MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	MAHINDRA STEEL SERVICE CENTRE LIMITED
Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.01.1993
Com. Reg. No.:	11-070416
Capital Investment / Paid-up Capital :	Rs.165.398 millions
CIN No.: [Company Identification No.]	U27100MH1993PLC070416
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19662G MUMM09201D
PAN No.: [Permanent Account No.]	AAACM4987H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is involved in the processing of automotive and electrical steel on a job work basis as well as on a stock-and-sale basis.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 2516400
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a joint venture between Mahindra Intertrade Limited and Metal One Corporation of Japan. It is a well-established company having a fine track record. Financial position of the company seems to be sound. The rating takes into consideration strong support from its holding companies. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitment. In view of experience of promoters the company can be considered normal for business dealing.

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	ICRA
Rating	Long term fund-based limits: A+
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	May, 2014

Rating Agency Name	ICRA
Rating	Short term non-fund based limits: A1+
Rating Explanation	Have very strong degree of safety and carry lowest 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 DECLINED

Management non-cooperative

(Tel. No.: 91-22-24948131)

LOCATIONS

Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-24948131/ 24935185/ 86
Fax No.:	91-22-24980732/ 24951236
E-Mail :	sheth.bakul@mahindra.com contact.mil@mahindra.com
Website:	http://www.mahindrasteelservicecentre.com
Pune (Plant I and II) :	At and Post Kanhe, Taluka Vadgaon, Maval, District Pune – 412 106, Maharashtra, India
Tel. No.:	91-2114-255348/ 255368
Fax No.:	91-2114-255433
E-Mail :	contact.mssclk@mahindra.com
Bhopal (Plant III) :	C-10 and 11, Industrial Area, Mandideep Phase-II, District: Raisen – 462 046, Madhya Pradesh, India
Tel. No.:	91-7480-281000
E-Mail :	contact.mssclb@mahindra.com

DIRECTORS

AS ON 31.07.2014

Name :

Mr. Harsh Kumar

Designation :

Managing Director

Address :

201, Ferndale, 12^th Road, Khar (West), Mumbai – 400 052, Maharashtra, India

Date of Birth/Age :

21.08.1954

Qualification:

B. Tech (Mech), PGDBM (Marketing and Finance)

Date of Appointment :

15.02.2012

Election Card No.:

WB/23/148/285702

PAN No.:

AAIPK9902H

DIN No.:

00082621

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	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Managing director	15-02-2012	28-03-2006	-	Active	NO
2	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Managing director	11-12-2011	24-11-2006	-	Active	NO
3	L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	Director	28-07-2009	23-01-2009	-	Active	NO
4	U27100MH2009PTC193205	MAHINDRA ELECTRICAL STEEL PRIVATE LIMITED	Director	29-09-2010	10-06-2009	-	Active	NO
5	U27100MH2013PTC250979	MAHINDRA AUTO STEEL PRIVATE LIMITED	Director	12-12-2013	12-12-2013	-	Active	NO

Name :

Mr. Zhooben Dossabhoy Bhiwandiwala

Designation :

Director

Address :

S-13, Cusrow Baug, Shahid Bhagat Singh Road, Colaba, Mumbai – 400 039, Maharashtra, India

Date of Birth/Age :

09.12.1959

Qualification:

B. Com, CA

Date of Appointment :

22.07.2010

DIN No.:

00110373

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	U51900MH1988PTC046152	ALBERTVILLE EXPORTS PRIVATE LIMITED	Director	08-02-1988	08-02-1988	01-02-2014	Dormant	NO
2	U22120MH1948PTC009314	THE INDIAN AND EASTERN ENGINEER COMPANY PRIVATE LIMITED	Additional director	10-08-2009	20-01-1992	-	Active	NO
3	U74140MH1992PLC066606	MAHINDRA AND MAHINDRA CONTECH LIMITED	Director	22-02-1993	22-02-1993	27-05-2008	Active	NO
4	U74140MH1982PTC026770	PRUDENTIAL MANAGEMENT AND SERVICES PRIVATE LIMITED	Director	12-01-1998	12-01-1998	05-05-2010	Active	NO
5	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Whole-time director	17-01-2014	17-02-2000	-	Active	NO
6	U74999MH1999PTC121254	MW COM (INDIA)PRIVATE LIMITED	Director	06-10-2003	06-10-2003	29-03-2010	Active	NO
7	U30007MH1991PLC064368	BRISTLECONE INDIA LIMITED	Director	05-08-2004	05-08-2004	05-06-2008	Active	NO
8	L27100MH1999PLC121285	MAHINDRA CIE AUTOMOTIVE LIMITED	Director	29-09-2014	28-04-2006	-	Active	NO
9	U18101MH1995PLC095482	NBS INTERNATIONAL LIMITED	Director	28-09-2007	15-11-2006	29-10-2008	Active	NO
10	U67120MH2007PLC168985	MAHINDRA STOKES HOLDING COMPANY LIMITED	Director	24-09-2007	21-03-2007	-	Amalgamated	NO
11	U74999MH1954PLC019908	MAHINDRA ENGINEERING AND CHEMICAL PRODUCTS LIMITED	Director	25-09-2008	27-08-2007	19-07-2012	Active	NO
12	U52190MH2007PTC173762	MAHINDRA RETAIL PRIVATE LIMITED	Director	20-08-2008	03-09-2007	-	Active	NO
13	U74999MH1995PLC093447	TECPRO ASHTECH LIMITED	Additional director	05-11-2007	05-11-2007	05-01-2008	Amalgamated	NO
14	U29130MH2004PTC168150	MAHINDRA GEARS AND TRANSMISSIONS PRIVATE LIMITED	Director	22-07-2008	24-12-2007	28-07-2014	Active	NO
15	U29299MH1963PLC019745	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	06-05-2008	22-01-2008	-	Amalgamated	NO
16	U27100MH2007PLC173636	MAHINDRA HINODAY INDUSTRIES LIMITED	Director	25-07-2008	22-01-2008	04-10-2013	Active	NO
17	U63032MH2008PTC186581	MAHINDRA OCEAN BLUE MARINE PRIVATE LIMITED	Director	25-09-2009	09-09-2008	-	Active	NO
18	U67110MH2008PLC188837	RETAIL INITIATIVE HOLDINGS LIMITED	Director	11-12-2009	11-12-2008	16-08-2011	Active	NO
19	U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	Director	12-08-2009	12-12-2008	30-09-2014	Active	NO
20	U73100MH1995PTC124707	OWENS-CORNING (INDIA) PRIVATE LIMITED	Director	26-09-2009	01-04-2009	24-11-2010	Active	NO
21	U63000MH2007PLC173466	MAHINDRA LOGISTICS LIMITED	Director	11-08-2009	28-04-2009	-	Active	NO
