MIRA INFORM REPORT

Report No. :	324087
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	SCAN STEELS LIMITED (w.e.f 26.09.2014)
Formerly Known As :	CLARUS INFRASTRUCTURE REALTIES LIMITED
Registered Office :	Office No – 104/105, E - Square, Subhash Road, Opposite Havmore Ice Cream, Vile Parle (East), Mumbai – 400057, Maharashtra
Tel. No.:	91-6624-280326/ 27
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.12.1990
Com. Reg. No.:	11-076015
Capital Investment / Paid-up Capital :	Rs.378.003 Million
CIN No.: [Company Identification No.]	L27209MH1994PLC076015
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of steel TMT Bars, Iron and Rods.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 6400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a steel manufacturer company. Its product includes induction furnaces and rods. It is an established company having moderate track record. As on February 25, 2014 the company got amalgamated with “CLARUS INFRASTRUCTURE REALTIES LIMITED” and the name of Clarus Infrastructure Realties Limited got changed into Scan Steels Limited. The company possesses moderate operational risk profile marked by slight dip in sales turnover along with losses incurred from its operational activities. Due to operational losses reserves position of the company got hampered and it leverage the balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of operational losses, the company can be considered for business dealings with some caution.

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long Term Bank Facility B+ (Term Loan)
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk.
Date	March 21, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facility A4 (Non-fund Based)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	March 21, 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 DETAILS)

Name :	Mr. Pravir Das
Designation :	Chief Executive Officer
Contact No.:	91-977703521
Date :	22.05.2015

LOCATIONS

Registered Office :	Office No - 104,105, E - Square, Subhash Road, Opposite Havmore Ice Cream, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26185461 / 62
Mobile No.:	91-9777035321 (Mr. Pravir Kumar Das)
Fax No.:	91-22-26185463
E-Mail :	chhajer_prakash@yahoo.co.in scansteels@scansteels.com secretarial@scansteels.com
Website :	www.scansteels.com
Head Office :	Main Road, Rajgangpur, Sundergarh – 770017, Orissa, India
Tel. No.:	91-6624-280327280328
Fax No.:	91-6624-280326
Corporate Office :	Trishna Nirmalya, Plot No.516/1723/3991, Sundergarh – 770017, Orissa, India
Tel No.:	91-674-2726237 / 2726438
Fax No.:	91-674-2726591
E-Mail :	scansteels@scansteels.com
Website :	www.scansteels.com
Works (Unit - I) :	At : Ramabahal, Rajgangpur, District Sundargarh, Odisha, India
Tel. No.:	91-6624–280327/ 280328
Fax No.:	91-6624-280326
Works (Unit - II) :	At : Budhakata, Po. Biringatoli, District Sundargarh, Odisha, India
Works (Unit - IV ) :	At : Bai - Bai, Bargaon, District Sundargarh, Odisha, India
Works (Unit - VI ) :	Works At: Survey No.285 B-1-285, B-2-286B, 400-A-2, Haraginadoni Road,Veniveerapur Village, Bellary – 583115, Karnataka, India

DIRECTORS

As on : 31.03.2014

Name :

Mr. Rajesh Godadia

Designation :

Managing Director

Age / Date of Birth :

42 years

Qualification :

(B. Tech.) Mechanical Engineer

Date of Appointment :

15.02.2014

PAN No.:

ABRPG2112K

DIN No.:

00574465

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	U27106OR1990PLC002685	SCAN STEELS LIMITED	Managing director	15/02/2014	11/12/1990	-	Amalgamated	NO
2	U51109WB1996PTC080243	ARTLINE COMMERCE PRIVATE LIMITED	Director	07/03/2001	07/03/2001	-	Active	NO
3	U27104OR1999PLC005820	SCAN SPONGIRON LIMITED	Director	23/02/2004	23/02/2004	20/06/2008	Active	NO
4	U27102OR2004PLC007689	SCAN UDYOG LIMITED	Director	27/07/2004	27/07/2004	-	Amalgamated	NO
5	U55101WB2005PTC139892	SHRISTI RESORTS AND MULTIPLEX PRIVATE LIMITED	Director	19/04/2005	19/04/2005	-	Active	NO
6	U52190OR2005PTC008248	NIYATI FOODS PRIVATE LIMITED	Director	02/06/2006	02/06/2006	25/09/2009	Active	NO
7	U23109WB2004PTC097816	NAV DURGA FUEL PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
8	U27102OR2007PLC009177	SCAN ENERGY & POWER LIMITED	Managing director	01/09/2012	21/02/2007	-	Active	NO
9	U51109WB2005PTC105290	MANXINE AGENCIES PRIVATE LIMITED	Director	26/12/2009	26/12/2009	24/03/2015	Active	NO
10	U51109WB1995PTC070354	TOPGRAIN BARTER PRIVATE LIMITED	Director	27/03/2010	27/03/2010	-	Amalgamated	NO
11	U70104WB2007PTC120587	APEX REAL ESTATE PRIVATE LIMITED	Director	27/03/2010	27/03/2010	-	Amalgamated	NO
12	U67120JH1992PLC004987	JAMSHEDPUR SECURITIES LIMITED	Director	10/04/2010	10/04/2010	29/12/2014	Active	NO
13	U51109WB1996PTC076501	GOPIKAR SUPPLY PRIVATE LIMITED	Director	01/05/2010	01/05/2010	29/12/2014	Active	NO
14	U63011WB1946PTC013200	BAYANWALA BROTHERS PRIVATE LIMITED	Director	01/05/2010	01/05/2010	24/03/2015	Active	NO
15	U51109WB2005PTC105639	SHIVVANGAN ADVISORY SERVICES PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Amalgamated	NO
16	U51109WB2005PTC105746	PEACOCK VINIMAY PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Amalgamated	NO
17	U74140WB2005PTC105713	MANJIT MANAGEMENT SERVICES PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Amalgamated	NO
18	U52321WB1992PTC057205	CONSOLIDATED MERCANTILES PRIVATE LIMITED	Director	26/10/2010	26/10/2010	27/12/2014	Active	NO
19	U51909WB1990PTC049974	ASCON MERCHANDISE PRIVATE LIMITED	Director	26/10/2010	26/10/2010	27/12/2014	Active	NO
20	U51909WB2009PTC140207	AMRITPHAL DEALER PRIVATE LIMITED	Director	12/08/2013	30/08/2012	-	Amalgamated	NO
21	U51909WB2009PTC138697	BRINDABAN SALES PRIVATE LIMITED	Director	12/08/2013	30/08/2012	-	Amalgamated	NO
22	U51109WB2006PTC111499	SLICK VYAPAAR PRIVATE LIMITED	Director	20/08/2013	02/11/2012	-	Amalgamated	NO
23	U51109WB2006PTC111533	LUCRE MERCHANT PRIVATE LIMITED	Director	21/08/2013	02/11/2012	-	Amalgamated	NO
24	U27100TG2008PLC058999	ECO STEEL INDIA LIMITED	Director	24/08/2013	17/06/2013	-	Active	NO
25	L27209MH1994PLC076015	Scan Steels Limited	Managing director	24/10/2014	14/03/2014	-	Active	NO
26	U27102OR2000PLC006060	PAWANJAY SPONGE IRON LIMITED	Additional director	29/12/2014	29/12/2014	-	Active	NO

Name :

Mr. Nimish Godadia

Designation :

Director

Age / Date of Birth :

41 Years

Qualification :

MBA (Finance) IIMS, Pune

Date of Appointment :

01.09.2012

PAN No.:

AATPG1117D

DIN No.:

01258815

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	U27106OR1990PLC002685	SCAN STEELS LIMITED	Whole-time director	01/09/2012	23/09/1995	-	Amalgamated	NO
2	U51109WB1996PTC080243	ARTLINE COMMERCE PRIVATE LIMITED	Director	07/03/2001	07/03/2001	-	Active	NO
3	U27104OR1999PLC005820	SCAN SPONGIRON LIMITED	Director	23/02/2004	23/02/2004	20/06/2008	Active	NO
4	U27102OR2004PLC007689	SCAN UDYOG LIMITED	Director	27/07/2004	27/07/2004	-	Amalgamated	NO
5	U55101WB2005PTC139892	SHRISTI RESORTS AND MULTIPLEX PRIVATE LIMITED	Director	19/04/2005	19/04/2005	-	Active	NO
6	U52190OR2005PTC008248	NIYATI FOODS PRIVATE LIMITED	Director	02/06/2006	02/06/2006	22/06/2009	Active	NO
7	U23109WB2004PTC097816	NAV DURGA FUEL PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
8	U27102OR2007PLC009177	SCAN ENERGY & POWER LIMITED	Director	21/02/2007	21/02/2007	-	Active	NO
9	U45209OR2007PTC009497	ROURKELA INFRASTRUCTURE CONSORTIUM PRIVATE LIMITED	Director	28/08/2007	28/08/2007	-	Active	NO
10	U27102OR2003PTC007415	HARIHAR IRON AND STEEL PRIVATE LIMITED	Director	21/01/2008	21/01/2008	25/06/2014	Active	NO
11	U27101OR2004PTC007573	21ST CENTURY FERRO AND ALLOYS PRIVATE LIMITED	Director	12/10/2009	12/10/2009	26/11/2013	Active	NO
12	U51109WB2005PTC105290	MANXINE AGENCIES PRIVATE LIMITED	Director	26/12/2009	26/12/2009	24/03/2015	Active	NO
13	U51109WB1995PTC070354	TOPGRAIN BARTER PRIVATE LIMITED.	Director	27/03/2010	27/03/2010	-	Amalgamated	NO
14	U70104WB2007PTC120587	APEX REAL ESTATE PRIVATE LIMITED	Director	27/03/2010	27/03/2010	-	Amalgamated	NO
15	U67120JH1992PLC004987	JAMSHEDPUR SECURITIES LIMITED	Director	10/04/2010	10/04/2010	29/12/2014	Active	NO
16	U63011WB1946PTC013200	BAYANWALA BROTHERS PRIVATE LIMITED	Director	01/05/2010	01/05/2010	24/03/2015	Active	NO
17	U51109WB1996PTC076501	GOPIKAR SUPPLY PRIVATE LIMITED	Director	01/05/2010	01/05/2010	29/12/2014	Active	NO
18	U51109WB2005PTC105639	SHIVVANGAN ADVISORY SERVICES PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Amalgamated	NO
19	U51109WB2005PTC105746	PEACOCK VINIMAY PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Amalgamated	NO
20	U74140WB2005PTC105713	MANJIT MANAGEMENT SERVICES PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Amalgamated	NO
21	U27100TG2008PLC058999	ECO STEEL INDIA LIMITED	Director	02/06/2010	02/06/2010	-	Active	NO
22	U52321WB1992PTC057205	CONSOLIDATED MERCANTILES PRIVATE LIMITED	Director	26/10/2010	26/10/2010	27/12/2014	Active	NO
23	U51909WB1990PTC049974	ASCON MERCHANDISE PRIVATE LIMITED	Director	26/10/2010	26/10/2010	27/12/2014	Active	NO
24	U51109WB2006PTC111499	SLICK VYAPAAR PRIVATE LIMITED	Director	20/08/2013	30/08/2012	-	Amalgamated	NO
25	U51109WB2006PTC111533	LUCRE MERCHANT PRIVATE LIMITED	Director	21/08/2013	30/08/2012	-	Amalgamated	NO
26	U51909WB2009PTC140207	AMRITPHAL DEALER PRIVATE LIMITED	Director	12/08/2013	01/11/2012	-	Amalgamated	NO
27	U51909WB2009PTC138697	BRINDABAN SALES PRIVATE LIMITED	Director	12/08/2013	01/11/2012	-	Amalgamated	NO
28	L27209MH1994PLC076015	Scan Steels Limited	Director	30/12/2014	14/03/2014	-	Active	NO

Name :

Mr. Ramendra P.Singh

Age / Date of Birth :

40 years

Qualification :

B.A

Designation :

Director

Date of Appointment :

30.09.2011

DIN No.:

03411893

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	U27106OR1990PLC002685	SCAN STEELS LIMITED	Director	30/09/2011	25/01/2011	-	Amalgamated	NO
2	L27209MH1994PLC076015	Scan Steels Limited	Director	30/12/2014	24/10/2014	28/01/2015	Active	NO

Name :

Mr. Ankur Madaan

Designation :

Director

Age / Date of Birth :

24 years

Qualification :

Graduate in Commerce

Name :

Mr. Vinay Goyal

Designation :

Director

Age / Date of Birth :

26 years

Qualification :

Graduate in Commerce

KEY EXECUTIVES

Name :	Mr. Pravir Das
Designation :	Chief Executive Officer
Name :	Mr. Prabir Kumar Das
Designation :	Company Secretary and Compliance Officer (w.e.f. 14.03.2014)
Name :	Mr. Gobinda Chandra Nayak
Designation :	Chief Financial Officer (14.11.2014)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 01.05.2015

