MIRA INFORM REPORT

Report No. :	341747
Report Date :	21.09.2015

IDENTIFICATION DETAILS

Name :	RAASI REFRACTORIES LIMITED
Registered Office :	Flat No. 503, Plot No. C,S No. 146, Dwarakapuri Colony, Punjagutta, Hyderabad-500082, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.12.1981
Com. Reg. No.:	003339
Capital Investment / Paid-up Capital :	Rs.47.131 Million
CIN No.: [Company Identification No.]	L26920TG1981PLC003339
TAN No.: [Tax Deduction & Collection Account No.]	HYDR00078B
PAN No.: [Permanent Account No.]	AABCR0333H
Legal Form :	Public Limited Liability Company. The company shares listed to the stock exchange.
Line of Business :	Manufacturer of Refractory bricks and allied products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is an established company incorporated in the year 1981. It is having moderate track. The company has been incurring losses from its operations along with decreasing sales turnover since financial year 2012, which has resulted in considerable erosion of the networth position. Further, as per the available balance sheet of the year 2014, company has taken huge external borrowings which is leadings to leveraged capital structure. However, trade relations are fair. Business is active. Payment terms are reported to be slow. In view of losses, the company can be considered for business dealings with great caution. Note: Balance sheet of the year 2015, could not be made available from any sources.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED

Management Non-Cooperative (Tel No.: 40-23355462)

LOCATIONS

Registered Office :	Flat No. 503, Plot No. C,S No. 146, Dwarakapuri Colony, Punjagutta, Hyderabad-500082, Telangana, India
Tel. No.:	Not Available
Mobile No.:	91-7660008192 (Mr. Aacharya) 91-9848787818 (Mr. Srinivas)
Fax No.:	Not Available
E-Mail :	marketing@raasi.in
Website :	http://www.raasi.in
FACTORY/ Plant:	Lakshmipuram, Narketpally, Nalgonda District,Andhra Pradesh - 508254

DIRECTORS

As on 31.03.2014

Name :	Mr. Murali Dhar Agarwal
Designation :	Director
Name :	Mr. Rabindra Chandra Biswas
Designation :	Director
Name :	Mr. Umesh Kumar Mittal
Designation :	Director
Name :	Mr. Rajendra Prasad Kandikattu
Designation :	Nominee Director
Address :	10-3-744(156/3RT), Flat No.201, Harihara Apartments, Vijayanagar Colony, Hyderabad - 500057, Telangana, India
Date of Appointment :	17.09.2012
DIN No.:	00143653
Name :	Mr. Konda Laxmaiah
Designation :	Additional Director
Address :	6-3-92/D, Ramagiri, Nalgonda, 508001 - Telangana, India
Date of Appointment :	23.06.2015
DIN No.:	00573281
Name :	Mr. Konda Padma
Designation :	Additional Director
Address :	6-3-92/D, Ramagiri, Nalgonda - 508001, Telangana, India
Date of Appointment :	23.06.2015
DIN No.:	03300465
Name :	Mr. Srishailam Vaddepally
Designation :	Additional Director
Address :	H. No. 1-95, Thalla Vellemla Village, Chityala Mandal, Nalgonda District, 508114, Telangana, India
Date of Appointment :	16.05.2015
DIN No.:	07186971
Name :	Mohan Vijaya Krishna Tallapalli
Designation :	Additional Director
Address :	H. No. 1-4-879/70/1/401, Stone Henge-I,, 8/SBI Officers Colony, Gandhi Nagar, Musheerabad, Hyderabad - 500080, Telangana, India
Date of Appointment :	23.06.2015
DIN No.:	07191708
Name :	Mr. Hemanth Tummala
Designation :	Additional director
Address :	Flat No.408, Airbus Apartments, Vittalwadi Road, Himayathnagar, Hyderabad - 500029, Telangana, India
Date of Appointment :	03.09.2015
DIN No.:	07279106
AUDIT COMMITTEE
Name :	Mr. Murali Dhar Agarwal
Designation :	Chairman
Name :	Mr. Rabindra Chandra Biswas
Designation :	Member
Name :	Mr. Umesh Kumar Mittal
Designation :	Member
SHAREHOLDERS'/INVESTORS' GRIEVANCE COMMITTEE
Name :	Mr. Murali Dhar Agarwal
Designation :	Chairman
Name :	Mr. Rabindra Chandra Biswas
Designation :	Member
Name :	Mr. Umesh Kumar Mittal
Designation :	Member
REMUNERATION COMMITTEE
Name :	Mr. Murali Dhar Agarwa
Designation :	Chairman
Name :	Mr. Rabindra Chandra Biswas
Designation :	Member
Name :	Mr. Umesh Kumar Mittal
Designation :	Member

