MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	HINDUSTAN ZINC LIMITED
Registered Office :	Yashad Bhavan, Yashadgarh, Udaipur – 313004, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.01.1966
Com. Reg. No.:	17-001208
Capital Investment / Paid-up Capital :	Rs. 8450.600 Millions
CIN No.: [Company Identification No.]	L27204RJ1966PLC001208
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JDHH00694B / JDHH00701B / JDH00759D / JDHH00601G
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing, selling, exploration, mining and concentration of zinc, lead silver, cadmium, sulphuric acid, phosphoric acid and cobalt.
No. of Employees :	5599 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (81)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a “Vedanta Group Company”. It is an established company having fine track record. Financial position of the company seems to be sound. Overall fundamentals of the company seems to be strong and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered good for normal 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CRISIL
Rating	Long Term Rating = “AAA”
Rating Explanation	Highest degree of safety and carry lowest credit risk
Date	12.11.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = “A1+”
Rating Explanation	Have very strong degree of safety and carry lowest credit risk
Date	12.11.2013

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE. (91-294-6604000)

LOCATIONS

Registered Office/ Head Office :	Yashad Bhawan, Yashadgarh, Udaipur – 313 004, Rajasthan, India
Tel. No.:	91-294-2529182/2529183/2529184/2529185/181/2529102/103/104/225854/ 225853
Fax No.:	91-294-2526443/2523522/2525763/229012/225826
E-Mail :	admin@hzlmetals.com rajendra.pandwal@vedanta.co.in
Website :	http://www.hzlindia.com
Corporate Office :	Swaroop Sagar Road, Udaipur – 313004, Rajasthan, India
Tel. No.:	91-294-2529182
Fax No.:	91-284-2523522
Mining Units:	Located at: Rampura Agucha Mine : Bhilwara District (Rajasthan) Sindesar Khurd Mine : Rajsamand District (Rajasthan) Zawar Mines : Udaipur District (Rajasthan) Rajpura Dariba Mine : Rajsamand District (Rajasthan) Maton Mine : Udaipur District (Rajasthan)
Smelting Units:	Located at: Chanderiya Lead-Zinc Smelter : Chittorgarh District (Rajasthan) Dariba Smelting Complex : Rajsamand District (Rajasthan) Debari Zinc Smelter : Udaipur District (Rajasthan) Vizag Zinc Smelter : Visakhapatnam (Andhra Pradesh)
Processing and Refining Units:	Located at: · Haridwar Zinc Plant : Haridwar District (Uttarakhand) · Pantnagar Metal Plant : Rudrapur District (Uttrakhand)
