MIRA INFORM REPORT

Report No. :	501577
Report Date :	03.04.2018

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.:	91-771-4082500
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	27.07.1984
Com. Reg. No.:	33-002512
Capital Investment / Paid-up Capital :	INR 46.553 Million
CIN No.: [Company Identification No.]	U24117CT1984PLC002512
IEC No.: [Import-Export Code No.]	1104000253
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCJ0138Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is mainly engaged in manufacturing of Ferro Alloys Products, Generation of Electricity and Mining Activity. (Registered Activity)
No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow and Delayed
Litigation :	Clear
Comments :	Subject is a part of the Hira Group of Industries promoted by the Agarwal family. HPSL is engaged in the manufacturing and trading of silico manganese & ferro managanese and also generation of electricity and mining activity. As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to the financial for the year 31.03.2017 are not available from any sources. For the financial year ended 2016, the company has reported adequate networth base along with comfortable debt level. However, the company has reported a decline in its revenue in its revenue from past 2 year and has incurred operational losses. Rating strength is partially offset by the cyclical nature of the Ferro-alloys and steel industry, high working capital intensity of company’s operations due to its high inventory requirements. Rating is further constrained on account of constrained on account of company’s delays in debt servicing. Business is active. Payment terms are reported to be slow and delayed. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based facilities= D
Rating Explanation	Lowest-credit-quality and very low prospects of recovery
Date	25.04.2017

Rating Agency Name	ICRA
Rating	Non-fund based facilities= D
Rating Explanation	Lowest-credit-quality and very low prospects of recovery
Date	25.04.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 02.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Nemi Chand Patel
Designation :	Senior Accountant
Contact No.:	91-771-4082527
Date :	02.04.2018

LOCATIONS

Registered Office/Factory/Corporate Office :	Unit 2, Khasra No.511/1, 512/2, Urla Industrial Area, Raipur – 493221, Chhattisgarh, India
Tel. No.:	91-771-4082500
Fax No.:	91-771-4082501
E-Mail :	admin@hpslindia.com ycrao65@gmail.com
Website :	http://hpslindia.com http://hiragroupindia.com
Head Office:	Plot No. 557, 563 and 564, Urla Industrial Area, Raipur – 492003, Chhattisgarh, India
Tel. No.:	91-771-2429464
Fax No.:	91-771-2430531

DIRECTORS

AS ON 2018

Name:

Mr. Umesh Kumar Agrawal

Designation :

Director

Address :

Shri Raghav Sadan, 313, Ras Garba Maidan, Samta Colony, Raipur - 492001, Chhattisgarh, India

Date of Appointment :

10.12.2014

DIN No.:

00603209

Other Directorship :

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U70101CT1998PTC012790	TANUSHA REAL ESTATE PRIVATE LIMITED	14/09/2012	-
U13200CT2008PTC020653	JAI RAGHAV MINES AND MINERALS PRIVATE LIMITED	12/05/2008	-
U27100CT2009PTC021243	JAI JAGDISH METALS PRIVATE LIMITED	22/06/2009	-
U63020CT2010PTC021612	RAGHAV SHEET GRIH PRIVATE LIMITED	23/02/2010	-
U45200CT2008PTC020672	AGRAWAL REALBUILD INDIA PRIVATE LIMITED	21/05/2008	-

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 :

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U26960CT2014OPC001472	HIRA DECORATIVE STONES OPC PRIVATE LIMITED	21/08/2014	-
U70200CT2013PTC001054	HIRA REALCON PRIVATE LIMITED	05/09/2013	-
U70200CT2013PTC001048	HIRABUILD DEVCON PRIVATE LIMITED	04/09/2013	-
U70109CT2013PTC001050	HIRA DEVBHOOMI PRIVATE LIMITED	04/09/2013	-
U70109CT2013PTC001047	HIRA REALBUILD PRIVATE LIMITED	04/09/2013	-
U70200CT2013PTC001049	HIRA BUILDMART PRIVATE LIMITED	04/09/2013	-
U70109CT2013PTC001046	HIRAARCADE BHUMILOK PRIVATE LIMITED	04/09/2013	-
U70200CT2013PTC000871	HIRA DEVLOK PRIVATE LIMITED	15/05/2013	-
U70200CT2013PTC000873	HIRA REALINFRA PRIVATE LIMITED	15/05/2013	-
U70102CT2013PTC000872	HIRA BHOOMICON PRIVATE LIMITED	15/05/2013	-
U70200CT2012PTC000663	HIRA DEVCON PRIVATE LIMITED	20/12/2012	-
U10100CT2012PLC000384	NAGA COAL MINES (INDIA) LIMITED	04/06/2012	-
U27104CT2004PTC016354	HIRA GLOBAL ALLOYS PRIVATE LIMITED	29/01/2004	-
U02710CT2004PTC016332	HIRA GLOBAL MARKETING PRIVATE LIMITED	14/01/2004	-
U01122CT1988PTC004457	ARIHANT FARMS PRIVATE LIMITED	26/09/2013	-
U70100CT1993PTC007908	EKTAVIHAR FINANCE AND INVESTMENT PVT LTD	23/09/2013	-
U65100CT1990PTC005972	DOLPHIN HOLDINGS & REAL ESTATE PVT LTD	29/09/2011	-