22	U29268MH2009PLC190702	DEFENCE LAND SYSTEMS INDIA LIMITED	Director	26-04-2010	29-04-2009	27-04-2010	Active	NO
23	U27100MH2009PTC193205	MAHINDRA ELECTRICAL STEEL PRIVATE LIMITED	Director	29-09-2010	10-06-2009	20-08-2014	Active	NO
24	U92190MH2008PLC178894	MUMBAI MANTRA MEDIA LIMITED	Director	30-09-2010	29-03-2010	-	Active	NO
25	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Director	22-07-2010	29-04-2010	-	Active	NO
26	U55100DL2011PTC222498	EKATRA HOSPITALITY VENTURES PRIVATE LIMITED	Director	18-07-2011	18-07-2011	-	Active	NO
27	U65993MH2007PLC175649	MAHINDRA HOLDINGS LIMITED	Director	29-08-2011	18-07-2011	-	Active	NO
28	U74899DL1989PLC038453	M. A. R. K. HOTELS LIMITED	Director	30-09-2011	30-09-2011	07-08-2014	Active	NO
29	U75144MH2012PTC231267	MAHINDRA DEFENCE NAVAL SYSTEMS PRIVATE LIMITED	Director	18-05-2012	18-05-2012	-	Active	NO
30	U75220MH2012PLC233889	MAHINDRA DEFENCE SYSTEMS LIMITED	Director	30-07-2012	30-07-2012	-	Active	NO
31	U40101MH2010PTC205236	MAHINDRA SOLAR ONE PRIVATE LIMITED	Director	10-12-2013	27-09-2012	24-09-2014	Active	NO
32	U92412MH2011PTC224530	EPIC TELEVISION NETWORKS PRIVATE LIMITED	Nominee director	03-10-2013	04-12-2012	-	Active	NO
33	U75302MH2013PLC242268	MAHINDRA TELEPHONICS INTEGRATED SYSTEMS LIMITED	Director	22-04-2013	22-04-2013	-	Active	NO
34	U40300MH2012PTC226017	MAHINDRA SURYAPRAKASH PRIVATE LIMITED	Director	10-12-2013	24-05-2013	24-09-2014	Active	NO
35	U92412MH2013PTC248414	SCRIPT STORIES MEDIA PRIVATE LIMITED	Nominee director	03-10-2013	03-10-2013	-	Active	NO
36	U72300DL2013PTC258259	CINESTAAN DIGITAL PRIVATE LIMITED	Additional director	22-10-2013	22-10-2013	-	Active	NO
37	U74900DL2013PTC258148	CINESTAAN ENTERTAINMENT PRIVATE LIMITED	Additional director	22-10-2013	22-10-2013	-	Active	NO
38	U92412DL2013PTC258232	CINESTAAN FILM COMPANY PRIVATE LIMITED	Additional director	22-10-2013	22-10-2013	-	Active	NO
39	U27100MH2013PTC250979	MAHINDRA AUTO STEEL PRIVATE LIMITED	Director	12-12-2013	12-12-2013	-	Active	NO
40	U93000DL2013NPL262366	I-PROBONO (INDIA) LEGAL SERVICES	Director	18-12-2013	18-12-2013	30-09-2014	Active	NO
41	U93000MH2013NPL251507	MAHINDRA 'ELECTORAL TRUST' COMPANY	Additional director	10-02-2014	10-02-2014	-	Active	NO
42	U29268MH2010PTC198438	MAHINDRA TSUBAKI CONVEYOR SYSTEMS PRIVATE LIMITED	Director	31-07-2014	31-07-2014	-	Active	NO
43	U74120MH2014NPL258367	NEW DEMOCRATIC ELECTORAL TRUST	Director	26-09-2014	26-09-2014	24-11-2014	Active	NO

