MIRA INFORM REPORT

Report Date :

30.08.2014

IDENTIFICATION DETAILS

Name :	MSTC LIMITED
Registered Office :	225/C, Acharya Jagadish Bose Road, Kolkata – 700020,  West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.09.1964
Com. Reg. No.:	21-026211
Capital Investment / Paid-up Capital :	Rs.88.000 Millions
CIN No.: [Company Identification No.]	U27320WB1964GOI026211
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20379C
PAN No.: [Permanent Account No.]	AACCM0021E
Legal Form :	Subject is Government of India Company.
Line of Business :	Subject has two major business verticals namely e-Commerce and trading.
No. of Employees :	Information denied by management

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exists
Comments :	The subject is a well-established and reputed company of the Government of India. It is having a satisfactory track. The company has seen a growth in its sales turnover as well as net profitability during 2013. Financial position seems to be decent. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealing at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	21.02.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk
Date	21.02.2014

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 31-03-2014.

INFORMATION DENIED BY

Management Non-Cooperative (Tel No.: 91-33-22900964)

LOCATIONS

Registered Office/ Head Office / Eastern Regional Office (ERO) :	225/C, Acharya Jagadish Bose Road, Kolkata – 700020,  West Bengal, India
Tel. No.:	91-33-22900964/ 22877557/ 0568/ 9627
Fax No.:	91-33-22878547/ 22874178
E-Mail :	mstcindia@mstcindia.co.in
Website :	http://www.mstcindia.co.in
Western Regional Office :	607-608, Raheja Centre, Nariman Point, Mumbai – 400 021, India
Tel. No.:	91-22-2288 6261 / 22823767/ 22872011/ 22822789
Fax No.:	91-22-2284 5130
E-Mail :	mstcwro@mstcindia.co.in
Northern Regional Office (NRO)	30/31A Jeevan Vikas Building, 1st  Floor, Asaf  Ali  Road (Opposite Hamdard) New Delhi - 110 002, India
Tel. No.:	91-11-23214201/ 23213945
Fax No.:	91-11-23216713
E-Mail :	mstcnro@mstcindia.co.in
Southern Regional Office (SRO)c :	Leelavathi Building, 2^nd Floor, 69, Armanian Street, Chennai – 600 001, Tamilnadu, India
Tel. No.:	91-44-2521 9004/ 2522 2842 / 2523 1584
Fax No.:	91-44-2522 0091
E-Mail :	mstcsr@md4.vsnl.net.in
Branch Offices :	Located At : · Bangalore · Vizag · Vadodara · Hyderabad · Bhopal · Stockyard (Haldia) · Trichy · Lucknow

DIRECTORS

As on 27.09.2013

Name :

Mr. Shailendra Krishna Tripathi

Designation :

Managing Director

Address :

Banyan Tree Apartment, Flat 5 C, 1, Rowdown Street, Kolkata – 700016, West Bengal, India

Date of Birth/Age :

08.05.1956

Date of Appointment :

15.06.2009

DIN No.:

01016520

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	U74899DL1970GOI005276	HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED	Whole-time director	14/11/2006	14/11/2006	11/06/2009	Active	NO
2	U27320WB1964GOI026211	MSTC LIMITED	Managing director	15/06/2009	15/06/2009	-	Active	NO
3	U27102CT1989GOI005468	FERRO SCRAP NIGAM LIMITED	Managing director	22/08/2012	19/04/2012	-	Active	NO

Name :

Mt. Asim Kumar Basu

Designation :

Whole Time Director

Address :

Flat No. 1 C, 101, Aloktika Housing Complex, Action Area 2, New Toen, Rajarhat – 700157, West Bengal, India

Date of Birth/Age :

28.11.1958

Date of Appointment :

22.01.2010

DIN No.:

03102901

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	U27320WB1964GOI026211	MSTC LIMITED	Whole-time director	22/04/2010	22/04/2010	-	Active	NO
2	U93000WB2010NPL148703	WOODS BIRCH HAZEL RESIDENTS' ASSOCIATION	Director	07/07/2013	24/03/2013	-	Active	NO

Name :

Mr. Bam Bahadur Singh

Designation :

Whole Time Director

Address :

