MIRA INFORM REPORT

Report Date :

09.07.2014

IDENTIFICATION DETAILS

Name :	SKM STEELS LIMITED
Registered Office :	30, C. P. Tank Road, 2nd Floor, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.12.1994
Com. Reg. No.:	11-083403
Capital Investment / Paid-up Capital :	Rs. 48.592 Millions
CIN No.: [Company Identification No.]	U27100MH1994PLC083403
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Dealer and Distributor of Aluminium Sheets, Aluminium Coils, Aluminium Plates, Aluminium Tubes and Aluminium Pipes.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 6200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is decent. Trade relations are reported to be fair. Business is active, payments are reported to be usually correct. The company can be considered for business dealing 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 – 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

N E W S

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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	02.05.2014

Rating Agency Name	CRISIL
Rating	Short term rating A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	02.05.2014

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Rakesh Swapnil
Designation :	Account Executive/ Account Head
Contact No.:	91-022-43432000
Date :	07.07.2014

LOCATIONS

Registered Office :	30, C. P. Tank Road, 2nd Floor, Mumbai – 400004, Maharashtra
Tel. No.:	91-22-43432000 / 01 / 02 / 03
Mobile No.:	91-9820883446 (Mr. Kalpesh Chowdhary)
Fax No.:	91-22-23861782 / 23813288
E-Mail :	kalpesh@skmsteels.com
Website :	http://www.skmalucom.com
Area :	2000 sq.ft
Location :	Owned
Corporate Office:	3^rd Floor, Sandusthurst Bldg., Plot No – 524, S. V .Road Mumbai - 400004, Maharashtra, India
Factory :	G, 93, Dena Bank Road, MIDC, Saluja, Mumbai, Maharashtra, India
Location :	Owned

DIRECTORS

As on: 28.09.2013

Name :

Mr. Paankaj Dahyalal Shah

Designation :

Whole-time director

Address :

Flat No 161, 16^th Floor, Enterprise Apartment, Forjet Hill Road, Mumbai 400007, Maharashtra, India

Date of Birth/Age :

19.02.1973

Date of Appointment :

01.08.2007

PAN NO:

AAEPS7087D

DIN No.:

00078997

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	U65944MH1983PTC031087	SKM CAPITAL & HOLDINGS PRIVATE LIMITED	Director	01-08-94	01-08-94	27-03-10	Active	NO
2	U27100MH1994PLC083403	SKM STEELS LIMITED	Whole-time director	01-08-07	01-12-94	-	Active	NO
3	U24110MH1984PTC031790	SKM ENTERPRISES PRIVATE LIMITED	Director	01-09-99	01-09-99	24-03-10	Active	NO
4	U45102MH2001PTC131232	SHREE PARUL DEVELOPERS PRIVATE LIMITED	Director	15-03-01	15-03-01	30-03-10	Active	NO
5	U28100MH1983PLC029050	SKM INDUSTRIES PRIVATE LIMITED	Director	16-02-04	16-02-04	25-03-10	Amalgamated	NO
6	U51909MH2009PTC189603	MAITRI METALS PRIVATE LIMITED	Director	15-01-09	15-01-09	-	Active	NO

Name :

Mr. Chirag Shantilal Shah

Designation :

Director

Address :

704, Gokul Apartments, 14^th Khetwadi Back Raod, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

19.03.1977

PAN NO:

AAGPS8472C

DIN No.:

00081637

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	U27100MH1994PLC083403	SKM STEELS LIMITED	Director	01-07-00	01-07-00	-	Active	NO
2	U28100MH1983PLC029050	SKM INDUSTRIES PRIVATE LIMITED	Director	01-08-00	01-08-00	-	Amalgamated	NO
3	U45202MH1985PTC035590	SKM CONSTRUCTIONS PRIVATE LIMITED	Director	01-08-00	01-08-00	-	Active	NO
4	U70102MH1983PTC031098	SKM REALTY PRIVATE LIMITED	Director	01-08-00	01-08-00	-	Active	NO
5	U65944MH1983PTC031087	SKM CAPITAL & HOLDINGS PRIVATE LIMITED	Director	25-08-01	25-08-01	-	Active	NO
6	U24110MH1984PTC031790	SKM ENTERPRISES PRIVATE LIMITED	Director	31-10-01	31-10-01	-	Active	NO
7	U51420MH1997PTC105245	SKM METAL PROCESSORS PRIVATE LIMITED	Director	26-11-03	26-11-03	-	Amalgamated	NO
8	U70100MP2008PTC020178	SUNSTAR INFRATECH PRIVATE LIMITED	Director	02-01-08	02-01-08	-	Active	NO
9	U45102MH2001PTC131232	SHREE PARUL DEVELOPERS PRIVATE LIMITED	Director	31-01-08	31-01-08	-	Active	NO
10	U74999MH2008PTC185413	SHASWAT ENTERPRISES PRIVATE LIMITED	Director	04-08-08	04-08-08	-	Active	NO
11	U45400MH2010PTC198967	SHASWAT REALTORS PRIVATE LIMITED	Director	15-01-10	15-01-10	-	Active	NO
12	U67120MP1995PTC009168	SKM RAMDIN ULTRATECH PRIVATE LIMITED	Additional director	25-11-10	25-11-10	21-03-11	Active	NO
13	U45200MH1983PTC031489	SHREE SEJAL CONSTRUCTION PVT LTD	Director	30-04-11	30-04-11	-	Active	NO
14	U45200MP2007PTC019444	MAHIMA INFRASTRUCTURES PRIVATE LIMITED	Director	30-09-11	05-05-11	-	Active	NO
15	U28900MP2013PTC030083	SKM VINOD INDUSTIRES PRIVATE LIMITED	Director	20-02-13	20-02-13	-	Active	NO

Name :

Mr. Kalpesh Haribhai Chowdhary

Designation :

Director

Address :

Makharia House, 1st Floor 327, Svp Road, Mumbai – 400004 Maharashtra India

Date of Birth/Age :

06.11.1971

Date of Appointment :

01.01.2011

DIN No.:

00084800

Name :

Mr. Kirtilal Moolchand Shah

Designation :

Managing director

Address :

Flat No. 1001, 10^th Floor Garden View 8j Mehata Marg Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

01.03.1949

Date of Appointment :

01.12.1994

AAHPS8248K

DIN No.:

00105703

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	U28100MH1983PLC029050	SKM INDUSTRIES PRIVATE LIMITED	Director	05-01-83	05-01-83	-	Amalgamated	NO
2	U65944MH1983PTC031087	SKM CAPITAL & HOLDINGS PRIVATE LIMITED	Director	13-10-83	13-10-83	-	Active	NO
3	U70102MH1983PTC031098	SKM REALTY PRIVATE LIMITED	Director	13-10-83	13-10-83	-	Active	NO
4	U45200MH1983PTC031489	SHREE SEJAL CONSTRUCTION PVT LTD	Director	05-12-83	05-12-83	-	Active	NO
5	U24110MH1984PTC031790	SKM ENTERPRISES PRIVATE LIMITED	Director	09-01-84	09-01-84	-	Active	NO
6	U45202MH1985PTC035590	SKM CONSTRUCTIONS PRIVATE LIMITED	Director	12-03-85	12-03-85	-	Active	NO
7	U27100MH1994PLC083403	SKM STEELS LIMITED	Managing director	01-12-10	01-12-94	-	Active	NO
8	U17120MH1997PTC105599	SKM APPARELS PRIVATE LIMITED	Director	03-02-97	03-02-97	-	Active	NO
9	U27100MH1997PTC111184	SKM ALLOYS PRIVATE LIMITED	Director	09-10-97	09-10-97	-	Amalgamated	NO
10	U25200GJ1990PLC014554	HEAVY METAL AND TUBES LIMITED	Whole-time director	18-03-99	18-03-99	-	Active	NO
11	U45102MH2001PTC131232	SHREE PARUL DEVELOPERS PRIVATE LIMITED	Director	15-03-01	15-03-01	-	Active	NO
12	U51420MH1997PTC105245	SKM METAL PROCESSORS PRIVATE LIMITED	Director	26-11-03	26-11-03	-	Amalgamated	NO
13	U74999MH2003PTC143045	BKC DEVELOPERS PRIVATE LIMITED (CN)	Director	30-09-06	08-04-06	01-02-10	Active	NO
14	U70100MP2008PTC020178	SUNSTAR INFRATECH PRIVATE LIMITED	Director	02-01-08	02-01-08	-	Active	NO
15	U65910GJ1995PLC028135	KHYATI FINCAP LIMITED	Director	25-02-08	25-02-08	-	Active	NO
16	U65993GJ2008PTC054125	HM FINANCIAL SERVICES PRIVATE LIMITED	Director	04-06-08	04-06-08	-	Active	NO
17	U67120MP1995PTC009168	SKM RAMDIN ULTRATECH PRIVATE LIMITED	Additional director	25-11-10	25-11-10	21-03-11	Active	NO
18	U28900MP2013PTC030083	SKM VINOD INDUSTIRES PRIVATE LIMITED	Director	20-02-13	20-02-13	-	Active	NO
19	U51909MH2013PTC241806	BHARAT STEEL YARD PRIVATE LIMITED	Director	09-04-13	09-04-13	-	Active	NO

