MIRA INFORM REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	KAMACHI SPONGE AND POWER CORPORATION LIMITED

Registered Office :	ABC Trade Centre, Old No.50, (New No.39), 3^rd Floor, Anna Salai, Chennai – 600 002, Tamilnadu

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	08.10.2003

Com. Reg. No.:	18-051727

Capital Investment / Paid-up Capital :	Rs.1061.286 millions

CIN No.: [Company Identification No.]	U27106TN2003PLC051727

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	CHEK07478C

PAN No.: [Permanent Account No.]	AACCK6172C

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject has an integrated steel plant including manufacture of sponge iron, billets and thermo mechanically treated bars and power plant.

No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow and delayed

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Management has failed to file its latest financials of 2014 with Government Department. As per financials of 2013, external borrowing of the company is huge. Rating also takes into consideration instances of delays in servicing its debt. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a safe and secured 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: D
Rating Explanation	Lowest credit quality and very low prospects of recovery.
Date	18.02.2014

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. Arihant
Designation :	Manager
Contact No.:	91-44-42961104
Date :	12.2014

LOCATIONS

Registered Office :	ABC Trade Centre, Old No.50, (New No.39), 3^rd Floor, Anna Salai, Chennai – 600 002, Tamilnadu, India
Tel. No.:	91-44-42961100 (30 Lines)
Fax No.:	91-44-42961122
E-Mail :	glkotari@vsnl.com vkkothari123@gmail.com info@kamachigroup.com sales@kamachitmt.com arihant@kamachigroup.com
Website:	www.kamachigroup.com

Corporate Office :	# 664, T.H. Road, Tondiarpet, Chennai – 600 081, Tamilnadu, India.
Tel. No.:	91-44-25910855/ 25910850
Fax No.:	91-44-25917603
E-Mail :	glkotari@vsnl.com

Factory :	Survey No.86, 115-119, 123, Pathapalayam Village, S.R. Kandigai Post, Gummidipoondi – 601 201, Tamilnadu, India
Tel. No.:	91-44-25910855/ 25910850/ 37900907
Tel. No.:	91-44-27924614

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ghisulal Kothari

Designation :

Director

Address :

New No.10, Old No.13, Sylvan Lodge Colony, 1^st Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

04.12.1950

Date of Appointment :

08.10.2003

DIN No.:

01168461

PAN No.:

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	U45402TN1995PLC030832	ABC PROPERTIES LIMITED	Director	05-04-1995	05-04-1995	25-12-2009	Active	NO
2	U27105TN1995PLC030850	KAMACHI STEELS LIMITED	Director	06-04-1995	06-04-1995	-	Active	NO
3	U27104TN1990PLC019711	GOYAL ISPAT LIMITED	Director	24-07-2000	24-07-2000	-	Active	NO
4	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Director	08-10-2003	08-10-2003	-	Active	NO
5	U65921WB1990PTC050426	KAMACHI INVESTMENTS PRIVATE LIMITED	Whole-time director	13-09-2004	13-09-2004	-	Active	NO
6	U63023TN2005PLC055189	K.I.(INTERNATIONAL) LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
7	U51109WB1995PTC073455	SOLANKI TEXCOM PRIVATE LIMITED	Director	28-09-2006	19-04-2006	-	Active	NO
8	U74899WB1995PLC114981	SHIVPRIYA FINVEST LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
9	U51109WB2005PTC102246	SAMARTH GOODS PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
10	U72100WB2007PTC112561	SALTEE SOFTWARE PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
11	U14102RJ1993PTC007445	KAMACHI GRANITES PRIVATE LIMITED	Director	19-02-2011	19-02-2011	-	Active	NO
12	U40200TN2011PLC082149	KAMACHI THERMAL POWER LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO
13	U40108TN2011PLC082135	KAMACHI GREEN ENERGY LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO

Name :

Mr. Shantilal Meghraj Kothari

Designation :

Director

Address :

New No.10, Old No.13, Sylvan Lodge Colony, 1^st Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

01.05.1953

Date of Appointment :

08.10.2003

DIN No.:

01789941

PAN No.:

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	U45402TN1995PLC030832	ABC PROPERTIES LIMITED	Director	05-04-1995	05-04-1995	25-12-2009	Active	NO
2	U27105TN1995PLC030850	KAMACHI STEELS LIMITED	Director	06-04-1995	06-04-1995	-	Active	NO
3	U27104TN1990PLC019711	GOYAL ISPAT LIMITED	Director	24-07-2000	24-07-2000	-	Active	NO
4	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Director	08-10-2003	08-10-2003	-	Active	NO
5	U65921WB1990PTC050426	KAMACHI INVESTMENTS PRIVATE LIMITED	Director	13-09-2004	13-09-2004	-	Active	NO
6	U63023TN2005PLC055189	K.I.(INTERNATIONAL) LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
7	U51109WB1995PTC073455	SOLANKI TEXCOM PRIVATE LIMITED	Director	19-04-2006	19-04-2006	-	Active	NO
8	U28931WB1996PTC117342	DEVSHREE SAVING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
9	U51109WB2005PTC102246	SAMARTH GOODS PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
10	U72100WB2007PTC112561	SALTEE SOFTWARE PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
11	U40200TN2011PLC082149	KAMACHI THERMAL POWER LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO
12	U40108TN2011PLC082135	KAMACHI GREEN ENERGY LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO

Name :

Mr. Sardarmal Kothari

Designation :

Managing Director

Address :

New No.10, Old No.13, Sylvan Lodge Colony, 1^st Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

03.10.1958

Date of Appointment :

02.08.2004

DIN No.:

01168374

PAN No.:

AADPK9902A

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	U27105TN1995PLC030850	KAMACHI STEELS LIMITED	Director	06-04-1995	06-04-1995	-	Active	NO
2	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Managing director	01-04-2014	08-10-2003	-	Active	NO
3	U27107GA2002PLC003121	MAA DURGA ENTERPRISES LIMITED	Director	02-08-2004	02-08-2004	-	Active	NO
4	U65921WB1990PTC050426	KAMACHI INVESTMENTS PRIVATE LIMITED	Director	13-09-2004	13-09-2004	-	Active	NO
5	U27104TN1990PLC019711	GOYAL ISPAT LIMITED	Director	01-10-2004	01-10-2004	-	Active	NO
6	U63023TN2005PLC055189	K.I.(INTERNATIONAL) LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
7	U51109WB1995PTC073455	SOLANKI TEXCOM PRIVATE LIMITED	Director	28-09-2006	19-04-2006	-	Active	NO
8	U67120WB1996PTC117347	S B M INVESTMENTS PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
9	U51109WB2005PTC102246	SAMARTH GOODS PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
10	U72100WB2007PTC112561	SALTEE SOFTWARE PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
11	U40200TN2011PLC082149	KAMACHI THERMAL POWER LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO
12	U40108TN2011PLC082135	KAMACHI GREEN ENERGY LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO

Name :

Mr. Kewalchand Meghraj Kothari

Designation :

Director

Address :

New No.10, Old No.13, Sylvan Lodge Colony, 1^st Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

15.06.1961

Date of Appointment :

08.10.2003

DIN No.:

01789704

PAN No.:

AADPK8674K

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	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Director	08-10-2003	08-10-2003	-	Active	NO
2	U27107GA2002PLC003121	MAA DURGA ENTERPRISES LIMITED	Director	20-01-2004	20-01-2004	-	Active	NO
3	U63023TN2005PLC055189	K.I.(INTERNATIONAL) LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
4	U65921WB1994PTC117343	BOOH FINANCE COMPANY PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
5	U51109WB2005PTC102246	SAMARTH GOODS PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
6	U72100WB2007PTC112561	SALTEE SOFTWARE PRIVATE LIMITED	Director	30-09-2010	30-09-2010	-	Active	NO
7	U14102RJ1993PTC007445	KAMACHI GRANITES PRIVATE LIMITED	Director	19-02-2011	04-02-2011	-	Active	NO
8	U40200TN2011PLC082149	KAMACHI THERMAL POWER LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO
9	U40108TN2011PLC082135	KAMACHI GREEN ENERGY LIMITED	Director	30-08-2011	30-08-2011	-	Active	NO

Name :

Mr. Vinod Kothari

Designation :

Director

Address :

