MIRA INFORM REPORT

Report Date :

25.09.2012

IDENTIFICATION DETAILS

Name :	CONCAST (INDIA) LIMITED
Registered Office :	47 – 48, Jolly Maker Chamber II, 4^th Floor, Nariman Point, Mumbai - 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.03.1973
Com. Reg. No.:	11-016413
Capital Investment / Paid-up Capital :	Rs. 9.883 Millions
CIN No.: [Company Identification No.]	U29290MH1973PLC016413
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10638F/ MUMC11801G
PAN No.: [Permanent Account No.]	AAACC1759M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of continuous casting machines, material handling items, pollution control systems, vibration monitors and dynamic balancing machines
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track record. Directors are reported as experienced and respectable businessman. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealing 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 :	47 – 48, Jolly Maker Chamber II, 4^th Floor, Nariman Point, Mumbai - 400021, Maharashtra, India
Tel. No.:	91-22-22027430 / 22020414
Fax No.:	91-22-22850480 / 22027576
E-Mail :	concastindia@vsnl.com concast@bom4.vsnl.net.in
Website :	http://www.concastindia.com
Location :	Owned
Corporate Office / Factory:	Concast House, 1/5, Marol Co-Operative Industrial Estate, Off Sir M Vasanji Road, Marol, Andheri (East), Mumbai 400 059, Maharashtra, India
Tel. No.:	91-22-28501789 / 6845 / 67142228/ 28501789/ 28506845
Fax No.:	91-22-28515145 / 28521714
E-Mail :	concast@bol.net.in concast@bom4.vsnl.net.in
Location :	leased

DIRECTORS

AS ON 26.09.2011

Name :

Mr. Narinder Kumar Nayar

Designation :

Chairman and Managing director

Address :

9-10, Fair Haven, 29, Don Gersi Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

24.08.1936

Qualification :

B.A., M.B.S.A.

Date of Appointment :

05.04.1973

Voter ID :

MT/04/024/171276

DIN No.:

00080183

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	U29290MH1973PLC016413	CONCAST (INDIA) LIMITED	Managing director	01/04/2010	05/04/1973	-	Active	NO
2	U67120MH1962PLC012283	IRD MECHANALYSIS LIMITED	Director	29/12/1978	29/12/1978	-	Active	NO
3	U74200MH1986PTC040846	CONCAST ENVIRONMENT TECHNOLOGIES PRIVATE LIMITED	Director	01/12/1989	01/12/1989	-	Active	NO
4	U74999DL1994NPL062131	THE INDO-CANADIAN BUSINESS CHAMBER	Director	13/10/1994	13/10/1994	08/09/2011	Active	NO
5	U74999MH1966NPL013602	THE INDO-ITALIAN CHAMBERS OF COMMERCE AND INDUSTRY	Director	12/06/1995	12/06/1995	-	Active	NO
6	U99999MH1990GAT056560	INDO-VIETNAMESE CHAMBER OF COMMERCE AND INDUSTRY	Director	27/11/2006	27/11/2006	-	Active	NO

Name :

Mr. John Mathai Kadapuram

Designation :

Director - President

Address :

Flat No. 12, Newnarmada, Plot 24-A, Sector-14, Vashi, Navi Mumbai – 400705, Maharashtra, India

Date of Birth/Age :

07.03.1946

Qualification :

B.Sc., AMIE, Chartered Engineer

Date of Appointment :

08.08.1995

Voter ID :

MT/10/054/161359

DIN No.:

00076925

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	Company/ LLP Status	Defaulting status
1	U67120MH1962PLC012283	IRD MECHANALYSIS LIMITED	Director	27/06/1986	27/06/1986	Active	NO
2	U74200MH1986PTC040846	CONCAST ENVIRONMENT TECHNOLOGIES PRIVATE LIMITED	Director	01/12/1989	01/12/1989	Active	NO
3	U29290MH1973PLC016413	CONCAST (INDIA) LIMITED	Whole-time director	01/04/2010	08/08/1995	Active	NO
4	U74210MH1985PTC036109	JANUS CONSULTANTS PRIVATE LIMITED	Director	27/12/2004	27/12/2004	Active	NO

Name :

Mr. Peter William Hills

Designation :

Director

Address :

62, Casablanca Apartments, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

Date of Birth/Age :

31.05.1944

Date of Appointment :

11.08.2006

DIN No.:

00077791

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	Company/ LLP Status	Defaulting status
1	U67120MH1962PLC012283	IRD MECHANALYSIS LIMITED	Managing director	01/12/2009	07/10/2005	Active	NO
2	U29290MH1973PLC016413	CONCAST (INDIA) LIMITED	Director	11/08/2006	11/08/2006	Active	NO

Name :

Mr. Narottam Das Mangal Das Desai

Designation :

Director

Address :

9 – A, Brighton No. 2, 68, L J A G Mohandas Marg, Mumbai - 400026, Maharashtra, India

Date of Birth/Age :

25.03.1924

Date of Appointment :

08.08.2005

Voter ID :

MT/04/024/129447

DIN No.:

00369030

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	\Company/ LLP Status	Defaulting status
1	U63023DL1997PTC087945	ASHA NATH (WAREHOUSING) PRIVATE LIMITED	Director	01/01/1999	01/01/1999	Active	NO
2	U29290MH1973PLC016413	CONCAST (INDIA) LIMITED	Director	08/08/2005	08/08/2005	Active	NO

Name :

Ms. Dina Suntook Nayar

Designation :

Director - Business Development

Address :

9 – 10, Fair Haven, 29, Don Gersi Road, Malabar Hill, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

22.02.1939

Qualification :

Graduate from Ashridge College U.K.

Date of Appointment :

07.12.2004

DIN No.:

00080309

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	Company/ LLP Status	Defaulting status
1	U74210MH1985PTC036109	JANUS CONSULTANTS PRIVATE LIMITED	Director	03/05/1985	03/05/1985	Active	NO
2	U29290MH1973PLC016413	CONCAST (INDIA) LIMITED	Whole-time director	01/04/2011	07/12/2004	Active	NO

Name :

Ms. Shireen Kaikobad Mistry

Designation :

Director

Address :

Sethna Building 29-A, Naoroji Seth Street, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

28.06.1966

Date of Appointment :

07.12.2004

DIN No.:

00211323

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	Company/ LLP Status	Defaulting status
1	U74210MH1985PTC036109	JANUS CONSULTANTS PRIVATE LIMITED	Director	03/05/1985	03/05/1985	Active	NO
2	U29290MH1973PLC016413	CONCAST (INDIA) LIMITED	Director	07/12/2004	07/12/2004	Active	NO
3	U67120MH1962PLC012283	IRD MECHANALYSIS LIMITED	Director	29/09/2008	21/08/2008	Active	NO

KEY EXECUTIVES

Name :	Dinyar Eruch Edulji
Designation :	Company Secretary
Address :	19/ 6 Panthaky Baug, Andheri (East), Mumbai – 400069, Maharashtra, India
Date of Birth/Age :	10.08.1951
Date of Appointment :	01.04.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2011

Names of Shareholders	No. of Shares
Niyash K. Mistry	60
Narinder Kumar Nayar	90
Narinder Kumar Nayar	56310
Sarosh Nayar	9450
Shireen Mistry	9900
Dina Nayar	1080
Concast Environment Technologies Private Limited, India	195
Janus Consultants Private Limited, India	19500
Dina Nayar	2250
Total	98835

AS ON 26.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	19.93
Directors or relatives of directors	80.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of continuous casting machines, material handling items, pollution control systems, vibration monitors and dynamic balancing machines

Products :

Ø Contracts Completed/Supplies

Ø Designs and Drawings

Ø Service Charges

Ø Billet Caster

Ø Bloom Casters

Ø Slab Casters

Ø Round Casters

ITC Code	Product Descriptions
8454.30	Continuous Casting Machine Quantity

PRODUCTION STATUS AS ON (31.03.2011)

a) Licensed capacity: Not Applicable

b) Installed Capacity: No installed capacity has yet been established as it is difficult to assess until the jobs on hand are completed. (This has not been verified by the auditors as this is a technical matter).

c) Sales and production: Since the Company is accounting contract revenue on proportionate completion method, the quantitative details with respect to sales and production have not been furnished.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Tamarind Lane Branch, 8 / 10, Calcot House, Tamarind Lane, Mumbai - 400023, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other debt secured	0.000	27.000
Total	0.000	27.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AABFD7919A
Subsidiary Company :	Mechanalysis (India) Limited IRD Mechanalysis Limited [U67120MH1962PLC012283]
Wholly owned subsidiary :	Janus Holding, Inc., USA
Companies under common control :	Ø Janus Consultants Private Limited Ø Concast Environment Technologies Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98,835	Equity Share	Rs. 100/- each	Rs. 9.883 Millions

NOTE:

(A) 500,000 Equity shares of Rs.100 each

(B) 98,835 Equity shares of Rs.100 each fully paid up. Notes: (1) Of the above equity shares a) 92,246 equity shares were allotted as fully paid up bonus shares by capitalisation of Rs.9,224,600 from General Reserve in 2010-11 b) 1,785 equity shares were allotted as fully paid up bonus shares by capitalisation of Rs.178,500 from General Reserve in 1991-92

