MIRA INFORM REPORT

Report Date :

24.01.2012

IDENTIFICATION DETAILS

Name :	MAN STRUCTURALS PRIVATE LIMITED
Registered Office :	Near Loco, Post Box No. 189, Jaipur – 302 006, Rajasthan
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.06.1970
Com. Reg. No.:	17-1305
Capital Investment / Paid-up Capital :	Rs.46.014 Millions
CIN No.: [Company Identification No.]	U27107RJ1970PTC001305
TAN No.: [Tax Deduction & Collection Account No.]	JPRM02765A
PAN No.: [Permanent Account No.]	AABFM7131R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Towers and Transmission lines, Mechanical, Civil, Electrical, General and Structural engineers and Contractors, and Alloy Steel.
No. of Employees :	Not Available

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 870000
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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Near Loco, Post Box No. 189, Jaipur – 302 006, Rajasthan, India
Tel. No.:	91-141-2222220 / 2222221 / 2222223
Fax No.:	91-141-2222100
E-Mail :	info@manstructurals.com sales@manstructurals.com sunita.fcs|@gmail.com
Website :	http://www.manstructurals.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Purshotam M. Rungta
Designation :	Chairman cum Managing Director
Address :	68-A, Rungta House, Napasean Road, Mumbai, Maharashtra, India
Date of Birth/Age :	07.07.1928
Date of Appointment :	12.06.1970
DIN No.:	01113425

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	U17111WB1913PLC002403	The Hooghly Mills Company Limited	Director	27-06-63	27-06-63	21-12-09	Active	NO
2	U27107RJ1970PTC001305	Man Structurals Private Limited	Director	20-06-70	20-06-70	-	Active	NO
3	U14101RJ1982PTC002516	Agglomarble Private Limited	Director	14-07-82	14-07-82	-	Strike off	NO
4	U23200MH1980PTC022646	Moly Colloids Private Limited	Director	02-11-87	02-11-87	16-07-07	Dormant	NO

Name :	Mr. Kishore P. Rungta
Designation :	Managing Director
Address :	Directors’ Bunglow, Man Structurals, Near Loco Jaipur, Jaipur – 302 006, Rajasthan, India
Date of Birth/Age :	24.09.1951
Date of Appointment :	04.08.1973
DIN No.:	00681634

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	U27107RJ1970PTC001305	Man Structurals Private Limited	Managing director	04-08-73	04-08-73	Active	NO
2	U14101RJ1982PTC002516	Agglomarble Private Limited	Director	14-07-82	14-07-82	Strike off	NO
3	U51109RJ2007PTC024241	Ashtha Prime Commodite Private Limited	Director	18-04-07	18-04-07	Active	NO
4	U27109RJ2008PTC027800	Indo Man Structurals Private Limited	Director	20-11-08	20-11-08	Active	NO
5	U52190RJ2007PTC024909	Pukhraj Enterprises Private Limited	Director	27-09-10	06-07-10	Active	NO
6	U27109RJ2009PTC029777	Bhavya Inductosteel Private Limited	Alternate director	07-02-11	07-02-11	Active	NO
7	L24117RJ1991PLC006307	Poddar Pigments Limited	Director	27-08-11	25-07-11	Active	NO
8	U45201RJ2011PTC036553	Tirupati Buildproject Private Limited	Director	22-09-11	22-09-11	Active	NO

Name :	Mr. Nirmal P. Rungta
Designation :	Director
Address :	68-A, Rungta House, Napasean Road, Mumbai, Maharashtra, India
Date of Birth/Age :	17.01.1947
Date of Appointment :	04.08.1973
DIN No.:	00099981

