MIRA INFORM REPORT

Report Date :

02.03.2013

IDENTIFICATION DETAILS

Name :	GURU RAJENDRA METALLOYS INDIA PRIVATE LIMITED [w.e.f. 06.12.2012]
Formerly Known As :	GURU RAJENDRA METALS PRIVATE LIMITED
Registered Office :	101, G.R. House, 8, Gautam Vihar Society, Opposite Sukhsagar Complex, Ashram Road, Usmanpura, Ahmedabad-380013, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.11.2004
Com. Reg. No.:	04-045063
Capital Investment / Paid-up Capital :	Rs.6.579 Millions
CIN No.: [Company Identification No.]	U27100GJ2004PTC045063
TAN No.: [Tax Deduction & Collection Account No.]	AHMG02710B
PAN No.: [Permanent Account No.]	AACCG2504N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aluminium Products.
No. of Employees :	Not Available.

RATING & COMMENTS

MIRA’s Rating :

B (39)

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

Maximum Credit Limit :	USD 163000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The performance capability of the company is good. There appear huge external borrowings recorded by the company. The profitability is also low. However, trade relations are decent. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with slight caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE1B
Rating Explanation	Moderate financial strength and high performance capability.
Date	August 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 :	101, G.R. House, 8, Gautam Vihar Society, Opposite Sukhsagar Complex, Ashram Road, Usmanpura, Ahmedabad-380013, Gujarat, India
Tel. No.:	91-79-27653469/ 27561640
Fax No.:	91-79-27561640
E-Mail :	jayant@grmetal.in cmchead.ahmedabad@axisbank.com sales@grmetal.in
Website :	http://www.grmetal.in
Area :	2500 Sq. ft. (Approximately)
Location :	Owned
Factory :	613/1, Behind Nirma Chemicals, G.S.F.C., Chhatral, Taluka Kalol, District Gandhi Nagar, Gujarat, India
Ahmadabad Office :	721, Khatri Pole, Gandhi Road, Ahmadabad – 380 001, Gujarat, India
Tel No.:	91-79-22141528/ 22111528
Fax No.:	91-79-22111527
Email :	sales@grmetal.in
Jamnagar Office :	Godown No.15, No.465, Shankar Tekri, Udyognagar, Jamnagar – 361 004, Gujarat, India
Tel No.:	91-288-2566063
Fax No.:	91-288-2560152

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Babulal Dhanraj Jain

Designation :

Director

Address :

684, Nanibrahmpuri Pole, Khadia Charrasta, Ahmadabad – 380 001, Gujarat, India

Date of Birth/Age :

16.02.1955

Date of Appointment :

30.11.2004

DIN No :

01618777

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29190GJ1996PTC031086	G.R. ALLOYS PRIVATE LIMITED	Director	07-11-96	07-11-96	Active	NO
2	U27100GJ2004PTC045063	GURU RAJENDRA METALS PRIVATE LIMITED	Director	30-11-04	30-11-04	Active	NO

Name :

Mr. Jayant Babulal Jain

Designation :

Director

Address :

684, Nanibrahmpuri Pole, Khadia Charrasta, Ahmadabad – 380 001, Gujarat, India

Date of Birth/Age :

21.07.1978

Date of Appointment :

30.11.2004

DIN No :

00914338

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29190GJ1996PTC031086	G.R. ALLOYS PRIVATE LIMITED	Director	07-11-96	07-11-96	-	Active	NO
2	U27100GJ2004PTC045063	GURU RAJENDRA METALS PRIVATE LIMITED	Director	30-11-04	30-11-04	-	Active	NO
3	U24231GJ1993PTC020043	NEEL DISTRIBUTORS PRIVATE LIMITED	Director	21-05-05	21-05-05	01-06-09	Active	NO
4	U36991GJ2007PTC052187	TODAY'S PAPER PRODUCTS PRIVATE LIMITED	Director	20-11-07	20-11-07	-	Active	NO
5	U27109GJ2007PTC052209	SINCROWELLS STEEL PRIVATE LIMITED	Director	22-11-07	22-11-07	-	Active	NO

Name :

Mr. Shailash Kumar Babulal Jain

Designation :

Director

Address :

684, Nanibrahmpuri Pole, Khadia Charrasta, Ahmadabad – 380 001, Gujarat, India

Date of Birth/Age :

20.05.1986

Date of Appointment :

15.06.2007

DIN No :

00914467

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U27100GJ2004PTC045063	GURU RAJENDRA METALS PRIVATE LIMITED	Director	15-06-07	15-06-07	Active	NO
2	U36991GJ2007PTC052187	TODAY'S PAPER PRODUCTS PRIVATE LIMITED	Director	20-11-07	20-11-07	Active	NO
3	U27109GJ2007PTC052209	SINCROWELLS STEEL PRIVATE LIMITED	Director	22-11-07	22-11-07	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Babulal Dhanraj Jain	217600
Jayant Babulal Jain	112500
Sushilaben Babulal Jain	126800
Meghna Mehta	33000
Kaushik J. Dalal	50000
Manisha B. Jain	20000
Mamta B. Jain	41000
Sweet B Jain	15000
Mandakini Jain	20000
Shailesh Jain	22000
TOTAL	657900

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Aluminium Products.
Products :	Aluminium Products v Ingots v Notch Bar/ Stick v Cubes/ Granulates v Shots v Wire Rod Brass Products v Hardware and Valve Parts v Sanitations and Valve Parts v Lock and Gas Parts v Pen and ball Pen Parts v Electronics Parts

PRODUCTION STATUS [AS ON 31.03.2012]

Particulars	Unit	Actual Production
Aluminium Ingots	Kgs.	2245609

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmadabad-380006, Gujarat, India

· Oriental Bank of Commerce, Hotel Meghdoot Building, Station Road, Ahmedabad-380001, Gujarat, India

· Canara Bank, Near Police Station, Navrangpura, Ahmedabad-380009, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans repayable on demand
From Bank
Axis Bank Cash Credit Facility	94.830	55.295
TOTAL	94.830	55.295

Banking Relations :	--
Auditors :
Name :	J.R. Purohit and Company Chartered Accountants
Address :	168, 2^nd Floor, New Cloth Market, Ahmadabad – 380 002, Gujarat, India
Tel. No.:	91-79-22167459/65218913
Mobile No.:	91-9426078913/ 9376078913
Fax No.:	91-79-22167459
E-Mail :	purohitjr@yahoo.co.in
PAN No:	AADFJ1967F
Other Related Parties :	· G.R. Alloys Private Limited · Today’s Strategic Marketing Company

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
657900	Equity Shares	Rs.10/- each	Rs.6.579 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.579	4.579	3.132
2] Share Application Money		0.000	2.300	3.735
3] Share Warrant		0.000	2.000	0.000
4] Reserves & Surplus		34.360	19.715	10.690
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.939	28.594	17.557
LOAN FUNDS
1] Secured Loans		94.830	55.295	36.209
2] Unsecured Loans		48.588	18.567	21.542
TOTAL BORROWING		143.418	73.862	57.751
DEFERRED TAX LIABILITIES		2.551	2.123	0.000
TOTAL		186.908	104.579	75.308
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.255	20.860	19.147
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.709	14.948	20.847
	Sundry Debtors	118.718	79.718	29.565
	Cash & Bank Balances	3.638	0.316	8.519
	Other Current Assets	2.607	1.072	0.024
	Loans & Advances	4.523	18.699	15.704
Total Current Assets		149.195	114.753	74.659
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	(2.834)	26.749	21.009
	Other Current Liabilities	(10.184)	2.326	(2.877)
	Provisions	1.560	1.959	0.393
Total Current Liabilities		(11.458)	31.034	18.525
Net Current Assets		160.653	83.719	56.134
MISCELLANEOUS EXPENSES		0.000	0.000	0.027
TOTAL		186.908	104.579	75.308

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	659.379	482.860	390.512
		Other Income	3.875	2.802	0.335
		TOTAL (A)	663.254	485.662	390.847
Less	EXPENSES
		Cost of Material Consumed	577.334	421.439
		Employee Benefits Expenses	19.877	12.222
		Other Expenses	43.618	28.106	376.615
		Changes in Inventories of Finished Goods	(3.248)	5.899
		TOTAL (B)	637.581	467.666	376.615
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.673	17.996	14.232
Less	FINANCIAL EXPENSES (D)		17.485	10.926	11.615
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.188	7.070	2.617
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.045	0.815	0.623
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		7.143	6.255	1.994
Less	TAX (H)		2.498	3.618	0.340
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		4.645	2.637	1.654
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	3.220	1.566
	BALANCE CARRIED TO THE B/S		NA	5.857	3.220
	Earnings / (Loss) Per Share (Rs.)		7.06	5.76	5.28

