MIRA INFORM REPORT

Report Date :

16.01.2013

IDENTIFICATION DETAILS

Name :	SAKAR INDUSTRIES LIMITED [w.e.f. 24.10.2011]
Formerly Known As :	SAKAR INDUSTRIES PRIVATE LIMITED [19.09.2011] SAKAR FERRO ALLOYS PRIVATE LIMITED
Registered Office :	H 10, Madhavpura Market, Shahibaug Road, Ahmedabad-380004, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.07.1996
Com. Reg. No.:	04-030244
Capital Investment / Paid-up Capital :	Rs.13.950 Millions
CIN No.: [Company Identification No.]	U27100GJ1996PLC030244
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Aluminium Cubes and Ingots Wire Rods.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 500000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financials are not made available with the government department. As per previous year’s, the company performance seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. 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

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 :	H-10, Madhavpura Market, Shahibaug Road, Ahmedabad-380004, Gujarat, India
Tel. No.:	91-79-25622281 / 25624681
Fax No.:	91-79-25620620
E-Mail :	mahendra@sakarferro.com info@arfin.co.in info@sakarferro.com remesh@sakarferro.com
Website :	http://www.sakarferro.com
Factory :	140-141, Santej-Vadsar Road, Post-Santej, Taluka Kalol, District Gandhinagar, Gujarat, India
Tel No.:	91-2764-286177
Fax No.:	91-2764-286176

DIRECTORS

As on 17.09.2011

Name :

Mr. Jatin Mahendra Shah

Designation :

Director

Address :

Khandwala Bunglow, Near Post Office, Hirani Haveli, Dharam Nagar, Sabarmati, Ahmedabad-380005, Gujarat, India

Date of Birth/Age :

09.12.1983

Date of Appointment :

10.01.2002

Din No.:

00182683

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	U27100GJ1996PLC030244	SAKAR INDUSTRIES LIMITED	Director	10/01/2002	10/01/2002	Active	NO
2	L65990GJ1992PLC017460	ARFIN INDIA LIMITED	Additional director	12/06/2012	12/06/2012	Active	NO

Name :

Mr. Rameshkumar Rikhavchand Shah

Designation :

Director

Address :

Khandwala Bunglow, Near Post Office, Hirani Haveli, Dharam Nagar, Sabarmati, Ahmedabad-380005, Gujarat, India

Date of Birth/Age :

23.05.1965

Date of Appointment :

25.09.2009

Din No.:

00182764

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	U65910GJ1995PLC025589	ARFIN ENTERPRISES LIMITED	Director	25/04/1995	25/04/1995	Active	NO
2	U65910GJ1995PLC026735	ARFIN CAPITAL LIMITED	Director	17/07/1995	17/07/1995	Active	NO
3	U27100GJ1996PLC030244	SAKAR INDUSTRIES LIMITED	Director	25/09/2009	25/09/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2011

Names of Shareholders	No. of Shares
Vimlaben Rameshkumar Shah	89700
Jatin Mahendrakumar Shah	66490
Reshmi Deepakkumar Shah	45100
Arfin India Limited, India	357000
Arfin Capital Limited, India	115000
Pushpa Mahendrakumar Shah	55120
Rohan Rameshkumar Shah	5000
Rani Jatin Shah	17000
Shobha Dilip Daga	15000
Dilip Daga	7500
Dilip Daga as Karta of Dilip Daga HUF	7500
Ghewarchand Basiram Nahta	5000
Sureshbhai Ghewarchand Nahta	10000
Jawerilal Ghewarchand Nahta	25000
Sushiladevi Parasmal Nahta	10000
Seemaben Deepchand Shah	95000
Khusboo Mahendrabhai Shah	25000
Hardik Rameshbhai Shah	135000
Pooja Mahendrabhai Shah	110000
Rohan Rameshbhai Shah	34000
Manjuben Madanlal Bafna	75000
Mayank Madanlal Bafna	25000
Mahendra R. Shah	29590
Rameshkumar Rikhavchand Shah	36000
Total	1395000

As on 29.03.2011

Names of Allottee	No. of Shares Allotted
Doon Vally Finance and Leasing Limited, India	75000
Oven Commercials Private Limited, India	43750
Liberal Spinners Limited, India	15625
Pushkar Trading and Holding Private Limited, India	46875
Kavery Trading and Holding Private Limited, India	34375
Drake Commercials Private Limited	12500
Chaturang Commercials Private Limited, India	15625
Total	243750

As on 17.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	33.84
Directors or relatives of directors	60.43
Other top fifty shareholders	5.73
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aluminium Cubes and Ingots Wire Rods.

