MIRA INFORM REPORT

Report No. :	322889
Report Date :	30.05.2015

IDENTIFICATION DETAILS

Name :	BHILAI ENGINEERING CORPORATION LIMITED
Registered Office :	Hathkhoj Village, Industrial Area, District- Bhilai -490001 Durg, Chhattisgarh
Tel. No.:	91-788-4088100
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.12.1960
Com. Reg. No.:	10-000914
Capital Investment / Paid-up Capital :	Rs. 47.193 Million
CIN No.: [Company Identification No.]	L29111CT1960PLC000913
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB9272A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject engages in engineering, fertilizers, construction and food businesses in India and internationally.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 9200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered for business dealings at usual trade terms and conditions. The shares of the subject company are not traded on BSE from last 30 Days. Note: Company’s Shares are not traded on BSE in the last 30 Days

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 = BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	08.10.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	08.10.2014

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 DECLINED

Management Non Co-operative (91-11-29227142)

LOCATIONS

Registered Office/Factory :	Post Box No. 31, Industrial Area, Hathkhoj Village, Bhilai District. Durg- 490026, Chhattisgarh, Madhya Pradesh, India
Tel. No.:	91-788-4088100
Mobile No.:	91-9810205022 (Mrs. Neera Gupta)
Fax No.:	91-788-4088131
E-Mail :	becinfo@bec-group.com
Website :	www.bec-group.com
Regional Office 1 :	BEC House 13, Masjid Moth, D.D.A Commercial Complex, Near Savitri Cinema, New Delhi-110048, India
Tel. No.:	91-11-29225815/29227142/29227150
Fax No.:	91-11-29229076/41639279
Regional Office 2 :	31 Maker Chamber III, 3rd Floor, Nariman Point, Mumbai-400 021, Maharashtra, India
Tel. No.:	91-22-22883768, 22831724, 22844208
Fax No.:	91-22-22873611
E-Mail :	becbom@vsnl.net
Website :	www.bec-group.com
Regional Office 3 :	4B, Little Russel Street, 2nd Floor, Kolkata - 700 071, West Bengal, India
Tel. No.:	91-33-22823226, 22827606, 22823372
Fax No.:	91-33-22827061
Factory 2 :	16 (Old 183) Anna Salai, Baid Meetha Complex, 2nd Floor, Little Mount Saidapet, Chennai – 600015,Tamilnadu, India
Tel. No.:	91-44-22301703
Factory 3 :	Sector ‘A’ Sirgitti Industrial Area, Bilaspur-495004, Chhattisgarh, India
Tel. No.:	91-7752-261232
Fax No.:	91-7752-261211
Factory 4 :	Village, Gunikheda, Taluka-Deoli, District-Wardha-4420302, Maharashtra, India
Tel. No.:	91-7158-283331/283332
Fax No.:	91-7158-283330

DIRECTORS

As on: 30.09.2014

Name :

Mr. Ashish Jain

Designation :

Whole-time director

Address :

43,Nehru Nagar Bhilai-490020, Chhattisgarh, India

Date of Birth/Age :

27.02.1976

Qualification :

BBA (USA)

Experience :

14

Date of Appointment :

01.09.2011

DIN No.:

00207048

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	U23201MH1983PTC030323	VIDARBHA GAS VESSELS PRIVATE LIMITED	Director	25/07/2000	25/07/2000	15/06/2010	Active	NO
2	U51102CT1985PTC002797	BEC IMPEX INTERNATIONAL PRIVATE LIMITED	Director	01/09/2000	01/09/2000	-	Active	NO
3	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Whole-time director	01/09/2011	30/09/2000	-	Active	NO
4	U52110DL1987PLC027734	BEC STRIPS LIMITED	Director	27/11/2000	27/11/2000	-	Active	NO
5	U18101CT2001PTC014614	BEC Infra Private Limited	Director	03/04/2001	03/04/2001	-	Active	NO
6	U27102CT1985PLC002956	BEC PROJECTS LIMITED	Director	03/01/2003	03/01/2003	-	Active	NO
7	U67110CT1974PLC001286	BHILAI INVESTMENTS LIMITED	Director	20/08/2003	20/08/2003	-	Active	NO
8	L28920MH1985PLC035656	VISHVA-VISHAL ENGINEERING LIMITED	Director	27/03/2007	27/03/2007	-	Active	NO
9	U27310CT2008PTC020876	BB CROSSING PRIVATE LIMITED	Director	16/09/2008	16/09/2008	-	Active	NO
10	U67120CT1984PTC002442	ASHISH INDUSTRIAL AND COMMERCIAL ENTERPRISES PRIVATE LIMITED	Director	26/07/2010	26/07/2010	-	Active	NO
11	U73100DL2012PTC236128	PCS STEEL SYSTEMS PRIVATE LIMITED	Director	18/05/2012	18/05/2012	-	Active	NO
12	U45400MH2009PTC193016	SIMPLEX PREFAB INFRASTRUCTURE ( INDIA ) PRIVATE LIMITED	Director	19/10/2012	19/10/2012	05/11/2014	Active	NO
13	U70200DL2013PTC253676	BEC INFRAPROJECTS PRIVATE LIMITED	Director	07/06/2013	07/06/2013	-	Active	NO
14	U51909WB1980PLC033123	MEWAR FIBRE HOLDINGS LIMITED	Director	30/12/2013	30/12/2013	-	Active	NO

Name :

Mr. Arvind Kumar Jain

Designation :

Managing director

Address :

43,Nehru Nagar Bhilai-490020, Chhattisgarh, India

Date of Birth/Age :

31.10.1946

Qualification :

B.E. (Civil)

Experience :

38

Date of Appointment :

01.04.2010

DIN No.:

00207106

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	U01122CT1982PTC001936	BECO AGRECULTURE AND INDUSTRIES PRIVATE LIMITED	Director	25/03/1982	25/03/1982	-	Active	NO
2	U67120CT1984PTC002442	ASHISH INDUSTRIAL AND COMMERCIAL ENTERPRISES PRIVATE LIMITED	Director	25/05/1984	25/05/1984	-	Active	NO
3	U85110CT1989PLC005447	MADHU MEMORIAL HOSPITAL LIMITED	Director	26/01/1990	26/01/1990	09/08/2013	Active	NO
4	U51102CT1985PTC002797	BEC IMPEX INTERNATIONAL PRIVATE LIMITED	Director	18/02/1991	18/02/1991	-	Active	NO
5	U85110DL1991PTC043583	JP JAIN INSTITUTE OF MEDICAL SCIENCE AND RESEARCH	Director	21/03/1991	21/03/1991	-	Active	NO
6	L28920MH1985PLC035656	VISHVA-VISHAL ENGINEERING LIMITED	Director	14/01/1994	14/01/1994	-	Active	NO
7	U65990MH1994PTC079542	PANAMA FINVEST PRIVATE LIMITED	Director	21/07/1994	21/07/1994	-	Strike off	NO
8	U45203CT1981PTC001746	BHARAT INDUSTRIAL WORKS (BHILAI) PRIVATE LIMITED	Director	15/11/1995	15/11/1995	11/08/2008	Active	NO
9	U50300CT1996PTC011081	BHILAI MOTOR CAR COMPANY PRIVATE LIMITED	Director	06/08/1996	06/08/1996	-	Strike off	NO
10	U65990MH1990PTC055533	PERENNIAL FINANCE AND INVESTMENT PRIVATE LIMITED	Director	16/11/1996	16/11/1996	03/07/2013	Active	NO
11	U27102CT1985PLC002956	BEC PROJECTS LIMITED	Director	14/01/1999	14/01/1999	-	Active	NO
12	U32304CT1989PLC005022	ARPA CHEMICALS LIMITED	Director	03/09/1999	03/09/1999	-	Active	NO
13	U18101CT2001PTC014614	BEC Infra Private Limited	Director	03/04/2001	03/04/2001	-	Active	NO
14	U74140CT1982PTC002111	BHILAI MANAGEMENT SERVICES PRIVATE LIMITED	Director	30/03/2007	30/03/2007	-	Active	NO
15	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Managing director	01/04/2010	30/04/2007	-	Active	NO
16	U74899DL1984PTC019399	KRINER SERVICES PRIVATE LIMITED	Additional director	05/09/2009	05/09/2009	-	Active	NO
17	U51909WB1980PLC033123	MEWAR FIBRE HOLDINGS LIMITED	Director	30/12/2013	30/12/2013	-	Active	NO
18	U93000WB2014NPL199707	INDIAN REFRACTORY MAKERS ASSOCIATION	Director	23/01/2014	23/01/2014	-	Active	NO

