STAKEHOLDERS EMPOWERMENT SERVICES … · for manufacturing Silico Manganese and Ferro Manganese at...

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory

STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: MINING & MINERAL PRODUCTS REPORTING DATE: 31ST MAY, 2016

Impex Ferro Tech Ltd www.impexferrotech.com

Impex Ferro Tech Ltd 31st May, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 31st May, 2016)

NSE Code - IMPEXFERRO NSE Market Price (₹) 1.10 NSE Market Cap. (₹ Cr.) 10.11

Sector - Mining & Mineral prod. Face Value (₹) 10.00 Equity (₹ Cr.) 87.93

52-week High/Low (₹) 3.20/1.05 Net worth (₹ Cr.) 53.99

Business Group - Indian Private TTM P/E N.A. Traded Volume (Shares) 30,925

Year of Incorporation - 1995 TTM P/BV 0.02 Traded Volume (lacs) 0.34

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

35, Chittaranjan Avenue, Impex Ferro Tech Ltd is a part of Impex Group of Companies. The company manufactures

manganese based alloys i.e. Ferro Manganese and Silica Manganese. The company is

operating the Ferro Alloy Plant comprising of 5 submerged Arc furnaces of 3.6 MVA, 5 MVA,

7.5 MVA, 8.25 MVA and 7.5 MVA at Burdwan in West Bengal. The company has been

awarded ISO 9001: 2000 certification for manufacture and supply of different types and

grades of ferro alloy metals like Silicon Manganese, Ferro Manganese and ferro chrome.

Impex Ferro Tech Ltd was incorporated in the year 1995. The company has been promoted

by Vimal Kumar Patni, Suresh Kumar Patni and Virendra Kumar Jain. During the year 1997-

98, the company set up two numbers submerged Arc Furnaces of 3.6 & 5.0 MVA rating plant

for manufacturing Silico Manganese and Ferro Manganese at Burdwan in West Bengal. In

the year 2002, the company set up their third furnace with a rating of 7.5 MVA and

commenced commercial production. In the year 2005, the company came out with the

public issue and their shares were listed on BSE and NSE. Also, they set up their fourth

furnace submerged arc furnace of 8.25 MVA capacity for manufacturing HC Silico

Manganese and converting a part of the HC Ferro Manganese output into MC Ferro

Manganese through the 'SSM' Converter route. In the year 2007, the company was

accredited ISO 9001:2000 Certificate from Systems & Services Certification. During the year

2008-09, they commenced their fifth submerged Electric Arc Furnace (EAF) of 7.5 MVA

capacity for manufacturing HC Ferro Manganese. In May 2010, the company was awarded

by EEPC-ER (Engineering Export Promotion Council, Eastern Region) top export performance

certificate in the medium enterprises segment for its outstanding contribution to

engineering exports during the year 2007-08. The company's 30 MW Captive Power Plant

project is under implementation.

4th Floor,

Kolkata – 700 012, West Bengal

Company Website:

www.impexferrotech.com

TABLE 2 - PRICE PERFORMANCE

31st may,

2016

29th May,

2015

30th May,

2014

% Change CAGR for 2

years 2016 vs 2015 2015 vs 2014

Price (₹) 1.10 2.10 5.40 -47.62% -61.11% -54.87%

Trading Volume (Shares)

(yearly avg.) 1,07,235 1,35,547 13,018 -20.89% 941.21% -

NSE Market Cap. (in ₹ Cr.) 9.67 17.14 44.06 -43.58% -61.10% -53.15%

Source - Money Control

http://www.impexferrotech.com/



2 | P A G E



TABLE 3 - FINANCIALS

(₹ Cr.) 2015 2014 2013 % Change CAGR for 2

years 2015 vs 2014 2014 vs 2013

Net Worth 68.36 130.83 157.53 -47.75% -16.95% -34.13%

Current Assets 406.84 404.19 396.75 0.66% 1.88% 1.26%

Non-Current Assets 187.58 195.58 205.30 -4.09% -4.73% -4.41%

Total Assets 594.42 599.78 602.05 -0.89% -0.38% -0.64%

Investments 38.31 56.06 51.59 -31.66% 8.66% -13.83%

Finance Cost 30.34 35.96 35.78 -15.63% 0.50% -7.92%

Long Term Liabilities 236.06 78.61 127.32 200.29% -38.26% 36.16%

Current Liabilities 290.00 390.34 317.20 -25.71% 23.06% -4.38%

Turnover 505.80 698.02 641.76 -27.54% 8.77% -11.22%

Profit After Tax (PAT, ₹

Cr.) -61.44 -54.86 3.96 N.A. -1485% N.A.

