MIRA INFORM REPORT

Report No. :	338906
Report Date :	02.09.2015

IDENTIFICATION DETAILS

Name :	TRL KROSAKI REFRACTORIES LIMITED (w.e.f. 03.06.2011)
Formerly Known As :	TATA REFRACTORIES LIMITED
Registered Office :	Belpahar, Jharsuguda – 768218, Orissa
Tel. No.:	91-6645-258623
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
IEC No.:	Not Available
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, Exporter, Importer And Supplier of Refractory Bricks.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 a subsidiary of Krosaki Harima Corporation, a leading refractory player with global presence and advances technology. It is old and well-established company having fine track. As per 2014 financials, the management has reported decline in its sales turnover of 15.6% which led to dip in its profitability margins of 58%. However, the company’s overall financial position seems to be sound and healthy with good net worth base and low debt balance sheet profile of the company. Rating also takes into account of company’s long track of business operations and having strong brand image in refractory industry. Further, rating also derives strength from promoter’s extensive experience in the industry. Trade relations are good. Payment terms are reported to be regular and as per commitments. In the view of experienced promoters, subject can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	Long term Bank Facilities = AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	June 2015

Rating Agency Name	ICRA
Rating	Short term Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	June 2015

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 31-03-2013.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-6645-258623)

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 1:	502, Nalanda Chambers, Near Goandevi Temple, Navadapafa, Gokhle Road, Thane (West), Maharashtra, India
Branch Office 2:	Harshdeep Plaza, Indore – 452001, Madhya Pradesh, India
MARKETING :
Marketing (Domestic and International) :	Tata Center, 11^th Floor, 43 J.L. Nehru Road, Kolkata – 700071, West Bengal, India
Tel No :	91-33-65001025
Fax No :	91-33-22881063/ 1065
E-Mail :	sroy@trlkrosaki.com
International Business :
Tel No :	91-33-64990527
Fax No :	91-33-22881063/1065
E-Mail :	nilkanth@trlkrosaki.com
UK (Under International Business) :
Tel No :	91-44-7500605668
E-Mail :	mitrabhanu.pati@trlkrosaki.com
South East Asia (Malaysia. Singapore, Indonesia)
Tel No :	91-603-22731757 / 22739001
Fax No :	91-603-22739002
E-Mail :	santha10@tm.net.my
Head Office :
Tel No :	91-33-64990527
Fax No :	91-33-22881063 / 1065
Domestic Marketing Offices :	Located at: Jamshedpur Kolkata Vizag Belpahar Mumbai Bengaluru Delhi
Operations :	Samkhiyali, Survey No. 549-552/2, National Highway No. 15, Village-Lakadia, Taluka-Bhachau, Kutch, Gujarat, India
Tel No :	91-2837-283529
Fax No :	91-2837-283591
Operation Division Offices :	Also Located at: Jamshedpur Salem China Gujarat Jhansi
Factory :	Belpahar, Jharsuguda - 768218, Odisha, India
Tel No.:	91-6645-250249 / 250264 / 250273
Fax No.:	91-6645-250254 / 250243
Email Id.:	hs@trlkrosaki.com

DIRECTORS

AS ON 06.09.2014

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	6/2/2010	Active	NO
2	U45205OR1998PLC005448	THE DHAMRA PORT COMPANY LIMITED	Director	6/5/2005	6/5/2005	4/2/2008	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	4/2/2008	Active	NO
5	U45201OR2006PLC008971	TATA STEEL SPECIAL ECONOMIC ZONE LIMITED	Director	11/10/2006	11/10/2006	1/3/2008	Active	NO
6	L27310WB1990PLC050000	TATA METALIKS LIMITED	Director appointed in casual vacancy	11/1/2008	11/1/2008	29/10/2009	Active	NO
7	U23101WB2005PLC101608	HOOGHLY MET COKE AND POWER COMPANY LIMITED	Director	28/05/2008	11/1/2008	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	9/4/2009	1/11/2013	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
12	U27310MH2012PLC232512	TATA STEEL ODISHA LIMITED	Director	22/06/2012	22/06/2012	1/11/2013	Active	NO
13	U14290DL2013NPL261671	SKILL COUNCIL FOR MINING SECTOR	Director	6/12/2013	6/12/2013	-	Active	NO
14	U25199WB1976PLC030532	TEGA INDUSTRIES LIMITED	Director	29/09/2014	1/4/2014	-	Active	NO
15	L72200AP1990PLC011146	NCC LIMITED	Director	25/09/2014	9/4/2014	-	Active	NO
16	L35921TN1949PLC002905	TUBE INVESTMENTS OF INDIA LIMITED	Director	6/8/2014	5/5/2014	-	Active	NO
17	L29142TN1992PLC021997	IGARASHI MOTORS INDIA LIMITED	Director	30/07/2014	23/06/2014	-	Active	NO
18	U29253WB2008PLC123604	OM BESCO RAIL PRODUCTS LIMITED	Director	22/08/2014	14/07/2014	-	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 AND SERVICES COMPANY LIMITED	Director	22/10/2004	22/10/2004	27/02/2008	Active	NO
3	U23101WB2005PLC101608	HOOGHLY MET COKE AND POWER COMPANY LIMITED	Director	10/2/2005	10/2/2005	-	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	24/03/2015	Active	NO
7	U26921OR1958PLC000349	TRL KROSAKI REFRACTORIES LIMITED	Director	2/8/2008	5/5/2008	-	Active	NO
8	U40109TG2006PTC050759	BHUBANESHWAR POWER PRIVATE LIMITED	Director	6/8/2008	6/8/2008	-	Active	NO
9	L27105JH1968PLC000818	TAYO ROLLS LIMITED	Director	14/06/2013	8/8/2008	-	Active	NO
10	U24111JH1995PLC009020	JAMIPOL LIMITED	Director appointed in casual vacancy	1/2/2012	1/2/2012	-	Active	NO
11	U27310MH2012PLC232512	TATA STEEL ODISHA LIMITED	Whole-time director	19/09/2013	11/7/2012	-	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