Name :

Mr. Rajeev Bidyanand Dubey

Designation :

Nominee Director

Address :

1701, Mahindra Heights, 96, Tardeo Road, Mumbai – 400 034, Maharashtra, India

Date of Birth/Age :

03.04.1954

Qualification:

MA(Economics), MBA

Date of Appointment :

24.07.2007

DIN No.:

00104817

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	U51900MH1978PLC020222	MAHINDRA INTERTRADE LIMITED	Director	25-02-2004	25-02-2004	-	Active	NO
2	U74999MH2000PLC126610	OFFICEMART INDIA .COM LIMITED	Director	10-03-2004	10-03-2004	16-11-2010	Active	NO
3	U65990MH1987PLC042609	MAHINDRA INSURANCE BROKERS LIMITED	Director	03-08-2004	03-08-2004	-	Active	NO
4	U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	Director	01-12-2004	01-12-2004	-	Active	NO
5	L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	Director	20-10-2006	20-10-2006	23-01-2009	Active	NO
6	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Nominee director	24-07-2007	08-11-2006	-	Active	NO
7	U52190MH2007PTC173762	MAHINDRA RETAIL PRIVATE LIMITED	Director	20-08-2008	03-09-2007	-	Active	NO
8	U74990MH2007PLC174898	WALCHAND TALENTFIRST LIMITED	Director	21-04-2008	31-12-2007	-	Amalgamated	NO
9	U35999MH2008PLC180385	MAHINDRA FIRST CHOICE SERVICES LIMITED	Director	22-07-2009	24-03-2008	-	Active	NO
10	U91110MH2001NPL130853	MAGIC BUS INDIA FOUNDATION	Director	26-09-2008	12-09-2008	-	Active	NO
11	U52399MH2008PTC187927	MAHINDRA INTERNET COMMERCE PRIVATE LIMITED	Director	01-09-2009	03-11-2008	-	Active	NO
12	U27100MH2009PTC193205	MAHINDRA ELECTRICAL STEEL PRIVATE LIMITED	Director	29-09-2010	10-06-2009	-	Active	NO
13	L65993MH1920PLC000791	WALCHAND PEOPLEFIRST LIMITED	Director	30-07-2014	07-05-2010	-	Active	NO
14	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	23-06-2012	23-06-2012	16-06-2014	Active	NO
15	U27100MH2013PTC250979	MAHINDRA AUTO STEEL PRIVATE LIMITED	Director	12-12-2013	12-12-2013	-	Active	NO
16	U93000MH2013NPL251507	MAHINDRA 'ELECTORAL TRUST' COMPANY	Additional director	10-02-2014	10-02-2014	18-11-2014	Active	NO

Name :

Mr. Toyokazu Makino

Designation :

Alternate Director

Address :

Flat No.3202, Lodha Bellissimo, A Wing. 32^nd Floor, Apollo Mills Compund, N.M Joshi Marg, Mumbai – 400 011, Maharashtra, India

Date of Birth/Age :

13.04.1973

Date of Appointment :

13.11.2014

DIN No.:

06626817

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	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Alternate director	13-11-2014	05-08-2013	-	Active	NO

Name :

Mr. Dalsuke Kadono

Designation :

Additional Director

Address :

19, 1^st Floor, Poorvi Marg, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age :

07.11.1957

Date of Appointment :

31.07.2014

DIN No.:

06861397

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	U51909DL2007PTC165254	METAL ONE CORPORATION INDIA PRIVATE LIMITED	Managing director	15-05-2014	15-05-2014	-	Active	NO
2	U27100MH1993PLC070416	MAHINDRA STEEL SERVICE CENTRE LIMITED	Additional director	31-07-2014	31-07-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bakul Pranjivandas Sheth
Designation :	Company Secretary
Address :	B-104, Aum Darshan Apartments, Shankar Lane, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	17.09.1954
Date of Appointment :	23.04.1999
Pan No.:	AALPS0967M
Election Card No.:	MT/09/44/0987381

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.07.2014

Names of Shareholders	No. of Shares
Mahindra Intertrade Limited, India	10089250
Mahindra Intertrade Limited, India jointly with Zhooben Dossabhoy Bhiwandiwala	1
Mahindra Intertrade Limited, India jointly with K. Chandrasekar	1
Mahindra Intertrade Limited, India jointly with Rajeev Dubey	1
Mahindra Intertrade Limited, India jointly with Jyoti Walunj	1
Mahindra Intertrade Limited, India jointly with S. Venkatraman	1
Mahindra Intertrade Limited, India jointly with Bakul P. Sheth	1
Mahindra Intertrade Limited, India jointly with Harsh Kumar	1
Metal One Corporation, Japan	6450502
Total	16539759

Equity Share Break up (Percentage of Total Equity)

AS ON 31.07.2014

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	39.00
Bodies corporate	61.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is involved in the processing of automotive and electrical steel on a job work basis as well as on a stock-and-sale basis.

Products :

Product Description	Item Code
Parts of other electric power machinery of	85049090
Fltrld Prdcts of silicon Electrical stl Grain oriented	72261100
Other Waste and Scrap of Stainless Steel	72042190
Other Fltrld prdcts of silicon elctrcl steel	72261990
Parts of electrc mtrs othr thn DC	85030029
Other Waste and Scrap of Stainless Steel	72042190
Job Work – Steel Processing-Cutting and stamping	99893305

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

Information declined by the Management.

