MIRA INFORM REPORT

Report No. :	501441
Report Date :	31.03.2018

IDENTIFICATION DETAILS

Name :	SHYAM FERRO ALLOYS LIMITED
Registered Office :	“Vishwakarma Building”, 86C, 2^nd Floor, Topsia Road, Kolkata – 700046, West Bengal
Tel. No.:	91-33-22852323/ 27
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	16.05.1995
Com. Reg. No.:	21-071548
Capital Investment / Paid-up Capital :	INR 311.723 Million
CIN No.: [Company Identification No.]	U27109WB1995PLC071548
IEC No.: [Import-Export Code No.]	0203002067
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AADCS7376M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of ferro alloys, gasses, steel and trading of steel and allied products, slag, services, dealing in property and General Commission Agent. (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 8400000
Status :	Good
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1995 and it is engaged in Manufacturing of ferro alloys, gasses, steel and trading of steel and allied products, slag, services, dealing in property and General Commission Agent. As per the financials of March 2017, the company registered a growth of 4.50% in its revenue as compared to its previous year’s revenue and reported average profit margin of 1.02%. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth along with strong debt coverage indicators and good liquidity position. Rating also takes into account the established position in the domestic ferro-alloys industry, particularly after its successful foray into niche products, leading domestic and international steel producers and the flexibility of operations to change the share of production of different ferro alloys depending on market conditions. However, rating strength is partially offset by exposed to the cyclicality inherent in the steel industry. Payments seems to be slow but correct. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

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	ICRA
Rating	Long Term Rating = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	29.03.2018

Rating Agency Name	ICRA
Rating	Short Term Rating = A2+
Rating Explanation	Very Strong degree of safety and carry lowest credit risk.
Date	29.03.2018

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 31-03-2016.

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 31.03.2018

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 DENIED BY

Name :	Mr. Pranay
Designation :	Account Department
Contact No.:	91-33-22852323
Date :	14.03.2018

Tel. No.: 91-33-22852323 - Ringing

LOCATIONS

Registered Office :	“Vishwakarma Building”, 86C, 2^nd Floor, Topsia Road, Kolkata – 700046, West Bengal, India
Tel. No.:	91-33-22852323 / 27
Fax No.:	91-33-22852328
E-Mail :	accounts@shyamferro.com sfal@shyamferro.com akg@shyamferro.com joy@shyamferro.com
Website :	http://www.shyamferro.com
Factory 1 :	Raturia Angadpur Industrial Area Durgapur-713216, West Bengal, India
Tel. No.:	91-343 2591101/2590895
Fax No.:	91-343-2591101
Factory 2 :	Palitpur Road, Dewandighi, Burdwan-713102, West Bengal, India
Tel. No.:	91-342 2622361/375
Depots :	Located at : Jodhpur Delhi

DIRECTORS

As on 31.03.2017

Name :

Mr. Aditya Vimalkumar Agrawal

Designation :

Whole-Time Director

Address :

4, Manvar Homes, Near Ring Road, Shilaj Bopal, Dascroi, Ahmedabad 380058, Gujarat, India

Date of Birth/Age :

22.08.1989

Qualification :

Graduate

Date of Appointment :

13.03.2015

PAN No.:

AKKPA6196R

DIN No.:

03330313

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L27310ML2011PLC008578	SHYAM CENTURY FERROUS LIMITED	25/09/2015	-
U23201WB2007PLC118619	SUNDARAM ALLOYS LIMITED	11/09/2017	-
U25209WB2003PTC097164	SUNRISE PLASTICS (I) PRIVATE LIMITED	20/05/2011	-
U51109WB1995PTC067779	CRON GOODS & SUPPLY PVT.LTD.	20/05/2011	-
U51109WB2005PTC105680	SHEETAL DEALERS PRIVATE LIMITED	28/07/2011	-
U70101WB2007PTC117530	SUBHAM BUILDWELL PRIVATE LIMITED	22/03/2011	-

Name :

Mr. Sanjay Kumar Agarwal

Designation :

Director

Address :

CA 54, Bidhnagar Saltlake, Kolkata - 700064, West Bengal, India

Date of Birth/Age :

27.03.1976

Qualification :

