MIRA INFORM REPORT

Report No. :	323067
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	TRL KROSAKI REFRACTORIES LIMITED (w.e.f. 03.06.2011)
Formally known as:	TATA REFRACTORIES LIMITED
Registered Office :	Belpahar, Jharsuguda – 768218, Orissa
Tel. No.:	91-6645-258623/ 258396/ 258377/ 250249/ 250264/ 250273/ 258417
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.09.1958
Com. Reg. No.:	15-000349
Capital Investment / Paid-up Capital :	Rs.209.000 Million
CIN No.: [Company Identification No.]	U26921OR1958PLC000349
TAN No.: [Tax Deduction & Collection Account No.]	BBNT00014A
PAN No.: [Permanent Account No.]	AAACT6494Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Exporter of Refractories.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (60)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. As per registrar of companies the date of balance sheet i.e. financial filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 is not available from any source. As per available financial of 2013, the management has reported drastic dip in its net profitability. However, the company has leading position in the domestic refractory industry, strong brand image and a large and reputed client base. Financials position of the company is good. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. 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	ICRA
Rating	Term Loan : AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	June 2014

Rating Agency Name	ICRA
Rating	Short Term Debt : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	June 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.

INFORMATION DENIED BY

Name :	Mr. Neelkant
Designation :	Senior General Manager
Contact No.:	91-33-64990527
Date :	18.05.2015

LOCATIONS

Registered Office/ Factory :	Belpahar, Jharsuguda – 768218, Orissa, India
Tel. No.:	91-6645-258623/ 258396/ 258377/ 250249/ 250264/ 250273/ 258417
Fax No.:	91-6645-250243/ 250254
E-Mail :	nilkanth@tataref.com arabinda@tataref.com arabinda@trlkrosaki.com pkjana@trlkrosaki.com ps.shrivastava@yahoo.com hmnerurkar@tatasteel.com rajesh.chintak@tatasteel.com akc@tataref.com csd@tataref.com dbehera@tataref.com
Website :	http://www.tataref.com http://www.trlkrosaki.com
Branch Office:	502, Nalanda Chambers, Near Goandevi Temple, Navadapafa, Gokhle Road, Thane (West), Maharashtra, India
Head Office/ Marketing Division :	Tata Center, 11^th Floor, 43 J.L. Nehru Road, Kolkata – 700071, West Bengal, India
Tel No :	91-33-64990527
Fax No :	91-33-22881063/ 1065
E-Mail :	ac@tataref.com
Domestic Marketing Offices :	Located at: Jamshedpur Kolkata Vizag Belpahar Mumbai Bengaluru Delhi
Operation Offices :	Located at: Jamshedpur Salem China Gujarat Jhansi
Branch Office :	Harshdeep Plaza, Indore – 452001, Madhya Pradesh, India

DIRECTORS

As on: 06.09.2014

Name :

Mr. Arup Kumar Chattopadhyay

Designation :

Managing director

Address :

Owners Court 6, May Fair Road, Flat No.81, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

17.12.1952

Qualifications :

M.Tech and Ph.D from Calcutta University

Expertise in specific functional areas :

Manufacturing of refractories, developing and implementing business strategy

Date of Appointment :

10.05.2013

DIN No :

00201892

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	Company/ LLP Status	Defaulting status
1	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Managing director	10/05/2013	10/05/2002	Active	NO

Name :

Mr. Vuppala Satyanarayana Murty

Designation :

Director

Address :

No.7 Office Road, Northern Town, Bistupur, Jamshedpur – 831001, Jharkhand, India

Date of Birth/Age :

15.04.1951

Qualifications :

Chartered Accountant

Date of Appointment :

02.08.2008

DIN No :

00092348

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	U24100JH1983PLC001836	THE TATA PIGMENTS LIMITED	Director	16/04/2003	16/04/2003	29/03/2008	Active	NO
2	U45200JH2003PLC010315	JAMSHEDPUR UTILITIES & SERVICES COMPANY LIMITED	Director	22/10/2004	22/10/2004	27/02/2008	Active	NO
3	U23101WB2005PLC101608	HOOGHLY MET COKE & POWER COMPANY LIMITED	Director	10/02/2005	10/02/2005	-	Amalgamated	NO
4	U27109OR2004PLC009683	T S ALLOYS LIMITED	Nominee director	17/02/2007	17/02/2007	20/03/2008	Active	NO
5	U74999MH2007PLC167623	INDUSTRIAL ENERGY LIMITED	Director	23/05/2008	20/03/2007	-	Active	NO
6	L27310WB1990PLC050000	TATA METALIKS LIMITED	Director	16/07/2008	28/03/2008	-	Active	NO
7	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director	02/08/2008	05/05/2008	-	Active	NO
8	U40109AP2006PTC050759	BHUBANESHWAR POWER PRIVATE LIMITED	Director	06/08/2008	06/08/2008	-	Active	NO
9	L27105JH1968PLC000818	TAYO ROLLS LIMITED	Director	14/06/2013	08/08/2008	-	Active	NO
10	U24111JH1995PLC009020	JAMIPOL LIMITED	Director appointed in casual vacancy	01/02/2012	01/02/2012	-	Active	NO
11	U27310MH2012PLC232512	TATA STEEL ODISHA LIMITED	Whole-time director	19/09/2013	11/07/2012	-	Active	NO