Name :

Mr. Amit Kirtilal Shah

Designation :

Director

Address :

Flat No. 1001, Garden View, 8 J Mehata Marge, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

03.08.1980

Date of Appointment :

11.06.2001

ALTPS7632L

DIN No.:

00105932

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	U27100MH1994PLC083403	SKM STEELS LIMITED	Director	11-06-01	11-06-01	-	Active	NO
2	U70102MH1983PTC031098	SKM REALTY PRIVATE LIMITED	Director	16-07-01	16-07-01	-	Active	NO
3	U51420MH1997PTC105245	SKM METAL PROCESSORS PRIVATE LIMITED	Director	26-11-03	26-11-03	-	Amalgamated	NO
4	U45202MH1985PTC035590	SKM CONSTRUCTIONS PRIVATE LIMITED	Director	30-01-04	30-01-04	-	Active	NO
5	U27100MH1997PTC111184	SKM ALLOYS PRIVATE LIMITED	Director	15-03-06	15-03-06	-	Amalgamated	NO
6	U70102MH2007PTC169658	HARI KRUPA REALTY PRIVATE LIMITED	Director	05-04-07	05-04-07	-	Active	NO
7	U65944MH1983PTC031087	SKM CAPITAL & HOLDINGS PRIVATE LIMITED	Director	28-01-08	28-01-08	-	Active	NO
8	U28100MH1983PLC029050	SKM INDUSTRIES PRIVATE LIMITED	Director	28-01-08	28-01-08	-	Amalgamated	NO
9	U45102MH2001PTC131232	SHREE PARUL DEVELOPERS PRIVATE LIMITED	Director	31-01-08	31-01-08	-	Active	NO
10	U65910GJ1995PLC028135	KHYATI FINCAP LIMITED	Director	21-04-08	21-04-08	-	Active	NO
11	U25200GJ1990PLC014554	HEAVY METAL AND TUBES LIMITED	Director	01-05-08	01-05-08	-	Active	NO
12	U45202MH2008PTC183432	SAK BUILDERS PRIVATE LIMITED	Director	11-06-08	11-06-08	-	Active	NO
13	U45205MH2008PTC183433	SAK INFRATECH DEVELOPERS PRIVATE LIMITED	Director	12-06-08	12-06-08	-	Active	NO
14	U72900GJ2010PTC059066	NUCLIONE SYSTEMS PRIVATE LIMITED	Director	04-01-10	04-01-10	28-01-11	Active	NO
15	U45400MH2010PTC198967	SHASWAT REALTORS PRIVATE LIMITED	Director	15-01-10	15-01-10	-	Active	NO
16	U67120MP1995PTC009168	SKM RAMDIN ULTRATECH PRIVATE LIMITED	Additional director	25-11-10	25-11-10	21-03-11	Active	NO
17	U74999MH2008PTC185413	SHASWAT ENTERPRISES PRIVATE LIMITED	Director	29-09-12	22-11-11	-	Active	NO

