MIRA INFORM REPORT

Report Date :

04.08.2012

IDENTIFICATION DETAILS

Name :	CEEBUILD COMPANY PRIVATE LIMITED
Registered Office :	23A, Netaji Subhash Road, 2^nd Floor, Room No. 19 and 20, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.09.1994
Com. Reg. No.:	21-065254
Capital Investment / Paid-up Capital :	Rs.43.391 Millions
CIN No.: [Company Identification No.]	U29256WB1994PTC065254
PAN No.: [Permanent Account No.]	AABCC2884Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all kinds of forms of iron and steel, electrical equipment, ferrous and non ferrous metal and all allied items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability appears to be very low. 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 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = B+
Rating Explanation	High risk of default
Date	18.05.2012

Rating Agency Name	CRISIL
Rating	Short term rating = A4
Rating Explanation	Minimal degree of safety and high credit risk
Date	18.05.2012

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	23A, Netaji Subhash Road, 2^nd Floor, Room No. 19 and 20, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-40050058 / 22302052
Fax No.:	91-33-30221119
E-Mail :	kabrasandeep@yahoo.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Sanjeev Kabra

Designation :

Director

Address :

15, Ballygurnge Park Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

03.07.1962

Date of Appointment :

22.09.1994

DIN No.:

00959932

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	U29256WB1994PTC065254	CEEBUILD COMPANY PRIVATE LIMITED	Director	22/09/1994	22/09/1994	-	Active	NO
2	U51909WB1993PTC061294	LPS ENGINEERING COMPANY PRIVATE LIMITED	Director	05/09/1997	05/09/1997	-	Active	NO
3	U25209WB1973PTC028797	SHIVON EPOXILITE PRIVATE LIMITED	Director	22/03/1999	22/03/1999	01/02/2010	Active	NO
4	U70101WB1981PTC034055	CRESCENT ESTATES PRIVATE LIMITED	Director	04/11/2006	04/11/2006	-	Active	NO
5	U74140WB2005PTC100973	PAWAN PUTRA ADVISORY SERVICES PRIVATE LIMITED	Director	21/02/2007	21/02/2007	-	Active	NO
6	U74900WB2008PTC124487	JR SALES AND SERVICES PRIVATE LIMITED	Director	26/03/2008	26/03/2008	-	Active	NO
7	U27104OR1987PLC001824	KVR STEELS ORISSA LTD	Additional director	27/04/2009	27/04/2009	-	Active	NO
8	U28910WB2011PTC162146	CBC POWER INDUSTRIES PRIVATE LIMITED	Director	30/04/2011	30/04/2011	-	Active	NO

Name :

Mr. Sandeep Kabra

Designation :

Director

Address :

15, Ballygurnge Park Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

08.10.1965

Date of Appointment :

22.09.1994

DIN No.:

00960600

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	U29256WB1994PTC065254	CEEBUILD COMPANY PRIVATE LIMITED	Director	22/09/1994	22/09/1994	-	Active	NO
2	U70109WB1997PTC084807	KABRA MULTIPROJECTS PRIVATE LIMITED	Director	02/07/1997	02/07/1997	-	Active	NO
3	U55101WB2000PTC091379	SAISAN EATERIES PRIVATE LIMITED	Director	16/03/2000	16/03/2000	-	Strike off	NO
4	U70101WB1981PTC034055	CRESCENT ESTATES PRIVATE LIMITED	Director	04/11/2006	04/11/2006	-	Active	NO
5	U74140WB2005PTC100973	PAWAN PUTRA ADVISORY SERVICES PRIVATE LIMITED	Director	21/02/2007	21/02/2007	-	Active	NO
6	U74900WB2008PTC124487	JR SALES AND SERVICES PRIVATE LIMITED	Director	26/03/2008	26/03/2008	-	Active	NO
7	U27104OR1987PLC001824	KVR STEELS ORISSA LIMITED	Additional director	27/04/2009	27/04/2009	-	Active	NO
8	U28910WB2011PTC162146	CBC POWER INDUSTRIES PRIVATE LIMITED	Director	30/04/2011	30/04/2011	-	Active	NO

