MIRA INFORM REPORT

Report No. :	350525
Report Date :	02.12.2015

IDENTIFICATION DETAILS

Name :	RASHTRIYA ISPAT NIGAM LIMITED VISAKHAPATNAM STEEL (A PLANT OF RASHTRIYA ISPAT NIGAM LIMITED)
Registered Office :	Administrative Building, Vishakhapatnam – 530031, Andhra Pradesh
Tel. No.:	91-891-2518015
Country :	India
Financials (as on) :	31.03.2015 (Partial Details)
Date of Incorporation :	18.02.1982
Com. Reg. No.:	01-003404
Capital Investment / Paid-up Capital :	Rs. 51898.500 Million
CIN No.: [Company Identification No.]	U27109AP1982GOI003404
IEC No.:	2688000551
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCR0435L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Steel Products. (Registered Documents)
No. of Employees :	18,371 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 346880000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated as a wholly owned Union Government Company in the year 1982. It produces broad range of steel product, including special steel i.e. plain wire road, rebars, rounds, squares, structural, billets, blooms and pig iron. As per cost audit report for the year 2015, the company possesses good revenue base marked by satisfactory profitability margin. Rating takes into consideration the company’s strong net worth base marked by improved profitability margin and low debt levels. Trade relations are fair. Business is active. Payments are regular and as per commitment. In view of strong government holdings, the company can be good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Non-convertible debenture issue = ÄA-
Rating Explanation	“High degree of safety and very low credit risk
Date	17.07.2015

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 31-03-2015.

LOCATIONS

Registered Office :	Administrative Building, Vishakhapatnam – 530031, Andhra Pradesh, India
Tel. No.:	91-891-2518325/ 538/ 2888360/ 390/ 2888247/ 2518360
Fax No.:	91-891-2518753/ 756/ 2888316/ 2518321
E-Mail :	cmdvsp@itpvis.ap.nic.in rinlexp@itpvis.ap.nic.in mtls.vsp@rmj.sprintrpg.ems.vsnl.net.in dir.fin@vizagsteel.com pmr.cs@vizagsteel.com
Website :	https://www.vizagsteel.com

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Ponnapalli Madhusudan

Designation :

Managing director

Address :

Bungalow No.6, Sector 7, Ukkunagaram, Visakhapatnam - 530032, Andhra Pradesh, India

Date of Birth/Age :

09.05.1958

Qualification :

ACA,AICWA and ACS

Date of Appointment :

01.01.2014

DIN No.:

02845996

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	U27109AP1982GOI003404	RASHTRIYA ISPAT NIGAM LIMITED	Managing director	01/01/2014	02/11/2009	-	Active	NO
2	U74999AP2011GOI072192	UTTARBANGA RINL RAIL KARKHANA LIMITED	Director	12/01/2011	12/01/2011	-	Strike off	NO
3	L65993WB1927GOI005532	EASTERN INVESTMENTS LIMITED	Director	16/01/2015	01/06/2011	-	Active	NO
4	U27101AP2009PTC064546	RINMOIL FERRO ALLOYS PRIVATE LIMITED	Nominee director	01/08/2011	01/08/2011	-	Active	NO
5	L14100WB1910GOI001996	THE BISRA STONE LIME COMPANY LIMITED	Director	24/09/2014	09/01/2014	-	Active	NO
6	L51430WB1918GOI003026	THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED	Director	24/09/2014	09/01/2014	-	Active	NO
7	U10100DL2009PTC190448	INTERNATIONAL COAL VENTURES PRIVATE LIMITED	Director	26/09/2014	10/01/2014	-	Active	NO

Name :

Mr. Bhavanisankar Prasad Geddam

Designation :

Whole-time director

Address :

Director (Personnel), Directors Bungalow No.3, Sector - VII, Ukkunagaram, Visakhapatnam - 530032, Andhra Pradesh, India

Date of Birth/Age :

04.12.1956

Date of Appointment :

01.05.2015

DIN No.:

06886500

Name :

Mr. Venkata Surya Krishnakumar Tenneti

Designation :

