MIRA INFORM REPORT

Report Date :

29.11.2012

IDENTIFICATION DETAILS

Name :	SUPER SMELTERS LIMITED
Registered Office :	39, Shakespeare Sarani, 3^rd Floor, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.06.1995
Com. Reg. No.:	21-072223
Capital Investment / Paid-up Capital :	Rs. 460.336 Millions
CIN No.: [Company Identification No.]	U27109WB1995PLC072223
TAN No.: [Tax Deduction & Collection Account No.]	CALS07997D
PAN No.: [Permanent Account No.]	AAFCS1116F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Iron, Steels, TMT Wire Rods, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 13400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The latest financial for the current year is missing from government department. However, general financial position appears to be good. Performance capacity is high. 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 – 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	CRISIL
Rating	Cash Credit : (CRISIL) BBB
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	May 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 :	39, Shakespeare Sarani, 3^rd Floor, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22892734/ 35/ 36
Fax No.:	91-33-22892734/ 35/ 36
E-Mail :	secl@supershakti.in info@supershakti.in
Website :	www.supershakti.in
Branch Office:	318, Narayan Plaza, Exhibition Road, Patna - 800001, Bihar, India
Fax No.:	91-612-2231163
Factory 1 :	Kanjilal Avenue, Opposite DPL Zone, “B” Substation, Durgapur – 713210, West Bengal, India
Tel. No.:	91-343-2552598/ 3284
Factory 2 :	Adi Bunglow Road, Telaya Basti, Jhumri Telaya, Koderma – 825409, Jharkhand, India
Tel. No.:	91-6534-224701/ 02
Factory 3:	Jamuria Industrial Estate, Rajaram Danga (Aam Bagan), P. O. Ikra, Jamuria, Burdwan – 713362, West Bengal, India
Tel. No.:	91-341-2455077/ 2456688

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sitaram Agarwal

Designation :

Chairman and Managing Director

Address :

Geetayan, 18H, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

06.08.1950

Qualification :

B. Sc.

Date of Appointment :

01.02.2010

PAN No.:

ACQPA1303A

DIN No.:

00343881

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	Company/ LLP Status	Defaulting status
1	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Managing director	01/02/2010	03/11/1997	Active	NO
2	U27100WB2002PLC103719	SAI FERROUS LIMITED	Director	20/09/2002	20/09/2002	Dissolved	NO
3	U40104WB2008PLC127950	SUPERSHAKTI POWER AND INFRASTRUCTURES LIMITED	Director	29/07/2008	29/07/2008	Active	NO
4	U40104WB2008PLC128044	SUPERSHAKTI ENERGY AND INFRASTRUCTURES LIMITED	Director	31/07/2008	31/07/2008	Active	NO

Name :

Mr. Dilip Agarwal

Designation :

Whole-time director

Address :

Geetayan, 18H, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

18.01.1971

Qualification :

B. Com

Date of Appointment :

01.03.2008

PAN No.:

AEAPK5325C

DIN No.:

00343856

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	U27100WB1991PLC099643	SAI IRON (INDIA) LIMITED	Director	26/09/2008	02/05/1997	-	Active	NO
2	U31901WB1998PLC099642	SAI ELECTROCASTING LIMITED	Director	30/09/2000	30/09/2000	-	Dissolved	NO
3	U27100WB2002PLC099644	SAI SPONGE (INDIA) LIMITED	Director	01/12/2009	11/09/2002	-	Active	NO
4	U27100WB2002PLC103719	SAI FERROUS LIMITED	Director	20/09/2002	20/09/2002	-	Dissolved	NO
5	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Whole-time director	01/03/2008	27/10/2005	-	Active	NO
6	U51109WB1995PTC070525	VEERBHADRA SALES PRIVATE LIMITED	Director	26/09/2006	26/09/2006	-	Active	NO
7	U72900WB1994PTC062761	ROCKY DATAMATICS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
8	U51109WB2007PTC113621	JAGDAMBA TRADECOM PRIVATE LIMITED	Director	26/02/2007	26/02/2007	17/07/2008	Active	NO
9	U51109WB2007PTC113624	MATASHREE TIE-UP PRIVATE LIMITED	Director	26/02/2007	26/02/2007	19/08/2008	Active	NO
10	U51109WB2007PTC113619	ANAAYA ADVERTISING PRIVATE LIMITED	Director	26/02/2007	26/02/2007	16/02/2008	Active	NO
11	U51109WB2007PTC113623	J.B. MEDICARE PRIVATE LIMITED	Director	26/02/2007	26/02/2007	23/11/2007	Active	NO
12	U51109WB2007PTC113786	BLUE MERIDIEN HOTEL PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/06/2008	Active	NO
13	U51109WB2007PTC113787	JAIGURU COMMODITIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	28/10/2010	Active	NO
14	U51109WB2007PTC113760	PASUPATI VINCOM PRIVATE LIMITED	Director	02/03/2007	02/03/2007	22/01/2008	Active	NO
15	U51909WB2007PTC113784	SANATAN AGENCIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/07/2008	Active	NO
16	U51109WB1994PTC062203	SKODA TREXIM PRIVATE LIMITED	Director	26/09/2008	24/03/2008	-	Active	NO
17	U40104WB2008PLC127950	SUPERSHAKTI POWER AND INFRASTRUCTURES LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
18	U40104WB2008PLC128044	SUPERSHAKTI ENERGY AND INFRASTRUCTURES LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO

Name :

Mr. Deepak Agarwal

Designation :

Whole-time director

Address :

Geetayan, 18H, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

14.07.1973

Qualification :

B. Com

Date of Appointment :

01.03.2008

PAN No.:

AAZPK8408R

DIN No.:

00343812

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	U31901WB1998PLC099642	SAI ELECTROCASTING LIMITED	Managing director	16/04/1998	16/04/1998	-	Dissolved	NO
2	U27100WB2002PLC099644	SAI SPONGE (INDIA) LIMITED	Director	11/09/2002	11/09/2002	-	Active	NO
3	U27100WB2002PLC103719	SAI FERROUS LIMITED	Director	20/09/2002	20/09/2002	-	Dissolved	NO
4	U27100WB1991PLC099643	SAI IRON(INDIA) LIMITED	Director	04/09/2003	04/09/2003	-	Active	NO
5	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Whole-time director	01/03/2008	27/10/2005	-	Active	NO
6	U51109WB1994PTC062203	SKODA TREXIM PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
7	U51109WB2007PTC113621	JAGDAMBA TRADECOM PRIVATE LIMITED	Director	26/02/2007	26/02/2007	17/07/2008	Active	NO
8	U51109WB2007PTC113624	MATASHREE TIE-UP PRIVATE LIMITED	Director	26/02/2007	26/02/2007	19/08/2008	Active	NO
9	U51109WB2007PTC113619	ANAAYA ADVERTISING PRIVATE LIMITED	Director	26/02/2007	26/02/2007	16/02/2008	Active	NO
10	U51109WB2007PTC113623	J.B. MEDICARE PRIVATE LIMITED	Director	26/02/2007	26/02/2007	23/11/2007	Active	NO
11	U51109WB2007PTC113786	BLUE MERIDIEN HOTEL PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/06/2008	Active	NO
12	U51109WB2007PTC113787	JAIGURU COMMODITIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	28/10/2010	Active	NO
13	U51109WB2007PTC113760	PASUPATI VINCOM PRIVATE LIMITED	Director	02/03/2007	02/03/2007	22/01/2008	Active	NO
14	U51909WB2007PTC113784	SANATAN AGENCIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/07/2008	Active	NO
15	U72900WB1994PTC062761	ROCKY DATAMATICS PRIVATE LIMITED	Director	26/09/2008	24/03/2008	-	Active	NO
16	U51109WB1995PTC070525	VEERBHADRA SALES PRIVATE LIMITED	Director	26/09/2008	24/03/2008	-	Active	NO
17	U40104WB2008PLC127950	SUPERSHAKTI POWER AND INFRASTRUCTURES LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
18	U40104WB2008PLC128044	SUPERSHAKTI ENERGY AND INFRASTRUCTURES LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO

Name :

Mr. Nagendra Prasad Sinha

Designation :

Director

Address :

A7, Sangam, 2, Wood Street, Kolkata – 700016, West Bengal, India

Date of Birth/Age :

26.12.1938

Qualification :

M. Tech., Ph.D

Date of Appointment :

27.03.2000

DIN No.:

01090335

Name :

Mr. Vijay Kumar Bhandari

Designation :

Director

Address :

1704, Wallace Apartments, 17^th Floor, Sleater Road, Grant Road, Mumbai – 40007, Maharashtra, India

Date of Birth/Age :

14.10.1943

Qualification :

B. Com (Hons.), F.C.A

Date of Appointment :

26.09.2008

DIN No.:

00052716

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	U50404PB1974PLC003420	GURU NANAK AUTO ENTERPRISES LIMITED	Director	12/03/2004	12/03/2004	-	Active	NO
2	L51433WB1960PLC024539	HSIL LIMITED	Director	24/07/2004	24/07/2004	-	Active	NO
3	L24100MH1992PLC066691	JAYANT AGRO-ORGANICS LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
4	U65110PB1999PLC022634	CAPITAL LOCAL AREA BANK LIMITED	Director	02/09/2006	02/09/2006	-	Active	NO
5	U21012DL1985PLC020023	KHANNA PAPER MILLS LIMITED	Director	28/09/2007	02/04/2007	29/08/2011	Active	NO
6	U60231DL2007PLC169280	SHORE TO SHORE LOGISTICS INDIA LIMITED	Director	11/10/2007	11/10/2007	29/08/2011	Active	NO
7	L70200TZ1936PLC000001	PRIME URBAN DEVELOPMENT INDIA LIMITED	Director appointed in casual vacancy	30/06/2008	30/06/2008	30/06/2011	Active	NO
8	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Director	26/09/2008	19/08/2008	-	Active	NO
9	L16000GJ1955PLC067605	GOLDEN TOBACCO LIMITED	Director	15/09/2009	31/07/2009	-	Active	NO

Name :

Mr. Vikram Kumar Agarwal

Designation :

Director

Address :

D3, Kennelan, Napean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

25.06.1982

Qualification :

B. Com (Hons.), F.C.A

Date of Appointment :

29.09.2009

DIN No.:

01930626

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	Company/ LLP Status	Defaulting status
1	U45400WB2008PTC121444	NVA CONSTRUCTIONS PRIVATE LIMITED	Director	05/01/2008	05/01/2008	Active	NO
2	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Director	29/09/2009	22/07/2009	Active	NO

Name :

Mr. Abhijit Datta

Designation :

Director

Address :

110/4, Sarat Ghosh Garden Road, Kamala Park, Dhakuria, Kolkata – 700031, West Bengal, India

Date of Birth/Age :

01.06.1949

Qualification :

M.A.

Date of Appointment :

30.09.2010

DIN No.:

00790029

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	U91110MH1928GAP001391	INDIAN INSTITUTE OF BANKING AND FINANCE	Director	27/03/2006	27/03/2006	09/07/2009	Active	NO
2	U65999MH2002PLC134884	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	Nominee director	28/07/2009	09/06/2009	-	Active	NO
3	U14290WB2008PTC125627	BHASKAR SILICON PRIVATE LIMITED	Director	22/07/2009	22/07/2009	01/07/2011	Active	NO
4	L51909WB1983PLC036542	BENGAL TEA AND FABRICS LIMITED	Director	31/07/2010	27/07/2009	-	Active	NO
5	L31300MH1957PLC010964	CABLE CORPORATION OF INDIA LIMITED	Director appointed in casual vacancy	31/10/2009	31/10/2009	-	Active	NO
6	L24239WB1919PLC136397	ZANDU REALTY LIMITED	Director	10/08/2010	01/06/2010	10/02/2012	Active	NO
7	L45400WB2008PLC121426	EMAMI INFRASTRUCTURE LIMITED	Director	16/09/2010	09/07/2010	10/02/2012	Active	NO
8	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Director	30/09/2010	30/07/2010	-	Active	NO
9	L45203WB1972PLC028349	SHELTER INFRA PROJECTS LIMITED	Director	06/09/2011	13/11/2010	-	Active	NO
10	U27100WB2011PLC158285	SPS ISPAT AND POWER LIMITED	Director	31/07/2012	21/02/2011	-	Active	NO
11	L45200MH1989PLC050688	HUBTOWN LIMITED	Director	07/11/2012	16/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subhankar Roychowdhuri
Designation :	Secretary
Address :	110/4, Sarat Ghosh Garden Road., Kamala Park, Dhakuria, Kolkata – 700031, West Bengal, India
Date of Birth/Age :	04.11.1954
Date of Appointment :	01.04.2008
PAN No.:	ADIPR0701Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Deepak Agarwal	199500
Dilip Agarwal	40500
Sabita Agarwal	85750
Sitaram Agarwal (HUF)	922500
Priti Agarwal	8000
Vibha Agarwal	8000
Sajjan K. Kedia	8000
Vikash Rungta	1600
Sitaram Agarwal	425400
Veerbhadra Sales Private Limited, India	12906650
Skoda Trexim Private Limited, India	14136660
Rocky Datamatics Private Limited, India	14279000
Khandelwal Finance Private Limited, India	5609500
Crawford Plantations Private Limited, India	11279500
Total	59910560

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	97.16
Directors or relatives of directors	1.28
Other top fifty shareholders	1.56
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron, Steels, TMT Wire Rods, etc.

Products :

ITC Code	Product Descriptions
72165000	M. S. Angle, Channel, Flat
72141090	TMT Rod
72139190	Wire Rod
72071920	Steel Billets
72061090	M. S. Ingot
72031000	Sponge Iron
72044900	Process Scrap
26011140	Iron Ore Fines

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production*
Steel Rolled Products	(MT)	216,000	112,321
Steel Billets	(MT)	178,028	90,461
M.S. Ingot	(MT)	63,360	38,300
Sponge Iron	(MT)	60,000	40,907
Total		517,388	281,990

* Not including production of process scrap of 3971 Mt (P.Y 4203 Mt ), which has been consumed internally.

The Installed Capacity, being a technical matter, is certified by the management and the Licensed Capacity is not given as licensing is not applicable.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Bank of Baroda, India Exchange Branch, 4, India Exchange Place, Kolkata – 700001, West Bengal, India

Ø Indian Overseas Bank (Leader of Consortium Comprising IOB - Union Bank of India - Dena Bank), Ballygunge Park Road Branch, 22, Ballygunge Park Road, Kolkata – 700019, West Bengal, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	1677.443	669.540
Foreign currency loans banks secured	98.522	99.548
Working capital loans banks secured	1064.321	955.693
Working capital loans others secured	27.490	0.000
Other debt secured	11.330	23.016
Interest accrued due other debt secured	18.577	5.695
Total	2897.683	1753.492
Note: (A) it includes buyer credit from banks. (B) It includes: Other Loans from Banks and NBFCs 11,330,060;
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other debt unsecured	0.000	1.484
Total	0.000	1.484

Banking Relations :	--
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	1B ,Old Post Office Street, Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	ADYPD2146R
Subsidiary :	Sai Sponge (India) Limited [U27100WB2002PLC099644]
Enterprises over which key management personnel and their relatives exercise significant influence and control (Others):	Ø Sai Iron (India) Limited [U27100WB1991PLC099643] Ø Rocky Datamatics Private Limited [U72900WB1994PTC062761] Ø Skoda Trexim Private Limited [U51109WB1994PTC062203] Ø Veerbhadra Sales Private Limited [U51109WB1995PTC070525] Ø Khandelwal Finance Private Limited [U67120WB1991PTC053666] Ø Crawford Plantation Private Limited [U51109WB1995PTC069605] Ø Promotional Equity Services Private Limited [U74140WB1995PTC067618] Ø Golcha Commodities Private Limited [U51109WB1996PTC079186] Ø Sai Highrise Private Limited [U70101WB2005PTC102238]

