MIRA INFORM REPORT

Report No. :	316372
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	NMDC LIMITED
Formerly known as :	NATIONAL MINERAL DEVELOPMENT CORPORATION LIMITED
Registered Office :	Khanjhi Bhavan 10 – 3 – 311 / A, Castle Hills, Masab Tank, Hyderabad – 500028, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.11.1958
Com. Reg. No.:	01-001674
Capital Investment / Paid-up Capital :	Rs.3964.700 Million
CIN No.: [Company Identification No.]	L13100AP1958GOI001674
TAN No.: [Tax Deduction and Collection Account No.]	Not Available
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 :	Manufacturer and Exporter of Iron Ore, Diamond, Sponge Iron.
No. of Employees :	1000 (Approximately)

RATING and COMMENTS

MIRA’s Rating :

Aa (76)

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 state-controlled mineral producer of the Government of India. It is owned by the Government of India and is under administrative control of the Ministry of Steel. It is an established company having excellent track record. Financial position of the company is sound. Fundamentals of the company are strong and healthy. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. In view of government support, the company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 PARTED BY

Name :	Mr. D.P Dubey
Designation :	Finance Manager
Contact No.:	91- 40- 23591401
Date :	06.04.2015

LOCATIONS

Registered Office / Corporate Office :	Khanjhi Bhavan 10 – 3 – 311 / A, Castle Hills, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India
Tel. No. :	91-40- 23538713-21 (9 Lines) / 23538711
Fax No. :	91-40-23538711
E-Mail :	ims@nmdc.co.in hois@nmdc.coin cmd@nmdc.co.in
Website :	https://www.nmdc.co.in
Location :	Owned
Factory :	Plant / Mine Locations: The mines / units of the Company are located in the following locations: A. Bailadila Iron Ore Mine Kirandul Complex P.O. Kirandul District: Dantewada (Chhattisgarh), India B. Bailadila Iron Ore Mine Bacheli Complex P.O. Bacheli District: Dantewada Chhattisgarh - 494553, India C. Donimalai Iron Ore Mine Donimalai Township Dist: Bellary - 583 118, Karnataka ,India D. Diamond Mining Project Majhgawan, Panna - 488 001 (Mp) E. Sponge Iron Unit, Nmdc Limited Siil Campus, Paloncha - 507 154 Dist. Khammam(A.P.), India

DIRECTORS

AS ON 31.03.2014

Name :	Shri Narendra Kothari
Designation :	Chairman – Cum - Managing Director (w.e.f. 21.04.2014)
Address :	Khanjhi Bhavan, Castle Hills, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India
Date of Appointment :	21.04.2014
Name :	Shri Vinod Kumar Thakral
Designation :	Government Nominee Director
Address :	Ministry Of Steel, Udyog Bhawan, New, Delhi -110107,India
Name :	Shri Syedain Abbasi
Designation :	Independent Director
Address :	Joint Secretary, Ministry Of Steel, Udyog Bhavan, New Delhi – 110107, India
Name :	Shri S.J Sibal
Designation :	Director
Address :	B – 79, Sector – 21, Jalvayu Vihar, Noida – 201301, India
Name :	Dr. Noor Mohammad
Designation :	Independent Director
Address :	24 / 802, East End Apartments, Mayor Vihar I Extension, New Delhi – 110096, India
Name :	Shri Vinal Kumar Agarwal
Designation :	Independent Director
Address :	114 – B, Hamilton Court, DLF Phase – IV Gurgaon – 122009, India
Name :	Shri Mahesh Shah
Designation :	Independent Director
Address :	1 / 1, Monica Building, 9 – B, Lord Sinha Road, Kolkata – 700071, India
Name :	Shri N. K. Nanda
Designation :	Director (Technical)
Address :	Khanjhi Bhavan, Castle Hills, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India
Name :	Shri S. Thiagarajan
Designation :	Director (Finance)
Address :	Khanjhi Bhavan, Castle Hills, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India
Name :	Shri Subimal Bose
Designation :	Director (Production)
Address :	Khanjhi Bhavan, Castle Hills, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India
Name :	Shri Rabindra Singh
Designation :	Director (Personnel)
Address :	Khanjhi Bhavan, Castle Hills, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India
Name :	Mr. C. S. Verma
Designation :	Chairman – Cum - Managing Director (Upto 21.04.2014)
Name :	Mr. R.N. Agra
Designation :	Independent Director (Upto 02.12.2013 )
Name :	Mrs. Perminder Hira Mathur
Designation :	Independent Director (Upto 02.12.2013 )
Name :	Mr. D. Rath
Designation :	Independent Director (Upto 02.12.2013 )
Name :	Mr. S K Das
Designation :	Director (Commercial)

