MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	KOTHARI METALS LIMITED
Registered Office :	Kothari Mansion, Ground Floor, 20/1, Belvedere Road, Kolkata – 700027, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.06.1977
Com. Reg. No.:	21-031033
Capital Investment / Paid-up Capital :	Rs.27.597 Millions
CIN No.: [Company Identification No.]	U28113WB1977PLC031033
TAN No.: [Tax Deduction & Collection Account No.]	CALK01203G
Legal Form :	A Closely held Public Limited Liability Company
Line of Business :	Importer and Supplier of Non – Ferrous Metal and Ferro Alloys.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2907348
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company during current year. However, trade relations are 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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

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.

LOCATIONS

Registered Office/ Head Office :	Kothari Mansion, Ground Floor, 20/1, Belvedere Road, Kolkata - 700027, West Bengal, India
Tel. No.:	91-33-24566921/ 22 / 40220700 (30 lines) / 22828532/ 22828534/ 22827949/ 22823808
Mobile No.:	91-9830106557/ 9830241394/ 9331012753
Fax No.:	91-33-24566923 / 22828462
E-Mail :	headoffice@kotharimetals.in vikashji@cal2vsnl.net.in mumbai@kotharimetals.in gurgaon@kotharimetals.in delhi@kotharimetals.in chennai@kotharimetals.in
Website :	http://www.kotharimetal.com
Area :	1200 Sq. ft
Location :	Owned
Ware House :	9, Transport Depot Road, Kolkata – 700 088, West Bengal, India
Area :	5000 Sq. ft. (Owned)
Location :	Industrial
Branch Office 1 :	S.C.O. No. F-81, Sector - 22, At Palam Vihar Road, Gurgaon – 122 001 Haryana, India
Tel. No.:	91-124-4010524 / 4010526 / 3296660
Mobile No.:	91-9350557254
Fax No.:	91-124-4010525
Area :	20000 Sq. ft.
Location :	Leased
Branch Office 2:	Shed No. S-8A, Telco Industrial Estate, Madhavaram, Chennai – 600 060, Tamilnadu, India
Tel. No.:	91-44-25590200 / 2559021
Fax No.:	91-44-25233129
Area :	18000 Sq. ft.
Location :	Leased
Branch Office 3:	1252, Pushpanjali apartment, 6th Floor, Suite no.602, Old Prabhadevi Road, Prabhadevi. Mumbai – 400 025, Maharashtra, India
Tel. No.:	91-22-24371957 / 24313104
Mobile No.:	91-9322260696
Fax No.:	91-22-66669302
Area :	16000 Sq. ft.
Location :	Leased
Branch Office 4 :	B 6/7, Okhla Industrial Area, Phase –II, New Delhi – 110 020, India
Tel. No.:	91-11-41707897 / 32564679 / 40502991 / 40502992
Mobile No.:	91-9810064679
Fax No.:	91-11-41001530
Area :	20000 Sq. ft.
Location :	Leased
Branch Office 5 :	G. T. Road, Focal Point, Ludhiana -141 010, Punjab, India
Tel. No.:	91-161-2510240 / 3265196
Fax No.:	91-161-2510241
E-Mail :	ludhiana@kotharimetals.in
Branch Office 6 :	Plot No. 181, Sub Plot No. 20 & 21, Near Bhamaria Kunwa, Narol Aslali Highwa, NIDC, NAROL,  Ahmedabad -382405
Tel. No.:	91-79-32408211
Fax No.:	91-79-25734378
E-Mail :	ahmedabad@kotharimetals.com
Branch Office 7 :	No. B-315, 9th Cross , 1st Stage, Peenya Industrial Area, Bengaluru - 560 058, Karnataka, India
Tel. No.:	91-80-32503777
E-Mail :	Bangalore@kotharimetals.com
Branch Office :	Also Located at · Bhiwadi · Jamshedpur · Raipur · Haridwar

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Ranjit Singh Kothari

Designation :

Director

Address :

3, Alipore Road, Kolkata – 700 017, West Bengal, India

Date of Birth/Age :

07.10.1950

Qualification :

B. Com.

Date of Appointment :

06.06.1977

DIN No.:

00217182

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	U28113WB1977PLC031033	Kothari Metals Limited	Director	06-06-77	06-06-77	-	Active	NO
2	U27109WB1986PTC041029	Kothari Metal Resourses Private Limited	Director	30-07-86	30-07-86	-	Active	NO
3	U70101WB1989PTC046918	Kothari Magnesium Industries Private Limited	Director	15-07-99	15-07-99	-	Active	NO
4	U70101WB2005PTC104368	B.K. Nirman Private Limited	Director	19-09-05	19-09-05	-	Active	NO

Name :

Mr. Vikash Kothari

Designation :

Director

Address :

3, Alipore Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

11.12.1973

Qualification :

M.Sc.

