MIRA INFORM REPORT

Report Date :

04.10.2011

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) :	31.03.2010
Date of Incorporation :	05.09.1958
Com. Reg. No.:	15-000349
Paid-up Capital :	Rs. 209.000 millions
CIN No.: [Company Identification No.]	U26921OR1958PLC000349
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 :	2358 (Approximately)

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 24.07.2010

Name :	Mr. Jamshed Jiji Irani
Designation :	Chairman
Address :	221, A Wing, NCPA Apartments, Nariman Point, Mumbai-400021, Maharashtra, India
Date of Birth/Age :	02.06.1936
Date of Appointment :	01.09.1983
DIN No :	00311104

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	01/09/1983	01/09/1983	27/08/2011	Active	NO
2	L40200WB1935PLC008184	Boc India Limited	Director	02/12/1987	02/12/1987	02/06/2011	Active	NO
3	L27100MH1907PLC000260	Tata Steel Limited	Director	16/08/1988	16/08/1988	02/06/2011	Active	NO
4	L28920MH1945PLC004520	Tata Motors Limited	Nominee director	07/06/1993	07/06/1993	02/06/2011	Active	NO
5	U27109WB1997PLC084005	Tata Steel Processing And Distribution Limited	Nominee director	17/04/1997	17/04/1997	27/08/2007	Active	NO
6	U99999MH1917PLC000478	Tata Sons Limited	Director	19/06/1997	19/06/1997	02/06/2011	Active	NO
7	L85110KA1951PLC000761	Bosch Limited	Director	15/12/1998	15/12/1998	01/01/2007	Active	NO
8	L74210JH1962PLC000700	Trf Limited	Director	09/06/2000	09/06/2000	23/07/2011	Active	NO
9	U74899DL1995PLC066685	Tata Teleservices Limited	Nominee director	27/09/2001	27/09/2001	23/03/2009	Active	NO
10	L24202MH1920PLC000825	Kansai Nerolac Paints Limited	Director	29/10/2002	29/10/2002	-	Active	NO
11	L22200MH1993PLC071431	Repro India Limited	Director	15/09/2005	15/09/2005	-	Active	NO
12	U74140MH2006PTC164785	Terrafirma Realty Advisors Private Limited	Additional director	21/11/2006	21/11/2006	07/09/2007	Active	NO
13	L27310OR1955PLC000310	Electro Steel Castings Limited	Director	08/12/2006	08/12/2006	-	Active	NO
14	L70100MH1977PLC019916	Housing Development Finance Corporation Limited	Director	18/01/2008	18/01/2008	-	Active	NO
15	U34201UP2006PTC041454	Adithya Automotive Applications Private Limited	Director	16/06/2009	16/06/2009	29/06/2009	Active	NO
16	L65991TN2000PLC058466	Everonn Education Limited	Director	03/08/2011	09/12/2010	31/08/2011	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

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	Managing director	10/05/2010	10/05/2002	-	Active	NO

