MIRA INFORM REPORT

Report No. :	316298
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	GRAPHITE INDIA LIMITED
Registered Office :	31, Chowringhee Road, Kolkata – 700016, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.05.1974
Com. Reg. No.:	21-094602
Capital Investment / Paid-up Capital :	Rs. 390.768 Million
CIN No.: [Company Identification No.]	L10101WB1974PLC094602
TIN No.:	27930000164
TAN No.: [Tax Deduction & Collection Account No.]	CALG00112A
PAN No.: [Permanent Account No.]	AACC0457C
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Graphite Electrodes, Other Miscellaneous Carbon and Graphite Products, High Speed Steel and Alloy Steel, Glass Reinforced Pipes (GRP) and Power Generating Unit.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (69)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a well established company having fine track. The company possesses a strong financial flexibility marked by decent net worth base and capital structure along with favourable accounts receivable and payables. Moreover, the average cash and cash equivalents and surplus current investments strengthen the liquidity profile leading to demonstrate ability to raise funds at competitive rates. Further the adequate adjusted gearing and sufficient debt protection metrics add up to the financial profile during the year under consideration. Management has witnessed a decent revenue base as well as net profitability with fair profitability margins during FY14. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. In view of experienced promoters, the company can be considered 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Non-Convertible Debenture : AA+
Rating Explanation	High degree of safety and very low credit risk
Date	19.02.2015

Rating Agency Name	ICRA
Rating	Short Term Debt Programmed : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	19.02.2015

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Ronak Poddar
Designation :	Senior Manager
Contact No.:	91-33-22265755
Date :	06.04.2015

LOCATIONS

Registered Office / Corporate Office :	31, Chowringhee Road, Kolkata – 700016, West Bengal, India
Tel. No.:	91-33-22265755 / 2334 / 4942 / 40029600
Fax No.:	91-33-22496420
E-Mail :	gilbakt@graphiteindia.com corp_secy@graphiteindia.com
Website :	www.graphiteindia.com
Graphite
Factory 1:	P.O. Sagarbhanga Colony, Burdwan Durgapur – 713211, West Bengal, India
Tel. No.:	91-343-2556641-45 / 2557743
Fax No.:	91-343-2550896
Factory/ Power 2:	88, MIDC Industrial Area, Satpur, Nashik - 422007, Maharashtra, India
Tel. No.:	91-253-2203300 / 2203328 / 2361472 / 2351143
Fax No.:	91-253-2350676
Factory/ Power/ R & D Centre 3 :	Visveswaraya Industrial Area, Whitefield Road, Bangalore – 560048, Karnataka, India
Tel. No.:	91-80-43473300 / 28524061-71
Fax No.:	91-80-43473372
Coke
Factory 4:	Phulwaria, Barauni - 851112, Bihar, India
Tel. No.:	91-6279-232252
Impervious Graphite Equipment
Factory 5:	C-7 Ambad Industrial Area, Nashik - 422010, Maharashtra, India
Tel. No.:	91-253-2302100
Glass Reinforced Pipes/ Tanks
Factory 6:	Gut No. 523/524, Village Gonde, Taluka Igatpuri, Nashik - 422403, Maharashtra, India
Tel. No.:	91-2553-225038 / 225039
Fax No.:	91-2553-229500
Email :	mktggrp@graphiteindi.com gilgonde@graphiteindia.com
Powmex Steels
Factory 7:	AT - Turla, PO - Jagua, PS - Titilagarh, District Bolangir, Orissa - 767033, India
Tel. No.:	91-6655-220504 / 220505
Power
Factory 8 :	Chunchanakatte, K R Nagar Taluk, Mysore - 571617, Karnataka, India
Tel. No.:	91-s821-323182 / 681116
Factory 9 :	Link Canal Mini Hydel Plant, Peehalli, Srirangapatna Taluk, Mandya District - 571415, Karnataka, India
Sales Office	407 Ashoka Estate, 24, Barakhamba Road, New Delhi - 110001, India
Tel. No.:	91-11-23314364
Regional Office 1 :	Bakhtawar, 2^nd Floor, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22886418/21
Fax No.:	91-22-22028833
Regional Office 2 :	Flat No. 407, Ashoka Estate, 24 Barakhamba Road, New Delhi -110001, Delhi, India
Tel. No.:	91-11-23314364/65/23351257
Fax No.:	91-11-23721643

DIRECTORS

As on 31.03.2014

Name :	Mr. K. K. Bangur
Designation :	Chairman
Name :	Mr. P. K. Khaitan
Designation :	Director
Name :	Mr. S. Goenka
Designation :	Director
Name :	Mr. N. S. Damani
Designation :	Director
Name :	Mr. A. V. Lodha
Designation :	Director
Name :	Dr. R. Srinivasan
Designation :	Director
Name :	Mr. D. J Balaji Rao
Designation :	Director
Name :	Mr. J. D. Curravala
Designation :	Director
Name :	Mr. N. Venkataramani
Designation :	Director
Name :	Mr. M. B. Gadgil
Designation :	Executive Director

