MIRA INFORM REPORT

Report No. :	320462
Report Date :	30.04.2015

IDENTIFICATION DETAILS

Name :	UTTAM VALUE STEELS LIMITED [w.e.f. 18.03.2013]
Formerly Known as :	LLOYDS STEEL INDUSTRIES LIMITED
Registered Office :	4^th Floor, Uttam House, 69, P. D Mello Road, Mumbai – 400009, Maharashtra
Tel. No.:	91-22-30418111 / 66563500
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.04.1970
Com. Reg. No.:	11-014621
Capital Investment / Paid-up Capital :	Rs.12051.700 Million
CIN No.: [Company Identification No.]	L27100MH1970PLC014621
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects.
No. of Employees :	1322 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (32)

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 reflects company’s moderate financial risk profile marked by accumulated losses incurred over a year and below average operational performance of the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings 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 – 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

Rating Agency Name	CARE
Rating	[Long Term Bank Facilities] BBB – (SO)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	November 18, 2014

Rating Agency Name	CARE
Rating	[Short Term Bank Facilities] A3 (SO)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	November 18, 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 BY

Name :	Mr. Devendra
Designation :	Purchase Department
Contact No.:	91-7152-305000

LOCATIONS

Registered Office :	4^th Floor, Uttam House, 69, P.D Mello Road, Mumbai, 400009, Maharashtra, India
Tel. No.:	91-22-30418111 /66563500
Fax No.:	91-22-30418260/ 23481831/ 2348 2827
E-Mail :	ram@uttamgalva.com investor@uttamvalue.com
Web:	http://www.uttamvalue.com
Factory 1 :	Lloyds Nagar, Bhugaon Link Road, Wardha, Maharashtra, India
Factory 2 :	Plot No. A-5/5 and A-6/3 MIDC Industrial Area, Murbad District Thane, Maharashtra, India
Mumbai Office :	Trade World, C-Wing, 16^th Floor, Kamala, Senapati Bapat Marg, Mumbai-400013, Maharashtra, India
Marketing Offices:	Mumbai: 69, P.D' Mello Road, Mumbai - 400 009, Maharashtra, India Tel. No.: 91-22-6656 3500 Fax. No.: 91-22-2348 2827 Email:lalji.d@uttamvalue.com mbawa@uttamvalue.com srshah@uttamvalue.com international@uttamvalue.com Delhi: 501, Pragati House, 48, Nehru Place, New Delhi – 110 019., India Tel. No.: 91-22-46597681/9 Fax. 91-11-26451595 Email. smnarang@uttamvalue.com Chennai: Sanmach Executive Centre, 244, Mount Road, IInd Floor, Chennai – 600 006, Tamil Nadu, India Tel.: 91-44-24352845 Email: kannan@uttamvalue.com Bangalore: No.76 Kasturi Complex, Mission Road, Banglore – 560 027, Karnataka, India Tel.: 91-80-2123092/91 Fax.: 91-80-2123092 Email: skrao@uttamvalue.com Hyderabad: 318, 3rd Floor, Mittal Chambers, 2-2-51, Pan Bazar, M.G. Road, Secunderabad – 500 003, India Tel.: 91-40 -2771 7141 Email.: sbkaplay@uttamvalue.com Kolkata: Chaterjee International Centre, 16th floor, Room No. A-8, 33-A,  Chowrangee,  Kolkata – 700 071, Tel.: 91-33-22175903 Fax.: 91-33-22260928 Email.: cal_verma@uttamvalue.com
Branch Office :	Located At: Delhi Ahmedabad Bangalore Indore Hyderabad Pune Chennai Nagpur Kolkata Indore Cochin Jaipur

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Rajinder Miglani
Designation :	Chairman
Name :	Mr. S K Soni
Designation :	Director
Name :	Mr. B L Khanna
Designation :	Director
Name :	Mr. U N Challu
Designation :	Director
Name :	Mr. Manash Chakraborty
Designation :	Director (Nominee - ARCIL)
Name :	Mr. R K Bansal
Designation :	Director (Nominee - IDBI)
Name :	Mr. Ankit Miglani
Designation :	Director
Name :	Mr. Rajiv Munjal
Designation :	Director (Commercial)
Name :	Mr. Ashok Tandon
Designation :	Director (Engg. Division)

