MIRA INFORM REPORT

Report No. :	492955
Report Date :	19.02.2018

IDENTIFICATION DETAILS

Name :	VANDANA ISPAT LIMITED
Registered Office :	Vandana Building, M.G. Road, Raipur – 492001, Chhattisgarh
Tel. No.:	91-771-2225255
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	03.01.1995
Com. Reg. No.:	10-008909
Capital Investment / Paid-up Capital :	INR 287.225 Million
CIN No.: [Company Identification No.]	U27106CT1995PLC008909
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCV1344A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of Steel Ingots, Rolled Products of Steels and Generation of Electricity through windmill. [Registered Activity]
No. of Employees (Confirmed by management):	100 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated in the year 1995. It is engaged in manufacturing of steel ingots, rolled products of steels and generation of electricity through windmill. Management has not filed its financial record with government department for the year 2017 and same are not available from any other sources. For the financial year 2016, the company has achieved 4.42% growth in its revenue as compared to the previous year and has reported minimal net profit margin of 0.10%. The company possesses healthy financial position marked by adequate net worth base, satisfactory liquidity position and low debt balance sheet profile. Business is active. Payment seems to be slow. 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	CRISIL
Rating	Long term loans: BB+ (Issuer not cooperative)
Rating Explanation	Moderate risk of default.
Date	10.10.2017

Rating Agency Name	CRISIL
Rating	Short term loans: A4+ (Issuer not cooperative)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	10.10.2017

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 19.02.2018

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. Sandeep Kumar Jain
Designation :	Director
Contact No.:	91-771-2225255
Date :	19.02.2018

LOCATIONS

Registered/ Corporate Office :	Vandana Building, M.G. Road, Raipur – 492001, Chhattisgarh, India
Tel. No.:	91-771-2225255/ 4030255
Fax No.:	91-771-2233023
E-Mail :	codinthree@rediffmail.com sales@vandanasteel.com vandanaloha@yahoo.co.in
Website :	http://vandanasteel.com
Factory :	Plot No. 6,7,8 , Sector E, Urla Industrial Area, Raipur-493221, Chhattisgarh, India
Tel. No.:	91- 771-4008001, 4008014
Fax No.:	91-771-4008021

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Maman Chand Sharma

Designation :

Whole time Director

Address :

Plot No. 6,7,8, Sector-E, Vandana Ispat Limited, Urla Industrial Area, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

15.01.1954

Qualification :

Graduate

Date of Appointment :

01.10.2004

PAN No.:

BGHPS6037D

DIN No.:

00591710

Name :

Mr. Ashok Kumar Agrawal

Designation :

Whole time Director

Address :

Vandana Building, M.G. Road, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

05.06.1962

Qualification :

Graduate

Date of Appointment :

03.01.1995

PAN No.:

ADWPA3386J

DIN No.:

00591859

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51909WB2007PTC117909	ULTIMATE VINIMAY PRIVATE LIMITED	01/11/2011	-
U85195CT2010PTC021611	GANGA DIAGNOSTIC & MEDICAL RESEARCH CENTRE PRIVATE LIMITED	24/01/2012	-
U40100CT2008PLC020919	VANDANAA ENERGY & MINERALS LIMITED	10/11/2008	-
U27101CT2008PLC020918	VANDANAA ISPAT & POWER LIMITED	10/11/2008	-
U51109WB2008PTC123357	BLACKBERRY VYAPAAR PRIVATE LIMITED	01/07/2011	-
U51109WB2008PTC123303	JASMINE VINCOM PRIVATE LIMITED	01/07/2011	-
U51109WB2007PTC113061	MONITOR VYAPAAR PRIVATE LIMITED	01/11/2011	-
U51109WB1994PTC065640	PRAN COMMERCIAL PVT LTD	26/10/1994	-
U51909CT1994PTC007339	DUNSON BYAPAR PVT LTD	09/08/1994	-
U51109WB1992PTC055092	ASHOKA IMPEX & FISCAL PVT. LTD.	02/04/1992	-
U51109WB1991PTC051115	A.K. MERCANDISE PVT. LTD.	24/05/2002	-
U31104CT1989PLC007388	ARM GASES LTD.	01/07/2011	-
U55101CT1996PTC010735	SHIKHAR AMUSEMENTS PRIVATE LIMITED	25/08/2003	-
U21015CT1995PLC010125	SHIVALI UDYOG (I) LIMITED	19/06/2002	-
U51101CT1995PTC009242	SINGHAL DISTRIBUTORS PRIVATE LIMITED	28/03/1995	-
U27106CT1989PLC005327	VANDANA FORGINGS LIMITED	25/06/1989	-
U26954CT1985PLC003085	VANDANA ROLLING MILLS LIMITED	01/04/2009	-

