MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	KRYSTAL STEEL MANUFACTURING PRIVATE LIMITED

Registered Office :	# 6, 4th Floor, Alankar Cinema Building, SVP Road, Mumbai - 400 004, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	24.11.2006

Com. Reg. No.:	11-165777

Capital Investment / Paid-up Capital :	Rs.50.000 Millions

CIN No.: [Company Identification No.]	U27109MH2006PTC165777

TAN No.: [Tax Deduction & Collection Account No.]	MUMK16383D

PAN No.: [Permanent Account No.]	AACCK9332J

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Seamless and Welded - Stainless, Duplex and Nickel Alloy Tubes, Pipes and U Tubes

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 330000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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

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

LOCATIONS

Registered Office :	# 6, 4th Floor, Alankar Cinema Building, SVP Road, Mumbai - 400 004, Maharashtra, India
Tel. No.:	91-22-23885471
Fax No.:	91-22-23881890
E-Mail :	info@krystalsteel.co.in sales@krystalsteel.co.in ho@kystalsteel.co.in accouts@krystalsteel.co.
Website :	www.krystalsteel.co.in

Operations & Marketing :	Plot #. KV-2, GIDC Manjusar, Ta: Savli, Vadodara – 391775, Gujarat, India
Tel. No.:	91-2667- 264777 / 778 / 779 / 780
E-Mail :	marketing@krystalsteel.co.in export@krystalsteel.co.in

DIRECTORS

As on 23.09.2011

Name :

Mr. Babulal Tarachand Shah

Designation :

Director

Address :

10/2/48, Mumbadevi CHSl, Khadilkar Road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

10.08.1962

Date of Appointment :

24.11.2006

DIN No.:

00105155

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	U28999MH2003PTC139648	RAHUL FERROMET AND ENGINEERING PRIVATE LIMITED	Director	20/03/2003	20/03/2003	-	Active	NO
2	U27109MH2006PTC165777	KRYSTAL STEEL MANUFACTURING PRIVATE LIMITED	Director	24/11/2006	24/11/2006	-	Active	NO
3	U73999MH2005PTC153723	PURITA WATER SOLUTIONS PRIVATE LIMITED	Additional director	1/10/2011	1/10/2011	-	Active	NO

Name :

Mr. Shantilal Tarachand Shah

Designation :

Director

Address :

10, 2^nd Floor 48, Kakadwadi, Mumbadevi CHSl, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

03.02.1965

Date of Appointment :

24.11.2006

DIN No.:

00770135

Name :

Mr. Mohanlal Tarachand Shah

Designation :

Director

Address :

8, Kikabhoy Mansion, Gulabwadi, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

13.05.1967

Date of Appointment :

24.11.2006

DIN No.:

00770306

Name :

Mr. Vijay T Shah

Designation :

Director

Address :

24/2, Urankarwadi, Bldg No.2, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

20.07.1979

Date of Appointment :

24.11.2006

DIN No.:

01104511

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	U51909MH2005PTC157277	V-TECH FLOW COMPNENTS PRIVATE LIMITED	Director	11/11/2005	11/11/2005	-	Active	NO
2	U27109MH2006PTC165777	KRYSTAL STEEL MANUFACTURING PRIVATE LIMITED	Director	1/4/2009	24/11/2006	-	Active	NO

Name :

Mr. Vimal Babulal Shah

Designation :

Director

Address :

10/2/48, Mumbadevi CHSl, Khadilkar Road, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

21.12.1980

Date of Appointment :

24.11.2006

DIN No.:

00105443

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	U28999MH2003PTC139648	RAHUL FERROMET AND ENGINEERING PRIVATE LIMITED	Director	20/03/2003	20/03/2003	-	Active	NO
2	U27109MH2006PTC165777	KRYSTAL STEEL MANUFACTURING PRIVATE LIMITED	Director	1/4/2009	24/11/2006	-	Active	NO

Name :

Mr. Dilip Jaswantraj Shah

Designation :

Director

Address :

121, Tulsi Building, 4^th Floor, Khetwadi Back Lane, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

01.07.1971

Date of Appointment :

04.06.2007

DIN No.:

01676439

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	U27100MH2004PTC144904	RAJRATNA STEEL PRIVATE LIMITED	Director	8/3/2004	8/3/2004	-	Active	NO
2	U27109MH2006PTC165777	KRYSTAL STEEL MANUFACTURING PRIVATE LIMITED	Director	4/6/2007	4/6/2007	-	Active	NO
3	U70102MH2010PTC211599	RHYTHM DEVELOPERS (MUMBAI) PRIVATE LIMITED	Director	30/12/2010	30/12/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders		No. of Shares
Babulal Tarachand Shah		525400
Shantilal Tarachand Shah		486800
Mohanlal Tarachand Shah		222200
Vijay Tarachand Shah		319500
Vimal Babulal Shah		348000
Abhishek Babulal Shah		618100
Anita Mohanlal Shah		73600
Babulal Tarachand Shah (HUF)		360700
Bhagwati Babulal Shah		162900
Bhavna Vijay Shah		9600
Jigna Vimal Shah		12100
Jignesh Babulal Shah		75100
Keisherben Tarachand Shah		100
Nilesh Shantilal Shah		340800
Mohanlal Tarachand Shah (HUF)		202600
Rahul Mohanlal Shah		100
Reshmi Shantilal Shah		181600
Rinku Shantilal Shah		100
Shantilal Tarachand Shah (HUF)		160100
Vijay Tarachand Shah(HUF)		100
Naresh S. Shah		46600
Jitendra M Mehta		3600
Dilip Jaswantraj Shah		50000
Rajesh S. Shah		30100
Suryaben S. Shah		50100
Urmilaben M. Shah		20100
V-Tech Flow Components. Private Limited, India		200000
Water Systems Inc., India		500000
Total		5000000

