MIRA INFORM REPORT

Report Date :

18.04.2013

IDENTIFICATION DETAILS

Name :	OCL INDIA LIMITED
Registered Office :	AT/PO - Rajgangpur, Sundargarh – 770017, Orissa
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.10.1949
Com. Reg. No.:	15-000185
Capital Investment / Paid-up Capital :	Rs.113.800 Millions
CIN No.: [Company Identification No.]	L26942OR1949PLC000185
TAN No.: [Tax Deduction & Collection Account No.]	CALO00890B
PAN No.: [Permanent Account No.]	AAACP1354J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturing and Sale of Refractories of Basic, Silica and High Alumina Quality, Mag Carbox, Castable, Precast and CC Refractories, Portland and Slag Cement and also engaged in Furnace Refractory Maintenance.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (59)

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 36000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a flagship company of “Dalmia Group”. It is a well established company having a good track record. There appears sharp dip in the profitability of the company. However, general financial position of the company appears to be strong. Trade relations are reported to be decent. Business is active. Payment are reported to be regular and as per commitment. The company can be considered good for business dealings at usual trade terms and condition.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Loans = AA-
Rating Explanation	High credit quality it carry low credit risk
Date	September 2012

Rating Agency Name	ICRA
Rating	Fund Based Limit = A1+
Rating Explanation	Highest credit quality it carry lowest credit risk.
Date	September 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 / Cement and Refractory Works :	AT/PO - Rajgangpur, Sundargarh District – 770 017, Orissa, India.
Tel. No.:	91-661-24221212/ 24220121 (4 Lines)
Fax No.:	91-661-24220133/ 24220933
E-Mail :	oclrpg@cal.vsnl.net.in skjain@oclindia.com sunilkumar@oclindia.com ocl_rajgangpur@ocl.in
Website :	http://www.oclindia.com
Kapilas Cement Works:	Cuttack-753004, Orissa, India
Branch Office :	17th, Floor, Narain Manzil, 23 Barakhamba Road, New Delhi-110001, India

DIRECTORS

As on 31.03.2012

Name :	Mr. Pradip Kumar Khaitan
Designation :	Chairman
Name :	Mr. Gaurav Dalmia
Designation :	Managing Director
Name :	Mr. D. N. Davar
Designation :	Director
Name :	Mr. (Dr). S. R. Jain
Designation :	Director
Name :	Mr. (Dr). Ramesh C. Vaish
Designation :	Director
Name :	Mr. Puneet Yadu Dalmia
Designation :	Director
Name :	Mr. V. P. Sood
Designation :	Director
Name :	Mr. D. D. Atal
Designation :	Whole Time Director and Chief Executive Office

KEY EXECUTIVES

Name :	Mr. M. H. Dalmia
Designation :	Presidents
Name :	Mr. R. H. Dalmia
Designation :	Presidents

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2012

Category of Shareholder	Total No. of Shares	% of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	168874	0.30
Bodies Corporate	25814904	45.37
Any Others (Specify)	11844090	20.82
Trusts	11844090	20.82
Sub Total	37827868	66.48
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	2354310	4.14
Sub Total	2354310	4.14
Total shareholding of Promoter and Promoter Group (A)	40182178	70.62
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	18000	0.03
Financial Institutions / Banks	62950	0.11
Foreign Institutional Investors	205959	0.36
Sub Total	286909	0.50
(2) Non-Institutions
Bodies Corporate	7914032	13.91
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	6494704	11.41
Individual shareholders holding nominal share capital in excess of 0.100 Million	1642068	2.89
Any Others (Specify)	380329	0.67
Non Resident Indians	190426	0.33
Foreign Nationals	18080	0.03
Clearing Members	171323	0.30
Trusts	500	0.00
Sub Total	16431133	28.88
Total Public shareholding (B)	16718042	29.38
Total (A)+(B)	56900220	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)	56900220	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Sale of Refractories of Basic, Silica and High Alumina Quality, Mag Carbox, Castable, Precast and CC Refractories, Portland and Slag Cement and also engaged in Furnace Refractory Maintenance.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· United Bank of India

