MIRA INFORM REPORT

Report Date :

06.10.2014

IDENTIFICATION DETAILS

Name :	NATIONAL STEEL AND AGRO INDUSTRIES LIMITED (w.e.f. 08.04.2003)
Formerly Known As :	NATIONAL STEEL INDUSTRIES LIMITED
Registered Office :	621, Tulsiani Chambers, 6^th Floor, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.01.1985
Com. Reg. No.:	11-140379
Capital Investment / Paid-up Capital :	Rs.995.102 Millions
CIN No.: [Company Identification No.]	L27100MH1985PLC140379
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09355D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Trading of Cold Rolled, GP/GC, Coated Coils/Sheets and Agro Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 13000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by improvement in performance and strong Networth of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	ICRA
Rating	Long term fund based facilities=BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	10.08.2014

Rating Agency Name	ICRA
Rating	Short term non-fund based facilities=A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	10.08.2014

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 DENIED BY

Name :	Mr. Ajay More
Designation :	Accounts Manager
Contact No.:	91-22-22025084
Date :	30.09.2014

LOCATIONS

Registered / Corporate Office :	621, Tulsiani Chambers, 6^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22025084 / 22025098 / 22886267
Fax No.:	91-22-22025084
E-Mail :	nsil@bom2.vsnl.net.in sh_nagori@ruchigroup.com p_gupta@ruchigroup.com mbajoria@ruchigroup.com ashok_agarwal@nsail.com paridhi_kasliwal@nsail.com
Website :	www.nsail.com
Administrative Office:	401, Mahakosh House, 7/5 South Tokogani Nath Mandir Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2518167-69/ 2528133/ 2526020/ (Direct) 5066187
Fax No.:	91-731-2516714 / 2527250
E-Mail :	nationalsteel@ruchigroup.com a_ashok@ruchigroup.com info@nsail.com nsail_indore@nsail.com
Factory :	Village Sejwaya, Tehsil Dhar, District Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-277277/ 277361/ 277612
Fax No.:	91-7292-277393
Branch Office :	Located at · Agra · Gwalior · Jaipur  · Pithampur  · Kapadia Mumbai (Agro Division) · Kolkata · Jabalpur · Bareily · Kanpur · Taloja · Secunderabad · Gandhidham  · Chennai · Ahmedabad · Tuticorin · Raipur · Bangalore · Faridabad · Hyderabad · Ghaziabad · New Delhi · Ludhiana · Pune · Rudrapur

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Santosh Shahra
Designation :	Chairman (w.e.f. 20.08.2013)
Date of Birth/Age :	66 Years
Qualification :	B.E. (Mech.), M.S. (U.S.A.)
Experience :	42 Years
Date of Appointment :	30.05.2013
Name :	Mr. P. Srikrishna
Designation :	Managing Director (w.e.f. 20.08.2013)
Date of Birth/Age :	62 Years
Name :	Mr. Veer Kumar Jain
Designation :	Director
Name :	Mr. Navin Khandelwal
Designation :	Director
Name :	Mr. Rajesh Nema
Designation :	Director

KEY EXECUTIVES

Audit Committee :	Mr. Navin Khandelwal – Chairman Mr. Santosh Shahra Mr. Rajesh Nema
Chief Financial Officer :	Mr. Anil Nawal
Company Secretary :	Mr. Bharat Singh (w.e.f. 17.04.2014)

SHAREHOLDING PATTERN

AS ON 30.06.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6240667	14.02
Bodies Corporate	11622417	26.12
Sub Total	17863084	40.14
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	2555000	5.74
Bodies Corporate	1352000	3.04
Sub Total	3907000	8.78
Total shareholding of Promoter and Promoter Group (A)	21770084	48.92
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	61300	0.14
Financial Institutions / Banks	644498	1.45
Sub Total	705798	1.59
(2) Non-Institutions
Bodies Corporate	7825922	17.59
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	9216588	20.71
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	3955910	8.89
Any Others (Specify)	1025698	2.30
Clearing Members	35781	0.08
Hindu Undivided Families	487367	1.10
Non Resident Indians	502550	1.13
Sub Total	22024118	49.49
Total Public shareholding (B)	22729916	51.08
Total (A)+(B)	44500000	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)	44500000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Cold Rolled, GP/GC, Coated Coils/Sheets and Agro Products.

