MIRA INFORM REPORT

Report No. :	346746
Report Date :	28.10.2015

IDENTIFICATION DETAILS

Name :	ELECTROSTEEL STEELS LIMITED (w.e.f. 05.05.2010)
Formerly Known As :	ELECTROSTEEL INTEGRATED LIMITED
Registered Office :	801, Uma Shanti Apartments, Kanke Road, Ranchi - 834 008, Jharkhand
Tel. No.:	91-651-2285636
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	20.12.2006
Com. Reg. No.:	012663
Capital Investment / Paid-up Capital :	Rs. 24092.350 Million
CIN No.: [Company Identification No.]	L27310JH2006PLC012663
IEC No.:	Not Available
TAN No.: [Tax Deduction and Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Iron and Steel Products.
No. of Employees :	Not Available

RATING and COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 31000000
Status :	Moderate
Payment Behaviour :	Slow but not met as per commitment
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2006. It has a moderate track record. For the financial year 2015, the company weak financial risk profile marked by continuous losses incurred, however, it has decent sales volume. Further rating is constrained on account of modest networth position and huge borrowings taken by the company. It has low share prices listed on stock exchange. However, trade relations are reported as fair. Business is active. Payments are slow and not met as per commitment. The company can be considered for business dealings with some caution.

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 = B
Rating Explanation	High risk of default regarding payments
Date	07.07.2014

Rating Agency Name	CARE
Rating	Short term Bank Facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	07.07.2014

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.

LOCATIONS

Registered Office :	801, Uma Shanti Apartments, Kanke Road, Ranchi - 834 008, Jharkhand, India
Tel. No.:	91-651-2285636
Mobile No.:	Not Available
Fax No.:	91-651-2285636
E-Mail :	eil.investors@electrosteel.com
Website :	www.electrosteelsteels.com
Corporate Office :	G K Tower, 2nd and 3rd Floor, 19, Camac Street, Kolkata - 700 017, West Bengal, India
Tel. No.:	91-33-71034400
Fax No.:	91-33-22902882
Plant :	Village Siyaljori, P.O. Jogidih, P S Chandankyari, Bokaro - 828303, Jharkhand, India

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Rajkumar Khanna

Designation :

Non-Executive Independent Chairman

Address :

Flat No. 229, Malwa Singh Block, Asian Games Village, New Delhi - 110049, Delhi, India

Date of Appointment :

16.09.2014

DIN No.:

05180042

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	L74999AP1991PLC013391	Srikalahasthi Pipes Limited	Director	26/08/2013	09/02/2013	-	Active	NO
2	L27310JH2006PLC012663	ELECTROSTEEL STEELS LIMITED	Director	16/09/2014	05/05/2014	-	Active	NO

Name :

Mr. Amrendra Prasad Verma

Designation :

Nominee Director

Address :

14C, Madhuban, Gen J. C. Bhosle Marg, Mumbai - 400021, Maharashtra, India

Date of Birth/Age :

29.12.1952

Qualification :

Master's Degree in Liberal Arts

Experience :

Vast experience of over three decades in banking sector especially in Corporate Banking, Project Finance, Loan Portfolio and Risk Management function.

Date of Appointment :

06.05.2013

DIN No.:

00236108

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	U67190MH2005PLC157240	SBICAP VENTURES LIMITED	Director	10/11/2005	10/11/2005	20/06/2009	Active	NO
2	U65990MH2001PLC131804	THE CLEARING CORPORATION OF INDIA LIMITED	Nominee director	28/06/2007	24/01/2007	20/06/2009	Active	NO
3	U65992MH1993NPL074024	ASSOCIATION OF INVESTMENT BANKERS OF INDIA	Nominee director	22/02/2007	22/02/2007	22/08/2007	Active	NO
4	U67120MH1990NPL058298	OTC EXCHANGE OF INDIA	Additional director	07/03/2007	07/03/2007	06/05/2008	Active	NO
5	U72556MH1993PLC072556	INVESTOR SERVICES OF INDIA LTD	Director	18/08/2007	09/03/2007	06/05/2008	Under liquidation	NO
6	U65999MH2005PLC155485	SBICAP SECURITIES LIMITED	Director	13/03/2007	13/03/2007	20/06/2009	Active	NO
7	U67190MH2007PLC169536	SS Venture Services Limited	Nominee director	29/04/2008	02/04/2007	18/07/2009	Active	NO
8	U74140MH2005PTC152710	APTIVAA CONSULTING SOLUTIONS PRIVATE LIMITED	Director	28/11/2007	28/11/2007	04/06/2009	Active	NO
9	U99999MH1986PLC040298	SBI CAPITAL MARKETS LIMITED	Managing director	26/02/2008	26/02/2008	20/06/2009	Active	NO
10	U65190MH1993PLC074381	SBI COMMERCIAL AND INTERNATIONAL BANK LIMITED	Director appointed in casual vacancy	19/03/2008	19/03/2008	20/06/2009	Active	NO
11	U80903DL2009PLC186973	PELICAN EDUCATIONAL RESOURCES LIMITED	Director	29/09/2012	27/08/2012	-	Active	NO
12	L74999MH1995PLC085878	Solar Industries India Limited	Director	11/09/2013	05/11/2012	-	Active	NO
13	U75230BR1985PLC002083	SECURITY AND INTELLIGENCE SERVICES (INDIA) LIMITED	Director	27/09/2013	11/01/2013	-	Active	NO
14	L27310JH2006PLC012663	ELECTROSTEEL STEELS LIMITED	Nominee director	06/05/2013	06/05/2013	-	Active	NO
15	L28110OR2001PLC017271	ADHUNIK METALIKS LIMITED	Director	15/04/2015	11/02/2014	-	Active	NO
16	U64201DL1998PLC096685	SU-KAM POWER SYSTEMS LIMITED	Director	30/09/2015	30/09/2015	-	Active	NO

