MIRA INFORM REPORT

Report Date :

25.01.2012

IDENTIFICATION DETAILS

Name :	MANGALAM ALLOYS LIMITED
Registered Office :	Plot No. 3123-3126, GIDC, Phase III, Chhatral, District Gandhinagar – 382729, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.08.1988
Com. Reg. No.:	04-011051
Capital Investment / Paid-up Capital :	Rs.63.349 Millions
CIN No.: [Company Identification No.]	U27109GJ1988PLC011051
TAN No.: [Tax Deduction & Collection Account No.]	AHMM01070G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Stainless Steel Ingots, Bars, etc.
No. of Employees :	510 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 930000
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 :	Mr. Amit
Designation :	Accounts Department
Contact No.:	91-2764-232025
Date :	24.01.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 3123-3126, GIDC, Phase III, Chhatral, District Gandhinagar – 382729, Gujarat, India
Tel. No.:	91-2764-232064/232025
Fax No.:	91-2764-234361
E-Mail :	sales@mangalamalloys.com ajay.patel@mangalamalloys.com mangalam@ucmindia.com tusharmehta@mangalamalloys.com
Website :	www.mangalamalloys.com
Location :	Owned

DIRECTORS

As on 31.03.2011

Name :

Mr. Devilal Bherulal Rathi

Designation :

Whole-time director

Date of Birth/Age :

14.12.1965

Date of Appointment :

28.02.2000

DIN No.:

01927540

Other Directorship :

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
U27109GJ1988PLC011051	Mangalam Alloys Limited	Whole-time director	15/03/2010	28/02/2000	-	Active	NO
U28112GJ2008PTC052702	Dharmik Steels Private Limited	Director	22/01/2008	22/01/2008	-	Active	NO

Name :

Mr. Uttamchand Chandanmal Mehta

Designation :

Managing director

Address :

3, Chandramauleshwar Farm, Near Mohamadpura Bus Stop, Ambli Bopal Road, Ahmedbad, Gujarat, India

Date of Birth/Age :

20.11.1953

Date of Appointment :

20.05.2006

DIN No.:

00153639

Other Directorship :

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
U29199GJ1995NPL027917	Naroda Enviro Projects Limited	Director	19/10/1995	19/10/1995	-	Active	NO
U27110GJ1990PLC013964	Unison Metals Limited	Managing director	6/10/2004	6/10/2004	19/08/2009	Active	NO
U27109GJ1988PLC011051	Mangalam Alloys Limited	Managing director	1/09/2009	20/05/2006	-	Active	NO
U27100GJ2006PLC047841	Unison Forgings Limited	Director	22/02/2008	22/02/2008	-	Active	NO
U28910GJ2010PTC061470	Unison Alloys and Steels Private Limited	Director	7/07/2010	7/07/2010	24/12/2010	Active	NO

Name :

Mr. Lokeshkumar Bansilal Jain

Designation :

Whole-time director

Address :

A 2, 102, Vishwas City – I, Opposite Shayon City, R C Technical Road, Ghatold, Ahmedabad, Gujarat, India

Date of Birth/Age :

05.01.1973

Date of Appointment :

12.12.2005

DIN No.:

00186623

Other Directorship :

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
U27109GJ1988PLC011051	Mangalam Alloys Limited	Whole-time director	11/12/2010	12/12/2005	-	Active	NO
U65910GJ1995PTC024789	Tribhuvan Lease Finance Private Limited	Director	15/04/2009	15/04/2009	-	Active	NO

Name :

Mr. Tushar Uttamchand Mehta

Designation :

Whole-time director

Address :

3, Chandramauleshwar Farm, Near Mohamadpura Bus Stop, Ambli Bopal Road, Ahmedbad, Gujarat, India

Date of Birth/Age :

09.06.1987

Date of Appointment :

12.12.2005

DIN No.:

00187046

Other Directorship :

