MIRA INFORM REPORT

Report Date :

06.09.2014

IDENTIFICATION DETAILS

Name :	SOVA ISPAT LIMITED
Registered Office :	Shyam Tower. En – 32, Sector –V, Salt Lake City, Kolkata – 700091, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.05.1991
Com. Reg. No.:	21 – 051823
Capital Investment / Paid-up Capital :	Rs. 529.357 Millions
CIN No.: [Company Identification No.]	U28999WB1991PLC051823
TAN No.: [Tax Deduction & Collection Account No.]	CALS14349G
PAN No.: [Permanent Account No.]	AAHCS4673H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Sponge Iron, Billets and TMT Bars
No. of Employees :	Information Declined By The Management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has incurred a loss from its operations during 2013. However, the rating takes into consideration unconditional and irrevocable guarantee extended by Shyam Steel Industries Limited for all the bank facilities of SIL. The rating also factor in long track record of the promoters, established brand, diversified clientele, and strategic location of the plant. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – 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 = BBB (SO)
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	30.05.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3 (SO)
Rating Explanation	Have moderate degree of safety and carry higher credit risk
Date	30.05.2014

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

Management non co-operative

Tel No.: 91-33-40074007

LOCATIONS

Registered Office :	Shyam Tower. En – 32, Sector –V, Salt Lake City, Kolkata – 700091, West Bengal, India
Tel. No.:	91-33-40074007
Fax No.:	91-33-40074010
E-Mail :	finance@shyamsteel.com
Factory :	Located at : Durgapur, West Bengal, India

DIRECTORS

As on: 30.09.2013

Name :

Mr. Purushottam Beriwal

Designation :

Whole Time Director

Address :

CJ – 222, Salt Lake City, Kolkata – 700091, West Bengal, India

Date of Birth/Age :

08.08.1960

Date of Appointment :

01.01.2013

Voter ID No.:

WB - 20 – 139 – 732515

DIN No.:

00006215

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	U51109WB1992PTC056738	BRIGHT HORIZON IMPEX P LTD.	Director	21/05/1999	21/05/1999	-	Amalgamated	NO
2	U65999WB1985PTC039875	SAJAN FINANCIERS AND COMMERCIALS PVT LTD	Director	15/01/2001	15/01/2001	-	Active	NO
3	U27100WB2002PLC094339	SHYAM STEEL INDUSTRIES LIMITED	Director	01/01/2013	08/03/2002	-	Active	NO
4	U27101WB2002PTC094472	SGI ISPAT PRIVATE LIMITED	Director	05/04/2002	05/04/2002	01/04/2008	Active	NO
5	U27109WB2005PTC103291	TRUMAX ISPAT PRIVATE LIMITED	Director	02/05/2006	02/05/2006	25/03/2011	Active	NO
6	U01403WB2006PTC110700	SHYAMSREE AGRO COMMODITIES PRIVATE LIMITED	Director	20/07/2006	20/07/2006	27/12/2012	Active	NO
7	U70101WB2006PTC110737	LAKEVIEW BUILDERS PRIVATE LIMITED	Director	24/07/2006	24/07/2006	30/11/2012	Active	NO
8	U24121WB1975PTC030089	DIN CHEMICALS & COATINGS PVT LTD	Director	12/04/2007	12/04/2007	30/11/2012	Active	NO
9	U27100WB2007PTC115235	SHYAM STEEL METALLICS PRIVATE LIMITED	Director	18/04/2007	18/04/2007	24/06/2013	Active	NO
10	U45400WB2007PTC116138	PUSPA NIKETAN PRIVATE LIMITED	Director	28/05/2007	28/05/2007	30/11/2012	Active	NO
11	U27102WB2002PTC095374	SHREEGOPAL HI-TECH PRIVATE LIMITED	Director	12/06/2007	12/06/2007	-	Amalgamated	NO
12	U67120WB2006PTC112242	YASHASHVI SECURITIES PRIVATE LIMITED	Director	27/09/2008	31/08/2007	-	Active	NO
13	U51109WB2005PTC106571	VICTOR VANIJYA PVT LTD	Additional director	12/10/2007	12/10/2007	-	Amalgamated	NO
14	U70101WB2005PTC104566	LIBERAL HOUSING PRIVATE LIMITED	Additional director	12/10/2007	12/10/2007	-	Amalgamated	NO
15	U01134WB2010PTC145281	PB FARM HOUSE PRIVATE LIMITED	Director	15/04/2010	15/04/2010	01/01/2013	Active	NO
16	U40109WB2010PTC154127	SHYAMSTEEL POWER PRIVATE LIMITED	Director	18/10/2010	18/10/2010	01/01/2013	Active	NO
17	U40105WB2010PTC154125	SHYAMSTEEL ENERGY PRIVATE LIMITED	Director	18/10/2010	18/10/2010	-	Active	NO
18	U01119WB2010PTC154124	SHYAMSTEEL AGRO PRIVATE LIMITED	Director	18/10/2010	18/10/2010	-	Active	NO
19	U52190WB2010PTC155464	VAIKUNTHA TRADECOM PRIVATE LIMITED	Director	07/12/2010	07/12/2010	30/11/2012	Active	NO
20	U52190WB2011PLC156940	CHITRALEKHA MERCHANTS LIMITED	Director	10/01/2011	10/01/2011	30/11/2012	Active	NO
21	U28999WB1991PLC051823	SOVA ISPAT LIMITED	Whole-time director	01/01/2013	10/01/2011	-	Active	NO
22	U52190WB2011PTC168098	DAKSHA TIE-UP PRIVATE LIMITED	Director	23/09/2011	23/09/2011	-	Active	NO
23	U52190WB2011PTC168116	BRIGHT DEALTRADE PRIVATE LIMITED	Director	26/09/2011	26/09/2011	-	Active	NO
24	U52190WB2011PTC168114	ANANT VINTRADE PRIVATE LIMITED	Director	26/09/2011	26/09/2011	-	Active	NO
25	U52190WB2011PTC168103	AVANEESH DEALMARK PRIVATE LIMITED	Director	26/09/2011	26/09/2011	-	Active	NO
26	U52190WB2012PTC174461	MOONVIEW TIE-UP PRIVATE LIMITED	Director	27/09/2013	05/11/2012	-	Active	NO
27	U52190WB2012PTC174459	ARYADEEP TRADELINK PRIVATE LIMITED	Director	26/09/2013	05/11/2012	-	Active	NO
28	U52190WB2012PTC181674	LINKSTAR VYAPAAR PRIVATE LIMITED	Director	30/09/2013	05/11/2012	-	Active	NO
29	U74140WB2004PTC099555	VANLILA CONSULTANTS PRIVATE LIMITED	Director	05/09/2013	30/11/2012	-	Active	NO
30	U52190WB2012PTC174460	KAMALDHAN VINTRADE PRIVATE LIMITED	Director	26/09/2013	30/11/2012	-	Active	NO
31	U52190WB2012PTC181672	FOREMOST TIE-UP PRIVATE LIMITED	Director	30/09/2013	30/11/2012	-	Active	NO
32	U15541WB2010PTC154689	SHYAMSREE FOOD PROCESSING PRIVATE LIMITED	Director	26/09/2013	27/12/2012	16/08/2014	Active	NO

Name :

Mr. Lalit Beriwala

Designation :

Director

Address :

CE – 108, Salt Lake City, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

14.12.1968

Date of Appointment :

30.09.2011

Voter ID No.:

WB – 20 – 139 – 732023

DIN No.:

00006198

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	U27100WB2002PLC094339	SHYAM STEEL INDUSTRIES LIMITED	Whole-time director	01/04/2013	08/03/2002	-	Active	NO
2	U27310WB2005PTC102936	RANCHI CASTINGS PRIVATE LIMITED	Director	04/05/2005	04/05/2005	01/01/2013	Active	NO
3	U51909WB2005PTC103002	ADARSH TIE-UP PRIVATE LIMITED	Director	06/05/2005	06/05/2005	-	Amalgamated	NO
4	U27109WB2005PTC103291	TRUMAX ISPAT PRIVATE LIMITED	Director	25/05/2005	25/05/2005	-	Active	NO
5	U45201WB2006PTC109007	VASUDEO ENCLAVE PVT LTD	Director	20/04/2006	20/04/2006	27/12/2012	Active	NO
6	U70101WB2006PTC109019	SWASTIKA MANSION PVT LTD	Director	20/04/2006	20/04/2006	27/12/2012	Active	NO
7	U45201WB2006PTC109008	SREENATH PROMOTERS PVT LTD	Director	20/04/2006	20/04/2006	27/12/2012	Active	NO
8	U70101WB2006PTC109018	MANGALAM MANSION PVT LTD	Director	20/04/2006	20/04/2006	27/12/2012	Active	NO
9	U70101WB2006PTC109020	LOTUS MANSION PVT LTD	Director	20/04/2006	20/04/2006	27/12/2012	Active	NO
10	U74140WB2006PTC109267	SHYAM TECHNICAL SERVICES PVT LTD	Director	10/05/2006	10/05/2006	27/12/2012	Active	NO
11	U70101WB2006PTC109914	SHYAMSREE INFRASTRUCTURE PVT LTD	Director	14/06/2006	14/06/2006	27/12/2012	Active	NO
12	U70101WB2006PTC109929	SHYAMSREE DEVELOPERS PVT LTD	Director	14/06/2006	14/06/2006	27/12/2012	Active	NO
13	U70101WB2006PTC109907	SHYAM MANSION PRIVATE LIMITED	Director	14/06/2006	14/06/2006	17/01/2012	Active	NO
14	U70101WB2006PTC110712	SHYAMSHREE NIKETAN PRIVATE LIMITED	Director	21/07/2006	21/07/2006	27/12/2012	Active	NO
15	U27100WB2007PTC115235	SHYAM STEEL METALLICS PRIVATE LIMITED	Director	18/04/2007	18/04/2007	-	Active	NO
16	U74140WB2004PTC099555	VANLILA CONSULTANTS PRIVATE LIMITED	Director	05/09/2013	01/08/2007	-	Active	NO
17	U51109WB2005PTC103233	RAMTECH VANIJYA PRIVATE LIMITED	Additional director	12/10/2007	12/10/2007	-	Amalgamated	NO
18	U14219WB2008PTC128692	SHYAM MINERAL RESOURCES PRIVATE LIMITED	Director	22/08/2008	22/08/2008	27/12/2012	Active	NO
19	U51909WB1992PLC054881	SHRI JAGANNATH STEELS & POWER LIMITED	Director	22/09/2009	20/08/2009	15/06/2013	Active	NO
20	U73100WB2009PTC138299	TCP MARKETING & RESEARCH PRIVATE LIMITED	Director	08/09/2009	08/09/2009	27/12/2012	Active	NO
21	U01403WB2010PTC144799	SSB ESTATE PRIVATE LIMITED	Director	05/04/2010	05/04/2010	30/11/2012	Active	NO
22	U74900WB2010PTC153339	SHYAM ANALYTICAL LABS PRIVATE LIMITED	Director	23/09/2010	23/09/2010	27/12/2012	Active	NO
23	U40109WB2010PTC154127	SHYAMSTEEL POWER PRIVATE LIMITED	Director	18/10/2010	18/10/2010	-	Active	NO
24	U40105WB2010PTC154125	SHYAMSTEEL ENERGY PRIVATE LIMITED	Director	18/10/2010	18/10/2010	-	Active	NO
25	U01119WB2010PTC154124	SHYAMSTEEL AGRO PRIVATE LIMITED	Director	18/10/2010	18/10/2010	27/12/2012	Active	NO
26	U15541WB2010PTC154689	SHYAMSREE FOOD PROCESSING PRIVATE LIMITED	Director	16/11/2010	16/11/2010	16/08/2014	Active	NO
27	U28999WB1991PLC051823	SOVA ISPAT LIMITED	Director	30/09/2011	10/01/2011	-	Active	NO
28	U52190WB2011PLC156940	CHITRALEKHA MERCHANTS LIMITED	Director	10/01/2011	10/01/2011	27/12/2012	Active	NO
29	U52190WB2012PLC174462	PANCHSHREE TIE-UP LIMITED	Director	29/09/2012	01/03/2012	30/11/2012	Active	NO
30	L20291WB1985PLC038657	SWASTIK PLYWOOD LIMITED	Director	29/09/2012	21/03/2012	-	Active	NO
31	U52190WB2012PTC174461	MOONVIEW TIE-UP PRIVATE LIMITED	Director	27/09/2013	05/11/2012	-	Active	NO
32	U52190WB2011PTC168098	DAKSHA TIE-UP PRIVATE LIMITED	Director	26/09/2013	05/11/2012	-	Active	NO
33	U52190WB2011PTC168116	BRIGHT DEALTRADE PRIVATE LIMITED	Director	26/09/2013	05/11/2012	-	Active	NO
34	U52190WB2011PTC168103	AVANEESH DEALMARK PRIVATE LIMITED	Director	26/09/2013	05/11/2012	-	Active	NO
35	U52190WB2012PTC174459	ARYADEEP TRADELINK PRIVATE LIMITED	Director	26/09/2013	05/11/2012	-	Active	NO
36	U52190WB2011PTC168114	ANANT VINTRADE PRIVATE LIMITED	Director	26/09/2013	05/11/2012	-	Active	NO
37	U52190WB2012PTC181674	LINKSTAR VYAPAAR PRIVATE LIMITED	Director	30/09/2013	05/11/2012	-	Active	NO
38	U65999WB1985PTC039875	SAJAN FINANCIERS AND COMMERCIALS PVT LTD	Director	30/09/2013	05/11/2012	-	Active	NO
39	U52190WB2012PTC174460	KAMALDHAN VINTRADE PRIVATE LIMITED	Director	26/09/2013	27/12/2012	-	Active	NO
40	U67120WB2006PTC112242	YASHASHVI SECURITIES PRIVATE LIMITED	Director	31/08/2013	27/12/2012	-	Active	NO
41	U52190WB2012PTC181672	FOREMOST TIE-UP PRIVATE LIMITED	Director	30/09/2013	27/12/2012	-	Active	NO

