MIRA INFORM REPORT

Report Date :

22.11.2014

IDENTIFICATION DETAILS

Name :	SHRI BAJRANG POWER AND ISPAT LIMITED
Registered Office :	Village Borjhar, Guna Road, Urla Growth Center, Raipur – 493221, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.07.2002
Com. Reg. No.:	015184
Capital Investment / Paid-up Capital :	Rs.129.137 Millions
CIN No.: [Company Identification No.]	U27106CT2002PLC015184
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AACCB2944D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Exporter and Importer of Sponge Iron, Billets, Pellets, TMT Bars, Wire Rod and Ferro Alloys and Generation of Power.
No. of Employees :	5000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 15000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and sound profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BBB+”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	13.01.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A2”
Rating Explanation	Strong degree of safety and low credit risk.
Date	13.01.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ashok Harlalka
Designation :	General Manager
Contact No.:	91-9826160900
Date :	22.11.2014

LOCATIONS

Registered Office :	Village Borjhar, Guna Road, Urla Growth Center, Raipur – 493221, Chhattisgarh, India
Tel. No.:	91-771 4288029 / 4288019 / 39
Mobile No.:	91-9826160900 (Mr. Ashok Harlalka)
Fax No.:	91-771-4288123 / 2323601 / 602
E-Mail :	muralidharan.b@goeltmt.com spbil@goeltmt.com cs@goelgroup.co.in
Website :	http://www.goeltmt.com
Branch Office / TMT Division :	KH. No 2/3, Village Gondwara, Urla Industrial Area, Raipur – 493221, Chhattisgarh, India
Tel. No.:	91-771-4288111
Fax No.:	91-771-4288150

DIRECTORS

AS ON: 30.09.2013

Name :

Mr. Suresh Goel

Designation :

Director

Address :

Gharonda, Ravi Nagar, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

25.05.1950

Qualification :

B.com

Date of Appointment :

25.01.2007

PAN No.:

ACZPG8043L

DIN No.:

00115834

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	L27103CT1990PLC005964	SHRI BAJRANG ALLOYS LIMITED	Director	10-10-94	10-10-94	-	Active	NO
2	U28910CT2005PLC017828	SHRI BAJRANG STEEL AND POWER LIMITED	Director	27-07-05	27-07-05	-	Active	NO
3	U01410CT2005PLC018224	CHHATTISGARH CAPTIVE COAL MINING LIMITED.	Director	28-12-05	28-12-05	04-01-09	Active	NO
4	U13100CT2006PTC020001	S. B. MULTIMEDIA PRIVATE PRIVATE LIMITED	Director	26-05-06	26-05-06	-	Active	NO
5	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	25-01-07	25-01-07	-	Active	NO
6	U40101HP2007PTC030762	SHRI BAJRANG HYDRO ENERGY PRIVATE LIMITED	Director	27-06-07	27-06-07	-	Active	NO
7	U10101CT2007PTC020161	MADANPUR (NORTH) COAL COMPANY PRIVATE LIMITED	Nominee director	06-08-07	06-08-07	12-04-10	Active	NO

Name :

Mr. Narendra Goel

Designation :

Managing Director

Address :

F-6, Anupam Nagar, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

10.10.1959

Qualification :

B.com

Date of Appointment :

01.04.2011

PAN No.:

AHDPG8042M

DIN No.:

00115883

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	L27103CT1990PLC005964	SHRI BAJRANG ALLOYS LIMITED	Director	01-02-08	16-08-90	-	Active	NO
2	U27100MH1996PLC097544	SHRI BAJARANG ISPAT AND PLYWOOD LIMITED	Additional director	09-08-08	22-02-96	26-09-08	Active	NO
3	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Managing director	01-04-11	13-12-03	-	Active	NO
4	U13100CT2006PTC020001	S. B. MULTIMEDIA PRIVATE PRIVATE LIMITED	Director	26-05-06	26-05-06	-	Active	NO
5	U40101HP2007PTC030762	SHRI BAJRANG HYDRO ENERGY PRIVATE LIMITED	Director	27-06-07	27-06-07	-	Active	NO
6	U40101CT2007PTC020484	SHRI BAJRANG ENERGY PRIVATE LIMITED	Director	20-12-07	20-12-07	-	Active	NO
7	U01410CT2005PLC018224	CHHATTISGARH CAPTIVE COAL MINING LIMITED.	Director	01-04-10	04-01-09	-	Active	NO
8	U40107HP2009PTC031218	IA ENERGY PRIVATE LIMITED	Director	23-09-09	23-09-09	-	Active	NO
9	U10101CT2007PTC020161	MADANPUR (NORTH) COAL COMPANY PRIVATE LIMITED	Nominee director	12-04-10	12-04-10	-	Active	NO
10	U51909WB2010PTC153145	POPULAR MERCANTILE PRIVATE LIMITED	Director	23-02-13	23-02-13	-	Active

