MIRA INFORM REPORT

Report Date :

10.09.2012

IDENTIFICATION DETAILS

Name :	NANDAN STEELS AND POWER LIMITED
Registered Office :	199-C, Ground Floor Main Road Samta Colony, Raipur – 492001, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.02.2004
Com. Reg. No.:	10-016394
Capital Investment / Paid-up Capital :	Rs. 209.800 Millions
CIN No.: [Company Identification No.]	U27109CT2004PLC016394
TAN No.: [Tax Deduction & Collection Account No.]	JBPN00410E
PAN No.: [Permanent Account No.]	AABCN9013A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of M. S. Angles, M.S. Channels, M.S. Joists, H. Beams, Billets and Blooms.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 1600000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has increased its sales turnover during 2011 but the profitability appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported as usually correct. The company can be considered 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	Long term rating : BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March 02, 2012

Rating Agency Name	CRISIL
Rating	Short term rating : A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	March 02, 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 :	199-C, Ground Floor Main Road Samta Colony, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-4078000 - 10 (11 Lines)
Fax No.:	91-771-4078040/ 41
E-Mail :	manish@nandansteels.com info@nandansteels.com
Website :	http://www.nandansteels.com
Factory :	Siltara Industrial Area Village Sondra, Block Dharsiwa, Raipur – 493221, Chhattisgarh, India
Tel. No.:	91-771-4078045 – 49 (5 Lines)
Fax No.:	91-771-4078050/ 51

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Ashok Kumar Agarwalla

Designation :

Managing director

Address :

5,Park Street ,Choubey Colony, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

13.12.1962

Qualification :

B. Com

Date of Appointment :

10.02.2004

PAN No.:

ACAPA3004C

DIN No.:

00739999

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	U27104CT2000PLC014148	HI-TECH POWER AND STEEL LIMITED	Director	02/04/2003	02/04/2003	Active	NO
2	U27109CT2004PLC016394	NANDAN STEELS AND POWER LIMITED	Managing director	25/10/2007	10/02/2004	Active	NO
3	U51909WB2011PLC168673	D K S TRADECOM LIMITED	Director	19/10/2011	19/10/2011	Active	NO

Name :

Mr. Binod Kumar Agrawal

Designation :

Director

Address :

6/11, Deoralia Bhawan, Nehru Nagar (E) Bhilai, Durg-490023, Chhattisgarh, India

Date of Birth/Age :

21.05.1970

Qualification :

B. Com

Date of Appointment :

10.02.2004

PAN No.:

AEVPA1674B

DIN No.:

00771086

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	U27104CT2000PLC014148	HI-TECH POWER AND STEEL LIMITED	Managing director	01/04/2010	02/04/2003	Active	NO
2	U27109CT2004PLC016394	NANDAN STEELS AND POWER LIMITED	Director	10/02/2004	10/02/2004	Active	NO
3	U51101CT2009PTC021309	MUNSHIRAM TRADING COMPANY PRIVATE LIMITED	Director	29/07/2009	29/07/2009	Active	NO
4	U63011CT2004PTC016906	RAIPUR HANDLING AND INFRASTRUCTURE PRIVATE LIMITED	Additional director	24/12/2011	24/12/2011	Active	NO

Name :

Mr. Manoj Kumar Agrawal

Designation :

Director

Address :

6/11, Deoralia Bhawan, Nehru Nagar (East) Bhilai, Durg-490023, Chhattisgarh, India

Date of Birth/Age :

26.03.1968

Qualification :

B. Com

Date of Appointment :

10.02.2004

PAN No.:

ABSPA2980N

DIN No.:

01590987

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	U27109CT2004PLC016394	NANDAN STEELS AND POWER LIMITED	Director	10/02/2004	10/02/2004	Active	NO
2	U27104CT2000PLC014148	HI-TECH POWER AND STEEL LIMITED	Director	30/09/2008	16/11/2007	Active	NO
3	U51101CT2009PTC021309	MUNSHIRAM TRADING COMPANY PRIVATE LIMITED	Director	29/07/2009	29/07/2009	Active	NO
4	U45400WB2012PTC183628	D.C.INFRATECH PRIVATE LIMITED	Director	10/07/2012	10/07/2012	Active	NO