Name :

Mr. Subhash Mahendru

Designation :

Director

Address :

B-2, HIG, MPHB Colony, Raipurnaka, Durg – 491001, Chhattisgarh, India

Date of Birth/Age :

10.02.1954

Date of Appointment :

21.06.2004

DIN No.:

01355122

Other Directorship :

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U27109AP2007PLC052498	HIRA ELECTRO SMELTERS LIMITED	29/09/2017	-

Name :

Mr. Omprakash Goyal

Designation :

Wholetime Director

Address :

B-502, Shri Ram Heritage, Near Neta Ji Chowk, Civil Line, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

28.06.1954

Qualification :

B.Com

Date of Appointment :

11.08.2008

DIN No.:

02320467

Other Directorship :

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U27104CT1999PLC013744	JAGDAMBA POWER AND ALLOYS LIMITED	10/09/2012	-
U15312CT2009PTC021002	SARDA RICETEC INDIA PRIVATE LIMITED	06/01/2009	-

Name :

Mr. Kamal Devraj Ghlati

Designation :

Wholetime Director

Address :

C-704 7th Floor Gorai Shivshambho Plot 6 Off L T Road Borivali (West), Mumbai 400092, Mharashtra, India

Date of Birth/Age :

28.02.1959

Qualification :

M.A. Economics

Date of Appointment :

11.08.2008

DIN No.:

02332912

Name :

Mr. Manish Agarwal

Designation :

Director

Address :

12, Geetanjali Nagar, Raipur-492001, Chhattisgarh, India

Date of Appointment :

10.12.2014

DIN No.:

02589457

Other Directorship :

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U63022CT1999PTC013814	SOM FOODS AND IRON PRIVATE LIMITED	30/09/2009	-
U27100CT2009PTC021290	SIVAM ALLOYS & FUELS PRIVATE LIMITED	17/07/2009	-
U72200CT2015PTC001871	SYSTEM TWO ONLINE SOLUTIONS PRIVATE LIMITED	04/09/2015	-

Name :

Mr. Devendra Pratap Singh

Designation :

Wholetime Director

Address :

Jr. Mig-2229, Housing Board Colony Veersawarkar Nagar, Hirapur Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

06.04.1968

Qualification :

LLB

Date of Appointment :

16.08.2012

DIN No.:

05354919

KEY EXECUTIVES

Name :	Mr. Nemi Chand Patel
Designation :	Senior Accountant

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Equity Shareholders	No. of Shares
O.P. Agrawal	2108800
O.P. Agrawal (HUF)	477450
Rajdevi Agrawal	48650
Ekta Agrawal	30100
Vikas Agrawal	822000
Rahul Agrawal	829000
Stylowear Private Limited, India	19000
Revro Real Estate and Finance (Private) Limited, India	6500
Evrro Properties and Finance Private Limited, India	2500
Antral Finance and Investment Private Limited, India	12100
Hira Global Alloys Limited, India	43000
Total	4399100

Names of Preference Shareholders	No. of Shares
Om Prakash Agarwal	16875
Om Prakash Agarwal HUF	76875
Shilpa Agarwal	33200
Nikita Agarwal	3750
Rajdevi Agarwal	61500
Rahul Agarwal	51500
Ekta Jain	12500
Total	256200

Equity Share Break up (Percentage of Total Equity)

AS ON 30.10.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	37.53
Public/Other than promoters- Individual/Hindu Undivided Family- Indian	60.58
Public/Other than promoters - Body corporate	1.89
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is mainly engaged in manufacturing of Ferro Alloys Products, Generation of Electricity and Mining Activity. (Registered Activity)

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Silico Manganese and Ferro Managanese	07293

Name and Description of main products / services	NIC Code of the Product/service
Ferro Alloys	72023000

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Bank of India
Branch :	2nd Floor, Ravi Bhawan, Sharda Chowk, Raipur - 492001, Chhattisgarh, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2016	As on 31.03.2015
LONG TERM BORROWING
Term loans	223.946	16.583
SHORT TERM BORROWING
Working capital loans from banks	496.104	539.246
Other loans and advances, others	254.514	622.913
Total	974.564	1178.742

Auditors :
Name :	O P singhania and Company Chartered Accountants
Address :	"JDS Chambers", 1st Floor, Central Avenue, Choube Colony, Raipur, Chhattisgarh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFO3891P
Memberships :	Not Available
Collaborators :	Not Available
100% Step Down Subsidiary Company :	· Hira Mine Madencilik Sanayi Ve Ticaret Anonim Sirketi, Turkey
Associates:	Hira Devcon Private Lmited [CIN No: U70200CT2012PTC000663]
Subsidiaries:	Hira Electro Smelters Limited [CIN No: U27109AP2007PLC052498] Dolphin Holding and Real Estate Private Limited [CIN No: U70101CT1990PTC005972] Hira International Holding Cooperatief U.A., Netherland Naga Coal Mines (I) Limited [CIN No: U10100CT2012PLC000384] Hira Carbonics Private Limited [CIN No: U24111CT2013PTC000865]
Enterprise Where Control Exist :	Hira Global Marketing Private Limited Hira Global Private Limited Hira Global Alloys Private Limited Hira Energy Limited Zakopa investment 434 (PTY) Limited., South Africa

CAPITAL STRUCTURE

AS ON 30.10.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	INR 10/- each	INR 45.000 Million
1000000	Preference shares	INR 10/- each	INR 10.000 Million
	Total		INR 55.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4399100	Equity Shares	INR 10/- each	INR 43.991 Million
256200	Preference shares	INR 10/- each	INR 2.562 Million
	Total		INR 46.553 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	46.553	43.991	43.991
(b) Reserves and Surplus	1346.666	1465.018	1361.561
(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)	1393.219	1509.009	1405.552
(3) Non-Current Liabilities
(a) long-term borrowings	513.583	447.814	199.793
(b) Deferred tax liabilities (Net)	0.000	37.370	43.241
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	11.705	10.022	14.398
Total Non-current Liabilities (3)	525.288	495.206	257.432
(4) Current Liabilities
(a) Short-term borrowings	778.112	1186.220	1240.202
(b) Trade payables	408.935	327.892	591.637
(c) Other current liabilities	185.505	164.826	117.475
(d) Short-term provisions	0.741	10.168	5.280
Total Current Liabilities (4)	1373.293	1689.106	1954.594
TOTAL	3291.800	3693.321	3617.578
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	762.641	801.279	842.945
(ii) Intangible Assets	10.192	10.994	1.990
(iii) Tangible assets capital work-in-progress	420.068	82.559	61.323
(iv) Intangible assets under development	0.000	0.000	7.813
(b) Non-current Investments	208.505	208.857	206.812
(c) Deferred tax assets (net)	35.185	0.000	0.000
(d) Long-term loans and advances	140.325	154.419	136.664
(e) Other Non-current assets	0.210	0.280	36.458
Total Non-Current Assets	1577.126	1258.388	1294.005
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	758.248	1242.254	1167.087
(c) Trade receivables	133.508	131.449	193.145
(d) Cash and bank balances	74.875	197.571	244.100
(e) Short-term loans and advances	747.436	860.618	708.677
(f) Other current assets	0.607	3.041	10.564
Total Current Assets	1714.674	2434.933	2323.573
TOTAL	3291.800	3693.321	3617.578

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Total Revenue from operations	2111.272	2696.876	2705.543
	Other Income	97.861	104.522	86.764
	TOTAL	2209.133	2801.398	2792.307
Less	EXPENSES
	Cost of Materials Consumed	1683.557	1554.687	1780.995
	Purchases of Stock-in-Trade	110.634	380.041	58.453
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	66.437	45.875	169.368
	Employee benefit expense	126.662	148.308	125.793
	CSR expenditure	1.407	0.283	0.000
	Other expenses	269.172	344.785	406.851
	TOTAL	2257.869	2473.979	2541.460
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(48.736)	327.419	250.847
Less	FINANCIAL EXPENSES	167.559	167.992	144.564
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(216.295)	159.427	106.283
Less/ Add	DEPRECIATION/ AMORTISATION	52.911	61.200	58.272
	PROFIT/ (LOSS) BEFORE TAX	(269.206)	98.227	48.011
Less	TAX	(71.431)	(5.230)	9.115
	PROFIT/ (LOSS) AFTER TAX	(197.775)	103.457	38.896
	Earnings / (Loss) Per Share (INR)	(44.96)	23.51	8.84

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	146.945	124.430	80.247
Cash generated from operations	583.304	(93.499)	(99.212)
Net cash flows from (used in) operations	574.339	(105.304)	(108.760)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	23.08	17.79	26.06
Account Receivables Turnover (Income / Sundry Debtors)	15.81	20.52	14.01
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	83.19	61.86	117.40
Inventory Turnover (Operating Income / Inventories)	(0.06)	0.26	0.21
Asset Turnover (Operating Income / Net Fixed Assets)	(0.04)	0.37	0.27

