Fundamental Report

28/March/2014

MULTI BAGGER: IL&&FS Transportation Networks Ltd. RECOMMENDED PRICE: 107 – 113.5 RECOMMENDED DATE: 27 March 2014 CMP – Rs. : 114

BSE: 533177 NSE: IL&FSTRANS SECTOR: Infrastructure

Detailed report on IL&&FS Transportation Networks Ltd.

IL&FS Transportation Networks was incorporated under the Companies Act, 1956 on November 29, 2000 as 'Consolidated Toll Network India Private Limited'. The name of the Company was changed to 'Consolidated Toll Network India Limited' pursuant to change in the status of the Company to a public limited company. The word 'private' was deleted from the name of the Company pursuant to a special resolution of the shareholders of the Company dated March 28, 2002. The fresh certificate of incorporation consequent to change of name was issued by the RoC on July 22, 2002. The name of the Company was further changed to 'Consolidated Transportation Networks Limited', indicating the growing business profile of the Company, pursuant to a special resolution of the shareholders of the Company dated July 5, 2004 and a fresh certificate of incorporation was granted to the Company by the RoC on September 24, 2004. Subsequently, the name of the Company was changed to 'IL&FS Transportation Networks Limited' pursuant to a special resolution of the shareholders of the Company dated September 29, 2005 and a fresh certificate of incorporation was granted to the Company by the RoC on October 18, 2005. The said change of the name of the Company was intended to avail the benefit of the 'IL&FS' brand, its goodwill in the surface transport sector and to establish affiliation of the Company with the IL&FS group.

It is an established surface transportation infrastructure company and is one of the largest private sector BOT road operators in India. It is a developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance. It was incorporated in 2000 by IL&FS, an infrastructure development and finance company, in order to consolidate their existing road infrastructure projects and to pursue various new project initiatives in the area of surface transportation infrastructure. In March 2008, it commenced the international operations through the acquisition of Elsamex S.A. ('Elsamex'), a provider of maintenance services primarily for highways and roads in Spain and other countries.

Since inception, it has been involved in the development, operation and maintenance of national and state highways, roads (including urban roads), flyovers and bridges in Andhra Pradesh, Delhi, Gujarat, Maharashtra, Karnataka, Uttar Pradesh, Kerala, Jharkhand and Rajasthan. It has a pan-India presence in the BOT road sector and has interests in a diverse project portfolio consisting of 17 road projects, comprising approximately 9,397 Lane kms, which includes 4,086 Lane kms under operation and maintenance and 5,311 Lane kms under development (of which 1,244 Lane kms under construction). The projects are designed and developed with regard to international standards in terms of technology and facilities.

Since the incorporation, it has created a geographically widespread presence in India. Eight of the projects have commenced operations - the North Karnataka Expressway (from Belgaum in the States of Karnataka to Maharashtra Border), the West Gujarat Expressway (connecting Jetpur to

Rajkot in the State of Gujarat), the NOIDA Toll Bridge (connecting Delhi to NOIDA, in the States of Delhi and Uttar Pradesh), the Vadodara Halol Toll Road (connecting Vadodara to Halol in the State of Gujarat), the Ahmedabad Mehsana Toll Road (connecting Ahmedabad to Mehsana in the State of Gujarat), Andhra Pradesh Expressway (Kotakatta to Kurnool in the state of Andhra Pradesh) and Ramky Elsamex Hyderabad Ring Road (Tukkugudu to Shamshabad section of Hyderabad Outer Ring Road), as well as the Mega Highways Road Project (comprising five stretches of road from 'Phalodi to Ramji-ki-Gol', 'Hanumangarh to Kishangarh', 'Alwar to Sikandra', Baran to Jhalawar' and 'Laslot to Kota', all in the state of Rajasthan) and Thiruvananthapuram City Roads projects which have both operational and developmental phases. Notably, NOIDA Toll Bridge Company Limited, which is our associate and also the implementing company for the NOIDA Toll Bridge project, was the first Indian toll road company to have been listed both on the national and international stock exchanges; and the Vadodara Halol Toll Road was designated by the World Bank as a 'best practices' example for its environment risk mitigation and social rehabilitation plan in India. In addition, It is currently developing 11 road projects (including the Mega Highways and Thiruvananthapuram City Roads projects) in the States of Andhra Pradesh, Chhattisgarh, Jharkhand, Kerala, Rajasthan, Uttar Pradesh and Maharashtra in India and Madrid in Spain. Out of these 11 projects, five projects are currently in the construction phase and the remaining six projects are in the preconstruction phase of development.