Name :

Mr. Jinendra Kumar Jain

Designation :

Non-Executive Independent Director

Address :

60, Southern Avenue, 5th Floor, Kolkata - 700029, West Bengal, India

Date of Appointment :

01.04.2014

DIN No.:

00737352

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	L65993WB1977PLC031209	ASSOCIATED GENERAL TRADING SOCIETY LTD	Director	24/10/1977	24/10/1977	-	Active	NO
2	U51109WB1991PTC052645	EXIM SCRIPS VANIJYA PVT LTD	Director	08/08/1991	08/08/1991	24/04/2013	Active	NO
3	U51909WB1995PTC070992	PUNARGAMAN COMMERCIAL PVT.LIMITED	Director	15/12/2011	15/12/2011	24/04/2013	Active	NO
4	U51109WB1994PTC065910	SURACHIT DISTRIBUTORS PVT.LIMITED	Director	15/12/2011	15/12/2011	24/04/2013	Active	NO
5	L27310JH2006PLC012663	ELECTROSTEEL STEELS LIMITED	Director	01/04/2014	06/05/2013	-	Active	NO
6	L27310OR1955PLC000310	ELECTRO STEEL CASTINGS LTD	Additional director	18/06/2015	18/06/2015	30/07/2015	Active	NO

Name :

Mr. Lalit Kumar Singhi

Designation :

Non-Executive Director

Address :

27/8A, Water Loo Street, Kolkata - 700069, West Bengal, India

Date of Appointment :

07.08.2012

DIN No.:

00893144

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	U51909WB1922PTC004586	ELFORD EDWARDS PVT LTD	Director	04/02/2011	20/03/1975	-	Active	NO
2	L27310JH2006PLC012663	ELECTROSTEEL STEELS LIMITED	Director	07/08/2012	06/02/2012	-	Active	NO
3	U10100JH2008PTC013349	NORTH DHADHU MINING COMPANY PRIVATE LIMITED	Director	11/08/2012	11/08/2012	-	Active	NO
4	U74140WB2010PTC148501	NETWORK 4 GREENEARTH.COM PRIVATE LIMITED	Director	29/09/2012	29/09/2012	-	Active	NO
5	U45400WB2013PTC192926	SAPNANKUR INFRACON PRIVATE LIMITED	Director	31/10/2014	05/07/2014	-	Active	NO

Name :

Mr. Naresh Pachisia

Designation :

Non-Executive Independent Director

Address :

Flat 9B, 29A, Ballygunge Park Road, Kolkata - 700019, West Bengal, India

Date of Appointment :

01.04.2014

DIN No.:

00233768

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	L74140WB1990PLC049032	SKP SECURITIES LIMITED	Managing director	01/04/2012	18/05/1990	-	Active	NO
2	L36991WB1994PLC065583	LINC PEN and PLASTICS LTD	Director	29/08/2014	07/11/1994	-	Active	NO
3	U51109WB1981PLC034316	MURLIDHAR RATANLAL EXPORTS LTD	Director	27/12/1995	27/12/1995	-	Active	NO
4	L15495WB1911PLC002275	DIANA TEA CO LTD	Director	29/07/2000	29/07/2000	28/06/2014	Active	NO
5	U75131WB2002PTC094314	SKP INSURANCE BROKERS and ADVISORS PRIVATE LIMITED	Director	01/03/2002	01/03/2002	-	Active	NO
6	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LTD	Director	16/09/2005	16/09/2005	26/09/2014	Active	NO
7	U74999WB2003PTC096830	SKP RISK ADVISORS PRIVATE LIMITED	Director	12/12/2005	12/12/2005	07/03/2008	Active	NO
8	U74999WB2005PLC103671	SKP COMMODITIES LIMITED	Director	06/06/2006	06/06/2006	-	Active	NO
9	L27310JH2006PLC012663	ELECTROSTEEL STEELS LIMITED	Director	01/04/2014	20/05/2009	-	Active	NO
10	L51109WB1983PLC037008	MALLCOM (INDIA) LTD	Director	27/08/2011	26/04/2011	25/07/2014	Active	NO
11	L51909WB1935PLC008194	GILLANDERS ARBUTHNOT and CO LTD	Director	13/08/2012	16/08/2011	-	Active	NO
12	U45400WB2013PTC190281	ORBIT REGENCY MAINTENANCE COMPANY PRIVATE LIMITED	Director	04/02/2013	04/02/2013	-	Active	NO

