MIRA INFORM REPORT

Report Date :

30.12.2013

IDENTIFICATION DETAILS

Name :	RIMJHIM STAINLESS LIMITED
Formerly Known As :	GLOBAL SMELTERS LIMITED
Registered Office :	123/360, Fazalganj, (U.P. Rolling Mill Compound), Kanpur – 208 012, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.10.2002
Com. Reg. No.:	20-031334
Capital Investment / Paid-up Capital :	Rs.120.000 millions
CIN No.: [Company Identification No.]	U27104UP2002PLC031334
PAN No.: [Permanent Account No.]	AACCG3625Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Stainless Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2994000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Company has incurred loss from its operation in 2013. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for 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.

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	123/360, Fazalganj, (U.P. Rolling Mill Compound), Kanpur – 208 012, Uttar Pradesh
Tel. No.:	91-512-2240980 to 84
Fax No.:	91-512-2295035/ 2545755
E-Mail :	cs.rimjhimispat@gmail.com mail@rimjhimispat.com
Website :	http://www.rimjhimispat.com
Corporate Office :	AP-6, Shalimar Bagh, New Delhi – 110 088, India
Tel. No.:	91-11-27476877-78
Factory :	Plot No.1, U.P.S.I.D.C. Industrial Area, Akrampur, Unnao, Uttar Pradesh, India
Tel. No.:	91-515-2833701-702
Fax No.:	91-515-2833703

DIRECTORS

AS ON 21.09.2013

Name :

Mr. Rajiv Kumar Goel

Designation :

Managing Director

Address :

117/H-1/19, Pandu Nagar, Kanpur – 208 007, Uttar Pradesh, India

Date of Birth/Age :

22.06.1960

Qualification :

Graduate

Date of Appointment :

01.06.2012

DIN No.:

01684484

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	U27209UP2002PTC026589	P.R. FERRO-TECH PRIVATE LIMITED	Director	12/04/2002	12/04/2002	17/01/2011	Active	NO
2	U27104UP2002PLC031334	RIMJHIM STAINLESS LIMITED	Managing director	01/06/2012	27/09/2004	-	Active	NO
3	U27101UP1991PLC012679	RIM JHIM ISPAT LIMTED	Director	15/03/2005	15/03/2005	-	Active	NO
4	U15424UP2003PLC027697	NOVEL SUGAR LIMITED	Director	25/05/2005	25/05/2005	10/11/2005	Active	NO
5	U00500UP2005PTC036427	RIMJHIM COLONIZERS PRIVATE LIMITED	Director	04/10/2010	04/10/2010	04/07/2012	Active	NO
6	U27104UP1990PLC012078	JUHI ALLOYS LIMITED	Director	30/09/2011	18/12/2010	-	Active	NO

Name :

Mr. Yogesh Agarwal

Designation :

Director

Address :

7/110 C, Swaroop Nagar, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

29.10.1965

Qualification :

Graduate

Date of Appointment :

16.08.2008

DIN No.:

01023574

PAN No.:

ABEPA3466H

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	U27104UP1990PLC012078	JUHI ALLOYS LIMITED	Managing director	01/06/2012	12/07/1990	-	Active	NO
2	U27104UP2002PLC031334	RIMJHIM STAINLESS LIMITED	Director	16/08/2008	28/10/2002	-	Active	NO
3	U27109UP2003PTC059565	DIVYA FERRO PRIVATE LIMITED	Director	03/09/2004	03/09/2004	01/03/2013	Active	NO
4	U15424UP2003PLC027697	NOVEL SUGAR LIMITED	Director	15/10/2004	15/10/2004	-	Active	NO
5	U00500UP2005PTC036427	RIMJHIM COLONIZERS PRIVATE LIMITED	Director	08/03/2009	26/05/2005	04/07/2012	Active	NO
6	L51109UP1990PLC030032	J.M.B.COMMERICIAL AND CREDIT LIMITED	Director	31/03/2006	31/03/2006	16/11/2011	Active	NO
7	U27101UP1991PLC012679	RIM JHIM ISPAT LIMTED	Managing director	01/06/2012	22/01/2009	-	Active	NO
8	U91110UP1932NPL000467	MERCHANT CHAMBER OF UTTAR PRADESH	Director	25/09/2013	06/10/2009	-	Active	NO
9	U27310UP2011PTC046184	BADRINATH METALS PRIVATE LIMITED	Director	16/08/2011	16/08/2011	-	Active	NO

