MIRA INFORM REPORT

Report Date :

17.05.2014

IDENTIFICATION DETAILS

Name :	MINEX METALLURGICAL COMPANY LIMITED (w.e.f. 17.12.2011)
Formerly Known As :	MINEX METALLURGICAL COMPANY PRIVATE LIMITED
Registered Office :	301, Rajguru Apartments, 3rd Floor, New Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	31.03.1981
Com. Reg. No.:	11-024161
Capital Investment / Paid-up Capital :	Rs.80.000 millions
CIN No.: [Company Identification No.]	U28910MH1981PLC024161
TAN No.: [Tax Deduction & Collection Account No.]	MUMM22448G / MUMM22482F
PAN No.: [Permanent Account No.]	AAACM7315B
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Subject engaged in the manufacture and sale of Specialty Alloys for use by the Iron and Steel Industry.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 4900000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Company has performed well. Overall financial position of the company appears to be strong and healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Fund Based Limits = A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	April 2014

Rating Agency Name	ICRA
Rating	Short Term Non Fund Based Limits = A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	April 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 31-03-2012.

INFORMATION DENIED

Management Non-Cooperative (Tel No.: 91-22-28362166)

LOCATIONS

Registered/ Head Office :	301, Rajguru Apartments, 3^rd Floor, New Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-28362166 / 28215703 / 28370349 / 28982020
Mobile No.:	91-9833745167 (Mr. Murli Mahadevan)
Fax No.:	91-22-28377369
E-Mail :	murali@minexindia.com info@minexindia.com vijayn@minexindia.com
Website :	http://www.minexindia.com
Area :	2000 sq. ft.
Location :	Owned
Nagpur – Plant and Sales :	D-41/42, MIDC Industrial Area, Hingna Road, Nagpur – 440028, Maharashtra, India
Tel. No.:	91-7104-237907/ 234434
Fax No.:	91-7104-236745
E-Mail :	info.nagpur@minexindia.com
Kalmeshwar – Plant :	B-401/1, MIDC Industrial Area, Kalmeshwar, Nagpur – 441501, Maharashtra, India
Tel. No.:	91-7118-27168/9
Fax No.:	91-7118-271496
E-Mail :	info.kalmeshwar@minexindia.com
Nimji – Plant :	68/3, Nimji, Tahsil Kalmeshwar, District Nagpur, Maharashtra, India
Tel. No.:	91-7118-238304
Fax No.:	91-7118-238304
E-Mail :	info.nimjee@minexindia.com
Sales Office	3/6, Shivaji Durgapur, Burdwan - 713204, West Bengal, India
Tel. No.:	91-343-2572095
Fax No.:	91-343-2568413
E-Mail :	dgp_utpal@sanchar.net.in
Factory :	K-6, Butibori Industrial Area, Nagpur - 441112, Maharashtra, India
Godown :	Vishwas Nagar, Plot No – 7 and 8, Opposite Reliance Colony, Olpad Road, Icchapur, Surat – 394510, Gujarat, India
Branch Office :	Located at · Durgapur Kolkata Pune

DIRECTORS

As on 08.08.2013

Name :

Mr. Sukhendu Bikas Misra

Designation :

Chairman and Managing Director

Address :

301, Belscot Tower, 1^st Lokandwala Complex, Link Road, Andheri (East), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

19.06.1946

Date of Appointment :

31.03.1981

PAN No. :

AASPM5071D

DIN :

00105418

Name :

Mr. Anantharaman Mahadevan

Designation :

Director

Address :

A-1, 2^nd Floor, New Palm Beach Co-operative Society, Sector – 4, Nerul, New Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

06.03.1947

Date of Appointment :

30.12.1985

DIN No.:

00165226

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	U28910MH1981PLC024161	MINEX METALLURGICAL COMPANY LIMITED	Director	31/03/1981	31/03/1981	-	Active	NO
2	U99999MH1987PTC045485	DROUF ENVIRONMENTAL SYSTEMS PRIVATE LIMITED	Director	10/08/1988	10/08/1988	01/12/2011	Dormant	NO
3	U67120MH1992PTC067783	REVATHI SHARES AND SECURITIES PVT LTD	Director	01/01/1999	01/01/1999	16/12/2010	Active	NO
4	U24100MH2000PTC125507	Nipro Tube Glass Private Limited	Whole-time director	14/02/2004	14/02/2004	31/10/2007	Active	NO
5	U31300MH2004PTC150072	MANA CABLE MANAGEMENT SYSTEMS PRIVATE LIMITED	Director	17/12/2004	17/12/2004	-	Active	NO
6	U65100MH2004PLC144017	VIRTUOUS CAPITAL LIMITED	Director	20/12/2010	20/12/2010	31/05/2012	Active	NO
7	L17110MH1987PLC044835	LOVABLE LINGERIE LIMITED	Director	12/09/2012	22/09/2011	-	Active	NO

