MIRA INFORM REPORT

Report Date :

26.11.2012

1. Summary Information

			Country	India
Company Name	CONTAINER CORPORATION OF INDIA LIMITED		Principal Name 1	Mr. K.K. Srivastava
Status	Good		Principal Name 2	Mr. Anil Kumar Gupta
			Registration #	55-030915
Street Address	Concor Bhawan, C-3, Mathura Road, Opposite Apollo Hospital, New Delhi-110076, India
Established Date	10.03.1988		SIC Code	--
Telephone#	91-11-41673093/ 94/ 95/ 96		Business Style 1	Provider
Fax #	91-11-41673112		Business Style 2	--
Homepage	http://www.concorindia.com		Product Name 1	Inland Transport by Rail for Containers
# of employees	1147 [Approximately]		Product Name 2	Ports
Paid up capital	Rs. 1,299,827,940 /-		Product Name 3	Air Cargo Complexes and Cold-Chain
Shareholders	Promoter and Promoter Group - 63.09 % Public - 36.91 %		Banking	Andhra Bank
Public Limited Corp.	Yes		Business Period	24 Years
IPO	Yes		International Ins.	-
Public Enterprise	Yes		Rating	Aa (73)
Related Company
Relation	Country	Company Name		CEO
Joint Ventures	--	Star Track Terminals Private Limited		--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	36874,400,000	Current Liabilities	6473,700,000
Inventories	81,700,000	Long-term Liabilities	0
Fixed Assets	23937,000,000	Other Liabilities	2437,800,000
Deferred Assets	0	Total Liabilities	8911,500,000
Invest& other Assets	4082,700,000	Retained Earnings	54764,500,000
		Net Worth	56064,300,000
Total Assets	64975,800,000	Total Liab. & Equity	64975,800,000
Total Assets (Previous Year)	57574,100,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	40609,500,000	Net Profit	8778,800,000
Sales(Previous yr)	38348,500,000	Net Profit(Prev.yr)	8759,500,000

IDENTIFICATION DETAILS

Name :	CONTAINER CORPORATION OF INDIA LIMITED
Registered Office :	Concor Bhawan, C-3, Mathura Road, Opposite Apollo Hospital, New Delhi-110076
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.03.1988
Com. Reg. No.:	55-030915
Capital Investment / Paid-up Capital :	Rs. 1299.800 millions
CIN No.: [Company Identification No.]	L63011DL1988GOI030915
TAN No.: [Tax Deduction & Collection Account No.]	DELC06471D
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Subject is engaged in providing inland transport by rail for containers, ports, air cargo complexes and cold-chain. The Company also provides logistics support for India’s international and domestic containerization, and trade. Its core business includes three distinct activities, that of a carrier, a terminal operator and a warehouse operator.
No. of Employees :	1147 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 224200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financially the company appears to be strong and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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

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 :	Concor Bhawan, C-3, Mathura Road, Opposite Apollo Hospital, New Delhi-110076, India
Tel. No.:	91-11-41673093/ 94/ 95/ 96
Fax No.:	91-11-41673112
E-Mail :	co@concorindia.com co.pro@concorindia.com co.feedback@concorindia.com
Website :	http://www.concorindia.com
Regional Offices:	Located At: · Kolkata · Nagpur · New Delhi · Noida · Ahmedabad · Chennai · Secunderabad · Mumbai

DIRECTORS

As on 31.03.2012

Name :	Mr. K.K. Srivastava
Designation :	Chairman (Non-Executive)
Date of Birth/Age :	01.05.1953
Qualification :	M.Sc. (Statistics)
Date of Appointment :	20.10.2011
Name :	Mr. Anil Kumar Gupta
Designation :	Managing Director
Name :	Mr. Harpreet Singh
Designation :	Director (Projects and Services)
Name :	Mr. Yash Vardhan
Designation :	Director (Intl. Marketing and Opn.)
Date of Birth/Age :	24.08.1956
Qualification :	M.Sc. and M.Phil
Date of Appointment :	28.09.2007
Name :	Mrs. P. Alli Rani
Designation :	Director (Finance)
Name :	Mr. Shahnawaz Ali
Designation :	Director (Domestic)
Date of Birth/Age :	01.02.1953
Qualification :	M.A. (Political Science)
Date of Appointment :	17.11.2011
Name :	Mr. Manoj K. Akhouri
Designation :	Director
Date of Birth/Age :	30.11.1963
Qualification :	M.Sc.(Tech) Applied Geology
Date of Appointment :	14.06.2012
Name :	Dr. (Prof.) A. K. Bandyopadhyay
Designation :	Director
Date of Birth/Age :	11.11.1947
Qualification :	Master degree in Electronics and Telecommunication Engineering, Ph.d. (Engg.)
Date of Appointment :	13.05.2011
Name :	Dr. (Prof.) Shri Kausik Gupta
Designation :	Director
Date of Birth/Age :	31.08.1963
Qualification :	MSC in Economics, Ph.d, Post doctoral research as a World Bank Fellow from University of York, U.K.
Date of Appointment :	13.05.2011