KEY EXECUTIVES

Name :	Mr. Ashok Kumar Agarwal
Designation :	Executive Chairman
Name :	Mr. Murali Dhar Agarwal
Designation :	Chairman
Name :	Mr. Srinivas
Designation :	Accounts Department
Contact No.:	91-9848787818
Name :	Mr. Aacharya
Designation :	Marketing Department
Contact No.:	91-7660008192

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2387220	50.65
Sub Total	2387220	50.65
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2387220	50.65
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	2950	0.06
Central Government / State Government(s)	95825	2.03
Sub Total	98775	2.10
(2) Non-Institutions
Bodies Corporate	1023120	21.71
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	915862	19.43
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	276885	5.87
Any Others (Specify)	11274	0.24
Non Resident Indians	9273	0.20
Clearing Members	2001	0.04
Sub Total	2227141	47.25
Total Public shareholding (B)	2325916	49.35
Total (A)+(B)	4713136	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	4713136	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Refractory bricks and allied products.

Products :

Item Code No.	Product Description
69022002	Bricks and Shapes-High Alumina
69021001	Magnesite Bricks and Shapes
69021004	Bricks and Shapes-Magnesia Carbon

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

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 :

Bank Name	Andhra Bank
Branch	Not Divulged
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 :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Other Loans and Advances
Term Loan from SREI Equip. Finance Private Limited	NA	87.316
Loan from Director	NA	3.700
Long term Creditors	NA	41.298
Total	NA	132.314

Note:

(Term Loan from M/s. SREI Equipment Finance Limited.

is secured by mortgage on the Fixed Assets of the company)

Auditors :
Name :	SRB and Associates Chartered Accountant
Address :	I.C.A.I. Regn. No.310009E 403, Pavani Plaza, 5 Floor, 6-2-984, Khairtabad, Hyderabad – 500004, Telangana, India
Cost Auditors :
Name :	PCR and Associates Chartered Accountant
Address :	5-4-187/3 and 4/10, Patel Trade World 1st Floor, M.G. Road, Ranigunj Secunderabad – 500003, Telangana, India
Memberships :	--
Collaborators :	--
Companies under the same management: (As on 31.03.2014)	Sarvesh Refractories Limited Sree Metaliks Limited Rourkela Minerals Company Private Limited Icebergs Aqua Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

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
4713136	Equity Shares	Rs.10/- each	Rs.47.131 Million

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the year. Equity Share of Rs.10/- each with voting rights

	No of Shares	Amount
Opening Balance	4713136	47.131
Fresh Issue	--	--
Closing Balance	4713136	47.131

Details of Shares held by each shareholders holding more than 5% shares

Particulars	31st March 2014
	No of Shares	% of Shares
Ashok Kumar Agarwal	1288900	27.35
Sanjay Agarwal	1098320	23.30
Vedvyas Marketing Services Private Limited	339580	7.20
Barbil Transport Company Private Limited	332985	7.07
P and U Merchantiles Private Limited	319358	6.78

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	47.131	47.131
(b) Reserves & Surplus	(40.369)	(4.783)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	6.762	42.348
(3) Non-Current Liabilities
(a) long-term borrowings	184.505	245.793
(b) Deferred tax liabilities (Net)	10.455	10.455
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	9.259	8.933
Total Non-current Liabilities (3)	204.219	265.181
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	60.307	33.923
(c) Other current liabilities	99.821	41.424
(d) Short-term provisions	1.422	1.531
Total Current Liabilities (4)	161.550	76.878
TOTAL	372.531	384.407
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	65.228	75.623
(ii) Intangible Assets	22.912	22.912
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	9.845	9.845
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	97.985	108.380
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	154.710	135.800
(c) Trade receivables	85.056	84.352
(d) Cash and cash equivalents	4.888	29.628
(e) Short-term loans and advances	29.892	26.247
(f) Other current assets	0.000	0.000
Total Current Assets	274.546	276.027
TOTAL	372.531	384.407

Note: Balance sheet of the year 2015, could not be made available from any sources.

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	160.750	150.826	358.441
	Other Income	0.000	0.653	0.003
	TOTAL (A)	160.750	151.479	358.444
Less	EXPENSES
	Cost of Materials Consumed	206.759	146.630	264.242
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	21.082	(2.123)	(7.059)
	Employees benefits expense	20.984	18.268	24.213
	Other expenses	70.267	12.375	57.914
	TOTAL (B)	319.092	175.150	339.310
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(158.342)	(23.671)	19.134
Less	FINANCIAL EXPENSES (D)	0.500	1.520	28.603
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(158.842)	(25.191)	(9.469)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	10.392	10.395	10.394
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(69.234)	(35.586)	(19.863)
Less	TAX (H)	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(69.234)	(35.586)	(19.863)
	Earnings / (Loss) Per Share (Rs.)	(34.65)	(7.55)	(4.21)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	0.000	0.000
Cash generated from operations	NA	37.414	(0.102)
Net cash flow from operating activity	NA	37.414	(0.102)

