MIRA INFORM REPORT

Report Date :

28.08.2014

IDENTIFICATION DETAILS

Name :	HIRA POWER AND STEELS LIMITED (w.e.f. 02.01.2007)
Formerly Known As :	HIRA GLOBAL POWER AND STEELS LIMITED (w.e.f. 08.08.2006) JAIN CARBIDES AND CHEMICALS LIMITED
Registered Office :	557, 563, Urla Industrial Area, Raipur – 493 221, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.07.1984
Com. Reg. No.:	10-002512
Capital Investment / Paid-up Capital :	Rs.43.991 Millions
CIN No.: [Company Identification No.]	U24117CT1984PLC002512
TAN No.: [Tax Deduction & Collection Account No.]	JBPJ004218
PAN No.: [Permanent Account No.]	AABCJ0138Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing of Ferro Alloys such as Silico Manganese and Ferro Manganese and also engaged in Generation of Electricity and Mining Activity.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the turnover and profit of the company during 2013 however net worth of the company is satisfactory. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB (Fund Based Facilities)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	May 2014

Rating Agency Name	ICRA
Rating	A3+ (Non-Fund Based Facilities)
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	May 2014

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Rajesh Jadhavani
Designation :	DGM
Contact No.:	91- 9981921010
Date :	26.08.2014

LOCATIONS

Registered Office/ Factory :	557, 563, Urla Industrial Area, Raipur – 493 221, Chhattisgarh, India
Tel. No.:	91-771-2323018/ 4082500/ 4082600
Fax No.:	91-771-4082501
E-Mail :	sanjaykedia@hpslindia.com ycrao65@gmail.com admin@hpslindia.com purchase@hpslindia.com sales@hpslindia.com
Website :	http://www.hpslindia.com
Location :	Owned
City Office :	Om Kutir, Civil Lines, Raipur – 493 111, Chhattisgarh, India
Tel. No.:	91-771-2429464
Fax No.:	91-771-2430531
E-Mail :	city_office@hpslindia.com

DIRECTORS

As on: 30.09.2013

Name :

Mr. Alok Kumar Agrawal

Designation :

Director

Address :

Sushila, 5, Park Avenue, Choubey Colony, Raipur – 492 001 Chhattisgarh, India

Date of Birth/Age :

29.03.1977

Date of Appointment :

29.09.2010

DIN No.:

00494805

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	U27101GA1997PTC002350	ALOK ALLOYS PRIVATE LIMITED	Director	30/05/1997	30/05/1997	-	Active	NO
2	U40107CT2003PLC015542	HIRA ENERGY LIMITED	Director	03/11/2003	03/11/2003	08/08/2011	Active	NO
3	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Managing director	01/04/2013	01/03/2004	-	Active	NO
4	U07010CT2004PTC017137	ALOK REALTY PRIVATE LIMITED	Director	03/12/2004	03/12/2004	-	Active	NO
5	U07010CT2004PTC017139	AMIT REAL ESTATE PRIVATE LIMITED	Director	30/09/2006	19/05/2006	-	Converted to LLP and dissolved	NO
6	U13100CT2006PTC020005	JAGADAMBA MINES PRIVATE LIMITED	Director	05/06/2006	05/06/2006	-	Active	NO
7	U40109CT2006PLC020063	HIM SAGAR ENERGY LIMITED	Director	30/08/2006	30/08/2006	14/12/2013	Active	NO
8	U10101CT2006PLC020065	HIM SAGAR MINERALS LIMITED	Director	31/08/2006	31/08/2006	-	Active	NO
9	U31102CT2004PLC017093	SAGAR ENERGY AND STEELS LIMITED	Director	30/09/2008	30/04/2008	-	Active	NO
10	U45202CT2008PTC020729	RICHA REALCON PRIVATE LIMITED	Director	27/06/2008	27/06/2008	30/07/2011	Active	NO
11	U45201CT2008PTC020728	JAGDAMBA REALCON PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
12	U45202CT2008PTC020727	JAGDISH REALTY PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Converted to LLP and dissolved	NO
13	U40100CT2008PLC020819	JAGDAMBA URJA LIMITED	Director	22/08/2008	22/08/2008	-	Converted to LLP and dissolved	NO
14	U40100CT2008PLC020818	JAGDAMBA VIDYUT LIMITED	Director	22/08/2008	22/08/2008	-	Active	NO
15	U40108CT2008PLC020817	JAGDAMBA TRANSMISSION AND POWER LIMITED	Director	22/08/2008	22/08/2008	-	Converted to LLP and dissolved	NO
16	U27100CT2008PLC020858	NARMADA ISPAT LIMITED	Director	09/09/2008	09/09/2008	03/10/2008	Active	NO
17	U27100CT2008PLC020857	MAHANADI ISPAT LIMITED	Director	09/09/2008	09/09/2008	03/10/2008	Active	NO
18	U27100CT2008PLC020862	NARMADA FERRO ALLOYS LIMITED	Director	09/09/2008	09/09/2008	-	Converted to LLP and dissolved	NO
19	U27100CT2008PLC020859	YAMUNA STEELS LIMITED	Director	09/09/2008	09/09/2008	-	Converted to LLP and dissolved	NO
20	U45303CT2004PLC017186	CHHATTISGARH ISPAT BHUMI LIMITED	Director	24/09/2009	24/01/2009	22/04/2010	Active	NO
21	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Director	29/09/2010	29/10/2009	-	Active	NO
22	U27310MH1985PLC037392	BHADRAWATI STEEL & URJA LIMITED	Director	25/04/2011	25/04/2011	27/04/2011	Active	NO
23	U27106MH1986PLC039835	BHADRAWATI ISPAT & ENERGY LIMITED	Director	25/04/2011	25/04/2011	27/04/2011	Active	NO
24	U70102CT2008PTC020768	GODAWARI REALBUILD PRIVATE LIMITED	Director	06/09/2012	16/11/2011	10/03/2014	Active	NO
25	U40101MH2010PTC201084	SHOURYA POWER PRIVATE LIMITED	Additional director	12/08/2014	12/08/2014	-	Active	NO
26	AAA-0445	SHREE JAGDAMBA MINERAL RESOURCES LLP	Designated Partner	02/12/2009	02/12/2009	-	Active	NO
27	AAA-0453	SHREE JAGDAMBA ENERGY LLP	Body corporate as Designated Partner	04/12/2009	04/12/2009	-	Active	NO
28	AAA-3000	YAMUNA URJA LLP	Designated Partner	07/12/2010	07/12/2010	-	Active	NO
29	AAA-3027	SHREE JAGDAMBA SOLAR ENERGY LLP	Designated Partner	08/12/2010	08/12/2010	-	Under Process of Striking off	NO
30	AAA-3182	SHIVNATH ENERGY LLP	Designated Partner	23/12/2010	23/12/2010	-	Active	NO
31	AAA-3207	JAGDAMBA ENERGY LLP	Designated Partner	27/12/2010	27/12/2010	-	Active	NO
32	AAA-3381	JAGDAMBA URJA LLP	Designated Partner	13/01/2011	13/01/2011	-	Active	NO
33	AAA-3382	NARMADA FERRO ALLOYS LLP	Designated Partner	13/01/2011	13/01/2011	-	Active	NO
34	AAA-3387	JAGDAMBA TRANSMISSION AND POWER LLP	Designated Partner	13/01/2011	13/01/2011	-	Active	NO
35	AAA-3423	JAGDISH REALTY LLP	Designated Partner	18/01/2011	18/01/2011	-	Active	NO
36	AAA-3426	YAMUNA STEELS LLP	Designated Partner	18/01/2011	18/01/2011	-	Active	NO
37	AAA-4307	NISHA REALTY LLP	Designated Partner	31/03/2011	31/03/2011	-	Active	NO

Name :

Mr. Vikas Agrawal

Designation :

Whole Time Director

Address :

Om Kutir, Civil Lines, Raipur – 493 111, Chhattisgarh, India

Date of Birth/Age :

06.12.1980

Qualification :

Electrical Engineer

Date of Appointment :

01.04.2009

PAN No.:

AFBPA9883M

DIN No.:

01075816

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	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Whole-time director	01/04/2009	04/06/2003	-	Active	NO
2	U02710CT2004PTC016332	HIRA GLOBAL MARKETING Private Limited	Director	14/01/2004	14/01/2004	-	Active	NO
3	U27104CT2004PTC016362	HIRA GLOBAL Private Limited	Director	29/01/2004	29/01/2004	19/03/2014	Active	NO
4	U27104CT2004PTC016354	HIRA GLOBAL ALLOYS Private Limited	Director	29/01/2004	29/01/2004	-	Active	NO
5	U45201CT2008PTC020839	KAVISH BUILDCON Private Limited	Director	01/09/2008	01/09/2008	15/10/2013	Active	NO
6	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	30/09/2010	27/10/2009	16/08/2012	Active	NO
7	U70101CT1990PTC005972	DOLPHIN HOLDINGS & REAL ESTATE PVT LTD	Director	29/09/2011	01/07/2011	-	Active	NO
8	U27109AP2007PLC052498	HIRA ELECTRO SMELTERS LIMITED	Director	29/09/2012	07/12/2011	27/06/2013	Active	NO
9	U10100CT2012PLC000384	NAGA COAL MINES (INDIA) LIMITED	Director	04/06/2012	04/06/2012	-	Active	NO
10	U70200CT2012PTC000663	HIRA DEVCON Private Limited	Director	20/12/2012	20/12/2012	-	Active	NO
11	U01122CT1988PTC004457	ARIHANT FARMS Private Limited	Director	26/09/2013	06/05/2013	-	Active	NO
12	U70200CT2013PTC000873	HIRA REALINFRA Private Limited	Director	15/05/2013	15/05/2013	-	Active	NO
13	U70102CT2013PTC000872	HIRA BHOOMICON Private Limited	Director	15/05/2013	15/05/2013	-	Active	NO
14	U70200CT2013PTC000871	HIRA DEVLOK Private Limited	Director	15/05/2013	15/05/2013	-	Active	NO
15	U65921CT1993PTC007908	EKTAVIHAR FINANCE AND INVESTMENT PVT LTD	Director	23/09/2013	16/07/2013	-	Active	NO
16	U70109CT2013PTC001046	HIRAARCADE BHUMILOK PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO
17	U70109CT2013PTC001047	HIRA REALBUILD PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO
18	U70109CT2013PTC001050	HIRA DEVBHOOMI PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO
19	U70200CT2013PTC001049	HIRA BUILDMART PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO
20	U70200CT2013PTC001048	HIRABUILD DEVCON PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO
21	U70200CT2013PTC001054	HIRA REALCON PRIVATE LIMITED	Director	05/09/2013	05/09/2013	-	Active	NO
22	U26960CT2014OPC001472	HIRA DECORATIVE STONES OPC PRIVATE LIMITED	-	21/08/2014	-	-	Active	NO

Name :

Mr. Subhash Mahendru

Designation :

Director

Address :

B-2, HIG, MPHB Colony, Raipurnaka, Durg – 491 001, Chhattisgarh, India

Date of Birth/Age :

10.02.1954

Date of Appointment :

21.06.2004

DIN No.:

01355122

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	U27106CT1999PLC013534	R.R.ISPAT LIMITED	Director	01/01/2000	01/01/2000	31/01/2009	Amalgamated	NO
2	U02710CT2004PTC016332	HIRA GLOBAL MARKETING Private Limited	Director	19/03/2004	19/03/2004	05/10/2013	Active	NO
3	U27104CT2004PTC016354	HIRA GLOBAL ALLOYS Private Limited	Director	19/03/2004	19/03/2004	05/10/2013	Active	NO
4	U27104CT2004PTC016362	HIRA GLOBAL Private Limited	Director	05/04/2004	05/04/2004	05/02/2008	Active	NO
5	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Director	21/06/2004	21/06/2004	-	Active	NO
6	U40101CT2007PLC020212	ARYA ENERGY LIMITED	Director	01/04/2007	01/04/2007	01/01/2008	Active	NO

Name :

Mr. Om Prakash Goyal

Designation :

Whole Time Director

Address :

