MIRA INFORM REPORT

Report Date :

21.12.2012

IDENTIFICATION DETAILS

Name :	TOPWORTH STEELS AND POWER PRIVATE LIMITED (w.e.f.07.04.2008)
Formerly Known As :	TOPWORTH STEELS PRIVATE LIMITED
Registered Office :	Raheja Centre, Off No. 4214, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.05.2004
Com. Reg. No.:	11-146381
Capital Investment / Paid-up Capital :	Rs.469.088 Millions
CIN No.: [Company Identification No.]	U51420MH2004PTC146381
TAN No.: [Tax Deduction & Collection Account No.]	MUMT11594C
PAN No.: [Permanent Account No.]	AACCT0878L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron, Power and Steel
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 13500000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financial are not made available with the government department. As per previous year’s record, the company performance seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with some cautions.

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	CARE
Rating	LONG TERM BANK FACILITIES : CARE BB+
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	January, 2012

Rating Agency Name	CARE
Rating	SHORT TERM BANK FACILITIES : CARE A4+
Rating Explanation	Having minimal degree of safety regarding timely payments of financial obligation it carry very high credit risk and are susceptible to default.
Date	January, 2012

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 :	Raheja Centre, Off No. 4214, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22841414
Fax No.:	91-22-22840211/22880141
E-Mail :	mailadmin@topworthgroup.com shailesh.rajadhyaksha@tatacapital.com secretarial@topworthgroup.com
Website :	http://www.topworthgroup.com
Corporate Office :	308, 3^rd Floor, Ceejay House, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24812000
Fax No.:	91-22-24812122
Works :	Borai Industrial Growth Centre, Village Rasmada, District Durg - 491001, Chattisgarh, India
Tel. No.:	91-788-2617357/2617362/2617363/2617364/2617210
Fax No.:	91-788-2617358
E-Mail :	topworthsteels@yahoo.co.in

DIRECTORS

As on 25.09.2012

Name :	Mr. Abhay Narendra Lodha
Designation :	Chairman
Address :	602, Vaitarna, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai – 400030, Maharashtra, India
Date of Birth/Age :	01.06.1971
Date of Appointment :	01.04.2009
DIN No.:	00052194

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	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14/06/2000	14/06/2000	04/02/2012	Active	YES
2	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	01/05/2011	18/05/2004	-	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18/08/2004	18/08/2004	31/12/2011	Active	YES
4	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
5	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
6	U51100MH1999PTC121425	POSCHO STEELS PRIVATE LIMITED	Director	02/05/2005	02/05/2005	04/02/2012	Active	YES
7	U63040MH2003PTC142659	BENREEZA TRAVEL SERVICES PRIVATE LIMITED	Director	16/05/2005	16/05/2005	-	Active	NO
8	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
9	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	09/06/2006	09/06/2006	-	Active	YES
10	L67120MH1982PLC026924	SUPREME HOLDINGS AND HOSPITALITY (INDIA) LIMITED	Director	19/06/2006	19/06/2006	08/09/2011	Active	NO
11	U51909MH2006PTC163344	ROYALWAYS TRADING AND INVESTMENT SERVICES PRIVATE LIMITED	Director	27/07/2006	27/07/2006	03/03/2008	Amalgamated	NO
12	U63011MH2006PTC163690	AVICORE CARGO PRIVATE LIMITED	Director	09/08/2006	09/08/2006	-	Active	YES
13	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	21/08/2007	12/02/2007	-	Active	NO
14	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Managing director	01/04/2009	01/04/2007	-	Active	NO
15	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
16	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	26/04/2008	26/04/2008	-	Active	NO
17	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Active	NO
18	U14200MH2008PTC182964	TOPWORTH METALS AND ENERGY PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO
19	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
20	L28999GJ1992PLC018570	GUJARAT FOILS LIMITED	Managing director	14/05/2011	14/07/2008	-	Active	NO
21	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
22	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
23	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	-	Active	NO
24	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
25	U93000DL2010NPL198079	TOPWORTH FOUNDATION FOR SOCIAL DEVELOPMENT	Director	18/01/2010	18/01/2010	-	Active	NO
26	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
27	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
28	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
29	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
30	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
31	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
32	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
33	U74210DL2009PTC188932	GFL INFRA PRIVATE LIMITED	Director	10/09/2010	10/08/2010	-	Active	NO
34	U63090WB1994PTC066715	ANIKA TIE-UP PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
35	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO
36	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
37	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
38	U45201MH2012PTC230590	TOPWORTH INDUSTRIAL PARK PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO

Name :	Mr. Nitin Golchha
Designation :	Director
Address :	SM 59, Ward – 43, Padmanbhpur, Durg – 491001, Chhattisgarh, India
Date of Birth/Age :	13.09.1978
Date of Appointment :	02.01.2006
DIN No.:	01669634

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	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	02/01/2006	02/01/2006	-	Active	NO
2	U27106CT2002PTC015375	SATYARTH STEEL AND POWER PRIVATE LIMITED	Director	19/03/2007	19/03/2007	-	Active	NO
3	U62694CT1991PTC006301	BHILAI CEMENT COMPANY PRIVATE LIMITED	Director	16/01/2012	16/01/2012	-	Active	NO

Name :	Mr. Ashwin Narendra Lodha
Designation :	Additional Director
Address :	603, Vaitarna, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai – 400030, Maharashtra, India
Date of Appointment :	10.05.2010
DIN No.:	00066948

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	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14/06/2000	14/06/2000	26/05/2012	Active	YES
2	U51909MH2001PTC133035	AKSHATA MERCANTILE PRIVATE LIMITED	Whole-time director	01/04/2009	27/09/2002	03/05/2012	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18/08/2004	18/08/2004	31/01/2012	Active	YES
4	U70100MH2005PTC157373	RIYA REAL ESTATES PRIVATE LIMITED	Director	17/11/2005	17/11/2005	-	Active	NO
5	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
6	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	YES
7	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	25/08/2010	12/02/2007	-	Active	NO
8	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	05/05/2007	05/05/2007	-	Active	NO
9	U70100MH1982PTC027614	PARISHRAM PROPERTIES PRIVATE LIMITED	Director	31/08/2007	31/08/2007	-	Amalgamated	NO
10	U51900MH1982PTC027434	DILSHAD TRADING CO PRIVATE LIMITED	Director	29/09/2007	29/09/2007	24/11/2011	Active	NO
11	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
12	U40108MH2008PTC179667	TOPWORTH POWER PRIVATE LIMITED	Director	04/03/2008	04/03/2008	-	Active	NO
13	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
14	U14200MH2008PTC182964	TOPWORTH METALS AND ENERGY PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO
15	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
16	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
17	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
18	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	25/09/2009	11/05/2009	-	Active	NO
19	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	-	Active	NO
20	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
21	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
22	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
23	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
24	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	30/09/2010	10/05/2010	-	Active	NO
25	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
26	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
27	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
28	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
29	U63090WB1994PTC066715	ANIKA TIE-UP PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
30	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO
31	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
32	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
33	U45201MH2012PTC230590	TOPWORTH INDUSTRIAL PARK PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO
34	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Additional director	07/06/2012	07/06/2012	-	Active	NO

Name :	Mr. Surendra Champalal Lodha
Designation :	Director
Address :	Narayandevi Shopping Complex, Pushpalata Bendale Chowk, Jalgaon - 425001, Maharashtra, India
Date of Appointment :	10.05.2010
DIN No.:	00044782

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	U51420PN2005PTC021380	AKSHATA SALES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	26/08/2009	Active	NO
2	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Whole-time director	28/02/2008	14/03/2006	-	Active	NO
3	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	12/02/2007	12/02/2007	01/08/2008	Active	NO
4	U27106CT2002PTC015375	SATYARTH STEEL AND POWER PRIVATE LIMITED	Director	22/06/2007	22/06/2007	10/08/2011	Active	NO
5	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
6	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
7	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
8	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Additional director	22/12/2011	22/12/2011	-	Active	NO
9	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Additional director	22/12/2011	22/12/2011	-	Active	NO
10	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Additional director	22/12/2011	22/12/2011	-	Active	NO
11	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Additional director	22/12/2011	22/12/2011	-	Active	NO
12	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Additional director	20/01/2012	20/01/2012	-	Active	NO
13	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO
14	U65993MH2012PLC229356	PURPLE INDIA HOLDINGS LIMITED	Director	09/04/2012	09/04/2012	07/05/2012	Active	NO
15	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
16	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
17	U45201MH2012PTC230590	TOPWORTH INDUSTRIAL PARK PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Names of Shareholders	No. of Shares
Abhay Narendra Lodha	1
Crest Steel and Power Private Limited, India	46908845
Total	46908846

List of Allottees

As on 30.03.2012

Names of Allottees	No. of Shares Allotted
Crest Steel and Power Private Limited, India	20915000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron, Power and Steel

Products :