Wind Power Farms:	Located at: Samana : Jamnagar District (Gujarat) Gadag : Gadag District (Karnataka) Gopalpura : Hassan District (Karnataka) Mokal : Jaisalmer District (Rajasthan) Osiyan : Jodhpur District (Rajasthan) Chakala : Nandurbar District (Maharashtra) Muthiyampatti : Tirpur District (Tamilnadu)
Exports / Marketing Office:	Solitaire Corporate Park Business Square ‘C’ Wing, 2nd Floor, Andheri Kurla Road, Chakala, Andheri (East), Mumbai – 400 093, Maharashtra, India Email: exportzinc@vedanta.co.in puneet.jagatramka@vedanta.co.in
Power Operations:	Located at: · Chanderiya Smelting Complex · Zawar Mines · Zinc Smelter Debari · Samana Wind Power Plant · Gadag Wind Power Plant
Regional Office:	· Northern Regional Office Scope Office Complex, Core – 6 IInd Floor,7, Lodi Road,New Delhi – 110003, India Tel - 91 11-24364988/24367261 Fax 91 11-24365421 Email sanjay.khanna@vedanta.co.in · Southern Regional Office #705, 7th Floor, Manipal Centre, North Block, Rear Wing Dickenson Road, Bangalore – 560001, India Tel 91 80- 25590918 Fax 91 80- 25590917 Email: sundeep.prasanna@vedanta.co.in · Eastern Regional Office Flat No. 9/10, Chatterjee International Centre, Jawaharlal Nehru Road, Kolkata – 700071, India Tel 91 33-2217763/22262627 Fax 91 33-22262627 Email: mohammed.azmatulla@vedanta.co.in · Western Regional Office Solitaire Corporate Park Business Square ‘C’ Wing, 2nd Floor, Andheri Kurla Road, Chakala, Andheri (East), Mumbai – 400 093, Maharashtra, India Tel 91-22-56434500 Fax 91-22-56434640 Email: Anuj.lal@vedanta.co.in
Branches :	Located at : · 301-302, Dohil Chambers, 46, Nehru Place, New Delhi – 110 019, Delhi, India Tel. No.: 91-11-26280570 / 26463711 / 26419426 Fax No.: 91-11-26484614 · Chatterjee International Centre, 20th Floor, 33-A, Chowringhee Road, Kolkata – 700 071, West Bengal, India Tel. No.: 91-33-22421761 / 22262627 / 22495413 Fax No.: 91-33-22457354 · 47, Mittal Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India Tel. No.: 91-22-22025903 / 22049317 Fax No.: 91-22-22833341 · B-II, 403, Kamal Apartment, Bani Park, Near Ram Mandir, Jaipur – 302 006, Rajasthan, India Tel. No.: 91-141-2200723 · Block No. 205, II Floor, 5-9-13, Tara Mandal Complex, Saifabad, Hyderabad – 500 004, Andhra Pradesh, India Tel. No.: 91-40-2241712 / 2233516 / 2230307 · 102, 8th Garden Colony, New Surya Apartment, C-G Road, Panchawati, Ahmedabad – 380 008, Gujarat, India Tel. No.: 91-79-2656 1161 · No. 6, Amar Jyoti House, Building Co-operative Society, Near Cordial School, Vijay Nagar, Bangalore – 560040, Karnataka, India Tel. No.: 91-80-3300292 / 3305036

