MIRA INFORM REPORT

Report No. :	350005
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	INDUS TUBES LIMITED
Formerly Known As :	INDUS TUBES PRIVATE LIMITED
Registered Office :	B-08, GD-ITL Tower, Top Floor, Netaji Subhash Place, Wzirpur District Centre, Pitampura, Delhi-110034
Tel. No.:	91-11-27352981
Country :	India
Financials (as on) :	31.03.2015 [Partial Details]
Date of Incorporation :	12.10.1987
Com. Reg. No.:	55-029462
Capital Investment / Paid-up Capital :	Rs. 15.000 Million
CIN No.: [Company Identification No.]	U74899DL1987PLC029462
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	DELI03945E
PAN No.: [Permanent Account No.]	AAACI0015L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Steel Tubes and Pipes.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Indus Tubes Limited is the flagship company of the ITL Group. It was established in 1987 and it is engaged into manufacturing of steel tubes and pipes and it is accredited with an ISO-9001 certification. The rating is constrained on company’s moderate financial risk profile along with modest capital structure and average debt protection metrics of the company. The assigned ratings also continue to factor on company’s modest profitability and low cash accruals which coupled with high working capital intensity nature of operations. However, the ratings draw comfort from the increase in the company’s protection, experienced management and long track record of operations in the steel industry. Trade relation seems to be fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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	ICRA
Rating	Long-Term Rating=BB- (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk
Date	July, 2015
Rating Agency Name	ICRA
Rating	Short-Term Rating=A4- (Suspended)
Rating Explanation	Minimal degree of safety and high credit risk
Date	July, 2015

Reason for Suspension: Absence of Requisite Information

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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. D.R. Gupta
Designation :	Accounts Manager
Contact No.:	91-9871000406
Date :	19.11.2015

LOCATIONS

Registered/ Corporate Office :	B-08, GD-ITL Tower, Top Floor, Netaji Subhash Place, Wzirpur District Centre, Pitampura, Delhi-110034, India
Tel. No.:	91-11-27352981-84
Mobile No.:	91-9871000406 (Mr. D.R. Gupta)
Fax No.:	91-11-47002413 / 27352985
E-Mail :	csitlfinlease@gmail.com industubes@yahoo.com arvindkjain_industubes@yahoo.in
Website :	http://www.industubes.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Gopi Kishan Jaju

Designation :

Director

Address :

ND - 24, Pitampura, Delhi-110088, India

Date of Birth/Age :

28.08.1944

Qualification :

Graduate

Date of Appointment :

28.01.2015

PAN No.:

ABPPJ2843L

DIN No.:

00142508

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	U74899DL1995PLC069802	ITL STOCK AND SHAREBROKERS LIMITED	Director	15/06/1995	15/06/1995	-	Active	NO
2	U51909AS1988PTC002883	GUWAHATI MERCANTILES PRIVATE LIMITED	Director	02/09/1996	02/09/1996	-	Active	NO
3	U45201AS1996PLC004920	INDUS BUILDWELL LIMITED	Director	10/12/1996	10/12/1996	-	Active	NO
4	U74899DL1995PLC074591	G.D. TRAEXIM INTERNATIONAL LIMITED	Director	24/06/1997	24/06/1997	02/03/2015	Active	NO
5	U45200DL1995PLC071617	INDO JATALIA COMMODITIES LIMITED	Director	05/08/1997	05/08/1997	15/07/2003	Active	NO
6	U70101AS1999PTC005907	JAJU REAL ESTATES PRIVATE LIMITED	Director	26/10/1999	26/10/1999	-	Active	NO
7	U72200DL1999PLC102499	ITL INFOTECH LIMITED	Director	22/11/1999	22/11/1999	-	Active	NO
8	U74899DL2000PLC104593	ITL EDUCATION SOLUTIONS LIMITED	Director	08/05/2000	08/05/2000	-	Active	NO
9	U70101AS2002PTC006907	YAMUNA PLANNERS AND DEVELOPERS PRIVATE LIMITED	Director	16/05/2003	16/05/2003	-	Active	NO
10	U74899DL1987PLC029462	INDUS TUBES LIMITED	Whole-time director	28/01/2015	15/11/2004	-	Active	NO
11	U51102DL1981PTC012404	SIDDHARTHA EAST PRIVATE LIMITED	Director	06/12/2004	06/12/2004	-	Active	NO
12	U74210DL1997PTC090614	GD CONTRACTORS PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	NO
13	U45201RJ2008PTC025737	GREEN TRIVENI DEVELOPERS PRIVATE LIMITED	Director	23/01/2008	23/01/2008	-	Active	NO
14	U74899DL1970PLC005358	ITL UDYOG LIMITED	Director	06/07/2011	25/01/2011	-	Active	NO
15	U51101AS1988PTC002847	NEZONE AGENCIES PRIVATE LIMITED	Director	29/09/2014	01/03/2014	-	Active	NO
16	U22100DL2014PTC268346	GIKSO LEARNING PRIVATE LIMITED	Director	26/06/2014	26/06/2014	-	Active	NO

