MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	CORDS CABLE INDUSTRIES LIMITED
Registered Office :	B-1/A-26, Mohan Co-Operative Industrial Estate, Mathura Road, New Delhi – 110044
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.10.1991
Com. Reg. No.:	55-046092
Capital Investment / Paid-up Capital :	Rs.130.278 Millions
CIN No.: [Company Identification No.]	L74999DL1991PLC046092
TAN No.: [Tax Deduction & Collection Account No.]	DELC06369G
PAN No.: [Permanent Account No.]	AAACC0519K
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company's principal activity is to manufacture and sale of power cables and instrumentation cables for domestic and industrial use.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 3900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Profitability of the company appears to be low. However, 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB+ (Long Term Facilities)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	09.11.2011

Rating Agency Name	CARE
Rating	A3 (Short Term Bank Facilities)
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	09.11.2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	B-1/A-26, Mohan Co-Operative Industrial Estate, Mathura Road, New Delhi – 110044, India
Tel. No.:	91-11-40551200
Fax No.:	91-11-26951196 / 26951731
E-Mail :	ccil@cordscable.com ipo@cordscable.com [For Investor]
Website :	http://www.cordscable.com
Factory 1 :	Existing Plat : A-525, Industrial Area Chopanki, Bhiwadi, District Alwar – 301019, Rajasthan, India
Factory 2 :	Proposed Plant : SP-239, 240 and 241, Industrial Area Kahrani, Bhiwadi Extension, District Alwar, Rajasthan, India
Regional Offices :	Located At : · Mumbai · Chennai · Kolkata

DIRECTORS

As on: 31.03.2012

Name :

Mr. Naveen Sawhney

Designation :

Managing Director

Date of Appointment :

01.07.2011

DIN No.:

00893704

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1985PTC022462	CORDS INDIA PRIVATE LIMITED	Director	06/11/1985	06/11/1985	-	Active	NO
2	L74999DL1991PLC046092	CORDS CABLE INDUSTRIES LIMITED	Managing director	01/07/2011	01/04/1995	-	Active	NO

Name :

Mr. Devender Kumar Prashar

Designation :

Whole Time Director

Date of Appointment :

01.07.2011

DIN No.:

00540057

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1985PTC022462	CORDS INDIA PRIVATE LIMITED	Director	06/11/1985	06/11/1985	-	Active	NO
2	L74999DL1991PLC046092	CORDS CABLE INDUSTRIES LIMITED	Whole-time director	01/07/2011	01/04/1995	-	Active	NO

Name :

Mr. Om Prakash Bhandari

Designation :

Director

Date of Appointment :

30.09.2006

DIN No.:

0046524

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1988PTC034426	KERAMO KILN TECHNOLOGY PRIVATE LIMITED	Director	28/12/1988	28/12/1988	-	Strike off	NO
2	U72200GJ2000PTC037698	MADHUSUDAN CYBERNETIC PRIVATE LIMITED	Director	16/06/2002	16/06/2002	-	Active	NO
3	L26910GJ1998PLC034400	CERA SANITARYWARE LIMITED	Director	13/08/2002	13/08/2002	31/10/2007	Active	NO
4	L74999DL1991PLC046092	CORDS CABLE INDUSTRIES LIMITED	Director	30/09/2006	01/04/2006	-	Active	NO

Name :

Mr. Narasinghapuram Krishnaswamy Balasubramanian

Designation :

Director

Date of Appointment :

30.07.2007

DIN No.:

0049608

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC041844	PDM MANAGEMENT SERVICES PRIVATE LIMITED	Director	30/10/2004	30/10/2004	-	Active	NO
2	U29119DL1989PLC036554	ENERGO ENGINEERING PROJECTS LIMITED	Director	01/05/2006	01/05/2006	24/01/2009	Active	NO
3	U27102DL2005PLC139741	IST STEEL AND POWER LIMITED	Managing director	01/10/2009	01/08/2006	01/06/2011	Active	NO
4	U40102DL2006PTC155029	UNNICORNN POWER AND INFRASTRUCTURE PRIVATE LIMITED	Director	08/12/2006	08/12/2006	08/08/2008	Active	NO
5	L74999DL1991PLC046092	CORDS CABLE INDUSTRIES LIMITED	Director	30/07/2007	12/01/2007	-	Active	NO
6	U40109DL2007PTC159720	ANGELFALL ENERGY PRIVATE LIMITED	Director	26/02/2007	26/02/2007	08/07/2008	Active	NO
7	U74999DL2007PTC160658	UNNICORNN AGRIPRODUCERS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	08/07/2008	Active	NO
8	U72200TN2008PTC068711	CAREBEACON PRIVATE LIMITED	Additional director	06/02/2009	06/02/2009	-	Active	YES
9	U40100MH1994PLC084055	CENTRAL INDIA POWER COMPANY LIMITED	Director	30/09/2009	21/05/2009	10/04/2010	Active	NO
10	U40102UP2008PTC046764	BAJAJ ENERGY PRIVATE LIMITED	Director	05/07/2010	31/05/2010	-	Active	NO