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
DIN No :	00027891

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	17/07/1989	17/07/1989	-	Active	NO
2	U44003MH1945PLC004403	Tata Industries Limited	Director	03/04/1998	03/04/1998	-	Active	NO
3	U99999MH1917PLC000478	Tata Sons Limited	Whole-time director	01/07/2009	24/11/1998	-	Active	NO
4	L29308MH1954PLC009371	Voltas Limited	Director	26/04/1999	26/04/1999	-	Active	NO
5	L27100MH1907PLC000260	Tata Steel Limited	Director	15/07/1999	15/07/1999	-	Active	NO
6	U74899DL1995PLC066685	Tata Teleservices Limited	Nominee director	29/09/1999	29/09/1999	-	Active	NO
7	U65991MH1995PLC087722	Tata Trustee Company Limited	Director	16/06/2000	16/06/2000	17/03/2011	Active	NO
8	U66010MH2000PLC128403	Tata AIG Life Insurance Company Limited	Director	23/08/2000	23/08/2000	-	Active	NO
9	U85110MH2000PLC128425	Tata Aig General Insurance Company Limited	Nominee director	24/08/2000	24/08/2000	-	Active	NO
10	L72200AP1975PLC001970	CMC Limited	Director	16/10/2001	16/10/2001	04/01/2010	Active	NO
11	L64200MH1986PLC039266	Tata Communications Limited	Director	01/07/2002	01/07/2002	26/06/2007	Active	NO
12	U72200TN2003PTC050510	Speech And Software Technologies (India) Private Limited	Director	13/03/2003	13/03/2003	-	Active	NO
13	U92120MH2001PLC130365	Tata Sky Limited	Director	06/02/2004	06/02/2004	-	Active	NO
14	U26921OR1958PLC000349	Trl Krosaki Refractories Limited	Director	02/03/2005	02/03/2005	-	Active	NO
15	U67120MH2005PLC155188	Bse Limited	Director	14/09/2007	09/11/2006	29/05/2010	Active	NO
16	U65990MH1991PLC060670	Tata Capital Limited	Director	17/07/2007	13/04/2007	-	Active	NO
17	L99999MH1863PLC000002	Bombay Burmah Trading Corporation Limited	Director	30/05/2007	30/05/2007	14/01/2011	Active	NO
18	L22210MH1995PLC084781	Tata Consultancy Services Limited	Director	02/07/2010	05/01/2010	-	Active	NO
19	L17120MH1879PLC000037	The Bombay Dyeing And Manufacturing Company Limited	Director	11/08/2010	01/06/2010	-	Active	NO
20	U72200AP2004PLC042926	Viom Networks Limited	Additional director	18/03/2011	18/03/2011	-	Active	NO
21	U63013DL2004PLC217305	Go Airlines (India) Limited	Director	21/06/2011	21/06/2011	-	Active	NO

Name :	Mr. Anjan Kumar Chatterjee
Designation :	Director
Address :	Singhi Park Apartment, Flat No.N4F, 48/3, Gariahat Road, Kolkata-700019, West Bengal, India
Date of Birth/Age :	07.09.1941
Date of Appointment :	10.05.2002
DIN No :	00326684

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	10/05/2002	10/05/2002	31/05/2011	Active	No
2	U36992wb1950ptc018695	Structural Water Proofing Company Private Limited	Director	07/11/2002	07/11/2002	20/12/2006	Active	No
3	U74140wb2002ptc095368	Conmat Technologies Private Limited	Managing Director	13/11/2002	13/11/2002	-	Active	No
4	U74140wb2001ptc093338	Autark Management Services Private Limited	Director	10/11/2003	10/11/2003	-	Active	No
5	U80903mh2006ptc165433	Dr. Fixit Institute Of Structural Protection and Rehabilitation	Director	08/11/2006	08/11/2006	-	Active	No
6	U26942ml2007plc008273	Green Valliey Industries Limited	Director	30/09/2008	06/08/2007	-	Active	No
7	U73100dl2007npl164215	Centre For Fly Ash Research and Management	Director	29/08/2011	29/08/2011	-	Active	No

Name :	Mr. Ramulu Pasumarthy
Designation :	Director
Address :	No.22, 2^nd Cross- 3^rd Main Road, BDA Hig Colony, Raj Mahal Vilas, 2^nd Stage, Bangalore-560094, Karnataka, India
Date of Birth/Age :	02.07.1942
Date of Appointment :	10.10.2003
DIN No :	00295847

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	10/10/2003	10/10/2003	31/05/2011	Active	NO

Name :	Mr. Sharad Sarin
Designation :	Director
Address :	5, XLRI Campus, Post Box -222, XLRI, Jamshedpur-831001, India
Date of Birth/Age :	02.07.1946
Date of Appointment :	13.10.2000
DIN No :	00024446

