MIRA INFORM REPORT

Report Date :

07.12.2011

IDENTIFICATION DETAILS

Name :	TRL KROSAKI REFRACTORIES LIMITED [w.e.f. 04.06.2011]
Formerly Known As :	TATA REFRACTORIES LIMITED
Registered Office :	Belpahar, Jharsuguda, Orissa - 768218
Country :	India
Financials (as on) :	31.03.2011/
Date of Incorporation :	05.09.1958
Com. Reg. No.:	15-000349
Paid-up Capital :	Rs. 209.000 millions
CIN No.: [Company Identification No.]	U269210R1958PLC000349
TAN No.: [Tax Deduction & Collection Account No.]	BBNT00014A
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Refractories
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 9920000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	Belpahar, Jharsuguda, Orissa - 768218, India
Tel. No.:	91-6645-258623 / 258396 / 258377
Fax No.:	91-6645-250243
E-Mail :	nilkanth@tataref.com arabinda@tataref.com
Website :	www.tataref.com
Head Office / Marketing Division :	Tata Center,11th Floor, 43 J.L Nehru Road, Kolkata-700071, West Bengal, India,
Tel No :	91-33-64990527
Fax No :	91-33-22881063 / 1065
Mobile No :	91-9830064646 (Mr. Amitav Chowdhury)
E-Mail :	ac@tataref.com
Domestic Marketing Office :	Located At · Jamshedpur · Kolkata · Vizag · Belpahar · Mumbai · Bengaluru · Delhi
Operation Office :	Located At · Jamshedpur · Salem · China · Gujarat · Jhansi · Hyderabad

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Ishaat Hussain
Designation :	Director
Address :	222, A Wing, NCPA Apartments, Dorabji Tata Road, Nariman Point, Mumbai-400021, Maharashtra, India
Date of Birth/Age :	02.09.1947
Date of Appointment :	02.03.2005
Date of Ceasing :	26.09.2011
DIN No :	00027891

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L74999TZ1984PLC001456	Titan Industries Limited	Nominee director	17-07-89	17-07-89	-	Active	NO
2	U44003MH1945PLC004403	Tata Industries Limited	Director	03-04-98	03-04-98	-	Active	NO
3	U99999MH1917PLC000478	Tata Sons Limited	Whole-time director	01-07-09	24-11-98	-	Active	NO
4	L29308MH1954PLC009371	Voltas Limited	Director	26-04-99	26-04-99	-	Active	NO
5	L27100MH1907PLC000260	Tata Steel Limited	Director	15-07-99	15-07-99	-	Active	NO
6	U74899DL1995PLC066685	Tata Teleservices Limited	Nominee director	29-09-99	29-09-99	-	Active	NO
7	U66010MH2000PLC128403	Tata Aig Life Insurance Company Limited	Director	23-08-00	23-08-00	-	Active	NO
8	U85110MH2000PLC128425	Tata Aig General Insurance Company Limited	Nominee director	24-08-00	24-08-00	-	Active	NO
9	U72200TN2003PTC050510	Speech And Software Technologies (India) Private Limited	Director	13-03-03	13-03-03	-	Active	NO
10	U92120MH2001PLC130365	Tata Sky Limited	Director	06-02-04	06-02-04	-	Active	NO
11	U26921OR1958PLC000349	TRL Krosaki Refractories Limited	Director	02-03-05	02-03-05	26-09-11	Active	NO
12	L65990MH1991PLC060670	Tata Capital Limited	Director	17-07-07	13-04-07	-	Active	NO
13	L22210MH1995PLC084781	Tata Consultancy Services Limited	Director	02-07-10	05-01-10	-	Active	NO
14	L17120MH1879PLC000037	The Bombay Dyeing And Manufacturing Company Limited	Director	11-08-10	01-06-10	-	Active	NO
15	U72200AP2004PLC042926	Viom Networks Limited	Director	29-09-11	18-03-11	-	Active	NO
16	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	21-06-11	21-06-11	-	Active	NO

