014

IDENTIFICATION DETAILS

Name :	ADHUNIK METALIKS LIMITED (w.e.f 09.08.2005)
Formerly Known As :	NEEPAZ METALIKS LIMITED (w.e.f 18.02.2004) NEEPAZ METALIKS PRIVATE LIMITED
Registered Office :	Chadri Hariharpur, P.O.- Kuarmunda, Sundargarh – 770039, Orissa
Country :	India
Financials (as on) :	30.06.2013
Date of Incorporation :	20.11.2001
Com. Reg. No.:	15-017271 (New) 21-093945 (Old)
Capital Investment / Paid-up Capital :	Rs.1234.995 Millions
CIN No.: [Company Identification No.]	L28110OR2001PLC017271 (New) L28110WB2001PLC093945 (Old)
TAN No.: [Tax Deduction & Collection Account No.]	RCHN00117F
PAN No.: [Permanent Account No.]	AABCN5676P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture and Sale of Steel, Both Alloy and Non Alloy.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 48930000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a flagship company of “Adhunik Group”. It is an established company having moderate track record. The company possesses a moderate financial profile marked by adequate networth base along with deterioration in cash reserves and working capital intensive operations resulting in dependency on borrowings. Management has reported a consecutive loss for previous years which further acts as a threat to the business profile during FY2013. The ratings also take into consideration the unfavourable gap between trade receivables and payables which may also deteriorate the liquidity profile. However, we found that the group has planned a restructuring exercise, the proposed merger between the group companies would develop positive synergies resulting in increasing operational efficiency by cutting inventories and smoothly the flow of operations. Trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of established presence in eastern part of the country, the company can be considered for business dealings with 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	India Ratings and Research
Rating	BBB (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October 17, 2013

Rating Agency Name	India Ratings and Research
Rating	A2 (Non Fund Based Limits)
Rating Explanation	Strong degree of safety and low credit risk.
Date	October 17, 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 DENIED

Management Non Co-Operative (91-661-2586001)

LOCATIONS

Registered Office / Factory 1 :	Chadri Hariharpur, P.O.- Kuarmunda, Sundargarh – 770039, Orissa, India
Tel. No.:	91-661-2586001-04 / 2586006 / 3051300 / 2401974/60/46
Fax No.:	91-661-2586005
E-Mail :	bvarughese@adhunikgroup.co.in
Website :	www.adhunikgroup.com
Location :	Owned
Corporate Office :	Lansdowne Towers, 2/1A, Sarat Bose Road, Kolkata-700020, West Bengal, India
Tel. No.:	91-33-30517100 (30 Lines)
Fax No.:	91-33-22890285
E-Mail :	info@adhunikgroup.com
Factory 2 :	Kandra Chowka Road, P.O: Kandra District Saraikela-Kharswan Jharkhand - 832402, India
Tel. No.:	91-6597-3298932/3292943
Fax No.:	91-6597-255413/422/411
Branch Office :	14 N S Road, 2^nd Floor, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22428551/8553
Tele Fax No. :	91-33-22428553
Fax No.:	91-33-22428551
Marketing Offices :	Located At: West Bengal Jharkhand Orissa Punjab Haryana Maharashtra Karnataka

DIRECTORS

As on: 30.06.2013

Name :	Mr. Ghanshyamdas Agarwal
Designation :	Chairman
Date of Birth/Age :	16.10.1957
Name :	Mr. Jugal Kishore Agarwal
Designation :	Director
Date of Birth/Age :	05.10.1951
Name :	Mr. Nirmal Kumar Agarwal
Designation :	Director
Date of Birth/Age :	11.11.1962
Name :	Mr. Mohan Lal Agarwal
Designation :	Director
Date of Birth/Age :	10.05.1964
Name :	Mr. Mahesh Kumar Agarwal
Designation :	Director
Date of Birth/Age :	10.05.1966
Name :	Mr. Nihar Ranjan Hota
Designation :	Director
Name :	Mr. Ram Gopal Agarwal
Designation :	Director
Name :	Mr. Nandanandan Mishra
Designation :	Director
Name :	Mr. Raghaw Sharan Pandey
Designation :	Director
Name :	Mr. Surendra Mohan Lakhotia
Designation :	Director
Name :	Mr. Manoj Kumar Agarwal
Designation :	Director
Date of Birth/Age :	06.08.1969