KEY EXECUTIVES

Name :	Mr. B. Shiva
Designation :	Company Secretary
Name :	Mr. Ronak Poddar
Designation :	Senior Manager
Name :	Mr. B. K. Mundra
Designation :	Account Executive
Name :	Mr. Abhishek
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2014

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	984567	0.50
Bodies Corporate	116607882	59.68
Sub Total	117592449	60.19
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	186261	0.10
Bodies Corporate	9415450	4.82
Sub Total	9601711	4.91
Total shareholding of Promoter and Promoter Group (A)	127194160	65.10
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3184599	1.63
Financial Institutions / Banks	209766	0.11
Insurance Companies	5786677	2.96
Foreign Institutional Investors	28098581	14.38
Sub Total	37279623	19.08
(2) Non-Institutions
Bodies Corporate	11736896	6.01
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	14592640	7.47
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2054630	1.05
Any Others (Specify)	2517645	1.29
Clearing Members	136043	0.07
Foreign Nationals	37530	0.02
Trusts	10910	0.01
Non Resident Indians	2319079	1.19
Directors & their Relatives & Friends	14083	0.01
Sub Total	30901811	15.82
Total Public shareholding (B)	68181434	34.90
Total (A)+(B)	195375594	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	195375594	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Graphite Electrodes, Other Miscellaneous Carbon and Graphite Products, High Speed Steel and Alloy Steel, Glass Reinforced Pipes (GRP) and Power Generating Unit.

Products :

Item Code No. (ITC Code)	Product Description
854519.01	Graphite Electrodes
722810.00	High Speed Steel
841950.01	Impervious Graphite Equipment and Spares

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Good

Countries :

· Middle East

· US

· Canada

· Japan

· Europe

Imports :

--

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturers

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

800 (Approximately)

Bankers :

· Bank of India

· Canara Bank

· Citibank N.A.

· Corporation Bank

· HDFC Bank Limited

· ICICI Bank Limited

· IDBI Bank Limited

· ING Vysya Bank Limited

· State Bank of India

· The Hongkong and Shanghai Banking Corporation Limited

· UCO Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Foreign Currency Term Loans from a Bank (Secured by way of first charge on certain moveable fixed assets, both present and future, of the Company)	1001.667	1267.467
SHORT TERM BORROWING
Loans Repayable on Demand from Banks (Secured by first charge by way of hypothecation of certain stocks and book debts, both present and future, and secured by creation of second charge by way of mortgage/charge on certain other movable and immovable assets of the Company, both ranking pari passu amongst the related charge holders)	948.267	1972.914
Total	1949.934	3240.381

NOTE

LONG TERM BORROWINGS

Terms of Repayment

(a) Total loan amount of Rs. 801.334 Million (USD 13.33 Million) [Previous Year - Rs. 1086.400 Million (USD 20 Million)] is repayable in 2 equal annual installments on February, 2015 and February, 2016. Interest is payable on quarterly basis at Libor plus 1.85% p.a. Current maturity of the loan amounting to Rs. 400.667 Million (Previous Year - Rs. 362.133 Million)

(b) Total loan amount of Rs. 601.000 Million (USD 10 Million) [Previous Year - Rs. 543.200 Million (USD 10 Million)] is repayable in 3 equal annual installments commencing from August, 2015. Interest is payable on quarterly basis at Libor plus 2.10% p.a.

SHORT TERM BORROWING

Balance outstanding as at 31st March, 2014 in respect of Commercial Paper was Rs. Nil (Previous Year - Rs. Nil). Maximum amount outstanding at any time during the year was Rs. 500.000 Million (Previous Year - Rs. 300.000 Million).

Auditors :
Name :	Price Waterhouse Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Solicitors :	· Khaitan and Company · Orr, Dignam and Company
Subsidiary :	· Bavaria Carbon Holdings GmbH · Bavaria Carbon Specialities GmbH · Bavaria Electrodes GmbH · Carbon Finance Limited · Graphite Cova GmbH · Graphite International B.V.
Others with whom transactions have taken place during the year:	Likhami Leasing Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.2/- each	Rs. 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
195375594	Equity Shares	Rs.2/- each	Rs. 390.751 Million
	Add : Forfeited Shares		Rs. 0.017 Million
	Total		Rs. 390.768 Million

NOTE

The Company has one class of Equity Shares having a par value of Rs. 2/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholdings.

