MIRA INFORM REPORT

Report Date :

10.09.2014

IDENTIFICATION DETAILS

Name :	MODERN INDIA CON CAST LIMITED
Registered Office :	18 D Everest, 46C, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.04.1987
Com. Reg. No.:	21-042166
Capital Investment / Paid-up Capital :	Rs.197.279 Millions
CIN No.: [Company Identification No.]	U27106WB1987PLC042166
TAN No.: [Tax Deduction & Collection Account No.]	CALM104349C
PAN No.: [Permanent Account No.]	AADCM3091K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of prime quality manganese alloys.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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 satisfactory track record. The rating reflects company’s sound financial risk profile marked by large scale of operations, established clientele and the extensive experience of its promoters in the steel business. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for 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	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Adequate credit quality and high credit risk
Date	30.07.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	30.07.2014

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

Management Non Co-Operative (Tel No.: 91-33-30521112)

LOCATIONS

Registered Office /:	18 D Everest, 46C, Jawaharlal Nehru Road, Kolkata – 700071, West Bengal
Tel. No.:	91-33-30521112 / 1114 / 1115
Fax No.:	91-33-22889247 / 1121
E-Mail.:	miclfa@rediffmail.com gaysons@hotmail.com info@gayson.co.in ferroalloys@miclindia.com
Website :	http://www.miclindia.com
Administrative Office :	6G, Everest, 46C, Jawaharlal Nehru Road, Kolkata - 700071, West Bengal, India
Factory 1 :	Plot Nos. L-11 To L-15 Bishnupur Industrial Growth Center, P.S. Dwarika , Bishnupur, District Bankura - 722122, West Bengal,
Tel. No.:	91-3244-251250 / 251251
Factory 2 :	Bhuniaraichak, J.L. No. 122, Haldia, District Purba Midnapore - 721635, West Bengal, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Chetan Aggarwala

Designation :

Managing Director

Address :

1/1 D, Asha Cooperative Housing, 93 Deshapran Sasmal Road, Kolkata – 700033, West Bengal, India

Date of Birth/Age :

07.05.1975

Date of Appointment :

02.04.2010

DIN No.:

00107606

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29199WB1963PTC025860	GAYSON AND CO PRIVATE LIMITED	Director	08/02/2000	08/02/2000	-	Active	NO
2	U27106WB1987PLC042166	MODERN INDIA CON CAST LIMITED	Managing director	02/04/2010	02/04/2004	-	Active	NO
3	U74999MH1961NPL012060	THE INDIAN FERRO ALLOY PRODUCERS ASSOCIATION	Director	31/08/2005	31/08/2005	28/09/2011	Active	NO
4	U65999WB1989PTC046196	SANCHAL HOLDINGS PRIVATE LIMITED	Director	18/05/2007	18/05/2007	-	Amalgamated	NO
5	U51909WB1995PTC075534	SAVERA DISTRIBUTORS PRIVATE LIMITED	Director	22/11/2007	22/11/2007	-	Amalgamated	NO
6	U70109WB1987PTC042187	NAVEEN HOLDINGS PRIVATE LIMITED	Director	12/08/2008	12/08/2008	-	Active	NO
7	U45400WB2007PTC115719	SHANGHRILA INFRASTRUCTURE CONSULTANCY PRIVATE LIMITED	Director	26/09/2008	26/09/2008	-	Strike off	NO
8	U51109WB2007PTC113451	JHILLMIL TIE UP PRIVATE LIMITED	Director	04/11/2008	04/11/2008	-	Amalgamated	NO
9	U51909WB1995PTC075496	MAGNUM DEALCOMM PRIVATE LIMITED	Director	01/09/2011	22/06/2011	-	Active	NO

Name :

Mr. Bhupinder Singh Saini

Designation :

Managing Director

Address :

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

Date of Birth/Age :

20.07.1941

Date of Appointment :

02.04.2010

DIN No.:

00107665

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29199WB1963PTC025860	GAYSON & CO PRIVATE LIMITED	Director	12/05/1981	12/05/1981	-	Active	NO
2	U25209WB1981PTC033657	SONY FIBRES PRIVATE LIMITED	Director	14/05/1981	14/05/1981	-	Amalgamated	NO
3	U27106WB1987PLC042166	MODERN INDIA CON CAST LIMITED	Managing director	02/04/2010	08/04/1987	-	Active	NO
4	U27109WB1999PTC090281	MODERN INDIA STEEL ROLLING MILLS PRIVATE LIMITED	Director	14/09/1999	14/09/1999	-	Active	NO
5	U51109WB2005PTC105622	BUTTERFLY TRADERS PRIVATE LIMITED	Director	22/02/2008	22/02/2008	-	Amalgamated	NO

Name :

Mr. Tejinder Singh Saini

Designation :

Managing Director

Address :

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

Date of Birth/Age :

16.03.1971

Date of Appointment :

02.04.2004

DIN No.:

00107721

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27109WB1985PTC038819	BHARAT ROLL INDUSTRY PRIVATE LIMITED	Director	01/03/1995	01/03/1995	-	Active	NO
2	U51909WB1995PTC071361	RANA UDYOG PRIVATE LIMITED	Director	04/05/1995	04/05/1995	-	Active	NO
3	U27106WB1987PLC042166	MODERN INDIA CON CAST LIMITED	Managing director	02/04/2010	02/04/2004	-	Active	NO
4	U29199WB1963PTC025860	GAYSON & CO PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
5	U65993WB1994PTC064712	AGARESWAR DEV VINIYOG PRIVATE LIMITED	Director	06/06/2005	06/06/2005	-	Amalgamated	NO
6	U27109WB2006PTC111808	MODERN ISPAT PRIVATE LIMITED	Director	15/11/2006	15/11/2006	-	Active	NO
7	U55101WB2006PTC112253	MODERN INNS PRIVATE LIMITED	Director	27/12/2006	27/12/2006	31/03/2014	Active	NO
8	U65999WB1989PTC046196	SANCHAL HOLDINGS PRIVATE LIMITED	Director	18/05/2007	18/05/2007	-	Amalgamated	NO
9	U51909WB1995PTC075534	SAVERA DISTRIBUTORS PRIVATE LIMITED	Director	22/11/2007	22/11/2007	-	Amalgamated	NO
10	U70109WB1987PTC042187	NAVEEN HOLDINGS PRIVATE LIMITED	Director	12/08/2008	12/08/2008	-	Active	NO
11	U45400WB2007PTC115719	SHANGHRILA INFRASTRUCTURE CONSULTANCY PRIVATE LIMITED	Director	26/09/2008	26/09/2008	-	Strike off	NO
12	U51109WB2007PTC113451	JHILLMIL TIE UP PRIVATE LIMITED	Director	04/11/2008	04/11/2008	-	Amalgamated	NO
13	U51909WB1995PTC075496	MAGNUM DEALCOMM PRIVATE LIMITED	Director	29/09/2012	28/11/2011	-	Active	NO

Name :

Mr. Amardeep Singh

Designation :

Managing Director

Address :

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

Date of Birth/Age :

25.08.1960

Date of Appointment :

02.04.2004

DIN No.:

00107756

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29199WB1963PTC025860	GAYSON & CO PRIVATE LIMITED	Director	06/10/1986	06/10/1986	-	Active	NO
2	U51909WB1995PTC071361	RANA UDYOG PRIVATE LIMITED	Director	04/05/1995	04/05/1995	-	Active	NO
3	U70101TN1995PTC033894	ARUN HAPPY HOMES PRIVATE LIMITED	Director	19/12/1995	19/12/1995	16/11/2009	Active	NO
4	U27106WB1987PLC042166	MODERN INDIA CON CAST LIMITED	Managing director	02/04/2010	02/04/2004	-	Active	NO
5	U65993WB1994PTC064712	AGARESWAR DEV VINIYOG PRIVATE LIMITED	Director	06/06/2005	06/06/2005	-	Amalgamated	NO
6	U70109WB1940GAP010167	THE CALCUTTA PUNJAB CLUB LIMITED	Director	28/01/2006	28/01/2006	-	Active	NO
7	U27109WB2006PTC111808	MODERN ISPAT PRIVATE LIMITED	Director	15/11/2006	15/11/2006	-	Active	NO
8	U55101WB2006PTC112253	MODERN INNS PRIVATE LIMITED	Director	27/12/2006	27/12/2006	31/03/2014	Active	NO
9	U27109WB1985PTC038819	BHARAT ROLL INDUSTRY PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
10	U65999WB1989PTC046196	SANCHAL HOLDINGS PRIVATE LIMITED	Director	18/05/2007	18/05/2007	-	Amalgamated	NO
11	U51909WB1995PTC075534	SAVERA DISTRIBUTORS PRIVATE LIMITED	Director	22/11/2007	22/11/2007	-	Amalgamated	NO
12	U70109WB1987PTC042187	NAVEEN HOLDINGS PRIVATE LIMITED	Director	12/08/2008	12/08/2008	-	Active	NO
13	U45400WB2007PTC115719	SHANGHRILA INFRASTRUCTURE CONSULTANCY PRIVATE LIMITED	Director	26/09/2008	26/09/2008	-	Strike off	NO
14	U51109WB2007PTC113451	JHILLMIL TIE UP PRIVATE LIMITED	Director	04/11/2008	04/11/2008	-	Amalgamated	NO
15	U51909WB1995PTC075496	MAGNUM DEALCOMM PRIVATE LIMITED	Director	29/09/2012	28/11/2011	-	Active	NO
16	U27109WB1999PTC090281	MODERN INDIA STEEL ROLLING MILLS PRIVATE LIMITED	Director	29/09/2012	02/12/2011	-	Active	NO

Name :

Mr. Salil Aggarwala

Designation :

Director

Address :

1/1 D, Asha Cooperative Housing, 93 Deshapran Sasmal Road, Kolkata – 700033, West Bengal

Date of Birth/Age :

31.07.1980

Date of Appointment :

02.04.2004

DIN No.:

00112579

Name :

Mr. Amandeep Singh

Designation :

Director

Address :

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

Date of Birth/Age :

18.06.1985

Date of Appointment :

29.09.2012

DIN No.:

02071006

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	U51109WB2005PTC105622	BUTTERFLY TRADERS PRIVATE LIMITED	Additional director	22/02/2008	22/02/2008	-	Amalgamated	NO
2	U27100WB2009PTC136870	REFINE ALLOY PRIVATE LIMITED	Director	15/07/2009	15/07/2009	-	Active	NO
3	U27100WB2009PTC136869	KRAFT ALLOY PRIVATE LIMITED	Director	30/09/2010	20/07/2010	-	Active	NO
4	U27106WB1987PLC042166	MODERN INDIA CON CAST LIMITED	Director	29/09/2012	02/12/2011	-	Active	NO
5	U55101WB2006PTC112253	MODERN INNS PRIVATE LIMITED	Additional director	24/02/2014	24/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Girisj Dugar
Designation :	Secretary
Address :	161/2, Ram Krishna Pur Lane, Shibpur, Howrah, Kolkata – 711102, West Bengal, India
Date of Birth/Age :	06.01.1984
Date of Appointment :	09.04.2014
PAN No.:	AIDPD5408L

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Bakhshish Singh	101703
Bhupinder Singh	193415
Gurvinder Kaur	187406
Amarjit Kaur	189370
Amardeep Singh	71943
Gaysin and Company Private Limited, India	473972
Chetan Agarwal	475131
Salla Aggarwala	84870
Bharat Roll Industry Private Limited, India	28400
Amandeep Singh	1000
Tejinder Singh	8400
Birinder Singh	4500
Reet Kaur	1500
Ramnik Kaur	27000
Harhinder Kaur	52000
Bevlyn Saini	101000
Kuldeep Kaur	1500
Sonia Kripalani	1500
Jitendra Singh	51200
Paramjit Singh	1500
Kewal Singh	1000
Rana Udyog Private Limited, India	30000
Gunjan Aggarwala	3750
Prakash Kaur	1500
Total	2093560

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	25.43
Directors or relatives of Directors	70.45
Other top fifty shareholders	4.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of prime quality manganese alloys.

