MIRA INFORM REPORT

Report No. :	346941
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	SARDA METALS AND ALLOYS LIMITED
Registered Office :	125, B-Wing, Mittal Court, Nariman Point, Mumbai – 400 021, Maharashtra
Tel. No.:	91-22-22880080
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.10.2008
Com. Reg. No.:	11-187689
Capital Investment / Paid-up Capital :	Rs.210.160 Million
CIN No.: [Company Identification No.]	U51420MH2008PLC187689
IEC No.:	0309068410
TAN No.: [Tax Deduction & Collection Account No.]	MUMS64170B
PAN No.: [Permanent Account No.]	AAMCS6664B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in mining, manufacturing of sponge iron, steel billets, steel ingots and manganese-based ferro alloys and also engaged in the business of generation and sale of power.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum credit limit:	USD 6300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject incorporated in 2008 and it is a wholly owned subsidiary of “SARDA ENERGY AND MINERALS LIMITED”. Subject is engaged in mining, manufacturing of sponge iron, steel billets, steel ingots and manganese-based ferro alloys. For the financial year ended 2014, company possesses sound operational performance and it has maintained adequate profitability margins during a year under a review. Rating also takes into consideration experience of SMAL’s promoters in the steel and ferro alloys industries supported by sound financial base and favorable networth profit of the company. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List – 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: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August 11, 2014

Rating Agency Name	CARE
Rating	Short-Term Bank Facilities: A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	August 11, 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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Raju Veerabathini
Designation :	Accounts Department
Contact No.:	91-22-22880080

LOCATIONS

Registered Office :	125, B-Wing, Mittal Court, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22880080-1181
Fax No.:	91-22-22826680
E-Mail :	gthakkar@smal.co.in rajuv@smal.co.in
Website :	http://www.seml.co.in
Location :	Owned
Locality :	Commercial
Head Office / Factory 1 :	Industrial Growth Center, Siltara, Raipur – 493 111, Chhattisgarh, India
Tel. No.:	91-771-2216000
Fax No.:	91-771-2216198, 2216199
Factory 2 :	APIIC Industrial Area, Kantakapalli, Kothavalasa, Vizianagaram – 535240, Andhra Pradesh, India
Tel. No.:	91-8966-201366
Branch Office :	Located at: · Nagpur · Delhi · Visakhapatnam · Ahmedabad · Barbil · Raigarh · Mumbai
Overseas Office :	Located at: · Hong Kong

DIRECTORS

AS ON 31.03.2014

Name :

Ms. Sonal Neeraj Sarda

Designation :

Whole-time director

Address :

Plot No.7-22-5B Flat No.50, Uma Residence Kirlampudi Layout, China Waltair, Visakhapatnam – 530017, Andhra Pradesh, India

Date of Appointment :

03.12.2014

DIN No.:

06965306

Name :

Mr. Manish Sarda

Designation :

Whole-time director

Address :

Shriram Niketan 73A, CA Road, Gandhibagh, Nagpur – 440 002, Maharashtra, India

Date of Appointment :

01.01.2014

DIN No.:

00499649

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	U28920MH1974PTC017690	ABS ENGINEERS PRIVATE LIMITED	Director	01/01/2000	01/01/2000	-	Active	NO
2	U40109CT1998PLC012606	CHHATTISGARH ELECTRICITY COMPANY LIMITED	Whole-time director	01/08/2002	01/08/2002	-	Amalgamated	NO
3	U74999MH1961NPL012060	THE INDIAN FERRO ALLOY PRODUCERS ASSOCIATION	Director	20/09/2006	20/09/2006	-	Active	NO
4	U51420MH2008PLC187689	SARDA METALS AND ALLOYS LIMITED	Whole-time director	01/01/2014	01/01/2014	-	Active	NO
5	U27106MH1985PLC037671	SARDA POWER AND STEEL LIMITED	Additional director	20/08/2015	20/08/2015	-	Active	NO