KEY EXECUTIVES

Name :	Mr. Anand Sharma
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2014

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	11103634	8.99
Bodies Corporate	68809537	55.72
Sub Total	79913171	64.71
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	79913171	64.71
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2000000	1.62
Financial Institutions / Banks	4942366	4.00
Foreign Institutional Investors	6516720	5.28
Sub Total	13459086	10.90
(2) Non-Institutions
Bodies Corporate	12232806	9.91
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7417169	6.01
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4420964	3.58
Any Others (Specify)	6056340	4.90
Non Resident Indians	303822	0.25
Clearing Members	288338	0.23
Overseas Corporate Bodies	1000	0.00
Foreign Corporate Bodies	5463180	4.42
Sub Total	30127279	24.39
Total Public shareholding (B)	43586365	35.29
Total (A)+(B)	123499536	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	123499536	0.00

BUSINESS DETAILS

Line of Business :

Manufacture and Sale of Steel, Both Alloy and Non Alloy.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Allahabad Bank
• Bank of Baroda
• Bank of India
• Bank of Maharashtra
• Canara Bank
• Corporation Bank
• HDFC Bank Limited
• ICICI Bank Limited
• Indian Overseas Bank
• IndusInd Bank
• Oriental Bank of Commerce
• Punjab National Bank
• State Bank of Bikaner and Jaipur
• State Bank of India
• State Bank of Mysore
• State Bank of Patiala
• State Bank of Travancore
• Syndicate Bank
• UCO Bank
• Union Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 30.06.2013	As on 30.06.2012
LONG TERM BORROWINGS
Term Loans
Rupee loans from banks	5851.078	5416.400
Defered Payment Liabilities
Vehicle / Equipment Loans	49.763	43.941
SHORT TERM BORROWINGS
Cash credits from banks	6114.115	4741.006
Export Packing credit loan (in foreign currency)	134.324	140.773
Short Term Loan from Bank	0.000	500.000
Total	12149.280	10842.120

Note:

LONG TERM BORROWINGS

Nature of security -

i) The rupee term loans from banks amounting to Rs.4596.175 Millions (Rs.6614.100 Millions) are secured by first charge over all the fixed assets of the Company, at Chadrihariharpur, Kuarmunda, Distt. Sundargarh, Orissa, both present and future, ranking pari passu with the charges created / to be created in favour of other existing and proposed Institutions / Banks and second pari-passu charge on all the current assets of the Company.

ii) The rupee term loans from banks amounting to Rs.1500.000 Millions (Rs. Nil Millions) are secured by first charge over all the fixed assets of the Company, at Chadrihariharpur Kuarmunda, Distt. Sundargarh, Orissa and over all the fixed assets of the wholly owned subsidiary Company, Orissa Manganese and Minerals Limited, and Zion Steel Limited, the enterprises over which Key Management Personnel have significant influence, both present and future, ranking pari passu with the charges created / to be created in favor of other existing and proposed Institutions / Banks and second pari-passu charge on all the current assets of the Company, Orissa Manganese and Minerals Limited and Zion Steel Limited under obligor co-obligor structure.

iii) The rupee term loans from banks amounting to Rs.1159.375 Millions (Rs.1375.000 Millions) are secured by second charge on entire movable and immovable fixed assets of the Company.

iv) The rupee term loans from banks amounting to Rs. Nil Millions (Rs.9125.00 Millions) are secured by a subservient charge on the fixed and current assets of the Company.

v) The rupee Term Loans of Rs.7255.550 Millions (Rs.8901.600 Millions) from banks are further secured by the personal guarantee of one or more promoter directors of the Company.

vi) Finance against equipments/vehicles/housing are secured by hypothecation of the respective equipments/vehicles/housing.

SHORT TERM BORROWINGS

(a) Cash credit from banks of Rs.6114.515 Millions (Rs.4741.006 Millions) which is repayable on demand and export packing credit facilities from banks of Rs.134.324 Millions (Rs.140.773 Millions) which is repayable within one year, are secured by first charge by way of hypothecation of entire stock of raw materials, finished goods, process stock, trade receivables and other current assets (both present and future) ranking pari passu amongst working capital lenders. The same are further secured by second charge on pari-passu basis together with other working capital lenders over the fixed assets of the Company. Cash credit from banks carry interest ranging between bank base rate (ranging from 9.70% to 10.20%) plus 3.75% to 4.25% per annum. Export packing credit facilities from banks carry interest of LIBOR plus 4.00% per annum.

