MIRA INFORM REPORT

Report No. :	355944
Report Date :	19.12.2015

IDENTIFICATION DETAILS

Name :	RATNAMANI METALS AND TUBES LIMITED
Registered Office :	17, Rajmugat Society, Naranpura Char Rasta, Ankur Road, Naranpura, Ahmedabad – 380013, Gujarat
Tel. No.:	91-79-27415501
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	15.09.1983
Com. Reg. No.:	04-006460
Capital Investment / Paid-up Capital :	Rs.93.456 Million
CIN No.: [Company Identification No.]	L70109GJ1983PLC006460
IEC No.:	0888007264
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCR1742E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Exporter and Importers of Stainless Steel Pipes and Tubes and Carbon Steel Pipes. [From Indirect Sources]
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (70)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 26000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in the year 1983 engaged in the manufacturing, exporting and importing of stainless steel, tubes and carbon steel pipes. For the financial year ended 2015, company has reported 24.41% sales turnover growth as compared to previous sales turnover and it has maintained decent profitability margins at 10.30% .during the year under a review. Rating reflect company's robust financial profile marked by a large net worth, low gearing, and adequate debt protection metrics. The ratings also factor in the company's market leadership in the SSTP segment, diversified revenue profile and strong operating efficiency. However, rating strengths are partially offset by its working-capital intensive operations and susceptibility to a slowdown in end user industries. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	CRISIL
Rating	Long Term Rating = AA
Rating Explanation	High degree of safety and very low credit risk.
Date	01.08.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	01.08.2014

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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Rakesh Agarwal
Designation :	AGM Finance
Contact No.:	91-79-27415501
Date:	28.11.2015

LOCATIONS

Registered/ Sales Office :	17, Rajmugat Society, Naranpura Char Rasta, Ankur Road Naranpura, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-27415501/ 2/ 3/ 4
Fax No.:	91-79-27480999
E-Mail :	info@ratnamani.com jayantimsanghvi@ratnamani.com jiten.soni@ratnamani.com
Website :	www.ratnamani.com
Head Office / Factory 1:	STAINLESS STEEL TUBES AND PIPES DIVISION Survey No.769, Ahmedabad – Mehsana Highway, Village – Indrad, Near Chhatral GIDC, Taluka – Kadi, District – Mehsana, Gujarat, India
Tel. No.:	91-2764-232254/ 232263/ 233766
Fax No.:	91-2764-234105/ 233098
E-Mail :	info.sstp@ratnamani.com
Website :	www.ratnamani.com
Factory 2:	SAW PIPE DIVISION Plot No.3306-3309, GIDC; Chhatral, Taluka – Kalol, District – Mehsana, Gujarat, India
Tel. No.:	91-2764-232234/ 233919/ 232409
Fax No.:	91-2764-233859
Email :	Info.sp@ratnamani.com
Factory 3:	KUTCH DIVISION Survey No.474, Village – Bhimasar, Taluka – Anjar, District–Kutch, Gujarat, India
Tel. No.:	91-2836-285538/ 285539
Fax No.:	91-2836-285540
Email :	Info.kutch@ratnamani.com
Ratnamani Techno Casts Limited (RTCL) :	Plot No.3310, GIDC Estate Chhatral, Phase IV, Ahmedabad – Mehsana Highway, P.O. Chhatral, Taluka Kalol, District Gandhinagar – 382729, Gujarat, India
Tel. No.:	91-2764-233327/ 234488
Fax No.:	91-2764-233165
E-Mail :	info@ratnamanitechnocasts.com
Sales Office 1 :	516, Ansal Chamber, II Bhikaji Cama Place, New Delhi – 110066, India
Sales Office 2 :	B-Wing, 2^nd Floor, 55-Gama Devi Road, Near Dharam Palace, Mumbai – 400007, Maharashtra, India