Details of Equity Shares held by Shareholders holding more than 5% of the aggregate shares in the Company:

Name of Shareholder	31.03.2014
	Number of Shares	Percentage of Holding
Likhami Leasing Limited	55870000	28.60%
The Emerald Company Limited	20584781	10.54%
The Bond Company Limited	18260960	9.35%
H.L. Investment Company Limited	14183400	7.26%

Particular	31.03.2014 No. of Shares
Aggregate number of Equity Shares allotted in 2009-10 as fully paid-up pursuant to a Scheme of Arrangement / Amalgamation without payments being received in cash.	1,98,88,336

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	390.768	390.768	390.768
(b) Reserves & Surplus	16968.314	16059.189	15228.373
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	17359.082	16449.957	15619.141
(3) Non-Current Liabilities
(a) long-term borrowings	1001.667	1267.467	1532.700
(b) Deferred tax liabilities (Net)	896.673	950.373	708.230
(c) Other long term liabilities	4.705	17.413	14.612
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1903.045	2235.253	2255.542
(4) Current Liabilities
(a) Short term borrowings	2008.517	4408.727	3084.498
(b) Trade payables	2257.566	1676.083	1638.390
(c) Other current liabilities	1264.275	1040.360	675.773
(d) Short-term provisions	1403.886	1243.251	1262.829
Total Current Liabilities (4)	6934.244	8368.421	6661.490
TOTAL	26196.371	27053.631	24536.173
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6358.286	6589.333	5427.017
(ii) Intangible Assets	22.629	9.674	6.022
(iii) Capital work-in-progress	33.829	25.286	1266.595
(iv) Intangible assets under development	0.000	1.440	0.000
(b) Non-current Investments	1575.626	1093.277	2050.677
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	76.679	77.076	89.988
(e) Other Non-current assets	0.152	0.400	0.732
Total Non-Current Assets	8067.201	7796.486	8841.031
(2) Current assets
(a) Current investments	3426.642	2364.096	1284.128
(b) Inventories	8830.011	9777.046	8549.110
(c) Trade receivables	4233.843	5096.007	3752.869
(d) Cash and cash equivalents	239.718	60.210	111.218
(e) Short-term loans and advances	1190.063	1757.792	1638.268
(f) Other current assets	208.893	201.994	359.549
Total Current Assets	18129.170	19257.145	15695.142
TOTAL	26196.371	27053.631	24536.173

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	17680.759	17648.570	16708.422
		Other Income	402.094	263.471	346.189
		TOTAL (A)	18082.853	17912.041	17054.611
Less	EXPENSES
		Cost of Materials Consumed	7981.109	7888.315	6876.177
		Purchases of Stock-in-Trade	0.000	134.527	0.000
		Changes in inventories of finished goods and work-in-progress	(206.919)	(773.786)	277.206
		Employees benefits expense	1347.310	1199.726	970.437
		Other expenses	5716.573	6410.646	5472.049
		TOTAL (B)	14838.073	14859.428	13595.869
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3244.780	3052.613	3458.742
Less	FINANCIAL EXPENSES (D)		169.629	221.367	143.947
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3075.151	2831.246	3314.795
Less/ Add	DEPRECIATION/ AMORTISATION (F)		535.997	500.401	404.358
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2539.154	2330.845	2910.437
Less	TAX (H)		830.000	700.000	531.533
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1709.154	1630.845	2378.904
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2079.718	2248.902	1664.745
Less	APPROPRIATIONS
		Transfer to General Reserve	1000.000	1000.000	1000.000
		Dividend	683.815	683.815	683.815
		Tax on Dividend	116.214	116.214	110.932
	BALANCE CARRIED TO THE B/S		1988.843	2079.718	2248.902
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on F.O.B. Basis	5292.545	7291.427	8735.025
		Royalty	29.520	39.183	48.204
		Guarantee Fee	6.195	5.216	5.117
		Interest	0.000	0.000	3.600
		Service Charges	4.561	2.032	2.236
		Sale of Carbon Credit	2.951	4.228	2.996
		Profit on Disposal of Long-term Investments	0.000	0.000	296.163
	TOTAL EARNINGS		5335.772	7342.086	9093.341
	IMPORTS
		Raw Materials	3971.419	5143.246	4410.758
		Components and Spare Parts	60.726	74.777	78.323
		Capital Goods	10.183	11.726	334.125
		Traded Goods	0.000	134.527	0.000
	TOTAL IMPORTS		4042.328	5364.276	4823.206
	Earnings / (Loss) Per Share (Rs.)
	Basic		8.75	8.35	12.18
	Diluted		8.75	8.35	10.68

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014	31.12.2014
Type	1^stQuarter	2^nd Quarter	3^rd Quarter
Net Sales	3701.700	3973.200	3140.800
Total Expenditure	3325.600	3575.000	2723.300
PBIDT (Excl OI)	376.100	398.200	417.500
Other Income	138.700	45.900	32.700
Operating Profit	514.800	444.100	450.200
Interest	35.800	25.600	36.700
Exceptional Items	0.000	0.000	0.000
PBDT	479.000	418.500	413.500
Depreciation	91.600	105.600	95.500
Profit Before Tax	387.400	312.900	318.000
Tax	112.500	112.000	114.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	274.900	200.900	204.000
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.0000
Net Profit	274.900	200.900	204.000

