MIRA INFORM REPORT

Report Date :

25.07.2013

IDENTIFICATION DETAILS

Name :	SLS TUBES PRIVATE LIMITED
Registered Office :	43, 1^ST Carpenter Street, C. P. Tank, Mumbai – 400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.09.2007
Com. Reg. No.:	11-173724
Capital Investment / Paid-up Capital :	Rs.110.425 Millions
CIN No.: [Company Identification No.]	U28990MH2007PTC173724
TAN No.: [Tax Deduction & Collection Account No.]	MUMSS8774C
PAN No.: [Permanent Account No.]	AALCS1837M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Stainless Steel Pipes, Carbon Steel Pipes, Seamless / Welded Pipes, Tubes and U-Tubes, etc.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 690000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Optima Stainless Private Limited” is an established company having satisfactory track record. Eventhough the sales turnover has seen a significant increase, there appears a slight dip in the net profitability during 2012. The position of reserves seems to be weak. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered 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	CARE
Rating	Long Term Bank Facilities = BB (Suspended)
Rating Explanation	Moderate risk of default
Date	10.07.2012

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A4 (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	10.07.2012

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. Naveen
Designation :	Marketing Director
Contact No.:	91-9930439474
Date :	25.07.2013

LOCATIONS

Registered Office :	43, 1^ST Carpenter Street, C. P. Tank, Mumbai – 400004, Maharashtra, India
Tel. No.:	91-22-23813552 / 23813553
Mobile No.:	91-9930439474 (Mr. Naveen)
Fax No.:	91-22-23895550
E-Mail :	account@slstubes.com info@slstubes.com slsscorodite@rediffmail.com
Website :	http://www.slstubes.com
Location :	Owned
Corporate Office 1 :	SLS House, Plot No. 53-B, Opposite. General Company, Opposite Bank, Naranpura Crossing Road, Usmanpura, Ahmedabad-380013, Gujarat, India
Tel. No.:	91-79-2755 3406 / 07
Fax No.:	91-79-2755 3408
Corporate Office 2:	904, Venus Atlantis, Near Reliance Petrol Pump, Prahladnagar Road, Ahmedabad-380051, Gujarat, India
Tel. No.:	91-79-49005000 (1 to 50) line
Fax No.:	91-79-49005050
E-Mail :	sales@slstubes.com export@slstubes.com
Factory 1:	Survey No.: 68-55 B/s. Simla Hotel Mehsana Highway, Billeswarpura - 382 729, District Gandhinagar, Gujarat, India
Factory 2:	Survey No.: 55/3 B/s. Simla Hotel Mehsana Highway, District Gandhinagar, Billeswarpura - 382 729, Gujarat, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Mahesh Shantilal Sanghvi

Designation :

Director

Address :

B/805, Vasant vihar, Dafnala Road, Shahibag, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

23.10.1981

Date of Appointment :

01.09.2007

DIN No.:

01507210

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	U72200GJ2000PTC037382	SLS INDUSTRIES PRIVATE LIMITED	Director	18/02/2000	18/02/2000	-	Active	NO
2	U27109MH1994PTC163692	SLS STAINLESS PRIVATE LIMITED	Director	29/09/2007	1/4/2007	-	Active	NO
3	U28990MH2007PTC173724	SLS TUBES PRIVATE LIMITED	Director	1/9/2007	1/9/2007	-	Active	NO
4	U27200GJ1994PTC021540	OPTIMA STAINLESS PRIVATE LIMITED	Director	10/10/2007	10/10/2007	-	Active	NO

Name :

Mr. Shantilal Premchand Sanghvi

Designation :

Director

Address :

B-805, Vasant Vihar, Dafnala Road, Shahibag, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

06.05.1958

Date of Appointment :

05.04.2008

DIN No.:

00483385

PAN No.:

ACSPS6496G

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	U27104MH1994PTC162301	SCORODITE STAINLESS INDIA PRIVATE LIMITED	Director	23/05/1994	23/05/1994	15/07/2008	Active	NO
2	U72200GJ2000PTC037382	SLS INDUSTRIES PRIVATE LIMITED	Director	18/02/2000	18/02/2000	-	Active	NO
3	U27109MH1994PTC163692	SLS STAINLESS PRIVATE LIMITED	Managing director	21/03/2007	21/03/2007	-	Active	NO
4	U27200GJ1994PTC021540	OPTIMA STAINLESS PRIVATE LIMITED	Director	10/10/2007	10/10/2007	-	Active	NO
5	U28990MH2007PTC173724	SLS TUBES PRIVATE LIMITED	Director	5/4/2008	5/4/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Naveen
Designation :	Marketing Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Mahesh Shantilal Sanghvi	150000
Manjulaben Shantilal Shanghvi	186667
Shantilal Premchand Sanghvi	726667
Pradip Shantilal Shanghvi	180000
Optima Stainless Private Limited, India	6659200
Mangalya Soft-Tech Limited, India	3140000
Total	11042534

