MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	WELSPUN STEEL LIMITED (w.e.f.26.05.2010)
Formerly Known As :	WELSPUN POWER AND STEEL LIMITED
Registered Office :	S N 650, Village Varsamedi, Taluka Anjar, District Kutch - 370110, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.06.2004
Com. Reg. No.:	04-044249
Capital Investment / Paid-up Capital :	Rs. 590.960 Millions
CIN No.: [Company Identification No.]	U27109GJ2004PLC044249
TAN No.: [Tax Deduction & Collection Account No.]	RKTW00058C
PAN No.: [Permanent Account No.]	AAACW5308G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of iron and steel products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 29000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having a good track record. Financial position of the company appears to be sound. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions. Subject has changed its accounting year. Latest financials are for the period from October 2011 to March 2012.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Short Term Bank Facility = A2
Rating Explanation	Strong degree of safety and low credit risk
Date	18.04.2013

Rating Agency Name	CARE
Rating	Long Term Bank Facility = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	18.04.2013

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.

LOCATIONS

Registered Office / Factory :	S N 650, Village Varsamedi, Taluka Anjar, District Kutch - 370110, Gujarat
Tel. No.:	91-2836-279051/53/54/55/56
Fax No.:	91-2836-279050
E-Mail :	secretariallegal@welspun.com dilip_chokhra@welspun.com wpslanjar_gov@welspun.com rashmi_mamtura@welspun.com
Website :	www.welspunsteel.com
Corporate Office :	Welspun House, 7^th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India.
Tel. No.:	91-22-66136000
Fax No.:	91-22-24908020
Branch Office 1 :	23 HIG, BDA Housing Complex, Gangadhar Meher Nagar, Jayadev Vihar, Bhubaneshwar - 751013, Orissa, India
Tel. No.:	91-674-2300223
Fax No.:	91-674-2300224
Branch Office 2:	GIDC Industrial Estate, Valia Road, Jagadia, District Bharuch, Gujurat, India
Tel. No.:	91-2645-226305/6/7
Fax No.:	91-2645-220403

DIRECTORS

As on: 29.09.2012

Name :

Mr. Sitaram Damodardas Somani

Designation :

Director

Address :

N-8/18 Ganpati Niwas, Bangur Niwas Building, Goregaon (West), Mumbai - 400090, Maharashtra, India.

Date of Birth/Age :

23.01.1948

Qualification :

C.A

Date of Appointment :

22.03.2006

DIN No.:

00005017

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	U27109GJ2004PLC044249	WELSPUN STEEL LIMITED	Director	22-03-06	22-03-06	-	Active	NO
2	U51909GJ2002PLC041136	WELSPUN ENERGY LIMITED	Director	15-09-06	15-09-06	11-06-12	Active	NO
3	U40109MH2006PLC165964	WELSPUN URJA INDIA LIMITED	Director	28-09-07	05-12-06	-	Active	NO
4	U45400OR2007PTC015831	Welspun Orissa Steel Private Limited	Director	12-07-08	12-07-08	-	Active	NO
5	U40103MH2009PLC197024	WELSPUN ENERGY CHHATTISGARH LIMITED	Director	11-11-09	11-11-09	-	Active	NO
6	U40103MH2009PLC197021	Welspun Renewables Energy Limited	Director	11-11-09	11-11-09	-	Active	NO
7	U40300MH2009PLC197014	WELSPUN ENERGY MADHYA PRADESH LIMITED	Director	11-11-09	11-11-09	-	Active	NO
8	U40108MH2007PTC170611	WELSPUN ENERGY ANUPPUR PRIVATE LIMITED	Director	19-08-10	19-03-10	-	Active	NO
9	U40108MH2006PTC165672	SOLARSYS NON-CONVENTIONAL ENERGY PRIVATE LIMITED	Director	07-06-10	19-03-10	-	Active	NO
10	U40108MH2006PTC165673	WELSPUN ENERGY MAHARASHTRA PRIVATE LIMITED	Director	08-07-10	19-03-10	-	Active	NO
11	U40108MH2006PTC165751	WELSPUN ENERGY RAJASTHAN PRIVATE LIMITED	Director	08-07-10	19-03-10	-	Active	NO
12	U40108MH2006PTC165671	WELSPUN ENERGY RESOURCES PRIVATE LIMITED	Director	08-07-10	19-03-10	-	Active	NO
13	U40100GJ2010PLC060502	WELSPUN CAPTIVE POWER GENERATION LIMITED	Director	30-04-10	30-04-10	-	Active	NO
14	U40106MH2010PTC205888	WELSPUN SOLAR TECH PRIVATE LIMITED	Director	23-07-10	23-07-10	-	Active	NO
15	U65990GJ1992PLC050965	KRISHIRAJ TRADING LIMITED	Director	24-09-12	27-04-12	-	Active	NO
16	U45201GJ2012PLC072578	WELSPUN INFRA ENTERPRISES LIMITED	Director	05-11-12	05-11-12	-	Active	NO
17	U45203GJ2012PTC072946	WELSPUN INFRA DEVELOPMENT AND MANAGEMENT PRIVATE LIMITED	Director	11-12-12	11-12-12	-	Active	NO

