MIRA INFORM REPORT

Report No. :	331210
Report Date :	07.07.2015

IDENTIFICATION DETAILS

Name :	CREST STEEL AND POWER PRIVATE LIMITED

Registered Office :	Village Joratarai, Post Mangatta, District Rajnandgaon – 491441, Chhattisgarh
Tel. No.:	91-788-2617341/ 2617342/ 2617343/ 2617344

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	25.05.2004

Com. Reg. No.:	10-016643

Capital Investment / Paid-up Capital :	Rs. 5158.775 Million

CIN No.: [Company Identification No.]	U27109CT2004PTC016643

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	JBPC00874G

PAN No.: [Permanent Account No.]	AACCC3836H

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Sponge Iron, Steel and Power Generation.

No. of Employees :	210 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 38000000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. For the financial year ended 2014, the company has reported decent topline growth of 28.99% and it has maintained profitability margins at 4.89%. Rating also takes into consideration experience of the promoters in steel manufacturing and trading business supported by sound financial base adequate liquidity profile of the company. Trade relations are fair. Business is active. Payments are reported to be usually correct. In view of sound operational track record of business operations, 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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	CARE
Rating	Long term bank facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	13.04.2015

Rating Agency Name	CARE
Rating	Short term bank facilities = A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	13.04.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Virendra
Designation :	Account Executive
Contact No.:	91-22-71500500

LOCATIONS

Registered Office/ Factory :	Village Joratarai, Post Mangatta, District Rajnandgaon – 491441, Chhattisgarh, India
Tel. No.:	91-788-2617341/ 2617342/ 2617343/ 2617344
Fax No.:	91-788-2617353
E-Mail :	hr.csppl@topworthgroup.com secretarial@topworthgroup.com amit.gupta@topworthgroup.com
Website :	http://www.topworthgroup.com

Head Office :	4, Raheja Centre, 214, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22841414
Fax No.:	91-22-22840211/ 22880141

Corporate Office :	16^th floor, tower 3, indiabulls fianance center, senapati bapat marg, elphinstone road, (West), Mumbai-400013, Maharashtra, India
Tel. No.:	91-22-71500500
Fax No.:	91-22-71500520
E-Mail :	structural.mktg@topworthgroup.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Abhay Narendra Lodha

Designation :

Managing director

Address :

Vaitrana Builidng, Flat No. 602, Sir Pochkhanwala Road, Worli, Mumbai – 400030, Maharashtra, India

Date of Appointment :

01.04.2009

PAN No.:

AAKPL7249L

DIN No.:

00052194

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	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14/06/2000	14/06/2000	04/02/2012	Active	NO
2	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	01/05/2011	18/05/2004	-	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18/08/2004	18/08/2004	31/12/2011	Active	NO
4	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
5	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Director	11/01/2005	11/01/2005	-	Active	NO
6	U51100MH1999PTC121425	POSCHO STEELS PRIVATE LIMITED	Director	02/05/2005	02/05/2005	04/02/2012	Active	NO
7	U63040MH2003PTC142659	BENREEZA TRAVEL SERVICES PRIVATE LIMITED	Director	16/05/2005	16/05/2005	04/02/2013	Active	NO
8	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
9	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	09/06/2006	09/06/2006	-	Active	NO
10	L67120MH1982PLC026924	SUPREME HOLDINGS AND HOSPITALITY (INDIA) LIMITED	Director	19/06/2006	19/06/2006	08/09/2011	Active	NO
11	U51909MH2006PTC163344	ROYALWAYS TRADING AND INVESTMENT SERVICES PRIVATE LIMITED	Director	27/07/2006	27/07/2006	03/03/2008	Amalgamated	NO
12	U63011MH2006PTC163690	AVICORE CARGO PRIVATE LIMITED	Director	09/08/2006	09/08/2006	-	Active	NO
13	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	21/08/2007	12/02/2007	-	Active	NO
14	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Managing director	01/04/2009	01/04/2007	-	Active	NO
15	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
16	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	26/04/2008	26/04/2008	-	Active	NO
17	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	19/05/2008	19/05/2008	20/11/2012	Active	NO
18	U14200MH2008PTC182964	TOPWORTH METALS AND ENERGY PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO
19	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
20	L28999GJ1992PLC018570	GUJARAT FOILS LIMITED	Managing director	14/05/2011	14/07/2008	-	Active	NO
21	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
22	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
23	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	-	Active	NO
24	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
25	U93000DL2010NPL198079	ABHAY NARENDRA LODHA FOUNDATION	Director	18/01/2010	18/01/2010	-	Active	NO
26	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
27	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27/04/2010	27/04/2010	20/11/2012	Active	NO
28	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06/05/2010	06/05/2010	20/11/2012	Active	NO
29	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
30	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
31	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
32	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
33	U74210DL2009PTC188932	GFL INFRA PRIVATE LIMITED	Director	10/09/2010	10/08/2010	-	Active	NO
34	U63090WB1994PTC066715	ANIKA TIE-UP PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
35	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	15/02/2014	Active	NO
36	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	30/09/2013	11/04/2012	-	Active	NO
37	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	30/09/2013	19/04/2012	-	Active	NO
38	U45201MH2012PTC230590	TOPWORTH TOLLWAYS (HAZARIBAGH) PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO

Name :

Mr. Surendra Champalal Lodha

Designation :

Director

Address :

126-128, Shriram Tower, Kingsway, Sadar, Nagpur – 440001, Maharashtra, India

Date of Appointment :

28.06.2007

PAN No.:

AAFPL4505J

DIN No.:

00044782

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	U51420PN2005PTC021380	AKSHATA SALES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	26/08/2009	Active	NO
2	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Whole-time director	28/02/2008	14/03/2006	-	Active	NO
3	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	12/02/2007	12/02/2007	01/08/2008	Active	NO
4	U27106CT2002PTC015375	SATYARTH STEEL AND POWER PRIVATE LIMITED	Director	22/06/2007	22/06/2007	10/08/2011	Active	NO
5	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
6	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
7	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Director	10/05/2010	10/05/2010	-	Active	NO
8	U70102MH2005PTC150548	AKSHATA REALTORS PRIVATE LIMITED	Additional director	22/12/2011	22/12/2011	-	Active	NO
9	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
10	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
11	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	28/09/2012	22/12/2011	-	Active	NO
12	U70102MH2005PTC150547	PHOENIX REALTORS PRIVATE LIMITED	Additional director	20/01/2012	20/01/2012	-	Active	NO
13	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	15/02/2014	Active	NO
14	U65993MH2012PLC229356	PURPLE INDIA HOLDINGS LIMITED	Director	09/04/2012	09/04/2012	07/05/2012	Active	NO
15	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
16	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
17	U45201MH2012PTC230590	TOPWORTH TOLLWAYS (HAZARIBAGH) PRIVATE LIMITED	Director	03/05/2012	03/05/2012	28/04/2014	Active	NO

Name :

Mr. Ashwin Narendra Lodha

Designation :

Director

Address :

502, Vaitarna Worli Sagar CHS Limited, Sir Pochkhanwala Road, Worli, Sea Face, Mumbai – 400030, Maharashtra, India

Date of Appointment :

05.05.2007

PAN No.:

AAFPL4502R

DIN No.:

00066948

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	U27100MH2000PTC127176	CHAMPALAL MOTILAL STEEL COMPANY PRIVATE LIMITED	Director	14/06/2000	14/06/2000	26/05/2012	Active	NO
2	U51909MH2001PTC133035	AKSHATA MERCANTILE PRIVATE LIMITED	Whole-time director	01/04/2009	27/09/2002	03/05/2012	Active	NO
3	U51420MH2004PTC148075	PHEONIX IMPEX PRIVATE LIMITED	Director	18/08/2004	18/08/2004	31/01/2012	Active	NO
4	U70100MH2005PTC157373	RIYA REAL ESTATES PRIVATE LIMITED	Director	17/11/2005	17/11/2005	09/01/2013	Active	NO
5	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Director	18/11/2005	18/11/2005	-	Active	NO
6	U62200MH2006PTC162557	AVICORE AVIATION PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
7	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	25/08/2010	12/02/2007	-	Active	NO
8	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Director	05/05/2007	05/05/2007	-	Active	NO
9	U70100MH1982PTC027614	PARISHRAM PROPERTIES PRIVATE LIMITED	Director	31/08/2007	31/08/2007	-	Amalgamated	NO
10	U51900MH1982PTC027434	DILSHAD TRADING CO PRIVATE LIMITED	Director	29/09/2007	29/09/2007	24/11/2011	Active	NO
11	U27203MH2007PTC176991	TOPWORTH ALUMINIUM PRIVATE LIMITED	Director	20/12/2007	20/12/2007	-	Active	NO
12	U40108MH2008PTC179667	TOPWORTH (BIJLI MAHADEV) ROPEWAYS PRIVATE LIMITED	Director	04/03/2008	04/03/2008	-	Active	NO
13	U14100MH2008PTC179793	TOPWORTH CEMENT PRIVATE LIMITED	Director	07/03/2008	07/03/2008	-	Active	NO
14	U14200MH2008PTC182964	TOPWORTH METALS AND ENERGY PRIVATE LIMITED	Director	31/05/2008	31/05/2008	-	Active	NO
15	U74140MH2008PTC184384	TOPWORTH MANAGEMENT PRIVATE LIMITED	Director	07/07/2008	07/07/2008	-	Active	NO
16	U74140MH2007PTC172898	ROCKDUDE MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
17	U11200MH2009PTC190088	TOPWORTH PETROLEUM PRIVATE LIMITED	Director	03/02/2009	03/02/2009	-	Active	NO
18	U45202MH2008PTC182415	TOPWORTH INFRA PRIVATE LIMITED	Director	25/09/2009	11/05/2009	-	Active	NO
19	U45202MH2009PTC191809	ROCKDUDE INFRA PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	-	Active	NO
20	U40109MH2009PTC196427	TOPWORTH GUJARAT POWER PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO
21	U62200MH2010PTC199116	TOPWORTH AIRWAYS PRIVATE LIMITED	Director	20/01/2010	20/01/2010	-	Active	NO
22	U45208MH2010PTC202453	TOPWORTH TOLLWAYS (SATNA) PRIVATE LIMITED	Director	27/04/2010	27/04/2010	-	Active	NO
23	U45203MH2010PTC202797	TOPWORTH TOLLWAYS (UJJAIN) PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
24	U51420MH2004PTC146381	TOPWORTH STEELS AND POWER PRIVATE LIMITED	Whole-time director	31/12/2012	10/05/2010	-	Active	NO
25	U52100MH2010PTC201234	SOHIL MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
26	U52300MH2010PTC201225	RONAK MERCANTILE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
27	U52100MH2010PTC201518	AKZO COMMERCE PRIVATE LIMITED	Director	31/05/2010	31/05/2010	-	Active	NO
28	U45202MH2010PTC203879	TOPWORTH CONSTRUCTION PROJECTS PRIVATE LIMITED	Director	08/06/2010	08/06/2010	-	Active	NO
29	U63090WB1994PTC066715	ANIKA TIE-UP PRIVATE LIMITED	Director	11/10/2010	11/10/2010	-	Active	NO
30	U28999HP2012PTC000106	CREST STEEL (UNA) PRIVATE LIMITED	Director	03/04/2012	03/04/2012	15/02/2014	Active	NO
31	U45400MH2012PTC229479	TOPWORTH TOLLWAYS (MANGAWAN) PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
32	U45400MH2012PTC229926	TOPWORTH TOLLWAYS (BELA) PRIVATE LIMITED	Director	19/04/2012	19/04/2012	-	Active	NO
33	U45201MH2012PTC230590	TOPWORTH TOLLWAYS (HAZARIBAGH) PRIVATE LIMITED	Director	03/05/2012	03/05/2012	-	Active	NO
34	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	25/09/2012	07/06/2012	-	Active	NO
35	U45400DL2007PTC166124	YAMUNOTRI PROJECT COMPANY PRIVATE LIMITED	Director	25/09/2013	04/10/2012	-	Active	NO
36	U45200MH2011PTC221363	AADITYA HOMES PRIVATE LIMITED	Additional director	04/03/2013	04/03/2013	-	Active	NO

Name :

Shishir Shivaji Hiray

Designation :

Additional director

Address :

Opposite L.I.C. Camp Road, Malegaon - 423203, Maharashtra, India

Date of Birth/Age :

31.07.1971

Date of Appointment :

03.12.2013

DIN No.:

02032125

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	Company/ LLP Status	Defaulting status
1	U33125MH2008PTC181822	MALEGAON MEDICAL RESEARCH FOUNDATION PRIVATE LIMITED	Director	01/05/2008	01/05/2008	Active	NO
2	U74990MH2010PLC211295	GIRANAMOSAM SUGAR AGRO AND ALLIED INDUSTRIES LIMITED	Director	23/12/2010	23/12/2010	Active	NO
3	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	30/09/2013	19/03/2013	Active	NO
4	U27310MH2012PTC235183	AURUM ISPAT PRIVATE LIMITED	Director	17/05/2013	17/05/2013	Active	NO
5	U52300MH2012PTC235767	KARTIKA MULTITRADING PRIVATE LIMITED	Director	17/05/2013	17/05/2013	Active	NO
6	U27109CT2004PTC016643	CREST STEEL AND POWER PRIVATE LIMITED	Additional director	03/12/2013	03/12/2013	Active	NO
7	U29120MH2005PTC157395	TOPWORTH PIPES AND TUBES PRIVATE LIMITED	Additional director	11/12/2013	11/12/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Virendra
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	78.93
Directors or relatives of Directors	21.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron, Steel and Power Generation.

