MIRA INFORM REPORT

Report Date :

27.06.2012

IDENTIFICATION DETAILS

Name :	HIRA POWER AND STEELS LIMITED (w.e.f. 02.01.2007)
Formerly Known As :	HIRA GLOBAL POWER AND STEELS LIMITED (W.e.f. 08.08.2006) JAIN CARBIDE AND CHEMICALDS LIMITED
Registered Office :	557, 563 Urla Industrial Area, Raipur - 493221, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.07.1984
Com. Reg. No.:	10-002512
Capital Investment / Paid-up Capital :	Rs.43.991 Millions
CIN No.: [Company Identification No.]	U24117CT1984PLC002512
TAN No.: [Tax Deduction & Collection Account No.]	JBPJ004218
PAN No.: [Permanent Account No.]	AABCJ0138Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Ferro Alloys Products, Generation of Electricity and Mining Activity
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 4500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory tract. 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 business dealing 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 :	557, 563 Urla Industrial Area, Raipur-493221, Chhattisgarh, India
Tel. No.:	91-771-2323018 / 4082500 / 4082600
Fax No.:	91-771-4082501
E-Mail :	sanjaykedia@hpslindia.com ycrao65@gmail.com
Website :	http://www.hiragroupindia.com
Corporate Office :	Om Kutir, civil Lines, Raipur - 493111, Chattisgarh, India
Tel. No.:	91-771-2429464
Fax No.:	91-771-2430531
E-Mail :	City_office@hpslindia.com

DIRECTORS

As on 31.03.2011

Name :

Mr. Om Prakash Agrawal

Designation :

Managing Director

Address :

Om Kutir, civil Lines, Raipur - 493111, Chattisgarh, India

Date of Birth/Age :

15.03.1952

Date of Appointment :

01.04.2008

DIN No.:

00839197

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	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Managing director	1/4/2008	25/11/1985	-	Active	NO
2	U45202CT1988PTC004456	SWASTIC FARMS PRIVATE LIMITED	Director	23/03/1988	23/03/1988	-	Active	NO
3	U65921CT1993PTC007505	TIRTHYATRA INVESTMENTS AND PROPERTIES PRIVATE LIMITED	Director	8/2/1993	8/2/1993	4/2/2008	Active	NO
4	U65921CT1993PTC007507	REVRO REAL ESTATE AND FINANCE PRIVATE LIMITED	Director	8/2/1993	8/2/1993	-	Active	NO
5	U65921CT1993PTC007506	EVRRO PROPERTIES AND FINANCE PRIVATE LIMITED	Director	8/2/1993	8/2/1993	-	Active	NO
6	U01122CT1988PLC004457	ARIHANT FARMS LIMITED	Director	8/2/1993	8/2/1993	-	Active	NO
7	U65921CT1993PTC007509	ANTARDHARA PROPERTIES AND FINANCE PRIVATE LIMITED	Director	9/2/1993	9/2/1993	4/2/2008	Active	NO
8	U65921CT1993PTC007510	PARMANAND INVESTMENT AND PROPERTIES PRIVATE LIMITED	Director	9/2/1993	9/2/1993	4/2/2008	Active	NO
9	U10102WB1947PTC015926	STYLOWEAR PRIVATE LIMITED	Director	20/04/1993	20/04/1993	-	Active	NO
10	U65921CT1993PTC007907	ALOKIK FINANCE AND INVESTMENT PRIVATE LIMITED	Director	6/10/1993	6/10/1993	-	Active	NO
11	U65921CT1993PTC007908	EKTAVIHAR FINANCE AND INVESTMENT PRIVATE LIMITED	Director	6/10/1993	6/10/1993	-	Active	NO
12	U27101GA1997PTC002349	EKTA METALS PRIVATE LIMITED	Director	30/05/1997	30/05/1997	-	Active	NO
13	U02710CT2004PLC016332	HIRA GLOBAL MARKETING LIMITED	Director	14/01/2004	14/01/2004	-	Active	NO
14	U27104CT2004PLC016362	HIRA GLOBAL LIMITED	Director	29/01/2004	29/01/2004	-	Active	NO
15	U27104CT2004PLC016354	HIRA GLOBAL ALLOYS LIMITED	Director	29/01/2004	29/01/2004	-	Active	NO

Name :

