MIRA INFORM REPORT

Report Date :

11.12.2012

IDENTIFICATION DETAILS

Name :	indian steel corporation limited
Registered Office :	611, Tulsiani Chambers ,Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.02.2004
Com. Reg. No.:	11-144559
Capital Investment / Paid-up Capital :	Rs.610.000 Millions
CIN No.: [Company Identification No.]	U27100MH2004PLC144559
TAN No.: [Tax Deduction & Collection Account No.]	MUMI04849F
PAN No.:	AABC12060A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Steel Products i.e. CR Coils / Sheets, GP Coils / Sheets and PPGL Coils Only.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 14860000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a joint venture between Ruchi Group of Industries, India and Mitsui and Company, Japan. It is an established company having moderate track record. The latest financial is missing from government department. However, from the previous year company has performed well and successful wiped off its accumulated losses. Trade relations are reported as fair. Business is active. Payments are reported to be unknown. The company can be considered normal 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 – 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	BB + [Term Loan]
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	May 2012

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	611, Tulsiani Chambers ,Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22851303
Fax No.:	91-22-22823177
E-Mail :	ashutosh_mishra@indiansteels.com rsalbom@ruchigroup.com
Website :	http://www.indiansteels.com
Corporate Office :	503, Mahakosh House, 7/5, South Tukoganj, Indore–452 001, Madhya Pradesh, India
Tel. No.:	91-731-2518124/25/26
Fax No.:	91-731-2518127
E-Mail :	isc@indiansteels.com
Factory :	S.N. 370, Near Bhimasal, R/2, National Railway, 8-A, Bhimasar, Gandhidham-370240, Gujarat, India
Branch Office :	MUMBAI 611, Tulsiani Chambers, Nariman Point, Mumbai–400 021, Maharashtra, India Tel.: 91-22-2285 1303 Fax: 91-22-2282 3177 Email: info@indiansteels.com BANGALORE No.595, Sri Lakshmi Adinarayan Swami Arcade, 1st Floor, JP Nagar 1st Phase, 5th Cross, Bangalore-560 078, Karnataka, India Tel.: 91-80-33278235 Fax: 91-080 33278231 Email: srinivasa_rao@ruchigroup.com JAIPUR 408, 4th Floor, Crystal Mall, Banipark, Jaipur- 302015, Gujarat, India Tel.: 91-41-2209873 / 4002954 / 5109873 Fax: 91-41-4027560 Email: neeraj_sharma@indiansteels.com VADODARA G-12, Race Course Towers, Opposite to citi Bank, Race Course Circle, Vadodara - 390 007, Gujarat, India Tel : 91-265-2322762, Mob.:91-9662030182 Fax : 91-265-2322762 Email : parashuram_joshi@indiansteels.com NEW DELHI 43, 2nd Floor, Daryaganj, New Delhi – 110 002, India Tel.: 91-11-43651100 / 59 Fax: 91-11-23241561 Email: pk_mishra@indiansteels.com AHMEDABAD 207, Iscon Avenue, Opp Choice Restaurant, C.G. Road, Navrangpura, Ahmedabad - 380 009, Gujarat, India Tel.: 91-79-30074314 Fax: 91-79-30074314 Email: ankit_pandya@indiansteels.com CHENNAI No.40 and 41 , East Madha Church Road, Royapuram, Chennai - 600 013, Tamilnadu, India Tel : 91-44-25952953 Mob: 91-90030 12587 Fax: 91-44-25976337 Email : d_gopinath@indiansteels.com

DIRECTORS

As on 20.09.2011

Name :

Mr. Kailash Chandra Sharma

Designation :

Director

Address :

29, Old Palasia, A.B. Road, Indore-452 018, Madhya Pradesh, India

Date of Birth/Age :

31.01.1938

Date of Appointment :

01.02.2005

DIN No.:

