MIRA INFORM REPORT

Report No. :	308694
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	BHUSHAN POWER AND STEEL LIMITED
Registered Office :	4^th Floor, Tolstoy House, 15-17, Tolstoy Marg, Connaught Place, New Delhi - 110001
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.02.1999
Com. Reg. No.:	55-108350
Capital Investment / Paid-up Capital :	Rs. 2366.466 Millions
CIN No.: [Company Identification No.]	U27100DL1999PLC108350
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB9760D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Pig Iron, DRI, Billets, HR Coils, CR Coils, GP/GC Sheets, Precision Tubes, Black Pipe/GI Pipe, Cable Tapes, Tor Steel, Carbon and Special Alloy Steel Wire Rods and Rounds conforming to IS and international standards and also Generation of Power.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having a fine track record. Financial position of the company seems to be sound. Trade relations are reported to be decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 : A-
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	January 14, 2014

Rating Agency Name	CARE
Rating	Short term Bank facilities : A1
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	January 14, 2014

Rating Agency Name	CARE
Rating	Short term Unsecured loans : A2+
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	January 14, 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 DECLINED BY

Name :	Mr. Rastogi
Designation :	--
Contact No.:	91-9811115888
Date :	18.02.2015

LOCATIONS

Registered/ Corporate Office :	4^th Floor, Tolstoy House, 15-17, Tolstoy Marg, Connaught Place, New Delhi - 110001, India
Tel. No.:	91-11-30451000
Mob. No.:	91-9811798174 (Mr. Nareshchand)
Fax No.:	91-11-23712737/ 30451101
E-Mail :	rkguptacs@yahoo.co.in eximndro@eximbankindia.com delhi@bpsl.net
Website :	www.bhushanltd.com www.bhushanpowersteel.com
Head Office :	F Block, 1^st Floor, International Trade Tower, Nehru Place, New Delhi, India
Admin./ Network Office :	J.K. Millennium Center, 6^th Floor, 46-D, Jawahar Lal Nehru Road, Kolkata - 700071, West Bengal, India
Tel. No.:	91-33-30512299/ 30512332/ 3052333
Fax No.:	91-33-30512235/ 30512297
E-Mail :	kolkata@bpsl.net
Manufacturing Units :	Plot No. 03, Industrial Area, Phase-1, Chandigarh, India Plot No. 71, Industrial Area, Phase-1, Chandigarh, India Plot No. 83, Industrial Area, Phase-1, Chandigarh, India Plot No. 141 – 142, Industrial Area, Phase-1, Chandigarh, India Village Haripur Khura, Ambala-Chandigarh Road, Derabassi, District Mohali, Punjab, India NH-2, Bangihatti, Mallickpara, Serampore, Hooghly - 712203, West Bengal, India Village Thelkoloi and Dhubenchapper Tehsil Rengali District Sambalpur, Orissa, India Plot No. 55, KIADB Industrial Area, Chintamani Road, Hoskote Taluk, Bangalore, Karnataka, India
Marketing Networks :	Andhra Pradesh: Hyderabad Vijaywada Secunderabad Vishakhapatnam Tirupati Assam: Guwahati Bihar: Patna Gulabbagh (Purnia) Chandigarg Delhi Gujarat: Ahmedabad Rajkot Surat Haryana: Faridabad Panchkula Manesar Himachal Pradesh: Baddi Parwanoo Kullu Amb Damtal Kala Amb Jammu and Kashmir: Jammu Karnataka: Bangalore Hubli Kerala : Kochi Maharashtra : Mumbai Pune Nagpur Aurangabad Nasik Raigad Madhya Pradesh: Indore Orissa: Bhubaneshwar Sambalpur Rourkela Punjab: Amritsar Jalandhar Mandi-Gobindgarh Rajasthan: Jaipur Bhiwadi Tamilnadu: Chennai Hosur Coimbatore Uttar Pradesh: Ghaziabad Kanpur Gorakhpur West Bengal: Kolkata Siliguri Belur Hooghly Bighatti Jharkhand: Jamshedpur Chaattisgarh: Raipur Raigarh Tripura: Agartala Uttrakhand: Pantnagar Haridwar Dadra and Nagar Haveli: Silvassa
Other Network Offices :	Located at: CHANDIGARH OFFICE Plot No. 3, Industrial Area, Phase – I, Chandigarh - 160002, India Phone : 91-172-3911702/ 3911703 Fax : 91-172-3911704 E-mail : chandigarh@bpsl.net ORISSA OFFICE Village Thelkoloi, P.O. Lapanga, Tehsil - Rengoli, District Sambalpur - 768232 Orissa, India Phone: 91-663-2535000/ 2562026-32 Fax: 91-663-2562007/ 2562011 E-mail : orissa@bpsl.net DERABASSI OFFICE Chandigarh Ambala Road, Derabassi - 140507, District Patiala, Punjab, India Phone: 91-1762-307900/ 307901 Fax: 91-1762-307902 E-mail : bhushandrb@bpsl.ne

DIRECTORS

As on 31.03.2014

Name :

Mr. Sanjay Singal

Designation :

Chairman and Managing Director

Address :

61, Sector 5, Chandigarh, India

Date of Birth/Age :

19.06.1960

Qualification :