Name :

Mr. Rajesh Rameshkumar Mandawewala

Designation :

Director

Address :

161/171-B, Opposite Sidhivinayak Temple, Tanna Residency, Prabhadevi, Mumbai - 400025, Maharashtra, India

Date of Birth/Age :

05.05.1962

Qualification :

F.C.A

Date of Appointment :

01.09.2006

DIN No.:

00007179

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	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Managing director	01-04-11	26-10-89	-	Active	NO
2	L99999DN1983PLC000045	WELSPUN SYNTEX LIMITED	Director	10-10-10	16-07-91	-	Active	NO
3	L65910DL1987PLC019341	WELSPUN FINANCE LIMITED	Director	16-04-92	16-04-92	19-07-10	Active	NO
4	L27100GJ1995PLC025609	WELSPUN CORP LIMITED	Director	26-04-12	26-04-95	-	Active	NO
5	U18101MH1997PLC107982	WELSPUN ZUCCHI TEXTILES LIMITED	Director	13-05-97	13-05-97	-	Active	NO
6	U17120MH1972GAT016028	ASSOCIATION OF SYNTHETIC FIBRE INDUSTRY	Nominee director	25-09-99	25-09-99	-	Active	NO
7	U17120GJ1985PTC056127	WELSPUN WINTEX LIMITED	Director	25-11-02	25-11-02	-	Active	NO
8	U65990GJ1992PLC050965	KRISHIRAJ TRADING LIMITED	Director	26-12-02	26-12-02	27-04-12	Active	NO
9	U65910GJ1982PTC055383	WELSPUN FINTRADE Private Limited	Director	26-12-02	26-12-02	-	Active	NO
10	U70100GJ1989PLC056345	WELSPUN MERCANTILE LIMITED	Director	26-12-02	26-12-02	-	Active	NO
11	U01403MH2000PLC123779	MEP COTTON LIMITED	Director	27-06-06	27-06-06	15-03-12	Active	NO
12	U70200MH1998PTC117426	WELSPUN DEVELOPERS AND INFRASTRUCTRE PRIVATE LIMITED	Director	05-08-06	05-08-06	-	Active	NO
13	U22210GJ1995PLC027871	WELSPUN ANJAR SEZ LIMITED	Director	16-08-06	16-08-06	19-07-10	Active	NO
14	U27109GJ2004PLC044249	WELSPUN STEEL LIMITED	Director	01-09-06	01-09-06	-	Active	NO
15	U51909GJ2002PLC041136	WELSPUN ENERGY LIMITED	Director	21-09-12	15-09-06	-	Active	NO
16	U40109MH2006PLC165964	WELSPUN URJA INDIA LIMITED	Additional director	05-12-06	05-12-06	20-08-07	Active	NO
17	U67120MH1994PLC078799	MERTZ SECURITIES LIMITED	Director	22-09-07	04-01-07	01-12-08	Active	NO
18	U45200MH1999PTC120035	MGN AGRO PROPERTIES PRIVATE LIMITED	Director	13-03-07	13-03-07	-	Active	NO
19	U45200GJ2007PLC064986	ALSPUN INFRASTRUCTURE LIMITED	Director	07-04-07	07-04-07	-	Active	NO
20	U25209MH1994PLC076875	GOODVALUE POLYPLAST LIMITED	Director	11-06-07	11-06-07	01-12-08	Active	NO
21	U51900MH1994PLC078026	VIPUNA TRADING LIMITED	Director	24-09-07	12-06-07	01-12-08	Active	NO
22	L52100GJ2008PLC055195	WELSPUN INVESTMENTS AND COMMERCIALS LIMITED	Director	11-06-09	10-11-08	16-12-09	Active	NO
23	L51100GJ2000PLC037204	WELSPUN GLOBAL BRANDS LIMITED	Director	01-04-11	10-11-08	-	Amalgamated	NO
24	U17120MH1967PLC013669	CONFEDERATION OF INDIAN TEXTILE INDUSTRY	Director	12-12-08	12-12-08	28-09-10	Active	NO
25	U41000MH2009NPL194289	WEL-TREAT ENVIRO MANAGEMENT ORGANISATION	Director	22-07-09	22-07-09	17-11-10	Active	NO
26	U72200GJ2001PLC039513	WELSPUN TRADINGS LIMITED	Additional director	04-03-10	04-03-10	19-07-10	Active	NO
27	L25209DN1985PLC000162	NILKAMAL LIMITED	Additional director	01-08-10	01-08-10	30-07-11	Active	NO
28	U45400MH2007PLC170350	WELSPUN INFRATECH LIMITED	Director	29-08-11	18-04-11	-	Active	NO
29	U27100GJ2008PLC064145	WELSPUN MAXSTEEL LIMITED	Director	14-09-12	02-11-11	-	Active	NO
30	L27100GJ1993PLC020358	REMI METALS GUJARAT LIMITED	Director	07-11-11	07-11-11	09-08-12	Active	NO
31	U25200GJ2005PTC046696	ANGEL POWER AND STEEL PRIVATE LIMITED	Director	29-09-12	21-11-11	-	Active	NO
32	L45201GJ1994PLC023920	WELSPUN PROJECTS LIMITED	Director	28-09-12	06-07-12	-	Active	NO
33	U71210GJ2004PLC045144	WELSPUN RETAIL LIMITED	Director	31-12-12	07-12-12	-	Active	NO

Name :

Mr. Atul Manubhai Desai

Designation :

Director

Address :

C/62, Vellard View, 14, Tardeo Road, Haji Ali, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

21.01.1950

Date of Appointment :

29.09.2012

DIN No.:

00019443

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	L65990MH1990PLC057923	TCFC FINANCE LIMITED	Director	12-05-99	12-05-99	-	Active	NO
2	U74999MH2000PTC126580	BRANEE BUSINESS S AND A PRIVATE LIMITED	Director	17-05-00	17-05-00	-	Active	NO
3	L99999DN1983PLC000045	WELSPUN SYNTEX LIMITED	Director	29-01-02	29-01-02	-	Active	NO
4	L67120MH2001PLC217751	JINDAL SOUTH WEST HOLDINGS LIMITED TFR. FROM MUMBAI TO DELHI	Director	31-01-05	31-01-05	-	Active	NO
5	L29220MH1989PLC052305	AKAR TOOLS LIMITED	Director	31-03-06	31-03-06	-	Active	NO
6	U67190MH1997PLC112262	BLEND FINANCIAL SERVICES LIMITED	Director	30-09-08	12-04-08	11-11-08	Active	NO
7	L27100GJ1993PLC020358	REMI METALS GUJARAT LIMITED	Additional director	15-11-08	15-11-08	-	Active	NO
8	L51100GJ2000PLC037204	WELSPUN GLOBAL BRANDS LIMITED	Director	28-09-10	15-09-09	-	Amalgamated	NO
9	U24100MH1965PLC013303	AUCHTEL PRODUCTS LIMITED	Director	28-09-12	05-01-12	-	Active	NO
10	U27109GJ2004PLC044249	WELSPUN STEEL LIMITED	Director	29-09-12	19-07-12	-	Active	NO
11	L52100GJ2008PLC055195	WELSPUN INVESTMENTS AND COMMERCIALS LIMITED	Director	18-09-12	08-08-12	-	Active	NO
12	L45201GJ1994PLC023920	WELSPUN PROJECTS LIMITED	Director	28-09-12	13-08-12	-	Active	NO
13	U71210GJ2004PLC045144	WELSPUN RETAIL LIMITED	Director	31-12-12	07-12-12	-	Active	NO

Name :

Mr. Ram Gopal Sharma

Designation :

Director

Address :

E-707, Military Road, Off Marol Maroshi Road, Lok Sarita Building, Andheri (East), Mumbai - 400059, Maharashtra, India

Date of Birth/Age :

11.09.1940

Qualification :

B.com, M.A (Economics)

Date of Appointment :

10.05.2006

DIN No.:

00026514

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	L27100GJ1995PLC025609	WELSPUN CORP LIMITED	Director	30-10-04	30-10-04	-	Active	NO
2	U27109GJ2004PLC044249	WELSPUN STEEL LIMITED	Director	10-05-06	10-05-06	-	Active	NO
3	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Director	30-09-09	25-08-08	-	Active	NO
4	L27100GJ1993PLC020358	REMI METALS GUJARAT LIMITED	Director	29-04-09	29-04-09	07-02-13	Active	NO
5	U67120WB1951GOI020023	ALLBANK FINANCE LIMITED	Director	30-07-09	30-07-09	26-08-11	Active	NO
6	U27100GJ2008PLC064145	WELSPUN MAXSTEEL LIMITED	Director	14-09-12	16-08-11	-	Active	NO

Name :

Mr. Balkrishan Gopiram Goenka

Designation :

Director

Address :

Rocky Isle 46/C, Bhulabhai Desai Road, Breach Candy, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

15.08.1965

Qualification :

B. Com

PAN No. :

AEOPG4891D

Date of Appointment :

03.06.2004

DIN No.:

00270175

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	L17110GJ1985PLC033271	WELSPUN INDIA LIMITED	Director	05-08-11	17-01-85	-	Active	NO
2	L99999DN1983PLC000045	WELSPUN SYNTEX LIMITED	Director	16-07-91	16-07-91	-	Active	NO
3	L65910DL1987PLC019341	WELSPUN FINANCE LIMITED	Director	16-04-92	16-04-92	15-06-07	Active	NO
4	L27100GJ1995PLC025609	WELSPUN CORP LIMITED	Director	14-08-12	26-04-95	-	Active	NO
5	U18101MH1997PLC107982	WELSPUN ZUCCHI TEXTILES LIMITED	Director	13-05-97	13-05-97	20-05-07	Active	NO
6	U17120GJ1985PTC056127	WELSPUN WINTEX LIMITED	Director	25-11-02	25-11-02	10-02-10	Active	NO
7	U65910GJ1982PTC055383	WELSPUN FINTRADE PRIVATE LIMITED	Director	26-12-02	26-12-02	25-03-11	Active	NO
8	U70100GJ1989PLC056345	WELSPUN MERCANTILE LIMITED	Director	26-12-02	26-12-02	25-03-11	Active	NO
9	U65990GJ1992PLC050965	KRISHIRAJ TRADING LIMITED	Director	26-12-02	26-12-02	21-04-10	Active	NO
10	U25209MH1994PLC076875	GOODVALUE POLYPLAST LIMITED	Director	24-03-03	24-03-03	11-06-07	Active	NO
11	U51900MH1994PLC078026	VIPUNA TRADING LIMITED	Director	24-03-03	24-03-03	12-06-07	Active	NO
12	U67120MH1994PLC078799	MERTZ SECURITIES LIMITED	Director	13-02-04	13-02-04	04-01-07	Active	NO
13	U27109GJ2004PLC044249	WELSPUN STEEL LIMITED	Director	03-06-04	03-06-04	-	Active	NO
14	U74899DL1987PTC029192	GOLDENARCH ESTATES PRIVATE LIMITED	Director	18-02-05	18-02-05	31-03-11	Active	NO
15	U51909GJ2002PLC041136	WELSPUN ENERGY LIMITED	Director	29-09-10	07-06-06	-	Active	NO
16	U70200MH1998PTC117426	WELSPUN DEVELOPERS AND INFRASTRUCTRE PRIVATE LIMITED	Director	05-08-06	05-08-06	-	Active	NO
17	U22210GJ1995PLC027871	WELSPUN ANJAR SEZ LIMITED	Director	16-08-06	16-08-06	21-05-09	Active	NO
18	U11201GJ2006PTC064142	WELSPUN NATURAL RESOURCES PRIVATE LIMITED	Director	07-09-06	07-09-06	20-11-08	Active	NO
19	U63012MH2006PLC165280	WELSPUN LOGISTICS LIMITED	Director	30-09-10	30-10-06	-	Active	NO
20	U40109MH2006PLC165964	WELSPUN URJA INDIA LIMITED	Director	29-09-12	04-12-06	-	Active	NO
21	U26960MH2007PTC167560	GIANT REALTY PRIVATE LIMITED	Director	05-02-07	05-02-07	-	Active	NO
22	U70109MH2007PTC168489	WELSPUN REALTY PRIVATE LIMITED	Director	08-03-07	08-03-07	05-11-07	Active	NO
23	U45200MH1999PTC120035	MGN AGRO PROPERTIES PRIVATE LIMITED	Director	13-03-07	13-03-07	-	Active	NO
24	U45200GJ2007PLC064986	ALSPUN INFRASTRUCTURE LIMITED	Director	07-04-07	07-04-07	14-10-11	Active	NO
25	U40100GJ2005PLC046554	ADANI WELSPUN EXPLORATION LIMITED	Director	29-09-07	27-04-07	-	Active	NO
26	U40108MH2007PTC170611	WELSPUN ENERGY ANUPPUR PRIVATE LIMITED	Director	29-09-12	07-05-07	-	Active	NO
27	U27108MH2007PLC171855	WELSPUN PIPES LIMITED	Director	20-06-07	20-06-07	15-01-10	Active	NO
28	U45400OR2007PTC015831	WELSPUN ORISSA STEEL PRIVATE LIMITED	Director	01-09-08	01-09-08	21-07-09	Active	NO
29	L52100GJ2008PLC055195	WELSPUN INVESTMENTS AND COMMERCIALS LIMITED	Director	07-10-08	07-10-08	08-11-11	Active	NO
30	L51100GJ2000PLC037204	WELSPUN GLOBAL BRANDS LIMITED	Director	11-06-09	10-11-08	-	Amalgamated	NO
31	L27100GJ1993PLC020358	REMI METALS GUJARAT LIMITED	Additional director	15-11-08	15-11-08	07-11-11	Active	NO
32	U27100GJ2008PLC064145	WELSPUN MAXSTEEL LIMITED	Director	27-08-12	22-05-09	-	Active	NO
33	U14220MH1989PTC050290	REFINED SALTS PRIVATE LIMITED	Director	21-07-09	21-07-09	31-01-13	Active	NO
34	U27109GJ2009PTC055893	WELSPUN STEEL RESOURCES PRIVATE LIMITED	Director	24-07-09	24-07-09	15-01-10	Active	NO
35	L45201GJ1994PLC023920	WELSPUN PROJECTS LIMITED	Director	30-11-10	27-04-10	-	Active	NO
36	U45400MH2007PLC170350	WELSPUN INFRATECH LIMITED	Director	29-08-11	18-04-11	-	Active	NO
37	U99999MH1998FTC117187	LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED	Director	05-03-13	28-04-11	-	Active	NO
38	U40300MH2009PLC197014	WELSPUN ENERGY MADHYA PRADESH LIMITED	Director	29-09-12	15-10-11	-	Active	NO
39	U71210GJ2004PLC045144	WELSPUN RETAIL LIMITED	Director	31-12-12	07-12-12	-	Active	NO

Name :

Mr. Anuj Burakia

Designation :

Director

Address :

B-108, NU-10B, Shakti Nagar, Gandhidham – 370201, Gujarat, India

Date of Birth/Age :

27.06.1979

Qualification :

C.A

PAN No. :

AGCPB8871E

Date of Appointment :

28.12.2011

DIN No.:

02840211

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	U27108MH2007PLC171855	WELSPUN PIPES LIMITED	Director	20-08-10	01-11-09	-	Active	NO
2	U25200GJ2005PTC046696	ANGEL POWER AND STEEL PRIVATE LIMITED	Additional director	02-05-10	02-05-10	31-07-10	Active	NO
3	U27109GJ2009PTC055893	WELSPUN STEEL RESOURCES PRIVATE LIMITED	Director	14-07-10	01-06-10	-	Active	NO
4	U27109GJ2004PLC044249	WELSPUN STEEL LIMITED	Whole-time director	28-12-11	01-08-11	-	Active	NO
5	U22210GJ1995PLC027871	WELSPUN ANJAR SEZ LIMITED	Director	25-09-12	28-10-11	-	Active	NO
6	U40100GJ2010PLC060502	WELSPUN CAPTIVE POWER GENERATION LIMITED	Additional director	30-03-13	30-03-13	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Rashmi Donesh Mamatura
Designation :	Secretary
Address :	B-2, Ekvira Niwas, Bhnadar Wada, Pannalal Ghosh Marg, Mumbai – 400064, Maharashtra, India
Date of Birth/Age :	23.01.1987
Date of Appointment :	31.10.2011
PAN No.:	BAHPM5142B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Krishiraj Trading Limited, India	54350100
Welspun Finance Limited, India	10000
Welspun Mercantile Limited, India	6659600
Welspun Fintrade Limited, India	40950000
Welspun Wintex Limited, India	2120000
Goldenarch Estates Private Limited, India	1000000
Welspun Investments and Commercials, India	5000000
Welspun Zucchi Textiles Limited, India	100
Welspun Syntex Limited, India	100
Welspun India Limited, India	100
Total	110090000

As on: 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of iron and steel products.

Products :

Product Description	ITC No.:
Sponge Iron	7203
Rolled Products	7213
Steel Ingots	7206

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad - 380006, Gujarat, India

• Andhra Bank, 16b, 16th Floor, Earnest House, 194, NCPA Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

• Punjab National Bank, IIIaco House, Sir P. M. Road, Fort, Mumbai - 400001, Maharashtra, India.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 30.09.2011
Long-term borrowings
Rupee term loans from banks	2250.000	2250.000
Foreign currency term loans from banks	381.563	428.531
Short-term borrowings
Loans repayable on demand from banks	349.049	95.654
Total	2980.612	2774.185
Term loans (including current maturities) from banks are secured by way of mortgage (first charge) on all movable and immovable properties of the Company, both present and future, ranking pari passu. Further, the said loans are also secured by second charge on current assets subject to prior charge in favour of working capital facilities. Cash credit from banks are secured by hypothecation of inventories, bills receivables, book debts and other current assets of the Company, both present and future (first charge) and second charge on entire fixed assets of the Company. The cash Credits are repayable on demand and carries interest bank base rate plus spread of 3.25% to 4.25% p.a

