1. Summary Information

		Country	India
Company Name	indian steel corporation limited	Principal Name 1	Mr. Umesh Shahra
Status	Moderate	Principal Name 2	Mr. Arjun Zalani
		Registration #	11-144559
Street Address	611, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
Established Date	16.02.2004	SIC Code	--
Telephone#	91-22-22851303	Business Style 1	Manufacturer
Fax #	91-22-22823177	Business Style 2	Trader
Homepage	http://www.indiansteels.com	Product Name 1	CR Coils / Sheets
# of employees	Not Available	Product Name 2	GP Coils / Sheets
Paid up capital	Rs. 712,017,000/-	Product Name 3	PPGL Coils
Shareholders	Foreign holdings 46.50%, Bodies corporate 53.37%, Directors or relatives of directors 0.12%, Other top fifty shareholders 0.01%	Banking	Corporation Bank Limited
Public Limited Corp.	No	Business Period	9 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (36)
Related Company
Relation	Country	Company Name	CEO
Subsidiary company	--	Indian Steel SEZ Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	6,275,804,000	Current Liabilities	8,947,127,000
Inventories	4,411,168,000	Long-term Liabilities	6,373,940,000
Fixed Assets	7,719,044,000	Other Liabilities	291,225,000
Deferred Assets	0,000	Total Liabilities	15,612,292,000
Invest& other Assets	1,772,261,000	Retained Earnings	3,853,968,000
		Net Worth	4,565,985,000
Total Assets	20,178,277,000	Total Liab. & Equity	20,178,277,000
Total Assets (Previous Year)	14,783,257,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	23,989,440,000	Net Profit	31,899,000
Sales (Previous yr)	14,066,078,000	Net Profit (Prev.yr)	297,738,000

MIRA INFORM REPORT

Report Date :

02.09.2013

IDENTIFICATION DETAILS

Name :	indian steel corporation limited
Registered Office :	611, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.02.2004
Com. Reg. No.:	11-144559
Capital Investment / Paid-up Capital :	Rs. 712.017 Millions
CIN No.: [Company Identification No.]	U27100MH2004PLC144559
TAN No.: [Tax Deduction and Collection Account No.]	MUMI04849F
PAN No.: [Permanent Account No.]	AABCI2060A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Steel Products i.e. CR Coils / Sheets, GP Coils / Sheets and PPGL Coils etc.
No. of Employees :	Not Available

RATING and COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 18260000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears drastic dip in its profitability during 2012. The profit margin appears to be low. The external borrowings seem to be increasing over years. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan : (ICRA) BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	June 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/ Branch Office :	611, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22851303
Fax No.:	91-22-22823177
E-Mail :	ashutosh_mishra@indiansteels.com rsalbom@ruchigroup.com
Website :	http://www.indiansteels.com
Head Office :	503, Mahakosh House, 7/5, South Tukoganj, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-4017909/ 4017509
Fax No.:	91-731-4017919
E-Mail :	isc@indiansteels.com info@indiansteels.com
Factory :	Survey No. 370, Near Bhimasal Railway Crossing, National Railway, 8-A, Bhimasar, Gandhidham, Anjar, District Kutch – 370240, Gujarat, India
Tel. No.:	91-2836-285371/ 72/ 73/ 74
Fax No.:	91-2836-285375
Branch Offices :	BANGALORE No.595, Sri Lakshmi Adinarayan Swami Arcade, 1st Floor, JP Nagar 1st Phase, 5th Cross, Bangalore - 560078, Karnataka, India Tel.: 91-80-33278235 Fax: 91-80-33278231 JAIPUR 408, 4th Floor, Crystal Mall, Banipark, Jaipur - 302015, Gujarat, India Tel.: 91-41-2209873/ 4002954/ 5109873 Fax: 91-41-4027560 VADODARA F.3, First Floor, Taksh Complex - 2, Vasna Road, Vadodara – 390017, Gujarat, India Tel : 91-265-2250500 Fax : 91-265-22250500 NEW DELHI 43, 2nd Floor, Daryaganj, New Delhi – 110002, India Tel.: 91-11-43651100/ 59 Fax: 91-11-23241561 AHMEDABAD 207, Iscon Avenue, Opposite Choice Restaurant, C.G. Road, Navrangpura, Ahmedabad - 380009, Gujarat, India Tel.: 91-79-30074314 Fax: 91-79-30074314 CHENNAI No.40 and 41, East Madha Church Road, Royapuram, Chennai - 600013, Tamilnadu, India Tel : 91-44-25952953 Fax: 91-44-25976337

