MIRA INFORM REPORT

Report Date :

01.09.2014

IDENTIFICATION DETAILS

Name :	IMPEX METAL AND FERRO ALLOYS LIMITED
Formerly Known As :	IMPEX METAL AND FERRO ALLOYS PRIVATE LIMITED
Registered Office :	35, Chittaranjan Avenue, Kolkata - 700012, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.05.1991
Com. Reg. No.:	21-051901
Capital Investment / Paid-up Capital :	Rs.109.050 Millions
CIN No.: [Company Identification No.]	U27101WB1991PLC051901
TAN No.: [Tax Deduction & Collection Account No.]	CALI01081D
PAN No.: [Permanent Account No.]	AAACI5472K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged into trading of ferro alloys, minerals and metals.
No. of Employees :	Information declined by the management.

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track. The company has incurred a loss from its operations during 2013. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business with some cautions.

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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = BB+
Rating Explanation	Have moderate risk of default.
Date	14 November, 2014

Rating Agency Name	CARE
Rating	Short term bank facilities = A4
Rating Explanation	Have Minimal degree of safety and carry very high credit risk.
Date	14 November, 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 DENIED BY

Name :	Mr. Brij K. Singh
Designation :	Vice President
Contact No.:	91-9811151469
Date :	28.08.2014

LOCATIONS

Registered Office :	35, Chittaranjan Avenue, 4^th Floor, Kolkata-700012, West Bengal, India
Tel. No.:	91-33-2256143 / 40168000
Mobile No.:	91-9811151469 (Mr. Brij K. Singh)
Fax No.:	91-33-22119805 / 40168189
E-Mail :	enquiry@ankitmetal.com imfa@vsnl.com secretarial@rohitferrotech.com
Website :	http://www.impexgroup.net http://www.impexmetal.in
Factory :	Kulti Branch, Budge Budge Trunk Road, PS Makeshtala, South 24 Parganas
Godown:	· 1165, Main Meerat Road, Ghajiabad – 201003 Uttar Pradesh · Area – 20,000 Sq. ft · AMBEYMAHICH, Mandi Govindgarh – 147301, Punjab · Area – 15000 Sq. ft · EE/14 B NIT, Faridabad – 121001, Haryana · Area – 18000 Sq. ft · Ring Road, No. 2, Raipur – 492001, Chhatisgarh · Area – 16000 Sq. ft
Branches :	All over India (8 Branches)

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Suresh Kumar Patni
Designation :	Managing director
Address :	15, Burduan Road, Kolkata - 700027, West Bengal, India
Date of Birth/Age :	13.07.1959
Date of Appointment :	01.04.2012
PAN No.:	AESPP2029L
DIN No.:	00032674