KEY EXECUTIVES

Name :	Mr. Gursharan S Sawhney
Designation :	Group Chief Finance Officer
Name :	Mr. Devendra
Designation :	Purchase Department
Name :	Mr. Ram Gaud
Designation :	Company Secretary
Name :	Mr. Mhatre
Designation :	Accounts Executive
Name :	Mr. R.P Bhure
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2015

Category of Shareholder	Total No. of Shares	% of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	609472232	46.12
Sub Total	609472232	46.12
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	609472232	46.12
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	573153	0.04
Financial Institutions / Banks	205004032	15.51
Central Government / State Government(s)	1500	0.00
Insurance Companies	4389894	0.33
Foreign Institutional Investors	216050	0.02
Sub Total	210184629	15.90
(2) Non-Institutions
Bodies Corporate	267468915	20.24
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	57563317	4.36
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	32797099	2.48
Any Others (Specify)	144129075	10.91
Clearing Members	105792	0.01
Non-Resident Indians	7375609	0.56
Trusts	900	0.00
Overseas Corporate Bodies	136646774	10.34
Sub Total	501958406	37.98
Total Public shareholding (B)	712143035	53.88
Total (A)+(B)	1321615267	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	1321615267	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects.
Products :	· Steel Products · Engineering Equipment · Executing Turnkey Projects
Brand Names :	Not Applicable
Agencies Held :	Not Applicable
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1322 [Approximately]

Bankers :

• State Bank Of India
• Punjab National Bank
• Canara Bank
• Bank Of Baroda
• Andhra Bank
• Indian Overseas Bank
• Allahabad Bank
• Corporation Bank
• Union Bank Of India
• Oriental Bank Of Commerce
• Vijaya Bank
• Punjab & Maharashtra Co-Op. Bank Limited.

Facilities :

Secured Loan	31.03.2014 [12 Months] Rs. In Million	31.03.2013 [12 Months] Rs. In Million
Long Term Borrowings
Term Loans
Rupee loan from banks	5985.400	1655.800
Rupee loan from financial institutions	0.000	533.400
TOTAL	5985.400	2189.200

Financial Institution:	Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, INDIA
Statutory Auditors :
Name :	Todarwal and Todarwal Chartered Accountants
Address :	Mumbai, Maharashtra, India
Internal Auditors :
Name :	Ernst and Young LLP Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Indrajit Power Private Limited
Other Related Parties :	· Uttam Galva Metallics Limited · Uttam Galva Steels Limited · Sainath Trading Company Private Limited · Kredence Multi Trading Limited · Grow well Mercantile Limited · Shree Global Tradefin Limited. (ceased w.e.f 6th December 2012)

CAPITAL STRUCTURE

After AS ON 21.08.2014:

Authorized Capital: Rs. 20000.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 13322.641 Million

AS ON 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
1500000000	Equity Shares	Rs.10/- each	Rs.15000.000 Million
500000000	Preference Shares	Rs.10/- each	Rs.5000.000 Million
	Total		Rs.20000.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1194518493	Equity Shares	Rs.10/- each	Rs.11945.200 Million
2714451	Preference Shares	Rs.10/- each	Rs.13.200 Million
9325420	Redeemable Preference Shares	Rs.10/- each	Rs.93.300 Million
	Total		Rs.12051.700 Million

a. Reconciliation of the shares outstanding at the beginning and at the end of the year.

Name of Shareholder	Number of Shares	Rs. In Million
At the beginning of the Year	1194518493	11945.200
Issued during the year - Preferential issue	--	--
Issued during the year - Conversion of preference share	--	--
Outstanding at the end of the Year	1194518493	11945.200
Redeemable Preference shares
At the beginning of the Year	9325420	93.300
Less : Conversion into equity share	--	--
Outstanding at the end of the Year	9325420	93.300

b. Terms and Rights attached to equity shares

The company has only one class of shares having a par value at Rs.10/- per share. Each holder of equity shares is entitled to one vote per share.