Name :

Mr. Ajit Kumar Sahay

Designation :

Independent Director

Date of Birth/Age :

01.07.1942

Date of Appointment :

30.09.2010

DIN No.:

00353414

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28910DL2005PTC133318	BARJORA ENTERPRISES PRIVATE LIMITED	Director	23/02/2005	23/02/2005	-	Active	NO
2	U24922DL2005PTC134676	HARYANA EXPLOSIVES PRIVATE LIMITED	Director	04/04/2005	04/04/2005	-	Active	NO
3	U51101DL2007PTC163409	AKS EXPO-CHEM PRIVATE LIMITED	Director	15/05/2007	15/05/2007	-	Active	NO
4	U93000UP2008PTC035145	UCG MINING TECHNOLOGIES AND SERVICES PRIVATE LIMITED	Director	02/05/2008	02/05/2008	-	Strike off	NO
5	L74999DL1991PLC046092	CORDS CABLE INDUSTRIES LIMITED	Director	30/09/2010	29/05/2010	-	Active	NO
6	U24292DL2010PTC210972	SUPER EXPLOSIVES PRIVATE LIMITED	Director	01/12/2010	01/12/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Jyoti Dixit
Designation :	Company Secretary and Compliance Officer
Name :	Mr. V. K. Beri
Designation :	Chief Executive Officer (Designate)
Name :	Mr. Varun Sawhney
Designation :	Vice President (Marketing, HR and IT)
Name :	Mr. H. K. Pandita
Designation :	Vice President (Marketing)
Name :	Mr. Amitabha De
Designation :	Assistant Vice President (Strategic Business)
Name :	Mr. Sandeep Kumar
Designation :	General Manager (Accounts and Finance)
Name :	Mr. Dinesh Shukla
Designation :	President (Operations)
Name :	Mr. Rahul Prashar
Designation :	Vice President (Project and Sourcing)
Name :	Mr. Gaurav Sawhney
Designation :	Vice President (Finance and Banking)
Name :	Mr. Anil Gupta
Designation :	General Manager (Technical )
Name :	Mr. Satinder Bedi
Designation :	Head (Business Development)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	6575039	57.54
Sub Total	6575039	57.54
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6575039	57.54
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	12695	0.11
Sub Total	12695	0.11
(2) Non-Institutions
Bodies Corporate	650030	5.69
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	2476207	21.67
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	1318424	11.54
Any Others (Specify)	395385	3.46
Non Resident Indians	107709	0.94
Clearing Members	9291	0.08
Hindu Undivided Families	278385	2.44
Sub Total	4840046	42.35
Total Public shareholding (B)	4852741	42.46
Total (A)+(B)	11427780	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)	11427780	-

Equity Share Break up (Percentage of Total Equity)

As on: 31.03.2012

Category	Percentage
Promoters	56.36
Financial Institutional / Banks	0.11
Bodies Corporate	5.21
Individual Holding less than 1 Lakh	23.28
Individual Holding in excess 1 Lakh	13.54
NRIs	0.97
Clearing Members	0.53
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company's principal activity is to manufacture and sale of power cables and instrumentation cables for domestic and industrial use.

Products :

Product Description	ITC Code
Electrical Wire and Cables	8544
Continuous Cast Copper Wire Rod	7408.11.90

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Cables	Cable KM	65000**	22544

* The installed capacity as shown above has been certified by the management and not verified by the Auditors, being a technical matter.

** Includes 35000KM Cable capacity installed at newly established Plant at Kahrani which has commenced its initial production from 03.01.2011.

Note :

As the company is producing more than 400 sizes of cable and the product mix changes depending on the order, hence plant is designed to adopt the changeability and it is difficult to determine the exact capacity for each type of cable

GENERAL INFORMATION

Customers :

