MIRA INFORM REPORT

Report No. :	516519
Report Date :	22.06.2018

IDENTIFICATION DETAILS

Name :	BHARAT NRE COKE LIMITED
Registered Office :	22, Camac Street, Block C, 5^th Floor, Kolkata – 700016, West Bengal
Tel. No.:	91-33-22891471
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	08.12.2003
Capital Investment / Paid-up Capital :	INR 1716.916 Million
CIN No.: [Company Identification No.]	U23109WB2003PLC097375
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCB3701C
GSTN : [Goods & Service Tax Registration No.]	19AACCB3701C2Z9
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader and Dealer of Low Ash Metallurgical Coke, Carbon, Chemicals, Coal, Coke, Petroelum Coke Products, Calcined Petroleum coke, Ferro Alloys, Electrodes, Petro Products and Petro Chemicals. (Registered Activity and also Confirmed by management).
No. of Employees :	15 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2003. It is a manufacturer, trader and dealer of low ash metallurgical coke, carbon, chemicals, coal, coke, petroelum coke products, calcined petroleum coke, ferro alloys, electrodes, petro products and petro chemicals. For the financial year 2017, the company has achieved revenue growth of 12.51% as compared to the previous year but has incurred operational loss. The moderate financial profile of the company is marked by negative reserve base due to continuous losses. Rating, however, takes into consideration the equity infusion done by its promoters. Payment seems 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 22.06.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Nitin
Designation :	Finance Department
Contact No.:	91-33-22891471
Date :	21.06.2018

LOCATIONS

Registered Office :	22, Camac Street, Block C, 5^th Floor, Kolkata – 700016, West Bengal, India
Tel. No.:	91-33-22891471
Fax No.:	91-33-22891470
E-Mail :	info@gujaratnre.com kolkata@gujaratnre.com
Website :	http://www.gujaratnre.com
Location :	Owned
Locality :	Commercial
Corporate Office :	Plot No. 85 & 86, Mummigatti, Road No. 16, Bellur Industrial Area, Dharwad – 580011, Karnataka, India

DIRECTORS

As on 31.03.2018

Name :

Mr. Arun Kumar Jagatramka

Designation :

Managing Director

Address :

1, Clyde Row, Hastings, Kolkata – 700022, West Bengal, India

Date of Birth/Age :

12.12.1961

Date of Appointment :

18.03.2016

DIN No.:

00003835

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U10102WB2003PLC125239	NRE METCOKE LIMITED	27/06/2009	-
U23100WB2007PTC119949	MAA KALI METCOKE INDUSTRIES PRIVATE LIMITED	27/06/2009	-
U51109WB2008PTC123773	PRINCE DEALCOM PRIVATE LIMITED	28/03/2008	-
U51109WB2008PTC123813	MANGALDEEP TRADELINK PRIVATE LIMITED	28/03/2008	-
U23101WB2003PTC109428	JHARIA COKE PRIVATE LIMITED	27/06/2009	-
U51909WB2009PTC138654	WONGA TRADERS PRIVATE LIMITED	02/02/2018	-
U52390WB2010PTC141574	MAHANIDHI VYAPAAR PRIVATE LIMITED	02/02/2018	-
U51909WB2010PTC142138	RUSSELL VALE TRADERS PRIVATE LIMITED	02/02/2018	-
U51909WB2010PTC153054	BHACHAU TRADERS PRIVATE LIMITED	02/02/2018	-
U51909WB2010PTC153053	KHAMBHALIA TRADERS PRIVATE LIMITED	14/02/2018	-
U51109WB2006PTC108397	GOURIPUTRA CONSULTANTS PVT LTD	22/04/2006	-
U72900WB2000PTC107158	STEELRX CORPORATION PRIVATE LIMITED	08/07/2005	-
U40105WB2006PLC107418	GUJARAT NRE ENERGY RESOURCES LIMITED	20/01/2006	-
U67120WB2005PLC106767	INDIA FINVEST LTD	20/12/2005	-
U67120WB2005PTC106766	MALGUDI INVESTMENTS PRIVATE LIMITED	03/07/2006	-
U23109WB2005PTC106428	MANGAL CRYSTAL COKE PRIVATE LIMITED	02/02/2018	-
U51909WB1985PTC039247	VARTIKA TRADERS PVT LTD	20/01/2007	-
L51909WB1986PLC040098	GUJARAT NRE COKE LTD	20/05/1993	-
U23109WB2005PTC106427	MADHUR COAL MINING PVT LTD	30/09/2013	-
U10200WB2004PLC151483	BAJRANG BALI COKE INDUSTRIES LIMITED	10/09/2010	-
U51909WB1986PTC040099	MATANGI TRADERS & INVESTORS PVT LTD	09/06/2001	-
U51109WB2005PTC105176	GAURAV VINIMAY PRIVATE LIMITED	02/02/2018	-
U51109WB2005PTC105174	NEWAGE VINIMAY PRIVATE LIMITED	02/02/2018	-
U23109WB2005PLC101970	BULLI COKE LIMITED	02/03/2005	-
U23109WB2005PTC101968	BELLAMBI COKE PRIVATE LIMITED	02/03/2005	-
U73100WB2003PLC096794	CRITICAL MASS MULTILINK LIMITED	02/02/2018	-
U15412WB1989PTC046610	MARLEY FOODS PVT LTD	30/11/1994	-
U51109WB1993PLC060639	GUJARAT NRE MINERAL RESOURCES LTD	02/06/2013	-
U51109WB1995PTC075416	BRINDA DEALING PVT LTD	15/02/2005	-
U67120WB1995PLC071974	FCGL INVESTMENTS LTD	06/06/1995	-

