MIRA INFORM REPORT

Report Date :

30.08.2012

IDENTIFICATION DETAILS

Name :	MITTAL CORP LIMITED (w.e.f. 16.12.2008)
Formerly Known As :	JEWELS SEAMLESS LIMITED (w.e.f. 16.09.2008) JEWEL SEAMLESS LIMITED (w.e.f. 28.08.1995) JEWEL STEELS LIMITED
Registered Office :	315, Jolly Bhawan No.1, 10, New Marine Line, Mumbai – 400 020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.07.1985
Com. Reg. No.:	11-169768
Capital Investment / Paid-up Capital :	Rs.326.502 millions
CIN No.: [Company Identification No.]	U27106MH1985PLC169768
PAN No.: [Permanent Account No.]	AABCJ1303P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Stainless Steel Billets and Flats.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2700000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and condition.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB- (Long Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	December 2011

Rating Agency Name	ICRA
Rating	A3 (Short Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely payment of financial obligation. It carry higher credit risk.
Date	December 2011

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 31-03-2012.

LOCATIONS

Registered Office :	315, Jolly Bhawan No.1, 10, New Marine Line, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22007526
Fax No.:	91-22-22072752
E-Mail :	mittal.corp@yahoo.com info@mittalcorp.net
Website :	http://www.mittalcorp.net
Corporate Office :	Maa Krepa, 16/1, New Palasia, Opposite Aishwarya Apatemtn, Near Curewell Hospital, Indore-452001, Madhya Pradesh, India
Tel. No.:	91-731-2437500 / 2436063
Fax No.:	91-731-2430408
Factory 1 :	Plot No.159, Sector-III, Industrial Area, Pithampur, District Dhar, Madhya Pradesh, India
Factory 2 :	Plot No.164-C, Sector III, Industrial Area, Pithampur, District Dhar, Madhya Pradesh, India
Branch Office :	Located At · Ahmedabad · Delhi · Jodhpur

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Karan Mittal

Designation :

Managing Director

Address :

153/1, Y.N. Road, Indore – 452 003, Madhya Pradesh, India

Date of Birth/Age :

31.12.1978

Date of Appointment :

25.09.2002

DIN No.:

00328725

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U07220MP1995PLC009259	Parks Webtech Limited	Director	01-10-98	01-10-98	-	Active	NO
2	U72200MP1999PTC013838	Parks Infoway Private Limited	Director	09-11-99	09-11-99	-	Active	NO
3	U74899DL1995PTC069063	Park Holdings Private Limited	Director	07-09-02	07-09-02	-	Active	NO
4	U74899DL1995PTC069062	Parks Sales Private Limited	Director	07-09-02	07-09-02	-	Active	NO
5	U27106MH1985PLC169768	Mittal Corp Limited	Managing director	01-09-11	25-09-02	-	Active	NO
6	U51109MP1988PTC004632	Labh Ganga Marketing Private Limited	Director	01-10-06	01-10-06	-	Active	NO
7	U64120MP1990PTC005706	Pandit Holdings Private Limited	Director	01-10-06	01-10-06	-	Active	NO
8	U27310MH2007PTC171162	KN Metals Private Limited	Director	25-05-07	25-05-07	03-12-10	Active	NO
9	U27310DL2007PTC164175	Future Stainless Steels Private Limited	Director	30-05-07	30-05-07	28-02-09	Active	NO
10	U74140MP2009PTC022616	Matashrey Investment Services Private Limited	Director	10-11-09	10-11-09	-	Active	NO
11	U74140MP2009PTC022728	B L Agencies Private Limited	Director	26-11-09	26-11-09	-	Active	NO
12	U13209MH2010PTC207551	KNK Corp Private Limited	Director	09-09-10	09-09-10	-	Active	NO

Name :

Mr. Dinesh Kumar Agrawal

Designation :

Whole Time Director

Address :

471, Sudama Nagar, Indore – 452 009, Madhya Pradesh, India

Date of Birth/Age :

12.10.1967

Date of Appointment :

08.02.1999

DIN No.:

00328874

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27106MH1985PLC169768	Mittal Corp Limited	Whole-time director	26-09-09	08-02-99	-	Active	NO
2	U74899DL1995PTC065792	Sphinx Investments Private Limited	Director	07-02-02	07-02-02	-	Active	NO
3	U27203MP1981PTC001743	Mittal Enterprises Private Limited	Director	05-09-02	05-09-02	-	Active	NO
4	U67120MP1990PTC005799	Esha Agricultural Investments Private Limited	Director	05-09-02	05-09-02	11-09-08	Active	NO
5	U74899DL1994PTC063667	Mahalaxmi Exim Private Limited	Director	07-09-02	07-09-02	-	Active	NO
6	U64120MP1990PTC005706	Pandit Holdings Private Limited	Director	29-09-10	01-10-09	-	Active	NO
7	U13209MH2010PTC207551	KNK Corp Private Limited	Director	09-09-10	09-09-10	-	Active	NO

Name :

Mr. Vinod Kumar

Designation :

Whole Time Director

Address :

101, Pushp Ratan Pride, 35/2, New Palsia, Indore – 452 001, Madhya Pradesh, India

Date of Birth/Age :

08.07.1952

Date of Appointment :

12.08.2009

DIN No.:

02728746

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U75132OR2004NPL007530	Jajpur Cluster Development Limited	Nominee director	29-09-07	29-09-07	17-11-09	Active	NO
2	U27106MH1985PLC169768	Mittal Corp Limited	Whole-time director	26-09-09	12-08-09	-	Active	NO

Name :

Mr. Chandra Prakash Swarnkar

Designation :

Director

Address :

Gurukripa, C-1, 2919A, Phase-1, Shushant Lok, Gurgaon – 122 001, Harayana, India

Date of Birth/Age :

01.05.1948

Date of Appointment :

12.08.2009

DIN No.:

00262730

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72300KA2006PLC038305	Syndbank Services Limited	Director	01-04-06	01-04-06	01-05-08	Active	NO
2	U91110MH1928GAP001391	Indian Institute of Banking and Finance	Director	24-07-06	24-07-06	26-05-08	Active	NO
3	U27106MH1985PLC169768	Mittal Corp Limited	Director	15-09-09	12-08-09	-	Active	NO
4	U31200UP2006PLC031982	Lanco Anpara Power Limited	Director	24-08-10	13-10-09	-	Active	NO
5	U40109AP2000PTC034758	Lanco Teesta Hydro Power Private Limited	Director	30-09-11	04-08-10	-	Active	NO
6	U65910DL2008PTC182177	U R O Financial Information and Consultancy Private Limited	Director	15-10-10	15-10-10	25-11-11	Active	NO
7	U72990DL1979PTC009838	SBL Private Limited	Director	02-11-10	02-11-10	-	Active	NO

Name :

Dr. Narayan Sitaram Datar

Designation :

Director

Address :

Plot No.14, S.No.128/4, Off ITI Road, Abhishek, Sanewadi, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

28.08.1925

Date of Appointment :

30.09.2010

Date of Ceasing :

21.12.2011

DIN No.:

00080801

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L27104MH1985PLC035806	Uttam Galva Steels Limited	Director	21-06-85	21-06-85	21-12-11	Active	NO
2	U74140MH1988PTC049775	Datar Engineering and Consultancy Private Limited	Director	25-11-88	25-11-88	-	Active	NO
3	U40103MH1985PLC035675	Cyclo Transmissions Limited	Director	13-05-89	13-05-89	-	Active	NO
4	L27100GJ1993PLC020358	Remi Metals Gujarat Limited	Director	25-09-96	25-09-96	15-11-08	Active	NO
5	L99999MH1986PLC039921	CMI FPE Limited	Director	03-03-03	03-03-03	11-09-09	Active	NO
6	L26932AP1985PLC005329	Oil Country Tubular Limited	Director	18-09-03	18-09-03	21-12-11	Active	NO
7	U27106MH1985PLC169768	Mittal Corp Limited	Director	30-09-10	23-09-09	21-12-11	Active	NO
8	L26942OR1985PLC001557	Shiva Cement Limited	Director	23-01-10	23-01-10	-	Active	NO

Name :

Mr. Atul Kumar Shukla

Designation :

Director

Address :