It is also developing capabilities in other transportation infrastructure sub-sectors such as mass rapid transport systems and urban transportation infrastructure systems. It has been selected for the development of the 4.9 km track of elevated metro rail link project in Gurgaon (Haryana) and is also operating and maintaining the Nagpur city bus services on a BOT basis.

With respect to the international operations, It has acquired Elsamex in order to (i) complement the BOT road operations with Elsamex's maintenance capabilities and (ii) to facilitate its entry into international markets such as Spain, Portugal and Latin America. Elsamex's primary business is the maintenance of roads, buildings and petrol stations, mainly in Spain, with additional operations in Portugal in Europe and Columbia and Mexico in South America. Elsamex also provides consulting services for roads and water supply projects in the areas of quality control, safety, health and environment. Additionally, Elsamex conducts research and development for road maintenance projects, with a particular focus on bitumen technology.

The company benefits significantly from its affiliation with IL&FS, which has an established track record in promoting and financing a range of public infrastructure projects in India for over 22 years. IL&FS was incorporated in 1987 and its shareholders include Life Insurance Corporation of India, Central Bank of India, State Bank of India, Housing and Development Finance Corporation Limited, Abu Dhabi Investment Authority and Orix Corporation of Japan.

It is well positioned to benefit from expected growth in vehicular traffic in India and demand for additional surface transportation infrastructure in India and other countries where It has presence. It generates revenues primarily from Elsamex's maintenance business and from annuity receipts, toll collection, operation and maintenance activities and advisory and project management fees from BOT road projects. In addition, It auctions the toll receipts for certain of the toll road projects to third parties for twelve-month periods in exchange for a fixed fee in order to mitigate the risk of

volatility of toll revenues. For the six months ended September 30, 2009, the consolidated revenue and total profit after tax amounted to Rs. 9,795.55 million and Rs. 1,182.27 million respectively.

Completed Projects

The company has completed and is operating the following projects:

North Karnataka Expressway (Belgaum Maharashtra Border Road) This project involved the development of four lanes with service roads on both sides aggregating to approximately 472 Lane kms in length between Belgaum in the State of Karnataka up to Maharashtra Border. The concession for this project was awarded to it by the NHAI on a BOT (Annuity) basis for a period of 17.5 years (including a construction period of two and a half years), which commenced in June 2002 and will end in December 2019. It completed the construction of this project and commenced its commercial operations in July 2004. For the six months ended September 30, 2009, It recognized Rs. 333.46 million as revenue from this project. For the year ended March 31, 2009, It recognized Rs.643.71 million as revenue from this project.

West Gujarat Expressway (Jetpur Rajkot Gondal Road)

This project involved the widening of the existing Jetpur'Gondal road from two lanes to four lanes, the improvement of the existing four lanes between Gondal and Rajkot, the widening of the existing Rajkot bypass from two lanes to four lanes on the National Highway 8 B and construction of side roads, with an aggregate length of approximately 389 Lane kms in the State of Gujarat. The concession for this project was awarded to it by the NHAI on a BOT (Toll) basis for a period of 20 years (including a construction period of two and a half years), which commenced in September 2005 and will end in September 2025. It completed the construction of this project and commenced its commercial operations in March 2008.

Noida Toll Bridge - This project involved the development of a toll bridge and approach roads with approximately 60 Lane kms connecting Delhi to NOIDA in the State of Uttar Pradesh. The concession for this project was awarded to the Promoter by the New Okhla Industrial Development Authority ('NOIDA') on a BOT (Toll) basis for a period of 30 years (including a construction period of two and a half years) which commenced on December 30, 1998. It completed the construction of this project and commenced its commercial operations in February 2001. Pursuant to the terms of the concession, the concession period will be subject to extension beyond 30 years until the total project cost and agreed returns thereon have been recovered. For the six months ended September 30, 2009, It recognized Rs. 104.46 million as revenue from this project. For the year ended March 31, 2009, It recognized Rs. 201.88 million revenue from this project.