New No.10, Old No.13, Sylvan Lodge Colony, 1^st Cross Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Birth/Age :

05.12.1972

Date of Appointment :

11.02.2004

DIN No.:

00215412

PAN No.:

AADPK8080H

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	U27105TN1995PLC030850	KAMACHI STEELS LIMITED	Director	11-05-1998	11-05-1998	-	Active	NO
2	U27107GA2002PLC003121	MAA DURGA ENTERPRISES LIMITED	Director	20-01-2004	20-01-2004	-	Active	NO
3	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Whole-time director	01-11-2014	11-02-2004	-	Active	NO
4	U27104TN1990PLC019711	GOYAL ISPAT LIMITED	Director	01-11-2004	01-11-2004	-	Active	NO
5	U63023TN2005PLC055189	K.I.(INTERNATIONAL) LIMITED	Director	20-01-2005	20-01-2005	-	Active	NO
6	U65929WB1996PTC138106	PURE GOLD FINANCE PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
7	U67120WB1996PTC115245	UTTAM FINVEST PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
8	U67120WB1996PTC117347	S B M INVESTMENTS PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
9	U74899WB1995PLC114981	SHIVPRIYA FINVEST LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
10	U65921WB1994PTC117343	BOOH FINANCE COMPANY PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
11	U28931WB1996PTC117342	DEVSHREE SAVING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	30-10-2007	30-10-2007	-	Active	NO
12	U27310TN2008PTC067964	STRIDE STEELS PRIVATE LIMITED	Director	29-05-2008	29-05-2008	12-04-2011	Active	NO
13	U65921WB1990PTC050426	KAMACHI INVESTMENTS PRIVATE LIMITED	Director	01-04-2009	01-04-2009	-	Active	NO
14	U51109WB1995PTC073455	SOLANKI TEXCOM PRIVATE LIMITED	Director	27-09-2010	01-02-2010	-	Active	NO
15	U14102RJ1993PTC007445	KAMACHI GRANITES PRIVATE LIMITED	Additional director	19-01-2011	19-01-2011	07-03-2011	Active	NO
16	U65993WB1993PTC136508	SHOBHA INVESTMENT PRIVATE LIMITED	Director	22-03-2013	20-06-2012	-	Active	NO

Name :

Mr. Rajeev Kumar Raizada

Designation :

Nominee Director

Address :

Old No.67, New No.6, Pachiyappas College Hostel Road, Chetpet, Chennai – 600 031, Tamilnadu, India

Date of Birth/Age :

05.12.1956

Date of Appointment :

23.08.2013

DIN No.:

06617811

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	U67120TG2007PLC053327	PRIDHVI ASSET RECONSTRUCTION AND SECURITISATION COMPANY LIMITED	Director	10-09-2013	29-06-2013	-	Active	NO
2	U27106TN2003PLC051727	KAMACHI SPONGE AND POWER CORPORATION LIMITED	Nominee director	23-08-2013	23-08-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. S. Varada Raj
Designation :	Secretary
Address :	72/11, Thottasalai Street, Vagarayam Palayam (Po), Coimbatore District – 641 659, Tamilnadu, India
Date of Birth/Age :	01.04.1985
Date of Appointment :	01.02.2010
PAN No.:	AGDPV1076C

Name :	Mr. Arihant
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	1.84
Bodies corporate	93.11
Directors or relatives of Directors	5.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject has an integrated steel plant including manufacture of sponge iron, billets and thermo mechanically treated bars and power plant.

Products/ Services :

Product/ Service Description	Item Code
Sponge Iron	72031000
MS Billets	72071920
Power	84118210
TMT Bars	73012010

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Sponge Iron	Metric Tonnes	120,000	84,575
WHR Power Plant	Units	10MW	28,618,380
Billets	Metric Tonnes	205,000	45,709

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	Punjab National Bank
Branch Address	150, LUZ Church Road, Mylapore, Chennai – 600 004, 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