DIRECTORS

AS ON 21.09.2012

Name :

Mr. Umesh Shahra

Designation :

Managing director

Address :

28, Old Palasia, A.B. Road, Indore - 452018, Madhya Pradesh, India

Date of Birth/Age :

17.06.1963

Qualification :

B. Pharma (Hons.) PGDBM (IIMA)

Date of Appointment :

29.08.2011

PAN No.:

AMBPS5571M

DIN No.:

00061312

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	L27100MH1987PLC142326	RUCHI STRIPS AND ALLOYS LIMITED	Managing director	01/10/2011	20/02/1989	-	Active	NO
2	U67120MH1994PTC080658	NEHA SECURITIES PRIVATE LIMITED	Director	31/08/1994	31/08/1994	11/03/2008	Active	NO
3	U74999MH1979PLC029075	RUCHI ACRONI INDUSTRIES LIMITED	Director	17/09/1994	17/09/1994	-	Active	NO
4	U32204MP1994PLC008151	RUCHI INFOTECH LIMITED	Director	14/03/1995	14/03/1995	-	Active	NO
5	U24117MH1995PTC086793	PARAM ALKALIES PRIVATE LIMITED	Director	24/03/1995	24/03/1995	02/05/2013	Active	NO
6	U51500MH1996PLC099082	RUCHI GLOBAL LIMITED	Director	24/04/1996	24/04/1996	-	Active	NO
7	U51100MH2003PLC140081	RUCHI CORPORATION LIMITED	Director	22/04/2003	22/04/2003	-	Active	NO
8	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Managing director	29/08/2011	16/02/2004	-	Active	NO
9	U45200MH1998PTC117520	CHHATTISGARH IRON AND STEEL COMPANY PRIVATE LIMITED	Director	09/04/2005	09/04/2005	20/03/2008	Active	NO
10	U74900MH2007PLC173930	INDIAN STEEL SEZ LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO
11	U65993MH2007PTC173888	PARAM HOLDING PRIVATE LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO
12	U27310MH2007PTC176076	REHWA CORPORATION PRIVATE LIMITED	Director	22/11/2007	22/11/2007	-	Active	NO
13	U26942MP1992PTC007329	REVATI CEMENTS PRIVATE LIMITED	Director	30/09/2008	01/12/2007	-	Active	NO
14	U67190MH2008PTC178892	RUCHI EQUITY GROWTH PRIVATE LIMITED	Director	14/02/2008	14/02/2008	-	Active	NO
15	U63040MH2008PTC183328	MAHAKOSH TRAVELS PRIVATE LIMITED	Director	09/06/2008	09/06/2008	05/03/2009	Active	NO
16	U27100MP2008PLC020897	STEEL TECHNOLOGIES INDIA LIMITED	Director	09/07/2008	09/07/2008	25/03/2009	Active	NO
17	U10300DL2009PTC186321	THESGORA COAL PRIVATE LIMITED	Director	02/01/2009	02/01/2009	-	Active	NO
18	U01403MH2010PTC201405	RGL VENTURES PRIVATE LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO
19	U01112MP2010PTC023497	SHAHRA SONS PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
20	U28990MH2010PTC211581	RSAL STEEL PRIVATE LIMITED	Director	29/12/2010	29/12/2010	-	Active	NO
21	U01110MH1995PLC091518	INDIAN INFRASTRUCTURE CORPORATION LIMITED	Director	26/09/2012	02/04/2012	-	Active	NO
22	U27109DL1991NPL042878	COLD ROLLED STEEL MANUFACTURERS ASSOCIATION OF INDIA	Nominee director	26/07/2012	26/07/2012	-	Active	NO

