MIRA INFORM REPORT

Report No. :	490422
Report Date :	07.02.2018

IDENTIFICATION DETAILS

Name :	TRL KROSAKI REFRACTORIES LIMITED (w.e.f.03.06.2011)
Formerly Known As :	TATA REFRACTORIES LIMITED BELPAHAR REFRACTORIES LIMITED
Registered Office :	P.O. Belpahar, District Jharsuguda-768218, Orissa
Mobile No:	91-9820143242 (Mr. Shubhashis)
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	05.09.1958
Com. Reg. No.:	15-000349
Capital Investment / Paid-up Capital :	INR 209.000 Million
CIN No.: [Company Identification No.]	U26921OR1958PLC000349
IEC No.:	2388000131
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTIN No:	21AAACT6494Q1ZS
PAN No.: [Permanent Account No.]	AAACT6494Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Refractories Products and Monolithic Products. (Registered Activity)
No. of Employees :	Information denied by the management

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

Maximum Credit Limit :	USD 8100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a 51% subsidiary of Krosaki Harima Corporation, Japan, a leading refractory player with global presence and advances technology. It is among the largest manufacturer of refractories in India. It manufactures basic and high alumina silica specialities, dolomite and monolithics. It caters to the requirements of steel, copper, cement, aluminium, glass, petrochemicals and other non-ferrous industries. It is old and well-established company incorporated in the year 1958 having fine track records. As per Registrar of Companies the date of balance sheet (i.e,financial filed) is shown as 31-03-2017 but the documents related to the financial for the year 2017 are not available from any sources. As per available financials of 2016, the company has witnessed a healthy growth in its profit. Available financials indicate sound financial risk profile marked by healthy net worth base along with low debt level and favourable gap between trade payable and trade receivables. The rating further derives strength from its long track of business operations, extensive experience of the promoters and strong support received from its parent company and its strong brand image in refractory industry. Trade relations are reported as fair. Payment terms are reported to be regular and as per commitments. In the view of aforesaid, the company 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
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	ICRA
Rating	Long Term Rating = AA-
Rating Explanation	High degree of safety and very low credit risk.
Date	11.07.2017
Rating Agency Name	ICRA
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	11.07.2017

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 31-03-2016.

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 07.02.2018

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

Name :	Mr. Shubhashis
Contact No.:	91-9820143242
Date :	05.02.2018

Management Non-Cooperative (91-6645-258417)

Office Executive (91-22-67971072)

LOCATIONS

Registered Office/Factory :	P.O. Belpahar, District Jharsuguda - 768218, Orissa
Tel. No.:	91-6645-258623/ 258396/ 258377
Mobile No:	91-9820143242 (Mr. Shubhashis)
Fax No.:	Not Available
E-Mail :	nilkanth@tataref.com arabinda@trlkrosaki.com csd@tataref.com
Website :	http://www.tataref.com http://www.trlkrosaki.com
Location :	Owned
Locality :	Commercial
Head Office/ Marketing Division :	Tata Center, 11^th Floor, 43 J.L. Nehru Road, Kolkata – 700071, West Bengal, India
Tel No :	91-33-64990527
Fax No :	91-33-22881063/ 1065
E-Mail :	ac@tataref.com
Branch Office 1:	503, Nalanda Chambers, Near Goandevi Temple, Navadapafa, Gokhle Road, Thane (West), Maharashtra, India
Location:	Leased
Branch Office 2 :	197, S and S Building, CBI Road, Ganga Nagar, R T Nagar, Bangalore, Karnataka, India
Domestic Marketing Offices :	Located at: Jamshedpur Kolkata Vizag Belpahar Mumbai Bengaluru Delhi
Operation Offices :	Located at: Jamshedpur Salem China Gujarat Jhansi
Branch Office 3 :	Harshdeep Plaza, Indore – 452001, Madhya Pradesh, India

DIRECTORS

AS ON 31.03.2017

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

PAN No.:

ABGPN0776M

Other Directorship:

CIN/FCRN	Company Name	Begin Date
L29142TN1992PLC021997	IGARASHI MOTORS INDIA LIMITED	30/07/2014
L35921TN1949PLC002905	TUBE INVESTMENTS OF INDIA LIMITED	06/08/2014
L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	11/08/2015
L72200AP1990PLC011146	NCC LIMITED	10/11/2015
U14290DL2013NPL261671	SKILL COUNCIL FOR MINING SECTOR	06/12/2013
U25199WB1976PLC030532	TEGA INDUSTRIES LIMITED	29/09/2014
U27205MH2009PLC195034	CENTENNIAL STEEL COMPANY LIMITED	19/08/2009
U29253WB2008PLC123604	OM BESCO RAIL PRODUCTS LIMITED	22/08/2014
U31900MH2015PLC262254	CROMPTON GREAVES CONSUMER ELECTRICALS LIMITED	25/01/2016
U93000DL2015NPL288560	MANAGEMENT & ENTREPRENEURSHIP AND PROFESSIONAL SKILLS COUNCIL	15/12/2015

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

PAN No.:

ABIPV2892A

Other Directorship:

CIN/FCRN	Company Name	Begin Date
L27105JH1968PLC000818	TAYO ROLLS LIMITED	14/06/2013
U23101WB2005PLC101608	HOOGHLY MET COKE & POWER COMPANY LIMITED	10/02/2005
U40109TG2006PTC050759	BHUBANESHWAR POWER PRIVATE LIMITED	06/08/2008

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

Qualification:

Master of Science

Date of Appointment :

27.08.2011

DIN No :

03515516

Name :

Mr. 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

Qualification:

B.E. (Metallurgy)

Date of Appointment :

08.05.2013

DIN No.:

06545101

Other Directorship:

CIN/FCRN	Company Name	Begin Date
U24111JH1995PLC009020	JAMIPOL LIMITED	28/07/2015

Name :

Mr. Sudhir Krishnaji Joshi

Designation :

Director

Address :

10, Narendra Bhavan, 51, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India

Date of Appointment :

21.03.2015

DIN No.:

00066366

Other Directorship:

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U24111JH1995PLC009020	JAMIPOL LIMITED	28/07/2015	-
U23201GJ2000PLC039031	PETRONET CI LIMITED	14/06/2004	-
U67120MH1997PLC107524	KHAMBATTA SECURITIES LIMITED	10/08/2013	-
U63090WB2000PTC092223	ETRANS SOLUTIONS PRIVATE LIMITED	28/07/2014	-

Name :

Mrs. Sunanda Lahiri

Designation :

Director

Address :

Flat No. II-B, Ashoka Apartment III, Southern Avenue, Kolkata-700029, West Bengal, India

Date of Appointment :

21.03.2015

DIN No.:

00451473

Other Directorship :

CIN/FCRN	COMPANY NAME	BEGIN DATE	END DATE
U45200JH2003PLC010315	JAMSHEDPUR UTILITIES & SERVICES COMPANY LIMITED	17/07/2015	-
U65923WB1997GOI083429	INDUSTRIAL INVESTMENT BANK OF INDIA LIMITED.	01/09/2005	-
U93010WB2008PLC121573	NABA DIGANTA WATER MANAGEMENT LIMITED	08/08/2015	-
U74140WB2008PLC126534	HALDIA WATER MANAGEMENT LIMITED	14/07/2015	-

Name :

Sadayoshi Tateishi

Designation :

Director

Address :

5-38, 1, Chome, Seinou, Yahatanishi Kitakyushu 00 Japan

Date of Appointment :

21.03.2015

DIN No.:

03119411

Name :

Priyabrata Panda

Designation :

Managing Director

Address :

Bunglow No.19, TRL Township, Po- Belpahar Jharsuguda-768218, Orisssa, India

Date of Birth/Age :

04.04.1958

Qualifications :

B.SC (Tech) Ceramic Tech

Date of Appointment :

01.01.2015

DIN No.:

07048273

ADCPP4646E

Name :

Toshikazu Takasu

Designation :

Director

Address :

2-14-11, Aobadai-Minami Wakamatsu-Ku Kitakyushu 8080142 Japan

Date of Appointment :

