1. Summary Information

		Country	India
Company Name	RATNAMANI METALS AND TUBES LIMITED	Principal Name 1	Mr. Prakash M. Sanghvi
Status	Good	Principal Name 2	Mr. Jayantilal M. Sanghvi
		Registration #	--
Street Address	17 Rajmugat Society, Naranpura Char Rasta, Ankur Road Naranpura, Ahmedabad – 380013, Gujarat
Established Date	15.09.1983	SIC Code	--
Telephone#	91-79-27415501/2/3/4	Business Style 1	Manufacturing and marketing of Stainless Steel Tubes
Fax #	91-79-2748 0999	Business Style 2	--
Homepage	--	Product Name 1	--
# of employees	12000 (approximately)	Product Name 2	--
Paid up capital	92,750,000	Product Name 3	--
Shareholders	Individuals – 58.56	Banking	Dena Bank
Public Limited Corp.	--	Business Period	28 years
IPO	---	International Ins.	-
Public Enterprise	---	Rating	A (66)
Related Company
Relation Associates/Subsidiarie	Country India	Company Name	Ratnamani Food Products Private Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2,632,585,000	Current Liabilities	2,365,452,000
Inventories	3,518,056,000	Long-term Liabilities	2,556,599,000
Fixed Assets	3,486,208,000	Other Liabilities	557,295,000
Deferred Assets	9,636,849,000	Total Liabilities	5,479,346,000
Invest& other Assets	191,878,000	Retained Earnings	4,256,631,000
		Net Worth	4,349,381,000
Total Assets	9,828,727,000	Total Liab. & Equity	9,828,727,000
Total Assets (Previous Year)	8,525,635,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	8,002,522,000	Net Profit	831,735,000
Sales(Previous yr)	8,368,623,000	Net Profit(Prev.yr)	814,271,000

MIRA INFORM REPORT

Report Date :

20.08.2011

IDENTIFICATION DETAILS

Name :	RATNAMANI METALS AND TUBES LIMITED
Registered Office :	17 Rajmugat Society, Naranpura Char Rasta, Ankur Road Naranpura, Ahmedabad – 380013, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.09.1983
Com. Reg. No.:	04-006460
Paid-up Capital :	Rs. 92.749 millions
CIN No.: [Company Identification No.]	L70109GJ1983PLC006460
TAN No.: [Tax Deduction & Collection Account No.]	AHMR01519A
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchange.
Line of Business :	Manufacturing and marketing of Stainless Steel Tubes and Pipes, Saw Pipes and Carbon Steel Tubes and Pipes.
No. of Employees :	12000 (approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 17397524
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Jiten Soni
Designation :	Deputy Accounts Manager
Contact :	91-2764-232254

LOCATIONS

Registered Office / Sales Office :	17 Rajmugat Society, Naranpura Char Rasta, Ankur Road Naranpura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-27415501/2/3/4
Fax No.:	91-79-2748 0999
E-Mail :	info@ratnamani.com jayantimsanghvi@ratnamani.com jiten.soni@ratnamani.com
Website :	www.ratnamani.com
Mumbai Office :	404-B Sukh Sagar Building, N.S Patkar Marg, Chowpatty, Mumbai - 400 007, Maharashtra
Tel. No.:	91-22-43334555
Fax No.:	91-22-43334575
E-Mail :	info.mumbai@ratnamani.com
Head Office / Factory 1:	STAINLESS STEEL TUBES AND PIPES DIVISION Survey No. 769, Ahmedabad Mehsana Highway, Village – Indrad, Near Chhatral GIDC, Taluka – Kadi, District. – Mehsana, Gujarat, India
Tel. No.:	91-2764-232254/232263/233766
Fax No.:	91-2764-234105/233098
E-Mail :	info.sstp@ratnamani.com
Website :	www.ratnamani.com
Factory 2:	SAW PIPE DIVISION Plot No. 3306, 3308 & 3309, GIDC–Chhatral,Taluka – Kalol, District.– Mehsana, Gujarat, India
Tel. No.:	91-2764-232234/233919/232409
Fax No.:	91-2764-233859
Factory 3:	KUTCH DIVISION Survey No. 474, Village – Bhimasar, Taluka – Anjar, District.–Kutch, Gujarat, India
Tel. No.:	91-2836-285538/285539
Fax No.:	91-2836-285540
Branches :	44, C. P. Tank Road, Mumbai – 400 004, Maharashtra, India
Ratnamani Techno Casts Limited (RTCL) :	Plot No. 3310, GIDC Estate Chhatral, Phase IV, Ahmedabad – Mehsana Highway, P.O. Chhatral – 382 729, Ta: Kalol, Dist. Gandhinagar, Gujarat, India
Tel. No.:	91-2764-233327 / 234488
Fax No.:	91-2764-233165
E-Mail :	info@ratnamanitechnocasts.com

