MIRA INFORM REPORT

Report No. :	349789.2
Report Date :	11.12.2015

IDENTIFICATION DETAILS

Name :	BHUSHAN STEEL LIMITED (w.e.f. 2007)
Formerly Known As :	BHUSHAN STEEL AND STRIPS LIMITED
Registered Office :	Bhushan Centre, Ground Floor, Hyatt Regency Complex, Bhikaji Cama Place, New Delhi - 110066
Tel. No.:	91-11-26462373 (5 Lines) / 42297777 / 42295555 / 39194000/ 71194000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	07.01.1983
Com. Reg. No.:	55-014942
Capital Investment / Paid-up Capital :	Rs.1755.147 Million
CIN No.: [Company Identification No.]	L74899DL1983PLC014942
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	DELB07323B
PAN No.: [Permanent Account No.]	AAACB1247M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Distributor of Cold Rolled Steel Strips/Sheets/Coils and Galvanized Cold Rolled Steel Strips/Sheets/Coils.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

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 and delayed
Litigation :	Exist
Comments :	Subject is one of the well-established leading player in the steel industry having moderate track. The management has seen a deterioration in the company’s credit profile characterized by decline in its net profitability and further aggravated by slower than expected ramping up of operations of Orissa phase II expansion project. Moreover, the management has reported a loss from its operations during the October – December quarter as a result of the working capital intensive operations along with the large debt funded project expansion due to which the management has seen an increase in its external borrowings during the year, which has further weakened the liquidity position. The ratings also take into consideration, the company’s vice chairman and managing director Mr. Neeraj Singhal, has been named and arrested in a bribery case registered by central bureau of Investigation (CBI) in relation with extension of credit facilities by syndicate bank to the company midst of a crisis in which the company has planned to garner around a sufficient sum through monetising its assets to stay afloat and manage its debt commitments. However, Business is active. Payment terms are reported as slow and delayed. In view of established track records in the industry, the subject can be considered for business dealings on a safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	Long term bank facilities = D
Rating Explanation	Lowest-credit-quality and very low prospects of recovery.
Date	16.10.2015

Rating Agency Name	CARE
Rating	Short term bank facilities = D
Rating Explanation	Instruments with this rating are in default of expected to be in default on maturity.
Date	16.10.2015

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 DENIED

Management non-cooperative (91-11-42297777)

LOCATIONS

Registered/ Corporate Office 1 :	Bhushan Centre, Ground Floor, Hyatt Regency Complex, Bhikaji Cama Place, New Delhi - 110066, India
Tel. No.:	91-11-26462373 (5 Lines) / 42297777 / 42295555 / 39194000/ 71194000
Fax No.:	91-11-26478750 / 26415845/ 46518611
E-Mail :	bssledl@nde.vsnl.net.in bsl@bhushansteel.com davraop@bhushan-group.org bsslcorporate@bhushansteel.com onlinefilling@gmail.com
Website :	http://www.bhushansteel.com
Factory 1 and Marketing Office – Sahibabad :	23, Site IV, Sahibabad Industrial Area, Sahibabad, District Ghaziabad – 201 010, Uttar Pradesh, India
Tel. No.:	91-120-2770601- 04/ 3028000-09
Fax No.:	91-120-2770509/ 4100574
E-Mail :	bsslsahibabad@bhushansteel.com
Corporate Office 2 :	F Block, 1st Floor, International Trade Tower, Nehru Place, New Delhi – 110019, India
Factory 2 :	28/4, Site IV, Sahibabad Industrial Area, Sahibabad, District Ghaziabad – 201 010, Uttar Pradesh, India
Factory 3 :	Village Nifran, Savroli and Dehvali, Taluka – Khalapura, (Near Khopoli), District Raigad – 410 203, Maharashtra, India
Tel. No.:	91-2192-274146/ 302000
Fax No.:	91-2192-274294/ 274354
E-Mail :	bsslkhapoli@bhushansteel.com
Factory 4 :	Narendra Pur, P O Shibapur, Village Meramandali, District – Dhenkanal – 759 121, Orissa, India
Tel. No. :	91-6764-300000/ 326443/ 325133/ 325857
Fax No.:	91-11-66173997
E-mail :	bssldhenkanal@bhushansteel.com
Branches :	Located at: · Agra · Ahmedabad · Aurangabad · Bengaluru · Bhubaneshwar · Chandigarh · Chennai · Coimbatore · Dehradun · Delhi · Faridabad · Gurgaon · Guwahati · Haldwani · Hyderabad · Hosur · Indore · Jaipur · Jammu · Kullu · Kolkata · Kanpur · Ludhiana · Mandigovindgarh · Mumbai · Pilkhuwa (Hapur) · Pune · Parwanoo · Rishikesh · Varanasi