DIRECTORS

AS ON: 31.03.2014

Name :	Mr. Agnivesh Agarwal
Designation :	Chairman
Name :	Mr. Akhilesh Joshi
Designation :	Chief Executive Officer and Whole time Director
Name :	Mr. Durga Shankar Mishra
Designation :	Director
Name :	Mr. Navin Agarwal
Designation :	Director
Name :	Ms. Shaukat Ara Tirmizi
Designation :	Director
Name :	Mr. A.R. Narayanaswamy
Designation :	Director
Name :	Mr. Rajib Sekhar Sahoo
Designation :	Director
Name :	Ms. Sujata Prasad
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Amitabh Gupta
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2014

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
Bodies Corporate	2743154310	64.92
Sub Total	2743154310	64.92
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2743154310	64.92
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	37727755	0.89
Financial Institutions / Banks	2082507	0.05
Central Government / State Government(s)	1247950590	29.54
Insurance Companies	23635953	0.56
Foreign Institutional Investors	90752829	2.15
Sub Total	1402149634	33.18
(2) Non-Institutions
Bodies Corporate	29441909	0.70
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	40716891	0.96
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	5135578	0.12
Any Others (Specify)	4720678	0.11
Non Resident Indians	1479238	0.04
NRI Company	804000	0.02
Foreign Nationals	6251	0.00
Foreign Corporate Bodies	2431189	0.06
Sub Total	80015056	1.89
Total Public shareholding (B)	1482164690	35.08
Total (A)+(B)	4225319000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	4225319000	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, selling, exploration, mining and concentration of zinc, lead silver, cadmium, sulphuric acid, phosphoric acid and cobalt.
Products :	v Exploration v Mining and Concentration Of Zinc v Lead Silver v Cadmium v Sulphuric Acid v Phosphoric Acid v Cobalt
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	5599 (Approximately)
Bankers :	· State Bank of Bikaner and Jaipur · IDBI Bank Limited · ICICI Bank Limited · HDFC Bank Limited · Citi Bank · Calyon Bank · Development Bank of Singapore · Kotak Mahindra Bank Limited · Yes Bank Limited
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road , Opposite Shiv Sagar Estate, Worli, Mumbai - 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
Memberships :	--
Collaborators :	--
Holding Companies :	v Sterlite Industries (India) Limited (Immediate and Ultimate in India) v Vedanta Resources Plc. U. K. (Ultimate in U. K)
Fellow subsidiaries :	v Bharat Aluminium Company Limited v MALCO Energy Limited (Earlier Vedanta Aluminium Limited) v Monte Cello BV* v Copper Mines of Tasmania Pty Limited v Thalanga Copper Mines Pty Limited* v Sterlite Infra Limited (SIL)* v Konkola Copper Mines Plc v Sterlite (USA) Inc.* v Fujairah Gold* v Talwandi Sabo Power Limited v THL Zinc Ventures Limited* v THL Zinc Limited* v THL Zinc Holding BV* v THL Zinc Namibia Holdings (pty) Limited* v Skorpion Zinc (Proprietary) Limited* v Skorpion Mining Company (Proprietary) Limited* v Namzinc (Proprietary) Limited* v Amica Guesthouse (Proprietary) Limited* v Rosh Pinah Health Care (Proprietary) Limited* v Black Mountain Mining (Proprietary) Limited v Vedanta Lisheen Holdings Limited* v Vedanta Lisheen Mining Limited v Killoran Lisheen Mining Limited* v Killoran Lisheen Finance Limited* v Sterlite Ports Limited* v Sesa Mining Corporation Private Limited v Sesa Resources Limited v Sterlite Infraventures Limited* v Paradip Multi Cargo Berth Private Limited* v Pecvest 17 Proprietary Limited* v Lisheen Mine Partnership* v Vizag General Cargo Berth Private Limited.* v Lakomasko BV.* v Lisheen Milling Limited v Bloom Fountain Limited* v Western Clusters Limited* v Goa Energy Limited* v Twin Star Energy Holdings Limited* v Twin Star Mauritius Holdings Limited * v Vedanta Exploration Ireland Limited (Date of Incorporation - 16.05.2013)* v Maritime Ventures Private Limited* v Cairn India Limited* NOTE: *No transactions during the year.
Joint Venture - Jointly controlled entity :	v Madanpur South Coal Company Limited
Others :	v Vedanta Foundation

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000000	Equity Shares	Rs. 2/- each	Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4225319000	Equity Shares	Rs. 2/- each	Rs. 8450.600 Millions

i. Reconciliation of the number of shares

	31.03.2014
Equity Shares	Number of Shares	Rs. In Millions
Equity shares of Rs. 2/- each outstanding at the beginning of the year	4225319000	8450.600
Equity Shares outstanding at the end of the year	4225319000	8450.600

ii. 2,743154310 Equity Shares are held by M/s. Sterlite Industries (India) Limited the holding company. The ultimate holding company is Vedanta Resourses PLC, United Kingdom (VRPLC). No shares are held by VRPLC or its other subsidiaries or associates.

iii. Details of equity shares held by shareholders holding more than 5% shares:

	31.03.2014
Name of Shareholder	Number of Shares	% holding
Sesa Sterlite Limited	2743154310	64.92%
Government of India- President of India	1247950590	29.54%

iv. Number of bonus shares allotted during the period of five years immediately preceding

Particulars	Number of Shares
Equity shares allotted as fully paid up by way of bonus shares without payment being received in cash	2112659500