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	88.74
Directors or relatives of Directors	11.26
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Stainless Steel Pipes, Carbon Steel Pipes, Seamless / Welded Pipes, Tubes and U-Tubes, etc.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
S. S. Welded Pipes	7306.90
Stainless Steel Seamless Tubes	7304.90
Carbon Steel Seamless Tubes	7304.90

· Duplex and Super Duplex Pipes

· Titanium and Hastelloy Products

· Stainless Steel Welded / ERW Pipes and Tubes

· Stainless Steel Seamless Pipes and Tubes

· U Bend Tubes

· Carbon Steel/Alloy Steel Seamless Pipes

Exports :

Products :

Stainless Steel Pipes, Carbon Steel Pipes, Seamless / Welded Pipes, Tubes and U-Tubes

Countries :

European Countries

Imports :

Products :

Pipes

Countries :

· China

· Japan

Terms :

Selling :

L/C / Cash / Credit (30 Days)

Purchasing :

L/C / Cash / Credit (30 Days)

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

70 (Approximately)

Bankers :

· Bank of Baroda, Ashram Road Branch, Vallabh Sadan, Opposite. Natraj Cinema, Ashram Road, Ahmedabad - 380009, Gujarat, India

· IDBI Bank Limited, Opposite Muncipal Staff Quarters, Near Lal Bunglow, Off. C. G. Road, Ahmedabad – 380006, Gujarat, India

· State Bank of Bikaner and Jaipur

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks	24.980	32.780
Loans taken for fixed assets	0.000	0.113
Short-term borrowings
Working capital loans from banks	134.430	60.540
Total	159.410	93.433

Banking Relations :	---
Auditors :
Name :	R.R.S. and Associates Chartered Accountants
Address :	211, Kamal Complex, Opposite. SBS, Near Stadium Circul, C.G. Road, Ahmedabad – 380009, Gujarat, India
PAN No.:	AAFFR0472A
Holding Company :	Optima Stainless Private Limited CIN No.: U27200GJ1994PTC021540
Associate :	· SLS Stainless Private Limited · SLS India Private Limited · SLS Industries Private Limited · Tubinox Engineering India Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11042534	Equity Shares	Rs.10/- each	Rs.110.425 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	110.425	110.425
(b) Reserves & Surplus	56.746	42.228
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	5.900	5.900
Total Shareholders’ Funds (1) + (2)	173.071	158.553
(3) Non-Current Liabilities
(a) long-term borrowings	101.690	64.861
(b) Deferred tax liabilities (Net)	5.082	7.011
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	106.772	71.872
(4) Current Liabilities
(a) Short term borrowings	134.430	60.540
(b) Trade payables	144.956	83.763
(c) Other current liabilities	9.485	9.620
(d) Short-term provisions	5.510	13.316
Total Current Liabilities (4)	294.381	167.239
TOTAL	574.224	397.664
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	119.705	128.252
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	6.889	7.651
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.118	2.423
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	129.712	138.326
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	160.534	91.577
(c) Trade receivables	227.690	140.627
(d) Cash and cash equivalents	17.526	10.586
(e) Short-term loans and advances	38.762	16.548
(f) Other current assets	0.000	0.000
Total Current Assets	444.512	259.338
TOTAL	574.224	397.664

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		22.678
2] Share Application Money		9.400
3] Reserves & Surplus		93.879
4] (Accumulated Losses)		0.000
NETWORTH		125.957
LOAN FUNDS
1] Secured Loans		61.043
2] Unsecured Loans		14.667
TOTAL BORROWING		75.710
DEFERRED TAX LIABILITIES		0.827
TOTAL		202.494
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		76.315
Capital work-in-progress		67.864
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	56.175
	Sundry Debtors	136.733
	Cash & Bank Balances	11.544
	Other Current Assets	0.000
	Loans & Advances	22.687
Total Current Assets		227.139
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	130.691
	Other Current Liabilities	39.552
	Provisions	2.985
Total Current Liabilities		173.228
Net Current Assets		53.911
MISCELLANEOUS EXPENSES		4.404
TOTAL		202.494