KEY EXECUTIVES

Name :	Mr. Harish Chandra
Designation :	Group General Manager (Finance) and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Names of Shareholders	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	81999802	63.09
Sub Total	81999802	63.09
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	81999802	63.09
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1401830	1.08
Financial Institutions / Banks	8136463	6.26
Foreign Institutional Investors	33972986	26.14
Sub Total	43511279	33.47
(2) Non-Institutions
Bodies Corporate	3307688	2.54
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	734389	0.56
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	339860	0.26
Any Others (Specify)	89776	0.07
Clearing Members	8974	0.01
Trusts	6262	0.00
Non Resident Indians	43769	0.03
Hindu Undivided Families	30771	0.02
Sub Total	4471713	3.44
Total Public shareholding (B)	47982992	36.91
Total (A)+(B)	129982794	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	129982794	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing inland transport by rail for containers, ports, air cargo complexes and cold-chain. The Company also provides logistics support for India’s international and domestic containerization, and trade. Its core business includes three distinct activities, that of a carrier, a terminal operator and a warehouse operator.
Products :	v Transportation of containers v Handling of containers v Parking of containers

GENERAL INFORMATION

No. of Employees :	1147 [Approximately]
Bankers :	· Andhra Bank · Axis Bank Limited · Bank of India · Canara Bank · Citi Bank · Corporation Bank · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · Indian Overseas Bank · Indian Bank · Jammu and Kashmir Bank · Punjab National Bank · Punjab and Sind Bank · Standard Chartered Bank · Syndicate Bank · State Bank of India · State Bank of Patiala · Union Bank of India · YES Bank Limited

Banking Relations :	--
Statutory Auditors:
Name :	Kumar Chopra and Associates Chartered Accountants
Address :	New Delhi
Branch Auditors:
Name :	Ray and Company Chartered Accountants
Address :	Kolkata
Name :	P S Moorthy Associates, Chartered Accountants
Address :	Chennai
Name :	Jain Seth and Company Chartered Accountants
Address :	Ahmedabad
Name :	Khatri and Iyer Chartered Accountants
Address :	Nagpur
Name :	Rao and Babu Associates Chartered Accountants
Address :	Hyderabad
Name :	Natvarlal Vepari and Company Chartered Accountants
Address :	Mumbai
Joint Ventures:	v Star Track Terminals Private Limited v Albatross Inland Ports Private Limited v Gateway Terminals India Private Limited v Himalayan Terminals Private Limited (Foreign Joint Venture) v HALCON (A business arrangement) v India Gateway Terminal Private Limited v Infinite Logistics Solutions Private Limited v Hind CONCOR Terminals (Dadri) Private Limited v Container Gateway Limited v Allcargo Logistics Park Private Limited v CONYK Cartrac Private Limited v 12. CMA-CGM Logistics Park (Dadri) Private Limited
Wholly owned Subsidiary:	Fresh And Healthy Enterprises Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs. 2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
129982794	Equity Shares	Rs.10/- each	Rs. 1299.800 Millions

fully paid up {*}

{*} Includes:

(a) 6,49,91,397 equity shares issued as fully paid up Bonus Shares by Capitalising General Reserves.

(b) Shares held by shareholders holding more than 5% shares

Name of the shareholder	Number of shares held in the company
	31.03.2012
Govt. of India	81999802

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		1299.800	1299.800	1299.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		54764.500	48478.300	42064.200
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		56064.300	49778.100	43364.000
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		2437.800	2285.600	2109.000
TOTAL		58502.100	52063.700	45473.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23937.000	23270.200	21638.600
Capital work-in-progress		1151.200	1069.000	2064.300
Intangible assets under development		0.500	4.100	--
INVESTMENT		2931.000	2439.600	2405.400
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	81.700	62.600	69.900
	Sundry Debtors	195.900	172.700	176.400
	Cash & Bank Balances	27615.000	22956.800	19895.100
	Other Current Assets	1159.300	734.800	784.000
	Loans & Advances	7904.200	6864.300	4798.400
Total Current Assets		36956.100	30791.200	25723.800
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1318.900	1163.600	2995.300
	Other Current Liabilities	3387.000	2806.100	1904.100
	Provisions	1767.800	1540.700	1459.700
Total Current Liabilities		6473.700	5510.400	6359.100
Net Current Assets		30482.400	25280.800	19364.700
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		58502.100	52063.700	45473.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	40609.500	38348.500	37056.800
		Other Income	3165.400	1972.600	1800.500
		TOTAL	43774.900	40321.100	38857.300
Less	EXPENSES
		Terminal & Other Service Charges	27761.700	26153.500	25174.000
		Employee benefits expense	999.100	874.300	838.600
		Other expenses	1611.400	1258.200	1427.800
		TOTAL	30372.200	28286.000	27440.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13402.700	12035.100	11416.900
Less/ Add	DEPRECIATION/ AMORTISATION		1584.900	1452.300	1351.000
	PROFIT BEFORE TAX		11817.800	10582.800	10065.900
Less	TAX		3039.000	1823.300	2199.200
	PROFIT AFTER TAX		8778.800	8759.500	7866.700
Add / Less	PRIOR PERIOD ADJUSTMENTS (NET)		--	--	4.900
					(4.700)
	TAX ADJUSTMENTS FOR EARLIER YEARS (NET)		--	--
Less	APPROPRIATIONS
		Interim Dividend Paid	1133.000	1136.800	779.900
		Proposed Final Dividend	1359.600	1208.600	1039.900
		Corporate Dividend Tax	--	--	305.200
		Transfer to General Reserve	877.900	875.900	786.700
	BALANCE CARRIED TO THE B/S		5408.300	5538.200	4955.200
	IMPORTS
		Stores & Spares	7.661	2.612	2.315
		Capital Goods	753.598	493.534	566.149
		Others	3.385	1.438	0.000
	TOTAL IMPORTS		764.644	497.584	568.464
	Earnings Per Share (Rs.)		67.54	67.39	60.52

