MIRA INFORM REPORT

Report No. :	338537
Report Date :	25.08.2015

IDENTIFICATION DETAILS

Name :	MSTC LIMITED
Registered Office :	225/C, Acharya Jagadish Bose Road, Kolkata – 700020,  West Bengal
Tel. No.:	91-33-22900964/ 22877557/ 0568/ 9627
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	09.09.1964
Com. Reg. No.:	21-026211
Capital Investment / Paid-up Capital :	Rs.88.000 Million
CIN No.: [Company Identification No.]	U27320WB1964GOI026211
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20379C
PAN No.: [Permanent Account No.]	AACCM0021E
Legal Form :	Subject is Government of India Company.
Line of Business :	Subject has two major business verticals namely e-Commerce and trading.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Slow and delayed
Litigation :	Exist
Comments :	Subject is a Mini-Ratna Category-I Public Sector Undertaking (PSU) of Government of India. It was set up in September, 1964 for regulating export of ferrous scrap from India. It is a well-established and reputed company having a satisfactory track. The company has incurred a loss from its operations during FY 2014. However, General Financial position of the company seems to be decent. It being a Government company, investors and creditors can feel confident of their exposure. Trade relations are reported to be fair. Business is active. Payment terms are reports to be slow and delayed. In view of strong support from Government of India, the company can be considered normal for business dealing at usual trade terms and conditions. Note : Subject has been found under RBI defaulter’s list the name of Credit Grantors Is Standard Chartered Bank and the amount Charged is Rs.1910.354 Million dated 30.09.2014

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	20.03.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk
Date	20.03.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under:

Borrowers’ Name :	MSTC Limited
Address :	225C, A J Bose road, Kolkata-700020, West Bengal, India
Name of Individual :	Government of India Undertaking
Name of Credit Grantors / Bank & Branch:	Standard Chartered Bank, N. S. Road, Kolkata, West Bengal, India
Amount (Rs. In Million) :	1910.354 Million

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 31-03-2013.

INFORMATION DECLINED

Management non-cooperative (91-33-22900964)

LOCATIONS

Registered Office/ Head Office :	225/C, Acharya Jagadish Bose Road, Kolkata – 700020,  West Bengal, India
Tel. No.:	91-33-22900964/ 22877557/ 0568/ 9627
Fax No.:	91-33-22878547/ 22874178
E-Mail :	mstcindia@mstcindia.co.in
Website :	http://www.mstcindia.co.in
Eastern Regional Office (ERO) :	225/F, Acharya Jagadish Bose Road, Kolkata – 700020,  West Bengal, India
Tel. No.:	91-33-22900964,22877557/0568/7716/9627/7568
Fax No.:	91-33-22874915
E-Mail :	mstcero@mstcindia.co.in
Western Regional Office :	607-608, Raheja Centre, Nariman Point, Mumbai – 400 021, India
Tel. No.:	91-22-2288 6261 / 22823767/ 22872011/ 22822789
Fax No.:	91-22-2284 5130
E-Mail :	mstcwro@mstcindia.co.in
Northern Regional Office (NRO)	30/31A Jeevan Vikas Building, 1st  Floor, Asaf  Ali  Road (Opposite Hamdard) New Delhi - 110 002, India
Tel. No.:	91-11-23214201/ 23213945
Fax No.:	91-11-23216713
E-Mail :	mstcnro@mstcindia.co.in
Southern Regional Office (SRO)c :	Leelavathi Building, 2^nd Floor, 69, Armanian Street, Chennai – 600 001, Tamilnadu, India
Tel. No.:	91-44-2521 9004/ 2522 2842 / 2523 1584
Fax No.:	91-44-2522 0091
E-Mail :	mstcsr@md4.vsnl.net.in
Branch Offices :	Located At : Bangalore Vizag Vadodara Hyderabad Bhopal Stockyard (Haldia) Trichy Lucknow Trivandrum

DIRECTORS

As on 31.03.2014

Name :

Mr. Shailendra Krishna Tripathi

Designation :

Managing Director

Address :