2310-12, Samartha Aangan-III, Indra Darshan, Sector-III, Oshiwara, Andhri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

20.04.1946

Date of Appointment :

30.09.2010

DIN No.:

00121601

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L74899DL1994PLC059839	Almondz Global Securities Limited	Director	30-09-06	11-08-06	-	Active	NO
2	U67110DL2006PLC155167	Indiabulls Asset Reconstruction Company Limited	Additional director	21-02-07	21-02-07	12-04-07	Active	NO
3	U24239MH1989PLC052049	Macleods Pharmaceuticals Limited	Director	20-09-07	18-08-07	02-09-08	Active	NO
4	U45200AP2006PLC051999	Deccan Infrastructure and Land Holdings Limited	Director	22-12-07	22-12-07	-	Active	NO
5	L63090GJ1993PLC019213	Associated Transrail Structures Limited	Director	17-09-08	15-01-08	-	Amalgamated	NO
6	L36911MH1983PLC178299	Horizon Infrastructure Limited	Director	02-09-08	09-05-08	30-07-09	Active	NO
7	U74140MH2007PTC173971	IndiaVenture Advisors Private Limited	Director	30-03-09	30-03-09	-	Active	NO
8	U74990MH2009PLC193063	India Infoline Trustee Company Limited	Director	05-06-09	05-06-09	-	Active	NO
9	L74999MH1922PLC000997	Gammon India Limited	Director	14-10-09	09-07-09	-	Active	NO
10	U85100MH2009PTC194868	SAA Wellness Private Limited	Director	12-08-09	12-08-09	-	Active	NO
11	U27106MH1985PLC169768	Mittal Corp Limited	Director	30-09-10	23-11-09	-	Active	NO
12	U04010CT1995PLC010142	Vandana Vidhyut Limited	Director	25-06-10	22-03-10	01-02-11	Active	NO
13	U66010MH2007PLC174472	Star Union Dai-Ichi Life Insurance Company Limited	Director	26-09-11	27-04-11	-	Active	NO
14	U65990MH2011PTC217884	PHL Capital Private Limited	Director appointed in casual vacancy	29-07-11	29-07-11	-	Active	NO
15	U99999MH1974PTC129493	PHL Finance Private Limited	Director appointed in casual vacancy	29-07-11	29-07-11	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Pooja Bansal
Designation :	Company Secretary and Compliance Officer
Address :	6, Kumarwada, Dani Gate, Ujjain – 452 006, Madhya Pradesh, India
Date of Birth/Age :	11.04.1986
Date of Appointment :	25.08.2009
PAN No.:	ATXPB9974G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Karan Mittal	599100
Maha Laxmi Exim Private Limited, India	4302000
Sphinx Investments Private Limited, India	3462090
Gee Tee Forms Private Limited, India	723000
Labh Ganga Marketing Private Limited, India	5858490
Parks Holding Private Limited, India	1356300
Parks Sales Private Limited, India	1436100
Parks Infoway Private Limited, India	1020600
Parks Webtech Limited, India	1014900
Pandit Holding Private Limited, India	6866700
KN Metals Private Limited, India	1419000
Future Stainless Steels Private Limited, India	870000
Mittal Enterprises Private Limited, India	2329800
Mahesh G. Jarani	1095720
Kamla Jarani	240000
Dinesh Agrawal	22500
Omprakash Purey	33900
TOTAL	32650200

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	93.90
Directors or relatives of directors	1.90
Other top fifty shareholders	4.20
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Stainless Steel
Billets and Flats.

Products :

Item Code No. (ITC Code)	7207.1920
Product Description	MS Billets
Item Code No. (ITC Code)	7218.9910
Product Description	SS Billets
Item Code No. (ITC Code)	7220.1190
Product Description	SS Flat
Item Code No. (ITC Code)	2804.4090
Product Description	Oxygen Gas
Item Code No. (ITC Code)	2804.3000
Product Description	Nitrogen Gas

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Steel Billets/Flats	MT	1,20,000	Upto 31.12.10 90,000 From 01.01.11 to 31.03.11 1,20,000	63,770

Notes:

1) As certified by the management, this being technical matter.

