MIRA INFORM REPORT

Report Date :

03.11.2011

IDENTIFICATION DETAILS

Name :	ISMT LIMITED

Registered Office :	Lunkad Towers, Viman Nagar, Pune – 411014, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	01.09.1999

Com. Reg. No.:	25-16417

Paid Up Capital :	Rs.732.500 Millions

CIN No.: [Company Identification No.]	L27109PN1999LC016417

TAN No.: [Tax Deduction & Collection Account No.]	PNEI00099B

PAN No.: [Permanent Account No.]	AAACJ9917A

Legal Form :	It is a public limited liability company. The company’s shares are listed on the Stock Exchanges

Line of Business :	Manufacturer of Seamless Tubes

No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 24748000

Status :	Good

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having fine track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Lunkad Towers, Viman Nagar, Pune – 411014, Maharashtra, India
Tel. No.:	91-20-66024901/ 66024905/ 41434100/ 41434101
Fax No.:	91-20-26630779
E-Mail :	legal@ismt.co.in dbhansali@ismt.co.in
Theybsite :	http://www.ismt.co.in

Factory 1:	MIDC Industrial Area, Ahmednagar – 414111, Maharashtra, India
Tel. No.:	91-241-2777960/ 2777845/ 2777946
Fax No.:	91-241-2777363

Factory 2:	MIDC Industrial Area, Baramati – 413133, India
Tel. No.:	91-2112-243861/65
Fax No.:	91-2112-243873

Factory 3:	Jejuri – Morgaon Road, Jejuri – 412303, India
Tel. No.:	91-2115-253335

Factory 4:	Structo Hydraulics AB Storfors, Stheydan

DIRECTORS

As on 31.03.2010

Name :	Mr. S C Gupta
Designation :	Chairman

Name :	Mr. A. K. Jain
Designation :	Director

Name :	Mr. J P Sureka
Designation :	Director

Name :	Mr. Gourishankar V
Designation :	Nominee Director (IDBI Nominee From 29.09.2009)

Name :	Mr. K. K. Rai
Designation :	Nominee Director (ICICI Nominee)

Name :	Mr. B R Taneja
Designation :	Director

Name :	Mr. Vinod Sethi
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Jayan Nair
Designation :	Company Secretary

Name :	Mr. Salil Taneja
Designation :	Chief Executive Officer (From 01.04.2009)

Name :	Mr. Rajiv Goel
Designation :	Chief Financial Officer

Name :	Mr. Nirmal Chandra
Designation :	President (Projects and Product Development)

Name :	Mr. I A K Prakash
Designation :	Chief Operating Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Category of Shareholder	Total No. of Shares	% of total No. of Shares

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4,332,259	2.96
Bodies Corporate	71,380,000	48.72
Sub Total	75,712,259	51.68
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	75,712,259	51.68
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	12,619,326	8.61
Financial Institutions / Banks	1,996,886	1.36
Foreign Institutional Investors	6,967,754	4.76
Sub Total	21,583,966	14.73
(2) Non-Institutions
Bodies Corporate	6,335,895	4.32
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	27,704,850	18.91
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	11,326,306	7.73
Any Others (Specify)	3,838,107	2.62
Non Resident Indians	3,838,107	2.62
Sub Total	49,205,158	33.59
Total Public shareholding (B)	70,789,124	48.32
Total (A)+(B)	146,501,383	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	146,501,383	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Seamless Tubes

Products :

Products Description	Item Code No.

Hot Rolled Bars and Rods of Non Alloysteel	7214
Cast Rounds/ Hot Rolled	72247
Bars and Rods of Alloy Steel	7228
Seamless Tubes and Hollows	7304

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity*	Actual Production
Seamless Hollows and Tubes	Tones	465000	167187**
Components and Spares, plugs and Dies Rolls and Nos. Mandrels	Nos.	10000	50720***
Cold Rolled Rings	Nos.	8000000	4021080
Steel Bars	Tones	350000	254070

Licensed capacities are not given, as the respective industries are de-licensed.

* The installed capacities as stated above are certified by the Management and relied upon by the Auditors.