Name :

Veenu Jain

Designation :

Managing director

Address :

63, NCPA Dorabji Tata Road, Nariman point, Mumbai-, 400021, Maharashtra, India

Date of Birth/Age :

30.09.1954

Date of Appointment :

01.04.2010

DIN No.:

00207165

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	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Managing director	01/04/2010	29/09/1979	-	Active	NO
2	U67120CT1984PTC002443	JAIN INDUSTRIAL AND COMMERCIAL ENTERPRISES PRIVATE LIMITED.	Director	22/05/1984	22/05/1984	-	Active	NO
3	U85110CT1989PLC005447	MADHU MEMORIAL HOSPITAL LIMITED	Director	26/01/1990	26/01/1990	-	Active	NO
4	U51102CT1985PTC002797	BEC IMPEX INTERNATIONAL PRIVATE LIMITED	Director	18/02/1991	18/02/1991	-	Active	NO
5	U65990MH1994PTC079542	PANAMA FINVEST PRIVATE LIMITED	Director	21/07/1994	21/07/1994	-	Strike off	NO
6	U28920MH1983PLC029320	KIRTIMOYA CAPITAL LIMITED	Director	15/09/1994	15/09/1994	-	Active	NO
7	U74899DL1984PTC019400	BALKA SERVICES PRIVATE LIMITED	Director	08/11/1995	08/11/1995	-	Active	NO
8	U23201MH1983PTC030323	VIDARBHA GAS VESSELS PRIVATE LIMITED	Director	25/07/2000	25/07/2000	05/07/2010	Active	NO
9	U65990MH1990PTC055533	PERENNIAL FINANCE AND INVESTMENT PRIVATE LIMITED	Director	16/10/2000	16/10/2000	-	Active	NO
10	U17124CT1987PTC004135	HOSAK INDUSTRIES AND PLASTICS PRIVATE LIMITED	Director	22/08/2003	22/08/2003	-	Active	NO
11	U32304CT1989PLC005022	ARPA CHEMICALS LIMITED	Director	22/08/2003	22/08/2003	-	Active	NO
12	U24117CT1984PTC002354	BECO CHEMICALS PRIVATE LIMITED	Director	25/08/2003	25/08/2003	-	Active	NO
13	U27109DL1990PLC005739	ORIENTAL MATCHEM LIMITED.	Director	26/08/2003	26/08/2003	-	Active	NO
14	U74899DL1984PTC019494	SURGE SERVICES PRIVATE LIMITED	Director	28/08/2003	28/08/2003	-	Active	NO
15	U65993WB1974PLC029626	SUDHA INVESTMENTS LIMITED	Director	29/08/2003	29/08/2003	-	Active	NO
16	U04010CT2004PTC017193	FAL POWER VENTURES PRIVATE LIMITED	Director	24/12/2004	24/12/2004	05/04/2011	Active	NO
17	U65990MH1996PTC098210	RICH FIELD LEASING FINVEST PRIVATE LIMITED	Director	28/03/2005	28/03/2005	-	Active	NO
18	U70102MH2006PTC162755	BEC MINERALS PRIVATE LIMITED	Director	21/06/2006	21/06/2006	-	Active	NO
19	U24120CT2006PLC020094	BEC FERTILIZERS LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
20	U45203CT1981PTC001746	BHARAT INDUSTRIAL WORKS (BHILAI) PRIVATE LIMITED	Director	01/05/2007	01/05/2007	-	Active	NO
21	U45206MH2008PTC177538	KIRTIMAN INFRASTRUCTURE PRIVATE LIMITED	Director	08/01/2008	08/01/2008	28/11/2013	Active	NO
22	U74990MH2009PTC195301	R V GLOBAL PRIVATE LIMITED	Director	28/08/2009	28/08/2009	-	Active	NO
23	U13200MH2010PTC200048	BHILAI MINERALS PRIVATE LIMITED	Director	12/02/2010	12/02/2010	-	Active	NO
24	U74900MH2010PTC200291	KIRTIMAN ADVISORY SERVICES PRIVATE LIMITED	Director	20/02/2010	20/02/2010	03/07/2013	Active	NO
25	U36912CT2013PLC000914	BHILAI ENGINEERING COMPANY LIMITED	Director	31/05/2013	31/05/2013	-	Active	NO

