MIRA INFORM REPORT

Report Date :

22.11.2012

IDENTIFICATION DETAILS

Name :	BAHETI METAL AND FERRO ALLOYS LIMITED
Registered Office :	A/2/3, L R Apartment, Opposite Police Commissioner Office, Shahibaug, Ahmedabad – 380004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.12.1994
Com. Reg. No.:	04-024001
Capital Investment / Paid-up Capital :	Rs.37.500 Millions
CIN No.: [Company Identification No.]	U27109GJ1994PLC024001
IEC No.:	0895001381
TAN No.: [Tax Deduction & Collection Account No.]	AHMB00015B
PAN No.: [Permanent Account No.]	AAACB4626L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Aluminum Alloys.
No. of Employees :	250 (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 310000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is established company having moderate track record. The financial detail for the current years is missing from government department. However, from the previous year record company seems to be having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for the business dealing 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.

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	BB+ (Fund Based Bank Facilities)
Rating Explanation	Having moderate risk of default regarding timely servicing timely servicing of financial obligation.
Date	October 2011

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. Maliwal
Designation :	Commercial Incharge
Contact No.:	91-9879106332
Date :	21.11.2012

LOCATIONS

Registered Office :	A/2/3, L R Apartment, Opposite Police Commissioner Office, Shahibaug, Ahmedabad – 380004, Gujarat, India
Tel. No.:	91-79-25627681/ 25627682 / 22870213 / 25621091
Fax No.:	91-79-25627683
E-Mail :	bmfalsb@hotmail.com bahetimetal@gmail.com dmfalsh@hotmail.com
Area :	900 sq ft
Location :	Owned
Corporate Office/ Factory 1:	311, GVMSA Limited, Odhav Road, Ahmedabad – 382 415, Gujarat, India
Tel. No.:	91-79-22870213/ 25627681
Location :	Owned
Factory 2:	196, 197, Shreenath Industrial Estate, Post Sampa, Dehgam, Gandhi Nagar, Ahmedabad, Gujarat, India
Tel. No.:	91-2716-23162123
Location :	Owned

DIRECTORS

As on: 18.08.2011

Name :	Mr. Shankerlal Bansilal Shah
Designation :	Managing Director
Address :	6, Jivraj Nagar Society, Opposite Police Commissioner Office, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	17.02.1966
Date of Appointment :	01.07.2011
DIN No.:	00131715
Name :	Mrs. Rupaliben Bansilal Shah
Designation :	Director
Address :	6, Jivraj Nagar Society, Opposite Police Commissioner Office, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	17.09.1942
Date of Appointment :	27.12.1996
DIN No.:	00131870
Name :	Mrs. Savitaben Shankarlal Shah
Designation :	Director
Address :	6, Jivraj Nagar Society, Opposite Police Commissioner Office, Shahibaug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	10.07.1968
Date of Appointment :	01.03.1998
DIN No.:	00131134

KEY EXECUTIVES

Name :	Mr. Maliwal
Designation :	Commercial Incharge

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 18.08.2011

Names of Shareholders	No. of Shares
Shankerlal Bansilal Shah	2120171
Kshitish Madanmohan Shah	125
Bansilal Gordhanlal Shah	125
Savitaben Shankerlal Shah	289907
Jamnalal Maliwal	125
Shankerlal B. Shah Savitaben S. Shah	11262
Rupalben B. Shah Shankerlal B. Shah	98182
Savitaben Shah Shankerlal B. Shah	2500
Minor Yash S. Shah	97448
Yash Metals Private Limited, India	884882
Balkrishan S. Shah	95909
Shankerlal G. Bahedia	250
Shankerlal B. Shah	13588
Shankerlal B. Shah	2500
Shankerlal B. Shah HUF	133026
Total	3750000

Equity Shares Break – up

As on: 18.08.2011

Category	Percentage
Bodies corporate	24.00
Directors or relatives of directors	76.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aluminum Alloys.

Products :

· Aluminum Notch Bars

· Aluminum Cubes

· Aluminum Shots

· Aluminum Ingots

· Aluminum Alloy Ingots

· Zinc Aluminum Alloy Ingots

· Ferro Aluminum (Chips/Lumps)

· Medium Carbon Ferro Manganese

· Low Carbon Ferro Manganese

Item Code No. (ITC Code)	7202
Product Description	Ferro Alloys
Item Code No. (ITC Code)	7601
Product Description	Aluminum Articles

Imports :

Products :

· Raw Materials

Countries :