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2012	30.09.2012
	1^st Quarter	2^nd Quarter
Net Sales	10369.460	10548.570
Total Expenditure	7697.990	7972.980
PBIDT (Excl OI)	2671.470	2575.590
Other Income	822.610	809.850
Operating Profit	3494.080	3385.440
Interest	0.000	0.000
Exceptional Item	0.000	0.000
PBDT	3494.080	3385.440
Depreciation	406.570	423.080
Profit Before Tax	3087.520	2962.360
Tax	636.240	637.620
Provision and Contingencies	0.000	0.000
Profit After Tax	2451.280	2324.750
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	2451.280	2324.750

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	20.05	21.72	20.25
Net Profit Margin (PBT/Sales)	(%)	29.10	27.60	25.90
Return on Total Assets (PBT/Total Assets}	(%)	19.41	19.58	21.25
Return on Investment (ROI) (PBT/Net worth)		0.21	0.21	0.23
Debt Equity Ratio (Total Liability/Net worth)		0.12	0.11	0.15
Current Ratio (Current Asset/Current Liability)		5.71	5.59	4.05

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	Yes
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	Yes
17]	Major suppliers	No
18]	Major customers	No
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	No
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	Yes
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	No

FINANCIAL HIGHLIGHTS

The operating turnover of the company registered a growth of 5.90% during the year, increasing from Rs.38348.500 millions in the previous year to Rs.40609.500 millions in the current year. Total expenditure increased by 7.46%, from Rs.29738.300 millions in 2010-11 to Rs.31957.100 millions in 2011-12. The profit before tax worked out to Rs.11817.800 millions, higher by 11.67% over 2010-11. After making provisions for Income Tax, prior period/tax adjustments, the Net Profit available for appropriations stands at Rs.8778.800 millions, which is 0.22% higher than last year. This increase in Profit After Tax (PAT) is due to growth in the operating turnover and other income of the company.

SPECIAL ACHIEVEMENTS

CONCOR received the prestigious Dun and Bradstreet – Rolta Corporate Awards-2010 for being the Top Indian Company in “Transport and Logistics Sector” on 26th April, 2011. This award has been received for the fourth year in succession.

The department related Parliamentary Standing Committee on Industry visited Mumbai on 2nd July 2011 to assess the MOU performance of CONCOR. The said committee duly acknowledged CONCOR's consistent adherence to the targets set by DPE and appreciated its performance as a profitable commercial organisation.

CONCOR received the prestigious 3rd South East CEO Conclave and Awards 2011 in the category of “Inland Container Depot” on 27th July, 2011 at Chennai Trade Centre. This award has been conferred for the third time in a row.

As part of CONCOR's ongoing initiative to promote hinterland connectivity to new upcoming Ports thereby giving fillip to India's port handling capacities as a whole, 124 rakes containing 10,918 TEUs of export traffic moved from TNPM (Chennai) to Krishnapatnam Port (PKPK). Further, One rake of export traffic containing 90 TEUs moved from TNPM (Chennai) to Karaikal Port (KIKP).

CONCOR was awarded 2nd All India – maritime and Logistics Awards 2011 for best “Inland Container Depot operator of the year” on 30th September, 2011.

CONCOR received the prestigious India Pride Awards - 2011 for being the Top Indian Company in “Transport Category” from Dainik Bhaskar and DNA Group on 21ST October, 2011 from Shri Montek Singh Ahluwalia, Deputy Chairman, Planning Commission in the august presence of Mr. Jairam Ramesh, Hon'ble Minister forv Rural Development and Mr. V.Narayanasami Minister of State in PMO.

Their Subsidiary M/s. Fresh and Healthy Enterprises Limited (FHEL) received the certificate of Nomination in the prestigious Leaders of Tomorrow Awards 2011 from ET now, together with Indiamart and Ernst and Young.

First rake of ventilated container train (Horticulture Express) carrying 90 loaded TEUs of Bananas was despatched from ICD/Bhusawal to Adarsh Nagar (Delhi) in the domestic stream on 22.1.2012.The train reached destination in 30 hours.