B.Com

Date of Appointment :

25.07.2004

PAN No.:

ACVPA5953H

DIN No.:

00232938

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U13203DL2007PTC164764	YP MULTI MINERALS PRIVATE LIMITED	30/09/2008	-
U23201WB2007PLC118619	SUNDARAM ALLOYS LIMITED	11/09/2017	-
U26941WB2008PLC123169	STAR CEMENT BENGAL LIMITED	27/02/2008	-
U27109WB1991PLC052962	SHYAM SEL AND POWER LIMITED	27/09/2014	-
U27310WB2007PLC116194	SHYAM CENTURY METALLIC LIMITED	01/12/2007	-
U40101WB2002PLC095491	SHYAM METALICS AND ENERGY LIMITED	11/12/2002	-
U40102WB2002PLC094303	SHYAM ENERGY LIMITED	28/02/2002	-
U40104WB2007PLC116195	NE HILLS HYDRO LIMITED	01/12/2007	-
U40106WB2008PTC126637	SHYAM SOLAR APPLIANCE PRIVATE LIMITED	02/09/2009	-

Name :

Ms. Kavita Rani Goyal

Designation :

Director

Address :

Sita Kunj, Dl-18, Salt Lake City, Kolkata-700091, West Bengal, India

Date of Birth/Age :

11.10.1979

Qualification :

B.Com

Date of Appointment :

30.09.2016

PAN No.:

AEVPR0293K

DIN No.:

00337567

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U23201WB2007PLC118619	SUNDARAM ALLOYS LIMITED	11/09/2017	-
U27106WB2003PTC095753	BRG METAL & POWER PRIVATE LIMITED.	29/09/2016	-
U27320WB2002PTC095111	JAI HANUMANTA STEEL PRIVATE LIMITED	26/09/2015	-
U51909WB1995PTC073411	KECONS TRADECARE PVT.LTD.	30/09/2016	-
U51909WB2015PTC207397	BRG TIE-UP PRIVATE LIMITED	10/08/2015	-

Name :

Mrs. Suman Goyal

Designation :

Director

Address :

Dl18 , Saltlake City Sector II, Bl-Dl, Sech Bhawan, Kolkata-700091, West Bengal, India

Date of Birth/Age :

03.01.1976

Qualification :

B.Com

Date of Appointment :

30.09.2015

PAN No.:

AJFPG9875R

DIN No.:

02717977

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U23201WB2007PLC118619	SUNDARAM ALLOYS LIMITED	11/09/2017	-
U27106WB2003PTC095753	BRG METAL & POWER PRIVATE LIMITED.	29/09/2016	-
U74900WB2008PTC131341	BHUVEE PACKAGING & ANCILLIARY PRIVATE LIMITED	29/09/2016	-

Name :

Mr. Vishal Kumar Gupta

Designation :

Director

Address :

34A Ratu Sarkar Lane, Rajendra Chhatra Bhawan, Room No- 40 Kolkata-700073, West Bengal, India

Date of Birth/Age :

09.02.1988

Qualification :

C.A.

Date of Appointment :

30.09.2016

PAN No.:

APLPG1201K

DIN No.:

06525735

Name :

Mr. Ayush Maskara

Designation :

Director

Address :

53/11/2, Bon Behari Bose Road, Howrah-711101, West Bengal, India

Date of Birth/Age :

10.04.1991

Qualification :

C.A.

Date of Appointment :

30.09.2016

PAN No.:

BGPPM3789J

DIN No.:

07215887

Name :

Mr. Venkateswararao Karempudi

Designation :

Additional Director

Address :

Flat No. 107, D No. 10-28-2 MVV and MK Royal Gardens Facor Layout, Ramnagar, Visakhapatnam – 530002, Andhra Pradesh, India

Date of Appointment :

31.10.2017

DIN No.:

07963753

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U23201WB2007PLC118619	SUNDARAM ALLOYS LIMITED	31/10/2017	-

