MIRA INFORM REPORT

Report Date :

02.07.2013

IDENTIFICATION DETAILS

Name :	MTC BUSINESS PRIVATE LIMITED
Registered Office :	401, 4^th Floor, Navkar Commercial Complex, Sir M.V Road, Andheri (East), Mumbai – 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Com. Reg. No.:	11-130172
Paid-up Capital :	Rs. 95.040 Millions
CIN No.: [Company Identification No.]	U51420MH2000PTC130172
TAN No.: [Tax Deduction & Collection Account No.]	MUMM14831F
PAN No.: [Permanent Account No.]	AACCM4795M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Metal Scrap.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 3400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears significant increase in the sales turnover during 2012. Financial and liquidity position seems to be good. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of experience of the promoters in trading of ferrous and non – ferrous scrap and metals for nearly four decades, the company can be considered normal for business dealings at usual trade terms and conditions.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	November 2012

Rating Agency Name	ICRA
Rating	Short term non fund based limits: A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	November 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. Naman
Designation :	Senior Finance Manager
Contact No.:	91-9167774111
Date :	01.0.2013

LOCATIONS

Registered Office :	401, 4^th Floor, Navkar Commercial Complex, Sir M.V Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-6787900
Fax No.:	91-22-67410875/67250964
E-Mail :	accounts@mtcgroup.in info@mtcgroup.in mtcimports@gamil.com
Website :	http://www.mtcgroup.in
Warehouse:	Plot No.44 to 47, Jawahar Co-operative Industrial Estate, Village Kamothe, Kalamboli, District, Raigad, Maharashtra, India
Tel No.:	91-22-27420912/27423755
Fax No.:	91-22-27423855
Email :	yard@mtcgroup.in
Branch Office 1 :	Plot No. 15, Opposite Baba Sitaram Weighbridge, Azak Industrial Area, Tal Dehgam, District Gandhinagar, Gujarat, India
Branch Office 2 :	VI A, Calve Chateau Nilgiris Super Market Building, 808 Poonamallee High Road, Kilpauk, Chennai - 600010, Tamilnadu, India
Branches :	Also Located at Uttaranchal Himachal Pradesh

DIRECTORS

As on 12.09.2012

Name :

Mr. Narendra Mehta

Designation :

Director

Address :

601-602, A Wing, Jay Shankar Krupa Housing Society Limited, Old Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

10.12.1965

Qualification :

B. Com

Date of Appointment :

21.12.2000

PAN No.:

AABPM6765B

DIN No.:

00179992

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	U27320KA1992PTC013273	MEHTA INDUSTRIAL SUPPLIERS PRIVATE LIMITED	Director	22/06/1992	22/06/1992	-	Under Process of Striking off	NO
2	U51420MH2000PTC130172	MTC BUSINESS PRIVATE LIMITED	Director	21/12/2000	21/12/2000	-	Active	NO
3	U51502MH2004PTC146683	MADHUBAN MOTORS PRIVATE LIMITED	Managing director	01/06/2004	01/06/2004	-	Active	NO
4	U27320KA2004PTC034057	M S METALS AND STEELS PRIVATE LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
5	U50300MH2008PTC183718	M.S.MOTORS PRIVATE LIMITED	Director	14/01/2012	14/01/2012	-	Active	NO

Name :

Mr. Sanjay Mehta

Designation :

Director

Address :

A/602, A Wing, Jay Shankar Krupa Housing Society Limited, Old Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

14.05.1968

Qualification :

B. Com

Date of Appointment :

02.04.2001

PAN No.:

AACPM6147L

DIN No.:

00541528

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	U51420MH2000PTC130172	MTC BUSINESS PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
2	U27320KA2004PTC034057	M S METALS AND STEELS PRIVATE LIMITED	Director	01/06/2004	01/06/2004	-	Active	NO
3	U51502MH2004PTC146683	MADHUBAN MOTORS PRIVATE LIMITED	Director	01/06/2004	01/06/2004	-	Active	NO
4	U27320KA1992PTC013273	MEHTA INDUSTRIAL SUPPLIERS PRIVATE LIMITED	Director	21/04/2006	21/04/2006	-	Under Process of Striking off	NO
5	U37100MH2011NPL223543	METAL RECYCLING ASSOCIATION OF INDIA	Director	01/11/2011	01/11/2011	-	Active	NO

Name :

Mr. Lalit Baliya

Designation :

Director

Address :

