1. Summary Information

		Country	India
Company Name	NATIONAL ALUMINIUM COMPANY LIMITED	Principal Name 1	Mr. Abhay Kumar Srivastava
Status	Excellent	Principal Name 2	Mr. Bajrang Lal Bagra
		Registration #	15-000920
Street Address	Nalco Bhawan, Plot No. P/1, Nayapalli, Bhubaneswar – 751061, Orissa, India
Established Date	07.01.1981	SIC Code	--
Telephone#	91-674-2442301–08/ 2301988-99	Business Style 1	Manufacturer
Fax #	91-674-2300550/ 2442580	Business Style 2	--
Homepage	http://www.nalcoindia.com	Product Name 1	Calcined Alumina
# of employees	7705 (Approximately)	Product Name 2	Alumina Hydrate
Paid up capital	Rs.12886,200,000/-	Product Name 3	Aluminium Ingots
Shareholders	Promoter and Promoter Group – 81.06% Public shareholding -18.94%	Banking	State Bank of India
Public Limited Corp.	YES	Business Period	32 Years
IPO	YES	International Ins.	-
Public Enterprise	YES	Rating	Aa (76)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	62,570,300,000	Current Liabilities	26,733,200,000
Inventories	12,127,000,000	Long-term Liabilities	0,000
Fixed Assets	66,123,500,000	Other Liabilities	11,323,800,000
Deferred Assets	0,000	Total Liabilities	38,057,000,000
Invest& other Assets	14,387,000,000	Retained Earnings	104,264,600,000
		Net Worth	117,150,800,000
Total Assets	155,207,800,000	Total Liab. & Equity	155,207,800,000
Total Assets (Previous Year)	1149,489,000,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	66,115,700,000	Net Profit	8,495,000,000
Sales(Previous yr)	60,565,700,000	Net Profit(Prev.yr)	10,693,000,000

MIRA INFORM REPORT

Report Date :

06.04.2013

IDENTIFICATION DETAILS

Name :	NATIONAL ALUMINIUM COMPANY LIMITED
Registered Office :	Nalco Bhawan, Plot No. P/1, Nayapalli, Bhubaneswar – 751061, Orissa
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.01.1981
Com. Reg. No.:	15-000920
Capital Investment / Paid-up Capital :	Rs.12886.200 Millions
CIN No.: [Company Identification No.]	L27203OR1981GOI000920
TAN No.: [Tax Deduction & Collection Account No.]	BBNN00046E/ BBNN00015B
PAN No.: [Permanent Account No.]	AAACN7449M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Calcined Alumina, Alumina Hydrate, Aluminium Ingots, Aluminium Wire Rods, Aluminium Billets, Aluminium Strips and Aluminium Rolled.
No. of Employees :	7705 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (76)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 468000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having a fine track record. The performance capability of the company is high. Financial position of the company is good. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered excellent 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, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	AAA (Long Term Bank Facilities)
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	January 27, 2012