CONCOR received the prestigious “Tamil Chamber of Commerce – EXIM Service Awards” in the category of “CFS Exports”. The award was received on 7th February, 2012 from his Excellency Shri K.Rosaaih, Governor of Tamil Nadu in a glittering award ceremony held at Chennai.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OVERVIEW

The Indian Multimodal scene has witnessed the advent of multiple container train operators since 2006. Presently, there are 15 container train operators (besides CONCOR) who have signed Concession Agreements with Indian Railways for running of Container Trains for a period of 20 years, extendable by another 10 years. Almost all the 15 players have commenced their train services. Some of these players have set up their own terminal facilities also. While the operations of the new entrants to the business started in a limited way by two operators in April, 2007, the number has now grown to 15 excluding CONCOR and the volumes being transported by these operators have continuously grown with the induction of new rakes. These operators have been using Goods Sheds/terminals of Indian Railways as well, for their operations. With the emergence of a number of new ports, viz., Mundra, Pipavav, Vizag, Tuticorin, Vallarpadam, a few other ports on the west cost and the massive port development activites in the south Eastern coast, the hinterland connectivity in the country is expected to increase resulting in increased levels of hinterland penetration of container traffic in the years to come.

With the changed external business environment, the company placed emphasis on providing total logistics and transport solutions to its customers by exploring the possibilities of expanding the presence of the company in all the segments of the transport value chain in the EXIM as well as Domestic segments. Possibilities have been explored for strategic alliances, both for the optimal utilization of infrastructure as well as for expansion into other segments of the value chain, with the overall objective of making the Logisitc services effective, efficient and competitive.

EXIM and DOMESTIC BUSINESS

The unprecedented recession in the world economy had impacted the EXIM business of the country during last two fiscals. 2011-12 witnessed a change with overall EXIM traffic reaching 21,36,000 TEUs (in 2011-2012) as compared to 20,18,551 TEUs handled during the last financial year, which was 5.82% higher than the last year's performance. This increase in the EXIM business of CONCOR was inspite of gradual induction of rolling stock by other train operators. With continuance of the recessionary trend and stiff competition from the other train operators, it will be a challenge to retain their share and growth. In order to attract more volumes, the company will continue to match and strive to surpass the services offered by other operators in terms of quality of services

and pricing.

Domestic booking was affected by introduction of commodity-specific rail haulage structure by Indian Railways. Total traffic in this segment during 2011-12 was 4,68,311 TEUs, as against 5,43,746 TEUs handled in 2010-11, reflecting a decline of 13.87%. The decline was mainly due to drop in handling of notified commodities and complete ban on loading of cement in containers for most of period during the year, whose loading went down by 29,122 TEUs (-) 44%, as compared to previous year. With the sustained efforts of the Management and Staff of the Company, the performance achievements during the year under review on all the Performance Parameters have matched the ambitious targets set in the Memorandum of Understanding (MoU) signed with the Government.

OUTLOOK

CONCOR's total throughput for the year 2011–2012 was 26,04,311 TEUs as against 25,62,297 TEUs handled during last fiscal, reflecting a growth of 1.64%. In tonnage terms, this resulted in their handling an all time high figure of 28.27 million tons of containerised cargo.

For 2012-13, the company is determined to achieve higher growth rates, in EXIM segment which would be generated through increased throughputs in existing ports and incremental volumes in new emerging ports. Similarly the company also hopes to gain back the growth momentum in domestic business with increased availability of inventory and improved business potential on account of adjustments in some of the constraining policies. It is also proposed to generate higher incomes from value added activities.

CONTINGENT LIABILITY

Contingent Liability not provided for, in respect of: -

(Rs. in millions)

PARTICULARS	31.03.2012
a)Outstanding Letters of Credit and bank guarantees	458.800
b)Bank guarantees/bid bonds for joint ventures	1063.000
Claims against the Company not acknowledged as debt, net of advances/payments under protest, arbitration, court orders, etc. [include claims of Rs.3441.900 millions (previous year: Rs. 3566.800 millions) pending in arbitration/courts pursuant to arbitration awards]	8043.200

Contingent liabilities are disclosed to the extent of claims received and include an amount of Rs. 124.200 millions (previous year: 116.100 millions), which may be reimbursable to the company. Any further interest demand on the basic claim is not considered where legal cases are pending, as the claim itself is not certain. No provision has been made for the contingent liabilities stated above, as on the basis of information available, careful evaluation of facts and past experience of legal aspects of the matters involved, it is not probable that an outflow of future economic benefits will take place.

d) As per assessment orders under section 143(3) of the Income Tax Act, 1961, the Assessing Officer (AO) disallowed certain claims of the company, mainly deduction under section 80IA in respect of Rail System for assessment years 2003-04 to 2007-08 and 2009-10 and Inland Ports (ICDs/CFSs) for assessment years 2003-04 to 2009-10 and raised demands of tax and interest totalling to Rs. 2537.300 millions. In appeal, for AY 2003-04 to 2007-08, CIT (A) allowed claim u/s 80IA towards Rail System, whereas, for Inland Ports, the claim has been disallowed. On this matter, the decision of CIT (A) has been upheld by ITAT for AY 2003-04 to 2005-06 and the company has already filed appeal(s) against the orders of ITAT in Hon'ble Delhi High Court. On the similar issue for AY 2006-07 and 2007-08, the decision of AO has been upheld by CIT (A) and the company has filed appeal(s) against the orders of CIT (A) with Hon'ble ITAT, Delhi, which have now been transferred to Special Bench of ITAT, Mumbai, where CONCOR has become an intervener, in the case of Allcargo Global logistics Limited. on the similar issue. For AY 2008-09, the decision of AO on the issue of disallowance of Inland Port deduction has been upheld by CIT (A) and the company has filed appeal against his orders with Hon'ble ITAT. Appeal for AY 2009-10 on the issue of disallowance of Rail System and Inland Ports deduction is pending with CIT (A). For AY 2006-07 and 2007-08, department has filed belated appeal(s) with the Hon'ble ITAT, Delhi against the order(s) passed by CIT (A), vide which relief had been granted in favour of the assessee corporation with regard to claim of deduction u/s 80IA of the Act for 'rail system' and excess depreciation claimed on computer peripherals.

