MIRA INFORM REPORT

Report Date :

10.09.2011

IDENTIFICATION DETAILS

Name :	VICKSONS STEELS PRIVATE LIMITED
Registered Office :	2, Sabhapati Bhavanagar, Floor 19, Meera Bagh, Santacruz (West), Mumbai – 400054, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.05.1995
Com. Reg. No.:	11-088530
Capital Investment / Paid-up Capital :	Rs.30.334 Millions
CIN No.: [Company Identification No.]	U27100MH1995PTC088530
TAN No.: [Tax Deduction & Collection Account No.]	MUMV06443D
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader and Exporter of Iron and Steel.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 340000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 :	Ms. Rupali
Designation :	Accounts Department
Contact No.:	91-22-26609988
Date :	08.09.2011
Name :	Ms. Valasni
Designation :	Accounts Department
Date :	08.09.2011

LOCATIONS

Registered Office :	2, Sabhapati Bhavanagar, Floor 19, Meera Bagh, Santacruz (West), Mumbai – 400054, Maharashtra, India
Tel. No.:	91-22-26609912/ 26609988
Fax No.:	91-22-26609915/ 26609915
E-Mail :	info@vijaysteel.com rupalid@vijaysteel.com accounts@vijaysteel.com
Location :	Owned and Rented
Branch Office 1:	Guru Ashish Co-operative Housing Society, Santacruz (west), Mumbai – 400054, Maharashtra, India
Tel. No.:	91-22-26609988
Location :	Rented
Branch Office 2:	Raipur, Maharashtra, India
Location :	Owned

DIRECTORS

(AS ON 30.09.2009)

Name :

Mr. Narendra Chandra Paliwal

Designation :

Director

Address :

201- Guru Arjan Appartment, S. V. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

06.03.1946

Date of Appointment :

19.05.1995

DIN No.:

00927072

Email :

mumbai@vijaysteel.com

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	U27100MH1995PTC088530	Vicksons Steels Private Limited	Managing director	23-03-07	19-05-95	Active	YES
2	U74900DL1996PTC078630	Prints & Frames India Private Limited	Director	02-05-96	02-05-96	Active	NO
3	U28112CT2006PTC020134	Vijay Transmission Private Limited	Director	14-12-06	14-12-06	Active	YES
4	U60231CT2008PTC020587	Vijay Parivahan Private Limited	Director	29-02-08	29-02-08	Active	NO

Name :

Mr. Shital Chandra Paliwal

Designation :

Director

Address :

201- Guru Arjan Appartment, S. V. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

20.10.1942

Date of Appointment :

19.05.1995

DIN No.:

00927145

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	U27100MH1995PTC088530	Vicksons Steels Private Limited	Director	19-05-95	19-05-95	Active	YES
2	U28112CT2006PTC020134	Vijay Transmission Private Limited	Director	14-12-06	14-12-06	Active	YES
3	U60231CT2008PTC020587	Vijay Parivahan Private Limited	Director	29-02-08	29-02-08	Active	NO

Name :

Mr. Sanjay Shital Paliwal

Designation :

Director

Address :

6 Akash CHS, 2^nd Floor, Plot No.424, Satrojini Road, Santacruz West, Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

13.12.1968

Date of Appointment :

16.11.2004

DIN No.:

01042446

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	U74900DL1996PTC078630	Prints & Frames India Private Limited	Director	02-05-96	02-05-96	Active	NO
2	U27100MH1995PTC088530	Vicksons Steels Private Limited	Director	16-11-04	16-11-04	Active	YES

Name :

Mr. Alok Paliwal

Designation :

Director

Address :

39-C Nizamuddin, New Delhi – 110013, India

Date of Birth/Age :

30.07.1974

Date of Appointment :

16.11.2004

DIN No.:

01042525

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	U74900DL1996PTC078630	Prints & Frames India Private Limited	Director	02-05-96	02-05-96	Active	NO
2	U27100MH1995PTC088530	Vicksons Steels Private Limited	Director	16-11-04	16-11-04	Active	YES

Name :

