MIRA INFORM REPORT

Report Date :

07.06.2012

IDENTIFICATION DETAILS

Name :	SHREEYAM POWER AND STEEL INDUSTRIES LIMITED (w.e.f 14.12.2011)
Formerly Known As :	RUCHI POWER AND STEEL INDUSTRIES LIMITED (w.e.f September 2010) MID INDIA POWER AND STEEL LIMITED (w.e.f 2007) MID INDIA ENGINEERING LIMITED
Registered Office :	621, Tulsiani Chambers, Nariman Point, Mumbai-400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.07.1995
Com. Reg. No.:	11-090807
Capital Investment / Paid-up Capital :	Rs.1569.738 Millions
CIN No.: [Company Identification No.]	U45200MH1995PLC090807
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Reinforcement (TMT) Bars, Structural Steel and SS Flats.
No. of Employees :	3200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 7300000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow. Due to erratic business conditions, 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 – 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 :	621, Tulsiani Chembers, Nariman Point, Mumbai-400 009, Maharashtra, India
Tel. No.:	91-22-22025098 / 22886267
Mobile No.:	91-9752092232 (Mr. Prabhu)
Fax No.:	91-22-22025084
E-Mail :	roc_work@hotmail.com prabhulal_chauhan@rpsil.in
Website :	www.ruchigroup.com
Location :	Owned
Administration Office :	Shree Mahadeo House, 10/2, South Tukoganj, Indore - 452 001 Madhya Pradesh, India
Tel. No.:	91-731-4062083
Fax No.:	91-731-4017493
Factory :	Plot No.332, New GIDC, Phase II, Mithirohar, Gandhidham, Kutch- 370 201, Gujarat, India
Tel. No.:	91-2836-286524 / 25 / 28
Fax No.:	91-2836-286525 / 27
E-Mail :	mail@mipsl.co.in
Alloy Steel Division:	Plot No. 153 A to D, Industrial Area, Sector- III, District. Dhar- 454 774, Madhya Pradesh, India
Tel. No.:	91-7292-650113 / 114

DIRECTORS

As on 30.09.2011

Name :

Mr. Navneet Zalani

Designation :

Director

Address :

189, BG, Scheme No. 74 C, Indore-452010, Madhya Pradesh, India

Date of Birth/Age :

11.10.1944

Date of Appointment :

01.05.2011

DIN No.:

00205570

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	U45200MH1995PLC090807	SHREEYAM POWER AND STEEL INDUSTRIES LIMITED	Managing director	01-11-11	10-04-01	-	Active	NO
2	L27100MH1985PLC140379	NATIONAL STEEL AND AGRO INDUSTRIES LIMITED	Director	31-07-03	31-07-03	09-11-11	Active	NO

Name :

Mr. Ashok Kumar Agarwal

Designation :

Directors

Address :

101, Nupur, 8, Srinagar, Main, Indore- 452 018 Madhya Pradesh, India

Date of Birth/Age :

06.02.1964

Date of Appointment :

27.09.2002

DIN No.:

00121648

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	U65990MH1995PTC090847	MAXWORTH LEAFIN AND INVESTMENT PRIVATE LIMITED	Director	10-01-00	10-01-00	30-03-10	Active	NO
2	U45200MH1995PLC090807	SHREEYAM POWER AND STEEL INDUSTRIES LIMITED	Director	27-09-02	27-09-02	-	Active	NO
3	U72100MH2000PLC123442	NSIL INFOTECH LIMITED	Director	20-03-04	20-03-04	19-08-11	Active	NO
4	U40108MP1998PLC012831	NSIL POWER LIMITED	Director	22-03-04	22-03-04	20-08-11	Active	NO
5	U51900MH2002PTC135157	ELLKAY MERCANTILES PRIVATE LIMITED	Director	24-11-04	24-11-04	29-06-09	Active	NO
6	U67120MH2009PTC191585	ANGEL HOLDINGS PRIVATE LIMITED	Director	09-04-09	09-04-09	-	Active	NO

Name :

Mr. Santosh Shahra

Designation :

Directors

Address :

29, Old Palasia, A. B. Road, Indore- 452 001, Madhya Pradesh, India

Date of Birth/Age :

17.12.1946

Date of Appointment :

10.06.2004

DIN No.:

00305846

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	U74999MH1979PTC028051	SHAHRA BROTHERS PRIVATE LIMITED	Director	19-12-79	19-12-79	-	Active	NO
2	L27100MH1985PLC140379	NATIONAL STEEL AND AGRO INDUSTRIES LIMITED	Managing director	01-07-11	03-03-86	-	Active	NO
3	L27100MH1987PLC142326	RUCHI STRIPS AND ALLOYS LIMITED	Director	27-11-89	27-11-89	23-08-10	Active	NO
4	U51200MH1994PTC077085	SHAHRA ESTATE PRIVATE LIMITED	Director	15-03-94	15-03-94	-	Active	NO
5	U51420MH1994PLC141533	NSIL EXPORTS LIMITED	Director	09-04-94	09-04-94	-	Active	NO
6	U40105MP1994PLC008600	RUCHI POWER CORPORATION LIMITED	Director	08-09-94	08-09-94	-	Active	NO
7	U65921MP1995PLC009355	NSIL FINANCE LIMITED	Director	27-04-95	27-04-95	-	Active	NO
8	U27100MH1995PLC091905	RUCHI INTEGRATED STEELS (INDIA) LIMITED	Director	17-08-95	17-08-95	-	Active	NO
9	U40108MP1998PLC012831	NSIL POWER LIMITED	Director	15-05-98	15-05-98	-	Active	NO
10	U72100MH2000PLC123442	NSIL INFOTECH LIMITED	Director	03-01-00	03-01-00	-	Active	NO
11	U45200MH1995PLC090807	SHREEYAM POWER AND STEEL INDUSTRIES LIMITED	Director	10-06-04	10-06-04	-	Active	NO
12	U51909MH2003PTC140403	NUTRELA MARKETING PRIVATE LIMITED	Director	26-08-05	26-08-05	-	Active	NO
13	U51900MH2009PTC196719	SHRIYAM INDUSTRIES PRIVATE LIMITED	Director	28-10-09	28-10-09	-	Active	NO
14	U70102MH2010PTC200122	SADEEPAN INFRAPROJECTS PRIVATE LIMITED	Director	13-08-11	02-03-10	26-09-11	Active	NO

Name :

Mr. Adya Prasad

Designation :

Directors

Address :

27, Goyal Nagar, Indore- 452 001, Madhya Pradesh, India

Date of Birth/Age :

15.01.1956

Date of Appointment :

01.06.2009

DIN No.:

02676913

KEY EXECUTIVES

Name:	Mr. Nilesh Kumar Jain
Designation :	Secretary
Address :	71, Mahaveer Nagar, Kanndia Road, Indore -452018 Madhya Pradesh, India
Date of Birth/Age :	28.05.1973
Date of Appointment :	01.12.2005
Pan No.:	ADEPJ9245P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Arun Tatia	20
Sanjay Khandelwal	20
Shaliendra Jhalani	20
Ashok Agrawal	20
Amit Nakra	20
Manish Jain	20
Laxmi G. Krishnan	20
Thomas Anjula Khandelwal	124000
Easaw Thomas	120000
Vidhya Maria Thomas Vadeketh	126400
Molly Chacko	119200
Mathew Kurain	128800
Mary Thomas	124000
V. Thomas James	131200
Sharon Marie Mathew	126400
Vishesh Shahra	800000
Ushadevi Shahra	300000
Santosh Shahra	436700
Aditi Shahra	200000
East West Global Limited – UAE	16701482
National Steel and Agro Industries Limited – India	1333332
NSIL Finance Limited – India	2000000
Arab Asia Trade Inc. – UAE	839486
Adidev Foundation – India	400000
Benco Finance and Investment Private Limited – India	45596906
Amas India Investment (Mauritius) Limited – Mauritius	8482444
Soucano Holding Company Limited – Cyprus	18567712
NSIL Infotech Limited – India	25533286
NSIL Power Limited – India	25850532
Shriyam Industries Private Limited – India	8931826
Total	156973846

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	29.04
Bodies corporate	69.59
Directors or relatives of Directors	1.11
Other top fifty shareholders	0.26
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Reinforcement (TMT) Bars, Structural Steel and SS Flats.