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Brij Bhushan Singal
Designation :	Chairman
Address:	W-29, Greater Kailash, Part-II, New Delhi-110046, India
Date of Birth/ Age:	20.11.1936
Date of Appointment:	15.01.1987
Name :	Mr. Neeraj Singal
Designation :	Vice Chairman and Managing Director
Address:	W-29, Greater Kailash, Part-II, New Delhi-110046, India
Date of Birth/ Age:	23.04.1968
Qualification:	Graduate
Date of Appointment:	01.04.1992
Name :	Mr. Nittin Johari
Designation :	Whole-time Director [Finance]
Qualification:	M.Com, FCA
Date of Appointment:	06.01.1995
Name :	Mr. Rahul Sen Gupta
Designation :	Whole-time Director [Technical]
Name :	Mr. P.K. Aggarwal
Designation :	Whole time Director [Commercial]
Name :	Mr. B B Tondon
Designation :	Director
Name :	Mr. M. V. Surya Narayana
Designation :	Director
Address:	12-2-417/A/11, Gudimalkapur, Jaya Nagar, Hydedrabad - 500028, Andhra Pradesh, India
Date of Birth/ Age:	05.04.1946
Date of Appointment:	25.09.2010
Name :	Mr. Ashwani Kumar
Designation :	Director
Name :	Mr. Rakesh Singhal
Designation :	Director
Name :	Mr. Pradeep Patni
Designation :	Director
Name :	Mr. Sahil Goyal
Designation :	Director
Name :	Mr. Pankaj Sharma
Designation :	Director
Name :	Mr. Kapil Vaish
Designation :	Director
Name :	Mrs. Sunita Sharma
Designation :	Nominee Director of LIC
Name :	Mr. A. K. Deb
Designation :	Nominee Director of SBI
Name :	Dr. Rajesh Yaduvanshi
Designation :	Nominee Director of PNB

KEY EXECUTIVES

Name :	Mr. O.P. Davra
Designation :	Company Secretary

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	No. of Shares	% of Holdings
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	101852018	44.96
Bodies Corporate	31901188	14.08
Sub Total	133753206	59.05
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	133753206	59.05
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5380	0.00
Financial Institutions / Banks	44634	0.02
Insurance Companies	9130971	4.03
Foreign Institutional Investors	1665662	0.74
Sub Total	10846647	4.79
(2) Non-Institutions
Bodies Corporate	63464114	28.02
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	13851455	6.12
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3565099	1.57
Any Others (Specify)	1034225	0.46
Non Resident Indians	390320	0.17
Clearing Members	643905	0.28
Sub Total	81914893	36.16
Total Public shareholding (B)	92761540	40.95
Total (A)+(B)	226514746	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	226514746	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Distributor of Cold Rolled Steel Strips/Sheets/Coils and Galvanized Cold Rolled Steel Strips/Sheets/Coils.

Products :

Item Code No. (ITC Code)	Product Description
721041	Corrugated coated with Zinc Cold Rolled Products of Iron or Non Alloy Steel of a width of 600 MM or more
721049	Flat Coated with Zinc Cold Products of Iron or Non Alloy Steel of a width of 600 MM or more
720918	Flat Cold Rolled Products of Iron or Non Alloy Steel of a width of 600 MM or more of a thickness of less than 0.5 MM

· Cold Rolled

· Galvanised

· Bhushan Galume

· Colour Coated Coil

· Colour Coated Tiles

· Drawn Tubes of OEM Grade

· Hardened and Tempered Strip

· High Tensile Steel Stripping

· Wire Rods and Alloy Billets

· Sponge Iron

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Not Divulged

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 :

Information declined by the management

Bankers :

• State Bank of India
• Punjab National Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Non-Convertible Debentures	20300.000	20300.000
From Banks - Foreign Currency Loans	83546.893	89411.943
From Banks - Rupee loans	210267.937	178881.440
From Financial Institutions - Rupee Loans	359.483	554.310
SHORT TERM BORROWING
Cash Credit - Foreign Currency Loans	3157.031	8366.033
Cash Credit - Rupee Loans	66618.138	49537.709
From Bank – Rupee term loan	0.000	3445.000
Total	384249.482	350496.435

