MIRA INFORM REPORT

Report No. :	495765
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	RUDRA GLOBAL INFRA PRODUCTS LIMITED (w.e.f. 26.12.2017)
Formerly Known As :	M.D. INDUCTO CAST LIMITED (w.e.f. 20.05.2015) M.D. INDUCTO CAST PRIVATE LIMITED
Registered Office :	“M.D. House”, Plot No. 2715/A, Near Central Salt, Waghawadi Road, Bhavnagar – 364002, Gujarat
Tel. No.:	91-278-2570133 / 2572133
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	16.09.2010
Com. Reg. No.:	04-062324
Capital Investment / Paid-up Capital :	INR 240.877 Million
CIN No.: [Company Identification No.]	L28112GJ2010PLC062324
IEC No.: [Import-Export Code No.]	2412003521
GSTN : [Goods & Service Tax Registration No.]	24AAGCM9245A1ZP
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGCM9245A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Manufacturer, importer and exporter of MS Billets and MS TMT Bars, with brand name rudratmx. [Registered activity and also confirmed by management]
No. of Employees :	174 (Approximately) (In office 30 + In factory 144)

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

Maximum Credit Limit :	USD 1540000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2010. The company is engaged in manufacturing, exporting and importing of MS billets and MS TMT bars with brand name Rudratmx. For the financial year 2017, the company has reported dip in its revenue as compared to the previous year but has managed to maintain an average profit margin of 2.19%. The sound financial risk profile of the company is marked by adequate net worth base along with low debt balance sheet profile. Further, as per the quarterly financials of December 2017, the company achieved operational revenue of INR 1003.555 million along with a profit of INR 31.942 million. Furthermore, subject’s customer (Shivshakti Enterprise) gave positive feedback and claimed that they are satisfied with subject’s product quality. Supplier (Shree Balaji Trading Co.) also gave positive feedback about the subject and claimed that they are satisfied with subject’s payment behaviour. These strengths are partially offset by its large working capital requirement, and vulnerability to cyclicality and competition in the steel industry. Payments seems to be usually correct. In view of 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 (30.09.2017)	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 borrowing = BB+
Rating Explanation	Moderate risk of default
Date	17.10.2017
Rating Agency Name	CRISIL
Rating	Short term borrowing = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	17.10.2017

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 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.

INFORMATION PARTED BY

Name :	Mr. Amit Parmar
Designation :	Accounts Department
Contact No.:	91-9924773729

LOCATIONS

Registered Office :	“M.D. House”, Plot No. 2715/A, Near Central Salt, Waghawadi Road, Bhavnagar – 364002, Gujarat, India
Tel. No.:	91-278-2570133 / 2572133
Mobile No.:	91-9924773727 (Mr. Amit Parmar) 91-9825222476 (Mr. Nikhil Gupta)
Fax No.:	91-278-2570133
E-Mail :	info@rudratmx.com info@mdgroup.in
Website :	http://www.rudratmx.com
Area :	205.18 Sq. Meter
Location :	Rented
Locality :	Commercial
Factory :	Survey No. 144, Paiki 1 and 2, Survey No. 145, Paiki 1, Village Nesada, Taluka Sihor, Bhavnagar, Gujarat, India
E-Mail :	mdinductocast@mdgroup.in
Area :	62423 Sq. Meter
Location :	Owned
Locality :	Industrial

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Ashokkumar Jagdishram Gupta

Designation :

Chairman

Address :

D-146/147, Kaliabeed, Bhavnagar – 364002, Gujarat, India

Date of Birth/Age :

15.10.1957

Qualification :

B.A

Experience:

25 Years

Date of Appointment :

16.09.2010

DIN No.:

00175862

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U13100MH1984PTC032001	SONTHALIA STEEL ROLLING MILLS PRIVATE LIMITED	15/02/1992	-
U36999GJ2017PTC099812	RUDRA AEROSPACE & DEFENCE PRIVATE LIMITED	16/11/2017	-

Name :

Mr. Nikhil Ashokkumar Gupta

Designation :

Managing Director

Address :

D-146, Kaliyabid, Bhavnagar – 364002, Gujarat, India  

Date of Birth/Age :

01.03.1985

Qualification :

B. Com

Experience:

10 Years

Date of Appointment :

16.09.2010

DIN No.:

01069514

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U13100MH1984PTC032001	SONTHALIA STEEL ROLLING MILLS PRIVATE LIMITED	06/08/2006	-
U36999GJ2017PTC099812	RUDRA AEROSPACE & DEFENCE PRIVATE LIMITED	16/11/2017	-

Name :

Mrs. Shamarani Ashokkumar Gupta

Designation :

Director

Address :

D/146 Kaliya Bid, Bhavnagar - 364002, Gujarat, India

Date of Birth/Age :

14.03.1960

Qualification :

B.A

Experience:

15 Years

Date of Appointment :

16.09.2010

DIN No.:

01811489

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U13100MH1984PTC032001	SONTHALIA STEEL ROLLING MILLS PRIVATE LIMITED	06/08/2006	-

Name :

Mr. Vikarambhai Lalitbhai Shah

Designation :

Director

Address :

201, Sanidhya Appt., Near Hotel Gen-X, Kalubha, Bhavnagar - 364001, Gujarat, India

Date of Birth/Age :

06.07.1960

Qualification :

BE

Experience:

15 Years

Date of Appointment :

16.05.2015

DIN No.:

07187024

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L28112GJ2010PLC062324	RUDRA GLOBAL INFRA PRODUCTS LIMITED	16/05/2015	-

Name :

Mr. Himanshu Shantilal Desai

Designation :

Director

Address :

28, Govind Baug, Near B.P.T.I., Bambhaniya Ni Wadi, Vidhya Nagar, Bhavnagar - 364002, Gujarat, India

Date of Birth/Age :

30.10.1972

Qualification :

BE

Experience:

10 Years

Date of Appointment :

16.05.2015

DIN No.:

07187030

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45309GJ2017PTC095313	SHRINATHJI ELECTRICALS & INFRASTRUCTURE PRIVATE LIMITED	28/01/2017	-

Name :

Mr. Vinodkumar Jagnnathprasad Jangid

Designation :

Additional  Director

Address :

Flat No.909/B, Madhavhill Waghawadi Road, Bhavnagar-364001, Gujarat, India

Date of Birth/Age :

01.01.1964

Qualification :

HSC

Experience:

10 Years

Date of Appointment :

30.06.2017

DIN No.:

07865629

KEY EXECUTIVES

Name :	Mr. Arvind Prabhakar Jejurikar
Designation :	Chief Finance Officer
Address :	B-203, Vitrag Residency, Plot No. 208, Deri Road, Behind Jain Derasar, Krishna Nagar, Bhavnagar - 364001, Gujarat, India
Date of Appointment :	01.05.2015
PAN No.:	ACCPJ3965B
Name :	Mr. Vimal Bhailal Dattani
Designation :	Company Secretary
Address :	Viraj, Plot No. 270/1, Swami Narayan Nagar, Behind Halar House, Jamnagar - 361001, Gujarat, India
Date of Appointment :	26.05.2015
PAN No.:	AXJPD9826H
Board Committees
Audit Committee :	Mr. Himanshu Desai (Chairperson) Mr. Ashok Kumar Gupta (Member) Mr. Vikram Shah (Member)
Stakeholder’s Relationship Committee :	Mr. Himanshu Desai (Chairperson) Mr. Ashok Kumar Gupta (Member) Mr. Vikram Shah (Member)
Nomination and Remuneration Committee :	Mr. Vikram Shah (Chairperson) Mr. Ashok Kumar Gupta (Member) Mr. Himanshu Desai (Member)
Corporate Social Responsibility Committee :	Mr. Vikram Shah (Chairperson) Mr. Ashok Kumar Gupta (Member) Mr. Himanshu Desai (Member)

SHAREHOLDING PATTERN

AS ON DECEMBER 2017

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	17703704	73.50
(B) Public	6384000	26.50
Grand Total	24087704	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	17703704	73.50
Ashokkumar Jagdishram Gupta	7	0.00
Ashokkumar Gupta	2402950	9.98
Shamarani Ashokkumar Gupta	2002960	8.32
Sugandh Sahil Gupta	985141	4.09
Nikhil Ashokkumar Gupta	2206396	9.16
Shrishti Nikhilkumar Gupta	4567500	18.96
Sahil Ashok Gupta	5538750	22.99
Sub Total A1	17703704	73.50
A2) Foreign		0.00
A=A1+A2	17703704	73.50

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions		0.00
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 million	384877	1.60
Individual share capital in excess of INR 0.200 million	3754040	15.58
Ruchi Singla	268000	1.11
Ushir Pankajkumar Jain	801198	3.33
Parveen Rani Jain	712842	2.96
Any Other (specify)	2245083	9.32
Clearing Members	1450	0.01
Bodies Corporate	232056	0.96
Abhinav Kumar	2011577	8.35
Sub Total B3	6384000	26.50
B=B1+B2+B3	6384000	26.50