00062698

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1979PTC028051	SHAHRA BROTHERS PVT LTD	Director	19-12-79	19-12-79	-	Active	NO
2	L15140MH1986PLC038536	RUCHI SOYA INDUSTRIES LIMITED	Director	07-01-86	07-01-86	-	Active	NO
3	L27100MH1985PLC140379	NATIONAL STEEL AND AGRO INDUSTRIES LIMITED	Director	13-12-86	13-12-86	-	Active	NO
4	L27100MH1987PLC142326	RUCHI STRIPS AND ALLOYS LIMITED	Director	01-11-89	01-11-89	-	Active	NO
5	L24118MH1976PLC136836	ANIK INDUSTRIES LIMITED	Director	26-07-93	26-07-93	-	Active	NO
6	U67200MP1999PLC013660	NATIONAL BOARD OF TRADE LTD.	Director	30-07-99	30-07-99	-	Active	NO
7	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	01-02-05	01-02-05	-	Active	NO
8	U45200MH1998PTC117520	CHHATTISGARH IRON AND STEEL COMPANY PRIVATE LIMITED	Director	09-04-05	09-04-05	20-03-08	Active	NO
9	U91990MH2004GAP147894	FEDERATION OF INDIAN COMMODITY EXCHANGES	Director	01-02-06	01-02-06	-	Active	NO
10	U26942MP1992PTC007329	REVATI CEMENTS PVT LTD	Director	30-08-11	01-12-07	-	Active	NO
11	U01112MP2010PTC023497	SHAHRA SONS PRIVATE LIMITED	Director	06-05-10	06-05-10	-	Active	NO
12	U51200MP2010PTC023507	MAHADEO SHAHRA AND SONS PRIVATE LIMITED	Director	07-05-10	07-05-10	-	Active	NO

Name :

Mr. Umesh K. Shahra

Designation :

Managing Director

Address :

28, Old Palasia, A.B. Road, Indore-452 018, Madhya Pradesh, India

Date of Birth/Age :

17.06.1963

Qualification :

B. Pharma (Hons.) PGDBM (IIMA)

Date of Appointment :

16.02.2004

DIN No.:

00061312

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L27100MH1987PLC142326	RUCHI STRIPS AND ALLOYS LIMITED	Managing director	01-10-11	20-02-89	-	Active	NO
2	U67120MH1994PTC080658	NEHA SECURITIES PRIVATE LIMITED	Director	31-08-94	31-08-94	11-03-08	Active	NO
3	U74999MH1979PLC029075	RUCHI ACRONI INDUSTRIES LIMITED	Director	17-09-94	17-09-94	-	Active	NO
4	U32204MP1994PLC008151	RUCHI INFOTECH LIMITED	Director	14-03-95	14-03-95	-	Active	NO
5	U24117MH1995PTC086793	PARAM ALKALIES PRIVATE LIMITED	Director	24-03-95	24-03-95	-	Active	NO
6	U51500MH1996PLC099082	RUCHI GLOBAL LIMITED	Director	24-04-96	24-04-96	-	Active	NO
7	U51100MH2003PLC140081	RUCHI CORPORATION LIMITED	Director	22-04-03	22-04-03	-	Active	NO
8	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Managing director	29-08-11	16-02-04	-	Active	NO
9	U45200MH1998PTC117520	CHHATTISGARH IRON AND STEEL COMPANY PRIVATE LIMITED	Director	09-04-05	09-04-05	20-03-08	Active	NO
10	U74900MH2007PLC173930	INDIAN STEEL SEZ LIMITED	Director	07-09-07	07-09-07	-	Active	NO
11	U65993MH2007PTC173888	PARAM HOLDING Private Limited	Director	07-09-07	07-09-07	-	Active	NO
12	U27310MH2007PTC176076	REHWA CORPORATION PRIVATE LIMITED	Director	22-11-07	22-11-07	-	Active	NO
13	U26942MP1992PTC007329	REVATI CEMENTS PRIVATE LIMITED	Director	30-09-08	01-12-07	-	Active	NO
14	U67190MH2008PTC178892	RUCHI EQUITY GROWTH PRIVATE LIMITED	Director	14-02-08	14-02-08	-	Active	NO
15	U63040MH2008PTC183328	MAHAKOSH TRAVELS PRIVATE LIMITED	Director	09-06-08	09-06-08	05-03-09	Active	NO
16	U27100MP2008PLC020897	STEEL TECHNOLOGIES INDIA LIMITED	Director	09-07-08	09-07-08	25-03-09	Active	NO
17	U10300DL2009PTC186321	THESGORA COAL PRIVATE LIMITED	Director	02-01-09	02-01-09	-	Active	NO
18	U01403MH2010PTC201405	RGL VENTURES PRIVATE LIMITED	Director	29-03-10	29-03-10	-	Active	NO
19	U01112MP2010PTC023497	SHAHRA SONS PRIVATE LIMITED	Director	06-05-10	06-05-10	-	Active	NO
20	U28990MH2010PTC211581	RSAL STEEL PRIVATE LIMITED	Director	29-12-10	29-12-10	-	Active	NO
21	U01110MH1995PLC091518	INDIAN INFRASTRUCTURE CORPORATION LIMITED	Additional director	02-04-12	02-04-12	-	Active	NO

