MIRA INFORM REPORT

Report No. :	501750
Report Date :	05.04.2018

IDENTIFICATION DETAILS

Name :	NATIONAL ALUMINIUM COMPANY LIMITED
Registered Office :	Nalco Bhawan, Plot No. P/1, Nayapalli, Bhubaneswar – 751013, Odisha
Tel. No.:	91-674-2301989-99
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	07.01.1981
Com. Reg. No.:	15-000920
Capital Investment / Paid-up Capital :	INR 9664.600 Million
CIN No.: [Company Identification No.]	L27203OR1981GOI000920
IEC No.: [Import-Export Code No.]	Not Divulged
TIN No.:	21331104647
GSTN : [Goods & Service Tax Registration No.]	21AAACN7449M1Z9
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACN7449M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	The Company is engaged in the business of manufacturing and selling of Alumina and Aluminium. [Registered Activity]
No. of Employees :	6950 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1981 and it is controlled and managed by Ministry of Mines, Government of India which holds 74.58% shares in the company. The subject is engaged in manufacturing of alumina and aluminium as well as engaged in bauxite mining and alumina mining. For the financial year 2017, the company has achieved decent growth in its revenue as compared to its previous year along with fair profit margin during the year. Rating take into consideration, the robust financial risk profile marked by adequate net worth base, strong debt protection metrics and strong debt protection metrics. Rating continue to derive strength from its long and established track record of its business operation backed by its strong financial and managerial support from Ministry of Mines. The company has its share price trading at around INR 68.10 on BSE as on 3nd April 2018 as against its face value of INR 5. Further as per 3rd quarter results of December 2017, the company has achieved revenue of INR 23888.200 million and has clocked profit margin of approximately 30.17%. However, these rating strength gets partially offset by falling global prices of aluminium which may erode margins and reduce sales realization for domestic manufacturers impacting the bottom-line of the company. Payments seems to be regular. In view of aforesaid, the company can be considered for business dealing at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATING
Rating	Fund Based Limits = AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk
Date	27.12.2017
Rating Agency Name	INDIA RATING
Rating	Non-Fund Based Limits = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	27.12.2017

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 05.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management Non-Cooperative (Tel No.:91-674-2301989-99)

LOCATIONS

Registered Office / Corporate Office :	Nalco Bhawan, Plot No. P/1, Nayapalli, Bhubaneswar – 751013, Odisha, India
Tel. No.:	91-674-2301989-99
Fax No.:	91-674-2300677/ 2300550/2300470/ 2300521/2300640
E-Mail :	company_secretary@nalcoindia.co.in
Website :	http://www.nalcoindia.com
Regional Offices :	Eastern Region 1^st Floor, JK Millenium Centre, 46-D, Chowringhee Road, Kolkata – 700071, West Bengal, India Tel. No.: 91-33-662244510-34 Fax No.: 91-33-22810393/22878936  E-Mail : rmeast@nalcoindia.co.in Western Region 215.T.V. Industrial Estate, S.K. Ahire Marg, Worli, Mumbai – 400030, Maharashtra, India Tel. No.: 91-22-24939288/24939289 Fax No.: 91-22-24950500 E-Mail : bbsinghbabu@nalcoindia.co.in Northern Region Core 4, 5^th Floor, South Tower, District Centre, Scope Minar, Laxmi Nagar, New Delhi-110092, India Tel. No.: 91-11-22010793 / 94 / 22010801 Fax No.: 91-11-22010800 / 22010790/792 E-Mail : pradyumna.pradhan@nalcoindia.co.in Southern Region 3E, Century Plaza, 560, Anna Salai, Teynampet, Chennai - 600018, Tamilnadu, India Tel. No.: 91-44-24344162/24349157 Fax No.: 91-44-24343495 E-Mail : rmsouth@nalcoindia.co.in
Port Facilities :	Visakhapatnam Opposite Ore Handling Complex, Port Area, Visakhapatnam – 530035, Andhra Pradesh, India Tel. No.:91-891-2561433 / 2561435 Fax No.:91-891-2561598 E-mail : gmport@nalcoindia.co.in Paradip (Port Office) ‘V Point, Bada Padia, Paradip – 754142, Odisha, India Tel. No.:91- 6722-221286 Fax No.:91-6722-221286 E-mail : nalco_paradeep@nalcoindia.co.in
Sales and Marketing Office :	No. 37, 1st Floor, VVP Nagar, (Jipmer Main Road, Kamaraja Salai, Pondicherry
Tel. No.:	91-674-2301988/ 2301989
Branch Office :	Ground Floor, Jal Bhavan, No. 5 & 6, 1st Stage, 1st Phase, BTM Layout, Bannerghatta Main Road, Bangalore – 560029, Kolkata, India
Tel. No. :	91-80-26637297/26637083/26637084
Fax No. :	080-26530148
E-mail :	nalbir@nalcoindia.co.in
Units :	Mines and Refinery Mines and Refinery Complex, Dist. Koraput, Damanjodi – 763008, Odisha, India Tel. No.: 91-6853-254515/254550/254251 Fax : 91-6853-254361/254214 Captive Power Plant Angul – 759122, Odisha, India Tel. No.: 91-6764-220158 Fax : 91-6764-220646 Smelter Plant NALCO Nagar, District : Angul – 759145, Odisha, India Tel. No.: 91-6764-220110 Fax : 91-6764-220738/220206
Stock Yards :	Located at : Bhiwandi Kolkata Bangalore Jaipur Silvasa Faridabad Visakhapatnam Baddi Chennai Vadodara New Delhi