(b) Short term rupee loan from bank (secured) of Rs. Nil (Rs.500.000 Millions) is secured by a first charge on all the fixed assets of the Company ranking pari passu with other lenders. The loan has already been paid during the year.

(c) Cash credit from banks of Rs.6114.115 Millions (Rs.4741.006 Millions) as well as Short term loans from Banks of Rs. Nil Millions (Rs.500.000 Millions) are further secured by the personal guarantee of one or more promoter directors of the Company.

Banking Relations :	--
Auditors :
Name :	Das and Prasad Chartered Accountants
Subsidiary/Step down Subsidiary Companies :	Orissa Manganese and Minerals Limited Adhunik Power and Natural Resources Limited Adhunik Power and Transmission Limited (Ceased to be a subsidiary company w.e.f 1st November 2011) Neepaz V Forge (India) Limited (Ceased to be a subsidiary company w.e.f 27th April 2012)
Enterprises over which Key Management Personnel / Share Holders / Relatives have significant influence :	Adhunik Alloys and Power Limited Adhunik Infotech Limited Adhunik Industries Limited Adhunik Corporation Limited Adhunik Steels Limited Mahananda Suppliers Limited Zion Steel Limited

CAPITAL STRUCTURE

As on: 30.06.2013

No. of Shares	Type	Value	Amount
145180000	Equity Shares	Rs.10/- each	Rs.1451.800 Millions
2000	Preference Shares	Rs.100/- each	Rs. 0.200 Million
	TOTAL		Rs.1452.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
123499536	Equity Shares	Rs.10/- each	Rs.1234.995 Millions

(a) Terms/rights attached to equity shares

(i) The Company has only one class of equity shares having a par value of H10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the General Meeting.

(ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(iii) During the period ended 30th June, 2013, the amount of per share dividend recognized as distribution to equity shareholders is H Nil per share (H Nil per share).

(b) Aggregate number of bonus shares issued and shares issued for consideration other than cash during the period of five years immediately preceding the reporting date

Particular	As at 30th June, 2013 Numbers
Equity Shares of H10 each issued to the shareholders of Vedvyas Ispat Limited under the scheme of amalgamation dated 16th December, 2009 approved by the court.	1,259,590
Equity Shares of H10 each issued to the shareholders of Sri M.P. Ispat and Power Private Limited under the scheme of amalgamation dated 16th September, 2009 approved by the court.	2,773,732

(c) Details of shareholders holding more than 5% shares in the Company

Name of the Shareholder	As at 30th June, 2013
	No. of shares	% holding
Equity shares of H10 each fully paid
Mahananda Suppliers Limited	29,993,485	24.29%
Sungrowth Share and Stocks Limited	29,001,592	23.48%
Shyam Vatika Advisors LLP	7,436,741	6.02%

As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

(d) Employee Stock Options Scheme

For details related to shares reserved for issue under Employee Stock Option (ESOP) plan of the Company

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.03.2013 (12 Months)	30.06.2012 (15 Months)	31.03.2011 (12 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1234..995	1234.995	1234.995
(b) Reserves & Surplus	10997.981	11161.575	5173.653
(c) Money received against share warrants	0.000	0.000	0.000
	0
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	12232.976	12396.570	6408.648
(3) Non-Current Liabilities
(a) long-term borrowings	5900.841	5460.341	7475.924
(b) Deferred tax liabilities (Net)	858.320	956.831	1471.302
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	47.301	38.917	36.196
Total Non-current Liabilities (3)	6806.462	6456.089	8983.422
(4) Current Liabilities
(a) Short term borrowings	6248.439	5381.779	4727.464
(b) Trade payables	8259.140	7382.189	5098.996
(c) Other current liabilities	5061.997	4347.850	1712.234
(d) Short-term provisions	10.802	29.543	192.944
Total Current Liabilities (4)	19580.378	17141.361	11731.638
TOTAL	38619.816	35994.020	27123.708
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13737.876	14637.972	12613.556
(ii) Intangible Assets	4140.830	4313.534	19.940
(iii) Capital work-in-progress	2976.562	703.945	424.040
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	732.552	732.581	2070.733
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1624.040	788.252	604.046
(e) Other Non-current assets	406.744	368.566	458.549
Total Non-Current Assets	23618.604	21544.850	16190.864
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7142.717	8869.116	6577.903
(c) Trade receivables	4930.278	2586.700	2973.714
(d) Cash and cash equivalents	69.525	245.512	127.483
(e) Short-term loans and advances	1815.608	1447.216	1015.211
(f) Other current assets	1043.084	1300.626	238.533
Total Current Assets	15001.212	14449.170	10932.844
TOTAL	38619.816	35994.020	27123.708

