MIRA INFORM REPORT

Report Date :

11.09.2014

IDENTIFICATION DETAILS

Name :	JAI BALAJI JYOTI STEELS LIMITED
Registered Office :	Unitech House, Udit Nagar, Rourkela – 769012, Orissa
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.04.2003
Com. Reg. No.:	15-007119
Capital Investment / Paid-up Capital :	Rs. 480.187 Millions
CIN No.: [Company Identification No.]	U27102OR2003PLC007119
TAN No.: [Tax Deduction & Collection Account No.]	BBNM00331C
PAN No.: [Permanent Account No.]	AABCJ2488H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Iron and Steel and Other Connected Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BB-”
Rating Explanation	Inadequate credit quality and high credit risk.
Date	28.03.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A4”
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	28.03.2014

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-33-22489808)

LOCATIONS

Registered Office :	Unitech House, Udit Nagar, Rourkela – 769012, Orissa, India
Tel. No.:	91-661-2510164
Fax No.:	91-661-2510164
E-Mail :	info@jaibalajigroup.com atanita@jaibalajigroup.com
Website :	www.jaibalajigroup.com
Corporate Office :	5, Bentinck Street, 1^st Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22489808/ 22488173
Fax No.:	91-33-22430021/ 22107893
Factory :	Taniser, Near Birkera, District Sundargarh, Orissa, India
Tel. No.:	91-661-3296893
Fax No.:	91-661-2510164

DIRECTORS

As on 28.09.2013

Name :

Mr. Aditya Jajodia

Designation :

Director

Address :

5, Bentinck Street, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

07.09.1970

Date of Appointment :

01.04.2009

PAN No.:

ACYPJ5228P

DIN No.:

00045114

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	L13100WB1978PLC031670	CHANDI STEEL INDUSTRIES LIMITED	Director	17-09-1993	17-09-1993	22-12-2007	Active	NO
2	U27109WB1995PTC071544	JAI SALASAR BALAJI INDUSTRIES PRIVATE LIMITED	Managing director	01-04-2011	16-05-1995	-	Active	NO
3	L27102WB1999PLC089755	JAI BALAJI INDUSTRIES LIMITED	Managing director	23-07-2012	01-07-1999	-	Active	NO
4	U27320WB2002PLC094604	SHRI MARUTAYE BALAJI STEELS LIMITED	Director	06-05-2002	06-05-2002	-	Active	NO
5	U27320WB2002PLC094606	SHRI RAMRUPAI BALAJI STEELS LIMITED	Director	07-10-2002	07-10-2002	-	Amalgamated	NO
6	U27105WB2003PLC095998	SHRI SARVASARAI BALAJI STEELS LIMITED	Director	02-04-2003	02-04-2003	-	Active	NO
7	U27105WB2003PLC095999	SHRI SUMANGALAYA BALAJI STEELS LIMITED	Director	02-04-2003	02-04-2003	-	Active	NO
8	U51909WB1994PLC066507	ENFIELD SUPPLIERS LIMITED	Director	08-04-2003	08-04-2003	-	Active	NO
9	U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Director	01-04-2009	13-04-2004	-	Active	NO
10	U40101WB2005PTC103824	JAI BALAJI VYAVASAY PRIVATE LIMITED	Director	20-06-2005	20-06-2005	-	Active	NO
11	U27100WB2002PLC094612	NILACHAL IRON AND POWER LIMITED	Director	07-09-2007	21-07-2007	-	Active	NO
12	U26959ML2007PLC008285	JAI BALAJI SHAKTI CEMENT LIMITED	Director	23-10-2007	23-10-2007	-	Active	NO
13	U10300WB2009PTC138558	ANDAL EAST COAL COMPANY PRIVATE LIMITED	Director	22-09-2009	22-09-2009	-	Active	NO
14	U40300WB2010PLC154393	JAI BALAJI ENERGY (PURULIA) LIMITED	Director	01-11-2010	01-11-2010	-	Active	NO
15	U27100WB2010PLC154392	JAI BALAJI STEELS (PURULIA) LIMITED	Director	01-11-2010	01-11-2010	-	Active	NO
16	U27310WB2011PTC165871	SHRI SANKATMOCHAN STEEL PRIVATE LIMITED	Director	04-08-2011	04-08-2011	-	Active	NO
17	U27310WB2011PTC165933	SHRI JAIKAPISH STEEL PRIVATE LIMITED	Director	04-08-2011	04-08-2011	-	Active	NO
18	U27310WB2011PTC166211	SHRI KESHRINANDAN TRADE PRIVATE LIMITED	Director	10-08-2011	10-08-2011	-	Active	NO
19	U51909WB2011PTC166629	SHRI MAHATEJAS VINIMAY PRIVATE LIMITED	Director	20-08-2011	20-08-2011	-	Active	NO