21/466, Kewal Cottage, Opposite Saggar Nursing Home Civil Lines Raipur- 492 001, Chhattisgarh, India

Date of Birth/Age :

28.06.1954

Qualification :

Civil Engineer

Date of Appointment :

01.10.2011

PAN No.:

AEYPG9062J

DIN No.:

02320467

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	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Whole-time director	01/10/2011	11/08/2008	-	Active	NO
2	U15312CT2009PTC021002	SARDA RICETEC INDIA PRIVATE LIMITED	Director	06/01/2009	06/01/2009	-	Active	NO
3	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	10/09/2012	16/08/2012	-	Active	NO

Name :

Mr. Kamal Devraj Ghalti

Designation :

Whole Time Director

Address :

C-704, 7^th Floor, Gorai Shivsambhu, Borivali (West), Mumbai – 400 092, Maharashtra, India

Date of Birth/Age :

28.02.1959

Qualification :

M.A.(Economics)

Date of Appointment :

01.09.2009

PAN No.:

AEWPG1864N

DIN No.:

02332912

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	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Whole-time director	01/09/2009	11/08/2008	-	Active	NO
2	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	10/09/2012	16/08/2012	-	Active	NO

Name :

Mr. Devendra Pratap Singh

Designation :

Whole Time Director

Address :

JR. MIG-2229, Housing Board Colony, Veersawarkar Nagar, Hirapur, Raipur, Chhattisgarh, India

Date of Birth/Age :

06.04.1968

Date of Appointment :

29.09.2012

DIN No.:

05354919

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	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	10/09/2012	16/08/2012	-	Active	NO
2	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Whole-time director	29/09/2012	16/08/2012	-	Active	NO

Name :

Mr. Patric Irudayaraj Dhanaraj

Designation :

Director

Address :

Plot No.218, Suman Vihar, Opposite Akshwani, Kamptee Road, Nagpur – 441 002, Maharashtra, India

Date of Birth/Age :

09.04.1957

Date of Appointment :

30.09.2013

DIN No.:

06656642

KEY EXECUTIVES

Name :	Mr. Rajesh Jadhavani
Designation :	DGM

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
O.P. Agrawal	2108800
O.P. Agrawal (HUF)	477450
Rajdevi Agrawal	48650
Ekta Agrawal	30100
Vikas Agrawal	822000
Rahul Agrawal	829000
Stylowear Private Limited, India	19000
Revro Real Estate and Finance (Private) Limited, India	6500
Evrro Properties and Finance Private Limited, India	2500
Antral Finance and Investment Private Limited, India	12100
Hira Global Alloys Limited, India	43000
Total	4399100

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	1.89
Directors or relatives of directors	98.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing of Ferro Alloys such as Silico Manganese and Ferro Manganese and also engaged in Generation of Electricity and Mining Activity.

Products :

Product Description	ITC Code No.
Ferro Manganese	72021100
Silico Manganese	72023000

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Unit	Installed Capacity
Ferro Alloys:
Silico Manganese	MT	41000
Ferro Manganese	MT	46000
Ferro Silicon	MT	30000
Pig Iron	MT	45000
Power Plant
Power	MW	20

Notes:

1. The licensed and installed capacity as certified by the management.

2. The installed capacity of Ferro alloys plant depends upon the product manufactured by the Company. The installed capacity mentioned above is based on manufacture of single product I.e. in case of production of Silico Manganese the plant capacity is 35000 TPA and in case of production of Ferro Manganese in capacity is 40000 TPA. In case both the product is manufactured the capacity would vary depending upon the product mix.

Particulars	Unit	Actual Production
Silico Manganese	MT	11531.050
Ferro Manganese	MT	24502.900
Power Generation	In Units	160666201

GENERAL INFORMATION

Customers :

Private Sectors

· Tata Motors Limited

· Mahindra and Mahindra Limited.

