MIRA INFORM REPORT

Report No. :	306933
Report Date :	10.02.2015

IDENTIFICATION DETAILS

Name :	NATIONAL STEEL AND AGRO INDUSTRIES LIMITED (w.e.f. 08.04.2003)
Formerly Known As :	NATIONAL STEEL INDUSTRIES LIMITED
Registered Office :	621, Tulsiani Chambers, 6^th Floor, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.01.1985
Com. Reg. No.:	11-140379
Capital Investment / Paid-up Capital :	Rs.995.102 Millions
CIN No.: [Company Identification No.]	L27100MH1985PLC140379
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09355D
PAN:	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Trading of Cold Rolled, GP/GC, Coated Coils/Sheets and Agro Products.
No. of Employees :	Management declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating takes into consideration company’s sound financial risk profile marked by improved operational performance and adequate liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES:

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based facilities=BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	10.08.2014

Rating Agency Name	ICRA
Rating	Short term non-fund based facilities=A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	10.08.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Satish Nagar
Designation :	General Manager
Contact No.:	91-731-2518167
Date :	05.02.2015

LOCATIONS

Registered / Corporate Office :	621, Tulsiani Chambers, 6^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22025084 / 22025098 / 22886267
Fax No.:	91-22-22025084
E-Mail :	nsil@bom2.vsnl.net.in sh_nagori@ruchigroup.com p_gupta@ruchigroup.com mbajoria@ruchigroup.com ashok_agarwal@nsail.com paridhi_kasliwal@nsail.com ss_shahra@nsail.com mail-rnumbai@nsail.com investor_relations@nsail.com sgl@sarthakgcgbbal.com mail-indore@nsail.com
Website :	www.nsail.com
Administrative Office:	401, Mahakosh House, 7/5 South Tokogani Nath Mandir Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2518167-69/ 2528133/ 2526020/ (Direct) 5066187
Fax No.:	91-731-2516714 / 2527250
E-Mail :	nationalsteel@ruchigroup.com a_ashok@ruchigroup.com info@nsail.com nsail_indore@nsail.com
Factory :	Village Sejwaya, Tehsil Dhar, District Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-277277/ 277361/ 277612
Fax No.:	91-7292-277393
Branch Office :	Located at · Agra · Gwalior · Jaipur  · Pithampur  · Kapadia Mumbai (Agro Division) · Kolkata · Jabalpur · Bareily · Kanpur · Taloja · Secunderabad · Gandhidham  · Chennai · Ahmedabad · Tuticorin · Raipur · Bangalore · Faridabad · Hyderabad · Ghaziabad · New Delhi · Ludhiana · Pune · Rudrapur

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Santosh Shahra
Designation :	Chairman (w.e.f. 20.08.2013)
Date of Birth/Age :	66 Years
Qualification :	B.E. (Mech.), M.S. (U.S.A.)
Experience :	42 Years
Date of Appointment :	30.05.2013
Name :	Mr. P. Srikrishna
Designation :	Managing Director (w.e.f. 20.08.2013)
Date of Birth/Age :	62 Years
Name :	Mr. Veer Kumar Jain
Designation :	Director
Name :	Mr. Navin Khandelwal
Designation :	Director
Name :	Mr. Rajesh Nema
Designation :	Director

KEY EXECUTIVES

Audit Committee :	Mr. Navin Khandelwal – Chairman Mr. Santosh Shahra Mr. Rajesh Nema
Chief Financial Officer :	Mr. Anil Nawal
Company Secretary :	Mr. Bharat Singh (w.e.f. 17.04.2014)
Name :	Mr. Satish Nagar
Designation :	General Manager

SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(1) Indian
Individuals / Hindu Undivided Family	6240667	14.02
Bodies Corporate	11622417	26.12
Sub Total	17863084	40.14
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	2555000	5.74
Bodies Corporate	1352000	3.04
Sub Total	3907000	8.78
Total shareholding of Promoter and Promoter Group (A)	21770084	48.92
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	61300	0.14
Financial Institutions / Banks	644498	1.45
Sub Total	705798	1.59
(2) Non-Institutions
Bodies Corporate	7850881	17.64
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	9009489	20.25
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4110994	9.24
Any Others (Specify)	1052754	2.37
Clearing Members	4260	0.01
Hindu Undivided Families	471477	1.06
Non Resident Indians	577017	1.30
Sub Total	22024118	49.49
Total Public shareholding (B)	22729916	51.08
Total (A)+(B)	44500000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	44500000	0.00