Name :

Mr. Arjun Zalani

Designation :

Whole Time Director

Address :

27/B, Sector-A, Slice-6, Scheme No.78, Indore-452 010, Madhya Pradesh, India

Date of Birth/Age :

26.11.1971

Date of Appointment :

27.09.2006

DIN No.:

00848477

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51100MH2003PLC140081	RUCHI CORPORATION LIMITED	Director	22-04-03	22-04-03	-	Active	NO
2	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Whole-time director	27-09-09	27-09-06	-	Active	NO
3	U74900MH2007PLC173930	INDIAN STEEL SEZ LIMITED	Director	07-09-07	07-09-07	-	Active	NO
4	U27100MP2008PLC020897	STEEL TECHNOLOGIES INDIA LIMITED	Director	09-07-08	09-07-08	25-03-09	Active	NO
5	U01110MH1995PLC091518	INDIAN INFRASTRUCTURE CORPORATION LIMITED	Additional director	02-04-12	02-04-12	-	Active	NO

Name :

Mr. Kohel Suzuki

Designation :

Director

Address :

A-4/3, 1F, Vasant Vihar, New Delhi-110 057, Delhi, India

Date of Birth/Age :

13.09.1965

Qualification :

Graduate in Economics

Date of Appointment :

16.02.2010

DIN No.:

02950245

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	21-08-10	16-02-10	-	Active	NO

Name :

Mr. Navin Khandelwal

Designation :

Director

Address :

5/1, Saket Nagar, Indore-452 001, Madhya Pradesh, India

Date of Birth/Age :

22.04.1973

Qualification :

FCA.

Date of Appointment :

01.07.2004

DIN No.:

00134217

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L27100MH1985PLC140379	NATIONAL STEEL AND AGRO INDUSTRIES LIMITED	Director	14-11-01	14-11-01	-	Active	NO
2	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	01-07-04	01-07-04	-	Active	NO
3	U74900MH2007PLC173930	INDIAN STEEL SEZ LIMITED	Director	07-09-07	07-09-07	-	Active	NO
4	L27100MH1987PLC142326	RUCHI STRIPS AND ALLOYS LIMITED	Director	30-09-08	10-05-08	-	Active	NO
5	L65990MH1984PLC033878	RUCHI INFRASTRUCTURE LIMITED	Director	30-09-10	13-11-09	09-08-11	Active	NO
6	L15140MH1986PLC038536	RUCHI SOYA INDUSTRIES LIMITED	Director	30-09-10	18-12-09	-	Active	NO

Name :

Mr. Shambunath Sadawarti

Designation :

Director

Address :

Park Regency 201, A-71, MIG Colony, Indore-452 008, Madhya Pradesh, India

Date of Birth/Age :

18.03.1947

Qualification :

B.E. (Mechanic), PGDIM

Date of Appointment :

16.02.2004

DIN No.:

00031966

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999MH1979PLC029075	RUCHI ACRONI INDUSTRIES LIMITED	Director	25-03-02	25-03-02	-	Active	NO
2	U51100MH2003PLC140081	RUCHI CORPORATION LIMITED	Director	22-04-03	22-04-03	-	Active	NO
3	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	16-02-04	16-02-04	-	Active	NO
4	U40108MP1997PTC012262	AVIRAT URJA PRIVATE LIMITED	Director	26-10-06	26-10-06	-	Active	NO
5	U01110MH1998PTC117525	AVANTI INFRASTRUCTURE PRIVATE LIMITED	Director	24-01-07	24-01-07	-	Active	NO
6	U55101MH2003PTC138594	RUCHI REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	20-03-07	20-03-07	-	Active	NO
7	U45200MH1998PTC117520	CHHATTISGARH IRON AND STEEL COMPANY PRIVATE LIMITED	Director	30-09-08	01-03-08	-	Active	NO
8	U51109WB1996PTC078856	ROHINI COMMODITIES PRIVATE LIMITED	Director	30-09-08	20-06-08	-	Active	NO
9	U67190MH1997PTC107725	ROHINI FOREX PRIVATE LIMITED	Director	30-09-08	25-08-08	-	Active	NO
10	U70102MP2009PTC022016	BHIMASAR HOUSING PRIVATE LIMITED	Director	12-06-09	12-06-09	-	Active	NO
11	U18100WB1991PLC141587	MANDHANA LEAFIN LIMITED	Director	06-10-10	06-10-10	-	Active	NO
12	U65929DL1996PTC077016	S S P FINVEST PRIVATE LIMITED	Director	06-01-12	06-01-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashutosh Mishra
Designation :	Secretary
Address :	21A, Krishi Vihar Colony, Near Bakhtawar Ram Nagar, Indore-452 001, Madhya Pradesh, Idnia
Date of Birth/Age :	21.01.1964
Date of Appointment :	28.03.2009
PAN No.:	AFDPM4265M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2012