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2013 (12 Months)	30.06.2012 (15 Months)	31.03.2011 (12 Months)
	SALES
		Income	16537.799	18584.240	14407.748
		Other Income	673.320	415.561	489.962
		TOTAL (A)	17211.119	18999.801	14897.710
Less	EXPENSES
		Cost of Raw Materials Consumed	7282.089	11192.836	8360.051
		Purchase of Stock-in-trade	1113.035	837.108	151.483
		Employee benefits expense	516.312	595.074	577.822
		Other expenses	3477.458	4896.117	4461.502
		Exceptional items	0.000	(595.959)	0.000
		(Increase)/ decrease in inventories of Finished Goods, Work-in-Progress, Stock-in-trade and By-Products	1656.099	(1616.956)	(2020.013)
		TOTAL (B)	14044.993	15308.220	11530.845
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3166.126	3691.581	3366.865
Less	FINANCIAL EXPENSES (D)		2276.182	3009.019	1825.043
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		889.944	682.562	1541.822
Less/ Add	DEPRECIATION/ AMORTISATION (F)		960.253	1131.447	875.761
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(70.309)	(448.885)	666.061
Less	TAX (H)		(98.511)	(443.668)	97.452
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		28.202	(5.217)	568.609
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2475.467	2480.684	2126.606
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	28.430
		Dividend	0.000	0.000	185.249
		Tax on Dividend	0.000	0.000	0.852
	BALANCE CARRIED TO THE B/S		2503.669	2475.467	2480.684
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4194.122	3471.369	1047.117
	TOTAL EARNINGS		4194.122	3471.369	1047.117
	IMPORTS
		Raw Materials	2522.428	3097.881	2089.506
		Stores & Spares	65.541	111.341	104.580
		Capital Goods	7.265	111.921	0.000
	TOTAL IMPORTS		2595.234	3321.143	2194.086
	Earnings Per Share (Rs.)		0.23	(0.04)	4.60

KEY RATIOS

PARTICULARS		30.06.2013 (12 Months)	30.06.2012 (15 Months)	31.03.2011 (12 Months)
PAT / Total Income	(%)	0.00	(0.03)	3.82
Net Profit Margin (PBT/Sales)	(%)	(0.43)	(2.42)	4.62
Return on Total Assets (PBT/Total Assets}	(%)	(0.20)	(1.30)	2.70
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.04)	0.10
Debt Equity Ratio (Total Debt/Networth)		0.99	0.87	1.90
Current Ratio (Current Asset/Current Liability)		0.77	0.84	0.93

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	30.06.2012	30.06.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1,234.995	1,234.995	1,234.995
Reserves & Surplus	5,173.653	11,161.575	10,997.981
Net worth	6,408.648	12,396.570	12,232.976
long-term borrowings	7,475.924	5,460.341	5,900.841
Short term borrowings	4,727.464	5,381.779	6,248.439
Total borrowings	12,203.388	10,842.120	12,149.280
Debt/Equity ratio	1.904	0.875	0.993

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	30.06.2012	30.06.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	14,407.748	18,584.240	16,537.799
		28.988	(11.012)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	30.06.2012	30.06.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	14,407.748	18,584.240	16,537.799
Profit	568.609	(5.217)	28.202
	3.95%	(0.03%)	0.17%

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

OPERATIONS

The period 2012-13 was one of the most challenging financial year faced by the Company during its existence for economic and sectoral factors that had a bearing on the Company’s performance. The steel sector reported one of its slower growth rates in recent years as infrastructure speeding and industrial growth declined.

Even India reported its slower growth in a decade, the Company achieved net sales of Rs.16718.553 Millions and profit after tax of Rs.282.02 Millions in FY 2013. Sales volume of their rolled steel product declined during the year due to weak demand from auto sector.

