MIRA INFORM REPORT

Report Date :

30.01.2012

IDENTIFICATION DETAILS

Name :	NSIL EXPORTS LIMITED
Registered Office :	621, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.04.1994
Com. Reg. No.:	11-141533
Capital Investment / Paid-up Capital :	Rs.20.006 millions
CIN No.: [Company Identification No.]	U51420MH1994PLC141533
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09317A MUMN09356E MUMN08008A
PAN No.: [Permanent Account No.]	AAACN5529J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of all kinds of steel founders, steel makers, convertors, scientific, industrial, surgical instruments, agricultural implements, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1919000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	621, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22886267/ 22025098
Fax No.:	91-22-22025084
E-Mail :	roc_work@hotmail.com
Website :	www.ruchigroup.com/national
Administration Office :	401, Mahakosh House, 7/5, South Tukoganj, Nath Mandir Road, Indore - 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2518167-68-69
Fax No.:	91-731-2516714
E-Mail :	nel_indore@nsilexports.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Santosh Shahra

Designation :

Director

Address :

29, Old Palasia, A.B. Road, Indore – 452 001, Madhya Pradesh, India

Date of Birth/Age :

17.12.1946

Date of Appointment :

09.04.1994

DIN No.:

00305846

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	U74999MH1979PTC028051	Shahra Brothers Private Limited	Director	19-12-79	19-12-79	-	Active	NO
2	L27100MH1985PLC140379	National Steel and Agro Industries Limited	Managing director	01-07-11	03-03-86	-	Active	NO
3	L27100MH1987PLC142326	Ruchi Strips and Alloys Limited	Director	27-11-89	27-11-89	23-08-10	Active	NO
4	U51200MH1994PTC077085	Shahra Estate Private Limited	Director	15-03-94	15-03-94	-	Active	NO
5	U51420MH1994PLC141533	NSIL Exports Limited	Director	09-04-94	09-04-94	-	Active	NO
6	U40105MP1994PLC008600	Ruchi Power Corporation Limited	Director	08-09-94	08-09-94	-	Active	NO
7	U65921MP1995PLC009355	NSIL Finance Limited	Director	27-04-95	27-04-95	-	Active	NO
8	U27100MH1995PLC091905	Ruchi Integrated Steels (India) Limited	Director	17-08-95	17-08-95	-	Active	NO
9	U40108MP1998PLC012831	NSIL Power Limited	Director	15-05-98	15-05-98	-	Active	NO
10	U72100MH2000PLC123442	NSIL Infotech Limited	Director	03-01-00	03-01-00	-	Active	NO
11	U45200MH1995PLC090807	Shreeyam Power and Steel Industries Limited	Director	10-06-04	10-06-04	-	Active	NO
12	U51909MH2003PTC140403	Nutrela Marketing Private Limited	Director	26-08-05	26-08-05	-	Active	NO
13	U51900MH2009PTC196719	Shriyam Industries Private Limited	Director	28-10-09	28-10-09	-	Active	NO
14	U70102MH2010PTC200122	Sadeepan Infraprojects Private Limited	Director	13-08-11	02-03-10	26-09-11	Active	NO
15	U72200MH2010PTC199521	Ritu Technology Private Limited	Director appointed in casual vacancy	02-03-10	02-03-10	26-09-11	Active	NO

Name :

Mr. Ravi Kumar Soni

Designation :

Director

Address :

II-K/37, Lajpat Nagar, New Delhi – 110 024, India

Date of Birth/Age :

28.12.1949

Date of Appointment :

28.09.2000

DIN No.:

00203888

Name :

Mr. Ashok Kumar Sharma

Designation :

Director

Address :

76, Vinay Nagar, Opposite Nemi Nagar Jain Colony, RTO Road, Indore – 452 001, Madhya Pradesh, India

Date of Birth/Age :

21.09.1956

Date of Appointment :

13.10.2003

DIN No.:

00936007

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	U51420MH1994PLC141533	NSIL Exports Limited	Director	13-10-03	13-10-03	-	Active	NO
2	U70100MH1995PTC087659	Morya Erectors Private Limited	Managing director	01-10-07	07-11-03	01-06-11	Active	NO
3	U65921MP1995PLC009355	NSIL Finance Limited	Director	22-03-04	22-03-04	01-06-11	Active	NO
4	U45201MP2004PTC016465	Divine Infracreation and Trading Private Limited	Director	05-06-07	05-06-07	01-06-11	Active	NO
5	L27100MH1985PLC140379	National Steel and Agro Industries Limited	Additional director	17-12-10	17-12-10	19-04-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kailash Chandra Shahra	40
Santosh Kumar Shahra	40
A.C. Patel	40
Suresh Shahra	40
Manish Shahra	40
Umesh Shahra	40
Ashok Sharma	40
National Steel Industries Limited, India	320
Ruchi Power Corporation Limited, India	520000
Ruchi Integrated Steels (India) Limited, India	600000
NSIL Power Limited, India	400000
NSIL Finance Limited, India	280000
Divine lnfracreation and Trading Private Limited, India	100000
NSIL lnfotech Limited, India	100000
Total	2000600

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of all kinds of steel founders, steel makers, convertors, scientific, industrial, surgical instruments, agricultural implements, etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

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

v HDFC Bank Limited

v IndusInd Bank Limited, 2401, Gen Thimmayya Road Cantonment, Pune – 411 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee Term Loans Banks Secured	145.726	276.629
Total	145.726	276.629