DIRECTORS

AS ON 31.03.2010

Name :	Mr. Prakash M. Sanghvi
Designation :	Chairman and Managing Director
Date of Birth/Age :	49 years
Qualification :	Matriculation
Experience :	28 years
Date of Appointment :	12.06.1989
Name :	Mr. Jayantilal M. Sanghvi
Designation :	Whole-time Director
Qualification :	1^st B.Com.
Date of Appointment :	12.06.1989
Name :	Mrs. Shantilal M. Sanghvi
Designation :	Director
Qualification :	Under graduate
Date of Appointment :	01.11.1998
Name :	Mr. D. C. Anjaria
Designation :	Director
Name :	Dr. Vinodkumar M. Agarwal
Designation :	Director
Name :	Mr. P. M. Merita
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rakesh Agarwal
Designation :	Accounts Department
Name :	Mr. Jiten Soni
Designation :	Deputy Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2011

Category of Shareholder	Total No. of Shares	% of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	27,155,166	58.56
Sub Total	27,155,166	58.56
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	27,155,166	58.56
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	867,557	1.87
Financial Institutions / Banks	330	-
Foreign Institutional Investors	5,112,283	11.02
Sub Total	5,980,170	12.90
(2) Non-Institutions
Bodies Corporate	1,509,902	3.26
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	4,108,338	8.86
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	7,207,820	15.54
Any Others (Specify)	413,563	0.89
Non Resident Indians	377,898	0.81
Directors & their Relatives & Friends	35,665	0.08
Sub Total	13,239,623	28.55
Total Public shareholding (B)	19,219,793	41.44
Total (A)+(B)	46,374,959	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	46,374,959	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in manufacturing and marketing of Stainless Steel Tubes and Pipes, Saw Pipes and Carbon Steel Tubes and Pipes.

Products :

ITEM CODE NO. (ITC CODE)	PRODUCT DESCRIPTION
730640	Stainless Steel Welded Tubes and Pipes
730490	Stainless Steel Seamless Tubes and Pipes (Cold-Drawn)
730690	EFSW Carbon Steel Pipes
730610	Carbon Steel Saw Pipes Upto 16” (406.4mm)
730512	Carbon Steel Saw Pipes Above 16”

PRODUCTION STATUS (As on 31.03.2011):-

Particulars	Unit	Installed Capacity	Actual Production
Stainless Steel Tubes and Pipes	MT	21900	12103
Carbon Steel Pipes	MT	350000	85695
Coated Pipes	000 Sq. Mtrs	1650	123
Generation of Power using Windmills (other than for captive consumption)	‘000 Units	27300	15644

GENERAL INFORMATION

No. of Employees :

12000 (approximately)

Bankers :

Ø Dena Bank

Ø Punjab National Bank

Ø State Bank of India, Ahmedabad 380013, Gujarat

Ø IDBI Limited

Ø ICICI Bank Limited

Facilities :

(Rs in millions)

SECURED LOANS	31.03.2011	31.03.2010
Term Loans : Banks
Rupee Term Loans	0.000	58.329
External (Foreign) Commercial Borrowing	769.919	883.397
Working Capital Facilities from Banks
In Rupee	299.442	256.706
In Foreign Currency	903.453	1506.562
Total	1972.814	2704.994

NOTE- 01

(a) Rupee term loan of Rs. Nil from Bank of Maharastra, of Rs. Nil from Syndicate Bank and External (Foreign) Commercial Borrowing of Rs. 23.699 millions from ICICI Bank (UK) Limited, are secured by first charge on the Company’s entire immovable and movable properties situated at Survey Nos. 769, 780 and 787, Village Indrad, Chhatral, Tal, Kadi, Dist. Mehsana and Survey No. 474, Village Bhimasar, Tal. Anjar, Dist. Kutch. The said loans are further secured by second charge on inventories and book debts and personal guarantees of some of the Directors of the Company.

(b) External (Foreign) Commercial Borrowing of Rs. 385.100 millions from ICICI Bank, Hong Kong branch is secured by an exclusive charge over all the 8 windmills along with related equipments/ machinery situated at Moti Sindholi, Kutch, Gujarat and personal guarantee of one of the directors of the Company.

(c) External (Foreign) Commercial Borrowing of Rs. 361.120 millions from ICICI Bank, Hong Kong branch is secured by an exclusive charge over movable assets in respect of 3Layer PE Coating Line and Offline Welding and Finishing Lines for HSAW plant situated at Survey No. 474, Village Bhimasar, Tal. Anjar, Dist. Kutch.