BUSINESS DETAILS

Line of Business :

Manufacturer, importer and exporter of MS Billets and MS TMT Bars, with brand name rudratmx. [Registered activity and also confirmed by management]

Products / Services :

NIC Code No.	Product Description
2714	MS Billets
27151	MS TMT Bars

Brand Names :

“RUDRATMX”

Agencies Held :

Not Available

Exports :

Products :

Finished goods

Countries :

Dubai

Imports :

Products :

Raw material

Countries :

Dubai

Terms :

Selling :

L/C

Purchasing :

L/C

PRODUCTION STATUS – (AS ON 31.03.2017)

Particulars	Installed Capacity
MS billet	120000
MS TMT	120000

GENERAL INFORMATION

Suppliers :

Reference :

Shree Balaji Trading Company

Name of the Person :

Mr. Sameer Bhai (Proprietor)

Contact No.:

91-9825205192

Since How Long Known :

Since -2010

Maximum Limit Dealt :

Depend on order

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark :

Mr. Sameer Bhai (Proprietor) gave positive response about subject.

Customers :

Steel manufacturing Unit

Reference :

Shivshakti Enterprise

Name of the Person :

Mr. Manish Dariyavi (Proprietor)

Contact No.:

91-9898409111

Since How Long Known :

Since - 2013

Maximum Limit Dealt :

Depend on order

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark :

Mr. Manish Dariyavi (Proprietor) gave positive response about subject in product quality and delivery behaviour.

No. of Employees :

174 (Approximately) (In office 30 + In factory 144)

Bankers :

Bank Name	Punjab National Bank
Branch	Ramwadi Main Branch, Bhavnagar, Gujarat, India
Person Name (With Designation)	Mr. Ajay Jain (R.M)
Contact Number	91-278-2518083
Name of Account Holder	M. D. Inducto Cast Limited
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	Credit Limit = INR 35.000 Million
Account Operation	--
Remarks (If any)	Banker told us to send a mail on bo0051@pnb.co.in

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
PNB Term Loan	24.095	39.771
Less: Current Maturities of Loan term i.e. amount repayable within 12 Month	14.400	14.400
HDFC Bank (Truck Loan)	3.499	0.000
Less: Current Maturities of Loan term i.e. amount repayable within 12 Month	1.311	0.000
SIDBI Term Loan (WINDMILL)	90.000	0.000
Less: Current Maturities of Loan term i.e. amount repayable within 12 Month	13.800	0.000
Axis Bank (Truck Loan)	0.749	1.567
Less: Current Maturities of Loan term i.e. amount repayable within 12 Month	0.749	1.285
HDFC Bank(Escort Crane)	0.031	0.382
Less: Current Maturities of Loan term i.e. amount repayable within 12 Month	0.031	0.317
Magma Fincorp Limited (Loader Backhoe)	0.309	0.803
Less: Current Maturities of Loan term i.e. amount repayable within 12 Month	0.309	0.453
Axis Bank (Crane)	0.430	0.759
Less: Current Maturities of Loan term i.e. amount repayable within 12 Month	0.296	0.296
ICICI Bank (Mercedes Benz Car Loan)	3.704	4.911
Less: Current Maturities of Loan term i.e. amount repayable within 12 Month	1.092	1.092
ICICI Bank (Ahmedabad Office Loan)	4.942	5.332
Less: Current Maturities of Loan term i.e. amount repayable within 12 Month	1.048	1.048
PNB Term Loan (WINDMILL)	49.122	25.475
Less: Current Maturities of Loan term i.e. amount repayable within 12 Month	6.300	6.300
Short-term borrowings
Cash Credit Facilities from Punjab National Bank CC-10718 (Ramwadi branch at Bhavnagar)	271.410	174.443
Cash Credit facility form Punjab National Bank CC-00010 (Sihor branch at Sihor)	0.000	120.929
Total	378.955	349.181

Notes:

Long-term Borrowings

Details of security

a) Secured by an exclusive first charge by way of hypothecation of specific plant and machinery and all other movables, both present and future, purchased out of the loan and hypothecation of movables (save and except book debts) including movable plant and machinery, both present and future. Also by equitable mortgage of company’s immovable properties located at Nesada Taluka Sihor, Bhavnagar with all buildings and structures and plant and machinery thereon pari passu with loans and also by personal guarantee of directors.

b) Long term finance from HDFC bank limited is secured by hypothecation charge on two trucks.

