MIRA INFORM REPORT

Report No. :	486737
Report Date :	18.01.2018

IDENTIFICATION DETAILS

Name :	SHYAM SEL AND POWER LIMITED (w.e.f. 22.04.2008)
Formerly Known As :	SHYAM SEL LIMITED SHYAMA CAST PRIVATE LIMITED
Registered Office :	"S S Chambers", 5, C.R. Avenue, Princep Street, Kolkata – 700072, West Bengal
Tel. No.:	91-33-40111000
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	05.09.1991
Com. Reg. No.:	21-052962
Capital Investment / Paid-up Capital :	INR 409.088 Million
CIN No.: [Company Identification No.]	U27109WB1991PLC052962
IEC No.:	0296010260
GST No.:	19AAECS9421J1ZZ
TIN No.:	19531291053
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAECS9421J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Iron and Steel Products like M.S Billets, Ingots, Sponge, etc. [Registered Activity and also Confirmed by Management]
No. of Employees :	200 (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 :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Shyam Sel and Power Limited, Incorporated in 1991, is part of the Kolkata-based “Shyam Group” promoted by Mr. Mahabir Prasad Agarwal. Over the years, SSPL integrated its operation by adding products/facilities across the value chain of long steel products (i.e. ferro alloys, pellet, sponge, billet, TMT bars and captive power plant). As per Registrar of Companies the date of balance sheet (i.e,financial filed) is shown as 31-03-2017 but the documents related to the financial for the year 2017 are not available from any sources. As per available financials of 2016, revenue and profit of the company has declined. However, the company possesses sound financial profile marked by healthy net worth base along with low debt level of the company. The company also derives strength from its long standing track record of business operation. Rating strength is partially offset by working capital-intensive operations and susceptibility to cyclicality in the steel industry. Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitments. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

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 (30.06.2017)	Current Rating (30.09.2017)
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 Rating = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	24.10.2017
Rating Agency Name	CRISIL
Rating	Short term Rating = A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	24.10.2017

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 18.01.2018.

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 PARTED BY [GENERAL DETAILS]

Name :	Mr. Amitabh Anandi
Designation :	Accountant
Contact No.:	91-33-40111000
Date :	17.01.2018

LOCATIONS

Registered Office :	"S S Chambers", 5, C.R. Avenue, Princep Street, Kolkata – 700072, West Bengal, India
Tel. No.:	91-33-40111000
Fax No.:	91-33-40111031
E-Mail :	seltmt@shyamgroup.com shyam_sel@rediffmail.ocm
Website :	http://www.shyamgroup.com
Location :	Owned
Locality :	Commercial
Corporate Office :	86C, Trinity Power, 7^th Floor, Topsia Road, Kolkata – 700046, West Bengal, India
Tel. No.:	91-33-40113000
Fax No.:	91-33-22852212
E-Mail :	sel.tmt@shyamgroup.com
Manufacturing Units:	Located At: · Ranigunj · Durgapur · Burdwan · Siliguri · Howrah · Sambalpur, Orissa · Lumshnong, Meghalaya · Byrnihat, Meghalaya

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Sanjay Kumar Agarwal

Designation :

Director

Address :

CA 54, Bidhnagar ,Saltlake-700064, West Bengal, India

Date of Appointment :

14.07.2014

DIN No.:

00232938

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U13203DL2007PTC164764	YP MULTI MINERALS PRIVATE LIMITED	30/09/2008
U26941WB2008PLC123169	STAR CEMENT BENGAL LIMITED	27/02/2008
U27109WB1995PLC071548	SHYAM FERRO ALLOYS LTD.	25/07/2004
U27310WB2007PLC116194	SHYAM CENTURY METALLIC LIMITED	01/12/2007
U40101WB2002PLC095491	SHYAM METALICS AND ENERGY LIMITED	11/12/2002
U40102WB2002PLC094303	SHYAM ENERGY LIMITED	28/02/2002
U40104WB2007PLC116195	NE HILLS HYDRO LIMITED	01/12/2007
U40105OR2007PLC009567	KALINGA ENERGY & POWER LIMITED	04/10/2007
U40106WB2008PTC126637	SHYAM SOLAR APPLIANCE PRIVATE LIMITED	02/09/2009

Name :

Mr. Pawan Kumar Agarwal

Designation :

Wholetime Director

Address :

Sector-I, Ca-54, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

01.08.1947

Date of Appointment :

