MIRA INFORM REPORT

Report Date :

09.08.2013

IDENTIFICATION DETAILS

Name :	SHRI BAJRANG ALLOYS LIMITED
Registered Office :	521/C, Urla Industrial Complex, Raipur – 493221, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.08.1990
Com. Reg. No.:	10-005964
Capital Investment / Paid-up Capital :	Rs.90.000 millions
CIN No.: [Company Identification No.]	L27103CT1990PLC005964
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Structural Steels like Angle, Channal, Joist/Beam, Round etc.
No. of Employees :	92 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 950000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having moderate track record. The company has seen a drastic dip in its sales turnover as well as net profitability during 2013, due to slowdown in off-take by the power sector which accounts for a substantial proportion of its revenue. Financial risk profile has witnessed a deterioration due to significant increase in long term borrowing during the year under review. The ratings also take into consideration the risks due to volatility in steel prices. However, trade relations are fair. Business is active. Payment terms are slow but correct. In view of extensive experience of its promoters in the steel industry coupled with established relationships with suppliers and reputed customers the subject can be considered normal for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = B+
Rating Explanation	High risk of default regarding timely servicing of financial obligations.
Date	10.07.2013

Rating Agency Name	CRISIL
Rating	Short term rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	10.07.2013

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.

INFORMATION DECLINED BY

Name :	Mr. Jayesh Kapadi
Designation :	A.G.M. Finance
Contact No.:	91-771-4288000
Date :	07.08.2013

LOCATIONS

Registered Office/ Factory :	521/C, Urla Industrial Complex, Raipur – 493221, Chhattisgarh, India
Tel. No.:	91-771-2324281/ 2324282/ 4288000
Fax No.:	91-771-2323629/ 4288001
E-Mail :	sahunand25@yahoo.co.in investors.sbal@sify.com sbal@goeltmt.com shivangi_cs@goeltmt.com muralidharan.b@goeltmt.com cs@goelgroup.co.in
Website :	www.shribajrangalloys.com http://www.goeltmt.com

DIRECTORS

As on 31.03.2012

Name :	Mr. Suresh Goel
Designation :	Chairman
Name :	Mr. Anand Goel
Designation :	Managing Director
Name :	Mr. Narendra Goel
Designation :	Director
Name :	Mr. Vikash Kumar Khedia
Designation :	Independent Director
Name :	Mr. Dinesh Agrawal
Designation :	Independent Director
Name :	Mr. Raj Kumar Yadava
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. Jayesh Kapadi
Designation :	A.G.M. Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1452069	16.13
Any Others (Specify)	3958900	43.99
Any Other	3958900	43.99
Sub Total	5410969	60.12
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5410969	60.12
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1370490	15.23
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1106041	12.29
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1108343	12.31
Any Others (Specify)	4157	0.05
Clearing Members	2464	0.03
Non Resident Indians	1693	0.02
Sub Total	3589031	39.88
Total Public shareholding (B)	3589031	39.88
Total (A)+(B)	9000000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	9000000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Structural Steels like Angle, Channal, Joist/Beam, Round etc.

Products :

Product Description	ITC Code
Structural Steel	7211/ 7214/ 7216

GENERAL INFORMATION

Customers :

· Hindustan Construction Company Limited

· Reliance Industries Limited

· Thyssenkrupp Industries India Private Limited

· Siemens Limited

· Shree Renuka Sugars Limited

· Afcons Infrastructure Industries Limited

· Gammon India Limited

· KEC International Limited

· Jyoti Structures Limited

· Adani Group

· L and T Limited

· SAMSUNG

· Hindalco Industries Limited

No. of Employees :

92 (Approximately)

Bankers :

Bank of Baroda, Raipur

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term Loans From Banks (Hypothecated by vehicle, 36 equal Monthly installment of Rs. 0.019 million beginning from Dec. 2011)	0.519	0.000
Working Capital Loan Cash Credit Limit ( Bank of Baroda ) (Cash Credit facility is secured by hypothecation of stocks of Raw Materials, Stock of consumable stores, Stock-in-Transit, Finished goods, Book debts and Personal Guarantee by Directors.) Note : There is no default, as at the balance sheet date, in repayment of any of above Loans	284.864	242.543
Total	285.383	242.543