Whole-time director

Address :

D-7, Director's Bungalow, Sector-7, Ukkunagaram, Visakhapatnam - 530032, Andhra Pradesh, India

Date of Appointment :

25.08.2014

DIN No.:

06914774

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	U27109AP1982GOI003404	RASHTRIYA ISPAT NIGAM LIMITED	Whole-time director	25/08/2014	25/08/2014	Active	NO
2	L65993WB1927GOI005532	EASTERN INVESTMENTS LIMITED	Additional director	01/05/2015	01/05/2015	Active	NO
3	U27101AP2009PTC064546	RINMOIL FERRO ALLOYS PRIVATE LIMITED	Nominee director	01/06/2015	01/06/2015	Active	NO
4	U28121AP2015PTC097211	RINL POWERGRID TLT PRIVATE LIMITED	Director	19/08/2015	19/08/2015	Active	NO

Name :

Mr. Nageswara Rao Dasari

Designation :

Whole-Time Director

Address :

Qtr.No.517/A, Sector-VI, Ukkunagaram, Visakhapatnam - 530032, Andhra Pradesh, India

Date of Birth/Age :

29.07.1957

Date of Appointment :

29.09.2015

DIN No.:

06914797

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	U36912MH1978PTC020126	HINDUSTAN DIAMOND COMPANY PRIVATE LIMITED	Director	05/03/2008	05/03/2008	24/03/2009	Active	NO
2	U92100MH1975GOI022994	NATIONAL FILM DEVELOPMENT CORP0RATION LIMITED	Director	04/09/2013	04/09/2013	26/03/2015	Active	NO
3	U27109AP1982GOI003404	RASHTRIYA ISPAT NIGAM LIMITED	Director	29/09/2015	16/03/2015	-	Active	NO
4	L13100AP1958GOI001674	NMDC LIMITED	Director	29/09/2015	16/03/2015	-	Active	NO
5	U74140JH1973GOI001199	MECON LIMITED	Nominee director	16/03/2015	16/03/2015	-	Active	NO
6	L27109DL1973GOI006454	STEEL AUTHORITY OF INDIA LIMITED	Nominee director	16/03/2015	16/03/2015	-	Active	NO
7	L13100KA1976GOI002974	KIOCL LIMITED	Nominee director	07/09/2015	16/03/2015	-	Active	NO

Name :

Mr. Prakashchandra Mohapatra

Designation :

Whole-Time Director

Address :

435-B, Sector-8, Ukkunagaram, Visakhapatnam - 530032, Andhra Pradesh, India

Date of Birth/Age :

23.01.1959

Date of Appointment :

01.08.2014

DIN No.:

06738364

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	U27109AP1982GOI003404	RASHTRIYA ISPAT NIGAM LIMITED	Whole-time director	01/08/2014	01/08/2014	Active	NO
2	L51430WB1918GOI003026	THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED	Director	24/09/2014	02/08/2014	Active	NO
3	U74900WB2013NPL197827	INDIAN IRON AND STEEL SECTOR SKILL COUNCIL	Director	19/12/2014	19/12/2014	Active	NO

Name :

Urvilla Khati

Designation :

Director

Address :

W/O Anand Singh Khati, 246/7-B, Panchkuian Road, Railway Officers Enclave, G.P.O., Central Delhi, New Delhi - 110001, Delhi, India

Date of Appointment :

29.09.2014

DIN No.:

07011413

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	U27109AP1982GOI003404	RASHTRIYA ISPAT NIGAM LIMITED	Whole-time director	29/09/2014	01/11/2013	Active	NO
2	U27101AP2009PTC064546	RINMOIL FERRO ALLOYS PRIVATE LIMITED	Nominee director	02/08/2014	02/08/2014	Active	NO
3	L14100WB1910GOI001996	THE BISRA STONE LIME COMPANY LIMITED	Additional director	28/07/2015	28/07/2015	Active	NO
4	U28121AP2015PTC097211	RINL POWERGRID TLT PRIVATE LIMITED	Director	19/08/2015	19/08/2015	Active	NO

Name :

Bharathi Sivaswami Sihag

Designation :

Director

Address :

D1/24, Satya Marg, Chankya Puri, New Delhi - 110021, Delhi, India

Date of Appointment :

29.09.2015

DIN No.:

02154196

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	U27320WB1964GOI026211	MSTC LIMITED	Nominee director	24/10/2014	24/10/2014	22/12/2014	Active	NO
2	U27109AP1982GOI003404	RASHTRIYA ISPAT NIGAM LIMITED	Director	29/09/2015	28/10/2014	-	Active	NO
3	U27310WB1964GOI026118	HINDUSTAN STEEL WORKS CONSTRUCTION LIMITED	Director	05/11/2014	05/11/2014	22/12/2014	Active	NO
4	L13100KA1976GOI002974	KIOCL LIMITED	Nominee director	06/11/2014	06/11/2014	15/07/2015	Active	NO
5	L99999MH1962GOI012398	MOIL LIMITED	Nominee director	14/02/2015	11/11/2014	-	Active	NO
6	L14100WB1910GOI001996	THE BISRA STONE LIME COMPANY LIMITED	Additional director	29/05/2015	12/11/2014	-	Active	NO
7	L65993WB1927GOI005532	EASTERN INVESTMENTS LIMITED	Additional director	29/05/2015	13/11/2014	-	Active	NO
8	L51430WB1918GOI003026	THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED	Director	22/09/2015	13/11/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Equity Shareholders	No. of Shares
The President of India	4889845400
P. Madhusudan	300
Vinod Kumar Thakral, IAS	100
Lokesh Chandra, IAS	100
T. K. Chand	100
P. C. Mohapatra	100
T. V. S. Krishna Kumar	100
Total	4889846200

Names of Preference Shareholder	No. of Shares
The President of India	800000000
Total	800000000

AS ON 29.09.2014

Equity Share Breakup	Percentage of Holding
Category
Government (Central and State)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Steel Products. (Registered Documents)

Products :

ITC Code No.	Product Descriptions
72131090	Rebars
72139110	Wire Rods
72149990	Rounds

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

Selling :

--

Purchasing :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

18,371 (Approximately)

Bankers :

· Canara Bank

Steel Plant Branch, Visakhapatnam – 530031, Andhra Pradesh, India

· The Hongkong and Shanghai Banking Corporation Limited

Bank Name:	--
Branch:	--
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	12035.300	12415.600
SHORT TERM BORROWINGS
Working capital loans from banks	5894.400	5862.200
Total	17929.700	18277.800

Banking Relations :	--
Auditors 1: (As On 31.03.2014)
Name :	Tej Raj and Pal Chartered Accountants
Address :	Visakhapatnam, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AAAFT7471J
Auditors 2: (As On 31.03.2014)
Name :	Rao and Kumar Chartered Accountants
Address :	Visakhapatnam, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AADFR5524R
Cost Auditors 2: (As On 31.03.2015)
Name :	Narasimha Murthy and Company
Address :	104, Pavani Estate, 3-6-365, Himayat Nagar, Hyderabad – 500029, Andhra Pradesh, India,
Income-tax PAN of auditor or auditor's firm :	AACFN0570E
Memberships :	--
Collaborators :	--
Joint Venture: (As On 31.03.2014)	· Rinmoil Ferro Alloys Private Limited (U27101AP2009PTC064546) · International Coal Ventures Private Limited (U10100DL2009PTC190448)
Subsidiary Companies : (As On 31.03.2014)	· Eastern Investments Limited (L65993WB1927GOI005532) · The Orissa Minerals Development Company Limited (L51430WB1918GOI003026) · The Bisra Stone Lime Company Limited (L14100WB1910GOI001996)

CAPITAL STRUCTURE

AS ON 31.03.2015 [Partial Details]

