MIRA INFORM REPORT

Report No. :	326983
Report Date :	13.06.2015

IDENTIFICATION DETAILS

Name :	INDIAN EXPLOSIVES PRIVATE LIMITED (W.E.F. 07.04.2015)
Formerly Known As :	INDIAN EXPLOSIVES LIMITED
Registered Office :	16 C, Bepin Paul Road, Kolkata - 700026, West Bengal
Tel. No.:	91-33-22170887
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.05.1999
Com. Reg. No.:	21-089431
Capital Investment / Paid-up Capital :	Rs.134.100 Million
CIN No.: [Company Identification No.]	U24292WB1999FTC089431
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI6548N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of explosives and accessories for civil requirements.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 8000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was well-established company namely INDIAN EXPLOSIVES LIMITED incorporated in 1999, recently on 07 April 2015 it got converted into private limited company. It is having good track record. Subject is engaged in manufacturing of explosives and accessories for civil requirements. Rating takes into consideration company’s healthy financial risk profile marked by its debt-free status and strong liquidity, and its established marked position in the explosives and detonators industry. Trade relations are reported to be fair. Business is active. Payments are regular and as per commitments. The company can be considered normal for business dealings with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Long term rating = AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	December 12, 2013

Rating Agency Name	CRISIL
Rating	Short term rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	December 12, 2013

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Amit Bhatia
Designation :	Finance Manager
Contact No.:	91-33-66219425 / 66219431
Date :	13.06.2015

LOCATIONS

Registered Office :	16 C, Bepin Paul Road, Kolkata - 700026, West Bengal, India
Tel. No.:	91-33-22170887 / 66219425 / 66219431
Fax No.:	91-33-22892973
E-Mail :	santanu.hazra@orica.com

DIRECTORS

As on 16.09.2014

Name :

Rodney Robert Marchand

Designation :

Director

Address :

41, Cedarwood GR, Singapore - 738369

Date of Birth/Age :

23.11.1964

Date of Appointment :

26.09.2011

Passport No.:

4669982814

Name :

Mr. Sunil Kumar Shah

Designation :

Whole Time Director

Address :

Binayak Enclave Flat, K-408, 59, Kalicharan Ghosh Road, Kolkata – 700050, India

Date of Birth/Age :

15.11.1973

Date of Appointment :

21.11.2013

PAN No.:

AMAPS1800N

DIN No.:

05308694

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	U24292WB1999FTC089431	INDIAN EXPLOSIVES Private Limited	Whole-time director	21/11/2013	21/06/2012	-	Active	NO
2	U29246TG2002PTC038526	MINOVA MINETEK PRIVATE LIMITED	Director	26/12/2014	29/01/2014	-	Active	NO

Name :

Mr. Shyam Narayan Sharma

Designation :

Director and Manager

Address :

Aveekay Apartment, Flat No. 11, 47/1, Salimpur Lane, Kolkata – 700031, West Bengal, India

Date of Birth/Age :

15.11.1968

Date of Appointment :

16.09.2014

PAN No.:

ALDPS2006E

DIN No.:

06641308

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	U24292WB1999FTC089431	INDIAN EXPLOSIVES Private Limited	Director	16/09/2014	30/09/2013	-	Active	NO
2	U29246TG2002PTC038526	MINOVA MINETEK PRIVATE LIMITED	Director	26/12/2014	29/01/2014	-	Active	NO

Name :

Chris Avramopoulos

Designation :

Director

Address :

88, Bonds Road, Lower Plenty, Victoria – 3093, Australia

Date of Birth/Age :

23.04.1967

Date of Appointment :

16.09.2014

Passport No.:

E3024099

DIN No.:

06634965

Name :

Mr. Sanjay Singh

Designation :

Whole Time Director

Address :

A-3, IE Colony, Gomia P.O. IE Gomia, Bokaro – 829111, Jharkhand, India

Date of Birth/Age :

25.12.1966

Date of Appointment :

30.09.2013

PAN No.:

AHRPS2626L

DIN No.:

06641334

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	U24292WB1999FTC089431	INDIAN EXPLOSIVES Private Limited	Whole-time director	30/09/2013	30/09/2013	-	Active	NO
2	U29246TG2002PTC038526	MINOVA MINETEK PRIVATE LIMITED	Director	26/12/2014	29/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Santanu Kumar Hazra
Designation :	Secretary
Address :	BD, 192 and 194, Ganapati Apartment, Flat –A3, Kamal Park Kestopur, North 24 Parganas, Kolkata – 700101, West Bengal, India
Date of Birth/Age :	18.10.1983
Date of Appointment :	21.06.2012
PAN No.:	ABQPH5232G
Name :	Mr. Amit Bhatia
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 16.09.2014

Names of Shareholders	No. of Shares
Orica Investments Pty Limited, Australia	7649994
Orica Investments Pty Limited, Australia	5760265
Orica Explosives Holdings Pty Limited, Australia	1
Orica Explosives Technology Pty Limited, Australia	1
Orica Explosives Research Pty Limited, Australia	1
Orica Nominees Pty Limited, Australia	1
Orica Assets Pty Limited, Australia	1
Orica Australia Pty Limited, Australia	1
Total	13410265

As on 16.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of explosives and accessories for civil requirements.