Name :

Mr. Surendra Kumar Jain

Designation :

Whole-time director

Address :

B-5, Maharani Bagh, New Delhi-110065, Delhi, India

Date of Birth/Age :

24.04.1942

Date of Appointment :

01.06.2010

DIN No.:

00207450

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	U74899DL1984PTC019494	SURGE SERVICES PRIVATE LIMITED	Director	05/12/1984	05/12/1984	-	Active	NO
2	U85110CT1989PLC005447	MADHU MEMORIAL HOSPITAL LIMITED	Director	26/01/1990	26/01/1990	29/09/2012	Active	NO
3	U85110DL1991PTC043583	JP JAIN INSTITUTE OF MEDICAL SCIENCE AND RESEARCH	Director	21/03/1991	21/03/1991	-	Active	NO
4	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Whole-time director	01/06/2010	29/09/2001	-	Active	NO
5	U51102CT1985PTC002797	BEC IMPEX INTERNATIONAL PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
6	U67120DL1983PLC016454	COOLTEX HOLDINGS LIMITED	Director	28/08/2003	28/08/2003	-	Active	NO
7	U65990MH1984PLC033897	JAFFERSON LEASING AND FINANCE LIMITED	Director	29/08/2003	29/08/2003	-	Active	NO
8	U74899DL1981PTC012829	KIOSK PROPERTIES PRIVATE LIMITED	Director	29/08/2003	29/08/2003	-	Active	NO
9	U45203CT1981PTC001746	BHARAT INDUSTRIAL WORKS (BHILAI) PRIVATE LIMITED	Director	29/09/2012	30/09/2011	-	Active	NO
10	U29141CT2014PLC001218	BEC CASTING AND ENGINEERING (INDIA) LIMITED	Director	03/01/2014	03/01/2014	-	Active	NO
11	U29253DL2014PLC265376	BHILAI ENGINEERING INDUSTRIES LIMITED	Director	25/02/2014	25/02/2014	-	Active	NO

Name :

Mrs. Geetika Jain

Designation :

Managing director

Address :

14, Link Road, Jangpura Extention, New Delhi, 110014, Delhi, India

Date of Birth/Age :

07.12.1975

Qualification :

MBA

Experience :

5

Date of Appointment :

01.10.2012

DIN No.:

00207695

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	U65990MH1984PLC033897	JAFFERSON LEASING AND FINANCE LIMITED	Director	18/03/1996	18/03/1996	-	Active	NO
2	U51102CT1985PTC002797	BEC IMPEX INTERNATIONAL PRIVATE LIMITED	Director	30/09/2002	30/09/2002	-	Active	NO
3	U74899DL1981PTC012829	KIOSK PROPERTIES PRIVATE LIMITED	Director	29/08/2003	29/08/2003	-	Active	NO
4	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Managing director	01/10/2012	04/12/2009	-	Active	NO
5	U74899DL1984PTC019494	SURGE SERVICES PRIVATE LIMITED	Director	30/09/2014	15/11/2013	-	Active	NO
6	U29141CT2014PLC001218	BEC CASTING AND ENGINEERING (INDIA) LIMITED	Director	03/01/2014	03/01/2014	-	Active	NO
7	U29253DL2014PLC265376	BHILAI ENGINEERING INDUSTRIES LIMITED	Director	25/02/2014	25/02/2014	-	Active	NO
8	U27109DL1990PLC005739	ORIENTAL MATCHEM LIMITED.	Director	30/09/2014	12/06/2014	-	Active	NO
9	U67120DL1983PLC016454	COOLTEX HOLDINGS LIMITED	Director	30/09/2014	30/06/2014	-	Active	NO

Name :

Mr. Krishna Jain

Designation :

Whole-time director

Address :

14, Link Road, Jangpura Extention, New Delhi, 110014, Delhi, India

Date of Birth/Age :

04.09.1939

Date of Appointment :

01.06.2013

DIN No.:

00207724

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	U74899DL1984PTC019399	KRINER SERVICES PRIVATE LIMITED	Whole-time director	01/04/2012	27/11/1984	-	Active	NO
2	U74899DL1992PTC048234	ESSJAY TELECOM SERVICES PRIVATE LIMITED	Director	28/07/1997	28/07/1997	-	Strike off	NO
3	U67120DL1983PLC016454	COOLTEX HOLDINGS LIMITED	Director	28/08/2003	28/08/2003	-	Active	NO
4	U51909WB1980PLC033123	MEWAR FIBRE HOLDINGS LIMITED	Director	25/02/2008	25/02/2008	-	Active	NO
5	U74899DL1984PTC019400	BALKA SERVICES PRIVATE LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
6	L29111CT1960PLC000913	BHILAI ENGINEERING CORPORATION LIMITED	Whole-time director	01/06/2013	04/12/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2015

Category	No. of Shares	%age
A. Shareholding of Promoter and Promoter Group
Indian
Individuals / Hindu Undivided Family	357645	7.58
Bodies Corporate	4252826	90.12
Any Others (Specify)	100959	2.14
Trust	100959	2.14
Sub Total	4711430	99.83
2. Foreign
Total Shareholding of Promoter and Promoter Group (A)	4711430	99.83
B. Public Shareholding
Institutions
Non-Institutions
Individuals
Individual Shareholders holding nominal share Capital up to Rs. 0.100 Million	7890	0.17
Sub Total	7890	0.17
Total Public Shareholding (B)	7890	0.17
Total (A) + (B)	4719320	100.00

BUSINESS DETAILS

Line of Business :

Subject engages in engineering, fertilizers, construction and food businesses in India and internationally.

Products :

Item Code No.	Product Description
73084000	Steel Equipments
31031000	Single Super Phosphate

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Bank Name	Central Bank of India
Branch	Civic Centre Branch, Bhilai-490006, Chhattisgarh, 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

• State Bank of India, Commercial Branch, Housing Board Colony, Bhilai-490026, Chhasttisgarh, India.
• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India.
• Central Bank of India, Civic Centre Branch, Bhilai-490001, Chhattisgarh, India.
• UCO Bank, Sector-I, Branch Bhilai, Bhilai-490001, Chhattisgarh, India.

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee Term Loans from Bank	47.120	290.992
Rupee Term Loans from others	166.386	12.006
Short-term borrowings
Working Capital Loans from banks	1260.904	1102.549
Total	1474.410	1405.547