Date of Appointment :

28.09.1994

DIN No.:

00217327

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	U28113WB1977PLC031033	Kothari Metals Limited	Director	28-09-94	28-09-94	-	Active	NO
2	U27109WB1986PTC041029	Kothari Metal Resourses Private Limited	Director	02-01-96	02-01-96	-	Active	NO
3	U70101WB2005PTC104368	B.K.Nirman Private Limited	Director	26-07-05	26-07-05	-	Active	NO
4	U70101WB1989PTC046918	Kothari Magnesium Industries Private Limited	Director	14-03-06	14-03-06	-	Active	NO
5	U70101WB1991PTC053034	Calcutta Multimax Private Limited	Additional director	19-08-08	19-08-08	-	Active	NO
6	U51909WB2006PTC112094	Agrasen Enterprises Private Limited	Director	02-01-09	02-01-09	-	Amalgamated	NO
7	U51109WB2007PTC112370	Fasten Tradecom Private Limited	Director	02-01-09	02-01-09	-	Amalgamated	NO

Name :

Mrs. Shalini Kothari

Designation :

Director

Address :

3, Alipore Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

27.08.1975

Qualification :

B.Com

Date of Appointment :

14.03.2006

DIN No.:

00217697

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Ranjit Singh Kothari	620296
Sayar Devi Kothari	85010
Kothari Metal Resources Private Limited, India	162866
Vikash Kothari	125597
Calcutta Multimax Private Limited, India	274742
Kothari \ Surana Hansraj [Shalini and Pragati]	3500
Ranjit Singh Kothari Vikash	17500
Kothari Devi Sayar Vikash	4010
Kothari Vikash	145500
Ranjit Singh Kothari	151100
Ranjit Singh Kothari Sayar Devi	170000
Kothari Shalini and Vikash	40000
Ranjit Singh Kothari (HUF)	176566
Vikash Kothari (HUF)	39500
Surana Pragati	54000
Kothari Magnesium Industries Private Limited, India	340800
Kothari Commercial Corporation, India	98676
Kothari Unnati	40000
Kothari Vikash and Shalini	5000
Kothari Devi Sayar and Shalini	5000
Kothari Shalini	200000
TOTAL	2759663

Equity Share Break up (Percentage of Total Equity)

AS ON 28.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Importer and Supplier of Non – Ferrous Metal and Ferro Alloys.
Products :	Manganese Metal Silicon Metal Magnesium Metal Antimony Metal Bismuth Metal Pure Nickel Copper Tin Ingot Ferro Molly Ferro Silicon Ferro Silico Magnesium Misch Metal Calcium Silicide Chromium

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Citibank N.A, Kanak Building, 41, Chowringhee Road, Kolkata – 700071, West Bengal, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S. M. Daga and Company Chartered Accountants
Address :	11, Clive Row, 2^nd Floor, Kolkata- 700001, West Bengal, India
PAN.:	AATFS3134N
Associates :	· Calcutta Multimax Private Limited Address: 7/1, lord Sinha Road, Kolkata- 700071, West Bengal, India Line of Business: Trading · Kothari Commercial Corporation Address: 7/1, lord Sinha Road, Kolkata- 700071, West Bengal, India Line of Business: Trading · Kothari Metal Resources Private Limited Address: 7/1, lord Sinha Road, Kolkata- 700071, West Bengal, India Line of Business: Metal and Alloys · Kothari Magnesium Industries Private Limited · B.K. Nirman Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
56000000	Equity Shares	Rs.10/- each	Rs.56.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2759663	Equity Shares	Rs.10/- each	Rs.27.597 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		27.597	27.597	27.597
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		699.240	639.845	546.747
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		726.837	667.442	574.344
LOAN FUNDS
1] Secured Loans		0.000	0.000	81.137
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	81.137
DEFERRED TAX LIABILITIES		7.691	6.424	5.851
TOTAL		734.528	673.866	661.332
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		129.107	94.520	91.878
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.888	4.888	0.908
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	339.623	400.149	160.957
	Sundry Debtors	938.241	798.585	663.707
	Cash & Bank Balances	269.263	234.640	158.660
	Other Current Assets	99.756	86.662	0.000
	Loans & Advances	25.562	46.265	194.726
Total Current Assets		1672.445	1566.30101	1178.050
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	966.913	873.883	477.954
	Other Current Liabilities	36.900	28.470	17.450
	Provisions	68.099	89.490	114.100
Total Current Liabilities		1071.912	991.843	609.504
Net Current Assets		600.533	574.458	568.546
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		734.528	673.866	661.332