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	U31300WB1990PLC048897	Lark Wires and Infotech Limited	Director	25/03/2000	25/03/2000	14/07/2007	Active	YES
2	U26921OR1958PLC000349	Trl Krosaki Refractories Limited	Director	13/10/2000	13/10/2000	31/05/2011	Active	NO
3	U25199WB1976PLC030532	Tega Industries Limited	Director	17/12/2001	17/12/2001	14/07/2007	Active	NO
4	L65993TN2004PLC052856	Rane (Madras) Limited	Director	16/05/2005	16/05/2005	21/07/2008	Active	NO
5	U27209WB2005PLC105932	Lark Non Ferrous Metals Limited	Director	19/10/2005	19/10/2005	25/01/2010	Active	NO
6	U00319JH1999PTC008903	Eastern Coatings and Services Private Limited	Director	10/05/2006	10/05/2006	-	Active	NO
7	U00312JH1982PTC001663	Eastern Tar Private Limited	Director	10/05/2006	10/05/2006	-	Active	NO
8	U32109DL1992PLC047306	S M Creative Electronics Limited	Additional director	25/04/2011	25/04/2011	-	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
DIN No :	01430586

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	02/08/2008	02/03/2007	-	Active	NO
2	U74899DL1999PTC098274	Ntpc-Sail Power Company Private Limited	Additional director	28/12/2007	28/12/2007	05/02/2009	Active	NO
3	L27109DL1973GOI006454	Steel Authority Of India Limited	Director	10/09/2009	06/12/2008	28/10/2010	Active	NO
4	U13100WB2008PTC129436	S and T Mining Company Private Limited	Director	25/06/2010	19/03/2010	-	Active	NO
5	L32108MH1974GOI017402	Maharashtra Electrosmelt Limited	Director	25/08/2010	22/04/2010	-	Active	NO
6	U27101CT2008PTC020786	Sail and Moil Ferro Alloys Private Limited	Nominee director	28/06/2010	28/06/2010	-	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

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	U24100JH1983PLC001836	The Tata Pigments Limited	Director	16/04/2003	16/04/2003	29/03/2008	Active	NO
2	U45200JH2003PLC010315	Jamshedpur Utilities and Services Company Limited	Director	22/10/2004	22/10/2004	27/02/2008	Active	NO
3	U23101WB2005PLC101608	Hooghly Met Coke and Power Company Limited	Director	10/02/2005	10/02/2005	-	Amalgamated	NO
4	U27109OR2004PLC009683	T S Alloys Limited	Nominee director	17/02/2007	17/02/2007	20/03/2008	Active	NO
5	U74999MH2007PLC167623	Industrial Energy Limited	Director	23/05/2008	20/03/2007	-	Active	NO
6	L27310WB1990PLC050000	Tata Metaliks Limited	Director	16/07/2008	28/03/2008	-	Active	NO
7	U26921OR1958PLC000349	Trl Krosaki Refractories Limited	Director	02/08/2008	05/05/2008	-	Active	NO
8	U40109AP2006PTC050759	Bhubaneshwar Power Private Limited	Director	06/08/2008	06/08/2008	-	Active	NO
9	L27105JH1968PLC000818	Tayo Rolls Limited	Director	08/08/2008	08/08/2008	-	Active	NO

Name :	Mr. Sanjay Kumar Pttanaik
Designation :	Director
Address :	Room No.202, Corporate Centre, Tata Steel Limited, Jamshedpur, Singhabhum-831001, Jharkhand-831001, India
Date of Birth/Age :	02.07.1959
Date of Appointment :	20.10.2009
DIN No :	00256832

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	L27102OR1982PLC001091	Tata Sponge Iron Limited	Director	28/07/2003	28/07/2003	01/08/2009	Active	NO
2	U05004OR1989PLC002356	Kalinga Aquatic Limited	Director	26/08/2003	26/08/2003	28/01/2011	Active	NO
3	U45201OR2006PLC008971	Gopalpur Special Economic Zone Limited	Director	11/10/2006	11/10/2006	20/11/2009	Active	NO
4	U91110OR1964GAP000468	Utkal Chamber Of Commerce And Industry Limited	Director	29/09/2007	29/09/2007	30/09/2009	Active	NO
5	U26921OR1958PLC000349	Trl Krosaki Refractories Limited	Director appointed in casual vacancy	20/10/2009	21/07/2009	31/05/2011	Active	NO
6	U74899DL1969NPL005064	Federation Of India Mineral Industries	Director	15/09/2010	15/09/2010	-	Active	NO
7	U13100WB2010PLC156401	T M Mining Company Limited	Director	26/08/2011	30/12/2010	-	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