Names of Shareholders	No. of Shares
Umesh Shahra	80800
Neeta Shahra	1250
Arjun Zalani	6100
Manish Parikh	1000
Shambhu Nath Sadawani	1000
Saket Barodia	1000
Vijay Kumar Mahajan and Seema Mahajan	5000
Vijay Kumar Mahajan and Varun Mahajan	3125
Rohini Forex Private Limited, India	3721028
Ruchi Acroni Industries Limited, India	663000
Ruchi Global Limited, India	1240000
Ruchi Infrastructure Limited, India	2995100
Ruchi Corporation Limited, India	1135800
Ruchi Stock and Securities Private Limited, India	3314873
Ruchi Real Estate Developers Private Limited, India	3459112
Ruchi Growth Fund Private Limited, India	2436915
Rohini Commodities Private Limited, India	12412118
Mandhana Leafin Limited, India	2757587
Lucas Meyer Industries Private Limited, India	2761500
Iron Global Limited, India	54100
Swastika Worldwide Private Limited, India	20000
Snehdeep Impex Private Limited, India	825233
SSP Finvest Private Limited, India	625233
Trans Siberian Industries Limited, UAE	4709807
Sino Asian Resources Industries Limited, Hong Kong	5866397
Kyanite Economic and Development Limited, Singapore	4274657
Global Connects Instrument Limited, UAE	4228046
Mitsui and Company Limited, Japan	7190691
Mitsui and Company India Private Limited, India	2151608
Mitsui and Company (Asia Pacific) Pte. Limited, Singapore	5057646
TOTAL	71999726

As on 21.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	43.84
Bodies corporate	56.00
Directors or relatives of directors	0.14
Other top fifty shareholders	0.02
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Steel Products i.e. CR Coils / Sheets, GP Coils / Sheets and PPGL Coils Only.

Products :

DESCRIPTION OF PRODUCT	ITEM CODE (ITC CODE NO.)
Cold Rolled Coils / Strips / Sheets	7209
Galvanized Plain / Corrugated Sheets/ Coils	7210

Ø Cold Rolled Full Hard

Ø Galvanized

Ø Galvanized Corrugated

Ø Cold Rolled Closed Annealed

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Cold Rolling Mill (CRM)	MT	NA	200000	31815.330
Continuous Galvanising Line (CGL)	MT	NA	120000	106572.528
Cold Rolled Closed Annealed (CRCA)	MT	NA	100000	45513.764

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø IDBI Bank Limited, Corporate Branch, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia, Indore-452 001, Madhya Pradesh, India

Ø Jammu & Kashmir Bank Limited, Block "D", 1st Floor, North Side, Shiv Nagar Estates, Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, INDIA

Facilities :

Secured Loan	AS ON 31.03.2011 [Rs. in Millions]	AS ON 31.03.2010 [Rs. in Millions]
Rupee Term Loans Secured	5037.804	2674.141
Working Capital Loans Secured	377.944	0.369
Other Debts Secured	62.000	35.000
Interest accrued due secured loans	53.667	24.371
Total	5531.415	2733.881
Unsecured Loan	AS ON 31.03.2011 [Rs. in Millions]	AS ON 31.03.2010 [Rs. in Millions]
Rupee Term Loans Unsecured	1359.744	2250.663
Total	1359.744	2250.663