The Company’s consolidated net sales is Rs.30218.013 and profit after tax is Rs.871.980 Millions in financial year 2013. The Company’s consolidated sales also include contribution from the power business which had commenced during the year. The performance of their steel business has been modest given the challenges in the steel sector. While their focus on backward integration partially mitigated these impact, they continue to focus on bringing in efficiencies to improve overall corporate performance.

Orissa Manganese and Minerals Limited (OMML), a wholly-owned subsidiary of the Company’s value addition business of 1.2 MTPA saw the first full year of operations after commencement last year. OMML achieved production volumes of 0.85 MT during the year contributing net revenue of Rs.6055.300 Millions i.e. around 65% of the total net revenues of the Company. OMML mining business also performed decently despite having faced regulatory issues in Indian mining industry. OMML achieved iron ore sales volume of 0.81 MT and manganese ore volumes of 0.04 MT during the year.

Adhunik Power and Natural Resources Limited (APNRL), a step down subsidiary of the Company, it’s 1st Unit of 270 MW was successfully commissioned on January 21, 2013 after it was synchronised on November 13, 2012. The 2nd unit of 270MW was also commissioned on May 19, 2013 after being synchronised on March 29, 2013. Therefore the project of 540MW power generation has since been commissioned and commercial generation begun. APNRL is receiving coal from CCL as part of tapering linkage. The progress for operation of coal block at Ganeshpur, Jharkhand jointly allotted to the Company together with Tata Steel Limited, is progressing reasonably well. APNRL has tied-up the sale of power for both the Units by executing necessary agreements.

SCHEME OF AMALGAMATION

On July 22, 2013, the Company announced the amalgamation of Zion Steel Limited (ZSL) with itself and amalgamation of the Company (after effecting amalgamation of ZSL with the Company) with Orissa Manganese and Minerals Limited (OMML) through a composite schem ofamalgamationto be sanctioned through a court approval process. The Company has initiated necessary steps to achieve the desired objective of amalgamation. The amalgamation will benefit the members viz.

It will provide a wide product portfolio and a high level of integration to the Amalgamated Company’s operations and better operational management by integrating the respective technical, financial and other expertise and resources

It will lead to significant cost and operational efficiencies that will help the Amalgamated Company in keeping its business competitive in the long run.

It will be an integrated unit in true sense as it would be capturing the entire value chain viz. minerals to metal.

It will facilitate debt consolidation of Amalgamating Companies in the Amalgamated Company which will improve the debt servicing abilities through improved cash flows and simplified administration of debt both for the companies and for the lenders.

Synergies arising out of consolidation of business such as enhancement of net worth of the combined business, improved alignment of debt and cash flows and enhancement in earnings and cash flow visibility will help the amalgamated company to improve its credit rating and reduce its cost of capital.

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMY

The world economy weakened considerably during 2012 and is expected to remain subdued for the coming two years. The global economy growth hovered around 3.1 % in 2012, lower than 2011 (3.9%), on account of the Eurozone debt crisis, inflation and market volatility. The United States, the largest economy, posted better numbers (2.2% in 2012 against 1.8% in 2011). The eurozone reported a negative growth of 0.6% and China’s growth slowed from 9.3% to 7.8%. The global economy is expected to mend gradually, projected to grow at 3.1 % in 2013 and at 3.8 % in 2014.

Indian economy

The growth of the Indian economy hovered around 5% in 2012-13, the lowest in a decade, on account of poor performances in its manufacturing, agriculture and service sectors. The moderation in growth was primarily attributable to weaknesses in industry (mining and quarrying, manufacturing, electricity, gas and water supply, and construction) at 3.1% while the manufacturing sector grew only by 1.9%.

The growth of the service sectors was at a low 8.6% in 2012-13 against 11.7% in 2011-12. The fiscal deficit for 2012-13 is estimated at 5.2% of GDP corresponding to Rs.5209240.000 Millions in 2012-13 (revised estimates) and expected to be Rs.5424990.000 Millions in 2013-14 (Budget estimates). The country’s current account deficit was estimated at $ 87.8 billion (4.8% of GDP) in 2012-13 and projected at $ 70 billion (3.7% of GDP) in 2013-14. Trade deficit touched an unprecedented $190.9 billion in 2012-13 as against $183.3 billion in 2011-12

Steel industry

In 2012, the world steel industry produced 1,547 million tonnes of steel, up from 1,536 million in 2011. China continued to be the largest steel producer globally, accounting for more than 46% of the world’s total steel output, followed by Japan, the US, India and Russia.