Name :	Ms. Rishu Kumari
Designation :	Non-Executive Independent Director
Address :	28 Roy Bahadur Road, Sneha Garden Block A , Flate 3e, Kolkata - 700053, West Bengal, India
Date of Birth/Age :	12.03.1981
Qualification :	Commerce Graduate and Chartered Accountant
Experience :	Chartered Accountant in practice with working experience of more than 10 years.
Date of Appointment :	11.09.2015
DIN No.:	00729938

Name :

Sunil V Diwakar

Designation :

Non-Executive Director

Address :

C-002, Shreejiville, Opposite Nitin Company, Almeda Road, Panchpakhadi, Thane West - 400602, Maharashtra, India

Date of Birth/Age :

22.05.1963

Qualification :

Master's degree in Production Technology and Diploma in International Management

Experience :

Vast experience of over two decades in the Indian private equity industry. Multi-sector exposure in Manufacturing, Life Sciences, IT, Media and Retail transactions.

Date of Appointment :

31.08.2009

DIN No.:

00089266

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	U24230TN1980PLC008382	MALLADI DRUGS AND PHARMACEUTICALS LIMITED	Nominee director	27/12/2004	27/12/2004	28/01/2013	Active	NO
2	U32301TN1994PTC028160	PRASAD CORPORATION Private Limited	Nominee director	15/10/2005	15/10/2005	-	Active	NO
3	U63090MH1997PLC108197	CONTINENTAL WAREHOUSING CORPORATION (NHAVA SEVA) LIMITED	Nominee director	01/12/2010	15/05/2006	11/04/2011	Active	NO
4	L99999DN1982PLC000128	JBF INDUSTRIES LIMITED	Director	27/07/2007	17/07/2006	-	Active	NO
5	U32305MH2000PLC124260	EBS WORLDWIDE SERVICES LIMITED	Nominee director	20/07/2006	20/07/2006	11/09/2009	Active	NO
6	L17226WB1946PLC013554	EASTERN SILK INDUSTRIES LIMITED	Nominee director	20/07/2006	20/07/2006	04/03/2011	Active	NO
7	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	25/09/2009	07/08/2006	30/03/2010	Active	NO
8	U34102PN1989PLC014807	RSB TRANSMISSIONS (I) LTD	Nominee director	26/09/2007	09/07/2007	-	Active	NO
9	U34300PN1992PLC021849	INTERNATIONAL AUTO LIMITED	Nominee director	26/09/2007	09/07/2007	-	Amalgamated	NO
10	U24231MH1993PLC150891	ARCH PHARMALABS LIMITED	Nominee director	28/01/2008	28/01/2008	09/12/2010	Active	NO
11	U85110KA1961PLC001433	BHARAT FRITZ WERNER LIMITED	Additional director	27/09/2008	28/07/2008	12/07/2013	Active	NO
12	L27310JH2006PLC012663	ELECTROSTEEL STEELS LIMITED	Nominee director	31/08/2009	31/08/2009	-	Active	NO
13	L55101DL2007PLC157518	ASIAN HOTELS (WEST) LIMITED	Director	18/09/2010	10/08/2010	-	Active	NO
14	U63090MH2009PLC219843	JICS LOGISTIC LIMITED	Director	24/08/2011	18/07/2011	-	Active	NO
15	AAC-0023	AIEE TRAINING AND SERVICES LLP	Designated Partner	15/01/2014	15/01/2014	-	Active	NO

Name :	Mr. Umang Kejriwal
Designation :	Non-Executive Director
Address :	Nav-Nikunj, 13, Gurusaday Road, Kolkata - 700019, West Bengal, India
Date of Appointment :	20.12.2006
DIN No.:	00065173

Name :

Mr. Rama Shankar Singh

Designation :

Executive Director

Address :

Ashoka Building, Flat :1D, Ashoka Road,Alipore, Kolkata - 700027, West Bengal, India

Date of Appointment :

19.03.2014

DIN No.:

02093276

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	U74140WB2005PTC106809	RAMA MINING CONSULTANTS PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
2	U10100JH2008PTC013349	NORTH DHADHU MINING COMPANY PRIVATE LIMITED	Director	01/12/2008	01/12/2008	-	Active	NO
3	U72200WB2008PTC131312	ASIAN INFORMATICS PRIVATE LIMITED	Director	17/12/2008	17/12/2008	-	Active	NO
4	L27310OR1955PLC000310	ELECTRO STEEL CASTINGS LTD	Director	05/02/2014	22/01/2010	31/03/2015	Active	NO
5	U52100WB2007PTC117155	JHILMIL TRADERS PRIVATE LIMITED	Director	24/05/2010	24/05/2010	-	Active	NO
6	L27310JH2006PLC012663	ELECTROSTEEL STEELS LIMITED	Whole-time director	19/03/2014	06/02/2014	-	Active	NO
7	U27209WB1999PTC090290	MDA PROJECTS INDIA PRIVATE LIMITED	Additional director	27/10/2014	27/10/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashutosh Agarwal
Designation :	Chief Financial Officer
Address :	33, Raja Santosh Road,, Flat No. 4c, Front Block, Alipore, Kolkata - 700027, West Bengal, India
PAN No.:	ADBPA9564H
Name :	Mr. Anubhav Maheshwari
Designation :	Company Secretary
Address :	New Town Metro Plaza,, Flat No. 301, Block B, Atghora, Rajarhat, Kolkata - 700136, West Bengal, India
PAN No.:	AEJPM5446F