c. Terms and Rights attached to redeemable preference shares

The Redeemable preference shares will be redeemed with a premium of 11.50 % in 6(six) annual installments commencing from financial year 2016. No such shares shall be redeemed except out of the profits of the company which would otherwise be available for dividend or out of the proceeds of the fresh issue of shares made for the purpose of the redemption.

d. Details of shareholders holding more than 5% shares in the company

Name of Shareholder	Number of Shares	% holding
Ultimate Logistics Solutions Private Limited	423637469	35.47%
Shree Global Trade fin Limited	188355601	15.77%
Metallurgical Engineering and Equipments Limited	185834763	15.56%
IDBI Bank Limited	150000000	12.56%

FINANCIAL DATA

[All figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 [12 Months]	31.03.2013 [12 Months]	31.03.2012 [9 Months]
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12051.700	12051.700	9021.173
(b) Reserves & Surplus	(9660.800)	(7423.500)	(8203.220)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2390.900	4628.200	817.953
(3) Non-Current Liabilities
(a) long-term borrowings	7580.400	3514.900	3852.639
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	253.400	234.200	204.863
Total Non-current Liabilities (3)	7833.800	3749.100	4057.502
	13082.4	3614.5
(4) Current Liabilities
(a) Short term borrowings	5502.100	99.600	0.000
(b) Trade payables	18605.900	19437.800	12943.858
(c) Other current liabilities	8273.000	2570.900	5994.738
(d) Short-term provisions	21.600	21.600	20.474
Total Current Liabilities (4)	32402.600	22129.900	18959.070
TOTAL	42627.300	30507.200	23834.525
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17105.700	12537.700	10748.567
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1694.100	1642.400	11.351
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	174.700	16.000	25.026
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	92.500	58.500	142.559
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	19067.000	14254.600	10927.503
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5655.100	4575.100	3768.367
(c) Trade receivables	4682.000	1185.000	1192.307
(d) Cash and cash equivalents	1015.400	588.100	497.212
(e) Short-term loans and advances	11820.600	9461.400	6996.411
(f) Other current assets	387.200	443.000	452.725
Total Current Assets	23560.300	16252.600	12907.022
TOTAL	42627.300	30507.200	23834.525

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 [12 Months]	31.03.2013 [12 Months]	31.03.2012 [9 Months]
	SALES
		Income	66615.400	63440.424	38481.637
		Other Income	512.800	620.328	434.693
		TOTAL (A)	67128.200	64060.752	38916.330
Less	EXPENSES
		Cost of raw materials consumed	23830.000	20402.572	15738.282
		Purchase of traded goods	32088.300	33453.118	17183.856
		Employee benefits expenses	843.800	742.596	508.654
		Other expenses	7549.000	7280.033	4927.969
		Exceptional items	0.000	0.000	132.240
		Increase/decrease in inventories of finished goods and work in progress	(273.400)	(935.399)	(990.103)
		TOTAL (B)	64037.700	60942.920	37500.898
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3090.500	3117.832	1415.432
Less	FINANCIAL EXPENSES (D)		2543.700	1657.550	1084.994
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		546.800	1460.282	330.438
Less	DEPRECIATION/ AMORTISATION (F)		1534.100	1450.105	1064.984
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(987.300)	10.177	(734.546)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(987.300)	10.177	(734.546)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(16991.249)	(17001.426)	(16266.880)
	BALANCE CARRIED TO THE B/S		(17978.549)	(16991.249)	(17001.426)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	509.600	258.477	164.501
		Brokerage and Commission	10.000	13.956	6.300
	TOTAL EARNINGS		519.6	272.433	170.801
	IMPORTS
		Raw Materials	0.000	68.137	935.102
		Production Consumables, Stores and Spares	460.200	408.323	345.012
	TOTAL IMPORTS		460.200	476.460	1280.114
	Earnings / (Loss) Per Share (Rs.)
	- Basic		(0.83)	0.01	(1.43)
	- Diluted		(0.83)	0.01	(1.75)

