MIRA INFORM REPORT

Report Date :

24.11.2014

IDENTIFICATION DETAILS

Name :	TOPWORTH STEELS AND POWER PRIVATE LIMITED (w.e.f. 07.04.2008)
Formerly Known As :	TOPWORTH STEELS PRIVATE LIMITED
Registered Office :	Raheja Centre, Office No. - 206, 2^nd Floor, 214, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.05.2004
Com. Reg. No.:	11-146381
Capital Investment / Paid-up Capital :	Rs. 904.585 Millions
CIN No.: [Company Identification No.]	U51420MH2004PTC146381
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	MUMT11594C
PAN No.: [Permanent Account No.]	AACCT0878L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron, Steel and Power Generation.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 23950000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings 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 – 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 : “BB+”
Rating Explanation	Inadequate degree of safety and high credit risk.
Date	30.04.2014

Rating Agency Name	CARE
Rating	Short term bank facilities : “A4+”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	30.04.2014

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. Shrivastav
Designation :	Engineer
Contact No.:	91-9617700505
Date :	22.11.2014

LOCATIONS

Registered Office :	Raheja Centre, Office No. - 206, 2^nd Floor, 214, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22841414
Fax No.:	91-22-22840211 / 22880141
E-Mail :	mailadmin@topworthgroup.com shailesh.rajadhyaksha@tatacapital.com secretarial@topworthgroup.com
Website :	www.topworthgroup.com
Corporate Office :	308, 3^rd Floor, Ceejay House, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24812000
Fax No.:	91-22-24812122
Works / Marketing Department :	Borai Industrial Growth Centre, Village Rasmada, District Durg - 491001, Chattisgarh, India
Tel. No.:	91-788-2617357/ 2617362/ 2617363/ 2617364/ 2617210
Fax No.:	91-788-2617358
E-Mail :	topworthsteels@yahoo.co.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Abhay Narendra Lodha

Designation :

Chairman

Address :

Vaitarna Building, Flat No. 502, Sir Pochkhanwala Road, Worli, Mumbai – 400030, Maharashtra, India

Date of Birth/Age :

01.06.1971

Qualification and Experience :

B Com, LLB having more than 20 years of experience in the field of Manufacturing, Trading and Management

Date of Appointment :

01.05.2011

PAN No.:

AAKPL7249L

DIN No.:

00052194

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	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14-06-2000	14-06-2000	04-02-2012	Active	NO
2	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	01-05-2011	18-05-2004	-	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18-08-2004	18-08-2004	31-12-2011	Active	NO
4	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Director	11-01-2005	11-01-2005	-	Active	NO
5	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Director	11-01-2005	11-01-2005	-	Active	NO
6	U51100MH1999PTC121425	POSCHO STEELS PRIVATE LIMITED	Director	02-05-2005	02-05-2005	04-02-2012	Active	NO
7	U63040MH2003PTC142659	BENREEZA TRAVEL SERVICES PRIVATE LIMITED	Director	16-05-2005	16-05-2005	04-02-2013	Active	NO
8	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18-11-2005	18-11-2005	-	Active	NO
9	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	09-06-2006	09-06-2006	-	Active	NO
10	L67120MH1982PLC026924	SUPREME HOLDINGS AND HOSPITALITY (INDIA) LIMITED	Director	19-06-2006	19-06-2006	08-09-2011	Active	NO
11	U51909MH2006PTC163344	ROYALWAYS TRADING AND INVESTMENT SERVICES PRIVATE LIMITED	Director	27-07-2006	27-07-2006	03-03-2008	Amalgamated	NO
12	U63011MH2006PTC163690	AVICORE CARGO PRIVATE LIMITED	Director	09-08-2006	09-08-2006	-	Active	NO
13	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	21-08-2007	12-02-2007	-	Active	NO
14	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Managing director	01-04-2009	01-04-2007	-	Active	NO
15	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20-12-2007	20-12-2007	-	Active	NO
16	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	26-04-2008	26-04-2008	-	Active	NO
17	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	19-05-2008	19-05-2008	20-11-2012	Active	NO
18	U14200MH2008PTC182964	TOPWORTH METALS AND ENERGY PRIVATE LIMITED	Director	31-05-2008	31-05-2008	-	Active	NO
19	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07-07-2008	07-07-2008	-	Active	NO
20	L28999GJ1992PLC018570	GUJARAT FOILS LIMITED	Managing director	14-05-2011	14-07-2008	-	Active	NO
21	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20-08-2008	20-08-2008	-	Active	NO
22	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03-02-2009	03-02-2009	-	Active	NO
23	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24-08-2009	24-08-2009	-	Active	NO
24	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14-10-2009	14-10-2009	-	Active	NO
25	U93000DL2010NPL198079	ABHAY NARENDRA LODHA FOUNDATION	Director	18-01-2010	18-01-2010	-	Active	NO
26	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20-01-2010	20-01-2010	-	Active	NO
27	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27-04-2010	27-04-2010	20-11-2012	Active	NO
28	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06-05-2010	06-05-2010	20-11-2012	Active	NO
29	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31-05-2010	31-05-2010	-	Active	NO
30	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31-05-2010	31-05-2010	-	Active	NO
31	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31-05-2010	31-05-2010	-	Active	NO
32	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08-06-2010	08-06-2010	-	Active	NO
33	U74210DL2009PTC188932	GFL INFRA PRIVATE LIMITED	Director	10-09-2010	10-08-2010	-	Active	NO
34	U63090WB1994PTC066715	ANIKA TIE-UP PRIVATE LIMITED	Director	11-10-2010	11-10-2010	-	Active	NO
35	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03-04-2012	03-04-2012	15-02-2014	Active	NO
36	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	30-09-2013	11-04-2012	-	Active	NO
37	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	30-09-2013	19-04-2012	-	Active	NO
38	U45201MH2012PTC230590	TOPWORTH TOLLWAYS (HAZARIBAGH) PRIVATE LIMITED	Director	03-05-2012	03-05-2012	-	Active	NO

Name :

Mr. Ashwin Narendra Lodha

Designation :

Additional Director

Address :

502, Vaitarna Worli Sagar CHS Limited, Sir Pochkanwala Road, Worli Seaface, Worli, Mumbai – 400030, Maharashtra, India

Date of Birth/Age :

03.05.1976

Qualification and Experience :

B Com having more than 18 years of experience in the field of Manufacturing, Trading and Management

Date of Appointment :

31.12.2012

PAN No.:

AAFPL4505R

DIN No.:

00066948

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	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14-06-2000	14-06-2000	26-05-2012	Active	NO
2	U51909MH2001PTC133035	AKSHATA MERCANTILE PRIVATE LIMITED	Whole-time director	01-04-2009	27-09-2002	03-05-2012	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18-08-2004	18-08-2004	31-01-2012	Active	NO
4	U70100MH2005PTC157373	RIYA REAL ESTATES PRIVATE LIMITED	Director	17-11-2005	17-11-2005	09-01-2013	Active	NO
5	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18-11-2005	18-11-2005	-	Active	NO
6	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	23-11-2006	23-11-2006	-	Active	NO
7	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	25-08-2010	12-02-2007	-	Active	NO
8	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	05-05-2007	05-05-2007	-	Active	NO
9	U70100MH1982PTC027614	PARISHRAM PROPERTIES PRIVATE LIMITED	Director	31-08-2007	31-08-2007	-	Amalgamated	NO
10	U51900MH1982PTC027434	DILSHAD TRADING CO PRIVATE LIMITED	Director	29-09-2007	29-09-2007	24-11-2011	Active	NO
11	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20-12-2007	20-12-2007	-	Active	NO
12	U40108MH2008PTC179667	TOPWORTH (BIJLI MAHADEV) ROPEWAYS PRIVATE LIMITED	Director	04-03-2008	04-03-2008	-	Active	NO
13	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07-03-2008	07-03-2008	-	Active	NO
14	U14200MH2008PTC182964	TOPWORTH METALS AND ENERGY PRIVATE LIMITED	Director	31-05-2008	31-05-2008	-	Active	NO
15	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07-07-2008	07-07-2008	-	Active	NO
16	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20-08-2008	20-08-2008	-	Active	NO
17	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03-02-2009	03-02-2009	-	Active	NO
18	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	25-09-2009	11-05-2009	-	Active	NO
19	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24-08-2009	24-08-2009	-	Active	NO
20	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14-10-2009	14-10-2009	-	Active	NO
21	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20-01-2010	20-01-2010	-	Active	NO
22	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27-04-2010	27-04-2010	-	Active	NO
23	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06-05-2010	06-05-2010	-	Active	NO
24	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Whole-time director	31-12-2012	10-05-2010	-	Active	NO
25	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31-05-2010	31-05-2010	-	Active	NO
26	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31-05-2010	31-05-2010	-	Active	NO
27	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31-05-2010	31-05-2010	-	Active	NO
28	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08-06-2010	08-06-2010	-	Active	NO
29	U63090WB1994PTC066715	ANIKA TIE-UP PVT.LTD.	Director	11-10-2010	11-10-2010	-	Active	NO
30	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03-04-2012	03-04-2012	15-02-2014	Active	NO
31	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11-04-2012	11-04-2012	-	Active	NO
32	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19-04-2012	19-04-2012	-	Active	NO
33	U45201MH2012PTC230590	TOPWORTH TOLLWAYS (HAZARIBAGH) PRIVATE LIMITED	Director	03-05-2012	03-05-2012	-	Active	NO
34	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	25-09-2012	07-06-2012	-	Active	NO
35	U45400DL2007PTC166124	Yamunotri Project Company Private Limited	Director	25-09-2013	04-10-2012	-	Active	NO
36	U45200MH2011PTC221363	AADITYA HOMES PRIVATE LIMITED	Additional director	04-03-2013	04-03-2013	-	Active	NO

Name :

Mr. Nitin Golchha

Designation :

Director

Address :

SM 59, Ward – 43, Padmanbhpur, Durg – 491001, Chhattisgarh, India

Date of Birth/Age :

13.09.1978

Date of Appointment :

02.01.2006

PAN No.:

AGFPG5147D

DIN No.:

01669634

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	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	02-01-2006	02-01-2006	-	Active	NO
2	U27106CT2002PTC015375	SATYARTH STEEL AND POWER PRIVATE LIMITED	Director	19-03-2007	19-03-2007	-	Active	NO
3	U62694CT1991PTC006301	BHILAI CEMENT COMPANY PVT. LTD.	Director	16-01-2012	16-01-2012	-	Active	NO
4	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Additional director	06-05-2014	06-05-2014	-	Active	NO

Name :

Mr. Surendra Champalal Lodha

Designation :

Director

Address :

126-128, Shriram Tower, Kingsway, Sadar, Nagpur – 440001, Maharashtra, India

Date of Birth/Age :

05.05.1965

Date of Appointment :

10.05.2010

DIN No.:

00044782

Other Directorship :

2	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Whole-time director	28-02-2008	14-03-2006	-	Active	NO
3	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	12-02-2007	12-02-2007	01-08-2008	Active	NO
4	U27106CT2002PTC015375	SATYARTH STEEL AND POWER PRIVATE LIMITED	Director	22-06-2007	22-06-2007	10-08-2011	Active	NO
5	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	28-06-2007	28-06-2007	-	Active	NO
6	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07-03-2008	07-03-2008	-	Active	NO
7	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	10-05-2010	10-05-2010	-	Active	NO
8	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Additional director	22-12-2011	22-12-2011	-	Active	NO
9	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	28-09-2012	22-12-2011	-	Active	NO
10	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	28-09-2012	22-12-2011	-	Active	NO
11	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	28-09-2012	22-12-2011	-	Active	NO
12	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Additional director	20-01-2012	20-01-2012	-	Active	NO
13	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03-04-2012	03-04-2012	15-02-2014	Active	NO
14	U65993MH2012PLC229356	PURPLE INDIA HOLDINGS LIMITED	Director	09-04-2012	09-04-2012	07-05-2012	Active	NO
15	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11-04-2012	11-04-2012	-	Active	NO
16	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19-04-2012	19-04-2012	-	Active	NO
17	U45201MH2012PTC230590	TOPWORTH TOLLWAYS (HAZARIBAGH) PRIVATE LIMITED	Director	03-05-2012	03-05-2012	28-04-2014	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Abhay Narendra Lodha	1
Crest Steel and Power Private Limited, India	90458462
Total	90458463

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron, Steel and Power Generation.

