MIRA INFORM REPORT

Report No. :	320443
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	SKM STEEL LIMITED
Registered Office :	30 C P 2^nd Floor, Tank Road, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.12.1994
Com. Reg. No.:	11-083403
Capital Investment / Paid-up Capital :	Rs. 48.592 Million
CIN No.: [Company Identification No.]	U27100MH1994PLC083403
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS37214C/ MUMS41878E/ MUMS42024D
PAN No.: [Permanent Account No.]	AADC57801F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader of ferrous and non-ferrous metal and manufacturer of stainless steel products.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is the flagship company of “SKM Group” which was started as a partnership concern in the year 1972. Later, it was reconstituted as a public limited company in 1994. It is an established company having satisfactory track record. Management has failed form 20 B, depicting annual return for financial year 2014, whereas failed to file any other financial statements with the statuary authorities. As per available, the company possesses an average financial profile marked by moderate total outside liabilities to tangible networth ratio and average debt protection owing to stretched receivable resulting in slight impact on the liquidity position. Management has reported a low profit margin as well as has witnessed a continuous dip in its sales revenue during FY13. The ratings also take into consideration the intensely competitive and limited value adding nature of the business. However, trade relations are appear to be fair. Business is active. Payment terms are reported as slow but correct. In view of long standing experience of the promoters, the subject 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	CRISIL
Rating	BBB- (Long Term Rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May 02, 2014

Rating Agency Name	CRISIL
Rating	A3 (Short Term Rating)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	May 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 PARTED BY

Name :	Mr. Rajesh Bansal
Designation :	Accounts Department
Contact No.:	91-22-43432000
Date :	29.04.2015

LOCATIONS

Registered Office :	Ganjanand Darshan Building, 30, 2^nd Floor, C.P. Tank Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23862884/ 22336691/ 66336691/ 40716600/ 40716666 / 66181111
Fax No.:	91-22-23886165/ 23805392/ 94 / 66181122
E-Mail :	info@skmsteels.com sales.ss@skmsteels.com purchase.ss@skmsteels.com skm@bom3.vsnl.net.in sales@skmsteels.com accounts@skmsteelsltd.com export@skmsteelsltd.com
Website :	http://www.skmsteels.com
Location :	Rented
Head Office :	SKM House, 12, Khetwadi 6^th Lane, Mumbai – 400004, Maharashtra, India
Factory 1 :	Plot No. 2803, GIDC Phase III, Umbergaon, District Valsad - 396171, Gujarat, India
Factory 2 :	Dhruv Logistic Park, Plot B1-B-7, Near MIDC, Taloja Koyanavele, Panvel, Raigad, India
Marketing Division :	Sandhurst Building, 3^rd Floor, Opera House, 524, S.V.P. Road, Mumbai, Maharashtra, India
Branch Offices :	Located at: v 13, Mooker Nalla , Muthu Street, Chennai – 600001, Tamilnadu, India v 311, Apollo Tower, M.G. Road, Indore, Madhya Pradesh, India v 202, Ashwarath, Opposite Fortune Landmark, Usmanpura, Ashram Road, Ahmedabad – 380013, Gujarat, India
Export Division :	66, C.P. Tank Road, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-66272727
Fax No.:	91-22-66570103
E-Mail :	export@skmsteelsltd.com sales@skmsteelsltd.com

DIRECTORS

As on 28.09.2014

Name :

Mr. Kirtilal Moolchand Shah

Designation :

Managing director

Address :

Flat No.1001, 10^th Floor, Garden View, 8, J Mehta Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

01.03.1949

Qualification :

B. Sc

Date of Appointment :

01.12.2010

PAN No.:

AAHPS8248K

Voter ID No.:

MT/04/024/0135554

DIN No.:

00105703

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	U28100MH1983PLC029050	SKM INDUSTRIES PRIVATE LIMITED	Director	05/01/1983	05/01/1983	-	Amalgamated	NO
2	U70102MH1983PTC031098	SKM REALTY PRIVATE LIMITED	Director	13/10/1983	13/10/1983	-	Active	NO
3	U65944MH1983PTC031087	SKM CAPITAL & HOLDINGS PRIVATE LIMITED	Director	13/10/1983	13/10/1983	-	Active	NO
4	U45200MH1983PTC031489	SHREE SEJAL CONSTRUCTION PVT LTD	Director	05/12/1983	05/12/1983	-	Active	NO
5	U24110MH1984PTC031790	SKM ENTERPRISES PRIVATE LIMITED	Director	09/01/1984	09/01/1984	-	Active	NO
6	U45202MH1985PTC035590	SKM CONSTRUCTIONS PRIVATE LIMITED	Director	12/03/1985	12/03/1985	-	Active	NO
7	U27100MH1994PLC083403	SKM STEELS LIMITED	Managing director	01/12/2010	01/12/1994	-	Active	NO
8	U17120MH1997PTC105599	SKM APPARELS PRIVATE LIMITED	Director	03/02/1997	03/02/1997	-	Active	NO
9	U27100MH1997PTC111184	SKM ALLOYS PRIVATE LIMITED	Director	09/10/1997	09/10/1997	-	Amalgamated	NO
10	U25200GJ1990PLC014554	HEAVY METAL AND TUBES LIMITED	Whole-time director	18/03/1999	18/03/1999	-	Active	NO
11	U45102MH2001PTC131232	SHREE PARUL DEVELOPERS PRIVATE LIMITED	Director	15/03/2001	15/03/2001	-	Active	NO
12	U51420MH1997PTC105245	SKM METAL PROCESSORS PRIVATE LIMITED	Director	26/11/2003	26/11/2003	-	Amalgamated	NO
13	U74999MH2003PTC143045	BKC DEVELOPERS PRIVATE LIMITED (CN)	Director	30/09/2006	08/04/2006	01/02/2010	Active	NO
14	U70100MP2008PTC020178	SUNSTAR INFRATECH PRIVATE LIMITED	Director	02/01/2008	02/01/2008	-	Active	NO
15	U65910GJ1995PLC028135	KHYATI FINCAP LIMITED	Director	25/02/2008	25/02/2008	-	Active	NO
16	U65993GJ2008PTC054125	HM FINANCIAL SERVICES PRIVATE LIMITED	Director	04/06/2008	04/06/2008	-	Active	NO
17	U67120MP1995PTC009168	SKM RAMDIN ULTRATECH PRIVATE LIMITED	Additional director	25/11/2010	25/11/2010	21/03/2011	Active	NO
18	U28900MP2013PTC030083	SKM VINOD INDUSTIRES PRIVATE LIMITED	Director	20/02/2013	20/02/2013	-	Active	NO
19	U51909MH2013PTC241806	BHARAT STEEL YARD PRIVATE LIMITED	Director	09/04/2013	09/04/2013	-	Active	NO

Name :

Mr. Pankaj Dahyalal Shah

Designation :

Whole-time director

Address :

Flat No.161, 16^th Floor, Enterprise Apartment, Forjet Hill Road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

19.02.1973

Qualification :

B.Com

Date of Appointment :

01.12.1994

PAN No.:

AAEPS7087D

Voter ID No.:

ISD1526912

DIN No.:

00078997

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	U65944MH1983PTC031087	SKM CAPITAL & HOLDINGS PRIVATE LIMITED	Director	01/08/1994	01/08/1994	27/03/2010	Active	NO
2	U27100MH1994PLC083403	SKM STEELS LIMITED	Whole-time director	01/08/2007	01/12/1994	-	Active	NO
3	U24110MH1984PTC031790	SKM ENTERPRISES PRIVATE LIMITED	Director	01/09/1999	01/09/1999	24/03/2010	Active	NO
4	U45102MH2001PTC131232	SHREE PARUL DEVELOPERS PRIVATE LIMITED	Director	15/03/2001	15/03/2001	30/03/2010	Active	NO
5	U28100MH1983PLC029050	SKM INDUSTRIES PRIVATE LIMITED	Director	16/02/2004	16/02/2004	25/03/2010	Amalgamated	NO
6	U51909MH2009PTC189603	MAITRI METALS PRIVATE LIMITED	Director	15/01/2009	15/01/2009	-	Active	NO
7	U45202MH2008PTC186654	VALENCY REALTY PRIVATE LIMITED	Additional director	01/03/2015	01/03/2015	-	Active	NO
8	AAD-6393	SHREE KALYANIDEVI INFRATECH LLP	Designated Partner	26/03/2015	26/03/2015	-	Active	NO

Name :

Mr. Chirag Shantilal Shah

Designation :

Director

Address :

704, Gokul Apartments, 14^th Khetwadi Back Road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

19.03.1977

Qualification :

B.Com

Date of Appointment :

01.07.2000

PAN No.:

AAGPS8472C

Voter ID No.:

ISD1587963

DIN No.:

00081637

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	U27100MH1994PLC083403	SKM STEELS LIMITED	Director	01/07/2000	01/07/2000	-	Active	NO
2	U28100MH1983PLC029050	SKM INDUSTRIES PRIVATE LIMITED	Director	01/08/2000	01/08/2000	-	Amalgamated	NO
3	U70102MH1983PTC031098	SKM REALTY PRIVATE LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
4	U45202MH1985PTC035590	SKM CONSTRUCTIONS PRIVATE LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
5	U65944MH1983PTC031087	SKM CAPITAL & HOLDINGS PRIVATE LIMITED	Director	25/08/2001	25/08/2001	-	Active	NO
6	U24110MH1984PTC031790	SKM ENTERPRISES PRIVATE LIMITED	Director	31/10/2001	31/10/2001	-	Active	NO
7	U51420MH1997PTC105245	SKM METAL PROCESSORS PRIVATE LIMITED	Director	26/11/2003	26/11/2003	-	Amalgamated	NO
8	U70100MP2008PTC020178	SUNSTAR INFRATECH PRIVATE LIMITED	Director	02/01/2008	02/01/2008	27/03/2014	Active	NO
9	U45102MH2001PTC131232	SHREE PARUL DEVELOPERS PRIVATE LIMITED	Director	31/01/2008	31/01/2008	-	Active	NO
10	U74999MH2008PTC185413	SHASWAT ENTERPRISES PRIVATE LIMITED	Director	04/08/2008	04/08/2008	-	Active	NO
11	U45400MH2010PTC198967	SHASWAT REALTORS PRIVATE LIMITED	Director	15/01/2010	15/01/2010	-	Active	NO
12	U67120MP1995PTC009168	SKM RAMDIN ULTRATECH PRIVATE LIMITED	Additional director	25/11/2010	25/11/2010	21/03/2011	Active	NO
13	U45200MH1983PTC031489	SHREE SEJAL CONSTRUCTION PVT LTD	Director	30/04/2011	30/04/2011	-	Active	NO
14	U45200MP2007PTC019444	MAHIMA INFRASTRUCTURES PRIVATE LIMITED	Director	30/09/2011	05/05/2011	-	Active	NO
15	U28900MP2013PTC030083	SKM VINOD INDUSTIRES PRIVATE LIMITED	Director	20/02/2013	20/02/2013	-	Active	NO
16	AAC-8768	VERO STELLA JEWELS LLP	Body corporate as Designated Partner	05/11/2014	05/11/2014	-	Active	NO

Name :

Mr. Kalpesh Haribhai Chowdhary

Designation :

Director

Address :

Makharia House, 1^st Floor, 327, SVP Road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

06.11.1971

Qualification :

B.Com

Date of Appointment :

01.01.2011

PAN No.:

AABPC9287C

Voter ID No.:

MT/04/023/0114628

DIN No.:

00084800

Name :

Mr. Amit Kirtilal Shah

Designation :

Director

Address :

Flat No.1001, 10^th Floor, Garden View, 8, J Mehta Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

03.08.1980

Qualification :

B.Com

Date of Appointment :

11.06.2001

PAN No.:

ALTPS7632L

Voter ID No.:

ISD1622265

DIN No.:

00105932

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	U27100MH1994PLC083403	SKM STEELS LIMITED	Director	11/06/2001	11/06/2001	-	Active	NO
2	U70102MH1983PTC031098	SKM REALTY PRIVATE LIMITED	Director	16/07/2001	16/07/2001	-	Active	NO
3	U51420MH1997PTC105245	SKM METAL PROCESSORS PRIVATE LIMITED	Director	26/11/2003	26/11/2003	-	Amalgamated	NO
4	U45202MH1985PTC035590	SKM CONSTRUCTIONS PRIVATE LIMITED	Director	30/01/2004	30/01/2004	-	Active	NO
5	U27100MH1997PTC111184	SKM ALLOYS PRIVATE LIMITED	Director	15/03/2006	15/03/2006	-	Amalgamated	NO
6	U70102MH2007PTC169658	HARI KRUPA REALTY PRIVATE LIMITED	Director	05/04/2007	05/04/2007	-	Active	NO
7	U28100MH1983PLC029050	SKM INDUSTRIES PRIVATE LIMITED	Director	28/01/2008	28/01/2008	-	Amalgamated	NO
8	U65944MH1983PTC031087	SKM CAPITAL & HOLDINGS PRIVATE LIMITED	Director	28/01/2008	28/01/2008	-	Active	NO
9	U45102MH2001PTC131232	SHREE PARUL DEVELOPERS PRIVATE LIMITED	Director	31/01/2008	31/01/2008	-	Active	NO
10	U65910GJ1995PLC028135	KHYATI FINCAP LIMITED	Director	21/04/2008	21/04/2008	-	Active	NO
11	U25200GJ1990PLC014554	HEAVY METAL AND TUBES LIMITED	Director	01/05/2008	01/05/2008	-	Active	NO
12	U45202MH2008PTC183432	SAK BUILDERS PRIVATE LIMITED	Director	11/06/2008	11/06/2008	-	Active	NO
13	U45205MH2008PTC183433	SAK INFRATECH DEVELOPERS PRIVATE LIMITED	Director	12/06/2008	12/06/2008	-	Active	NO
14	U72900GJ2010PTC059066	NUCLIONE SYSTEMS PRIVATE LIMITED	Director	04/01/2010	04/01/2010	28/01/2011	Active	NO
15	U45400MH2010PTC198967	SHASWAT REALTORS PRIVATE LIMITED	Director	15/01/2010	15/01/2010	-	Active	NO
16	U67120MP1995PTC009168	SKM RAMDIN ULTRATECH PRIVATE LIMITED	Additional director	25/11/2010	25/11/2010	21/03/2011	Active	NO
17	U74999MH2008PTC185413	SHASWAT ENTERPRISES PRIVATE LIMITED	Director	29/09/2012	22/11/2011	-	Active	NO
18	AAC-7825	NRS LIFESPACES LLP	Designated Partner	07/10/2014	07/10/2014	-	Active	NO
19	AAC-8768	VERO STELLA JEWELS LLP	Designated Partner	05/11/2014	05/11/2014	-	Active	NO
20	AAD-6393	SHREE KALYANIDEVI INFRATECH LLP	Designated Partner	26/03/2015	26/03/2015	-	Active	NO

Name :

Mr. Ramanugrah Singh

Designation :

Director

Address :

B/ 34, Abhishek Apartment, Block No. 12, Cross Road, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

02.01.1946

Qualification :

B.Com

Date of Appointment :

27.11.1995

DIN No.:

00369580

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	U27100MH1994PLC083403	SKM STEELS LIMITED	Director	27/11/1995	27/11/1995	-	Active	NO
2	U25200GJ1990PLC014554	HEAVY METAL AND TUBES LIMITED	Director	17/08/2007	17/08/2007	-	Active	NO
3	L27101GJ1992PLC018101	HEERA ISPAT LIMITED	Director	30/11/2011	25/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subhash Gaikwad
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2014

Names of Shareholders	No. of Shares
Shah Kirtilal Moolchand and Shah Veenaben Kirtilal	470941
Shah Amit Kirtilal and Shah Veenaben Kirtilal	473541
SKM Constructions Private Limited, India	400000
Shah Veenaben Kirtilal and Shah Kirtilal Moolchand	474916
Sapan Chemicals Limited, India (Earlier known as Suryadeep Salt and Chemicals Limited)	12000
Kailash Ficom Limited, India	18000
Zen Shaving Limited, India	4000
Tribhuvan Housing Limited, India	10000
Shah Kirtilal Moolchand HUF	483541
Shah Ruchita Amit and Shah Amit Kirtilal	480221
Shah Amit Kirtilal HUF	491916
Chowdhary Anju Kalpesh	405718
Shah Sejal Chirag and Shah Chirag Shantilal	394368
SKM Industries Private Limited, India	15000
Shree Parul Developers Private Limited, India	110000
Megha Bhavesh Shah	125000
Juvenile Capfin Private Limited, India	490000
Total	4859162

As on 28.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.57
Bodies corporate	21.80
Directors or relatives of Directors	75.63
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of ferrous and non-ferrous metal and manufacturer of stainless steel products.

Products :

ITC Code No.	Product Descriptions
72210012	S.S. Wire, Wire Rods, Round Bar
72042190	S.S. Scrap
72222012	S.S. Bright Bar
71131130	Diamond Jewellery
84101390	Power

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

• Ferrous
• Non-ferrous metal
• Stainless steel products.

Countries :

• Germany
• European countries

Imports :

Products :

Raw materials

Countries :

• China
• Singapore
• Germany

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

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 :

OME’s

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 :

400 (Approximately)

Bankers :

Banker Name :	Federal Bank
Branch Address :	Nariman Point, Mumbai, 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)	Working Capital Rs.2750.000 million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Commonwealth Bank of Australia, Mumbai Branch, Level 2, Hoechst House, Nariman Point, Mumbai - 400021, Maharashtra, India

• Union Bank of India, Fort Branch, Mumbai, Maharashtra, India
• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
• Bank of India - Lead Bank of BOI Consortium Large Corporate Branch, Free Press Building, 9th Floor, Free Press Journal Marg, Nariman Point,, Mumbai - 400021, Maharashtra, India
• Standard Chartered Bank
• HSBC Bank Limited
• Yes Bank Limited, lower parel

Facilities :

(Rs. In Million)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Term loans from banks	47.546	81.566
Term loans from others	55.311	57.671
Short-term borrowings
Loans repayable on demand from banks	2946.947	2398.763
Loans repayable on demand from others	146.693	0.000
Loans repayable on demand from others	0.000	0.369
Total	3196.497	2538.369

Financial Institutions :	Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India Kotak Mahindra Prime Limited
Auditors :
Name :	M.C. Doshi and Company Chartered Accountants
Address :	307, Shyamkamal-C, Agarwal Market, Vile Parle [East] Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-67437416/ 17
Fax No.:	91-22-23824232
E-Mail :	rmd@mcdoshi.com
PAN No.:	AAUFM8321L
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives : (As on 31.03.2013)	Shree Steel Depot Bharat Steel Yard Skm Enterprises Private Limited Heavy Metal and Tubes Limited Maitri Metals Private Limited Skm Metal Processors Private Limited Skm Industries Private Limited Shree Sejal Construction Private Limited Sunstar Infratech Private Limited
Subsidiary company : (As on 31.03.2013)	Mahima Infrastructures Private Limited