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

Date of Birth/Age :

08.05.1956

Date of Appointment :

15.06.2009

DIN No.:

01016520

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1970GOI005276	HOUSING AND URBAN DEVELOPMENT CORPORATION LIMITED	Whole-time director	14/11/2006	14/11/2006	11/06/2009	Active	NO
2	U27320WB1964GOI026211	MSTC LIMITED	Managing director	15/06/2009	15/06/2009	-	Active	NO
3	U27102CT1989GOI005468	FERRO SCRAP NIGAM LIMITED	Managing director	22/08/2012	19/04/2012	-	Active	NO

Name :

Mt. Asim Kumar Basu

Designation :

Whole Time Director

Address :

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

Date of Birth/Age :

28.11.1958

Date of Appointment :

22.04.2010

DIN No.:

03102901

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27320WB1964GOI026211	MSTC LIMITED	Whole-time director	22/04/2010	22/04/2010	-	Active	NO
2	U93000WB2010NPL148703	WOODS BIRCH HAZEL RESIDENTS' ASSOCIATION	Director	07/07/2013	24/03/2013	-	Active	NO

Name :

Mr. Bam Bahadur Singh

Designation :

Whole Time Director

Address :

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

Date of Birth/Age :

11.11.1959

Date of Appointment :

28.04.2010

DIN No.:

03212787

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27320WB1964GOI026211	MSTC LIMITED	Whole-time director	28/04/2010	28/04/2010	-	Active	NO
2	U27102CT1989GOI005468	FERRO SCRAP NIGAM LIMITED	Nominee director	03/09/2010	03/09/2010	-	Active	NO

Name :

Mr. Jai Prakash Shukla

Designation :

Nominee Director

Address :

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

Date of Birth/Age :

22.02.1954

Date of Appointment :

20.10.2010

DIN No.:

00708551

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L14100WB1910GOI001996	THE BISRA STONE LIME COMPANY LIMITED	Director	27/09/2006	25/08/2006	21/07/2009	Active	NO
2	U27102TG1975PLC001866	SPONGE IRON INDIA LTD	Director	24/11/2006	24/11/2006	01/01/2008	Amalgamated	NO
3	L51430WB1918GOI003026	THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED	Director	29/11/2006	29/11/2006	20/07/2009	Active	NO
4	U29120WB1924PLC004856	SCOTT & SAXBY LTD	Director	26/09/2007	29/03/2007	-	Under liquidation	NO
5	L65993WB1927GOI005532	EASTERN INVESTMENTS LTD	Director	20/09/2008	15/07/2008	21/07/2009	Active	NO
6	L45201WB1920PLC003846	KARANPURA DEVELOPMENT CO LTD	Director	20/09/2008	15/07/2008	22/07/2009	Under liquidation	NO
7	U27310WB1964GOI026118	HINDUSTAN STEEL WORKS CONSTRUCTION LTD	Director	30/04/2009	30/04/2009	06/01/2011	Active	NO
8	U27320WB1964GOI026211	MSTC LIMITED	Nominee director	20/10/2010	20/10/2010	10/03/2014	Active	NO
9	L13100AP1958GOI001674	NMDC LIMITED	Director	30/07/2012	30/07/2012	18/10/2012	Active	NO

Name :

Mr. Kishan Lal Mehrotraa

Designation :

Director

Address :

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

Date of Birth/Age :

09.10.1948

Date of Appointment :

13.12.2010

DIN No.:

00062172

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999MH1962GOI012398	MOIL LIMITED	Managing director	01/07/2005	01/07/2005	01/11/2008	Active	NO
2	U01410MP1962SGC000937	THE MADHYA PRADESH STATE MINING CORPORATION LIMITED	Director	20/02/2006	20/02/2006	29/12/2008	Active	NO
3	L65993WB1927GOI005532	EASTERN INVESTMENTS LTD	Director	20/09/2008	08/02/2008	06/11/2008	Active	NO
4	L51430WB1918GOI003026	THE ORISSA MINERALS DEVELOPMENT COMPANY LIMITED	Director	20/09/2008	08/02/2008	06/11/2008	Active	NO
5	L45201WB1920PLC003846	KARANPURA DEVELOPMENT CO LTD	Director	20/09/2008	08/02/2008	06/11/2008	Under liquidation	NO
6	L14100WB1910GOI001996	THE BISRA STONE LIME COMPANY LIMITED	Director	20/09/2008	08/02/2008	06/11/2008	Active	NO
7	U27103OR1992PLC003128	EAST INDIA MINERALS LTD.	Director	23/08/2008	15/05/2008	02/02/2009	Active	NO
8	U14210WB2008PLC125636	EURASIA OVERSEAS LIMITED	Director	27/11/2008	27/11/2008	08/12/2009	Active	NO
9	U70109WB2008PTC127479	SRK PROMOTERS PRIVATE LIMITED	Director	29/01/2009	29/01/2009	-	Active	NO
10	U51909MH1989PTC051640	GUPTA COAL INDIA Private Limited	Additional director	07/11/2009	07/11/2009	17/04/2010	Active	NO
11	U40102MH2007PTC175497	GUPTA ENERGY Private Limited	Additional director	12/03/2010	12/03/2010	17/04/2010	Active	NO
12	U51420MH2008PLC187689	SARDA METALS & ALLOYS LIMITED	Whole-time director	01/07/2010	01/07/2010	01/04/2011	Active	NO
13	L27101AP2004PLC043252	FACOR ALLOYS LIMITED	Director appointed in casual vacancy	18/09/2010	18/09/2010	-	Active	NO
14	U27320WB1964GOI026211	MSTC LIMITED	Director	13/12/2010	13/12/2010	13/12/2013	Active	NO
15	U24292TG1970GOI001353	BHARAT DYNAMICS LIMITED	Director	08/03/2011	08/03/2011	08/03/2014	Active	NO
16	U29214HP1987PLC007699	INDIAN TECHNOMAC COMPANY LIMITED	Additional director	03/09/2011	03/09/2011	03/09/2011	Active	NO
17	L74899DL1960GOI003335	NATIONAL BUILDINGS CONSTRUCTION CORPORTION LIMITED	Director	05/12/2011	05/12/2011	04/12/2014	Active	NO

Name :

Mr. Dhananjaya Prasad Singh

Designation :

Nominee Director

Address :

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

Date of Birth/Age :

08.09.1946

Date of Appointment :

20.06.2011

DIN No.:

02578314

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L74899DL1991PLC138153	SPENTEX INDUSTRIES LIMITED	Director	11/09/2014	31/01/2009	-	Active	NO
2	U27320WB1964GOI026211	MSTC LIMITED	Nominee director	20/06/2011	20/06/2011	20/06/2014	Active	NO

Name :

Mr. Suraj Bhan

Designation :

Nominee Director

Address :

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

Date of Birth/Age :

05.01.1958

Date of Appointment :

24.04.2012

DIN No.:

05307986

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27320WB1964GOI026211	MSTC LIMITED	Nominee director	24/04/2012	24/04/2012	-	Active	NO

Name :

Mr. Nirmal Chandra Jha

Designation :

Nominee Director

Address :

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

Date of Birth/Age :

02.01.1952

Date of Appointment :

10.12.2012

DIN No.:

00657309

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L23109WB1973GOI028844	COAL INDIA LTD GOVT OF INDIA UNDERTAKING	Director	01/01/2007	01/01/2007	31/01/2012	Active	NO
2	U10101JH1972GOI000918	BHARAT COKING COAL LIMITED	Director	02/03/2007	02/03/2007	28/02/2012	Active	NO
3	U14292JH1975GOI001223	CENTRAL MINE PLANNING & DESIGN INSTITUTE LIMITED	Director	02/03/2007	02/03/2007	31/01/2012	Active	NO
4	U10100DL2009PTC190448	INTERNATIONAL COAL VENTURES PRIVATE LIMITED	Director	20/05/2009	20/05/2009	01/02/2012	Active	NO
5	U10102CT1985GOI003161	SOUTH EASTERN COALFIELDS LIMITED	Managing director	30/05/2010	30/05/2010	01/03/2011	Active	NO
6	U10100MP2009SGC022639	MP MONNET MINING COMPANY LIMITED	Managing director	20/06/2012	20/06/2012	01/08/2013	Active	NO
7	U10100DL2010PLC199690	Urtan North Mining Company Limited	Director	29/09/2012	20/07/2012	01/08/2013	Active	NO
8	L02710CT1990PLC009826	MONNET ISPAT AND ENERGY LIMITED	Whole-time director	14/08/2012	14/08/2012	01/08/2013	Active	NO
9	U27320WB1964GOI026211	MSTC LIMITED	Nominee director	10/10/2012	10/10/2012	-	Active	NO
10	L27109DL1973GOI006454	STEEL AUTHORITY OF INDIA LIMITED	Additional director	19/02/2014	19/02/2014	19/09/2014	Active	NO

KEY EXECUTIVES

Name :	Subrata Kumar Ray
Designation :	Secretary
Address :	Flat 6 B, Block 4. Ekta Heights, 56 Raja S.C. Mullick Road, Kolkata – 700032, West Bengal, India
Date of Birth/Age :	05.08.1957
Date of Appointment :	09.02.1999
PAN No.:	AFNPR0717D
Name :	Shri S. Ambastha
Designation :	Chief Vigilance Officer
Name :	Shri Ashok Kumar
Designation :	CGM (BD)
Name :	Smt. S. Arya
Designation :	General Manager (Marketing)
Name :	Shri S. S. Chaudhuri
Designation :	CGM (HRM)
Name :	Shri R. K. Chaudhuri
Designation :	General Manager (F&A)
Name :	Shri C. R. Giri
Designation :	General Manager (Systems)
Name :	Shri D. P. Bahuguna
Designation :	General Manager (NRO)

MAJOR SHAREHOLDERS

As on 12.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 12.09.2014

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

BUSINESS DETAILS

Line of Business :	Subject has two major business verticals namely e-Commerce and trading.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

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

• Punjab National Bank, Shakespeare Sarani Branch, 52 A, Shakespeare Sarani, Kolkata - 700017, West Bengal, India
• ICICI Bank
• HDFC Bank
• Bank of India
• Union Bank of India
• United Bank of India
• State Bank of India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans repayable on demand
From banks (Secured by lien on FDR Rs.7635.400 Million, Previous year Rs.91,07.900 Million)	3157.000	4818.500
Working Capital loan (Secured against Current Assets)	4023.200	2916.200
Total	7180.200	7734.700

Auditors :
Name :	P D Rungta and Company Chartered Accountants
Address :	21 Hemanta Basu Sarani, 3rd Floor, Room No-317, Kolkata-700001, West Bengal, India
PAN No.:	AAEFP6934E
Name :	Ray and Company Chartered Accountant
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Ferro Scrap Nigam Limited CIN No.: U27102CT1989GOI005468

CAPITAL STRUCTURE

As on 12.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Million

Issued, Subscribed ` Paid-up Capital :

No. of Shares	Type	Value	Amount
8800000	Equity Shares	Rs.10/- each	Rs.88.000 Million