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Prakash M. Sanghvi
Designation :	Chairman and Managing Director
Qualification :	Matriculation
Date of Appointment :	12.06.1989
Name :	Mr. Jayantilal M. Sanghvi
Designation :	Whole-Time Director
Qualification :	B.Com (FY)
Date of Appointment :	12.06.1989
Name :	Mr. Shantilal M. Sanghvi
Designation :	Whole-Time Director
Qualification :	Under Graduate
Date of Appointment :	01.11.1998
Name :	Mr. Divyabhash Chandrakant Anjaria
Designation :	Director
Qualification :	PGDM (Finance) from IIM, Ahmedabad
Name :	Dr. Vinodkumar Mahavirprasad Agrawal
Designation :	Director
Qualification :	MBBS
Experience :	Renowned doctor in practice since last 40 years
Name :	Mr. Pravinchandra M. Mehta
Designation :	Director
Qualification :	B.E. (Mechanical)
Name :	Mrs. Nidhi Gadhecha
Designation :	Directors

KEY EXECUTIVES

Name :	Mr. Rakesh Agarwal
Designation :	Account Executive
Name :	Mr. Vimal Katta
Designation :	Vice President (CFO) (W.e.f, 1sf October, 2014)
Name :	Mr. Jigar Shah
Designation :	Company Secretary (W.e.f, 20th August, 2015)
Audit Committee:	Mr. D C Anjaria ,Chairman Dr. V M Agarwal, Member Mr. J. M. Sanghvl, Member
Nomination and Remuneration Committee:	Mr. D C Anjaria ,Chairman Dr. V M Agarwal, Member Mr. P M Mehta, Member
Stakeholders Relationship Committee:	Mr. D C Anjaria ,Chairman Dr. V M Agarwal, Member Mr. J. M. Sanghvl, Member
Corporate Social Responsibility Committee:	Mr. P M Mehta, Chairman Mr. J. M. Sanghvl, Member Mr. P M Mehta, Member

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	No. of Shares	Percentage of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	28164750	60.27
Sub Total	28164750	60.27
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	28164750	60.27
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	472645	1.01
Financial Institutions / Banks	11690	0.03
Foreign Institutional Investors	5853409	12.53
Sub Total	6337744	13.56
(2) Non-Institutions
Bodies Corporate	891812	1.91
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3393284	7.26
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	7100431	15.20
Any Others (Specify)	839979	1.80
Non Resident Indians	344130	0.74
Others	2817	0.01
Directors & their Relatives & Friends	61965	0.13
Overseas Corporate Bodies	431067	0.92
Sub Total	12225506	26.16
Total Public shareholding (B)	18563250	39.73
Total (A)+(B)	46728000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	46728000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importers of Stainless Steel Pipes and Tubes and Carbon Steel Pipes. [From Indirect Sources]

Products :

Item Code No. (ITC CODE)	Product Description
730640	Stainless Steel Welded Tubes and Pipes
730490	Stainless Steel Seamless Tubes and Pipes (Cold-Drawn)
730690	EFSW Carbon Steel Pipes
730610	Carbon Steel Saw Pipes upto 16” (406.4 mm)
730512	Carbon Steel Saw Pipes Above 16”

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

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 :

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

No. of Employees :

Information declined by the management

Bankers :

• Dena Bank
• Punjab National Bank, Ashram Road, Ahmedabad, Gujarat, India
• State Bank of India, Commercial Branch, Ahmedabad – 380013, Gujarat, India
• IDBI Bank Limited, L.G. Road, Lal Bunglow, Ahmedabad, Gujarat, India
• ICICI Bank Limited, Parimal Garden Branch, Ahmedabad, Gujarat, India

Banker Name	State Bank of India
Branch Address	Commercial Branch, Ahmedabad, Gujarat, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
External (Foreign) Commercial Borrowings from Banks	84.080	161.307
SHORT TERM BORROWING
Cash Credit/Export Packing Credit facilities	5.819	94.508
Buyers Credits in Foreign Currencies	214.404	0.000
Total	304.303	255.815

Notes:

LONG TERM BORROWING:

External (Foreign) Commercial Borrowing of Rs.168.160 Million (P. Y. Rs. 241.960 Million) from ICICI Bank Ltd. Hong Kong branch is carrying interest @ 6M Libor+4.52% P.A. The loan is repayable In 12 half yearly installments of USD 6,66,666.67 each from 22.07.2011 ,The loan Is secured by an exclusive charge over movable assets in respect of 3Layer PE Coating Line and Offline Welding & Finishing Lines for HSAW plant situated at Survey No, 474, Village

