MIRA INFORM REPORT

Report Date :

03.07.2013

IDENTIFICATION DETAILS

Name :	SHAH BROTHERS ISPAT PRIVATE LIMITED
Registered Office :	5A/5B, Trust House, Dr. E Broges Road, Opposite Shirodkar High School, Parel (East), Mumbai – 400 012, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.08.2004
Com. Reg. No.:	11-147842
Capital Investment / Paid-up Capital :	Rs. 14.350 Millions
CIN No.: [Company Identification No.]	U27101MH2004PTC147842
TAN No.: [Tax Deduction & Collection Account No.]	MUMS45609E
PAN No.: [Permanent Account No.]	AAKCS2766A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is involved in the trading of boiler quality plates, mild steel plates, alloy steel plates, hot-rolled coils and non-alloy steels.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 5091000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The financial position of the company is strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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	Short Term Non Fund Based Limit : A4+
Rating Explanation	The risk prone credit quality it carry high credit risk.
Date	September 21, 2012

Rating Agency Name	ICRA
Rating	Long Term Fund Based Limit : BB+
Rating Explanation	The inadequate credit quality it carry high credit risk.
Date	September 21, 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.

LOCATIONS

Registered Office :	5A/5B, Trust House, Dr. E Broges Road, Opposite Shirodkar High School, Parel (East), Mumbai – 400 012, Maharashtra, India
Tel. No.:	91-22-23445445/ 6/ 3/ 23480445 [5 Lines]/ 40555444
Fax No.:	91-22-23436928/ 23486928/ 40555454
E-Mail :	sbco@vsnl.com sales@sbispat.com
Web Site:	www.sbispat.com
Location:	Leased
Warehouse 1 :	L-5, Taloja Industrial Area, MIDC, Taluka- Panvel, District – Raigad, Maharashtra, India
Location:	Owned
Warehouse 2 :	1425/1426/1427, Kalamboli Warehouse Complex, Kalamboili, Navi Mumbai – 410 218, Maharashtra, India
Location:	Owned
Branch Office :	Located at: · Bangalore · Bhilai · Chennai · Delhi · Hyderabad · Vadodara
Overseas Office :	Located at: · Dubai

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Rajesh Chinubhai Shah

Designation :

Director

Address :

31 Anupam, 11, Manav Mandir Road, Walkeshwar, Mumbai – 400 006, Maharashtra, India

Qualification :

B.Com

Date of Appointment :

04.08.2004

PAN No.:

AQQPS4800C

DIN No.:

00022645

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	U74999MH1971PTC015360	PEACE FORT CHEMIND ENGINEERING PRIVATE LIMITED	Director	15/07/1972	15/07/1972	-	Active	NO
2	U27101MH2004PTC147842	SHAH BROTHERS ISPAT PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO

Name :

Mr. Sanjiv Pravin Mehta

Designation :

Director

Address :

15, Nirmal Mahal, Bomanji Petit Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

14.12.1963

Qualification :

B.Com

Date of Appointment :

04.08.2004

PAN No.:

AACPM6814E

DIN No.:

00022691

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	U74999MH1971PTC015360	PEACE FORT CHEMIND ENGINEERING PRIVATE LIMITED	Director	20/11/1990	20/11/1990	-	Active	NO
2	U27101MH2004PTC147842	SHAH BROTHERS ISPAT PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO
3	AAA-0653	DEVIPRASAD STEELS AND SERVICES LLP	Designated Partner	28/01/2010	28/01/2010	02/09/2011	Active	NO

Name :

Mr. Chinubhai Himatlal Shah

Designation :

Director

Address :

13/3, Anupam, Manav Mandir Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

13.03.1936

Qualification :

SSC

Date of Appointment :

04.08.2006

PAN No.:

ANVPS8248Q

DIN No.:

00022747

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	U74999MH1971PTC015360	PEACE FORT CHEMIND ENGINEERING PRIVATE LIMITED	Director	15/07/1972	15/07/1972	-	Active	NO
2	U27101MH2004PTC147842	SHAH BROTHERS ISPAT PRIVATE LIMITED	Director	04/08/2006	04/08/2006	-	Active	NO

Name :

Mr. Pravin Pranlal Mehta

Designation :

Director

Address :

15, Nirmal Mahal, Bomanji Petit Road, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

31.08.1935

Qualification :