Products :

Item Code No. (ITC Code)	Product Description
72031000	Sponge Iron
72071920	MS Billets
72165000	MS Structure
72083930	H R Coils

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers, Retailers and Manufacturers

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, Backbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, Ground Floor, Nariman Point, Mumbai - 400021, Maharashtra, India

State Bank of Patiala, Commercial Branch, Atlanta First Floor, Jamnalal Bajaj Marg Nariman Point, Mumbai - 400021, Maharashtra, India

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

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Secured by way of Equitable Mortgage on entire fixed assets of Company)	1756.306	1045.391
Rupee term loans from others (Secured by way of Hypothecation of respective asset taken against that loan)	19.424	143.020
Total	1775.730	1188.411

Banking Relations :	--
Auditors :
Name :	Jain and Chhoriya Chartered Accountants
Address :	59, Gaya Building, 4^th Floor, 109, Yusuf Meher Ali Road, Masjid Bunder, Mumbai – 400003, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADFJ9495M
Holding Company :	Crest Steel and Power Private Limited CIN No.: U27109CT2004PTC016643
Subsidiaries :	· Topworth Energy Private Limited CIN No.: U40108MH2007PTC167396 Topworth Energy Moazambique Limitada Topworth Metals (South Africa) Proprietory Limited, Johnsburg Topworth Steels and Power Singapore Pte Limited, Singapore Topworth International Steels DMCC, Dubai
Associates :	· Topworth Urja and Metals Limited CIN No.: U27109MH1993PLC074950 Satyarth Steel And Power Private Limited CIN No.: U27106CT2002PTC015375 Topworth Pipes and Tubes Private Limited CIN No.: U29120MH2005PTC157395 Champalal Motilal Steel Company Private Limited CIN No.: U27100MH2000PTC127176

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90458463	Equity Shares	Rs.10/- each	Rs.904.585 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	904.585	807.469	469.088
(b) Reserves & Surplus	5032.939	4064.637	1929.863
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	50.000	89.000	999.000
Total Shareholders’ Funds (1) + (2)	5987.524	4961.106	3397.951
(3) Non-Current Liabilities
(a) long-term borrowings	2565.648	2763.879	2870.453
(b) Deferred tax liabilities (Net)	485.091	431.825	327.512
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3050.739	3195.704	3197.965
(4) Current Liabilities
(a) Short term borrowings	2434.230	2043.818	1908.347
(b) Trade payables	8032.494	4642.897	5105.831
(c) Other current liabilities	231.919	203.248	173.520
(d) Short-term provisions	544.221	290.141	202.205
Total Current Liabilities (4)	11242.864	7180.104	7389.903
TOTAL	20281.127	15336.914	13985.819
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4016.595	4158.690	2940.115
(ii) Intangible Assets	3.332	3.226	0.000
(iii) Capital work-in-progress	288.530	104.057	382.385
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1669.356	1587.826	1434.958
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	50.388	17.035	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6028.201	5870.834	4757.458
(2) Current assets
(a) Current investments	1242.482	636.405	447.911
(b) Inventories	4132.392	3169.623	4123.631
(c) Trade receivables	7272.010	3809.167	3216.005
(d) Cash and cash equivalents	6.011	27.782	24.271
(e) Short-term loans and advances	1189.876	1423.166	1144.565
(f) Other current assets	410.155	399.937	271.978
Total Current Assets	14252.926	9466.080	9228.361
TOTAL	20281.127	15336.914	13985.819