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

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

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

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

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

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

MAJOR SHAREHOLDERS

AS ON 06.09.2014

SHAREHOLDER DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 06.09.2014

Category	Percentage
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
Directors or relatives of Directors	5.95
Other top fifty shareholders	0.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Importer And Supplier of Refractory Bricks.

Products :

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

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Country:

South Asia

Imports :

Country:

China

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 :

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

Banker Name	State Bank of India
Branch Address	(Commercial Branch) Bisra Chowk, Rourkela, Rourkela - 769001, Orissa, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans From Banks	16.865	51.000
SHORT TERM BORROWING
Working capital loans from banks	913.112	847.666
Total	929.977	898.666

Auditors :
Name :	N.M. Raiji And Company Chartered Accountants
Address :	Universal Building, P.M. Road, Fort, Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFN4217G
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary company :	TRL China Limited, China TRL Asia Pte Limited, Singapore
Fellow Subsidiary company:	Krosaki Harima Europe B.V, Netherlands
Holding company :	Krosaki Harima Corporation, Japan
Other Related Party :	Tata Steel Limited, India [L27100MH1907PLC000260]
Associate :	Almora Magnesite Limited, India [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	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	209.000	209.000	209.000
(b) Reserves & Surplus	2525.026	2520.567	2475.832
(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)	2734.026	2729.567	2684.832
(3) Non-Current Liabilities
(a) long-term borrowings	569.479	492.997	329.145
(b) Deferred tax liabilities (Net)	95.895	108.646	142.826
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	208.662	218.977	208.059
Total Non-current Liabilities (3)	874.036	820.620	680.030
(4) Current Liabilities
(a) Short term borrowings	1383.112	1317.666	1305.514
(b) Trade payables	1633.921	1191.308	1215.390
(c) Other current liabilities	502.505	421.130	309.089
(d) Short-term provisions	126.313	130.488	188.710
Total Current Liabilities (4)	3645.851	3060.592	3018.703
TOTAL	7253.913	6610.779	6383.565
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1605.336	1624.289	1667.065
(ii) Intangible Assets	66.136	55.785	60.894
(iii) Capital work-in-progress	698.224	378.342	149.341
(iv) Intangible assets under development	0.000	7.880	7.75
(b) Non-current Investments	336.647	336.647	336.647
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	241.549	236.565	81.308
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2947.892	2639.508	2303.005
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2007.534	1709.398	1605.304
(c) Trade receivables	1908.763	1796.412	1908.028
(d) Cash and cash equivalents	80.566	143.223	159.152
(e) Short-term loans and advances	294.370	318.264	408.065
(f) Other current assets	14.788	3.974	0.011
Total Current Assets	4306.021	3971.271	4080.560
TOTAL	7253.913	6610.779	6383.565

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	8505.867	8588.396	9018.255
	Other Income	35.588	46.121	66.921
	TOTAL (A)	8541.455	8634.517	9085.176
Less	EXPENSES
	Cost of Materials Consumed	3266.401	3230.479	3272.186
	Purchases of Stock-in-Trade	1946.186	1560.291	2044.149
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(296.586)	(43.665)	(24.299)
	Employees benefits expense	589.690	622.514	517.128
	Other expenses	2559.379	2783.874	2497.475
	Expenditure on production	(50.236)	(87.558)	0.000
	TOTAL (B)	8014.834	8065.935	8306.639
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	526.621	568.582	778.537
Less	FINANCIAL EXPENSES (D)	252.597	223.817	194.358
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	274.024	344.765	584.179
Less/ Add	DEPRECIATION/ AMORTISATION (F)	234.265	248.158	236.619
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	39.759	96.607	347.560
Less	TAX (H)	10.848	27.421	(112.700)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	28.911	69.186	460.260
	Earnings / (Loss) Per Share (Rs.)	1.38	3.31	11.74

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	318.077	205.285	79.238
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	535.031	474.998	489.120

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.34	0.81	5.10
Operating Profit Margin (PBIDT/Sales)	(%)	6.19	6.62	8.63
Return on Total Assets (PBT/Total Assets}	(%)	0.64	1.64	5.90
Return on Investment (ROI) (PBT/Networth)		0.01	0.04	0.13
Debt Equity Ratio (Total Debt /Networth)		0.83	0.74	0.64
Current Ratio (Current Asset/Current Liability)		1.18	1.30	1.35