· State Bank of India

· Punjab National Bank

· UCO Bank

· AXIS Bank Limited

· International Finance Corporation

· Export-Import Bank of India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Redeemable Non-Convertible Debentures	0.000	0.000
Syndicate Bank @ 9.40% (Redeemable during 2014-15 to 2016-17)	110.000	110.000
Life Insurance Corporation of India @ 10.80% (Redeemable during 2014-15 to 2016-17)	600.000	600.000
Indian Overseas Bank @ 10.50% (Redeemable during 2012-13)	0.000	50.000
Term Loans - From Banks	0.000	0.000
State Bank of India (Repayable in 32 quarterly installments from Dec, 10)	521.949	593.200
Punjab National Bank (Repayable in 32 quarterly installments from Dec, 10)	520.708	592.104
Export Import Bank of India (Repayable in 27 quarterly installments from June, 10)	255.278	323.352
Export Import Bank of India (Foreign Currency Loan) (Repayable in 27 quarterly installments from June, 10)	305.028	338.458
Axis Bank Limited (Repayable in 20 quarterly installments from Mar, 10)	349.999	549.999
United Bank of India (Repayable in 24 quarterly installments from Apr, 11)	333.336	416.668
United Bank of India (Repayable in 32 quarterly installments from Apr, 11)	727.497	848.748
From Others	0.000	0.000
International Finance Corporation (Repayable in 13 half yearly installments from Oct, 10)	1262.770	1578.462
PTC India Financial Services Limited (Repayable in 32 quarterly installments from Jan, 11)	286.750	323.750
Loans repayable on demand Cash Credits from Banks	778.202	820.094
Total	6051.517	7144.835
Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Public Deposits - Related Parties	1.500	120.000
Public Deposits- Others	49.653	123.250
Public Deposits - Other than Related Parties	17.492	25.320
Total	68.645	268.570

NOTE:

The debentures are secured by way of first pari passu charge over fixed assets (present and future) of Cement Division of the Company except those to Syndicate Bank are additionaly secured by way of first pari-passu charge on Fixed Assets of Refractory Division of the Company.

Secured by First pari passu charge by way of mortgage and hypothecation over all immovable properties and moveable fixed assets of Cement Division, (both present and future) and further secured by second pari pasu charge on all current assets of the Company.

Secured by First charge on fixed assets of the Cement Division of Company, both present and future to be shared pari passu with the providers of the other debt and existing lenders, further secured by way of second pari pasu charge on current assets of cement division.

Secured by First ranking mortgage on all immovable and movable, present and future assets related to the Cement Division (excluding Current Assets) to be shared pari passu with other lenders in respect of other debts and existing secured lenders to the Cement Division in respect of the existing debt.

Working capital facilities (fund based and non fund based limits) are secured by first pari passu charge over stocks, stores, raw materials, inventories, work in progress, finished goods and also book debts, bills and moneys receivable of the Company by way of hypothecation. These facilities are further secured by second charge over the fixed assets of the Cement Division of the Company.

Banking Relations :	--
Auditors :
Name :	V. Sankar Aiyar and Company Chartered Accountants
Address :	Sytyam Cinema Complex, Ranjit Nagar Community Centre, New Delhi – 10008, India
Tel. No.:	91-11-25702074 / 25702691 / 25704639
Fax No.:	91-11-25705010
Email :	newdelhi@vsa.co.in
Associate concern (Joint Venture):	OCL Global Limited
Enterprises over which key management personnel are able to exercise significant influence:	· Dalmia Bharat Seva Trust · Dapel Investments Private Limited · Dalmia Institute of Scientific and Industrial Research (DISIR) · Dalton International Limited · Agrico Limited · Dalmia Cement (Bharat) Limited · Landmark Property Development Company Limited · Shree Natraj Ceramic and Chemical Industries Limited · Chirawa Navyuvak Trust · Astir Properties Private Limited · Dalmia Shiksha Pratishthan · Landmark Landholdings Private Limited · Dalmia Bharat Sugar and Industries Limited · Dalmia Bharat Enterprises Limited · DCB Power Ventures Limited · Calcom Cement India Limited · Debikay Systems Limited