Category of Shareholders	No. of Shareholders	Total shareholding as % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	14950076	33.71
Any Others (Specify)	10231909	23.07
Directors/Promoters & their Relatives & Friends	10231909	23.07
Sub Total	25181985	56.78
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	25181985	56.78
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	17533930	39.53
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	658831	1.49
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	976359	2.20
Any Others (Specify)	1195	0.00
Clearing Members	168	0.00
Non Resident Indians	1027	0.00
Sub Total	19170315	43.22
Total Public shareholding (B)	19170315	43.22
Total (A)+(B)	44352300	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	44352300	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of steel TMT Bars, Iron and Rods.
Products :	TMT Bars Iron and Rods.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS (As on 31.03.2014)

Particulars	Unit	Rated Capacity	Annual Production
Sponge Iron	DRI Kiln	2 X 500 TPD	3,00,000
HM/Pig Iron	Blast furnace 175 M³	350 TPD/	122,500 Hot Metal /36,750 Pig Iron
Sized Iron Ore	Iron Ore Crusher	50 TPH/ 1000TPD	3,00,000
Power	Captive Power Plant	30 MW (20 MW WHRB +4 MW BF Gas based (TRT) +6 MW AFBC)	--
Washed Coal (65 %) Middlings (30%) Rejects (5%)	Coal Washery	40 TPH/800 TPD	2,40,000 (Coal Input)
Billets	SMS Induction Furnace Elec. Arc Furnace Ladle Refining Furnace Continues Casting M/c.	2 x30 T 1x30 T 1x4 Strand	3,11,040
Iron Ore Pellet	Pellet Plant	4,000 TPD	12,00,000
Silico Management	Submerged Arc Furnace	2x 7.5 MVA	10,200
TMT Rods/ Bars	Rolling Mill-1	1 x 38 TPH	2,00,000
Structural .Steel	Rolling Mill-2	1 x 38 TPH	2,00,000
Galvanized Product	Galvanizing Plant	20 TPH	1.08,000
Fly Ash Bricks	Fly Ash Bricks Unit	4x42 TPD	50,400
Oxygen	Oxygen Plant	4800 Nm³/hr	622 Mn. Nm³/year

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

1500 (Approximately)

Bankers :

• Oriental Bank of Commerce, Alok Bharati Tower, Saheed Nagar, Bhubaneswar - 751007, Orissa, India
• IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• UCO Bank
• Rajgangpur Branch, Subhas Chowk, Rajgangpur - 770017, Orissa, India
• Small Industries Development Bank Of India, Hotel Nidhi, Power House Road, Rourkela - 769001, Orissa, India
• Central Bank of India, Janpath Branch, Bhubaneswar - 751001, Orissa, India
• State Bank of India

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

Term Loan From Banks

335.052

456.227

Long Term Maturities of finance lease obligations

3.314

3.390

Short-term borrowings

Loans Repayable on Demand

Cash Credit from :

CC (SBI-RKL)

779.294

824.482

CC (PNB-BBSR)

269.867

280.100

CC (OBC-BBSR)

131.263

139.909

CC (BOI-BBSR)

138.368

137.537

CC (IDBI)

167.207

177.466

CC (CBI-BBSR)

(Cash Credit facilities are secured by hypothecation of the inventories, debtors and Personal Guarantee of Promoter Directors.)

55.130

58.074

Total

1879.495

2077.185

Note :

1. The term loans are secured by charge on the company's immovable and movable assets both present and future financed by the lenders ranking paripassu among member banks depending upon exposure of particular bank.

2. The term loan repayment is to be made in quarterly installments due as follows:

Name of the Bank	O/S as on 31-03-2014(` )	Payable during 2014-15	Year of last installment
UCO Bank, Rajgangpur	2,08,88,406	12000000	2015-16
PNB, Bhubaneswar	34505321	20000000	2015-16
SBI, Rourkela(608)	32779509	26000000	2015-16
IDBI-19	55099611	16800000	2015-16
IDBI-37	127500000	15000000	2018-19
SBI, Rourkela(6049)	94219802	22500000	2018-19
CBI,Bhubaneswar	102625452	16875000	2018-19

3. It is further secured against personal guarantee of the promoters.

4. Finance leases are secured by hypothecation of the vehicles/plant & Machinery financed.

Auditors :
Name :	Motilal and Associates Chartered Accountants
Address :	304, Orchid Plaza, Behind Gokul Shopping, Near Plat No Form No. 8, S.V. Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Financial Institute:	The Oriental Insurance Company Limited
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern :	Artline Commerce Private Limited Nav Durga Fuel Private Limited Scan Energy and Power Limited

CAPITAL STRUCTURE

As on : 30.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.10/- each	Rs.700.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
44352300	Equity Shares	Rs.10/- each	Rs.443.523 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
58000000	Equity Shares	Rs.10/- each	Rs.580.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37800300	Equity Shares	Rs.10/- each	Rs.378.003 Million

Reconciliation of Equity shares of ` 10/- each Outstanding at the beginning and at the end of the financial year.