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	1089800000	45.23
Sub Total	1089800000	45.23
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1089800000	45.23
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	1191541	0.05
Venture Capital Funds	15305000	0.64
Foreign Institutional Investors	2462658	0.10
Sub Total	18959199	0.79
(2) Non-Institutions
Bodies Corporate	307827583	12.78
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	72508575	3.01
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	196869953	8.17
Any Others (Specify)	723269713	30.02
Trusts	21464196	0.89
Non Resident Indians	6213239	0.26
Clearing Members	652895	0.03
Others	218742306	9.08
Others	476197077	19.77
Sub Total	1300475824	53.98
Total Public shareholding (B)	1319435023	54.77
Total (A)+(B)	2409235023	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2409235023	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Iron and Steel Products.

Products :

Item Code No.	Product Description
241	Basic Iron and Steel

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

Not Available

Bankers :

Banker Name :	State Bank of India
Branch :	Not Available
Person Name (With Designation) :	Not Available
Contact Number :	Not Available
Name of Account Holder :	Not Available
Account Number :	Not Available
Account Since (Date/Year of Account Opening) :	Not Available
Average Balance Maintained :	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Available
Account Operation :	Not Available
Remark :	Not Available

• Allahabad Bank
• Andhra Bank
• Bank of Baroda
• Bank of India
• Bank of Maharashtra
• Canara Bank
• Central Bank of India
• Corporation Bank
• Dena Bank
• HUDCO
• ICICI Bank Ltd
• IL&FS Financial Services Limited
• Indian Bank
• Indian Overseas Bank
• LIC of India
• Oriental Bank of Commerce
• Punjab and Sind Bank
• Punjab National Bank
• State Bank of Hyderabad
• State Bank of Mysore
• State Bank of Patiala
• State Bank of Travancore
• Syndicate Bank
• Jammu and Kashmir Bank Limited
• UCO Bank
• Union Bank of India
• United Bank of India
• Vijaya Bank
• SREI Infrastructure Finance Limited
• L&T Fin Corp Limited

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loans from Banks
Restructured Term Loan	57678.071	60813.934
Additional Term Loan	9773.743	6326.600
Funded Interest Term Loan (FITL)	12690.987	7060.029
From Others
Restructured Term Loan	7403.748	8253.307
Funded Interest Term Loan (FITL)	1425.861	822.248
Total	88972.410	83276.118
Short-term borrowings
Loan Repayable on Demand
From Banks
I. Working Capital Facility	3373.161	133.831
II. Buyers Credit	2363.408	12.027
Others
I. Bills discounted	305.420	0.000
Total	6041.989	145.858

NOTE:

LONG TERM BORROWING:

1. In the previous year, the Company was referred by the lenders to the Corporate Debt Restructuring (CDR) Cell. The CDR Empowered Group (CDR EG) Cell vide its Letter of Approval dated 28th September, 2013 has approved a package to restructure/reschedule the Company’s Debt and provide additional facilities. The Master Restructuring Agreement has been executed between the Company and the concerned lenders on 20th January, 2014. The borrowings from non-CDR lenders (viz. HUDCO, IL and FS and SREI, appearing under the head 'From Others') have also been restructured bilaterally in line with CDR guidelines subject to certain modifications.

1. The entire facilities from CDR lenders and a non-CDR lender (HUDCO) are secured by:

1. first ranking pari passu charge by way of mortgage/hypothecation of all immovable and movable properties (including fixed assets, plant and machinery, tools and accessories etc.), current assets (including book debts), present and future and assignment over all of Company's bank accounts;
2. pledge of 866,750,000 equity shares of the Company held by Electrosteel Castings Limited ('ECL') being the Promoter Company;
3. pledge of 517,000 equity shares of the Company held by Mr. Umang Kejriwal (Director);
4. pledge of 32,675,270 equity shares of ECL held by 2 of its promoter group companies;
5. Personal guarantee of Mr. Umang Kejriwal and Ms. Radha Kinkari Kejriwal (Sr. Executive).

2. The facility from a non-CDR lender (SREI) is secured by:

1. second ranking pari passu charge by way of hypothecation of all movable assets (including receivables and intangibles), present and future;
2. Second charge on all rights, titles and interest in all assets of the Project, letter of credit/guarantee/performance bond provided in respect of the Project and all Project documents, Contracts, Insurance Policies etc.
3. First charge by way of mortgage of a piece of land with factory building owned by ECL.