The Company has one class of equity shares having a par value of Rs. 2 per share. Each equity shareholder is eligible for one vote per share held. Each equity shareholder is entitled to dividends as and when declared by the Company. Interim Dividend is paid as and when declared by the Board. Final dividend is paid after obtaining shareholder’s approval. Dividends are paid in Indian Rupees. In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their shareholding.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8450.600	8450.600	8450.600
(b) Reserves & Surplus	365725.500	314306.800	260362.000
(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)	374176.100	322757.400	268812.600
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	16581.100	12798.600	11088.100
(c) Other long term liabilities	563.700	282.300	171.500
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	17144.800	13080.900	11259.600
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	3.900
(b) Trade payables	5103.200	4034.700	4102.900
(c) Other current liabilities	10184.800	6532.400	5631.500
(d) Short-term provisions	10157.800	8248.700	5039.400
Total Current Liabilities (4)	25445.800	18815.800	14777.700
TOTAL	416766.700	354654.100	294849.900
I. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	90234.300	84736.900	84657.200
(ii) Intangible Assets	1238.200	100.500	471.000
(iii) Capital work-in-progress	15409.400	10818.500	4449.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	28.100	27.000	25.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	29393.600	18982.900	8758.000
(e) Other Non-current assets	0.000	2391.900	146.100
Total Non-Current Assets	136303.600	117057.700	98507.800
(2) Current assets
(a) Current investments	225035.800	145371.800	126922.600
(b) Inventories	11982.400	11110.900	7979.400
(c) Trade receivables	3995.100	4028.700	3324.500
(d) Cash and cash equivalents	30314.200	69421.000	52553.200
(e) Short-term loans and advances	3349.300	3733.200	2334.300
(f) Other current assets	5786.300	3930.800	3228.100
Total Current Assets	280463.100	237596.400	196342.100
TOTAL	416766.700	354654.100	294849.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	136360.400	126998.400	114053.100
		Other Income	18993.900	20321.500	15428.300
		TOTAL (A)	155354.300	147319.900	129481.400
Less	EXPENSES
		Cost of materials consumed	5012.600	7930.600	2176.900
		Changes in inventories of finished goods and work-in-progress	(1551.600)	(1125.400)	944.400
		Employee benefits expense	6800.600	6499.100	5346.400
		Other expenses	56483.600	48877.700	44890.800
		Exceptional items	616.700	175.300	431.300
		TOTAL (B)	67361.900	62357.300	53789.800
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		87992.400	84962.600	75691.600
Less	FINANCIAL EXPENSES (D)		449.400	291.000	139.500
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		87543.000	84671.600	75552.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7845.900	6470.400	6106.700
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		79697.100	78201.200	69445.400
Less	TAX (H)		10650.900	9206.400	14185.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		69046.200	68994.800	55260.400
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		217241.700	170519.200	138044.700
Less	APPROPRIATIONS
		Proposed dividend to Equity shareholders		6338.000	3802.800
		Tax on proposed dividend		1077.100	616.900
		Interim dividend to Equity shareholders		6760.500	6338.000
		Tax on interim dividend		1096.700	1028.200
		Transfer to general reserves		7000.000	11000.000
	BALANCE CARRIED TO THE B/S		NA	217241.700	170519.200
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on F.O.B. basis	28576.100	27119.000	35703.100
	TOTAL EARNINGS		28576.100	27119.000	35703.100
	IMPORTS
		Raw Materials	3428.200	9132.400	1953.600
		Components, stores and spare parts	7303.600	7370.700	9367.700
		Capital Goods	4719.000	3251.900	1731.500
	TOTAL IMPORTS		15450.800	19755.000	13052.800
	Earnings Per Share (Rs.)		16.34	16.33	13.08

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	44.44	46.93	42.68
Net Profit Margin (PBT/Sales)	(%)	58.45	61.58	60.89
Return on Total Assets (PBT/Total Assets}	(%)	19.86	22.75	23.92
Return on Investment (ROI) (PBT/Networth)		0.21	0.24	0.26
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		11.02	12.63	13.29

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	8450.600	8450.600	8450.600
Reserves & Surplus	260362.000	314306.800	365725.500
Net worth	268812.600	322757.400	374176.100
long-term borrowings	0.000	0.000	0.000
Short term borrowings	3.900	0.000	0.000
Total borrowings	3.900	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	114053.100	126998.400	136360.400
		11.350	7.372

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	114053.100	126998.400	136360.400
Profit	55260.400	68994.800	69046.200
	48.45%	54.33%	50.64%

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	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	No
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

RAJASTHAN HIGH COURT
CASE STATUS INFORMATION SYSTEM

Case Status :  PENDING

Status of           CENT. EXCISE APPEAL  18        of    2014       

UNION OF INDIA                 Vs.                  M/S HINDUSTAN ZINC LTD.