Particulars	Quantity (Nos.)	Rs. in Million
Shares outstanding at the beginning of the financial year.	3,78,00,300	378.003
Shares outstanding at the end of the financial year	3,78,00,300	378.003

Shareholders holding more than 5% of Equity Share capital

Particulars	No. of Shares held	% of Holding
Rajesh Gadodia	3235531	8.56
Nimish Gadodia	3188316	8.43
Artline Commerce Private Limited	9566575	25.31
Bayanwala Brothers Private Limited	2141384	5.66
Decent Vincom Private Limited	2547221	6.74
Mono Herbicides Ltd	2961885	7.83

The Company has only one class of shares referred to as Equity Shares having a par value of Rs. 10/-. Each holder of Equity Shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of Equity Shares held by the shareholders.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	378.003	378.003
(b) Reserves & Surplus	1201.509	1391.714
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	665.000	567.300
Total Shareholders’ Funds (1) + (2)	2244.512	2337.017
(3) Non-Current Liabilities
(a) long-term borrowings	475.931	588.430
(b) Deferred tax liabilities (Net)	195.677	186.306
(c) Other long term liabilities	0.555	0.555
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	672.163	775.291
(4) Current Liabilities
(a) Short term borrowings	1559.609	1655.312
(b) Trade payables	840.216	1012.931
(c) Other current liabilities	489.478	508.105
(d) Short-term provisions	50.127	68.864
Total Current Liabilities (4)	2939.430	3245.212
TOTAL	5856.105	6357.520
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2563.638	2745.131
(ii) Intangible Assets	0.029	0.029
(iii) Capital work-in-progress	286.068	15.765
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	116.541	156.273
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2966.276	2917.198
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1555.542	2086.592
(c) Trade receivables	967.343	814.506
(d) Cash and cash equivalents	125.432	152.827
(e) Short-term loans and advances	236.724	383.482
(f) Other current assets	4.788	2.915
Total Current Assets	2889.829	3440.322
TOTAL	5856.105	6357.520

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	4232.139	4253.601
	Other Income	13.491	21.771
	TOTAL (A)	4245.630	4275.372
Less	EXPENSES
	Cost of Materials Consumed	3052.304	3613.824
	Purchases of Stock-in-Trade	26.921	155.127
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	249.727	(1.417)
	Employees benefits expense	73.765	60.667
	Other expenses	514.600	464.122
	TOTAL (B)	3917.317	4292.323
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	328.313	(16.951)
Less	FINANCIAL EXPENSES (D)	339.733	347.088
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(11.420)	(364.039)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	171.077	157.963
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(182.497)	(522.002)
Less	TAX (H)	9.371	21.616
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(191.868)	(543.618)
	Earnings / (Loss) Per Share (Rs.)	(5.08)	(14.38)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	129.175	92.191
Cash generated from operations	630.713	402.489

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(4.53)	(12.78)
Operating Profit Margin (PBIDT/Sales)	(%)	7.76	(0.40)
Return on Total Assets (PBT/Total Assets}	(%)	(3.28)	(8.23)
Return on Investment (ROI) (PBT/Networth)		(0.08)	(0.22)
Debt Equity Ratio (Total Debt /Networth)		0.96	1.00
Current Ratio (Current Asset/Current Liability)		0.98	1.06

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.35.80

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	378.003	378.003
Reserves & Surplus	1391.714	1201.509
Share Application money pending allotment	567.300	665.000
Net worth	2337.017	2244.512
long-term borrowings	588.430	475.931
Short term borrowings	1655.312	1559.609
Current Maturities of Long-Term Debts	92.191	129.175
Total borrowings	2335.933	2164.715
Debt/Equity ratio	1.000	0.964

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	4253.601	4232.139
	--	(0.505)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	4253.601	4232.139
Profit	(543.618)	(191.868)
	(12.78%)	(4.53%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loan from related parties	20.436	23.350
Loan from Others	117.129	105.463
Total
Short-term borrowings
From other parties	0.000	30.944
From related parties	18.480	6.800
Total	156.045	166.557

OPERATIONS OVERVIEW

THE JOURNEY SO FAR

The business model of the Scan Steel Limited is aligned to its vision of “Becoming the Benchmark in Value Creation and Corporate Citizenship”in the steel industry. Through this, it maintains a strategic focus on continuous value creation for all its stakeholders. The Company is progressing towards the largest steel producers in the country and also making efforts to make it presence felt geographically, in operations and also commercially in the country. With a focus on continuous improvement, the Company meets diverse customer requirements across multiple segments, globally.

