MIRA INFORM REPORT

Report Date :

18.12.2013

IDENTIFICATION DETAILS

Name :	SUPER SMELTERS LIMITED
Registered Office :	‘Premlata’, 39, Shakespeare Sarani, 3^rd Floor, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.06.1995
Com. Reg. No.:	21-072223
Capital Investment / Paid-up Capital :	Rs. 629.906 Millions
CIN No.: [Company Identification No.]	U27109WB1995PLC072223
TAN No.: [Tax Deduction & Collection Account No.]	CALS07997D
PAN No.: [Permanent Account No.]	AAFCS1116F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Iron and Steel Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 19900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 – 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : BBB
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	January 2, 2013

Rating Agency Name	CRISIL
Rating	Short term rating : A3+
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	January 2, 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

MANAGEMENT NON-COOPERATIVE

(CONTACT NO.: 91-33-22892735)

LOCATIONS

Registered Office :	‘Premlata’, 39, Shakespeare Sarani, 3^rd Floor, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22892734/ 35/ 36
Fax No.:	91-33-22892734/ 35/ 36
E-Mail :	secl@supershakti.in info@supershakti.in
Website :	www.supershakti.in
Branch Office:	318, Narayan Plaza, Exhibition Road, Patna – 800001, Bihar, India
Fax No.:	91-612-2231163
Factory 1 :	Kanjilal Avenue, Opposite DPL Zone, “B” Substation, Durgapur – 713210, West Bengal, India
Tel. No.:	91-343-2552598/ 3284
Factory 2 :	Adi Bunglow Road, Telaya Basti, Jhumri Telaya, Koderma – 825409, Jharkhand, India
Tel. No.:	91-6534-224701/ 02
Factory 3:	Jamuria Industrial Estate, Rajaram Danga (Aam Bagan), P.O. Ikra, Jamuria, Burdwan – 713362, West Bengal, India
Tel. No.:	91-341-2455077/ 2456688

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sitaram Agarwal

Designation :

Managing Director

Address :

Geetayan, 18H, Alipore Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

06.08.1950

Qualification :

B. Sc.

Date of Appointment :

01.02.2010

PAN No.:

ACQPA1303A

DIN No.:

00343881

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Managing director	01/02/2010	03/11/1997	Active	NO
2	U27100WB2002PLC103719	SAI FERROUS LIMITED	Director	20/09/2002	20/09/2002	Dissolved	NO
3	U40104WB2008PLC127950	SUPERSHAKTI POWER & INFRASTRUCTURES LIMITED	Director	29/07/2008	29/07/2008	Active	NO
4	U40104WB2008PLC128044	SUPERSHAKTI ENERGY & INFRASTRUCTURES LIMITED	Director	31/07/2008	31/07/2008	Active	NO

Name :

Mr. Dilip Agarwal

Designation :

Whole-time director

Address :

Geetayan, 18H, Alipore Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

18.01.1971

Qualification :

B. Com

Date of Appointment :

01.03.2013

PAN No.:

AEAPK5325C

DIN No.:

00343856

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27100WB1991PLC099643	SAI IRON(INDIA) LIMITED	Director	26/09/2008	02/05/1997	-	Active	NO
2	U31901WB1998PLC099642	SAI ELECTROCASTING LIMITED	Director	30/09/2000	30/09/2000	-	Dissolved	NO
3	U27100WB2002PLC099644	SAI SPONGE (INDIA) LIMITED	Director	01/12/2009	11/09/2002	-	Active	NO
4	U27100WB2002PLC103719	SAI FERROUS LIMITED	Director	20/09/2002	20/09/2002	-	Dissolved	NO
5	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Whole-time director	01/03/2013	27/10/2005	-	Active	NO
6	U51109WB1995PTC070525	VEERBHADRA SALES PRIVATE LIMITED	Director	26/09/2006	26/09/2006	-	Active	NO
7	U72900WB1994PTC062761	ROCKY DATAMATICS PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
8	U51109WB2007PTC113621	JAGDAMBA TRADECOM PRIVATE LIMITED	Director	26/02/2007	26/02/2007	17/07/2008	Active	NO
9	U51109WB2007PTC113624	MATASHREE TIE-UP PRIVATE LIMITED	Director	26/02/2007	26/02/2007	19/08/2008	Active	NO
10	U51109WB2007PTC113619	ANAAYA ADVERTISING PRIVATE LIMITED	Director	26/02/2007	26/02/2007	16/02/2008	Active	NO
11	U51109WB2007PTC113623	J.B. MEDICARE PRIVATE LIMITED	Director	26/02/2007	26/02/2007	23/11/2007	Active	NO
12	U51109WB2007PTC113786	BLUE MERIDIEN HOTEL PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/06/2008	Active	NO
13	U51109WB2007PTC113787	JAIGURU COMMODITIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	28/10/2010	Active	NO
14	U51109WB2007PTC113760	PASUPATI VINCOM PRIVATE LIMITED	Director	02/03/2007	02/03/2007	22/01/2008	Active	NO
15	U51909WB2007PTC113784	SANATAN AGENCIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/07/2008	Active	NO
16	U51109WB1994PTC062203	SKODA TREXIM PRIVATE LIMITED	Director	26/09/2008	24/03/2008	-	Active	NO
17	U40104WB2008PLC127950	SUPERSHAKTI POWER & INFRASTRUCTURES LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
18	U40104WB2008PLC128044	SUPERSHAKTI ENERGY & INFRASTRUCTURES LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO
19	U74900WB2012PTC189128	QUENTZ DEALTRADE PRIVATE LIMITED	Director	05/03/2013	05/03/2013	-	Active	NO
20	U74900WB2012PTC189119	DEVDRISHTI COMMOSALES PRIVATE LIMITED	Director	05/03/2013	05/03/2013	-	Active	NO