Term loan of INR 3.350 million is repayable in equal monthly installments of INR 0.112 million including interest commencing from 12^th January, 2013 and ending on December 2015. There is on overdue interest as at 31.03.2016.

c) Long term finance from SIDBI bank is secured by hypothecation charge on windfarm.

Term loans of INR 90.000 million is repayable in equal monthly installments of INR 1.150 million including interest commencing from 30^th March 2017. There is on overdue interest as at 31.03.2017

d) Long term finance from Axis Bank is secured by hypothecation charge on two truck.

Term loans of INR 3.000 million is repayable in equal monthly installment of INR 0.078 million including interest commencing from 20^th February, 2014 and ending on December, 2018. There is no overdue interest at 31.03.2016.

e) Long term finance from HDFC bank is secured by hypothecation charge on ESCORT CRANE 14-T.

Term loans of INR 1.200 million is repayable in equal monthly installment of INR 0.031 million including interest commencing from 22^nd May, 2013 and ending on April, 2017. There is no overdue interest as at 31.03.2016.

f) Long term finance from Magma Fin Crop Limited is secured by hypothecation charge on LOADER BACKHOE.

Term loans of INR 1.800 million is repayable in equal monthly installment of INR 0.045 million including interest commencing from 1^st December, 2013 and ending on October, 2017. There is no overdue interest as at 31.03.2016.

g) Long term finance from Axis Bank is secured by hypothecation charge on crane.

Term loans of INR 1.279 million is repayable in equal monthly installment of INR 0.033 million including interest commencing from 5^th June, 2014 and ending on May, 2018. There is no overdue interest as at 31.03.2016.

h) Long term finance from ICICI Bank is secured by hypothecation charge on car (Mercedes Benz).

Term loans of INR 6.500 million is repayable in equal monthly installments of INR 0.137 million including interest commencing from 10^th December, 2014 and ending on October, 2017. There is no overdue interest as at 31.03.2016.

i) Long term finance from ICICI Bank is secured by equitable mortgage on Non-residential premises at ahmedabad.

Term loans of INR 5.907 million is repayable in equal monthly installments of INR 0.087 million including interest.

j) Long term finance from Punjab National Bank is secured by hypothecation charge on windmills and personal guarantee of directors. The term loan of INR 31.500 million repayable in 60 equal monthly installment of INR 0.525 million.

Short-term borrowings

Nature of security

Working capital facility from banks are secured by

a) Primary security-first charge on present and future receivables and inventories of the company.

b) Collateral security- hypothecation of fixed assets, fixed deposits lien marked to banks and immovable properties- belonging to promoter and other.

c) Personal guarantees of directors.

d) Corporate guarantee of bubble infosolution private limited (company in which managing directors of the company is a director) and Amulet Technologies Limited (subsidiary of the company).

Statutory Auditors :

Name :

P D Goplani and Associates

Chartered Accountants

Address :

A-104/105, Leela EFCEE, Near Aksharwadi, Waghawadi Road, Bhavnagar-364002, Gujarat, India

Tel. No.:

91-278-2570105/106

E-Mail :

pdgoplani@gmail.com

prem.goplani@rediffmail.com

capdgoplani12@gmail.com

PAN No.:

AANFP7008E

Internal Auditor :

Name :

M. Masarani and Associates

Chartered Accountants

Address :

Bhavnagar, Gujarat, India

Secretarial Auditor :

Name :

N S Dave and Associates

Practicing Company Secretaries

Address :

Jamnagar, Gujarat, India

Cost Auditor :

Name :

Mihir Vyasa and Associates

Cost Accountants

Address :

Vadodara, Gujarat, India

Memberships :

Not Available

Collaborators :

Not Available

Enterprises over which director’s relative exercise significant influence :

• M D Jewels
• M D Steel
• Chintamani Oxygen

Sister concern : :

Name :	Sonthalia Steel Rolling Mills Private Limited
Line of Business :	Manufacturing of TMT bars
Name :	Harikrishna Steel Corporation
Line of Business :	Ship Recycling

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	INR 10/- each	INR 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24087704	Equity Shares	INR 10/- each	INR 240.877 Million

1. Reconciliation of number of shares outstanding at the beginning and at the end of the year

Particulars	As at 31^st March 2017
	Number of Shares	INR in Million
Equity Shares:
Balance at the beginning of the year	24087704	240.877
Additional during the year
- Shares Equity (Preferential basis/Private placement)	--	--
- Shares Issued (IPO)	--	--
- Bonus Shares Issued *	--	--
Balance as at end of the year	24087704	240.877

* During the year as on 16^th May, 2015, the company allotted 10000000 equity shares as fully paid bonus shares by capitalising surplus reserve account.

