MIRA INFORM REPORT

Report No. :	314792
Report Date :	31.03.2015

IDENTIFICATION DETAILS

Name :	SHRI BAJRANG POWER AND ISPAT LIMITED
Registered Office :	Village Borjhara, Guna Road, Urla Growth Center, Raipur – 493221, Chhattisgarh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.07.2002
Com. Reg. No.:	015184
Capital Investment / Paid-up Capital :	Rs. 130.712 Millions
CIN No.: [Company Identification No.]	U27106CT2002PLC015184
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCB2944D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Sponge Iron, Billets, Pellets, TMT Bars, Wire rod, Filter Cake, Ferro Alloys and Generation of Electricity.
No. of Employees :	Not Divulged

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. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BBB+” (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	24.03.2015

Rating Agency Name	CARE
Rating	Short term bank facilities: “A2” (Suspended)
Rating Explanation	Strong degree of safety and low credit risk.
Date	24.03.2015

Reasn for suspension: Stron degree of safety and low credit risk.

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. Narendra Goel
Designation :	Managing Director
Contact No.:	91-9826422500
Date :	30.03.2015

LOCATIONS

Registered Office/ Factory :	Village Borjhara, Guna Road, Urla Growth Center, Raipur – 493221, Chhattisgarh, India
Tel. No.:	91-771-4288029 / 4288019 / 39
Mobile No.:	91-9826422500 (Mr. Narendra Goel)
Fax No.:	91-771-4288123 / 2323601 / 602
E-Mail :	muralidharan.b@goeltmt.com spbil@goeltmt.com cs@goelgroup.co.in sbpilinfo@goeltmt.com
Website :	http://www.goeltmt.com
Location :	Owned
Locality :	Industrial
Branch Office / TMT Division :	KH. No 2/3, Village Gondwara, Urla Industrial Area, Raipur – 493221, Chhattisgarh, India
Tel. No.:	91-771-4288111
Fax No.:	91-771-4288150
E-Mail :	info.tmt@goelgroup.co.in
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Suresh Goel

Designation :

Director

Address :

Gharonda, Ravi Nagar, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

25.05.1950

Qualification :

B.com

Date of Appointment :

25.01.2007

PAN No.:

ACZPG8043L

DIN No.:

00115834

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	L27103CT1990PLC005964	SHRI BAJRANG ALLOYS LIMITED	Director	10-10-1994	10-10-1994	-	Active	NO
2	U28910CT2005PLC017828	SHRI BAJRANG STEEL AND POWER LIMITED	Director	27-07-2005	27-07-2005	-	Active	NO
3	U01410CT2005PLC018224	CHHATTISGARH CAPTIVE COAL MINING LIMITED.	Director	28-12-2005	28-12-2005	04-01-2009	Active	NO
4	U13100CT2006PTC020001	S. B. MULTIMEDIA PRIVATE PRIVATE LIMITED	Director	26-05-2006	26-05-2006	-	Active	NO
5	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	25-01-2007	25-01-2007	-	Active	NO
6	U40101HP2007PTC030762	SHRI BAJRANG HYDRO ENERGY PRIVATE LIMITED	Director	27-06-2007	27-06-2007	-	Active	NO
7	U10101CT2007PTC020161	MADANPUR (NORTH) COAL COMPANY Private LIMITED	Nominee director	06-08-2007	06-08-2007	12-04-2010	Active	NO

Name :

Mr. Rajendra Goel

Designation :

Additional Director

Address :

Ravi Nagar, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

20.09.1956

Qualification :

B.com

Date of Appointment :

25.08.2002

PAN No.:

ACZPG8043L

DIN No.:

01263958

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	L17115UP1984PLC006824	SWASTIK MERCANTILES LIMITED	Director	23-08-1985	23-08-1985	10-01-2008	Active	NO
2	U65993CT1992PTC007074	SHIMMER INVESTMENTS PRIVATE LIMITED	Director	01-03-1993	01-03-1993	-	Active	NO
3	U27100MH1996PLC097544	SHRI BAJARANG ISPAT AND PLYWOOD LIMITED	Additional director	09-08-2008	29-09-1997	26-09-2008	Active	NO
4	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	25-08-2002	25-08-2002	-	Active	NO
5	U27320CT1991PLC006856	SHRI BAJRANG METALLICS & POWER LIMITED	Director	03-08-2004	03-08-2004	-	Amalgamated	NO
6	U40101CT2007PTC020484	SHRI BAJRANG ENERGY PRIVATE LIMITED	Director	20-12-2007	20-12-2007	-	Active	NO
7	U45200CT2011PTC022615	SHRI BAJRANG DEVCON PRIVATE LIMITED	Director	05-08-2011	05-08-2011	-	Active	NO

Name :

Mr. Narendra Goel

Designation :

Managing Director

Address :

F-6, Anupam Nagar, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

10.10.1959

Qualification :

B.com

Date of Appointment :

01.04.2011

PAN No.:

AHDPG8042M

DIN No.:

00115883

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	L27103CT1990PLC005964	SHRI BAJRANG ALLOYS LIMITED	Director	01-02-2008	16-08-1990	-	Active	NO
2	U27100MH1996PLC097544	SHRI BAJARANG ISPAT AND PLYWOOD LIMITED	Additional director	09-08-2008	22-02-1996	26-09-2008	Active	NO
3	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Managing director	01-04-2011	13-12-2003	-	Active	NO
4	U13100CT2006PTC020001	S. B. MULTIMEDIA PRIVATE PRIVATE LIMITED	Director	26-05-2006	26-05-2006	-	Active	NO
5	U40101HP2007PTC030762	SHRI BAJRANG HYDRO ENERGY PRIVATE LIMITED	Director	27-06-2007	27-06-2007	-	Active	NO
6	U40101CT2007PTC020484	SHRI BAJRANG ENERGY Private LIMITED	Director	20-12-2007	20-12-2007	-	Active	NO
7	U01410CT2005PLC018224	CHHATTISGARH CAPTIVE COAL MINING LIMITED.	Director	01-04-2010	04-01-2009	-	Active	NO
8	U40107HP2009PTC031218	IA ENERGY PRIVATE LIMITED	Director	23-09-2009	23-09-2009	-	Active	NO
9	U10101CT2007PTC020161	MADANPUR (NORTH) COAL COMPANY Private LIMITED	Nominee director	12-04-2010	12-04-2010	-	Active	NO
10	U51909WB2010PTC153145	POPULAR MERCANTILE PRIVATE LIMITED	Director	23-02-2013	23-02-2013	-	Active	NO

Name :

Mr. Shravan Kumar Goyal

Designation :

Whole-time director

Address :

Flat No. 4C, Block “C”, Mallika Merlin Jaishree Vihar, New Mandi Road, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

30.05.1965

Qualification :

B.E.(Electrical)

Date of Appointment :

01.10.2011

DIN No.:

01829618

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	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Whole-time director	01-10-2011	01-10-2006	Active	NO
2	U40101CT2007PTC020484	SHRI BAJRANG ENERGY PRIVATE LIMITED	Director	20-12-2007	20-12-2007	Active	NO

Name :

Mr. Hari Anant Ghanekar

Designation :

Independent Director

Address :

13-A, Alkapuri, Habibganj, Bhopal - 462001, Madhya Pradesh, India

Date of Birth/Age :

13.06.1938

Qualification :

B.SC, BE (Electrical)

Date of Appointment :

30.09.2014

DIN No.:

02027948

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	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	30-09-2014	01-01-2008	-	Active	NO
2	U45207MP2001PTC014921	HPE TECH - CON PRIVATE LIMITED	Director	14-02-2012	14-02-2012	-	Active	NO

Name :

Mr. Hemandra Nath

Designation :

Independent Director

Address :

J-205, Shivalik Nagar, B.H.E.L., Haridwar – 261005, Uttranchal, India

Date of Birth/Age :

26.12.1942

Qualification :

B.SC Metallurgical Engineering, DIIT(Heat Treatment Technology) and Ph. D IIT Bombay