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	Unaudited 30.06.2014	Unaudited 30.09.2014	Unaudited 31.12.2014
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Revenue	149.640	12,062.700	10,330.600
Other Income	1.280	211.600	110.900
Total Income	150.920	12,274.300	10,441.500
Expenditure	(141.020)	(11,362.000)	(9,654.900)
Interest	(7.520)	(677.200)	(602.100)
PBDT	2.380	235.100	184.500
Depreciation	(2.800)	(283.000)	(264.300)
PBT	(0.420)	(47.900)	(79.800)
Tax	0.000	0.000	0.000
Net Profit	(0.420)	(47.900)	(79.800)

KEY RATIOS

PARTICULARS		31.03.2014 [12 Months]	31.03.2013 [12 Months]	31.03.2012 [9 Months]
Net Profit Margin PAT / Sales	(%)	(1.48)	0.02	(1.91)
Operating Profit Margin (PBDIT/Sales)	(%)	4.64	4.91	3.68
Return on Total Assets (PBT/Total Assets}	(%)	(2.42)	0.04	(3.09)
Return on Investment (ROI) (PBT/Networth)		(0.41)	0.00	(0.90)
Debt Equity Ratio (Total Debt /Networth)		5.47	0.78	4.71
Current Ratio (Current Asset/Current Liability)		0.73	0.73	0.68

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	9021.173	12051.700	12051.700
Reserves & Surplus	(8203.220)	(7423.500)	(9660.800)
Net worth	817.953	4628.200	2390.900
long-term borrowings	3852.639	3514.900	7580.400
Short term borrowings	0.000	99.600	5502.100
Total borrowings	3852.639	3614.500	13082.500
Debt/Equity ratio	4.710	0.781	5.472

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	38481.637	63440.424	66615.400
		64.859	5.005

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	38481.637	63440.424	66615.400
Profit	(734.546)	10.177	(987.300)
	(1.91%)	0.02%	(1.48%)

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

STEEL INDUSTRY SCENARIO

In 2013 world steel demand grew higher than estimates due to a stronger than expected performance in the developed world in the second half of the year. In particular, the recovery in the United States gained strength. In addition the downturn in the EU we now expect that steel demand in the Eurozone will move into positive growth in 2014. On the other hand, many emerging economies continue to struggle with structural issues and financial market volatility. This along with China’s deceleration, is the reason for our slightly lower global growth rate forecast for 2014. In short, the global steel demand recovery continues but growth is stabilizing at a lower rate with continued volatility and uncertainty leading to a challenging environment for steel companies.

After growth of 6.1% in 2013 with support from government infrastructure investment, apparent steel use in China is expected to slow to 3.0% growth in 2014 to 721.2 Mt as the Chinese government’s efforts to rebalance the economy continues to restrain investment activities. In 2015, steel demand growth is expected to further decelerate to 2.7%.

In India, steel demand is expected to grow by 3.3% to 76.2 Mt in 2014, following 1.8% growth in 2013, due to an improved outlook for the construction and manufacturing sectors, although this will be constrained by high inflation and structural problems. Steel demand is projected to grow by 4.5% in 2015 supported by the expectation that structural reforms will be implemented.

OPERATIONS AND OVERALL PERFORMANCE

The Company achieved a Gross Turnover of Rs.70620.200 Million in 2013-14 as against Rs.66855.700 Million in the previous year, showing a growth of 5.64 % over previous year. The operating EBIDTA for the year was Rs.3090.500 Million as against Rs.3276.900 Million in the previous year.

The Company posted a loss of Rs. 987.300 Million during the year as against a profit of Rs.10.200 Million in the previous year after providing depreciation of Rs.1534.100 Million (Previous year Rs.1450.100 Million).

MANAGEMENT DISCUSSION AND ANALYSIS

The core business of the Company is manufacturing, marketing steel products and manufacturing capital equipment and turnkey projects.

a) Industry Structure & Development

Indian Steel Industry has grown from 76 Mt in 2012 to 81 Mt in 2013, a growth of 6.57%. The Indian Steel Industry plays an important role in the country’s economic growth. The growth of the Indian Steel Industry looks positive.

However, it is impeded to some extent higher lending rates resulting in to a higher cost of capital, thereby impacting margins as well as capital expenditure plans.

A wide range of products are manufactured by Engineering Industries in India. The developments of this sector is dependent upon the development of core and infrastructure sectors. The engineering segment is highly competitive in view of tough competition from foreign companies / agencies and giant public / private sector undertakings.

