MIRA INFORM REPORT

Report Date :

27.02.2014

IDENTIFICATION DETAILS

Name :	MSPL LIMITED
Formerly Known As :	MINERAL SALES LIMITED (w.e.f. 01.07.1997) MINERAL SALES PRIVATE LIMITED
Registered Office :	No.117, "Baldola Bhavan", Maharshi Karve Road, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.10.1961
Com. Reg. No.:	11-012160
Capital Investment / Paid-up Capital :	Rs.384.000 Millions
CIN No.: [Company Identification No.]	U13100MH1961PLC012160
TAN No.: [Tax Deduction & Collection Account No.]	BLRM10132D
PAN No.: [Permanent Account No.]	AABCM1040N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the business of mining, processing and export of iron ore, manufacturing of pellets and generation of electricity through wind power.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 22330000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The rating reflects company’s moderate financial risk profile marked by stretched liquidity position and continuous losses that company has incurred from its operations. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B+
Rating Explanation	Risk prone credit quality and high risk of default.
Date	22.11.2013

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 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Veeresh Kumar
Designation :	Accounts Manager
Contact No.:	91-22-22030989
Date :	22.02.2014

LOCATIONS

Registered Office :	No.117, "Baldola Bhavan", Maharshi Karve Road, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-22030989
Fax No.:	91-22-24133766/ 22019762
E-Mail :	manjunath@mspllimited.com email@mspllimited.com mspl.mum@mspllimited.com
Website :	www.mspllimited.com
Area :	5000 sq. ft.
Location :	Owned
Bangalore Office :	Baldota Villa, No.368 No.105, Embassy Square, 148, Infantry Road, Bangalore - 560001, Karnataka, India
Tel. No.:	91-80-40301500
Fax No.:	91-80-40301533
E-Mail :	mspl.blr@mspllimited.com
Head Office/ Corporate Office :	Baldota Enclave, Abheraj Baldota Road, Hospet – 583203, Karnataka, India
Tel. No.:	91-8394-232002/ 3/ 4 Mines: 91-8394-244158
Fax No.:	91-8394-232333
E-Mail :	email@mspllimited.com
Area :	41200 Sq. Ft.
Location :	Owned
Factory 1 :	Mines and Export Oriented Unit Vyasanakere Village, Hospet, Karnataka, India
Area :	347.2 Hectare
Location :	Leased
Factory 2 :	Hosahalli Village, Munirabad – 583233, Karnataka, India
Windmill :	Vankusawade, Satara, Maharashtra, India
Chennai Office:	Door No.10, Plot No.56, Sriram Nagar, 1st Cross Street, Opposite. L. I. C. Colony, Thiruvanmiyur, Chennai - 600041, Tamilnadu, India
Tel. No.:	91-44-24911875
E-Mail :	mspl.chennai@mspllimited.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Narendrakumar Abheraj Baldota

Designation :

Managing Director

Address :

Chinar, Baldota Colony, Hospet, Bellary – 583203, Karnataka, India

Date of Birth/Age :

27.12.1940

Qualification :

B.Com Diploma-IM

Date of Appointment :

01.04.2010

Voter ID No.:

MT04034264214

PAN No.:

AABPB4464A

DIN No.:

00130619

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	U13100MH1961PLC012160	MSPL LIMITED	Managing director	01/04/2010	11/06/1966	-	Active	NO
2	U27101KA1978PLC003360	RAMGAD MINERALS AND MINING LIMITED	Director	29/08/1978	29/08/1978	-	Active	NO
3	U24111KA1975PLC002860	VIJAYA OXYGEN COMPANY LIMITED	Director	04/12/1978	04/12/1978	-	Active	NO
4	U85110KA1992PLC013538	VIJAYANAGAR INDUSTRIAL CREDITS LIMITED.	Director	16/09/1992	16/09/1992	-	Active	NO
5	U27103KA2005PLC037892	AARESS IRON AND STEEL LIMITED	Director	08/12/2005	08/12/2005	-	Active	NO
6	U23201MH2006PLC158596	MSPL GASES LIMITED	Director	03/01/2006	03/01/2006	-	Active	NO
7	U24110MH2006PTC159964	GOOD EARTH CHEMICALS PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Active	NO
8	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	11/12/2010	03/04/2007	-	Active	NO
9	U93000TN2012NPL086435	WORLD VEG COUNCIL	Director	21/06/2012	21/06/2012	-	Active	NO