Name :

Mr. Arjun Zalani

Designation :

Whole-time director

Address :

27/B, Sector-A, Slice-6, Scheme No.78, Indore - 452010, Madhya Pradesh, India

Date of Birth/Age :

26.11.1971

Qualification :

B. E (Electronics), MBA

Date of Appointment :

27.09.2012

PAN No.:

AABPZ0825D

DIN No.:

00848477

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	U51100MH2003PLC140081	RUCHI CORPORATION LIMITED	Director	22/04/2003	22/04/2003	-	Active	NO
2	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Whole-time director	27/09/2012	27/09/2006	-	Active	NO
3	U74900MH2007PLC173930	INDIAN STEEL SEZ LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO
4	U27100MP2008PLC020897	STEEL TECHNOLOGIES INDIA LIMITED	Director	09/07/2008	09/07/2008	25/03/2009	Active	NO
5	U01110MH1995PLC091518	INDIAN INFRASTRUCTURE CORPORATION LIMITED	Director	26/09/2012	02/04/2012	-	Active	NO

Name :

Mr. Kailashchandra Shahra

Designation :

Director

Address :

29, Old Palasia, A.B. Road, Indore - 452018, Madhya Pradesh, India

Date of Birth/Age :

31.01.1938

Qualification :

B. Com

Date of Appointment :

01.02.2005

PAN No.:

ABJPS9987Q

DIN No.:

00062698

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	U74999MH1979PTC028051	SHAHRA BROTHERS PRIVATE LIMITED	Director	19/12/1979	19/12/1979	-	Active	NO
2	L15140MH1986PLC038536	RUCHI SOYA INDUSTRIES LIMITED	Director	07/01/1986	07/01/1986	-	Active	NO
3	L27100MH1985PLC140379	NATIONAL STEEL AND AGRO INDUSTRIES LIMITED	Director	13/12/1986	13/12/1986	30/05/2013	Active	NO
4	L27100MH1987PLC142326	RUCHI STRIPS AND ALLOYS LIMITED	Director	01/11/1989	01/11/1989	-	Active	NO
5	L24118MH1976PLC136836	ANIK INDUSTRIES LIMITED	Director	26/07/1993	26/07/1993	-	Active	NO
6	U67200MP1999PLC013660	NATIONAL BOARD OF TRADE LIMITED	Director	30/07/1999	30/07/1999	-	Active	NO
7	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	01/02/2005	01/02/2005	-	Active	NO
8	U45200MH1998PTC117520	CHHATTISGARH IRON AND STEEL COMPANY PRIVATE LIMITED	Director	09/04/2005	09/04/2005	20/03/2008	Active	NO
9	U91990MH2004GAP147894	FEDERATION OF INDIAN COMMODITY EXCHANGES	Director	01/02/2006	01/02/2006	-	Active	NO
10	U26942MP1992PTC007329	REVATI CEMENTS PRIVATE LIMITED	Director	30/08/2011	01/12/2007	-	Active	NO
11	U01112MP2010PTC023497	SHAHRA SONS PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
12	U51200MP2010PTC023507	MAHADEO SHAHRA AND SONS PRIVATE LIMITED	Director	07/05/2010	07/05/2010	-	Active	NO
13	U15400MP2012PTC028990	AVANTEE INDUSTRIES PRIVATE LIMITED	Additional director	09/05/2013	09/05/2013	-	Active	NO

Name :

Mr. Shambunath Sadawarti

Designation :

Director

Address :

501, Gyan Sagar Apartment, Sanchar Nagar Extension, Indore - 452016, Madhya Pradesh, India

Date of Birth/Age :

18.03.1947

Qualification :