Bhlmasar, Taluka Anjar, District Kutch

SHORT TERM BORROWING:

Working Capital Loans are secured by –

I) Hypothecation of Inventories, Books Debts, all other movable Il) Second charge on Fixed Assets of the Company except a) 8 wind mills along with related equipment’s / machineries situated at Moti Sindholi, Kutch, Gujarat and,

b] Movable assets in respect of 3Layer PE Coating Line and Offline Welding and Finishing Lines for HSAW plant situated at Survey No, 474, Village Bhlmasar, Tal. Anjar, Dist, Kutch; Ill) Personal guarantees of Mr. Prakash. M. Sanghvl, Chairman and Managing Director, Mr. Jayantl.M, Sanghvl, Whole time Director and Mr., Shanti. M. Sanghvl, Whole-time Director, of the Company; Iv) Joint equitable mortgage of all Immovable properties held as free-hold and leasehold lands of the Company, excepts:

a) Leasehold land related to 8 wind mills situated at Moti Sindholi, Kutch.

b) Lease hold land sltated at 3306-09, GIDC Chhatral, Taluka Kalol and

c) 3Layer PE Coating Line and Offline Welding and Finishing Lines for HSAW plant situated at Survey No,474, Village Bhimasar, Taluka Anjar, District Kutch

Auditors :
Name 1 :	Mehta Lodha and Company Chartered Accountants
Address :	63, Hirabhai Market, Diwan Ballubhai Road, Ahmedabad – 380022, Gujarat, India
Name 2 :	S.R. Batliboi and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company:	Ratnamani Inc., USA
Enterprises owned or significantly influenced by key management personnel or their relatives:	Ratnamani Food Products Private Limited Ratnamani Marketing Private Limited Ratnasmani Healthcare Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.2/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46728000	Equity Shares	Rs.2/- each	Rs.93.456 Million

Reconciliation of the Equity Shares outstanding at the beginning and at the end of the reporting period

(Figures are Rs In Million)
At the beginning of the year	93.367
Add:- Issued during the year under Employee stock Option Scheme Outstanding at the end of the year	0.089
	93.456
(Figures of shares are in numbers)
At the beginning of the year	46,683,450
Add:- Issued during the year under Employee stock Option Scheme Outstanding at the end of the year	44,550
	46,728,000

Terms/Rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of Rs.2/- per share. Each holder of Equity Shares is entitled to one vote per share, The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders at 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 amounts, The distribution will be in proportion to the number of Equity Shares held by Shareholders,

Details of Shareholders holding more than 5% Equity Shares in the Company

Name of the Shareholder	No. of Shares	% held
Prakash M. Sanghvi	5369610	11.49
Nalanda India Equity Fund Limited	3906664	8.36
Jayanti M. Sanghvi	3776435	8.08

As per records of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest the above shareholding represents legal ownerships of shares.

Shares Reserved for issue under option

The Company reserved Issuance of Nil (Previous Year 22,50,000) Equity Shares of, Rs. 2/- each for offering to eligible employees of the Company under Employees Stock Option Scheme 2006 at a price of, Rs. 59.40 per option plus all applicable taxes, as may be levied in this regard on the Company. The options were granted on 31st October, 2006 and have vested completely, Out of the reserved Equity Shares, 17,28,000 Equity Shares (previous year 16,83,450) have been issued till date. The maximum exercise period was 8 years from the date of grant of options, the balance options have expired during the year.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	93.456	93.367	92.831
(b) Reserves & Surplus	8990.300	7571.986	6374.309
(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)	9083.756	7665.353	6467.140
(3) Non-Current Liabilities
(a) long-term borrowings	84.080	161.307	420.175
(b) Deferred tax liabilities (Net)	477.650	466.806	399.587
(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)	561.730	628.113	819.762
(4) Current Liabilities
(a) Short term borrowings	220.223	568.663	772.569
(b) Trade payables	1275.555	1520.446	1005.979
(c) Other current liabilities	694.899	747.582	890.720
(d) Short-term provisions	419.791	345.924	330.709
Total Current Liabilities (4)	2610.468	3182.615	2999.977
TOTAL	12255.954	11476.081	10286.879
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4230.874	4394.258	3875.783
(ii) Intangible Assets	16.650	23.982	29.065
(iii) Capital work-in-progress	417.980	129.874	228.558
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.703	0.095	0.090
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	249.428	79.853	89.484
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4915.635	4628.062	4222.980
(2) Current assets
(a) Current investments	200.000	540.528	291.052
(b) Inventories	3430.887	2517.154	2327.343
(c) Trade receivables	2233.742	2781.120	2511.887
(d) Cash and cash equivalents	756.893	434.119	600.359
(e) Short-term loans and advances	680.774	556.918	315.664
(f) Other current assets	38.023	18.180	17.594
Total Current Assets	7340.319	6848.019	6063.899
TOTAL	12255.954	11476.081	10286.879