Pet's Adv.       :   SK SINGH (LAW BRANCH)       

Res's Adv.       :       --

Notice Date :     Wednesday, October 08, 2014     

Service Date :     Wednesday, November 05, 2014     

Last Listed On:     07/10/2014     

Court No.       :  RR     

Category :  NOTICE AND/OR SERV / INCOMPLETE

CONNECTED MATTER (S)

No Connected Matter

PERFORMANCE REVIEW

They reported total revenue including other income of Rs. 155350.000 millions, an increase of 5.7% compared to FY 2013. The increase was driven by higher zinc sales volume and premium supported by rupee depreciation, partially offset by lower metal prices. The Company achieved profit before depreciation, interest and tax (PBDIT) of Rs.87990.000 millions in FY 2014, up 3.6%, benefiting from higher integrated metal volumes and rupee depreciation, partially offset by lower metal prices.

Integrated refined zinc production this year was 742,975 MT, compared to 659,971 MT in FY 2013, an increase of 13%. The increase was due to improved operational efficiencies and higher roaster availability at their smelters. The total refined zinc production was 749,167 MT in FY 2014, compared to 676,921 MT in FY 2013.

They increased their integrated refined lead and saleable silver production, which are the highest ever at 117,763 MT and 301 MT – up 10% and 4% – respectively. Production of refined lead was helped by improved utilisation of smelter capacity. The increase in integrated silver metal production was mainly due to higher ore production during the fiscal, partly offset by temporarily lower grades especially in Sindesar Khurd mine. Total refined lead production was 129,858 MT and total silver production was 388 MT, up 4% and down 5%, respectively.

Their total power generation in FY 2014 was 3,471 million units, up 5% from FY 2013. Their wind power generation was down 12% at 448 million units, compared to that in FY 2013.

FINANCIAL PERFORMANCE

The Company reported record profits of Rs.69050.000 Millions for the year. The positive impact of higher EBITDA was partly offset by higher depreciation, lower other income and higher tax during the year.

The Company’s financial performance has been discussed in detail in ‘Management Discussion and Analysis’, which forms a part of this Annual Report.

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR QUARTER AND SIX MONTHS ENDED 30^TH SEPTEMBER 2014

(Rs. In Millions)

Particulars	Quarter Ended		Six Months Ended
	30.09.2014	30.06.2014	30.09.2014
	(Unaudited)	(Unaudited)	(Unaudited)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	37492.200	29626.500	67118.700
b) Other operating income	531.600	445.400	977.000
Total income from Operations(net)	38023.800	30071.900	68095.700
2. Expenditure
a) Cost of material consumed	1203.800	1498.900	2702.700
b) Purchase of stock in trade	0.000	523.000	523.000
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(384.700)	729.900	345.200
d) Employees benefit expenses	2156.300	1617.400	3773.700
e) Depreciation and amortization expenses	2060.900	2022.900	4083.800
f) Consumption of stores ad Spares	3362.000	2962.000	6324.000
g) Power and Fuel	3043.400	2276.400	5319.800
h) Mining Royalty	3029.800	1986.800	5016.600
i) Other mining and manufacturing expenses	4069.600	3665.400	7735.000
j) Other expenditure	1548.100	1288.000	2836.100
Total expenses	20089.200	18570.700	38659.900
3. Profit from operations before other income and financial costs	17934.600	11501.200	29435.800
4. Other income	6966.500	7173.700	14140.200
5. Profit from ordinary activities before finance costs	24901.100	18674.900	43576.000
6. Finance costs	13.100	76.000	89.100
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	24888.000	18598.900	43486.900
8. Exceptional item	28.100	--	28.100
9. Profit from ordinary activities before tax Expense:	24859.900	18598.900	43458.800
10.Tax expenses	3024.700	2422.200	5446.900
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	21835.200	16176.700	38011.900
12.Extraordinary Items (net of tax expense)	--	--	--
13.Net Profit / (Loss) for the period (11 -12)	21835.200	16176.700	38011.900
14.Paid-up equity share capital (Nominal value Re. 1/- per share)	8450.600	8450.600	8450.600
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Re. 1/- each) (not annualised):
(a) Basic and diluted	5.17	3.83	9.00
ii) Earnings per share (after extraordinary items)
(a) Basic and diluted	5.17	3.83	9.00
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	1482164690	1482164690	1482164690
- Percentage of shareholding	35.08	35.08	35.08
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	-	-	-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-	-	-
Percentage of shares (as a % of total share capital of the company)	-	-	-
b) Non Encumbered
Number of shares	2743154310	2743154310	2743154310
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100	100	100
Percentage of shares (as a % of total share capital of the company)	64.92	64.92	64.92