CAPITAL STRUCTURE

As on 27.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions
70000000	Equity Shares	Rs.2/- each	Rs.140.000 Millions
	Total		Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
56900220	Equity Shares	Rs.2/- each	Rs.113.800 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions
70000000	Equity Shares	Rs.2/- each	Rs.140.000 Millions
	Total		Rs.150.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
63631805	Equity Shares	Rs.2/- each	Rs.127.264 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
56900220	Equity Shares	Rs.2/- each	Rs.113.800 Millions
	Add: Shares Forfeited Account		Rs.0.050 Millions
	Total		Rs.113.850 Millions

a) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Particulars	31.03.2012
	No of Shares (In Lakhs)	Rs. in Millions
Ordinary Shares outstanding at the beginning of the year	569.00	113.800
Ordinary Shares outstanding at the beginning of the year	-	-
Ordinary Shares bought back during the year	-	-
Ordinary Shares outstanding at the end of the year	569.00	113.800

b) Terms/ rights attached to ordinary shares

The Company has issued only one class of ordinary shares having a par value of Rs. 2/- per share. Each holder of ordinary shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2012, the amount of dividend per share recognised for distribution to ordinary shareholders is Rs. 2/- (Previous year: Rs. 4/- per share).

In event of liquidation of the company, the holders of ordinary shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.

The distribution will be in proportion to the number of ordinary shares held by the shareholders.

c) Details of shareholders holding more than 5% shares in the Company

Name of the Shareholders	31.03.2012
	No of Shares held (In Lakhs)	% of Holding
Mridu Hari Dalmia (C/o M H Dalmia Parivar Trust)	116.87	20.54%
Dalmia Cement (Bharat) Limited	258.15	45.37%
Dharti Investments and Holdings Limited	35.06	6.16%

d) Aggregate number of bonus shares issued and shares bought back during the period of five years immediately preceding the reporting date: Nil.

In respect of shares issued for consideration other than cash, 1,23,52,500/- ordinary shares of Rs. 2/- each fully paid up where alloted during the year 2007-08 to the shareholders of erstwhile Dalmia Cement (Meghalaya) Limited pursuant to a scheme of arrangement for merger.

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		113.850	113.850	113.850
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8916.452	8730.313	7849.604
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9030.302	8844.163	7963.454
LOAN FUNDS
1] Secured Loans		6051.517	7144.835	7947.387
2] Unsecured Loans		68.645	268.570	309.395
TOTAL BORROWING		6120.162	7413.405	8256.782
DEFERRED TAX LIABILITIES		1204.680	1143.545	1200.086
TOTAL		16355.144	17401.113	17420.322
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10635.722	9984.527	9776.596
Capital work-in-progress		1481.842	2711.313	3311.249
Intangible assets under development		3.960	3.103	0.000
INVESTMENT		1762.862	75.886	61.196
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2602.517	2540.551	2028.812
	Sundry Debtors	1206.878	1314.337	1046.036
	Cash & Bank Balances	1328.171	3901.890	3537.672
	Other Current Assets	72.029	23.320	11.672
	Loans & Advances	1238.971	991.973	718.747
Total Current Assets		6448.566	8772.071	7342.939
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1104.229	1182.333	1673.457
	Other Current Liabilities	2710.435	2662.631	974.737
	Provisions	163.144	300.823	423.464
Total Current Liabilities		3977.808	4145.787	3071.658
Net Current Assets		2470.758	4626.284	4271.281
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16355.144	17401.113	17420.322

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	14704.350	14850.241	13742.047
		Other Income	331.514	243.013	345.932
		TOTAL (A)	15035.864	15093.254	14087.979
Less	EXPENSES
		Cost of materials consumed	4664.702	4421.296	3842.677
		Purchases of stock in trade	236.781	240.119	97.551
		Freight, clearing & handling on own clinker	130.707	158.176	87.295
		Changes in inventories of finished goods & work in progress & Stock in Trade	443.707	(315.648)	(51.504)
		Employee benefits expense	760.840	711.483	710.493
		Power and fuel	2695.562	2654.278	1978.057
		Other expenses	3698.637	3839.513	3226.272
		TOTAL (B)	12630.936	11709.217	9890.841
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2404.928	3384.037	4197.138
Less	FINANCIAL EXPENSES (D)		749.350	638.322	506.676
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1655.578	2745.715	3690.462
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1275.807	1227.523	1144.973
	PROFIT BEFORE TAX (E-F) (G)		379.771	1518.192	2545.489
Less	TAX (H)		61.670	373.459	908.522
	PROFIT AFTER TAX (G-H) (I)		318.101	1144.733	1636.967
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		810.807	1185.775	766.576
Less	APPROPRIATIONS
		Proposed Dividend	113.801	227.601	227.601
		Tax on proposed dividend	318.101	1144.733	37.802
		Transfer to Debenture Redemption Reserve	27.365	27.367	(47.635)
		Transfer to General Reserve	120.000	120.000	1000.000
	BALANCE CARRIED TO THE B/S		549.641	810.807	1185.775
	EARNINGS IN FOREIGN CURRENCY
		Goods exported (F.O.B. Value)	412.252	304.026	270.874
		Interest receipt	0.000	1.382	0.000
		Service charges	13.326	9.928	17.311
		UK Vat refund	0.032	0.018	0.036
		Sale of Goods on High Seas	0.000	0.000	1.857
	TOTAL EARNINGS		425.610	315.354	290.078
	IMPORTS
		Raw Materials	691.456	580.710	841.881
		Components and Spareparts	86.586	82.245	29.131
		Capital Goods	18.540	10.076	3.196
	TOTAL IMPORTS		796.582	673.031	874.208
	Earnings Per Share (Rs.)		5.59	20.12	28.77