· Middle East

· African Countries

· Europe

· USA

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Medium Carbon Ferro Manganese	MT	6000	-
Low Carbon Ferro Manganese	MT	6000	0000
Ferro Aluminum	MT	6000	461.158
LC Ferro Titanium	MT	600	0000
LC Ferro Chrome	MT	1800	-
Aluminum Shots	MT	-	564.962
Aluminum Notch Bars	MT	6000	1865.047
Aluminum Cubes	MT	-	2185.337
Aluminum Alloys	MT	-	955.507
Aluminum Ingots	MT	-	546.402
Zinc Alloy Ingots	MT	-	25.420
Zinc Ingots	MT	-	0.218

GENERAL INFORMATION

Customers :

End Users

· S. R. Steel Limited

· JSW Steel Limited

No. of Employees :

250 (Approximately)

Bankers :

§ State Bank of India, GVMSAV Limited, Odhav Branch, Odhav, Ahmedabad – 382 415, Gujarat, India

§ State Bank of India, Off Site Ahmedabad, Mid Corporate Group, Overseas Branch, Navjivan Post Office, Ahmedabad - 380014, Gujarat, India

§ The Federal Bank Limited, Opposite City Gold Cinema, Ashram Road, Ahmedabad - 380009, Gujarat, India

§ ICICI Limited

§ Kotak Mahindra Bank Limited

§ State Bank of Hyderabad

Facilities :

(Rs. In Millions)

Secured Loans	As on 31.03.2011	As on 31.03.2010
Working capital facilities from State Bank of India [secured against hypothecation of stock in trade and book debts etc.
FCNRB	0.000	46.262
Cash Credit Limit	107.566	51.131
Cash Credit Limit – Gidharnagar Branch [Stock]	4.961	4.677
SLC Credit From SBI	15.181	6.051
Loans from State Bank of Hyderabad [car loan]	0.091	0.494
Loan from ICICI Limited [car loan]	0.000	0.026
Kotak Mahindra Bank Limited	0.994	1.623
Total	128.793	110.264
Unsecured Loans	As on 31.03.2011	As on 31.03.2010
From Director	5.768	2.804
From Others	4.617	3.301
Total	10.385	6.105

Banking Relations :	--
Financial Institution :	· Gujarat Industrial Investment Corporation Limited, Chunibhai Chambers, Ashram Road, Ahmedabad, Gujarat, India
Auditors :
Name :	Wadhawan and Company Chartered Accountants
Address :	703, 7^th Floor, ‘SARAP’, Opposite Navjivan Press, Behind C.U. Shah Collage, Ashram Road, Ahmedabad – 380 014, Gujarat, India
PAN :	AAAFW9683R
Sister Concern :	Name: Yesh Metal Private Limited Address: A/2/ 3, L R Apartment, Opposite Police Commissioner Office, Shahibaug, Ahmedabad – 380004, Gujarat, India Line of business: Trading

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3750000	Equity Shares	Rs.10/- each	Rs.37.500 Millions

Note:

Out of the above 750000 Equity Shares of Rs.10/- each fully paid up have been allotted as bonus shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		37.500	37.500	37.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.541	35.639	29.709
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		79.041	73.139	67.209
LOAN FUNDS
1] Secured Loans		128.793	110.264	68.220
2] Unsecured Loans		10.385	6.105	7.515
TOTAL BORROWING		139.178	116.369	75.735
DEFERRED TAX LIABILITIES		3.581	3.550	4.079
TOTAL		221.800	193.058	147.023
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.166	28.943	24.324
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.425	0.425	0.431
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	59.127	73.022	46.350
	Sundry Debtors	95.442	74.433	51.565
	Cash & Bank Balances	0.502	0.161	0.405
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	46.435	22.556	33.064
Total Current Assets		201.506	170.172	131.384
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.136	1.438	0.013
	Other Current Liabilities	1.479	0.915	1.430
	Provisions	7.682	4.129	7.674
Total Current Liabilities		9.297	6.482	9.116
Net Current Assets		192.209	163.690	122.268
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		221.800	193.058	147.023