Name :

Mr. Rahul Kumar Narendrakumar Baldota

Designation :

Whole Time Director

Address :

Chinar, Baldota Colony, Hospet, Bellary – 583203, Karnataka, India

Date of Birth/Age :

26.12.1967

Qualification :

BE (Mech.) MBA

Date of Appointment :

01.04.2010

PAN No.:

AACPB5063C

DIN No.:

00130764

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	U24111KA1975PLC002860	VIJAYA OXYGEN COMPANY LIMITED	Director	29/07/1988	29/07/1988	-	Active	NO
2	U85110KA1992PLC013538	VIJAYANAGAR INDUSTRIAL CREDITS LIMITED.	Director	30/12/1992	30/12/1992	-	Active	NO
3	U13100MH1961PLC012160	MSPL LIMITED	Whole-time director	01/04/2010	16/12/1995	-	Active	NO
4	U27103KA2005PLC037892	AARESS IRON AND STEEL LIMITED	Director	08/12/2005	08/12/2005	-	Active	NO
5	U23201MH2006PLC158596	MSPL GASES LIMITED	Director	03/01/2006	03/01/2006	-	Active	NO
6	U24110MH2006PTC159964	GOOD EARTH CHEMICALS PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Active	NO
7	U74899DL1969NPL005064	FEDERATION OF INDIA MINERAL INDUSTRIES	Director	09/07/2007	09/07/2007	-	Active	NO
8	U27101KA1978PLC003360	RAMGAD MINERALS AND MINING LIMITED	Director	28/09/2012	02/01/2012	-	Active	NO

Name :

Mr. Shrenik Kumar Narendrakumar Baldota

Designation :

Whole Time Director

Address :

Chinar, Baldota Colony, Hospet, Bellary – 583203, Karnataka, India

Date of Birth/Age :

27.11.1971

Qualification :

B.Com

Date of Appointment :

01.04.2010

DIN No.:

00130831

PAN No.:

AABPB4468N

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	U85110KA1992PLC013538	VIJAYANAGAR INDUSTRIAL CREDITS LIMITED.	Director	16/09/1992	16/09/1992	-	Active	NO
2	U24111KA1975PLC002860	VIJAYA OXYGEN COMPANY LIMITED	Director	28/03/1996	28/03/1996	-	Active	NO
3	U13100MH1961PLC012160	MSPL LIMITED	Whole-time director	01/04/2010	21/09/1998	-	Active	NO
4	U27101KA1978PLC003360	RAMGAD MINERALS AND MINING LIMITED	Director	01/02/1999	01/02/1999	-	Active	NO
5	U27103KA2005PLC037892	AARESS IRON AND STEEL LIMITED	Director	08/12/2005	08/12/2005	-	Active	NO
6	U23201MH2006PLC158596	MSPL GASES LIMITED	Director	03/01/2006	03/01/2006	-	Active	NO
7	U24110MH2006PTC159964	GOOD EARTH CHEMICALS PRIVATE LIMITED	Director	23/02/2006	23/02/2006	-	Active	NO

Name :

Mr. Ramkrishna Hemappa Sawkar

Designation :

Director

Address :

292, 5^th Block, 38^th A cross. Jaya Nagar, Bangalore - 560041, Karnataka, India

Date of Birth/Age :

21.09.1998

Qualification :

B.Sc (Geology)

Date of Appointment :

21.09.1998

DIN No.:

00143273

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	U22210KA1997PTC022619	LEEDS ENTERPRISES PRIVATE LIMITED	Director	10/11/1997	10/11/1997	-	Active	NO
2	U31101KA1996PTC019928	SANSONVEE VENTURES (INDIA) PRIVATE LIMITED	Director	28/07/1998	28/07/1998	25/09/2006	Strike off	NO
3	U13100MH1961PLC012160	MSPL LIMITED	Director	21/09/1998	21/09/1998	-	Active	NO
4	U70101KA1987PTC008328	KAVITA APARTMENT OWNERS CO PRIVATE LIMITED	Director	27/09/2002	27/09/2002	-	Active	NO

Name :

Mr. Madhava Ravindra

Designation :

Director

Address :

Flat 1B, PGP Manor, 29 Barnaby Road, Kilpauk, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

08.12.1939

Qualification :

PG(Mathematics), CAIIB

Date of Appointment :

01.11.2005

DIN No.:

01086790

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	U45202MH1996PLC102855	SOWIL LIMITED	Director	23/02/2004	23/02/2004	-	Active	NO
2	U13100MH1961PLC012160	MSPL LIMITED	Director	01/11/2005	01/11/2005	-	Active	NO
3	U18109DL1996PLC075132	ANGELIQUE INTERNATIONAL LIMITED	Director	15/06/2007	28/03/2007	-	Active	NO
4	U60100AP1988PLC009254	BALAJI RAIL ROAD SYSTEMS LIMITED	Director	14/09/2012	09/08/2012	-	Active	NO

Name :

Mr. Meda Venkataiah

Designation :

Whole Time Director

Address :

No. OBA 1019-1, 2nd Cross, M.J. Nagar, Hospet – 583203, Karnataka, India

Date of Birth/Age :

02.07.1945

Date of Appointment :

15.10.2012

DIN No.:

06404575

KEY EXECUTIVES

Name :	N. Naidu
Designation :	Secretary
Address :	Flat O. 0202, Shiva Sai, II Main Canara Bak Colony, Chiklkalasandra, Uttara Hilli, Bangalore – 560061, Karnataka, India
Date of Birth/Age :	20.06.1974
Date of Appointment :	28.02.2013
PAN No.:	ACWPN4656R

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Vasanti Abheraj Baldota	6716160
Narendrakumar Abheraj Baldota	9024000
Rahulkumar Narendrakumar Baldota	19353600
Lavina Rahul Kumar Baldota	9600000
Shrenik Narendrakumar Kumar Baldota	30442980
Chitra Narendrakumar Baldota	200
Rashmi Shrenik Kumar Baldota	3840
Narendra Kumar Baldota HUF	1651200
Ramgad Minerals and Mining Private Limited, India	8020
Total	76800000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of mining, processing and export of iron ore, manufacturing of pellets and generation of electricity through wind power.

Products :

Product Description	ITC Code
Iron Ore Fines Super High Grade Lumps Aggregated Iron Ore Calibrated Iron Ore Iron Ore Concentrates Hematite Electricity Aviation Pellets	26011110

Imports :

Products :

Machinery

Countries :

Switzerland

Terms :

Selling :

Cash and Credit

Purchasing :

L/C

PRODUCTION STATUS (As on: 31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Iron Ore (Lumps SHG, Fines, Concentrate and Aggregates)	MT	NA	NA	55,023
Iron Ore Pellets	MT	NA	1200000	324898
Wind Power Generation	KWH	NA	335858400	312820655

Notes:

1. Figures in brackets are in respect of Previous Period.

2. The Installed Mega Watt capacity for wind power generation has been converted into Kilo Watt Hours (KWH) reported at 30% (Plant Load Factor) of standard Kilo Watt capacity.

3. The Installed capacities have been certified by the management, on which the auditors have placed reliance, this being a technical matter.

