MIRA INFORM REPORT

Report No. :	350065
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	VIKRANT FORGE LIMITED (w.e.f. 26.07.2004)
Formerly Known As :	VIKRANT FORGE PRIVATE LIMITED (w.e.f. 15.06.2004) VIKRANT ALLOYS AND FORGINGS PRIVATE LIMITED
Registered Office :	Maity Para, NH-2, Delhi Road, Dankuni – 711224, West Bengal
Tel. No.:	91-33-26591870
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.11.1985
Com. Reg. No.:	21-039776
Capital Investment / Paid-up Capital :	Rs.37.091 Million
CIN No.: [Company Identification No.]	U27106WB1985PLC039776
IEC No.:	0291012973
TAN No.: [Tax Deduction & Collection Account No.]	CALV01699F
PAN No.: [Permanent Account No.]	AAACV9222A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of open die steel forging components.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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 :	Exist
Comments :	Subject is an old and established company having moderate track record. It was incorporated in the year 1985 and it is engaged in manufacturing of open die steel forging components. The company has gathered some accumulated losses from its operations from past few years. Further, rating remain constrained on account of company’s moderate financial profile marked by limited networth base and leverage balance sheet profile of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution.

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	India Ratings and Research
Rating	Long term bank facilities = B
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	July 7, 2015

Rating Agency Name	India Ratings and Research
Rating	Short term bank facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	July 7, 2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Dibypandu
Designation :	Accounts Manager
Contact No.:	91-33-26591870
Date :	18.11.2015

LOCATIONS

Registered Office / Works :	Maity Para, NH-2, Delhi Road, Dankuni – 711224, West Bengal, India
Tel. No.:	91-33-26591870
Fax No.:	91-33-26593738
E-Mail :	vikrantforge@smithy.in
Website :	www.vikrantforge.com
Location :	Owned
Locality :	Commercial
Corporate Office :	14, N. S. Road, 2^nd Floor, G. P. O. Box – 674, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-32422168/ 22302179
Fax No.:	91-33-26598002

DIRECTORS

As on 26.09.2014

Name :	Mr. Binod Chhajer
Designation :	Director
Address :	1-S, Mani Pushpak, 13, Chapel Road, Hastings, Kolkata - 700022, West Bengal, India
Date of Birth/Age :	21.01.1961
Date of Appointment :	25.11.1985
DIN No.:	00028959
PAN No.:	ACKPC0494J

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	U27106WB1985PLC039776	VIKRANT FORGE LIMITED	Director	25/11/1985	25/11/1985	-	Active	NO
2	U51909WB1994PTC066756	MARK INTERTRADES PRIVATE LIMITED	Director	22/05/1996	22/05/1996	-	Active	NO
3	U27109WB2003PLC096561	ARCVAC FORGE CAST LIMITED	Whole-time director	01/04/2013	11/07/2003	-	Active	NO
4	U67120WB1995PTC070093	KSK SHARE AND STOCK BROKERS PRIVATE LIMITED	Director	09/10/2004	09/10/2004	-	Active	NO
5	U65999WB1997PTC083052	VITAL FINCON PRIVATE LIMITED	Director	02/11/2004	02/11/2004	-	Amalgamated	NO
6	U51109WB1996PTC078693	ALLIED MERCHANTS PRIVATE LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
7	U27109WB2002PLC094287	EASTERN SMITHY LIMITED	Director	22/11/2005	22/11/2005	-	Amalgamated	NO
8	U70101WB2006PLC110739	SMITHY PROJECTS LIMITED	Director	24/07/2006	24/07/2006	-	Active	NO
9	U51909WB1994PTC065066	KEMINT TRADING PRIVATE LIMITED	Director	21/03/2007	21/03/2007	-	Amalgamated	NO
10	U51909WB1994PTC065658	KOLBER COMMERCIAL PRIVATE LIMITED	Director	03/04/2007	03/04/2007	-	Active	NO
11	U27100WB2008PLC131551	INTEGRATED FORGE LIMITED	Director	29/12/2008	29/12/2008	02/01/2009	Active	NO
12	U51109WB2007PTC114617	TELESCOPE VINIMAY PRIVATE LIMITED	Director	03/11/2009	03/11/2009	-	Active	NO
13	U51109WB2007PTC116044	CIDER TRACOM PRIVATE LIMITED	Director	03/11/2009	03/11/2009	-	Active	NO
14	U51109WB2007PTC117178	VIKASH VINIMAY PRIVATE LIMITED	Director	03/11/2009	03/11/2009	-	Active	NO
15	U51109WB2008PTC125928	KINGFISHER VINIMAY PRIVATE LIMITED	Director	03/11/2009	03/11/2009	-	Active	NO
16	U93090WB2009PTC139586	SMITHY RESOURCES PRIVATE LIMITED	Director	19/11/2009	19/11/2009	-	Active	NO
17	U51109WB2007PTC114221	aster vincom private limited	Director	03/03/2014	03/03/2014	-	Active	NO
18	U51109WB2007PTC114219	EASY TRADECOM PRIVATE LIMITED	Director	03/03/2014	03/03/2014	-	Active	NO