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	U40300DL2001PTC112074	Bokaro Power Supply Company Private Limited	Director	12/06/2008	12/06/2008	06/11/2009	Active	NO
2	L32108MH1974GOI017402	Maharashtra Electrosmelt Limited	Additional director	21/07/2008	21/07/2008	20/11/2009	Active	NO
3	U13100WB2008PTC129436	S and T Mining Company Private Limited	Director	24/10/2009	18/09/2008	20/11/2009	Active	NO
4	L27109DL1973GOI006454	Steel Authority Of India Limited	Whole-time director	30/09/2010	01/11/2009	28/10/2010	Active	NO
5	U26921OR1958PLC000349	Trl Krosaki Refractories Limited	Director	24/07/2010	16/03/2010	-	Active	NO
6	U35200DL2010PTC211955	Sail-Rites Bengal Wagon Industry Private Limited	Director	30/12/2010	30/12/2010	-	Active	NO

Name :	Mr. Dipankar Chatterji
Designation :	Director
Address :	Flat No.2A, Minto Park Syndicate 13, D. L. Khan Road, Kolkata-700027, West Bengal, India
Date of Birth/Age :	23.08.1948
Date of Appointment :	13.05.2010
DIN No :	00031256

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	U55101HP1972PTC003175	Span Motels Private Limited	Director	28/03/1984	28/03/1984	-	Active	NO
2	U15137HP1986PTC007174	Span Agro Properties Private Limited	Director	28/02/1992	28/02/1992	14/06/2007	Active	NO
3	L26109WB1946PLC013294	Hindusthan National Glass and Industries Limited	Director	10/06/2002	10/06/2002	-	Active	NO
4	U64202WB2000PLC092193	Nicco Ventures Limited	Director	21/05/2004	21/05/2004	-	Active	NO
5	U75142WB1967SGC026988	West Bengal Industrial Development Corpn Limited	Director	29/12/2004	29/12/2004	-	Active	NO
6	L65993WB1970PLC027781	United Credit Limited	Director	23/07/2005	23/07/2005	26/07/2011	Active	NO
7	U24211TN1979PTC007870	Proventus Life Sciences Private Limited	Director	30/09/2006	01/09/2005	15/03/2008	Active	NO
8	U72200WB2005PTC102280	Pantheon Data Services Private Limited	Director	01/01/2006	01/01/2006	-	Active	NO
9	U45400WB1983PLC036343	Hiland Projects Limited	Director	22/03/2006	22/03/2006	02/09/2009	Active	NO
10	U74140WB2006PTC110626	Delphi Management Services Private Limited	Director	18/07/2006	18/07/2006	-	Active	NO
11	U28931WB1990PLC049621	Patton International Limited	Director	21/09/2007	02/04/2007	23/04/2009	Active	NO
12	U74899DL1985PTC022620	Span Air Private Limited	Director	27/09/2007	14/06/2007	-	Active	NO
13	U67120WB1923PLC004707	The Calcutta Stock Exchange Limited	Director	24/12/2007	24/12/2007	-	Active	NO
14	U93030WB2008PTC125730	Centenary Trading Private Limited	Director	15/05/2008	15/05/2008	09/02/2011	Active	NO
15	L74210JH1962PLC000700	TRF Limited	Director	21/06/2008	21/06/2008	-	Active	NO
16	U74900WB2009PTC134753	Cse Capital Markets Private Limited	Director	10/08/2009	10/08/2009	16/04/2010	Active	NO
17	U72200AP2004PLC042926	Viom Networks Limited	Director	09/09/2010	25/11/2009	-	Active	NO
18	U18101UP1995PTC018737	Obeetee Textiles Private Limited	Director	21/06/2010	01/03/2010	-	Active	NO
19	U26921OR1958PLC000349	Trl Krosaki Refractories Limited	Director	24/07/2010	13/05/2010	31/05/2011	Active	NO
20	L35111WB1939PLC009800	Texmaco Limited	Director	25/09/2010	25/09/2010	-	Active	NO