Name :	Mr. Shesh Narain Singh
Designation :	Director
Address :	Ispat Bhawan, Sector-19, Rourkela Steel Plant, Rourkela Steel Plant, Rourkela, Sundargarth-769005, Orissa, India
Date of Birth/Age :	02.09.1951
Date of Appointment :	02.03.2007
Date of Ceasing :	25.10.2011
DIN No :	01430586

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U26921OR1958PLC000349	TRL Krosaki Refractories Limited	Director	02-08-08	02-03-07	25-10-11	Active	NO
2	L32108MH1974GOI017402	Maharashtra Electrosmelt Limited	Director	25-08-10	22-04-10	-	Active	NO
3	U27101CT2008PTC020786	Sail and Moil Ferro Alloys Private Limited	Nominee director	28-06-10	28-06-10	-	Active	NO

Name :	Mr. Vuppala Satyanarayana Murty
Designation :	Director
Address :	No. 10, Judges Court Road, Alipore, Flat No.31, 7^th Floor, Kolkata, West Bengal, India
Date of Birth/Age :	15.04.1951
Date of Appointment :	05.05.2008
DIN No :	00092348

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U23101WB2005PLC101608	Hooghly Met Coke and Power Company Limited	Director	10-02-05	10-02-05	-	Amalgamated	NO
2	U74999MH2007PLC167623	Industrial Energy Limited	Director	23-05-08	20-03-07	-	Active	NO
3	L27310WB1990PLC050000	Tata Metaliks Limited	Director	16-07-08	28-03-08	-	Active	NO
4	U26921OR1958PLC000349	Trl Krosaki Refractories Limited	Director	02-08-08	05-05-08	-	Active	NO
5	U40109AP2006PTC050759	Bhubaneshwar Power Private Limited	Director	06-08-08	06-08-08	-	Active	NO
6	L27105JH1968PLC000818	Tayo Rolls Limited	Director	08-08-08	08-08-08	-	Active	NO

Name :	Mr. Punkaj Kumar Bajaj
Designation :	Director
Address :	A -1/1, Aurobinda Avenue, Durgapur-713204, West Bengal, India
Date of Birth/Age :	05.04.1952
Date of Appointment :	16.03.2010
DIN No :	02216069

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
5	U26921OR1958PLC000349	TRL Krosaki Refractories Limited	Director	24-07-10	16-03-10	-	Active	NO
6	U35200DL2010PTC211955	Sail-Rites Bengal Wagon Industry Private Limited	Director	30-12-10	30-12-10	-	Active	NO

Name :	Mr. Hemant Madhusudan Nerurkar
Designation :	Additional director
Address :	No. 36, Straight Mile Road, Northern Town, Jamshedpur – 831001, Jharkhand, India
Date of Birth/Age :	20.10.1948
Date of Appointment :	27.08.2011
DIN No :	00265887

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
9	L27100MH1907PLC000260	Tata Steel Limited	Managing director	13-08-10	09-04-09	-	Active	NO
10	U27205MH2009PLC195034	Centennial Steel Company Limited	Director	19-08-09	19-08-09	-	Amalgamated	NO
11	U26921OR1958PLC000349	TRL Krosaki Refractories Limited	Additional director	27-08-11	27-08-11	-	Active	NO