KEY EXECUTIVES

Name :	Mr. D.P Dubey
Designation :	Finance Manager
Name :	Shri Kumar Raghavan
Designation :	Company Secretary and ED
Address :	Khanjhi Bhavan, Castle Hills, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India
Name :	Usha Chandrashekar
Designation :	Chief Vigilance Officer (CVO
Name :	Atul Bhatt
Designation :	Executive Director (BD and CP)
Name :	Ganesh Vishwakarma
Designation :	Executive Director (Steel)
Name :	L.N. Mathur
Designation :	Executive Director (RP and Safety)
Name :	C.E. Kindo
Designation :	Executive Director
Name :	Sandeep Tula
Designation :	Executive Director (PandA)
Name :	K.M. Sathees Kumar
Designation :	Executive Director
Name :	Alok Kumar Mehta
Designation :	General Manager (Proj.)
Name :	S.K. Verma
Designation :	General Manager
Name :	G.S.S. Yadav
Designation :	General Manager (PC)
Name :	L.B. Singh
Designation :	General Manager
Name :	Prashant Das
Designation :	General Manager (Technical)
Name :	Dr. R.K. Shrivastava
Designation :	General Manager (Medical Services)
Name :	D. Sree Rama Sastry
Designation :	General Manager (Finance)
Name :	P.K. Satpathy
Designation :	General Manager
Name :	V.V.S. Sundaram
Designation :	General Manager (PandA)
Name :	G. Mallikarjuna Rao
Designation :	General Manager
Name :	L. Ekka
Designation :	General Manager (Mining)
Name :	V.S. Prabhakar
Designation :	General Manager (Engineering)
Name :	Arun Kumar Shukla
Designation :	General Manager (Env and Coal)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

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
Central Government / State Government(s)	3171946300	80.00
Sub Total	3171946300	80.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3171946300	80.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3514042	0.09
Financial Institutions / Banks	93864447	2.37
Insurance Companies	348538462	8.79
Foreign Institutional Investors	244492992	6.17
Any Others (Specify)	2160	0.00
FPO Unclaimed Shares A/c	2160	0.00
Sub Total	690412103	17.41
(2) Non-Institutions
Bodies Corporate	41642124	1.05
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	45428190	1.15
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2602424	0.07
Any Others (Specify)	12684859	0.32
Non Resident Indians	2787065	0.07
Trusts	3168071	0.08
Clearing Members	2098598	0.05
Employees	64519	0.00
Foreign Port Folio Investor Corporate	4566606	0.12
Sub Total	102357597	2.58
Total Public shareholding (B)	792769700	20.00
Total (A)+(B)	3964716000	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)	3964716000	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Iron Ore, Diamond, Sponge Iron.
Products :	Iron Ore Diamond Sponge Iron
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Iron ore mine
Countries :	Japan Korea
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30 days / 60 days / 90 days)
Purchasing :	Cash and Credit (30 days / 60 days / 90 days)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users and Manufacturers

Reference :	Rashtriya Ispat Nigam Limited Welspun Max Steel Limited Aparant Iron and Steel Company Limited Vikram Sponge Iron Limited Southern Iron and Steel Company Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

Bank Name	State Bank of India Canara Bank UCO Bank State Bank of Mysore State Bank of Hyderabad
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banking Relations :	--
Statutory Auditors :
Name :	Venugopal and Chenoy Chartered Accountants
Address :	4 -1- 889/ 16 /2, Tilak Road, Hyderabad – 500028, Telangana, India
Branch Auditors
Name :	Brahmayya and Company Chartered Accountants
Address :	Visakhapatnam, Andhra Pradesh, India
Name :	P.K. Subramaniam and Company Chartered Accountants
Address :	Raichur, Karnataka, India
Name :	Gopal Gupta and Company Chartered Accountants
Address :	Allahabad, Uttar Pradesh, India
Cost Auditors :	Shri Prasad and Bharathula Associates Chartered Accountants
Associates Company :	Romelt – Sail (India) Limited, New Delhi (In The Process Of Liquidation) Legacy Iron Ore Limited, Perth, Australia International Coal Ventures (Private Limited ) New Delhi Nilachal Ispat Nigam Limited, Bhabaneswar Krishnapatnam Railway Company Limited, Secunderabad
Subsidiaries Company :	JK Mineral Development Corporation Limited, Jammu NMDC SARL, Madagaskar NMDC – CMDC Limited , Raipur NMDC Power Limited, Hyderabad Jharkhand National Mineral Development Corporation Limited, Ranchi
Joint Venture Company :	Kopano – NMDC Minerals (Proprietary) Limited, Johannesburg, South Africa