Gujarat Toll Roads

Vadodara - Halol Road

This project involved the development of an approximately 190 Lane kms on State Highway No. 87 from Vadodara to Halol in the State of Gujarat. The concession for this project was awarded to the Promoter by the Government of Gujarat on a BOOT (Toll) basis, which commenced from the date of signing the Concession Agreement i.e. October, 1998 and shall extend for a period of 30 years

from the operations date i.e. October 2000. The construction period for the project was one and a half years. Pursuant to the terms of the concession, upon completion of the 30 years period, the concession period is further extendable for a two year period until the total project cost and agreed returns thereon have been recovered. It completed the construction of this project and commenced its commercial operations in October 2000. This project was designated by the World Bank as a best practices example for its environment risk mitigation and social rehabilitation plan.

Other projects

Thiruvananthapuram City Roads (Phase I)

Andhra Pradesh Expressway (Kotakatta Kurnool Road)

Tukkuguda to Shamshabad section of Hyderabad Outer Ring Road

Projects under Construction

East Hyderabad Expressway (Pedda Amberpet to Bongulur section of Hyderabad Outer Ring Road)

Thiruvananthapuram City Roads (Phase II and Phase III)

Beawar Gomti Road

Milestones:

February, 2001- Commercial Operation of 'NOIDA Toll Bridge' project

November, 2001- Concession for 'North Karnataka Expressway' project was awarded to North KarnatakaExpressway Limited by the NHAI

December, 2001- Investment in the equity share capital of North Karnataka Expressway Limited

March, 2002- Equity investment by ORIX Auto & Business Solutions Limited*

February, 2003- Commercial Operation of 'Ahmedabad Mehsana Toll Road' project

December, 2003- Further equity investment by ORIX Auto & Business Solutions Limited*

March 2004- Concession for 'Thiruvanathapuram City Roads Improvement Project' granted to Thiruvanathapuram Road Development Company Limited by the Kerala Road Fund Board.Investment in the

equity share capital of Thiruvananthapuram Road Development Company Limited

July, 2004 - Commercial Operation of 'North Karnataka Expressway' project

March, 2005 - Concession for 'West Gujarat Expressway' project granted to West Gujarat Expressway Limited by the NHAIInvestment in the equity share capital of West Gujarat Expressway Limited

January, 2006 - Partnership & Development Agreement for 'Mega Highways' project granted to Road Infrastructure Development Company of Rajasthan Limited by the Government of Rajasthan

March, 2006 - Investment in the equity share capital of Noida Toll Bridge Company Limited Concession for 'Andhra Pradesh Expressway' project awarded to Andhra Pradesh Expressway Limited by NHAI Investment in

the equity share capital of Andhra Pradesh Expressway Limited

December, 2006 - Investment in the equity share capital of Gujarat Toll Road Investment Company Limited, Equity investment by Trinity Capital (Two) Limited

March, 2007 - Equity investment by GS Strategic Investments Limited

January, 2007 - Programme Development Agreement for 'Chhattisgarh Accelerated Road Development Programme' executed between Government of Chhattisgarh and Infrastructure Leasing & Financial Services

Limited

August, 2007 - Concession for 'East Hyderabad Expressway' project awarded to East Hyderabad Expressway Limited by the Hyderabad Urban Development Authority and Hyderabad Growth Corridor Limited

October, 2007 - Investment in the equity share capital of East Hyderabad Expressway Limited

February, 2008 - Programme Development Agreement for 'Jharkhand Accelerated Road Development Programme' executed between Government of Jharkhand and Infrastructure Leasing & Financial Services

Limited

March, 2008 - Commercial Operation of Phase ' I of 'Thiruvanathapuram City Roads Improvement Project' Further equity investment by Trinity Capital (Two) Limited and GS Strategic Investments Limited, Equity

investment by SCB Asian Infrastructure Fund, Acquistion of Elsamex S.A.

May, 2008 - Commercial Operation of 'West Gujarat Expressway' project

December, 2008 - Investment in equity share capital of Vansh Nimay Infraprojects Limited

March, 2009 - Commercial Operation of the 'Mega Highways, Project.