Expected Sales (2014-15) : Rs.18000.000 million

The above information has been parted by Mr. Ronak Poddar (Senior Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	9.67	9.24	14.24
Operating Profit Margin (PBDIT/Sales)	(%)	18.35	17.30	20.70
Return on Total Assets (PBT/Total Assets}	(%)	10.33	8.99	13.72
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.19
Debt Equity Ratio (Total Debt/Networth)		0.17	0.35	0.30
Current Ratio (Current Asset/Current Liability)		2.61	2.30	2.36

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	390.768	390.768	390.768
Reserves & Surplus	15228.373	16059.189	16968.314
Net worth	15619.141	16449.957	17359.082
long-term borrowings	1532.700	1267.467	1001.667
Short term borrowings	3084.498	4408.727	2008.517
Total borrowings	4617.198	5676.194	3010.184
Debt/Equity ratio	0.296	0.345	0.173

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	16708.422	17648.570	17680.759
		5.627	0.182

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	16708.422	17648.570	17680.759
Profit	2378.904	1630.845	1709.154
	14.24%	9.24%	9.67%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

LITIGATION DETAILS

HIGH COURT OF KARNATAKA -BENGALURU BENCH

RFA 1104/2014

PETITIONER/APPNT. NAME	M/S. LEAAP INTERNATIONAL LIMITED			RESPONDENT/DEFNT. NAME	M/S. GRAPHITE INDIA LIMITED
PETNR./ APPNT. ADVOCATE	B V NIDHISHREE			RESPNT./DEFNT. ADVOCATE
DATE FILED	23/07/2014	CLASSIFICATION	RES	DISTRICT	OUT OF STATE

STAGE	PENDING FOR ADMISSON	LAST POSTED FOR	HEARING - INTERLOCUTORY APPLN
LAST ACTION TAKEN	NOTICE	LAST DATE OF ACTION	19/11/2014	NEXT HEARING DATE
LATEST ORDER	E/N, CALL FOR LCR
BEFORE HON'BLE JUDGE/S	N.K.PATIL RATHNAKALA

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10251643	12/09/2014 *	460,000,000.00	HDFC BANK LIMITED	BAHRAIN BRANCH, BAHRAIN FINANCIAL HARBOUR, 49TH F LOOR, WEST TOWER, MANAMA, - NA,BAHRAIN	C26619643
2	10251642	12/09/2014 *	920,000,000.00	HDFC BANK LIMITED	BAHRAIN BRANCH, BAHRAIN FINANCIAL HARBOUR, 49TH F LOOR, WEST TOWER, MANAMA, - NA, BAHRAIN	C26639211
3	90245975	26/09/2013 *	6,000,000,000.00	UCO BANK (LEAD BANK)	FLAGSHIP CORPORATE BRANCH, MCLEOD HOUSE, 3, NETAJ I SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDI A	B87588877

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWING
Loans Repayable on Demand from Banks	1060.250	2435.813
Total	1060.250	2435.813

BUSINESS REVIEW

The Central Statistics Office (CSO) has estimated that the Indian economy is likely to register a growth rate of 4.9 per cent in 2013-14. This growth is significantly lower in comparison to the average of 7.6 per cent during 2004-05 to 2013-14. It is further stated that the sub-5 per cent growth of the economy in 2013-14 is primarily the result of the continued slowdown in the industrial sector that is estimated to grow at 0.7 per cent in 2013-14 and lower growth in the 'trade, hotels, transport and communications' segment of the service sector. On the brighter side, agriculture, electricity, gas and water supply, financial, insurance, real estate and business services and community as well as social and personal services sector are projected to have grown at faster rates in 2013-14 vis-à-vis 2012-13. The World Economic Outlook (WEO) update released by the International Monetary Fund in January 2014 has revised the growth projection for the world economy slightly upwards to 3.0 per cent and 3.7 per cent for 2013 and 2014 respectively. From 2014 onwards, global growth prospects are projected to improve over the medium term at a gradual pace. In India, several reform measures have been undertaken including clearance of several large projects by the Cabinet Committee on Investment. These steps could help in revival of investment and growth in the economy. In addition, resurgence of exports, prospects of revival in the global economy and moderation in inflation observed recently, point to a better outlook for the Indian economy in 2014-15 vis-à-vis 2013-14.

GRAPHITE INDIA

The Company posted a flat revenue during the year amidst continuing weak economic conditions, inflationary trends, contraction in manufacturing output and resulting sluggish demand faced by the user industries throughout the year, both globally and domestically. Revenue from Operations was Rs. 18448.900 Million for FY 2013-14 as against Rs. 18361.800 Million in the previous year. Production of steel through EAF route remained at the same level resulting in no growth in demand of Graphite Electrodes. The slide in price of Graphite Electrodes, which started in last year due to fierce competition, was steeper during the year. The year also witnessed reduction in major input costs. Reduction in input costs together with cost reduction initiatives and better inventory management could result in improved performance of the Company. The PAT of Rs. 1709.200 Million for the current year was higher by 5% in comparison to Rs. 1630.800 Million of previous year.

