MIRA INFORM REPORT

Report Date :

02.07.2014

IDENTIFICATION DETAILS

Name :	SPS STEELS ROLLING MILLS LIMITED
Registered Office :	“Elegant Towers”, 224A, A.J.C., Bose Road, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.12.1981
Com. Reg. No.:	21-034409
Capital Investment / Paid-up Capital :	Rs.424.129 Millions
CIN No.: [Company Identification No.]	L51909WB1981PLC034409
TAN No.: [Tax Deduction & Collection Account No.]	CALS11093F
PAN No.: [Permanent Account No.]	AAHCS8719G
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Subject is engaged in reinforcement of steel bars and farrow and Non- farrow alloys.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Sick company
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	The subject company is declared as a sick unit by Board for Industrial and Financial Reconstruction. The management has register case (Case No. 34/2013) with Board for Industrial and Financial Reconstruction under provision of sick industrial companies act, 1985. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a fully secured 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

NEWS

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED BY

Name :	Ms. Anindita Upadhyay
Designation :	Secretary
Contact No.:	91-33-22895160
Date :	30.06.2014

LOCATIONS

Registered Office / Corporate Office::	“Elegant Towers”, 224A, A.J.C., Bose Road, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22895160 / 67
Fax No.:	91-33-22894386 / 4560 / 4562 / 5170
E-Mail :	a.upadhyay@spsgroup.co.in skagarwal@spsgroup.co.in marketing@spsgroup.co.in
Website :	http://www.spsgroup.co.in
Factory:	Patch No. 1, Phase II, Mini (Industrial) Growth Centre, Gowalthai, Dist. Bilaspur Himachal Pradesh, India
Tel. No.:	91-92171-22171 / 172
Fax No.:	91-92171-22171 / 172

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Bipin Kumar Vohra

Designation :

Managing Director

Address :

135 G, S P Mukhrjee Road, Kolkata – 700026, West Bengal, India

Date of Birth/Age :

25.03.1962

Date of Appointment :

01.01.2013

PAN No.:

ABSPV5885B

DIN No.:

00276567

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	U27104WB1990PLC049475	S P S METAL CAST & ALLOYS LIMITED	Director	11/12/2009	29/01/1994	-	Active	NO
2	L51909WB1981PLC034409	SPS STEELS ROLLING MILLS LIMITED	Managing director	01/01/2013	20/05/1998	-	Active	NO
3	U70101WB1986PTC041455	IQ CITY INFRASTRUCTURE PRIVATE LIMITED	Director	27/06/1998	27/06/1998	06/02/2013	Active	NO
4	U51909WB1995PLC072045	CONCAST STEEL & POWER LIMITED	Director	15/07/2009	02/01/1999	16/11/2010	Active	NO
5	U74899DL2001PLC105512	T T RAIL LINKS LIMITED	Director	29/03/2001	29/03/2001	-	Active	NO
6	U51506WB2000PTC091537	BENGAL RECYCLERS & FABRICATORS PRIVATE LIMITED	Director	14/09/2001	14/09/2001	-	Active	NO
7	U70101WB2002PLC095018	BENGAL INDIA GLOBAL INFRASTRUCTURE LIMITED	Managing director	04/02/2010	24/09/2002	-	Active	NO
8	U27109WB2003PLC096537	SPS STEELS LIMITED	Director	07/07/2003	07/07/2003	-	Active	NO
9	U51909WB1995PTC073626	TECHMART BROKING COMPANY PVT.LTD.	Director	18/11/2003	18/11/2003	-	Active	NO
10	U51909WB1995PTC073585	CHEKSONS BROKING COMPANY PVT.LTD.	Director	18/11/2003	18/11/2003	-	Active	NO
11	U27109WB2004PLC099098	SPS MORTEX FERRO ALLOYS LIMITED	Director	13/07/2004	13/07/2004	-	Active	NO
12	U70101WB1989PTC047920	NEERAJ ESTATES PVT LTD	Director	15/10/2004	15/10/2004	06/12/2012	Active	NO
13	U55101WB2001PTC093671	RENAISSANCE RESORTS & ENTERTAINMENT PRIVATE LIMITED	Director	15/10/2004	15/10/2004	-	Active	NO
14	U70101WB2004PLC100429	KIT SPS REAL ESTATE DEVELOPMENT LIMITED	Director	17/11/2004	17/11/2004	-	Active	NO
15	U32303WB2005PLC101343	SPS ARTS & ENTERTAINMENT LIMITED	Director	25/01/2005	25/01/2005	-	Active	NO
16	U55101WB1964PTC026234	RUTT DEEN PVT LTD	Director	22/05/2006	22/05/2006	-	Active	NO
17	U27109OR1992PTC003046	PAWANSUT SPONGE PRIVATE LIMITED	Director	22/03/2007	22/03/2007	-	Amalgamated	NO
18	U15412WB1982PTC035374	BAKEFRESH BISCUITS PRIVATE LIMITED	Director	05/05/2007	05/05/2007	14/05/2008	Active	NO
19	L27201WB1961PLC025269	INDO AMERICAN ELECTRICALS LTD	Director	30/09/2013	27/07/2007	-	Active	NO
20	U63040WB2007PTC117887	SPS TOURS & HOTELS PRIVATE LIMITED	Director	17/08/2007	17/08/2007	-	Active	NO
21	U17119WB1995PLC180759	SURAJ FABRICS INDUSTRIES LIMITED	Director	29/09/2007	28/08/2007	-	Active	NO
22	U51109WB1996PTC082061	AFTEK TRADERS PRIVATE LIMITED	Director	20/07/2012	26/02/2008	01/01/2013	Active	NO
23	U45400WB2008PTC125370	SUMEDHA PROJECTS PRIVATE LIMITED.	Director	02/05/2008	02/05/2008	06/12/2012	Active	NO
24	U80302WB2008PLC125484	INKNOWERSITY EDUCATION LIMITED	Director	08/05/2008	08/05/2008	-	Active	NO
25	U74920OR1999PTC005980	DARKS SECURITY CONSULTANT PRIVATE LIMITED	Director	30/09/2009	03/03/2009	-	Active	NO
26	U40300WB2010PTC150517	SPS SYNERGY SOLAR Private Limited	Director	17/06/2010	17/06/2010	-	Active	NO
27	U70109WB2006PTC165835	FABWORTH PROMOTERS PRIVATE LIMITED	Director	19/08/2010	19/08/2010	02/05/2013	Active	NO
28	U27100WB2011PLC158285	SPS ISPAT & POWER LIMITED	Director	31/07/2012	01/02/2011	-	Active	NO
29	U61200WB2011PLC160729	SPS SHIPPING LIMITED	Director	14/09/2012	15/03/2011	-	Active	NO
30	U51900WB1985PLC132208	ROLEX COMMERCIAL COMPANY LIMITED	Director	16/06/2011	16/06/2011	-	Active	NO
31	U65910WB1997PTC129992	SAMSKAR FINANCIAL SERVICES PRIVATE LIMITED	Director	16/06/2011	16/06/2011	12/12/2012	Active	NO
32	U52100WB2010PTC147651	EKAATMAA SALES PRIVATE LIMITED	Director	16/06/2011	16/06/2011	09/04/2013	Active	NO
33	U52190WB2010PTC145359	AADIDEVAH VINCOM PRIVATE LIMITED	Director	16/06/2011	16/06/2011	09/04/2013	Active	NO
34	U70100WB2010PTC140824	SOUTH CITY BELAIR PROPERTY MANAGEMENT PRIVATE LIMITED	Director	28/09/2012	18/07/2011	-	Active	NO
35	U55101OR1980PLC000874	ASHOKA INDUSTRIES LIMITED	Director	30/09/2011	06/09/2011	13/11/2012	Active	NO
36	U45400WB2011PTC168329	HIGHLIFE REALCON PRIVATE LIMITED	Director	02/12/2011	02/12/2011	24/03/2014	Active	NO
37	U27109WB2006PTC111779	SHRIRAMRATHI STEELS PRIVATE LIMITED	Director	21/03/2012	21/03/2012	-	Active	NO
38	U72900WB2003PTC096955	JAI BALAJI INFOTECH PRIVATE LIMITED	Additional director	06/06/2012	06/06/2012	16/09/2013	Active	NO
39	U52100WB2010PTC145874	BALAPRADA TRACOM PRIVATE LIMITED	Director	07/01/2013	07/01/2013	-	Active	NO
40	U52190WB2010PTC145370	AARYA VINTRADE PRIVATE LIMITED	Director	07/01/2013	07/01/2013	-	Active	NO
41	U74900WB2013PTC190486	VERIDIAN RESORTS & CLUB PRIVATE LIMITED	Director	11/02/2013	11/02/2013	-	Active	NO

