MIRA INFORM REPORT

Report No. :	508124
Report Date :	09.05.2018

IDENTIFICATION DETAILS

Name :	MAITHAN ALLOYS LIMITED
Registered Office :	4^th Floor, 9 AJC Bose Road, Kolkata-700017, West Bengal
Tel. No.:	91-33-64502228/29/30/31
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	19.09.1985
Com. Reg. No.:	21-039503
Capital Investment / Paid-up Capital :	INR 291.116 Million
CIN No.: [Company Identification No.]	L27101WB1985PLC039503
IEC No.: [Import-Export Code No.]	0298009374
PAN No.: [Permanent Account No.]	AABCM7758B
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
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 manufacture and export of all three bulks Ferro alloys, namely Ferro Silicon, Ferro Manganese and Silico Manganese. It is also engaged in the generation and supply of wind power (Registered Activity)
No. of Employees :	586 (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 :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1985. It is engaged in manufacturing and exporting of all three bulks Ferro Alloys, namely Ferro Silicon, Ferro Manganese and Silicon Manganese and also engaged in generation and supply of Wind Power and has a captive Power Plant. For the financial year 2018, the company has achieved 34.70% growth in its revenue as compared to the previous year revenue and has maintained healthy profitability margin of 15.43% during the year under review. The sound financial profile of the company is marked by healthy networth base and favourable gap between trade payables and trade receivables along with strong debt coverage indicators due to low debt balance sheet profile. The company has favourable Earning per Share (EPS) of INR 67.91 against a face value (FV) of INR 10. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR 784 against the Face Value (FV) of INR 10 on BSE as on 9^th May, 2018. However, rating strengths are partially offset by susceptibility of profitability to volatile input and finished goods prices, lack of backward integration, foreign exchange fluctuation risk, presence in a single product segment, working capital intensive nature of operation and dependence of ferro alloy industry on cyclical steel industry. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for good 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 (30.09.2017)	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	CARE
Rating	Long term borrowing : AA-
Rating Explanation	High degree of safety and very low credit risk
Date	16.02.2018

Rating Agency Name	CARE
Rating	Short term borrowing : A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	16.02.2018

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 09.05.2018

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 DECLINED

Management non-cooperative (Tel No.: 91-33-64502228)

LOCATIONS

Registered Office :	4^th Floor, 9 AJC Bose Road, Kolkata-700017, West Bengal, India
Tel. No.:	91-33-64502228/29/30/31
Mobile No.:	91-8170018296 (Mr. Pramod)
Fax No.:	91-33-39877201
E-Mail :	kolkata@maithanalloys.com investors@maithanalloys.com
Website :	www.maithanalloys.com
Corporate Office/ Factory 1 :	P.O. Kalyaneshwari, Village Debipur, District Burdwan-713369, West Bengal, India
Fax No.:	91-341-2521300/2521303/2522996
E-Mail :	office@maithanalloys.com
Factories (Ferro Alloys division):	Also Located at: · A-6, EPIP, Byrnihat, District Ri-Bhoi– 793101, Meghalaya, India · Plot No. 42 & 43, APSEZ, P.O. Atchutapuram, District Visakhapatnam-531 011, Andhra Pradesh, India
Wind mill division :	Located at: · Village Hansuwa, Dist. Jaisalmer, Rajasthan, India · Village Ghatnandre (Dhalgaon), Taluka Kawathe Mahankal, District Sangli, Maharashtra, India

