MIRA INFORM REPORT

Report No. :	301785
Report Date :	09.01.2015

IDENTIFICATION DETAILS

Name :	MAHARASHTRA CARBON PRIVATE LIMITED
Registered Office :	Yashojwal Civil Line No. 2, Chandrapur, - 442401, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.03.1981
Com. Reg. No.:	11-024120
Capital Investment / Paid-up Capital :	Rs.8.000 Millions
CIN No.: [Company Identification No.]	U28100MH1981PTC024120
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Carbon Product.
No. of Employees :	Information declined by Management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General Financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

NOT AVAILABLE

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ 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 :	Yashojwal Civil Line No. 2, Chandrapur, - 442401, Maharashtra, India
Tel. No.:	91-7172-255066/255067
Fax No.:	91-7172-255600
E-Mail :	carbon_cha@sancharnet.in maharashtracarbon@gmail.com

DIRECTORS

As on. 30.09.2014

Name :

Mr. Ujwal Yashwant Kulkarni

Designation :

Director

Address :

Yashojwal Civil Lines, Chandrapur – 442401, Maharashtra, India

Date of Birth/Age :

01.06.1942

Date of Appointment :

26/03/1981

DIN No.:

00887040

Name :

Mr. Sunil Yashwant Kulkarni

Designation :

Director

Address :

Yashojwal Civil Lines, Chandrapur – 442401, Maharashtra, India

Date of Birth/Age :

12.04.1961

Date of Appointment :

26.09.2012

DIN No.:

00887050

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	U28100MH1981PTC024120	MAHARASHTRA ARBON PRIVATE LIMITED	Managing director	26/09/2012	26/03/1981	-	Active	NO
2	U74120MH2011PTC220845	VIZAG CARBON PRIVATE LIMITED	Managing director	21/09/2012	11/08/2011	-	Active	NO

Name :

Mr. Hemant Yashwant Kulkarni

Designation :

Director

Address :

Yashojwal Civil Lines, Chandrapur – 442401, Maharashtra, India

Date of Birth/Age :

13.04.1964

Date of Appointment :

29/09/2012

DIN No.:

02351080

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	U74990MH2009PTC191525	HIGH FLY ASH CLUSTER PRIVATE LIMITED	Director	30/09/2010	25/04/2009	-	Active	NO
2	U74120MH2011PTC220845	VIZAG CARBON PRIVATE LIMITED	Director	30/09/2013	01/12/2011	-	Active	NO
3	U28100MH1981PTC024120	MAHARASHTRA CARBON PRIVATE LIMITED	Director	29/09/2012	29/09/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Ujwal Y. Kulkarni	21980
Sunil Y Kulkarni	20580
Anjali S Kulkarni	4300
Hemant Y Kulkarni	15980
Swati H Kulkarni	4300
Amar N Munot	600
Ashok R Chitlange	600
Shaila Ashok Chitlange	600
Meenakshi V Baheti	600
Ajay D Mamidwar	300
Seema Ramesh Mamidwar	300
Neeta Chanreshekhar Mamidar	300
Sharad V Salfale	600
Snehlata Salfale	1500
S.M.Timande	1200
Vidya Ashok Khinvsara	2400
Abhijit Rajeshwarrao	900
Anandrao K. Dudhalkar	1800
Aparna A. Sonawalkar	300
A.V. Sonwalkar	300
Anil V. Purankar	60
Sanjay Harinarayan Tiwari	300
Rajesh Dattopant Potey	200
Total	80000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	84.00
Other top fifty shareholders	16.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Carbon Product.
Products :	Electrode Paste Carbon Paste Carbon Brushes Carbon Monoblocks
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by Management

Bankers :

Banker Name	State Bank Of India
Branch Address	Chandrapur Branch (0346), Kasturba Marg, Chandrapur - 442402, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Secured Loan From State Bank of India, Maun Branch, Chandrapur on Cash Credit Account (Against Stock Receivable	17.443	10.538
Cash Credit Account for LC Payment (SBI, Chandrapur)	0.028	0.028
Total	17.471	10.566

Auditors :
Name :	R R Mamidwar and Company
Address :	Sarafa Lane, Gandhi Chowk, Chandrapur – 442401, Chandrapur, Maharashtra, India
PAN No. :	AABFR6341N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on. 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs. 100/- each	Rs.8.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	8.000	8.000	8.000
(b) Reserves & Surplus	50.899	45.609	41.137
(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)	58.899	53.609	49.137
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	17.471	10.566	9.079
(b) Trade payables	29.835	27.995	32.281
(c) Other current liabilities	2.143	1.969	1.884
(d) Short-term provisions	0.000	0.000	0.784
Total Current Liabilities (4)	49.449	40.530	44.028
TOTAL	108.348	94.139	93.165
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.080	8.304	7.520
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.727	8.926	12.017
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16.807	17.230	19.537
(2) Current assets
(a) Current investments	2.515	2.515	0.015
(b) Inventories	22.089	21.943	27.169
(c) Trade receivables	63.964	50.675	38.860
(d) Cash and cash equivalents	0.481	0.656	0.262
(e) Short-term loans and advances	2.472	1.104	7.313
(f) Other current assets	0.019	0.016	0.009
Total Current Assets	91.540	76.909	73.628
TOTAL	108.347	94.139	93.165

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	316.970	334.129	296.644
Add	Other Income	0.821	1.703	0.584
	TOTAL INCOME	317.791	335.832	297.228
Less	EXPENSES	308.754	326.920	284.573
	PROFIT BEFORE TAX	9.037	8.912	12.655
Less	TAX	2.807	4.104	2.124
	PROFIT AFTER TAX	6.230	4.808	10.531
	Earnings Per Share (Rs.)	0.77	0.60	1.32

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.97	1.44	3.55
Operating Profit Margin (PBDIT/ Total Sales	(%)	2.85	2.67	4.27
Return on Total Assets (PBT/Total Assets}	(%)	8.34	9.47	13.58
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.26
Debt Equity Ratio (Total Debt /Networth)		0.30	0.20	0.18
Current Ratio (Current Asset/Current Liability)		1.85	1.90	1.67

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8.000	8.000	8.000
Reserves & Surplus	41.137	45.609	50.899
Net worth	49.137	53.609	58.899
long-term borrowings	0.000	0.000	0.000
Short term borrowings	9.079	10.566	17.471
Total borrowings	9.079	10.566	17.471
Debt/Equity ratio	0.185	0.197	0.297

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	296.644	335.832	317.791
		13.210	(5.372)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	296.644	335.832	317.791
Profit	10.531	4.808	6.230
	3.55%	1.43%	1.96%

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90240365	03/07/2013 *	31,000,000.00	STATE BANK OF INDIA	CHANDRAPUR BRANCH (0346), KASTURBA MARG, CHANDRAP  UR, Maharashtra - 442402, INDIA	B79807624

* Date of charge modification

FIXED ASSETS

• Lease Hold Land
• Office Equipment
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Computer
• Electrical Host

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.63.29
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
DEFAULTER
RBI	YES/NO	No
EPF	YES/NO	No
TOTAL		48

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.