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.62	0.61	0.62
Debt Equity Ratio (Total Liability / Networth)	1.03	1.17	1.08
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.99	1.12	1.39
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.86	0.59	0.65
Interest Coverage Ratio (PBIT / Financial Charges)	(0.29)	1.95	1.74

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	(9.37)	3.84	1.44
Return on Total Assets ((PAT / Total Assets) * 100)	%	(6.01)	2.80	1.08
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(14.20)	6.86	2.77

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.25	1.44	1.19
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.70	0.71	0.59
G-Score Ratio Financial (Networth / Total Assets)	0.42	0.41	0.39
G-Score Ratio Debt (Debts / Equity Capital)	30.90	39.97	34.56
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.25	1.44	1.19

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	43.991	43.991	46.553
Reserves & Surplus	1361.561	1465.018	1346.666
Net worth	1405.552	1509.009	1393.219
Long-term borrowings	199.793	447.814	513.583
Short term borrowings	1240.202	1186.220	778.112
Current maturities of long-term debts	80.247	124.430	146.945
Total borrowings	1520.242	1758.464	1438.640
Debt/Equity ratio	1.082	1.165	1.033

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	2705.543	2696.876	2111.272
		(0.320)	(21.714)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	2705.543	2696.876	2111.272
Profit/ (Loss)	38.896	103.457	(197.775)
	1.44 %	3.84 %	(9.37 %)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	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	No
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

Corporate Information (AS ON 31.03.2016)

The company is mainly engaged in manufacturing of Ferro Alloys Products, Generation of Electricity and Mining Activity.

Review of Performance:

The company has registered net sales turnover of INR 2111.272 Million as compared to net sales of INR 2696.876 Million during the previous year representing decrease of approx 21.70 %. The Company registered EBIDTA of INR (48.736) Million, PAT of INR (269.206) Million in comparison to EBIDTA of INR 327.419 Million and PAT of INR 98.227 Million during the previous financial year, resulting in negative results.

UNSECURED LOANS:

Particulars	31.03.2016 INR In Million	31.03.2015 INR In Million
LONG TERM BORROWINGS
Loans and advance from related parties	289.637	431.232
SHORT TERM BORROWINGS
Other loans and advances	6.650	3.500
Other loans and advances from directors	20.844	20.561
Total	317.131	455.293

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G49557309	100113380	BANK OF INDIA	19/06/2017	-	-	1760000.0	RAVI BHAVAN, SECOND FLOORG.E ROAD, RAIPUR- 492001, INDIA
2	C63320477	10589252	BANK OF INDIA	20/07/2015	-	-	37500000.0	MAIN BRANCH, SAMWET SIKHAR COMPLEXRAJBANDHA MAIDANRAIPUR - 492001, INDIA
3	C00080556	10483901	BANK OF INDIA	22/01/2014	-	-	50000000.0	2ND FLOOR, RAVI BHAWANSHARDA CHOWK, RAIPUR – 492001, INDIA
4	B85493344	10450354	AXIS BANK LIMITED	09/09/2013	-	-	290000000.0	2ND FLOOR, RAVI BHAWANSHARDA CHOWK, RAIPUR – 492001, INDIA
5	B07435084	10270223	BANK OF INDIA	09/02/2011	-	-	375000000.0	2ND FLOOR, RAVI BHAWANSHARDA CHOWK, RAIPUR – 492001, INDIA
6	A92231752	10234216	BANK OF INDIA	27/07/2010	-	-	300000000.0	2ND FLOOR, RAVI BHAWANSHARDA CHOWK, RAIPUR – 492001, INDIA
7	A74846569	10189290	SYNDICATE BANK	25/11/2009	-	-	50000000.0	MAIN BRANCH, SAMWET SIKHAR COMPLEXRAJBANDHA MAIDANRAIPUR - 492001, INDIA
8	A74943655	10189419	BANK OF INDIA	16/11/2009	-	-	150000000.0	2ND FLOOR, RAVI BHAWANSHARDA CHOWK, RAIPUR – 492001, INDIA
9	B64791528	10181918	BANK OF INDIA	01/10/2009	10/11/2012	-	546400000.0	MAIN BRANCH, SAMWET SIKHAR COMPLEXRAJBANDHA MAIDANRAIPUR - 492001, INDIA
10	A60517398	10153131	BANK OF INDIA	04/03/2009	-	-	100000000.0	MAIN BRANCH, SAMWET SIKHAR COMPLEXRAJBANDHA MAIDANRAIPUR - 492001, INDIA

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 records 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	INR
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	AKS
Analysis Done by :	NIY
Report Prepared by :	NKTS

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.