MIRA INFORM REPORT

Report No. :	308568
Report Date :	23.02.2015

IDENTIFICATION DETAILS

Name :	GOOD LUCK STEEL TUBES LIMITED GOODLUCK INDUSTRIES A UNIT OF GOOD LUCK STEEL TUBES LIMITED
Registered Office :	5/102, Sikka Complex, Ist Floor, Community Centre, Preet Vihar, Vikas Marg, Delhi – 110092
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.11.1986
Com. Reg. No.:	55-050910
Capital Investment / Paid-up Capital :	Rs.39.843 Millions
CIN No.: [Company Identification No.]	L74899DL1986PLC050910
IEC No.:	Not Available
TIN No.:	09589103236 - UP
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACG3204D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of a precision engineered range of Cold Drawn Welded Tubes and Precision Tubes.
No. of Employees :	600 (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 record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

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

NOT AVAILABLE

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. Ashesh
Designation :	Manager
Contact No.:	91-120-4196701
Date :	20.02.2015

LOCATIONS

Registered Office :	5/102, Sikka Complex, Ist Floor, Community Centre, Preet Vihar, Vikas Marg, Delhi – 110092, India
Tel. No.:	91-11-22214254
Fax No.:	91-11-22214254
E-Mail :	goodluck@goodlucksteel.com cs@goodlucksteel.com
Website :	http://www.goodlucksteel.com
Administrative Office:	IInd Floor, 166-167, Goodluck House, Nehru Nagar, Ambedkar Road, Ghaziabad - 201001, Uttar Pradesh, India
Tel. No.:	91-120- 4196600, 4196700 (200 Lines)
Fax No.:	91-120- 4196666, 4196777
Factory 1:	Khasra No. 2839, Gram Dhoom Manikpur,  G.T. Road , Gautam Budh Nagar, Dadri, G B Nagar - 203207, Uttar Pradesh, India
Tel. No.:	91-0120-2666896
Factory 2 :	Located At : Goodluck Steel Tubes Limited, Bulandshahr, Uttar Pradesh, India Goodluck Industries, Bulandshahr, Uttar Pradesh, India
Branches :	Located At : 3-13/105/2/F Surya Nagar Colony Mallapur Hyderabad Shop No-408 Ashiana Tower Exhibition Road Patna (Bihar) Plot No-3/356 Irc Vill-Nayapalli Bhubneshwar (Orissa) Plot No-17 Phirni Road Mundka Delhi F-207a Phase-Vii Focal Point Ludhiana Plot No-69b Hsidc Sec-31 Indl Area Faridabad Plot No 7a Sector 2 Parwanoo Tehsil Kasuli Distt Solan Himachal Pradesh Village Gagreat Bharwain Road Distt Una Himachal Pradesh

DIRECTORS

As on 30.09.2014

Name :

Mr. Mahesh Chandra Garg

Designation :

Whole-time director

Address :

R-4/52, Rajnagar, Ghaziabad, 201001, Uttar Pradesh, India

Date of Appointment :

01.10.2012

PAN No.:

ACKPG4173A

DIN No. :

00292437

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	L74899DL1986PLC050910	GOOD LUCK STEEL TUBES LIMITED	Whole-time director	01/10/2012	06/11/1986	-	Active	NO
2	U28112DL2009PTC192792	GOODLUCK INFRAPOWER PRIVATE LIMITED	Director	01/01/2010	01/01/2010	14/06/2012	Active	NO
3	U27109DL2004PTC128383	MASTERJI METALLOYS PRIAVATE LIMITED	Additional director	01/02/2012	01/02/2012	06/09/2012	Active	NO
4	U15141DL1999PTC102941	PVGMB PETROCHEM PRIVATE LIMITED	Director	30/09/2013	10/12/2012	01/09/2014	Active	NO

Name :

Mr. Ramesh Chandra Garg

Designation :

Whole-time director

Address :

10/159, Raj Nagar, Sector - 10, Ghaziabad, 201001, Uttar Pradesh, India

PAN No.:

ACCPG9485D

Date of Appointment :

