MIRA INFORM REPORT

Report Date :

25.07.2013

IDENTIFICATION DETAILS

Name :	CALDERYS INDIA REFRACTORIES LIMITED (w.e.f. March 2012)
Formerly Known As :	ACE CALDERYS LIMITED (w.e.f. May 2008) ACE REFRACTORIES LIMITED
Registered Office :	Katni Refractories Works, PO Katni - 483504, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.08.2005
Com. Reg. No.:	10-017865
Capital Investment / Paid-up Capital :	Rs. 377.694 Millions
CIN No.: [Company Identification No.]	U02692MP2005PLC017865
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Refractory Materials.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (67)

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 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company have a good track record. It is India’s second largest refractory manufacturer. Financially company seems to be strong. Liquidity position is good. There appears no external borrowing. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealing 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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	FITCH
Rating	Long Term Rating : AA- (ind)
Rating Explanation	Very low credit risk. Very strong capacity for payment of financial commitments.
Date	21^st August, 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 / Factory 1 :	Katni Refractories Works, PO Katni - 483504, Madhya Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	manoj.kakani@calderys.com
Website :	www.calderys.com
Head Office Factory 2:	Thapar House, Temple Road, Civil Lines, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-2528506/ 2530885
Fax No.:	91-712-2530885
E-Mail :	info.india@calderys.com
Branch Office :	131/132, D-Wing, First Floor, Clover Centre, 7 Moledina Road, Pune – 411001, Maharashtra, India
E-Mail :	sbanerjee50@rediffmail.com

DIRECTORS

As on 26.09.2012

Name :

Mr. Hakimuddin Ali

Designation :

Managing director

Address :

107, Hakimi Villa, Fakhri Hills, Lulla Nagar, Kondhwa, Pune – 411048, Maharashtra, India

Date of Birth/Age :

18.05.1969

Date of Appointment :

01.01.2011

DIN No.:

03383031

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	U02692MP2005PLC017865	CALDERYS INDIA REFRACTORIES LIMITED	Managing director	01/01/2011	07/12/2010	-	Active	NO

Name :

Mr. Umesh Chander Deveshwar

Designation :

Whole-time director

Address :

302, Marina Residency, Plot No. 2/2, Nelson Square, near Poonam Chambers, Nagpur – 440013, Maharashtra, India

Date of Birth/Age :

08.10.1948

Date of Appointment :

24.09.2011

DIN No.:

00121332

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	U02692MP2005PLC017865	CALDERYS INDIA REFRACTORIES LIMITED	Whole-time director	24/09/2011	27/09/2005	-	Active	NO
2	U14200MH2002PTC217789	IMERYS PERFORMANCE AND FILTRATION MINERALS PRIVATE LIMITED	Director	30/09/2011	13/12/2010	-	Active	NO
3	U14213PN2006PTC143820	IMERYS MINERALS (INDIA) PRIVATE LIMITED	Director	30/06/2011	13/12/2010	-	Active	NO
4	U24297PN2003PTC018363	IMERYS NEWQUEST (INDIA) PRIVATE LIMITED	Director	27/06/2012	15/09/2011	-	Active	NO

Name :

Christian Jean Paul Schenck

Designation :

Nominee director

Address :

13, Rue Camille Lenoir, Reims, 51100, France

Date of Birth/Age :

05.02.1950

Date of Appointment :

24.09.2007

DIN No.:

01798957

Name :

Christian Louis Marie Marin

Designation :

Nominee director

Address :

1 Bis Rue Du Doctuer Rousseau, Epernay, 51200, France

Date of Birth/Age :

24.12.1966

Date of Appointment :

16.06.2008

DIN No.:

02241732

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	U02692MP2005PLC017865	CALDERYS INDIA REFRACTORIES LIMITED	Nominee director	16/06/2008	16/06/2008	-	Active	NO
2	U14200MH2002PTC217789	IMERYS PERFORMANCE AND FILTRATION MINERALS PRIVATE LIMITED	Director	30/09/2009	15/05/2009	23/12/2010	Active	NO

