MIRA INFORM REPORT

Report No. :	319453
Report Date :	09.05.2015

IDENTIFICATION DETAILS

Name :	GAGAN FERROTECH LIMITED (w.e.f. 19.03.2009)
Formerly Known As :	GAGAN FERROTECH PRIVATE LIMITED (w.e.f. 06.02.2009) GAGAN COMMODITIES PRIVATE LIMITED
Registered Office :	Diamond Prestige, 41A A.J.C. Bose Road, 8^th Floor, Room No - 801, Kolkata – 700017, West Bengal
Tel No :	91-9233341111
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.03.1993
Com. Reg. No.:	21-058238
Capital Investment / Paid-up Capital :	Rs. 187.464 Million
CIN No.: [Company Identification No.]	U51109WB1993PLC058238
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCG2667B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Sponge Iron, Billets, TMT, Ferro Alloys, Thermal Power.
No. of Employees :	Not Divulged

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 7000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration experience of the promoters in the steel industry supported by regular equity infusions by the promoters and comfortable liquidity position of the company. Rating also takes into consideration healthy operational risk profile and sound profitability margins of the company. 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 condition.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	June 18 2014

Rating Agency Name	CARE
Rating	Short term bank facilities A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	June 18 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED

Management non co-operative

LOCATIONS

Registered Office :	Diamond Prestige, 41A A.J.C. Bose Road, 8^th Floor, Room No - 801, Kolkata – 700017, West Bengal
Tel. No.:	91-33-66255252
Fax No.:	91-33-66255252
E-Mail :	finance@gagansteel.com gcpl_sponge@yahoo.co.in
Website :	www.gagansteel.com
Corporate Office :	4/19-21, Suhatta Comlles, City Centre, Durgapur-16, Dist. Burdwan, West Bengal, India
Fax No.:	91-343-2543986/3987
E-Mail :	marketing@gagansteel.com gcpl_sponge@yahoo.co.in gagantmt@rediffmail.com
Works:	Jamuria Industrial Estate, Vill+P.O. Ikra, Dist. Burdwan, West Bengal, india
Tel. No.:	91-341-3297744

DIRECTORS

As on : 29.08.2014

Name :

Mr. Deepak Kumar Agarwal

Designation :

Director

Address :

3/2 Aramstrong Avenue, Bidhannagar, Durgapur, Burdwan – 713212, West Bengal, India

Date of Birth/Age :

31.03.1970

Date of Appointment :

23.03.2004

DIN No.:

00646153

PAN No.:

ABSPA2276K

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	U27105WB1996PTC097224	SHAKAMBHARI OVERSEAS TRADES PRIVATE LIMITED	Director	10/11/2003	10/11/2003	-	Active	NO
2	U51109WB1993PLC058238	GAGAN FERROTECH LIMITED	Director	23/03/2004	23/03/2004	-	Active	NO
3	U67120WB1996PTC076555	J D L STOCK BROKING SERVICES PVT LTD	Director	07/09/2004	07/09/2004	-	Active	NO
4	U74999WB2009PTC137327	DV Re-Rolling Mills Private Limited	Director	30/07/2009	30/07/2009	-	Active	NO
5	U51109WB2007PTC113690	ENARGY TIE-UP PRIVATE LIMITED	Director	11/05/2010	11/05/2010	30/11/2013	Active	NO
6	U51109WB2007PTC121101	AURA MERCHANTS PRIVATE LIMITED	Director	11/05/2010	11/05/2010	30/11/2013	Active	NO
7	U27109WB2001PLC093869	SHAKAMBHARI ISPAT & POWER LIMITED	Director	26/10/2010	26/10/2010	-	Active	NO
8	U51503WB1967PTC027055	M H S SAHNY ENGINEERS PVT LTD	Director	01/04/2011	01/04/2011	-	Active	NO
9	U70109WB2011PTC156787	INNOVATION INFRAESTATES PRIVATE LIMITED	Director	01/06/2012	01/06/2012	30/11/2013	Active	NO
10	U51909WB2007PTC120249	SCANPOINT INFOWARE PRIVATE LIMITED	Director	01/06/2012	01/06/2012	30/11/2013	Active	NO
11	U70102WB2013PTC195226	PREMDEEP VATIKA PRIVATE LIMITED	Director	01/07/2013	01/07/2013	30/11/2013	Active	NO
12	U70109WB2012PTC173369	INTENT INFRAPROJECTS PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
13	U51909WB2011PTC170168	GURUKRIPA BARTER PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
14	U52190WB2011PTC159296	AVANIJA MARKETING PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
15	U70102WB2009PTC132212	SPARKING STAR INFRADEV PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
16	U52100WB2010PTC145941	RUBY DEALERS PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
17	U51909WB2008PTC129826	SCORPIO MARKETING PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
18	U10300WB2010PTC145868	LAKEVIEW DEALTRADE PRIVATE LIMITED	Director	09/01/2015	03/07/2013	-	Active	NO
19	U51909WB2013PLC194448	LEUCO COMMERCIAL LIMITED	Director	14/09/2013	14/09/2013	30/11/2013	Active	NO
20	U51909WB2013PLC194447	CONGIUS TRADECOM LIMITED	Director	14/09/2013	14/09/2013	30/11/2013	Active	NO
21	U74900WB2014NPL202387	DAMODAR VALLEY POWER CONSUMERS' ASSOCIATION	Director	04/07/2014	04/07/2014	-	Active	NO
22	U01403WB2014PTC202631	SHAKAMBHARI AGROTECH PRIVATE LIMITED	Director	21/07/2014	21/07/2014	-	Active	NO
23	U01403WB2015PTC204987	VEG AGRO INDIA PRIVATE LIMITED	Director	15/01/2015	15/01/2015	-	Active	NO
24	U01403WB2015PTC204986	FRESHLIGHT BIOTECH PRIVATE LIMITED	Director	15/01/2015	15/01/2015	-	Active	NO
25	U01403WB2015PTC204984	DREAMVALLEY AGROTECH PRIVATE LIMITED	Director	15/01/2015	15/01/2015	-	Active	NO
26	U10300WB2015PTC204843	SHYAM MINING PRIVATE LIMITED	Additional director	27/01/2015	27/01/2015	-	Active	NO

Name :

Mr. Vinay Kumar Agarwal

Designation :

Director

Address :

133 B, aldrin Path, Bidhannagar, Durgapur, Burdwan – 713212, West Bengal, India

Date of Birth/Age :

06.05.1970

Date of Appointment :

23.03.2007

DIN No.:

00646116

PAN No.:

AAGCA7509M

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	U00318JH1992PTC004857	NAVSHAKTI FUELS (INDIA) PRIVATE LIMITED	Director	30/04/1997	30/04/1997	-	Active	NO
2	U27105WB1996PTC097224	SHAKAMBHARI OVERSEAS TRADES PRIVATE LIMITED	Director	10/11/2003	10/11/2003	-	Active	NO
3	U51503WB1967PTC027055	M H S SAHNY ENGINEERS PVT LTD	Director	23/08/2004	23/08/2004	-	Active	NO
4	U67120WB1996PTC076555	J D L STOCK BROKING SERVICES PVT LTD	Director	07/09/2004	07/09/2004	-	Active	NO
5	U51109WB1993PLC058238	GAGAN FERROTECH LIMITED	Director	23/03/2007	23/03/2007	-	Active	NO
6	U74999WB2009PTC137327	DV Re-Rolling Mills Private Limited	Director	30/07/2009	30/07/2009	-	Active	NO
7	U51109WB2007PTC113690	ENARGY TIE-UP PRIVATE LIMITED	Director	11/05/2010	11/05/2010	30/11/2013	Active	NO
8	U51109WB2007PTC121101	AURA MERCHANTS PRIVATE LIMITED	Director	11/05/2010	11/05/2010	30/11/2013	Active	NO
9	U27109WB2001PLC093869	SHAKAMBHARI ISPAT & POWER LIMITED	Director	28/06/2011	01/11/2010	-	Active	NO
10	U51909WB2007PTC120249	SCANPOINT INFOWARE PRIVATE LIMITED	Director	01/06/2012	01/06/2012	30/11/2013	Active	NO
11	U70109WB2011PTC156787	INNOVATION INFRAESTATES PRIVATE LIMITED	Director	01/06/2012	01/06/2012	30/11/2013	Active	NO
12	U10300WB2010PTC145868	LAKEVIEW DEALTRADE PRIVATE LIMITED	Director	09/01/2015	03/07/2013	02/02/2015	Active	NO
13	U70109WB2012PTC173369	INTENT INFRAPROJECTS PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
14	U52190WB2011PTC159296	AVANIJA MARKETING PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
15	U70102WB2009PTC132212	SPARKING STAR INFRADEV PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
16	U52100WB2010PTC145941	RUBY DEALERS PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
17	U51909WB2008PTC129826	SCORPIO MARKETING PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
18	U51909WB2011PTC170168	GURUKRIPA BARTER PRIVATE LIMITED	Director	03/07/2013	03/07/2013	30/11/2013	Active	NO
19	U51909WB2013PLC194447	CONGIUS TRADECOM LIMITED	Director	14/09/2013	14/09/2013	30/11/2013	Active	NO
20	U51909WB2013PLC194448	LEUCO COMMERCIAL LIMITED	Director	14/09/2013	14/09/2013	30/11/2013	Active	NO
21	U01403WB2014PTC202631	SHAKAMBHARI AGROTECH PRIVATE LIMITED	Director	21/07/2014	21/07/2014	-	Active	NO
22	U01403WB2015PTC204987	VEG AGRO INDIA PRIVATE LIMITED	Director	15/01/2015	15/01/2015	-	Active	NO
23	U01403WB2015PTC204986	FRESHLIGHT BIOTECH PRIVATE LIMITED	Director	15/01/2015	15/01/2015	-	Active	NO
24	U01403WB2015PTC204984	DREAMVALLEY AGROTECH PRIVATE LIMITED	Director	15/01/2015	15/01/2015	-	Active	NO