Name :

Mr. Ajay Kumar Gupta

Designation :

Director

Address :

35, Battala Bye Lata – 2, Hindmotor, Ward – 7, Uttarpara, Hooghly – 712233, West Bengal, India

Date of Birth/Age :

12.02.1977

Date of Appointment :

30.09.2013

DIN No.:

00531644

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	U70101WB2006PTC110778	ROSEWOOD PLAZA PRIVATE LIMITED	Director	26/07/2006	26/07/2006	-	Active	NO
2	U70101WB2006PTC109907	SHYAM MANSION PRIVATE LIMITED	Director	29/09/2012	20/12/2011	-	Active	NO
3	U52190WB2012PTC181674	LINKSTAR VYAPAAR PRIVATE LIMITED	Director	14/05/2012	14/05/2012	07/11/2012	Active	NO
4	U28999WB1991PLC051823	SOVA ISPAT LIMITED	Director	30/09/2013	17/12/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Nidhi Agarwa
Designation :	Company Secretary
Address :	42/1A, Motilal Baishak Lane, Kolkata – 700054, West Bengal, India
Date of Birth/Age :	28.02.1987
Date of Appointment :	01.07.2013
PAN No.:	AHAPA4366J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Subrata Mukherjee	744210
Lila Mukherjee	7000
Shila Banerjee	23500
Shipra Chatterjee	23200
Sabyasachi Mukherjee	1060
Rama Mukherjee	1800
Salil Mukherjee	325980
Krishnendu Mukherjee	36720
Shyamsteel Energy Private Limited, India	40000000
Vanilla Consulatants Private Limited, India	6004086
Yashashvi Securities Private Limited, India	4344092
Purushottam Beriwal	100
Lalit Beriwala	100
Govind Beriwal	100
Ravi Beriwala	100
Soumyen Mukherjee	105280
Sova Ispat Alloys Limited, India	150200
Gautam Chatterjee	250800
Sova Power Limited, India	607394
Gopa Mukherjee	74600
Swarup Chatterjee	224200
Siddhartha Mukherjee	11200
Total	52935722