2. Terms/rights, performances and restrictions attached to each class of shares

Equity Shares:

The company has only one class of equity shares having par value of INR 10 per share. Each holder of equity share in entitled to one vote per share. The company derives dividends in Indian rupees. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuring annual general meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after payment off all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.

The company declares and pays dividend on the equity shares in Indian Rupees. Dividend proposed by the Board of directors is subject to approval of the share holder at the ensuring Annual General Meeting.

3. Previous year, the company has issued 10000000 Bonus Shares of Face Value INR 10 each on 16^th May, 2015 at a ratio of 2.50:1 (i.e. two and half share for every one Equity Share already held). The company has issued 3703704 shares of INR 10 each @ INR 27 per share to the promoter on preferential basis on 22^nd May, 2015.

The previous year, the company also made an initial public offer of 6384000 Equity Share of INR 10 each at a price of INR 27 per share through 100% book building process. Equity shares of the company listed on 17^th July, 2015 on BSE Exchange (SME).

4. Detail of shareholders holding more than 5% of the aggregate shares in the company:

Shareholders	As at 31^st March 2017
	Number of Shares	% age of Share Holding
Ashokkumar Gupta	2402950	9.98
Shamarani Gupta	2002960	8.32
Nikhil Gupta	2206396	9.16
Sahil Gupta	5538750	22.99
Shristi Gupta	4567500	18.96

As per record of the company, including it’s registered of shareholders/members and other declaration received from shareholders regarding beneficial interest, the above shareholding represents both local and beneficial ownership of shares.

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	240.877	240.877	40.000
(b) Reserves & Surplus	298.969	241.557	110.849
(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	539.846	482.434	150.849
(3) Non-Current Liabilities
(a) long-term borrowings	230.045	161.809	119.044
(b) Deferred tax liabilities (Net)	46.504	23.494	24.567
(c) Other long term liabilities	0.428	0.658	0.272
(d) long-term provisions	1.754	2.282	0.000
Total Non-current Liabilities	278.731	188.243	143.883
(4) Current Liabilities
(a) Short term borrowings	282.510	295.372	266.208
(b) Trade payables	86.184	407.641	705.544
(c) Other current liabilities	136.766	109.627	154.766
(d) Short-term provisions	18.317	13.799	21.613
Total Current Liabilities	523.777	826.439	1148.131
TOTAL	1342.354	1497.116	1442.863
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	417.479	313.423	350.062
(ii) Intangible Assets	19.459	21.621	24.324
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	9.905	1.731	2.039
(e) Other Non-current assets	4.184	5.961	46.354
Total Non-Current Assets	451.027	342.736	422.779
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	470.768	639.376	524.757
(c) Trade receivables	283.195	321.631	317.612
(d) Cash and cash equivalents	107.456	54.171	108.898
(e) Short-term loans and advances	9.530	129.797	59.881
(f) Other current assets	20.378	9.405	8.936
Total Current Assets	891.327	1154.380	1020.084
TOTAL	1342.354	1497.116	1442.863

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	2621.341	2798.419	3317.649
	Other Income	21.899	9.451	15.569
	TOTAL	2643.240	2807.870	3333.218
Less	EXPENSES
	Cost of Materials Consumed	1790.665	2074.986	2529.222
	Conversion cost	555.697	550.471	480.291
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.906)	(124.282)	33.623
	Employees benefits expense	43.101	29.731	19.814
	Other expenses	60.671	77.905	71.188
	TOTAL	2449.228	2608.811	3134.138
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	194.012	199.059	199.080
Less	FINANCIAL EXPENSES	64.157	60.565	74.482
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	129.855	138.494	124.598
Less	DEPRECIATION/ AMORTISATION	40.856	50.141	42.822
	PROFIT/ (LOSS) BEFORE TAX	88.999	88.353	81.776
Less	TAX	31.587	29.135	23.637
	PROFIT/ (LOSS) AFTER TAX	57.412	59.218	58.139
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	70.067	110.849	52.710
Add	Utilised accumulated reserves for bonus shared issued	0.000	(100.000)	0.000
	Balance Carried to the B/S	127.479	70.067	110.849
	Earnings / (Loss) Per Share (INR)	2.38	2.46	14.53

