MIRA INFORM REPORT

Report Date :

28.02.2013

IDENTIFICATION DETAILS

Name :	CONCAST ISPAT LIMITED
Registered Office :	21, Hemant Basu Sarani, Mezzanine Floor, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.04.1941
Com. Reg. No.:	21-010497
Capital Investment / Paid-up Capital :	Rs.297.520 Millions
CIN No.: [Company Identification No.]	U27101WB1941PLC010497
TAN No.: [Tax Deduction & Collection Account No.]	CALC05429E
PAN No.: [Permanent Account No.]	AAACC996J
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Iron and Steel
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 6600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Short Term Bank Facility = A2
Rating Explanation	Strong degree of safety it carry low credit risk
Date	01.02.2012

Rating Agency Name	CARE
Rating	Long Term Bank Facility = BBB
Rating Explanation	Moderate degree of safety it carry moderate credit risk
Date	01.02.2012

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 / Corporate Office :	21, Hemant Basu Sarani, Mezzanine Floor, Kolkata – 700 001, West Bengal, India
Tel No.	91-33-22105797/ 22130481/ 87 / 40232323
Fax No.:	91-33-22130488 / 40232323
E-Mail :	mja_cal@yahoo.com concastispat@vsnl.net kedia_aditya@yahoo.co.in sumit@concastispat.com
Website :	http://www.concastispat.com
Factory :	2 Ishwar Chandra Chatterjee Lane, Sodepur, 24 Parganas, West Bengal, India
Tel No.	91-33-25635327 / 28
Fax No.:	91-33-25536780

DIRECTORS

As on 21.09.2012

Name :

Mr. Sanjay Kumar Sureka

Designation :

Director

Address :

28/1, Shakespeare Sarani, Kolkata – 700 017, West Bengal, India

Date of Birth/Age :

22.01.1971

Date of Appointment :

27.09.1999

Voter ID No. :

WB/23/146/069180

DIN No.:

00218025

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	U51909WB1978PLC031558	Sureka Exports Limited	Director	02-11-92	02-11-92	-	Active	NO
2	U27101WB1941PLC010497	Concast Ispat Limited	Managing director	01-04-09	27-09-99	-	Active	NO
3	U70109WB2002PTC094216	Concast Infrastracture Private Limited	Director	16-04-10	11-02-02	-	Active	NO
4	U27109WB1995PLC071063	Concast Bengal Industries Limited	Director	30-09-11	12-02-02	-	Active	NO
5	U15499WB2002PLC094218	Organic Green Foods Limited	Director	12-02-02	12-02-02	30-04-09	Active	NO
6	U27109WB1995PLC067953	Dankuni Steels Limited	Director	10-04-04	10-04-04	-	Active	NO
7	U27109WB2004PLC099978	Concast Energy Limited	Director	28-09-04	28-09-04	04-05-09	Active	NO
8	U14108WB2005PTC104298	Bankura Dri Mining Manufacturers Company Private Limited	Director	27-07-05	27-07-05	-	Active	NO
9	U36900WB2006PTC108596	Concast Beverages Private Limited	Director	17-03-06	17-03-06	-	Active	NO
10	U27106WB1996PLC076334	Concast Global Limited	Director	30-09-11	13-05-06	-	Active	NO
11	U51909WB2006PLC111597	Concast Vyapaar Limited	Director	25-10-06	25-10-06	-	Active	NO
12	U27310WB2007PLC118140	Concast Sheets and Tubes Limited	Director	28-08-07	28-08-07	04-05-09	Active	NO
13	U51109WB1990PTC048957	Jai Bhola Trading Company Private Limited	Director	14-01-08	14-01-08	27-04-09	Active	NO
14	U51909WB1995PLC072045	Concast Steel and Power Limited	Managing director	15-07-09	03-07-08	-	Active	NO
15	U27100WB2008PTC129844	Concast Engineering Private Limited	Director	03-10-08	03-10-08	-	Active	NO
16	U51101WB2009PLC132009	Concast Exim Limited	Director	15-01-09	15-01-09	-	Active	NO
17	U85110WB2009PTC139889	Indo-US Healthcare Private Limited	Director	03-12-09	03-12-09	-	Active	NO
18	U40105AR2008PLC008256	Satyam (North East) Thermal Power Limited	Director	07-01-10	07-01-10	-	Active	NO
19	U10102AR2008PLC008257	Satyam Mining and Minerals Limited	Director	07-01-10	07-01-10	-	Active	NO
20	U11101AR2010PLC008294	Satyam (North East) Energy Limited	Director	05-03-10	05-03-10	-	Active	NO
21	U51101WB2010PTC151974	Rootstar Tradeli NK Private Limited	Director	10-09-10	10-09-10	-	Active	NO
22	U45400WB2010PLC153282	Concast Infratech Limited	Director	22-09-10	22-09-10	-	Active	NO
23	U67190WB2011PTC158382	Concast Leasing and Finance Private Limited	Director	02-02-11	02-02-11	-	Active	NO
24	U26922WB2006PTC109915	Swati Udyog Private Limited	Director	21-06-11	15-03-11	-	Active	NO
25	U41000WB2011PTC160977	Concast Indo Russ Water Private Limited	Director	21-03-11	21-03-11	-	Active	NO
26	U64202WB1995PLC075980	I-Win Advisory Services Limited	Director	29-09-11	02-05-11	-	Active	NO
27	U51909WB2007PTC118553	Sodepur Commercial Private Limited	Director	30-09-11	01-06-11	-	Active	NO
28	U45400WB2011PTC170236	Concast Damoh Road Project Private Limited	Director	02-12-11	02-12-11	-	Active	NO
29	U45203WB2011PTC170728	Concast Dhaneta Road Projects Private Limited	Director	15-12-11	15-12-11	-	Active	NO
30	U45400WB2011PTC171198	Concast Ambha Road Projects Private Limited	Director	26-12-11	26-12-11	-	Active	NO
31	U45203WB2011PTC171173	Concast Patan Road Projects Private Limited	Director	26-12-11	26-12-11	-	Active	NO
32	U45400WB2011PTC171170	Concast Jawasa Road Projects Private Limited	Director	26-12-11	26-12-11	-	Active	NO
33	U45400WB2012PTC171877	Lifewood Promoters Private Limited	Director	10-01-12	10-01-12	-	Active	NO
34	U45400WB2012PTC171876	Hardsoft Promoters Private Limited	Director	10-01-12	10-01-12	-	Active	NO
35	U45400WB2012PTC172398	Concast Path Bameetha Satna Road Projects Private Limited	Director	17-01-12	17-01-12	-	Active	NO
36	U45400WB2012PTC171878	Startree Residency Private Limited	Director	16-02-12	16-02-12	-	Active	NO

Name :

Mr. Thiruvengadu Ramasami Narayan

Designation :

Director

Address :

26D Naskarpara Road, Thakurpukur, Kolkata – 700 041, West Bengal, India

Date of Birth/Age :

09.10.1934

Date of Appointment :

28.02.1997

Voter ID No. :

HLG2211217

DIN No.:

00248802

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	U27101WB1941PLC010497	Concast Ispat Limited	Director	28-02-97	28-02-97	Active	NO
2	U51909WB2007PTC118553	Sodepur Commercial Private Limited	Director	12-09-07	12-09-07	Active	NO
3	U27109WB1995PLC071063	Concast Bengal Industries Limited	Additional director	25-11-11	25-11-11	Active	NO
4	U27310WB2007PLC118140	Concast Sheets and Tubes Limited	Additional director	27-12-11	27-12-11	Active	NO

Name :

Mr. Ratan Lal Kedia

Designation :

Director

Address :

4/5, Singhi Bagan Lane, Jorasanko, Kolkata – 700 006, West Bengal, India

Date of Birth/Age :

22.08.1933

Date of Appointment :

09.01.2006

Voter ID No. :

WB21/143/147155

DIN No.:

01369705

KEY EXECUTIVES

Name :	Ms. Payal Saraf
Designation :	Secretary
Address :	5, Burtolla Street, 3^rd Floor, Kolkata – 700 007, West Bengal, India
Date of Birth/Age :	21.04.1986
Date of Appointment :	16.06.2011
PAN No.:	BCUPS1671L
Voter ID No. :	DPD1938943
Name :	Ms. Isheka
Designation :	Account Department
Name :	Mr. Sumit
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

As on 21.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	86.99
Directors or relatives of Directors	10.06
Other top fifty shareholders	2.95
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron and Steel

Products :

Product Description	Item Code
Iron and Steel Goods	732599.09

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Allahabad Bank, Kolkata Main Branch, 14, India Exchange Place, Kolkata - 700001, West Bengal, India

A/c No.: 20014764268

· Bank of Baroda, M. G. Road Branch, 172, M.G. Road, Kolkata - 700007, West Bengal, India

· Uco Bank Flagship Corporate Branch, 2, India Exchange Place, Kolkata - 700001, West Bengal, India

· Bank of India, Kolkata Large Corporate Branch, 5, B.T.M. Sarani,, Kolkata -700001, West Bengal, India

· The Federal Bank Limited, R N Mukherjee Road Branch, 1 R N Mukherjee Road, Kolkata - 700001, West Bengal, India

· ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term Borrowings
Rupee term loans from banks	2.880	2.159
Short-term Borrowings
Rupee term loans from banks	508.821	3.331
Working capital loans from banks	2108.939	1864.345
Total	2620.640	1869.835

Banking Relations :	--
Auditors :
Name :	D.N. Gupta and Associates Chartered Accountants
Address :	10, Ganesh Chandra Avenue, 5^th Floor, Suit No.32, Kolkata – 700 013, West Bengal, India
PAN.:	ADLPG2924M
Associate :	· Concast Bengal Industries Limited · Concast Energy Limited · Concast Global Limited · Concast Exim Limited · Concast Vyapaar Limited · Concast Infrastructure Private Limited · Concast Infra-Tech Limited · Concast Steel and Power Limited. · Dankuni Steels Limited · Organic Green Foods Limited · Sureka Exports Limited · Sanjay Commotrade LLP · Concast Ambha Road Projects Private Limited · Concast Damoh Road Projects Private Limited · Concast Dhaneta Road Projects Private Limited · Concast Jawasa Road Projects Private Limited · Concast Patan Road Projects Private Limited · Concast Path Bameetha Satra Road Projects Private Limited
Subsidiaries :	Concast Singapore PTE Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs.10/- each	Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29752000	Equity Shares	Rs.10/- each	Rs.297.520 Millions

Disclosure of shareholding more than five per cent in company

Name of shareholder	Number of shares held in company	Percentage of shareholding in company
Sanjay Commotrade Ll	1,01,34,350	34.06%
Sodepur Commercial Private Limited	52,21,000	17.55%
Concast Infrastructure Private Limited	36,90,000	12.40%
Concast Energy Limited	33,91,000	11.40%

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		297.520	297.520	293.950
2] Share Application Money		0.000	0.000	13.850
3] Reserves & Surplus		1357.672	1262.787	1153.993
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1655.192	1560.307	1461.793
LOAN FUNDS
1] Secured Loans		2620.640	1869.835	1680.271
2] Unsecured Loans		1262.158	790.066	616.796
TOTAL BORROWING		3882.798	2659.901	2297.067
DEFERRED TAX LIABILITIES		2.044	3.264	3.887
TOTAL		5540.034	4223.472	3762.747
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		208.375	208.179	203.906
Capital work-in-progress		0.000	1.388	0.000
INVESTMENT		1197.142	1220.142	1076.837
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2583.994	1808.208	1300.018
	Sundry Debtors	2163.719	1778.569	1748.863
	Cash & Bank Balances	98.859	32.677	44.177
	Other Current Assets	90.013	32.968	0.000
	Loans & Advances	849.907	42.701	95.627
Total Current Assets		5786.492	3695.123	3188.685
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1344.508	828.948	580.894
	Other Current Liabilities	229.752	37.180	107.915
	Provisions	77.715	35.232	17.872
Total Current Liabilities		1651.975	901.360	706.681
Net Current Assets		4134.517	3793.763	2482.004
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5540.034	4223.472	3762.747

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	10592.167	9091.040	8045.440
		Other Income	7.243	7.502	14.811
		TOTAL (A)	10599.410	9098.542	8060.251
Less	EXPENSES
		Cost of materials consumed	9930.029	8725.150
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(333.582)	(505.752)	7729.968
		Employee benefit expense	64.351	62.768
		Other expenses	377.009	356.881
		Extraordinary items	8.520	0.000
		TOTAL (B)	10046.327	8639.047	7729.968
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		553.083	459.495	330.283
Less	FINANCIAL EXPENSES (D)		388.928	297.242	223.677
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		164.155	162.253	106.606
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.682	27.853	27.514
	PROFIT BEFORE TAX (E-F) (G)		135.473	134.400	79.092
Less	TAX (H)		40.588	39.886	18.946
	PROFIT AFTER TAX (G-H) (I)		94.885	94.514	60.146
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		303.742	219.228	207.878
Less	Deferred Tax (Net)		0.000	0.000	(1.204)
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	10.000	50.000
	BALANCE CARRIED TO THE B/S		388.627	303.742	219.228
	Earnings Per Share (Rs.)		3.19	3.18	2.05

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.90	1.04	0.75
Net Profit Margin (PBT/Sales)	(%)	1.28	1.48	9.36
Return on Total Assets (PBT/Total Assets}	(%)	2.26	3.44	2.33
Return on Investment (ROI) (PBT/Networth)		0.08	0.09	0.05
Debt Equity Ratio (Total Debt /Networth)		2.35	1.70	1.57
Current Ratio (Current Asset/Current Liability)		3.50	4.10	4.51

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 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	Yes

Note:

The registered office of the company has been shifted from 8, Bentick Street, Kolkata – 700 001, West Bengal to the present address w.e.f. 16.06.2011.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-term Borrowings
Other loans and advances	1262.158	790.066
Total	1262.158	790.066

CONTINGENT LIABILITIES NOT PROVIDED FOR: (As on 31.03.2012)

On Account of Corporate Guarantee furnished to Banks and financial institution in respect of group Companies amounting to Rs.13182.500 Millions (P.Y. Rs.9182.500 Millions) and on account of Bills Discounted from Banks amounting to Rs.50.500 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27101WB1941PLC010497
Name of the company	CONCAST ISPAT LIMITED
Address of the registered office or of the principal place of business in India of the company	21, Hemant Basu Sarani, Mezzanine Floor, Kolkata – 700 001, West Bengal, India contact.concast@gmail.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others (Movable Plant and Machinery Etc.)
Particular of charge holder	UCO Bank, Flagship Corporate Branch, Corporation Branch, 2 India Exchange Place, Kolkata-700001, West Bengal, India. bo.mcciep@ucobank.co.in
Nature of instrument creating charge	(1) Agreement relating to short term loan. (2) Deed of hypothecation of movable plant and machinery. (3) Deed of hypothecation of book debts. (4) Deed of hypothecation of goods.
Date of instrument Creating the charge	25.01.2012
Amount secured by the charge	Rs. 500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 3.00% above UCO Bank base rate which is at present 10.75% p.a. i.e. presently 13.75% p.a. with monthly rests. Terms of Repayment Bullet payment at the end of 9th month from the date of first disbursement of the stl or release of the enhanced working capital limit for the year 2012-13 whichever is earlier . Interest to be serviced as and when charged. Extent and Operation of the charge Subservient charge over entire plant and machinery and other movable fixed assets and current assets of the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Subservient charge over entire plant and machinery, equipments etc. and other movable fixed assets installed or to be installed at the borrower's factory premises situated at 2, Iswar Chandra Chatterjee Lane, Sodepur, 24 Parganas(N), West Bengal. Subservient charge over entire stocks of raw materials, wip, finished goods etc. Stored or to be stored at the borrower's factory premises and godowns situated at 2, Iswar Chandra Chatterjee Lane, Sodepur, West Bengal or wherever else and all present and future book debts, outstanding moneys, receivables, claims etc.

FIXED ASSETS:

v Land

v Shed and Building

v Machineries

v Electric Machineries and Fittings

v Tubewell and Pump

v Oil and Septick Tank

v Tools and Equipments

v Furniture

v Office Equipment

v Motor Car and Scooters

v Computer

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.54.06
UK Pound	1	Rs.82.15
Euro	1	Rs.70.16

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of 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.