B. Investor Complaints	30.09.2014
Pending at the beginning of the quarter	Nil
Receiving during the quarter	5
Disposed of during the quarter	5
Remaining unreserved at the end of the quarter	Nil

UNAUDITED STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	30.09.2014
	Unaudited
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8450.600
(b) Reserves & Surplus	394333.200
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	402783.800
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	17519.700
(c) Other long term liabilities	1087.700
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	18607.400
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	5868.900
(c) Other current liabilities	10509.900
(d) Short-term provisions	2801.300
Total Current Liabilities (4)	19180.100
TOTAL	440571.300
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	109638.300
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	32853.300
(e) Other Non-current assets	0.000
Total Non-Current Assets	142491.600
(2) Current assets
(a) Current investments	274542.600
(b) Inventories	11361.200
(c) Trade receivables	7135.800
(d) Cash and cash equivalents	243.200
(e) Short-term loans and advances	3408.800
(f) Other current assets	1388.100
Total Current Assets	298079.700
TOTAL	440571.300

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	Quarter Ended		Six Months Ended
	30.09.2014	30.06.2014	30.09.2014
	(Unaudited)	(Unaudited)	(Unaudited)
1. Segment Revenue (Net sales/income from operations)
a. Zinc, Lead and Silver
(i) Zinc and Leadb. Jute	33687.600	25861.500	59549.100
(ii) Silver Metal	3129.500	3176.900	6306.400
Total	36817.100	29038.400	65855.500
b. Wind Energy	675.100	588.100	1263.200
Net sales/Income from operations	37492.200	29626.500	67118.700
2. Segment Result (Profit before Interest and Tax)
a. (i) Zinc and Leadb. Jute	15293.100	9454.000	24747.500
(ii) Silver Metal	2352.400	1859.200	4211.600
Total	17645.500	11313.600	28959.100
b. Wind Energy	290.000	188.400	478.400
Total	17935.500	11502.000	29437.500
Less : Interest	13.100	76.000	89.100
Less: Exceptional Items (VRS in respect of zinc, lead and silver)	28.100	--	28.100
Add: Other un-allocable expenditure net off un-allocable income.	6965.600	7172.900	14138.500
Profit before Tax	24859.900	18598.900	43458.800
3. Capital Employed
a) Zinc and Lead and Silver	110929.200	109211.800	110929.200
b. Wind Energy	7960.200	8174.200	7960.200
c) Unallocated	283894.400	272504.300	283894.400
Total	402783.800	390389.300	402783.800

NOTE:

1. The above results for the quarter and half year ended September 30, 2014 and statement of assets and liabilities as on that date have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on October 20, 2014. The auditors have carried out "Limited Review" of the above results.

2. The Company has chosen to early adopt Accounting Standard 30 - Financial Instruments: Recognition and Measurement effective 1st April 2007 along with consequential revisions to other Accounting Standards as have been announced by the Institute of Chartered Accountants of India.

3. The Board in its meeting held on September 17, 2014, declared an Interim dividend of 95% I.e. Rs. 1.90 per equity share of Rs. 2 each, which has been paid during the period ended September 30, 2014.

4. Figures for the prior year / periods have been regrouped and / or reclassified wherever considered necessary.

FIXED ASSETS:

· Land

· Freehold Land

· Leasehold Land

· Buildings

· Railway siding

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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. 63.18
UK Pound	1	Rs. 98.51
Euro	1	Rs. 77.42

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		81

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.