Name :

Mr. Bajrang Lal Gupta

Designation :

Director

Address :

A-1, Bhagwan Das Nagar, Punjabi Bagh East, Delhi-110026, India

Date of Birth/Age :

05.03.1949

Qualification :

Graduate

Date of Appointment :

30.08.2009

DIN No.:

00143031

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	U74899DL1984PTC017810	AKASH BROTHERS TRADING PRIVATE LIMITED	Director	21/09/1994	21/09/1994	-	Active	NO
2	U74899DL1995PLC069802	ITL STOCK AND SHAREBROKERS LIMITED	Director	15/06/1995	15/06/1995	-	Active	NO
3	U74899DL1986PTC026350	VIKAS SALES PRIVATE LIMITED	Director	19/06/1997	19/06/1997	-	Active	NO
4	U45200DL1995PLC071617	INDO JATALIA COMMODITIES LIMITED	Director	05/08/1997	05/08/1997	15/07/2003	Active	NO
5	L65910DL1991PLC045090	ITL FINLEASE AND SECURITIES LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
6	U64202AS1997PLC005152	APEX NETWORK LIMITED	Director	15/06/1999	15/06/1999	-	Active	NO
7	U74210DL1997PTC090614	GD CONTRACTORS PRIVATE LIMITED	Director	13/08/1999	13/08/1999	-	Active	NO
8	U74899DL2000PLC104593	ITL EDUCATION SOLUTIONS LIMITED	Director	22/03/2000	22/03/2000	-	Active	NO
9	U74899DL1987PLC029462	INDUS TUBES LIMITED	Director	30/08/2009	30/08/2004	-	Active	NO
10	U74899DL1970PLC005358	ITL UDYOG LIMITED	Additional director	23/05/2007	23/05/2007	25/01/2011	Active	NO
11	U45201RJ1992PTC006769	TRIVENI WELL BUILDEV COMPANY PRIVATE LIMITED	Additional director	03/06/2008	03/06/2008	31/08/2009	Active	NO

Name :

Mr. Kailash Jajodia

Designation :

Director

Address :

72, Vaishali, Pitampura, Delhi-110088, India

Date of Birth/Age :

19.02.1954

Qualification :

Graduate

Date of Appointment :

15.11.2009

DIN No.:

00142836

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	L65910DL1991PLC045090	ITL FINLEASE AND SECURITIES LIMITED	Director	25/07/1991	25/07/1991	-	Active	NO
2	U74899DL1994PTC057666	RADIUM EXPORTS PRIVATE LIMITED	Director	01/09/1995	01/09/1995	20/03/2010	Active	NO
3	U45201AS1996PLC004920	INDUS BUILDWELL LIMITED	Director	10/12/1996	10/12/1996	-	Active	NO
4	U74899DL1995PLC074591	G.D. TRAEXIM INTERNATIONAL LIMITED	Director	24/06/1997	24/06/1997	-	Active	NO
5	U25209AS1982PTC001926	EASTERN TUBE COMPANY PRIVATE LIMITED	Director	06/11/1997	06/11/1997	-	Active	NO
6	U74899DL1987PTC028158	VISHAKHA BUILDERS PRIVATE LIMITED	Director	14/11/1997	14/11/1997	-	Active	NO
7	U51909AS1988PTC002881	NEZONE TRADING CO. PRIVATE LIMITED	Director	31/12/1997	31/12/1997	-	Active	NO
8	U70101AS1998PLC005512	NORTHEX ESTATES LIMITED	Director	31/08/1998	31/08/1998	-	Active	NO
9	U64202AS1997PLC005152	APEX NETWORK LIMITED	Director	15/06/1999	15/06/1999	-	Active	NO
10	U28121RJ1981PTC002328	KALSAN ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	14/07/1999	14/07/1999	-	Active	NO
11	U70101AS1999PTC005908	JAJODIA REAL ESTATES PRIVATE LIMITED	Director	26/10/1999	26/10/1999	-	Active	NO
12	U72200DL1999PLC102499	ITL INFOTECH LIMITED	Director	22/11/1999	22/11/1999	-	Active	NO
13	U70101AS2002PTC006907	YAMUNA PLANNERS AND DEVELOPERS PRIVATE LIMITED	Director	20/03/2003	20/03/2003	-	Active	NO
14	U74899DL1987PLC029462	INDUS TUBES LIMITED	Director	15/11/2009	15/11/2004	-	Active	NO
15	U74899DL2000PLC104593	ITL EDUCATION SOLUTIONS LIMITED	Director	04/09/2010	01/04/2010	-	Active	NO
16	U74899DL1970PLC005358	ITL UDYOG LIMITED	Director	13/09/2014	18/07/2014	-	Active	NO

