MIRA INFORM REPORT

Report No. :	307531
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	VARRSANA ISPAT LIMITED
Registered Office :	Everest House, 46-C, Chowringee Road, 15^th Floor, R.N. 15B, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.03.2000
Com. Reg. No.:	21-124804
Capital Investment / Paid-up Capital :	Rs.219.082 Millions
CIN No.: [Company Identification No.]	U99999WB2000PLC124804
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALV02125E
PAN No.: [Permanent Account No.]	AACCV1058N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in trading of Steel-related Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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 moderate track record. Management has failed to file latest financials of FY14, with the statutory authorities. As per information available from indirect source i.e. CARE, it is learned that the liquidity position of the subject is stressed on account of delays in realization from debtors and sharp weakening in credit profile of the flagship entity of the group resulting in lack of group support. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with 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	CARE
Rating	Long Term Bank Facilities = B+
Rating Explanation	High risk default regarding timely servicing of financial obligations
Date	December 09, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	09.12.2014

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.

LOCATIONS

Registered Office/ Corporate Office :	Everest House, 46-C, Chowringee Road, 15^th Floor, R.N. 15B, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-30925061 / 30925062
Fax No.:	91-33-22882241
E-Mail :	kolkata@varrsana.com mandan@reiagro.com piyush@relagro.com csjaswantsingh@gmail.com
Website :	http://www.varrsana.com
Factory :	P.O. Box 133, Village Varrsana, Taluka, Gandhidham, Kutch – 370201, Gujarat, India
Tel. No.:	91-2836-249976 / 396866
Fax No.:	91-2836-299975
E-Mail :	gandhidham@varrsana.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Manoj Mishra

Designation :

Director

Address :

A-166, Main Devil Road, Khanpur, New Delhi – 110062, India

Date of Birth/Age :

05.08.1972

Qualification :

B.Com

Date of Appointment :

26.07.2005

PAN No.:

AFZPM3075M

DIN No.:

00386578

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	U45201WB1997PTC085969	KARABI HOUSING PRIVATE LIMITED	Director	07/11/2003	07/11/2003	-	Active	NO
2	U51109WB1997PTC082591	OCTAL SUPPLIERS PRIVATE LIMITED	Director	10/05/2004	10/05/2004	-	Active	NO
3	U51109WB2005PTC102165	RAINEY PARK MERCHANTS PRIVATE LIMITED	Director	25/07/2005	25/07/2005	-	Active	NO
4	U51109WB2005PTC102113	ARIHANT DEALERS PRIVATE LIMITED	Director	25/07/2005	25/07/2005	-	Active	NO
5	U51109WB2005PTC102116	MAHAVIR TIE-UP PRIVATE LIMITED	Director	25/07/2005	25/07/2005	-	Active	NO
6	U51909WB2005PTC101427	RAMDHAN MERCHANDISE PRIVATE LIMITED	Director	25/07/2005	25/07/2005	-	Active	NO
7	U99999WB2000PLC124804	VARRSANA ISPAT LTD	Director	26/07/2005	26/07/2005	-	Active	NO
8	U01132WB2005PTC105757	JAIKRISHNA HORTICULTURE PRIVATE LIMITED	Director	03/10/2005	03/10/2005	-	Active	NO
9	U01132WB2005PTC105756	SANSKAR PLANTATIONS PRIVATE LIMITED	Director	03/10/2005	03/10/2005	-	Active	NO
10	U01132WB2005PTC105758	SUBHALAXMI HORTICULTURE PRIVATE LIMITED	Director	03/10/2005	03/10/2005	-	Active	NO
11	U01132WB2005PTC105777	KUBER HORTICULTURE PRIVATE LIMITED	Director	04/10/2005	04/10/2005	-	Active	NO
12	U01132WB2005PTC105776	PENGUIN AGRO PRODUCTS PRIVATE LIMITED	Director	04/10/2005	04/10/2005	-	Active	NO
13	U01132WB2005PTC105775	TURTLE AGRO PRODUCTS PRIVATE LIMITED	Director	04/10/2005	04/10/2005	-	Active	NO
14	U40102WB2006PLC121677	Varrsana Energy Infrastructure Limited	Director	29/09/2006	29/09/2006	-	Active	NO
15	U01132WB2005PTC105747	JASMINE PLANTATIONS PRIVATE LIMITED	Director	01/12/2006	01/12/2006	-	Active	NO
16	L51909WB2007PLC117926	REI Six Ten Retail Limited	Director	23/08/2007	21/08/2007	-	Active	NO
17	U15311WB2007PLC118474	MyGrahak Shopping Online Limited	Director	11/09/2007	11/09/2007	-	Active	NO
18	U70100WB2008PLC122569	REI REAL ESTATE LIMITED	Director	13/02/2008	13/02/2008	-	Active	NO
19	U01112WB2010PTC153572	SMILE AGROTECH PRIVATE LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
20	U01112WB2010PTC153573	ASPIRATION AGROFIRM PRIVATE LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
21	U01112WB2010PTC153575	SAFE AGROFIRM PRIVATE LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO
22	U45200DL2006PTC156071	ANAGI CONSTRUCTIONS PRIVATE LIMITED	Director	06/09/2012	06/09/2012	-	Active	NO
23	U27105WB1994PLC063242	REI PLANTATIONS LIMITED	Director	14/09/2012	14/09/2012	-	Active	NO