EPS (₹) -8.00 -7.00 1.00 N.A. -800% N.A.

Source - Money Control/Annual Report

Discussion as per Company:

In Annual Report for FY 2014-15, the Company has mentioned that during the year under review, the Company has achieved

Nets Sales/Income from opera on of ` 50,580.19 Lacs as against ` 69,802.21 Lacs in previous year registering a decline of 27.54

%. The Company incurred a loss of ` 6,143.64 Lacs as against` 5,485.52 Lacs in the previous year. The decline in sales and

increase in losses are mainly attributed to depressed market for ferro alloys impacting the net realisation and margin. Slower

growth in several sectors of the economy resulted into weaker domestic demand. On the other hand, mining crisis and rising

inflation in the country resulted in increase in the cost of raw materials and other overheads which could not be passed on to

the consumers.

“Ferro Alloys: During the year under review the Company has produced 43,943.560 MT of Ferro alloys against 42,325.860 MT

of Ferro alloys in previous year registering a growth of 3.82% over previous year. The Gross revenue from the Ferro alloys

segment was ₹ 265.54 Crores. The Ferro alloys export during the year under review has increased by 8.22% to 33,847 MT.”



3 | P A G E



AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The Auditors have not raised any qualifications in last three years. However, the Auditors

have emphasis on following matters in their Report (detail on Page 54 of the Annual Report for FY 2014-15):

1) The Auditors have drawn attention to Note No.27 of the financial results, relating to CDR Package. The CDR Package

of the company has been sanctioned vide LOA dated 10th November, 2014. Pursuant to the said LOA, implementation

of CDR policy is completed and the effect thereof has been given in these accounts with respect to the CDR scheme as

per the said LOA. The said accounts are subject to confirmation and reconciliation with the Lenders. The reported

financials would have consequential impact once the reconciliation is completed, the quantum where of remains

unascertained.

2) Auditors have drawn attention to Note No. 39 of the statement which indicates that as at March 31St 2015, the

accumulated losses amounting to ` 6,349.26 Lacs has substantially eroded net worth of the Company, indicating the

existence of a material uncertainty about the Company’s ability to continue as a Going Concern. These financial results

have been prepared on a going concern basis for the reasons stated in the said note.

Auditors opinion is not qualified in respect of this matters.”

Management Response: The Company has stated that “There are no qualifications or adverse remarks in the Auditor’s Report

which require any clarification/explanation. The notes to accounts referred to in the Auditor’s Report are self-explanatory, and

therefore, do not call for any further comments/ explanation”.

Response Comment

Frequency of Qualifications - The Auditors have not raised qualifications in last three

years.

Have the auditors made any adverse remark in

last 3 years? Yes -

Are the material accounts audited by the

Principal Auditors? Yes -

Do the financial statements include material

unaudited financial statements? No -

TABLE 4: BOARD PROFILE (As on 31st March, 2015)

Regulatory Norms Company

% of Independent Directors on the Board 50% 50%

% of Promoter Directors on the Board - 33.33%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Executive Promoter Director

Is the post of Chairman and MD/CEO held by the same person? - Yes

Average attendance of Directors in the Board meetings (%) - 100.00%

Source - Money Control/Annual Report

Composition of Board: As per Regulation 17(i)(b) of the Listing Regulations, 2015, the Company should have at least 50%

Independent Directors as the Chairman of the Board is a promoter executive director. The Company as on 31st March, 2015 has

50% of Independent Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 6 directors out of which 5 are male and 1 is female. The Company is compliant with Listing

Regulation, 2015 regarding the requirement of at least one-woman director.

Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. Suresh Kumar Patni as the

Chairman and Managing Director of the Company. Appointment of a single person as the Chairman and Managing Director of

the Company is not a good governance practice as this may lead to concentration of power in a single person.

https://www1.nseindia.com/annual_reports/AR_7896_IMPEXFERRO_2014_2015_07092015122342.zip

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1441284401427.pdf

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1441284401427.pdfListing%20Regulations,%202015,

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1441284401427.pdfListing%20Regulations,%202015,



4 | P A G E



TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover 4.21 5.56 4.07 -24.33% 36.39%

Debtors Turnover 2.16 3.61 4.38 -40.36% -17.52%

Fixed asset Turnover 2.70 3.57 3.13 -24.45% 14.17%

Current Asset Turnover 1.24 1.73 1.62 -28.01% 6.76%

Ret

urn

Rat

ios Operating Profit Margin -12.15% -9.43% 0.96% N.A. -1,078.91%

Net Profit Margin -12.15% -7.86% 0.62% N.A. -1,373.69%

Return on Assets (ROA) -10.34% -9.15% 0.66% N.A. -1,490.60%

Return on Equity (ROE) -89.88% -41.93% 2.51% N.A. -1,768.08%

Return on Capital Employed (ROCE) N.A. N.A. 15.60% N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 1.40 1.04 1.25 35.48% -17.21%

