MIRA INFORM REPORT

Report Date :

07.09.2012

IDENTIFICATION DETAILS

Name :	SHRI BAJRANG POWER AND ISPAT LIMITED
Registered Office :	Village Borjhara, Guna Road, Urla Growth Center, Raipur, Chattisgarh – 493 221
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.07.2002
Com. Reg. No.:	015184
Capital Investment / Paid-up Capital :	Rs. 107.037 millions
CIN No.: [Company Identification No.]	U27106CT2002PLC015184
PAN No.: [Permanent Account No.]	AACCB2944D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of sponge iron
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 9700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track record. Financial position of the company appears to be sound. Trade relation are reported as fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered good for normal business dealing at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB+ (Term Loans)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	September 2011

Rating Agency Name	ICRA
Rating	A2 (Non Fund Based Limited)
Rating Explanation	Having strong degree of safety regarding timely payment of financial obligation it carry low credit risk.
Date	September 2011

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 / Factory :	Village Borjhara, Guna Road, Urla Growth Center, Raipur, Chhattisgarh – 493 221, India
Tel. No.:	91-771 4288029 / 4288019 / 39
Fax No.:	91-771-4288123 / 2323601 / 602
E-Mail :	muralidharan.b@goeltmt.com spbil@goeltmt.com
Website :	www.goeltmt.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Suresh Goel

Designation :

Director

Address :

Gharonda, Ravi Nagar, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

25.05.1950

Date of Appointment :

25.01.2007

DIN No.:

00115834

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	L27103CT1990PLC005964	SHRI BAJRANG ALLOYS LIMITED	Director	10/10/1994	10/10/1994	-	Active	NO
2	U28910CT2005PLC017828	SHRI BAJRANG STEEL AND POWER LIMITED	Director	27/07/2005	27/07/2005	-	Active	NO
3	U01410CT2005PLC018224	CHHATTISGARH CAPTIVE COAL MINING LIMITED.	Director	28/12/2005	28/12/2005	04/01/2009	Active	NO
4	U13100CT2006PTC020001	S. B. MULTIMEDIA PRIVATE LIMITED	Director	26/05/2006	26/05/2006	-	Active	NO
5	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	25/01/2007	25/01/2007	-	Active	NO
6	U40101HP2007PTC030762	SHRI BAJRANG HYDRO ENERGY PRIVATE LIMITED	Director	27/06/2007	27/06/2007	-	Active	NO
7	U10101CT2007PTC020161	MADANPUR (NORTH) COAL COMPANY Private LIMITED	Nominee director	06/08/2007	06/08/2007	12/04/2010	Active	NO

Name :

Mr. Narendra Goel

Designation :

Managing Director

Address :

F-6, Anupam Nagar, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

10.10.1959

Date of Appointment :

13.12.2003

DIN No.:

00115883

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	L27103CT1990PLC005964	SHRI BAJRANG ALLOYS LIMITED	Managing director	16/08/1990	16/08/1990	-	Active	NO
2	U27100MH1996PLC097544	SHRI BAJARANG ISPAT AND PLYWOOD LIMITED	Additional director	09/08/2008	22/02/1996	26/09/2008	Active	NO
3	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Managing director	01/04/2011	13/12/2003	-	Active	NO
4	U13100CT2006PTC020001	S. B. MULTIMEDIA PRIVATE LIMITED	Director	26/05/2006	26/05/2006	-	Active	NO
5	U40101HP2007PTC030762	SHRI BAJRANG HYDRO ENERGY PRIVATE LIMITED	Director	27/06/2007	27/06/2007	-	Active	NO
6	U40101CT2007PTC020484	SHRI BAJRANG ENERGY Private LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
7	U01410CT2005PLC018224	CHHATTISGARH CAPTIVE COAL MINING LIMITED.	Director	01/04/2010	04/01/2009	-	Active	NO
8	U40107HP2009PTC031218	IA ENERGY PRIVATE LIMITED	Director	23/09/2009	23/09/2009	-	Active	NO
9	U10101CT2007PTC020161	MADANPUR (NORTH) COAL COMPANY Private LIMITED	Nominee director	12/04/2010	12/04/2010	-	Active	NO