Name :	Mr. Arup Kumar Chattopadhyay
Designation :	Managing Director
Address :	Owners Court 6, May Fair Road, Flat No.81, Kolkata-700019, West Bengal, India
Date of Birth/Age :	17.12.1952
Date of Appointment :	28.04.2009
DIN No :	00201892
Name :	Mr. Yujiro Ueda
Designation :	Director
Address :	7-1 Shirahagi-machi, Kokurakita-ku, Kitakyushu-city, Fukuoka, Kitakyushu – 8030825, Japan
Date of Birth/Age :	14.10.1949
Date of Appointment :	31.05.2011
DIN No :	03514624
Name :	Mr. Hiroshi Odawara
Designation :	Director
Address :	12-10-1006, Tsutsui-machi, Yahantanishi-ku, Kitakyushu-city, Fukuoka-perfecture, Kitakyushu, Japan
Date of Birth/Age :	18.08.1953
Date of Appointment :	31.05.2011
DIN No :	03514764
Name :	Mr. Kotaro Kuroda
Designation :	Director
Address :	1-5-12, Sakuradai, Nakama-shi, Fukuoka – 8090017, Japan
Date of Birth/Age :	21.07.1956
Date of Appointment :	31.05.2011
DIN No :	03140089
Name :	Mr. Kinji Matsushita
Designation :	Director
Address :	4-9-42-503, Kobai-cho, Yahatanishi-ku, Kitakyushu-city, Fukuoka Perfecture, Kitakyushu – 8060011, Japan
Date of Birth/Age :	24.01.1957
Date of Appointment :	31.05.2011
DIN No :	03515430
Name :	Mr. Kiyotaka Oshikawa
Designation :	Director
Address :	Mitsusadadai 1-1-1-714, Yahatanishi-ku, Kitakyushu-city, Fukuoka Perfecture, Kitakyushu – 8070805, Japan
Date of Birth/Age :	27.07.1960
Date of Appointment :	31.05.2011
DIN No :	03515516

KEY EXECUTIVES

Name :	Mr. Arbinda Debta
Designation :	Secretary
Address :	P-45, TRL Township, Belpahar, Jharsuguda-768218, Orissa, India
Date of Birth/Age :	25.06.1976
Date of Appointment :	22.08.2011
PAN No.:	AIKPD0761H
Name :	Mr. P B Panda
Designation :	Executive Vice President and COO
Name :	Mr. C. S. Das
Designation :	Executive Vice President and CFO
Name :	Dr. Tarapada Dash
Designation :	Vice President (HR and Administration)
Name :	Mr. Hirdesh Sehgal
Designation :	Vice President (Operations)
Name :	Mr. P.K.Patel
Designation :	Vice President (Project and Support Sevices )
Name :	Dr.Sukumar Adak
Designation :	Vice President (Technology)
Name :	Mr. Santanu Mukhopadhyay
Designation :	Vice President (Business Development)
Name :	Mr. J Pandey
Designation :	Vice President (Strategy Management and Business Excellence)
Name :	Mr. P. K. Naik
Designation :	Vice President (Strategic Raw Material Sourcing),
Name :	Mr. M. V. Rao
Designation :	Vice President (Commercial)
Name :	Mr. M. C. Pradhan
Designation :	Vice President (Gujarat and Jhansi Operations)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Tata Steel Limited, India	4239360
Life Insurance Corporation of India, India	962500
SMS Investment Corporation Private Limited, India	97490
Maharaj Jai Singh	50000
Steel Authority of India Limited, India	2203150
Klimati Investment Company Limited, India	1324504
L G Balakrishnan and Brother Limited, India	5000
Alpic Finance Limited, India	70000
Rajmatagaytri Devi	184570
S S Ghose	10
Maharajsawai Bhawani Singh	47140
Suresh Prasad Nepak	128
Fasihuddin Mohd	120
R Mishra	38
T P Chakraborty	10
S K Mitra	20
Amit Balliwal	1500
Ram Singh Rathore	500
Shrigopal Maheshwari	5000
Paras Jain	22800
Rajendra Kumar Gupta	1500
Manju Atamprakash Dalmia	500
Saityabhama P Chamria	950

AS ON 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category		Percentage of Holding
Government Companies		10.54
Public Financial Institutions		4.61
Foreign holdings		51.00
Bodies Corporate		27.83
Other Top 50 Shareholders		5.95
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Refractories

Products :

Item Code No. (ITC Code)	69021004
Product Description	Bricks and Shapes, Magnesia Carbon
Item Code No. (ITC Code)	69039004
Product Description	Monolithics / Castables (Fireclay, Basic, Silica, High Alumina, Insulating)
Item Code No. (ITC Code)	69022002
Product Description	Bricks and Shapes, High Alumina