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.70	0.54	0.42
Net Profit Margin (PBT/Sales)	(%)	1.08	1.30	0.51
Return on Total Assets (PBT/Total Assets}	(%)	4.07	4.61	2.13
Return on Investment (ROI) (PBT/Networth)		0.17	0.22	0.11
Debt Equity Ratio (Total Debt/Networth)		3.50	2.58	3.29
Current Ratio (Current Asset/Current Liability)		(13.02)	3.70	4.03

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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:

The registered office of the company has been shifted from Office No.1004, Sukhsagar Tower, Near Fortune Landmark Hotel, Usmanpura, Ahmadabad – 380 013, Gujarat, India to the present address w.e.f. 20.10.2012.

REVIEW OF BUSINESS:

The turnover and registering profit after tax of Rs. 4.645 Millions which was made possible through inserting capital equipment last year and better production planning. Directors are exploring various other opportunities to further improve the working results during the current year.

UNSECURED LOAN	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loans
From Banks
Dhanlaxmi Bank	2.713	0.000
Standard Chartered Bank	2.802	0.349
From Other Parties
Meghma Finance Limited	1.681	0.000
Tata Capital Limited	1.492	0.000
Religare Company	0.000	0.169
Loans and advances from related parties #
Anjanaben D. Mehta	2.914	1.639
Babulal D. Jain	4.592	4.668
G.R. Alloys Private Limited	13.472	1.291
Jayant B. Jain	1.300	3.427
Mamata J. Jain	0.591	0.961
Mandakini S. Jain	0.117	0.000
Manisha B. Jain	0.114	0.100
Priyanka D. Mehta	0.557	0.000
Shah Babulal Dhanraj HUF	0.064	0.057
Shailesh B. Jain	0.769	0.563
Shree Metals	0.771	0.678
Sincrowells	0.428	0.376
Sushilaben B. Jain	0.238	0.209
Other Loans and Advances # [# Other loans and advances includes prepaid expenses and balance with revenue authorities in respect of excise duty rebate, refund due against custom duty (protest), income tax refund receivable. Vat refundable and service tax credit receivable.]	1.000	1.824
From Other Parties	14.529	0.000
Today’s Strategic Marketing Company	(1.556)	2.256
TOTAL	48.588	18.567

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U27100GJ2004PTC045063
Name of the company	GURU RAJENDRA METALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Office No.1004, Sukhsagar Tower, Near Fortune Landmark Hotel, Usmanpura, Ahmadabad – 380 013, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Canara Bank, Near Police Station, Navrangpura, Ahmedabad-380009, Gujarat, India Email: cmahd0280@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Equitable Mortgage Agreement for deposit of title deeds
Date of instrument Creating the charge	09.04.2012
Amount secured by the charge	Rs.150.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest OCC/ODBD: Base Rate (10.75%) + 2.75% = 13.50% (Floating) Terms of Repayment All limits to be Renewed every year Margin OCC/ODBD : 25% against Stock and 30% against Book Debts Extent and Operation of the charge Over the entire value of the property mortgaged
Short particulars of the property charged	Collateral Security in the form of Industrial land located at Survey No. 613/1 Hiss No. 2B and 3 in Mouje Chattral, Taluka Kalol, District Gandhinagar in the name of Guru Rajendra Metals Private Limited.

FIXED ASSETS:

v Factory Land

v M S. Scrap Tank

v Hand Cart

v Bag Sewing Machine

v Furnace (Fire, Coal, Rotary)

v Telephone / Fax / EPABX

v Shredder

v Weigh Bridge

v Crane

v Cutter Machine

v Metering Skid

v Metal Detector

v Gas Connection

v Fan

v Generator

v Weighting Scale

v Welding Machine

v Water Pump

v Pollution System Machinery

v Dies and Mould

v GIDC Plot Electrification

v Electrification at 613/1 Factory

v Briquette Breaking Machine

v Briquette Making Machine

v Shots Machine

v Mobile Phone

v Camera

v Vehicles

v Computers and Allied Instruments

v Computers

v Furniture and Fixtures

v Factory Building at 613/1

v G.I.D.C. Plot Building

v G.I.D.C. Plot Land

v Plant and Machinery

v Factory Land at 613/1

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.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		39

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.