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt
Term loans - From banks	39.028	24.737	26.323
Term loans - From financial institutions	0.309	0.453	0.453
Total	39.337	25.190	26.776
Cash generated from operations	100.595	332.207	332.064
Net cash generate from operating activities	92.019	305.391	314.840

QUARTERLY RESULTS

PARTICULARS	30.09.2017	31.12.2017
	(Unaudited)	(Unaudited)
Net Sales	896.150	1003.560
Total Expenditure	848.820	929.290
PBIDT (Excluding Other Income)	47.330	74.270
Other Income	12.200	6.730
Operating Profit	59.530	81.010
Interest	19.320	19.600
Exceptional Items	NA	NA
PBDT	40.210	61.410
Depreciation	10.360	11.350
Profit Before Tax	29.850	50.060
Tax	14.080	18.120
Provisions and contingencies	NA	NA
Profit After Tax	15.770	31.940
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	15.770	31.940

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	39.43	41.95	34.94
Account Receivables Turnover (Income / Sunday Debtors)	9.26	8.70	10.45
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	17.57	71.71	101.82
Inventory Turnover (Operating Income / Inventories)	0.41	0.31	0.38
Asset Turnover (Operating Income / Net Fixed Assets)	0.44	0.59	0.53

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.59	0.68	0.90
Debt Equity Ratio (Total Liability / Networth)	1.02	1.00	2.73
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.97	1.71	7.61
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.81	0.69	2.48
Interest Coverage Ratio (PBIT / Financial Charges)	3.02	3.29	2.67

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	2.19	2.12	1.75
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.28	3.96	4.03
Return on Investment (ROI) ((PAT / Networth) * 100)	%	10.63	12.27	38.54

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.70	1.40	0.89
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.80	0.62	0.43
G-Score Ratio Financial (Networth / Total Assets)	0.40	0.32	0.10
G-Score Ratio Debt (Debts / Equity Capital)	2.29	2.00	10.30
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.70	1.40	0.89

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

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 218.00/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	40.000	240.877	240.877
Reserves & Surplus	110.849	241.557	298.969
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	150.849	482.434	539.846
Long-term borrowings	119.044	161.809	230.045
Short term borrowings	266.208	295.372	282.510
Current Maturities of Long term debt	26.776	25.190	39.337
Total borrowings	412.028	482.371	551.892
Debt/Equity ratio	2.731	1.000	1.022

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	3317.649	2798.419	2621.341
		(15.651)	(6.328)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	3317.649	2798.419	2621.341
Profit	58.139	59.218	57.412
	1.75%	2.12%	2.19%

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	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
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	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

HISTORY, COMMERCIAL ACTIVITIES

The company was incorporated in the year 2010, as a major steel player in Gujarat to manufacture MS Billets, with an annual installed capacity of 1.2lac MT.

The company’s commitment to quality and customer service helped it in establishing a name for itself in the rapidly growing steel market. Having achieved a strong foothold in the market, the company ventured into forward integration and set up a state of the art fully automatic rolling mill to manufacture TMT Bars in the year 2014. The TMT Bars were launched under the company’s flagship brand “RUDRA.” M. D. Inducto Cast has the privilege of being the 100th company to be listed on BSE SME platform, on 16th July, 2015.

The economy is on the verge of experiencing another boom in the realty and infra sectors, with boosts being provided by the government by announcing major infra projects like Dholera SIR, Ahmedabad-Mumbai Bullet Train, Gandhinagar-Dholera Metro, Multi-Dam projects in Saurashtra due to come up in Gujarat in the next 5 years. The management plans to expand its operations and not only be recognized as a major steel player but as a big infra product giant.

FUTURE PROFRAMMES:

The company plans to build up on the brand value of “RUDRA” created in TMT bars segment, and expand its product offerings in the market. Currently the company alongwith billets and TMT Bars, has over the years successfully managed to add binding wires, steel pipes and water proofing chemicals to its product range. The response to the new products added to the portfolio has been phenomenal. It not only adds to the brand value of the company, it also gives its dealers more opportunities to grow. They intend to become a one stop solution of all infra related product needs of a customer. MD Inducto Cast Limited shall soon be renamed as RUDRA GLOBAL INFRA PRODUCTS LIMITED.