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000000	Equity Shares	Rs.1/- each	Rs. 4000.000 Million

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
3964716000	Equity Shares	Rs.1/- each	Rs. 3964.700 Million

Note :

No new shares were issued during the current year. Hence, there is no change in number of shares outstanding as at the beginning and as at the end of the reporting period.

Terms/Rights attached to equity shares: The Company has only one class of equity shares having par value of Rs.1/- each and each holder of equity shares is entitled to one vote per share The dividend proposed by the Board of Directors is subject to the approval of Shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

The details of shares in the Company held by each shareholder holding more than 5% shares :

Name of the Share holder	%age holding	No. of Shares
	As on 31.03.2014
Hon'ble President of India	80.00	3,171,946,300
LIC of India	6.73	266,989,233

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3964.700	3964.700	3964.700
(b) Reserves and Surplus	295918.300	271144.900	240098.900
(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)	299883.000	275109.600	244063.600
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1072.500	1044.900	1000.900
(c) Other long term liabilities	291.100	307.800	234.100
(d) long-term provisions	114.400	123.800	134.500
Total Non-current Liabilities (3)	1478.000	1476.500	1369.500
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1856.700	1607.600	1658.200
(c) Other current liabilities	11532.000	11019.600	7811.500
(d) Short-term provisions	19.500	18603.900	11581.600
Total Current Liabilities (4)	13408.200	31231.100	21051.300
TOTAL	314769.200	307817.200	266484.400
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12915.000	11826.000	11110.000
(ii) Intangible Assets	707.800	820.600	778.000
(iii) Capital work-in-progress	52768.900	32360.900	14941.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2503.700	2496.700	2477.700
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7208.200	5462.900	5124.300
(e) Other Non-current assets	53.700	53.700	66.100
Total Non-Current Assets	76157.300	53020.800	34497.700
(2) Current assets
(a) Current investments
(b) Inventories	6811.900	6374.600	4589.200
(c) Trade receivables	14484.200	10822.100	7370.200
(d) Cash and cash equivalents	186572.300	210257.500	202645.800
(e) Short-term loans and advances	23484.700	19446.900	10476.400
(f) Other current assets	7258.800	7895.300	6905.100
Total Current Assets	238611.900	254796.400	231986.700
TOTAL	314769.200	307817.200	266484.400

PROFIT and LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	120582.000	107042.700	112618.900
		Other Income	20945.200	22388.700	20164.900
		TOTAL	141527.200	129431.400	132783.800
Less	EXPENSES
		Cost of Materials Consumed	265.000	309.400	240.100
		Consumption of Stores and Spares	3463.100	2579.900	2325.600
		Power, Electricity and Water	609.700	576.000	501.300
		Repairs and Maintenance	887.700	736.100	670.300
		Selling Expenses	13474.100	8180.000	1440.200
		Royalty and Cess	9604.300	9524.300	10226.100
		Changes In Inventories Of Finished Goods, Work-In-Progress And Stock-In-Trade	(142.700)	(1843.300)	(227.200)
		Exceptional Items	(454.800)	0.000	513.000
		Employees Benefits Expense	7062.000	5799.200	5291.000
		Other Expenses	7626.600	7429.100	2889.900
		TOTAL	42395.000	33290.700	23870.300
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		99132.200	96140.700	108913.500
Less	FINANCIAL EXPENSES		18.500	132.000	14.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		99113.700	96008.700	108898.700
Less/ Add	DEPRECIATION/ AMORTISATION		1504.100	1385.200	1301.700
	PROFIT/ (LOSS) BEFORE TAX		97609.600	94623.500	107597.000
Less	TAX		33408.800	31199.800	34943.100
	PROFIT/ (LOSS) AFTER TAX		64200.800	63423.700	72653.900
Less	APPROPRIATIONS
		Transfer to General Reserve	10000.000	31050.000	51920.000
		Dividend	33700.100	11894.100	7929.400
		Tax on Dividend	5727.300	1929.500	1286.400
	Total		49427.400	44873.600	61135.800
	IMPORTS
		Components and Spares	360.600	98.200	358.500
		Capital Goods	2205.800	1723.500	719.600
		TOTAL	2566.400	1821.700	1078.100
	Earnings / (Loss) Per Share (Rs.)		16.19	16.00	18.33

Expected Sales ( 2014-2015 ) : Rs.150000.000 Million

The above information has been parted by Mr. D P Dubey.

