MIRA INFORM REPORT

Report Date :

10.03.2012

IDENTIFICATION DETAILS

Name :	MINEX METALLURGICAL COMPANY LIMITED
Registered Office :	301, Rajguru Apartments, 3^RD Floor, New Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.1981
Com. Reg. No.:	11-024161
Capital Investment / Paid-up Capital :	Rs. 80.000 millions
CIN No.: [Company Identification No.]	U28910MH1981PLC024161
TAN No.: [Tax Deduction & Collection Account No.]	MUMM22448G MUMM22482F
PAN No.: [Permanent Account No.]	AAACM7315B
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Ferrous Aluminum, Aluminum Alloys, Metal Cared Wires etc.
No. of Employees :		250 (In Office – 35 + In Factory - 215) Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3790000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Vijayan
Designation :	Account Manager
Contact No :	91-22-28358520

LOCATIONS

Registered/ Head Office :	301, Rajguru Apartments, 3^rd Floor, New Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-28362166/ 28215703/ 28370349/ 28982020
Mobile No.:	91-9833745167 (Mr. Murli Mahadevan)
Fax No.:	91-22-28377369
E-Mail :	murali@minexindia.com info@minexindia.com
Website :	http://www.minexindia.com
Area :	2000 sq. ft.
Location :	Owned
Nagpur – Plant and Sales :	D-41/42, MIDC Industrial Area, Hingna Road, Nagpur – 440028, Maharashtra, India
Tel. No.:	91-7104-237907/ 234434
Fax No.:	91-7104-236745
E-Mail :	info.nagpur@minexindia.com
Kalmeshwar – Plant :	B-401/1, MIDC Industrial Area, Kalmeshwar – 441501, District Nagpur, Maharashtra, India
Tel. No.:	91-7118-27168/9
Fax No.:	91-7118-271496
E-Mail :	info.kalmeshwar@minexindia.com
Nimji – Plant :	68/3, Nimji, Tahsil Kalmeshwar, District Nagpur, Maharashtra, India
Tel. No.:	91-7118-238304
Fax No.:	91-7118-238304
E-Mail :	info.nimjee@minexindia.com
	h
Burdwan, West Bengal - Sales Office	3/6, Shivaji Durgapur, Burdwan 713204, West Bengal, India
Tel. No.:	91-343-2572095
Fax No.:	91-343-2568413
E-Mail :	dgp_utpal@sanchar.net.in

DIRECTORS

AS ON : 09.09.2011

Name :

Mr. Sukhendu B. Misra

Designation :

Chairman and Managing Director

Address :

301, Belscot Tower, 1^st Lokandwala Complex, Link Road, Andheri (East), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

19.06.1946

Date of Appointment :

31.03.1981

DIN :

00105418

Name :

Mr. Dilip Keshavlal Patel

Designation :

Director

Address :

15 Neel Shobha, 4^th Floor, M. V. Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

20.10.1947

Date of Appointment :

01.08.2008

DIN :

00013150

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24230TN1980PLC008382	MALLADI DRUGS AND PHARMACEUTICALS LIMITED	Director	17/06/2003	17/06/2003	Active	NO
2	L17120MH1987PLC042598	EUROTEX INDUSTRIES AND EXPORTS LIMITED	Director	29/07/2003	29/07/2003	Active	NO
3	U25209MH1973PTC016846	POLYSET PLASTICS PRIVATE LIMITED	Director	29/07/2005	29/07/2005	Active	NO
4	L24230AP1987PLC008016	GODAVARI DRUGS LIMITED	Director	27/09/2006	27/09/2006	Active	NO
5	U40201GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	29/09/2008	7/12/2007	Active	NO
6	L74999MH1995PLC085878	SOLAR INDUSTRIES INDIA LIMITED	Director	24/09/2008	18/06/2008	Active	NO
7	U28910MH1981PLC024161	MINEX METALLURGICAL COMPANY LIMITED	Director	1/8/2008	1/8/2008	Active	NO
8	U45201MH2006PLC165973	RELCON INFRAPROJECTS LTD.	Director	30/09/2010	27/08/2010	Active	NO
9	L26100MH1998PLC117437	SEZAL GLASS LIMITED	Director	12/8/2011	12/8/2011	Active	NO

