MIRA INFORM REPORT

Report Date :

02.05.2014

IDENTIFICATION DETAILS

Name :	BHARAT ROLL INDUSTRY PRIVATE LIMITED
Registered Office :	18D, “Everest House”, 46/C, Chowringhee Road, P.S-Shakespeare Sarani, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.04.1985
Com. Reg. No.:	21-038819
Capital Investment / Paid-up Capital :	Rs. 35.581 Millions
CIN No.: [Company Identification No.]	U27109WB1985PTC038819
TAN No.: [Tax Deduction & Collection Account No.]	CALB00514D
PAN No.: [Permanent Account No.]	AABCB0996J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of open die forgings, sleeves or ring rolls, alloy cast steel rolls, graphite steel rolls, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of Modern Group. It is an established company having moderate track record. The company is performing well. However, the rating takes into consideration the deterioration in the Modern Group liquidity, volatility in raw material prices and intense market competition in the Ferro alloy industry. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

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	CRISIL
Rating	Long term rating: BB+/ Negative (Downgraded from BBB+/ Stable)
Rating Explanation	Moderate risk of default.
Date	25.10.2013

Rating Agency Name	CRISIL
Rating	Short term rating: A4+
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	25.10.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. A. K. Nath
Designation :	Accounts Executive
Contact No.:	91-33-30521116
Date :	28.04.2014
Name :	Mr. A. K. Jain
Designation :	Finance Manager
Contact No.:	91-33-30521116
Date :	28.04.2014

LOCATIONS

Registered Office :	18D, “Everest House”, 46/C, Chowringhee Road, P.S-Shakespeare Sarani, Kolkata – 700071, West Bengal, India
Tel. No. :	91-33-30521114/ 30521116/ 30521117/ 30521120/ 30521116
Fax No. :	91-33-22881121/ 22889247
E-Mail :	bril@cal2.vsnl.net.in rolls@bharatroll.com
Website :	www.bharatroll.com
Factory 1:	Kantalia, P.O. Nibra, Dist. Howrah – 711409, West Bengal, India
Factory 2:	Jaganathpur, P.O. Bamunari, Delhi Road, Seramppore – 712205, West Bengal, India
Branch Offices:	Located at · Bangalore · Mumbai · New Delhi · Chennai · Raipur · Kanpur · Vizag

DIRECTORS

As on 30.09.2013

Name :

Mr. Tejinder Singh Saini

Designation :

Director

Address :

3/1, Mandeville Gardens, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

16.03.1971

Date of Appointment :

01.03.1995

PAN No.:

AMAPS8248J

DIN No. :

00107721

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	U27109WB1985PTC038819	BHARAT ROLL INDUSTRY PRIVATE LIMITED	Director	01/03/1995	01/03/1995	Active	NO
2	U51909WB1995PTC071361	RANA UDYOG PRIVATE LIMITED	Director	04/05/1995	04/05/1995	Active	NO
3	U27106WB1987PLC042166	MODERN INDIA CON CAST LIMITED	Managing director	02/04/2010	02/04/2004	Active	NO
4	U29199WB1963PTC025860	GAYSON AND CO PRIVATE LIMITED	Director	01/04/2005	01/04/2005	Active	NO
5	U65993WB1994PTC064712	AGARESWAR DEV VINIYOG PRIVATE LIMITED	Director	06/06/2005	06/06/2005	Amalgamated	NO
6	U27109WB2006PTC111808	MODERN ISPAT PRIVATE LIMITED	Director	15/11/2006	15/11/2006	Active	NO
7	U55101WB2006PTC112253	MODERN INNS PRIVATE LIMITED	Director	27/12/2006	27/12/2006	Active	NO
8	U65999WB1989PTC046196	SANCHAL HOLDINGS PRIVATE LIMITED	Director	18/05/2007	18/05/2007	Amalgamated	NO
9	U51909WB1995PTC075534	SAVERA DISTRIBUTORS PRIVATE LIMITED	Director	22/11/2007	22/11/2007	Amalgamated	NO
10	U70109WB1987PTC042187	NAVEEN HOLDINGS PRIVATE LIMITED	Director	12/08/2008	12/08/2008	Active	NO
11	U45400WB2007PTC115719	SHANGHRILA INFRASTRUCTURE CONSULTANCY PRIVATE LIMITED	Director	26/09/2008	26/09/2008	Strike off	NO
12	U51109WB2007PTC113451	JHILLMIL TIE UP PRIVATE LIMITED	Director	04/11/2008	04/11/2008	Amalgamated	NO
13	U51909WB1995PTC075496	MAGNUM DEALCOMM PRIVATE LIMITED	Director	29/09/2012	28/11/2011	Active	NO

