MIRA INFORM REPORT

Report No. :	314925
Report Date :	02.04.2015

IDENTIFICATION DETAILS

Name :	BUDGE BUDGE REFINERIES LIMITED
Formerly Known As:	SAROF OIL UDYOG LIMITED
Registered Office :	23-B, A.M. Ghosh Road, Budge Budge, 24 Parganas , Kolkata – 743319, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.04.1981
Com. Reg. No.:	21-033574
Capital Investment / Paid-up Capital :	Rs. 150.000 Million
CIN No.: [Company Identification No.]	U15326WB1981PLC033574
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALB06518B / CALB00527C
PAN No.: [Permanent Account No.]	AABCB2880M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Edible Oil.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company in Eastern India having moderate track record. The company possesses a moderate financial profile marked by an acceptable networth base marked by highly accrued payables along with modest working capital intensive operations. Management has witnessed an acceptable revenue base, whereas has reported low net profitability affecting margins during FY14. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters, the company can be considered for business dealing 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limits – Cash Credit : BB+
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	April 2013

Rating Agency Name	ICRA
Rating	Non Fund based limits: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	April 2013

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.

LOCATIONS

Registered Office :	23-B, A.M. Ghosh Road , Budge Budge, 24 Parganas South, Kolkata – 743319, West Bengal, India
Tel. No.:	91-33-24805788
Mobile No.:	Not Available
Fax No.:	91-33-24803795
E-Mail :	info@budgebudge.com
Corporate Office :	P-336, New CIT Road, 2^nd Floor, Scheme VI M, Kolkata – 700054, Wes Bengal, India

DIRECTORS

As on : 30.09.2014

Name :

Mr. Rahul Nangalia

Designation :

Director

Address :

184, Harsh Mukherjee Road, 1^st Floor, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

11.08.1982

Qualification :

B. Com

Date of Appointment :

23.02.2004

DIN No.:

00553185

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	U15326WB1981PLC033574	BUDGE BUDGE REFINERIES LTD	Director	23/02/2004	23/02/2004	23/02/2015	Active	NO
2	U80598WB1996PTC080598	SHAKESPEAR PROMOTERS PVT LTD	Director	10/01/2005	10/01/2005	-	Active	NO
3	U51503WB1993PTC057527	LIVFIT TREXIM PVT.LTD.	Director	10/01/2005	10/01/2005	-	Active	NO
4	U67110WB2007PTC116377	QUADEYE SECURITIES PRIVATE LIMITED	Director	17/09/2007	17/09/2007	19/11/2014	Active	NO
5	U51909WB1994PTC066321	ALTIUS BUILDERS PRIVATE LIMITED	Director	01/03/2011	01/03/2011	-	Active	NO
6	U24231WB1976PTC030424	LARGUS FLEMING PHARMACEUTICALS PVT LTD	Director	14/03/2011	14/03/2011	-	Active	NO
7	U70101WB1995PTC073864	PEKON HOUSING PVT.LTD.	Director	07/10/2011	07/10/2011	-	Active	NO
8	U14200WB2011PTC171026	BLACK GOLD EXCAVATORS PRIVATE LIMITED	Director	21/12/2011	21/12/2011	-	Active	NO
9	U45400WB2007PLC114928	BENGAL GLOBAL TECHNOCENTRE LIMITED	Director	25/09/2012	30/03/2012	-	Active	NO
10	U74999WB2011PTC162346	AMRITPATH COMMERCIAL PRIVATE LIMITED	Director	24/07/2012	24/07/2012	-	Active	NO

Name :

Mr. Pankaj Keshan

Designation :

Director

Address :

74A and B, Avani Oxford, Lobby II, 7^th Floor, Flat No. 7B, Kolkata – 700055, West Bengal, India

Date of Birth/Age :

20.06.1972

Qualification :

B. Com

Date of Appointment :

23.02.2004

DIN No.:

00976673

Name :

Mr. Ramesh Agarwal

Designation :

Director

Address :

CF-146, CF 146, Salt Lake city, Bidhan Nagar, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

27.11.1969

Qualification :

B. Com

Date of Appointment :

10.09.2009

DIN No.:

00564635

Voter ID No.:

DKN2972123

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	U15142WB1982PLC035602	EDIBLE PRODUCTS INDIA LIMITED	Director	25/11/2000	25/11/2000	-	Active	NO
2	U51909WB1995PTC070655	GAYLORD SALES PVT LTD	Director	14/06/2003	14/06/2003	-	Active	NO
3	U80302WB2008PTC123940	VISTA BPO PRIVATE LIMITED	Director	10/03/2008	10/03/2008	-	Active	NO
4	U15326WB1981PLC033574	BUDGE BUDGE REFINERIES LTD	Director	10/09/2009	10/09/2009	-	Active	NO
5	U13100WB2010PLC155239	RIGVEDA RESOURCES LIMITED	Director	01/12/2010	01/12/2010	20/08/2014	Active	NO
6	U01403UR2011PTC033678	RAJSHREE MILK PRODUCTS PRIVATE LIMITED	Director	03/10/2011	03/10/2011	-	Under Process of Striking off	NO

