MIRA INFORM REPORT

Report No. :	301891
Report Date :	10.01.2015

IDENTIFICATION DETAILS

Name :	ESSEL MINING AND INDUSTRIES LIMITED
Registered Office :	Industry House, 18^th Floor, 10, Camac Street, Kolkata - 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.04.1950
Com. Reg. No.:	21-018728
Capital Investment / Paid-up Capital :	Rs.5.347 Millions
CIN No.: [Company Identification No.]	U51109WB1950PLC018728
IEC	Not Available
TAN	Not Available
PAN No.: [Permanent Account No.]	AAACE6607L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in iron ore, coal, and dolomite mining. It offers calibrated lump iron ore for iron-making; and iron ore fines for making pig iron. The company also provides ferro molybdenum, ferro vanadium, ferro titanium, and vanadium pentoxide. In addition, subject engages in wind power generation
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. Sales turnover of the company has declined during financial year, 2014. However, the rating reflects EMIL’s large scale of operations supported by healthy financial risk profile and adequate liquidity position of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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

Rating Agency Name	ICRA
Rating	Non-Fund Based Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and very high credit risk.
Date	June 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/Iron Ore – Domestic and Exports :	Industry House, 18^th Floor, 10, Camac Street, Kolkata - 700017, West Bengal, India
Tel. No.:	91-33-39876000
Fax No.:	91-33-30518482/30518300
E-Mail :	emil.solardiv@adityabirla.com emil.registered@adityabirla.com narendra.singh@adityabirla.com emil.domestic@adityabirla.com emil.export@adityabirla.com
Website :	http://www.esselmining.com
Location :	Owned
Corporate Office :	Aditya Birla Centre, S K Ahire Marg, Worli, Mumbai-400030, Maharashtra, India
Tel. No.:	91-22-66525000
E-Mail :	emil.corporate@adityabirla.com
Factory 1 :	Mining Division At P.O. Barbil, District Keonjhar-758035, Orissa, India
Tel. No.:	91-6767-275224/237
E-Mail :	emil.irondiv@adityabirla.com
Factory 2 :	Ferro Chem Division Plot No. 165 and 166, GIDC, District Valsad, Vapi-396195, Gujarat, India
Tel. No.:	91-260-2423199/2436520
E-Mail :	emil.ferodiv@adityabirla.com
Factory 3 :	Wind Power Division Village Khori, Taluka Sakri, District Dhule, Maharashtra, India
E-Mail :	emil.winddiv@adityabirla.com

DIRECTORS

As on 29.08.2014

Name :

Mr. Kumar Mangalam Birla

Designation :

Director

Address:

Mangal Adityaayan, 20, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

14.06.1967

Qualification:

CA, MBA

Date of Appointment :

09.05.2004

PAN No.:

AEFPB5926H

DIN No.:

00012813

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	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Director	23/09/1992	23/09/1992	-	Active	NO
2	L17124MP1947PLC000410	GRASIM INDUSTRIES LIMITED	Director	14/10/1992	14/10/1992	-	Active	NO
3	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Director	16/11/1992	16/11/1992	-	Active	NO
4	U80300MH1987GAP042663	G.D.BIRLA MEDICAL RESEARCH AND EDUCATION FOUNDATION	Director	20/09/1993	20/09/1993	-	Active	NO
5	U70101MP1986PTC003398	GWALIOR PROPERTIES AND ESTATES PRIVATE LIMITED	Director	13/06/1994	13/06/1994	-	Active	NO
6	U51109MP1985PTC002775	TRAPTI TRADING AND INVESTMENT PRIVATE LIMITED	Director	13/06/1994	13/06/1994	-	Active	NO
7	U67120MP1989PTC005169	TURQUOISE INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	13/06/1994	13/06/1994	-	Active	NO
8	U70101MP1986PTC003444	SESHASAYEE PROPERTIES PRIVATE LIMITED	Director	13/06/1994	13/06/1994	-	Active	NO
9	U65991MH1994PLC080811	BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LIMITED	Director	28/10/1995	28/10/1995	-	Active	NO
10	U67120MH1980PTC023476	BIRLA GROUP HOLDINGS PRIVATE LIMITED	Director	31/07/1998	31/07/1998	-	Active	NO
11	U73100MH1999PTC118379	ADITYA BIRLA MANAGEMENT CORPORATION Private LIMITED	Director	15/06/1999	15/06/1999	-	Active	NO
12	U99999MH2000PLC128110	BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Director	04/08/2000	04/08/2000	-	Active	NO
13	U72200KA1976PLC027564	ADITYA BIRLA MINACS IT SERVICES LIMITED	Director	24/10/2001	24/10/2001	24/04/2008	Amalgamated	NO
14	U80101MH2002NPL136300	PRATHAM EDUCATION FOUNDATION	Director	01/10/2002	01/10/2002	-	Active	NO
15	U99999KA1995PLC052040	ADITYA BIRLA MINACS WORLDWIDE LIMITED	Additional director	12/10/2010	21/07/2003	11/04/2011	Active	NO
16	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	09/05/2004	09/05/2004	-	Active	NO
17	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
18	U65993MH2002PTC135827	TGS INVESTMENT AND TRADE PRIVATE LIMITED	Director	17/12/2004	17/12/2004	-	Active	NO
19	U67120MH1982PTC028144	VIKRAM HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
20	U67120MH1982PTC028252	RAJRATNA HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
21	U67120MH1982PTC026923	VAIBHAV HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
22	U67120MH1981PTC025438	GLOBAL HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
23	L17120MH1897PLC000163	CENTURY TEXTILE AND INDUSTRIES LIMITED	Director	07/02/2006	07/02/2006	-	Active	NO
24	L32100GJ1996PLC030976	IDEA CELLULAR LIMITED	Director	30/09/2006	20/06/2006	-	Active	NO
25	U65990MH1988PLC048117	ADITYA BIRLA RETAIL LIMITED	Director	29/09/2007	28/12/2006	13/03/2008	Active	NO
26	U65990MH1988PTC048498	KANISHTHA FINANCE AND INVESTMENT PRIVATE LIMITED	Director	28/09/2007	04/01/2007	-	Active	NO
27	U74140MH2008PTC179360	ADITYA BIRLA CAPITAL ADVISORS PRIVATE LIMITED	Director	14/09/2009	05/01/2009	-	Active	NO
28	U51109WB1918PTC003010	BIRLA BROTHERS PRIVATE LIMITED	Director	06/04/2010	06/04/2010	-	Active	NO
29	L24131WB1948PLC095302	PILANI INVESTMENT AND INDUSTRIES CORPORATION LIMITED	Director	27/08/2010	29/04/2010	-	Active	NO
30	L26959GJ2009PLC058011	SAMRUDDHI CEMENT LIMITED	Director	24/07/2010	18/05/2010	-	Amalgamated	NO
31	U45200MH2007PTC173199	ABG REALTY AND INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	30/09/2011	21/10/2010	-	Active	NO
32	U74120MH2012PTC227069	SVATANTRA MICROFIN PRIVATE LIMITED	Director	28/09/2012	06/03/2012	-	Active	NO
33	U80301WB2012NPL184963	BIRLA INSTITUTE OF TECHNOLOGY AND SCIENCE COMPANY	Director	23/08/2012	23/08/2012	-	Active	NO
34	U52100MH2012PTC238167	RKN RETAIL PRIVATE LIMITED	Director	28/02/2013	28/02/2013	-	Active	NO

Name :

Mrs. Rajashree Birla

Designation :

Director

Address:

Mangal Adityaayan, 20, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

15.09.1945

Qualification:

B.A.

Date of Appointment :

09.05.2004

PAN No.:

AAFPB1583L

DIN No.:

00022995

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	U67120MH1982PTC028144	VIKRAM HOLDINGS PRIVATE LIMITED	Director	10/09/1982	10/09/1982	-	Active	NO
2	U80300MH1987GAP042663	G.D.BIRLA MEDICAL RESEARCH AND EDUCATION FOUNDATION	Director	21/05/1987	21/05/1987	-	Active	NO
3	U70101MP1986PTC003398	GWALIOR PROPERTIES AND ESTATES PRIVATE LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
4	U51109MP1985PTC002775	TRAPTI TRADING AND INVESTMENT PRIVATE LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
5	U67120MP1989PTC005169	TURQUOISE INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
6	U70101MP1986PTC003444	SESHASAYEE PROPERTIES PRIVATE LIMITED	Director	15/12/1995	15/12/1995	-	Active	NO
7	L17124MP1947PLC000410	GRASIM INDUSTRIES LIMITED	Director	14/03/1996	14/03/1996	-	Active	NO
8	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Director	14/03/1996	14/03/1996	-	Active	NO
9	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Director	15/03/1996	15/03/1996	-	Active	NO
10	U67120MH1980PTC023476	BIRLA GROUP HOLDINGS PRIVATE LIMITED	Director	31/07/1998	31/07/1998	-	Active	NO
11	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	24/06/1999	24/06/1999	-	Active	NO
12	U55100MH1988GAP046130	VAIBHAV MEDICAL AND EDUCATION FOUNDATION	Director	08/08/2000	08/08/2000	-	Active	NO
13	U85199PN2001PLC019881	ADITYA BIRLA HEALTH SERVICES LIMITED	Director	20/04/2001	20/04/2001	-	Active	NO
14	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	09/05/2004	09/05/2004	-	Active	NO
15	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
16	U65993MH2002PTC135827	TGS INVESTMENT AND TRADE PRIVATE LIMITED	Director	17/12/2004	17/12/2004	-	Active	NO
17	U67120MH1982PTC028252	RAJRATNA HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
18	U67120MH1982PTC026923	VAIBHAV HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
19	U67120MH1981PTC025438	GLOBAL HOLDINGS PRIVATE LIMITED	Director	24/12/2004	24/12/2004	-	Active	NO
20	U64200MH2000PTC129356	IGH HOLDINGS PRIVATE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
21	L32100GJ1996PLC030976	IDEA CELLULAR LIMITED	Director	30/09/2006	20/06/2006	-	Active	NO
22	U65990MH1988PTC048498	KANISHTHA FINANCE AND INVESTMENT PRIVATE LIMITED	Director	28/09/2007	29/12/2006	-	Active	NO
23	U93000TN2012NPL086435	WORLD VEG COUNCIL	Director	21/06/2012	21/06/2012	-	Active	NO
24	U52100MH2012PTC238167	RKN RETAIL PRIVATE LIMITED	Director	28/02/2013	28/02/2013	-	Active	NO

Name :

Tuhin Kumar Mukherjee

Designation :

Managing Director

Address:

Flat No. 3502, Imperial South Tower, BB Nakashe Marg, Tardeo, Mumbai-400034, Maharashtra, India

Date of Birth :

25.03.1952

Date of Appointment :

21.01.2011

PAN No.:

ABEPM7567K

DIN No.:

01163569

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	U14109RJ2007SGC023687	BARMER LIGNITE MINING COMPANY LIMITED	Managing director	15/02/2010	19/01/2007	27/12/2010	Active	NO
2	U14200MH2007PLC173687	JSW NATURAL RESOURCES INDIA LIMITED	Director	31/08/2007	31/08/2007	24/12/2010	Active	NO
3	U10300DL2008PTC176675	ROHNE COAL COMPANY PRIVATE LIMITED	Director	11/04/2008	11/04/2008	27/12/2010	Active	NO
4	U10200OR2008GOI010250	MJSJ COAL LIMITED	Director	13/08/2008	13/08/2008	24/10/2008	Active	NO
5	U10100WB2009PLC139007	GOURANGDIH COAL LIMITED	Director	28/08/2010	26/10/2009	14/01/2011	Active	NO
6	U10300MH2010PLC200871	JSW NATURAL RESOURCES BENGAL LIMITED	Director	13/03/2010	13/03/2010	24/12/2010	Active	NO
7	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Managing director	21/01/2011	21/01/2011	-	Active	NO
8	U13209WB2007PTC120296	AB PGM MINING COMPANY PRIVATE LIMITED	Director	20/09/2011	04/02/2011	-	Active	NO
9	U13209WB2007PTC120293	AB METAL MINING COMPANY PRIVATE LIMITED	Director	20/09/2011	04/02/2011	-	Active	NO
10	U13209WB2007PTC120294	AB BASE METAL MINING COMPANY PRIVATE LIMITED	Director	20/09/2011	04/02/2011	-	Active	NO
11	U10200WB2007PTC120295	SL PGM MINING COMPANY PRIVATE LIMITED	Director	20/09/2011	04/02/2011	-	Active	NO
12	U13209WB2007PTC120292	SL BASE METAL MINING COMPANY PRIVATE LIMITED	Director	20/09/2011	04/02/2011	-	Active	NO
13	U14220MH2011PLC219760	ADITYA BIRLA NATURAL RESOURCES LIMITED	Director	13/07/2011	13/07/2011	-	Active	NO

Name :

Mr. Ashwin Kumar Kothari

Designation :

Director

Address:

Gold Cornet, Flat No.4, 1st Floor, 11 Nawroji Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth :

14.09.1942

Qualification:

Graduate in Chemical Sciences from (MIT)

Date of Appointment :

29.08.2014

PAN No.:

AFYPK7068M

DIN No.:

00033730

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	U67120MH1982PLC027788	RAJASHREE HOLDINGS LIMITED	Director	31-08-1982	31-08-1982	31-12-2010	Amalgamated	NO
2	U65990MH1984PLC033112	SAMBHAW FINANCE AND TRADING COMPANY LIMITED	Director	12-09-1984	12-09-1984	31-12-2010	Amalgamated	NO
3	U51900MH1984PLC033049	SUNAYNA TRADE AND INVESTMENT COMPANY LIMITED	Director	12-09-1984	12-09-1984	31-12-2010	Amalgamated	NO
4	U74999MH1985PLC034989	FOUR DIMENSIONS SECURITIES (INDIA) LIMITED	Director	05-01-1985	05-01-1985	09-02-2007	Active	NO
5	U17120MH1983PLC029380	JATAYU TEXTILES AND INDUSTRIES LIMITED	Director	06-03-1985	06-03-1985	-	Active	NO
6	U67120MH1982PLC027789	FIVE-STAR TRADING AND INVESTMENT COMPANY LIMITED	Director	13-06-1986	13-06-1986	-	Active	NO
7	L74999MH1985PLC035047	ARONI COMMERCIALS LIMITED	Director	01-09-1987	01-09-1987	17-01-2011	Active	NO
8	U80300MH1987GAP042663	G.D.BIRLA MEDICAL RESEARCH AND EDUCATION FOUNDATION	Director	21-09-1987	21-09-1987	-	Active	NO
9	U55100MH1988GAP046130	VAIBHAV MEDICAL AND EDUCATION FOUNDATION	Director	05-02-1988	05-02-1988	-	Active	NO
10	U27200MH1985PLC035603	PARK AVENUE ENGINEERING LIMITED	Director	15-09-1990	15-09-1990	-	Active	NO
11	U25202MH1988PTC048570	MAHAVIR BOX MANUFACTURERS PRIVATE LIMITED	Director	30-10-1992	30-10-1992	-	Strike off	NO
12	L24249MH1984PLC032170	GEECEE VENTURES LIMITED	Whole-time director	01-08-2013	12-05-1993	-	Active	NO
13	L52110DL1985PLC020240	MEENAKSHI STEEL INDUSTRIES LIMITED	Director	07-09-1993	07-09-1993	-	Active	NO
14	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	29-08-2014	08-12-1993	-	Active	NO
15	U67120MH1998PTC255239	SAM-JAG-DEEP INVESTMENTS PRIVATE LIMITED	Director	31-07-1998	31-07-1998	20-12-2010	Active	NO
16	L31300MH1989PLC054356	PRECISION WIRES INDIA LIMITED	Director	29-09-2014	23-07-1999	-	Active	NO
17	U85199PN2001PLC019881	ADITYA BIRLA HEALTH SERVICES LIMITED	Director	20-04-2001	20-04-2001	-	Active	NO
18	U65990MH1995PTC088410	FOUR DIMENSIONS CAPITAL MARKETS PRIVATE LIMITED	Director	30-09-2010	18-08-2010	-	Amalgamated	NO
19	U01403MH2011PTC222013	New Method Agriplant Private Limited	Director	14-09-2011	14-09-2011	26-11-2013	Active	NO
20	U01403MH2011PTC222023	Riverend Agro Private Limited	Director	15-09-2011	15-09-2011	26-11-2013	Active	NO
21	U01400MH2011PTC222108	Freshwater Farms Private Limited	Director	17-09-2011	17-09-2011	26-11-2013	Active	NO

Name :

Mr. Sunil Kumar Daga

Designation :

Director

Address:

Rajanigandha, 25 Ballygunge Park, Flat No, 14 W, Kolkata - 700 019, West Bengal, India

Date of Birth :

06.03.1941

Qualification:

B.COM

Date of Appointment :

29.08.2014

PAN No.:

ACUPD8176C

DIN No.:

00441579

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	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	29-08-2014	18-07-1975	-	Active	NO
2	U70101WB1980PLC032592	RAJNIGANDHA APARTMENTS LIMITED	Director	30-04-1982	30-04-1982	-	Active	NO
3	U67120MH1982PLC027789	FIVE-STAR TRADING AND INVESTMENT COMPANY LIMITED	Director	31-08-1982	31-08-1982	-	Active	NO
4	U67120MH1982PTC028252	RAJRATNA HOLDINGS PRIVATE LIMITED	Director	25-07-1984	25-07-1984	-	Active	NO
5	U70109WB1985PLC038472	PIC PROPERTIES LIMITED	Director	04-09-1986	04-09-1986	-	Active	NO
6	U34300WB1990FTC049600	V.E. MOTOR ACCESSORIES AND COMPONENTS PRIVATE LIMITED	Director	10-08-1990	10-08-1990	-	Active	NO
7	U74899DL1990PTC041298	AMARAWATI EXPORTS PRIVATE LIMITED	Director	28-08-1990	28-08-1990	-	Strike off	NO
8	L51109WB1982PLC034798	UMANG COMMERCIAL COMPANY LIMITED	Director	30-06-1992	30-06-1992	-	Active	NO
9	U65920MH1987PTC044226	MRAGYA FINANCE AND INVESTMENT PRIVATE LIMITED	Director	27-08-1992	27-08-1992	-	Active	NO
10	L99999MH1985PLC035905	MANSOON TRADING COMPANY LIMITED	Director	06-09-1993	06-09-1993	-	Active	NO
11	L74140WB1983PLC036546	MANGALAM SERVICES LIMITED	Director	31-12-1994	31-12-1994	-	Amalgamated	NO
12	U29130WB1996PLC079441	MADHUSUDAN ELECTRO CIRCUIT SYSTEMS LIMITED	Director	22-04-1996	22-04-1996	-	Active	NO
13	U51109WB1998PTC087058	RAJNIGANDHA VANIJYA PRIVATE LIMITED	Director	31-03-2014	13-04-1998	-	Active	NO
14	U31200WB1987PTC042919	NOUVELLE TEA PRIVATE LIMITED	Director	18-01-2002	18-01-2002	30-06-2010	Active	NO
15	U34300WB1978PTC031822	MAHANAGAR ENGINEERING PRIVATE LIMITED	Director	07-04-2005	07-04-2005	-	Active	NO
16	L51909WB1983PLC035853	HERITAGE HOUSING FINANCE LIMITED	Director	31-10-2005	31-10-2005	-	Amalgamated	NO
17	U15421WB1913PLC002430	AMARAWATI TEA COMPANY LIMITED	Whole-time director	01-04-2014	28-09-2006	-	Active	NO
18	U74930WB2009PTC132962	HILAND SAPPHIRE MAINTENANCE COMPANY PRIVATE LIMITED	Director	20-02-2009	20-02-2009	28-06-2010	Active	NO
19	U65993WB1981PTC034105	RAJNIGANDHA PROMOTIONS PRIVATE LIMITED	Director	17-03-2010	17-03-2010	-	Active	NO
20	U74900WB2012NPL187487	RAJNIGANDHA OWNERS ASSOCIATION	Director	19-10-2012	19-10-2012	-	Active	NO

Name :

Mr. Manish Newar

Designation :

Director

Address:

Kusum Apartments, 11 Gurusaday Road, 6th Floor, Flat No. 63/64, Kolkata – 700019, West Bengal

Date of Birth :

30.03.1969

Qualification:

B.COM, MBA

Date of Appointment :

08.12.1993

PAN No.:

ABKPN2310B

DIN No.:

00469539

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	U01132WB1986PTC041068	DUKENHENGRA TEA PRIVATE LIMITED	Director	24-06-1992	24-06-1992	-	Active	NO
2	U65993WB1980PTC032694	KUSHAL INVESTMENT PRIVATE LIMITED	Director	15-10-1992	15-10-1992	-	Active	NO
3	U01132WB1955PTC022727	HALMIRA ESTATE TEA PRIVATE LIMITED	Director	21-11-1992	21-11-1992	-	Active	NO
4	U45200WB1986PTC040083	HALMIRA PROPERTIES PRIVATE LIMITED	Director	23-11-1992	23-11-1992	-	Active	NO
5	U65990MH1984PLC033112	SAMBHAW FINANCE AND TRADING COMPANY LIMITED	Director	30-08-1993	30-08-1993	-	Amalgamated	NO
6	L27300MH1983PLC029360	NILKANTH ENGINEERING LIMITED	Director	06-09-1993	06-09-1993	-	Active	NO
7	U51900MH1984PLC033049	SUNAYNA TRADE AND INVESTMENT COMPANY LIMITED	Director	30-09-1993	30-09-1993	-	Amalgamated	NO
8	U51109WB1950PLC018728	ESSEL MINING AND INDUSTRIES LIMITED	Director	08-12-1993	08-12-1993	-	Active	NO
9	U27101WB1983PLC154615	ARVIND PRESS CAPS LIMITED	Managing director	01-10-2014	01-10-1994	-	Active	NO
10	U27203WB1967PTC027082	ARVIND METALS AND MINERALS PRIVATE LIMITED	Director	02-01-1995	02-01-1995	31-03-2014	Active	NO
11	U01132WB1984PTC151081	THRIBHUVAN ASSOCIATES PRIVATE LIMITED	Director	16-01-1996	16-01-1996	-	Amalgamated	NO
12	U30008WB1997PLC085366	KOOL KIDZ PRODUCTS LIMITED	Director	26-11-1997	26-11-1997	-	Active	NO
13	U45203WB1945PTC012185	U P PAPER CORPORATION PRIVATE LIMITED	Director	30-12-1997	30-12-1997	-	Active	NO
14	U70109WB1996PTC076743	MANJUSHREE PROPERTIES PRIVATE LIMITED	Director	26-10-1998	26-10-1998	-	Active	NO
15	U70101WB1996PTC076744	UMASHREE PROPERTIES PRIVATE LIMITED	Director	23-09-2004	23-09-2004	-	Active	NO
16	L29130WB1991PLC050797	T AND I GLOBAL PRIVATE LIMITED	Director	26-09-2014	31-01-2007	-	Active	NO
17	U45200WB2007PTC113586	AMBROSIA NIRMAN PRIVATE LIMITED	Director	20-03-2007	20-03-2007	29-11-2010	Active	NO
18	U72300DL2006PLC156712	OSS CUBE SOLUTIONS LIMITED	Director	07-11-2012	07-11-2012	-	Active	NO
19	U74999DL2014PTC263530	CONTEMPARY WIN FRAMZ PRIVATE LIMITED	Director	15-01-2014	15-01-2014	-	Active	NO
20	U70109DL2012PTC246349	SUBHIKSH INFRACON PRIVATE LIMITED	Director	08-05-2014	08-05-2014	-	Active	NO

Name :

Mr. Nagendra Chandra Shah

Designation :

Director

Address:

1, Burdwan Road, Alipore, Kolkata - 700 027, West Bengal, India

Date of Birth :

10.08.1935

Qualification:

B.COM, L.L.B

Date of Appointment :

29.08.2014

PAN No.:

AMKPS3622A

DIN No.:

00442180

KEY EXECUTIVES

Name :	Mr. Narendra Singh
Designation :	Company Secretary
Address :	T2/F3/G2, Eastern High, Society New Town, Kolkata – 700156, West Bengal, India
Date of Birth/Age :	26.05.1972
Date of Appointment :	25.06.2012
PAN No.:	AOLPS3188L

MAJOR SHAREHOLDERS

As on 29.08.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 29.08.2014

Category	Percentage
Public financial companies	0.01
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	7.86
Bodies corporate	86.51
Directors or relatives of Directors	3.19
Other top fifty shareholders	2.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in iron ore, coal, and dolomite mining. It offers calibrated lump iron ore for iron-making; and iron ore fines for making pig iron. The company also provides ferro molybdenum, ferro vanadium, ferro titanium, and vanadium pentoxide. In addition, subject engages in wind power generation

Products :

Product description	Item Code No.
Iron Ore	26011130
Ferro Molybdenum	72027000
Ferro Vanadium	72029200

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

No. of Employees :

Not Available

Bankers :

• State Bank of India, Corporate Accounts Group Branch, Reliance House, 2nd Floor, 34, Jawaharlal Nehru Road, Kolkata - 700071, West Bengal, India
• Axis Bank Limited, Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India
• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara, Gujarat - 390015, India
• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India

Bank Name	HDFC Bank Limited
Branch	Central Plaza Branch
Account Number	00140110000244

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Fully convertible debentures intercorporate	10001.000	10001.000
Term loans from banks	769.412	0.000
Rupee term loans from others	1000.000	0.000
Short Term Borrowings
Rupee term loans from banks	0.000	1140.000
Loans repayable on demand	52.421	11.229
Other loans and advances	0.000	303.492
Total	11822.833	11455.721

