MIRA INFORM REPORT

Report Date :

10.08.2011

IDENTIFICATION DETAILS

Name :	RAAJRATNA METAL INDUSTRIES LIMITED (w.e.f. 25.10.1994)
Formerly Known As :	RAAJRATNA CHEMICALS PRIVATE LIMITED
Registered Office :	909 Sakar III, Near Income Tax Circle, Ahmedabad – 380 014, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.05.1988
Com. Reg. No.:	04-10673
Capital Investment / Paid-up Capital :	Rs.83.622 Millions
CIN No.: [Company Identification No.]	U24231GJ1988PLC010673
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturer, Exporters and Importer of Stainless Steel Wires.
No. of Employees :	700 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 4200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General position is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

INFORMATION PARTED BY

Name :	Mr. Kinesh Shah
Designation :	Accounts Manager
Contact :	91-79-27543681
Date :	09.08.2011

LOCATIONS

Registered Office :	909 Sakar III, Near Income Tax Circle, Ahmedabad – 380 014, Gujarat, India
Tel. No.:	91-79-27543681-84
Fax No.:	91-79-27543085 / 26568085
E-Mail :	raajratna@raajratna.com accounts@raajratna.com
Website :	http://www.raajratna.com/
Area :	4000 sq.ft.
Location :	Owned
Head Office :	126, Mittal Court, A Wing, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22829342/44/45/46
Fax No.:	91-22-22829343
E-Mail :	mumbai@raajratna.com
Factory 1 :	Survey No. 146, Bileshwarpura, Ahmedabad-Mehsana Highway, Taluka Kalol, Dist.Gandhinagar, Gujarat, India
Tel. No.:	91-2764-233664/233665
Fax No.:	91-2764-233663
Location :	Owned
Factory 2 :	Survey No. 99, Bileshwarpura, Ahmedabad-Mehsana Highway, Taluka Kalol, Dist.Gandhinagar, Gujarat, India
Branches :	Shop No. 7, Anup Estate, Sector 10-A, Main Road, Gurgaon – 122 001, Haryana

DIRECTORS

AS ON 27.09.2010

Name :	Mr. Babulal D. Sanghvi
Designation :	Chairman and Managing Director
Address :	17, Lakdawala Building, 5 Khetwadi Lane, Mumbai – 400004, Maharashtra, India
Date of Birth/Age :	08.10.1951
Date of Appointment :	01.04.2007
Name :	Mr. Tarachand D. Sanghvi
Designation :	Director
Address :	43, Highway Park Society, Rambaug Road, Sabarmati, Ahmedabad – 380005, Gujarat, India
Date of Birth/Age :	18.07.1947
Date of Appointment :	01.04.2007
Name :	Mr. Arvindkumar D. Sanghvi
Designation :	Managing Director
Address :	15, Shantiniketan Society, Near Gujarat College Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	01.01.1956
Date of Appointment :	01.04.2007
Name :	Mr. Ashimkumar R. Banerjee
Designation :	Technical Director
Address :	Evershine Apartment II, J P Road, Andheri West, Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	04.09.1949
Date of Appointment :	01.04.2007
Name :	Mr. Naresh B. Sanghvi
Designation :	Director
Address :	15, Shantiniketan Society, Near Gujarat College Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	13.06.1973
Date of Appointment :	01.04.2007
Name :	Mr. Manish B Sanghvi
Designation :	Whole Time Director
Address :	15, Shantiniketan Society, Near Gujarat College Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	23.05.1980
Date of Appointment :	18.05.2010

