MIRA INFORM REPORT

Report Date :

22.02.2013

IDENTIFICATION DETAILS

Name :	INDIAN TECHNOMAC COMPANY LIMITED (w.e.f. 31.03.2010)
Formerly Known As :	INDIAN TECHNOMAC CO. LIMITED (w.e.f. 01.05.2008) INDIAN TECHNOMAC CO. PRIVATE LIMITED (w.e.f. 04.04.2008) ARSH CASTINGS PRIVATE LIMITED
Registered Office :	Village Jagatpur, P O Misserwala, Paonta Sahib – 173021, Himachal Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.09.1987
Com. Reg. No.:	06-007699
Capital Investment / Paid-up Capital :	Rs.266.938 Millions
CIN No.: [Company Identification No.]	U29214HP1987PLC007699
TAN No.: [Tax Deduction & Collection Account No.]	PTLA12997F
PAN No.: [Permanent Account No.]	AABCA3201H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Ferro Alloys.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 29000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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

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	Short Term Bank Facility = A2+
Rating Explanation	Strong degree of safety it carry low credit risk
Date	19.11.2012

Rating Agency Name	CARE
Rating	Long Term Bank Facility = BBB+
Rating Explanation	Moderate degree of safety it carry moderate credit risk
Date	19.11.2012

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 :	Village Jagatpur, P O Misserwala, Paonta Sahib – 173021, Himachal Pradesh
Tel. No.:	91-1704-255141
Fax No.:	91-1704-255141
E-Mail :	corporataffairs@itcol.co.in accounts@itcol.co.in gautam.set@itcol.co.in
Website :	www.indiatechnomac.com
Corporate Office :	1107, Vikrant Tower, 4, Rajendra Place, New Delhi – 110008, India
Tel. No.:	91-11-45704570
Fax No.:	91-11-45704580
E-Mail :	ferroalloys@itcol.co.in

DIRECTORS

As on 28.09.2012

Name :

Mr. Rakesh Kumar Sharma

Designation :

Managing director

Address :

4512, Sector – B, 5-6, Vasant Kunj, New Delhi – 110070, India

Date of Birth/Age :

01.07.1963

Date of Appointment :

01.04.2011

Pan No. :

AAXPS4084R

DIN No.:

01911976

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC068211	UPHAR INTERNATIONAL PRIVATE LIMITED	Additional director	26-11-07	26-11-07	27-03-09	Active	NO
2	U29214HP1987PLC007699	INDIAN TECHNOMAC COMPANY LIMITED	Managing director	01-04-11	10-01-08	-	Active	NO
3	U24233DL2009PTC191596	INDIAN TECHNOINVESTMENT PRIVATE LIMITED	Director	25-06-09	25-06-09	-	Active	NO
4	U27205DL2009PTC192245	INDIAN TECHNOALLOYS COMPANY PRIVATE LIMITED	Director	15-07-09	15-07-09	-	Active	NO
5	U27205DL2009PLC192248	INDIAN TECHNOMETAL COMPANY LIMITED	Managing director	01-06-12	15-07-09	-	Active	NO
6	U14219OR2007PTC009380	BMT CHROME ALLOYS PRIVATE LIMITED	Director	07-06-10	07-06-10	28-03-12	Active	NO
7	U14290DL2010PLC205626	INDIAN TECHNOMINERALS COMPANY LIMITED	Director	09-07-10	09-07-10	-	Active	NO
8	U13209ML2010PLC008423	ITCOL MINERALS LIMITED	Director	23-07-10	23-07-10	-	Active	NO
9	U13209ML2010PLC008427	ITCOL HYDROCARBON LIMITED	Director	18-08-10	18-08-10	-	Active	NO
10	U27200DL2010PLC207341	INDIAN TECHNOTHERMIC COMPANY LIMITED	Director	20-08-10	20-08-10	-	Active	NO
11	U51909DL2010PLC211708	INDIAN TECHNOTRADE COMPANY LIMITED	Director	23-12-10	23-12-10	-	Active	NO
12	U23101OR2010PTC012850	ITCOL TECHNO INDUSTRIES PRIVATE LIMITED	Director	24-12-10	24-12-10	31-03-11	Active	NO
13	U24112UP1987PLC008776	INDIAN TECHNOLIME COMPANY LIMITED	Director	27-09-11	20-01-11	30-03-12	Active	NO
14	U13200ML2011PTC008472	DEBDOOT MINERALS PRIVATE LIMITED	Director	28-04-11	28-04-11	-	Active	NO
15	U13200ML2011PTC008471	TREASURY MINERALS PRIVATE LIMITED	Director	28-04-11	28-04-11	-	Active	NO
16	U10100DL2011PTC223200	THUNDER COAL AND MINES PRIVATE LIMITED	Director	03-08-11	03-08-11	-	Active	NO
17	U10100DL2011PTC223897	INDIAN TECHNOREM COMPANY PRIVATE LIMITED	Director	18-08-11	18-08-11	-	Active	NO
18	U73100DL2011PTC224671	INDIAN TECHNO RESEARCH PRIVATE LIMITED	Director	07-09-11	07-09-11	-	Active	NO
19	U65929DL2011PTC226658	RKS GROUP HOLDING PRIVATE LIMITED	Director	21-10-11	21-10-11	-	Active	NO
20	U13100ML2011PTC008489	TREASURY IRON MINES PRIVATE LIMITED	Director	14-11-11	14-11-11	-	Active	NO
21	U27205DL2011PLC228323	ITCOL METALS LIMITED	Director	05-12-11	05-12-11	-	Active	NO
22	U27205DL2011PLC228310	ITCOL ALLOYS COMPANY LIMITED	Director	05-12-11	05-12-11	-	Active	NO
23	U24100DL2011PLC228361	INDIAN TECHNOCAM COMPANY LIMITED	Director	07-12-11	07-12-11	-	Active	NO
24	U61200DL2012PLC230137	ITCOL SHIPPING AND LOGISTIC LIMITED	Director	17-01-12	17-01-12	-	Active	NO
25	U73100DL2013PLC248440	ITCOL RARE EARTH TECHNOLOGY LIMITED	Director	18-02-13	18-02-13	-	Active	NO

Name :

Mr. Vinay Sharma

Designation :

Director

Address :

Vpo Pir Saluhi, Tehsil Dehra, District Kangra – 176001, Himachal Pradesh, India

Date of Birth/Age :

04.03.1979

Date of Appointment :

10.01.2008

DIN No.:

02031019

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29214HP1987PLC007699	INDIAN TECHNOMAC COMPANY LIMITED	Director	01-08-10	10-01-08	-	Active	NO
2	U14219OR2007PTC009380	BMT CHROME ALLOYS PRIVATE LIMITED	Director	12-06-10	12-06-10	-	Active	NO
3	U27205DL2009PLC192248	INDIAN TECHNOMETAL COMPANY LIMITED	Director	01-06-12	21-06-10	-	Active	NO
4	U24233DL2009PTC191596	INDIAN TECHNOINVESTMENT PRIVATE LIMITED	Director	20-08-10	21-06-10	-	Active	NO
5	U27205DL2009PTC192245	INDIAN TECHNOALLOYS COMPANY PRIVATE LIMITED	Director	20-08-10	21-06-10	-	Active	NO
6	U24112UP1987PLC008776	INDIAN TECHNOLIME COMPANY LIMITED	Director	27-09-11	01-01-11	-	Active	NO
7	U65929DL2011PTC226658	RKS GROUP HOLDING PRIVATE LIMITED	Director	21-10-11	21-10-11	-	Active	NO
8	U13100ML2011PTC008489	TREASURY IRON MINES PRIVATE LIMITED	Director	14-11-11	14-11-11	-	Active	NO
9	U27205DL2011PLC228323	ITCOL METALS LIMITED	Director	05-12-11	05-12-11	-	Active	NO
10	U27205DL2011PLC228310	ITCOL ALLOYS COMPANY LIMITED	Director	05-12-11	05-12-11	-	Active	NO
11	U24100DL2011PLC228361	INDIAN TECHNOCAM COMPANY LIMITED	Director	07-12-11	07-12-11	-	Active	NO
12	U61200DL2012PLC230137	ITCOL SHIPPING AND LOGISTIC LIMITED	Director	17-01-12	17-01-12	-	Active	NO
13	U73100DL2013PLC248440	ITCOL RARE EARTH TECHNOLOGY LIMITED	Director	18-02-13	18-02-13	-	Active	NO

