MIRA INFORM REPORT

Report No. :	302880
Report Date :	10.01.2015

IDENTIFICATION DETAILS

Name :	MINEX METALLURGICAL COMPANY LIMITED (w.e.f. 17.12.2011)
Formerly known as :	MINEX METALLURGICAL COMPANY PRIVATE LIMITED
Registered Office :	301, Rajguru Apartments, 3^rd Floor, New Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.03.1981
Com. Reg. No.:	11-024161
Capital Investment / Paid-up Capital :	Rs.160.000 Millions
CIN No.: [Company Identification No.]	U28910MH1981PLC024161
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM22448G MUMM22482F
PAN No.: [Permanent Account No.]	AAACM7315B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject engaged in the manufacture and sale of Specialty Alloys for use by the Iron and Steel Industry.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	ICRA
Rating	Long term fund based limits A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	April, 2014

Rating Agency Name	ICRA
Rating	Short term non fund based limits A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	April, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

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

DIRECTORS

As on31.03.2014

Name :

Mr. Sukhendu Bikas Misra

Designation :

Chairman and Managing Director

Address :

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

Date of Birth/Age :

19.06.1946

Date of Appointment :

31.03.1981

PAN No. :

AASPM5071D

DIN :

00105418

Name :

Mr. Anantharaman Mahadevan

Designation :

Director

Address :

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

Date of Birth/Age :

06.03.1947

Date of Appointment :

31.03.1981

DIN No.:

00165226

Other Directorship :

S.NO.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28910MH1981PLC024161	MINEX METALLURGICAL COMPANY LIMITED	Director	31/03/1981	31/03/1981	-	Active	NO
2	U99999MH1987PTC045485	DROUF ENVIRONMENTAL SYSTEMS PRIVATE LIMITED	Director	10/08/1988	10/08/1988	01/12/2011	Dormant	NO
3	U67120MH1992PTC067783	REVATHI SHARES AND SECURITIES PVT LTD	Director	01/01/1999	01/01/1999	16/12/2010	Active	NO
4	U24100MH2000PTC125507	NIPRO TUBE GLASS PRIVATE LIMITED	Whole-time director	14/02/2004	14/02/2004	31/10/2007	Active	NO
5	U31300MH2004PTC150072	MANA CABLE MANAGEMENT SYSTEMS PRIVATE LIMITED	Director	17/12/2004	17/12/2004	-	Active	NO
6	U65100MH2004PLC144017	VIRTUOUS CAPITAL LIMITED	Director	20/12/2010	20/12/2010	31/05/2012	Active	NO
7	L17110MH1987PLC044835	LOVABLE LINGERIE LIMITED	Director	25/09/2014	22/09/2011	-	Active	NO

Name :

Ms. Rakhi Sukhendu Bikas Misra

Designation :

Whole Time Director

Address :

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

Date of Birth/Age :

17.04.1953

Date of Appointment :

01.04.2011

PAN No. :

AGVPM7955P

DIN :

00353033

Name :

Mr. Dilip Keshavlal Patel

Designation :

Director

Address :

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

Date of Birth/Age :

20.10.1947

Date of Appointment :

01.08.2008

DIN No.:

00013150

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230TN1980PLC008382	MALLADI DRUGS AND PHARMACEUTICALS LIMITED	Director	17/06/2003	17/06/2003	-	Active	NO
2	L70200MH1987PLC042598	EUROTEX INDUSTRIES AND EXPORTS LIMITED	Director	29/07/2003	29/07/2003	-	Active	NO
3	U25209MH1973PTC016846	POLYSET PLASTICS PRIVATE LIMITED	Director	29/07/2005	29/07/2005	-	Active	NO
4	L24230TG1987PLC008016	GODAVARI DRUGS LIMITED	Director	27/09/2006	27/09/2006	-	Active	NO
5	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	29/09/2008	07/12/2007	-	Amalgamated	NO
6	L74999MH1995PLC085878	Solar Industries India Limited	Director	24/09/2008	18/06/2008	-	Active	NO
7	U28910MH1981PLC024161	MINEX METALLURGICAL COMPANY LIMITED	Director	01/08/2008	01/08/2008	-	Active	NO
8	U45201MH2006PLC165973	RELCON INFRAPROJECTS LTD.	Director	30/09/2010	27/08/2010	28/12/2012	Active	NO