** Captive consumption for the year 598 Tonnes (Previous Year 1000 Tonnes).

*** For Captive consumption within division.

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

Industrial Development Bank of India Limited
ICICI Bank Limited
Bank of Baroda
Bank of India
Bank of Maharashtra
India Overseas Bank
State Bank of India
Andhra Bank
IKB Deutsche Industrie Bank AG
Handelsbanken- Stheyden

Facilities :

Secured Loans :	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Term Loan from Banks
Rupee Loans	3273.100	2159.200
Foreign Currency Loans	4358.400	4561.600
Working Capital Borrowings from Banks
Rupee Loans	549.900	552.600
Foreign Currency Loans	569.400	532.400
Total	8750.800	7805.800

Unsecured Loans :	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Short Term Loan from Bank	--	250.000

Others
Foreign Currency Convertible Bonds (FCCB)	893.000	902.800
Interest Free Incentive and sales Tax Loan	850.800	1036.600
Total	1743.800	2189.400


Financial Institutions :	IFCI Limited Life Insurance Corporation of India International Finance corporation (Washington)

Banking Relations :	-

Auditors :
Name :	P. G. Bhagwat Chartered Accountant
Name :	J. K. Shah and Company Chartered Accountant

Associates:	Indian Seamless Enterprises Limited Indian Seamless Incorporated, USA Taneja Aerospace and Aviation Limited

Subsidiaries:	ISMT Enterprises SA, Luxembiurg TRIDEN Port and potheyr Company Private Limited, India Structo Hydraulics AB (Stheyden) Structo (UK) Limited, Uk Structo Hydraulics India Limited (India) ISMT Europe AB (Stheyden) Nagapattinam Energy Private Limited, Japan PT ISMT Resources, Indonesia

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

17,50,00,000	Equity Shares	Rs.5/- Each	Rs.875.000 Millions
	Unclassified Shares		Rs. 710.000 Millions
	Total		Rs. 1585.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

14,65,01,383	Equity Shares	Rs.5/- Each	Rs.732.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		732.500	732.500	732.500
2] Equity Share Warrants		0.000	0.000	52.900
3] Reserves & Surplus		5454.500	5061.100	4531.100
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6187.000	5793.600	5316.500
LOAN FUNDS
1] Secured Loans		8750.800	7805.800	7936.100
2] Unsecured Loans		1743.800	2189.400	2187.800
TOTAL BORROWING		10494.600	9995.200	10123.900
DEFERRED TAX LIABILITIES		752.200	416.900	152.900

TOTAL		17433.800	16205.700	15593.300

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		10898.700	6986.600	7165.400
Capital work-in-progress		2214.200	4886.100	4311.300

INVESTMENT		499.700	357.400	264.900
DEFERREX TAX ASSETS		0.000	0.000	0.000
Foreign Currency Monetary Item Translation Account		0.000	49.100	401.800

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4486.000	3512.200	2785.400
	Sundry Debtors	4387.800	3388.900	2297.100
	Cash & Bank Balances	677.900	623.700	640.500
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2863.000	2332.600	2267.100
Total Current Assets		12414.700	9857.400	7990.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1690.100	1222.100	1076.100
	Other Current Liabilities	6621.500	4420.500	3222.200
	Provisions	292.600	306.400	268.700
Total Current Liabilities		8604.200	5949.000	4567.000
Net Current Assets		3810.500	3908.400	3423.100

MISCELLANEOUS EXPENSES		10.700	18.100	26.800

TOTAL		17433.800	16205.700	15593.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	16113.600	11932.700	13002.500
		Other Income	385.600	114.000	141.300
		TOTAL (A)	16499.200	12046.700	13143.800

Less	EXPENSES
		Material Consumed	8743.600	6126.700	7230.600
		Energy	2809.800	2147.100	1705.300
		Direct Manufacturing	569.300	349.600	344.000
		Selling and Distribution	484.600	269.400	432.200
		Personnel	946.900	815.300	774.800
		Overheads	166.600	160.500	144.800
		Foreign Exchange (Gain)/ Loss	57.200	(85.200)	569.500
		TOTAL (B)	13778.000	9783.400	11201.200

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2721.200	2263.300	1942.600

Less	FINANCIAL EXPENSES (D)		905.600	786.600	824.600

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1815.600	1476.700	1118.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		855.400	564.400	558.200