Name :

Ms. Rakhi Sukhendu Bikas Misra

Designation :

Director

Address :

301, Belscot Tower, 1^st Lokandwala Complex, Link Road, Andheri (East), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

17.04.1953

Date of Appointment :

01.04.1996

PAN No. :

AGVPM7955P

DIN :

00353033

Name :

Mr. Dilip Keshavlal Patel

Designation :

Director

Address :

15 Neel Shobha, 4^th Floor, M. V. Road, Andheri (East), Mumbai – 400093, Maharashtra, India

Date of Birth/Age :

20.10.1947

Date of Appointment :

01.08.2008

DIN No.:

00013150

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	U24230TN1980PLC008382	MALLADI DRUGS AND PHARMACEUTICALS LIMITED	Director	17/06/2003	17/06/2003	-	Active	NO
2	L17120MH1987PLC042598	EUROTEX INDUSTRIES AND EXPORTS LIMITED	Director	29/07/2003	29/07/2003	-	Active	NO
3	U25209MH1973PTC016846	POLYSET PLASTICS PRIVATE LIMITED	Director	29/07/2005	29/07/2005	-	Active	NO
4	L24230AP1987PLC008016	GODAVARI DRUGS LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
5	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	29/09/2008	07/12/2007	-	Amalgamated	NO
6	L74999MH1995PLC085878	Solar Industries India Limited	Director	24/09/2008	18/06/2008	-	Active	NO
7	U28910MH1981PLC024161	MINEX METALLURGICAL COMPANY LIMITED	Director	01/08/2008	01/08/2008	-	Active	NO
8	U45201MH2006PLC165973	RELCON INFRAPROJECTS LTD.	Director	30/09/2010	27/08/2010	28/12/2012	Active	NO
9	L26100MH1998PLC117437	SEZAL GLASS LIMITED	Director	12/08/2011	12/08/2011	19/01/2012	Active	NO
10	U74900GJ2011PTC067582	INCUBE ADVISORS PRIVATE LIMITED	Director	29/09/2012	14/08/2012	-	Active	NO

Name :

Mr. Mukul Tagore

Designation :

Director

Address :

503, Benhut ‘A’ Lokhandwala complex, Link Road, Andheri (East), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

03.01.1946

Date of Appointment :

31.03.1981

DIN No.:

00353182

Name :

Mr. Vaidyanathan Narayan

Designation :

Director

Address :

5, Nai Roshini, Charat singh Colony, Andheri (East), Mumbai – 400093, Maharashtra, India

Date of Birth/Age :

24.12.1940

Date of Appointment :

23.06.1992

DIN :

00495534

KEY EXECUTIVES

Name :	Mr. Murali Mahadevan
Designation :	Company Secretary
Address :	H – 003, Shimpoli Niranjan Co-operative Housing Society Limited, Chikuwadi, Shimpoli, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	01.10.1963
Date of Appointment :	01.08.2005
PAN No.:	ACBPM8585F
Name :	Ms. Shreya Mishra
Designation :	Manager
Address :	301/302, Belscot Tower, Lokhanwala Complex, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	24.07.1976
Date of Appointment :	01.03.2011
PAN No.:	AEFPM8004F

MAJOR SHAREHOLDERS

As on 08.08.2013

SHAREHOLDING DETAILS FILE ATTACHED

As on 08.08.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	90.84
Other	9.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject engaged in the manufacture and sale of Specialty Alloys for use by the Iron and Steel Industry.