Name :

Mr. Mukul Tagore

Designation :

Director

Address :

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

Date of Birth/Age :

03.01.1946

Date of Appointment :

31.03.1981

DIN No.:

00353182

Name :

Mr. Vaidyanathan Narayan

Designation :

Director

Address :

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

Date of Birth/Age :

24.12.1940

Date of Appointment :

23.06.1992

DIN :

00495534

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :

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

Products :

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

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

Reference :	VNS Industries Limited
Name of the Person :	Mr. Rodrigues (Marketing Head)
Contact No.:	91-9820729534
Since How Long Known :	25 Years
Experience :	Very good company, we have never faced any problem with this company.
Maximum Limit Dealt :	Rs. 10.000 Million

Customers :

Reference :	RMG Alloys Limited
Name of the Person :	Mr. Shivdas (Purchase Manager)
Contact No.:	91-9664459836
Since How Long Known :	10 Years
Experience :	He says it’s a wonderful company and has best quality products.
Maximum Limit Dealt :	Rs 2.000 Millions Per Month

No. of Employees :

Not Available

Bankers :

• Canara Bank
• DBS Bank
• Yes Bank
• State Bank of India
• Axis Bank
• UCO Bank
• Standard Chartered Bank

Banker Name	ICICI Bank Limited
Branch Address	Nagpur Branch, Maharashtra, India
Person Name (With Designation)	Madam Ritu Bagee (RM)
Contact Number	91-9561087385
Name of Account Holder	Minex Metallurgical Company Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	2 Years
Average Balance Maintained (If Possible)	Approximately Rs. 220.000 Million
Credit Facilities Enjoyed (If any)	Rs. 300.000 Millions (Fund and non-Fund total)
Account Operation	Satisfactory
Remarks (If any)	She informed their track record is healthy they don’t have any bad remarks.

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan from Banks (in Foreign Currency) Secured by mortgage of Fixed Assets financed by the above loan	52.430	74.640
SHORT TERM BORROWINGS
Term Loan from Banks (in Foreign Currency) (Secured by mortgage of Fixed Assets financed by the above loan, the documentation for creation of charge is not completed)	29.960	27.140
Working Capital Loans from Banks
Working Capital Demand Loan from Banks	30.000	10.000
Cash Credit/ Overdraft	137.610	291.760
Bill Discounting	0.000	54.340
Buyers Credit (Secured by mortgage of Immovable Property and hypothecation of Finished Goods, WIP, Raw Materials, Stores, Trade Receivables, and Fixed Assets of the Company)	294.720	612.440
Total	544.720	1070.320

Auditors :
Name :	M. Kalahasthi and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :
Other :	Minex Foundation

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares (Includes 1,28,00,000 (48,00,000) shares issued as fully paid up bonus shares in the last 6 years by capitalising the General Reserve)	Rs.10/- each	Rs.160.000 Millions

The Company has only one class of equity shares having a par value of ` 10 per share. Each shareholder is eligible for one vote per share. The Dividend proposed by the Board of Directors is subject to approval of the shareholders, except in case of interim dividend.

Shares Holders right in the event of liquidation: “In the event of liquidation of the company, the holders of equity shares shall be entitled to remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion of equity shares held by the shareholders.”

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company:

Name of the Shareholders	31st March,2014
	No. of Share held	% of Holding
Mr. Sukhendu Bikas Misra	7,908,000	49.00 %
Mrs. Rakhi Misra	2,532,208	16.00 %
Ms. Shreya Misra	1,517,716	9.00 %
Mrs. Bela Misra	730,974	5.00 %
Total	12,688,898	79.00 %

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

PARTICULARS	Equity Shares with Voting Rights Year Ended 31^st March, 2014
	No. of Share	Rs. In Millions
Opening Balance	8000000	80.000
Fresh Issue:
Bonus Issue	8000000	80.000
Closing Balance	16000000	160.000

FINANCIAL DATA

[all figures are in Rupees Millions]