Owing to the dominant position the company enjoys in the steel segment the company now plans to enjoy the same success across various categories in the infra segment. They plan to capitalize on their well established and geographically penetrated distribution channel and intend to launch various Infra products like cement, pipe fittings, tiles, water tanks, cement sheets, paints, chemicals, galvanized sheets, fly ash bricks, etc. This will enable us to cater to the multiple and distinct requirements of their clients under one roof, thereby reducing his workload and enriching his experience of making his dream house. All these product categories will be covered under the company’s flagship brand “RUDRA”. These products will soon be added to the product basket of the company.

The company is exploring the option of tie-ups with various manufacturers to outsource the products manufactured under “Rudra” Brand and is also in negotiation with major brands for tie-ups for cross branding of products. The company believes that there cannot be a better time to reap the benefits of such strong and penetrated distribution channel. The company recognizes great potential in the infra sector and plans to become first of its kind multi-product retail brand catering to all infra needs under one roof.

RESULTS OF OPERATIONS

During the financial year 2016-17, Company has achieved total Revenue net of excise duty of INR 2643.200 Million resulting as compared to revenue of INR 2807.900 million during the previous financial year ended March, 2016. The operating profit (profit after tax) is INR 57.412 million in financial year 2016-17 as compared to INR 59.218 million during the previous year.

MANAGEMENT DISCUSSIONS AND ANALYSIS

INDUSTRY STRUCTURE AND OUTLOOK:

Steel is a cornerstone and key driver for the world’s economy. The steel industry directly employs more than two million people worldwide, plus two million contractors and four million people in supporting industries. Moreover, industries such as construction, transport and energy, and the steel industry are a source of employment for more than 50 million people. Steel is at the core of the green economy, in which economic growth and environmental responsibility work hand in hand. Steel is the main material used in delivering renewable energy: solar, tidal and wind. Steel is 100% recyclable and can be used in new products and applications amounting to significant energy and raw material savings.

Their Company, incorporated in 2010 and listed on SME BSE board in 2015 is ISO 14001:2004, ISO 9001:2008 and BS OHSAS 18001:2007 certified. Their Company is engaged in manufacturing of superior quality TMT bars and billets. The registered office of their Company is situated at MD House, Plot No. 2715/A, Near Central Salt, Waghawadi Road, Bhavnagar – 364002,

Their Company “M.D. Inducto Cast Limited” forms part of the esteemed M.D. Group. M.D. Group is promoted by a

team of young entrepreneurs and experienced veterans with proven track records. The group started its journey in 1991 with a steel re-rolling mill having modest capacity of around 1000 MT per month. Today, the group is engaged in various businesses like Ship Recycling, Oxygen Plant, Induction Furnace, Re-rolling mill, producing more than 1.5 Lacs MT per annum of steel, with a group turnover of around INR 6000.000 million per annum. Fulfilling its objective of consistence growth in quality steel manufacturing, their Company has launched its premiere TMT Brand “Rudra TMX” manufactured from premium quality billets.

PRODUCT WISE PERFORMANCE:

Their Company is engaged in the manufacturing of TMT bars and Billets Irrespective of number of competitors the

overall demand of their products is high hence overall performance of their Company has improved during the current year in comparison with the earlier performance. The turnover of the company for the Financial Year ended 31^st March, 2017 and its segment wise comparison with previous Financial Year is given below:

Type of product	2016-17
	Qty.	INR in Million
MS Billets	35336	821.286
TMT Bars	64533	1744.610

UNSECURED LOANS:

Particulars	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Other parties (Corporate bodies)	122.500	108.000
SHORT TERM BORROWINGS
Other parties (Corporate bodies)	11.100	0.000
Total	133.600	108.000

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G39593132	100086575	SIDBI	30/03/2017	-	90000000.0	First Floor, Navjivan Amrit Jayanti Bhavan, P.B. No. 10, Navjivan P.O., Ahmedabad-380014, Gujarat, India
2	G00808972	100086989	PUNJAB NATIONAL BANK	22/08/2014	-	880000000.0	Main Branch, Ramwadi, Opposite Bhidbhanjan Mahadev, Bhavnagar-364001, Gujarat, India
3	C10879021	10508456	ICICI BANK LIMITED	23/06/2014	-	5907000.0	Landmarkrace Cource Circle, Alkapuri, Vadodara-390015, Gujarat, India
4	C05109061	10496528	Axis Bank Limited	09/05/2014	-	1278900.0	Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-380006, Gujarat, India
5	B96852769	10478789	Axis Bank Limited	29/01/2014	-	3000000.0	RAC Ahmedabad, CV/ CE Department, 4th Floor, Shivalik Ishan, Near C. N. Vidhyalaya, Ambawadi, Ahmedabad-380006, Gujarat, India
6	B75391359	10426463	HDFC BANK LIMITED	17/05/2013	-	1200000.0	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
7	G51637106	10382073	PUNJAB NATIONAL BANK	13/09/2012	31/07/2017	551500000.0	Bhavnagar Main Branch, Ramwadi Complex, Opposite Bhidbhanjan Mahadev, Bhvanagar-364001, Ujarat, India