Banking Relations :	--
Auditors :
Name :	Manoj Khatri and Company Chartered Accountants
Address :	218, Silver Sanchora Castle, 7-8, R.N.T. Marg, Indore – 452 001, Madhya Pradesh, India
PAN No.:	AAOFM2409D
Other Related Parties :	v Ruchi Power and Steel Industries Limited v National Steel and Agro Industries Limited v NSIL InfoTech Limited, India v NSIL Power Limited, India v Shahra Brothers Private Limited v Ruchi Integrated Steel (India) Limited, India v Ruchi Power Corporation Limited, India v Shri Mahadeo Shahra Sukrat Trust v NSIL Finance Limited, India

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000600	Equity Shares	Rs.10/- each	Rs.20.006 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		20.006	20.006	20.006
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		459.851	411.928	367.197
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		479.857	431.934	387.203
LOAN FUNDS
1] Secured Loans		145.726	276.629	270.822
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		145.726	276.629	270.822
DEFERRED TAX LIABILITIES		0.224	0.268	0.213
TOTAL		625.807	708.831	658.238
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.833	11.598	3.495
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.000	5.000	5.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	345.542	376.437	193.071
	Sundry Debtors	400.321	368.142	531.610
	Cash & Bank Balances	157.553	209.789	90.698
	Other Current Assets	3.371	8.418	0.000
	Loans & Advances	290.247	15.443	153.387
Total Current Assets		1197.034	978.229	968.766
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	526.028	269.200	299.543
	Other Current Liabilities	44.477	10.937	14.615
	Provisions	15.555	5.859	4.865
Total Current Liabilities		586.060	285.996	319.023
Net Current Assets		610.974	692.233	649.743
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		625.807	708.831	658.238

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	3147.284	2992.549	2557.744
		Other Income	0.000	0.000	0.000
		TOTAL (A)	3147.284	2992.549	2557.744
Less	EXPENSES
		Consumption materials changes inventories	2981.301	2792.664	2424.779
		Employee related expenses	4.531	4.412	5.035
		Administrative selling other expenses	56.864	100.663	44.490
		TOTAL (B)	3042.696	2897.739	2474.304
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		104.588	94.810	83.440
Less	INTEREST FINANCIAL CHARGES (D)		23.361	21.468	24.452
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		81.227	73.342	58.988
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.508	0.756	0.679
	PROFIT BEFORE TAX (E-F) (G)		79.719	72.586	58.309
Less	TAX (H)		31.797	27.854	25.608
	PROFIT AFTER TAX (G-H) (I)		47.922	44.732	32.701
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		270.872	226.140	193.439
	BALANCE CARRIED TO THE B/S		318.794	270.872	226.140
	EARNINGS IN FOREIGN CURRENCY		NA	1143.821	739.585
	VALUE OF IMPORTS ON CIF BASIS		NA	424.502	672.686
	Earnings Per Share (Rs.)		23.95	22.36	16.35

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.52	1.49	1.28
Net Profit Margin (PBT/Sales)	(%)	2.53	2.43	2.28
Return on Total Assets (PBT/Total Assets}	(%)	6.61	7.33	6.00
Return on Investment (ROI) (PBT/Networth)		0.17	0.17	0.15
Debt Equity Ratio (Total Liability/Networth)		1.53	1.30	1.52
Current Ratio (Current Asset/Current Liability)		2.04	3.42	3.04

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from 401, Mahakosh House, 7/5, South Tukoganj, Nath Mandir Road, Indore - 452 001, Madhya Pradesh to the present address w.e.f. 21.04.2003.

FORM 8:

Corporate identity number of the company	U51420MH1994PLC141533
Name of the company	NSIL EXPORTS LIMITED
Address of the registered office or of the principal place of business in India of the company	621, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: roc_work@hotmail.com
This form is for	Modification of charge
Charge identification number of the modified	80057440
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	IDBI Bank Limited, Specialized Corporate Branch, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia, Indore – 452 001, Madhya Pradesh, India E-Mail: s.ashutosh@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation and Facility Agreement executed on 26.10.2010 to secure the repayment of enhanced working capital facility of Rs.357.000 millions duly.
Date of instrument Creating the charge	26.10.2010
Amount secured by the charge	Rs.357.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: EPC/FBD: @BBR + 2.75% p.a. {Bank's Base Rate (BBR) is presently @ 8.50% p.a.} PCFC/EBR : as per RBI Guideline LC/BC : @ 1.00 % p.a. (all inclusive) Terms of Repayment: EPC/FBD: Max. 270 Days PCFC/ EBR : As per RBI guidelines LC/BC : Maximum 180 days Margin: EPC: 10% of order value/ contract amount LC : Nil Extent and Operation of the charge: First charge by way of hypothecation of entire current assets (both present and future), book debts and all other movable assets of the Company including documents of title deeds of goods, outstanding money receivables etc.
Short particulars of the property charged	Hypothecation of Company's entire present and future goods, book-debts and other movable assets.
Date of latest modification prior to the present modification	03.12.2009
Particulars of the present modification	Credit facilities of Rs.260.000 millions granted by IDBI Bank Limited now has been enhanced to Rs.357.000 millions on the terms and conditions mentioned in the Deed of Hypothecation and Facility Agreement dated 26.10.2010.

FIXED ASSETS:

v Land

v Computer

v Office Equipment

v Vehicle

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.49.65
UK Pound	1	Rs.77.80
Euro	1	Rs.65.05

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.