Financial Institutions :	Mahindra and Mahindra Financial Services Limited, Gateway Building, Apollo Bunder, Mumbai - 400001, Maharashtra, India Aditya Birla Finance Limited, Indian Rayon Compound, Veraval-362266, Gujarat, India SICOM Limited, Nirmal, 1^st Floor, Nariman Point, Mumbai-400021, Maharashtra, India
Auditors :
Name :	P C Bafna and Company Chartered Accountants
Address :	Ganjpara, Durg, Chhattisgarh-491001, Madhya Pradesh, India
Tel. No.:	91-788-2323182 / 2329738
Fax No.:	91-788-2323182
E-mail :	ca_pcbafnaco@rediffmail.com sunil2909@hotmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFP8866F
Memberships :	Not Available
Collaborators :	Not Available
Associates :	BEC Projects Limited, India Bhilai Management Services Private Limited Novel Projects Limited Sudha Investment Limited Kirtimoya Capital Limited J.P Jain Trust Vishva Vishal Engineering Limited, India Kiosk Properties Private Limited, India Hosak Industries and Plastics Limited BEC Impex International Private Limited, India BEC Strips Limited Arpa Chemicals Limited Madhu Memorial Hospital Limited Bharat Indsutrial Works (Bhilai) Private Limited, India Bharat Industrial Works Bhilai Motor Car Company, India Bhilai Investment Limited Surge Services Private Limited BECO Chemical Private Limited BEC Fertilizer Limited Kriner Services Private Limited Mewar Fibre Holding Private Limited Cooltex Holding Limited Jafferson Leasing and Finance Limited, India Ashish Industries and Commercial Enterprises Private Limited, India Perennial Finance and Investment Private Limited Jain Industrial and Commercial Enterprises Private Limited BEC Minerals Private Limited Balka Services Private Limited BECO Agriculture and Industrial Private Limited Jain Agriculture Farm, India Kirtiman Infrastructure Private Limited, India BEC Infra Private Limited, India R.V. Global Private Limited Bhilai Engineering Company Limited BEC Casting & Engineering (India) Limited Bhilai Engineering Industries Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11500000	Equity Shares	Rs.10/- each	Rs. 115.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4719320	Equity Shares	Rs.10/- each	Rs. 47.193 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	47.193	47.193	47.193
(b) Reserves & Surplus	3195.655	2542.605	2046.408
(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)	3242.848	2589.798	2093.601
(3) Non-Current Liabilities
(a) long-term borrowings	213.506	302.998	64.689
(b) Deferred tax liabilities (Net)	23.645	14.786	0.000
(c) Other long term liabilities	813.653	1008.575	1505.420
(d) long-term provisions	8.688	8.688	533.625
Total Non-current Liabilities (3)	1059.492	1335.047	2103.734
(4) Current Liabilities
(a) Short term borrowings	1460.904	1102.549	830.936
(b) Trade payables	1526.876	1718.917	1458.224
(c) Other current liabilities	1069.727	1403.413	1383.388
(d) Short-term provisions	125.702	142.537	229.383
Total Current Liabilities (4)	4183.209	4367.416	3901.931
TOTAL	8485.549	8292.261	8099.266
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1425.305	1161.086	901.169
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	218.414	26.870	75.497
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.500	11.380	14.943
(c) Deferred tax assets (net)	0.000	0.000	3.933
(d) Long-term Loan and Advances	78.858	123.953	131.204
(e) Other Non-current assets	88.087	374.396	47.831
Total Non-Current Assets	1821.164	1697.685	1174.577
(2) Current assets
(a) Current investments	170.000	287.664	235.468
(b) Inventories	1899.650	1870.889	1316.727
(c) Trade receivables	1850.853	2078.591	2247.046
(d) Cash and cash equivalents	1062.611	963.023	2248.804
(e) Short-term loans and advances	1310.856	1164.833	711.184
(f) Other current assets	370.415	229.576	165.460
Total Current Assets	6664.385	6594.576	6924.689
TOTAL	8485.549	8292.261	8099.266