Name :

Mr. Neeraj Jugalkishore Sarda

Designation :

Whole-time Director

Address :

P. No.7-22-5B, Flat No. 501, Uma Residency, Kirlampudi Layout, China Waltair, Visakhapatnam – 530 017, Andhra Pradesh, India

Date of Birth/Age :

17.12.1979

Date of Appointment :

01.07.2013

DIN No.:

00040884

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	U01100MH1989PTC053839	PREM AGRICULTURE AND PROPERTY PRIVATE LIMITED	Director	01/01/2000	01/01/2000	-	Active	NO
2	U01122CT1981PTC001870	SARDA AGRICULTURE AND PROPERTIES PRIVATE LIMITED	Director	09/12/2005	09/12/2005	-	Active	NO
3	U24239MH2001PTC132122	STAR ORECHEM INTERNATIONAL PRIVATE LIMITED	Director	02/01/2006	02/01/2006	25/03/2014	Active	NO
4	U25209MH1991PTC062489	PRAYAG THERMOPLASTS PRIVATE LIMITED	Director	29/11/2006	29/11/2006	-	Active	NO
5	U28920MH1974PTC017690	ABS ENGINEERS PRIVATE LIMITED	Director	30/09/2008	28/07/2008	-	Active	NO
6	U51420MH2008PLC187689	SARDA METALS AND ALLOYS LIMITED	Whole-time director	01/07/2013	14/05/2009	-	Active	NO
7	U70109AP2011PTC076897	VIZVAC ARMA INFRASTRUCTURE PRIVATE LIMITED	Director	10/10/2011	10/10/2011	-	Active	NO

Name :

Mr. Kamal Kishore Sarda

Designation :

Director

Address :

P-18/19, Anupam Nagar, P.O. Shankar Nagar, Raipur – 492007, Chhattisgarh, India

Date of Birth/Age :

12.06.1952

Date of Appointment :

21.10.2008

DIN No.:

00008170

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	L27100MH1973PLC016617	SARDA ENERGY AND MINERALS LIMITED	Managing director	01/04/2015	16/12/1978	-	Active	NO
2	U74899DL1994PLC061349	MADHYA BHARAT POWER CORPORATION LIMITED	Director	07/09/1994	07/09/1994	-	Active	NO
3	U85191CT1999PTC013628	HEALTH WATCH FITNESS PRIVATE LIMITED	Director	12/07/1999	12/07/1999	15/03/2007	Active	NO
4	U40109CT1998PLC012606	CHHATTISGARH ELECTRICITY COMPANY LIMITED	Director	19/07/2002	19/07/2002	-	Amalgamated	NO
5	L67120CT1982PLC001961	CHHATISGARH INVESTMENTS LIMITED	Director	19/07/2002	19/07/2002	-	Active	NO
6	U40101UP1994PLC017151	PARVATIYA POWER LIMITED	Director	01/07/2004	01/07/2004	-	Active	NO
7	U45303CT2004PLC017186	CHHATTISGARH ISPAT BHUMI LIMITED	Director	23/12/2004	23/12/2004	23/01/2009	Active	NO
8	U24239MH2001PTC132122	STAR ORECHEM INTERNATIONAL PRIVATE LIMITED	Director	01/01/2005	01/01/2005	05/11/2008	Active	NO
9	U40101CT2005PTC017635	CHHATTISGARH HYDRO POWER PRIVATE LIMITED	Director	24/05/2005	24/05/2005	-	Converted to LLP and dissolved	NO
10	U40101CT2007PTC020163	Natural Resources Energy Private Limited	Director	11/01/2007	11/01/2007	01/08/2011	Active	NO
11	U40101OR1999PTC005781	SARDA HYDRO POWER PRIVATE LIMITED	Director	29/09/2007	23/06/2007	-	Active	NO
12	U40102CT2008PLC000406	SARDA ENERGY LIMITED	Director	22/04/2008	22/04/2008	-	Active	NO
13	U51420MH2008PLC187689	SARDA METALS AND ALLOYS LIMITED	Director	21/10/2008	21/10/2008	-	Active	NO
14	L26939OR1977PLC000735	NILACHAL REFRACTORIES LIMITED	Director	14/05/2011	14/05/2011	05/07/2013	Active	NO
15	AAA-1447	SARDA INDUSTRIAL PROJECTS LLP	Designated Partner	28/05/2010	28/05/2010	-	Strike off	NO
16	AAA-1448	SARDA SYNERGY LLP	Designated Partner	28/05/2010	28/05/2010	-	Strike off	NO
17	AAA-2277	CHHATTISGARH HYDRO POWER LLP	Designated Partner	17/09/2010	17/09/2010	-	Active	NO