Name :

Mr. Bijay Agarwal

Designation :

Director

Address :

DA-12, Salt Lake City, Sector-1, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

06.01.1964

Date of Appointment :

10.04.2013

Voter ID No.:

DKN3728623

DIN No.:

00552795

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	U24119WB1974PLC029234	KANCHAN OIL INDUSTRIES LIMITED	Director	08/12/1994	08/12/1994	04/02/2015	Active	NO
2	U23101WB1998PTC088447	HIGAIN ORGANIC PRIVATE LIMITED	Director	14/12/1998	14/12/1998	-	Active	NO
3	U67120WB1997PTC086151	BAIJNATH SECURITIES PRIVATE LIMITED	Director	26/02/2003	26/02/2003	-	Active	NO
4	U45201WB2003PTC096560	BANSAL VEDIC VILLAGE PRIVATE LIMITED	Director	11/07/2003	11/07/2003	-	Active	NO
5	U13100WB2010PTC140629	NATURALL RESOURCES INDIA PRIVATE LIMITED	Director	04/01/2010	04/01/2010	-	Active	NO
6	U13100WB2010PLC155239	RIGVEDA RESOURCES LIMITED	Director	01/12/2010	01/12/2010	20/08/2014	Active	NO
7	U15326WB1981PLC033574	BUDGE BUDGE REFINERIES LTD	Director	10/04/2013	10/04/2013	-	Active	NO

Name :

Mr. Syam Sundar Nangalia

Designation :

Director

Address :

32 C, New Road Alipore, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

16.06.1949

Date of Appointment :

30.09.2014

DIN No.:

00553008

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	U24119WB1974PLC029234	KANCHAN OIL INDUSTRIES LIMITED	Director	14/01/1988	14/01/1988	04/02/2015	Active	NO
2	U70109WB1993PTC058024	CHARISHMA PROPERTIES PVT LTD	Director	01/12/1994	01/12/1994	16/04/2012	Active	NO
3	U51909WB1994PTC066321	ALTIUS BUILDERS PRIVATE LIMITED	Director	08/06/1995	08/06/1995	-	Active	NO
4	U70109WB1993PTC060450	SPANDAN PROJECTS PVT LTD	Director	08/03/1996	08/03/1996	-	Active	NO
5	U45201WB1996PTC080590	ABODE PROMOTERS PVT LTD	Director	10/08/1996	10/08/1996	08/11/2011	Active	NO
6	U45201WB1996PTC080597	RUSSEL DEVELOPERS PVT LTD	Director	24/06/1998	24/06/1998	-	Active	NO
7	U45201WB1996PTC080588	CENTRAL PROPERTIES PVT LTD	Director	15/12/1998	15/12/1998	-	Active	NO
8	U70101WB1995PTC072172	ROCK PROPERTIES PVT.LTD.	Director	03/01/2000	03/01/2000	-	Active	NO
9	U51109WB1993PTC059487	MARITIME TREXIM PVT. LTD.	Director	03/10/2000	03/10/2000	03/03/2008	Active	NO
10	U45201WB1996PTC080587	CAMAC TOWER PVT LTD	Director	03/10/2000	03/10/2000	26/08/2008	Active	NO
11	U51503WB1993PTC057527	LIVFIT TREXIM PVT.LTD.	Director	10/10/2003	10/10/2003	-	Active	NO
12	U45400WB2007PLC114928	BENGAL GLOBAL TECHNOCENTRE LIMITED	Director	02/04/2007	02/04/2007	30/11/2011	Active	NO
13	U45400WB2007PLC115868	BANGLA ASHIRBAD INDUSTRIAL INFRASTRUCTURES LIMITED	Director	17/05/2007	17/05/2007	-	Active	NO
14	U67110WB2007PTC116377	QUADEYE SECURITIES PRIVATE LIMITED	Director	17/09/2007	17/09/2007	29/08/2012	Active	NO
15	U72200DL1997PTC195154	SELECTICA INDIA PRIVATE LIMITED	Additional director	03/04/2009	03/04/2009	19/09/2009	Amalgamated	NO
16	U15326WB1981PLC033574	BUDGE BUDGE REFINERIES LTD	Director	30/09/2014	04/09/2014	-	Active	NO
17	AAD-4812	AISHA DEVELOPERS LLP	Designated Partner	03/03/2015	03/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Syamal Kumar Gangopadhyay
Designation :	Secretary
Address :	65/5 Sarat Chandra Dhar Road, Kolkata – 700090, West Bengal, India
Date of Appointment :	02.03.2009
PAN No.:	ACWPG6158M
Voter ID No.:	WB/20/137/486026
Name :	Mr. Vedbyas
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on : 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.08
Bodies corporate	88.10
Directors or relatives of Directors	2.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of edible oil