B. E. (Mech), PGDIM

Date of Appointment :

16.02.2004

DIN No.:

00031966

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74999MH1979PLC029075	RUCHI ACRONI INDUSTRIES LIMITED	Director	25/03/2002	25/03/2002	Active	NO
2	U51100MH2003PLC140081	RUCHI CORPORATION LIMITED	Director	22/04/2003	22/04/2003	Active	NO
3	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	16/02/2004	16/02/2004	Active	NO
4	U40108MP1997PTC012262	AVIRAT URJA PRIVATE LIMITED	Director	26/10/2006	26/10/2006	Active	NO
5	U01110MH1998PTC117525	AVANTI INFRASTRUCTURE PRIVATE LIMITED	Director	24/01/2007	24/01/2007	Active	NO
6	U55101MH2003PTC138594	RUCHI REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	20/03/2007	20/03/2007	Active	NO
7	U45200MH1998PTC117520	CHHATTISGARH IRON AND STEEL COMPANY PRIVATE LIMITED	Director	30/09/2008	01/03/2008	Active	NO
8	U51109WB1996PTC078856	ROHINI COMMODITIES PRIVATE LIMITED	Director	30/09/2008	20/06/2008	Active	NO
9	U67190MH1997PTC107725	ROHINI FOREX PRIVATE LIMITED	Director	30/09/2008	25/08/2008	Active	NO
10	U70102MP2009PTC022016	BHIMASAR HOUSING PRIVATE LIMITED	Director	12/06/2009	12/06/2009	Active	NO
11	U18100WB1991PLC141587	MANDHANA LEAFIN LIMITED	Director	06/10/2010	06/10/2010	Active	NO
12	U65929DL1996PTC077016	S S P FINVEST PRIVATE LIMITED	Director	06/01/2012	06/01/2012	Active	NO

Name :

Mr. Navin Khandelwal

Designation :

Director

Address :

5/1, Saket Nagar, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

22.04.1973

Qualification :

CA

Date of Appointment :

01.07.2004

DIN No.:

00134217

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	L27100MH1985PLC140379	NATIONAL STEEL AND AGRO INDUSTRIES LIMITED	Director	14/11/2001	14/11/2001	-	Active	NO
2	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
3	U74900MH2007PLC173930	INDIAN STEEL SEZ LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO
4	L27100MH1987PLC142326	RUCHI STRIPS AND ALLOYS LIMITED	Director	30/09/2008	10/05/2008	-	Active	NO
5	L65990MH1984PLC033878	RUCHI INFRASTRUCTURE LIMITED	Director	30/09/2010	13/11/2009	09/08/2011	Active	NO
6	L15140MH1986PLC038536	RUCHI SOYA INDUSTRIES LIMITED	Director	30/09/2010	18/12/2009	-	Active	NO
7	U67110MP2006PLC018933	MADHYA PRADESH STOCK EXCHANGE LIMITED	Director	04/06/2013	04/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashutosh Mishra
Designation :	Secretary
Address :	21A, Krishi Vihar Colony, Near Bakhtawar Ram Nagar, Indore - 452001, Madhya Pradesh, India
Date of Birth/Age :	21.01.1964
Date of Appointment :	28.03.2009
PAN No.:	AFDPM4265M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2012

