MIRA INFORM REPORT

Report Date :

03.05.2014

IDENTIFICATION DETAILS

Name :	PANCHMAHAL STEEL LIMITED
Registered Office :	GIDC Industrial Estate, District Panchmahal, Kalol – 389330, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.09.1972
Com. Reg. No.:	04-002153
Capital Investment / Paid-up Capital :	Rs.189.092 Millions
CIN No.: [Company Identification No.]	L27104GJ1972PLC002153
TAN No.: [Tax Deduction & Collection Account No.]	BRDP01051B
PAN No.: [Permanent Account No.]	AABCP2643Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture of Stainless Steel Long Products in the form of Wire Rods, Bars and Wires.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 5510000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exists
Comments :	Subject is an established company having satisfactory track record. There seems slight dip in its sales turnover as well as profit of the company during 2013. However, networth of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal 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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	October 4, 2013

Rating Agency Name	CARE
Rating	Short term bank facilities A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	October 4, 2013

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. Anush Parekh
Designation :	Marketing
Contact No.:	91-2676-304777
Date :	29.04.2014

LOCATIONS

Registered Office :	GIDC Industrial Estate, District Panchmahal, Kalol – 389330, Gujarat, India
Tel. No. :	91-2676-304777
Fax No. :	91-2676-304888 / 304889
E-Mail :	dnagar@panchmahalsteel.co.in
Website :	www.panchmahalsteel.co.in
Location :	Owned
Corporate Office :	"Landmark", 7th Floor, Race Course Circle, Baroda - 390 007, Gujarat, India
Tel. No.:	91-265-3051777
Fax No.:	91-265-3051705

DIRECTORS

As on 29.07.2013

Name :

Mr. Ashok Malhotra

Designation :

Chairman and Managing Director

Address :

Plot No. 74, Survey No. 32, B/H. Akashvan Complex Gotri – Sevasi Road, Vadodara – 391101, Gujarat, India

Date of Birth/Age :

27.08.1952

Qualification :

B. Com

Date of Appointment :

01.04.2007

CIN No. :

00120198

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	L27104GJ1972PLC002153	PANCHMAHAL STEEL LTD	Managing director	01/04/2007	18/02/1976	-	Active	NO
2	U51100GJ1982PTC005314	AMIL ENTERPRISES PRIVATE LIMITED	Director	07/07/1982	07/07/1982	-	Active	NO
3	U73100GJ1990PTC014087	HONEYVICK ENTERPRISES PRIVATE LIMITED	Director	25/07/1990	25/07/1990	-	Active	NO
4	U27106MH1968NPL014092	THE ALLOY STEEL PRODUCERS ASSOCIATION OF INDIA	Director	22/09/1996	22/09/1996	-	Active	NO

Name :

Mr. Mohanraj M. Singhi

Designation :

Director

Address :

Namaskar 14, Navyug Society, Behind C. N. Vidhyalaya Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

19.12.1939

Qualification :

B.Com. LLB.

Date of Appointment :

24.03.1992

CIN No. :

01605981

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	L27104GJ1972PLC002153	PANCHMAHAL STEEL LTD	Director	24/03/1992	24/03/1992	-	Active	NO

Name :

Mr. Nilesh B. Mehta

Designation :

Director

Address

203, Tulsi Villa Podar Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

24.04.1962

Qualification :

FCA, PGDM - IIM Ahmedabad

Experience :

Investment Banking, Private Equity and Fund related activities and Corporate Advisory services.

Date of Appointment :

26.12.1997

CIN No. :

