MIRA INFORM REPORT

Report Date :

05.09.2013

IDENTIFICATION DETAILS

Name :	ORIENT REFRACTORIES LIMITED
Registered Office :	1307, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.11.2010
Com. Reg. No.:	55-210819
Capital Investment / Paid-up Capital :	Rs.120.139 Millions
CIN No.: [Company Identification No.]	L28113DL2010PLC210819
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Refractory and Monolithic Products.
No. of Employees :	450 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 4095000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a fine track record. Financial position of the company appears to be good. Trade relations are reported as decent. Business is active. Payment terms are regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A+ [Long Term Bank Facilities]
Rating Explanation	Adequate degree of safety and low credit risk.
Date	12.04.2013

Rating Agency Name	CARE
Rating	A1+ [Short Term Bank Facilities]
Rating Explanation	Very strong degree of safety and low credit risk.
Date	12.04.2013

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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Vinod
Designation :	Accounts Department
Contact No.:	91-1493-222266
Date :	31.08.2013

LOCATIONS

Registered Office :	1307, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-46425400
Fax No.:	91-11-26443859
E-Mail :	satishgupta@orlindia.com mkgupta@orlindia.com bhiwadi@orlindia.com info@orlindia.com
Website :	http://www.orientrefractories.com
Factory :	SP 148, RIICO Industrial Area, Bhiwadi, District Alwar-301019, Rajasthan, India
Tel. No.:	91-1493-222266

DIRECTORS

AS ON 31.03.2013

Name :	Mr. K K Thirani
Designation :	Chairman
Name :	Mr. S G Rajgarhia
Designation :	Vice Chairman
Name :	Ms. Barbara Potisk Eibensteiner
Designation :	Director
Name :	Mr. Michael John Williams
Designation :	Director
Name :	Mr. R S Bajoria
Designation :	Director
Name :	Mr. Reinhold Steiner
Designation :	Director
Name :	Mr. S C Sarin
Designation :	Executive Director
Name :	Mr. Pramod Sagar
Designation :	Director
Name :	Mr. A K Jain
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Sanjeev Bharadwaj
Designation :	Chief Financial Officer
Name :	Mr. Sanjay Kumar
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Any Others (Specify)	0	0.00
(2) Foreign
Bodies Corporate	83637771	69.62
Sub Total	83637771	69.62
Total shareholding of Promoter and Promoter Group (A)	83637771	69.62
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	49970	0.04
Foreign Institutional Investors	266603	0.22
Sub Total	316573	0.26
(2) Non-Institutions
Bodies Corporate	6744578	5.61
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	10862558	9.04
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	17009244	14.16
Any Others (Specify)	1568476	1.31
Non Resident Indians	265029	0.22
Clearing Members	41126	0.03
Hindu Undivided Families	788651	0.66
Trusts	473670	0.39
Sub Total	36184856	30.12
Total Public shareholding (B)	36501429	30.38
Total (A)+(B)	120139200	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)	120139200	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Refractory and Monolithic Products.
Imports :
Products :	Raw Materials
Countries :	· China · Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

450 [Approximately]

Bankers :

· HDFC Bank

· State Bank of India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Cash Credit Loan From a Bank* [*The cash credit loan is taken from bank are secured by first pari passu charge on the current assets of the Company and second pari passu charge on movable fixed assets of the Company both present and future. These are payable on demand and carry interest rate of bank base rate plus 305 basis points (currently 13.05% p.a.)]	19.057	127.367
TOTAL	19.057	127.367
Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Short Term Borrowings
Bill Discounted	31.169	31.153
TOTAL	31.169	31.153

Banking Relations :	--
Statutory Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Cost Auditors :
Name :	K.G. Goyal and Associates Chartered Accountants
Internal Auditors :
Name :	Chaturvedi and Partners Chartered Accountants
Holding Company :	Orient Abrasives Limited (till November 15, 2011)
Associates :	Dutch US Holding BV (Holds more than 20% shares)
Other Related Parties :	· Orient Abrasives Limited · APM Industries Limited · Hindustan General Industries Limited · Perfectpac Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
120500000	Equity Shares	Re.1/- each	Rs.120.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120139200	Equity Shares	Re.1/- each	Rs.120.139 Millions

NOTES:

TERMS/RIGHTS ATTACHED TO EQUITY SHARES

The Company has only one class of equity shares having a par value of Re. 1 per share. The holder of each fully paid equity share is entitled to one vote. 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.

