MIRA INFORM REPORT

Report No. :	312485
Report Date :	16.04.2015

IDENTIFICATION DETAILS

Name :	VEDANT RE-ROLLS PRIVATE LIMITED
Registered Office :	Plot No 50/51, Jethmal Nagar, Near Ganpati Netralaya, Jalna - 431203, Maharashtra
Tel. No.:	91-2482-220155
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.12.2011
Com. Reg. No.:	11-224529
Capital Investment / Paid-up Capital :	Rs. 1.500 Million
CIN No.: [Company Identification No.]	U27100MH2011PTC224529
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECV3208Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of M.S. Billets and M.S. Bars.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence its business operation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated on 1^st December 2011, it is yet to commence its business operations. Mr. Anand Pahade, director has provided information to us and claimed that company is expected to start its business operations within 3 months. As per the financial information of 2014, the company has earned income from indirect source (i.e. interest income) and it has taken huge external borrowings. As per the status shown in the registrar of company business appears to be active. Payments are reported to be unknown. The company can be considered for business dealings on safe and secured 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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

Name :	Mr. Anand Omprakash Pahade
Designation :	Director
Contact No.:	91-9422216990
Date :	14.04.2015

LOCATIONS

Registered Office :	Plot No 50/51, Jethmal Nagar, Near Ganpati Netralaya, Jalna - 431203, Maharashtra, India
Tel. No. :	91-2482-220155
Mobile No. :	91-9422216994 (Mr. Narendra Kanayalal Pahade)
Fax No. :	Not Available
E-Mail :	adinath_jln@rediffmail.com vedantrerolls@gmail.com
Location :	Owned
Factory :	Plot No. A-8, MIDC, Phase III, Nagewadi, Aurangabad Road, District Jalna - 431203, Maharashtra, India
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Narendra Kanayalal Pahade

Designation :

Director

Address :

50-50, Jethmal Nagar, Jalna - 431203, Maharashtra, India

Date of Birth/Age :

11.03.1961

Qualification :

DBM and B. Com.

Experience :

The director has earned immense experience in Manufacturing, Trading and Marketing in M.S. Billets, Angles, TMT Bars Structure Steel, Alloy Billets, MS Pipe, MS Ingots, MS Wire, MS Rounds and MS Coils from last 25 Years.

Date of Appointment :

01.12.2011

PAN No.:

ABFPP0884P

DIN No. :

00689746

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	U27100MH2004PTC148361	BHADRAMARUTI CONCAST PRIVATE LIMITED	Director	20-09-2004	20-09-2004	19-04-2010	Active	NO
2	U27100MH2011PTC224529	VEDANT RE-ROLLS PRIVATE LIMITED	Director	01-12-2011	01-12-2011	-	Active	NO
3	U70109WB2010PTC152314	VISTA NIRMAN PRIVATE LIMITED	Director	03-04-2012	03-04-2012	11-04-2012	Active	NO
4	U70109WB2010PTC152312	FORD DEVELOPERS PRIVATE LIMITED	Director	11-04-2012	11-04-2012	-	Active	NO

Name :

Mr. Surendra Kanahyalal Pahade

Designation :

Director

Address :

S. No. 255, Part Jethmal Nagar, Resi 3-Phase, At Jalna CTS No. 1194/A32, Jalna - 431203, Maharashtra, India,

Date of Birth/Age :

01.04.1960

Qualification :

B.Com.

Experience :

The director has earned immense experience in Manufacturing, Trading and Marketing in M.S. Billets, Angles, TMT Bars, Structure Steel, Alloy Billet, MS Pipe, MS Ingots, MS Wire, MS Rounds and MS Coils from last 25 Years

Date of Appointment :

01.12.2011

Passport No. :

J7754121

DIN No. :

02242059

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	U27100MH2008PTC185670	SHREE SHANTINATH STEEL RE-ROLLING MILL JALNA PRIVATE LIMITED	Director	11-08-2008	11-08-2008	11-07-2013	Active	NO
2	U27100MH2011PTC224529	VEDANT RE-ROLLS PRIVATE LIMITED	Director	01-12-2011	01-12-2011	-	Active	NO

Name :

Mr. Alkesh Narendra Pahade

Designation :

Director

Address :

House No 50, Jethmal Nagar, Near Ganpati Netralay, Jalna - 431203, Maharashtra, India

Date of Birth/Age :

01.05.1990

Qualification :

B. E. Mech.

Experience :

The direct has earned immense experience in Manufacturing, Trading and Marketing in M.S. Billets, Angles, TMT Bars, Structure Steel, Alloy Billet, MS Pipe, MS Ingots, MS Wire, MS Rounds and MS Coils from last 2 Years.

Date of Appointment :

20.09.2013

DIN No. :

05190439

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	U27100MH2011PTC224529	VEDANT RE-ROLLS PRIVATE LIMITED	Director	20-09-2013	29-05-2012	Active	NO

Name :

Mr. Anand Omprakash Pahade

Designation :

Director

Address :

House No 50, Jethmal Nagar, Near Ganpati Netralay, Jalna - 431203, Maharashtra, India

Date of Birth/Age :

13.12.1977

Qualification :

B. E. Electronics

Experience :

The director has earned immense experience in Manufacturing, Trading and Marketing in M.S. Billets, Angles, TMT Bars, Structure Steel, Alloy Billet, MS Pipe, MS Ingots, MS Wire, MS Rounds and MS Coils from last 10 Years.

Date of Appointment :

20.09.2013

PAN No. :

ALSPP4628A

Passport No. :

J7754118

DIN No. :

05202663

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	U27100MH2011PTC224529	VEDANT RE-ROLLS PRIVATE LIMITED	Director	20-09-2013	29-05-2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Narendra K. Pahade	5000	33.33
Surendra K. Pahade	5000	33.33
Ford Developers Private Limited, India	5000	33.33
Total	15000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	33.33
Directors or relatives of Directors	66.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of M.S. Billets and M.S. Bars.
Products :	· M.S. Billets · M.S. Bars
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
8 MM TMT Bars	35640	17820
10 MM	23760	11880
12 MM	23760	11880
16 to 20 MM	17820	8910
25 to 32 MM	17820	8910
Total	118800	59400

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Wholesalers

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	State Bank of Hyderabad
Branch:	Nagewadi, Sangli, Maharashtra, India
Name of the Person (with Designation):	Mr. Munnaprasad Dinkar (Branch Manager)
Contact Number:	91-7775821411
Name of Account Holder:	VEDANT RE-ROLLS PRIVATE LIMITED
Account Number:	62266253527
Account Since (Date/ Year of A/c Opening):	16.01.2013
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	N.A.
Account Operation:	Satisfactory
Remarks: --

· State Bank of Hyderabad, Jalna Branch, Maharashtra, India

Facilities :

C. C. Hypothecation/ Book Debts – Rs. 20.000 Millions (From State Bank of Hyderabad, Jalna Branch)

Banking Relations :	--
Financial Institution :	SREI Equipment Finance Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata - 700046, West Bengal, India
Auditors :
Name :	Natwar D. Marda and Company Chartered Accountants
Address :	P J Zanzari and Company, Bezonjee Road, Kadrabad, AURANGABAD – 431203, Maharashtra, India
Tel. No. :	91-2482-237844
Mobile No. :	91-9923899787
Income-tax PAN of auditor or auditor's firm :	APDDM2197J
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Adinath Steel Re-rolling Mill (Proprietor : Mr. Anand Omprakash Pahade) Address: Plot No. A-28, 5/6, Addl. MIDC, Jalna – 431203, Maharashtra, India Line of Business: Manufacturing of TMT Bars.

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 1.500 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
35,000	Equity Shares	Rs.100/- each	Rs. 3.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,000	Equity Shares	Rs.100/- each	Rs. 1.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

TRIAL BALANCE

PARTICULARS	31.03.2015 CLOSING BALANCE
	DEBIT	CREDIT
Capital Account		1.500
Reserves and Surplus		1.500
Loans (Liability)		288.189
Secured Loans		5.704
SREI Equipment Finance Limited		4.198
Sundaram Finance Limited		1.506
Unsecured Loans		282.485
Bhagyalaxmi Rolling Mill Private Limited		91.500
Ford Developers Private Limited		190.985
Current Liabilities	3.222	2.599
Duties and Taxes	3.222
Excise duty of purchases	1.690
H.S. Ed. Cess	0.021
Input 12.50	0.208
Input Vat	1.285
S.H. Ed. Cess 2%	0.018
Sundry Creditors		0.864
Abhay Agencies		0.016
Hyundai Construction Equipment Private Limited		0.000
C.P. Industries		0.008
Rajendrakumar and Company		0.589
Satish Motors Private Limited		0.050
Shree Ram Steel		0.063
Shri Chintamani Enterprises		0.077
Yuvraj Automobiles		0.062
MIDC Aurangabad		1.735
Fixed Assets	78.977
Breakers	1.475
Electrical Goods	0.139
Excavator	3.929
Factory and Shed A/c	22.362
Land Development	7.388
Plant and Machinery	0.018
Tangible Assets	42.000
Tipper	1.654
Welding Rod	0.012
Investments	120.041
Bhagyalaxmi Rolling Mill Private Limited	120.000
MSEDCL Jalna	0.041
Current Assets	87.343
Opening Stock
Deposits (Asset)	0.500
FDR of SBH	0.500
Loans and Advances (Asset)	41.593
Alkesh Pahade	0.500
Chetan Rakesh Gupta	5.137
Narendra Pahade	10.570
Omprakash Pahade	0.650
Rupesh Jasiwal	5.137
Shailesh Kasiwal	2.500
Shilpa Associates	12.000
Surendra Pahade	5.000
V.J. Associates	0.100
Sundry Debtors	40.991
Adinath Steel Re-Rolling Mill	35.077
Ajit Trading Company	4.005
J.K. Cement	0.108
Nilesh Traders	1.800
Cash-In-Hand	2.378
Cash	2.378
Bank Accounts	1.881
Misc. Expenses (Asset)	1.037
Preliminary Expense	1.037
Sales Accounts		1.012
Mazie		0.895
M.S. Bars		0.118
Purchase Accounts	0.860	0.017
Purchase Mazie	0.860
Purchases		0.017
Direct Expenses	0.511
Freight	0.499
Loading Expense	0.012
Indirect Income		0.273
Received Interest		0.273
Indirect Expenses	1.584
Bank Charges	0.003
Diesel	0.410
Insurance	0.005
Rent A/c	0.040
Salary	1.077
Vehicle Maintenance	0.048
Profit and Loss A/c	0.015
Grand Total	293.590	293.590

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.500	1.500
(b) Reserves & Surplus	0.000	0.000
(c) Money received against Share Warrants	0.000	0.000
(2) Share Application Money Pending Allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1.500	1.500
(3) Non-Current Liabilities
(a) Long-term Borrowings	185.835	165.135
(b) Deferred Tax Liabilities (Net)	0.000	0.000
(c) Other Long Term Liabilities	0.000	0.000
(d) Long-term Provisions	0.000	0.000
Total Non-current Liabilities (3)	185.835	165.135
(4) Current Liabilities
(a) Short term Borrowings	0.000	0.000
(b) Trade Payables	0.000	0.000
(c) Other Current Liabilities	21.000	21.000
(d) Short-term Provisions	0.010	0.010
Total Current Liabilities (4)	21.010	21.010
TOTAL	208.345	187.645
II. ASSETS
(1) Non-Current Assets
(a) Fixed Assets
(i) Tangible Assets	42.000	42.000
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under Development	0.000	0.000
(b) Non-current Investments	122.000	120.000
(c) Deferred Tax Assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-Current Assets	0.115	0.115
Total Non-Current Assets	164.115	162.115
(2) Current Assets
(a) Current Investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade Receivables	0.000	0.000
(d) Cash and Cash Equivalents	4.357	1.530
(e) Short-term Loans and Advances	39.873	24.000
(f) Other Current Assets	0.000	0.000
Total Current Assets	44.230	25.530
TOTAL	208.345	187.645

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	0.000	--
		Other Income	0.273	--
		TOTAL	0.273	--
Less	EXPENSES
		Employees benefits expense	0.252	--
		Other expenses	0.021	--
		TOTAL	0.273	--
	PROFIT/ (LOSS) BEFORE TAX		0.000	--
Less	TAX		0.000	--
	PROFIT/ (LOSS) AFTER TAX		0.000	--

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	0.00	--
Return on Total Assets (PBT/Total Assets}	(%)	0.00	--
Return on Investment (ROI) (PBT/Networth)		0.00	--
Debt Equity Ratio (Total Debt/Networth)		123.89	110.09
Current Ratio (Current Asset/Current Liability)		2.11	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	1.500	1.500
Reserves & Surplus	0.000	0.000
Net worth	1.500	1.500
Long-term Borrowings	165.135	185.835
Short-term Borrowings	0.000	0.000
Total borrowings	165.135	185.835
Debt/Equity ratio	110.090	123.890

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
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	Yes
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	Yes
34]	External Agency Rating, if available	No

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Ford Developers Private Limited	185.835	165.135
Total	185.835	165.135

------------------------------------------------------------------------------------------------------------------------------

COST OF PROJECT

(RS. IN MILLIONS)

COST OF PROJECT	POSITION AS OF (31.03.2014)	NEW ASSETS TO BE ADDED	TOTAL ASSETS AT THE END OF PROJECT
ASSET
Land and Site Development	40.200	0.000	40.200
Site Development	1.800	21.600	23.400
Factory Building	--	178.300	178.300
Office Building and Other Civil Works	--	18.900	18.900
A) CONCAST PLANT
Main Production Machinery	--	142.400	142.400
Electrical Installation	--	86.100	86.100
Misc./ Auxilary M/C	--	74.500	74.500
Installation/ Labour Charges	--	7.500	7.500
Packing and Transportation	--	5.000	5.000
Taxes	--	33.700	33.700
B) RE-ROLLING MILL
Main Production Machinery	--	113.800	113.800
Electrical Installation	--	19.000	19.000
Misc./ Auxilary M/C	--	21.400	21.400
Installation/ Labour Expenses	--	6.100	6.000
Packing and Transporation	--	4.500	4.500
Taxes	--	33.700	33.700
Add: Contingencies 5%	42.000	766.700	808.600
Sub-Total	42.000	803.900	845.800
OTHERS
Furniture’s and Office Equipment	--	5.000	5.000
Interest during construction period	0.000	34.900	34.900
Investment and deposits, Others	122.000	(122.000)	0.000
Preliminary and Pre-Operative Expenses	0.100	2.500	2.600
Net Current Assets	23.200	(23.200)	0.000
Working Capital Margin	0.000	133.300	133.300
Sub-Total	145.300	30.500	175.900
TOTAL	187.300	834.400	1021.700