Banking Relations :	--
Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountant
Address :	317, Chetak Centre, “Annexe”, R.N.T. Marg, Indore-452 001, Madhya Pradesh, India
Tel. No.:	91-731-2517341 / 4069301 / 2523134
E-Mail :	ashokkhasgiwala@yahoo.com
PAN.:	AACFA7732P
Associates / Subsidiaries :	Ø Indian Steel SEZ Limited (wholly owned subsidiary) CIN No.: U74900MH2007PLC173930 Ø Ruchi Strips and Alloys Limited Ø Ruchi Arconi Industries Limited

CAPITAL STRUCTURE

As on 21.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71999726	Equity Shares	Rs.10/- each	Rs.719.997 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
61000014	Equity Shares	Rs.10/- each	Rs.610.000 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		610.000	572.500	442.500
2] Share Application Money		273.283	18.951	1.319
3] Reserves & Surplus		2832.511	2286.996	1766.996
4] (Accumulated Losses)		0.000	(14.724)	(177.258)
NETWORTH		3715.794	2863.723	2033.557
LOAN FUNDS
1] Secured Loans		5531.415	2733.881	1927.535
2] Unsecured Loans		1359.744	2250.663	834.536
TOTAL BORROWING		6891.159	4984.544	2762.071
DEFERRED TAX LIABILITIES		146.497	25.364	0.000
TOTAL		10753.450	7873.631	4795.628
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5023.093	3194.662	1652.658
Capital work-in-progress		3236.334	1941.258	2104.049
INVESTMENT		131.443	56.003	0.503
DEFERREX TAX ASSETS		0.000	0.000	64.224
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3326.549	1893.837	1130.951
	Sundry Debtors	1391.857	1253.826	1126.497
	Cash & Bank Balances	423.600	722.121	517.695
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1250.380	698.602	262.971
Total Current Assets		6392.386	4568.386	3038.114
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3795.817	1718.603	2002.637
	Other Current Liabilities	103.221	97.370	29.989
	Provisions	130.768	71.071	32.126
Total Current Liabilities		4029.806	1887.044	2064.652
Net Current Assets		2362.580	2681.342	973.462
MISCELLANEOUS EXPENSES		0.000	0.366	0.732
TOTAL		10753.450	7873.631	4795.628

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	14062.296	11167.945	9008.083
		Other Income	78.071	123.666	62.028
		TOTAL (A)	14140.367	11291.611	9070.111
Less	EXPENSES
		Consumption Materials Changes Inventories	12016.763	9522.438	9069.704
		Employee related Expenses	169.839	120.236
		Administrative selling other Expenses	1084.734	868.506
		TOTAL (B)	13271.336	10511.180	9069.704
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		869.031	780.431	0.407
Less	FINANCIAL EXPENSES (D)		330.621	332.535	327.875
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		538.410	447.896	(327.468)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		172.474	158.274	86.508
Add	EXCEPTIONAL INCOME		57.502	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		423.438	289.622	(413.976)
Less	TAX (I)		125.700	127.088	(130.177)
	PROFIT AFTER TAX (G-I) (J)		297.738	162.534	(283.799)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(14.724)	(177.258)	106.541
	BALANCE CARRIED TO THE B/S		283.014	(14.724)	(177.258)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	613.222	1693.133
	TOTAL EARNINGS		NA	613.222	1693.133
	IMPORTS
		Raw Materials		4384.752	2160.621
		Stores & Spares	NA	2.111	26.357
		Capital Goods		424.031	4.631
		Others		0.000	68.134
	TOTAL IMPORTS		NA	4810.894	2259.743
	Earnings Per Share (Rs.)		4.18	3.61	(11.39)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.10	1.44	3.13
Net Profit Margin (PBT/Sales)	(%)	3.01	2.59	4.59
Return on Total Assets (PBT/Total Assets}	(%)	3.71	3.73	8.82
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.20
Debt Equity Ratio (Total Liability/Networth)		2.94	2.40	2.37
Current Ratio (Current Asset/Current Liability)		1.57	2.42	1.47

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)	No
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	No
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

PERFORMANCE AND PROGRESS:

During the year, the company has achieved a sales turnover of Rs.14140.37 Million registering a growth of 25.23% as compared to last financial year. Profit before tax during the year has also shown the noticeable growth and stood at Rs.365.94 Million.