Name :

Mr. Sridar Venkatesan

Designation :

Director

Address :

303A, H.P. Employees CHS, Plot No. NDR - 11, Tilak Nagar, Chembur, Mumbai – 400 089, Maharashtra, India

Date of Birth/Age :

28.07.1947

Date of Appointment :

30.09.2010

DIN No.:

02241339

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	L31402WB1934PLC007993	EVEREADY INDUSTRIES INDIA LIMITED	Director	24/07/2009	01/08/2008	24/02/2010	Active	NO
2	U51900MH1994PLC078303	STCI FINANCE LIMITED	Director	29/09/2009	23/12/2008	10/09/2012	Active	NO
3	U17119DN1982PLC000092	KRISHNA KNITWEAR TECHNOLOGY LIMITED	Director	27/06/2009	24/01/2009	15/03/2010	Active	NO
4	L17120MH1993PLC073267	ASAHI INDUSTRIES LIMITED	Director	08/08/2009	31/01/2009	15/03/2010	Active	NO
5	U67110MH2006PLC165306	STCI PRIMARY DEALER LIMITED	Director	07/08/2014	02/02/2009	15/05/2015	Active	NO
6	L21012TZ1960PLC000364	SESHASAYEE PAPER AND BOARDS LIMITED	Director	25/07/2014	04/06/2009	-	Active	NO
7	L15422TN1996PLC037200	PONNI SUGARS (ERODE) LIMITED	Director	22/07/2014	05/06/2009	-	Active	NO
8	L18109DN1987PLC000034	ESKAY K 'n' IT (INDIA) LIMITED	Director	22/08/2009	09/06/2009	15/03/2010	Active	NO
9	L74999DN1987PLC000035	K-LIFESTYLE AND INDUSTRIES LIMITED	Director	22/08/2009	12/06/2009	15/03/2010	Active	NO
10	U65999MH2008PTC183786	MORPHEUS CAPITAL ADVISORS PRIVATE LIMITED	Director	24/09/2009	08/09/2009	01/03/2015	Active	NO
11	U40101TN1997PLC037663	LANCO TANJORE POWER COMPANY LIMITED	Director	14/07/2010	18/01/2010	14/09/2012	Active	NO
12	L65190GJ1994PLC021012	ICICI BANK LIMITED	Director	28/06/2010	21/01/2010	-	Active	NO
13	U40100TG2005PLC045445	LANCO VIDARBHA THERMAL POWER LIMITED	Director	30/09/2011	24/07/2010	14/09/2012	Active	NO
14	U65922MH2010PLC202721	AADHAR HOUSING FINANCE LIMITED	Director	31/07/2015	19/08/2010	-	Active	NO
15	U51420MH2008PLC187689	SARDA METALS ANDV ALLOYS LIMITED	Director	30/09/2010	20/08/2010	-	Active	NO
16	L26109WB1946PLC013294	HINDUSTHAN NATIONAL GLASS AND INDUSTRIES LIMITED	Director	19/08/2011	02/11/2010	30/05/2013	Active	NO
17	U21012TN2006PLC059326	SPB PAPERS LIMITED	Director	27/08/2011	01/04/2011	-	Amalgamated	NO
18	U65990MH1966PLC013459	SICOM LIMITED	Director	28/06/2012	29/09/2011	28/03/2014	Active	NO
19	U69990MH1999PLC123190	IDFC AMC TRUSTEE COMPANY LIMITED	Director	19/12/2014	08/12/2011	-	Active	NO
20	U65922MP1991PLC006427	CENT BANK HOME FINANCE LIMITED	Director	06/08/2014	28/04/2012	-	Active	NO
21	U66010MH2000PLC127837	ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	Director	16/01/2015	18/04/2013	-	Active	NO