Name :

Mr. Mahesh Kumar Sureka

Designation :

Director

Address :

R-23, Khirki Extention, 3^rd Floor, New Delhi – 110017, India

Date of Birth/Age :

15.07.1965

Qualification :

B.Com

Date of Appointment :

26.07.2005

DIN No.:

00386727

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	U99999WB2000PLC124804	VARRSANA ISPAT LIMITED	Director	26/07/2005	26/07/2005	-	Active	NO
2	U40105DL2006PLC145973	J WIND POWER LIMITED	Director	17/02/2006	17/02/2006	-	Active	NO
3	U40102WB2006PLC121677	Varrsana Energy Infrastructure Limited	Director	29/09/2006	29/09/2006	-	Active	NO
4	U74899DL2000PLC106665	INDIAN RICE MANDI LIMITED	Director	27/11/2006	27/11/2006	-	Active	NO
5	U51909WB1996PTC076359	SANGITA SECURITIES PRIVATE LIMITED	Director	20/02/2009	20/02/2009	-	Active	NO
6	U70100WB2008PLC122569	REI REAL ESTATE LIMITED	Additional director	10/10/2009	10/10/2009	-	Active	NO

Name :

Mr. Akshay Jhunjhunwala

Designation :

Director

Address :

10/4, Alipore Park, Place, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

14.10.1983

Qualification :

B.Com

Date of Appointment :

22.12.2012

PAN No.:

AEFPJ0590P

DIN No.:

00578362

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	U40105DL2006PLC145973	J WIND POWER LIMITED	Director	17/02/2006	17/02/2006	-	Active	NO
2	U51109WB1996PTC078953	FORTUNE PARK TOWNSHIP INFRASTRUCTURE PROJECTS PRIVATE LIMITED	Director	20/03/2009	20/03/2009	11/08/2014	Active	NO
3	U99999WB2000PLC124804	VARRSANA ISPAT LIMITED	Whole-time director	22/12/2012	22/12/2012	-	Active	NO

Name :

Mr. Asoke Kumar Chatterjee

Designation :

Director

Address :

C/D-135, Salt Lake, Sector – 1, Kolkata – 700 064, West Bengal, India

Date of Birth/Age :

01.02.1927

Qualification :

B.E.

Date of Appointment :

27.10.2005

DIN No.:

00266151

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	U74210WB1980PTC032903	S R BATLIBOI CONSULTANTS PRIVATE LIMITED	Director	01/08/1980	01/08/1980	-	Active	NO
2	L27105BR1971PLC000891	MSL INDUSTRIES LIMITED	Director	03/08/1988	03/08/1988	-	Active	NO
3	L14200WB1994PLC104573	REI AGRO LIMITED	Director	01/01/2002	01/01/2002	-	Active	NO
4	L51909WB1981PLC034409	SPS STEELS ROLLING MILLS LIMITED	Director	22/08/2003	22/08/2003	-	Active	NO
5	U45202CH1987PLC007455	GRAINTEC INDIA LIMITED	Director	16/09/2004	16/09/2004	-	Not Available for eFiling	NO
6	L15142PB1987PLC007455	GRAINTEC INDIA LIMITED	Director	16/09/2004	16/09/2004	-	Active	NO
7	L72200DL1988PLC192643	ALCHEMIST LIMITED	Director	29/04/2005	29/04/2005	-	Active	NO
8	U99999WB2000PLC124804	VARRSANA ISPAT LTD	Director	27/10/2005	27/10/2005	22/11/2014	Active	NO
9	U51909WB1999PLC089882	RKG EXIM LIMITED	Director	17/04/2006	17/04/2006	03/07/2010	Active	NO
10	U15316DL2006PLC155197	REI Foods and Beverages Limited	Director	30/11/2006	30/11/2006	-	Strike off	NO
11	U51909DL2006PLC155200	REI Retail Limited	Director	30/11/2006	30/11/2006	-	Strike off	NO
12	L51909WB2007PLC117926	REI Six Ten Retail Limited	Director	23/08/2007	21/08/2007	-	Active	NO
13	U15311WB2007PLC118474	MyGrahak Shopping Online Limited	Director	11/09/2007	11/09/2007	-	Active	NO
14	U70100WB2008PLC122569	REI REAL ESTATE LIMITED	Director	13/02/2008	13/02/2008	19/10/2009	Active	NO
15	L21100MH1983PLC029471	ALCHEMIST REALTY LIMITED	Director	26/09/2012	03/04/2012	-	Active	NO
16	U51109WB1994PTC065181	DOYEN COMMOTRADE PRIVATE LIMITED	Director	03/03/2014	03/03/2014	26/09/2014	Active	NO
17	U51909WB1994PTC065153	BRIJDHAM VYAPAAR PRIVATE LIMITED	Director	03/03/2014	03/03/2014	26/09/2014	Active	NO
18	U51909WB1994PTC065152	STYLO COMMOTRADE PRIVATE LIMITED	Director	03/03/2014	03/03/2014	26/09/2014	Active	NO
19	U51909WB1994PTC065061	GRAPCO TRADING PRIVATE LIMITED	Director	03/03/2014	03/03/2014	26/09/2014	Active	NO
20	U51909WB1994PTC065063	LARCENY MERCANTILES PRIVATE LIMITED	Director	03/03/2014	03/03/2014	26/09/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Jaswant Singh
Designation :	Company Secretary
Address :	RZ 1123/D, Gali No 14/6 Sadh, New Delhi – 110 045, India
Date of Birth/Age :	02.07.1981
Date of Appointment :	26.10.2009
Pan No.:	BLBPS7186N
Name :	Mr. S.K. Singh
Designation :	Marketing Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Sandip Jhunjhunwala	95040
Manoj Mishra	10
Akshay Jhunjhunwala	17900
Eureka Net. Com Limited, India	290000
Quick Connect Dot Com Limited, India	515000
Bhajjan Business Private Limited, India	100
Design Vinimoy Private Limited, India	100
REI Agro Limited, India	12110242
Mahavir Tie Up Private Limited, India	5126297
Penguin Agro Products Private Limited, India	4268489
Rajkamal Marketing Private Limited, India	413800
Safe Agrofirm Private Limited, India	1103340
Smile Agrotech Private Limited, India	907486
Total	24847804

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	0.45
Directors or relatives of Directors	99.55
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in trading of Steel-related Products

Products :

Product Description	Item Code No. (ITC Code)
Iron And Non Alloy Steel In Ingots	72052990

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

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
Remark :	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
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

• Corporation Bank, Corporate Banking Branch, 17, Brabourne Road, Kolakta - 700001, West Bengal, India
• United Bank of India, Old Court House Street Branch, 11, Hamant Basu Sarani,, Kolkata - 700001, West Bengal, India
• Central Bank of India, Corporate Finance Branch, 33, Netaji Subhas Road, Kolkata - 700001, West Bengal, India
• UCO Bank, Flagship Corporate Branch, 3, N.S. Road Branch, Kolkata - 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term loans from banks	885.291	1216.197
SHORT TERM BORROWINGS
Working capital loans from banks	461.261	455.277
Total	1346.552	1671.474