01.10.2012

DIN No. :

00298129

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	L74899DL1986PLC050910	GOOD LUCK STEEL TUBES LIMITED	Whole-time director	01/10/2012	12/09/1988	-	Active	NO
2	U51909DL2003PTC123138	VIDISHA EXPORTS PRIVATE LIMITED	Director	29/04/2005	29/04/2005	-	Converted to LLP and dissolved	NO
3	U28112DL2009PTC192792	GOODLUCK INFRAPOWER PRIVATE LIMITED	Director	01/01/2010	01/01/2010	14/06/2012	Active	NO
4	U27109DL2004PTC128383	MASTERJI METALLOYS PRIAVATE LIMITED	Additional director	01/02/2012	01/02/2012	-	Active	NO
5	AAB-7978	VIDISHA EXPORTS LLP	Designated Partner	04/10/2013	04/10/2013	-	Active	NO

Name :

Mr. Ishwar Chadra Agasti

Designation :

Director

Address :

1103, Raheja Apartment, Manmala Tank Road, Matunga (West), Mumbai – 400016, Maharashtra, India

Date of Appointment :

30.09.2014

DIN No.:

01483515

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	U66030MH2001PTC133448	IB INSURANCE CONSULTANTS PRIVATE LIMITED	Director	15/11/2006	15/11/2006	29/07/2010	Strike off	NO
2	U23209WB1985SGC039487	HALDIA PETROCHEMICALS LTD	Nominee director	01/11/2010	01/11/2010	16/07/2012	Active	NO
3	L74899DL1986PLC050910	GOOD LUCK STEEL TUBES LIMITED	Director	30/09/2014	30/09/2014	-	Active	NO

Name :

Mr. Vijender Kumar Tyagi

Designation :

Director

Address :

K-36, Hig, Niti Nagar, Sector-23, Ghaziabad, 201001, Uttar Pradesh, India

Date of Appointment :

19.12.2006

DIN No. :

01584278

Name :

Mr. Rahul goel

Designation :

Director

Address :

KE 93, Kavi Nagar, Ghaziabad, 201001, Uttar Pradesh, India

Date of Appointment :

19.12.2006

DIN No. :

02067212

Name :

Mr. Nitin Garg

Designation :

Whole-time director

Address :

KF-7, Kavi Nagar, Ghaziabad, 201001, Uttar Pradesh, India

Date of Appointment :

21.09.2012

DIN No. :

02693146

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	U28112DL2009PTC192792	GOODLUCK INFRAPOWER PRIVATE LIMITED	Director appointed in casual vacancy	01/05/2012	01/05/2012	-	Active	NO
2	U27106DL2006PTC144697	GOODLUCK ISPAT AND ALLOYS PRIVATE LIMITED	Additional director	01/05/2012	01/05/2012	-	Active	NO
3	U70101DL1999PTC100576	SHRI JEE HOUSING (PVT) LTD	Additional director	01/05/2012	01/05/2012	-	Active	NO
4	L74899DL1986PLC050910	GOOD LUCK STEEL TUBES LIMITED	Whole-time director	21/09/2012	01/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Bansal
Designation :	CFO
Address :	Raison Armor Homes, Ahinsa Khand II, Indrapuram, Ghaziabad, 201014, Uttar Pradesh, India
Date of Appointment :	01.04.2014
Name :	Mr. Abhishek Agrawal
Designation :	Secretary
Address :	66B, Dayanand Block, Shakarpur, Delhi, 110092, India
PAN No.:	AIQPA6773J
Date of Appointment :	01.09.2008
Name :	Mr. Ashesh
Designation :	Manager

SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	13005121	61.91
Sub Total	13005121	61.91
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	13005121	61.91
(B) Public Shareholding
(1) Institutions
Insurance Companies	414985	1.98
Sub Total	414985	1.98
(2) Non-Institutions
Bodies Corporate	3790543	18.04
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	2855597	13.59
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	236444	1.13
Any Others (Specify)	703560	3.35
Clearing Members	468010	2.23
NRIs/OCBs	235550	1.12
Sub Total	7586144	36.11
Total Public shareholding (B)	8001129	38.09
Total (A)+(B)	21006250	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	21006250	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of a precision engineered range of Cold Drawn Welded Tubes and Precision Tubes.
Products :	Cold Drawn Welded Tubes Precision Tubes
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash, L/C and Credit (30 Days)
Purchasing :	Cash, L/C and Credit (30 Days)