Rating Agency Name	CARE
Rating	A1+ (Short Term Bank Facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	January 27, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Nalco Bhawan, Plot No. P/1, Nayapalli, Bhubaneswar – 751061, Orissa, India
Tel. No.:	91-674-2442301–08 / 2301988-99 / 231989
Fax No.:	91-674-2300550/ 2442580/ 2442640/ 2442740/ 2442677/ 2300470/ 23005801/ 2300677/ 2300740/ 2300677
E-Mail :	nalcobom@bol.net.in nalco1.nalco@gems.vsnl.net.in knravindra@nalcoindia.co.in dmrao@nalcoindia.co.in nkmohanty@nalcoindia.co.in bharatsahu@yahoo.com
Website :	http://www.nalcoindia.com
Regional Offices :	Eastern Region 1^st Floor, JK Millenium Centre, 46-D, Chowringhee Road, Kolkata – 700071, West Bengal, India Tel. No.: 91-33-22870115 / 22877363 Fax No.: 91-33-22810393 Western Region 215.T.V. Industrial Estate, S.K. Ahire Marg, Worli, Mumbai – 400025, Maharashtra, India Tel. No.: 91-22-24939288/24939289 Fax No.: 91-22-24950500 E-Mail : nalcobom@mtnl.net.in Northern Region Core 4, 5^th Floor, South Tower, District Centre, Scope Minar, Laxmi Nagar, New Delhi-110092, India Tel. No.: 91-11-22010792 / 97 / 22010801 Fax No.: 91-11-22010800 / 22010790 E-Mail : nsundaray@nalcoindia.co.in Southern Region 3E, Century Plaza, 560, Anna Salai, Teynampet, Chennai - 600 018, Tamilnadu, India Tel. No.: 91-44-24344162/24349157 Fax No.: 91-44-24343495 E-Mail : rmchn@satyam.net.in Bangalore Reshma Complex, 3^rd Floor, 50 MG Road, Bangalore – 560001, Karnataka, India Tel. No.: 91-80-5587298 / 5587086 Fax No.: 91-80-5586151 E-Mail : mktblr@satyam.net.in Paradip V Point, Bada Padia, Paradip – 754142, Odisha, India Tel. No.: 91-6722-221084
Plants :	Port Facilities Opposite Ore Handling Complex, Port Area, Visakhapatnam – 530035, Andhra Pradesh, India Tel. No. 91-891-2561433 / 2561435 Fax No. 91-891-2561598 E-mail : gmport@nalcoindia.co.in Smelter Plant Nalco Nagar – 759145, District Angul, Orissa, India Tel. No. 91-6764-220110 Fax No. 91-6764-220738 / 220206 Captive Power Plant District Angul – 759112, Orissa, India Tel. No. 91-6764-220158 Fax No. 91-6764-220646 Telex : 06306-205 CPP IN Mines and Refinery Damanjodi Mines and Refinery Complex, Damanjodi – 763008, District Koraput, Orissa, India Tel. No. 91-6853-254515 / 254550 Fax No. 91-6855-254361 / 254214
Warehouse :	· Gupta Warehousing Complex, Godown No. B-9, Dapoda Village, Thane District, Maharashtra, India Tel. 91-22-276323/276600 · NSIC, 20, Industrial Estate, Pondicherry – 605 013, India Tel. 91-413-51109/50276 · Balmer Lawrie and Company Limited, WH, 1 – Sonapur Road, Kolkata – 700 088, West Bengal, India Tel. 91-33-24495299 · Container Corporation of India, Bonded Warehouse No. 2, Inland Container Depot, Bangalore – 560 006, Karnataka, India Tel. 91-80-28451327/2078/2083 · Haryana State Small Industries and Export Corporation Limited, 17/6, Mathura Road, Faridabad – 121 007, Haryana, India · Nalco Bhawan, Plot No. P/1, Nayapalli, Bhubaneshwar – 751 013, Orissa, India Tel. 91-674-2301988 To 2301999
Sales and Marketing Office :	No. 37, 1^st Floor, VVP Nagar, (Jipmer Main Road, Kamaraja Salai, Pondicherry
Tel. No.:	91-674-2301988/ 2301989
Branch Office :	3^rd Floor, Reshma Complex, 50 M. G. Road, Bangaluru – 560001, Karnataka, India
Tel. No.:	91-80-25550390 / 25587086 / 298
Fax No.:	91-80-25586151
E-mail :	mktbir@sify.com
Stock Yards :	Located at Bhiwandi Kolkata Bangaluru Jaipur Silvassa Faridabad Visakhapatnam Baddi Chennai Bangalore