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	16755.532	13529.600	12011.275
	Other Income	251.110	139.421	182.724
	TOTAL (A)	17006.642	13669.021	12193.999
Less	EXPENSES
	Cost of Materials Consumed	11488.217	8097.962	7468.283
	Purchases of Stock-in-Trade	10.719	228.917	47.660
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(553.816)	79.087	(117.772)
	Employees benefits expense	915.471	789.299	721.198
	Other expenses	1901.501	1769.494	1513.426
	TOTAL (B)	13762.092	10964.759	9632.795
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	3244.550	2704.262	2561.204
Less	FINANCIAL EXPENSES (D)	93.680	103.395	121.366
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	3150.870	2600.867	2439.838
Less/ Add	DEPRECIATION/ AMORTISATION (F)	543.572	458.648	424.725
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	2607.298	2142.219	2015.113
Less	TAX (H)	882.218	714.137	655.613
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	1725.080	1428.082	1359.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	1995.907	1713.603	1171.318
Less	APPROPRIATIONS
	Proposed Dividend	257.004	210.076	185.662
	Taxon Dividend	52.320	35.702	31.553
	General Reserve	1000.000	900.000	600.000
	Balance Carried to the B/S	2411.663	1995.907	1713.603
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	3611.853	3112.051	3437.626
	TOTAL EARNINGS	3611.853	3112.051	3437.626
	IMPORTS
	Raw Materials	4268.538	2317.516	2467.397
	Components and Stores parts	57.109	31.086	148.454
	Capital Goods	198.853	317.610	238.315
	TOTAL IMPORTS	4524.500	2666.212	2854.166
	Earnings / (Loss) Per Share (Rs.)	36.94	30.74	29.29

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	84.080	80.653	162.353
Cash generated from operations	2328.232	2242.994	2905.700
Net Cash Generated from Operating Activities	1461.803	1595.423	2358.953

QUARTERLY RESULTS

PARTICULARS	30.06.2015 1^st Quarter	30.09.2015 2^nd Quarter
Audited / UnAudited
Net Sales	4297.980	4084.220
Total Expenditure	3415.450	3506.920
PBIDT (Excl OI)	882.530	577.300
Other Income	35.71	37.590
Operating Profit	918.240	614.890
Interest	14.610	12.500
Exceptional Items	NA	NA
PBDT	903.630	602.390
Depreciation	136.480	142.190
Profit Before Tax	767.150	460.200
Tax	267.900	136.490
Provisions and contingencies	NA	NA
Profit After Tax	499.250	323.710
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	499.250	323.710

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	10.30	10.56	11.32
Operating Profit Margin (PBIDT/Sales)	(%)	19.36	19.99	21.32
Return on Total Assets (PBT/Total Assets}	(%)	22.03	18.88	20.03
Return on Investment (ROI) (PBT/Networth)		0.29	0.28	0.31
Debt Equity Ratio (Total Debt /Networth)		0.04	0.11	0.21
Current Ratio (Current Asset/Current Liability)		2.81	2.15	2.02

