MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	MAITHAN ISPAT LIMITED
Formerly Known As :	MAL INDUSTRIES LIMITED
Registered Office :	9, A J C Bose Road, 6^th Floor, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.08.2003
Com. Reg. No.:	21-096854
Capital Investment / Paid-up Capital :	Rs. 2123.414 Millions
CIN No.: [Company Identification No.]	U27109WB2003PLC096854
TAN No.: [Tax Deduction & Collection Account No.]	CALM05936A
PAN No.: [Permanent Account No.]	AADCM7360B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Iron and Steel.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The company is continuously incurring losses which has resulted into fully erosion of net worth. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long-term bank facilities: “D”
Rating Explanation	Lowest credit quality and very low prospects of recovery.
Date	22.11.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-33-39877200)

LOCATIONS

Registered Office :	9, A J C Bose Road, 6^th Floor, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-39877200
Fax No.:	91-33-39877201
E-Mail :	steel@maithangroup.com a.sipani@maithangroup.com maithaniispat@ortel.net
Website :	www.maithangroup.com
Head Office :	Chirkunda, District Dhanbad - 828202, Jharkhand, India
Tel. No.:	91-6540-293344 (4 Lines) / 273005
Fax No.:	91-6540-292191
E-Mail :	mclkol@eth.net
Factory:	Kalinganagar Industrial Complex, Village Dasmania, PO. Jakhapura, District: Jajpur - 755026, Orissa, India
Tel. No.:	91-6726-304000
Fax No.:	91-6726-304001
E-Mail :	ispat.site@mithangroup.com

DIRECTORS

As on 27.09.2013

Name :

Mr. Basant Kumar Agarwalla

Designation :

Director

Address :

2C, Mangalam, 35, Ahiri Pukur Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

16.02.1946

Qualification :

B.COM

Date of Appointment :

27.08.2003

PAN No.:

ACMPA9293K

DIN No.:

00129140

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	U26919WB1963PLC025751	MAITHAN CERAMIC LTD	Director	01-01-1970	01-01-1970	07-04-2008	Active	NO
2	L27101WB1985PLC039503	MAITHAN ALLOYS LTD.	Whole-time director	01-04-2011	19-09-1985	-	Active	NO
3	U31200WB1989PLC047100	ANJANEY FERRO ALLOYS LTD.	Director	15-03-1991	15-03-1991	-	Active	NO
4	U27101ML1999PLC005786	MAITHAN SMELTERS LIMITED	Director	12-09-2001	12-09-2001	30-04-2008	Active	NO
5	U27109WB2003PLC096854	MAITHAN ISPAT LIMITED	Director	27-08-2003	27-08-2003	-	Active	NO
6	U27101WB2005PLC101037	BMA MAITHAN FERROUS LIMITED	Director	07-01-2005	07-01-2005	22-11-2010	Active	NO
7	U27106WB2008PLC129049	ANJANEY ALLOYS LIMITED	Director	03-09-2008	03-09-2008	-	Active	NO

Name :

Mr. Vishal Agarwalla

Designation :

Managing director

Address :

2-C, Mangalam, 35, Ahirr Pukur Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

16.09.1971

Qualification :

B.TECH

Date of Appointment :

31.05.2007

PAN No.:

ACMPA9306M

DIN No.:

00129040

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	U26919WB1963PLC025751	MAITHAN CERAMIC LIMITED	Director	04-05-1994	04-05-1994	-	Active	NO
2	U51109WB1995PTC069285	MAITHAN REFRACTORIES PRIVATE LIMITED	Director	13-03-1995	13-03-1995	-	Active	NO
3	L27101WB1985PLC039503	MAITHAN ALLOYS LIMITED	Whole-time director	22-07-1995	22-07-1995	01-04-2008	Active	NO
4	U51909WB1996PLC078233	MAITHAN INDUSTRIES LTD	Director	20-03-1996	20-03-1996	01-06-2011	Active	NO
5	U27102WB2001PLC093321	MAITHAN STEEL AND POWER LIMITED	Director	02-07-2001	02-07-2001	01-01-2008	Active	NO
6	L51909WB2001PLC093941	ABHA PROPERTY PROJECT LIMITED	Director	14-04-2003	14-04-2003	-	Active	NO
7	U51109WB1994PTC066287	WOODHAT DISTRIBUTORS PRIVATE LIMITED	Director	14-07-2003	14-07-2003	-	Active	NO
8	U14292OR1999PTC005643	AXL-EXPLORATION PRIVATE LIMITED	Director	24-02-2004	24-02-2004	-	Active	NO
9	U27101WB2005PLC101037	BMA MAITHAN FERROUS LIMITED	Director	07-01-2005	07-01-2005	-	Active	NO
10	U91990WB1919GAP003409	THE ASANSOL CLUB LIMITED	Director	28-05-2006	28-05-2006	25-06-2008	Active	NO
11	U27109WB2003PLC096854	MAITHAN ISPAT LIMITED	Managing director	01-04-2014	31-05-2007	-	Active	NO
12	U51109WB2006PTC107451	SUNIDHI TRADELINK PVT LTD	Director	25-06-2008	25-06-2008	-	Active	NO
13	U27106WB2008PLC129049	ANJANEY ALLOYS LIMITED	Director	03-09-2008	03-09-2008	22-03-2012	Active	NO