• Engineers India Limited (EIL)
• Nuclear Power Corporation of India Limited (NPCIL)
• Indian Oil Corporation Limited (IOCL)
• Tata Iron and Steel Company Limited (TISCO)
• Cairn Energy
• Kvaerner Powergas Limited
• Projects and Development India Limited (PDIL)
• Alstom Power India Limited
• Reliance Energy Limited (REL)
• Gas Authority of India Limited (GAIL)
• Krishak Bharati Cooperative Company Limited
• TOYO Engineering India Limited
• National Aluminium Company Limited (NALCO)
• Associated Cement Companies Limited (ACC)
• Honeywell Automation India Limited
• Asea Brown Boveri Limited (ABB)
• Tata Power Company Limited
• Rashtriya Chemicals and Fertilizers Limited
• MECON Limited
• Dalmia Cement (Bharat) Limited
• Daelim Industrial Company Limited
• Haldia Petrochemicals Limited
• Bharat Heavy Electricals Limited (BHEL)
• Delhi Metro Rail Corporation (DMRC)
• National Thermal Power Corporation (NTPC)
• Hindustan Petroleum Corporation Limited (HPCL)
• Steel Authority of India Limited (SAIL)
• Tata Projects Limited
• Thermax Limited
• Power Grid Corporation of India Limited (PGCIL)
• Gujarat Ambuja Cement Limited
• Hindalco Industries Limited
• Tata Consulting Engineers
• Damodar Valley Corporation Limited
• Larsen and Toubro Limited (L and T)
• Tata Chemicals Limited
• Siemens Limited
• Jindal Steel and Power Limited
• Orissa Cement Limited
• Areva T and D Systems Limited
• Fuller India Limited
• Development Consultants Private Limited
• BOC India Limited
• Jacobs H and G Private Limited
• India Glycols Limited.

No. of Employees :

Not Available

Bankers :

· Canara Bank

· ICICI Bank Limited

· DBS Bank Limited

· Citi Bank NA

· State Bank of Patiala

· Rajasthan State Industrial Development and Industrial Corporation Limited (RIICO Limited)

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
External Commercial Borrowings	40.925	69.466
In Rupee Term loans
from Banks	16.200	198.108
from Others	273.001	150.333
Vehicle Loans
from Banks	1.008	1.505
from Others	0.524	0.000
Working Capital loans
From Banks
In Rupee loans	394.864	371.808
Foreign Currency loans	84.148	38.075
Total	810.670	829.295

1. External Commercial Borrowing referred above are secured by way of first charge on the entire Movable fixed assets and equitable mortgage on Factory land and Building and Plant and Machinery situated at Kaharani.

2. Term Loans from Banks and others referred above are secured by way of equitable mortgage of Chopanki and Kaharani land and building and hypothecation of Plant and Machinery and other fixed assets.

3. Vehicle loans are secured by way of hypothecations of vehicles.

4. Maturity Profile of long term borrowings are as below :

	1-2 years	2-3 years	3-4 years	Beyond 4 years
External Commercial Borrowings	40.925	--	--	--
Term loan from Banks	7.200	7.200	1.800	--
Term loan from others	60.666	60.666	60.666	91.002
Total	108.791	67.866	62.466	91.002

5. Working Capital loans along with non-fund based facilities from banks are secured by way of hypothecation of present and future stock of raw materials, work-in-process, finished goods, book debts as first charge which ranks Pari-passu amongst Bankers and by way of Second charge on the immovable and movable assets of the company by respective banks and pledge of FDR for Rs. 2.800 Millions.

Banking Relations :	--
Auditors :
Name :	Sharma Goel and Company Chartered Accountants
Address:	New Delhi, India

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions
200000	Non-Convertible Cumulative Preference Share	Rs.100/- each	Rs.20.000 Millions
	Total		Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11427780	Equity Shares	Rs.10/- each	Rs.114.278 Millions
160000	Non-Convertible Cumulative Preference Share	Rs.100/- each	Rs.16.000 Millions
	Total		Rs.130.278 Millions

1 The Reconciliation of number of shares outstanding and amount of capital is set out below:

Equity Share

(Rs. In Millions)

	As at 31.03.21012
Particulars	No. of Shares	Amount
Equity Shares at the beginning of the year	11427780	114.278
Add : Equity Share Issued During the year	-	-
Equity Share at the End of the year	11427780	114.278

Preference Share

(Rs. In Millions)

	As at 31.03.21012
Particulars	No. of Shares	Amount
Preference Shares at the beginning of the year	-	-
Add : Preference Share Issued during the Year	160000	16.000
Preference Share at the end of the year	160000	16.000

2. The company has only one class of Equity shares having a par value of Rs.10/- per share. The holders of equity shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share. In the event of liquidation, Equity shareholders will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to the number of shares held to the total equity shares outstanding as on that date.

3. During the year, the Company has issued and allotted 1,60,000 Non-Convertible, Cumulative, redeemable Preference Shares of Rs.100/- each fully paid to its Promoters. These shares carry Dividend rate of 10% (Ten Percent) Per Annum and votings rights of these shares are limited to matters which directly affect the rights of Preference Shareholders. The said Preference shares shall have tenure of 5 (five) years, however the company, reserves the right to recall the shares after a period of 2 (two) years or at any suitable tenure giving not less than 6 (six) months previous notice in writing to shareholders to redeem these shares. These shares are not listed on any stock exchange.