GENERAL INFORMATION

Suppliers :

The Linde AG, Germany

Customers :

Monitoring Committee of Karnataka

No. of Employees :

3000 (Approximately)

Bankers :

State Bank of India, College Road Branch, Parwaj Plaza, College Road, Hospet-583201, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loan from bank	3453.278	1069.680
Term loan from other parties	0.000	1006.919
Short Term Borrowings
Loans repayable on demand from banks	4446.410	4750.562
	7899.688	6827.161

Notes:

Long Term Borrowings

A) Term loans from banks of Rs.4309.187 Millions (previous period Rs.1309.680 Millions) is secured by:

(i) Amount of Rs.1040.444 Millions (previous period Rs.1309.680 Millions) is secured by first mortgage and charge on present and future movable and immovable assets on pari passu basis, first charge on all bank accounts relating to pellet plant, second charge on all current assets and assignment of project contracts.

(ii) The loan is repayable in quarterly installments commencing from June 2011 and carry interest rate between 9.47%-15.15%.

(iii) Amount of Rs.2949.147 Millions (previous period Nil) is secured by Hypothecation of Wind Energy receivables.

(iv) Amount of Rs.252.802 Millions (previous period Nil) is secured by personal guarantee of directors.

(v) Amount of Rs.66.794 Millions (previous period Nil) is secured against lien on fixed deposits.

B) Term loans from other parties of Rs.1125.099 Millions (previous period Rs.1457.960 Millions) is secured by:

(i) Amount of Rs.443.058 Millions (previous period Rs.833.240 Millions is secured by way of first ranking hypothecation of all of the present and future movable fixed assets, including the wind turbines and other equipment and machinery related to the Surajbari wind mill project.

(ii) The loan is repayable in annual installments commencing from June 2012 and carry interest rate of 2.15%.

(iii) Amount of Rs.682.042 Millions (previous period Rs.624.720 Millions) is secured by way of lien of keyman insurance policies with Life Insurance Corporation of India.

(iv) The loan is repayable in March 2014 and carry interest rate of 9.00%.

Short Term Borrowings

A) Demand loan from banks of Rs.4446.410 Millions (previous period Rs.4750.562 Millions) is secured by:

(i) Amount of Rs.2615.978 Millions (previous period Rs.2646.496 Millions) is secured by way of hypothecation of stocks (ore), spares, book debts, receivables, machineries and equipment purchased out of bank finance and further, secured by hypothecation of unencumbered plant and machinery, equitable mortgage of leasehold rights of Vyasanakere Iron Ore Mines, land and building, lien on term deposits and personal guarantee of Directors

(ii) Amount of Rs.160.327 Millions (previous period Nil) is secured by way of hypothecation of stocks (ore), receivables, and other current assets of Pellet Plant.

(iii) Amount of Rs.51.801 Millions (previous period Rs.230.722 Millions) is secured against customer letter of credit.

(iv) Amount of Rs.934.731 Millions (previous period Rs.736.055 Millions) is secured against pledge of Keyman insurance policies to the extent of ninety percent of surrender value.

(v) Amount of Rs.21.696 Millions (previous period Nil) is secured against lien on Govt. securities.

(vi) Amount of Rs.617.245 Millions (previous period Rs.500.292 Millions) is secured against lien on fixed deposits.

(vii) Amount of Rs.44.632 Millions (previous period Rs.598.116 Millions) is secured by way of hypothecation of stocks (ore), spares, book debts and receivables.

Banking Relations :	--
Auditors 1 :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte 12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
PAN No.:	AACFD4815A
Auditors 2 :
Name :	S.B. Chhajed and Company Chartered Accountants
Address :	202, Inder Tower, Kakasaheb Gadgil Marg, Off Gokhale Road, Dadar (West), Mumbai – 400025, Maharashtra, India
PAN No.:	ABCFS0439E
Subsidiary :	· MSPL Maritime Pte. Limited · MSPL Diamond Pte. Limited · Ace Maritime Pte. Limited · Ramgad Minerals and Mining Limited (RMML) CIN No.: U27101KA1978PLC003360
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Aaress Iron and Steel Limited CIN No.: U27103KA2005PLC037892 · Vijaya Oxygen Company Limited CIN No.: U24111KA1975PLC002860 · MSPL Gases Limited CIN No.: U23201MH2006PLC158596 · R. S. Enterprises - Partnership Firm · Narendra Kumar A Baldota-HUF · Mhakali Gases · Mahalakshmi Gases · L R Industries
(KPMs and their relatives have substantial ownership interest) :	· Vijaynagar Industrial Credits Limited · Good Earth Chemicals private Limited · Vijaya oxygen company Limited · Aaress Iron and steel company Limited
Others :	· P. Venganna Setty and Brothers (PVS)

