MIRA INFORM REPORT

Report No. :	353492
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	INDIAN STEEL CORPORATION LIMITED
Registered Office :	611, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra
Tel. No.:	91-22-22851303
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.02.2004
Com. Reg. No.:	11-144559
Capital Investment / Paid-up Capital :	Rs.723.884 Million
CIN No.: [Company Identification No.]	U27100MH2004PLC144559
IEC No.:	0304000281
TAN No.: [Tax Deduction & Collection Account No.]	MUMI04849F
PAN No.: [Permanent Account No.]	AABCI2060A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is primarily engaged in the business of manufacturing, Exporting, Importing and trading of steel products i.e. CR coils / sheets, GP coils / sheets and PPGL coils, and long steel products. (Confirmed by management)
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

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 :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Indian Steel Corporation Limited is jointly promoted by Ruchi Group of Industries, India and Mitsui and Company, Japan Subject has achieved better growth in sales turnover but has reported very low profit during FY 2014. Rating also takes into consideration other factors such as weak market demand, volatility in cost of raw materials, subject’s exposure to foreign exchange risk and working capital intensive nature of business operations. Further the risks arising out of uncertainty in the economic environment and highly competitive nature of the industry. These rating weaknesses are partially offset by long experience of promoters, its operational track record in steel industry and it has achieved better growth in sales turnover, wide customer base and the management support and technical assistance available from Mitsui and Company Limited, Japan Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on fully safe and secured trade terms and conditions. Note:- As per registrar of companies the date of balance sheet (i.e. financial filed) is show as 31.03.2015 but the documents related to the financials are not been available from any sources.

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	ICRA
Rating	Long term rating “D”
Rating Explanation	Lowest credit quality very low prospects of recovery.
Date	July, 2015

Rating Agency Name	ICRA
Rating	Short term rating A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	July, 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Manish Patidar
Designation :	Finance Manager
Contact No.:	91-731-4019600
Date :	04.12.2015

LOCATIONS

Registered Office/ Branch Office 1 :	611, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22851303
Fax No.:	91-22-22823177
E-Mail :	joseph_toppo@indiansteels.com ashutosh_mishra@indiansteels.com rsalbom@ruchigroup.com manish_patidar@indiansteel.com
Website :	http://www.indiansteels.com
Location:	Rented
Locality:	Commercial
Head Office :	503, Mahakosh House, 7/5, South Tukoganj, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-4019600/9601/7909/7509
Fax No.:	91-731-2518127
E-Mail :	isc@indiansteels.com info@indiansteels.com
Location:	Rented
Factory :	Survey No.370, Near Bhimasal Railway Crossing, National Railway, 8-A, Bhimasar, Gandhidham, Anjar, District Kutch – 370240, Gujarat, India
Tel. No.:	91-2836-285371/ 72/ 73/ 74
Fax No.:	91-2836-285375
Branch Office 2 :	207, Iscon Avenue, Opposite Choice Restaurant, C.G. Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-30074314
Fax No.:	91-79-30074314
Branch Office 3 :	No.595, Sri Lakshmi Adinarayan Swami Arcade, 1st Floor, JP Nagar 1st Phase, 5th Cross, Bangalore – 560078, Karnataka, India
Tel. No.:	91-80-33278235
Fax No.:	91-80-33278231
Branch Office 4 :	43, 2nd Floor, Daryaganj, New Delhi – 110 002, India
Tel. No.:	91-11-43651100/ 59
Fax No.:	91-11-23241561
Branch Office 5 :	No.40 and 41, East Madha Church Road, Royapuram, Chennai – 600 013, Tamilnadu, India
Tel. No.:	91-44-25952953
Fax No.:	91-44-25976337
Branch Office 6 :	F.3, First Floor, Taksh Complex - 2, Vasna Road, Vadodara – 390 017, Gujarat, India
Tel. No.:	91-265-2250500
Fax No.:	91-265-22250500
Branch Office 7 :	408, 4^th Floor, Crystal Mall, Banipark, Jaipur – 302015, Rajasthan, India

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Kailashchandra Shahra

Designation :

Director

Address :

29, Old Palasia, A.B. Road, Indore – 452 018, Madhya Pradesh, India

Date of Birth/Age :

31.01.1938

Qualification :

B. Com

Date of Appointment :

01.02.2005

PAN No.:

ABJPS9987Q

DIN No.:

00062698

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	U74999MH1979PTC028051	SHAHRA BROTHERS PRIVATE LIMITED	Director	19/12/1979	19/12/1979	-	Active	NO
2	L15140MH1986PLC038536	RUCHI SOYA INDUSTRIES LIMITED	Director	07/01/1986	07/01/1986	-	Active	NO
3	L27100MH1985PLC140379	NATIONAL STEEL AND AGRO INDUSTRIES LIMITED	Director	13/12/1986	13/12/1986	30/05/2013	Active	NO
4	L27100MH1987PLC142326	RUCHI STRIPS AND ALLOYS LIMITED	Director	01/11/1989	01/11/1989	-	Active	NO
5	L24118MH1976PLC136836	ANIK INDUSTRIES LIMITED	Director	26/07/1993	26/07/1993	-	Active	NO
6	U67200MP1999PLC013660	NATIONAL BOARD OF TRADE LIMITED	Director	30/07/1999	30/07/1999	-	Active	NO
7	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	01/02/2005	01/02/2005	-	Active	NO
8	U45200MH1998PTC117520	CHHATTISGARH IRON AND STEEL COMPANY PRIVATE LIMITED	Director	09/04/2005	09/04/2005	20/03/2008	Active	NO
9	U91990MH2004GAP147894	FEDERATION OF INDIAN COMMODITY EXCHANGES	Director	01/02/2006	01/02/2006	-	Active	NO
10	U26942MP1992PTC007329	REVATI CEMENTS PRIVATE LIMITED	Director	30/08/2011	01/12/2007	04/05/2014	Active	NO
11	U01112MP2010PTC023497	SHAHRA SONS PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
12	U51200MP2010PTC023507	MAHADEO SHAHRA AND SONS PRIVATE LIMITED	Director	07/05/2010	07/05/2010	-	Active	NO
13	U15400MP2012PTC028990	AVANTEE INDUSTRIES PRIVATE LIMITED	Director	04/09/2013	09/05/2013	-	Active	NO
14	U67190MH1994PTC079005	GREAT EASTERN INFRASTRUCTURE CORPORATION PRIVATE LIMITED	Additional director	23/12/2014	23/12/2014	-	Active	NO

Name :

Mr. Arjun Zalani

Designation :

Whole-time Director

Address :

27/B, Sector-A, Slice-6, Scheme No.78, Indore – 452 010, Madhya Pradesh, India

Date of Birth/Age :

26.11.1971

Qualification :

B. E (Electronics), MBA

Date of Appointment :

27.09.2012

PAN No.:

AABPZ0825D

DIN No.:

00848477

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	U51100MH2003PLC140081	RUCHI CORPORATION LIMITED	Director	22/04/2003	22/04/2003	-	Active	NO
2	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Whole-time director	27/09/2012	27/09/2006	-	Active	NO
3	U74900MH2007PLC173930	INDIAN STEEL SEZ LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO
4	U27100MP2008PLC020897	STEEL TECHNOLOGIES INDIA LIMITED	Director	09/07/2008	09/07/2008	25/03/2009	Active	NO
5	U01110MH1995PLC091518	INDIAN INFRASTRUCTURE CORPORATION LIMITED	Director	26/09/2012	02/04/2012	-	Active	NO

Name :

Mr. Shambunath Sadawarti

Designation :

Director

Address :

501, Gyan Sagar Apartment, Sanchar Nagar Extension, Indore – 452 016, Madhya Pradesh, India

Date of Birth/Age :

18.03.1947

Qualification :

B. E. (Mech), PGDIM

Date of Appointment :

16.02.2004

DIN No.:

00031966

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	U74999MH1979PLC029075	RUCHI ACRONI INDUSTRIES LIMITED	Director	25/03/2002	25/03/2002	-	Active	NO
2	U51100MH2003PLC140081	RUCHI CORPORATION LIMITED	Director	22/04/2003	22/04/2003	-	Active	NO
3	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	16/02/2004	16/02/2004	-	Active	NO
4	U40108MP1997PTC012262	AVIRAT URJA PRIVATE LIMITED	Director	26/10/2006	26/10/2006	-	Active	NO
5	U01110MH1998PTC117525	AVANTI INFRASTRUCTURE PRIVATE LIMITED	Director	24/01/2007	24/01/2007	-	Active	NO
6	U55101MH2003PTC138594	RUCHI REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	20/03/2007	20/03/2007	21/01/2014	Active	NO
7	U45200MH1998PTC117520	CHHATTISGARH IRON AND STEEL COMPANY PRIVATE LIMITED	Director	30/09/2008	01/03/2008	-	Active	NO
8	U51109DL1996PTC265414	ROHINI COMMODITIES PRIVATE LIMITED	Director	30/09/2008	20/06/2008	-	Active	NO
9	U67190MH1997PTC107725	ROHINI FOREX PRIVATE LIMITED	Director	30/09/2008	25/08/2008	-	Active	NO
10	U70102MP2009PTC022016	BHIMASAR HOUSING PRIVATE LIMITED	Director	12/06/2009	12/06/2009	-	Active	NO
11	U18100WB1991PLC141587	MANDHANA LEAFIN LIMITED	Director	06/10/2010	06/10/2010	-	Active	NO
12	U65929DL1996PTC077016	S S P FINVEST PRIVATE LIMITED	Director	06/01/2012	06/01/2012	-	Active	NO
13	U74900MH2007PLC173930	Indian Steel SEZ Limited	Director	26/09/2014	14/11/2013	-	Active	NO
14	U27100MP2008PLC020897	STEEL TECHNOLOGIES INDIA LIMITED	Director	30/09/2014	01/03/2014	-	Active	NO

Name :

Mr. Navin Khandelwal

Designation :

Director

Address :

5/1, Saket Nagar, Indore – 452 001, Madhya Pradesh, India

Date of Birth/Age :

22.04.1973

Qualification :

CA

Date of Appointment :

01.07.2004

DIN No.:

00134217

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	L27100MH1985PLC140379	NATIONAL STEEL AND AGRO INDUSTRIES LIMITED	Director	01/04/2014	14/11/2001	-	Active	NO
2	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
3	U74900MH2007PLC173930	INDIAN STEEL SEZ LIMITED	Director	07/09/2007	07/09/2007	-	Active	NO
4	L27100MH1987PLC142326	RUCHI STRIPS AND ALLOYS LIMITED	Director	25/09/2014	10/05/2008	-	Active	NO
5	L65990MH1984PLC033878	RUCHI INFRASTRUCTURE LIMITED	Director	30/09/2010	13/11/2009	09/08/2011	Active	NO
6	L15140MH1986PLC038536	RUCHI SOYA INDUSTRIES LIMITED	Director	26/09/2014	18/12/2009	-	Active	NO
7	U67110MP2006PLC018933	MADHYA PRADESH STOCK EXCHANGE LIMITED	Director	04/06/2013	04/06/2013	-	Active	NO
8	U15499MH1996PLC100016	RUCHI WORLDWIDE LIMITED	Additional director	04/08/2014	04/08/2014	-	Active	NO

Name :

Mr. Hiroyuki Furuhata

Designation :

Director

Address :

20-10, Hanegi 2, Chome Setagaya – KU, Tokyo NA

Date of Birth/Age :

16.12.1959

Date of Appointment :

18.09.2013

DIN No.:

06367333

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	U27310MH2011PTC223696	MAHINDRA SANYO SPECIAL STEEL PRIVATE LIMITED	Additional director	05/09/2012	05/09/2012	02/05/2013	Active	NO
2	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	18/09/2013	13/12/2012	-	Active	NO

Name :

Ms. Deepali Chirag Sheth

Designation :

Director

Address :

9, Lalkrupa, 251, Hingwala Cross Lane, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

28.02.1979

Date of Appointment :

26.09.2014

DIN No.:

06867643

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	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Director	26/09/2014	25/06/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Joseph Toppo
Designation :	Secretary
Address :	503, Mahakosh House, 7/5, South Tukoganj, Indore– 452001, Madhya Pradesh, India
Date of Birth/Age :	17.03.1987
Date of Appointment :	30.07.2014
PAN No.:	AMQPT4992E
Name :	Rishi Kant Gupta
Designation :	Chief Finance Officer
Address :	246, Shree Nagar Extension, Near Anand Bazar, Indore-452001, Madhya Pradesh, India
Date of Appointment :	25.06.2014
PAN No.:	ADVPG6476A
Name :	Mr. Manish Patidar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2014

Names of Shareholders	No. of Shares
Umesh Shahra	80800
Neeta Shahra	1250
Arjun Zalani	6100
Manish Parikh	1000
Shambhu Nath Sadawani	1000
Saket Barodia	1000
Vijay Kumar Mahajan and Seema Mahajan	5000
Vijay Kumar Mahajan and Varun Mahajan	3125
Rohini Forex Private Limited, India	3721028
Ruchi Acroni Industries Limited, India	663000
Ruchi Global Limited, India	1240000
Ruchi Infrastructure Limited, India	2995100
Ruchi Corporation Limited, India	1135800
Ruchi Stock and Securities Private Limited, India	3314873
Ruchi Real Estate Developers Private Limited, India	3459112
Ruchi Growth Fund Private Limited, India	3436915
Rohini Commodities Private Limited, India	11412118
Mandhana Leafin Limited, India	2757587
Lucas Meyer Industries Private Limited, India	2761500
Iron Global Limited, India	54100
Swastik Worldwide Private Limited, India	20000
Snehdeep Impex Private Limited, India	825233
SSP Finvest Private Limited, India	979059
Trans Siberian Industries Limited, United Arab Emirates	4709807
Sino Asian Resources Industries Limited, Hong Kong	5866397
Kyanite Economic and Development Limited, Singapore	4410695
Global Connects Instrument Limited, United Arab Emirates	4228046
Mitsui and Company Limited, Japan	7190691
Mitsui and Company India Private Limited, India	2151608
Mitsui and Company (Asia Pacific) Pte. Limited, Singapore	5057646
Total	72489590

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2014

Category	Percentage
Foreign holdings [(Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others]	46.37
Bodies corporate	53.50
Directors or relatives of Directors	0.12
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of manufacturing, Exporting, Importing and trading of steel products i.e. CR coils / sheets, GP coils / sheets and PPGL coils, and long steel products. (Confirmed by management)

Products :

ITC Code No.	Product Descriptions
72104100	Corrugated Products, Otherwise PLTD / Coated With Zinc
72092820	Sheets of Flt Rld Products Not In Coils Not Further Worked Thn Cold Rld Of Thickens Less Than 0.5 Mm

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

• CR coils / sheets
• GP coils / sheets
• PPGL coils,
• Long steel products

Countries :

• Sri Lanka
• Iran
• Iraq
• European Countries

Imports :

Products :

Raw Material

Countries :

• Japan
• China

Terms :

Selling :

Cheque and Credit (30,60, Days)

Purchasing :

Cheque and Credit (30,60, Days)

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 :

Retailers, End Users and OEMs

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 :

1000 (Approximately)

Bankers :

Banker Name	IDBI Bank Limited
Branch Address	Corporate Branch, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia, Indore – 452001, Madhya Pradesh, India
Person Name (With Designation)	Mr. Ashish Tripathi
Contact Number	91-9826195570
Name of Account Holder	Indian Steel Corporation Limited
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Working capital: Rs.2000.000 Million Including All bank: Rs. 14000.000 Millon
Account Operation	Not Available
Remarks (If any)	(Found number from google but services of this no is temporary out of services)

• Corporation Bank Limited, Mahavir Empire, 63, M.G. Road, Indore – 452001, Madhya Pradesh, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara- 390015, Gujarat, India

· Jammu and Kashmir Bank Limited, Block "D", 1^st Floor, North Side, Shiv Nagar Estates, Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

· State Bank of Indore, Industrial Finance Branch, Khel Prashal, Indore – 452003, Madhya Pradesh, India

· Punjab National Bank, Mid Corporate Branch, GG Tower, MG Road, Indore – 452 007, Madhya Pradesh, India

· IDBI Bank Limited, 1, Indian Red Cross Socity Building, Red Cross Road, New Delhi – 110 001, India