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	160.000	80.000	80.000
(b) Reserves & Surplus	1229.270	1138.340	995.520
(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)	1389.270	1218.340	1075.520
(3) Non-Current Liabilities
(a) long-term borrowings	88.030	112.880	135.610
(b) Deferred tax liabilities (Net)	35.920	30.310	35.790
(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)	123.950	143.190	171.400
(4) Current Liabilities
(a) Short term borrowings	497.520	1000.110	1018.530
(b) Trade payables	199.830	281.470	226.090
(c) Other current liabilities	100.260	151.600	104.740
(d) Short-term provisions	32.320	32.140	21.240
Total Current Liabilities (4)	829.930	1465.320	1370.600
TOTAL	2343.150	2826.850	2617.520
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	458.690	454.800	344.340
(ii) Intangible Assets	0.680	0.190	0.790
(iii) Capital work-in-progress	55.250	53.660	0.000
(iv) Intangible assets under development	0.000	0.000	94.110
(b) Non-current Investments	0.050	0.050	0.010
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	21.490	21.570	21.720
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	536.160	530.270	460.970
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	593.960	781.720	897.700
(c) Trade receivables	935.790	1099.210	845.180
(d) Cash and cash equivalents	110.510	184.750	188.680
(e) Short-term loans and advances	165.130	228.650	223.060
(f) Other current assets	1.600	2.250	1.930
Total Current Assets	1806.990	2296.580	2156.550
TOTAL	2343.150	2826.850	2617.520

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	4673.900	4600.500	4390.480
		Other Income	44.020	31.830	21.530
		TOTAL	4717.920	4632.330	4412.010
Less	EXPENSES
		Cost of Materials Consumed	3688.750	3665.690	3536.310
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.420)	47.030	(76.850)
		Employees benefits expense	157.000	131.760	111.310
		Other expenses	466.370	398.710	516.070
		TOTAL	4310.700	4243.190	4086.840
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		407.220	389.140	325.170
Less	FINANCIAL EXPENSES		61.610	115.610	74.670
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		345.610	273.530	250.500
Less/ Add	DEPRECIATION/ AMORTISATION		35.440	32.510	27.610
	PROFIT/ (LOSS) BEFORE TAX		310.170	241.020	222.890
Less	TAX		110.770	74.470	72.790
	PROFIT/ (LOSS) AFTER TAX		199.400	166.550	150.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.480	10.270	3.420
Less	APPROPRIATIONS
		Transfer to General Reserve	172.50	150.000	120.000
		Dividend	0.000	0.000	8.000
		Proposed / Interim Dividend	24.000	20.000	12.000
		Tax on Dividend	4.080	3.340	3.250
	BALANCE CARRIED TO THE B/S		2.300	3.480	10.270
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1139.820	1262.660	764.020
	TOTAL EARNINGS		1139.820	1262.660	764.020
	IMPORTS
		Raw Materials	1259.230	1837.370	1943.650
	TOTAL IMPORTS		1259.230	1837.370	1943.650
	Earnings / (Loss) Per Share (Rs.)		12.46	10.41	18.76

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.27	3.62	3.42
Operating Profit Margin (PBDIT / Sales)	(%)	8.71	8.46	7.41
Return on Total Assets (PBT/Total Assets}	(%)	13.56	8.69	8.83
Return on Investment (ROI) (PBT/Networth)		0.22	0.20	0.21
Debt Equity Ratio (Total Debt /Networth)		0.42	0.91	1.07
Current Ratio (Current Asset/Current Liability)		2.18	1.57	1.57

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	80.000	80.000	160.000
Reserves & Surplus	995.520	1138.340	1229.270
Net worth	1075.520	1218.340	1389.270
long-term borrowings	135.610	112.880	88.030
Short term borrowings	1018.530	1000.110	497.520
Total borrowings	1154.140	1112.990	585.550
Debt/Equity ratio	1.073	0.914	0.421

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	4390.480	4600.500	4673.900
		4.784	1.595

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	4390.480	4600.500	4673.900
Profit	150.100	166.550	199.400
	3.42%	3.62%	4.27%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	Yes
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date:- 01.09.2014

Lodging No.:- ITXAL/1575/2014 Filing Date:- 01.09.2014

Petitioner: COMMISSIONER OF INCOME TAX-8 Respondent: MINEX METALLURGICAL

COMPANY LIMITED

Petn. Adv : ARVIND PINTO (0)

District: MUMBAI

Bench: DIVISION

Status: Pre-Admission Category: TAX APPEAL

Last Date: 08.01.2015 Stage: FOR REJECTION [ORIGINAL SIDE MATTERS]