DIRECTORS

As on: 14.08.2012

Name :	Mr. Abhay Kumar Srivastava
Designation :	Managing Director
Address :	A-137A, Sector – 27, Noida – 201301, Uttar Pradesh, India
Date of Birth/Age :	18.01.1954
Date of Appointment :	01.10.2009
PAN No.:	AHNPS3005K
DIN No.:	00302121
Name :	Mr. Bajrang Lal Bagra
Designation :	Managing Director
Address :	S-1/8, Niladri Vihar, Bhubaneswar, Khurda – 751021, Odisha, India
Date of Birth/Age :	21.11.1954
Qualification :	FCA
Date of Appointment :	28.02.2007
PAN No.:	ACPPB8274J
DIN No.:	00090596
Name :	Mr. Joy Varghese
Designation :	Additional Director
Address :	34, Arya Palli, Patia, Chandrasekharpur, Bhubaneswar, Khurda – 751024, Odisha, India
Date of Birth/Age :	17.08.1952
Date of Appointment :	01.10.2007
PAN No.:	ACEPV5609C
DIN No.:	01955109
Name :	Mr. Ansuman Das
Designation :	Director
Address :	Plot No. GA9, Niladri Vihar, Bhubaneswar, Khurda – 751021, Odisha, India
Date of Birth/Age :	29.04.1955
Qualification :	Graduate in Mechanical Engineering, MBA
Date of Appointment :	28.10.2009
PAN No.:	AALPD7864Q
DIN No.:	02845138
Name :	Mr. Sudhansu Sekhar Mahapatra
Designation :	Director
Address :	A/18, Trishna Residency Patia, Near KIIT, Bhubaneswar, Khurda – 751024, Odisha, India
Date of Birth/Age :	20.12.1954
Qualification :	B.Sc (Engg), PGDMM from IIMM , Bangalore
Date of Appointment :	01.10.2011
PAN No.:	ADOPM6669E
DIN No.:	03619725
Name :	Mr. Nihar Ranjan Mohanty
Designation :	Director
Address :	Plot No. 665/4216, Shree Vihar, Patia, Khurda – 751024, Odisha, India
Date of Birth/Age :	13.01.1957
Qualification :	B.Sc (Engg)
Date of Appointment :	01.02.2012
PAN No.:	ABLPM3878J
DIN No.:	05181575
Name :	Mr. Arun Kumar
Designation :	Director
Address :	A-5, New Moti Bagh, Delhi – 110021, India
Date of Birth/Age :	19.03.1958
Date of Appointment :	30.04.2012
DIN No.:	03570776
Name :	Mr. Ved Kumar Jain
Designation :	Director
Address :	47, Babar Road, Bengali Market, New Delhi – 110001, India
Date of Birth/Age :	15.12.1953
Qualification :	FCA, B. Sc, B.A, LLB, Rank holder in CA inter and Final
Date of Appointment :	21.03.2011
DIN No.:	00485623
Name :	Mr. Prafulla Chandra Sharma
Designation :	Director
Address :	House No. 4, Barnachal, Bye Lane 2, Bamunimaidan, Guwahati – 781021, Assam, India
Date of Birth/Age :	31.03.1950
Qualification :	M.Sc
Date of Appointment :	21.03.2011
DIN No.:	00513921
Name :	Mr. Gyanprakash Padmadutt Joshi
Designation :	Director
Address :	Flat B-8, Tower No.10, New Moti Bagh, New Delhi – 110023, India
Date of Birth/Age :	01.04.1955
Qualification :	M. Sc
Date of Appointment :	15.09.2011
DIN No.:	00603925
Name :	Mr. Surendra Singh Khurana
Designation :	Director
Address :	8/3A, Rail Vihar, Sector 56, Gurgaon – 122011, Haryana, India
Date of Birth/Age :	15.05.1950
Qualification :	An alumnus of IIT
Date of Appointment :	15.09.2011
DIN No.:	02126149
Name :	Mr. Madhukar Gupta
Designation :	Director
Address :	172, Greenwood, Govt. Officers Wel Society, Plot 10, Pocket P2, Omega 1, Greater Noida – 201310, Uttar Pradesh, India
Date of Birth/Age :	14.08.1948
Qualification :	M.A
Date of Appointment :	27.12.2011
DIN No.:	02897920
Name :	Mr. Ghanshyambhai Hiralal Amin
Designation :	Director
Address :	61, Hiramani Shilpa Park, Behind Bandhu Samaj Society, Ushman Pura, Ahmedabad - 380013, Gujarat, India
Date of Birth/Age :	28.03.1947
Qualification :	B. Sc, LLB
Date of Appointment :	27.12.2011
DIN No.:	02284350
Name :	Mr. Qaiser Shamim
Designation :	Director
Address :	S-33, First Floor, Greater Kailash II, New Delhi – 110048, India
Date of Birth/Age :	05.06.1951
Date of Appointment :	10.07.2012
DIN No.:	03560915
Name :	Mr. Sanjiv Batra
Designation :	Director
Address :	S-288, Greater Kailash I, New Delhi – 110048, India
Date of Birth/Age :	17.09.1950
Date of Appointment :	10.07.2012
DIN No.:	00602669

