MIRA INFORM REPORT

Report Date :

31.01.2013

IDENTIFICATION DETAILS

Name :	INDRAYANI FERROCAST PRIVATE LIMITED
Registered Office :	Gat No.225, Alandi Markal Road, Village Dhanore, Taluka Khed, Pune – 412 105, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.05.1995
Com. Reg. No.:	11-088354
Capital Investment / Paid-up Capital :	Rs. 4.545 millions
CIN No.: [Company Identification No.]	U27320MH1995PTC088354
TAN No.: [Tax Deduction & Collection Account No.]	PNEI00834B
PAN No.: [Permanent Account No.]	AAACI8271N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Steel and Iron, Carbon Alloy and Alloy Steel.
No. of Employees :	270 (Approximately) (Office – 30 and Factory – 240)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 680000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Latest financials i.e. 2011-12 are missing from the Government department. From the previous year’s it seems that there appears huge external borrowings recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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	CRISIL
Rating	BB+ (Cash Credit)
Rating Explanation	Moderate risk of default
Date	31.01.2012

Rating Agency Name	CRISIL
Rating	A4+ (Letter of Credit)
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	31.01.2012

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

Name :	Mr. Sadashiv Patil
Designation :	Account Manager
Contact No.:	91-20-66294308

LOCATIONS

Registered Office :	Gat No.225, Alandi Markal Road, Village Dhanore, Taluka Khed, Pune – 412 105, Maharashtra, India
Tel. No.:	91-2135-668926
Mobile No.:	91-9922675555 (Mr. Sachin Oswal)
Fax No.:	91-2135-668950
E-Mail :	amd_cs@rediffmail.com csadeshpande@gamil.com santgyaneshwar@rediffmail.com
Website :	www.indrayani.in
Area :	10000 sq ft
Location :	Owned
Branch :	Kohinoor Estate, Building No. SC – 1, Office No. 3 and 4, 12 Mulla Road, Wakdewadi, Pune, Maharashtra, India
Tel. No.:	91-20-66294306/66294325

DIRECTORS

As on 28.09.2012

Name :	Mr. Premprakash Lacchiram Goyal
Designation :	Director
Address :	S. No. 13, H.No.1+2+3+4, Kohinoor Residency, 3 Phase Planet Near Spicer College Aundh, Pune-411007, Maharashtra, India
Date of Birth/Age :	10.11.1955
Date of Appointment :	29.07.2001
DIN No.:	00389633
Voter ID No.:	WZS7145204
Name :	Mr. Vinodkumar Vedprakash Goyal
Designation :	Director
Address :	S. No. 13, H.No.1+2+3+4, Kohinoor Residency, 3 Phase Planet Near Spicer College Aundh, Pune-411007, Maharashtra, India
Date of Birth/Age :	25.12.1957
Qualification :	Graduate
Date of Appointment :	29.07.2001
DIN No.:	01604780
Voter ID No.:	FGDI630813
Name :	Mr. Ashok Sohanraj Oswal
Designation :	Director
Address :	586/A, Flat No. 1 DCYFL-7, Girija Nayak Society, Gultekadi, Pune-411037, Maharashtra, India
Date of Birth/Age :	26.12.1963
Qualification :	Graduate
Date of Appointment :	01.04.2008
DIN No.:	01538046
Voter ID No.:	ZBR7179153
Name :	Mr. Ashwinikumar Ramkumar Poddar
Designation :	Director
Address :	130, Sindh Housing Society Road No.1, Aundh, Pune-411006, Maharashtra, India
Date of Birth/Age :	12.09.1960
Date of Appointment :	01.04.2008
DIN No.:	01447110
Name :	Mr. Sachin Deepchand Oswal
Designation :	Director
Address :	586/A, Flat No. 1 DCYFL-7, Girija Nayak Society, Gultekadi, Pune-411037, Maharashtra, India
Date of Birth/Age :	11.02.1981
Qualification :	MBA
Date of Appointment :	01.04.2008
DIN No.:	01550047
Voter ID No.:	GWT1052471
Name :	Mr. Aditya Arunkumar Poddar
Designation :	Director
Address :	130, Sindh Housing Society Road No.1, Aundh, Pune-411006, Maharashtra, India
Date of Birth/Age :	17.12.1981
Date of Appointment :	01.04.2008
DIN No.:	01725241
Name :	Mr. Mayank Vinod Goyal
Designation :	Director
Address :	S. No. 13, H.No.1+2+3+4, Kohinoor Residency, 3 Phase Planet Near Spicer College Aundh, Pune-411007, Maharashtra, India
Date of Birth/Age :	26.09.1984
Date of Appointment :	01.04.2008
DIN No.:	02061353
Voter ID No.:	WZS6181945
Name :	Mr. Rahul Premprakash Goyal
Designation :	Director
Address :	30, Akshay Villa, Ashiyana Park S. No. 255/1, Aundh, Pune, 411007, Maharashtra, India
Date of Appointment :	01.04.2008
DIN No.:	02250537

