MIRA INFORM REPORT

Report Date :

27.02.2013

IDENTIFICATION DETAILS

Name :	RAAJRATNA METAL INDUSTRIES LIMITED (w.e.f. 25.10.1994)
Formerly Known As :	RAAJRATNA CHEMICALS PRIVATE LIMITED
Registered Office :	909 Sakar III, Near Income Tax Circle, Ahmedabad-380014, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.05.1988
Com. Reg. No.:	04-010673
Capital Investment / Paid-up Capital :	Rs.83.622 Millions
CIN No.: [Company Identification No.]	U24231GJ1988PLC010673
PAN No.: [Permanent Account No.]	AAACR9980M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporters and Importer of Stainless Steel Wires.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 5100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Mr. Kinesh Shah, Accounts Manager has provided general information but denied to disclose any financial detail to us. There appears sharp dip in the profits during 2012. There appears external borrowings which tends to be increasing over years. However, trade relations are reported as decent. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual trade terms and conditions. Note: Mr. A. K. Parekh, Senior Manager [Bank of Baroda] has reported that the subject maintains proper and very good relation with the bank.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Long Term Rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	24^th September, 2012

Rating Agency Name	CRISIL
Rating	A3+ (Short Term Rating)
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	24^th September, 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Kinesh Shah
Designation :	Accounts Manager
Contact No.:	91-79-27543681
Date :	08.02.2013

LOCATIONS

Registered Office / Corporate Office :	909 Sakar III, Near Income Tax Circle, Ahmedabad-380014, Gujarat, India
Tel. No.:	91-79-27543681/84
Fax No.:	91-79-27543085/26568085
E-Mail :	raajratna@raajratna.com accounts@raajratna.com
Website :	http://www.raajratna.com/
Area :	40000 sq. ft.
Location :	Owned
Factory 1 :	Survey No. 146, Bileshwarpura, Ahmedabad-Mehsana Highway, Taluka Kalol, District Gandhinagar, Gujarat, India
Tel. No.:	91-2764-233664/233665
Fax No.:	91-2764-233663
Location :	Owned
Factory 2 :	Survey No. 99, Bileshwarpura, Ahmedabad-Mehsana Highway, Taluka Kalol, District Gandhinagar, Gujarat, India
Tel. No.:	91-2764233664/5
Fax No.:	91-2764233663
Branch 1 :	126, Mittal Court, A Wing, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-22829342
Fax No.:	91-22-22829343
E-Mail :	mumbai@raajratna.com
Branch 2 :	Shop No. 7, Anup Estate, Sector 10-A, Main Road, Gurgaon-122001, Haryana, India

DIRECTORS

As on 27.09.2012

Name :	Mr. Arvindkumar Dalichand Sanghvi
Designation :	Managing Director
Address :	15, Shantiniketan Society, Opposite Gujarat College Road, Ellis Bridge, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	01.01.1956
Date of Appointment :	01.04.2007
PAN No.:	AACPS9853K
DIN No.:	00435340
Name :	Mr. Babulal Dalichand Sanghvi
Designation :	Managing Director
Address :	Sanghvi Mansion, 17 Lakdawala Building, 5th Khtwadi Lane, Mumbai-400004, Maharashtra, India
Date of Birth/Age :	08.10.1951
Date of Appointment :	01.04.2007
PAN No.:	AACPS4439D
DIN No.:	00601159
Name :	Mr. Tarachand Dalichand Sanghvi
Designation :	Whole-time Director
Address :	43, Highway Park Society, Rambaug Road, Sabarmati, Ahmedabad – 380005, Gujarat, India
Date of Birth/Age :	18.07.1947
Date of Appointment :	01.04.2007
PAN No.:	ACIPS6387C
DIN No.:	00601195
Name :	Mr. Naresh Babulal Sanghvi
Designation :	Whole-time Director
Address :	15, Shantiniketan Society, Near Gujarat College Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	13.06.1973
Date of Appointment :	01.04.2007
PAN No.:	AACPS4438C
DIN No.:	00601322
Name :	Mr. Ashimkumar Rakhalraj Banerjee
Designation :	Whole-time Director
Address :	Evershine Apartment II, J. P. Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	04.09.1949
Date of Appointment :	01.04.2007
PAN No.:	AAUPB9079Q
Din No.:	02010493
Name :	Mr. Manish Babulal Sanghvi
Designation :	Whole-time Director
Address :	15, Shantiniketan Society, Near Gujarat College Road, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Date of Birth/Age :	23.05.1980
Date of Appointment :	18.05.2010
PAN No.:	AACPS6102P
DIN No.:	03089574