Name :

Mr. Raj Kumar Chhajer

Designation :

Whole-Time Director

Address :

Konark Garden, Block-A, 2 CD, 6, Burdwan Road, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

30.06.1955

Date of Appointment :

01.04.2007

DIN No.:

00028972

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	U27106WB1985PLC039776	VIKRANT FORGE LIMITED	Whole-time director	01/04/2007	25/11/1985	-	Active	NO
2	U51909WB1994PTC066756	MARK INTERTRADES PRIVATE LIMITED	Director	22/05/1996	22/05/1996	-	Active	NO
3	U51109WB1991PTC052422	EXCLUSIVE TRADE AND PRINT PRIVATE LIMITED	Director	07/06/1999	07/06/1999	10/10/2011	Active	NO
4	U27109WB2002PLC094287	EASTERN SMITHY LIMITED	Director	26/02/2002	26/02/2002	-	Amalgamated	NO
5	U27109WB2003PLC096561	ARCVAC FORGE CAST LIMITED	Director	11/07/2003	11/07/2003	-	Active	NO
6	U67120WB1995PTC070093	KSK SHARE AND STOCK BROKERS PRIVATE LIMITED	Director	09/10/2004	09/10/2004	-	Active	NO
7	U65999WB1997PTC083052	VITAL FINCON PRIVATE LIMITED	Director	09/10/2004	09/10/2004	-	Amalgamated	NO
8	U51109WB1996PTC078693	ALLIED MERCHANTS PRIVATE LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
9	U51909WB1994PTC065066	KEMINT TRADING PRIVATE LIMITED	Director	21/03/2007	21/03/2007	-	Amalgamated	NO
10	U51909WB1994PTC065658	KOLBER COMMERCIAL PRIVATE LIMITED	Director	03/04/2007	03/04/2007	-	Active	NO
11	U51109WB1883GAP000462	CALCUTTA CHAMBER OF COMMERCE	Director	17/03/2009	17/03/2009	-	Active	NO
12	U51109WB2007PTC114617	TELESCOPE VINIMAY PRIVATE LIMITED	Director	03/11/2009	03/11/2009	-	Active	NO
13	U51109WB2007PTC116044	CIDER TRACOM PRIVATE LIMITED	Director	03/11/2009	03/11/2009	-	Active	NO
14	U51109WB2007PTC117178	VIKASH VINIMAY PRIVATE LIMITED	Director	03/11/2009	03/11/2009	-	Active	NO
15	U51109WB2008PTC125928	KINGFISHER VINIMAY PRIVATE LIMITED	Director	03/11/2009	03/11/2009	-	Active	NO
16	U93090WB2009PTC139586	SMITHY RESOURCES PRIVATE LIMITED	Director	19/11/2009	19/11/2009	-	Active	NO
17	U51109WB2007PTC114221	aster vincom private limited	Director	03/03/2014	03/03/2014	-	Active	NO
18	U51109WB2007PTC114219	EASY TRADECOM PRIVATE LIMITED	Director	03/03/2014	03/03/2014	-	Active	NO
19	U91990WB2002NPL095194	HOOGHLY CHAMBER OF COMMERCE AND INDUSTRY	Director	20/09/2014	20/09/2014	-	Active	NO

Name :

Mr. Manoj Chhajer

Designation :

Whole-Time Director

Address :

10/A, Alipur Park Place, Flat-302, 3^rd Floor, Kolkata - 700027, West Bengal, India

Date of Birth/Age :

22.11.1965

Date of Appointment :

01.04.2007

DIN No.:

00073655

PAN No.:

ACAPC9856C

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	U27106WB1985PLC039776	VIKRANT FORGE LIMITED	Whole-time director	01/04/2007	23/02/1996	-	Active	NO
2	U51909WB1994PTC066756	MARK INTERTRADES PRIVATE LIMITED	Director	22/05/1996	22/05/1996	-	Active	NO
3	U27109WB2002PLC094287	EASTERN SMITHY LIMITED	Director	26/02/2002	26/02/2002	29/10/2008	Amalgamated	NO
4	U70101WB2006PLC110739	SMITHY PROJECTS LIMITED	Director	24/07/2006	24/07/2006	-	Active	NO

Name :

Mr. Harsh Agarwal

Designation :

Director

Address :

44/2, Kalipada Mukherjee Road, 2^nd Floor Flat No. - C3 Behala, Kolkata - 700008, West Bengal, India

Date of Appointment :

30.03.2015

DIN No.:

07102265

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	L70101WB1980PLC032986	DENOVO INVESTMENTS LIMITED	Director	25/03/2015	25/03/2015	-	Active	NO
2	U27106WB1985PLC039776	VIKRANT FORGE LIMITED	Director	30/03/2015	30/03/2015	-	Active	NO
3	U27109WB2003PLC096561	ARCVAC FORGE CAST LIMITED	Director	30/03/2015	30/03/2015	-	Active	NO

Name :

Mr. Manik Chand Nahata

Designation :

Director

Address :

59, Kali Charan Ghosh Road, Flat No. 402, Block B, Kolkata - 700050, West Bengal, India

Date of Appointment :

30.03.2015

DIN No.:

02647911

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	U27109WB2003PLC096561	ARCVAC FORGE CAST LIMITED	Director	26/08/2010	23/09/2009	-	Active	NO
2	U27106WB1985PLC039776	VIKRANT FORGE LIMITED	Director	30/03/2015	30/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dibypandu
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 26.09.2014

Names of Shareholders	No. of Shares
Kiran Devi Chhajer	421920
Raj Kumar Chhajer	118650
Raj Kumar Chhajer (HUF)	7600
Saroj Chhajer	155740
Shuchi Saraogi	1600
Binod Chhajer	396500
Binod Chhajer (HUF)	32250
Vineeta Chhajer	11650
Manoj Chhajer	826120
Manoj Chhajer (HUF)	41570
Mona Chhajer	56090
Mohit Chhajer	12000
KSK Share and Stock Brokers Limited, India	913380
Vikash Vinimay Private Limited, India	345000
Cider Tracom Private Limited, India	364000
Aster Vincom Private Limited, India	50000
Easy Tracom Private Limited, India	22500
Kolber Commercial Private Limited, India	21000
Kingfisher Vinimay Private Limited, India	6500
Upaayan Chhajer	5000

As on 14.03.2015

Names of Allottee	No. of Shares Allotted
Wise Investment Private Limited, India	187500
Total	187500

As on 26.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	45.22
Directors or relatives of Directors	54.78
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in manufacturing of open die steel forging components.
Products :	Die Steel Forging
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	China Germany
Imports :	Not Available
Terms :
Selling :	Credit
Purchasing :	Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Arcvac Forgecast Limited
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 :

Manufacturer

Reference :	Tata Steel Limited
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 :

150 (Approximately)

Bankers :

Banker Name	Allahabad Bank
Branch Address	SME Finance Branch, 3, Red Cross Place, Kolkata - 700001, West Bengal, India
Person Name (With Designation)	Not Available
Contact Number	91-33-22108394 (Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

• State Bank of India, Commercial Branch, N. S. Road, 8, N. S. Road, Kolkata – 700001, West Bengal, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loans from banks	242.749	208.301
Other loans and advances	0.000	0.255
SHORT TERM BORROWING
Loans repayable on demand from banks	295.238	293.589
Total	537.987	502.145
Note: LONG TERM BORROWING Car Loan is secured by hypothecation of cars to bank and carries interest varying from 11.14% to 11.65% p.a.