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.564.85/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	92.831	93.367	93.456
Reserves & Surplus	6374.309	7571.986	8990.300
Net worth	6467.140	7665.353	9083.756
long-term borrowings	420.175	161.307	84.080
Short term borrowings	772.569	568.663	220.223
Current maturities of long-term debts	162.353	80.653	84.080
Total borrowings	1355.097	810.623	388.383
Debt/Equity ratio	0.210	0.106	0.043

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	12011.275	13529.600	16755.532
		12.641	23.844

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	12011.275	13529.600	16755.532
Profit	1359.500	1428.082	1725.080
	11.32%	10.56%	10.30%

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	Yes
8	Designation of contact person	Yes
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	No
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	No
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 794 of 2013 To TAX APPEAL No. 795 of 2013

Status : PENDING

( Converted from : O/ST/2263/2013 )

CCIN No : 001092201300794

Last Listing Date:

24/09/2013

Coram

· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX CENTRAL II

MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

RATNAMANI METALS AND TUBES LTD

MR. HARDIK V VORA for :Opponent(s) 1

Presented On

: 26/08/2013

Registered On

: 13/09/2013

Bench Category

: -

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 3 times

StageName

: ADMISSION (FRESH MATTERS)

Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961

Other Forums

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	ITA NO.3318-3319/AHD/2011	INCOME TAX APPEALLATE TRIBUNAL A BENCH	JUDICIAL MEMBER	28/02/2013	AHMEDABAD
Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	26/08/2013	APPEARANCE NOTE	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	0	MRS MAUNA M BHATT(174) for P:1
2	26/08/2013	MEMO OF PETITION/APPEAL/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	20	MRS MAUNA M BHATT(174), for P:1
3	20/09/2013	ADDITIONAL FEE ON CERTIFIEDCOPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	6	MRS MAUNA M BHATT(174) for P:1
4	17/12/2013	VAKALATNAMA	MR. HARDIK V VORA ADVOCATE for RESPONDENT(s) 1	5	MR. HARDIK V VORA(7123) for R:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	17/09/2013	5	57	FOR OFFICE OBJECTION	NEXT DATE	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MS JUSTICE SONIA GOKANI
2	21/09/2013	5	-	undefined		· HONOURABLE MS JUSTICE SONIA GOKANI
3	24/09/2013	5	11	ADMISSION (FRESH MATTERS)	RULE/ADMIT	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MS JUSTICE SONIA GOKANI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	TAX APPEAL/789/2013	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MS JUSTICE SONIA GOKANI	17/09/2013	N	ORDER	-	Y
2	TAX APPEAL/794/2013	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MS JUSTICE SONIA GOKANI	24/09/2013	N	ORDER	-	Y
Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	25/09/2013	O/29249/2013	24/09/2013	30/09/2013	30/09/2013	Delivered	ORDER

OPERATIONAL REVIEW / STATE OF THE COMPANY'S AFFAIRS

During the year, global economy continued to remain under pressure. The growth rates fell mainly in all the emerging economies, and the major economies such as China, Japan and Euro zone showed signs of slow down. USA was better placed amongst the developed economies. Within the country, there were signs of improvement post formation of the new Government in the Center and ours was one of the better performing economies growing by 7.2% compared to 6.9% in 2013-14. During the year, the Company has not changed any of its Business.

Lower crude prices and the initial positive sentiments due to a new government being in the Center helped improving the general economic scene. Lower inflation and resultant moderate reduction. In effective interest rates also helped to some extent. However, the major revival of the economy. In general is yet to take place. Nolwlthstandlng these not so positive economic conditions, the company was in a position to perform relatively better, mainly because of orders from Infrastructure and Oil and Gas projects. During this year, the company's net revenues grew by 23.84% while Profit before Tax grew by 21.71%. The Profit after Tax was higher by 20.80%.

MANAGEMENT DISCUSSIONS AND ANALYSIS

INDIAN AND GLOBAL ECONOMIC SCENARIO

During the year 2014-15, the global economy grew at around 2.6%, only marginally higher than 2.5% achieved in 2013-14. The weaker than expected growth in Europe, Japan, oil dependent economies like Russia and Latin America and lower growth rates in majority of the emerging economies impacted the recovery. The fall in crude prices had its impact on global economy, more so, on the oil producing countries, and they have witnessed a large correction in prices of majority of the commodities. Domestically, things have been looking-up post formation of a new government in the Center. Indian economy did perform relatively better and grew by 7.2% as compared to 6.9% in 2013-14 mainly due to lower crude prices and the positive sentiments post formation of a single party government in the center.