e) CIT (A) upheld the orders of AO imposing penalty of Rs. 267.000 millions against the company's claim of deduction in respect of Inland Ports for AY 2003-04 to 2005-06. Appeal(s) filed with the Hon'ble ITAT, Delhi against the above orders of CIT (A) have been decided in company's favour. However, the decision of Hon'ble ITAT, Delhi in these cases has been challenged by the department at Hon'ble Delhi High Court. On the similar issue for AY 2006-07 and 2007-08, appeals filled with CIT (A) against the orders of AO imposing penalty of Rs. 419.400 millions have also been decided in company's favour. However, department has filed appeal before the Hon'ble ITAT against the order of CIT (A).

f) Disputed income tax liabilities have been summarized as:

Nature of Dispute	Assessment Year	Rs. in millions
(A) Regular Assessment	2003-04	53.000
	2004-05	95.300
	2005-06	119.900
	2006-07	177.800
	2007-08	248.400
	2008-09	292.600
	2009-10	1550.300
Total		2537.300
(B) Reassessment	2004-05	11.200
Total		11.200
(C) Appeals preferred by Department (*)	2003-04	53.000
(i) On issue of penalty u/s 271(1)(c)	2004-05	96.400
	2005-06	117.600
	2006-07	171.000
	2007-08	248.400
(ii) On issue of 80IA deduction (rail system) & excess depreciation on computer peripherals	2006-07	636.500
	2007-08	914.100
Total		2237.000
Total (A + B + C)		4785.500

PART- I

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30.09.2012

(Rs. in Millions)

S. No.	Particular	Three Months Ended		Six Months Ended
		30.09.2012 (Unaudited)	30.06.2012 (Unaudited)	30.09.2012 Unaudited)
1	Income from operations
	a. Income from operations (net of service tax)	10548.572	10369.463	20918.035
	b. Other operating Income	-	-	-
	Total Income from operations (Net)	10548.572	10369.463	20918.035
2	Expenses
	a) Rail freight expenses	6123.809	5919.530	12043.339
	b) Employee benefits expense	278.732	275.120	553.852
	c) Depreciation and amortisation expense	423.077	406.567	829.644
	d) Other expenses	1570.440	1503.335	3073.775
	Total expenses	8396.058	8104.552	16500.610
3	Profit from operations before other Income,
	finance costs and exceptional Items (1-2)	2152.514	2264.911	4417.425
4	Other Income	809.848	822.613	1632.461
5	Profit from ordinary activities before finance
	costs and exceptional Items (3+4)	2962.362	3087.524	6049.886
6	Finance Costs	-	-	-
7	Profit from ordinary activities after finance costs
	but before exceptional Items (5-6)	2962.362	3087.524	6049.886
8	Exceptional Items	-	-	-
9	Profit from ordinary activities before tax (7+8)	2962.362	3087.524	6049.886
10	Tax expense
	a) Current tax	594.615	610.910	1205.525
	b) Deferred tax	42.997	22.204	65.201
	c) Tax adjustments for earlier years	-	3.135	3.135
11	Net profit from ordinary activities after tax (9-10)	2324.750	2451.275	4776.025
12	Extraordinary Items	-	-	-
13	Net profit for the period (11+12)	2324.750	2451.275	4776.025
14	Paid up equity share capital (Face value of
	?107- per Share)	1299.828	1299.828	1299.828
15	Reserve excluding revaluation reserves as per balance sheet
16.i	Earnings per share (before extraordinary Items) (of Rs. 10--each) (notannuallsed):
	(a) Basic	17.89	18.86	36.74
	(b) Diluted	17.89	18.86	36.74
16.ii	Earnings per share (after extraordinary Items) (of Rs.10/-each) (notannuallsed):
	(a) Basic	17.89	18.86	36.74
	(b) Diluted	17.89	18.86	36.74

PART-II

S. No.	Particular	Three Months Ended		Six Months Ended
		30.09.2012 (Unaudited)	30.06.2012 (Unaudited)	30.09.2012 Unaudited)
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	-Number of shares	47982992	47982992	47982992
	-Percentage of shareholding	36.91	36.91	36.91
2	Promoters and Promoter Group Shareholding
a	Pledged / Encumbered
	-Number of shares	-	-	-
	-Percentage of shares (as a % of the total shareholding of promoter and promoter group)
	-Percentage of shares (as a % of the total share capital of the company)
b	Non-encumbered
	-Number of shares	81999802	81999802	81999802
	-Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group)	100.00	100.00	100.00
	-Percentage of shares (as a % of the total share capital of the company)	63.09	63.09	63.09