Banking Relations :	--
Auditors :
Name :	R K Singhania and Associates Chartered Accountants
Address :	205, 1^st Floor, Samta Colony, Raipur – 492 001, Chhattisgarh, India
Tel. No.:	91-771-2255744-45, 4036066,
Fax No.:	91-771-2254188
E-Mail :	rkscaryp@yahoo.co.in
Associates :	Shri Bajrang Power and Ispat Limited Shri Bajrang Ispat and Plywood Limited Shri Bajrang Hydro Energy Private Limited S.B. Multimedia Private Limited Shimmer Investment Private Limited Swastik Mercentiles Limited Jainarayan Hari Ram Goel Charitable Trust

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 millions
1000000	Preference Shares	Rs. 10/- each	Rs. 10.000 Millions
	Total		Rs. 210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 millions

Reconciliation of number of equity shares outstanding at the beginning and at the end of

the year.

PARTICULARS	31.03.2012
No of shares outstanding as at the beginning of the year	9000000
Add : Number of shares allotted during the year as fully paid-up	--
Number of shares outstanding as at the end of the year	9000000

Rights, preferences and restrictions attaching to various classes of shares

Class of shares	Rights, preferences and restrictions (including restrictions on distribution of dividends and repayment of capital)
Equity Shares	Holder of Equity Share has one Vote per share.
Preference shares	Not Issued

Shares in the company held by each shareholder holding more than 5% shares

Name of the shareholder	No. of shares held in the company	% of Shares held
Rajendra Goel *	847500	9.42
Atlanta Securities Private Limited	760500	8.45
Narendra Goel *	632700	7.03
Hariram Goel *	566100	6.29
Anand Goel *	513400	5.70
Suresh Goel *	482400	5.36

* Hold as in capacity of Karta of HUF

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	90.000	90.000
(b) Reserves & Surplus	147.816	126.463
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	237.816	216.463
(3) Non-Current Liabilities
(a) long-term borrowings	35.551	42.185
(b) Deferred tax liabilities (Net)	4.775	4.192
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.492	1.780
Total Non-current Liabilities (3)	41.818	48.157
(4) Current Liabilities
(a) Short term borrowings	284.864	242.543
(b) Trade payables	6.746	11.836
(c) Other current liabilities	49.460	27.367
(d) Short-term provisions	9.698	10.465
Total Current Liabilities (4)	350.768	292.211
TOTAL	630.402	556.831
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54.559	51.298
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	15.010	14.564
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.144	2.969
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	72.713	68.831
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	262.041	255.579
(c) Trade receivables	192.341	187.413
(d) Cash and cash equivalents	0.663	0.977
(e) Short-term loans and advances	102.644	44.031
(f) Other current assets	0.000	0.000
Total Current Assets	557.689	488.000
TOTAL	630.402	556.831

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		90.000
2] Share Application Money		0.000
3] Reserves & Surplus		105.375
4] (Accumulated Losses)		0.000
NETWORTH		195.375
LOAN FUNDS
1] Secured Loans		231.960
2] Unsecured Loans		318.592
TOTAL BORROWING		550.552
DEFERRED TAX LIABILITIES		4.065
TOTAL		749.992
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.409
Capital work-in-progress		18.683
INVESTMENT		11.331
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	318.064
	Sundry Debtors	212.656
	Cash & Bank Balances	11.291
	Other Current Assets	0.000
	Loans & Advances	196.601
Total Current Assets		738.612
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.574
	Other Current Liabilities	32.259
	Provisions	12.210
Total Current Liabilities		53.043
Net Current Assets		685.569
MISCELLANEOUS EXPENSES		0.000
TOTAL		749.992

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1560.165	1609.827	1630.910
		Other Income	1.606	1.503	1.198
		TOTAL (A)	1561.771	1611.330	1632.108
Less	EXPENSES
		Cost of Materials Consumed	1283.302	1257.298
		Purchase of Stock in Trade	36.778	94.520	1567.219
		Changes In Inventories	7.518	20.920
		Employees benefit Expenses	8.603	8.000
		Other Manufacturing Expenses	83.593	84.041
		Other Administrative Expenses	65.204	68.658
		TOTAL (B)	1484.998	1533.437	1567.219
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		76.773	77.893	64.889
Less	FINANCIAL EXPENSES (D)		36.835	38.550	25.281
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.938	39.343	39.608
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.955	8.144	9.388
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		30.983	31.199	30.220
Less	TAX (H)		9.630	10.110	9.518
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		21.353	21.089	20.702
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		72.904	61.815	51.113
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	10.000	10.000
	BALANCE CARRIED TO THE B/S		84.257	72.904	61.815
	EARNINGS IN FOREIGN CURRENCY		8.671	4.765	2.427
	Earnings / (Loss) Per Share (Rs.)		2.37	2.34	2.30