Name :

Mr. Hemant Madhusudan Nerurkar

Designation :

Additional director

Address :

5-C Road, Northern Town, Bistupur, Jamshedpur – 831001, Jharkhand, India

Date of Birth/Age :

20.10.1948

Qualification :

B. Tech. in Metallurgy

Date of Appointment :

15.09.2012

DIN No :

00265887

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	U63090WB2002PLC094134	TM INTERNATIONAL LOGISTICS LIMITED	Nominee director	18/01/2008	22/01/2003	06/02/2010	Active	NO
2	U45205OR1998PLC005448	THE DHAMRA PORT COMPANY LIMITED	Director	06/05/2005	06/05/2005	04/02/2008	Active	NO
3	U45209PN2005PLC020270	TATA BLUESCOPE STEEL LIMITED	Director	30/05/2006	30/05/2006	22/05/2012	Active	NO
4	U27109WB1997PLC084005	TATA STEEL PROCESSING AND DISTRIBUTION LIMITED	Director	23/10/2007	13/07/2006	04/02/2008	Active	NO
5	U45201OR2006PLC008971	GOPALPUR SPECIAL ECONOMIC ZONE LIMITED	Director	11/10/2006	11/10/2006	01/03/2008	Active	NO
6	L27310WB1990PLC050000	TATA METALIKS LIMITED	Director appointed in casual vacancy	11/01/2008	11/01/2008	29/10/2009	Active	NO
7	U23101WB2005PLC101608	HOOGHLY MET COKE & POWER COMPANY LIMITED	Director	28/05/2008	11/01/2008	24/04/2009	Amalgamated	NO
8	U24111JH1995PLC009020	JAMIPOL LIMITED	Director appointed in casual vacancy	18/01/2008	18/01/2008	28/10/2009	Active	NO
9	L27100MH1907PLC000260	TATA STEEL LIMITED	Managing director	13/08/2010	09/04/2009	01/11/2013	Active	NO
10	U27205MH2009PLC195034	CENTENNIAL STEEL COMPANY LIMITED	Director	19/08/2009	19/08/2009	-	Amalgamated	NO
11	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director	15/09/2012	27/08/2011	-	Active	NO

Name :

Mr. Hiroshi Odawara

Designation :

Director

Address :

12-10-1006, Tsutsui-machi, Yahantanishi-ku, Kitakyushu-City, Fukuoka-Perfecture, Kitakyushu, Japan

Date of Birth/Age :

18.08.1953

Qualifications :

Bachelor of Economics from Nagasaki University, Japan

Expertise in specific functional areas :

Sales and Marketing

Date of Appointment :

27.08.2011

DIN No :

03514764

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	Company/ LLP Status	Defaulting status
1	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director	27/08/2011	31/05/2011	Active	NO

Name :

Mr. Kotaro Kuroda

Designation :

Director

Address :

1-5-12, Sakuradai, Nakama-shi, Fukuoka – 8090017, Japan

Date of Birth/Age :

21.07.1956

Qualifications :

B.Sc and M.Sc. from Kyushu University, Japan

Expertise in specific functional areas :

Research & Development

Date of Appointment :

27.08.2011

DIN No :

03140089

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	Company/ LLP Status	Defaulting status
1	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director	27/08/2011	31/05/2011	Active	NO

Name :

Mr. Koji Tsuyuguchi

Designation :

Director

Address :

Bunglow No-12, Po- Belpahar, Jharsuguda, Odisha, India

Date of Birth/Age :

13.02.1955

Date of Appointment :

12.05.2014

DIN No.:

06865005

Name :

Mr. Kiyotaka Oshikawa

Designation :

Director

Address :

Mitsusadadai 1-1-1-714, Yahatanishi-ku, Kitakyushu-city, Fukuoka Perfecture, Kitakyushu – 8070805, Japan

Date of Birth/Age :

27.07.1960

Date of Appointment :

27.08.2011

DIN No :