------------------------------------------------------------------------------------------------------------------------------

MEANS OF FINANCE

(RS. IN MILLIONS)

COST OF PROJECT	POSITION AS OF (31.03.2014)	NEW ASSETS TO BE ADDED	TOTAL ASSETS AT THE END OF PROJECT
Share Capital	1.500	98.500	100.000
Preference Shares	0.000	200.000	200.000
Quasi Equity	185.800	(14.100)	171.700
Proposed Term Loan	0.000	550.000	550.000
Means of Finance	187.300	834.400	1021.700

------------------------------------------------------------------------------------------------------------------------------

STATEMENT SHOWING BREAK EVEN ANALYSIS

(RS. IN MILLIONS)

PARTICULARS	2017	2018	2019	2020	2021	2022
	PROJECTIONS
Net Sales	2345.500	2814.600	3283.600	3752.700	4221.800	4456.400
Total Revanue / Income	2345.500	2814.600	3283.600	3752.700	4221.800	4456.400
Variable Cost of Product/ Services
Raw material Consumed	1638.400	1966.100	2293.800	2621.500	2949.200	3113.000
Carriage Inward/Out Word	11.900	14.300	16.600	19.000	21.400	22.600
Adjustment for WIP and Finished Goods	(147.600)	(49.500)	(29.500)	(29.500)	(29.500)	(14.800)
Interest on Working Capital Borrowings	52.000	52.000	58.500	58.500	58.500	58.500
Total Variable Cost	1554.700	1982.900	2339.400	2669.500	2999.6000	3179.400
CONTRIBUTION towards overheads and Profits	790.700	831.700	944.200	1083.200	1222.300	1277.000
PROFIT / VOLUME Ratio (% age)	33.71%	29.55%	28.76%	28.87%	28.95%	28.66%
FIXED/ SEMI-FIXED Expenses/ Overheads
Power, Coal, fuel and Water	356.400	427.700	499.000	570.200	641.500	677.200
Direct Labour	59.400	71.300	83.200	95.000	106.900	112.900
Repairs and Maintenance	11.900	14.300	16.600	19.000	21.400	22.600
Other Manufacturing Exp	0.000	0.000	0.000	0.000	0.000	0.000
Depreciation	35.900	35.900	35.900	35.900	35.900	35.900
Administration and Office Expenses	11.900	14.300	16.600	19.000	21.400	22.600
Pre-Operative Expenses	0.300	0.300	0.300	0.300	0.300	0.300
Financial Charges
-- Term Loan	69.700	57.200	42.900	28.600	14.300	1.800
-- Unsecured Loans	20.600	20.600	20.600	20.600	20.600	20.600
Total Financial Charges (Excl W/Cap)	90.300	77.800	63.500	49.200	34.900	22.400
Selling Expenses	2.400	2.800	3.300	3.800	4.300	4.500
Less : Miscellaneous Income	0.000	0.000	0.000	0.000	0.000	0.000
Total Fixed/ Semi-Fixed Expenses	568.400	644.200	718.300	792.400	866.500	900.800
Total Cash Fixed/Semi-Fixed Expenses	532.200	608.100	682.200	756.300	830.400	862.000
Cash Break Even Sales	1578.700	2057.900	2372.400	2620.000	2868.100	3008.200
Cash Break Even Sales/Net Sales	67.31%	73.12%	72.25%	69.82%	67.94%	67.50%
Cash Break Even Sales at Installed Capacity (%)	33.65%	43.87%	50.57%	55.85%	61.14%	64.13%
Commercial Break Even Sales	1685.800	2180.200	2498.100	2745.200	2992.900	3143.500
Commercial Break Even Sales/ Net Sales	71.88%	77.46%	76.08%	73.15%	70.89%	70.54%
Commercial Break Even Sales at Installed Capacity (%)	35.94%	46.48%	53.25%	58.52%	63.80%	67.01%

------------------------------------------------------------------------------------------------------------------------------

PROJECTED CASH FLOW

(RS. IN MILLIONS)

PARTICULARS	2016	2017	2018	2019	2020	2021
	PROJECTIONS
CASH INFLOWS
Promoter's Contribution	95.000	0.000	0.000	0.000	0.000	0.000
Preference Shares	200.000	0.000	0.000	0.000	0.000	0.000
Incr. in Unsecured Loan (Quasi Equity)	(28.300)	0.000	0.000	0.000	0.000	0.000
Investment Subsidy	0.000	0.000	0.000	0.000	0.000	0.000
Profit before Interest, Tax but after Depreciation	(35.900)	365.000	317.500	348.100	398.800	449.400
Depreciation	35.900	35.900	35.900	35.900	35.900	35.900
Preliminary Expenses Amortised	--	--	--	--	--	--
Increase in VAT Receivable	0.000	0.000	112.500	135.000	157.400	179.900
Increase in Term Loan	550.000	0.000	0.000	0.000	0.000	0.000
Increase in Working Capital Loan	0.000	400.000	0.000	50.000	0.000	0.000
Increase in Sundry Creditors	0.000	34.100	6.800	6.800	6.800	6.800
Provision for Tax	0.000	77.800	(12.300)	13.400	22.800	22.700
Provision for expense	0.000	1.200	0.200	0.200	0.200	0.200
Total Inflows	816.700	914.000	460.600	589.400	621.900	695.000
CASH OUTFLOWS
Factory Building/Land	178.300	--	--	--	--	--
Plant, Machinery and Equipment’s	587.400	--	--	--	--	--
Investment in Capital Goods	(150.000)	0.000	0.000	0.000	0.000	0.000
Preliminary & Preoperative	0.300	0.300	0.300	0.300	0.300	0.300
Increase in Inventory	75.000	175.000	70.000	50.000	50.000	50.000
Increase in Debtors	0.000	295.200	59.000	59.000	59.000	59.000
Repayment of Term Loans	0.000	--	55.000	110.000	110.000	110.000
Interest on Term Loan	34.900	69.700	57.200	42.900	28.600	14.300
Interest on Working Capital	0.000	52.000	52.000	58.500	58.500	58.500
Increase in other Current Assets	0.000	162.500	22.500	22.300	22.500	22.500
Interest on Unsecured Loans	0.000	20.600	20.600	20.600	20.600	20.600
Provision for Tax	0.000	77.800	65.600	79.000	101.800	124.500
Total Outflow	726.100	853.100	402.200	442.700	451.300	459.700
Opening Balance	7.200	97.700	158.600	217.100	363.700	534.400
Surplus/Deficit	90.600	60.900	58.400	146.700	170.600	235.300
Closing Balance	97.700	158.600	217.100	363.700	534.400	769.700

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

OPERATING STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016	2017	2018	2019	2020	2021
		PROJECTIONS
1.	Gross sale of TMT Bars (Including Excise and VAT)	--	2345.500	2814.600	3283.600	3752.700	4221.800
	Total Sales	--	2345.500	2814.600	3283.600	3752.700	4221.800
2.	% age rise (+) or fall (-) in net sales as compared to previous year (annualised)	--	--	20%	17%	14%	13%
	Raw Materials Cost/ Sales	--	69.86%	69.86%	69.86%	69.86%	69.86%
	Cost of Sales
3	i. Raw Materials (Cost of M.S. Ingots)
	Indigenous	--	1638.400	1966.100	2293.800	2621.500	2949.200
	Actual Consumption	--	--	--	--	--	--
	Add: Inventory difference	--	--	--	--	--	--
	ii. Other Spares	--	--	--	--	--	--
	Indigenous	--	--	--	--	--	--
	iii. Sales Tax and CST	--	--	--	--	--	--
	iv. Carriage Inward	--	11.900	14.300	16.600	19.00	21.400
	v. Power and Fuel	--	356.400	427.700	499.000	570.200	641.500
	vi. Direct Labour (Wages and Salaries)	--	59.400	71.300	83.200	95.000	106.900
	vii. Other Manufacturing Expenses	--	--	--	--	--	--
	viii. Depreciation	35.900	35.900	35.900	35.900	35.900	35.900
	x. Repairs and Maintenance	--	11.900	14.300	16.600	19.000	21.400
	xi. Sub-total (i to x)	35.900	2113.900	2529.500	2945.100	3360.700	3776.300
	xi Add: Opening Stock-in-process	35.900	2113.900	2529.500	2945.100	3360.700	3776.300
	Sub-total	35.900	2113.900	2529.500	2945.100	3360.700	3776.300
	xii. Deduct: Closing Stock-in-process	--	--	--	--	--	--
	xiii. Cost of Production	35.900	2113.900	2529.500	2945.100	3360.700	3776.300
	xiv. Add: Opening Stock of Finished Goods	--	--	147.600	197.100	226.600	256.200
	Sub-total (xii+xiii)	35.900	2113.900	2677.100	3142.200	3587.300	4032.500
	xv. Deduct: Closing Stock of finished goods	--	147.600	197.100	226.600	256.200	285.700
	xvi. Sub-total (Total Cost of Sales)	35.900	1966.300	2480.000	2915.600	3331.100	3746.800
4	Selling, general and administrative expenses	--	14.200	17.100	19.900	22.800	25.600
5	Sub-total	35.900	1980.500	2497.100	2935.500	3353.900	3772.400
6	Operating profit before Interest	(35.900)	365.000	317.500	348.100	398.800	449.400
7	Total Interest	34.900	142.300	129.800	122.000	107.700	93.400
8	Operating Profit after Interest	(70.800)	222.700	187.700	226.100	291.100	356.000
	Operating Profit/ Net Sales	--	9.49%	6.67%	6.89%	7.76%	8.43%
9	i Add: Other non-operating Income
	a. Miscellaneous Income	--	--	--	--	--	--
	b. Interest	--	--	--	--	--	--
	c. Interest from others	--	--	--	--	--	--
	d. Prior year Income	--	--	--	--	--	--
	Sub-total (Income)	--	--	--	--	--	--
	ii. Deduct: Other non-operating expenses
	a. Deferred Revenue Expense	--	--	--	--	--	--
	b. Loss on sale of fixed assets	--	--	--	--	--	--
	c. Deffered tax adjustment	--	--	--	--	--	--
	d. Others	0.300	0.300	0.300	0.300	0.300	0.300
	Sub-total (Expenses)	0.300	0.300	0.300	0.300	0.300	0.300
	iii. Net of other non-operating income/ expenses (net of 9(i) & 9(ii))	(0.300)	(0.300)	(0.300)	(0.300)	(0.300)	(0.300)
10	Profit before tax/loss (7+9(iii))	(71.100)	222.400	187.400	225.800	290.800	355.700
11	Provision for taxes	--	77.800	65.600	79.000	101.800	124.500
12	Net Profit/ Loss (10-11)	(71.100)	144.600	121.800	146.800	189.000	231.200
13	a. Directors Remunerations	--	--	--	--	--	--
	Net Profit/ Loss (12-13a)	(71.100)	144.600	121.800	146.800	189.000	231.200
14	- Proposed Dividend	--	--	--	--	--	--
	- Tax on Dividend	--	--	--	--	--	--
	Dividend Rate (% age)	--	--	--	--	--	--
	Transferred to General Reserve	--	--	--	--	--	--
15	Loss C/f	--	(71.000)	73.600	195.400	342.200	531.200
16	Retained Profit (12-13)	(71.000)	73.600	195.400	342.200	531.200	762.400
17	Net profit to sales (%)	--	6.17%	4.33%	4.47%	5.04%	5.48%
	Average DSR	2.22