KEY EXECUTIVES

Name :	Mr. Ravindra K N
Designation :	Company Secretary
Address :	N/3-138, IRC Village Nayapalli, Bhubaneswar, Khurda – 751015, Orissa, India
Date of Birth/Age :	25.05.1957
Date of Appointment :	04.12.1995
PAN No.:	AAMPR3534N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 23.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	2089059622	81.06
Sub Total	2089059622	81.06
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2089059622	81.06
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	272202	0.01
Financial Institutions / Banks	89075643	3.46
Insurance Companies	205135046	7.96
Foreign Institutional Investors	107415969	4.17
Sub Total	401898860	15.59
(2) Non-Institutions
Bodies Corporate	53627741	2.08
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	23887433	0.93
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4469158	0.17
Any Others (Specify)	4295698	0.17
Hindu Undivided Families	1122412	0.04
Trusts	130780	0.01
Directors & their Relatives & Friends	400	0.00
Foreign Nationals	891013	0.03
Non Resident Indians	873186	0.03
Overseas Corporate Bodies	46400	0.00
Clearing Members	1231507	0.05
Sub Total	86280030	3.35
Total Public shareholding (B)	488178890	18.94
Total (A)+(B)	2577238512	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2577238512	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Calcined Alumina, Alumina Hydrate, Aluminium Ingots, Aluminium Wire Rods, Aluminium Billets, Aluminium Strips and Aluminium Rolled.

Products :

Item Code No.	Product Description
335000000	Aluminium Ingots
76.06	Cold Rolled Aluminium Strips/Coils/Sheets

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Bauxite	MT	4800000	4823908
Detergent Grade Zeolite	MT	10000	3328
Aluminium Hydrate	MT	1575000	1556000
Calcined Alumina	MT	1575000	1516.100
Special Grade Alumina and hydrate	MT	20600	14491
Aluminium Metal	MT	460000	443597
Rolled Products	MT	45000	21352
Electricity	MW	1200MW	6608 (MU)

Notes

· Installed capacities are as per project report and licensed capacity is not given as licensing is not applicable

· Installed capacity of electricity has increased by 120 MW on commissioning of 10^th unit of captive power plant

· Current year’s production of power includes 6 MU (Previous year 205 MU) from trial operation.

GENERAL INFORMATION

No. of Employees :

7705 (Approximately)

Bankers :

State Bank of India, Commercial Branch, IDCOL House, Unit-Ii, Ashok Nagar, Bhubaneswar - 751009, Orissa, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Working capital loans from banks	0.000	148.800
Total	0.000	148.800

Banking Relations :	--
Auditors 1:
Name :	C.K. Prusty and Associates Chartered Accountants
Address :	Plot No 10, Rajarani Colony, Tankapani Road, Bhubaneswar, Odisha, India
PAN No.:	AAFFC9077L
Auditors 2:
Name :	Agasti and Associates Chartered Accountants
Address :	97, Bhoi Nagar, Bhubaneswar, Odisha, India
PAN No.:	AAGFA9238C

