MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	CHANDAN STEEL LIMITED
Registered Office :	504, Sukh Sagar, N.S. Patkar Marg, Mumbai – 400 007, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.11.1989
Com. Reg. No.:	11-054206
Capital Investment / Paid-up Capital :	Rs.321.019 Millions
CIN No.: [Company Identification No.]	U99999MH1989PLC054206
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMC03758G
PAN No.: [Permanent Account No.]	AAACC4713B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Stainless Steel Products, Pipe Fittings and Valves.
No. of Employees :	1400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 4000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Mr. Vinod Sharma Senior Manager provided all information and also provided Un-audited financials figure for the year 2014. As per the available financials, general financial position of the company seems to be normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BBB – (Suspended)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	November 08, 2013

Reason for Suspended: The Company has not furnished the information required.

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. Vinod Sharma
Designation :	General Manager in Accounts and Finance
Contact No.:	91-9833041563
Date :	13.11.2014

LOCATIONS

Registered/ Head/ Administrative Office :	504, Sukh Sagar, N.S. Patkar Marg, Mumbai – 400 007, Maharashtra, India
Tel. No.:	91-22-66290600
Mobile No.:	91-9833041563 (Mr. Vinod Sharma)
Fax No.:	91-22-66290633/ 34
E-Mail :	exports@chandansteel.net flanges@chandansteel.net chan_mumbai@rediffmail.com csl@chandansteel.net exports.smls@chandansteel.net
Website :	http://www.chanssteel.net
Area :	2500 sq. ft.
Location :	Owned
Factory :	31, 32, 33B, 35 and 36, GIDC, Umbergaon, District Valsad – 396 171, Gujarat, India
Tel. No.:	91-260-2562066/ 4367/ 1166/ 3089999
Fax No.:	91-260-2562287/ 0103/ 3089872
E-Mail :	chanmet@ishwarn.com chanmet@rediffmail.com exports@chandansteel.net
Area :	200 Acres
Location :	Owned

DIRECTORS

As on 27.09.2013

Name :

Mr. Chunilal Ghamandiram Chandan

Designation :

Chairman and Whole Time Director

Address :

504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

26.01.1938

Date of Appointment :

01.01.2010

PAN No.:

ADGPC1366E

DIN No.:

00260127

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	U99999MH1989PLC054206	CHANDAN STEEL LIMITED	Director	01/01/2010	29/03/1992	-	Active	NO
2	U14220MH2012PTC232888	Chandan Gemstones Private Limited	Director	03/07/2012	03/07/2012	-	Active	NO

Name :

Mr. Dilip Chunilal Chandan

Designation :

Managing Director

Address :

504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

01.01.1962

Qualification :

B.Com

Date of Appointment :

01.09.2007

PAN No.:

AAGPC2155A

DIN No.:

00259884

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	U99999MH1989PLC054206	CHANDAN STEEL LIMITED	Managing director	01/09/2007	08/11/1989	-	Active	NO
2	U14200WB2007PLC120901	SPJ STEEL AND MINERALS LIMITED	Director	24/12/2007	24/12/2007	-	Active	NO
3	U14292MH2010PTC209730	Chandan Minerals Private Limited	Director	02/11/2010	02/11/2010	-	Active	NO
4	U14220MH2012PTC232888	Chandan Gemstones Private Limited	Director	03/07/2012	03/07/2012	-	Active	NO
5	U74999MH2014PTC259054	INDIC GEO RESOURCES PRIVATE LIMITED	Director	31/10/2014	31/10/2014	-	Active	NO
6	U74120MH2014PTC259691	SACH GEO RESOURECES PRIVATE LIMITED	Director	25/11/2014	25/11/2014	-	Active	NO

Name :

Mr. Vijay Kumar Chunilal Chandan

Designation :

Joint Managing Director

Address :

504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

05.06.1967

Qualification :

HSC

Date of Appointment :

01.09.2007

PAN No.:

AAGPC2153G

DIN No.:

00259988

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	U99999MH1989PLC054206	CHANDAN STEEL LIMITED	Managing director	01/09/2007	08/11/1989	-	Active	NO
2	U72900MH2000PTC130197	AEON CREATIONS PRIVATE LIMITED	Director	25/01/2008	25/01/2008	01/04/2008	Active	NO
3	U14292MH2010PTC209730	Chandan Minerals Private Limited	Director	02/11/2010	02/11/2010	-	Active	NO
4	U14220MH2012PTC232888	Chandan Gemstones Private Limited	Director	03/07/2012	03/07/2012	-	Active	NO

Name :

Mr. Prabhat Kumar Gopi Kaushik

Designation :

Whole-time Director

Address :

108, Afghan Street, P.O Jammu Tawi, Jammu Kashmir – 180 001, India

Date of Birth/Age :

17.07.1951

Date of Appointment :

15.07.2006

PAN No.:

ACWPK6029M

DIN No.:

00292959

Name :

Mr. Jagdish Padmakant Joshipura

Designation :

Director

Address :

103, Vasundhara Flats, Near Pritam Nagar, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

Date of Birth/Age :

05.03.1951

Qualification :

Ph. D

Date of Appointment :

16.03.1997

DIN No.:

00260590

Name :

Mr. Pravin Chahanlal Jain

Designation :

Whole-time Director

Address :

301, 3^rd Floor, Padmavati Darshan, A Wing, N.M. Joshi Marg, Lower Parel, Mumbai - 400013, Maharashtra, India

Date of Birth/Age :

01.06.1964

Qualification :

Chartered Accountant

Date of Appointment :

15.07.2007

PAN No.:

AACPJ9872F

DIN No.:

00345045

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	U99999MH1989PLC054206	CHANDAN STEEL LIMITED	Whole-time director	15/07/2006	15/07/2006	-	Active	NO
2	U93000GJ2012NPL070480	UMARGAM INDUSTRIES ASSOCIATION	Director	23/01/2014	23/01/2014	12/04/2014	Active	NO

Name :

Mr. Anil Kumar Dhar

Designation :

Director

Address :

2-C, Shree Vijaya Bhavan, Altamount Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

10.09.1952

Qualification :

MBA

Date of Appointment :

11.07.2008

DIN No.:

01524239

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	L45200TN2002PLC049601	REFEX INDUSTRIES LIMITED	Director	23/05/2007	28/12/2006	20/04/2010	Active	NO
2	U99999MH1989PLC054206	CHANDAN STEEL LIMITED	Director	11/07/2008	06/09/2007	-	Active	NO

Name :

Mr. Hiten Mukundbhai Parikh

Designation :

Director

Address :

2-C, Shree Vijaya Bhavan, Altamount Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

17.08.1963

Qualification :

Chartered Accountant

Date of Appointment :

09.08.2010

DIN No.:

01686215

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	U72200GJ2005PLC046327	INDIANIC INFOCOM LIMITED	Director	24/06/2005	24/06/2005	24/01/2009	Amalgamated	NO
2	U99999MH1989PLC054206	CHANDAN STEEL LIMITED	Director	09/08/2010	23/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jayant Vasant Gudekar
Designation :	Company Secretary
Address :	B-8, Plot No. 543, Susmruti Co-Operative Society, Sector-5, Kandivali West, Mumbai- 400067, Maharashtra, India
Date of Birth/Age :	02.10.1979
Date of Appointment :	01.08.2008
Pan No. :	ALMPG9925H
Name :	Mr. Vinod Sharma
Designation :	General Manager in Accounts and Finance

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Equity Shareholders	No. of Shares
Chunilal Ghamadiram Chandan	2308830
Dilip Chunilal Chandan	3037137
Vijay Chunilal Chandan	3184735
Samuben Chunilal Chandan	1037770
Urmila Dilip Chandan	1347132
Usha Vijay Chandan	1609946
Chaitny Dilip Chandan	718060
Chirag Dilip Chandan	744431
Dilip Chunilal Chandan – HUF	981419
Vijay Chunilal Chandan – HUF	1723196
Chunilal Ghamadiram Chandan – HUF	935176
Total	17627832

Names of Preference Shareholders (6% Non-Cumulative Redeemable Preference Shares)	No. of Shares
Chunilal Ghamadiram Chandan	1000000
Vijay Chunilal Chandan	2000000
Dilip Chunilal Chandan	630000
Usha Vijay Chandan	300000
Urmila Dilip Chandan	1070000
Total	5000000

Names of Preference Shareholders (6% Non-Cumulative Redeemable Preference Shares)	No. of Shares
Chunilal Adhiraj Construction Private Limited, India	2000000
Arnoid Holding Limited, India	6430000
Keemtee Financial Serviced Limited, India	570000
Total	9000000

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Stainless Steel Products, Pipe Fittings and Valves.

Products :

Products Description	ITC Code
Casting Services of Iron	99893101

Brand Names :

---

Agencies Held :

---

Exports :

Products :

Stainless Steel Products, Pipe Fittings and Valves

Countries :

· Italy

· Germany

· Austria

· Middle East

· Gulf Countries

Imports :

Products :

Raw Materials

Countries :

· China

· Italy

Terms :

Selling :

Cash and Advance Payments

Purchasing :

Cash and Advance Payments

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1400 (Approximately)

Bankers :

· Small Industries Development Bank of India, Samruddhi Venture Park, Upper Ground Floor, MIDC Road, MIDC Industrial Area, Marol, Andheri (East), Mumbai – 400 093, Maharashtra, India