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs. 10/- each	Rs. 750.000 Millions
	Total		Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59910560	Equity Shares	Rs. 10/- each	Rs. 599.106 Millions
	Total		Rs. 599.106 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs. 10/- each	Rs. 350.000 Millions
1500000	Preference Shares	Rs. 100/- each	Rs. 150.000 Millions
	Total		Rs. 500.000 Millions

Issued :

No. of Shares	Type	Value	Amount
31902560	Equity Shares	Rs. 10/- each	Rs. 319.026 Millions
1500000	Preference Shares	Rs. 100/- each	Rs. 150.000 Millions
	Total		Rs. 469.026 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31902560	Equity Shares	Rs. 10/- each	Rs. 319.026 Millions
1413100	Preference Shares	Rs. 100/- each	Rs. 141.310 Millions
	Total		Rs. 460.336 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		460.336	388.446	319.026
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2904.826	2125.121	1394.819
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3365.162	2513.567	1713.845
LOAN FUNDS
1] Secured Loans		2897.683	1753.492	882.454
2] Unsecured Loans		0.000	1.484	238.715
TOTAL BORROWING		2897.683	1754.976	1121.169
DEFERRED TAX LIABILITIES		135.052	119.116	94.999
TOTAL		6397.897	4387.659	2930.013
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1504.651	1559.198	1040.694
Capital work-in-progress		2793.356	1171.801	465.213
INVESTMENT		101.178	101.178	101.178
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1417.172	1001.623	1276.234
	Sundry Debtors	1867.463	908.489	456.987
	Cash & Bank Balances	138.443	134.805	31.857
	Other Current Assets	0.524	0.739	0.521
	Loans & Advances	598.582	514.641	413.820
Total Current Assets		4022.184	2560.297	2179.419
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1104.476	622.136	709.033
	Other Current Liabilities	777.678	286.154	141.510
	Provisions	141.318	96.525	5.948
Total Current Liabilities		2023.472	1004.815	856.491
Net Current Assets		1998.712	1555.482	1322.928
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6397.897	4387.659	2930.013

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	8124.924	6811.078	6692.131
		Other Income	13.412	5.200	4.334
		TOTAL (A)	8138.336	6816.278	6696.465
Less	EXPENSES
		Consumption materials changes inventories	6701.828	5648.791
		Manufacturing service costs	744.436	616.229
		Employee related expenses	66.064	50.606
		Administrative selling other expenses	80.047	68.598
		TOTAL (B)	7592.375	6384.224	6314.916
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		545.961	432.054	381.549
Less	FINANCIAL EXPENSES (D)		208.581	153.979	136.898
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		337.380	278.075	244.651
Less/ Add	DEPRECIATION/ AMORTISATION (F)		135.521	118.672	94.466
	PROFIT BEFORE TAX (E-F) (G)		201.859	159.403	150.185
Less	TAX (H)		69.163	53.882	55.684
	PROFIT AFTER TAX (G-H) (I)		132.696	105.521	94.501
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		324.396	218.875	124.374
Less	APPROPRIATIONS
		Dividend	0.001	0.000	0.000
		Tax on Dividend	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		457.091	324.396	218.875
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	45.413	0.000	N.A.
	Earnings Per Share (Rs.)		4.16	3.31	3.32

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.63	1.55	1.41
Net Profit Margin (PBT/Sales)	(%)	2.48	2.34	2.24
Return on Total Assets (PBT/Total Assets}	(%)	3.65	3.87	4.66
Return on Investment (ROI) (PBT/Networth)		0.06	0.06	0.09
Debt Equity Ratio (Total Liability/Networth)		1.46	1.10	1.15
Current Ratio (Current Asset/Current Liability)		1.99	2.55	2.54

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONAL AND FINANCIAL PERFORMANCE

During the year 2010-2011, the company achieved a total revenue of Rs. 8138.300 Millions as compared to Rs 6816.300 Millions in the previous year which reflects a growth of around 19.29%. The EBDITA for the year under review was Rs 546.000 Millions as compared to Rs 432.100 Millions of previous year representing an increase of 26.36 %. The Net Profit after tax for the year under review is Rs 132.700 Millions as against Rs 105.500 Millions in the previous year.