Products :

Products Description	ITC Code
Silico Mangenese	72023000

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

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

The Federal Bank Limited, Kolkata Overseas Branch, 'Shakespeare Court', 21 A, Shakespeare Sarani, 1st Floor, Kolkata - 700017, 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	163.375	325.513
Short Term Borrowings
Loans repayable on demand from banks	496.366	431.599
Other loans and advances	102.226	40.979
Total	761.967	798.091

Banking Relations :	--
Auditors :
Name :	Ghose and Pande Chartered Accountant
Address :	Mercantile Building, Block A, Room No. 59, 9, Lalbazar Street, 2^nd Floor, Kolkata – 700001, West Bengal, India
PAN No.:	AACFG0980H
Subsidiary Company :	· Magnum Dealcomm Private Limited CIN No.: U51909WB1995PTC075496
Associates :	· Bharat Roll Industry Private Limited CIN No.: U27109WB1985PTC038819 · Gayson and Company Private Limited CIN No.: U29199WB1963PTC025860 · Shanghrila Infrastructure Consultancy Private Limited CIN No.: U45400WB2007PTC115719 · Naveen Holdings Private Limited CIN No.: U70109WB1987PTC042187 · Modern India Steel Rolling Mills Private Limited CIN No.: U27109WB1999PTC090281 · Modern Ispat Private Limited CIN No.: U27109WB2006PTC111808 · Rana Udyog Private Limited CIN No.: U51909WB1995PTC071361

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3851000	Equity Shares	Rs.100/- each	Rs.385.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2093560	Equity Shares	Rs.100/- each	Rs.209.356 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3851000	Equity Shares	Rs.100/- each	Rs.385.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1972788	Equity Shares	Rs.100/- each	Rs.197.279 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	197.279	197.279	197.279
(b) Reserves & Surplus	2,222.045	613.102	589.445
(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)	2,419.324	810.381	786.724
(3) Non-Current Liabilities
(a) long-term borrowings	263.375	325.513	485.234
(b) Deferred tax liabilities (Net)	54.910	64.320	72.460
(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)	318.285	389.833	557.694
(4) Current Liabilities
(a) Short term borrowings	598.592	472.578	530.622
(b) Trade payables	1,847.060	1,763.447	1,726.530
(c) Other current liabilities	520.648	792.453	191.413
(d) Short-term provisions	0.000	6.475	0.000
Total Current Liabilities (4)	2,966.300	3,034.953	2,448.565
TOTAL	5,703.909	4,235.167	3,792.983
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,704.814	1,192.366	1,349.194
(ii) Intangible Assets	0.000	46.598	69.897
(iii) Capital work-in-progress	22.314	49.305	30.960
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	20.635	24.254	6.085
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.193	6.084	5.583
(e) Other Non-current assets	118.937	5.615	38.563
Total Non-Current Assets	2,872.893	1,324.222	1,500.282
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1,428.204	1,528.548	1,165.678
(c) Trade receivables	100.745	256.546	476.582
(d) Cash and cash equivalents	226.944	165.762	154.221
(e) Short-term loans and advances	15.493	34.036	18.385
(f) Other current assets	1,059.630	926.053	477.835
Total Current Assets	2,831.016	2,910.945	2,292.701
TOTAL	5,703.909	4,235.167	3,792.983

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		6,840.611	7,627.912	6,114.958
		Other Income		48.373	67.291	25.952
		TOTAL (A)		6,888.984	7,695.203	6,140.910
Less	EXPENSES
		Cost of Materials Consumed		3,816.329	4,297.220	3,332.909
		Purchase of Stock-in-trade		95.331	42.233	280.368
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(188.878)	(4.911)	(205.658)
		Employee Benefits Expenses		56.294	52.581	37.450
		Other Expenses		2,742.680	2,869.376	2,147.236
		Prior period items		33.149	1.865	0.000
		Exceptional items		0.775	0.000	2.284
		TOTAL (B)		6,555.680	7,258.364	5,594.589
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			333.304	436.839	546.321
Less	FINANCIAL EXPENSES (D)			156.632	205.191	190.420
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			176.672	231.648	355.901
Less	DEPRECIATION/ AMORTISATION (F)			146.921	192.374	177.282
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			29.751	39.274	178.619
Less	TAX (H)			(3.851)	15.617	69.090
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			33.602	23.657	109.529
	IMPORTS
			Raw Materials	1372.310	2784.789	2638.834
	TOTAL IMPORTS			1372.310	2784.789	2638.834
	Earnings Per Share (Rs.)			17.03	11.99	55.52

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.49	0.31	1.78
Net Profit Margin (PBT/Sales)	(%)	0.43	0.51	2.92
Return on Total Assets (PBT/Total Assets}	(%)	0.53	0.94	4.76
Return on Investment (ROI) (PBT/Networth)		0.01	0.05	0.23
Debt Equity Ratio (Total Debt /Networth)		0.36	0.98	1.29
Current Ratio (Current Asset/Current Liability)		0.95	0.96	0.94

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	197.279	197.279	197.279
Reserves & Surplus	589.445	613.102	2222.045
Net worth	786.724	810.381	2419.324
long-term borrowings	485.234	325.513	263.375
Short term borrowings	530.622	472.578	598.592
Total borrowings	1015.856	798.091	861.967
Debt/Equity ratio	1.291	0.985	0.356

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	6,114.958	7,627.912	6,840.611
		24.742	(10.321)

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	6,114.958	7,627.912	6,840.611
Profit	109.529	23.657	33.602
	1.79%	0.31%	0.49%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Intercorporate borrowings	100.000	0.000
Total	100.000	0.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10438922	28/03/2014 *	2,949,200,000.00	IDBI Bank Limited	IDBI House, 44 Shakespeare Sarani, Kolkata, West Bengal - 700017, India	C04932026
2	10420728	03/04/2013	110,000,000.00	Punjab & Sindh Bank	IBD Kolkata, 14 & 15, Old Court House Street, Kolkata, West Bengal - 700001, India	B73458754
3	10119947	22/10/2008 *	790,000,000.00	Punjab & Sind Bank	IBD Kolkata, 14 & 15, Old Court House Street, Kolkata, West Bengal - 700001, India	A48071245
4	10119660	24/03/2014 *	793,100,000.00	State Bank of India	Overseas Branch, Kolkata, Samriddhi Bhawan, Block -A, 1, Strand Road, Kolkata, West Bengal - 700001, India	C05014055
5	10119662	01/08/2008	362,500,000.00	State Bank Of India	Overseas Branch, Samriddhi Bhavan, Block-A,1, St Rand Road, Kolkata, West Bengal - 700001, India	A44796324
6	10119667	01/08/2008	362,500,000.00	State Bank Of India	Overseas Branch, Samriddhi Bhavan, Block-A,1, St Rand Road, Kolkata, West Bengal - 700001, India	A44796969
7	10113842	10/04/2014 *	566,300,000.00	AXIS BANK LIMITED	Corporate Banking Branch, 3rd Floor, Ac Market, 1 Shakespeare Sarani, Kolkata, West Bengal - 700071, India	C05256334
8	10082868	18/03/2014 *	2,949,200,000.00	THE FEDERAL BANK LIMITED	Kolkata Overseas Branch, 'Shakespeare Court', 21A, Shakespeare Sarani, 1st Floor, Kolkata, West Bengal - 700017, India	C05915368
9	10055647	07/05/2011 *	376,500,000.00	IDBI Bank Limited	Kolkata Main Branch (SME Group), 'IDBI House', 44, Shakespeare Sarani, Near Kala Mandir, Kolkata, West Bengal - 700017, INDIA	B12549507
10	80038373	20/12/2013 *	429,000,000.00	AXIS BANK LIMITED	Corporate Banking Branch, 3rd Floor, Ac Market, 1 Shakespeare Sarani, Kolkata, West Bengal - 700071, India	B94655438
11	80030676	18/03/2014 *	1,096,300,000.00	THE FEDERAL BANK LIMITED	Kolkata Overseas Branch, 'Shakespeare Court', 21A, Shakespeare Sarani, 1st Floor, Kolkata, West Bengal - 700017, India	C05915822

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.43
UK Pound	1	Rs.97.25
Euro	1	Rs.77.93

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.