Name :

Mr. Ram Anugrah Singh

Designation :

Director

Address :

B/34, Ahishek Apts Block No.12, Cross Road Lokandwala Complex Andheri West, Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

02.01.1946

Date of Appointment :

27.11.1995

DIN No.:

00369580

KEY EXECUTIVES

Name :	Mr. Rakesh Swapnil
Designation :	Account Executive/ Account Head

MAJOR SHAREHOLDERS

As on: 28.09.2013

Names of Shareholders	No. of Shares
Kirtilal Moolchand Shah	470941
Amit Kirtilal Shah	473541
SKM Construction Private Limited	400000
Veena kirtila shah	474916
Sapan chemicals Limited	12000
Kailash Ficom Limited	18000
Zen Saving Limited	4000
Tribhuvan Housing Limited	10000
Kirtilalmoolchand HUF	483541
Ruchita Amit Shah	480221
Amit kirilal Shah HUF	491916
Anju Kalpesh Chowdhary	405718
Sejal Chirag Shah	394368
SKM Capital And Holings Private Limited	15000
Shree Parul Developers Private Limited	110000
Mecha Bhavesh Shah	125000
Juvenile Capfin Private Limited	490000
Total	4859162

As on: 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.57
Bodies corporate	21.80
Directors or relatives of Directors	75.63
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer and Distributor of Aluminium Sheets, Aluminium Coils, Aluminium Plates, Aluminium Tubes and Aluminium Pipes.

Products :

Description of product	ITC Code
S.S.Wire, Wire, Rods, Round Bar	72210012
S.S.Scrap	72042190
S.S.Bright Bar	72222012
Diamond Jewellery	71131130
Power	84101390

Imports :

Products :

· Finish Goods

Countries :

· Europe

· Russia

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

GENERAL INFORMATION

Customers :

Wholesalers and OEM’s

No. of Employees :

70 (Approximately)

Bankers :

· Bank of India - Lead Bank of India Consortium Large Corporate Branch, Free Press Building,9th Floor, Free Press Journal Marg, Nariman Point,, Mumbai - 400021, Maharashtra, India

· Union Bank Of India Industrial Finance Branch,, 66/80, Mumbai Samachar Marg, Fort,, Mumbai - 400023, Maharashtra, India

· Standard Chartered Bank 90, M G Road,, Fort,, Mumbai - 400001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Term Loan from bank	47.546	81.567
Term loans from others	55.311	57.670
Loan repayable on demand from others	146.693	0.000
Loan repayable on demand from banks	2946.947	2398.763
Total	3196.497	2538.000

Banking Relations :	---
Auditors :
Name :	M. C. Doshi and Company Chartered Accountant
Address :	219, 2nd Floor, Panchsheel Plaza, ‘B’ wing, Near Dharam Palace, Hughes Road, Mumbai - 400007, Maharashtra, India
PAN No.:	AACPD4437A
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	· SKM Enterprises Private Limited India (CIN No: U24110MH1984PTc031790) · Heavy Metal and Tubes Limited India (CIN NO:U25200GJ1990PLC014554) · Maitri Metals Private Limited (CIN NO: U51909MH2009PTC189603) · S K M Metal Processors Private Limited (CIN NO: U51420MH1997PTC105245 · SKM Industries Private Limited (CIN NO: U28100MH1983PLC029050 · Shree Sejal Construction Private Limited (CIN NO: U45200MH1983PTC031489 · Sunstar Infratech Private Limited (CIN NO: U70100MP2008PTC020178)