Mr. Vikas Agrawal

Designation :

Whole Time Director

Address :

Om Kutir, civil Lines, Raipur - 493111, Chattisgarh, India

Date of Birth/Age :

06.12.1980

Date of Appointment :

04.06.2003

DIN No.:

01075816

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	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Whole-time director	1/4/2009	4/6/2003	-	Active	NO
2	U02710CT2004PLC016332	HIRA GLOBAL MARKETING LIMITED	Director	14/01/2004	14/01/2004	-	Active	NO
3	U27104CT2004PLC016362	HIRA GLOBAL LIMITED	Director	29/01/2004	29/01/2004	-	Active	NO
4	U27104CT2004PLC016354	HIRA GLOBAL ALLOYS LIMITED	Director	29/01/2004	29/01/2004	-	Active	NO
5	U45201CT2008PLC020839	KAVISH BUILDCON LIMITED	Director	1/9/2008	1/9/2008	-	Active	NO
6	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	30/09/2010	27/10/2009	-	Active	NO
7	U70101CT1990PTC005972	DOLPHIN HOLDINGS & REAL ESTATE PRIVATE LIMITED	Director	29/09/2011	1/7/2011	-	Active	NO
8	U27109AP2007PTC052498	RVR SMELTERS PRIVATE LIMITED	Additional director	7/12/2011	7/12/2011	-	Active	NO
9	U10100CT2012PLC000384	NAGA COAL MINES (INDIA) LIMITED	Director	4/6/2012	4/6/2012	-	Active	NO

Name :

Mr. Rahul Agrawal

Designation :

Whole Time Director

Address :

Om Kutir, civil Lines, Raipur - 493111, Chattisgarh, India

Date of Birth/Age :

27.06.1983

Date of Appointment :

31.03.2004

DIN No.:

00495027

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	U02710CT2004PLC016332	HIRA GLOBAL MARKETING LIMITED	Director	14/01/2004	14/01/2004	-	Active	NO
2	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Whole-time director	1/4/2011	31/03/2004	-	Active	NO
3	U27104CT2004PLC016362	HIRA GLOBAL LIMITED	Director	15/06/2005	15/06/2005	-	Active	NO
4	U27104CT2004PLC016354	HIRA GLOBAL ALLOYS LIMITED	Director	19/09/2005	19/09/2005	-	Active	NO
5	U45201CT2008PLC020839	KAVISH BUILDCON LIMITED	Director	1/9/2008	1/9/2008	-	Active	NO
6	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	29/09/2010	27/10/2009	-	Active	NO
7	U27109AP2007PTC052498	RVR SMELTERS PRIVATE LIMITED	Additional director	1/8/2011	1/8/2011	-	Active	NO
8	U10100CT2012PLC000384	NAGA COAL MINES (INDIA) LIMITED	Director	4/6/2012	4/6/2012	-	Active	NO

Name :

Mr. Alok Agrawal

Designation :

Director

Address :

Sushila, 5. Park Avenue, Choubey Colony, Raipur - 492001 Chattisgarh, India

Date of Birth/Age :

05.07.1968

Date of Appointment :

29.10.2009

DIN No.:

00494805

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	U27101GA1997PTC002350	ALOK ALLOYS PRIVATE LIMITED	Director	30/05/1997	30/05/1997	-	Active	NO
2	U40107CT2003PLC015542	HIRA ENERGY LIMITED	Director	3/11/2003	3/11/2003	8/8/2011	Active	NO
3	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Managing director	1/4/2008	1/3/2004	-	Active	NO
4	U07010CT2004PTC017137	ALOK REALTY PRIVATE LIMITED	Director	3/12/2004	3/12/2004	-	Active	NO
5	U07010CT2004PTC017139	AMIT REAL ESTATE PRIVATE LIMITED	Director	30/09/2006	19/05/2006	-	Active	NO
6	U13100CT2006PTC020005	JAGADAMBA MINES PRIVATE LIMITED	Director	5/6/2006	5/6/2006	-	Active	NO
7	U40109CT2006PLC020063	HIM SAGAR ENERGY LIMITED	Director	30/08/2006	30/08/2006	-	Active	NO
8	U10101CT2006PLC020065	HIM SAGAR MINERALS LIMITED	Director	31/08/2006	31/08/2006	-	Active	NO
9	U31102CT2004PLC017093	SAGAR ENERGY AND STEELS LIMITED	Director	30/09/2008	30/04/2008	-	Active	NO
10	U45202CT2008PTC020729	RICHA REALCON PRIVATE LIMITED	Director	27/06/2008	27/06/2008	30/07/2011	Active	NO
11	U45201CT2008PTC020728	JAGDAMBA REALCON PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
12	U45202CT2008PTC020727	JAGDISH REALTY PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Converted to LLP and dissolved	NO
13	U40100CT2008PLC020819	JAGDAMBA URJA LIMITED	Director	22/08/2008	22/08/2008	-	Converted to LLP and dissolved	NO
14	U40100CT2008PLC020818	JAGDAMBA VIDYUT LIMITED	Director	22/08/2008	22/08/2008	-	Active	NO
15	U40108CT2008PLC020817	JAGDAMBA TRANSMISSION AND POWER LIMITED	Director	22/08/2008	22/08/2008	-	Converted to LLP and dissolved	NO

