MIRA INFORM REPORT

Report Date :

13.09.2012

IDENTIFICATION DETAILS

Name :	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED

Registered Office :	L and T House, Ballard Estate, N M Marg, Mumbai – 400001, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	01.07.2009

Com. Reg. No.:	11-193699

Capital Investment / Paid-up Capital :	Rs.3000.000 Millions

CIN No.: [Company Identification No.]	U27109MH2009PTC193699

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter, Distributor and Supplier of Low Alloy Steel, Stainless Steel, Rod and Sheets.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 11710000

Status :	Recently Commenced Business

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a new joint venture between Larsen and Toubro Limited, Country’s premier industrial house and Nuclear Power Corporation of India Limited, a company owned by Government of India. Even though the company was incorporated during 2009, it has recently in March 2012 commenced its business activities. Trade relations are reported as fair. Business is active. Payments are terms are unknown. The company can be considered for business dealings with some caution.

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

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 :	L and T House, Ballard Estate, N M Marg, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-67525656/ 67525617
Fax No.:	91-22-55525858/ 67525893
E-Mail :	ss-sec@ith.itindia.com
Website :	www.lntecc.com

Factory :	Hazira Manufacturing Complex, Post : Bhatha, District Surat – 394510, Gujarat, India
Tel. No.:	91-261-2805000
Fax No.:	91-261-2805050

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Madhukar Vinayak Kotwal

Designation :

Director

Address :

Flat No. 803, Odyssey – 2, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

10.10.1948

Date of Appointment:

01.07.2009

DIN No.:

00001744

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999MH1962PLC012315	EWAC ALLOYS LIMITED	Director	14-07-05	14-07-05	30-08-08	Active	NO
2	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Whole-time director	27-08-10	27-08-05	-	Active	NO
3	U74900TN2007PLC065356	L AND T SHIPBUILDING LIMITED	Director	13-11-07	13-11-07	25-03-08	Active	NO
4	U27109MH2009PTC193699	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED	Director	01-07-09	01-07-09	-	Active	NO
5	U72300MH2009PLC191426	L AND T TECHNOLOGIES LIMITED	Director	19-08-11	05-10-10	-	Active	NO

Name :

Mr. Vijay Chander Bedi

Designation :

Director

Address :

402, Rivera Tower, Dumas Road, Surat, Gujarat, India

Date of Birth/Age :

27.08.1946

Date of Appointment:

01.07.2009

DIN No.:

02005709

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U91110GJ1993NPL020141	HAZIRA AREA INDUSTRIES ASSOCIATION	Director	07-09-93	07-09-93	Active	NO
2	U31101MH2006PTC166541	L AND T - MHI TURBINE GENERATORS PRIVATE LIMITED	Director	28-04-08	17-01-08	Active	NO
3	U29119MH2006PTC165102	L AND T - MHI BOILERS PRIVATE LIMITED	Director	28-04-08	20-02-08	Active	NO
4	U74900TN2007PLC065356	L AND T SHIPBUILDING LIMITED	Director	10-06-08	25-03-08	Active	NO
5	U27109MH2009PTC193699	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED	Director	01-07-09	01-07-09	Active	NO

Name :

Mr. Partha Sarathi Banerjee

Designation :

Director

Address :

A-301, Florentine, Hiranandani Garden, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

01.02.1954

Date of Appointment :

05.01.2010

DIN No.:

00009254

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PLC070704	BHILAI POWER SUPPLY COMPANY LIMITED	Director	16-08-06	05-09-05	-	Active	NO
2	U13203OR1999PTC005673	RAYKAL ALUMINIUM COMPANY PRIVATE LIMITED	Director	18-08-06	03-12-05	25-02-09	Active	NO
3	U40100MH2006PLC160413	L AND T POWER LIMITED	Director	09-03-06	09-03-06	20-12-10	Active	NO
4	U45203MH2008PTC180029	L AND T SEAWOODS PRIVATE LIMITED	Director	13-03-08	13-03-08	-	Active	NO
5	U45203TN2008PLC067551	L AND T PORT KACHCHIGARH LIMITED	Director	30-04-08	30-04-08	-	Active	NO
6	U27109MH2009PTC193699	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED	Director	05-01-10	05-01-10	-	Active	NO
7	U40109MH2010PLC205058	L AND T SOLAR LIMITED	Director	30-06-10	30-06-10	21-12-10	Active	NO
8	U40103MH2010PLC209313	L AND T POWERGEN LIMITED	Director	22-10-10	22-10-10	-	Active	NO

Name :

Mr. Mandayam Kannapan Kannan

Designation :

Director

Address :

K-504, Aster Building, Jal Vayu Vihar, Sector 20, Kharghar, Navi Mumbai-410210, Maharashtra, India

Date of Birth/Age :

04.11.1950

Date of Appointment :

05.01.2010

DIN No.:

02908661

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27109MH2009PTC193699	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED	Director	05-01-10	05-01-10	Active	NO
2	U40300MH2011GOI212727	ANUSHAKTI VIDHYUT NIGAM LIMITED	Director	27-01-11	27-01-11	Active	NO
3	U40104MH2011GOI215870	NPCIL - INDIANOIL NUCLEAR ENERGY CORPORATION LIMITED	Director	06-04-11	06-04-11	Active	NO

Name :

Mr. Jayant Damodar Patil

Designation :

Director appointed in casual vacancy

Address :

2702, Torino Cliff Avenue, Hiranandani Gardens Mumbai-400076, Maharashtra, India

Date of Birth/Age :

16.12.1954

Date of Appointment :

01.12.2010

KEY EXECUTIVES

Name :	Mr. Ram Ganesh Kulkarni
Designation :	Manager
Address :	A 902, Surya Enclave, City Light Road, Surat-395007, Gujarat, India
Date of Birth/Age :	02.07.1954
Date of Appointment :	05.01.2010
Pan No.:	AAEPK5667R

Name :	Mr. Deepak Sankhla
Designation :	Company Secretary
Address :	Flat 1, First Floor, B Building, “Ratna Jyoti” Apartments, Magdalla Road, Surat-394504, Gujarat, India
Date of Birth/Age :	24.10.1968
Date of Appointment :	23.04.2010
Pan No.:	AVHPS0479D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Larsen and Toubro Limited, India	222000000
Nuclear Power Corporation of India Limited, India	78000000
TOTAL	300000000

AS ON 02.12.2011

Names of Allottees	No. of Shares
Larsen and Toubro Limited, India	111000000
Nuclear Power Corporation of India Limited, India	39000000
TOTAL	150000000

AS ON 30.09.2011

Category	Percentage
Government Companies	26.00
Bodies corporate	74.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter, Distributor and Supplier of Low Alloy Steel, Stainless Steel, Rod and Sheets.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda

· Canara Bank

· Axis Bank

· State Bank of Hyderabad

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loan from Banks
Term Loan Bank of Baroda	412.500	0.000
Term Loan Canara Bank	403.125	0.000
Term Loan Axis Bank	403.125	0.000
Term Loan State Bank of Hyderabad	281.250	0.000
Loan from Promoter
NPCIL Loan	3000.000	0.000
Accrued Interest on NPCIL Loan	91.911	0.000
TOTAL	4591.911	0.000


Banking Relations :	--

Financial Institute:	Nuclear Power Corporation of India Limited, 16^th Floor, Centre-1, World Trade Centre, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India

Auditors :
Name :	Sharp and Tannan Chartered Accountant
Address :	Ravindra Annexe, 194, Churchgate Reclamation Dinshaw Vachha Road, Mumbai-400020, Maharashtra, India
Holding Company :	· Larsen and Toubro Limited CIN No.: L99999MH1946PLC004768

Promoter Company :	· Nuclear Power Corporation of India Limited CIN No.: U40104MH1987GOI149458

Group Company / Fellow Subsidiaries :	· L and T Infrastructure Finance Company Limited CIN No.: U67190TN2006PLC059527 · L and T-MHI Boilers Private Limited CIN No.: U29119MH2006PTC165102

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

575000000	Equity Shares	Rs.10/- each	Rs. 5750.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount

450000000	Equity Shares	Rs.10/- each	Rs. 4500.000 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

300000000	Equity Shares	Rs.10/- each	Rs. 3000.000 Millions

Notes:

22,20,00,000 Equity Shares of Rs. 10 each fully paid held by Holding Company - Larsen and Toubro Limited (Previous Year: 11,10,00,000 Equity Shares of Rs. 10 each)

7,80,00,000 Equity shares of Rs. 10 each fully paid held by Nuclear Power Corporation of India Limited (Previous Year: 3,90,00,000 Equity Shares of Rs. 10 each fully paid)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3000.000	1500.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus (Hedge Reserve)		22.790	[9.534]
4] (Accumulated Losses)		[94.268]	[46.548]
NETWORTH		2928.522	1443.918
LOAN FUNDS
1] Secured Loans		4591.911	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		4591.911	0.000
DEFERRED TAX LIABILITIES		0.000	0.000

TOTAL		7520.433	1443.918

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		38.842	11.831
Capital work-in-progress		6952.801	948.661

INVESTMENT		1032.882	541.916
DEFERREX TAX ASSETS		0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	41.632	28.592
	Other Current Assets	46.448	1.600
	Loans & Advances	352.874	30.746
Total Current Assets		440.954	60.938
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	851.491	115.210
	Other Current Liabilities	90.867	3.636
	Provisions	2.688	0.582
Total Current Liabilities		945.046	119.428
Net Current Assets		[504.092]	[58.490]

MISCELLANEOUS EXPENSES		0.000	0.000

TOTAL		7520.433	1443.918

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	0.000	1.824
		Other Income	4.552	7.084
		TOTAL (A)	4.552	8.908

Less	EXPENSES
		Staff Expenses	9.349	0.000
		Pre-Operative Expenses	39.951	27.719
		Preliminary Expenses	0.000	26.514
		TOTAL (B)	49.300	54.233