PRODUCTION STATUS (As On : 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Refractories	Tonnes	NA	250760	251959

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Central Bank of India, Bistupur, Jamshedpur – 831001, Bihar, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loan from Bank	232.500	229.500
Other Loans from Banks	747.580	421.445
Interest accrued due	2.372	13.878
Total	982.452	664.823

Note:

a.) Term Loan From Central Bank of India amounting to Rs.139.500 Millions is secured by a pari passu mortgage of immovable properties and hypothecation of movable assets, except book debts, both present and future, subject to prior charge on stocks and stores in favour of Central Bank of India and State Bank of India.

b.) Term Loan from State Bank of India amounting to Rs.90.000 Millions is secured by a pari-passu first charge with other lenders on fixed assets, both present and future.

c.) Other Secured Debt amounting to Rs.421.445 Millions is secured by hypothecation of stocks and debtors by way of pari - passu first charge.

d.) Term Loan From Central Bank of India amounting to Rs.39.500 is secured by a pari passu.

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
i) Fixed Deposits	48.470	38.853
ii) Other Debt	100.000	0.000
ii) Short Term Loans from Banks	0.000	400.000
iii) Interest accrued and due thereon	0.018	0.101
Total	148.488	438.954

Banking Relations :	--
Auditors :
Name :	Mr. Vinay D. Balse Partner N. M. Raiji and Company Chartered Accountants
Address :	Universal Insurance Building, 6^th Floor, Sir P. M. Road, Mumbai-400001, Maharashtra, India
PAN :	AAAFN4217G
Holding Company :	Tata Steel Limited CIN No:L27100MH1907PLC000260
Subsidiaries :	· TRL Asia Private Limited-Singapore · TRL China Limited-P. R. China
Fellow Subsidiaries :	· The Indian Steel and Wire Products Limited · Nat Steel Asia Pte Limited · Tata Metaliks Limited · Corus U. K. Limited · Tayo Rolls Limited
	·
Associates :	· Almora Magnesite Limited · Jamipol Limited · Tata Sponge and Iron · TRF Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 millions

Issued:

No. of Shares	Type	Value	Amount
20,900,000	Equity Shares	Rs. 10/- each	Rs. 209.000 millions

Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
20,900,000	Equity Shares	Rs. 10/- each	Rs. 209.000 millions

Note : Out of the above :

a) 15,00,000 (15,00,000) Shares of Rs. 10 each were allotted as fully paid-up bonus shares by capitalization of General Reserve.

b) 1,48,98,360 (1,48,98,360) equity shares of Rs. 10 each, fully paid up, are held by Tata Steel Limited, the Holding Company.

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		209.000	209.000	209.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2315.486	2272.407	2021.797
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2524.486	2481.407	2230.797
LOAN FUNDS
1] Secured Loans		982.452	664.823	739.324
2] Unsecured Loans		148.488	438.954	417.919
TOTAL BORROWING		1130.940	1103.777	1157.243
DEFERRED TAX LIABILITIES		153.439	166.304	135.795
PROVISION FOR EMPLOYEE SEPARATION COMPENSATION		31.076	43.227	61.180
TOTAL		3839.941	3794.715	3585.015
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1651.172	1805.878	1775.408
Capital work-in-progress		131.140	0.000	0.000
INVESTMENT		338.934	338.934	338.934
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1378.440	1219.827	1258.286
	Sundry Debtors	1685.056	1258.818	1037.809
	Cash & Bank Balances	79.435	130.779	95.595
	Other Current Assets	0.016	0.036	0.004
	Loans & Advances	433.400	464.305	478.370
Total Current Assets		3576.347	3073.765	2870.064
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	574.549	878.921	893.356
	Other Current Liabilities	775.849	279.033	232.933
	Provisions	507.254	265.908	273.102
Total Current Liabilities		1857.652	1423.862	1399.391
Net Current Assets		1718.695	1649.903	1470.673
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3839.941	3794.715	3585.015