Name :

Mr. Rajiv Jajodia

Designation :

Managing Director

Address :

5, Bentinck Street, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

03.04.1965

Date of Appointment :

01.04.2013

PAN No.:

ACHPJ8296N

DIN No.:

00045192

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
1	U27106WB1987PTC043246	K D JAJODIA STEEL INDUSTRIES PRIVATE LIMITED	Director	06-11-1987	06-11-1987	-	Active
2	U27109WB1995PTC071544	JAI SALASAR BALAJI INDUSTRIES PRIVATE LIMITED	Director	18-05-1996	18-05-1996	-	Active
3	L27102WB1999PLC089755	JAI BALAJI INDUSTRIES LIMITED	Director	01-07-1999	01-07-1999	-	Active
4	U27320WB2002PLC094606	SHRI RAMRUPAI BALAJI STEELS LIMITED	Director	06-05-2002	06-05-2002	-	Amalgamated
5	U27320WB2002PLC094604	SHRI MARUTAYE BALAJI STEELS LIMITED	Director	08-11-2002	08-11-2002	-	Active
6	U27105WB2003PLC095998	SHRI SARVASARAI BALAJI STEELS LIMITED	Director	02-04-2003	02-04-2003	-	Active
7	U27105WB2003PLC095999	SHRI SUMANGALAYA BALAJI STEELS LIMITED	Director	02-04-2003	02-04-2003	-	Active
8	L13100WB1978PLC031670	CHANDI STEEL INDUSTRIES LTD	Director	20-09-2003	20-09-2003	22-12-2007	Active
9	U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Managing director	01-04-2013	13-04-2004	-	Active
10	U40101WB2005PTC103824	JAI BALAJI VYAVASAY PRIVATE LIMITED	Director	20-06-2005	20-06-2005	-	Active
11	U26959ML2007PLC008285	JAI BALAJI SHAKTI CEMENT LIMITED	Director	23-10-2007	23-10-2007	-	Active
12	U40300WB2010PLC154393	JAI BALAJI ENERGY (PURULIA) LIMITED	Director	01-11-2010	01-11-2010	-	Active
13	U27100WB2010PLC154392	JAI BALAJI STEELS (PURULIA) LIMITED	Director	01-11-2010	01-11-2010	-	Active
14	U27310WB2011PTC165871	SHRI SANKATMOCHAN STEEL PRIVATE LIMITED	Director	04-08-2011	04-08-2011	-	Active
15	U27310WB2011PTC165933	SHRI JAIKAPISH STEEL PRIVATE LIMITED	Director	04-08-2011	04-08-2011	-	Active
16	U27310WB2011PTC166211	SHRI KESHRINANDAN TRADE PRIVATE LIMITED	Director	10-08-2011	10-08-2011	-	Active
17	U51909WB2011PTC166629	SHRI MAHATEJAS VINIMAY PRIVATE LIMITED	Director	20-08-2011	20-08-2011	-	Active

Name :

Mr. Bagri Vishal

Designation :

Director

Address :

40, Iron Side Road, 3B, Hemchaya, Kolkata – 700019, India

Date of Birth/Age :

25.12.1969

Date of Appointment :

22.02.2006

DIN No.:

00078949

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	Company/ LLP Status	Defaulting status
1	U27109WB1993PTC060475	DEB STEEL AND CASTINGS PRIVATE LIMITED	Director	07-11-2005	07-11-2005	Active	NO
2	U72900WB2003PTC096955	JAI BALAJI INFOTECH PRIVATE LIMITED	Director	07-11-2005	07-11-2005	Active	NO
3	U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Director	22-02-2006	22-02-2006	Active	NO
4	L13100WB1978PLC031670	CHANDI STEEL INDUSTRIES LTD	Director	24-09-2008	26-06-2008	Active	NO
5	U45400WB2010PTC142258	NEELKANT REALBUILT PRIVATE LIMITED	Director	30-09-2010	16-02-2010	Active	NO

Name :

Mr. Sanjiv Jajodia

Designation :

Director

Address :

5, Bentinck Street, Kolkata – 700001, West Bengal, India

Date of Birth/Age :

06.09.1963

Date of Appointment :

26.09.2008

PAN No.:

ACHPJ8297P

DIN No.:

00036339

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	Company/ LLP Status	Defaulting status
1	U27106WB1987PTC043246	K D JAJODIA STEEL INDUSTRIES PRIVATE LIMITED	Director	06-11-1987	06-11-1987	Active	NO
2	L13100WB1978PLC031670	CHANDI STEEL INDUSTRIES LTD	Director	20-09-1993	20-09-1993	Active	NO
3	U27320WB2002PLC094606	SHRI RAMRUPAI BALAJI STEELS LIMITED	Director	06-05-2002	06-05-2002	Amalgamated	NO
4	L27102WB1999PLC089755	JAI BALAJI INDUSTRIES LIMITED	Whole-time director	01-05-2013	31-05-2002	Active	NO
5	U27105WB2003PLC095998	SHRI SARVASARAI BALAJI STEELS LIMITED	Director	02-04-2003	02-04-2003	Active	NO
6	U51909WB1994PLC066507	ENFIELD SUPPLIERS LIMITED	Director	08-04-2003	08-04-2003	Active	NO
7	U74140WB2003PLC096043	HARI MANAGEMENT LIMITED	Director	15-09-2004	15-09-2004	Active	NO
8	U27100WB2002PLC094612	NILACHAL IRON AND POWER LIMITED	Director	27-09-2008	26-10-2007	Active	NO
9	U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Director	26-09-2008	31-01-2008	Active	NO
10	U27320WB2002PLC094604	SHRI MARUTAYE BALAJI STEELS LIMITED	Director	30-09-2009	03-10-2008	Active	NO
11	U27105WB2003PLC095999	SHRI SUMANGALAYA BALAJI STEELS LIMITED	Director	30-09-2009	04-10-2008	Active	NO
12	U26959ML2007PLC008285	JAI BALAJI SHAKTI CEMENT LIMITED	Director	27-09-2011	01-10-2010	Active	NO
13	U40300WB2010PLC154393	JAI BALAJI ENERGY (PURULIA) LIMITED	Director	01-11-2010	01-11-2010	Active	NO
14	U27100WB2010PLC154392	JAI BALAJI STEELS (PURULIA) LIMITED	Director	01-11-2010	01-11-2010	Active	NO

Name :

Mr. Dinesh Kumar Agarwal

Designation :

Director

Address :

105/1, Bidhannagar Road, Kolkata – 700067, West Bengal, India

Date of Birth/Age :

25.07.1964

Date of Appointment :

28.09.2010

DIN No.:

03093004

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	Company/ LLP Status	Defaulting status
1	U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Director	28-09-2010	12-01-2010	Active	NO
2	U27100WB2002PLC094612	NILACHAL IRON AND POWER LIMITED	Director	21-09-2010	14-01-2010	Active	NO

Name :

Mr. Santosh Kumar Shah

Designation :

Director

Address :

93, Diamond Harbour Road, Khidderpore, 2nd Floor, Kolkata – 700023, WestIndia

Date of Birth/Age :

03.12.1951

Date of Appointment :

29.09.2010

DIN No.:

02963319

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	Company/ LLP Status	Defaulting status
1	U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Director	28-09-2010	12-01-2010	Active	NO
2	U27100WB2002PLC094612	NILACHAL IRON AND POWER LIMITED	Director	21-09-2010	14-01-2010	Active	NO
3	U51909WB2010PTC143024	PONTIAC COMMERCIAL PRIVATE LIMITED	Director	08-03-2010	08-03-2010	Active	NO

Name :

Mr. Sanjay Kumar Ladia

Designation :

Director

Address :

S-7/22, Belur NISCO Housing Estate, P.O. Sapuipara, Howrah – 711227, West Bengal, India

Date of Birth/Age :

10.04.1971

Date of Appointment :

28.09.2013

DIN No. :

06446828

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	Company/ LLP Status	Defaulting status
1	U27102OR2003PLC007119	JAI BALAJI JYOTI STEELS LIMITED	Director	28-09-2013	15-11-2012	Active	NO