2) Production includes 2458.365 MT towards goods recycled (including burning loss 374.805 MT).

3) The capacity shown is on triple shift basis.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v ICICI Bank Limited, Landmark, Race Course Road, Vadodara – 390 007, Gujarat, India

v State Bank of Patiala, Mid Corporate Branch, Orbit Mall, A. B. Road, Indore – 452 010, Madhya Pradesh, India

v Oriental Bank of Commerce, 12/2, RNT Marg, Chetak Centre, Indore – 452 001, Madhya Pradesh, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	422.026	265.092
Working capital loans banks secured	613.269	445.438
Loans taken for vehicles secured	7.019	2.669
TOTAL	1042.314	713.199
Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans others unsecured	231.950	133.450
Other debt unsecured	14.500	24.834
TOTAL	246.450	158.284

Banking Relations :	--
Auditors :
Name :	Mahendra Badjatya and Company Chartered Accountants
Address :	208, Morya Centre, 16, Race Course Road, Opposite Baskteball Complex, Indore – 452 003, Madhya Pradesh, India
PAN No.:	ACFPB4495F
Enterprises in which key managerial personnel and their relatives exercise significant influence :	v Parks Webtech Limited v Labhganga Marketing Private Limited v Parks Infoway Private Limited v Pandit Holding Private Limited v Mittal Enterprises Private Limited v KNK Corp Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32650200	Equity Shares	Rs.10/- each	Rs. 326.502 Millions

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37275200	Equity Shares	Rs.10/- each	Rs. 372.752 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		326.502	326.502	80.837
2] Share Application Money Pending Allotment		0.000	0.000	167.902
3] Reserves & Surplus		372.902	261.990	231.158
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		699.404	588.492	479.897
LOAN FUNDS
1] Secured Loans		1042.314	713.199	611.815
2] Unsecured Loans		246.450	158.284	98.102
TOTAL BORROWING		1288.764	871.483	709.917
DEFERRED TAX LIABILITIES		31.383	24.538	19.152
TOTAL		2019.551	1484.513	1208.966
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		684.548	615.980	495.012
Capital work-in-progress		225.875	27.248	22.116
INVESTMENT		0.160	0.160	0.160
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	739.100	631.831	586.115
	Sundry Debtors	856.952	622.581	478.597
	Cash & Bank Balances	96.920	44.050	87.169
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	120.947	132.803	76.902
Total Current Assets		1813.919	1431.265	1228.783
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	628.697	476.477	487.881
	Other Current Liabilities	47.764	72.565	37.956
	Provisions	43.463	53.738	11.280
Total Current Liabilities		719.924	602.780	537.117
Net Current Assets		1093.995	828.485	691.666
MISCELLANEOUS EXPENSES		14.973	12.640	0.012
TOTAL		2019.551	1484.513	1208.966

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	4695.051	3846.965	2783.723
		Other Income	6.699	11.980	36.974
		TOTAL (A)	4701.750	3858.945	2820.697
Less	EXPENSES
		Consumption materials changes inventories	4020.797	3272.184	2619.760
		Manufacturing service costs	213.183	165.521
		Employee related expenses	41.616	29.769
		Administrative selling other expenses	106.123	93.162
		Prior period items	3.217	6.804
		TOTAL (B)	4384.936	3567.440	2619.760
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		316.814	291.505	200.937
Less	INTEREST FINANCIAL CHARGES (D)		93.973	75.765	68.267
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		222.841	215.740	132.670
Less/ Add	DEPRECIATION/ AMORTISATION (F)		64.612	50.715	42.300
	PROFIT BEFORE TAX (E-F) (G)		158.229	165.025	90.370
Less	TAX (H)		47.317	56.510	17.069
	PROFIT AFTER TAX (G-H) (I)		110.912	108.515	73.301
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		261.990	153.641	80.340
Less	Appropriation of Profit for Issue of Bonus Shares		0.000	0.166	0.000
	BALANCE CARRIED TO THE B/S		372.902	261.990	153.641
	IMPORTS
		Raw Materials (excludes cost of materials acquired from/ through canalizing agencies)	160.373	13.250	0.000
		Stores, spares & consumables	13.469	0.000	1.336
		Capital Goods	0.474	13.003	1.621
		Advances for raw material	0.000	4.009	0.000
		Advances for Capital Goods	105.372	0.000	0.000
	TOTAL IMPORTS		279.688	30.262	2.957
	Earnings Per Share (Rs.)
	- Basic		3.40	3.44	3.02
	- Diluted		3.40	3.44	2.65