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012
Type	1^st Quarter	2^nd Quarter
Net Sales	375.790	272.240
Total Expenditure	356.720	256.810
PBIDT (Excl OI)	19.070	15.430
Other Income	0.090	0.020
Operating Profit	19.160	15.450
Interest	9.720	8.720
Exceptional Items	0.000	0.000
PBDT	9.440	6.730
Depreciation	2.690	2.500
Profit Before Tax	6.750	4.230
Tax	2.190	1.370
Provisions and contingencies	0.000	0.000
Profit After Tax	4.560	2.870
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	4.560	2.870

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.37	1.31	1.27
Net Profit Margin (PBT/Sales)	(%)	1.99	1.94	1.85
Return on Total Assets (PBT/Total Assets}	(%)	5.03	5.75	3.91
Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.15
Debt Equity Ratio (Total Debt/Networth)		1.35	1.32	2.82
Current Ratio (Current Asset/Current Liability)		1.59	1.67	13.92

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	No
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

UNSECURED LOAN

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans And Advances From Related Parties - From Director and its Relative	7.398	21.262
Loans And Advances From Others - From Corporate Body	27.636	20.923
Total	35.034	42.185

MARKETING AND EXPORT:

They are place before the stake holders that their export has enhanced from previous year to the current year, due to quality steel produced by them. Moreover in the ensuing year they do hope their export will increase in near future. The total amount of export earnings in the current financial year is Rs. 8.671 millions as against Rs. 4.675 millions in the previous financial year through cross border transactions. Your Directors are positive and hopeful towards the future growth.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC AND INDUSTRY OVERVIEW:

Global economic and financial conditions likely to remain under pressure during the year. Inflationary pressure will continue to ease through 2012-13 and will remain around 5-6 per cent for the year.

The steel industry is often considered to be an indicator of economic progress, because of the critical role played by steel in infrastructural and overall economic development. The per capita usage of steel gives an indication of the technological advancement of a nation. India has one of the richest reserves of all the raw materials required for the industry, namely land, capital, cheap labour, iron ore, power, coal etc. Yet they are 5^th in the world ranking for production of steel.

The steel industry can well be termed the backbone of modern society considering steel's varied uses, be it in construction, transport, electrical appliances, food packaging and the like. In terms of its composition, steel is an alloy of iron and carbon containing less than 2% carbon and 1% manganese and small amounts of silicon, phosphorus, sulphur and oxygen.

Steel products are classified into four broad categories: a) Flat Steel Products; b) Long Steel products; c) Scrap; d) Semi-finished Products:

a) Flat products include plates, hot-rolled strip and sheets, and cold-rolled strip and sheets.

b) The long steel product category includes wire rods, beams, reinforced bars and merchant bars. The products under both these categories are rolled from steel slabs, which are considered as unfinished or semi-finished products that are generally not sold

GLOBAL STEEL INDUSTRY – OVERVIEW:

On the external front although the outlook for global economy continues to improve, downside risks are many and varied. Possibility of tensions in the euro area periphery spreading to the core of Europe, sustained weakness of the US real estate market, elevated commodity prices, overheating in certain emerging markets and geopolitical tensions are some of the major risks that have the potential to derail the global recovery.

Despite demand growth witnessed during 2010 and 2011, growth in steel making capacity still exceeds steel demand. There is now significant over-capacity in the global steel sector which is putting pressure on operators' profitability. This has been exacerbated by the European sovereign debt crisis which reduced confidence in the market place in the latter half of 2011 on global economic growth, putting a halt on investments into large scale infrastructure projects in Europe, and reducing availability of capital for growth. The complexity of the issue is large as growth in steel making capacity is expected to continue at pace and political issues are preventing a rationalization of the sector because governments are under pressure to protect jobs and the sector. The timeframe for rationalization will be driven by the political agenda.

FINANCIAL PERFORMANCE

During the year, the Company recorded Turnover of Rs. 1711.331 millions as against Rs. 1762.117 millions in the previous year. Profit after tax has also increased to Rs. 21.353 millions from Rs.21.089 millions in the previous years.

