MIRA INFORM REPORT

Report Date :

19.12.2013

IDENTIFICATION DETAILS

Name :	TAMRA DHATU UDYOG PRIVATE LIMITED
Registered Office :	2, N.C. Dutta Sarani, Sagar Estate, 7^th Floor, R. No.709, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.05.2006
Com. Reg. No.:	21-109251
Capital Investment / Paid-up Capital :	Rs.76.602 Millions
CIN No.: [Company Identification No.]	U27209WB2006PTC109251
TAN No.: [Tax Deduction & Collection Account No.]	CALT04073G
PAN No.: [Permanent Account No.]	AACCT4447K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Distributors of Ferrous and Non Ferrous Materials.
No. of Employees :	730 (Approximately)

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 2821000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be slow. However, the rating reflects the company above-average financial risk profile, marked by healthy gearing, comfortable net worth, and moderate debt protection metrics. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	30.10.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating=A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	30.10.2012

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 DENIED BY

Name :	Mr. Rishabh Mohta
Designation :	Chief Operating Officer
Contact No.:	91-9820121278
Date :	18.12.2013

LOCATIONS

Registered/ Corporate Office :	2, N.C. Dutta Sarani, Sagar Estate, 7^th Floor, R. No.709, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22315602/ 05
Mobile No.:	91-9820121278 (Mr. Rishabh Mohta)
Fax No.:	91-33-40649143
E-Mail :	rk.singhee@singheegroup.net rout@ratans.com equiry@tamradhatu.com rishabh@tamradhatu.com dds@ratans.com info@tamradhatu.com
Website :	www.tamradhatu.com
Location :	Owned
Factory :	SP2-873, RIICO Industrial Area, Pathredi, Bhiwadi – 301 019, Rajasthan, India
Location :	Owned
Branch Office 1:	C-17, Wazirpur Industrial Area, New Delhi – 110052, India
Branch Office 2:	Suit No.402, Vipul Trade Centre, Sohna Road, Sector – 48, Gurgaon – 122 018, Haryana, India
Branch Office 3:	Suit # 402-B1, Marathon Innova, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Branch Office 4:	S. Y. No.278, Godown No.1, Phase – 3, Jeedemetla Industrial Area, Hyderabad – 500 055, Andhra Pradesh, India
Branch Office 5:	B – 504, GIDC Industrial Estate, Phase – IV, Vatra, Ahmedabad – 382 445, Gujarat, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Ramkumar Damodar Singhee

Designation :

Director

Address :

26, P.K. Tagore Street, Kolkata – 700006, West Bengal, India

Date of Birth/Age :

02.01.1979

Date of Appointment :

10.05.2006

Election Commission Identity Card No.:

DPD1866979

DIN No.:

01220733

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	Company/ LLP Status	Defaulting status
1	U27209WB2006PTC109251	TAMRA DHATU UDYOG PVT LTD	Director	10/05/2006	10/05/2006	Active	NO
2	U27100WB2007PTC121033	SUMO METALLIC PRIVATE LIMITED	Director	13/12/2007	13/12/2007	Active	NO

Name :

Mr. Damodar Das Makhanlal Singhee

Designation :

Director

Address :

26, P.K. Tagore Street, Kolkata-700006, West Bengal, India

Date of Birth/Age :

09.09.1950

Date of Appointment :

01.04.2010

Election Commission Identity Card No.:

WB21142153212

DIN No.:

01070418

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	Company/ LLP Status	Defaulting status
1	U27109WB2006PTC107513	D M P PROJECTS PVT LTD	Director	24/01/2006	24/01/2006	Active	NO
2	U51109WB1996PTC077367	GAGAN SUPPLIERS PVT LTD	Director	11/12/2008	11/12/2008	Active	NO
3	U27209WB2006PTC109251	TAMRA DHATU UDYOG PVT LTD	Director	01/04/2010	01/04/2010	Active	NO
4	U27100WB2007PTC121033	SUMO METALLIC PRIVATE LIMITED	Director	31/03/2012	31/03/2012	Active	NO