Name :

Mr. Anantharaman Mahadevan

Designation :

Director

Address :

A-1, 2^nd Floor, New Palm Beach Co-operative Society, Sector – 4, Nerul, New Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

06.03.1947

Date of Appointment :

30.12.1985

DIN :

00165226

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	U28910MH1981PLC024161	MINEX METALLURGICAL COMPANY LIMITED	Director	31/03/1981	31/03/1981	-	Active	NO
2	U99999MH1987PTC045485	DROUF ENVIRONMENTAL SYSTEMS PRIVATE LIMITED	Director	10/8/1988	10/8/1988	1/12/2011	Dormant	NO
3	U67120MH1992PTC067783	REVATHI SHARES AND SECURITIES PRIVATE LIMITED	Director	1/1/1999	1/1/1999	16/12/2010	Active	NO
4	U24100MH2000PLC125507	NIPRO TUBE GLASS LIMITED	Whole-time director	14/02/2004	14/02/2004	31/10/2007	Active	NO
5	U31300MH2004PTC150072	MANA CABLE MANAGEMENT SYSTEMS PRIVATE LIMITED	Director	17/12/2004	17/12/2004	-	Active	NO
6	U65100MH2004PLC144017	VIRTUOUS CAPITAL LIMITED	Director	20/12/2010	20/12/2010	-	Active	NO
7	L17110MH1987PLC044835	LOVABLE LINGERIE LIMITED	Additional director	22/09/2011	22/09/2011	-	Active	NO

Name :

Mr. Mukul Tagore

Designation :

Director

Address :

503, Benhut ‘A’ Lokhandwala complex, Link Road, Andheri (East), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

03.01.1946

Date of Appointment :

31.03.1981

DIN :

00353182

Name :

Mr. Vaidyanathan Narayan

Designation :

Director

Address :

5, Nai Roshini, Charat singh Colony, Andheri (East), Mumbai – 400093, Maharashtra, India

Date of Birth/Age :

24.12.1940

Date of Appointment :

23.06.1992

DIN :

00495534

Name :

Ms. Rakhi Misra

Designation :

Director

Address :

301, Belscot Tower, 1^st Lokandwala Complex, Link Road, Andheri (East), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

17.04.1953

Date of Appointment :

01.04.1996

DIN :

00353033

KEY EXECUTIVES

Name :	Mr. Murali Mahadevan
Designation :	Company Secretary
Address :	H – 003, Shimpoli Niranjan Co-operative Housing Society Limited, Chikuwadi, Shimpoli, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	01.10.1963
Date of Appointment :	01.08.2005
Name :	Ms. Shreya Mishra
Designation :	Manager
Address :	301/302, Belscot Niranjan Co.op. Hsg. Soc. Limited, Chikuwadi, Shimpoli, Borivali (West), Maharashtra, India
Date of Birth/Age :	24.07.1976
Date of Appointment :	01.04.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.09.2011