Name :

Mr. Chetan Prakash Arya

Designation :

Director

Address :

503, Anand Vatika Apartments, 8/10, Arya Nagar, Kanpur – 208 002, Uttar Pradesh, India

Date of Birth/Age :

03.01.1960

Qualification :

Graduate

Date of Appointment :

30.09.2011

DIN No.:

01024875

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	U27101UP1991PLC012679	RIM JHIM ISPAT LIMTED	Whole-time director	01/06/2012	05/07/2005	-	Active	NO
2	U00500UP2005PTC036427	RIMJHIM COLONIZERS PRIVATE LIMITED	Additional director	04/10/2010	04/10/2010	04/07/2012	Active	NO
3	U27104UP2002PLC031334	RIMJHIM STAINLESS LIMITED	Director	30/09/2011	18/12/2010	-	Active	NO
4	U27104UP1990PLC012078	JUHI ALLOYS LIMITED	Director	30/09/2011	18/12/2010	04/07/2012	Active	NO

Name :

Mr. Maneesh Mittal

Designation :

Additional Director

Address :

66, MD. Kayasthan, Manglaur, Haridwar – 247 656, Uttarakhand, India

Date of Birth/Age :

30.06.1976

Qualification :

Graduate

Date of Appointment :

11.06.2012

DIN No.:

05138884

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	L51109UP1990PLC030032	J.M.B.COMMERICIAL AND CREDIT LIMITED	Additional director	12/11/2011	12/11/2011	-	Active	NO
2	U27104UP2002PLC031334	RIMJHIM STAINLESS LIMITED	Additional director	11/06/2012	11/06/2012	-	Active	NO

Name :

Mr. Nehal Ahad

Designation :

Nominee Director

Address :

PNB Circle Office, Birhana Road, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

29.11.1960

Date of Appointment :

15.07.2013

DIN No.:

06624164

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2013

Names of Shareholders	No. of Shares
Neha Agarwal	56950
Amrish Bansal	151270
Kshitiz Agarwal	260930
Chetan Prakash Arya	469150
Nand Kishore Agarwal	161150
Nishi Agarwal	8000
Sanjeev Kumar Agarwal	9000
Sanjeev Kumar Agarwal HUF	272500
Seema Agarwal	8500
Rajeev Agarwal	7000
Rajeev Agarwal HUF	3000
Rajeev Kumar Goel	469150
Yogesh Agarwal	1471330
Heema Agarwal	638050
Navin Kumar Tayal	372300
Navin Kumar Tayal Sons and HUF	3000
Divya Ferro Private Limited	5801720
Carry Fast Roadways (India) Private Limited	1107000
Yogesh Agarwal and Son HUF	730000
Total	12000000

AS ON 21.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	57.57
Directors or relatives of directors	42.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Stainless Steel.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank (Lead Bank), Mall Road, Kanpur – 208 001, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	18.448	54.053
Total	18.448	54.053

Banking Relations :	--
Auditors :
Name :	Sanjay Ram Kishore and Company Chartered Accountants
Address :	543/102, K Block, Kidwai Nagar, Kanpur, Uttar Pradesh, India
PAN No.:	ABGFS5370J