Banking Relations :	--
Finance Institutions:	IDBI Trusteeship Services Limited, Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India Unit Trust of India Investment Advisory Services Limited, Uti Tower Gn Blockbandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India Citicorp Finance (India) Limited, 8th Floor, First International Financial Centre, C-54&C-55, G-Block, Bandra Kurla Complex Bandra (E), Mumbai, Maharashtra - 400051, India CITI Financial Consumer Finance India Limited, 3 Local Shopping Complex, Pushp Vihar, New Delhi, Delhi - 110062, India
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	22, Camac Street, Block C, 3^rd Floor, Kolkata - 700016, West Bengal, India
PAN No.:	AALFS0506L
Membership:	Not Available
Collaborator:	Not Available
Subsidiaries :	IGH Holding Private Limited CIN No.: U64200MH2000PTC129356 Bhubaneshwari Coal Mining Limited CIN No.: U10102WB2010PLC153242 SL PGM Mining Company Private Limited CIN No.: U10200WB2007PTC120295 SL Base Metal Mining Company Private Limited CIN No.: U13209WB2007PTC120292 Electrotherm Renewables Private Limited CIN No.: U31900GJ2008PTC055471 Rajmahal Coal Mining Limited CIN No.: U10300WB2012PLC181325 AB Base Metal Mining Company Private Limited CIN No.: U13209WB2007PTC120294 AB PGM Mining Company Private Limited CIN No.: U13209WB2007PTC120296 SL PGM Mining Company Private Limited CIN No.: U10200WB2007PTC120295 EMIL Coal Mining Limited CIN No.: U10300WB2013PLC198443 · Ab Metal Mining Company Private Limited CIN No.: U13209WB2007PTC120293
Associates :	Palace Solar Energy Private Limited CIN No.: U40102MH2007PTC175289 Aditya Birla Ports Limited CIN No.: U45203OR2010PLC012703 Malermeta Mining and Metal Company Private Limited CIN: U13209WB2011PTC159746 Living Media India Limited CIN No.: U92132DL1962PLC003714 Azure Jouel Private Limited CIN No.: U36911MH2007PTC170349 Aditya Birla Natural Resources Limited CIN No.: U14220MH2011PLC219760 Naman Finance Ann Investment Private Limited CIN No.: U65900MH1988PTC048551

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
299000000	Preference Shares	Rs.100/- each	Rs.29900.000 Millions
	Total		Rs.30000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
534735	Equity Shares	Rs.10/- each	Rs.5.347 Millions
	Total		Rs.5.347 Millions

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	5.347	2997.347	2997.347
(b) Reserves & Surplus	66122.087	62013.819	54906.288
(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)	66127.434	65011.166	57903.635
(3) Non-Current Liabilities
(a) long-term borrowings	27835.412	10001.000	12993.000
(b) Deferred tax liabilities (Net)	556.392	634.699	440.405
(c) Other long term liabilities	193.500	193.500	96.700
(d) long-term provisions	43.305	40.368	37.786
Total Non-current Liabilities (3)	28628.609	10869.567	13567.891
(4) Current Liabilities
(a) Short term borrowings	9552.421	9162.846	954.570
(b) Trade payables	1906.099	2595.207	2204.940
(c) Other current liabilities	1992.574	1277.954	2085.785
(d) Short-term provisions	378.106	379.313	391.237
Total Current Liabilities (4)	13829.200	13415.320	5636.532
TOTAL	108585.243	89296.053	77108.058
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6109.520	4872.736	4894.572
(ii) Intangible Assets	20.475	32.826	0.000
(iii) Capital work-in-progress	660.154	759.192	653.177
(iv) Intangible assets under development	2.242	0.000	20.633
(b) Non-current Investments	49244.847	33383.767	32809.331
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	49043.881	47083.032	34871.672
(e) Other Non-current assets	8.603	1.546	1.493
Total Non-Current Assets	105089.722	86133.099	73250.878
(2) Current assets
(a) Current investments	0.169	0.169	0.200
(b) Inventories	951.376	929.511	1134.474
(c) Trade receivables	455.052	661.933	610.784
(d) Cash and cash equivalents	11.047	334.568	621.125
(e) Short-term loans and advances	1785.764	1066.870	1355.117
(f) Other current assets	292.113	169.903	135.480
Total Current Assets	3495.521	3162.954	3857.180
TOTAL	108585.243	89296.053	77108.058

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	16547.484	22189.769	15159.645
		Other Income	823.405	424.701	444.495
		TOTAL (A)	17370.889	22614.470	15604.140
Less	EXPENSES
		Cost of Materials Consumed	1589.994	1444.878	1414.648
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(41.170)	250.590	(238.482)
		Employee Benefits Expenses	1058.440	933.458	773.766
		Other Expenses	6139.179	6874.662	7415.594
		TOTAL (B)	8746.443	9503.588	9365.526
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		8624.446	13110.882	6238.614
Less	FINANCIAL EXPENSES (D)		2674.383	1964.707	1816.303
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5950.063	11146.175	4422.311
Less/ Add	DEPRECIATION/ AMORTISATION (F)		444.174	441.461	367.621
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5505.889	10704.714	4054.690
Less	TAX (I)		1441.693	3263.704	1203.019
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)		4064.196	7441.010	2851.671
	EARNINGS IN FOREIGN CURRENCY		615.220	2243.900	NA
	Earnings / (Loss) Per Share (Rs.)		7583.47	13297.54	4780.32