KEY EXECUTIVES

Name :	Ruchi Garg
Designation :	Secretary
Address :	111/C, Swin Hoe Lane, Kolkata – 700042, West Bengal, India
Date of Birth/Age :	25.08.1988
Date of Appointment :	01.06.2012
PAN No.:	AOIPG5491F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares
Govind Management Limited, India	1264820
Sanjiv Jajodia	246620
Aashish Jajodia	20500
Rajiv Jajodia	500
Kanchan Jajodia	500
Rina Jajodia	500
Sangeeta Jajodia	500
Aditya Jajodia	149000
Seema Jajodia	72500
K.D. Jajodia Steel Industries (Private) Limited, India	103150
Shri Marutaye Balaji Steels Limited, India	4800
Shri Sarvasarai Balaji Steels Limited, India	1035300
Shri Sumangalaya Balaji Steels Limited, India	4800
Enfield Suppliers Limited, India	255880
Deb Steel and Castings Private Limited, India	41400
Devendra PR. Jajodia	4000
Gourav Jajodia	1050
Hari Management Limited, India	59870
Jai Salasar Balaji Industries Private Limited, India	8530
Swagtam Estates and Apartments Private Limited, India	68000
Umang Vincom Private Limited, India	414650
Pontiac Commercial Private Limited, India	620000
Neelkant Realbuilt Private Limited, India	425000
Total	4801870

Allottee as on 31.03.2013

Names of Allottee	No. of Shares
Umang vincom Private Limited, India	89375
Total	89375

As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	89.68
Directors or relatives of Directors	10.30
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Iron and Steel and Other Connected Products.

Products :

Item Code No. (ITC Code)	Product Description
72031000	Sponge Iron

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· United Bank of India, Corporate Finance Branch, 11, Hemanta Basu Sarani, Kolkata - 700001, West Bengal, India

UCO Bank, Mid Corporate Branch, 2, India Exchange Place, Kolkata - 700001, West Bengal, India

Allahabad Bank, Kolkata Main Branch, 14, India Exchange Place, Kolkata - 700001, West Bengal, India

The Federal Bank Limited, Burrabazar, Kolkata - 700073, West Bengal, India

Indusind Bank Limited, 3a, Upper Wood Street, Kolkata - 700017, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred payment Indian sources	1.141	4.638
SHORT TERM BORROWINGS
Loans repayable on demand from banks	554.436	599.481
Total	555.577	604.119

Banking Relations :	--
Financial Institution :	SREI Equipment Finance Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata - 700046, West Bengal, India
Auditors :
Name :	Kadmawala and Company Chartered Accountants
Address :	Budhram Oram Market, Main Road, Rourkela – 769012, Orissa, India
Income-tax PAN of auditor or auditor's firm :	AAFFK2302Q
Enterprises over which Key Managerial Personnel are able to exercise significant influence.:	· Jai Balaji Industries Limited L27102WB1999PLC089755 Jai Salasar Balaji Industries Private Limited U27109WB1995PTC071544 Chandi Steel Industries Limited L13100WB1978PLC031670 Nilachal Iron and Power Limited U27100WB2002PLC094612 Balaji Ispat Udyog Jai Balaji Jyoti Powertech (Private) Limited K.D.Jajodia Steel Industries Private Limited U27106WB1987PTC043246 Hari Management Limited Jai Balaji Infotech Private Limited U72900WB2003PTC096955 Shri Maruthaye Balaji Steel Limited U27320WB2002PLC094604

CAPITAL STRUCTURE

After 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
8,000,000	Equity Shares	Rs.100/- each	Rs. 800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,891,245	Equity Shares	Rs.100/- each	Rs. 489.125 Millions

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
8,000,000	Equity Shares	Rs.100/- each	Rs. 800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,801,870	Equity Shares	Rs.100/- each	Rs. 480.187 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	480.187	480.187	464.102
(b) Reserves & Surplus	99.313	225.972	255.628
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	270.000	270.000	302.991
Total Shareholders’ Funds (1) + (2)	849.500	976.159	1022.721
(3) Non-Current Liabilities
(a) long-term borrowings	1.141	4.638	61.971
(b) Deferred tax liabilities (Net)	0.062	57.536	74.165
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.863
Total Non-current Liabilities (3)	1.203	62.174	136.999
(4) Current Liabilities
(a) Short term borrowings	1463.269	1482.981	1570.337
(b) Trade payables	283.205	251.337	230.162
(c) Other current liabilities	460.993	427.742	322.034
(d) Short-term provisions	3.798	2.872	11.770
Total Current Liabilities (4)	2211.265	2164.932	2134.303
TOTAL	3061.968	3203.265	3294.023
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	804.681	851.896	885.803
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	223.832	223.582	217.683
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.680	9.680	0.335
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	290.350	286.305	1365.271
(e) Other Non-current assets	1.996	7.180	0.900
Total Non-Current Assets	1330.539	1378.643	2469.992
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	526.054	567.196	561.628
(c) Trade receivables	130.724	191.368	202.431
(d) Cash and cash equivalents	3.265	12.338	1.393
(e) Short-term loans and advances	1068.265	1051.564	51.892
(f) Other current assets	3.121	2.156	6.687
Total Current Assets	1731.429	1824.622	824.031
TOTAL	3061.968	3203.265	3294.023