3. The facility from another non-CDR lender (IL and FS) is secured by

1. second ranking pari passu charge by way of mortgage/hypothecation of all assets mentioned in 1(a) above;
2. pledge of shares as mentioned in 1(b) to 1(d) above ranking subservient to the pledge already created in favour of lenders;
3. Personal guarantees as mentioned in 1(e) above.

2. Repayment terms:

1. The Restructured Term Loan, Additional Term Loan and FITL from all lenders (except a non-CDR lender) are repayable in 29 quarterly instalments commencing from December 2015 and ending on December 2022 in a stepped up manner as follows:

Year	Term Loan due for repayment (%)
	Restructured Term Loan	Additional Term Loan	FITL
2015-16	5.00%	6.00%	8.00%
2016-17	8.00%	12.50%	13.00%
2017-18	12.00%	12.50%	13.00%
2018-19	12.00%	12.50%	14.00%
2019-20	15.00%	14.00%	14.00%
2020-21	16.00%	14.00%	14.00%
2021-22	17.00%	15.00%	15.00%
2022-23	15.00%	13.50%	9.00%
Total	100.00%	100.00%	100.00%

2. Repayment terms of a non-CDR lender (SREI):

i. The Restructured Term Loan (Rs. 3500.000 Million) is repayable in 16

quarterly installments commencing from April

Year	Term Loan due for repayment (%)
2016-17	10.00%
2017-18	20.00%
2018-19	30.00%
2019-20	40.00%
Total	100.00%

ii. The Restructured Term Loan (Rs. 718.600 Million) is repayable on or

before 15th March 2016.

iii. The FITL is repayable in 19 equal quarterly instalments commencing

from July 2015 and ending on January 2020.

3. The applicable rate of interest on the above term loans during the year are -

1. Restructured Term Loan and FITL from all lenders carries interest @ 10.75% p.a.
2. Additional Term Loan from all lenders carries interest @ 11.00% p.a.
3. Buyers' Credit carries interest rate at LIBOR plus spread being 0.50% to 1.50%.

SHORT TERM BORROWING:

Working Capital facility from Banks and Buyers' Credit is secured as in Note 4(A)(1) above. The working capital facility carries interest rate of 11.00% p.a. and the Buyers' Credit carries interest rate at LIBOR plus spread being 0.50% to 1.50%.

Statutory Auditors :
Name :	B. Chhawchharia and Company Chartered Accountants
Collaborators :	Not Available
Membership :	Not Available
Associates/Subsidiaries :	Not Available
Promoter Company:	Electrosteel Castings Limited, India
Enterprises where Key Management Personnel (KMP) have significant influence or control :	Rama Mining Consultants Private Limited North Dhadhu Mining Company Private Limited Asian Informatics Private Limited Jhilmil Traders Private Limited MDA Projects India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
450,00,00,000	Equity Shares	Rs. 10/- each	Rs. 45000.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
240,92,35,023	Equity Shares	Rs. 10/- each	Rs. 24092.350 Million

1. Reconciliation of the number of shares

Equity Shares	Number of Shares
Shares outstanding at the beginning of the year	2,186,735,023
Shares issued during the year	222,500,000
Shares outstanding at the end of the year	2,409,235,023

2. Particulars of Equity Shareholders holding more than 5% Shares at Balance Sheet date:

Name of Shareholder	Number of Shares	% holding
Electrosteel Castings Limited	1,089,800,000	45.23%
Stemcor Cast Iron Investments Limited	400,909,646	16.64%
Total	1,490,709,646	61.87%

3. During the Financial year ended 31st March 2015, pursuant to the Corporate Debt Restructuring (CDR) Scheme, the Company had made preferential allotment of Rs. 2.225 Million equity shares of Rs 10 each fully paid to Electrosteel Castings Limited under SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 and Companies Act 2013. The proceeds of the issue have been utilised for the capital expenditure at the Plant, which is in line with CDR Scheme.

4. No shares have been reserved for issue under options and contracts/commitments for sale of shares/disinvestment.

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	24092.350	21867.350	21867.350
(b) Reserves and Surplus	(13163.957)	(6871.630)	(3960.313)
(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)	10928.393	14995.720	17907.037
(3) Non-Current Liabilities
(a) long-term borrowings	88972.410	83276.118	56491.476
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	6.947	6.947	4648.677
(d) long-term provisions	43.376	27.888	21.539
Total Non-current Liabilities (3)	89022.733	83310.953	61161.692
(4) Current Liabilities
(a) Short term borrowings	6041.989	145.858	2331.292
(b) Trade payables	2470.660	1492.676	2068.272
(c) Other current liabilities	25430.903	14057.018	19135.231
(d) Short-term provisions	17.276	8.288	7.854
Total Current Liabilities (4)	33960.828	15703.840	23542.649
TOTAL	133911.954	114010.513	102611.378
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46480.077	37279.366	14412.357
(ii) Intangible Assets	11.968	51.788	66.479
(iii) Capital work-in-progress	68190.370	67597.070	81704.990
(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	1635.660	1046.499	1579.706
(e) Other Non-current assets
Total Non-Current Assets	116318.075	105974.723	97763.532
(2) Current assets
(a) Current investments	400.777	1762.170	0.000
(b) Inventories	8190.232	3661.749	2259.336
(c) Trade receivables	1448.969	220.220	58.577
(d) Cash and cash equivalents	2532.688	691.757	925.110
(e) Short-term loans and advances	1239.621	1678.568	1511.229
(f) Other current assets	3781.592	21.326	93.594
Total Current Assets	17593.879	8035.790	4847.846
TOTAL	133911.954	114010.513	102611.378