21.03.2015

DIN No.:

07119176

Name :

Takashi Matsunaga

Designation :

Director

Address :

Hatazawaminami Kisarazu Chiba-292082 Japan

Date of Appointment :

25.04.2016

DIN No.:

07498855

Name :

Junichi Sakane

Designation :

Director

Address :

3-7-14, Hatazawa-Minami Kisarazu Chiba-2920826, Japan

Date of Birth/Age :

29.08.1955

Qualification:

Master in Science

Date of Appointment :

25.04.2016

DIN No.:

07499890

Name :

Mr. Arun Kumar Rath

Designation :

Additional Director

Address :

A-1/1 Aurobinda Avenue, A-Zone, Durgapur-713204, West Bengal, India

Date of Birth/Age :

30.05.1959

Qualification:

B. Tech (Electrical)

Date of Appointment :

22.11.2016

DIN No.:

07596590

Name :

Mr. Harendra Prasad Singh

Designation :

Additional Director

Address :

Sail/Jagdishpur Sail Unit Industrial Area, Amethi-227405, Uttar Pradesh, India

Date of Birth/Age :

17.02.1959

Qualification:

B. Tech (Mechanical)

Date of Appointment :

22.11.2016

DIN No.:

07605026

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS

AS ON 31.03.2017

NOTE: SHAREHOLDER DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 28.06.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	77.62
Public/Other than promoters- Individual/Hindu Undivided Family- Indian	6.02
Public/Other than promoters – Insurance Copmany	4.61
Public/Other than promoters- Body corporate	11.75
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Refractories Products and Monolithic Products. (Registered Activity)

Products / Services :

Description products / services	ITC Code No
Refractory cements, mortars, concretes and similar compositions, other than products of heading 3801.	3816
Other refractory ceramic goods (retorts crucibles etc) excel goods of siliceous fossil meals/of small siliceous earths.	6903
Refractory bricks, blocks, tiles and Similar Refractory ceramic Constructional Goods, Other Than Those of Siliceous Fossi.	6902

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Available

PRODUCTION STATUS – (NOT AVAILABLE)

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 :

Information denied by the management

Bankers :

Banker Name :	State Bank of India
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2016	As on 31.03.2015
LONG TERM BORROWING
Term loans from banks	64.545	258.106
SHORT TERM BORROWING
Loans repayable on demand	562.164	762.790
Total	626.709	1020.896

Auditors :
Name :	N.M. Raiji And Company Chartered Accountants
Address :	Fernhill House, 2^nd Floor, 254, Perin Nariman Street, Fort, Mumbai-400001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFN4217G
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Krosaki Harima Corporation, Japan
Subsidiary company :	TRL China Limited, China TRL Asia Private Limited, Singapore
Other Related Party :	Tata Steel Limited, India [L27100MH1907PLC000260]
Fellow Subsidiary Company :	Krosaki Harima Europe B.V. Krosaki Magnesita Refractories, LLC.
Associate :	Almora Magnesite Limited, India [U26941UR1971PLC003453]

CAPITAL STRUCTURE

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	INR 10/- each	INR 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20900000	Equity Shares	INR 10/- each	INR 209.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	209.000	209.000	209.000
(b) Reserves & Surplus	2630.704	2508.341	2525.026
(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)	2839.704	2717.341	2734.026
(3) Non-Current Liabilities
(a) long-term borrowings	64.545	258.106	569.479
(b) Deferred tax liabilities (Net)	131.198	105.316	95.895
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	265.838	253.905	208.662
Total Non-current Liabilities (3)	461.581	617.327	874.036
(4) Current Liabilities
(a) Short term borrowings	1795.859	1514.253	1383.112
(b) Trade payables	1545.062	1442.491	1633.921
(c) Other current liabilities	358.848	554.077	502.505
(d) Short-term provisions	119.832	124.417	126.313
Total Current Liabilities (4)	3819.601	3635.238	3645.851
TOTAL	7120.886	6969.906	7253.913
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2033.859	2173.549	1605.336
(ii) Intangible Assets	52.529	57.430	66.136
(iii) Capital work-in-progress	23.170	7.141	698.224
(iv) Intangible assets under development	1.754	0.000	0.000
(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	253.782	276.861	238.849
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2701.741	2851.628	2945.192
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1638.811	1741.542	2007.534
(c) Trade receivables	2428.338	2054.441	1908.763
(d) Cash and cash equivalents	58.159	29.735	80.566
(e) Short-term loans and advances	284.127	280.983	297.070
(f) Other current assets	9.710	11.577	14.788
Total Current Assets	4419.145	4118.278	4308.721
TOTAL	7120.886	6969.906	7253.913