During the year, the company has also doubled the capacity of Annealed products with the installation and successful commissioning of additional bases supplied by Ebner of Austria, a world leader in the sector. The company has successfully completed the erection of the new continuous galvanizing line supplied by CMI-FPE. The product of the new line will be launched in the current financial year. With this the company shall now be able to cater the market with wider width and higher gauge products.

MARKET DEVELOPMENT AND PROGRESS IN AUTO & WHITE GOODS SEGMENT:

The Company has enhanced the production capacity of Cold Rolled Products (CRCA) from newly commissioned 6 HI Reversing Mill (Siemens VAI), in March, 2011.

With the commissioning of new mill, the Company would be able to manufacture Cold Rolled Coils of wider width material up to 1650 mm, catering to Auto segment. The Company is in process of developing various new grades for OEM including the auto majors

Their Annealed products are vetted and approved by TATA Motors Nano Project, Mahindra and Mahindra, Godrej and Boyce Manufacturing Company, Honda. Motors, Ashok Leyland, Bajaj Auto, Force Motors, Videocon, Inox India Limited, etc.

Now the Companys Cold Rolled products are well proven and established in Auto and White goods. The Company has developed good credentials in the Indian and international markets.

Besides this, several other initiatives are also in the pipeline for obtaining source approval from certain key market players and various PSU's, such as HPCL, BPCL and BHEL.

MARKET DEVELOPMENT AND PROGRESS IN CONSTRUCTION SEGMENT:

In the construction market, the Company has further strengthened its nationwide dealer network comprising 130 dealers and 680 plus sub dealers. The Company has continuously building up a strong distribution network having 17 depots spread nationwide from Jammu to Cochin.

The Company has a leadership status in Gujarat and Rajasthan and has built- up a very high repute for its products and services. The Companys product brands in the name of Indian Ultra Tuf, Indian Tadka and Indian Makkhanhave become household names among the consumers.

The Company had organized the retailers meet in April / July, 2010 in order to strengthen the bonding and to create strong relationship with its dealers and retailers.

FORAY INTO STEEL RETAIL:

The Indian Steel Corporation Limited (ISC) has unveiled its first ISC Steel Zone, a franchised retail store in Ahmedabad. While the Company has in all launched two such stores in Gujarat, going forward, it is looking at 100 more such stores in by 2012. The philosophy behind the branded steel retailing is to enhance the availability of ISC products and to assist the consumers to make the right choice for their application with the quantity that they desired. Increased availability of Company's products from these exclusive outlets owned by the Company dealers will go a long way in redefining the consumer steel retail market with a unique feature of offering quality products with the quantity at the right price to the customers.

PROSPECTS:

Indian steel industry plays a significant role in the Companys economic growth. The major contribution directs the attention that the steel is having a stronghold in the traditional sectors, such as infrastructure and construction, automobile, transportation, industrial applications etc. Presently India is the fifth largest producer of steel in the world and is likely to become the second largest producer of crude steel by 2015-16.

In 2011, India’s steel usage is forecast to grow by 13.3% while in 2012, the growth is forecast to accelerate further to 14.3%. The Indian crude steel production is likely to grow at a CAGR of around 10% during 2010-2013.

The country has acquired a central position on the global steel map with its giant steel mills, acquisition of global scale capacities by players, continuous modernization and up gradation of old plants , improving energy efficiency and backward integration into global raw material sources. Global steel giants from across the world have shown interest in the Industry due to its phenomenal performance.

Finished steel consumption is continuously increasing in the country with rise in demand from the automobile, power, construction, infrastructure sector etc. Further India has a low per capita consumption of steel compared to other countries, which provides enormous future growth potential in the country.

Indian steel industry will get a further boost in future due to the governments intention to inject funds in various industries such as automobile, construction, power, infrastructure etc in order to accelerate the economic growth of the country.

The Company is preparing itself to avail all such opportunities and expand its capacity to meet the growing demands of domestic as well as international markets. With a good acceleration in demand emanating from all segments of the industrial sector, it is expected that the Company will achieve significant position for coated steel products. Given the experience of strong senior management team having substantial exposure in steel industry, value added to implement our strategies, the prospects for sustainable long term growth in our business and consequently shareholders value are tremendous.