KEY EXECUTIVES

Name :	Mr. Kinesh Shah
Designation :	Accounts Departments
Name :	Mr. Sudhir S Talati
Designation :	Secretary
Address :	404, 4^th Floor, Panchratna Besides Medisurge Hospital, Mithakali, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	04.09.1949
Date of Appointment :	13.07.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Shareholder’s Name	Shares
Arvindkumar Dalichand Sanghvi	2637616
Tarachand Dalichand Sanghvi	1244166
Babulal Dalichand Sanghvi	2575417
Pankhiben Babulal Sanghvi	244167
Manish Babulal Sanghvi	346917
Ashok Tarachand Sanghvi	275250
Ashish Arvindbhai Sanghvi	188542
Tarachand Ashokkumar (H.U.F.)	80000
A K Jain	500
Anil Kumar T Sanghvi	123500
Archana R Vyas	500
Anilbhai Amin	500
Ash Karan Bahety	500
Ashok Chandak	500
Bhasker Amin	500
Bhupendra Desai	500
Bharat Karavadra	500
Bhavanising K Solanki	500
Brijesh Singh	1000
Bharatkumar R Halsiya	500
Chunilal F Sanghvi	1000
Chunilal F Sanghvi	1000
Chunilal Foojaji Sanghvi	1000
Chatraram S Dave	500
Dharmishtha Desai	500
Deepa N Mirchandani	500
Dilip S Shah	500
Girish Jain	500
Hiralal P Kanugo	500
Harishchandra Haldankar	500
Harish Jain	500
Ishwarlal R Dave	500
Jaykishan A Sanghvi	181583
Jayesh Patel	500
Jayeshkumar Mangaldas Patel	500
Jayantilal Pukhraj Kanugo	500
J Anand Raj	500
Jaya Prakash	1000
Janavi	500
Jain Pavanraj Chhaganlal	500
Kunal A Sanghvi	185375
Kantilal J Bhansanli	500
Krishnan V. Iyre	500
Keshrimal V. Jain	5000
Lalitkumar J Ruparelia	500
L Chandra Kumar	500
Lilaben A. Sanghvi	114254
Lataben J. Shah	500
Leeladevi Keshrimal Jain	2500
Mohammed Shabbir	500
Mukesh C Sanghvi	500
Mukesh C Sanghvi	500
Mahesh V Patel	500
Mariyamben Mohamed Safi Mansuri	500
Maganbhai Patel	500
Madhuben R. Prajapati	500
Nilesh Maganbhai Patel	500
Naresh B Sanghvi	12833
Nand Kishore Boob	500
Narayandas Parekh	1000
Narottam A.Pandav	500
Nawprem Nahar	500
Pista H Jain	500
Pramesh Prafullchandra Parikh	1000
Parsan P Jain	500
Praheladbhai S Patel	500
Prabhakar Akalu Bhadriah	1000
Pranati Biswal	1000
Pramila N. Sanghvi	30000
Prakash Fulwani	500
Rajesh Khandelwal	1000
Rajendra Kumar Soni	500
Rajesh K Patel	500
Rasilaben Karavadra	500
Rakhee V Sanghvi	50000
Rajgor Lalit H	500
Razia Tayyab Mody	500
Rakesh Kumar Malhotra	500
Roopa Chandak	500
Raajratna Stockholding Private Limited, Delhi	13046
Sanjay Jain	500
Sonal B Chokshi	500
Suresh Patel	500
Santokben Dasharthlal Patel	500
Surajmal Pukhraj Kanugo	500
Shantibai Vardhan	500
Sushila Jain	500
Sunita Malhotra	500
Surbhi Malhotra	500
Shobhadevi Banthia	500
Seeta Devi	500
Shailly Shah	1000
Santhivetriselvan	500
Santosh Jain	500
Sureshkumar Shivlal Jain	1500
Teepuben C Sanghvi	1000
Teepuben C Sanghvi	1000
Teepuben Chunilal Sanghvi	1000
Upendra Amin	500
Urmila Boob	500
Uday H. Desai	500
Vasant Pramodchandra Vasudeo	500
Vidya Mirchandani	500
Vinod Mirchandani	500
Vijayanagar Industrial Credits Limited, Hospet	500
Vikram Pal	500
Total	8362166

AS ON 27.09.2010

Category	Percentage
Bodies corporate	0.20
Directors or relatives of Directors	99.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporters and Importer of Stainless Steel Wires.