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	U27107RJ1970PTC001305	Man Structurals Private Limited	Director	04-08-73	04-08-73	Active	NO
2	U51109MH1978PTC020390	Rungta Trading Private Limited	Director	03-06-78	03-06-78	Active	NO
3	U45400MH1981PTC025473	Rungta Infrastructure Private Limited	Director	20-10-81	20-10-81	Active	NO
4	U65990MH1979PTC021346	Perfect Finance and Exports Private Limited	Director	08-07-82	08-07-82	Active	NO
5	U14101RJ1982PTC002516	Agglomarble Private Limited	Director	14-07-82	14-07-82	Strike off	NO
6	U51900MH1979PTC021347	Consolideted Trading And Finance Private Limited	Director	22-11-85	22-11-85	Active	NO
7	U66030MH1928PTC001432	United General Trust Private Limited	Director	28-11-85	28-11-85	Active	NO
8	U51900MH1969PTC014369	Vanijya Share Traders Private Limited	Director	28-11-85	28-11-85	Active	NO
9	U70100MH1986PTC041335	Rungta Estate Private Limited	Director	21-10-86	21-10-86	Active	NO
10	U67120MH1995PTC086863	Dolex Investment Private Limited	Director	01-04-02	01-04-02	Active	NO
11	U24100MH2002PTC137051	Panama Gomantak Polymers Private Limited	Director	09-10-02	09-10-02	Active	NO
12	U24220MH1995PTC092329	Sunshine Laboratories (India) Private Limited	Director	09-10-02	09-10-02	Active	NO

Name :	Mr. Gaurav Rungta
Designation :	Joint Managing Director
Address :	Directors’ Bunglow, Man Structural Near Loco Jaipur, Jaipur – 302 006, Rajasthan, India
Date of Birth/Age :	17.11.1977
Date of Appointment :	31.03.2004
DIN No.:	00681676

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	U27107RJ1970PTC001305	Man Structurals Private Limited	Director	31-03-04	31-03-04	Active	NO
2	U51109RJ2007PTC024241	Ashtha Prime Commodite Private Limited	Director	18-04-07	18-04-07	Active	NO
3	U52190RJ2007PTC024909	Pukhraj Enterprises Private Limited	Director	27-09-10	28-03-08	Active	NO
4	U27109RJ2008PTC027800	Indo Man Structurals Private Limited	Director	20-11-08	20-11-08	Active	NO
5	U51109RJ2011PTC036734	Tirupati Prime Commodite Private Limited	Director	14-10-11	14-10-11	Active	NO

Name :	Mr. Gopal Tiwari
Designation :	Whole Time Director
Address :	B-90, Vidhyut Nagar, Queens Road, Jaipur – 302 012, Rajasthan, India
Date of Birth/Age :	17.09.1944
Date of Appointment :	08.09.2005
DIN No.:	00681393
Name :	Mr. Indra Durlabhji
Designation :	Director
Address :	Durlabhji Niwas, Prithviraj Raod, C-Scheme, Jaipur – 302 001, Rajasthan, India
Date of Birth/Age :	18.08.1945
Date of Appointment :	06.09.1995
DIN No.:	00088759

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	U24239MH1992PTC065391	Apostolos Pharmaceuticals Private Limited	Director	12-02-92	12-02-92	31-10-08	Active	NO
2	U27107RJ1970PTC001305	Man Structurals Private Limited	Director	06-09-95	06-09-95	-	Active	NO
3	U24232RJ1986PTC003720	Kunal Pharmaceuticals Private Limited	Director	20-12-95	20-12-95	21-02-11	Strike off	NO
4	U52310MH1930PLC002084	Raptakos Brett And Company Limited	Director	09-09-96	09-09-96	-	Active	NO
5	U24200MH1980PLC023051	Raptakos Brett Test Laboratories Limited	Director	09-09-96	09-09-96	-	Active	NO
6	U45201RJ1997PTC013851	Lee Construction Private Limited	Managing director	30-05-97	30-05-97	-	Active	NO
7	U99999MH1995NPL086507	MRR Charities	Director	29-06-99	29-06-99	-	Active	NO
8	U26943RJ2006PTC023500	Raghupati Cements Private Limited	Director	16-03-07	16-03-07	10-09-11	Active	NO
9	U74999RJ1995PTC011276	Yash Transtech Private Limited	Director	29-09-07	04-05-07	-	Active	NO

Name :	Mr. Satya Bhushan Lal Jain
Designation :	Director
Address :	32, Uniyara Garden, Near Police Memorial, Jaipur – 302 004, Rajasthan, India
Date of Birth/Age :	16.09.1937
Date of Appointment :	29.12.2003
DIN No.:	00002582

