MIRA INFORM REPORT

Report Date :

09.04.2014

IDENTIFICATION DETAILS

Name :	STL EXPORTS LIMITED
Registered Office :	Taraganj Industrial Area, A. B. Road, Sarangpur Rajgarh, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.12.1993
Com. Reg. No.:	10-008010
Capital Investment / Paid-up Capital :	Rs.45.014 Millions
CIN No.: [Company Identification No.]	L27106MP1993PLC008010
PAN No.: [Permanent Account No.]	AACCS7909P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Galvanized Steel Tubes and Pipes
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 256600
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company seems to be low during 2013. 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-731-3912030)

LOCATIONS

Registered Office / Factory :	Taraganj Industrial Area, A. B. Road, Sarangpur Rajgarh, Madhya Pradesh, India
Tel. No. :	91-7371-223057 – 58, 3912030
Fax No. :	91-7371-223059
E-Mail :	stl@siddhart.com shares@siddhart.com tubes@siddhart.com
Website :	www.siddhart.com
Manufacturing Unit :	Plot No. – 65, 3, Industrial Area, Pithampur, District. Dhar, Madhya Pradesh, India
Administrative Office :	3^rd Floor, Old IDA Building, 15-16 lawahar Marg, Indore- 452007, Madhya Pradesh, India
Tel. No. :	91-731-3912030
Fax No. :	91-731-3912040

DIRECTORS

As on 30.09.2013

Name :

Ms. Aruna Sanghvi

Designation :

Whole-time Director

Address :

21, Pragati Vihar Colony, Bicholi Mardana, Indore – 452002, Madhya Pradesh, India

Date of Birth/Age :

07.07.1958

Date of Appointment :

30.07.2002

PAN No.:

ARJPS8671F

DIN No. :

00007570

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	U67120MP1993PLC007483	SYBS INVESTMENT SERVICES LIMITED	Managing director	01/10/1996	01/10/1996	-	Active	NO
2	U27106MP1996PTC011382	SHREEPATI STEEL TUBES PRIVATE LIMITED	Director	18/03/2002	18/03/2002	14/08/2012	Active	NO
3	L27106MP1993PLC008010	STL EXPORTS LIMITED	Whole-time director	30/07/2002	30/07/2002	-	Active	NO
4	U25206MP1997PTC012033	STL EXTRUSION PRIVATE LIMITED	Director	05/12/2002	05/12/2002	01/04/2010	Active	NO
5	U65990MH1994PLC081186	PURSUIT CAPITAL MARKET AND INVESTMENTS LIMITED	Director	02/03/2004	02/03/2004	10/08/2012	Active	NO
6	U45201MP1989PLC005350	SANGHVI CONSTRUCTION LTD.	Director	10/04/2005	10/04/2005	-	Active	NO
7	U72200MP2000PLC014446	SEVEN STAR WEB TECHNOLOGIES LIMITED	Director	25/06/2005	25/06/2005	-	Active	NO
8	U27106MP1994PLC008049	SIDDHARTH GALVA STEELS LIMITED	Director	27/10/2006	27/10/2006	-	Strike off	NO
9	U80904MP2009PTC022034	Iinteract Edutech Private Limited	Director	17/06/2009	17/06/2009	-	Active	NO
10	U45202MP1994PTC008367	SIDDHARTHA -PRIME DEVELOPMENT PRIVATE LIMITED	Additional director	14/12/2010	14/12/2010	-	Active	NO
11	U72200MP2010PTC025036	IINTERACT LEARNING SOLUTIONS PRIVATE LIMITED	Director	24/12/2010	24/12/2010	-	Active	NO

Name :

Mr. Subhash Chandra Gupta

Designation :

Managing Director

Address :

21, Pragati Vihar Colony, Bicholi Mardana, Indore – 452002, Madhya Pradesh, India

Date of Birth/Age :

31.10.1955

Date of Appointment :

11.11.2013

PAN No. :

AFBPG1215R

DIN No. :

00010149

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	U25191MP1982PTC001951	USHA PIPES & INDUSTRIES PRIVATE LIMITED	Director	13/04/1982	13/04/1982	-	Active	NO
2	U63090MP1987PTC003952	JAKHETIA INVESTMENT CO PVT LTD	Director	12/05/1987	12/05/1987	-	Active	NO
3	U40108MP1995PLC010102	SIDDHARTHA INFRASTRUCTURE DEVELOPMENTS LIMITED	Director	31/10/1995	31/10/1995	-	Strike off	NO
4	L27106MP1993PLC008010	STL EXPORTS LIMITED	Managing director	11/11/2013	11/11/2002	-	Active	NO
5	U02212MP1988PTC004843	SANSAR PUBLICATIONS PVT LTD	Director	01/11/2003	01/11/2003	-	Active	NO
6	U67120MP2007PTC019946	AAKAR HOLDINGS PRIVATE LIMITED	Director	24/10/2007	24/10/2007	-	Active	NO
7	U45202MP1993PTC007956	JAKHETIA BUILDERS AND DEVELOPERS PVT LTD	Director	14/03/2008	14/03/2008	-	Active	NO
8	U65922WB1995PTC073471	VISION HOUSING FINANCE PVT LTD	Director	16/04/2008	16/04/2008	-	Active	NO
9	U85110MH2008PTC186555	SYPS CARE PRIVATE LIMITED	Director	08/09/2008	08/09/2008	-	Strike off	NO

Name :

Mr. Govind Das Neema

Designation :

Director

Address :

Yashwantganj 350, MG Road, Indore, Madhya Pradesh, India

Date of Birth/Age :

13.12.1961

Date of Appointment :