In 2012, world average steel use per capita was 216.9 kg, which is a slight increase over 2011. Lower industrial production and reduced investment in large-scale infrastructure projects resulted in a marked decline in the growth of steel demand from the developed and emerging markets. Apparent global steel usage in 2012 is expected to have grown by only 1.24% (compared to 6.2% growth in 2011), and steel demand is expected to grow by only 3.2% in 2013.

It is unlikely that steel demand will significantly improve in 2013, largely because of the continuing economic crisis in developed countries and the structural shifts undergoing in the Chinese economy. Moderate recovery is only expected in 2014–15, although steel demand is likely to improve faster in emerging markets. As per an Ernst and Young estimation, global steel demand growth is pegged to reach 3.5% per annum by 2015.

Indian steel industry

In fiscal 2012-13, India’s steel sector recorded a growth of around 5.86% aggregating to a total production of around 78.12 million tonnes. India was the world’s fourth largest crude steel producer after China, Japan, and the US.

The Indian steel market is expected to grow at 7% in 2013-14 compared to 5.86% in 2012-13, backed by policy initiatives taken by the government in the recent past, riding economic growth and infrastructural investments [Source: Business Line]. India’s steel production is expected to increase from 75 million tonnes to 200 million tonnes by 2020. The biggest opportunity before the Indian steel sector lies in the enormous scope emanating with increasing nationwide consumption.

Iron ore

Global: Iron ore is the main source of primary iron required for the global iron and steel industries. The global iron ore industry is forecast to reach US $379 billion, growing at a strong CAGR of 9.9% over the next five years. The industry is characterised by competitive rivalry with a low entrance threat to new players and high exit barriers

Global demand for iron ore is largely dependent on the state of the global steel industry and, more specifically, on that of the steel manufacturing sector in China. Global steel consumption is forecast to grow in excess of 4% over the next three years. Iron ore prices reached a high of $151/t (62%-Fe, CFR China) in April 2012, but fell to a low of $89/t in early September, before stabilising at around $130/t towards the end of the year. The market recovered at the end of 2012, with steel mills returning to the market, which was reflected in a marked increase in index iron ore prices.

India: About 60-70% of the iron ore produced is consumed domestically and remaining (mostly fines) is exported. Following increasing crude steel production capacities, demand for raw materials like iron ore and coking coal is increasing faster. Theiron ore production in FY 2012 was 169.66 MT and the estimated iron ore consumption by iron and steel industry in FY 2012 was 116.3 MT.

India’s iron ore exports jumped 157% to 121 million tonnes in 2012-13, compared with 47 million tonnes in the previous year. Latest provisional data showed iron ore exports during the April to December 2012 period at 14.2 million tonnes. According to the Federation of Indian Mineral Industries, outbound shipments of iron ore declined from 61.74 million tonnes in 2011-12 to 18.37 million tonnes in 2012-13.

Manganese ore

The world manganese production fell by 3.57% from 55.43 million tonnes in calendar year 2011 to 53.45 million tonnes in calendar year 2012, while Indian production fell by 12.60% from 2.54 million tonnes in 2011 to 2.22 million tonnes in 2012 (Source: IMnI). India is a net importer of manganese ore. The Indian production of manganese ore is about 2.22 MTPA, with imports at about 2.327 MTPA. The domestic ferro alloys manufacturers’ requirement of manganese ore increased substantially. Due to a lower availability of high grade manganese ore in India, there has been an increase in the import of manganese ore. Imports grew at about 18.66% from 1.961 MTPA in 2011 to 2.327 MTPA in 2012.

Alloy steel

India’s alloy steel sector has an installed capacity of approx. 11 million tonnes out of about 80 million tonnes for the entire steel industry in the country. At approx. 5 million tonnes production against 11 million tonnes capacity, the utilisation in the sector is below 50% as against 85% capacity utilisation for the entire steel industry. An increase in the import duty of alloy steel long products from 5% to 10% will reduce imports and demand for domestic alloy steel increases will lead to an increase in surplus domestic production and capacity utilisation. On the other hand, alloy steel production is expected to become more competitive in the country with the reduction in custom duty on all three categories of nickel from 2.5% to nil. On the all, the alloy steel sector is likely to witness an improvement in margins following improved production capacity utilisation and reduced costs.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.06.2013 (12 Months)	31.06.2012 (15 Months)
Claims and Government demands against the Company not acknowledged as debt:
Excise/Service tax demand under dispute/ appeal	302.852	214.793
Sales Tax matters (under dispute/appeal)	42.124	49.430
Customers / Vendors claims	--	12.267
Bills discounted and Bank Guarantees outstanding	1057.307	1035.451