Name :

Mr. Manish Kumar Agarwal

Designation :

Director

Address :

402, Ekta Enclave, Civil Line, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

05.04.1979

Qualification :

Chartered Accountant

Date of Appointment :

12.09.2005

PAN No.:

ABUPA4520A

DIN No.:

00290615

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	U27109CT2004PLC016394	NANDAN STEELS AND POWER LIMITED	Director	12/09/2005	12/09/2005	Active	NO
2	U24100CT2010PTC021758	P. B. TRADELINK PRIVATE LIMITED	Director	22/04/2010	22/04/2010	Active	NO
3	U51109WB2008PTC125978	DEBDARU VINIMAY PRIVATE LIMITED	Director	17/05/2010	17/05/2010	Active	NO

Name :

Mr. Vikash Kumar Agrawal

Designation :

Director

Address :

402, Ekta Enclave, Civil Line, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

13.06.1975

Qualification :

B. Com

Voter ID :

BR/47/284/522414

Date of Appointment :

15.01.2007

PAN No.:

ABSPA2180J

DIN No.:

01208960

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	U27109CT2004PLC016394	NANDAN STEELS AND POWER LIMITED	Director	15/01/2007	15/01/2007	Active	NO
2	U24100CT2010PTC021758	P. B. TRADELINK PRIVATE LIMITED	Director	22/04/2010	22/04/2010	Active	NO
3	U51909WB2011PLC168673	D K S TRADECOM LIMITED	Director	19/10/2011	19/10/2011	Active	NO

Name :

Mr. Sanjay Kumar Kariwalla

Designation :

Director

Address :

5,Park Street ,Choubey Colony, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

04.09.1968

Qualification :

B. Com

Experience :

Date of Appointment :

10.02.2004

PAN No.:

ADSPK0632M

DIN No.:

00290874

Name :

Mr. Sudeep Agarwal

Designation :

Director

Address :

3, Adarsh Nagar, Marmada Road, Jabalpur – 482001, Madhya Pradesh, India

Date of Birth/Age :

09.06.1971

Date of Appointment :

02.05.2011

DIN No.:

03135733

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	U92412MH2010PTC202071	IDEAL LEISURE PRIVATE LIMITED	Director	14/07/2010	14/07/2010	Active	NO
2	U27109CT2004PLC016394	NANDAN STEELS AND POWER LIMITED	Director	02/05/2011	02/05/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 20.03.2012

Names of Allotees	No. of Shares
Debdaru Vinimay Private Limited, India	538000
DKS Tradecom Limited, India	580000
Total	1118000

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	73.02
Directors or relatives of directors	26.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of M. S. Angles, M.S. Channels, M.S. Joists, H. Beams, Billets and Blooms.

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
SMS Division		70000	70000	58355
Structural Division		70000	60500	56218

* Installed Capacity is as Certified by the management.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, 2^nd Floor, Pujari Complex, Pachpedi Maka, Raipur - 490026, Chhattisgarh, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	64.402	89.784
Working capital loans banks secured	251.243	208.005
Hire purchase installment payable secured	0.048	1.369
Total	315.693	299.158
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other debt unsecured	0.000	40.243
Total	0.000	40.243

Banking Relations :	--
Auditors :
Name :	K M Jain and Company Chartered Accountants
Address :	9 Himalaya Complex Supela Bhilai – 490023, Chhattisgarh, India
Income-tax PAN of auditor or auditor's firm :	AAEFK4184F
Associates :	HI Tech Power and Steels Limited

