MIRA INFORM REPORT

Report No. :	495397
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	B.M.M. ISPAT LIMITED
Registered Office :	#114, Danapur Village, Hobli Marrimanahalli, Hospet Taluq, Bellary District – 583222, Karnataka
Tel. No.:	91-80-41495660/ 61/ 63
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	15.04.2002
Com. Reg. No.:	08-030365
Capital Investment / Paid-up Capital :	INR 1067.731 Million
CIN No.: [Company Identification No.]	U13100KA2002PLC030365
IEC No.: [Import-Export Code No.]	0704018241
TAN No.: [Tax Deduction & Collection Account No.]	BLRB05074G
PAN No.: [Permanent Account No.]	AACCB3556B
GSTN : [Goods & Service Tax Registration No.]	29AACCB3556B1ZY
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Selling of Steel and Allied Products and Generation of Power. [Registered activity and also confirmed by management]
No. of Employees :	Not Available

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 was incorporated in the year 2002. It is engaged in manufacturing and selling of steel bars which include pellets, sponge iron and TMT bars. The company is also engaged in electricity production. 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 ended 2016, revenue of the company has declined by 23.25% and has reported low profit margin of 0.36% during the year under review. The company’s moderate financial profile is reflected by its below average solvency indicators due to leverage balance sheet profile along with sound net worth base and weak liquidity position. Rating is constrained on account of delay in debt servicing. Payment seem to be slow and delayed. In view of aforesaid, the company can be considered for business dealing on safe and secured 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	CARE
Rating	Long-term Loans = D
Rating Explanation	Lowest-credit-quality and very low prospects of recovery.
Date	18.07.2017
Rating Agency Name	CARE
Rating	Short-term Loans = D
Rating Explanation	Lowest-credit-quality and very low prospects of recovery.
Date	18.07.2017

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 05.03.2018

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.

LOCATIONS

Registered Office / Factory :	#114, Danapur Village, Hobli Marrimanahalli, Hospet Taluq, Bellary District – 583222, Karnataka, India
Tel. No.:	91-83-94264000
Mobile No.:	91-9686550808 / 09
Fax No.:	91-83-94264010
E-Mail :	suman@bmm.in anilagarwalanil@rediffmail.com bmmispat@bmm.in
Website :	http://www.bmm.in
Corporate Office :	101, 1st Floor, Pride Elite, No.10, Museum Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-41495660/ 61/ 63
Fax No.:	91-80-41495663/4
Branch Office :	Flat No. 403, My Home Mount View Apartments, Navodaya Colony, Yellareddyguda, Hyderabad - 500 073 Telangana, India
Tel. No.:	91-7702004170
Regional Office:	2/29, lady Madavan Street, Mahalingpuram, Adj. ICCI ATM, Chennai - 600034, Tamilnadu, India
Tel. No.:	91-44-42322188
E-Mail :	mktgche@bmm.in
Stockyards:	Located at: · Medak · Nagpur

DIRECTORS

As on 31.03.2017

Name :

Mr. Raju VVV

Designation :

Whole-Time Director

Address :

Divya Nilya, 1st Floor, 16th Ward, Basaveshwara, Badavane, Near Pathan Maszid Hospet, Hospet - 583201, Karnataka, India

Date of Appointment :

01.10.2015

PAN No.:

AGAPR3560Q

DIN No.:

07303177

Name :

Mr. Dinesh Kumar Singhi

Designation :

Director

Address :

No. 101, 1^st Floor, Pride Elite, No. 10 Museum Road, Bangalore - 560001, Karnataka, India

Date of Birth/Age :

14.01.1971

Qualification :

B.E.(Mechanical)

Date of Appointment :

20.07.2015

PAN No.:

AAMHS2836L

DIN No.:

00208064

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67120KA2007PTC043709	SINGHI HOLDINGS PRIVATE LIMITED	27/08/2007	-
U70100KA2012PTC065798	BMM CONSTRUCTION & PROJECTS PRIVATE LIMITED	07/09/2012	-
U40100KA2010PTC055239	BMM ENERGY PRIVATE LIMITED	21/09/2010	-
U70101KA2007PTC041769	SNEH SHELTERS PRIVATE LIMITED	26/09/2009	-
U45203KA2006PTC040944	RANJITPURA INFRASTRUCTURE PRIVATE LIMITED	03/08/2007	-
U70101KA2005PTC037125	SHRAVANEE PROPERTIES PRIVATE LIMITED	02/09/2005	-
U01010KA2004PTC033519	SHREE GAVISIDDESHWARA MINERALS PRIVATE LIMITED	02/04/2007	-
U67120KA2001PTC028490	SNEHFIN INVESTMENTS PRIVATE LIMITED	22/01/2001	-
U67120KA1999PTC025712	SINGHI FINLEASE PRIVATE LIMITED	15/09/1999	-
U13201KA1999PTC024827	H.K.T. MINING PRIVATE LIMITED	30/04/2007	-