Name :

Mr. Rajendra Goel

Designation :

Additional Director

Address :

Ravi Nagar, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

20.09.1956

Date of Appointment :

25.08.2002

DIN No.:

01263958

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	L17115UP1984PLC006824	SWASTIK MERCANTILES LIMITED	Director	23/08/1985	23/08/1985	10/01/2008	Active	NO
2	U65993CT1992PTC007074	SHIMMER INVESTMENTS PRIVATE LIMITED	Director	01/03/1993	01/03/1993	-	Active	NO
3	U27100MH1996PLC097544	SHRI BAJARANG ISPAT AND PLYWOOD LIMITED	Additional director	09/08/2008	29/09/1997	26/09/2008	Active	NO
4	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	25/08/2002	25/08/2002	-	Active	NO
5	U27320CT1991PLC006856	SHRI BAJRANG METALLICS & POWER LIMITED	Director	03/08/2004	03/08/2004	-	Amalgamated	NO
6	U40101CT2007PTC020484	SHRI BAJRANG ENERGY Private LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
7	U45200CT2011PTC022615	SHRI BAJRANG DEVCON PRIVATE LIMITED	Director	05/08/2011	05/08/2011	-	Active	NO

Name :

Mr. Shravan Kumar Goyal

Designation :

Whole-time director

Address :

Near Sahu Aata Chakky, Ramkund Choubey Colony, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

30.05.1965

Date of Appointment :

01.10.2006

DIN No.:

01829618

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	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Whole-time director	01/10/2011	01/10/2006	-	Active	NO
2	U40101CT2007PTC020484	SHRI BAJRANG ENERGY Private LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO

Name :

Mr. Hemandra Nath

Designation :

Director

Address :

J - 205, Shivalik Nagar, B.H.E.L., Haridwar – 261005, Uttranchal, India

Date of Birth/Age :

26.12.1942

Date of Appointment :

30.09.2008

DIN No.:

02020546

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	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	30/09/2008	01/01/2008	-	Active	NO

Name :

Mr. Hari Anant Ghanekar

Designation :

Director

Address :

A - 13, Alkapuri, Habibganj, Bhopal - 462001, Madhya Pradesh, India

Date of Birth/Age :

13.06.1938

Date of Appointment :

01.01.2008

DIN No.:

02027948

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	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	30/09/2008	01/01/2008	-	Active	NO
2	U45207MP2001PTC014921	HPE TECH - CON PRIVATE LIMITED	Director	14/02/2012	14/02/2012	-	Activ

Name :

Mr. Raj Kumar Yadava

Designation :

Director

Address :

B – 13, Staff Colony, Malviya National Institute of Technology, Jaipur – 302017, Rajasthan, India

Date of Birth/Age :

03.06.1945

Date of Appointment :

12.08.2010

DIN No.:

03177450

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	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	29/09/2010	12/08/2010	-	Active	NO
2	L27103CT1990PLC005964	SHRI BAJRANG ALLOYS LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Suresh Goel	158000
Rajendra Goel	157000
Narendra Goel	107000
Anand Goel	157000
Dinesh Goel	157000
Sandeep Goel	157000
Bajrang Goel	182000
Kiran Goel	150000
Aruna Goel	150000
Neeta Goel	150000
Sarla Goel	150000
Hariram Goel	150000
Sandeep Goel and Sons HUF	150000
Anand Goel and Sons HUF	150000
Rajendra Goel and Sons HUF	150000
Narendra Goel and Sons HUF	150000
Jainarayan Hariram Goel and Sons HUF	150000
Shri Bajarang Alloys Limited, India	577000
Banka Finance and Securities Private, India	1657900
Atlanta Securities Private Limited, India	2006500
Sukanya Merchandise Private Limited, India	527850
Bonus Dealcom Private Limited, India	501350
Master Avneesh Goel	250000
Master Aayush Goel	250000
Master Archit Goel	250000
Ashutosh Goel S/O Shri Anand Goel	250000
M/s Dinesh Goel and Sons HUF	150000
Ginni Devi Goel	150000
Pawan Goel	175000
Master Pranav Goel	250000
Rashmi Goel	150000
Master Shimmer Goel	250000
Suman Goel	150000
Suresh Goel and Sons HUF	150000
Navrang Lal Yadav	6500
Shanti Devi	45000
Kashi Ram Sharma	45000
Mahadev prasad	45000
M. J. Jain	11600
Sardar Ajit Singh	35000
S. B. Multimedia private Limited, India	180000
Shimmer Investments Private Limited, India	20000
Swastik Merchantiles Limited, India	45000
TOTAL	10703700