00199071

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	U65910GJ1993PTC019193	VIKALPA FINANCIAL AND MANAGEMENT SERVICES PVT LTD	Director	24/03/1993	24/03/1993	-	Active	NO
2	L27104GJ1972PLC002153	PANCHMAHAL STEEL LTD	Director	26/12/1997	26/12/1997	-	Active	NO
3	U74140MH1998PTC117518	VENTURE INDIA ADVISORS PRIVATE LIMITED	Director	21/03/2000	21/03/2000	10/01/2011	Active	NO
4	U74140MH2000PTC128587	INFINITYY INDIA ADVISORS PRIVATE LIMITED	Director	07/09/2000	07/09/2000	10/01/2011	Active	NO
5	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Director	07/12/2002	07/12/2002	15/05/2010	Active	NO
6	L24240MH1992PLC128651	JYOTHY LABORATORIES LIMITED	Director	07/02/2003	07/02/2003	-	Active	NO
7	U65999MH2005PTC154367	AUREOS INDIA TRUSTEES PRIVATE LIMITED	Director	30/06/2005	30/06/2005	13/08/2010	Active	NO
8	U67190MH2006PTC159133	AUREOS INDIA ADVISERS PRIVATE LIMITED	Whole-time director	20/01/2006	20/01/2006	30/07/2010	Active	NO
9	U24239MH2001PTC131153	ACCUTEST RESEARCH LABORATORIES INDIA PRIVATE LIMITED	Director	20/06/2007	20/06/2007	23/09/2010	Active	NO
10	U74900MH2007PTC173381	Aavishkaar Venture Trustees Private Limited	Director	30/09/2009	17/11/2008	-	Active	NO
11	U93090MH2009NPL194057	Bhavitha Foundation	Director	14/07/2009	14/07/2009	-	Active	NO
12	L36900MH1988PLC049085	SUASHISH DIAMONDS LIMITED	Director	01/07/2010	01/07/2010	-	Active	NO
13	U67120GJ2010PTC062604	ACCESS ASSET MANAGERS PRIVATE LIMITED	Director	13/10/2010	13/10/2010	-	Active	NO
14	U67100GJ2010PTC062626	ACCESS TRUSTEESHIP COMPANY PRIVATE LIMITED	Director	15/10/2010	15/10/2010	-	Active	NO
15	L24129MH2003PLC235007	JYOTHY CONSUMER PRODUCTS LIMITED	Director	14/09/2011	31/05/2011	-	Amalgamated	NO
16	U80902MH2011PTC225438	Sarvottam Education Services Private Limited	Director	26/12/2011	26/12/2011	-	Strike off	NO
17	U80301MH2008PTC179166	J. K. Shah Education Private Limited	Director	07/08/2012	07/08/2012	-	Active	NO
18	U24239GA2001PTC003048	NOBEL HYGIENE Private Limited	Director	30/09/2013	14/02/2013	-	Active	NO
19	U85110GJ2000PLC039121	Sterling Addlife India Limited	Additional director	14/02/2014	14/02/2014	-	Active	NO
20	AAB-9217	AURIN TRADING LLP	Designated Partner	11/12/2013	11/12/2013	-	Active	NO

Name :

Mr. Amal Datt Dhru

Designation :

Director

Address :

3, Brahman Mitra Mandal Society, Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India

Date of Birth/Age :

17.09.1951

Qualification :

FCA, PGDM - IIM Ahmedabad

Experience :

Finance, Accounts, Taxation and Management Consultancy

Date of Appointment :

31.01.2004

CIN No. :

00165145

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	L28129GJ1977PLC003002	SIRHIND STEEL LIMITED	Director	01/08/1989	01/08/1989	-	Active	NO
2	U91110GJ1995PTC026764	COMPREHENSIVE FINANCIAL SERVICES PVT LTD	Director	18/07/1995	18/07/1995	-	Active	NO
3	L27104GJ1972PLC002153	PANCHMAHAL STEEL LTD	Director	30/01/2004	30/01/2004	-	Active	NO
4	L29259GJ1962PLC001130	SATELLITE ENGINEERING LIMITED	Director	31/01/2004	31/01/2004	20/01/2009	Active	NO
5	U85100DL2007NPL162563	FXB INDIA SURAKSHA	Director	26/12/2007	26/12/2007	-	Active	NO
6	U17119GJ1989PTC012787	URJA PRODUCTS PVT LTD	Director	30/06/2009	30/06/2009	-	Active	NO
7	U24230MH2005PTC151457	AYURNET HEALTHCARE PRIVATE LIMITED	Additional director	08/02/2010	08/02/2010	08/03/2010	Active	YES
8	U65910MH1994PTC083413	PAHAL FINANCIAL SERVICES PRIVATE LIMITED	Director	25/07/2011	16/02/2011	-	Active	NO
9	U63040GJ2011PTC067417	JUPITER OASIS HOLIDAYS PRIVATE LIMITED	Director	11/10/2011	11/10/2011	-	Active	NO
10	U27209DL1986PTC023662	Zillion Infraprojects Private Limited	Director	18/12/2012	18/12/2012	-	Active	NO