Mr. Keshav Chandra Paliwal

Designation :

Director

Address :

39-C Nizamuddin, New Delhi – 110013, India

Date of Birth/Age :

15.02.1955

Date of Appointment :

19.05.1995

DIN No.:

01145263

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	U27100MH1995PTC088530	Vicksons Steels Private Limited	Director	19-05-95	19-05-95	Active	YES
2	U74900DL1996PTC078630	Prints & Frames India Private Limited	Director	02-05-96	02-05-96	Active	NO
3	U28112CT2006PTC020134	Vijay Transmission Private Limited	Director	14-12-06	14-12-06	Active	YES
4	U60231CT2008PTC020587	Vijay Parivahan Private Limited	Director	29-02-08	29-02-08	Active	NO

Name :

Mr. Jagdish Chandra Paliwal

Designation :

Director

Address :

201- Guru Arjan Appartment, S. V. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

10.07.1931

Date of Appointment :

24.02.1997

DIN No.:

02701227

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	U27100MH1995PTC088530	Vicksons Steels Private Limited	Whole-time director	24-02-97	24-02-97	Active	YES
2	U60231CT2008PTC020587	Vijay Parivahan Private Limited	Director	25-06-10	25-06-10	Active	NO

Name :

Mr. Parasuraman Iyer

Designation :

Director

Address :

202, A/. J. M. Darshan, Shiv Mandir Road, Dombivali East, Thane – 421201, Maharashtra, India

Date of Appointment :

16.11.2004

DIN No.:

02771454

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	U27100MH1995PTC088530	Vicksons Steels Private Limited	Whole-time director	16-11-04	16-11-04	Active	YES

KEY EXECUTIVES

Name :	Ms. Rupali
Designation :	Accounts Department
Name :	Ms. Valasni
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2009)

Names of Shareholders	No. of Shares
Shital Chandra Paliwal	397500
Keshav Chandra Paliwal	480000
Narendra Chandra Paliwal	345000
Sanjay Shital Paliwal	229971
Alok Paliwal	222675
Garima Jagdish Paliwal	40500
Laxmi Sheetal Paliwal	65625
Shashiprabha Paliwal	202875
Rashi Sanjay Paliwal	207750
Shital Sanjay Paliwal	37500
Saroj Yogesh Jain	171
Pratima Rajendra Jain	337
Nisha Kamlesh Sheth	337
Kamlesh Kailash Tandoon	171
Surabhi Tandon	171
Kabra Manju	171
Balkrishna Mehta	90
Basant Agarwal	171
Manohar Bhimani	171
Angoori Jain	337
Banh Om Narayan Nar Narayan	171
Rama Mahesh Shah	171
Narmadadevi Bang	90
Ashok Narendra Paliwal	194514

(AS ON 09.04.2011)

Names of Shareholders	No. of Shares
Paliwal Holdings Private Limited, India	120000
Total	120000

(AS ON 30.09.2009)

Category	Percentage
Bodies corporate	3.30
Directors or relatives of directors	96.34
Other	0.36
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Exporter of Iron and Steel.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

40 (Approximately)

Bankers :

· Bank of India

Thane Main Branch, Opposite M H High School, Shivaji Path, Talaopali, Thane West, Thane - 400601, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term Loan (Against Vehicles) from Banks (Fully Secured against Trailors and Motor Car Purchased against respected fixed Assets)		7.401
Working capital Borrowings from Bank (Secured against Hypothecation of Current Assets and Personal Guarantees of directors)	184.730	133.740
Total	184.730	141.141
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Directors		0.067
From Others	48.264	34.265
From Banks		12.046
Total	48.264	46.378

Banking Relations :	--
Auditors :
Name :	Atul Veeresh and Associates Chartered Accountant
Address :	221, Fashque Shopping Centre, 2^nd Floor, Station Road, Santacruz, Mumbai – 400054, Maharashtra, India
Tel. No.:	91-22-26046356
Fax No.:	91-22-26046356
Mobile No.:	91-9323787938
Email :	Veeresh_shah@rediffmail.com
Subsidiaries Company (As on 31.03.2009):	· Vijay Transmission Private Limited CIN No.: U28112CT2006PTC020134