DIRECTORS

AS ON 2018

Name :	Dr. Tapankumar Chand
Designation :	Chairman-Cum Managing Director
Address :	Director's Bunglow No.1 (Db 1) Sector - 7, Ukkunagaram, Visakhapatnam 530032, Andhra Pradesh, India
Date of Birth/Age :	17.11.1959
Qualification :	Post Graduate Degree in History and Public Administration Bachelor’s Degree in Law and Diploma in Social Welfare
Date of Appointment :	26.09.2015
DIN No.:	01710900
Name :	Mr. Venkatesan Balasubramanyam
Designation :	Whole-time Director
Address :	D/184, Nalco Township Chandrasekhar Pur, Nalco Nagar, Bhubaneswar 751023, Odisha, India
Date of Birth/Age :	01.12.1960
Qualification :	B Tech in chemical engineering
Experience :	Chemical engineer having wide range of experience in aluminum industry.
Date of Appointment :	26.09.2015
DIN No.:	06965313
Name :	Mr. Maheswar Sahu
Designation :	Director
Address :	A/302, Parijat Residency, Behind Fab India, Bodakdev, Ahmedabad – 380054, Gujarat, India
Qualification :	B.Sc. (Engineering) in Electrical
Date of Appointment :	21.11.2015
DIN No.:	00034051
Name :	Mr. Dipankar Mahanta
Designation :	Director
Address :	25, Janapath Nabin Nagar, R.G. Barua Road, Guwahati – 781024, Assam, India
Date of Birth/Age :	12.12.1965
Qualification :	MBA
Date of Appointment :	21.11.2015
DIN No.:	01583516
Name :	Mr. Krushna Chandra Samal
Designation :	Director
Address :	Plot No.GA-159, Niladri Vihar, C S Pur, Bhubaneswar – 751021, Odisha, India
Date of Birth/Age :	59 Years
Date of Appointment :	03.01.2014
DIN No.:	03618709
Name :	Prof. Damodar Acharya
Designation :	Director
Address :	Flat No. A - 7/1, High Land Residency, Plot No.265, Chandrasekharpur, Khurda, Bhubneswar – 751021, Odisha, India
Date of Birth/Age :	02.041949
Qualification :	Mechanical Engineering
Date of Appointment :	21.11.2015
DIN No.:	06817842
Name :	Mr. Srinivasan Sankararaman
Designation :	Director
Address :	104B, Sulochana Gardens, Amar Seva Sangam, Ayikudy, Tirunelveli – 627852, Tamilnadu, India
Date of Birth/Age :	19.05.1962
Date of Appointment :	21.11.2015
DIN No.:	07346454
Name :	Mr. Pravat Keshari Nayak
Designation :	Director
Address :	446, Sahid Nagar, Bhubaneswar – 751007, Odisha, India
Date of Birth/Age :	16.08.1960
Date of Appointment :	21.11.2015
DIN No.:	07346756
Name :	Mr. Basant Kumar Thakur
Designation :	Director
Address :	C-34/04, Mohan Nagar, Salem – 636030, Tamilnadu, India
Date of Birth/Age :	19.12.1959
Date of Appointment :	04.07.2016
DIN No.:	07557093
Name :	Mr. Sanjib Kumar Roy
Designation :	Director
Address :	QR No -D/18, Nalconagar, Anugul – 759145, Orrisa, India
Date of Appointment :	03.02.2017
DIN No.:	06756812
Name :	Mr. Niranjan Kumar Singh
Designation :	Director
Address :	C-43, Nivedita Kunj, Sector 10, RK Puram, New Delhi – 110022, India
Date of Appointment :	15.03.2017
DIN No.:	03361541
Name :	Ms. Kiran Ghai Sinha
Designation :	Director
Address :	52, Ganga Tower, L.C.T. Ghat, Mainpura, Town/Village - East Mainpura, Anchal/Thana – Patna, Sad, Patna – 800013, Bihar, India
Date of Appointment :	03.02.2017
DIN No.:	07726477
Name :	Mr. Nagendra Nath Sharma
Designation :	Director
Address :	S-14, Sector-11, Noida, Gautam Budh Nagar-201301, Uttar Pradesh, India
Date of Appointment :	06.09.2017
DIN No.:	02888318
Name :	Mr. Achla Sinha
Designation :	Director
Address :	D - I / 17, Satya Marg, Chanakyapuri, Delhi-110021, India
Date of Appointment :	08.09.2017
DIN No.:	07932932
Name :	Mr. Rajeswara Rao Kolanupaka
Designation :	Additional Director
Address :	B-1, Tower-10, New Moti Bagh South West Delhi, Sarojini Nagar, Delhi-110023, India
Date of Appointment :	19.02.2018
DIN No.:	08071005

KEY EXECUTIVES

Name :	Mr. Nayan Kumar Mohanty
Designation :	Company Secretary
Address :	Flat No. 2/10, Kanchanjanga Vip Enclave, Chandrase Bhubaneswar, Khorda, Bhubaneswar-751016, Odisha, India
Date of Appointment :	01.06.2017
PAN No.:	AASPM7151N
Name :	Mr. Gautam Bhattacharya
Designation :	Chief Vigilance Officer

SHAREHOLDING PATTERN

AS ON 30.09.2017

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	1163717107	60.20
(B) Public	769211777	39.80
Grand Total	1932928884	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Central Government/ State Government(s)	1163717107	60.20
President of India	1163717107	60.20
Sub Total A1	1163717107	60.20
A2) Foreign		0.00
A=A1+A2	1163717107	60.20

