MIRA INFORM REPORT

Report No. :	495591
Report Date :	06.03.2018

IDENTIFICATION DETAILS

Name :	RASHTRIYA ISPAT NIGAM LIMITED
Registered Office :	Administrative Building, Visakhapatnam -530031, Andhra Pradesh, India
Tel. No.:	91-891-2518015
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	18.02.1982
Com. Reg. No.:	01-003404
Capital Investment / Paid-up Capital :	INR 48898.462 Million
CIN No.: [Company Identification No.]	U27109AP1982GOI003404
IEC No.: [Import-Export Code No.]	2688000551
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AABCR0435L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Basic Iron and Steel. (Register activity)
No. of Employees :	Information declined by the management

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 280000000
Status :	Good
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated as a wholly -owned company of Government of India (Gol) with ‘Navratna’ status in the year 1982. It manufacturer of iron and steel. For the financial year 2016, the revenue of the company decreased by 3.49% and has incurred operational losses. Rating takes into consideration healthy financial profile of the company is marked by strong net worth base along with average debt coverage indicators. The rating also takes into consideration strong and financial support that company receives from Government of India (GOI). Rating also derives strength from company’s established track record of business. However, rating strengths are partially offset by highly competitive steel industry. Business is active. Payments seems to be slow but correct. In view of aforesaid, the company can be considered good for business dealings at usual trade terms and conditions. Note: As per the Registrar of Companies date of balance sheet (i.e. financial file) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

NOTES :

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

ECGC Country Risk Classification List

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Commercial Paper = A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	Not Available

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 06.03.2018

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 DENIED

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-22-22843750 / 91-891-2518249

Tel. No.: 91-22-22835760 / 91-9867211047 – Continuously ringing

LOCATIONS

Registered Office :	Administrative Building, Visakhapatnam -530031, Andhra Pradesh, India
Tel. No.:	91-891-2518015/538/2888360/390/2888247/2518360/ 2518249
Fax No.:	91- 891-2518753 /756/ 2888316 / 2518321/ 2518249
E-Mail :	pmr.cs@vizagsteel.com dir.fin@vizagsteel.com mtls.vsp@rmj.sprintrpg.ems.vsnl.net.in rinlexp@itpvis.ap.nic.in cmdvsp@itpvis.apnic.in csrinl@vizagsteel.com dacharya@vizagsteel.com
Website :	www.vizagsteel.com
Plant :	10-3-311/A, Khanji Bhavan, NMDC Building, 6th Floor, Masab Tank, Hyderabad- 500028, Telangana, India
Branch/ Sales Office	Located at: Vijayawada, Andhra Pradesh, India
Branch Office 1:	SCO No. 141-142, 2nd Floor, Sector-8, Chandigarh - 160040, India
Branch Cum Regional Office :	101, Free Press House, 10^th Floor, Free Press Journal Road, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22843750
Fax No.:	91-22-22850982
E-Mail :	Mumbai.bso@vizagsteel.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Sunil Gupta

Designation :

Director

Address :

Flat No. 106, White House 37, City Centre Gwalior-474011, Madhya Pradesh, India

Date of Birth/Age :

12.02.1964

Qualification :

CA

PAN No.:

AGTPG7579F

Date of Appointment :

13.11.2015

DIN No.:

00162519

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65921MP1997PTC011700	SAKSHI FINVEST PVT LTD	03/03/1997	-
U32101MP2000PTC014121	HINDUSTAN INTERNET PRIVATE LIMITED	21/03/2000	-

Name :

Mr. Kodundhirapully Madhavan Padmanabhan

Designation :

Director

Address :

F-2, Kanakadhara's Lakshmi Castle, No 37/14, Chari Street, T Nagar, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

04.04.1957

Qualification :

Chartered Accountant

PAN No.:

AGUPP4800H

Date of Appointment :

13.11.2015

DIN No.:

00254109

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L74899DL1993GOI054155	OIL AND NATURAL GAS CORPORATION LIMITED	08/09/2016	-
U92490TN1990PTC019633	PRERANA EDUCATIONAL MEDIA PRIVATE LIMITED	12/09/1990	-

Name :

Mr. Sanjay Kumar Srivastava

Designation :

Director

Address :

S. N. Varma 7, Elgin Road Allahabad-211001, Uttar Pradesh, India

Date of Birth/Age :

20.10.1954

Qualification :

Master of Arts in Political Science

PAN No.:

AHIPS5693L

Date of Appointment :

13.11.2015

DIN No.:

02163658

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L40200DL1984GOI018976	GAIL (INDIA) LIMITED	23/09/2016	-

Name :

Mr. Ponnapalli Madhusudan

Designation :

Managing Director

Address :

Bungalow No.6, Sector 7, Ukkunagaram, Visakhapatnam - 530032, Andhra Pradesh, India

Date of Birth/Age :

09.05.1958

Date of Appointment :

01.01.2014

Qualification :

B.com, ACA,ACMA and ACS

DIN No.:

02845996

PAN No.:

AEWPP7025C

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L14100WB1910GOI001996	THE BISRA STONE LIME COMPANY LIMITED	24/09/2014	-
L51430WB1918GOI003026	THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED	24/09/2014	-
L65993WB1927GOI005532	EASTERN INVESTMENTS LTD	16/01/2015	-
U10100DL2009PTC190448	INTERNATIONAL COAL VENTURES PRIVATE LIMITED	26/09/2014	-
U27101AP2009PTC064546	RINMOIL FERRO ALLOYS PRIVATE LIMITED	01/08/2011	-
U74999AP2011GOI072192	UTTARBANGA RINL RAIL KARKHANA LIMITED	12/01/2011	-

Name :

Mr. Venu Gopal Rao Venkata Varanasi

Designation :

Wholetime Director

Address :

Flat No.1, Alipore Estate 8/6/1, Alipore Road, Kolkata – 700027, West Bengal, India

Date of Appointment :

27.09.2017

DIN No.:

02950920

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L51430WB1918GOI003026	THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED	31/07/2017	-

Name :

Mr. Prabir Raychaudhury

Designation :

Whole time Director

Address :

Flat No. 6-E/1, Megha Mallar, 18/3, Gariahat Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

16.07.1959

Qualification :

B. Tech (Chemical Engineering)

PAN No.:

AAEPR3883J

Date of Appointment :

01.03.2016

DIN No.:

05339415

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L65993WB1927GOI005532	EASTERN INVESTMENTS LTD	11/11/2016	-
U28121AP2015PTC097211	RINL POWERGRID TLT PRIVATE LIMITED	23/09/2016	-
U61100WB2010PTC148428	SAIL SCI SHIPPING PRIVATE LIMITED	25/06/2012	-

Name :

Mr. Prakash Chandra Mohapatra

Designation :

Whole time Director

Address :

435-B, Sector-8 Ukkunagaram Visakhapatnam – 530032, Andhra Pradesh, India

Date of Birth/Age :

23.01.1959

Qualification :

Bachelor’s Degree in Mechanical Engineering

PAN No.:

ACEPM5307N

Date of Appointment :

29.09.2014

DIN No.:

06738364

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L14100WB1910GOI001996	THE BISRA STONE LIME COMPANY LIMITED	22/09/2015	-
U27101AP2009PTC064546	RINMOIL FERRO ALLOYS PRIVATE LIMITED	02/08/2014	-
U28121AP2015PTC097211	RINL POWERGRID TLT PRIVATE LIMITED	19/08/2015	-

Name :

Ms. Ashwini Mehra

Designation :

Director

Address :

Madhuban, Gen. J. Bhosale Marg, Opposite Sachivalaya Gymkhana, Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Appointment :

27.09.2017

DIN No.:

07084178

Name :

Mr. Surendra Kumar Mishra

Designation :

Director

Address :

P-30, Golf Link Colony, Kanadia Indore – 452016, Madhya Pradesh, India

Date of Birth/Age :

24.05.1953

Qualification :

B. Sc, M.Sc, Master’s Degree in Law

PAN No.:

AAKPM7086N

Date of Appointment :

27.11.2015

DIN No.:

07270083

Name :

Mrs. Ruchika Chaudhry Govil

Designation :

Additional Director

Address :

9/3, Sarv Priya Vihar Hauz Khas, Delhi - 110016, India

Date of Appointment :

11.10.2017

DIN No.:

07601895

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27320WB1964GOI026211	MSTC LIMITED	11/10/2017	-
U93000DL1901NPL000024	DELHI GYMKHANA CLUB LIMITED	23/09/2017	-

Name :

Mr. Kishore Chandra Das

Designation :

Wholetime Director

Address :

Bungalaw No DB - 7 Sector - 7, Ukkunagaram, Visakhapatnam – 530032, Andhra Pradesh, India

Date of Appointment :

01.01.2017

DIN No.:

07702197

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U27101AP2009PTC064546	RINMOIL FERRO ALLOYS PRIVATE LIMITED	14/08/2017	-