01.04.2013

Qualification :

B. Com.

DIN No.:

00235897

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U31100WB2011PTC168115	SALAGRAM POWER AND STEEL PRIVATE LIMITED	21/05/2016
U51109WB2007PTC112940	NAVRATAN DEALER PRIVATE LIMITED	20/01/2009

Name :

Mr. Bajrang Lal Agarwal

Designation :

Wholetime Director

Address :

Sector-I, CA-54, Saltlake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

20.01.1951

Qualification :

B. Com.

Date of Appointment :

19.11.2001

DIN No.:

00235978

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U01122WB1995PTC073938	SHYAM METALICS PRIVATE LIMITED	31/08/1995
U02005WB1995PTC073522	ESSEL PLYWOOD PVT LTD	07/11/2007
U10300WB2015PTC204962	S S NATURAL RESOURCES PRIVATE LIMITED	14/01/2015
U25209WB2003PTC097164	SUNRISE PLASTICS (I) PRIVATE LIMITED	20/05/2011
U40101WB2002PLC095491	SHYAM METALICS AND ENERGY LIMITED	14/08/2010
U51109WB1995PTC067779	CRON GOODS & SUPPLY PVT.LTD.	20/05/2011
U51909WB1991PTC051070	ESKAY BUSINESS PVT. LTD.	05/11/2009
U63000WB2011PTC167354	HRASHVA STORAGE AND WAREHOUSING PRIVATE LIMITED	28/11/2016
U65922WB1992PTC054891	KALPATARU HOUSEFIN & TRADING PVT LTD	10/08/2009

Name :

Mr. Kiran Vimal Agarwal

Designation :

Director

Address :

4, Manavar Homes, Near Ring Road, Shilaj Bopal, Dascroi, Ahmedabad-380058, Gujarat, India

Date of Appointment :

27.09.2014

DIN No.:

00424400

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U40101WB2002PLC095491	SHYAM METALICS AND ENERGY LIMITED	30/09/2014
U45400WB2010PTC156200	TAURUS ESTATES PRIVATE LIMITED	24/12/2010
U51109WB1991PTC051255	AVAM TRADES & SERVICES PVT LTD	02/06/2012

Name :

Mr. Brij Bhushan Agarwal

Designation :

Managing Director

Address :

3B, Ashoka Road 2nd Floor, Alipore, Kolkata-700027, West Bengal, India

Date of Birth/Age :

13.09.1972

Date of Appointment :

26.07.1999

Qualification :

B Com

DIN No.:

01125056

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U01122WB1995PTC073938	SHYAM METALICS PRIVATE LIMITED	31/08/1995
U15432WB1996PTC111330	MATIN CONFECTIONARY PVT LTD	28/03/2007
U23101ML2011PLC008484	NORTH EAST CARBON & ENERGY LIMITED	21/07/2011
U26940WB2007PLC117174	SHYAM CENTURY CEMENT INDUSTRIES LIMITED	13/07/2007
U27100ML2011PLC008483	MEGHALAYA FERRO ALLOYS & POWER LIMITED	14/07/2011
U40101WB2002PLC095491	SHYAM METALICS AND ENERGY LIMITED	11/12/2002
U40106WB2008PTC126637	SHYAM SOLAR APPLIANCE PRIVATE LIMITED	17/06/2008
U45400WB2007PLC116306	SHYAM EMCO INFRASTRUCTURE LIMITED.	01/07/2009
U51909WB1994PTC066014	SUBHAM CAPITAL PRIVATE LIMITED	15/01/2001

Name :

Mr. Venkata Krishna Nageswara Rao Majji

Designation :

Director

Address :

Shree Ram Nagar, Garividi Vizianagaram, Visakhapatnam-535101, Andhra Pradesh, India

Date of Appointment :

08.12.2014

DIN No.:

07035891

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U40101WB2002PLC095491	SHYAM METALICS AND ENERGY LIMITED	30/09/2015

Name :

Mr. Debashis Bandyopadhyay

Designation :

Additional Director

Address :

Shivam Regency, Flat No. 1B, 219/1A, Lake Gardens, Block-B, Kolkata-700045, West Bengal, India

Date of Appointment :

31.03.2017

DIN No.:

07781241

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U40101WB2002PLC095491	SHYAM METALICS AND ENERGY LIMITED	31/03/2017	-