CAPITAL STRUCTURE

AS ON 21.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs.10/- each	Rs.125.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 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	120.000	106.620	81.598
(b) Reserves & Surplus	628.480	740.472	610.590
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	139.512
Total Shareholders’ Funds (1) + (2)	748.480	847.092	831.700
(3) Non-Current Liabilities
(a) Long-term borrowings	1910.265	1882.554	1419.400
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1910.265	1882.554	1419.400
(4) Current Liabilities
(a) Short term borrowings	370.204	410.606	916.637
(b) Trade payables	220.540	90.772	62.551
(c) Other current liabilities	78.814	27.159	37.495
(d) Short-term provisions	0.809	0.809	0.000
Total Current Liabilities (4)	670.367	529.346	1016.683
TOTAL	3329.112	3258.992	3267.783
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1897.015	1717.711	1916.699
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	280.312	210.479
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	15.427	1.600	29.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.860	0.768	0.084
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1913.302	2000.391	2156.362
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	757.571	480.351	387.194
(c) Trade receivables	498.475	623.343	501.487
(d) Cash and cash equivalents	34.285	60.629	23.624
(e) Short-term loans and advances	125.479	94.278	199.116
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1415.810	1258.601	1111.421
TOTAL	3329.112	3258.992	3267.783

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2605.286	2444.658	2596.537
		Other Income	30.557	19.950	9.080
		TOTAL (A)	2635.843	2464.608	2605.617
Less	EXPENSES
		Cost of materials consumed	1542.106	1497.970	1588.890
		Purchases of stock-in-trade	266.842	215.042	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(88.286)	(111.370)	216.514
		Employee benefit expense	8.300	11.912	10.486
		Other expenses	553.937	456.518	463.452
		TOTAL (B)	2282.899	2070.072	2279.342
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		352.944	394.536	326.275
Less	FINANCIAL EXPENSES (D)		238.794	270.326	320.497
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		114.150	124.210	5.778
Less/ Add	DEPRECIATION/ AMORTISATION (F)		226.142	219.441	192.815
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(111.992)	(95.231)	(187.037)
Less	TAX (H)		0.000	0.077	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(111.992)	(95.308)	(187.037)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(212.173)	(116.865)	70.172
	BALANCE CARRIED TO THE B/S		(324.165)	(212.173)	(116.865)
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB Basis	24.672	103.845	264.352
	TOTAL EARNINGS		24.672	103.845	264.352
	Earnings / (Loss) Per Share (Rs.)		(9.33)	(8.94)	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(4.25)	(3.87)	(7.18)
Net Profit Margin (PBT/Sales)	(%)	(4.30)	(3.90)	(7.20)
Return on Total Assets (PBT/Total Assets}	(%)	(3.38)	(3.20)	(6.18)
Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.11)	(0.22)
Debt Equity Ratio (Total Debt/Networth)		3.05	2.71	2.81
Current Ratio (Current Asset/Current Liability)		2.11	2.38	1.09

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10319142	29/09/2011	575,300,000.00	UNION BANK OF INDIA	BIRHANA ROAD BRANCH, KANPUR, UTTAR PRADESH - 208001, INDIA	B25848532
2	10247775	25/09/2010	29,000,000.00	BANK OF BARODA	THE MALL, KANPUR, UTTAR PRADESH - 208001, INDIA	A97979801
3	10229148	22/06/2010 *	100,000,000.00	BANK OF BARODA	THE MALL, KANPUR, UTTAR PRADESH - 208001, INDIA	A90723354
4	10174064	18/05/2012 *	367,400,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	MALL ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA	B40898611
5	10170715	08/07/2009	108,525,000.00	BANK OF BARODA	THE MALL, KANPUR, UTTAR PRADESH - 208001, INDIA	A67764175
6	10167784	13/06/2009	462,000,000.00	ALLAHABAD BANK	THE MALL, KANPUR, UTTAR PRADESH - 208001, INDIA	A66257205
7	10060772	18/05/2012 *	1,677,900,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	MALL ROAD, KANPUR, UTTAR PRADESH - 208001, INDIA	B40854069

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	1654.574	1633.511
Loans taken for other fixed assets	237.243	194.990
SHORT-TERM BORROWINGS
Loans taken for other fixed assets	370.204	410.606
Total	2262.021	2239.107

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

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.62.05
UK Pound	1	Rs.102.03
Euro	1	Rs.85.27

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.