KEY EXECUTIVES

Name :	Mr. Pranay
Designation :	Account Department
Name :	Mr. Utpal Ghosh
Designation :	Chief Finance Officer
Address :	Nabanagar, Dulliya Andul-Mouri, Howrah-711302, West Bengal, India
Date of Birth/Age :	14.01.1956
Qualification :	Graduate
Date of Appointment :	14.03.2015
PAN No.:	ALKPG6227A
Name :	Mr. Rohit Shaw
Designation :	Company Secretary
Address :	59/B/H/2, Sambhu Babu Lane, Entally, Kolkata-700014, West Bengal, India
Date of Birth/Age :	17.04.1990
Qualification :	M.Com ,CS
Date of Appointment :	01.06.2016
PAN No.:	EKFPS0941P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 31.08.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	18.47
Public – (Individual/ Hindu Undivided Family – Indian	29.47
Public - Bodies corporate	51.81
Public – Trust and Firm	0.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of ferro alloys, gasses, steel and trading of steel and allied products, slag, services, dealing in property and General Commission Agent. (Registered activity)

Products :

Item Code No.	Product Description
72021100	Ferro Manganese
72024100	Ferro Chrome
72023000	Silico Manganese
72022900	MC Silico Manganese
72201129	SS Flat
72210090	SS Round
72222012	SS Round Bright Bar

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS (As on 31.03.2017)

Particulars	Unit	Installed Capacity	Actual Production
Ferro Alloys	M.T.	118000	105493.690
SS and MS and Alloys Steel	M.T.	100000	--
MS Billets and SS Billets	M.T.	34510.010	36320.490
SS Flat	M.T.	31755.060	31907.380
SS Round	M.T.	1658.190	1719.367
SS Bright Bar	M.T.	1018.420	795.370
MS Round	M.T.	395.790	351.750

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Axis Bank Limited
Branch	Corporate Banking Branch, AC Market, 3rd Floor, 1 Shakespeare Sarani, Kolkata – 700071, West Bengal, India
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)	--

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

• Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of india, dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

• IDBI Bank Limited, IDBI House, CBG-1 Branch 44, Shakespeare Sarani, Kolkata – 700017, West Bengal, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans taken for fixed assets	6.373	3.378
(Security: (a) Secured by the value of respective vehicle purchased under hire purchase agreement to the each bank/financial institution. Director's Guarantee: No Directors and / or others has given any guarantee for the said hire purchase finance.)
Short-term borrowings
Rupee term loans from banks	0.000	1133.738
Working capital loans from banks	834.217	0.000
(Director's guarantee: Directors and / or others has given their personal guarantee for the above Working Capital facilities taken from Banks.)
Total	840.590	1137.116

Auditors :
Name :	S. Poddar and Company Chartered Accountants
Address :	2 Lal Bazar Street, Kolkata- 700 001, West Bengal, India
PAN N Income-tax PAN of auditor or auditor's firm :	AATFS2603N
Secretarial Audit Report:
Name :	Koshal Agarwal
Address :	9/12, Lalbazar Street, Mercantile Building, Room-1082, Blocka, Kolkata-700001, West Bengal, India
PAN No.:	AOFPA7687A
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Shyam Sel and Power Limited, India U27109WB1991PLC052962 Shyam Metalics and Energy Limited, India U40101WB2002PLC095491 Shyam Century Ferrous Limited, India L27310ML2011PLC008578 Kecons Tradecare Private Limited., India U51909WB1995PTC073411 Evika Vincom Private Limited., India U51109WB1994PTC064288