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.36	2.81	2.60
Net Profit Margin (PBT/Sales)	(%)	3.37	4.29	3.25
Return on Total Assets (PBT/Total Assets}	(%)	6.33	8.06	5.24
Return on Investment (ROI) (PBT/Networth)		0.23	0.28	0.19
Debt Equity Ratio (Total Liability/Networth)		2.87	2.51	2.60
Current Ratio (Current Asset/Current Liability)		2.52	2.37	2.29

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE

The registered office of the company has been shifted from Plot No.159, Sector III, Industrial Area, Pithampur, Madhya Pradesh to the present address w.e.f. 07.03.2007.

FINANCIAL RESULTS:

During the year gross turnover of the company has increased to Rs.5045.064 millions as against Rs.4080.502 millions for the year ended 31^st March, 2010, recording an increase of 23.64%. EBITDA during the year increased to Rs.320.031 millions from Rs.298.310 millions for the year ended 31^st March, 2010. Profit after tax for the year stood at Rs.110.912 millions as against Rs.108.515 millions during last year.

During the year company manufactured 63770 MT of SS billets as against production of 59057 MT for the year ended 31^st March, 2010. Thus the production have increased by 7.98 %.

OPERATIONS:

The Company is a manufacturer of stainless steel billets and rolled flats of various thickness, width and lengths and presently has facilities to manufacture three main products as per American Iron and Steel Institute (AISI) 201, 304 and 400. Company is catering to segments ranging from normal household goods to specialized steel for pharmaceuticals etc. A comprehensive portfolio of long products allows the company to deliver the products as per customer’s requirement.

During the year the installed capacity of the Company has increased from 90,000 TPA to 1,20,000 TPA to cater the growing demand for the product range manufactured by the Company.

They have operations in the Central region of India that has presence of a large number of steel and iron product manufacturers.

PROJECTS AND EXPANASION PLANS:

a) Projects commissioned during FY 2010-11

The implementation of the capacity expansion from 90,000 TPA to 1,20,000 TPA at existing plant (Unit I) was completed with the installation of balancing equipments including a laddle Refining Furnace (LRF) of 35 T and also a dedicated Fume Extraction System (FES) and 1 crane for its new 35T AOD convertor.

b) Projects under progress

Construction is underway on the new 1.5 Lac tonnes capacity greenfield project of Wire and Bar Rod Mill at Pithampur, adjacent to the existing manufacturing facility orders has been placed for major equipment with Danieli Morgardshammar, Sweden. The boundary work around the plant site has been completed. Construction of road and site development work is completed. Foundation and other civil works for major plant and machinery are under progress. Having obtained the necessary statutory clearances from the relevant regulatory authorities to set up the plant, the Company is now focused on managing the logistics to do with its construction. As targeted the Company will be able to commission the project and start the cold trial in the month of March 2012. This greenfield project will compliment the production capacity of the existing Unit, producing premium value-added steel products i.e. Wire Rod and Bars.

DEMATERIALISATION OF SHARES:

The company’s shares have been made available for dematerialization through the Central Depository Services (India) Limited (CDSL) and National Securities Depository Limited (NSDL). 85.82 % shares already dematerialised.

CONTINGENT LIABILITIES: (As on 31.03.2011)

a) Letters of credit outstanding on the date of balance sheet Rs.554.704 millions including foreign letter of credit / buyer’s line of credit equal to Rs.166.026 millions.

b) Income tax appeal pending before CIT (appeals) against disputed demand of income tax (for AY 2006-07) amount of Rs.1.451 millions is due, out of which advance payments made of Rs.0.750 million, net payment due of Rs.0.701 million.

c) Income Tax appeal pending before CIT (appeals) against disputed demand of income tax (for A.Y. 2008-09) amount of Rs.1.616 millions is due, out of which advance payments made of Rs.0.810 million, net payment due of Rs.0.806 million.

d) Disputed demand of Excise Department Rs.8.158 millions including interest, the demand is fully paid through Cenvat Rs.0.341 million and Rs.7.817 millions under protest. Matter pending before settlement commission.

e) Rs.0.800 million paid under protest to Excise Department against shortage of material.