Name :

Mr. Rajendra Goel

Designation :

Additional Director

Address :

Ravi Nagar, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

20.09.1956

Qualification :

B.com

Date of Appointment :

25.08.2002

DIN No.:

01263958

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	L17115UP1984PLC006824	SWASTIK MERCANTILES LIMITED	Director	23-08-85	23-08-85	10-01-08	Active	NO
2	U65993CT1992PTC007074	SHIMMER INVESTMENTS PVT LTD	Director	01-03-93	01-03-93	-	Active	NO
3	U27100MH1996PLC097544	SHRI BAJARANG ISPAT AND PLYWOOD LIMITED	Additional director	09-08-08	29-09-97	26-09-08	Active	NO
4	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	25-08-02	25-08-02	-	Active	NO
5	U27320CT1991PLC006856	SHRI BAJRANG METALLICS & POWER LIMITED	Director	03-08-04	03-08-04	-	Amalgamated	NO
6	U40101CT2007PTC020484	SHRI BAJRANG ENERGY Private LIMITED	Director	20-12-07	20-12-07	-	Active	NO
7	U45200CT2011PTC022615	SHRI BAJRANG DEVCON PRIVATE LIMITED	Director	05-08-11	05-08-11	-	Active	NO

Name :

Mr. Shravan Kumar Goyal

Designation :

Whole-time director

Address :

Flat No. 4C, Block “C”, Mallika Merlin Jaishree Vihar, New Mandir Road, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

30.05.1965

Qualification :

B.E.(Electrical)

Date of Appointment :

01.10.2011

DIN No.:

01829618

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	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Whole-time director	01-10-11	01-10-06	-	Active	NO
2	U40101CT2007PTC020484	SHRI BAJRANG ENERGY PRIVATE LIMITED	Director	20-12-07	20-12-07	-	Active	NO

Name :

Mr. Hemandra Nath

Designation :

Independent Director

Address :

J - 205, Shivalik Nagar, B.H.E.L., Haridwar – 261005, Uttranchal, India

Date of Birth/Age :

26.12.1942

Qualification :

B.SC Metallurgical Engineering, DIIT(Heat Treatment Technology) and Ph. D IIT Bombay

Date of Appointment :

01.01.2008

DIN No.:

02020546

Name :

Mr. Hari Anant Ghanekar

Designation :

Independent Director

Address :

A - 13, Alkapuri, Habibganj, Bhopal - 462001, Madhya Pradesh, India

Date of Birth/Age :

13.06.1938

Qualification :

B.SC,BE(Electrical)

Date of Appointment :

30.09.2008

DIN No.:

02027948

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	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	30-09-08	01-01-08	-	Active	NO
2	U45207MP2001PTC014921	HPE TECH - CON PRIVATE LIMITED	Director	14-02-12	14-02-12	-	Active	NO

Name :

Mr. Raj Kumar Yadava

Designation :

Director

Address :

C – 13, Staff Colony, Malviya National Institute of Technology, Jaipur – 302017, Rajasthan, India

Date of Birth/Age :

03.06.1945

Qualification :

B. Tech, M. Tech

Date of Appointment :

29.09.2010

DIN No.:

03177450

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	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	29-09-10	12-08-10	-	Active	NO
2	L27103CT1990PLC005964	SHRI BAJRANG ALLOYS LIMITED	Director	23-09-14	28-09-10	-	Active	NO

Name :

Mr. B. Muralidhaean Iyer

Designation :

Director

Address :

Plot No. 17, Arya Bhoomi Housing Complex, Patia, Bhubaneshwar, Odisha – 751024

Date of Birth/Age :

05.01.1957

Date of Appointment :

30.09.2013

DIN No.:

01623494

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	U40108WB1999PTC133071	NARBHERAM POWER AND STEEL PRIVATE LIMITED	Director	24-02-06	24-02-06	17-11-07	Active	NO
2	L29199GJ2003PLC043148	S A L STEEL LIMITED	Managing director	03-11-08	03-11-08	30-04-13	Active	NO
3	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	30-09-13	12-08-13	-	Active	NO
4	U27205DL2009PLC193673	RASHI STEEL AND POWER LIMITED	Director	15-07-14	15-07-14	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashok Harlalka
Designation :	General Manager

MAJOR SHAREHOLDERS

AS ON: 30.09.2013

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON: 30.09.2013

Category	Percentage
Bodies corporate	58.57
Directors or relatives of directors	39.97
Other top fifty shareholders	1.46
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Exporter and Importer of Sponge Iron, Billets, Pellets, TMT Bars, Wire Rod and Ferro Alloys and Generation of Power.