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016	2017	2018	2019	2020	2021
		PROJECTIONS
	CURRENT LIABILITIES
1	Short term borrowings from bank (Including Bills purchased, discounted and excess borrowings placed on repayment basis)
	(i) From applicant banks	--	400.000	400.000	450.000	450.000	450.000
	(ii) For existing operations	--	--	--	--	--	--
	(iii) For expansion project	--	--	--	--	--	--
	Sub Total [i + ii] (A)	--	400.000	400.000	450.000	450.000	450.000
2	Short term borrowings from others	--	--	--	--	--	--
3	Sundry Creditors (Trade)	--	34.100	41.000	47.800	54.600	61.400
4	Advance payments from customers/ deposits from dealers	--	--	--	--	--	--
5	Provision for Taxation	--	77.800	65.600	79.000	101.800	124.500
6	Dividend Payable	--	--	--	--	--	--
7	Other statutory liabilities (due within one year)	--	--	--	--	--	--
8	Deposits/ Instalments of term loan/ DPGs/ Debentures, etc. (due within one year)	--	55.000	110.000	110.000	110.000	110.000
9	Other current liabilities and Provisions (due within one year)	--	1.200	1.400	1.700	1.900	2.100
	a. Other current liabilities and provision	--	1.200	1.400	1.700	1.900	2.100
	b. Other CL – Def. Tax Liability	--	--	--	--	--	--
	c. Provision for Gratuity	--	--	--	--	--	--
	d. Interest accrued but not due	--	--	--	--	--	--
	Sub Total [2 to 9] (B)	--	168.200	218.000	238.500	268.300	298.100
10	Total Current Liabilities [A+B]	--	568.200	618.000	688.500	718.300	748.100
	TERM LIABILITIES
11	Deferred tax liability	--	--	--	--	--	--
12	Preference Shares (Redeemable after 1 year)	--	--	--	--	--	--
13	Term Loan (Total)
	Proposed Term Loan	550.000	495.000	385.000	275.000	165.000	55.000
14	Deferred Payment Credits (Excluding instalments due within 1 year)	--	--	--	--	--	--
15	Term deposits (Repayable after 1 year)	--	--	--	--	--	--
16	Loan from Shareholders/ Directors/ DTL	--	--	--	--	--	--
17	Total term liabilities (Total of 11 to 16)	550.000	495.000	385.000	275.000	165.000	55.000
18	Total Outside Liabilities [10+17]	550.000	1063.200	1003.000	963.500	883.300	803.100
	NET WORTH
19	Ordinary Share Capital	100.000	100.000	100.000	100.000	100.000	100.000
	Preference Shares	200.000	200.000	200.000	200.000	200.000	200.000
20	Quasi Equity	171.700	171.700	171.700	171.700	171.700	171.700
21	Revaluation Reserve	--	--	--	--	--	--
22	General Reserve (Govt. Subsidy)	--	--	112.500	247.400	404.900	584.800
23	Surplus (+) or deficit (-) in Profit and Loss Account	(71.000)	73.500	195.400	342.300	531.300	762.600
23	a. Others	--	--	--	--	--	--
24	Net worth	400.700	545.200	779.600	1061.400	1407.900	1819.100
25	TOTAL LIABILITIES [18+24]	950.700	1608.400	1782.600	2024.900	2291.200	2622.200
	CURRENT ASSETS
26	Cash and Bank balances	97.700	158.500	217.100	363.800	534.400	769.800
27	Investments (Other than Long Term)
	i) Government and Other Trustee Securities	--	--	--	--	--	--
	ii) Fixed Deposits with Banks	--	--	--	--	--	--
28.	i) Receivables Other than Deferred and Exports (Including Bills Purchased / Discounted by Banks)	--	295.200	354.200	413.300	472.300	531.400
	ii) Export Receivables (Including Bills Purchased / Discounted by Banks)	--	--	--	--	--	--
29.	Instalment of Deferred Receivables (Due within 1 Year)	--	--	--	--	--	--
30	Inventory	75.000	250.000	320.000	370.000	420.000	470.000
	(i) Raw materials (including stores and other items used in the process of manufacture)	75.000	102.400	122.900	143.400	163.800	184.300
	(a) Imported	--	--	--	--	--	--
	(b) Indigenous	75.000	102.400	122.900	143.400	163.800	184.300
	(ii) Stock-in-process	--	--	--	--	--	--
	(iii) Finished Goods	--	147.600	197.100	226.600	256.200	285.700
	(iv) Other Consumable Spares
	a) Imported	--	--	--	--	--	--
	b) Indigenous	--	--	--	--	--	--
31	Advance to suppliers of Raw Materials and Stores/ Spares	--	--	--	--	--	--
32	Advance Payment of Taxes (net of provisions)	--	--	--	--	--	--
33	Other Current Assets	--	162.500	185.000	207.400	229.900	252.400
	a. VAT Collection	--	112.500	135.000	157.400	179.900	202.400
	b. Interest	--	--	--	--	--	--
	c. Other advances Security and other Deposits	--	50.000	50.000	50.000	50.000	50.000
	d. Other Current Assets	--	--	--	--	--	--
34	Total Current asset [Total of 26 to 33]	172.700	866.200	1076.300	1354.500	1656.600	2023.500
	FIXED ASSETS
35	Gross Block (Land, Building, Machinery including Work-in-Progress)	813.600	813.600	813.600	813.600	813.600	813.600
36	Depreciation to date	35.900	71.700	107.600	143.500	179.300	215.200
37	Net Block (35-36)	777.700	741.900	706.000	670.100	634.300	598.400
	OTHER NON-CURRENT ASSETS
38	Investments/ Book Debts /Advances/ Deposits which are not Current Assets
	i.(a) Investments in Subsidiary Companies/ Affiliates	--	--	--	--	--	--
	(b) Others	--	--	--	--	--	--
	ii. Advances to Suppliers of Capital Goods and Contractors	--	--	--	--	--	--
	iii. Deferred Receivables (Maturity exceeding one year)	--	--	--	--	--	--
	iv. Others
	a. Insurance claim receivable	--	--	--	--	--	--
	b. Security Dep. With Govt./ for utilities	--	--	--	--	--	--
	c. Receivables for more than 6 months	--	295.200	354.200	413.300	472.300	531.400
	d. Advances receivable in cash/ kind	--	--	--	--	--	--
39	Non Consumables Stores and Spares	--	--	--	--	--	--
40	Other Non-Current Assets (Incl. Dues from Director)	--	--	--	--	--	--
41	Total other Non-Current Assets (Total of 38 to 40)	--	--	--	--	--	--
42	Intangible Assets (Patents, Goodwill, Preliminary Expenses, Bad/ Doubtful Debts not provided for, etc.)	0.300	0.300	0.300	0.300	0.300	0.300
43	TOTAL ASSETS (Total of 34+37+41+42)	950.700	1608.400	1782.600	2024.900	2291.200	2622.200
44	Tangible net worth (24-42)	400.400	545.000	779.300	1061.100	1407.600	1818.800
45	Net working Capital (34-10)	172.700	298.000	458.300	666.000	938.300	1275.400
46	Current Ratio (34/10)	--	1.52	1.74	1.97	2.31	2.70
47	Total Outside Liabilities / Tangible Net Worth (18/44)	1.37	1.95	1.29	0.91	0.63	0.44
48	Total Term Liabilities/ Tangible Net Worth (17/44)	1.37	0.91	0.49	0.26	0.12	0.03

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STAEMENT OF CURRENT ASSETS AND LIABILITIES

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016	2017	2018	2019	2020	2021
		PROJECTIONS
	A. CURRENT ASSETS
1.	Raw materials including stores and other items used in the process of manufacturing
(a)	Imported	--	--	--	--	--	--
	Month's	--	--	--	--	--	--
(b)	Indigenous	75.000	102.400	122.900	143.400	163.800	184.300
	Month's	--	0.75	0.75	0.75	0.75	0.75
2.	Other consumable spares, excluding those included in (1) above
(a)	Imported	--	--	--	--	--	--
	Month's	--	--	--	--	--	--
(b)	Indigenous	--	--	--	--	--	--
	Month's	--	3.79	3.79	3.79	3.79	3.79
3.	Stocks-in-process	--	--	--	--	--	--
	Month's cost of production	--	--	--	--	--	--
4.	Finished goods	--	147.600	197.100	226.600	256.200	285.700
	Month's cost of Sales	--	0.76	0.84	0.83	0.82	0.81
5.	Receivables other than export and deferred receivables (Including bills purchased and discounted by bankers)	--	295.200	354.200	413.300	472.300	531.400
	Month's	--	--	--	--	--	--
	Deferred payment sales	--	15.100	15.100	15.100	15.100	15.100
6.	Export receivables (Including bills purchased and discounted)	--	--	--	--	--	--
	: Month's export Sales	--	--	--	--	--	--
7.	Advance to suppliers of raw materials and stores/ spares, consumables	--	--	--	--	--	--
8.	Other current assets including cash and bank balances and deferred receivables due within one year (specify major items)	97.700	321.000	402.100	571.200	764.300	1022.200
	Cash and bank balances	97.700	158.500	217.100	363.800	534.400	769.800
	Investment (Other than long term)
	i. Govt. and other trustee securities	--	--	--	--	--	--
	ii. Fixed deposits with banks instalments of deferred receivables (due within 1 year)	--	--	--	--	--	--
	Advance payment of taxes	--	--	--	--	--	--
	Other current assets	--	162.500	185.000	207.400	229.900	252.400
9.	TOTAL CURRENT ASSETS	172.700	866.200	1076.300	1354.500	1656.600	2023.500
B.	CURRENT LIABILITIES
	(Other than bank borrowing for working capital)
10.	Creditors for purchase of raw materials, stores and consumable spares : Amount	--	34.100	41.000	47.800	54.600	61.400
	Month's purchase	--	0.25	0.25	0.25	0.25	0.25
11.	Advance from customers	--	--	--	--	--	--
12.	Statutory liabilities	--	--	--	--	--	--
13.	Other current liabilities	--	134.000	177.000	190.700	213.700	236.600
	Short term borrowings from others	--	--	--	--	--	--
	Provision for taxation	--	77.800	65.600	79.000	101.800	124.500
	Dividend payable	--	--	--	--	--	--
	Deposits/ instalments of term loans/ DPS/ debentures, etc. (Due within 1 year)	--	55.000	110.000	110.000	110.000	110.000
	Other current liabilities and provisions (Due within 1 year)	--	1.200	1.400	1.700	1.900	2.100
14.	TOTAL	--	168.200	218.000	238.500	268.300	298.100