Name :

Mr. Lakshminarayanan Chittur Krishnan

Designation :

Additional Director

Address :

6 E, The Heritage, Ormes Road, Kilpauk, Chennai – 600010, Tamilnadu, India

Date of Appointment :

03.12.2014

DIN No.:

01308030

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	U23201TN2000PTC045852	SOUTHINDIA NATURAL GAS MARKETING COMPANY PRIVATE LIMITED	Director	12/12/2006	12/12/2006	02/05/2007	Dissolved	NO
2	U45207TN1999PTC043009	TN LNG & POWER COMPANY PRIVATE LIMITED	Director	12/12/2006	12/12/2006	02/05/2007	Dissolved	NO
3	L27100MH1973PLC016617	SARDA ENERGY & MINERALS LIMITED	Director	30/09/2009	28/01/2009	-	Active	NO
4	U55101MH1985PTC152863	JUNIPER HOTELS PRIVATE LIMITED	Nominee director	17/06/2009	17/06/2009	01/11/2010	Active	NO
5	U60231KL1995PLC009368	SHRI KAILASH LOGISTICS LIMITED	Director	29/09/2010	27/01/2010	-	Active	NO
6	U74899DL1994PLC061349	MADHYA BHARAT POWER CORPORATION LIMITED	Director	30/09/2011	19/08/2010	-	Active	NO
7	L21012TN2005PLC092783	SERVALAKSHMI PAPER LIMITED	Director	02/09/2011	03/11/2010	24/01/2012	Active	NO
8	U51420MH2008PLC187689	SARDA METALS AND ALLOYS LIMITED	Additional director	03/12/2014	03/12/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Gaurav Chaturbhuj Thakkar
Designation :	Secretary
Address :	SF 3 , Surya Residency, 3^rd Floor, Opposite Vuda Park, Beach Road, Visakhapatnam – 530 016, Andhra Pradesh, India
Date of Birth/Age :	09.12.1975
Date of Appointment :	29.04.2011
PAN No.:	ADHPT9472F
Name :	Mr. Yogesh Kumar Singhal
Designation :	Secretary
Address :	Flat No.106, Trishul, Majestic Apartment, Shantipuram, Shankarmatham Road, Visakhapatnam – 530 017, Andhra Pradesh, India
Date of Appointment :	03.12.2014
PAN No.:	BKYPS2121P
Name :	Mr. Raju Veerabathini
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Names of Shareholders	No. of Shares	Percentage of holding
Sarda Energy and Minerals Limited, India	21016000	100.00
Total	21016000	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in mining, manufacturing of sponge iron, steel billets, steel ingots and manganese-based ferro alloys and also engaged in the business of generation and sale of power.

Products :

Product Description	Item Code No.
Thermal Power	98010003
Ferro Alloys	3322

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

Japan

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

Cheque

Purchasing :

Cheque

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

No. of Employees :

300 (Approximately)

Bankers :

End Users

Banker Name	Bank of Baroda
Branch Address	Corporate Financial Service Branch, 1^st Floor, 3, Walchand Hirachand Marg, Ballard Pier, Mumbai – 400001, Maharashtra, 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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

(They have working capital facilities of Rs.2710.000 million from Axis Bank Limited, Bank of Baroda and The Ratnakar Bank Limited and also have credit facilities of Rs.3500.000 million from Axis Bank Limited and Bank of Baroda)