	Particulars	Three months ended 30.09.2012
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	0
	Received during the quarter	2
	Disposed of during the quarter	2
	Remaining unresolved at the end of the quarter	0

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. in Millions)

	Particulars	As at 30.09.2012 (Unaudited)
A	EQUITY AND LIABILITIES
1	Shareholders' Funds
	(a) Share capital	1299.828
	(b) Reserves and surplus	59540.479
	Sub Total-Shareholder's Funds	60840.307
2	Non-Current Liabilities
	(a) Deferred tax liabilities (Net)	2506.073
	(b) Other Long term liabilities	199.844
	(c) Long-term provisions	253.878
	Sub Total-Non Current Liabilities	2959.795
3	Current Liabilities:
	(a) Trade payables	1604.944
	(b) Other current liabilities	2952.388
	(c) Short-term provisions	1579.245
	Sub Total-Current Liabilities	6136.577
	TOTAL-EQUITY AND LIABILITIES	69936.679
B	ASSETS
1	Non-Current Assets
	(a) Fixed assets	26494.145
	(b) Non-current Investments	3217.359
	(c) Long-term loans and advances	3891.894
	(d) Other non-current assets	94.577
	Sub Total-Non Current Assets	33697.975
2	Current Assets
	(a) Inventories	79.028
	(b) Trade receivables	172.934
	(c) Cash and cash equivalents	30486.323
	(d) Short-term loans and advances	3946.553
	(e) Other current assets	1553.866
	Sub Total-Current Assets	36238.704
	TOTAL-ASSETS	69936.679

Notes:

1. The above results were approved by the Board of Directors of the Company in its meeting held on 31st October, 2012

2. During the current period, the company has paid a final dividend for FY 2011-12 of Rs. 9/- per equity share (on face value of Rs. 10/- per equity share) amounting to Rs. 1169.845 Millions. This was in addition to an interim dividend of Rs. 7.50 per equity share paid for FY 2011-12.

3. (a) Tax provision for the period has been worked in accordance with the provisions laid down in section 115JB of the I.T Act, 1961.

(b) As per assessment orders u/s 143(3) of the IT Act, 1961, the Assessing Officer disallowed certain claims of the company, mainly deduction u/s 80IA in respect of Rail System for AY 2003-04 to 2007-08 and 2009-10 and Inland Ports for AY 2003-04 to 2009-10. In appeal, for AY 2003-04 to 2007-08, deduction for Rail System has been allowed by CIT (A). On the matter of deduction for Inland Ports, same has been allowed by the Hon'ble Delhi High Court for AY 2003-04 to 2005-06 and for AY 2006-07 and 2007-08, the matter has been referred to ITAT, Delhi by ITAT, Special Bench Mumbai giving a verdict that ICDs/CFSs set up by the company are Inland Ports. In appeal, for AY 2008-09, the decision of AO on the issue of disallowance of Inland Port Deduction has been upheld by CIT (A) and the company has filed appeal against his orders with Hon'ble ITAT. Appeal for AY 2009-10 on the issue of disallowance of Rail System and Inland Ports deduction is pending with CIT (A). For AY 2006-07 and 2007-08, department has filed belated appeal(s) with the Hon'ble ITAT, Delhi against the order(s) passed by CIT (A), vide which relief had been granted in favour of the company with regard to claim of deduction u/s 80IA of the Act for Rail System.

(c) For AY 2006-07 and 2007-08, appeals filled with CIT (A) against the orders of AO imposing penalty u/s 271(1)

(c) of Rs. 419.400 Millions have also been decided in company's favour. However, department has filed appeal before the Hon'ble ITAT against the order of CIT (A).

(d) Total disputed income tax liabilities of the Company stand at Rs.4250.400 millions from AY 2003-04 to 2009-10. Out of this, Rs. 2269.200 millions is on account of regular assessment, 711.200 crore is on account of re-assessment and Rs. 1970.000 millions is on account of appeals preferred by department on the issue of penalty u/s 271(1)(c) 1 Rs. 419.400 millions) and claim of deduction for Rail System u/s 80IA {Rs. 1550.600 Millions}. Appeal effect in all the cases decided in company's favour, where department has preferred appeals has already been granted by AO.

4. Auditor's qualifications on the accounts for the year ended 31st March, 2012 have been replied to in the Director's Report of FY 2011-12. These qualifications have no material impact on the accounts for the period ended 30th September, 2012.

5. Other operating income represents income related to earlier years.

6. Previous period's figures have been recast/regrouped/rearranged, in conformity with the requirements of the revised schedule VI to the Companies Act, 1956.

7. Statutory auditors of the company have carried out a limited review of the above results for the period ended 30^th September, 2012.

