MIRA INFORM REPORT

Report No. :	352653
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	AARTI STEELS LIMITED

Registered Office :	Miller Ganj, G.T. Road, Ludhiana - 141003, Punjab
Tel. No.:	91-161-3006100

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	06.06.1979

Com. Reg. No.:	16-003991

Capital Investment / Paid-up Capital :	Rs. 103.590 Million

CIN No.: [Company Identification No.]	U17115PB1979PLC003991

IEC No.:	1288032056

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCA4455D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer, Exporter and Importer of steel products and also engaged into power generating. (Confirmed by management)

No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Exist

Comments :	Subject is fully integrated steel manufacturing company with plants located in Punjab and Orissa. It was incorporated in the year 1979 and has satisfactory track. The strong capital structure of the company along with comfortable debt level leading to strong financial risk profile in the financial year 2015. Further, the company has shown decent top line growth marked by increased sales turnover from Rs. 12385.000 million in FY14 to Rs. 13042.000 million in FY15 along with fair profit margin. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of healthy financial conditions, the company can be considered for business dealings with 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

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 (BBB)
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	December 2014

Rating Agency Name	ICRA
Rating	Short Term Rating (A3+)
Rating Explanation	Moderate degree of safety and higher credit risk
Date	December 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Dushyant Kapil
Designation :	Chief Finance Officer
Contact No.:	91-161-3006100
Date :	04.12.2015

LOCATIONS

Registered Office :	Miller Ganj, G.T. Road, Ludhiana - 141003, Punjab, India
Tel. No.:	91-161-3006100
Fax No.:	91-161-3006150
E-Mail :	info@aartisteelsltd.com aslldh@satyam.net.in aarti@jla.vsnl.net.in info@aartisteelltd.com
Website :	http://www.aartisteelsltd.com

Factory 1:	Focal Point, Ludhiana- 141010, Punjab, Lndla
Tel. No.:	91-161-3006200
Fax No.:	91-161-3006250

Factory 2 :	Ghantikhal Village, P.O. Mahakalbasta, Tehsil Athagarh, District – Cuttak - 675029, Odisha, India
Tel. No.:	91-671-3061000/ 2871282
Fax No.:	91-671-3061150/ 2871281

DIRECTORS

As on: 31.03.2015

Name :

Mr. Rajeev Kumar Mittal

Designation :

Whole-Time Director

Address :

154/1, Rani Jhansi Road, Civil Lines, Ludhiana, 141001, Punjab, India

Date of Birth/Age :

13.04.1962

Date of Appointment :

30.09.2005

PAN No.:

ACHPM4702A

DIN No.:

00765697

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	U17115PB1979PLC003991	AARTI STEELS LIMITED	Whole-time director	01/04/2015	30/09/2005	-	Active	NO
2	U27109PB1993PLC014037	AARTI INTERNATIONAL LIMITED	Whole-time director	01/04/2013	30/09/2006	18/03/2014	Active	NO
3	U27109PB1974PLC003486	LUDHIANA STEELS LIMITED	Director	29/09/2011	05/07/2011	06/02/2012	Amalgamated	NO

Name :

Mr. Mahesh Kumar Mittal

Designation :

Whole-Time Director

Address :

154/1, Rani Jhansi Road, Civil Lines, Ludhiana, 141001, Punjab, India

Date of Birth/Age :

08.12.1959

Date of Appointment :

30.09.2015

PAN No.:

ABRPM6251F

DIN No.:

00765808

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	U17115PB1979PLC003991	AARTI STEELS LIMITED	Whole-time director	01/04/2015	30/09/2005	-	Active	NO
2	U27109PB1993PLC014037	AARTI INTERNATIONAL LIMITED	Whole-time director	01/04/2013	30/09/2005	18/03/2014	Active	NO
3	U27109PB1974PLC003486	LUDHIANA STEELS LIMITED	Director	29/09/2011	05/07/2011	06/02/2012	Amalgamated	NO

Name :

Mr. Gaurav Mittal

Designation :

Director

Address :

319, Dr. Sham Singh Road, Civil Lines, Ludhiana, 141001, Punjab, India

Date of Birth/Age :