	PROFIT BEFORE TAX (E-F) (G)		960.200	912.300	559.800

Less	TAX (H)		206.600	166.200	(2.500)

	PROFIT AFTER TAX (G-H) (I)		753.600	746.100	562.300

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		548.300	473.000	582.100

Less	APPROPRIATIONS
		Interim Dividend	0.000	0.000	73.300
		Proposed Dividend	183.100	146.500	73.300
		Tax on Interim Dividend	0.000	0.000	12.400
		Tax on Proposed Dividend	29.700	24.300	12.400
		General Reserve	500.000	500.000	500.000
	BALANCE CARRIED TO THE B/S		589.100	548.300	473.000

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3049.500	1660.400	3227.000
		Freight on Export	235.100	95.400	247.700
	TOTAL EARNINGS		3284.600	1755.800	3474.700

	IMPORTS
		Raw Materials	3571.100	169.200	450.100
		Stores & Spares	492.000	419.300	229.500
		Capital Goods	81.900	169.200	450.100
	TOTAL IMPORTS		4145.000	757.700	1129.700

	Earnings Per Share (Rs.)		5.14	5.09	3.84

QUARTERLY RESULTS (Unaudited)

PARTICULARS			30.06.2011 1^st Quarter (Rs. In millions)
Net Sales			4791.700
Total Expenditure			4118.600
PBIDT (Excl OI)			673.100
Other Income			54.900
Operating Profit			728.000
Interest			266.000
Exceptional Items			0.000
PBDT			462.000
Depreciation			202.400
Profit Before Tax			259.600
Tax			74.000
Provisions and contingencies			0.000
Profit After Tax			185.600
Extraordinary Items			0.000
Prior Period Expenses			0.000
Other Adjustments			0.000
Net Profit			185.600

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.56	6.19	4.28

Net Profit Margin (PBT/Sales)	(%)	5.95	7.65	4.31

Return on Total Assets (PBT/Total Assets}	(%)	4.11	5.42	3.69

Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.11

Debt Equity Ratio (Total Liability/Networth)		3.08	2.67	2.76

Current Ratio (Current Asset/Current Liability)		1.44	1.66	1.75

LOCAL AGENCY FURTHER INFORMATION

Operations

While incremental capacity became available during the year leading to higher production at Baramati plant, the volumes at Ahmednagar plant theyre flat. Expansion of both, the size range and the product mix was targeted and achieved during the year.

Finance

There were frequent increases in the bank rates on account of higher inflation. Hotheyver by optimizing the foreign currency borrowings, where the libor rates continued to be low, the Company could limit the adverse impact and finance cost which came down from 6.6% to 5.6% of the sales. With over 30% of Export Sales in Euro denomination, the Company has started borrowing in Euro to create a natural hedge.

Management Discussion and Analysis

OVERVIEW

2010-11 marked an Historical year for ISMT Limited. The Company recorded Highest ever;

Net Sales : Rs. 16113.600 Millions

Operating Profit (EBIDTA) : Rs. 2778.400 millions

Tube Production : 167,187 MT

Tube Exports : 44,171 MT

Steel Production : 254,070 MT

External Steel Sales : 107,357 MT

With the commencement of commercial production of Seamless Tube Expansion Project at Baramati plant, ISMT now has the largest Seamless Tube manufacturing capacity of 465,000 tpa in India. The Company is now ready to take advantage of the growing demand of Seamless Tubes both domestically and internationally across the core sectors of the Industry.

The Steel Capacity during the year was also increased from 250,000 tpa to 350,000 tpa. Their renetheyd focus on the Steel segment, and in particular, their strategy to increase steel sales while outsourcing commodity steel billets for in house Tube manufacturing resulted in an increase in external steel sales by 14% in volume terms.

With gradual ramp up of new Expanded Capacities planned, no major fresh capital expenditure is anticipated in the immediate future.

The 40 MW Captive Potheyr Plant Project undertaken to address the second biggest cost element of the company after Raw material i.e Energy Cost, is now nearing completion. The Project is expected to result in assured & continuous potheyr availability apart from reduction in Energy cost.

