MIRA INFORM REPORT

Report No. :	354728
Report Date :	19.12.2015

IDENTIFICATION DETAILS

Name :	ADHUNIK STEELS LIMITED

Registered Office :	14 N S Road, Kolkata – 700001, West Bengal
Tel. No.:	91-33-30517100

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	20.05.1992

Com. Reg. No.:	21-055488

Capital Investment / Paid-up Capital :	Rs. 37.667 Million

CIN No.: [Company Identification No.]	U27109WB1992PLC055488

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company.

Line of Business :	Subject is engaged in the purchase and sale of steel and steel products. [Registered Activity]

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a part of “Adhunik group” incorporated in the year 1992. The group is established player in Iron and Steel and Ferro-Alloy industry with a presence largely in Eastern India. The rating is constrained on company moderate financial profile marked by declining scale of revenues and losses from its operational activities. Due to continuous loss, it has been accumulates over the year which has fully eroded the networth of the company. Rating is further constrained on company’s huge borrowing which has leverage the balance sheet profile of the company. However, trade relations are reported to be fair. Business is active. Payment are reported to be slow. The company can be considered for business dealings with great caution. Note: Management of the company has not filed its financials with government department for the year 2015.

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Vikas Modi
Designation :	Accountant
Contact No.:	91-33-30517100
Date :	17.12.2015

LOCATIONS

Registered Office :	14 Netaji Subhash Road, II-Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-30517100 91-33-22434355/8551
Fax No.:	Not Available
E-Mail :	lalitlohia@adhunikgroup.co.in

Corporate Office :	“Lansdowne Towers”, 2/1A, Sarat Bose Road, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-30517100
Fax No.:	91-33-22890285
Website :	www.adhunikgroup.com

DIRECTORS

AS ON 29.09.2014

Name :

Jugal Kishore Agarwal

Designation :

Director

Address :

Ba-209, Salt Lake City, Kolkata, Kolkata - 700064, West Bengal, India

Date of Birth/Age :

05.10.1951

Date of Appointment :

27.09.2012

DIN No.:

00227460

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	U27109WB1992PLC055488	ADHUNIK STEELS LIMITED	Director	27/09/2012	20/05/1992	-	Active	NO
2	U65993WB1994PTC062157	SUVARNAPUSPA INVESTMENT PVT LTD	Director	28/02/2000	28/02/2000	-	Amalgamated	NO
3	U27101WB2002PLC094691	ADHUNIK ISPAT LIMITED	Managing director	28/05/2002	28/05/2002	-	Amalgamated	NO
4	U52392WB2003PLC095975	ADHUNIK INFOTECH LIMITED	Director	29/09/2010	31/03/2003	-	Active	NO
5	U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	Director	01/05/2003	01/05/2003	28/09/2012	Active	NO
6	U27106WB1996PLC076992	ADHUNIK CORPORATION LIMITED	Director	03/05/2003	03/05/2003	-	Active	NO
7	L28110OR2001PLC017271	ADHUNIK METALIKS LIMITED	Director	02/06/2003	02/06/2003	-	Active	NO
8	U27104WB2003PLC096616	ADHUNIK ALLOYS & POWER LIMITED	Director	22/07/2003	22/07/2003	-	Active	NO
9	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Managing director	30/11/2014	27/08/2003	-	Active	NO
10	U65993WB1994PLC066223	SUNGROWTH SHARE & STOCKS LIMITED.	Director	01/09/2003	01/09/2003	-	Active	NO
11	U27101ML2000PTC006356	ADHUNIK MEGHALAYA STEELS PRIVATE LIMITED	Director	22/06/2004	22/06/2004	15/06/2010	Active	NO
12	U51909WB1995PLC070966	MAHANANDA SUPPLIERS LTD.	Director	01/12/2004	01/12/2004	-	Active	NO
13	U40101WB2005PLC102934	NEEPAZ POWER LIMITED	Director	03/05/2005	03/05/2005	30/03/2010	Active	NO
14	U40101WB2005PLC102935	ADHUNIK POWER & NATURAL RESOURCES LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
15	U70101WB2005PLC105172	ADHUNIK SHRISTI & POWER TRADING COMPANY LIMITED	Director	05/09/2005	05/09/2005	30/03/2010	Active	NO
16	U45203WB2006PLC111423	NEEPAZ INFRASTRUCTURE & DEVELOPERS LIMITED	Director	20/09/2006	20/09/2006	03/10/2008	Active	NO
17	U13201OR1953PLC017027	ORISSA MANGANESE & MINERALS LTD	Director	05/04/2007	05/04/2007	-	Active	NO
18	U15491WB1992PTC056802	KESAR TEA COMPANY PVT. LTD.	Director	10/01/2008	10/01/2008	-	Amalgamated	NO
19	U15141WB1992PTC056803	KESAR OIL COMPANY PVT. LTD.	Director	10/01/2008	10/01/2008	-	Amalgamated	NO
20	U14219WB2008PLC124324	VASUNDHRA RESOURCES LIMITED	Director	19/03/2008	19/03/2008	25/03/2008	Active	NO
21	U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	Director	26/06/2008	26/06/2008	27/09/2012	Active	NO
22	U27100WB2009PLC137300	SWARNREKHA STEEL INDUSTRIES LIMITED	Director	29/07/2009	29/07/2009	30/03/2015	Active	NO
23	U45400WB2007PTC117368	SPECTURM COMPLEX PRIVATE LIMITED	Director	29/09/2009	03/08/2009	01/11/2013	Active	NO
24	U10101ML2009PTC008383	RIBHOI MINING & MINERALS PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
25	U10100WB2009PLC140050	MOIRA MADHUJORE COAL LIMITED	Director	09/12/2009	09/12/2009	27/05/2015	Active	NO
26	U27100OR2010PTC012205	NEEPAZ B C DAGARA STEELS PRIVATE LIMITED	Director	06/07/2010	06/07/2010	-	Active	NO
27	U13209WB2010PTC154485	GADCHIROLI MINING COMPANY PRIVATE LIMITED	Director	08/11/2010	08/11/2010	-	Active	NO
28	U74140WB2004PLC099957	HANUMAN ADVISORY LIMITED	Director	29/09/2012	07/03/2012	30/03/2015	Active	NO
29	U74140WB2004PLC099958	GAJESHWAR ADVISORY LIMITED	Director	29/09/2012	07/03/2012	30/03/2015	Active	NO
30	U51909WB2006PTC108140	ARAVALI MERCHANTS PVT LTD	Director	29/09/2012	07/03/2012	-	Active	NO
31	U26960WB2013PTC198516	KOLKATA GLASS & CERAMICS PRIVATE LIMITED	Director	20/11/2013	20/11/2013	-	Active	NO

Name :

Ghanshyam Das Agarwal

Designation :

Director

Address :

Ba-209, Salt Lake City, Kolkata - 700064, West Bengal, India

Date of Birth/Age :

16.10.1957

Date of Appointment :

27.09.2012

DIN No.:

00507800

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	U27109WB1992PLC055488	ADHUNIK STEELS LIMITED	Director	27/09/2012	20/05/1992	-	Active	NO
2	U27109WB1999PTC089773	NEEPAZ TUBE PRIVATE LIMITED	Director	02/07/1999	02/07/1999	-	Amalgamated	NO
3	U65993WB1994PTC062157	SUVARNAPUSPA INVESTMENT PVT LTD	Director	28/02/2000	28/02/2000	-	Amalgamated	NO
4	U27106WB1996PLC076992	ADHUNIK CORPORATION LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO
5	U27101ML2000PTC006356	ADHUNIK MEGHALAYA STEELS PRIVATE LIMITED	Director	14/11/2000	14/11/2000	25/02/2015	Active	NO
6	L28110OR2001PLC017271	ADHUNIK METALIKS LIMITED	Director	20/11/2001	20/11/2001	-	Active	NO
7	U27209WB2002PTC095080	SRI M P ISPAT & POWER PRIVATE LIMITED	Director	29/08/2002	29/08/2002	-	Amalgamated	NO
8	U52392WB2003PLC095975	ADHUNIK INFOTECH LIMITED	Director	31/03/2003	31/03/2003	-	Active	NO
9	U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	Director	01/05/2003	01/05/2003	28/09/2012	Active	NO
10	U27104WB2003PLC096616	ADHUNIK ALLOYS & POWER LIMITED	Director	22/07/2003	22/07/2003	-	Active	NO
11	U65993WB1994PLC066223	SUNGROWTH SHARE & STOCKS LIMITED.	Director	28/07/2003	28/07/2003	-	Active	NO
12	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Director	27/08/2003	27/08/2003	25/03/2008	Active	NO
13	U51909WB1995PLC070966	MAHANANDA SUPPLIERS LTD.	Managing director	01/04/2014	01/12/2004	-	Active	NO
14	U40101WB2005PLC102934	NEEPAZ POWER LIMITED	Director	03/05/2005	03/05/2005	25/03/2008	Active	NO
15	U40101WB2005PLC102935	ADHUNIK POWER & NATURAL RESOURCES LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
16	U70101WB2005PLC105172	ADHUNIK SHRISTI & POWER TRADING COMPANY LIMITED	Director	05/09/2005	05/09/2005	30/03/2010	Active	NO
17	U45203WB2006PLC111423	NEEPAZ INFRASTRUCTURE & DEVELOPERS LIMITED	Director	20/09/2006	20/09/2006	03/10/2008	Active	NO
18	U28920WB1991PLC052122	Adhunik Power Transmission Limited.	Director	24/12/2006	24/12/2006	30/03/2010	Active	NO
19	U13201OR1953PLC017027	ORISSA MANGANESE & MINERALS LTD	Director	05/04/2007	05/04/2007	-	Active	NO
20	U28910MH2004PLC207333	FIRST FORGE LIMITED	Director	04/10/2007	04/10/2007	26/04/2012	Active	NO
21	U15491WB1992PTC056802	KESAR TEA COMPANY PVT. LTD.	Director	10/01/2008	10/01/2008	-	Amalgamated	NO
22	U15141WB1992PTC056803	KESAR OIL COMPANY PVT. LTD.	Director	10/01/2008	10/01/2008	-	Amalgamated	NO
23	U14219WB2008PLC124324	VASUNDHRA RESOURCES LIMITED	Director	19/03/2008	19/03/2008	25/03/2008	Active	NO
24	U45400WB2007PTC117368	SPECTURM COMPLEX PRIVATE LIMITED	Director	01/04/2008	01/04/2008	01/11/2013	Active	NO
25	U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	Director	26/06/2008	26/06/2008	27/09/2012	Active	NO
26	U51909WB2006PLC108516	PERFORMANCE MARKETING LTD	Director	29/09/2008	08/08/2008	30/03/2010	Active	NO
27	U10101ML2009PTC008383	RIBHOI MINING & MINERALS PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
28	U10101ML2009PTC008382	West Khashi Minerals & Mining Private Limited	Additional director	26/03/2015	14/10/2009	-	Active	NO
29	U14200AS2010PTC009783	SONAPAHAR NATURAL RESOURCES PRIVATE LIMITED	Director	26/02/2010	26/02/2010	15/06/2010	Active	NO
30	U27100OR2010PTC012205	NEEPAZ B C DAGARA STEELS PRIVATE LIMITED	Director	06/07/2010	06/07/2010	-	Active	NO
31	U93090WB2013NPL193920	LANSDOWNE TOWERS OWNERS ASSOCIATION	Director	29/05/2013	29/05/2013	-	Active	NO

Name :

Mohan Lal Agarwal

Designation :

Director

Address :

Ba-209, Saltlake City, Kolkata - 700064, West Bengal, India

Date of Birth/Age :

10.05.1965

Date of Appointment :

27.09.2012

DIN No.:

01047906

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	U27109WB1992PLC055488	ADHUNIK STEELS LIMITED	Director	27/09/2012	16/01/1995	-	Active	NO
2	U27106WB1996PLC076992	ADHUNIK CORPORATION LIMITED	Director	02/02/1996	02/02/1996	-	Active	NO
3	U27101ML2000PTC006356	ADHUNIK MEGHALAYA STEELS PRIVATE LIMITED	Director	14/11/2000	14/11/2000	15/06/2010	Active	NO
4	U52392WB2003PLC095975	ADHUNIK INFOTECH LIMITED	Director	09/04/2003	09/04/2003	30/03/2010	Active	NO
5	U65993WB1994PLC066223	SUNGROWTH SHARE & STOCKS LIMITED.	Director	28/07/2003	28/07/2003	-	Active	NO
6	L65921WB1979PLC032200	ADHUNIK INDUSTRIES LIMITED	Director	27/08/2003	27/08/2003	-	Active	NO
7	L28110OR2001PLC017271	ADHUNIK METALIKS LIMITED	Director	15/09/2003	15/09/2003	-	Active	NO
8	U51909WB1995PLC070966	MAHANANDA SUPPLIERS LTD.	Director	01/12/2004	01/12/2004	-	Active	NO
9	U40101WB2005PLC102934	NEEPAZ POWER LIMITED	Director	03/05/2005	03/05/2005	30/03/2010	Active	NO
10	U40101WB2005PLC102935	ADHUNIK POWER & NATURAL RESOURCES LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
11	U70101WB2005PLC105172	ADHUNIK SHRISTI & POWER TRADING COMPANY LIMITED	Director	21/09/2012	05/09/2005	30/03/2015	Active	NO
12	U27107WB1995PLC076049	FUTURISTIC STEEL LTD.	Managing director	01/04/2011	01/04/2006	23/08/2014	Active	NO
13	U27109OR2006PLC017026	ZION STEEL LIMITED	Director	16/08/2006	16/08/2006	-	Active	NO
14	U45203WB2006PLC111423	NEEPAZ INFRASTRUCTURE & DEVELOPERS LIMITED	Director	20/09/2006	20/09/2006	03/10/2008	Active	NO
15	U27104WB2003PLC096616	ADHUNIK ALLOYS & POWER LIMITED	Director	16/03/2007	16/03/2007	-	Active	NO
16	U13201OR1953PLC017027	ORISSA MANGANESE & MINERALS LTD	Director	05/04/2007	05/04/2007	-	Active	NO
17	U27109OR1991PLC002859	VEDVYAS ISPAT LIMITED	Additional director	15/08/2007	15/08/2007	-	Amalgamated	NO
18	U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	Director	01/12/2007	01/12/2007	28/09/2012	Active	NO
19	U14219WB2008PLC124324	VASUNDHRA RESOURCES LIMITED	Director	19/03/2008	19/03/2008	30/03/2010	Active	NO
20	U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	Director	26/06/2008	26/06/2008	30/03/2010	Active	NO
21	U14200AS2010PTC009783	SONAPAHAR NATURAL RESOURCES PRIVATE LIMITED	Director	26/02/2010	26/02/2010	-	Active	NO
22	U51909WB2006PLC108516	PERFORMANCE MARKETING LTD	Director	26/09/2011	02/04/2011	30/03/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Vikas Modi
Designation :	Accountant

MAJOR SHAREHOLDERS

AS ON 29.09.2014

Names of Shareholders		No. of Shares
Ghanshyam Das Agarwal		78818
Jugal Kishore Agarwal		144132
Nirmal Kumar Agarwal		61119
Aaksrsh Agarwal		5000
Aakirti Agarwal		5000
Pooja Agarwal		5000
Sachin Kumar Agarwal		4102
Anita Agarwal		8744
Chandrakanta Agarwal		10585
Futuristicts Steel Limited,		456000
Mahesh Kumar Agarwal		57298
Meena Agarwal		7354
Mohan Lal Agarwal		57151
Rita Agarwal		16439
Adhunik Corporation Limited, India		457463
Sungrowth Share and Stocks Limited, India		1875012
Mahanda Suppliers Limited, India		456000
Manoj Kumar Agarwal		59302
Subha Agarwal		732
Vaibhav Agarwal		1463

Total		3766714

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Bodies corporate	86.14
Directors or relatives of Directors	13.86
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the purchase and sale of steel and steel products. [Registered Activity]

Products :	Not Divulged

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Indian rupee term loan from financial institution	947.986	1125.000
Equipment Loan	8.000	8.000

Total	955.986	1133.000

Auditors :
Name :	Sudhir Kumar Jain and Associates Chartered Accountants
Address :	Moon House, 5^th Floor, Suit # 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 info.kolkata@skja.co.in
Website :	www.skja.co.in
PAN N Income-tax PAN of auditor or auditor's firm :

Memberships :	Not Available

Collaborators :	Not Available

Enterprises over which key management personnel / relatives have significant influence :	Adhunik Metaliks Limited Adhunik Alloys and Power Limited Adhunik Corporation Limited Adhunik Industries Limited Adhunik Infotech Limited Adhunik Meghalaya Steel (Private) Limited Ganga Power and Natural Resources Limited Ganges Enterprises Orissa Managanese and Minerals Limited Pragati Ispat Udyog Swarnarekha Steel Industries Limited Zion Steel Limited Performance Marketing Limited