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	U27101WB1991PLC051901	IMPEX METAL & FERRO ALLOYS LTD	Managing director	01/04/2012	31/05/1991	-	Active	NO
2	L27101WB1995PLC071996	IMPEX FERRO TECH LTD	Managing director	01/07/2013	07/06/1995	-	Active	NO
3	U29130WB1996PLC081962	VSN AGRO PRODUCTS LIMITED	Director	07/11/1996	07/11/1996	-	Active	NO
4	U51109WB1999PLC089804	IMPEX INDUSTRIES LIMITED	Director	19/07/1999	19/07/1999	-	Active	NO
5	L27104WB2000PLC091629	ROHIT FERRO-TECH LIMITED	Director	27/08/2007	07/04/2000	-	Active	NO
6	U51109WB1995PTC068360	INVESCO FINANCE PVT LTD	Director	04/08/2000	04/08/2000	-	Active	NO
7	U45201RJ1998PTC015280	SHUBHAM COMPLEX PRIVATE LIMITED	Additional director	01/03/2014	31/08/2001	-	Active	NO
8	U65993WB1996PTC078986	SUANVI TRADING & INVESTMENT COMPANY PVT LTD	Director	18/05/2002	18/05/2002	-	Active	NO
9	L27101WB2002PLC094979	ANKIT METAL & POWER LIMITED	Director	07/08/2002	07/08/2002	-	Active	NO
10	U74210WB1996PTC078292	PODDAR MECH TECH SERVICES PVT LTD	Director	04/08/2003	04/08/2003	-	Active	NO
11	U74999MH1961NPL012060	THE INDIAN FERRO ALLOY PRODUCERS ASSOCIATION	Director	26/09/2012	19/09/2003	-	Active	NO
12	U27109WB2004PLC097841	SARITA STEEL & POWER LIMITED	Director	13/02/2004	13/02/2004	-	Active	NO
13	U45209WB1995PTC068731	VASUPUJYA ENTERPRISES PVT LTD	Director	01/12/2004	01/12/2004	-	Active	NO
14	U40102WB2008PLC131190	SKP POWER VENTURES LIMITED	Director	11/12/2008	11/12/2008	-	Active	NO
15	U51109WB1995PTC069879	MARBLE ARCH PROPERTIES PVT LTD	Director	30/09/2009	31/03/2009	30/06/2011	Active	NO
16	U51109WB1995PTC075556	VNG MERCANTILES PVT LTD	Director	30/09/2010	18/01/2010	-	Active	NO
17	U51909WB1995PTC067945	NUCORE EXPORTS PVT LTD	Director	30/09/2010	05/05/2010	-	Active	NO
18	U51909WB1995PTC073576	ARTHODOCK VINIMAY PVT LTD	Director	25/09/2010	05/08/2010	-	Active	NO
19	U62200WB2010PLC153355	SKP AVIATION SERVICES LIMITED	Director	23/09/2010	23/09/2010	-	Active	NO
20	U67120WB2010PTC156034	RELYBULLS STOCK BROKING PRIVATE LIMITED	Director	21/12/2010	21/12/2010	-	Active	NO
21	U67190WB2011PTC158814	RELYBULLS DERIVATIVES AND COMMODITIES PRIVATE LIMITED	Director	11/02/2011	11/02/2011	-	Active	NO
22	U70109WB2011PTC159505	SKP INFRAREALTY PRIVATE LIMITED	Director	21/02/2011	21/02/2011	28/08/2012	Active	NO
23	U51420WB1994PLC062864	GOLD MOHAR STEEL LTD	Director	28/09/2012	03/04/2012	-	Active	NO
24	U27109WB1995PLC075401	PATNI METAL & FERRO ALLOYS LTD	Director	28/09/2012	03/04/2012	-	Active	NO
25	U51909WB1995PLC075710	DHODWALA ENTERPRISES LTD	Director	28/09/2012	03/04/2012	-	Active	NO
26	U26942WB1991PLC053832	IMPEX CEMENTS LTD	Director	28/09/2013	11/02/2013	-	Active	NO
27	U74900WB2014NPL202387	DAMODAR VALLEY POWER CONSUMERS' ASSOCIATION	Director	04/07/2014	04/07/2014	-	Active	NO

Name :	Mr. Rohit Patni
Designation :	Directors
Address :	15, Burduan Road, Kolkata-700027, West Bengal, India
Date of Birth/Age :	11.01.1984
Date of Appointment :	31.03.2007
PAN No.:	AIQPP6728E
DIN No.:	00034876