Product Description	Item Code No.:
Sponge Iron	72031000
MS Billets	72071920
TNT Bars	72165000
Power	--

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Sponge Iron	MT	165,000	143250.430
MS Billets	MT	144,000	131165.700
MS Structure	MT	144,000	82995.532
Power	Units	144000000	159522655

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of Patiala, Commercial Branch, Atlanta, 1^st Floor, Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

• State Bank of India, Backbay Reclamation Branch, Ground Floor, Raheja Chambers, Free Press Journal Road, Nariman Point, Mumbai – 400021, Maharashtra, India

• Oriental Bank of Commerce, Ground Floor, Dalamal Towers, Nariman Point, Mumbai – 400021, Maharashtra, India

• Punjab National Bank, Large Corporate Branch, Maker Tower – E, Cuffe Parade, Mumbai – 400005, Maharashtra, India

• State Bank of Hyderabad, 11 – C, Mittal Tower, 1^st Floor, 210, Nariman Point, Mumbai – 400021, Maharashtra, India

• Canara Bank, Fort Main Branch, Warden House, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India

• Central Bank of India, Industrial Finance Branch, Chander Mukhi, Nariman Point, Mumbai – 400021, Maharashtra, India

Financial Services :

• Ge Capital Transportation Financial Services Limited, Aifacs Building, 1, Rafi Marg, New Delhi – 110001, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loans from Banks	982.070	952.583
Rupee Term Loans Financial from Institutions	149.179	8.471
Working Capital Loans from Banks	1039.183	685.972
Total	2170.432	1647.026
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other Debt	1774.608	1669.705
Total	1774.608	1669.705

Banking Relations :	--
Auditors :
Name :	Jain and Chhoriya Chartered Accountants
Address :	59 Gaya Building, 4th Floor, Yusuf Mehar Ali Road, Masjid Bunder, Mumbai - 400003, Maharashtra, India
Mobile No.:	91-9320278797
Fax No.:	suniljain_ca@yahoo.com
PAN No.:	AADFJ9495M
Holding Company :	Crest Steels and Power Private Limited CIN NO.: U27109CT2004PTC016643
Subsidiaries :	Topworth Energy Private Limited CIN NO.: U40108MH2007PTC167396 Topworth Energy Mozambique Limited Topwoth Metals South Africa Proprietary Limited Topworth Steels and Power Singapore Pte Limited Topworth International Steels Dmcc, Dubai

CAPITAL STRUCTURE

After 25.09.2012

Authorised Capital : Rs.820.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.807.469 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
47000000	Equity shares	Rs.10/- each	Rs.470.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46908846	Equity shares	Rs.10/- each	Rs.469.088 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		469.088	428.350	673.760
2] Share Application Money		999.000	0.000	0.000
3] Reserves & Surplus		1929.863	1211.632	832.586
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3397.951	1639.982	1506.346
LOAN FUNDS
1] Secured Loans		2170.432	1647.026	1640.916
2] Unsecured Loans		1774.608	1669.705	616.705
TOTAL BORROWING		3945.040	3316.731	2257.621
DEFERRED TAX LIABILITIES		327.512	281.673	149.086
TOTAL		7670.503	5238.386	3913.053
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2940.114	2930.107	1820.993
Capital work-in-progress		382.386	159.087	867.580
INVESTMENT		1434.958	184.101	53.481
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4123.631	2114.250	1576.715
	Sundry Debtors	3216.004	2720.128	967.335
	Cash & Bank Balances	24.271	15.721	31.062
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1863.120	1521.117	991.772
Total Current Assets		9227.026	6371.216	3566.884
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5948.226	4181.551	1549.841
	Other Current Liabilities	164.884	91.447	797.123
	Provisions	202.204	134.753	50.838
Total Current Liabilities		6315.314	4407.751	2397.802
Net Current Assets		2911.712	1963.465	1169.082
MISCELLANEOUS EXPENSES		1.333	1.626	1.917
TOTAL		7670.503	5238.386	3913.053