Name :

Mr. Aditya Agarwalla

Designation :

Director

Address :

2-C, Mangalam, 35, Ahirr Pukur Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

28.12.1974

Qualification :

MBA

Date of Appointment :

15.06.2004

PAN No.:

ACMPA9304K

DIN No.:

00140683

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	U26919WB1963PLC025751	MAITHAN CERAMIC LIMITED	Director	01-08-2003	01-08-2003	-	Active	NO
2	U27109WB2003PLC096854	MAITHAN ISPAT LIMITED	Whole-time director	01-04-2014	15-06-2004	-	Active	NO
3	U70101WB1991PTC051241	R.H. BUILDERS PRIVATE LIMITED	Director	25-06-2005	25-06-2005	-	Active	NO
4	U70101WB1987PTC042519	MANGALAM CONSTRUCTION PRIVATE LIMITED	Director	25-06-2005	25-06-2005	01-08-2009	Active	NO
5	L27101WB1985PLC039503	MAITHAN ALLOYS LIMITED	Whole-time director	23-07-2008	01-04-2008	15-03-2013	Active	NO
6	U51109WB2006PTC107451	SUNIDHI TRADELINK PRIVATE LIMITED	Director	25-06-2008	25-06-2008	-	Active	NO
7	U13100WB2008PLC130114	ANJANEY MINERALS LIMITED	Director	22-10-2008	22-10-2008	-	Active	NO
8	U70109WB1991PLC052777	RACCIE HOUSING AND FINANCE LIMITED	Director	30-09-2011	01-06-2011	-	Active	NO
9	U51909WB1995PTC070975	ANINDRA SALES PRIVATE LIMITED	Director	01-06-2011	01-06-2011	-	Active	NO
10	U51909WB1995PTC067947	TOYOMA EXPORTS PRIVATE LIMITED	Director	01-06-2011	01-06-2011	-	Active	NO
11	U74930WB2009PTC132962	HILAND SAPPHIRE MAINTENANCE COMPANY PRIVATE LIMITED	Director	05-02-2013	05-02-2013	-	Active	NO

Name :

Harukazu Yamaguchi

Designation :

Director

Address :

6-3-2-601, Kachidoki Chuo-Ku, Tokyo, 104005

Date of Birth/Age :

09.12.1962

Date of Appointment :

27.09.2013

DIN No.:

03535391

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	U65990MH1987PLC044571	INFRASTRUCTURE LEASING AND FINANCIAL SERVICES LIMITED	Alternate director	04-03-2014	24-05-2011	-	Active	NO
2	U66020MH2006PLC161439	IL & FS ASIAN INFRASTRUCTURE MANAGERS LIMITED	Nominee director	28-08-2012	26-09-2011	05-11-2012	Active	NO
3	U27109WB2003PLC096854	MAITHAN ISPAT LIMITED	Director	27-09-2013	25-02-2013	-	Active	NO

Name :

Shinji Yamana

Designation :

Alternate Director

Address :

Great World Serviced Apartment, 2 Kim Seng Walk, Singapore, 239401

Date of Birth/Age :

29.04.1969

Date of Appointment :

25.02.2013

DIN No.:

06496635

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	U66020MH2006PLC161439	IL & FS Asian Infrastructure Managers Limited	Director appointed in casual vacancy	12-02-2013	12-02-2013	Active	NO
2	U27109WB2003PLC096854	MAITHAN ISPAT LIMITED	Alternate director	25-02-2013	25-02-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashok Sipani
Designation :	Secretary
Address :	106, K C, Singha road, Howrah - 711102, West Bengal, India
Date of Birth/Age :	06.12.1973
Date of Appointment :	01.08.2007
PAN No.:	AKOPS4110O

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOTE: SHAREHOLDING AND ALLOTTEES DETAILS FILE ATTACHED.