Name :

Mr. Amardeep Singh

Designation :

Director

Address :

3/1, Mandeville Gardens, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

25.08.1960

Date of Appointment :

05.01.2007

DIN No. :

00107756

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	U29199WB1963PTC025860	GAYSON AND COMPANY PRIVATE LIMITED	Director	06/10/1986	06/10/1986	-	Active	NO
2	U51909WB1995PTC071361	RANA UDYOG PRIVATE LIMITED	Director	04/05/1995	04/05/1995	-	Active	NO
3	U70101TN1995PTC033894	ARUN HAPPY HOMES PRIVATE LIMITED	Director	19/12/1995	19/12/1995	16/11/2009	Active	NO
4	U27106WB1987PLC042166	MODERN INDIA CON CAST LIMITED	Managing director	02/04/2010	02/04/2004	-	Active	NO
5	U65993WB1994PTC064712	AGARESWAR DEV VINIYOG PRIVATE LIMITED	Director	06/06/2005	06/06/2005	-	Amalgamated	NO
6	U70109WB1940GAP010167	THE CALCUTTA PUNJAB CLUB LIMITED	Director	28/01/2006	28/01/2006	-	Active	NO
7	U27109WB2006PTC111808	MODERN ISPAT PRIVATE LIMITED	Director	15/11/2006	15/11/2006	-	Active	NO
8	U55101WB2006PTC112253	MODERN INNS PRIVATE LIMITED	Director	27/12/2006	27/12/2006	-	Active	NO
9	U27109WB1985PTC038819	BHARAT ROLL INDUSTRY PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
10	U65999WB1989PTC046196	SANCHAL HOLDINGS PRIVATE LIMITED	Director	18/05/2007	18/05/2007	-	Amalgamated	NO
11	U51909WB1995PTC075534	SAVERA DISTRIBUTORS PRIVATE LIMITED	Director	22/11/2007	22/11/2007	-	Amalgamated	NO
12	U70109WB1987PTC042187	NAVEEN HOLDINGS PRIVATE LIMITED	Director	12/08/2008	12/08/2008	-	Active	NO
13	U45400WB2007PTC115719	SHANGHRILA INFRASTRUCTURE CONSULTANCY PRIVATE LIMITED	Director	26/09/2008	26/09/2008	-	Strike off	NO
14	U51109WB2007PTC113451	JHILLMIL TIE UP PRIVATE LIMITED	Director	04/11/2008	04/11/2008	-	Amalgamated	NO
15	U51909WB1995PTC075496	MAGNUM DEALCOMM PRIVATE LIMITED	Director	29/09/2012	28/11/2011	-	Active	NO
16	U27109WB1999PTC090281	MODERN INDIA STEEL ROLLING MILLS PRIVATE LIMITED	Director	29/09/2012	02/12/2011	-	Active	NO

Name :

Mr. Gurvinder Kaur Dhanjal

Designation :

Director

Address :

3/1, Mandeville Gardens, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

12.04.1943

Date of Appointment :

19.04.1985

PAN No. :

ADWPD0993L

DIN No. :

00430248

Name :

Mr. Amarjit Kaur Saini

Designation :

Director

Address :

3/1, Mandeville Gardens, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

10.09.1950

Date of Appointment :

19.04.1985

PAN No. :

AMBPS1607A

DIN No. :

00430305

Name :

Mr. Avatar Singh

Designation :

Director

Address :

E4, Apsara, 67, Park Street, Kolkata – 700016, West Bengal, India

Date of Birth/Age :

13.03.1934

Date of Appointment :

19.04.1985

PAN No. :

AKTPS7554G

DIN No. :

00430322

Name :

Mr. Harjinder Kaur Dhanjal

Designation :

Director

Address :

3/1, Mandeville Gardens, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

16.08.1961

Date of Appointment :

01.04.2002

PAN No. :

AFNPK5076N

DIN No. :

00430339

Name :