Name :

Mr. Ishwar Prakash Jain

Designation :

Director

Address :

MD - 14, Pitampura, Delhi-110088, India

Date of Birth/Age :

02.11.1944

Qualification :

Graduate

Date of Appointment :

15.11.2009

DIN No.:

00161727

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	U74899DL1990PTC041101	I P POLYMERS PRIVATE LIMITED	Director	08/08/1990	08/08/1990	-	Active	NO
2	U74899DL1995PLC069802	ITL STOCK AND SHAREBROKERS LIMITED	Director	15/06/1995	15/06/1995	-	Active	NO
3	L65910DL1991PLC045090	ITL FINLEASE AND SECURITIES LIMITED	Director	01/09/1995	01/09/1995	-	Active	NO
4	U45201AS1996PLC004920	INDUS BUILDWELL LIMITED	Director	10/12/1996	10/12/1996	-	Active	NO
5	U74899DL1986PTC026350	VIKAS SALES PRIVATE LIMITED	Director	19/06/1997	19/06/1997	-	Active	NO
6	U64202AS1997PLC005152	APEX NETWORK LIMITED	Director	20/08/1997	20/08/1997	-	Active	NO
7	U45201DL1997PLC089171	G D BUILDWELL LIMITED	Director	10/11/1998	10/11/1998	-	Active	NO
8	U74899DL1970PLC005358	ITL UDYOG LIMITED	Director	01/03/1999	01/03/1999	-	Active	NO
9	U72200DL1999PLC102499	ITL INFOTECH LIMITED	Director	22/11/1999	22/11/1999	-	Active	NO
10	U28121RJ1981PTC002328	KALSAN ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	31/07/2000	31/07/2000	03/03/2015	Active	NO
11	U74899DL1987PLC029462	INDUS TUBES LIMITED	Director	15/11/2009	15/11/2004	-	Active	NO
12	U74210DL1997PTC090614	GD CONTRACTORS PRIVATE LIMITED	Whole-time director	28/01/2015	16/08/2010	-	Active	NO

Name :

Mr. Jugal Kishore Agiwal

Designation :

Director

Address :

72, Vaishali, Pitampura, Delhi-110088, India

Date of Birth/Age :

29.06.1964

Date of Appointment :

30.09.2014

DIN No.:

00183668

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	U51109AS1994PTC004166	KAUSHAL COMMERCIALS PVT LTD	Director	20/03/1995	20/03/1995	Active	NO
2	L65910DL1991PLC045090	ITL FINLEASE AND SECURITIES LIMITED	Director	29/09/2014	30/06/2009	Active	NO
3	U74899DL1987PLC029462	INDUS TUBES LIMITED	Director	30/09/2014	05/09/2014	Active	NO
4	U74899DL1993PTC054613	PREMIER KNITS PRIVATE LIMITED	Director	30/09/2014	30/09/2014	Active	NO

Name :

Mr. Deepak Jajodia

Designation :

Director

Address :

Ward No. 07, Didwaniyo Ki Gali, Lachhmangarh, Sikar-332311, Rajasthan, India

Date of Birth/Age :

16.05.1985

Date of Appointment :

30.09.2014

DIN No.:

06984295

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	U74899DL1987PLC029462	INDUS TUBES LIMITED	Director	30/09/2014	05/09/2014	Active	NO

KEY EXECUTIVES

Name :	Mr. D.R. Gupta
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	60.14
Directors or relatives of directors	20.34
Other top fifty shareholders	19.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Steel Tubes and Pipes.