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
16500000	Equity Shares	Rs.10/- each	Rs.165.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4859162	Equity Shares	Rs.10/- each	Rs.48.592 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	48.592	47.637	47.637
(b) Reserves & Surplus	1502.911	1389.728	1287.773
(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)	1551.503	1437.365	1335.410
(3) Non-Current Liabilities
(a) long-term borrowings	102.857	144.237	38.100
(b) Deferred tax liabilities (Net)	13.067	8.215	9.603
(c) Other long term liabilities	32.899	22.159	22.047
(d) long-term provisions	8.471	6.771	4.768
Total Non-current Liabilities (3)	157.294	181.382	74.518
(4) Current Liabilities
(a) Short term borrowings	3376.836	2633.024	2907.439
(b) Trade payables	320.530	82.401	313.750
(c) Other current liabilities	69.391	88.513	59.945
(d) Short-term provisions	4.508	7.793	46.285
Total Current Liabilities (4)	3771.265	2811.731	3327.419
TOTAL	5480.062	4430.478	4737.347
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	595.121	184.421	90.028
(ii) Intangible Assets	0.000	0.000	0.540
(iii) Capital work-in-progress	108.478	283.321	141.707
(iv) Intangible assets under development	0.909	0.736	0.000
(b) Non-current Investments	14.714	19.764	19.626
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	159.356	159.883	40.246
(e) Other Non-current assets	5.251	5.251	5.251
Total Non-Current Assets	883.829	653.376	297.398
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1231.724	959.791	1469.357
(c) Trade receivables	3029.902	2499.798	2716.759
(d) Cash and cash equivalents	77.834	120.814	77.612
(e) Short-term loans and advances	255.703	196.266	175.903
(f) Other current assets	1.070	0.433	0.318
Total Current Assets	4596.233	3777.102	4439.949
TOTAL	5480.062	4430.478	4737.347

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	14813.052	15069.827	16752.537
		Other Income	90.675	106.223	65.458
		TOTAL (A)	14903.727	15176.050	16817.995
Less	EXPENSES
		Cost of Materials Consumed	2133.665	2150.082	2215.559
		Purchases of Stock-in-Trade	11589.006	11135.041	13941.235
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(316.143)	475.792	(528.511)
		Employees benefits expense	65.710	53.135	40.483
		Other expenses	861.312	710.020	691.367
		Prior period items	1.250	54.863	0.000
		Exceptional items	(0.636)	4.508	(1.685)
		TOTAL (B)	14334.164	14583.441	16358.448
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		569.563	592.609	459.547
Less	FINANCIAL EXPENSES (D)		384.649	419.432	235.188
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		184.914	173.177	224.359
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.623	18.199	8.152
	PROFIT BEFORE TAX (E-F) (G)		153.291	154.978	216.207
Less	TAX (H)		65.632	53.023	76.603
	PROFIT AFTER TAX (G-H) (I)		87.659	101.955	139.604
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		808.722	706.766	564.650
	BALANCE CARRIED TO THE B/S		921.905	808.722	706.766
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	339.667	414.506	0.000
	IMPORTS
		Raw Materials	553.492	458.151	0.000
		Capital Goods	24.354	10.688	10.688
		Trading goods	164.616	140.551	2473.901
	TOTAL IMPORTS		742.462	609.39	2484.589
	Earnings Per Share (Rs.)		18.04	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.59	0.67	0.83
Net Profit Margin (PBT/Sales)	(%)	1.03	1.03	1.29
Return on Total Assets (PBT/Total Assets}	(%)	2.86	3.76	4.72
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.16
Debt Equity Ratio (Total Debt /Networth)		2.24	1.93	2.21
Current Ratio (Current Asset/Current Liability)		1.22	1.34	1.33

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	47.637	47.637	48.592
Reserves & Surplus	1287.773	1389.728	1502.911
Net worth	1335.410	1437.365	1551.503
long-term borrowings	38.100	144.237	102.857
Short term borrowings	2907.439	2633.024	3376.836
Total borrowings	2945.539	2777.261	3479.693
Debt/Equity ratio	2.206	1.932	2.243

