MIRA INFORM REPORT

Report Date :

13.12.2013

IDENTIFICATION DETAILS

Name :	ARCELORMITTAL DHAMM PROCESSING PRIVATE LIMITED
Formerly Known As :	DHAMM STEEL PROCESSING PRIVATE LIMITED
Registered Office :	Room No. 7 and 8, 1st Floor, Onlooker Building, Sir Pherozeshah Mehta Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.11.2007
Com. Reg. No.:	11-176013
	.
Capital Investment / Paid-up Capital :	Rs.23.818 Millions
CIN No.: [Company Identification No.]	U27107MH2007PTC176013
TAN No.: [Tax Deduction & Collection Account No.]	MUMA32573C
PAN No.: [Permanent Account No.]	AACCD7385E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing global solution for heavy sheet metal manufacturing and fabrication of machinery parts and components
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 9800000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Arcelormittal Netherlands BV. It is an established company having satisfactory track record. General financial position of the company seems to be decent. However, trade relations are fair. Business is active. Payment terms are slow but correct. In view of strong holding 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	Room No. 7 and 8, 1st Floor, Onlooker Building, Sir Pherozeshah Mehta Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-40696111
Fax No.:	Not Available
E-Mail :	dhruv.moondhra@arcelormittal.com rajeev.gandhi@dhamm.com narayanan.kumar@gmail.com

DIRECTORS

As on 27.09.2013

Name :

Mr. Dhruv Sriratan Moondhra

Designation :

Director

Address :

121, Laxmi Vilas, 87, Wepean Sea Road, Mumbai- 400006, Maharashtra, India

Date of Birth/Age :

17.07.1977

Date of Appointment :

19.11.2007

PAN No.:

AGQPM2062C

DIN No.:

00151532

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200MH2000PTC124398	DHAMM STEEL SERVICES PRIVATE LIMITED	Director	22/02/2000	22/02/2000	27/09/2012	Active	NO
2	U27109MH2001PTC133198	KUSUM INTERNATIONAL PRIVATE LIMITED	Director	30/08/2001	30/08/2001	27/09/2012	Active	NO
3	U65993WB1984PTC038256	DHRUVA HOLDINGS PRIVATE LIMITED	Director	31/01/2003	31/01/2003	-	Active	NO
4	U65993WB1984PTC038065	DKM INVESTMENT AND TRADING PRIVATE LIMITED	Director	01/02/2003	01/02/2003	-	Active	NO
5	U70100MH1996PTC098547	TROIKA ESTATES PRIVATE LIMITED	Director	05/06/2006	05/06/2006	17/10/2011	Active	NO
6	U27107MH2007PTC176013	ARCELORMITTAL DHAMM PROCESSING PRIVATE LIMITED	Whole-time director	15/01/2013	19/11/2007	-	Active	NO
7	U74990MH2009PTC195588	STEEL MART INDIA PRIVATE LIMITED	Director	08/09/2009	08/09/2009	-	Active	NO

Name :

Mr. Devvrat Moondhra

Designation :

Director

Address :

121, Laxmi Vilas, 87, Wepean Sea Road, Mumbai- 400006, Maharashtra, India

Date of Birth/Age :

18.12.1984

Date of Appointment :

12.09.2013

DIN No.:

05220455

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27310MH2012PTC230218	STEEL ENDEAVOURS PRIVATE LIMITED	Director	25/04/2012	25/04/2012	-	Active	NO
2	U27107MH2007PTC176013	ARCELORMITTAL DHAMM PROCESSING PRIVATE LIMITED	Director	27/09/2013	12/09/2013	-	Active	NO

Name :

Mr. Vincent Andre Marcel Gillet

Designation :

Director

Address :

68 Rue Jean-Jacques Rousseau, Paris, 75001, France

Date of Birth/Age :

09.12.1964

Date of Appointment :

15.014.2008

DIN No.:

01968144

Name :

Mr. Christophe Paul Claude Jacamon

Designation :

Director

Address :

37, Rue Pierre Krier, Bereldange,4260,Luxembourg

Date of Birth/Age :

16.01.1971

Date of Appointment :

27.09.2013

DIN No.:

06454416

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27107MH2007PTC176013	ArcelorMittal Dhamm Processing Private Limited	Director	27/09/2013	20/03/2013	-	Active	NO
2	U51420MH2003PTC140373	ArcelorMittal Distribution Solutions India Private Limited	Additional director	22/03/2013	22/03/2013	-	Active	NO

Name :

Mr. Johannes Frans Nathanael De Schrijiver

Designation :

Director

Address :

Massenhovensesteen Weg 3 7-D, Broechem, 2520, Belgium

Date of Birth/Age :

04.11.1967

Date of Appointment :

27.09.2013

DIN No.:

06454423

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U27107MH2007PTC176013	ArcelorMittal Dhamm Processing Private Limited	Director	27/09/2013	20/03/2013	-	Active	NO
2	U51420MH2003PTC140373	ArcelorMittal Distribution Solutions India Private Limited	Additional director	22/03/2013	22/03/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares
Arcelor Netherlands, BV, Netherland	1990880
Dharnm Steel Services Private Limited, India	262246
Dhmv Moondhra Trustee of Dhruv Moondhra Trust, India	128630
Total	2381756

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	83.59
Bodies corporate	11.01
Directors or relatives of Directors	5.40
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in providing global solution for heavy sheet metal manufacturing and fabrication of machinery parts and components

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, CMC, Karumuthu Nilayam, No.192 Anna Salai, Chennai – 600002, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	65.804	99.137
Foreign currency term loans from banks	80.742	119.577
Loans taken for fixed assets	0.584	1.199
Total	147.130	219.913

Banking Relations :	--
Auditors :
Name :	N. A. Shah Associates Chartered Accountants
Address :	Centre, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra, India
PAN No.:	AAAFN5280N
Holding company :	ArcelorMittal Netherlands BV, Netherlands
Associates :	· Arcelormittal Top Thin Gauge, France · Arcelormittal Decoupes, France · Arcelormittal Devillers, France · Arcelormittal International Luxembourg · Arcelormittal Distribution Solutions India Private Limited CIN No.: U51420MH2003PTC140373 · ArcelorMittal Foundation Solutions BV
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Dhamm Steel Services Private Limited CIN No.: U72200MH2000PTC124398 · Steel Mart India Private Limited CIN No.: U74990MH2009PTC195588

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2381756	Equity Shares	Rs. 10/- each	Rs.23.818 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	23.818	23.818	6.556
(b) Reserves & Surplus	220.714	146.784	(122.893)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	2.444
Total Shareholders’ Funds (1) + (2)	244.532	170.602	(113.893)
(3) Non-Current Liabilities
(a) long-term borrowings	179.517	274.199	411.852
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.263	0.725	0.609
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	180.780	274.924	412.461
(4) Current Liabilities
(a) Short term borrowings	486.632	433.131	318.761
(b) Trade payables	288.288	265.273	399.207
(c) Other current liabilities	175.833	177.686	293.547
(d) Short-term provisions	2.411	3.312	0.337
Total Current Liabilities (4)	953.164	879.402	1011.852
TOTAL	1378.476	1324.928	1310.420
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	635.841	639.369	688.198
(ii) Intangible Assets	9.228	0.990	1.126
(iii) Capital work-in-progress	0.274	10.935	0.000
(iv) Intangible assets under development	0.000	0.049	2.242
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	161.413	0.000	0.000
(d) Long-term Loan and Advances	32.775	26.100	28.460
(e) Other Non-current assets	6.185	5.466	2.601
Total Non-Current Assets	845.716	682.909	722.627
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	186.084	255.608	225.630
(c) Trade receivables	327.789	285.827	258.004
(d) Cash and cash equivalents	15.899	66.018	66.852
(e) Short-term loans and advances	11.988	33.977	37.307
(f) Other current assets	0.000	0.589	0.000
Total Current Assets	541.760	642.019	587.793
TOTAL	1387.476	1324.928	1310.420