Graduate

Experience :

34 Years

Date of Appointment :

30.06.2013

PAN No.:

ANRPS7985C

DIN No.:

00006579

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	U27100DL1999PLC108350	BHUSHAN POWER AND STEEL LIMITED	Managing director	30-06-2013	22-02-1999	-	Active	NO
2	U74920HR1992PTC034375	ESSENN INVESTMENTS PRIVATE LIMITED	Director	01-11-2001	01-11-2001	-	Active	NO
3	U27100MH1991PTC060692	PITTIE STRIPES PRIVATE LIMITED	Director	21-10-2002	21-10-2002	17-11-2011	Active	NO
4	U65921DL1965PTC004523	ATMA RAM HOUSE INVESTMENT PRIVATE LIMITED	Director	15-09-2008	09-03-2008	-	Active	NO
5	U10300DL2008PTC176675	Rohne Coal Company Private Limited	Director	11-04-2008	11-04-2008	-	Active	NO
6	U27203CH2008PLC031346	BHUSHAN ALUMINIUM AND POWER LIMITED	Director	22-09-2009	29-08-2008	25-11-2013	Active	NO
7	U74899DL1983PTC015894	SKAP ELECTRONICS PRIVATE LIMITED	Director	17-09-2011	18-01-2011	-	Active	NO
8	L02710CT1989PLC010052	NOVA IRON AND STEEL LIMITED	Director	11-10-2011	08-07-2011	-	Active	NO
9	U70101OR2012PTC015609	AVANTIKA REAL ESTATE PRIVATE LIMITED	Director	28-09-2013	05-07-2012	-	Active	NO

Name :

Mrs. Aarti Singal

Designation :

Vice Chairperson and Whole Time Director (Admin)

Address :

61, Sector 5, Chandigarh, India

Date of Birth/Age :

08.03.1961

Qualification :

Graduate

Date of Appointment :

30.12.2014

PAN No.:

AEFPS6299L

DIN No.:

00007698

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	U67120DL1992PTC102462	BIC INVESTMENTS PVT. LTD.(CHANDIGARH TO DELHI)	Director	20-11-2003	20-11-2003	-	Active	NO
2	U00000CH2004PTC026792	AARTI IRON AND POWER Private Limited	Director	06-02-2004	06-02-2004	05-08-2014	Active	NO
3	U27100CH2003PLC026591	DIYAJYOTI STEEL LIMITED	Director	22-03-2004	22-03-2004	21-11-2013	Active	NO
4	U27100CH2003PLC026592	VISION STEEL LIMITED	Director	22-03-2004	22-03-2004	05-11-2013	Active	NO
5	U27100CH2003PLC026593	MARSH STEEL TRADING LIMITED	Director	22-03-2004	22-03-2004	07-11-2013	Active	NO
6	U67190CH2005PTC027973	OLYMPIAN FINVEST Private Limited	Director	15-02-2005	15-02-2005	05-08-2014	Active	NO
7	U27100CH2005PTC027972	TITANIC STEEL INDUSTRIES Private Limited	Director	15-02-2005	15-02-2005	06-08-2014	Active	NO
8	U27100CH2005PTC028120	AROMATIC STEEL PRIVATE LIMITED	Director	17-03-2005	17-03-2005	24-10-2013	Active	NO
9	U27100CH2005PTC028119	VINTAGE STEEL Private Limited	Director	17-03-2005	17-03-2005	05-04-2010	Active	NO
10	U65921DL1965PTC004523	ATMA RAM HOUSE INVESTMENT PRIVATE LIMITED	Director	15-09-2008	09-03-2008	-	Active	NO
11	U27100DL1999PLC108350	BHUSHAN POWER AND STEEL LIMITED	Director	30-12-2014	30-03-2010	-	Active	NO
12	U74899DL1983PTC015894	SKAP ELECTRONICS PRIVATE LIMITED	Director	17-09-2011	18-01-2011	-	Active	NO
13	U70101OR2012PTC015609	AVANTIKA REAL ESTATE PRIVATE LIMITED	Director	28-09-2013	05-07-2012	-	Active	NO

Name :

Mr. Ravi Prakash Goyal

Designation :

Whole Time Director (Commercial)

Address :

House No. 157, Sector 16, Panchkula – 134112, Haryana, India

Date of Birth/Age :

09.09.1951

Qualification :

Graduate

Date of Appointment :

30.12.2014

PAN No.:

ADAPG0813G

DIN No.:

00006595

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	L65910CH1984PLC021285	MARBLE FINVEST LIMITED	Director	20-06-1990	20-06-1990	-	Active	NO
2	U27100DL1999PLC108350	BHUSHAN POWER AND STEEL LIMITED	Director	30-12-2014	01-03-2001	-	Active	NO
3	U27100MH1991PTC060692	PITTIE STRIPES PRIVATE LIMITED	Director	21-10-2002	21-10-2002	17-11-2011	Active	NO
4	U65921DL1965PTC004523	ATMA RAM HOUSE INVESTMENT PRIVATE LIMITED	Director	15-09-2008	09-03-2008	-	Active	NO
5	U10300DL2008PTC176675	Rohne Coal Company Private Limited	Director	11-04-2008	11-04-2008	-	Active	NO
6	U27203CH2008PLC031346	BHUSHAN ALUMINIUM AND POWER LIMITED	Director	22-09-2009	29-08-2008	25-11-2013	Active	NO
7	U27101DL2008PLC182617	PRIYANKA IRON AND ENERGY LIMITED	Director	19-09-2009	29-08-2008	06-11-2013	Active	NO
8	L02710CT1989PLC010052	NOVA IRON AND STEEL LIMITED	Director	11-10-2011	08-07-2011	-	Active	NO
9	U70101OR2012PTC015609	AVANTIKA REAL ESTATE PRIVATE LIMITED	Director	28-09-2013	05-07-2012	-	Active	NO