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000000	Equity Shares	Rs.5/- each	Rs.30000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2577238512	Equity Shares	Rs.5/- each	Rs.12886.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12886.200	12886.200	6443.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		104264.600	98759.900	97512.700
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		117150.800	111646.100	103955.800
LOAN FUNDS
1] Secured Loans		0.000	148.800	86.100
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	148.800	86.100
DEFERRED TAX LIABILITIES		8491.100	6934.600	6605.900
TOTAL		125641.900	118729.500	110647.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		66123.500	54935.300	48363.100
Capital work-in-progress		6844.400	17068.200	22434.000
INVESTMENT		7542.600	13316.700	9867.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12127.000	10710.000	9449.200
	Sundry Debtors	1381.200	1116.600	1817.800
	Cash & Bank Balances	41683.500	37952.300	31523.500
	Other Current Assets	2700.700	2117.000	1450.000
	Loans & Advances	16804.900	12272.900	7855.900
Total Current Assets		74697.300	64168.800	52096.400
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6939.800	6714.700	2528.400
	Other Current Liabilities	19793.400	20171.100	15885.000
	Provisions	2832.700	3873.700	3699.800
Total Current Liabilities		29565.900	30759.500	22113.200
Net Current Assets		45131.400	33409.300	29983.200
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		125641.900	118729.500	110647.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	66115.700	60565.700	50556.600
		Finished goods internally consumed / capitalized	0.000	0.000	242.000
		Other Income	5421.600	3534.000	4687.500
		TOTAL (A)	71537.300	64099.700	55486.100
Less	EXPENSES
		Cost of materials consumed	10307.800	7661.200
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(29.300)	(616.800)
		Employee benefit expense	10345.400	9611.600
		Other expenses	34042.700	27988.200
		Exceptional items	219.000	0.000
		TOTAL (B)	54885.600	44644.200	40720.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16651.700	19455.500	14765.300
Less	FINANCIAL EXPENSES (D)		8.700	0.000	22.800
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16643.000	19455.500	14742.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4665.500	4217.200	3193.900
	PROFIT BEFORE TAX (E-F) (G)		11977.500	15238.300	11548.600
Less	TAX (H)		3482.500	4545.300	3406.400
	PROFIT AFTER TAX (G-H) (I)		8495.000	10693.000	8142.200
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		56.700	66.000	107.900
Less	APPROPRIATIONS
		Transfer to General Reserve		7700.000	6300.000
		Dividend		1288.600	966.500
		Proposed final dividend		1288.600	644.300
		Tax on Dividend		425.600	273.800
	BALANCE CARRIED TO THE B/S		NA	56.700	66.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	25580.000	21086.600	20741.200
		Other Earnings		5.300	9.200
	TOTAL EARNINGS		25580.000	21091.900	20750.400
	IMPORTS
		Raw Materials		3126.900	2426.400
		Stores & Spares		246.300	605.200
		Capital Goods		790.600	3150.600
	TOTAL IMPORTS		NA	4163.800	6182.200
	Earnings Per Share (Rs.)		3.30	4.15	3.16

QUARTERLY RESULTS

PARTICULARS	30.06.2012 (UnAudited)	30.09.2012 (UnAudited)	31.12.2012 (UnAudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	17480.700	16083.200	16928.200
Total Expenditure	14438.500	16099.600	15101.600
PBIDT (Excl OI)	3042.200	-16.400	1826.600
Other Income	1403.000	1391.000	1126.800
Operating Profit	4445.200	1374.600	2953.400
Interest	31.700	40.700	2.100
Exceptional Items	0.000	0.000	0.000
PBDT	4413.500	1333.900	2951.300
Depreciation	1223.500	1239.200	1231.100
Profit Before Tax	3190.000	94.700	1720.200
Tax	959.200	46.900	530.800
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	2230.800	47.800	1189.400
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	2230.800	47.800	1189.400

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.87	16.68	14.67
Net Profit Margin (PBT/Sales)	(%)	18.12	25.16	22.84
Return on Total Assets (PBT/Total Assets}	(%)	8.51	12.79	11.50
Return on Investment (ROI) (PBT/Networth)		0.10	0.14	0.11
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.53	2.09	2.35

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE HIGHLIGHTS

The Company has achieved the highest ever performance in Bauxite transportation of 50.03 lakh MT (against previous best of 48.79 lakh MT achieved in 2009-10), alumina hydrate production of 16.87 lakh MT, (against the previous best of 15.92 lakh MT achieved in 2009-10) and Special Grade Hydrate (SGH) production of 9,851 MT(surpassing the previous best of 8649 MT achieved in FY 2009-10).Smelter achieved capacity utilisation of 90% with cast metal production of 4.13 lakh MT against the previous best of 4.44 lakh MT achieved in the year 2010-11. The production of metal was lower mainly due to coal constraints and low metal price in later part of the year.

CPP achieved Net Power Generation of 6200 MU (at 66.25 % PLF) against the previous best of 6608 MU achieved in 2010-11. Power generation was reduced due to coal constraints.

