MIRA INFORM REPORT

Report Date :

22.07.2013

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) :	31.03.2012
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 :	Subject is engaged in the business of design, engineering, supply, supervision of erection and commissioning of continuous casting machines and other allied steel plant equipment.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 2900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having a good track record. Directors are reported as experienced and respectable businessman. Trade relations are reported to be trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for good 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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
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/ 67142222
Fax No.:	91-22-28515145 / 28521714
E-Mail :	concast@bol.net.in sales@concastindia.com concast@bom4.vsnl.net.in
Delhi Office:	Sagar Deep, Plot No. 11, 3^rd Floor, LSC Saini Enclave, Vikas Marg, New Delhi – 110092, Delhi, India
Tel No.:	91-11-22373916/22370778
Kolkata Office:	153/A, VIP Road, 2^nd Floor, Kolkata – 700054, West Bengal, India
Tel No.:	91-33-23559214

DIRECTORS

As on 28.09.2012

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

PAN No.:

AACPN0098F

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
7	U74210MH1985PTC036109	JANUS CONSULTANTS PRIVATE LIMITED	Additional director	31/12/2012	31/12/2012	-	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

Pan No.:

AADPK2463J

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

PAN No.:

AACPN0097L

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

PAN No.:

AACPM2491B

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	Date of cessation	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
4	U74200MH1986PTC040846	CONCAST ENVIRONMENT TECHNOLOGIES PRIVATE LIMITED	Director	28/09/2012	28/09/2012	-	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 28.09.2012

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

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Bodies corporate	19.93
Directors or relatives of Directors	80.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of design, engineering, supply, supervision of erection and commissioning of continuous casting machines and other allied steel plant equipment.

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
84543090	Parts of continuous casting machine

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

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
Associate:	· Concast Environment Technologies Private Limited, India CIN: U74200MH1986PTC040846 · Janus Consultants Private Limited, India CIN: U74210MH1985PTC036109
Subsidiary company:	· IRD Mechanalysis Limited, India [CIN: U67120MH1962PLC012283] · Janus Holding inc USA

CAPITAL STRUCTURE

As on 31.03.2012

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.883	9.883
(b) Reserves & Surplus	719.107	650.660
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	728.990	660.543
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	8.136	16.615
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	8.136	16.615
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	185.957	255.422
(c) Other current liabilities	216.238	179.281
(d) Short-term provisions	65.253	38.721
Total Current Liabilities (4)	467.448	473.424
TOTAL	1204.574	1150.582
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53.7000	55.222
(ii) Intangible Assets	1.384	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	263.003	173.917
(c) Deferred tax assets (net)	3.580	2.215
(d) Long-term Loan and Advances	136.497	123.819
(e) Other Non-current assets	51.885	85.561
Total Non-Current Assets	510.049	440.734
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	76.563	93.326
(c) Trade receivables	222.443	203.202
(d) Cash and cash equivalents	354.352	369.833
(e) Short-term loans and advances	17.101	21.757
(f) Other current assets	24.066	21.730
Total Current Assets	694.525	709.848
TOTAL	1204.574	1150.582

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.659
2] Share Application Money		0.000
3] Reserves & Surplus		538.579
4] (Accumulated Losses)		0.000
NETWORTH		539.238
LOAN FUNDS
1] Secured Loans		27.000
2] Unsecured Loans		0.000
TOTAL BORROWING		27.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		566.238
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.329
Capital work-in-progress		0.000
INVESTMENT		67.547
DEFERREX TAX ASSETS		2.379
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	72.881
	Sundry Debtors	321.252
	Cash & Bank Balances	366.436
	Other Current Assets	49.126
	Loans & Advances	143.891
Total Current Assets		953.586
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	272.953
	Other Current Liabilities	185.636
	Provisions	29.014
Total Current Liabilities		487.603
Net Current Assets		465.983
MISCELLANEOUS EXPENSES		0.000
TOTAL		566.238

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1383.925	1525.598	1529.354
		Other Income	4.101	5.883	57.487
		TOTAL (A)	1388.026	1531.481	1586.841
Less	EXPENSES
		Cost of materials consumed	965.184	1068.019
		Employee benefit expense	112.915	92.701
		Expenditure on production, transportation and other expenditure pertaining to E and P activities	7.076	19.044
		Other expenses	138.075	138.058
		TOTAL (B)	1223.250	1317.822	1327.701
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		164.776	213.659	259.140
Less	FINANCIAL EXPENSES (D)		0.000	0.600	0.910
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		164.776	213.059	258.230
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.446	3.629	5.007
	PROFIT BEFORE TAX (E-F) (G)		160.330	209.430	253.223
Less	TAX (H)		22.961	53.664	84.168
	PROFIT AFTER TAX (G-H) (I)		137.369	155.766	169.055
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		593.485	488.180	351.291
Less	APPROPRIATIONS
		Transfer to General Reserve	14.000	16.000	16.800
		Interim Dividend	19.767	9.884	0.000
		Proposed Dividend	39.534	19.767	13.178
		Dividend Distribution Tax	9.620	4.810	2.188
	BALANCE CARRIED TO THE B/S		647.933	593.485	488.180
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports		296.614	299.028
		Agency commission		5.184	1.752
		Gain on foreign exchange (net)	NA	2.202	0.000
		Reimbursement of travelling expenses		1.022	1.565
		Reimbursement of freight charges		3.164	3.221
		Professional services fees		0.093	6.464
		Reimbursement of insurance charges		0.038	0.030
		Interest received		1.518	2.775
		Erection and commissioning fees		22.175	24.717
		Miscellaneous income		0.051	1.396
		Design and engineering fees		0.000	0.481
	TOTAL EARNINGS		NA	332.061	341.429
	IMPORTS
		Raw materials, components and spares	NA	27.852	17.701
	Earnings Per Share (Rs.)
	Basic		1072.16	1378.21	1710.47
	Diluted		1389.88	1576.02	1710.47

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.90	10.17	10.65
Net Profit Margin (PBT/Sales)	(%)	11.59	13.73	16.56
Return on Total Assets (PBT/Total Assets}	(%)	17.09	21.49	26.55
Return on Investment (ROI) (PBT/Networth)		0.22	0.32	0.47
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.05
Current Ratio (Current Asset/Current Liability)		1.49	1.50	1.96

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	No
34]	External Agency Rating, if available	No

FINANCIAL PERFORMANCE:

During the year, the global economy has witnessed considerable political and economic turmoil, from uprisings in the Middle East and North Africa to the tsunami in Japan and the debt crisis in Europe. This has resulted in global uncertainties which led to a slow down of demand in the Indian economy, resulting in lower revenue from operations by 9.60%. The decrease in revenue would have been higher, but for the increase in our revenue from exports by 10.45%. Profit Before Tax being lower at Rs.204.119 Millions as compared to Rs.235.046 Millions in 2010-11, down by 13.16%. After providing for current and deferred taxes, the Profit After Tax was Rs.137.368 Millions compared to Rs.155.765 Millions in 2010-11, down by 11.81%.

India is expected to play an increasing role in the global economy as demand from a growing population continues to drive India’s growth prospects. However, global developments, in conjunction with Indian policy responses, are likely to make 2012-13 a challenging year. The management is taking cognizance of these challenges and is geared to face them.

CORPORATE INFORMATION:

The Company is engaged in the business of design, engineering, supply, supervision of erection and commissioning of continuous casting machines and other allied steel plant equipment since 1973. The company also supplies spare parts and other equipment.

FIXED ASSETS

Tangible assets

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

Intangible assets

· Know-how

· 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 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.59.80
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		61

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.