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	U51909WB1995PTC073417	DIVINE TRADING COMPANY PVT.LTD.	Additional director	21/10/2013	16/02/2005	-	Active	NO
2	U70101WB1991PTC051200	NUTECH MULTIMAX PVT LTD	Director	28/07/2005	28/07/2005	01/07/2011	Active	NO
3	U70101WB1991PTC050921	GREETAMAX ESTATES PVT LTD	Director	30/07/2005	30/07/2005	04/07/2011	Active	NO
4	U70101WB1991PTC050914	PIONEER MULTIMAX PVT LTD	Director	30/07/2005	30/07/2005	05/07/2011	Active	NO
5	U51420WB1996PTC080960	SBM STEELS PVT LTD	Director	29/09/2007	29/01/2007	05/07/2011	Active	NO
6	U27101WB1991PLC051901	IMPEX METAL & FERRO ALLOYS LTD	Director	29/09/2007	31/03/2007	-	Active	NO
7	L27101WB2002PLC094979	ANKIT METAL & POWER LIMITED	Director	24/09/2007	27/08/2007	24/08/2012	Active	NO
8	L27104WB2000PLC091629	ROHIT FERRO-TECH LIMITED	Managing director	27/08/2012	27/08/2007	-	Active	NO
9	U74999MH1961NPL012060	THE INDIAN FERRO ALLOY PRODUCERS ASSOCIATION	Director	28/09/2007	28/09/2007	26/09/2012	Active	NO
10	U45209WB1995PTC068731	VASUPUJYA ENTERPRISES PVT LTD	Director	30/09/2008	31/03/2008	07/08/2014	Active	NO
11	U40102WB2008PLC131190	SKP POWER VENTURES LIMITED	Director	11/12/2008	11/12/2008	-	Active	NO
12	U51109WB1995PTC075556	VNG MERCANTILES PVT LTD	Director	30/09/2010	18/01/2010	-	Active	NO
13	U51909WB1995PTC067945	NUCORE EXPORTS PVT LTD	Director	30/09/2010	05/05/2010	-	Active	NO
14	U51909WB1995PTC073576	ARTHODOCK VINIMAY PVT LTD	Director	25/09/2010	05/08/2010	-	Active	NO
15	U62200WB2010PLC153355	SKP AVIATION SERVICES LIMITED	Director	23/09/2010	23/09/2010	-	Active	NO
16	U24241WB1996PTC077687	WHITESTONE SUPPLIERS PVT LTD	Director	30/09/2011	16/12/2010	-	Active	NO
17	U67120WB2010PTC156034	RELYBULLS STOCK BROKING PRIVATE LIMITED	Director	21/12/2010	21/12/2010	-	Active	NO
18	U67190WB1995PTC073603	SHREYANSH LEAFIN PVT.LTD.	Director	30/09/2011	30/12/2010	-	Active	NO
19	U27109WB2004PLC097841	SARITA STEEL & POWER LIMITED	Director	30/09/2011	02/02/2011	-	Active	NO
20	U67190WB2011PTC158814	RELYBULLS DERIVATIVES AND COMMODITIES PRIVATE LIMITED	Director	11/02/2011	11/02/2011	-	Active	NO
21	U70109WB2011PTC159505	SKP INFRAREALTY PRIVATE LIMITED	Director	21/02/2011	21/02/2011	28/08/2012	Active	NO
22	U51109WB1995PTC069879	MARBLE ARCH PROPERTIES PVT LTD	Additional director	14/03/2011	14/03/2011	04/07/2011	Active	NO
23	U51909WB2010PTC144714	LAXMIWAN MARKETING PRIVATE LIMITED	Director	28/09/2012	16/03/2011	-	Active	NO
24	U52390WB2010PTC142091	VERSATILE SUPPLIERS PRIVATE LIMITED	Director	30/09/2011	18/03/2011	-	Active	NO
25	L27101WB1995PLC071996	IMPEX FERRO TECH LTD	Director	16/09/2011	28/03/2011	21/05/2012	Active	NO
26	U65993WB1996PTC078986	SUANVI TRADING & INVESTMENT COMPANY PVT LTD	Director	30/09/2011	27/06/2011	07/08/2014	Active	NO
27	U74210WB1996PTC078292	PODDAR MECH TECH SERVICES PVT LTD	Director	30/09/2011	29/06/2011	07/08/2014	Active	NO
28	U52390WB2010PTC142089	PAROPKAR MERCHANTS PRIVATE LIMITED	Director	30/09/2011	14/07/2011	-	Active	NO
29	U51109WB1999PLC089804	IMPEX INDUSTRIES LIMITED	Director	28/09/2012	03/04/2012	-	Active	NO
30	U29130WB1996PLC081962	VSN AGRO PRODUCTS LIMITED	Director	28/09/2012	03/04/2012	-	Active	NO
31	U51909WB1995PLC075710	DHODWALA ENTERPRISES LTD	Director	28/09/2012	03/04/2012	-	Active	NO
32	U51909WB2009PTC140224	GANNATH COMMERCE PRIVATE LIMITED	Director	13/07/2012	13/07/2012	-	Active	NO
33	U51101WB2010PTC141793	NORTH EAST MERCHANDISE PRIVATE LIMITED	Director	28/09/2012	20/07/2012	-	Active	NO
34	U51909WB2010PTC144736	BINAPANI TRADELINK PRIVATE LIMITED	Director	28/09/2012	28/08/2012	-	Active	NO
35	U26942WB1991PLC053832	IMPEX CEMENTS LTD	Director	28/09/2013	11/02/2013	-	Active	NO
36	U27109WB1995PLC075401	PATNI METAL & FERRO ALLOYS LTD	Director	28/09/2013	11/02/2013	-	Active	NO
37	U51420WB1994PLC062864	GOLD MOHAR STEEL LTD	Director	28/09/2013	11/02/2013	-	Active	NO
38	U51909WB2009PTC139307	MAHABALA MERCHANTS PRIVATE LIMITED	Director	29/09/2013	26/02/2013	-	Active	NO