Products :

Item Code No. (ITC Code)	Product Description
7214 10 90	TMT BAR
7207 19 20	MS BILLETS
7203 10 00	SPONGE IRON
7210 41 00	G.C. SHEET
7216	STRUCTURE STEEL
7228 10 19	ALLOYS STEEL
7230 10 90	CARBON STEEL

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	31.03.2010
Licensed Capacity	M.T.	450000
Installed Capacity *
Rolling Products of Mild Steel/ Stainless Steel/Alloy Steel as bars/ Rods/Beam/other Sections and Flats	M.T	370000
Actual Production
Sponge Iron	M.T	147529.000
M.S. Billets	M.T	242009.937
T.M.T. Bars	M.T	95485.100
Alloys Steel	M.T	30999.623
Carbon Steel	M.T	11209.966
Structural Steel	M.T	36825.459

GENERAL INFORMATION

No. of Employees :

3200 (Approximately)

Bankers :

· State Bank of Travancore, A.B. Road, Indore - 452001, Madhya Pradesh, India

· IDBI Bank Limited , Specialised Corporate Branch, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2 Old Palasia,, Indore - 452001,Madhya Pradesh, India

· UCO Bank, New Palasia Branch, Indore – 452001, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loan bank secured	4440.404	4449.961
Working Capital loan bank secured	933.102	837.339
Total	5373.506	5287.300
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Other debt unsecured	650.000	650.00
Total	650.000	650.00

Banking Relations :	--
Auditors :
Name :	Vijay Rathi and Company Chartered Accountants
Address :	11, R.N.T, Marg, 313-314, Manas Bhawan, Indore – 452011, Madhya Pradesh, India
Tel. No.:	91-731-2527627
Mobile No.:	91-9893035514
PAN.:	AAYPR6721P
Other Related Party :	NSIL Infotech Limited NSIL Power Limited Shahra Brothers Private Limited Ruchi Integrated Steels (India) Limited Ruchi Power Corporation Limited Shri Mahadeo Shahra Sukrat Trust Benco Finance and Investment Private Limited NSIL Finance Limited NSIL Exports Limited National Steel and Agro Industries Limited Nutrela Marketing Private Limited Shahra Estate Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000000	Equity Shares	Rs.10/- each	Rs.3000.000 Millions
500000	Preference Shares	Rs.100/- each	Rs.50.000 Millions
	Total		Rs.3050.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
156973846	Equity Shares	Rs.10/- each	Rs.1569.738 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		1569.738	784.869	784.686
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		270.485	2759.515	2338.763
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1840.223	3544.384	3123.449
LOAN FUNDS
1] Secured Loans		5373.506	5287.300	5201.389
2] Unsecured Loans		650.000	650.00	0.000
TOTAL BORROWING		6023.506	5937.300	5201.389
DEFERRED TAX LIABILITIES		200.621	200.621	166.395
TOTAL		8064.350	9682.305	8491.233
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7814.763	6985.586	3340.224
Capital work-in-progress		55.793	914.467	3994.604
INVESTMENT		0.000	0.000	5.004
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1544.899	2703.195	1426.032
	Sundry Debtors	1045.026	825.942	1218.845
	Cash & Bank Balances	118.977	266.066	238.120
	Other Current Assets	470.009	172.119	0.000
	Loans & Advances	296.740	331.029	463.565
Total Current Assets		3475.651	4298.351	3346.562
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3062.003	2399.430	2107.906
	Other Current Liabilities	211.590	107.662	82.511
	Provisions	8.710	9.638	5.560
Total Current Liabilities		3282.303	2516.730	2195.977
Net Current Assets		193.348	1781.621	1150.585
MISCELLANEOUS EXPENSES		0.446	0.631	0.816
TOTAL		8064.350	9682.305	8491.233