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
U27109GJ1988PLC011051	Mangalam Alloys Limited	Whole-time director	1/10/2009	12/12/2005	-	Active	NO
U65910GJ1997PTC031510	Shelja Finlease Private Limited	Director	30/09/2009	16/09/2009	-	Active	NO
U28910GJ2010PTC061470	Unison Alloys and Steels Private Limited	Director	7/07/2010	7/07/2010	24/12/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Names of Shareholders	No. of Shares
Bhandari Pirakashchandra Chandmal	40500
Bhandari Miankumari Prakashchandra	31500
Bhandari Aivinash Prakashchand	22500
Bhandari Riachna Prakashchandra	11250
Bhandari Pirakashchandra Chandmal	18000
Bhandari Pirakashchandra C	6750
Raval Motilal Maganlal Prop's of Rekha Enterprise	13200
Purohit Bhanwarlal Bhurji	4000
Mehta Tirth Uttamchand	13700
Mehta Tushar Uttamchand	127750
Mehta Paushpadevi Uttamchand	400650
Mehta Uttamchand Chandanmal	851000
Mehta Uttamchand	2000
Netvision Web Technologies Limited, India	50000
Shelja Finlease Private Limited, India	331700
Tribhuvan Lease Finance Private Limited, India	2324650
Ankit Ashokkumar Gupta	10000
Ashokkumar Sonderlal Gupta	10000
Rajesh Agrawal	20000
Sanskrit Vitta Private Limited, India	40000
Archer Financial Services Private Limited, India	312000
Grin BPO Services Private Limited, India	237750
Green Star Financial Services Private Limited, India	336000
Suraj Corporate Services Private Limited, India	240000
TPL Finance Limited, India	420000
Richgold Finance and Securities Limited, India	380000
Dhanlaxmi Lease Finance Private Limited, India	80000
Total	6334900

Equity Share Break up (Percentage of Total Equity)

As on 31.03.2011

Category	Percentage
Bodies corporate	75.02
Directors or relatives of Directors	22.02
Other top fifty shareholders	2.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Stainless Steel Ingots, Bars, etc.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
S S Ingots and other Primary Forms	72181000

Exports :

Products :

Finished Goods

Countries :

· Singapore

· Victnam

· South Africa

Imports :

Products :

Raw Material

Countries :

· USA

· Germany

Terms :

Selling :

Cash/ Credit

Purchasing :

Cash/ Credit

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
S.S. and Other Alloys Ingots and Castings (mainly Captive use)	M.T	30900	46152
S.S. and other Alloys Flats, Rounds, Brightbar and Fasteners	M.T	54000	19486.13

GENERAL INFORMATION

Customers :

· Retailers

· End Users

No. of Employees :

510 (Approximately)

Bankers :

State Bank of India, ndustrial Finance Branch, Gujarat Bhavan, Opposite M.J. Library, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loans	116.219	108.589
Working Capital Loans	183.176	118.537
Total	299.395	227.126

Notes:

(A) Secured by all stocks, book debts, movables other assets and bill receivables and further secured by charge over immovable property being plot no.3122 to 3126, three flats, plant and machineries and further guaranteed by four directors.

(B) Secured by all stocks, book debts, movables other assets and bills receivables and further secured by charge over immovable property being plot no.3122 to 3126, three flats, plant and machineries and further guaranteed by four directors.

(C) Secured by all stocks, book debts, movables other assets and bills receivables and further secured by charge over immovable property being plot no.3122 to 3126, three flats, plant and machineries and further guaranteed by four directors.

(D) Secured by all stocks, book debts, movables other assets and bills receivables and further secured by charge over immovable property being plot no.3122 to 3126, three flats, plant and machineries and further guaranteed by four directors.

