MIRA INFORM REPORT

Report Date :

04.01.2013

IDENTIFICATION DETAILS

Name :	NOBLE TECH INDUSTRIES PRIVATE LIMITED (w.e.f. 13.07.2009)
Formerly Known As :	V.K.G. STEEL AND ENERGY PRIVATE LIMITED
Registered Office :	6/ 9, Kasthuri Estate, 3^rd Street, Poes Garden, Chennai – 600086, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.09.2004
Com. Reg. No.:	18-054213
Capital Investment / Paid-up Capital :	Rs. 198.408 Millions
CIN No.: [Company Identification No.]	U72300TN2004PTC054213
TAN No.: [Tax Deduction & Collection Account No.]	CHEV06528E
PAN No.: [Permanent Account No.]	AABCV9111H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Sponge Iron.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 3230000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financial of the company are not made available. As per previous year’s record, there appears a huge external borrowing recorded by the company. The company’s performance capacity appears to be improving. Trade relations are reported as fair. Business is active. Payment terms are unknown in absence of latest financials. The company can be considered for business dealings 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 – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facility : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 16, 2011

Rating Agency Name	CARE
Rating	Short term Bank facility : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	December 16, 2011

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 :	6/ 9, Kasthuri Estate, 3^rd Street, Poes Garden, Chennai – 600086, Tamilnadu, India
Tel. No.:	91-44-25249501/ 24672501 - 04
Fax No.:	91-44-24672505
E-Mail :	vkgsteel2004@yahoo.co.in sivakumar.vkgsteel@gmail.com powerprojectfa@noblesteels.co.in sales@noblesteels.co.in
Website :	http://www.noblesteels.com
Head Office :	No.14/2A2, Melpakkam Village, Uthiaramerur Taluk, Kancheepuram District 603402, Tamilnadu, India
Tel. No.:	91-44-27278833
Fax No.:	91-44-27278837

DIRECTORS

AS ON 04.08.2012

Name :

Mr. Mohamed Ismail Mohamed Abdulla

Designation :

Director

Address :

24, Railway Station Road, Pudukkottai – 622003, Tamilnadu, India

Date of Birth/Age :

30.07.1975

Date of Appointment :

28.03.2008

DIN No.:

01625590

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	U74300TN2006FLC060992	FARZOOM CONCEPTUAL PRIVATE LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
2	U27109KA2007PLC041460	NOBLE FERROUS AND POWER LIMITED	Director	20/03/2008	20/03/2008	-	Active	NO
3	U72300TN2004PTC054213	NOBLE TECH INDUSTRIES PRIVATE LIMITED	Director	30/09/2008	28/03/2008	-	Active	NO
4	U14290TN2009PTC071446	GLOBAL GARNET SAND PRIVATE LIMITED	Director	24/04/2009	24/04/2009	05/12/2012	Active	NO
5	U65923TN2009PTC074068	NOBLE HOLDINGS PRIVATE LIMITED	Director	30/12/2009	30/12/2009	-	Active	NO

Name :

Mr. Mohamed Ebrahim Basheer Mohamed

Designation :

Director

Address :

Veerasholapuram PO, Udayar Palayam Tk, District Trichy – 612904, Tamilnadu, India

Date of Birth/Age :

15.01.1967

Date of Appointment :

28.03.2008

DIN No.:

01715682

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	U70101TN2005PTC055573	NOBLE PROMOTORS PRIVATE LIMITED	Director	07/03/2005	07/03/2005	-	Active	NO
2	U27109KA2007PLC041460	NOBLE FERROUS AND POWER LIMITED	Director	11/01/2007	11/01/2007	-	Active	NO
3	U28112TN2007PTC065672	LAWRIE NOBLE OIL FIELD SUPPLIES PRIVATE LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO
4	U72200TN2004PTC052438	OKAY SOFT AND DEVELOPERS PRIVATE LIMITED	Director	30/09/2008	15/03/2008	-	Active	NO
5	U72300TN2004PTC054213	NOBLE TECH INDUSTRIES PRIVATE LIMITED	Director	30/09/2008	28/03/2008	-	Active	NO
6	U51909TN1995PTC082354	NAPRAAJ COMMERCIAL PRIVATE LIMITED	Director	30/09/2009	18/11/2008	-	Active	NO
7	U14290TN2009PTC071446	GLOBAL GARNET SAND PRIVATE LIMITED	Director	24/04/2009	24/04/2009	05/12/2012	Active	NO
8	U65923TN2009PTC074068	NOBLE HOLDINGS PRIVATE LIMITED	Director	30/12/2009	30/12/2009	-	Active	NO
9	U71210TN2010PTC077619	GULF HEAVY EQUIPMENTS RENTAL PRIVATE LIMITED	Director	08/10/2010	08/10/2010	-	Active	NO
10	U74999TN2011PTC080202	OKAY INVESTMENTS PRIVATE LIMITED	Director	18/04/2011	18/04/2011	-	Active	NO
11	U55201TN2012PTC086543	NIDA FOODS PRIVATE LIMITED	Director	28/06/2012	28/06/2012	-	Active	NO
12	U45400TN2012PTC088998	SHEER PROMOTERS PRIVATE LIMITED	Director	14/12/2012	14/12/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 04.08.2012