SSC

Date of Appointment :

04.08.2004

DIN No.:

00026803

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	U74999MH1971PTC015360	PEACE FORT CHEMIND ENGINEERING PRIVATE LIMITED	Director	15/07/1972	15/07/1972	-	Active	NO
2	U92112MH1974PTC017802	NEW EXCELSIOR THEATRE PRIVATE LIMITED	Managing director	02/06/1975	02/06/1975	-	Active	NO
3	U55204MH2000PTC124453	NEW EXCELSIOR CATERERS PRIVATE LIMITED	Managing director	24/02/2000	24/02/2000	-	Active	NO
4	U27101MH2004PTC147842	SHAH BROTHERS ISPAT PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO

Name :

Mr. Dharmesh Chinubhai Shah

Designation :

Director

Address :

1-A/1, Giriraj, 11, Altamount Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

25.06.1964

Qualification :

B.Com

Date of Appointment :

04.08.2004

PAN No.:

AAGPS0780D

DIN No.:

00038177

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	U74999MH1971PTC015360	PEACE FORT CHEMIND ENGINEERING PRIVATE LIMITED	Director	20/11/1990	20/11/1990	-	Active	NO
2	U36940MH1995PTC095129	GTI TOYKRAFT PRIVATE LIMITED	Director	08/12/1995	08/12/1995	-	Active	NO
3	U27101MH2004PTC147842	SHAH BROTHERS ISPAT PRIVATE LIMITED	Director	04/08/2004	04/08/2004	-	Active	NO
4	U45202MH2010PTC200001	PARTHESH INFRASTRUCTURE PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Chinubhai Himatlal Shah Jointly Manjuben C. Shah Jointly Dharmesh C. Shah	72000
Chinubhai Himatlal Shah Jointly Manjuben C. Shah Jointly Rajesh C. Shah	72000
Pravin Pranlal Mehta Jointly Ranjanbala Mehta Jointly Sanjiv Mehta	215250
Sanjiv Pravin Mehta Jointly Heena Mehta	257000
Dharmesh Chinubhai Shah Jointly Sangeeta Shah	243950
Rajesh Chinubhai Shah Jointly Minal Shah	243950
Ranjanbala Pravin Mehta Jointly Pravin P. Mehta Jointly Sanjiv P Mehta	80000
Heena Sanjiv Mehta Jointly Sanjiv P. Mehta	143500
Pravin P. Mehta HUF through its Karta Pravin P. Mehta	10000
Ranjanbala P. Mehta Jointly Pravin P. Mehta	11750
Chinubhai H. Shah Jointly Manjula C. Shah	85600
Total	1435000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is involved in the trading of boiler quality plates, mild steel plates, alloy steel plates, hot-rolled coils and non-alloy steels.
Products :	· Ferrous and Non - Ferrous Metal · Boiler Quality Plates · High Tensile Steel Plate · Alloy Steel Plate · Mild Steel Products · HR Coils

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Central Bank of India, Corporate Finance Branch, 1^st Floor, M.M.O Building, M G Road, Fort, Mumbai – 400 023, Maharashtra, India

· Bank of Baroda , Cuffe Parade Branch, G.D. Somani School Building, Mumbai – 400 005, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Other loans and advances (Mortgage of property)	1.680	0.321
SHORT-TERM BORROWINGS
Loans repayable on demand from banks (Secured loans from banks are secured against trade receivables)	291.546	240.990
Total	293.226	241.311

Banking Relations :	--
Auditors :
Name :	H.M. Mody and Company Chartered Accountants
Address :	12, Indus Court, A Road, Churchgate, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22046924
Fax No.:	91-22-22873255
Income-tax PAN of auditor or auditor's firm :	AGBPM4701B
Subsidiaries :	Shah Brothers Ispat FZE
Other Related Parties :	· Peace Fort Chemind. Engineering Private Limited · New Excelsior Theatre Private Limited · Meshco Steels