Auditors :
Name :	T R Chadha and Company Chartered Accountants
Address :	B-30,Connaught Place, Kuthiala Building, Mumbai, Maharashtra, India
PAN No.:	AAAFT1655Q
Memberships :	--
Collaborators :	--
Subsidiary company :	Varrsana Gulf Steel JLT, UAE
Associate:	REI Agro Limited CIN No.:L14200WB1994PLC104573 Mahavir Tie-Up Private Limited CIN No.:U51109WB2005PTC102116 Ramdhan Merchandise Private Limited CIN No.:U51909WB2005PTC101427 Varrsana Energy Infrastructure Limited CIN No.:U40102WB2006PLC121677
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Octal Suppliers Private Limited CIN No.:U51109WB1997PTC082591

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24847804	Equity Shares	Rs.10/- each	Rs.248.478 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21908233	Equity Shares	Rs.10/- each	Rs.219.082 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	219.082	219.082	219.082
(b) Reserves & Surplus	3,852.691	3,841.933	3,724.755
(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)	4,071.773	4,061.015	3,943.837
(3) Non-Current Liabilities
(a) long-term borrowings	2,563.791	2,606.197	2,321.302
(b) Deferred tax liabilities (Net)	188.938	183.684	12.821
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	6.030	4.161	3.724
Total Non-current Liabilities (3)	2,758.759	2,794.042	2,337.847
(4) Current Liabilities
(a) Short term borrowings	461.261	455.277	0.000
(b) Trade payables	3,278.605	2,803.211	2,342.737
(c) Other current liabilities	593.974	683.931	797.095
(d) Short-term provisions	100.849	76.039	53.716
Total Current Liabilities (4)	4,434.689	4,018.458	3,193.548
TOTAL	11,265.221	10,873.515	9,475.232
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4,978.261	4,973.233	5,208.469
(ii) Intangible Assets	0.673	1.011	1.383
(iii) Capital work-in-progress	23.015	145.360	25.201
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	38.916	38.916	35.246
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	196.597	233.062	118.526
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5,237.462	5,391.582	5,388.825
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3,163.969	1,792.236	1,549.054
(c) Trade receivables	2,014.342	2,714.165	1,408.277
(d) Cash and cash equivalents	390.021	349.911	289.197
(e) Short-term loans and advances	421.928	611.043	776.251
(f) Other current assets	37.499	14.578	63.628
Total Current Assets	6,027.759	5,481.933	4,086.407
TOTAL	11,265.221	10,873.515	9,475.232

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		8,981.634	8,942.881	6,717.010
		Other Income		0.000	0.000	0.161
		TOTAL (A)		8,981.634	8,942.881	6,717.171
Less	EXPENSES
		Cost of materials consumed		4,540.207	3,870.413	3,574.816
		Purchases of stock-in-trade		3,477.655	3,159.645	2,225.301
		Changes in inventories of finished goods, work-in-progress and stock-in-trade		(903.579)	75.664	(273.305)
		Employee benefit expense		219.539	173.469	127.270
		Other expenses		704.797	874.401	375.413
		Extraordinary items		114.040	2.374	0.000
		TOTAL (B)		8,152.659	8,155.966	6,029.495
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			828.975	786.915	687.676
Less	FINANCIAL EXPENSES (D)			508.587	363.457	327.192
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			320.388	423.458	360.484
Less	DEPRECIATION/ AMORTISATION (F)			304.376	254.534	235.675
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			16.012	168.924	124.809
Less	TAX (H)			5.254	51.747	37.028
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			10.758	117.177	87.781
	IMPORTS
			Raw Materials	3694.969	2050.921	2.516
			Capital Goods	21.156	2.175	0.864
	TOTAL IMPORTS			3716.125	2053.096	3.380
	Earnings / (Loss) Per Share (Rs.)			0.49	5.35	4.42

Particulars	31.03.2014
Operating Income	10414.500
PAT (After Provision for deferred taxation)	25.000

Above Information taken from indirect sources i.e. CARE

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.12	1.31	1.31
Operating Profit Margin (PBDIT/Sales)	(%)	9.23	8.80	10.24
Return on Total Assets (PBT/Total Assets}	(%)	0.14	1.58	1.33
Return on Investment (ROI) (PBT/Networth)		0.00	0.04	0.03
Debt Equity Ratio (Total Debt /Networth)		0.74	0.75	0.59
Current Ratio (Current Asset/Current Liability)		1.36	1.36	1.28