Tower – IV Flat No. 140, 375 Prince Anwar Shah Road, South City, Kolkata – 700068, West Bengal, India

Date of Birth/Age :

11.11.1959

Date of Appointment :

28.04.2010

DIN No.:

03212787

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	U27320WB1964GOI026211	MSTC LIMITED	Whole-time director	28/04/2010	28/04/2010	-	Active	NO
2	U27102CT1989GOI005468	FERRO SCRAP NIGAM LIMITED	Nominee director	03/09/2010	03/09/2010	-	Active	NO

Name :

Mr. Jai Prakash Shukla

Designation :

Nominee Director

Address :

217-A, Pocket – B, Mayor Vihar, Phase – II, Delhi – 110091, India

Date of Birth/Age :

22.02.1954

Date of Appointment :

20.10.2010

DIN No.:

00708551

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	L14100WB1910GOI001996	THE BISRA STONE LIME COMPANY LIMITED	Director	27/09/2006	25/08/2006	21/07/2009	Active	NO
2	U27102AP1975PLC001866	SPONGE IRON INDIA LIMITED	Director	24/11/2006	24/11/2006	01/01/2008	Amalgamated	NO
3	L51430WB1918GOI003026	THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED	Director	29/11/2006	29/11/2006	20/07/2009	Active	NO
4	U29120WB1924PLC004856	SCOTT AND SAXBY LIMITED	Director	26/09/2007	29/03/2007	-	Under liquidation	NO
5	L45201WB1920PLC003846	KARANPURA DEVELOPMENT CO LIMITED	Director	20/09/2008	15/07/2008	22/07/2009	Under liquidation	NO
6	L65993WB1927GOI005532	EASTERN INVESTMENTS LIMITED	Director	20/09/2008	15/07/2008	21/07/2009	Active	NO
7	U27310WB1964GOI026118	HINDUSTAN STEEL WORKS CONSTRUCTION LIMITED	Director	30/04/2009	30/04/2009	06/01/2011	Active	NO
8	U27320WB1964GOI026211	MSTC LIMITED	Nominee director	20/10/2010	20/10/2010	-	Active	NO
9	L13100AP1958GOI001674	NMDC LIMITED	Director	30/07/2012	30/07/2012	18/10/2012	Active	NO

Name :

Mr. Kishan Lal Mehrotraa

Designation :

Director

Address :

B-8, 2^nd Floor, Geetanjali Enclave, Delhi – 110017, India

Date of Birth/Age :

09.10.1948

Date of Appointment :

13.12.2010

DIN No.:

00062172

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	L99999MH1962GOI012398	MOIL LIMITED	Managing director	01/07/2005	01/07/2005	01/11/2008	Active	NO
2	U01410MP1962SGC000937	MADHYA PRADESH STATE MINING CORPORATION LIMITED	Director	20/02/2006	20/02/2006	29/12/2008	Active	NO
3	L14100WB1910GOI001996	THE BISRA STONE LIME COMPANY LIMITED	Director	20/09/2008	08/02/2008	06/11/2008	Active	NO
4	L45201WB1920PLC003846	KARANPURA DEVELOPMENT CO LIMITED	Director	20/09/2008	08/02/2008	06/11/2008	Under liquidation	NO
5	L51430WB1918GOI003026	THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED	Director	20/09/2008	08/02/2008	06/11/2008	Active	NO
6	L65993WB1927GOI005532	EASTERN INVESTMENTS LIMITED	Director	20/09/2008	08/02/2008	06/11/2008	Active	NO
7	U27103OR1992PLC003128	EAST INDIA MINERALS LIMITED.	Director	23/08/2008	15/05/2008	02/02/2009	Active	NO
8	U14210WB2008PLC125636	EURASIA OVERSEAS LIMITED	Director	27/11/2008	27/11/2008	08/12/2009	Active	NO
9	U70109WB2008PTC127479	SRK PROMOTERS PRIVATE LIMITED	Director	29/01/2009	29/01/2009	-	Active	NO
10	U51909MH1989PTC051640	GUPTA COAL INDIA Private Limited	Additional director	07/11/2009	07/11/2009	17/04/2010	Active	NO
11	U40102MH2007PTC175497	GUPTA ENERGY Private Limited	Additional director	12/03/2010	12/03/2010	17/04/2010	Active	NO
12	U51420MH2008PLC187689	SARDA METALS AND ALLOYS LIMITED	Whole-time director	01/07/2010	01/07/2010	01/04/2011	Active	NO
13	L27101AP2004PLC043252	FACOR ALLOYS LIMITED	Director appointed in casual vacancy	18/09/2010	18/09/2010	-	Active	NO
14	U27320WB1964GOI026211	MSTC LIMITED	Director	13/12/2010	13/12/2010	-	Active	NO
15	U24292AP1970GOI001353	BHARAT DYNAMICS LIMITED	Director	08/03/2011	08/03/2011	-	Active	NO
16	U29214HP1987PLC007699	INDIAN TECHNOMAC COMPANY LIMITED	Additional director	03/09/2011	03/09/2011	03/09/2011	Active	NO
17	L74899DL1960GOI003335	NATIONAL BUILDINGS CONSTRUCTION CORPORTION LIMITED	Director	05/12/2011	05/12/2011	-	Active	N