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	8682.374	8195.943	6799.293
		Other Income	47.143	50.332	35.467
		TOTAL (A)	8729.517	8246.275	6834.760
Less	EXPENSES
		Consumption Material Changes Inventories	5275.348	0.000	0.000
		Manufacturing and Other Expenses	2453.419	7359.451	5955.617
		Expenditure Included in Above items Capitalized	0.000	(31.874)	(39.555)
		Employee Separation Compensation	0.000	3.123	0.000
		TOTAL (B)	7728.767	7330.700	5916.062
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1000.750	915.575	918.698
Less	FINANCIAL EXPENSES (D)		122.717	108.991	170.802
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		878.033	806.584	747.896
Less/ Add	DEPRECIATION/ AMORTISATION (F)		214.553	209.770	208.902
	PROFIT BEFORE TAX (E-F) (G)		663.480	596.814	538.994
Less	TAX (I)		236.611	212.162	194.575
	PROFIT AFTER TAX (G-I) (J)		426.869	384.652	344.419
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		246.748	196.138	173.979
Less	APPROPRIATIONS
		Transfer to General Reserve		200.000	200.000
		Dividend		114.950	104.500
		Tax on Dividend		19.092	17.760
	TOTAL APPROPRIATIONS		426.789	334.042	322.260
	BALANCE CARRIED TO THE B/S		246.828	246.748	196.138
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		1289.332	979.683
		Commission Earnings		41.239	20.855
	TOTAL EARNINGS			1330.571	1000.538
	IMPORTS
		Raw Materials		930.616	884.305
		Finished Products		857.885	621.971
		Stores & Spares	NA	11.841	11.715
		Capital Goods		11.514	42.214
	TOTAL IMPORTS		NA	1811.856	1560.205
	Earnings Per Share (Rs.)		20.42	18.40	16.48

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.89	4.66	5.03
Net Profit Margin (PBT/Sales)	(%)	7.64	7.28	7.92
Return on Total Assets (PBT/Total Assets}	(%)	12.69	12.23	11.60
Return on Investment (ROI) (PBT/Networth)		0.26	0.24	0.24
Debt Equity Ratio (Total Liability/Networth)		1.18	1.01	1.14
Current Ratio (Current Asset/Current Liability)		1.93	2.15	2.05

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

It is a great satisfaction to report that the Company continues to be the No.1 refractories manufacturing company in India in terms of revenues and achieving growth year after year. During the year, the gross revenue of the Company grew to Rs.9270.000 Million from Rs.8670.000 Millions of the previous year; an increase of 7%. The consolidated revenue which includes the revenues of TRL China Limited were Rs.10080.000 Millions compared to Rs.9700.000 Millions of the previous year; an increase of around 4%. The Company has achieved the distinction of being the 1st Indian refractories Company to cross Rs.10000.000 Millions consolidated revenues. The gross production during the year was 2,34,831 t. against 2,53,334 t. of previous year; a reduction of 7%. The overall sales volume was 3,18,087 t. against 3,20,399 t. of the previous year; a decrease of around 1%. Although production and sales volume were lower than that of the previous year, the total revenue was higher mainly due to better product mix.

Despite abnormal increase in the price of power and fuel, the profit before tax for the year was Rs.660.000 Millions against Rs.600.000 Millions of the previous year; an increase of 10%. The profit after tax was Rs.430.000 Millions against Rs.380.000 Millions of the previous year; an increase of 13%. Better product mix, improved operational efficiency, cost reduction measures and efficient finance management contributed to the improved performance of the Company.

After observing slow growth in demand for refractories due to delay in execution of new Steel Plants, the Company has kept its proposed Vizag Project in abeyance.