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	L31300RJ1982PLC002460	Modern Insulators Limited	Director	31-03-98	31-03-98	Active	NO
2	L74899DL1994PLC059950	Pushpsons Industries Limited	Director	18-10-03	18-10-03	Active	NO
3	U27107RJ1970PTC001305	Man Structurals Private Limited	Director	29-12-03	29-12-03	Active	NO
4	L17115RJ1980PLC002075	Modern Threads (India) Limited	Director	30-09-09	29-12-08	Active	NO
5	U31300RJ1988PLC004726	Anamika Conductors Limited	Director	02-05-11	02-05-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2011

Names of Shareholders	No. of Shares
P M Rungta	2244920
Nirmal Rungta	1147660
Kishore Rungta	877260
Sushila Rungta	900
Manju Rungta	9900
Yogendra Gotewala	100
Nawal Rungta	900
Ghanshyam Tiwari	900
Hari Om Bomb	900
P Gupta	900
Shahsi Gupta	900
Bharti Rungta	27000
Nidhi Choudhary	27000
Gaurav Rungta	248500
Shobha Devi Vaid	100
Garima Rungta	12700
Arvind Jhalani	100
Rahul Chaudhary	100
Neeraj Tiwari	500
Gopal Tiwari	100
Harish Todi	100
Total	4601440

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.00
Other top Fifty (50) shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Towers and Transmission lines, Mechanical, Civil, Electrical, General and Structural engineers and Contractors, and Alloy Steel.

Products :

Product Description	ITC Code
Structurals and Towers	730820

PRODUCTION STATUS (As on 31.03.2011)

Installed Capacity (M.T.) : 42000

Particulars	Unit	Actual Production
Own	M.T	23631
Job Work	M.T	7570

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

· Indusind Bank Limited, 2401, Gen Thimmayya Road, Contonment, Pune-411001, Maharashtra, India

· Punjab National Bank, S.M.S. Highway, Jaipur, Rajasthan, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans banks secured	27.558	24.047
Working capital loans banks secured	176.633	145.245
Loans taken for vehicles secured	5.236	8.020
Total	209.427	177.312

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Loans directors unsecured	125.173	121.235
Other debt unsecured	0.335	0.335
Total	125.508	121.570

Banking Relations :	--
Auditors :
Name :	S K Batwara and Company Chartered Accountants
Address :	4 Kalyan Path, Near Police Memorial Narain Singh Circle, Jaipur – 302 006, Rajasthan, India
PAN No.:	AAEFS5498J
Associates :	· P.M. Rungta H.U.F. · Ashtha Prime Commodites Private Limited · Pukhraj Enterprises Private Limited · Sapphire Telecom Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs.55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4601440	Equity Shares	Rs.10/- each	Rs.46.014 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		46.014	46.014	46.014
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		171.572	128.518	87.472
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		217.586	174.532	133.486
LOAN FUNDS
1] Secured Loans		209.427	177.312	215.495
2] Unsecured Loans		125.508	121.570	105.471
TOTAL BORROWING		334.935	298.882	320.966
DEFERRED TAX LIABILITIES		6.011	8.217	9.866
TOTAL		558.532	481.631	464.318
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		114.863	125.841	103.796
Capital work-in-progress		8.184	1.034	0.000
INVESTMENT		0.195	0.195	0.195
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	435.100	279.478	326.724
	Sundry Debtors	132.535	201.392	248.702
	Cash & Bank Balances	38.775	24.382	45.232
	Other Current Assets	26.289	30.750	0.000
	Loans & Advances	30.820	28.748	73.087
Total Current Assets		663.519	564.750	693.745
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	164.456	163.806	265.051
	Other Current Liabilities	30.399	16.601	43.110
	Provisions	33.374	29.782	25.257
Total Current Liabilities		228.229	210.189	333.418
Net Current Assets		435.290	354.561	360.327
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		558.532	481.631	464.318