Name :

Mr. Dhananjaya Prasad Singh

Designation :

Nominee Director

Address :

C-I / 23, Bapanagar, Delhi – 110003, India

Date of Birth/Age :

08.09.1946

Date of Appointment :

20.06.2011

DIN No.:

02578314

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	L74899DL1991PLC138153	SPENTEX INDUSTRIES LIMITED	Director	30/09/2009	31/01/2009	-	Active	NO
2	U27320WB1964GOI026211	MSTC LIMITED	Nominee director	20/06/2011	20/06/2011	-	Active	NO

Name :

Mr. Suraj Bhan

Designation :

Nominee Director

Address :

44, D-II, Flats, Kidwai Nagar (East), Delhi, India

Date of Birth/Age :

05.01.1958

Date of Appointment :

24.04.2012

DIN No.:

05307986

Name :

Mr. Nirmal Chandra Jha

Designation :

Nominee Director

Address :

E-1, Godavari Bunglow, IICM Complex, Kanke, Ranchi – 834008, Jharlkhand, India

Date of Birth/Age :

02.01.1952

Date of Appointment :

10.12.2012

DIN No.:

00657309

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	L23109WB1973GOI028844	COAL INDIA LIMITED GOVT OF INDIA UNDERTAKING	Director	01/01/2007	01/01/2007	31/01/2012	Active	NO
2	U10101JH1972GOI000918	BHARAT COKING COAL LIMITED	Director	02/03/2007	02/03/2007	-	Active	NO
3	U14292JH1975GOI001223	CENTRAL MINE PLANNING AND DESIGN INSTITUTE LIMITED	Director	02/03/2007	02/03/2007	31/01/2012	Active	NO
4	U10100DL2009PTC190448	INTERNATIONAL COAL VENTURES PRIVATE LIMITED	Director	20/05/2009	20/05/2009	01/02/2012	Active	NO
5	U10102CT1985GOI003161	SOUTH EASTERN COALFIELDS LIMITED	Managing director	30/05/2010	30/05/2010	01/03/2011	Active	NO
6	U10100MP2009SGC022639	MP MONNET MINING COMPANY LIMITED	Managing director	20/06/2012	20/06/2012	01/08/2013	Active	NO
7	U10100DL2010PLC199690	Urtan North Mining Company Limited	Director	29/09/2012	20/07/2012	01/08/2013	Active	NO
8	L02710CT1990PLC009826	MONNET ISPAT AND ENERGY LIMITED	Whole-time director	14/08/2012	14/08/2012	01/08/2013	Active	NO
9	U27320WB1964GOI026211	MSTC LIMITED	Nominee director	10/10/2012	10/10/2012	-	Active	NO
10	L27109DL1973GOI006454	STEEL AUTHORITY OF INDIA LIMITED	Additional director	19/02/2014	19/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Subrata Kumar Ray
Designation :	Secretary
Address :	Flat 6 B, Block 4. Ekta Heights, 56 Raja S.C. Mullick Road, Kolkata – 700032, West Bengal, India
Date of Birth/Age :	05.08.1957
Date of Appointment :	09.02.1999
PAN No.:	AFNPR0717D