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 51898.500 Million

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,890,000,000	Equity Shares	Rs. 10/- each	Rs. 48900.000 Million
3,110,000,000	Preference Shares	Rs. 10/- each	Rs. 31100.000 Million
	Total		80000.000 Rs. Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,889,846,200	Equity Shares	Rs. 10/- each	Rs. 48898.462 Million
800,000,000	Preference Shares	Rs. 10/- each	Rs. 8000.000 Million
	Total		Rs. 56898.462 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4,890,000,000	Equity Shares	Rs. 10/- each	Rs. 48900.000 Million
3,110,000,000	Preference Shares	Rs. 10/- each	Rs. 31100.000 Million
	Total		80000.000 Rs. Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,889,846,200	Equity Shares	Rs. 10/- each	Rs. 48898.500 Million
850,000,000	Preference Shares	Rs. 10/- each	Rs. 8500.000 Million
	Total		Rs. 57398.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

VALUE ADDITION AND DISTRIBUTION OF EARINGS

Particulars	31.03.2015 (Partial Details)
Share capital	51898.500
Reserves and surplus	64040.800
Long-term borrowings	665.200
Gross fixed assets	145388.400
Net fixed assets	5354.100
Current assets	96374.600
Current liabilities	76144.900
Net current assets	20229.700
Capital employed	6893722.100
Net worth	115426.000
Value added of company	24393.900
Net revenue from operations of company	92823.400
Profit before tax	103344.900

Particulars	31.03.2015 (Partial Details)
Gross revenue from operations of company	104001.500
Excise and other duties of company	11178.100
Net revenue from operations of company for value addition	92823.400
Export incentives of company	61.600
Adjustments in work-in-progress and finished stocks of company	8201.900
Cost of materials consumed of company	51275.400
Cost of process materials or chemicals of company	0.000
Cost of stores and spares consumed of company	5483.400
Cost of utilities of company	7658.500
Cost of other bought out inputs of company	12275.700
Total cost of bought out inputs of company	76693.000
Value added of company	24393.900
Other incomes of company	2821.500
Extraordinary income	0.000
Earnings available for distribution	27215.400
To employees as salaries, wages, retirement benefits and others	19181.600
To shareholders as dividend	0.000
Funds retained by company	3739.800
To government as taxes	0.000
Extraordinary expenses	0.000
Other distribution of earnings	4294.000
Total distribution of earnings	27215.400

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	57398.500	63468.200	77273.200
(b) Reserves & Surplus	64008.900	61305.000	59319.700
(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)	121407.400	124773.200	136592.900
(3) Non-Current Liabilities
(a) Long-term borrowings	12035.300	12415.600	0.000
(b) Deferred tax liabilities (Net)	4190.100	2292.100	609.800
(c) Other long term liabilities	1655.600	1050.000	832.300
(d) long-term provisions	5314.300	4147.700	4797.300
Total Non-current Liabilities (3)	23195.300	19905.400	6239.400
(4) Current Liabilities
(a) Short term borrowings	37399.300	36584.400	25751.400
(b) Trade payables	8299.300	7379.400	3901.900
(c) Other current liabilities	54840.500	56151.900	36458.400
(d) Short-term provisions	1576.500	1730.900	6104.400
Total Current Liabilities (4)	102115.600	101846.600	72216.100
TOTAL	246718.300	246525.200	215048.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	45300.300	37870.700	17836.500
(ii) Intangible Assets	27.500	27.400	31.900
(iii) Capital work-in-progress	106694.700	99652.400	105960.800
(iv) Intangible assets under development	301.100	222.000	150.100
(b) Non-current Investments	3625.300	3625.800	3625.800
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6160.500	4983.600	2418.900
(e) Other Non-current assets	602.300	365.800	103.300
Total Non-Current Assets	162711.700	146747.700	130127.300
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	38630.400	38286.000	34031.100
(c) Trade receivables	8036.500	10096.500	4271.500
(d) Cash and cash equivalents	1758.900	16250.200	20683.400
(e) Short-term loans and advances	34613.500	34177.500	23665.400
(f) Other current assets	967.300	967.300	2269.700
Total Current Assets	84006.600	99777.500	84921.100
TOTAL	246718.300	246525.200	215048.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	120283.300	121106.900	132326.100
		Other Income	3069.900	4554.200	3283.900
		TOTAL (A)	123353.200	125661.100	135610.000
Less	EXPENSES
		Cost of Materials Consumed	69672.500	80464.900	84225.500
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	186.500	(3037.400)	453.700
		Employees benefits expense	17500.200	14677.500	14648.100
		Prior Period Items	(18.800)	(150.600)	(62.400)
		Other expenses	24425.300	22980.700	19890.400
		TOTAL (B)	111765.700	114935.100	119155.300
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11587.500	10726.000	16454.700
Less	FINANCIAL EXPENSES (D)		3381.200	3592.500	1906.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8206.300	7133.500	14548.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2714.800	1868.800	3448.600
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5491.500	5264.700	11100.100
Less	TAX (H)		1827.000	1736.400	3585.500
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3664.500	3528.300	7514.600
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	73.771	59.779	42.005
		Other Earnings	0.374	0.113	6.667
	TOTAL EARNINGS		74.145	59.892	48.672
	IMPORTS
		Raw Materials	376.765	396.118	507.841
		Components and Spare parts	8.763	8.902	7.672
		Capital Goods	13.194	13.478	19.260
	TOTAL IMPORTS		398.722	418.498	534.773
	Earnings Per Share (Rs.)		62	48	12618