KEY EXECUTIVES

Name :	Mr. Kinesh Shah
Designation :	Accounts Manager
Name :	Mr. Purvashi D. Adhvaryu
Designation :	Secretary
Address :	20, Avantika Park, Raw House, Behind Sun-N-Step Club, Memnagar, Ahmedabad-380061, Gujarat, India
Date of Birth/Age :	08.02.1977
Date of Appointment :	01.09.2011
Pan No.:	AFRPA163B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

NOTE: Major shareholders detail file attached

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2012

Category	Percentage
Bodies corporate	0.20
Directors or relatives of Directors	99.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporters and Importer of Stainless Steel Wires.

Products :

Item Code No.	Product Description
72230091	Stainless Steel
72223012	Stainless Steel Bar

· Stainless Steel and Nickel Alloy Wires

· Stainless Steel and Nickel Alloy Spring Wires

· Stainless Steel Cold heading Wires

· Stainless Steel Bright bars

· Stainless Steel Profile Wires

· Stainless Steel Reinforcement Bar

Exports :

Products :

Finished Goods

Countries :

· US

· Europe

· Australia

· Middle East

· Asia

· Germany

Imports :

Products :

Raw Materials

Countries :

· Taiwan

· Japan

Terms :

Selling :

Cash / Credit (30 days)

Purchasing :

Cash / Credit (30 days) / Cheque

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
S.S. / Copper Wires	MT	36000
S.S. Scrap	MT	NA
Power Generation	Units	6.75 MW

Actual Production:

Particulars	Unit	Production
		Own	Job Work
S.S. / Copper Wires	MT	27878.968	3162.007
S.S. Scrap	MT	587.848	NA
Power Generation	Units	10206583	NA

GENERAL INFORMATION

Suppliers :

· Mukund Limited

Customers :

Retailers and Manufacturers

· Sudhir Automotive India Private Limited

· Punchmahal Steel Private Limited

No. of Employees :

1000 (Approximately)

Bankers :

· The Bank of Baroda Limited, Ashram Road, Vallabh Sadan, Opposite Natraj Cinema, Ahmedabd-380009, Gujarat, India

Tel. No.: 91-79-26580362

· State Bank of India, Overseas Branch, Navgivan, Ahmedabad, Gujarat, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Rupee term loans from banks	210.875	103.781
Foreign currency term loans from banks	153.547	274.250
Working capital loans from banks	2406.754	2279.646
Total	2771.176	2657.677

Note :

Primary Security:

The term loans are secured by way of Equitable Mortgage over the Fixed assets , first charge over entire movable fixed assets and on windmill on standalone basis and joint hypothecation of Plant and Machinery of the company.

Collateral Security

Pari passu 2^nd charge over current assets of the company. Personal guarantee of some of the directors of the company.

Maturity Profile

Maturity Profile of term loans as on 31.03.2012	1-2 years	2-3 years	3 Years and above
Term Loans from Banks	235.842	88.281	40.300

Banking Relations :	--
Auditors :
Name 1 :	Shah Kantilal and Company Chartered Accountants
Address :	804, Sarap Building, Opposite Navjivan Press, Off Ashram Road, Ahmedabad – 380014, Gujarat, India
Pan No.:	AACFM6805H
Name 2 :	Mehta Lodha and Company Chartered Accountants
Address :	105, Sakar – I, Opposite Gandhigram Railway Station, Ahmedabad – 380014, Gujarat, India
PAN No.:	AAMFS3865K
Associates :	· Raajratna Stockholding Private Limited, India U65990GJ1992PTC018491 · Raajratna Electrodes Private Limited, India U29308GJ1991PTC016444 · Raajratna Fasteners Private Limited , India · Real Strips Limited, India L27100GJ1990PLC014383 · Concept Infoway Private Limited, India U72900GJ2000PTC037745 · Raajratna Ventures Limited, India U27209GJ2004PLC044288 · Unical Chemicals India Private Limited, India U24100GJ2010PTC060200
Subsidiaries :	· Erre Inox S. P. A, Italy · Raajratna Stainless Wire (USA) Inc., United States · Stainless Wire Limited, UK