Name :

Mr. Hardev Chand Verma

Designation :

Director

Address :

14/4A, Burdwan Road, Alipore, Kolkata, West Bengal, India

Date of Birth/Age :

15.11.1952

Qualification :

Graduate

Date of Appointment :

29.05.2014

PAN No.:

ABVPV6037G

DIN No.:

00007681

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	U74899DL1995PTC069880	TRACK CASTING (INDIA) PRIVATE LIMITED	Director	15-09-1995	15-09-1995	01-09-2008	Active	NO
2	U74899DL1995PTC074322	CLASSIC TRANSPORTATION PRIVATE LIMITED	Director	04-12-1995	04-12-1995	17-11-2011	Active	NO
3	U67120DL1992PTC102461	ASL INVESTMENTS PRIVATE LIMITED	Director	26-03-1996	26-03-1996	27-02-2012	Active	NO
4	U74899DL1992PTC102460	ADHUNIK INVESTMENTS PVT LTD	Director	26-03-1996	26-03-1996	29-02-2012	Active	NO
5	U74899DL1994PTC060843	DECOR INVESTMENT AND FINANCE PRIVATE LIMITED	Director	28-06-1999	28-06-1999	10-05-2012	Active	NO
6	U27100DL1999PLC108350	BHUSHAN POWER AND STEEL LIMITED	Director	29-05-2014	01-03-2001	-	Active	NO
7	L02710CT1989PLC010052	NOVA IRON AND STEEL LIMITED	Whole-time director	30-05-2014	05-08-2013	-	Active	NO

Name :

Mr. Ram Naresh Yadav

Designation :

Whole Time Director (Technical)

Address :

14/4A, Burdwan Road, Alipore, Kolkata, West Bengal, India

Date of Birth/Age :

16.07.1959

Qualification :

B Tech

Date of Appointment :

30.12.2014

PAN No.:

AAAPY4673M

DIN No.:

00006697

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	U27100DL1999PLC108350	BHUSHAN POWER AND STEEL LIMITED	Director	30-12-2014	14-06-2003	-	Active	NO
2	U74900WB2014PTC200480	S S TECHNOLOGICAL SERVICES PRIVATE LIMITED	Director	25-02-2014	25-02-2014	24-11-2014	Active	NO

Name :

Mr. Ram Dev Batra

Designation :

Director

Address :

4148, Pocket 4, Sector D, Vasant Kunj, New Delhi -110001, India

Date of Birth/Age :

16.05.1936

Qualification :

B Tech

Date of Appointment :

01.03.2001

DIN No.:

00007769

Name :

Mr. Dinesh Kumar Behal

Designation :

Director

Address :

House No. 3235, Phase – II, Dugri Road, Urban Estate, Ludhiana, Punjab, India

Date of Birth/Age :

19.02.1958

Qualification :

ICWAI

Date of Appointment :

19.06.2006

DIN No.:

00011735

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	L51909DL1981PLC023796	CREATIVE INTRA LIMITED	Director	01-01-1991	01-01-1991	18-08-2011	Active	NO
2	U65990DL1984PTC152267	LINTAS INVESTMENT AND TRADING LIMITED	Director	28-08-2003	28-08-2003	-	Amalgamated	NO
3	U67120DL1984PLC152148	BEVERLY INVESTMENT COMPANY LIMITED	Director	12-04-2004	12-04-2004	24-03-2007	Amalgamated	NO
4	U27100DL1999PLC108350	BHUSHAN POWER AND STEEL LIMITED	Director	19-06-2006	28-02-2006	-	Active	NO
5	U51900DL1994PLC152147	ISABELLE TRADERS LIMITED	Additional director	24-02-2011	24-02-2011	27-09-2011	Active	NO
6	U17290PB2011PTC034791	AGGARWAL SPINTEX PRIVATE LIMITED	Director	08-03-2011	08-03-2011	-	Active	NO

Name :

Mr. Jimmy Lachmandas Mahtani

Designation :

Director

Address :

APT BLKI, Chatsworth Road, #22-21, Singapore

Date of Birth/Age :

27.10.1976

Date of Appointment :

23.05.2012

DIN No.:

00996110

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	U27100DL1999PLC108350	BHUSHAN POWER AND STEEL LIMITED	Nominee director	23-05-2012	22-11-2006	-	Active	NO
2	U17111MH1982PLC118017	PRATIBHA SYNTEX LIMITED	Director	30-05-2007	30-05-2007	15-12-2010	Active	NO
3	U74999MH2004PTC175698	JSM CORPORATION PRIVATE LIMITED	Director	29-09-2007	12-06-2007	-	Active	NO
4	L15141MP1985PLC003171	K.S.OILS LIMITED	Director	20-10-2007	22-08-2007	20-05-2011	Active	NO
5	U74140MH2004PTC175689	H R CAFE INDIA PRIVATE LIMITED	Director	29-09-2007	24-08-2007	-	Amalgamated	NO
6	U67120TG1995PLC019877	KARVY STOCK BROKING LIMITED	Director	29-09-2008	23-11-2007	29-06-2010	Active	NO
7	U99999MH1995PLC087498	SHAREKHAN LIMITED	Director	24-09-2008	20-02-2008	-	Active	NO
8	U45200TG1999PTC031431	RITHWIK PROJECTS Private LIMITED	Director	26-03-2008	26-03-2008	23-04-2012	Active	NO
9	U85110KA1996PTC019807	RSP DESIGN CONSULTANTS (INDIA) PRIVATE LIMITED	Nominee director	04-08-2008	04-08-2008	-	Active	NO
10	U45203OR1995PLC003982	COASTAL PROJECTS LIMITED	Nominee director	17-09-2010	05-01-2010	01-10-2013	Active	NO
11	U80301DL2010FTC207423	GLOBAL INDIAN SCHOOL EDUCATION SERVICES PRIVATE LIMITED	Nominee director	29-09-2012	25-11-2011	-	Active	NO
12	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Director	05-09-2013	15-07-2013	-	Active	NO
13	L72900MH1992PLC069662	HEXAWARE TECHNOLOGIES LIMITED	Director	13-12-2013	11-10-2013	-	Active	NO

Name :

Mr. Anil Shridhar Supanekar

Designation :

Director

Address :

A1002/1003, DSK Chandnadeep, Mukund Nagar, Pune, Maharashtra, India

Date of Birth/Age :

24.10.1940

Qualification :

B Tech

Date of Appointment :

20.07.2007

DIN No.:

00023254

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	U65993DL1988PLC030284	IFCI VENTURE CAPITAL FUNDS LIMITED	Director	05-07-2003	05-07-2003	30-09-2011	Active	NO
2	U27100DL1999PLC108350	BHUSHAN POWER AND STEEL LIMITED	Director	20-07-2007	29-09-2006	-	Active	NO

Name :

Mr. S. N. Baheti

Designation :

Nominee Director – IDBI

Date of Appointment :

08.11.2013

KEY EXECUTIVES

Name :	Mr. Ravinder Kumar Gupta
Designation :	Secretary
Address :	2147/3, Sector 45 C, Chandigarh – 160002, Punjab, India
Date of Birth/Age :	31.05.1958
Date of Appointment :	21.09.2000
PAN No.:	ADOPG2712Q
Name :	Mr. R. K. Gupta
Designation :	President and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Equity Shareholders	No. of Shares
Sanjay Singal	12585436
Sanjay Singal (HUF)	256450
Priyanka Miglani	1000895
Radhika S. Dhoot	1000220
Aarti Singal	5969324
Aniket Singal	1750967
Jasmine Steel Trading Limited, India	39772500
Marsh Steel Trading Limited, India	39553500
Diyajyoti Steel Limited, India	40032750
Vision Steel Limited, India	41068673
Anuradha Supanekar	10000
Baring Private Equity Asia III Mauritius Holdings (3) Limited, Mauritius	10714285
Total	193715000

Names of Preference Shareholders	No. of Shares
Jasmine Steel Trading Limited, India	527970
Marsh Steel Trading Limited, India	542695
Vision Steel Limited, India	555810
Diyajyoti Steel Limited, India	510025
Sanjay Singal	260250
Aarti Singal	259550
Aniket Singal	186250
Sanjay Singal (HUF)	263350
Total	3105900

As on 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident indian(s) or Overseas corporate bodies or Others)	5.53
Bodies corporate	82.82
Directors or relatives of directors	11.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Pig Iron, DRI, Billets, HR Coils, CR Coils, GP/GC Sheets, Precision Tubes, Black Pipe/GI Pipe, Cable Tapes, Tor Steel, Carbon and Special Alloy Steel Wire Rods and Rounds conforming to IS and international standards and also Generation of Power.

Products :

Item Code No.	Product Description
721119.00	Flat Cold Rolled products of Iron or Non Alloy Steels of a width of less than 600 mm not further worked.
730690.01	ERW Precision Tubes
721041.00	Corrugated Coated with zinc cold rolled products of Iron or Non-Alloy Steel of width 600 mm or more.
721491.09	Rolled Products
720810.00	Flat Rolled products of Iron or Non – Alloy Steels, of a width of 600 mm or more, Hot Rolled, Not Clad, plated or coated.