PROFIT and LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	Income	18312.407	5132.219	1631.101
	Other Income	156.049	69.257	9.339
	TOTAL SALES	18468.456	5201.476	1640.440
Less	EXPENSES
	Cost of Materials Consumed	14805.738	4686.877	1888.650
	Purchases of Stock-in-Trade	586.180	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2071.824)	(539.392)	(79.932)
	Employees benefits expense	447.322	139.473	100.472
	Other expenses	4415.531	1376.146	573.483
	Exceptional Items	0.000	0.000	22.952
	TOTAL EXPENSES	18182.947	5663.104	2505.625
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	285.509	(461.628)	(865.185)
Less	FINANCIAL EXPENSES	4517.313	1773.141	1344.111
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(4231.804)	(2234.769)	(2209.296)
Less/ Add	DEPRECIATION/ AMORTISATION	2008.509	676.431	590.687
	PROFIT/ (LOSS) BEFORE TAX	(6240.313)	(2911.200)	(2799.983)
Less	TAX	0.110	0.117	0.142
	PROFIT/ (LOSS) AFTER TAX	(6240.423)	(2911.317)	(2800.125)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1366.446	175.758	0.000
	TOTAL EARNINGS	1366.446	175.758	0.000
	IMPORTS
	Raw Materials	4724.577	3183.126	2060.485
	Components and Stores parts	726.156	0.608	1.445
	Capital Goods	2026.484	286.342	871.783
	TOTAL IMPORTS	7477.217	3470.076	2933.713
	Earnings / (Loss) Per Share (Rs.)	2.68	1.33	1.32

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	7336.271	472.300	12678.441
Cash generated from operations	NA	NA	NA
Cash generated from (Used) operations	(4144.401)	(317.089)	652.483
Cash generated from Operating Activities	(4150.106)	(325.937)	647.066

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(34.08)	(56.73)	(171.67)
Operating Profit Margin (PBIDT/Sales)	(%)	1.56	(8.99)	(53.04)
Return on Total Assets (PBT/Total Assets}	(%)	(9.50)	(6.27)	(13.39)
Return on Investment (ROI) (PBT/Networth)		(0.57)	(0.19)	(0.16)
Debt Equity Ratio (Total Debt /Networth)		8.69	5.56	3.28
Current Ratio (Current Asset/Current Liability)		0.52	0.51	0.21

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 3.25/-

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	21867.350	21867.350	24092.350
Reserves and Surplus	(3960.313)	(6871.630)	(13163.957)
Net worth	17907.037	14995.720	10928.393
long-term borrowings	56491.476	83276.118	88972.410
Short term borrowings	2331.292	145.858	6041.989
Current Maturities of Long term debt	12678.441	472.300	7336.271
Total borrowings	71501.209	83894.276	102350.670
Debt/Equity ratio	3.993	5.595	9.366

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	1631.101	5132.219	18312.407
		214.648	256.813

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	1631.101	5132.219	18312.407
Profit	(2800.125)	(2911.317)	(6240.423)
	(171.67%)	(56.73%)	(34.08%)

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

OPERATIONS:

In addition to the already operational Blast Furnace of smaller 350 M capacity, The Company has operationalised 3 bigger Blast Furnace of 1050 M capacity resulting in increase in production and turnover. In addition to above, the already operational ancillary units viz Vertical Coke Oven, Rebar Mill and one unit each of Sinter and Steel Melt Shop were further buoyed by the successful trial run of Lime and Dolomite Plant, Oxygen Plant, Power Plant and balance unit of Sinter Plant. Hence, the development of ancillary modules is resulting into augmentation of integrated capabilities of the Plant and further reducing dependency for supply from outside. A part of the Plant facility has commenced production and the work for completion of the balance Project modules to make the Plant completely commissioned to its annual capacity are in progress. Presently The Company is selling TMT Bar, Billets, Ductile Iron Pipes and Pig Iron in the open market. With the commencement of production of the flagship product - Ductile Iron Pipe, The Company expects better margins translating into improved performance with the increase in turnover. The Company has also started exporting billets to various neighboring countries like Nepal, Bangladesh, Bhutan and Sri Lanka. However, sluggishness in the global steel industry remains a matter of concern.