The Company's Graphite and Carbon Segment continues to be the main source of revenue and profit for the Company, accounting for about 92% of the total revenue. Exports suffered set back during the year due to weak performance by the Company's subsidiary in Germany. Glass Reinforced Plastic Pipes and Steel segment did not perform to expectation due to weak demand and unsustainable prices.

The business environment in all segments has become intensely competitive. In order to sustain and survive through this difficult phase, the Company has taken extraordinary measures in ensuring efficient management of all resources, innovative approach to cost reduction and high level of operating efficiencies.

The performance of the German subsidiaries suffered due to steep fall in selling prices and weak demand scenario in Europe.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

(i) Industry's structure and developments

A. Graphite and Carbon Segment

Graphite Electrodes

Graphite Electrode is used in electric arc furnace (EAF) based steel mills for conducting current that melts scrap iron and steel and is a consumable item for the steel industry. An increasing proportion of global steel is made using electric arc furnaces, and the electric arc furnace itself is getting more efficient, making more steel per tonne of electrode. The principal manufacturers are based in USA, South America, Europe, India, China, Malaysia and Japan.

Graphite Electrode demand is primarily linked with the global production of steel in electric arc furnaces. Between the two basic routes for steel production - (1) Blast Furnace (BF); and (2) Electric Arc Furnace (EAF) – the EAF route to steel production has increased over the last two decades to about 30% at the global level. The share of EAF is expected to grow further in years to come due to its inherent favourable characteristics of (a) an environment friendly and less polluting production process; (b) low capital cost; and (c) faster project (commissioning) time. Fresh investments in EAF steel mills are characterised by large furnace capacities requiring large diameter UHP Electrodes. It is expected that the demand for UHP Electrodes too will grow synchronously. These industry features coupled with an increasing proportion of EAF steel share in total crude steel production in future should proportionately augment the demand for Graphite Electrodes.

Stagnant demand, intense competition and sliding sales price continued to push challenges during the year. This is compounded by liberalisation of import tariff for these items by the Government in new FTA regime. On the other hand, Graphite Electrodes from India are subject to levies in some countries making imports dearer for overseas consumers.

The Government of India has also reduced rate of duty drawback on Graphite Electrodes from 4% to 3% with a cap of Rs. 3,200 / MT with effect from 22nd September, 2013. This has impaired competitiveness of Indian electrode industry.

The new facility for production of 20,000 MT of Graphite Electrodes at Durgapur has fully stabilised. Upgraded technology deployed in this facility has resulted in improved quality and efficient cost of production.

Calcined Petroleum Coke and Paste

The Coke Division in Barauni, engaged in the manufacture of Calcined Petroleum Coke (CPC), which is used as a raw material for certain grades of electrodes, is one of the several backward integration initiatives of the Company. The Division also makes Carbon Electrode Paste and Carbon Tamping Paste. Two grades of CPC - aluminium and graphite - are produced here. CPC is a raw material used in the manufacture of regular and high power grade Graphite Electrodes. This is also a critical raw material for fine grained high density graphite used in speciality graphite products and impervious graphite equipment. Carbon Electrode Paste is used in ferro alloy smelters and Carbon Tamping Paste is used as a lining material in submerged arc furnaces.

This division could not perform to expectations because of poor demand, low realisation and constraint in supply of basic raw material i.e. raw petroleum coke

Impervious Graphite Equipment

The Impervious Graphite Equipment (IGE) Division is engaged in manufacturing and marketing of heat exchangers, ejectors, pumps and turnkey plants. These have a wide range of applications in corrosive chemicals industries such as pharmaceutical, agro-chemical, chloro alkali and fertilizer industries.

Over the years the Company has built this product line into a reliable brand with a reputation for prompt service, good quality and consistent performance through investing in strengthening the core competencies.

This division has maintained its performance inspite of difficult economic environment.

DGFT has amended export licensing requirement for SCOMET items which would help in speedy execution of export orders.

Captive Power

Power constitutes one of the major costs of Electrode Production. For captive consumption, the Company has an installed capacity of 31.5 MW of power generation through Hydel (18 MW) route and 13.5 MW through multi-fuel route. Power generation through Hydel Power Plant was higher to 52.54 million units as against 29.48 million units in the previous year due to very good monsoon. The multi fuel power generating sets remained as stand-by owing to adequate availability of power from the grid.

The Company terminated the Power Delivery Agreement (PDA) and Shares Subscription Agreement (SSA) with Wardha Power Co. Limited (WPCL) and invoked the arbitration clause last year. Arbitration proceedings are underway.