Name	No of Shares
Mr.Sukhendu Bikas Misra	3,508,425
Mrs.Rakhi Misra	1,041,378
Mrs. Bela Mishra	715,487
Ms. Shreya Mfsra	626,817
Smt. Renukanatagore	352,110
Mr. Soumendu Mishra	67,375.
Mr. Mukul Tagore	156,475
Mr. M. Anantharaman	135,000
Mr. Diptendu P.Mishra	65,500
S B Misra H U F	265,920
Mr. Nirmalendu Mishra	54,800
Ms. Sweta Mishra	50,250
Ms. Nitathakkar	73,500
Mrs. A. Revathi	70,000
Ms. Rani M. Shroff	63,000
Ms. Savitri M. Shroff	55,125
Madhukant T. Sheth (Huf)	50,250
Mr.- Rajesh M.Sheth	65,850
Mrs. Meena M.Sheth	50,250
Mr. Madhukant T. Sheth	34,650
Mr. Abhijit Mishra	48,650
Mrs. Revathi Anatharaman	45,000
Mr.Ashok. M. Shroff	31,500
Ms. Marynzacharia	31,500
Ms. Manju Mishra	31,500
Mrs. Veenad.Joshi	25,625
Mr. Shyam Mohan Garg	23,750
Mr. P. K. Roy	23,625
Mr. S. B. Shroff	23,625
Mr.Rahul M.Shroff	15,750
Ms. Vuaylakshml Dilip Patel	12,500
Mr.T.A.N.Devalkar	10,000
Mr. Anupam Tagore	9,688
Mr. Gregory John	8,750
Mr. S Prakash	8,750
Mr. Anil D. Harolikar	7,500
-Mr. N. Vaidyanathan	6,375
Mr. Madhusudan Sohani	6,250
Mr. B. Talukdar	5,000
Mr. N. R. Kulkarnl	5,000
Mr. J. D. Lawrence	5,000
Mr.U. .R. Kamde	5,000
Mr. Utpal Mandal	5,000
Mrs. Swati Gokhale	5,000
Mr. Sharath Kumar	5,000
Mr. K R Vijayan	3,000
Mr. Alok Sarkar	5,000
Mr. Mihir Nandy	5,000
Mrs. Kimud Jagoba Salve	5,000
Ms. Kseetha Lakshmy	5,000
Mr. P. K. Jha	5,000
Mrs. G. Vaidyanathan	3,750
Mr. B G Kedar	3,750
Mrs. Sipratalukder	3,750
Mr. R. Unnikrishnan Nair	2,500
Mr. K. M. Ganaonkar	2,500
Mr. M. A. Jagdale	2,500
Mr. Murali Mahadevan	2,500
Mr. B. D. Mohta	2,500
Mrs. Pushpa Bhatter	2,500
Mr. Santana Ojha	37,500
Mr. Jayanta Praharaj	750
Total	8,000,000

AS ON 09.09.2011

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		90.84
Other top fifty shareholders		9.16
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ferrous Aluminium, Aluminium Alloys, Metal Cared Wires etc.
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

GENERAL INFORMATION

Suppliers :

· NCL Company

· BCL Company

Customers :

• Mukand Limited
• Facor Limited
• Bhilai Steel
• MUSCO
• TISCO
• Jindal Strips
• Indomag / Tisco
• Marmagoa Steel
• Lloyds Steel Limited
• Visakhapatnam Steel
• Essar Steel
• Steel Authority of India Limited
• Ispat Profile Limited
• Tata SSL Limited
• Meghna Engineering Works Limited, Bangladesh
• Ordinance Factory
• Wholesalers
• Retailers

No. of Employees :

250 (In Office – 35 + In Factory - 215) Approximately

Bankers :

· Standard Chartered Bank, Crescenzo, 3A/F, Plot no. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India

· The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 (Rs.in millions)	31.03.2010 (Rs. in millions)
Open Cash Credit A/c		153.371
Bills Discounting		16.613
Buyers Credit		218.700
Working Capital Demand Loan		0.000
Packing Credit	895.953	0.000
(Secured by Hypothecation of Finished Goods, Raw Materials, Stores, Book Debts and Second Charge on Fixed Assets of the company and personal Guarantee of Managing Director)
Total	895.953	388.684
Unsecured Loans	31.03.2011 (Rs.in millions)	31.03.2010 (Rs. in millions)
Sales Tax Loans		46.874
(By way of Deferral under Package Scheme of Incentive of Government of Maharashtra)	46.598
Fixed Deposits
- From Members		2.500
Total	46.598	49.454

Banking Relations :	--
Auditors :
Name :	M. Kalahasthi and Company Chartered Accountant
Address :	44/2208, Pranav, Gandhi Nagar, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-26441948/ 26453376
Fax No.:	91-22-26453375
E-Mail :	mkalahasthi@gmail.com
Associates :	· Minex Foundation

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,000,000	Equity Shares	Rs. 10/- each	Rs.80.000 millions

NOTE: (Including 6309450 shares Issued as fully paid bonus shares by capitalization general reserve)