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans directors	0.050	0.000
Fixed Deposits	0.000	1.300
Others debts	4.404	5.653
Total	4.454	6.953

Other debt unsecured represents unsecured loan from body corporates

Banking Relations :	--
Auditors :
Name :	Kishan M. Mehta and Company Chartered Accountants
Address :	6, Premchand House Annexe, Old High Court Way, Ashram Road, Ahmedbad – 380009, Gujarat, India
PAN.:	AABFK8431G
Enterprises having significant influence:	· Unison Metals Limited CIN No.: L27110GJ1990PLC013964 · Tribhuvan Lease Finance Private Limited CIN No.: U65910GJ1995PTC024789 · Unison Forgings Limited CIN No.: U27100GJ2006PLC047841
Sister Concerns :	· Mehta Alloys Limited · Universal Metals Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6334900	Equity Shares	Rs.10/- each	Rs.63.349 Millions

Note:

Paid up equity share capital represents 63,34,900 Equity Shares of Rs.10 each (out of the above 25000 shares have been allotted as fully paid up as bonus shares)

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		63.349	54.549	52.949
2] Share Application Money		0.000	0.000	9.000
3] Reserves & Surplus		169.772	131.982	105.858
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		233.121	186.531	167.807
LOAN FUNDS
1] Secured Loans		299.395	227.126	200.218
2] Unsecured Loans		4.454	6.953	19.624
TOTAL BORROWING		303.849	234.079	219.842
DEFERRED TAX LIABILITIES		31.515	33.068	18.936
DEFERRED PAYMENT CREDIT		0.000	0.076	0.271
TOTAL		568.485	453.754	406.856
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		242.904	233.377	214.626
Capital work-in-progress		9.206	8.229	14.200
INVESTMENT		10.230	10.230	8.548
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	223.916	153.186	171.084
	Sundry Debtors	209.844	174.536	107.459
	Cash & Bank Balances	9.634	10.398	9.526
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	58.199	55.865	63.333
Total Current Assets		501.593	393.985	351.402
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	122.150	151.513	169.694
	Other Current Liabilities	65.563	33.587	7.869
	Provisions	7.735	6.967	4.357
Total Current Liabilities		195.448	192.067	181.920
Net Current Assets		306.145	201.918	169.482
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		568.485	453.754	406.856

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1270.921	1188.541	1117.115
		Other Income	8.426	5.873	5.663
		TOTAL (A)	1279.347	1194.414	1122.778
Less	EXPENSES
		Consumption materials changes inventories	891.644	873.130	1059.514
		Manufacturing service costs	250.656	201.540
		Employee related costs	33.034	24.838
		Administrative selling other expenses	16.529	11.681
		TOTAL (B)	1191.863	1111.189	1059.514
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		87.484	83.225	63.264
Less	FINANCIAL EXPENSES (D)		33.316	27.662	19.539
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.168	55.563	43.725
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.710	21.776	15.409
	PROFIT BEFORE TAX (E-F) (G)		29.458	33.787	28.316
Less	TAX (H)		4.596	14.590	10.455
	PROFIT AFTER TAX (G-H) (I)		24.862	19.197	17.861
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	23.798
	INCOME TAX OF EARLIER YEAR				(0.001)
	PRIOR YEAR ADJUSTMENT		NA	NA	0.000
Less	PRIOR YEAR ADJUSTMENT				0.101
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	NA
		Dividend
		Tax on Dividend
	BALANCE CARRIED TO THE B/S		85.870	61.280	41.557
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	103.034	47.817	61.186
	TOTAL EARNINGS		103.034	47.817	61.186
	IMPORTS
		Raw Materials	189.262	98.134	240.413
		Consumables Stores	1.292	1.400	1.560
		Capital Goods	0.000	0.041	0.113
	TOTAL IMPORTS		190.554	99.575	242.086
	Earnings Per Share (Rs.)		3.90	3.58	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.96	1.61	1.59
Net Profit Margin (PBT/Sales)	(%)	2.32	2.84	2.53
Return on Total Assets (PBT/Total Assets}	(%)	3.96	5.39	5.00
Return on Investment (ROI) (PBT/Networth)		0.12	0.18	0.17
Debt Equity Ratio (Total Liability/Networth)		2.14	2.28	2.39
Current Ratio (Current Asset/Current Liability)		2.57	2.05	1.93

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	122.150	151.513	169.694
Total	122.150	151.513	169.694

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 two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
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)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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	--

OPERATION AND REVIEW

During the year the turnover and profit have increased in comparison to earlier year. Your directors are putting efforts to further boost the activities and expect better future prospects in the coming year.