CAPITAL STRUCTURE

As on 31.03.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs. 10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
8362166	Equity Shares	Rs. 10/- each	Rs.83.622 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		83.622	83.622	83.622
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1198.387	1166.249	976.054
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1282.009	1249.871	1059.676
LOAN FUNDS
1] Secured Loans		2771.176	2657.677	1601.247
2] Unsecured Loans		62.382	2.439	31.576
TOTAL BORROWING		2833.558	2660.116	1632.823
DEFERRED TAX LIABILITIES		169.020	167.000	145.853
TOTAL		4284.587	4076.987	2838.352
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1345.345	1270.445	1166.929
Capital work-in-progress		19.710	36.253	36.310
INVESTMENT		48.645	48.580	39.074
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	970.540	787.734	543.068
	Sundry Debtors	2008.191	1863.177	1092.659
	Cash & Bank Balances	38.630	3.689	1.285
	Other Current Assets	0.000	0.000	255.668
	Loans & Advances	607.562	536.959	83.401
Total Current Assets		3624.923	3191.559	1976.081
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	490.391	226.148	312.577
	Other Current Liabilities	133.582	88.560	12.191
	Provisions	130.063	155.142	55.274
Total Current Liabilities		754.036	469.850	380.042
Net Current Assets		2870.887	2721.709	1596.039
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4284.587	4076.987	2838.352

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	6012.575	5303.309	3085.665
		Other Income	11.340	12.248	124.530
		TOTAL (A)	6023.915	5315.557	3210.195
Less	EXPENSES
		Cost of materials consumed	4760.890	3968.037	2859.536
		Employee benefit expense	150.194	124.063
		Other expenses	727.246	633.776
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(57.061)	(49.583)
		Prior Period Expenses	0.598	(0.041)
		TOTAL (B)	5581.867	4676.252	2859.536
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		442.048	639.305	350.659
Less	FINANCIAL EXPENSES (D)		218.198	160.302	100.130
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		223.850	479.003	250.529
Less/ Add	DEPRECIATION/ AMORTISATION (F)		141.896	126.068	111.178
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		81.954	352.935	139.351
Less	TAX (H)		25.520	114.146	53.494
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		56.434	238.789	85.857
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		936.249	796.054	779.069
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	50.000	20.117
		Proposed Dividend	20.905	41.811	41.811
		Corporate Dividend Tax	3.391	6.783	6.944
	BALANCE CARRIED TO THE B/S		948.387	936.249	796.054
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4310.971	3739.044	1984.765
	TOTAL EARNINGS		4310.971	3739.044	1984.765
	IMPORTS
		Raw Materials	2082.507	965.819	701.717
		Stores & Spares	88.139	48.567	33.012
		Capital Goods	71.848	109.119	29.651
		Trading Goods	0.000	0.000	0.307
	TOTAL IMPORTS		2242.494	1123.505	764.687
	Earnings / (Loss) Per Share (Rs.)		6.75	28.56	10.27

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.94	4.49	2.67
Net Profit Margin (PBT/Sales)	(%)	1.36	6.65	4.52
Return on Total Assets (PBT/Total Assets}	(%)	8.45	7.91	4.43
Return on Investment (ROI) (PBT/Networth)		0.06	0.28	0.13
Debt Equity Ratio (Total Debt/Networth)		2.21	2.13	1.54
Current Ratio (Current Asset/Current Liability)		4.81	6.79	5.20

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditor	490.391	226.148	312.577
Total	490.391	226.148	312.577

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS AND FUTURE PROSPECTS

The Company has performed satisfactorily during the year under, Net Sales has gone up to Rs.5950.400 millions against Rs.5234.200 millions compared to previous year and Net profit after tax stood at Rs. 56.400 millions against Rs.238.800 millions compared to previous year. The Net sales increased by13.68 % during the current year when compared with previous year in value terms and the sales in quantity is increased by 7.30%, when compared with previous year.

The Company has installed Nickel Plating Plant to manufacture Nickel Coated Wires during the year which has started commercial production in October 2011.

FUTURE PROSPECTS

The Company is upgrading the existing Machineries with new equipments, to get more production and higher value addition/realization of the final products, So that the Company will have edge over their competitors. They will have the benefit of latest Technology used by the Company.

UNSECURED LOAN

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Intercorporate borrowings	62.382	2.439
Total	62.382	2.439

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Computer

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 records 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.54.06
UK Pound	1	Rs.82.15
Euro	1	Rs.70.61

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.