KEY EXECUTIVES

Name :	Mr. Sadashiv Patil
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Ashok Sohanraj Oswal	2010
Aditya Arunkumar Poddar	1001
Amit Ashok Agarwal	1419
Arunkumar Ramkumar Poddar	983
Ashwinikumar Ramkumar Poddar	1001
Darshanadevi M. Agarwal	951
Deepchand Sonraj Oswal	1001
Gayatridevi A. Garg Agarwal	951
Madhu Arunkumar Poddar	2301
Neeru Agarwal	1
Prakash Sonraj Oswal	2001
Premprakash Lacchiram Goyal	1001
Punita Ashwinikumar Poddar	1401
Rajesh Sonraj Oswal	2001
Renuka Amit Garg Agarwal	938
Sangeeta Vijay Oswal	101
Sanjay Sonraj Oswal	2001
Savitridevi Ramkumar Poddar	3311
Sonraj Tarachand Oswal	1518
Uttamchand Sonraj Oswal	2001
Vijay Sonraj Oswal	1001
Vikas Premprakash Goyal	3249
Vinod Vedprakash Goyal	2449
Yatindra Ramesh Agarwal	1420
Yogesh Vedprakash Goyal	3801
Ajinkya Electromelt Private Limited, India	3001
Kashyap Ashwinikumar Poddar	636
Aakash Premprakash Goyal	2000
TOTAL	45450

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	6.60
Directors or relatives of Directors	80.90
Other top fifty shareholders	12.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Steel and Iron, Carbon Alloy and Alloy Steel.

Products :

ITC Code	Product Descriptions
72181000	Stainless Steel in Ingots

· Heavy melt scrap

· Silicon scrap

· Steel scraps

· Shredded ferrous scraps

· Lead scrap

Exports :

Products :

· Steel

· Iron

· Carbon alloy

· Alloy Steel

Countries :

· Nigeria

· South Africa

Imports :

Products :

· Raw Material

Countries :

· UK

· USA

· Singapore

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
M S Billets	MT	110027.00

GENERAL INFORMATION

Suppliers :

· Parag Gases and Chemicals Private Limited

· Anand Techno Aids Engineering India Limited

Customers :

Wholesalers

No. of Employees :

270 (Approximately) (Office – 30 and Factory – 240)

Bankers :

· The Cosmos Co-Operative Bank Limited, (Khadki Branch), Shaniwar Peth, Pune - 411 030, Maharashtra, India

· HDFC Bank Limited, Pune Branch, Maharashtra, India

· State Bank of India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	38.465	63.403
Working capital loans secured
Working capital loans banks secured	190.626	123.183
TOTAL	229.091	186.586
The Cosmos Co-Operative Bank Limited Cash Credit Limit Rs. 200.000 Millions and TL Limit Rs. 4.600 Millions

Banking Relations :	--
Auditors :
Name :	V.K. Gujarathi and Company Chartered Accountants
Address :	Poonam Plaza, 403/4/5, Market Yard Road, Gultekdi, Pune - 411 037, Maharashtra, India
Tel. No.:	91-20-24275398/ 99
PAN No.:	AAEFV0390A
Sister Concern :	· Pushpak Steel Industries, Pune Line of Business: Manufacturer, Exporter and Importer of Steel and Iron, Carbon Alloy and Alloy Steel. · Sant Gyaneshwar Steel Private Limited, Pune Line of Business : Manufacturer, Exporter and Importer of Steel and Iron, Carbon Alloy and Alloy Steel.