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	25.40
Bodies corporate	67.95
Directors or relatives of Directors	6.60
Others	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Iron and Steel.

Products :

Item Code No. (ITC Code)	Product Description
73071110	Sponge Iron
72071990	Billets/Blooms
72163300	Heavy Section

Exports :

--

Imports :

--

Terms :

Selling :

--

Purchasing :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Experience:
Maximum Limit Dealt:

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Experience:
Maximum Limit Dealt:

No. of Employees :

Not Divulged

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· Punjab National Bank, Shakespeare Sarani Branch, 52A Shakespeare Sarani, Kolkata - 700017, West Bengal, India

· State Bank of India, Corporate Accounts Group Branch, 34, J L Nehru Road, Kolkata - 700071, West Bengal, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	4476.061	4900.234
Working capital loans from banks	0.000	111.914
SHORT TERM BORROWINGS
Foreign currency term loans from banks	0.000	309.440
Working capital loans from banks	1174.443	596.096
Total	5650.504	5917.684

NOTE

Pari pasu 1^st charge on all movable and immovable assets of the company, both present and future which is pooled and charges thereon created to secure all the facilities of the company which will rank pari pasu with the other lenders. All the aforesaid facilities are also secured by personal guarantees of Mr. Basant Kumar Agarwalla, Mr.Vishal Agarwalla and Aditya Agarwalla, the promoter directors of the Company.

Banking Relations :	--
Auditors :
Name :	SRBC and Company Chartered Accountants
Address :	22, Camac Street, 3^rd Floor, Block C, Kolkata- 700016, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ABSFS4151K
Related Parties :	· Orix Investment and Management Private Limited · Mangalam Construction Private Limited · Maithan International · Maithan Ceramic Limited · Maithan Alloys Limited

CAPITAL STRUCTURE

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
185,000,000	Equity Shares	Rs.10/- each	Rs. 1850.000 Millions
30,000,000	Preference Shares	Rs.10/- each	Rs. 300.000 Millions
	Total		Rs. 2150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
182,341,374	Equity Shares	Rs.10/- each	Rs. 1823.414 Millions
30,000,000	Preference Shares	Rs.10/- each	Rs. 300.000 Millions
	Total		Rs. 2123.414 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2123.414	2111.198	1811.198
(b) Reserves & Surplus	(4554.763)	(3564.487)	(2297.560)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	285.000
Total Shareholders’ Funds (1) + (2)	(2431.349)	(1453.289)	(201.362)
(3) Non-Current Liabilities
(a) long-term borrowings	4476.061	5442.148	5676.186
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.887	59.518	55.918
(d) long-term provisions	4.230	4.124	6.461
Total Non-current Liabilities (3)	4481.178	5505.790	5738.565
(4) Current Liabilities
(a) Short term borrowings	1174.443	905.536	381.549
(b) Trade payables	623.364	875.382	982.090
(c) Other current liabilities	2338.559	1105.028	386.889
(d) Short-term provisions	2.153	2.287	0.982
Total Current Liabilities (4)	4138.519	2888.233	1751.510
TOTAL	6188.348	6940.734	7288.713
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5040.417	5395.093	5759.861
(ii) Intangible Assets	0.093	0.249	1.334
(iii) Capital work-in-progress	79.425	77.998	77.471
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	53.688	90.854	64.008
(e) Other Non-current assets	13.650	7.189	6.911
Total Non-Current Assets	5187.273	5571.383	5909.585
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	782.234	1085.644	1135.161
(c) Trade receivables	38.668	106.761	70.858
(d) Cash and cash equivalents	37.302	31.180	10.990
(e) Short-term loans and advances	121.384	125.056	141.873
(f) Other current assets	21.487	20.710	20.246
Total Current Assets	1001.075	1369.351	1379.128
TOTAL	6188.348	6940.734	7288.713