Name :

Mr. Milan Shah

Designation :

Director

Address :

16, Jivan Prakash Society, St. Xavier’s High School Road, Ahmedabad – 380014, Gujarat, India

Date of Birth/Age :

14.02.1960

Qualification :

B.Com, FCA, ACS

Date of Appointment :

01.09.2006

CIN No.:

00012088

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	U65910GJ1994PLC022721	ARVIND BRANDS LIMITED	Director	06/06/2005	06/06/2005	-	Active	NO
2	L27104GJ1972PLC002153	PANCHMAHAL STEEL LTD	Director	01/09/2006	01/09/2006	-	Active	NO
3	U80212GJ2008PLC052901	ANAGRAM KNOWLEDGE ACADEMY LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
4	U65910GJ1981PLC004408	ASMAN INVESTMENTS LIMITED	Director	29/09/2011	01/10/2010	-	Active	NO
5	U80903GJ2011PTC065688	FOUNTAINHEAD MENTORING PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO
6	U17120GJ2013PTC073597	ARVIND GARMENTS PARK PRIVATE LIMITED	Additional director	06/12/2013	06/12/2013	-	Active	NO

Name :

Mr. Hanish Malhotra

Designation :

Director (Marketing)

Address :

42, Charotar Society, Old Padra Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

21.09.1976

Date of Appointment :

01.02.2006

CIN No.:

00120310

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	U93000HR1989NPL049721	INDIAN STAINLESS STEEL DEVELOPMENT ASSOCIATION	Director	19/09/2012	01/02/2006	-	Active	NO
2	L27104GJ1972PLC002153	PANCHMAHAL STEEL LTD	Whole-time director	01/02/2012	01/02/2006	-	Active	NO
3	U51100GJ1982PTC005314	AMIL ENTERPRISES PRIVATE LIMITED	Director	31/10/2006	31/10/2006	-	Active	NO

Name :

Mr. Pradeep Sharma

Designation :

Director (Operations)

Address :

5, Amrakunj Society, Ellora Park, Vadodara – 390007, Gujarat, India

Date of Birth/Age :

01.10.1964

Date of Appointment :

26.10.2011

CIN No.:

00705862

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	L27104GJ1972PLC002153	PANCHMAHAL STEEL LTD	Whole-time director	26/10/2011	26/10/2005	-	Active	NO

KEY EXECUTIVES

Name :	Deepak Ramakant Nagar
Designation :	Secretary
Address :	A-8, Shivpuri HSG Society, Opposite Vrundavan Township Vasna, Vadodara – 390015, Gujarat, India
Date of Birth/Age :	18.04.1966
Date of Appointment :	08.12.2003
PAN No.:	ABGPN3814J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2217552	11.62
Bodies Corporate	10325311	54.12
Sub Total	12542863	65.74
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	12542863	65.74
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5700	0.03
Financial Institutions / Banks	3949374	20.70
Insurance Companies	331000	1.73
Foreign Institutional Investors	1000	0.01
Sub Total	4287074	22.47
(2) Non-Institutions
Bodies Corporate	1632104	8.55
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	504732	2.65
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	95149	0.50
Any Others (Specify)	16407	0.09
Non Resident Indians	530	0.00
Hindu Undivided Families	15877	0.08
Sub Total	2248392	11.79
Total Public shareholding (B)	6535466	34.26
Total (A)+(B)	19078329	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	19078329	0.00

BUSINESS DETAILS

Line of Business :

Manufacture of Stainless Steel Long Products in the form of Wire Rods, Bars and Wires.

Products :

Item Code No. (ITC Code)	Product Description
72221100	Rolled Products
72222000	Bright Bars
73261910	Forged Products
72189910	Steel Billets

Exports :

Products :

Wire Rods

Countries :

• USA
• Middle East

Imports :

Products :

Raw Material

Countries :

Germany

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

700 (Approximately)

Bankers :

• State Bank of India, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India
• State Bank of Saurashtra, Raopura Branch, Raopura, Vadodara – 390001, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Working capital loans from banks	484.001	446.569
Total	484.001	446.569

Banking Relations :	--
Financial Institution :	Axis Trustee Services Limited, 2nd Floor, Axis Tower, Bombay Dyeing Mills Compoun, Pandurang Budhkar Marg, Mumbai - 400030, Maharashtra, India Gujarat Industrial Investment Corporation Limited, Chunibhai chambers, Ashram Road, Ahmedabad - 380009, Gujarat, India
Auditors :
Name :	J.R.S. Patel and Company Chartered Accountants
Address :	106, Anurag, Commercial Center, R. C. Dutt Road, Vadodara – 390007, Gujarat, India
PAN No. :	AABFJ9945F
Associates :	² Amil Enterprises Private Limited ² Honeyvick Enterprises Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18904460	Equity Shares	Rs.10/- each	Rs.189.045 Millions
	Forfeited Shares		Rs. 0.047 Million
	Total		Rs.189.092 Millions

After 29.07.2013

Authorised Capital : Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 190.783 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	189.092	189.092	189.092
(b) Reserves & Surplus	1188.437	1178.576	1175.987
(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)	1377.529	1367.668	1365.079
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	8.715
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	5.168	0.000
(d) long-term provisions	56.071	56.455	56.482
Total Non-current Liabilities (3)	56.071	61.623	65.197
(4) Current Liabilities
(a) Short term borrowings	484.001	446.569	467.932
(b) Trade payables	956.074	1052.957	1157.095
(c) Other current liabilities	144.328	180.732	175.728
(d) Short-term provisions	33.093	60.633	64.774
Total Current Liabilities (4)	1617.496	1740.891	1865.529
TOTAL	3051.096	3170.182	3295.805
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1163.994	1146.653	1220.591
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	58.782	37.547	20.360
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.005	0.005	0.005
(c) Deferred tax assets (net)	16.822	31.960	58.344
(d) Long-term Loan and Advances	114.976	112.267	94.475
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1354.579	1328.432	1393.775
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1272.696	1447.314	1393.268
(c) Trade receivables	274.393	257.629	307.935
(d) Cash and cash equivalents	51.828	47.238	60.922
(e) Short-term loans and advances	88.457	82.577	133.590
(f) Other current assets	9.143	6.992	6.315
Total Current Assets	1696.517	1841.750	1902.030
TOTAL	3051.096	3170.182	3295.805

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3360.155	4596.327	4019.257
		Other Income	72.298	58.098	37.309
		TOTAL	3432.453	4654.425	4056.566
Less	EXPENSES
		Cost of Materials Consumed	2126.655	3228.287	2913.549
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	146.333	(104.347)	(214.679)
		Employees benefits expense	130.980	165.620	149.422
		Other expenses	838.229	1104.893	841.759
		Prior Period Item	0.000	0.000	(1.047)
		TOTAL	3242.197	4394.453	3689.004
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		190.256	259.972	367.562
Less	FINANCIAL EXPENSES		55.951	54.409	54.673
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		134.305	205.563	312.889
Less/ Add	DEPRECIATION/ AMORTISATION		81.659	120.274	139.705
	PROFIT/ (LOSS) BEFORE TAX		52.646	85.289	173.184
Less	TAX		15.139	27.772	57.364
	PROFIT/ (LOSS) AFTER TAX		37.507	57.517	115.820
	Earnings / (Loss) Per Share (Rs.)		1.98	3.04	6.26

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.09	1.24	2.86
Net Profit Margin (PBT/Sales)	(%)	1.57	1.86	4.31
Return on Total Assets (PBT/Total Assets}	(%)	1.77	2.75	5.38
Return on Investment (ROI) (PBT/Networth)		0.04	0.06	0.13
Debt Equity Ratio (Total Debt/Networth)		0.35	0.33	0.35
Current Ratio (Current Asset/Current Liability)		1.05	1.06	1.02

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	189.092	189.092	189.092
Reserves & Surplus	1175.987	1178.576	1188.437
Net worth	1365.079	1367.668	1377.529
long-term borrowings	8.715	0.000	0.000
Short term borrowings	467.932	446.569	484.001
Total borrowings	476.647	446.569	484.001
Debt/Equity ratio	0.349	0.327	0.351

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	4019.257	4596.327	3360.155
		14.358	(26.895)

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	4019.257	4596.327	3360.155
Profit	115.820	57.517	37.507
	2.88%	1.25%	1.12%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF GUJARAT