Name :

Mr. Maheshkumar Gordhan Singhee

Designation :

Director

Address :

26, P.K. Tagore Street, Kolkata – 700006, West Bengal, India

Date of Birth/Age :

13.03.1978

Date of Appointment :

10.05.2006

Election Commission Identity Card No.:

DPD1866987

DIN No.:

00755818

KEY EXECUTIVES

Name :	Mr. Rishabh Mohta
Designation :	Chief Operating Officer

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Ramkumar Damodar Singhee	645000
Maheshkumar Gordhan Singhee	605000
Ramkumar Damodar Singhee	400000
Maheshkumar Gordhan Singhee	360000
Ujwal Singhee	320000
DMP Projects Private Limited, India	850166
Ratan Projects and Engineering Company Private Limited, India	621000
Gagan Suppliers Private Limited, India	1964633
Damodar Das Singhee	404000
Gordhan Das Singhee	410000
Damodar Das Singhee	849978
Anuradha Mohta	1
Priyanka Exim Private Limited, India	6000
Vaishnodevi Stockist (Private) Limited, India	4750
Divyprakash Suppliers (Private) Limited, India	6000
Everbright Vinimay Private Limited, India	1000
Premier Infraproperties (Private) Limited, India	12000
Decent Stockist Private Limited, India	7000
Ultraplus Reality Private Limited, India	3500
Mangalmurti Nirman Private Limited, India	9400
PMC Alloys Private Limited, India	3000
Growfast Realtors Private Limited, India	20000
Seavenseas Realtors (Private) Limited, India	20000
Khusboo Complex, Private Limited, India	25000
Nextgen Tradecom Private Limited, India	14900
Rajlaxmi Dealcomn Private Limited, India	9600
Murlidhar Infraprop (Private) Limited, India	8000
Ramganga Sales Private Limited, India	2000
Vayshna Distributors (Private) Limited, India	20000
Lavallena Traders Private Limited, India	30000
Dependable Tradecom (Private) Limited, India	2500
Mangalmayee Hirise Private Limited, India	25000
Success Infrastruct (Private) Limited, India	800
Total	7660228

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Bodies corporate	48.00
Directors or relatives of Directors	52.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Distributors of Ferrous and Non Ferrous Materials.

GENERAL INFORMATION

No. of Employees :

730 (Approximately)

Bankers :

· State Bank of India, Overseas Bank, “Samriddhi Bhawan”, 1 Strand Road, Kolkata – 700001, West Bengal, India

· Bank of Baroda, India Exchange Branch, 4, India Exchange Palace, Kolkata-700001, West Bengal, India

· Allahabad Bank, Industrial Finance Branch, 17, R.N. Mukherjee Road, 4^th Floor, Kolkata-700001, West Bengal, India

· Corporation Bank, Canning Street Branch, 86, Canning Street, Kolkata-700001, West Bengal, India

· Union Bank of India, Ezra Street Branch, 55/28 Ezra Street, Kolkata-700001, West Bengal, India

· Hong Kong and Shanghai Banking Corporation, Ultandanga Branch, Kolkata, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	243.333	0.000
Short Term Borrowings
Working Capital Loans from Banks	696.477	469.625
Total	939.810	469.625

Banking Relations :	--
Auditors :
Name :	Krnani and Associates Chartered Accountants
Address :	125, N.S. Road, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22685668/22700458
PAN No.:	AGFPK0201Q
Relate Parties :	· D M Company · R M Enterprise · Sumo Metallic Private Limited [U27100WB2007PTC121033]
Associates :	· Dmp Projects Private Limited [U27109WB2006PTC107513] · Ratan Projects and Engineering Company Private Limited [U74210WB2008PTC121557]