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

• Retailers
• Others

No. of Employees :

600 (Approximately)

Bankers :

• HDFC Bank Limited
• ING Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No. G1 to G5, 1^st Floor, Shop No.1001 to 1007, Barakhamba Road, New Delhi – 110001, India
• Bank of Baroda
• Axis Bank Limited, 2^nd Floor, Statesman House, 148, Barakhamba Road, New Delhi – 11001, India
• State Bank of India, Commercial Branch, M-47, Connaught Circus, New Delhi – 110001, India
• Union Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
From State Bank of India	19.100	99.500
From Axis Bank Limited	273.909	223.859
SHORT TERM BORROWINGS
From Banks (Working Capital Loan)	2249.891	2190.818
From Other	14.639	0.000
Total	2557.539	2514.177

Statutory Auditors :
Name :	Sanjeev Anand and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Masterji Metalloys Private Limited
Enterprise over which key Management personnel are able to exercise significant influence :	Shri Jee Housing Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.2/-each	Rs.100.000 Millions

Issued and Subscribed Capital :

No. of Shares	Type	Value	Amount
19921250	Equity Shares	Rs.2/-each	Rs.39.843 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
18721250	Equity Shares	Rs.2/-each	Rs.37.443 Millions
1200000	Add: Addition during the year	Rs.2/-each	Rs.2.400 Millions
	Total		Rs.39.843 Millions

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.2/-each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21006250	Equity Shares	Rs.2/-each	Rs.42.012 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	39.843	37.443	37.443
(b) Reserves & Surplus	1401.684	1150.532	940.698
(c) Money received against share warrants	18.988	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1460.515	1187.975	978.141
(3) Non-Current Liabilities
(a) long-term borrowings	389.219	433.572	418.412
(b) Deferred tax liabilities (Net)	144.612	118.586	82.806
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9.808	6.046	3.887
Total Non-current Liabilities (3)	543.639	558.204	505.105
(4) Current Liabilities
(a) Short term borrowings	2264.530	2190.818	1856.840
(b) Trade payables	630.885	413.356	187.269
(c) Other current liabilities	272.411	259.941	174.589
(d) Short-term provisions	84.013	83.084	95.856
Total Current Liabilities (4)	3251.839	2947.199	2314.554
TOTAL	5255.993	4693.378	3797.800
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1243.317	1165.897	799.015
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	123.678	2.272	167.963
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	77.370	69.660	87.431
(e) Other Non-current assets	21.461	21.461	0.000
Total Non-Current Assets	1465.826	1259.290	1054.409
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1373.969	1155.044	1024.516
(c) Trade receivables	1879.449	1831.768	1315.757
(d) Cash and cash equivalents	78.784	65.435	56.904
(e) Short-term loans and advances	457.965	381.841	346.214
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3790.167	3434.088	2743.391
TOTAL	5255.993	4693.378	3797.800