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions		0.00
Mutual Funds/	173226199	8.96
ICICI Prudential Equity Arbitrage Fund	52227431	2.70
Reliance Capital Trustee Company Limited A/C Reliance Growth Fund	28439398	1.47
UTI-Top 100 Fund	30933652	1.60
Foreign Portfolio Investors	137911724	7.13
Government Pension Fund Global	34050700	1.76
Financial Institutions/ Banks	245958674	12.72
LIC of India Profit Plus Growth Fund	206226316	10.67
Sub Total B1	557096597	28.82
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	65083339	3.37
Individual share capital in excess of INR 0.200 Million	11996227	0.62
NBFCs registered with RBI	48215	0.00
Any Other (specify)	134987399	6.98
Trusts	120690	0.01
Overseas corporate bodies	26400	0.00
NRI	3173265	0.16
Clearing Members	15016440	0.78
NRI – Non- Repat	849007	0.04
Bodies Corporate	115653330	5.98
Bajaj Allianz Life Insurance Company Limited	25429874	1.32
IEPF	148267	0.01
Sub Total B3	212115180	10.97
B=B1+B2+B3	769211777	39.80

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of manufacturing and selling of Alumina and Aluminium. [Registered Activity]

Products / Services :

NIC Code No.	Product Description
201	Alumina*
242	Aluminium
351	Power**

*Alumina includes Alumina Hydrate, Special Grade Hydrate, Special Grade Alumina and other Chemicals.

** Power includes Renewable energy (Wind Power)

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (As on 31.03.2017)

Particulars (Physical Performance)	Unit	Actual Production
Bauxite	MT	6825000
Alumina Hydrate	MT	2100100
Aluminium	MT	387422
Power (net)	MU	6066
Wind Power	MU	206

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark :	--

No. of Employees :

6950 (Approximately)

Bankers :

Bank Name	Not Divulged
Branch	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Liabilities towards bills discounted	510.900	0.000
Total	510.900	0.000

Note:

Liability towards bills discounted as at March 31, 2017 relates to bills raised on customers which have been discounted with the bank under the cash credit facility of the Company. For the first time the company recognises the liabiity for bills discounted but not collected by the bank from the customer/ confirmed acceptance by the accepting bank on the reporting date. Source of such information is the negotiating bank and these data are maintained by the bank in the electronic mode which are updated on a realtime basis. These informations are not available with the bank for past periods. Hence, the figures for the corresponding period ended at March 31, 2016 and March 31, 2015 could not be made available. However, the bills discounted as on March 31, 2016 and March 31, 2015 have already been collected by the negotiating bank. As on March 31, 2017 there is no such case pertaining to earlier periods.

Auditor 1:
Name :	ABP and Associates Chartered Accountants
Address :	11A, Bapuji Nagar, Bhubaneswar-751009, Odisha, India
E-Mail :	mail@caabp.com
Auditor 2:
Name :	Guha Nandi and Company Chartered Accountants
Address :	Commerce House, 5th Floor, Room 8D and E, 2A, Ganesh Chandra Avenue, Kolkata-700013, West Bengal, India
Tel. No.:	91-33-22132929 / 22132930
E-Mail :	guhanandi@gmail.com
Auditor 3:
Name :	Patro and Company Chartered Accountants
Address :	Janpath Tower, 3^rd Floor, Ashok Nagar, Bhubaneswar-751009, Odisha, India
Tel. No.:	91-674-2532471/2532472
E-Mail :	patroco@gmail.com
Memberships :	Not Available
Collaborators :	Not Available
Joint Ventures and associates :	Angul Aluminium Park Private Limited NPCIL-NALCO Power Company Limited GACL NALCO Alkalis and Chemicals Limited
Post Employment Benefit Plan :	Nalco Employees Provident Fund Trust Nalco Employees Group Gratuity Trust
Entity controlled by a person identified in as KMP :	Nalco Foundation
Government that has control or significance influence:	Govt. Of India
Entities on which Govt of India has control or significant influence (CPSEs) :	The Company has major business transactions during the year with the following CPSEs. i) Purchase of Goods and Services Indian Oil Corporation Limited Bharat Petroleum Corporation Limited Hindustan petroleum Corporation Limited Mahandai Coal Fields Limited Northern Coalfields Limited Singareni Coliaries Limited Western Coalfields Limited Numaligarh Refinery Limited Bharat Earthmovers Limited Bharat Heavy Electrical Limited Mineral Exploration Corporation Limited Balmer Lawrie and Company East Coast railways Vizag Port Trust ii) Sale of Goods National Small Industries Corporation (NSIC) Steel Authority of India Limited Rashtriya Ispat Nigam Limited National Thermal Power Corporation Limited

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000000	Equity Shares	INR 5/- each	INR 30000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1932928884	Equity Shares	INR 5/- each	INR 9664.600 Million

a) Fully Paid Equity Shares

Equity Shares	As on 31.03.2017
	Number of Shares	INR in Million
Shares outstanding at the beginning of the year	2577238512	12886.200
Less: Buy-back of equity shares by the Company	644309628	3221.600
Shares outstanding at the end of the year	1932928884	9664.600

(i) Fully paid equity shares, which have a par value of INR 5 each, carry one vote per share and carry a right to dividends.

(ii) The Company has bought back 644309628 no. of equity shares of INR 5 each during the year which has led to decrease in the equity share capital from INR 12886.200 Million to INR 9664.600 Million (from 2577238512 no. of equity shares to 1932928884 no. of equity shares of INR 5 each).

