MIRA INFORM REPORT

Report No. :	317577
Report Date :	18.04.2015

IDENTIFICATION DETAILS

Name :	BHILAI ENGINEERING CORPORATION LIMITED
Registered Office :	Hathkhoj Village, Industrial Area, Bhilai District, Durg, Chhattisgarh - 490001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.12.1960
Com. Reg. No.:	10-000913
Capital Investment / Paid-up Capital :	Rs. 47.193 Million
CIN No.: [Company Identification No.]	L29111CT1960PLC000913
TAN No.: [Tax Deduction & Collection Account No.]	JBPB00010D JBPB03214B
PAN No.: [Permanent Account No.]	AAFCB6838D AAACB9272A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engages in engineering, fertilizers, construction, and food businesses
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. As per registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March. 2014 but the balance sheet related to the financials for the year 2014 are not available from any sources. As per available financial 2014 i.e. (Profit and loss Account), Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered for business dealings at usual trade terms and conditions. The shares of the subject company are not traded on BSE from last 30 Days

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	08.10.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	08.10.2014

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 DECLINED

Management Non Co- Operative

LOCATIONS

Registered Office / Factory :	Hathkhoj Village, Industrial Area, Bhilai District, Durg, Chhattisgarh – 490001, India
Tel. No.:	91-788-4088100
Fax No.:	91-788-4088131
E-Mail :	bocltd@sancharnet.in bec@bec-group.com bec_bhilai@rediffmail.com becakash@sancharnet.com becinfo@bec-group.com
Website :	http://www.bec-group.com
Regional Office 1 :	BEC House, 13 Masjid Moth, D.D.A. Commercial Complex, New Delhi 110048, India
Tel. No.:	91-11-29212857, 29227142, 29227150
Fax No.:	91-11-29229076, 41639279
Regional Office 2 :	31 Maker Chamber III, 3rd Floor, Nariman Point, Bombay 400 021, Maharashtra, India
Tel. No.:	91-22-22883768, 22831724, 22844208
Fax No.:	91-22-22873611
Regional Office 3 :	4B, Little Russel Street, 2nd Floor, Kolkata - 700 071, West Bengal, India
Tel. No.:	91-33-22823226, 22827606, 22823372
Fax No.:	91-33-22827061
Factory 2 :	16 (Old 183) Anna Salai, Baid Meetha Complex, 2nd Floor, Little Mount Saidapet, Chennai – 600015,Tamilnadu, India
Tel. No.:	91-44-22301703
Factory 3 :	284/292, Street No. 17/C, Urla Industrial Area, Raipur –492003, Chhattisgarh, India
Tel. No.:	91-771-2323294

DIRECTORS

As on 30.09.2013

Name :

Mr. Arvind Kumar Jain

Designation :

Managing Director

Address :

43 Nehru nagar Bhilai, Durg – 490020, Chhattisgarh, India

Date of Birth/Age :

31.10.1946

Date of Appointment :

01.04.2010

DIN No.:

00207106

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	U01122CT1982PTC001936	BECO AGRECULTURE AND INDUSTRIES PRIVATE LIMITED	Director	25-03-1982	25-03-1982	-	Active	NO
2	U67120CT1984PTC002442	ASHISH INDUSTRIAL AND COMMERCIAL ENTERPRISES PVT LTD	Director	25-05-1984	25-05-1984	-	Active	NO
3	U85110CT1989PLC005447	MADHU MEMORIAL HOSPITAL LIMITED	Director	26-01-1990	26-01-1990	09-08-2013	Active	NO
4	U51102CT1985PTC002797	BEC IMPEX INTERNATIONAL PVT LTD	Director	18-02-1991	18-02-1991	-	Active	NO
5	U85110DL1991PTC043583	JP JAIN INSTITUTE OF MEDICAL SCIENCE & RESEARCH	Director	21-03-1991	21-03-1991	-	Active	NO
6	L28920MH1985PLC035656	VISHVA-VISHAL ENGINEERING LTD	Director	14-01-1994	14-01-1994	-	Active	NO
7	U65990MH1994PTC079542	PANAMA FINVEST PRIVATE LIMITED	Director	21-07-1994	21-07-1994	-	Strike off	NO
8	U45203CT1981PTC001746	BHARAT INDUSTRIAL WORKS (BHILAI) PVT LTD	Director	15-11-1995	15-11-1995	11-08-2008	Active	NO
9	U50300CT1996PTC011081	BHILAI MOTOR CAR COMPANY PRIVATE LIMITED	Director	06-08-1996	06-08-1996	-	Strike off	NO
10	U65990MH1990PTC055533	PERENNIAL FINANCE AND INVESTMENT PRIVATE LIMITED	Director	16-11-1996	16-11-1996	03-07-2013	Active	NO
11	U27102CT1985PLC002956	BEC PROJECTS LIMITED	Director	14-01-1999	14-01-1999	-	Active	NO
12	U32304CT1989PLC005022	ARPA CHEMICALS LIMITED	Director	03-09-1999	03-09-1999	-	Active	NO
13	U18101CT2001PTC014614	BEC Infra Private Limited	Director	03-04-2001	03-04-2001	-	Active	NO
14	U74140CT1982PTC002111	BHILAI MANAGEMENT SERVICES PVT LTD	Director	30-03-2007	30-03-2007	-	Active	NO
15	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Managing director	01-04-2010	30-04-2007	-	Active	NO
16	U74899DL1984PTC019399	KRINER SERVICES PRIVATE LIMITED	Additional director	05-09-2009	05-09-2009	-	Active	NO
17	U51909WB1980PLC033123	MEWAR FIBRE HOLDINGS LTD	Director	30-12-2013	30-12-2013	-	Active	NO
18	U93000WB2014NPL199707	INDIAN REFRACTORY MAKERS ASSOCIATION	Director	23-01-2014	23-01-2014	-	Active	NO

Name :

Mr. Surendra Kumar Jain

Designation :

Director

Address :

13 Masjid Moth Commercial Complex, New Delhi, India

Date of Birth/Age :

24.04.1942

Date of Appointment :

25.02.2014

DIN No.:

00207450

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	U74899DL1984PTC019494	SURGE SERVICES PRIVATE LIMITED	Director	05-12-1984	05-12-1984	-	Active	NO
2	U85110CT1989PLC005447	MADHU MEMORIAL HOSPITAL LIMITED	Director	26-01-1990	26-01-1990	29-09-2012	Active	NO
3	U85110DL1991PTC043583	JP JAIN INSTITUTE OF MEDICAL SCIENCE & RESEARCH	Director	21-03-1991	21-03-1991	-	Active	NO
4	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Whole-time director	01-06-2010	29-09-2001	-	Active	NO
5	U51102CT1985PTC002797	BEC IMPEX INTERNATIONAL PVT LTD	Director	01-04-2002	01-04-2002	-	Active	NO
6	U67120DL1983PLC016454	COOLTEX HOLDINGS LIMITED	Director	28-08-2003	28-08-2003	-	Active	NO
7	U74899DL1981PTC012829	KIOSK PROPERTIES PRIVATE LIMITED	Director	29-08-2003	29-08-2003	-	Active	NO
8	U65990MH1984PLC033897	JAFFERSON LEASING AND FINANCE LIMITED	Director	29-08-2003	29-08-2003	-	Active	NO
9	U45203CT1981PTC001746	BHARAT INDUSTRIAL WORKS (BHILAI) PVT LTD	Director	29-09-2012	30-09-2011	-	Active	NO
10	U29141CT2014PLC001218	BEC CASTING & ENGINEERING (INDIA) LIMITED	Director	03-01-2014	03-01-2014	-	Active	NO
11	U29253DL2014PLC265376	BHILAI ENGINEERING INDUSTRIES LIMITED	Director	25-02-2014	25-02-2014	-	Active	NO

Name :

Mr. Veenu Jain

Designation :

Managing Director

Address :

31 Maker Chambers, 3^rd Floor Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

30.09.1954

Date of Appointment :

01.04.2010

DIN No.:

00207165

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	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Managing director	01-04-2010	29-09-1979	-	Active	NO
2	U67120CT1984PTC002443	JAIN INDUSTRIAL AND COMMERCIAL ENTERPRISES PVT.LTD.	Director	22-05-1984	22-05-1984	-	Active	NO
3	U85110CT1989PLC005447	MADHU MEMORIAL HOSPITAL LIMITED	Director	26-01-1990	26-01-1990	-	Active	NO
4	U51102CT1985PTC002797	BEC IMPEX INTERNATIONAL PVT LTD	Director	18-02-1991	18-02-1991	-	Active	NO
5	U65990MH1994PTC079542	PANAMA FINVEST PRIVATE LIMITED	Director	21-07-1994	21-07-1994	-	Strike off	NO
6	U28920MH1983PLC029320	KIRTIMOYA CAPITAL LIMITED	Director	15-09-1994	15-09-1994	-	Active	NO
7	U74899DL1984PTC019400	BALKA SERVICES PRIVATE LIMITED	Director	08-11-1995	08-11-1995	-	Active	NO
8	U23201MH1983PTC030323	VIDARBHA GAS VESSELS PVT LTD	Director	25-07-2000	25-07-2000	05-07-2010	Active	NO
9	U65990MH1990PTC055533	PERENNIAL FINANCE AND INVESTMENT PRIVATE LIMITED	Director	16-10-2000	16-10-2000	-	Active	NO
10	U32304CT1989PLC005022	ARPA CHEMICALS LIMITED	Director	22-08-2003	22-08-2003	-	Active	NO
11	U17124CT1987PTC004135	HOSAK INDUSTRIES & PLASTICS PVT LTD	Director	22-08-2003	22-08-2003	-	Active	NO
12	U24117CT1984PTC002354	BECO CHEMICALS PVT LTD	Director	25-08-2003	25-08-2003	-	Active	NO
13	U27109DL1990PLC005739	ORIENTAL MATCHEM LTD.	Director	26-08-2003	26-08-2003	-	Active	NO
14	U74899DL1984PTC019494	SURGE SERVICES PRIVATE LIMITED	Director	28-08-2003	28-08-2003	-	Active	NO
15	U65993WB1974PLC029626	SUDHA INVESTMENTS LTD	Director	29-08-2003	29-08-2003	-	Active	NO
16	U04010CT2004PTC017193	FAL POWER VENTURES PRIVATE LIMITED	Director	24-12-2004	24-12-2004	05-04-2011	Active	NO
17	U65990MH1996PTC098210	RICH FIELD LEASING FINVEST PRIVATE LIMITED	Director	28-03-2005	28-03-2005	-	Active	NO
18	U70102MH2006PTC162755	BEC MINERALS PRIVATE LIMITED	Director	21-06-2006	21-06-2006	-	Active	NO
19	U24120CT2006PLC020094	BEC FERTILIZERS LIMITED	Director	27-09-2006	27-09-2006	-	Active	NO
20	U45203CT1981PTC001746	BHARAT INDUSTRIAL WORKS (BHILAI) PVT LTD	Director	01-05-2007	01-05-2007	-	Active	NO
21	U45206MH2008PTC177538	KIRTIMAN INFRASTRUCTURE PRIVATE LIMITED	Director	08-01-2008	08-01-2008	28-11-2013	Active	NO
22	U74990MH2009PTC195301	R V GLOBAL PRIVATE LIMITED	Director	28-08-2009	28-08-2009	-	Active	NO
23	U13200MH2010PTC200048	BHILAI MINERALS PRIVATE LIMITED	Director	12-02-2010	12-02-2010	-	Active	NO
24	U74900MH2010PTC200291	KIRTIMAN ADVISORY SERVICES PRIVATE LIMITED	Director	20-02-2010	20-02-2010	03-07-2013	Active	NO
25	U36912CT2013PLC000914	BHILAI ENGINEERING COMPANY LIMITED	Director	31-05-2013	31-05-2013	-	Active	NO

Name :

Mr. Ashish Jain

Designation :

Whole-Time Director

Address :

43, Nehru Nagar [East], Bhilai, Durg – 490020, Chharrisgarh, India

Date of Birth/Age :

27.02.1976

Date of Appointment :

01.09.2011

DIN No.:

00207048

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	U23201MH1983PTC030323	VIDARBHA GAS VESSELS PVT LTD	Director	25-07-2000	25-07-2000	15-06-2010	Active	NO
2	U51102CT1985PTC002797	BEC IMPEX INTERNATIONAL PVT LTD	Director	01-09-2000	01-09-2000	-	Active	NO
3	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Whole-time director	01-09-2011	30-09-2000	-	Active	NO
4	U52110DL1987PLC027734	BEC STRIPS LIMITED	Director	27-11-2000	27-11-2000	-	Active	NO
5	U18101CT2001PTC014614	BEC Infra Private Limited	Director	03-04-2001	03-04-2001	-	Active	NO
6	U27102CT1985PLC002956	BEC PROJECTS LIMITED	Director	03-01-2003	03-01-2003	-	Active	NO
7	U67110CT1974PLC001286	BHILAI INVESTMENTS LTD	Director	20-08-2003	20-08-2003	-	Active	NO
8	L28920MH1985PLC035656	VISHVA-VISHAL ENGINEERING LTD	Director	27-03-2007	27-03-2007	-	Active	NO
9	U27310CT2008PTC020876	BB CROSSING PRIVATE LIMITED	Director	16-09-2008	16-09-2008	-	Active	NO
10	U67120CT1984PTC002442	ASHISH INDUSTRIAL AND COMMERCIAL ENTERPRISES PVT LTD	Director	26-07-2010	26-07-2010	-	Active	NO
11	U73100DL2012PTC236128	PCS STEEL SYSTEMS PRIVATE LIMITED	Director	18-05-2012	18-05-2012	-	Active	NO
12	U45400MH2009PTC193016	SIMPLEX PREFAB INFRASTRUCTURE ( INDIA ) PRIVATE LIMITED	Director	19-10-2012	19-10-2012	05-11-2014	Active	NO
13	U70200DL2013PTC253676	BEC INFRAPROJECTS PRIVATE LIMITED	Director	07-06-2013	07-06-2013	-	Active	NO
14	U51909WB1980PLC033123	MEWAR FIBRE HOLDINGS LTD	Director	30-12-2013	30-12-2013	-	Active	NO

Name :

Mr. Geetika Jain

Designation :

Managing Director

Address :

14, Link Road, Jangpura Extension, New Delhi – 110014, India

Date of Birth/Age :

07.12.1975

Date of Appointment :

01.10.2012

DIN No.:

00207695

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	U65990MH1984PLC033897	JAFFERSON LEASING AND FINANCE LIMITED	Director	18-03-1996	18-03-1996	-	Active	NO
2	U51102CT1985PTC002797	BEC IMPEX INTERNATIONAL PVT LTD	Director	30-09-2002	30-09-2002	-	Active	NO
3	U74899DL1981PTC012829	KIOSK PROPERTIES PRIVATE LIMITED	Director	29-08-2003	29-08-2003	-	Active	NO
4	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Managing director	01-10-2012	04-12-2009	-	Active	NO
5	U74899DL1984PTC019494	SURGE SERVICES PRIVATE LIMITED	Director	30-09-2014	15-11-2013	-	Active	NO
6	U29141CT2014PLC001218	BEC CASTING & ENGINEERING (INDIA) LIMITED	Director	03-01-2014	03-01-2014	-	Active	NO
7	U29253DL2014PLC265376	BHILAI ENGINEERING INDUSTRIES LIMITED	Director	25-02-2014	25-02-2014	-	Active	NO
8	U27109DL1990PLC005739	ORIENTAL MATCHEM LTD.	Director	30-09-2014	12-06-2014	-	Active	NO
9	U67120DL1983PLC016454	COOLTEX HOLDINGS LIMITED	Director	30-09-2014	30-06-2014	-	Active	NO

Name :

Mr. Krishna Jain

Designation :

Whole-Time Director

Address :

14, Link Road, Jangpura Extension, New Delhi – 110014, India

Date of Birth/Age :

04.09.1939

Date of Appointment :

01.06.2013

DIN No.:

00207724

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	U74899DL1984PTC019399	KRINER SERVICES PRIVATE LIMITED	Whole-time director	01-04-2012	27-11-1984	-	Active	NO
2	U74899DL1992PTC048234	ESSJAY TELECOM SERVICES PRIVATE LIMITED	Director	28-07-1997	28-07-1997	-	Strike off	NO
3	U67120DL1983PLC016454	COOLTEX HOLDINGS LIMITED	Director	28-08-2003	28-08-2003	-	Active	NO
4	U51909WB1980PLC033123	MEWAR FIBRE HOLDINGS LTD	Director	25-02-2008	25-02-2008	-	Active	NO
5	U74899DL1984PTC019400	BALKA SERVICES PRIVATE LIMITED	Director	29-07-2008	29-07-2008	-	Active	NO
6	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Whole-time director	01-06-2013	04-12-2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nirmalkumar Pandy
Designation :	Senior Manager in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAILS FILE ATTACHED