Products :

Product Description	Item Code No. (ITC Code)
Ferro Alloys	72029990

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· Canara Bank, Itwari, Nagpur - 440002, Maharashtra, India

Indusind Bank Limited, Nagpur Branch,1 Shriram Shyam Towers, Near Nit Building, Kingsway, Nagpur - 440001, Maharashtra, India

Standard Chartered Bank, 90, M G Road, Fort, Mumbai - 400001, Maharashtra, India

Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Standard Chartered Bank, Crescenzo, 3 A/F, Plot No. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India

ICICI Bank Limited

DBS Bank Limited, 4A, Nandlal Basu Sarani, Kolkata - 700071, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loan from banks	74.640	95.390
Short Term Borrowings
Foreign currency loan from banks	27.140	6.360
Working capital loan from banks	968.540	1007.030
Total	1070.320	1108.780

Banking Relations :	--
Auditors :
Name :	M. Kalahasthi and Company Chartered Accountants
Address :	601 Laxmi Villa, K A Subramanian Road, Matunga, Mumbai – 400019, Maharashtra, India
PAN No. :	AFNPM8274J
Associate :	Minex Foundation

CAPITAL STRUCTURE

As on 08.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs.80.000 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	80.000	80.000	80.000
(b) Reserves & Surplus	1138.340	995.520	869.060
(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)	1218.340	1075.520	949.060
(3) Non-Current Liabilities
(a) long-term borrowings	112.880	135.610	44.370
(b) Deferred tax liabilities (Net)	30.310	35.790	32.910
(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)	143.190	171.400	77.280
(4) Current Liabilities
(a) Short term borrowings	1000.110	1018.530	898.180
(b) Trade payables	281.470	226.090	115.420
(c) Other current liabilities	151.600	104.740	65.480
(d) Short-term provisions	32.140	21.240	21.640
Total Current Liabilities (4)	1465.320	1370.600	1100.720
TOTAL	2826.850	2617.520	2127.060
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	454.800	344.340	299.040
(ii) Intangible Assets	0.190	0.790	0.670
(iii) Capital work-in-progress	0.000	0.000	43.910
(iv) Intangible assets under development	53.660	94.110	0.000
(b) Non-current Investments	0.050	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	21.570	21.720	20.420
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	530.270	460.970	364.050
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	781.720	897.700	767.360
(c) Trade receivables	1099.210	845.180	625.470
(d) Cash and cash equivalents	184.750	188.680	195.180
(e) Short-term loans and advances	228.650	223.060	175.000
(f) Other current assets	2.250	1.930	0.000
Total Current Assets	2296.580	2156.550	1763.010
TOTAL	2826.850	2617.520	2127.060

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		4600.500	4390.480	3234.380
		Other Income		31.830	21.530	10.070
		TOTAL (A)		4632.330	4412.010	3244.450
Less	EXPENSES
		Cost of Materials Consumed		3621.850	3536.310	2699.690
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		49.520	(76.850)	(95.290)
		Employee Benefits Expenses		131.760	111.310	85.810
		Other Expenses		436.590	516.070	236.170
		Prior period items		3.470	0.000	0.000
		TOTAL (B)		4243.190	4086.840	2926.380
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			389.140	325.170	318.070
Less	FINANCIAL EXPENSES (D)			115.610	74.670	39.030
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			273.530	250.500	279.040
Less	DEPRECIATION/ AMORTISATION (F)			32.510	27.610	22.800
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			241.020	222.890	256.240
Less	TAX (H)			74.470	72.790	86.520
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			166.550	150.100	169.720
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			10.270	3.420	2.010
Less	APPROPRIATIONS
			Transfer to General Reserve	150.000	120.000	145.000
			Dividend	8.000	8.000	8.000
			Proposed final Dividend	12.000	12.000	12.000
			Tax on Dividend	3.340	3.250	3.310
	BALANCE CARRIED TO THE B/S			3.480	10.270	3.420
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1262.660	764.020	245.230
	TOTAL EARNINGS			1262.660	764.020	245.230
	IMPORTS
			Raw Materials	1837.370	1943.650	1175.370
	TOTAL IMPORTS			1837.370	1943.650	1175.370
	Earnings Per Share (Rs.)			20.82	18.76	21.22

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.60	3.40	5.23
Net Profit Margin (PBT/Sales)	(%)	5.24	5.08	7.92
Return on Total Assets (PBT/Total Assets}	(%)	8.69	8.83	12.30
Return on Investment (ROI) (PBT/Networth)		0.20	0.21	0.27
Debt Equity Ratio (Total Debt /Networth)		0.91	1.07	0.99
Current Ratio (Current Asset/Current Liability)		1.57	1.57	1.60

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	80.000	80.000	80.000
Reserves & Surplus	869.060	995.520	1138.340
Net worth	949.060	1075.520	1218.340
long-term borrowings	44.370	135.610	112.880
Short term borrowings	898.180	1018.530	1000.110
Total borrowings	942.550	1154.140	1112.990
Debt/Equity ratio	0.993	1.073	0.914