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP:

Sl.No.	Name of the Shareholder	Details of Shares held	As a % of grand total
1	Abhadevi Shahra	1,53,039	0.34
2	Aditi Shahra	3,02,744	0.68
3	Dinesh Shahra	1,04,000	0.23
4	Manish Shahra	8,000	0.02
5	Mraduladevi Shahra	25,750	0.06
6	Nitesh Shahra	8,000	0.02
7	Neetadevi Shahra	12,000	0.03
8	Navneet Zalani	200	0.00
9	Navneet D Zalani (HUF)	300	0.00
10	Ruchi Mohan	1,33,036	0.30
11	Santosh Kumar Shahra	2,18,400	0.49
12	Santosh Kumar Shahra (HUF)	15,17,387	3.41
13	Bhavna Goel	21,39,568	4.81
14	Ushadevi Shahra	5,42,550	1.22
15	Savitridevi Shahra	32,750	0.07
16	Sandhya Khandelwal	12,600	0.03
17	Suresh Shahra (HUF)	10,000	0.02
18	Suresh Shahra	10,000	0.02
19	Umesh Shahra	17,000	0.04
20	Vishesh Shahra	9,09,693	2.04
21	Mahakosh Family Trust	3,750	0.01
22	Ankesh Trust	59,900	0.13
23	Nimesh Trust	60,000	0.13
24	Apl International Private Limited	29,57,700	6.65
25	Mahakosh Holding Private Limited	1,50,000	0.34
26	Anik Industries Limited	30,000	0.07
27	Nsil Infotech Limited	10,35,900	2.33
28	Ruchi Acroni Industries Limited	30,600	0.07
29	Nutrela Marketing Private Limited	12,20,000	2.74
30	Ruchi Infrastructure Limited	13,71,800	3.08
31	Ruchi Soya Industries Limited	8,83,500	1.99
32	Ruchi Power Corporation Limited	6,00,000	1.35
33	Shahra Brothers Private Limited	2,01,667	0.45
34	Sarthak Industries Limited	1,200	0.00
35	Sarthak Global Limited	1,67,150	0.38
36	Vishal Soyamool Private Limited	4,72,800	1.06
37	Ruchi Integrated Steels (India) Limited	5,00,000	1.12
38	NSIL Finance Limited	5,00,000	1.12
39	NSIL Power Limited	10,00,000	2.25
40	Divine Infracreation and Trading Private Limited	100	0.00
41	Morya Erectors Private Limited	5,00,000	1.12
42	Mary Thomas	3,25,000	0.73
43	Mathew Kurian	3,25,000	0.73
44	Molly Chacko	3,25,000	0.73
45	Sharon Marie Mathew	3,25,000	0.73
46	Vidhya Maria Thomas	3,25,000	0.73
47	Vadakethu Thomas James	3,25,000	0.73
48	Anjula Thomas	3,25,000	0.73
49	Easaw Thomas	2,40,000	0.54
50	Merdale Investment Company Limited	4,74,160	1.07
51	Millstone Investment Inc	8,77,840	1.97
	Total	2,17,70,084	48.92

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares:

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Bhagyashree Infrastructure Private Limited	1000000	2.25
2	Abhikaran Trading Private Limited	1066200	2.40
3	Yaksha Infrastruture Company Private Limited	1066058	2.40
4	IFCI Limited	644098	1.45
5	Ruchi Agrotech Private Limited	568146	1.28
6	Harsha Hitesh Javeri	560000	1.26
7	Shubhamangal Traders Private Limited	1547659	3.48
8	Sangeetha S	640690	1.44
9	Ganesh Stock Invest Private Limited	548000	1.23
	Total	7640851	17.17

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Cold Rolled, GP/GC, Coated Coils/Sheets and Agro Products.