Name :

Mr. Subhash Chand Agrawal

Designation :

Director

Address :

Vandana Building, Near Priya Hotel, M.G. Road, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

16.06.1958

Qualification :

Graduate

Date of Appointment :

01.04.2009

PAN No.:

ADWPA3388G

DIN No.:

00103886

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26954CT1985PLC003085	VANDANA ROLLING MILLS LIMITED	01/12/2007	-
U51109WB2007PTC118305	MANSAROBAR VANIJYA PRIVATE LIMITED	22/03/2011	-
U51101CT1995PTC009242	SINGHAL DISTRIBUTORS PRIVATE LIMITED	28/03/1995	-
U51101CT1995PTC009243	SINGHAL MARKETING PRIVATE LIMITED	03/01/2017	-
U55101CT1996PTC010735	SHIKHAR AMUSEMENTS PRIVATE LIMITED	25/08/2003	-
U85195CT2010PTC021611	GANGA DIAGNOSTIC & MEDICAL RESEARCH CENTRE PRIVATE LIMITED	22/02/2010	-
U51909WB2009PTC132614	DHEERA VINIMAY PRIVATE LIMITED	12/03/2012	-
U40100CT2008PLC020919	VANDANAA ENERGY & MINERALS LIMITED	10/11/2008	-
U27101CT2008PLC020918	VANDANAA ISPAT & POWER LIMITED	10/11/2008	-
U51909WB2008PTC129025	FASTTRACK COMMERCIAL PRIVATE LIMITED	09/03/2012	-
U51909WB2008PTC129009	EMERALD VINTRADE PRIVATE LIMITED	09/03/2012	-
U51909WB2008PTC124093	WISE COMMODEAL PRIVATE LIMITED	09/03/2012	-
U51900WB2008PTC123678	NORTEL COMMODEAL PRIVATE LIMITED	09/03/2012	-
U51900WB2008PTC123822	INNOCENT VANIJYA PRIVATE LIMITED	10/02/2012	-
U51109WB2008PTC123357	BLACKBERRY VYAPAAR PRIVATE LIMITED	01/07/2011	-
U51109WB2008PTC123303	JASMINE VINCOM PRIVATE LIMITED	01/07/2011	-
U51109WB2008PTC123245	LOVELY SUPPLIERS PRIVATE LIMITED	10/02/2012	-
U04520CT2005PTC017941	R.N. NAVNIRMAN PRIVATE LIMITED	07/09/2005	-
U51109WB1991PTC051115	A.K. MERCANDISE PVT. LTD.	24/05/2002	-
U51909WB1991PTC053047	MAHAN COMMERCE & FINVEST PVT. LTD.	12/02/1996	-
U51109WB1993PTC060424	ILU BISHAR EXPORTS PVT.LTD.	14/03/1994	-
U51109WB2007PTC113061	MONITOR VYAPAAR PRIVATE LIMITED	01/11/2011	-

Name :

Mr. Jogendra Kumar Maharana

Designation :

Director

Address :

Plot No. 58, Vandana Rolling Mills Limited, Urla, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

04.11.1963

Qualification :

Graduate

Date of Appointment :

28.03.2015

PAN No.:

ANNPM1383L

DIN No.:

00604111

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26954CT1985PLC003085	VANDANA ROLLING MILLS LIMITED	01/10/2008	-

Name :

Mr. Sandeep Kumar Jain

Designation :

Director

Address :

C/O Ramesh Chandra Jain LIG - 303, M.P.H.B. Colony, Tatibandh, Raipur-492001, Chhattisgarh, India

Date of Birth/Age :

04.07.1967

Qualification :

Graduate

Date of Appointment :

01.07.2012

PAN No.:

AEQPJ6933H

DIN No.:

01874000

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26954CT1985PLC003085	VANDANA ROLLING MILLS LIMITED	01/07/2012	-
U15412CT1986PTC007340	SUNNY BREADS AND BAKERIES PVT LTD	10/05/2010	-
U51109CT2007PTC008311	RAJSHREE TRADECOM PRIVATE LIMITED	01/12/2010	-
U51109CT2007PTC008310	PRAGATI COMMERCE PRIVATE LIMITED	22/03/2011	-
U51109CT2007PTC008318	SAMPARK VINCOM PRIVATE LIMITED	22/03/2011	-
U52100CT2007PTC007303	ROSE MERCHANTS PRIVATE LIMITED	30/04/2010	-
U51109WB2007PTC118305	MANSAROBAR VANIJYA PRIVATE LIMITED	22/03/2011	-

Name :

Mr. Romelal Yadav

Designation :