Mr. Jitender Singh

Designation :

Director

Address :

7F, Middleton Apartment, 3 Middleton Row, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

30.10.1964

Qualification :

ALAPS5768E

Date of Appointment :

01.04.2005

DIN No. :

00430352

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	U27109WB1999PTC090281	MODERN INDIA STEEL ROLLING MILLS PRIVATE LIMITED	Director	01/04/2001	01/04/2001	Active	NO
2	U27109WB1985PTC038819	BHARAT ROLL INDUSTRY PRIVATE LIMITED	Director	01/04/2005	01/04/2005	Active	NO

KEY EXECUTIVES

Name :	Mr. A. K. Nath
Designation :	Accounts Executive
Name :	Mr. A. K. Jain
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Gurvinder Kaur Dhanjal	32188
Amarjit Kaur Saini	32856
Avtar Singh	156
Sonia Kripalani	11433
Tejinder Singh	20107
Harjinder Kaur	26386
Gayson and Company Private Limited, India	5680
Rajinder Singh Nagi	490
Amandeep Singh	10533
Bhupinder Singh	24233
Bakhshish Singh	18252
Ramnik Kaur	21158
Rana Udyog Private Limited, India	37984
Kuldeep Kaur	19319
Amardeep Singh	16145
Bevlyn Saini	34457
Jitender Singh	13317
Jatin Singh Saini	1320
Birinder Singh Dhanjal	7105
Reet Kaur	1370
Mandeep Singh	5733
Gurminder Gandhi	220
Gurvinder Singh Gandhi	220
Amar Singh Gandhi	220
Anil Kaur Gandhi	220
Prakash Kaur	8256
Pawan Kripalani	50
Trust Charitable A. Veerabagu (Trystee S. K.)	6400
Total	355808

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	12.27
Directors or relatives of Directors	81.75
Other top fifty shareholders	5.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of open die forgings, sleeves or ring rolls, alloy cast steel rolls, graphite steel rolls, etc.

Products :

Item Code No. (ITC Code)	Product Description
845530	Iron and Steel rolls
722490.5	Forged Rolls/Rounds/Blanks/Shafts, Ignots

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· The Federal Bank Limited, Kolkata Overseas Branch, 'Shakespeare Court', 21A, Shakespeare Sarani, 1^st Floor, Kolkata - 700017, West Bengal, India

· Axis Bank Limited, Corporate Banking Branch, 3^rd Floor, AC Market, 1 Shakespeare Sarani, Kolkata - 700071, West Bengal, India

· Dena Bank, Park Street Branch, 3; Park Street, Calcutta - 700016, West Bengal, India

· IDBI Bank Limited, SME Group, IDBI House, 44, Shakespeare Sarani, Kolkata - 700017, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Other loans and advances, others	0.000	4.465
SHORT TERM BORROWINGS
Loans repayable on demand from banks (Hypothication of Raw Materials, Stores, Finished and Semi Finished Goods, Book Debts and Comfirmed LC)	212.835	228.854
Total	212.835	233.319

Banking Relations :	--
Auditors :
Name :	Ghosh and Pande Chartered Accountants
Address :	Mercantile Building, Block A, Room No , 59, Lal Bazar Street, 2^nd Floor, Kolkata - 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AACFG0980H
Subsidiary company:	Rana Udyog Private Limited CIN No.: U51909WB1995PTC071361
Associates :	· Modern Ispat Private Limited CIN No.: U27109WB2006PTC111808 · Modern India Steel Rolling Mills Private Limited CIN No.: U27109WB1999PTC090281 · Gayson and Company Private Limited CIN No.: U29199WB1963PTC025860 · Modern India Con Cast Limited CIN No.: U27106WB1987PLC042166 · Modern Inns Private Limited CIN No.: U55101WB2006PTC112253 · Magnum Dealcomm Private Limited CIN No.: U51909WB1995PTC075496
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Modern India Enterprise