DIRECTORS

As on 31.03.2018

Name :	Mr. Subhas Chandra Agarwalla
Designation :	Managing Director
Address :	P.O.- Salanpur, District Burdwan, Asansol-713357, West Bengal, India
Date of Birth/Age :	65 Years
Date of Appointment :	15.04.1992
DIN No.:	00088384
Name :	Mr. Subodh Agarwalla
Designation :	Whole-Time Director
Address :	P.O.- Salanpur, District Burdwan, Asansol-713357, West Bengal, India
Date of Birth/Age :	38 Years
Date of Appointment :	01.07.2006
PAN No.:	ACMPA9296N
DIN No.:	00339855
Name :	Mr. Ashok Bhandari
Designation :	Director
Address :	19B, Mandeville Garden Rajiv Apartment, 4th Floor, Kolkata-700019, West Bengal, India
Date of Appointment :	30.03.2017
DIN No.:	00012210
Name :	Mr. Biswajit Choudhuri
Designation :	Director
Address :	Rajani Kusumalay, Nandalal Jiu Road Off 119 Sarat Bose Road Kolkata-700026, West Bengal, India
Date of Appointment :	27.10.2008
DIN No.:	00149018
Name :	Mr. Nand Kishore Agarwal
Designation :	Director
Address :	303 N. S. Road, Asansol-713301, West Bengal, India
Date of Appointment :	17.08.2001
DIN No.:	00378444
Name :	Mr. Vikash Kumar Jewrajka
Designation :	Director
Address :	Fari Road, Barakar-713324, West Bengal, India
Date of Appointment :	23.07.2008
DIN No.:	01495403
Name :	Mr. Palghat Krishnan Venkatramani
Designation :	Director
Address :	Flat C-1, 1st Floor, Akash Ganga Apartments, 246, NSC Bose Road, Bansdroni, Kolkata- 700047, West Bengal, India
Date of Appointment :	29.06.2012
DIN No.:	05303022
Name :	Mr. Parasanta Chattopadyay
Designation :	Director
Address :	59-4-75, Nagara Street Malkapuram,Visakhapatnam-530011, Andhra Pradesh, India
Date of Appointment :	10.11.2016
DIN No.:	06968122
Name :	Mrs. Kalpana Biswas Kundu
Designation :	Director
Address :	56/108, Banerjee Para Road, Paschim Putiari S.O. Paschim Putiari, Kolkata-700041, West Bengal, India
Date of Appointment :	08.11.2014
DIN No.:	07006341

KEY EXECUTIVES

Name :	Mr. Sudhanshu Agarwalla
Designation :	Chief Financial Officer
Address :	P.O. Salanpur District Burdwan, Salanpur-713357, West Bengal, India
Date of Appointment :	10.11.2016
PAN No.:	ACMPA9309E
Name :	Mr. Subodh Agarwalla
Designation :	Chief Executive Officer
Address :	P.O.- Salanpur, District Burdwan, Asansol-713357, West Bengal, India
Date of Appointment :	30.03.2017
PAN No.:	ACMPA9296N
Name :	Mr. Rajesh K Shah
Designation :	Company Secretary
Address :	13E, Chanditala Lane Kolkata-700040, West Bengal, India
Date of Appointment :	01.08.2008
PAN No.:	BIMPS6501B

MAJOR SHAREHOLDERS

As on March, 2018

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %
(A) Promoter & Promoter Group	20543793	70.57
(B) Public	8567757	29.43
Grand Total	29111550	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %
A1) Indian
Individuals/Hindu undivided Family	5642790	19.38
SUBHAS CHANDRA AGARWALLA	267250	0.92
SHANKAR LAL AGARWALLA	962101	3.30
PRAHLAD RAI AGARWALLA	1034200	3.55
SARITA DEVI AGARWALLA	699000	2.40
RITA DEVI	694365	2.39
SHEELA DEVI AGARWALLA	669250	2.30
AVINASH AGARWALLA	358450	1.23
SUDHANSHU AGARWALLA	450	0.00
SUBODH AGARWALLA	409250	1.41
SIDDHARTHA SHANKAR AGARWALLA	438474	1.51
SONAM AGARWALLA	110000	0.38
Any Other (specify)	14901003	51.19
MAITHAN SMELTERS PRIVATE LIMITED	5397357	18.54
H. S. CONSULTANCY PRIVATE LIMITED	3259200	11.20
SUMEE TRADING PRIVATE LIMITED	1391100	4.78
AAKLAVYA (INDIA) PRIVATE LIMITED	1274500	4.38
SHAKTI AUTO FINANCE PRIVATE LIMITED	1067800	3.67
JIBRALTER TRADERS LIMITED	993750	3.41
UNMUKT TRACOM PRIVATE LIMITED	270000	0.93
ANUPAM VANIJYA PRIVATE LIMITED	350796	1.21
SUMMIT PACKAGING PRIVATE LIMITED	466500	1.60
BHAGWATI SYNDICATE PRIVATE LIMITED	430000	1.48
Sub Total A1	20543793	70.57
A2) Foreign		0.00
A=A1+A2	20543793	70.57