The Company has started Export of its material and response is encouraging. The turnover has gone up mainly due to sales arising out of full year of operation of Induction Furance in Jamuria.

FUTURE PROSPECTS

The company is in the path of growth and is setting up various modules in phases to complete its integrated steel plant at Jamuria unit. By implementing the project the company is taking utmost care in choosing modern technology, energy saving operation route, use waste to produce power and synergy amongst various modules for proper material balancing through Backward and Forward Integration. This will lead the company to achieve scale of economies, better cost management and diversified product range to sustain the stiff competition in the market.

The company is also exploring the opportunity for Iron Ore and Coal Mines. It has also signed MOU with State Government of West Bengal and WBIDC for allocation of coal blocks for its facilities.

Considering the plant under implementation, the Directors expect a steady growth in production, sales and Profit in the years to come.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27109WB1995PLC072223
Name of the company	SUPER SMELTERS LIMITED
Address of the registered office or of the principal place of business in India of the company	39, Shakespeare Sarani, 3^rd Floor, Kolkata – 700017, West Bengal, India Email: secl@supershakti.in
This form is for	Modification of charge
Charge identification number of the modified	10170570
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	Indian Overseas Bank (Leader of Consortium Comprising IOB - Union Bank of India - Dena Bank), Ballygunge Park Road Branch, 22, Ballygunge Park Road, Kolkata – 700019, West Bengal, India Email: bparkbr@calmsco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	Joint Deed of Hypothecation. Memorandum of Entries for creation of Mortgage - 3 sets.
Date of instrument Creating the charge	10.09.2012
Amount secured by the charge	Rs. 1526.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: IOB & UBI - Base Rate + 3.25% i.e. 13.75% p. a. (presently) ; DB - Base Rate + 7.30% - 4% i.e. 13.75% p. a. (presently), all at monthly rests; TL: IOB BPLR - 1% p. a., DB BPLR + 0.25% p. a. Terms of Repayment CC: For all Banks - Repayable on demand TL: DB (Quarterly instalments): 4 of Rs. 4.275 Million 4 of Rs. 5.700 Millions; 4 of Rs. 6.840 Millions; 3 of Rs. 7.410 Millions and 1 of Rs. 6.843 Millions TL: IOB(Quarterly instalments): 19 of Rs. 6.045 Millions and 1 of Rs. 4.709 Millions Margin IOB : CC - 25%, LC - 10%, TL - 50% on Building & 25% on Plant, Machinery & Other Assets UBI : CC - 25%, LC - 10%. DB : CC - 25% & LC - 20%, TL - 41.85% Extent and Operation of the charge 1. 1st pari passu charge on entire Current Assets of Durgapur and Koderma Units, both present and future, held by IOB,UBI and DB; 2. 1st charge on specific Fixed Assets of Durgapur Unit held by DB; 3. 1st charge on specific Fixed Assets of Koderma Unit held by IOB; 4. 2nd pari passu charge on entire Fixed Assets of Durgapur & Koderma Units, both present and future, held by IOB,UBI & DB;
Short particulars of the property charged	Entire Current Assets, both present and future, of Unit-I at Durgapur (located at Kanjilal Avenue, Opp. DPL Zone "B" Substation, Durgapur - 713210 in the State of WB) and Unit - II at Koderma; (located at at Addi Bungalow Road, Telaisa Basti, Jhumri Telaiya, Koderma-825409,Jharkhand) on which 1st pari passu charge held by IOB, UBI and DB; Specific Fixed Assets viz. Block Mill, New Reheating Furnace & Producer Gas Plant and Landed Properties of Unit - I on which 1st charge held by DB; Specific Fixed Assets and Landed Properties of Unit - II on which 1st charge held by IOB; Entire Fixed Assets (including immovable properties), both present and future, of Unit - I and Unit - II on which 2nd pari passu charge held by IOB, UBI & DB; Extension of Equitable Mortgage on Immovable Properties made on: (1) Leasehold Land measuring 11.27 acres ogether with all the buildings and structures thereon situated at Mouza: Gopinathpur, Pragana: Sitarampur, P.S.: Durgapur, Dist: Burdwan, West Bengal vides Original Lease Deed No. 4199 dt. 24.12.1998 (2) Freehold Land measuring 113.75 Kathas together with all the buildings and structures thereon situated at Addi Bunglow Road, Telaisa, Koderma, Jharkhand vide Original Regd. Deed No. 3633/2000, 3630/2000 & 3634/2000 all dt. 16.10.2000, (3) Freehold Land measuring 26.02 Kathas situated at Mouza: Teliaya, Pargana: Gumo, P.S.: Telaiya, district: Koderma, Jharkhand vide Original Regd. Deed No. 3626, 3627, 3628, 3629 all dt. 16.10.2000 3650, 3651, 3652, 3653, 3636 all dt. 17.10.2000.
Date of latest modification prior to the present modification	01.09.2009
Particulars of the present modification	By this modification the consortium limit stands modified and enhanced from Rs. 1422.500 Millions to Rs. 1526.800 Millions with details as herein below :- Indian Overseas Bank: Rs. 917.500 Millions (WC Rs. 800.000 Millions and TL Rs. 117.500 Millions). Union Bank of India : Rs. 300.000 Millions (WC Rs. 300.000 Millions and TL NIL ). Dena Bank : Rs. 309.300 Millions (WC Rs. 230.000 Millions and TL Rs. 79.300 Millions). Consortium Limit: Rs. 1526.800 Millions (WC Rs. 1330.000 Millions and TL Rs. 196.800 Millions).