As on 31.03.2012

Names of Allottees	No. of Shares
S B Multimedia Private Limited, India	80000
Shri Bajrang Ispat and Plywood Limited, India	54000
TOTAL	134000

Names of Allottees	No. of Shares
Priority Construction Private Limited, India	49400
TOTAL	49400

Names of Allottees	No. of Shares
Banka Finance and Securities Private Limited, India	6170
Sukanya Merchandise Private Limited, India	44000
Bonus Dealcom Private Limited, India	215950
Priority Construction Private Limited, India	136000
TOTAL	402120

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	51.53
Directors or relatives of Directors	46.71
Other top fifty shareholders	1.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of sponge iron.

PRODUCTION STATUS

Particulars	Total Production
POWER
Sponge Iron Division (MT)	107959
Billets & Blooms – SMS Division (MT)	44842
Ferro Alloys Division (MT)	3900
Power Plant – own consumption (KWH)	170885540
COAL & COKE
Sponge Iron (MT)	107959
Ferro Alloys Division (MT)	3900

GENERAL INFORMATION

Customers :

· Essar Steel (Hazira) Limited

· Lanco Electricity Utility Limited

· GMR Energy Trading Limited

· TATA Power Company Limited

· Steel Force Asia

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, Gurudwara Road, M.P.H.B. Colony, Bhilai – 490 026, Chhattisgarh, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loan banks	210.725	393.100
Rupee term loans others	350.000	0.000
Working capital loans	654.992	447.531
Total	1215.717	840.631
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans	33.462	21.599
Total	33.462	21.599

Banking Relations :	--
Auditors :
Name :	R. K. Singhania and Associates Chartered Accountant
Address :	205, 1st Floor, Samta Colony, Raipur – 492001, Chattisgarh, India
Tel. No.:	91-771-2255744-45 / 4036066
Fax No.:	91-771-2254188
E-Mail :	info@rksca.com
PAN No.:	AAGFR3093N
Subsidiary Companies :	· Shri Bajrang Metallics and Power Limited [CIN No.:U27320CT1991PLC006856] · Shri Bajrang Hydro Energy Private Limited [CIN No.: U40101HP2007PTC030762]
Joint Venture Company:	· Chhattisgarh Captive Coal Mining Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorized Capital:

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs. 10/- each	Rs. 450.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10703700	Equity Shares	Rs. 10/- each	Rs. 107.037 millions

As on 31.03.2011

Authorized Capital: Rs. 450.000 millions

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs. 10/- each	Rs. 450.000 millions

Issued, Subscribed & Paid-up Capital: Rs. 112.892 millions

No. of Shares	Type	Value	Amount
11289200	Equity Shares	Rs. 10/- each	Rs. 112.892 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		107.037	107.037	103.645
2] Share Application Money		26.630	0.000	126.800
3] Reserves & Surplus		2296.491	2024.046	1582.049
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2430.158	2131.083	1812.494
LOAN FUNDS
1] Secured Loans		1215.717	840.631	1091.181
2] Unsecured Loans		33.462	21.599	10.514
TOTAL BORROWING		1249.179	862.230	1101.695
DEFERRED TAX LIABILITIES		13.936	22.861	28.095
TOTAL		3693.273	3016.174	2942.284
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1405.830	1384.804	1494.113
Capital work-in-progress		380.215	203.958	41.678
INVESTMENT		502.226	419.407	381.594
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	842.565	620.818	655.033
	Sundry Debtors	591.686	214.283	294.685
	Cash & Bank Balances	6.632	6.422	17.732
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	247.165	323.133	201.052
Total Current Assets		1688.048	1164.656	1168.502
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	151.996		111.079
	Other Current Liabilities	113.300	156.814	54.844
	Provisions	17.750	25.628	0.047
Total Current Liabilities		283.046	182.442	165.970
Net Current Assets		1405.002	982.214	1002.532
ADVANCE FOR CAPITAL GOODS		0.000	25.791	22.367
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3693.273	3016.174	2942.284