Name :

Mr. Deepak Agarwal

Designation :

Whole-time director

Address :

Geetayan, 18H, Alipore Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

14.07.1973

Qualification :

B. Com

Date of Appointment :

01.03.2013

PAN No.:

AAZPK8408R

DIN No.:

00343812

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31901WB1998PLC099642	SAI ELECTROCASTING LIMITED	Managing director	16/04/1998	16/04/1998	-	Dissolved	NO
2	U27100WB2002PLC099644	SAI SPONGE (INDIA) LIMITED	Director	11/09/2002	11/09/2002	-	Active	NO
3	U27100WB2002PLC103719	SAI FERROUS LIMITED	Director	20/09/2002	20/09/2002	-	Dissolved	NO
4	U27100WB1991PLC099643	SAI IRON(INDIA) LIMITED	Director	04/09/2003	04/09/2003	-	Active	NO
5	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Whole-time director	01/03/2013	27/10/2005	-	Active	NO
6	U51109WB1994PTC062203	SKODA TREXIM PRIVATE LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
7	U51109WB2007PTC113621	JAGDAMBA TRADECOM PRIVATE LIMITED	Director	26/02/2007	26/02/2007	17/07/2008	Active	NO
8	U51109WB2007PTC113624	MATASHREE TIE-UP PRIVATE LIMITED	Director	26/02/2007	26/02/2007	19/08/2008	Active	NO
9	U51109WB2007PTC113619	ANAAYA ADVERTISING PRIVATE LIMITED	Director	26/02/2007	26/02/2007	16/02/2008	Active	NO
10	U51109WB2007PTC113623	J.B. MEDICARE PRIVATE LIMITED	Director	26/02/2007	26/02/2007	23/11/2007	Active	NO
11	U51109WB2007PTC113786	BLUE MERIDIEN HOTEL PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/06/2008	Active	NO
12	U51109WB2007PTC113787	JAIGURU COMMODITIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	28/10/2010	Active	NO
13	U51109WB2007PTC113760	PASUPATI VINCOM PRIVATE LIMITED	Director	02/03/2007	02/03/2007	22/01/2008	Active	NO
14	U51909WB2007PTC113784	SANATAN AGENCIES PRIVATE LIMITED	Director	02/03/2007	02/03/2007	17/07/2008	Active	NO
15	U72900WB1994PTC062761	ROCKY DATAMATICS PRIVATE LIMITED	Director	26/09/2008	24/03/2008	-	Active	NO
16	U51109WB1995PTC070525	VEERBHADRA SALES PVT.LTD.	Director	26/09/2008	24/03/2008	-	Active	NO
17	U40104WB2008PLC127950	SUPERSHAKTI POWER & INFRASTRUCTURES LIMITED	Director	29/07/2008	29/07/2008	-	Active	NO
18	U40104WB2008PLC128044	SUPERSHAKTI ENERGY & INFRASTRUCTURES LIMITED	Director	31/07/2008	31/07/2008	-	Active	NO
19	U74900WB2012PTC189128	QUENTZ DEALTRADE PRIVATE LIMITED	Director	05/03/2013	05/03/2013	-	Active	NO
20	U74900WB2012PTC189119	DEVDRISHTI COMMOSALES PRIVATE LIMITED	Director	05/03/2013	05/03/2013	-	Active	NO

Name :

Mr. Nagendra Prasad Sinha

Designation :

Director

Address :

