MIRA INFORM REPORT

Report Date :

21.06.2013

IDENTIFICATION DETAILS

Name :	DINA IRON AND STEEL LIMITED
Formerly Known As :	JM DINA ISPAT LIMITED
Registered Office :	Abdul Rehmanpur Road, Didarganj, Patnacity, Patna – 800009, Bihar
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.07.1992
Com. Reg. No.:	03-004967
Capital Investment / Paid-up Capital :	Rs. 67.298 millions
CIN No.: [Company Identification No.]	L27101BR1992PLC004967
TAN No.: [Tax Deduction & Collection Account No.]	PTND01175G
PAN No.: [Permanent Account No.]	AAACD8205B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Billets, Wire Rod and TMT Bars.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 510000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	--
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payment terms are 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 – 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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Factory :	Abdul Rehmanpur Road, Didarganj, Patnacity, Patna – 800009, Bihar, India
Tel. No.:	91-612-2216238 / 3264067 / 2648322 / 2617850
Fax No.:	91-612-2617850
E-Mail :	skgoelfca.roc@gmail.com
Website :	www.dinairon.com

DIRECTORS

As on 10.08.2012

Name :

Mr. Sanjay Kumar Bhartiya

Designation :

Managing director

Address :

Rambagh (Jhauganj), Chowk, Patna City, Patna-800008, Bihar, India

Date of Birth/Age :

01.03.1970

Qualification :

Graduate

Date of Appointment :

15.07.1992

DIN No.:

00164281

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	L27101BR1992PLC004967	DINA IRON AND STEEL LIMITED	Managing director	15-07-92	15-07-92	-	Active	NO
2	U00330BR1995PLC006521	DINA ALLOYS LIMITED	Director	22-05-95	22-05-95	-	Active	NO
3	U27200BR1981PTC001501	IRON SCRAP AND PROCESING WORKS PRIVATE LIMITED	Director	27-07-98	27-07-98	-	Active	NO
4	U24111BR1999PLC008863	PATLIPUTRA GASES LIMITED	Director	15-02-00	15-02-00	-	Active	NO
5	L51109WB1946PLC013641	MARTIN BURN LTD	Director	29-09-03	29-09-03	10-08-11	Active	NO
6	U27109WB2004PTC100340	HARGOURI STEELS PRIVATE LIMITED	Director	14-06-06	14-06-06	-	Active	NO
7	U55100BR2005PTC011332	T.L.ENTERPRISES PRIVATE LIMITED	Director	19-02-09	19-02-09	28-03-12	Active	NO
8	U91200BR1947NPL000317	BIHAR INDUSTRIES ASSOCIATION	Director	24-09-12	25-09-10	-	Active	NO

Name :

Ritu Bhartiya

Designation :

Director

Address :

313, N. P. Centre Dak Bunglow Road, Patna-800001, Bihar, India

Date of Birth/Age :

05.04.1975

Qualification :

Graduate

Date of Appointment :

15.12.2004

DIN No.:

01321540

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	U00330BR1995PLC006521	DINA ALLOYS LIMITED	Director	10-12-04	10-12-04	-	Active	NO
2	L27101BR1992PLC004967	DINA IRON AND STEEL LIMITED	Director	15-12-04	15-12-04	-	Active	NO
3	U00064BR1996PTC007418	SUN COMTECH PRIVATE LIMITED.	Director	04-04-05	04-04-05	-	Active	NO
4	U27200BR1981PTC001501	IRON SCRAP AND PROCESING WORKS PRIVATE LIMITED	Director	09-11-05	09-11-05	-	Active	NO
5	U27100BR1986PTC002469	PATLIPUTRA STEELS PRIVATE LIMITED	Director	09-11-05	09-11-05	-	Active	NO

Name :

Mr. Prashant Bhartiya

Designation :

Director

Address :

Langoor Gali, Hajiganj, Patnacity, Patna-800008, Bihar, India

Date of Birth/Age :

16.05.1981

Qualification :

Post Graduate in Management from IIM Indore

Date of Appointment :

20.04.2006

DIN No.:

00176330

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	L27101BR1992PLC004967	DINA IRON AND STEEL LIMITED	Director	20-04-06	20-04-06	-	Active	NO
2	U27109WB2004PTC100340	HARGOURI STEELS PRIVATE LIMITED	Director	21-06-06	21-06-06	-	Active	NO
3	U24111BR1999PLC008863	PATLIPUTRA GASES LIMITED	Director	26-12-06	26-12-06	-	Active	NO
4	U40200BR2007PLC012898	PATLIPUTRA INDUSTRIAL GASES LIMITED	Director	14-03-07	14-03-07	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.08.2012

Note: Shareholding details file attached

As on 10.08.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	20.79
Directors or relatives of Directors	17.72
Other top fifty shareholders	61.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Billets, Wire Rod and TMT Bars.

Products :

Item Code No. (ITC Code)	Product Description
72131090	Bars and Rods (MS Wire Rod)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Sme Branch, Dak Bunglow Road (Code - 4232), 3^rd Floor Govind Bhawan, Patna - 800001, Bihar, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long Term Borrowing
Rupee term loans from banks	0.000	7.162
Total	0.000	7.162

Banking Relations :	--
Auditors :
Name :	Subodh Goel and Company Chartered Accountants
Address :	202, Rani Plaza, Exhibition Road, Patna, Bihar, India
PAN No.:	ABBFS7371N

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Shares	Rs.10/- each	Rs. 95.000 Millions

Issued and Subscribed Capital :

No. of Shares	Type	Value	Amount
6819500	Equity Shares	Rs.10/- each	Rs. 68.195 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
6729825	Equity Shares	Rs.10/- each	Rs. 67.298 Millions

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	67.298	67.298
(b) Reserves & Surplus	59.302	51.567
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) Long-term borrowings	58.900	68.951
(b) Deferred tax liabilities (Net)	3.549	3.980
(c) Other long term liabilities	2.898	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	117.270	93.583
(b) Trade payables	7.016	15.140
(c) Other current liabilities	35.914	38.091
(d) Short-term provisions	8.919	6.667
TOTAL	361.066	345.277
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.507	64.561
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	29.296	28.786
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2.150	2.400
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	28.907	28.805
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	66.124	43.502
(c) Trade receivables	130.884	134.744
(d) Cash and cash equivalents	0.600	1.696
(e) Short-term loans and advances	43.598	40.783
(f) Other current assets	0.000	0.000
TOTAL	361.066	345.277

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		67.298
2] Share Application Money		0.000
3] Reserves & Surplus		44.621
4] (Accumulated Losses)		0.000
NETWORTH		111.919
LOAN FUNDS
1] Secured Loans		125.011
2] Unsecured Loans		53.643
TOTAL BORROWING		178.654
DEFERRED TAX LIABILITIES		4.396
TOTAL		294.969
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.954
Capital work-in-progress		22.218
INVESTMENT		2.400
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.334
	Sundry Debtors	132.772
	Cash & Bank Balances	0.712
	Other Current Assets	2.000
	Loans & Advances	67.356
Total Current Assets		271.174
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.655
	Other Current Liabilities	23.460
	Provisions	8.662
Total Current Liabilities		64.777
Net Current Assets		206.397
MISCELLANEOUS EXPENSES		0.000
TOTAL		294.969

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	736.186	664.489	695.902
		Other Income	2.510	1.632	1.388
		TOTAL (A)	738.696	666.121	697.290
Less	EXPENSES
		Cost of materials consumed	516.165	456.551
		Employee benefit expense	5.307	5.291
		Other expenses	192.158	146.289
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(14.988)	21.106
		TOTAL (B)	698.642	629.237	658.670
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		40.054	36.884	38.620
Less	FINANCIAL EXPENSES (D)		20.147	18.002	18.962
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.907	18.882	19.658
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.076	8.159	9.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		11.831	10.723	10.658
Less	TAX (H)		4.096	3.776	3.902
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		7.735	6.947	6.756
	Earnings / (Loss) Per Share (Rs.)		1.15	1.03	1.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.05	1.04	0.97
Net Profit Margin (PBT/Sales)	(%)	1.61	1.61	1.53
Return on Total Assets (PBT/Total Assets}	(%)	3.59	3.41	3.18
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.10
Debt Equity Ratio (Total Debt/Networth)		1.39	1.37	1.60
Current Ratio (Current Asset/Current Liability)		1.43	1.44	4.19

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

UNSECURED LOANS

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Long Term Borrowing
Loans and advances from related parties	58.900	61.789
Short Term Borrowing
Loans repayable on demand from others	117.270	93.583
Total	176.170	155.372

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L27101BR1992PLC004967
Name of the company	DINA IRON AND STEEL LIMITED
Address of the registered office or of the principal place of business in India of the company	Abdul Rehmanpur Road, Didarganj, Patnacity, Patna – 800009, Bihar, India E-mail: skgoelfca@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90264373
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, Sme Branch, Dak Bunglow Road (Code - 4232), 3^rd Floor Govind Bhawan, Patna - 800001, Bihar, India E-mail: sbi.04232@sbi.co.in
Nature of instrument creating charge	1. Sanction letter 2. Form c.2a-supplement agreement of hyp 3. Form C.4A- supplement deed of guarantee 4. Form c.5 - letter regarding the grant 5. Form- C.10-memorandum of deposit for creation of furhter charge 6. Board of director's resolution
Date of instrument Creating the charge	05.09.2012
Amount secured by the charge	Rs. 196.300 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest ON TL - 3.75% above base rate as applicable to SB-7 plus term premium of 0.15 bps ON CC(Stock & book debt) - 3.75% above base rate as applicable to SB-7 ON SLC-4.75% above base rate Terms of Repayment Term Loan - Interest as and when applied in the account during will be payable, repayment of principal as per original schedule Working Capital - Repayble on demand and Interest as and when applied in the account SLC - Within 2 month at any one instances Margin CC (stock) - 25%, CC (book debt) - 40% and for LC - 20% Extent and Operation of the charge Valid to the extent of overall limits of Rs. 196.300 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary security - First Charge over all the fixed assets for which limit sanctioned. Value of sanctioned project is rupees 46.700 millions. Primary Security - Hyp. of entire current assets of the company both present and future which are unencumbered Collateral Security - First Charge on existing other fixed asset of the company, WDV as on 31-03-2012 is Rs. 2.500 millions Collateral Security - Extension of equitable mortgage of 220.84 kathas (as per detail mention in sanction letter, dtd- 30-08-2012 attached herewith) in the name of company
Date of instrument modifying the charge	11.11.2011
Particulars of the present modification	Overall credit limit enhanced from Rs. 134.735 millions to Rs. 196.300 millions in which : CC (Stock) 70.000 millions CC (BD) 80.000 millions SLC 22.500 millions Term Loan (o/s) 7.000 millions Letter of Credit 15.000 millions Forward Contract 1.800 millions ------------------------------------------- TOTAL 196.300 millions

FIXED ASSETS

· Land

Buildings

Office Building

Plant and Equipment

Factory Equipments

Vehicles

Office Equipment

Computer Equipments

Other Equipments

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.59.70
UK Pound	1	Rs.92.22
Euro	1	Rs.79.19

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	10
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.