As on 31.03.2012

Names of Allotees		No. of Allotted
Jaswanti N Nisar		30000
Priya Ratanshi Vora		21000
Sushila Bhavnji Rambhai		21000
Hiraben Munvar		20000
Laxmi K Shah		24000
Sanjay G Joshi		20000
Jagruti S Joshi		20000
Sangeeta S Gala		37000
Mahadev P Thakkar		20000
Virchand Munvar		20000
Laxmipatel		20000
Pooja R Shah		40500
Rajesh N Shah		37000
Vijay V Shah (HUF)		12000
Virchand Munvar(HUF)		12000
Bechar U Patel		30000
Vijay V Munvar(HUF)		24000
Amita Desai		20000
Manish V Shah		25000
Dilip S Pasad (HUF)		20000
Larish Nanji Gala		20000
Total		493500

As on 23.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	4.00
Directors or relatives of Directors	93.00
Other top fifty shareholders	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Seamless and Welded – Stainless, Duplex and Nickel Alloy Tubes, Pipes and U Tubes

Products :	Austenitic Stainless Super Austenitic Duplex and Super Duplex Nickel Alloys

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
WELDED	MT	105	200	200
SML	MT	150	200	200

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Altamount Road Branch, Kemps Corner, Mumbai, Mumbai - 400026, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured	(A)164.480	(B) 91.091
Loans taken for fixed assets secured	0.988	0.150
Total	165.468	91.241
(A) Bank of Baroda Term Loan A/C-255 Rs.8.849 Millions (Against Equitable Mortgage of Land and Building) Bank of Baroda Term Loan A/C-256 (Against Hypothecation of Rs.13.084 Millions Plant and Machinary and Equitable Mortgage of Land and Building) Bank of Baroda Term Loan A/C-407 Rs.49.688 Millions (Against Supplimental Hypothecation of Plant and Machinery and Other Fixed Assets) Cash Credit A/C With Bank Of Baroda Rs.92.238 Millions (Against Hypothecation of Stocks and Book Debts) Cholamandalam Investment and Finance Company Limited Rs.0.620 Million (B) Bank of Baroda Term Loan A/C-255 Rs.13.212 Millions (Against Equitable Mortgage of Land and Building ) Bank of Baroda Term Loan A/C-256 (Against Hypothecation of Rs.19.992 Millions Plant and Machinery and Equitable Mortgage of Land and Building) Bank of Baroda Term Loan A/C-407 Rs.8.034 Millions (Against Supplemental Hypothecation of Plant and Machinery and Other Fixed Assets) Cash Credit A/C With Bank of Baroda Rs.49.854 Millions (Against Hypothecation of Stocks and Book Debts) (Rs. In Millions)
Unsecured Loan	As on 31.03.2011	As on 31.03.2010

Loans directors unsecured	8.263	4.442
Other debt unsecured	20.214	(A) 14.578
Total	(B) 28.477	(C) 19.020
(A) Frm Share Holders Rs.11.578 Millions Interoperate Load Rs.0.300 Million (B) From Director Rs.8.263 Millions (Including Interest Payable) From Share Holder Rs.20.214 Millions (Including Interest Payable) Interoperate Loan Rs.0.000 (C) From Director Rs.4.442 Millions (Including Interest Payable) From Share Holder Rs.11.578 Millions (Including Interest Payable) Interoperate Loan Rs.3.000 Millions


Banking Relations :	--

Auditors :
Name :	Rajendra B Shah and company Chartered Accountants
Address :	501/502, Atlantic Commercial Tower, R B Mehta Road, 60 Ft Road, Ghatkoptar (East), Mumbai 400077, Maharashtra, India
PAN.:	AAPPS7875J

Associates :	Rahul Ferromet and Engineering Private Limited V-Tech Flow Components Private Limited

CAPITAL STRUCTURE

After 23.09.2011

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

5493500	Equity Shares	Rs.10/- each	Rs.54.935 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 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		50.000	50.000	45.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		32.965	24.115	1.176
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		82.965	74.115	46.176
LOAN FUNDS
1] Secured Loans		165.468	91.241	92.509
2] Unsecured Loans		28.477	19.020	16.001
TOTAL BORROWING		193.945	110.261	108.510
DEFERRED TAX LIABILITIES		7.869	4.568	0.999

TOTAL		284.779	188.944	155.685

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		132.686	74.254	76.706
Capital work-in-progress		0.000	9.549	0.000