Name :

Mr. Arjun Kumar Santhalia

Designation :

Director

Address :

10 Sunny Park, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

28.07.1953

Date of Appointment :

10.12.2009

PAN No.:

ALVPS6608N

DIN No.:

00601236

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	U27104WB1990PLC049475	S P S METAL CAST & ALLOYS LIMITED	Managing director	13/01/2013	02/08/1993	-	Active	NO
2	L51909WB1981PLC034409	SPS STEELS ROLLING MILLS LIMITED	Director	10/12/2009	22/07/1998	-	Active	NO
3	U51909WB1995PLC072045	CONCAST STEEL & POWER LIMITED	Director	02/01/1999	02/01/1999	16/11/2010	Active	NO
4	U51506WB2000PTC091537	BENGAL RECYCLERS & FABRICATORS PRIVATE LIMITED	Director	14/09/2001	14/09/2001	-	Active	NO
5	U27109WB2003PLC096537	SPS STEELS LIMITED	Director	07/07/2003	07/07/2003	-	Active	NO
6	U27109WB2004PLC099098	SPS MORTEX FERRO ALLOYS LIMITED	Director	13/07/2004	13/07/2004	-	Active	NO
7	U70101WB2004PLC100429	KIT SPS REAL ESTATE DEVELOPMENT LIMITED	Director	17/11/2004	17/11/2004	-	Active	NO
8	U32303WB2005PLC101343	SPS ARTS & ENTERTAINMENT LIMITED	Director	25/01/2005	25/01/2005	-	Active	NO
9	U70101WB2002PLC095018	BENGAL INDIA GLOBAL INFRASTRUCTURE LIMITED	Director	01/02/2010	23/09/2005	-	Active	NO
10	U70101WB1986PTC041455	IQ CITY INFRASTRUCTURE PRIVATE LIMITED	Director	22/12/2006	22/12/2006	06/02/2013	Active	NO
11	U27109OR1992PTC003046	PAWANSUT SPONGE PRIVATE LIMITED	Director	25/03/2008	22/03/2007	-	Amalgamated	NO
12	L27201WB1961PLC025269	INDO AMERICAN ELECTRICALS LTD	Director	30/09/2013	27/07/2007	-	Active	NO
13	U63040WB2007PTC117887	SPS TOURS & HOTELS PRIVATE LIMITED	Director	17/08/2007	17/08/2007	-	Active	NO
14	U27109WB2004PTC098368	RITIKA STEEL INDUSTRIES PRIVATE LIMITED	Director	01/11/2007	01/11/2007	21/11/2007	Active	NO
15	U51109WB1996PTC082061	AFTEK TRADERS PRIVATE LIMITED	Director	05/12/2013	26/02/2008	-	Active	NO
16	U17119WB1995PLC180759	SURAJ FABRICS INDUSTRIES LIMITED	Managing director	01/02/2014	12/11/2008	-	Active	NO
17	U40300WB2010PTC150517	SPS SYNERGY SOLAR Private Limited	Director	17/06/2010	17/06/2010	-	Active	NO
18	U27100WB2011PLC158285	SPS ISPAT & POWER LIMITED	Director	31/07/2012	01/02/2011	-	Active	NO
19	U61200WB2011PLC160729	SPS SHIPPING LIMITED	Director	14/09/2012	15/03/2011	-	Active	NO
20	U15122WB2011PTC161138	R S UNIAGRO PRIVATE LIMITED	Director	24/03/2011	24/03/2011	05/02/2014	Active	NO
21	U45209WB1994PTC066375	INCENTS CONSULTANTS PVT. LTD.	Director	16/06/2011	16/06/2011	12/12/2012	Active	NO
22	U52190WB2010PTC146725	DAYA COMMOSALES PRIVATE LIMITED	Director	16/06/2011	16/06/2011	08/04/2013	Active	NO
23	U52100WB2010PTC145920	BHADRAKAALI SALES PRIVATE LIMITED	Director	16/06/2011	16/06/2011	08/04/2013	Active	NO
24	U51900WB1985PLC132208	ROLEX COMMERCIAL COMPANY LIMITED	Director	16/06/2011	16/06/2011	-	Active	NO
25	U52100WB2010PTC145874	BALAPRADA TRACOM PRIVATE LIMITED	Director	18/06/2011	18/06/2011	-	Active	NO
26	U52190WB2010PTC145370	AARYA VINTRADE PRIVATE LIMITED	Director	18/06/2011	18/06/2011	-	Active	NO
27	U55101OR1980PLC000874	ASHOKA INDUSTRIES LIMITED	Director	30/09/2011	06/09/2011	13/11/2012	Active	NO
28	U27109WB2006PTC111779	SHRIRAMRATHI STEELS PRIVATE LIMITED	Director	21/03/2012	21/03/2012	-	Active	NO

