MIRA INFORM REPORT

Report No. :	307803
Report Date :	13.02.2015

IDENTIFICATION DETAILS

Name :	SURYADEV ALLOYS AND POWER PRIVATE LIMITED
Registered Office :	497 and 498, 8th Floor, Isana Building, P.H. Road, Arumbakkam, Chennai – 600106, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.05.2006
Com. Reg. No.:	18-059997
Capital Investment / Paid-up Capital :	Rs.399.453 Millions
CIN No.: [Company Identification No.]	U29141TN2006PTC059997
TAN No.: [Tax Deduction & Collection Account No.]	CHES27192E
PAN No.: [Permanent Account No.]	AAKCS1246B
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in manufacturing of Iron and Steel products.
No. of employees :	550 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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. Financial position of the company seems to be decent. Trade relations are 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	CARE
Rating	Long term bank facilities = BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	04.02.2015

Rating Agency Name	CARE
Rating	Short term bank facilities = A3+
Rating Explanation	Have moderate degree of safety and carry high credit risk
Date	04.02.2015

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.

INFORMATION PARTED BY

Name :	Mr. Senthil
Designation :	Accounts Head
Contact No.:	91-44-27922167
Date :	12.02.2015

LOCATIONS

Registered Office / Marketing Office:	497 and 498, 8th Floor, Isana Building, P.H. Road, Arumbakkam, Chennai – 600106, Tamilnadu, India
Tel. No.:	91-44-42221000 / 42153310
Fax No.:	91-44-42221029 / 42221026
E-Mail :	kpkchennai@yahoo.co.in impex@suryadev.in suryadevalloys@yahoo.co.in cfo@suryadev.in
Website :	http://www.suryadev.in
Factory :	S. No. 298/2, New Gummidipoondi, Gummidipoondi Taluk, Tiruvallur -601201, Tamilnadu, India
Tel. No.:	91-44-27921454 / 27922167
Fax No.:	91-44-27921425

DIRECTORS

AS ON 27.09.2014

Name :	Mr. Mukesh Agarwal
Designation :	Managing Director
Address :	Flat No 4D, The Heritage Apartments, No 18- 21,4^Th Cross Street, Ormes Road, Kilpauk, Chennai, 600010, Tamilnadu, India
Date of Birth/Age :	31.10.1970
Date of Appointment :	26.05.2006
PAN No.:	AAFPK6968E
Din No.:	01122858

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	U29141TN2006PTC059997	SURYADEV ALLOYS AND POWER PRIVATE LIMITED	Managing director	26/05/2006	26/05/2006	-	Active	NO
2	U70109WB1992PTC054667	UMRA PROPERTIES FINANCE PRIVATE LIMITED	Director	22/03/2007	22/03/2007	-	Active	NO
3	U51909WB1994PTC062770	ECHOLAC VINIMAY PRIVATE LIMITED	Director	27/07/2009	27/07/2009	-	Active	NO
4	U51109WB2007PTC117304	SWASTIK MERCHANTS PRIVATE LIMITED	Director	04/02/2010	04/02/2010	-	Active	NO
5	U52100WB2007PTC117258	RIDHI SIDHI DEALERS PRIVATE LIMITED	Director	05/02/2010	05/02/2010	-	Active	NO
6	U51109WB2007PTC119866	HILTON SALES PRIVATE LIMITED	Director	06/02/2010	06/02/2010	-	Active	NO
7	U45400WB2008PTC129755	THIRD EYE BUILDERS PRIVATE LIMITED	Director	07/02/2010	07/02/2010	-	Active	NO
8	U65921WB1990PLC140988	JOSAN DEPOSITS AND ADVANCES LIMITED	Director	07/03/2010	07/03/2010	-	Active	NO
9	U65921WB1996PLC141013	KANER INVESTMENTS LIMITED	Director	19/07/2010	07/03/2010	-	Active	NO
10	U67120WB1996PLC132080	KAMDHENU FINCAP LIMITED	Director	29/09/2010	07/03/2010	-	Active	NO
11	U51398TN2010PTC075124	GLOBAL METALS TRADING (INDIA) PRIVATE LIMITED	Director	27/03/2010	27/03/2010	-	Active	NO
12	U51420TN2010PTC075559	MARATHON STEEL TRADING PRIVATE LIMITED	Director	04/05/2010	04/05/2010	-	Active	NO
13	U51103TN2010PTC075602	GOODWILL METAL TRADING PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
14	U14200TN2010PTC075846	BMP STEELS PRIVATE LIMITED	Director	28/05/2010	28/05/2010	-	Active	NO
15	U25203MH2007NPL171991	THERMEX REBAR MANUFACTURERS' ASSOCIATION	Additional director	18/12/2010	18/12/2010	-	Active	NO
16	U51900TN2011PTC081245	MRP TRADERS PRIVATE LIMITED	Director	27/06/2011	27/06/2011	-	Active	NO
17	U74900TN2014PTC098051	INSTA REMEDY AND TECHNOLOGY SOLUTIONS PRIVATE LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO

Name :	Mr. Pankaj Agarwal
Designation :	Director
Address :	Flat No 4E, The Heritage Apartments, No 18- 21,4^Th Cross Street,Ormes Road, Kilpauk, Chennai, 600010, Tamilnadu, India
Date of Birth/Age :	02.08.1974
Date of Appointment :	26.05.2006
PAN No.:	AFLPA1767N
Din No.:	01357841

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	U29141TN2006PTC059997	SURYADEV ALLOYS AND POWER PRIVATE LIMITED	Director	26/05/2006	26/05/2006	-	Active	NO
2	U70109WB1992PTC054667	UMRA PROPERTIES FINANCE PRIVATE LIMITED	Director	22/03/2007	22/03/2007	-	Active	NO
3	U51109WB2007PTC117304	SWASTIK MERCHANTS PRIVATE LIMITED	Director	04/02/2010	04/02/2010	-	Active	NO
4	U52100WB2007PTC117258	RIDHI SIDHI DEALERS PRIVATE LIMITED	Director	05/02/2010	05/02/2010	-	Active	NO
5	U51109WB2007PTC119866	HILTON SALES PRIVATE LIMITED	Director	06/02/2010	06/02/2010	-	Active	NO
6	U45400WB2008PTC129755	THIRD EYE BUILDERS PRIVATE LIMITED	Director	07/02/2010	07/02/2010	-	Active	NO
7	U65921WB1990PLC140988	JOSAN DEPOSITS AND ADVANCES LIMITED	Director	07/03/2010	07/03/2010	-	Active	NO
8	U65921WB1996PLC141013	KANER INVESTMENTS LIMITED	Director	19/07/2010	07/03/2010	-	Active	NO
9	U67120WB1996PLC132080	KAMDHENU FINCAP LIMITED	Director	29/09/2010	07/03/2010	-	Active	NO
10	U51420TN2010PTC075559	MARATHON STEEL TRADING PRIVATE LIMITED	Director	04/05/2010	04/05/2010	-	Active	NO
11	U14200TN2010PTC075846	BMP STEELS PRIVATE LIMITED	Director	28/05/2010	28/05/2010	-	Active	NO
12	U51900TN2011PTC081245	MRP TRADERS PRIVATE LIMITED	Director	27/06/2011	27/06/2011	-	Active	NO
13	U51909WB1994PTC062770	ECHOLAC VINIMAY PRIVATE LIMITED	Director	29/09/2012	03/10/2011	-	Active	NO
14	U51103TN2010PTC075602	GOODWILL METAL TRADING PRIVATE LIMITED	Director	20/09/2013	10/07/2013	-	Active	NO
15	U51398TN2010PTC075124	GLOBAL METALS TRADING (INDIA) PRIVATE LIMITED	Director	21/09/2013	10/07/2013	-	Active	NO
16	U74900TN2014PTC098051	INSTA REMEDY AND TECHNOLOGY SOLUTIONS PRIVATE LIMITED	Director	17/11/2014	17/11/2014	-	Active	NO

Name :	Mr. Vinod Bansal
Designation :	Director
Address :	Flat No. 1A, S.A. Building, 1^st Floor, 38/19, New Avadi Road, Kilpauk, Tamilnadu, India
Date of Birth/Age :	28.12.1973
Date of Appointment :	30.09.2009
PAN No.:	ABRPV7290B
Din No.:	02299776