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	16752.537	15069.827	14813.052
		(10.045)	(1.704)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	16752.537	15069.827	14813.052
Profit	139.604	101.955	87.659
	0.83%	0.68%	0.59%

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 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	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	----------------------
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

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
Short Term Borrowing
Loan and advances from director	224.850	78.640
Loan and advance from others	51.350	126.800
Other loan and advance	6.996	21.452
Long Term borrowing
Loan and advance from others	0.000	5.000
Interoperate borrowing	0.000	7.000
Loan and advance from others	0.000	0.369
Total	283.196	239.261

BUSINESS RESULTS AND OPERATIONS:

Steel sector has paned through a very depressing year because of slow growth in the international market and local demand has drastically come down due to slow down in the infrastructure sector as well as the other sectors like engineering goods, automobiles, constructions etc. where the products are sold by the company. This situation is reflected in the working of the company as turnover for the year was Rs.14903.700 Millions against Rs. 15176.000 Millions resulting into fall of 2%. Due to efficient management of funds and stringent control over cost, profits before depreciation and taxes increased to Rs. 184.900 Millions against Rs. 173.200 Millions for the last year resulting into a fourfold increase

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10434284	18/06/2013 *	75,000,000.00	COMMONWEALTH BANK OF AUSTRALIA	MUMBAI BRANCH, LEVEL 2,, HOECHST HOUSE, NARIMAN P  OINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B78773272
2	10406046	01/02/2013	250,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI,  MAHARASHTRA - 400001, INDIA	B68432640
3	10387084	12/10/2012	250,000,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROA  D, AHMEDABAD, GUJARAT - 380006, INDIA	B62231139
4	10348025	25/03/2012	100,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	B37096682
5	10300041	29/03/2012 *	100,000,000.00	COMMONWEALTH BANK OF AUSTRALIA	LEVEL 2, HOECHST HOUSE,, NARIMAN POINT,, MUMBAI,  MAHARASHTRA - 400021, INDIA	B37540309
6	10294191	29/06/2011	60,000,000.00	EDELWEISS FINANCE & INVESTMENTS LIMITED	2ND FLOOR, MB TOWERS, PLOT NO 5,, ROAD NO 2, BANJ  ARA HILLS, HYDERABAD, ANDHRA PRADESH - 500034, IND  IA	B15816846
7	10285489	30/03/2011	399,500,000.00	BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM	LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH  FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT,, M  UMBAI, MAHARASHTRA - 400021, INDIA	B12247367
8	10259012	30/03/2011 *	399,500,000.00	BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM	LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH  FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT,, M  UMBAI, MAHARASHTRA - 400021, INDIA	B12244026
9	10238175	04/08/2010	150,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	A93450187
10	10231574	01/07/2010	50,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH,, 66/80, MUMBAI SAMACHA  R MARG, FORT,, MUMBAI, MAHARASHTRA - 400023, INDIA	A89330229
11	10223177	06/05/2010	100,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA -  400018, INDIA	A86764222
12	10218079	30/03/2011 *	2,750,000,000.00	BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM	LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH  FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT,, M  UMBAI, MAHARASHTRA - 400021, INDIA	B12246625
13	10223138	16/04/2010	75,000,000.00	BANK OF INDIA	C. P. TANK BRANCH,, 95, VITHALBHAI PATEL ROAD, C.  P. TANK,, MUMBAI, MAHARASHTRA - 400004, INDIA	A85123529