Name :	Mr. Ganatantra Ojha
Designation :	Director
Address :	B-247, Asian Games Village, New Delhi-110049, Delhi, India
Date of Birth/Age :	26.01.1950
Date of Appointment :	01.03.2004
Date of Ceasing :	24.02.2010
DIN No :	00416614

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	01/03/2004	01/03/2004	24/02/2010	Active	NO
2	L27109DL1973GOI006454	Steel Authority Of India Limited	Whole-time director	07/07/2006	07/07/2006	31/01/2010	Active	NO
3	U13100WB2008PTC129436	S and T Mining Company Private Limited	Director	24/10/2009	18/09/2008	24/02/2010	Active	NO
4	U74140JH1973GOI001199	Mecon Limited	Director	20/01/2011	20/01/2011	-	Active	NO

Name :	Mr. Hridayeshwar Jha
Designation :	Director
Address :	Bunglow No.39, C. H. Area, Jamshedpur-831001, Jharkhand, India
Date of Birth/Age :	15.01.1956
Date of Appointment :	05.05.2008
Date of Ceasing :	10.09.2009
DIN No :	01298891

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	U74999MH1961NPL012060	Indian Ferro Alloys Producers Association	Director	20/09/2006	20/09/2006	-	Dormant	NO
2	U27109OR2004PLC009683	T S Alloys Limited	Nominee director	17/02/2007	17/02/2007	15/10/2008	Active	NO
3	U63090WB2002PLC094134	Tm International Logistics Limited	Nominee director	18/01/2008	18/01/2008	02/11/2009	Active	NO
4	U26921OR1958PLC000349	Trl Krosaki Refractories Limited	Director	05/09/2009	05/05/2008	10/09/2009	Active	NO

Name :	Mr. Prativa Ray
Designation :	Director
Address :	Akhyeeka 27, Gajapati Nagar, Bhubaneswar, Khurda-751005, Orissa, India
Date of Birth/Age :	15.01.1944
Date of Appointment :	22.01.2007
Date of Ceasing :	24.07.2010
DIN No :	01230237

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	29/09/2007	22/01/2007	24/07/2010	Active	NO

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 :	01.04.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 24.07.2010

Names of Shareholders	No. of Shares
Tata Steel Limited, India	14898360
Life Insurance Corporation of 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	1290890
L G Balakrishnan and Brother Limited, India	5000
Alpic Finance Limited, India	70000
Rajmatagaytri Devi	184570
S S Ghose	10
Maharajsawai Bhawani Singh	47140
S P Nepak	228
Fasihuddin Mohd	120
R Mishra	38
T P Chakraborty	10
S K Mitra	20
Vijay Bahadur Singhrajput	2500
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 24.07.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	78.83
Other top fifty shareholders	5.73
Others	0.29
	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 :

2358 (Approximately)

Bankers :

· Central Bank of India, Kolkata Main Office, 33, N. S. Road, Kolkata-700001, West Bengal, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
i) Term Loan from Central Bank of India 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.	139.500	239.500
ii) Term Loan from State Bank of India Secured by a pari-passu first charge with other lenders on fixed assets, both present and future.	90.000	120.000
iii) Other Loans from Banks Secured by hypothecation of stocks and debtors by way of pari - passu first charge.	421.445	375.916
iv) Interest accrued and due thereon	13.879	3.908
Total	664.824	739.324
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
i) Fixed Deposits	38.853	17.865
ii) Short Term Loans from Banks	400.000	400.000
iii) Interest accrued and due thereon	0.101	0.054
Total	438.954	417.919

Banking Relations :
Auditors :
Name :	Mr. Vinay D. Balse Partner N. M. Raiji and Company Chartered Accountant
Address :	Universal Insurance Building, 6^th Floor, Sir P. M. Road, Mumbai-400001, Maharashtra, India
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 31.03.2010