Auditors :
Name :	Mehra Goel and Company Chartered Accountants
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
400000000	Equity Shares	Rs. 2/- each	Rs. 800.000 Million
19500000	Preference Shares	Rs. 100/- each	Rs. 1950.000 Million
	Total		Rs. 2750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
230605220	Equity Shares	Rs. 2/- each	Rs. 461.210 Million
8368833	10% Redeemable Cumulative Preference Shares	Rs. 100/- each	Rs. 836.883 Million
3485000	2% Non-Convertible Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 348.500 Million
1167340	1% Non-Convertible Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 116.734 Million
	Total		Rs. 1763.327 Million

Subscribed and Paid-up Capital:

No. of Shares	Type	Value	Amount
22,65,14,746	Equity Shares	Rs. 2/- each	Rs.453.029 Million
	Add: Shares forfeited		Rs. 0.001 Million
8368833	10% Redeemable Cumulative Preference Shares	Rs. 100/- each	Rs. 836.883 Million
3485000	2% Non-Convertible Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs.348.500 Million
1167340	1% Non-Convertible Cumulative Redeemable Preference Shares	Rs. 100/- each	116.734 Million
	Total		Rs. 1755.147 Million

Detail of Shareholders holding more than 5% shares:

Name of Shareholders	As at 31st March,2015
	No. of Shares	% Held
(A) Equity Shareholders
1. Shri Brij Bhushan Singal	41103391	18.15%
2. Shri Neeraj Singal	51480927	22.73%
3. Bhushan Infrastructure Private Limited	32010805	14.13%
(B) Preference Shareholders
1. Shri Brij Bhushan Singal	1363433	10.47%
2. Shri Neeraj Singal	3137873	24.10%
3. BBN Transportation Private Limited	663500	5.10%
4. Bhushan Finance Private Limited	548810	4.21%
5. Robust Transportation Private Limited	457067	3.51%

Particulars	As at 31st March,2015
	No. of Shares	Amount (Rs. In Million
Reconciliation of number of shares outstanding is set out
below:
(A) Equity Shares
At the beginning of the year	226514746	453.029
Add : Shares Issued	--	--
Less: Shares forfeited	--	--
At the end of the year	226514746	453.029
(B) Preference Shares (Non-Convertible Cumulative Redeemable Preference Shares)
10% Preference Shares
At the beginning of the year	8235433	823.543
Add : Shares Issued	133400	13.340
Less: Shares Redeemed	--	--
At the end of the year	8368833	836.883
4% Preference Shares
At the beginning of the year	336751	33.675
Add : Shares Issued	--	--
Less: Shares Redeemed	336751	33.675
At the end of the year	--	--
25% Preference Shares
At the beginning of the year	400000	40.000
Add : Shares Issued	--	--
Less: Shares Redeemed	--	--
At the end of the year	400000	40.000
2% Preference Shares
At the beginning of the year	-	-
Add : Shares Issued	1400000	140.000
Less: Shares Redeemed	--	--
At the end of the year	1400000	140.000
1% Preference Shares
At the beginning of the year	--	--
Add : Shares Issued	1167340	116.734
Less: Shares Redeemed	--	--
At the end of the year	1167340	116.734

The holders of Equity Shares has one vote for each equity share held by them. The registered holders of Equity Shares are entitled to dividend declared from time to time. The Preference Shareholders are entitled to pro-rata dividend in preference over Equity Shareholders. The dividend is cumulative at the rate specified against each category.

The premium on redemption of preference shares to the extent of premium received on issue will be adjusted against the security premium account and any premium paid over the above said amount shall be paid out of current appropriation / General Reserve.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1755.147	1490.248	1454.811
(b) Reserves & Surplus	77050.531	90041.038	89026.194
(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)	78805.678	91531.286	90481.005
(3) Non-Current Liabilities
(a) long-term borrowings	309277.222	255661.017	216642.128
(b) Deferred tax liabilities (Net)	13740.719	13751.925	13427.818
(c) Other long term liabilities	6353.001	21616.310	21794.561
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	329370.942	291029.252	251864.507
(4) Current Liabilities
(a) Short term borrowings	76015.445	62730.742	52328.639
(b) Trade payables	27391.463	23508.729	16170.235
(c) Other current liabilities	17206.887	41379.861	21011.854
(d) Short-term provisions	284.810	427.572	759.843
Total Current Liabilities (4)	120898.605	128046.904	90270.571
TOTAL	529075.225	510607.442	432616.083
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	365631.763	218713.565	181415.523
(ii) Intangible Assets	3.903	9.040	11.584
(iii) Capital work-in-progress	25118.410	163182.620	125953.132
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6154.679	6232.415	4024.554
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15262.376	17939.360	24959.380
(e) Other Non-current assets	245.923	0.000	214.014
Total Non-Current Assets	412417.054	406077.000	336578.187
(2) Current assets
(a) Current investments	0.000	0.000	247.500
(b) Inventories	73212.331	64802.492	55596.755
(c) Trade receivables	23982.855	24644.492	23430.872
(d) Cash and cash equivalents	868.421	829.596	1536.256
(e) Short-term loans and advances	12352.172	14244.258	15226.513
(f) Other current assets	6242.392	9.604	0.000
Total Current Assets	116658.171	104530.442	96037.896
TOTAL	529075.225	510607.442	432616.083

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	106457.707	96758.331	107442.697
	Other Income	135.071	291.120	173.359
	TOTAL	106592.778	97049.451	107616.056
Less	EXPENSES
	Cost of Materials Consumed	56846.791	51893.933	57986.415
	Purchases of Stock-in-Trade	483.181	390.520	811.855
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2176.650	(213.802)	(1058.367)
	Employees benefits expense	2575.289	1885.271	1734.541
	Other expenses	22636.111	15867.586	14818.588
	Exceptional Items	100.000	0.000	0.000
	TOTAL	84818.022	69823.508	74293.032
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	21774.756	27225.943	33323.024
Less	FINANCIAL EXPENSES	24940.257	16632.959	12874.431
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	(3165.501)	10592.984	20448.593
Less/ Add	DEPRECIATION/ AMORTISATION	9383.985	9639.641	8308.619
	PROFIT/ (LOSS) BEFORE TAX	(12549.486)	953.343	12139.974
Less	TAX	(11.206)	333.747	3051.071
	PROFIT/ (LOSS) AFTER TAX	(12538.280)	619.596	9088.903
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	111.274	217.632	89.309
Less	APPROPRIATIONS
	Proposed Dividend on Equity Shares		113.257	113.258
	Proposed Dividend on Preference Shares		77.799	1.148
	Provision for Dividend Tax		32.470	19.443
	Interim Dividend on Preference Shares		22.469	89.547
	Dividend Tax on Interim Dividend		3.819	14.527
	Transferred to Capital Redemption Reserve		69.334	0.000
	Transferred to Debenture Redemption Reserve		320.000	2696.250
	Transfer to General Reserve		70.000	6000.000
	Premium paid on Redemption of Preference Shares		16.806	26.407
	BALANCE CARRIED TO THE B/S	(12427.026)	111.274	217.632
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Export	15364.120	19009.564	18128.945
	Interest Received	0.000	0.000	1.862
	TOTAL EARNINGS	15364.120	19009.564	18130.807
	IMPORTS
	Raw Materials	34925.710	18757.762	16794.751
	Stores & Spares	932.182	6258.346	1219.888
	Capital Goods	1717.119	1355.351	12426.676
	TOTAL IMPORTS	37575.011	26371.459	30441.315
	Earnings Per Share (Rs.)	55.84	2.23	41.61

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	33849.697	16263.148
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	21732.280	23113.610	(2126.929)

QUARTERLY RESULTS

PARTICULARS	30.06.2015 1^st Quarter	30.09.2015 2^nd Quarter
	Unaudited	Unaudited
Net Sales	29826.100	31738.200
Total Expenditure	24363.000	26118.000
PBIDT (Excl OI)	5463.100	5620.200
Other Income	17.700	41.800
Operating Profit	5480.800	5662.000
Interest	10277.600	11352.000
Exceptional Items	NA	NA
PBDT	(4796.800)	(5690.000)
Depreciation	2592.800	2734.700
Profit Before Tax	(7389.600)	(8424.700)
Tax	NA	(1096.800)
Provisions and contingencies	NA	NA
Profit After Tax	(7389.600)	(7327.900)
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	(7389.600)	(7327.900)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(11.78)	0.64	8.46
Operating Profit Margin (PBIDT/Sales)	(%)	20.45	28.14	31.01
Return on Total Assets (PBT/Total Assets}	(%)	(2.52)	0.28	4.01
Return on Investment (ROI) (PBT/Networth)		(0.16)	0.01	0.13
Debt Equity Ratio (Total Debt /Networth)		4.89	3.48	2.97
Current Ratio (Current Asset/Current Liability)		0.96	0.82	1.06

