MIRA INFORM REPORT

Report Date :

04.05.2012

IDENTIFICATION DETAILS

Name :	SHRI RATHI STEEL LIMITED (w.e.f. 10.01.2002)
Formerly Known As :	STATIC HOLDING LIMITED
Registered Office :	F-55/D, GTB Enclave, New Delhi-110093
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.01.1992
Com. Reg. No.:	55-046954
Capital Investment / Paid-up Capital :	Rs.94.500 Millions
CIN No.: [Company Identification No.]	U65993DL1992PLC046954
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of M.S. Bars and Allied Products.
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 790000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of Shri Rathi Groups. It 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 :	F-55/D, GTB Enclave, New Delhi - 110093, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@shrirathigroup.com
Corporate Office:	A-29, Sector-65, Noida, Uttar Pradesh, India
Tel. No.:	91-120-4744644
Fax No.:	120-4744699
Factory 1 :	Plot E, Phase III, UPSIDC Industrial Area Masuri- Gulawathi Road, Ghaziabad, Uttar. Pradesh, India
Tel. No.:	91-120-3291938-41
E-Mail :	purchase@shrirathigroup.com
Branch Office :	Located At: Delhi Roorkee Faridabad Gurgaon Rudarpur

DIRECTORS

As on 12.09.2011

Name :

Mr. Anil Goverdhan Das Rathi

Designation :

Director

Address :

24, Sadhna Enclave, New Delhi – 110 017, India

Date of Birth/Age :

28.12.1955

Date of Appointment :

05.07.2001

DIN No.:

00072761

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	U65993DL1992PLC046954	SHRI RATHI STEEL LIMITED	Director	05-07-01	05-07-01	-	Active	NO
2	U51311DL2004PTC125324	DIGVIJAY EXIM PRIVATE LIMITED	Director	22-03-04	22-03-04	19-05-09	Active	NO
3	U74899DL1992PLC050960	SHRI RATHI STEEL (DAKSHIN) LIMITED	Director	30-09-04	30-09-04	-	Active	NO

Name :

Mr.Gopal Anil Rathi

Designation :

Whole-time Director

Address :

24, Sadhna Enclave, New Delhi- 110017, India

Date of Birth/Age :

26.05.1981

Date of Appointment :

05.07.2001

DIN No.:

00072755

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	U65993DL1992PLC046954	SHRI RATHI STEEL LIMITED	Whole-time director	19-12-07	05-07-01	-	Active	NO
2	U65921DL1992PTC047365	COMERO LEASING AND FINANCIALS PRIVATE LIMITED	Director	28-06-03	28-06-03	-	Active	NO
3	U74899DL2001PTC109803	AAKARSHAN EXPORTS PRIVATE LIMITED	Director	30-01-04	30-01-04	-	Active	NO
4	U74899DL1992PLC050960	SHRI RATHI STEEL (DAKSHIN) LIMITED	Director	30-09-04	30-09-04	-	Active	NO
5	U70109DL2006PTC149346	DHRUV REAL ESTATE DEVELOPERS PRIVATE LIMITED.	Director	31-05-06	31-05-06	-	Active	NO
6	U74899DL2005PTC143442	INDIGO ADVERTISING PRIVATE LIMITED	Director	24-06-08	24-06-08	-	Active	NO
7	U51501DL2009PLC186703	RADHA MADHAV EXIM LIMITED	Director	03-11-09	15-01-09	-	Active	NO
8	U45201DL2006PTC146348	DIGVIJAY REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	30-09-09	18-03-09	09-12-11	Active	NO
9	U51909DL2007PTC158856	HANUMAN TRADELINK PRIVATE LIMITED	Director	15-02-10	15-02-10	-	Active	NO

Name :

Mr. Dhruv Anil Rathi

Designation :

Director

Address :

24, Sadhna Enclave, New Delhi – 110 017, India

Date of Birth/Age :

29.08.1982

Date of Appointment :

08.08.2003

DIN No.:

00072762

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	U65993DL1992PLC046954	SHRI RATHI STEEL LIMITED	Director	08-08-03	08-08-03	-	Active	NO
2	U51311DL2004PTC125324	DIGVIJAY EXIM PRIVATE LIMITED	Director	22-03-04	22-03-04	19-05-09	Active	NO
3	U74899DL1992PLC050960	SHRI RATHI STEEL (DAKSHIN) LIMITED	Director	30-09-04	30-09-04	-	Active	NO
4	U45201DL2006PTC146348	DIGVIJAY REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	06-07-06	06-07-06	18-03-09	Active	NO
5	U70109DL2006PTC149346	DHRUV REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	31-05-07	31-05-07	-	Active	NO
6	U32109DL2004PTC126063	VAP ELECTRONICS PRIVATE LIMITED	Director	30-09-08	20-08-07	-	Active	NO
7	U28994DL1998PTC093445	NOIDA HARDWARE PRIVATE LIMITED	Director	30-09-08	21-03-08	-	Active	NO
8	U74899DL2005PTC143442	INDIGO ADVERTISING PRIVATE LIMITED	Director	24-06-08	24-06-08	-	Active	NO