OUTLOOK

The outlook in the domestic steel industry looks positive. The country has acquired an important position on global steel map. The Indian steel industry has giant steel mills up-gradation and modernization of old steel mills has resulted in improved efficiency. It has to adopt the latest technological developments in the steel making and keep pace with the global steel industry.

The per capita steel consumption in the country grew from 60 Kg in 2012-13 to about 63 Kg in 2013-14 a growth of 5.0% against the global average per capita consumption of 215 Kg. In the coming years the consumption is expected to grow at higher rates as the GDP growth picks up to the earlier levels of 8 to 10%.

However, challenges before Indian steel industries are also there and need serious attention. Rising prices of key raw material like iron ore and coking coal, fall in demand from automobile have posed major threats. Despite this, the future of Indian steel industry looks bright as per capita consumption is poised to grow substantially from the current level of 63 Kg. Further, India has abundant mineral resources.

With acquisition of coking coal mines by Indian companies in countries like South Africa & Australia, India is poised to grow.

The Company supplies Hot Rolled Special steels to the following Sectors:-

· Defense

· Indian Railways

· IBR Approved Applications

· OI & Gas Sector

· Automobiles

· Infrastructure Projects

· Transmission Tower Sector

· Pre Engineered Building Sector

· LPG Cylinder manufacturers

· Agro based Industries

· General Engineering Sector

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10494915	11/04/2014	2,531,300,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA	C04601399
2	10450652	14/07/2014 *	6,120,000,000.00	AXIS TRUSTEE SERVICES LIMITED	Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, INDIA	C10775500
3	10450654	14/07/2014 *	13,900,000,000.00	AXIS TRUSTEE SERVICES LIMITED	Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, INDIA	C10777522
4	90230979	17/08/1999 *	200,000,000.00	INDUTRIAL DEVELOPMENT BANKOF INDIA	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA	-
5	90230974	23/01/2014 *	250,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA	B95109658
6	90230958	29/10/1997	239,600,000.00	INDUSTRIAL CEVALOPMENT OF INDIA	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA	-
7	90230854	27/11/1997 *	600,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA	-
8	90230828	23/12/1997 *	250,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT DEVALOPMENT B  ANK OF INDIA	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA	-
9	90230763	30/09/1993	200,000,000.00	INDUSTRIAL DEVALOPMENT BANK OF INDIA	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA	-
10	90230647	17/08/1992 *	122,400,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA	-
* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Claims against the company / disputed liabilities not acknowledged as Debts
Show cause notices under hearing in respect of excise duty which is disputed by the company	37.600
Others claims not acknowledged as debts	86.800
Guarantees
Gaurantees issued by the Company's banker on behalf of the company. This includes expired Bank guarantees of Rs. 5.700 Million (Rs. 3.200 Million)	450.600
Corporate Guarantee issued by the Company	14.300
Other money for which the company is contingently liable
Bills Discounted	1748.500
Letter of credits opened by Banks	589.700
COMMITMENTS
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)	47.600
Total	2975.100

Unsecured Loan	31.03.2014 [12 Months] Rs. In Million	31.03.2013 [12 Months] Rs. In Million
Long Term Borrowings
Deferred payment liabilities
Sales Tax Deferral	1088.900	814.600
Loan from related parties	500.000	500.000
Other Loans & Advances
Sales Tax Loan from Government of Maharashtra	7.000	11.100
Short Term Borrowings
Loan from others	5502.100	99.600
TOTAL	7098.000	1425.300

NOTE:

The register office address has been shifted from “Trade World, ‘C’ Wing, 16^th Floor, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India” to the present address.