CAPITAL STRUCTURE

AS ON 28.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
16500000	Equity Shares	Rs.10/- each	Rs.165.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4859162	Equity Shares	Rs.10/- each	Rs.48.592 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	48.592	47.638	47.638
(b) Reserves & Surplus	1502.912	1389.728	1287.773
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1551.504	1437.366	1335.411
(3) Non-Current Liabilities
(a) long-term borrowings	102.857	144.237	38.100
(b) Deferred tax liabilities (Net)	13.066	8.215	9.603
(c) Other long term liabilities	32.899	22.159	22.047
(d) long-term provisions	8.470	6.771	4.768
Total Non-current Liabilities (3)	157.292	181.382	74.518
(4) Current Liabilities
(a) Short term borrowings	3376.836	2633.024	2907.439
(b) Trade payables	320.530	82.401	313.750
(c) Other current liabilities	69.391	88.513	59.945
(d) Short-term provisions	4.508	7.793	46.285
Total Current Liabilities (4)	3771.265	2811.731	3327.419
TOTAL	5480.061	4430.479	4737.348
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	595.121	184.421	90.028
(ii) Intangible Assets	108.478	283.322	0.540
(iii) Capital work-in-progress	0.909	0.736	141.707
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	14.714	19.764	19.626
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	159.356	159.883	40.246
(e) Other Non-current assets	5.251	5.251	5.251
Total Non-Current Assets	883.829	653.377	297.398
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1231.724	959.791	1469.357
(c) Trade receivables	3029.902	2499.798	2716.760
(d) Cash and cash equivalents	77.834	120.814	77.612
(e) Short-term loans and advances	255.703	196.266	175.903
(f) Other current assets	1.069	0.433	0.318
Total Current Assets	4596.232	3777.102	4439.950
TOTAL	5480.061	4430.479	4737.348

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	14813.053	15069.828	16752.538
		Other Income	90.675	106.223	65.458
		TOTAL (A)	14903.728	15176.051	16817.996
Less	EXPENSES
		Cost of Materials Consumed	2133.665	2150.082	2215.559
		Purchases of Stock-in-Trade	11589.006	11135.041	13941.235
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(316.143)	475.793	(528.511)
		Employees benefits expense	65.711	53.135	40.484
		Prior period Expense	1.250	54.863	0.000
		Exception item	(0.636)	4.508	(1.685)
		Other expenses	861.312	710.020	691.367
		TOTAL (B)	14334.165	14583.442	16358.449
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		569.563	592.609	459.547
Less	FINANCIAL EXPENSES (D)		384.649	419.432	235.188
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		184.914	173.177	224.359
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.623	18.199	8.152
	PROFIT BEFORE TAX (E-F) (G)		153.291	154.978	216.207
Less	TAX (H)		65.631	53.023	76.603
	PROFIT AFTER TAX (G-H) (I)		87.660	101.955	139.604
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		808.721	706.766	NA
	LOSS OF AMALGAMATION COMPANY		(12.261)	0.000	NA
	Balance Carried to the B/S		921.905	808.721	NA
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	339.667	414.506	360.328
		Compensation Earned	0.013	0.131	17.524
	TOTAL EARNINGS		339.680	414.637	377.852
	IMPORTS
		Raw Materials	553.492	458.151	0.000
		Capital Goods	54.354	10.688	0.000
		Trading Goods	164.616	140.551	2473.901
	TOTAL IMPORTS		772.462	609.39	2473.901
	Earnings Per Share (Rs.)		8.04	21.40	29.41