Oriental Bank of Commerce, Mylapore Branch, 63, Radha Krishnan Salai, Chennai – 600 004, Tamilnadu, India
State Bank of Mysore, Industrial Finance Branch, 576, Anna Salai, Teynampet, Chennai – 600 006, Tamilnadu, India
Andhra Bank, Main Branch, 48/39, Rajaji Salai, Chennai – 600 001, Tamilnadu, India
Union Bank of India, Chennai, Tamilnadu, India
State Bank of India, Industrial Finance Branch, 155, Anna Salai, Chennai – 600 002, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (A first charge on all the fixed assets including land and building, plant and machinery both present and future.)	6988.300	4131.910
Loans taken for vehicles (Secured by hypothecation of Vehicles against which loan has been taken)	2.142	3.246
SHORT TERM BORROWINGS
Other loans and advances	1677.942	2834.202
Total	8668.384	6969.358

Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Flat No.11 `Shanti Enclave', 25, Venkatakrishna Iyer Road, R.A. Puram, Chennai – 600 028, Tamilnadu, India
PAN No.:	AACFD3771D

Memberships :	Not Available

Collaborators :	Not Available

Associates :	Goyal Ispat Limited, India (CIN No.: U27104TN1990PLC019711) K.I. (International) Limited, India (CIN No.: U70101TN2005PLC055189) Kamachi Granites Private Limited, India (CIN No.: U14102RJ1993PTC007445) Kamachi Green Energy Limited, India (CIN No.: U40108TN2011PLC082135) Kamachi Steels Limited, India (CIN No.: U27105TN1995PLC030850) Maa Durga Enterprises Limited, India (CIN No.: U27107GA2002PLC003121) Stride Steels Private Limited, India (CIN No.: U27310TN2008PTC067964) Booh Finance Company Private Limited, India (CIN No.: U65921WB1994PTC117343) Devshree Saving and Investment Company Private Limited, India (CIN No.: U28931WB1996PTC117342) Kamachi Investments Private Limited, India (CIN No.: U65921WB1990PTC050426) Pure Gold Finance Private Limited, India (CIN No.: U65929WB1996PTC138106) S B M Investments Private Limited, India (CIN No.: U67120WB1996PTC117347) Saltee Software Private Limited, India (CIN No.: U72100WB2007PTC112561) Samarth Goods Private Limited, India (CIN No.: U51109WB2005PTC102246) Shivpriya Finvest Limited, India (CIN No.: U74899WB1995PLC114981) Solanki Texcom Private Limited, India (CIN No.: U51109WB1995PTC073455) Uttam Finvest Private Limited, India (CIN No.: U67120WB1996PTC115245) Shobha Investment Private Limited, India (CIN No.: U65993WB1993PTC136508)

CAPITAL STRUCTURE

AFTER 30.09.2013

Authorised Capital : Rs.1500.000 millions

Issued, Subscribed & Paid-up Capital : Rs.1392.686 millions

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
135000000	Equity Shares	Rs.10/- each	Rs.1350.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
122363571	Equity Shares	Rs.10/- each	Rs.1223.636 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
135000000	Equity Shares	Rs.10/- each	Rs.1350.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
106128571	Equity Shares	Rs.10/- each	Rs.1061.286 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	1061.286	1040.886	921.046
(b) Reserves & Surplus	777.953	1826.585	1481.988
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	59.500	21.000	100.000
Total Shareholders’ Funds (1) + (2)	1898.739	2888.471	2503.034

(3) Non-Current Liabilities
(a) Long-term borrowings	6990.442	4135.156	3899.907
(b) Deferred tax liabilities (Net)	0.000	108.665	111.555
(c) Other long term liabilities	294.143	0.000	0.000
(d) Long-term provisions	4.293	3.383	2.318
Total Non-current Liabilities (3)	7288.878	4247.204	4013.780

(4) Current Liabilities
(a) Short term borrowings	1677.942	2834.202	739.193
(b) Trade payables	2094.510	2464.949	841.162
(c) Other current liabilities	582.837	1185.955	1137.256
(d) Short-term provisions	0.360	0.204	18.544
Total Current Liabilities (4)	4355.649	6485.310	2736.155

TOTAL	13543.266	13620.985	9252.969

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9131.887	9137.971	2075.882
(ii) Intangible Assets	2.605	3.252	3.823
(iii) Capital work-in-progress	30.829	77.029	4766.387
(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	200.433	172.614	444.759
(e) Other Non-current assets	24.236	24.236	24.236
Total Non-Current Assets	9389.990	9415.102	7315.087