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3263.775	2716.288	3214.887
		Other Income	7.284	7.626	12.177
		TOTAL (A)	3271.059	2723.914	3227.064
Less	EXPENSES
		Consumption materials changes inventories	2305.521	1961.873
		Manufacturing Service Costs	210.215	36.223
		Employee related Expenses	90.166	80.589
		Administrative selling other expenses	102.514	67.675
		TOTAL (B)	2708.416	2146.360	2448.994
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		562.643	577.554	778.070
Less	FINANCIAL EXPENSES (D)		107.497	124.043	163.237
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		455.146	453.511	614.833
Less/ Add	DEPRECIATION/ AMORTISATION (F)		172.517	166.151	152.443
Less	PRIOR PERIOD ITEMS		0.000	0.186	0.000
	PROFIT BEFORE TAX (E-F) (G)		282.629	287.174	462.390
Less	TAX (I)		53.339	45.699	56.288
	PROFIT AFTER TAX (G-I) (J)		229.290	241.475	406.102
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1338.404	1096.929	690.827
	BALANCE CARRIED TO THE B/S		1567.694	1338.404	1096.929
	Earnings Per Share (Rs.)		21.42	22.58	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.00	8.87	12.58
Net Profit Margin (PBT/Sales)	(%)	8.65	10.58	14.38
Return on Total Assets (PBT/Total Assets}	(%)	9.13	11.27	17.37
Return on Investment (ROI) (PBT/Networth)		0.11	0.13	0.25
Debt Equity Ratio (Total Liability/Networth)		0.63	0.49	0.70
Current Ratio (Current Asset/Current Liability)		5.96	6.38	7.04

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	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27106CT2002PLC015184
Name of the company	SHRI BAJRANG POWER AND ISPAT LIMITED
Address of the registered office or of the principal place of business in India of the company	Village Borjhara, Guna Road, Urla Growth Center, Raipur – 493221, Chhattisgarh, India e-mail:muralidharan.b@goeltmt.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90209578
Type of charge	Book Debts Movable Property (not being pledge) Immovable Property Floating Charges Any interest in immovable property
Particular of charge holder	State Bank of India, Commercial Branch, Gurudwara Road, M.P.H.B. Colony, Bhilai – 490 026, Chhattisgarh, India e-mail: sbi.08532@sbi.co.in
Nature of instrument creating charge	1.Joint deed of hypothecation 2.Facility agreement 3.Inter-se agreement 4.Deed of guarantee
Date of instrument Creating the charge	17.08.2012
Amount secured by the charge	Rs. 5815.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Arrangement with Respective Banks Terms of Repayment Arrangement with Respective Banks Margin Arrangement with Respective Banks Extent and Operation of the charge Bank wise exposure for which mortgage is available State bank of India Rs.2155.0000 millions Bank of baroda Rs.1680.000 millions Jammu and kashmir bank Rs. 30.000 millions Karnatka bank Rs. 400.000 millions Uco bank Rs. 750.000 millions Bank of india Rs. 800.000 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First paripassu mortgage and hypothecation on charge on the immovable and movable properties, both present and future with other participating lenders. First paripassu mortgage by deposit of title deeds on 350 acres of land( including 37.40 acres of undiverted land of green belt) at tilda chhattisgarh. Second charge by way of hypothecation of the entire current asset, both present and future with other participating lenders. First paripassu mortgage on land and building relating to unit - 1(borjhara) and unit – 2 (gondwara) at raipur on pari-passu basis with other participating lenders. Assignment of project contract, including insurance policies, rights, title and interest to all consortium lenders First charge on all project bank account including but not limited to the trust and retention account opened in a designated bank.
Date of instrument modifying the charge	02.02.2012
Particulars of the present modification	Consortium loan amount from Rs 4167.500 millions modified to Rs. 5815.000 millions