Products :

Item Code No. (ITC Code)	Product Description
7210.19/ 7210.11	Galvanized Plain/ Corrugated Sheets/ Coils
7209.30/ 7209.20	C.R. Coils/ Sheets
7210.30	Color Coated Plain Coils/ Sheets
7210.90	Color Coated Corrugated Sheets/ Coils

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

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 :

Not Divulged

Bankers :

· IDBI Bank Limited

· State Bank of India

· State Bank of Travancore

· Bank of Maharashtra

· United Bank of India

· Andhra Bank

· Oriental Bank of Commerce

· State Bank of Patiala

· Central Bank of India

· Punjab National Bank

· Bank of India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Term loans from banks	423.107	530.276
Short Term Borrowings
Working capital loans from banks	1899.405	1586.557
Total	2322.512	2116.833

Long Term Borrowings:

Note:

1. Instalments falling due in respect of all the above loans up to 31.03.2015 have been grouped under "Current Maturities of Long Term Debt
2. Nature of Security and terms of repayment for long term secured borrowing:

Nature of Security: Term loans from Financial Institutions are secured by way of first mortgage of all immovable properties and hypothecation of all the Company's movables (save and except book debts and stock) including movable machinery, spares and tools both present and future ranking pari-passu inter-se subject to prior charge created to be created in favor of the banks on specified movable assets for securing borrowing for working capital requirements and personal guarantee of the Executive Chairman.

Short Term Borrowings:

Loans from Bank for Working Capital are secured by hypothecation of Company's entire stocks of raw materials, stock in process, finished goods, stores & spares, stock in transit, other current assets and second charge over entire fixed assets of the Company ranking pari-passu inter-se and personal guarantee of the Executive Chairman.

Auditors:
Name :	Gupta Saharia and Company Chartered Accountant
Address :	4, Atlanta, Evershine Nagar, Malad (West), Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-28443299/28443301
Mob No.:	91-7312516714
Email:	sesaharia@yahoo.com suresh.saharia@guptasaharia.com
Statutory Auditors :
Name :	Manoj Khatri and Company Chartered Accountants
Address :	Indore, Madhya Pradesh, India
Cost Auditors :	M. Goyal and Company Cost Accountants
Address :	Jaipur, Rajasthan, India
Other related parties where control exists :	· Shreeyam Power and Steel Industries Limited · NSIL Infotech Limited · NSIL Power Limited · Shahra Brothers Private Limited · Ruchi Integrated Steels (India) Limited · Ruchi Power Corporation Limited · NSIL Exports Limited · Shri Mahadeo Shahra Sukrat Trust · NSIL Finance Limited · Shriyam Industries Private Limited · Nutrela Marketing Private Limited · Shahra Estate Private Limited · Benco Finance and Investment Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
44500000	Equity Shares	Rs. 10/- each	Rs.445.000 Millions
5550000	4% Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.555.000 Millions
	Total		Rs.1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44500000	Equity Shares	Rs. 10/- each	Rs.445.000 Millions
5501022	4% Redeemable Cumulative Preference Shares	Rs.100/- each	Rs.550.102 Millions
	Total		Rs.995.102 Millions

· The details of Shareholders holding more than 5% Shares:

Equity Shares	Number of Shares	% holding
APL International Private Limited	2957700	6.65

4% Redeemable Preference Shares	Number of Shares	% holding
Trade Overseas Limited	2166283	39.38
Arab Asia Trading Inc.	2859739	51.99

· Reconciliation of Number of Shares:

Equity Shares	Number of Shares	% holding
Shares at the beginning of the year	44500000	445.000
Add - Shares issued during the year	--	--
Shares at the end of the year	44500000	445.000
4% Redeemable Preference Shares
Shares at the beginning of the year	5501022	550.102
Add - Shares issued during the year	--	--
Shares at the end of the year	5501022	550.102

· Rights, preferences and restrictions attached to shares:

The Company has issued Equity shares with voting rights only of Face value of Rs.10 each and each share carries right to one vote. The Company issued 4% Cumulative Redeemable Preference shares of Face value of Rs.100 each. These shares are redeemable within the statutory permissible time period as per the terms of the issue. Such shares carries prior right to receive dividend over equity shareholders.

