MIRA INFORM REPORT

Report Date :

03.11.2011

IDENTIFICATION DETAILS

Name :	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED
Registered Office :	601, Hemkunt Chambers, 89, Nehru Place, New Delhi-110019
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.11.2006
Com. Reg. No.:	55-155129
Capital Investment / Paid-up Capital :	Rs.161.003 Millions
CIN No.: [Company Identification No.]	U28111DL2006PTC155129
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobiles Components.
No. of Employees :	50 [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 530000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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. Dinesh
Designation :	DGM Finance
Contact No.:	91-44-27454994
Date :	02.11.2011

LOCATIONS

Registered Office :	601, Hemkunt Chambers, 89, Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-26427104
Fax No.:	91-11-26427100
E-Mail :	dinesh.asopa@jbm-group.com raviarora@jbm.co.in
Website :	http://www.jbm-group.com
Location :	Owned
Factory :	Gat No. 357/54, Kharabwadi, Chakan, Khed, Pune-410501, Maharashtra, India

DIRECTORS

As on 29.07.2011

Name :

Mr. Nishant Arya

Designation :

Director

Address :

Neelanchal No. 7, Bandh Road, Chandan-Hulla, Mehrauli, New Delhi-110030, India

Date of Birth/Age :

01.11.1986

Date of Appointment :

06.06.2008

Din No.:

00004954

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Whole-time director	01-07-10	04-06-05	-	Active	NO
2	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	02-02-07	02-02-07	-	Active	NO
3	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	06-06-07	06-06-07	28-06-11	Active	NO
4	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Director	30-08-08	09-10-07	-	Active	NO
5	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	12-12-07	12-12-07	-	Active	NO
6	U74140DL2008PTC172320	JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	07-01-08	07-01-08	-	Active	NO
7	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Director	29-09-08	06-06-08	-	Active	NO
8	U28910DL2008PLC185040	JBM MOTORS LIMITED	Director	19-11-08	19-11-08	-	Active	NO
9	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	13-02-09	13-02-09	-	Active	NO
10	U80302DL2009PTC190802	JBM CADMIUM PRIVATE LIMITED	Director	02-06-09	02-06-09	-	Active	NO
11	L74899DL1996PLC083073	JBM AUTO LIMITED	Director	04-09-09	30-07-09	-	Active	NO
12	U34300DL2003PTC123285	THAI SUMMIT NEEL AUTO PRIVATE LIMITED	Director	24-09-09	22-09-09	-	Active	NO
13	U45200DL2008PTC178619	JBM PROJECTS AND INFRASTRUCTURE PRIVATE LIMITED	Director	02-08-11	22-07-11	-	Active	NO

Name :

Philippe Miclotte

Designation :

Director

Address :

Waregemseweg 11, 9790, Wortegem Petegem, Belgium

Date of Birth/Age :

28.05.1960

Date of Appointment :

06.06.2008

Din No.:

02538215

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Director	29-09-08	06-06-08	Active	NO

Name :

Vincent Pairet

Designation :

Director

Address :

134, Heiligenborre, Brussels 1170, Belgium

Date of Birth/Age :

24.03.1963

Date of Appointment :

07.04.2010

Din No.:

03103099

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Director	20-09-10	07-04-10	Active	NO

Name :

Achten Koenraad Cornelius Leonard

Designation :

Director

Address :

Holsteenweg 4, Zonhoven-3520, France

Date of Birth/Age :

19.06.1959

Date of Appointment :

10.03.2011

Din No.:

03507909

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Director	29-07-11	10-03-11	Active	NO

Name :

Mr. Surendra Kumar Arya

Designation :

Director

Address :

Neelanchal No. 7, Bandh Road, Chandan-Hulla, Mehrauli, New Delhi-110030, India

Date of Birth/Age :

10.11.1957

Date of Appointment :

01.11.2006

Din No.:

00004626

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27109DL1982PLC084678	JBM INDUSTRIES LIMITED	Director	18-08-82	18-08-82	-	Active	NO
2	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Managing director	10-06-08	19-03-87	-	Active	NO
3	U74899DL1990PLC101070	GURERA INDUSTRIES LIMITED	Director	16-11-90	16-11-90	-	Active	NO
4	L74899DL1994PLC063412	A TO Z SECURITIES LIMITED	Director	12-12-94	12-12-94	-	Active	NO
5	U74899DL1995PLC064073	JAY BHARAT EXHAUST SYSTEMS LIMITED	Director	05-01-95	05-01-95	-	Amalgamated	NO
6	U74899DL1991PTC044376	JBM BUILDERS PRIVATE LIMITED	Director	01-04-95	01-04-95	-	Active	NO
7	U74899DL1995PLC067432	JBM INTERNATIONAL LIMITED	Director	18-04-95	18-04-95	-	Active	NO
8	U35990DL1995PLC071596	JAYBHARAT BREED LIMITED	Director	09-08-95	09-08-95	28-07-09	Amalgamated	NO
9	U74899DL1998PTC095612	ANS HOLDING PRIVATE LIMITED	Director	18-08-98	18-08-98	-	Active	NO
10	U34392HR1999PTC034392	NAGATA INDIA PRIVATE LIMITED	Nominee director	23-12-99	23-12-99	11-09-09	Active	NO
11	L74899DL1996PLC083073	JBM AUTO LIMITED	Director	01-08-00	01-08-00	-	Active	NO
12	U27109HR1975PLC007910	JAICO STEEL FASTNERS LIMITED	Director	01-08-00	01-08-00	-	Amalgamated	NO
13	U34300TN1998PTC046810	JBM AUTO SYSTEM PRIVATE LIMITED	Director	16-03-01	16-03-01	-	Active	NO
14	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Director	01-05-02	01-05-02	-	Active	NO
15	L74899DL1992PLC050333	MINDA INDUSTRIES LIMITED	Director	29-01-03	29-01-03	-	Active	NO
16	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	02-09-03	02-09-03	-	Active	NO
17	U34300DL2003PTC123285	THAI SUMMIT NEEL AUTO PRIVATE LIMITED	Nominee director	02-12-03	02-12-03	-	Active	NO
18	U45201DL2003PTC120054	SATISH BUILDWELL PRIVATE LIMITED	Director	03-03-05	03-03-05	-	Active	NO
19	U74899DL2005PTC142456	UNITECH SAI PRIVATE LIMITED	Director	10-11-05	10-11-05	-	Active	NO
20	U70109DL2006PTC150012	SHREEAUMJI INFRASTRUCTURE AND PROJECTS PRIVATE LIMITED	Director	22-06-06	22-06-06	-	Active	NO
21	L19201HR1986PLC033185	LIBERTY SHOES LIMITED	Director	20-09-06	20-09-06	-	Active	NO
22	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Nominee director	01-11-06	01-11-06	-	Active	NO
23	U45201DL2006PTC144714	SHREEAUMJI REAL ESTATE SEZ PRIVATE LIMITED	Director	28-09-07	14-11-06	-	Active	NO
24	U74899DL2006PTC144713	SHREEAUMJI DEVELOPERS SEZ PRIVATE LIMITED	Director	28-09-07	14-11-06	-	Active	NO
25	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	02-02-07	02-02-07	-	Active	NO
26	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	06-06-07	06-06-07	-	Active	NO
27	U92100MH2007PLC172122	VICHAAR TELEVISION NETWORK LIMITED	Director	29-11-07	29-11-07	-	Active	NO
28	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	12-12-07	12-12-07	-	Active	NO
29	U74140DL2008PTC172320	JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	07-01-08	07-01-08	-	Active	NO
30	U45200DL2007PTC160649	MULTIVISION CONSTRUCTIONS PRIVATE LIMITED	Director	15-09-08	30-06-08	-	Active	NO
31	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	13-02-09	13-02-09	-	Active	NO
32	U28900DL2010PLC211731	M J CASTING LIMITED	Director	23-12-10	23-12-10	-	Active	NO
33	U28113DL2011PTC212192	FJM CYLINDERS PRIVATE LIMITED	Director	05-01-11	05-01-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.07.2011

Names of Shareholders	No. of Shares
Products Metal Neel Limited, India	13239205
Mittal Arcelor Lorraine, France	13239205
Total	26478410

As on 29.07.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobiles Components.

Products :

Product Description	Item Code
Sheet Metal Blanks	7211

Terms :

Selling :

Cash and Credit (30 days / 60 days)

Purchasing :

Cash and Credit (30 days / 60 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
CRCA Blanks	Nos.	1000000	64172

GENERAL INFORMATION

Customers :

Wholesalers, Retailers, End Users and OEM’s

No. of Employees :

50 [Approximately]

Bankers :

ABN Amro Bank N.V., Hansalaya Building, 15, Barkhamba Road, New Delhi- 110001, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Term Loan From Banks
External Commercial Borrowings [Secured by first exclusive charge on all present and future movable and fixed assets of the company]	55.040	81.367
Total	55.040	81.367

Banking Relations :	--
Auditors :
Name :	Mehra Goel and Company Chartered Accountants
Address :	505, Chiranjiv Tower, Nehru Place, New Delhi-110019, India
Tel No.:	91-11-26419527/26430349
Fax No.:	91-11-26217981
Email:	mg@mehragoelco.com
Website:	http://www.mehragoelco.com
Pan No.:	AABFM1488M
Group Companies:	· Jaico Steel Fasteners · Jay Bharat Exhaust Systems · Jay Bharat Maruti Limited · JBM Auto Limited · JBM Auto Systems Limited · JBM Industries · JBM Cadmium Private Limited · Neel Industries Private Limited · Neel Metal Fanalca Environment Management Private Limited · Neel Metal Products Limited · Thai Summit Neel Auto Private Limited

CAPITAL STRUCTURE

As on 29.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26478410	Equity Shares	Rs.10/- each	Rs.264.784 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs.180.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16100310	Equity Shares	Rs.10/- each	Rs.161.003 Millions

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		161.003	104.560	90.000
2] Share Application Money		13.797	14.440	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(40.107)	(25.719)	(12.015)
NETWORTH		134.693	93.281	77.985
LOAN FUNDS
1] Secured Loans		55.040	81.367	59.955
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		55.040	81.367	59.955
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		189.733	174.648	137.940
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		143.252	131.679	2.433
Capital work-in-progress		3.637	1.493	108.139
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.979	0.294	0.359
	Sundry Debtors	8.037	4.729	0.088
	Cash & Bank Balances	9.220	5.746	8.456
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	45.360	42.069	21.110
Total Current Assets		78.596	52.838	30.013
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.978	4.866	0.292
	Other Current Liabilities	5.774	6.496	3.435
	Provisions	0.000	0.000	0.000
Total Current Liabilities		35.752	11.362	3.727
Net Current Assets		42.844	41.476	26.286
MISCELLANEOUS EXPENSES		0.000	0.000	1.082
TOTAL		189.733	174.648	137.940

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	47.772	20.185
		Other Income	0.437	0.350
		TOTAL (A)	48.209	20.535
Less	EXPENSES
		Raw Material Consumed	27.665	12.647
		Employee Remuneration and Benefits	6.508	8.977
		Manufacturing, Administrative and Other Expenses	14.775	8.790
		TOTAL (B)	48.948	30.414
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.739)	(9.879)
Less	FINANCIAL EXPENSES (D)		6.243	8.022
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(6.982)	(17.901)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.407	6.667
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(14.389)	(24.568)
Less	TAX (H)		0.000	1.151
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(14.389)	(25.719)
	LOSS PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		25.719	0.000
	IMPORTS
		Raw Materials	28.196	1.479
		Stores & Spares	1.429	0.429
		Capital Goods	15.126	4.042
	TOTAL IMPORTS		44.751	5.950
	Earnings / Loss Per Share (Rs.)		(1.03)	(2.61)

Particulars	31.03.2011
Sales Turnover [Approximately]	500.000 [Due to expansion of business]

Expected Sales (2011-12) : More than Rs.600.000 Millions

The above information has been parted by Mr. Dinesh.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(29.85)	(125.24)	NA
Net Profit Margin (PBT/Sales)	(%)	(30.12)	(121.71)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(6.49)	(13.31)	NA
Return on Investment (ROI) (PBT/Networth)		(0.11)	(0.26)	NA
Debt Equity Ratio (Total Liability/Networth)		0.67	0.99	0.82
Current Ratio (Current Asset/Current Liability)		2.20	4.65	8.05

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	29.978	4.866	0.292

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	--
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	No
13) Reasons for variation <> 20%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	--
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FIXED ASSETS:

• Vehicles
• Office Equipment
• Furniture and Fixture
• Plant and Machinery
• Electric Installments
• Dies and Tools
• Computer

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.49.25
UK Pound	1	Rs.78.73
Euro	1	Rs.67.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.