Name :

Mr. Aswini Kumar Sahoo

Designation :

Director

Address :

Jagannath Lane, Arunodaya Nagar, Badambadi, Cuttack, Orissa-753012, India

Date of Birth/Age :

26.11.1948

Date of Appointment :

28.09.2012

DIN No.:

05112375

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U14219OR2007PTC009380	BMT CHROME ALLOYS PRIVATE LIMITED	Additional director	29-09-12	02-11-11	-	Active	NO
2	U23101OR2010PTC012850	ITCOL TECHNO INDUSTRIES PRIVATE LIMITED	Director	02-11-11	02-11-11	-	Active	NO
3	U29214HP1987PLC007699	INDIAN TECHNOMAC COMPANY LIMITED	Director	28-09-12	02-11-11	-	Active	NO
4	U27205DL2009PLC192248	INDIAN TECHNOMETAL COMPANY LIMITED	Director	29-09-12	06-08-12	-	Active	NO
5	U73100DL2013PLC248440	ITCOL RARE EARTH TECHNOLOGY LIMITED	Director	18-02-13	18-02-13	-	Active	NO

Name :

Mr. Satya Narayan Nandi

Designation :

Director

Address :

Flat – 256, Dakshinayan, Plot – 19, Sector – 4, Dwaraka, New Delhi – 110075, India

Date of Birth/Age :

09.03.1945

Date of Appointment :

04.06.2010

DIN No.:

03030154

Name :

Mr. Ranganathan Srinivasan

Designation :

Director

Address :

A/IV/32, N.M.L Quaters, Agrico Area, Jamshedpur East Singhbhum – 831007, Bihar, India

Date of Birth/Age :

10.10.1958

Date of Appointment :

24.09.2010

DIN No.:

03097684

KEY EXECUTIVES

Name :	Mr. Chandra Deo Shah
Designation :	Secretary
Date of Appointment :	12.05.2012
PAN No.:	AQQPS9747J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
R.K Sharma	10120500
Vinay Sharma	100
Gurupath Merchandise Limited	2601860
Thunder Traders Limited	2587255
Divya dealers Limited	1281542
Sudhanil Vanijya Limited	2372443
Mrinalini Vinimay Private Limited	465094
Dibya Jyoti Trade and Commerce Limited	1618939
SaltLake Vyapaar Limited	1679844
Debdoot Vinimay Private Limited	316176
Prominent Heights Private Limited	288430
SK Dealcom Private Limited	303920
Transit Vinimay Private Limited	271853
Hoogly Dealers Private Limited	235779
Mainek Vincom Private Limited	301175
Blackberry Tradelink Private Limited	392352
Prefer Vyapaar Private Limited	283117
Victor Tracom Private Limited	301862
Sumeru vincom Private Limited	242450
Deltech Enterprises Private Limited	572211
Rythem Enterprises Private Limited	456860
Total	26693762

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	62.09
Directors or relatives of Directors	37.91
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Ferro Alloys.

Products :

PRODUCT DESCRIPTION	ITC CODE NO.
Ferro Alloys	7202

PRODUCTION STATUS

Particulars	Unit	31.03.2012
Actual Production	MT	115722.665

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab and Sind Bank, H S Road, Karol Bagh, New Delhi – 110005, India

· Central Bank of India, MID Corporate Finance Branch, GF (Right Wing), Link House, 3 , Bahadur Shah Zafar Marg, New Delhi – 110002, India