· Dena Bank, 12-16, 3rd Bhoiwada, Gulalwadi, Mumbai - 400002, Maharashtra, India

· State Bank of India, Girgaum Branch, Mumbai – 400 004, Maharashtra, India

· Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, 211 Nariman Point, Nariman Point, Mumbai, Mumbai - 400021, Maharashtra, India

· United Bank of India

· Bank of Baroda

· Standard Charted Bank

· Kotak Mahindra Bank

Name of Account Holder	Chandon Steel Limited
Account Number	Not Divulged
Account Since (Data / Year of Account Opening)	10 Years
Average Balance Maintained (if possible)	Not Divulged
Credit Facilities Enjoyed (if any)	CC/LC/BH/TL – Rs.1260.000 Millions
Account Operation	Fair enough
Remarks (if any)	As claimed by Mukul Tancbn (AGM) that the company at times has faced marginally payment was delayed but overall the behavior seems to be satisfactory

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans repayable on demand from banks		296.697
Loans repayable on demand from others		0.000
Loans repayable on demand from others		0.479
Short-term borrowings
Working capital loans from banks		2211.155
Total	NA	2508.331

Financial Institutions :	· Aditya Birla Finance Limited, Indian Rayon Compound, Veraval – 362 266, Gujarat, India · Gujarat State Financial Corporation, Jal Darshan Building, Ashram Road, Ahmedabad – 380 009, Maharashtra, India
Auditors :
Name :	Shah and Taparia Chartered Accountants
Address :	12, Navjeevan Wadi, Dhobi Talao, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-66319266 / 67/ 68
Fax No.:	91-22-66319266 / 67/ 68
E-Mail :	info@shahtaparia.com
PAN No.:	AAOFS0663D
Subsidiary Company :	· Chandan Minerals Private Limited, India CIN No.: U14292MH2010PTC209730 · Kalikund Investment B.V., Netherlands
Fellow Subsidiary :	· KDG Steel sp.z.o.o., Poland

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.321.019 Millions

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions
5000000	6% Redeemable Non-Cumulative, Non-Convertible Preference Shares	Rs.10/- each	Rs.50.000 Millions
10000000	9% Redeemable Non-Cumulative, Non-Convertible Preference Share	Rs.10/- each	Rs.100.000 Millions
	Total		Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17627832	Equity Shares	Rs.10/- each	Rs.176.278 Millions
5000000	6% Redeemable Non-Cumulative, Non-Convertible Preference Shares	Rs.10/- each	Rs.50.000 Millions
9000000	9% Redeemable Non-Cumulative, Non-Convertible Preference Share	Rs.10/- each	Rs.90.000 Millions
	Total		Rs.316.278 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions
5000000	6% Redeemable Non-Cumulative, Non-Convertible Preference Shares	Rs.10/- each	Rs.50.000 Millions
10000000	9% Redeemable Non-Cumulative, Non-Convertible Preference Share	Rs.10/- each	Rs.100.000 Millions
	Total		Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17414676	Equity Shares	Rs.10/- each	Rs.174.147 Millions
5000000	6% Redeemable Non-Cumulative, Non-Convertible Preference Shares	Rs.10/- each	Rs.50.000 Millions
9000000	9% Redeemable Non-Cumulative, Non-Convertible Preference Share	Rs.10/- each	Rs.90.000 Millions
	Total		Rs.314.147 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	321.019	314.147	303.587
(b) Reserves & Surplus	1229.126	1034.312	829.766
(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)	1550.145	1348.459	1133.353
(3) Non-Current Liabilities
(a) long-term borrowings	277.276	335.070	328.435
(b) Deferred tax liabilities (Net)	225.129	207.112	189.566
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	7.796	4.686	4.140
Total Non-current Liabilities (3)	510.201	546.868	522.141
(4) Current Liabilities
(a) Short term borrowings	2281.322	2219.255	1763.870
(b) Trade payables	1180.562	1053.731	1099.931
(c) Other current liabilities	192.117	249.128	179.371
(d) Short-term provisions	115.143	139.590	162.700
Total Current Liabilities (4)	3769.144	3661.704	3205.872
TOTAL	5829.490	5557.031	4861.366
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1626.902	1541.672	1332.404
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	46.182	122.290	153.305
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	30.908	30.908	25.418
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	159.797	158.396	164.442
(e) Other Non-current assets	1.310	0.695	0.875
Total Non-Current Assets	1865.099	1853.961	1676.444
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1583.671	1816.578	1643.414
(c) Trade receivables	1552.881	1142.383	942.116
(d) Cash and cash equivalents	268.469	242.048	223.148
(e) Short-term loans and advances	78.380	71.511	52.531
(f) Other current assets	480.990	430.550	323.713
Total Current Assets	3964.391	3703.070	3184.922
TOTAL	5829.490	5557.031	4861.366