4 The Details of shareholders holding more than 5% shares :

Equity Shares	As at 31.03.21012
Name of Shareholder	No. of Shares	% held
Naveen Sawhney	2622615	22.95
Devender Kumar Prashar	2683250	23.48
Preference Shares
Naveen Sawhney	80000	50
Devender Kumar Prashar	80000	50

5. 40,26,980 Equity Shares out of issued, subscribed and Paid up share capital were allotted as Bonus Shares in the last five years by the capitalistion of Securities premium and Reserves and Surplus

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		130.278	114.278	114.278
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		858.082	805.152	751.440
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		988.360	919.430	865.718
LOAN FUNDS
1] Secured Loans		810.670	829.295	574.051
2] Unsecured Loans		0.000	0.000	1.973
3] Other Long Term Liabilities		0.000	0.000	6.000
TOTAL BORROWING		810.670	829.295	582.024
DEFERRED TAX LIABILITIES		55.083	48.216	28.184
TOTAL		1854.113	1796.941	1475.926
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1142.943	1144.288	615.172
Capital work-in-progress		6.499	6.499	155.232
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	473.627	461.531	394.316
	Sundry Debtors	897.257	782.065	567.993
	Cash & Bank Balances	121.984	92.138	163.041
	Other Current Assets	38.485	38.794	0.000
	Loans & Advances	280.757	273.347	250.197
Total Current Assets		1812.110	1647.875	1375.547
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	882.465	822.346	593.448
	Other Current Liabilities	208.695	167.851	56.160
	Provisions	16.279	11.524	20.417
Total Current Liabilities		1107.439	1001.721	670.025
Net Current Assets		704.671	646.154	705.522
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1854.113	1796.941	1475.926

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3768.074	2896.107	2208.341
		Other Income	15.095	12.766	14.857
		TOTAL (A)	3783.169	2908.873	2223.198
Less	EXPENSES
		Cost of Material Consumed	3084.581	2322.898
		Changes in Inventories of finished goods, work-in-progress & stock in trade	(74.826)	(26.939)
		Employee benefits expenses	167.575	121.723
		Other Expenses	234.530	227.933
		TOTAL (B)	3411.860	2645.615	2016.506
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		371.309	263.258	206.692
Less	FINANCIAL EXPENSES (D)		229.259	140.971	107.747
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		142.050	122.287	98.945
Less/ Add	DEPRECIATION/ AMORTISATION (F)		67.750	43.419	36.689
	PROFIT BEFORE TAX (E-F) (G)		74.300	78.868	62.256
Less	TAX (H)		20.670	25.156	20.396
	PROFIT AFTER TAX (G-H) (I)		53.630	53.712	41.860
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		327.129	273.417	249.114
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	4.187
		Proposed Dividend (Preference Dividend)	0.603	0.000	11.428
		Corporate Dividend Tax	0.098	0.000	1.942
	BALANCE CARRIED TO THE B/S		380.059	327.129	273.417
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	154.243	293.816	422.188
	TOTAL EARNINGS		154.243	293.816	422.188
	IMPORTS
		Raw Materials	126.594	81.054	77.988
	TOTAL IMPORTS		126.594	81.054	77.988
	Earnings Per Share (Rs.)		4.63	4.70	3.66

QUARTERLY RESULTS

PARTICULARS	30.06.2012
Net Sales	770.220
Total Expenditure	695.140
PBIDT (Excl OI)	75.080
Other Income	4.890
Operating Profit	79.970
Interest	48.840
Exceptional Items	0.000
PBDT	31.130
Depreciation	20.700
Profit Before Tax	10.430
Tax	3.380
Provisions and contingencies	0.000
Profit After Tax	7.050
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	7.050

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.42	1.85	1.88
Net Profit Margin (PBT/Sales)	(%)	1.97	2.72	2.82
Return on Total Assets (PBT/Total Assets}	(%)	2.51	2.82	3.13
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.07
Debt Equity Ratio (Total Liability/Networth)		1.94	1.99	1.45
Current Ratio (Current Asset/Current Liability)		1.64	1.65	2.05

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONAL HIGHLIGHTS

During the year, the Company has registered strong growth. It achieved a turnover of Rs. 3768.074 Millions as compared to Rs.2896.107 Millions in the previous year, which is a jump of over 30%. The Operational Profit, before making provision for interest and depreciation, amounted to Rs. 356.215 Millions as against Rs. 250.493 Millions in the previous year, surging thus by over 40%.

The Profit before tax during the year was Rs.74.301 Millions.