· State Bank of India, Sector – 7, Madhya Marg, Chandigarh, India

· Indian Overseas Bank

· State Bank of Hyderabad

· Allahabad Bank

· Andhra Bank

· Union Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Term loans from banks	1628.169	1862.830
Other loans and advances	28.247	22.891
Short-term borrowings
Working capital loans from banks	3382.346	1258.291
Total	5038.762	3144.012
Term Loan-I * Bank of India Rs.15.750 Millions Andhra Bank Rs.17.500 Millions Union Bank of India Rs.21.875 Millions Allahabad Bank Rs.17.500 Millions Rs.72.625, Millions Term Loan-II* Bank of India Rs.95.081 Millions Andhra Bank Rs.163.750 Millions Union Bank Of India Rs.64.554 Millions Indian Overseas Bank Rs.106.656 Millions Punjab and Sind Bank Rs.96.832 Millions State Bank Of Hyderabad Rs.94.605 Millions Rs.621.478 Millions Term Loan-III* Term Loan Standard Chartered Bank Rs.191.850 Millions Term Loan Bank of India Rs.52.500 Millions Term Loan Punjab and Sind Bank Rs.44.500 Millions Term Loan Dena Bank Rs.29.286 Millions Term Loan State Bank of Hydrabad Rs.45.000 Millions Term Loan Union Bank of India Rs.33.750 Millions *Secured by Pari Pasu First Charge on the Fixed Assets Present and Future except which are exclusively charged by any other Bank. Further secured by personal Guarantee of Dr. R K Sharma and Mr. Vinay Sharma, Directors of Company and Corporate Gurantee of Gurupath Merchandise Limited and Thunder Traders Limited Rs.396.886 Millions Bank Of India Rs.764.496 Millions Andhra Bank Rs.136.906 Millions Union Bank Of India Rs.263.397 Millions Allhabad Bank (Rs.7.717 Millions) Indian Overseas Bank Rs.177.216 Millions Punjab and Sind Bank Rs.187.608 Millions State Bank Of Hyderabad Rs.507.862 Millions State Bank Of Patiala Rs.179.465 Millions Standard Chartered Bank (Rs.3.795 Millions) Dena Bank 115,515,869 HDFC Bank Limited Rs.220.129 Millions DBS Bank Limited Rs.192.961 Millions Central Bank Of India Rs.248.843 Millions Oriental Bank Of Commerce Rs.199.471 Millions Saraswat Bank Rs.199.986 Millions Secured by Pari Pasu First Charge on the Current Assets Present and Future, of the Company further secured by second charge on Fixed Assets of the Company on Pari Pasu Basis.Further secured by personal guarantee of Dr. R K Sharma and Mr. Vinay Sharma, Directors of Company and Corporate Guarantee of Gurupath Merchandise Limited and Thunder Traders Limited.

Banking Relations :	--
Auditors :
Name :	SNRS and Associates Chartered Accountants
Address :	413, Pratap Bhawan, 5, Bahadur Shah Zafar Marg, New Delhi – 110002, India
PAN.:	AAXFS1427Q
Enterprises owned or significantly influenced by the Key Managerial Person or their relatives :	· Indian Technometal Company Limited CIN No.: U27205DL2009PLC192248 · Indian Technolime Company Limited CIN No.: U24112UP1987PLC008776 · Itcol Shipping and Logistics Limited CIN No.: U61200DL2012PLC230137
Others :	· Gurupath Merchandise Limited CIN No.: U51909WB1996PLC077773 · Thunder Traders Limited CIN No.: U51109WB1996PLC077422

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26693762	Equity Shares	Rs.10/- each	Rs.266.938 Millions

Disclosure of shareholding more than five per cent in company

Name of shareholder	Number of shares held in company	Percentage of shareholding in company
Rakesh Kumar Sharma	1,01,20,500	37.91%
Gurupath Merchandise Limited	26,01,860	9.75%
Thunder Traders Limited	25,87,255	9.80%
Dibyajyoti Traders and Commerce Limited	16,18,939	6.06%
Saltlake Vyapaar Limited	16,79,844	6.29%
Divya Dealers Limited	12,81,542	4.80%

