MIRA INFORM REPORT

Report Date :

06.07.2013

IDENTIFICATION DETAILS

Name :	SHREE DURGA IRON AND STEEL COMPANY LIMITED
Registered Office :	49, P D Mello Road, 403, Vyapar Bhawan, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.09.1985
Com. Reg. No.:	11-037513
Capital Investment / Paid-up Capital :	Rs.2.730 Millions
CIN No.: [Company Identification No.]	U27100MH1985PLC037513
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trader and Supplier of iron, steel products, angle, coil.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 76000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company seems to be low. The external borrowing appears to be huge. However, trade relations are reported to be 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 – 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

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 (GENERAL DETAILS)

Name :	Mr. Agarwal
Designation :	Director
Contact No.:	91-9322229660
Date :	05.07.2013

LOCATIONS

Registered Office :	49, P D Mello Road, 403, Vyapar Bhawan, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-67084881
Mobile No.:	91-9322229660 (Mr. Agarwal)
Fax No.:	91-22-67084881
E-Mail :	durgasteel@gmail.com
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :

Mr. Pawan Kumar Agarwal

Designation :

Whole – time Director

Address :

21, Sez Breeze, 12 Juhu Tara Raod, Santacruz (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

19.11.1957

Date of Appointment :

01.02.2012

DIN No.:

00127504

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	U27100MH1985PLC037513	SHREE DURGA IRON AND STEEL COMPANY LIMITED	Whole-time director	01/02/2012	17/09/1985	-	Active	NO
2	L01110MH1993PLC073872	ELEGANT FLORICULTURE AND AGROTECH (INDIA) LIMITED	Director	01/12/1994	01/12/1994	-	Active	NO
3	U67120MH1995PLC092876	SHREE DURGA CAPITAL LIMITED	Director	19/09/1995	19/09/1995	-	Active	NO
4	U27104GJ2004PTC043609	HIT IRON AND STEEL PRIVATE LIMITED	Director	12/02/2004	12/02/2004	-	Strike off	NO
5	U27100MH2008PLC187567	EVERONN STEEL AND POWER LIMITED	Director	15/10/2008	15/10/2008	-	Active	NO
6	U70102MH2008PTC183424	VIKALP PROJECTS PRIVATE LIMITED	Director	01/04/2010	01/04/2010	-	Active	NO
7	U70102MH2010PTC205484	DHRUV INFRA PRIVATE LIMITED	Director	15/03/2011	15/03/2011	-	Active	NO
8	U70100MH2011PTC217666	NAVKIRAN PROPERTIES PRIVATE LIMITED	Director	19/05/2011	19/05/2011	-	Active	NO
9	U70101MH2011PTC217977	DINKAR PROJECTS PRIVATE LIMITED	Director	27/05/2011	27/05/2011	-	Active	NO
10	U70101MH2011PTC218779	NAVPRABHAT PROJECTS PRIVATE LIMITED	Additional director	20/07/2011	20/07/2011	-	Active	NO
11	U70100MH2011PTC218005	NAVPRABHAT INFRACON PRIVATE LIMITED	Director	24/05/2012	24/05/2012	-	Active	NO

Name :

Ms. Kalpana Agarwal

Designation :

Whole-time director

Address :

21, Sez Breeze, 12 Juhu Tara Raod, Santacruz (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

26.11.1960

Date of Appointment :

01.02.2012

DIN No.:

00127514

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	U18101MH1988PTC048030	SURAJBHAN RAJKUMAR PRIVATE LIMITED	Director	08/07/1988	08/07/1988	22/03/2007	Active	NO
2	U27104GJ2004PTC043609	HIT IRON AND STEEL PRIVATE LIMITED	Director	12/02/2004	12/02/2004	-	Strike off	NO
3	U27100MH1985PLC037513	SHREE DURGA IRON AND STEEL COMPANY LIMITED	Whole-time director	01/02/2012	22/03/2007	-	Active	NO
4	U27100MH2008PLC187567	EVERONN STEEL AND POWER LIMITED	Director	15/10/2008	15/10/2008	-	Active	NO
5	U67120MH1995PLC092876	SHREE DURGA CAPITAL LIMITED	Additional director	15/09/2009	15/09/2009	-	Active	NO
6	U70100MH2011PTC217666	NAVKIRAN PROPERTIES PRIVATE LIMITED	Director	19/05/2011	19/05/2011	-	Active	NO