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1461.200	2229.600	1811.800
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	7216.000	(1320.400)	3790.200

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.05	2.91	5.68
Operating Profit Margin (PBDIT/Sales)	(%)	9.63	8.86	12.43
Return on Total Assets (PBT/Total Assets}	(%)	4.03	3.68	10.54
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.08
Debt Equity Ratio (Total Debt/Networth)		0.42	0.41	0.20
Current Ratio (Current Asset/Current Liability)		0.82	0.98	1.18

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	77273.200	63468.200	57398.500
Reserves & Surplus	59319.700	61305.000	64008.900
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	136592.900	124773.200	121407.400
Long-term borrowings	0.000	12415.600	12035.300
Short term borrowings	25751.400	36584.400	37399.300
CURRENT MATURITIES OF LONG-TERM DEBTS	1811.800	2229.600	1461.200
Total borrowings	27563.200	51229.600	50895.800
Debt/Equity ratio	0.202	0.411	0.419

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	132326.100	121106.900	120283.300
		-8.478	-0.680

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	132326.100	121106.900	120283.300
Profit	7514.600	3528.300	3664.500
	5.68%	2.91%	3.05%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATIONS DETAILS

ITTA 222/2015 ITTASR 1415/2015 CASE IS: PENDING

PETITIONER: COMMISSIONER OF INCOME TAX-2 V/S RESPONDENT: M/S RASHTRIYA ISPAT PET. ADV. : NARASIMHA SARAMA NIGAM LIMITED

RESP. ADV: --

SUBJECT: INCOME TAX TRIBUNAL APPEALS

FILING DATE: 30.05.2015 POSTING STAGE : FOR ADMISSION

REG. DATE: 27.06.2015 LASTING DATE: 04.11.2015

STAGE: ADMIT

HON’BLE JUDGE (S) RAMESH RANGANATHAN M. SATYANARAYANA MURTHY

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80009964	01/07/2012 *	2,548,500,000.00	BANK OF BARODA	VADLAPUDI BRANCH, C BLOCK, PROJECT OFFICE COMPLEX  , STEEL PLANT, VISAKHAPATNAM - 530031, ANDHRA PRADESH, INDIA	B45537958
2	90139521	08/09/2006 *	945,000,000.00	ANDHRA BANK	VSP STEEL TOWNSHIP BRANCH, UKKUNAGARAM, VISAKHAPATNAM - 530032, ANDHRA PRADESH, INDIA	-
3	80024389	14/08/2007 *	800,000,000.00	UCO BANK	VSP BALACHERUVU BRANCH, SECTOR-3, UKKUNAGARAM, ST  EEL PLANT TOWNSHIP, BALACHERUVU, VISAKHAPATNAM - 530032, ANDHRA PRADESH, INDIA	A22538680
4	80003221	16/10/2009 *	6,000,000,000.00	STATE BANK OF HYDERABAD	SECTOR -1 , STEEL PLANT, UKKUNAGARAM, VISAKHAPATNAM - 530032, ANDHRA PRADESH, INDIA	A71890248
5	90260209	30/11/2013 *	63,200,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, # 43-29-54/8, NARONA ROAD, BALAJI METRO CHAMBERS, DONDAPARTHY, VISAKHAPATNAM - 530016, ANDHRA PRADESH, INDIA	B92563881
6	80009966	16/02/2015 *	9,150,000,000.00	CANARA BANK	STEEL PLANT BRANCH, VISAKHAPATNAM - 530031, ANDHRA PRADESH , INDIA	C46182689
7	80024384	08/02/2007 *	500,000,000.00	IDBI BANK	VISAKHAPATNAM BRANCH, BALAJI'S MANGALGIRI CHAMBERS  , 9/29/6 - 1, SIRIPURAM, VISAKHAPATNAM - 530003, ANDHRA PRADESH, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Rupee term loans from banks	4873.100	0.000
Foreign currency term loans from banks	24335.500	25208.400
Working capital loans from banks	2296.300	2038.000
Commercial paper	0.000	3475.800
