MIRA INFORM REPORT

Report No. :	351599
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	ANKIT METAL AND POWER LIMITED (w.e.f. 31.08.2004)
Formerly Known As :	ANKIT METAL AND POWER PRIVATE LIMITED (w.e.f. 08.07.2004) ANKIT STEEL WORKS PRIVATE LIMITED
Registered Office :	35, Chittaranjan Avenue, Kolkata – 700012, West Bengal
Tel. No.:	91-33-22119805
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	07.08.2002
Com. Reg. No.:	21-094979
Capital Investment / Paid-up Capital :	Rs. 1220.755 Million
CIN No.: [Company Identification No.]	L27101WB2002PLC094979
IEC No.:	0203024044
TAN No.: [Tax Deduction & Collection Account No.]	CALA05741B
PAN No.: [Permanent Account No.]	AAECA5230B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Iron Ore Pillets, Sponge Iron, MS Billets, Re-Rolled products with a Captive Power Plant (CPP).
No. of Employees :	632 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

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 and delayed
Litigation :	Exist
Comments :	Subject was incorporated in the year 2002 engaged in the steel manufacturing business. It offers sponge iron, pig iron, M.S. ingots & billets, TMT bars, pellets, ferro alloys, rods and rolled products. During the year under review the company net income was declined by 22.22% on the net income of Rs. 11476.922 Million as against Rs. 14756.953 Million in previous year. Moreover, the company incurred a net loss of Rs. 1932.841 million during the FY. 2014-15 which is mainly attributed to depressed market for its products and lower capacity utilizing of power plant. The ratings primarily take into account the stretched liquidity position of the company characterized by multiple instances of devolvement of non-fund based facilities in recent times and subsequent periodic overutilization of the fund based facilities. The ratings also take into consideration the adverse financial metrics of the company as reflected by its loss making nature of operations, highly aggressive capital structure and weak debt coverage metrics during April 2014 to March 2015 (FY2015). Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business dealings on safe and secured trade terms and conditions. Note: The Corporate Debt Restructuring Proposal was referred to CDR Empowered Group by the consortium of lenders led by State Bank of India. The CDR Proposal as recommended by SBI was approved by CDR EG on September 9, 2014 and communicated vide letter of Approval dated 17th September, 2014. Under CDR package, the Company’s debts were restructured and additional credit facilities have been sanctioned as set out in the said letter of Approval. The cutoff date for CDR package is February 01, 2014.

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	Term Loan=C+
Rating Explanation	Poor-credit quality and limited prospects of recovery
Date	May, 2015
Rating Agency Name	ICRA
Rating	Letter of Credit=A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	May, 2015

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

MANAGEMENT NON-COOPERATIVE

(Contact No: 91-33-40168000)

LOCATIONS

Registered Office :	35, Chittaranjan Avenue, Kolkata – 700012, West Bengal, India
Tel. No.:	91-33-22119805-06/ 40640021-22
Fax No.:	91-33-22114134
E-Mail :	enquiry@ankitmetal.com secretarial@rohitferrotech.com
Website :	www.ankitmetal.com
Corporate Office :	SKP House, 132A, S.P. Mukherjee Road, Kolkata – 700026, West Bengal, India
Tel. No.:	91-33-40168000/ 8100
Fax No.:	91-33-40168189/ 8107
E-Mail :	cs@ankitmetal.com
Factory :	Village Jorehira Mouza, Burat, Jorehira and Sonpura, P.S. Chattna, District Bankura, West Bengal, India