FINANCIAL DATA

[all figures are in Rupees Millions]

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	995.102	995.102	995.102
(b) Reserves & Surplus	2337.179	2058.111	1794.743
(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)	3332.281	3053.213	2789.845
(3) Non-Current Liabilities
(a) long-term borrowings	423.107	530.276	831.891
(b) Deferred tax liabilities (Net)	311.166	321.788	317.790
(c) Other long term liabilities	39.723	177.951	175.535
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	773.996	1030.015	1325.216
(4) Current Liabilities
(a) Short term borrowings	2424.905	2126.332	1795.281
(b) Trade payables	5651.680	5683.960	5644.952
(c) Other current liabilities	474.299	481.293	535.013
(d) Short-term provisions	57.187	74.692	50.980
Total Current Liabilities (4)	8608.071	8366.277	8026.226
TOTAL	12714.348	12449.505	12141.287
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2020.687	2206.703	1789.953
(ii) Intangible Assets	7.246	7.070	3.066
(iii) Capital work-in-progress	10.554	11.280	480.021
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	27.940	27.940	27.940
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	39.428	25.418	12.464
Total Non-Current Assets	2105.855	2278.411	2313.444
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4426.399	4033.677	5128.619
(c) Trade receivables	4085.468	3985.951	3374.803
(d) Cash and cash equivalents	897.073	937.595	592.389
(e) Short-term loans and advances	1136.288	1201.042	698.299
(f) Other current assets	63.265	12.829	33.733
Total Current Assets	10608.493	10171.094	9827.843
TOTAL	12714.348	12449.505	12141.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	34994.260	34843.502	27849.003
		Other Income	0.316	0.469	2.401
		TOTAL (A)	34994.576	34843.971	27851.404
Less	EXPENSES
		Cost of Materials consumed	14462.367	14067.255	13919.803
		Purchases of Stock-in-Trade	15703.866	16730.243	10114.849
		(Increase)/Decrease in Finished Goods, Work in Process and Stock-in-Trade	707.062	(89.605)	215.110
		Employee Benefit Expenses	378.935	361.210	298.003
		Other Expenses	1955.598	2087.154	1759.896
		TOTAL (B)	33207.828	33156.257	26307.661
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1786.748	1687.714	1543.743
Less	FINANCIAL EXPENSES (D)		1149.434	1125.660	1027.801
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		637.314	562.054	515.942
Less	DEPRECIATION/ AMORTISATION (F)		205.713	191.538	175.361
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		431.601	370.516	340.581
Less	TAX (H)		126.960	81.575	53.258
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		304.641	288.941	287.323
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1336.406	1073.039	811.290
Less	APPROPRIATIONS
		Proposed Dividend on Preference Shares	22.004	22.004	22.004
		Tax on Dividend	3.570	3.570	3.570
	BALANCE CARRIED TO THE B/S		1615.473	1336.406	1073.039
	EARNINGS IN FOREIGN CURRENCY
		Export on F.O.B. Value	3529.299	5726.410	3970.599
	TOTAL EARNINGS		3529.299	5726.410	3970.599
	IMPORTS
		Raw Materials	153.802	597.373	1970.073
		Capital Goods and Consumables	2.028	19.983	174.773
		Traded Goods	1306.622	2589.611	6177.619
	TOTAL IMPORTS		1462.452	3206.967	8322.465
	Earnings / (Loss) Per Share (Rs.)		6.27	5.92	5.88

QUARTERLY RESULTS

(Rs. In Millions)

Particulars	30.06.2014 (Unaudited)	30.09.2014 (Unaudited)
	1^st Quarter	2 Quarter
Revenue	9022.100	9753.400
Other Income	--	--
Total Income	9022.100	9753.400
Expenditure	(8570.400)	(9278.100)
Interest	(286.200)	(316.000)
PBDT	165.500	159.300
Depreciation	(37.400)	(38.100)
PBT	128.100	121.200
Tax	(43.500)	(49.400)
Net Profit	84.600	71.800

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.87	0.83	1.03
Operating Profit Margin (PBIDT/Sales)	(%)	5.11	4.84	5.54
Return on Total Assets (PBT/Total Assets}	(%)	3.40	2.99	2.93
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.12
Debt Equity Ratio (Total Debt /Networth)		0.85	0.87	0.94
Current Ratio (Current Asset/Current Liability)		1.23	1.22	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	995.102	995.102	995.102
Reserves & Surplus	1794.743	2058.111	2337.179
Net worth	2789.845	3053.213	3332.281
long-term borrowings	831.891	530.276	423.107
Short term borrowings	1795.281	2126.332	2424.905
Total borrowings	2627.172	2656.608	2848.012
Debt/Equity ratio	0.942	0.870	0.855

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	27849.003	34843.502	34994.260
		25.116	0.433