· Greaves Cotton Limited

· Kalyani Steels Limited, Hospet

· Mukand Limited (Hospet Steel Plant), Hospet

· Ispat Industries Limited, Dolvi

· Bhushan Steel and Strips Private Limited, UP

· Kalyani Corporate Limited, Pune

Public Sectors

· Bhilai Steel Plant, Bhilai

· Vishakhapatnam Steel Plant

· Bokaro Steel Plant, Bokaro

· Rourkela Steel Plant, Rourkela

No. of Employees :

Not Available

Bankers :

· Syndicate Bank, 113, Surja Devi Shukla Market Complex, Station Road, Raipur – 492 001, Chhattisgarh, India

· UCO Bank, Main Branch, K.K. Road, Raipur – 492 001, Chhattisgarh, India

· Bank of India, Ravi Bhawan Branch, Jai Stambh Chowk, Raipur – 492 001, Chhattisgarh, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Rupee term loan from banks	28.804	46.722
Term loans from others	2.274	10.714
Other loans and advances, others	13.527	6.739
SHORT TERM BORROWINGS:
Term loans from banks	1195.338	458.440
Working capital loans from banks	382.149	326.291
Other loans and advances	381.712	312.155
Total	2003.804	1161.061

Banking Relations :	--
Financial Institutions :	3i Infotech Trusteeship Services Limited, 3^rd To 6^th Floor, International Infotech Park, Tower No. 5, Vashi Reilaway Station Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India
Auditors :
Name :	O.P. Singhania and Company Chartered Accountants
Address :	"JDS Chambers", 1^st Floor, 6, Central Avenue, Choube Colony, Raipur – 492 001, Chhattisgarh, India
PAN No.:	AAAFO3891P
Cost Auditors :	Sanat Joshi and Associates
Associates/Subsidiaries :	Alok Ferro Alloys Limited Godawari Power And Ispat Limited Hira Ferro Alloys Limited Jagdamba Power And Alloys Limited Hira Steels Limited R. R. Ispat Limited RVR Smelters Private Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorized Capital:

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs. 45.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4399100	Equity Shares	Rs.10/- each	Rs. 43.991 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	43.991	43.991	43.991
(b) Reserves & Surplus	1327.811	1250.374	1091.135
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1371.802	1294.365	1135.126
(3) Non-Current Liabilities
(a) long-term borrowings	267.889	182.600	265.607
(b) Deferred tax liabilities (Net)	33.292	29.301	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	10.179	7.052	5.925
Total Non-current Liabilities (3)	311.360	218.953	271.532
(4) Current Liabilities
(a) Short term borrowings	2198.720	1137.386	687.322
(b) Trade payables	568.836	749.580	707.397
(c) Other current liabilities	106.149	152.442	163.546
(d) Short-term provisions	5.209	26.234	31.943
Total Current Liabilities (4)	2878.914	2065.642	1590.208
TOTAL	4562.076	3578.960	2996.866
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	863.631	808.937	803.348
(ii) Intangible Assets	3.109	4.151	5.194
(iii) Capital work-in-progress	78.986	71.341	64.761
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	207.360	183.263	5.427
(c) Deferred tax assets (net)	0.000	0.000	73.001
(d) Long-term Loan and Advances	101.373	84.661	12.134
(e) Other Non-current assets	5.923	11.116	19.319
Total Non-Current Assets	1260.382	1163.469	983.184
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1093.018	885.953	1209.932
(c) Trade receivables	138.869	193.543	302.646
(d) Cash and cash equivalents	1528.857	823.756	239.508
(e) Short-term loans and advances	504.915	493.221	259.296
(f) Other current assets	36.035	19.018	2.300
Total Current Assets	3301.694	2415.491	2013.682
TOTAL	4562.076	3578.960	2996.866

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2749.291	2859.117	2242.081
		Other Income	95.039	60.701	29.414
		TOTAL (A)	2844.330	2919.818	2271.495
Less	EXPENSES
		Cost of Materials Consumed	2026.417	1721.956	1575.442
		Purchases of Stock-in-Trade	235.115	300.644	301.587
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(200.611)	149.376	(202.421)
		Employees benefits expense	102.898	77.921	54.687
		Other expenses	389.448	330.850	182.024
		TOTAL (B)	2553.267	2580.747	1911.319
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		291.063	339.071	360.176
Less	FINANCIAL EXPENSES (D)		131.029	114.368	89.865
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		160.034	224.703	270.311
Less/ Add	DEPRECIATION/ AMORTISATION (F)		55.977	52.711	50.798
	PROFIT BEFORE TAX (E-F) (G)		104.057	171.992	219.513
Less	TAX (H)		21.474	7.639	22.066
	PROFIT AFTER TAX (G-H) (I)		82.583	164.353	197.447
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	89.601	127.965	NA
	TOTAL EARNINGS		89.601	127.965	NA
	Earnings Per Share (Rs.)		18.77	37.36	44.88