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3978.905	3741.837	3259.204
		Other Income	28.255	16.921	13.646
		TOTAL (A)	4007.160	3758.758	3272.850
Less	EXPENSES
		Cost of Materials Consumed	2987.840	2861.614	2707.089
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	246.990	54.286	(236.487)
		Employees benefits expense	90.306	107.824	107.291
		Other expenses	761.628	829.734	838.254
		TOTAL (B)	4086.764	3853.458	3416.147
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(79.604)	(94.700)	(143.297)
Less	FINANCIAL EXPENSES (D)		1027.587	800.513	700.520
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1107.191)	(895.213)	(843.817)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		359.499	371.714	388.080
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1466.690)	(1266.927)	(1231.897)
Less	TAX (H)		0.000	0.000	0.192
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1466.690)	(1266.927)	(1232.089)
	IMPORTS
		Raw Materials	509.097	655.470	209.634
		Components and Spare Parts	1.881	3.454	74.450
	TOTAL IMPORTS		510.978	658.924	284.084
	Earnings / (Loss) Per Share (Rs.)		(8.29)	(7.10)	(6.80)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(36.86)	(33.86)	(37.80)
Operating Profit Margin (PBDIT/Sales)	(%)	(2.00)	(2.53)	(4.40)
Return on Total Assets (PBT/Total Assets}	(%)	(24.01)	(18.46)	(17.08)
Return on Investment (ROI) (PBT/Networth)		0.60	0.87	6.12
Debt Equity Ratio (Total Debt/Networth)		(2.32)	(4.37)	(30.08)
Current Ratio (Current Asset/Current Liability)		0.24	0.47	0.79

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1811.198	2111.198	2123.414
Reserves & Surplus	(2297.560)	(3564.487)	(4554.763)
Share Application money pending allotment	285.000	0.000	0.000
Net worth	(201.362)	(1453.289)	(2431.349)
long-term borrowings	5676.186	5442.148	4476.061
Short term borrowings	381.549	905.536	1174.443
Total borrowings	6057.735	6347.684	5650.504

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3259.204	3741.837	3978.905
		14.808	6.336

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	3259.204	3741.837	3978.905
Profit/ (Loss)	(1232.089)	(1266.927)	(1466.690)
	(37.80%)	(33.86%)	(36.86%)

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	Yes
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

LITIGATION DETAILS

CALCUTTA HIGH COURT
CASE STATUS INFORMATION SYSTEM

Case Status : Pending

Status of CIVIL SUITS (CS) 55        of   2013     

TOLL (INDIA) LOGISTICS PVT LTD   Vs. MAITHAN ISPAT LTD

Pet's Adv.: ADITI BHATTACHARYYA                   

Res's Adv. :       

Court No. : 8     Last Listed On : Thursday, February 14, 2013     

Category : MONEY CLAIMS/COMPENSATION/DAMAGES/MESNE PROFITS

Connected Application (s)	CONNECTED MATTER (S)
GA     3011    of   2013        GA     3343    of   2013        GA     1128    of   2013        GA     2319    of   2013	No Connected Matter

Case Updated on:   Tuesday, February 19, 2013

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10342611	24/02/2012	7,829,300,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 34, J L NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B35181833
2	10027453	20/10/2009 *	1,344,200,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 34 J L NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	A71740930
3	10027246	15/09/2006	710,000,000.00	STATE BANK OF INDIA & PUNJAB NATIONAL BANK	SBI-CAG BRANCH,34 J. L. NEHRU ROAD,KOLKATA, PNB - S.SARANI BR. 52-A, SAKESHPEARE SARANI,KOLKATA, KOLKATA, WEST BENGAL - 700071, INDIA	A05382221
4	80035686	16/09/2009 *	3,821,900,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 34 J L NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	A70107669
5	80035365	24/02/2012 *	7,829,300,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, 34, J L NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B35178284

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans repayable on demand from others	0.000	430.000
Total	0.000	430.000

CHANGE OF ADDRESS

The registered office of the company has been shifted from 9, A J C Bose Road, 6th Floor, Kolkata – 700017, West Bengal, India to the present address w.e.f. 21.09.2010.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Other Plant and Equipment

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Computer Software

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.61.87
UK Pound	1	Rs.97.23
Euro	1	Rs.77.21

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		12

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.