(iii) The shares bought back during the year were extinguished on September 26, 2016.

b) Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	As on 31.03.2017
	Number of Shares	% holding
Fully paid equity shares
Government of India	1441482490	74.58%
Life Insurance Corporation of India	204384512	10.57%

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9664.600	12886.200	12886.200
(b) Reserves & Surplus	92393.300	119061.300	115086.800
(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)	102057.900	131947.500	127973.000
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	12455.800	11641.100	11052.700
(c) Other long term liabilities	506.300	519.600	653.000
(d) long-term provisions	3281.100	3011.200	2427.600
Total Non-current Liabilities (3)	16243.200	15171.900	14133.300
(4) Current Liabilities
(a) Short term borrowings	510.900	0.000	0.000
(b) Trade payables	8640.700	6558.600	4401.800
(c) Other current liabilities	16393.100	12552.400	13406.500
(d) Short-term provisions	1170.700	871.500	1862.100
Total Current Liabilities (4)	26715.400	19982.500	19670.400
TOTAL	145016.500	167101.900	161776.700
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	70186.300	64570.700	65092.100
(ii) Intangible Assets	1258.000	1386.100	1362.100
(iii) Capital work-in-progress	5146.500	6563.000	5497.300
(iv) Intangible assets under development	513.500	314.000	0.000
(b) Non-current Investments	395.500	9443.600	10.400
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	806.000	1073.300	12218.500
(e) Other Non-current assets	10152.800	10314.700	474.500
Total Non-Current Assets	88458.600	93665.400	84654.900
(2) Current assets
(a) Current investments	12211.300	660.000	9500.000
(b) Inventories	11559.300	10550.100	11655.600
(c) Trade receivables	1842.500	2352.100	1208.200
(d) Cash and cash equivalents	22872.300	51031.500	46279.800
(e) Short-term loans and advances	367.000	302.000	6075.400
(f) Other current assets	7705.500	8540.800	2402.800
Total Current Assets	56557.900	73436.500	77121.800
TOTAL	145016.500	167101.900	161776.700

PROFIT & LOSS ACCOUNT [STANDALONE]

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	80500.200	72692.300	73828.100
	Other Income	4082.700	6051.300	6726.400
	TOTAL	84582.900	78743.600	80554.500
Less	EXPENSES
	Cost of Raw Materials Consumed	11817.900	11044.100	10315.900
	Cost of power and fuel consumed	22125.300	18646.100	18022.400
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(965.900)	(89.900)	29.000
	Employees benefits expense	15374.400	13983.300	13779.100
	Excise duty	5069.800	4522.700	0.000
	Exceptional items	401.500	(534.500)	(1484.200)
	Other expenses	16282.200	14991.400	14621.500
	TOTAL	70105.200	62563.200	55283.700
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	14477.700	16180.400	25270.800
Less	FINANCIAL EXPENSES	26.900	32.700	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	14450.800	16147.700	25270.800
Less	DEPRECIATION/ AMORTISATION	4803.600	4261.200	4136.600
	PROFIT/ (LOSS) BEFORE TAX	9647.200	11886.500	21134.200
Less	TAX	2961.900	4015.400	7915.700
	PROFIT/ (LOSS) AFTER TAX	6685.300	7871.100	13218.500
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports		29531.700	31594.800
	Other income(despatch money claim)		15.600	12.300
	Exceptional Items		534.500	0.000
	TOTAL EARNINGS	32773.200	30081.800	31607.100
	IMPORTS
	Raw Materials	NA	1070.200	1147.800
	Coal	NA	401.400	1078.900
	Components and spare parts	NA	524.400	760.000
	Capital Goods	NA	350.300	51.100
	TOTAL IMPORTS	NA	2346.300	3037.800
	Earnings / (Loss) Per Share (INR)	2.98	3.05	5.13

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash (used in) / generated from operations	16543.700	12405.900	10119.600
Net cash (used in) / generated by operating activities	14359.400	8808.100	5204.700

QUARTERLY RESULTS

PARTICULARS	30.06.2017 1^st Quarter	30.09.2017 2^nd Quarter	31.12.2017 3^rd Quarter
	(Unaudited)	(Unaudited)	(Unaudited)
Net Sales	19115.700	24547.600	23888.200
Total Expenditure	16840.700	21193.000	20451.100
PBIDT (Excluding Other Income)	2275.000	3354.600	3437.100
Other Income	858.600	809.700	766.200
Operating Profit	3133.600	4164.300	4203.300
Interest	4.400	4.400	5.100
Exceptional Items	NA	162.100	8014.600
PBDT	3129.200	4322.000	12212.800
Depreciation	1169.700	1123.200	1243.400
Profit Before Tax	1959.500	3198.800	10969.400
Tax	670.100	852.500	3751.600
Provisions and contingencies	NA	NA	NA
Profit After Tax	1289.400	2346.300	7217.800
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	1289.400	2346.300	7217.800

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	8.35	11.81	5.97
Account Receivables Turnover (Income / Sunday Debtors)	43.69	30.91	61.11
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	266.87	216.76	155.75
Inventory Turnover (Operating Income / Inventories)	1.25	1.53	2.17
Asset Turnover (Operating Income / Net Fixed Assets)	0.19	0.22	0.35

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.18	0.12	0.12
Debt Equity Ratio (Total Liability / Networth)	0.01	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.26	0.15	0.15
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.76	0.55	0.56
Interest Coverage Ratio (PBIT / Financial Charges)	538.20	494.81	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	8.30	10.83	17.90
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.61	4.71	8.17
Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.55	5.97	10.33

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.12	3.68	3.92
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.68	3.15	3.33
G-Score Ratio Financial (Networth / Total Assets)	0.70	0.79	0.79
G-Score Ratio Debt (Debts / Equity Capital)	0.05	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.12	3.68	3.92

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 5.00/-
Market Value	INR 68.10/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	12886.200	12886.200	9664.600
Reserves & Surplus	115086.800	119061.300	92393.300
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	127973.000	131947.500	102057.900
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	510.900
Total borrowings	0.000	0.000	510.900
Debt/Equity ratio	0.000	0.000	0.005

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	73828.100	72692.300	80500.200
		(1.538)	10.741