Date of Appointment :

30.09.2014

DIN No.:

02020546

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	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	30-09-2014	01-01-2008	Active	NO

Name :

Mr. Raj Kumar Yadava

Designation :

Director

Address :

C-13, Staff Colony, Malviya National Institute of Technology, Jaipur – 302017, Rajasthan, India

Date of Birth/Age :

03.06.1945

Qualification :

B. Tech, M. Tech

Date of Appointment :

30.09.2014

DIN No.:

03177450

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	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	30-09-2014	12-08-2010	Active	NO
2	L27103CT1990PLC005964	SHRI BAJRANG ALLOYS LIMITED	Director	23-09-2014	28-09-2010	Active	NO

Name :

Mr. Kailash Chandra Thatoi

Designation :

Director

Address :

Plot No. 17, Arya Bhoomi Housing Complex, Patia, Bhubaneshwar – 751024, Odisha, India

Date of Birth/Age :

05.01.1957

Qualification :

ME Phd.

Date of Appointment :

30.09.2013

DIN No.:

01623494

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	U40108WB1999PTC133071	NARBHERAM POWER AND STEEL PRIVATE LIMITED	Director	24-02-2006	24-02-2006	17-11-2007	Active	NO
2	L29199GJ2003PLC043148	S A L STEEL LIMITED	Managing director	03-11-2008	03-11-2008	30-04-2013	Active	NO
3	U27106CT2002PLC015184	SHRI BAJRANG POWER AND ISPAT LIMITED	Director	30-09-2013	12-08-2013	-	Active	NO
4	U27205DL2009PLC193673	RASHI STEEL AND POWER LIMITED	Director	15-07-2014	15-07-2014	-	Active	NO

KEY EXECUTIVES

Name :	Pawan Goel
Designation :	CFO
Address :	Ravi Nagar, Pandri, Raipur - 492001, Chhattisgarh, India
Date of Birth/Age :	03.12.1985
Date of Appointment :	12.05.2014
PAN No.:	AJUPG1826F
Name :	Chandrakant Shah
Designation :	Secretary
Address :	B/504, Harshit Jwels, Near C.G. Public School, Hirapur Road, Tatibandh, Raipur - 492099, Chhattisgarh, India
Date of Birth/Age :	14.09.1990
Date of Appointment :	12.05.2014
PAN No.:	EYPPS8506E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	58.28
Directors or relatives of Directors	24.55
Others	17.17
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Sponge Iron, Billets, Pellets, TMT Bars, Wire rod, Filter Cake, Ferro Alloys and Generation of Electricity.

Products :

Item Code No. (ITC Code)	Product Description
72142090	TMT Bar

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· Bank of Baroda, Mid Corporate Branch, IInd Floor, LIC Investment Building, Raipur - 492001, Chhattisgarh, India

· State Bank of India, Commercial Branch, Mp Housing Board Colony Industrial Estate, Bhilai - 490026, Chhattisgarh, India

· Karnataka Bank Limited, Plot No.2, Fafadih Chowk, Jail Road, Raipur - 492009, Chhattisgarh, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Mortgage and hypothecation of plant and machinery and other fixed assets)	4113.812	4244.976
Long-term maturities of finance lease (Hypothecated by Assets acquired on lease)	55.008	32.144
SHORT TERM BORROWINGS
Loans repayable on demand from banks	3100.427	2210.490
Total	7269.247	6487.610