April, 2009 - Concession for the 'Beawar Gomti' project awarded to ITNL Road Infrastructure Development Company Limited by the Department of Road Transport & Highways

May, 2009 - Amendment to the concession in relation to 'Thiruvanathapuram City Roads Improvement Project' granted to Thiruvanathapuram Road Development Company Limited by the Kerala Road Fund Board

August, 2009 - 'Letter of Award' issued for the project '4 laning of Warora Chandrapur Bamni Road in the state of Maharashtra'

September 2009 - Concession for the 'Ranchi Ring Road' project awarded to Jharkhand Road Projects Implementation Company Limited by the Government of Jharkhand, Concession for the 'Pune Sholapur' project

awarded to Pune Sholapur Road Development Company Limited by the NHAICommercial Operation of

'Andhra Pradesh Expressway' project.

October 2009 - Concession for the 'Hazaribagh Ranchi' project awarded to Hazaribagh Ranchi Expressway Limited by the NHAIConcession for the 'Patratu Dam Ramgarh Road' project awarded to Jharkhand Road

Projects Implementation Company Limited by the Government of JharkhandConcession for the 'Ranchi -

Patratu Dam' project awarded to Jharkhand Road Projects Implementation Company Limited by the

Government of Jharkhand

December 2009 - Concession for the 'Gurgaon Metro' project awarded to Rapid MetroRail Gurgaon Limited by the Haryana Urban Development Authority'Letter of Award' issued for the project 'Moradabad Bareilly section

of NH-21 in the state of Uttar Pradesh'

Subsidiaries:

The companies mentioned below have been acquired by the Company (either directly or through its Subsidiaries) and have become its subsidiaries.

1. Elsamex S.A; and2. Vansh Nimay Infraprojects Limited. The following are the Subsidiaries of the Company:1) ITNL Road Infrastructure Development Company Limited;2) Gujarat Road and Infrastructure Company Limited;3) East Hyderabad Expressway Limited;4) ITNL International Pte Limited;5) Elsamex S.A;6) ITNL Enso Rail Systems Limited;7) Vansh Nimay Infraprojects Limited;8) Elsamex India Private Limited;9) Elsamex Internacional SL;10) Elsamex Portugal S.A;11) Grusamar Ingenieria Y Consulting SL;12) Inversiones Tyndrum, S.A.;13) Intevial-Gestao Integral Rodoviaria S.A.;14) Mantenimiento Y Conservacion De Vialidades, S.A. de C.V;15) Proyectos de Gestion, Sistemas, Calculo y Analisis, S.A.;16) Sanchez Marcos Senalizacion E Imagen, S.A.;17) Senalizacion Viales E Imagen, S.A.;18) Centro De Investigacion Elpidio Sanchez Marcos SA;19) Control 7, SA;20) Geotecnia 7, SA;21) ESM Mantenimiento Integral S.A. de C.V;22) Grusamar Albania SHPK;23) Atenea Seguridad y Medio Ambiente S.A;24) Ecoasfalt Construction Company Private Limited;25) Proyectos y Promociones Inmobiliarias Elpidio Sanchez Marcos, S.L.;26) Instituto Tecnico De La Vialidad Y Del Transporte, S.A;27) Yala Construction Co Private Limited;28) Hazaribagh Ranchi Expressway Limited;29) Pune Sholapur Road Development Company Limited;30) Rapid MetroRail Gurgaon Limited;31) North Karnataka Expressway Limited;32) West Gujarat Expressway Limited; and33) Moradabad Bareilly Expressway Limited.