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Suresh Kumar Patni
Designation :	Non-Executive Chairman
Name :	Mr. Ramesh Seemakurti (Appointed w.e.f. 22nd August, 2015)
Designation :	Promoter/Non- Executive Director
Date of Birth/Age :	20.08.1968
Brief resume and nature of expertise in functional area :	A competent professional with more than 25 years of rich cross functional experience in the areas of Strategic Planning, Production Management, Process, Re-engineering, Turnaround Management, Quality Management and Team Management in Ferro Alloy, Cable and Conductors and Steel Sector. A strategic planner with expertise in managing production activities, streamlining processes/procedures to facilitate smooth production process and enhance productivity. Adept at conceptualizing profitable projects and managing operations encompassing Business Possess excellent interpersonal, analytical, troubleshooting and team building skills with proven ability in establishing quality systems/procedures and planning/managing resources.
Date of Appointment :	22.08.2015
Name :	Mr. Sanjay Singh
Designation :	Executive Director
Date of Birth/Age :	10.10.1975
Qualification :	He is a Bachelor of Engineering
Brief resume and nature of expertise in functional area :	He is associated with the Company since last 8 years and has considerable experience in implementing the project and running the plant.
Date of Appointment :	24.08.2015
Name :	Mr. Rohit Jain
Designation :	Independent/Non- Executive Director
Date of Birth/Age :	30.12.1987
Brief resume and nature of expertise in functional area :	He is a Cost Accountant and Company Secretary with a wide experience of more than 5 years in Iron and Steel Industry. He has worked with Glaxo Smith Kline Consumer Healthcare Ltd. for 2 years in Kolkata in the field of Finance and Accounts.
Date of Appointment :	23.03.2015
Name :	Mrs. Sujata Agarwal
Designation :	Independent/Non- Executive Director
Name :	Mr. Jatindra Nath Rudra
Designation :	Independent/Non- Executive Director
Date of Birth/Age :	22.11.1979
Brief resume and nature of expertise in functional area :	Dr. Sujata Agarwal, a Doctorate (Ph.D) in Management Studies by profession, is the Business Head for Oriental Flowers. With Interest in Motivational talks and Management Field, she has undergone Leadership Training Programs with eminent Personalities. Dr. Sujata Agarwal has been an all rounder Professional and associated with many various forums from her young age.
Date of Appointment :	23.03.2015
Name :	Mr. Prem Narayan Khandelwal
Designation :	Independent/Non- Executive Director

KEY EXECUTIVES

Name :	Mr. Nikhil Deora
Designation :	Company Secretary
Name :	Mr. Anand Jain
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2510500	2.06
Bodies Corporate	78669500	64.44
Sub Total	81180000	66.50
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	81180000	66.50
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	100	0.00
Foreign Institutional Investors	100000	0.08
Sub Total	100100	0.08
(2) Non-Institutions
Bodies Corporate	4479170	3.67
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	12121504	9.93
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	19426108	15.91
Any Others (Specify)	4768618	3.91
Clearing Members	2183637	1.79
Trusts	4	0.00
Hindu Undivided Families	1480006	1.21
Non Resident Indians	534574	0.44
Others	17388	0.01
Foreign Portfolio Investors	553009	0.45
Sub Total	40795400	33.42
Total Public shareholding (B)	40895500	33.50
Total (A)+(B)	122075500	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	122075500	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Iron Ore Pillets, Sponge Iron, MS Billets, Re-Rolled products with a Captive Power Plant (CPP).
Products :	--
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 :

632 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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

· State Bank of India

· Andhra Bank

· Syndicate Bank

· IDBI Bank Limited

· State Bank of Travancore

· Indian Overseas Bank

· State Bank of Mysore

· State Bank of Bikaner and Jaipur

· United Bank of India

· Allahabad Bank

· Corporation Bank

· UCO Bank

· State Bank of Hyderabad

· State Bank of Patiala

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loans
Project Term Loan	4055.695	3106.796
Working Capital Term Loan (WCTL)	2233.052	0.000
Funded Interest Term Loan (FITL)	1037.217	0.000
Other Loans
Loan against Vehicle (Secured)	0.150	0.301
SHORT TERM BORROWINGS
Loan Repayable on Demand
Working Capital Loan from Banks	4031.649	3995.727
Total	11357.763	7102.824