Particulars	31.03.2014
Sales Turnover (Approximately)	16650.000

Expected Sales (2014-15): Rs. 17500.000 Million

The above information has been parted by Mr. Rajesh Bansal (Accounts Department)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	0.59	0.68	0.83
Operating Profit Margin (PBDIT/Sales)	(%)	3.85	3.92	2.74
Return on Total Assets (PBT/Total Assets}	(%)	2.81	3.51	4.72
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.16
Debt Equity Ratio (Total Debt/Networth)		2.24	1.93	2.21
Current Ratio (Current Asset/Current Liability)		1.22	1.34	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	47.638	47.638	48.592
Reserves & Surplus	1287.773	1389.728	1502.912
Net worth	1335.411	1437.366	1551.504
long-term borrowings	38.100	144.237	102.857
Short term borrowings	2907.439	2633.024	3376.836
Total borrowings	2945.539	2777.261	3479.693
Debt/Equity ratio	2.206	1.932	2.243

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	16752.538	15069.828	14813.053
		(10.045)	(1.7040)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	16752.538	15069.828	14813.053
Profit	139.604	101.955	87.660
	0.83%	0.68%	0.59%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
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)	Yes
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	Yes
34]	External Agency Rating, if available	Yes

BUSINESS RESULTS AND OPERATIONS: (As on 31.03.2013)

Steel sector has paned through a very depressing year because of slow growth in the international market and local demand has drastically come down due to slow down in the infrastructure sector as well as the other sectors like engineering goods, automobiles, constructions etc. where the products are sold by the company. This situation is reflected in the working of the company as turnover for the year was Rs.14903.728 Million against Rs. 15176.051 Million resulting into fall of 2%. Due to efficient management of funds and stringent control over cost, profits before depreciation and taxes increased to Rs. 184.914 Million against Rs. 173.177 Million for the last year resulting into a fourfold increase.

FINANCE: (As on 31.03.2013)

Increase in working capital requirements due to higher level of inventories and book debts, were met partly from the borrowed funds and partly from internal accruals. Addition to capital assets were funded from the internal accruals of the company.

UNSECURED LOAN

Rs. In Million

Particular	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Loans and advances from others	0.000	5.000
Short-term borrowings
Intercorporate borrowings	0.000	7.000
Loans and advances from directors	224.850	78.640
Loans and advances from others	51.350	126.800
Other loans and advances	6.996	21.452
Total	283.196	238.892