STOCK PRICES

Face Value	Rs. 2.00/-
Market Value	Rs. 42.10/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1454.811	1490.248	1755.147
Reserves & Surplus	89026.194	90041.038	77050.531
Share Application money pending allotment	0.000	0.000	0.000
Net worth	90481.005	91531.286	78805.678
long-term borrowings	216642.128	255661.017	309277.222
Short term borrowings	52328.639	62730.742	76015.445
Total borrowings	268970.767	318391.759	385292.667
Debt/Equity ratio	2.973	3.479	4.889

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	107442.697	96758.331	106457.707
		(9.944)	10.024

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	107442.697	96758.331	106457.707
Profit	9088.903	619.596	(12538.280)
	8.46%	0.64%	(11.78%)

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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Foreign Currency Loans - From Foreign Banks	26.325	32.200
Foreign Currency Loans - From Others	270.463	330.821
SHORT TERM BORROWING
Rupee term loan	1364.500	1382.000
Foreign currency loans	4875.776	0.000
Total	6537.064	1745.021

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10598733	30/09/2015	270,000,000.00	IDBI Bank Limited	INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS R  OAD, POST BAG NO 231, Delhi - 110001, INDIA	C68209394
2	10599129	29/09/2015	2,500,000,000.00	Bank of India	New Delhi Large Corporate Branch, 10th Floor, Cha  nderlok Building, 36, Janpath, Delhi - 110001, INDIA	C68445501
3	10587273	21/08/2015	1,150,000,000.00	STATE BANK OF MYSORE	F-6, UPPER GROUND FLOOR, EAST OF KAILASH, LALA LA  JPAT RAI MARG, Delhi - 110065, INDIA	C62272109
4	10590145	21/08/2015	1,000,000,000.00	IFCI LIMITED	IFCI TOWER, 61 NEHRU PLACE, Delhi - 110019, INDIA	C63761068
5	10590954	21/08/2015	9,600,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	C64212814
6	10586774	22/07/2015	1,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C62079710
7	10580025	30/06/2015	4,780,000,000.00	IDBI Bank Limited	INDIAN RED CROSS SOCIETY BUILDING, 1 RED CROSS MA  RG, POST BAG NO 231, Delhi - 110001, INDIA	C58971425
8	10579633	29/06/2015	2,950,300,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH, Delhi - 110001, INDIA	C58738188
9	10579640	29/06/2015	630,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH, Delhi - 110001, INDIA	C58742115
10	10576840	26/06/2015	1,109,600,000.00	STATE BANK OF MYSORE	CORORATE ACCOUNTS BRANCH, F -6, UPPER GROUND FLOOR, EAST OF KAILASH, LALA LAJPAT RAIMARG, Delhi - 110065, INDIA	C57412041

* Date of charge modification

MANAGEMENT DISCUSSION AND ANALYSIS

The management of Bhushan Steel Limited presents its analysis report covering performance and outlook of the Company. The report has been prepared in compliance with the Corporate Governance requirement prescribed in the Listing Agreement. The management accepts responsibility for the integrity and objectivity of the financial statements.

INDUSTRY STRUCTURE AND DEVELOPMENTS

The steel industry is divided into primary and secondary sectors. The primary sector products are billets, pallets, rounds and Hot Rolled Coils/Plates (HRC/HRP).These form raw material for the secondary sector ,which produces value added items such as Angles, Channels,wire Rods,Cold Rolled Coils/sheets (CRC/CRS) AND Galvanised Coils/Sheets. CR Sheet is a thinner sheet used for consumer durables like refrigerators, washing machines, automobiles, bicycles, etc. CR sheets are used by the automobile and domestic appliances industry whereas CR strips are used in manufacturing of bicycles, drums, barrels, fabrication, furniture etc. CR Coils are mainly used for manufacturing GP/GC sheets. Bhushan Steel Limited which so far falls under secondary sector, also entered in primary sector with setting up plant at Orissa.

FLAT PRODUCTS

Derived from slabs, this category includes plates and Hot Rolled Coils/ Sheets. While plates are used for applications such as shipbuilding etc. HR steel is the most widely used variety of steel, and other downstream flat products such as Cold Rolled (CR) Steel and Galvanised Steel are made from it.

