Based in the eastern State of Orissa, which is well known for its rich natural resources, Indian Metals & Ferro Alloys (IMFA) is India's largest, fully integrated producer of Ferro Alloys with 157 MVA installed furnace capacity, a 108 MW coal-based Captive Power Plant and extensive Chrome Ore mining tracts.

In October 2006, Indian Charge Chrome was merged with IMFA to create a leader in the field of Ferro Alloys. Today, IMFA produces Ferro Chrome, Ferro Silicon, High Purity Ferro Silicon, and Ferro Silicon Magnesium for the domestic market as well as major international markets. IMFA is unique from a quality perspective in that it has multi-product & multi-location ISO 9001 certification covering the entire range of its activities.

Utkal Coal (UCL) is a Special Purpose Vehicle (SPV) which has been set up by IMFA to develop the Utkal “C” captive coal block (recoverable reserves of 130 million tonne) in Orissa’s Angul district which has been allotted to the group for its existing 108 MW power plant and future expansions.

In the domestic market, IMFA's customers include Steel Authority of India Ltd. (SAIL), Jindal Group, Shah Alloys and Visakhapatnam Steel Plant (VSP) among others. As far as exports are concerned, the primary focus of the company is on the far-east markets of Japan, Korea and Taiwan where there are significant logistical advantages in supplying from the Indian east-coast. Thus, IMFA regularly exports to major companies such as Aichi, Daido, Kawasaki Steel, NMI & Nippon Yakin in Japan, POSCO in South Korea and Yieh Group in Taiwan. Today, IMFA is the largest exporter of value added Ferro Chrome in the country and also a significant supplier of Ferro Chrome to POSCO of South Korea.

Products:

1. Ferro Alloys

IMFA produces different Ferro Alloys with one thing in common - all its products are used as inputs by the steel industry with the use of a particular alloy depending upon its specific properties.

2. Mining

IMFA has extensive Chrome Ore mining tracts in Orissa’s famed Sukinda Valley in Jajpur district, which contains 98% of India's high quality deposit of the strategic raw material, as well as the Nuasahi belt.

Besides, IMFA also operates quartz mines which provide the raw material for its Silicon operations. The Chrome Ore mining operations predominantly employ the open cast method at present but will eventually shift to underground operations. In fact, a beginning has already been made in this regard.

3. Power

Since Ferro Alloys production is very power intensive operation, a state of the art 108 MW coal-based Captive Power Plant is a critical component of IMFA’s operations. Its output not only meets the entire electricity requirement of IMFA but some surplus is also supplied to the state grid. Further, plans are on the anvil to increase power generation to take locational advantage of IMFA's operation in Choudwar which is next to the major load centre of Orissa.

Divisions:

1. Ferro Alloys Division - Therubali

Located within Rayagada district in Orissa's South-Western extremity, the flagship of IMFA, Therubali is recognised within the State as its first home-grown industrial entity. Over the years the company has grown to become the largest Ferro Alloys complex in India with three furnaces totalling 82 MVA capacity, able to rub shoulders with the best in the business worldwide by dint of its size and technological capabilities.

2. Ferro Alloys Division - Choudwar

IMFA's operation is located in Choudwar across the banks of the Mahanadi river in the millennium city of Cuttack, Orissa's second largest city and erstwhile capital. It houses a 48 MVA furnace dedicated in producing Ferro Chrome.

3. Power Division 

IMFA's 108 MW coal-based Captive Power Plant is also located in Choudwar across the banks of the Mahanadi river. The Power Plant not only meets the entire electricity requirements of IMFA's but also supplies to the state grid.

4. Mines Division 

Indian Metals & Ferro Alloys Ltd.

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Maithan Alloys Ltd.

Market Cap	1,420 Cr		EPS	77.1		High	267.95
Stock P/E	3.4		Net Profit Margin	18.0		Low	263

Market Cap	1,420 Cr	ROE	34.3%
P/E Ratio(TTM)	3.4	EPS(TTM)	100.5
P/B Ratio	0.8	Dividend Yield	4.8%
Industry P/E	4.1	Book Value	335.9
		Face Value	10.0