MIRA INFORM REPORT

Report No. :	339311
Report Date :	04.09.2015

IDENTIFICATION DETAILS

Name :	UTTAM VALUE STEELS LIMITED [w. e. f. 18.03.2013]
Formerly Known As :	LLOYDS STEEL INDUSTRIES LIMITED
Registered Office :	4^th Floor, Uttam House, 69, P. D Mello Road, Mumbai – 400009, Maharashtra
Tel. No.:	91-22-30418111 / 66563500
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	27.04.1970
Com. Reg. No.:	11-014621
Capital Investment / Paid-up Capital :	Rs.13322.700 Million
CIN No.: [Company Identification No.]	L27100MH1970PLC014621
IEC No.:	0389057533
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACU1710C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1970 and it is engaged in the manufacturing of steel products, engineering equipment and executing turnkey projects. Subject is an established company having moderate track record. The company possesses moderate operational performance and it has incurred huge losses from its operational activities. Rating further constrained on account of company’s moderate financial risk profile marked by negative reserves and leverage balance sheet profile of the company. However, rating weakness partially offset by credit enhancement in the form of Letter of Comfort, being irrevocable from Uttam Galva Metallic Limited. Trade relations are reported as fair. Payments are reported to be slow but correct. In view of aforesaid, the subject company can be considered for business dealing 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] BBB – (SO)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	November 18, 2014

Rating Agency Name	CARE
Rating	[Short Term Bank Facilities] A3 (SO)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	November 18, 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 31-03-2013.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-22-66563500 / 11-46597681)

LOCATIONS

Registered Office :	4^th Floor, Uttam House, 69, P.D Mello Road, Mumbai, 400009, Maharashtra, India
Tel. No.:	91-22-30418111 /66563500
Fax No.:	91-22-30418260/ 23481831/ 2348 2827
E-Mail :	ram@uttamgalva.com investor@uttamvalue.com
Website :	http://www.uttamvalue.com
Factory 1/ Steel Plant:	Uttam Nagar, Bhugaon Link Road, Wardha, Maharashtra, India
Factory 2/ Engineering Plant:	Plot No. A-5/5 and A-6/3 MIDC Industrial Area, Murbad District Thane, Maharashtra, India
Mumbai Office :	Trade World, C-Wing, 16^th Floor, Kamala, Senapati Bapat Marg, Mumbai-400013, Maharashtra, India
Marketing Offices:	Mumbai: 69, P.D' Mello Road, Mumbai - 400 009, Maharashtra, India Tel. No.: 91-22-6656 3500 Fax. No.: 91-22-2348 2827 Email:lalji.d@uttamvalue.com mbawa@uttamvalue.com srshah@uttamvalue.com international@uttamvalue.com Delhi: 501, Pragati House, 48, Nehru Place, New Delhi – 110 019., India Tel. No.: 91-22-46597681/9 Fax. 91-11-26451595 Email. smnarang@uttamvalue.com Chennai: Sanmach Executive Centre, 244, Mount Road, IInd Floor, Chennai – 600 006, Tamil Nadu, India Tel.: 91-44-24352845 Email: kannan@uttamvalue.com Bangalore: No.76 Kasturi Complex, Mission Road, Bangalore – 560 027, Karnataka, India Tel.: 91-80-2123092/91 Fax.: 91-80-2123092 Email: skrao@uttamvalue.com Hyderabad: 318, 3rd Floor, Mittal Chambers, 2-2-51, Pan Bazar, M.G. Road, Secunderabad – 500 003, Telangana, India Tel.: 91-40 -2771 7141 Email.: sbkaplay@uttamvalue.com Kolkata: Chaterjee International Centre, 16th floor, Room No. A-8, 33-A,  Chowrangee,  Kolkata – 700 071, West Bengal, India Tel.: 91-33-22175903 Fax.: 91-33-22260928 Email.: cal_verma@uttamvalue.com
Branch Office :	Located At: Delhi Ahmedabad Bangalore Indore Hyderabad Pune Chennai Nagpur Kolkata Indore Cochin Jaipur