Name :

Christophe Gerard Joseph Gerault

Designation :

Nominee director

Address :

43 45, Lutticherstrasse, Koin, 50674, Germany

Date of Birth/Age :

12.08.1975

Date of Appointment :

16.06.2008

DIN No.:

02244893

KEY EXECUTIVES

Name :	Mr. Ishwar Bhujade
Designation :	Executive Assistant to Director
Name :	Mr. Manoj Kakani
Designation :	Secretary
Address :	D5, Sanchayani Building, Swalambi Nagar, Nagpur, Maharashtra, India
Date of Birth/Age :	18.04.1976
Date of Appointment :	29.01.2009
PAN No.:	AFXPK1128F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2012

Names of Shareholders	No. of Shares
Imerys Asia Pacific Pte Limited	37732331
Umesh Chander Deveshwar	20000
Tapan Kumar Biswas	8592
Santanu Basak	1228
Pratap Singh Khokhar	3898
Vinit Subodh Kalamkar	1528
Ramkumar Dubey	306
A K Vishwakarma	256
Shyamal Bhattacharjee	256
Bhupesh S. Gedam	216
N. P. Singh	216
Sushavon Sarkar	144
Vidhata Rawat	115
T N Surendran	64
Ashish Kumar Sanyal	64
Naveen S.	162
Total	37769376

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2012

Category	Percentage
Bodies corporate	99.090
Directors or relatives of Directors	0.05
Other	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Refractory Materials.

Products / Services :

Item Code No.	Product Description
69032090	Ton
6903	Refractory Ceramic Products

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Licensed Capacity	Rated Capacity	Actual Production
Refractory Products	NA	165000	139563

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Ø State Bank of India, Corporate Group Branch, Voltas House, 23, JN Heredia Marg, Mumbai - 400001, Maharashtra, India Ø ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India Ø Union Bank of India, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

Banking Relations :
Auditors :
Name :	S. R. Batliboi and Associates Chartered Accountants
Address :	14^th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFS3421N
Holding Company :	Ø Imerys Asia Pacific Pte Limited, France
Ultimate Holding Company:	Ø Imerys Limited
Group Company :	Ø Ex-Servicemen’s Multipurpose Services India Private Limited, India Ø CIN: U74994mh1988ptc046992 Ø Calderys Deutschland Gmbh And Company Ohg, Germany Ø Calderys France SAS, France Ø Calderys UK Limited, United Kingdom Ø Calderys South Africa Pty Limited, South Africa Ø Calderys The Netherlands BV, Netherlands Ø Imerys Performance and Filtration Minerals Private Limited, India Ø CIN: U14200MH2002PTC217789 Ø Calderys Jiansgsu Company Limited, China Ø Calderys Taiwan Company Limited, Taiwan, Province of China

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
51000000	Equity Shares	Rs.10/- each	Rs. 510.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37769376	Equity Shares	Rs.10/- each	Rs. 377.694 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	377.694	419.765
(b) Reserves & Surplus	2154.400	2026.400
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2532.094	2446.165
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	81.800	60.300
Total Non-current Liabilities (3)	81.800	60.300
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	1168.400	855.500
(c) Other current liabilities	133.800	200.400
(d) Short-term provisions	29.900	6.100
Total Current Liabilities (4)	1332.100	1062.000
TOTAL	3945.994	3568.465
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	999.100	1064.700
(ii) Intangible Assets	260.600	284.800
(iii) Capital work-in-progress	19.400	8.400
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	38.700	30.900
(c) Deferred tax assets (net)	31.400	3.300
(d) Long-term Loan and Advances	58.600	47.100
(e) Other Non-current assets	50.100	36.700
Total Non-Current Assets	1457.900	1475.900
(2) Current assets
(a) Current investments	370.000	161.200
(b) Inventories	668.194	596.863
(c) Trade receivables	877.600	750.400
(d) Cash and cash equivalents	443.000	301.700
(e) Short-term loans and advances	113.500	266.400
(f) Other current assets	15.800	16.002
Total Current Assets	2488.094	2092.565
TOTAL	3945.994	3568.465