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a %
B1) Institutions
Mutual Funds/	80770	0.28
Foreign Portfolio Investors	617588	2.12
Financial Institutions/ Banks	67332	0.23
Sub Total B1	765690	2.63
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 million	3889446	13.36
Individual share capital in excess of INR 0.200 million	885600	3.04
NBFCs registered with RBI	1475	0.01
Any Other (specify)	3025546	10.39
Bodies Corporate	2021519	6.94
JYOBINA INVESTMENT LIMITED	720573	2.48
Clearing Members	659154	2.26
BMA Wealth Creators LIMITED	454820	1.56
Non-Resident Indian (NRI)	342100	1.18
Trusts	600	0.00
IEPF	2173	0.01
Sub Total B3	7802067	26.80
B=B1+B2+B3	8567757	29.43

BUSINESS DETAILS

Line of Business :

The Company is engaged in the manufacture and export of all three bulks Ferro alloys, namely Ferro Silicon, Ferro Manganese and Silico Manganese. It is also engaged in the generation and supply of wind power (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
24104	Manufacturing of Ferro Alloys

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
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 :

586 (Approximately)

Bankers :

· Citibank N.A., Kanak Building, 41 Chowringhe Road, Kolkata – 700071, West Bengal, India

· Punjab National Bank, 52A, Shakespere Sarani Kolkata-700017, West Bengal India

· ICICI Bank Limited, ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara-390007, Gujarat, India

· Axis Bank Limited

· State Bank of India

· IndusInd Bank Limited

Facilities :

Secured Loan	31.03.2018 (INR in Million)	31.03.2017 (INR in Million)
Long-term Borrowings
Foreign Currency Loans	NA	159.873
Short-term borrowings
Working Capital Loans From Banks
Rupee Loan	NA	170.609
Total	NA	330.482

Notes :

Long-term Borrowings (As on 31.03.2017)

Foreign Currency Loan from Banks are secured by first mortgage/ charge on entire fixed assets & second charge on current assets of the Visakhapatnam Unit and are further secured by personal guarantees of two directors.

Rate of Interest & Particulars of Repayments

Rate of Interest	Nature of Loan	Amount	Term of repayment of Term Loan Outstanding as on 31st March, 2017
Libor + 250 BPS	Foreign Currency ECB Loan - Citi Bank NA. Jersey	600.367	Repayable in 8 Quarterly Installments upto March 2019

Short-term borrowings

Working Capital Loans of Kalyaneshwari & Meghalaya Unit are secured by first charge and hypothecation of stocks of finished goods, work in process, raw materials, stores and consumables, receivables, bills, etc. These are further secured by first charge on moveable and immoveable fixed assets both present and future of both the units. Working Capital Loan of Visakhapatnam Unit is secured by first charge on current assets of the Unit and second charge on fixed assets of the unit and personal guarantee of one director.