Top of Form

Bottom of Form

Name :

Mr. Asoke Kumar Chatterjee

Designation :

Director

Address :

CD – 135, Sector -1 , Salt Lake City, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

01.02.1929

Date of Appointment :

22.08.2003

PAN No.:

ACMPC4283F

DIN No.:

00266151

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	U74210WB1980PTC032903	S R BATLIBOI CONSULTANTS PVT LTD	Director	01/08/1980	01/08/1980	-	Active	NO
2	L27105BR1971PLC000891	MSL INDUSTRIES LIMITED	Director	03/08/1988	03/08/1988	-	Active	NO
3	L14200WB1994PLC104573	REI AGRO LIMITED	Director	01/01/2002	01/01/2002	-	Active	NO
4	L51909WB1981PLC034409	SPS STEELS ROLLING MILLS LIMITED	Director	22/08/2003	22/08/2003	-	Active	NO
5	L15142PB1987PLC007455	GRAINTEC INDIA LIMITED	Director	16/09/2004	16/09/2004	-	Active	NO
6	U45202CH1987PLC007455	GRAINTEC INDIA LIMITED	Director	16/09/2004	16/09/2004	-	Not Available for eFiling	NO
7	L72200DL1988PLC192643	ALCHEMIST LIMITED	Director	29/04/2005	29/04/2005	-	Active	NO
8	U99999WB2000PLC124804	VARRSANA ISPAT LTD	Director	27/10/2005	27/10/2005	-	Active	NO
9	U51909WB1999PLC089882	RKG EXIM LIMITED	Director	17/04/2006	17/04/2006	03/07/2010	Active	NO
10	U51909DL2006PLC155200	REI Retail Limited	Director	30/11/2006	30/11/2006	-	Strike off	NO
11	U15316DL2006PLC155197	REI Foods and Beverages Limited	Director	30/11/2006	30/11/2006	-	Strike off	NO
12	L51909WB2007PLC117926	REI Six Ten Retail Limited	Director	23/08/2007	21/08/2007	-	Active	NO
13	U15311WB2007PLC118474	MyGrahak Shopping Online Limited	Director	11/09/2007	11/09/2007	-	Active	NO
14	U70100WB2008PLC122569	REI REAL ESTATE LIMITED	Director	13/02/2008	13/02/2008	19/10/2009	Active	NO
15	L21100MH1983PLC029471	ALCHEMIST REALTY LIMITED	Director	26/09/2012	03/04/2012	-	Active	NO
16	U51909WB1994PTC065063	LARCENY MERCANTILES PVT. LTD.	Director	03/03/2014	03/03/2014	-	Active	NO
17	U51909WB1994PTC065061	GRAPCO TRADING PVT LTD	Director	03/03/2014	03/03/2014	-	Active	NO
18	U51909WB1994PTC065152	STYLO COMMOTRADE PVT LTD	Director	03/03/2014	03/03/2014	-	Active	NO
19	U51909WB1994PTC065153	BRIJDHAM VYAPAAR PVT LTD	Director	03/03/2014	03/03/2014	-	Active	NO
20	U51109WB1994PTC065181	DOYEN COMMOTRADE PVT LTD	Director	03/03/2014	03/03/2014	-	Active	NO

Name :

Mr. Sudesh Kumar Agrawal

Designation :

Whole-time Director

Address :

BG 42, Salt Lake II Street, Bidhan Nagar, Kolkata – 700091, West Bengal, India

Date of Birth/Age :

13.05.1960

Date of Appointment :