The Company could save an operating cost of about Rs.950.000 Millions during the year under report by getting a favourable order from OERC to register Steam and Power Plant at Damanjodi as a co-generation unit there by complying with the requirements as an obligated entity under the OERC (Renewable and co-generation purchase obligation and its compliance) Regulation 2010. Under the regulation the Company has to consume 5 % power from renewable and co-generation sources, out of its total consumption from captive sources. The 5 % consumption from renewable and co-generation sources comprises of 3.7 % from co-generation sources, 1.2% from Non-Solar sources and 0.1 % from Solar sources. The obligation with reference to co-generation RPO compliance for coming years will be met from their own co-generation plant. However, despite above, full RPO could not be met and Rs.90.100 Millions had to be spent on purchase of RECs. With commissioning of Wind Power Plant in current year, such expenditure is expected to be reduced.

SALES PERFORMANCE

As a proactive approach for providing customized products to their customers, the company has introduced Chequered Sheets, a new product in its sales mix during the year.

The Company achieved total sale of 415916 MT Aluminium metal during the year as against sale of 438952 MT metal achieved in preceding year. This included sales of 21552 MT of Rolled Products, which was the highest ever surpassing the previous best of 20152 MT achieved during the previous year.

The Domestic sale of Chemicals (Alumina/Hydrate/Special Alumina/Special Hydrate) was 49844 MT, the highest ever surpassing the previous best of 42062 MT achieved in 2010-11. The Domestic Chemicals sale included 10052 MT of specialty alumina, the highest ever surpassing the previous best of 8376 MT achieved during 2009-10 and 13725 MT of alumina hydrate, also the highest ever surpassing the previous best of 12623 MT achieved during 2009-10.

FINANCE

Despite increase in the income from Rs. 64100.000 Millions during 2010-11 to Rs. 71540.000 Millions during 2011-12, the profit after tax has gone down from Rs. 10690.000 Millions (2010-11) to Rs. 8500.000 Millions (2011-12) due to increase in operating cost. The operating expenses were higher by about Rs. 10030.000 Millions during the year over the previous year mainly due to increase in prices of various input materials, impact of non-executive pay revision and increase in volume of production in Refinery.

MoU PERFORMANCE

The Company is likely to be rated Very Good under Memorandum of Understanding (MoU), signed by the Company with the Government of India for the Financial Year 2011-12, based on achievement of financial results as well as other parameters laid down by the Department of Public Enterprises (DPE), Govt. of India for evaluation of performance of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENTS

The global Alumina and Aluminium industry in 2011 was affected by diverse multifaceted economic, political, structural and fundamental factors that had a bearing on the price of Aluminium and the mechanism of price determination in Alumina.

ALUMINA

During the year 2011, the world consumption of Alumina was 89.122 million MT against the world production of 90.04 million MT thereby showing a surplus of 0.918 million MT. The world Alumina production and consumption grew by approx. 10% and 8.6% respectively during 2011 as compared to 2010. The Chinese alumina production registered an increase of about 22.3% over 2010 production.

The alumina market continues to be oversupplied even now, with a global surplus of around 350,000 MT in Q1 2012. It is expected that due to new alumina capacity additions, production creeps and announced smelter shutdowns, this surplus will increase further during H2 2012 and can only be negated by potential production cutbacks or potential increase of Chinese imports. However, the proportion of imported alumina supply against the total supply in China has decreased significantly. China’s import of bauxite will increase significantly in the coming years whereas the import of alumina will witness a decreasing trend. Analysts and Industry experts forecast alumina refining cuts at high cost refineries, which may support prices.

ALUMINIUM

During the year 2011, the world consumption of Aluminium was 44.88 million MT against the world production of 45.54 million MT thereby showing a surplus of 0.66 million MT. The world Aluminium production and consumption grew by approx. 8.6% and 9.6% respectively during 2011 as compared to 2010. The Chinese aluminium production and consumption registered an increase of about 12.8% and 14.5% over 2010 production and consumption respectively.

OUTLOOK

DOMESTIC MARKET OUTLOOK

Some Brownfield and Greenfield projects are likely to be commissioned and come on- stream which would cause a surplus production situation and country’s aluminium production capacity is expected to rise from around 1.67 million tonnes in 2011-12 to 3 million tonnes in next few years.