B. Steel Segment

Powmex Steels Division (PSD) is engaged in the business of manufacturing high speed steel and alloy steel having its plant at Titilagarh in the State of Orissa. PSD is the single largest manufacturer of High Speed Steel (HSS) in the country. HSS is used in the manufacture of cutting tools such as drills, taps, milling cutters, reamers, hobs, broaches and special form tools. HSS cutting tools are essentially utilised in - (a) automotive; (b) machine tools; (c) aviation; and (d) DIY market. The industry is characterised by one good quality manufacturer of HSS viz. PSD and several other small manufacturers who cater to the low end of the quality spectrum in the retail segment. On the demand side, the industry is broadly divided into large and small cutting tool manufacturers who use both domestic and imported HSS. PSD faces competition from small domestic producers and imports from large overseas manufacturers.

During the year under review, domestic market for HSS products continued to be subdued. However, the division was able to increase exports, and proposes to concentrate on this market for achieving higher volumes and better value addition in the coming year. With pick up in economic activity, it is expected that domestic sales of HSS products will improve progressively.

C. Other Segments

Glass Reinforced Plastic Pipes and Tanks (GRP)

GRP Division is engaged in manufacturing of large diameter Glass Fibre Reinforced Plastic Pipes and Pipeline liners, by continuous filament process with computerized, advanced technology. These pipes have diverse applications such as water supply projects, power plants, sewerage disposal schemes, industrial effluent disposal, etc.

The Company has a good track record of supplying large diameter pipes in major infrastructure projects. During the year, the performance of the Division has remained below par due to severe under cutting of prices by competitors. Further, the Division had to face cost pressures on account of rising input prices and general inflationary economy. The market is increasingly getting flooded with small competitors owing to low technological requirement and low investment involved, resulting in unhealthy competition. Project cost over-runs, delay in completion of projects, disputes on contractual defaults and non-receipt of receivables are the several inherent risks in this business. Thus, it has become difficult to operate in this unpredictable business environment and the Company has become selective in picking its orders. This industry is expected to consolidate in the near future with closure of operations by one big manufacturer and likely closure of some other weak manufacturers.

The performance of the division was not satisfactory during the period due to severe competition. A big order has been received during the year from NTPC which will be executed in next year.

1.5 MW Hydel Power Facility

Power generated from this facility is sold to Karnataka Power Grid under a Power Purchase Agreement. Generation of power is entirely dependent on monsoon.

(iii) Segment-wise Performance

Revenue of the Company

The revenue from operations amounted to Rs. 18448.900 Million as against Rs. 18361.8 Million in the previous year. Aggregate Export Revenue of all divisions together was Rs. 10830.400 Million as against Rs. 11636.200 Million in the previous year.

Graphite and Carbon Segment

Production of Graphite Electrodes and Other Miscellaneous Carbon and Graphite Products during the year was 68,094 MT against 67,583 MT in the previous year.

Production of Calcined Petroleum Coke during the year was 20,709 MT as against 24,183 MT in the previous year. Production of Carbon Paste during the year was 7,905 MT against 6,303 MT in the previous year.

Production of Impervious Graphite Equipment (IGE) and spares at 1,121 MT was higher as compared to that of 1,013 MT in the previous year.

Power generated from captive Hydel Power Plant of 18 MW capacity amounted to 52.54 million units during the year as against 29.48 million units in the previous year. Multi-fuel generating facilities remained as stand-by and were not operated due to adequate availability from the grid.

The Segment Revenue remained flat at Rs. 17047.700 Million in comparison to Rs. 17008.300 Million in the previous year. Domestic and Export sales in terms of volume increased during the year but realization impacted adversely due to severe competition. Profitability of the segment increased from Rs. 2786.600 Million to Rs. 2940.200 Million due to increase in volume, various cost initiatives taken by the Company, depreciation of rupee, etc.

Steel Segment

Production of HSS and Alloy Steels was 1,454 MT during the year as against 1,620 MT in the previous year.

Other Segments

The GRP Division produced 9,630 MT as against 4,298 MT in the previous year.

Sale of power from 1.5 MW Link Canal facility was 3.14 million units as against 2.05 million units in the previous year.

OUTLOOK

As per the April-2014 update of the IMF World Economic Outlook (WEO), Global activity has broadly strengthened and is expected to improve further in 2014-15, with much of the impetus for growth coming from advanced economies. Although downside risks have diminished overall, lower-than-expected inflation poses risks for advanced economies. There is increased financial volatility in emerging market economies, and increases in the cost of capital will likely dampen investment and weigh on growth. Advanced economy policymakers need to avoid a premature withdrawal of monetary support. Emerging market economy policymakers must adopt measures to suit the changing fundamentals, facilitate external adjustment, further monetary policy tightening, and carry out structural reforms.