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	675.345	2071.948	1820.969
		Other Income	25.256	32.776	122.584
		TOTAL (A)	700.601	2104.724	1943.553
Less	EXPENSES
		Cost of Materials Consumed	654.613	1623.533	1159.086
		Purchases of Stock-in-Trade	0.000	93.171	167.427
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(59.925)	26.879	64.568
		Employees benefits expense	47.218	47.998	52.145
		Other expenses	100.256	187.241	150.968
		Prior Period Items	0.000	0.000	1.011
		TOTAL (B)	742.162	1978.822	1595.205
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(41.561)	125.902	348.348
Less	FINANCIAL EXPENSES (D)		88.810	119.216	244.898
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(130.371)	6.686	103.450
Less/ Add	DEPRECIATION/ AMORTISATION (F)		53.764	52.971	48.928
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(184.135)	(46.285)	54.522
Less	TAX (H)		(57.474)	(16.629)	21.581
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(126.661)	(29.656)	32.941
	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	154.962
	Earnings / (Loss) Per Share (Rs.)		(26.38)	(6.18)	7.10

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(26.28)	(2.20)	1.69
Net Profit Margin (PBT/Sales)	(%)	(27.27)	(2.23)	2.99
Return on Total Assets (PBT/Total Assets}	(%)	(6.51)	(1.56)	1.77
Return on Investment (ROI) (PBT/Networth)		(0.22)	(0.05)	0.05
Debt Equity Ratio (Total Debt/Networth)		1.72	1.52	1.60
Current Ratio (Current Asset/Current Liability)		0.78	0.84	0.39

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	464.102	480.187	480.187
Reserves & Surplus	255.628	225.972	99.313
Share Application money pending allotment	302.991	270.000	270.000
Net worth	1022.721	976.159	849.500
long-term borrowings	61.971	4.638	1.141
Short term borrowings	1570.337	1482.981	1463.269
Total borrowings	1632.308	1487.619	1464.410
Debt/Equity ratio	1.596	1.524	1.724

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	1820.969	2071.948	675.345
		13.783	(67.405)

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	1820.969	2071.948	675.345
Profit	32.941	(29.656)	(126.661)
	1.81%	(1.43%)	(18.76%)

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	No
10]	Designation of contact person	No
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	Yes
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	10460703	25/09/2013	77,029,210.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA	B89739031
2	10201649	28/04/2012 *	655,000,000.00	UNITED BANK OF INDIA	CORPORATE FINANCE BRANCH, 11, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	B39530233
3	10137234	26/12/2008	400,000,000.00	UNITED BANK OF INDIA	11, OLD COURT HOUSE STREET, KOLKATA, WEST BENGAL - 700001, INDIA	A54338082
4	10119642	27/08/2008	1,829,800,000.00	UNITED BANK OF INDIA	OLD COURT HOUSE STREET BRANCH, 11, HEMANT BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	A44436285
5	90082078	29/09/2004 *	225,000,000.00	UNION BANK OF INDIA	OLD COURT HOUSE, STREET BRANCH, KOLKATA, WEST BENGAL - 700001, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from others	908.833	883.500
Total	908.833	883.500

REVIEW OF OPERATION

The Loss Before Tax for the year was Rs. 184.135 Millions as compared to the Loss Before Tax of Rs. 46.285 Millions for the previous year 2011-12. The net loss for the period was Rs. 126.661 Millions as compared to Loss of Rs. 29.656 Millions during previous financial year 2011-12.

BUSINESS OUTLOOK

During the year the Company incurred a loss of Rs. 184.135 Millions as compared to the Loss Before Tax of Rs. 46.285 Millions for the previous year 2011-2012. It is expected that growth in industrial sector, automobile construction and infrastructure is going to improve which will drive demand for steel. Thus it will act as a catalyst to the economic growth of the Company. However rising interest costs, raw material cost and availability of raw material will continue to be major areas of concern.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
a) Sales Tax and Excise Duty matters under dispute/appeal	105.148	44.548
b) Letters of Credit, Bill discounted and Bank Guarantees outstanding	7.500	0.000

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Furniture and Fixtures

Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.83
UK Pound	1	Rs.98.15
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		26

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.