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	90.12
Directors or relatives of Directors	7.58
Other top fifty shareholders	2.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engages in engineering, fertilizers, construction, and food businesses

Products :

Description of product or service	ITC code
Steel Equipments	73084000
Single Super Phosphate	31031000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Information declined by the management
Bankers :	Central Bank of India, Civic Centre Branch, Bhilai, Bhilai - 490006, Chhattisgarh, India

Financial Institution :	Mahindra and Mahindra Financial Services Limited, Gateway Building, Apollo Bunder, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	P C Bafna and Company Chartered Accountants
Address :	Ganjpara, Durg, Madhya Pradesh, India
Tel. No.:	91-788-2323182 / 2329738
PAN No.:	AACFP8866F
Associate :	Ashish Industrial And Commercial Enterprises Private Limited BEC Infra Private Limited BEC Projects Limited Jafferson Leasing And Finance Limited Vishva-Vishal Engineering Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
11,500,000	Equity Shares	Rs.10/- each	Rs.115.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,719,320	Equity Shares	Rs.10/- each	Rs.47.193 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	47.193	47.193	47.193
(b) Reserves & Surplus	2542.606	2046.408	1479.534
(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)	2589.799	2093.601	1526.727
(3) Non-Current Liabilities
(a) long-term borrowings	302.998	64.689	23.213
(b) Deferred tax liabilities (Net)	14.786	0.000	30.345
(c) Other long term liabilities	1008.575	1505.420	648.214
(d) long-term provisions	8.688	533.625	278.496
Total Non-current Liabilities (3)	1335.047	2103.734	980.268
(4) Current Liabilities
(a) Short term borrowings	1102.549	830.936	538.202
(b) Trade payables	1718.917	1458.224	933.625
(c) Other current liabilities	1403.413	1383.388	678.914
(d) Short-term provisions	142.537	229.383	117.820
Total Current Liabilities (4)	4367.416	3901.931	2268.561
TOTAL	8292.262	8099.266	4775.556
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1161.086	901.169	789.332
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	26.870	75.497	15.867
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	11.380	14.943	16.387
(c) Deferred tax assets (net)	0.000	3.933	0.000
(d) Long-term Loan and Advances	123.953	131.204	91.213
(e) Other Non-current assets	374.396	47.831	134.687
Total Non-Current Assets	1697.685	1174.577	1047.486
(2) Current assets
(a) Current investments	287.664	235.468	0.000
(b) Inventories	1870.889	1316.727	1497.668
(c) Trade receivables	2078.591	2247.046	1424.244
(d) Cash and cash equivalents	963.023	2248.804	214.826
(e) Short-term loans and advances	1164.834	711.184	429.656
(f) Other current assets	229.576	165.460	161.676
Total Current Assets	6594.577	6924.689	3728.070
TOTAL	8292.262	8099.266	4775.556

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	9112.446	9385.956	7987.168
		Other Income	505.143	(245.000)	49.403
		TOTAL (A)	9617.589	9140.956	8036.571
Less	EXPENSES
		Cost of Materials Consumed	5792.361	5381.874
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(140.452)	231.542
		Employees benefits expense	611.382	548.050
		Other expenses	2180.885	1783.336
		TOTAL (B)	8444.176	7944.802	5648.724
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1173.413	1196.154	2387.847
Less	FINANCIAL EXPENSES (D)		255.599	211.884	126.135
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		917.814	984.270	2261.712
Less/ Add	DEPRECIATION/ AMORTISATION (F)		198.629	170.174	142.542
	PROFIT BEFORE TAX (E-F) (G)		719.185	814.096	2119.170
Less	TAX (H)		213.105	247.222	373.727
	PROFIT AFTER TAX (G-H) (I)		506.080	566.874	1745.443
	Earnings Per Share (Rs.)		107.24	112.85	148.05