Products :

ITC CODE	PRODUCTS OR SERVICES
72142090	TMT Bar

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished goods

Countries :

• Bangladesh
• Saudi Arabia

Imports :

Products :

Raw Material

Countries :

• Indonesia
• South Africa

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

No. of Employees :

5000 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Mid Corporate Branch, 2nd Floor, LIC Investment Building, Pandri, Raipur - 492004, Chhattisgarh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	State Bank of India
Branch Address	Commercial Branch, Mp Housing Board Colony Industrial Estate, Bhilai - 490026, Chhattisgarh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Term loans from banks	3730.392	1086.967
Term loans from others	546.728	643.183
Short Term Borrowings
Loans repayable on demand from banks	2210.491	1715.379
Total	6487.611	3445.529

Banking Relations :	--
Auditors :
Name :	R. K. Singhania and Associates Chartered Accountants
Address :	205, 1st Floor, Samta Colony, Raipur – 492001, Chattisgarh, India
PAN No.:	AAGFR3093N
Memberships :	-----
Collaborators :	-----
Associate:	Shri Bajrang Hydro Energy Private Limited CIN No.: U40101HP2007PTC030762 Shri Bajrang Alloys Limited CIN No.: L27103CT1990PLC005964 S. B. Multimedia Private Limited CIN No.: U13100CT2006PTC020001 Shri Bajarang Ispat And Plywood Limited CIN No.: U27100MH1996PLC097544 Shimme R Investments Private Limited CIN No.: U65993CT1992PTC007074 Swastik Mercantiles Limited CIN No.: L17115UP1984PLC006824 Shri Bajrang Steel And Power Limited CIN No.: U28910CT2005PLC017828 IA Energy Private Limited CIN No.: U40107HP2009PTC031218 · Shri Kishan Rolling Mill · J.J. Re-Rollers · Bajrang Rice Mills · Jainarayan Hariram Goel Charitable Trust
Subsidiary Companies :	· Shri Bajrang Hydro Energy Private Limited CIN No.: U40101HP2007PTC030762 · Shri Bajrang Energy Private Limited CIN No.: U40101CT2007PTC020484
Joint Venture Company:	Chhattisgarh Captive Coal Mining Limited

CAPITAL STRUCTURE

After 30.09.2013

Authorised Capital : Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 130.712 Millions

AS ON: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- each	Rs.450.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12913730	Equity Shares	Rs.10/- each	Rs.129.137 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	129.137	112.892	107.037
(b) Reserves & Surplus	3855.919	3148.103	2565.671
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	26.630
Total Shareholders’ Funds (1) + (2)	3985.056	3260.995	2699.338
(3) Non-Current Liabilities
(a) long-term borrowings	4388.690	1753.770	743.258
(b) Deferred tax liabilities (Net)	157.796	52.971	123.366
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	11.974	6.718	5.702
Total Non-current Liabilities (3)	4558.460	1813.459	872.326
(4) Current Liabilities
(a) Short term borrowings	2210.491	1715.379	1495.560
(b) Trade payables	402.954	595.416	305.768
(c) Other current liabilities	1254.233	649.870	449.552
(d) Short-term provisions	31.292	50.003	40.191
Total Current Liabilities (4)	3898.970	3010.668	2291.071
TOTAL	12442.486	8085.122	5862.735
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6410.745	2632.183	2642.432
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1623.510	1374.292	300.523
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	336.186	607.336	124.577
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	215.882	451.827	132.921
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8586.323	5065.638	3200.453
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1793.112	1625.389	1333.390
(c) Trade receivables	404.178	764.942	739.246
(d) Cash and cash equivalents	66.808	59.575	46.047
(e) Short-term loans and advances	1478.784	552.744	480.804
(f) Other current assets	113.281	16.834	62.795
Total Current Assets	3856.163	3019.484	2662.282
TOTAL	12442.486	8085.122	5862.735

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	8103.513	8141.590	7438.551
	Other Income	15.282	44.822	23.701
	TOTAL (A)	8118.795	8186.412	7462.252
Less	EXPENSES
	Cost of Materials Consumed	6383.023	6745.581	5823.699
	Purchases of Stock-in-Trade	168.706	28.954	34.152
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(116.410)	(220.742)	6.795
	Employees benefits expense	210.327	169.213	141.085
	Other expenses	680.398	642.245	678.238
	TOTAL (B)	7326.044	7365.251	6683.969
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	792.751	821.161	778.283
Less	FINANCIAL EXPENSES (D)	229.114	271.408	229.938
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	563.637	549.753	548.345
Less/ Add	DEPRECIATION/ AMORTISATION (F)	265.044	248.236	240.781
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	298.593	301.517	307.564
Less	TAX (I)	61.886	1.534	62.214
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	236.707	299.983	245.350
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	1989.542	1724.973	1624.191
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	35.414	144.568
	Balance Carried to the B/S	2226.249	1989.542	1724.973
	EARNINGS IN FOREIGN CURRENCY	75.131	22.616	0.000
	Earnings / (Loss) Per Share (Rs.)	20.19	27.94	22.92