Products :

ITC Code No.	Product Descriptions
73069090	Steel Tubes and Pipes

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

Not Divulged

Bankers :

Bank Name:	Punjab National Bank
Branch:	Gurudwara Road, Karol Bagh, Delhi-110005, 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

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand from banks	140.265	155.032
Total	140.265	155.032

Banking Relations :	--
Auditors : (As on 31.03.2014)
Name :	S.C. Verma and Associates Chartered Accountants
Address :	B-2/136, Paschim Vihar, New Delhi-110063, Delhi, India
Income-tax PAN of auditor or auditor's firm :	AAJFS7555H
Cost Auditors :
Name :	Yash Sardana and Associates Cost Accountants
Address :	AN-10, Shalimar Bagh, New Delhi-110088, India
Income-tax PAN of auditor or auditor's firm :	APRPS4630J
Memberships :	--
Collaborators :	--
Associates : (As on 31.03.2014)	· ITL Infotech Limited · ITL Stock and Share Brokers Limited · ITL Education Solutions Limited · ITL Udyog Limited · Indus Buildwell Limited · G.D. Traexim International Limited · ITL Finlease and Securities Limited · G.D. Contractors (Private) Limited · G.D. Buildwell Limited · Apex Network Limited · Vikas Sales (Private) Limited

CAPITAL STRUCTURE

AS ON 31.03.2015 [PARTIAL DETAILS]

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 15.000 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs. 10/- each	Rs. 15.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

VALUE ADDITION AND DISTRIBUTION OF EARINGS

Particulars	31.03.2015 (Partial Details)
Share capital	15.000
Reserves and surplus	125.474
Long-term borrowings	96.252
Gross fixed assets	92.201
Net fixed assets	57.871
Current assets	517.570
Current liabilities	338.975
Net current assets	178.596
Capital employed	236.726
Net worth	140.474
Value added of company	21.673
Net revenue from operations of company	1067.439
Profit before tax	9.240

Particulars	31.03.2015 (Partial Details)
Gross revenue from operations of company	1181.184
Excise and other duties of company	113.745
Net revenue from operations of company for value addition	1067.439
Export incentives of company	0.000
Adjustments in work-in-progress and finished stocks of company	16.182
Cost of materials consumed of company	829.546
Cost of process materials or chemicals of company	0.000
Cost of stores and spares consumed of company	25.446
Cost of utilities of company	16.594
Cost of other bought out inputs of company	190.362
Total cost of bought out inputs of company	1061.948
Value added of company	21.673
Other incomes of company	3.344
Extraordinary income	0.000
Earnings available for distribution	25.016
To employees as salaries, wages, retirement benefits and others	15.776
To shareholders as dividend	0.000
Funds retained by company	5.297
To government as taxes	3.943
Extraordinary expenses	0.000
Other distribution of earnings	0.000
Total distribution of earnings	25.016

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	15.000	15.000	15.000
(b) Reserves & Surplus	120.177	114.343	108.613
(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)	135.177	129.343	123.613
(3) Non-Current Liabilities
(a) Long-term borrowings	17.538	55.397	30.245
(b) Deferred tax liabilities (Net)	6.183	5.887	5.898
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.895	4.339	4.400
Total Non-current Liabilities (3)	29.616	65.623	40.543
(4) Current Liabilities
(a) Short term borrowings	140.265	155.032	150.481
(b) Trade payables	72.962	113.324	106.396
(c) Other current liabilities	6.964	6.826	1.660
(d) Short-term provisions	1.112	0.755	3.685
Total Current Liabilities (4)	221.303	275.937	262.222
TOTAL	386.096	470.903	426.378
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	50.368	44.785	33.270
(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	11.749	11.749	11.949
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.296	3.670	4.324
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	66.413	60.204	49.543
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	129.792	142.891	139.491
(c) Trade receivables	140.324	211.757	211.823
(d) Cash and cash equivalents	12.206	11.638	9.168
(e) Short-term loans and advances	37.361	44.413	16.353
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	319.683	410.699	376.835
TOTAL	386.096	470.903	426.378