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

· Axis Bank Limited, Jeevan Prakash Building, Sir P.M. Road, Mumbai – 400 001, Maharashtra, India

· Union Bank of India, Industrial Finance Branch, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

· Axis Bank Limited, Unit No.6, Corporate Park, Sion Trombay Road, Chembur (East), Mumbai – 400 071, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	190.100	119.790
Foreign currency term loans from banks	0.000	131.032
SHORT-TERM BORROWINGS
Other loans and advances	0.000	130.615
Total	190.100	381.437

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27^th – 32^nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400 013, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFD7919A
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company:	Mahindra and Mahindra Limited, India CIN: L65990MH1945PLC004558
Holding Company :	Mahindra Intertrade Limited, India CIN: U51900MH1978PLC020222
Fellow Subsidiaries:	· Mahindra Middleeast Electrical Steel Service Centre (FZC) (MME), UAE · Mahindra Logistics Limited, India (MLL) (CIN No.: U63000MH2007PLC173466) · Mahindra Integrated Business Solutions Private Limited, India (MIBS) (CIN No.: U74999MH2011PTC212468) · Mahindra Electrical Steel Private Limited, India (MESPL) (CIN No.: U27100MH2009PTC193205) · Mahindra Ugine Steel Company Limited, India (MUSCO) (CIN No.: L99999MH1962PLC012542) · Mahindra Hinoday Industries Limited, India (MHIL) (CIN No.: U27100MH2007PLC173636) · Mahindra Holidays and Resorts India Limited, India (MHRIL) (CIN No.: L55101TN1996PLC036595)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Metal One Corporation (MO), Japan

CAPITAL STRUCTURE

AS ON 31.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs.170.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16539759	Equity Shares	Rs.10/- each	Rs.165.398 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	165.398	139.536	139.536
(b) Reserves & Surplus	715.335	547.526	533.002
(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)	880.733	687.062	672.538
(3) Non-Current Liabilities
(a) Long-term borrowings	241.151	304.811	347.191
(b) Deferred tax liabilities (Net)	93.349	88.085	76.540
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	6.177	5.171	3.871
Total Non-current Liabilities (3)	340.677	398.067	427.602
(4) Current Liabilities
(a) Short term borrowings	0.000	152.615	113.500
(b) Trade payables	412.134	500.265	413.529
(c) Other current liabilities	241.165	245.980	235.369
(d) Short-term provisions	12.962	4.333	7.370
Total Current Liabilities (4)	666.261	903.193	769.768
TOTAL	1887.671	1988.322	1869.908
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	979.219	1032.859	1062.635
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.214	19.894	12.970
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	993.433	1052.753	1075.605
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	278.062	321.142	220.848
(c) Trade receivables	294.942	282.191	242.427
(d) Cash and cash equivalents	76.927	54.444	28.808
(e) Short-term loans and advances	244.265	276.807	302.220
(f) Other current assets	0.042	0.985	0.000
Total Current Assets	894.238	935.569	794.303
TOTAL	1887.671	1988.322	1869.908

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	1217.209	1233.896	972.394
		Other Income	4.437	2.108	3.758
		TOTAL (A)	1221.646	1236.004	976.152
Less	EXPENSES
		Cost of materials consumed	836.613	900.387	727.377
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	16.933	(21.460)	(30.561)
		Employee benefit expense	63.021	71.402	39.376
		Other expenses	109.672	142.819	86.805
		TOTAL (B)	1026.239	1093.148	822.997
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		195.407	142.856	153.155
Less	FINANCIAL EXPENSES (D)		46.502	46.110	16.596
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		148.905	96.746	136.559
Less/ Add	DEPRECIATION/ AMORTISATION (F)		77.055	74.973	54.251
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		71.850	21.773	82.308
Less	TAX (H)		17.536	7.249	26.065
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		54.314	14.524	56.243
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		252.105	237.581	181.338
Less	APPROPRIATIONS
		Proposed Dividend	9.097	0.000	0.000
		Income-tax on Proposed Dividend	1.546	0.000	0.000
	BALANCE CARRIED TO THE B/S		295.776	252.105	237.581
	EARNINGS IN FOREIGN CURRENCY
		Sale of goods	0.000	4.557	0.000
		Sale of Spares	0.275	0.000	0.000
		Reimbursements of expenses	0.124	0.000	0.000
	TOTAL EARNINGS		0.399	4.557	0.000
	IMPORTS
		Plant & Machinery	NA	NA	203.458
		Spares	NA	NA	0.440
		Raw materials	NA	NA	658.549
		Others	NA	NA	862.447
	TOTAL IMPORTS
	Earnings/ (Loss) Per Share (Rs.)		3.87	1.04	4.03