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	9814.521	9112.446	9385.956
	Other Income	114.120	505.143	(245.000)
	TOTAL (A)	9928.641	9617.589	9140.956
Less	EXPENSES
	Cost of Materials Consumed	5661.728	5792.361	5381.874
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(362.283)	(140.452)	231.542
	Employees benefits expense	754.299	611.382	548.050
	Other expenses	2327.229	2180.885	1783.336
	TOTAL (B)	8380.973	8444.176	7944.802
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1547.668	1173.413	1196.154
Less	FINANCIAL EXPENSES (D)	235.000	255.599	211.884
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1312.668	917.814	984.270
Less/ Add	DEPRECIATION/ AMORTISATION (F)	270.986	198.629	170.174
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1041.682	719.185	814.096
Less	TAX (H)	392.083	213.105	247.222
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	649.599	506.080	566.874
	EARNINGS IN FOREIGN CURRENCY	9620.003	940.528	NA
	IMPORTS	898.287	1560.280	NA
	Earnings / (Loss) Per Share (Rs.)	137.65	107.24	112.85

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	856.967	(235.205)	2992.705

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.62	5.55	6.04
Operating Profit Margin (PBIDT/Sales)	(%)	15.77	12.88	12.74
Return on Total Assets (PBT/Total Assets}	(%)	12.62	8.71	10.17
Return on Investment (ROI) (PBT/Networth)		0.32	0.28	0.39
Debt Equity Ratio (Total Debt /Networth)		0.78	0.45	1.86
Current Ratio (Current Asset/Current Liability)		1.59	1.51	1.77

STOCK PRICES

Face Value	Rs. 10
Market Value	Not Available (Company’s Shares are not traded on BSE in the last 30 Days)

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	47.193	47.193	47.193
Reserves & Surplus	2046.408	2542.605	3195.655
Net worth	2093.601	2589.798	3242.848
long-term borrowings	64.689	302.998	213.506
Short term borrowings	830.936	1102.549	1460.904
Current Maturities of Long-Term Debt	2992.705	(235.205)	856.967
Total borrowings	3888.330	1170.342	2531.377
Debt/Equity ratio	1.857	0.452	0.781

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	9385.956	9112.446	9814.521
		(2.914)	7.705

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	9385.956	9112.446	9814.521
Profit	566.874	506.080	649.599
	6.04%	5.55%	6.62%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
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	Yes
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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

The Year in Retrospect and Future Prospects:

Company’s Profit before tax enhanced to Rs. 1041.682 Million as compared to Rs. 719.185 Million in Preceding year. After Tax provision of Rs. 383.224 Million (Last Year Rs. 194.386 Million) the net profit (PAT) for the year is Rs. 658.458 Million (Last Year Rs. 524.799 Million).

Management Discussion and Analysis Report:-

• Industry Structure and Developments:-

The company has four business divisions, namely Engineering and Project Divisions, Fertilizer Division, Constructions Division and Foods Division. In Engineering and Project Division, the principal product includes steel castings, fabricated steel structures and heavy equipment. Engineering Division also undertakes projects on Turnkey basis. The principal products in Fertilizer Division include Single Super Phosphate (SSP) Granulated Single Super Phosphate (GSSP), Sulphuric Acid, NPK Mixture etc.

• Outlook on Opportunities, Threats, Risk and Concerns:-

Their Engineering Division has already bagged no. of orders from different steel plants. In Engineering Division there is an all-round improvement in systems and processes with close coordination between different groups and streamlining of data transfer and information exchange. Foundry Division is operating in a highly technology intensive and competitive business which demands continuous up-gradation of technology and product quality. Foundry Division is already supplying castings to Railways (Indian and Foreign) and Mines with improved manufacturing processes thereby reducing the incidence of rejections. Foundry Division is constantly upgrading its own manufacturing standards with better process controls and by high quality of input materials. It is the endeavour of Foundry Division to increase its market share to cater the needs of Railways. More and more players are coming in the field of turnkey projects. Hence company is likely to face stiff competition in coming years. However due to their long standing and experience in turnkey projects, we have an edge over the new entrants in this field.