Products :

Item Code No. (ITC Code)	Product Description
7210.19/ 7210.11	Galvanized Plain/ Corrugated Sheets/ Coils
7209.30/ 7209.20	C.R. Coils/ Sheets
7210.30	Color Coated Plain Coils/ Sheets
7210.90	Color Coated Corrugated Sheets/ Coils

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· IDBI Bank Limited

State Bank of India

State Bank of Travancore

Bank of Maharashtra

United Bank of India

Andhra Bank

Oriental Bank of Commerce

State Bank of Patiala

Central Bank of India

Punjab National Bank

Bank of India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Term loans from banks	423.107	530.276
Short Term Borrowings
Working capital loans from banks	1899.405	1586.557
Total	2322.512	2116.833

Banking Relations :	--
Statutory Auditors :
Name :	Manoj Khatri and Company Chartered Accountants
Address :	Indore, Madhya Pradesh, India
Cost Auditors :	Manoj Khatri and Company Cost Accountants
Address :	Indore, Madhya Pradesh, India
Other related parties where control exists :	· Shreeyam Power and Steel Industries Limited · NSIL Infotech Limited · NSIL Power Limited · Shahra Brothers Private Limited · Ruchi Integrated Steels (India) Limited · Ruchi Power Corporation Limited · NSIL Exports Limited · Shri Mahadeo Shahra Sukrat Trust · NSIL Finance Limited · Shriyam Industries Private Limited · Nutrela Marketing Private Limited · Shahra Estate Private Limited · Benco Finance and Investment Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
44500000	Equity Shares	Rs. 10/- each	Rs.445.000 Millions
5550000	4% Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.555.000 Millions
	Total		Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44500000	Equity Shares	Rs. 10/- each	Rs.445.000 Millions
5501022	4% Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.550.102 Millions
	Total		Rs.995.102 Millions

· The details of Shareholders holding more than 5% Shares:

Equity Shares	Number of Shares	% holding
APL International Private Limited	2957700	6.65

4% Redeemable Preference Shares	Number of Shares	% holding
Trade Overseas Limited	2166283	39.38
Arab Asia Trading Inc.	2859739	51.99

· Reconciliation of Number of Shares:

Equity Shares	Number of Shares	% holding
Shares at the beginning of the year	44500000	445.000
Add - Shares issued during the year	--	--
Shares at the end of the year	44500000	445.000
4% Redeemable Preference Shares
Shares at the beginning of the year	5501022	550.102
Add - Shares issued during the year	--	--
Shares at the end of the year	5501022	550.102

· Rights, preferences and restrictions attached to shares:

The Company has issued Equity shares with voting rights only of Face value of Rs.10 each and each share carries right to one vote. The Company issued 4% Cumulative Redeemable Preference shares of Face value of Rs.100 each. These shares are redeemable within the statutory permissible time period as per the terms of the issue. Such shares carries prior right to receive dividend over equity shareholders.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	995.102	995.102	995.102
(b) Reserves & Surplus	2337.179	2058.111	1794.743
(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)	3332.281	3053.213	2789.845
(3) Non-Current Liabilities
(a) long-term borrowings	423.107	530.276	831.891
(b) Deferred tax liabilities (Net)	311.166	321.788	317.790
(c) Other long term liabilities	39.723	177.951	175.535
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	773.996	1030.015	1325.216
(4) Current Liabilities
(a) Short term borrowings	2424.905	2126.332	1795.281
(b) Trade payables	5651.680	5683.960	5644.952
(c) Other current liabilities	474.299	481.293	535.013
(d) Short-term provisions	57.187	74.692	50.980
Total Current Liabilities (4)	8608.071	8366.277	8026.226
TOTAL	12714.348	12449.505	12141.287
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2020.687	2206.703	1789.953
(ii) Intangible Assets	7.246	7.070	3.066
(iii) Capital work-in-progress	10.554	11.280	480.021
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	27.940	27.940	27.940
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	39.428	25.418	12.464
Total Non-Current Assets	2105.855	2278.411	2313.444
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4426.399	4033.677	5128.619
(c) Trade receivables	4085.468	3985.951	3374.803
(d) Cash and cash equivalents	897.073	937.595	592.389
(e) Short-term loans and advances	1136.288	1201.042	698.299
(f) Other current assets	63.265	12.829	33.733
Total Current Assets	10608.493	10171.094	9827.843
TOTAL	12714.348	12449.505	12141.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	34994.260	34843.502	27849.003
		Other Income	0.316	0.469	2.401
		TOTAL (A)	34994.576	34843.971	27851.404
Less	EXPENSES
		Cost of Materials consumed	14462.367	14067.255	13919.803
		Purchases of Stock-in-Trade	15703.866	16730.243	10114.849
		(Increase)/Decrease in Finished Goods, Work in Process and Stock-in-Trade	707.062	(89.605)	215.110
		Employee Benefit Expenses	378.935	361.210	298.003
		Other Expenses	1955.598	2087.154	1759.896
		TOTAL (B)	33207.828	33156.257	26307.661
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1786.748	1687.714	1543.743
Less	FINANCIAL EXPENSES (D)		1149.434	1125.660	1027.801
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		637.314	562.054	515.942
Less	DEPRECIATION/ AMORTISATION (F)		205.713	191.538	175.361
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		431.601	370.516	340.581
Less	TAX (H)		126.960	81.575	53.258
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		304.641	288.941	287.323
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1336.406	1073.039	811.290
Less	APPROPRIATIONS
		Proposed Dividend on Preference Shares	22.004	22.004	22.004
		Tax on Dividend	3.570	3.570	3.570
	BALANCE CARRIED TO THE B/S		1615.473	1336.406	1073.039
	EARNINGS IN FOREIGN CURRENCY
		Export on F.O.B. Value	3529.299	5726.410	3970.599
	TOTAL EARNINGS		3529.299	5726.410	3970.599
	IMPORTS
		Raw Materials	153.802	597.373	1970.073
		Capital Goods and Consumables	2.028	19.983	174.773
		Traded Goods	1306.622	2589.611	6177.619
	TOTAL IMPORTS		1462.452	3206.967	8322.465
	Earnings / (Loss) Per Share (Rs.)		6.27	5.92	5.88