Quick Ratio 0.99 0.71 0.75 38.46% -5.37%

Cash Ratio 0.18 0.22 0.29 -18.25% -25.17%

Working Capital Turnover ratio 4.33 50.40 8.07 -91.41% 524.72%

Solv

ency

Rat

ios Debt to equity ratio 4.90 1.81 1.28 170.85% 41.29%

Interest Coverage Ratio N.A. N.A. 1.17 N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 0.02 0.02 0.02 38.00% -8.06%

Market Cap/ Net Worth 0.17 0.09 0.07 91.38% 20.41%

Market Cap/PAT N.A. N.A. 2.86 N.A. N.A.

Market Cap/EBITDA N.A. N.A. 36.42 N.A. N.A.

Trading Volume (shares) (avg. of 1 year) 1,03,611 1,38,891 10,362 -25.40% 1,240.37%

Trading Volume (shares) (high in 1 year) 25,64,571 14,04,741 87,004 82.57% 1,514.57%

Trading Volume (shares) (low in 1 year) 347.00 100.00 1.00 247.00% 9,900.00%

Ratio - High/low trading volume 7,390.69 14,047.41 87,004.00 -47.39% -83.85%

Ratio - High/average trading volume 24.75 10.11 8.40 144.73% 20.46%

Source - Money Control



5 | P A G E



TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Mar' 2016 Mar' 2015 Mar' 2014 Comments

Shar

eho

ldin

g

Promoter shareholding 69.10% 66.71% 66.71% The promoter shareholding increased from

66.71% as on Mar’14 to 69.10% as on Mar’16 due

to issue of shares on preferential basis. The

shareholding of public others decreased from

33.29% to 30.9% during the said period. The

promoters have pledged 89.57% of their

shareholding.

Public - Institutional

shareholding 0.00% 0.00% 0.00%

Public - Others

shareholding 30.90% 33.29% 33.29%

Non Promoter Non Public

Shareholding 0.00% 0.00% 0.00%

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought shares from the secondary market in last 1 year period

from 1st April, 2015 to 31st march, 2016.

Preferential issue to promoters Yes, 63,35,000 shares allotted on 26th Dec’ 2015 and 99,90,000 shares allotted in Oct’ 2013.

Preferential issue to others The Company had issued 41,35,000 shares to Non-promoter during Oct’ 2013 through

preferential issue.

GDRs issued by the Company The Company did not issue GDRs during last three years

Issue of ESOPs/Issue of shares

other than Preferential

allotment

The Company did not issue any shares to the employees under its ESOP Scheme/Issue of

shares other than Preferential allotment in last three years.

Source - Annual Report



6 | P A G E



Glossary

Equity: The equity shares capital of the Company

Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholders’ funds of the Company

Turnover: The revenue earned from the operations of the Company

EPS: Earning Per Share is net profit earned by the Company per share

𝐸𝑃𝑆 =Profit After Tax

Number of outstanding shares

P/E ratio: It is the ratio of the Company’s share price to earnings per share of the Company

𝑃/𝐸 𝑟𝑎𝑡𝑖𝑜 =Price of each share

Earnings per share

Current Assets: Cash and other assets that are expected to be converted to cash in one year

Fixed Assets: assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land,

buildings, and equipment

Total Assets: Current Assets + Fixed Assets

Investments: An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the

future.

Finance Cost: The Financing Cost (FC), also known as the Cost of Finances (COF), is the cost and interest and other charges

incurred during the year in relation to borrowed money.

Long Term Liabilities: Long-term liabilities are liabilities with a maturity period of over one year.

Current Liabilities: A company's debts or obligations that are due within one year.

Inventory Turnover ratio: Inventory Turnover is a ratio showing how many times a company's inventory is sold and replaced over

a period.

𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Inventory

Debtors Turnover: Accounts receivable turnover is an efficiency ratio or activity ratio that measures how many times a business

can turn its accounts receivable into cash during a period

𝐷𝑒𝑏𝑡𝑜𝑟𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Accounts recievables

Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Fixed Assets

Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover

Current Assets



7 | P A G E



Operating Profit Margin: Operating margin is a measurement of what proportion of a Company’s revenue is left over after

paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Company’s operating

income (also known as “operating profit”) during a given period by its sales during the same period.

𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Operating profit

Sales Turnover

Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales

𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Net profit

Sales Turnover

Return on Assets: ROA tells you what earnings were generated from invested capital (assets)

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 =Net profit

Total Assets

Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholders’

equity.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 =Net profit

Net worth

Return on Capital Employed: Return on capital employed (ROCE) is a financial ratio that measures a company's profitability

and the efficiency with which its capital is employed.

𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 =Net profit

Total Debt + Equity share capital

Current ratio: The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts

over the next 12 months. It compares a firm's current assets to its current liabilities.

𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =Current Assets

Current Liabilities

Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories

Current Liabilities

Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.

𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories − Account Recievables

Current Liabilities

Working Capital Turnover ratio: The working capital turnover ratio is also referred to as net sales to working capital. It indicates a

Company's effectiveness in using its working capital.

𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Current Assets − Current Liabilities

Debt to Equity ratio: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of

shareholders' equity and debt used to finance a company's assets.

𝐷𝑒𝑏𝑡 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =𝑆ℎ𝑜𝑟𝑡 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 + 𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡

𝑁𝑒𝑡 𝑊𝑜𝑟𝑡ℎ

Interest Coverage ratio: The Interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a

Company can pay interest on outstanding debt.

𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐶𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜 =𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐵𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥

𝐹𝑖𝑛𝑎𝑛𝑐𝑒 𝐶𝑜𝑠𝑡

http://www.investopedia.com/terms/i/invested-capital.asp

http://www.investopedia.com/articles/stocks/05/04405.asp



8 | P A G E



Market Cap/Sales ratio: Market Cap/sales ratio, Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is calculated

by dividing the company's market cap by the revenue in the most recent year; or, equivalently, divide the per-share stock price by

the per-share revenue.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑆𝑎𝑙𝑒𝑠 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟

Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company’s market cap to net worth.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ

Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company’s market cap to net profit.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑃𝐴𝑇 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡

Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company’s market cap to EBITDA.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝐸𝐵𝐼𝑇𝐷𝐴 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝

𝐸𝐵𝐼𝑇𝐷𝐴

Trading Volume (shares) (avg. of 1 year): Average number of shares/day traded in 1 year

Trading volume (shares) (high in 1 year): Highest number of shares/day traded in 1 year

Trading volume (shares) (minimum in 1 year): Lowest number of shares traded on any one day in 1 year

https://en.wikipedia.org/wiki/Stock

https://en.wikipedia.org/wiki/Market_cap

https://en.wikipedia.org/wiki/Stock



9 | P A G E



DISCLAIMER

Sources Company Information

Only publicly available data has been used while making the factsheet. Our

data sources include: BSE, NSE, SEBI, Capitaline, Moneycontrol, Businessweek,

Reuters, Annual Reports, IPO Documents and Company Website.

Analyst Certification

The analysts involved in development of this factsheet certify that no part of

any of the research analyst’s compensation was, is, or will be directly or

indirectly related to the contents of this factsheet.

Disclaimer

While SES has made every effort and has exercised due skill, care and diligence in compiling this factsheet based on publicly available information, it neither guarantees its accuracy, completeness or usefulness, nor assumes any liability whatsoever for any consequence from its use. This factsheet does not have any approval, express or implied, from any authority, nor is it required to have such approval. The users are strongly advised to exercise due diligence while using this factsheet.

This factsheet in no manner constitutes an offer, solicitation or advice to buy or sell securities, nor solicits votes or proxies on behalf of any party. SES, which is a not-for-profit Initiative or its staff, has no financial interest in the companies covered in this factsheet except what is disclosed on its website. The factsheet is released in India and SES has ensured that it is in accordance with Indian laws. Person resident outside India shall ensure that laws in their country are not violated while using this factsheet; SES shall not be responsible for any such violation.

All disputes subject to jurisdiction of High Court of Bombay, Mumbai.

SEBI Reg. No. INH000000016

This factsheet or any portion hereof may not

be reprinted, sold, reproduced or

redistributed without the written consent of

Stakeholders Empowerment Services

Contact Information

Stakeholders Empowerment Services

A 202, Muktangan,

Upper Govind Nagar,

Malad East,

Mumbai – 400 097

Tel +91 22 4022 0322

[email protected]

[email protected]

www.sesgovernance.com.

Research Analyst: Sumit Tank

mailto:[email protected]

mailto:[email protected]

http://www.sesgovernance.com/

STAKEHOLDERS EMPOWERMENT SERVICES … · for manufacturing Silico Manganese and Ferro Manganese at...

Documents

Transcript of STAKEHOLDERS EMPOWERMENT SERVICES … · for manufacturing Silico Manganese and Ferro Manganese at...