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.91	3.66	3.29
Net Profit Margin (PBT/Sales)	(%)	3.68	3.70	4.13
Return on Total Assets (PBT/Total Assets}	(%)	2.85	4.94	5.66
Return on Investment (ROI) (PBT/Networth)		0.07	0.09	0.11
Debt Equity Ratio (Total Debt/Networth)		1.66	1.06	0.82
Current Ratio (Current Asset/Current Liability)		0.99	1.00	1.16

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	107.037	112.892	129.137
Reserves & Surplus	2565.671	3148.103	3855.919
Net worth	2672.708	3260.995	3985.056
long-term borrowings	743.258	1753.770	4388.690
Short term borrowings	1495.560	1715.379	2210.491
Total borrowings	2238.818	3469.149	6599.181
Debt/Equity ratio	0.838	1.064	1.656

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	7438.551	8141.590	8103.513
		9.451	(0.468)

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	7438.551	8141.590	8103.513
Profit	245.350	299.983	236.707
	3.30%	3.68%	2.92%

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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10457676	24/10/2013	14,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B88573449
2	10455080	25/09/2013	750,000,000.00	BANK OF BARODA	MID CORPORATE BRANCH, 2ND FLOOR, LIC INVESTMENT B  UILDING, PANDRI, RAIPUR - 492004, CHHATTISGARH, INDIA	B87565701
3	10446991	19/08/2013	140,000,000.00	KARNATAKA BANK LTD.	PLOT NO.2, FAFADIH CHOWK,, JAIL ROAD, RAIPUR - 492009, CHHATTISGARH, INDIA	B84009984
4	10437261	05/07/2013	1,278,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B79779864
5	10428363	15/05/2013	33,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B75955146
6	10411441	27/02/2013	13,400,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B70658851
7	10407698	25/02/2013	1,320,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B69444677
8	10413137	25/02/2013	1,800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B71237010
9	10397873	04/01/2013	9,950,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B66190059
10	10354928	26/04/2012	6,595,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA	B39396197

* Date of charge modification

UNSECURED LOAN

Rs. In Millions

Particulars	As on 31.03.2013	As on 31.03.2012
Long Term Borrowings
Loans and advances from related parties	111.570	23.620
Total	111.570	23.620

OPERATIONAL REVIEW:

During the year, the Revenue for the Current financial year stood at Rs. 8118.797 Millions as against Rs.8186.412 Millions in the previous financial year and profit before tax stood at Rs.298.594 Millions during the current year as against Rs. 301.517 Millions in the previous financial year. The profit after tax stood at Rs. 236.707 Millions in the current financial year as against Rs. 299.983 Millions in the previous financial year. The Profits during the year were declined by Rs. 63.276 Millions as compared to previous year’s profit.

ECONOMIC REVIEW:

The Steel Industry is an economic indicator in India, as it plays a crucial role in infrastructure and overall economic development. The world economy is expected to have grown by 3.3% by 2012 and by 3.6% in 2013. This growth is primarily driven by the BRICS nations, with most of this growth coming from China and India. They have grown at a rate of 7.6% and 5.1% in 2012 and at a rate of 7.8% and 5.8% in 2013. As per World Steel Association forecasts, the world’s steel demand is expected to grow by 2.9% in 2013 and reach a level of 1454 million tones. A recovery in global steel demand can be expected to kick off by the second half, led by the emerging economies with some of the global crisis settling down. Emerging and developing economies will continue to drive global recovery with a growth of 3.9% as compared to (-1.9%) in the developed economies.

In general, the steel drives the roll industry. The effect of severe downturn in 2008 did lift to some extent during Financial Year 2011-12. But the economy not doing well in USA, Europe and other developed nations last year, has reduced the volume of export of all Indian roll manufacturers resulting in higher allocation of capacities for the domestic market by all the roll manufacturers. Also the overseas roll manufacturers are now looking more and more towards India. This is putting a lot of pressure on the roll industry both in terms of volume and realization. The unstable economy in the last year and continuing in current year is expected to have an adverse effect on the roll industries in the coming year.

The Company has built strong fundamentals over the years and is appropriately positioned to benefit from the expected increasing demand in the country for steel. The steel production capacity is being enhanced by setting up Backward Integrated Steel Plant at Tilda. The Company is procuring state-of-the-art technology for these projects. The proposed enhancement in the production capacity of steel making is in line with the increasing consumption of steel and the Company will be in a position to market its products. Marketing department has been strengthened appropriately which is exploring various market segments in India and abroad.

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. 61.85
UK Pound	1	Rs. 97.01
Euro	1	Rs. 77.62

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KRN
Report Prepared by :	ASH

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		50

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.