Ratnamani mainly caters to capex demand from Oil and Gas, Water and Power sectors, and except water, demand from these sectors has been sluggish. Despite this, the Company was relatively better positioned with its wide size and grade range of Stainless Steel tubes and pipes, Carbon Steel welded pipes and coating related services in its manufacturing basket. Some of the domestic infrastructure projects like Gujarat Government's SAUNI project drinking water projects in MP and Rajasthan and export order from DOW Chemicals in USA were helpful in withering the storm of uncertainty in the global markets for its CS Pipe Division. Stainless Steel Division is dependent mainly on investment in Oil and Gas and Power sectors, with the investment in downstream petrochemical projects by companies like Reliance and Oil PSUs within the country during last year contributing to this division’s performance significantly.

OUTLOOK

While the domestic and international economic conditions continue to remain challenging, and are expected to remain thus for some time to come, they expect that with its vide range of products, quality standards and team efforts, the company will be in a position to wither this situation also. The company has continued to be the preferred supplier for many leading companies and has been successful in expanding its approval base, adding leading players from industrially developed countries. Therefore. They expect that the company will continue to be in a position to gradually expand its market reach and market share as per opportunities.

CORPORATE INFORMATION

Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes at Kutch, Indrad and Chhatral in the state of Gujarat. The Company caters to both domestic and international markets,

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
SHORT TERM BORROWING
Buyer's Credits in Foreign Currencies	0.000	474.155
Total	0.000	474.155

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ans Six Months ENDED 30^TH September, 2015

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Half Year Ended
	30.09.2015	30.06.2015	30.09.2015
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	3987.758	4174.190	8161.948
b) Other operating income	96.462	93.449	189.911
Total income from Operations(net)	4084.220	4267.639	8351.859
2.Expenditure
a) Cost of material consumed	2499.099	2790.675	5289.774
b) Purchases of stock in trade	0.806	13.929	14.735
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	248.028	(82.620)	165.408
d) Employees benefit expenses	247.935	255.912	503.847
e) Depreciation and amortization expenses	142.194	136.480	278.674
f) Other expenditure	511.038	437.557	918.253
Total expenses	3649.100	3551.933	7170.691
3. Profit from operations before other income and financial costs	435.120	746.048	1181.168
4. Other income	37.588	35.705	73.293
5. Profit from ordinary activities before finance costs	472.708	781.753	1254.461
6. Finance costs	12.504	14.608	27.112
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	460.204	767.145	1227.349
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	460.204	767.145	1227.339
10.Tax expenses	136.494	267.900	404.395
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	323.710	499.245	822.955
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	323.710	499.245	822.955
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	93.456	93.456	93.456
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	--
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic	6.93	10.68	17.61
(b) Diluted	6.93	10.68	17.61

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Half Year Ended
	30.09.2015	30.06.2015	30.09.2015
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	18563250	18563250	18563250
- Percentage of shareholding	39.73	39.73	39.73
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	-	-	-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-	-	-
Percentage of shares (as a % of total share capital of the company)	-	-	-
b) Non Encumbered
Number of shares	28164.750	28164.750	28164.750
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.000	100.000	100.000
Percentage of shares (as a % of total share capital of the company)	60.27	60.27	60.27
B. Investor Complaints
Pending at the beginning of the quarter			-
Receiving during the quarter			3
Disposed of during the quarter			3
Remaining unreserved at the end of the quarter			-