NOTE -02

Working Capital Facilities from State Bank of India, Punjab National Bank, Dena Bank, ICICI Bank Limited and Industrial Development Bank of India Limited are secured by :

i) Hypothecation of Inventories, Books debts, all other movables

ii) Second charge on Fixed Assets of the Company except

a) 8 wind mills along with related equipments/ machinery situated at Moti Sindholi, Kutch, Gujarat and

b) movable assets in respect of 3Layer PE Coating Line and Offline Welding and Finishing Lines for HSAW plant situated at Survey No.474, Village Bhimasar, Tal. Anjar, Dist. Kutch

iii) Personal guarantees of some of the Directors of the Company

iv) Joint equitable mortgage of all immovable properties held as free-hold and leasehold lands of the Company, except leasehold land related to 8 wind mills situated at Moti Sindholi, Kutch and 3Layer PE Coating Line and Offline Welding and Finishing Lines for HSAW plant situated at Survey No.474, Village Bhimasar, Tal. Anjar, Dist. Kutch.

NOTE -03

Additional Working Capital Facilities of Rs. 844.948 millions from ICICI Bank Limited are secured by

i) Hypothecation of Inventories, Books debts, all other movables by way of subservient charge

ii) Personal guarantee of one of the Directors of the Company

NOTE - 04

UNSECURED LOANS	31.03.2011	31.03.2010
Short Terms Loans from :
Bodies Corporate	6.420	20.764
Director	0.000	0.760
Banks	577.365	474.947
Total	583.785	496.471

Banking Relations :

--

Auditors :

Name :

Mehta Lodha and Company

(Chartered Accountants)

Address :

63 Hirabhai Market, Diwan Ballubhai Road, Ahmedabad – 380 022, Gujarat, India

Associates/Subsidiaries :

v Ratnamani Food Products Private Limited

v Ratnamani Marketing Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs. 2/- each	Rs.150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46374959	Equity Shares	Rs. 2/- each	Rs. 92.750 millions

NOTES:-

- Out of the above shares, 1,53,51,000 Equity Shares of Rs. 2- each were allotted as fully paid up by way of Bonus Shares by capitalising General Reserve.

- Out of the above shares, 1,23,00,665 Equity Shares of Rs. 2- each were allotted as fully paid up for consideration other than cash, on amalgamation.

- During the year, the Company has allotted 431575 Equity Shares of Rs.2- each under Employees Stock Option Scheme, 2006.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		92.750	91.887	90.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4256.631	3524.771	2752.529
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4349.381	3616.658	2842.529
LOAN FUNDS
1] Secured Loans		1972.814	2704.994	1272.498
2] Unsecured Loans		583.785	496.471	634.141
TOTAL BORROWING		2556.599	3201.465	1906.639
DEFERRED TAX LIABILITIES		536.819	580.940	535.546
Employee Stock options outstanding		20.476	30.575	39.487
TOTAL		7463.275	7429.638	5324.201
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3486.208	3599.396	3658.752
Capital work-in-progress		121.789	29.712	199.762
INVESTMENT		70.089	500.493	0.070
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3518.056	1675.677	1010.008
	Sundry Debtors	1640.408	1663.088	1230.557
	Cash & Bank Balances	474.123	243.016	521.142
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	518.054	814.253	528.359
Total Current Assets		6150.641	4396.034	3290.066
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1963.264	739.947	1485.084
	Current Liabilities	248.285	135.020	187.028
	Provisions	153.903	221.030	152.337
Total Current Liabilities		2365.452	1095.997	1824.449
Net Current Assets		3785.189	3300.037	1465.617
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7463.275	7429.638	5324.201

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales Turnover	8002.522	8368.623	9391.588
		Wind Mill income	119.949	150.886	160.462
		Other Income	24.221	14.829	14.243
		TOTAL (A)	8146.692	8534.338	9566.293
Less	EXPENSES
		Raw Material Consumed	5281.938	5662.685	6298.188
		Salaries, Wages, Bonus, etc.	492.583	474.103	383.041
		Other Expenditure	798.108	707.483	1320.912
		TOTAL (B)	6572.629	6844.271	8002.141
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1574.063	1690.067	1564.152
Less	FINANCIAL EXPENSES (D)		46.666	17.498	167.247
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1527.397	1672.569	1396.905
Less/ Add	DEPRECIATION/ AMORTISATION (F)		399.946	368.823	297.230
	PROFIT BEFORE TAX (E-F) (G)		1127.451	1303.746	1099.675
Less	TAX (H)		295.716	489.475	387.642
	PROFIT AFTER TAX (G-H) (I)		831.735	814.271	712.033
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		521.746	325.729	208.462
Less	APPROPRIATIONS
		Transfer to General Reserve	500.000	500.000	500.000
		Proposed Dividend	115.938	101.076	81.000
		Tax on Dividend	18.808	17.178	13.766
	BALANCE CARRIED TO THE B/S		718.735	521.746	325.729
	IMPORTS
		Raw Materials	4507.351	3267.929	2620.335
		Stores & Spares	15.809	106.741	62.366
		Capital Goods	214.559	85.081	573.765
	TOTAL IMPORTS		4737.719	3459.751	3256.466
	Earnings Per Share (Rs.)		17.98	18.00