Names of Shareholders	No. of Shares
Umesh Shahra	80800
Neeta Shahra	1250
Arjun Zalani	6100
Manish Parikh	1000
Shambhu Nath Sadawani	1000
Saket Barodia	1000
Vijay Kumar Mahajan and Seema Mahajan	5000
Vijay Kumar Mahajan and Varun Mahajan	3125
Rohini Forex Private Limited, India	3721028
Ruchi Acroni Industries Limited, India	663000
Ruchi Global Limited, India	1240000
Ruchi Infrastructure Limited, India	2995100
Ruchi Corporation Limited, India	1135800
Ruchi Stock and Securities Private Limited, India	3314873
Ruchi Real Estate Developers Private Limited, India	3459112
Ruchi Growth Fund Private Limited, India	2436915
Rohini Commodities Private Limited, India	12412118
Mandhana Leafin Limited, India	2757587
Lucas Meyer Industries Private Limited, India	2761500
Iron Global Limited, India	54100
Swastika Worldwide Private Limited, India	20000
Snehdeep Impex Private Limited, India	825233
SSP Finvest Private Limited, India	625233
Trans Siberian Industries Limited, UAE	4709807
Sino Asian Resources Industries Limited, Hong Kong	5866397
Kyanite Economic and Development Limited, Singapore	4274657
Global Connects Instrument Limited, UAE	4228046
Mitsui and Company Limited, Japan	7190691
Mitsui and Company India Private Limited, India	2151608
Mitsui and Company (Asia Pacific) Pte. Limited, Singapore	5057646
Total	71999726

AS ON 21.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	46.50
Bodies corporate	53.37
Directors or relatives of directors	0.12
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Steel Products i.e. CR Coils / Sheets, GP Coils / Sheets and PPGL Coils etc.

Products/ Services :

ITC Code No.	Product Descriptions
72104100	Corrugated Products, Otherwise PLTD / Coated With Zinc
72092820	Sheets of Flt Rld Products Not In Coils Not Further Worked Thn Cold Rld Of Thickens Less Than 0.5 Mm

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Corporation Bank Limited, Mahavir Empire, 63, M.G. Road, Indore - 452001, Madhya Pradesh, India

· IDBI Bank Limited, Corporate Branch, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia, Indore - 452001, Madhya Pradesh, India

· Jammu and Kashmir Bank Limited, Block "D", 1st Floor, North Side, Shiv Nagar Estates, Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· State Bank of Indore, Industrial Finance Branch, Khel Prashal, Indore - 452003, Madhya Pradesh, India

· Punjab National Bank, Mid Corporate Branch, GG Tower, MG Road, Indore - 452007, Madhya Pradesh, India

· IDBI Bank Limited, 1, Indian Red Cross Socity Building, Red Cross Road, New Delhi - 110001, India

· State Bank of India

· State Bank of Saurashtra

· State Bank of Travancore

· State Bank of Hyderabad

· State Bank of Patiala

· State Bank of Bikaner and Jaipur

· HDFC Bank

· Oriental Bank of Commerce

· Bank of India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	3734.692	3710.276
SHORT-TERM BORROWINGS		0.0
Working capital loans from banks	1260.608	439.944
Total	4995.300	4150.220

Banking Relations :	--
Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Address :	317, Chetak Centre, “Annexe”, R.N.T. Marg, Indore-452 001, Madhya Pradesh, India
Tel. No.:	91-731-2517341/ 4069301/ 2523134
E-Mail :	ashokkhasgiwala@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AACFA7732P
Subsidiary company:	Indian Steel SEZ Limited [U74900MH2007PLC173930]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Ruchi Strips and Alloys Limited [L27100MH1987PLC142326] · Ruchi Acroni Industries Limited [U74999MH1979PLC029075]

CAPITAL STRUCTURE

AFTER 21.09.2012

Authorised Capital : Rs. 800.000 Millions

Issued, Subscribed and Paid-up Capital : Rs. 721.952 Millions

AS ON 21.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	Rs. 10/- each	Rs. 800.000 Millions

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
71,999,726	Equity Shares	Rs. 10/- each	Rs. 719.997 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80,000,000	Equity Shares	Rs. 10/- each	Rs. 800.000 Millions