DIRECTORS

AS ON: 31.03.2015

Name :	Mr. Rajinder Miglani
Designation :	Chairman
Name :	Mr. S K Soni
Designation :	Director
Name :	Mr. B. L. Khurana
Designation :	Director
Name :	Mr. B L Khanna
Designation :	Director
Name :	Mr. U N Challu
Designation :	Director
Name :	Mrs. Pratima Srivastava
Designation :	Director
Name :	Mr. S. K. Sachdev
Designation :	Director (Nominee - IDBI)
Name :	Mr. Rajiv Munjal
Designation :	Director (Commercial)
Name :	Mr. Ashok Tandon
Designation :	Director (Engg. Division)

KEY EXECUTIVES

Name :	Mr. Ram Gaud
Designation :	Senior General Manager and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.06.2015

Category of Shareholder	No. of Shares	%age of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	609472232	46.12
Sub Total	609472232	46.12
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	609472232	46.12
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	573153	0.04
Financial Institutions / Banks	204894416	15.50
Central Government / State Government(s)	1500	0.00
Insurance Companies	4389894	0.33
Foreign Institutional Investors	60000	0.00
Sub Total	209918963	15.88
(2) Non-Institutions
Bodies Corporate	268182908	20.29
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	56354754	4.26
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	33153348	2.51
Any Others (Specify)	144533062	10.94
Clearing Members	540869	0.04
Non Resident Indians	7344519	0.56
Trusts	900	0.00
Overseas Corporate Bodies	136646774	10.34
Sub Total	502224072	38.00
Total Public shareholding (B)	712143035	53.88
Total (A)+(B)	1321615267	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects.
Products :	· Steel Products · Engineering Equipment · Executing Turnkey Projects
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Not Divulged

Bankers :

• State Bank Of India
• Punjab National Bank
• Canara Bank
• Bank Of Baroda
• Andhra Bank
• Indian Overseas Bank
• Allahabad Bank
• Corporation Bank
• Union Bank Of India
• Oriental Bank Of Commerce
• Vijaya Bank
• Punjab and Maharashtra Co-Opeartive Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Rupee loan from banks	6070.400	5985.400
Total	6070.400	5985.400

Financial Institution:	Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, India
Statutory Auditor :
Name :	Todarwal and Todarwal Chartered Accountants
Address :	Mumbai, Maharashtra, India
Internal Auditor :
Name :	Ernst and Young LLP Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Indrajit Power Private Limited
Enterprise over which key management personnel /relatives have significant influence:	· Uttam Galva Metallics Limited · Uttam Galva Steels Limited · Sainath Trading Company Private Limited · Kredence Multi Trading Limited · Grow well Mercantile Limited

CAPITAL STRUCTURE

AS ON: 31.03.2015

Authorized Capital:

No. of Shares	Type	Value	Amount
1500000000	Equity Shares	Rs.10/- each	Rs.15000.000 Million
500000000	Preference Shares	Rs.10/- each	Rs.5000.000 Million
	Total		Rs.20000.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1321615267	Equity Shares	Rs.10/- each	Rs.13216.200 Million
9325420	Redeemable Preference Shares	Rs.10/- each	Rs.93.300 Million
2714451	Equity Shares Forfeited		Rs.13.200 Million
	Total		Rs.13322.700 Million

Reconciliation of the shares outstanding at the beginning and at the end of the year:

Particulars	No. of Shares	Amount
Equity Shares
At the beginning of the Year	1,194,518,493	11945.200
Issued during the year - Preferential issue #	127,096,774	1271.000
Outstanding at the end of the Year	1,321,615,267	13216.200
Redeemable Preference Shares
At the beginning of the Year	9,325,420	93.300
Outstanding at the end of the Year	9,325,420	93.300

The committee of Directors of the Company, at its meeting held on 9th April 2014, has allotted 127096774 Equity Shares of Rs. 10/- each on preferential basis, at a premium of Rs. 5.50 per share to M/s. UD Industrial holding Pte Limited. On receipt of necessary approvals from the stock Exchanges. This has resulted in increase in Share capital by Rs. 1271.000 Million and Share premium Account by Rs. 699.000 Million aggregating to Rs. 1970.000 Million.

Terms and Rights attached to equity shares:

The company has only one class of shares having a par value at Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.

Terms and Rights attached to redeemable preference shares:

The Redeemable preference shares will be redeemed with a premium of 11.50 % in 6(six) annual installments commencing from financial year 2016. No such shares shall be redeemed except out of the profits of the company which would otherwise be available for dividend or out of the proceeds of the fresh issue of shares made for the purpose of the redemption.