CAPITAL STRUCTURE

(AS ON 31.03.2009)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3033361	Equity Share	Rs.10/- each	Rs.30.334 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		30.334	30.334	29.334
2] Share Application Money		7.800	0.000	1.750
3] Reserves & Surplus		46.751	44.093	33.148
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		84.885	74.427	64.232
LOAN FUNDS
1] Secured Loans		184.730	141.141	126.461
2] Unsecured Loans		48.264	46.378	51.458
TOTAL BORROWING		232.994	187.519	177.919
DEFERRED TAX LIABILITIES		3.151	1.073	0.332
TOTAL		321.030	263.019	242.483
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.662	22.468	16.810
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		30.294	29.787	29.032
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.563	15.373	44.236
	Sundry Debtors	394.533	281.463	233.256
	Cash & Bank Balances	0.789	1.856	2.815
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.564	18.156	18.734
Total Current Assets		451.449	316.848	299.041
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	223.932	94.181	83.867
	Other Current Liabilities		3.111	3.204
	Provisions	5.443	8.792	15.329
Total Current Liabilities		229.375	106.084	102.400
Net Current Assets		222.074	210.764	196.641
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		321.030	263.019	242.483

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales of Goods	1351.325	1518.233	1729.313
		Sales of Services	14.818	5.495	6.615
			1366.143	1523.728	1735.928
		Other Income	3.795	3.672	3.246
		TOTAL (A)	1369.938	1527.400	1739.174
Less	EXPENSES
		Cost of Goods Sold	1219.917	1374.955	1556.336
		Operating Expenses	72.320	68.532	83.801
		Sales and Distribution Charges	5.523	7.473	7.442
		Salary and Other Charges	15.476	15.551	15.211
		Rates and Taxes	2.886	5.849	7.384
		Administrative Expenses	7.337	8.047	6.247
		Losses and Other Expenses	1.154	0.299	1.142
		TOTAL (B)	1324.613	1480.706	1677.563
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.325	46.694	61.611
Less	FINANCIAL EXPENSES (D)		33.219	29.130	24.242
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.106	17.564	37.369
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.563	2.756	2.622
	PROFIT BEFORE TAX (E-F) (G)		6.543	14.808	34.747
Less	TAX (H)		2.110	5.702	9.885
	PROFIT AFTER TAX (G-H) (I)		4.433	9.106	24.862
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.424	22.980	13.834
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	10.000	3.500
		Interim Dividend	1.517	2.275	1.956
		Tax on Dividend	0.258	0.387	0.332
		Preliminary Expenses	0.000	0.000	0.150
		Capitalised	0.000	0.000	9.778
	BALANCE CARRIED TO THE B/S		22.082	19.424	22.980
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	2.180	4.945
	TOTAL EARNINGS		NA	2.180	4.945
	Earnings Per Share (Rs.)		1.46	3.07	8.36

Particulars	31.03.2011
Sales Turnover (Approximately)	2000.000

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.32	0.60	1.43
Net Profit Margin (PBT/Sales)	(%)	0.48	0.97	2.00
Return on Total Assets (PBT/Total Assets}	(%)	1.26	4.36	11.00
Return on Investment (ROI) (PBT/Networth)		0.08	0.20	0.54
Debt Equity Ratio (Total Liability/Networth)		5.45	3.94	4.36
Current Ratio (Current Asset/Current Liability)		1.97	2.99	2.92

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors	NA	94.181	83.869

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Letter of Credit (L/C) issued by the bank and outstanding as on the last day of the year	NA	41.709	32.423
Disputed demands of Income Tax pending under Appeals	NA	0.763	0.238

FORM 8:

Name of the company	Vicksons Steel Private Limited
Presented By	Vicksons Steel Private Limited and Vijaya Bank, Hill Road, Bandra (West), Mumbai – 400050, Maharashtra, India
1) Date and description of instrument creating the change	7^th March, 2001 Hypothecation Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs.0.925 Million
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Tata Diesel Vehicle, Brand New Trailor Bed and Other Accessories Model: LPS : 3516 CAB Chassis SLQ
4) Gist of the terms and conditions and extent and operation of the charge.	Interests: 14.5% p.a. Penal Interests 5.00% p.a. Repayment 24 EMI of Rs.416,167 each
5) Name and Address and description of the person entitled to the charge.	Vijaya Bank, Hill Road, Bandra (West), Mumbai – 400050 Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

Corporate identity number of the company	U27100MH1995PTC088530
Name of the company	VICKSONS STEELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2 Sabhapati Bhavangr Floor 19 Meera Bagh, Santacruz (West), Mumbai – 400054, Maharashtra, India info@vijaysteel.com
This form is for	Modification of charge
Charge identification number of the modified	10038667
Type of charge	Book Debts Movable property (not being pledge)
Particular of charge holder	Bank of India Thane Main Branch, Opposite M H High School, Shivaji Path, Talaopali, Thane West, Thane – 400601, Maharashtra, India Thane.RaigadThane@bankofindia.co.in
Nature of instrument creating charge	Supplemental deed of hypothecation
Date of instrument Creating the charge	09.03.2011
Amount secured by the charge	Rs.178.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Cash Credit and Term Loan: 1% over BPLR with monthly rests. Invoice Discounting @ 1% below applicable rate. Commission on L/C as per Guidelines. Terms of Repayment: Cash Credit and Invoice Discounting on Demand. Term Loan by 72 Monthly Instalments of Rs.0.674 Million. Margin: As per existing terms including pledge of TDR for L/C. Extent and Operation of the charge: Hypothecation charge created by principal/ supplemental deeds on movables and book debts described in Col. No. 15 constitute security for total credit limits in Rs.168.500 Millions : i) Cash Credit (Stock and B/D) 45.000 Millions ii) Invoice Discounting 90.000 Millions and i + ii = 98.000 Millions Maximum iii) Term Loan 48.500 Millions TOTAL FUND BASED 146.500 Millions (A) iv) L/C Inland DP / DA 90 days 36.500 Millions TOTAL i to iv : 168.500 Millions (MAX) + Ad Hoc Cash Credit limit of 10.000 Millions = TOTAL Rs.178.500 Millions
Particulars of the property charged	i) Present and future tangible movable plant and machinery, furniture and fixtures, installed or not, lying loose or in cases at premises at plot no. 231, Behind Bima Complex, Navi Mumbai and Santacruz West Mumbai ii) All tangible movables including raw materials, such as steel and related items M S Beams, bars, rods, channels etc semi finished / finished goods, components and spare parts, present and future and stock in process of the borrower whosesoever situate at Raipur, kalamboli etc. iii) All the present and Future book- debts, outstanding, money receivables, claims bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the borrowers in the course of its business by any person, firm, company. Body Corporate, Government State or Central, any Municipal / Local / public / semi Government Department, undertaking, authority or project.
Particulars of the present modification	Exclusive charge of hypothecation securing Rs.188.500 Millions including ad hoc limits of Rs.20.000 Millions, now revised to secure Rs.178.500 Millions THUS: I)Cash Credit Stock ans book Debts (CC) Rs.45.000 Millions, Invoice Discounting (ID) Rs.90.000 Millions, Term Loan Rs.48.500 Millions (Maximum Fund Based Rs.146.500 Millions (including ceiling of Rs.98.000 Millions for CC + ID) AND L/C Inland DP / DA 90 days Rs.36.500 Millions, PLUS II) Ad Hoc Cash Credit Rs.10.000 Millions. Charge no more extends to earlier ad hoc limits of Rs.20.000 Millions granted on 5-3-2010.

FIXED ASSETS

· Motor Vehicles

· Trailor

· Computers

· Fax Machine

· Air Conditioner

· Other Equipments

· Furniture

· Land

· Building

· Plant and Machinery

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.46.18
UK Pound	1	Rs.73.65
Euro	1	Rs.64.95

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		45

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.