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
71,201,652	Equity Shares	Rs. 10/- each	Rs. 712.017 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	712.017	610.000
(b) Reserves and Surplus	3853.968	2832.511
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	273.283
Total Shareholders’ Funds (1) + (2)	4565.985	3715.794
(3) Non-Current Liabilities
(a) long-term borrowings	3734.692	3710.276
(b) Deferred tax liabilities (Net)	148.867	146.497
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	10.598	5.919
Total Non-current Liabilities (3)	3894.157	3862.692
(4) Current Liabilities
(a) Short term borrowings	2639.248	1799.688
(b) Trade payables	7020.618	3530.882
(c) Other current liabilities	1926.509	1749.351
(d) Short-term provisions	131.760	124.850
Total Current Liabilities (4)	11718.135	7204.771
TOTAL	20178.277	14783.257
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7719.044	5023.094
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	1731.860	2379.077
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.503	0.503
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	755.197	1058.147
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	10206.604	8460.821
(2) Current assets
(a) Current investments	39.898	130.940
(b) Inventories	4411.168	3326.549
(c) Trade receivables	3271.273	1391.857
(d) Cash and cash equivalents	996.388	423.600
(e) Short-term loans and advances	1173.990	1027.650
(f) Other current assets	78.956	21.840
Total Current Assets	9971.673	6322.436
TOTAL	20178.277	14783.257

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		572.500
2] Share Application Money		18.950
3] Reserves and Surplus		2286.996
4] (Accumulated Losses)		(14.724)
NETWORTH		2863.722
LOAN FUNDS
1] Secured Loans		2733.881
2] Unsecured Loans		2250.662
TOTAL BORROWING		4984.543
DEFERRED TAX LIABILITIES		25.363
TOTAL		7873.628
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3194.662
Capital work-in-progress		1941.257
INVESTMENT		56.002
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS and ADVANCES
	Inventories	1893.836
	Sundry Debtors	1253.826
	Cash and Bank Balances	722.120
	Other Current Assets	0.000
	Loans and Advances	698.602
Total Current Assets		4568.384
Less : CURRENT LIABILITIES and PROVISIONS
	Sundry Creditors	1718.603
	Other Current Liabilities	97.369
	Provisions	71.071
Total Current Liabilities		1887.043
Net Current Assets		2681.341
MISCELLANEOUS EXPENSES		0.366
TOTAL		7873.628

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	23989.440	14066.078	11167.945
		Other Income	92.151	78.071	123.666
		TOTAL (A)	24081.591	14144.149	11291.611
Less	EXPENSES
		Cost of materials consumed	10685.367	6783.800	9906.640
		Purchases of stock-in-trade	11276.821	5338.715	--
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1079.596)	(105.751)	(384.202)
		Employee benefit expense	225.857	175.036	--
		Other expenses	1487.102	1083.320	988.742
		Exceptional items	0.000	(57.506)	--
		TOTAL (B)	22595.551	13217.614	10511.180
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1486.040	926.535	780.431
Less	FINANCIAL EXPENSES (D)		1172.290	330.621	332.535
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		313.750	595.914	447.896
Less/ Add	DEPRECIATION/ AMORTISATION (F)		278.277	172.474	158.274
	PROFIT BEFORE TAX (E-F) (G)		35.473	423.440	289.622
Less	TAX (H)		3.574	125.702	127.088
	PROFIT AFTER TAX (G-H) (I)		31.899	297.738	162.534
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		283.014	(14.724)	(177.258)
	BALANCE CARRIED TO THE B/S		314.913	283.014	(14.724)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1100.341	985.341	613.222
	IMPORTS
		Raw Materials	8639.501	6975.526	4384.752
		Stores and Spares	43.326	14.007	2.111
		Capital Goods	404.345	460.167	424.031
	TOTAL IMPORTS		9087.172	7449.700	4810.894
	Earnings Per Share (Rs.)		0.50	5.18	3.61

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.13	2.11	1.44
Net Profit Margin (PBT/Sales)	(%)	0.15	3.01	2.59
Return on Total Assets (PBT/Total Assets}	(%)	0.19	3.41	3.73
Return on Investment (ROI) (PBT/Networth)		0.01	0.11	0.10
Debt Equity Ratio (Total Debt/Networth)		1.40	1.48	1.74
Current Ratio (Current Asset/Current Liability)		0.85	0.88	2.42