Name :

Ms. Saraswati Prasad

Designation :

Director

Address :

D-9, 9th Floor, Tower 9, New Moti Bagh, Delhi - 110023, India

Date of Appointment :

08.02.2017

DIN No.:

07729788

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L13100AP1958GOI001674	NMDC LIMITED	22/09/2017	-
L13100KA1976GOI002974	KIOCL LIMITED	31/08/2017	-
L27109DL1973GOI006454	STEEL AUTHORITY OF INDIA LIMITED	08/02/2017	-
U74140JH1973GOI001199	MECON LIMITED	08/02/2017	-

Name :

Mr. Pradosh Kumar Rath

Designation :

Additional Director

Address :

QTR No.115/A, Sector-7, Ukkunagaram, Visakhapatnam - 530032, Andhra Pradesh, India

Date of Appointment :

10.10.2017

DIN No.:

07968249

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U10100DL2009PTC190448	INTERNATIONAL COAL VENTURES PRIVATE LIMITED	13/11/2017	-

KEY EXECUTIVES

Name :	Mr. Deepak Acharya
Designation :	Company Secretary
Address :	403-A, Sector –V, Ukkunagaram, Vishakapatnam – 530032, Andhra Pradesh, India
Date of Appointment :	12.11.2015
PAN No:	AFEPA9394N
Name :	Venu Gopal Rao Venkata Varanasi
Designation :	Chief Finance Officer
Address :	Flat No.1, Alipore Estate 8/6/1, Alipore Road, Kolkata – 700027, West Bengal, India
Date of Appointment :	06.07.2017
PAN No:	ABMPV7383G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
The President of India (Acting through MOs)	4889845400
P. Madhusudan	300
P.C. Mohapatra	100
D. N Rao	100
P Rauchaudhary	100
Saraswati Parsad	100
Urvilla Kathi	100
Total	4889846200

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2017

Category	Percentage
Promoter – (Government – Central Government – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Basic Iron and Steel. (Register activity)

Products :

ITC Code No.	Product Descriptions
72131090	Rebars
72139110	Wire Rods
72149990	Rounds

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	IDBI Bank Limited
Branch	Specialized Corporate Branch,30-15-35, Ground Floor, Near Saraswati Park, Daba Gardens, Visakhapatnam – 530020, Andhra Pradesh, 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)	--

• Vijaya Bank, 13-26-2, Apuroopa Arcade, Maharanipeta Branch, Visakhapatnam - 530002, Andhra Pradesh, India

• State Bank of India, Mid Corporate Group Commercial Branch, # 43-29-54/8, Balaji Metro Chambers, Dondaparthy, Visakhapatnam – 530016, Andhra Pradesh, India

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2016	As on 31.03.2015
LONG TERM BORROWING
Terms Loans From Banks	33185.400	665.200
SHORT TERM BORROWING
Working Capital loans from banks	8118.000	11338.600
Total	41303.400	12003.800

Note:

Details of outstanding Secured Loans from Bank are as follows:

a) Indian Rupee Loan amounting to INR 11358.600 million from SBI secured by primary security as pari passu first charge on current assets of the company and collateral security as pari passu first charge on fixed assets of the company. The loan is repayable on quarterly basis with an instalment of INR 750.000 Million starting from 1st quarter of FY 2017-18.

b) Indian Rupee Loan amounting to INR 21826.800 million from SBI secured by pari passu first charge on fixed assets of the company. The loan is repayable by 30th June 2018 as bullet repayment.es

Details of outstanding Unsecured Loans from Bank are as follows:

USD loan amounting to 73.50 million equivalent to INR 4869.400 Million from EXIM bank is repayable as bullet repayment by 10^th December 2018.

Auditors :
Name:	Rao and Kumar Chartered Accountants
Address :	Visakhapatnam, Andhra Pradesh, India
PAN:	AADFR5524R
Name:	Narasimha Murthy and Company
Address :	104, Pavani Estate, 3-6-365, Himayat Nagar, Hyderabad – 500029, Telangana, India,
PAN:	AACFN0570E
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Eastern Investment Limited L65993WB1927GOI005532 The Bisra Stone Lime Company Limited L14100WB1910GOI001996 The Orissa Minerals Development Company Limited L51430WB1918GOI003026 Orissa Mineral Development Corporation The Borrea Coal Company Limited (In Liquidation) Ordinary Shares
Joint Venture	Rinmoil Ferro Alloys Private Limited U27101AP2009PTC064546) International Coal Ventures Private Limited U10100DL2009PTC190448 Rinl Powergrid TLT Private Limited U28121AP2015PTC097211