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	27849.003	34843.502	34994.260
Profit	287.323	288.941	304.641
	1.03%	0.83%	0.87%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Millions)
Current maturities of long-term debt	238.737	274.237	274.237
Total	238.737	274.237	274.237

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Short Term Borrowings
Working capital loans from banks	525.500	539.775
Total	525.500	539.775

FINANCIAL PERFORMANCE:

During the year the Company's top line performance was better than last year. The Company turnover increased from Rs. 736385.600 Millions as against Rs. 736182.000 Millions for the corresponding previous year. The Company has achieved export turnover of Rs. 73811.200 Millions as compared to Rs. 76518.000 Millions for the corresponding previous year. The EBIDTA for the year was higher by 5.87% to Rs. 71786.700 Millions as compared to Rs. 1687.700 Millions in the previous year. The Profit before Tax was Rs. 431.600 Millions (Rs. 7370.500 Millions in F.Y 2012-13) and Profit after tax was Rs. 7304.600 Millions (Rs. 288.900 Millions in F.Y 2012-13).

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENTS

India's position in world's crude steel production remained unchanged at the fourth slot in 2013 with an output of 81.2 million tonnes.

This is despite India logging the second highest growth of 5.1 per cent among the top five producers. World steel production grew by 3.6% during the same period.

There was no change in the order of top three steel producing nations with China, Japan and the US retaining their slots in the respective order in 2013. India was the fourth largest steel maker in the previous three years as well with a total output of 77.3 MT 2012, 73.6 MT in 2011 and 69 MT in 2010. India had clinched the third spot in 2009.

OUTLOOK

Global steel demand is likely to continue growing at a steady rate. Against a growth rate of 3.6 O/O recorded in 2013, for the year 2014, growth is expected to be slightly subdued at 3.1%, but is expected to bounce back of 3.3% in 2015. Majority of the demand increase will come from USA and EU. This will compensate for slowing demand in China. Indian demand can also be hampered by poor monsoon, though a lot depends on policy decisions to be taken by new Government. There is an overall agreement that economic reforms and focus on Infrastructure and Manufacturing sector cannot be pushed back any further, which in turn will help grow steel demand.

Focus on rural economy will continue to drive Agro Trading. A below par monsoon is also expected to generate demand for Agro commodities and push up prices.

INDEX OF CHARGE:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10539011	12/12/2014	817,700,000.00	BANK OF MAHARASHTRA	18, KANCHAN SAGAR BUILDING ,A. B. ROAD, OLD PALASIA, INDORE, MADHYA PRADESH - 452001, INDIA	C38282182
2	10265746	09/07/2011 *	360,000,000.00	IDBI BANK LIMITED	SPECIALISED CORPORATE BRANCH, UPPER GROUND FLOOR,,  CAPTAIN C.S. NAYUDU ARCADE, 10/2 OLD PALASIA,, INDORE, MADHYA PRADESH - 452001, INDIA	B17631581
3	10235591	09/07/2011 *	84,500,000.00	IDBI BANK LIMITED	SPECIALISED CORPORATE BRANCH, UPPER GROUND FLOOR,,  CAPTAIN C.S. NAYUDU ARCADE, 10/2 OLD PALASIA,, INDORE, MADHYA PRADESH - 452001, INDIA	B19407071
4	10047991	09/07/2011 *	150,000,000.00	STATE BANK OF HYDERABAD	90-91, UDAPURA,, JAWAHAR MARG,, INDORE, MADHYA PRADESH - 452002, INDIA	B19519792
5	10039045	09/07/2011 *	200,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400  005, INDIA	B19659770
6	10033586	26/12/2006	47,000,000.00	STATE BANK OF BIKANER AND JAIPUR	6, KANTI MENSION, MURAI MOHALLA, SANYOGITAGANJ,, INDORE, MADHYA PRADESH - 452001, INDIA	A09204777
7	10010321	12/07/2006	250,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX,CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A02447548
8	80026360	09/07/2011 *	95,000,000.00	IDBI BANK LIMITED	SPECIALISED CORPORATE BRANCH, UPPER GROUND FLOOR,, CAPTAIN C.S. NAYUDU ARCADE, 10/2 OLD PALASIA,, INDORE, MADHYA PRADESH - 452001, INDIA	B19342443
9	80052473	09/07/2011 *	250,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B19638493
10	80052471	09/07/2011 *	200,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A.B. ROAD (NEAR G.P.O),,INDORE, MADHYA PRADESH - 452001, INDIA	B18962357