Name :

Mr. Kamal Sheel Rathi

Designation :

Whole-time Director

Address :

F-55D, GTB Enclave, New Delhi -110 093, India

Date of Birth/Age :

23.09.1954

Date of Appointment :

21.11.2002

DIN No.:

00072764

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	U65993DL1992PLC046954	SHRI RATHI STEEL LIMITED	Whole-time director	20-12-04	21-11-02	-	Active	NO
2	U74899DL1992PLC050960	SHRI RATHI STEEL (DAKSHIN) LIMITED	Director	01-09-05	01-09-05	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2011

Names of Shareholders	No. of Shares
Anil Rathi.	194000
Anil Rathi (HUF)	203000
Gopal Rathi	1107225
Dhruv Rathi	1093225
Asimit Exports Private Limited, India	875000
Urmil Rathi	1197750
K.C.M. Leasing And Finance Private Limited, India	120000
Sindhu Swarna Investment Private Limited, India	630000
Murali Manohar Trade Private Limited, India	1150000
Radhe Tradelink Private Limited, India	950000
Neelkanth Tradelink Private Limited, India	1225000
Indigo Advertising Private Limited, India	504800
Vap. Electronics Private Limited, India	2000000
Total	9450000

As on 12.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	61.99
Directors or relatives of directors	38.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of M.S. Bars and Allied Products.
Brand Names :	EROUTHERM 500 EUROTHERM 500+

PRODUCTION STATUS [AS ON 31.03.2011]

(QTY. in MT.)

Installed Capacity (As certified by the Management and relied upon by Auditor)	1,20,000
Production	91057

Note: Licensed capacity is not applicable as Rolling Mill is exempt from licensing requirement.

GENERAL INFORMATION

Customers :

• NBCC
• NTPC
• NDMC
• NHPC
• LIC India
• CPWD
• IMCC
• EIL
• EPIL
• Delhi Metro Rail Corporation
• U.P. Rajkiya Nirman Nigam Limited
• U.P. Avas Evam Vikas Parishad
• U.P. State Bridge corporation
• U.P. Jal Nigam
• Airport Authority of India Limited
• Punjab Police Housing Board
• Panipat Refinery
• UNITECH
• DLF Group
• OMAXE
• Ambience
• Ansals
• American Embassy
• Larsen and Tourbo Limited
• Hindustan Times
• Jyoti Sarup Mittal
• Gannon Dunkerley and Company Limited
• Alfa Buildtech
• Sahara India
• Millions of Home Owners

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Parliament Street, New Delhi – 110 001, India
• Corporation Bank, M-14, Connaught Circus, New Delhi – 110 001, India
• Canara Bank , Parliament Street, New Delhi – 110 001, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Rupee term loans bank secured	1.875	9.389
Rupees term loans financial institution	25.264	35.563
Working Capital loans	306.564	275.207
Loans taken For Fixed Asset	0.588	1.677
Total	361.411	321.836
Unsecured Loans	As on 31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Rupee term Loan others	143.776	154.293
Total	143.776	154.293

Banking Relations :

--

Auditors :

Name :

A.K. Maheshwari and Associates

Chartered Accountants

Address :

SUITE#4G, 4th Floor, UPPAL M-6 Plaza, Jasola District Center, Delhi-110025, India

Income-tax PAN of auditor or auditor's firm :

AACCA0123L

Associates/Subsidiaries :

• Shri Rathi Steel (Dakshin) Limited
• Vap Electronics Private limited
• Radha Madhav Exim Limited
• Indigo Advertising Private Limited
• Digvijay Real Estate Developers Private Limited
• Aakarshan Export Private Limited
• Shree Nidhi Realtors Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
9750000	Equity Shares	Rs.10/-each	Rs.97.500 Millions

No. of Shares	Type	Value	Amount
9450000	Equity Shares	Rs.10/-each	Rs.94.500 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		94.500	86.500	86.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		103.106	84.172	70.654
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		197.606	170.672	157.154
LOAN FUNDS
1] Secured Loans		334.272	321.837	250.223
2] Unsecured Loans		143.777	154.294	107.448
TOTAL BORROWING		478.049	476.131	357.671
DEFERRED TAX LIABILITIES		15.658	14.792	10.285
TOTAL		691.313	661.595	525.110
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		175.741	184.991	193.136
Capital work-in-progress		0.000	(0.059)	0.059
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	167.105	181.042	135.040
	Sundry Debtors	449.242	439.955	327.727
	Cash & Bank Balances	14.594	11.132	13.436
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	109.216	72.391	62.475
Total Current Assets		740.157	704.520	538.678
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	127.862	67.026
	Other Current Liabilities	113.225	173.624	201.196
	Provisions	0.000	0.000	5.640
Total Current Liabilities		241.087	240.650	206.836
Net Current Assets		499.070	463.870	331.842
MISCELLANEOUS EXPENSES		16.502	12.734	0.073
TOTAL		691.313	661.595	525.110