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		933.536	1021.6050	908.048
		Other Income		2.195	3.690	15.186
		TOTAL (A)		935.731	1025.295	923.234
Less	EXPENSES
		Cost of Materials Consumed		606.488	701.382	619.510
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		5.658	(29.614)	(2.880)
		Employee Benefits Expenses		85.931	72.459	74.385
		Manufacturing expense		152.241	140.796	156.163
		Administrative, selling and distribution expense		58.004	92.866	72.116
		Prior period (income)/expenses		0.495	0.000	0.000
		TOTAL (B)		908.817	977.889	919.294
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			26.914	47.406	3.940
Less	FINANCIAL EXPENSES (D)			78.412	107.887	118.059
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(51.498)	(60.481)	(114.119)
Less	DEPRECIATION/ AMORTISATION (F)			65.905	60.394	55.602
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(117.403)	(120.875)	(169.721)
Less	TAX (H)			(170.658)	7.535	(0.576)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			53.255	(128.410)	(169.145)
	EARNINGS IN FOREIGN CURRENCY			42.141	NA	NA
	IMPORTS
			Raw Materials	NA	24.595	181.452
			Capital Goods and Spares	NA	1.210	3.563
	TOTAL IMPORTS			NA	25.805	185.015
	Earnings Per Share (Rs.)			22.36	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.69	(12.52)	(18.32)
Net Profit Margin (PBT/Sales)	(%)	(12.58)	(11.83)	(18.69)
Return on Total Assets (PBT/Total Assets}	(%)	(9.89)	(9.43)	(13.29)
Return on Investment (ROI) (PBT/Networth)		(0.48)	(0.71)	1.49
Debt Equity Ratio (Total Debt /Networth)		2.72	4.15	(6.41)
Current Ratio (Current Asset/Current Liability)		0.57	0.73	0.58

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	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	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	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Other external commercial borrowings	32.387	31.827
Long-term maturities of finance lease obligations	0.000	22.459
Short Term Borrowings
Foreign currency term loans from banks	6.910	9.996
Other loans and advances	479.722	423.135
Total	519.019	487.417

BACKGROUND

The Company was incorporated on 19th November, 2007. The Company is engaged in providing global solution for heavy sheet metal manufacturing and fabrication of machinery parts and components. As a process it involves material cutting, assembling, welding, dressing and inspection etc. The Company commenced commercial production from 1st July 2009.

OPERATIONS:

During financial year 2012-2013, the net sales of the Company was Rs.933.536 Millions which is comparatively lower than Rs.1021.605 Millions in the previous financial year. The lower sales is because of the reduction of volume in the yellow goods sector due to sluggish economic condition.

The Company was able to lower the administrative, selling and financial costs during the year. The loss before tax for the year is Rs.117.328 Millions. However, due to deferred tax of Rs.170.658 Millions, there is profit after tax of Rs.53.255 Millions.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10232143	24/09/2010 *	120,000,000.00	AXIS BANK LIMITED	CMC, KARUMUTHU NILAYAM, NO.192 ANNA SALAI, CHENNAI, Tamil Nadu - 600002, INDIA	A96725940
2	10230908	26/05/2010	1,142,000.00	INDIAN OVERSEAS BANK	RANIPET BRANCH, N0 2-B, COMML COMPLEX, SIPCOT, RANIPET, Tamil Nadu - 632403, INDIA	A89869325
3	10193671	14/05/2010 *	100,000,000.00	LAKSHMI VILAS BANK	NO 70 CATHEDRAL ROAD, CHENNAI, Tamil Nadu - 600086, INDIA	A87984258
4	10173065	30/06/2009	200,000,000.00	VIJAYA BANK	RANIPET BRANCH, SKT TOWERS, GROUND FLOOR, NO. M. B.T ROAD, NAVALPUR, RANIPET, VELLORE, Tamil Nadu - 632402, INDIA	A68241132
5	10132856	17/08/2009 *	420,000,000.00	INDIAN OVERSEAS BANK	RANIPET BRANCH, N0 2-B, COMML COMPLEX, SIPCOT, RANIPET, Tamil Nadu - 632403, INDIA	A70939210
6	10172575	09/09/2009 *	230,000,000.00	VIJAYA BANK	RANIPET BRANCH, SKT TOWERS, GROUND FLOOR, NO. M. B.T ROAD, NAVALPUR, RANIPET, Tamil Nadu - 632403, INDIA	A72165947

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· 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 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.61.62
UK Pound	1	Rs.100.84
Euro	1	Rs.84.98

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.