Name :

Mr. Shivam Agarwal

Designation :

Additional director

Address :

403, Vyapar Bhavan, 349 P Dmello Road, Masjid, Mumbai – 400009, Maharashtra, India

Date of Birth/Age :

11.04.1991

Date of Appointment :

15.09.2009

DIN No.:

02767930

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	U27100MH1985PLC037513	SHREE DURGA IRON AND STEEL COMPANY LIMITED	Additional director	15/09/2009	15/09/2009	-	Active	NO
2	U72900MH2009PTC197125	VIKALP INFOSYSTEMS PRIVATE LIMITED	Director	18/11/2009	18/11/2009	-	Active	NO
3	U70102MH2010PTC205484	DHRUV INFRA PRIVATE LIMITED	Director	15/03/2011	15/03/2011	-	Active	NO
4	U70101MH2011PTC217977	DINKAR PROJECTS PRIVATE LIMITED	Director	27/05/2011	27/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Basudev D Agarwal (HUF)	500
Rajkumar B Agarwal (HUF)	250
Agarwal Sulochana Rajkumar	670
Nareshkumar B Agarwal (HUF)	540
Agarwal Sushilkanta NareshKr.	700
Agarwal Pawankumar Basudev	6665
Pawankumar Basudev Agarwal (HUF)	2200
Agarwal Kalpana Pawankumar	2160
Agarwal Ankur Nareshkumar	60
Agarwal Anuj Rajkumar	350
Agarwal Akash Nareshkumar	55
Podar Vishal Sajjankumar	1950
Podar Varun Sajjankumar	1300
Agarwal Shivam Pawankumar	2000
Sajjankumar G Podar (HUF)	1250
Agrwal Shivani Pawankumar	2000
Mahajan Amit Vijaykumar	2250
Olive Overseas Private Limited, India	2400
Total	27300

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	8.79
Directors or relatives of Directors	91.21
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Supplier of iron, steel products, angle, coil.
Imports :
Products :	Steel
Countries :	Middle East Europe
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

• Wholesalers
• Retailers

No. of Employees :

Not Divulged

Bankers :

Standard Chartered Bank, Mumbai, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Other Loans and Advance Standard Chartered Bank O/D (Secured against hypothecation of stock, Book Debts, other current Assets and Fixed Assets)	14.739	6.635
ECL Finance Limited (Secured against two commercial properties of directors of the company)	13.882	0.000
Kotak Mahindra Bank (Secured loans against motor car)	0.861	0.000
Total	29.482	6.635

Banking Relations :	--
Auditors :
Name :	Shiv Pawan and Company Chartered Accountants
Address :	604, Platinum Techno Park, Bhd. Raghuleela Mall, Sector 30 A, Vashi, Navi Mumbai – 400703, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAVFS5910N
Associates:	Elegant Floriculture and Agrotech (India) Limited Vikalp Infosystems Private Limited Everonn Steel and Power Limited
Other Related Party:	The Grater Bombay Co-Operative Bank Limited The Jankalyan Sankar Bank Limited New India Co- Operative Bank Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.100/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27300	Equity Shares	Rs.100/- each	Rs. 2.730 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	2.730	2.490
(b) Reserves & Surplus	16.386	11.197
(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)	19.116	13.687
(3) Non-Current Liabilities
(a) long-term borrowings	1.977	2.377
(b) Deferred tax liabilities (Net)	0.290	0.214
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2.267	2.591
(4) Current Liabilities
(a) Short term borrowings	59.873	10.064
(b) Trade payables	0.185	3.917
(c) Other current liabilities	8.069	0.377
(d) Short-term provisions	0.212	0.188
Total Current Liabilities (4)	68.339	14.546
TOTAL	89.722	30.824
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.818	2.941
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	4.579	4.577
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	9.397	7.518
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3.313	0.000
(c) Trade receivables	32.806	18.294
(d) Cash and cash equivalents	0.437	0.730
(e) Short-term loans and advances	43.525	4.282
(f) Other current assets	0.244	0.000
Total Current Assets	80.325	23.306
TOTAL	89.722	30.824