Name :

Ms. Snehalatha Singhi

Designation :

Director

Address :

#19, Norris Road, Richmond Town, Bangalore - 560025, Karnataka, India

Date of Birth/Age :

08.12.1972

Qualification :

B. Com

Date of Appointment :

15.04.2002

PAN No.:

AJMPS0427Q

DIN No.:

00208131

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67120KA2007PTC043709	SINGHI HOLDINGS PRIVATE LIMITED	27/08/2007	-
U14107KA2007PTC043429	LOKAPUR LIMESTONE MINING PRIVATE LIMITED	20/07/2007	-
U70100KA2012PTC065798	BMM CONSTRUCTION AND PROJECTS PRIVATE LIMITED	07/09/2012	-
U40100KA2010PTC055239	BMM ENERGY PRIVATE LIMITED	11/02/2016	-
U70101KA2007PTC041769	SNEH SHELTERS PRIVATE LIMITED	26/09/2009	-
U45203KA2006PTC040944	RANJITPURA INFRASTRUCTURE PRIVATE LIMITED	29/09/2016	-
U70101KA2005PTC037125	SHRAVANEE PROPERTIES PRIVATE LIMITED	02/09/2005	-
U01010KA2004PTC033519	SHREE GAVISIDDESHWARA MINERALS PRIVATE LIMITED	16/11/2004	-
U67120KA2001PTC028490	SNEHFIN INVESTMENTS PRIVATE LIMITED	22/01/2001	-
U67120KA1999PTC025712	SINGHI FINLEASE PRIVATE LIMITED	15/09/1999	-
U13201KA1999PTC024827	H.K.T. MINING PRIVATE LIMITED	06/05/2003	-

Name :

Mr. Laxmi Pat Dudheria

Designation :

Director

Address :

No.66, Nav Niketan, K R Road, Basavanagudi, Bengaluru-560004, Karnataka, India

Date of Birth/Age :

24.08.1962

Qualification :

Charted Accountant

Date of Appointment :

12.07.2004

DIN No.:

00300443

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U13201KA1999PTC024827	H.K.T. MINING PRIVATE LIMITED	25/07/2008	-
U67120KA2001PTC029030	VSL SECURITIES PRIVATE LIMITED	21/05/2001	-
U01010KA2004PTC033519	SHREE GAVISIDDESHWARA MINERALS PRIVATE LIMITED	16/11/2004	-
U51109WB1994PTC066645	POLSON TIE-UP PRIVATE LIMITED	09/09/2009	-
U40100KA2010PTC055239	BMM ENERGY PRIVATE LIMITED	21/09/2010	-
U45200KA2006PTC040470	VSL REALTIES PRIVATE LIMITED	11/09/2006	-
U14107KA2007PTC043429	LOKAPUR LIMESTONE MINING PRIVATE LIMITED	20/07/2007	-

Name :

Mr. Gollapalli Ramaiah

Designation :

Director

Address :

D. No. 1092, Smiore Colony, Near Fire Station, Kudligi Road, Sandur – 583119, Karnataka, India

Date of Appointment :

20.09.2017

DIN No.:

00626666

Name :

Mr. Manoj Sethia

Designation :

Additional Director

Address :

B-84, Veer Durga Das Nagar, Pali Marwar-306401, Rajasthan, India

Date of Appointment :

18.11.2016

DIN No.:

06560045

Name :

Narasimha Murthy Karanam

Designation :

Wholetime Director

Address :

Bharat Mines and Minerals Mine Owner, Singhi Sadan, Infantry Road, Cantonment, Bellary – 583104, Karnataka, India

Date of Appointment :

29.05.2017

DIN No.:

03645923

Name :

Mr. Sirapurapu Balaramakrishna Vakulabharanam

Designation :

Wholetime Director

Address :

49-54-6/2, Srinivasanchala Balayyasastry Layout Seethammadhara, P and T Colony, Visakhapatnam – 530013, Andhra Pradesh, India

Date of Appointment :

03.04.2017

DIN No.:

07782882

KEY EXECUTIVES

Name :	Mr. Raju VVV
Designation :	Whole-Time Director
Address :	Divya Nilya, 1st Floor, 16th Ward, Basaveshwara, Badavane, Near Pathan Maszid Hospet, Hospet - 583201, Karnataka, India
Date of Appointment :	01.04.2014
PAN No.:	AGAPR3560Q
Name :	Hemadri Bai
Designation :	Company Secretary
Address :	Myasakeri Oni Hospet, Ballari – 583201, Karnataka, India
Date of Appointment :	01.08.2017
PAN No.:	ACYPH9868H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

Names of Shareholders	No. of Shares
Dinesh Kumar Singhi	47625000
Snehlatha Singhi	68605
Singhi Finlease Private Limited, India	16227491
Snehfin Investment Private Limited, India	34660750
Singhi Holdings Private Limited, India	5826263
Laxmipat Dudheria	70000
Dinesh Kumar Singhi (HUF)	55000
BPO Finance and Investment Private Limited, India	722500
Panchmukhi Properties Private Limited, India	725000
VSL Securities Private Limited, India	150000
Devendra Contra Private Limited, India	630000
Xplosion Entertainment Private Limited, India	12500
Total	106773109

Equity Share Break up (Percentage of Total Equity)

As on 05.08.2016

Category	Percentage
Promoters (Individual/Hindu Undivided Family-Indian)	44.72
Promoters (Body corporate)	54.47
Public/Other than promoters (Individual/Hindu Undivided Family-Indian)	0.07
Public/Other than promoters (Body Corporate)	0.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Selling of Steel and Allied Products and Generation of Power. [Registered activity and also confirmed by management]

Products :

Item Code No.	Product Description
2601	Pellets
7307	Sponge Iron
8410	Power
7203	TMT Bars

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash, L/C, Advance Payment, Cheque and Credit [30/60/90 Days] and Others (RTGS and NEFT)

Purchasing :

Cash, L/C, Advance Payment, Cheque and Credit [30/60/90 Days] and Others (RTGS and NEFT)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Others (Builders)

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	State Bank of India
Branch	Corporate Accounts Group Branch, 6-3-669, 2nd Floor, O Zone Building, Punjagutta, Hyderabad - 500082, Telangana, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	24879.646	22627.389
Intercorporate borrowings	0.800	0.800
Short-term borrowings
Working capital loans from banks	1287.284	89.002
Other loans and advances	364.805	1027.878
Total	26532.540	23745.070

NOTE:

Loans taken from banks is secured by hypothecation of stock and book debts. These are further secured by collateral securities and personal guarantees of promoter / directors.

Auditors :
Name :	T.D. Jain and D.I. Sakaria Chartered Accountants
Address :	#34, 3rd Floor, Keshava Nivas,1st, Main, Gandhinagar, Bangalore-560009, Karnataka, India
Tel No.:	91-80-22356135/ 22356137
Fax No.:	91-80-22356136
Email :	ostawaljain@gmail.com
PAN No.:	AAAFO2177L
Memberships :	Not Available
Collaborators :	Not Available
Public company in which a director or manager is a director and holds along with his relatives, more than two per cent of its paid-up share capital :	ShravanI Constructions and Projects Singhi Finlease Private Limited, India U67120KA1999PTC025712 Snehfin Investments Private Limited, India U67120KA2001PTC028490 Singhi Holdings Private Limited, India U67120KA2007PTC043709 BMM Cements Limited, India U40300KA2007PLC043746 Shree Gavisiddeshwara Minerals Private Limited, India U01010KA2004PTC033519 BMM Energy Private Limited, India U40100KA2010PTC055239
Joint Venture :	Bharat Mines and Minerals Shri Gavisiddeshwara Minerals
Subsidiary company:	Ranj Itpura Infrastructure Private Limited, India U45203KA2006PTC040944

CAPITAL STRUCTURE

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
160000000	Equity Shares	INR 10/- each	INR 1600.000 Million

Issued Capital:

No. of Shares	Type	Value	Amount
107561846	Equity Shares	INR 10/- each	INR 1075.618 Million

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
106773109	Equity Shares	INR 10/- each	INR 1067.731 Million