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
	1^st Quarter	1^st Quarter	1^st Quarter
Net Sales	4792.600	4132.800	4387.100
Total Expenditure	3348.000	3290.700	3398.900
PBIDT (Excl OI)	1444.600	842.100	988.200
Other Income	53.500	86.900	27.100
Operating Profit	1498.100	929.000	1015.300
Interest	201.100	198.400	195.600
Exceptional Items	0.000	0.000	0.000
PBDT	1297.000	730.6.00	819.700
Depreciation	341.400	346.000	348.400
Profit Before Tax	955.600	384.600	471.300
Tax	296.700	106.800	161.700
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	658.900	277.800	309.600
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	658.900	277.800	309.600

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.12	7.58	11.62
Net Profit Margin (PBT/Sales)	(%)	2.58	10.22	18.52
Return on Total Assets (PBT/Total Assets}	(%)	2.22	8.09	14.86
Return on Investment (ROI) (PBT/Net worth)		0.04	0.17	0.31
Debt Equity Ratio (Total Liability/Net worth)		1.12	1.31	1.42
Current Ratio (Current Asset/Current Liability)		1.62	2.12	2.39

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	No
8]	No. of employees	No
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	Yes
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	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS

The operational results of the current year in relation to the corresponding operations of the previous year have registered a decrease of 1% in net sales and 29% and 75% in the operating profits and profit before tax, respectively. The said decline being due to higher input costs, particularly the non availability of clinker, on account of temporary suspension of mining of limestone at Lanjiberna and Dolomite mines of the Company.

For a detailed analysis of the performance of the Company for 2011-12 reference is invited to the chapter on Management Discussion and Analysis of this report.

EXPANSION AND FUTURE PLANS

The Company has commissioned the first unit of 27 MW Coal based Captive Power Plant in the month of September 2011 and the second unit of 27 MW Coal based Captive Power Plant in the month of April 2012 leading the Company towards self sufficiency in power.

The Company is in the process of setting up a Cement manufacturing unit in West Bengal and land acquisition of 153.84 acres for the project has been completed and the environment clearance and consent to establish has been obtained from the Ministry of Environment and Forests and State Pollution Control Board, West Bengal respectively. Also, approvals for water, power and rail connectivity at the proposed site are at advance stages of consideration. Orders for major plant and machinery have been finalized.

The Company has also obtained environment clearance for production of 2.7 MnTPA cement at its Kapilas Cement Manufacturing Works, which currently has the installed capacity of 1.35 MnTPA.

The Company is identifying the opportunities for manufacturing special refractories with the use of Japanese Technology for supplying the same to the Indian Steel Industry.

PROGRESS UPON CAPTIVE COAL BLOCK

Radhikapur (West) Coal Mining Private Limited, the joint venture company incorporated for development of coal block at Radhikapur, District - Angul, Odisha is taking all necessary steps to bring the coal mines into operation at the earliest. The process of obtaining required statutory clearances is in progress. The land acquisition process is also progressing and the Company has already deposited the required advance money with the Orissa Industrial Infrastructure Development Corporation (IDCO) for the same.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC SCENARIO AND OUTLOOK

The year 2011-12 witnessed a gloomy scenario worldwide. However, the positive growth in India is still continuing albeit at a slow pace. During financial year 2011-12, the Indian economy saw reasonable growth due to a rebound in rural income with increase in agricultural production and a good service sector growth.