CAPITAL STRUCTURE

As on 28.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 100/- each	Rs. 5.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
45450	Equity Shares	Rs. 100/- each	Rs. 4.545 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		4.545	4.545	4.545
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		166.607	126.295	78.842
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		171.152	130.840	83.387
LOAN FUNDS
1] Secured Loans		229.091	186.586	218.817
2] Unsecured Loans		134.426	170.732	170.377
TOTAL BORROWING		363.517	357.318	389.194
DEFERRED TAX LIABILITIES		0.000	1.059	0.000
TOTAL		534.669	489.217	472.581
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		171.236	201.364	225.432
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		29.914	24.407	32.814
DEFERREX TAX ASSETS		1.014	0.000	18.929
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	139.738	145.558	67.016
	Sundry Debtors	165.797	112.001	33.118
	Cash & Bank Balances	1.913	2.744	5.186
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	59.684	53.961	104.643
Total Current Assets		367.132	314.264	209.963
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.336	19.168	(32.255)
	Other Current Liabilities	(42.772)	0.000	0.000
	Provisions	59.063	31.650	46.812
Total Current Liabilities		34.627	50.818	14.557
Net Current Assets		332.505	263.446	195.406
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		534.669	489.217	472.581

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2989.273	2447.406	1515.245
		Other Income	14.308	23.395	6.624
		TOTAL (A)	3003.581	2470.801	1521.869
Less	EXPENSES
		Cost of Sales	2887.967	2333.660	1541.550
		Sales, Administrative Expenses and Other Expenses	35.589	27.291	21.374
		TOTAL (B)	2923.556	2360.951	1562.924
Less	PROFIT/ (LOSS)BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		80.025	109.850	(41.055)
Less	INTEREST (D)		21.660	32.343	21.239
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		58.365	77.507	(62.294)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.483	0.550	0.371
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		57.882	76.957	(62.665)
Less	TAX (H)		17.374	29.026	(18.859)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		40.508	47.931	(43.806)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		126.294	78.842	122.648
Less	APPROPRIATIONS		0.196	0.479	--
	BALANCE CARRIED TO THE B/S		166.606	126.294	78.842
	Earnings Per Share (Rs.)		891.27	1055.00	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	3776.794

The above information has been parted by Mr.Sadashiv Patil.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.35	1.94	(2.88)
Net Profit Margin (PBT/Sales)	(%)	1.94	3.14	(4.14)
Return on Total Assets (PBT/Total Assets}	(%)	10.73	14.92	(14.39)
Return on Investment (ROI) (PBT/Networth)		0.34	0.59	(0.75)
Debt Equity Ratio (Total Debt /Networth)		2.12	2.73	4.66
Current Ratio (Current Asset/Current Liability)		10.60	6.18	14.42

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	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	Yes
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	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	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Rupee term loans unsecured
Rupee term loans others unsecured	134.426	170.732
TOTAL	134.426	170.732

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27320MH1995PTC088354
Name of the company	INDRAYANI FERROCAST PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No.225, Alandi Markel Road, Village Dhanore Taluka Khed, Pune - 412 105, Maharashtra, India E-Mail: csadeshpande@gmail.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · All Intangible Movable Property
Particular of charge holder	The Cosmos Co-Operative Bank Limited (Khadki Branch), 269/270, Shaniwar Peth, Pune-411 030, Maharashtra, India E-Mail: sunil.panse@cosmosbank.in
Nature of instrument creating charge	Deed of Hypothecation of Stock, Book Debts, and Machinery Dated 18th June, 2012
Date of instrument Creating the charge	18.06.2012
Amount secured by the charge	Rs. 150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Commission As Per The Banks Rule. Terms of repayment 90 Days To 180 Days Margin 10% In Banks Favour Extent and operation of the charge Type of facility - one time foreign letter of credit limits Rs. 150.000 Millions only. Other All other terms and conditions as per the agreement.
Short particulars of the property charged (Including location of the property)	The Borrowers Doth/Do Hereby Hypothecated In Favour of Bank All Stock In Trade, Raw Materials, Goods In Process, Semi -Manufactured and Manufactured Goods, Semi-Finished Products, Book Debts Outstanding Monies, Receivables, Claims, Bills Chooses In Action, Contracts, Engagements, and Securities, All Movable Machinery, Plant and Equipment with Their Accessories and Spare Parts Lying and Being At Borrowers Premises, Godowns, or Any Other Places Whatsoever At Gat No. 225, Alandi-Markal Road, Village Dhanore, Taluka Khed, District -Pune or Elsewhere In India and/or In Transit By Ship, Rail, Air or Otherwise.

FIXED ASSETS

· Factory Building

· Factory Land

· Furniture

· Electrical Installations

· Plant and Machinery (Excise on Plant)

· Plant and Machinery (Others)

· Plant and Machinery

· Computers

· Office Equipments

· Car

· Two Wheeler

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.53.57
UK Pound	1	Rs.84.37
Euro	1	Rs.72.23

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

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.