QUARTERLY RESULTS

PARTICULARS	31.12.2014	30.09.2014	30.06.2014
	Unaudited	Unaudited	Unaudited
Net Sales	29460.500	31050.500	34767.300
Total Expenditure	9978.500	10990.200	10746.100
PBIDT (Excl OI)	19482.000	20060.300	24021.200
Other Income	5251.400	5268.400	5418.200
Operating Profit	24733.400	25328.700	29439.400
Interest	0.000	0.000	0.000
Exceptional Items	0.000	(1121.900)	0.000
PBDT	24733.400	24206.800	29439.400
Depreciation	532.600	409.200	400.200
Profit Before Tax	24200.800	23797.600	29039.200
Tax	8270.700	8130.100	9889.100
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	15930.100	15667.500	19150.100
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	15930.100	15667.500	19150.100

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	53.24	59.25	64.51
Operating Profit Margin (PBIDT/Sales)	(%)	82.21	89.82	96.71
Return on Total Assets (PBT/Total Assets}	(%)	37.61	34.67	43.20
Return on Investment (ROI) (PBT/Networth)		0.33	0.34	0.44
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		17.80	8.16	11.02

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	3964.700	3964.700	3964.700
Reserves and Surplus	240098.900	271144.900	295918.300
Share Application money pending allotment	0.000	0.000	0.000
Net worth	244063.600	275109.600	299883.000
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	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 Million)	(Rs. In Million)	(Rs. In Million)
Sales	112618.900	107042.700	120582.000
		(4.951)	12.649

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	112618.900	107042.700	120582.000
Profit	72653.900	63423.700	64200.800
	64.51%	59.25%	53.24%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
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	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	Yes
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	No

.

LITIGATION DETAILS

CASE STATUS INFORMATION SYSTEM

ITTA 449 / 2014

ITTASR 3113 / 2013

CASE IS:PENDING

PETITIONER		RESPONDENT
THE COMMISSIONER OF INCOME TAX-IV,	VS	M/S NMDC LIMITED
PET.ADV. : PRASAD (SC FOR INCOME TAX)		RESP.ADV. :
SUBJECT: U/Sec. 143 Assessment		DISTRICT:  HYDERABAD

FILING DATE:  01-10-2013	POSTING STAGE :  FOR ISSUES
REG. DATE    :   16-07-2014	LISTING DATE :  02-01-2015	STATUS   :  ---------

HON'BLE JUDGE(S):

HON'BLE THE CHIEF JUSTICE

SANJAY KUMAR

PERFORMANCE HIGHLIGHTS

During the year, the Company has recorded turnover of Rs.120580.000 Million, achieved Profit Before Tax (PBT) of Rs.97590.000 Million (including discontinued operations) and achieved Profit after Tax (PAT) of Rs.64200.000 Million

The major performance highlights are summarized as under:

• The Company has registered highest iron ore production and sales since inception - Crossed the 30.000 Million tonnes milestone in production and sales parameter for the first time in the FY 2013-14:

• Achieved Iron Ore Production of 300.25 LT, highest since inception.

• Achieved Iron Ore Sales of 305.00 LT, highest since inception.

• Production of Diamonds also registered a remarkable growth of 18% at 37,082 carats previous year.

• Turnover for the year was Rs. 120580.000 Million compared to Rs. 107040.000 Million in the previous financial year 2012-13 recording an increase of 13%.

• Profit before tax (PBT) from continuing operations was Rs.97610.000 Million compared to Rs.94620.000 Million in the previous financial year 2012-13 recording an increase of 3%.

• Profit after tax (PAT) was Rs.6420.000 Million compared to Rs.6342.000 Million in the previous financial year 2012-13 recording an increase of 1%.

• Net worth increased to Rs.299830.000 Million as on 31.03.2014, 9% higher than Rs.27505.000 Million in the previous financial year 2012-13.