A7, Sangam, 2, Wood Street, Kolkata – 700 016, West Bengal, India

Date of Birth/Age :

26.12.1938

Qualification :

M. Tech., Ph. D

Date of Appointment :

27.03.2000

DIN No.:

01090335

Name :

Mr. Vijay Kumar Bhandari

Designation :

Director

Address :

1704, Wallace Apartments, 17^th Floor, Sleater Road, Grant Road, Mumbai – 400 007, Maharashtra, India

Date of Birth/Age :

14.10.1943

Qualification :

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

Date of Appointment :

26.09.2008

DIN No.:

00052716

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U50404PB1974PLC003420	GURU NANAK AUTO ENTERPRISES LIMITED	Director	12/03/2004	12/03/2004	-	Active	NO
2	L51433WB1960PLC024539	HSIL LIMITED	Director	24/07/2004	24/07/2004	-	Active	NO
3	L24100MH1992PLC066691	JAYANT AGRO-ORGANICS LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
4	U65110PB1999PLC022634	CAPITAL LOCAL AREA BANK LIMITED	Director	02/09/2006	02/09/2006	-	Active	NO
5	U21012DL1985PLC020023	KHANNA PAPER MILLS LIMITED	Director	28/09/2007	02/04/2007	29/08/2011	Active	NO
6	U60231DL2007PLC169280	SHORE TO SHORE LOGISTICS INDIA LIMITED	Director	11/10/2007	11/10/2007	29/08/2011	Active	NO
7	L70200TZ1936PLC000001	PRIME URBAN DEVELOPMENT INDIA LIMITED	Director appointed in casual vacancy	30/06/2008	30/06/2008	30/06/2011	Active	NO
8	U27109WB1995PLC072223	SUPER SMELTERS LIMITED	Director	26/09/2008	19/08/2008	-	Active	NO
9	L16000GJ1955PLC067605	GOLDEN TOBACCO LIMITED	Director	15/09/2009	31/07/2009	-	Active	NO
10	L24230MH1958PLC011078	KOPRAN LIMITED	Director	14/09/2013	12/02/2013	-	Active	NO

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

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

AS ON 22.12.2012

Names of Allottees	No. of Shares
Rocky Datamatics Private Limited, India	2300000
Skoda Trexim Private Limited, India	2200000
Veerbhadra Sales Private Limited, India	2000000
Crawford Plantations Private Limited, India	500000
Total	7000000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Iron and Steel Products.

Products/ Services :

ITC Code No.	Product Descriptions
72139190	Wire Rod

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production*
Steel Rolled Products	(MT)	216000	112321
Steel Billets	(MT)	178028	90461
M.S. Ingot	(MT)	63360	38300
Sponge Iron	(MT)	60000	40907
Total		517388	281990

* Not including production of process scrap of 3971 Mt, which has been consumed internally.

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

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

Bank of India (Leader of Consortium), Kolkata Large Corporate Branch, 5, B.T.M. Sarani, Kolkata - 700001, West Bengal, India

Dena Bank

State Bank of Hyderabad

Union Bank of India

Bank of Baroda

Oriental Bank of Commerce

Canara Bank

State Bank of Travancore

Indian Overseas Bank

Axis Bank Limited

HDFC Bank Limited

ICICI Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	3548.582	1958.116
Other loans and advances [Hypothecation of respective assets procured against the Loan]	43.589	37.531
SHORT TERM BORROWINGS
Working capital loans from banks	2009.832	1709.325
Other loans and advances [Buyers Credit in Foreign Currency for working capital and capital goods are part of the working capital facilities from the banks and is secured against the securities given for working capital loans]	508.146	238.336
Total	6110.149	3943.308