Names of Shareholders	No. of Shares
S. Ameena Begum	12712800
Radhakrishnan Ramesh	100000
Mohamed Ismail Mohamed Abdulla	100000
Naprajraaj Commercial Private Limited, India	6828000
Mohamed Ebrahim Basheer Mohamed	100000
Total	19840800

AS ON 04.08.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	34.41
Directors or relatives of directors	65.09
Other top fifty shareholders	0.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron.

Products :

Products Description	Item Code No.
Sponge Iron	72031000
Mild Steel Billets	72249091
Mild Steel Structural	73089010

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sponge Iron	M.T.	NA	90000	39346
Induction Furnace	M.T.	NA	154440	108795
Rolling Mill	M.T.	NA	108000	91745
Power Plant	Units	NA	8	62612700 Units

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Industrial Finance Branch, 155 Anna Salai, Chennai – 600002, Tamilnadu, India

· Bank of Baroda, MID Corporate Branch, 1st Floor, 74, Theagaraya Road, T. Nagar, Chennai – 600017, Tamilnadu, India

· State Bank of Indore, Oriental House, 115, Broadway, Chennai - 600108, Tamilnadu, India

· Oriental Bank of Commerce, No. 63, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600004, Tamilnadu, India

· UCO Bank, 730, Mount Road, Chennai Road, Chennai – 600006, Tamilnadu, India

· State Bank of Hyderabad

· State Bank of Mysore

· State Bank of Travancore

· Punjab National Bank

· ING Vysya Bank

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	255.695	386.138
Working capital loans banks secured	891.439	714.089
Hire purchase installment payable secured	8.277	10.249
Total	1155.411	1110.476
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other Debts Unsecured	363.919	364.746
Total	363.919	364.746

Banking Relations :	--
Auditors :
Name :	A. Krishnamoorthy and Company Chartered Accountants
Address :	Old No.16/3, New No. 43, Ramaswamy Street, T. Nagar, Chennai – 600017, Tamilnadu, India
Tel. No.:	91-44-24347260/ 24340074
PAN No.:	AGHPK4186E
Associates :	· Rahmet Steels · Noble Marine Metals Company · Halima Steels · Okay Soft Developers Private Limited · Ajmal Steel Tubes and Pipes · Noble Holding Private Limited · Naapraj Commercial Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,840,800	Equity Shares	Rs. 10/- each	Rs. 198.408 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		198.408	198.408	198.408
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		609.119	509.807	399.937
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		807.527	708.215	598.345
LOAN FUNDS
1] Secured Loans		1155.411	1110.476	1101.143
2] Unsecured Loans		363.919	364.746	345.411
TOTAL BORROWING		1519.330	1475.222	1446.554
DEFERRED TAX LIABILITIES		95.603	75.394	101.926
TOTAL		2422.460	2258.831	2146.825
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1053.548	1082.253	1071.751
Capital work-in-progress		2.182	39.205	76.232
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1333.609	989.694	837.508
	Sundry Debtors	395.260	292.168	147.637
	Cash & Bank Balances	6.652	8.093	4.192
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	355.919	248.341	226.422
Total Current Assets		2091.440	1538.296	1215.759
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	552.852	301.397	163.427
	Other Current Liabilities	82.931	31.082	14.087
	Provisions	89.074	68.628	39.634
Total Current Liabilities		724.857	401.107	217.148
Net Current Assets		1366.583	1137.189	998.611
MISCELLANEOUS EXPENSES		0.147	0.184	0.231
TOTAL		2422.460	2258.831	2146.825