(2) Current assets
(a) Current investments	0.000	0.000	2.000
(b) Inventories	1667.342	2640.391	1213.289
(c) Trade receivables	1744.496	622.836	198.503
(d) Cash and cash equivalents	191.221	503.937	81.760
(e) Short-term loans and advances	335.189	429.905	440.877
(f) Other current assets	215.028	8.814	1.453
Total Current Assets	4153.276	4205.883	1937.882

TOTAL	13543.266	13620.985	9252.969

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	10205.311	6714.791	2284.881
		Other Income	71.295	141.713	34.018
		TOTAL	10276.606	6856.504	2318.899

Less	EXPENSES
		Cost of materials consumed	5944.637	4982.178	1758.317
		Purchases of stock-in-trade	1333.602	592.555	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	189.934	(668.561)	(299.213)
		Employee benefit expense	142.369	82.963	55.728
		Other expenses	2280.377	1241.459	458.181
		TOTAL	9890.919	6230.594	1973.013

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		385.687	625.910	345.886

Less	FINANCIAL EXPENSES		1088.005	482.117	171.503

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(702.318)	143.793	174.383

Less/ Add	DEPRECIATION/ AMORTISATION		485.580	147.311	88.552

	PROFIT/ (LOSS) BEFORE TAX		(1187.898)	(3.518)	85.831

Less	TAX		(108.665)	(2.890)	28.905

	PROFIT/ (LOSS) AFTER TAX		(1079.233)	(0.628)	56.926

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	90.200	33.269

	BALANCE CARRIED TO THE B/S		NA	NA	90.200

	IMPORTS
		Raw Material	3012.719	4331.934	509.927
		Components and spare parts	45.339	0.000	1.441
		Capital Goods	0.337	57.652	93.842
	TOTAL IMPORTS		3058.395	4389.586	605.210

	Earnings/ (Loss) Per Share (Rs.)
	- Basic		(10.30)	(0.01)	1.00
	- Diluted		(10.30)	(0.01)	0.99

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(10.58)	(0.01)	2.49

Operating Profit Margin (PBDIT/ Sales)	(%)	3.78	9.32	15.14

Return on Total Assets (PBT/Total Assets}	(%)	(8.79)	(0.03)	1.91

Return on Investment (ROI) (PBT/Networth)		(0.63)	0.00	0.03

Debt Equity Ratio (Total Debt/Networth)		4.57	2.41	1.85

Current Ratio (Current Asset/Current Liability)		0.95	0.65	0.71

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	921.046	1040.886	1061.286
Reserves & Surplus	1481.988	1826.585	777.953
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	100.000	21.000	59.500
Net worth	2503.034	2888.471	1898.739

Long Term borrowings	3899.907	4135.156	6990.442
Short Term borrowings	739.193	2834.202	1677.942
Total borrowings	4639.100	6969.358	8668.384
Debt/Equity ratio	1.853	2.413	4.565

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	2,284.881	6,714.791	10,205.311
		193.879	51.983

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from Operations	2,284.881	6,714.791	10,205.311
Profit	56.926	(0.628)	(1,079.233)
	2.49%	(0.01%)	(10.58%)

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	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

Note:

The registered office of the company has been shifted from No.664, T.H Road, Tondiarpet, Chennai – 600 081, Tamilnadu, India to the present address w.e.f. 11.08.2008.

BACKGROUND:

Subject, incorporated in 2003, is an Integrated Steel Plant equipped with state-of--art facilities to offer Structural Steel in world class standards. This integrated Steel Plant comprises of all the required facilities to manufacture 120,000 M.T. of Sponge Iron, 205,000 M.T. of Steel Billets, 500,000 M.T. of TMT Bars with 10 MW Waste Heat Recovery and 70 MW Thermal Power Plants for Captive Consumption.

FINANCIAL REVIEW:

Total income from operations during the year was Rs.10276.600 millions as compared to Rs.6856.500 millions in the previous year signifying a rise by 150%. The EBITDA for the year was Rs.385.600 millions compared to Rs.625.900 millions during the previous year and the company sustained a Net Loss of Rs.1187.900 millions for the year against a net loss of Rs.3.500 millions in the previous year.