Director

Address :

HIG-540, Veersawarkar Nagar, Hirapur, Raipur-492099, Chhattisgarh, India

Date of Birth/Age :

07.07.1958

Qualification :

Graduate

Date of Appointment :

28.03.2015

PAN No.:

AAVPY7094B

DIN No.:

06935015

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U21015CT1995PLC010125	SHIVALI UDYOG (I) LIMITED	01/08/2014	-

KEY EXECUTIVES

Name :	Mr. Puni Ram Padhee
Designation :	Chief Finance Officer (KMP)
Address :	Block 75/891, Housing Board Colony, Kabir Nagar, Tatibandh, Raipur-492099, Chhattisgarh, India
Date of Birth/Age :	09.01.1963
Date of Appointment :	20.03.2015
PAN No.:	AKSPP8268P

MAJOR SHAREHOLDERS

AS ON 31.03.2016

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2016

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	1.36
Public/Other than promoters- Individual/Hindu Undivided Family- Indian	11.81
Public/Other than promoters- Others	86.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Steel Ingots, Rolled Products of Steels and Generation of Electricity through windmill. [Registered Activity]

Products :

Item Code No.	Product Description
72163200	Rolled Products
72061090	MS ingots

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 (Confirmed by management):

100 (Approximately)

Bankers :

Banker Name :	Not Divulged
Branch :	--
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
SHORT TERM BORROWING
Loans repayable on demand from banks	420.392	333.178
Total	420.392	333.178

Auditors :
Name :	O.P. Singhania and Company Chartered Accountants
Address :	JDS Chamber, 1st Floor, 6-Central Avenue, Choubey Colony, Raipur, Chhattisgarh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFO3891P
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives (AS ON 31.03.2016):	R.N. Commotrade Private Limited, India [U51109MH2010PTC200771] Shivali Udyog (I) Limited, India [U21015CT1995PLC010125] Singhal General Traders Private Limited, India [U51109MH2010PTC200665] Shikhar Amusements Private Limited, India [U55101CT1996PTC010735] Vandana Rolling Mills Limited, India [U26954CT1985PLC003085]

CAPITAL STRUCTURE

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
25900000	Equity Shares	INR 10/- each	INR 259.000 Million
3050000	Preference Shares	INR 10/- each	INR 30.500 Million
	Total		INR 289.500 Million

Issued Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25682530	Equity Shares	INR 10/- each	INR 256.825 Million
3040000	Preference Shares	INR 10/- each	INR 30.400 Million
	Total		INR 287.225 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	287.225	287.225	287.225
(b) Reserves and Surplus	579.309	577.196	580.010
(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)	866.534	864.421	867.235
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	4.378	6.301	6.617
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.335	2.253	1.359
Total Non-current Liabilities (3)	7.713	8.554	7.976
(4) Current Liabilities
(a) Short-term borrowings	420.392	333.178	394.921
(b) Trade payables	55.341	36.498	28.640
(c) Other current liabilities	27.919	21.962	29.124
(d) Short-term provisions	1.365	3.191	3.146
Total Current Liabilities (4)	505.017	394.829	455.831
TOTAL	1379.264	1267.804	1331.042
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	210.416	220.411	257.892
(ii) Intangible Assets	3.317	3.791	4.265
(iii) Tangible assets capital work-in-progress	42.779	42.748	42.672
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	402.683	403.860	406.959
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	22.093	20.972	21.884
(e) Other Non-current assets	0.000	0.000	0.020
Total Non-Current Assets	681.288	691.782	733.692
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	359.329	296.266	316.235
(c) Trade receivables	105.889	87.388	82.908
(d) Cash and bank balances	2.258	7.527	5.578
(e) Short-term loans and advances	128.075	73.188	84.189
(f) Other current assets	102.425	111.653	108.440
Total Current Assets	697.976	576.022	597.350
TOTAL	1379.264	1267.804	1331.042

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	2135.435	2044.985	1679.406
	Other Income	9.011	24.134	77.564
	TOTAL	2144.446	2069.119	1756.970
Less	EXPENSES
	Cost of Materials Consumed	1839.460	1781.944	1529.121
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	12.550	41.197	(59.674)
	Employee benefit expense	41.827	33.569	21.560
	Other expenses	186.779	145.992	197.994
	TOTAL	2080.616	2002.702	1689.001
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	63.830	66.417	67.969
Less	FINANCIAL EXPENSES	44.226	47.070	43.090
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	19.604	19.347	24.879
Less/ Add	DEPRECIATION/ AMORTISATION	17.097	18.217	24.121
	PROFIT/ (LOSS) BEFORE TAX	2.507	1.130	0.758
Less	TAX	0.394	3.807	5.636
	PROFIT/ (LOSS) AFTER TAX	2.113	(2.677)	(4.878)
	Earnings / (Loss) Per Share (INR)	0.08	(0.10)	(0.19)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(47.329)	93.195	70.478
Net cash flows from (used in) operating activities	(51.440)	89.004	67.692