01.12.2005

DIN No. :

00012357

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	L27106MP1993PLC008010	STL EXPORTS LIMITED	Director	01/12/2005	01/12/2005	-	Active	NO
2	U27106MP1994PLC008049	SIDDHARTH GALVA STEELS LIMITED	Director	19/06/2007	19/06/2007	-	Strike off	NO
3	L26942MP1984PLC002520	SANGHVI ASBESTOS CEMENTS LIMITED	Additional director	11/08/2011	11/08/2011	-	Active	NO

Name :

Mr. Brij Kishore Rathi

Designation :

Director

Address :

Adarsh Nagar, Shajapur, Madhya Pradesh, India

Date of Birth/Age :

07.01.1964

Date of Appointment :

31.01.2000

DIN No. :

00049220

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	45.32
Directors or relatives of Directors	28.41
Other top fifty shareholders	2.78
Other	23.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Galvanized Steel Tubes and Pipes

Products :

Item Code No. (ITC Code)	Product Description
73069090	Galvanized Pipes

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

The Cosmos Co-Operative Bank Limited, 269/270 Shaniwar Peth, Pune - 411030, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	22.022	27.679
Term loans from others	1.790	0.873
Loans and advances from related parties	0.000	36.500
SHORT TERM BORROWINGS
Working capital loans from banks	28.207	28.190
Total	52.019	93.242

Banking Relations :	--
Auditors :
Name :	Prakash S. Jain and Company Chartered Accountants
Address :	Milan Apartment, 114, SRI Nagar Extension, Indore, Madhya Pradesh, India
PAN No. :	ACRPM6492K

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions
2000000	Preference Shares	Rs.10/- each	Rs.20.000 Millions
	Total		Rs.80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4501450	Equity Shares	Rs.10/- each	Rs.45.014 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.014	45.014	45.014
(b) Reserves & Surplus	(17.684)	(18.766)	(22.519)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	36.835	36.835	36.835
Total Shareholders’ Funds (1) + (2)	64.165	63.083	59.330
(3) Non-Current Liabilities
(a) long-term borrowings	75.812	65.052	69.376
(b) Deferred tax liabilities (Net)	2.806	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	78.618	65.052	69.376
(4) Current Liabilities
(a) Short term borrowings	115.407	94.129	28.227
(b) Trade payables	116.740	35.589	79.644
(c) Other current liabilities	210.629	268.823	31.337
(d) Short-term provisions	8.655	9.838	5.809
Total Current Liabilities (4)	451.431	408.379	145.017
TOTAL	594.214	536.514	273.723
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.545	24.699	23.047
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.291	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.310	5.310	5.310
(c) Deferred tax assets (net)	0.000	2.471	5.076
(d) Long-term Loan and Advances	1.970	1.189	1.069
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	34.825	34.960	34.502
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	64.047	64.076	31.362
(c) Trade receivables	322.494	319.252	100.493
(d) Cash and cash equivalents	7.688	13.534	19.175
(e) Short-term loans and advances	165.160	104.692	88.191
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	559.389	501.554	239.221
TOTAL	594.214	536.514	273.723

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	970.242	1938.244	1271.633
		Other Income	1.202	1.358	0.721
		TOTAL	971.444	1939.602	1272.354
Less	EXPENSES
		Cost of Materials Consumed	764.820	977.320	1124.886
		Purchases of Stock-in-Trade	96.679	879.033	43.875
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.127)	(23.540)	28.628
		Employees benefits expense	9.510	8.486	5.318
		Other expenses	56.196	66.898	49.639
		TOTAL	925.078	1908.197	1252.346
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		46.366	31.405	20.008
Less	FINANCIAL EXPENSES		36.104	21.379	11.439
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.262	10.026	8.569
Less/ Add	DEPRECIATION/ AMORTISATION		2.404	2.157	1.822
	PROFIT/ (LOSS) BEFORE TAX		7.858	7.869	6.747
Less	TAX		6.776	4.116	3.630
	PROFIT/ (LOSS) AFTER TAX		1.082	3.753	3.117
	Earnings / (Loss) Per Share (Rs.)		0.13	0.83	0.69

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.11	0.19	0.24
Net Profit Margin (PBT/Sales)	(%)	0.81	0.41	0.53
Return on Total Assets (PBT/Total Assets}	(%)	1.33	1.49	2.56
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.11
Debt Equity Ratio (Total Debt /Networth)		2.98	2.52	1.65
Current Ratio (Current Asset/Current Liability)		1.24	1.23	1.65

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	45.014	45.014	45.014
Reserves & Surplus	(22.519)	(18.766)	(17.684)
Share Application money pending allotment	36.835	36.835	36.835
Net worth	59.330	63.083	64.165
long-term borrowings	69.376	65.052	75.812
Short term borrowings	28.227	94.129	115.407
Total borrowings	97.603	159.181	191.219
Debt/Equity ratio	1.645	2.523	2.980

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1271.633	1938.244	970.242
		52.422	(49.942)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1271.633	1938.244	970.242
Profit	3.117	3.753	1.082
	0.25%	0.19%	0.11%

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	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	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

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from related parties	52.000	0.000
SHORT TERM BORROWINGS
Other loans and advances	87.200	65.939
Total	139.200	65.939

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10160543	15/05/2009	49,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	269/270 Shaniwar Peth, Pune - 411030, Maharashtra, India	A62995444
2	10157168	15/04/2009	82,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	269/270 Shaniwar Peth, Pune - 411030, Maharashtra, India	A61472809

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

œ Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.95
UK Pound	1	Rs.99.36
Euro	1	Rs.82.15

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.