Auditors :
Name :	R. L. Mundhra and Company Chartered Accountants
Address :	859/ 745, Marshall House, 33/1, Netaji Subhas Road, Kolkata, West Bengal, India
PAN No.:	AAEFR0104N
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Arcvac Forgecast Limited, India Kolber Commercial Private Limited, India Vikash Vinamay Private Limited, India Cider Tracom Private Limited, India Smithy Resources Private Limited, India Mmc Properties Private Limited, India V V C Properties Private Limited, India Integrated Forge Limited, India

CAPITAL STRUCTURE

After 26.09.2014

Authorised Capital: Rs. 41.000 Million

Issued, Subscribed & Paid-up Capital: Rs.40.493 Million

As on 26.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3709070	Equity Shares	Rs.10/- each	Rs.37.091 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	37.091	36.563	34.578
(b) Reserves & Surplus	254.888	298.228	300.821
(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)	291.979	334.791	335.399
(3) Non-Current Liabilities
(a) long-term borrowings	323.924	312.424	299.097
(b) Deferred tax liabilities (Net)	0.000	18.367	20.498
(c) Other long term liabilities	8.120	11.640	0.507
(d) long-term provisions	1.684	2.217	0.497
Total Non-current Liabilities (3)	333.728	344.648	320.599
(4) Current Liabilities
(a) Short term borrowings	295.238	293.589	264.317
(b) Trade payables	372.144	324.742	200.367
(c) Other current liabilities	33.865	90.640	55.791
(d) Short-term provisions	17.533	17.533	17.532
Total Current Liabilities (4)	718.780	726.504	538.007
TOTAL	1344.487	1405.943	1194.005
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	554.760	392.194	444.580
(ii) Intangible Assets	0.772	1.007	0.404
(iii) Capital work-in-progress	0.000	168.841	33.592
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	38.043	38.043	0.000
(c) Deferred tax assets (net)	15.837	0.000	0.000
(d) Long-term Loan and Advances	154.394	168.822	85.146
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	763.806	768.907	563.722
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	110.859	121.858	142.415
(c) Trade receivables	249.304	342.836	352.390
(d) Cash and cash equivalents	23.873	20.428	18.456
(e) Short-term loans and advances	196.645	151.914	117.022
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	580.681	637.036	630.283
TOTAL	1344.487	1405.943	1194.005

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1500.222	1147.502	1189.642
	Other Income	22.239	12.275	8.088
	TOTAL	1522.461	1159.777	1197.730
Less	EXPENSES
	Cost of Materials Consumed	1179.424	881.134	843.972
	Purchases of Stock-in-Trade	0.000	0.000	10.854
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	13.376	(17.871)	61.046
	Employees benefits expense	42.935	36.888	31.419
	Other expenses	200.856	152.891	122.403
	TOTAL	1436.591	1053.042	1069.694
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	85.870	106.735	128.036
Less	FINANCIAL EXPENSES	95.384	88.836	69.054
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(9.514)	17.899	58.982
Less/ Add	DEPRECIATION/ AMORTISATION	68.045	54.904	26.575
	PROFIT/ (LOSS) BEFORE TAX	(77.559)	(37.005)	32.407
Less	TAX	(34.204)	(2.131)	11.497
	PROFIT/ (LOSS) AFTER TAX	(43.355)	(34.874)	20.910
	EARNINGS IN FOREIGN CURRENCY	654.433	321.149	357.887
	Earnings / (Loss) Per Share (Rs.)	(11.86)	(9.90)	6.56

Particulars	31.03.2015
Sales Turnover (Approximately)	1490.000 (Due to market Fluctuation)

The above information has been parted by Mr. Dibypandu (Accounts Manager).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	23.548	55.243	37.795
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	139.550	174.723	(71.141)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(2.89)	(3.04)	1.76
Operating Profit Margin (PBDIT / Sales)	(%)	5.72	9.30	10.76
Return on Total Assets (PBT/Total Assets}	(%)	(6.01)	(3.09)	2.79
Return on Investment (ROI) (PBT/Networth)		(0.27)	(0.11)	0.10
Debt Equity Ratio (Total Debt/Networth)		2.20	1.98	1.79
Current Ratio (Current Asset/Current Liability)		0.81	0.88	1.17

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	34.578	36.563	37.091
Reserves & Surplus	300.821	298.228	254.888
Net worth	335.399	334.791	291.979
long-term borrowings	299.097	312.424	323.924
Short term borrowings	264.317	293.589	295.238
Current Maturities of Long Term Debt	37.795	55.243	23.548
Total borrowings	601.209	661.256	642.710
Debt/Equity ratio	1.793	1.975	2.201