INVESTMENT		0.027	0.025	0.023
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.542	46.385	29.272
	Sundry Debtors	110.375	71.907	45.800
	Cash & Bank Balances	7.501	5.157	1.767
	Other Current Assets	5.909	3.129	1.706
	Loans & Advances	17.829	29.290	16.600
Total Current Assets		190.156	155.868	95.145
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.982	35.125	14.426
	Other Current Liabilities	6.698	13.428	2.540
	Provisions	5.908	3.067	0.426
Total Current Liabilities		38.588	51.620	17.392
Net Current Assets		151.568	104.248	77.753

MISCELLANEOUS EXPENSES		0.498	0.868	1.203

TOTAL		284.779	188.944	155.685

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	510.466	331.602
		Other Income	3.343
		TOTAL (A)	513.809	331.602

Less	EXPENSES
		Office Expenses
		Administrative Expenses	475.726	301.353
		Advertising Expenses
		TOTAL (B)	475.726	301.353

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.083	30.249

Less	FINANCIAL EXPENSES (D)		18.068	12.806

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		20.015	17.443

Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.626	3.506	NA

	PROFIT BEFORE TAX (E-F) (G)		15.389	13.937

Less	TAX (H)		6.488	5.998

	PROFIT AFTER TAX (G-H) (I)		8.901	7.939

Less	Earlier Year Adjustment		0.050	0.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.115	1.176

	BALANCE CARRIED TO THE B/S		17.966	9.115

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	18.128	16.785
	TOTAL EARNINGS		18.128	16.785

	TOTAL IMPORTS		92.675	86.260

	Earnings Per Share (Rs.)		1.80	1.59	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.73	2.39	NA

Net Profit Margin (PBT/Sales)	(%)	3.01	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	4.77	6.06	NA

Return on Investment (ROI) (PBT/Networth)		0.17	0.19	NA

Debt Equity Ratio (Total Liability/Networth)		2.80	2.18	2.73

Current Ratio (Current Asset/Current Liability)		4.93	3.01	5.47.

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 two years	Yes
12) Profitability for last two 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

OPERATIONS AND MARKETING:

Looking at the continuously increasing demand of stainless steel market we had under taken the expansion project at our Vadodara, Gujarat manufacturing unit. After successful implementation of project we are expecting to increase the sales and revenue by 45 % in the next financial year. For Marketing of our products and to improve upon our exports we are participating in various international trade fairs and exhibitions.

CONTINGENT LIABILITY:

In respect of bank Guarantee is Rs.3.091 Millions (Rs.3.849 Millions).

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27109MH2006PTC165777
Name of the company	KRYSTAL STEEL MANUFACTURING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	# 6, 4th Floor, Alankar Cinema Building, SVP Road, Mumbai - 400 004, Maharashtra, India ho@kystalsteel.co.in
This form is for	Modification Charge
Charge identification (ID) number of the charge to be modified	10065519
Type of charge	Any Interest in Immovable property
Particular of charge holder	Bank of Baroda, Altamount Road Branch, Kemps Corner, Mumbai, Mumbai - 400026, Maharashtra, India emailroc@rediffmail.com
Nature of instrument creating charge	Supplemental extension of equitable mortgage
Date of instrument Creating the charge	15.03.2011
Amount secured by the charge	Rs.230.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Term loan i - 13.00% p.a. with monthly rest Term loan ii - 13.00% p.a. with monthly rest Term loan iii- 13.00% p.a. with monthly rest Cash credit - 13.00 % p.a. with monthly rest Terms of Repayment Repayment as agreed between the borrower company and Bank from time to time Margin Margin- as agreed between the borrower company and Bank from time to time Extent and Operation of the charge At the request of the borrower company, the bank has enhanced overall banking limits from Rs.192.950 Millions to Rs.230.800 Millions against leasehold rights in the immovable property situate lying and being a Plot No KV-2 At Savli Industrial Estate , At Gidc Savli The charge stand modified from Rs.192.950 Millions to Rs.230.800 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Property situate , lying and bearing a Plot No Kv-2 At Savli, Sub District Savli And District Vadodara Mouje Village Alindra Tal Savli revenue survey No 30/P, 32/P,31/P,& 34/P in GIDC
Date of instrument modifying the charge	22.03.2010
Particulars of the present modification	This charge stand modified from Rs.192.950 Millions to Rs.230.800 Millions

FIXED ASSETS

Computer
C C Camera
Air Conditioner
Motor Car
Furniture
Land
Books
Electrical Installation
Epbax
Factory Building
Fax Machine
Firefighting Equipments
Mobiles
Office Equipments
Plant & Machinary
Telephone Instruments
Water Cooler Water Purifier
Weighuing Scale
Refrigerator
Television
Xerox Machine

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.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

INFORMATION DETAILS

Report Prepared by :

NTH

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	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		46

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.

MIRA INFORM REPORT

48.542

110.375

7.501

5.909

17.829

190.156

25.982

6.698

5.908

38.588

151.568

1.73

3.01

4.77

0.17

2.80

4.93

Unit