13.08.1981

Date of Appointment :

30.09.2014

DIN No.:

01156416

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	U18101PB1990PLC010205	KUDU INDUSTRIES LIMTIED	Managing director	01/04/2009	20/03/1990	-	Active	NO
2	U70109PB2011PTC035271	Krishiv Estates Private Limited	Director	12/07/2011	12/07/2011	-	Active	NO
3	U17115PB1979PLC003991	AARTI STEELS LIMITED	Director	31/03/2015	30/09/2014	-	Active	NO

Name :

Mr. Om Prakash Bhatia

Designation :

Director

Address :

802, Himadri Apt., 22, Ballygunge Park Road, Kolkata, 700019, West Bengal, India

Date of Birth/Age :

15.07.1935

Date of Appointment :

30.09.2005

DIN No.:

01251010

Other Directorship:

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

L51909DL1981PLC023796

CREATIVE INTRA LIMITED

Managing director

01/08/2007

18/12/1981

14/03/2011

Active

U17115PB1979PLC003991

AARTI STEELS LIMITED

Director

30/09/2005

Active

Name :

Mr. Joginder Yadav Kumar

Designation :

Whole-Time Director

Address :

House No Hl 162, Punjab Housing Board Colony, Jamalpur, Focal Point, Ludhiana, 141010, Punjab, India

Date of Appointment :

16.02.2015

DIN No.:

07040740

Name :

Mr. Girish Mittal

Designation :

Director

Address :

House No 777-B, Aggar Nagar, Rajguru Naggar, Ludhiana, 141012, Punjab, India

Date of Appointment :

16.02.2015

DIN No.:

07069118

Name :

Uma Mittal

Designation :

Director

Address :

H No-154/1, Maharani Jhansi Road, Civil Lines, Ludhiana, 141001, Punjab, India

Date of Appointment :

31.03.2015

DIN No.:

07170150

KEY EXECUTIVES

Name :	Mr. Dushyant Kumar Kapil
Designation :	Chief Finance Officer
Address :	H No 1400, Urban Vihar, Urban Estate, Phase-1, Dugri, Ludhiana, 141001, Punjab, India
Date of Appointment :	29.08.2014
PAN No.:	ABEPK7003J

Name :	Mr. Dinesh Kumar Behal
Designation :	Secretary
Address :	3235, Phase-II, Urban Estate, Dugri, Ludhiana, 141013, Punjab, India
Date of Birth/Age :	10.02.1958
Date of Appointment :	25.04.2011
PAN No.:	ABUPB2010Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders		No. of Shares
Shiv Prasad		1821
Mahesh Mittal		10221
Raj Rani		39976
Rajeev Mittal		9970
Aarti		1000
Shiv Parshad Mittal		142207
Uma Mittal		15551
Yash Paul Sharma		2
Shiv Paul Bandhu		2
Creative Indra Limited, India		484613
Rajeev Mittal		52870
Mahesh Mittal		56428
Sushen Mittal		14587
Gayatri Mittal		7294
Vinayak Mittal		12578
Alka Mittal		27166
Isabelle Traders Limited, India		142351
Shiv Parshad Aggarwal And Sons, India		518
Dinesh Kumar		3
H.L. Real Estate Private Limited		3178
Aarti International Limited, India		13563
Total		1035899

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	62.14
Directors or relatives of Directors	37.86
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of steel products and also engaged into power generating. (Confirmed by management)

Products :	Billets Roll Products Wire Products Sponge Products Power Plant Ferro Alloys

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Products :	Finished Goods
Countries :	Sri Lanka

Imports :
Products :	Scrap
Countries :	UAE

Terms :
Selling :	Cash, L/C and Credit

Purchasing :	Cash, L/C and Credit

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

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

No. of Employees :

2000 (Approximately)

Bankers :

Indian Overseas Bank, Civil Lines, Fountain Chowk, Ludhiana - 141001, Punjab, India

State Bank of India, SCB, Miller Ganj, G.T Road, Ludhiana - 141003, Punjab, India

Punjab National Bank, International Banking Branch, PNB House, Industrial Area, Ludhiana - 141003, Punjab, India