GENERAL INFORMATION

Customers :

· Sabic

· Sunbeam Auto Limited

· Alicon Castalloy Limited

· JSl Stainless Limited

· JSW Limited

· Essar Steel Limited

· Rico Auto Limited

· Tisco Limited

· Shah Alloys Limited

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Credit Management Centre, 2^nd Floor, 3^rd Eye One, Near Panchavati Crossing, C.G. Road, Ahmedabad-380009, Gujarat, India

· Punjab National Bank, Ambawadi Branch; Harikrupa Tower; Ellisbridge, Ahmedabad - 380006, Gujarat, India

· State Bank of India, Mid Corporate Branch, Zodiac Avenue, Opposite Commissioner's Bunglows, Law Garden, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans banks	380.453	170.856
Rupee term loans financial institution	1.696	0.948
Total	382.149	171.804

Banking Relations :	--
Auditors :
Name :	Nalin K. Thakkar and Company Chartered Accountants
Address :	602, Samudra Annexe, Opposite C.G. Road, Near Hotel Classic Gold, Navrangpura, Ahmedabad-380006, Gujarat, India
Pan No.:	AAKPT0207G

CAPITAL STRUCTURE

After 17.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1638750	Equity Shares	Rs.10/- each	Rs.16.388 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1395000	Equity Shares	Rs.10/- each	Rs.13.950 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		13.950	12.450	11.950
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		113.224	80.970	69.102
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		127.174	93.420	81.052
LOAN FUNDS
1] Secured Loans		382.149	171.804	18.635
2] Unsecured Loans		93.564	8.812	10.493
TOTAL BORROWING		475.713	180.616	29.128
DEFERRED TAX LIABILITIES		4.342	2.624	1.541
TOTAL		607.229	276.660	111.721
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		82.764	67.878	22.881
Capital work-in-progress		2.273	0.000	4.167
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	287.944	127.587	62.955
	Sundry Debtors	401.320	198.304	58.284
	Cash & Bank Balances	2.906	30.006	10.061
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.956	15.470	18.747
Total Current Assets		715.126	371.367	150.047
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	172.255	67.596	12.881
	Other Current Liabilities	1.200	85.362	51.699
	Provisions	19.491	9.667	0.862
Total Current Liabilities		192.946	162.625	65.442
Net Current Assets		522.180	208.742	84.605
MISCELLANEOUS EXPENSES		0.012	0.040	0.068
TOTAL		607.229	276.660	111.721

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1864.171	1023.610	791.427
		Other Income
		TOTAL	1864.171	1023.610	791.427
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1836.110	1012.912	789.282
		Advertising Expenses
		TOTAL	1836.110	1012.912	789.282
	PROFIT / (LOSS) BEFORE TAX		28.061	10.698	2.145
Less	TAX		9.214	3.326	0.707
	PROFIT / (LOSS) AFTER TAX		18.847	7.372	1.438
Less	PRIOR PERIOD ADJUSTMENTS		0.092	0.004	0.113
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.920	11.551	10.227
	BALANCE CARRIED TO THE B/S		37.675	18.919	11.552
	Earnings / (Loss) Per Share (Rs.)		13.51	6.04	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.01	0.72	0.18
Return on Total Assets (PBT/Total Assets}	(%)	3.52	2.44	1.24
Return on Investment (ROI) (PBT/Networth)		0.22	0.11	0.03
Debt Equity Ratio (Total Liability/Networth)		5.25	3.67	1.17
Current Ratio (Current Asset/Current Liability)		3.71	2.28	2.29

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	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	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	No

NOTE:

The registered office of the company has been shifted from 715, Sahajanand Complex, Shahibaug Road, Ahmedabad-380004, Gujarat, India to the present address w.e.f. 16.08.2010.

OPERATIONAL ACTIVITIES AND FINANCIAL ACHIEVEMENTS:

During the year the gross sales of the company was increase substantially to Rs.1821.389 Millions as compared to the last year’s gross sales of Rs.1016.200 Millions showing the growth of around 100%. The increase in turnover is also reflected in the increased profit before and after tax as shown above. The company’s is exploring all opportunities for business growth. The company has already opened the sales depot/branches at Faridabad, Hospet and Hubli.