India's GDP growth has slowed down over the period due to various external and internal factors, including the adverse impact of crude oil prices, continuing inflationary pressures, high interest rates and a perception of slow down in economic decision making among investors leading to a decline in investment flows. An uncertain external environment, the sharp depreciation of the Rupee against the US Dollar in the last quarter and the decline in various indices of economic performance have also been cause of concern for policy makers and industries.

However, Government's efforts towards enhanced expenditure on infrastructure have helped in maintaining a positive demand for cement. There is enough liquidity in the system. Borrowing by consumers and businesses indicate firmness of business confidence and economy. The GDP growth projection for 2012-2013 is around 7.5%.

FINANCIAL HIGHLIGHTS

Net Sales of the Company during Financial Year 2011-12 were down from Rs. 14772.400 Millions in FY 2010-11 to Rs.14585.600 Millions and EBITDA of the Company fell from Rs. Rs.3384.000 Millions in FY 2010-11 to Rs.2404.900 Millions in FY 2011-12, depicting a fall of 29% mainly due to temporary suspension of mining of limestone at Lanjiberna and Dolomite mines of the Company pending renewal of forest clearance under Forest (Conservation) Act, 1980 and pressure on margin due to surplus supply scenario caused due to commissioning of new plants in neighbouring states of Chhatisgarh and Jharkhand as well as supply pressure from Southern India plants.

CEMENT BUSINESS

INDUSTRY STRUCTURE AND DEVELOPMENTS

The financial year 2011-12 could not sustain the growth rate and profitability achieved in the previous year. Due to slow down effect of economy, capacity addition and ramping up of production, the Eastern region saw demand supply mismatch and a declining trend. The cement consumption on all India basis came down to 6%. Whereas, regional growth varied abnormally showing a negative growth of -3% in South, 16% in North, 8% in Central and 2.5% in East. However, by the end of the year there was slight improvement in the sentiments, which resulted in improvement in price.

New capacity built-ups in North East, which has been natural market for east; the surplus capacities in other bordering states, which will continue to push volumes in the east; and stabilization of new plants either already commissioned or in process of commissioning in the Eastern region, are expected to cause a continued surplus scenario in the next Financial Year too. The demand growth during 2012-13 is expected to be around 6% in the East as against previous year growth of 2.5%.

OPERATIONS/PERFORMANCE

The year 2011-12 was full of challenges. There was over supply situation in the market with low demand. This impacted the price adversely. However, 3rd and 4th quarter saw improvement in price. Continuous inflow of material from newly established plants at Chhattisgarh, Jharkhand and Andhra players disturbed the market conditions.

Nevertheless, by focusing all strength on maximizing volume and better cost management, the Company was successful in minimizing the impact of higher input costs and lower cement prices.

To mitigate the increase in energy costs and threat on availability of power, the Company has commissioned the first unit of 27 MW Coal based Captive Power Plant (CPP) at Rajgangpur, Odisha in the month of September 2011 and the second unit of 27 MW Coal based Captive Power Plant in the month of April 2012 leading the Company towards self sufficiency in power. This will ensure uninterrupted power supply to its plant at relatively lower cost. Further, the Company has taken steps to source at economical rates the coal of various types including washery midlings (rejects), high grade Meghalaya coal and imported coal from Korea, to maintain the energy cost at a reasonable level. The Company also sourced clinker from other cement plants across the Country as well as imported the clinker from China and Vietnam.

OUTLOOK

The Company foresees a reasonably positive outlook despite low demand growth scenario and low GDP growth, due to operational efficiency of its plants and logistic advantage of its presence in the market of Eastern region.

REFRACTORY BUSINESS

INDUSTRY STRUCTURE AND DEVELOPMENTS

Refractory Industry in India is now getting consolidated. Major manufacturers in terms of volume are foreign owned companies. The turnover of such companies was 60% of total turnover of the Industry. This has brought or is likely to bring several new products and technology in the country for refractories used in steel making.

In addition to this, some foreign companies which don't have manufacturing base in India, have started pushing the products manufactured overseas at competitive prices.

These two shifts in industry scenario have led to manufacture and use of technically suitable and economically viable products. The Company has therefore taken up R and D in product and processes in all the production lines to meet the challenge.