CAPITAL STRUCTURE

AS ON 31.03.2012

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
1435000	Equity Shares	Rs.10/- each	Rs.14.350 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	14.350	14.350
(b) Reserves & Surplus	1258.412	1200.815
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1272.762	1215.165
(3) Non-Current Liabilities
(a) Long-term borrowings	86.251	46.152
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	3.896	3.223
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	90.147	49.375
(4) Current Liabilities
(a) Short term borrowings	291.546	240.989
(b) Trade payables	2892.187	3115.010
(c) Other current liabilities	29.503	282.687
(d) Short-term provisions	0.447	89.798
Total Current Liabilities (4)	3213.683	3728.484
TOTAL	4576.592	4993.024
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	475.536	409.503
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	51.050	1.660
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.987	1.987
(c) Deferred tax assets (net)	16.944	25.686
(d) Long-term Loan and Advances	30.350	65.106
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	575.867	503.942
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1194.413	1938.672
(c) Trade receivables	2078.128	1896.753
(d) Cash and cash equivalents	465.203	523.356
(e) Short-term loans and advances	200.748	113.303
(f) Other current assets	62.233	16.998
Total Current Assets	4000.725	4489.082
TOTAL	4576.592	4993.024

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.000
2] Share Application Money		0.000
3] Reserves & Surplus		634.591
4] (Accumulated Losses)		0.000
NETWORTH		643.591
LOAN FUNDS
1] Secured Loans		261.564
2] Unsecured Loans		187.500
TOTAL BORROWING		449.064
DEFERRED TAX LIABILITIES		1.472
TOTAL		1094.127
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		295.945
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1241.357
	Sundry Debtors	2291.042
	Cash & Bank Balances	603.147
	Other Current Assets	0.000
	Loans & Advances	386.334
Total Current Assets		4521.880
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3152.059
	Other Current Liabilities	407.836
	Provisions	163.803
Total Current Liabilities		3723.698
Net Current Assets		798.182
MISCELLANEOUS EXPENSES		0.000
TOTAL		1094.127

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income			7851.491
		Other Income			334.609
		TOTAL (A)	NA	NA	8186.100
Less	EXPENSES
		Cost of sales			7442.329
		Administration and other expenses			189.477
		Preliminary expenses written off			0.036
		Increase / decrease in stock			178.956
		TOTAL (B)	NA	NA	7810.798
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				375.302
Less	FINANCIAL EXPENSES (D)				109.022
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				266.280
Less/ Add	DEPRECIATION/ AMORTISATION (F)				6.518
	PROFIT BEFORE TAX (E-F) (G)		NA	NA	259.762
Less	TAX (H)		NA	NA	40.074
	PROFIT AFTER TAX (G-H) (I)		NA	NA	219.688
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	108.786
	IMPORTS
		Trading Goods	NA	4485.168	3417.863
	Earnings Per Share (Rs.)		NA	NA	244.10

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	2.68
Net Profit Margin (PBT/Sales)	(%)	NA	NA	3.31
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	5.39
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.40
Debt Equity Ratio (Total Debt/Networth)		0.30	0.24	0.70
Current Ratio (Current Asset/Current Liability)		1.38	1.30	1.21

LOCAL AGENCY FURTHER INFORMATION

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 one year	Yes
12) Profitability for last one year	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	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from others	74.571	35.830
Other loans and advances	10.000	10.000
Total	84.571	45.830

CORPORATE INFORMATION

The year 1958 marked the beginning of a transformation in the Indian steel industry, with the founding of Shah Brothers. It was the passion, zeal and the vision of its founders that has brought the group a long way from being a broking firm and staying in step with the market trade activities, to being the largest importers and distributors of Boiler Quality Steel Plates in India today.

Subject made its mark in the industry by pioneering the import of Boiler Quality Steel plates into India and marketing imports from uncharted regions such as Romania, Ukraine, Russia and China.

The group truly believes in the ideology that coming together is a beginning, working together is progress and forging ahead together is success. They take pride in having established, nurtured and cemented relationships with world leaders such as Arcelor Mittal - Romania, Duferco S.A. - Switzerland (owners of Alchevsk - Ukraine, Clabecq - Belgium, Huta - Poland) and Wuyang Iron and Steel Co. - China.

Exceeding expectations and creating new benchmarks with every achievement, SBIPL maintains its presence and standing in the industry with a sense of pride.

With its headquarters strategically located in Mumbai, the gateway of Indian trade and commerce, this dynamic group continues to ensure the smooth flow of inbound cargo to the satisfaction of its national and international clients efficiently.

FIXED ASSETS:

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Aircrafts Helicopters

· Office Equipment

· Computer Equipments

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.59.41
UK Pound	1	Rs.90.38
Euro	1	Rs.77.61

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.