Total	31504.900	30722.200

BUSINESS PERFORMANCE [AS ON 31.03.2014]

RINL excelled on all fronts in the year 2013-14, in the year 2013-14 securing " Excellent " rating as per MOU with Government of India. A Turnover of Rs. 134890.000 Million was achieved during the year despite a sluggish market. The Company earned Profit after Tax (PAT) of Rs 3660.000 Million for the FY 2013-14 against Rs 3530.000 Million of previous year. Lower growth in consumption of steel lead to lower sales realisation which in turn offset the advantage of lower raw material prices during the year.

FINANCIAL OVERVIEW [AS ON 31.03.2014]

The company has been able to achieve a Profit after tax (PAT) of Rs.3664.500 Million, with Turnover of Rs.134894.600 Million. The State of Andhra Pradesh / Telangana where RINL has highest market share, got severely affected by acute power crisis forcing several industries to throttle /or cut down production. Competition in the Bars & Rods market increased due to higher production in this category from other major competitors without corresponding increase in consumption.

Input costs especially basic raw materials like Iron ore and Ferro alloys along with foreign exchange fluctuations also affected adversely the bottom-line growth. The initiatives taken by RINL collective could partiallyoff setthe adverse impact of the above factors, mainly, through cost reduction measures like optimisation of Coal blend, maximisation of captive generation of power and improvement in other operational areas along with prudent fund management.

AWARDS [AS ON 31.03.2014]

The projects ROMANS (Integrated Rings, Chocks and Roll Management System) and KUSHAL (Data Center Consolidation thru Server Virtualization & VDI) were selected among the top 5 at the national level in the Annual Convention of Computer Society of India.

OUTLOOK FOR THE COMPANY IN 2014-15:

Stage -1 units of expansion to 6.3 Mt have already been commissioned and efforts are on to stabilize the operations and Stage-2 units of the 6.3 Mt expansion project will be commissioned during 2014-15. Hence, RINL is at a crucial juncture of stabilisation and ramping up production from expansion units during 2014-15.

The thrust areas for the year include maximization of asset utilization, production of high end value added steel from SMS-2.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Contractors / Suppliers / Customers	77.555	58.525
Local Authorities - State Govt.	17.682	15.289
Sales Tax matters *	176.883	163.324
Income Tax	20.714	19.552
Customs / Excise duty	21.872	20.086
R & D Cess	0.338	0.338
Others	40.843	40.142
NOTE: No liability is expected to arise as the movement of goods were on stock transfer and Sales Tax is paid on eventual sales.

FIXED ASSETS:

· Land

· Buildings

· Office Building

· Plant and Equipment

· Factory Equipment’s

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

· Other Equipment’s

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.66.52
UK Pound	1	Rs.100.44
Euro	1	Rs.70.44

INFORMATION DETAILS

Analysis Done by :	AMR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		64

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.