The industry continues to be plagued by severe dependence on import of raw materials especially from China. Due to uncertainties in prices of Chinese raw materials many countries have taken up raw material beneficiation, sintering and fusion in big way in their countries, e.g., Turkey, Russia etc. This is expected to put pressure on Chinese prices and also make those countries self sufficient and reduce import. The Company is exploring the possibilities of taking up beneficiation and fusion of raw materials through R and D and joint ventures.

Though overall refractory industry capacity utilization is around 65%, the Company expects better prospects in coming years due to its focus in chosen product.

The refractory industry is moving along with a mixed bag of project and maintenance requirement. The raw material pricing and supply continues to worry. However, the positive trend in projects is taking concrete shape, refractory installation activity is picking up and new facility is nearing completion in some upcoming steel projects. Looking forward to a growth filled 2012-13.

OPERATIONS/PERFORMANCE

In spite of increase in raw material costs, the performance of the division has been satisfactory.

Sales turnover has increased by 6%.Prestigious orders from domestic glass industry and export helped improve the bottom line compared to previous year.

Within the plant - automation, incentives and rationalization of work has helped in reducing the cost to make products competitive.

Exports have improved not only to their traditional market but also in new area of South East Asia and Scandinavia

OUTLOOK

1) Market outlook in future for refractory seems good. Per capita consumption of steel in India is being far below in comparison to the international standards. It is expected that the demand for increase of domestic steel production will be robust and this will have positive impact in refractory consumption.

2) Growth in real estate and consumer durable sector will lead to increase in cement, glass and special alloys production. This will also necessitate use of better quality refractories.

3) Though there is stiff competition in Euro market, the quality and delivery of the products of the Company has helped in creating a specific market. With this background and references of application, it will be possible to penetrate export markets by adding new customers and offering better products.

4) The Company's effort to keep pace with changing technology which offer superior product will ensure not only retention of existing business but also increase the business volume wherever such products are used.

AWARDS AND RECOGNITION

AWARDS AND RECOGNITION - CEMENT DIVISION

During the year the Cement Division of the Company bagged the following awards:-

1) OCL cement division received "Pollution control excellence award 2011" of State Pollution Control Board on 14th Sept 2011 for being adjudged as the best in the industry on matters of Environment management through control of Pollution for the year 2010-2011.

2) Quality Control (QC) Team ANNEVESAN has won the Excellent Award in the International Convention on Quality Concept Circles (ICQCC) - 2011, hosted by JUSE at Yokohama, Japan during 11 to 14 Sept'2011.

3) Lanjiberna Limestone and Dolomite mines received Best Overall performance award, Best plant and equipment award, Best general working award and Best publicity and Propaganda award among Limestone and Dolomite Mines of Odisha in 49th Annual Mines safety Celebration-2011.

4) Quality Control (QC) Teams, "PHONIX and SPARK" have won the Par Excellence category in the National Convention on Quality Concept Circles (NCQCC) - 2011 at Hyderabad.

5) Quality Control (QC) Team, "AARUSH" has won the Par Excellence award in the 19th Chapter Convention on Quality Circles held at Rourkela during 23-24 September, 2011.

6) Kapilas Cement Manufacturing Works (a unit of OCL India Limited) has been awarded a British Safety Council International Safety Awards 2012.

AWARDS AND RECOGNITION - REFRACTORY DIVISION

During the year the Refractory Division of the Company bagged the following awards:

1) CAPEXIL Export award (Ministry of Commerce and Industries) Certificate of Merit for excellence in Exports for year 2010-11 for the Sixth consecutive year.

2) Quality Circle (QC) Team, "MASHAL (PROD.)" bagged NALCO GOLD TROPHY in the 16th All Odisha Quality Circle Convention held at Bhubaneswar during 20-21 April, 2011.

3) Quality Circle (QC) Team, "PRERANA (PROD)" bagged Gold Award in the 19th Chapter Convention on Quality Circles held at Rourkela during 23-24 September, 2011.

4) Quality Circle (QC) Team, "PRERANA (PROD.)" bagged Par Excellent Award in the 25th National Convention on Quality Circles held at Hyderabad during 9-12 December, 2011.

5) Quality Circle Team "CHUNOUTI" from Mould Shop (Ref. Engg.) bagged the GOLD AWARD in 19th Chapter Convention on Quality Circles held at Rourkela during 23-24 September, 2011.