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)	Quarter Ended ( Unaudited)	Half Year Ended
	30.09.2015	30.06.2015	30.09.2015
1. Segment Revenue
a. Steel Tubes and Pipes	4065.122	4244.372	8309.484
b. Windmills	72.262	53.609	125.871
Total	4137.374	4297.981	8435.355
Less : Inter Segment Revenue	53.154	30.342	83.496
Net Sales	4084.220	4267.639	8351.859
2. Segment Result (Profit before Interest and Tax)
a. Steel Tubes and Pipes	432.715	724.070	1156.785
b. Windmills	44.815	26.808	71.623
Total	477.530	750.878	1228.408
Add : Interest	30.358	33.414	63.772
Less: Foreign Exchange (Gain)/ Loss on Buyers Credit (net)	35.180	2.539	37.719
Less: Interest and Finance Charges	12.504	14.608	27.112
Profit before Tax	460.204	767.145	1227.349
3. Capital Employed
a. Steel Tubes and Pipes	10809.372	9356.483	10809.372
b. Windmills	4046.209	1035.645	1046.209
c. Unallocable	(1948.870)	(809.127)	(1948.870)
Total	9906.711	9583.001	9906.711

STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	30.09.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	93.456
(b) Reserves & Surplus	9813.255
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	9906.711
(3) Non-Current Liabilities
(a) long-term borrowings	44.200
(b) Deferred tax liabilities (Net)	466.689
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	510.889
(4) Current Liabilities
(a) Short term borrowings	1778.781
(b) Trade payables	1263.517
(c) Other current liabilities	651.024
(d) Short-term provisions	239.490
Total Current Liabilities (4)	3932.812
TOTAL	14350.412
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4686.578
(ii) Intangible Assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b) Non-current Investments	0.703
(c) Deferred tax assets (net)	76.863
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	4764.144
(2) Current assets
(a) Current investments	405.630
(b) Inventories	4069.533
(c) Trade receivables	4061.405
(d) Cash and cash equivalents	170.078
(e) Short-term loans and advances	866.221
(f) Other current assets	13.401
Total Current Assets	9586.268
TOTAL	14350.412

Note:

1. The aforesaid results, as reviewed by the Audit Committee in its meeting held on November 3, 2015, were approved by the Board of Directors in its meeting held on November 4, 2015.

2. The Statutory Auditors have carried out limited review of the above financial results.

3. Figures of previous periods/year have been regrouped, wherever considered necessary to make them comparable to current period's figures.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10178252	16/09/2009	1,217,000,000.00	ICICI BANK LIMITED	9TH FLOOR, JMC HOUSE, OPP. PARIMAL GARDEN, AHMEDA BAD, GUJARAT - 380006, INDIA	A70863808
2	10137333	15/01/2009	396,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T OWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, N AVI MUMBAI, MAHARASHTRA - 400703, INDIA	A54501564
3	80001941	27/01/2014 *	5,285,100,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, "PARAMSIDDHI" COMPLEX, OPP. V. S. HOSPITAL, ELLISBRIDGE, AHMEDABAD, GUJARAT - 38 0006, INDIA	B95870341

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Bills discounted and not matured	1044.410	338.730
ESI Liability (excluding interest leviable, if any)	27.000	24.181
Consolidated Tax payable to GIDC, Chhatral (Note-l )	1.114	0.857
Disputed Statutory Claims / levies for which the Company has preferred appeal in respect of (excluding Interest leviable, If any) :
Income tax	28.876	0.000
Excise Duty	331.513	331.006
Custom Duty	0.000	847.479
Note: Consolidated tax payable to GIDC is demanded by GIDC, Ahmedabad modified under circular dated 9/7/2010 for levying and recovering "Infrastructure upgradation fund" from the Company. The amount comprises of the per square meter charges towards infrastructure upgradation as well as interest and penalty thereupon. The Company has filed an appeal against the demand in High Court. The management does not expect these claims to succeed, Accordingly, no provision for the contingent liability has been recognized in the financial statements, Excise duty demand comprise various demands from the Excise Authorities for payment of Rs.331.513 Million (PY Rs.331. 006 Million). The Company has filed appeals against these demands. The Company has been advised by its legal counsel that the demand is likely to be deleted and accordingly no provision for liability has been recognized In the financial statements.

FIXED ASSETS

Tangible Assets

• Lease Hold Land
• Freehold Land
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment’s
• Vehicles

Intangible Assets

• Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No records 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.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		70

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.