MIRA INFORM REPORT

Report No. :	305837
Report Date :	10.02.2015

IDENTIFICATION DETAILS

Name :	PRIME ISPAT LIMITED
Formerly Known As :	PRIME ISPAT PRIVATE LIMITED
Registered Office :	Village Bana, Via - Hirapur, Tendua, Raipur – 492001, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.05.2004
Com. Reg. No.:	10-016630
Capital Investment / Paid-up Capital :	Rs.67.733 Millions
CIN No.: [Company Identification No.]	U27109CT2004PLC016630
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCP3179M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of metals, chemicals and their products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1940000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CRISIL
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	07.01.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	07.01.2015

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 31-03-2014.

LOCATIONS

Registered Office /Factory :	Village Bana, Via - Hirapur, Tendua, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-4212300 / 4212305
Fax No.:	91-771-4212388
E-Mail :	pil@primeispat.com
Website :	http://primeispat.com
Corporate and Corresponding Address :	Ram Kumar Agrawal Building, Pyarelal Agrawal Marg - Ramsagar Para, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-4212345
Fax No.:	91-771-4212388

DIRECTORS

As on 30.09.2014

Name :

Mr. Ashok Kumar Agrawal

Designation :

Managing Director

Address :

Pyrelal Agrawal Marg, Ramsagar Para, Raipur - 492001, Chhattisgarh, India

Date of Appointment :

21.05.2004

PAN No.:

ADVPA4091P

DIN No.:

00168320

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	U00112CT2000PTC014114	MAHAMAYA AGROTECH PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
2	U27109CT2004PLC016630	PRIME ISPAT LIMITED	Managing director	01/04/2014	21/05/2004	-	Active	NO
3	U00112CT2005PTC017847	BAPU AGRICULTURE PRIVATE LIMITED	Director	04/08/2005	04/08/2005	-	Active	NO

Name :

Mr. Pawan Kumar Agrawal

Designation :

Whole-Time Director

Address :

Pyrelal Agrawal Marg, Ramsagar Para, Raipur - 492001, Chhattisgarh, India

Date of Appointment :

21.05.2004

PAN No.:

ACLPA5672P

DIN No.:

00168267

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	U00112CT2000PTC014114	MAHAMAYA AGROTECH PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Active	NO
2	U27109CT2004PLC016630	PRIME ISPAT LIMITED	Whole-time director	01/04/2014	21/05/2004	-	Active	NO
3	U01410CT2005PTC017846	XPRESS MINING PRIVATE LIMITED	Director	04/08/2005	04/08/2005	-	Active	NO

Name :

Mr. Uttam Chand Agrawal

Designation :

Director

Address :

53 - A, Block - 3, Krishna Nagar, Pahadi Chowk, Gudhiyari, Raipur - 492001, Chhattisgarh, India

Date of Appointment :

31.03.2006

DIN No.:

03056007

Name :

Mrs. Saloni Agrawal

Designation :

Director

Address :

53 - A, Block - 3, Krishna Nagar, Pahadi Chowk, Gudhiyari, Raipur - 492001, Chhattisgarh, India

Date of Appointment :

31.03.2006

DIN No.:

03057305

Name :

Mr. Shiv Shankar Mishra

Designation :

Director

Address :

Bhairav Nagar, Mathpurena, Raipur - 492001, Chhattisgarh, India

Date of Appointment :

31.03.2006

DIN No.:

03524192

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Ashok Kumar Agrawal		584650
Madhu Agrawal		666550
Mamta Agrawal		723500
Pawan Kumar Agrawal		576350
Ashok Kumar Agrawal, HUF		107350
Pawan Kumar Agrawal, HUF		111500
Ram Kumar Agrawal, HUF		107850
Ram Kumar Agrawal		133720
Ayush Raj Goyal		650
Mahamaya Agro Tech Private Limited, India		1423650
Bapu Agriculture Private Limited, India		794500
Karuna Vanijya Private Limited, India		650000
Xpress Mining Private Limited, India		893000
Total		6773270

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	55.53
Directors or relatives of Directors	44.47
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of metals, chemicals and their products.

Products :

Product Description	Item Code No. (ITC Code)
Angles, Shapes and Sctns of Iron / Non-alloy Stl	72165000
TMT Bar	72142090

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

• Adani
• BHEL
• Kalpa-Taru
• Reliance
• Hindalco
• GETCO
• Indiabulls
• Mahavitaran

No. of Employees :

Not Available

Bankers :

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
• State Bank of India, 2nd Floor, Pujari Chambers, Pachpedinaka, Raipur - 492001, Chhattisgarh, India
• Union Bank of India, Main Branch, Ajit towers, Ramsagarpara, Raipur – 492001, Chhattisgarh, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	43.750	68.750
SHORT TERM BORROWINGS
Working capital loans from banks	393.526	446.004
Total	437.276	514.754