· State Bank of India

· State Bank of Saurashtra

· State Bank of Travancore

· State Bank of Hyderabad

· State Bank of Patiala

· State Bank of Bikaner and Jaipur

· HDFC Bank Limited

· Oriental Bank of Commerce

· Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee Term Loans from Banks (Term loans from Banks (State Bank of India, State Bank of Bikaner and Jaipur,State Bank of Travancore,State Bank of Hyderabad,State Bank of Mysore,Punjab National Bank, State Bank of Patiala and Jammu & Kashmir Bank) are secured by first charge, by way of equitable mortgage over land situated at village Bhimasar, Taluka Anjar, Distt. Kutch, Gujrat, together with Buildings, fixed Plant and Machinery, Fixtures and Fittings, other structure constructed/erected there on and hypothecation of all movable assets of the Company, both present and future ranking pari passu in favour of all term lenders and second charge on all current assets of the Company and personally guaranteed by a Director.)	3689.435	3559.388
SHORT TERM BORROWINGS
Working Capital Loans from Banks (a) i) Working capital loan facilities from Banks are secured by way of hypothecation of entire stocks of raw materials, stock in process, finished goods, consumable stores and spares, stock in transit, book debts and second pari passu charge by way of mortgage created/to be created on all immovable properties together with building and other structures thereon and all plant and machineries attached to the earth, personally guaranteed of a Director to the extent of sanction limit together with all charges thereon and additionally corporate gurantee of M/s Rohini Forex Private Limited, M/s Ruchi Stock and Securites Private Limited, M/s Ruchi Real Estate Developers Private Limited and Ruchi Growth Fund Private Limited in case of working capital limits sanction from State Bank of India. ii) Overdraft from Bank is secured by lien/pledge of fixed deposit receipts of Rs 26.500 Million (previous year 190.100 Million) iii) Short term borrowing aggregating to Rs.1970.372 Million (Previous year Rs.326.138 Million) are secured by personal guarantee of a director.)	1995.144	491.445
Total	5684.579	4050.833

Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Address :	317, Chetak Centre, “Annexe”, R.N.T. Marg, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2517341/ 4069301/ 2523134
E-Mail :	ashokkhasgiwala@yahoo.com
PAN No.:	AACFA7732P
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	Indian Steel SEZ Limited [CIN No.: U74900MH2007PLC173930]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Ruchi Strips and Alloys Limited [CIN No.: L27100MH1987PLC142326] · Ruchi Acroni Industries Limited [CIN No.:U74999MH1979PLC029075]

CAPITAL STRUCTURE

AS ON 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72489590	Equity Shares	Rs.10/- each	Rs.724.896 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72388434	Equity Shares	Rs.10/- each	Rs.723.884 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	723.884	721.480	712.017
(b) Reserves & Surplus	4036.155	3984.190	3853.969
(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)	4760.039	4705.670	4565.986
(3) Non-Current Liabilities
(a) Long-term borrowings	3689.435	3559.388	3734.692
(b) Deferred tax liabilities (Net)	196.768	178.633	148.867
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	13.463	13.592	10.598
Total Non-current Liabilities (3)	3899.666	3751.613	3894.157
(4) Current Liabilities
(a) Short term borrowings	4128.199	5416.793	2639.248
(b) Trade payables	8487.818	9492.341	7020.618
(c) Other current liabilities	906.195	1500.844	1927.612
(d) Short-term provisions	178.736	103.633	0.953
Total Current Liabilities (4)	13700.948	16513.611	11588.431
TOTAL	22360.653	24970.894	20048.574
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9614.623	9949.118	7719.044
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	137.932	116.699	1731.860
(iv) Intangible assets under development or work-in progress	0.553	0.000	0.000
(b) Non-current Investments	0.264	0.274	0.503
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	528.158	563.184	766.017
(e) Other Non-current assets	448.784	743.325	78.898
Total Non-Current Assets	10730.314	11372.600	10296.322
(2) Current assets
(a) Current investments	9.232	9.142	39.898
(b) Inventories	7073.207	6030.682	4411.167
(c) Trade receivables	3188.647	4034.546	3271.274
(d) Cash and cash equivalents	411.049	1382.732	996.388
(e) Short-term loans and advances	903.485	2101.056	1033.467
(f) Other current assets	44.719	40.136	0.058
Total Current Assets	11630.339	13598.294	9752.252
TOTAL	22360.653	24970.894	20048.574