According to indications and forecasts, the International Monetary Fund (IMF) sees economic recovery on the back of global cues. The IMF has projected India's economy to grow by 5.4% in 2014-15 and 6.4% in 2015- 16 on the back of strengthening global growth, improving export competitiveness and implementation of recently approved investment projects. In its latest World Economic Outlook (WEO), the IMF said overall growth is expected to firm up on policies supporting investment and a confidence boost from recent policy actions, but will remain below trend. IMF said the global recovery is becoming broader, but the changing external environment poses new challenges to emerging markets and developing economies. The multilateral agency forecasts global growth to average 3.6% in 2014 - up from 3% in 2013 - and to rise to 3.9% in 2015.

Annual production for Asia was 1,080.9 Mt of crude steel in 2013, an increase of 6.0% compared to 2012. The region's share of world steel production increased slightly from 65.7% in 2012 to 67.3% in 2013. India's crude steel production in 2013 is estimated at 81.2 Mt as against 77.3 Mt in 2012, an increase of 5.1% on 2012.

The Indian steel sector has grown substantially during the last decade, registering a strong demand push in the last five years. The steel demand in India is expected to grow by 3.3% to 76.2 Mt in 2014, following 1.8% growth in 2013, due to an improved outlook for the construction and manufacturing sectors, even though this will be constrained by high inflation and structural problems. Steel demand is projected to grow by 4.5% in 2015 supported by the expectation that structural reforms will be implemented.

The production through EAF route should go up in view of its various advantages, primarily from the point of view of low emission of carbon dioxide. This development augurs well for the growth of Graphite Electrode demand in future years, inspite of reducing specific consumption of electrodes per tonne of steel produced, as a result of improvement in manufacturing technology of steel as well as electrodes.

With its competitive cost structure, strong technical product features and a well-diversified customer base, the Company has established its presence in the global Graphite Electrode industry as a potential global player and this has significantly enabled the Company to penetrate aggressively, the growing market for large diameter UHP Graphite Electrodes.

It is expected that the domestic demand for steel and as a corollary for Graphite Electrodes may increase marginally. Faced with unfavourable business conditions, the global players have turned to the Asian markets and are following an aggressive pricing policy to capture volumes. This is likely to affect the Company's domestic volumes as also the profit margins.

RECOGNITION/ AWARD

The Company continues to enjoy the status of a Star Trading House. This year too, the Company received the following awards for export performance –

- from Hon. Prime Minister, Govt. of India – DRDO Technology Absorption Award by R&D, Bangalore.

- from ECGC - DNB : Dun and Bradstreet Corporate Awards 2012.

- from EEPC, India, Mumbai : 45th National Award for Export Excellence for 2012-13.

- from CAPEXIL: Special Export Award / Certificate of Merit 2011-12.

- from Greentech Foundation, New Delhi: 12^th Annual Greentech Safety Awards 2013 in the Gold Category by Engineering Sector in Satpur plant.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
(i) Claims against the Company not acknowledged as debts:
(a) Disputed Excise Duty	102.312	52.395
(b) Disputed Customs Duty	116.301	99.962
(c) Disputed Service Tax	251.607	32.492
(d) Disputed Sales Tax / Value Added Tax	51.654	52.846
(e) Disputed Entry Tax	36.008	24.604
(f) Disputed Income Tax	88.047	0.189
(g) Labour Related Matters	50.369	32.442
(h) Other Matters (Rent etc.)	4.923	4.923
(ii) Guarantee Corporate Guarantees given to banks to secure the financial assistance/ accommodation extended to Subsidiary Companies	619.575	520.950
(iii) In respect of Contingent Liabilities mentioned in Note (i) above, it is not practicable for the Company to estimate the timings of cash outflows, if any, pending resolution of the respective proceedings. The Company does not expect any reimbursements in respect of the above Contingent Liabilities.

STANDALONE UNAUDITED FINANCIAL RESULT FOR QUARTER ENDED 31^ST DECEMBER 2014

(Rs. In Million)

	Quarter Ended		Half Year Ended
PARTICULARS	31.12.2014	30.09.2014	31.12.2014
	(Unaudited)	(Unaudited)	(Unaudited)
Income from Operations
Gross Sales / Income from Operations	3270.200	4092.300	11218.600
Less : Excise Duty	163.900	174.600	524.300
Net Sales / Income from Operations	3106.300	3917.700	10694.300
Other Operating Income	34.500	55.500	121.400
Total Income from Operations (Net)	3140.800	3973.200	10815.700
Expenses
Cost of materials consumed	1670.800	1848.000	5425.500
Purchases of stock-in-trade	--	--	--
Changes in inventories of finished goods, work-in- progress and stock-in-trade	(539.100)	18.300	(810.300)
Employee benefits expense	334.500	350.800	1035.700
Consumption of stores and spare parts	306.700	323.100	943.100
Power and fuel	520.000	546.000	1723.300
Depreciation and amortization expense	95.500	105.600	292.700
Other Expenses	430.400	488.800	1306.600
Total Expenses	2818.800	3680.600	9916.600
Profit / (Loss) from Operations before other income, finance costs and exceptional items	322.000	292.600	899.100
Other Income	32.700	45.900	217.300
Profit / (Loss) from ordinary activities Before Finance Costs & Exceptional Items	354.700	338.500	1116.400
Finance costs	36.700	25.600	98.100
Profit / (Loss) from ordinary activities after Finance Cost but before exceptional items	318.000	312.900	1018.300
Exceptional Items	--	--	--
Profit / (Loss) from ordinary activities before tax	318.000	312.900	1018.300
Tax expense	114.000	112.000	338.500
Net Profit / (Loss) from ordinary activities after tax	204.000	200.900	679.800
Extraordinary Item	--	--	--
Net profit for the period
Paid-up Equity Share Capital (each share of Rs. 2/- face value)	390.800	390.800	390.800
Reserves excluding revaluation reserves as per Balance Sheet of previous accounting year	--	--	--
Earnings per share (EPS) (before and after extraordinary items) – Face Value Rs. 2/- each (not annualised)
Basic EPS (Rs.)	1.04	1.03	3.48
Basic EPS (Rs.)	1.04	1.03	3.48