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		266.938	252.937	134.539
2] Share Application Money		0.000	0.000	155.500
3] Reserves & Surplus		7020.253	4112.957	1271.195
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7287.191	4365.894	1561.234
LOAN FUNDS
1] Secured Loans		5038.762	3144.012	1232.480
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		5038.762	3144.012	1232.480
DEFERRED TAX LIABILITIES		139.829	105.380	45.783
TOTAL		12465.782	7615.286	2839.497
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3958.996	3431.463	2082.495
Capital work-in-progress		923.488	366.825	5.968
INVESTMENT		730.798	480.029	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
Other Non- Current Assets		117.483	1.452	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6989.426	2383.807	654.483
	Sundry Debtors	5523.677	2447.279	504.765
	Cash & Bank Balances	774.637	340.825	54.387
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1075.701	992.212	237.542
Total Current Assets		14363.441	6164.123	1451.177
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5626.548	2239.175	371.093
	Other Current Liabilities	1243.410	392.888	297.716
	Provisions	758.466	196.543	33.295
Total Current Liabilities		7628.424	2828.606	702.104
Net Current Assets		6735.017	3335.517	749.073
MISCELLANEOUS EXPENSES		0.000	0.000	1.961
TOTAL		12465.782	7615.286	2839.497

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	44997.104	17593.247	5947.417
		Other Income	73.346	27.801	3.294
		TOTAL (A)	45070.450	17621.048	5950.711
Less	EXPENSES
		Cost of materials consumed	40044.919	15679.723
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(830.727)	(416.633)	5628.173
		Employee benefit expense	405.137	176.415
		Other expenses	1549.036	689.953
		Extraordinary items	0.000	0.133
		TOTAL (B)	41168.365	16129.591	5628.173
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3902.2085	1491.457	322.538
Less	FINANCIAL EXPENSES (D)		741.531	341.261	76.528
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3160.554	1150.196	246.010
Less/ Add	DEPRECIATION/ AMORTISATION (F)		357.967	223.192	53.220
	PROFIT BEFORE TAX (E-F) (G)		2802.587	927.004	192.790
Less	TAX (H)		595.343	255.137	73.079
	PROFIT AFTER TAX (G-H) (I)		2207.244	671.867	119.711
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		797.171	125.304	5.593
	BALANCE CARRIED TO THE B/S		3004.415	797.171	125.304
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	11179.299	2208.506	56.263
		Others	0.000	17.270	1.399
	TOTAL EARNINGS		11179.299	2225.776	57.662
	IMPORTS
		Raw Materials	2873.024	2125.892	68.037
		Stores & Spares	4.403	0.000	0.000
		Capital Goods	1.243	14.313	10.394
	TOTAL IMPORTS		2878.670	2140.205	78.431
	Earnings Per Share (Rs.)		86.49	38.37	16.73

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.17	3.81	2.01
Net Profit Margin (PBT/Sales)	(%)	6.23	5.27	3.24
Return on Total Assets (PBT/Total Assets}	(%)	15.30	9.66	5.46
Return on Investment (ROI) (PBT/Networth)		0.38	0.21	0.12
Debt Equity Ratio (Total Debt /Networth)		0.69	0.72	0.79
Current Ratio (Current Asset/Current Liability)		1.88	2.18	2.07

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	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	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

OPERATIONS

During the year, the Company's sales were Rs. 45070.450 Millions against Rs. 17621.048 Millions in the previous year. The Company achieved a higher production level stemming from continued efforts and focus on enhancing operating efficiency across business lines. The Company posted net profit after tax of Rs. 2207.244 Millions as opposed to a net profit of Rs. 671.867 Millions during the same period last year.

PROSPECTS

The slow down for demand of steel posed difficult times for Bulk Ferro Alloys Industry. However, the products produced by the Company, part of Minor and Noble Metals group remained relatively insulated from demand slow down as availability of these metals remains scarce. To start with large amounts of coordinated actions by various Governments across the globe to provide stimulus to economic activity and operations of financial institutions did restore normalcy to certain extent and provided stability to financial markets, a return to economic growth cycle in the developed markets is likely to take some more time. Commodity prices are facing an upswing due to rising costs and depleting nearer home reserves in the face of higher extraction and operating costs, the industrial demand is remaining cautionary much attributed to lower inventories and high levels of price volatility. The Company has certain advantages of being a low cost manufacturer and backed by prudent financial management, it has been able to tide through the challenges otherwise being across business and trade segments even during these unprecedented markets. The Company is carrying forward its various initiatives for further investment and leading forward its capacity expansion programs. The financial results of the Company fully endorse their investment decisions for organic growth. During the year, the Company achieved significant milestones and increased capacity likely to go on and it is expected to strengthen the operational and financial performance of the Company. The Company continues to evaluate new investment opportunities in its area of activity and will work towards greater value enhancement of all stakeholders.