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	5.55	6.04	21.85
Operating Profit Margin (PBIDT/Sales)	(%)	12.88	12.74	29.90
Return on Total Assets (PBT/Total Assets}	(%)	8.71	10.17	44.68
Return on Investment (ROI) (PBT/Networth)		0.28	0.39	1.39
Debt Equity Ratio (Total Debt /Networth)		0.54	0.43	0.37
Current Ratio (Current Asset/Current Liability)		1.51	1.77	1.64

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	47.193	47.193	47.193
Reserves & Surplus	1479.534	2046.408	2542.606
Net worth	1526.727	2093.601	2589.799
long-term borrowings	23.213	64.689	302.998
Short term borrowings	538.202	830.936	1102.549
Total borrowings	561.415	895.625	1405.547
Debt/Equity ratio	0.368	0.428	0.543

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	7987.168	9385.956	9112.446
		17.513	(2.914)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	7987.168	9385.956	9112.446
Profit	1745.443	566.874	506.080
	21.85%	6.04%	5.55%

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

THE YEAR IN RETROSPECT AND FUTURE PROSPECTS –

During the year under consideration the company's profit after tax is Rs.524.799 Million as against Rs. 532.595 Millions in preceding year. Inspire of increase in revenue the decline in margin by Rs.7.796 Million is due to tough competition and increase in input cost of materials.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:-

Outlook on Opportunities, Threats, Risk and Concerns:-

Their Engineering Division has already bagged no. of orders from different steel plants. In Engineering Division there is an all-round improvement in systems and processes with close coordination between different groups and streamlining of data transfer and information exchange. Foundry Division is operating in a highly technology intensive and competitive business which demands continuous up-gradation of technology and product quality. Foundry Division is already supplying castings to Railways (Indian and Foreign) and Mines with improved manufacturing practices thereby reducing the incidence of rejections. Foundry Division is constantly upgrading its own manufacturing standards with better process controls and by improved quality of input materials. It is the Endeavour of Foundry Division to increase its market share to cater the needs of Railways. The Plants of Fertilizer Divisions are of very advanced technology, Established brand name, effective distribution network and increased irrigation facilities will support favorably the company to grow its market size. Under the revised NBS policy, the subsidy is provided to the manufactures on the basis of nutrient content in the fertilizers and the manufactures have now flexibility to fix and revised the MRP as per their input cost from time to time. This has proved to be a turning point for the SSP plant and accordingly Company has taken steps to increase capacity of its Pulgaon Unit. Food Division is doing well and management is adding some more products in its food processing activities to make the division more viable.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481637	26/02/2014	120,000,000.00	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	GATEWAY BUILDING, APOLLO BUNDER,, ., MUMBAI, MAHA  RASHTRA - 400001, INDIA	B98106586
2	10476317	06/01/2014 *	120,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND,, VERAVAL, GUJARAT - 362266,  INDIA	B96372669
3	10472847	11/12/2013	10,000,000.00	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	GATEWAY BUILDING, APOLLO BUNDER,, ., MUMBAI, MAHA  RASHTRA - 400001, INDIA	B94467339
4	10457941	07/10/2013	150,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND,, VERAVAL, GUJARAT - 362266,  INDIA	B88678966
5	10443040	11/12/2013 *	100,000,000.00	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	GATEWAY BUILDING, APOLLO BUNDER,, ., MUMBAI, MAHA  RASHTRA - 400001, INDIA	B94524279
6	10437633	26/06/2013	85,000,000.00	CENTRAL BANK OF INDIA	CIVIC CENTRE BRANCH, BHILAI, BHILAI, CHHATTISGARH  - 490006, INDIA	B79952453
7	10408151	11/12/2013 *	25,000,000.00	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	GATEWAY BUILDING, APOLLO BUNDER,, ., MUMBAI, MAHA  RASHTRA - 400001, INDIA	B94524220
8	10308186	16/09/2011	70,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA  RASHTRA - 400005, INDIA	B21481049
9	10232783	04/08/2010	190,000,000.00	CENTRAL BANK OF INDIA	CIVIC CENTRE BRANCH,, BHILAI, BHILAI, CHHATTISGAR  H - 490006, INDIA

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer 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.62.35
UK Pound	1	Rs.93.10
Euro	1	Rs.67.13

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.