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	9754.265	9532.435	6790.480
	Other Income	266.259	241.202	144.361
	TOTAL	10020.524	9773.637	6934.841
Less	EXPENSES
	Cost of Materials Consumed	7659.319	7256.804	5398.826
	Purchases of Stock-in-Trade	12.861	295.580	3.201
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(129.639)	(138.162)	(129.897)
	Employees benefits expense	343.455	295.911	232.994
	Other expenses	1424.683	1320.889	898.625
	TOTAL	9310.679	9031.022	6403.749
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	709.845	742.615	531.092
Less	FINANCIAL EXPENSES	353.815	344.088	192.125
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	356.030	398.527	338.967
Less/ Add	DEPRECIATION/ AMORTISATION	75.613	70.552	52.143
Add	PRIOR PERIOD ITEMS	(0.227)	1.551	(5.949)
	PROFIT/ (LOSS) BEFORE TAX	280.190	329.526	280.875
Less	TAX	103.047	110.102	79.751
	PROFIT/ (LOSS) AFTER TAX	177.143	219.424	201.124
Less	APPROPRIATIONS
	Transfer to General Reserve	30.000	40.000	40.000
	Dividend	6.000	7.500	7.500
	Tax on Dividend	1.000	1.200	1.200
	Total	37.000	48.700	48.700
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	3620.565	3525.019	1834.265
	TOTAL EARNINGS	3620.565	3525.019	1834.265
	IMPORTS
	Raw Materials	0.000	0.000	4.147
	Components and Stores parts	0.017	0.387	0.083
	Capital Goods	6.232	16.129	1.754
	TOTAL IMPORTS	6.249	16.516	5.984
	Earnings / (Loss) Per Share (Rs.)	8.89	11.01	10.10

QUARTERLY RESULTS

Particulars (Rs. In Millions)	Dec 2014	Sep 2014	Jun 2014
Audited / Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	2616.300	2758.000	2899.500
Total Expenditure	2417.700	2550.500	2689.500
PBIDT (Excl OI)	198.600	207.400	209.900
Other Income	3.100	3.800	4.100
Operating Profit	201.600	211.200	214.000
Interest	87.100	89.800	97.100
Exceptional Items	0.000	0.000	0.000
PBDT	114.500	121.400	116.900
Depreciation	14.800	29.500	26.400
Profit Before Tax	99.700	91.800	90.500
Tax	25.800	25.800	26.700
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	73.900	66.000	63.800
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	-0.100	3.200	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	73.800	69.200	63.800

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.87	2.30	2.96
Operating Profit Margin (PBDIT/Sales)	(%)	7.27	7.79	7.82
Return on Total Assets (PBT/Total Assets}	(%)	5.46	7.02	7.74
Return on Investment (ROI) (PBT/Networth)		0.19	0.28	0.29
Debt Equity Ratio (Total Debts/Networth)		1.82	2.21	2.33
Current Ratio (Current Asset/Current Liability)		1.17	1.17	1.19

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	37.443	37.443	39.843
Reserves & Surplus	940.698	1150.532	1401.684
Money received against share warrants	0.000	0.000	18.988
Net worth	978.141	1187.975	1460.515
long-term borrowings	418.412	433.572	389.219
Short term borrowings	1856.840	2190.818	2264.530
Total borrowings	2275.252	2624.390	2653.749
Debt/Equity ratio	2.326	2.209	1.817

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	6790.480	9532.435	9754.265
		40.379	2.327

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	6790.480	9532.435	9754.265
Profit	201.124	219.424	177.143
	2.96%	2.30%	1.82%

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	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	No
18]	Major customers	Yes
19]	Payments terms	Yes
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	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10450129	03/03/2014 *	650,000,000.00	Axis Bank Limited	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA	C00624668
2	10337940	06/08/2012 *	1,275,400,000.00	State Bank of India	Commercial Branch, M-47, Connaught Circus, New De  lhi, Delhi - 110001, INDIA	B56656705
3	10332640	24/08/2012 *	665,000,000.00	ING VYSYA BANK LIMITED	NARIAN MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5,, I  FLOOR,SHOP NO.1001 TO 1007,BARAKHAMBA ROAD,, NEW DELHI, Delhi - 110001, INDIA	B58175225
4	10305178	04/09/2014 *	220,000,000.00	AXIS BANK LTD.	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD,  NEW DELHI, Delhi - 110001, INDIA	C20376075
5	10305180	04/09/2014 *	272,800,000.00	AXIS BANK LTD.	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD,  NEW DELHI, Delhi - 110001, INDIA	C20378691
6	10282842	04/09/2014 *	207,800,000.00	AXIS BANK LTD.	2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD,  NEW DELHI, Delhi - 110001, INDIA	C20383220
7	10234980	28/04/2014 *	2,943,000,000.00	State Bank of India	Commercial Branch M-47 Connaught Circus, New Delhi, New Delhi, Delhi - 110001, INDIA	C04438016
8	80001366	26/02/2013 *	2,776,500,000.00	ING VYSYA BANK LIMITED	30 & 31NAVYUG MARKET,, P.B.NO.75,, GHAZIABAD, Uttar Pradesh - 201001, INDIA	B72569684