The Company has build up strong ongoing relationships with its customers and has worked rigorously to deliver them specialized cables which are value-for-money at the same time. This performance has been achieved by focusing on continuous improvement in operational efficiency, customer service, quality, effective working capital management and employees' welfare initiative.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

GLOBAL: The global economic environment was tenuous at best through the most part of Fiscal 2011-12. Global GDP grew by 3.8% in 2011, significantly lower than the 5.2% growth in 2010. Global economic growth may further decrease in 2012 due to weak activity during the second half of 2011 and the first half of 2012, mainly on account of the damage done by deteriorating sovereign and banking sector developments in the euro area. In emerging markets also, financial conditions began to tighten during the fall of 2011. Amid a general flight from risk, interest rate spreads rose. Funding conditions worsened for banks, contributing to a tightening of lending standards, and capital inflows diminished. As a result, capital flows to developing countries declined by almost half in 2011. Real GDP in many emerging economies was somewhat weaker than expected but growth surprised on the upside in the advanced economies. Economic growth is expected to average about 5.5% - a decline from 6.2% growth in 2011.

Although after suffering a major setback during 2011, global prospects are gradually strengthening again but downside risks remain elevated. Real GDP growth should pick up gradually during 2012–13 from the trough reached during the March quarter of 2012. The reacceleration of activity during the course of 2012 is expected to return global growth in 2013. Real GDP growth in the emerging and developing economies is projected to slow to 5.5 percent in 2012 but then to reaccelerate to 6 percent in 2013, helped by easier macroeconomic policies and strengthening foreign demand. Improved financial conditions, accommodative monetary policies, and a similar pace of fiscal tightening as in 2011 will drive this reacceleration. Even though domestic vulnerabilities have been gradually building, emerging and developing economies shall continue to reap benefits of strong macroeconomic and structural policies. Capital flows to developing countries are also expected to return with new vigor, and risk spreads are expected to come down again. Also, despite a substantial downward revision, Asia is still projected to grow at 7.5% in 2012.

INDIA: Indian economic growth declined from 8.4% in 2010-11 to 6.5% in 2011-12. Growth decelerated in 2011- 12 to below the economy's potential due to domestic and global factors. Inflation persistence and widening twin deficits constrained the Reserve Bank's ability for counter-cyclical measures. India has been struggling to catalyze growth and control inflation. Inflation, as measured by the wholesale price index (WPI), was high during most part of the current fiscal year, though by the year's end there was a clear slowdown. After two years, high inflation moderated in the later part of 2011-12 in response to past monetary tightening and growth deceleration. Interest rates increased during 2011-12 and may have impacted investment coupled with the bottom-line of various companies across the board. Also, steeply declining rupee is complicating the decision making for RBI and Finance Ministry to be conservative or stimulate the economy. The rupee is likely to remain stretched as India readies for FCCB repayments. Of the BSE 500 companies, 28 companies had an aggregate FCCB outstanding of Rs.245 bn maturing by FY'13.

In 2012-13, inflation is likely to remain sticky at around 7 per cent with upside risks emanating from a deficient monsoon. Growth in 2012-13 is expected to stay around the previous year's level of 6.5 per cent. However, the government, in August 2012, promised to take several steps to tackle macro-economic weakness. As these steps materialize, growth is expected to gradually start improving later this year and trend growth is expected to be restored next year. Sight must not be lost of the fact that by any cross-country comparisons, India still remains a front runner.

INDUSTRY SCENARIO

Cables are the crucial infrastructure backbone of an economy, the critical elements that wire up the length and breadth of the country. The prospects of the Cable Industry are interlinked with the health of other industries viz: power, telecom, railways, real estate, steel, infrastructure etc., government's procurement policies, strategic diversifications and switching over to integrated manufacturing. The cable industry is fragmented with number of players in organized sector and many more in the unorganized sector. To bring economies of scale in this industry there is a need to reduce finance cost and to bring in technology and quality improvements which may be sometimes sacrificed under the intense competition. As a result, relatively low margins are plaguing the industry. However, with the growth of other related industries, the Indian cable industry is indeed bound to grow

and prosper.

OPPORTUNITIES IN VARIOUS SECTORS

Government of India's Eleventh Five Year Plan emphasized the need for removing infrastructure bottlenecks for sustained growth. It, therefore, proposed an investment of US $500 billion in infrastructure sectors through a mix of public and private sectors to reduce deficits in identified infrastructure sectors. As a percentage of the gross domestic product (GDP), investment in infrastructure was expected to increase to around 9 per cent. For the first time the contribution of the private sector in total investment in infrastructure was targeted to exceed 30 per cent.