Auditors :
Name :	Begani and Begani Chartered Accountants
Address :	Sadar Bazar, Raipur, Chhattisgarh, India
PAN No.:	ADEPB7288C
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6773270	Equity Shares	Rs.10/- each	Rs.67.733 Millions

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	67.733	67.733	65.858
(b) Reserves & Surplus	611.185	592.243	596.516
(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)	678.918	659.976	662.374
(3) Non-Current Liabilities
(a) long-term borrowings	50.700	76.715	102.950
(b) Deferred tax liabilities (Net)	0.000	6.221	3.848
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	50.700	82.936	106.798
(4) Current Liabilities
(a) Short term borrowings	393.526	446.004	441.775
(b) Trade payables	47.026	73.172	59.236
(c) Other current liabilities	74.949	78.007	60.567
(d) Short-term provisions	0.000	0.000	0.475
Total Current Liabilities (4)	515.501	597.183	562.053
TOTAL	1,245.119	1,340.095	1,331.225
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	327.845	344.340	358.222
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	67.697	43.187	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.008	0.000	0.000
(c) Deferred tax assets (net)	0.080	0.000	0.000
(d) Long-term Loan and Advances	46.862	43.665	37.284
(e) Other Non-current assets	8.050	4.850	2.540
Total Non-Current Assets	451.542	436.042	398.046
(2) Current assets
(a) Current investments	20.000	0.000	0.000
(b) Inventories	489.011	460.023	516.942
(c) Trade receivables	216.862	333.298	254.717
(d) Cash and cash equivalents	3.040	34.058	62.003
(e) Short-term loans and advances	41.869	53.424	32.766
(f) Other current assets	22.795	23.250	66.751
Total Current Assets	793.577	904.053	933.179
TOTAL	1,245.119	1,340.095	1,331.225

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2,267.799	2,427.629	2,273.244
		Other Income	11.160	16.607	9.678
		TOTAL (A)	2,278.959	2,444.236	2,282.922
Less	EXPENSES
		Cost of Materials Consumed	1,672.879	2,056.589	1,990.472
		Purchase of Stock-in-trade	56.394	4.550	16.209
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	60.283	(82.269)	(100.172)
		Employee Benefits Expenses	31.501	27.542	28.743
		Other Expenses	353.864	349.132	212.349
		TOTAL (B)	2,174.921	2,355.544	2,147.601
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		104.038	88.692	135.321
Less	FINANCIAL EXPENSES (D)		55.556	50.317	37.425
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.482	38.375	97.896
Less	DEPRECIATION/ AMORTISATION (F)		29.972	27.216	49.309
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		18.510	11.159	48.587
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		18.510	11.159	48.587
	Earnings / (Loss) Per Share (Rs.)		3.36	0.92	1.09

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.82	0.46	2.14
Operating Profit Margin (PBDIT/Sales)	(%)	4.59	3.65	5.95
Return on Total Assets (PBT/Total Assets}	(%)	1.57	0.86	3.65
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.07
Debt Equity Ratio (Total Debt /Networth)		0.65	0.79	0.82
Current Ratio (Current Asset/Current Liability)		1.54	1.51	1.66

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	65.858	67.733	67.733
Reserves & Surplus	596.516	592.243	611.185
Share Application money pending allotment	0.000	0.000	0.000
Net worth	662.374	659.976	678.918
Long Term borrowings	102.950	76.715	50.700
Short Term borrowings	441.775	446.004	393.526
Total borrowings	544.725	522.719	444.226
Debt/Equity ratio	0.822	0.792	0.654

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	2,273.244	2,427.629	2,267.799
		6.791	(6.584)

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	2,273.244	2,427.629	2,267.799
Profit	48.587	11.159	18.510
	2.14%	0.46%	0.82%

LOCAL AGENCY FURTHER INFORMATION

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	No
10]	Designation of contact person	No
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	No
17]	Major suppliers	No
18]	Major customers	Yes
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	No
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances from related parties	6.950	7.965
Total	6.950	7.965

OPERATIONS

FY 2013-14 was a challenging year for the economy both globally and in India. Inspite of very challenging market conditions and weak steel prices in India, the Company was able to achieve its targeted turnover. The net sale and other operating income stood at Rs.2267.000 Millions registering an drease of 7 % as compared to last year Margins, increase in Finance Costs etc. The Company is hopeful of achieving better Profits in future years as the company is in process of modifying manufacturing process by obviating reheating of Steel in the Rolling Mill which will yield reduction in costs in the forthcoming years. The Company is also hopeful of correction in the Steel Sector Globally.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10322920	13/10/2012 *	100,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B63705255
2	10288292	23/10/2012 *	620,000,000.00	State Bank Of India	2nd Floor, Pujari Chambers, Pachpedinaka, Raipur, Chhattisgarh - 492001, India	B62226006

*Date of modification Charges

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.74
UK Pound	1	Rs.94.95
Euro	1	Rs.70.79

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.