MIRA INFORM REPORT

Report Date :

07.09.2013

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) :	31.03.2012
Date of Incorporation :	25.05.2004
Com. Reg. No.:	11-016643
Capital Investment / Paid-up Capital :	Rs.1936.850 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 :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 40000000
Status :	Satisfactory
Payment Behavior :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears dip in sales and profit of the company in 2012. However, Overall financials of the company appears to be satisfactory. Rating also takes into consideration experience of promoters in steel industry. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	CARE
Rating	Long term Bank facilities =BBB
Rating Explanation	Moderate credit quality and average credit risk.
Date	06.05.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities =A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	06.05.2013

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 :	Village Joratarai, Post Mangatta, District Rajnandgaon – 491 441, Chhattisgarh, India
Tel. No.:	91-788-2617341/ 2617342/ 2617343/ 2617344
Fax No.:	91-788-2617353
E-Mail :	Hr.csppl@topworthgroup.com secretarial@topworthgroup.com amit.gupta@topworthgroup.com
Website :	www.topworthgroup.com
Head Office :	4, Raheja Centre, 214, Free Press Journal Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22841414
Fax No.:	91-22-22840211/ 22880141
Website :	www.topworthgroup.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Surendra Champalal Lodha

Designation :

Director

Address :

126-128, Shriram Tower, Kingsway, Sadar, Nagpur - 440 001, Maharashtra, India

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

Name :

Mr. Abhay Narendra Lodha

Designation :

Managing Director

Address :

Vaitrana Building, Flat No.502, Sir Pochkhanwala Road, Worli, Mumbai - 400 030, Maharashtra, India

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	14-06-00	14-06-00	04-02-12	Active	YES
2	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	01-05-11	18-05-04	-	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18-08-04	18-08-04	31-12-11	Active	YES
4	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Director	11-01-05	11-01-05	-	Active	NO
5	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Director	11-01-05	11-01-05	-	Active	NO
6	U51100MH1999PTC121425	POSCHO STEELS PRIVATE LIMITED	Director	02-05-05	02-05-05	04-02-12	Active	NO
7	U63040MH2003PTC142659	BENREEZA TRAVEL SERVICES PRIVATE LIMITED	Director	16-05-05	16-05-05	04-02-13	Active	NO
8	U29120MH2005PTC157395	TOPWORTH PIPES & TUBES PRIVATE LIMITED	Director	18-11-05	18-11-05	-	Active	NO
9	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	09-06-06	09-06-06	-	Active	YES
10	L67120MH1982PLC026924	SUPREME HOLDINGS & HOSPITALITY (INDIA) LIMITED	Director	19-06-06	19-06-06	08-09-11	Active	NO
11	U51909MH2006PTC163344	ROYALWAYS TRADING & INVESTMENT SERVICES PRIVATE LIMITED	Director	27-07-06	27-07-06	03-03-08	Amalgamated	NO
12	U63011MH2006PTC163690	AVICORE CARGO PRIVATE LIMITED	Director	09-08-06	09-08-06	-	Active	YES
13	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	21-08-07	12-02-07	-	Active	NO
14	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Managing director	01-04-09	01-04-07	-	Active	NO
15	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20-12-07	20-12-07	-	Active	NO
16	U27109MH1993PLC074950	TOPWORTH URJA & METALS LIMITED	Director	26-04-08	26-04-08	-	Active	NO
17	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	19-05-08	19-05-08	20-11-12	Active	NO
18	U14200MH2008PTC182964	TOPWORTH METALS & ENERGY PRIVATE LIMITED	Director	31-05-08	31-05-08	-	Active	NO
19	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07-07-08	07-07-08	-	Active	NO
20	L28999GJ1992PLC018570	GUJARAT FOILS LIMITED	Managing director	14-05-11	14-07-08	-	Active	NO
21	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20-08-08	20-08-08	-	Active	NO
22	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03-02-09	03-02-09	-	Active	NO
23	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24-08-09	24-08-09	-	Active	NO
24	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14-10-09	14-10-09	-	Active	NO
25	U93000DL2010NPL198079	TOPWORTH FOUNDATION FOR SOCIAL DEVELOPMENT	Director	18-01-10	18-01-10	-	Active	NO
26	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20-01-10	20-01-10	-	Active	NO
27	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27-04-10	27-04-10	20-11-12	Active	NO
28	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06-05-10	06-05-10	20-11-12	Active	NO
29	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31-05-10	31-05-10	-	Active	NO
30	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31-05-10	31-05-10	-	Active	NO
31	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31-05-10	31-05-10	-	Active	NO
32	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08-06-10	08-06-10	-	Active	NO
33	U74210DL2009PTC188932	GFL INFRA PRIVATE LIMITED	Director	10-09-10	10-08-10	-	Active	NO
34	U63090WB1994PTC066715	ANIKA TIE-UP PVT.LTD.	Director	11-10-10	11-10-10	-	Active	NO
35	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03-04-12	03-04-12	-	Active	NO
36	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Additional director	21-11-12	11-04-12	-	Active	NO
37	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Additional director	21-11-12	19-04-12	-	Active	NO
38	U45201MH2012PTC230590	TOPWORTH INDUSTRIAL PARK PRIVATE LIMITED	Director	03-05-12	03-05-12	-	Active	NO