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Revenue from Operations	9842.797	9935.227	8500.282
	Other Income	38.357	21.110	35.589
	TOTAL	9881.154	9956.337	8535.871
Less	EXPENSES
	Cost of Materials Consumed	3958.475	3931.250	3266.400
	Purchases of Stock-in-Trade	1777.232	1749.942	1946.186
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	117.630	195.020	(296.586)
	Employees benefits expense	761.252	700.000	587.777
	Other expenses	2610.767	2855.437	2555.707
	Expenditure on production	0.000	0.000	(50.236)
	TOTAL	9225.355	9431.648	8009.250
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	655.798	524.688	526.623
Less	FINANCIAL EXPENSES	268.309	294.973	252.598
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	387.489	229.715	274.025
Less/ Add	DEPRECIATION/ AMORTISATION	186.544	182.991	234.265
	PROFIT/ (LOSS) BEFORE TAX	200.945	46.724	39.760
Less	TAX	78.583	18.762	10.849
	PROFIT/ (LOSS) AFTER TAX	122.362	27.962	28.911
	EARNINGS IN FOREIGN CURRENCY
	FOB value of manufactured goods exported	1721.025	1496.728	85.127
	FOB value of traded goods exported	0.000	0.000	1307.248
	TOTAL EARNINGS	1721.025	1496.728	1392.375
	IMPORTS
	Raw Materials	1612.102	1472.835	NA
	Components and Stores parts	4.509	20.091	NA
	Capital Goods	9.693	0.000	NA
	TOTAL IMPORTS	1626.304	1492.926	NA
	Earnings / (Loss) Per Share (INR)	5.85	1.34	1.38

PARTICULARS	31.03.2017
Sales Turnover (Approximately)	9970.000

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	193.561	346.259	318.077
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	492.181	538.379	535.031

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	90.05	75.48	81.96
Account Receivables Turnover ( Income / Sundry Debtors)	4.05	4.84	4.45
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	98.32	92.68	114.41
Inventory Turnover (Operating Income / Inventories)	0.40	0.30	0.26
Asset Turnover (Operating Income / Net Fixed Assets)	0.31	0.23	0.22

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.55	0.56	0.58
Debt Equity Ratio (Total Liability / Networth)	0.66	0.65	0.71
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.35	1.34	1.33
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.74	0.82	0.87
Interest Coverage Ratio (PBIT / Financial Charges)	2.44	1.78	2.08

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
PAT to sales Income ((PAT /sales) * 100)	%	1.24	0.28	0.34
Return on Total Assets ((PAT / Total Assets) * 100)	%	1.72	0.40	0.40
Return on Investment (ROI) ((PAT / Networth) * 100)	%	4.31	1.03	1.06

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.16	1.13	1.18
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.73	0.65	0.63
G-Score Ratio Financial (Networth / Total Assets)	0.40	0.39	0.38
G-Score Ratio Debt (Debts / Equity Capital)	8.90	8.48	9.34
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.16	1.13	1.18

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

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	209.000	209.000	209.000
Reserves & Surplus	2525.026	2508.341	2630.704
Net worth	2734.026	2717.341	2839.704
long-term borrowings	569.479	258.106	64.545
Short term borrowings	1383.112	1514.253	1795.859
Current Maturities of Long term debt	318.077	346.259	193.561
Total borrowings	2270.668	2118.618	2053.965
Debt/Equity ratio	0.831	0.780	0.723

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	8500.282	9935.227	9842.797
		16.881	(0.930)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	8500.282	9935.227	9842.797
Profit	28.911	27.962	122.362
	0.34%	0.28%	1.24%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	209.000	209.000
(b) Reserves & Surplus	2665.558	2497.957
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority Interest	49.430	43.377
Total Shareholders’ Funds (1) + (2)	2923.988	2750.334
(3) Non-Current Liabilities
(a) long-term borrowings	64.545	258.106
(b) Deferred tax liabilities (Net)	131.198	105.316
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	265.838	253.905
Total Non-current Liabilities (3)	461.581	617.327
(4) Current Liabilities
(a) Short term borrowings	2219.935	1949.823
(b) Trade payables	1978.535	1882.803
(c) Other current liabilities	382.003	644.700
(d) Short-term provisions	119.832	124.417
Total Current Liabilities (4)	4700.305	4601.743
TOTAL	8085.874	7969.404
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2755.608	2979.857
(ii) Intangible Assets	52.529	57.430
(iii) Capital work-in-progress	23.170	7.141
(iv) Intangible assets under development	1.754	0.000
(b) Non-current Investments	17.396	13.602
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	254.083	277.007
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	3104.540	3335.037
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1900.166	2034.412
(c) Trade receivables	2688.978	2236.062
(d) Cash and cash equivalents	85.766	58.645
(e) Short-term loans and advances	296.715	293.671
(f) Other current assets	9.709	11.577
Total Current Assets	4981.334	4634.367
TOTAL	8085.874	7969.404

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Revenue from Operations	11349.864	11746.461
	Other Income	56.365	24.841
	TOTAL	11406.229	11771.302
Less	EXPENSES
	Cost of Materials Consumed	5086.758	5243.870
	Purchases of Stock-in-Trade	1597.734	1502.988
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	78.344	210.474
	Employees benefits expense	880.322	813.358
	Other expenses	2924.067	3309.720
	TOTAL	10567.225	11080.410
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	839.004	690.892
Less	FINANCIAL EXPENSES	304.208	343.790
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	534.796	347.102
Less/ Add	DEPRECIATION/ AMORTISATION	289.341	282.710
	PROFIT/ (LOSS) BEFORE TAX	245.455	64.392
Less	TAX	78.584	18.762
	Total profit (loss) for period before minority interest	166.871	45.630
	Profit (loss) of minority interest	(4.535)	(1.412)
		5.860	6.512
	Share of profit (loss) of associates
		168.097	50.730
	TOTAL PROFIT (LOSS) FOR PERIOD
	Earnings / (Loss) Per Share (INR)	7.98	0.00

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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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

UNSECURED LOANS:

PARTICULARS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
SHORT TERM BORROWING
Working capital loans from banks	63.695	81.463
Loans repayable on demand from banks	1170.000	670.000
Total	1233.695	751.463

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C82248980	90080850	STATE BANK OF INDIA	04/10/1996	01/03/2016	-	1583800000.0	SME BRANCHBISRA CHOWKROURKELAOR769001IN
2	B72633407	90078462	CENTRA BANK OF INDIA	08/05/1967	16/03/2013	-	1020000000.0	CORPORAE FINANCE BRANCH - KOLKATA33, N.S. ROAD, 1ST FLOORKOLKATAWB700001IN
3	B23667405	90082120	CENTRAL BANK OF INDIA	04/05/2005	-	04/10/2011	500000000.0	BISTUPURJAMSHEDPURBR831001IN
4	A69381382	10094788	CENTRAL BANK OF INDIA	14/03/2008	-	29/08/2009	100000000.0	MAIN ROADBISTUPURJAMSHEDPURJH831001IN
5	A69403947	10015595	CENTRAL BANK OF INDIA	17/08/2006	-	29/08/2009	200000000.0	BISTUPUR BRANCHJAMSHEDPURJH830001IN

FIXED ASSETS:

Tangible assets

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

Intangible assets

• Brands and trade marks
• Computer software
• Mining rights

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 records 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 63.75
UK Pound	1	INR 89.39
Euro	1	INR 78.75

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NKTS

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
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.