KEY EXECUTIVES

Name :	Mr. Raj Prakash Verma
Designation :	Company Secretary
Address :	41/6/1 Netaji Subhash Road, Rishra Hoogly, Kolkata-712248, West Bengal, India
Date of Appointment :	13.06.2016
PAN No.:	AGXPV2079B
Name :	Mr. Susmit Changia
Designation :	Chief Finance Officer (KMP)
Address :	CG-220, Salt Lake City, Sector-II, Kolkata-700091, West Bengal, India
Date of Appointment :	01.04.2015
PAN No.:	ACMPC0869R
Name :	Mr. Amitabh Anandi
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2017

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 26.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/Hindu Undivided Family (Indian)	10.64
Promoters – Body Corporate	89.36
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron and Steel Products like M.S Billets, Ingots, Sponge, etc. [Registered Activity and also Confirmed by Management]

Products :

ITC Code No.	Product Descriptions
72141090	TMT BARS/ MS Tor
72023000	Ferro Silico Manganese
72071920	MS Ingot/ Billets
72031000	Sponge Iron

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Not Available

Countries :

Not Available

Imports :

Products :

Not Available

Countries :

Not Available

Terms :

Selling :

Advance Payment, L/C, Cheque and Credit (30 days, 60 days and 90 days)

Purchasing :

Advance Payment, L/C, Cheque and Credit (30 days, 60 days and 90 days)

PRODUCTION STATUS: (AS ON 31.03.2016)

Particulars	Unit	Installed/ Licensed Capacity	Production
Iron Ore Pellet	MT	480000	492773
Sponge Iron	MT	283000*	280707
M.S. Billet	MT	117600**	73960
M.S. TMT/ TOR, Structural items	MT	136800	74891
Ferro/ Silico Manganese	MT	73800	44666
Captive Power Plant (38 MW) (Net)	MW	300960	220186
Captive Power Plant (42 MW)	MW	332640	---

Notes:

* Total capacity including enhanced capacity during the year was 1,98,000 MT out of which proportional capacity used subject to time of enhancement for the Financial Year 2015-2016 was 63,000 MT. The total annual capacity of Sponge Iron Plant was 4,18,000 MT.

** Total capacity including enhanced capacity during the year was 66,000 MT. Production of M.S. Billet which is an intermediate product and is directly used from induction furnace to production of rolled products in rolling mill could not be traced due to its direct consumption in induction furnace. The total annual capacity of M.S. Billet was 1,83,600 MT.

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	---
Contact Number:	---
Since how long known:	---
Maximum limit dealt:	---
Experience:	---
Remark	---

Customers :

Wholesalers, Retailers and Manufacturer

· Electrical Manufacturing Co. Limited

· The Tata Iron & Steel Co. Limited

· Steel Authority of India Limited

· Jindal Strips Limited

· Hindusthan Motors Limited

· Southern Iron & Steel co. Limited

· Sunflag Iron & Steel Co. Limited

· Ispat Industries Limited

· Jindal Stainless Limited

No. of Employees :

200 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	Commercial Branch, Kolkata, 24, Park Street, Kolkata - 700016, West Bengal, India
Person Name (with Designation):	---
Contact Number:	---
Name of Account Holder:	---
Account Number:	---
Account Since (Date/ Year of A/c Opening):	---
Average Balance Maintained (Optional):	---
Credit Facilities Enjoyed (CC/OD/Term Loan):	---
Account Operation:	---
Remarks:	---

• Axis Bank Limited

Corporate Banking Branch (CBB), 1, Shakespeare Sarani, Ac Market, 3rd Floor, Kolkata - 700071, West Bengal, India

• Oriental Bank Of Commerce

Park Street Branch, 107/1, Park Street (1st Floor), Kolkata - 700016, West Bengal, India

• ICICI Bank Limited

Land Mark Race Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Union Bank of India

· HDFC Bank Limited

· DBS Bank Limited

Facilities :

SECURED LOANS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Foreign currency term loans from banks	212.583	243.657
Term loans from others	1809.151	2423.829
Loans repayable on demand from banks	4.985	3.331
SHORT TERM BORROWINGS
Foreign currency term loans from banks	366.115	345.318
Working capital loans from banks	702.699	1654.851
Other loans and advances	297.447	1005.958
Total	3392.980	5676.944