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	96.54
Directors or relatives of directors	3.46
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Sponge Iron, Billets and TMT Bars

Products :

Description of Product	Product Code
Sponge Iron	7203
Portland Slag Cement	2523
Silicon Manganese	7202

GENERAL INFORMATION

No. of Employees :

Information Declined By The Management

Bankers :

· Indian Overseas Bank, India Exchange Place Branch, P – 35, India Exchange Place, Kolkata – 700001, West Bengal, India

· Punjab National Bank, Large Corporate Branch, 44 Park Street, Kolkata – 700120, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Rupee term loans from banks	976.246	495.286
Rupee Term loans from others	93.750	0.000
Other loans and advances	4.196	0.000
SHORT TERM BORROWINGS:
Working capital loans from banks	817.826	1092.139
Total	1892.018	1587.425

Banking Relations :	--
Financial Institutions:	L and T Finance Corporation Limited, L and T House, Ballard Estate, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	Emerald House, 1B Old Post Office Street, 4^th Floor, Kolkata – 700001, West Bengal, India
PAN No.:	AASFS9578D
Ultimate holding company :	Shyam Steel Industries Limited CIN No.: U27100WB2002PLC094339
Enterprises which are owned, or have significant influence of or are partners with key management personnel and their relatives :	· Shyam Ispat Udyog · Vanlila Consultants Private Limited CIN No.: U74140WB2004PTC099555 · Unicon Vyapaar Private Limited CIN No.: U51909WB2009OTC135163 · Yashashvi Securities Private Limited CIN No.: U67120WB2006PTC112242

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
55000000	Equity Shares	Rs.10/- each	Rs.550.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
52935722	Equity Shares	Rs.10/- each	Rs.529.357 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	529.357	529.357	529.357
(b) Reserves & Surplus	368.691	787.291	771.843
(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)	898.048	1316.648	1301.200
(3) Non-Current Liabilities
(a) long-term borrowings	1224.192	495.286	661.070
(b) Deferred tax liabilities (Net)	440.774	132.232	50.364
(c) Other long term liabilities	0.250	0.470	0.260
(d) long-term provisions	3.397	0.000	0.000
Total Non-current Liabilities (3)	1668.613	627.988	711.694
(4) Current Liabilities
(a) Short term borrowings	844.427	1092.843	460.698
(b) Trade payables	351.563	232.484	56.529
(c) Other current liabilities	314.901	201.945	292.870
(d) Short-term provisions	0.063	0.000	0.042
Total Current Liabilities (4)	1510.954	1527.272	810.139
TOTAL	4077.615	3471.908	2823.033
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1999.155	1747.399	1331.631
(ii) Intangible Assets	97.139	0.000	0.000
(iii) Capital work-in-progress	111.810	208.304	397.495
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.010	6.010	6.020
(c) Deferred tax assets (net)	440.773	94.138	12.271
(d) Long-term Loan and Advances	104.867	27.619	52.984
(e) Other Non-current assets	0.000	10.239	13.085
Total Non-Current Assets	2759.754	2093.709	1813.486
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	363.940	269.293	348.740
(c) Trade receivables	512.878	828.325	517.576
(d) Cash and cash equivalents	65.936	3.400	18.660
(e) Short-term loans and advances	232.615	163.574	60.241
(f) Other current assets	142.492	113.607	64.330
Total Current Assets	1317.861	1378.199	1009.547
TOTAL	4077.615	3471.908	2823.033