CAPITAL STRUCTURE

AFTER 29.09.2011

Authorised Capital : Rs. 235.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 220.980 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
21,000,000	Equity Shares	Rs. 10/- each	Rs. 210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,980,000	Equity Share	Rs.10/- each	Rs. 209.800 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		209.800	204.800	178.550
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		214.579	153.395	111.467
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		424.379	358.195	290.017
LOAN FUNDS
1] Secured Loans		315.693	299.158	246.947
2] Unsecured Loans		0.000	40.243	0.000
TOTAL BORROWING		315.693	339.401	246.947
DEFERRED TAX LIABILITIES		34.442	25.318	16.408
TOTAL		774.514	722.914	553.372
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		386.558	390.745	295.499
Capital work-in-progress		10.468	6.473	44.699
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	222.404	230.972	171.224
	Sundry Debtors	179.784	142.710	97.421
	Cash & Bank Balances	9.893	9.940	7.308
	Other Current Assets	29.444	28.977	0.000
	Loans & Advances	49.162	42.443	68.690
Total Current Assets		490.687	455.042	344.643
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.352	43.789	60.128
	Other Current Liabilities	60.461	64.722	68.527
	Provisions	22.386	20.835	2.912
Total Current Liabilities		113.199	129.346	131.567
Net Current Assets		377.488	325.696	213.076
MISCELLANEOUS EXPENSES		0.000	0.000	0.098
TOTAL		774.514	722.914	553.372

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2318.011	1730.232	1751.318
		Other Income	0.000	0.000	1.684
		TOTAL (A)	2318.011	1730.232	1753.002
Less	EXPENSES
		Consumption materials changes inventories	1730.476	1253.957
		Manufacturing service costs	452.650	361.904
		Employee related expenses	18.536	16.005
		Administrative selling other expenses	22.064	14.825
		TOTAL (B)	2223.726	1646.691	1667.569
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		94.285	83.541	85.433
Less	FINANCIAL EXPENSES (D)		38.515	35.673	33.376
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		55.770	47.868	52.057
Less/ Add	DEPRECIATION/ AMORTISATION (F)		30.388	23.171	28.011
	PROFIT BEFORE TAX (E-F) (G)		25.382	24.697	24.046
Less	TAX (H)		9.198	9.019	6.924
	PROFIT AFTER TAX (G-H) (I)		16.184	15.678	17.122
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		46.145	30.467	13.345
	BALANCE CARRIED TO THE B/S		62.329	46.145	30.467
	CIF VALUE OF IMPORT		Nil	1.384	16.303
	Earnings Per Share (Rs.)		0.77	0.77	0.96

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.70	0.91	0.98
Net Profit Margin (PBT/Sales)	(%)	1.09	1.43	1.37
Return on Total Assets (PBT/Total Assets}	(%)	2.89	2.92	3.76
Return on Investment (ROI) (PBT/Networth)		0.06	0.07	0.08
Debt Equity Ratio (Total Liability/Networth)		1.01	1.31	1.31
Current Ratio (Current Asset/Current Liability)		4.33	3.52	2.62

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

BUSNIESS RESULTS:

The sales and other income for the F.Y.2010-11 were Rs 2321.077 Millions as against Rs.1759.004 Millions for the F.Y.2009-10, registering a Increase of 31.95% over the last years figure.

The profit before tax was Rs.25.381 Millions and profit after tax was Rs.16.176 Millions for the F.Y. as against Rs.24.696 Millions and Rs.15.679 Millions of the previous year, and improvement by 2.77% and 3.17% over the last year respective figure.

FINANCIAL REVIEW

a) CAPITAL STRUCTURE

The company has raised equity share-capital of Rs 5.000 Millions during the year 2010-11.

b) BORROWINGS

The Borrowings of the Company as on 31st march 2011 was Rs. 315.700 Millions as against Rs. 299.200 Millions

as on 31st March 2010

MANAGEMENT DISCUSSIONS AND ANALYSIS

Industry Structures and Development

With RBI prediction that Indian Economy will grow by about 8%p.a, with the manufacturing sector taking the lead Indian manufacturing sector is expected to grow with same pace.

