MIRA INFORM REPORT

Report No. :	340365
Report Date :	09.09.2015

IDENTIFICATION DETAILS

Name :	HIRA POWER AND STEELS LIMITED (w.e.f. 02.01.2007)
Formerly Known As :	HIRA GLOBAL POWER AND STEELS LIMITED (w.e.f. 08.08.2006) JAIN CARBIDES AND CHEMICALS LIMITED
Registered Office :	Unit 2, Khasra No.511/1, 512/2, Urla Industrial Area, Raipur – 493221, Chhattisgarh
Tel. No.:	91-771-2323018
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.07.1984
Com. Reg. No.:	33-002512
Capital Investment / Paid-up Capital :	Rs. 43.991 Million
CIN No.: [Company Identification No.]	U24117CT1984PLC002512
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JBPJ004218
PAN No.: [Permanent Account No.]	AABCJ0138Q
Legal Form :	A Closely Held Public Limited liability Company.
Line of Business :	Subject is engaged in the manufacturing of Ferro Alloys such as Silico Manganese and Ferro Manganese and also engaged in Generation of Electricity and Mining Activity.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Rating takes into consideration long experience of its promoter in the ferro alloy industry supported by sound financial profile along with adequate networth base and above average debt protection metrics of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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	ICRA
Rating	Fund based facilities= BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	May, 2015

Rating Agency Name	ICRA
Rating	Non-fund based facilities= A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	May, 2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS) / DENIED BY

Management Non-Cooperative (91-771-4082500 / 4082600 / 4082786)

LOCATIONS

Registered Office :	Unit 2, Khasra No.511/1, 512/2, Urla Industrial Area, Raipur – 493221, Chhattisgarh, India
Tel. No.:	91-771-2323018 / 4082500 / 4082600 / 4082786
Fax No.:	91-771-4082501
E-Mail :	sanjaykedia@hpslindia.com ycrao65@gmail.com admin@hpslindia.com purchase@hpslindia.com sales@hpslindia.com
Website :	http://www.hpslindia.com
City Office :	Om Kutir, Civil Lines, Raipur – 493 111, Chhattisgarh, India
Tel. No.:	91-771-2429464
Fax No.:	91-771-2430531
E-Mail :	city_office@hpslindia.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Alok Kumar Agrawal

Designation :

Director

Address :

Sushila, 5, Park Avenue, Choubey Colony, Raipur – 492001 Chhattisgarh, India

Date of Birth/Age :

29.03.1977

Date of Appointment :

29.09.2010

DIN No.:

00494805

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	U27101GA1997PTC002350	ALOK ALLOYS PRIVATE LIMITED	Director	30/05/1997	30/05/1997	-	Active	NO
2	U40107CT2003PLC015542	HIRA ENERGY LIMITED	Director	03/11/2003	03/11/2003	08/08/2011	Active	NO
3	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Managing director	01/04/2013	01/03/2004	-	Active	NO
4	U07010CT2004PTC017137	ALOK REALTY PRIVATE LIMITED	Director	03/12/2004	03/12/2004	-	Active	NO
5	U07010CT2004PTC017139	AMIT REAL ESTATE PRIVATE LIMITED	Director	30/09/2006	19/05/2006	-	Converted to LLP and dissolved	NO
6	U13100CT2006PTC020005	JAGADAMBA MINES PRIVATE LIMITED	Director	05/06/2006	05/06/2006	-	Active	NO
7	U40109CT2006PLC020063	HIM SAGAR ENERGY LIMITED	Director	30/08/2006	30/08/2006	14/12/2013	Active	NO
8	U10101CT2006PLC020065	HIM SAGAR MINERALS LIMITED	Director	31/08/2006	31/08/2006	-	Active	NO
9	U31102CT2004PLC017093	SAGAR ENERGY AND STEELS LIMITED	Director	30/09/2008	30/04/2008	-	Active	NO
10	U45202CT2008PTC020727	JAGDISH REALTY PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Converted to LLP and dissolved	NO
11	U45201CT2008PTC020728	JAGDAMBA REALCON PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
12	U45202CT2008PTC020729	RICHA REALCON PRIVATE LIMITED	Director	27/06/2008	27/06/2008	30/07/2011	Active	NO
13	U40108CT2008PLC020817	JAGDAMBA TRANSMISSION AND POWER LIMITED	Director	22/08/2008	22/08/2008	-	Converted to LLP and dissolved	NO
14	U40100CT2008PLC020818	JAGDAMBA VIDYUT LIMITED	Director	22/08/2008	22/08/2008	-	Active	NO
15	U40100CT2008PLC020819	JAGDAMBA URJA LIMITED	Director	22/08/2008	22/08/2008	-	Converted to LLP and dissolved	NO
16	U27100CT2008PLC020859	YAMUNA STEELS LIMITED	Director	09/09/2008	09/09/2008	-	Converted to LLP and dissolved	NO
17	U27100CT2008PLC020862	NARMADA FERRO ALLOYS LIMITED	Director	09/09/2008	09/09/2008	-	Converted to LLP and dissolved	NO
18	U27100CT2008PLC020857	MAHANADI ISPAT LIMITED	Director	09/09/2008	09/09/2008	03/10/2008	Active	NO
19	U27100CT2008PLC020858	NARMADA ISPAT LIMITED	Director	09/09/2008	09/09/2008	03/10/2008	Active	NO
20	U45303CT2004PLC017186	CHHATTISGARH ISPAT BHUMI LIMITED	Director	24/09/2009	24/01/2009	22/04/2010	Active	NO
21	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Director	29/09/2010	29/10/2009	-	Active	NO
22	U27106MH1986PLC039835	BHADRAWATI ISPAT & ENERGY LIMITED	Director	25/04/2011	25/04/2011	27/04/2011	Active	NO
23	U27310MH1985PLC037392	Bhadrawati Steel & Urja Limited	Director	25/04/2011	25/04/2011	27/04/2011	Active	NO
24	U70102CT2008PTC020768	GODAWARI REALBUILD PRIVATE LIMITED	Director	06/09/2012	16/11/2011	10/03/2014	Active	NO
25	U40101MH2010PTC201084	SHOURYA POWER PRIVATE LIMITED	Director	25/09/2014	12/08/2014	-	Active	NO
26	AAA-0445	SHREE JAGDAMBA MINERAL RESOURCES LLP	Designated Partner	02/12/2009	02/12/2009	-	Active	NO
27	AAA-0453	SHREE JAGDAMBA ENERGY LLP	Body corporate as Designated Partner	04/12/2009	04/12/2009	-	Active	NO
28	AAA-3000	YAMUNA URJA LLP	Designated Partner	07/12/2010	07/12/2010	-	Under Process of Striking off	NO
29	AAA-3027	SHREE JAGDAMBA SOLAR ENERGY LLP	Designated Partner	08/12/2010	08/12/2010	-	Under Process of Striking off	NO
30	AAA-3182	SHIVNATH ENERGY LLP	Designated Partner	23/12/2010	23/12/2010	-	Under Process of Striking off	NO
31	AAA-3207	JAGDAMBA ENERGY LLP	Designated Partner	27/12/2010	27/12/2010	-	Active	NO
32	AAA-3381	JAGDAMBA URJA LLP	Designated Partner	13/01/2011	13/01/2011	-	Active	NO
33	AAA-3382	NARMADA FERRO ALLOYS LLP	Designated Partner	13/01/2011	13/01/2011	-	Active	NO
34	AAA-3387	JAGDAMBA TRANSMISSION AND POWER LLP	Designated Partner	13/01/2011	13/01/2011	-	Active	NO
35	AAA-3423	JAGDISH REALTY LLP	Designated Partner	18/01/2011	18/01/2011	-	Active	NO
36	AAA-3426	YAMUNA STEELS LLP	Designated Partner	18/01/2011	18/01/2011	-	Active	NO
37	AAA-4307	NISHA REALTY LLP	Designated Partner	31/03/2011	31/03/2011	-	Active	NO

Name :