Products :

Item Code No. (ITC Code)	Product Description
72031000	Sponge Iron
72071920	MS Billets
72271000	TMT Bars
90283090	Power

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Available

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

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 :

Wholesalers, Retailers and Manufacturer

Reference :	Ballaleshwar Pipes and Tubes Private Limited, Fort
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 :

210 (Approximately)

Bankers :

Banker Name :	Punjab National Bank
Branch Address :	Foreshore Road Branch, 102, Raheja Chambers, Nariman Point, Mumbai - 400021, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

Dena Bank, Corporate Business Branch, C-10, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051, Maharashtra, India

The Lakshmi Vilas Bank Limited, Fort Branch, 64, Dr. V.B. Gandhi Marg, Kalaghoda Fort, Mumbai - 400001, Maharashtra, India

State Bank Of Indore, Mittal Court, B-Wing, Ground Floor, Nariman Point, Mumbai - 400021, Maharashtra, India

Syndicate Bank, G 001, Rajan House, A. S. Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India

· State Bank Of India, Backbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term loans from banks	9469.646	9244.215
Long-term maturities of finance lease	9.269	3.624
Short Term Borrowing
Term loans from banks	0.000	108.133
Working capital loans from banks	896.775	0.000
Total	10375.690	9355.972

Auditors :
Name :	Jain and Chhoriya Chartered Accountants
Address :	59, Gaya Building, 4th Floor, 109, Yusuf Meher Ali Road, Masjid Bunder, Mumbai 400003, Maharashtra, India
PAN No.:	AADFJ9495M

Memberships :	--

Collaborators :	--

Subsidiaries :	Topworth Steels and Power Private Limited Topworth Urja and Metals Limited Satyarth Steel and Power Private Limited

Associates :	Topworth Pipes and Tubes Private Limited Topworth Infra Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

6,500,000,000	Equity Shares	Rs.10/- each	Rs.6500.000 Million
67,600,000	Preference Shares	Rs.10100/- each	Rs.1000.000 Million
			Rs.7500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

433,977,400	Equity Shares	Rs.10/- each	Rs.4339.774 Million
49,995,182	Preference Shares	Rs.10100/- each	Rs.819.001 Million
			Rs.5158.775 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	5158.775	4025.826	1936.850
(b) Reserves & Surplus	8400.039	6188.530	5693.366
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	2384.116	2369.945
Total Shareholders’ Funds (1) + (2)	13558.814	12598.472	10000.161

(3) Non-Current Liabilities
(a) long-term borrowings	9478.915	9247.839	5457.382
(b) Deferred tax liabilities (Net)	230.410	172.537	164.376
(c) Other long term liabilities	3581.667	2106.416	991.573
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	13290.992	11526.792	6613.331

(4) Current Liabilities
(a) Short term borrowings	993.773	1006.168	953.578
(b) Trade payables	2592.314	2811.446	1924.017
(c) Other current liabilities	1722.449	277.447	61.778
(d) Short-term provisions	0.000	0.000	110.036
Total Current Liabilities (4)	5308.536	4095.061	3049.409

TOTAL	32158.342	28220.325	19662.901

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1889.500	1257.477	1316.826
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	16355.850	13435.027	7535.917
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8912.868	8691.015	6980.809
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.685	9.254	7.626
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	27180.903	23392.773	15841.178

(2) Current assets
(a) Current investments	169.473	163.032	111.051
(b) Inventories	3194.554	2686.674	2372.988
(c) Trade receivables	100.030	510.324	156.102
(d) Cash and cash equivalents	33.921	5.797	14.172
(e) Short-term loans and advances	1479.461	1449.358	1162.488
(f) Other current assets	0.000	12.367	4.922
Total Current Assets	4977.439	4827.552	3821.723

TOTAL	32158.342	28220.325	19662.901

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	5287.625	4090.227	3652.850
		Other Income	22.126	10.984	19.931
		TOTAL (A)	5309.751	4101.211	3672.781

