MIRA INFORM REPORT

Report No. :	310177
Report Date :	05.03.2015

IDENTIFICATION DETAILS

Name :	BRAHMAPUTRA METALLICS LIMITED (w.e.f.14.07.2007)

Formerly Known As :	BRAHMAPUTRA BREWERIES AND DISTILLERIES PRIVATE LIMITED

Registered Office :	Sagar Bizzplex,3rd Floor, G.S. Road, Shani Ram Bora Lane, Ulubari, Guwahati- 781007, Assam

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	29.10.1999

Com. Reg. No.:	02-005920

Capital Investment / Paid-up Capital :	Rs. 588.667 Million

CIN No.: [Company Identification No.]	U15511AS1999PLC005920

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	AABCB9698R

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of MS Billets and Sponge Iron.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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. The company has incurred a loss from its operations during 2014. However, trade relation are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

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	Term loans B-
Rating Explanation	Have high risk of default
Date	March 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.

INFORMATION DENIED BY

Name :	Mr. Jaishankar
Designation :	Deputy Manager
Contact No.:	91-9430323280
Date :	02.03.2015

LOCATIONS

Registered Office :	Sagar Bizzplex,3rd Floor, G.S. Road, Shani Ram Bora Lane, Ulubari, Guwahati- 781007, Assam, India
Tel. No.:	91-361-2521612
Mobile No.:	91-9430323280 (Mr. Jaishankar)
Fax No.:	Not Available
E-Mail :	bmlkolkataoffice@gmail.com

Corporate Office :	BC 250, Sector 1, SaltLake, Kolkata – 700064, India
Tel. No.:	91- 33-40041544/66
Fax No.:	91- 33-40041544/696
E-Mail :	kolkata@bml.co.in bmlkolkataoffice@gmail.com

Factory :	Kamta Gola, Sikidari Road, Ramgarh Jharkhand-829210, India

DIRECTORS

As on 30.09.2014

Name :	Santosh Kumar Jaiswal
Designation :	Director
Address :	Kunti Kunj Chatribari, Guwahati-781001, Kamrup, Assam, India
Date of Birth/Age :	24.09.1969
Date of Appointment :	29.10.1999
DIN No.:	00044370

Name :	Sanjeev Kumar Jaiswal
Designation :	Director
Address :	Sikaria complex 4^th floor, SJ Road, Athgaon, Guwahati-781001, Kamrup, Assam, India
Date of Birth/Age :	11.06.1971
Date of Appointment :	29.10.1999
DIN No.:	00312889

Name :	Kumud Prasad Shau
Designation :	Director
Address :	Sri Nillay 80, Burdwan Compound, Ranchi-834001, Ranchi, Jharkhand, India
Date of Birth/Age :	20.03.1949
Date of Appointment :	18.12.2006
DIN No.:	01038126

Name :	Aarsh Sahu
Designation :	Director
Address :	Sri Nillay 80, Burdwan Compound, Ranchi-834001, Ranchi, Jharkhand, India
Date of Birth/Age :	14.07.1981
Date of Appointment :	18.12.2006
DIN No.:	00803457

Name :	Kailash Chandra lohia
Designation :	Director
Address :	Maitri kunj NS Raod, Fatasil, Guwahati-781009, Kamrup, Assam, India
Date of Birth/Age :	15.06.1954
Date of Appointment :	22.10.2007
DIN No.:	00512267

Name :	Banjarang Lohia
Designation :	Director
Address :	Lohia house 2^nd floor, MG Road Fancy Bazar, Guwahati-781001, Kamrup, Assam, India
Date of Birth/Age :	30.05.1968
Date of Appointment :	22.10.2007
DIN No.:	00290684

KEY EXECUTIVES

Name :	Mr. Jaishankar
Designation :	Deputy Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	86.17
Directors or relatives of Directors	13.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of MS Billets and Sponge Iron.

Products :

Item Code No. (ITC Code)	Product Description
72071920	M. S. Billets
73071110	Sponge Iron

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 :

Not Divulged

Bankers :

Banker Name :	State Bank of Bikaner and Jaipur
Branch Address :	Park Street Branch, 20b, Park Street, Kolkata - 700016, West Bengal, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

Banker Name :	State Bank of India
Branch Address :	Commercial Branch, Bee Kay Tower, 2nd Floor, Ganeshguri, Guwahati - 781006, Assam, INDIA
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	2177.147	2102.684

Short Term Borrowing
Loans repayable on demand	59.884	37.344
Total	2237.031	2140.028

Auditors :
Name :	Khaitan Agarwal and company Chartered accountants
Address :	Sanmati plaza 2^nd floor, G. S. Road Guwahati-781005, Assam, India
PAN No.:	AAJFK8468P

Memberships :	Not Available

Collaborators :	Not Available

Enterprises owned or significantly influenced by key management and /or their relatives :	K R Traders Private Limited Bee Kay Beverages Private Limited Lohia Construction Private Limited Brahma Iron and Power Limited Brahmaputra Galvo chem Private Limited Brahmaputra Technologies Prism Fincap Limited Prism Alloys Private Limited Jaiswal Alloys Private Limited Jaiswal Steel Rolling Mills Jaintia Ferro Alloys Limited Brahmaputra Wire products Brahmaputra Iron and steel Company Private Limited Brahmaputra TMT Bars Private Limited Brahmaputra Tubulars Brahmaputra Tele Production Private Limited Brahmaputra Rolling Mills Private Limited Meghalaya Ispat Limited Sohum Shoppe Limited Rahul Financial Services Private Limited BSA Mines and Minerals Private Limited Exodus Ispat Private Limited