Name :	Rahul Bhagat
Designation :	Director
Address :	P-51/1, CIT Road Scheme – VII, 2^nd Floor, Kankurgachi, Kolkata – 700054, West Bengal, India
Date of Birth/Age :	10.02.1979
Date of Appointment :	26.09.2012
PAN No.:	AGRPB411B
DIN No.:	02645285

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	U27101WB1991PLC051901	IMPEX METAL & FERRO ALLOYS LTD	Director	26/09/2012	21/05/2012	-	Active	NO

Name :	Mr. Ankit Patni
Designation :	Director
Address :	15, Burduan Road, Kolkata-700027, West Bengal, India
Date of Birth/Age :	13.01.1985
Date of Appointment :	05.01.2007
PAN No.:	AJWPP29920M
Date of cessation :	21.05.2012
DIN No.:	00034907

KEY EXECUTIVES

Name :	Ritesh Naita
Designation :	Secretary
Address :	202, Jessore Road, Shyam Lake Garden, Block – B, 5^th Floor, Kolkata – 700089, West Bengal, India
Date of Birth/Age :	18.07.1983
Date of Appointment :	10.02.2012
PAN No.:	ACZPN7834Q

Name :	Mr. Brij K. Singh
Designation :	Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Suresh Kumar Patni	97340
Premlata Patni	1020
Sarita Patni	9640
Nucore Exports Private Limited, India	179000
Arthodock Vinimay Private Limited, India	78000
Whitestone Suppliers Private Limited, India	49100
Shreyansh Leafin Private Limited, India	96000
Suanvi Trading and Investment Company Private Limited, India	156200
Invesco Finance Private Limited, India	68800
VNG Mercantiles Private Limited, India	88500

AS ON 30.09.2013

Category	Percentage
Bodies corporate	84.47
Directors or relatives of Directors	15.53
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into trading of ferro alloys, minerals and metals.

Products :

ITC CODE	PRODUCT
7202	Ferro Alloys

GENERAL INFORMATION

No. of Employees :

Information declined by management.

Bankers :

· Bank of Baroda, C. R. Avenue (South) Branch, 33, C. R. Avenue Branch, Kolkata - 700012, West Bengal, India

· State Bank of India (Lead Bank), Industrial Finance Branch, Kolkata, 11, Dr. U. N. Brahmachari Street, Kolkata - 700017, West Bengal, India

· State Bank of Bikaner and Jaipur, Ballygunge Branch, 204, Rashbehari Avenue, Kolkata - 700029, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	748.557	868.675
Loans taken for fixed assets [Loans against Vehicles are secured by way of hypothecation of the underlying asset financed]	2.226	0.534
SHORT TERM BORROWINGS
Working capital loans from banks	2294.443	1357.536
Total	3045.226	2226.745