COMPANY APPLICATION No. 187 of 2012

Status : PENDING CCIN No : 001057201200187

Next Listing Date: 11/06/2014

Coram

· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

S.NO.	Name of the Petitioner	Advocate On Record
1 2	NAVDURGA ASSOCIATES NAVDURGA INFRASTRUCTURE	MR AMAR N BHATT for: Applicant(s) 1 - 2

S.NO.	Name of the Respondant	Advocate On Record
1 2 3 4 5 6 7 8 9 10 11	OFFICIAL LIQUIDATOR OF M/S KANKARIA CHEMICALS INDUSTRIES IFCI LIMITED CHIEF MANAGER - BANK OF BARODA MANAGER - PUNJAB NATIONAL BANK MANAGER - IDBI BANK LIMITED INTERNATIONAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED IRAC PANCHMAHAL DISTRICT LABOUR FEDERATION AKASH K AGRAWAL PANCHMAHAL STEELS LIMITED MADHYA GUJARAT VIJ COMPANY LIMITED MAMLATDAR - KALOL more	OFFICIAL LIQUIDATOR for :Respondent(s) 1 MR GAURANG H BHATT for :Respondent(s) 1 MS MAYA S DESAI for :Respondent(s) 10 GOVERNMENT PLEADER for :Respondent(s) 12 MR INDRAVADAN PARMAR for :Respondent(s) 2 MR BHARAT JANI for :Respondent(s) 3 NOTICE SERVED BY DS for :Respondent(s) 4 - 9 , 11 - 12 MR AS PANESAR for :Respondent(s) 6

Presented On	: 27/04/2012	Registered On	: 27/04/2012
Bench Category	: SINGLE BENCH	District	: VADODARA
Case Originated From	: THROUGH ADVOCATE	Listed	: 45 times
StageName	: NOTICE RETURNABLE MATTERS

Classification	SJ - OJ - COMPANY APPLICATION - COMPANIES ACT, 1956 - FROM BOARD FOR INDUSTRIES FINANCE AND RECONSTRUCTION (BIFR)
Act	COMPANIES ACT, 1956

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	27/04/2012	VAKALATNAMA	MR AMAR N BHATT ADVOCATE for PETITIONER(s) 1	5	MR AMAR N BHATT:1-2
2	27/04/2012	APPLICATION	MR AMAR N BHATT ADVOCATE for PETITIONER(s) 1	50	MR AMAR N BHATT:1-2
3	04/06/2012	APPEARANCE NOTE	GOVERNMENT PLEADER for RESPONDENT(s) 1 , 1	-	GOVERNMENT PLEADER:12
4	11/06/2012	VAKALATNAMA	MR INDRAVADAN PARMAR ADVOCATE for RESPONDENT(s) 2 , 2	5	MR INDRAVADAN PARMAR:2
5	12/06/2012	VAKALATNAMA	MR BHARAT JANI ADVOCATE for RESPONDENT(s) 3 , 3	5	MR BHARAT JANI:3
6	26/06/2012	AFFIDAVIT OF DS	MR AMAR N BHATT ADVOCATE for PETITIONER(s) 1	0	MR AMAR N BHATT:1-2
7	02/07/2012	AFFIDAVIT OF DS	MR AMAR N BHATT ADVOCATE for PETITIONER(s) 1	0	MR AMAR N BHATT:1-2
8	05/07/2012	AFFIDAVIT IN REPLY	MR INDRAVADAN PARMAR ADVOCATE for RESPONDENT(s) 2 , 2	0	MR INDRAVADAN PARMAR:2
9	09/08/2012	VAKALATNAMA	MS MAYA S DESAI ADVOCATE for RESPONDENT(s) 1 , 1	5	MS MAYA S DESAI:10
10	19/10/2012	APPEARANCE NOTE	MR.HIREN M MODI ADVOCATE for RESPONDENT(s) 1 , 1	-	MR.HIREN M MODI:1
11	29/10/2012	APPEARANCE NOTE	MR.HIREN M MODI ADVOCATE for RESPONDENT(s) 1 , 1	-	MR.HIREN M MODI:1
12	22/08/2013	APPEARANCE NOTE	MR GAURANG H BHATT ADVOCATE for RESPONDENT(s) 1	0	MR GAURANG H BHATT(166) for R:1
13	17/09/2013	AFFIDAVIT	MR AMAR N BHATT ADVOCATE for PETITIONER(s) 1	0	MR AMAR N BHATT(160) for P:1 - 2
14	01/04/2014	VP FILED IN MAIN MATTER	MR AS PANESAR ADVOCATE for RESPONDENT(s) 6	0	MR AS PANESAR(5390) for R:6