Corporation Bank, Premises No. 5, New Lajpat Nagar, Pakhowal Road,
Ludhiana - 141001, Punjab, India

IDBI Bank Limited, SCO 126-128, Kalinga Towers, Feroze Gandhi Market, Ludhiana - 141001, Punjab, India

Oriental Bank of Commerce, Overseas Branch, Jandu Tower, G. T. Road, Millerganj, Ludhiana - 141003, Punjab, India

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Bank Name	State Bank of Patiala
Branch	Commercial Branch, Ludhiana, Punjab, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	NA	686.846
Short-term borrowings		0.000
Working capital loans from banks	NA	2548.494

Total	NA	3235.340

Auditors :
Name :	N K Bector and Company Chartered Accountants
Address :	B-XX-3297/5, Gurdev Nagar, Backside Sigma Diagnostic Limited, Ludhiana, Punjab, India
PAN No.:	AAWPB1817G

Cost Auditors :
Name :	D. K. Behal and Company Cost Accountants
Address :	1442 Ram Nagar, Civil Lines, Ludhiana, Punjab, India

Memberships :	--

Collaborators :	--

Associates/Subsidiaries :	Aarti International Limited

CAPITAL STRUCTURE

As on: 31.03.2015

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs.103.590 Million

As on: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1,500,000	Equity Shares	Rs.100/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1,035,899	Equity Shares	Rs.100/- each	Rs.103.590 Million

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	103.590	103.590	103.590
(b) Reserves & Surplus	3295.387	3135.079	3046.183
(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)	3398.977	3238.669	3149.773

(3) Non-Current Liabilities
(a) long-term borrowings	951.874	1329.261	1838.762
(b) Deferred tax liabilities (Net)	515.295	562.326	627.202
(c) Other long term liabilities	16.331	23.088	23.684
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1483.500	1914.675	2489.648

(4) Current Liabilities
(a) Short term borrowings	2682.568	2570.730	2499.677
(b) Trade payables	527.012	474.627	516.894
(c) Other current liabilities	553.050	624.572	561.349
(d) Short-term provisions	29.606	17.196	13.272
Total Current Liabilities (4)	3792.236	3687.125	3591.192

TOTAL	8674.713	8840.469	9230.613

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3598.714	3834.634	4427.711
(ii) Intangible Assets	2.992	2.146	0.764
(iii) Capital work-in-progress	12.602	9.140	13.319
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	58.320	58.320	61.907
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	111.019	70.411	70.448
(e) Other Non-current assets			0.000
Total Non-Current Assets	3783.647	3974.651	4574.149

(2) Current assets
(a) Current investments	0.054	0.050	0.047
(b) Inventories	2108.055	1825.232	1844.878
(c) Trade receivables	2184.742	2306.186	2175.718
(d) Cash and cash equivalents	45.120	38.150	74.369
(e) Short-term loans and advances	552.628	684.728	555.875
(f) Other current assets	0.467	11.472	5.577
Total Current Assets	4891.066	4865.818	4656.464

TOTAL	8674.713	8840.469	9230.613

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	11737.636	11212.039	11565.500
		Other Income	32.746	13.315	36.400
		TOTAL (A)	11770.382	11225.354	11601.900

Less	EXPENSES
		Cost of Materials Consumed	7095.074	6397.275
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(37.479)	103.083
		Employees benefits expense	454.323	357.604
		Other expenses	3133.405	3102.850
		TOTAL (B)	10645.323	9960.812	11161.336

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1125.059	1264.542

Less	FINANCIAL EXPENSES (D)		498.418	572.716

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		626.641	691.826	440.564

Less	DEPRECIATION/ AMORTISATION (F)		364.087	667.808	663.726

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		262.554	24.018	(223.162)

Less	TAX (H)		40.014	(64.876)	(132.044)

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		222.540	88.894	(91.118)

	EARNINGS IN FOREIGN CURRENCY		NA	20992.700	1756.200

	Earnings Per Share (Rs.)		214.83	85.81	(87.96)