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

Not Divulged

Bankers / Financial Institution :

· Axis Bank Limited

· Allahabad Bank

· Andhra Bank

· Bank of Baroda

· Bank of India

· Bank of Maharashtra

· Bayern-LB, Germany

· Canara Bank

· Central Bank of India

· Corporation Bank

· Dena Bank

· Deutsche Bank S.P.A., Italy

· Export Import Bank of India

· HUA Nan Commercial Bank, Singapore

· ICICI Bank Limited

· IDBI Limited

· Indian Bank

· Indian Overseas Bank

· Intesa Sanpaolo S.P.A. Hongkong

· IKB Deutsche Industrie bank, Germany

· Karur Vysya Bank

· KFW Bank, Germany

· Life Insurance Corporation of India

· Oriental Bank of Commerce

· Punjab National Bank

· Punjab and Sind Bank

· State Bank of Bikaner and Jaipur

· State Bank of Hyderabad

· State Bank of India

· State Bank of Mysore

· State Bank of Patiala

· State Bank of Travancore

· Syndicate Bank

· SIDBI

· The South Indian Bank Limited

· The Jammu and Kashmir Bank Limited

· UCO Bank

· United Bank of India

· Union Bank of India

· Unicredit, Austria

· Vijaya Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans from Banks
Rupee Loans	158831.760	125683.937
Foreign Currency Loans	62082.947	54182.096
Deferred Credits from Banks	173.685	104.980
SHORT TERM BORROWINGS
Working Capital Loans
Rupee Loans	34052.106	20495.655
Foreign Currency Loans	5797.391	4826.245
Term Loans
Rupee Loans	9104.595	19764.110
Foreign Currency Loans	0.000	517.304
Total	270042.484	225574.327

Banking Relations :	--
Auditors :
Name :	Mehra Goel and Company Chartered Accountants
Address :	505, Chiranjiv Tower, Nehru Place, New Delhi – 110019, India
E-Mail :	mg@mehragoelco.com
Website :	www.mehragoelco.com
Income-tax PAN of auditor or auditor's firm :	AABFM1488M
Name :	J.K. Kabra and Company Cost Accountants
Address :	New Delhi, India
Memberships :	--
Collaborators :	--
Subsidiary company	Aarti Minerals (Austrlia) Pty Limited (Upto 30.03.2013) Skap Electronics Private Limited (Upto 23.11.2012) Aarti Resources Mozambique Limitada (Liquidated on 30.03.2013) Global Steel and Minerals Pte. Limited (Incorporated on 25.04.2013)*
Associates :	Nova Iron and Steel Limited Ambey Steel and Power Private Limited Aarti Minerals (Austrlia) Pty Limited (w.e.f. 31.03.2013) Jasmine Steel Trading Limited Marsh Steel Trading Limited Vision Steel Limited
Joint venture:	Rohne Coal Company Private Limited
Enterprise over which key managerial personnel and their relatives having significant influence:	Atma Ram House Investment Private Limited Aarti International Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
375,000,000	Equity Shares	Rs.10/- each	Rs. 3750.000 Millions
7,500,000	Preference Share	Rs.100/- each	Rs. 750.000 Millions
	Total		Rs. 4500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
193,715,000	Equity Shares	Rs.10/- each	Rs. 1937.150 Millions
4,293,155	Preference Share	Rs.100/- each	Rs. 429.316 Millions
	Total		Rs. 2366.466 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	2366.466	2013.337	1937.150
(b) Reserves & Surplus	78786.254	60722.450	52652.758
(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)	81152.720	62735.787	54589.908
(3) Non-Current Liabilities
(a) long-term borrowings	224088.392	179971.013	132105.195
(b) Deferred tax liabilities (Net)	14008.309	11008.309	7958.309
(c) Other long term liabilities	11882.704	20661.644	16089.221
(d) long-term provisions	287.161	283.478	103.415
Total Non-current Liabilities (3)	250266.566	211924.444	156256.140
(4) Current Liabilities
(a) Short term borrowings	49854.240	48603.314	36494.983
(b) Trade payables	13469.335	9119.109	9491.993
(c) Other current liabilities	24535.218	22911.799	13483.084
(d) Short-term provisions	733.593	271.983	299.866
Total Current Liabilities (4)	88592.386	80906.205	59769.926
TOTAL	420011.672	355566.436	270615.974
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	229816.877	137422.703	125469.041
(ii) Intangible Assets	180.210	11.462	7.214
(iii) Capital work-in-progress	105783.141	141939.816	84419.515
(iv) Intangible assets under development	0.000	149.344	0.000
(b) Non-current Investments	1220.696	1220.696	1013.858
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16072.754	11316.363	6367.803
(e) Other Non-current assets	197.655	337.930	65.233
Total Non-Current Assets	353271.333	292398.314	217342.664
(2) Current assets
(a) Current investments	94.909	212.206	453.787
(b) Inventories	31821.129	19927.145	17648.281
(c) Trade receivables	16243.669	17184.061	11090.131
(d) Cash and cash equivalents	1760.426	7336.532	8604.496
(e) Short-term loans and advances	16810.530	18508.178	15476.615
(f) Other current assets	9.676	0.000	0.000
Total Current Assets	66740.339	63168.122	53273.310
TOTAL	420011.672	355566.436	270615.974