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3766714	Equity Shares	Rs.10/- each	Rs. 37.667 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	37.667	37.667	37.667
(b) Reserves & Surplus	(1094.411)	(821.155)	(254.082)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	13.745	11.320
Total Shareholders’ Funds (1) + (2)	(1056.744)	(769.743)	(205.095)

(3) Non-Current Liabilities
(a) long-term borrowings	1846.665	1970.430	2503.106
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	1846.665	1970.430	2503.106

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1644.368	1530.890	559.836
(c) Other current liabilities	2659.354	2094.922	2155.663
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	4303.722	3625.812	2715.499

TOTAL	5093.643	4826.499	5013.510

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	56.821	61.991	69.475
(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	989.310	827.602	1389.776
(c) Deferred tax assets (net)	6.421	5.277	3.978
(d) Long-term Loan and Advances	0.923	0.000	0.000
(e) Other Non-current assets	10.836	10.836	10.836
Total Non-Current Assets	1064.311	905.706	1474.065

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	34.426	34.426	34.427
(c) Trade receivables	714.543	632.842	179.715
(d) Cash and cash equivalents	94.005	366.109	256.409
(e) Short-term loans and advances	3186.358	2887.416	3068.894
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4029.332	3920.793	3539.445

TOTAL	5093.643	4826.499	5013.510

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	125.386	545.470	49.099
	Other Income	85.509	44.706	236.820
	TOTAL	210.895	590.176	285.919

Less	EXPENSES
	Purchases of Stock-in-Trade	0.000	3.442	22.267
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	14.007
	Employees benefits expense	1.042	0.972	1.021
	Other expenses	116.873	581.755	11.934
	TOTAL	117.915	586.169	49.229

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	92.980	4.007	236.690

Less	FINANCIAL EXPENSES	361.832	566.366	594.478

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	(268.852)	(562.359)	(357.788)

Less/ Add	DEPRECIATION/ AMORTISATION	5.219	6.013	6.543

	PROFIT/ (LOSS) BEFORE TAX	(274.071)	(568.372)	(364.331)

Less	TAX	(0.815)	(1.299)	(1.355)

	PROFIT/ (LOSS) AFTER TAX	(273.256)	(567.073)	(362.976)

	Earnings Per Share (Rs.)	(72.55)	(150.55)	(96.36)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	363.305	636.805	NA
Net cash flows from (used in) operations	428.108	635.483	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(217.93)	(103.96)	(739.27)

Operating Profit Margin (PBIDT/Sales)	(%)	74.16	0.73	482.07

Return on Total Assets (PBT/Total Assets}	(%)	(6.69)	(14.23)	(10.07)

Return on Investment (ROI) (PBT/Networth)		0.26	0.74	1.78

Debt Equity Ratio (Total Debt /Networth)		(1.75)	(2.56)	(12.20)

Current Ratio (Current Asset/Current Liability)		0.94	1.08	1.30

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	37.667	37.667	37.667
Reserves & Surplus	(254.082)	(821.155)	(1094.411)
Share Application money pending allotment	11.320	13.745	0.000
Net worth	(205.095)	(769.743)	(1056.744)

long-term borrowings	2503.106	1970.430	1846.665
Total borrowings	2503.106	1970.430	1846.665
Debt/Equity ratio	(12.205)	(2.560)	(1.748)

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	49.099	545.470	125.386
		1,010.959	(77.013)

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	49.099	545.470	125.386
Profit	(362.976)	(567.073)	(273.256)
	(739.27%)	(103.96%)	(217.93%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Deep discount bond	630.815	537.411
Loan from body corporate	259.864	300.019

Total	890.679	837.430

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10489875	28/03/2014	500,000,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA,86C,TOPSIA ROAD (SOUTH), KOLKATA, West Bengal - 700046, INDIA	C03735222
2	10275447	29/03/2011	1,500,000,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA,86C,TOPSIA ROAD (SOUTH), KOLKATA, Wes t Bengal - 700046, INDIA	B09007089
3	80049842	09/04/2013 *	2,205,900,000.00	STATE BANK OF INDIA (LEAD BANK)	Industrial Finance Branch, Kolkata, 11, Dr. U. N. Brahmachari Street, Kolkata, West Bengal - 700017, INDIA	B74693870

* Date of charge modification

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. 66.42
UK Pound	1	Rs. 99.17
Euro	1	Rs. 72.14

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KAS

Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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		15

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.

MIRA INFORM REPORT

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