OUTLOOK:

The outlook for the steel sector in India remains positive. The Government of India has laid special emphasis on development o f infrastructure with huge investments in power, roads and highways, railways, housing, oil and gas etc which shall drive demand. Your Company with a well defined product portfolio is well poised to take advantage of the growth in iron and steel demand.

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS

FOR THE QUARTER/ YEAR ENDED ON 31^ST MARCH, 2013

Rs. In Millions

		Quarter ended		Year ended
Sl. No.	Particulars	31.03.2013	31.12.2012	31.03.2013
		Audited	Audited	Audited
01	Income From Operations
	(a) Net Sales / Income from Operations (Net of Excise Duty)	315.276	334.423	1297.731
	(b) Other operating Income	0.000	0.000	0.000
	Total income from operations (Net)	315.276	334.423	1297.731
02	Expenses
	a) Cost of Materials consumed	252.166	266.235	1027.371
	b) Purchase of Stock-in-trade	0.116	0.000	15.455
	c) Changes in inventories of finished goods and stock -in-trade	15.572	13.789	47.501
	d) Manufacturing and Employee benefits expense	18.875	19.476	78.259
	e) Depreciation and Amortisation expense	1.021	3.646	9.855
	f) Other Expenditure	14.525	15.061	60.751
	Total Expenses	302.275	318.207	1239.192
03	Profit / (Loss) from Operations before other income, finanace costs and exceptional items (1 - 2)	13.001	16.216	58.539
04	(b) Other Income	0.774	0.015	0.893
05	Profit / (Loss) from ordinary activities before finance costs and exceptional Items (3 ± 4)	13.775	16.231	59.432
06	Finance Costs	8.710	11.542	38.695
07	Profit / (Loss) from ordinary activities after finance costs but before exceptional Items (5 ± 6)	5.065	4.689	20.737
08	Exceptional Items - Expenditure / (Income)	0.000	0.000	0.000
09	Profit / (Loss) from Ordinary Activities before tax (7 ± 8)	5.065	4.689	20.737
10	Tax Expense (including Defered Tax)	1.397	1.748	6.704
11	Net Profit / (Loss) from Ordinary Activities after tax (9 ± 10)	3.668	2.941	14.033
12	Extraordinary Items	0.000	0.000	0.000
13	Net Profit / (Loss) for the period (11 ± 12)	3.668	2.941	14.033
14	Paid-up Equity Share Capital (Face Value of Rs.10/-)	90.000	90.000	90.000
15	Reserves at the end of year			161.850
16	Earning Per Share (before extraordinary items -
	(a) Basic	0.41	0.33	1.56
	(b) Diluted	0.41	0.33	1.56
17	Earning Per Share (after extraordinary items - not
	(a) Basic	0.41	0.33	1.56
	(b) Diluted	0.41	0.33	1.56
A	PARTICULARS OF SHAREHOLDING
01	Public Shareholding
	Number of Shares	3589031	3589031	3589031
	% of Shareholding	39.88%	39.88%	39.88%
02	Promoter and Promoter group Shareholding
	a) Pledge / Encumberd
	- No. of Shares (Face value Rs.10/- each)	-	-	-
	- Percentage of Shares ( As a % of the total Share Holding of Promoter & Promoter group)
	- Percentage of Shares ( As a % of the total Share Capital of the Company	-	-	-
	b) Non Encumberd
	- No. of Shares (Face value Rs.10/- each)	5410969	5410969	5410969
	- Percentage of Shares ( As a % of the total Share Holding of Promoter & Promoter group)	100.00%	100.00%	100.00%
	- Percentage of Shares ( As a % of the total Share Capital of the Company	60.12%	60.12%	60.12%
B	INVESTOR COMPLAINTS
	Pending At The Beginning Of The Quarter	0
	Received During The Year	0
	Disposed Of During The Quarter	0
	Remaining Unresolved At The End Of The Quarter	0

STATEMENT OF ASSETS AND LIABILITES

(Rs. In millions)

PARTICULARS	31.03.2013
	Audited
A. EQUITY AND LIABILITIES
(1) Shareholers' Fund
(a) Share Capital	90.000
(b) Reserve & Surplus	161.850
	251.850
(2) Non-Current Liabilities
(a) Long-Term Borrowings	276.325
(b) Deferred Tax Liabilities (Net)	4.403
(c) Long-Term Provisions	1.397
	282.125
(3) Current Liabilities
(a) Short-Term Borrowings	290.007
(b) Trade Payables	4.519
(c) Other Current Liabilities	54.465
(d) Short-Term provisions	8.179
	357.170
Total	891.145
B. ASSETS
(1) Non-current Assets
(a) Fixed Assets	49.047
(i) Tangible Assets	18.520
(b) Non-current investments	217.641
(c) Long-term loans and advances	0.000
	285.208
(2) Current Assets
(a) Inventories	213.207
(b) Trade Receivables	293.260
(c) Cash and cash equivalents	30.845
(d) Short-Term loans and advances	68.625
	605.937
Total	891.145