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	103783.615	86697.613	67510.904
		Other Income	31.851	52.698	29.236
		TOTAL (A)	103815.466	86750.311	67540.140
Less	EXPENSES
		Cost of Materials Consumed	46506.960	42985.178	29374.474
		Purchases of Stock-in-Trade	3323.810	2916.564	856.140
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(35.323)	(2687.922)	4016.266
		Employees benefits expense	2752.188	2235.417	1893.051
		Other expenses	18748.827	14249.777	10839.310
		TOTAL (B)	71296.462	59699.014	46979.241
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32519.004	27051.297	20560.899
Less	FINANCIAL EXPENSES (D)		14380.289	10816.537	7360.448
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18138.715	16234.760	13200.451
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8783.827	7465.512	5059.775
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		9354.888	8769.248	8140.676
Less	TAX (H)		3000.000	3050.000	2800.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		6354.888	5719.248	5340.676
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14841.914	11210.392	7878.104
Less	APPROPRIATIONS
		Transferred to General Reserve	3300.000	2076.381	2000.000
		Proposed Equity Final Dividend	9.686	9.686	7.217
		Proposed Preference Dividend	4.581	0.011	0.000
		Tax on Proposed Equity Dividend	1.646	1.646	1.171
		Tax on Proposed Preference Dividend	0.779	0.002	0.000
	BALANCE CARRIED TO THE B/S		17880.110	14841.914	11210.392
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	22656.904	15019.412	13849.910
		Interest	0.000	0.000	8.472
	TOTAL EARNINGS		22656.904	15019.412	13858.382
	IMPORTS
		Raw Materials	9436.996	9754.026
		Raw Materials Traded	2563.024	2380.581
		Stores and Spares	596.737	398.902
		Capital Goods	2168.313	6607.684
	TOTAL IMPORTS		14765.070	19141.193	14016.919
	Earnings / (Loss) Per Share (Rs.)
	Basic		32.78	29.52	37.00
	Diluted		26.33	25.63	32.26

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.12	6.60	7.91
Operating Profit Margin (PBDIT/Sales)	(%)	31.33	31.20	30.46
Return on Total Assets (PBT/Total Assets}	(%)	2.99	4.13	4.40
Return on Investment (ROI) (PBT/Networth)		0.12	0.14	0.15
Debt Equity Ratio (Total Debt/Networth)		3.38	3.64	3.09
Current Ratio (Current Asset/Current Liability)		0.75	0.78	0.89

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	1937.150	2013.337	2366.466
Reserves & Surplus	52652.758	60722.450	78786.254
Net worth	54589.908	62735.787	81152.720
long-term borrowings	132105.195	179971.013	224088.392
Short term borrowings	36494.983	48603.314	49854.240
Total borrowings	168600.178	228574.327	273942.632
Debt/Equity ratio	3.088	3.643	3.376

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	67510.904	86697.613	103783.615
		28.420	19.708

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	67510.904	86697.613	103783.615
Profit	5340.676	5719.248	6354.888
	7.91%	6.60%	6.12%