03515516

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	Company/ LLP Status	Defaulting status
1	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director	27/08/2011	31/05/2011	Active	NO

Name :

Mr. Prem Shankar Shrivastava

Designation :

Director

Address :

302, Kailash Tower, Kaushambi, Ghaziabad – 201010, Uttar Pradesh, India

Date of Birth/Age :

18.02.1955

Qualifications :

Mechanical Engineering

Expertise in specific functional areas :

B.Tech (Mechanical Engineering), IT, BHU and PG. Diploma (Materials Management),

IIMM, Bombay

Date of Appointment :

21.09.2013

DIN No :

06397536

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	Company/ LLP Status	Defaulting status
1	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director	21/09/2013	26/10/2012	Active	NO

Name :

Mr. Rakesh Kulshreshtha

Designation :

Director appointed in casual vacancy

Address :

C-01, Ispatika Apartments, Sector – 4, Plot No.29, Dwarka Phase 1, New Delhi – 110075, India

Date of Birth/Age :

08.10.1952

Qualifications :

Metallurgical Engg

Date of Appointment :

12.12.2011

DIN No :

03196186

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	U40300DL2001PTC112074	BOKARO POWER SUPPLY COMPANY PRIVATE LIMITED	Director	12/08/2010	12/08/2010	24/12/2012	Active	NO
2	U74899DL1999PTC098274	NTPC-SAIL POWER COMPANY PRIVATE LIMITED	Nominee director	21/08/2010	21/08/2010	21/12/2012	Active	NO
3	U27320JH2011GOI015168	SAIL SINDRI PROJECTS LIMITED	Director	08/11/2011	08/11/2011	-	Active	NO
4	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director appointed in casual vacancy	12/12/2011	12/12/2011	-	Active	NO
5	U27100DL2012PTC236499	SAIL-KOBE IRON INDIA PRIVATE LIMITED	Director	25/05/2012	25/05/2012	-	Active	NO

Name :

Sudhansu Pathak

Designation :

Director appointed in casual vacancy

Address :

H. No. 6, Park Road, Northern Town, P.O.-Bistupur, Jamshedpur – 831001, Jharkhand, India

Date of Birth/Age :

22.10.1961

Date of Appointment :

08.05.2013

DIN No.:

06545101

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	Company/ LLP Status	Defaulting status
1	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director appointed in casual vacancy	08/05/2013	08/05/2013	Active	NO
2	U45209PN2005PLC020270	TATA BLUESCOPE STEEL LIMITED	Additional director	19/11/2013	19/11/2013	Active	NO
3	U24111JH1995PLC009020	JAMIPOL LIMITED	Director appointed in casual vacancy	22/01/2014	22/01/2014	Active	NO

Name :

Akira Tsuneoka

Designation :

Director appointed in casual vacancy

Address :

3-19-8, Akenominami, Oita City, Japan 8700163

Date of Birth/Age :

10.08.1951

Date of Appointment :

08.05.2013

DIN No.:

06570366

KEY EXECUTIVES

Name :	Arabinda Debta
Designation :	Secretary
Address :	L-20, TRL Township Belpahar Jharsuguda- 768218, Orisa, India
Date of Birth/Age :	26.06.1976
Date of Appointment :	22.08.2011
PAN No.:	AIKPD0761H
Name :	Chandra Sekhar Das
Designation :	Chief Executive Officer
Address :	Bungalow No.10, TRL Township, Belpahar-768218, Orissa, India
Date of Appointment :	12.05.2014
PAN No.:	AALPD7908D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2014

SHAREHOLDER DETAILS FILE ATTACHED

As on 06.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Government companies	10.54
Public financial Companies	4.61
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Bodies corporate	27.83
Other top fifty shareholders	5.95
Other	0.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Exporter of Refractories.

Products :

Item Code No. (ITC Code)	Product Description
25183000	Dolomite
69039004	Monolithics
69022002	High Alumina

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 :

Not Divulged

Bankers :

· State Bank of India (Commercial Branch) Bisra Chowk, Rourkela, Rourkela - 769001, Orissa, India

· Central Bank of India, Corporate Finance Branch - Kolkata, 33, N.S. Road, 1st Floor, Kolkata - 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupees term loans from Banks	51.000	85.000
Foreign currency term loans from Banks	394.167	220.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	847.666	813.760
Total	1292.833	1118.760

Auditors :
Name :	N.M. Raiji And Company Chartered Accountants
Address :	Universal Building, P.M. Road, Fort, Mumbai, Maharashtra, India
PAN No.:	AAAFN4217G
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company :	· TRL China Limited · TRL Asia Pte Limited
Other Related Party :	Tata Steel Limited [L27100MH1907PLC000260]
Holding company :	Krosaki Harima Corporation
Associate :	Almora Magnesite Limited [U26941UR1971PLC003453]