Mr. Vikas Agrawal

Designation :

Whole Time Director

Address :

Om Kutir, Civil Lines, Raipur – 493111, Chhattisgarh, India

Date of Birth/Age :

06.12.1980

Qualification :

Electrical Engineer

Date of Appointment :

01.04.2009

PAN No.:

AFBPA9883M

DIN No.:

01075816

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	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Whole-time director	01/04/2009	04/06/2003	-	Active	NO
2	U02710CT2004PTC016332	HIRA GLOBAL MARKETING Private Limited	Director	14/01/2004	14/01/2004	-	Active	NO
3	U27104CT2004PTC016354	HIRA GLOBAL ALLOYS Private Limited	Director	29/01/2004	29/01/2004	-	Active	NO
4	U27104CT2004PTC016362	HIRA GLOBAL Private Limited	Director	29/01/2004	29/01/2004	19/03/2014	Active	NO
5	U45201CT2008PTC020839	KAVISH BUILDCON Private Limited	Director	01/09/2008	01/09/2008	15/10/2013	Active	NO
6	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	30/09/2010	27/10/2009	16/08/2012	Active	NO
7	U70101CT1990PTC005972	DOLPHIN HOLDINGS & REAL ESTATE PVT LTD	Director	29/09/2011	01/07/2011	-	Active	NO
8	U27109AP2007PLC052498	HIRA ELECTRO SMELTERS LIMITED	Director	29/09/2012	07/12/2011	27/06/2013	Active	NO
9	U10100CT2012PLC000384	NAGA COAL MINES (INDIA) LIMITED	Director	04/06/2012	04/06/2012	-	Active	NO
10	U70200CT2012PTC000663	HIRA DEVCON Private Limited	Director	20/12/2012	20/12/2012	-	Active	NO
11	U01122CT1988PTC004457	ARIHANT FARMS Private Limited	Director	26/09/2013	06/05/2013	-	Active	NO
12	U70200CT2013PTC000871	HIRA DEVLOK Private Limited	Director	15/05/2013	15/05/2013	-	Active	NO
13	U70102CT2013PTC000872	HIRA BHOOMICON Private Limited	Director	15/05/2013	15/05/2013	-	Active	NO
14	U70200CT2013PTC000873	HIRA REALINFRA Private Limited	Director	15/05/2013	15/05/2013	-	Active	NO
15	U65921CT1993PTC007908	EKTAVIHAR FINANCE AND INVESTMENT PVT LTD	Director	23/09/2013	16/07/2013	-	Active	NO
16	U70109CT2013PTC001046	HIRAARCADE BHUMILOK PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO
17	U70200CT2013PTC001048	HIRABUILD DEVCON PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO
18	U70200CT2013PTC001049	HIRA BUILDMART PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO
19	U70109CT2013PTC001050	HIRA DEVBHOOMI PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO
20	U70109CT2013PTC001047	HIRA REALBUILD PRIVATE LIMITED	Director	04/09/2013	04/09/2013	-	Active	NO
21	U70200CT2013PTC001054	HIRA REALCON PRIVATE LIMITED	Director	05/09/2013	05/09/2013	-	Active	NO
22	U26960CT2014OPC001472	HIRA DECORATIVE STONES OPC PRIVATE LIMITED	Director	21/08/2014	-	-	Active	NO

Name :

Mr. Subhash Mahendru

Designation :

Director

Address :

B-2, HIG, MPHB Colony, Raipurnaka, Durg – 491 001, Chhattisgarh, India

Date of Birth/Age :

10.02.1954

Date of Appointment :

21.06.2004

DIN No.:

01355122

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	U27106CT1999PLC013534	R.R.ISPAT LIMITED	Director	01/01/2000	01/01/2000	31/01/2009	Amalgamated	NO
2	U27104CT2004PTC016354	HIRA GLOBAL ALLOYS Private Limited	Director	19/03/2004	19/03/2004	05/10/2013	Active	NO
3	U02710CT2004PTC016332	HIRA GLOBAL MARKETING Private Limited	Director	19/03/2004	19/03/2004	05/10/2013	Active	NO
4	U27104CT2004PTC016362	HIRA GLOBAL Private Limited	Director	05/04/2004	05/04/2004	05/02/2008	Active	NO
5	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Director	21/06/2004	21/06/2004	-	Active	NO
6	U40101CT2007PLC020212	ARYA ENERGY LIMITED	Director	01/04/2007	01/04/2007	01/01/2008	Active	NO