QUARTERLY RESULTS

Particulars	30.06.2015
UnAudited	1^ST Quarter
Net Sales	22.16
Total Expenditure	25.750
PBIDT (Excl OI)	(3.590)
Other Income	NA
Operating Profit	(3.590)
Interest	0.010
Exceptional Items	NA
PBDT	(3.600)
Depreciation	2.600
Profit Before Tax	(6.200)
Tax	(6.200)
Provisions and contingencies	NA
Profit After Tax	(6.200)
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	(6.200)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(105.28)	(23.59)	(5.54)
Operating Profit Margin (PBIDT/Sales)	(%)	(98.50)	(15.69)	5.34
Return on Total Assets (PBT/Total Assets}	(%)	NA	(9.81)	(5.30)
Return on Investment (ROI) (PBT/Networth)		NA	(5.26)	(0.47)
Debt Equity Ratio (Total Debt /Networth)		NA	27.29	5.80
Current Ratio (Current Asset/Current Liability)		NA	1.70	3.59

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.12.75 (BSE)

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	358.441	150.826	160.750
		(57.922)	6.580

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	358.441	150.826	160.750
Profit	(19.863)	(35.586)	(169.234)
	(5.54%)	(23.59%)	(105.28%)

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
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
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	No
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from H No.6-3-349/20, Alpha Business Centre, 2^nd Floor, Road, No.1, Banjara Hills, Hyderabad-500034, Telangana, India to the present address

LISTING DETAILS:

CRP 499 / 2008 CRPSR 2362 / 2008 CASE IS: PENDING

PETITIONER M/S BHATIA INTERNATIONAL LIMITED PET.ADV.: SIMHADRI SUBJECT: ARTICLE 227	RESPONDENT VS M/S. RAASI REFRACTORIES LIMITED RESP.ADV.: DURGA PRASAD DISTRICT: HYDERABAD
FILING DATE: 06.02.2008 POSTING STAGE: FINAL HEARING REG. DATE : 06.02.2008 LISTING DATE: 02.06.2014 STATUS: -------
HON’BLE JUDGE (S): K.C.BHANU ANIS

MANAGEMENT DISCUSSION AND ANALYSISREPORT: (As on 31.03.2014)

Industry Structure and Development:

Refractories are made of naturally occurring minerals, such as bauxite, kyanite, magnesite, fireclay, chrome ore, etc. Refractories are used either where high temperature or high rate of abrasion/ corrosion/ erosion is involved. Lately, however, the industry has been using manmade raw materials, such as brown-fused alumina, tabular alumina, fused magnesia, silicon carbide, magnesia alumina, etc. It has a wide product range and comprehensive

to suit the requirement of different industry segments. These are produced in Special Shapes and are Custom made to suit the requirements of the various industries.

Opportunities and threats

Opportunities in the refractories industry:

The refractories industry largely follows trends set by its main driver, the steel industry. Iron and steel production is responsible for up to 70 % of the total demand for Refractories, therefore the profitability of the refractories industry as a whole is strongly influenced by steel product ion levels and steel plant investments. There is a steep fall in the demand for steel due to a decline in the infrastructure sector, while the short term outlook remains problematic because of the global economic situation; there could be realistic and sustainable growth in steel production and in other key end user industries till 2017. Indeed, there may even be a short- term surge in demand for refractories once confidence recovers because of new capital investment and refurbishment of idled equipment.

Threats in the Refractories industry:

Absence of clear cut policy on iron ore mining has led to closure of steel plants, especially those based on sponge iron as feed material. If this situation continues, the expected growth in steel may not materialize at desired pace. Another major issue for refractory business is from the small scale industries. These industries are expanding their operations at a rapid pace and are presently ready to compete with large scale industries. Also these industries are coping up with the technological changes taking place in the industry and given the amount of support received from the government for their upliftment, these SSIs definitely seem to be a threat in the near future. The Company is taking steps to take on the challenges and strengthen its brand image in neighboring states as well as in Telengan where the company is already a brand leader. Power remains another major threat to the industry. Severe power shortage and high cost of power in the State has rendered most of the factories very non remunerative.

Segment or Product wise Performance:

The company operates in only one business segment and one product viz., refractories.

Outlook: (As on 31.03.2014)

Market outlook in future for refractory seems good. Per capita consumption of steel in India is being far below in comparison to the international standards. It is expected that the demand for increase of domestic steel production will be robust and this will have positive impact in refractory consumption. Growth in real estate and consumer durable sector will lead to increase in cement, glass and special alloys production. This will also necessitate use of better quality refractories. The Company's effort to keep pace with changing technology which offer superior product will ensure not only retention of existing business but also increase the business volume wherever such products are used.

Risks and Concerns: (as on 310.2014)

India’s refractory industry has witnessed a dramatic squeeze in margins amidst poor demand from end users and rising raw material prices. Sudden rise in the price of the raw material is due to dependence of the refractory industry on the raw materials imported from China. It is a matter of great concern as the use of synthetic raw materials is driving the prices of the raw materials higher. Further, the raw material prices have increased from 80% to 85% but the prices of finished products have increased from 18% to 30% resulting in erosion of bottom lines of the refractory companies.

Internal control system and their adequacy:

The Company strictly adheres to the internal control systems established overthe years. The Company has a policy of maintaining effective internal control system and strict implementation of policies and procedures so as to safe guard the assets and interests of the company. The internal control systems of the Company would ensure that any vulnerability in the achievement of the Company’s objectives caused by risk factors whether internal or external, existing or emerging, is detected and reported in a timely manner and is meted out with appropriate corrective action. The findings of internal audit are periodically placed before the Audit committee and the Board of directors of the Company.

Discussion on financial performance with respect to operational performance:

The Company has achieved the gross turnover of Rs.169.748 Million as against a turnover of Rs.401.594 Million achieved during the previous financial year. The Company has incurred a Net loss of Rs.35.586 Million as against loss of Rs.19.863 Million during previous year.

Material developments in Human Resources/Industrial Relations front including number of people employed It is the Company’s belief that the competence and commitment of its people are key drivers of competitive advantage enabling the Company to compete successfully in the market place. The Company endeavors to strengthen organizational culture in order to attract and retain the best talent and bring out the best in people.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From body corporates	NA	52.191
Total	NA	52.191

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90132093	11/05/2000 *	30,000,000.00	STATE BANK OF HYDERABAD	INDUTRIAL FINANCE BRANCH, PUNJAGUTTA, HYDERABAD,  Telangana - 500082, INDIA	-
2	90133360	16/09/1985	1,000,000.00	STATE BANK OF HYDERABAD	NALGONDA, NALGONDA, Telangana, INDIA	-
3	90131475	19/06/1998 *	52,000,000.00	STATE BANK OF HYDERABAD	INDUSTRIAL FINANCE BRANCH, PUNJAGUTTA, HYDERABAD,  Telangana - 500082, INDIA	-

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015

(Rs. In Million

		Particulars
1		Income from Operations
		Sales/Income from Operations (Gross)	21.665
		b) Other Operating Income	0.492
	Total Income from Operations (Net)		22.157
2	Expenses
	a)	Cost of Materials consumed	23.725
	b)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(11.838)
	c)	Employee benefit expenses	5.653
	d)	Depreciation and amortization expense	2.598
	e)	Other expenses	8.208
	Total Expenses		28.346
3		Profit /(Loss) from operations before other income, finance costs and exceptional items	(6.189)
4	Other Income		0.000
5	Profit /(Loss) from ordinary activities before finance costs and exceptional items		(6.189)
6	Finance Costs		0.011
7	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		(6.200)
8	Exceptional Items		0.000
9	Profit /(Loss) from ordinary activities before tax		(6.200)
10	Tax Expense		0.000
11	Net Profit /(Loss) from ordinary activities after tax		(6.200)
12	Paid up equity share capital (Face value of the share shall be indicated)		47.131
13	Reserve excluding revaluation reserves		0.000
14		Earnings per share (before/after extraordinary items) of Rs.10/- each	(0.132)
		Basic & Diluted	(0.132)
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	2325916
		- Percentage of Shareholding	49.35%
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	2387220
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	100.00%
		- Percentage of shares (as a % of the total share capital of the Company)	50.65%
		b) Non- encumbered
		- Number of shares	0
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	0.00%
		- Percentage of shares (as a % of the total share capital of the Company)	0.00%

Note: the above unaudited results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 31th August, 2015 and have been subjected to limited review by the Statutory Auditors.

Segment reporting as defined in Accounting Standards (AS)-17 is not applicable, since the entire operations of the company relates to only one segment viz., refractories.

There were no investors complaints pending as at the commencement of the quarter and no complaints were received during the quarter.

Previous period figures have been regrouped/ recasted wherever necessary, to conform to currecnt period’s classification.

CONTINGENT LIABILITIES: (As on 31.03.2014)

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Outstanding Bank guarantee	28.778	34.278
Appeal pending before CIT (Appeal)	0.927	--
Appeal pending before AP High Court against P.F. Demand	4.637	--

FIXED ASSETS

• Land and Site Development
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Vehicles

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.66.70
UK Pound	1	Rs.105.10
Euro	1	Rs.77.10

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KIN
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.