Expected Sales (2015-16): Rs. 14000.000 million

The above information has been parted by Mr. Dushyant Kapil (Chief Executive Officer).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	383.275	336.244
Net cash flows from (used in) operations	NA	1030.617	794.941
Net cash flows from (used in) operating activities	NA	1030.617	794.941

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.90	0.79	(0.79)

Operating Profit Margin (PBIDT/Sales)	(%)	9.59	11.28	NA

Return on Total Assets (PBT/Total Assets}	(%)	3.05	0.27	(2.44)

Return on Investment (ROI) (PBT/Networth)		0.08	0.01	(0.07)

Debt Equity Ratio (Total Debt /Networth)		1.07	1.32	1.48

Current Ratio (Current Asset/Current Liability)		1.29	1.32	1.30

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	103.590	103.590	103.590
Reserves & Surplus	3046.183	3135.079	3295.387
Net worth	3149.773	3238.669	3398.977

long-term borrowings	1838.762	1329.261	951.874
Short term borrowings	2499.677	2570.730	2682.568
Current maturities of long-term debts	336.244	383.275	NA
Total borrowings	4674.683	4283.266	3634.442
Debt/Equity ratio	1.484	1.323	1.069

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	11565.500	11212.039	11737.636
		(3.056)	4.688

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	11565.500	11212.039	11737.636
Profit (Loss)	(91.118)	88.894	222.540
	(0.79%)	0.79%	1.90%

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	Yes
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	Yes
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

HIGH COURT OF PUNJAB AND HARYANA

Diary Number	631921	District	UT-CHANDIGARH
Category	96-STATUTORY APPEALS INCOME TAX	Main Case Detail	--
Party Detail	COMMI. OF IT-II, LUDHIANA V/S M/S AARTI STEELS LIMITED, G.T. ROAD, MILLER GANJ, LDH
Advocate Name	DENESH GOYAL	List Type	REGULAR
Status	PENDING	Takenup date	09-AUG-2015
Miscellaneous Applications
CM-7815-CII-2011		IN ITA-153-2011

Case Listing Details
Cause List Date	List Type:Sr. No.	Bench	Order Link
10-AUG-2015	REGULAR:959	HON'BLE MR. JUSTICE SATISH KUMAR MITTAL; HON'BLE MR. JUSTICE DR. SHEKHER DHAWAN	----
19-SEP-2012	ORDINARY:238	HON'BLE MR. JUSTICE HEMANT GUPTA; HON'BLE MR. JUSTICE RAJIV NARAIN RAINA	----
17-SEP-2012	ORDINARY:230	HON'BLE MR. JUSTICE HEMANT GUPTA; HON'BLE MR. JUSTICE RAJIV NARAIN RAINA	----
04-SEP-2012	ORDINARY:228	HON'BLE MR. JUSTICE HEMANT GUPTA; HON'BLE MR. JUSTICE RAJIV NARAIN RAINA	----
29-MAY-2012	ORDINARY:208	HON'BLE MR. JUSTICE HEMANT GUPTA; HON'BLE MR. JUSTICE A.N. JINDAL	----
15-SEP-2011	ORDINARY:224	HON'BLE MR. JUSTICE HEMANT GUPTA; HON'BLE MR JUSTICE JASWANT SINGH	----
13-JUL-2011	ORDINARY:220	HON'BLE MR. JUSTICE ADARSH KUMAR GOEL; HON'BLE MR. JUSTICE AJAY KUMAR MITTAL	----
Details of Copy Petition Applied in ITA-153-2011
Petition Type/No	Petition Date	Applied By	Petition Status

Dasti:93538	18-SEP-2012	Advocate/Clerk RAJPAL/ AKSHAY BHAN	Delivered
Ordinary:94081	18-SEP-2012	Advocate/Clerk RAJ KUMAR/SAVITA SAXENA	Delivered

Impung Order Detail
Order Date	Authority		District
26-AUG-10	ITAT, CHANDIGARH BENCH `B', CHD.
Judgment Details For Case: ITA-153-2011 Party Detail: COMMI. OF IT-II, LUDHIANA V/S M/S AARTI STEELS LIMITED, G.T. ROAD, MILLER GANJ, LDH
Order Date	Order Type	Bench	Judgment Link
No Judgment/Order Found.S

FINANCIAL RESULTS (31.03.2014)

The Directors are pleased to report that company earned net profit after tax of Rs. 88.894 million as compared to the loss of previous year of Rs. 91.118 million. In order to conserve resources for the future growth and with a view to ensure sufficient liquidity the Director do not recommend any dividend for the year 2013-14.