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	30270.975	30206.478	23936.376
		Other Income	169.921	201.644	94.139
		TOTAL	30440.896	30408.122	24030.515
Less	EXPENSES
		Cost of materials consumed	18314.277	16916.533	10685.367
		Purchases of stock-in-trade	6357.696	8758.362	11276.821
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(588.638)	(635.255)	(1079.596)
		Employee benefit expense	396.801	405.633	227.255
		Other expenses	3628.163	2922.661	1827.642
		TOTAL	28108.299	28367.934	22937.489
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2332.597	2040.188	1486.040
Less	FINANCIAL EXPENSES		1746.329	1480.576	779.276
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		586.268	559.612	313.750
Less	DEPRECIATION/ AMORTISATION		543.936	492.589	278.278
	PROFIT/ (LOSS) BEFORE TAX		42.332	67.023	35.472
	TAX		26.935	30.232	3.574
	PROFIT/ (LOSS) AFTER TAX		15.397	36.791	31.898
	EARNINGS IN FOREIGN CURRENCY		3858.830	1899.753	1100.341
	IMPORTS
		Raw Materials	NA	NA	8639.501
		Stores and Spares	NA	NA	43.326
		Capital Goods	NA	NA	404.345
	TOTAL IMPORTS		NA	NA	9087.172
	Earnings/ (Loss) Per Share (Rs.)		0.21	0.51	0.50

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	415.608	917.746	1301.408
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	2316.189	915.454	1636.017

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.05	0.12	0.13
Operating Profit Margin (PBDIT/ Sales)	(%)	7.71	6.75	6.21
Return on Total Assets (PBT/Total Assets}	(%)	0.19	0.27	0.19
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.01
Debt Equity Ratio (Total Debt/Networth)		1.73	2.10	1.68
Current Ratio (Current Asset/Current Liability)		0.85	0.82	0.84

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	712.017	721.480	723.884
Reserves & Surplus	3853.969	3984.190	4036.155
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4565.986	4705.670	4760.039
long-term borrowings	3734.692	3559.388	3689.435
Short term borrowings	2639.248	5416.793	4128.199
Current maturities of long-term debts	1301.408	917.746	415.608
Total borrowings	7675.348	9893.927	8233.242
Debt/Equity ratio	1.681	2.103	1.730

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)
Revenue from Operations	23936.376	30206.478	30270.975
		26.195	0.214

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	23936.376	30206.478	30270.975
Profit/ (Loss)	31.898	36.791	15.397
	0.13%	0.12%	0.05%

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	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	Yes
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)	Yes
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	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE AND PROGRESS

During the year, the Company has achieved a net turnover of Rs.30440.900 Million, as compared to last financial year. There has been substantial increase in Sales of manufactured goods. The Exports by the Company has also been increased by 103% as compared to last financial year thereby aggregating to Rs.3858.830 Million.

During the year the Company has successfully launched the wider width 4 feet Colour Coated sheets for the first time in India with a special feature of three layer and four layer coating. The wider width Colour Coated material is the product of the future and is in good demand, both in construction and home appliance segment in domestic and international market. Thus with addition of this innovative product in the Company’s portfolio, they are sure to reap the good benefits.

The Company, in its endeavor to be innovative and provide good value products to market, is adding a special pretreatment line to enhance the coated product’s life many folds. Soon the Company is likely to launch another new series of product in the profiling sector.

MARKET DEVELOPMENT AND PROGRESS IN AUTO AND WHITE GOODS SEGMENT

With the primary focus to produce quality steel and coated steel products Indian Steel Corporation today, is a name to reckon with, in a variety of segments such as: Automotive, Home Appliances, General Engineering and Construction.

Being a firm believer in commissioning of top-notch technology, ISC is now fully equipped to supply Cold Rolled Steel Coils/sheets, Galvanized and Colour Coated Steel Coils/sheets to auto and home appliance majors.

The Company is supplying its Cold Rolled Steel products to Auto Majors like Tata Motors, Bajaj Auto, Ashok Leyland, AMW, Force Motors, General Motors, Eicher Motors Limited, White Goods majors like Videocon, Godrej Boyce, Haier Appliances etc.; Galvanized Steel products to Auto Majors like Ashok Leyland, White Goods majors like LG, Videocon, Samsung, Godrej Boyce, etc. and Company’s Color Coated Products to its White Goods majors like Videocon, Voltas, Haier Appliances etc.

MARKET DEVELOPMENT AND PROGRESS IN CONSTRUCTION SEGMENT

Ensuring quality and easy availability of our products, they enjoy a receptive market for our products and to achieve this, they have established an extremely robust dealer network, comprising of 450 dealers, 2000 plus sub dealers and 33 stock points covering 22 states of the Country.