Name :

Mr. Om Prakash Goyal

Designation :

Whole Time Director

Address :

21/466, Kewal Cottage, Opposite Saggar Nursing Home Civil Lines Raipur- 492 001, Chhattisgarh, India

Date of Birth/Age :

28.06.1954

Qualification :

Civil Engineer

Date of Appointment :

01.10.2011

PAN No.:

AEYPG9062J

DIN No.:

02320467

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Whole-time director	01/10/2011	11/08/2008	Active	NO
2	U15312CT2009PTC021002	SARDA RICETEC INDIA PRIVATE LIMITED	Director	06/01/2009	06/01/2009	Active	NO
3	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	10/09/2012	16/08/2012	Active	NO
4	U24111CT2013PTC000865	Hira Carbonics Private Limited	Whole-time director	20/12/2014	20/12/2014	Active	NO

Name :

Mr. Kamal Devraj Ghalti

Designation :

Whole Time Director

Address :

C-704, 7^th Floor, Gorai Shivsambhu, Borivali (West), Mumbai – 400 092, Maharashtra, India

Date of Birth/Age :

28.02.1959

Qualification :

M.A.(Economics)

Date of Appointment :

01.09.2009

PAN No.:

AEWPG1864N

DIN No.:

02332912

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	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Whole-time director	01/09/2009	11/08/2008	-	Active	NO
2	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	10/09/2012	16/08/2012	20/11/2014	Active	NO

Name :

Mr. Devendra Pratap Singh

Designation :

Whole Time Director

Address :

JR. MIG-2229, Housing Board Colony, Veersawarkar Nagar, Hirapur, Raipur, Chhattisgarh, India

Date of Birth/Age :

06.04.1968

Date of Appointment :

29.09.2012

DIN No.:

05354919

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	U24117CT1984PLC002512	HIRA POWER AND STEELS LIMITED	Whole-time director	29/09/2012	16/08/2012	-	Active	NO
2	U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	Director	10/09/2012	16/08/2012	20/11/2014	Active	NO

Name :

Mr. Patric Irudayaraj Dhanaraj

Designation :

Director

Address :

Plot No.218, Suman Vihar, Opposite Akshwani, Kamptee Road, Nagpur – 441 002, Maharashtra, India

Date of Birth/Age :

09.04.1957

Date of Appointment :

30.09.2013

DIN No.:

06656642

KEY EXECUTIVES

Name :	Mr. Nayak
Designation :	AGM Finance

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
O.P. Agrawal	2108800	47.94
O.P. Agrawal (HUF)	477450	10.85
Rajdevi Agrawal	48650	1.11
Ekta Agrawal	30100	0.68
Vikas Agrawal	822000	18.69
Rahul Agrawal	829000	18.84
Stylowear Private Limited, India	19000	0.43
Revro Real Estate and Finance (Private) Limited, India	6500	0.15
Evrro Properties and Finance Private Limited, India	2500	0.06
Antral Finance and Investment Private Limited, India	12100	0.28
Hira Global Alloys Limited, India	43000	0.98
Total	4399100	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	1.89
Directors or relatives of Directors	98.11
Total	100

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing of Ferro Alloys such as Silico Manganese and Ferro Manganese and also engaged in Generation of Electricity and Mining Activity.