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	782.022	666.984	728.018
		Other Income	3.129	0.630	3.697
		TOTAL (A)	785.151	667.614	731.715
Less	EXPENSES
		Raw Material Consumed	651.078	567.746	594.641
		Purchases made for re-sale	0.000	0.144	1.285
		Increase/(Decrease) in Finished Goods	1.365	3.985	8.171
		Salaries, Wages, Bonus, etc.	3.831	3.604	3.156
		Managerial Remuneration	1.080	1.080	0.960
		Payment to Auditors	0.020	0.065	0.079
		Insurance Expenses	0.481	0.543	0.598
		Power and Fuel	2.878	1.541	1.479
		Other Expenditure	96.512	66.504	102.629
		TOTAL (B)	757.245	645.212	712.998
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.906	22.402	18.717
Less	FINANCIAL EXPENSES (D)		15.905	11.006	14.424
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.001	11.396	4.293
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.145	1.878	1.710
	PROFIT BEFORE TAX (E-F) (G)		9.856	9.518	2.583
Less	TAX (H)		2.871	2.506	0.944
	PROFIT AFTER TAX (G-H) (I)		6.985	7.012	1.640
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		35.639	29.709	28.728
Less	APPROPRIATIONS
	Interim Dividend Paid		0.938	0.937	0.583
	Proposed		0.000	0.000	0.000
	Tax on Dividend		0.145	0.145	0.076
	BALANCE CARRIED TO THE B/S		41.541	35.639	29.709
	IMPORTS
		Raw Materials	66.912	48.514	92.208
	TOTAL IMPORTS		66.912	48.514	92.208
	Earnings Per Share (Rs.)		1.86	1.87	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	800.000

Expected Sales (2012-13): Rs.1000.000 Millions

The above information has been parted by Mr. Maliwal

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.89	1.05	0.22
Net Profit Margin (PBT/Sales)	(%)	1.26	1.42	0.35
Return on Total Assets (PBT/Total Assets}	(%)	4.27	4.78	1.66
Return on Investment (ROI) (PBT/Networth)		0.12	0.13	0.04
Debt Equity Ratio (Total Liability/Networth)		1.88	1.68	1.26
Current Ratio (Current Asset/Current Liability)		21.67	26.25	14.41

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors for Goods	0.000	1.229	0.000
Sundry Creditors for Expenses	0.136	0.209	0.013
Total	0.136	1.438	0.013

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	Yes
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 four 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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS:

As will be noticed from figures of turnover which have decreased to Rs.783.800 millions as compared to Rs.671.600 millions for the previous year.

CONTINGENT LIABILITIES [AS ON 31.03.2011]

Contingent Liabilities in respect of letter of credit opened and guarantees given by the bank in favor of parties are nil and in respect of bills discounted under L/C and DDP [Cheques] nil. In respect of claim lodge in city court Ahmedabad by Gujarat state Road Transport Corporation Ahmedabad of Rs.1.337 millions for losses on account of re-tendering and selling of bus scrap other party at lower price.

TRADE REFERENCE:

· S. R. Steel Limited

· JSW Steel Limited

Bankers Charges Report as per Registry

Corporate identity number of the company	U27109GJ1994PLC024001
Name of the company	BAHETI METAL AND FERRO ALLOYS LIMITED
Address of the registered office or of the principal place of business in India of the company	A/2/3, L R Appartment, Opposite Police Commissioner Office, Shahibaug, Ahmedabad – 380004, Gujarat, India E-mail: bahetimetal@gmail.com
This form is for	Creation of charge
Type of charge	§ Movable Property § Others – Hypothecation of car [new Toyota Innova VX7 SRT Car]
Particular of charge holder	The Federal Bank Limited, Opposite City Gold Cinema, Ashram Road, Ahmedabad - 380009, Gujarat, India Email : jagrut.shah@fedfina.com
Nature of instrument creating charge	Agreement for federal personal car loan scheme executed on 21/07/2011 for Rs.1.156 millions
Date of instrument Creating the charge	21.07.2011
Amount secured by the charge	Rs.1.156 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – Base rate + 2.25%, i.e. 12% per annum with monthly rests (table-CATF, credit rating-FB-3 Adequate Safety) Terms of Repayment - Term loan of Rs.1.156 millions- shall be repayable in 35 equated monthly installment of Rs.0.039 million each till repayment of loan in full, whichever be later. Margin 11.025% Extent and Operation of the charge The term loan of Rs.1.156 millions have been sanctioned against hypothecation of new Toyota Innova VX7 STR car, purchased in the name of Baheti Metal and Ferro Alloys Limited out of bank's finance. Others charge operates as exclusive charge in favour of Federal Bank financial services limited, having branch at Ahmedabad Credit Hub, GF-1, N R House, Ashram Road, Ahmedabad
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of new Toyota Innova VX7 STR car 2011 worth Rs.1.286 millions purchased out of bank's finance in the name of Baheti Metal and Ferro Alloys Limited, Ahmedabad out of bank's finance.

FIXED ASSETS:

· Land

· Factory Building

· Non-Factory Building

· Electric Installation

· Plant and Machinery

· Vehicles

· Office Equipment

· Computer

· Air Cooler

· Furniture and Fixtures

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 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 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.55.20
UK Pound	1	Rs.87.79
Euro	1	Rs.70.42

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		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.