Name :

Mr. Shashi Kabra

Designation :

Director

Address :

15, Ballygurnge Park Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

05.08.1965

Date of Appointment :

22.09.1994

DIN No.:

01494672

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	U29256WB1994PTC065254	CEEBUILD COMPANY PRIVATE LIMITED	Director	22/09/1994	22/09/1994	-	Active	NO
2	U70101WB1981PTC034055	CRESCENT ESTATES PRIVATE LIMITED	Director	04/11/2006	04/11/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Anupama Kabra	6000
Radheshyam Somani	9000
Rajendra Tiwari	5000
L.P. S Engineering Company Private Limited, India	40100
Parmeshwarlal Agarwala	5000
Kanta Devi Jhunjhunwala	2000
Shashi Kabra	25000
Sandeep Kabra	27000
Sanjeev Kabra	30000
Crescent Estates Private Limited, India	47500
Pawanputra Advisory Services Private Limited, India	45000
Sandeep Kabra (HUF)	37500
Sanjeev Kabra (HUF)	37500
Rashmi Kabra	32500
Rajeev Kabra	35000
Kabra Multiprojects Private Limited, India	45000
Sandeep Kabra	15000
Sanjeev Kabra	10000
Shashi Kabra	14600
KUSHAL Kabra	8000
Shruti Kabra	10
BIMLA DEVI Kabra	10
Rajeev Kabra	100
Rajendra Kabra	10
Rashmi Kabra	90
Shrikishna Kabra	100
Shrikishna Kabra (HUF)	100
Subodh Mehta (HUF)	10
Manjula Mehta	10
Ashis Kumar Dhar	10
Aakansha Somani	10
Total	477160

As on 31.03.2012

Names of Allotees	No. of Shares Alloted
Jps Enterprises Private Limited, India	750
Speedwell Tie-Up Private Limited, India	750
Calendula Vincom Private Limited, India	2000
Olympus Merchants Private Limited, India	1000
Basukinath Commosales Private Limited, India	750
Valuetime Sales Private Limited, India	1250
Terminal Sales Private Limited, India	1500
Evergreen Barter Private Limited, India	2000
Silbadhar Vyapaar Private Limited, India	750
Perfect Commosales Private Limited, India	1000
VANASPATI Vlnlmay Private Limited, India	750
Peace Commosales Private Limited, India	750
Anjaniputra Sales Private Limited, India	1250
Total	14500

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	37.22
Directors or relatives of Directors	58.37
Other top fifty shareholders	4.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of all kinds of forms of iron and steel, electrical equipment, ferrous and non ferrous metal and all allied items.

Products :

Item Code No.	Product Description
731210	G I Wire
7216	M S Material

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Actual Production
CROSS ARMS / EARTHING COILS / GUY GRIPS ETC	Qty (PCS)	1750

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Allahabad Bank, B K Paul Avenue Branch, 88, B K Paul Avenue, Kolkata – 700005, West Bengal, India

· HDFC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	211.473	157.037
Loans taken for vehicles secured	0.331	0.559
Total	211.804	157.596
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	3.504	2.900
Other debt unsecured	2.183	1.693
Total	5.687	4.593

Banking Relations :	--
Auditors :
Name :	H. Kabra and Company Chartered Accountants
Address :	P-41, Princep Street, Kolkata - 700 072, West Bengal, India
Tel. No.:	91-33-22365308 / 22372582
PAN.:	AGGPK2880C