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		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		209.000	209.000	209.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2272.407	2021.797	1799.638
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2481.407	2230.797	2008.638
LOAN FUNDS
1] Secured Loans		664.823	739.324	1252.386
2] Unsecured Loans		438.954	417.919	16.915
TOTAL BORROWING		1103.777	1157.243	1269.301
DEFERRED TAX LIABILITIES		166.304	135.795	138.196
PROVISION FOR EMPLOYEE SEPARATION COMPENSATION		43.227	61.180	87.421
TOTAL		3794.715	3585.015	3503.556
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1805.878	1775.408	1768.656
Capital work-in-progress		0.000	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	1219.827	1258.286	938.584
	Sundry Debtors	1258.818	1037.809	1094.461
	Cash & Bank Balances	130.779	95.595	64.781
	Other Current Assets	0.036	0.004	0.008
	Loans & Advances	464.305	478.370	399.386
Total Current Assets		3073.765	2870.064	2497.220
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	878.921	893.356
	Other Current Liabilities	279.033	232.933	848.627
	Provisions	265.908	273.102	252.627
Total Current Liabilities		1423.862	1399.391	1101.254
Net Current Assets		1649.903	1470.673	1395.966
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3794.715	3585.015	3503.556

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	8195.943	6799.293	5272.098
		Other Income	50.332	35.467	26.693
		TOTAL (A)	8246.275	6834.760	5298.791
Less	EXPENSES
		Manufacturing and Other Expenses	7359.451	5955.617	4641.733
		Expenditure Included in Above items Capitalized	(31.874)	(39.555)	(14.508)
		Employee Separation Compensation	3.123	0.000	5.404
		TOTAL (B)	7330.700	5916.062	4632.629
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		915.575	918.698	666.162
Less	FINANCIAL EXPENSES (D)		108.991	170.802	117.480
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		806.584	747.896	548.682
Less/ Add	DEPRECIATION/ AMORTISATION (F)		209.770	208.902	181.051
	PROFIT BEFORE TAX (E-F) (G)		596.814	538.994	367.631
Less	TAX (I)		(212.162)	(194.575)	(151.079)
	PROFIT AFTER TAX (G-I) (J)		384.652	344.419	216.552
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		196.138	173.979	193.009
Less	APPROPRIATIONS
		Transfer to General Reserve	200.000	200.000	150.000
		Dividend	114.950	104.500	73.150
		Tax on Dividend	19.092	17.760	12.432
	BALANCE CARRIED TO THE B/S		246.748	196.138	173.979
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1289.332	979.683	670.037
		Commission Earnings	41.239	20.855	16.018
	TOTAL EARNINGS		1330.571	1000.538	686.055
	IMPORTS
		Raw Materials	930.616	884.305	848.349
		Finished Products	857.885	621.971	272.992
		Stores & Spares	11.841	11.715	9.339
		Capital Goods	11.514	42.214	2.819
	TOTAL IMPORTS		1811.856	1560.205	1133.499
	Earnings Per Share (Rs.)		18.40	16.48	10.36

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.66	5.03	4.08
Net Profit Margin (PBT/Sales)	(%)	7.28	7.92	6.97
Return on Total Assets (PBT/Total Assets}	(%)	12.23	11.60	8.61
Return on Investment (ROI) (PBT/Networth)		0.24	0.24	18.30
Debt Equity Ratio (Total Liability/Networth)		1.01	1.14	1.18
Current Ratio (Current Asset/Current Liability)		2.15	2.05	2.26

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

The year 2009-10, has been a year of record breaking for the operations of the Company in terms of achieving highest ever revenues, production, sales volume and exports as well as profit before and after taxes. The gross revenues of the Company grew to Rs.8670.000 millions from Rs.7360.000 millions of last year; an increase of 18%. The consolidated revenues which includes the revenues of TRL China Limited were Rs.9700.000 millions compared to Rs.7680.000 millions of the previous year; an increase of over 26%. The gross production during the year was 2,53,334 t. against 2,10,676 t. of the previous year; an increase of over 20%. The overall sales volume was 3,20,399 t. against 2,58,776 t. of the previous year; an increase of over 24%.

Despite the impact of global economic slowdown in the first half of the year and increase in input costs in the second half of the year , the profit before tax of the year was Rs.600.000 millions against Rs.540.000 millions of the previous year; an increase of 11%. The profit after tax was Rs. 380.000 millions against Rs. 340.000 millions of the previous year; an increase of 12%. Higher sales volume; improved operational efficiency; aggressive cost reduction programmes and efficient finance management largely contributed to the improved performance of the Company.

The Company continues to maintain No.1 position in Indian refractory industry having capabilities of supplying full range of refractories products with service back up for total refractories solutions. The Company has been continuously expanding its operations by adding new products and Plants. During the year the Company entered into agreements with Raasi Refractories Limited, Hyderabad and Eastern Refractories Limited, Jhansi to manufacture refractories with its technology and to market them under its brand. Earlier the Company had entered into similar arrangement with Meena Agency Limited, Gujarat. As the scope for further expansion at Belpahar is limited due to congestion, the Company has acquired land in Visakhapatnam, Andhra Pradesh to expand further its capacity.

INTERNATIONAL BUSINESS

The Company’s international business grew by 23% from Rs. 1030.000 millions in FY’09 to Rs. 1270.000 millions in FY’10. The Company retained its No. 1 position of refractories exporting Company in India. The Company continues to aggressively expand overseas markets along with domestic markets. At present the Company is exporting to more than 27 Countries. Their exports account for over 25% of the total refractories exported from India and 15% of the Company’s total turnover comes from exports. During the year, the Company established its

products at different Plants of Corus. The Company has taken several measures to further expand its footprint in global markets.

During the year the Company has received the Special Export Award for sustained improvement in export for the

year 2008-09 from Govt. of India and the IRMA award for sustained improvement in export for the years 2006-07,

2007-08 and 2008-09 from the Indian Refractories Makers Association.

In the third year of its operations, TRL China’s turnover was Rs. 1520.000 millions against Rs.810.000 millions in 2008-09. Net profit of the company for the year was Rs. 30.400 millions against loss of Rs.11.500 millions in 2008-09. During the year the Company further strengthened its position in Chinese market apart from increasing sales in Indian market. After detailed assessment of company’s product quality and manufacturing facilities, Corus has appointed TRL China as its approved supplier for Magnesia Carbon Bricks. During the year, TRL China’s supply to Corus was Rs 37.400 millions. After assessing demand, TRL China has undertaken Third Phase expansion to increase its capacity from 54,000 t. p. a. to 90,000 t. p. a., which has been targeted to be completed

by December, 2010.

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
This form is for	Modification of charge
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, Kolkata Main Office, 33, N. S. Road, Kolkata-700001, West Bengal, India
Nature of instrument creating charge	1. Sanction Letter 2. Hypothecation of Book Debts to secure Cash Credit or Overdraft 3. Letter of Hypothecation to secure demand Cash Credit against goods (C.B. 109C) 4. Agreement for Letter of Credit and BG 5.Form AD 26 6. Packing Credit Agreement 7. Demand Promissory Note of Rs. 310.000 millions. All agreement executed on 10th August 2009.
Date of instrument Creating the charge	10.08.2009
Amount secured by the charge	Rs. 1210.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	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 their CBI and SBI. By this modification the earlier overall limit of Rs. 560.000 millions enhanced to Rs. 1210.000 millions. Others : The earlier limit now modified as per agreements
Short particulars of the property charged (Including location of the property)	The property is located at tata Refractories limited, Belphar, Dist. Jharsuguda, Orissa, India Pin – 768218 with all its branches.
Charge identification number of the charge to be modified	90078462
Date of instrument modifying the charge	18.03.2008
Particulars of the present modification	By this modification the earlier limit of Rs. 560.000 millions now modified to Rs. 1210.000 millions as follows. Fund Based Limits: 1. Cash Credit Rs. 62.000 millions. 2. WCDL Rs. 248.000 millions 3. Packing Credit Rs. 150.000 millions 4. IBP/IBD facility against LC Rs. 200.000 millions 5. Short Term Loan Rs. 300.000 millions Non-Fund Based Limits: 1. Inland/Foreign LC Rs.200.000 millions 2. Bank Guarantee Rs. 50.000 millions

FIXED ASSETS:

· Land

· Buildings and Roads

· Plant and Machinery

· Railway Siding

· Furniture, Fixture and Office Equipments

· Vehicles

· Technical Know-how Fees

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.49.42
UK Pound	1	Rs.76.72
Euro	1	Rs.65.85

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.