Name :

Ms. Mona Jagatramka

Designation :

Director

Address :

I, Clyde Row, Hastings, Kolkata – 700022, West Bengal, India

Date of Birth/Age :

11.03.1964

Date of Appointment :

18.09.2017

DIN No.:

00003316

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U10102WB2003PLC125239	NRE METCOKE LIMITED	28/09/2012	-
U51109WB2006PTC108397	GOURIPUTRA CONSULTANTS PVT LTD	30/09/2011	-
L51909WB1986PLC040098	GUJARAT NRE COKE LTD	28/09/2007	-
U51909WB2010PTC153053	KHAMBHALIA TRADERS PRIVATE LIMITED	14/02/2018	-
U51909WB2010PTC153054	BHACHAU TRADERS PRIVATE LIMITED	02/02/2018	-
U51909WB1986PTC040099	MATANGI TRADERS & INVESTORS PVT LTD	11/11/2002	-
U51909WB2010PTC142138	RUSSELL VALE TRADERS PRIVATE LIMITED	02/02/2018	-
U51109WB1993PLC060639	GUJARAT NRE MINERAL RESOURCES LTD	10/08/2015	-
U52390WB2010PTC141574	MAHANIDHI VYAPAAR PRIVATE LIMITED	02/02/2018	-
U51909WB2009PTC138654	WONGA TRADERS PRIVATE LIMITED	02/02/2018	-
U51109WB2008PTC123813	MANGALDEEP TRADELINK PRIVATE LIMITED	28/03/2008	-
U67120WB1995PLC071974	FCGL INVESTMENTS LTD	10/09/2010	-
U40105WB2006PLC107418	GUJARAT NRE ENERGY RESOURCES LIMITED	20/01/2006	-
U67120WB2005PTC106766	MALGUDI INVESTMENTS PRIVATE LIMITED	20/12/2005	-
U23109WB2005PTC106428	MANGAL CRYSTAL COKE PRIVATE LIMITED	02/02/2018	-
U23109WB2005PTC106427	MADHUR COAL MINING PVT LTD	02/02/2018	-
U51109WB2005PTC105176	GAURAV VINIMAY PRIVATE LIMITED	02/02/2018	-
U51109WB2005PTC105174	NEWAGE VINIMAY PRIVATE LIMITED	02/02/2018	-
U73100WB2003PLC096794	CRITICAL MASS MULTILINK LIMITED	02/02/2018	-
U23109WB2005PLC101970	BULLI COKE LIMITED	10/09/2010	-

Name :

Mr. Ayush Jagatramka

Designation :

Director

Address :

1, Clyde Row, Hastings, Kolkata – 700022, West Bengal, India

Date of Birth/Age :

02.06.1992

Date of Appointment :

18.09.2017

DIN No.:

07093692

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U10200WB2007PTC114138	HUNTERVALLEY COAL PRIVATE LIMITED	02/02/2018	-
U51909WB2007PTC113139	MANOR DEALCOM PRIVATE LIMITED	02/02/2018	-
U51909WB2011PTC164582	DHARWAD TRADERS PRIVATE LIMITED	29/09/2017	-
U40105WB2006PLC107418	GUJARAT NRE ENERGY RESOURCES LIMITED	29/09/2017	-
U51909WB2011PTC164586	MANDVI TRADERS PRIVATE LIMITED	29/09/2017	-
U51909WB2011PTC164587	LUNVA TRADERS PRIVATE LIMITED	29/09/2017	-
U51909WB2011PTC164585	SURAJBARI TRADERS PRIVATE LIMITED	29/09/2017	-

KEY EXECUTIVES

Name :	Mr. Vimal Taparia Kumar
Designation :	Company Secretary
Address :	41/1, Bhairab Dutta Lane Salkia, Howrah – 711106, West Bengal, India
Date of Birth :	05.11.1967
Date of Appointment :	18.03.2016
PAN No.:	ABUPT0406C
Name :	Mr. Pramod Kumar Loharuka
Designation :	Chief Financial Officer (KMP)
Address :	Sunny Tower, 4th Floor, 87/3 N. K. Banerjee Street, Rishra – 712248, West Bengal, India
Date of Appointment :	18.03.2016
PAN No.:	AAVPL3438N
Name :	Mr. Nitin
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Note: SHAREHOLDERS DETAILS FILE ATTCHED

Equity Share Break up (Percentage of Total Equity)

As on 18.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family-Indian)	10.68777411
Promoters (Body corporate)	58.53283154
Public/Other than promoters (Individual/Hindu Undivided Family-Indian)	7.38413005
Public/Other than promoters [Non-resident Indian (NRI)]	0.06032679
Public/Other than promoters (Banks)	4.36829862
Public/Other than promoters (Body corporate)	18.95960651
Public/Other than promoters (Others-Clearing members, Trust)	0.00703238
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Dealer of Low Ash Metallurgical Coke, Carbon, Chemicals, Coal, Coke, Petroelum Coke Products, Calcined Petroleum coke, Ferro Alloys, Electrodes, Petro Products and Petro Chemicals. (Registered Activity and also Confirmed by management).

Products/ Services :

Item Code No.	Product/ Services Description
27040030	Coal and Coke

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

L/C, Cheque, and Credit (30/ 60 Days), Others (RTGS)

Purchasing :

L/C, Cheque, and Credit (30/ 60 Days), Others (RTGS)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Manufacturers

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

No. of Employees :

15 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Not Divulged
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• Yes Bank Limited

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	806.800	956.719
Short-term borrowings
Rupee term loans from banks	296.882	423.006
Total	1103.682	1379.725

Auditors :
Name :	Nandy Halder and Ganguli Chartered Accountants
Address :	18, Netaji Subhas Road, (Top Floor), Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AACFN5446K
Memberships :	Not Available
Collaborators :	Not Available
Associate :	Matangi Traders and Investors Private Limited (CIN No.: U51909WB1986PTC040099)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Gujarat NRE Coke Limited Bajrang Bali Coke Industries Limited Gaurav Vinimay Private Limited Newage Vinimay Private Limited Nre Metcoke Limited Bulli Coke Limited Madhur Coal Mining Private Limited Mangal Crystal Coke Private Limited Critical Mass Multilink Limited Gouriputra Consultants Private Limited Malgudi Investments Private Limited Gujarat Nre Energy Resources Limited Wonga Traders Private Limited Mahanidhi Vyapaar Private Limited Russell Vale Traders Private Limited Girdharilal Arunkumar Family Trust

CAPITAL STRUCTURE

After 18.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1086000000	Equity Shares	INR 10/- each	INR 10860.000 Million

Issued, Subscribed & Paid-up Capital : INR 2125.866 Million

As on 18.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1086000000	Equity Shares	INR 10/- each	INR 10860.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
171691559	Equity Shares	INR 10/- each	INR 1716.916 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1716.916	1541.916	860.000
(b) Reserves and Surplus	(268.197)	2.566	(258.616)
(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)	1448.719	1544.482	601.384
(3) Non-Current Liabilities
(a) long-term borrowings	1764.600	956.719	977.600
(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	0.688	0.588	0.000
Total Non-current Liabilities (3)	1765.288	957.307	977.600
(4) Current Liabilities
(a) Short-term borrowings	296.882	782.506	0.000
(b) Trade payables	325.106	916.887	1320.513
(c) Other current liabilities	376.256	1236.467	616.061
(d) Short-term provisions	1.487	1.487	0.998
Total Current Liabilities (4)	999.731	2937.347	1937.572
TOTAL	4213.738	5439.136	3516.556
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	465.721	500.961	532.784
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1807.395	3218.331	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	4.320	4.780	5.087
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2277.436	3724.072	537.871
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1221.471	1006.743	1412.835
(c) Trade receivables	162.868	179.623	1282.840
(d) Cash and bank balances	7.008	3.651	4.423
(e) Short-term loans and advances	544.955	525.047	278.587
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1936.302	1715.064	2978.685
TOTAL	4213.738	5439.136	3516.556

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	599.038	532.412	1977.075
	Other Income	2.253	4.839	1.044
	TOTAL	601.291	537.251	1978.119
		(Due to business growth)
Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	644.699	207.004	334.711
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(214.728)	406.092	1601.915
	Employee benefit expense	4.613	5.862	0.000
	Other expenses	275.940	28.085	2.951
	TOTAL	710.524	647.043	1939.577
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(109.233)	(109.792)	38.542
Less	FINANCIAL EXPENSES	169.872	249.093	89.266
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(279.105)	(358.885)	(50.724)
Less/ Add	DEPRECIATION/ AMORTISATION	35.505	38.493	34.380
	PROFIT/ (LOSS) BEFORE TAX	(314.610)	(397.378)	(85.104)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(314.610)	(397.378)	(85.104)
	Earnings / (Loss) Per Share (INR)
	Basic	(1.99)	(2.58)	(0.99)
	Diluted	(1.59)	(2.58)	(0.99)

Particulars	31.03.2018
Sales Turnover (Approximately)	630.000
	(Due to business growth)

Expected Sales (2018-2019) : INR 650.000 Million (Due to business growth)

The above information has been parted by Mr. Nitin (Finance Department)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	52.600	67.000	33.500
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(1560.669)	1217.494	7.338
Net cash flow from operating activity	(1559.381)	1213.483	4.164

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	99.24	123.14	236.83
Account Receivables Turnover ( Income / Sundry Debtors)	3.68	2.96	1.54
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	184.06	1616.70	1440.01
Inventory Turnover (Operating Income / Inventories)	(0.09)	(0.11)	0.03
Asset Turnover (Operating Income / Net Fixed Assets)	(0.23)	(0.22)	0.07

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.67	0.73	0.84
Debt Equity Ratio (Total Liability / Networth)	1.46	1.17	1.68
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.69	1.90	3.22
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.32	0.32	0.89
Interest Coverage Ratio (PBIT / Financial Charges)	(0.64)	(0.44)	0.43

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	(52.52)	(74.64)	(4.30)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(7.47)	(7.31)	(2.42)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(21.72)	(25.73)	(14.15)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.94	0.58	1.54
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.72	0.24	0.81
G-Score Ratio Financial (Networth / Total Assets)	0.34	0.28	0.17
G-Score Ratio Debt (Debts / Equity Capital)	1.23	1.17	1.18
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.94	0.58	1.54

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	860.000	1541.916	1716.916
Reserves & Surplus	(258.616)	2.566	(268.197)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	601.384	1544.482	1448.719
Long-term borrowings	977.600	956.719	1764.600
Short term borrowings	0.000	782.506	296.882
Current maturities of long-term debts	33.500	67.000	52.600
Total borrowings	1011.100	1806.225	2114.082
Debt/Equity ratio	1.681	1.169	1.459

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	1977.075	532.412	599.038
		(73.071)	12.514

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	1977.075	532.412	599.038
Profit/ (Loss)	(85.104)	(397.378)	(314.610)
	(4.30 %)	(74.64 %)	(52.52 %)

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	Yes
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	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	Yes
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 four years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF OPERATIONS

During the, the Total income from Operations (including other income) was INR 601.291 Million as compared to INR 537.251 Million in the previous year. The Company posted a net loss of INR 314.610 Million, as compared to the net loss of INR 397.378 Million during the previous year.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Bonds/debentures	957.800	0.000
Short-term borrowings
Intercorporate deposits	0.000	359.500
Total	957.800	359.500