FUTURE STRATEGY AND GROWTH

The Company is following the growth path laid in its formative period, i.e. to acquire a leading global position in Rare Earth Metals, Minor Metals and Noble Alloys. Management has consistently followed an up scaling of value chain in manufactured products and strives to achieve greater vertical integration coupled with wider range of its products and maintaining a high standard of quality. The Company continues to invest in up-gradation of its technology employed, modernization of manufacturing facilities, uplifting the employee skills and catering to their general well-being and meeting customer expectations. The Company's three dimensional growth strategies rest on the foundations of wider product diversity, greater geographical reach and higher vertical integration, which will remain the hallmark to achieve its sustainability and growth. The Company's initiatives in research and development beyond horizons and technology acquisition in cutting edge areas are aimed at acquiring greater presence in international distribution networks and augmenting its share of global markets. The Company is under the process of implementation of SAP. SAP is comprehensive business software which integrates internal and external management information across an entire organization, embracing finance, accounting, manufacturing, sales and service, customer relationship management, etc.

MANAGEMENT DISCUSSION AND ANALYSIS

The Economy

Global Economy: The global prospects are gradually strengthening after the setback during the year 2011, though downside risks remain. This is mainly due to improved economic activity in USA during the second half of 2011 and pursuance of more effective policies in the euro area which have reduced the threat of a sharp global slowdown.

Accordingly, it is expected that there will be a weak recovery in the major advanced economies while there will be relatively more solid support from most emerging and developing economies. Global growth is projected to drop from 4% in 2011 to 3.5% in 2012 because of weak activity during the second half of 2011 and the first half of 2012. However, growth is expected to revert to the 2011 level in 2013 when hopefully the pending issues are ironed out successfully especially by the developed nations.

Policy has played an important role in lowering systemic risk such as ECB's three-year longer-term refinancing operations (LTROs), aggressive fiscal

adjustment programs, and the launch of major product and labour market reforms. This has to an extent helped to stabilize conditions in the euro area thus relieving pressure on banks and sovereigns. Inflation however, is expected to come down in both 2012 and 2013 for both the advanced and developing nations, reflecting the tempering of commodity prices in the face of feeble economic growth in 2012. World crude steel production for the 62 countries reporting to the World Steel Association (world steel) was 132 million tones (Mt) in March 2012, an increase of 1.8% compared to March 2011. Production for the first quarter of 2012 was 377 Mt, 1.1% higher than the first quarter of 2011 Indian Economy: The current scenario of Indian economy has been characterized by optimistic growth and strong macro-economic fundamentals, particularly with tangible progress towards fiscal consolidation and a strong balance of payments position. The Indian economy is the fourth largest economy of the world on the basis of Purchasing Power Parity (PPP).