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.46	1.18	5.78
Operating Profit Margin (PBDIT/ Sales)	(%)	16.05	11.58	15.75
Return on Total Assets (PBT/Total Assets}	(%)	3.81	1.10	4.40
Return on Investment (ROI) (PBT/Networth)		0.08	0.03	0.12
Debt Equity Ratio (Total Debt/Networth)		0.27	0.67	0.69
Current Ratio (Current Asset/Current Liability)		1.34	1.04	1.03

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	139.536	139.536	165.398
Reserves & Surplus	533.002	547.526	715.335
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	672.538	687.062	880.733
Long Term borrowings	347.191	304.811	241.151
Short Term borrowings	113.500	152.615	0.000
Total borrowings	460.691	457.426	241.151
Debt/Equity ratio	0.685	0.666	0.274

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	972.394	1,233.896	1,217.209
		26.893	(1.352)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	972.394	1,233.896	1,217.209
Profit	56.243	14.524	54.314
	5.78%	1.18%	4.46%

LOCAL AGENCY FURTHER INFORMATION

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

Note:

The registered office of the company has been shifted from Mahindra Towers, Worli Road No.13, Worli, Mumbai – 400 018 Maharashtra, India to the present address w.e.f. 24.10.200.

CORPORATE INFORMATION

Subject is a public limited company incorporated on 15 January, 1993 under the Companies Act, 1956. The Company's main activity is steel processing from the plants located at Kanhe and Bhopal. The Company processes automotive and electrical steel.

OPERATIONS

Domestic auto industry remained in de-growth mode throughout the year resulting in subdued demand for processed steel from the Company's auto vertical.

Domestic transformer industry continued to suffer from sluggish demand resulting in pricing pressures. Capacity utilisation, including job work load was, however, satisfactory. As raw material consumed by the Company’s electrical vertical is fully imported, forex volatility impacted demand, and margins, during the year.

During the year, the Company added marquee clients for its Electrical Stampings facility, and expects to improve capacity utilization in the coming months.

Income for the year was Rs.1221.646 millions lakhs against Rs.1236.004 millions in the previous year. Profit before tax for the year was significantly higher at Rs.71.850 millions against Rs.21.773 millions in the previous year.

AWARDS

The Company has been the recipient of the following awards during the year:-

i. Best Leadership Development Program for Workers at the Global Training and Development Leadership Awards.

ii. Award for promoting health at the workplace at the 22^nd Global HR Excellence Awards.

iii. First place at the 6^th National CII Cluster Summit on energy efficiency.

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10446421	08/08/2013	110,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B83720920
2	10241609	06/07/2012 *	240,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B44674810
3	10214119	25/09/2012 *	280,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B59190231
4	10173629	02/02/2011 *	730,000,000.00	AXIS BANK LIMITED	UNIT NO.6, CORPORATE PARK, SION TROMBAY ROAD, CHEMBUR (EAST), MUMBAI, MAHARASHTRA - 400071, INDIA	B06270490

* Date of charge modification

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG-TERM BORROWINGS
Deferred payment liabilities	51.051	54.019
SHORT-TERM BORROWINGS
Loans and advances from Others	0.000	22.000
Total	51.051	76.019

FIXED ASSETS:

Tangible assets

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Factory Equipments

· Furniture and fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other 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 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.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.