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		80.000	80.000	80.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		869.057	723.048	626.378
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		949.057	803.048	706.378
LOAN FUNDS
1] Secured Loans		895.953	388.684	346.113
2] Unsecured Loans		46.598	49.454	51.351
TOTAL BORROWING		942.551	438.138	397.464
DEFERRED TAX LIABILITIES		32.906	31.380	30.745
TOTAL		1924.514	1272.566	1134.587
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		343.630	228.917	201.033
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.006	0.006	0.006
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	767.357	427.200	331.147
	Sundry Debtors	625.471	486.841	416.676
	Cash & Bank Balances	195.178	106.607	185.385
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	195.416	179.432	125.126
Total Current Assets		1783.422	1200.080	1058.334
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	NA	109.720	94.879
	Other Current Liabilities	180.901	33.713	16.773
	Provisions	21.643	13.004	13.134
Total Current Liabilities		202.544	156.437	124.786
Net Current Assets		1580.878	1043.643	933.548
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1924.514	1272.566	1134.587

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3230.807	2352.664	2245.514
		Other Income	16.994	18.112	21.149
		TOTAL (A)	3247.801	2370.776	2266.663
Less	EXPENSES
		Manufacturing Expenses	334.103	243.446	212.022
		Raw Material Consumed	2699.693	1936.140	1844.641
		Increase/(Decrease) in Finished Goods	(95.295)	(29.331)	(9.351)
		TOTAL (B)	2938.501	2150.255	2047.312
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		309.300	220.521	219.351
Less	FINANCIAL EXPENSES (D)		30.265	27.679	43.743
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		279.035	192.842	175.608
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.801	19.369	18.280
	PROFIT BEFORE TAX (E-F) (G)		256.234	173.473	157.328
Less	TAX (H)		86.526	60.635	55.369
	PROFIT AFTER TAX (G-H) (I)		169.708	112.838	101.959
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.014	4.953	2.950
Less / Add	Short /Excess Provision For Tax For Earlier Years		0.000	2.942	(1.237)
Less	APPROPRIATIONS
		Transfer to General Reserve	145.000	100.000	80.000
		Dividend	8.000	8.000	8.000
		Proposed final Dividend	12.000	8.000	8.000
		Tax on Dividend	3.306	2.719	2.719
	BALANCE CARRIED TO THE B/S		3.416	2.014	4.953
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	293.865	391.460
	TOTAL EARNINGS		NA	293.865	391.460
	IMPORTS
		Raw Materials	NA	881.285	600.295
	TOTAL IMPORTS		NA	881.285	600.295
	Earnings Per Share (Rs.)		21.21	14.10	12.74

Expected Sales (2011-2012) : Rs.5000.000 Millions

The above information has been parted by Mr. Vijayan.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.23	4.76	4.50
Net Profit Margin (PBT/Sales)	(%)	7.93	7.37	7.01
Return on Total Assets (PBT/Total Assets}	(%)	12.04	12.13	12.49
Return on Investment (ROI) (PBT/Networth)		0.27	0.19	0.22
Debt Equity Ratio (Total Liability/Networth)		1.21	0.78	0.78
Current Ratio (Current Asset/Current Liability)		8.80	7.67	8.48

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS :

The finished products deliveries registered an increased of 24%, from 17782 MT in FY 2008-2009 to 22026 MT in FY 2009-2010, which is highest volume deliveries achieved so far.

The consolidated net sales during the year were Rs. 23.708 millions (Rs.22.667 millions) a marginal increase of 4.69%, the growth of business in the first half was slow and could pick only during last two quarters.

The Export income during the financial year was at Rs.2.999 millions (Rs. 4.010 millions), declined by 25%, Company’s main market have been Middle east Europe and economic slow down in these countries has considerably affected company’s business due to lower capacity utilization in these counties.

Equipment sales (Wire feeder) was down by 50% as the slow down in steel and foundry restricted implementation of new projects.

The current year prospects in the Domestic market has improved substantially and its expected to remain stable during the current year However the export market in euro zone and oil producing countries has still not recovered completely.