Banking Relations :	--
Auditors :
Name :	R. Kothari and Company Chartered Accountants
Address :	16A, Shakespeare Sarani, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22826776/ 6809/ 6807
Fax No.:	91-33-22825921
E-Mail :	kolkata@rkothari.in
Cost Auditors :
Name :	Sambhu Banerjee Cost Accountants
Address :	16/2, Chatra Mukherjee Para, P.O. Serampore - 712204, West Bengal, India
Internal Auditors :
Name :	NR and Associates Chartered Accountants
Address :	16A, Shakespeare Sarani, 5th Floor, Kolkata - 700071, West Bengal, India
Memberships :	--
Collaborators :	--
Enterprise on which the company has control :	SKP Mining Private Limited
Entities/Individuals owning directly or indrectly an interest in the voting power that gives them control :	· SBM Steels Private Limited · Gajkarna Merchandise Private Limited · Shubham Complex Private Limited · Rellybulls Derivatives and Commodities Private Limited · Narmada River Resources Private Limited · A. B. Infratel Private Limited
Other Related Parties :	· Rohit Ferro-Tech Limited · Impex Ferro Tech Limited · Impex Metal and Ferro Alloys Limited · Relybulls Stock Broking Private Limited · Sarita Steel and Power Limited · SKP Overseas Pte Limited · Shreyansh Leafin Private Limited · VNG Mercantiles Private Limited · Marble Arch Properties Private Limited · Arthodock Vinimay Private Limited · Whitestone Suppliers Private Limited · Nucore Export Private Limited · Invesco Finance Private Limited · SKP Aviation Services Limited · SKP Power Venture Limited · SKP Mining Private Limited · Suanvi Trading and Investment Company Private Limited · Vasupujya Enterprises Private Limited · Poddar Mech Tech Services Private Limited · Divine Trading Company Private Limited · Astabhuja Properties Private Limited

CAPITAL STRUCTURE

AFTER 26.09.2014

Authorised Capital : Rs. 1412.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 1411.105 Million

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1222.50 lacs	Equity Shares	Rs. 10/- each	Rs. 1222.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1220.76 lacs	Equity Shares	Rs. 10/- each	Rs. 1220.755 Million

a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Particulars	31.03.2015
	(No. of Shares) in lacs	(Rs. In Million)
At the Beginning of the Year	1,220.76	1220.755
Issued during the period – Preferential Allotment	--	--
Outstanding at the end of year	1,220.76	1220.755

b) Terms/Rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held and in case of poll, the voting rights of every member shall be in proportion to his shares of the paid-up Equity Share capital of the Company.

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.

c) Details of shareholders holding more than 5% shares in the Company

Equity Share of Rs. 10/- each fully paid	31.03.2015
	(No in lacs)
Invesco Finance Private Limited	113.22
Nucore Exports Private Limited	108.21
Vasupujya Enterprises Private Limited	103.70
Whitestone Suppliers Private Limited	100.75
Shreyansh Leafin Private Limited	110.65
VNG Mercantiles Energy Private Limited	90.09
Arthodock Vinimay Private Limited	88.75

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1220.755	1220.755	953.755
(b) Reserves & Surplus	1869.724	3805.507	4037.821
(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)	3090.479	5026.262	4991.576
(3) Non-Current Liabilities
(a) Long-term borrowings	7782.514	3137.097	4730.678
(b) Deferred tax liabilities (Net)	0.000	0.000	302.040
(c) Other long term liabilities	0.000	20.025	20.151
(d) long-term provisions	2.031	1.132	0.892
Total Non-current Liabilities (3)	7784.545	3158.254	5053.761
(4) Current Liabilities
(a) Short term borrowings	4228.366	4267.634	2937.851
(b) Trade payables	3807.934	3207.991	2303.219
(c) Other current liabilities	440.171	1904.340	1041.891
(d) Short-term provisions	221.824	97.101	233.688
Total Current Liabilities (4)	8698.295	9477.066	6516.649
TOTAL	19573.319	17661.582	16561.986
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7757.614	8492.608	7062.155
(ii) Intangible Assets	0.996	1.494	1.992
(iii) Capital work-in-progress	11.798	11.798	1647.389
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.602	1.175	1.175
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	44.281
(e) Other Non-current assets	0.108	0.132	0.132
Total Non-Current Assets	7772.118	8507.207	8757.124
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6534.308	4278.204	3593.268
(c) Trade receivables	3310.346	3237.928	2591.774
(d) Cash and cash equivalents	242.165	327.576	197.144
(e) Short-term loans and advances	1172.072	743.145	1288.471
(f) Other current assets	542.310	567.522	134.205
Total Current Assets	11801.201	9154.375	7804.862
TOTAL	19573.319	17661.582	16561.986