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
470000	Equity Shares	Rs.100/- each	Rs.47.000 Millions
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
429100	Equity Shares of ‘A’ Class	Rs.100/- each	Rs.42.910 Millions
48060	Equity Shares of ‘B’ Class	Rs.10/- each	Rs.0.481 Millions
14500	Equity Shares	Rs.100/- each	Rs.1.450 Millions
	Total		Rs.44.841 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
470000	Equity Shares	Rs.100/- each	Rs.47.000 Millions
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
429100	Equity Shares of ‘A’ Class	Rs.100/- each	Rs.42.910 Millions
48060	Equity Shares of ‘B’ Class	Rs.10/- each	Rs.0.481 Millions
	Total		Rs.43.391 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		43.391	43.391	43.391
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		40.259	35.233	29.845
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		83.650	78.624	73.236
LOAN FUNDS
1] Secured Loans		211.804	157.596	155.799
2] Unsecured Loans		5.687	4.593	1.816
TOTAL BORROWING		217.491	162.189	157.615
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		301.141	240.813	230.851
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.642	13.585	12.578
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.588	5.889	9.488
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	99.487	103.310	67.495
	Sundry Debtors	420.187	435.465	404.322
	Cash & Bank Balances	9.421	5.498	5.657
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	84.513	92.274	76.709
Total Current Assets		613.608	636.547	554.183
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	224.094	316.815	309.076
	Other Current Liabilities	97.584	93.056	31.586
	Provisions	8.264	5.582	4.981
Total Current Liabilities		329.942	415.453	345.643
Net Current Assets		283.666	221.094	208.540
MISCELLANEOUS EXPENSES		0.245	0.245	0.245
TOTAL		301.141	240.813	230.851

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	NA	960.434	938.181
		Other Income	NA	2.312	0.090
		TOTAL	NA	962.746	938.271
	EXPENSES
		Office Expenses
		Administrative Expenses	NA	955.701	932.875
		Advertising Expenses
		TOTAL	NA	955.701	932.875
	PROFIT BEFORE TAX		7.709	7.045	5.396
Less	TAX		5.109	1.600	1.937
	PROFIT AFTER TAX		2.600	5.445	3.459
	Earnings Per Share (Rs.)
	Equity Shares of ‘A’ Class		6.06	12.55	7.97
	Equity Shares of ‘B’ Class		54.10	1.25	0.80

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.79	0.37
Net Profit Margin (PBT/Sales)	(%)	NA	0.73	0.58
Return on Total Assets (PBT/Total Assets}	(%)	1.23	1.08	0.95
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.07
Debt Equity Ratio (Total Liability/Networth)		6.54	7.35	6.87
Current Ratio (Current Asset/Current Liability)		1.86	1.53	1.60

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	(Yes)
2]	Locality of the firm	(Yes)
3]	Constitutions of the firm	(Yes)
4]	Premises details	(No)
5]	Type of Business	(Yes)
6]	Line of Business	(Yes)
7]	Promoter's background	(Yes)
8]	No. of employees	(No)
9]	Name of person contacted	(No)
10]	Designation of contact person	(No)
11]	Turnover of firm for last three years	(Yes)
12]	Profitability for last three years	(Yes)
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	(No)
15]	Capital in the business	(Yes)
16]	Details of sister concerns	(No)
17]	Major suppliers	(No)
18]	Major customers	(No)
19]	Payments terms	(No)
20]	Export / Import details (if applicable)	(No)
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	(Yes)
24]	Banking facility details	(Yes)
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	(Yes)
28]	Incorporation details, if applicable	(Yes)
29]	Last accounts filed at ROC	(Yes)
30]	Major Shareholders, if available	(Yes)
31]	PAN of Proprietor/Partner/Director, if available	(No)
32]	Passport No of Proprietor/Partner/Director, if available	(No)
33]	Voter ID No of Proprietor/Partner/Director, if available	(No)

Note:

The registered office of the company has been shifted from 23A N S Road, Kolkata – 700001, West Bengal, India to present address w.e.f. 15.02.2011