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
32000000	Equity Shares	INR 10/- each	INR 320.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31172320	Equity Shares	INR 10/- each	INR 311.723 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	311.723	311.723	311.723
(b) Reserves and Surplus	2625.888	2544.103	2473.289
(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)	2937.611	2855.826	2785.012
(3) Non-Current Liabilities
(a) long-term borrowings	6.373	3.378	6.528
(b) Deferred tax liabilities (Net)	271.811	204.096	194.567
(c) Other long-term liabilities	73.410	0.000	0.000
(d) long-term provisions	24.422	22.407	17.299
Total Non-current Liabilities (3)	376.016	229.881	218.394
(4) Current Liabilities
(a) Short-term borrowings	834.217	1133.738	923.730
(b) Trade payables	2193.073	2247.417	1789.556
(c) Other current liabilities	427.819	240.500	257.689
(d) Short-term provisions	91.059	61.034	52.479
Total Current Liabilities (4)	3546.168	3682.689	3023.454
TOTAL	6859.795	6768.396	6026.860
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1426.352	1236.697	1200.778
(ii) Intangible Assets	0.010	0.015	0.025
(iii) Tangible assets capital work-in-progress	100.556	312.030	82.353
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	397.915	397.915	397.950
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1924.833	1946.657	1681.106
(2) Current assets
(a) Current investments	178.906	164.593	160.013
(b) Inventories	2108.888	1638.534	2202.667
(c) Trade receivables	1679.900	2111.744	1253.790
(d) Cash and bank balances	151.475	370.745	156.169
(e) Short-term loans and advances	815.793	527.945	564.937
(f) Other current assets	0.000	8.178	8.178
Total Current Assets	4934.962	4821.739	4345.754
TOTAL	6859.795	6768.396	6026.860

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	8004.047	7659.294	8388.229
	Other Income	38.490	24.370	40.489
	TOTAL	8042.537	7683.664	8428.718
Less	EXPENSES
	Cost of Materials Consumed	2704.903	2334.712	3721.730
	Purchases of Stock-in-Trade	330.035	1001.882	289.210
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(48.672)	287.417	23.265
	Employee benefit expense	156.173	148.286	138.871
	CSR expenditure	2.920	2.513	1.816
	Other expenses	4476.134	3567.229	3824.033
	TOTAL	7621.493	7342.039	7998.925
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	421.044	341.625	429.793
Less	FINANCIAL EXPENSES	151.740	134.369	180.679
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	269.304	207.256	249.114
Less/ Add	DEPRECIATION/ AMORTISATION	118.304	107.241	142.895
	PROFIT/ (LOSS) BEFORE TAX	151.000	100.015	106.219
Less	TAX	69.214	29.200	33.182
	PROFIT/ (LOSS) AFTER TAX	81.786	70.815	73.037
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	1293.378	1222.563	1149.526
	Balance Carried to the B/S	1375.164	1293.378	1222.563
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2240.643	2332.939	4050.181
	TOTAL EARNINGS	2240.643	2332.939	4050.181
	IMPORTS
	Raw Materials	1579.515	1539.696	3132.736
	Components and spare parts	532.380	477.117	441.851
	Capital Goods	1.876	16.017	0.000
	TOTAL IMPORTS	2113.771	2032.830	3574.587
	Earnings / (Loss) Per Share (INR)	2.62	2.27	2.34

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.000	0.000	0.000
Net cash flows from (used in) operations	271.881	506.797	(259.594)
Net cash flows from (used in) operating activities	300.406	495.681	(272.594)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	76.61	100.63	54.56
Account Receivables Turnover (Income / Sundry Debtors)	4.76	3.63	6.69
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	263.75	245.85	162.85
Inventory Turnover (Operating Income / Inventories)	0.20	0.21	0.20
Asset Turnover (Operating Income / Net Fixed Assets)	0.28	0.22	0.33

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.52	0.54	0.50
Debt Equity Ratio (Total Liability / Networth)	0.29	0.40	0.33
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.21	1.29	1.09
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.52	0.54	0.46
Interest Coverage Ratio (PBIT / Financial Charges)	2.77	2.54	2.38

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.02	0.92	0.87
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.19	1.05	1.21
Return on Investment (ROI) ((PAT / Networth) * 100)	%	2.78	2.48	2.62

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.39	1.31	1.44
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.80	0.86	0.71
G-Score Ratio Financial (Networth / Total Assets)	0.43	0.42	0.46
G-Score Ratio Debt (Debts / Equity Capital)	2.70	3.65	2.98
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.39	1.31	1.44

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

FINANCIAL ANALYSIS

[all figures are 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	311.723	311.723	311.723
Reserves & Surplus	2473.289	2544.103	2625.888
Net worth	2785.012	2855.826	2937.611
Long-term borrowings	6.528	3.378	6.373
Short term borrowings	923.730	1133.738	834.217
Current maturities of long-term debts	0.000	0.000	0.000
Total borrowings	930.258	1137.116	840.590
Debt/Equity ratio	0.334	0.398	0.286