Name :

Mr. Nawal Kumar Sanghai

Designation :

Director

Address :

Nangram, Raj Kr. Sanghai, in Front of Bimal Market, Gandhi Road, Jharai – 828111, Jharkhand, India

Date of Birth/Age :

10.11.1964

Date of Appointment :

31.03.2010

DIN No.:

00752695

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	U51909WB1995PTC070902	NIMBUS VINIMAY PVT.LTD.	Director	20/08/2005	20/08/2005	-	Active	NO
2	U51109WB1993PLC058238	GAGAN FERROTECH LIMITED	Director	31/03/2010	31/03/2010	-	Active	NO

Name :

Mr. Ramabatar Agarwal

Designation :

Director

Address :

3/2 Aramstrong Avenue, Bidhannagar, Durgapur, Burdwan – 713212, West Bengal, India

Date of Birth/Age :

14.01.1944

Date of Appointment :

15.07.2011

DIN No.:

02930064

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	U27109WB2006PTC109093	MAHARAJA ISPAT PVT LTD	Director	25/04/2006	25/04/2006	-	Active	NO
2	U52100WB2010PTC149024	CORUS VINTRADE PRIVATE LIMITED	Director	22/05/2010	22/05/2010	-	Active	NO
3	U27109WB2001PLC093869	SHAKAMBHARI ISPAT & POWER LIMITED	Director	28/06/2011	01/11/2010	-	Active	NO
4	U51109WB1993PLC058238	GAGAN FERROTECH LIMITED	Director	15/07/2011	15/07/2011	-	Active	NO
5	U70102WB2013PTC195226	PREMDEEP VATIKA PRIVATE LIMITED	Director	29/11/2013	29/11/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.08.2014

Names of Shareholders	No. of Shares
Deepak Kumar Agarwal	376010
Ramoutar Agarwal	25000
Premlata Devi Agarwal	12500
Ramoutar Deepak Kumar (HUF)	50000
Swati Agarwal	340000
JDL Stock Broking Services Private Limited	2112250
Suman Agarwal	227000
Vinay Kumar Agarwal	460010
Aura Merchants private Limited	1500050
DV RE-Rolling Mills Private Limited, India	5533125
M H S Sahany Engineers Private Limited, India	1755500
Energy Tie Up Private Limited, India	1181900
Scanpoint Infoware Private Limited, India	1948839
Sparking Star Indradev Private Limited, India	130536
Starlight Devcon Private Limited, India	60000
Innovation Infraestates Private Limited, India	1280800
Nibus Vinimay Private Limited, India	100000
Capable Infradevelopers Private Limited	1239669
Shivratri Vyapaar Private Limited	413223
Total	18746412

As on: 29.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	92.05
Directors or relatives of Directors	7.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Sponge Iron, Billets, TMT, Ferro Alloys, Thermal Power.