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	1189.642	1147.502	1500.222
		(3.542)	30.738

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	1189.642	1147.502	1500.222
Profit	20.910	(34.874)	(43.355)
	1.76%	(3.04%)	(2.89%)

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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 four years	Yes
27	Reasons for variation <> 20%	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF CALCUTTA
Case Status	Pending
Status of	APPEAL FROM ORDER (APO) 164 OF 2015
Litigants	PDGD INVESTMENTS AND TRADING (P) LIMITED VS. VIKRANT FORGE LIMITED AND ORS.
Pet’s Adv:	R. L. GAGGAR
Res’s Adv:	---
Last Date of Hearing	Monday, July 13, 2015
Next / Final Date of Hearing :	Tuesday, July 14, 2015
Case Updated on :	Tuesday, July 14, 2015
Category :	POSSESSION

OPERATIONS

During the year, the Company has made capital investment of over Rs. 230.474 Million and the ongoing expansion cum modernization project was fully commissioned on 31^st July, 2013. This investment has been made by the company in creating capacity for ready to use machined component. The response so far of the overseas customers has been very encouraging. The Company looks forward in capitalizing these opportunity and increased the exports to 44% (2013-14) and that too, before fully commissioning the expanded and the modernized capacities from the previous year level of 28% (2012-13) of the total turnover. The Company is constantly reaching out to new customers, overseas as well as domestic to further increase its footprint and increase the export turnover to 60% in the next two years.

The Company has incurred a loss of Rs. 43.355 Million as against loss of Rs. 34.874 Million in the previous year, on an increase of 27.75% in the turnover of Rs. 1577.565 Million as against Rs. 1234.847 Million in 2012-13. The loss can be attributed to factors beyond the control. Financial year 2013-14 witnessed one of the lowest annual growth rates in India during the recent times due to global showdown as well as domestic uncertainties. The infrastructure industries be it Power, Steel, Ports, Airports etc. came to almost standstill. The Company, however, due to its strong presence amongst almost all the user industries of forgings and components could have an order position better than the rest to keep the workforce totally occupied. However, the margins were highly impacted due to completion. In recent times, lot of forging capacities have been added by existing as well as new players thereby a situation has been created that there is a big mismatch between supply and demand, supplies exceeding far greater than demand. Coupled with high interest and depreciation cost due to capitalization resulted in the Company incurring a net loss of Rs. 43.355 Million, second time since its incorporation way back in 1985.

Due to worsening global and domestic macro-economic scenario the future seems to be uncertain and unless the Indian economy revives and starts growing-up again, the performance of the company will continue to remain under pressure. While it will be possible to keep the order book healthy, the profit margins will remain under pressure due to depressed market conditions but the Company, due to increased export orders shall be able to match the earlier years' performance.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans repayable on demand from others	66.175	86.875
Deferred Payment liabilities	0.000	4.293
Loans and advances from others	15.000	12.700
Total	81.175	103.868

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10490618	31/03/2014	875,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JEEVANDEEP, 1, MIDDLETON STREET, JEEVANDEEP BUILDING, 2ND FLOOR, KOLKATA - 700071, WEST BENGAL, INDIA	C03615861
2	10419841	21/03/2013	1,019,400,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, N. S. ROAD, 8, N. S. ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B73229940
3	10116648	26/07/2008	13,000,000.00	ALLAHABAD BANK	SSI FINANCE BRANCH, 3, RED CROSS PLACE, KOLKATA - 700001,  WEST BENGAL, INDIA	A43206374
4	10116649	29/08/2008 *	62,000,000.00	ALLAHABAD BANK	SSI FINANCE BRANCH, 3, RED CROSS PLACE, KOLKATA - 700001,  WEST BENGAL, INDIA	A44759116
5	80013144	21/04/2014 *	769,000,000.00	ALLAHABAD BANK	SME FINANCE BRANCH, 3, RED CROSS PLACE, KOLKATA - 700001,  WEST BENGAL, INDIA	C03703220

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments

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.66.75
UK Pound	1	Rs.100.67
Euro	1	Rs.70.87

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	HNA
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.