Details of shareholders holding more than 5% shares in the company:

Name of Shareholder	No. of Shares	(% holding in the class)
Firstindia Infrastructure Private Limited (Formerly known as Ultimate Logistics solutions Private Limited)	423,637,469	32.05%
Shree Global Tradefin Limited	188,355,601	14.25%
Metallurgical Engineering and Equipments Limited	185,834,763	14.06%
IDBI Bank Limited	150,000,000	11.35%
UD Industrial Holding Pte. Limited	127,096,774	9.62%

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	13322.700	12051.700	12051.700
(b) Reserves & Surplus	(9347.100)	(9660.800)	(7423.500)
(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)	3975.600	2390.900	4628.200
(3) Non-Current Liabilities
(a) long-term borrowings	7962.500	7580.400	3514.900
(b) Deferred tax liabilities (Net)	299.500	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	253.400	234.200
Total Non-current Liabilities (3)	8262.000	7833.800	3749.100
(4) Current Liabilities
(a) Short term borrowings	5209.500	5502.100	99.600
(b) Trade payables	28880.100	18605.900	19437.800
(c) Other current liabilities	4893.100	8273.000	2570.900
(d) Short-term provisions	21.400	21.600	21.600
Total Current Liabilities (4)	39004.100	32402.600	22129.900
TOTAL	51241.700	42627.300	30507.200
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19715.000	17105.700	12537.700
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4167.700	1694.100	1642.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	175.700	174.700	16.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2388.100	92.500	58.500
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	26446.500	19067.000	14254.600
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7744.800	5655.100	4575.100
(c) Trade receivables	5456.900	4682.00	1185.000
(d) Cash and cash equivalents	1108.900	1015.400	588.100
(e) Short-term loans and advances	10019.000	11820.600	9461.400
(f) Other current assets	465.600	387.200	443.000
Total Current Assets	24795.200	23560.300	16252.600
TOTAL	51241.700	42627.300	30507.200

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations	50700.900	66615.400	63440.424
	Other Income	596.600	512.800	620.328
	TOTAL (A)	51297.500	67128.200	64060.752
Less:	EXPENSES
	Cost of Materials Consumed	19115.900	238300	20402.572
	Purchases of Stock-in-Trade	22668.000	32088.300	33453.118
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2600.100)	(273.400)	(935.399)
	Employees benefits expense	902.900	843.800	742.596
	Other expenses	7730.800	7549.000	7280.033
	TOTAL (B)	47817.500	64037.700	60942.920
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)	3480.000	3090.500	3117.832
Less:	FINANCIAL EXPENSES (D)	2703.100	2543.700	1657.550
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	776.900	546.800	1460.282
Less:	DEPRECIATION/ AMORTISATION (F)	1090.200	1534.100	1450.105
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(313.300)	(987.300)	10.177
Less:	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(313.300)	(987.300)	10.177
Add:	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	NA	(16991.249)	(17001.426)
	Balance Carried to the B/S (I+J) (K)	NA	(17978.549)	(16991.249)
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Exports	3850.000	509.600	258.477
	Brokerage and Commission	0.600	10.000	13.956
	TOTAL EARNINGS	3850.600	519.600	272.433
	IMPORTS
	Raw Materials	706.200	0.000	68.137
	Production Consumables, Stores and Spares	449.400	460.200	408.323
	TOTAL IMPORTS	1155.600	460.200	476.460
	Earnings / (Loss) Per Share (Rs.)	(0.24)	(0.83)	0.01

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	981.900	1701.100	837.800
Cash Generated From/(Used In) Operations	7904.500	(355.500)	3123.200
Net cash flow from (used in) operations	NA	NA	NA

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2015
Audited / UnAudited
Net Sales	10555.000
Total Expenditure	10332.400
PBIDT (Excl OI)	222.600
Other Income	110.000
Operating Profit	332.600
Interest	466.700
Exceptional Items	NA
PBDT	(134.100)
Depreciation	298.900
Profit Before Tax	(433.000)
Tax	NA
Provisions and contingencies	NA
Profit After Tax	(433.00)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(0.62)	(1.48)	0.02
Operating Profit Margin (PBIDT/Sales)	(%)	6.86	4.64	4.91
Return on Total Assets (PBT/Total Assets}	(%)	(0.67)	(2.42)	0.04
Return on Investment (ROI) (PBT/Networth)		(0.08)	(0.41)	0.00
Debt Equity Ratio (Total Debt /Networth)		3.56	6.18	0.96
Current Ratio (Current Asset/Current Liability)		0.64	0.73	0.73