Total investment in infrastructure during the Eleventh Plan is estimated to increase to more than 8 per cent of GDP in the terminal year of the Plan -- higher by 2.47 percentage points as compared to the Tenth Plan. The private sector is expected to be contributing nearly 36 per cent of this investment.

POWER

The Indian Power Industry is one of the largest and most important industries in India as it fulfills the energy requirements of various other industries. It is one of the most critical components of infrastructure that affects economic growth and the well-being of their nation.

The Government is investing in this industry through various development schemes: -

· The Rural Electrification Program is an effort to lighten up villages which have faced acute shortage of Power over the years.

· Power for All by 2012' plan aims at a per capita consumption of 1000kwh by the end of the 11th Five Year Plan (2007-12).

· The Accelerated Power Development and Reform Program (APDRP) is being implemented so that the desired level of 15 per cent AT and C (Aggregate Technical and Commercial) loss can be achieved by the end of 11th plan (Currently it is 30%).

The Positive trend in the power sector is most important catalyst for the cable and wire industry. Cables play a crucial part in all three aspects of the power sector - generation, transmission and distribution. Therefore, the trend of cable and wire industry is to a great extent dependent upon the power sector.

STEEL SECTOR

The steel industry has witnessed good growth in past few years. Global steel production touched 1527 MMT in 2011 against 1429 MMT in 2010 - an increase of 6.8% over the previous year. All major steel producing countries reported growth. In 2011, India emerged as the world's fourth largest steel producer after China, USA and Japan.

India produced 71 MMT of crude steel in 2011-12 against 68MMT in 2010-11.

India's per capita consumption of 57 kgs is still way behind the developed economies which means a huge growth potential for the country in steel production. As per the latest forecast, India is poised to become the world's second-largest steel producer by 2015. The increased production and the expansion plans of the steel sector will in turn boost demand for cables as it is required for setting up new facilities.

REAL ESTATE SECTOR

The real estate sector in India is being recognised as an infrastructure service that is driving the economic growth engine of the country, according to industry experts. In fact, foreign direct investment (FDI) in the sector is expected to increase to US$ 25 billion in the next 10 years, according to a latest industry body report.

The Reserve Bank of India (RBI) has granted permission to foreign citizens of Indian origin to purchase property in India for residential or commercial purposes. The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with a bank in India.

According to the latest reforms, FDI up to 100 percent under the automatic route in townships, housing, built-up infrastructure and construction-development projects (which would include, but not be restricted to, housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure) is allowed subject to certain guidelines (also for investment by NRIs)

FDI flows into housing and real estate in April-March 2011-12 stood at US$ 731 million, according to the Department of Industrial Policy and Promotion (DIPP) Sources: Consolidated FDI Policy Department of Industrial Policy and Promotion (DIPP), CII Real Estate Whitepaper and Ministry of Housing and Urban Poverty Alleviation

Growth in the real estate sector is essential to the cables and wires industry.

AIRPORT MODERNIZATION

In 2011-12, airport infrastructure development continued at a significant pace. In 18 non-metro airports, various upgradation works like expansion of terminal buildings, aprons, taxiways, and aerobridges have been taken up. At IGI Airport, Delhi, upgradation of the existing cargo terminal and construction of a Greenfield cargo terminal have been undertaken. At Mumbai Airport, the airport development project is under way. In order to meet the requirements of increasing traffic, work relating to expansion of the terminal building and apron was undertaken at Bangalore International airport. Government also gave 'in-principle' approval for setting up of a Greenfield airport at Karaikal in Puducherry and Shirdi in Maharashtra. Increased activity in Airport modernization shall add to the demand for specialized cables.

RAILWAYS (including Metro-rails)

The Ministry of Railways Vision 2020 document envisages the railway sector's share in the GDP to increase from the existing level of 1 per cent to about 3 per cent and its revenues to grow by 10 per cent annually over the next ten years. Some of the major goals set for 2020 in the document include:

(a) Laying of 25,000 km of new lines;

(b) Quadrupling of the 6,000 km network with segregation of passenger and freight lines;

(c) Electrification of 14,000 km;

(d) Completion of gauge conversion;

(e) Upgradation of speed to 160-200 kmph for passenger trains; and

(f) Construction of 2,000 km of high-speed rail lines.