Opportunities and Threats

With the global outlook about improving and more opportunities are coming; demand for M.S. Structures manufactured by us may increase.

However, increased competition from other companies in the domestic market may pose a threat to us.

Outlook

The outlook for the M.S. Structure sectors are favourable .The company expects to further increase its production/turnover/ profitability in the next financial year.

Performance

The performance of the company in the period was satisfactory. However, the company is always on the lookout continuous improvement.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27109CT2004PLC016394
Name of the company	NANDAN STEELS AND POWER LIMITED
Address of the registered office or of the principal place of business in India of the company	199-C , Ground Floor, Samta Colony, Raipur – 492001, Chhattisgarh, India Email ID: manish@nandansteels.com
This form is for	Modification of charge
Charge identification number of the modified	90209757
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of India, Commercial Branch,2nd Floor, Pujari Complex, Pachpedi Naka, Raipur – 492001, Chattisgarh, India Email ID: sbi.08536@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Memorandum of deposit for creation further charge for term loan/cash credit/over all limits where the initial charge is created by way of mortgage by deposit of title deeds dt. 26.09.11 2. Supplimental Agreement of Loan for increase in the overall limits Form C.1-A. dt. 26.09.11 3. Supplimental agreement of Hypothecation of Goods & Assets for increase in overall limits. Form C.2-A dt.26.09.11. 4. Letter regarding the grant of individul limts within the overall limits. Form C.5 dt. 26.09.11
Date of instrument Creating the charge	26.09.2011
Amount secured by the charge	Rs. 654.300 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC -Base Rate+3.25% present rate 13.25% pa with monthly rest. TL-i & ii- Base Rate+5.50%present rate 15.50% pa with monthly rest. TL iii- Base Rate+3.50%present rate 13.50% pa with monthly Terms of Repayment Term Loan i & ii as per existing repayment schedule vide documents dated 18.11.2004, 11.03.2006, 14.11.2006, 24.03.2007, 02.08.2007, 20.05.2009 and 16.02.2010. Term Loan iii of Rs.110.000 Millions 15 installment of Rs.001.600 Millions 12 installment of Rs.001.800 Millions 24 installment of Rs.001.900 Millions 8 installment of Rs.002.000 Millions last installment of Rs.002.800 Millions This letter modifies/supersedes the individual limits granted to the company earlier in term of form C-5 dated 16.02.2011 Margin Raw Material:25% Consumbles :30% Stock In Process:30% Finished Goods:30% Book Debts:40% (Cover Period Book Debts 45 Days) Letter Of Credit:10% Bank Guarantee:10% Extent and Operation of the charge Hypothecation of entire current assets and P & M and other movable assets and EM of the factory land and shed/ building situated at Siltara Industrial Area (Village Soundra, Teh Dharsinva) Raipur. [P.H. No. 99, Khasara Nos. 57/1,2,3,4,5,6,7 55/1,2, 56/1,2; 64/1, 65/1, 67/1,2,68,58,and 59 and Khasra No.64/2, 65/2, 67/3, 62/1, 63, 62/2, 61 admeasuring 4.627 hectare.
Short particulars of the property charged	Equitable Mortgage of the factory land and shed/ building at Siltara Indus. Area Village Soundra, Teh Dharsinva Raipur Ph. No. 99, Khasara Nos.68,56/1,56/2,55/1,67/2,57/3,4&5,55/2,57/6,57/7,1,2,67/1 64/1,58,59,64/2,65/2,67/3,62/1,63,62/2,61 Equitable Mortgage of Resident Building At Plot No.199-c Main Road Samta Colony Raipur. 2000 Sq Feet in the name of Shri Manoj Kumar Agrawal and Binod Kumar Agrawal. Equitable Mortgage of Resident Building at Plot No. and Block No.6/11 Nehru Nagar,Bhilai. 540 Sq meter in the name of Smt Sunaiyna Agrawal and Smt Sandhya Agrawal Equitable Mortgage of Resident Building at Plot No. 3/2g1,3/2g2 and 3/2G3 flat no. 402 fourth floor ekta enclave byron bazar Raipur.122.58 sq meter in the name of Smt. Munni Devi Agrawalla. Equitable Mortgage of Resident Building at Plot No.8 and Block No.18, Nehru Nagar,Bhilai. 360 Sq meter n the name of Smt Sunaiyna Agrawal. Equitable Mortgage of Resident Building at Plot No.7 and Block No.18, Nehru Nagar, Bhilai. 360 Sq meter n the name of Smt Sandhya Agrawal Equitable Mortgage Part of Plot No.222,223 situated at Mauza Dhansar No.52 Khata No. 06 Ward No.19/17 Dhanbad jharkhand.9.54 Decimals n the name of Shri Rakesh Kumar Agrawal Equitable Mortgage Khasra No. part of 760/2 PC No15 situated at Junwani Bhilai.7544 Sq Feet in the name of Shri Binod Kumar Agrawal. Equitable Mortgage Khasra No. part of 760/2 PC No15 situated at Junwani Bhilai.7210 Sq Feet in the name of Shri Manoj Kumar Agrawal .
Date of latest modification prior to the present modification	16.02.2011
Particulars of the present modification	Limits Enhanced From To ( Rs. In Millions ) 1. CC (Hyp.) 250.000 300.000 2. Term Loan 136.300 246.300 3. LC 50.000 70.000 4. BG 35.000 350.000 5. CEL 0.030 0.030 ------------ ------------ Total 474.300 654.300