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2260.580	2247.591	467.937
		Other Income	16.150	1.707	16.613
		TOTAL (A)	2276.730	2249.298	484.550
Less	EXPENSES
		Cost of Materials Consumed	2120.184	1978.978	239.242
		Purchases of Stock-in-Trade	211.534	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(117.975)	(48.023)	26.851
		Employees benefits expense	34.646	23.442	20.537
		Other expenses	169.587	117.925	41.844
		TOTAL (B)	2417.976	2072.322	328.474
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(141.246)	176.976	156.076
Less	FINANCIAL EXPENSES (D)		198.278	119.767	118.804
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(339.524)	57.209	37.272
Less/ Add	DEPRECIATION/ AMORTISATION (F)		105.663	43.981	35.123
	PROFIT /LOSS BEFORE TAX (E-F) (G)		(445.187)	13.228	2.149
Less	TAX (H)		(26.588)	2.646	(13.486)
	PROFIT /LOSS AFTER TAX (G-H) (I)		(418.599)	10.582	15.635
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	12.951	0.000	0.000
	TOTAL EARNINGS		12.951	0.000	0.000
	IMPORTS
		Raw Materials	132.735	0.000	0.000
	TOTAL IMPORTS		132.735	0.000	0.000
	Earnings Per Share (Rs.)		(7.91)	0.20	0.71

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(18.39)	0.47	3.23
Net Profit Margin (PBT/Sales)	(%)	(19.69)	0.59	0.46
Return on Total Assets (PBT/Total Assets}	(%)	(12.65)	0.42	0.09
Return on Investment (ROI) (PBT/Networth)		(0.50)	0.01	0.00
Debt Equity Ratio (Total Debt/Networth)		2.30	1.21	0.86
Current Ratio (Current Asset/Current Liability)		0.87	0.90	1.25

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	529.357	529.357	529.357
Reserves & Surplus	771.843	787.291	368.691
Net worth	1301.200	1316.648	898.048
long-term borrowings	661.070	495.286	1224.192
Short term borrowings	460.698	1092.843	844.427
Total borrowings	1121.768	1588.129	2068.619
Debt/Equity ratio	0.862	1.206	2.303

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	467.937	2247.591	2260.580
		380.319	0.578

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	467.937	2247.591	2260.580
Profit	15.635	10.582	(418.599)
	3.34%	0.47%	(18.52%)

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	--
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	Yes
34]	External Agency Rating, if available	Yes

Note: The Registered Office of the company has been shifted from FMC FORTUNA, 4^th Floor, Rooma No. A16, 234/3A, Acharya Jagadish Chandra Bose Road, Kolkata – 700020, West Bengal, India to the present address w.e.f. 10.01.2011.

Unsecured Loan

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loans and advances from others	50.000	0.000
Fully convertible debentures intercorporate	100.000	0.000
SHORT TERM BORROWINGS:	0
Loans repayable on demand from others	0.000	0.054
Loans and advances from others	26.601	0.650
Total	176.601	0.704

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10429356	16/05/2013	396,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, 44 PARK STREET, KOLKATA - 700120, WEST BENGAL, INDIA	B76417070
2	10414074	16/05/2013	100,000,000.00	L&T FINCORP LIMITED	L & T HOUSE, BALLARD ESTATE,, MUMBAI - 400001, MAHARASHTRA , INDIA	B76861236
3	10396531	16/05/2013	400,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA - 700017 , WEST BENGAL, INDIA	B77163962
4	10366871	30/06/2012	12,527,500.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B44282382
5	10251680	01/01/2013	1,047,500,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, 44, PARK STREET, KOLKATA - 700016,  WEST BENGAL, INDIA	B67559138
6	10246675	08/10/2012	1,047,500,000.00	STATE BANK OF INDIA (LEAD BANK)	INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA - 700017 , WEST BENGAL, INDIA	B60088671
7	10113867	16/05/2013	296,500,000.00	INDIAN OVERSEAS BANK	INDIA EXCHANGE PLACE BRANCH, P-35, INDIA EXCHANGE PLACE, KOLKATA - 700001, WEST BENGAL, INDIA	B77040806
8	10292777	16/05/2013	325,400,000.00	ORIENTAL BANK OF COMMERCE	NACHAN ROAD, BENACHITY, DURGAPUR - 713213, WEST BENGAL, INDIA	B76882158

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 judgment 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.60.43
UK Pound	1	Rs.98.64
Euro	1	Rs.78.20

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	2
--CREDIT LINES	1~10	6
--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		44

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.