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[44.748]	[45.325]

Less	FINANCIAL EXPENSES (D)		0.140	0.081

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		[44.888]	[45.406]

Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.832	0.559

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		[47.720]	[45.965]

Less	TAX (H)		0.000	0.582

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		[47.720]	[46.547]

	BALANCE CARRIED TO THE B/S		[47.720]	[46.547]

	Earnings / (Loss) Per Share (Rs.)		(0.30)	(0.99)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	[1048.33]	[522.53]

Net Profit Margin (PBT/Sales)	(%)	0.00	[2520.01]

Return on Total Assets (PBT/Total Assets}	(%)	[9.95]	[63.17]

Return on Investment (ROI) (PBT/Networth)		[0.02]	[0.03]

Debt Equity Ratio (Total Liability/Networth)		1.89	0.08

Current Ratio (Current Asset/Current Liability)		0.47	0.51

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 two years	Yes
12]	Profitability for last two 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	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	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 RESULTS

The Company has not yet commenced its commercial operations. As per the extant accounting policy, Preliminary Expenses and Pre-operative Expenditure (including staff cost) incurred up to March 31, 2011 of Rs. Nil Millions and (Previous year Rs. 26.514 Millions) Rs. 49.300 Millions (Previous year Rs. 27.719 Millions) respectively has been charged to the Profit and Loss Account for period ended March 31, 2011.

CAPITAL EXPENDITURE

The Board has approved a total capital expenditure of Rs.17250.000 Millions for the setting up of the manufacturing facility at Hazira.

During the period, the Company has achieved good progress in construction of its factory at Hazira. Cumulative Expenditure incurred up to March 31, 2011 (including other operational capital expenditure) is Rs. 6995.014 Millions (Previous year Rs. 961.051 Millions).

SHARE CAPITAL AND FINANCE

During the year, the Company has allotted 1,500 lakhs shares of Rs. 10 each aggregating Rs. 1500.000 Millions.

During the year the Company has taken a secured loan of Rs. 3000.000 Millions from Nuclear Power Corporation of India Limited and Rs. 1500.000 Millions from various Banks.

FORM 8

Corporate identity number of the company	U27109MH2009PTC193699
Name of the company	L AND T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	L and T House, Ballard Estate, N M Marg, Mumbai – 400001, Maharashtra, India
This form is for	Creation of Charge
Type of charge	· Uncalled Share Capital · Immovable Property · Any Interest in Immovable Property · Book Debts · Movable Property · Floating Charge · Others · Calls Made but not paid · Goodwill · Patent, License under a patent · Trademark · Copyright or license under a copyright
Particular of charge holder	Nuclear Power Corporation of India Limited, 16^th Floor, Centre-1, World Trade Centre, Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India
Nature of instrument creating charge	Indenture of Mortgage
Date of instrument Creating the charge	23.12.2010
Amount secured by the charge	Rs. 3500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 7% p.a. compounded annually Terms of Repayment Principal is to be paid in five equal installments beginning form end of the 10^th year after from the date of last drawdown. Interest to be accrued for 10 years and total accrued interest to be paid in 5 equal installments beginning end of the 11^th year from the date of last drawdown. Simple interest to be paid on remaining unpaid principal annually after 10^th year.
Short particulars of the property charged	First Mortgaged Properties - 3 BHK Flat No 1005/1006 located at 10th Floor of B Wing Building No-9 "Whispering Palms XX Clusives" Co-Operative Housing Society Limited, Lokhandwala Complex, Akurli Road, Kandivali (East) , Mumbai-400101 Second Mortgaged Properties - All other immovable properties including all buildings, erections etc of every description present and to be erected in and future, erected or standing on Borrower's land Third Mortgaged Properties – a) all moveable and tangible assets in relation to the project b) all the intangible assets of the Borrower Fourth Mortgaged Properties - all rights, title, interest, benefits, claims and demands in respect of a) Project documents b) Clearances c) any letter of credit , Guarantee and Performance Bond Fifth Mortgaged Properties - all rights, title, interest, benefits, claims and demands in respect of Insurance Contracts relating to the Project Sixth Mortgaged Properties - all rights, title, interest, benefits, claims and demands in respect of bank accounts including Trust and Retention Accounts other than Debt Service Reserve Account Seventh Mortgaged Properties - all rights, title, interest, benefits, claims and demands in respect of Debt Service Reserve Account Eighth Mortgaged Properties- all rights, title, interest, benefits, claims and demands in respect of (excluding book debts) all receivables, revenues, receipts in relation to the Project All the Current Assets of the Borrower other than specifically mortgaged properties both present and future

FIXED ASSETS:

Air Conditioner Refrigerator
Office Equipments
Computers
Furniture and Fixtures
Vehicles
Building
Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets 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. 55.26
UK Pound	1	Rs. 88.85
Euro	1	Rs. 71.13

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.

MIRA INFORM REPORT

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