Name :

Mr. Ashwin Narendra Lodha

Designation :

Director

Address :

502, Vaitarna Worli Sagar Chs. Limited, Sir Pochkanwala Road, Worli Sea Face, Worli, Mumbai – 400 030, Maharashtra, India

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	14-06-00	14-06-00	26-05-12	Active	YES
2	U51909MH2001PTC133035	AKSHATA MERCANTILE PRIVATE LIMITED	Whole-time director	01-04-09	27-09-02	03-05-12	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18-08-04	18-08-04	31-01-12	Active	YES
4	U70100MH2005PTC157373	RIYA REAL ESTATES PRIVATE LIMITED	Director	17-11-05	17-11-05	09-01-13	Active	NO
5	U29120MH2005PTC157395	TOPWORTH PIPES & TUBES PRIVATE LIMITED	Director	18-11-05	18-11-05	-	Active	NO
6	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	23-11-06	23-11-06	-	Active	YES
7	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	25-08-10	12-02-07	-	Active	NO
8	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	05-05-07	05-05-07	-	Active	NO
9	U70100MH1982PTC027614	PARISHRAM PROPERTIES PRIVATE LIMITED	Director	31-08-07	31-08-07	-	Amalgamated	NO
10	U51900MH1982PTC027434	DILSHAD TRADING CO PRIVATE LIMITED	Director	29-09-07	29-09-07	24-11-11	Active	NO
11	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20-12-07	20-12-07	-	Active	NO
12	U40108MH2008PTC179667	TOPWORTH POWER PRIVATE LIMITED	Director	04-03-08	04-03-08	-	Active	NO
13	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07-03-08	07-03-08	-	Active	NO
14	U14200MH2008PTC182964	TOPWORTH METALS & ENERGY PRIVATE LIMITED	Director	31-05-08	31-05-08	-	Active	NO
15	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07-07-08	07-07-08	-	Active	NO
16	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20-08-08	20-08-08	-	Active	NO
17	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03-02-09	03-02-09	-	Active	NO
18	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	25-09-09	11-05-09	-	Active	NO
19	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24-08-09	24-08-09	-	Active	NO
20	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14-10-09	14-10-09	-	Active	NO
21	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20-01-10	20-01-10	-	Active	NO
22	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27-04-10	27-04-10	-	Active	NO
23	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06-05-10	06-05-10	-	Active	NO
24	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Whole-time director	31-12-12	10-05-10	-	Active	NO
25	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31-05-10	31-05-10	-	Active	NO
26	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31-05-10	31-05-10	-	Active	NO
27	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31-05-10	31-05-10	-	Active	NO
28	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08-06-10	08-06-10	-	Active	NO
29	U63090WB1994PTC066715	ANIKA TIE-UP PVT.LTD.	Director	11-10-10	11-10-10	-	Active	NO
30	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03-04-12	03-04-12	-	Active	NO
31	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11-04-12	11-04-12	-	Active	NO
32	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19-04-12	19-04-12	-	Active	NO
33	U45201MH2012PTC230590	TOPWORTH INDUSTRIAL PARK PRIVATE LIMITED	Director	03-05-12	03-05-12	-	Active	NO
34	U27109MH1993PLC074950	TOPWORTH URJA & METALS LIMITED	Director	25-09-12	07-06-12	-	Active	NO
35	U45400DL2007PTC166124	Yamunotri Project Company Private Limited	Additional director	04-10-12	04-10-12	-	Active	NO
36	U45200MH2011PTC221363	AADITYA HOMES PRIVATE LIMITED	Additional director	04-03-13	04-03-13	-	Active	NO