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	11476.922	14756.953	11927.681
		Other Income	102.610	31.251	11.786
		TOTAL (A)	11579.532	14788.204	11939.467
Less	EXPENSES
		Cost of Materials Consumed	7450.537	8801.387	6856.200
		Purchases of Stock-in-Trade	4180.403	4067.135	3188.087
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1312.988)	113.699	(696.179)
		Employees benefits expense	169.374	141.076	92.830
		Other expenses	1157.440	981.353	724.800
		TOTAL (B)	11644.766	14104.650	10165.738
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(65.234)	683.554	1773.729
Less	FINANCIAL EXPENSES (D)		1130.993	1152.008	713.739
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1196.227)	(468.454)	1059.990
Less/ Add	DEPRECIATION/ AMORTISATION (F)		736.614	596.379	411.123
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1932.841)	(1064.833)	648.867
Less	TAX (H)		0.000	(299.632)	136.987
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(1932.841)	(765.201)	511.880
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	25.563	120.555
	TOTAL EARNINGS		0.000	25.563	120.555
	IMPORTS
		Raw Materials	599.205	485.927	518.657
		Components & Spares	16.537	6.102	1.466
		Capital Goods	0.000	0.000	34.494
	TOTAL IMPORTS		615.742	492.029	554.617
	Earnings Per Share (Rs.)		(15.83)	(6.27)	5.37

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term Borrowings	0.927	931.614	561.703
Cash Generated from Operations	(2534.747)	660.627	287.612
Net Cash from Operating Activities	(2548.013)	614.257	183.229

QUARTERLY RESULTS

PARTICULARS	30.09.2015	30.06.2015
	Unaudited	Unaudited
Net Sales	2914.230	2583.220
Total Expenditure	3142.640	2541.250
PBIDT (Excl OI)	(228.410)	41.970
Other Income	3.680	4.040
Operating Profit	(224.730)	46.010
Interest	320.880	316.830
Exceptional Items	0.000	0.000
PBDT	(545.610)	(270.820)
Depreciation	174.010	172.180
Profit Before Tax	(719.620)	(443.000)
Tax	0.000	0.000
Provisions and contingencies	0.000	0.000
Profit After Tax	(719.620)	(443.000)
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	(719.620)	(443.000)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(16.84)	(5.19)	4.29
Operating Profit Margin (PBDIT/Sales)	(%)	(0.57)	4.63	14.87
Return on Total Assets (PBT/Total Assets}	(%)	(9.88)	(6.03)	4.35
Return on Investment (ROI) (PBT/Networth)		(0.63)	(0.21)	0.13
Debt Equity Ratio (Total Debt/Networth)		3.89	1.66	1.65
Current Ratio (Current Asset/Current Liability)		1.36	0.97	1.20

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs. 1.76/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	953.755	1220.755	1220.755
Reserves & Surplus	4037.821	3805.507	1869.724
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4991.576	5026.262	3090.479
Long-term borrowings	4730.678	3137.097	7782.514
Short term borrowings	2937.851	4267.634	4228.366
Current Maturities of Long-Term Borrowings	561.703	931.614	0.927
Total borrowings	8230.232	8336.345	12011.807
Debt/Equity ratio	1.649	1.659	3.887

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11927.681	14756.953	11476.922
		23.720	(22.227)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	11927.681	14756.953	11476.922
Profit	511.880	(765.201)	(1932.841)
	4.29%	(5.19%)	(16.84%)