• The Company has declared Dividend of Rs.8.50 per share for FY 2013-14 which is highest since its inception.

• Supply of Iron Ore to domestic industries recorded 2.8203 Million tonnes as against the previous year supply of 246.72 Million tonnes, recording an increase of 14%. Total exports of Iron Ore during the year was 22.97 Million tonnes against 16.02 Million tonnes in the previous financial year 2012-13 recording an increase of 43%.

• Sponge Iron production during the year was 29,734 tonnes as against previous year 36,289 tonnes.

• Diamond production for the year was 37,082 carats as against previous year 31,533 carats.

• Capital expenditure of Rs.25180.000 Million has been incurred which is once again the highest since inception.

• Major packages for the 3.0 MTPA Steel Plant being set up at Nagarnar have been awarded and construction activity is going on in full swing.

KUMARASWAMY IRON ORE PROJECT

As an addition to present Donimalai Iron Ore Mine and augmenting production capacity towards achieving the target of 50 MTPA in NMDC and 12 MTPA in Karnataka, the construction of Kumaraswamy Iron Ore Mine with capacity of 7.0 MTPA was taken up with an estimated capital outlay of Rs. 8985.500 Million. MECON is appointed as EPCM consultant. The entire project is being executed through six packages. Orders are placed for Crushing Plant Package, Downhill conveyor Package, Electrics and Substation package and Service Centre facilities packages and the works are in progress. Civil works are completed for Primary and Secondary Crusher house, Dumper platform, Mine office Building. Erection and trial runs of Primary and Secondary Crusher is completed. Civil and Structural works of Downhill conveyor system are under progress. The project is expected to be complete during the FY 2014-15.

MTPA PELLET PLANT AT DONIMALAI

One of the main objectives of this project is to prolong the life of Tailing Dam at Donimalai by usingthe slimes for making pellets. M N Dastur and Co. is appointed as EPCM consultant. Execution of Project is divided into Six Packages. The estimated capital expenditure is Rs.572.000 Million. All the packages are ordered. Major civil works completed. Major Technological equipment erection is completed and some of the equipment trial runs taken. Project is scheduled to be completed in FY 2014-15.

MTPA INTEGRATED STEEL PLANT IN CHHATTISGARH

As there are aware, the Company is setting up a 3.0 MTPA Integrated Steel Plant at Nagarnar near Jagdalpur, District Bastar, Chhattisgarh at an estimated cost of Rs.15520.500 Million where the Company is in possession of about 2120 acres of land for the steel plant, township and for other facilities.

Necessary statutory clearances including Environmental Clearance from Ministry of Environment and Forests (MOEF) and the Government of Chhattisgarh have been obtained. Rail Transport Clearance was received and the Final Detailed Project Report of Railway siding is also approved by East Coast Railway.

ORE BENEFICIATION AND SLURRY PIPELINE TRANSPORTATION SYSTEM FROM BAILADILA TO VIZAG

The Slurry Pipeline Transportation System is intended for transportation of Pellet Feed Concentrate from Bailadila to Vizag via Jagdalpur along National / State Highways with a provision of partial off-take at Nagarnar for making Pellets required for feeding to NMDC's proposed Steel Plant at Nagarnar. For part of this Project, investment proposal involving 2 MTPA Ore Processing Plant at Bacheli, 15 MTPA Slurry Pipeline system from Bacheli to Nagarnar and 2 MTPA Pellet Plant at Nagarnar has been approved by NMDC Board.

Other pre project activities viz., Detailed Route Survey, Environmental clearance, Forest clearance, crossing permission from Railways and National Highway Authorities, MoU with Chhattisgarh State Government for sanction of utilities (Water and Electrical power) are also taken up and are in progress. Notification under the Act has been made for RoW and RoU.

BHJ (BANDED HAEMATITE JASPER) BENEFICIATION

PLANT AT DONIMALAI

The intent of BHJ Beneficiation Plant at Donimalai is for processing low grade iron ore (of about 42%Fe) to produce Pellet Feed Concentrate (PFC of about 65% Fe). The PFC can either be used as a feed material in the upcoming Pellet Plant at Donimalai or can itself be sold as a product. Approved cost of this Project is Rs. 134.41 Crores. The implementation of this Project will be taken up after receipt of Forest Clearance for Change of land use pattern' from MoEF.