Banking Relations :	--
Auditors :
Name :	R.K. Singhania and Associates Chartered Accountants
Address :	205, 1^st Floor, Samta Colony, Raipur - 492001, Chhattisgarh, India
Income-tax PAN of auditor or auditor's firm :	AAGFR3093N
Memberships :	--
Collaborators :	--
Associates:	· Shri Bajrang Hydro Energy Private Limited CIN No.: U40101HP2007PTC030762 · Shri Bajrang Alloys Limited CIN No.: L27103CT1990PLC005964 · S. B. Multimedia Private Limited CIN No.: U13100CT2006PTC020001 · Shri Bajarang Ispat And Plywood Limited CIN No.: U27100MH1996PLC097544 · Shimmer Investments Private Limited CIN No.: U65993CT1992PTC007074 · Swastik Mercantiles Limited CIN No.: L17115UP1984PLC006824 · Shri Bajrang Steel And Power Limited CIN No.: U28910CT2005PLC017828 · IA Energy Private Limited CIN No.: U40107HP2009PTC031218 · Shri Kishan Rolling Mill · J.J. Re-Rollers · Bajrang Rice Mills · Jainarayan Hariram · Goel Charitable Trust · I A Energy (Partnership Firm) · Suresh Goel and Brothers · S B Power (Partnership Firm)
Subsidiary Company :	Shri Bajrang Energy Private Limited CIN No.: U40101CT2007PTC020484
Joint Venture :	Chhattisgarh Captive Coal Mining Limited CIN No.: U01410CT2005PLC018224

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000,000	Equity Shares	Rs.10/- each	Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13,071,155	Equity Shares	Rs.10/- each	Rs. 130.712 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60,000,000	Equity Shares	Rs.10/- each	Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,993,030	Equity Shares	Rs.10/- each	Rs. 129.930 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	129.930	129.137	112.892
(b) Reserves & Surplus	4196.294	3855.919	3148.104
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	25.000	50.000	0.000
Total Shareholders’ Funds (1) + (2)	4351.224	4035.056	3260.996
(3) Non-Current Liabilities
(a) long-term borrowings	4212.139	4388.690	1753.770
(b) Deferred tax liabilities (Net)	70.389	157.796	52.972
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	17.439	11.974	6.718
Total Non-current Liabilities (3)	4299.967	4558.460	1813.460
(4) Current Liabilities
(a) Short term borrowings	3100.427	2210.490	1715.379
(b) Trade payables	1295.418	402.954	595.416
(c) Other current liabilities	1348.100	1204.234	649.869
(d) Short-term provisions	35.270	31.293	50.003
Total Current Liabilities (4)	5779.215	3848.971	3010.667
TOTAL	14430.406	12442.487	8085.123
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7832.618	6410.745	2632.183
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	905.424	1623.510	1374.292
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	151.507	149.121	607.336
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	208.560	215.883	451.827
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9098.109	8399.259	5065.638
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2310.016	1793.113	1625.389
(c) Trade receivables	528.266	404.178	764.943
(d) Cash and cash equivalents	218.023	66.808	59.575
(e) Short-term loans and advances	1933.686	1665.849	552.744
(f) Other current assets	342.306	113.280	16.834
Total Current Assets	5332.297	4043.228	3019.485
TOTAL	14430.406	12442.487	8085.123

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	11640.170	8103.514	8141.590
		Other Income	33.286	15.283	44.823
		TOTAL (A)	11673.456	8118.797	8186.413
Less	EXPENSES
		Cost of Materials Consumed	8535.439	6383.024	6745.581
		Purchases of Stock-in-Trade	477.727	168.706	28.954
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	73.834	(116.410)	(220.743)
		Employees benefits expense	350.151	209.367	169.214
		Other expenses	654.057	681.358	642.245
		TOTAL (B)	10091.208	7326.045	7365.251
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1582.248	792.752	821.162
Less	FINANCIAL EXPENSES (D)		868.811	229.114	271.409
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		713.437	563.638	549.753
Less/ Add	DEPRECIATION/ AMORTISATION (F)		668.270	265.044	248.236
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		45.167	298.594	301.517
Less	TAX (H)		(270.625)	61.887	1.534
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		315.792	236.707	299.983
	EARNINGS IN FOREIGN CURRENCY		14.662	75.131	22.616
	Earnings / (Loss) Per Share (Rs.)		24.44	20.19	27.94

Expected Sales (2014-2015): Rs. 2000.000 Millions

The above information has been parted by Mr. Narendra Goel (Managing Director).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.71	2.92	3.68
Operating Profit Margin (PBDIT/Sales)	(%)	13.59	9.78	10.09
Return on Total Assets (PBT/Total Assets}	(%)	0.34	2.80	4.94
Return on Investment (ROI) (PBT/Networth)		0.01	0.07	0.09
Debt Equity Ratio (Total Debt/Networth)		1.68	1.64	1.06
Current Ratio (Current Asset/Current Liability)		0.92	1.05	1.00