It is one of the most attractive destinations for business and investment opportunities due to huge manpower base, diversified natural resources and strong macro-economic fundamentals. Major Growth drivers for India are Special Steel, Refined and Noble alloys industry, Railways (Stainless Steel, wagons and Coaches, Development of Metro Rail, Projects, Development of Special Railway Freight Corridor), Architectural Building and Construction, Airports, Industrial parks, automotive and white goods industries. The world steel Association, a premiere global steel producer's association in its annual meet held in Paris during October 2011 has projected a growth of 7.9% for the Indian steel industry in 2012. Centre for Monitoring Indian Economy (CMIE) expects India's finished steel production to grow by 9.5% in 2011-12 marginally higher than 8.9%clocked in 2010-11.As per the draft of the working group on iron and steel (twelfth five years plan) against the total steel demand of 115mt in 2015-16. The Planning Commission's focus on instilling "inclusive growth" is making headway. The plan is expected to be one that encourages the development of India's agriculture, education, health and social welfare infrastructure through government spending and public participation. It is also expected to create employment through developing India's manufacturing sector and move the nation higher up the value chain. As per planning Commission, 12th Five Year Plan targets to GDP growth at 8.6% for the year and forecast 9% for the next year. Labor force in India would continue to be dominated by young workers. Steady uptick in savings and investments rates is also indicative of positive structural change. The global reliance on India as a sourcing hub is expected to increase Global automotive majors have established a sizeable presence in Indian automotive manufacturing hubs. There will be exponential growth in passenger car sales. According to a survey by the Confederation of Indian industry (CII) and ASCON, around 50 segments in the manufacturing sector have entered into 'Excellent Growth Category' and further 22 segments have entered into 'High Growth Category'. Segments in the Excellent category includes air conditioners, natural gas, tractors, nitrogen fertilizers, ball bearing, electrical and cable wires, auto components, construction equipments, electric fans and tire industries. Inflation is showing diluting trend and liquidity is improving after reduction in cash reserve ratio.

Award and Recognition

The Company has been granted the "International Award" for prestige and quality, Europe-2012 (platinum category). The Company also had privilege to receive the Bid International Award for Renewed Commitment to Quality 2012 in the prestigious platinum category besides finding a place in the "Fortune India 500- India's Leading Business Corporate" while listed as No. 395 in Top 500 Corporate and No. 10 in the Top Metal and Mining Companies amongst the corporate World of India and also received the "Award for Achievement of Best Practice in Research and Development 2011 in the Gold Category".

Outlook

The recovery in demand and commodity prices backed by growth momentum in the emerging economies like China, Brazil and India appears well founded. The medium and long-term outlook for the resource sector remains positive. China plans to achieve an annual growth rate of 7% during the 12th Five-Year Plan starting from this year scaling it down from the present double digit growth rate. China has reported a deficit of $1.02 billion in the first three months of 2011 compared with a surplus of $13.9 billion in the first quarter of last year, as China has settled to rebalance its export oriented economy to boost domestic consumption and is also gradually letting its currency appreciate. The paradigm shift in Chinese policies will open vast opportunities to the other emerging economies. They are well positioned to benefit from these developments, benefited by their structurally low cost position. They have a well laid out growth pipeline and all their expansion projects are on track to deliver an industry leading organic growth. They remain confident to deliver superior results as they are progressing.

CONTINGENT LIABILITIES (As on 31.03.2012)

A. Claims against the Company not acknowledged as Debts.

Current Year: NIL (Previous Year: NIL)

B. Estimated amount of Contracts remaining to be executed on Capital Account and not provided for

Current Year: Rs.315.873 Millions (Previous Year : Rs. 238.075 Millions)

C. Bank Guarantee: Rs.31.711 Millions (Previous Year – Rs. 43.025 Millions)

D. Letter of Credit : Rs. 925.774 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29214HP1987PLC007699
Name of the company	INDIAN TECHNOMAC COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	# Village Jagatpur, P O Misserwala, Paonta Sahib, H P – 173021, Himachal Pradesh, India Email ID : corporateaffairs@itcol.co.in
This form is for	Creation of charge
Type of charge	· Movable property (not being pledge) · Floating charge
Particular of charge holder	Central Bank of India, GF (Right Wing), Link House, 3 , Bahadur Shah Zafar Marg, New Delhi – 110002, India Email ID : agmdelamid@centralbank.co.in
Nature of instrument creating charge	Omnibus Counter Guarantee For Letter of Credit.
Date of instrument Creating the charge	29.12.2012
Amount secured by the charge	Rs.35.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Sanction Letter(Normal Interest/Commission+1%) Terms of Repayment Adhoc limit for 80 days. Margin 100% on stock purchased through LC. Extent and Operation of the charge 1st charge on stock purchased under LC
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stock Purchased Under LC

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Computers

· Vehicles

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 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.54.48
UK Pound	1	Rs.82.71
Euro	1	Rs.72.23

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.