PANTHAL MAGNESITE PROJECT

JandK Mineral Development Corporation Limited (JandKMDC), a subsidiary of NMDC has decided to set up a 30,000 TPA Dead Burnt Magnesite plant at Panthal, Jammu.

M/s. Dasturco is EPCM consultant for this project. The Project is planned to be executed in four major packages. Soil investigation work is completed. Work order is placed for "Balance Civil Works" package and order for main technological package is expected to be placed in August 2014.

CONTINGENT LIABILITIES:

	PARTICULARS	31.03.2014 Rs in Million	31.03.2013 Rs in Million
1.1	Claims against the company not acknowledged as debts consisting of:
a.	Disputed claims under Property tax, Export tax, Conservancy Tax, Sales tax, Income tax etc.	8190.000	9054.000
b.	Claims by contractors under arbitration	1.600	1.600
c.	Other claims on company not acknowledged as debts	703.900	588.800
1.2	Contingent liability on bills discounted under LCs	29.400	142.000
1.3	Corporate Guarantee given to Citi Bank, Sydney for the loan given to M/s Legacy Iron Ore Limited (AUD 3 million	168.100	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90259578	26/07/1993 *	22,500,000.00	STATE BANK OF HYDERABAD	MASAB TANK BRANCH, HYDERABAD, ANDHRA PRADESH - 500  028, INDIA	-
2	90260517	08/03/1982	6,000,000.00	STATE BANK OF HYDERABAD	KOTHAGUDAM, KHAMMAM, ANDHRA PRADESH, INDIA	-
3	90260513	06/02/1995 *	6,000,000.00	STATE BANK OF HYDERABAD	KOTHAGUDAM BRANCH, KHAMMAM, ANDHRA PRADESH, INDIA	-
4	90259387	13/01/2004 *	6,000,000.00	STATE BANK OF HYDERABAD	O. BRANCH, SOMAJUGUDA, HYDERABAD, ANDHRA PRADESH,  INDIA	-

* Date of charge modification

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED AS ON 31.12.2014

PARTICULARS	Rs in Million
	Three Months Ended		Nine Months Ended
	31.12.2014	30.09.2014	31.12.2014
	Unaudited	Unaudited	Unaudited
(a) Net Sales/ Income from operation	29443.900	31022.400	95211.300
(b) Other Operating Income	16.600	28.100	67.000
Total Income	29460.500	31050.500	95278.300
2. Expenditure
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P.	0.000	0.000	0.000
b. Consumption of Raw-Materials	74.400	79.100	215.000
c. Consumption of Stores and Spares	775.100	651.200	1989.200
d. Change in inventories of finished goods	(1831.900)	504.200	(823.800)
e. Employees Cost	1809.800	1982.600	5600.400
f. Selling Expenses	2405.600	3094.000	8809.200
e. Depreciation	532.600	409.200	1342.000
g. Royalty Cess	4604.900	2696.800	10016.600
f. Other Expenditure	2140.600	1982.300	5908.200
Total Expenditure	10511.100	11399.400	33056.800
3. Profit(+)/ Loss(-) from Operations before other Income Interest and Exceptional Item(1-2)	18949.400	19651.100	62221.500
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss)	5251.400	5268.400	15392.100
5. Profit(+)/ Loss(-) before Interest and Exceptional Item	24200.800	24919.500	77613.600
6. Interest	0.000	0.000	0.000
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6)	24200.800	24919.500	77613.600
8. Exceptional Items	0.000	1121.900	576.000
9. Profit(+)/ Loss (-) from ordinary activities before Tax (7-8)	24200.800	23797.600	77037.600
10. Tax Expenses	8270.700	8130.100	26289.900
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10)	15930.100	1567.500	50747.700
12. Extraordinary Items	0.000	0.000	0.000
13. Net Profit (+)/ Loss(-) for the period (11-12)	15930.100	1567.500	50747.700
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share)	3964.100	3964.700	3964.700
15. Reserves excluding Revaluation Reserves as per Balance Sheet of Previous Accounting Year	--	---	--
16. Earning per Share (EPS)
a) Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualised)	4.02	3.95	12.80
b) Basic and diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not annualised)	4.02	3.95	12.80
17. Public Shareholding
Number of Shares	792769700	792769700	792769700
% of Share holding	20.00	20.00	20.00
18. Promoters and promoter group Shareholding
a) Pledged/Encumbered
- Number of shares	0.000	0.000	0.000
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	0.000	0.000	0.000
- Percentage of shares (as a % of the total share capital of the company)	0.000	0.000	0.000
b) Non-encumbered
- Number of shares	3171946300	3171946300	3171946300
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
- Percentage of shares (as a % of the total share capital of the company)	80.00	80.00	80.00