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	88.000	88.000	22.000
(b) Reserves & Surplus	6172.100	6871.700	5938.600
(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)	6260.100	6959.700	5960.600
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	94.700
(c) Other long term liabilities	69.600	95.300	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	69.600	95.300	94.700
(4) Current Liabilities
(a) Short term borrowings	8621.800	10176.300	7326.000
(b) Trade payables	31854.700	36145.200	22196.900
(c) Other current liabilities	5205.500	5484.500	5142.600
(d) Short-term provisions	152.100	462.300	113.800
Total Current Liabilities (4)	45834.100	52268.300	34779.300
TOTAL	52163.800	59323.300	40834.600
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	153.800	169.600	191.600
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.400	3.400	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	158.100	158.100	158.100
(c) Deferred tax assets (net)	1350.700	234.100	130.100
(d) Long-term Loan and Advances	137.300	109.600	204.800
(e) Other Non-current assets	1.000	1.500	2.300
Total Non-Current Assets	1809.300	676.300	686.900
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	360.500	737.500	0.000
(c) Trade receivables	38299.700	45018.000	30766.400
(d) Cash and cash equivalents	10960.400	12745.700	9142.800
(e) Short-term loans and advances	641.400	43.400	149.500
(f) Other current assets	92.500	102.400	89.000
Total Current Assets	50354.500	58647.000	40147.700
TOTAL	52163.800	59323.300	40834.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	52,303.000	63,660.300	26,253.100
		Other Income	999.700	892.200	706.100
		TOTAL (A)	53302.700	64,552.500	26,959.200
Less	EXPENSES
		Purchase of Stock-in-trade	48,942.400	61,146.000	23,266.700
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	377.000	(737.500)	161.800
		Employee Benefits Expenses	367.000	449.000	412.900
		Other Expenses	1064.900	390.300	320.000
		Prior Period items	2267.800	0.000	0.000
		TOTAL (B)	53019.100	61,247.800	24,161.400
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		283.600	3304.700	2797.800
Less	FINANCIAL EXPENSES (D)		1337.800	1346.200	1015.500
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1054.200)	1958.500	1782.300
Less	DEPRECIATION/ AMORTISATION (F)		19.500	24.500	20.800
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(1073.700)	1934.000	1761.500
Less	TAX (H)		(373.400)	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(700.300)	1934.000	1761.500
	Earnings Per Share (Rs.)		(79.58)	148.56	538.14

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(51.600)	589.500	4819.400
Net Cash Flow from Operating Activities	(805.700)	(46.300)	4201.300

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(1.34)	3.04	6.71
Operating Profit Margin (PBIDT/Sales)	(%)	0.54	5.19	10.66
Return on Total Assets (PBT/Total Assets}	(%)	(2.12)	3.28	4.34
Return on Investment (ROI) (PBT/Networth)		(0.17)	0.28	0.30
Debt Equity Ratio (Total Debt /Networth)		1.38	1.46	1.23
Current Ratio (Current Asset/Current Liability)		1.10	1.12	1.15

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	22.000	88.000	88.000
Reserves & Surplus	5938.600	6871.700	6172.100
Net worth	5960.600	6959.700	6260.100
long-term borrowings	0.000	0.000	0.000
Short term borrowings	7326.000	10176.300	8621.800
Total borrowings	7326.000	10176.300	8621.800
Debt/Equity ratio	1.229	1.462	1.377

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	26253.100	63660.300	52303.000
		142.487	(17.840)

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	26253.100	63660.300	52303.000
Profit	1761.500	1307.300	(700.300)
	6.71%	2.05%	(1.34%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity -Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	No
8]	Designation of contact person	No
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	No
17]	Details of sister concerns
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

Case Status     :   Pending

Status of ARBITRATION PETITION(AP)   180 of    2010 

RELIANCE SILICONES INDIA PRIVATE LIMITED   Vs.                  MSTC LIMITED

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

Res's Adv.       :       

Court No.        :  16     Last Listed On :  

Monday, March 03, 2014     

Category           :   NO CATEGORY MENTIONED

CONNECTED APPLICATION (S) No Connected Application

CONNECTED MATTER (S) No Connected Matter

Case Updated on:   Friday, February 28, 2014

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loans repayable on demand from banks	1441.600	2441.600
Total	1441.600	2441.600

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE & DEVELOPMENTS

FSNL is a Government of India Company under Ministry of Steel. It is a wholly owned subsidiary of MSTC Ltd. and the share capital is Rs.20.000 Million. Heckett Engineering Company, USA, predecessor of FSNL commenced operation in India in 1957 and had been undertaking the job of recovery and processing of scrap in the Steel Plants. FSNL was incorporated in 1979 as a Government of India company with the main objective to take over the running business of Heckett Engineering Co. and to carry on the business of processing of Steel Mill Slag and other refuse for the recovery of Iron and Steel Scrap.