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	6980.134	5892.187	4050.966
		Other Income	27.634	24.914	23.182
		TOTAL (A)	7007.768	5917.101	4074.148
Less	EXPENSES
		Consumption materials changes inventories	0.000	0.000	3863.506
		Purchases of Stock in trade	6752.860	5904.451	0.000
		Changes in inventories of finished goods, Work in Progress and Stock in trade	60.526	(239.192)	0.000
		Manufacturing service costs	0.000	0.000	21.551
		Employee related costs	15.329	12.446	17.018
		Administrative selling other expenses	0.00	0.000	57.586
			80.398	88.988	0.000
		TOTAL (B)	6909.113	5766.693	3959.661
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		98.655	150.208	114.487
Less	FINANCIAL EXPENSES (D)		3.824	2.984	2.676
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		94.831	147.224	111.811
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.559	3.544	3.086
	PROFIT BEFORE TAX (E-F) (G)		90.272	143.678	108.725
Less	TAX (H)		30.560	50.264	40.205
	PROFIT AFTER TAX (G-H) (I)		59.712	93.414	68.520
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		347.942	254.628	186.207
Less	APPROPRIATIONS		0.100	0.100	0.100
		Transfer to General Reserve	407.554	347.942	254.628
	BALANCE CARRIED TO THE B/S
	IMPORTS
		Raw Materials	NA	NA	3093.596
	TOTAL IMPORTS		NA	NA	3093.596
	Earnings Per Share (Rs.)		21.64	33.85	24.82

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.85	1.58	1.68
Net Profit Margin (PBT/Sales)	(%)	1.29	2.44	2.68
Return on Total Assets (PBT/Total Assets}	(%)	5.01	8.65	8.56
Return on Investment (ROI) (PBT/Networth)		0.12	0.22	0.19
Debt Equity Ratio (Total Debt/Networth)		NA	NA	0.14
Current Ratio (Current Asset/Current Liability)		1.56	1.58	1.93

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	No
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	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 involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	No
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	No

Note: Registered office address of the company has been shifted from 7/1, Lord Sinha Road, Kolkata – 700071, West Bengal, India to the present address w.e.f. 27.02.2009

FORM 8

Corporate identity number of the company	U28113WB1977PLC031033
Name of the company	KOTHARI METALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Kothari Mansion, Ground Floor, 20/1, Belvedere Road, Kolkata - 700027, West Bengal, India Email : vikashji@cal2vsnl.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10259877
Type of charge	Immovable property
Particular of charge holder	Citibank N.A, Kanak Building, 41, Chowringhee Road, Kolkata – 700071, West Bengal, India Email id : roc@sdpa.in
Nature of instrument creating charge	Memorandum of Entry
Date of instrument Creating the charge	03/05/2012
Amount secured by the charge	Rs.300.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms and as may be decided by the bank and company mutually from time to time Terms of repayment Repayable on demand, annually renewable Margin Borrower shall at all times during the continuance of the security maintain a sufficient amount to provide the margin of security as may from time to time advised by the bank Extent and operation of the charge All the parts of immovable properties under exclusive charge together with buildings and structures thereon, all fixed plant and machineries, fixtures and fittings, constructed located at: (1) Plot No.B315, 1st main Road, 1st Stage of Peenya in Yeshwanthpur Hobli, Bangalore- 560058 (2) SCO/F-81, Palam Vihar Road, Sec-22, Gurgaon- 122017 (3) Property at Room No.1 & 2 at premises No.1A, Ground Floor, Elgin Chambers, Ashutosh Mukherjee Road, Kolkata 700020 Others The repayment of all monies in respect of the banking facilities including outstanding balance and also all interests, costs charges expenses and other moneys payable to Citibank N.A as per MOE attached is secured by the properties mentioned in the clause no. 13(d).
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Plot No.B315, 1st Main Road, 1st stage of Peenya in Yeshwanthpur Hobli, Bangalore- 560058, Karnataka, India SCO/F-81, Palam Vihar Road, Sec-22, Gurgaon- 122017, Haryana, India

FIXED ASSETS:

• Leasehold Land
• Land and Building
• Plant and Machinery
• Computer
• Electric Installation
• Office Equipments
• Furniture and Fixture
• Vehicles
• Air Conditioner
• Typewriter
• ERP Software License

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 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.54.33
UK Pound	1	Rs.82.72
Euro	1	Rs.69.81

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.