Banking Relations :	--
Auditors :
Name :	S Jaykishan Chartered Accountant
Address :	12, HO Chi Minh Sarani, Kolkata - 700071, West Bengal, India
Tel. No.:	91-33-40035801
Fax No.:	91-33-40035832
E-Mail :	info@sjaykishan.com
PAN No.:	AASFS4445F
Subsidiary :	SKP Impex Pte Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Ankit Metal Power Limited [L27101WB2002PLC094979] · Impex Ferro Tech Limited [L27101WB1995PLC071996] · Rohit Ferro-Tech Limited [L27104WB2000PLC091629] · Impex Steel Limited [U27109WB2005PLC102946] · Hira Concast Limited [U27109WB2005PLC102066] · SKP Overseas Pte Limited · Suanvi Trading and Investment Company Private Limited [U65993WB1996PTC078986] · Vasupujya Enterprises Private Limited [U45209WB1995PTC068731] · Poddar Mech Tech Services Private Limited [U74210WB1996PTC078292] · Invesco Finance Private Limited [U51109WB1995PTC068360] · Arthodock Vinimay Private Limited [U51909WB1995PTC073576] · Whitestone Suppliers Private Limited [U24241WB1996PTC077687] · Nucore Exports Private Limited [U51909WB1995PTC067945] · Shreyansh Leafin Private Limited [U67190WB1995PTC073603] · Greetamax Estates Private Limited [U70101WB1991PTC050921] · Nutech Multimax Private Limited [U70101WB1991PTC051200] · Pioneer Multimax Private Limited [U70101WB1991PTC050914 ] · SBM Steels Private Limited [U51420WB1996PTC080960] · Marble Arch Properties Private Limited [U51109WB1995PTC069879] · SKP Power Ventures Limited [U40102WB2008PLC131190] · SKP Aviation Services Limited [U62200WB2010PLC153355] · SKP Impex Pte Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.100/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,090,500	Equity Shares	Rs.100/- each	Rs. 109.050 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	109.050	86.850	51.490
(b) Reserves & Surplus	915.527	897.292	503.751
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	158.300	50.000
Total Shareholders’ Funds (1) + (2)	1,024.577	1,142.442	605.241
(3) Non-Current Liabilities
(a) long-term borrowings	754.339	922.563	275.702
(b) Deferred tax liabilities (Net)	0.000	1.619	1.600
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	754.339	924.182	277.302
(4) Current Liabilities
(a) Short term borrowings	2,294.443	1,357.435	916.414
(b) Trade payables	1,611.675	980.127	361.143
(c) Other current liabilities	343.928	264.626	163.098
(d) Short-term provisions	0.000	38.000	37.500
Total Current Liabilities (4)	4,250.046	2,640.188	1,478.155
TOTAL	6,028.962	4,706.812	2,360.698
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,660.508	96.622	96.136
(ii) Intangible Assets	7.270	7.435	0.000
(iii) Capital work-in-progress	2.412	1,459.244	217.312
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.935	0.609	0.757
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	66.110	20.296	209.387
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1,741.235	1,584.206	523.592
(2) Current assets
(a) Current investments	29.788	28.763	0.000
(b) Inventories	817.651	767.181	732.236
(c) Trade receivables	1,942.379	1,351.778	388.029
(d) Cash and cash equivalents	325.293	251.353	201.958
(e) Short-term loans and advances	1,044.330	573.592	395.783
(f) Other current assets	128.286	149.939	119.100
Total Current Assets	4,287.727	3,122.606	1,837.106
TOTAL	6,028.962	4,706.812	2,360.698

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	9,623.529	7,820.532	6,916.674
	Other Income	25.062	42.399	68.151
	TOTAL (A)	9,648.591	7,862.931	6,984.825
Less	EXPENSES
	Cost of Materials Consumed	290.243	0.000	0.000
	Purchases of Stock-in-Trade	8,269.178	7,340.311	6,771.109
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	314.678	(17.627)	(280.829)
	Employees benefits expense	38.841	13.928	10.265
	Prior period items	0.000	0.000	0.028
	Other expenses	408.867	172.932	243.288
	TOTAL (B)	9,321.807	7,509.544	6,743.861
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	326.784	353.387	240.964
Less	FINANCIAL EXPENSES (D)	475.192	232.576	127.105
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(148.408)	120.811	113.859
Less/ Add	DEPRECIATION/ AMORTISATION (F)	60.087	7.485	5.158
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(208.495)	113.326	108.701
Less	TAX (H)	1.531	38.024	39.328
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(210.026)	75.302	69.373
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	265.527	190.225	120.852
	Balance Carried to the B/S	55.501	265.527	190.225
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2,318.081	2,138.207	2,908.613
	TOTAL EARNINGS	2,318.081	2,138.207	2,908.613
	IMPORTS
	Raw Materials	1,436.631	1,554.059	1,180.055
	TOTAL IMPORTS	1,436.631	1,554.059	1,180.055
	Earnings / (Loss) Per Share (Rs.)	(239.86)	129.82	208.69

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(2.18)	0.96	0.99
Net Profit Margin (PBT/Sales)	(%)	(2.17)	1.45	1.57
Return on Total Assets (PBT/Total Assets}	(%)	(3.46)	3.49	5.07
Return on Investment (ROI) (PBT/Networth)		(0.20)	0.09	0.18
Debt Equity Ratio (Total Debt /Networth)		2.97	1.99	1.97
Current Ratio (Current Asset/Current Liability)		1.01	1.18	1.24