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.5/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
76800000	Equity Shares	Rs.5/- each	Rs.384.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013 (12 Months)	31.03.2012 (18 Months)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	384.000	384.000
(b) Reserves & Surplus	5199.612	8308.510
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5583.612	8692.510
(3) Non-Current Liabilities
(a) long-term borrowings	3453.278	2076.599
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	28.022	17.639
Total Non-current Liabilities (3)	3481.300	2094.238
(4) Current Liabilities
(a) Short term borrowings	4905.756	5446.603
(b) Trade payables	731.221	714.212
(c) Other current liabilities	2332.070	1470.806
(d) Short-term provisions	119.899	96.611
Total Current Liabilities (4)	8088.946	7728.232
TOTAL	17153.858	18514.980
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4788.437	5396.644
(ii) Intangible Assets	119.667	133.634
(iii) Capital work-in-progress	157.271	147.536
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	2901.378	3307.688
(c) Deferred tax assets (net)	173.223	0.000
(d) Long-term Loan and Advances	4528.833	3237.660
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	12668.809	12223.162
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1422.514	1026.867
(c) Trade receivables	477.828	2716.597
(d) Cash and cash equivalents	1100.253	947.427
(e) Short-term loans and advances	1435.470	1560.737
(f) Other current assets	48.984	40.190
Total Current Assets	4485.049	6291.818
TOTAL	17153.858	18514.980

SOURCES OF FUNDS		30.09.2010 (18 Months)
SHAREHOLDERS FUNDS
1] Share Capital		384.000
2] Share Application Money		0.000
3] Reserves & Surplus		10985.375
4] (Accumulated Losses)		0.000
NETWORTH		11369.375
LOAN FUNDS
1] Secured Loans		6093.112
2] Unsecured Loans		4.668
TOTAL BORROWING		6097.780
DEFERRED TAX LIABILITIES		343.563
TOTAL		17810.718
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3978.798
Capital work-in-progress		2857.745
INVESTMENT		5221.218
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1079.466
	Sundry Debtors	278.647
	Cash & Bank Balances	900.722
	Other Current Assets	8.964
	Loans & Advances	5287.587
Total Current Assets		7555.386
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	973.062
	Other Current Liabilities	422.374
	Provisions	407.843
Total Current Liabilities		1803.279
Net Current Assets		5752.107
MISCELLANEOUS EXPENSES		0.850
TOTAL		17810.718

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013 (12 Months)	31.03.2012 (18 Months)	30.09.2010 (18 Months)
	SALES
		Income		5442.451	7254.267	11253.319
		Other Income		502.683	458.926	1375.194
		TOTAL (A)		5945.134	7713.193	12628.513
Less	EXPENSES
		Cost of Materials Consumed		2367.431	1498.211
		Purchase of Stock-in-trade		95.795	273.582
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(188.488)	521.844
		Employee Benefits Expenses		341.924	563.089
		Other Expenses		2031.213	3061.789
		Exceptional Items		2486.469	2376.170
		TOTAL (B)		7134.344	8294.685	13130.050
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(1189.210)	(581.492)	(501.537)
Less	FINANCIAL EXPENSES (D)			1204.429	1032.808	314.357
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(2393.639)	(1614.300)	(815.894)
Less	DEPRECIATION/ AMORTISATION (F)			888.483	1406.127	1156.904
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(3282.122)	(3020.427)	(1972.798)
Less	TAX (H)			(173.223)	(343.562)	(500.000)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(3108.899)	(2676.865)	(1472.798)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			6436.852	9113.717	10586.515
	BALANCE CARRIED TO THE B/S			3327.953	6436.852	9113.717
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	212.140	786.040	7681.042
			Freight Recovered from customers	0.000	65.686	1643.173
			Sale of Certified Emission Reduction	352.013	220.691	162.430
	TOTAL EARNINGS			564.153	1072.417	9486.645
	IMPORTS
			Stores, Spare parts		39.103	7.942
			Fuel (Coal)		183.508	0.000
			Capital Goods		58.743	606.550
	TOTAL IMPORTS			NA	281.354	614.492
	Earnings Per Share (Rs.)			(40.48)	(34.86)	(19.18)