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
595,000	Equity Shares	Rs.100/- each	Rs. 59.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
355,808	Equity Shares	Rs.100/- each	Rs. 35.581 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	35.581	35.581	35.581
(b) Reserves & Surplus	582.571	532.724	484.850
(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)	618.152	568.305	520.431
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	4.465	0.000
(b) Deferred tax liabilities (Net)	63.457	64.707	61.857
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	16.833	14.065	14.345
Total Non-current Liabilities (3)	80.290	83.237	76.202
(4) Current Liabilities
(a) Short term borrowings	217.628	233.873	172.083
(b) Trade payables	240.648	241.181	311.737
(c) Other current liabilities	111.379	90.161	49.967
(d) Short-term provisions	2.399	4.743	0.000
Total Current Liabilities (4)	572.054	569.958	533.787
TOTAL	1270.496	1221.500	1130.420
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	467.761	492.913	492.175
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.636	2.790	6.482
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	55.910	55.909	48.463
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	3.143	14.380	15.890
(e) Other Non-current assets	8.073	9.146	6.226
Total Non-Current Assets	538.523	575.138	569.236
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	295.331	244.867	157.019
(c) Trade receivables	285.485	254.813	259.698
(d) Cash and cash equivalents	92.261	54.304	17.095
(e) Short-term loans and advances	1.291	1.604	1.066
(f) Other current assets	57.605	90.774	126.306
Total Current Assets	731.973	646.362	561.184
TOTAL	1270.496	1221.500	1130.420

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		1371.620	1312.591
		Other Income		7.942	35.298
		TOTAL		1379.562	1347.889
Less	EXPENSES
		TOTAL	NA	1238.568	1221.802
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			140.994	126.087
Less	FINANCIAL EXPENSES			29.659	23.434
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			111.335	102.653
Less/ Add	DEPRECIATION/ AMORTISATION			30.952	29.665
Less	EXCEPTIONAL ITEM EARLIER YEAR EXPENSE			0.255	0.030
	PROFIT/ (LOSS) BEFORE TAX			80.128	72.958
Less	TAX			32.254	25.032
	PROFIT/ (LOSS) AFTER TAX		49.846	47.874	47.926
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		338.894	291.020	243.094
	BALANCE CARRIED TO THE B/S		388.740	338.894	291.020
	Earnings / (Loss) Per Share (Rs.)		140.09	134.55	134.70

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	3.47	3.56
Net Profit Margin (PBT/Sales)	(%)	NA	5.84	5.56
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.89	6.78
Return on Investment (ROI) (PBT/Networth)		NA	0.14	0.14
Debt Equity Ratio (Total Debt/Networth)		0.35	0.42	0.33
Current Ratio (Current Asset/Current Liability)		1.28	1.13	1.05

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	35.581	35.581	35.581
Reserves & Surplus	484.850	532.724	582.571
Net worth	520.431	568.305	618.152
long-term borrowings	0.000	4.465	0.000
Short term borrowings	172.083	233.873	217.628
Total borrowings	172.083	238.338	217.628
Debt/Equity ratio	0.331	0.419	0.352

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 two 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	10366150	22/02/2014 *	335,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 3RD FLOOR, AC MARKET, 1 SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700071, INDIA	C00130914
2	10345482	22/02/2014 *	335,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 3RD FLOOR, AC MARKET, 1 SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700071, INDIA	C00130377
3	10336745	14/02/2012	950,000,000.00	THE FEDERAL BANK LIMITED	KOLKATA OVERSEAS BRANCH, 'SHAKESPEARE COURT', 21A, SHAKESPEARE SARANI, 1ST FLOOR, KOLKATA, WEST BEN GAL - 700017, INDIA	B32629248
4	10284507	24/11/2011 *	1,000,000,000.00	THE FEDERAL BANK LIMITED	KOLKATA OVERSEAS BRANCH, 'SHAKESPEARE COURT', 21A, SHAKESPEARE SARANI, 1ST FLOOR, KOLKATA, WEST BEN GAL - 700017, INDIA	B28062933
5	10175005	12/08/2009	45,000,000.00	THE FEDERAL BANK LIMITED	SHAKESPEARE SARANI BRANCH, 21A, SHAKESPEARE SARAN I, 1ST FLOOR, KOLKATA, WEST BENGAL - 700017, INDIA	A69517332
6	90252333	12/12/2007 *	45,000,000.00	THE FEDERAL BANK LIMITED	SHAKESPEARE SARANI BRANCH, 21A, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA	A30416861

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Intercorporate borrowings	3.000	3.000
Loans and advances from directors	0.948	0.771
Loans and advances from others	0.845	1.248
Total	4.793	5.019

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipment’s

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

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

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.