· Axis Bank Limited

· The Ratnakar Bank Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
From Banks
Indian Rupee Loan	2063.745	1963.632
Buyer's Credits	100.712	226.132
From other parties
Indian rupee loan from Financial institutions	1583.333	1794.444
SHORT TERM BORROWINGS
Buyer’s Credit	80.130	0.000
Total	3827.92	3984.208

NOTES:

LONG TERM BORROWINGS

Term Loans are Secured by the following

1. Pari passu first charge by way of Registered Mortgage of the office located at Kalomboli, Navi Mumbai, Equitable Mortgage of the immovable property of the company situated at APIIC Industrial Park at Kantakapalli village, Pari Passu first charge on the moveable properties and assets of the company and pari pasu second charge on the current assets of the company in favour of Axis Trustee Services Limited appointed as Security trustee by the Lenders). Buyers' Credit are secured against letter of under taking issued by banks.

2. Pledge of 51% of Shares held in the company by the Holding Company Sarda Energy and Minerals Limited in favour of Axis Trustee Services Limited appointed as Security Trustee by the Lenders

3. Corporate Guarantee of the Holding Company Sarda Energy and Minerals Limited

4. personal Guarantee of Director Mr. K K Sarda

Terms of Repayment

1. Indian Rupee Term Loan from Bank of Rs.1704.140 million is payable in 36 Equated Quarterly Instalments commencing from June 2013 and ending on March 2022.

2. Indian Rupee Term Loan from Bank of Rs.632.986 million is payable in 36 Quarterly Instalments commencing from June 2013 and ending on March 2022.

3. Indian Rupee Term Loan from Financial Institution Rs.1794.444 million is payable in 36 Equated Quarterly Instalments commencing from December 2013 and ending on September 2022.

Financial Institutions :	Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Sarda Energy and Minerals Limited
Related Enterprise Where Significant Influence Exist :	Sarda Agriculture and Properties Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21016000	Equity Shares	Rs.10/- each	Rs.210.160 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	210.160	200.450	125.450
(b) Reserves & Surplus	1994.146	1837.812	1123.237
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	97.100	3.664
Total Shareholders’ Funds (1) + (2)	2204.306	2135.362	1252.351
(3) Non-Current Liabilities
(a) Long-term borrowings	3747.790	3984.208	2947.440
(b) Deferred tax liabilities (Net)	45.232	19.459	0.000
(c) Other long term liabilities	87.574	273.985	677.947
(d) Long-term provisions	4.314	2.789	0.666
Total Non-current Liabilities (3)	3884.910	4280.441	3626.053
(4) Current Liabilities
(a) Short term borrowings	80.130	279.038	0.000
(b) Trade payables	216.929	100.055	0.000
(c) Other current liabilities	529.237	412.853	30.809
(d) Short-term provisions	31.809	16.655	0.051
Total Current Liabilities (4)	858.105	808.601	30.860
TOTAL	6947.321	7224.404	4909.264
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6066.937	6248.262	210.006
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	45.242	60.882	4160.707
(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	10.309	9.233	233.937
(e) Other Non-current assets	0.000	21.005	0.000
Total Non-Current Assets	6122.488	6339.382	4604.650
(2) Current assets
(a) Current investments	0.000	0.005	0.005
(b) Inventories	89.311	276.940	0.000
(c) Trade receivables	140.079	133.985	0.000
(d) Cash and cash equivalents	60.740	31.239	78.220
(e) Short-term loans and advances	534.703	442.853	226.389
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	824.833	885.022	304.614
TOTAL	6947.321	7224.404	4909.264