6) Quality Circle Team "CHUNOUTI" from Mould Shop (Ref. Engg.) bagged the PAR EXCELLENT AWARD in 25th National Convention on Quality Circles held at Hyderabad during 09-12 December, 2011

FUTURE PLAN OF ACTION

CEMENT:

1. Waste heat recovery based Power plants.

2. Installation of Solar power plant.

REFRACTORY:

1. Development of Snorkel refractories for RH Degasser.

2. Development of low cost Dolomite bricks for AOD/Ladle.

3. Development of Magnesia - hercyanite and Magnesia - Galaxite bricks for cement rotary kiln.

CONTINGENT LIABILITY NOT PROVIDED FOR, IN RESPECT OF: -

(Rs. in millions)

PARTICULARS	31.03.2012
(i) Claims against the Company not acknowledged as debts
(a) Disputed liability relating to ESI Contribution on over time wages and other allowances	7.259
(b) Disputed liability relating to PF Contribution on certain allowances	9.497
(c) Disputed liability relating to payment of premium on forest land used for Mining purpose	15.413
(d) For Pollution Control Board, Orissa	1.182
(e) Disputed claim for supply of Refractories	15.630
(f) Disputed liabilities relating to Railway for enhanced Godown rent and over loading penal charges	12.319
(g) Disputed Sales Tax demand(including interest and penalty)-matter under appeal	70.707
(h) Disputed Entry Tax demand-matter under appeal	12.273
(i) Disputed Excise matters	398.067
(j) Disputed counterclaim in Arbitration Proceeding arising out of claim of Rs. 21.419 Millions by the company	46.826
(k) Others	22.118
(ii) Other monies for which the Company is contingently liable :
(a) Disputed liability relating to labour matters-pending in Courts	0.457
(b) Disputed liability relating to Land matters-pending in Courts	6.201
(c) Others	7.850
(iii) Disputed liability in respect of Income Tax demands	85.546
In respect of items above, future cash outflows in respect of contingent liabilities are determinable only on receipt of judgements / decisions pending at various forums / authorities.
(iv) (a) Guarantee given to Banks for loan facilities on behalf of OCL Global Ltd (USD 15.88 Lakhs) an associate concern. (Previous Year USD 20.74 Lakhs)	81.830
(b) Guarantee given to Banks on behalf of OCL China Limited (USD 15.00 Lakhs)	77.295
(c) Guarantee given to Banks on behalf of Radhikapur (West) Coal Mining Private Limited against which counter gurantee of Rs.56.100 Millions has been received from OISL	107.600

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2012

Rs. In Millions

Sr. No,	Particulars	Quarter ended		Nine Months ended
		31.12.12	30.09.12	31.12.12
		Unaudited	Unaudited	Unaudited
1	Income From Operations
	a) Net Sales / Income from operations (Net of Excise Duty)	4365.900	4109.700	13243.600
	b) Other Operating Income	21.200	23.100	68.900
	Total Income from Operations (Net)	4387.100	4132.800	13312.500
2	Expenses:
	a) Cost of materials consumed	1081.600	972.900	3322.900
	b) Purchases of stock-in-trade	75.100	85.900	528.700
	c) Changes in inventories of finished goods, work in progress and stock-in-trade	(295.400)	86.000	(801.600)
	d) Employee benefits expense	233.900	234.100	679.900
	e) Depreciation and amortisation expense	348.400	346.000	1035.800
	f) Power and fuel	836.000	771.100	2441.200
	g) Selling Expenses	565.200	452.700	1485.600
	h) Other Expenditure	902.500	688.000	2380.900
	Total Expenses	3747.300	3636.700	11073.400
3	Profit / (Loss) from Operations before Other Income, Finance costs & Exceptional Items (1-2)	639.800	496.100	2239.100
4	Other Income	27.100	86.900	167.500
5	Profit / ( Loss) from Ordinary Activities before Finance Cost & Exceptional Items (3+4)	666.900	583.000	2406.600
6	Finance costs	195.600	198.400	595.100
7	Profit / (Loss) from Ordinary Activities after finance costs but before Exceptional Items (5-6)	471.300	384.600	1811.500
8	Exceptional Items	-		-
9	Profit (+)/ Loss (-) from Ordinary Activities before Tax (7 +_8)	471.300	384.600	1811.500
10	Tax expenses	161.700	106.800	565.200
11	Net Profit (+)/ Loss(-) from Ordinary Activities after Tax (9+10)	309.600	277.800	1246.300
12	Extra Ordinary Items (net of Tax Expenses)	-		-
13	Net Profit (+) / Loss (-) for the period (11 + 12)	309.600	277.800	1246.300
14	Paid-up Equity Share Capital (Face Value of Rs.2 per share)	113.800	113.800	113.800
15	Paid-up Debt Capital	-		710.000
16	Reserve excluding Revaluation Reserves as per Balance sheet of previous accounting year	-		-
17	Debenture Redemption Reserve	-		-
18	Earning Per Share (Not Annualised) (Basic and Diluted) (Rs.)
	a) Before Extra-ordinary items	5.44	4.88	21.90
	b) After Extra-ordinary items	5.44	4.88	21.90
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	Number of shares (in lakhs)	167.18	167.47	167.18
	Percentage of shareholding	29.38	29.43	29.38
2	Promoters and promoter group shareholding
	a) Pledged/Encumbered
	-Number of Shares (in lakhs)			_
	-Percentage of shares (as a % of the total shareholding of promoter and promoter group)	-	-	-
	-Percentage of shares (as a % of the total share capital of the company)	-	-	-
	b) Non-encumbered
	-Number of Shares (in Lakhs)	401.82	401.53	401.82
	-Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
	-Percentage of shares (as a % of the total share capital of the company)	70.62	70.57	70.62
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	-
	Received during the quarter	1
	Disposed of during the quarter	1
	Remaining unresolved at the end of the quarter	-