CONTINGENT LIABILITIES:

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
Bank guarantee given in favour of CSEB	1.961	1.961
Bank guarantee given in favour of SAIL BSP	10.000	10.000

FIXED ASSETS

Ø Land

Ø Factory Building and Civil Work

Ø Electrical Installations

Ø Plant and machinery

Ø Generator

Ø Office Equipments

Ø Furniture and Fixtures

Ø Four Wheeler

Ø Two Wheeler

Ø Mobile Crane

Ø Tractor Trolley

Ø Computers and Peripherals

Ø Rolls

WEBSITE DETAILS:

Profile:

Subject is a fully functional, integrated, fast moving and automated company. It is created to facilitate and promote the production of steel and steel products for global market. Subject is a public limited company registered under companies Act-1956 and also registered in DTIC, Raipur (Chhattisgarh). It manufactures M.S. Structural Steel having specialization in M.S. Angles, M.S. Channels, M.S. Joists, H. Beams, Billets and Blooms.

Subject has been promoted with an aim to build a world class industry and enterprise. With the principle of integration and capacity expansion, the group has alliances in the states of West Bengal, Orissa, Jharkhand, Andhra Pradesh, Maharashtra, Gujarat, Tamilnadu, Delhi and other states. The company is soon going to be self dependent for its power consumption through its captive power plant. The integration is slated to be complete with the group acquiring captive iron ore and coal mines.

Subject is the first to start end-cutting through highly sophisticated Hot Saw Hexa machine, which gives a clear cut at 90 degree at both the ends.

The focus on expanding the capacity and efficiencies makes the company one of the most competitive playes in the market along with supplying superior quality and value to consumers. This confidence rides on the back of the company's strict control over quality and technological developments.

Ø Subject is an ISO 9001:2008 (QMS), ISO 14001:2004 (EMS) and ISO 18001:OHSAS certified organization and is also certified by Bureau of Indian Standard (IS 2062:2006 and IS 2830:1992)

Ø Their production capacity is 70,000 Tones p.a. from sponge to structures.

Ø Human Resource: Well-qualified directors and executive having 20 years experience form the word of work manages the company.

Ø The company has adopted the latest technology with a view to obtain optimum productivity at lowest cost keeping best quality.

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. 55.52
UK Pound	1	Rs. 88.49
Euro	1	Rs. 70.20

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--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		43

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

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.