The Plants of Fertilizer Divisions are of very advanced technology, Established brand name, effective distribution network and increased irrigation facilities will support favourably The Nutrient Base Subsidy (NBS) with free market mechanism is encouraging more interaction between producers and farmers for efficient use of fertilizers, for better agricultural output and which is a long term positive for Fertilizer Industry as a whole. The Financial year 2013-14 was again a challenging year with weak economic environment having high inflation, high interest rates, a volatile/weakening currency and a very late withdrawal and extended monsoon rains resulting into sluggish demand for SSP fertilizer.

Food Division is doing well and management activities of milk packaging has been added to make the food division more viable.

UNSECURED LOAN:

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short Term Loans :
Working capital Loans from banks	200.000	0.000
Total	200.000	0.000

INDEX OF CHARGES:

S .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481637	26/02/2014	120,000,000.00	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	GATEWAY BUILDING, APOLLO BUNDER, MUMBAI, MAHARASHTRA - 400001, INDIA	B98106586
2	10476317	29/04/2015 *	320,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND, VERAVEL, GUJARAT - 362266,  INDIA	C52608460
3	10472847	11/12/2013	10,000,000.00	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	GATEWAY BUILDING, APOLLO BUNDER,, ., MUMBAI, MAHARASHTRA - 400001, INDIA	B94467339
4	10457941	07/10/2013	150,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND, VERAVAL, GUJARAT - 362266,  INDIA	B88678966
5	10443040	11/12/2013 *	100,000,000.00	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	GATEWAY BUILDING, APOLLO BUNDER, MUMBAI, MAHARASHTRA - 400001, INDIA	B94524279
6	10437633	26/06/2013	85,000,000.00	CENTRAL BANK OF INDIA	CIVIC CENTRE BRANCH, BHILAI, BHILAI, CHHATTISGARH  - 490006, INDIA	B79952453
7	10408151	11/12/2013 *	25,000,000.00	MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED	GATEWAY BUILDING, APOLLO BUNDER,MUMBAI, MAHARASHTRA - 400001, INDIA	B94524220
8	10308186	16/09/2011	70,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B21481049
9	10232783	04/08/2010	190,000,000.00	CENTRAL BANK OF INDIA	CIVIC CENTRE BRANCH,, BHILAI, BHILAI, CHHATTISGARH - 490006, INDIA	A91443135
10	10225492	29/05/2010	40,000,000.00	UCO BANK	SECTOR 1 BRANCH, BHILAI, CHHATTISGARH - 490001, INDIA

FIXED ASSETS:

• Land
• Building
• Factory building
• Plant and equipment
• Other Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor Vehicles
• Office equipment
• Computer equipment
• Other equipment
• Company Overview

WEBSITE DETAILS:

Company Overview:

Subject engages in engineering, fertilizers, construction, and food businesses in India and internationally. The company primarily offers coke oven machines, coke complexes, coke dry cooling plants, metallurgical and mills/caster equipment, rolling mills, casters, blast furnaces, sinter plants, steel castings, fabricated steel structures, and heavy equipment for steel, power, mining, space research, railway, aluminium, cement, and other sectors; and technological support, engineering, electrical and process automation, civil engineering, erection, commissioning, and operational support services. It also provides bulk material handling equipment for the yard and port; integrated coal handling plants and raw material handling systems; surface mining equipment for the lignite mining; and balance of plants for the power sector. In addition, the company manufactures and markets single super phosphates under the ANAND brand; and plant protection chemicals, plant hormones, and micro-nutrients. Further, it offers foundry products, such as cast components for the locomotive, tracks, freight and passenger car, mining and beneficiation, and miscellaneous castings segments. The company cast components include railway products comprising manganese steel crossings and freight car bogie frames; and mining and beneficiation products, such as shovels and HEMMS, and crushers and engineered wear parts. Additionally, it processes various tropical fruits into pulses, pastes, and concentrates; provides specialty products, including ginger paste, garlic paste, and other spices based products; and various juice blends. Subject also exports its products. The company was incorporated in 1960 and is headquartered in Bhilai, India.

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. 63.76
UK Pound	1	Rs. 97.80
Euro	1	Rs. 69.91

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RAS
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.