FUTURE OUTLOOK:

The company has established good reputation among the buyers in respect of its products. The company is in process of establishing branches/sales depot at different locations. As stated earlier the branches were opened at Faridabad, Hospet and Hubli and the company is also planning to set up an overseas branch. The Board is also planning to convert the company into a public company so as to generate long term capital funds to meet the fund requirements for future business growth. Since the company enjoys good reputation in the market and the directors of the company are very aggressive to achieve the business growth, the company is very likely to take the sales of the company beyond Rs.5000.000 Millions within next couple of years.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10194139
Corporate identity number of the company	U27100GJ1996PTC030244
Name of the company	SAKAR FERRO ALLOYS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	H-10, Madhavpura Market, Shahibaug Road, Ahmedabad-380004, Gujarat, India
Type of charge	· Book Debts · Movable Property (not being pledge) · Floating Charge · Others
Particular of charge holder	Axis Bank Limited, Credit Management Centre, 2^nd Floor, 3^rd Eye One, Near Panchavati Crossing, C.G. Road, Ahmedabad-380009, Gujarat, India
Email	nilesh.kumar@axisbank.com
Nature of description of the instrument creating or modifying the charge	- Supplemental deed of hypothecation. - Supplemental of simple mortgage.
Date of instrument Creating the charge	30.11.2010
Amount secured by the charge	Rs.398.558 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For CC and Term Loan: BPLR - 3.75% i.e. 11.00% p. a. (presently BPRL @ 14.75%) For LC (Inland/Import): 65% of Bank's standard Schedule of Charges. Terms of Repayment Cash Credit Repayable on Demand and Term Loan is repayable in 53 monthly installments of Rs.0.463 Million each and last installment of Rs.0.464 Million Repayment to commence tentatively from July 2010. Margin Cash Credit Limit : Stocks :25%, Book Debts(not older than 120 days) : 35% Term Loan : 34.21% LC (Inland/Foreign) : 15% Extent and Operation of the charge The Charge by way of Hypothecation on Current Assets, Movables, Plant and Machinery and Equitable Mortgage on immovable properties being non agricultural freehold land as prescribed in instrument of charge attached herewith extends to secure the aggregate credit facility of Rs.398.500 Millions together with interest, cost and charges etc. Others As per documents executed in favour of bank from time to time by borrower company.
Short particulars of the property charged	NA freehold land adm. about 3814.38 sq. mtrs. and NA land adm. about 430 sq. mtrs. located at Block No.140 of Old RS No. 113, 134 and 136 if Village Santej, Taluka Kalol with construction standing thereon Non agri. freehold land adm. about 2378 sq.mtrs. of Block No. 141 along with construction standing thereon situate, lying and being at Mouje: Santej, Taluka: Kalol in the registration district of G'nagar. All the present and future book-debts, outstanding monies, receivables claims bills, contracts, engagements and securities which are due and owing to borrower in present and future. For working capital limits: hypothecation of entire current assets of Co. (Both current and Future) Collateral: Extension of charge over P and M (including other movable fixed assets) acquired out of term loan. For Term Loan: First charge over P and M (including other movable fixed assets) acquired out of term loan. Collateral: Extension of charge over entire current assets of the co. (Both current and Future) All tangible movable, machinery, plant and machinery, fixtures, fittings other installation, cranes, furniture, computers and other accessories lying in premises or in godown’s of borrower. Hypothecation of all the stock in trade both present and future consisting of stock including raw material, stock in process, finished goods such as packing materials, consumable stores and spares etc.
Particulars of the present modification	The Original Limit secured by Hypothecation and Mortgage is enhanced from Rs. 250.000 Millions to 398.500 Millions and charge on book debts and movable and immovable assets as stated in Para 15 above stands extended to secure the enhanced limit of Rs.398.500 Millions as under. C.C.: Rs.145.000 Millions, Term Loan: Rs.23.558 Millions and L.C. Rs. 230.000 Millions with sub limit as under: WCDL in FCNR Rs.75.000 Millions and LER Rs. 10.000 Millions (sub limit of CC), Buyers Credit Rs. 230.000 Millions and BG Limit Rs. 10.000 Millions (sub limit of LC)

UNSECURED LOAN :

Particular	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Other debts	93.564	8.812
Total	93.564	8.812

FIXED ASSETS:

· Land

· Building

· Electric Installation

· Air Conditioner

· Furniture and Fixtures

· Scooters

· Computer and Printers

· Trucks

· Loading Tempo

· Motor Car

· Bikes

· Plant and Machinery

· Furniture and Fixtures

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 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.54.54
UK Pound	1	Rs.87.69
Euro	1	Rs.72.85

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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
TOTAL		36

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.