MIRA INFORM REPORT

Report No. :	324116
Report Date :	28.05.2015

IDENTIFICATION DETAILS

Name :	HANS ISPAT LIMITED (w.e.f.27.06.2005)
Formerly Known As :	HANS ISPAT PRIVATE LIMITED
Registered Office :	A-1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad-380015, Gujarat
Tel. No.:	91-79-27678844
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.11.1991
Com. Reg. No.:	04-057955
Capital Investment / Paid-up Capital :	Rs 364.200 million
CIN No.: [Company Identification No.]	U51109GJ1991PLC057955
IEC No.:	0605014043
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCH2447Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Exporting of TMT Rebars, MS Round Bars, SS Flats and MS Billets.
No. of Employees :	Information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow but delayed
Litigation :	Not Available
Comments :	Subject is an established company having a moderate track. The rating takes into consideration the delay in servicing its debt obligation on the back cash losses incurred by it. However, Business is active. Payment terms are reported to be slow and delayed. The company can be considered for business dealings on safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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=D
Rating Explanation	Lowest Credit quality and very low prospects of recovery.
Date	June 3, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Navin Patel
Designation :	Factory Incharge
Contact No.:	91-9099958401
Date :	25.05.2015

LOCATIONS

Registered Office :	A-1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-27678844
Mobile No.:	91-9099958401 (Mr. Navin Patel)
Fax No.:	91-79-26768855
E-Mail :	mca21@electrotherm.com mahendra.patira@electrotherm.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Mukesh Bhanwarlal Bhandari

Designation :

Director

Address :

A-1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

05.08.1951

Qualification :

B.E.Electrical

Date of Appointment :

01.06.2010

DIN No.:

00014511

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	U74999GJ1993PLC019436	AHMEDABAD AVIATION AND AERONAUTICS LIMITED	Director	30-09-2013	11-05-1993	-	Active	NO
2	L29249GJ1986PLC009126	ELECTROTHERM (INDIA) LIMITED	Managing director	01-02-2014	01-03-1994	-	Active	NO
3	U63040GJ1998PTC035148	PALACE TOURS AND AIR CHARTERS PRIVATE LIMITED	Director	16-12-1998	16-12-1998	05-06-2012	Amalgamated	NO
4	U72200GJ2000PTC037573	MANGALAM INFORMATION TECHNOLOGIES Private Limited	Director	16-11-2004	16-11-2004	03-10-2006	Active	NO
5	U34100GJ2005PTC047055	INDUS ELEC-TRANS PRIVATE LIMITED	Director	11-11-2005	11-11-2005	05-06-2012	Active	NO
6	U29120GJ2006PLC047656	E-MOTION POWER LIMITED	Director	03-02-2006	03-02-2006	05-06-2012	Active	NO
7	U85110GJ2000PLC038270	WESTERN INDIA SPECIALITY HOSPITAL LIMITED	Director	30-11-2006	30-11-2006	-	Active	NO
8	U65910GJ1984ULT006872	ALWAR TRADING AND INVESTMENT COMPANY	Director	14-12-2006	14-12-2006	01-08-2011	Active	NO
9	U24132GJ2007PTC049709	AFGHAN TRADING PRIVATE LIMITED	Director	04-01-2007	04-01-2007	-	Amalgamated	NO
10	U67190GJ2007PTC049870	BHANDARI BROTHERS COMMERCIAL PRIVATE LIMITED	Director	28-03-2007	28-03-2007	-	Amalgamated	NO
11	U45201GJ2007PTC050971	S B REALTY DEVELOPERS PRIVATE LIMITED	Director	28-05-2007	28-05-2007	02-11-2009	Active	NO
12	U45202GJ2007PTC050969	SURAJ REAL ESTATE PRIVATE LIMITED	Director	28-05-2007	28-05-2007	-	Amalgamated	NO
13	U45201GJ2007PTC050970	INDUS REAL ESTATE PRIVATE LIMITED	Director	28-05-2007	28-05-2007	-	Amalgamated	NO
14	U74120DL2007PLC166605	GLOBAL AVIANAUTICS LIMITED	Director	03-08-2007	03-08-2007	01-03-2011	Active	NO
15	U80222GJ2008NPL054607	ELECTROTHERM FOUNDATION	Director	29-07-2008	29-07-2008	05-06-2012	Active	NO
16	U34102GJ2008PLC055557	ET ELEC-TRANS LIMITED	Director	27-11-2008	27-11-2008	15-07-2009	Active	NO
17	U27205GJ2008PLC055556	INDUS COILS & PLATES LIMITED	Director	27-11-2008	27-11-2008	05-03-2012	Amalgamated	NO
18	U40100GJ2008PLC053326	ELECTROTHERM ENGINEERING & PROJECTS LIMITED	Director	30-09-2009	01-12-2008	-	Active	NO
19	U27109GJ2004PLC066347	SHREE RAM ELECTRO CAST LIMITED	Director	30-09-2010	20-05-2010	-	Active	NO
20	U40102MH2007PTC175289	PALACE SOLAR ENERGY PRIVATE LIMITED	Director appointed in casual vacancy	29-05-2010	29-05-2010	17-11-2011	Active	NO
21	U51109GJ1991PLC057955	HANS ISPAT LIMITED	Director	30-09-2010	01-06-2010	-	Active	NO
22	U21012GJ1995PLC064736	SHREE HANS PAPERS LIMITED	Director	30-09-2010	01-06-2010	-	Active	NO
23	U29219GJ1993PLC019848	FIREFLY ENERGY LIMITED	Additional director	18-09-2010	18-09-2010	11-05-2012	Active	NO
24	U29307GJ2010PLC062347	ELECTROTHERM SOLAR LIMITED	Director	18-09-2010	18-09-2010	18-04-2012	Active	NO
25	U40106GJ2011PLC064403	ETAIN ENERGY HOLDINGS LIMITED	Director	12-03-2011	12-03-2011	03-07-2013	Active	NO

Name :

Mr. Shailesh Bhanwarlal Bhandari

Designation :

Director

Address :

A-1, Skylark Apartment, Satellite Road, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

01.07.1958

Qualification :

B.SC

Date of Appointment :

01.06.2010

DIN No.:

00058866

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	U99999GJ1985PTC007918	LIBERTY FINANCE AND LEASING COMPANY PRIVATE LIMITED	Director	30-03-1992	30-03-1992	01-08-2011	Active	NO
2	U74999GJ1993PLC019436	AHMEDABAD AVIATION AND AERONAUTICS LIMITED	Director	30-09-2013	11-05-1993	-	Active	NO
3	U85110GJ2000PLC038270	WESTERN INDIA SPECIALITY HOSPITAL LIMITED	Director	27-06-2000	27-06-2000	-	Active	NO
4	U99999MH1997PTC109321	PROTECT NATURE PRIVATE LIMITED	Director	01-10-2001	01-10-2001	20-05-2008	Active	NO
5	U72200GJ2000PTC037573	MANGALAM INFORMATION TECHNOLOGIES Private Limited	Director	16-11-2004	16-11-2004	03-10-2006	Active	NO
6	U63040GJ1998PTC035148	PALACE TOURS AND AIR CHARTERS PRIVATE LIMITED	Director	28-01-2005	28-01-2005	05-06-2012	Amalgamated	NO
7	U34100GJ2005PTC047055	INDUS ELEC-TRANS PRIVATE LIMITED	Director	11-11-2005	11-11-2005	05-06-2012	Active	NO
8	U29120GJ2006PLC047656	E-MOTION POWER LIMITED	Director	03-02-2006	03-02-2006	05-06-2012	Active	NO
9	U28930GJ2006PLC047896	ALPHA NIPPON INNOVATIVES LIMITED	Director	07-03-2006	07-03-2006	02-11-2006	Active	NO
10	L74140GJ1992PLC016891	MAGNUM LIMITED	Director	03-10-2006	03-10-2006	29-09-2012	Active	NO
11	U65910GJ1984ULT006872	ALWAR TRADING AND INVESTMENT CO	Director	14-12-2006	14-12-2006	01-08-2011	Active	NO
12	U24132GJ2007PTC049709	AFGHAN TRADING PRIVATE LIMITED	Director	04-01-2007	04-01-2007	-	Amalgamated	NO
13	U18101GJ2003PTC041860	JAYSHRI PETRO-YARN PRIVATE LIMITED	Director	20-01-2007	20-01-2007	05-06-2012	Active	NO
14	U45202GJ2007PTC049871	PALANPUR REALITY DEVELOPERS PRIVATE LIMITED	Director	25-01-2007	25-01-2007	08-08-2011	Active	NO
15	U67190GJ2007PTC049870	BHANDARI BROTHERS COMMERCIAL PRIVATE LIMITED	Director	25-01-2007	25-01-2007	-	Amalgamated	NO
16	L29249GJ1986PLC009126	ELECTROTHERM (INDIA) LIMITED	Managing director	01-02-2014	29-03-2007	-	Active	NO
17	U74900GJ2007PTC050639	KAPPA CONSULTANCY PRIVATE LIMITED	Director	24-04-2007	24-04-2007	10-04-2012	Active	NO
18	U45201GJ2007PTC050971	S B REALTY DEVELOPERS PRIVATE LIMITED	Director	28-05-2007	28-05-2007	01-08-2011	Active	NO
19	U45202GJ2007PTC050969	SURAJ REAL ESTATE PRIVATE LIMITED	Director	28-05-2007	28-05-2007	-	Amalgamated	NO
20	U45201GJ2007PTC050970	INDUS REAL ESTATE PRIVATE LIMITED	Director	28-05-2007	28-05-2007	-	Amalgamated	NO
21	U45201GJ2007PTC050995	NEW DELHI REAL ESTATE PRIVATE LIMITED	Director	30-05-2007	30-05-2007	05-06-2012	Amalgamated	NO
22	U72900GJ2007PTC051679	EIL SOFTWARE PRIVATE LIMITED	Director	07-09-2007	07-09-2007	05-06-2012	Amalgamated	NO
23	U74900GJ2007PTC051889	EIL HOSPITALITY PRIVATE LIMITED	Director	04-10-2007	04-10-2007	05-06-2012	Active	NO