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	Yes
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATIONS DETAILS:

HIGH COURT OF CALCUTTA – ORGINAL SIDE CASE STATUS INFORMATION SYSTEM

Case Status : Pending

Status of : THE COMMISSIONER OF CENTRAL EXCISE AND SER Vs. ANKIT

METAL AND POWER LIMITED AND ORS

Pet’s Adv. : SANTA MITRA

Res’s Adv. :----

Last Date of Hearing :---

Next/ Final date of Hearing :---

Case Updated On : Thursday, December 18, 2014

Category : CUSTOMS : REVENUE

Connected Application (s)

GA 4035 2014

GA 4036 2014

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10552842	30/01/2015 *	12,800,300,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMB AI- 400005, MAHARASHTRA, INDIA	C46530556
2	10534495	17/10/2014	448,900,000.00	STATE BANK OF HYDERABAD	PARK STREET BRANCH, 113, PARK STREET,, KOLKATA- 700016, W EST BENGAL, INDIA	C35735315
3	10532658	30/09/2014	1,271,800,000.00	INDIAN OVERSEAS BANK	INDIA EXCHANGE PLACE BRANCH, P-35, INDIA EXCHANGE PLACE, KOLKATA- 700001, WEST BENGAL, INDIA	C34510594
4	10448688	04/09/2013	500,000,000.00	ALLAHABAD BANK	RED CROSS PLACE BRANCH, 7, RED CROSS PLACE, KOLKA TA- 700001, WEST BENGAL, INDIA	B84839554
5	10448021	13/08/2013	1,027,800,000.00	INDIAN OVERSEAS BANK	INDIA EXCHANGE PLACE BRANCH, P-35, INDIA EXCHANGE PLACE, KOLKATA- 700001, WEST BENGAL, INDIA	B84557578
6	10435791	18/06/2013	9,767,400,000.00	INDIAN OVERSEAS BANK	INDIA EXCHANGE PLACE BRANCH (AS TITLE DEED HOLDER) , P-35 INDIA EXCHANGE PLACE, KOLKATA- 700001, WEST BENGAL , INDIA	B79178000
7	10424136	10/04/2013	235,000,000.00	CORPORATION BANK	CORPORATE BANKING BRANCH, 17, BRABOURNE ROAD, KOL KATA- 700001, WEST BENGAL, INDIA	B74572322
8	10423716	25/09/2014 *	720,700,000.00	STATE BANK OF BIKANER AND JAIPUR	20B PARK STREET,, KOLKATA- 700016, WEST BENGAL, I NDIA	C34732818
9	10422280	26/03/2013	250,000,000.00	ANDHRA BANK	BALLYGUNGE BRANCH,, 87, RASH BEHARI AVENUE, KOLKA TA- 700026, WEST BENGAL, INDIA	B73900953
10	10371884	07/08/2012	612,200,000.00	STATE BANK OF BIKANER AND JAIPUR (LEAD BANK)	N. S. ROAD BRANCH,, 14 N. S. ROAD,, KOLKATA- 700001, WEST BENGAL, INDIA	B56140288

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Loans from Related Parties
From Bodies Corporate	331.200	0.000
From Directors and Promoters	125.200	0.000
Other Loans
Loan from Bodies Corporate	(0.000)	30.000
SHORT TERM BORROWINGS
Working Capital Loan from Others	184.568	243.962
Other Borrowings
Bridge Loan (Against Subsidy)	12.149	27.945
Total	653.117	301.907

FINANCIAL AND OPERATIONAL REVIEW

During the year the Company has achieved nets Sales/Income from Operation of Rs. 1,14,76.922 Million as against Rs. 1,47,56.953 Million in previous year registering a decline of 22.22%. The Company incurred a net loss of Rs. 19,32.841 Million during the FY 2014-15 which is mainly attributed to depressed market for its products and lower capacity utilisation of plant impacting the net realisation and margin. Slower growth in several key sector of the economy has resulted in weaker domestic demand. On the other hand, mining crisis and rising inflation in the Country resulted in increase in the cost of raw materials and other overhead which could not be passed on the consumers.