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2016	2017	2018	2019	2020	2021
		PROJECTIONS
	First Method of Lending
1	Total Current Assets	172.700	866.200	1076.300	1354.500	1656.600	2023.500
2	Other Current Liabilities (Other than bank Borrowings)	--	168.200	218.000	238.500	268.300	298.100
3	Working capital Gap (WCG) (1-2)	172.700	698.000	858.300	1116.000	1388.300	1725.400
4	Min. stipulated net working capital (25% of WCG excluding export receivables)	43.200	174.500	214.600	279.000	347.100	431.400
5	Actual projected net working capital	172.700	298.000	458.300	666.000	938.300	1275.400
6	Item 3 minus item 4	129.500	523.500	643.700	837.000	1041.200	1294.100
7	Item 3 minus item 5	--	400.000	400.000	450.000	450.000	450.000
8	Maximum permissible Bank finance (item 6 or 7, whichever is lower)	--	400.000	400.000	450.000	450.000	450.000
9	Excess borrowings representing shortfall in NWC (4-5)	--	--	--	--	--	--
	Second Method of Lending
1	Total Current Assets	172.700	866.200	1076.300	1354.500	1656.600	2023.500
2	Other Current Liabilities (Other than bank Borrowings)	--	168.200	218.000	238.500	268.300	298.100
3	Working capital Gap (WCG) (1-2)	172.700	698.000	858.300	1116.000	1388.300	1725.400
4	Min. stipulated net working capital (25% of WCG excluding export receivables)	43.200	216.600	269.100	338.600	414.200	505.900
5	Actual projected net working capital	172.700	298.000	458.300	666.000	938.300	1275.400
6	Item 3 minus item 4	129.500	481.500	589.200	777.400	974.200	1219.500
7	Item 3 minus item 5	(2.800)	398.500	400.000	450.000	450.000	450.000
8	Maximum permissible Bank finance (item 6 or 7, whichever is lower)	(2.800)	398.500	400.000	450.000	450.000	450.000
9	Excess borrowings representing shortfall in NWC (4-5)	--	--	--	--	--	--

------------------------------------------------------------------------------------------------------------------------------

FUNDS FLOW STATEMENT

(RS. IN MILLIONS)

SR. NO.	PARTICULARS			2016	2017	2018	2019	2020	2021
				PROJECTIONS
1.	SOURCES
	a.	Net Profit		--	144.600	121.800	146.800	189.000	231.200
	b.	Depreciation		35.900	35.900	35.900	35.900	35.900	35.900
	c.	Increase in Equity share Capital		95.000	--	--	--	--	--
		Increase in Preference share Capital		200.000	--	--	--	--	--
		Increase in Quasi Equity		(28.300)	--	--	--	--	--
		Increase in VAT Receivable		--	--	112.500	135.000	157.400	179.900
	d.	Increase in Term Liabilities (including Public Deposits)		550.000	--	--	--	--	--
	e.	Decrease in
		i.	Fixed Assets	--	--	--	--	--	--
		ii.	Other non-current Assets	--	--	--	--	--
	f.	Advance against Capital Goods		150.000	--	--	--	--	--
	g.	Pre-operative Expenses		--	--	--	--	--	--
	h.	TOTAL		1002.600	180.500	270.100	317.600	382.300	447.000
2.	USES
	a.	Net loss		71.100	--	--	--	--	--
	b.	Decrease in Term Liabilities (including Public Deposits)		--	55.000	110.000	110.000	110.000	110.000
	c.	Increase in
		i.	Fixed Assets	765.700	--	--	--	--	--
		ii.	Other non-current Assets	--	--	--	--	--	--
	d.	Investments and deposits		--	--	--	--	--	--
	e.	Advance against Capital Goods		--	0.100	--	--	--	--
	f.	TOTAL		836.800	55.100	110.000	110.000	110.000	110.000
3.	Long Term Surplus (+) / Deficit (-) [1-2]			165.700	125.400	160.100	207.600	272.300	337.000
4.	Increase/decrease in current assets * (as per details given below)			165.500	693.500	210.100	278.200	302.100	366.900
5.	Increase/decrease in current liabilities other than bank borrowings			--	168.200	49.800	20.500	29.800	29.800
6.	Increase/decrease in working capital gap			165.500	525.300	160.200	257.600	272.300	337.100
8	Net Surplus / Deficit (-) [3-6]			0.000	(400.000)	0.000	(50.000)	0.000	0.000
9	Increase/decrease in bank borrowings			0.000	400.000	0.000	50.000	0.000	0.000
10	Increase/decrease in NET SALES			--	2345.500	469.100	469.100	469.100	469.100
	* Break up of item-4
i.	Increase/decrease in Raw Materials			--	--	--	--	--	--
ii.	Increase/decrease in Stocks-in-Process			--	--	--	--	--	--
iii.	Increase/decrease in Finished Goods			--	147.600	49.500	29.500	29.500	29.500
iv.	Increase/decrease in Receivables
	a)	Domestic		--	147.600	49.500	29.500	29.500	29.500
	b)	Export		--	--	--	--	--	--
v.	Increase/decrease in Stores & Spares			--	112.500	22.500	22.500	22.500	22.500
vi.	Increase/decrease in other current assets			165.500	138.200	79.000	167.100	191.000	255.800
	TOTAL			165.500	693.500	210.100	278.200	302.100	366.900

------------------------------------------------------------------------------------------------------------------------------