24	U72200GJ2007PTC051905	EIL SOFTWARE SERVICES OFFSHORE PRIVATE LIMITED.	Director	05-10-2007	05-10-2007	05-06-2012	Active	NO
25	U45201GJ2007PTC052102	PALACE INFRASTRUCTURE PRIVATE LIMITED	Director	02-11-2007	02-11-2007	05-06-2012	Amalgamated	NO
26	U45201GJ2007PTC052101	EIL REALTY PRIVATE LIMITED	Director	02-11-2007	02-11-2007	05-06-2012	Amalgamated	NO
27	U72900GJ2007PTC052121	EIL TECHNOLOGY PRIVATE LIMITED	Director	06-11-2007	06-11-2007	05-06-2012	Active	NO
28	U72400DL2006PTC149601	LOGIX INFOSOFT PRIVATE LIMITED.	Director	28-01-2008	28-01-2008	29-01-2008	Active	NO
29	U40100GJ2008PLC053326	ELECTROTHERM ENGINEERING & PROJECTS LIMITED	Director	25-03-2008	25-03-2008	-	Active	NO
30	U45201GJ2008PTC053328	SUN RESIDENCY PRIVATE LIMITED	Director	25-03-2008	25-03-2008	01-08-2011	Active	NO
31	U40100GJ2008PTC053327	SUN INFRAPOWER PRIVATE LIMITED	Director	25-03-2008	25-03-2008	01-02-2011	Active	NO
32	U74140GJ2008PTC054523	SURAJ ADVISORY SERVICES PRIVATE LIMITED	Director	21-07-2008	21-07-2008	05-06-2012	Amalgamated	NO
33	U45201GJ2008PTC054524	CRYSTAL REAL ESTATE PRIVATE LIMITED	Director	21-07-2008	21-07-2008	05-06-2012	Amalgamated	NO
34	U74140GJ2008PTC054554	S N ADVISORY PRIVATE LIMITED	Director	23-07-2008	23-07-2008	05-06-2012	Amalgamated	NO
35	U80222GJ2008NPL054607	ELECTROTHERM FOUNDATION	Director	29-07-2008	29-07-2008	05-06-2012	Active	NO
36	U28900GJ2008PLC055179	GUJARAT MINT ALLOYS LIMITED	Director	07-10-2008	07-10-2008	05-06-2012	Active	NO
37	U10100CT2008PLC020943	BHASKARPARA COAL COMPANY LIMITED	Director	21-11-2008	21-11-2008	-	Active	NO
38	U34102GJ2008PLC055557	ET ELEC-TRANS LIMITED	Director	27-11-2008	27-11-2008	15-07-2009	Active	NO
39	U27205GJ2008PLC055556	INDUS COILS & PLATES LIMITED	Director	27-11-2008	27-11-2008	07-03-2012	Amalgamated	NO
40	U34102GJ2009PLC056070	ETAIN ELECTRIC VEHICLES LIMITED	Director	05-02-2009	05-02-2009	26-06-2012	Active	NO
41	U13203DL2007PLC165534	GSY EUROFIBRES LIMITED	Director	30-09-2010	19-01-2010	15-04-2011	Active	NO
42	U27109GJ2004PLC066347	SHREE RAM ELECTRO CAST LIMITED	Director	30-09-2010	21-05-2010	-	Active	NO
43	U40102MH2007PTC175289	PALACE SOLAR ENERGY PRIVATE LIMITED	Director appointed in casual vacancy	29-05-2010	29-05-2010	17-11-2011	Active	NO
44	U51109GJ1991PLC057955	HANS ISPAT LIMITED	Director	30-09-2010	01-06-2010	-	Active	NO
45	U21012GJ1995PLC064736	SHREE HANS PAPERS LIMITED	Director	30-09-2010	01-06-2010	-	Active	NO
46	U45400GJ2010PTC061585	SBRB REAL ESTATE PRIVATE LIMITED	Director	14-07-2010	14-07-2010	19-08-2011	Active	NO
47	U29219GJ1993PLC019848	FIREFLY ENERGY LIMITED	Additional director	18-09-2010	18-09-2010	11-05-2012	Active	NO
48	U29307GJ2010PLC062347	ELECTROTHERM SOLAR LIMITED	Director	18-09-2010	18-09-2010	25-09-2010	Active	NO
49	U91990GJ2008NPL053876	FEDERATION OF KUTCH INDUSTRIES ASSOCIATION	Additional director	26-08-2014	26-08-2014	-	Active	NO