Banking Relations :	--
Financial Institutions :	IDBI Trusteeship Services Limited, Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Suresh Surana and Associates Chartered Accountants
Address :	B-301 Mehvish Tower Patel Complex Mira Village Mira Road (East), District Thane Mira Road, Thane– 401104, Maharashtra, India
PAN No.:	ABAPV2006L
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Welspun India Limited Welspun Syntex Limited Welspun Corp Limited Welspun Maxsteel Limited Welspun Projects Limited Remi Metals Gujarat Limited Welspun Fintrade Private Limited Welspun Logistics Limited Welspun Orissa Steel Private Limited Krishiraj Trading Limited Welspun Energy Limited Welspun Enterprises (Cyprus) Limited Red Lebondal Limited
Subsidiary Company :	PT. Bangun Energy Indonesia Welspun Steel Resources Private Limited Weslpun Natural Resources (Australia) Pty. Limited Welspun Mineral Resources Private Limited
Associates :	Welspun Captive Power Generation Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs. 1500.000 Millions

Issued, Subscribed

No. of Shares	Type	Value	Amount
125500000	Equity Shares	Rs.10/- each	Rs. 1255.000 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
25100000	1 Equity Shares	Rs.10/- each	Rs. 251.000 Millions
84990000	2 Equity Shares	Rs.4/- each	Rs. 339.960 Millions
	Total		Rs. 590.960 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012 (6 Months)	30.09.2011 (18 Months)	31.03.2010 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		590.960	590.960	251.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6789.226	6693.669	1549.791
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7380.186	7284.629	1800.791
LOAN FUNDS
1] Secured Loans		2980.612	2774.185	466.534
2] Unsecured Loans		0.000	0.000	3565.302
TOTAL BORROWING		2980.612	2774.185	4031.836
DEFERRED TAX LIABILITIES		60.693	0.000	22.311
TOTAL		10421.491	10058.814	5854.938
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2072.509	1262.666	1256.154
Capital work-in-progress		227.861	1050.006	111.852
INVESTMENT		6850.824	330.955	3050.196
DEFERREX TAX ASSETS		0.000	21.982	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1164.881	841.624	584.465
	Sundry Debtors	279.175	251.027	277.563
	Cash & Bank Balances	428.759	82.768	585.517
	Other Current Assets	145.265	58.756	1.910
	Loans & Advances	1548.991	8140.160	879.449
Total Current Assets		3567.071	9374.335	2328.904
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1493.829	526.400	136.535
	Other Current Liabilities	783.237	334.582	574.266
	Provisions	19.708	670.148	181.367
Total Current Liabilities		2296.774	1531.130	892.168
Net Current Assets		1270.297	7843.205	1436.736
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10421.491	10058.814	5854.938

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012 (6 Months)	30.09.2011 (18 Months)	31.03.2010 (12 Months)
	SALES
		Income	3034.169	5631.548	3216.910
		Other Income	100.615	6853.641	202.786
		TOTAL (A)	3134.784	12485.189	3419.696
Less	EXPENSES
		Cost of materials consumed	2257.477	4525.084
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	127.786	(98.528)	2870.660
		Employee related expenses	67.049	129.816
		Other Expenses	278.531	1129.131
		TOTAL (B)	2730.843	5685.503	2870.660
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		403.941	6799.686	549.036
Less	FINANCIAL EXPENSES (D)		216.272	405.475	212.559
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		187.669	6394.211	336.477
Less/ Add	DEPRECIATION/ AMORTISATION (F)		53.937	117.627	75.260
	PROFIT BEFORE TAX (E-F) (G)		133.732	6276.584	261.217
Less	TAX (H)		38.175	1132.706	30.490
	PROFIT AFTER TAX (G-H) (I)		95.557	5143.878	230.727
Add	PRIOR PERIOD INCOME / EXPENSES		0.000	0.000	0.069
	PRIOR YEAR TAX ADJUSTMENT		0.000	0.000	0.421
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6693.669	1549.791	1318.574
	BALANCE CARRIED TO THE B/S		6789.226	6693.669	1549.791
	Earnings Per Share (Rs.)		1.62	88.50	4.64

KEY RATIOS

PARTICULARS		31.03.2012 (6 Months)	30.09.2011 (18 Months)	31.03.2010 (12 Months)
PAT / Total Income	(%)	3.05	41.20	6.74
Net Profit Margin (PBT/Sales)	(%)	4.41	111.45	8.12
Return on Total Assets (PBT/Total Assets}	(%)	2.37	59.01	11.22
Return on Investment (ROI) (PBT/Networth)		0.02	0.86	0.15
Debt Equity Ratio (Total Debt /Networth)		0.40	0.38	2.24
Current Ratio (Current Asset/Current Liability)		1.55	6.12	2.61

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	Yes
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

DETAILS OF LITIGATION

HIGH COURT OF GUJARAT

TAX APPEAL No. 185 of 2013

Status: PENDING CCIN No: 001073201300185

Next Listing Date: 11.06.2013

Coram :

• Registrar (JUDICIAL)

S.NO.	Name of the Petitioner	Advocate On Record
1	STATE OF GUJARAT THROUGH COMMISSIONER	GOVERNMENT PLEADER for: Applicant – 1

S.NO.	Name of the Respondant	Advocate On Record
1	WELSPUN STEEL LIMITED

Presented On	: 29/01/2013	Registered On	: 14/03/2013
Bench Category	: DIVISION BENCH	District	: SURAT
Case Originated From	: THROUGH ADVOCATE	Listed	: 3 times
StageName	: FOR ADMISSION COMPANY MATTERS BOARD NO.I
Classification	DB – CIVIL APPLICATION – CODE OF CIVIL PROCEDURE, 1908 – STAY / INTERIM RELIEF – IN SPECIAL CIVIL APPLICATION
Act	INCOME-TAX ACT, 1969

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	29/01/2013	APPLICATION	GOVERNMENT PLEADER for: Applicant – 1	20	GOVERNMENT PLEADER– 1

Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	13/02/2013	51	-	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	REGISTRAR (JUDICIAL)
2	05/04/2013	51	43	OFFICE OBJECTION REMOVED	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI  HONOURABLE MS JUSTICE SONIA GOKANI
3	26/04/2013	51	-	OFFICE OBJECTION REMOVED	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI  HONOURABLE MS JUSTICE SONIA GOKANI and REGISTRAR (JUDICIAL)
4	09/05/2013	51	38	FOR ADMISSION COMPANY MATTERS BOARD NO.I	NEXT DATE	HONOURABLE MR.JUSTICE AKIL KURESHI  HONOURABLE MS JUSTICE SONIA GOKANI
5	11/06/2013	51	-	FOR URGENT ADMISSION COMPANY MATTERS BOARD NO.I	NEXT DATE	REGISTRAR (JUDICIAL)

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2012	30.09.2011
Corporate guarantee given to a bank for term loan and working capital loan availed by Remi Metals Gujarat Limited, a associates company	3850.000	3850.000
Bills discounted with bank	275.635	28.233
Disputed sales tax liability	24.003	24.003

FIXED ASSETS:

• Freehold Land
• Lease Hold Improvement
• Building
• Plant and Machinery
• Officer Equipments
• Furniture and Fixtures
• Vehicle
• Power Plant

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.89
UK Pound	1	Rs.83.66
Euro	1	Rs.70.58

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.