The Company has launched UltraShine XL, India’s first ever 4 feet wide colour coated profile sheet, which has been appreciated in the market. It saves number of sheets and labour cost has best in class tensile strength upto 650 MPa plus and withstands high wind velocity upto 180 km/hr.

In addition to brand promotional activities, event, for launching Company’s product “Ultrashine XL” in Ahmedabad, Jaipur, Gurgaon, Company has also participated in various exhibitions like Roof India in Mumbai and Bangalore for increasing product awareness during the year to build a corporate image in Indian as well as in international markets.

EXPANDING STEEL RETAIL

Expanding Company’s retail chain, ISC has established 7 more ISC Steel Zones in the states of Rajasthan and Maharashtra adding to 153 ISC Steel Zones across India, offering its customers a substantial advantage in terms of availability and authenticity of products.

PROSPECTS

India has become the second best in terms of growth in steel producing and a net exporter of steel during 2013-14. Steel production in India during the year has recorded a growth rate of 4.2 % over the corresponding period of previous year.

The total market value of the Indian steel sector stood at US $ 57.8 billion in 2011 and is expected to touch the figure of US $ 95.3 billion by 2016. The liberalization of the industrial policy and other government initiatives has given a definite impetus for entry, participation and growth of the private sectors in the steel industry.

India’s real consumption of total finished steel grew by 0.6% year-on-year in April – March 2013-2014 to 73.93 Million Tonnes (MT). The infrastructure sector is the India’s largest steel consumer, thereby attracting investments from several global players. The government plans to increase infrastructure spending from the current 5% GDP (gross domestic product) to 10% by 2017 and the country is committed to investing US $ 1 trillion in infrastructure during 1 th five year plan.

The future of the Indian steel industry is bright. The government of India has allowed 100% FDI through automatic route in the Indian steel sector. The government has significantly reduced the duty payable on finished steel products and has streamlined the associated approval process. The total steel exports by India during 2013-14 stood at 5.59 MT as against imports of 5.44 MT.

The near term outlook on the profitability of Indian steel players however has improved, given the soft price trends of key raw materials. The Company is preparing itself to avail all such opportunities and expand its capacity to meet the growing demands of domestic as well as international markets. Given the experience of strong senior management team having substantial exposure in steel industry, value added to implement our strategies, the prospects for sustainable long term growth in our business and consequently shareholders value are tremendous.

The steel industry being highly raw material intensive, the near term benefits from lower raw material costs to more than neutralize the adverse impact of a low volume growth, even if a part of the benefits of lower costs are passed on to customers to protect sales volumes. Over a longer term, volume growth however would be critical, given that substantial fresh capacities are likely to be commissioned in the next two years. Unless demand conditions improve significantly, overall capacity utilization levels and profitability of steel players would remain impacted. The management is taking appropriate steps to combat the negative impact of these factors.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Working Capital Loans from Banks	2132.155	4925.348
Intercorporate borrowings	0.900	0.000
Total	2133.055	4925.348

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10591627	13/04/2015	1,540,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C64538267
2	10123996	21/09/2013 *	6,630,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH,, A.B. ROAD, INDORE, Madhya Pradesh - 452001, INDIA	B87125860
3	10147848	29/07/2008	400,000,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SIYAGANJ, INDORE, Madhya Pradesh - 452001, INDIA	A45770948
4	10114839	14/07/2008	400,000,000.00	PUNJAB NATIONAL BANK	MID CORPORATE BRANCH, SIYAGANJ, INDORE, Madhya Pradesh - 452001, INDIA	A42329813
5	80038787	19/12/2005	700,000,000.00	Corporation Bank	63 M.G. ROAD, Regal Square,, Indore, Madhya Pradesh - 452001, INDIA	-
6	80039724	12/11/2005	500,000,000.00	Central Bank of India	Corporate Finance Branch, Siyaganj, Indore, Madhya Pradesh - 452001, INDIA	-
7	80039723	14/10/2004	500,000,000.00	State Bank of India	Commercial Branch, A.B. Road, Indore, Madhya Pradesh - 452001, INDIA	-
8	90148883	22/06/2013 *	18,298,600,000.00	IDBI BANK LIMITED	SPECIALIZED CORPORATE BRANCH, UG - 1 C.S. NAYUDU  ARCADE, 10/2 OLD PALASIA, INDORE, Madhya Pradesh -  452001, INDIA	B79941332

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.75
UK Pound	1	Rs.99.61
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		19

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.