MIRA INFORM REPORT

Report Date :

03.10.2013

IDENTIFICATION DETAILS

Name :	PREMIUM FERROMET PRIVATE LIMITED
Registered Office :	East India House, 20, British Indian Street, Room No. 2, 5^th Floor, Kolkata – 700069, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.03.2006
Com. Reg. No.:	21-108676
Capital Investment / Paid-up Capital :	Rs. 80.000 Millions
CIN No.: [Company Identification No.]	U27109WB2006PTC108676
PAN No.: [Permanent Account No.]	AADCP8615L
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Ferro Alloys.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 390000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 DECLINED

MANAGEMENT NON-COOPERATIVE [91-33-22487122]

LOCATIONS

Registered Office :	East India House, 20, British Indian Street, Room No. 2, 5^th Floor, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-22487122/ 22484304
Fax No.:	91-33-22105394
E-Mail :	premiumferromet@gmail.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Kailash Chandra Keyal

Designation :

Director

Address :

5/1/1B, K.K.M. Sarani, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

18.02.1957

Date of Appointment :

23.03.2006

PAN No.:

AFVPK8848L

DIN No.:

00428129

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	U27101AR2003PLC007016	SMS SMELTERS LIMITED	Director	25/02/2004	25/02/2004	-	Active	NO
2	U27109WB2006PTC108676	PREMIUM FERROMET PRIVATE LIMITED	Director	23/03/2006	23/03/2006	-	Active	NO
3	U74140WB2006PLC109631	PRS METALIKS LIMITED	Director	26/05/2006	26/05/2006	-	Active	NO
4	U27109WB2006PTC109717	KEYAL FERROTECH PRIVATE LIMITED	Director	31/05/2006	31/05/2006	31/03/2010	Active	NO
5	U26942WB2006PLC134436	MSP FERRO AND POWER LIMITED	Director	26/06/2006	26/06/2006	20/09/2010	Active	NO
6	U51109WB1996PLC079083	STEPHEN MARKETING LIMITED	Director	04/12/2006	04/12/2006	-	Active	NO
7	U51909WB2006PTC108741	MORTEX ALLOYS PRIVATE LIMITED	Director	30/09/2008	12/06/2008	-	Active	NO
8	U23109ML2005PTC008361	SHREE SHAKAMBARI FERRO ALLOYS PRIVATE LIMITED	Director	29/09/2008	02/08/2008	-	Active	NO
9	U51109WB1995PTC075098	SHYAM TRADE AND FINANCE PRIVATE LIMITED	Director	03/08/2009	03/08/2009	-	Active	NO

Name :

Mr. Naresh Chandra Keyal

Designation :

Director

Address :

5/1/1B, K.K.M. Sarani, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

10.07.1965

Date of Appointment :

16.09.2009

PAN No.:

AFJPK5530K

DIN No.:

00428169

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	U74140WB1994PTC065128	MORTEX PROJECTS PRIVATE LIMITED	Director	15/09/1994	15/09/1994	25/11/2008	Active	NO
2	U51909WB1994PTC064458	BUTRAP COMMERCIAL PRIVATE LIMITED	Director	01/02/1998	01/02/1998	05/09/2012	Active	NO
3	U27101ML2001PTC006470	TRISHUL HI-TECH PRIVATE LIMITED	Director	28/03/2001	28/03/2001	20/03/2012	Under Process of Striking off	NO
4	U27101AR2003PLC007016	SMS SMELTERS LIMITED	Director	28/01/2003	28/01/2003	-	Active	NO
5	U23109ML2003PTC007111	MORTEX COKE AND MINING COMPANY PRIVATE LIMITED	Director	29/05/2003	29/05/2003	-	Active	NO
6	U40101AS2003PLC007127	S M S HYDRO POWER LIMITED	Director	12/06/2003	12/06/2003	-	Active	NO
7	U26942AS2003PLC007128	SMS CEMENT LIMITED	Director	12/06/2003	12/06/2003	-	Active	NO
8	U23109ML2005PTC008361	SHREE SHAKAMBARI FERRO ALLOYS PRIVATE LIMITED	Director	15/07/2011	25/02/2005	-	Active	NO
9	U74140WB2006PLC109631	PRS METALIKS LIMITED	Director	26/05/2006	26/05/2006	-	Active	NO
10	U27109WB2006PTC109717	KEYAL FERROTECH PRIVATE LIMITED	Director	31/05/2006	31/05/2006	31/03/2010	Active	NO
11	U26942WB2006PLC134436	MSP FERRO AND POWER LIMITED	Director	26/06/2006	26/06/2006	20/09/2010	Active	NO
12	U26959ML2007PLC008285	JAI BALAJI SHAKTI CEMENT LIMITED	Director	23/10/2007	23/10/2007	-	Active	NO
13	U51909WB2006PTC108741	MORTEX ALLOYS PRIVATE LIMITED	Director	30/09/2008	12/06/2008	-	Active	NO
14	U27109WB2006PTC108676	PREMIUM FERROMET PRIVATE LIMITED	Director	16/09/2009	23/09/2008	-	Active	NO
15	U51109WB1996PLC079083	STEPHEN MARKETING LIMITED	Director	03/08/2009	03/08/2009	-	Active	NO
16	U51109WB1995PTC075098	SHYAM TRADE AND FINANCE PRIVATE LIMITED	Director	03/08/2009	03/08/2009	-	Active	NO
17	U40105AR2008PLC008256	SATYAM (NORTH EAST) THERMAL POWER LIMITED	Director	07/01/2010	07/01/2010	03/12/2012	Active	NO
18	U10102AR2008PLC008257	CONCAST CEMENT INDUSTRIES LIMITED	Director	07/01/2010	07/01/2010	-	Active	NO
19	U11101AR2010PLC008294	SATYAM (NORTH EAST) ENERGY LIMITED	Director	05/03/2010	05/03/2010	16/02/2012	Active	NO
20	U27101AR2006PTC008113	PLATINUM ALLOYS PRIVATE LIMITED	Director	10/12/2010	10/12/2010	31/03/2011	Active	NO
21	U29253WB2009PTC138064	MORTEX SMELTERS PRIVATE LIMITED	Director	01/03/2013	01/03/2013	-	Active	NO
22	U27310AR2013PTC008398	SHREE SALASAR INDUSTRIES PRIVATE LIMITED	Director	10/09/2013	10/09/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Kailash Chandra Keyal	790000
Aakansha Vanijya Private Limited, India	350000
Darpan Distributors Private Limited, India	50000
Dayanidhi Vyapaar Private Limited, India	450000
Elegant Tie-up Private Limited, India	250000
Feel Good Merchandise Private Limited, India	200000
Gangotri Vincom Private Limited, India	250000
Himgiri Vanijya Private Limited, India	300000
Jai Ambe Vinimay Private Limited, India	50000
Matrix Dealers Private Limited, India	625000
North West Coal Company Limited, India	100000
Pawansut Merchantile Private Limited, India	250000
Rainbow Vincom Private Limited, India	250000
Ramanuj Dealers Private Limited, India	250000
Suruchi Dealers Private Limited, India	100000
Vedik Dealers Private Limited, India	150000
Vibhore Trading and Finance Limited, India	200000
Sanskruti Suppliers Private Limited, India	75000
Abhinandan Vinimay Private Limited, India	100000
Hari Priya Vinimay Private Limited, India	100000
Shreyansh Dealers Private Limited, India	50000
Trial Commercial Private Limited, India	400000
Naresh Chandra Keyal	790000
Mahesh Chandra Keyal	790000
Shyam Sunder Keyal	100000
Rashmi Keyal	710000
Ayush Keyal	270000
Total	8000000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	56.00
Directors or relatives of directors	44.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Ferro Alloys.

