MIRA INFORM REPORT

Report Date :

26.09.2014

IDENTIFICATION DETAILS

Name :	ADISHAKTI ALLOYS PRIVATE LIMITED
Registered Office :	Village - Gangarampur, P.O.- D Alipur, 24 - Parganas South, Bishnupur – 743503, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.06.1995
Com. Reg. No.:	21-072367
Capital Investment / Paid-up Capital :	Rs.9.386 Millions
CIN No.: [Company Identification No.]	U27203WB1995PTC072367
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing aluminium alloys and billets mostly from recycled aluminium scrap.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

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. Profitability of the company seems to be low during 2013. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

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

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

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit Limit = B+
Rating Explanation	Have high risk of default.
Date	June , 2014

Rating Agency Name	ICRA
Rating	Non fund based Limit = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	June , 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-Cooperative

Contact No.: 91-33-22814860

.

LOCATIONS

Registered Office / Factory :	Village - Gangarampur, P.O.- D Alipur, 24 - Parganas South, Bishnupur – 743503, West Bengal, India
Tel. No.:	91-33-22802851 / 22814860
Fax No.:	91-33-22814843
E-Mail :	alloys@adishaktialloys.in adishaktialloys@vsnl.net
Website :	http://www.adishaktialloys.in
Corporate Office :	Shivam Chambers, Suite No. 3G 53, Syed Amir Ali Avenue, Kolkata – 700019, West Bengal, India

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Anup Kumar Kaushal

Designation :

Director

Address :

Flat No. – 2E, Devadwar, 34, Ballygunge Circular Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

06.06.1960

Date of Appointment :

29.06.1995

DIN No. :

00467921

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	U27106WB1985PLC038718	SHIVAM ALUMINIUM COMPANY LIMITED	Director	20/03/1985	20/03/1985	25/02/2014	Active	NO
2	U27203WB1995PTC072367	ADISHAKTI ALLOYS PRIVATE LIMITED	Director	29/06/1995	29/06/1995	-	Active	NO

Name :

Mridula Kaushal

Designation :

Director

Address :

Flat – 3G, 53, Syed Amir Ali Avenue, Shivam Chambers, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

01.07.1962

Date of Appointment :

19.09.2005

DIN No. :

00468163

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	U27203WB1993PTC057925	TRISHAKTI ALLOYS PRIVATE LIMITED	Director	26/02/1993	26/02/1993	01/02/2014	Active	NO
2	U27109WB1987PTC042854	APS BUSINESS PRIVATE LIMITED	Director	01/04/1998	01/04/1998	01/02/2014	Active	NO
3	U27203WB1995PTC072367	ADISHAKTI ALLOYS PRIVATE LIMITED	Director	19/09/2005	19/09/2005	-	Active	NO
4	U27106WB1985PLC038718	SHIVAM ALUMINIUM COMPANY LIMITED	Director	12/03/2009	12/03/2009	25/02/2014	Active	NO

Name :

Mr. Abhyuday Kaushal

Designation :

Director

Address :

Flat No. – 2E, Devadwar, 34, Ballygunge Circular Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

14.04.1983

Date of Appointment :

15.11.2005

Date of cessation :

17.01.2014

DIN No. :

00468317

Name :

Mrs. Ishita Ghosh

Designation :

Director

Address :

46A, Ballygunge Place, 3rd Floor, Ballygunge, Kolkata– 700019, West Bengal, India

Date of Birth/Age :

01.10.1969

Date of Appointment :

08.02.2014

DIN No. :

03602342

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	U27203WB1995PTC072367	ADISHAKTI ALLOYS PRIVATE LIMITED	Director	08/02/2014	09/01/2012	-	Active	NO
2	U27106WB1985PLC038718	SHIVAM ALUMINIUM COMPANY LIMITED	Director	19/08/2013	19/08/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Anup Kumar Kaushal	438800
Animesh Kumar Basu	100
Anup Mridula Children Trust, India	100
APS Business Private Limited, India	100
Anup Kumar Kaushal (HUF)	349500
Trishakti Alloys Private Limited, India	150000
Total	938600