Banking Relations :	--
Financial Institutions :	· L & T Finance Limited Magma Fincorp Limited Tata Capital Limited
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	1B ,Old Post Office Street, Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AASFS9578D
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Crawford Plantations Private Limited [U51109WB1995PTC069605] Golcha Commodities Private Limited [U51109WB1996PTC079186] Khandelwal Finance Private Limited [U67120WB1991PTC053666] Rocky Datamatics Private Limited [U72900WB1994PTC062761] Sai Iron (India) Limited [U27100WB1991PLC099643] Sai Highrise Private Limited [U70101WB2005PTC102238] Skoda Trexim Private Limited [U51109WB1994PTC062203] Veerbhadra Sales Private Limited Private Limited [U51109WB1995PTC070525]
Subsidiary company :	· Devdrishti Commosales Private Limited [U74900WB2012PTC189119] Quentz Dealtrade Private Limited [U74900WB2012PTC189128] Sai Sponge (India) Limited [U27100WB2002PLC099644]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
75,000,000	Equity Shares	Rs. 10/- each	Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
66,910,560	Equity Shares	Rs. 10/- each	Rs. 669.106 Millions
	Less: Calls unpaid by others		Rs. 39.200 Millions
	Total		Rs. 629.906 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	629.906	509.106
(b) Reserves & Surplus	4349.670	3494.230
(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)	4979.576	4003.336
(3) Non-Current Liabilities
(a) long-term borrowings	3592.171	1995.647
(b) Deferred tax liabilities (Net)	316.644	218.269
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	11.563	5.588
Total Non-current Liabilities (3)	3920.378	2219.504
(4) Current Liabilities
(a) Short term borrowings	2517.978	1947.661
(b) Trade payables	1224.341	1665.039
(c) Other current liabilities	1323.340	877.001
(d) Short-term provisions	12.614	20.157
Total Current Liabilities (4)	5078.273	4509.858
TOTAL	13978.227	10732.698
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4817.927	4076.195
(ii) Intangible Assets	1.842	0.499
(iii) Capital work-in-progress	2190.005	984.412
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	101.979	101.578
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	275.981	423.908
(e) Other Non-current assets	23.702	9.460
Total Non-Current Assets	7411.436	5596.052
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2357.487	2209.187
(c) Trade receivables	3094.531	1992.599
(d) Cash and cash equivalents	356.883	184.703
(e) Short-term loans and advances	498.992	592.847
(f) Other current assets	258.898	157.310
Total Current Assets	6566.791	5136.646
TOTAL	13978.227	10732.698

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		460.336
2] Share Application Money		0.000
3] Reserves & Surplus		2904.826
4] (Accumulated Losses)		0.000
NETWORTH		3365.162
LOAN FUNDS
1] Secured Loans		2897.683
2] Unsecured Loans		0.000
TOTAL BORROWING		2897.683
DEFERRED TAX LIABILITIES		135.052
TOTAL		6397.897
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1504.651
Capital work-in-progress		2793.356
INVESTMENT		101.178
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1417.172
	Sundry Debtors	1867.463
	Cash & Bank Balances	138.443
	Other Current Assets	0.524
	Loans & Advances	598.582
Total Current Assets		4022.184
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1104.476
	Other Current Liabilities	777.678
	Provisions	141.318
Total Current Liabilities		2023.472
Net Current Assets		1998.712
MISCELLANEOUS EXPENSES		0.000
TOTAL		6397.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	11335.711	9748.759	8126.178
		Other Income	124.261	12.109	12.158
		TOTAL (A)	11459.972	9760.868	8138.336
Less	EXPENSES
		Cost of materials consumed	6460.946	4490.642	3999.500
		Purchases of stock-in-trade	1874.093	3482.683	2767.998
		Employee benefit expense	117.470	72.453	66.064
		Other expenses	1688.012	1374.995	926.999
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	244.934	(494.882)	(164.752)
		TOTAL (B)	10385.455	8925.891	7595.809
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1074.517	834.977	542.527
Less	FINANCIAL EXPENSES (D)		505.600	392.341	205.146
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		568.917	442.636	337.381
Less/ Add	DEPRECIATION/ AMORTISATION (F)		309.580	224.729	135.521
	PROFIT BEFORE TAX (E-F) (G)		259.337	217.907	201.860
Less	TAX (H)		115.497	67.433	69.164
	PROFIT AFTER TAX (G-H) (I)		143.840	150.474	132.696
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	243.675	65.832	45.413
	IMPORTS
		Raw Materials	1665.102	539.902	71.299
		Stores & Spares	4.482	11.545	2.381
		Capital Goods	15.509	0.000	30.159
	TOTAL IMPORTS		1685.093	551.447	103.839
	Earnings Per Share (Rs.)		2.63	3.31	4.16

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.26	1.54	1.63
Net Profit Margin (PBT/Sales)	(%)	2.29	2.24	2.48
Return on Total Assets (PBT/Total Assets}	(%)	2.22	2.26	3.65
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.06
Debt Equity Ratio (Total Debt/Networth)		1.23	0.99	0.86
Current Ratio (Current Asset/Current Liability)		1.29	1.14	1.99