CAPITAL STRUCTURE

As on 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
4890000000	Equity Shares	INR 10/- each	INR 48900.000 Million
3110000000	Preference Shares	INR 10/- each	INR 31100.000 Million
	Total		INR 80000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4889846200	Equity Shares	INR 10/- each	INR 48898.462 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	48898.500	51898.500	57398.500
(b) Reserves and Surplus	49833.500	64040.800	64008.900
(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)	98732.000	115939.300	121407.400
(3) Non-Current Liabilities
(a) long-term borrowings	38054.800	665.200	12035.300
(b) Deferred tax liabilities (Net)	4483.000	4448.900	4190.100
(c) Other long-term liabilities	1098.100	1382.700	1655.600
(d) long-term provisions	8535.900	5571.400	5314.300
Total Non-current Liabilities (3)	52171.800	12068.200	23195.300
(4) Current Liabilities
(a) Short-term borrowings	65856.400	74448.900	37399.300
(b) Trade payables	7335.600	6006.000	8299.300
(c) Other current liabilities	63289.100	69792.800	54840.500
(d) Short-term provisions	0.000	346.100	1576.500
Total Current Liabilities (4)	136481.100	150593.800	102115.600
TOTAL	287384.900	278601.300	246718.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	118263.900	53054.100	45300.300
(ii) Intangible Assets	374.900	513.300	27.500
(iii) Tangible assets capital work-in-progress	69799.300	114929.800	106650.700
(iv) Intangible assets under development	27.000	25.700	301.100
(b) Non-current Investments	6425.900	3625.300	3625.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	6497.900	9265.300	6204.500
(e) Other Non-current assets	1004.300	813.200	602.300
Total Non-Current Assets	202393.200	182226.700	162711.700
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	39075.000	51795.100	38630.400
(c) Trade receivables	9581.100	10354.300	8036.500
(d) Cash and bank balances	455.600	639.400	1758.900
(e) Short-term loans and advances	34402.100	32598.300	34438.100
(f) Other current assets	1477.900	987.500	1142.700
Total Current Assets	84991.700	96374.600	84006.600
TOTAL	287384.900	278601.300	246718.300

PROFIT & LOSS ACCOUNT - STANDALONE

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Total Revenue from operations	89895.000	93143.600	120283.300
	Other Income	3476.800	2562.900	3069.900
	TOTAL	93371.800	95706.500	123353.200
Less	EXPENSES
	Cost of Materials Consumed	41415.900	51275.400	69672.500
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	11497.200	(8201.900)	70.600
	Employee benefit expense	19232.000	19181.600	17500.200
	CSR expenditure	87.300	140.400	0.000
	Other expenses	29044.300	25277.200	24541.200
	Prior period items	(3707.700)	(53.300)	(18.800)
	TOTAL	97569.000	87619.400	111765.700
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(4197.200)	8087.100	11587.500
Less	FINANCIAL EXPENSES	6507.000	4347.300	3381.200
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(10704.200)	3739.800	8206.300
Less/ Add	DEPRECIATION/ AMORTISATION	3468.100	2706.300	2714.800
	PROFIT/ (LOSS) BEFORE TAX	(14172.300)	1033.500	5491.500
Less	TAX	34.100	409.700	1827.000
	PROFIT/ (LOSS) AFTER TAX	(14206.400)	623.800	3664.500
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	11896.300	8663.900	7377.100
	Earnings on other income	93.300	20.900	37.400
	TOTAL EARNINGS	11989.600	8684.800	7414.500
	IMPORTS
	Raw Materials	27120.800	33612.700	37676.500
	Components and Stores parts	757.500	1088.600	876.300
	Capital Goods	3695.200	857.000	1319.400
	TOTAL IMPORTS	31573.500	35558.300	39872.200
	Earnings / (Loss) Per Share (INR)	(2.91)	0.09	73.771

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	0.000	11393.200	0.000
Net cash flows from (used in) operations	9874.600	(1107.200)	12707.500
Net cash flows from (used in) operating activities	10727.100	(1820.700)	11672.900

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	38.90	40.58	24.39
Account Receivables Turnover (Income / Sundry Debtors)	9.38	9.00	14.97
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	64.65	42.75	43.48
Inventory Turnover (Operating Income / Inventories)	(0.11)	0.16	0.30
Asset Turnover (Operating Income / Net Fixed Assets)	(0.02)	0.05	0.08