APPLICATIONS

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	COMPANY APPLICATION/351/2012	DISPOSED	31/03/2014	ALLOWED @ ADM.STAGE · HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

COURT PROCEEDINGS

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	18/12/2012	17	2-	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
2	22/01/2013	17	20	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
3	28/01/2013	17	16	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
4	11/02/2013	17	18	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
5	20/02/2013	17	42	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
6	27/02/2013	17	18	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
7	11/03/2013	16	27	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
8	22/03/2013	16	22	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
9	15/04/2013	16	16	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
10	17/04/2013	16	19	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
11	30/04/2013	16	9	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
12	14/06/2013	13	13	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER · HONOURABLE MR.JUSTICE R.M.CHHAYA
13	25/06/2013	13	22	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
14	08/07/2013	13	23	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
15	15/07/2013	13	16	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
16	30/07/2013	13	11	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
17	21/08/2013	13	16	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
18	02/09/2013	13	17	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
19	18/09/2013	13	13	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
20	27/09/2013	13	9	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
21	07/10/2013	13	5	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
22	23/10/2013	13	11	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER
23	22/11/2013	15	11	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE K.M.THAKER · HONOURABLE MR.JUSTICE R.M.CHHAYA
24	17/12/2013	15	23	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
25	17/01/2014	15	9	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
26	06/02/2014	15	11	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
27	25/02/2014	15	23	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
28	20/03/2014	9	18	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT · HONOURABLE MR.JUSTICE R.M.CHHAYA
29	02/04/2014	9	15	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
30	11/04/2014	9	21	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
31	21/04/2014	9	14	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
32	11/06/2014	9	14	NOTICE RETURNABLE MATTERS		· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT

AVAILABLE ORDERS

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	COMPANY APPLICATION/187/2012	· HONOURABLE MR.JUSTICE R.M.CHHAYA	30/04/2012	N	ORDER	-	Y	Download
2	COMPANY APPLICATION/187/2012	· HONOURABLE MR.JUSTICE K.M.THAKER	25/06/2013	N	ORDER	-	Y	Download
3	COMPANY APPLICATION/187/2012	· HONOURABLE MR.JUSTICE K.M.THAKER	07/10/2013	N	ORDER	-	Y	Download

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10263399	27/01/2011	2,400,000.00	Axis Trustee Services Limited	2nd Floor, Axis Tower, Bombay Dyeing Mills Compoun, Pandurang Budhkar Marg, MUMBAI, Maharashtra - 400030, INDIA	B04738100
2	10239584	25/08/2010	18,400,000.00	Axis Trustee Services Limited	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLAB A, MUMBAI, Maharashtra - 400005, INDIA	A92303809
3	10198042	02/02/2010	942,200,000.00	Axis Trustee Services Limited	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLAB A, MUMBAI, Maharashtra - 400005, INDIA	A77930899
4	80002835	28/03/2006 *	150,000,000.00	STATE BANK OF INDIA	BARODA MAIN BRANCH, MANDVI, VADODARA, VADODARA, Gujarat - 390017, INDIA	-
5	80047312	04/01/2013 *	1,520,000,000.00	STATE BANK OF INDIA	MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE,, VADODARA, Gujarat - 390007, INDIA	B66050816

* Date of charge modification

OPERATIONS

The sales and other income of the Company is Rs. 3408.800 millions as against Rs. 4642.600 millions in the previous year. The operating profit is Rs. 204.100 millions as compared to Rs. 290.100 millions in the previous year.

The current business environment is difficult and challenging on account of the overall global slowdown and also the weak investment climate and slowing of the Indian economy. The high volatility in the exchange rate further adds to the uncertainties of business. However, the Company endeavors to remain competitive and improve operations and the management is confident of the future growth of the company.

FINANCIAL RESTRUCTURING

The Company has paid all loans to the secured lenders as per the Scheme of Compromise and/or Arrangement approved by the Hon'ble High Court of Gujarat. The matter related to dissenting secured lender is pending before the Hon'ble High Court of Gujarat.

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

œ 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.60.22
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.