Name :

Mr. Subhash Mahendru

Designation :

Director

Address :

B-2, HIG, MPHB Colony, Raipurnaka, Durg – 491001, Chattisgarh, India

Date of Birth/Age :

10.02.1952

Date of Appointment :

21.06.2004

DIN No.:

01355122

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	U27106CT1999PLC013534	R.R.ISPAT LIMITED	Director	1/1/2000	1/1/2000	31/01/2009	Amalgamated	NO
2	U27104CT2004PLC016354	HIRA GLOBAL ALLOYS LIMITED	Director	19/03/2004	19/03/2004	-	Active	NO
3	U02710CT2004PLC016332	HIRA GLOBAL MARKETING LIMITED	Director	19/03/2004	19/03/2004	-	Active	NO
4	U27104CT2004PLC016362	HIRA GLOBAL LIMITED	Director	5/4/2004	5/4/2004	5/2/2008	Active	NO
5	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Director	21/06/2004	21/06/2004	-	Active	NO
6	U40101CT2007PLC020212	ARYA ENERGY LIMITED	Director	1/4/2007	1/4/2007	1/1/2008	Active	NO

Name :

Mr. P. K. Kharpate

Designation :

Director

Address :

28/12, Mahamaya Road, Aminpara, Raipur - 492001, Chattisgarh, India

Date of Birth/Age :

13.11.1949

Date of Appointment :

01.04.2008

DIN No.:

02320502

Name :

Mr. Om Prakash Goyal

Designation :

Director

Address :

21/466, Kewal Cottage opp. Saggar Nursing Home Civil Lines Raipur- 492001, Chattisgarh, India

Date of Birth/Age :

28.06.1954

Date of Appointment :

11.08.2008

DIN No.:

02320467

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	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Whole-time director	1/10/2011	11/8/2008	-	Active	NO
2	U15312CT2009PTC021002	SARDA RICETEC INDIA PRIVATE LIMITED	Director	6/1/2009	6/1/2009	-	Active	NO

Name :

Mr. Kamal Keshore Gulati

Designation :

Director

Address :

C-704, 7th Floor, Gorai Shivsambhu, Borivali (West), Mumbai - 400 092, Maharashtra, India

Date of Birth/Age :

28.02.1959

Date of Appointment :

11.08.2008

DIN No.:

02332912

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Names of Shareholders	No. of Shares
O.P. Agrawal	2108800
O.P. Agrawal (Huf)	477450
Rajdevi Agrawal	48650
Ekta Agrawal	30100
Vikas Agrawal	822000
Rahul Agrawal	829000
Stylowear Private Limited, India	19000
Revro Real Estate and Finance Private Limited, India	6500
Evero Properties and Finance Private Limited, India	2500
Antral Finance and Investment Private Limited, India	12100
Hira Global Alloys Limited, India	43000
Total	4399100

As on 31.03.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	1.89
Directors or relatives of Directors	98.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Ferro Alloys Products, Generation of Electricity and Mining Activity

Products :

Description of Product or Services	ITC Code
Ferro Manganese	72021100
Silico Manganese	72023000

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Unit	Installed Capacity
Ferro Alloys:
Silico Manganese	MT	41000
Ferro Manganese	MT	46000
Ferro Silicon	MT	30000
Pig Iron	MT	45000
Power Plant
Power	MW	20

Note

1. The licenced and installed capacity as certified by the management.

2. The installed capacity of Ferro alloys plant depends upon the product manufactured by the Company. The installed capacity mentioned above is based on manufacture of single product I.e. in case of production of Silico Manganese the plant capacity is 35000 TPA and in case of production of Ferro Manganese in capacity is 40000 TPA. In case both the product is manufactured the capacity would vary depending upon the product mix.

