MIRA INFORM REPORT

Report Date :

08.11.2012

IDENTIFICATION DETAILS

Name :	ARYA IRON AND STEEL COMPANY PRIVATE LIMITED
Registered Office :	51-53A, Mittal Court, Nariman Point, Mumbai – 400121, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.07.2004
Com. Reg. No.:	11 - 147715
Capital Investment / Paid-up Capital :	Rs. 185.431 Millions
CIN No.: [Company Identification No.]	U27100MH2004PTC147715
TAN No.: [Tax Deduction & Collection Account No.]	MUMA22803E
PAN No.: [Permanent Account No.]	AAECA8083G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Iron Ore Pellets
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 5700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track. Financial detail for the current year is missing from government department. However, in 2010 company has successfully wipe out it losses. And in the year 2010-11 they have performed tremendously well. Financially appears strong. Liquidity positions on the company seem strong. External borrowing of the company is minimum. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB (Term Loan)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	August 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Subhash
Designation :	Accounts Manager
Contact No.:	91-22-40696000
Date :	08.11.2012

LOCATIONS

Registered Office :	51-53A, Mittal Court, Nariman Point, Mumbai – 400121, Maharashtra
Tel. No.:	91-22-40696000
Fax No.:	91-22-40696060
E-Mail :	mail@aryagroup.in info@sgco.co.in sgupta@aryagroup.in
Website :	www.aryagroup.in
Factory :	107/1, 108/1, Matkambeda, Industrial Estate, Borbil, District – Keonjhar– 758053, Orissa, India

DIRECTORS

AS ON 17.09.2012

Name :	Mr. Pawan Kumar Arya
Designation :	Chairman Cum Director
Address :	403, Samundra Mahal, Dr. A.B. Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	18.01.1953
Date of Appointment :	01.01.2008
PAN No.:	AADPA7839A
DIN No.:	01659667
Name :	Mr. Ravindra Kumar Maniram Arya
Designation :	Managing Director
Address :	6, Satlaj Terrace, 6^th Floor, Walkeshwar Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	12.10.1954
Date of Appointment :	01.01.2008
PAN No.:	AADPA7751M
DIN No.:	00767007
Name :	Mr. Puneet Pawankumar Arya
Designation :	Director
Address :	403, Samundra Mahal, Dr. A.B. Road, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	29.04.1980
Date of Appointment :	27.07.2004
PAN No.:	ADYPA7874M
DIN No.:	00726275
Name :	Mr. Nakul Ravindrakumar Arya
Designation :	Director
Address :	6, Satlaj Terrace, 6^th Floor, Walkeshwar Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	02.11.1980
Date of Appointment :	27.07.2004
PAN No.:	ADEPA4689A
DIN No.:	00372428
Name :	Mr. Sunil Kumar Jain
Designation :	Director
Address :	Flat no. 551, Pocket Gh- 13, Paschim Vihar, New Delhi – 110087, India
Date of Birth/Age :	30.12.1960
Date of Appointment :	08.01.2010
PAN No.:	ADKPJ9105E
DIN No.:	01308863

KEY EXECUTIVES

Name :	Mr. Subhash
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.09.2012

Names of Shareholders	No. of Shares
Pawan Arya	895000
Poonam Arya	900000
Puneet Arya	1195000
Tripti Arya	5000
Pawan Kumar HUF	5000
Ravi Arya	895000
Sushma Arya	900000
Nakul Arya	1195000
Ravi Arya HUF	5000
Varun ARya	5000
M. P Recycling Company Private Limited, India	1776956
Palmview Investments Overseas Limited , British Virgin Island	9086095
Arya Ship Breaking Company Private Limited, India	1680000
TOTAL	18543051

AS ON 17.09.2012

Equity Shares Break Up	Percentage of Holding
Bodies corporate	67.69
Directors or relatives of Directors	32.31
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Iron Ore Pellets

Products :

Product Description	Item Code No.
Iron Ore Pellets	72031000

Imports :

Products :

· Raw Material

Countries :

· China

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Iron Ore Pellets	Lacs. In MT	12.00	8.13

GENERAL INFORMATION

Suppliers :

· TP Sahu and Sons (Private) Limited, Orissa

Customers :

Wholesalers and Retailers

· Adhunik Metaliks Limited, Kolkata

No. of Employees :

500 (Approximately)

Bankers :

· Oriental Bank of Commerce, Kalbadevi Branch, 17/19, Bomanji Master Lane, New Silk Bazar, Mumbai – 400002, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	133.950	1371.668
Working capital loans secured
Working capital loans banks secured	43.655	156.296
Working capital loans others secured	453.283	128.018
Hire purchase installment payable secured	0.439	0.815
TOTAL	631.327	1656.797
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Deposits related parties unsecured	5.500	0.000
TOTAL	5.500	0.000