Auditors :
Name :	J. Jain and Company Chartered Accountants
Address :	23A, Netaji Subhas Road, Room No-44, 11th Floor, Kolkata-700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AABFJ8069K
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Shyam Metalics and Energy Limited [U40101WB2002PLC095491]
Subsidiary Companies :	· S. S. Natural Resources Private Limited [U10300WB2015PTC204962] · Shyam Ores (Jharkhand) Private Limited [U70200WB2008PTC126792] · Shyam Business Solutions Private Limited · Shyam Energy Limited · Shyam IT Park Developers Private Limited · Uttar Purva Hydropower Private Limited
Fellow Subsidiaries :	· Damodar Aluminium Private Limited · Singhbhum Steel and Power Private Limited
Associate Companies :	· Inforev Software Private Limited [U72900WB2004PTC099459] · Platinum Minmet Private Limited · Shyam Minmet Private Limited
Joint Venture Companies :	· Kalinga Energy and Power Limited [U40105OR2007PLC009567] · Shyam Emco Infrastructure Limited [U45400WB2007PLC116306]
Enterprises over which Key Management Personnel and /or their Relatives have significant influence :	· Aradhana Greenfield Developers Private Limited · Britasia Hydro Power Private Limited · Dewdrop Enclave Private Limited · Dorite Tracon Private Limited · Essel Plywood Private Limited · Esteem Angan Private Limited · Eureka Complex Private Limited · Eureka Hydro Power Private Limited · Gandhini Housing Private Limited · Glowing Realty Private Limited · Goodlife Hydro Power Private Limited · Goodlook Infracon Private Limited · Improved Realtors Private Limited · Kalinga Infra-Projects Limited · Kalpataru Housefin Private Limited · Kolhan Complex Private Limited · Meadow Housing Private Limited · Narantak Dealcomm Ltd. · Pushpanjali Abasan Private Limited · Ranisati Vihar Private Limited · Renaissance Hydro Power Private Limited · Shyam Century Multi Projects Limited · Shyam Ferro Alloys Limited · Shyam Greenfield Developers Private Limited · Shyam Solar Appliances Private Limited · Sindbad Hydro Power Private Limited · Starpoint Housing Private Limited · Status Multiplex Private Limited · Subham Buildwell Private Limited · Subham Capital Private Limited · Sunglow Complex Private Limited · Taurus Estate Private Limited · Toplight Mercantile Private Limited · Whispering Developers Private Limited · Wisley Real Estate Private Limited

CAPITAL STRUCTURE

AS ON: 26.09.2017

Authorised Capital:

No. of Shares	Type	Value	Amount
46350000	Equity Shares	INR 10/- each	INR 463.500 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
44125644	Equity Shares	INR 10/- each	INR 441.256 Million

AS ON: 31.03.2016

Authorised Capital:

No. of Shares	Type	Value	Amount
450000000	Equity Shares	INR 10/- each	INR 4500.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
40908794	Equity Shares	INR 10/- each	INR 409.088 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	409.088	387.468	387.468
(b) Reserves and Surplus	7564.585	6571.443	6276.876
(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)	7973.673	6958.911	6664.344
(3) Non-Current Liabilities
(a) long-term borrowings	2129.069	2673.430	3469.672
(b) Deferred tax liabilities (Net)	123.259	188.557	264.573
(c) Other long-term liabilities	644.629	696.652	295.829
(d) long-term provisions	17.478	13.373	9.996
Total Non-current Liabilities (3)	2914.435	3572.012	4040.070
(4) Current Liabilities
(a) Short-term borrowings	1366.261	3006.127	1983.500
(b) Trade payables	1017.058	656.014	1690.231
(c) Other current liabilities	1576.574	1151.901	1682.508
(d) Short-term provisions	15.196	17.927	5.859
Total Current Liabilities (4)	3975.089	4831.969	5362.098
TOTAL	14863.197	15362.892	16066.512
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7626.062	6956.915	5876.236
(ii) Intangible Assets	7.700	5.746	0.000
(iii) Tangible assets capital work-in-progress	1474.457	1861.849	2269.444
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	157.338	67.171	85.471
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	127.597	92.521	230.658
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9393.154	8984.202	8461.809
(2) Current assets
(a) Current investments	479.748	249.969	140.545
(b) Inventories	2254.344	2234.088	3176.310
(c) Trade receivables	738.779	930.160	1247.945
(d) Cash and bank balances	312.748	1178.798	1345.193
(e) Short-term loans and advances	1190.645	1281.140	1259.475
(f) Other current assets	493.779	504.535	435.235
Total Current Assets	5470.043	6378.690	7604.703
TOTAL	14863.197	15362.892	16066.512