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	706.905	526.233	255.231
		Other Income			0.688
		TOTAL (A)	706.905	526.233	255.919
Less	EXPENSES
		Cost of Goods			238.431
		Direct Expenses			1.795
		Administration, Selling and Other Expenses			2.860
		Personnel Expenses			3.925
		Preliminary Expenses Written Off			0.004
		TOTAL (B)	680.135 (Including Financial Expenses)	478.314 (Including Financial Expenses)	247.015
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				8.904
Less	FINANCIAL EXPENSES (D)				4.484
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.770	47.919	4.420
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.225	5.157	1.972
	PROFIT BEFORE TAX (E-F) (G)		17.545	42.762	2.448
Less	TAX (H)		2.373	15.184	1.272
	PROFIT AFTER TAX (G-H) (I)		15.172	27.578	1.176
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.147	4.569	2.393
	BALANCE CARRIED TO THE B/S		47.319	32.147	4.569
	Earnings Per Share (Rs.)		1.37	8.58	0.67

Expected Sales (2013-14) : Rs. More than Rs.1000.000 Millions

The above information has been parted by Mr. Naveen.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.15	5.24	0.46
Net Profit Margin (PBT/Sales)	(%)	NA	NA	0.96
Return on Total Assets (PBT/Total Assets}	(%)	3.09	10.96	0.81
Return on Investment (ROI) (PBT/Networth)		0.10	0.27	0.02
Debt Equity Ratio (Total Debt /Networth)		1.36	0.79	0.60
Current Ratio (Current Asset/Current Liability)		1.51	1.55	1.31

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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE

Registered office of the company has been shifted from “9, Kamar Building, 1st Floor, Cawasji Patel Street, Fort, Mumbai – 400001, Maharashtra, India” to the present address w.e.f. 01.05.2008

OPERATION:

During the year, the Companies performance was unsatisfactory. The total income increased to Rs. 706.905 Millions as compared to Rs.526.223 Millions in the previous year. However profit after tax decreased to Rs.15.172 Millions as compared to Rs. 27.578 Millions in the previous year. The directors shall strive harder to achieve better results in future.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Loans and advances from related parties	76.710	31.968
Total	76.710	31.968

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured Rs. In Millions	Charge Holder	Address	Service Request Number (SRN)
1	10402375	06/02/2013	40.000	BANK OF BARODA	Ashram Road Branch, Vallabh Sadan, Opposite Natraj Cinema, Ashram Road, Ahmedabad - 380009, Gujarat, India	B67876417
2	10360449	15/05/2012	0.0580	BANK OF BARODA	Ashram Road Branch, Vallabh Sadan, Opposite Natraj Cinema, Ashram Road, Ahmedabad - 380009, Gujarat, India	B41557984
3	10346416	29/03/2012	296.680	Bank of Baroda	Ashram Road Branch, Vallabh Sadan, Opposite Natraj Cinema, Ashram Road, Ahmedabad - 380009, Gujarat, India	B36619203
4	10322742	24/11/2011	296.680	Bank of Baroda	Ashram Road Branch, Vallabh Sadan, Opposite Natraj Cinema, Ashram Road, Ahmedabad - 380009, Gujarat, India	B27711720
5	10228560	30/06/2010	167.000	IDBI Bank Limited	Opposite Municipal Staff Quarters, Near Lal Bunglow, Off. C. G. Road, Ahmedabad - 380006, Gujarat, India	A88384565

FIXED ASSETS

• Land and land Development
• Factory Shed Building
• Plant and Machinery
• Electrical Fittings and Fixtures
• Computer
• Office Building
• Camera
• Furniture and Fixtures
• Office Equipments
• Freeze
• Vehicles

WEBSITE DETAILS

PROFILE

Established in the year 2007, Subject, is a Mumbai based manufacturers, suppliers and exporters of seamless and welded pipes, tubes including U-Tubes, flanges and fittings that are available in Stainless Steel, Carbon Steel, Titanium and Hastelloy. The complete product range they deal in includes Duplex Steel Pipes, Super Duplex Steel Pipes, Titanium Pipes and Tubes, Titanium Flanges, Titanium Fittings, Hastelloy Pipes and Tubes, Hastelloy Flanges, Hastelloy Fittings and Stainless Steel Fittings. Further, they also offer Welded / ERW Pipes and Tubes, Seamless Pipes and Tubes, U Bend Tubes and Carbon Steel/Alloy Steel Seamless Pipes.

Their business operations are led by Mr. Shanti Bhai Sanghvi, who holds with him extensive experience in this industry. His dedicated support and visionary guidance has helped then in emerging as a leading player in this industry. Further, the service support of experienced industry professionals also allow then to deliver stainless steel and carbon steel pipes and tubes in a wide range of finishes as demanded by their customers.

Operating from their registered office located at Ahmadabad and corporate office located at Mumbai, today, they are successfully catering to the challenging requirements of diverse industries. Their expertise in bringing out innovation in the offered product range and consistent approach in delivering quality products at competitive prices has also helped us in sustaining the end product demands of today’s highly competitive market place.

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.58.94
UK Pound	1	Rs.90.48
Euro	1	Rs.77.87

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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

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.