Products :

Item Code No. (ITC Code)	Product Description
72023000	Ferro Alloys
72021900	Ferro Alloys

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Jeevan Bima Marg, Opposite New Bus Stand, Pandri, Raipur – 492004, Chhattisgarh, 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

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loan from banks	17.522	28.804
Term loans from others	0.000	2.274
Other loans and advances, others	11.576	13.527
SHORT TERM BORROWINGS
Working Capital loans from Banks	495.093	382.149
Term loans from banks	0.000	1195.338
Other loans and advances, others	581.757	381.712
Total	1105.948	2003.804

Auditors :
Name :	OP Singhania and Company Chartered Accountants
Address :	JDS Chambers 1^st Floor, 6 Central Avenue Choube Colony, Raipur – 492001, Chhattisgarh, India
PAN No.:	AAAFO3891P
Memberships :	Not Divulged
Collaborators :	Not Divulged
Enterprise Where Control Exist	Hira Global Marketing Limited Hira Global Limited Hira Global Alloys Limited Hira Power and Alloys Limited Zakopa investment 434 (PTY) Limited., South Africa
Subsidiaries	RVR Smelters Private Limited Dolphin Holding and Real Estate Private Limited Hira International Holding Cooperatief U.A., Netherland Balaji Carbon and Refrectories Private Limited Naga Coal Mines (I) Limited Hira Devcon Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4399100	Equity Shares	Rs.10/- each	Rs. 43.991 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	43.991	43.991	43.991
(b) Reserves & Surplus	1361.561	1327.811	1250.375
(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)	1405.552	1371.802	1294.366
(3) Non-Current Liabilities
(a) long-term borrowings	199.794	267.889	182.600
(b) Deferred tax liabilities (Net)	43.241	33.292	29.301
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	14.398	10.179	7.052
Total Non-current Liabilities (3)	257.433	311.360	218.953
(4) Current Liabilities
(a) Short term borrowings	1240.202	2198.720	1137.386
(b) Trade payables	591.637	568.836	749.580
(c) Other current liabilities	117.475	106.149	152.441
(d) Short-term provisions	5.279	5.209	26.234
Total Current Liabilities (4)	1954.593	2878.914	2065.641
TOTAL	3617.578	4562.076	3578.960
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	842.945	863.631	808.937
(ii) Intangible Assets	1.990	3.109	4.152
(iii) Capital work-in-progress	61.323	78.986	71.342
(iv) Intangible assets under development	7.813	0.000	0.000
(b) Non-current Investments	206.812	207.360	183.263
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	136.664	101.373	84.661
(e) Other Non-current assets	36.458	5.922	11.115
Total Non-Current Assets	1294.005	1260.381	1163.470
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1167.087	1093.018	885.953
(c) Trade receivables	193.145	138.869	193.543
(d) Cash and cash equivalents	244.100	1528.857	823.756
(e) Short-term loans and advances	708.677	504.915	493.221
(f) Other current assets	10.564	36.036	19.017
Total Current Assets	2323.573	3301.695	2415.490
TOTAL	3617.578	4562.076	3578.960

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2705.543	2749.292	2859.118
		Other Income	86.764	95.039	60.700
		TOTAL (A)	2792.307	2844.331	2919.818
Less	EXPENSES
		Cost of Materials Consumed	1780.996	2026.418	1721.957
		Purchase of Stock-in-trade	58.453	235.115	300.644
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	169.368	-200.611	149.376
		Employee Benefits Expenses	125.793	102.899	77.921
		Other Expenses	406.850	389.448	330.850
		TOTAL (B)	2541.460	2553.269	2580.748
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		250.847	291.062	339.070
Less	FINANCIAL EXPENSES (D)		144.564	131.029	114.368
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		106.283	160.033	224.702
Less	DEPRECIATION/ AMORTISATION (F)		58.272	55.977	52.711
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		48.011	104.056	171.991
Less	TAX (H)		9.115	21.473	7.639
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		38.896	82.583	164.352
	EARNINGS IN FOREIGN CURRENCY ON F.O.B.		395.152	89.601	395.152
	IMPORTS - RAW MATERIALS		1081.819	1112.736	913.241
	Earnings Per Share (Rs.)		8.84	18.77	37.36

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	80.247	76.349	129.497
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	(105.090)	(167.247)	562.827