In the event of liquidation of the Company, the holders of equity 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 equity shares held by the shareholders.

DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY

NAME	AS ON 31.03.2013
	NO. LACS	% AGE HOLDING IN THE CLASS
Dutch US Holding B.V.	524.02	43.62%
S G Rajgarhia	59.95	4.99%
Anisha Mittal	--	--
S G Rajgarhia (HUF)	--	--
Bhavna Rajgarhia	--	--
Usha Rajgarhia	--	--

As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

During the year, the promoters and promoters group transferred 52,401,579 shares (constituting 43.62% of fully paid up equity share capital) to M/s Dutch US holding B.V. which has announced an open offer to acquire 31,236,192 shares (26% of fully paid up equity share capital) from public. Open offer was successfully closed subsequent to year end.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	120.139	120.139	0.500
(b) Reserves & Surplus	903.705	630.360	(0.932)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1023.844	750.499	(0.432)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	12.773	15.941	0.000
(c) Other long term liabilities	8.240	6.763	0.000
(d) long-term provisions	0.941	3.311	0.000
Total Non-current Liabilities (3)	21.954	26.015	0.000
(4) Current Liabilities
(a) Short term borrowings	50.226	158.520	0.000
(b) Trade payables	435.894	342.560	0.931
(c) Other current liabilities	18.748	13.156	0.000
(d) Short-term provisions	153.859	169.868	0.000
Total Current Liabilities (4)	658.727	684.104	0.931
TOTAL	1704.525	1460.618	0.499
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	291.603	269.804	0.000
(ii) Intangible Assets	1.297	1.187	0.000
(iii) Capital work-in-progress	4.918	2.256	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.057	0.057	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.733	7.438	0.000
(e) Other Non-current assets	6.002	8.642	0.000
Total Non-Current Assets	312.610	289.384	0.000
(2) Current assets
(a) Current investments	60.036	0.000	0.000
(b) Inventories	569.793	456.326	0.000
(c) Trade receivables	715.163	619.581	0.000
(d) Cash and cash equivalents	11.886	13.228	0.499
(e) Short-term loans and advances	17.458	25.727	0.000
(f) Other current assets	17.579	56.372	0.000
Total Current Assets	1391.915	1171.234	0.499
TOTAL	1704.525	1460.618	0.499

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3598.496	3004.161	0.000
		Other Income	20.417	43.076	0.000
		TOTAL (A)	3618.913	3047.237	0.000
Less	EXPENSES
		Cost of raw material and components consumed	1536.192	1257.691	0.000
		Purchase of traded goods	520.530	474.928	0.000
		Employee benefits expenses	266.053	231.782	0.000
		Other expenses	679.504	575.459	0.932
		Exceptional items	18.159	0.000	0.000
		Increase in inventories of finished goods, work-in-progress and traded goods	(73.275)	(19.425)	0.000
		TOTAL (B)	2947.163	2520.435	0.932
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		671.750	526.802	(0.932)
Less	FINANCIAL EXPENSES (D)		19.403	38.776	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		652.347	488.026	(0.932)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.921	29.659	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		614.426	458.367	(0.932)
Less	TAX (H)		200.524	150.274	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		413.902	308.093	(0.932)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		66.604	(0.932)	NA
Less	APPROPRIATIONS
		General Reserve	150.000	100.000	NA
		Final Dividend on Equity Shares	120.139	0.000	NA
		Interim Dividend on Equity Shares	0.000	120.139	NA
		Corporate dividend tax	20.418	20.418	NA
	BALANCE CARRIED TO THE B/S		189.949	66.604	NA
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	580.333	461.216	0.000
		Royalty Income	0.000	0.944	0.000
	TOTAL EARNINGS		580.333	462.160	0.000
	IMPORTS
		Raw Materials	388.496	259.640	0.000
		Traded goods	14.036	5.791	0.000
		Capital Goods	4.190	59.861	0.000
		Stores and spare parts	4.008	4.627	0.000
	TOTAL IMPORTS		410.730	329.919	0.000
	Earnings / (Loss) Per Share (Rs.)		3.45	2.56	(1.86)