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	18.10	15.60	18.02
Account Receivables Turnover (Income / Sundry Debtors)	20.17	23.40	20.26
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	10.98	7.48	6.84
Inventory Turnover (Operating Income / Inventories)	0.18	0.22	0.21
Asset Turnover (Operating Income / Net Fixed Assets)	0.25	0.25	0.22

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.37	0.31	0.34
Debt Equity Ratio (Total Liability / Networth)	0.49	0.39	0.46
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.58	0.46	0.53
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.30	0.31	0.35
Interest Coverage Ratio (PBIT / Financial Charges)	1.44	1.41	1.58

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	0.10	(0.13)	(0.29)
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.15	(0.21)	(0.37)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	0.24	(0.31)	(0.56)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.38	1.46	1.31
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.67	0.71	0.62
G-Score Ratio Financial (Networth / Total Assets)	0.63	0.68	0.65
G-Score Ratio Debt (Debts / Equity Capital)	1.46	1.16	1.37
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.38	1.46	1.31

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	287.225	287.225	287.225
Reserves & Surplus	580.010	577.196	579.309
Share Application money pending allotment	0.000	0.000	0.000
Net worth	867.235	864.421	866.534
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	394.921	333.178	420.392
Total borrowings	394.921	333.178	420.392
Debt/Equity ratio	0.455	0.385	0.485

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	1679.406	2044.985	2135.435
		21.768	4.423

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	1679.406	2044.985	2135.435
Profit	(4.878)	(2.677)	2.113
	(0.29%)	(0.13%)	0.10%

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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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)

Subject the company is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is mainly engaged in manufacturing of Steel Ingots, Rolled Products of Steels and Generation of Electricity through windmill.

STATE OF COMPANY'S AFFAIR (AS ON 31.03.2016)

Presently the company is engaged in the Business of Manufacture of M.S. Ingots and M.S. Re-rolled Products besides the company has two windmills having annual capacity of 2.5 MW.

The Rolling Mills and Furnace division are working satisfactorily. The production of furnace division was 2059.340 MT and Rolling Mill division was 78685.830 MT. During the year the company has not generated units out of its two windmills. The company has established place in the market and its performance will increase significantly in the years to come.

FINANCIAL RESULTS (AS ON 31.03.2016)

During the year the company has earned profit before tax of INR 2.507 Million as against INR 1.130 Million of the previous year, After providing Income Tax and Deferred Income Tax for the year, profit of INR 2.113 Million as against loss of INR 2.677 Million of the previous year is taken to Reserves and Surplus in the Balance Sheet.

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	B16407447	10295793	ORIENTAL BANK OF COMMERCE	17/06/2011	-	-	7620000000.0	RAJ TOWERTATYAPARA CHOWK, G.E. ROADRAIPURCT492001IN
2	A82422262	90207655	STATE BANK OF INDIA	08/06/1995	15/02/2010	-	650300000.0	COMMERCIAL BRANCH, PUJARI CHAMBERS2ND FLOOR, PACHPEDI NAKARAIPURCT492001IN
3	B76553106	90206311	PUNJAB NATIONAL BANK	21/03/2005	13/08/2005	20/05/2013	82500000.0	STATION ROAD BRANCHRAIPURMPIN

CONTINGENT LIABILITIES NOT PROVIDED FOR, ARE IN RESPECT OF :- (AS ON 31.03.2016)

(i) Bank Guarantees given to various parties issued by the Company Banker aggregate to INR Nil (Previous Year INR 6.547 Million).

(ii) Sales Tax and Entry Tax demand under dispute upto F.Y.2006-2007 of INR 18.518 Million (INR 18.518 Million) against which company has preferred Appeals and has depostited a sum of INR 5.288 Million (PY INR 1.843 Million).

(iii) Income Tax demand under dispute for F.Y.2004-2005, F.Y.2007-08 and F.Y.2010-11 of INR 8.690 Million (PY. INR 3.880 Million) against which company has preferred Appeals.

(iv) Excise Duty demand under dispute for the period of August, 2012 to August, 2013 of INR 0.79 lacs (PY INR Nil) against which company has preferred Appeals.

FIXED ASSETS:

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Computer equipments
• Vehicles

Intangible assets

• Computer software

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 records 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 63.91
UK Pound	1	INR 90.31
Euro	1	INR 80.17

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	NYT
Report Prepared by :	KVT

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.