FINANCIAL DATA

[all figures are in 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	1067.731	1040.618	1040.418
(b) Reserves & Surplus	13782.633	13158.340	12666.857
(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)	14850.364	14198.958	13707.275
(3) Non-Current Liabilities
(a) long-term borrowings	27960.745	24112.674	18644.023
(b) Deferred tax liabilities (Net)	1307.648	1317.701	1524.079
(c) Other long term liabilities	52.500	1.098	510.975
(d) long-term provisions	41.013	42.790	32.693
Total Non-current Liabilities (3)	29361.906	25474.263	20711.770
(4) Current Liabilities
(a) Short term borrowings	1652.089	1126.880	2445.853
(b) Trade payables	1911.962	2722.315	2360.866
(c) Other current liabilities	2689.895	3297.111	2509.607
(d) Short-term provisions	21.415	25.358	2.393
Total Current Liabilities (4)	6275.361	7171.664	7318.719
TOTAL	50487.631	46844.885	41737.764
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	41719.934	22686.935	23528.491
(ii) Intangible Assets	3.511	4.408	10.239
(iii) Capital work-in-progress	623.500	16158.387	9162.932
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1189.701	1256.691	1152.894
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1072.364	1385.162	2408.715
(e) Other Non-current assets	8.040	9.703	12.020
Total Non-Current Assets	44617.050	41501.286	36275.291
(2) Current assets
(a) Current investments	297.174	141.721	0.000
(b) Inventories	2595.945	2375.554	2285.858
(c) Trade receivables	1804.591	1441.777	1119.639
(d) Cash and cash equivalents	36.437	106.417	314.152
(e) Short-term loans and advances	713.683	698.513	1394.968
(f) Other current assets	422.751	579.617	347.856
Total Current Assets	5870.581	5343.599	5462.473
TOTAL	50487.631	46844.885	41737.764

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	15343.849	19991.704	18582.827
	Other Income	97.743	117.961	70.752
	TOTAL	15441.592	20109.665	18653.579
Less	EXPENSES
	Cost of Materials Consumed	9827.242	13813.310	11645.436
	Purchases of Stock-in-Trade	124.708	408.153	463.049
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(353.791)	122.450	(19.530)
	Employees benefits expense	514.416	444.287	291.867
	CSR Expenditure	3.323	9.923	7.244
	Other expenses	1850.155	2032.588	2661.690
	TOTAL	11966.053	16830.711	15049.756
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3475.539	3278.954	3603.823
Less	FINANCIAL EXPENSES	1890.590	1586.257	1289.757
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1584.949	1692.697	2314.066
Less	DEPRECIATION/ AMORTISATION	1522.778	1371.717	1768.409
	PROFIT/ (LOSS) BEFORE TAX	62.171	320.980	545.657
Less	TAX	(10.052)	(206.378)	272.137
Less	SHARE OF PROFIT (LOSS) OF ASSOCIATES	17.295	40.476	57.015
	PROFIT/ (LOSS) AFTER TAX	54.928	486.882	216.505
	IMPORTS
	Raw Materials	3965.269	5120.858	5393.006
	Components and Stores parts	134.563	20.074	24.659
	Capital Goods	116.765	1003.447	2256.608
	TOTAL IMPORTS	4216.597	6144.379	7674.273
	Earnings / (Loss) Per Share (INR)	0.52	4.68	2.10

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	666.653	1418.000	847.328
Net Cash flows from (used in) operations	2520.337	4702.443	5797.371
Net Cash flows from (used in) operating activities	2520.337	4645.943	5512.675

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	42.93	26.32	21.99
Account Receivables Turnover (Income / Sundry Debtors)	8.50	13.87	16.60
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	70.12	69.87	71.17
Inventory Turnover (Operating Income / Inventories)	1.34	1.38	1.58
Asset Turnover (Operating Income / Net Fixed Assets)	0.08	0.08	0.11

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.68	0.67	0.62
Debt Equity Ratio (Total Liability / Networth)	1.99	1.78	1.54
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.42	0.51	0.53
Fixed Assets to Networth (Net Fixed Assets / Networth)	2.85	2.74	2.39
Interest Coverage Ratio (PBIT / Financial Charges)	1.84	2.07	2.79

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin [(PAT / Sales) * 100]	%	0.36	2.44	1.17
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.11	1.04	0.52
Return on Investment (ROI) ((PAT / Networth) * 100)	%	0.37	3.43	1.58

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.94	0.75	0.75
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.52	0.41	0.43
G-Score Ratio Financial (Networth / Total Assets)	0.29	0.30	0.33
G-Score Ratio Debt (Debts / Equity Capital)	27.73	24.25	20.27
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.94	0.75	0.75

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	1040.418	1040.618	1067.731
Reserves & Surplus	12666.857	13158.340	13782.633
Net worth	13707.275	14198.958	14850.364
Long-term borrowings	18644.023	24112.674	27960.745
Short term borrowings	2445.853	1126.880	1652.089
Current Maturities of Long term debt	847.328	1418.000	666.653
Total borrowings	21937.204	26657.554	30279.487
Debt/Equity ratio	1.600	1.877	2.039

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	18582.827	19991.704	15343.849
		7.582	(23.249)

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	18582.827	19991.704	15343.849
Profit/ (Loss)	216.505	486.882	54.928
	1.17%	2.44%	0.36%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	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)	Yes
16	No. of employees	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION (AS ON 31.03.2015)

Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacturing and selling of steel and allied products and generation of power. The company caters to both domestic and international markets.