It is pertinent to note that the execution of balance project modules has been funded by the Corporate Debt Restructuring (CDR) Package sanctioned to the Company in September 2013. However, the sanction of CDR Package, post the referral to CDR forum, and consequent release of additional term loan under CDR Package happened with delay which resulted in further delay of operationalization of the balance project modules. Further, the CDR Package had also approved the assessed Need Based Working Capital facility of Rs 1300 Million. However, the financial closure of said facility took inordinate delay and ultimately the documents for the same were executed in November 2014. The release of the sanctioned working capital facility by majority of the lenders was done gradually and only subsequent to the execution of the documents in November 2014. The delay in release of working capital facilities had impacted the cash flow generation of the Company. Further, the Company is still to get the entire sanctioned need based working capital facility.

The shareholders of the Company pursuant to the requirement of the Companies Act 2013 had approved procurement of coal/coking coal from Electrosteel Castings Limited (ECL) on the terms and conditions as stated in the notice for the Annual General Meeting held on 16th September 2014. However, Supreme Court vide its order dated 24th September 2014 had de-allocated Parbatpur Coal Block allotted to ECL. Hence the agreement with ECL for procurement of coking coal stood cancelled w.e.f. 1st April 2015 due to Force Majure. The Company is optimistic that with the release of entire working capital facilities, it will be able to step up production levels, which will add to enhanced top line and cash flow generation. Under the CDR Package, further funds in the form of equity/preference shares/unsecured loan etc. needs to be infused, for which Company is seeking potential investment sources.

Thus, with the operationalization of other Project modules together with the increase in release of working capital facilities and the infusion of funds, it is expected that the overall financial health of the Company would improve considerably.

NATURE OF BUSINESS:

There has been no change in the nature of the business of the Company during the year. No material changes and commitments occurred between 31st March 2015 and 11th May 2015 i.e. the date of the Directors Report, affecting the financial position of the Company.

ECONOMIC OVERVIEW:

Global economic growth remains moderate with uneven prospects across the main countries and region. The outlook for advanced economies is improving while growth in emerging markets and developing economies is expected to be lower primarily reflecting weaker prospectus for some large emerging market economies and oil exporting countries. The macro risks like recession and deflation in euro have decreased, risks steaming from dollar appreciation and geopolitical issues have increased and could generate regional and global spill over.

INDUSTRY STRUCTURE:

The Indian steel industry is broadly classified into two categories Primary steel producers and Secondary steel producers. Primary steel producers have backward integration and normally have a higher capacity over 1.0 MTPA. The manufacturing process starts with steel making from Iron ore. The investment requirement is also much higher as compared to secondary producers. Secondary producers essentially have mini steel plants with capacities below 1.0 MTPA. This category mainly employs Electric Arc Furnace (EAF) or Induction Furnace (IF) route, which use scrap and sponge iron or a mix of both as raw materials to produce steel. This group also consists of processors and re-rollers of steel products. Secondary producers primarily manufacture long products and the route adopted by them is highly energy intensive for which they have to depend upon the purchased power. Although, there are over 3,500 varieties of regular and special steel available, steel products can be broadly classified into two basic types according to their shape viz. flats and longs. All finished steel products are made from semifinished steel that comes in the form of slabs, billets and blooms.

GLOBAL STEEL INDUSTRY:

The steel industries have historically been highly volatile primarily due to the cyclical nature of the business sectors that are the principal consumers of steel, namely automotive, construction, appliance, machinery, equipment, infrastructure and transportation industries. Demand for steel products thus generally correlates to macroeconomic fluctuations in the global economy. Steel plays a vital role in the development of any modern and emerging economy. During the period the growth in the global steel demand was sluggish, mainly attributable to weaker than expected performances in the emerging and developing economies. The slow down in the emerging economies has revealed in deceleration in steel usage. Growth in China which had been the main driver for both demand and supply in the past, has moderated significantly reflecting the structural transformation of the economy.

Falling commodity prices, structural constraints and geographical tension have abated the positive growth momentum in global steel demand. The Global steel prices are languishing at their lower levels amid structural oversupply. The demand for steel in the developed countries is expected to be moderate and growth in emerging and developing economies is also expected to pick up. However, weak infrastructural investment combined with impact of geographical tension globally may be the hindrance factor for the growth in the overall steel industry. As per the World Steel Association forecast, global consumption of steel is expected to increase. International iron ore prices have seen a sharp decline driven by a weakening of demand from China and prospects of higher supply following capacity expansion by large global mining companies.

While there are signs that the outlook for demand is slowly improving, excess capacity remains the biggest concern for the industry. Steel makers are adhering myriad challenges such as volatility, shifting demand centres, complex supply chains, productivity and cost efficiency. Urbanisation and growing middle classes are expected to draw steel demand in construction and real estates. Further increase in steel demand is anticipated in automotive sector in emerging and developed economies. The global oil and gas sector is also expected to experience significant capital investment with primarily substantial investments in distribution pipelines and refineries.

Better cost management, more ability to invest in new technology and research and development will help in improving productivity. It will enable a stronger negotiation on prices with raw material producers and shall result in better sales realization despite the challenges of over capacity, exchange rate fluctuation and pressure on margins. The outlook of the sector looks optimistic. Steel makers are also increasing their competitiveness through strong customer relationship and by tapping into niche and high value markets.