Products/ Services :

ITC Code No.	Product Descriptions
72023000	Ferro Silico Manganese
72022100	Ferro Silicon
72021100	Ferro Manganese

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Standard Chartered Bank, SME Banking, 19 N S Road, Kolkata - 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	0.360	0.000
Total	0.360	0.000

Banking Relations :	--
Auditors :
Name :	Manoj Saraf and Company Chartered Accountants
Address :	40, Strand Road, Kolkata – 700001, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AJZPS9885K

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,000,000	Equity Shares	Rs. 10/- each	Rs. 80.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
8,000,000	Equity Shares	Rs. 10/- each	Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8,000,000	Equity Shares	Rs. 10/- each	Rs. 80.000 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	80.000	80.000
(b) Reserves & Surplus	18.534	14.647
(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)	98.534	94.647
(3) Non-Current Liabilities
(a) long-term borrowings	20.644	5.836
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	20.644	5.836
(4) Current Liabilities
(a) Short term borrowings	22.987	6.470
(b) Trade payables	34.044	21.227
(c) Other current liabilities	12.269	4.249
(d) Short-term provisions	2.190	1.908
Total Current Liabilities (4)	71.490	33.854
TOTAL	190.668	134.337
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.078	0.661
(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	0.000	0.000
(c) Deferred tax assets (net)	0.036	0.002
(d) Long-term Loan and Advances	95.448	38.833
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	97.562	39.496
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	14.997	15.094
(c) Trade receivables	51.948	62.140
(d) Cash and cash equivalents	3.746	3.328
(e) Short-term loans and advances	21.655	13.636
(f) Other current assets	0.760	0.643
Total Current Assets	93.106	94.841
TOTAL	190.668	134.337

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		80.000
2] Share Application Money		0.000
3] Reserves & Surplus		10.440
4] (Accumulated Losses)		0.000
NETWORTH		90.440
LOAN FUNDS
1] Secured Loans		9.829
2] Unsecured Loans		12.755
TOTAL BORROWING		22.584
DEFERRED TAX LIABILITIES		0.000
TOTAL		113.024
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.725
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.005
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.655
	Sundry Debtors	88.595
	Cash & Bank Balances	2.907
	Other Current Assets	0.000
	Loans & Advances	63.878
Total Current Assets		164.035
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.947
	Other Current Liabilities	35.060
	Provisions	1.782
Total Current Liabilities		51.789
Net Current Assets		112.246
MISCELLANEOUS EXPENSES		0.048
TOTAL		113.024

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL	NA	NA	352.054
Less	EXPENSES
		TOTAL	NA	NA	347.097
	PROFIT BEFORE TAX		NA	NA	4.957
Less	TAX		NA	NA	1.910
	PROFIT AFTER TAX		3.887	4.206	3.047
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	34.285	0.000
	Earnings Per Share (Rs.)		0.49	0.53	0.38

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	0.87
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	3.01
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.05
Debt Equity Ratio (Total Debt/Networth)		0.44	0.13	0.25
Current Ratio (Current Asset/Current Liability)		1.30	2.80	3.17

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	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 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	No
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10074322	04/07/2011 *	22,500,000.00	STANDARD CHARTERED BANK	SME BANKING, 19 N S ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	B18175018

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Intercorporate deposits	16.071	2.000
Other loans and advances	4.213	3.836
SHORT TERM BORROWINGS
Intercorporate borrowings	22.987	6.470
Total	43.271	12.306

Note:

The registered office of the company has been shifted from East India House, 20, British Indian Street, Kolkata – 700069, West Bengal, India to the present w.e.f.15.07.2008.

ACCOUNTS

During the year the company has earned Profit after Tax of Rs 3.887 Millions. The Directors are hopeful of achieving much better results during the forthcoming year

FIXED ASSETS:

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

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. 62.36
UK Pound	1	Rs. 101.20
Euro	1	Rs. 84.54

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.