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.90	5.63	8.69
Net Profit Margin (PBT/Sales)	(%)	3.78	6.02	9.79
Return on Total Assets (PBT/Total Assets}	(%)	2.43	5.17	7.69
Return on Investment (ROI) (PBT/Networth)		0.08	0.13	0.19
Debt Equity Ratio (Total Debt/Networth)		1.80	1.02	0.84
Current Ratio (Current Asset/Current Liability)		1.15	1.17	1.27

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	43.991	43.991	43.991
Reserves & Surplus	1091.135	1250.374	1327.811
Net worth	1135.126	1294.365	1371.802
long-term borrowings	265.607	182.600	267.889
Short term borrowings	687.322	1137.386	2198.720
Total borrowings	952.929	1319.986	2466.609
Debt/Equity ratio	0.839	1.020	1.798

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2242.081	2859.117	2749.291
		27.521	(3.841)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2242.081	2859.117	2749.291
Profit	197.447	164.353	82.583
	8.81%	5.75%	3.00%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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

UNSECURED LOAN

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Rupee term loan from banks	217.811	110.860
Deferred payment liabilities	5.473	7.565
SHORT TERM BORROWINGS:
Loans repayable on demand	239.521	40.500
Total	462.805	158.925

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10483901	22/01/2014	50,000,000.00	BANK OF INDIA	2ND FLOOR, RAVI BHAWAN, SHARDA CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	C00080556
2	10450354	09/09/2013	290,000,000.00	AXIS BANK LIMITED	JEEVAN BIMA MARG, OPP NEW BUS STAND,, PANDRI, RAIPUR - 492004, CHHATTISGARH, INDIA	B85493344
3	10270223	09/02/2011	375,000,000.00	BANK OF INDIA	2ND FLOOR, RAVI BHAWAN, SHARDA CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	B07435084
4	10234216	27/07/2010	300,000,000.00	BANK OF INDIA	2ND FLOOR, RAVI BHAVAN, SHARDA CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	A92231752
5	10189290	25/11/2009	50,000,000.00	SYNDICATE BANK	113, SURJA DEVI SHUKLA MARKET COMPLEX, STATION ROAD, RAIPUR - 492001, CHHATTISGARH, INDIA	A74846569
6	10189419	16/11/2009	150,000,000.00	BANK OF INDIA	2ND FLOOR, RAVI BHAVAN, SHARDA CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	A74943655
7	10181918	10/11/2012 *	546,400,000.00	BANK OF INDIA	MAIN BRANCH, SAMVET SHIKHAR COMPLEX,, RAJBANDHA MAIDAN, RAIPUR - 492001, CHHATTISGARH, INDIA	B64791528
8	10153131	04/03/2009	100,000,000.00	BANK OF INDIA	SECOND FLOOR, RAVI BHAWAN, SHARDA CHOWK, RAIPUR - 492001, CHHATTISGARH, INDIA	A60517398
9	10076586	03/09/2007	200,000,000.00	BANK OF INDIA	2ND FLOOR, RAVI BHAWAN,, SHARDA CHOWK,, RAIPUR - 492001, CHHATTISGARH, INDIA	A27203660
10	10045512	30/03/2007	30,000,000.00	SYNDICATE BANK	STATION ROAD BRANCH, RAIPUR - 492001, CHHATTISGARH, INDIA	A13552963

FIXED ASSETS:

· Land

· Buildings

· Plant and Machinery

· Office Equipments

· Computer Equipments

· Furniture and Fixtures

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 judgment 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.60.47
UK Pound	1	Rs.100.15
Euro	1	Rs.79.65

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.