IL&FS Transportation Networks

Ltd. Financial Ratios DESCRIPTION Mar-13 Mar-12 Mar-11 Mar-10 Mar-09 Mar-08 Mar-07 Mar-06 Mar-05 Mar-04 Mar-03

Operational & Financial Ratios

Earnings Per Share (Rs) 13.96 12.99 14.83 16.72 2.36 4.46 2.84 1.52 0.72 0.17 0.06

Adjusted EPS (Rs.) 13.96 12.99 14.83 16.72 2.36 4.46 2.84 1.52 0.72 0.17 0.06

CEPS(Rs) 14.53 13.53 15.33 16.94 2.51 4.58 2.90 1.66 0.80 0.21 0.13

DPS(Rs) 4.00 4.00 3.50 3.00 1.25 2.00 2.00 0.00 0.00 0.00 0.00

Adj DPS(Rs) 4.00 4.00 3.50 3.00 1.25 2.00 2.00 0.00 0.00 0.00 0.00

Book Value (Rs) 109.38 100.06 91.87 81.11 44.72 42.95 35.63 12.40 10.89 10.17 9.97

Adjusted Book Value (Rs) 109.38 100.06 91.87 81.11 44.72 42.95 35.63 12.40 10.89 10.17 9.97

Tax Rate(%) 38.26 39.01 36.24 34.68 42.27 33.84 35.53 40.86 23.07 36.56 41.33

Dividend Pay Out Ratio(%) 28.66 30.80 23.61 17.95 53.01 44.79 70.39 0.00 0.00 0.00 0.00

Margin Ratios

PBIDTM (%) 25.20 25.15 38.47 76.51 100.98 79.40 51.49 33.02 50.10 39.07 42.73

EBITM (%) 24.87 24.77 37.86 76.00 98.95 78.22 50.91 31.89 48.32 37.26 40.89

Pre Tax Margin(%) 13.04 14.92 27.96 58.80 53.02 67.66 46.34 20.26 20.66 11.06 3.19

PATM (%) 8.05 9.10 17.83 38.41 30.60 44.76 29.88 11.98 15.89 7.02 1.87

CPM(%) 8.38 9.48 18.43 38.92 32.63 45.95 30.46 13.11 17.67 8.83 3.71

Performance Ratios

ROA (%) 4.08 4.63 6.84 12.51 2.81 7.35 8.93 3.08 2.42 0.91 0.22

ROE (%) 13.33 13.53 17.14 27.73 5.38 11.64 14.89 13.03 6.82 2.21 0.64

ROCE (%) 15.91 16.45 18.05 27.75 9.68 13.85 16.68 9.02 7.78 5.08 5.09

Asset Turnover(x) 0.51 0.51 0.38 0.33 0.09 0.16 0.30 0.26 0.15 0.13 0.12

Inventory Turnover(x)

3.53

Debtors Turnover(x) 2.60 3.03 2.46 3.30 2.98 2.79 3.53 3.56 2.30 1.84 1.86

Fixed Asset Turnover (x) 55.13 49.24 32.17 25.55 7.15 12.64 24.93 23.55 14.41 14.50 14.27

Sales/Working Capital (x) -9.15 -1.78 -2.02 0.44 0.21 0.31 0.57 0.31 0.19 0.32 0.66

Efficiency Ratios

Fixed Capital/Sales(x) 0.02 0.02 0.03 0.04 0.14 0.08 0.04 0.04 0.07 0.07 0.07

Receivable days 140.39 120.63 148.45 110.76 122.29 130.62 103.33 102.45 158.80 198.86 196.04

Inventory Days 0.00 0.00 0.00 0.00 0.00 0.00 103.46 0.00 0.00 0.00 0.00

Payable days 75.25 65.01 61.47 48.71 114.51 61.99 83.44 185.02 162.44 177.03 241.36

Growth Ratio

Net Sales Growth(%) 21.52 71.59 91.11 540.12 -22.75 10.65 268.28 180.33 86.01 34.90 0.00

Core EBITDA Growth(%) 21.75 12.17 -3.91 385.03 -1.76 70.63 474.25 84.76 138.51 23.36 0.00

EBIT Growth(%) 22.01 12.24 -4.79 391.68 -2.28 70.02 487.86 85.02 141.22 22.93 0.00

PAT Growth(%) 7.48 -12.41 -11.30 703.33 -47.18 65.78 818.56 111.30 321.27 405.43 0.00

Adj. EPS Growth(%) 7.48 -12.41 -11.30 608.82 -47.18 57.15 87.27 111.30 321.27 165.13 0.00