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
From Related Parties	54.853	92.313
From Others	41.357	17.900
Total	96.210	110.213

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS PERIOD ENDED ON 31^ST DECEMBER 2014

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Nine Months Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
1. Income from operations	(Unaudited)	(Unaudited)	(Unaudited)
a) Net sales/ Income from operation (net of excise duty)	2560.992	2699.484	8096.623
b) Other operating income	55.257	58.492	177.049
Total income from Operations(net)	2616.249	2757.976	8273.672
2.Expenditure
a) Cost of material consumed	1885.306	2086.060	6072.031
b) Purchases of stock in trade	3.133	0.073	4.725
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	79.913	(8.273)	188.683
d) Employees benefit expenses	96.277	94.706	278.185
e) Depreciation and amortization expenses	14.815	29.518	70.694
f) Other expenditure	353.079	377.977	1114.138
Total expenses	2432.523	2580.061	7728.456
3. Profit from operations before other income and financial costs	183.726	177.915	545.216
4. Other income	3.079	3.746	10.872
5. Profit from ordinary activities before finance costs	186.805	181.661	556.088
6. Finance costs	87.140	89.836	274.068
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	99.665	91.825	282.020
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	99.665	91.825	282.020
10.Tax expenses	25.758	25.800	78.258
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	73.907	66.025	203.762
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Prior Period Adjustment	(0.114)	3.210	3.079
14.Net Profit / (Loss) for the period (11 -12)	73.793	69.235	206.841
15.Paid-up equity share capital (Nominal value Re. 1/- per share)	42.0125	42.0125	42.0125
16. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	---	---	---
17.i) Earnings per share (before extraordinary items) of Re. 1/- each) (not annualised):	---	---	---
(a) Basic	3.52	3.30	9.96
(b) Diluted	3.52	3.30	9.96

A. Particulars of shareholding
1. Public Shareholding
- Number of shares	8001129	7577635	8001129
- Percentage of shareholding	38.09%	36.07%	38.09%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil	Nil	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	NA	NA	NA
Percentage of shares (as a % of total share capital of the company)	NA	NA	NA
b) Non Encumbered
Number of shares	13005121	13005121	13005121
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%	100%	100%
Percentage of shares (as a % of total share capital of the company)	61.91%	61.91%	61.91%

B. Investor Complaints	Quarter ended 31.12.2014
Pending at the beginning of the quarter	NIL
Receiving during the quarter	NIL
Disposed of during the quarter	NIL
Remaining unreserved at the end of the quarter	NIL

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Half Year Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
1. Segment Revenue
a. Pipe/Sheet/Structure	2154.966	2196.271	6719.211
b. Engineering Goods	461.888	561.996	1555.424
Total	2616.854	2758.267	8274.635
Less : Inter Segment Revenue	0.605	0.292	0.964
Net Sales/Income From Operations	2616.249	2757.975	8274.635
2. Segment Result (Profit before Interest and Tax)
a. Pipe/Sheet/Structure	158.008	148.302	446.691
b. Engineering Goods	25.717	29.613	98.524
Total	183.725	177.915	545.215
Add : (i) Un-allocable Income	3.080	3.746	10.873
Less : (i) Finance Cost	87.140	89.836	274.068
(ii) Other un-allocable expenditure net off un-allocable income.	0.000	0.000	0.000
Profit before Tax
3. Capital Employed
a. Pipe/Sheet/Structure	4230.405	3951.768	4230.405
b. Engineering Goods	910.127	879.528	910.127
Total	5140.532	4831.296	5140.532

FIXED ASSETS

• Land (Leasehold)
• Factory Building
• Office Building
• Furniture and Fixtures
• Plant and Machinery
• Office Equipments
• Vehicles

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.96.00
Euro	1	Rs.70.72

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

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