AS ON 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	16.00
Directors or relatives of Directors	84.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing aluminium alloys and billets mostly from recycled aluminium scrap.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Oriental Bank of Commerce, Park Street Branch, 107/1, Park Street (1st Floor), Kolkata - 700016, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans
Indian Rupee Loans from Bank	0.000	8.699
SHORT TERM BORROWINGS
Overdraft from Bank	63.065	63.500
Total	63.065	72.199

Banking Relations :	--
Auditors :
Name :	Sudhir Kumar Jain and Associates Chartered Accountants
Address :	'Moon House', 5th Floor, Room No.-31, 21, Ganesh Chandra Avenue, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-22113863 / 64
Fax No.:	91-33-22113865
E-Mail :	Jain_sudhirkol@yahoo.co.in
PAN No.:	AASFS7011H

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
938,600	Equity Shares	Rs.10/- each	Rs. 9.386 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	9.386	9.386	9.386
(b) Reserves & Surplus	52.804	49.289	47.493
(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)	62.190	58.675	56.879
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	8.699	13.054
(b) Deferred tax liabilities (Net)	0.265	0.430	0.443
(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)	0.265	9.129	13.497
(4) Current Liabilities
(a) Short term borrowings	63.065	63.500	61.304
(b) Trade payables	86.541	112.505	96.407
(c) Other current liabilities	29.531	1.567	0.120
(d) Short-term provisions	0.907	0.992	0.993
Total Current Liabilities (4)	180.044	178.564	158.824
TOTAL	242.499	246.368	229.200
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.688	25.992	28.669
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.983	3.983	3.386
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	26.671	29.975	32.055
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	45.754	28.565	26.507
(c) Trade receivables	103.715	112.742	117.654
(d) Cash and cash equivalents	22.122	28.446	31.653
(e) Short-term loans and advances	44.237	46.640	21.331
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	215.828	216.393	197.145
TOTAL	242.499	246.368	229.200

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	313.588	361.808	384.466
	Other Income	2.846	2.237	5.493
	TOTAL	316.434	364.045	389.959
Less	EXPENSES
	TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	1.398	1.796	3.599
	Earnings / (Loss) Per Share (Rs.)	1.49	1.91	3.83

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.44	0.49	0.92
Debt Equity Ratio (Total Debt /Networth)		1.01	1.23	1.30
Current Ratio (Current Asset/Current Liability)		1.20	1.21	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	9.386	9.386	9.386
Reserves & Surplus	47.493	49.289	52.804
Net worth	56.879	58.675	62.190
long-term borrowings	13.054	8.699	0.000
Short term borrowings	61.304	63.500	63.065
Total borrowings	74.358	72.199	63.065
Debt/Equity ratio	1.307	1.230	1.014

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	384.466	361.808	313.588
		(5.893)	(13.328)

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	384.466	361.808	313.588
Profit/(Loss) After Tax	3.599	1.796	1.398
	0.94%	0.50%	0.45%

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	No
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

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90248069	04/03/2014 *	224,225,000.00	ORIENTAL BANK OF COMMERCE	ORIENTAL BANK OF COMMERCE, 23C, A.C. AVENUE, KCI PLAZA, 1ST FLOOR, KOLKATA, WEST BENGAL - 700019, INDIA	C02710721

* Date of charge modification

FIXED ASSETS

· Air conditioner

· Computer

· Telecommunication equipment

· Factory shed

· Building

· Office equipment

· Furniture and fitting

· Land

· Laboratories equipment

· Vehicles

· Generator

· Packaging instrument

· Washing machines

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 records 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.61.02
UK Pound	1	Rs.99.43
Euro	1	Rs.77.84

INFORMATION DETAILS

Information Gathered by :	HTL
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	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.