QUARTERLY RESULTS

(Rs. In Millions)

Particulars	30.06.2014 (Unaudited)
	1^st Quarter
Net Sales	9022.100
Total Expenditure	8570.400
PBIDT (Excl OI)	451.700
Other Income	0.000
Operating Profit	451.700
Interest	286.200
Exceptional Items	0.000
PBDT	165.500
Depreciation	37.400
Profit Before Tax	128.100
Tax	43.500
Profit After Tax	84.600

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.87	0.83	1.03
Net Profit Margin (PBT/Sales)	(%)	1.23	1.06	1.22
Return on Total Assets (PBT/Total Assets}	(%)	3.40	2.99	2.93
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.12
Debt Equity Ratio (Total Debt /Networth)		0.85	0.87	0.94
Current Ratio (Current Asset/Current Liability)		1.23	1.22	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	995.102	995.102	995.102
Reserves & Surplus	1794.743	2058.111	2337.179
Net worth	2789.845	3053.213	3332.281
long-term borrowings	831.891	530.276	423.107
Short term borrowings	1795.281	2126.332	2424.905
Total borrowings	2627.172	2656.608	2848.012
Debt/Equity ratio	0.942	0.870	0.855

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	27849.003	34843.502	34994.260
		25.116	0.433

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	27849.003	34843.502	34994.260
Profit	287.323	288.941	304.641
	1.03%	0.83%	0.87%

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

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Working capital loans from banks	525.500	539.775
Total	525.500	539.775

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENTS

India's position in world's crude steel production remained unchanged at the fourth slot in 2013 with an output of 81.2 million tonnes.

This is despite India logging the second highest growth of 5.1 per cent among the top five producers. World steel production grew by 3.6% during the same period.

There was no change in the order of top three steel producing nations with China, Japan and the US retaining their slots in the respective order in 2013. India was the fourth largest steel maker in the previous three years as well with a total output of 77.3 MT 2012, 73.6 MT in 2011 and 69 MT in 2010. India had clinched the third spot in 2009.

OUTLOOK

Global steel demand is likely to continue growing at a steady rate. Against a growth rate of 3.6 O/O recorded in 2013, for the year 2014, growth is expected to be slightly subdued at 3.1%, but is expected to bounce back of 3.3% in 2015. Majority of the demand increase will come from USA and EU. This will compensate for slowing demand in China. Indian demand can also be hampered by poor monsoon, though a lot depends on policy decisions to be taken by new Government. There is an overall agreement that economic reforms and focus on Infrastructure and Manufacturing sector cannot be pushed back any further, which in turn will help grow steel demand.

Focus on rural economy will continue to drive Agro Trading. A below par monsoon is also expected to generate demand for Agro commodities and push up prices.

UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	9009.800
b) Other operating income	12.300
Total income from Operations(net)	9022.100
2.Expenditure
a) Cost of material consumed	4330.700
b) Purchases of stock in trade	3859.300
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(294.600)
d) Employees benefit expenses	101.300
e) Depreciation and amortization expenses	37.400
f) Other expenditure	573.700
Total expenses	8607.800
3. Profit from operations before other income and financial costs	414.300
4. Other income	0.000
5. Profit from ordinary activities before finance costs	414.300
6. Finance costs	286.200
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	128.100
8. Exceptional item	0.000
9. Profit from ordinary activities before tax Expense:	128.100
10.Tax expenses	43.500
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	84.600
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	84.600
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	445.000
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	1.90
ii) Earnings per share (after extraordinary items)
(a) Basic and diluted	1.90
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	22729916
- Percentage of shareholding	51.08%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--
Percentage of shares (as a % of total share capital of the company)	--
b) Non Encumbered
Number of shares	21770084
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%
Percentage of shares (as a % of total share capital of the company)	48.92%
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	1
Disposed of during the quarter	1
Remaining unreserved at the end of the quarter	Nil