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	51.490	86.850	109.050
Reserves & Surplus	503.751	897.292	915.527
Share Application money pending allotment	50.000	158.300	0.000
Net worth	605.241	1,142.442	1,024.577
long-term borrowings	275.702	922.563	754.339
Short term borrowings	916.414	1,357.435	2,294.443
Total borrowings	1,192.116	2,279.998	3,048.782
Debt/Equity ratio	1.970	1.996	2.976

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	6,916.674	7,820.532	9,623.529
		13.068	23.055

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	6,916.674	7,820.532	9,623.529
Profit/(Loss) After Tax	69.373	75.302	(210.026)
	1.00%	0.96%	(2.18%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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	No
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 TEMP APO (APOT) 446 of 2013

STATE OF WEST BENGAL AND ANR Vs. IMPEX METAL AND FERRO ALLOYS LTD AND ANR

Pet's Adv. : PARITOSH SINHA

Res's Adv. :

Court No. : 1 Last Listed On : Friday, January 10, 2014

Category : SALES TAX : REVENUE

CONNECTED APPLICATION (S)	CONNECTED MATTER (S)
No Connected Application.	No Connected Cases

Case Updated on: Tuesday, December 24, 2013

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	10365958	22/06/2012	576,000,000.00	STATE BANK OF BIKANER & JAIPUR	BALLYGUNGE BRANCH,, 204, RASHBEHARI AVENUE, KOLKATA, WEST BENGAL - 700029, INDIA	B43847821
2	10361520	07/06/2012	600,000,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, TRINITY TOWER, GROUND FLOOR, 83, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA	B41997198
3	10356156	28/04/2012	1,081,800,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N.  BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017  , INDIA	B39781869
4	10344028	10/10/2012 *	3,751,800,000.00	STATE BANK OF BIKANER & JAIPUR	BALLYGUNGE BRANCH,, 204, RASHBEHARI AVENUE, KOLKATA, WEST BENGAL - 700029, INDIA	B61605580
5	10320240	10/10/2012 *	3,751,800,000.00	STATE BANK OF INDIA (LEAD BANK)	INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N.  BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017 , INDIA	B59861799
6	10316753	17/10/2011	150,000,000.00	STATE BANK OF BIKANER & JAIPUR	BALLYGUNGE BRANCH,, 204, RASHBEHARI AVENUE, KOLKATA, WEST BENGAL - 700029, INDIA	B24969487
7	10249460	09/08/2011 *	2,340,000,000.00	BANK OF BARODA	C. R. AVENUE (SOUTH) BRANCH, 33, C. R. AVENUE BRANCH, KOLKATA, WEST BENGAL - 700012, INDIA	B19914902
8	10248746	24/09/2010	680,000,000.00	STATE BANK OF BIKANER & JAIPUR	BALLYGUNGE BRANCH,, 204, RASHBEHARI AVENUE, KOLKATA, WEST BENGAL - 700029, INDIA	A98459290
9	10209449	28/09/2011 *	490,000,000.00	STATE BANK OF PATIALA	MID CORPORATE BRANCH,, 8, CAMAC STRRET, SHANTINIK  ETAN BUILDING, KOLKATA, WEST BENGAL - 700017, INDIA	B24697021
10	10208780	04/03/2010	340,000,000.00	STATE BANK OF BIKANER & JAIPUR	BALLYGUNGE BRANCH,, 204, RASHBEHARI AVENUE, KOLKA TA, WEST BENGAL - 700029, INDIA	A81931503

* Date of charge modification

UNSECURED BORROWINGS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Intercorporate borrowings	3.556	53.353
Total	3.556	53.353

FINANCIAL AND OPERATIONAL REVIEW

During the year the Company has achieved net sales/income from operation of Rs.9623.529 Millions registering a growth of 23.05% over previous year. The net profit of the Company has goes down by 378.91 % making the Net Loss of Rs. 210.026 Millions in 2012-13.

FIXED ASSETS

· Land

· Office Premises

· Goodwon

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Office Equipments

· Computers

· Vehicles

· Pollution Control Equipments

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. 60.47
UK Pound	1	Rs. 100.35
Euro	1	Rs. 79.86

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	SNT

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	2
--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	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		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.