Particulars	Unit	Actual Production
Silico Manganese	MT	11531.050
Ferro Manganese	MT	24502.900
Power Generation	In Units	160666201

GENERAL INFORMATION

No. of Employees :

400 (Approximately)

Bankers :

Bank of India, 2^nd Floor, Ravi Bhawan, Sharda Chowk, Raipur - 492001, Chhattisgarh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	(A)123.802	160.018
Rupee term loans financial institutions secured	96.429	139.286
Working capital loans banks secured	(B)616.823	480.367
Other debt secured	(C)15.127	2.170
Total	852.181	781.841
(A) The above Loans are further secured by Personal guarantee of Promoters/ Directors (B) The above Loans are further Secured by Personal guarantee of Promoters/Directors. (C) Other Loans are secured by hypothecation of Vehicles
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks unsecured	(A)146.077	117.324
Deferred sales tax loan unsecured	(B)7.144	9.201
Other debt unsecured	(C)30.000	0.000
Total	183.221	126.525
(A) From Banks secured by pledge of property of other body corporate (B) Sales tax payable (under Sales tax Deferment Scheme) (C) From Body corporate

Banking Relations :
Auditors :
Name :	Mr. O. P. Singhania and Company Chartered Accountants
Address :	"Jds Chambers" 1^st Floor 6 Central Avenue Choube Colony, Raipur - 492001, Chattisgarh, India
PAN.:	AAAFO3891P
Associates:	· Godawari Power and Ispat Limited · Hira Ferro Alloys Limited · Alok Ferro Alloys Limited · Jagdamba Power and Alloys Limited · Hira Steels Limited · Hira Cement Limited · Hira Power and Alloys Limited · Hira Global Marketing Limited · Hira Global Limited · Chhattisgarh Power and Coal Benefication Limited · Hira Global Alloys Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4399100	Equity Shares	Rs.10/- each	Rs.43.991 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		43.991	43.991	43.870
2] Share Application Money		0.000	0.000	1.390
3] Reserves & Surplus		1091.135	899.758	747.143
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1135.126	943.749	792.403
LOAN FUNDS
1] Secured Loans		852.181	781.841	609.791
2] Unsecured Loans		183.221	126.525	15.080
TOTAL BORROWING		1035.402	908.366	624.871
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2170.528	1852.115	1417.274
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		808.543	817.896	694.015
Capital work-in-progress		64.761	35.167	107.918
INVESTMENT		5.426	24.263	25.346
DEFERREX TAX ASSETS		73.001	50.148	31.693
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1209.932	460.765	243.888
	Sundry Debtors	302.651	57.833	23.446
	Cash & Bank Balances	249.711	118.264	76.266
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	288.143	381.139	283.828
Total Current Assets		2050.437	1018.001	627.428
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	689.083	39.951	38.966
	Other Current Liabilities	71.012	17.518	11.676
	Provisions	82.962	46.781	31.468
Total Current Liabilities		843.057	104.250	82.110
Net Current Assets		1207.380	913.751	545.318
MISCELLANEOUS EXPENSES		11.417	10.890	12.984
TOTAL		2170.528	1852.115	1417.274

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2249.242	1327.140	1289.440
		Other Income	47.276	26.396	27.966
		TOTAL (A)	2296.518	1353.536	1317.406
Less	EXPENSES
		Consumption materials changes inventories	1735.034	952.603
		Manufacturing service costs	62.606	42.334	1065.916
		Employee related expenses	54.580	41.004
		Administrative selling other expenses	105.194	47.462
		TOTAL (B)	1957.414	1083.403	1065.916
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		339.104	270.133	251.490
Less	FINANCIAL EXPENSES (D)		68.792	59.907	62.190
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		207.312	210.226	189.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.798	43.599	40.888
	PROFIT BEFORE TAX (E-F) (G)		219.514	166.627	148.412
Less	TAX (H)		22.066	9.954	2.085
	PROFIT AFTER TAX (G-H) (I)		197.448	156.673	146.327
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		674.467	522.941	381.746
Less	APPROPRIATIONS
		Adjustment For Employees Benefit as per Transitional Prov	0.941	0.000	0.000
		Dividend	4.399	4.399	4.387
		Tax on Dividend	0.731	0.748	0.745
	BALANCE CARRIED TO THE B/S		856.844	674.467	522.941
	EARNINGS IN FOREIGN CURRENCY		18.926	NA	NA
	TOTAL IMPORTS		1321.307	234.133	NA
	Earnings Per Share (Rs.)		44.88	35.67	33.35