Notes:

1. The above audited financial results have been audited by the Statutory Auditors, reviewed by the Audit Committee and then approved by the Board of Directors at their meeting held on 29.05.2013.

2. Deferred tax has been provided in full year audited accounts.

3. The Company have a subsidiary company w.e.f. 06.03.2013 and their financials are consolidated.

4. The Company's operations fall under single segment.

5. Previous quarter and financial years figures were regrouped / rearranged wherever necessary. The figures of the quarter ended 31.03.2013 and 31.03.2012 are the balancing figures between the audited figures in respect of the full financial year and the figures upto the third quarter of the relevant financial year.

CONTINGENT LIABILITIES:

(To The Extent Not Provided For)

(Rs. in millions)

PARTICULARS	31.03.2012
(a) Claims against the company not acknowledged as debt (Security Amount deposited Against the claim Rs.0.625 Million (P.Y. Rs.0.475 Million).	1.069
(b) Guarantees Bank Guarantees Margin money of Rs. Nil Lacs (previous year Rs. 0.314 Million) deposited with bank.	0.000
Bill Discounted Under LC	486.292
Corporate Guarantees on behalf of other companies	2092.000

FIXED ASSETS

• Leasehold Land
• Freehold Land
• Factory Building
• Other Building
• Plant and Equipments
• Rolls
• Furniture and Fixtures
• Vehicles
• Computer

WEBSITE DETAILS:

Subject is one of the largest steel Rolling Mill in Chattisgarh, India. Bajrang Alloys rolls a complete range of products like Beams/ Joists, Channels, Angles and custom built items.

Company revenues and profits have grown substantially since its inception while constantly expanding its customer base. Based at Raipur, Chattisgarh, Bajrang Alloys has more than 150 employees with 6 offices and several distributors across the country.

Company is very proud to receive the ISO 9001 certification in recognition to its Quality system Standardisation. A Major factor of its growth has been its deep commitment.

ISI SPECIFICATION

All the products made by company have satisfied the norms of ISI without any consideration to prescribed tolerance allowances.

ISO CERTIFICATION

DNV-NETHERLANDS has certified the quality system of Subject

and Awarded the Certification of ISO 9001: 2000

For ' Manufacturing and Marketing of Rolled Steel Products.

PROFILE:

Subject is being recognized as one of the largest structural Rolling Mill in the state of Chhattisgarh spread over 33 acres of land. The products of the company are a model for other rolling mills in the country. Company plays on important role in the National effort to build a strong and self-reliant industrial base. Company has been commissioned by adopting the most modern and advanced technology. It involves systematic application of latest machinery and techniques to develop high quality end-products. The Board of Directors of company are well qualified and have commendable experience with sound financial back ground and good market reputation.

Company has employed technically qualified, well experienced and trained engineering professionals who are well-versed with the concepts of productivity and quality-control. Company even imparts in-house training to un-skilled personnel from time to time.

INFRASTRUCTURE

Company has an annual rolling capacity of 50,000 M.T, This project has been designed and installed by expert project engineers and possesses the following key hardware.

FURNACE

Company has adopted the most modern and advanced technological know-how installing sophisticated machines. The furnace is oil-Fired with two zones re-heating system. The most important idea of energy consumption is being made by putting Ceramic wool and also equipped with heat recovery recuperated resulting in fast heating. Lower fuel consumption as well as penetrating heat up to the core of bloom and billets. The Furnace is so designed that the heat energy is being utilized at its maximum to control cost of production so as to meet the Temperature all through the process is being maintained as per specification to obtain consistent quality.

CONVEYOR TABLES

Roller tables, Tilting Tables, Shifting Tables, etc. are installed to minimize the period of operation in process. These ultra modern installations in the Mill take only 55 second to produce end-product maintaining temperature as per specification for getting streamlined 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 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 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.61.12
UK Pound	1	Rs.94.44
Euro	1	Rs.81.54

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.