METRO-RAIL: The government had approved the implementation of the Bangalore Metro Rail Project of 42.3 km length by Bangalore Metro Rail Corporation Ltd. (BMRCL). The project commenced on 20th January 2007 and is targeted for completion by 31st March 2013. Government had earlier approved the implementation of the east-west metro corridor of 14.67 km length in Kolkata by Kolkata Metro Rail Corporation Ltd (KMRCL). The project is targeted for completion by 31st January 2015. The Chennai Metro Rail Project of 46.5 km length by Chennai Metro Rail Ltd. (CMRL) has also been approved. The project is targeted for completion by 31st March 2015. Recently, Phase III of Delhi Metro for 103.5 km at a total cost of Rs.352420.000 Millions has also been approved and is targeted for completion by 2016. The metro extension to Faridabad has also been sanctioned and is targeted for completion by March 2014. In addition, metro rail projects have been taken up on PPP basis in Mumbai for Versova-Andheri-Ghatkopar (11.07 km) and Charkop to Mankhurd via Bandra (31.87 km) and in Hyderabad (71.16 km) with viability gap funding (VGF) from the Government of India. Apart from this, Jaipur Metro is also underway.

Thus, Ministry's Vision 2020 coupled with an enormous potential for demand for cables in the various Metro Rail Projects shall boost the demand for special cables.

HYDROCARBONS

OIL AND GAS: Production of crude oil, during the financial year 2011-12 is estimated at 38.19 million metric tonnes (MMT), which is about 1.33 per cent higher than the 37.70 MMT produced during 2010- 11. Domestic crude oil production during April-December 2011-12 was 28.70 MMT showing a growth of 1.9 per cent over the same period of the previous year. Natural Gas production during April- December 2011-12 was 36.19 billion cubic metre (BCM) as compared to 39.68 BCM during the same period of the previous year.

Under New Exploration Licensing Policy, 103 oil and gas discoveries have been made by private/joint venture (JV) companies in 34 blocks and more than 600 MMT of oil equivalent\ hydrocarbon reserves have been added. As on 1 April 2011, investment made by Indian and foreign companies was of the order of US $15.88 billion, out of which, US $8.51 billion was on hydrocarbon exploration and US $7.37 billion on development of discoveries.

CBM: India has the fourth largest proven coal reserves in the world and holds significant prospects for exploration and exploitation of CBM. Under the CBM policy, 33 exploration blocks have been awarded. Out of the total available coal-bearing area of 26,000 sq. km for CBM exploration in the country, exploration has been initiated in about 17,000 sq. km. The prognosticated CBM resources in the country are about 92 trillion cubic feet (TCF), out of which only 8.92 TCF has so far been established. Commercial production of CBM in India has now become a reality with current CBM gas production of about 0.23 million metric standard cubic metre per day (MMSCMD).

SHALE GAS: Shale gas can potentially emerge as an important new source of energy in the country. India has several shale formations which seem to hold shale gas. These formations are spread over several sedimentary basins. The Directorate General of Hydrocarbons (DGH) has initiated steps to identify prospective areas for shale gas exploration. A multi-organizational team (MOT) has been formed by the government for analysing the existing data set and suggesting the methodology for shale gas development in India. Further, the Ministry of Petroleum and Natural Gas has signed a memorandum of understanding (MoU) with the USA on 6 October 2010 for assessment of shale gas resources in India, imparting training to Indian geo-scientists and engineers, and providing assistance in formulation of regulatory frameworks.

REFINING: The total refining capacity in the country as on 1 January 2012 was 193.39 MMTPA, of which 116.89 MMT was in the public sector, 6.00 MMT was joint ventures, and the balance 70.50 MMTPA in the private sector. Out of the 21 refineries operating in the country, 17 are in public sector, 3 in private sector, and 1 is a joint venture. With the impetus on increasing the refinery capacity, it is expected to increase to 214.07 MMTPA by the end of 2011-12. Refinery production (crude throughput) during 2010-11 had reached 206.15 MMT, showing an increase of 6.9 per cent compared to 192.77 MMT in 2009-10.

Company is actively supplying cables to the Hydrocarbon sector and the impetus on the above shall boost the demand for cables.

With strong investments proposed across sectors, the cable industry in India is slated for a strong growth going forward.

FINANCIAL REVIEW

RESULTS OF OPERATIONS

During the year, turnover of the Company grew by over 30% Y-o-Y with Net Sales from Operations of Rs. 3768.074 Millions, as against Rs. 2896.107 Millions in FY'11. This growth was driven partly by expansion in production capacity, development of new products and company's entry in to newer markets and segments.

The Operational Profit, before making provision for interest and depreciation and amortisation, amounted to Rs. 356.215 Millions as against Rs. 250.493 Millions in the previous year. Thus, registering a growth of over 40% in Operational Profit.

The Profit before tax during the year stood at Rs.743.01 Millions. Whilst Rs.53.631 Millions were earned as Net Profit during the year.

SEGMENTAL OVERVIEW

The company operates under a single product segment i.e. Cables. The company mainly focuses on specialized cables which differentiates it from other cable players in the country.