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	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10436393	12/06/2013	258,100,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 24, PARK STREET, KOLKATA - 700031, WEST BENGAL, INDIA	B79416285
2	10424795	26/04/2013	550,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH, BELLS HOUSE (GROUND FLOOR), 21, CAMAC STREET, KOLKATA - 700016, WEST BENGAL, INDIA	B74794629
3	10429853	17/04/2013	300,000,000.00	ORIENTAL BANK OF COMMERCE	DURGAPUR BRANCH, NACHAN ROAD, BENACHITY, DURGAPUR - 713213, WEST BENGAL, INDIA	B76625284
4	10421134	25/03/2013	680,000,000.00	BANK OF BARODA	INDIA EXCHANGE BRANCH, 4 INDIA EXCHANGE PLACE, KOLKATA - 700001, WEST BENGAL, INDIA	B73591968
5	10412389	02/03/2013	900,000,000.00	BANK OF INDIA	KOLKATA LARGE CORPORATE BRANCH, 5, B.T.M. SARANI, KOLKATA - 700001, WEST BENGAL, INDIA	B70982079
6	10409609	12/02/2013	450,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1/1, CAMAC STREET, 1ST FLOOR, KOLKATA - 700016, WEST BENGAL, INDIA	B69861102
7	10409607	12/02/2013	700,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1/1, CAMAC STREET, 1ST FLOOR, KOLKATA - 700016, WEST BENGAL, INDIA	B69859999
8	10354716	29/12/2012 *	1,439,300,000.00	BANK OF BARODA	INDIA EXCHANGE BRANCH, 4 INDIA EXCHANGE PLACE, KOLKATA - 700001, WEST BENGAL, INDIA	B67048892
9	10354703	29/12/2012 *	4,000,000,000.00	BANK OF BARODA	INDIA EXCHANGE BRANCH, 4 INDIA EXCHANGE PLACE, KOLKATA - 700001, WEST BENGAL, INDIA	B67057372
10	10354665	29/08/2013 *	4,750,000,000.00	BANK OF INDIA (LEADER OF CONSORTIUM)	KOLKATA LARGE CORPORATE BRANCH, 5, B.T.M. SARANI, KOLKATA - 700001, WEST BENGAL, INDIA	B87269544
11	10217826	11/03/2010	250,000,000.00	ORIENTAL BANK OF COMMERCE	DURGAPUR BRANCH, NACHAN ROAD, BENACHITY, DURGAPUR - 713213, WEST BENGAL, INDIA	A84698828
12	10188211	29/12/2012 *	408,900,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B65457202
13	10170570	10/09/2012 *	1,526,800,000.00	INDIAN OVERSEAS BANK (LEADER OF CONSORTIUM COMPRIS ING IOB - UNION BANK OF INDIA - DENA BANK)	BALLYGUNGE PARK ROAD BRANCH, 22, BALLYGUNGE PARK ROAD, KOLKATA - 700019, WEST BENGAL, INDIA	B60010147

* Date of charge modification

OPERATIONAL AND FINANCIAL PERFORMANCE

During Financial year 2012-2013, their Company has been able to achieve a Total Revenue of Rs. 11459.900 Millions (Previous Year Rs 9760.900 Millions) and Net Profit of Rs. 259.300 Millions (Previous Year Rs. 217.900 Millions). There is a growth of 17.40% in Revenue and 19.01% in Profit before taxation despite global slowdown, volatile prices, high raw material cost, increase in energy prices and high interest cost. The growth in revenue is mainly attributed to better capacity utilisation and full year operation of new projects of 2 X 9 MVA Ferro Alloy plant and 1 X 300 TPD DRI Plant which was installed in September 2011 at Jamuria. The Company has also started 1 x 25 MT Induction Furnace and 1 x 300 TPD DRI plant during the year. The Export of company has gone up to Rs. 253.800 Millions from Rs. 66.500 Millions of previous year.

PROJECTS AND EXPANSION PLANS

During the year, the company has started commercial production of new facilities viz, 1 x 25 MT Induction Furnace and 1 x 300 TPD DRI plant in Jamuria. The DRI 300 TPD will help company in reducing its input cost and getting consistent quality of Raw Material. Both the plants are set up for material balancing and control over intermediary products.

Their Company in its endeavour of setting up an Integrated Steel Plant in phased manner is in advanced stage of completing 120000 TPA Rolling Mill and 35 MW Captive Power Plant. This will lead to material balancing through Backward and Forward Integration and will help to achieve scale of economies of operation.

FINANCING

All the projects undertaken by the company have already been financially tied up with Banks and the Company is able to complete its projects generally within the projected cost and time. As a part of equity the Company has brought fresh funds from its own sources as equity on preferential allotment basis of Rs. 832.400 Millions during the year towards its contribution for the projects.

FUTURE PROSPECTS

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

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

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

FIXED ASSETS:

· Land

Buildings

Factory building

Plant and equipment

Factory equipments

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Computer software

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. 61.96
UK Pound	1	Rs. 101.14
Euro	1	Rs. 85.33

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.