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10434284	18/06/2013 *	75,000,000.00	COMMONWEALTH BANK OF AUSTRALIA	MUMBAI BRANCH, LEVEL 2, HOECHST HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B78773272
2	10406046	01/02/2013	250,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B68432640
3	10387084	12/10/2012	250,000,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD, GUJARAT - 380006, INDIA	B62231139
4	10348025	25/03/2012	100,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B37096682
5	10300041	29/03/2012 *	100,000,000.00	COMMONWEALTH BANK OF AUSTRALIA	LEVEL 2, HOECHST HOUSE, NARIMAN POINT,, MUMBAI,  MAHARASHTRA - 400021, INDIA	B37540309
6	10294191	29/06/2011	60,000,000.00	EDELWEISS FINANCE AND INVESTMENTS LIMITED	2ND FLOOR, MB TOWERS, PLOT NO 5,, ROAD NO 2, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH - 500034, INDIA	B15816846
7	10285489	30/03/2011	399,500,000.00	BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM	LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B12247367
8	10259012	30/03/2011 *	399,500,000.00	BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM	LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B12244026
9	10238175	04/08/2010	150,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	A93450187
10	10231574	01/07/2010	50,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	A89330229
11	10223177	06/05/2010	100,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -  400018, INDIA	A86764222
12	10218079	30/03/2011 *	2,750,000,000.00	BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM	LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B12246625
13	10223138	16/04/2010	75,000,000.00	BANK OF INDIA	C. P. TANK BRANCH,, 95, VITHALBHAI PATEL ROAD, C. P. TANK, MUMBAI, MAHARASHTRA - 400004, INDIA	A85123529
14	10218080	16/04/2010	1,250,000,000.00	BANK OF INDIA (LEAD BANK)	C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL,  BUILDING, 95, VITHALBHAI PATEL ROAD, C. P. TANK, MUMBAI, MAHARASHTRA - 400004, INDIA	A84306414
15	10125667	23/10/2008 *	250,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	A83473033
16	10155939	17/03/2008	1,150,000,000.00	BANK OF INDIA (LEAD BANK)	C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL,  BUILDING, 95, VITHALBHAI PATEL ROAD, C. P. TANK,  MUMBAI, MAHARASHTRA - 400004, INDIA	A44158509
17	10104582	14/06/2010 *	150,000,000.00	HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	52/60 M.G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A88854112
18	10039313	16/08/2007 *	250,000,000.00	STANDARD CHARTERED BANK	90, M G ROAD,, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA	A21433941
19	10025802	12/07/2010 *	250,000,000.00	THE FEDERAL BANK LIMITED	CORPORATE BANKING BRANCH,1ST FLOOR, RAJA BAHADUR  MANSION,32,BOMBAY SAMACHAR MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A93058469
20	10008601	15/06/2006	15,000,000.00	BANK OF INDIA	C P TANK BRANCH CHANDARAMJI GIRL'S HIGH SCHOOL, B  LDG VITHALBHAI PATEL ROAD C P TANK ROAD, MUMBAI, MAHARASHTRA - 400004, INDIA	A02086494
21	80058515	29/12/2010 *	250,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B02781763
22	90160619	30/03/2011 *	2,750,000,000.00	BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM	LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH  FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA	B12242921
23	90160344	25/10/2004	220,000,000.00	UNION BANK OF INDIA	MUMBAI SAMACHAR MARG BRANCH, 66/80 MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	-
24	90160343	03/01/2005 *	674,300,000.00	BANK OF INDIA	C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL  BUILDING; MUMBAI, MAHARASHTRA - 400004, INDIA	-
25	90160589	08/09/2004 *	330,000,000.00	BANK OF INDIA	C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL  BUILDING;, MUMBAI, MAHARASHTRA - 400004, INDIA	-
26	90159097	30/04/2002	200,000,000.00	BANK OF INDIA	C.P. TANK BRANCH; GHANDARANJI GIRLS' HIGH SCHOOL B, VITHALHHAI PATEL ROAD; C.P. TANK;, MUMBAI, MAHARASHTRA - 400004, INDIA	-
27	90160088	22/06/2004 *	187,500,000.00	BANK OF INDIA	C.P. TANK BRANCH; GHANDARANJI GIRLS' HIGH SCHOOL B, VITHALHHAI PATEL ROAD; C.P. TANK;, MUMBAI, MAHARASHTRA - 400004, INDIA	-
28	90229758	21/09/2006 *	30,000,000.00	BANK OF INDIA	C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL,  BUILDING, VITHALBHAI PATEL ROAD, C. P. TANK,, MUMBAI, MAHARASHTRA - 400004, INDIA	-
29	80038033	26/02/2002	31,000,000.00	BANK OF INDIA	C.P. TANK BR., VITHALBHAI PATEL ROAD, MUMBAI, MAHARASHTRA - 400004, INDIA	-
30	90229557	13/03/2000	11,000,000.00	BANK OF INDIA	C.P. TANK BRANCH, VITHALBHAI PATEL ROAD, MUMAI, MAHARASHTRA - 400004, INDIA	-
31	90159581	21/01/1997	130,000,000.00	BANK OF INDIA	C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL  BUILDING, MUMBAI, MAHARASHTRA - 400004, INDIA	-
32	90227840	19/12/1985	2,250,000.00	BANK OF INDIA	C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL  BUILDING, MUMBAI, MAHARASHTRA - 400004, INDIA	-

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Other building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Other equipments
• Leasehold improvements
• 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. 63.57
UK Pound	1	Rs. 97.98
Euro	1	Rs. 70.53

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		44

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.