SEGMENT WISE REVENUE. RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT

(Rs. in Millions)

S. No.	Particular	Three Months Ended		Six Months Ended
		30.09.2012 (Unaudited)	30.06.2012 (Unaudited)	30.09.2012 Unaudited)
1.	SEGMENT REVENUE
	EXIM	8530.805	8583.200	17114.005
	DOMESTIC	2017.767	1786.263	3804.030
	TOTAL	10548.572	10369.463	20918.035
	LESS: INTER SEGMENT REVENUE	-	-	-
	NET SALES/INCOME FROM
	OPERATIONS	10548.572	10369.463	20918.035
2.	SEGMENT RESULTS PROFIT BEFORE TAX AND INTEREST FROM:
	EXIM	2129.353	2201.168	4330.521
	DOMESTIC	139.586	213.647	353.233
	TOTAL	2268.939	2414.815	4683.754
	LESS:
	OTHER UN-ALLOCABLE EXPENDITURE
	NET OFF UNALLOCABLE INCOME	(693.423)	(669.574)	(1362.997)
	TOTAL PROFIT BEFORE TAX	2962.362	3084.389	6046.751
3.	CAPITAL EMPLOYED (SEGMENT ASSETS-SEGMENT LIABILITIES) EXIM DOMESTIC			15932.832 5927.546
	CAPITAL EMPLOYED IN SEGMENTS			21860.378
	ADD:
	UNALLOCABLE CORPORATE ASSETS
	LESS CORPORATE LIABILITIES			38268.643
	TOTAL			60129.021

WEB DETAILS:

BACKGROUND

CONCOR - The Multimodal Logistics Professionals

Ever since globalization transformed the transport sector, national boundaries have become permeable to penetration by trade, creating the need for flexible transport solutions. Intermodalism and containerization were the by-products of this era and were poised to metamorphosize transport of "general cargo", moving it 'seamlessly' through sea and land arteries. Forty years ago, the physical process of exporting or importing goods was arduous. Goods needed to be transported by lorry to the port, unloaded into a warehouse and then reloaded into the ship 'piece by piece'.

Malcolm McLean's idea of containerization changed the basics of cargo transport by standardizing the dimensions of the container and simultaneously improving the productivity of ports by mechanizing handling of container-carrying 'cellular' ships and reducing their handling to a few hours only. Unitisation helped elimination of multiple handling of cargo and made transfers quick, cheap and easy. As containerization came to stand for 'cargo care', it grew by leaps and bounds the world over.

Indian Railway's strategic initiative to containerize cargo transport put India on the multi-modal map for the first time in 1966. Given the continental distances in India (almost 3000 km from North to South and East to West), rail transport could be the cheaper option for all cargo over medium and long distances, especially if the cost of inter-modal transfers could be reduced. Containerized multi-modal door-to-door transport provided the ideal solution to this problem. It was this idea that saw the Indian Railways entering the market for moving door-to-door domestic cargo in special DSO containers starting in 1966.

Though the first ISO marine container had been handled in India at Cochin as early as 1973, it was in 1981 that the first ISO container was moved inland by the Indian Railways to India's first Inland Container Depot (ICD) at Bangaluru, also managed by the Indian Railways.

Expansion of the network to 7 ICDs by 1988 saw increase in the handling of containers, and along the way, a strong view had emerged that there was a need to set up a separate pro-active organization for promoting and managing the growth of containerization in India.

THE COMPANY

Container Corporation of India Ltd. (CONCOR), was incorporated in March 1988 under the Companies Act, and commenced operation from November 1989 taking over the existing network of 7 ICDs from the Indian Railways.

From its humble beginning, it is now an undisputed market leader having the largest network of 62 ICDs/CFSs in India. In addition to providing inland transport by rail for containers, it has also expanded to cover management of Ports, air cargo complexes and establishing cold-chain. It has and will continue to play the role of promoting containerization of India by virtue of its modern rail wagon fleet, customer friendly commercial practices and extensively used Information Technology. The company developed multimodal logistics support for India’s International and Domestic containerization and trade. Though rail is the main stay of our transportation plan, road services and also provided to cater to the need of door-to-door services, whether in the International or Domestic business.

CONCOR is committed to providing responsive, cost effective, efficient and reliable logistics solution to its customers. It strives to be the first choice for its customers. CONCOR is a customer focused, performance driven, result oriented organization, focused on providing value for money to its customers.

FUTURE PLANS

The container traffic at all Indian ports have increased at a CAGR of 13.95% during the period 2000-01 to 2010-11 including a CAGR of 11.81 % for major ports. During these period containerised cargo has gone up from 2.47 million TEUs to 9.11 million TEUs. With the growth of external trade being faster than GDP, the similar trends are expected to continue in future as well. Similarly the possibilities of growth in container traffic in the Domestic sector are immense with continued strong trends in growth of GDP and the need of the industry for value added services. Logistics parks, large cargo hubs will be the requirement of the industry in very near future, as large retail chains generate the demand for professional managed cargo delivery systems.

There will be a need for CONCOR to adopt different strategies for growth in the changed external business environment due to opening up of Rail sector for container train operation for 16 other players. More emphasis will be required on providing total logistics and transport solutions to its customers by seeing the possibilities of expanding the presence of the company in all the segments of the transport value chain in the Exim as well as Domestic segment. Possibilities are to be explored for strategic alliances, both for optimal utilization of infrastructure as well as expansion into other segments of the value chain.