FINANCIAL RATIOS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2017	2018	2019	2020	2021	2022
1	Total Operating Income(TOI)	2345.500	2814.600	3283.600	3752.700	4221.800	4456.400
2	EBIDTA	400.900	353.400	384.000	434.700	485.300	495.800
3	EBIDTA/ TOI (%)	17.09%	12.55%	11.69%	11.58%	11.49%	11.13%
4	Interest	142.300	129.800	122.000	107.700	93.400	80.900
5	Depreciation	35.900	35.900	35.900	35.900	35.900	38.500
6	Operating Profit after Depreciation and Interest	222.700	187.700	226.100	291.100	356.000	376.400
7	Non-Operating Income/ Expenses	(0.300)	(0.300)	(0.300)	(0.300)	(0.300)	(0.300)
8	PBT	222.400	187.400	225.800	290.800	355.700	376.100
9	PAT	144.600	121.800	146.800	189.000	231.200	244.500
10	PAT/ TOI (%)	6.17%	4.33%	4.47%	5.04%	5.48%	5.49%
11	Net Cash Accruals (NCA)	180.500	157.700	182.700	224.900	267.100	283.000
12	Net Fixed Assets	741.900	706.000	670.100	634.300	598.400	559.900
13	Tangible Networth (TNW)	545.000	779.300	1061.100	1407.600	1818.800	2265.800
14	Exposure in Group Co./Sub.
	- Group Investments	--	--	--	--	--	--
	- Loans and Advances	50.000	50.000	50.000	50.000	50.000	50.000
15	Adjusted T N W (ATNW)	495.000	729.300	1011.100	1357.600	1768.800	2215.800
16	Long Term Debt (LTD)	495.000	385.000	275.000	165.000	55.000	--
17	Short Term Debt (STD)	--	--	--	--	--	--
18	Working Cap. Bank Finance	400.000	400.000	450.000	450.000	450.000	450.000
19	Total Debt	895.000	785.000	725.000	615.000	505.000	450.000
20	Total Debt/ TNW	18.100	10.800	7.200	4.500	2.900	2.000
21	LTD / TNW	9.100	4.900	2.600	1.200	0.300	--
22	TOL / TNW	19.500	12.900	9.100	6.300	4.400	3.100
23	TOL / ATNW	21.500	13.800	9.500	6.500	4.500	3.200
24	Total Current Assets	866.200	1076.300	1354.500	1656.600	2023.500	2359.600
25	Total Current Liabilities	568.200	618.000	688.500	718.300	748.100	703.700
26	Net Working Capital	298.000	458.300	666.000	938.300	1275.400	1655.900
27	Current Ratio (Including TL Installments)	1.52	1.74	1.97	2.31	2.70	3.35
28	ROCE (%)	24%	19%	18%	18%	18%	17%
29	DSCR	1.44	1.29	1.49	1.83	2.27	5.02
	AVARAGE DSCR	2.22
30	Interest Coverage Ratio	2.82	2.72	3.15	4.04	5.20	6.13
31	Total Debt/Net Cash Accrual	4.96	4.98	3.97	2.74	1.89	1.59
Fund Flow Analysis
Long Term Sources		180.500	270.100	317.600	382.300	447.000	485.400
Long Term uses		55.100	110.000	110.000	110.000	110.000	105.000
Surplus/Deficit		125.400	160.100	207.600	272.300	337.000	380.400
Surplus/Incremental buildup of current assets (%)		0.18	0.76	0.75	0.90	0.92	1.13
Pattern of TCA Funding
Sundry Creditors		3.90%	3.80%	3.50%	3.30%	3.00%	2.70%
Other Current Liabilities		15.50%	16.40%	14.10%	12.90%	11.70%	8.00%
Bank Borrowings		46.20%	37.20%	33.20%	27.20%	22.20%	19.10%
Long Term funds		34.40%	42.60%	49.20%	56.60%	63.00%	70.20%
Total		100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Additional Financials and Ratios
1	Gross Fixed Assets	813.600	813.600	813.600	813.600	813.600	813.600
2	Paid up Capital	100.000	100.000	100.000	100.000	100.000	100.000
3	DFS/ TNW	0.83	0.65	0.53	0.40	0.31	0.22
4	Total Debt / TNW	1.81	1.08	0.72	0.45	0.29	0.20

------------------------------------------------------------------------------------------------------------------------------

DEBT SERVICE COVERAGE RATIO

(RS. IN MILLIONS)

PARTICULARS		2017	2018	2019	2020	2021	2022
COVERABLE AMOUNT
Profit After Tax	73.600	121.800	146.800	189.000	231.200	244.500
Add: Depreciation	35.900	35.900	35.900	35.900	35.900	38.500
Term Loan Interest	69.700	57.200	42.900	28.600	14.300	1.800
Pre-Op. Expenses	0.300	0.300	0.300	0.300	0.300	0.300
TOTAL (A)	179.400	215.100	225.800	253.700	281.600	285.100
DEBTS TO BE SERVED
Term Loan Interest	69.700	57.200	42.900	28.600	14.300	1.800
Instalment of Term Loan	55.000	110.000	110.000	110.000	110.000	55.000
TOTAL (B)	124.700	167.200	152.900	138.600	124.300	56.800
D.S.C.R. (A/B)	1.44	1.29	1.48	1.83	2.27	5.02
AVERAGE D.S.C.R.	2.22
Weighted Average	1.88

------------------------------------------------------------------------------------------------------------------------------

FINANCIAL DETAILS

(RS. IN MILLIONS)

PARTICULARS	2017	2018	2019	2020	2021	2022
Total operating income (TOI)	2345.500	2814.600	3283.600	3752.700	4221.800	4456.400
EBIDTA	400.900	353.400	384.000	434.700	485.300	495.800
EBIDTA/TOI (%)	17.%	13%	12%	12%	11%	11%
Interest	142.300	129.800	122.000	107.700	93.400	80.900
Depreciation	35.900	35.900	35.900	35.900	35.900	38.500
Operating Profit	222.700	187.700	226.100	291.100	356.000	376.400
Non-operating Income	(3.000)	(3.000)	(3.000)	(3.000)	(3.000)	(3.000)
PBT	222.400	187.400	225.800	290.800	355.700	376.100
PAT	144.600	121.800	146.800	189.000	231.200	244.500
PAT/TOI (%)	6.17%	4.33%	4.47%	5.04%	5.48%	5.49%
Net Cash Accruals (NCA)	180.500	157.700	182.700	224.900	267.100	283.000
Net fixed assets	741.900	706.000	670.100	634.300	598.400	559.900
Tangible Net worth (TNW)	545.000	779.300	1061.100	1407.600	1818.800	2265.800
-- Investments	0.000	0.000	0.000	0.000	0.000	0.000
-- Loans and advances	50.000	50.000	50.000	50.000	50.000	50.000
Adjusted TNW (ATNW)	495.000	729.300	1011.100	1357.600	1768.800	2215.800
Long term debt (LTD)	495.000	385.000	275.000	165.000	55.000	0.000
Short term debt (STD)	0.000	0.000	0.000	0.000	0.000	0.000
Working Capital Bank Finance	400.000	400.000	450.000	450.000	450.000	450.000
Total Debt	895.000	785.000	725.000	615.000	505.000	450.000
Total Debt /TNW	1.81	1.08	0.72	0.45	0.29	0.20
LTD/ TNW	0.91	0.49	0.26	0.12	0.03	0.00
TOL/TNW	1.95	1.29	0.91	0.63	0.44	0.31
TOL/ ATNW	2.15	1.38	0.95	0.65	0.45	0.32
Total Current Assets	866.200	1076.300	1354.500	1656.600	2023.500	2359.600
Total Current Liabilities	568.200	618.000	688.500	718.300	748.100	703.700
Net working capital	298.000	458.300	666.000	938.300	1275.400	1655.900
Current ratio	1.52	1.74	1.97	2.31	2.70	3.35
ROCE (%)	24.42%	18.96%	18.36%	18.70%	18.46%	16.50%
Interest cover	28.200	27.200	31.500	40.400	52.000	61.300
Total debt/ NCA	4.96	4.98	3.97	2.74	1.89	1.59
DSCR	1.44	1.29	1.48	1.83	2.27	5.02
Average DSCR	2.22
Weighted Average D.S.C.R.	1.88

------------------------------------------------------------------------------------------------------------------------------

COLLATERAL SECURITY

(RS. IN MILLIONS)