KEY RATIOS

PARTICULARS		31.03.2013 (12 Months)	31.03.2012 (18 Months)	30.09.2010 (18 Months)
PAT / Total Income	(%)	(52.29)	(34.71)	(11.66)
Net Profit Margin (PBT/Sales)	(%)	(60.31)	(41.64)	(17.53)
Return on Total Assets (PBT/Total Assets}	(%)	(23.58)	(20.06)	(17.10)
Return on Investment (ROI) (PBT/Networth)		(0.59)	(0.35)	(0.17)
Debt Equity Ratio (Total Debt /Networth)		1.50	0.87	0.54
Current Ratio (Current Asset/Current Liability)		0.55	0.81	4.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions
Share Capital	384.000	384.000
Reserves & Surplus	8308.510	5199.612
Net worth	8692.510	5583.612
long-term borrowings	2076.599	3453.278
Short term borrowings	5446.603	4905.756
Total borrowings	7523.202	8359.034
Debt/Equity ratio	0.865	1.497

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2010	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	11253.319	7254.267	5442.451
		(35.537)	(24.976)

NET PROFIT MARGIN

Net Profit Margin	30.09.2010	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	11253.319)	7254.267)	5442.451
Profit	(1472.798)	(2676.865)	(3108.899)
	(13.09%)	(36.90%)	(57.12%)

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	Yes
18]	Major customers	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from others	432.234	645.981
Loans from Directors	27.112	50.060
Total	459.346	696.041

CORPORATE INFORMATION:

The Company is a public company domiciled in India and incorporated under the provision of the Companies Act, 1956. Its shares are not listed on any stock exchange in India. The company is engaged in the business of mining, processing and export of iron ore, manufacturing of pellets and generation of electricity through wind power. Registered office of the Company is at Mumbai, Maharashtra and its corporate office is at Hospet, Karnataka.

FINANCIAL PERFORMANCE

Deep seated global slowdown refused to subside during the F. Y. 2012-13 save and except very slow economic revival in US as evidenced by improved GDP growth rate, better employment number, recovery in housing and consumer segments leaving industrial sector specially capital goods and infrastructure sluggish. On the other hand, European economy has been largely on crisis and trying desperately to come out of slumber. Under this backdrop of economic state of affairs in the developed economies, demand recession is quite evident and getting reflected in terms of declining GDP growth rates of China, India and other Asian developing economies even at the back of their large domestic markets.

Apart from the slowest growth rate in a decade, Indian economy has several other unprecedented challenges in the form of steep fiscal deficit, obstinate inflationary pressures, record current account deficit added with reversal of capital inflows both from equity and debt market resulting into record erosion in value of INR causing serious dent on the overall economy, ever lowest growth in manufacturing sector already saddled with high interest rate leading to entirely slow credit off-take. These factors have cast shadows on investment climate which is already burdened with high amount of economic and political uncertainties.

The company has also been affected adversely on account of the above noted factors apart from continuous ban of mining activities during the year the state of Karnataka as ordered by the Supreme Court of India. However, the ban has since been withdrawn on 18th of April, 2013 and the company’s mine in Vysanakere has been permitted to restart operation after successful completion and certification of R&R exercise with effect from 17th of May, 2013 and mine has started operation.