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G35575943	100028104	SURAKSHA ASSET RECONSTRUCTION PRIVATE LIMITED	30/03/2016	30/09/2016	-	15000000.0	20th Floor, "A" wing, Naman Midtown,Senapati Bapat Marg, Elphinstone RoadMumbaiMa400013IN
2	G05020565	100030783	IFCI FACTORS LIMITED	18/03/2016	-	-	75000000.0	10th Floor, IFCI Tower,61, Nehru PlaceNew DelhiDe110019IN
3	C78527850	10619151	IFCI Factors Limited	08/02/2016	-	-	75000000.0	10th Floor, IFCI Tower,61, Nehru PlaceNew DelhiDL110019IN
4	C67189969	10596855	State Bank of India	21/09/2015	-	-	6282600000.0	Commercial Branch, Kolkata24, Park StreetKolkataWB700016IN
5	C67188987	10596852	State Bank of India	21/09/2015	-	-	6282600000.0	Commercial Branch, Kolkata24, Park StreetKolkataWB700016IN
6	C56167398	10574414	State Bank of India	20/04/2015	-	-	33482600000.0	Commercial Branch, Kolkata24, Park StreetKolkataWB700016IN
7	C51394450	10564706	STCI Finance Limited	31/03/2015	-	-	30000000.0	A/B 1-802, A WING 8TH FLOOR, MARATHON INNOVA,MARATHON NEXTGEN COMPOUND, OFF. G.K. MARG,LOWER PAREL WEST MUMBAIMH400013IN
8	G35575182	10484319	SURAKSHA ASSET RECONSTRUCTION PRIVATE LIMITED	26/02/2014	30/09/2016	-	850000000.0	20th Floor, "A" wing, Naman Midtown,Senapati Bapat Marg, Elphinstone RoadMumbaiMa400013IN
9	G35573625	10464945	SURAKSHA ASSET RECONSTRUCTION PRIVATE LIMITED	16/10/2013	30/09/2016	-	200000000.0	20th Floor, "A" wing, Naman Midtown,Senapati Bapat Marg, Elphinstone RoadMumbaiMa400013IN
10	G08270852	10484305	IFCI LIMITED	03/02/2014	-	19/07/2016	400000000.0	IFCI TOWER61 NEHRU PLACENEW DELHIDL110019IN
11	G03854106	10403928	YES BANK LIMITED	19/01/2013	21/01/2013	16/05/2016	300000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN
12	G03854817	10347992	YES BANK LIMITED	29/03/2012	17/08/2012	16/05/2016	870000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN
13	C51393718	10479461	STCI FINANCE LIMITED	07/02/2014	-	31/03/2015	440000000.0	A/B 1-802, "A" Wing, 8th Floor, Marathon Innova,Marathon Nextgen Compound, Lower Parel (West)MumbaiMH400013IN
14	B35393354	10063492	STATE BANK OF TRAVANCORE	28/07/2007	-	19/03/2012	110000000.0	COMMERCIAL BRANCHTRAVANCORE HOUSENEW DELHIDL110001IN
15	A99292476	10057610	STATE BANK OF TRAVANCORE	29/05/2007	-	04/11/2010	200000000.0	COMMERCIAL BRANCH,TRAVANCORE HOUSE, KASTURBA GANDHI MARG,NEW DELHIDL110001IN
16	A93982791	90256561	STATE BANK OF INDIA	28/01/2005	-	21/08/2010	950000000.0	COMMERCIAL BRANCH24; PARK STREETKOLKATAWB700016IN
17	A93984110	90256910	STATE BANK OF INDIA	31/01/2005	15/12/2007	21/08/2010	802400000.0	COMMERCIAL BRANCH24, PARK STREETKOLKATAWB700016IN
18	A77591899	90254571	STATE BANK OF SAURASHTRA	24/02/2005	-	05/01/2010	110000000.0	INDUSTRIAL FINANCE BRANCHASHRAM ROAD24; PARK STREETAHMEDABADGJIN

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Factory equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Computer equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records 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	INR
US Dollar	1	INR 68.19
UK Pound	1	INR 89.58
Euro	1	INR 78.79

INFORMATION DETAILS

Information Gathered by :	SHL
Analysis Done by :	PRY
Report Prepared by :	SUD

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.