FORM 8

Corporate identity number of the company	U27109GJ1988PLC011051
Name of the company	MANGALAM ALLOYS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 3123-3126, GIDC, Phase III, Chhatral, District Gandhinagar – 382729, Gujarat, India Email Id : mangalam@ucmindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10192012
Type of charge	Book debts Movable property (not being pledge) Hypothecation of stocks of RM, SIP, FG, P and M and current asset
Particular of charge holder	State Bank of India, ndustrial Finance Branch, Gujarat Bhavan, Opposite M.J. Library, Ellisbridge, Ahmedabad – 380006, Gujarat, India Email Id : sbi.60327@sbi.co.in
Nature of instrument creating charge	Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit dated 16-03-11
Date of instrument Creating the charge	16.03.2011
Amount secured by the charge	Rs.413.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest FBWC: at 3.25% above base rate 11.50% p. a, TL ii,iii and iv : at 3.50% above base rate 11.75% p. a , CL-1 : at 3.75% above base rate 12.00% p. a , CL-II : at 3.75% above base rate 12. 00% p. a. Terms of repayment a) Working Capital : Repayable on demand , b) Term Loan ( existing ): No change in repayment schedule and repayment as per originally sanctioned , c) CL-III 30 monthly installments starting from OCT-2011 Margin Raw Material : 25% Domestic Imported : 25% SIP : 25% Finished Goods : 25% Book Debts ( Cover period 90 days ) : 30% Letter of Credit : 35% Bank Guarantee : 10% Extent and operation of the charge The existing facilities are enhanced to Rs.413.200 Millions being (a) Working Capital- Rs.185.000 Millions (b) Term Loan Rs.83.500 Millions (c) Corporate Loan I and II Rs.25.000 Millions and Corporate Loan of Rs.35.000 Millions ( d) LC Rs.80.000 Millions (e) CEL Rs.4.700 Millions, Making overall aggregate credit facilities of Rs.413.200 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of entire stocks of RM, SIP, FG, Consumable stores, spares and parts, Book debts/ Receivable and all other current assets of the company Hypothecation all plant and machineries, equipments both present and future to/or be purchased out of Bank finance lying at factories, premises and godown situated at different places own by the company
Date of instrument modifying the charge	11.06.2010
Particulars of the present modification	The existing facilities are enhanced to Rs.413.200 Millions being (a) Working Capital- Rs.185.000 Millions (b) Term Loan Rs.83.500 Millions (c) Corporate Loan I and II Rs.25.000 Millions and Corporate Loan of Rs.35.000 Millions ( d) LC Rs.80.000 Millions (e) CEL Rs.4.700 Millions, Making overall aggregate credit facilities of Rs.413.200 Millions

Contingent liability not provided for (As on 31.03.2011):

(a) Bank Guarantee - Rs.11.000 Millions

(b) Letters Of Credit – Rs.9.823 Millions

(c) Disputed GEB Liability – Rs.1.592 Millions

(d) Disputed Custom Duty in appeal – Rs.4.469 Millions

(e) Workman Compensation not acknowledge as debts – Rs.0.845 Million

(f) VAT – Rs. Nil

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Furniture, Fixtures and Office Equipments

· Electric Installation

· Vehicles

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.49.97
UK Pound	1	Rs.77.74
Euro	1	Rs.65.09

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--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		47

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.