MANAGEMENT DISCUSSION AND ANALYSIS

Economic Overview

Financial Year 2014-15 witnessed divergent trend among major economies. According to the International Monetary Fund, the global economy is expected to grow at 3.4% in Financial Year 2015-16. This is due to the fact that slowdown in production in China and Russia is expected to be more than off set by recovery of the developed economies and growth in South-East Asia.

The currency movements and interest rates continue to be risks for growth. Developed economies are expected to grow moderately. After poting stronger and broader growth at the end of 2014, the USA is carrying the momentum into 2015 with increased consumer spending and trade activity, falling unemployment rate and improved investor sentiment. The Indian GDP growth expanded to 7.2% in previous Financial Year due to improving economic sentiments but demand at the grass root level remained stagnant and is only expected to pick up from 2015. There is hope for improving economic scenario worldwide which may lead to a revival of demand with better opportunities.

Steel Industry

The Global steel demand slowed down due to weak demand in developed countries. China continued to dominate the global steel industry. In FY 2014-2015 the Indian steel industry recorded production of 81.54 Mnt. The production was impacted by the inadequacy of iron ore with inconsistency in quality and supply.

Demand from the sectors like infrastructure, real estate, automobiles, uses of specialised steel in automobiles and power sectors has put Indian steel industry on the world map. The country is maintaining the 4th largest steel producing country.

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED

30^TH SEPTEMBER 2015

(Rs. in Million)

Particular		For the Quarter Ended			For the Half Year Ended
		30.09.2015 (Unaudited)	30.06.2015 (Unaudited)		30.09.2015 (Unaudited)
Income from Operations
Net Income from Operations (Net of excise duty)		2908.461	2579.724		5488.185
Other Operating Income		5.766	3.492		9.258
Total Income from operations (net)		2914.227	2583.216		5497.443
Expenses
(a) Cost of Material Consumed		1889.258	1398.562		3287.820
(b) Purchase of stock in trade		1257.501	914.945		2172.446
(c) Changes in inventories of finished goods, work in progress and stock in trade		(273.766)	(61.105)		(334.871)
(d) Employee benefit expenses		41.750	44.172		85.922
(e) Depreciation and amortization expenses		174.007	172.177		346.184
(f) Power expenses		123.617	125.109		248.726
(g) Other Expenses		104.277	119.569		223.846
Total Expenses		3316.644	2713.429		6030.073
Profit/(Loss) from Operations before other income, finance costs and Exceptional items (1-2)		(402.417)	(130.213)		(532.630)
Other Income		3.679	4.041		7.720
Profit/(Loss) from ordinary activities before finance costs and exceptional Items (3+4)		(398.738)	(126.172)		(524.910)
Finance costs		320.877	316.826		637.703
Profit/(Loss) from ordinary activities after finance costs but before exceptional Items (5-6)		(719.615)	(442.998)		(1162.613)
Exceptional Items		--	--		--
Profit/ (Loss) from ordinary activities before tax (7-8)		(719.615)	(442.998)		(1162.613)
Tax expense		--	--		--
Net Profit/ (Loss) from ordinary activities after tax (9-10)		(719.615)	(442.998)		(1162.613)
Extraordinary items ( net of tax expense)		--	--		--
Net Profit/ (Loss) for the period (11-12)		(719.615)	(442.998)		(1162.613)
Paid - up Equity Share Capital (face value per share Rs 10/- share)		1411.105	1220.755		1411.105
Reserves excluding revaluation reserves as per the balance sheet		--	--		--
Earnings Per Share (before and after extraordinary items) (of Rs. 10 each) (not annualised)
a) Basic		(5.89)	(3.63)		(3.34)
b) Diluted		(5.89)	(3.63)		(3.34)
Earnings Per Share (before and after extraordinary items) (of Rs. 10 each) (not annualised)
a) Basic		(5.89)	(3.63)		(3.34)
b) Diluted		(5.89)	(3.63)		(3.34)
Select Information for the Year Ended 30.09.2015
PARTICULARS OF SHAREHOLDING
Public Shareholding
- Number of Shares		40895500	40895500		40895500
- Percentage of Shareholding		28.98%	33.50%		28.98%
Promoter and Promoter Group Shareholding
a) Pledged/Encumbered
- Number of Shares		100215000	81180000		100215000
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		100.00%	100.00%		100.00%
-Percentage of Shares (as a % of the total share capital of the Company)		71.02%	66.50%		71.02%
b) Non-encumbered
- Number of Shares		--	--		--
-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		--	--		--
-Percentage of Shares (as a % of the total share capital of the Company)		--	--		--
	Particulars			Quarter Ended on 30.09.2015
B.	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter			Nil
	Received during the quarter			Nil
	Disposed of during the quarter			Nil
	Remaining unresolved at the end of the quarter			Nil