Less	EXPENSES
		TOTAL (B)	4494.927	3470.819	3083.225

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		814.824	630.392	589.556

Less	FINANCIAL EXPENSES (D)		245.881	220.502	225.827

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		568.943	409.890	363.729

Less/ Add	DEPRECIATION/ AMORTISATION (F)		130.146	84.286	82.968

	PROFIT BEFORE TAX (E-F) (G)		438.797	325.604	280.761

Less	TAX (H)		153.302	69.511	85.036

	PROFIT AFTER TAX (G-H) (I)		285.495	256.093	195.725

	Earnings Per Share (Rs.)		0.66	--	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.40	6.26	5.36

Operating Profit Margin (PBIDT/Sales)	(%)	15.41	15.41	16.14

Return on Total Assets (PBT/Total Assets}	(%)	6.37	5.34	5.46

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

Debt Equity Ratio (Total Debt /Networth)		0.77	0.81	0.64

Current Ratio (Current Asset/Current Liability)		0.94	1.18	1.25

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1936.850	4025.826	5158.775
Reserves & Surplus	5693.366	6188.530	8400.039
Share Application money pending allotment	2369.945	2384.116	0.000
Net worth	10000.161	12598.472	13558.814

long-term borrowings	5457.382	9247.839	9478.915
Short term borrowings	953.578	1006.168	993.773
Total borrowings	6410.960	10254.007	10472.688
Debt/Equity ratio	0.641	0.814	0.772

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3652.850	4090.227	5287.625
		11.974	29.275

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3652.850	4090.227	5287.625
Profit	195.725	256.093	285.495
	5.36%	6.26%	5.40%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	----
33	Market information	----
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

(Rs. In Million)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Rupee term loans from banks	96.998	0.000
Working capital loans from banks	0.000	898.035
Total	96.998	898.035

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10509951	23/06/2014	700,000,000.00	State Bank of India	Backbay Reclamation Branch, Raheja Chambers,, Free Press Journal Marg, Nariman Point,, Mumbai, Maha rashtra - 400021, INDIA	C11983814
2	10426476	06/05/2013	500,000,000.00	ALLAHABAD BANK	Fort Branch, Allahabad bank Building, Ground Floor , 37, Mumbai Samachar Marg, Mumbai, Maharashtra - 400023, INDIA	B75395483
3	10410419	15/02/2013	190,000,000.00	DURG RAJNANDGAON GRAMIN BANK	S.A.F. Bhilai (Katulbod), Bhilai, Chhattisgarh - 490022, INDIA	B70298039
4	10368807	04/07/2012	750,000,000.00	DENA BANK	CORPORATE BUSINESS BRANCH, C-10, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA (E),, MUMBAI, Maharashtra - 400051, INDIA	B45009289
5	10364753	18/05/2012	100,000,000.00	Canara Bank	Main Branch, Chandan Complex, Malviya Road, Raipur, Chhattisgarh - 492001, INDIA	B43299445
6	10353723	23/05/2012 *	750,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B40789760
7	10287242	23/05/2012 *	550,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B40789364
8	10264249	11/01/2011	7,740,600,000.00	PUNJAB NATIONAL BANK (As Lead Banker)	FORESHORE ROAD BRANCH,, 1ST FLOOR, RAHEJA CHAMBER S, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	B05351333
9	10266551	01/02/2012 *	579,000,000.00	STATE BANK OF PATIALA	Atlanta, First Floor,, Nariman Point,, Mumbai, Maharashtra - 400021, INDIA	B31252216
10	10255158	09/09/2014 *	14,551,200,000.00	PUNJAB NATIONAL BANK (As Lead Banker)	FORESHORE ROAD BRANCH,, 1ST FLOOR, RAHEJA CHAMBER S, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	C31787013

* Date of charge modification

REVIEW OF OPERATIONS

During the year, the Company's Net Income from operations stood at Rs.5287.625 Million as compared to Rs 4090.227 Million in the previous year. Profit before finance cost, Depreciation and taxation for the year stood at Rs 814.824 Million against Rs. 630.392 Million in the previous year. Profit after Tax increased to Rs. 285.495 Million from Rs. 256.093 Million in the year.

OPERATIONAL REVIEW

Various key industries like construction, agricultural, communication, transport and energy cannot sustain without steel. The steel industry has witnessed major technological advancements to produce right quality of metal to ideally suit the requirements of these key industries and for the rise in supply demand gap the Company has further planned to expand its production facilities.

FIXED ASSETS:

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· Bridges roads ports culverts

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. 63.58
UK Pound	1	Rs. 99.11
Euro	1	Rs. 70.29

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	KAR

Report Prepared by :	JYO

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.

MIRA INFORM REPORT

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