Auditors :
Name :	D. K. Chhajer and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries (As on 31.03.2017):	AXL Exploration Private Limited Anjaney Minerals Limited
Enterprises over which Key Managerial Personnel are able to exercise significant influence (As on 31.03.2017):	Anjaney Ferro Alloys Limited # Maithan Smelters Private Limited Maithan Ceramic Limited # Maithan Steel & Power Limited #

CAPITAL STRUCTURE

As on 31.03.2018

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29111550	Equity Shares	INR 10/- each	INR 291.116 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	INR 10/- each	INR 800.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29111550	Equity Shares	INR 10/- each	INR 291.116 Million

14555775 (14555775) Shares out of the Issued, Subscribed & Paid up capital were allotted as Bonus Shares in the last five years by capitalisation of Share Premium, Capital Redemption Reserve and General Reserves.

Rights, preferences and restrictions attached to Equity share:

The Company has only one class of Equity shares having a face value of INR 10/- per share with one vote per Equity share. The company declares and pays dividend in INR. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in the case of interim dividend.

In the event of liquidation of the company, the holders of Equity shares will be entitled to receive remaining assets of the company, after settling of all outside liabilities. The distribution will be in proportion to the number of Equity shares held by the shareholders

Details of Shareholders holding more than 5% of the aggregate shares in the company

Name of the Shareholder	As at 31.03.2017
	No. of Shares	% held
Maithan Smelters Private Limited	5397357	18.54
H. S. Consultancy Private Limited	3259200	11.20

Reconciliation of number of shares and share capital:

Particulars	As at 31.03.2017
	No. of Shares	Amount (INR In Million)
Balance at the beginning of the year	29111550	291.116
Add: Shares issued / (bought back) during the year	--	--
Less: Shares Forfeited	--	--
Balance at the end of the year	29111550	291.116

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2018	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	291.116	291.116	291.116
(b) Reserves & Surplus	8460.062	5632.502	3655.631
(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)	8751.178	5923.618	3946.747
(3) Non-Current Liabilities
(a) long-term borrowings	36.683	159.873	816.518
(b) Deferred tax liabilities (Net)	247.025	257.934	182.434
(c) Other long term liabilities	11.341	0.000	0.000
(d) long-term provisions	18.801	16.971	12.285
Total Non-current Liabilities (3)	313.850	434.778	1011.237
(4) Current Liabilities
(a) Short term borrowings	249.988	170.609	173.160
(b) Trade payables	1472.849	569.263	1331.807
(c) Other current liabilities	1385.654	1865.622	1496.195
(d) Short-term provisions	12.709	73.775	10.413
Total Current Liabilities (4)	3121.200	2679.269	3011.575
TOTAL	12186.228	9037.665	7969.559
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2333.173	2342.510	2597.432
(ii) Intangible Assets	0.643	1.141	0.896
(iii) Capital work-in-progress	0.000	0.023	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	295.780	161.160	131.922
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	278.827	192.628
(e) Other Non-current assets	283.259	0.000	0.000
Total Non-Current Assets	2912.855	2783.661	2922.878
(2) Current assets
(a) Current investments	3329.253	658.844	340.944
(b) Inventories	2481.877	1865.728	1507.930
(c) Trade receivables	2437.251	2252.111	1986.915
(d) Cash and cash equivalents	507.008	900.941	536.533
(e) Short-term loans and advances	9.387	372.891	500.108
(f) Other current assets	508.597	203.489	174.251
Total Current Assets	9273.373	6254.004	5046.681
TOTAL	12186.228	9037.665	7969.559