LONG PRODUCTS

These products derive their name from their shape. They are made by using billets and blooms and include rods, bars, pipes, ropes and wires, which are used largely by the housing/construction sector.

GLOBAL STEEL INDUSTRY

World steel forecasts that global apparent steel use will increase by 0.5% to 1,544 Mt in 2015 following growth of 0.6% in 2014. In 2016, it is forecast that world steel demand will grow by 1.4% and will reach 1,565 Mt.

OUTLOOK

The outlook also reflects the influences of major structural adjustments in most economies, particularly owing to limited investment growth post 2008. As these changes take effect, the steel industry will experience a slower pace of growth, it will focus on operational efficiencies and on the value that steel products generate for customer and society.

While steel industry continue to face some downside risks coming from some parts of Europe – geopolitical instability, international capital flow volatility and the economic slowdown in China – the impact of these risks has come down. Steel industry has also started to see some encouraging developments due to increasingly positive new from developed economies, especially signs of firming recovery momentum in the Eurozone. In the developing and emerging world, we see increased optimism about India and growth in steel use in some MENA and ASEAN countries. While these developments will not be enough to counterbalance the deceleration of China, we expect to see gradually improving growth prospects beyond 2016.

An interesting factor which has become increasingly apparent is that in some developing economies steel markets are beginning to exhibit the characteristics of mature markets.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED 30^TH JUNE, 2015.

(Rs. in Million)

Sr. No.	Particulars	30.06.2015
		UNAUDITED
	PART I
1	Income from operations
	Domestic Sales	28577.500
	Export Sales	3053.200
	Total Gross Sales of Finished Goods	31630.700
	Less: Excise Duty	3173.500
	(a) Net Sales of Finished Goods/income from operations	28457.200
	Other operating income Domestic	1352.100
	Other operating income export	98.600
	Total Other operating income	1450.700
	Less : Excise Duty	81.800
	(b) Net Other Operating Income	1368.900
	Net Sales/Income from Operations	29826.100
2	Expenses
	(a) Consumption of Raw Materials	17258.300
	(b) Purchases of stock-in-trade	--
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(967.400)
	(d) Employee benefits expense	997.800
	(e) Depreciation and amortisation expense	2592.800
	(f) Power and Fuel	3348.700
	(d) Other expenses	3725.600
	Total expenses	26955.800
3	Profit / (Loss) from operations before other income, finance costs and exceptional items (1 - 2)	2870.300
4	Other income	17.700
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4)	2888.000
6	Finance costs	10277.600
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5 - 6)	(7389.600)
8	Exceptional items	--
9	Profit / (Loss) from ordinary activities before tax (7 + 8)	(7389.600)
10	Tax expense	--
11	Net Profit / (Loss) from ordinary activities after tax (9 - 10)	(7389.600)
12	Extraordinary items (net of tax expense)	--
13	Net Profit / (Loss) for the period (11 + 12)	(7389.600)
14	Paid-up equity share capital (Face Value Rs. 10/- per share)	453.000
15	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16 i	Earnings per share (before extraordinary items) (of Rs.2/- each) (not annualised):
	Basic and Diluted	(32.75)
16 ii	Earnings per share (after extraordinary items) (of Rs.2/- each) (not annualised):
	Basic and Diluted	(32.75)
	PART II
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	- Number of shares	92761540
	- Percentage of shareholding	40.95%
2	Promoters and Promoter Group Shareholding a) Pledged / Encumbered
	- Number of shares	90846558
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	67.92%
	- Percentage of shares (as a % of the total share capital of the company)	40.11%
	b) Non - encumbered
	- Number of shares	42906648
	- Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group)	32.08%
	- Percentage of shares (as a % of the total share capital of the company)	18.94%

	Particulars	Quarter Ended 30^th June 2015
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	NIL
	Received during the quarter	1
	Disposed of during the quarter	1
	Remaining unresolved at the end of the quarter	NIL

Fixed Assets

v Tangible Assets

· Freehold Land

· Leasehold Land / Building

· Plant and Machinery

· Railway Siding

· Furniture and Fixtures

· Vehicles

· Office Equipment

v Intangible Assets

· Computer Software

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 records 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 records 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. 66.79
UK Pound	1	Rs. 101.37
Euro	1	Rs. 73.46

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--CREDIT LINES	1~10	1
--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		18

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.