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	219.082	219.082	219.082
Reserves & Surplus	3724.755	3841.933	3852.691
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3943.837	4061.015	4071.773
Long Term borrowings	2321.302	2606.197	2563.791
Short Term borrowings	0.000	455.277	461.261
Total borrowings	2321.302	3061.474	3025.052
Debt/Equity ratio	0.589	0.754	0.743

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	6,717.010	8,942.881	8,981.634
		33.138	0.433

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	6,717.010	8,942.881	8,981.634
Profit	87.781	117.177	10.758
	1.31%	1.31%	0.12%

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 four years	Yes
12]	Profitability for last four 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	No
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term loans from others	1678.500	1390.000
Total	1678.500	1390.000

FINANCIAL PERFORMANCE

During the financial year, the Company has made Sales of Rs.8981.634 Millions as compared to sales of Rs.8942.880 Millions in the previous year. Profit Before tax and depreciation is Rs.942.984 Millions against Rs.789.288 Millions during the previous year. Profit before interest and tax shows impressive growth of nearly 20% over the last year but due to increased interest cost profit before tax is lower than last year. The profit after tax for the current year is Rs.10.758 Millions as compared to the profit after tax of Rs.117.178 Millions during the previous year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10470596	13/12/2013	250,000,000.00	Sberbank	UGF, Gopal Das Bhawan, 28, Barakhamba Road, Connaught Place, New Delhi, Delhi - 110001, INDIA	B93655660
2	10426788	02/05/2013	610,000,000.00	Corporation Bank	Corporate Banking Branch, 17, Brabourne Road, Kolakta, West Bengal - 700001, India	B75512871
3	10412551	22/03/2013	150,000,000.00	United Bank Of India	Old Court House Street Branch, 11, Hamant Basu Sarani,, Kolkata, West Bengal - 700001, India	B71035752
4	10359645	16/12/2013 *	6,050,000,000.00	Central Bank Of India	Corporate Finance Branch, 33, Netaji Subhas Road, Kolkata, West Bengal - 700001, India	B93541498
5	10283037	28/07/2014 *	1,270,000,000.00	Central Bank Of India	Corporate Finance Branch,, 33, Netaji Subhas Road, Kolkata, West Bengal - 700001, India	C18820043
6	10199498	06/01/2010	300,000,000.00	Central Bank Of India	Kolkata Main Office, Kolkata, West Bengal - 700001, India	A78085529
7	10192149	27/11/2009	500,000,000.00	Uco Bank	Flagship Corporate Branch, 3, N.S. Road, Kolkata, West Bengal - 700001, India	A75754978
8	10187404	13/06/2014 *	5,793,000,000.00	Uco Bank	Flagship Corporate Branch, 2, India Exchange Place,, Kolkata, West Bengal - 700001, India	C09789702
9	10104741	30/04/2008	500,000,000.00	Corporation Bank	Brabourne Road Branch, 17, Brabourne Road, Kolkata, West Bengal - 700001, India	A37584703
10	10109553	30/04/2008	500,000,000.00	United Bank Of India	Old Court House Street Branch, 11, Hemanta Basu Sarani,, Kolkata, West Bengal - 700001, India	A39951553
11	10190030	28/03/2008	190,000,000.00	Ndian Overseas Bank	International Business Branch, 2, Wood Street, Kolkata, West Bengal - 700016, India	A73624843
12	10099277	18/02/2008	220,000,000.00	UCO Bank	Flagship Corporate Branch, 3, Netaji Subhas Road, Kolkata, West Bengal - 700001, India	A36530970
13	10000654	22/03/2013 *	1,140,000,000.00	UCO Bank	Flagship Corporate Branch,, 3, N.S. Road Branch, Kolkata, West Bengal - 700001, India	B72725807
14	80000538	16/11/2010 *	2,497,500,000.00	Indian Overseas Bank	International Business Branch, 2, Wood Street, Kolkata, West Bengal - 700016, India	B01806769
15	80022221	10/03/2008 *	1,544,000,000.00	UCO Bank	Flagship Corporate Branch, 3, Netaji Subhas Road,, Kolkata, West Bengal - 700001, India	A38678660

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.43
UK Pound	1	Rs.95.02
Euro	1	Rs.70.63

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.