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.61	0.58	0.46
Debt Equity Ratio (Total Liability / Networth)	1.05	0.75	0.41
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.38	1.30	0.84
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.91	1.45	1.25
Interest Coverage Ratio (PBIT / Financial Charges)	(0.65)	1.86	3.43

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales) * 100)	%	(15.80)	0.67	3.05
Return on Total Assets ((PAT / Total Assets) * 100)	%	(4.94)	0.22	1.49
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(14.39)	0.54	3.02

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.62	0.64	0.82
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.34	0.30	0.44
G-Score Ratio Financial (Networth / Total Assets)	0.34	0.42	0.49
G-Score Ratio Debt (Debts / Equity Capital)	2.13	1.67	0.86
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.62	0.64	0.82

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	57398.500	51898.500	48898.500
Reserves & Surplus	64008.900	64040.800	49833.500
Net worth	121407.400	115939.300	98732.000
Long-term borrowings	12035.300	665.200	38054.800
Short term borrowings	37399.300	74448.900	65856.400
Current maturities of long-term debts	0.000	11393.200	0.000
Total borrowings	49434.600	86507.300	103911.200
Debt/Equity ratio	0.407	0.746	1.052

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	120283.300	93143.600	89895.000
		(22.563)	(3.488)

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	120283.300	93143.600	89895.000
Profit/ (Loss)	3664.500	623.800	(14206.400)
	3.05 %	0.67 %	(15.80 %)

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	48898.500	51898.500
(b) Reserves and Surplus	49123.100	62562.900
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority interest	3263.000	5036.000
Total Shareholders’ Funds (1) + (2)	10128.460	119497.400
(3) Non-Current Liabilities
(a) long-term borrowings	40318.500	4348.000
(b) Deferred tax liabilities (Net)	4555.100	4515.100
(c) Other long-term liabilities	1262.500	1557.100
(d) long-term provisions	11055.900	6567.200
Total Non-current Liabilities (3)	57192.000	16987.400
(4) Current Liabilities
(a) Short-term borrowings	67169.000	75292.600
(b) Trade payables	8461.000	6630.700
(c) Other current liabilities	64407.500	70795.700
(d) Short-term provisions	169.100	483.400
Total Current Liabilities (4)	140206.600	153202.400
TOTAL	298683.200	289687.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	120136.600	54243.700
(ii) Intangible Assets	6194.100	5196.600
(iii) Tangible assets capital work-in-progress	69826.600	115000.200
(iv) Intangible assets under development	27.000	25.700
(b) Non-current Investments	62.800	68.600
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term loans and advances	6016.900	8124.500
(e) Other Non-current assets	2187.800	1571.600
Total Non-Current Assets	204451.800	184230.900
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	39587.200	52355.100
(c) Trade receivables	9651.700	10451.500
(d) Cash and bank balances	8685.900	8589.000
(e) Short-term loans and advances	34572.200	32798.000
(f) Other current assets	1734.400	1262.700
Total Current Assets	94231.400	105456.300
TOTAL	298683.200	289687.200

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	91511.400	93562.700
	Other Income	4358.500	3542.700
	TOTAL	95869.900	97105.400
Less	EXPENSES
	Cost of Materials Consumed	42771.500	51682.700
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	11766.600	(8073.500)
	Employee benefit expense	19894.800	19771.100
	CSR expenditure	87.300	140.300
	Other expenses	30281.800	26076.900
	Prior period items	(3702.500)	(47.900)
	TOTAL	101099.500	89549.600
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(5229.600)	7555.800
Less	FINANCIAL EXPENSES	6850.700	4428.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(12080.300)	3127.700
Less/ Add	DEPRECIATION/ AMORTISATION	3802.800	2865.800
	PROFIT/ (LOSS) BEFORE TAX	(15883.100)	261.900
Less	TAX	119.600	492.000
	PROFIT (LOSS) FOR PERIOD BEFORE MINORITY INTEREST	(16002.700)	(230.100)
Add	PROFIT (LOSS) OF MINORITY INTEREST	683.400	337.400
	PROFIT (LOSS) FOR PERIOD	(15319.300)	107.300
	Earnings / (Loss) Per Share (INR)	(3.13)	(0.01)

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	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	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	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
LONG TERM BORROWINGS
Term loans from banks	4869.400	0.000
SHORT TERM BORROWINGS
Rupees term loans from banks	8600.500	14897.800
Foreign currency term loans from banks	20906.200	22522.500
Working Capital loans from banks	15416.200	10858.900
Commercial paper	12815.500	14831.100
Total	62607.800	63110.300