14	10218080	16/04/2010	1,250,000,000.00	BANK OF INDIA (LEAD BANK)	C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL,  BUILDING, 95, VITHALBHAI PATEL ROAD, C. P. TANK,  , MUMBAI, MAHARASHTRA - 400004, INDIA	A84306414
15	10125667	23/10/2008 *	250,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH,, 66/80, MUMBAI SAMACHA  R MARG, FORT,, MUMBAI, MAHARASHTRA - 400023, INDIA	A83473033
16	10155939	17/03/2008	1,150,000,000.00	BANK OF INDIA (LEAD BANK)	C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL,  BUILDING, 95, VITHALBHAI PATEL ROAD, C. P. TANK,  , MUMBAI, MAHARASHTRA - 400004, INDIA	A44158509
17	10104582	14/06/2010 *	150,000,000.00	HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60 M.G. ROAD, FORT, MUMBAI, MAHARASHTRA - 4000  01, INDIA	A88854112
18	10039313	16/08/2007 *	250,000,000.00	STANDARD CHARTERED BANK	90, M G ROAD,, FORT,, MUMBAI, MAHARASHTRA - 40000  1, INDIA	A21433941
19	10025802	12/07/2010 *	250,000,000.00	THE FEDERAL BANK LIMITED	CORPORATE BANKING BRANCH,1ST FLOOR, RAJA BAHADUR  MANSION,32,BOMBAY SAMACHAR MARG,FORT, MUMBAI, MAHA  RASHTRA - 400001, INDIA	A93058469
20	10008601	15/06/2006	15,000,000.00	BANK OF INDIA	C P TANK BRANCH CHANDARAMJI GIRL'S HIGH SCHOOL, B  LDG VITHALBHAI PATEL ROAD C P TANK ROAD, MUMBAI,  MAHARASHTRA - 400004, INDIA	A02086494
21	80058515	29/12/2010 *	250,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ  ARAT - 390015, INDIA	B02781763
22	90160619	30/03/2011 *	2,750,000,000.00	BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM	LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH  FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT,, M  UMBAI, MAHARASHTRA - 400021, INDIA	B12242921
23	90160344	25/10/2004	220,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80 MUMBAI SAMACHA  R MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
24	90160343	03/01/2005 *	674,300,000.00	BANK OF INDIA	C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL  BUILDING;, MUMBAI, MAHARASHTRA - 400004, INDIA	-
25	90160589	08/09/2004 *	330,000,000.00	BANK OF INDIA	C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL  BUILDING;, MUMBAI, MAHARASHTRA - 400004, INDIA	-
26	90159097	30/04/2002	200,000,000.00	BANK OF INDIA	C.P. TANK BRANCH; GHANDARANJI GIRLS' HIGH SCHOOL B  , VITHALHHAI PATEL ROAD; C.P. TANK;, MUMBAI, MAHA  RASHTRA - 400004, INDIA	-
27	90160088	22/06/2004 *	187,500,000.00	BANK OF INDIA	C.P. TANK BRANCH; GHANDARANJI GIRLS' HIGH SCHOOL B  , VITHALHHAI PATEL ROAD; C.P. TANK;, MUMBAI, MAHA  RASHTRA - 400004, INDIA	-
28	90229758	21/09/2006 *	30,000,000.00	BANK OF INDIA	C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL,  BUILDING, VITHALBHAI PATEL ROAD, C. P. TANK,, MU  MBAI, MAHARASHTRA - 400004, INDIA	-
29	80038033	26/02/2002	31,000,000.00	BANK OF INDIA	C.P. TANK BR., VITHALBHAI PATEL ROAD, MUMBAI, MAH  ARASHTRA - 400004, INDIA	-
30	90229557	13/03/2000	11,000,000.00	BANK OF INDIA	C.P. TANK BRANCH, VITHALBHAI PATEL ROAD, MUMAI, M  AHARASHTRA - 400004, INDIA	-
31	90159581	21/01/1997	130,000,000.00	BANK OF INDIA	C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL  BUILDING;, MUMBAI, MAHARASHTRA - 400004, INDIA	-
32	90227840	19/12/1985	2,250,000.00	BANK OF INDIA	C.P. TANK BRANCH, VITHALBHAI PATEL ROAD, MUMAI, M  AHARASHTRA - 400004, INDIA	-

* Date of charge modification

FIXED ASSETS

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.59.80
UK Pound	1	Rs.102.42
Euro	1	Rs.81.032

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	SUM
Report Prepared by :	YOG

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	4
--LIQUIDITY	1~10	4
--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		44

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.