Name :

Mr. Narendra Champalal Lodha

Designation :

Director

Address :

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

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	Company/ LLP Status	Defaulting status
1	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Managing director	01-04-09	18-08-04	Active	YES
2	U51420PN2005PTC021380	AKSHATA SALES PRIVATE LIMITED	Director	06-10-05	06-10-05	Active	NO
3	U27109MH1993PLC074950	TOPWORTH URJA & METALS LIMITED	Director	30-09-06	30-09-06	Active	NO
4	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	05-06-07	05-06-07	Active	NO
5	U45200PN2010PTC136746	GVN DEVELOPERS PRIVATE LIMITED	Director	05-07-10	05-07-10	Active	NO
6	U93000DL2010NPL198079	TOPWORTH FOUNDATION FOR SOCIAL DEVELOPMENT	Director	15-01-11	15-01-11	Active	NO

Name :

Mr. Sanjiv Goel

Designation :

Director

Address :

522- Clover Citadel, Wanorie, Pune- 411 040, Maharashtra, India

Date of Appointment :

27.09.2011

DIN No.:

03616090

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	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	27-09-11	06-09-11	Active	NO
2	U29120MH2005PTC157395	TOPWORTH PIPES & TUBES PRIVATE LIMITED	Director	30-09-11	06-09-11	Active	NO
3	L28999GJ1992PLC018570	GUJARAT FOILS LIMITED	Director	26-09-12	14-08-12	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish Kumar Sangani
Designation :	Secretary
Address :	1/403, Shree Nalanda CHS, Near National Highway, Kurar Village, Malad (East), Mumbai- 400 097, Maharashtra, India
Date of Birth/Age :	23.03.1984
Date of Appointment :	16.07.2013
PAN No :	BGSPS0350Q
E-mail :	Manish.sangani@rediffmail.com

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Note : Shareholding Details List Attached.

AS ON 31.12.2012

Name of Share holder	No. of Shares
M/s Stemcor Chhatisgarh Projects Limited, Cyprus	1851728
Total	1851728

-

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	1.10
Bodies corporate	74.11
Directors or relatives of Directors	24.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron, Steel and Power Generation.

Products :

· Aluminum Foil

· I-Beam

· Nutripack (Food Container)

· Nutriwrap (Kitchen Foil)

· Rashtriya Saria

· Structural Steel

· TMT/TOR Steel

Product or Services	ITC Code(4 digits)
Sponge Iron	7203
MS Billets	7207
TMT Bars	7227
Power	9028

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Allahabad Bank, Fort Branch, Allahabad Bank Building, Ground Floor, 37, Mumbai Samachar Marg, Mumbai- 400 023, Maharashtra, India

· Durg Rajnandgaon Gramin Bank, S.A.F. Bhilai (Katulbod), Bhilai- 490 022, Chattisgarh, India

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Borrowings	5457.382	2020.961
Short Term Borrowings
Working Capital Loans from Banks	930.199	921.118
Total	6987.581	2942.079

Note :

Long Term Borrowings :

· First Charge by way of Equitable Mortgage on Expansion Fixed Assets of the company.