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2018	31.03.2017	31.03.2016
	SALES
	Income	18789.648	13420.954	11507.952
	Other Income	185.091	205.372	40.062
	TOTAL	18974.739	13626.326	11548.014
Less	EXPENSES
	Cost of Materials Consumed	8030.715	5719.355	4759.030
	Purchases of Stock-in-Trade	1636.574	740.993	1089.849
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	28.557	(184.783)	117.587
	Employees benefits expense	452.273	334.011	229.245
	Other expenses	1207.136	1245.002	894.289
	Power Cost	3665.458	2802.318	3145.521
	TOTAL	15020.713	10656.896	10235.521
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3954.026	2969.430	1312.493
Less	FINANCIAL EXPENSES	40.534	94.344	122.311
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3913.492	2875.086	1190.182
Less/ Add	DEPRECIATION/ AMORTISATION	154.443	252.331	232.922
	PROFIT/ (LOSS) BEFORE TAX	3759.049	2622.755	957.260
Less	TAX	841.585	645.884	166.956
	PROFIT/ (LOSS) AFTER TAX	2917.464	1976.871	790.304
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	4994.803	3317.932	2872.618
Add	Received from Transferor Company	NA	0.000	(110.957)
Less	APPROPRIATIONS
	Transfer to General Reserve	NA	300.000	75.000
	Interim Dividend of Equity Shares	NA	0.000	58.223
	Tax on Dividend	NA	0.000	11.853
	Adjustment for Amalgamation	NA	0.000	88.957
	Total	NA	300.000	234.033
	Balance Carried to the B/S	NA	4994.803	3317.932
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	6607.381	5411.499
	TOTAL EARNINGS	NA	6607.381	5411.499
	IMPORTS
	Raw Materials	NA	4857.838	3980.584
	Capital Goods	NA	3.268	0.000
	TOTAL IMPORTS	NA	4861.106	3980.584
	Earnings / (Loss) Per Share (INR)	100.22	67.91	27.15

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2018	31.03.2017	31.03.2016
Current Maturities of Long term debt	NA	440.494	404.007
Cash generated from operations	NA	1491.291	1371.776
Net cash from operating activities	NA	1229.073	1361.080

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	47.35	61.25	63.02
Account Receivables Turnover (Income / Sundry Debtors)	7.71	5.96	5.79
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	55.61	32.16	83.11
Inventory Turnover (Operating Income / Inventories)	1.59	1.59	0.87
Asset Turnover (Operating Income / Net Fixed Assets)	1.69	1.27	0.51

LEVERAGE RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.26	0.36	0.53
Debt Equity Ratio (Total Liability / Networth)	0.03	0.13	0.35
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.36	0.45	0.76
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.27	0.40	0.66
Interest Coverage Ratio (PBIT / Financial Charges)	97.55	31.47	10.73

PROFITABILITY RATIOS

PARTICULARS		31.03.2018	31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	15.53	14.73	6.87
Return on Total Assets ((PAT / Total Assets) * 100)	%	23.94	21.87	9.92
Return on Investment (ROI) ((PAT / Networth) * 100)	%	33.34	33.37	20.02

SOLVENCY RATIOS

PARTICULARS	31.03.2018	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	2.97	2.33	1.68
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.18	1.64	1.18
G-Score Ratio Financial (Networth / Total Assets)	0.72	0.66	0.50
G-Score Ratio Debt (Debts / Equity Capital)	0.98	2.65	4.79
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.97	2.33	1.68

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

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 784.00/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Share Capital	291.116	291.116	291.116
Reserves & Surplus	3655.631	5632.502	8460.062
Net worth	3946.747	5923.618	8751.178
long-term borrowings	816.518	159.873	36.683
Short term borrowings	173.160	170.609	249.988
Total borrowings	989.678	330.482	286.671
Debt/Equity ratio	0.251	0.056	0.033

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	11507.952	13420.954	18789.648
		16.623	40.002