Products :

Product Description	ITC Code
Stainless Steel Wire	722300
Stainless Steel Bright Bars	722230

Exports :

Products :

Stainless Steel Wires

Countries :

All over world

Imports :

Products :

Raw Material

Countries :

· Taiwan

· Japan

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, Cash, Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

· OEM’s

No. of Employees :

700 Approximately

Bankers :

· The Bank of Baroda Limited, Ashram Road, Vallabh Sadan, Opp. Natraj Cinema, Ahmedabd - 380009, Gujarat, India

· Axis Bank, Branch Lawgarden

· Standard Chartered Bank, Branch C G Road, Ahmedabad

· IDBI Bank, Branch C G Road, Ahmedabad

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
I. TERM LOANS: From Banks (Secured by First Charge on Wind Mills on stand alone basis, immovable properties of the Company on parri passu basis and Second charge on movable properties of the Company on parri passu basis and personal guarantee of Directors) From Banks (Secured Against Vehicles) Buyer's Credit-(for Capital Goods) (Secured by First charge on immovable properties of the company and second charge on movable properties by hypothecation of inventories, book debts etc. of the Company on parri pasu basis and personal guarantee of Directors) II. WORKING CAPITAL LOANS From Banks (Secured by First charge by hypothecation of inventories, book Debts and other movable properties and Second charge on immovable properties of the Company on parri passu basis and personal guarantee of Directors)	309.177 2.734 193.292 1096.043	251.851 4.603 195.203 739.384
Total	1601.247	1191.042
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Loan/Deposits from -Inter-corporate Deposits	31.576	57.371
Total	31.576	57.371

Banking Relations :	---
Auditors :
Name :	Mehta Lodha and Company Chartered Accountant
Address :	105, Sakar – I, Opp. Gandhigram Railway Station, Ahmedabad – 380014, Gujarat, India
Name :	Shah Kantilal and Co Chartered Accountant
Address :	804, Sarap Building, Opp. Navjivan Press, Off Ashram Road, Ahmedabad – 380014, Gujarat, India
Associates:	· Raajratna Stockholding Private Limited · Raajratna Electrodes Private Limited · Raajratna Fasteners Private Limited · Real Strips Limited · Concept Infoway Private Limited
Subsidiaries :	· Erre Inox SpA · Raajratna Stainless Wire (USA) Inc. · Stainless Wire Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8362166	Equity Shares	Rs.10/- each	Rs.83.622 Millions

(Of the above, 78,90,500 Equity Shares were 83621660 allotted as fully paid-up Bonus Shares by Capitalization of Profit and Reserves)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		83.622	83.622	80.905
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		976.054	938.952	868.374
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1059.676	1022.573	949.279
LOAN FUNDS
1] Secured Loans		1601.247	1191.042	1484.371
2] Unsecured Loans		31.576	57.371	1.000
TOTAL BORROWING		1632.823	1248.413	1485.371
DEFERRED TAX LIABILITIES		145.853	117.360	101.692
TOTAL		2838.352	2388.346	2536.342
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1166.929	1116.537	724.953
Capital work-in-progress		36.310	8.799	113.755
INVESTMENT		39.074	15.656	3.236
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	543.068	317.325	486.375
	Sundry Debtors	1092.659	813.050	1124.246
	Cash & Bank Balances	1.285	35.908	8.883
	Other Current Assets	255.668	174.586	39.364
	Loans & Advances	83.401	63.653	354.244
Total Current Assets		1976.081	1404.522	2013.112
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	312.635	135.364	284.071
	Other Current Liabilities	12.133	10.970	8.178
	Provisions	55.274	10.834	26.465
Total Current Liabilities		380.042	157.168	318.714
Net Current Assets		1596.039	1247.354	1694.398
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2838.352	2388.346	2536.342

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3085.665	3667.086	4406.423
		Wind Mill House (Captive Consumption)	41.679	42.301	37.308
		Other Income	82.851	60.377	28.466
		TOTAL (A)	3210.195	3769.764	4472.197
Less	EXPENSES
		Material Cost	2384.854	2892.277	3771.601
		Employees	82.161	63.424	57.542
		Manufacturing Expenses	261.638	256.571	236.570
		Administrative & Other Expenses	69.400	74.931	69.344
		Selling & Distribution Expenses	104.959	118.458	111.255
		Increased / (Decreased) in stock	(59.429)	93.448	(97.795)
		TOTAL (B)	2843.583	3499.109	4148.517
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		366.612	270.655	323.680
Less	FINANCIAL EXPENSES (D)		112.102	144.412	135.209
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		254.510	126.243	188.471
Less/ Add	DEPRECIATION/ AMORTISATION (F)		111.178	77.508	53.568
	PROFIT BEFORE TAX (E-F) (G)		143.332	48.735	134.903
Less	TAX (I)		29.134	22.667	49.945
	PROFIT AFTER TAX (G-I) (J)		114.198	26.068	84.958
Add	PRIOR PERIOD TO ADJUSTMENT		(3.981)	2.106	64.043
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		779.068	748.373	628.837
Add	PROFIT AMALGAMATION		0.000	22.303	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	20.116	10.000	20.000
		Dividend	48.755	9.783	9.465
	BALANCE CARRIED TO THE B/S		820.414	779.067	748.373
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1984.765	2597.458	3268.827
	TOTAL EARNINGS		1984.765	2597.458	3268.827
	IMPORTS
		Raw Materials	701.717	646.210	687.516
		L P G	0.000	5.459	19.794
		Stores & Spares	33.012	29.122	11.382
		Capital Goods	29.651	158.473	48.085
		Trading Goods	0.307	63.548	0.000
	TOTAL IMPORTS		764.687	902.812	766.777
	Earnings Per Share (Rs.)		10.27	3.37	--