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10487108	26/03/2014	21,287,900,000.00	State Bank of India	CORPORATE ACCOUNTS GROUP BRANCH, AS LENDERS' AGENT, RELIANCE HOUSE, 2ND FLOOR, 34, J L NEHRU ROAD,  KOLKATA, WEST BENGAL - 700071, INDIA	C01202183
2	10487075	20/02/2014	15,220,000,000.00	State Bank of India	CORPORATE ACCOUNTS GROUP BRANCH, AS LEAD BANK, 2N D FLOOR, RELIANCE HOUSE, 34, J L NEHRU ROAD, KOLK  ATA, WEST BENGAL - 700071, INDIA	C01195692
3	10475874	18/01/2014	500,000,000.00	BANK OF BARODA	INDIAN EXCHANGE PLACE BRANCH, 4, INDIAN EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA	B95610143
4	10465606	13/12/2013	1,000,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, 3, NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B91721183
5	10469299	09/12/2013	1,100,000,000.00	IFCI LIMITED	IFCI TOWER 61 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B93187144
6	10462535	20/11/2013	1,760,000,000.00	PUNJAB NATIONAL BANK	52A, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA	B90468661
7	10454761	18/10/2013	1,000,000,000.00	IFCI LIMITED	IFCI TOWER, 61 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B87437547
8	10449730	20/09/2013	1,000,000,000.00	Punjab & Sind Bank	IBD BRANCH, 14-15, OLD COURT STREET, KOLKATA, WEST BENGAL - 700001, INDIA	B85269934
9	10449731	20/09/2013	1,000,000,000.00	Punjab & Sind Bank	IBD BRANCH, 14-15, OLD COURT STREET, KOLKATA, WEST BENGAL - 700001, INDIA	B85270387
10	10447294	10/09/2013	50,000,000.00	ROCHAK DISTRIBUTORS PVT. LTD.	4A NARENDRA CHANDRA DUTTA SARANI, 2ND FLOOR, UNIT NO. 206, KOLKATA, WEST BENGAL - 700001, INDIA	B84168111
11	10450915	31/08/2013	500,000,000.00	PUNJAB NATIONAL BANK	52A, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 70 0017, INDIA	B85683340
12	10441060	13/07/2013	100,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B81131260
13	10435927	22/05/2013	1,250,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, RELIANCE HOUSE, 2ND FLOOR, 34, JAWAHAR LAL NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B79227617
14	10435929	22/05/2013	1,500,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, RELIANCE HOUSE, 2ND FLOOR, 34, JAWAHAR LAL NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B79227955
15	10435931	22/05/2013	2,250,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, RELIANCE HOUSE, 2ND FLOOR, 34, JAWAHAR LAL NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B79228961
16	10429250	20/05/2013	50,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	11, U.N. BRAHMACHARI STREET, 8TH FLOOR, KOLKATA, WEST BENGAL - 700017, INDIA	B76373281
17	10408292	02/03/2013	450,000,000.00	SYNDICATE BANK	CAMAC STREET BRANCH, 26, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA	B69719334
18	10380075	10/12/2012 *	400,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, 3, NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B63897748
19	10378718	16/08/2012	1,130,000.00	STATE BANK FO PATIALA	MID CORPORATE BRANCH, 8, CAMAC STREET, KOLKATA, WEST BENGAL - 700017, INDIA	B58975731
20	10366319	06/06/2012	400,000,000.00	STATE BANK OF PATIALA	8, CAMAC STREET, SHANTINIKETAN, KOLKATA, WEST BENGAL - 700017, INDIA	B44088664

* Date of charge modification

FIXED ASSETS

v Freehold Land

v Leasehold Land

v Buildings

v Plant and Machinery

v Vehicle

v Computers

v Furniture and Fixtures

v Office Equipments

v Rolling Stock

v Railway Siding

v Forest Restoration

v Computer Software

WEBSITE DETAILS

Press Release

STEEL INDUSTRY HEADS FOR SHAKE-OUT

March 17, 2014

The steel industry is ripe for a shake-out. Nearly three-fourths of the listed steel makers are trading at a big discount to their enterprise value and debt on their books, putting them in debt trap. Most stressed are medium and small size firms that expanded aggressively during pre-2008 boom funded through debt. For example, Chhattisgarh-based Monnet Ispat’s market capitalisation of Rs 4800.000 Millions is just 5 per cent of its total debt at the end of FY13.