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	2475.832	2520.567	2525.026
Net worth	2684.832	2729.567	2734.026
long-term borrowings	329.145	492.997	569.479
Short term borrowings	1305.514	1317.666	1383.112
Current maturities of long-term debts	79.238	205.285	318.077
Total borrowings	1713.897	2015.948	2270.668
Debt/Equity ratio	0.638	0.739	0.831

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	9018.255	8588.396	8505.867
		(4.767)	(0.961)

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	9018.255	8588.396	8505.867
Profit	460.260	69.186	28.911
	5.10%	0.81%	0.34%

LOCAL AGENCY FURTHER INFORMATION

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

PERFORMANCE:

For the third 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 gross turnover of Rs. 9180.000 Million against Rs. 929.000 Million of the previous year. However, consolidated revenue which includes revenue of TRL China Limited were Rs. 11160 000 Million compare to Rs.1074.000 Million for the previous year, a growth of around 3.9%.

The standalone gross production during the year was 1, 74,213 MT against 2, 03,339 MT of the previous year; a decline of around 14.3%. The sales volume was 2, 21,920 MT against 2, 62,844 MT of the previous year; a decline of around 15.6%. 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 un-remunerative refractories prices made the profit before taxes dropping to Rs. 39.800 Million against Rs. 96.600 Million of the previous year; a decrease of 59%. The profit after tax was Rs.28.900 Million against Rs.69.200 Million of the previous year; a decrease of 58%. However, consolidated profit was increased to Rs.59.600 Million against loss of Rs. 06.600 Million of the previous year due to improved performance of TRL China Limited

MANAGEMENT DISCUSSION AND ANALYSIS

Economic Environment

Despite improved global financial conditions and reduced short term risks, the world economy continues to expand at a subdued pace. Growth of World Gross Products (WGP) is now estimated at 2.1% for 2013 and forecasted to grow at a pace of 3% in 2014. While, most developed economies continued to grapple with the challenge of taking appropriate fiscal and monetary policy actions in the aftermath of the financial crisis, a number of emerging economies, which had already experienced slowdown in the past two years, encountered new domestic and international headwinds during 2013.

The year 2013-14 was a challenging one for Indian economy. Economic growth declined further recording merely 4.8%, the lowest in the last decade. Inflation and high fiscal deficit in the current economic scenario are major concern. The rupee US dollar exchange rate fluctuated significantly, depreciating to all time low of 68.85 in August 2013. However, India's basic economic fundamental remain intact and growth is bound to bounce back in the year ahead. The World Bank has projected an economic growth rate of 5.7% in fiscal year 2014 for India.

Industry Overview

Refractories are composite materials used in large volume in extreme, usually corrosive environments as furnace lining for high temperature materials processing and other applications in which thermo chemical properties are critical. Refractories are therefore, facilitating or enabling materials and are essential to successful operations of any industry in which high temperature is used. Industry-wise percentages of refractories consumption in India during the financial year 2013-14 are as follows:

As the steel industry is the major consumer of refractories, the growth of refractories industry is closely linked with the growth of iron and steel industry. Contraction of manufacturing sector's output by around 0.7% and dismal growth of steel consumption by around 0.6%, in India, in the year 2013-14 have adversely impacted the growth of refractories industry. The capacity utilization of refractories industry has been estimated to be around 65%.

Performance Review:

Due to continuous slowdown in Indian Economy for last three consecutive years, there were negligible growths in consuming industries particularly iron and steel. New projects of iron and steel manufacturers were delayed or deferred.

With the surplus capacity in the refractories industry, the competitive intensity both in domestic and global markets has further increased, which has made prices of products un-remunerative.

Future Outlook

Global financial conditions have been stabilized in recent months, as new policy initiatives in developed economies, including a further expansion of unconventional monetary policies, reduced the near-term tail risks for the world economy. Foreign direct investment flow to emerging economies is also strengthened. The upward trend of private capital to emerging economies is likely to continue as significant growth and interest rate differentials will persist in the near term. The current environment of low global interest rates, moderate volatility and rising risk appetite among investors, poses, however, considerable risks for emerging economies.

Structural factors such as stubbornly high inflation, large fiscal deficits, political uncertainties and transport and energy constraints will keep economic growth of India and investment below potential. While India's growth is likely to have bottomed out, the recovery will be slower than previously expected.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans From Banks	497.500	394.167
Deposits	55.114	47.830
SHORT TERM BORROWING
Loans repayable on demand	470.000	470.000
Total	1022.614	911.997

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, ORISSA - 769001,  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, WEST BENGAL - 700001, INDIA	B72633407

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Claims against company not acknowledged as debt	111.123	78.486
Guarantees	1707.189	1512.237
Other money for which company is contingently liable	819.894	760.629
Total contingent liabilities	2638.207	2351.352

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

Intangible assets

• Brands and trade marks
• 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 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.66.06
UK Pound	1	Rs.102.34
Euro	1	Rs.74.96

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	TRI
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION		--
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		66

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.