Products :

Product Description	Item Code No. (ITC Code)
MS Billet, TMT BAR, Steel Structural	2601

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Banker Name	Allahabad Bank
Branch Address	SME Finance Branch, 3, Red Cross Place, Kolkata – 700001, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	50077244877
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
Banker Name	State Bank of India
Branch Address	Commercial Branch, N.S. Road, 8, N.S. Road, Kolkata – 700001, West Bengal, India
Account Number	31606972796
Banker Name	UCO Bank
Branch Address	Flagship Corporate Branch, 2, India Exchange Place, Kolkata – 700001, West Bengal, India
Account Number	1968021000168
Banker Name	Bangiya Gramin Vikas Bank
Account Number	5441050000029
Banker Name	Corporation Bank
Account Number	112701601000016
Banker Name	HDFC Bank
Account Number	02342320001192
Banker Name	ICICI Bank Ltd.
Account Number	018805000610
Banker Name	DENA BANK
Account Number	152811031003
Banker Name	Punjab National Bank
Account Number	0158002101022150

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from banks	176.025	270.546
SHORT TERM BORROWING
Loan repayable on demand from banks	911.730	1266.144
Total	1087.755	1536.690

Auditors :
Name :	Anoop Kumar Agarwal and Associates Chartered Accountant
Address :	MS-28/9, Bengal Ambuja Complex, Urvashi City Centre , Durgapur – 713216, West Bengal, India
PAN No. :	AHWPA2888H
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Maharaja
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Shakambhari Ispat And Power Limited (CIN No. U27109WB2001PLC093869) DV Re-Rolling Mills Private Limited (CIN No. U74999WB2009PTC137327) Shakambhari Overseas Trades Private Limited (CIN No. U27105WB1996PTC097224)

CAPITAL STRUCTURE

As on : 29.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18746412	Equity Shares	Rs.10/- each	Rs.187.464 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	187.464	170.400	147.874
(b) Reserves & Surplus	2258.955	1893.386	1511.555
(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)	2446.419	2063.786	1659.429
(3) Non-Current Liabilities
(a) long-term borrowings	349.151	452.849	610.919
(b) Deferred tax liabilities (Net)	110.367	73.518	45.474
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.000	0.750	0.500
Total Non-current Liabilities (3)	460.518	527.117	656.893
(4) Current Liabilities
(a) Short term borrowings	911.730	1266.144	1214.229
(b) Trade payables	764.705	785.067	755.989
(c) Other current liabilities	324.589	388.111	324.236
(d) Short-term provisions	68.571	45.115	30.846
Total Current Liabilities (4)	2069.595	2484.437	2325.300
TOTAL	4976.532	5075.340	4641.622
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1766.408	1757.887	1772.286
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	140.834	75.827	4.322
(iv) Intangible assets under development	0.876	0.201	0.000
(b) Non-current Investments	67.197	67.197	61.886
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	60.019	19.140	14.073
(e) Other Non-current assets	0.200	0.300	0.470
Total Non-Current Assets	2035.534	1920.552	1853.037
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	977.899	1093.549	1234.176
(c) Trade receivables	1616.085	1742.525	1349.303
(d) Cash and cash equivalents	110.268	123.926	68.046
(e) Short-term loans and advances	114.202	85.411	83.975
(f) Other current assets	122.544	109.377	53.085
Total Current Assets	2940.998	3154.788	2788.585
TOTAL	4976.532	5075.340	4641.622

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from operations	7791.568	7488.158	6465.613
	Other Income	28.428	68.938	36.898
	TOTAL (A)	7819.996	7557.096	6502.511
Less	EXPENSES
	Cost of Materials Consumed	6505.812	6285.221	4535.675
	Purchases of Stock-in-Trade	0.000	0.000	1007.479
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	23.362	13.764	(86.130)
	Employees benefits expense	46.076	39.292	27.984
	Other expenses	601.747	641.634	594.289
	TOTAL (B)	7176.997	6979.911	6079.297
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	642.999	577.185	423.214
Less	FINANCIAL EXPENSES (D)	214.239	216.779	171.893
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	428.760	360.406	251.321
Less/ Add	DEPRECIATION/ AMORTISATION (F)	147.186	135.170	97.147
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	281.574	225.236	154.174
Less	TAX (I)	105.420	73.165	51.479
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	176.154	152.071	102.695
	Earnings / (Loss) Per Share (Rs.)	10.33	10.15	10.68