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.44	3.00	5.75
Operating Profit Margin (PBDIT/Sales)	(%)	9.27	10.59	11.86
Return on Total Assets (PBT/Total Assets)	(%)	1.44	2.43	5.17
Return on Investment (ROI) (PBT/Networth)		0.03	0.08	0.13
Debt Equity Ratio (Total Debt /Networth)		1.08	1.85	1.12
Current Ratio (Current Asset/Current Liability)		1.19	1.15	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	43.991	43.991	43.991
Reserves & Surplus	1250.375	1327.811	1361.561
Net worth	1294.366	1371.802	1405.552
long-term borrowings	182.600	267.889	199.794
Short term borrowings	1137.386	2198.720	1240.202
Current Maturities of Long term debt	129.497	76.349	80.247
Total borrowings	1449.483	2542.958	1520.243
Debt/Equity ratio	1.120	1.854	1.082

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	2859.118	2749.292	2705.543
		(3.841)	(1.591)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	2859.118	2749.292	2705.543
Profit	164.352	82.583	38.896
	5.75%	3.00%	1.44%

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	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last 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

REVIEW OF OPERATION:

During the year, the Company registered Net Revenue of Rs. 2705.543 Million in comparison to Rs.2749.292 Million during the previous year, registering a downfall in revenue by 2%. The Company registered EBIDTA of Rs.250.848 Million as compared to Rs.291.062 Million during the previous financial year. The Company achieved Net Profit after Tax of Rs.38.897 Million in comparison to Rs. 82.583 Million during the previous year, resulting in decrease of 53% due to overheads cost and cost of raw materials.

The Company has produced 19191.129 MTs of Silico Manganese, 25054.280 MTs of Ferro Manganese, and generated 161610092 units of Power as against 9506.125MTs of Silico Manganese, 39951.735MTs of Ferro Manganese, and generation of 163843351 units of Power during the previous year respectively

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loan from banks	169.812	217.811
Deferred Sales tax loan	0.884	5.473
SHORT TERM BORROWINGS
Loans repayable on demand	163.352	239.521
Total	334.048	462.805

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10483901	22/01/2014	50,000,000.00	Bank of India	2nd Floor, Ravi Bhawan, Sharda Chowk, Raipur, Chhattisgarh - 492001, India	C00080556
2	10450354	09/09/2013	290,000,000.00	Axis Bank Limited	Jeevan Bima Marg, Opp New Bus Stand, Pandri, Rai  Pur, Chhattisgarh - 492004, India	B85493344
3	10270223	09/02/2011	375,000,000.00	Bank of India	2nd Floor, Ravi Bhawan, Sharda Chowk, Raipur, Chhattisgarh - 492001, India	B07435084
4	10234216	27/07/2010	300,000,000.00	Bank of India	2nd Floor, Ravi Bhavan, Sharda Chowk, Raipur, Chhattisgarh - 492001, India	A92231752
5	10189290	25/11/2009	50,000,000.00	Syndicate Bank	113, Surja Devi Shukla Market Complex, Station Road, Raipur, Chhattisgarh - 492001, India	A74846569
6	10189419	16/11/2009	150,000,000.00	Bank of India	2nd Floor, Ravi Bhavan, Sharda Chowk, Raipur, Chhattisgarh - 492001, India	A74943655
7	10181918	10/11/2012 *	546,400,000.00	Bank of India	Main Branch, Samvet Shikhar Complex, Rajbandha Maidan, Raipur, Chhattisgarh - 492001, India	B64791528
8	10153131	04/03/2009	100,000,000.00	Bank of India	Second Floor, Ravi Bhawan, Sharda Chowk, Raipur,  Chhattisgarh - 492001, India	A60517398
9	10076586	03/09/2007	200,000,000.00	Bank of India	2nd Floor, Ravi Bhawan, Sharda Chowk, Raipur, Chhattisgarh - 492001, India	A27203660
10	10045512	30/03/2007	30,000,000.00	Syndicate Bank	Station Road Branch, Raipur, Chhattisgarh - 492001, India	A13552963

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.61
UK Pound	1	Rs.102.30
Euro	1	Rs.74.61

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		43

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.