OPERATIONS:

The company has achieved a Net Turnover & Other Income of Rs. 4245.631 Million during the year which is lower by less than 1% in comparison to previous year’s turnover & other income figures. But the company is able to restrict the net loss for the year to Rs. 191.868 Million only in comparison to previous year’s net loss of Rs. 543.618 Million. The remarkable reduction in loss figure is appreciation shows better result would come in future years.

OUTLOOK

Currently, the Steels business account for nearly 100% of its revenues. The outlook for its margins and profitability for this business depends on overall economic outlook. This company is likely to benefit most from an upturn in the business cycle, given its scale of operations and its competitive cost positions. Today, it is truly a market-driven company, making innovative changes and technological improvements, leaving no stone, unturned in fulfilling dreams of its founding fathers, tuning every activity to meet the subtle demands of its customers.

MERGER UPDATES

High Court of Bombay vide its order dated May 11, 2012 has approved the scheme of merger of M/s. Scan Steels Limited with M/s. Clarus Infrastructure Realties Limited and High Court of Orissa vide its order dated 25th February, 2014 has approved the same. The scheme of amalgamation became effective upon filing of form INC-28 with Registrar of Companies, Maharashtra on 12th August, 2014.

MERGER OF THE COMPANY

As you all are aware that merger of the company with Scan Steels Limited has been completed during the year under review. The management and name of the company has also been changed as per scheme. The transferor company is engaged in the manufacturing of TMT and involved in Steels

Sector.

OVERVIEW

The following operating and financial review is intended to convey the management’s perspective on the financial condition and operating performance of the Company at the end of Financial Year 2013-14. The following discussion of the Company’s financial condition and results of operations should be read in conjunction with the Company’s financial statements, the schedules and notes thereto and the other information included elsewhere in the Annual Report. The Company’s financial statements have been prepared in compliance with the requirements of the Companies Act, 1956, guidelines issued by the Securities and Exchange Board of India (SEBI).

FUTURE OUTLOOK AND GROWTH

Currently, the Steels business account for nearly 100% of its revenues. The outlook for its margins and profitability for this business depends on overall economic outlook. This company is likely to benefit most from an upturn in the business cycle, given its scale of operations and its competitive cost positions. Today, it is truly a market-driven company, making innovative changes and technological improvements, leaving no stone, unturned in fulfilling dreams of its founding fathers, tuning every activity to meet the subtle demands of its customers.

BUSINESS REVIEW

The effects of world economic downturn seriously impacted our Company’s operation in the year 2013-14. The demand for steel declined by 21% in India this reflected in a sharp downturn in private construction projects, as well as large falls in automotive and mechanical engineering, amplified by severe destocking by both end users and service centers. Indian witnessed a less pronounced drop in demand reflecting the reduced activity in infrastructure and commercial vehicles. There are however signs that the infrastructure and road building activities in India are gaining momentum, as a result of some of the government’s action to revive the economy.

The Business has performed well, with productivity gains, growth in volumes and sustained margins notwithstanding rise in inputs costs. The business continues to be successful despite of several environmental constrains. The Company’s ability to neutralize cost increase and improve margin together with purchasing efficiencies, improvements in manufacturing yield / usage and expenses control helped in increasing the profitability. The performance had established a new milestone for the company.

Demand and Production of Iron & Steel has increased in 2013-2014 but prices remained by and large subdued putting pressure on profit margins. Steel Industry has slowly come out of this temporary reduction in price realizations and prices are now showing marked improvement. Demand for Iron and Steel products is bound to increase in coming years due to strong emphasis of the Government on development of infrastructure in the country.

OUTLOOK

The basic aim of the Company is to be able to product Sponge Iron and Steel Products as per market requirements and be able to manage market trends to it’s advantage.

“Opportunities abound in growing economies and opening of economy in India has created opportunities for India enterprise to move beyond national boundaries as well to create products assets”.