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4393.208	3420.975	3512.669
		Other Income	7.549	42.061
		TOTAL	4400.757	3463.036	3512.669
Less	EXPENSES
		TOTAL	4147.556	3266.763	3387.836
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		253.201	196.273	124.833
Less/ Add	DEPRECIATION/ AMORTISATION		101.949	94.763	89.043
	PROFIT BEFORE TAX		151.252	101.510	35.790
Less	TAX		51.940	(8.360)	12.816
	PROFIT AFTER TAX		99.312	109.870	22.974
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		212.345	102.475	79.501
	BALANCE CARRIED TO THE B/S		311.657	212.345	102.475
	IMPORTS
		Raw Materials	1389.641	1018.881	1216.755
		Stores & Spares	1.095	0.218	1.399
	TOTAL IMPORTS		1390.736	1019.099	1218.154
	Earnings Per Share (Rs.)		5.01	5.53	1.15

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.26	3.17	0.65
Net Profit Margin (PBT/Sales)	(%)	3.44	2.97	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.81	3.87	1.56
Return on Investment (ROI) (PBT/Networth)		0.19	0.14	0.06
Debt Equity Ratio (Total Liability/Networth)		2.78	2.65	2.78
Current Ratio (Current Asset/Current Liability)		2.89	3.84	5.60

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	No
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

Note: The Registered Office of the company has been shifted from, No.163/ 1, Prakasam Salani, 1st Floor, K. Sons Complex, Broadway, Chennai – 600108, Tamilnadu, India, to the present address w.e.f. 09.03.2009.

FINANCIAL PERFORAMANCE:

The Company has achieved turnover of Rs.4393.208 Millions as compared to Rs.3420.975 Millions during the previous year. The Company recorded net profit of Rs.99.312 Millions during the year as against Rs.109.870 Millions for the previous year. The Board wanted to highlight the fact that even with the world wide melt down in the economy the Company has been able to achieve profits for the current financial year. The Board is confident of achieving higher growth in the current year.

FUTURE OUTLOOK

The Company is in the process of installing Coal Gasifier units in the Rolling Mill to reduce the usage of Furnace Oil and thereby reduce the cost of production. The errection of this new facility will be completed by December 2011. To meet the enhanced production level the company is in the process of extending the Cooling Bed and the shed covering the cooling bed area. Despite the recession prevailing all over the world and the difficult situation faced by the steel plants in India, the Company is positive about the operations for the year 2011-12.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U72300TN2004PTC054213
Name of the company	NOBLE TECH INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6/ 9, Kasthuri Estate, 3^rd Street, Poes Garden, Chennai – 600086, Tamilnadu, India Email: powerprojectfa@noblesteels.co.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others (Raw materials, work in progress, Finished goods)
Particular of charge holder	Bank of Baroda, Mid Corporate Branch, 1st Floor, 74, Theagaraya Road, T. Nagar, Chennai – 600017, Tamilnadu, India Email: midche@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Agreement.
Date of instrument Creating the charge	29.03.2012
Amount secured by the charge	Rs. 246.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 2.75% over Base Rate of the Bank i.e 13.50% p.a. with monthly rests(This concessional ROI is valid 12 months or next review whichever is earlier) Terms of Repayment 12 months Margin 1.Raw materials, Work in Progress, Finished goods, Stores & spares and Receivables upto 90 days - 25% 2.10% cash margin in the form of FDR Extent and Operation of the charge Cash Credit Rs.18,21,00,000/- L/C-DP/DA(180 days) Rs.6,44,00,000/- Others 1) Pledge of Shares of the Company by Mrs. Ameena Begum and M/s. Napraaj Commercial Private Limited, 2) Corporate Guarantee by M/s. Napraaj Commercial Private Limited and 3) Personal Guarantee of Mr. M. Basheer Mohammed, Mr. Mohammed Abdullah and Mrs. Ameena Begum.
Short particulars of the property charged	a) First pari passu charge on the current assets of the Company, both present and future, with other consortium members. b) Second Charge on reciprocal basis with the term lenders, on all the fixed assets of the Company.

FIXED ASSETS:

· Land and Site Development

· Building

· Plant and Machinery

· Furniture and Fittings

· Office Equipments

· 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. 54.42
UK Pound	1	Rs. 88.29
Euro	1	Rs. 71.49

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.