PRODUCTION: (31.03.2014)

During the period under reference the production of finished products at Ludhiana Plant of Rolling Mill Division was 112983 MT as compared to the previous year's production of 117896 MT. The production of Furnace Divisions was 13735 MT as compared to the previous year's production of 12669 MT. The production of Steel Wire Division was 42402 MT as compared to the previous year's production of 40943 MT. The production of Steel Billets was 77757 MT as compared to the previous year's production of 76650 MT.

The production at Orissa Plant of Sponge Iron was 145159 MT as compared to the previous year's production of 91380 MT. The production of Steel Billets was 44700 MT as compared to the previous year's production of 42537 MT. The Power Generation was 308658000 KWH as compared to the previous year's 337561000 KWH and production of Ferro Alloys was 20977 MT (including conversion) as compared to the previous year's production of 20694 MT. The overall production of the most of the units have been improved.

SALES: (31.03.2014)

The company achieved a Gross turnover of Rs. 12385.800 Million during the period registered a growth of 7.07% under reference as compared to previous year's Gross turnover of Rs. 11565.500 Million. In addition to this, it also earned other income amounting to Rs. 13.300 Million as compared to Rs. 36.400 c during the previous year.

UNSECURED LOAN

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	NA	642.415
Short-term borrowings		0.000
Loans repayable on demand from banks	NA	22.236
Total	NA	664.651

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10557229	09/03/2015	2,853,800,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, AARTI COMPLEX, G.T. ROAD, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA	C47825021
2	10507571	14/06/2014	150,000,000.00	PUNJAB NATIONAL BANK	INTERNATIONAL BANKING BRANCH, PNB HOUSE, INDUSTRIAL AREA, LUDHIANA - 141003, PUNJAB, INDIA	C10196764
3	10507575	14/06/2014	150,000,000.00	PUNJAB NATIONAL BANK	INTERNATIONAL BANKING BRANCH, PNB HOUSE, INDUSTRIAL AREA, LUDHIANA - 141003, PUNJAB, INDIA	C10199982
4	10526531	18/03/2014	250,000,000.00	CORPORATION BANK	PREMISES NO. 5, NEW LAJPAT NAGAR, PAKHOWAL ROAD, LUDHIANA - 141001, PUNJAB, INDIA	C30178131
5	10252631	20/11/2010	200,000,000.00	IDBI BANK LIMITED	SCO 126-128, KALINGA TOWERS, FEROZE GANDHI MARKET, LUDHIANA - 141001, PUNJAB, INDIA	B00337717
6	10252628	19/11/2010	200,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, JANDU TOWER, G. T. ROAD, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA	B00318832
7	10246841	11/10/2010	250,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, G. T. ROAD, MILLER GANJ, LUDHIANA - 141003, , INDIA	A97569230
8	10244205	05/10/2010	250,000,000.00	CORPORATION BANK	SCO-34, FEROZE GANDHI MARKET, PAKHOWAL ROAD,, LUDHIANA - 141001, PUNJAB, INDIA	A96682109
9	10172186	12/02/2015 *	150,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI - 400018, MAHARASHTRA, INDIA	C45257276
10	10166350	11/08/2009 *	150,000,000.00	IDBI BANK LIMITED	S.C.O. 126-128, KALINGA TOWERS, FEROZE GANDHI MARKET, LUDHIANA - 141001, PUNJAB, INDIA	A68212349

* Date of charge modification

FIXED ASSETS:

Land
Buildings
Office building
Plant and equipment
Furniture and fixtures
Vehicle
Office equipment
Computer software
Goodwill on investments joint ventures

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 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.101.10
Euro	1	Rs.73.10

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	KNL

Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	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		53

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.

MIRA INFORM REPORT

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