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.490
2] Share Application Money		0.000
3] Reserves & Surplus		10.611
4] (Accumulated Losses)		0.000
NETWORTH		13.101
LOAN FUNDS
1] Secured Loans		0.706
2] Unsecured Loans		5.067
TOTAL BORROWING		5.773
DEFERRED TAX LIABILITIES		0.178
TOTAL		19.052
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.623
Capital work-in-progress		0.000
INVESTMENT		0.064
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	12.856
	Cash & Bank Balances	1.303
	Other Current Assets	0.000
	Loans & Advances	5.701
Total Current Assets		19.860
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.875
	Other Current Liabilities	2.620
	Provisions	0.000
Total Current Liabilities		3.495
Net Current Assets		16.365
MISCELLANEOUS EXPENSES		0.000
TOTAL		19.052

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	124.484	97.611
		Other Income	0.375	0.263
		TOTAL (A)	124.859	97.874	41.378
Less	EXPENSES
		Cost of Material Consumed	112.324	92.881
		Employees Benefits Expenses	1.283	1.096
		Other Expenses	4.386	2.288
		TOTAL (B)	117.993	96.265	40.646
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.866	1.609
Less	FINANCIAL EXPENSES (D)		5.517	0.549
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.349	1.060	0.732
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.432	0.251	0.217
	PROFIT BEFORE TAX (E-F) (G)		0.917	0.809	0.515
Less	TAX (H)		0.288	0.222	0.151
	PROFIT AFTER TAX (G-H) (I)		0.629	0.587	0.364
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.084	1.747	1.683
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.250	0.300
	BALANCE CARRIED TO THE B/S		NA	2.084	1.747
	Earnings Per Share (Rs.)		23.04	23.56	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.50	0.60	0.88
Net Profit Margin (PBT/Sales)	(%)	0.73	0.83	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.08	3.08	2.59
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.04
Debt Equity Ratio (Total Debt /Networth)		3.24	0.91	0.44
Current Ratio (Current Asset/Current Liability)		1.18	1.60	5.68

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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	No

PERFORMANCE

During the year under report the company has achieved total income of Rs.124.859 Millions in comparison to Rs.97.874 Millions during the previous year. The company has earned a profit after tax of Rs. Rs.0.629 Million in comparison to Rs.0.587 Million in the previous year.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Gulraj Ispat Private Limited	1.977	2.377
Short-term borrowings
Loans Repayable on Demand	30.391	0.076
Loans and Advance from Related Parties From Surajbhan Rajkumar Private Limited	0.000	3.353
Total	32.368	5.806

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27100MH1985PLC037513
Name of the company	SHREE DURGA IRON AND STEEL COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	49, P D Mello Road, 403, Vyapar Bhawan, Mumbai – 400009, Maharashtra, India Email: durgasteel@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10268267
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	CIN: U27100MH1985PLC037513 Standard Charted Bank, SME Credit, Crescenzo, 3A/F, Plot No. C – 38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India Email: sme.form8@sc.com
Nature of instrument creating charge	Hypothecation Agreement - Supplemental
Date of instrument Creating the charge	14.03.2012
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having first and exclusive charge on the security given by the Company. Others 2ONE
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first and exclusive charge on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise b) all the present and future book debts, outstanding moneys receivable, claims and bills.
Particulars of the present modification	By present modification, the existing charge amount of Rs.15.000 Millions enhanced to Rs.20.000 Millions against the security of hypothecation by way of first & exclusive charge on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise b) all the present and future book debts, outstanding moneys receivable, claims and bills.

FIXED ASSETS

Tangible Assets

• Office Premises
• Furniture and Fixtures
• Motor Car
• Staff Quarters
• Electronic Equipment
• Computer
  

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.60.34
UK Pound	1	Rs.90.79
Euro	1	Rs.77.81

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.