The following are the performance highlights of the company for financial year 2012-2013:

The total income of the Company stood at Rs.5945.134 Millions as compared to the total income of Rs.7713.193 Millions for a period of 18 months.

The loss before interest, depreciation and tax including exceptional items stood at Rs.1189.209 Millions as compared to Rs.581.492 Millions) for a period of 18 months.

The net Loss after taxes stood at Rs.3108.898 Millions as compared net loss of Rs.2676.865 Millions for a period of 18 months

PERFORMANCE OF OTHER PROJECTS:

PELLET PLANT

1.2 million ton capacity pellet plant was commissioned and producing the pellets with the material procured through e-auction. The availability of required quality and quantities of Iron ore is still a major issue to the steel industry, unless all the mines are operated for full production. Most of the plants are working at lower capacities with available grades of ores. The proposal of establishing steel plant by the company is under active consideration for forward integration.

During the FY 2012-13 Pellet Plant produced 494255 tons as against previous year production of 321749 tons of pellets and sold 467761 tons as against sale of previous year 298128 tons.

Total sales turnover of Pellets during the FY 2012-13 amounts to Rs.3629.332 Millions as against previous year turnover of Rs.2381.169 Millions.

WIND ENERGY

The wind energy generation for the year 2012-13 was 250.906 lakh units as compared to 236.325 lakh units in the previous year. This rise in generation was due to consistent Wind in 2012-13 as compared to previous year.

The revenue realized on sale of wind power was Rs.906.107 Millions during the Financial Year 2012-13 as compared to Rs.837.668 Millions in the previous year

OVERVIEW

MSPL Limited is the flagship company of Baldota group and is one of the leading iron ore exporters from India. The company holds the honour of being one of the largest wind energy companies in India with installed capacity of 127.8 MW. The company had won numerous accolades for its CSR initiatives and safety initiatives. The company has committed itself toserve the community in nearby mining areas and other business locations as an integral part of its sustainable business practices. Compared to the last financial year, this year the mining scenario has improved in the last two quarters owing to The Supreme Court’s decision to allow mining for a category mines.

In the financial year, the operation of 9 mines out of total 21A category mines have started after The Supreme Court’s nod on 3rd September 2012. The Hon’ble Supreme Court has also allowed opening of B Category mines subject to satisfactory completion of R and R plan.

The Company has resumed its mining operations on 17th May, 2013 with a sanctioned limit of 0.91 million tonnes per annum at Vysanakere Iron Ore mine (VIOM) after getting permission from the Director of Mines and Geology, Government of Karnataka after their satisfactory survey and inspection of Reclamation and Rehabilitation (R and R) work at VIOM prescribed by the monitoring committee. The Company adopted a policy to continue to do systematic and scientific mining with a high concern on environment and safety.

The increased custom duty (30%) & increased freight charges for export movement of Iron Ore made exports a challenging task in Karnataka. In addition to this, a blanket ban on mining and export from Goa State has resulted in no exports from these two states in last couple of months of this financial year.

OUTLOOK

Iron Ore Mining

The iron ore mining sector is set to recover from the dark period and move in a systematic & scientific way to cater to the needs of domestic and international industries. The ongoing actions of the government will remove all ambiguity and stabilise the Industry with more value additions, thus paving the way for long term sustainability. Global steel consumption is expected to cross 1.7 billion tonne by 2015, creating numerous opportunities for growth in all directions.

Renewable Energy

The world is now on the path to achieving more sustainable development. Although the majority of the global energy supply still comes from fossil fuels, renewable continue to increase in proportion.

A decade ago, renewable energy accounted for just two percent of the country’s total installed capacity. Today, it accounts for a little over 12% of the total installed capacity of the power production. In terms of generation it contributed 6% of the total energy generation. These developments are testimony to the fact that renewable energy is no longer regarded as an oddity and people are making a conscious choice to embrace and endorse sustainability cause.

