MSPL was originally founded by the late Mr. Abheraj H. Baldota in 1961. Prior to our incorporation, Mr. Abheraj Baldota was a trader in non-ferrous metals. He was the President of the Bombay Metal Exchange in the year 1960. Our business and operations are currently headed by the son of late Mr. Abheraj H. Baldota, Mr. Narendrakumar A. Baldota and his sons, Mr. Rahulkumar N. Baldota and Mr. Shrenikkumar N. Baldota, all of whom are on our Board.

Our quantity-wise sales during the year ended on March 31, 2005 amounted to 2.23 million metric tons of iron ore products comprising 1.18 million metric tons of high grade fines, 0.32 million metric tons of medium grade fines, 0.45 million metric tons of calibrated lump ore and 0.28 million metric tons of concentrates.

We are also actively expanding our mining business by seeking to acquire additional mining assets and by reorganising our Group in an effort to capture the value of the Group’s Iron Ore business in our Company.

We also own and operate wind farms with a current installed capacity of 85.6 MW. Our wind farms are situated in Harpanahalli, with a capacity of 46.25 MW, Chitradurga, with a capacity of 38.35 MW, in the State of Karnataka, and Satara, with a capacity of 1 MW, in the State of Maharashtra. We are also in process of investing in additional 16 turbines of 1.25 MW capacity each at Dhule in Maharashtra and 9 turbines of 600KW capacity each in Harihar in Karnataka.

On completion of the corporate restructuring initiative as of April 1, 2006, we will operate in the manner detailed below: