MIRA INFORM REPORT

Report No. :	309998
Report Date :	03.03.2015

IDENTIFICATION DETAILS

Name :	R. S. CONCAST LIMITED
Registered Office :	B – 401, 4^th Floor, City Centre, Salt Lake, Kolkata– 700064, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.05.2004
Com. Reg. No.:	21-098583
Capital Investment / Paid-up Capital :	Rs. 20.660 Million
CIN No.: [Company Identification No.]	U27109WB2004PLC098583
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALRO4838B
PAN No.: [Permanent Account No.]	AACCR8094E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and selling of Iron and steel items and providing rental services.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 400000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems dip in the profit of the company during 2014. However, General financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. 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	CRISIL
Rating	Long Term Rating = BB+
Rating Explanation	Have moderate risk of default.
Date	04.09.2014

Rating Agency Name	CRISIL
Rating	Short Term rating = A 4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	04.09.2014

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 (General Information)

Name :	Mr. Amit K Singh
Designation :	Accountant
Contact No.:	91-33-23589109
Date :	02.03.2015

LOCATIONS

Registered Office :	B – 401, 4^th Floor, City Centre, Salt lake, Kolkata – 700064, West Bengal, India
Tel. No.:	91-3323589109/ 4453/ 5410
Mobile No.:	Not Available
Fax No.:	91-33-23584436
E-Mail :	contact@ishwartmt.com
Website :	Not Available
Location :	Owned
Factory :	Village – Bamunara (Muchipara), P. S. kanska, Durgapur – 713212, West Bengal, India
Location :	Owned

DIRECTORS

As on : 30.09.2014

Name :

Mr. Agwarlal Radhesyam

Designation :

Director

Address :

R – 605, The Residency, City Centre, Salt Lake, Sector – I, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

14.08.1954

Date of Appointment :

20.05.2004

DIN No.:

00462689

Voter ID No.:

XOY1434125

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	U27109WB1994PLC066539	R.S.ISPAT LTD	Director	14/12/1994	14/12/1994	-	Active	NO
2	U27104WB1997PTC084835	I C ISPAT PRIVATE LIMITED	Director	07/07/1997	07/07/1997	-	Amalgamated	NO
3	U27109WB1999PLC089428	BAJRANGBALI ROLLING MILLS LIMITED	Director	20/02/2002	20/02/2002	-	Active	NO
4	U74899DL1979PTC010046	NICE ESTATES PRIVATE LIMITED	Director	22/06/2002	22/06/2002	31/03/2012	Active	NO
5	U27109WB2004PLC098583	R.S. CONCAST LIMITED	Director	20/05/2004	20/05/2004	-	Active	NO
6	U27102WB2004PTC099668	R S SPONGE IRON PRIVATE LIMITED	Director	03/09/2004	03/09/2004	-	Active	NO
7	U45203WB2006PTC109288	MAA AMBA INFRASTRUCTURE PVT LTD	Director	11/05/2006	11/05/2006	26/03/2009	Active	NO
8	U45203WB2006PTC109403	MAA AMBE WAREHOUSING PVT LTD	Director	16/05/2006	16/05/2006	21/08/2013	Active	NO
9	U45400WB2007PLC114611	MAA AMBA TOWERS LIMITED	Director	26/03/2007	26/03/2007	18/01/2013	Active	NO
10	U45400WB2007PTC114607	MAA AMBE PLAZA PRIVATE LIMITED	Director	26/03/2007	26/03/2007	15/03/2012	Active	NO
11	U51109WB1991PTC051859	GOODWORTH INVESTMENTS PVT LTD	Director	24/12/2007	24/12/2007	-	Active	NO
12	U60231WB2008PTC130165	MAA AMBE LOGISTICS PRIVATE LIMITED	Director	25/10/2008	25/10/2008	18/01/2013	Active	NO
13	U45400WB2009PTC133589	MAA AMBE REALTORS PRIVATE LIMITED	Director	07/03/2009	07/03/2009	15/03/2012	Active	NO
14	U70109WB2010PTC155005	MAA AMBA REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO
15	U70109WB2010PTC155006	MAA AMBA INFRA DEVELOPERS PRIVATE LIMITED	Director	25/11/2010	25/11/2010	29/03/2014	Active	NO
16	U70109WB2010PTC155004	MAA AMBA NIRMAN PRIVATE LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO

Name :

Mr. Rakesh Agarwal

Designation :

Director

Address :

R – 605, The Residency, City Centre, Salt Lake, Sector – I, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

21.10.1977

Date of Appointment :

20.05.2004

DIN No.:

00462688

Voter ID No.:

XOY1434125

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	U27109WB1994PLC066539	R.S.ISPAT LTD	Director	14/12/1994	14/12/1994	-	Active	NO
2	U70109WB1997PTC084836	RAKESH MINERALS PRIVATE LIMITED	Director	07/07/1997	07/07/1997	30/09/2011	Active	NO
3	U27109WB1999PLC089428	BAJRANGBALI ROLLING MILLS LIMITED	Director	17/05/1999	17/05/1999	-	Active	NO
4	U27104WB1997PTC084835	I C ISPAT PRIVATE LIMITED	Director	20/08/2001	20/08/2001	-	Amalgamated	NO
5	U27109WB2004PLC098583	R.S. CONCAST LIMITED	Director	20/05/2004	20/05/2004	-	Active	NO
6	U27102WB2004PTC099668	R S SPONGE IRON PRIVATE LIMITED	Director	03/09/2004	03/09/2004	-	Active	NO
7	U45203WB2006PTC109288	MAA AMBA INFRASTRUCTURE PVT LTD	Director	11/05/2006	11/05/2006	26/03/2009	Active	NO
8	U45203WB2006PTC109403	MAA AMBE WAREHOUSING PVT LTD	Director	16/05/2006	16/05/2006	18/01/2013	Active	NO
9	U45400WB2007PTC114607	MAA AMBE PLAZA PRIVATE LIMITED	Director	26/03/2007	26/03/2007	15/03/2012	Active	NO
10	U45400WB2007PLC114611	MAA AMBA TOWERS LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
11	U51109WB1991PTC051859	GOODWORTH INVESTMENTS PVT LTD	Director	24/12/2007	24/12/2007	-	Active	NO
12	U60231WB2008PTC130165	MAA AMBE LOGISTICS PRIVATE LIMITED	Director	25/10/2008	25/10/2008	19/08/2013	Active	NO
13	U74140WB1997PTC084543	LA EXACTLLY SOFTWARE PRIVATE LIMITED	Director	29/09/2011	16/02/2009	25/02/2013	Active	NO
14	U45400WB2009PTC133589	MAA AMBE REALTORS PRIVATE LIMITED	Director	07/03/2009	07/03/2009	15/03/2012	Active	NO
15	U70109WB2010PTC155005	MAA AMBA REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO
16	U70109WB2010PTC155006	MAA AMBA INFRA DEVELOPERS PRIVATE LIMITED	Director	25/11/2010	25/11/2010	29/03/2014	Active	NO
17	U70109WB2010PTC155004	MAA AMBA NIRMAN PRIVATE LIMITED	Director	25/11/2010	25/11/2010	-	Active	NO

Name :

Mr. Shyama Agarwal

Designation :

Director

Address :

R – 605, The Residency, City Centre, Salt Lake, Sector – I, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

17.11.1976

Date of Appointment :

20.05.2004

DIN No.:

01379881

PAN No.:

AEUPA8954M

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	U27109WB2004PLC098583	R.S. CONCAST LIMITED	Director	20/05/2004	20/05/2004	-	Active	NO
2	U45400WB2007PLC114611	MAA AMBA TOWERS LIMITED	Director	07/08/2007	07/08/2007	-	Active	NO
3	U45400WB2007PTC114607	MAA AMBE PLAZA PRIVATE LIMITED	Director	11/06/2008	11/06/2008	-	Active	NO
4	U27109WB1999PLC089428	BAJRANGBALI ROLLING MILLS LIMITED	Director	19/06/2008	19/06/2008	-	Active	NO
5	U45203WB2006PTC109288	MAA AMBA INFRASTRUCTURE PVT LTD	Director	23/03/2009	23/03/2009	-	Active	NO
6	U37100WB2010PTC154321	MAA AMBA FORGINGS PRIVATE LIMITED	Director	28/10/2010	28/10/2010	18/01/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2014

Names of Shareholders	No. of Shares
Agarwal Radheshyam	54000
Agarwal Rakesh	28000
Agarwal Manju Devi	28000
Radhey Shyam Agarwal (HUF)	20000
Bajrangbali Rolling Mills Limited	750000
Goodworth Investments Private Limited	1174000
Agarwal Shyama	12000
Total	2066000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage	%age
Bodies corporate	93.00	93.00
Directors or relatives of Directors	7.00	7.00
Total	100.00	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and selling of Iron and steel items and providing rental services.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Retailers and End Users

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	IFB Branch, Kolkata
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit Rs. 10.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on demand from banks	0.000	95.210
Total	0.000	95.210

Auditors :
Name :	Dokania S Kumar and Company Chartered Accountant
Address :	598/2 Sarat Chatterjee Road, Shibpur, Howrah – 711102, West Bengal, India
PAN No.:	AADFD7955N
Memberships :	Not Available
Collaborators :	Not Available
Associate :	Ma A Amba Infrastructure Private Limited Bajrangbali Rolling Mills Limited R S. Ispat Limited Maa Amba Towers Limited Maa Amba Warehousing Private Limited Maa Amba Forgings Private Limited
Holding :	Goodworth Investments Private Limited
Sister Concern :	Maa Ambe Warehousing private limited