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

a. Commitments arising out of Capital Expenditure: Rs. 244.772 Millions (net of advances) (Previous Year: Rs. 647.878 Millions).

b. Bank Guarantees / Letter of Credit: Rs. 97.195 Millions (Previous Year: Rs. 94.465 Millions)

c. Corporate Guarantees to Bank against Credit Facilities to Subsidiary Company: Rs. 69.926 Millions (Previous Year: Rs. 64.156 Millions).

d. Discounting of Bills: Rs. 24.049 Millions (Previous Year: Rs. 160.346 Millions).

e. Claims not acknowledged as debt on matters relating to Excise: Rs. 13.218 Millions (Previous Year: Rs. 3.823 Millions), Sales Taxes: Rs.76.024 Millions (Previous Year Rs. 10.258 Millions) & Income Tax: Rs. 30.716 Millions (Previous Year: Rs. 30.716 Millions). (Future cash outflow, if any, in respect of above is dependent upon the outcome of Judgement/Decision).

f. The Koderma unit of the company is buying electricity power from Damodar Valley Corporation (DVC). The billing pattern of DVC is sub judice and the DVC has been raising bill on provisional basis. A sum of Rs. 2.977 Millions pertaining to current year ( cumulative till date Rs. 43.775 Millions ) has not been provided as the matter is under litigation. Pending finalisation of matter by the Honble Supreme Court, no adjustments have been considered by the management at this point of time and no additional liability in this regard is envisaged.

FIXED ASSETS

Ø Plant and Machinery

Ø Motor vehicles

Ø Weigh Bridge

Ø Office Equipment

Ø Computer and Peripherals

Ø Furniture and Fixture

Ø Cycles

Ø Factory Building and Shed

Ø Leasehold Land and Site Development

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 hom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 55.70
UK Pound	1	Rs. 89.34
Euro	1	Rs. 72.35

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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		47

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.