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6868.016	8076.881	7047.498
		Other Income	40.287	74.745	2.474
		TOTAL (A)	6908.303	8151.626	7049.972
Less	EXPENSES
		Consumption materials changes inventories	1387.624	(1415.619)
		Manufacturing service costs	1059.778	1375.780	6883.835
		Contract cost	4453.587	6249.173
		Employee related expenses	206.202	179.181
		Administrative selling other expenses	331.090	405.176
		TOTAL (B)	7438.281	6793.691	6883.835
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(528.978)	1357.935	166.137
Less	FINANCIAL EXPENSES (D)		784.787	674.016	435.626
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1313.765)	683.919	(269.489)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		386.907	269.233	101.473
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(1701.672)	414.686	(370.962)
Less	TAX (H)		2.489	(5.148)	77.016
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(1704.161)	419.834	(447.978)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		228.954	(190.880)	257.098
	BALANCE CARRIED TO THE B/S		(1475.207)	228.954	(190.880)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	55.013	33.468	851.836
	TOTAL EARNINGS		55.013	33.468	851.836
	IMPORTS
		Raw Materials	144.072	890.177	765.879
		Stores & Spares	22.943	9.393	29.623
		Capital Goods	30.801	88.560	0.000
	TOTAL IMPORTS		197.816	988.130	795.502
	Earnings Per Share (Rs.)		(12.38)	5.35	(6.65)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(24.67)	5.15	(6.35)
Net Profit Margin (PBT/Sales)	(%)	(24.78)	5.13	(5.26)
Return on Total Assets (PBT/Total Assets}	(%)	(15.07)	3.68	(5.55)
Return on Investment (ROI) (PBT/Networth)		(9.24)	0.17	(0.12)
Debt Equity Ratio (Total Liability/Networth)		5.06	2.39	2.37
Current Ratio (Current Asset/Current Liability)		1.06	1.71	1.52

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	Yes
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	--
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

PERFORMANCE REVIEW

During the year the company has suffered a loss of Rs.1704.200 Millions as against profit of Rs.419.800 Millions for the corresponding previous years. The turnover has been Rs.7399.271 millions as against Rs.8455.610 Millions for the corresponding previous year. During the year the company has faced tremendous problems is getting quality and constant raw material supply and on account of depressed market conditions.

Because of adverse market scenario the company could not operate the plants at optimum level. The financial position of the company has completely shattered because of the heavy financial losses. Keeping in view the deteriorating financial position of the company and future debts repayment obligations, the company has filed a reference to corporate debt restructuring (CDR) cell for restructuring of its debts. The company has submitted flash report to CDR cell through IDBI Bank, lead Bank which has been accepted by the CDR cell.

The Directors are confident that the financial health of the company will improve once the final restructuring of debts takes place and company is able to operate the plant at a desired level. Besides above it is pertinent to mention here that the market conditions have improved and product prices are also firming up and such situation the directors are confident that the performance of the company shall be marginally better than the previous financial years.

CONTINGENT LIABILITIES: (AS ON 31.03.2011)

a) The Company has given bank guarantee amounting to Rupees 25.383 millions (Previous years Rs.53.284 Millions) to various State Government Departments.

b) Estimated amount of contracts remaining to be executed on capital account is Rupees 7.140 millions (Pervious years Rs.87.457 millions)

c) Income Tax demand of Rs.3.463 Millions for Assessment Year 2003-04 is under appeal with ITAT (Amount deposited against demand with department is Rs.1.731 millions).

d) Income Tax demand of Rs.2.231 Millions for the assessment year 2007-08 is under appeal with commissioner of Income Tax (Appeal), (Amount deposited against demand with department Rs.1.115 Millions)

e) Income Tax demand of Rs.1.653 Millions for the assessment year 2008-09 is under appeal with the commissioner of income Tax (Appel). (Amount deposited against demand with department Rs. Nill)

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.55.50
UK Pound	1	Rs.85.58
Euro	1	Rs.69.30

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		35

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.