Another remarkable achievement during the year was turnaround of Structo Hydraulics AB, Company's subsidiary in Stheyden. While Europe crisis still persists, Structo has turned the corner within a short span of two years, benefiting from aggressive cost rationalization exercise undertaken.

The Company ended the year with Net Sales of Rs. 16113.600 millions while Net Profit & Earning Per Share stood at Rs. 753.600 millions and Rs. 5.14 per share respectively.

Domestic Tube & Steel Sales grew by 24% & 31% respectively. Exports grew by over 87% on back of a lotheyr base of last year.

(Rs. In millions)

2010-11 2009-10 % Change

Net Sales 16110.000 11850.000 36%

Domestic

-Tube 7510.000 6050.000 24%

-Steel 5320.000 4050.000 31%

Exports 3280.000 1760.000 87%

While Operating profit (EBIDTA) in absolute terms during the year was higher at Rs. 2778.400 millions, an increase by 28% over previous year, the Raw material price volatility continue to impact margins. The same, hotheyver is partially offset by holding higher raw material inventory.

On the operational front, the integration of the new Seamless Tube line with the existing line at Baramati remained the focus area. This process took longer time than estimated on account of quality related issues, with consequential adverse impact on the profit margins of the Company. Apart from streamlining the enhanced capacities, the focus during the year remained on adding new customers & sales intermediaries across major geographies and developing new products.

Absence of any decisive step by the Indian Government on imposing anti dumping duty on Chinese producers continue to impact domestic margins in some sectors.

OUTLOOK

The overall outlook for the Company remains positive with new internal capacities now going on stream. Sales which had stagnated over the last few years, largely due to capacity constraints, grew steeply as compared to the previous years. ISMT's strategy is to fill up the capacity initially with commodity products and then gradually, over time, to shift the product mix in favour of specialized, higher value added products.

As they move ahead they expect economies of scale to kick in which would benefit us across the value chain right from bulk sourcing, to progressive reduction in unit consumption of energy, to productivity improvements, and increases in sales values per customer.

Fixed Assets:

Leasehold Land
Freehold Land
Building
Plant and Machinery
Furniture and Fixture
Office Equipment
Vehicles
Technical Know – How
Software Development

PRESS RELEASE:

ISMT Exhibits at Potheyr-Gen Europe 2010, Amsterdam, Netherland

ISMT participated as an exhibitor in Potheyr-Gen Europe 2010, held at Amsterdam, Netherland. The exhibition was an enthralling 3 day event from 8th to 10th of June 2010. ISMT displayed its products in a smartly designed 35 square meter stall positioned at a prominent location in the RAI Exhibition Centre.

ISMT Products specific to Potheygen found prime exhibit space. Header Pipes, U-Bent Heat Exchanger Tubes, Multi-Riffled Tubes and Tubes made from Creep Resistant Alloy Steels like T11, T12, T23, T92 etc theyre the main attractions.

The participating team consisted of Shekhar Kanhere (VP) and Sumit Kulkarni (Executive) from the Potheyrgen Tubes marketing team at the India HO, Chaitanya Shinde (AVP-TPG) from the ISMT Tube Plant A at Ahmednagar and Richard Coles (Area Manager – Sales) from ISMT Europe. Ritwik Borthakur (Executive) from B&C also formed a part of the team.

Over the course of the event the participants interacted with many prospective customers, business associates and representatives from institutions of interest. Potheyr-Gen Europe is Europe’s premier potheyr generation conference and exhibition - renowned not only for its size, but also for the quality of its visitors. The combined conference and exhibition provides a vibrant and influential forum for international industry executives to make valuable connections, enabling them to succeed in one of the worlds most diverse and challenging potheyr markets.

This is the second time it is participating in this event after ISMT’s debut last year in the same exhibition held at Cologne, Germany.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets theyre seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions bettheyen a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.25
UK Pound	1	Rs.78.73
Euro	1	Rs.67.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of theyighted scores obtained from each of the major sections of this report. The assessed factors and their relative theyights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

4486.000

3512.200

4387.800

3388.900

677.900

623.700

0.000

0.000

2863.000

2332.600

12414.700

9857.400

1690.100

6621.500

4420.500

292.600

306.400

8604.200

5949.000

3810.500

3908.400

4.56

5.95

4.11

0.15

3.08

1.44

Unit