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	73828.100	72692.300	80500.200
Profit	13218.500	7871.100	6685.300
	17.90%	10.83%	8.30%

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9664.600	12886.200
(b) Reserves & Surplus	92386.900	119063.000
(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)	102051.500	131949.200
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	12455.800	11641.100
(c) Other long term liabilities	506.300	519.600
(d) long-term provisions	3281.100	3011.200
Total Non-current Liabilities (3)	16243.200	15171.900
(4) Current Liabilities
(a) Short term borrowings	510.900	0.000
(b) Trade payables	8640.700	6558.600
(c) Other current liabilities	16393.100	12552.400
(d) Short-term provisions	1170.700	871.500
Total Current Liabilities (4)	26715.400	19982.500
TOTAL	145010.100	167103.600
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	70186.300	64570.700
(ii) Intangible Assets	1258.000	1386.100
(iii) Capital work-in-progress	5146.500	6563.000
(iv) Intangible assets under development	513.500	314.000
(b) Non-current Investments	389.100	9445.300
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	806.000	1073.300
(e) Other Non-current assets	10152.800	10314.700
Total Non-Current Assets	88452.200	93667.100
(2) Current assets
(a) Current investments	12211.300	660.000
(b) Inventories	11559.300	10550.100
(c) Trade receivables	1842.500	2352.100
(d) Cash and cash equivalents	22872.300	51031.500
(e) Short-term loans and advances	367.000	302.000
(f) Other current assets	7705.500	8540.800
Total Current Assets	56557.900	73436.500
TOTAL	145010.100	167103.600

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	80500.200	72692.300
	Other Income	4082.700	6051.300
	TOTAL	84582.900	78743.600
Less	EXPENSES
	Cost of raw Materials Consumed	11817.900	11044.100
	Cost of power and fuel consumed	22125.300	18646.100
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(965.900)	(89.900)
	Employees benefits expense	15374.400	13983.300
	Excise duty	5069.800	4522.700
	Exceptional items	401.500	(534.500)
	Share of profit/(loss) of joint ventures	8.100	(0.500)
	Other expenses	16282.200	14991.400
	TOTAL	70113.300	62562.700
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	14469.600	16180.900
Less	FINANCIAL EXPENSES	26.900	32.700
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	14442.700	16148.200
Less	DEPRECIATION/ AMORTISATION	4803.600	4261.200
	PROFIT/ (LOSS) BEFORE TAX	9639.100	11887.000
Less	TAX	2961.900	4015.400
	PROFIT/ (LOSS) AFTER TAX	6677.200	7871.600
	Other comprehensive income
	Items that will not be reclassified to profit or loss
	- Remeasurement gains / (losses) on defined benefit plans	138.800	410.600
	Income tax relating to items that will not be reclassified to profit or loss	48.000	142.100
	Other comprehensive income for the period(net of tax)	90.800	268.500
	Total comprehensive income for the period (comprising profit/(loss) and other comprehensive income for the period)	6768.000	8140.100
	Earnings / (Loss) Per Share (INR)	2.97	3.05

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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
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	Yes
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

GENERAL INFORMATION

The company is a Navaratna Company, a Central Public Sector Enterprise (CPSE) under Ministry of Mines, Government of India, incorporated under the relevant provisions of the Companies Act and is listed in the stock exchanges in India. The Company is engaged in the business of manufacturing and selling of Alumina and Aluminium. The Company is operating a 22.75 lakh TPA Alumina Refinery plant located at Damanjodi in Koraput district of Odisha and 4.60 lakh TPA Aluminium Smelter located at Angul, Odisha. The Company has a captive bauxite mines adjacent to refinery plant to feed the bauxite requirement of Alumina Refinery and also a 1200 MW captive thermal power plant adjacent to Smelter plant to meet the power consumption of Smelter. Besides, the Company is also operating four wind power plants with total capacity of 198.40 MW located in the state of Andhra Pradesh (Gandikota), Rajasthan (Jaisalmer& Devikot) and Maharashtra (Sangli) to harness the renewable energy and to comply with its Renewable Purchase Obligation.

PERFORMANCE HIGHLIGHTS

• Bauxite Mines has achieved highest ever production with Bauxite transportation of 68.25 lakh MT (achieving 100% capacity utilisation) and has surpassed previous best of 63.40 lakh MT achieved in last financial year registering a growth of 7.65%. Bauxite excavation of 68.25 lakh MT during the year is also highest ever since inception surpassing the previous best of 62.89 lakh MT achieved in 2015-16.

• Alumina Refinery has achieved highest ever production with alumina hydrate production of 21.00 lakh MT (100% of normative capacity) and has surpassed previous best of 19.53 lakh MT achieved in last financial year registering a growth of 7.53%. Steam Generation Plant (SGP) achieved highest ever net power generation of 453 MU surpassing previous best of 438 MU achieved last year.

• Aluminium Smelter achieved cast metal production of 3.87 lakh MT, registering a growth of 4.03 % over previous year.

• CPP achieved ‘Net Power Generation’ of 6066 MU, registering a growth of 3.85% over previous year.

• Wind Power: 3 wind power units at Gandikota, Andhra Pradesh, Devikot, Rajasthan and Jaisalmer, Rajasthan have generated 206 MU against 156 MU achieved last year, registering a growth of 32.05%.

SALES PERFORMANCE

CHEMICALS

The Company achieved total chemical sale of 1294900 MT in 2016-17 compared to 1219926 MT achieved during 2015-16. This includes Calcined Alumina Export of 1243103 MT made during 2016-17 as compared to 1174224 MT export made during 2015-16.

METAL

The total metal sales during 2016-17 was 385518 MT as compared to 372424 MT during 2015-16. Total metal sale consists of domestic sale of 284926 MT and metal export of about 100591 MT. The total metal inventory at the end of financial year 2016-17 was about 3,092 MT.