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	U29141TN2006PTC059997	SURYADEV ALLOYS AND POWER PRIVATE LIMITED	Director	30/09/2009	04/09/2008	-	Active	NO

Name :	Mr. Govind Baburam Gagoria
Designation :	Director
Address :	D-16, Permier Grihalakshmi Apartments, 640/643, T.H. Road, Tondiarpet, Chennai, 600081, Tamilnadu, India
Date of Birth/Age :	12.02.1975
Date of Appointment :	10.08.2011
PAN No.:	AAIPG7792B
DIN No. :	00326647

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	U27101PY1997PTC001320	PUSHPIT STEEL PRIVATE LIMITED	Whole-time director	03/06/2004	03/06/2004	01/03/2008	Active	NO
2	U51909TN1995PTC082354	NAPRAAJ COMMERCIAL PRIVATE LIMITED	Additional director	21/02/2005	21/02/2005	30/09/2011	Active	NO
3	U28910TN1985PLC012257	MIL STEEL AND POWER LIMITED	Director	14/05/2008	14/05/2008	01/04/2011	Active	NO
4	U51909TN2009PTC071935	MAGNA COMMERCIAL PRIVATE LIMITED	Director	12/06/2009	12/06/2009	-	Active	NO
5	U27100TN2009PTC072689	AASHI ISPAT PRIVATE LIMITED	Director	25/08/2009	25/08/2009	20/05/2011	Strike off	NO
6	U65921TN1997PTC089841	GUGNANI LEASING & HIRE PURCHASE PRIVATE LIMITED	Director	15/03/2010	15/03/2010	18/07/2011	Active	NO
7	U29141TN2006PTC059997	SURYADEV ALLOYS AND POWER PRIVATE LIMITED	Director	10/08/2011	10/08/2011	-	Active	NO
8	U65921WB1996PLC141013	KANER INVESTMENTS LIMITED	Director	25/06/2012	14/12/2011	-	Active	NO
9	U67120WB1996PLC132080	KAMDHENU FINCAP LIMITED	Director	25/06/2012	14/12/2011	-	Active	NO
10	U65921WB1990PLC140988	JOSAN DEPOSITS AND ADVANCES LIMITED	Director	25/06/2012	14/12/2011	-	Active	NO

Name :	Mr. Mukesh Rambihari Rohatgi
Designation :	Director
Address :	D-190 Sector-41, G.B. Nagar, Noida, 201303, Uttar Pradesh, India
Date of Birth/Age :	27.09.1949
Date of Appointment :	23.07.2012
DIN No. :	00136067

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	L74899DL1965GOI004352	ENGINEERS INDIA LIMITED	Managing director	15/09/2006	01/10/2005	30/09/2009	Active	NO
2	U74899DL1994GOI062371	CERTIFICATION ENGINEERS INTERNATIONAL LIMITED	Director	14/09/2006	01/10/2005	30/09/2009	Active	NO
3	U74140DL2008PLC180897	TEIL PROJECTS LIMITED	Director	15/07/2008	15/07/2008	01/10/2009	Active	NO
4	U74899DL1953GOI002220	HINDUSTAN PREFAB LIMITED	Nominee director	03/11/2011	03/11/2011	02/11/2014	Active	NO
5	U29141TN2006PTC059997	SURYADEV ALLOYS AND POWER PRIVATE LIMITED	Director	23/07/2012	26/12/2011	-	Active	NO
6	U40106HR2012PTC045972	PEC SOLAR GREEN ENERGY PRIVATE LIMITED	Director	17/05/2012	17/05/2012	-	Active	NO
7	U93000DL2013PTC253002	MKR CONSULTING PRIVATE LIMITED	Director	27/06/2013	27/06/2013	-	Active	NO
8	U99999MH1989PLC053280	ESSAR PROJECTS (INDIA) LIMITED	Director	26/09/2013	29/06/2013	-	Active	NO
9	U11101MH2008PLC179089	ESSAR OFFSHORE SUBSEA LIMITED	Director	30/12/2014	05/09/2014	-	Active	NO

Name :	Mr. Balaji Radhakrishnan
Designation :	Director
Address :	Meenatchi Street, Lakshmi Amman Nagar, Kodungaiyur, 600118, Tamilnadu, India
Date of Birth/Age :	25.07.1975
Date of Appointment :	16.07.2013
PAN No.:	ALSPB3946P
DIN No. :	06365346