Short Term Borrowings :

Hypothecation of all types of Inventories and book Debts.

Banking Relations :	--
Auditors :
Name :	Jain and Chhoriya Chartered Accountants
Address :	59, Gaya Building, 4^th Floor, 109 Yusuf Meher Ali Road, Masjid Bunder, Mumbai – 400 003, Maharashtra, India
PAN No.:	AADFJ9495M
Associates :	· Akshata Mercantile Private Limited CIN No : U51909MH2001PTC133035 · Champalal Motilal Steel Company Private Limited · Phonix Impex Private Limited · Satyarth Steel and Power Private Limited CIN No : U27106CT2002PTC015375 · TopWorth Urja and Metals Limited CIN No : U27109MH1993PLC074950 (Formally Known as Shree Virangna Steels Limited) · TopWorth Steels and Power Private Limited CIN No : U51420MH2004PTC146381
Subsidiaries :	· TopWorth Infra Private Limited · First Steel and Power Nigeria Limited · TopWorth Metal and Energy Singapore Private Limited · TopWorth Steels Power Private Limited · Shree Virangana Steels Limited · Satyarth Steel and Power Private Limited · Costal Reef Universal Inc

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
703000000	Equity Shares	Rs.10/- each	Rs.7030.000 Millions
3600000	Preference Shares	Rs.100/- each	Rs.360.000 Millions
11000000	Preference Shares	Rs.10/- each	Rs.110.000 Millions
	Total		Rs.7500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
357486617	Equity Shares	Rs. 10/- each	Rs.3574.866 Millions
3545000	Preference Shares	Rs. 100/- each	Rs.354.500 Millions
9646082	Preference Shares	Rs. 10/- each	Rs.96.460 Millions
	Total		Rs.4025.826 Millions

AFTER 31.03.2012

Authorised Capital : Rs. 2000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.1936.850 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	1936.850	961.743
(b) Reserves & Surplus	5693.367	2961.032
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	2369.945	1267.955
Total Shareholders’ Funds (1) + (2)	10000.162	5190.730
(3) Non-Current Liabilities
(a) long-term borrowings	5457.382	2020.961
(b) Deferred tax liabilities (Net)	164.376	151.257
(c) Other long term liabilities	991.573	742.697
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	6613.331	2914.915
(4) Current Liabilities
(a) Short term borrowings	930.199	921.118
(b) Trade payables	1924.017	1868.396
(c) Other current liabilities	85.156	6.695
(d) Short-term provisions	110.036	107.113
Total Current Liabilities (4)	3049.408	2903.322
TOTAL	19662.901	11008.967
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1316.826	1363.005
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	4268.185	532.081
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	6980.809	2984.638
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7.626	7.066
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	12573.446	4886.790
(2) Current assets
(a) Current investments	111.051	108.933
(b) Inventories	2372.988	2075.371
(c) Trade receivables	156.102	249.291
(d) Cash and cash equivalents	14.172	174.276
(e) Short-term loans and advances	4430.221	3512.021
(f) Other current assets	4.921	2.285
Total Current Assets	7089.455	6122.177
TOTAL	19662.901	11008.967