STOCK PRICES

Face Value	Rs. 10/-
Market value	Rs.3.65/-

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	12051.700	12051.700	13322.700
Reserves & Surplus	(7423.500)	(9660.800)	(9347.100)
Net worth	4628.200	2390.900	3975.600
long-term borrowings	3514.900	7580.400	7962.500
Short term borrowings	99.600	5502.100	5209.500
Current Maturities of Long-Term Debts	837.800	1701.100	981.900
Total borrowings	4452.300	14783.600	14153.900
Debt/Equity ratio	0.962	6.183	3.560

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)
Revenue from Operations	63440.424	66615.400	50700.900
		5.005	(23.890)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations	63440.424	66615.400	50700.900
Profit	10.177	(987.300)	(313.300)
	0.02%	(1.48%)	(0.62%)

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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

NOTE: Registered office of the company has been shifted from Trade World, ‘C’ Wing, 16^th Floor, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India, to the present address.

PERFORMANCE:

The Company achieved a Gross Turnover of Rs. 54056.500 Million in 2014-15 as against Rs. 70620.200 Million in the previous year, showing a declined by 23.45 % over previous year. The operating EBIDTA for the year was Rs. 3480.000 Million as against Rs. 3090.500 Million in the previous year showing an increase by 12.60 %. The Company posted a loss of Rs. 313.300 Million during the year as against a loss of Rs. 987.300 Million in the previous year after providing depreciation of Rs. 1090.200 Million (Previous year Rs. 1534.100 Million).

STEEL INDUSTRY SCENARIO

The developed world showed growth in steel demand of 6.2% in 2014 on the back of strong US fundamentals and a firming EU recovery. However, growth in the developed world is set to moderate in 2015 partly due to the high base effect, but also less favorable steel market environments in the US, Japan and South Korea. The recovery in the EU is still constrained by weak investment activity and high unemployment. Steel demand in the developed economies will grow by 0.2% in 2015 and by 1.8% in 2016. The developing economies (excluding China) posted low growth of 2.3% in 2014, in particular because of the continued deterioration in the Brazilian and Russian steel markets. Growth momentum in the developing economies is expected to remain generally weak in 2015, however, positive growth is expected in some economies such as India, Indonesia, Vietnam and Egypt, where steel markets are still developing. Steel demand is expected to grow by 4.0% in 2016 after growing by 2.4% in 2015. In 2016, it is forecast that world steel demand will grow by 1.4% and will reach 1,565 Mt, following growth of 0.5% to 1,544 Mt, in 2015. Although pricing pressures from cheaper imports and supply shortages in iron ore are likely to stay in the near term, it is expected that the profitability of domestic steel players to remain stable on the back of softer raw material prices, and a gradual recovery of demand in some of the end user industries. However, debt protection metrics are not expected to improve significantly due to the high debt levels of companies, and the fact that interest rates would still remain at elevated levels in absolute terms, notwithstanding an expected moderation in the current year. “Given the steep decline in international prices and economies of scale associated with bulk imports, some of the large Indian players with plants near ports are expected to increase imports till domestic production finally recovers”.

Industry Structure and Development

The Engineering Division of the company has been approved for its engineering skills/works/services by various premier consulting companies and Inspection Agencies, such as Engineers India Ltd, MECON, LRIS, BVIS, amongst various other agencies. The Engineering segment is highly competitive in view of tough competition from foreign companies/ agencies and giant public/private sector undertakings.

UNSECURED LOAN:

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long Term Borrowings
Deferred payment liabilities
Sales Tax Deferral	1388.800	1088.900
Loan from related parties	500.000	500.000
Other Loans & Advances
Sales Tax Loan from Government of Maharashtra	3.300	6.100
Short Term Borrowings
Loan from others	5209.500	5502.100
TOTAL	7101.600	7097.100

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10494915	11/04/2014	2,531,300,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C04601399
2	10450652	14/07/2014 *	6,120,000,000.00	Axis Trustee Services Limited	AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	C10775500
3	10450654	14/07/2014 *	13,900,000,000.00	Axis Trustee Services Limited	AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND,  PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	C10777522
4	90230979	17/08/1999 *	200,000,000.00	INDUTRIAL DEVELOPMENT BANKOF INDIA	IDBI TOWER, CUFFE PRADE, MUMBAI, WEST BENGAL - 400005, INDIA	-
5	90230974	23/01/2014 *	250,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B95109658
6	90230958	29/10/1997	239,600,000.00	INDUSTRIAL DEVALOPMENT O F INDIA	IDBI TOWER CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
7	90230854	27/11/1997 *	600,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, MUMBAI, MAHARASHTRA - 400005, INDIA	-