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	U29141TN2006PTC059997	SURYADEV ALLOYS AND POWER PRIVATE LIMITED	Director	16/07/2013	27/08/2012	-	Active	NO

Name :	Mr. Gautam Kumar Kundu
Designation :	Director
Address :	No.319-A, Second Floor, Seventh Cross, Bridavan Road, Salem - 636004, Tamilnadu, India
Date of Birth/Age :	07.05.1959
Date of Appointment :	16.07.2013
DIN No. :	06379876

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	U29141TN2006PTC059997	SURYADEV ALLOYS AND POWER PRIVATE LIMITED	Director	16/07/2013	12/09/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ganesh K P
Designation :	Secretary
Address :	West Street, Keezha Derisanamcope, Azhagiapandiapuram Post, kaniyakumari – 629851, Tamilnadu, India
Date of Birth/Age :	30.06.1986
PAN No.:	BAYPG1861Q
Date of Cessation :	11.09.2013
Date of Appointment :	08.05.2013

Name :	Mr. Rajesh P
Designation :	Secretary
Address :	No.12/344, Ground Floor, Pavithra Nagar, Sennerkuppam, Poonammallee, Chennai – 600056, Tamilnadu, India
Date of Birth/Age :	19.08.1983
Date of Appointment :	03.10.2013
PAN No.:	AJWPR2237B
Name :	Mr. Senthil
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2014

Shareholders details file are attached.

AS ON 27.09.2014

Equity Share Breakup

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	11.61
Bodies corporate	84.20
Directors or relatives of Directors	4.19
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in manufacturing of Iron and Steel products.

Products :

Item Code No.	Product Description
72142090	TMT Rebars
72071920	M S Billets
7204490	Iron and Steel

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Country :

· Philippines

· Indonesia

Imports :

Products :

Raw Materials

Country :

· UK

· USA

Terms :

Selling :

Cash, Cheque

Purchasing :

Cash, Cheque

PRODUCTION STATUS AS ON 31.03.2012

Production for Sale (in Million tones)

Particulars	31.03.2012
Pig Iron	5.78
Sponge Iron	20.37

India is the 4th largest crude steel producer of steel in the world. In 2011-12(Prov), production for sale of total finished steel (alloy+ non alloy) was 73.42 MT.

Considering steel consumption of 300 kg/man/year to be a fair level of economic development, India will have to reach up to around 300 million tones, if it is to fulfill its ambitions of being a developed country. Steel Production in India is expected to reach 124 Million tons by 2012 and 275 Million tons by 2020 which could make it the second largest steel maker.

GENERAL INFORMATION

Supplier :

Reference :

Akshara Industries Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

Customer :

Reference :

Nuclear Power Corporation Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

No. of Employees :

550 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Commercial Branch, No. 232, N.S.C Bose Road, Chennai - 600001, Tamilnadu, India
Person Name (With Designation)	Not Divulged
Contact Number	91-44-25345797
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
Bank Name	Bank of Baroda
Branch	28, Rajaji Salai, Chennai - 600001, Tamilnadu, 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
Bank Name	Indian Bank
Branch	Thousand Lights Branch, Kannammai Building, 611, Anna Salai, Chennai - 600006, Tamilnadu, 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 LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks [the term loans are secured primarily by equitable mortgage over the factory land & building]	4181.948	4995.763
Loans taken for vehicles [Secured by hypothecation of Vehicles]	0.000	0.000
Other loans and advances [Secured by hypothecation of merchandise covered]	1540.003	1088.198
SHORT TERM BORROWINGS
Other loans and advances	5208.502	5582.780
Total	10930.453	11666.741

Banking Relations :	--
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	1, Philips Street, Chennai – 600001, Tamilnadu, India
PAN No.:	AACFS0926P
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	BMP Steels Private Limited [U51909TN2010PTC075846] Steel and Steels

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital : Rs. 700.000 Millions

Issued, Subscribed Capital Paid-up Capital : Rs. 399.453 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	399.453	396.426	313.038
(b) Reserves & Surplus	4965.178	4983.634	3053.894
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	500.053	500.002	0.000
Total Shareholders’ Funds (1) + (2)	5864.684	5880.062	3366.932
(3) Non-Current Liabilities
(a) long-term borrowings	7222.922	6906.761	3672.807
(b) Deferred tax liabilities (Net)	205.000	84.700	74.500
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9.500	6.100	4.400
Total Non-current Liabilities (3)	7437.422	6997.561	3751.707
(4) Current Liabilities
(a) Short term borrowings	5287.923	5653.007	3488.423
(b) Trade payables	2189.386	682.388	588.153
(c) Other current liabilities	1403.182	405.149	304.462
(d) Short-term provisions	4.932	28.065	41.911
Total Current Liabilities (4)	8885.423	6768.609	4422.949
TOTAL	22187.529	19646.232	11541.588
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8991.954	1325.203	1054.781
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1182.742	7620.861	3563.229
(iv) Intangible assets under development	2.010	2.020	1.935
(b) Non-current Investments	6.500	6.500	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1792.250	1623.153	920.915
(e) Other Non-current assets	5.978	10.619	48.930
Total Non-Current Assets	11981.434	10588.356	5589.790
(2) Current assets
(a) Current investments	0.518	26.951	2.250
(b) Inventories	3631.856	4198.921	2403.851
(c) Trade receivables	1908.820	1190.893	1159.669
(d) Cash and cash equivalents	2220.891	1818.162	1807.468
(e) Short-term loans and advances	2391.645	1781.975	557.062
(f) Other current assets	52.365	40.974	21.498
Total Current Assets	10206.095	9057.876	5951.798
TOTAL	22187.529	19646.232	11541.588

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	13503.996	8374.199	7284.131
	Other Income	5.351	9.034	0.057
	TOTAL	13509.347	8383.233	7284.188
Less	EXPENSES
	TOTAL	13395.883	8162.738	6888.372
	PROFIT/ (LOSS) BEFORE TAX	113.464	220.495	395.816
Less	TAX	26.042	64.393	70.786
	PROFIT/ (LOSS) AFTER TAX	87.422	156.102	325.030
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	NA	26.407
	TOTAL EARNINGS	NA	NA	26.407
	IMPORTS
	Raw Materials	NA	NA	2699.343
	Components and Stores parts	NA	NA	1.572
	TOTAL IMPORTS	NA	NA	2700.915
	Earnings / (Loss) Per Share (Rs.)	1.50	3.94	10.38

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.65	1.86	4.46
Return on Total Assets (PBT/Total Assets}	(%)	0.54	1.83	4.96
Return on Investment (ROI) (PBT/Networth)		0.02	0.25	0.12
Debt Equity Ratio (Total Debt /Networth)		2.13	14.27	2.13
Current Ratio (Current Asset/Current Liability)		1.15	1.34	1.35

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	313.038	396.426	399.453
Reserves & Surplus	3053.894	4983.634	4965.178
Share Application money pending allotment	0.000	500.002	500.053
Net worth	3366.932	5880.062	5864.684
long-term borrowings	3672.807	6906.761	7222.922
Short term borrowings	3488.423	5653.007	5287.923
Total borrowings	7161.230	12559.768	12510.845
Debt/Equity ratio	2.127	2.136	2.133

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	7284.131	8374.199	13503.996
		14.965	61.257

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	7284.131	8374.199	13503.996
Profit	325.030	156.102	87.422
	4.46%	1.86%	0.65%

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	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Other loans and advances	1500.971	822.800
SHORT TERM BORROWINGS
Loans and advances from others	79.421	70.227
Other loans and advances, others	0.000	0.000
Total	1580.392	893.027

BUSINESS REVIEW

The company is committed to achieve excellence in spite of the company having to face lot of hurdles and challenges during the Financial Year 2013-14. The Financial Year 2013-14 was a challenging year and the company was able to operate it successfully.

The Company was able to start generating power from its 1 st 80 MW power plant from April 2013 onwards and commissioned the second power plant also in November 2013, much ahead of the Scheduled Commercial Operational Date of April 2014.

Both the power plant are being operated at more than 90 % of its installed capacity and the directors would like to place on record that the performance of the Power plant is satisfactory and have met the expectations.

Some of the major observations are as below:

A) Availability of In-house power, which ensures unhampered production in steel plant.

B) Cost of Power has reduced drastically as the company is not dependent upon TNEB any more for the power and the cost of generating in-house power is substantially lower.