FORM 8

Corporate identity number of the company	U28910MH1981PLC024161
Name of the company	MINEX METALLURGICAL COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	301, Rajguru Apartments, 3 New Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	Standard Chartered Bank
Nature of instrument creating charge	Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	10/10/2011
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Credit Facilities. Interest / Commission - As agreed by and with the Bank from time to time. Extent and Operation of the charge The Bank is having first & exclusive charge on the security given by the Company, as described in Sr. no. 15. Others First & exclusive charge on security as specified in Schedule has been created in favour of Bank for the purpose of securing credit facility to the extent of USD 2,000,000 granted to the Company. For the purpose of filing Form 8, the facility amount equivalent in INR has been calculated at the prevailing foreign exchange rate i.e. (1 USD = INR 50).
Short particulars of the property charged	Hypothecation by way of first & exclusive charge on a) all present and future movable properties of the borrower without limitation its movable plant and machinery, furniture and fittings, equipment, computers, hardware, computer software, machinery spares, tools and accessories and other movables, bo be imported or purchased or procured or obtained using the facility and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of these presents be brought into or upon or be stored or be in or about all b) all present and future movable properties of the borrower at the following locations: i) Butiborithe borrower's premises, warehouses, stockyards and godowns or those of the borrower’s agents, affiliates, associates or representatives and intimated to the bank/security agent from time to time

Corporate identity number of the company	U28910MH1981PLC024161
Name of the company	MINEX METALLURGICAL COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	301, Rajguru Apartments, 3 New Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	· Standard Chartered Bank 90, M. G. Road, For, Mumbai-400001, Maharashtra, India
Nature of instrument creating charge	Supplemental of Unattested Memorandum of Hypothecation.
Date of instrument Creating the charge	12.05.2010
Amount secured by the charge	Rs.300.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Credit Facilities. Interest / Commission- As agreed by and with the Bank from time to time. Terms of repayment As agreed by and with the Bank from time to time. Margin As agreed by and with the Bank from time to time. Extent and operation of the charge The Bank is having first charge on the stocks and book debts of the Company.
Short particulars of the property charged (Including location of the property)	Hypothecation by way of first charge On : a) all present and future book debts, outstanding money’s receivables, claims and bills. b) All present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise.
Charge identification number of the charge to be modified	10101387
Date of instrument modifying the charge	28.01.2010
Particulars of the present modification	The existing charge amount of Rs. 170.000 millions consists of import LC-Unsecured, Loan against Import, Financial Gtee / SBLC (trade), Bonds and Gtees ,OD, Short Term Money Market Loan, Preshipment Financing under Export Order, Export Bill Discounting, Import Invoice Financing, Export Invoice Financing, Local Bill Discounted.

FIXED ASSETS:

· Land

· Factory Building

· R and D Building

· Office Premises

· Plant and Machinery

· Laboratory Equipment

· Electrical Installment

· Office Equipment

· Air Condition

· Vehicle

· Furniture and Fixtures

· Computers

WEBDETAILS

Company Profile

Pioneering Total Alloying Solutions

Minex has been at the helm of the alloying industry, providing total alloying solutions to the Iron and Steel, Aluminium, Welding and other non-ferrous industries. Their state-of-the-art technology in the field of speciality alloys, cored wire and wire injection systems is proving to be a benchmark for the industry. Here is why Minex is a leading alloying solutions company today.

• India's foremost Speciality Alloys company
• Committed to the Customer's need - Sales and Service network all over the country
• Pioneer in "Cored Wire Injection System" technology in India, supporting over 95% of the installations in the Indian Subcontinent since 1987
• Sourcing of superior raw materials from around the world
• Adherance to strict quality control during production
• Emphasis on superior packaging processes and quality driven technical services to the customer

Their domination of the Indian market has now propelled them to go Global and they now deliver their products to several customers in the international market.

History

• 1981 - Inception
• 1985 - Nagpur factory was established with the introduction of Ferro Aluminium and Stainless Steel casting, subsequently introduced Ferro Silico Magnesium, Eutectic Ferro Titanium, Innoculating Alloys etc.
• 1986 - Introduction of Cored Wire Injection System to the Indian Iron and Steel Industry for the first time.
• 1991 - Kalmeshwar Plant started manufacturing Cored Wire for the first time in India
• 1997 - First export of Cored Wire Injection System, Cored Wire and Speciality Alloys in to Middle East, Latin America and South East Asia
• By the year 1999-2000 Minex has cornered 97% of the Wire Injection application in the Indian sub-continent and over 93% of Speciality Alloys, and above 90% of the Cored Wire market segment.

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.50.15
UK Pound	1	Rs.79.01
Euro	1	Rs.66.18

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		50

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.