Name :

Mr. Avinash Prakashchandra Bhandari

Designation :

Director

Address :

24, Someshwar Complex, Satellite Road, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

29.09.1965

Qualification :

B.E. / M.S. / M.B.A.

Date of Appointment :

01.06.2010

DIN No.:

00058986

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	U72200GJ2000PTC037573	MANGALAM INFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	16-03-2000	16-03-2000	16-01-2012	Active	NO
2	L29249GJ1986PLC009126	ELECTROTHERM (INDIA) LIMITED	Managing director	01-02-2014	08-10-2003	-	Active	NO
3	L74140GJ1992PLC016891	MAGNUM LIMITED	Director	03-10-2006	03-10-2006	01-06-2008	Active	NO
4	U72900GJ2007PTC051679	EIL SOFTWARE PRIVATE LIMITED	Director	07-09-2007	07-09-2007	15-11-2007	Amalgamated	NO
5	U34102GJ2008PLC055557	ET ELEC-TRANS LIMITED	Director	30-09-2009	15-07-2009	-	Active	NO
6	U27205GJ2008PLC055556	INDUS COILS AND PLATES LIMITED	Director	28-09-2010	24-09-2009	05-03-2012	Amalgamated	NO
7	U27109GJ2004PLC066347	SHREE RAM ELECTRO CAST LIMITED	Director	30-09-2010	20-05-2010	-	Active	NO
8	U51109GJ1991PLC057955	HANS ISPAT LIMITED	Director	30-09-2010	01-06-2010	-	Active	NO
9	U21012GJ1995PLC064736	SHREE HANS PAPERS LIMITED	Director	30-09-2010	01-06-2010	-	Active	NO
10	U40106GJ2011PLC064403	ETAIN ENERGY HOLDINGS LIMITED	Director	12-03-2011	12-03-2011	03-07-2013	Active	NO
11	U29100GJ2011PLC064722	ETAIN IMMODO RENEWABLES LIMITED	Director	01-04-2011	01-04-2011	28-01-2012	Active	NO

Name :

Mr. Pradeep Krishna Prasad

Designation :

Director

Address :

63, Star Apartment, Opposite, Nalanda Complex, Vastrapur, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

17.11.1942

Qualification :

B.sc. M. tech, PG diploma in Industrial Eng. and Management

Date of Appointment :

22.05.2013

DIN No.:

00059004

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	L29249GJ1986PLC009126	ELECTROTHERM (INDIA) LIMITED	Director	30-09-2014	05-10-2005	15-11-2014	Active	NO
2	U51109GJ1991PLC057955	HANS ISPAT LIMITED	Director	30-09-2013	22-05-2013	15-11-2014	Active	NO

Name :

Mr. Mahendrakumar Ramniklal Patira

Designation :

Director

Address :

Plot – 614, NU-04, Sapna Nagar, Gandhidham, Kutch-370201, Gujarat, India

Date of Birth/Age :

12.01.1955

Qualification :

Diploma in Business Management and B.E. (MECH.)