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

	Particulars	30.06.2014 (Unaudited)
		3 Months ended
1	Segment Revenue
a)	Manufacturing (including other operation income)	5885.200
b)	Traded goods	3136.900
	Total	9022.100
2	Segment Results
	Profit/(Loss) before tax and interest from each segment
a)	Manufacturing	393.300
b)	Traded goods	64.100
	Total	457.400
	Add i) Other Income	--
	Total	457.400
	Less: i) Interest	286.200
	ii) Other unallocable expenditure	43.100
	Total Profit before tax	128.100
3	Capital Employed
	(Segment Assets - Segment Liabilities)
	-Manufacturing	5840.700
	-Traded goods	499.700
	-Unallocable	37.600
	Total	6378.000

NOTES:

1. The Unaudited Financial Results were reviewed by Audit Committee and approved by Board of Directors at its meeting held on July 30, 2014.

2. Previous year / period figures have been regrouped/ rearranged wherever considered necessary.

3. The useful life of Fixed Assets has been revised in accordance with the Schedule II of the companies’ act 2013. The Depreciation for the Quarter is lower by Rs. 140 lacs due to change in useful life of Fixed Assets. An amount of Rs. 127 lacs has been charged to the Opening Balance of the retained earning whose remaining useful life is Nil as at April 01, 2014.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10265746	09/07/2011 *	360,000,000.00	IDBI BANK LTD.	SPECIALISED CORPORATE BRANCH, UPPER GROUND FLOOR,, CAPTAIN C.S. NAYUDU ARCADE, 10/2 OLD PALASIA,, INDORE, MADHYA PRADESH - 452001, INDIA	B17631581
2	10235591	09/07/2011 *	84,500,000.00	IDBI BANK LTD	SPECIALISED CORPORATE BRANCH, UPPER GROUND FLOOR,, CAPTAIN C.S. NAYUDU ARCADE, 10/2 OLD PALASIA,, INDORE, MADHYA PRADESH - 452001, INDIA	B19407071
3	10218941	12/04/2010	500,000,000.00	STATE BANK OF PATIALA	MID CORPORATE BRANCH, ORBIT MALL, INDORE, MADHYA PRADESH - 452001, INDIA	A84709344
4	10047991	09/07/2011 *	150,000,000.00	STATE BANK OF HYDERABAD	90-91, UDAPURA,, JAWAHAR MARG,, INDORE, MADHYA PRADESH - 452002, INDIA	B19519792
5	10044766	09/07/2011 *	150,000,000.00	ICICI BANK	MALAV PARISAR BRANCH,, 4, CHHOTI KHAJRANI, A.B. ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	B19618032
6	10039045	09/07/2011 *	200,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B19659770
7	10033586	26/12/2006	47,000,000.00	STATE BANK OF BIKANER AND JAIPUR	6, KANTI MENSION, MURAI MOHALLA, SANYOGITAGANJ,, INDORE, MADHYA PRADESH - 452001, INDIA	A09204777
8	10010321	12/07/2006	250,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A02447548
9	80052478	23/03/2005	872,500,000.00	STATE BANK OF PATIALA	20, USHA NAGAR EXTN,, RANJEET HANUMAN MANDIR ROAD, INDORE, MADHYA PRADESH - 452009, INDIA	-
10	80026360	09/07/2011 *	95,000,000.00	IDBI BANK LTD.	SPECIALISED CORPORATE BRANCH, UPPER GROUND FLOOR,, CAPTAIN C.S. NAYUDU ARCADE, 10/2 OLD PALASIA,, INDORE, MADHYA PRADESH - 452001, INDIA	B19342443
11	80052476	09/07/2011 *	100,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LTD.	HDFC HOUSE, 10-A/1,, M.G. ROAD,, INDORE, MADHYA PRADESH - 452001, INDIA	B19242791
12	80052473	09/07/2011 *	250,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B19638493
13	80052471	09/07/2011 *	200,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A.B. ROAD (NEAR G.P.O),, INDORE, MADHYA PRADESH - 452001, INDIA	B18962357
14	80052470	15/10/2003	150,000,000.00	LIFE INSURANCE CORPORATION OF INDIA	YOGAKSHEM, JEEVA BIMA MARG, MUMBAI, MAHARASHTRA - 400021, INDIA	-
15	80004618	26/05/2014 *	14,310,500,000.00	IDBI BANK LIMITED	UPPER GROUND FLOOR,, CAPTAIN C.S. NAIDU ARCADE,10/2 OLD PALASIA,, INDORE, MADHYA PRADESH - 452001, INDIA	C05113923
16	80065384	17/02/1997 *	2,500,000.00	THE INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED	BANK OF BARODA BLDG,, 16 SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Free Hold Land

Lease Land

Buildings

Plant and Machinery

Furniture and Fixtures

Office Equipments

Computer

Vehicles

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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	NKT

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.