However, volatility in raw materials prices across the globe especially in commodity market, recession in European economy and fluctuations in the foreign currencies could affect the performance of the Company in terms of profitability. The management is taking appropriate steps to combat the negative impact of these factors.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27100MH2004PLC144559
Name of the company	INDIAN STEEL CORPORATION LIMITED
Address of the registered office or of the principal place of business in India of the company	611, Tulsiani Chambers ,Nariman Point, Mumbai–400 021, Maharashtra, India Email: ashutosh_mishra@indiansteels.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90148883
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	IDBI Bank Limited, Corporate Branch, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia, Indore-452 001, Madhya Pradesh, India Email: s.ashutosh@idbi.co.in
Nature of instrument creating charge	Joint Deed of Hypothecation was executed on 1st March, 2012 to secure fund based and non fund based working capital facilities of Rs16596.200 Millions granted by the working capital consortium, lead by IDBI Bank Limited.
Date of instrument Creating the charge	01.03.2012
Amount secured by the charge	Rs.16596.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the duly accepted Sanction Letters issued by the respective member banks of the working capital consortium, lead by IDBI Bank Limited to Indian Steel Corporation Limited. Terms of Repayment As per the duly accepted Sanction Letters issued by the respective member banks of the working capital consortium, lead by IDBI Bank Limited to Indian Steel Corporation Limited. Margin Raw Material 25% Stock in Process 30% Finished Goods 25% Stores & Spares 30% Receivables (age 60 days) 30% EPC 10% Extent and Operation of the charge Hypothecation of the Company's current assets i.e. entire stocks of raw materials, stock in process, finished goods, at the Company's factory premises/ Godowns including goods in transit and shipment, stocks placed at ports, export documents in collection/transit, outstanding monies, book-debts, receivables and other current assets etc, ranking pari-passu with other consortium members and more particularly mentioned in the Joint Deed of Hypothecation. Others All other terms and conditions as per the duly accepted Sanction Letters issued by the respective member banks of the working capital consortium led by IDBI Bank Limited, to Indian Steel Corporation Ltd.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	i) Hypothecation of the Company's current assets i.e. entire stocks of raw materials, stock in process, finished goods, at the Company's factory premises/ Godowns including goods in transit and shipment, ii) stocks placed at ports, export documents in collection/transit, outstanding monies, book-debts, receivables and other current assets etc, ranking pari-passu with other consortium members, iii) more particularly mentioned in the Joint Deed of Hypothecation attached herewith.
Date of instrument modifying the charge	20.08.2010
Particulars of the present modification	By execution of the Joint Deed of Hypothecation dated 01-03-2012, Working Capital Credit Facilities (Fund Based and Non Fund Based) from IDBI Bank Limited Consortium lead by IDBI Bank Limited has been increased from Rs.10080.000 Millions to Rs.16596.200 Millions.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

	PARTICULARS	31.03.2011 Rs. in Millions
a)	Outstanding Bank Guarantee	122.158
b)	Estimated amount of contracts remaining to be executed on capital account	1575.308
c)	Estimated Liability of custom duty (Excluding Interest) which may arise if export obligation is not fulfilled	492.392
d)	Disputed Liability of Custom and Excise duty, Service Tax	83.720

FIXED ASSETS:

• Land
• Buildings
• Plant and Machinery
• Furniture and Fixture
• Office Equipments
• Vehicles

AS PER WEBSITE:

PROFILE:

Subject is jointly promoted by Ruchi Group of Industries, India and Mitsui and Company, Japan.

Ruchi Group of Industries is a well reputed industrial conglomerate in India with interests in businesses ranging from steel to food products. The Group is actively involved in Soya Processing, edible oils, dairy products, cold rolled sheets and coils, galvanized sheets and coils and a host of other activities. The sales turnover of the group exceeds USD 3.5 billion. Besides the flagship company, Ruchi Soya Industries Limited, the other companies of the group include Ruchi Strips and Alloys and Ruchi Global Limited.

Mitsui and Company Limited, is Japan’s one of the largest industrial conglomerate with total revenues of USD 32.95 Billion and has variety of business interests such as Metal products and minerals, Machinery, Electronics, Chemical, Energy, Consumer Products and Services, Logistics and Financial Markets, Mitsui and company has formidable presence in 91 countries through their 175 offices.

The primary focus of ISC is to produce quality Steel products concentrating on the construction and auto segment.

With the plant situated close to Kandla Port and also having a close proximity with Mundra Port, Gujarat, ISC has huge cost advantage for imports and exports, saving considerably on the logistics costs.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.87.09
Euro	1	Rs.70.13

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.