Date of Appointment :

01.01.2013

DIN No.:

06464397

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	U27109GJ2004PLC066347	SHREE RAM ELECTRO CAST LIMITED	Director	30-09-2013	01-01-2013	Active	NO
2	U51109GJ1991PLC057955	HANS ISPAT LIMITED	Director	30-09-2013	01-01-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Mahendrakumar Ramniklal Patira
Designation :	Manager
Address :	Plot – 614, NU-04, Sapna Nagar, Gandhidham, Kutch-370201, Gujarat, India
Date of Birth/Age :	12.01.1955
Date of Appointment :	01.10.2010
PAN No.:	ACEPP7630B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Electrotherm (India) Limited, India	36407900
Electrotherm (India) Limited, India Jointly with Mukesh Bhandari	3000
Electrotherm (India) Limited, India Jointly with Nagesh Bhandari	3000
Electrotherm (India) Limited, India Jointly with Shailesh Bhandari	3000
Electrotherm (India) Limited, India Jointly with Siddharth Bhandari	2000
Electrotherm (India) Limited, India Jointly with Narendra Dalal	1000
Electrotherm (India) Limited, India Jointly with Avinash Bhandari	100
Total	36420000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Exporting of TMT Rebars, MS Round Bars, SS Flats and MS Billets.

Products/ Services :

ITC Code No.	Product Descriptions
72201190	TMT

· Induction Melting Furnaces

· Induction Melting & Holding Furnaces

· Electric Arc Furnaces

· Submerged Arc Furnace

· Metal Refining Konverter

· Ladle Refining Furnaces

· Induction Heating & Hardening Equipments

· Electro DI Pipes

· Electric Scooter

· Steel, Special Steels & Stainless Steel

· Electro TMT Plus Bars

· Transformer

Brand Names :

--

Agencies Held :

--

Exports :

Products :

--

Countries :

--

Imports :

Products :

--

Countries :

--

Terms :

Selling :

--

Purchasing :

---

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Information denied by the management

Bankers :

Bank Name:	State Bank of India
Branch:	Mid Corporate Overseas Branch, 3^rd Floor, Navjivan Trust Complex, Navjivan P.O, Ahmedabad-380014, Gujarat, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of 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

Plot No.322, Sector 12/B, Gandhidham-370201, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	52.831	73.938
Working capital loans from banks	466.716	551.211
SHORT TERM BORROWINGS
Working capital loans from banks	229.852	176.963
Total	749.399	802.112

Banking Relations :	--
Auditors :
Name :	Hitesh Prakash Shah and Company Chartered Accountants
Address :	105 First Floor, sankar-1 Opposite, Gandhigram Railway Station Ashram Road, Ahmedabad-380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	APGPS0174L
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Electrotherm (India) Limited (L29249GJ1986PLC009126)
Subsidiary of Holding Company:	Shree Hans Paper Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
37000000	Equity Shares	Rs. 10/- each	Rs. 370.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36420000	Equity Shares	Rs. 10/- each	Rs. 364.200 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	364.200	364.200	314.200
(b) Reserves & Surplus	(358.195)	(311.015)	(265.259)
(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)	6.005	53.185	48.941
(3) Non-Current Liabilities
(a) Long-term borrowings	519.547	625.149	443.013
(b) Deferred tax liabilities (Net)	0.000	41.780	41.780
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.233	1.251	4.125
Total Non-current Liabilities (3)	522.780	668.180	488.918
(4) Current Liabilities
(a) Short term borrowings	249.409	211.019	258.974
(b) Trade payables	490.224	310.209	481.567
(c) Other current liabilities	129.804	78.603	71.100
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	869.437	599.831	811.641
TOTAL	1398.222	1321.196	1349.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	405.529	402.070	413.954
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	58.018	57.126	57.126
(e) Other Non-current assets	9.334	23.836	17.350
(f) Tangible asset capital work-in-progress	0.000	26.683	11.838
Total Non-Current Assets	472.881	509.715	500.268
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	618.266	589.172	630.498
(c) Trade receivables	236.077	152.711	175.454
(d) Cash and cash equivalents	12.577	6.075	3.308
(e) Short-term loans and advances	42.485	47.677	36.282
(f) Other current assets	15.936	15.846	3.690
Total Current Assets	925.341	811.481	849.232
TOTAL	1398.222	1321.196	1349.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2551.178	1290.710	5267.820
		Other Income	11.460	39.476	47.798
		TOTAL (A)	2562.638	1330.186	5315.618
Less	EXPENSES
		Cost of Materials Consumed	1873.433	967.494	4057.285
		Purchases of Stock-in-Trade	7.083	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(23.774)	(4.333)	29.645
		Employees benefits expense	108.368	52.920	172.063
		Other expenses	542.104	313.881	1015.872
		Extraordinary items	23.753	0.000	0.000
		TOTAL (B)	2530.967	1329.962	5274.865
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.671	0.224	40.753
Less	FINANCIAL EXPENSES (D)		93.950	33.278	188.416
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(62.279)	(33.054)	(147.663)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		26.681	12.702	35.948
	PROFIT BEFORE TAX (E-F) (G)		(88.960)	(45.756)	(183.611)
Less	TAX (H)		(41.780)	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		(47.180)	(45.756)	(183.611)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	164.330	0.000	0.000
	TOTAL EARNINGS		164.330	0.000	0.000
	IMPORTS
		Stores & Spares	0.700	0.566	0.000
	TOTAL IMPORTS		0.700	0.566	0.000
	Earnings Per Share (Rs.)		1.295	1.256	5.04