The Finance Minister in his budget of 2013-14, allocated Rs.8000.000 Millions to reintroduce the generation Based Incentive (GBI) for Wind projects. There are several other incentives that the government is mulling over for the speedy growth of the country’s renewable energy industry. These include a programme on energy recovery from urban and industrial wastes and plans to provide renewable energy generating companies with low cost loans for the next five years from the National Clean Energy Funds (NCEF). All these efforts are truly encouraging and have started showing significant gains that will not only help create sustainable livelihoods but also strengthen the country’s economy.

Companies are now working towards new business models to stay profitable in an era of rising prices and decoupling of economic growth and demand for power. The power sector is working hard to adapt flexibly to major shifts in the past year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10344459	12/03/2012	800,000,000.00	State Bank of India	College Road Branch, Parwaz Plaza, College Road, Hospet, Karnataka - 583201, India	B35870211
2	10201994	07/01/2013 *	1,495,100,000.00	State Bank of India	College Road Branch, Parwaz Plaza, College Road, Hospet, Karnataka - 583201, India	B68018746
3	90239980	30/07/2013 *	16,150,000,000.00	State Bank of India	College Road Branch, Parwaz Plaza, College Road, Hospet, Karnataka - 583201, India	B83028639

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

PRESS RELEASE

MSPL BAGS CFBP JAMNALAL BAJAJ AWARD FOR FAIR BUSINESS PRACTICES FOR THE 2ND TIME

March 21, 2013

Mr. Deepak Parekh, Chairman, HDFC Limited said that the long term sustainability of an organization depends on organization’s culture, values and ethics. He said, "Many consumers still remain victims to unscrupulous and exploitative practices which could manifest in various forms such as mis-selling of products, food adulteration, unfair pricing etc., speaking at 25^th Jamnalal Bajaj Awards for Fair Business Practices recently.

In view of rapid growth of consumption, a new consumer economy has emerged and the companies need to raise the bar by adopting better business practices through self-regulation. This is essential as the Internet has emerged as a large platform for consumer to check on the products and companies and the information is available at fingertip. The Right to Information has also become an enabler to serve the consumer.

Parekh hoped that the worse for the country's economy is over and said that the fundamentals of the economy, especially the confidence among the consumers, are intact.

On the occasion, he gave away the awards to various winners including MSPL Limited, one of India’s largest iron ore mining companies. The award has been instituted by the Council for Fair Business Practices, Mumbai. MSPL bagged the award under Large Manufacturing Enterprise category and has won this award for the second time.

Accepting the award, Mr. Narendrakumar A. Baldota, Chairman and Managing Director, MSPL Limited said, “We are extremely delighted with this coveted recognition for our strong commitment to ethics and corporate social responsibility initiatives. MSPL has been engaged in legal mining since 1962. Even in the recent adverse situation, the company did not compromise on its cherished values. It did not join hands with any clandestine arrangements and did not become party to illegal mining. The company did not lay off even a single worker till January 2013. We went on becoming enlightened with courage and the negative situation made us determined and resolute. This industry recognition has inspired and energized us. This is befitting reward for the courage displayed”.

The Council for Fair Business Practices (CFBP) instituted Jamnalal Bajaj Award for Fair Business Practices in 1966. The awards are judged on the basis of customer satisfaction, employee motivation, environment protection and corporate social responsibility, among others. CFBP represents a body of like-minded businessmen in business and professionals, wanting to promote consumer confidence in business and services by adhering to highest possible ethical standards.

MSPL TAKES DELIVERY OF THIRD DRY BULK VESSEL

Mangalore, November. 6:  

MSPL Limited, which is a Baldota Group company of Hospet, received its third vessel at Jiangsu Province in China on Sunday.

A press release said here on Monday that MSPL Diamond Pte Limited, which is a wholly owned subsidiary of MSPL Limited, received the first and second vessels in April and July 2011, respectively. The third vessel was delivered on November 4.

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.61.94
UK Pound	1	Rs.103.31
Euro	1	Rs.85.11

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.