International Business

The export turnover of the Company for the year is Rs.1300.000 Millions against Rs.1270.000 Millions of the previous year. The consolidated international business was Rs.1660.000 Millions against Rs.1610.000 Millions of the previous year. Higher growth in export could not be achieved on account of postponement of projects in Far East Asian countries and Europe due to economic slow down. However, the Company was successful in increasing consumable order booking from overseas market from Rs.980.000 Millions. in 2009-10 to Rs.1420.000 Millions in 2010-11. During the year the Company has received the CAPEXIL’s Special Export Award for the year 2009-10.

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
other guarantees	521.716	258.492
bill discounted	372.161	312.020
disputed sales tax	49.706	46.995
disputed income tax	2.668	0.000
disputed excise demands	2.461	1.500
claims against company not acknowledged as debts	11.741	11.591

FORM 8

Corporate identity number of the company	U26921OR1958PLC000349
Name of the company	TATA REFRACTORIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Jharsuguda, Belpahar-768218, Orissa, India E-mail : arabinda@tataref.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90078462
Type of charge	Immovable property Any Interest in Immovable Property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Central Bank of India, Corporate Finance Branch, 33, N. S. Road, Kolkata-700001, West Bengal, India E-Mail : agmcfb3842@centralbank.co.in
Nature of instrument creating charge	1. Sanction Letter 2. Hypothecation of Book Debts to secure Cash Credit and WCDL 3. Letter of Hypothecation to secure demand Cash Credit against goods 4. Agreement for Letter of Credit and BG 5.General Counter Guarantee 6. Packing Credit Agreement 7. Demand Promissory Note of Rs.465.000 Millions All agreement executed on 9th June ,2011.
Date of instrument Creating the charge	09.06.2011
Amount secured by the charge	Rs.1215.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Margin As per Sanction Letter attached Terms of repayment As per Sanction Letter attached Margin 25% over hypothecated goods. 10% on export goods. Extent and operation of the charge First charge by way of hypothecation over inventory and receivables (Inland and export both), export bills with valid documents, ranking pari passu with SBI. 2nd Charge by way of hypothecation/mortgage of entire block assets both existing and future ranking pari passu with CBI and SBI. By this modification the earlier overall limit of Rs.1210.000 Millions increased to Rs.1215.000 Millions. Others : The earlier limit now modified as per agreements attached.
Short particulars of the property charged (Including location of the property)	As per Sanctioned Letter attached The property is located at TRL Krosaki Refractories Limited, Belphar, District Jharsuguda, Orissa, India, Pin - 768218 with all its branches.
Date of instrument modifying the charge	10.08.2009
Particulars of the present modification	By this modification the earlier limit of Rs.1210.000 Millions now modified to Rs.1215.000 Millions as follows. Fund Based Limits: 1. Cash Credit Rs.67.000 Millions 2. WCDL Rs.248.000 Millions 3. Packing Credit Rs.150.000 Millions 4. LC Inland/Foreign Rs.200.000 Millions 5. Bank Guarantee Rs.50.000 Millions 6. Term Loan Rs.500.000 Millions

FIXED ASSETS:

· Land

· Buildings and Roads

· Plant and Machinery

· Railway Siding

· Furniture, Fixture and Office Equipments

· Vehicles

· Technical Know-how Fees

AS PER WEBSITE

COMPANY PROFILE

Established in 1958, Subject [Fomerly Tata Refractories Limited] has pioneered refractory production in India. Today, this ISO 9001 company is the largest refractory company in India with a wide range of products like Basic, Dolomite, High Alumina, Monolithic and Silica Refractories having a consolidated installed capacity of 3,04,760 TPA (FY ‘10). Its key customers span the Steel, Cement, Glass, Copper, and Aluminium industries. Its main Works is located at Belpahar in the district of Jharsuguda in the state of Odisha, India. The company has two subsidiaries viz TRL Asia Private Limited (a Singapore based SPV) and TRL China Limited, 100% subsidiary of TRL Asia Private Limited. During the year 2010-11, the company has achieved the distinction of being the first Indian refractories company to cross Rs.10000 million consolidated turnover.

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	Indian Rupees
US Dollar	1	Rs.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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.