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	1021.700	1256.875	1148.406
		Other Income	2.722	3.732	3.118
		TOTAL (A)	1024.422	1260.607	1151.524
Less	EXPENSES
		Cost of Materials Consumed	907.058	1108.279	973.330
		Purchases of Stock-in-Trade	26.009	10.142	88.836
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(12.601)	7.678	(15.331)
		Employees benefits expense	16.949	15.517	12.841
		Other expenses	47.851	70.914	50.875
		TOTAL (B)	985.266	1212.530	1110.551
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.156	48.077	40.973
Less	FINANCIAL EXPENSES (D)		26.953	36.018	31.262
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.203	12.059	9.711
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.070	3.329	3.238
	PROFIT BEFORE TAX (E-F) (G)		9.133	8.730	6.473
Less	TAX (H)		3.298	3.000	2.056
	PROFIT AFTER TAX (G-H) (I)		5.835	5.730	4.417
	Earnings Per Share (Rs.)		3.89	3.82	2.94

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	73.365	22.035	9.095

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.57	0.46	0.38
Operating Profit Margin (PBDIT/Sales)	(%)	3.83	3.83	3.57
Return on Total Assets (PBT/Total Assets}	(%)	2.44	1.90	1.56
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.05
Debt Equity Ratio (Total Debt/Networth)		1.17	1.63	1.46
Current Ratio (Current Asset/Current Liability)		1.44	1.49	1.44

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	15.000	15.000	15.000
Reserves & Surplus	108.613	114.343	120.177
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	123.613	129.343	135.177
Long-term borrowings	30.245	55.397	17.538
Short term borrowings	150.481	155.032	140.265
Total borrowings	180.726	210.429	157.803
Debt/Equity ratio	1.462	1.627	1.167

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	1148.406	1256.875	1021.700
		9.445	(18.711)

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	1148.406	1256.875	1021.700
Profit	4.417	5.730	5.835
	0.38%	0.46%	0.57%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last four 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	10432754	26/04/2013	360,000,000.00	ING VYSYA BANK LIMITED	55, WEST AVENUE ROAD, PUNJABI BAGH, NEW DELHI, DELHI - 110026, INDIA	B77810588

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from directors	0.000	1.000
Loans and advances from others	17.538	54.397
Total	17.538	55.397

PERFORMANCE : [AS ON 31.03.2014]

Profit before tax has gone up from Rs. 8.729 Million to Rs 9.133 Million and Profit after tax from Rs. 5.730 Million to Rs 5.834. Million. The EPS have also gone up from Rs. 3.82 per share of Rs. 10/- each to Rs 3.89. per share of Rs. 10/- Each. Aggregate paid up Share Capital and General Reserve now stand now stand at Rs.135.200 Million. The Company did not enter into Export market this year as it had mainly focused in the domestic markets.

STEEL INDUSTRY : [AS ON 31.03.2014]

India has around 100 mtpa steel production capacity now, up from 75 mtpa four years ago. A majority of the country's steel plants are located in the eastern part mainly because of its rich raw material base and locational advantages.

Exuding confidence that India has potential to become a global leader both in production and consumption of steel, Kumar said a total of Rs 12 lakh crore investment, including Rs 8.92 lakh crore in the east, could come up in the sector for trebling capacity to 300 MT by 2030.

In a presentation to Prime Minister Narendra Modi, Steel Secretary G Mohan Kumar has said six new mills could come up in Odisha, five in Jharkhand, four in Chhattisgarh and one in West Bengal with a cumulative investment of Rs 8.92 lakh crore investment till 2030.

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from Partap Chamber, Gurudwara Road, Karol Bagh, New Delhi-110005, India to the present address w.e.f 21.11.2006

CONTINGENT LIABILITIES: (As On 31.03.2014)

(i) A demand of Rs. 0.115 Million order dated 17.11.2004 and Rs. 0.644 Million order dated 26.07.2005 has been raised by the government authority u/s 11B of Central Excise Act and u/s 68 of Service Tax Act. The same is not accounted for in books of accounts as the Company has gone for appeal with Custom Excise and Service Tax Appellate Tribunal.

(ii) A demand of Rs. 0.956 Million has been raised under the Central Sales Tax Act and Rs. 0.001 Million under the UP Entry Tax related to assessment year 2010-11

(iii) Assessment under the Income Tax Act and Sales Tax Act has been completed up to assessment year 2011-12 and financial year 2010-2011 respectively. Further liabilities, if any, in respect of un-assessed cases shall be accounted for in the year in which the same are decided.

(iv) Letters of credit Rs. 47.500 Million (Previous Year Rs. 105.500 Million) has been issued by the bank on behalf of the Company

(v) Bank Guaranteis Rs.90.147 Million (Previous Year Rs. 59.156 Million) has been issued by the bank on behalf of the Company

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 66.35
UK Pound	1	Rs. 100.66
Euro	1	Rs. 70.47

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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.