REVIEW OF OPERATIONS:

During the year under review, the Company has achieved an Income from operations & other receipts of Rs. 3271.059 millions as against Rs. 2723.914 millions in the previous year. The Company recorded profit before tax of Rs. 282.629 million during the year as against Rs. 241.661 millions in the previous year. The profit after tax was Rs. 229.290 millions in the current year as against Rs. 241.661 in the previous year. The reason for decline in profits was due to increase in production and labour cost due to inflation.

REVIEW OF PRODUCTION:

SPONGE IRON

During the year, the Company manufactured 107959 MT of Sponge Iron as against 125862 MT in the previous year.

STEEL

During the year, production of Billets/Blooms has increased to 44842 MT as against 35840 MT in the previous year

POWER

During the year, the Company has generated 170885540 units of power as against 180274217 units in the previous year.

FLY ASH BRICKS

The Company has put in significant efforts to ensure that all the waste generated from its various operations is utilized productively. During the year, the production of Fly Ash Bricks was 10352582 no. as against 10783002 no. in the previous year.

SILICO MANGANESE

The production of Silico Manganese increased from 3838 MT in the previous year to 3900 MT in the current financial year.

Your Company continued to sustain its position in this rapidly growing market. The Company’s ability to neutralize cost increase and improve margins together with purchasing efficiencies, improvement in manufacturing yield / usage and expenses control helped in maintaining the profitability.

NEW UPCOMING PROJECTS & INSTALLATIONS:

The various prospective projects of the Company are under process with a keen objective of exploring new areas of operation. Following the same pathway the projects are:-

RUPIN HYDRO ELECTRIC POWER PROJECT

The Company has transferred the Rupin Hydro Electric Power Project of 39MW on Rupin stream at Dodra Kwar in Distt. Shimla (HP) in pursuance on Memorandum of Understanding signed with Government of Himanchal Pradesh for execution of HEP project to a Special Purpose Vehicle in the name of S B Power a partnership firm with Shri Bajrang Power & Ispat Limited and Shri Bajrang Energy Private Limited as Partners.

The Company has acquired 51% stake in S.B. Power (A Special Purpose Vehicle).

The drafting of Detailed Project Report (DPR) to be submitted with Government of Himanchal Pradesh is under process. The work on the project will start, after receipt of statutory clearances.

CHANJU-I HYDRO ELECTRIC POWER PROJECT

The company is a Partner in I A Energy (A Special Purpose Vehicle) a Partnership firm with Shri Bajrang Power and Ispat Limited and Shri Bajrang Energy Private Limited as Partners. The Partnership firm was formed to carry out the Chanju-I Hydro Electric Project (HEP) for 36 MW in District of Chamba (Himachal Pradesh).

TILDA PROJECT

As informed in the last report, the new project at Tilda (Chhattisgarh) for commissioning of DRI Plant (2 x 350 TPD), SMS Plant (4 x 15 MT), Coal Washery Plant (100 TPH) and Captive Power Plant (41 MW) with an approximate estimation of Rs. 39236.25 millions as a total cost to be funded by equity and debts. Orders for long delivery items have been placed. The work for erection and installation of the plant is progressing as per schedule. The project is expected to be completed in first quarter of financial year 2012-2013

COAL WASHERY AND ROLLING MILL

The establishment of Coal Washery and Rolling Mill is also proposed in the existing factory premises at Urla, Raipur (CG) with a capacity of 1.2 million ton per annum and 0.150 million ton per annum respectively. The Company had been issued environment clearance for the same whereas permission from State Pollution Control Board is still pending for issuance. Washed coal will help in improvement of quality and efficiency of the sponge iron plant of the Company. Commencement of both the proposal is expected in the financial year 2012-2013.