MAJOR SHAREHOLDERS

As on 27.09.2013

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Department (Central and State)	89.85
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.02
Bodies corporate	3.20
Other top fifty shareholders	5.81
Others	1.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject has two major business verticals namely e-Commerce and trading.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· Indian Bank, Strand Road Branch, 3A, Hare Street, Kolkata - 700001, West Bengal, India

· Punjab National Bank, Shakespeare Sarani Branch, 52 A, Shakespeare Sarani, Kolkata - 700017, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Secured borrowings	7734.700	1870.600
Total	7734.700	1870.600

Banking Relations :	--
Auditors :
Name :	P D Rungta and Company Chartered Accountants
Address :	21 Hemanta Basu Sarani, 3rd Floor, Room No-317, Kolkata-700001, West Bengal, India
PAN No.:	AAEFP6934E
Subsidiaries :	Ferro Scrap Nigam Limited CIN No.: U27102CT1989GOI005468

CAPITAL STRUCTURE

As on 27.09.2013

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
8800000	Equity Shares	Rs.10/- each	Rs.88.000 Millions

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	88.000	22.000	22.000
(b) Reserves & Surplus	6871.600	5938.600	5030.100
(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)	6,959.600	5,960.600	5,052.100
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	95.300	94.700	87.100
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	95.300	94.700	87.100
(4) Current Liabilities
(a) Short term borrowings	10,176.300	7,326.000	11,636.900
(b) Trade payables	36,145.200	22,196.900	11,611.600
(c) Other current liabilities	5,484.500	5,142.600	3,600.400
(d) Short-term provisions	462.400	113.800	62.300
Total Current Liabilities (4)	52,268.400	34,779.300	26,911.200
TOTAL	59,323.300	40,834.600	32,050.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	169.600	191.600	173.800
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.400	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	158.100	158.100	158.100
(c) Deferred tax assets (net)	234.000	130.100	106.500
(d) Long-term Loan and Advances	109.600	204.800	232.300
(e) Other Non-current assets	1.600	2.300	3.400
Total Non-Current Assets	676.300	686.900	674.100
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	737.500	0.000	161.800
(c) Trade receivables	45,018.000	30,766.400	22,155.900
(d) Cash and cash equivalents	12,745.700	9,142.800	8,844.700
(e) Short-term loans and advances	43.400	149.500	43.000
(f) Other current assets	102.400	89.000	170.900
Total Current Assets	58,647.000	40,147.700	31,376.300
TOTAL	59,323.300	40,834.600	32,050.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	63,660.300	26,253.100	18,802.800
		Other Income	892.200	706.100	670.500
		TOTAL (A)	64,552.500	26,959.200	19,473.300
Less	EXPENSES
		Purchase of Stock-in-trade	61,146.000	23,266.700	16,583.600
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(737.500)	161.800	(161.800)
		Employee Benefits Expenses	449.000	412.900	345.300
		Other Expenses	390.300	320.000	166.600
		Prior Period items	0.000	0.000	12.000
		TOTAL (B)	61,247.800	24,161.400	16,945.700
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3,304.700	2,797.800	2,527.600
Less	FINANCIAL EXPENSES (D)		1,346.200	1,015.500	1,020.600
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1,958.500	1,782.300	1,507.000
Less	DEPRECIATION/ AMORTISATION (F)		24.500	20.800	13.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		1,934.000	1,761.500	1,494.000
Less	TAX (H)		0.000	0.000	502.300
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		1,934.000	1,761.500	991.700
	Earnings Per Share (Rs.)		148.56	538.14	450.75

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.00	6.53	5.09
Net Profit Margin (PBT/Sales)	(%)	3.04	6.71	7.95
Return on Total Assets (PBT/Total Assets}	(%)	3.28	4.34	4.70
Return on Investment (ROI) (PBT/Networth)		0.28	0.30	0.30
Debt Equity Ratio (Total Debt /Networth)		1.46	1.23	2.30
Current Ratio (Current Asset/Current Liability)		1.12	1.15	1.17