INTERNAL CONTROL SYSTEM

The Company has an Internal Audit System commensurate with its size and nature of the business activities. Internal Audit system with adequate internal controls has been implemented by the management towards achieving efficiency of operations, management of resources, accuracy and promptness of financial reporting and compliance with laws and regulations. The Internal Audit is carried out by independent firm of Chartered Accountants and covers all the key areas of the Company's business.

FUTURE OUTLOOK

The vision of CORDS is to be recognized as a leading global player, providing products and services, offering comprehensive solutions to the electrical and data connectivity requirements of businesses as well as household users. Its focus is on capturing new markets by developing customers in new and existing territories, to provide new cables for special applications like solar, marine, low temperature cables, cables for automobiles etc.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Guarantees issued by Bankers*	868.717	752.495
L/C’s negotiated by bank	102.315	1.668
In respect of Bill factored from banks/Factoring agency	250.946	249.609

*Bank Guaranties includes BG's amounting to Rs 337.560 Millions (PY 324.060 Millions) extended to Raw Materials suppliers for credit period extended to company and the same is accounted for in sundry creditors.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Tools and Instrument
• Generator
• Office Equipments
• Computer
• Furniture and Fixture
• Vehicles

UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012

(Rs. In Millions)

S. No.	Particulars	Quarter Ended
		30.06.2012
		Un-audited
1	Income from Operations
	Gross Sales	845.151
	Less: Excise Duty	74.931
	(a) Net Sales / Income from Operations (Net of Excise Duty)	770.220
	(b) Other Operating Income	-
	Total Income from operations (net)	770.220
2	Expenses
	(a) Cost of Material consumed	684.509
	(b) Changes in inventories of Finished goods, Work in Progress & Stock in Trade	(79.570)
	(c) Employees Benefit Expenses	40.704
	(d) Depreciation & Ammortisation Expense	20.698
	(e) Other expenses	49.502
	Total Expenses	715.843
3	Profit from Operations before Other Income, Finance Costs & Exceptional Items (1-2)	54.376
	EBITDA (Earnings Before Interest, Tax, Depreciation & Amortization)	75.074
4	Other Income	4.890
5	Profit from ordinary activities before Finance Costs & Exceptional Items (3+4)	59.267
6	Finance Costs	48.836
7	Profit from ordinary activities after Finance Costs but before Exceptional Items (5-6)	10.431
8	Exceptional Items	--
9	Profit(+)/ Loss(-) from Ordinary Activities before tax (7+8)	10.431
10	Tax Expense	3.384
11	Net Profit(+)/ Loss(-) from Ordinary Activities after tax (9-10)	7.047
12	Extraordinary Items	0.000
13	Net Profit (+)/Loss(-) for the period (11-12)	7.047
14	Paid-up equity share capital (Face Value of ?10/- per share)	114.278
15	Reserve excluding revaluation Reserves as per balance sheet of previous accounting year	-
16.i	Earnings Per Share (EPS) (before extraordinary items) (a) Basic EPS before Extraordinary items for the period, for the year to date and for the previous (not to be annualised) (Rs.)	0.58
	(b) Diluted EPS before Extraordinary items for the period, for the year to date and for the previous (not to be annualised) (Rs.)	0.58
16.ii	Earnings Per Share (EPS) (after extraordinary items) (a) Basic EPS after Extraordinary items for the period, for the year to date and for the previous (not to be annualised) (Rs.)	0.58
	(b) Diluted EPS after Extraordinary items for the period, for the year to date and for the previous (not to be annualised) (Rs.)	0.58

SELECT INFORMATION FOR THE QUARTER ENDED 30TH JUNE, 2012

A	PARTICULARS OF SHAREHOLDING
	1 Public Shareholding -
	(a) Number of shares	4865543
	(b) Percentage of shareholding	42.58
	2 Promoters and Promoter group Shareholding **
	a) Pledged/Encumbered
	- Number of shares	--
	- Percentage of shares (as a % of the total shareholdings of promoter and promoter group)	--
	- Percentage of shares (as a % of the total share capital of company)	--
	b) Non-encumbered
	- Number of shares	6562237
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00
	- Percentage of shares (as a % of the total share capital of the company)	57.42

	Particulars	3 months ended 30.06.2012
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	Nil
	Received during the quarter	2
	Disposed of during the quarter	2
	Remaining unresolved at the end of the quarter	Nil

Notes:

i) The above results, as reviewed by the Audit Committee, have been taken on record by the Board of Directors of the Company at its meeting held on 8th August 2012, and a limited review of the same has been carried out by the Statutory Auditors of the Company.

ii) The Company operates in one segment only.

iii) The figures are regrouped/rearranged wherever necessary.

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 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 were 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] Records 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 between 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.54.96
UK Pound	1	Rs.87.10
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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 weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (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.