The Company is currently engaged in steel and steel related products activity and is looking for new avenues of business in various areas like infrastructure and trading. Since Infrastructure has linkages to other industries like cement, brick and steel through backward and forward linkages. The outlook for the industry looks reasonable, since India has good iron ore deposits, skilled manpower and growing demand for steel. The improved demand is expected to continue in the current fiscal as well on the back of ongoing government funded infrastructure projects. In spite of a downturn in the Global Steel demand, Indian steel demand could survive showing a upward trend, setting a road ahead for the growth of the domestic steel industry in the long run. The upward trend is expected to be continued on account of fiscal measures taken by the Government such as infusion of funds for development of infrastructure sector, introduction of stimulus packages for revival of industry besides factors like increase in consumption and production of steel, upcoming infrastructure and Greenfield projects, stabilization of prices etc. The National Steel Policy has a target for taking Indian Steel production upto 110 MT by 2019- 20.

OPERATIONS’ PERFORMANCE

The company is engaged in the manufacturing of TMT Bars, Sponge Iron, MS Billets/ Ingots. The Company has Fully Automatic Rolling Mill with an installed capacity of 300 TPD.

Facilities:-

The company has its four Units’ at different places of India:-

Unit -1 is situated at Rambhahal, At- Keshramal, Rajgangpur, Sundergarh (Odisha) with the facilities of Rolling Mills – 2, Sponge Iron-2 and Induction Furnace – 2.

Unit -2 is situated at Gangajal, Budhakata, Sundergarh, Odisha with the facilities of Sponge Iron- 4, Induction Furnace – 3, Captive Power Plant – 1 and Coal Washery -1.

Unit-4 is situated at Bai-bai, Tudalaga, Rajgangpur, Sundergarh, Odisha with the facilities of Induction Furnace 2.

Unit-6 is situated at Bellary, Veniveerapura, Bellary, Karnataka with the facilities of Sponge Iron -2.

MANAGEMENT DI SCUS S ION AND ANALYSIS REPORT (MD and A REPORT)

The MD&A Report forms a part of the Directors' Report. All matters pertaining to industry structure and developments, opportunities and threats, segment /product wise performance, outlook, risks and concerns, internal control and systems, etc., are discussed in the said Report.

INDEX OF CHARGES :

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10553631	08/12/2014	2,531,500,000.00	State Bank of India	SME Branch, Rourkela, Bisra Chowk, Dist: Sudergarh, Rourkela, Orissa - 769001, INDIA	C45890399
2	10345559	25/04/2013 *	150,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	HOTEL NIDHI, POWER HOUSE ROAD, ROURKELA, Orissa - 769001, INDIA	B73734477
3	10294445	14/03/2012 *	2,640,600,000.00	STATE BANK OF INDIA (LEAD BANK)	SME BRANCH, ROURKELA, BISRA CHOWK, DIST.: SUNDERG ARH, ROURKELA, Orissa - 769001, INDIA	B34851709
4	10280322	22/03/2011	932,394.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	B10714046
5	10274700	03/03/2011	2,330,000.00	AXIS BANK LIMITED	MANGAL KUNJ, KACHERY ROAD, ROURKELA, Orissa - 7690 12, INDIA	B08857377
6	10265599	31/01/2011	2,129,000.00	AXIS BANK LIMITED	MANGAL KUNJ, KACHERY ROAD, ROURKELA, Orissa - 7690 12, INDIA	B05955448
7	10262093	08/12/2010	2,431,528.00	AXIS BANK LIMITED	MANGAL KUNJ, KACHERY ROAD, ROURKELA, Orissa - 7690 12, INDIA	B04006425
8	10258237	10/11/2010	784,000.00	AXIS BANK LIMITED	KACHERY ROAD, MANGALKUNJA, ROURKELA, Orissa - 769 012, INDIA	B02557221
9	10226442	12/11/2011 *	320,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	B25856063
10	10197747	26/12/2009	2,205,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	A77914604

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^ST DECEMBER, 2014

(Rs. In Million)