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	13486.200	9626.093	6226.617
		Other Income		35.309	34.587
		TOTAL (A)	13486.200	9661.402	6261.204
Less	EXPENSES
		Cost of Raw Materials Consumed	12202.300	2047.110	2194.528
		Stores & Spares Consumed		72.406	67.228
		Purchase of Finished Goods - Trading		5742.884	2626.566
		Manufacturing Expenses		528.716	367.244
		Excise Duty & Taxes		322.884	430.808
		Employees Cost & Benefits		95.536	61.863
		Selling & Administrative Expenses		70.958	85.006
		Preliminary Expenses Written off		0.292	0.292
		Increase / (Decrease) in Stock		(58.321)	(241.369)
		TOTAL (B)	12202.300	8822.465	5592.166
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1283.900	838.937	669.038
Less	FINANCIAL EXPENSES (D)		650.500	378.768	329.359
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		633.400	460.169	339.679
Less/ Add	DEPRECIATION/ AMORTISATION (F)		160.700	138.688	86.700
	PROFIT BEFORE TAX (E-F) (G)		472.700	321.481	252.979
Less	TAX (H)		(21.500)	187.845	106.726
	PROFIT AFTER TAX (G-H) (I)		494.200	133.636	146.253
	Earnings Per Share (Rs.)		10.54	3.45	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.00	1.38	2.34
Net Profit Margin (PBT/Sales)	(%)	NA	3.34	4.06
Return on Total Assets (PBT/Total Assets}	(%)	3.89	3.46	4.70
Return on Investment (ROI) (PBT/Networth)		0.14	0.20	0.17
Debt Equity Ratio (Total Liability/Networth)		3.02	4.71	3.09
Current Ratio (Current Asset/Current Liability)		1.46	1.45	1.49

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	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

AMALGAMATION

The company has filed the petition before the Hon`ble High Court, Mumbai for merger with Holding Company M/s Crest Steels and Power Private Limited (Transferee Company).

CONTINGENT LIABILITY (AS ON 31.03.2011)

Provisions are recognized in the accounts in respect of present probable obligations, the amount of which can be reliably Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence is confirmed by the occurance or non-occurance of one or more uncertain future events not wholly within the control of the company.

Contingent Liabilities not acknowledged for as on 31.03.2011 are as follows : Central Excise and Excise duty 365906/-F.Y. 2007-08 Deputy Commissioner, Division II, Bhilai Customs Act, 1944

Name of Statute	Nature of Dues	Amount (Rs. In Millions)	Period to which Notice	Forum where the dispute is pending
Central Excise and Customs Act, 1944	Excise duty	0.413	F.Y. 2005-06	Senior Member - Appeal Branch, CESTAT - Delhi
Central Excise and Customs Act, 1944	Excise duty	0.143	F.Y. 2006-07	Asstt. Commissioner, Division II, Bhilai
Central Excise and Customs Act, 1944	Service tax	0.526	F.Y. 2006-07	CESTAT - Delhi
Central Excise and Customs Act, 1944	Excise duty	0.449	F.Y. 2006-07	CESTAT – Delhi
Central Excise and Customs Act, 1944	Excise duty	14.221	F.Y. 2006-07	Office of Commissioner, Raipur
Central Excise and Customs Act, 1944	Excise duty	4.916	F.Y. 2007-08	Office of Commissioner, Raipur
Central Excise and Customs Act, 1944	Service tax	0.112	F.Y. 2008-09	Office of Commissioner, Raipur
Central Excise and Customs Act, 1944	Excise duty	4.193	F.Y. 2008-09	Office of Commissioner, Raipur
Central Excise and Customs Act, 1944	Excise duty	11.881	F.Y. 2008-09	CESTAT - Delhi
Central Excise and Customs Act, 1944	Excise duty	0.049	F.Y. 2008-09	Deputy Commissioner, Division II, Bhilai
Central Excise and Customs Act, 1944	Service tax	0.128	F.Y. 2009-10	Asstt. Commissioner, Division II, Bhilai
Central Excise and Customs Act, 1944	Excise duty	2.629	F.Y. 2009-10	Office of Commissioner, Raipur
Central Excise and Customs Act, 1944	Excise duty	20.427	F.Y. 2010-11	Office of Commissioner, Raipur

The Company has given Bank Guarantee in favour of Coal India Limited, Kolkata of Rs. 15.410 Millions against Coal linkage.

FIXED ASSETS:

• Land and Building
• Plant and Machinery
• MS Roll
• EOT Crane
• Electric Trolley
• DG Set
• Electrical Installation
• Pollution Control Equipments
• Welding Machine
• Weigh Bridge
• Air Conditioner
• Office Equipments
• Fire Fighting Equipments
• Lab Equipments
• Computer
• Furniture and Fixtures
• Tools and Tackles
• Hand Cart
• Cycle
• Motor Cars
• Vehicles

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.54.84
UK Pound	1	Rs.89.11
Euro	1	Rs.72.47

INFORMATION DETAILS

Report Prepared by :

SPR

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	YES
--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.