C-302, Gajalaxmi Apartment, Kolsawala Compound, Old Nagardas Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

26.10.1967

Qualification :

B.Com

Date of Appointment :

03.03.2007

PAN No.:

AABPB1937A

DIN No.:

00282727

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	U51420MH2000PTC130172	MTC BUSINESS PRIVATE LIMITED	Director	03/03/2007	03/03/2007	-	Active	NO
2	U99999PN1997PTC109372	MADHUBAN TRADE-STEELS PRIVATE LIMITED	Additional director	01/08/2007	01/08/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Naman
Designation :	Senior Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2012

Names of Shareholders	No. of Shares
Maganlal Mehta	3202000
Narendra Mehta	802000
Sanjay Mehta	800000
Manoj Mehta	4700000
TOTAL	9504000

Equity Share Break up (Percentage of Total Equity)

As on 12.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Importer of Metal Scrap.

Products :

Item Code No.	Product Description
26011140	Iron Ore
72022100	Ferro Alloys
72044900	Ferrous Scrap
72083930	H .R / C .R Coils/Plates

Imports :

Products :

Metal Scrap

Countries :

• UK
• USA
• Africa
• Gulf

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

• Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir M. V Road, Andheri (East), Mumbai – 400069, Maharashtra, India
• Abu Dhabi Commercial Bank Limited, 75, Rehmat Manzil, Veer Nariman Road, Churchgate, Mumbai-400020, Maharashtra, India
• Axis Bank
• ICICI Bank
• Yes Bank, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term loans from banks	0.000	2.556
Short-term borrowings
Loans repayable on demand	2533.573	1303.657
Total	2533.573	1306.213

Banking Relations :
Auditors :
Name :	A.T. Jain and Company Chartered Accountant
Address :	212, Rewa Chambers, 31 New Marine Lines, Mumbai – 400020, Maharashtra
Tel. No.:	91-22-22035151/ 22035252
Fax No.:	91-22-22083820
E-Mail :	atjain@vsnl.com
PAN N Income-tax PAN of auditor or auditor's firm :	AABFA2587P
Partnership Firm:	Mehta Trading Corporation, India M.M. Ceramics and Ferro Alloys
Other Related Party :	Madhuban Trade-Steels Private Limited, India CIN: U99999PN1997PTC109372 M.S Motors Private Limited, India Madhuban Motors Private Limited, India CIN: U51502MH2004PTC146683 M S Metals and Steels Private Limited
Subsidiaries :	Multi Trade link (UK) Limited, United Kingdom MGK International Inc, United States Multi Metal Links FZC

CAPITAL STRUCTURE

As on 31.03.2012

Authorised 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
9504000	Equity Shares	Rs.10/- each	Rs. 95.040 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	95.040	95.040
(b) Reserves & Surplus	748.193	629.443
(c) Money received against share warrants	0.000	0.000
	0	0
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	843.233	724.483
(3) Non-Current Liabilities
(a) long-term borrowings	255.508	210.693
(b) Deferred tax liabilities (Net)	1.043	0.760
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	256.551	211.453
(4) Current Liabilities
(a) Short term borrowings	2541.573	1323.657
(b) Trade payables	311.349	245.493
(c) Other current liabilities	86.108	123.445
(d) Short-term provisions	1.542	17.494
Total Current Liabilities (4)	2940.572	1710.089
TOTAL	4040.356	2646.025
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	58.569	49.477
(ii) Intangible Assets	0.200	0.300
(iii) Capital work-in-progress	160.508	76.712
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	48.709	3.084
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	57.836	8.337
(e) Other Non-current assets	0.0000	0.000
Total Non-Current Assets	325.822	137.910
(2) Current assets
(a) Current investments	21.180	16.197
(b) Inventories	1347.089	540.421
(c) Trade receivables	1321.811	873.549
(d) Cash and cash equivalents	522.991	339.216
(e) Short-term loans and advances	463.677	725.686
(f) Other current assets	37.786	13.046
Total Current Assets	3714.534	2508.115
TOTAL	4040.356	2646.025