01.04.1202

PAN No.:

ACVPA5171F

DIN No.:

00635943

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	U27102WB1991PTC051350	RITU METAL PROCESSORS PVT LTD	Director	21/12/2003	21/12/2003	06/07/2011	Active	NO
2	L51909WB1981PLC034409	SPS STEELS ROLLING MILLS LIMITED	Whole-time director	01/04/2012	31/07/2009	-	Active	NO
3	U01403WB2011PTC164174	VIRTUOSO AGRO PRIVATE LIMITED	Director	30/09/2013	27/08/2013	-	Active	NO
4	U51909WB2011PTC164422	VIRTUOSO IMPEX PRIVATE LIMITED	Director	30/09/2013	27/08/2013	-	Active	NO
5	U27104WB1990PLC049475	S P S METAL CAST & ALLOYS LIMITED	Additional director	25/11/2013	25/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Anindita Upadhyay
Designation :	Secretary
Address :	Nirmala Villa, Fatak Gora Staation Road, Chandigarh – 712136, West Bengal, India
Date of Birth/Age :	25.06.1985
Date of Appointment :	15.01.2011
PAN No.:	ABMPU2989B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

SHAREHOLDERS FILE ARE ATTACHED

AS ON 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	92.95
Directors or relatives of Directors	4.80
Other top fifty shareholders	2.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in reinforcement of steel bars and farrow and Non- farrow alloys.

Products :

Item Code No. (ITC Code)	Product Description
72132090	TMT Bars
72071920	M.S. Billets

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

• UCO Bank, Flagship Corporate Branch, 3, Netaji Subhas Road, Kolkata – 700001, West Bengal, India
• Central Bank of India, Corporate Finance Branch, Kolkata, 33, Netaji Subhas Road, Kolkata – 700001, West Bengal, India
• Indian Overseas Bank, India Exchange Place Branch, P-35, India Exchange Place, Kolkata - 700001, West Bengal, India
• Allahabad Bank (Lead Bank), Industrial Finance Branch, 17, R. N. Mukherjee Road, 4th Floor., Kolkata - 700001, West Bengal, India
• Yes Bank
• State Bank of India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	989.419	1375.499
Other loans and advances [Auto Loans From Banks and a Finance Company (against hypothecation of vehicles]	2.547	7.995
SHORT TERM BORROWINGS
Working capital loans from banks	4680.952	3158.528
Total	5672.918	4542.022

NOTE :

LONG TERM BORROWINGS

Indian Overseas Bank-Rs 6.619 Millions Secured by First Charge on entire Block of Assets of the division including second hand machineries acquired from Ind Power Limited and guaranteed by the promoter directors of the company and a group company. Yes Bank Rs. 982.800 Millions Secured against subservient charge on current and movable fixed assets of the Company, both present and future, immovable commercial properties owned by the group companies, corporate gurantees of group companies and personal gurantees by the promoter directors of the Company.