Last Coram: REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER

Act: Income Tax Act, 1961 UNDER SECTION: 260A

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Sales Tax Loans (By way of deferral under Package Scheme of Incentives of Government of Maharashtra)	35.600	38.240
SHORT TERM BORROWINGS
Sales Tax Loans (By way of deferral under Package Scheme of Incentives of Government of Maharashtra)	2.650	1.850
Fixed Deposits:
From Members	2.580	2.580
Total	40.830	42.670

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	10465771	29/11/2013	200,000,000.00	DBS BANK LIMITED	4A, NANDLAL BASU SARANI, KOLKATA - 700071, WEST BENGAL, INDIA	B91800094
2	10385088	05/11/2012	315,000,000.00	AXIS BANK LIMITED	131, MAKER TOWERS 'F' 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI-400005, MAHARASHTRA, INDIA	B61595872
3	10359296	29/05/2012	300,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA- 390015, GUJARAT, INDIA	B41071838
4	10319187	10/10/2011	100,000,000.00	STANDARD CHARTERED BANK	CRESCENZO, 3A/F, PLOT NO. C-38 AND 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI- 400051, MAHARASHTRA, INDIA	B25873274
5	10297090	19/07/2011	200,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.  ANNIE BESANT ROAD, WORLI, MUMBAI- 400018, MAHARASHTRA, INDIA	B16827123
6	10101387	27/09/2011 *	600,000,000.00	STANDARD CHARTERED BANK	CRESCENZO, 3A/F, PLOT NO. C-38 AND 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA, MUMBAI- 400051, MAHARASHTRA, INDIA	B23184450
7	80048608	26/12/2008 *	900,000,000.00	CANARA BANK	ITWARI, NAGPUR- 440002, MAHARASHTRA, INDIA	A56565567

* Date of charge modification

OPERATIONS

During 2013-14, They saw stagnation in the overall economic scenario in India. The GDP growth of the country declined to 4.70%, and the overall industry was reeling under pressure. During the mid of the year, the currency also depreciated to its historic low of 69.22 to a USD, which in turn has hit their profitability by almost Rs. 70.000 million due to largely un hedged import positions. Inspite of challenging economic environment in domestic and international market during the financial year of 2013-14, Minex focused in the areas of opportunities and growth. They tried to consolidate their dominance in the market, and tried to maintain theirtopline and increase their profitability which is clearly reflecting in their performance. The modernized plants at Nagpur, Kalmeshwar and Nimji are equipped to offer value added products and Just in Time supply to their customers. The new products developed for steel, foundry and aluminum industries were established in the market.

As they look at the year 2014-15, domestic economy seems to have bottomed out, and with new government in place they expect the overall economy to pick up soon, which might get reflected in second half of this financial year. Internationally with American economy being stabilized and growing the overall environment of global growth should also resume by H2 of 2014-15. In view of these challenges they have declared to continue with their year 2013-14 program of "Year of New Opportunities" and this would act as a guiding principle for all their operation and various changes happening in the organization.

PERFORMANCE HIGHLIGHTS:

Despite of challenges in the business environment, the company's sales during the year were Rs. 5234.250 million (Rs. 5146.890 million). Given the current global scenario, it is a positive achievement that they have managed a nominal increase in sales value.

Subject Recorded Profit after Tax (PAT) of Rs. 199.400 million in 2013-14 as compared to Rs.166.550 million in the year 2012-13, a 19.73% increase. The Profit before Tax (PBT) stood at Rs. 310.170 million as against Rs. 241.020 million in 2011-12, a 28.69% increase.

However, The Sales Volume increased to 30,472 MT against previous year's 29,413 MT registering a marginal increase of 3.60 %.

Company's exports has dropped marginally by 8% to Rs.1201.210 Million against previous year's Rs. 1295.690 Million.

FIXED ASSETS

• Land
• Factory Buildings
• Office Premises / Flats
• Plant and Machinery
• Lab. Equipment’s
• Electrical Installations
• Office Equipment’s
• Air Conditioner
• Vehicles
• Furniture and Fixtures
• Computers
• Computer 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 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 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.62.39
UK Pound	1	Rs.94.16
Euro	1	Rs.73.61

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--EPF	YES/NO	NO
TOTAL		54

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.