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		678.447
2] Share Application Money		0.000
3] Reserves & Surplus		2410.573
4] (Accumulated Losses)		0.000
NETWORTH		3089.020
LOAN FUNDS
1] Secured Loans		755.420
2] Unsecured Loans		794.255
TOTAL BORROWING		1549.675
DEFERRED TAX LIABILITIES		124.693
TOTAL		4763.388
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1357.899
Capital work-in-progress		26.594
INVESTMENT		2213.153
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1213.722
	Sundry Debtors	201.211
	Cash & Bank Balances	126.026
	Other Current Assets	0.000
	Loans & Advances	726.313
Total Current Assets		2267.272
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	1021.864
	Provisions	81.735
Total Current Liabilities		1103.599
Net Current Assets		1163.673
MISCELLANEOUS EXPENSES		2.069
TOTAL		4763.388

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3652.850	3868.994
		Other Income	19.931	5.426
		TOTAL (A)	3672.781	3874.420	3066.800
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	3083.223	3209.447	2629.500
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		589.558	664.973	437.300
Less	FINANCIAL EXPENSES (D)		225.828	204.403	102.500
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		363.730	460.570	334.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		82.969	78.472	71.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		280.761	382.098	263.800
Less	TAX (H)		85.036	121.827	70.400
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		195.725	260.271	193.400
	Earnings Per Share (Rs.)		0.53	0.66	0.69

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.33	6.72	6.31
Net Profit Margin (PBT/Sales)	(%)	7.69	9.88	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.34	5.10	10.05
Return on Investment (ROI) (PBT/Networth)		0.03	0.07	0.09
Debt Equity Ratio (Total Debt /Networth)		0.74	0.57	0.50
Current Ratio (Current Asset/Current Liability)		2.32	2.11	2.05

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	No
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

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10426476	06/05/2013	500,000,000.00	ALLAHABAD BANK	Fort Branch, Allahabad bank Building, Ground Floor, 37, Mumbai Samachar Marg, Mumbai – 400 023, Maharashtra, INDIA	B75395483
2	10410419	15/02/2013	190,000,000.00	DURG RAJNANDGAON GRAMIN BANK	S.A.F. Bhilai (Katulbod), Bhilai, Chhattisgarh – 490 022, INDIA	B70298039
3	10368807	04/07/2012	750,000,000.00	DENA BANK	CORPORATE BUSINESS BRANCH, C-10, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI – 400 051, Maharashtra, INDIA	B45009289
4	10364753	18/05/2012	100,000,000.00	Canara Bank	Main Branch, Chandan Complex, Malviya Road, Raipur, Chhattisgarh – 492 001, INDIA	B43299445
5	10353723	23/05/2012 *	750,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat – 390 015, INDIA	B40789760
6	10287242	23/05/2012 *	550,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B40789364
7	10264249	11/01/2011	7,740,600,000.00	PUNJAB NATIONAL BANK (As Lead Banker)	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI – 400 021, Maharashtra, INDIA	B05351333
8	10266551	01/02/2012 *	579,000,000.00	STATE BANK OF PATIALA	Atlanta, First Floor, Nariman Point, Mumbai – 400 021, Maharashtra, INDIA	B31252216
9	10255158	08/02/2012 *	7,740,600,000.00	PUNJAB NATIONAL BANK (As Lead Banker)	FORESHORE ROAD BRANCH, 1ST FLOOR, RAHEJA CHAMBER S, NARIMAN POINT, MUMBAI - 400 021, Maharashtra, INDIA	B32327561
10	10240768	01/09/2010	39,758,025.00	SREI Equipment Finance Private Limited	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA	A95048385

* Date of charge modification.

OPERATIONAL REVIEW :

Various key industries like construction, agricultural, communication, transport and energy cannot sustain without steel. The steel industry has witnessed major technological advancements to produce right quality of metal to ideally suit the requirements of these key industries and for the rise in supply demand gap the Company has further planned to expand its production facilities and accordingly signed MoU with Chhattisgarh Government for their further expansion plan for which Crest has already tied up for banks for putting up the project having estimated cost of Rs.20790.000 Millions.

FIXED ASSETS:

· Land

· Free hold Land

· Lease hold Land

· Building

· Plant and Machinery

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.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.