FUTURE OUTLOOK

Metal and mining industry has borne the brunt of China slow down (2013 to 2016). Capacity overhang globally as a result of China slow down has pushed production slow down and low price regime. In case of Aluminium,factors such as continuous supply overhang, increasing export barriers on Chinese Aluminium and increasing pollution control restrictions in China could result in capacity shut down in China some of which has already taken place. This could result in demand supply deficit in global markets. However, India is likely to benefit from emerging global mega trends as technology adoption, climate and regulatory changes, infrastructure built up, shift in economic power, demographic shifts and urbanization will create domestic demand. Increased use of metal in automobiles, building and construction sector, railways, white goods and solar power etc. would spur the demand in domestic market. It is expected that both Aluminium and Alumina price to remain range bound over next five to seven years, as few producers, especially in USA and EU may resume production.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENTS

ALUMINA

Global production of metallurgical grade alumina grew from 112.310 Million Tonnes in 2015 to 114.97 Million Tonnes in 2016 registering an increase of about 2.4% y-o-y. During the same period, global consumption of alumina grew from 111.410 Million Tonnes to 114.59 Million Tonness howing an increase of about 2.8% y-o-y. China continued to be the world leader in both production and consumption of metallurgical grade alumina during 2016, accounting for about 52% of total global production and about 54 % of global consumption. Besides China, sharp growth in production (more than 40% y-o-y) was also seen in Middle Eastern countries from 1.30 Million Tonnes in 2015 to 1.840 Million Tonnes in 2016.

During last year, the alumina market in China has become largely a seller’s market, with a significant proportion of refining capacity being controlled by a few large producers, capable of controlling the price. Market sentiment during 2016 remained mostly mixed for alumina with the overhang of potential smelter cuts in China. Alumina prices reached a peak of around $350/t at the end of 2016. After that, alumina prices stabilized and remained generally firm during the 1stquarter of 2017. However, prices declined during the 2nd quarter, largely on account of China remaining inactive in the alumina spot market. Alumina inventory in China continues to remain high and domestic traders continue to adopt a ‘wait-and-watch’ approach with regard to expected aluminium supply-side reforms in the country. Activity in the Chinese alumina market has actually been quite sluggish in recent months, with only a few sporadic trades taking place. Planned smelter cutbacks in China have increased bearish market sentiment for Chinese alumina prices during the 2nd half of 2017.

Total Calcined Alumina production in India during 2016-17 was about 61 lakh MT and Nalco’s share was about 35% i.e 20.32 lakh MT.

ALUMINIUM

Global Aluminium production grew by about 2.9% y-o-y from 57.100 Million Tonnes in 2015 to 58.730 Million Tonnes in 2016, while global aluminium consumption grew by about 5.3 % y-o-y from 56.630 Million Tonnes in 2015 to 59.650 Million Tonnes in 2016. The aluminium market, thus, recorded a deficit of about 0.920 million Tonnes during 2016. China continued to be the world’s largest producer and consumer of Aluminium with a production level of 31.770 Million Tonnes, constituting roughly 54% of global output and consumption level of 29.110 Million Tonnes, constituting nearly 53% of global consumption. Growth of production in China during 2016 was recorded at about 3.3 % y-o-y while that in the rest of the world was 2.4% y-o-y (which was notably up from 1.7% y-o-y in 2015). Similarly, growth in consumption of primary aluminium was 7.3% in China and about 3.2% in the rest of the world during 2016.

The aluminium industry continued its growth trajectory throughout the year 2016, despite the challenging commodity market. The primary aluminium sector boomed in Asia (including China) while the demand scenario remained mostly bullish across China, North America and Europe. The gradual shift in focus towards the downstream sector last year is expected to yield positive results in 2017. Sustainability and cost management also played a significant role in the aluminium industry in 2016.

Global aluminium prices have shown considerable volatility throughout 2016-17, with LME Cash prices fluctuating between a low of USD 1481/MT in April, 2016 and a high of USD 1955/MT in March, 2017. Average LME cash settlement price for 2016-17 was USD 1,688 per MT, registering a hike of about 6% y-o-y from the 2015-16 average of USD 1592 per MT. Two fundamental variables which played an important part in the sharp rise in aluminium prices over recent months are the fall in global reported inventory levels and smelting costs inflation, predominantly in China.

Estimated stock of aluminium (as reported by Reuter’s) at the end of FY 2016-17 was approximately 18.860 million MT, registering a sharp decline of more than 30% from a level of 27.920 million MT at the end of the last FY.

OUTLOOK FOR FUTURE

INTERNATIONAL OUTLOOK

The global production outlook for 2017 remains generally bullish. Strong growth is expected in China with production reaching 36.6Mt (registering a growth rate of about 15% y-o-y over 2016), after adjustment for closures. Growth is likely to be driven by project ramp-ups in Inner Mongolia and Xinjiang. Capacity restarts are also expected in provinces such as Sichuan. Smelters in the aforementioned regions will account for 80% of the rise in output in 2017, suggesting that any change in circumstances for these smelters may affect the overall production outlook. The influx of new capacity is likely to drive aluminium prices down, and as a result there will be a need for closures in 2017 for the Chinese market to balance out.