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	112.892	129.137	129.930
Reserves & Surplus	3148.104	3855.919	4196.294
Share Application money pending allotment	0.000	50.000	25.000
Net worth	3260.996	4035.056	4351.224
long-term borrowings	1753.770	4388.690	4212.139
Short term borrowings	1715.379	2210.490	3100.427
Total borrowings	3469.149	6599.180	7312.566
Debt/Equity ratio	1.064	1.635	1.681

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	8141.590	8103.514	11640.170
		-0.468	43.643

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	8141.590	8103.514	11640.170
Profit	299.983	236.707	315.792
	3.68%	2.92%	2.71%

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10547174	02/02/2015	9,970,000.00	HDFC BANK LIMITED	HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C42522680
2	10544124	06/01/2015	19,575,000.00	HDFC BANK LIMITED	HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C40943995
3	10537938	13/12/2014	27,740,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C37644713
4	10540148	13/12/2014	11,660,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C38960324
5	10538821	10/12/2014	28,199,260.00	DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED	UNIT 202, 2ND FLOOR, CAMPUS 3B,RMZ MILLENNIA, BUS INESS PARK, NO.143, DR. M.G.R.ROAD, PERUNGUDI, CHENNAI, TAMILNADU - 600096, INDIA	C38195020
6	10532460	25/11/2014	500,000,000.00	BANK OF BARODA	MID CORPORATE BRANCH, 2ND FLOOR LIC BUILDING PAND RI RAIPUR, RAIPUR, CHHATTISGARH - 492001, INDIA	C34385658
7	10529322	31/10/2014	2,525,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C32393217
8	10533803	10/10/2014	1,040,600.00	HDFC BANK LIMITED	HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C35321710
9	10533801	07/10/2014	1,707,020.00	HDFC BANK LIMITED	HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	C35320993
10	10531336	21/08/2014	4,955,700.00	HDFC BANK LIMITED	HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C33635178
11	10514889	05/08/2014	13,035,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C16407751
12	10511589	10/07/2014	5,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C14053326
13	10502383	05/06/2014	9,700,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	C06317796
14	10491357	09/04/2014	498,784,720.00	L&T FINCORP LIMITED	L & T HOUSE, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C04067088
15	10493264	25/03/2014	13,150,000.00	AXIS BANK LIMITED	RETAIL ASSET CENTRE, 2ND FLOOR, CHAWLA CHAMBERS,, OPP. NEW BUS STAND, JEEWAN BIMA MARG, PANDRI, RAIPUR, CHHATTISGARH - 492004, INDIA	C04305702
16	10483930	20/02/2014	500,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, GURUDWARA ROAD, M.P.H.B. COLONY, BHILAI, CHHATTISGARH - 490026, INDIA	C00097980
17	10457676	24/10/2013	14,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B88573449
18	10455080	25/09/2013	750,000,000.00	BANK OF BARODA	MID CORPORATE BRANCH, 2ND FLOOR, LIC INVESTMENT B UILDING, PANDRI, RAIPUR, CHHATTISGARH - 492004, INDIA	B87565701
19	10446991	19/08/2013	140,000,000.00	KARNATAKA BANK LTD.	PLOT NO.2, FAFADIH CHOWK, JAIL ROAD,, RAIPUR, CH HATTISGARH - 492009, INDIA	B84009984
20	10437261	05/07/2013	1,278,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B79779864
21	10428363	15/05/2013	33,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B75955146
22	10411441	27/02/2013	13,400,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B70658851
23	10407698	25/02/2013	1,320,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B69444677
24	10413137	25/02/2013	1,800,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B71237010
25	10397873	04/01/2013	9,950,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B66190059
26	10354928	26/04/2012	6,595,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B39396197
27	10353318	23/04/2012	810,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B38813721
28	10343768	21/03/2013 *	4,750,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MP HOUSING BOARD COLONY INDUST RIAL ESTATE, BHILAI, CHHATTISGARH - 490026, INDIA	B73037624
29	10312682	04/10/2011	2,990,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B23376734
30	10281388	01/03/2011	22,051,176.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	B11137486
31	10255314	09/04/2014 *	88,020,834.00	L&T INFRASTRUCTURE FINANCE COMPANY LIMITED	MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, TAMILNADU - 600089, INDIA	C02890911
32	10114389	25/09/2013 *	1,000,000,000.00	BANK OF BARODA	MID-CORPORATE BRANCH, 2ND FLOOR LIC INVESTMENT BUILDING, RAIPUR, CHHATTISGARH - 492001, INDIA	B87522330
33	10010305	12/02/2008 *	973,300,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, SECTOR-1, BHILAL, CHHATTISGARH - 490001, INDIA	A37972536
34	90206180	04/09/2004	833,000,000.00	BANK OF BARODA	MAIN BRANCH-MAHAVIR GOUSHALA COMPLEX, K.K. ROAD; MOUDHAPARA, RAIPUR, MADHYA PRADESH, INDIA	-
35	90209578	23/04/2014 *	9,355,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, MPHB COLONY, FAUJI NAGAR, INDUSTRIAL ESTATE, BHILAI, CHHATTISGARH - 490026, INDIA	C07100209