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.60	11.58	11.11
Net Profit Margin (PBT/Sales)	(%)	9.76	12.56	0.11
Return on Total Assets (PBT/Total Assets}	(%)	7.68	8.61	0.11
Return on Investment (ROI) (PBT/Networth)		0.19	0.18	0.19
Debt Equity Ratio (Total Liability/Networth)		1.65	1.07	0.89
Current Ratio (Current Asset/Current Liability)		2.43	9.76	7.64

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

REVIEW OF OPERATIONS

The Company registered Net Sales of Rs.2249.242 Millions in comparison to Rs.1327.140 Millions during the previous year, registering a growth of 69.48 %. The Company improved its financial performance substantially during the year by registering EBIDTA of Rs.339.104 Millions as compared to Rs.270.133 Millions during the previous financial year. The Company recorded Net Profit after Tax of Rs.197.448 Millions in comparison to Rs. 156.673 Millions during the previous year, resulting in an increase of 26.02%.

During the year, the Company has produced 11531.050 MTs of Silico Manganese, 24502.900 MTs of Ferro Manganese and generated 160666201 units of Power, as against 15298.450 MTs of Silico Manganese, 3282.100 MTs of Ferro Manganese and 140206100 units of Power during the previous year

CONTINGENT LIABILITIES NOT PROVIDED FOR

Rs, In Millions

Particular	31.03.2011	31.03.2010
Entry Tax	0.067	0.067
Commercial Tax	5.055	4.360
Excise Duty	45.667	57.823
Bank Gaurantee	117.603	26.583
Claims not acknowledge as debts	0.000	8.657

Bankers Charges Report as per Registry

Corporate identity number of the company	U24117MP1984PLC002512
Name of the company	HIRA POWER AND STEELS LIMITED
Address of the registered office or of the principal place of business in India of the company	557, 563 Urla Industrial Area, Raipur-493221, Chhattisgarh, India ycrao65@gmail.com
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of India, 2^nd Floor, Ravi Bhawan, Sharda Chowk, Raipur - 492001, Chhattisgarh, India raipur.raipur@bankofindia.co.in
Nature of instrument creating charge	Hypothecation cum loan agreement
Date of instrument Creating the charge	09.02.2011
Amount secured by the charge	Rs. 375.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Commission / Charge for LC: 50% of applicable charges + Service Tax Normal Charges for Buyers Credit Bank Guarantee Interest: U.S. Prime Rate + 3% for the delayed period. Terms of Repayment LC (DA/DP) 180 days. Buyers Credit 180 days. Margin LC (I/F), BG: 20% (Margin of 20% to be maintained upon availment of Buyers Credit when payment under LC becomes due. Additional margin of 10% of buyers credit amount is to be build up every month, from one month after availment of buyers credit). Extent and Operation of the charge First pari passu charge on all those movable assets (both present and future) consisting of raw materials, stock of semi finished and finished goods. Second pari passu charge on all those fixed assets consisting of Plant, Machineries and other fixed assets etc. for Working Capital Limit.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First pari passu charge on all those movable assets (both present and future) consisting of raw materials, stock of semi finished and finished goods, and Second pari passu charge on all those fixed assets consisting of Plant, Machineries and other fixed assets etc. for Working Capital Limit, all situated at Urla Industrial Complex, Raipur, Chhattisgarh.

Fixed Assets

· Free hold land

· Building

· Plant machinery

· Office equipments

· Computer equipments

· Furniture fixtures,

· Vehicles

Website Details

Company Profile

To give strength to all grades of Steel, some additives are added during Steel production. They add that strength to Steel. They manufactured Ferro Alloys. Being the FIRST Unit in whole of India to manufacture Ferro alloys (Specially Ferro Silicon) in a tiny Furnace with the capacity of 2.5 MVA.