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		508.200
2] Share Application Money		0.000
3] Reserves & Surplus		1973.000
4] (Accumulated Losses)		0.000
NETWORTH		2481.200
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		2481.200
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1451.200
Capital work-in-progress		3.800
INVESTMENT		478.200
DEFERRED TAX ASSETS		16.600
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	428.000
	Sundry Debtors	635.400
	Cash & Bank Balances	110.300
	Other Current Assets	4.200
	Loans & Advances	298.600
Total Current Assets		1476.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	537.500
	Other Current Liabilities	269.900
	Provisions	137.700
Total Current Liabilities		945.100
Net Current Assets		531.400
MISCELLANEOUS EXPENSES		0.000
TOTAL		2481.200

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	5747.100	5016.800	4263.600
		Other Income	71.100	114.600	54.200
		TOTAL (A)	5818.200	5131.400	4317.800
Less	EXPENSES
		Cost of materials consumed	2438.700	2049.700
		Purchases of stock-in-trade	985.600	975.300
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(3.500)	(38.900)
		Employee benefit expense	334.300	283.700
		Other expenses	948.000	849.200
		TOTAL (B)	4703.100	4119.000	3511.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1115.100	1012.400	806.200
Less	FINANCIAL EXPENSES (D)		0.800	4.300	20.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1114.300	1008.100	785.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		107.600	147.200	151.700
	PROFIT BEFORE TAX (E-F) (G)		1006.700	860.900	634.100
Less	TAX (H)		331.800	276.500	208.300
	PROFIT AFTER TAX (G-H) (I)		674.900	584.400	425.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1433.800	1026.700	624.300
Less	APPROPRIATIONS
		Transfer to Capital Redemption Reserve	NA	88.600	0.000
		Utilised for Buy Back	NA	88.600	0.000
		Dividend	NA	0.000	20.000
		Tax on Dividend	NA	0.000	3.400
	BALANCE CARRIED TO THE B/S		NA	1433.800	1026.700
	EARNINGS IN FOREIGN CURRENCY
		Export of Refractory Products on FOB Basis	NA	215.700	171.800
		Consultation Fees	NA	27.400	21.400
		Services	NA	12.300	17.800
	TOTAL EARNINGS		NA	255.400	211.000
	IMPORTS
		Raw Materials	NA	285.000	240.100
		Stores & Spares	NA	1.300	0.300
		Capital Goods	NA	13.700	6.100
		Trading Goods	NA	112.300	91.500
	TOTAL IMPORTS		NA	412.300	338.00
	Earnings Per Share (Rs.)
	Basic		16.11	25.38	37.32
	Diluted		16.11	11.59	8.38

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.60	11.39	6.86
Net Profit Margin (PBT/Sales)	(%)	17.52	17.16	14.87
Return on Total Assets (PBT/Total Assets}	(%)	26.10	24.42	42.95
Return on Investment (ROI) (PBT/Networth)		0.40	0.35	0.26
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.87	1.97	1.56

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

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80006007	12/06/2006 *	200,000,000.00	Union Bank of India	239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra - 400021, India	-
2	80006254	01/06/2007 *	350,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	A16546764
3	80006006	25/10/2012 *	400,000,000.00	State Bank of India	Industrial Finance Branch, 5, Sai Complex, Bharat Nagar, Amravati Road,, Nagpur, Maharashtra - 4400 33, India	B62601372

FIXED ASSETS

Tangible assets

Ø Land

Ø Buildings

Ø Office building

Ø Plant and equipment

Ø Furniture and fixtures

Ø Vehicles

Ø Motor vehicles

Ø Leasehold improvements

Ø Railway sidings

Intangible assets

Ø Trade marks

Ø Patents

Ø Goodwill

Ø Brands and trade marks

Ø Trade marks

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.59.45
UK Pound	1	Rs.91.24
Euro	1	Rs.78.44

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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.