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	8388.229	7659.294	8004.047
	0.000	(8.690)	4.501

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	8388.229	7659.294	8004.047
Profit/ (Loss)	73.037	70.815	81.786
	0.87 %	0.92 %	1.02 %

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	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

CORPORATE INFORMATION

The company is a public ltd. co. having its regd. office at "VISHWAKARMA", 86C, Topsia Road, Kolkata - 700 046. The company's manufacturing units are located at (1) Palitpur Road, Dewandighi, Burdwan (West Bengal) and (2) Raturia, Angadpur Industria Area, Durgapur (West Bengal). The company was incorporated in the year 1995.

NATURE OF OPERATIONS

The principal activities of company are the manufacturing of ferro alloys, gasses, steel and trading of steel and allied products, slag, services, dealing in property and General Commission Agent.

FINANCIAL OVERVIEW

The company has shown a very remarkable and encouraging result during the year as compared with the preceding year. During the year company's percentage of profit after tax on total revenue has been increased to 1.02% as compared to 0.92% in the previous year. The Company's Profit before Tax has also increased to INR 151.000 Million as compared to INR 100.015 Million in the previous year. The Company has sustained its production, sales and operational efficiency and with the coordination of good team work.

OPERATIONAL HIGHLIGHTS

The directors are feeling very proud in saying that as committed in the last year they have sustained the capacity utilization as compared to the previous year even after rescission in the market industry-wise. Further the company is continue in working on developing the new market for Bright Bar and and SS Round Low carbon and Medium carbon Ferro Alloys which have a big market in the indigenous and international market. They are always taking care of cost efficiency, product mix, and sales-mix, development of new market and effective utilization of available resources. During the year despite of high competition, recessionary trend, the company has maintained its capacity utilization as in preceding year through better team work and operational efficiency. Further the Directors are expecting to increase more capacity utilization of its various products through better planning and operational efficiency in the coming years.

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G67096339	100136154	Axis Bank Limited	25/09/2017	-	-	500000000.0	Corporate Banking Branch, AC Market, 3rd Floor1 Shakespeare SaraniKolkataWB700071IN
2	G49895543	100114357	HDFC BANK LIMITED	30/06/2017	-	-	470000000.0	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (W)MUMBAIMH400013IN
3	G44208932	100099059	YES BANK LIMITED	04/11/2016	-	-	450000000.0	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLMUMBAIMH400018IN
4	G06163851	100034464	IDBI Bank Limited	13/05/2016	-	-	270000000. 0	IDBI House, CBG-1 Branch44, Shakespeare SaraniKolkataWB700017IN
5	C36814812	10536335	HDFC BANK LIMITED	15/12/2014	-	-	4039200.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
6	B79402533	10436353	STATE BANK OF INDIA	30/05/2013	-	-	3500000.0	Alipore Branch,24/1/1, Alipore RoadKolkataWB700027IN
7	C15041270	10430917	State Bank of India	17/05/2013	10/07/2014	-	1550000000.0	Industrial Finance Branch, Kolkata11, Dr. U. N. Brahmachari StreetKolkataWB700017IN
8	B41609371	10360561	HDFC BANK LIMITED	25/04/2012	-	-	350000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
9	G54060892	10281723	State Bank of India	30/03/2011	13/09/2017	-	3901200000.0	Industrial Finance Branch, Kolkata11, Dr. U. N. Brahmachari StreetKolkataWB700017IN
10	A36117984	10098000	The Hongkong and Shanghai Banking Corporation Limited	16/04/2008	-	-	290000000.0	Hongkong Bank31 B B D BagKolkataWB700001IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Letter of credit issued by banks on company's request for Import	165.652	680.384
Letter of credit issued by banks on company's request for Inland purchases	146.196	123.673
Bills discounted from bank	290.186	69.441
Bank guarantee	44.440	48.859
West Bengal Sales tax/VAT	6.144	11.978
Central sales tax	0.601	0.601
Entry tax	69.489	188.036
Central excise duty	173.205	25.573
Service tax	9.157	8.529

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Emission reduction equipment
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor 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 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 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	SLK
Analysis Done by :	VIV
Report Prepared by :	SUJ

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.