FORM 8:

Corporate identity number of the company	U27106MH1985PLC169768
Name of the company	MITTAL CORP LIMITED
Address of the registered office or of the principal place of business in India of the company	315, Jolly Bhawan No.1, 10, New Marine Line, Mumbai – 400 020, Maharashtra, India E-Mail: mittal.corp@yahoo.com
This form is for	Creation of charge
Type of charge	Immovable property Book Debts Movable Property (not being pledge)
Particular of charge holder	State Bank of Patiala, Mid Corporate Branch, Orbit Mall, A. B. Road, Indore – 452 010, Madhya Pradesh, India E-Mail: b5895@sbp.co.in
Nature of description of the instrument creating or modifying the charge	1. Agreement of Hypothecation of Goods and Assets 2. Agreement of Loan for Overall Limit 3. Form C.5 (Letter regarding the grant of Individual Limits within the Overall Limit) 4. Sanction Letter and its amendments
Date of instrument Creating the charge	16.01.2012
Amount secured by the charge	Rs.190.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 2.75% above base rate. Present effective rate 13.25% p.a. (floating). Terms of Repayment: 20 Unequal Quarterly installment specifically mentioned in Form C.5 (Letter regarding the grant of Individual Limits within the Overall Limit). Margin: 38.61% Extent and Operation of the charge: Primary First Pari Passu Charge on all the immovable and movable properties of the Unit - II proposed at Plot No.164-C, Sector III Industrial Area, Pithampur. Collateral: Second Pari Passu Charge on all the current assets of the Unit-II.
Short particulars of the property charged	First Pari Passu Charge on all the immovable and movable properties of the Unit - II proposed at Plot No.164-C, Sector III Industrial Area, Pithampur. Second Pari Passu Charge on all the current assets of the Unit- II proposed at Plot No.164-C, Sector III Industrial Area, Pithampur.

FIXED ASSETS:

v Leasehold Land

v Roads and Bridges

v Factory Buildings

v Plant and Machinery

v Furniture and Fixtures

v Office Equipments

v Vehicles

v Computers

WEBSITE DETAILS:

PROFILE:

Subject is an established manufacturer of Stainless Steel intermediaries.

Their Company presently has facilities to manufacture three main products as per American Iron and Steel Institute (AISI) 201, 304 and 400, catering to segments ranging from normal household goods to specialized steel for pharmaceuticals and reactors. The installed capacity of their Company has increased from 18000 TPA as on March 31, 2004 to 90,000 TPA from July 2008 onwards to cater to the growing demand for the product range manufactured by the Company.

Their Company currently manufactures stainless steel billets in the grades of AISI 200-300 Series, especially 202 and 304 grades which are used in huge quantities for manufacturing of rounds, wire rods, wire plates, sheets, utensils, medical equipments etc.

They have operations in the Central region of India that has presence of a large number of steel and iron product manufacturers. Most of their clients are based in the 500 Km radius, mainly in the industrial regions of Indore, Ahmedabad, Jodhpur and New Delhi.

Their production techniques are some of the best in the regional industry. Their technologically advanced production facilities help them in making the most efficient use of the resources available. Their inventory policy is designed to lower the working capital cycle and provide the highest return on capital invested.

They believe that their growth over the last five years has been achieved due to the high emphasis they put on the quality of their output. They plan to continue investing in high quality manufacturing equipments to ensure that their products maintain the quality specifications promised to their customers. Investment in latest technology would also enable them to standardize product quality, even for bulk-production, and would enable them to differentiate ourselves from competition.

Their Company constantly endeavors to improve its productivity levels by optimum resource utilization, improvement in manufacturing process, skill up-gradation of their workers, modernization of machineries to achieve better asset turnover. They will continue to further improve their existing raw material procurement policy and manufacturing processes to identify the areas of bottlenecks and correct them. This would help them in improving efficiency and putting resources to optimal use.