SR. NO.	TYPE OF ASSETS	APPROX. PRESENT MARKET VALUE	DETAILS OF SECURITY
1	Industrial Plot	48.000	Gut 234, Dawalwadi, Jalna, Aurangabad Road, Highway to Badnapur 6 Acres (2.40 lac sq. ft. approx.) in the name of Mr. Anand Omprakash Pahade
2.	Residential Plot	24.000	Plot of 3 acres in the name of Ms. Sulekha S. Pahade, at Shrikrishna Nagar, Jamwadi, Nagpur Road Highway Jalna TQ/Dist. Jalna
3	Residential Plot	80.000	Plot of 10 acres in the name of Ms. Vandana M. Pahade, at Ganesh Nagar, Beed Road Highway, Jalna Tq/Dist. Jalna
4	Industrial Plot	144.000	Plot of 18 acres in the name of Mr. Alkesh Narendra Pahade, at Dawalwadi, Tq Badnapur Jalna, Aurangabad Road, Highway, Tq/District Jalna
5	Industrial Plot	7.500	Plot B-1, Addl. MIDC, Jalna, 12000 Sq. ft. in the name of Mr. Narendra Kanayalal Pahade, 1000 Sq. mt.
6	Industrial Shed	5.000	In the name of Mr. Surendra Kanahyalal Pahade at market yard, Jalna, Godown
7	Market Godown	3.000	In the name of Mr. Surendra Kanahyalal Pahade 2000 Sq. ft., at Vardhaman Nagar, Jalna
8	Residential	7.000	In the name of Mr. Omprakash K. Pahade Approx. 1100 Sq. Ft. at Shola Chowk, Opposite JPC Bank, Jalna
	Total	318.500

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NETWORTH STATEMENT

MR. NARENDRA KANAYALAL PAHADE

(RS. IN MILLIONS)

(AS ON 31.03.2014)

This is to certify that the Net Worth of Mr. Narendra Kanayalal Pahade as on 31.03.2014 is Rs. 4.473 Million.

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. SURENDRA KANAHYALAL PAHADE

(RS. IN MILLIONS)

(AS ON 31.03.2014)

This is to certify that the Net Worth of Mr. Surendra Kanahyalal Pahade, as on 31.03.2014 is Rs. 4.830 Million

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NETWORTH STATEMENT

MR. ANAND OMPRAKASH PAHADE

(RS. IN MILLIONS)

(AS ON 31.03.2014)

This is to certify that the Net Worth of Mr. Anand Omprakash Pahade, as on 31.03.2014 is Rs. 7.299 Million

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NETWORTH STATEMENT

MR. ALKESH NARENDRA PAHADE

(RS. IN MILLIONS)

(AS ON 31.03.2014)

This is to certify that the Net Worth of Mr. Alkesh Narendra Pahade, as on 31.03.2014 is Rs. 3.761 Million.

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NETWORTH STATEMENT

MR. OMPRAKASH K. PAHADE (GUARANTOR)

(RS. IN MILLIONS)

(AS ON 31.03.2013)

This is to certify that the Net Worth of Mr. Omprakash K. Pahade, as on 31.03.2013 is 4.917 Million.

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NETWORTH STATEMENT

MRS. SULEKHA S. PAHADE (GUARANTOR)

(RS. IN MILLIONS)

(AS ON 31.03.2014)

This is to certify that the Net Worth of Mrs. Sulekha S. Pahade, as on 31.03.2014 is Rs. 6.133 Million.

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NETWORTH STATEMENT

MRS. VANDANA N. PAHADE (GUARANTOR)

(RS. IN MILLIONS)

(AS ON 31.03.2014)

This is to certify that the Net Worth of Mrs. Vandana N. Pahade, as on 31.03.2014 is Rs. 6.787 Million.

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MANAGEMENT

The board of company is constituted by the following Directors. They belong to Pahade family and well in Steel Market of Jalna. The promoters are well respected in Jalna town. Mr. Narendra Pahade and Mr. Surendra Pahae are senior Directors who possesses more than 25 years experience in the field of manufacturing and trading of Re-Rolled Products mainly construction bars. Mr. Anand Pahade is Mechanical Engineering Graduate and is in the above field of 15 Years. The fourth director, Mr. Alkesh Pahade is an Electronics Engineer and have 2 years experience in similar field. Thus, the company is backed up with the experienced and qualified Directors and hence the company will have stronghold in technical as well as commercial field. The directors are well known in the market and they are already supplying construction bars to Marathwada, Western Maharashtra, Vidharbha regions and in some districts of South Gujarat, Karnataka, Andhra Pradesh and Madhya Pradesh. Thus, there is already well built up marketing network is available at the disposal of the company.

GENERAL COMMENTS ON HISTORY, COMMERCIAL ACTIVITIES, ANY FUTURE PROGRAMMES, FOREIGN COLLABORATION, ETC.

The company proposes to install Hot Rolling Mill to manufacture Thermo Mechanically Treated Bars (TMT) which are mainly used in construction with reinforcement of concrete i.e. mainly in RCC structures. The TMT Bars are twisted in the plant to maintain grip in structural work. The proposed Rolling Mill shall have installed capacity of 400 TPD and TMT Bars shall be manufactured in the sizes ranging from 8 mm to 40 mm. By and large, the TMT Bars from 8 mm to 25 mm are used for heavy duty construction work such as Towers, Malls, Airports, Industrial buildings, etc., and also infrastructures Development Work such as Bridges, Flyovers, Shipping Ports, Air Ports, etc. Few years back the CTD Bars were used for construction activities which are now replaced by TMT Bars due to their superior properties and Technical specifications.

The government of Maharashtra has conferred MEGA Project Status and has offered various incentives under the Package Scheme of Incentives 2007. MIDC has already allotted a plot of land at A-8, in additional Jalna, Phase III, admeasuring 53469 Sq. Meters. The Plat of the company will be a composite unit comprising of Concast Plants for manufacturing of Billets at upstream and then converting the Billets in to TMT Bars in Re-rolling Mill to be installed at downstream and then converting the Billets in to TMT Bars in Re-Rolling Mill to be installed at downstream. Generally, majority of the Plants are manufacturing TMT Bars by purchasing the ingots or Billets purchased from outside sources or they may be equipped with Concast unit are cooled down at atmospheric temperature and then transported to re-rolling mill physically. These billets are again heated at 1200 degree temperature and then re-rolled forming TMT Bars of required sizes. However, in their proposed set of plant the billets in red hot condition shall be directly transported on rollers conveyors and charged to rolling mill. In this system, re-heating of billets is avoided and there will be saving of operational cost up to Rs. 1500/- per MT. this the crux of Hot Rolling Mill.

· The location is ideal as it is situated in main Rolling Mill industries hub of Jalna. Thus, environment is conductive for setting up Hot Rolling Mill

· The required infrastructure facilities shall be available at site as the plat will be located in MIDC area.

· All proposed machinery and technical knowhow is easily available in the country.

· The promoters are well versed with the manufacturing process and capable in production control, inventory management, labour management and other operating factors.

· The raw materials are easily available indigenously as well can purchased on overseas or even imported on own.

· The project configuration provides the company adequate flexibility to manufacture according to the market requirement.

· The manufacturing process is clean and no major pollutant wiil be generated. The process is well proven and adopted by number of other units.

· The company do not foresee any adverse factors which will create hindrance in the operations of the plant.

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10522237	22/08/2014	5,200,000.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	C22781090

FINANCIAL PERFORMANCE

The company started his business this financial year i.e. 0.273 Million. The company excepts increase turnover upcoming year.

------------------------------------------------------------------------------------------------------------------------------

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.62.40
UK Pound	1	Rs.92.15
Euro	1	Rs.66.48

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	--
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	--
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		12

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.