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	3,234.380	4,390.480	4,600.500
		35.744	4.784

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	3,234.380	4,390.480	4,600.500
Profit	169.720	150.100	166.550
	5.25%	3.42%	3.62%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Deferred payment liability	38.240	40.220
Short Term Borrowings
Deferred sales tax loans	1.850	1.560
Deposits from shareholders	2.580	3.580
Total	42.670	45.360

FINANCIAL PERFORMANCE

The company recorded Profit after Tax (PAT) of Rs.166.550 Millions in 2012-13 as compare to Rs.150.100 Millions in the year 2011-12. The Profit before Tax (PBT) stood at Rs.241.020 Millions as against Rs.222.890 Millions in 2011-12.

OPERATIONS

In spite of challenging economic environment in domestic and international market during the financial year of 2012-13, The Company focused in the areas of opportunities and growth. There Kalmeshwar plant recorded the highest ever sales. In spite of sluggish international market there export sales recorded the best ever sales and grew at over 66%. The modernized plants at Nagpur, Kalmeshwar and Nimji are equipped to offer value added products and Just in Time supply to their customers. The new products developed for steel, foundry and aluminum industries was established in the market.

As look at the year 2013-14, domestic economy is still in the midst of slowdown but it seems to have bottomed out. Euro Zone and American economy are still struggling for stability. In current scenario we expect domestic and export market to remain muted at the current levels. In view of these challenges have declared year 2013-14 as the Year of New Opportunities and this would act as a guiding principle for all their operation and various changes happening in the organization.

NEW INITIATIVES

During the year, the company continued with expansion and modernization of the facilities in all the 3 plants under operation in the following areas:

a) Hingna: Installation of dust extractions system at melting, casting and sizing section. Modernization of ladle metallurgy and casting process. Stabilization of sizing, screening and automatic packing section.

b) Kalmeshwar: Stabilisation of fully reengineered facility and installation of balancing equipment as and where required. Completion of project for Ferro alloy sizing and lead granulation. Installation of automatic density control in cored wire lines.

c) Nimji: Enhancing the capacity of scrap processing. Min Tab alloy production and enhancing the capacity of Ferro Titanium 70 grade alloy.

PERFORMANCE HIGHLIGHTS:

Despite of challenges in the business environment, the company’s sales during the year were Rs.5146.890 Millions (Rs.4987.240 millions). Given the current global scenario, it is a positive achievement that we have managed a nominal increase in sales value.

The company Recorded Profit after Tax (PAT) of Rs.166.550 Millions in 2012-13 as compare to Rs.150.100 Millions in the year 2011-12, a 10.95% increase. The Profit before Tax (PBT) stood at Rs.241.020 Millions as against Rs.222.890 Millions in 2011-12, an 8.13% increase.

However, The Sales Volume decreased to 29,413 MT against previous years 30,855 MT registering a fall of 4.67 % mainly due to sharp recession in the Foundry Industry and readjustment of product mix.

The Company has shown remarkable growth in exports of 66%.The Exports during the year were Rs.1295.690 Millions against previous year’s Rs.778.710 Millions.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10465771	29/11/2013	200,000,000.00	DBS Bank Limited	4A, Nandlal Basu Sarani, Kolkata, West Bengal - 700071, India	B91800094
2	10385088	05/11/2012	315,000,000.00	AXIS BANK LIMITED	131, Maker Towers 'F' 13th Floor, Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, India	B61595872
3	10359296	29/05/2012	300,000,000.00	ICICI BANK LIMITED	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B41071838
4	10319187	10/10/2011	100,000,000.00	Standard Chartered Bank	Crescenzo, 3 A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India	B25873274
5	10297090	19/07/2011	200,000,000.00	YES BANK LIMITED	9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,, Mumbai, Maharashtra - 400018, India	B16827123
6	10101387	27/09/2011 *	600,000,000.00	Standard Chartered Bank	Crescenzo, 3 A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India	B23184450
7	80048608	26/12/2008 *	900,000,000.00	CANARA BANK	Itwari, Nagpur, Maharashtra - 440002, India	A56565567

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and machinery

· Furniture and Fixture

· Computer

· Vehicles

· Office Equipment’s

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.58.86
UK Pound	1	Rs.98.82
Euro	1	Rs.8071

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		50

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.