CAPITAL STRUCTURE

As on : 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2100000	Equity Shares	Rs.10/- each	Rs. 21.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2066000	Equity Shares	Rs.10/- each	Rs. 20.660 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	20.660	13.160	13.160
(b) Reserves & Surplus	118.655	75.884	65.709
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	46.000	0.000
Total Shareholders’ Funds (1) + (2)	139.315	135.044	78.869
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	62.220	0.000
(b) Deferred tax liabilities (Net)	3.746	3.868	2.705
(c) Other long term liabilities	18.292	8.752	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	22.038	74.840	2.705
(4) Current Liabilities
(a) Short term borrowings	0.000	95.210	84.356
(b) Trade payables	202.294	176.682	152.997
(c) Other current liabilities	71.108	9.010	30.749
(d) Short-term provisions	0.498	0.451	0.866
Total Current Liabilities (4)	273.900	281.353	268.968
TOTAL	435.253	491.237	350.542
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	268.845	238.101	113.812
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	8.155	16.646
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.726	1.726	1.726
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.910	22.462	30.430
(e) Other Non-current assets	6.070	3.550	3.640
Total Non-Current Assets	278.551	273.994	166.254
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	60.392	53.636	98.351
(c) Trade receivables	48.615	125.503	40.435
(d) Cash and cash equivalents	26.672	3.582	3.020
(e) Short-term loans and advances	18.788	31.017	41.383
(f) Other current assets	2.235	3.505	1.099
Total Current Assets	156.702	217.243	184.288
TOTAL	435.253	491.237	350.542

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1385.124	1281.108	1085.416
		Other Income	56.471	85.565	15.445
		TOTAL	1441.595	1366.673	1100.861
Less	EXPENSES
		Cost of Materials Consumed	1093.323	1042.129	863.311
		Purchases of Stock-in-Trade	0.415	0.636	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.713	(8.311)	(9.123)
		Employees benefits expense	4.362	4.304	3.228
		Prior period items before tax	0.000	(1.364)	0.000
		Other expenses	308.203	293.327	219.798
		TOTAL	1408.016	1330.721	1077.214
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		33.579	35.952	23.647
Less	FINANCIAL EXPENSES		5.461	12.754	11.088
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		28.118	23.198	12.559
Less/ Add	DEPRECIATION/ AMORTISATION		20.476	8.767	7.552
	PROFIT BEFORE TAX		7.642	14.431	5.007
Less	TAX		2.371	4.257	(2.944)
	PROFIT AFTER TAX		5.271	10.174	7.951
	BALANCE CARRIED TO THE B/S		5.271	10.174	7.951
	Earnings Per Share (Rs.)		2.55	4.92	3.85

Expected Sales (2014-15) : Rs. 1400.000 Million

The above information has been parted by Mr. Amit K Singh.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.38	0.79	0.73
Operating Profit Margin (PBDIT / Sales)	(%)	2.42	2.81	2.18
Return on Total Assets (PBT/Total Assets}	(%)	1.76	3.00	1.51
Return on Investment (ROI) (PBT/Networth)		0.05	0.11	0.06
Debt Equity Ratio (Total Debt /Networth)		0.00	1.17	1.07
Current Ratio (Current Asset/Current Liability)		0.57	0.77	0.69

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.160	13.160	20.660
Reserves & Surplus	65.709	75.884	118.655
Share Application money pending allotment	0.000	46.000	0.000
Net worth	78.869	135.044	139.315
long-term borrowings	0.000	62.220	0.000
Short term borrowings	84.356	95.210	0.000
Total borrowings	84.356	157.430	0.000
Debt/Equity ratio	1.070	1.166	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1085.416	1281.108	1385.124
		18.029	8.119

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1085.416	1281.108	1385.124
Profit	7.951	10.174	5.271
	0.73%	0.79%	0.38%

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	Yes
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	Yes
19]	Payments terms	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related parties	0.000	62.220
Total	0.000	62.220

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10477757	06/02/2014	415,000,000.00	STATE BANK OF INDIA	Industrial Finance Branch, Kolkata, 11, Dr. U. N.  Brahmachari Street, Kolkata, West Bengal - 700017  , INDIA	B96436423
2	80014554	09/04/2008 *	137,600,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, SKY STAR BUILDING, 5TH FLOOR S  EVOKE ROAD, SILIGURI, SILIGURI, West Bengal - 7340  01, INDIA	A36884286

FIXED ASSETS

• Factory Building
• Plant and Machinery
• Furniture and Fittings
• Electric Installations
• Air Conditioner
• Computer
• Warehouse
• Inventories

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.61.82
UK Pound	1	Rs.95.26
Euro	1	Rs.69.13

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RSM
Report Prepared by :	RNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		44

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.