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	6331.992	5324.239	5273.851
		Other Income	90.933	0.134	0.096
		TOTAL	6422.925	5324.373	5273.947
Less	EXPENSES
		Cost of Materials Consumed	4674.537	4157.907	4239.408
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	124.483	(271.185)	(373.445)
		Manufacturing Expenses	508.236	0.000	0.000
		Employee Benefit Expenses	147.788	105.314	76.830
		Other Expenses	283.929	785.216	742.199
		Prior Period Items	0.323	0.033	2.266
		TOTAL	5739.296	4777.285	4687.258
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		683.629	547.088	586.689
Less	FINANCIAL EXPENSES		361.070	249.966	254.801
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		322.559	297.122	331.888
Less/ Add	DEPRECIATION/ AMORTISATION		98.830	85.355	82.051
	PROFIT BEFORE TAX		223.729	211.767	249.837
Less	TAX		51.391	70.579	83.343
	PROFIT AFTER TAX		172.338	141.188	166.494
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports (Net of Return)	NA	4749.846	4897.757
	TOTAL EARNINGS		NA	4749.846	4897.757
	IMPORTS
		Raw Materials	NA	2769.257	2423.893
		Capital Goods	NA	50.953	34.424
	TOTAL IMPORTS		NA	2820.210	2458.317
	Earnings Per Share (Rs.)		9.05	7.83	9.82

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.72	2.65	3.16
Operating Profit Margin (PBIDT/Sales)	(%)	10.80	10.28	11.12
Return on Total Assets (PBT/Total Assets}	(%)	3.89	3.92	5.34
Return on Investment (ROI) (PBT/Networth)		0.14	0.16	0.22
Debt Equity Ratio (Total Debt /Networth)		1.65	1.89	1.85
Current Ratio (Current Asset/Current Liability)		1.05	1.01	0.99

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	303.587	314.147	321.019
Reserves & Surplus	829.766	1034.312	1229.126
Net worth	1133.353	1348.459	1550.145
long-term borrowings	328.435	335.070	277.276
Short term borrowings	1763.870	2219.255	2281.322
Total borrowings	2092.305	2554.325	2558.598
Debt/Equity ratio	1.846	1.894	1.651

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5273.851	5324.239	6331.992
		0.955	18.928

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5273.851	5324.239	6331.992
Profit	166.494	141.188	172.338
	3.16%	2.65%	2.72%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
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	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties		37.894
Short-term borrowings
Intercorporate deposits		8.100
Total	NA	45.994

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10379723	21/09/2012	100,000,000.00	UNITED BANK OF INDIA	CORPORATE FINANCE BRANCH, 2ND FLOOR, 25, SIR P.M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B59381749
2	10377909	05/09/2012	69,500,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND, VERAVAL, GUJARAT - 362266, INDIA	B58613985
3	10361925	13/06/2012	150,000,000.00	DENA BANK	12-16, 3RD BHOIWADA, GULALWADI, MUMBAI, MAHARASHTRA - 400002, INDIA	B42156067
4	10324980	14/06/2013 *	3,400,000,000.00	UNITED BANK OF INDIA (LEAD BANK)	CORPORATE FINANCE BRANCH, 25, SIR P.M. ROAD, 2ND FLOOR, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B79129201
5	10299997	28/07/2011	90,000,000.00	UNITED BANK OF INDIA	CORPORATE FINANCE BRANCH, 25, SIR P.M. ROAD, 2ND FLOOR, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B17995952
6	10286520	19/04/2011	25,000,000.00	BANK OF BARODA	10/12, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B12703252
7	10286521	19/04/2011	60,000,000.00	BANK OF BARODA	10/12, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B12703484
8	10225562	28/05/2010	20,000,000.00	BANK OF BARODA	POST BOX NO.347, 10/12, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A87944146
9	10221336	10/05/2010	50,000,000.00	UNITED BANK OF INDIA	UNITED BANK OF INDIA BUILDING, 25, SIR P.M. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	A85583755
10	10171739	11/08/2009	250,000,000.00	UNITED BANK OF INDIA	25, SIR P.M. ROAD,, MUMBAI, MAHARASHTRA - 400001, INDIA	A67380857

* Date of charge modification

REVIEW OF OPERATIONS:-

During the Year Company has maintain Net Sales of Rs. 5320.000 Million as compared to Rs. 5270.000 Millions in 2011-12, this is in spite of slowdown in steel industry. The Net Profit after Tax is at Rs. 141.100 Million as compared to Rs.166.400 Million same period on previous year showing a decrease of 15.20%. The sales volume also marginally increase to 22371.629 MT in 2011-12 as compared to 22306.170 MT in 2010-11.

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Computer Equipments

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.63.06
UK Pound	1	Rs.98.73
Euro	1	Rs.77.45

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.