Financial Stability Ratios

Total Debt/Equity(x) 1.76 1.40 1.06 0.97 0.94 0.53 0.24 1.70 1.93 0.82 1.04

Current Ratio(x) 0.87 0.55 0.66 5.11 7.63 7.61 5.00 6.85 11.80 8.46 4.37

Quick Ratio(x) 0.87 0.55 0.66 5.11 7.63 7.61 4.36 6.85 11.80 8.46 4.37

Interest Cover(x) 2.10 2.52 3.82 4.42 2.15 7.41 11.16 2.74 1.75 1.42 1.08

Total Debt/Mcap(x) 1.08 0.73 0.42 0.28

Valuation Ratios

DESCRIPTION Mar-

13 Mar-

12 Mar-

11 Mar-10 Mar-

09 Mar-

08 Mar-

07 Mar-

06 Mar-

05 Mar-

04 Mar-

03

Adjusted PE (x) 12.73 14.86 15.84 16.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00

PCE(x) 12.24 14.27 15.31 16.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Price / Book Value(x) 1.63 1.93 2.56 3.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Dividend Yield(%) 2.25 2.07 1.49 1.08 EV/Net Sales(x) 2.13 2.33 3.99 8.03 6.72 3.16 1.57 2.34 6.12 7.54 5.87

EV/EBITDA(x) 8.47 9.28 10.37 10.50 6.66 3.98 3.05 7.10 12.21 19.30 13.75

EV/EBIT(x) 8.58 9.43 10.54 10.57 6.79 4.04 3.09 7.35 12.66 20.24 14.36

EV/CE(x) 0.99 1.07 1.33 1.90 0.55 0.43 0.29 0.48 0.74 0.82 0.69

M Cap / Sales 1.02 1.35 2.82 6.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00

High PE 15.54 17.00 21.64 131.56 Low PE 10.51 9.72 11.44 16.66

TTM Ratios as on 25 mar 2014 TTM Date End 201312

TTM EPS(Unit Curr) 12.85

TTM P/E Ratio (x) 8.91

TTM CEPS(Unit Curr) 13.44

EV/ TTM EBITDA (x) 7.01

EV /TTM Sales (x) 1.72

Mcap / TTM Sales (x) 0.64

Price/TTM CEPS(x) 8.51 Share Price History - NSE-Annual-Adjusted- [INR-Crore]

Date Close (Unit Curr) Total Volume (000's) Total Market Cap

TTM PE(x) NIFTY

25-Mar-14 114.60 4490.12 136730.49 8.92 6589.75

31-Dec-13 140.10 21834.13 750708.80 10.90 6304.00

31-Dec-12 199.50 22360.63 897179.87 12.03 5905.10

30-Dec-11 145.25 18676.27 995191.82 10.91 4624.30

31-Dec-10 294.45 71109.03 1133107.34 17.62 6134.50

Price chart

MULTI BAGGER: MMTC Ltd.

RECOMMENDED PRICE: 50 - 53

RECOMMENDED DATE: 13 March, 2014

CMP – Rs. 52.45 BSE Code –513377 NSE Symbol – MMTC

SECTOR: TRADING

Detailed report on MMTC Ltd.

Established in 1963, Minerals and Metals Trading Corporation (MMTC), one of the two

highest foreign exchange earner for India, is a leading international trading company with a

turnover of over $7 billion.

MMTC is major global player in the minerals trade and is the single largest exporter of

minerals from India. With its comprehensive infrastructural expertise to handle minerals, the

company provides full logistic support from procurement, quality control to guaranteed

timely deliveries of minerals from different ports, through a wide network of regional and

port offices in India, as well as international subsidiary.

As a leading player in fertilizers and fertilizer raw material, the company has become a

major fertilizer marketing company in India, through planned forward integration of its

import activities with the direct marketing of urea, DAP, MOP, sulphur, rock phosphate,

SSP and other farming and agricultural inputs.

MMTC is the largest importer of gold and silver in the Indian sub-continent, handling about

146 MT of gold and 1250 MT of silver during 2008-09. It supplies gold on loan and outright

basis to exporters, bullion dealers and jewellery manufacturers on all India.

MMTC has retail jewellery and its own branded 'Sterling Silverware' (Sanchi) showrooms in

all the major metro cities of India. It also supplies branded hallmarked gold and studded

jewellery. Besides organizing major jewellery exhibitions in India and abroad, the company

also has a medallion manufacturing unit for minting of gold/ silver medallions.

MMTC is India's largest seller of imported non-ferrous metals viz. copper, aluminium, zinc,

lead, tin and nickel. It also sells imported minor metals like magnesium, antimony, silicon

and mercury, as also industrial raw materials like asbestos and also steel and its products.

MMTC imports quality products conforming to international specifications like ASTM or

BSS or LME approved brands.

The company sources its metals from empanelled suppliers including producers and traders

throughout the world.

MMTC is amongst the leading Indian exporters and importers of agro products. The

company's bulk exports include commodities such as rice, wheat, wheat flour, soyameal,

pulses, sugar, processed foods and plantation products like tea, coffee, jute, etc. It also

undertakes extensive operations in oilseed extraction, from the procurement of seeds to the

production of de-oiled cakes for export, as well as the production of edible oil for domestic

consumption and imports edible oils.

MMTC is the largest non-oil importer in India. It's diverse trade activities encompass third

country trade, joint ventures, link deals - all modern day tools of international trading. It has

vast international trade network, which includes a wholly owned international subsidiary in

Singapore MMTC Transnational Pte. (MTPL), spanning almost all countries in Asia,

Europe, Africa, Oceania and Americas.

Its comprehensive infrastructure for bulk cargo handling, with well-developed arrangements

for rail and road transportation, warehousing, port and shipping, operations, gives MMTC

complete control over trade logistics, both for exports and imports. The company's

countrywide domestic network is spread over 75 regional, sub-regional, port and field

offices, warehouses and procurement centres.

MMTC's progress in the recent past has taken it from monopoly status to a competitive open

market player making a strong thrust towards broad basing its sphere of activities, while

consolidating its core areas of business.

To create synergy between its manufacturing, trading and technology partners and to bring

optimum efficiency and expertise to its operations worldwide, MMTC has promoted along

with government of Orissa, a million tonnes capacity iron and steel plant and a 0.8 million

tonne capacity, coke oven battery with by product recovery plant and a captive power plant

of 55 MW capacity.

MMTC has a Systems & ERP Division comprising a highly professional team to cope with

the highly competitive environment. MMTC's operational offices are all equipped with

modern computing tools. ERP has been implemented. A user friendly intranet based

Knowledge Management Solution has been made available to its officials.

The company operates 13 regional offices located at Kolkata, Bhubaneshwar, Mumbai, Goa,

Ahmedabad, Delhi, Jhandewalan (Delhi), Jaipur and Bangalore, Bellary, Chennai,

Hyderabad, Vizag.

Business Areas

Minerals

Precious Metals

Fertilisers

Metals

Agro Products

Coal and Hydrocarbon

General trading

Recognition

MMTC is the first public sector enterprise to be accorded the 'Five Star Export House' status

by the Government of India for long standing contribution to exports.

The company has won the top export award from Chemicals and Allied Products Export

Promotion Council (CAPEXIL) as the largest exporter of minerals from India for the

eighteenth year in a row.

MMTC is a proud winner of gold trophy for exports of engineering and metallurgical

product in non-SSI sector and also awarded the All India Trophy for highest export in the

category of prime metal by EEPC.

MMTC has won the gold trophy from FIEO for highest exports in agriculture & plantation

product in non-SSI sector.

MMTC Ltd. Financial Highlights-Standalone- [INR-Crore]

DESCRIPTION Mar-13 Mar-12 Mar-11 Mar-10 Mar-09 Mar-08 Mar-07

Inc / Exp Performance Gross Sales 28599.41 66325.19 69056.00 45263.91 37017.44 26503.03 23346.14

