July 26, 2000

NAME

MANISHRI REFRACTORIES & CERAMICS PRIVATE LIMITED

REGISTERED OFFICE

Madhupatna, Cuttack – 753 010, Orissa, INDIA

Tel. No. 91-671-344544 / 344728 / 344390

Fax No. 91-671-341809

E-Mail smohanty@cal2.vsnl.net.in

Gram MANISHRI

FACTORY

Madhupatna, Cuttack – 753 010, Orissa, INDIA

BRANCH

Located at :

K Rourkela, Orissa, India

K Visakhapatnam, Andhra Pradesh, India

K Durgapur, West Bengal, India

K Bhilai, Madhya Pradesh, India

HISTORY

The company was incorporated on 10^th December, 1990 at Cuttack in Orissa having Company Registration Number 2582.

LEGAL FORM

It is a Private Limited Liability company.

DIRECTORS

Mr. Baishnav Charan Mohanty	Director
Mr. Siswajit Mohanty	Director
Mr. Satyajit Mohanty	Director
Mr. Suryamani Das	Director
Mr. Bidhan Charan Mohanty	Director

MAJOR SHAREHOLDERS

Mr. Baishnav Charan Mohanty	10,035 shares
Mr. Biswajit Mohanty	6,090 shares
Mr. Satyajit Mohanty	6,670 shares
Mrs. Sanchita Mohanty	3,000 shares
Mrs. Nirupama Mohanty	2,500 shares
Mr. Mahavir Prasad Santuka	2,000 shares
Mr. Gourishankar Agarwal	1,500 shares
Mrs. Banita Agarwal	1,500 shares

BUSINESS

The company is engaged in manufacturing and marketing of Wide Range of Highly Sophisticated World Class Refractories – Fireclay, High Alumina, Basic, Precast & Prefired Shapes out of Low Cement Castable, Low Cement & Low Moisture Castable and Ramming Mass.

The company has a installed capacity of 24,300 MT per annum, whereas its actual production during the year ended 31^st March, 1999 was 19,200 MT.

The company imports its requirements from China, Norway & Japan.

The company does not export its products.

The company is in trade terms with :

K Bombay Minerals Limited, Jamnagar

K Associated Cement Company Limited, Katni

K Orient Abrasives Limited, Porbandar

K Elkem Metallurgy, Mumbai

The company operates from a caption owned office-cum-factory premises.

The company employs 448 persons comprising of 46 persons in office, 178 persons in factory and 224 others.

SISTER CONCERNS

K Godshree Ceramics & Chemicals

Calcination Plant

K Maheswar Ceramics (Private) Limited

Refractories & Calcination

BANKERS

K State Bank of India

Commercial Branch, Cuttack – 753 010, Orissa, INDIA

[The company enjoys various facilities amounting to Rs.29.5 millions from its banker]

AUDITORS

K Y. Pani & Company

Chartered Accountants

A-1 Budha Nagar, Bhubaneshwar – 751 014, Orissa, INDIA

Tel. No. 91-671-416693 / 412516 / 432246 [R]

FINANCIAL INFORMATION

The company's latest financial information for the period ended 31^st March, 1999 is enclosed herewith.

CAPITAL STRUCTURE

Authorised Capital :
100,000	Equity Shares of Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :
56,700	Equity Shares of Rs.100/- each	Rs.5.670 millions
2,605	Equity Shares of Rs.100/- each	Rs.0.261 millions
Add :	Share Deposit Money	Rs.1.990 millions
*GRAND TOTAL*		*Rs,7.921 millions*

COMMENTS

Subject is a well-established company having satisfactory track. The company’s profitability is under severe pressure. Payments are reported as slow but correct.

The company can be considered normal for business dealings at usual trade terms and conditions.

ABRIDGED BALANCE SHEET AS ON 31^ST March, 1999

[figures are in Rupees Millions]

*SOURCES OF FUNDS*			31.03.1999
SHAREHOLDERS FUNDS
1] Share Capital			7.921
2] Reserves & Surplus			6.366

LOAN FUNDS
1] Secured Loans			34.600
2] Unsecured Loans			14.747

GRAND TOTAL			63.634

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]			20.602

INVESTMENTS			1.966

CURRENT ASSETS, LOANS & ADVANCES
Inventories			15.835
Sundry Debtors			36.125
Cash & Bank Balances			0.476
Other Current Assets			4.328
Loans & Advances			5.564
*Total Current Assets*			62.328
Less :
Current Liabilities & Provisions			21.262
*Net Current Assets*			41.066

GRAND TOTAL			63.634

IMPORTANT FINANCIAL INFORMATION FOR LAST TWO PERIODS