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Total Revenue from operations	9091.766	11483.898	11825.098
	Other Income	229.759	109.592	113.870
	TOTAL (A)	9321.525	11593.490	11938.968
Less	EXPENSES
	Cost of Materials Consumed	5038.081	6632.005	7553.335
	Purchases of Stock-in-Trade	147.683	312.391	76.513
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(12.244)	289.085	(284.351)
	Employee benefit expense	184.675	243.214	174.532
	CSR expenditure	4.482	5.532	0.000
	Other expenses	2578.094	2496.377	2874.874
	TOTAL (B)	7940.771	9978.604	10394.903
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1380.754	1614.886	1544.065
Less	FINANCIAL EXPENSES (D)	268.098	457.704	451.410
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1112.656	1157.182	1092.655
Less/ Add	DEPRECIATION/ AMORTISATION (F)	951.169	921.701	734.798
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	161.487	235.481	357.857
Less	TAX (H)	1.999	(72.578)	60.146
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	159.488	308.059	297.711
	Earnings / (Loss) Per Share (INR)	4.12	7.95	8.13

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	783.553	712.191	908.621
Net cash flows from (used in) operations	2102.765	1176.642	1581.751
Net cash flows from (used in) operating activities	2102.765	1176.642	1581.751

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	29.66	29.56	38.52
Account Receivables Turnover (Income / Sundry Debtors)	12.31	12.35	9.48
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	71.59	34.48	80.86
Inventory Turnover (Operating Income / Inventories)	0.61	0.72	0.49
Asset Turnover (Operating Income / Net Fixed Assets)	0.15	0.18	0.19

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.46	0.53	0.61
Debt Equity Ratio (Total Liability / Networth)	0.54	0.92	0.95
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.50	0.69	0.80
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.14	1.27	1.22
Interest Coverage Ratio (PBIT / Financial Charges)	5.15	3.53	3.42

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	1.75	2.68	2.52
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.07	2.01	1.85
Return on Investment (ROI) ((PAT / Networth) * 100)	%	2.00	4.43	4.47

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.38	1.32	1.42
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.81	0.86	0.83
G-Score Ratio Financial (Networth / Total Assets)	0.54	0.45	0.41
G-Score Ratio Debt (Debts / Equity Capital)	10.46	16.50	16.42
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.38	1.32	1.42

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

FINANCIAL ANALYSIS

[all figures are in 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	387.468	387.468	409.088
Reserves & Surplus	6276.876	6571.443	7564.585
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6664.344	6958.911	7973.673
Long-term borrowings	3469.672	2673.430	2129.069
Short term borrowings	1983.500	3006.127	1366.261
Current maturities of long-term debts	908.621	712.191	783.553
Total borrowings	6361.793	6391.748	4278.883
Debt/Equity ratio	0.955	0.918	0.537

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	11825.098	11483.898	9091.766
		(2.885)	(20.830)

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	11825.098	11483.898	9091.766
Profit/ (Loss)	297.711	308.059	159.488
	2.52 %	2.68 %	1.75 %

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	387.468	387.468
(b) Reserves & Surplus	6717.812	6429.908
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority Interest	27.597	26.521
Total Shareholders’ Funds	7132.877	6843.897
(3) Non-Current Liabilities
(a) Long-term borrowings	2870.643	3757.909
(b) Deferred tax liabilities (Net)	188.557	264.573
(c) Other long term liabilities	697.357	296.533
(d) long-term provisions	13.373	9.996
Total Non-current Liabilities	3769.930	4329.011
(4) Current Liabilities
(a) Short term borrowings	3006.528	1983.499
(b) Trade payables	656.270	1690.283
(c) Other current liabilities	1154.040	1684.617
(d) Short-term provisions	17.981	5.913
Total Current Liabilities	4834.819	5364.312
TOTAL	15737.626	16537.220
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6957.712	5877.324
(ii) Intangible Assets	5.746	0.000
(iii) Capital work-in-progress	1963.231	2367.732
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	49.084	70.825
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	272.348	430.901
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	9248.121	8746.782
(2) Current assets
(a) Current investments	249.969	140.545
(b) Inventories	2234.088	3176.310
(c) Trade receivables	930.160	1247.960
(d) Cash and cash equivalents	1194.145	1359.725
(e) Short-term loans and advances	1376.506	1430.561
(f) Other current assets	504.637	435.337
Total Current Assets	6489.505	7790.438
TOTAL	15737.626	16537.220

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Revenue from Operations	11483.898	11825.097
		Other Income	109.592	113.870
		TOTAL	11593.490	11938.967
Less	EXPENSES
		Cost of Materials Consumed	6632.005	7553.335
		Purchases of Stock-in-Trade	312.391	76.513
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	289.085	(284.351)
		Employees benefits expense	243.214	174.532
		Other expenses	2580.457	2875.015
		TOTAL	10057.152	10395.044
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1536.338	1543.923
Less	FINANCIAL EXPENSES		387.356	451.410
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1148.982	1092.513
Less/ Add	DEPRECIATION/ AMORTISATION		921.701	734.798
	PROFIT/ (LOSS) BEFORE TAX		227.281	357.715
Less	TAX		(72.576)	60.147
	PROFIT (LOSS) FOR PERIOD BEFORE MINORITY INTEREST		299.857	297.568
	SHARE OF PROFIT (LOSS) OF ASSOCIATES		0.220	0.058
	PROFIT (LOSS) FOR PERIOD		300.077	297.626
	Earnings/ (Loss) Per Share (INR)		7.74	8.13

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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C54029376	10570174	HDFC BANK LIMITED	27/04/2015	-	-	200000000.0	3A, GURUSADAY ROADKOLKATAWB700019IN
2	B75675801	10427301	STATE BANK OF INDIA (LEAD BANK)	20/05/2013	-	-	4865700000.0	Commercial Branch, Kolkata24, Park StreetKolkataWB700016IN
3	B75675033	10427295	STATE BANK OF INDIA (LEAD BANK)	20/05/2013	-	-	4865700000.0	Commercial Branch, Kolkata24, Park StreetKolkataWB700016IN
4	B72658537	10417970	AXIS BANK LIMITED	28/02/2013	-	-	250000000.0	CORPORATE BANKING BRANCH (CBB),1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,KOLKATAWB700071IN
5	B62828934	10388636	AXIS BANK LIMITED	06/11/2012	-	-	855000000.0	CORPORATE BANKING BRANCH (CBB),1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,KOLKATAWB700071IN
6	B62862628	10388728	STATE BANK OF INDIA (LEAD BANK)	17/10/2012	-	-	1600000000.0	Commercial Branch, Kolkata24, Park StreetKolkataWB700016IN
7	B41789124	10361021	DBS BANK LTD.	11/06/2012	-	-	1120000000.0	ACTING AS SECURITY AGENT OF DBS BANK SINGAPORE4A, NANDLAL BASU SARANI,KOLKATAWB700071IN
8	B22669451	10310478	ICICI BANK LIMITED	10/10/2011	-	-	200000000.0	LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN
9	B22804355	10310815	ICICI BANK LIMITED	10/10/2011	-	-	900000000.0	LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN
10	B26362947	10320250	ORIENTAL BANK OF COMMERCE	07/10/2011	-	-	8039000000.0	Park Street Branch,107/1, Park Street (1st Floor)KolkataWB700016IN

UNSECURED LOANS

PARTICULARS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Other loans and advances, others	102.350	2.613
Total	102.350	2.613

STEEL INDUSTRY OVERVIEW

Crude Steel production throughout the globe for FY 15-16 was down by 2.9% as compared to FY 2014-15. This slowdown mainly caused as a consequence of weak growth of Chinese economy. Present scenario across the world is passing through tough times. Steel demand in 2016 is likely to decline owing to slower pace of economic growth across geographies. As a result, steel makers are struggling to sustain margins with access capacity worldwide and historically low price. Exports from China continue to penetrate markets all over the world.

India stood third in terms of production of crude steel and is expected to become second by the end of 2016. Growth in Indian market mainly driven by availability of raw material and access to cost effective labour force. Steel demand in India is expected to grow by 5.4 per cent to 83.8 million tonnes (MT) this year on the back of low oil prices, reform momentum. The global industry body has also forecasted that demand in the world's third largest producer will again grow at 5.4 per cent to 88.3 MT in 2017. In 2017, the world steel demand is expected to return to growth of 0.4 per cent to reach 1,494 MT. Economic environment facing steel industry continues to be challenging with China's slowdown impacting globally across a range of indicators contributing to volatility in financial markets, sluggish growth in global trade and low oil and other commodity prices. The global steel market is suffering from insufficient investment expenditure and continued weakness in the manufacturing sector. Government of India is aiming to scale up steel production in the Country to 300 MT by 2025 from current levels.