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8380000	Equity Shares	Rs. 10/- each	Rs.83.800 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7660228	Equity Shares	Rs. 10/- each	Rs.76.602 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	76.602	74.275
(b) Reserves & Surplus	628.802	349.667
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	705.404	423.942
(3) Non-Current Liabilities
(a) long-term borrowings	243.333	0.000
(b) Deferred tax liabilities (Net)	19.145	0.547
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	262.478	0.547
(4) Current Liabilities
(a) Short term borrowings	745.787	499.081
(b) Trade payables	393.189	293.094
(c) Other current liabilities	39.909	45.627
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	1178.885	837.802
TOTAL	2146.767	1262.291
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	429.267	34.620
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	17.729	56.197
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	44.608	32.057
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	6.381	3.646
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	497.985	126.520
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	381.556	190.698
(c) Trade receivables	783.014	678.068
(d) Cash and cash equivalents	273.974	113.508
(e) Short-term loans and advances	210.238	153.497
(f) Other current assets	0.000	0.000
Total Current Assets	1648.782	1135.771
TOTAL	2146.767	1262.291

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		50.810
2] Share Application Money		0.000
3] Reserves & Surplus		157.389
4] (Accumulated Losses)		0.000
NETWORTH		208.199
LOAN FUNDS
1] Secured Loans		242.966
2] Unsecured Loans		20.226
TOTAL BORROWING		263.192
DEFERRED TAX LIABILITIES		0.234
TOTAL		471.625
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.294
Capital work-in-progress		0.000
INVESTMENT		22.135
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	79.312
	Sundry Debtors	355.688
	Cash & Bank Balances	150.997
	Other Current Assets	0.000
	Loans & Advances	58.619
Total Current Assets		644.616
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	171.028
	Other Current Liabilities	38.914
	Provisions	0.478
Total Current Liabilities		210.420
Net Current Assets		434.196
MISCELLANEOUS EXPENSES		0.000
TOTAL		471.625

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		5615.600	NA
		Other Income		NA	NA
		TOTAL (A)	7211.400	NA	NA
Less	EXPENSES
		TOTAL (B)	7107.551	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		103.849	88.856	30.523
Less	FINANCIAL EXPENSES (D)		27.143	23.928	8.727
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		76.706	64.928	21.796
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.594	2.270	1.095
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		72.112	62.658	20.701
Less	TAX (H)		23.400	21.660	7.095
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		48.712	40.998	13.606
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		58.597	17.599	3.993
	BALANCE CARRIED TO THE B/S		107.309	58.597	17.599
	Earnings / (Loss) Per Share (Rs.)		6.36	6.91	2.67

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.68	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	NA	1.12	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.47	5.35	3.14
Return on Investment (ROI) (PBT/Networth)		0.10	0.15	0.10
Debt Equity Ratio (Total Debt /Networth)		1.40	1.18	1.26
Current Ratio (Current Asset/Current Liability)		1.40	1.36	3.06

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 years	one
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	Yes

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Incorporated Borrowings	49.310	29.456
Total	49.310	29.456

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10355185	21/03/2012	73,800,000.00	CORPORATION BANK	CANNING STREET BRANCH, 86, CANNING STREET, KOLKATA, WEST BENGAL – 700 001, INDIA	B39460977
2	10288302	28/04/2012 *	995,000,000.00	BANK OF BARODA	INDIA EXCAHNGE BRANCH, 4, INDIA ECHANGE PLACE, KOLKATA – 700 001, WEST BENGAL, INDIA	B38230108
3	10264186	29/08/2013 *	1,250,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH, 17, R. N. MUKHERJEE ROAD, 4TH FLOOR, KOLKATA – 700 001, WEST BENGAL, INDIA	B85016061

* Date of charge modification

FIXED ASSETS:

· Land

· Office Equipments

· Computers

· Electrical Fittings

· Television

· Vehicles

· Air Conditioner

· Xerox Machine

· Refrigerator

· Furniture and Fixtures

· Scooter

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.61.92
UK Pound	1	Rs.100.83
Euro	1	Rs.85.27

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	NKT

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	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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.