From a small company with a turnover of Rs.20.000 Millions. and 300 MT/Month production in 1987 to a company with a turnover of over Rs.2000.000 Millions. and 5200 MT/Month production, Hira Power and Steels Limited under the leadership of Shri OM Agrawal has grown many folds both value wise and volume wise. This offcourse would not has been possible without the great support of their group companies under the banner of HIRA GROUP.

Hira Power and Steels Limited, promoted by the Agrawal family is a leading player in the Steel Segment in Central India. The Company’s main business interests are in Ferro Alloys, Power and Mining and it has its manufacturing facilities in Chhattisgarh,India, an area known for low cost production of Steel due to the easy availability of Raw Materials, Cheap Labour and Supportive Government Policies.

Currently the company is having 26 MVA Furnance, a Captive Power Plant of 20 MW (with Coal linkage), and mines located in Madhya Pradesh. HPSL has also acquired seven prospecting rights for Manganese Ore in South Africa. Three of the Seven Rights are located at close proximity to the world famous Kalahari Manganese basin.

Another 20 MVA Furnace capacity expansion is already on the cards.

Their unmatched quality of alloys and the superlative service has let us gain strong grip over the market. Their competence is clear from their clients list. They have been supplying Ferro alloys to the major public and private industries covering approximately 350 major industries as their clientele across the globe.

They have been always committed towards their customer satisfaction. All the alloys they manufacture conform to the international standards and are manufactured according to the customer requirements. Their next step is to do major branding of the company and the product.

BOARD OF DIRECTORS

Mr. OP Agrawal

Chairman cum Managing Director

33 years of experience in various techno commercial aspects of industries like Ferro Alloys, Steel, Power and Sponge Iron have truly made Shri O P Agrawal a name to recon with in the industry. Aged 59 years, he is a commerce graduate and founder of Hira Group. His store of knowledge has helped turn all the endeavors of the company into a win.

He has remained as a trump element for the group in the manufacturing sector for the good. He has been completely involved in the setting up of the Ferro Alloy projects of Hira Group.

Mr. Vikas Agrawal

Executive Director

A second generation entrepreneur aged 30 years Shri Vikas Agrawal has introduced a ray of freshness and a young spirit in the company. An electrical engineering graduate, he is presently sharing the chair as the executive director. He is responsible for the activities starting from financing a New Project, day to day financial control, and complete administration of the Project. His brilliance has added a different dimension in the company, newer ideas leading to newer heights never accomplished before.

Mr. Rahul Agrawal

Executive Director

A second generation entrepreneur and an engineering graduate Shri Rahul Agrawal aged 27 believes that entrepreneurship is his passion. He is responsible for looking after Mining and New Projects in India and abroad such as in South Africa, Turkey, Qatar, Oman, Kazakhstan etc. Motivated by business and technology, he takes everyday as a new challenge as directs all his efforts towards winning it! His conviction and knowledge of the field has proved to be an asset.

Mr. PT Kharpate

Director - Administration

An Engineering Graduate(Electrical) who has an experience of working in various industries of repute in different spheres, as eg. Sales and Marketing, execution of small and medium size projects. Associated with group since 1986 and involved in techinical activities as well as administration, Liasoning etc.

Mr. SC Mahendru

Director - Finance

A qualified Chartered Accountant with 32 years of experience. Associated in all the Companies of HIRA GROUP in their Corporate Planning, - System Designing, - Preparation of Detailed Project Report, - Getting Sanction/Syndication of Loans from Banks FIs from almost all the prominent Bank/FIs, Planning of IPO/Pvt. Equity.

Mr. Kamal Gulati

Director

With postgraduate qualifications in Economics coupled with participation in Sales and Marketing Management related courses, Mr.Gulati has over 30 years of experience in Business Development and Strategic Planning. He has diverse experience in sourcing, structuring, setting up green field projects, identifying foreign trade markets and forging joint ventures and business alliances.

Mr. OG Goyal

Director

Looking after Land acquisition and liaisoning for various projects in Pipeline

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.57.07
UK Pound	1	Rs.88.96
Euro	1	Rs.71.40

INFORMATION DETAILS

Report Prepared by :

NTH

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.