Products :

Product Description	Item Code No. (ITC Code)
Edible Oil	15151910

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

N Not Available

Terms :

Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Andhra Bank
Branch Address	Burrabazar Branch, 23/1 Maharshi Devendra Road, Kolkata - 700007, West Bengal, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other loans and advances	0.317	0.677
SHORT TERM BORROWING
Working capital loans from banks	677.855	561.389
Loans repayable on demand	245.000	70.288
Other loans and advances	67.252	31.469
Total	990.424	663.823

Auditors :
Name :	Sav and Associates Chartered Accountants
Address :	2 Garstin Place, 4^th Floor, Kolkata-700001, West Bengal, India
PAN No.:	AAUFS6137J
Memberships :	Not Available
Collaborators :	Not Available
Associate:	Edible Products India Limited, India [U15142WB1982PLC035602]

CAPITAL STRUCTURE

As on : 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11380000	Equity Shares	Rs.10/- each	Rs. 113.800 Million
3620000	Preference Shares	Rs.10/- each	Rs. 36.200 Million
	Total		Rs. 150.00 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11380000	Equity Shares	Rs.10/- each	Rs. 113.800 Million
3620000	Preference Shares	Rs.10/- each	Rs. 36.200 Million
	Total		Rs. 150.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	150.000	113.800	113.800
(b) Reserves & Surplus	706.241	683.575	679.882
(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)	856.241	797.375	793.682
(3) Non-Current Liabilities
(a) long-term borrowings	322.062	407.148	273.390
(b) Deferred tax liabilities (Net)	19.000	29.186	21.502
(c) Other long term liabilities	0.050	24.173	29.449
(d) long-term provisions	0.532	0.532	0.532
Total Non-current Liabilities (3)	341.644	461.039	324.873
(4) Current Liabilities
(a) Short term borrowings	990.107	663.146	142.462
(b) Trade payables	1323.897	639.615	913.113
(c) Other current liabilities	33.712	44.532	101.042
(d) Short-term provisions	9.509	24.459	21.441
Total Current Liabilities (4)	2357.225	1371.752	1178.058
TOTAL	3555.110	2630.166	2296.613
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	553.876	579.172	548.392
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	15.786	7.836	4.302
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	300.718	0.718	0.461
(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	870.380	587.726	553.155
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	737.162	399.076	626.346
(c) Trade receivables	270.021	214.477	169.524
(d) Cash and cash equivalents	1287.507	879.133	366.863
(e) Short-term loans and advances	390.040	549.754	580.725
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2684.730	2042.440	1743.458
TOTAL	3555.110	2630.166	2296.613

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6518.681	6386.062	6552.172
		Other Income	22.867	94.047	168.517
		TOTAL	6541.548	6480.109	6720.689
Less	EXPENSES
		Cost of Materials Consumed	5093.842	5027.511	6012.360
		Purchases of Stock-in-Trade	840.208	727.860	202.340
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.247	71.310	(124.465)
		Employees benefits expense	9.739	8.874	8.302
		Other expenses	487.999	550.359	509.618
		TOTAL	6434.035	6385.914	6608.155
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		107.513	94.195	112.534
Less	FINANCIAL EXPENSES		55.701	54.041	62.889
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		51.812	40.154	49.645
Less/ Add	DEPRECIATION/ AMORTISATION		37.456	25.756	31.627
	PROFIT BEFORE TAX		14.356	14.398	18.018
Less	TAX		(8.310)	10.702	10.270
	PROFIT AFTER TAX		22.666	3.696	7.748
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(71.275)	(74.971)	(82.720)
	Balance Carried to the B/S		(48.609)	(71.275)	(74.972)
	Earnings Per Share (Rs.)		1.99	0.32	0.68

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.35	0.06	0.12
Operating Profit Margin (PBDIT / Sales)	(%)	1.65	1.48	1.72
Return on Total Assets (PBT/Total Assets}	(%)	0.44	0.55	0.79
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.02
Debt Equity Ratio (Total Debt /Networth)		1.53	1.34	0.52
Current Ratio (Current Asset/Current Liability)		1.14	1.49	1.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	113.800	113.800	150.000
Reserves & Surplus	679.882	683.575	706.241
Net worth	793.682	797.375	856.241
long-term borrowings	273.390	407.148	322.062
Short term borrowings	142.462	663.146	990.107
Total borrowings	415.852	1070.294	1312.169
Debt/Equity ratio	0.524	1.342	1.532

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6552.172	6386.062	6518.681
		(2.535)	2.077

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6552.172	6386.062	6518.681
Profit	7.748	3.696	22.666
	0.12%	0.06%	0.35%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS

CALCUTTA HIGH COURT

CASE STATUS INFORMATION SYSTEM

Case Status     :   ---

Status of          APPEAL FROM ORDER (APO)   88        of    2009        

VIRGOZ OIL & FATS PTE LTD.                Vs.                BUDGE BUDGE REFINERIES

 LTD. –AND - FRANCI

Pet's Adv.        :   BOSE & MITRA                   

Res's Adv.       :       

Court No.        :  13     Last Listed On :     Tuesday, April 07, 2009     

Category           :   FINAL DECREE

connected application (s) No Connected Application.