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017	31.03.2018
	INR In Million	INR In Million	INR In Million
Sales	11507.952	13420.954	18789.648
Profit	790.304	1976.871	2917.464
	6.87%	14.73%	15.53%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2018	31.03.2017
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	291.116	291.116
(b) Reserves & Surplus	8392.688	5554.108
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Minority Interest	0.000	5.666
Total Shareholders’ Funds	8683.804	5850.890
(3) Non-Current Liabilities
(a) long-term borrowings	36.683	159.873
(b) Deferred tax liabilities (Net)	247.560	257.934
(c) Other long term liabilities	11.341	0.000
(d) long-term provisions	18.801	16.971
Total Non-current Liabilities	314.385	434.778
(4) Current Liabilities
(a) Short term borrowings	249.988	170.609
(b) Trade payables	1472.849	569.263
(c) Other current liabilities	1385.901	1865.798
(d) Short-term provisions	12.709	73.762
Total Current Liabilities	3121.447	2679.432
TOTAL	12119.636	8965.100
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2376.289	2418.147
(ii) Intangible Assets	0.643	1.141
(iii) Capital work-in-progress	0.000	0.023
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	74.351	0.015
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	314.661	278.844
Total Non-Current Assets	2765.944	2698.170
(2) Current assets
(a) Current investments	3351.671	675.144
(b) Inventories	2481.877	1865.728
(c) Trade receivables	2437.251	2252.111
(d) Cash and cash equivalents	573.960	906.510
(e) Short-term loans and advances	0.000	363.858
(f) Other current assets	508.933	203.579
Total Current Assets	9353.692	6266.930
TOTAL	12119.636	8965.100

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2018	31.03.2017
	SALES
	Income	18789.648	13420.954
	Other Income	187.454	205.964
	TOTAL	18977.102	13626.918
Less	EXPENSES
	Cost of Materials Consumed	8030.715	5719.355
	Purchases of Stock-in-Trade	1636.574	740.993
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	28.557	(184.783)
	Employees benefits expense	452.943	334.486
	Power Cost	3665.458	2802.318
	Other expenses	1207.959	1280.225
	TOTAL	15022.206	10692.594
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3954.896	2934.324
Less	FINANCIAL EXPENSES	40.534	94.344
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	3914.362	2839.980
Less/ Add	DEPRECIATION/ AMORTISATION	154.443	280.304
	PROFIT/ (LOSS) BEFORE TAX	3759.919	2559.676
Less	TAX	841.793	645.904
	PROFIT/ (LOSS) AFTER TAX	2918.126	1913.772
Less	Minority Interest	NA	(0.854)
	PROFIT FOR THE YEAR	NA	1914.626
	Earnings / (Loss) Per Share (INR)	100.24	65.77

LEGAL CASES

District and Session Court, Durg

Case Details

Case Type: M.J.C. Civil
Filing Number: 5000161/2016Filing Date: 14-12-2016
Registration Number: 161/2016Registration Date: 15-12-2016

CNR Number: CGDU01-003703-2016

Case Status

First Hearing Date: 13th January 2017
Next Hearing Date: 13th January 2017
Stage of Case: Reply
Court Number and Judge: 1-District and Sessions Judge, Durg (C.G.)

Petitioner and Advocate

1) Steel Authority of India Limited
    Address - Bhilai Steel Plant,General Manager(MM) BSP Bhilai-Durg C.G.
    Advocate- Ashutosh Kumar Shrivastava

Respondent and Advocate

1) M/s Maithan Alloys Limited
    Address - Po-Kalyanseshwari,Dist-Burdwan,West Bengal,Pi-713369

Acts

Under Act(s)	Under Section(s)
Arbitration applications U/S 9\	34

LOCAL AGENCY FURTHER INFORMATION

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

GENERAL INFORMATION (As on 31.03.2017)

The company is a public company domiciled in India. The Company is engaged in the manufacture and export of all three bulks Ferro alloys, namely Ferro Silicon, Ferro Manganese and Silico Manganese. It is also engaged in the generation and supply of wind power and has a captive power plant. Its shares are listed on Calcutta Stock Exchange (CSE) and National Stock Exchange and are also traded on Bombay Stock Exchange (BSE) under Permitted Category