FIXED ASSETS:

· Land

· Building

· Plant Machinery

· Computer

· Electrical Installation

· Office Equipment

· Furniture and Fixtures

· Motor Vehicles

· Railway Siding

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ON 31.12.2014

[RS. IN MILLIONS]

PARTICULARS	3 Months Ended		9 Months Ended
	31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
(a) Net sates/income from operations (Net of excise duty)	10330.600	12130.800	37386.900
(b) Other Operating Income	0.000	0.000	0.000
Total income from operations (net)	10330.600	12130.800	37386.900
Expenses
(a) Cost of materials consumed	4928.600	5377.200	14172.400
(b) Purchases of stock-in trade	3619.300	3747.200	15767.500
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(952.900)	(105.800)	(1367.900)
(d) Employee benefits expense	211.700	221.900	652.900
(e) Depreciation and Amortization Expenses	264.300	283.000	827.000
(f) Other Expenses	1848.200	2189.600	5923.700
Total expenses	9919.200	11713.100	35975.600
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	411.400	417.700	1411.300
Other Income	110.900	211.600	450.400
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	522.300	629.300	1861.700
Finance Costs	602.100	677.200	2031.000
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	(79.800)	(47.900)	(169.300)
Exceptional items	0.000	0.000	0.000
Profit/ (Loss) from ordinary activities before tax (7+8)	(79.800)	(47.900)	(169.300)
Tax expenses	0.000	0.000	0.000
Net Profit / (Loss) from ordinary activities after tax (9-10)	(79.800)	(47.900)	(169.300)
Extraordinary item (net of tax expense)	0.000	0.000	0.000
Net Profit / (Loss) for the period (11-12)	(79.800)	(47.900)	(169.300)
Paid-up equity share capital (Nominal value Rs.10 per share)	13229.400	13229.400	13229.400
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	-	-	-
i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualized):	-	-	-
(a) Basic and diluted	(0.06)	(0.04)	(0.23)
A. PARTICULARS OF SHAREHOLDING
1. Public Shareholding
- Number of shares	712143035	712143035	712143035
- Percentage of shareholding	53.88	53.88	53.88
2. Promoters and Promoters group Shareholding
a) Pledged /Encumbered
Number of shares	286684439	298502889	286684439
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	47.04	48.98	47.04
Percentage of shares (as a % of total share capital of the company)	21.69	22.59	21.69
b) Non Encumbered
Number of shares	322787793	310969343	322787793
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	52.96	51.02	52.96
Percentage of shares (as a % of total share capital of the company)	24.43	23.53	24.43

	PARTICULARS	3 Months Ended 31.12.2014
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	NIL
	Received during the Quarter	13
	Disposed of during the quarter	13
	Remaining unresolved at the end of the quarter	NIL

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	3 Months Ended		9 Months Ended
	31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
1. Segment Revenue
a. Steel Products	9790.000	11618.200	36298.200
b. Engineering Products	631.700	718.300	1869.700
Total	10403.700	12336.500	38167.900
Less : Inter Segment Revenue	73.100	205.700	781.000
Net Sales	10330.600	12130.800	15282.500
2. Segment Result (Profit before Interest and Tax)
a. Steel Products	517.600	366.300	1590.600
b. Engineering Products	4.900	263.400	272.100
Total	522.500	629.700	1862.700
Less : (i) Interest	602.100	677.200	2031.000
(ii) Other un-allocable expenditure net off un-allocable income.	0.200	0.400	1.000
Profit before Tax	(79.800)	(47.900)	169.300)
3. Capital Employed
a. Steel Products	11647.800	11542.600	11647.800
b. Engineering Products	1161.600	1157.400	1161.600

Note:

1. The above results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors of the Company at their meeting held on 10th February, 2015.

2. The Scheme of Demurer has been approved by the Share Holder in their court convened Meeting held on 22nd January 2015.

3. Pursuant to Companies Act 2013 (the Act) becoming effective from 1st April, 2014 the Company has re-worked depreciation with reference to the estimated useful lives of fixed assets prescribed under Schedule II to the Act. As a result the charge for depreciation is lower by Rs. 445.700 Million for the nine months ended 31st December, 2014. Further based on transitional provision in Note 7 (b) of Schedule II. an amount of Rs. 71.900 Million has been adjusted against the retained earnings.

4. As per the provisions of AS -17 Segment reporting, the Company operates in two business segments namely Manufacturing & Engineering Products. There are no reportable geographical segments.

5. Limited Review of financial Results as per Clause 41 of listing agreement has been carried out by Statutory Auditors.

6. Previous period figures has been regrouped/reclassified wherever necessary.

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.63.20
UK Pound	1	Rs.97.10
Euro	1	Rs.69.34

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.