Particulars	31.03.2011
Sales Turnover (Approximately)	5200.000

Expected Sales (2011-2012) : Rs.6000.000 millions

The above information has been parted by Mr. Kinesh

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.56	0.69	1.88
Net Profit Margin (PBT/Sales)	(%)	4.65	1.33	3.06
Return on Total Assets (PBT/Total Assets}	(%)	4.56	1.93	4.93
Return on Investment (ROI) (PBT/Networth)		0.13	0.05	0.14
Debt Equity Ratio (Total Liability/Networth)		1.90	1.37	1.87
Current Ratio (Current Asset/Current Liability)		5.20	8.94	6.32

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Sundry Creditors
For Goods and Expenses	312.635	135.364	284.071

OPERATIONS AND FUTURE PROSPECTS

The Company has performed satisfactorily during the year under consideration, despite global recession effecting to our sector also. Net Sales has stood at Rs.3085.700 Millions against Rs.3667.100 Millions compared to previous year and Net profit after tax stood at Rs.85.900 Millions against Rs.28.200 Millions compared to previous year. The Net sales reduced by 15.85 % during the current year when compared with previous year in value terms due to reduction in prices where as the sales in quantity is increased by 7%. When compared with previous year.

The Company has installed and commissioned one WTG of 1.5 M.W. of Suzlon Make on 16/03/2010 and working efficiently, which will further save the power cost of the Company. Now the Company has total 6.75 MW of Wind power generating Capacity.

FUTURE PROSPECTS

The Company has bought Profile Rolling Mill from Germany to manufacture any type of shaped wires. It is expected to be commissioned by end of Sept. 10 and commercial production is expected to start during 1^st half of October 2010. It will be first of its kind in India.

Based on the market feed back from the customers that demand is growing and economic scenario seems to be further accelerated, leading to overall growth including our sector also. We may be able to have edge over their domestic and overseas competitors in view of the latest technology being used by the Company.

TRADE REFERENCES

· Mukund

· Vines Wires

FORM 8:

Corporate identity number of the company	U24231GJ1988PLC010673
Name of the company	RAAJRATNA METAL INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	909,Sakar-Iii,Nr.Income Tax Circle, Navrangpura, Ahmedabad – 380014, Gujarat India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	THE BANK OF BARODA LIMITED
Nature of instrument creating charge	Sixth Supplemental Joint Deed Of Hypothecation
Date of instrument Creating the charge	13/08/2010
Amount secured by the charge	Rs.3202.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge The existing limit has been increased from Rs. 2760.000 Millions to Rs. 3202.500 Millions 1. Term Loan aggregating to Rs. 492.500 Millions secured by first pari passu charge on Plant and Machineries and second pari passu charge on current assets of the Company 2. Working loan aggregating to Rs. 2710.000 Millions secured by first pari passu charge on current assets and second pari passu charge on Plant and Machineries of the Company
Date of instrument modifying the charge	08/07/2010
Particulars of the present modification	The existing limit of the charge has been increased from Rs. 2760.000 Millions to Rs. 3202.500 Millions bifurcated. Standard Chartered Bank has been added as new member of Consortium.

FIXED ASSETS

· Freehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Air Conditioner

· Office Equipments

· Computers

· Vehicles

· Wind Mill Project

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 records 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.45.17
UK Pound	1	Rs.73.72
Euro	1	Rs.64.26

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.