Banking Relations :	--
Auditors :
Name :	Singridia Goyal and Company Chartered Accountants
Address :	A-201, Rajeshri Accord, Telly Cross Lane, Off S N Road, Andheri (East), Maharashtra, India
PAN No.:	AAAFS7106D
Related Parties :	Arya Ship Breaking Company Private Limited CIN No.:- U35110MH1983PTC030484 International Minerals Trading Company Private Limited CIN No.:- U51420MH2008PTC179965 Arya Integrated Steel Private Limited CIN No.:- U27100MH2010PTC202409 M. P. Recycling Company Private Limited CIN No.:- U37100MH2002PTC138164 N. T. Recycling Company Private Limited CIN No.:- U35110MH2003PTC143122 Goyal Traders

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18543051	Equity Shares	Rs.10/- each	Rs. 185.431 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		185.431	185.431	140.000
2] Share Application Money		0.000	0.000	408.560
3] Reserves & Surplus		1263.898	963.398	400.000
4] (Accumulated Losses)		0.000	0.000	(67.723)
NETWORTH		1449.329	1148.829	880.837
LOAN FUNDS
1] Secured Loans		631.327	1656.797	2068.743
2] Unsecured Loans		5.500	0.000	0.000
TOTAL BORROWING		636.827	1656.797	2068.743
DEFERRED TAX LIABILITIES		201.800	107.801	40.954
TOTAL		2287.956	2913.427	2990.534
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2111.127	2024.894	2036.085
Capital work-in-progress		100.535	204.254	61.732
INVESTMENT		1.500	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	293.624	206.964	369.432
	Sundry Debtors	548.089	209.605	142.394
	Cash & Bank Balances	693.111	489.517	88.836
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	404.019	295.275	381.726
Total Current Assets		1938.843	1201.361	982.388
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	113.593	81.463	74.278
	Other Current Liabilities	123.305	399.026	13.893
	Provisions	1627.151	36.593	1.500
Total Current Liabilities		1864.049	517.082	89.671
Net Current Assets		74.794	684.279	892.717
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2287.956	2913.427	2990.534

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5696.485	2145.187	263.382
		Other Income		12.212	7.842
		TOTAL	5696.485	2157.399	271.224
Less	EXPENSES
		Raw Material Consumed	3102.021	727.680	122.590
		Personnel Expenses		91.220	26.441
		Manufacturing and Other Expenses		630.571	129.864
		Increase/ Decrease Stock		68.615	(78.309)
		TOTAL	3102.021	1518.086	200.586
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2594.464	639.313	70.638
Less	INTEREST/ FINANCIAL EXPENSES		44.095	180.274	66.975
	PROFIT BEFORE/(LOSS) TAX, DEPRECIATION AND AMORTISATION		2550.369	459.039	3.663
Less/ Add	DEPRECIATION/ AMORTISATION		114.438	107.653	29.386
	Prior Period Items		0.967	(2.987)	0.000
	PROFIT/(LOSS) BEFORE TAX		2436.898	348.399	(25.723)
Less	TAX		843.326	71.847	42.000
	PROFIT/(LOSS) AFTER TAX		1593.572	276.552	(67.723)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		208.829	(67.723)	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	159.357	--	--
		Dividend	1112.583	--	--
		Tax on Dividend	180.489	--	--
	BALANCE CARRIED TO THE B/S		349.972	208.829	(67.723)
	IMPORTS
		Raw Materials	NA	60.832	135.664
		Capital Goods	NA	10.279	13.508
	TOTAL IMPORTS		NA	71.111	149.172
	Earnings Per Share (Rs.)
	Basic		85.94	15.08	(1.90)
	Diluted		85.94	15.08	(1.90)

Particulars	31.03.2012
Sales Turnover (Approximately)	6126.100

Expected Sales (2012-2013) : Rs.7500.000 Millions

The above information has been parted by Mr. Subhash.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	27.97	12.82	(24.97)
Net Profit Margin (PBT/Sales)	(%)	NA	16.24	(9.77)
Return on Total Assets (PBT/Total Assets}	(%)	60.17	10.80	(0.84)
Return on Investment (ROI) (PBT/Networth)		1.68	0.30	(0.85)
Debt Equity Ratio (Total Liability/Networth)		1.86	1.99	2.50
Current Ratio (Current Asset/Current Liability)		1.04	2.32	10.96

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Creditors due small micro enterprises	0.000	0.000	0.000
Creditors due others	113.593	81.463	74.278
TOTAL	113.593	81.463	74.278

NOTES

The registered office address has been changed from 43, Ramwadi, Kalbadevi Road, Mumbai – 400002, Maharashtra, India to Present Address w.e.f 01.04.2008.