A	PARTICULARS OF SHAREHOLDING		Quarter Ended		Half Year Ended
			31.12.2014	30.09.2014	31.12.2014
1	Public shareholding
	a.	Number of shares	68181434	68262202	68181434
	b.	Percentage of shareholding	34.90%	34.94%	34.90%
2	Promoters and promoter group shareholding
	a.	Pledged/Encumbered
		Number of shares	--	--	--
		Percentage of shares (as a % of the total shareholding of promoter and promoter group)	--	--	--
		Percentage of shares (as a % of the total share capital of the Company)	--	--	--
	b.	Non-encumbered
		Number of shares	127194160	127113392	127194160
		Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
		Percentage of shares (as a % of the total share capital of the Company)	65.10%	65.06%	65.10%

	Particulars	Quarter Ended
		31.12.2014
B	INVESTOR COMPLAINTS (Nos.)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	7
	Disposed of during the quarter	7
	Remaining unresolved at the end of the quarter	Nil

SEGMENT-WISE REVENUE, RESULT AND CAPITAL EMPLOYED IN TERM OF CLAUSE 41 OF THE LISTING AGREEMENT

(Rs. In Million)

	Particulars	Quarter Ended		Half Year Ended
		31.12.2014	30.09.2014	31.12.2014
1.	Segment Revenue (net of excise duty):
	(a) Graphite and Carbon	2845.200	3437.700	9654.600
	(b) Steel	223.300	211.100	648.200
	(c) Unallocated	74.100	324.600	516.600
	Total	3142.600	3973.400	10819.400
	Less: Inter-Segment Revenue	1.800	2.000	3.700
	Sales/ Income from Operation Net	3140.800	3973.200	10815.700
2.	Segment Results: [Profit / (loss) before tax and finance costs from each segment]
	(a) Graphite and Carbon	379.200	333.400	1046.600
	(b) Steel	10.200	8.000	63.600
	(c) Unallocated	20.300	38.800	83.900
	Total	409.700	373.000	1194.100
	Less: (i) Finance costs (net)	36.700	25.600	98.100
	(ii) Other un-allocable expenditure net of un-allocable income	55.000	34.500	77.700
	Total Profit Before Tax	318.000	312.900	1018.300
3.	Capital Employed: (Segment Assets - Segment Liabilities)
	(a) Graphite and Carbon	15822.100	15622.200	15822.100
	(b) Steel	2045.000	2064.800	2045.000
	(c) Unallocated	358.900	474.800	358.900
	Total	18226.000	18161.800	18226.000

NOTES:

1.The estimated useful lives of fixed assets have been revised in keeping with the provisions of Schedule II to the Companies Act,2013 effective 1st April,2014. Pursuant to the said revision in useful lives, the depreciation expense for the quarter and the nine months ended December 31, 2014 is lower and the profit before tax is higher by Rs. 28.400 Million and Rs. 78.800 Million respectively.

2. Figures for the previous periods have been regrouped / rearranged wherever necessary to conform to current period's classification.

3. The above results have been reviewed by the Audit Committee and approved by the Board at its meeting held on February 13, 2015. The Auditors of the Company have earned out a limited Review of the above financial results for the quarter ended December 31, 2014 in terms of Clause 41 of the Listing Agreement with Stock Exchanges.

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Machinery Spares

Intangible Assets

· Computer Software

NEWS

February 19, 2015

GRAPHITE INDIA GETS CREDIT RATINGS REAFFIRMATION

Graphite India announced that ICRA has reaffirmed the rating of the Rs. 7200.000 Million Fund Based and Non Fund Based limits availed by the Company at "(ICRA) AA+" (pronounced ICRA double A plus) for the long term and at "(ICRA)A1+" (pronounced ICRA A one plus) for the short term. The outlook on the long term rating is Stable.

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 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.62.33
UK Pound	1	Rs.92.83
Euro	1	Rs.68.08

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		69

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.