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income from Operations	6675.205	6621.204	5035.148
		Income from Trading Sales	16367.784	11431.178	7837.2
		Other Income	173.108	83.442	63.985
		TOTAL (A)	23216.097	18135.824	12936.333
Less	EXPENSES
		TOTAL (B)	21662.061	16907.766	11652.052
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1554.036	1228.058	1284.281
Less	FINANCIAL EXPENSES (D)		706.174	580.145	650.476
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		847.862	647.913	633.805
Less/ Add	DEPRECIATION/ AMORTISATION (F)		238.510	175.378	161.025
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		609.352	472.535	472.780
Less	TAX (H)		175.185	198.855	(21.390)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		434.167	273.680	494.170
	Earnings / (Loss) Per Share (Rs.)		5.34	5.39	9.32

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.87	1.51	3.82
Net Profit Margin (PBT/Sales)	(%)	9.13	7.14	9.39
Return on Total Assets (PBT/Total Assets}	(%)	3.33	3.46	3.89
Return on Investment (ROI) (PBT/Networth)		0.10	0.10	0.14
Debt Equity Ratio (Total Debt/Networth)		0.84	0.97	1.41
Current Ratio (Current Asset/Current Liability)		1.27	1.32	1.25

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	469.088	807.469	904.585
Reserves & Surplus	1929.863	4064.637	5032.939
Share Application money pending allotment	999.000	89.000	50.000
Net worth	3397.951	4961.106	5987.524
long-term borrowings	2870.453	2763.879	2565.648
Short term borrowings	1908.347	2043.818	2434.230
Total borrowings	4778.800	4807.697	4999.878
Debt/Equity ratio	1.406	0.969	0.835

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	5035.148	6621.204	6675.205
		31.500	0.816

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	5035.148	6621.204	6675.205
Profit	494.170	273.680	434.167
	9.81%	4.13%	6.50%

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	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans repayable on demand from others	744.267	1258.896
Other loans and advances, others	45.651	316.572
SHORT TERM BORROWINGS
Rupee term loans from banks	2097.791	1503.518
Rupee term loans from others	129.739	365.164
Loans and advances from others	206.700	175.136
Total	3224.148	3619.286

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10506750	23/05/2014 *	15,340,000,000.00	State Bank of India	Backbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point,, Mumbai, Maharashtra - 400021, INDIA	C11474426
2	10483474	18/02/2014	820,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH,, 66/80, MUMBAI SAMACHAR MARG, FORT,, MUMBAI, Maharashtra - 400023, INDIA	B98849664
3	10455102	13/09/2013	1,000,000,000.00	ALLAHABAD BANK	Industrial Finance Branch, 37,Mumbai Samachar Marg,Fort, Mumbai, Maharashtra - 400023, INDIA	B87562302
4	10430209	21/05/2013	250,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, ATLANTA FIRST FLOOR, JAMNALAL BAJAJ MARG NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B76764182
5	10397675	14/01/2013	410,000,000.00	The Cosmos Co-op. Bank Limited	36A, Maru Niketan, D. L. Vaidya Road, Dadar (W), Mumbai, Maharashtra - 400028, INDIA	B66128018
6	10392369	05/12/2012	86,000,000.00	INDIAN BANK	Mumbai Fort Branch, United India Building, Sir P. M. Road, Fort, Mumbai, Maharashtra - 400001, INDIA	B64289853
7	10387352	25/02/2014 *	932,500,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, CHANDER MUKHI, GROUND F LOOR, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B97877575
8	10372142	30/06/2012	200,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPOARTE BRANCH, MAKER TOWER,"E" WING, GRO UND FLOOR, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B56246416
9	10362019	09/06/2012	424,000,000.00	Corporation Bank	Fort Mid Corporate Branch Veena Chambers, 21,, Dalai Street, Fort,, Mumbai, Maharashtra - 400023, INDIA	B42189332
10	10353734	13/04/2012	550,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B38937470

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

Other Equipments

Intangible Assets

· Computer Software

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 :	DIP
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.