SEGMENT- WISE REVENUE RESULTS AND CAPITAL EMPLOYED

Rs. In Millions

Sr. No	Particulars	Quarter ended		Nine Months ended
		31.12.12	30.09.12	31.12.12
		Unaudited	Unaudited	Unaudited
1)	Segment Revenue
	a) Cement	3629.800	3295.600	11067.300
	b) Refractory	735.700	813.800	2175.300
	c) Others	0.400	0.300	1.000
	Total	4365.900	4109.700	13243.600
	Less: Inter Segment Revenue	-	-	-
	Net Sales / Income from operations	4365.900	4109.700	13243.600
2)	Segment Results |Profit/(Loss) before Tax and Interest|
	a) Cement	710.000	525.400	2421.800
	b) Refractory	63.700	49.200	151.3000
	Total	773.700	574.600	2573.100
	Less : i) Interest Expense	195.600	198.400	595.100
	ii) Un-allocable expenditure (Net of Income)	106.800	(8.400)	166.500
	Total Profit before Tax	471.300	384.600	1811.500
3)	Capital Employed (Segment Assets-Segment Liabilities)
	a) Cement	16552.000	1,6753.800	16552.000
	b) Refractory	2183.400	2064.400	2183.400
	c) Un-allocated	(7882.000)	(8274.400)	-7882.000
	Total	10853.400	10543.800	10853.400

Notes :

1 The above results have been subjected to a limited review by the statutory auditors, reviewed by the Audit Committee and approved by the Board of Directors at it's meeting held on 02.02.13.

2 The Company has acquired additionally 50% of the Ordinary as well as Preference Shares of OCL Global Limited (incorporated in Mauritius) on January 01, 2013, involving an investment of US$ 8.94 million and resulting in OCL Global Limited becoming a wholly owned subsidiary of the Company from that date. OCL China Limited, which is a subsidiary of OCL Global Limited, also become a stepdown subsidiary of the Company from that date.

3 The current period figures in this statement have been reported in the amended format as per the SEBI circular dated 16th April 2012. Accordingly previous period/ year figures have also been regrouped /reclassified to confirm with the current period presentation.

4 The Board of Directors of the Company at its meeting held on February 02, 2013 has declared an interim dividend of Rs. 2.50 per equity share of face value of Rs. 2/- each out of the profits of the year 2012-13, amounting to Rs.142.251 Millions besides Dividend Distribution Tax of Rs. 23.077 Millions

FIXED ASSETS:

Tangible Assets

· Land

· Land under lease

· Buildings

· Plant and Equipment

· Plant and Equipment under lease

· Furniture and Fixtures

· Vehicles

· Office equipments

· Railway Line

· Live Stock

Intangible Assets

· Computer software

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 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.53.94
UK Pound	1	Rs.82.77
Euro	1	Rs.71.05

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		59

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.