SUBSIDIARY & JOINT VENTURE COMPANIES:

SUBSIDIARY COMPANIES-

SHRI BAJRANG METALLICS & POWER LIMITED

The Company M/s Shri Bajrang Metallics & Power Limited is a wholly owned subsidiary of the Company, engaged in the business of manufacturing of M.S. Rerolled products, M.S. Billets/ Ingots and generation of thermal & wind power.

Shri Bajrang Metallics & Power Limited has closed financial year 2010 - 11 with a total income of Rs.48,329.26 millions and earned a profit after tax of Rs.16.060 millions. During the year company has sold 151232.05 MT(Including inter-division transfer) of M.S Re-Rolled Products as against 137796.41 in the previous year. The Company sold 5711.34 MT (including interdivisional transfer) of M.S. Billets/ Ingots as against 69743.35 MT in the previous year, decline in the market demand for the product. The Company has sold 1817862 units of power generated through wind power plant in the current year as against 2439573 units in the previous year and has sold 123030419 units generated through thermal power plant during the year as against 115530675 in the previous year .

The Company has received a notice from the official liquidator for submission of various information as by the Hon’ble High Court at Chhattisgarh. The Company has provided all the information as required and submitted the same to the Official liquidator. The liquidator has submitted his report to the Hon’ble High Court of M.P. and Chhattisgarh states pursuant to Second Proviso to Sub-Section (1) of Section 394 of the Companies Act, 1956. However the merger petition is still pending for the order of Hon’ble Court due to some procedural delay.

The Company is awaiting for the approval of Hon’ble High Court of M.P and Chhattisgarh states for amalgamation of both the Companies pursuant to section 3914-394 of Companies Act, 1956.

SHRI BAJRANG HYDRO ENERGY PRIVATE LIMITED

Shri Bajrang Hydro Energy Private Limited is subsidiary of the Company section 4 (1) (b) (ii) of the Companies Act, 1956 as the Company holds 5100 equity shares of Rs. 10/- each representing 51% of total shareholding of the Company. Shri Bajrang Hydro Energy Private Limited has not yet commenced its commercial activity during the period under review as it is still in its infant stage.

JOINT VENTURE COMPANY

CHHATTISGARH CAPTIVE COAL MINING LIMITED

The Company is member of special purpose joint venture company, namely M/s Chhattisgarh Captive Coal Mining Limited for development of Coal mines. The Company was allotted 1,65,957 equity shares of Rs. 10/- each aggregating total investment of Rs. 1,29,23,700/- in Share Capital of the Company and possess interest of 19.75% in ownership. The detail on Company’s interest is shown in point no. 13 of notes to account of Auditors Report.

UPCOMING MINES:

The Subsidiary Company, M/s Shri Bajrang Metallics & Power Limited had been issued with mining lease for area located near village Hahaladdi, Tahsil Bhanupratappur, District Kanker of Chhattisgarh State for extraction of 10 million ton iron ore. All statutory clearance had already been granted like environment approval of mines plan, approval of ministry of mines, gram panchayat noc etc except forest clearance. The issuance of forest clearance is under process before advisory committee at New Delhi and the same had been already received by State Government. The approximate investment for the said extraction is estimated at Rs. 15 crores and its commencement is expected in the financial year 2010-11. The Company will be benefitted with the commencement of said mining activities, as the dependency on the outside source for supply of iron ore would reduce to great extent and would also ensure regular supply and reduced cost.

The subsidiary company M/s Shri Bajrang Metallics & Power Limited had also been issued prospecting licence on 57 hectares in the village Chhotedongar, Tahsil Narayanpur Distt. Bastar (CG) for extraction of iron ore but the matter is pending for adjudication with High Court, Delhi, as appeal has been filed against the order made in favour of M/s Shri Bajrang Metallics & Power Limited.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Computer

· Office Equipments

· 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 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.55.97
UK Pound	1	Rs.89.02
Euro	1	Rs.70.61

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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.