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	22.000	22.000	88.000
Reserves & Surplus	5030.100	5938.600	6871.600
Net worth	5052.100	5960.600	6959.600
long-term borrowings	0.000	0.000	0.000
Short term borrowings	11636.900	7326.000	10176.300
Total borrowings	11636.900	7326.000	10176.300
Debt/Equity ratio	2.303	1.229	1.462

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	18,802.800	26,253.100	63,660.300
		39.623	142.487

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	18,802.800	26,253.100	63,660.300
Profit	991.700	1,761.500	1,934.000
	5.27%	6.71%	3.04%

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	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

Case Status     :   Pending

Status of ARBITRATION PETITION(AP)   180 of    2010 

RELIANCE SILICONES INDIA PRIVATE LIMITED   Vs.                  MSTC LIMITED

Pet's Adv.        :   M/S. DUBE AND CO.                   

Res's Adv.       :       

Court No.        :  16     Last Listed On :  

Monday, March 03, 2014     

Category           :   NO CATEGORY MENTIONED

CONNECTED APPLICATION (S) No Connected Application

CONNECTED MATTER (S) No Connected Matter

Case Updated on:   Friday, February 28, 2014

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from banks	2441.600	5455.400
Total	2441.600	5455.400

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

COMPANY BUSINESS

Subject has two major business verticals namely e-Commerce and trading. E-Commerce comprises of forward e-Auction and e-Procurement comprising of e-tender & e-reverse auction. E-Commerce constituted about 61% of total volume of business during 2012-13 and has potential to grow exponentially.

In trading business which constitute about 39% of total volume of business during 2012-13. MSTC acts as a facilitator and provides finance for the procurement of raw materials primarily for secondary steel producers and petrochemical industries on behalf of the buyers against consideration of service charge on percentage basis.

E-Commerce Business

In this portfolio MSTC acts as a service provider for Selling Agency Business, e-Sales and e-Procurement.

Selling Agency Business

In this portfolio, MSTC acts as a service provider for disposal of scrap, surplus store, obsolete and condemned items, e-waste, plant and machinery, land and buildings etc. by way of e-auction on behalf of majority of Central Govt., PSUs, State PSUs and private companies by acting as selling agent. MSTC has seen selling scrap of Defence, State power houses, Road Transport Corporations, CPWD etc. Shipping Corporation of India has entrusted the work of auction of condemned ships to MSTC recently.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10119549	25/08/2008	1,000,000,000.00	STANDARD CHARTERED BANK	19, N. S. Road, Kolkata, West Bengal - 700001, India	A44726271
2	80026480	04/01/2013 *	22,000,000,000.00	PUNJAB NATIONAL BANK	Shakespeare Sarani Branch, 52 A, Shakespeare Sarani, Kolkata, West Bengal - 700017, India	B68573898
3	80031860	28/05/2010 *	11,500,000,000.00	INDIAN BANK	Strand Road Branch, 3a, Hare Street, Kolkata, West Bengal - 700001, India	A89920987
4	90252282	04/12/2009 *	18,070,000,000.00	Bank Of India	Kolkata Corporate Banking Branch, 5, B.T.M. Sarani, Kolkata, West Bengal - 700001, India	A76184662
5	80040881	25/09/2012 *	7,749,500,000.00	UNION BANK OF INDIA	Industrial Finance Branch, 1/1, Camac Street, 1st Floor, Kolkata, West Bengal - 700016, India	B61083499
6	80012104	13/09/2006 *	9,845,000,000.00	Indian Overseas Bank	International Business Branch, 2, Wood Street, Kolkata, West Bengal - 700016, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

WEBSITE DETAILS

Historical Background

MSTC Limited is a Mini Ratna Category-I PSU under the administrative control of the Ministry of Steel, Government of India. The company was set up in 9th September 1964 to act as a regulating authority for export of ferrous scrap with an investment of Rs 0.600 million. Government of India, Members of Steel Arc Furnace Association and members of ISSAI had made with the investment.

MSTC became a subsidiary of SAIL in 1974. In 1982, it got delinked from SAIL and became an independent company under Ministry of Steel. It was a canalizing agency for import of ferrous scrap till 1992.

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. 60.47
UK Pound	1	Rs.100.35
Euro	1	Rs. 79.86

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		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.