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		95.040
2] Share Application Money		0.000
3] Reserves & Surplus		475.968
4] (Accumulated Losses)		0.000
NETWORTH		571.008
LOAN FUNDS
1] Secured Loans		325.355
2] Unsecured Loans		42.489
TOTAL BORROWING		367.844
DEFERRED TAX LIABILITIES		0.784
TOTAL		939.636
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		42.005
Capital work-in-progress		7.951
INVESTMENT		3.084
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	247.435
	Sundry Debtors	540.992
	Cash & Bank Balances	435.481
	Other Current Assets	0.000
	Loans & Advances	681.163
Total Current Assets		1905.071
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	907.398
	Other Current Liabilities	29.044
	Provisions	82.033
Total Current Liabilities		1018.475
Net Current Assets		886.596
MISCELLANEOUS EXPENSES		0.000
TOTAL		939.636

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income	10986.900	8028.900	6963.100
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	10833.100	7938.900	6734.800
DEPRECIATION/ AMORTISATION		5.600	4.800	2.909
PROFIT BEFORE TAX		148.200	236.900	225.400
TAXATION		29.000	83.100	82.000
CURRENT TAX DEFERRED TAX ASSETS		0.283	(0.025)	0.191
PROFIT AFTER TAX		118.900	153.800	143.200
IMPORTS VALUE		NA	NA	50809.995
Earnings Per Share (Rs.)		12.51	16.18	16.42

Particulars	31.03.2013
Sales Turnover (Approximately)	11960.000

Expected Sales (2013-2014): Rs.14400.000 Millions

The above information has been parted by Mr. Naman (Senior Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	1.35	2.95	3.24
Return on Total Assets (PBT/Total Assets}	(%)	3.87	9.23	11.83
Return on Investment (ROI) (PBT/Networth)		0.18	0.33	0.39
Debt Equity Ratio (Total Debt /Networth)		3.32	2.12	0.64
Current Ratio (Current Asset/Current Liability)		1.26	1.47	1.87

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	No
17]	Major suppliers	No
18]	Major customers	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE REVIEW

Sales of the Company for the year ended March 31, 2012 were Rs 10986.900 Millions, increased by 36%

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Intercorporate deposits	60.000	60.000
Loans and advances from related parties	195.508	148.137
Short-term borrowings
Deposits	8.000	20.000
Total	263.508	228.137

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51420MH2000PTC130172
Name of the company	MTC BUSINESS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	301-302, Vertex Vikas, A Wing, Opposite Railway Station, Andheri (East), Mumbai – 400 069, Maharashtra, India Email: accounts@mtcgroup.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10284908
Type of charge	· Book debts · Floating charge
Particular of charge holder	CIN: L65190MH2003PLC143249 Yes Bank, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India Email: shareholders@yesbank.in
Nature of instrument creating charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	30.01.2013
Amount secured by the charge	Rs.160.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest LC-Sight: 1% LC-USance: 1.35% BC: 1.4% SIB: 3% above YBL base rate WCDL:3.5% above YBL base rate CC:4.5% above YBL base rate Terms of Repayment LC-Sight: Tenor:60 days LC- Usance: Tenor: Upto 150 days, Usance: Upto 120 days BC: Tenor:120 days SID: Tenor: 3 months WCDL: Tenor: 90 days CC: Tenor: 12 months Extent and Operation of the charge First Pari Passu Charge in favour of Yes Bank over the entire Current Assets including stocks and Book debts of the Company more particularly describe in schedule attached to Deed of Hypothecation dated 30.01.2013 Others 2ONE
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Pari Passu Charge in favour of YES BANK over the entire Current Assets including stocks and Book debts of the Company more particularly describe in schedule attached to Deed of Hypothecation cnt dated 30.01.2013
Particulars of the present modification	The overall Limit of Loan has been enhanced from Rs.150.000 Millions to Rs.160.000 Millions.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012	31.03.2011
Guarantee given in favour of Commissioner of Sales Tax (Ahmedabad)	1.000	1.000
Bank Guarantee
a) Performance guarantee to Steel Authority of India	2.500	2.500
b) In favour of Assistant Commissioner of Customs (Bonds), Chennai Custom House	2.397	0.432
Corporate Guarantee given for Multi Metal Link FZC (wholly owned subsidiary) for commodity hedging transactions
a) Toyota Tshusho Metals - $ 20,00,000	10.720	89.880
b) Marex Financial Limited - $ 6,25,000	31.788	28.088
Corporate Guarantee given for Multi Trade Links (UK) Limited (wholly owned subsidiary) for working capital limits
a) HSBC Bank Plc - $ 20,00,000	101.720	0.000

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Other building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

Intangible assets

• Computer software

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.59.15
UK Pound	1	Rs.90.05
Euro	1	Rs.77.07

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.