QUARTERLY RESULTS

PARTICULARS	30.06.2013
Net Sales	954.100
Total Expenditure	776.000
PBIDT (Excl OI)	178.100
Other Income	15.800
Operating Profit	193.900
Interest	00.100
PBDT	193.800
Depreciation	09.000
Profit Before Tax	184.800
Tax	62.100
Profit After Tax	122.700
Net Profit	122.700

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	11.44	10.11	0.00
Net Profit Margin (PBT/Sales)	(%)	17.07	15.25	0.00
Return on Total Assets (PBT/Total Assets}	(%)	36.18	31.45	(186.77)
Return on Investment (ROI) (PBT/Networth)		0.60	0.61	2.15
Debt Equity Ratio (Total Debt/Networth)		0.05	0.21	0.00
Current Ratio (Current Asset/Current Liability)		2.11	1.71	0.54

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10372660	30/07/2012	245,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, VARDHMAN TRADE CENTER, DDA BU ILDING ,NEHRU PLACE, NEW DELHI, Delhi - 110019, IN DIA	B56416480
2	10338149	26/12/2012 *	220,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	B65453268
* Date of charge modification

OPERATIONS REVIEW:

During the year the Company has achieved the net sales of Rs. 3618.913 Millions (previous year Rs. 3047.237 Millions) which is 18.76 % more than the previous year. Profit before tax for the financial year 2012-13 was Rs. 614.426 Millions (16.98% of Net sales) as compared to Rs. 458.367 Millions in 2011-12 (15.04% of Net Sales).

FUTURE OUTLOOK:

During the financial year 2013-14, in spite of slowdown in industry growth, high inflation, fall of rupee, etc, the Company has done a net sales of Rs. 969.898 Millions in first quarter ended on June 30, 2013, an increase of 5.43% over first quarter (Net Sales Rs. 917.255 Millions) of corresponding previous year 2012-13. During first quarter of 2013-14 the profit before tax is Rs. 184.811 Millions which is 27 % more than the profit before tax (Rs. 135.336 Millions) of quarter ending on June 30, 2012.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

GENERAL REVIEW:

Orient Refractories Limited (ORL) is among the elite Indian producers of refractories and monolithics for the steel industries. Its consistent quality and developmental initiatives has facilitated a large customer base, within the country and across the world, making it the preferred choice for people looking for quality and service. ORL constantly deploys a large number of refractory specialists on site with customers in order to develop individual complete solutions.

As on date Dutch US Holding B.V. subsidiary Company of RHI AG, an Austrian Company acquired 69.62% of the equity shares ORL from ex-promoters and public shareholders. M/s. RHI AG is a world market and technology leader in high-grade ceramic refractory materials. A global player, RHI employs approx. 8,000 people worldwide at 33 production sites in Europe, North and South America, China & India and is represented by over 70 sales offices in four continents. The Company’s headquarters is located in Vienna, Austria.

BUSINESS DIVISIONS/SEGMENTS:

The product range includes (a) Is statically pressed continuous casting Refractories (b) Slide gate Refractories (c) Metering, Flying and Fixed Tundish Nozzles (d) Bottom Purging Refractories and Top Purging Lances for Steel Ladles (e) Precast Shapes and Blocks (f) Slag Arresting Darts for Converters (g) Basic Spray Mass for Tundish Working Lining (h) Blast Furnace Trough Castable for Main Trough, Metal and Rocking Runners (i) Conventional, Low Cement and Ultra Low Cement Castables, etc. All these products are made to suit the casting conditions and grade of steel being cast and are a result of an intensive research and development effort by the Company. To reinforce quality and development of products, the Company has an in-house research and development facility that is recognized by the Government of India. ORL’s technology leadership is based on long-standing, successful research and development activities.