BOARD OF DIRECTORS

Mr. Karan Mittal, is Managing Director, has over 12 years of total experience of which 8 years in steel industry. He has commendable knowledge of latest stainless steel technology, for which he got trained in Russia. His stupendous success in steel and other business ventures, in a very short time makes him an ideal leader of the team of competent professional managers. Mr. Karan Mittal has exposure to modern day technology. He also holds a senior position in various Bodies like Indore Management Association etc. He has been honoured with the “UDYOG BHARATI AWARD” in the year 2006, by the Indian Achievers Forum. He is responsible for the formulation of the overall strategic policy governing the growth drivers of their Company and has been instrumental in execution of business strategies.

Mr. Dinesh Agrawal, Whole- time Director, has vast experience of over 25 years in handling various accounts and finance related activities. He handles cash management and is also an expert in financial matters.

Mr. Vinod Kumar, is a Whole-time and Non Independent Director of their Company. He has worked with Jindal Steel and Power Limited, as a vice president, Aarti Steel Limited as a Vice President and VISA Steel Limited as a President. He holds bachelor’s degree in Mechanical Engineering from Manipal Institute of Technology, Karnataka. He has over 33 years of experience of which 22 years in steel industry in handling activities related to maintenance, production and projects management of integrated steel making plants. He has experience and knowledge on latest steel making and casting practices which he had acquired by taking training and by visiting many steel plants across the countries like Europe, Japan, Malaysia, Indonesia etc.

Mr. Chandra Prakash Swarnkar, is an Independent Director of their Company. He was appointed as the Chairman and Managing Director of Syndicate Bank by the Government of India and retired as CMD in 2008. He has been associated with Punjab National Bank for 20 years prior taking up the position of Executive Director. He holds master’s degree in commerce and also a CAIIB-I from the Indian Institute of Bankers Association. He has over 38 years of experience in the banking industry and handled important portfolios like Treasury, Credit Administration, Credit policy and Risk Management, Law, Management Advisory Services, Gen Admin, International banking etc. He has been a member of various working groups of Reserve Bank of India.

Dr. N.S. Datar, is an Independent of their Company. He was Managing Director of Rourkela - Iron and Steel Plant for the period 1978-82 and has been associated with Steel Authority of India Limited (SAIL) and held various senior positions during his stint like, Director - Research and Development Centre for Iron and Steel, Ranchi etc. He holds bachelor’s Degree in Science (Metallurgy) from College of Mining and Metallurgy Banaras Hindu University (BHU), Varanasi and Dr. Ing. (German Engineering Doctorate degree) from Rheinische Westfellish Technisched Hockscheule in Aachen. He has over 50 years of rich experience in Ferrous Metallurgy and related industries. Dr. Datar is on the Board of M/s. Uttam Galva Steels Limited and advisor to a number of steel plants across the country. He was honoured as “Distinguished Alumnus Award” 1975 from BHU, “INDRANI” 1976, Gold Medal from Mining Geological and Metallurgical Institute of India, “JAWAHAR AWARD” 1975 from SAIL, “VASVIK” AWARD 1982, “DAS VARDIENST KREUZ 1. KLASSE Des Verdienstordens der Bundeserepublic Deutschl&s.

Mr. Atul Kumar Shukla, is an Independent of their Company. He was Chairman of Life Insurance Corporation of India (“LIC”). He had joined LIC in 1968 and held prestigious posts therein including Managing Director. He holds Master’s Degree in Science. He has over 40 years of experience. He has done various management programmes at IIM, Lucknow, Asian Institute of Management, Manila, National Insurance Academy, Pune, Administrative Staff College, Hyderabad and All India Management Association, Delhi related to Strategic Marketing, Personal and Industrial Relations and Corporate Planning and Corporate Governance. He was Chairman/ Director of various companies including National Commodities and Derivatives Exchange Limited, GIC of India, L and T Limited, IL and FS, Gujarat State Financial Corporation etc. He is Distinguish Fellow of Institute of Directors, Delhi.

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	Indian Rupees
US Dollar	1	Rs. 55.66
UK Pound	1	Rs. 88.04
Euro	1	Rs. 69.91

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.