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	91.197	53.135	34.416
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(1.85)	(3.55)	(3.49)
Operating Profit Margin (PBDIT/Sales)	(%)	1.24	0.02	0.77
Return on Total Assets (PBT/Total Assets}	(%)	(6.36)	(3.53)	(13.73)
Return on Investment (ROI) (PBT/Networth)		(14.81)	(0.86)	(3.75)
Debt Equity Ratio (Total Debt/Networth)		143.24	16.72	15.05
Current Ratio (Current Asset/Current Liability)		1.06	1.35	1.05

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	314.200	364.200	364.200
Reserves & Surplus	(265.259)	(311.015)	(358.195)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	48.941	53.185	6.005
Long-term borrowings	443.013	625.149	519.547
Short term borrowings	258.974	211.019	249.409
CURRENT MATURITIES OF LONG-TERM DEBTS	34.416	53.135	91.197
Total borrowings	736.403	889.303	768.956
Debt/Equity ratio	15.047	16.721	128.053

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	5267.820	1290.710	2551.178
		(75.498)	97.657

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	5267.820	1290.710	2551.178
Profit	(83.611)	(45.756)	(47.180)
	(3.49)%	(3.55)%	(1.85)%

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10376392	21/08/2012	603,000,000.00	STATE BANK OF INDIA	MID CORPORATE OVERSEAS BRACH, 3RD FLOOR, NAVJIVAN TRUST COMPLEX, NAVJIVAN P.O., AHMEDABAD- 380014, GUJARAT , INDIA	B58053851
2	10306617	29/12/2012 *	900,100,000.00	STATE BANK OF INDIA	MID CORPORATE OVERSEAS BRANCH, 3RD FLOOR,, NAVJIV AN TRUST COMPLEX, NAVJIVAN P. O., AHMEDABAD- 380014, GUJAR AT, INDIA	B66744897
3	10306625	29/12/2012 *	900,100,000.00	STATE BANK OF INDIA	MID CORPORATE OVERSEAS BRANCH, 3RD FLOOR,, NAVJIV AN TRUST COMPLEX, NAVJIVAN P. O., AHMEDABAD- 380014, GUJAR At, INDIA	B66705427
4	10306522	05/09/2011	122,500,000.00	STATE BANK OF INDIA	MID CORPORATE OVERSEAS BRANCH, 3RD FLOOR,, NAVJIV AN TRUST COMPLEX, NAVJIVAN P.O,, AHMEDABAD- 380014, GUJARA T, INDIA	B20649695

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand	19.557	34.056
Total	19.557	34.056

CORPORATE INFORMATIONS

Hans Ispat Limited (the Company) is a public company domiciled in India and incorporated under provisions of the Companies Act, 1956. The company is engaged in the manufacturing of TMT rebars, MS Round Bars, SS Flats and MS Billets.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Factory Equipment

· Vehicles

· Furniture and Fixtures

· Computer 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 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. 63.95
UK Pound	1	Rs. 98.64
Euro	1	Rs. 69.86

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.