WORKING RESULTS

The Company Net Profit amounting to Rs. 7.709 Millions for the year. The same after providing for Income Tax being Rs. 2.600 Millions has been carried to Balance Sheet. The Directors do not recommend any dividend for the year

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29256WB1994PTC065254
Name of the company	CEEBUILD COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	23a, Netaji Subhash Road, 2nd Floor, Room No. 19 and 20, Kolkata – 700001, West Bengal, India kabrasandeep@yahoo.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90250578
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Allahabad Bank, B K Paul Avenue Branch, 88, B K Paul Avenue, Kolkata – 700005, West Bengal, India poddar.sanjay@gmail.com
Nature of instrument creating charge	1) General Letter of Hypothecation dated 10.09.2011 2)Supplemental Letter of Mortgagor Confirming Deposit of Title Deeds for Borrower dated 10.09.2011
Date of instrument Creating the charge	10.09.2011
Amount secured by the charge	Rs.435.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1) Cash Credit - BR + 4%. 2) IBD - Usance upto 90days- BR and Usance upto 180days- BR + 1% 3)L/C - 50% of normal rate 4)BG - Rs. 600.00 + 0.40% per Quarter(min 2 Quarters)(As existing) Terms of Repayment On Demand Margin 1) Cash Credit Limit @25% on stocks and 40% on Book Debts upto 120 days(Maximum) 2) BG/LC Limit @20% FDR/Cash Extent and Operation of the charge The Charged goods shall be kept at the company's risk and expenses in good condition and fully insured against loss or damage by fire, Theft etc. and also against loss or damage by riot and civil commotion etc. as may be required by the bank in the joint names of the bank & the company, All hypothecated & charged assets are the absolute property of the borrower and free from any prior charge/encumbrance. Others The security created under said hypothecation shall operate as continuing security. The company hereby declared that all the charged property now existing are absolute property of and at the sole disposal of the company and free from any prior charge or encumbrance and undertakes that all the future property shall likewise be the unencumbered & absolute and disposable property of the company. Other terms and conditions are as per above referred hypothecation agreement and sanction letter.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The Company hereby charges and hypothecates by way of first charge in favour of the bank all present and future products, goods, stocks and movable property of any kind shall be brought in stored or be in or about the company's premises or godown or whereever else. Two Factory Lands at Mouza Jala Dhulagori, JL no. 002, P.S. Sankrail in the name of Ceebuild Company Private Limited 25, Kavi Bharati Sarani, Lake Road, Second Floor, Kolkata - 29, deed No. 4138 of 1997, 1/2 Share of flat in the name of Kabra Multi Projects Private Limited, (Total area 3512 sq. Ft.) 25, Kavi Bharati Sarani, Lake Road, Second Floor, Kolkata - 29, deed No. 4139 of 1997,1/2 Share of flat in the name of LPS Engineering Company Limited, (Total area 3512 sq. Ft.) Pledge of FDR For Rs.1.000 Million Pledge of fresh FDR For Rs.1.000 Million 23/6 Netaji Subhash Road, Flat No3/1 Block A, P.S.-Liluah,Third Floor,Share of flat in the name of Pawanputra Advisory Services private Limited.(Total area 1247 sq.Ft. with one car parking space of 90 sq.Ft)
Date of instrument modifying the charge	12.10.2010
Particulars of the present modification	By this modification the overall limit of the company decreases from Rs.465.000 Millions to Rs. 435.000 Millions comprise with Cash credit limit Rs. 240.000 Millions IBD (L/C) Limit Rs. 90.000 Millions B.G. Limit Rs. 55.000 Millions L/C Limit Rs. 50.000 Millions.

Fixed Assets:

• Land and Bangalore
• Motor Car
• Office Equipments
• Furniture and Fixtures
• Plant and Machinery
• Computer
• Air Conditioner
• LCD TV

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.56.08
UK Pound	1	Rs.87.03
Euro	1	Rs.68.36

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.