OPERATIONS OF THE COMPANY

During the year, the Company witnessed a robust performance in a challenging operating environment. The Company has now established itself as one of the most reliable manufacturers of Iron Ore Pellets not only in the Eastern part of the Country but in India. During the year, the Company has successfully commissioned its Coal Gasification Project which resulted in substantial saving in fuel cost. The Company performed commendably during the financial year 2010-11.

THE KEY PERFORMANCES OF THE COMPANY ARE

There is significant growth in production volume. Production increased by 64.89% from 492,735 MT in year 2009-10 to 812,465 MT in year 2010-11. Turnover and other income increased by 164.04% from Rs. 2157.400 Millions in year 2009-10 to Rs. 5696.500 Millions in year 2010-11. EBIDTA increased by 306.13% from Rs. 639.300 Millions in year 2009-10 to Rs. 2594.500 Millions in year 2010-11. Profit After Tax increased by 476.14% from Rs. 276.600 Millions in year 2009-10 to Rs. 1593.600 Millions in year 2010-11.

FORM 8

Corporate identity number of the company	U27100MH2004PTC147715
Name of the company	ARYA IRON AND STEEL COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	51-53A, Mittal Court, Nariman Point, Mumbai – 4000121, Maharasahtra Email : sgupta@aryagroup.in
This form is for	Modification of charge
Charge identification number of the charge to be modified	80005799
Type of charge	· Any interest in immovable property · Movable property (not being pledge)
Particular of charge holder	Oriental Bank of Commerce, Kalbadevi Branch, 17/19, Bomanji Master Lane, New Silk Bazar, Mumbai – 400002, Maharashtra, India
Nature of instrument creating charge	Letter from Bank for reduction of charge amount
Date of instrument Creating the charge	13.02.2012
Amount secured by the charge	Rs. 1030.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest rate or such other rate as agreed between the Borrower Company and the Bank from time to time. Penal Interest in addition to agreed rate in case of default. Terms of repayment Repayment, As agreed between the Borrower Company and the Bank from time to time. Margin Margin rate ,As agreed between the Borrower Company and the Bank from time to time. Extent and operation of the charge At the request of the Borrower Company the Bank has revised Limit up to Rs.1030.000 Millions against hypothecated assets and Lease Hold Property rights of M/s Arya Iron and Steel Company Private Limited i.e Factory Land at IDCO Plot No. 10, IDCO Industrial Area, at Matkambeda, P.O Barbil, Dist. Keonjhar, Orissa and Lease hold property rights of Revenue Village - Matkambeda, Plot No. 10, Revenue Plot no. 107/1 (P), P. O. Barbil, Orissa. Total Charge stands Modified up to Rs.1030.000 Millions.
Short particulars of the property charged (Including location of the property)	Charge on hypothecated assets of the Company Lease Hold Property rights of M/s Arya Iron and Steel Company Private Limited i.e Factory Land at IDCO Plot No. 10, IDCO Industrial Area, at Matkambeda, P.O Barbil, Dist. Keonjhar, Orissa and Lease hold property rights of Revenue Village - Matkambeda, Plot no. 10, Revenue Plot no. 107/1 (P), P. O. Barbil, Orissa. Annexure Attached.
Whether any of the property or interest therein under reference is not registered in the name of the company.	Yes
If yes, in whose name it is registers	IDCO Orissa
Particulars of the present modification	At the request of the Borrower Company the Bank has revised Limit up to Rs.1030.000 Millions against hypothecated assets and Lease Hold Property rights of M/s Arya Iron and Steel Company Private Limited i.e Factory Land at IDCO Plot No. 10, IDCO Industrial Area, at Matkambeda, P.O Barbil, Dist. Keonjhar, Orissa and Lease hold property rights of Revenue Village - Matkambeda, Plot No. 10, Revenue Plot no. 107/1 (P), P. O. Barbil, Orissa. Total Charge stands Modified up to Rs.1030.000 Millions.

TRADE REFERENCES

· TP Sahu and Sons (Private) Limited, Orissa

· Adhunik Metaliks Limited, Kolkata

FIXED ASSETS

· Land and Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Office Equipment

· Computers

· 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 organizatio 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. 54.25
UK Pound	1	Rs. 87.00
Euro	1	Rs. 69.83

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.