Banking Relations :	--
Auditors :
Name :	D N Gupta and Associates Chartered Accountants
Address :	10, G. C. Avenue, 5th Floor, Kolkata – 700013, West Bengal, India
PAN No.:	ADLPG2924M
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	S P S Metal Cast and Alloys Limited [U27104WB1990PLC049475] Bengal India Global Infrastructure Limited [U70101WB2002PLC095018] Indo American Electricals Limited [L27201WB1961PLC025269] Bengal Recyclers and Fabricators Private Limited [U51506WB2000PTC091537] Suraj Fabrics Industries Limited [U17119WB1995PLC180759] IQ City Infrastructure Private Limited [U70101WB1986PTC041455] Rutt Deen Private Limited [U55101WB1964PTC026234] SPS Synergy Foundation Aftek Traders Private Limited [U51109WB1996PTC082061] Darks Security Consultant Private Limited [U74920OR1999PTC005980] Neeraj Estates Private Limited [U70101WB1989PTC047920] SPS Tours and Hotels Private Limited [U63040WB2007PTC117887] SPS Shipping Limited [U61200WB2011PLC160729] SPS Ispat and Power Limited [U27100WB2011PLC158285] Techmart Broking Company Private Limited [U51909WB1995PTC073626] Cheksons Broking Company Private Limited [U51909WB1995PTC073585] Sps Mortex Ferro Alloys Limited [U27109WB2004PLC099098] SPS Steels Limited [U27109WB2003PLC096537] Shri Ram Rathi Steels Private Limited [U27109WB2006PTC111779] SPS Uniagro Private Limited [U15122WB2011PTC161138] SPS Arts and Entertainment Limited [U32303WB2005PLC101343] Renaissance Resorts and Entertainment Private Limited Kit SPS Real Estate Development Limited T T Rail Links Limited SPS Mani Infrastructure Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42412920	Equity Shares	Rs.10/- each	Rs.424.129 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	424.129	424.129	424.129
(b) Reserves & Surplus	(625.458)	1,794.622	1,791.926
(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)	(201.329)	2,218.751	2,216.055
(3) Non-Current Liabilities
(a) long-term borrowings	1,940.309	1,754.693	531.635
(b) Deferred tax liabilities (Net)	174.658	165.647	173.364
(c) Other long term liabilities	1.455	0.000	0.000
(d) long-term provisions	16.457	13.290	11.142
Total Non-current Liabilities (3)	2,132.879	1,933.630	716.141
(4) Current Liabilities
(a) Short term borrowings	4,680.952	3,158.528	2,682.755
(b) Trade payables	5,644.265	3,148.282	806.374
(c) Other current liabilities	459.153	379.717	2,240.133
(d) Short-term provisions	8.100	63.100	55.000
Total Current Liabilities (4)	10,792.470	6,749.627	5,784.262
TOTAL	12,724.020	10,902.008	8,716.458
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,322.881	1,322.074	1,432.209
(ii) Intangible Assets	0.135	1.933	3.431
(iii) Capital work-in-progress	344.901	292.210	246.047
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.694	1.824	4.059
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	26.964	26.652	20.729
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1,696.575	1,644.693	1,706.475
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3,385.473	3,000.983	2,430.512
(c) Trade receivables	6,019.203	5,354.405	3,456.669
(d) Cash and cash equivalents	174.664	161.425	200.430
(e) Short-term loans and advances	1,448.105	740.502	922.372
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	11,027.445	9,257.315	7,009.983
TOTAL	12,724.020	10,902.008	8,716.458

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Revenue from operations	21,784.711	21,760.326	13,919.635
	Other Income	28.561	29.796	22.119
	TOTAL (A)	21,813.272	21,790.122	13,941.754
Less	EXPENSES
	Cost of Materials Consumed	8,109.290	7,903.223	8,059.548
	Purchases of Stock-in-Trade	12,123.357	11,396.046	3,370.201
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(37.649)	(354.373)	(119.902)
	Employees benefits expense	117.243	104.713	97.456
	Exceptional Items	908.449	0.000	0.000
	Other expenses	1,778.362	1,541.558	1,580.742
	TOTAL (B)	22,999.052	20,591.167	12,988.045
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(1,185.780)	1,198.955	953.709
Less	FINANCIAL EXPENSES (D)	1,092.995	1,043.053	654.162
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(2,278.775)	155.902	299.547
Less/ Add	DEPRECIATION/ AMORTISATION (F)	130.511	152.486	109.798
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(2,409.286)	3.416	189.749
Less	TAX (H)	9.010	0.383	58.760
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(2,418.296)	3.033	130.989
	IMPORTS
	Raw Materials	24.164	200.755	0.000
	TOTAL IMPORTS	24.164	200.755	0.000
	Earnings / (Loss) Per Share (Rs.)	(57.02)	0.07	3.01

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(11.09)	0.01	0.94
Net Profit Margin (PBT/Sales)	(%)	(11.06)	0.02	1.36
Return on Total Assets (PBT/Total Assets}	(%)	(19.47)	0.03	2.24
Return on Investment (ROI) (PBT/Networth)		11.96	0.00	0.09
Debt Equity Ratio (Total Debt /Networth)		(32.88)	2.21	1.45
Current Ratio (Current Asset/Current Liability)		1.02	1.37	1.21

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	424.129	424.129	424.129
Reserves & Surplus	1,791.926	1,794.622	(625.458)
Net worth	2,216.055	2,218.751	(201.329)
long-term borrowings	531.635	1,754.693	1,940.309
Short term borrowings	2,682.755	3,158.528	4,680.952
Total borrowings	3,214.390	4,913.221	6,621.261
Debt/Equity ratio	1.451	2.214	(32.888)

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)
Revenue from operations	13,919.635	21,760.326	21,784.711
		56.328	0.112

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	13,919.635	21,760.326	21,784.711
Profit/(Loss) After Tax	130.989	3.033	(2,418.296)
	0.94%	0.01%	(11.10%)

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	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	No

NOTE:

The registered office address of the company has been shifted from 68A, Promothesh Barua Sarani (Ballygunge Circular Road), Kolkata, - 700 019, West Bengal, India to present w.e.f. 13.05.2011.

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Other loans and advances, others	948.341	371.199
Total	948.341	371.199

FINANCIAL REVIEW

During the year, the Company recorded a turnover growth of 0.11% from Rs. 21760.600 Millions in FY 2011-12 to Rs. 21784.700 Millions during FY 2012-13. However the Company has suffered a huge loss of Rs. 2409.300 Millions in the current financial year as against Profit of Rs 3.400 Millions during FY 2011-12, because of the reasons cited below:

1. Sharp fluctuation in raw material prices

b. Lower yield realization than previous years;

c. Squeezed margins;

d. Recession in the industry consequently demand of the products have drastically declined owing to low consumption across major steel consuming areas;

e. Debtors turned sticky and doubtful of recovery;

f. Shortage of working capital funds etc. Due to heavy Loss suffered by the Company, the net worth of the Company is completely eroded and hence the Company is proposing to file reference under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985.

REFERENCE TO BIFR

The Company observing erosion of entire net worth based on Audited Balance Sheet as on 31.03.2013 has filed a reference with BIFR, New Delhi under provisions of Sick Industrial Companies (Special Provisions) Act, 1985. The said reference stands registered as Case No. 34/2013. Presently the BIFR is examining the sickness status of the company. On request of the company, BIFR has permitted bank account operations under holding on arrangement basis with Indian Overseas Bank. The company is confident to revive its operations on grant of need based relief and concessions as per guidelines in this regard.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10490720	24/03/2014	533,400,000.00	STATE BANK OF INDIA	SME BRANCH, DURGAPUR, CITY CENTRE, DISTRICT BURDW  AN, DURGAPUR, WEST BENGAL - 713216, INDIA	C03688116
2	10412613	06/03/2013 *	5,120,000,000.00	UCO BANK (TITLE DEED HOLDER)	FLAGSHIP CORPORATE BRANCH, 3, NETAJI SUBHAS ROAD,  , KOLKATA, WEST BENGAL - 700001, INDIA	B72704471
3	10408295	26/02/2013	1,416,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, KOLKATA, 33, NETAJI SUB  HAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B69723351
4	10397727	29/12/2012	200,000,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, MOOKHERJEE HOUSE, 1ST FLOOR,17 BRABOURNE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	B66143744
5	10394962	29/12/2012	500,000,000.00	ORIENTAL BANK OF COMMERCE	PARK STREET BRANCH, 107/1, PARK STREET (1ST FLOOR), KOLKATA, WEST BENGAL - 700016, INDIA	B65163511
6	10395524	26/12/2012	750,000,000.00	UNITED BANK OF INDIA	CORPORATE FINANCE BRANCH, 11,HEMANTA BASU SARANI  , KOLKATA, WEST BENGAL - 700001, INDIA	B65328262
7	10364987	30/04/2013 *	5,120,000,000.00	ALLAHABAD BANK (TITLE DEED HOLDER)	INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE RO  AD, 4TH FLOOR., KOLKAYA, WEST BENGAL - 700001, IND  IA	B74852120
8	10325840	05/12/2011	600,000,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, TRINITY TOWER, 83, TOPSIA ROAD  , KOLKATA, WEST BENGAL - 700046, INDIA	B28884377
9	10317558	22/10/2011	750,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH,, 33, NETAJI SUBHAS ROAD  , KOLKATA, WEST BENGAL - 700001, INDIA	B25268954
10	10281442	30/04/2013 *	5,120,000,000.00	ALLAHABAD BANK (LEAD BANK)	INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE RO  AD, 4TH FLOOR., KOLKATA, WEST BENGAL - 700001, IND  IA	B74852831

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Office equipment
• 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 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.60.09
UK Pound	1	Rs.102.33
Euro	1	Rs.82.01

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	KAR
Report Prepared by :	SNT

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.