CONTINGENT LIABILITIES:

(Rs. in Million)

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Claims against the company / disputed liabilities not acknowledged as Debts
Show cause notices under hearing in respect of excise duty which is disputed by the company	28.400	37.600
Income tax demand, disputed by the company	2154.600
Others claims not acknowledged as debts	86.800	86.800
Guarantees
Guarantees issued by the Company's banker on behalf of the company. This includes expired Bank guarantees of Rs. 9.400 Million (Rs. 5.700 Million)	434.400	450.600
Corporate Guarantees issued by the Company	10.500	14.300
Other money for which the company is contingently liable
Bills Discounted	1034.800	1748.500
Letter of credits opened by Banks	260.000	589.700
Total	4009.500	2927.500

i) The above results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors of the Company at their meeting held on 14th August, 2015.

ii) The figure of the quarter ended 31st March are the balancing figures between the audited figures in respect of the full financial year and published year to date figures upto third quarter of the relevant financial year.

iii) As per provision of AS-17 Segment Reporting the company operates in two business Segment namely Steel Manufacturing and Engineering Products. There are no reportable geographical segment.

iv) Limited Review of Financial Results as per Clause 41 of listing agreement has been carried out by Statutory Auditors.

v) Previous period figures has been regrouped/reclassified wherever necessary.

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

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
1. Net sales/ Income from operations	10555.000
2.Expenditure
a) Cost of material consumed	3768.600
b) Purchases of stock in trade	3593.600
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	759.800
d) Employees benefit expenses	230.400
e) Depreciation and amortization expenses	298.900
f) Other expenditure	1980.000
Total expenses	10631.300
3. Profit/ (Loss) from operations before other income, finance cost and Exceptional Items	(76.300)
4. Other income	110.000
5. Profit/ (Loss) from ordinary activities before finance costs and Exceptional Items	33.700
6. Finance costs	466.700
7. Profit/(loss) from ordinary activities after finance costs but before exceptional items	(433.000)
8. Exceptional item	--
9. Profit/ (Loss) from ordinary activities before tax Expense:	(433.000)
10.Tax expenses	--
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	(433.000)
12.Extraordinary Items	--
13.Net Profit / (Loss) for the period (11 -12)	(433.000)
14.Paid-up equity share capital (Face value Rs.10/- per share)	1322.94
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--
16.i) Earnings per share (EPS) (not annualised):
(a) before extraordinary items (In Rs)
Basic	(0.33)
Diluted	(0.33)
(b) after extraordinary items (In Rs)
Basic	(0.33)
Diluted	(0.33)

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	712143035
- Percentage of shareholding	53.88
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	298502889
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	48.98
Percentage of shares (as a % of total share capital of the company)	22.59
b) Non Encumbered
Number of shares	310969343
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	51.02
Percentage of shares (as a % of total share capital of the company)	23.53
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	17
Disposed of during the quarter	16
Remaining unreserved at the end of the quarter	1

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)
	30.06.2015
1. Revenue (Net sales/Income from each segment)
a. Steel Products	10316.500
b. Engineering Products	238.500
Total	10555.000
Less : Inter Segment Revenue	--
Net Sales / Income from operations	10555.000
2. Results (Profit (+) / loss (-) before tax Interest from each segment)
a. Steel Products	(21.900)
b. Engineering Products	55.900
Total	34.000
Less : (i) Interest	466.700
(ii) Other un-allocable expenditure net off un-allocable income.	0.300
Profit (+) / loss (-) After Tax	(433.000)
3. Capital Employed
a. Steel Products	10202.000
b. Engineering Products	1191.900

FIXED ASSETS:

• Land and Site Development
• Building
• Plant and Machinery
• Computer
• Electrical Installations
• Office Equipment
• Furniture and Fixtures
• Motor Vehicles
• Railway Siding

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. 66.23
UK Pound	1	Rs. 101.22
Euro	1	Rs. 74.33

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRN
Report Prepared by :	THR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.