The emergence of number of new ports viz. Mundra, Pipavav, Vizag, Tuticorin, Vallarpadam , Ennore, Krishnapatnam, Karaikal and some minor ports in Gujrat like Porbandar, Okha, Maroli etc. will have a large effect on the hinterland movement of containers in the country. Further, the hinterland penetration levels of the container traffic, which are very low at present, are also bound to see a many fold increase. This change in the environment offers immense potential for CONCOR to identify new business opportunities and remain the market leader by expanding into new corridors. CONCOR is forging strategic partnerships with many of the new ports.

Rail remains the main stay of CONCOR's transportation plans, currently. Business trends are now changing towards more and more door-to-door clearances. This needs to provide single window clearance facilities to its customers. This will require close co-ordination and/or alliances with other relevant agencies and transport intermediaries for door-to-door movement of cargo in containers. In order to compete with road sector that provides door-to-door movement of containers on the basis of single price, single window service through a single document, will be a key USP for the future. The company will continue to adopt cost effective key processes across various terminals and areas of business associated with key critical success factors, the factors which are important to its customers, through the process of Benchmarking. CONCOR has introduced movement of Double Stack Container Trains between Kanakpura (Jaipur) and Pipavav and Kankakpura and Mundra. These trains will provide cost-effective transportation between these ports and ICDs in Northern India.

Due to the presence of OHE wires and other fixed structures on P-way, double stack trains cannot be run elsewhere. CONCOR has also drawn MOUs with some of the leading players in the container transport field for transporting their containers between ports and ICDs.

CONCOR has created a special division to look after the Air Cargo business which has two components 1) Bonded Trucking Services and 2) Air Cargo Complexes. Company arranges bonded trucking services between its ICD’s and major international airports like Mumbai, Bangalore, Hyderabad, Indore, Ahmedabad, Amritsar, Chennai and Delhi. Company is expanding these services to/from other locations by linking Airports with hinterland Customs clearance. Air Cargo Complex at HAL, Ozar Airport, Nasik has commenced operations. Centre for perishable cargo for handling of EXIM perishable cargo at Goa International Airport has also commenced operations. Plans are in advanced stage for setting up of Air Freight Stations within the existing ICDs like New Mulund, Sabarmati, Ludhiana, Bangalore and Pune.

The Joint Venture with M/s. MAERSK A/S Copenhagen for third birth at JN Port has placed CONCOR in the category of Port terminals operators. CONCOR has also entered in a JV with Dubai Port World for setting up and managing container terminal at Vallarpadam Port. This has opened new possibilities for further expansion in this field.

CONCOR's wholly owned subsidiary Fresh and Healthy Enterprises has established its presence in the Apple trade in North India and its first Controlled Atmosphere Store(CAS) at Rai near Sonepat(Harayana) started its operations.

For domestic business, CONCOR is committed to bring back to rail a significant share of containerisable general goods cargo through aggressive marketing efforts. The main competition in this area comes from road transportation of goods by trucks. However, since we provide better risk coverage, in addition to controlled transit times and overall reliability, we feel we geared to woo traffic that presently uses road. Domestic business has a very large potential for growth today. Given that consumption centres are vast distances away from production points, there will always be a big demand for transport. The setting up of high capacity consumer goods industries also indicates that the growth of non-bulk traffic is expected to be faster then that of bulk traffic, with the shares of both becoming decidedly better than the current 35-65 ratio. Significantly most of this non-bulk traffic is containerisable, and represents a huge market potential for CONCOR in the domestic sector.

The main strategy to capture domestic traffic so far has been to run regular scheduled point-to-point services by rail. These CONRAJ/CONTRACK services will be expanded to several more origin-destination (O-D) points. Greater efficiency will be introduced through the use of newly acquired BLC/BLL rolling stock. Special cargo and corporate will get particular focus by customization of services, and a wider terminal network will be put in place.

A major aspect of the growth strategy for both international and domestic business will involve optimising the internal logistics chains within the organization. In the effort to move from being a service integrator, CONCOR will move towards becoming a Third Party Logistics(3PL) service provider by expanding the core business into areas such as warehousing, refrigerated cargo storage and movement, and the provision of a large number of other value added services. CONCOR has also formed a JV Company with Infinite Logistics Solutions Private Limited to look after end to end domestic requirements. Another JVC has been formed with NYK Line (India) Limited named CONYK Cartrac Private Limited to cater to the auto logistics sector. As part of the overall strategy to increase market share, CONCOR will also look to provide multi-modal, transportation and logistics consultancy services to its potential users. These could be shippers directly, or intermediate agencies such as shipping lines, forwarding agents, terminals operators etc. Even government bodies and private trade associations chamber of commerce etc. may be targeted as potential clients.

CONCOR also hopes to avail the Private Freight Terminal (PFT) policy of India Railways and establish Multi Modal Logistics Parks (MMLP) at strategic locations for which process has already started.

FIXED ASSETS:

v Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Containers

· Electrical Fittings

· Furniture and Fixture

· Vehicles

· Computers

· Telephone System

· Office Equipments

· Air Conditioner

· Railway Siding

· Capital Expenditure

v Intangible Assets

· Computer Software

· Registration Fee

CMT REPORT (Corruption, Money Laundering and 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.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE and RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		73

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 and 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.