OPERATIONAL PERFORMANCE

During the year, the operational performance was as follows:

i) Sponge Iron Plant

The Sponge Iron Unit produced 116,504 MT of Sponge Iron during the year as against previous year's production of 1,13,860 MT and achieved a capacity utilisation of 97.08%.

ii) Steel Melting Shop

The Steel Melting Shop produced 150,870 MT of Steel Billets during the year as against previous year's production of 1,42,118 MT and achieved a capacity utilisation of 73.60%.

iii) Rolling Mill

The Rolling Mill produced 82,474 MT of TMT Bars during the year as against previous year’s production of 953 MT and achieved a capacity utilisation of 16.49%

iv) 70 MW Captive Power Plant

The 70 MW Captive Power Plant generated 52,56,88,327 KWH during the year as against previous years generation of 12,26,40,322 KWH and achieved a capacity utilisation of 89.40%.

v) 10 MW Waste Heat Recovery Power Plant

The total power generation of 10 MW Waste Heat Recovery Plant was 374,38,100 KWH as against 354,67,730 KWH of the previous year and achieved a capacity utilisation of 56.51%.

The integrated Steel Plant comprising Sponge Iron Plant, Steel Melting Shop and Rolling Mill, will ensure raw material integration and help to achieve significant marketing synergies. Besides, the Company is also likely to be benefited through savings in raw material, energy and inventory costs and will cater to customer needs faster. The Captive power plants, besides takin-g care of the energy requirement of entire plant, sell surplus to TNEB as well as Third parties.

INCREASE IN AUTHORISED SHARE CAPITAL:

During the year, the Company has obtained Shareholders approval in the Extra-Ordinary General Meeting held on 11^th January, 2013 and increased its Authorised Share Capital from Rs.1125.000 millions to Rs.1350.000 millions.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10428921	30/07/2013 *	82,300,000.00	PUNJAB NATIONAL BANK	150, LUZ CHURCH ROAD, MYLAPORE, CHENNAI, TAMILNADU - 600004, INDIA	B83815431
2	10416739	30/07/2013 *	2,350,000,000.00	PUNJAB NATIONAL BANK	150, LUZ CHURCH ROAD, MYLAPORE, CHENNAI, TAMILNADU - 600004, INDIA	B83815803
3	10360315	27/04/2012	1,440,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B41504671
4	10361268	27/04/2012	1,440,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B41887662
5	10156584	30/07/2013 *	5,250,000,000.00	PUNJAB NATIONAL BANK	150, LUZ CHURCH ROAD, MYLAPORE, CHENNAI, TAMINADU - 600004, INDIA	B83817908
6	80063471	30/07/2013 *	100,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, 576, ANNA SALAI, TEYNAMPET, CHENNAI, TAMILNADU - 600006, INDIA	B84339142
7	80021222	30/07/2013 *	4,400,000,000.00	PUNJAB NATIONAL BANK	150, LUZ CHURCH ROAD, MYLAPORE, CHENNAI, TAMILNADU - 600004, INDIA	B83816314
8	80063472	30/07/2013 *	305,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	B84450675

* Date of charge modification

CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR):

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
a) Outstanding Bank Guarantee	19.619	4.616
b) Estimated amount of contracts remaining to be executed on capital account and not provided for
Tangible assets	49.141	48.314
Claims against Company not acknowledged as Debt
c) Excise Duty and Service Tax Payable	32.815	--
The Company has received a show cause notice from the Office of Commissioner of Central Excise, Chennai relating to cenvat credits on inputs and service tax input credits availed by the Company. According to the show cause notice, the erroneous input credits availed by the Company aggregated to Rs.11.986 millions and Rs.26.545 millions respectively. The Company has filed its responses to the show cause notice. Though the Company is confident that the credits availed is as per Central Excise rules, based on the management estimate, an amount of Rs.5.716 millions has been provided against probable demand that might ultimately arise on completion of the assessment proceedings.
d) One Time Processing Fees for Corporate Debt Restructuring Cell	10.000

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Vehicles

· Computer Equipment

Intangible Assets

· 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.63.29
UK Pound	1	Rs.98.39
Euro	1	Rs.76.31

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	SUM

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
-- PROFITABILITY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		13

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.