Odisha-based Adhunik Metaliks’ market value is now down to Rs 3640.000 Millions against its total debt of around Rs 5,000 crore. It’s even worse for Varun Industries that came out with its initial public offer in 2007. At its current stock price, the company’s market capitalisation is now less than one percent of its total debt, making it financially insolvent. (See table)At operating level too, most of these companies are grappling to make two ends meet.

Poor steel demand and fall in realisations has led to a sharp decline in operating profits while interest payment continue to mount. In the first nine months of FY14, interest outgo ate-up near two-third of Adhunik Metaliks operating profit. The ratio is one-third in case of Monnet Ispat, while Electrosteel Steel reported operating losses against interest obligations of Rs 1280.000 Millions during April-December 2013 period. Mumbai-based Mukand operating profit fell short of interest payments.

At the end of FY13, 98 steel makers with market capitalization of Rs 1000.000 Millions and more were cumulatively sitting on total debt worth Rs 2.5 lakh crore against their combined market capitalization of Rs 1.3 lakh crore. Over three-fourth of the industry’s market cap is accounted for by top four steel makers – Tata Steel, JSW Steel, SAIL and Jindal Steel and Power. Their share in industry’s revenues and debt is however much lower at around 55 per cent and 66 per cent respectively.

Experts say the widening gap between market value and assets on ground (enterprise value) makes smaller companies ripe candidates for acquisitions by larger peers. Best acquisitions targets are those that either produce value added products or have access to raw materials. “A company which is into speciality products are good acquisition targets as it would enable acquirer to strengthen its forward integration,” said Vikram Dhawan, director-wealth management, Equentis Capital.

A case in point of JSW Steel’s recent acquisition of 50 per cent stake in Vallabh Tinplate that gave former an entry in tinplate segment. Similarly in 2010, JSW Steel acquired Ispat Industries making an entry into value added products such as galvanised steel, colour coated steel and cold rolled steel among others. In late 2012, Uttam Galva acquired majority stake in loss making Lloyd Steel for Rs 2570.000 Millions to emerge an integrated manufacturer of value added steel. Lloyd Steel since renamed to Uttam Value Steel makes HR coils using pig-iron sourced from Uttam Galva.Lenders are also encouraging take-over in the hope of recovering their money stuck-up in loss making firms. “The steel sector is under stress no doubt, especially the small and medium sized companies. Take-over by larger companies is one the many options that we are looking at while restructuring their stressed balance sheets,” said an official from Indian Overseas Bank.

However, it’s not an easy choice for the acquirer, given an oversupply in the domestic steel market. “If the company makes intermediate products then the acquirer will assess the upfront cost of acquisition against post-acquisition investment in turning around the operations and the additional debt that it added to their books,” said Abhisar Jain, analyst with Centrum Broking. Uttam Glava Steel for instance plans to invest Rs 3800.000 Millions in turning around Lloyd Steel operations.

Some of the small companies are profitable at operating level but are saddled with huge debt, while some others have valuable asset but is making losses at operational level. In such cases acquirers will have to look into financial restructuring of these companies or improve their operational performance to turn them around.

Experts say that companies like Usha Martin, Uttam Galva, Electrosteel Steel, Godawari Power and Visa Steel among others seem to be some of the ripe candidates for such acquisitions as they either have good assets or they are doing well at the operational level. “A lot depends on the business model of the small company. If the company has some raw material linkage then an acquistion makes sense as it will strengthen the back-end of the acquirer else it will just add capacity without any raw material to feed it,” said the official with Ernst and Young.

Despite the availability of suitable candidates for acquisition, shutdowns more than take-overs is the fate of smaller companies in near future, industry officials said. “There is already an overcapacity in steel at present plus investment is also stalled. In such a scenario acquistions may not happen,” said Revathi Kasture head-macro industry research of CARE Ratings. “All big companies are engaged in their own capex. There is no one to acquire these small companies,” said Jain of Centrum.

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] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.34
UK Pound	1	Rs.101.45
Euro	1	Rs.83.31

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	SUB
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
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	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.