PERFORMANCE OF THE COMPANY

The Company’s net revenue has declined by 23.21% i.e., to INR 15441.590 million from that of INR 20109.660 million in the previous year. The decline in revenue is due to slump demand and weakened steel prices. During the year, the Company commissioned its One MTPA Steel plant. The EBITDA increased to INR 196.590 million at INR 3475.540 million in the period under review, compared to INR 3278.950 million in previous year and the EBITDA margin has increased to 22.51% in FY 2015-16 compared with 16.31% in FY 2014-15. The increase in EBITDA was contributed by reduction in raw material prices. The PBT decreased by INR 258.810 at INR 62.170 million in FY 2015-16 compared to INR 320.980 million in FY 2014-15 due to increase in finance cost on account of commissioning of new plant. The PAT also decreased by INR 455.140 million at INR 72.220 million in FY 2015-16 compared to INR 527.360 million in FY 2014-15. The slackened demand and cheaper imports has caused falling trend in the prices of finished products, which has pulled down the operational and financial performance of the company.

UNSECURED LOAN

Unsecured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Loans and advances from related parties	3080.299	1484.485
SHORT TERM BORROWING
Loans and advances from related parties	0.000	10.000
Total	3080.299	1494.485

INDEX OF CHARGES:

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	C55446298	10572899	STATE BANK OF INDIA	13/05/2015	-	240000000.0	Corporate Accounts Group Branch, 6-3-669, 2nd Floor, O Zone Building, Punjagutta, Hyderabad - 500082, Telangana, INDIA
2	C23333941	10385982	STATE BANK OF INDIA	19/10/2012	09/09/2014	6600000000.0	CORPORATE ACCOUNTS BRANCH, 2ND FLOOR, OZONE BUILDING, #6-3-669, PUNJAGUTTA, HYDERABAD - 500082, Andhra Pradesh, INDIA
3	B36033280	10344922	PUNJAB NATIONAL BANK	05/03/2012	-	250000000.0	LARGE CORPORATE BRANCH, CENTENARY BUILDING, NO.28, M G ROAD, BANGALORE - 560001, Karnataka, INDIA
4	B36032670	10344921	STATE BANK OF INDIA	05/03/2012	-	1200000000.0	COLLEGE ROAD BRANCH,, PARWAZ PLAZA, COLLEGE ROAD, HOSPET, Karnataka - 583201, INDIA
5	G05877394	10306952	SBICAP TRUSTEE COMPANY LIMITED	17/08/2011	29/04/2016	25250000000.0	202, MAKER TOWER "E", CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA
6	B86646569	10206134	STATE BANK OF INDIA	25/01/2010	13/09/2013	1981000000.0	CORPORATE ACCOUNTS GROUP BRANCH - 13039,, "OZONE", 2ND FLOOR, #6-3-669, PUNJAGUTTA MAIN ROAD, HYDERABAD - 500082, Andhra Pradesh, INDIA
7	A80484983	10255047	STATE BANK OF INDIA	21/05/2008	14/11/2009	900000000.0	COLLEGE ROAD BRANCH, PARWAJ PLAZA, COLLEGE ROAD, HOSPET - 583201, Karnataka, INDIA
8	A56248057	80051743	STATE BANK OF INDIA	28/02/2005	14/02/2009	575000000.0	STATION ROAD, HOSPET - 583201, Karnataka, INDIA
9	G04179529	10172529	STATE BANK OF INDIA	03/08/2009	07/11/2012	4600000000.0	COLLEGE ROAD BRANCH, PARWAJ PLAZA, COLLEGE ROAD, HOSPET - 583201, Karnataka, INDIA
10	C48891980	10341146	CANARA BANK	22/02/2012	-	1500000000.0	Prim Corporate Branch 25, M.G. Road, Bangalore-560001, Karnataka, India

FIXED 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 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 65.23
UK Pound	1	INR 89.71
Euro	1	INR 79.50

INFORMATION DETAILS

Analysis Done by :	NYT
Report Prepared by :	KJL

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 be considered as unfavorable.

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.