The Company also has a well trained group of technical personnel at plant and customer sites to address all customers’ technical and commercial needs as it has a large base of customers to whom it provides total refractory management services. The Company exports a fair share of its output to various overseas customers. The major export customers are based in Europe, Middle East and South East Asia.

BUSINESS ENVIRONMENT:

Industrial growth has been weak and volatile and has trended downwards for several quarters, with the weakening rupee and the uncontrollable current account deficit, and high inflation. Outlook for the year 2013-14, is uncertain because of high inflation, current account deficit, and depreciation of rupee, political instability and Government spending for 2014 coming parliament elections, however Fitch Ratings returned India's sovereign outlook back to "stable" from "negative" a year after its initial downgrade.

FUTURE OUTLOOK:

The Directors continue to be optimistic about future of the Steel Industry both in India and abroad and envisage that going forward, there will be a great thrust on “Clean Metal” and thus the demand for specialized refractories produced by the Company will continue to grow barring unforeseen circumstances. The Directors however continue to be concerned about high inflation and steep rise in Cost. Other areas of concern are scarcity of raw-materials and steep fluctuation in foreign exchange. As usual, all these factors would continue to be monitored closely and necessary measures will be taken as and when required.

Entire revenue of the Company is earned from steel manufacturers and in the event demand for steel and other derivative products reduces performance of the Company can be adversely affected. With RHI AG partnership, the Directors are optimist to generate more revenue from Export in year 2013-14.

FIXED ASSETS:

· Land Leasehold

· Leasehold Improvement

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Software

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2013

Rs. in Millions

Sr. No.	Particular	Quarter Ended
		30.06.2013
		Unaudited
1.	Net Sales/Income from Operations	952.795
	Other Operating Income	1.294
	Total Income From Operations (Net)	954.089
2.	Expenditure
	Cost of materials consumed	373.449
	Purchase of stock in trade	129.588
	Changes in inventories of finished goods, work in progress and stock in trade	23.869
	Employee benefits expenses	78.535
	Depreciation and amortization expenses	8.956
	Other expenses	170.605
	Total Expenses	785.002
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	169.087
4.	Other Income	15.809
5.	Profit Before Interest and Exceptional Items (3+4)	184.896
6.	Interest	0.085
7.	Profit After Interest but before Exceptional Items (5-6)	184.811
8.	Exceptional Items	--
9.	Profit from Ordinary Activities before Tax (7+8)	184.811
10.	Tax Expense	62.111
11.	Net Profit from Ordinary Activities after Tax (9-10)	122.700
12.	Extraordinary Item (net of expense)	--
13.	Net Profit for the period (11-12)	122.700
14.	Paid-up Equity Share Capital (Face Value of Re.1/- Each)	120.139
15.	Reserves Excluding Revaluation Reserve	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	1.02
	b) Basic and diluted EPS after extraordinary items	1.02
17.	Public Shareholding
	-Number of Shares	36501429
	- Percentage of Shareholding	30.38
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil
	b) Non Encumbered
	- Number of Shares	83637771
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	69.62%

Particulars	3 Months Ended on 30.06.2013
Pending at the beginning of the quarter	Nil
Received during the quarter	3
Disposed of during the quarter	3
Remaining unresolved at the end of the quarter	Nil

NOTES:

1. The above financial results were reviewed by the audit committee and approved by the Board of Directors at their meeting held on July 24, 2013.

2. The Company is mainly in the business of manufacturing and selling of refractories and monolithics. Hence, there is no separate reportable segment as per Accounting Standard 17, issued by the Institute of Chartered Accountants of India.

3. Represents expenditure on voluntary retirement scheme.

4. During previous quarter, the promoters and promoters group transferred 52,401,579 shares (constituting 43.62% of fully paid up equity share capital) to M/s Dutch US holding B.V. which announced an open offer to acquire 31,236,192 shares (26% of fully paid up equity share capital) from public. Open offer was successfully closed during the quarter.

5. Statutory auditors have carried out limited review on above results for the quarter ended June 30, 2013.

6. Previous period figures have been regrouped / rearranged, wherever considered necessary, to confirm to the current quarter classification.

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.67.03
UK Pound	1	Rs.104.32
Euro	1	Rs.88.23

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.