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	Yes
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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10520691	08/09/2014	600,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C21237128
2	10509764	10/07/2014	400,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	HOTEL NIDHI COMPLEX, POWER HOUSE ROAD, ROURKELA, ORISSA - 769001, INDIA	C11848454
3	10511997	02/07/2014	300,000,000.00	ORIENTAL BANK OF COMMERCE	LARGE CORPORATE BRANCH, E BLOCK, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	C14433205
4	10505248	25/06/2014	1,500,000,000.00	CANARA BANK	PRIME CORPORATE BRANCH, SCO 117-119, SECTOR 17-C, CHANDIGARH, CHANDIGARH - 160017, INDIA	C08545543
5	10506847	25/06/2014 *	4,000,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICE BRANCH, 3, WALCHAND, HIRACHAND MARG, 1ST FLOOR, BALLARD PIER, MUMBAI, MAHARASHTRA - 400001, INDIA	C11848116
6	10504097	25/06/2014 *	1,000,000,000.00	BANK OF INDIA	MID CORPORATE BRANCH, SECTOR 17-B, CHANDIGARH, CH ANDIGARH - 160017, INDIA	C11989431
7	10496263	25/06/2014 *	1,500,000,000.00	ALLAHABAD BANK	MADHYA MARG, SECTOR 8-C, CHANDIGARH, CHANDIGARH - 160017, INDIA	C15315740
8	10505760	25/06/2014 *	3,000,000,000.00	BANK OF MAHARASHTRA	SOUTH EXTENSION, PART I, A-13, RING ROAD, NEW DELHI, DELHI - 110049, INDIA	C15727530
9	10494073	25/06/2014 *	5,000,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, PNB HOUSE, SECTOR 17-B, C HANDIGARH, CHANDIGARH - 160017, INDIA	C13663364
10	10494071	29/03/2014	1,000,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, PNB HOUSE, SECTOR 17-B, C HANDIGARH, CHANDIGARH - 160017, INDIA	C04438263
11	10490384	24/09/2014 *	47,600,000,000.00	STATE BANK OF INDIA (ACTING AS LENDERS' AGENT AND SECURITY AGENT)	INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VY APAR BHAVAN, 1, TOLSTOY MARG,, NEW DELHI, DELHI - 110001, INDIA	C26123380
12	10490366	12/03/2014	3,000,000,000.00	STATE BANK OF INDIA (ACTING AS LENDERS AGENT & SEC URITY AGENT)	INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAVAN, 1, TOLSTOY MARG, NEW DELHI, DELHI - 1 10001, INDIA	C03833415
13	10481906	25/06/2014 *	2,000,000,000.00	IDBI BANK LIMITED	3RD FLOOR, INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA	C09076753
14	10485270	20/02/2014	2,000,000,000.00	INDIAN OVERSEAS BANK	PRAKASH DEEP BUILDING, 7 TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	C00621953
15	10483176	25/06/2014 *	1,000,000,000.00	THE SOUTH INDIAN BANK LIMITED	A 301, III FLOOR, STATESMAN HOUSE, 148, BARAKHAMB A ROAD, NEW DELHI, DELHI - 110001, INDIA	C12255493
16	10472682	29/08/2014 *	11,050,000,000.00	DEUTSCHE BANK AG (SECURITY AGENT OF KFW AND KFW IP EX BANK GMBH)	KODAK HOUSE, 222, DR D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	C19405729
17	10472674	21/01/2014	4,550,000,000.00	DEUTSCHE BANK AG (SECURITY AGENT OF DEUTSCHE BANK S.P.A. AND INTESA SANPAOLA S.P.A. AND SACE)	KODAK HOUSE, 222, DR D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B94407020
18	10473502	25/06/2014 *	8,000,000,000.00	LIFE INSURANCE CORPORATION OF INDIA	YOGAKSHEMA, 6TH FLOOR, INVESTMENT DEPARTMENT, WEST WING, JEEWAN BIMA MARG, MUMBAI, MAHARASHTRA - 400021, INDIA	C10133031
19	10473465	29/11/2013	1,000,000,000.00	U27100DL1999PLC108350	LARGE CORPORATE BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B94679032
20	10468385	19/11/2013	2,000,000,000.00	CANARA BANK	SCO 117-119, SECTOR 17-C, CHANDIGARH, CHANDIGARH - 160017, INDIA	B92797257
21	10464340	19/11/2013 *	3,456,500,000.00	AXIS TRUSTEE SERVICES LIMITED	2ND, FLOOR, E BLOCK, AXIS HOUSE, BOMBAY DYEING, COMPOUND, PANDHURANG BHUDKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B93240919
22	10462209	09/11/2013	2,000,000,000.00	THE SOUTH INDIAN BANK LIMITED	A 301, III FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B90346982
23	10464267	31/10/2013	119,999,930.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B91159871
24	10455673	21/10/2013	1,000,000,000.00	STATE BANK OF MYSORE	3,4,5, D.D.A BUILDING, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B87780532
25	10455674	19/11/2013 *	7,100,000,000.00	AXIS TRUSTEE SERVICES LIMITED	2ND, FLOOR, E BLOCK, AXIS HOUSE, BOMBAY DYEING, COMPOUND, PANDHURANG BHUDKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B93233435
26	10450506	25/09/2013	1,000,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING FLOOR 21, WORLD TRADE CENTRE COMPLEX CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B85544666
27	10455732	25/06/2014 *	15,000,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAVAN, 1, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	C12257754
28	10451396	05/08/2013	1,000,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B85889046
29	10445993	19/11/2013 *	2,500,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICE BRANCH, 3, WALCHAND, HIRACHAND MARG, 1ST FLOOR, BALLARD PIER, MUMBAI, MAHARASHTRA - 400001, INDIA	B93977973
30	10444787	02/07/2013	1,000,000,000.00	INDIAN OVERSEAS BANK	PRAKASH DEEP BUILDING, 7 TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B82968330
31	10443404	19/11/2013 *	2,000,000,000.00	SYNDICATE BANK	C-18, PASCHIMI MARG, VASANT VIHAR, NEW DELHI, DELHI - 110057, INDIA	B92860337
32	10442540	28/06/2013	5,000,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B81924128
33	10436641	19/11/2013 *	1,000,000,000.00	INDIAN OVERSEAS BANK	PRAKASH DEEP BUILDING, 7, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	B92982222
34	10437831	19/11/2013 *	3,000,000,000.00	BANK OF INDIA	MID CORPORATE BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B93022572
35	10432486	19/11/2013 *	1,000,000,000.00	VIJAYA BANK	BRAKHAMBA ROAD BRANCH, GROUND FLOOR VIJAYA BUILDI NG 17 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B92756949
36	10432776	19/11/2013 *	2,000,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, PARLIAMENT STREET, JEEVAN TARA BUILDING, NEW DELHI, DELHI - 110001, INDIA	B93334340
37	10435253	19/11/2013 *	1,500,000,000.00	STATE BANK OF MYSORE	3,4,5, D.D.A BUILDING, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B93232155
38	10434701	11/06/2013	552,000,000.00	BAYERISCHE LANDESBANK	BRIENNERSTRABE 18, 80333, MUNICH, - 80333, GERMANY	B78668571
39	10434086	19/11/2013 *	2,000,000,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, HINDUSTAN TIMES HOUSE, 10TH FLOOR, 18/20, K. G. MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	B92777473
40	10434231	21/05/2013	15,006,300,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 14TH FLOOR,, JAWAHAR V YAPAR BHAVAN, 1, TOLSTORY MARG,, NEW DELHI, DELHI - 110001, INDIA	B78465051
41	10428658	19/11/2013 *	3,000,000,000.00	UNITED BANK OF INDIA	CORPORATE FINANCE BRANCH, 11 HEMANTA BSU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA	B93239531
42	10426854	08/04/2013	1,000,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA	B75525253
43	10414552	19/11/2013 *	2,000,000,000.00	ANDHRA BANK	SCO 202-204, SECTOR 17-C, CHANDIGARH, CHANDIGARH - 160017, INDIA	B93022853
44	10422454	19/11/2013 *	1,500,000,000.00	STATE BANK OF BIKANER & JAIPUR	6, DEVIKA TOWER, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B92820810
45	10418998	19/11/2013 *	2,000,000,000.00	STATE BANK OF HYDERABAD	COMMERCIAL BRANCH, 74 JANPATH, NEW DELHI, DELHI - 110001, INDIA	B92792217
46	10421292	19/11/2013 *	2,000,000,000.00	STATE BANK OF TRAVANCORE	COMMERCIAL BRANCH, TRAVANCORE HOUSE K G MARG, NEW DELHI, DELHI - 110001, INDIA	B93004950
47	10420722	19/11/2013 *	2,820,000,000.00	ORIENTAL BANK OF COMMERCE	PARK STREET BRANCH, 107/1, PARK STREET (1ST FLOOR), KOLKATA, WEST BENGAL - 700016, INDIA	B93135572
48	10422599	26/03/2013	1,500,000,000.00	SYNDICATE BANK	C-18, PASCHIMI MARG, VASANT VIHAR, NEW DELHI, DEL HI - 110057, INDIA	B73988644
49	10416412	19/11/2013 *	2,000,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA	B93863157
50	10412221	11/03/2013	1,000,000,000.00	ANDHRA BANK	SCO 202-204, SECTOR 17-C, CHANDIGARH, CHANDIGARH - 160017, INDIA	B70916846

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Banks	3000.000	0.000
SHORT TERM BORROWINGS
From Banks
Commercial Paper	800.000	2500.000
Rupee Loans	0.000	500.000
From Others
Loan from Related Party	100.148	0.000
Total	3900.148	3000.000

HIGHLIGHTS OF OPERATIONAL PERFORMANCE

The company continues to innovated new products to enlarge market share and manage effectively supply chain management, product mix enrichment, improvement in quality and productivity.

The company achieved gross revenue for operation of Rs. 112887.000 Millions as compared to Rs. 95174.700 Millions last year recording growth of 18.61%. Profit after tax increased by 11.13% as compared to last year to Rs. 6354.900 Millions. Cash Profit increased by 11.73% to Rs/ 18138.700 Millions. Better market demand, higher exports and better realization during the year has resulted into increased financial performance.

INDUSTRY OVERVIEW – GLOBAL SCENARIO

Change in the Government at the Centre has wired message of growth in the manufacturing sector which was slowed down over the years. Govt has put its priority to bring the Industry on path of growth and generate employment. Steel, Power and Infrastructure industries are expecting the policies to be growth oriented. The present GDP is 4.7% p.a. in 2013-14 is expected to grow upto 5.5 - 5.6% p.a. in 2014-2015. Reserve Bank of India constantly taking steps to keep the foreign exchange fluctuations under control and strength the Indian currency. Mining policies are expected

to be growth oriented where the Government is steering for more mineable reserve to the industry. Govt. is also giving a thought to amend the existing MMDRA to facilitate the quick disposal and smooth operation of mines. Simultaneously the Land Acquisition Act is also on the card of the Govt. to consider and amend in the larger interest of the industry.

Govt. has been striving for strengthening the manufacturing sector for generating more employment. Production target of Steel under National Steel Policy 2005 has also been set.

Globally the EU emerged out of its longest recession, the recovery in the USA gained ground (despite shutdown, tapering et al) and manufacturing bounced back in the developed block. But China, despite a strong 7.7% GDP growth in 2013 remained in slowdown mode, a major concern for the global steel fraternity. With betterment of overall economic conditions at home and globally widely projected in FY 2015, 2013-14 proved to be another year when the Indian Steel Industry was at its resilient self.

The Global apparent steel use at 1481 MT in 2013 and projected at 1527 MT in 2014 is up by 3.1% and Chinese apparent steel use at 700 MT in 2013 and projected at 721 MT in 2014 increased by 3%.

Consumer and business spending in US is rising. Housing construction, auto sales and ISM manufacturing index has marginally moved. Further the general feeling is that the steel industry will turn around in 2014-15.

Latest business environment ranking by the economist show india at 61st position with China at 49th , Brazil at 41st and Russia at 59th position, however in terms of infrastructure construction most countries other than China scored much lower. As the the total financing of the envisaged infrastructure investment in India is beyond the means of the government , an enabling environment for the private corporate sector and FDI capital inflow needs to be created.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Bills discounted with banks	4323.949	1746.869
Claims against the Company not acknowledged as debt	1260.142	1300.870
Central / State Sales Tax Act	814.587	680.245
Odisha Entry Tax Act	51.698	51.698
Central Excise Act,1944	1379.126	501.003
Income Tax Act,1961	384.737	537.305
Service Tax	1.093	1.456

FIXED ASSETS

Tangible Assets

Freehold Land

Leasehold Land

Building

Railway Siding

Plant and Equipment

Furniture and Fixture

Office Equipment

Vehicles

Intangible Assets

Technical Knowhow

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.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.