Sr. No	Particulars	Standalone
		Quarter Ended		Nine Month Ended
		31.12.2014 3 Months ended	30.09.2014 3 months 2014	31.12.2014 Year to date ended on
		Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)	1233.082	1196.464	3411.030
	b. Other Operating Income	0.000	0.000	0.000
	Total Income from Operations (Net)	1233.082	1196.464	3411.030
2	Expenditure
	a. Cost of material Consumed	792.447	703.033	2261.375
	b. Purchase of Stock-in trade	0.000	0.000	0.000
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade	130.242	152.441	175.804
	d. Employees Benefit Expenses	20.743	22.587	65.259
	f. Depreciation and Amortization Expenses	47.093	42.764	132.619
	g. Other expenses	158.762	173.938	498.870
	Total Expenses	1149.288	1094.763	3133.928
3	Profit from Operations before Other Income, Interest and Exceptional Items	83.794	101.701	277.102
4	Other Income	5.564	5.358	16.130
5	Profit from ordinary activities before finance cost & exceptional items	89.358	107.059	293.232
	Finance costs	92.652	87.958	260.765
	Profit from ordinary activities after finance cost & exceptional items	(3.293)	19.101	32.468
9	Exceptional items	0.000	0.000	0.000
10	Profit from ordinary activities before tax	(3.293)	19.101	32.468
11	Tax Expense	(1.095)	3.820	6.043
14	Net Profit After Tax	(2.199)	15.281	26.424
15	Paid-up equity share capital (face value of Rs.10 per share)	378.003	378.003	378.003
16	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year	--	--	--
17	Earning Per Share (of Rs.10 each) (not annualized)
	Basic EPS	(0.06)	0.40	0.70
	Diluted EPS	(0.06)	0.40	0.70
A	PARTICULARS OF SHAREHOLDING
17	Public Shareholding
	- No. of shares	15878315	15878315	15878315
	- Percentage of shareholding	42.01%	42.01%	42.01%
18	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered	Nil	Nil	Nil
	- No. of shares	Nil	Nil	Nil
	b) Non-encumbered
	- No. of shares	21921985	21921985	21921985
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100%	100%	100%
	- Percentage of shareholding (as a % of the total share capital of the company)	57.99%	57.99%	57.99%

1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on 28th, January 2015 and were Reviewed by the Statutory Auditors of the Company. The Limited Review Report by the Statutory Auditors’ of the company for the quarter ended 31st December,2014, as required under Clause 41 of the Listing Agreement, has been completed and related report forwarded to the Stock Exchange. This report doesn’t have any impact on the above ‘Results and Notes’ which needs to be explained.

2. The Company operates in major business segment i.e. Manufacturing of Steel, hence reporting under AS—17 is not required.

3. MCA vide its Notification dated 29th August,2014 has amended Schedule II of the Companies Act,2013 prescribing that componentisation of tangible assets and determination of the useful life of components of these tangible assets shall be voluntary for the Financial Year 2014-15 and mandatory from Financial Year 2015-16. The company is in process of reviewing the useful life of tangible fixed assets and identification of their major components, to enable it to provide depreciation on such assets in accordance with Schedule II of the Companies Act, 2013. Pending this, the depreciation on such assets has been provided for in accordance with Schedule XIV of the Companies Act, 1956. The effect of this is not quantifiable.

4. Pursuant to the scheme of arrangement in the nature of amalgamation became effective in the current year after filling of the said order with Registrar of Companies on 12th August 2014.Accordingly to give the effect of the scheme, the financial results pertaining to the quarter ended 3lst December 2014 as well as previous year ended 3lst March 2014(audited) approved by the Board of Directors at their meeting held on 28th January 2015 without giving the said effect, have been modified/changed to give the effect of merger duly approved.

5. Pursuant to the scheme of Amalgamation the company has allotted 2 Crores nos of shares to the shareholders of Transferor company and trading approval of the same has been given by the BSE w.e.f. 5th day of January, 2015.

6. Figures have been re-grouped/ re-arranged wherever considered necessary.

FIXED ASSETS

• Land and Land Development
• Factory Shed and Building
• Non-Factory Building
• Plant and Machinery
• Electrical Installation and Equipment
• Laboratory Equipment
• Office and Factory Equipment
• Water Supply Installation
• Furniture and Fixture
• Vehicles
• Tube Well
• Air Conditioner
• Cycle
• Truck
• Diesel Generator

WEBSITE DETAILS:

Scan Steels Limited. (formerly Clarus Infrastructure Realties Limited) is a steel manufacturing company. Its product includes induction furnaces and rods. The company was founded in 1994 and is bases in Sundargarth. Orissa. As on February 25, 2014 the company got amalgamated with Clarus Infrastructure Realties Limited and the name of Clarus Infrastructure Realties Limited got changed into Scan Steels Limited.

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.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.73

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.