Products :

Product Description	Item Code No. (ITC Code)
Commercial/blasting explosives	36020010
Detonators	36020010
Primex/PETN	36020010
Detonating fuse	36030020

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	State Bank of India
Branch Address	Industrial Finance Branch, V Building, 6^th Floor, 17, Barkhamba Road, New Delhi – 110001, Delhi, India
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

Auditors :
Name :	B S R and Company LLP Chartered Accountants
Address :	Godrej Waterside, Unit No. 603-604, 6th Floor, Tower 1, Plot No. 5, Block - DP, Sector V, Salt Lake, Kolkata – 700091, West Bengal, India
PAN No.:	AAAFB9852F
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Orica Investments Pty Limited, Australia
Fellow Subsidiary company :	Orica Canada Inc Orica Explosives Philippines Inc Orica International Pte Limited Orica Singapore Pte Limited Orica-CCM Energy Systems SDN BHD Orica Chemnet Australia Orica (Weihai) Explosives Company Limited Minova Mintek Private Limited Orica Australia Pty Limited Emirates Explosives Llc P T Orica Mining Services Orica Limited, Usa Inc

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
13410265	Equity Shares	Rs.10/- each	Rs.134.100 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	134.100	134.100	134.100
(b) Reserves & Surplus	2686.600	2617.700	2376.000
(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)	2820.700	2751.800	2510.100
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	36.300	34.200	1.800
(c) Other long term liabilities	6.200	6.200	6.100
(d) long-term provisions	140.900	126.600	240.300
Total Non-current Liabilities (3)	183.400	167.000	248.200
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	693.900	540.700	511.100
(c) Other current liabilities	350.500	55.700	60.300
(d) Short-term provisions	3.900	13.300	5.200
Total Current Liabilities (4)	1048.300	609.700	576.600
TOTAL	4052.400	3528.500	3334.900
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	628.900	543.100	520.100
(ii) Intangible Assets	2.300	0.100	0.600
(iii) Capital work-in-progress	63.500	82.900	48.600
(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	249.400	170.300	172.100
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	944.100	796.400	741.400
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	685.400	749.400	688.300
(c) Trade receivables	741.900	666.200	626.300
(d) Cash and cash equivalents	1461.100	1064.500	1100.800
(e) Short-term loans and advances	211.400	248.800	177.400
(f) Other current assets	8.500	3.200	0.700
Total Current Assets	3108.300	2732.100	2593.500
TOTAL	4052.400	3528.500	3334.900

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	4226.900	3987.400	3775.300
	Other Income	87.900	174.600	87.000
	TOTAL	4314.800	4162.000	3862.300
Less	EXPENSES
	Cost of Materials Consumed	2958.000	2796.900	2260.500
	Purchases of Stock-in-Trade	0.000	3.000	18.700
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(21.700)	14.800	25.800
	Employees benefits expense	327.800	315.400	277.100
	Other expenses	889.000	619.300	693.300
	TOTAL	4153.100	3749.400	3275.400
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	161.700	412.600	586.900
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	161.700	412.600	586.900
Less/ Add	DEPRECIATION/ AMORTISATION	60.600	47.700	51.800
	PROFIT/ (LOSS) BEFORE TAX	101.100	364.900	535.100
Less	TAX	32.500	123.400	173.800
	PROFIT/ (LOSS) AFTER TAX	68.600	241.500	361.300
	Earnings / (Loss) Per Share (Rs.)	5.11	18.00	26.94

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	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.62	6.06	9.57
Operating Profit Margin (PBDIT / Sales)	(%)	3.83	10.35	15.55
Return on Total Assets (PBT/Total Assets}	(%)	2.53	10.59	16.28
Return on Investment (ROI) (PBT/Networth)		0.04	0.13	0.21
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.97	4.48	4.50

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	134.100	134.100	134.100
Reserves & Surplus	2376.000	2617.700	2686.600
Net worth	2510.100	2751.800	2820.700
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	3775.300	3987.400	4226.900
		5.618	6.006

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	3775.300	3987.400	4226.900
Profit	361.300	241.500	68.600
	9.57%	6.06%	1.62%

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	Yes
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	No
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	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	----------------------
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

CALCUTTA HIGH COURT

CASE STATUS INFORMATION SYSTEM

Case Status : Disposed

Status of Company Petitions (CP) 1030 of 2014

IN THE MATTER OF: SIMPLEX INFRASTRUCTURE VS. INDIAN EXPLOSIVES LIMITED

Pet’s Adv. : Chakraborty and Associates

Res’s Adv. : ---

Court No. : 23 Last Listed On : Thursday, February 05, 2015

Category : NO CATEGORY MENTIONED

CONNECTED APPLICATION (S)	CONNECTED MATTER (S)
No Connected Application	No Connected Cases

Case Updated on: Friday, February 06, 2015

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80055311	16/05/2000	300,000,000.00	ANZ GRINDLAYS BANK LIMITED	19, NETAJI SUBASH ROAD, KOLKATA - 700001, West Bengal, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles

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.64.03
UK Pound	1	Rs.99.27
Euro	1	Rs.71.89

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	KIN
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		60

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.