INDIAN STEEL INDUSTRY:

Steel is traditionally considered the backbone for economic development. It is a major input for sectors which support economic growth such as infrastructure, machinery, power and railways, as well as being important for fast growing sectors, in particular automobiles and consumer durables. Indian Steel Industry comprises of several interlinked segments for value addition broadly classified as Integrated Producers and Non Integrated or Secondary Producers. During the period weakness in domestic demand from key end user industries persisted. Domestic steel prices amongst others are influenced by trends in raw materials, demand supply condition in the market, international prices. Since the growth of construction and capital goods sectors remained fragile, the improvement in steel demand was gradual, despite growth in the automobile sector. High production growth vis-à-vis consumption and rising imports has resulted in inventory build upon the steel markets. In spite of sharp decline in iron ore prices globally, domestic iron prices have remained firm reflecting the short supply situation. The recent coal block deallocation has increased the uncertainties for the sector, as replacing captive coal by imports or e-auctions would impact the operations of the company.

As per projection of Internal Monetary Fund, India is expected to over grow its BRIC peers. The outlook of the domestic steel industry appears to be stable in anticipation that the price of raw materials would continue to be soften, removal of infrastructure bottlenecks as well as labour reforms for raising labour force participation and productivity. A surge in cheap imports to continue to exert pressure on domestic steel prices. Profitability of the domestic steel companies is expected to remain under pressure despite fall in raw material prices due to significant fall in domestic and global steel prices.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2015
Claims against the company not acknowledged as debt	5864.664
Total	5864.664

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015

(Rs. In Million)

Particulars	3 Months Ended
	UNAUDITED
	30.06.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	5150.878
b) Other operating income	139.486
Total income from Operations(net)	5290.364
2.Expenditure
a) Cost of material consumed	4893.220
b) Purchases of trading goods	43.341
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1084.232)
d) Employees benefit expenses	172.583
e) Depreciation and amortization expenses	500.618
f) Power and Fuel	0.000
g) Other expenditure	1410.848
Total expenses	5936.378
3. Profit from operations before other income and financial costs	(646.014)
4. Other income	31.799
5. Profit from ordinary activities before finance costs	(614.215)
6. Finance costs	1263.775
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	(1877.990)
8. Exchange Currency Fluctuation Loss/ (Gain)	0.000
9. Profit from ordinary activities before tax Expense:	(1877.990)
10.Tax expenses	0.000
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	(1877.990)
12.Extraordinary Items (net of tax expense)	0.000
13.Net Profit / (Loss) for the period (11 -12)	(1877.990)
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	24092.350
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	0.000
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	(0.78)
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	1319435023
- Percentage of shareholding	54.77%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	866750000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	79.53%
Percentage of shares (as a % of total share capital of the company)	35.98%
b) Non Encumbered
Number of shares	223050000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	20.47%
Percentage of shares (as a % of total share capital of the company)	9.26%
B. Investor Complaints
Pending at the beginning of the quarter	NIL
Receiving during the quarter	1
Disposed of during the quarter	1
Remaining unreserved at the end of the quarter	NIL

NOTES:

1. The company’s integrated Steel and DI Pipe Plant on the state of Jharkhand, India is under construction and Erection. A part of plant facility commenced production and accordingly the balance proportionate expenditure pending capitalization under “Capital Work-in-Progress”.
2. In view of the company incurring losses continuously and current liabilities exceeding the current assets, there has been an erosion of net worth by more than fifty percent. Due compliance of the sanctioned CDR package could also not be met with. The lenders have since invoked the ‘Strategic Debt Restructuring ‘(SDR) pursuant to RBI circular dated June 08, 2015 and the implementation thereof is under progress. Considering the above developments the company has presented these financial statements on going concern basis.
3. Considering the nature of the company’s business and operations, there are no separate reportable segments (business and/or geographical) in accordance with the requirements of Accounting Standard 17 “Segment Reporting”, issued by ICAI.
4. Previous quarters / year figures have been reclassified wherever appropriate to confirm to current year’s presentation.
5. The above unaudited results were reviewed by the Audit Committee and thereafter approved by the Board of directors at its meeting held on august 2015. The Statutory Auditors have conducted the Limited Review of the Financial Results.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10547664	31/03/2015 *	400,000,000.00	L&T FinCorp Limited	L & T HOUSE, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	C50674753
2	10493325	20/12/2014 *	195,400,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	C40520397
3	10487072	20/12/2014 *	2,986,800,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	C39272919
4	10484687	20/12/2014 *	102,593,800,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	C37665163
5	10324558	26/12/2011	5,000,000,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA,86C,TOPSIA ROAD (SOUTH),, KOLKATA, WEST BENGAL - 700046, INDIA	B28352359
6	10261324	30/03/2013 *	8,650,000,000.00	STATE BANK OF INDIA	RELIANCE HOUSE, 34 J L NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B71995393

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

· Railway Sidings

· Computer Software

CMT REPORT (Corruption, Money Laundering and 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. 64.96
UK Pound	1	Rs. 99.73
Euro	1	Rs. 71.84

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	SYL

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	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	YES
--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 and 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.