Some recent initiative in this sector comprises the following:

The Ministry of Steel is facilitating the setting up of an Industry driven Steel Research and Technology Mission of India (SRTMI); in association with the public and private sector steel companies to spearhead research and development activities in the Iron and Steel Industry at an initial corpus of INR 2000.000 Million.

The government of India plans to auction eight coal blocks with reserves of 1,143 million tonnes to steel and cement firms in January 2016

The government has planned Special Purpose Vehicles (SPV) with four iron ore rich states i.e., Karnataka, Jharkhand, Orissa and Chhattisgarh to set up plants having capacity between 3 and 6 MTP.A.

A Project Monitoring Group (PMG) has been constituted under the Cabinet Secretariat to fast-track various clearances/resolution of issues, related to investments of ` 1000 crore or more

To increase domestic value addition and improve iron ore availability for domestic steel industry, duty on export of iron ore has been increased to 30%

In the Union Budget 2016-17, the Government of India has proposed to spend INR 2180000.000 Million on road and railways, enhancing the demand for steel and construction materials

FINANCE:

The Company has been regular in meeting its obligation towards payment of Principal/Interest to the Banks and other institutions. The company continues to focus on judicious management of its working capital, Receivables, inventories and other working capital parameters were kept under strict check through continuous monitoring.

OUTLOOK FOR STEEL INDUSTRY

The environment in the metals and mining industry will be challenging due to weak demand, declining commodity prices, and weakness in the manufacturing sector with inadequate amount of investment. Due to alignment of world India is also going to be adversely affected by the bleak demand in emerging economies owing to worsening of external environment on account of weak export, currency devaluation, capital outflows and other geo-political issues. Ongoing recession in a number of large emerging economies, difficult macroeconomic environment, weaker terms of trade with tighter external financial conditions will continue to be cause of concern. However India's long term growth potential continues to be strong with focus on faster infrastructure creation, improving manufacturing and farm output, expending services sector, increasing urbanization; and stronger regulatory framework for Banking and Financial Services.

RESTRUCTURING AND STRATEGIC IMPLEMENTATIONS

AMALGAMATION

Under the prevailed environment, as a strategic move the company came out with the idea of Amalgamating another Company namely Gulmohar Complex Private Limited with itself to foray into the new horizon as a consequence three of its subsidiaries namely Meadow Housing Private Limited, Taurus Estate Private Limited and Whispering Developers Pvt. Ltd. became the Subsidiaries of Shyam Sel And Power Limited.

DEMERGER

Pursuant to the Scheme of Arrangement ("The Scheme") approved by the Hon'ble High Court of Calcutta vide its certified Order dated 9th June 2016, all the assets and liabilities of the Angadpur Manufacturing Division (i:e., Business and interest of the Company in manufacturing of Iron and Steel products and is a wholly owned subsidiary of THE DEMERGED COMPANY on reporting date) have transferred to and vested in Shyam Business Solutions Private Limited (RESULTING COMPANY 1), all the assets and liabilities of the Pakuria Manufacturing Division (i:e., Business and interest of the Company in generation of Non-conventional source of energy and manufacturing of Iron and Steel products and is a wholly owned subsidiary of THE DEMERGED COMPANY on reporting date) have transferred to and vested in Uttar Purva Hydropower Private Limited (RESULTING COMPANY 2) and all the assets and liabilities of the Burdwan Manufacturing Division (i:e., business and interest of the Company in real estate and manufacturing of Iron and Steel products and is a wholly owned subsidiary of THE DEMERGED COMPANY on reporting date) have transferred to and vested in Shyam IT Park Developers Private Limited (RESULTING COMPANY 3) at their respective book values on a going concern basis with effect from 1st April, 2015 being the appointed date.

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 29, G C, Avenue, Princep Street, Kolkata – 700013, West Bengal, India to the present address w.e.f 06.11.2009

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

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 63.98
UK Pound	1	INR 88.13
Euro	1	INR 78.35

INFORMATION DETAILS

Information Gathered by :	SHW
Analysis Done by :	DIV
Report Prepared by :	IND

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.