Key Management Personnel :	Meghalaya Cements Limited Meghalaya Steels Limited Meghalaya Mineral Products Tripura Ispat Topcem India Jaintia Hills Mines and Minerals Private Limited Jaintia Hills Power Limited Bajrang Steel (Sales) Corporation Reliable Flour Mills Private Limited Bajrang Ispat Private Limited B R Metallics K D Iron and Steels company K D Cements Gyan Sarovar Foundation KCL Developers Private Limited KCL Estates Private Limited K.D. Cokes Barak Valley Alloys Private Limited Gasgen Ferro Alloys LLP Desang Hydel Power LLP

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

60,000,000	Equity Shares	Rs.10/- each	Rs.600.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

58,866,700	Equity Shares	Rs.10/- each	Rs.588.667 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	588.667	360.817	360.817
(b) Reserves & Surplus	298.335	364.805	999.562
(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)	887.002	725.622	1360.379

(3) Non-Current Liabilities
(a) long-term borrowings	2177.147	2102.684	1540.289
(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)	2177.147	2102.684	1540.289

(4) Current Liabilities
(a) Short term borrowings	72.384	382.344	407.923
(b) Trade payables	448.546	659.901	280.936
(c) Other current liabilities	247.206	205.815	532.977
(d) Short-term provisions	0.000	0.000	5.590
Total Current Liabilities (4)	768.136	1248.060	1227.426

TOTAL	3832.285	4076.366	4128.094

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2115.086	2229.089	2349.270
(ii) Intangible Assets	0.607	0.274	0.381
(iii) Capital work-in-progress	454.014	386.444	386.563
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	42.500	42.500
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	3.714	2.662	4.061
Total Non-Current Assets	2573.421	2660.969	2782.775

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	312.486	444.217	406.270
(c) Trade receivables	356.233	436.648	378.013
(d) Cash and cash equivalents	48.175	57.228	48.216
(e) Short-term loans and advances	413.467	318.971	349.183
(f) Other current assets	128.503	158.333	163.637
Total Current Assets	1258.864	1415.397	1345.319

TOTAL	3832.285	4076.366	4128.094

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2750.124	1144.562	1981.186
		Other Income	2.433	1.837	50.816
		TOTAL	2752.557	1146.399	2032.002

Less	EXPENSES
		Cost of Materials Consumed	2365.425	1179.380	1415.597
		Exceptional Item	0.448	6.113	1.189
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	32.319	18.178	(5.436)
		Employees benefits expense	73.680	83.884	83.002
		Other expenses	146.630	83.766	119.894
		TOTAL	2618.502	1371.321	1614.246

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		134.055	(224.922)	417.756

Less	FINANCIAL EXPENSES		307.837	290.091	276.012

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(173.782)	(515.013)	141.744

Less/ Add	DEPRECIATION/ AMORTISATION		120.537	120.290	114.772

	PROFIT BEFORE TAX		(294.319)	(635.303)	26.972

Less	TAX		0.000	(0.545)	0.421

	PROFIT AFTER TAX		(294.319)	(634.758)	26.551

	Earnings Per Share (Rs.)		(6.65)	(17.59)	(0.79)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(10.70)	(55.46)	1.34

Operating Profit Margin (PBDIT/Sales)	(%)	4.87	(19.65)	21.09

Return on Total Assets (PBT/Total Assets}	(%)	(8.71)	(17.42)	0.73

Return on Investment (ROI) (PBT/Networth)		(0.33)	(0.88)	0.02

Debt Equity Ratio (Total Debt /Networth)		2.54	3.42	1.43

Current Ratio (Current Asset/Current Liability)		1.64	1.13	1.10

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	360.817	360.817	588.667
Reserves & Surplus	999.562	364.805	298.335
Net worth	1360.379	725.622	887.002

long-term borrowings	1540.289	2102.684	2177.147
Short term borrowings	407.923	382.344	72.384
Total borrowings	1948.212	2485.028	2249.531
Debt/Equity ratio	1.432	3.425	2.536

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	1981.186	1144.562	2750.124
		(42.228)	140.277

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	1981.186	1144.562	2750.124
Profit	26.551	(634.758)	(294.319)
	1.34%	(55.46%)	(10.70%)

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	Yes
10]	Designation of contact person	Yes
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	Yes

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Loans repayable on demand from others	12.500	345.000
Total	12.500	345.000

BUSINESS PERFORMANCE:

The company has generated a Revenue of Rs. 2750.125 Million during the year as compared to Rs. 1144.562 Million in previous year and incurred a net loss of Rs 294.319 Million as against a net loss of Rs 634.757 Million during the previous year 2012-13. The performance of the company improved during the year as compared with Last year but could not earn any profit on account of slowdown of the economy with respect to the infrastructure sector. The directors are hopeful for the ensuing year seeing sign of improvement in the economic growth of country.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10177375	13/06/2013 *	4,325,400,000.00	State Bank Of India and Others	Commercial Branch, Bee Kay Tower,, 2nd Floor, Ganeshguri, Guwahati, Assam - 781006, INDIA	B77863173

* Date of charge modification

FIXED ASSETS

Building
Vehicles
Factory
Plant and Machinery
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 records 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.61.85
UK Pound	1	Rs.94.96
Euro	1	Rs.69.09

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	RSM

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

Unit