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	24.56	33.53	18.81
Operating Profit Margin (PBIDT/Sales)	(%)	52.12	59.09	41.15
Return on Total Assets (PBT/Total Assets}	(%)	9.38	19.41	9.29
Return on Investment (ROI) (PBT/Networth)		0.08	0.16	0.07
Debt Equity Ratio (Total Debt /Networth)		0.57	0.29	0.24
Current Ratio (Current Asset/Current Liability)		0.25	0.24	0.68

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	2997.347	2997.347	5.347
Reserves & Surplus	54906.288	62013.819	66122.087
Net worth	57903.635	65011.166	66127.434
long-term borrowings	12993.000	10001.000	27835.412
Short term borrowings	954.570	9162.846	9552.421
Total borrowings	13947.570	19163.846	37387.833
Debt/Equity ratio	0.241	0.295	0.565

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	15159.645	22189.769	16547.484
		46.374	(25.427)

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	15159.645	22189.769	16547.484
Profit	2851.671	7441.010	4064.196
	18.81%	33.53%	24.56%

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowing
Fully convertible debentures intercorporate	16065.000	0.000
Short term borrowings
Term loans from banks	0.000	830.000
Loans repayable on demand from banks	0.000	189.111
Loans repayable on demand from others	0.000	19.000
Commercial paper	9500.000	6000.000
Other loans and advances	0.000	670.014
Total	25565.000	7708.125

OVERVIEW AND REVIEW OF OPERATIONS

The net revenue from operations of the Company declined by 25.43%, from Rs. 22189.800 Millions to Rs.16547.500 Millions. For FY 2013-14, The Company’s profit after tax stood at Rs. 4064.200 MIllions visits Rs.7441.000 Millions in the previous year, registering a decline of 45.38%. The Company’s Mining Division continues to be the key contributor to the profit. It recorded a total EBITDA of Rs. 8994.000 Millions visits Rs. 13455.000 Millions achieved in the previous year. The Noble Ferro Alloys Division posted growth in com prison to the last fiscal, with an EBITDA of Rs. 115.400 Millions as against Rs. 98.400 Millions. The EBIT DA of the Wind Power Division also grew to Rs. 708.600 Millions in FY 2013-14 from Rs. 485.100 Millions in FY 2012-13. The lease rent al income (EBITDA) of the Company’s Solar Business stood at Rs. 120.400 Millions as against Rs. 115.600 Millions in FY 2012-13. The 22 MWP Solar Project at Raja s than also contributed a revenue of Rs 13.400 Millions during the year. During the second half of FY 2013-14, regulator y constraints affected mining operations significantly.

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10507749	02/07/2014	1,827,800,000.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C10329217
2	10490267	24/03/2014	1,000,000,000.00	CITICORP FINANCE (INDIA) LIMITED	8th Floor, First International Financial Centre, C-54&C-55, G-Block, Bandra Kurla Complex Bandra (E), Mumbai, Maharashtra -400051, India	C03812336
3	10490021	21/03/2014	1,095,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra-400001, India	C03765856
4	10479349	31/01/2014	1,095,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building., Ground Floor, 17, R. Kamani Marg,, Ballard Estate,, Mumbai, Maharashtra - 400001, India	B97105308
5	10475842	23/01/2014	500,000,000.00	CITIFINANCIAL CONSUMER FINANCE INDIA LIMITED	3 Local Shopping Complex, Pushp Vihar, New Delhi,  Delhi - 110062, India	B95587762
6	10392661	01/12/2012	400,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery of India,, Dr. Annie Besant Road, Worli,, Mumbai, Maharashtra -  400018, India	B64403090
7	10123016	10/04/2013 *	7,950,000,000.00	STATE BANK OF INDIA (LEAD BANK)	Corporate Accounts Group Branch, Reliance House, 34, Jawaharlal Nehru Road, Kolkata, West Bengal - 700071, India	B74695453
8	10096826	27/09/2013 *	10,001,000,000.00	AXIS BANK LIMITED	Trishul 3rd Floor Opposites Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India	B86520624

*Date of modification Charges

FIXED ASSETS:

• Goodwill
• Land
• Land
• Buildings
• Railway Sidings
• Plant and Machinery
• Furniture, Fixtures and Fittings
• Vehicles
• Office Equipment

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.62.39
UK Pound	1	Rs.94.17
Euro	1	Rs.73.61

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		68

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.