MIRA INFORM REPORT

Report Date :

05.03.2013

IDENTIFICATION DETAILS

Name :	CREST STEEL AND POWER PRIVATE LIMITED
Registered Office :	Village Joratarai, Post Mangatta, District Rajnandgaon – 491 441, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.05.2004
Com. Reg. No.:	11-016643
Capital Investment / Paid-up Capital :	Rs.961.743 millions
CIN No.: [Company Identification No.]	U27109CT2004PTC016643
TAN No.: [Tax Deduction & Collection Account No.]	JBPC00874G
PAN No.: [Permanent Account No.]	AACCC3836H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron, Steel and Power Generation.
No. of Employees :	Approximately 730 (In Office - 30 and In Factory - 700)

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 20770000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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	CARE
Rating	BBB (Long Term Bank Facilities)
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	28.03.2012

Rating Agency Name	CARE
Rating	A3 (Short Term Bank Facilities)
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	28.03.2012

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/ Factory :	Village Joratarai, Post Mangatta, District Rajnandgaon – 491 441, Chhattisgarh, India
Tel. No.:	91-788-2617341/ 342/ 343/ 344/ 2617210
Mobile No.:	91-9820376384 (Mr. Vijay Pathak)
Fax No.:	91-788-2617353 / 2617358
E-Mail :	mailadmin@topworthgroup.com creststeel@rediffmail.com dilip_jain1969@yahoo.co.in headoffice@crest.co.in vijay.pathak@topworthgroup.com
Website :	http://www.topworthgroup.com
Area :	45 Acres
Location :	Owned
Head Office :	Office No.4 Raheja Centre, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22841414
Fax No.:	91-22-22840211/ 22880141
Area :	1800 sq. ft.
Location :	Rented
Corporate Office 1 :	Village Karluhi, Tehsil, Amb. District UNA - 177 023, Himachal Pradesh, India
Tel No.:	91-1976-261887/ 88/ 89
Fax No.:	91-1976-261888
Area :	9 Acres
Location :	Owned
Corporate Office 2 :	1302, Purna Building, Sir Pochkhanwala Road, Worli, Mumbai – 400 018, Maharashtra, India
Email :	creststeel@vsnl.net

DIRECTORS

As on 30.09.2010

Name :

Mr. Abhay Narendra Lodha

Designation :

Managing Director

Address :

603, Vaitarna, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai – 400 030, Maharashtra, India

Date of Birth/Age :

01.06.1971

Qualification :

LLB, B. com

Date of Appointment :

01.04.2009

DIN No.:

00052194

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	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14/06/2000	14/06/2000	04/02/2012	Active	YES
2	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	01/05/2011	18/05/2004	-	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18/08/2004	18/08/2004	31/12/2011	Active	YES
4	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
5	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
6	U51100MH1999PTC121425	POSCHO STEELS PRIVATE LIMITED	Director	02/05/2005	02/05/2005	04/02/2012	Active	NO
7	U63040MH2003PTC142659	BENREEZA TRAVEL SERVICES PRIVATE LIMITED	Director	16/05/2005	16/05/2005	-	Active	NO
8	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
9	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	09/06/2006	09/06/2006	-	Active	YES
10	L67120MH1982PLC026924	SUPREME HOLDINGS AND HOSPITALITY (INDIA) LIMITED	Director	19/06/2006	19/06/2006	08/09/2011	Active	NO
11	U51909MH2006PTC163344	ROYALWAYS TRADING AND INVESTMENT SERVICES PRIVATE LIMITED	Director	27/07/2006	27/07/2006	03/03/2008	Amalgamated	NO
12	U63011MH2006PTC163690	AVICORE CARGO PRIVATE LIMITED	Director	09/08/2006	09/08/2006	-	Active	YES
13	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	21/08/2007	12/02/2007	-	Active	NO
14	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Managing director	01/04/2009	01/04/2007	-	Active	NO
15	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
16	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	26/04/2008	26/04/2008	-	Active	NO
17	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	19/05/2008	19/05/2008	20/11/2012	Active	NO
18	U14200MH2008PTC182964	TOPWORTH METALS AND ENERGY PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO
19	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
20	L28999GJ1992PLC018570	GUJARAT FOILS LIMITED	Managing director	14/05/2011	14/07/2008	-	Active	NO
21	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
22	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
23	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	-	Active	NO
24	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
25	U93000DL2010NPL198079	TOPWORTH FOUNDATION FOR SOCIAL DEVELOPMENT	Director	18/01/2010	18/01/2010	-	Active	NO
26	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
27	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27/04/2010	27/04/2010	20/11/2012	Active	NO
28	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06/05/2010	06/05/2010	20/11/2012	Active	NO
29	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
30	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
31	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
32	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
33	U74210DL2009PTC188932	GFL INFRA PRIVATE LIMITED	Director	10/09/2010	10/08/2010	-	Active	NO
34	U63090WB1994PTC066715	ANIKA TIE-UP PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
35	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO
36	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	20/11/2012	Active	NO
37	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	20/11/2012	Active	NO
38	U45201MH2012PTC230590	TOPWORTH INDUSTRIAL PARK PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO

Name :

Mr. Narendra Champalal Lodha

Designation :

Director

Address :

Flat No.4, Cozy Mansion, 100/25, Gidney Park, Salisbury Park, Pune – 411 037, Maharashtra, India

Date of Birth/Age :

29.12.1947

Qualification :

B.Com

Date of Appointment :

05.06.2007

DIN No.:

00164574

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	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Managing director	01/04/2009	18/08/2004	-	Active	YES
2	U51420PN2005PTC021380	AKSHATA SALES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	-	Active	NO
3	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
4	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	05/06/2007	05/06/2007	-	Active	NO
5	U45200PN2010PTC136746	GVN DEVELOPERS PRIVATE LIMITED	Director	05/07/2010	05/07/2010	-	Active	NO
6	U93000DL2010NPL198079	TOPWORTH FOUNDATION FOR SOCIAL DEVELOPMENT	Director	15/01/2011	15/01/2011	-	Active	NO

Name :

Mr. Ashwin Narendra Lodha

Designation :

Director

Address :

Vaitarna, Flat 603, Sir Pochkhanwala Road, Worli, Mumbai – 400 030, Maharashtra, India

Date of Birth/Age :

03.05.1976

Qualification :

B.Com

Date of Appointment :

05.05.2007

DIN No.:

00066948

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	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14/06/2000	14/06/2000	26/05/2012	Active	YES
2	U51909MH2001PTC133035	AKSHATA MERCANTILE PRIVATE LIMITED	Whole-time director	01/04/2009	27/09/2002	03/05/2012	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18/08/2004	18/08/2004	31/01/2012	Active	YES
4	U70100MH2005PTC157373	RIYA REAL ESTATES PRIVATE LIMITED	Director	17/11/2005	17/11/2005	-	Active	NO
5	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
6	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	YES
7	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	25/08/2010	12/02/2007	-	Active	NO
8	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	05/05/2007	05/05/2007	-	Active	NO
9	U70100MH1982PTC027614	PARISHRAM PROPERTIES PRIVATE LIMITED	Director	31/08/2007	31/08/2007	-	Amalgamated	NO
10	U51900MH1982PTC027434	DILSHAD TRADING CO PRIVATE LIMITED	Director	29/09/2007	29/09/2007	24/11/2011	Active	NO
11	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
12	U40108MH2008PTC179667	TOPWORTH POWER PRIVATE LIMITED	Director	04/03/2008	04/03/2008	-	Active	NO
13	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
14	U14200MH2008PTC182964	TOPWORTH METALS AND ENERGY PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO
15	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
16	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
17	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
18	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	25/09/2009	11/05/2009	-	Active	NO
19	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	-	Active	NO
20	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
21	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
22	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
23	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
24	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	30/09/2010	10/05/2010	-	Active	NO
25	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
26	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
27	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
28	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
29	U63090WB1994PTC066715	ANIKA TIE-UP PVT.LTD.	Director	11/10/2010	11/10/2010	-	Active	NO
30	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO
31	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
32	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
33	U45201MH2012PTC230590	TOPWORTH INDUSTRIAL PARK PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO
34	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	25/09/2012	07/06/2012	-	Active	NO
35	U45400DL2007PTC166124	YAMUNOTRI PROJECT COMPANY PRIVATE LIMITED	Additional director	04/10/2012	04/10/2012	-	Active	NO

Name :

Mr. Surendra Champalal Lodha

Designation :

Director

Address :

Narayandevi Shopping Complex, Pushpalata Bendale Chowk, Jalgaon – 425 001, Maharashtra, India

Date of Birth/Age :

05.05.1965

Qualification :

B. Com

Date of Appointment :

28.06.2007

DIN No.:

00044782

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	U51420PN2005PTC021380	AKSHATA SALES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	26/08/2009	Active	NO
2	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Whole-time director	28/02/2008	14/03/2006	-	Active	NO
3	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	12/02/2007	12/02/2007	01/08/2008	Active	NO
4	U27106CT2002PTC015375	SATYARTH STEEL AND POWER PRIVATE LIMITED	Director	22/06/2007	22/06/2007	10/08/2011	Active	NO
5	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
6	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
7	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
8	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Additional director	22/12/2011	22/12/2011	-	Active	NO
9	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
10	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
11	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
12	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Additional director	20/01/2012	20/01/2012	-	Active	NO
13	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	-	Active	NO
14	U65993MH2012PLC229356	PURPLE INDIA HOLDINGS LIMITED	Director	09/04/2012	09/04/2012	07/05/2012	Active	NO
15	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
16	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
17	U45201MH2012PTC230590	TOPWORTH INDUSTRIAL PARK PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Equity Shareholders	No. of Shares
Champalal Motilal Steel Company Private Limited, India	5550600
Topworth Steels and Power Private Limited, India	5000000
Riya Real Estate Private Limited, India	2797100
Phoenix Realators Private Limited, India	7645000
Akshata Realators Private Limited, India	6211900
Abhay Lodha	625000
Sheela Lodha	160000
Rajesh Jain	10000
Total	27999600

Names of Preference Shareholders	No. of Shares
Netra Mercantile Private Limited, India	531100
Akshata Mercantile Private Limited, India	1526200
Royaloak Steels Private Limited, India	20000
Navmi Steel Traders Private Limited, India	216450
Champalal Motilal Steel Company Private Limited, India	950000
Deepstar Alloys and Steels Private Limited, India	91250
Poscho Steels Private Limited, India	23000
Phoenix Impex Private Limited, India	187000
Total	3545000

Names of Preference Shareholders	No. of Shares
Akshata Mercantile Private Limited, India	540988
Champalal Motilal Steel Company Private Limited, India	376033
Deepstar Alloys and Steels Private Limited, India	1057986
Navmi Steel Traders Private Limited, India	283882
Netra Mercantile Private Limited, India	418180
Phoenix Realators Private Limited, India	219974
Phoenix Impex Private Limited, India	559828
Poscho Steels Private Limited, India	105628
Riya Real Estate Private Limited, India	141000
Royaloak Steels Private Limited, India	133130
Vibrant Capital and Finance Limited	31277
Abhay Narendra Lodha	244121
Pheonix Auto, India	5754
Aswhin Lodha	2
Ishwar C. Lodha	2
Rajmati Golechha	2
Jayant R. Kasliwal	40
Kavita R. Jain	3610
Koyal Vijay Lodha	2
Kunal J. Kasliwal	2
Kusum P.Lodha	2
Mona A.Lodha.	2
Narendra C.Lodha	2
Nitin J.Golechha	2812
Rajesh P. Jain	2785
Rajesh Jain (HUF)	9900
Sharmistha S. Lodha	2
Sheela A. Lodha	4
Surendra C.Lodha	7922
Vaibhav N. Lodha	2
Vaibhav P. Lodha	2
Vajendra R. Rao	80
Vandana N. Lodha	2
Vijay C. Lodha	2
Topworth Steels and Power Private Limited, India	250170
Total	4395130

As on 30.03.2011

Names of Allottees (Equity Shares)	No. of Shares
Abhay Lodha	5000000
Sheela Lodha	6800000
Ashwin Lodha	9000000
Nitin Golecha	7000000
Total	27800000

As on 23.11.2010

Names of Allottees (Preference Shares)	No. of Shares
Akshata Mercantile Private Limited, India	77600
Deepstar Alloys and Steels Private Limited, India	246000
Pheonix Impex Private Limited, India	206000
Total	529600

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	97.17
Directors or relatives of directors	2.83
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Sponge Iron, Steel and Power Generation.
Products :	v Sponge Iron v MS Billets v TMT Bars v Power

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Sponge Iron	MT	105000.000	75562.300
MS Billets	MT	187500.000	98454.105
Power	MW	86400.00 (86400000.00 Units)	90197.000 (90197000.000 Units)
TMT Bars	MT	115500.000	23080.210

GENERAL INFORMATION

No. of Employees :

Approximately 730 (In Office - 30 and In Factory - 700)

Bankers :

v The Lakshmi Vilas Bank Limited, Fort Branch, 64, Dr. V.B. Gandhi Marg, Kalaghoda Fort, Mumbai – 400 001, Maharashtra, India

v Punjab National Bank (As lead banker), Foreshore Road Branch, 1^st Floor, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India

v State Bank of Indore, Commercial Branch, 2-B, Mittal Court, B wing, Nariman Point, Mumbai – 400 021, Maharashtra, India

v State Bank of Mysore, Mumbai Main Branch, PB No.11595, Mittal Court, 224, Nariman Point, Mumbai – 400 021, Maharashtra, India

v Syndicate Bank, G-001, Rajan House, Prabhadevi, Mumbai – 400 025, Maharashtra, India

v Canara Bank, 1^st Floor, Chandan Complex, Opposite City Kotwali, Malviya Road, Raipur – 492 001, Chhatisgarh, India

v State Bank of Patiala, Commercial Branch, Atlanta, 1^st Floor, Nartiman Point, Mumbai – 400 021, Maharashtra, India

v ICICI Bank Limited

Facilities :

Secured Loans	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Term Loan Account
From Canara Bank, Raipur	26.521	57.792
From State Bank of Indore, Mumbai	46.561	104.998
From State Bank of Mysore, Mumbai	28.056	72.295
From Syndicate Bank, Mumbai	37.505	83.625
Cash Credit Account
From Canara Bank, Raipur	139.359	78.144
From State Bank of Indore, Mumbai	171.040	131.371
From State Bank of Indore, Bhilai	15.380	10.299
From Syndicate Bank, Mumbai	140.661	81.704
The Laxmi Vilas Bank	79.888	38.192
State Bank of Patiala	58.182	0.000
Hire Purchases (From ICICI Bank Limited)
Honda CRV Car Loan Account (Secured against hypothecation of Honda CRV Loan)	0.000	0.148
BMW Car Loan Account (Secured against hypothecation of BMW Car)	1.069	2.395
Tata Capital Limited (Secured against hypothecation of Gen Set)	9.200	0.000
State Bank of India Una Branch
Vehicle Loan-SBI-Tata Indigo (Secured against hypothecation of Tata Indigo)	0.338	0.000
Vehicle Loan-SBI-Mahindra Max (Secured against hypothecation of Mahindra Max)	0.331	0.000
Tata Capital Loan-JCB (Secured against hypothecation of JCB)	1.328	0.000
Total	755.419	660.963

Notes

1. Secured against first charge by way of equitable mortgage on entire Fixed Assets of Company. Promoters/Directors have also provided their respective personal guarantee.

2. Secured by way hypothecation of all types of Inventories and Book Debts. Promoters/Directors have also provided their respective personal guarantee.

Unsecured Loans	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
From Shareholders and Inter-corporate Deposits	794.255	506.820
Total	794.255	506.820

Banking Relations :	--
Auditors :
Name :	Jain and Chhoriya Chartered Accountants
Address :	59, Gaya Building, 4^th Floor, Yusuf Meher Ali Road, Masjid Bunder, Mumbai – 400 003, Maharashtra, India
Mobile No.:	91-9320278797
E-Mail :	suniljain_ca@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AADFJ9495M
Associates (As on 31.03.2010) :	Akshata Mercanitle Private Limited Address: “Raheja Centre”, Off No.4, 214 Free Press Journal Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India Line of Business: Trading of HR Coils, CC Sheets, CR Sheets, Steel Plates, GP/GC Sheets. Phoenix Impex Private Limited Address: 4, Raheja Centre, 214 Free Press Journal Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India Line of Business: Trading in Steel i.e. Imported Scrap, MS Sheets, Galvanized Sheets etc) Topworth Steel and Power Private Limited Address: Behind HEG Limited, Zone – B, Borai (Rasmada), Tehsil and District: Durg, Borai Industrial Area, state – Chhattisgarh State, India Line of Business: Manufacturer of Sponge Iron and Billets, Co-generation. Shree Virangna Steels Limited Address: At Guma Urla Road, Village Borjhara, District, Raipur, India Line of Business: Manufacturer of Sponge Iron. Champalal Motilal Steel Company Private Limited Address: 229, Sant Tukaram Road, Opposite Tukarama Mandir, Caqrnac Bundar, Mumbai – 400009, Maharashtra, India Line of Business: Trading in Steel like HR, CR Coils / Sheets, GP / GC/ Sheets. Satyarth Steel and Power Private Limited
Subsidiaries (As on 31.03.2010) :	v Topworth Infra Private Limited, India v First Steel and Power Nigeria Limited, Nigeria v Topworth Metal and Energy Singapore Private Limited, Singapore v Topworth Steel and Power Private Limited, India v Shree Virangna Steels Limited, India v Satyarth Steel and Power Private Limited, India

CAPITAL STRUCTURE

As on 27.09.2011

Authorised Capital : Rs.7500.000 millions

Issued, Subscribed & Paid-up Capital : Rs.4007.310 millions

As on 31.03.2011

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 961.743 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		961.743	678.447	634.496
2] Share Application Money		1267.955	0.000	0.000
3] Reserves & Surplus		2961.032	2410.573	63.519
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5190.730	3089.020	698.015
LOAN FUNDS
1] Secured Loans		2942.079	755.419	660.963
2] Unsecured Loans		742.697	794.255	506.820
TOTAL BORROWING		3684.776	1549.674	1167.783
DEFERRED TAX LIABILITIES		151.257	124.693	99.559
TOTAL		9026.763	4763.387	1965.357
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1363.005	1357.898	895.191
Capital work-in-progress		532.081	26.594	447.615
INVESTMENT		2984.638	2213.153	0.759
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2075.371	1213.722	496.068
	Sundry Debtors	249.291	201.211	391.254
	Cash & Bank Balances	283.208	126.026	56.922
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3519.087	739.455	247.294
Total Current Assets		6126.957	2280.414	1191.538
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1875.091	1013.090	535.309
	Other Current Liabilities		8.774	1.581
	Provisions	107.113	94.878	33.769
Total Current Liabilities		1982.204	1116.742	570.659
Net Current Assets		4144.753	1163.672	620.879
MISCELLANEOUS EXPENSES		2.286	2.070	0.913
TOTAL		9026.763	4763.387	1965.357

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Finished Goods Sales (Gross)	4113.868	3056.172	1966.841
		Other Income	5.426	10.589	10.356
		TOTAL (A)	4119.294	3066.761	1977.197
Less	EXPENSES
		Cost of Raw Material and Stores and Spares Consumed	2722.593	2130.403	1077.586
		Excise Duty (including Cess) and Taxes	286.247	206.000	233.525
		Manufacturing Expenses	448.372	399.652	234.157
		Employees Cost and Benefits	83.758	72.480	39.947
		Selling and Administrative Expenses	94.887	64.681	22.114
		Preliminary Expenses W/Off	1.284	1.134	0.676
		Loss on Vehicle Sold	0.047	0.000	0.000
		Increase/Decrease in Finished Goods	(181.584)	(244.922)	9.219
		TOTAL (B)	3455.604	2629.428	1617.224
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		663.690	437.333	359.973
Less	FINANCIAL EXPENSES (D)		204.403	102.547	88.601
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		459.287	334.786	271.372
Less/ Add	DEPRECIATION/ AMORTISATION (F)		77.189	70.984	50.173
	PROFIT BEFORE TAX (E-F) (G)		382.098	263.802	221.199
Less	TAX (H)		121.827	70.361	50.256
	PROFIT AFTER TAX (G-H) (I)		260.271	193.441	170.943
Add	MAT CREDIT RECOGNIZED FOR EARLIER YEARS		30.684	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		256.960	63.519	(107.424)
	BALANCE CARRIED TO THE B/S		547.915	256.960	63.519
	Earnings Per Share (Rs.)		NA	5.38	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.32	6.31	8.65
Net Profit Margin (PBT/Sales)	(%)	9.29	8.63	11.25
Return on Total Assets (PBT/Total Assets}	(%)	5.10	7.25	10.60
Return on Investment (ROI) (PBT/Networth)		0.07	0.09	0.32
Debt Equity Ratio (Total Liability/Networth)		1.09	0.86	2.49
Current Ratio (Current Asset/Current Liability)		3.09	2.04	2.09

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
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	No
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

Note

The Registered Office of the company has been shifted from 30, Shopping Complex, Nehru Nagar (East), Bhilai, Chhattisgarh, India to the present address w.e.f. 07.02.2009.

FORM 8

Corporate identity number of the company	U27109CT2004PTC016643
Name of the company	CREST STEEL AND POWER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Village Joratarai, Post Mangatta, District Rajnandgaon – 491 441, Chhattisgarh, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10255158
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Punjab National Bank (As lead banker) Foreshore Road Branch, 1^st Floor, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail : jpscs2007@gmail.com
Nature of instrument creating charge	Memorandum of Entry dated 01.11.2011 toward mortgage of 173 acres of Land (immoveable fixed assets) as and by way of primary security by way of First Charge ranking pari passu interse among term lenders of the expansion project under the PNB consortium.
Date of instrument Creating the charge	01.11.2011
Amount secured by the charge	Rs.7740.600 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction letter of respective banks. Terms of repayment As per sanction letter of respective banks. Margin As per sanction letter of respective banks. Extent and operation of the charge First charge ranking pari passu interse among the Term Lenders of the expansion project under the PNB consortium over the mortgaged properties (173 acres of land)
Particulars of the property charged	Mortgage of 173 acres of Land (immoveable fixed assets).
Particulars of the present modification	With this modification first charge ranking pari passu interse among the Term Lenders of the expansion project under the PNB consortium has been created over the mortgaged properties (173 acres of land).

FIXED ASSETS:

v Land

v Internal Road and Infrastructure Development

v Infrastructure Development (Railway Siding)

v Building (Office)

v Boundry Wall

v Building (Factory)

v Plant and Machinery

v Computer

v Telephone Installation

v Electrical Installation

v Office Equipment

v Tools Equipment

v Furniture and Fixture

v Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.55.05
UK Pound	1	Rs.82.75
Euro	1	Rs.71.61

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

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