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.26	2.03	1.59
Operating Profit Margin (PBDIT / Sales)	(%)	8.25	7.71	6.55
Return on Total Assets (PBT/Total Assets}	(%)	5.91	4.57	3.37
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.09
Debt Equity Ratio (Total Debt /Networth)		0.52	0.83	1.10
Current Ratio (Current Asset/Current Liability)		1.42	1.27	1.20

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	147.874	170.400	187.464
Reserves & Surplus	1511.555	1893.386	2258.955
Net worth	1659.429	2063.786	2446.419
long-term borrowings	610.919	452.849	349.151
Short term borrowings	1214.229	1266.144	911.730
Total borrowings	1825.148	1718.993	1260.881
Debt/Equity ratio	1.100	0.833	0.515

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	6465.613	7488.158	7791.568
		15.815	4.052

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	6465.613	7488.158	7791.568
Profit	102.695	152.071	176.154
	1.59%	2.03%	2.26%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----------
22]	Litigations that the firm / promoter involved in	-----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----------
26]	Buyer visit details	-----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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

NOTE :

OPERATIONS:

The gross turnover of the company has increased from Rs. 8640.700 Million. Profit before Tax has also increased from Rs. 225.200 Million to Rs. 281.600 Million. Barring unforeseen circumstances, the directors are hopeful of even better results in the ensuing year.

FUTURE PROSPECT

WSA has released its estimates which state that demand for steel in India is projected to grow at 3.4 per cent in 2013, higher than the 2.6 per cent growth rate recorded in 2012. Moreover, in 2014, the demand is poised to grow at even a higher rate of 5.6 per cent, thanks to stepped up efforts of the government to implement structural reforms. Indeed, this leading international steel body had rightly expected India’s total steel demand to touch 7.4 MT in 2013 wherein the domestic expansion is pegged much higher than the 3.1 per cent global growth.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loans from Others	173.126	182.303
Total	173.126	182.303

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10381656	15/09/2014 *	2,420,500,000.00	State Bank of India	Commercial Branch, Jeevandeep, 1,Middleton Street  , Jeevandeep Building, 2nd Floor, Kolkata, West Be  ngal - 700071, INDIA	C35652908
2	10369871	31/07/2012	140,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA, West Bengal - 700001, INDIA	B45432333
3	10322936	19/12/2011	300,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA, West Bengal - 700001, INDIA	B27787696
4	10246862	03/11/2010	300,000,000.00	UCO BANK	MID CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA, West Bengal - 700001, INDIA	A97747133
5	10216672	20/04/2010	3,164,400.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D,, NARIMAN POINT,, MUMBAI-400021, Maharashtra -, INDIA	A84634377
6	10197052	06/01/2010	175,000,000.00	UCO BANK	MID CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA-700001,, West Bengal, INDIA	A77613693
7	10185113	17/08/2012 *	499,400,000.00	ALLAHABAD BANK	SME FINANCE BRANCH, 3, RED CROSS PLACE,, KOLKATA-700001,,  West Bengal, INDIA	B57927311
8	10166267	31/07/2012 *	655,000,000.00	UCO BANK	FLAGSHIP CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA- 700001, West Bengal INDIA	B45431145
9	10095784	03/03/2008	560,000,000.00	STATE BANK OF INDIA (LEAD BANK)	MID CORPORATE LOAN ADMINISTRATION UNIT, 1, STRAND  ROAD, 7TH FLOOR, KOLKATA- 700001, West Bengal INDIA	A34838094
10	80033370	15/09/2014 *	2,804,800,000.00	State Bank of India	Commercial Branch, Jeevandeep, 1,Middleton Street  , Jeevandeep Building, 2nd Floor, Kolkata- 700071, West Bengal INDIA	C35740067

* Date of charge modification

Note:

The registered address of the company has been shifted from 11/A, Maharshi Sevendra Road, Kolkata – 700007, West Bengal, India to the present address w.e.f 01.09.2013

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 records 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.64.04
UK Pound	1	Rs.99.03
Euro	1	Rs.71.76

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SUJ

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	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--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.