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from others	43.319	111.570
Total	43.319	111.570

CORPORATE INFORMATION

The Company (Borjhara Division, TMT Division & Tilda Division) is engaged in the manufacturing of Sponge Iron, Billets, Pellets, TMT Bars, Wire rod, Filter Cake, Ferro Alloys and generation of electricity.

OPERATIONAL REVIEW

During the year, the Revenue for the Current financial year stood at Rs. 11673.456 Millions as against Rs.8118.797 Millions in the previous financial year, profit before tax stood at Rs. 45.167 Millions during the year as against Rs. 298.594 Millions in the previous financial year. The profit after tax stood at Rs. 315.792 Millions in the current financial year as against Rs. 236.707 Millions in the previous financial year.

AWARDS AND ACCOLADES

Ø The Company has been awarded with a Certificate of Appreciation by United Nation Development Programme for successfully implementing energy efficient technologies and contributing to reduction of green house gas emissions and also recognized GOEL TMT as First Model Unit by the Project Removal of Barriers to Energy Efficiency Improvement in Steel Re-Rolling Mill sector in India.

Ø The Company was awarded with IAA Olive Crown Awards held in Mumbai on April 01, 2013, for creative excellence in communicating sustainability.

ECONOMIC REVIEW

The financial year 2013-14 was yet another challenging year due to continued slowdown in Indian economy and fall in Industrial Production and infrastructure growth on account of high inflation, high fiscal deficit, current account deficit and policy paralysis. Off late, Government of India, recognized the problems and has taken certain initiatives to improve the situation and results of the same, have started reflecting improvement indicators. The impact of the same on Corporate performance are expected to be felt from current financial year onwards. In the backdrop of the slowdown in Industrial and infrastructure growth, on account of general slowdown in Indian economy, the demand growth of Steel was just 0.60%. Due to fall in demand growth and increase in production capacity of large steel players, the prices of finished steel and intermediate products dropped substantially impacting the performance of small & medium enterprises in the sector. The prices of finished steel fell by about 12-15% across product categories including intermediate products without meaningful reduction in input cost.

REVIEW OF PRODUCTION

The Borjhara Division of the Company had started producing TMT Bars w.e.f. 01.11.2013.

The Company continued to sustain its position in this rapidly growing market. The Company’s ability to neutralize cost increase and improve margins together with purchasing efficiencies, improvement in manufacturing yield / usage and expenses control helped in maintaining the profitability.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer Equipments

· Other Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.62.63
UK Pound	1	Rs.92.94
Euro	1	Rs.68.06

INFORMATION DETAILS

Information Gathered by :	SAN
Analysis Done by :	KAR
Report Prepared by :	MRI

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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.