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	1349.001	1291.638	1503.800
		Other Income	105.617	11.224
		TOTAL (A)	1454.618	1302.862	1503.800
Less	EXPENSES
		Direct Expenditure			1313.000
		Administrative Expenses			48.300
		TOTAL (B)	1374.767	1225.102	1361.300
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				142.500
Less	FINANCIAL EXPENSES (D)				70.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		79.851	77.760	72.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.858	15.054	14.600
	PROFIT BEFORE TAX (E-F) (G)		62.993	62.706	57.500
Less	TAX (H)		19.938	21.660	17.500
	PROFIT AFTER TAX (G-H) (I)		43.055	41.046	40.000
	EARNINGS IN FOREIGN CURRENCY		13.153	8.398	NIL
	Earnings Per Share (Rs.)		9.36	8.92	8.69

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.96	3.15	2.66
Net Profit Margin (PBT/Sales)	(%)	4.67	4.85	NA
Return on Total Assets (PBT/Total Assets}	(%)	8.09	9.08	7.21
Return on Investment (ROI) (PBT/Networth)		0.29	0.36	0.43
Debt Equity Ratio (Total Liability/Networth)		2.59	2.92	4.90
Current Ratio (Current Asset/Current Liability)		2.91	2.69	2.08

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL HIGHLIGHTS

During the year, the company’s income from operation has increased to Rs.1454.618 millions as against Rs.1302.862 millions in the previous year, registering a growth of 12% over the previous year, while net profit is Rs.43.055 millions as against Rs.41.046 millions in the previous year, registering a growth of 5% over the previous year.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	As on 31.03.2011 Rs. in millions
a) Disputed Liabilities in appeal
- Labour Claims	0.972
- Party Claims (BSEB)	0.438
b) Unexpired letters of credit	159.105
c) Bank Guarantees	249.637

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27107RJ1970PTC001305
Name of the company	MAN STRUCTURALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Near Loco, Post Box No. 189, Jaipur-302006, Rajasthan, India
This form is for	Creation of Charge
Type of charge	Book Debts Others
Particular of charge holder	Indusind Bank Limited, 2401, Gen Thimmayya Road, Contonment, Pune-411001, Maharashtra, India
Nature of instrument creating charge	Composite agreement for hypothecation of stocks, book debts, plant and machinery and other current assets dated 18/06/2010
Date of instrument Creating the charge	18.06.2010
Amount secured by the charge	Rs. 300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest will be below 5.75% from the prevailing prime lending rate which is presently 16.75% p.a. I.e. 11.00% p.a. Terms of Repayment Cash credit repayment will be on demand Wcdl* repayable in bullet payment/to be rolled over(sub-limit of cash credit) Letter of credit repayable on invocation/demand Bank guarantee** repayable on invocation/ demand Margin Cash credit 25% Lc 5% Bank guarantee 5% Extent and Operation of the charge The charge will operate as first charge on all hypothecated assets which includes hypo. Goods, plant & machinery, book debts and other current assets. Cash credit facility of Rs. 100.000 Millions Wcdl* of Rs. 100 Millions (sub limit of cc) Letter of credit of Rs. 200.000 Millions Bank guarantee** of Rs. 200.000 Millions (fully interchangeable with lc) Others *The working capital demand loan is as sub limit of cash credit. **The bank gaurantee is fully interchangeable with letter of credit.
Short particulars of the property charged	Pari passu charge by way of hypothecation on all the entire current assets of the company comprising of stocks of raw materials, wip, finished goods past and present. Pari passu charge by way of hypothecation on all those several book debts with the benefit of all securities for the same & all interest, if any & all other book debts which now are or may become due. Hypo of documents of title to goods, all its plant & machinery(other than financed by other financers) present & future or wherever situated whether factories premises, residence, godowns/ in transit.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Vehicles

WEB DETAILS

BACKGROUND OF THE PROMOTERS

· Main promoters of subject is the Rungta family.

· Rungta’s hails from the desert area of Bagad in dist. Jhunjhunu, Rajasthan.

· Rungta family is successfully operating subject. Possess wide area of interest covering education, games and sports, service sector, music, social and philanthropic activities apart from industrial investments and international trading.

· Promoters believe in life time relationship with employees. Allegiance level of work force, supervisors and officers is extremely high vindicated by the fact that attrition from the company is negligible.

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.50.24
UK Pound	1	Rs.78.13
Euro	1	Rs.64.79

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	NO
--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.