*Date of modification Charges

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31^st DECEMBER 2014

[RS. IN MILLIONS]

PARTICULARS	3 Months Ended		9 Months Ended
	31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	9742.700	9751.600	28504.100
b) Other operating income	1.500	1.800	15.000
Total Income from Operations (net)	9744.200	9753.400	28519.700
2.Expenditure
a) Cost of material consumed	3853.200	3642.300	11826.200
b) Purchases of stock in trade	5311.000	5233.300	14403.600
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(475.600)	(179.800)	(950.000)
d) Employees benefit expenses	103.700	100.800	305.800
e) Depreciation and Amortization	38.200	38.100	113.700
f) Other expenditure	473.6000	481.500	1528.800
Total expenses	9304.100	9316.200	27228.100
3. Profit from operations before other income, and financial costs and Exceptional Items	440.100	437.200	1291.600
Profit/ (Loss) before Interest, Depreciation, Tax and Amortisation
4. Other income	0.100	0.000	0.100
5. Profit from ordinary activities before finance costs	440.100	437.200	1291.600
6. Finance costs	321.500	316.000	923.700
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	118.700	121.200	368.000
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	118.700	121.200	368.000
10.Tax expenses	40.400	49.400	133.300
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	78.200	71.800	234.600
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	78.200	71.800	234.600
14.Paid-up equity share capital (Nominal value Rs.10 per share)	445.000	445.000	445.000
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	-	-	-
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):	-	-	-
(a) Basic and diluted	1.76	1.61	5.27
A. PARTICULARS OF SHAREHOLDING
1. Public Shareholding
- Number of shares	22729916	22729916	22729916
- Percentage of shareholding	51.08	51.08	51.08
2. Promoters and Promoters group Shareholding
a) Pledged /Encumbered
Number of shares	-	-	-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-		-
Percentage of shares (as a % of total share capital of the company)	-	-	-
b) Non Encumbered
Number of shares	21770084	21770084	21770084
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	48.92	48.92	48.90

	PARTICULARS	3 Months Ended 31.12.2014
B	Investor complaints (Nos.)
	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

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

	Particulars	3 Months Ended		9 Months Ended
		31.12.2014 [Unaudited]	30.09.2014 [Unaudited]	31.12.2014 [Unaudited]
1	Segment Revenue
a)	Manufacturing (including other operation income)	4519.000	4301.700	14705.900
b)	Traded goods	5225.200	5451.700	13813.800
	Total	9744.200	9753.400	28519.700
2	Segment Results
	Profit/(Loss) before tax and interest from each segment
a)	Manufacturing	385.100	373.000	1151.400
b)	Traded goods	105.200	108.400	277.700
	Total	490.300	481.400	1429.100
	Add i) Other Income	0.000	0.000	0.000
	Total	490.300	481.400	1429.100
	Less: i) Interest	321.500	316.000	923.700
	ii) Other unallocable expenditure	50.200	44.200	137.500
	Total Profit before tax	118.700	121.200	368.000
3	Capital Employed
	(Segment Assets - Segment Liabilities)
	-Manufacturing	5929.400	5792.300	5929.400
	-Traded goods	559.800	592.500	559.500
	-Unallocable	45.800	35.000	45.800
	Total	6834.700	6360.100	6534.700

NOTES:

1. The Unaudited Financial Results were reviewed by Audit Committee and approved by Board of Directors at its meeting held on 29.01.2015.

2. Previous year / period figures have been regrouped/ rearranged wherever considered necessary.

3. The useful life of Fixed Assets has been revised in accordance with the Schedule II of the companies’ act 2013. The Depreciation for the Quarter is lower by Rs. 14.100 Millions ended on 31.12.2014 and by Rs. 42.400 Millions for nine Months Ended 31^st December 2014 due to change in useful life of Fixed Assets. An amount of Rs. 12.700 Million has been charged to the Opening Balance of the retained earning whose remaining useful life is Nil as at April 01, 2014.

4. This statement is as per clause 41 of the listing agreement.

FIXED ASSETS:

· Free Hold Land

· Lease Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Computer

· Vehicles

· 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 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.62.14
UK Pound	1	Rs.94.79
Euro	1	Rs.70.38

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.