CAPITAL STRUCTURE

As on 06.09.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20900000	Equity Shares	Rs.10/- each	Rs.209.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	209.000	209.000	209.000
(b) Reserves & Surplus	2520.567	2475.832	2315.485
(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)	2729.567	2684.832	2524.485
(3) Non-Current Liabilities
(a) long-term borrowings	492.997	329.145	163.615
(b) Deferred tax liabilities (Net)	108.646	142.826	153.439
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	255.246	208.059	229.500
Total Non-current Liabilities (3)	856.889	680.030	546.554
(4) Current Liabilities
(a) Short term borrowings	1317.666	1305.514	847.580
(b) Trade payables	1155.040	1215.390	944.157
(c) Other current liabilities	421.129	309.089	348.977
(d) Short-term provisions	130.488	188.710	485.839
Total Current Liabilities (4)	3024.323	3018.703	2626.553
TOTAL	6610.779	6383.565	5697.592
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1624.289	1667.065	1651.172
(ii) Intangible Assets	55.786	60.894	0.000
(iii) Capital work-in-progress	378.342	149.341	117.756
(iv) Intangible assets under development	7.880	7.750	0.000
(b) Non-current Investments	336.647	336.647	338.934
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	113.181	81.308	107.977
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2516.125	2303.005	2215.839
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1709.398	1605.304	1378.440
(c) Trade receivables	1796.412	1908.028	1685.056
(d) Cash and cash equivalents	143.223	159.152	79.434
(e) Short-term loans and advances	445.507	408.065	338.807
(f) Other current assets	0.114	0.011	0.016
Total Current Assets	4094.654	4080.560	3481.753
TOTAL	6610.779	6383.565	5697.592

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		8604.284	9018.256	8682.375
		Other Income		46.121	66.921	47.143
		TOTAL (A)		8650.405	9085.177	8729.518
Less	EXPENSES
		Cost of Materials Consumed		3230.479	3272.187	3187.285
		Purchases of Stock-in-Trade		1560.291	2044.149	2022.915
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(43.665)	(24.299)	(66.808)
		Employees benefits expense		629.553	517.128	481.931
		Other expenses		2705.165	2497.475	2104.047
		TOTAL (B)		8081.823	8306.640	7729.370
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			568.582	778.537	1000.148
Less	FINANCIAL EXPENSES (D)			223.817	194.359	122.244
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			344.765	584.178	877.904
Less	DEPRECIATION/ AMORTISATION (F)			248.158	236.620	214.554
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)			96.607	347.558	663.350
Less	TAX (H)			(61.600)	(112.703)	236.481
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)			158.207	460.261	426.869
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1510.889	1405.059	1227.699
			Other Earnings	17.057	50.822	31.023
	TOTAL EARNINGS			1527.946	1455.881	1258.722
	IMPORTS
			Raw Materials	1348.773	1361.026	1270.550
			Stores & Spares	7.171	15.276	3.966
			Capital Goods	0.000	31.338	18.847
	TOTAL IMPORTS			1355.944	1407.640	1293.363
	Earnings Per Share (Rs.)			3.31	11.74	20.42

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	205.285	79.238	117.355
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	1.84	5.10	4.92
Operating Profit Margin (PBIDT/Sales)	(%)	6.61	8.63	11.52
Return on Total Assets (PBT/Total Assets}	(%)	1.64	5.90	12.66
Return on Investment (ROI) (PBT/Networth)		0.04	0.13	0.26
Debt Equity Ratio (Total Debt /Networth)		0.74	0.64	0.45
Current Ratio (Current Asset/Current Liability)		1.35	1.35	1.33

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	209.000	209.000	209.000
Reserves & Surplus	2315.485	2475.832	2520.567
Net worth	2524.485	2684.832	2729.567
long-term borrowings	163.615	329.145	492.997
Short term borrowings	847.580	1305.514	1317.666
Current Maturities of Long Term Debt	117.355	79.238	205.285
Total borrowings	1128.550	1713.897	2015.948
Debt/Equity ratio	0.447	0.638	0.739

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	8682.375	9018.256	8604.284
		3.869	(4.590)

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	8682.375	9018.256	8604.284
Profit	426.869	460.261	158.207
	4.92%	5.10%	1.84%

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	Yes
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	No
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	Yes
13	Type of business	--
14	Line of Business	No
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	No
21	Banking facility details	--
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	--
26	Turnover of firm for last three years	--
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	Yes
29	Profitability for last three years	No
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	No
33	Market information	No
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	Yes

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG-TERM BORROWINGS
Deposits from others	47.830	24.145
SHORT TERM BORROWINGS
Rupee term loans from banks	470.000	491.754
Total	517.830	515.899

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90080850	01/08/2009 *	2,170,000,000.00	STATE BANK OF INDIA (COMMERCIAL BRANCH)	BISRA CHOWK, ROURKELA, ROURKELA - 769001, ORISSA, INDIA	A68012178
2	90078462	16/03/2013 *	1,020,000,000.00	CENTRA BANK OF INDIA	CORPORAE FINANCE BRANCH - KOLKATA, 33, N.S. ROAD,  1ST FLOOR, KOLKATA- 700001, WEST BENGAL, INDIA	B72633407

PERFORMANCE

For the second year in succession, the performance of the company was deeply impacted by the ill effect of domestic as well as global economic slowdown. The company suffered a negative growth with a turnover of Rs. 9290.000 Million against Rs. 9640.000 Million of the previous year. The consolidated revenue which includes revenue of TRL China Limited were Rs. 10740.000 Million compare to Rs. 10880.000 Million for the previous year.

The gross production during the year was 203339 t. against 222309 t. of the previous year; a decline of around 8.50%. The sales volume was 262844 t. against 299013 t. of the previous year; a decline of around 12%. Lower order booking due to lower demand and fierce competition in the market laid to lower capacity utilization.

Lower capacity utilization leading to under absorption of overhead expenses, coupled with depressed refractories prices and exorbitant increase in price of furnace oil and electricity made the profit before taxes dropping to Rs. 96.600 Million against Rs. 350.000 Million of the previous year; a decrease of 72%. The profit after tax was Rs. 74.700 Million against 240.000 Million of previous year; a decrease of 69%.

INTERNATIONAL BUSINESS

The export turnover of the company for the year was Rs. 1770.000 Million against Rs.1470.000 Million of the previous year. The consolidated international business was Rs.2180.000 Million against Rs.1900.000 Million of the previous year. During the year, the company successfully completed construction of Cokeoven battery No.1 of Esfahan Steel Company, Iran, which was the first refractories engineering and management contract undertaken by the company in a foreign country. This has boosted the confidence of the company to undertake similar jobs in foreign countries.

During the year, the Company has received CAPEXIL’S TOP Export Award for the year 2011-12

NEW PROJECTS

Last year, the company had signed technical know-how agreements with Krosaki Harima Corporation, Japan, for manufacturing of Taphole Clay and improved Flow Control Products (FCP). During the year, construction of Taphole Clay plant has been completed and trial production is under progress. Commercial production will be started after the product quality is stabilized. Construction of FCP plant is in advance stage of completion and expected to be completed during third quarter of the current financial year.

TRL CHINA LIMITED

Performance of TRL China, a subsidiary of the company has started improving with the joint efforts of Krosaki Harima (Shanghai) Enterprise Management Company Limited, a subsidiary of Krosaki Harima Corporation, Japan and R&D team of TRL China. During the year performance of MgO-C bricks of TRL China supplied to various customers surpassed performance of all competitors. This has enabled the company to secure large volume orders from Tata Steel Limited and Tata Steel Europe. During the year, TRL China incurred a loss of RMB 8.57 Million against loss of RMB 23.04 Million, a decrease of around 63%. It has been assessed that performance of TRL China will further improve during the current financial year and TRL China will be able to make profit.

FIXED ASSETS

· Land

· Buildings

· Other building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

CONTINGENT LIABILITIES:

a) Contingent Liability in respect of sales tax, income tax, excise duty and service tax demanded but contended as not due and, therefore, not provided in accounts - Rs. 47.266 Million (Previous Year : Rs.51.534 Million), Rs. NIL (Previous Year : Nil), Rs. 16.495 Million (Previous Year : Rs: 1.840 Million) and Rs. 2.686 Million (Previous Year : Rs. 2.686 Million) respectively.

b) Guarantees amounting to Rs. 1512.237 Million (Previous Year : Rs.1598.667 Million), include Corporate Guarantee given by the Company to State Bank of India, Shanghai Branch, with respect to term loan and working capital limits sanctioned to TRL-China - Rs.1327.476 Million (Previous Year : Rs.1226.177 Million)

c) Bills Discounted - Rs. 760.627 Million (Previous Year: Rs.452.954 Million).

d) Other claims not acknowledged as debts - Rs. 12.041 Million (Previous Year: Rs.11.891 Million)

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.63.55
UK Pound	1	Rs.99.86
Euro	1	Rs.72.67

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.