CONTINGENT LIABILITIES:

The company has given bank guarantees in favour of M/s. Harikrishna Steels Corporation, in which the directors are interested for working capital finance of INR 880.000 million availed by them from Punjab National Bank, Bhavnagar Branch. The outstanding amounts of such finance availed by M/s Harikrishna Steel Corporation as at 31.03.2017 is INR 611.500 Million.

STATEMENT OF UNAUIDTED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED 31^ST DECEMBER, 2017

(INR In Million)

Particulars	Quarter ended		Nine months ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
INCOME FROM OPERATIONS
Net Sales	1003.555	896.146	2798.625
Other Operating Income	6.737	12.201	24.066
Total Income from Operations	1010.292	908.347	2822.691
EXPENSES
Cost of raw materials consumed	671.343	598.176	1726.132
Purchase of stock-in-trade	237.962	0.000	237.962
Changes in inventories of finished goods and work-in-progress	(78.238)	(68.063)	(14.988)
Employee benefits expense	12.761	12.223	32.486
Excise duty	(130.903)	130.903	94.886
Finance costs	19.597	19.324	49.739
Depreciation and Amortization expenses	11.350	10.358	34.583
Other Expenditure	216.359	175.573	570.789
Total Expenses	960.232	878.494	2731.588
Profit / (Loss) before Tax	50.060	29.853	91.103
Tax Expense	18.118	14.081	35.900
Profit / (Loss) after Tax	31.942	15.772	55.203
Paid-up Equity Share Capital (Face value INR 10/- per share)	240.877	240.877	240.877
Earning Per Share (EPS)
- Basic	1.33	0.65	2.29
- Diluted	1.33	0.65	2.29

NOTES:

1. The financial results of the quarter ended December 31, 2017 were reviewed by the Audit Committee, and were approved by the Board of Directors as its meeting held on 14th February, 2018.

2. The company was listed on BSE SME Platform. The company has migrated from SME Platform to BSE Main Board w.e.f. 16th November, 2017.The Company has adopted Ind AS with effect from 1st October, 2017. Therefore, Ind AS transition date is w.e.f. 1st April 2016 and for that purpose comparative figures for the corresponding quarters and Nine months ended are restated. Accordingly, the impact of transition has been provided and figures for that period has been restated accordingly. The Ind-AS compliant financial results, pertaining to the relevant periods of the previous year as well as first half of the current financial year have not been subjected to limited review or audit. However, the management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of its affairs.

3. The financial results of the company have been prepared in accordance with Indian Accounting Standards prescribed under section 133 of the companies Act, 2013 read with relevant rulse thereunder and in terms with regulation 33 of SEBl (LODR) regulations 2015 and SEBI circular dated 5th July 2016. The company had prepared the reconciliation of net profit for the quarter ended December 2016 and Nine Months ended December 2016.

4. Revenue from operations for periods upto 30th June, 2017 included excise duty, which is discontinued from 1st July, 2017 on implementation of Goods and Service Tax (GST) in India. In accordance with Ind AS 18, GST is not included in Revenue from Operations. In view of the aforesaid restructuring of indirect taxes, revenue from operations for the quarter/ nine months ended on 31st December, 2017 is not comparable with previous periods.

5. Figures of previous reporting periods have been regrouped/reclassified wherever necessary to correspond with the figures of the current reporting period.

FIXED ASSETS:

Tangible Asset:

• Land
• Office
• Shed and Building
• Windmill
• Plant and Machinery
• Spectrometer
• Transformer
• Pollution control equipment
• Rolls
• Furniture
• Electrical installation
• Loader
• Computer
• Vehicles –Car
• Truck
• Tractor

Intangible Asset:

• Brand

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

Information Gathered by :	GYT
Analysis Done by :	PRY
Report Prepared by :	BHG

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--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.