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	3357.651	327.792	0.000
		Other Income	8.124	0.000	17.671
		TOTAL	3365.775	327.792	17.671
Less	EXPENSES
		Cost of Materials Consumed	1762.018	199.601	0.000
		Power and Fuel	23.304	41.260	0.000
		Purchases of Stock-in-Trade	235.588	0.458	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.234)	(1.621)	0.000
		Employees benefits expense	96.674	15.244	0.000
		Trial Run Expenses Capitalised	0.000	(103.112)	0.000
		Other expenses	297.564	42.882	18.796
		TOTAL	2414.914	194.712	18.796
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		950.861	133.080	(1.125)
Less	FINANCIAL EXPENSES		555.294	44.532	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		395.567	88.548	(1.125)
Less/ Add	DEPRECIATION/ AMORTISATION		301.577	28.632	0.000
	PROFIT/ (LOSS) BEFORE TAX		93.990	59.916	(1.125)
Less	TAX		25.044	20.344	0.000
	PROFIT/ (LOSS) AFTER TAX		68.946	39.572	(1.125)
	IMPORTS
		Raw Materials	1312.865	0.000	0.000
		Capital Goods	2.599	67.901	643.482
	TOTAL IMPORTS		1315.464	67.901	643.482
	Earnings/ (Loss) Per Share (Rs.)		3.44	2.71	(0.18)

Particulars	31.03.2015
Sales Turnover (Approximately)	4210.000

Expected Sales (2015-2016): Rs.4500.000 Million

The above information has been parted by Mr. Raju Veerabathini (Accounts Department).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	484.495	356.333	0.000
Cash generated from operations	1177.504	(208.402)	(17.026)
Net cash from operating activities	1159.953	(208.446)	(17.026)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.05	12.07	0.00
Operating Profit Margin (PBDIT/ Sales)	(%)	28.32	40.60	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.36	0.84	(0.15)
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.00
Debt Equity Ratio (Total Debt/Networth)		1.96	2.16	2.35
Current Ratio (Current Asset/Current Liability)		0.96	1.09	9.87

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	125.450	200.450	210.160
Reserves & Surplus	1123.237	1837.812	1994.146
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	3.664	97.100	0.000
Net worth	1252.351	2135.362	2204.306
Long-term borrowings	2947.440	3984.208	3747.790
Short term borrowings	0.000	279.038	80.130
Current maturities of long-term debts	0.000	356.333	484.495
Total borrowings	2947.440	4619.579	4312.415
Debt/Equity ratio	2.354	2.163	1.956

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)
Revenue from operations	0.000	327.792	3357.651
			924.324

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	0.000	327.792	3357.651
Profit	(1.125)	39.572	68.946
		12.07%	2.05%

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)	Yes
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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advance from related parties
Sarda Energy and Minerals Limited	0.000	279.038
Total	0.000	279.038

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10472975	19/02/2015 *	2,712,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI- 400025, MAHARASHTRA, INDIA	C45551595
2	10437143	30/07/2014 *	1,630,000,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICE BRANCH, 1^ST FLOOR, 3  WALCHAND HIRACHAND MARG, BALLARD PIER, MUMBAI- 400001, MAHARASHTRA, INDIA	C17452939
3	10285442	27/12/2013 *	4,625,600,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI- 400025, MAHARASHTRA, INDIA	B94518537

* Date of charge modification

CORPORATE INFORMATION

Subject was incorporated on 21^st October 2008 under the provisions of Companies Act 1956. It is coming up with a Green Field Project of 6X33 MVA Ferro Alloys Furnaces and 240 MW Captive Power Plant. Under first phase Installation of 80 MW Power Plant and 2X33 MVA Ferro Alloys Plant has been completed during financial year 2012-13. During the current year, the company is in the business of generation and sale of power.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
(a) Guarantees given by Company's Bankers	24.375	22.335
(b ) Electricity Duty on Sale of Power through Exchange	8.523	0.000
Total	32.898	22.335

FIXED ASSETS:

· Freehold Land

· Building

· Plant and Machinery

· Computer and Accessories

· Furniture and fixture

· Office Equipments

· Vehicles

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.64.88
UK Pound	1	Rs.99.88
Euro	1	Rs.72.06

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.