Total Income 28980.46 67066.17 69591.74 45951.99 37852.99 26807.16 23512.59

Total Expenditure 28619.31 66299.40 68989.91 45192.11 36956.04 26333.73 23243.82

PBIDT 361.15 766.77 601.83 759.88 896.95 473.43 268.77

PBIT 92.10 654.69 582.75 746.55 884.37 460.75 260.81

PBT -127.84 76.01 189.90 333.07 217.38 324.60 189.33

PAT -70.62 70.72 121.64 216.24 140.22 200.48 126.80

Cash Profit -58.65 82.72 133.99 229.57 152.80 213.17 134.77

Sources of Funds Equity Paid Up 100.00 100.00 100.00 50.00 50.00 50.00 50.00

Reserves and Surplus 1240.78 1321.40 1279.74 1237.15 1073.38 979.96 832.13

Net Worth 1340.78 1421.40 1379.74 1287.15 1117.56 1027.71 880.62

Total Debt 1478.29 3429.87 6083.47 5164.80 4305.20 3198.35 1129.80

Capital Employed 2819.07 4851.27 7463.20 6451.94 5422.76 4226.07 2010.42

Application of Funds Gross Block 202.48 202.41 202.45 206.41 202.64 202.49 201.07

Investments 484.74 467.29 485.28 272.91 231.54 254.97 254.96

Cash and Bank balance 1460.05 2853.12 6748.24 6080.76 5858.00 5952.04 1440.79

Net Current Assets 708.08 815.41 783.50 6033.91 5029.10 3804.20 1566.74

Total Current Liabilities 5167.98 8775.02 17920.16 5387.46 5187.07 4819.04 1685.31

Total Assets 6552.65 10266.77 19395.97 11816.74 10585.33 9021.69 3661.14

Cash Flow Cash Flow from Operations 540.39 -1318.21 -99.87 -734.67 -1282.03 2405.38 -495.64

Cash Flow from Investing activities 282.06 682.62 294.00 533.86 802.59 204.16 -6.13

Cash Flow from Finance activities -2200.51 -3259.53 473.35 423.58 385.41 1901.71 537.38

Free Cash flow -879.23 -1180.14 12.51 -526.65 -1158.53 -2064.49 -551.28 Key Ratios Debt to Equity(x) 1.10 2.41 4.41 4.01 3.85 3.11 1.28

Current Ratio(x) 1.14 1.09 1.04 2.12 1.97 1.79 1.93

ROCE(%) 2.40 10.63 8.38 12.57 18.33 14.78 15.59

RONW(%) -5.11 5.05 9.12 17.98 13.07 21.01 14.84

PBIDTM(%) 1.26 1.16 0.87 1.68 2.42 1.79 1.15

PATM(%) -0.25 0.11 0.18 0.48 0.38 0.76 0.54

CPM(%) -0.21 0.12 0.19 0.51 0.41 0.80 0.58 Market Cues Close Price (Unit Curr.) 199.25 783.45 926.50 1569.79 706.88 1089.71 111.85

High Price (Unit Curr.) 890.00 1110.00 1935.00 2000.00 1550.00 2846.58 137.00

Low Price (Unit Curr.) 196.65 438.55 867.80 701.00 456.25 96.25 26.56

Market Capitalization 19925.00 78345.00 92650.00 156978.50 70687.75 108971.00 11185.00

Adjusted EPS -0.71 0.71 1.22 2.16 1.40 2.00 1.27

Price / Book Value(x) 14.86 55.12 67.15 121.96 63.25 106.03 12.70

CEPS -0.59 0.83 1.34 2.30 1.53 2.13 1.35

Equity Dividend % 10.00 25.00 25.00 90.00 80.00 90.00 50.00

Enterprise Value 19943.24 78921.75 91985.23 156062.54 69134.95 106217.32 10874.02

Dividend Yield % 0.05 0.03 0.03 0.03 0.06 0.04 0.22

PE (x) -282.14 1107.82 761.67 725.95 504.12 543.55 88.21

MMTC Ltd. Share Price - NSE-Annual-Adjusted- [INR-Crore] Date Open (Unit Curr) High (Unit Curr) Low (Unit Curr) Close (Unit Curr) NIFTY

12-Mar14 52.85 54.65 45.30 47.75 6516.90

31-Dec-13 644.70 655.40 37.15 52.85 6304.00

31-Dec-12 530.00 1009.90 506.50 638.50 5905.10

30-Dec-11 1172.15 1275.00 436.85 539.20 4624.30

31-Dec-10 1790.00 1965.00 990.00 1168.45 6134.50

Price chart (Feb 1st,2010 to Feb 1

st , 2014)

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