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10419519	23/03/2013	350,000,000.00	STATE BANK OF PATIALA	MID CORPORATE BRANCH, ORBIT MALL, A.B. ROAD, INDORE - 452001, MADHYA PRADESH, INDIA	B73113110
2	10400501	07/01/2013	2,492,800,000.00	STATE BANK OF BIKANER AND JAIPUR	6, KANTI MENSION, MURAI MOHALLA, SANYOGITAGANJ, INDORE - 452001, MADHYA PRADESH, INDIA	B67073114
3	10123996	09/09/2008	6,630,000,000.00	STATE BANK OF INDORE	INDUSTRIAL FINANCE BRANCH, KHEL PRASHAL, RACE COURSE ROAD, INDORE - 452003, MADHYA PRADESH, INDIA	A46403432
4	10147848	29/07/2008	400,000,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SIYAGANJ, INDORE - 452001, MADHYA PRADESH, INDIA	A45770948
5	10114839	14/07/2008	400,000,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SIYAGANJ, INDORE - 452001, MADHYA PRADESH, INDIA	A42329813
6	80038787	19/12/2005	700,000,000.00	CORPORATION BANK	63 M.G. ROAD, REGAL SQUARE, INDORE - 452001, MADHYA PRADESH, INDIA	-
7	80039724	12/11/2005	500,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, SIYAGANJ, INDORE - 452001, MADHYA PRADESH, INDIA	-
8	90146788	04/11/2004	100,000,000.00	STATE BANK OF SAURASHTRA	MAIN BRANCH, INDORE, MADHYA PRADESH, INDIA	-
9	90146771	21/07/2006 *	150,000,000.00	STATE BANK OF INDORE	INDUSTRIAL FINANCE BRANCH, KHELPRASAL, RACE COURCE ROAD, INDORE - 452003, MADHYA PRADESH, INDIA	-
10	80039723	14/10/2004	500,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A.B.ROAD, INDORE - 452001, MADHYA PRADESH, INDIA	-
11	90146762	14/10/2004	500,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A. B. ROAD, INDORE, MADHYA PRADESH, INDIA	-
12	90145418	20/08/2010 *	18,210,000,000.00	STATE BANK OF INDORE	INDUSTRIAL FINANCE BRANCH, KHELPRASHAL, INDORE - 452003, MADHYA PRADESH, INDIA	A94288495
13	90148883	22/06/2013 *	18,298,600,000.00	IDBI BANK LTD.	SPECIALIZED CORPORATE BRANCH, UG - 1 C.S. NAYUDU ARCADE, 10/2 OLD PALASIA, INDORE - 452001, MADHYA PRADESH, INDIA	B79941332

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT-TERM BORROWINGS
Borrowing from foreign institutional agencies	1378.640	1359.744
Total	1378.640	1359.744

PERFORMANCE AND PROGRESS

During the year, the Company has achieved a turnover of Rs. 24081.590 Million registering a growth of 70.30% as compared to last financial year. However weakening of INR against USD has caused an adverse impact on the profitability of the Company, due to which Profit before tax during the year stood at Rs. 35.47 Million.

During the year the Company has successfully launched the Wider Width Galvanized material from its new Galvanizing Line supplied by CMI -FPE. The wider width galvanized material is the product of the future and is in good demand, both in construction and Home appliance segment. Thus with addition of the company’s capability to manufacture the same, we hope to reap the benefits.

The Company has also successfully completed the erection and alignment of the Continuous Colour Coated Line supplied by CMI-FPE. The cold trials are on and the line will roll its products in the current financial year to the market. With this the Company has completed the phase II and will have a capacity to produce 600,000 MT/ per annum. The Company has also added Slitting and Cut to Length lines, imported from the quality manufacturers of South Korea, in order to cater to Automotive and Home appliance customers. The said lines have been commissioned and are operational.

MARKET DEVELOPMENT AND PROGRESS IN AUTO and WHITE GOODS SEGMENT

The primary focus of the Company is to produce quality steel and coated steel products focusing on Automotive, Home appliances and Construction sector, which are key areas for development of the country.

With the latest state of art technology, ISC is now fully equipped to supply Cold Rolled Steel Coils/sheets for skin panels to auto majors, which are currently being imported in India. Also ISC would be able to produce import substitute Prepainted Steel sheets for Home Appliances. With the expansion the Company will not only save foreign exchange for the country but also be able to minimize dependence on imports for Indian Automotive and Home appliance sectors. Hence ISC product range will definitely help in the growth of Automotive and Home appliances Industries in Gujarat and India too.

The Company has already received source approval for its Cold Rolled Steel and Galvanized Steel from Auto Majors like Tata Motors, Bajaj Auto, Ashok Leyland, AMW, Force Motors, General Motors etc. and White Goods majors like Videocon, Samsung, Godrej Boyce, Haier etc.

MARKET DEVELOPMENT AND PROGRESS IN CONSTRUCTION SEGMENT

From ethical practices, aggressive vision and a commitment to excellence, in a very short time the Company has achieved a lot riding on core strengths.

We have established a vast distribution network of 265 dealers and 700 plus sub dealers for better servicing to the consumers and 25 nationwide depots for the smooth and effective distribution of material.

We are the market leaders in Gujarat and Rajasthan and strong challengers in most of India. Our most popular brands in the name of Indian UltraTuf, Indian Tadka, Indian Makkhan and Indian Coolhave become household names among the consumers.

The Company had organized Dealers / retailers meet in order to strengthen the bonding and to create strong relationship with its dealers and retailers. The Company had supported the dealers and retailer to stand out in competition through various branding and sales oriented activities.

EXPANDING STEEL RETAIL

Expanding its retail chain, the Company has established 100 ISC Steel Zones in the year 2011-12 to assure the consumers, the right quality at right price with entire range of Galvanized and Cold Rolled Steel Products. ISC Steel Zones will extend better services, thereby providing value for money to consumers.

PROSPECTS

· Indian steel industry plays a significant role in the Country’s economic growth. The major contribution directs the attention that the steel is having a stronghold in the traditional sectors, such as infrastructure and construction, automobile, transportation, industrial applications etc. Presently India is the fifth largest producer of steel in the world and is likely to become the second largest producer in the coming years.

· The Indian crude steel production is likely to grow at a CAGR of around 10% during 2010-2013. Steel consumption in India is expected to grow significantly in coming years as per capita finished steel consumption is far less than its regional counterparts.

· Steel consumption in India will resume its strong growth trends in 2012 and 2013 after the relative slowdown in 2011, according to forecasts released by World Steel Association recently. During its 12th Plan period 2012-2017, India expects an investment of $ one trillion in the infrastructure sector.

· The country has acquired a central position on the global steel map with India having enormous potential and necessary resources, capabilities to become a global supplier of quality steel. Also there exists ample opportunities in the neighbouring regions of Asia, Africa and the Middle East.

· Keeping in view the government incentive plan to stimulate the economic growth by infusing funds in various industries, such as automobile, construction, infrastructure, power etc. the future of the Indian Steel Industry seems to be good.

The Company is poised to avail all such opportunities and to meet the growing demands of domestic as well as international markets. With a good acceleration in demand emanating from all segments of the industrial sector, it is expected that the Company will achieve significant position for coated steel products. Given the experience of strong senior management team having substantial exposure in steel industry, value added to implement our strategies, the prospects for sustainable long term growth in our business and consequently shareholders value are tremendous.

However, volatility in raw materials prices across the globe especially in commodity market, recession in European economy and fluctuations in the foreign currencies could affect the performance of the Company in terms of profitability. The management is taking appropriate steps to combat the negative impact of these factors.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

CMT REPORT (Corruption, Money Laundering and 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. 66.57
UK Pound	1	Rs. 103.34
Euro	1	Rs. 88.16

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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 and 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.