AC Choksi Share Brokers Private Limited

A C ChoksiShare Brokers Private LimitedA C Choksi Institutional Research |Initiation Report|MINING MOILApril 26, 2011sExhibit 49 -Reserves & resources as per UNFCMOIL follows the United Nations FrameworkClassification for Fossil Energy and MineralResources (“UNFCFramework”)MinesReservesResourcesContentA B Total Mn% Phos% Sio2% Fe%BALAGHAT 13,079,274 7,121,196 1,502,078 21,702,548 40 0.15 15 6UKWA 4,561,303 1,315,355 3,105,377 8,982,035 38 0.15 18 7DONGRI BUZURG 3,481,363 7906150 0 11,387,513 42 0.2 15 7GUMGAON 2,705,862 615125 717,500 4,038,487 36 0.25 18 7TIRODI 1,256,455 328,850 202,082 1,787,387 32 0.25 22 7CHIKLA 1,217,316 2,427,194 635,250 4,279,760 36 0.2 25 7KANDRI 1,097,826 2178610 0 3,276,436 38 0.2 18 7MUNSAR 846,035 2,446,625 1,449,485 4,742,145 32 0.25 26 7BELDONGRI 326,430 54,960 0 381,390 30 0.25 18 7SITAPATORE 83758 203438 50000 337196 32 0.25 25 7NEW SATUK 30,365 12600 0 42,965 30 0.25 18 7SUKLI 29,258 0 130,000 159,258 30 0.25 25 7OLD SATUK 0 60000 0 60,000 0 0 18 7TOTAL 28,715,245 24,670,103 7,791,772 61,177,120Exhibit 50 -Recovery Factor of MinesRecovery Factor MiningMines% MethodBalaghat 67% UndergroundUkwa 60% UndergroundChikla 70% UndergroundTirodi 80% Open CastDongri Buzurg 90% Open CastBeldongriMunsar 70% UndergroundKandri 67% Underground67% Underground90% Open CastAs per UNFC Framework,“A” represents sum total of FeasibilityOre Resources & Prefeasibility OreResources.“B” represents Measured ore Resources+ Indicated Ore resources + Inferred OreResources._____________________________________________________________________________________Source: MOIL Ltd, RHP, A C Choksi Institutional ResearchA C Choksi Institutional Researchresearch@acchoksi.com 37