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G62293626	100106414	CITI BANK N.A.	21/06/2017	24/10/2017	-	755625000.0	Kanak Building,41 Chowringhe Road Kolkata West Bengal 700071 India
2	G38006623	100082271	ICICI BANK LIMITED	28/02/2017	-	-	400000000.0	ICICI Bank Tower, Near Chakli Circle, Old Padra Road Vadodara Gujarat 390007 IN
3	G00882274	10322501	State Bank of India	25/11/2011	14/03/2016	-	1620000000.0	Industrial Finance Branch,11, Dr. U. N. Brahmachari Street Kolkata West Bengal 700017 India
4	G33495904	10325779	PUNJAB NATIONAL BANK	25/11/2011	03/01/2017	-	1270000000.0	52A, SHAKESPERE SARANI KOLKATA WEST BENGAL 700017 INDIA
5	G46611513	10147068	State Bank of India	02/02/2009	22/05/2017	-	5235000000.0	Industrial Finance Branch,11, Dr. U. N. Brahmachari Street Kolkata West Bengal 700017 India
6	G46611661	10147067	State Bank of India	02/02/2009	22/05/2017	-	5235000000.0	Industrial Finance Branch,11, Dr. U. N. Brahmachari Street Kolkata West Bengal 700017 India
7	A34182204	10093169	STATE BANK OF INDIA	22/02/2008	-	-	990000000.0	Industrial Finance Branch,11, Dr. U. N. Brahmachari Street Kolkata West Bengal 700017 India
8	G51505386	10066687	Axis Bank Limited	07/09/2007	24/08/2017	-	5235000000.0	Corporate Banking Branch, 3rd Floor1 Shakespeare Sarani, AC Market Building Kolkata West Bengal 700071 India
9	A13596853	10046515	STATE BANK OF INDIA (LEAD BANK)	04/04/2007	-	-	796000000.0	Industrial Finance Branch,11, Dr. U. N. Brahmachari Street Kolkata West Bengal 700017 India
10	B15239981	90252529	STATE BANK OF INDIA	25/10/2005	03/06/2011	-	1830000000.0	Industrial Finance Branch,11, Dr. U. N. Brahmachari Street Kolkata West Bengal 700017 India

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2018 (INR in Million)	31.03.2017 (INR in Million)
Claims against the Company/ disputed liabilities not acknowledged as debts:
In respect of disputed Excise Duty & Service Tax demand	NA	40.748
b) Letters of Credit issued by Banks and Outstanding	NA	449.887
c) Bank Guarantees issued by Banks and Outstanding	NA	288.612
d) Liability in respect of Bills Discounted with Banks and Outstanding	NA	14.006
Total	NA	793.253

FIXED ASSETS

Tangible Assets

· Land

· Building

· Plant &Machinery

· Other Assets

· Leased Assets

Intangible Assets

· Software

WEBSITE DETAILS

NEWS / PRESS RELEASES

MAITHAN ALLOYS COMPLETES ACQUISITION OF ANJANEY MINERALS AND SALANPUR SINTERS

November 30, 2017

The companies became wholly owned subsidiaries as on November 28, 2017.

Maithan Alloys announced yesterday that they had completed the formalities to complete the acquisition of Anjaney Minerals and Salanpur Sinters. Both companies would now be wholly owned subsidiaries of Maithan Alloys.

Maithan Alloys is a leading manufacturer and exporter of value-added manganese alloys. These alloys are used in the production of various grades of steel. The company had stated that they are looking for both organic and inorganic opportunities for expansion.

Anjaney Minerals is involved in the mining of iron ores while Salanpur Sinters is involved in the casting of metals. The acquisitions would allow Maithan Alloys to expand its product offering and is a positive development for the stock.

Maithan Alloys is would benefit from the upswing in global and domestic steel production. 

The stock touched a 52 week high of INR 763.6 on 29-Nov-2017 and a 52 week low of INR 236.2 on 02-Dec-2016. Last one week high and low of the scrip stood at INR 763.6 and INR 643.15 respectively.

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 66.77
UK Pound	1	INR 90.58
Euro	1	INR 79.97

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	VAR
Report Prepared by :	JYTK

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	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.