BALANCE SHEET AS AT 30^TH SEPTEMBER, 2015

(Rs. in Millions)

Standalone Statement of Assets and Liabilities Particulars		30.09.2015
A. EQUITY AND LIABILITIES		Unaudited
1. Shareholders Funds
a] Share Capital		1411.105
b] Reserves and Surplus		897.462
c] Money Received Against Share Warrants		0.000
Sub-total – Shareholders’ funds		2308.567
2. Non-current Liabilities
a] Long term Borrowings		7366.001
b] Deferred Tax Liabilities		0.000
c] Other current liabilities		0.000
d] Long term provisions		2.031
Sub-total - Non-current Liabilities		7368.032
3. Current Liabilities
a] Short term Borrowings		4713.321
b] Trade Payables		4226.881
c] Other Current Liabilities		869.331
d] Short Term Provision		258.321
Sub-total - Current Liabilities		10067.854
TOTAL - EQUITY AND LIABILITIES		19744.454
B ASSETS
1. Non-current assets
a] Fixed assets		7424.566
b] Non-current investments		1.165
c] Deferred tax assets (net)		0.000
d] long Term loans and Advances		0.000
e] Other non-current assets		0.108
Sub-total – Non- current assets		7425.839
2. CURRENT ASSETS
	Current Investments	0.000
	Inventories	6928.134
	Trade Receivables	3540.970
	Cash & Bank Balances	196.304
	Short Term loans and advances	1116.605
	Other Current Assets	536.601
Sub-total – Current Assets		12318.614
TOTAL - ASSETS		19744.454

NOTES:

1. The above results were reviewed by the Audit Committee and approved and taken on record by the board of directors at its meeting held on November 13, 2015.

2. The Company over the last few quarters has been incurring losses due to which its net worth has been eroded substantially. The Company is taking necessary steps towards enchancement of net worth through bettor utilisation of its production facilities and monetisation of certain assets. Accordingly, the accounts have been prepared on the going concern basis, keeping to view the optimism on changing market conditions.

3. The company has allotted 1,90,35,000 Equity Share on 30th September 2015 of Rs. 10 each at a price of Rs. 20 per share (Including a premium of Rs. 10 per share) on preferential basis to the Promoter's and Promoter's Group as per SEBI (Issue of Capital and Disclosure Requirements) Regulations.

4. Certain balances of Sundry Creditors, Sundry Debtors, Unsecured Loans and Advance are subject to confirmation and reconciliation.

5. The Company operates in one reportable segment only viz. Iron and Steel. However, the Company also generates power which is entirely used for the captive consumption. Hence, Segment Reporting is not applicable.

6. The figures for the previous year & period have been regrouped/ rearranged wherever considered necessary.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Office Equipment

· Computer Equipments

· Free hold Land

· Lease hold land

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. 66.75
UK Pound	1	Rs. 100.68
Euro	1	Rs. 70.88

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
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	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		16

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.