The Domestic consumption is likely to increase with increase in usage of aluminium in various applications and increasing the per-capita consumption from very low level as compared to other countries. The industry in India is poised to grow at 7-8% per year. The major drivers for this growth would be from power generation and transmission, construction and automobile sectors.

INTERNATIONAL OUTLOOK

The prices of aluminium metal in the international market fluctuated substantially during the year 2011 due to weak global economic growth and European crisis. The London Metal Exchange (LME) prices weakened during the year 2011 and fell from a high of USD 2772 (on 28.04.2011) to USD 1945 (on 21.12.2011). During Jan’12 and Feb?12, LME price showed some signs of improvement due to announcements of production curtailments by some of the major aluminium producers across the globe which provided a boost to the price. However, LME prices started declining since March, 12 and have been on a downward trend mainly due to Euro zone crisis.

Aluminium producers are facing additional challenge in the short-term due to over capacity, high input costs, carbon tax and high inventories. In view of these factors, 10-15% of world primary aluminium capacity is expected to be curtailed if the world aluminium prices remained at the current level. Some of the world’s leading producers like Russia?s UC Rusal, Norsk Hydro, Alcoa Inc and Rio Tinto have already announced production curtailments.

Despite falling prices and worries on demand front, analysts project consumption to rise by 7%. Global growth for aluminium is expected in the aerospace industry by 10% and automobile industry by 8%. This is an important difference to the downturn in 2008 when automotive demand collapsed. Growth is expected in transportation, packaging and construction sectors as well. Demand outlook in Japan and USA is better than in Europe and both countries are expected to outperform Europe.

The aluminum industry in the Gulf Cooperation Council (GCC) countries is gradually becoming a leading global contributor. The UAE, Oman, Bahrain, and Qatar are all home to some of the largest aluminium smelters in the world. The GCC area is poised to become a primary aluminium production hub with the expectation that the region will contribute to over 13 per cent of the world's aluminum production by 2013.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Railway Sidings

Intangible Assets

· Computer Software

· Mining Rights

· Licenses and Franchise

AS PER WEBSITE DETAILS

Press Release

NALCO INKS MOU WITH MINES MINISTRY FOR HIGHER PRODUCTION

March 26, 2013, 04.01 PM IST

National Aluminium Company Limited (NALCO) has signed an agreement with the Union Ministry of Mines regarding physical and financial targets for 2013-14 financial year. As per the Memorandum of Understanding signed yesterday in New Delhi between Union Mines secretary R H Khwaja and NALCO Chairman and Managing Director Ansuman Das, the sales turnover target has been fixed at Rs.77570.000 Millions, which is about 10 percent higher than that of the current fiscal, a company release said.

As regards physical performance, NALCO has been given an annual production target of 64.50 lakh tonnes of bauxite, 21.5 lakh tonnes of alumina, 4.05 lakh tonnes of aluminium and power generation of 6341 million units, it said. Among new projects, the proposed milestones would be a new alumina refinery in Gujarat, addition of a new stream of 10 lakh tonnes in the existing alumina refinery based on Pottangi bauxite deposit, NALCO's third wind power project at Damanjodi and the solar power project at any suitable location in the country.

Also read: NALCO hits 4.4 year low post OFS

Besides, the company has set targets for on-going Utkal-E coal mine project at Angul and upgradation of 4th stream of alumina refinery at Damanjodi. As part of its Corporate Social Responsibility activity, NALCO shall continue to provide free education to 250 tribal children of peripheral villages of Mines and Refinery complex at Damanjodi, the company said.

GOVERNMENT SHARE AUCTION IN NALCO FULLY COVERED

March 15, 2013, 03.53 PM IST

An auction of 5 percent stake in state-run National Aluminium was fully covered on Friday, provisional data from the National Stock Exchange showed.

The government is selling 128.86 million shares, or 5 percent of the company's stock, with an option to sell another 5 percent, at a minimum bid price of Rs 40 per share.

By 3.05 p.m., the single-day auction had received bids for 132.14 million shares at an indicative weighted average price of Rs 40.01 per share. Final bid numbers will be available later on Friday.

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 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 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.54.88
UK Pound	1	Rs.83.54
Euro	1	Rs.70.90

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		76

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.