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3693.366	3506.204	3640.404
		Other Income	7.105	1.420	3.851
		TOTAL (A)	3700.471	3507.624	3644.255
Less	EXPENSES
		Manufacturing Service Cost	3543.879	3324.472	3567.901
		Administrative Expenses	51.943	76.656
		TOTAL (B)	3595.822	3401.128	3567.901
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		104.649	106.496	76.354
Less	FINANCIAL EXPENSES (D)		45.238	36.760	24.079
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		59.411	69.736	52.275
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.736	35.742	32.585
	PROFIT BEFORE TAX (E-F) (G)		27.675	33.994	19.690
Less	TAX (H)		9.255	10.373	8.061
	PROFIT AFTER TAX (G-H) (I)		18.420	23.621	11.629
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31.172	20.154	16.837
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	2.500	1.000
		Interim Dividend 5%	0.000	0.000	0.000
		Proposed Dividend-10%	9.450	0.000	0.000
		Dividend for 2009-10 including Dividend Distribution Tax	0.466	5.043	0.000
		Tax on Distributed Profit	1.570	0.000	0.000
		Tax on Dividend	0.000	5.060	7.312
	BALANCE CARRIED TO THE B/S		35.606	31.172	20.154
	EARNING IN FORIGN CURRENCY
	Export Earnings		21.974	0.000	0.000
	TOTAL EARNINGS		21.974	0.000	0.000
	IMPORTS
	Raw Materials		18.995	0.000	0.000
	Stores & Spares		0.000	0.379	0.308
	TOTAL IMPORTS		18.995	0.379	0.308
	Earnings Per Share (Rs.)		1.95	2.73	1.34

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.49	0.67	0.32
Net Profit Margin (PBT/Sales)	(%)	0.75	0.98	0.54
Return on Total Assets (PBT/Total Assets}	(%)	3.02	3.96	2.69
Return on Investment (ROI) (PBT/Networth)		0.14	0.19	0.13
Debt Equity Ratio (Total Liability/Networth)		3.64	4.19	3.59
Current Ratio (Current Asset/Current Liability)		3.07	2.93	2.60

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	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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
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

Business Operations Overview and Outlook:

During the year, turnover achieved was higher by6% from Rs.3480.100 millions to 3692.100 millions during 2010-11, Owing to diversified product portfolio and wider market reach. Operating profit (EBDIT) dipped marginally by a percentage point and PAT came down by 21% due to heavy tax outgo. He subdued performance is attributable to input price increases, Which are being negated in the current year by strong focus on operational efficiencies and cost rationalization measures. Efforts for alternative fuel and avenues for economy in power are being pursued and shall yield results shortly.

The Directors remain confident that strong demand across various housing standards and tremendous demand from infrastructure sector would keep driving future of the sector, in which the company operates and the demand for the company products shall outpace inspite of matching supplies of quality and niche products. To create a new identity, the company is marketing its product under brand name i.e. EROUTHERM 500 and EUROTHERM 500+. The company has also launched customized product, mainly targeted towards organized customers under the name ‘’Meera Steel” which is also a premium offering in the end user segment.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10219279
Corporate identity number of the company	U65993DL1992PLC046954
Name of the company	SHRI RATHI STEEL LIMITED
Address of the registered office or of the principal place of business in India of the company	F-55D,GTB Enclave, New Delhi, India -110093
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Nationalized bank
Nature of description of the instrument creating or modifying the charge	Joint Deed of hypothecation dated 14.03.2012, Working Capital Consortium Agreement dated 14.03.2012 and Interse Agreement dated 14.03.2012
Date of instrument Creating the charge	14.03.2012
Amount secured by the charge	Rs.430.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Terms of repayment Payable on demand Extent and operation of the charge 100% Others To secure all amounts payable under enhanced credit facilities aggregating to Rs. 430.000 millions granted to the Bank of Baroda Consortium consisting of Bank of Baroda as Lead Bank and Corporation Bank as Member together with all interests, costs, charges, expenses, commission etc.
Particulars of the present modification	The first pari-passu charge on entire current assets i.e. stocks, book-debts/receivables and other current assets of the Company - both present and future as prime security and second pari-passu charge on all plant, machinery and other fixed assets of the Company - both present and future as collateral security stands enhanced from Rs. 320.000 millions to Rs. 430.000 millions

CONTINGENT LIABILITIES:

Rs. in millions

Particulars	31.03.2011	31.03.2010
Demand raised and disputed towards Excise/Service Tax	33.360	51.730
Demand raised and disputed towards Sales Tax/VAT	213.812	55.904
Demand raised and disputed towards Entry Tax	6.569	7.951
Demand raised and disputed towards Income Tax	1.099	0.000
Total	254.840	115.585

FIXED ASSETS:

• Development of Rented Building
• Computer and Peripherals
• Electric Installation
• Fire Fighting Equipment
• Furniture and Fixture
• Lease Land Plot C133TO152
• Office Equipment
• Plant and Machinery
• Plant and Machinery (TMT)
• Tube Well
• Vehicles
• Weighbridge

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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.65

INFORMATION DETAILS

Report Prepared by :

VSL

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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.