	Particulars		Three Months Ended 31.12.2014
B		Investor Complaints
		Pending at the beginning of the quarter	Nil
		Received during the quarter	27
		Disposed during the quarter	27
		Remaining unresolved at the end of the quarter	Nil

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

PARTICULARS	Rs in Million
	Three Months Ended		Nine Months Ended
	31.12.2014	30.09.2014	31.12.2014
	Unaudited	Unaudited	Unaudited
Segment Revenue (Sales and Other Operating Income)
Iron Ore	29077.900	30592.100	94067.300
Other Minerals and Service	410.700	458.400	1243.800
TOTAL	29488.600	31050.500	95311.100
Less: Inter-segment transfers	28.100	0.000	32.800
Net Sales / Income from operation	29460.500	31050.500	95278.300
Segment Results: [Profit/ (Loss) before tax and interest from each segment]
Iron Ore	19351.200	19968.100	63341.100
Other Minerals and Service	73.200	(100.000)	(29.900)
TOTAL	19424.400	19868.100	63311.200
Less: Financial Cost	--	--	--
Other unallocable expenditure, net of unallocable income	4776.400	3929.500	13726.400
Total Profit/ Loss –before tax	24200.800	23797.600	77037.600
Capital Employed:
Iron Ore	39736.800	37642.000	39736.800
Other Minerals and Service	1154.900	1170.400	1154.900
Other Offices	296278.800	296742.000	296278.800
TOTAL	337170.500	335554.400	337170.500

NOTE :

1. The financial results have been reviewed and recommended by the Audit Committee at its meeting held on 05-Feb-2015 and approved by the Board of Directors at its meeting held on 06-Feb-2015.

2. As prescribed by the new Companies Act, 2013, the company adopted Schedule II depreciation rates with effect from 01.04.2014 and its effect on the opening value of the asset to the extent of Rs. 136.500 Million has been adjusted against Reserves and Surplus and that of the current period amounting to Rs. 101.200 Million is charged to revenue.

3. The details of exceptional items Rs. 576.000 Million (net) are as under:

i. A defined Continuation Pension scheme for employees of the company, with effect from 1st Jan 2007, was introduced during the current period. The anticipated expenditure on this account pertaining to earlier period i.e. Jan’2007 to Mar‘2014 of about Rs. 1121.900 Million is included in ‘Exceptional Items’

ii. As per the direction of Honorable Supreme Court dated 26.05.2014 the monitoring committee is required to pay interest at the rate of 8% per annum on 80% of the sale proceeds for the period between the realization of sales proceeds & passing on the same to NMDC. Considering the above, interest income receivable from the Committee for earlier period i.e. from Oct’2011 to Mar'2014 amounting to Rs. 545.900 Million is included in ‘Exceptional Items’,

4. Other income includes interest income accrued on the amount due from Monitoring Committee amounting to Rs. 184.900 Million.

5. Employee benefit expense of current period includes Rs. 190.200 Million towards implementation of the Defined Contribution Pension scheme.

6. The Board of Directors has approved In its meeting held on 06-Feb-2015, a Second Interim dividend of Rs. 4.25 per equity share of Re 1/-, for the financial year 2014-15, With this for the current financial year, the total interim dividend declared by the company is Rs. 7.25 per equity share.

7. Figures for the previous period have been regrouped wherever considered necessary so as to conform to the classification of the current period.

8. The financial results have been reviewed by the Statutory Auditors as required under clause 41 of the listing agreement.

FIXED ASSETS

Tangible Assets:

• Building
• Plant and Machinery
• Heavy Mobile Equipment
• Furniture and Fittings
• Vehicles
• Office Equipment
• Railway Sidings
• Locomotives
• Electrical Installations
• Sanitary and Water Supply Installations

Intangible Assets

• Computer Software
• Mining Rights
• Goodwill on Amalgamation of SILL

CMT REPORT (Corruption, Money Laundering and 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.62.16
UK Pound	1	Rs.92.73
Euro	1	Rs.68.23

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--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		76

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
756-70	A	Financial and 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.