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		9.883	0.659	0.659
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		650.660	538.579	384.891
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		660.543	539.238	385.550
LOAN FUNDS
1] Secured Loans		0.000	27.000	7.580
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	27.000	7.580
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		660.543	566.238	393.130
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		55.222	30.329	32.498
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		173.917	67.547	49.905
DEFERREX TAX ASSETS		2.215	2.379	5.547
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	93.326	72.881	121.833
	Sundry Debtors	288.763	321.252	374.927
	Cash & Bank Balances	369.833	366.436	250.235
	Other Current Assets	20.849	49.126	52.871
	Loans & Advances	146.456	143.891	110.220
Total Current Assets		919.227	953.586	910.086
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	262.554	272.953	271.220
	Other Current Liabilities	179.148	185.636	306.746
	Provisions	48.336	29.014	26.940
Total Current Liabilities		490.038	487.603	604.906
Net Current Assets		429.189	465.983	305.180
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		660.543	566.238	393.130

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1525.598	1529.354	1753.752
		Other Income	37.694	57.487	56.853
		TOTAL (A)	1563.292	1586.841	1810.605
Less	EXPENSES
		Consumption materials changes inventories	1068.019	1059.866
		Manufacturing service costs	57.359	51.600
		Contract cost	1.544	2.434
		Employee related expenses	94.537	87.994
		Administrative selling other expenses	100.867	125.807
		TOTAL (B)	1322.326	1327.701	1613.522
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		240.966	259.140	197.083
Less	FINANCIAL EXPENSES (D)		0.853	0.910	0.406
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		240.113	258.230	196.677
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.066	5.007	6.151
	PROFIT BEFORE TAX (E-F) (G)		235.047	253.223	190.526
Less	TAX (H)		79.281	84.168	59.384
	PROFIT AFTER TAX (G-H) (I)		155.766	169.055	124.955
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		488.180	351.291	254.254
Less	APPROPRIATIONS
		Transfer to General Reserve	16.000	16.800	12.500
		Interim Dividend	9.884	0.000	0.000
		Proposed Dividend	19.767	13.178	13.178
		Dividend Distribution Tax	4.810	2.188	2.240
	BALANCE CARRIED TO THE B/S		593.485	488.180	351.291
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	296.614	299.028	290.964
		Agency commission	5.184	1.752	11.838
		Gain on foreign exchange (net)	2.202	0.000	22.404
		Reimbursement of travelling expenses	1.022	1.565	0.761
		Reimbursement of freight charges	3.164	3.221	6.980
		Professional services fees	0.093	6.464	7.787
		Reimbursement of insurance charges	0.038	0.030	0.051
		Interest received	1.518	2.775	1.276
		Erection and commissioning fees	22.175	24.717	0.000
		Miscellaneous income	0.051	1.396	0.000
		Design and engineering fees	0.000	0.481	5.087
	TOTAL EARNINGS		332.061	341.429	347.148
	IMPORTS
		Raw materials, components and spares	27.852	17.701	23.922
	Earnings Per Share (Rs.)		1576.02	1710.47	18964.18

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.96	10.65	6.90
Net Profit Margin (PBT/Sales)	(%)	15.41	16.56	10.86
Return on Total Assets (PBT/Total Assets}	(%)	24.12	25.74	20.21
Return on Investment (ROI) (PBT/Networth)		0.36	0.47	0.49
Debt Equity Ratio (Total Liability/Networth)		0.74	0.95	1.59
Current Ratio (Current Asset/Current Liability)		1.88	1.96	1.50

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	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	Yes
34]	External Agency Rating, if available	No

FINANCIAL PERFORMANCE:

The Indian economy has maintained its growth momentum by posting a 8.6% growth for the year. During the second half of the year inflation has been showing a steady rise, which lead to increase in interest rates by the Reserve Bank of India. This had its impact on the investment by Corporates in putting up green field projects. However, the Company has been able to execute the orders which were on hand and has been able to maintain its Sales turnover and Profit close to the previous financial year.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

(Rs. in Millions)

Claims against the Company not acknowledged as debts.	31.03.2011	31.03.2010
i) Claims made by a creditor for interest and cost of other services disputed by the Company (excluding Bank Guarantee given in respect of liability provided for by the Company).	4.384	4.196
ii) Municipal Tax Demands contested by the Society	26.396	19.809
iii) Income Tax Matters - Department in appeals	29.102	32.478
iv) Sales Tax Matters - *	156.928	197.049
v) LC issued to foreign creditors	0.000	1.600
vi) Warranties for repairs and replacements on Completed contracts	Amount not ascertainable	Amount not ascertainable

* Contingency for sales tax represents mainly the differential sales tax liability on account of non-collection of declaration forms.

FIXED ASSETS:

Tangible assets

Ø Buildings

Ø Furniture and Fixture

Ø Office Equipment

Ø Computers

Ø Motor Vehicle

Ø Plant and Machinery

Ø Testing Equipment

Intangible assets

Ø Technical Know-how

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 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. 53.29
UK Pound	1	Rs. 86.44
Euro	1	Rs. 68.95

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

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

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