The Company became a wholly owned subsidiary of MSTC in June,2002. FSNL has over the years evolved as a pioneer organization in the field of Steel Mill services. The company at present operates in 7 integrated Steel Plants & two manufacturing plants in the country and offers services with technology comparable to other world leaders.

Management Discussion and Analysis

1. Company's Business

MSTC has two core business segments namely e-commerce & trading. It plays a very important role as a service provider in e-commerce and is a market leader in this sector. It has the distinction of serving majority of Central/PSUs/ State Govt. Department and also Private Institutions for the reason of providing a transparent, fair and seamless services to its clients.

e-Commerce business consists of forward e-Auction and e-Procurement. In forward e-Auction there are selling agency business for scrap, condemned items, old plant & machinery, surplus stores, land parcels, NPAs etc and e-sales for minerals like coal, lignite, barytes, chrome ore, iron ore and also commodities like raw pet coke, human hair to name a few. In e-procurement, MSTC provides e-Tender and e-Reverse auction services backed by mandatory STQC certificate for quality requirements. Although, MSTC made a modest beginning in FY 2013-14 but it is poised for a significant big growth in the upcoming years. e-Commerce business constitutes about 72% of the total volume of business of the company during FY 2013-14 and has the potential to grow exponentially. It contributed 56% of the total operational income being a less remunerative segment.

2. E-Commerce Business

In this segment of business, MSTC acts as service provider for selling agency business, e-sales and e-procurement.

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10119549	25/08/2008	1,000,000,000.00	STANDARD CHARTERED BANK	19, N. S. ROAD, KOLKATA, West Bengal - 700001, INDIA	A44726271
2	80026480	04/01/2013 *	22,000,000,000.00	PUNJAB NATIONAL BANK	SHAKESPEARE SARANI BRANCH, 52A, SHAKESPEARE SARANI, KOLKATA, West Bengal - 700017, INDIA	B68573898
3	80031860	16/05/2015 *	11,750,000,000.00	Indian Bank	3A HARE STREET, 1ST FLOOR, STRAND ROAD, KOLKATA,  West Bengal - 700001, INDIA	C54876420
4	90252282	04/12/2009 *	18,070,000,000.00	Bank Of India	Kolkata Corporate Banking Branch, 5, B.T.M. Sarani, Kolkata, West Bengal - 700001, INDIA	A76184662
5	80040881	25/09/2012 *	7,749,500,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 1/1, CAMAC STREET, 1ST  FLOOR, KOLKATA, West Bengal - 700016, INDIA	B61083499
6	80012104	13/09/2006 *	9,845,000,000.00	INDIAN OVERSEAS BANK	INTERNATIONAL BUSINESS BRANCH, 2, WOOD STREET, KO  LKATA, West Bengal - 700016, INDIA	-

*Date of modification Charges

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2015

PARTICULARS		Year ended 31.03.2015
		(Unaudited)
	Revenue from operations	55031.200
	Other income	685.300
	Total Revenue (I + II)	55716.500
	Expenses:
	Purchases of Stock-in-Trade	52123.100
	Changes in inventories	0.000
	Employee benefits expense	400.000
	Finance costs	1354.000
	Depreciation and amortization expense	20.000
	Other expenses	515.600
	Total expenses	54412.700
	Profit before Exceptional Items and tax (III-IV)	1303.800
	Exceptional Item	0.000
	Prior Period Income/(Expenses)	0.000
	Profit before tax (V- VI-VII)	1303.800
	Tax expense:
	(1) Current tax	443.200
	(2) Deferred tax	0.000
	Profit (Loss) for the period (VIII-IX)	860.700
	Paid-up Equity Share Capital (Face Value of Rs. 10/- per Share)	880
	Earnings per equity share:
	Basic per share	98.00
	Diluted per share	98.00

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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. 66.51
UK Pound	1	Rs. 104.00
Euro	1	Rs. 54.97

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RSM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	YES
--EPF	YES/NO	NO
TOTAL		44

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.