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G73897027	100147540	IDBI Bank Limited	20/12/2017	-	-	15000000000.0	Specialized Corporate Branch,30-15-35, Gr floornear saraswati park, daba gardensVisakhapatnamAP530020IN
2	G53686887	100123287	Vijaya Bank	23/08/2017	-	-	2000000000.0	13-26-2, Apuroopa Arcade, Maharanipeta BranchVisakhapatnamAP530002IN
3	G35096825	100075868	State Bank of India	09/01/2017	-	-	60000000000.0	Mid Corporate Group Commercial Branch,# 43-29-54/8Balaji Metro Chambers, DondaparthyVisakhapatnamAP530016IN
4	G34562421	100074623	IDBI Bank Limited	03/01/2017	-	-	5000000000.0	SPECALISED CORPORATE BRANCH, GROUND FLOOR,DNO 30-15-35, DABA GARDENSVISAKHAPATNAMAP530020IN
5	B45537958	80009964	BANK OF BARODA	06/01/2006	01/07/2012	-	2548500000.0	vadlapudi branchC Block, Project Office Complex, Steel PlantvisakhapatnamAP530031IN
6	G42909028	90139521	ANDHRA BANK	09/06/2005	06/04/2017	-	4300000000.0	STEEL PLANT TOWNSHIP BRANCHVISAKHAPATNAMAP530032IN
7	A71890248	80003221	STATE BANK OF HYDERABAD	18/04/2005	16/10/2009	-	6000000000.0	SECTOR -1 , STEEL PLANTUKKUNAGARAMVISAKHAPATNAMAP530032IN
8	A22538680	80024389	UCO BANK	18/04/2005	14/08/2007	-	800000000.0	VSP BALACHERUVU BRANCH, SECTOR-3, UKKUNAGARAMSTEEL PLANT TOWNSHIP, BALACHERUVUVISAKHAPATNAMAP530032IN
9	G48976880	80009966	Canara Bank	18/04/2005	27/06/2017	-	29150000000.0	Steel Plant BranchVisakhapatnamAP530031IN
10	G00792960	90260209	State Bank of India	18/04/2005	15/03/2016	-	63200000000.0	Mid Corporate Group Commercial Branch,# 43-29-54/8Balaji Metro Chambers, DondaparthyVisakhapatnamAP530016IN

CONTINGENT LIABILITIES:

(INR in Million)

PARTICULARS	31.03.2016
Contractors / Suppliers / Customers	6659.900
Local Authorities - State Govt	3802.800
Sales Tax matters *	10067.000
Income Tax	1955.700
Customs / Excise duty	2274.600
Others	3926.700

FIXED ASSETS

· Land

· Buildings

· Office Building

· Plant and Equipment

· Other plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipment’s

PRESS RELEASE

RASHTRIYA ISPAT NIGAM TO REMAIN PSU AFTER IPO, SAYS GOVERNMENT

MoS Finance P Radhakrishnan said that the decision of the Cabinet Committee on Economic Affairs is for listing of shares of RINL through disinvestment of 10 percent paid up equity through the IPO process.

Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Vizag Steel, will continue to be a public sector undertaking post the listing of its shares on stock exchange, the government said on Friday.

In a written reply to the Lok Sabha, Minister of State for Finance P Radhakrishnan said that the decision of the Cabinet Committee on Economic Affairs (CCEA) is for listing of shares of RINL through disinvestment of 10 percent paid up equity through the initial public offer (IPO) process.

The government shareholding in the company is 100 percent, he said.

"The decision does not tantamount for privatisation of RINL," Radhakrishnan said.

RINL had filed the draft red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for an IPO in 2012.

However, the proposal for listing in bourses was deferred several times owing to several reasons. The minister noted that RINL made profits consecutively since 2002-03 to 2014-15.

The company however incurred losses in the subsequent financial years inter alia due to cheaper imports, adverse market condition, lower net sales realisation of steel products increase in imported and indigenous coal prices, downturn in global steel industry.

Replying to a separate query, Radhakrishnan said as per the information provided by Department of Public Enterprises (DPE), 165 central public sector enterprises (CPSEs) have made profits and 78 CPSEs have incurred loss in 2015-16. "One CPSE posted no profit/loss in 2015-16," he pointed out.

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 65.05
UK Pound	1	INR 89.69
Euro	1	INR 80.03

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	VRS
Report Prepared by :	SUJ

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	NO
--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.