C) Though Power Generation had yielded good profits for the company, there was no much to cheer for the company from the steel sector due to adverse market conditions.

D) The Directors would also like to highlight that the company was able to sustain itself in spite of the bad phase the steel sector was passing through.

E) The Directors had taken a conscious decision of running the plant at a reduced capacity of 53.45 % to ensure that there is no slow movement of inventories and thereby putting undue burden on the company toward the finance cost of holding stock.

Directors would like to bring to the notice of the share holders that there is good demand for the product and due to consistent quality; still the product is sold at a premium in the market

The Company has also implemented facility of hot charging of Billets. i.e. billets are directly sent into the rolling mill for production instead of cooling and reheating, thereby reducing the cost of production substantially to ensure Cost Cutting and ensuring that the profit levels are maintained in future. The Company is now one of the leading manufacturer and unbeatable competitor in the state of Tamil Nadu and expanding its horizon to the other southern states of India .

FUTURE OUTLOOK OF THE COMPANY:

To tide over the present power crisis in Tamil Nadu and to be able to capture more markets by having a wider product portfolio to cater to, SAPPL as part of current expansion plan is setting up a second 80 MW Captive Power Plant (which is already commissioned and operating at full capacity) and 6.0 Lac MTPA Steel Mill with State-of-the-Art Technology and also an 80 T Electric Arc Furnace for production of billets for use in the rolling mill.

Though their plant comes under secondary steel sector, their proposed steel plant is of very advanced technology, in fact, it will be first of its kind in India. It will be an integrated steel plant.

Proposed steel plant will be capable of producing all sizes of wide range of long steel products like TMT Bars, TMT in coil form, wire rod, channels, angles, structural steel. Structural steel like channels and angles will be produced in High Tensile Grade, which are required for building power transmission and mobile towers.

With Government's proposal of interconnecting of power grids of all states across India, there will be huge requirement of building towers, boosting demand of structural steel. They will also produce wire rods and plain rounds in various alloy grades, which will cater to the automobile industry.

As Tamilnadu is auto industry hub, there is huge demand of alloy grade steel products. Their brand viz., 'Suryadev' is already an established brand because of its quality and timely delivery.

With announcement of new infrastructure projects by the Central and State Government, the steel demand is expected to grow in near future.

Some of the major projects announced/being carried out by Central/State Government are as below:

i. National River Linking Project (NRLP) - NRLP is a huge project with total estimated cost of Rs. 560000000.000 Millions. At its completion, the NRLP will have 30 river links, 3,000 storage structures, a canal network of almost 15,000 kms, generate 34 GW of hydroelectric power, create some 87 million acres of irrigated land, and would transfer 174 trillion litres of water per annum. Project of this magnitude requires huge amount of steel.

ii. Project worth more than Rs. 20000.000 Millions to bring new amenities and infrastructure upgradation at Coimbatore, which includes underground drainage and storm water drains, integrated bus terminus and construction of houses for poor.

iii. National Highway

iv. Interconnecting of Power Grids of all states across India

v. Construction of houses for under privileged by TN Slum Clearance Board and TN Housing Board.

vi. Construction of Houses by TN Police Housing Board.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10536075	18/11/2014	4,226,000,000.00	Indian Overseas Bank	153/62 & 155/63, MANNARSWAMY KOIL STREET, ROYAPURAM, CHENNAI, TAMIL NADU - 600013, INDIA	C36675296
2	10103130	13/07/2010 *	300,300,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, OLD.NO.96, NEW,NO.74, G.N.CHETTY ROAD, T.NAGAR., CHENNAI, TAMIL NADU - 600017, INDIA	A89614630
3	10060574	21/06/2013 *	10,241,800,000.00	INDIAN OVERSEAS BANK	ROYAPURAM BRANCH, 153/62, 155/63, M.S KOIL STREET, CHENNAI, TAMIL NADU - 600013, INDIA	B79507927

* Date of charge modification

FIXED ASSETS :

· Land

· Building

· Vehicles

· Office equipment

· Furniture and fixtures

· Factory building

· Plant and equipment

· Factory equipments

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.62.43
UK Pound	1	Rs.95.01
Euro	1	Rs.70.63

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	DPT

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
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.