CONNECTED MATTER (S) No Connected Application.

Case Updated on:   Friday, April 24, 2009

CHARGES

ENTITY	PERSON	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
BUDGE BUDGE REFINERIES LIMITED		BIFR	DECLARED COMPANY AS NO LONGER SICK	REFERENCE MADE TO BIFR FOR DETERMINATION OF SICKNESS OF COMPANY

WORKING RESULTS

The Company achieved sales of Rs.6518.681 Million during the year (Previous Year Rs.6386.062 Million). The company is entitled to Fixed Capital Investment Subsidy of Rs. *** (Previous Year Rs. Nil), which has been directly taken to General Reserve, as per opinion received by the company. Profit after tax for financial year 2013-14 was Rs.22.666 Million as compared to Rs.3.696 Million in previous year.

CURRENT OUTLOOK

The turnover during the year period ended on 31 st March 2014 is higher than the corresponding period in the previous year. The company is taking certain addition to plant and machinery, by which company is expected to substantially increase its production capacity and turnover. The company has the ISO 9001:2008 certificate for its product quality and service.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans taken from fixed assets	321.745	406.471
Total	321.745	406.471

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10192409	24/06/2011 *	1,553,000,000.00	ANDHRA BANK -LEAD BANK	BURRABAZAR BRANCH, 23/1 M D ROAD, KOLKATA, WEST B  ENGAL - 700007, INDIA	B16654907
2	10096018	26/03/2008 *	198,400,000.00	ANDHRA BANK- LEAD BANK	BURRABAZAR BRANCH, 23/1, MAHARSHI DEVENDRA ROAD,  KOLKATA, WEST BENGAL - 700007, INDIA	A35922558
3	10096020	01/01/2015 *	2,033,000,000.00	ANDHRA BANK	BURRABAZAR BRANCH, 23/1 M D ROAD, KOLKATA, WEST B  ENGAL - 700007, INDIA	C41564170
4	10032250	13/06/2014 *	620,000,000.00	ALLAHABAD BANK	MISSION ROW BRANCH, 18, R. N. MUKHRJEE ROAD, KOLK  ATA, WEST BENGAL - 700001, INDIA	C14098065
5	10028328	31/10/2006	180,000,000.00	ANDHRA BANK	BURRA BAZAR BRANCH, 23/1, MAHARSHI DEVENDRA ROAD,  KOLKATA, WEST BENGAL - 700007, INDIA	A07860216
6	10294732	19/09/2006	440,300,000.00	ANDHRA BANK (OTHER PERTACIPITAING BANKS SEE ATTACH  MENTS)	BURRA BAZAR BRANCH, 23/1, M. D. ROAD, KOLKATA, WE  ST BENGAL - 700007, INDIA	A05169073

* Date of charge modification

CONTINGENT LIABILITIES

(Rs. In Million)

PARTICULARS	31.03.2014	31.03.2013
Excise Duty	16.724	16.252
Sales Tax	72.358	24.448
Entry Tax	83.910	26.826
Income Tax	64.881	64.881
Guarantee issued by Bank on behalf of the Company in favour of CESC Ltd	3.000	3.000
LC opened by the Company & o/s as at the Balance Sheet date Is (net of liability already provided in the books in the form of Sundry Creditors of Rs 1318.339 Million (PY Rs 2931.466 Million)	263.295	0.000
Notes: (i) A arbritation case against the company had been filed by an overseas supplier for non fulfillment of contract obligation, which the company denies to had entered lakhs ($1,896,149.57) ( PY Nil) (ii) The Company has disputed the levy of Entry Tax in the Hon'ble High Court of Kolkata who had stayed the recovery of Entry Tax till its final order. (iii) In respect of Income Tax demand on Industrial Promotion Assistance in the various years. The Income Tax department has preferred appeal before Income of CIT (Appeal) granting relief to the company. (iv) The above figure of contingent Liabilities doesn't include consequential interest and penalty on the amount, which may arise, in the event of unfavorable

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Other building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

• Other 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 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.62.59
UK Pound	1	Rs.92.45
Euro	1	Rs.67.51

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.