Limited growth in production is expected in regions outside China in 2017. Annual production in the rest of the world is forecast to reach 27.59 MT in 2017, a mere 2.2% y-o-y increase compared to 26.97 MT level in 2016. On the demand front, the outlook in China remains generally upbeat. Economic activity, in China, is expected to remain firm in 2017 with GDP and IP forecast to rise by 6.5% and 5.8%, respectively. Steady growth is expected based upon resolute demand from the residential construction as well as transport sectors. Increase in downstream capacity in China is cultivating competitive market conditions, and driving down conversion fees. Though analysts believe that demand in both construction and automotive sectors may ultimately slow down towards the end of 2017, government investment in infrastructure is expected to boost demand. Besides, higher intensity of aluminium usage in China is likely to support growth. In the rest of the world, optimism has picked up for rolled products with key-end use sectors beginning to show firmer activity. Demand for extruded products has already picked up in 2017 across end use sectors, driven in particular by demand from the automotive market.

Weakening Chinese fundamentals may weigh down on prices during 2017. After averaging $1854/t in Q1 2017 and $1917/t in Q2 2017, LME 3-month price is forecast by, leading commodities analyst CRU, to average about $1910/t during Q3 2017. Reports have indicated that 30% of aluminium smelting capacity and 50% of alumina refining capacity may be cut in Henan, Shandong and Shanxi provinces of China if environmental measures are introduced. If China were to curtail capacity, it is expected to be supportive of aluminium prices.

Market optimism that China will introduce measures to control production growth has, in fact, lifted investor optimism for aluminium. In turn, this has boosted aluminium price sentiment. Expectations of winter shutdowns and Chinese supply reform are among the main reasons that prices are likely to remain firm. Additionally, the US administration in April, 2017 has announced that it would begin investigating whether aluminium imports pose a threat to self-sufficiency in the US. This action may lead to higher import duties being levied on aluminium. As a result of the expected policy developments in China and the US, prices may remain high through 2017.

DOMESTIC OUTLOOK

The Indian economy grew at an estimated 7.1% during 2016-17, marginally lower than the previous fiscal year. At the same time, the industrial sector grew at a moderate 5.2% as compared to 7.4% during the previous fiscal. As per latest FICCI Survey held in March-April, 2017 amongst economists belonging to the industry, banking and financial services sector, India’s GDP growth is expected to strengthen to about 7.4% in 2017-18, as a consequence of policy reforms and an expected pick-up in investment. The overall GDP growth is likely to be supported by an improvement in industry and services sector growth.

Total domestic production of aluminium metal during FY 2016-17 grew by 17.5% y-o-y from 2.440 Million Tonnes in 2015-16 to 2.860 Million Tonnes in 2015-16. At the same time, domestic consumption of primary metal also showed a marginal increase of 1.6% y-o-y from about 3.240 Million Tonnes in 2015-16 to estimated 3.29 Million Tonnes in 2016-17. Aluminium exports by Indian primary producers also registered an impressive 48% growth y-o-y from 0.880 Million Tonnes in 2015-16 to 1.310 Million Tonnes in 2016-17.

Transmission and distribution sectors in the country did not witness any significant improvement in demand during last year. However, the situation is expected to undergo a positive change in 2017-18. The announcement in the Union Budget of India, 2017, where the government has indicated higher spending on infrastructure is positive for aluminium products demand in the country. The government’s vision of electrifying all of rural India by May, 2018 will support electrical demand in India. As a consequence, domestic aluminium manufacturers are likely to ramp up output, in order to cater to the growing domestic demand, while achieving higher capacity utilization.

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	C45838760	10553530	ICICI BANK LIMITED	12/02/2015	-	3000000000.0	Landmark Race Cource Circle, Alkapuri, Vadodara-390015, Gujarat, India
2	B32372526	10172096	AXIS BANK LIMITED	03/08/2009	21/12/2011	2250000000.0	Arch Bishop's House, Satya Nagar, Bhubaneswar-751007, Odisha, India
3	B44506111	10172354	HDFC BANK LIMITED	03/08/2009	02/07/2012	2250000000.0	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
4	Y10164771	90079750	STATE BANK OF INDIA	22/03/2000	22/03/2000	7700000000.0	Bhubaneswar Main Branch, Bhubaneswar, Odisha, India
5	Y10164044	90079023	STATE BANK OF INDIA	15/07/1991	21/08/1991	4600000000.0	Bhubaneswar Main Branch, Bhubaneswar, Odisha, India
6	B71753917	90078834	STATE BANK OF INDIA	19/03/1987	06/03/2013	6500000000.0	Commercial Branch, IDCOL House, Unit-Ii, Ashok Nagar, Bhubaneswar-751009, Odisha, India
7	Y10166623	90081602	STATE BANK OF INDIA	17/03/1987	23/03/1988	22000000.0	Bhubaneswar Main Branch, Bhubaneswar, Odisha, India
8	Y10163854	90078833	STATE BANK OF INDIA	17/03/1987	15/07/1991	610000000.0	Bhubaneswar Main Branch, Bhubaneswar, Odisha, India

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against the Company not acknowledged as debts
a. Demand from statutory authority
Sales Tax	4278.400	4115.200
Excise duty	1654.600	1020.500
Custom duty	520.000	57.700
Service tax	23.100	23.500
Income tax	7979.400	6883.600
Entry tax and road tax	2531.900	2886.700
Land acquisition and interest there on	442.100	434.900
Stamp duty	2045.300	2059.700
Demand from Dept. of mines Govt. of Odisha	1363.200	1363.000
NPV related demand under Mining lease	931.000	931.000
Employee state insurance	0.000	3.200
Provident fund commissioner	0.000	0.000
b. Claim by contractors/suppliers and others
Claims of Contractor’s suppliers and others	2709.600	1594.100
Total	24478.600	21373.100

Claims against the Company not acknowleged as debt includes:

i. Demand from various statutory authorities towards income tax, sales tax, excise duty, custom duty, service tax, entry tax and other government levies. The Company is contesting the demand at appellate authorities. It is expected that the ultimate outcome of these proceedings will be in favour of the Company and will not have any material adverse effect on the Company’s financial position and results of operation.

ii. Claims of contractors for supply of materials/services pending with arbitration/courts those have arisen in the ordinary course of business. The Company reasonably expect that these legal actions when ultimately concluded and determined will be in favour of the Company and will not have material adverse effect on the Company’s results of operation or financial position.

FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED DECEMBER 31, 2017

(INR In Million)

Particulars	Quarter ended		Nine months ended
	31.12.2017	30.09.2017	31.12.2017
	(Unaudited)	(Unaudited)	(Unaudited)
INCOME FROM OPERATIONS
Revenue from operations	23888.200	24547.600	67551.500
Other Income	766.200	809.700	2434.500
Total Income from Operations	24654.400	25357.300	69986.000
EXPENSES
Cost of raw materials consumed	3629.300	3860.400	10473.300
Cost of power and fuel consumed	6940.300	7174.900	20316.500
Changes in inventories of finished goods and work-in-progress	(170.200)	1098.900	(1200.100)
Employee benefits expense	7375.800	4531.400	16208.600
Finance costs	5.100	4.400	13.900
Depreciation and Amortization expenses	1243.400	1123.200	3536.300
Other Expenditure	2675.900	4527.400	12686.500
Total Expenses	21699.600	22320.600	62035.000
Profit / (Loss) from ordinary activities before Net Exceptional income / (Expenditure)	2954.800	3036.700	7951.000
Net Exceptional Income / (Expenditure)	8014.600	162.100	8176.700
Profit / (Loss) before Tax	10969.400	3198.800	16127.700
Tax Expense	3751.600	852.500	5274.200
Profit / (Loss) after Tax	7217.800	2346.300	10853.500
Other comprehensive income
Items that will not be reclassified to profit or loss	(14.200)	(80.300)	(59.800)
Income tax relating to items that will not be reclassified to profit or loss	(4.900)	(27.800)	(20.700)
Other comprehensive income for the period(net of tax)	(9.300)	(52.500)	(39.100)
Total comprehensive income for the period	7208.500	2293.800	10814.400
Earnings per Share (EPS) - INR	3.73	1.21	5.62

SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2017

(INR in Million)

Sr. No.	Particular	Quarter ended		Nine months ended
		31.12.2017	30.09.2017	31.12.2017
		(Unaudited)	(Unaudited)	(Unaudited)
1.	Segment Revenue
	Chemicals	12233.300	12556.700	34205.400
	Aluminium	16885.100	16383.600	47135.900
	Unallocated Common	157.700	488.500	1053.600
	Total	29276.100	29428.800	82394.900
	Less: Inter segment revenue	5387.900	4881.200	14843.400
	Income from operations	23888.200	24547.600	67551.500
2.	Segment Result
	Chemicals	3895.800	3001.900	8784.400
	Aluminium	(910.900)	(488.600)	(1655.700)
	Total	2984.900	2513.300	7128.700
	Less : i. Exceptional income/(expenses)	8014.600	162.100	8176.700
	ii. Interest and finance charges	5.100	4.400	13.900
	iii. Interest and dividend income	658.700	571.100	1848.300
	ii. Other Un-allocable expenditure net off un-allocable income	(683.700)	(43.300)	(1012.100)
	Total Profit/(Loss) before tax	10969.400	3198.800	16127.700
3.	Segment Assets
	Chemicals	39936.800	38157.200	39936.800
	Aluminium	50019.900	49223.000	50019.900
	Unallocated Common	64705.500	60856.800	64705.500
	Total Segment Assets	154662.200	148237.000	154662.200
	Segment Liabilities
	Chemicals	11056.100	7799.600	11056.100
	Aluminium	16111.300	20381.900	16111.300
	Unallocated Common	2970.500	2734.900	2970.500
	Total Segment Liabilities	30137.900	30916.400	30137.900

NOTES:

(1) The results have been reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on 9th Feb' 2018. Limited Review as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been carried out by the statutory auditors of the Company. 

(2) In the matter of disputed water charges between the Company and the Government of Odisha, both the parties vide minutes of meeting dated 8th Dec'2017 have agreed for INR 581.800 Million as one time settlement towards arrear dues upto 31st Oct'2017 based on the principles outlined in the Department of Water Resources (DoWR) Resolution no. 10066 dated 27th Apr'2017. Accordingly the excess liability for an amount of Million 7857.000 Million provided upto 31st Mar'2017 is written back and taken to income as exceptional item. The current year expenditure in this regard is also reduced by INR 1589.000 Million. 

(3) In pursuance of Presidential Directives issued by the Ministry of Mines, Government of India and guidelines issued by the Department of Public Enterprises, the Company in its pay revision for the executives made effective from 1st Jan'2017, inter-alia, enhanced the ceiling of gratuity as superannuation benefit from INR 10 lac to INR 20 lac. Although revision of pay scale for non-executives is yet to be implemented pending finalization of wage settlement negotiation with trade unions, it is almost certain that the ceiling of gratuity for non-executives also will be enhanced from INR 1.000 Million to INR 2.000 Million effective from 1st Jan'2017 in line with past practice. Consequent to such enhancement of gratuity ceiling, the gratuity liability of the Company is increased. The estimated incremental gratuity liability of INR 2820.000 Million as on 31st Dec'2017 is considered as expenditure in the current quarter. 

(4) Figures pertaining to previous periods have been regrouped or rearranged, wherever considered necessary.

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and Equipment
• Factory Equipments
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Railway Sidings

Intangible Assets

• Computer Software
• Mining Rights
• Licenses and Franchise

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	INR
US Dollar	1	INR 65.02
UK Pound	1	INR 91.49
Euro	1	INR 79.79

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	NIS
Report Prepared by :	BHG

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.