MIRA INFORM REPORT

Report Date :

22.04.2014

IDENTIFICATION DETAILS

Name :	ALLIED RECYCLING LIMITED
Registered Office :	Chandighar Budhewal Road, VPO Budhewal, Ludhiana-141112, Punjab
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.12.2003
Com. Reg. No.:	16-026583
Capital Investment / Paid-up Capital :	Rs.80.905 Millions
CIN No.: [Company Identification No.]	U27100PB2003PLC026583
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Billets and Wired Rods.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems a dip in the profit of the company during the financial year 2013. The rating also takes into consideration the delays by the company in servicing its term debt. However, business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	D [Long Term]
Rating Explanation	The company is in default or expected to be in default soon.
Date	06.09.2013

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 co-operative [91-161-3230519]

LOCATIONS

Registered Office / Factory :	Chandighar Budhewal Road, VPO Budhewal, Ludhiana-141112, Punjab, India
Tel. No.:	91-161-2843119/3230519
Fax No.:	91-161-2848535
E-Mail :	info@alliedrecycling.in agco912@yahoo.in

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Surinder Kumar

Designation :

Chairman

Address :

H. No. 441, Overlock Road, Miller Ganj, Ludhiana, Punjab, India

Date of Birth/Age :

14.15.1945

Date of Appointment :

23.04.2004

Din No.:

00758496

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	Company/ LLP Status	Defaulting status
1	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Whole-time director	03-04-2010	23-04-2004	Active	NO
2	U27310PB2008PTC031600	KRISHAN MULTIMETALS & ALLOYS PRIVATE LIMITED	Whole-time director	11-05-2010	21-01-2008	Active	NO

Name :

Mr. Vijay Abrol

Designation :

Managing Director

Address :

H. No. 773-B, Aggar Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

19.05.1953

Date of Appointment :

02.12.2003

Din No.:

00758557

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	Company/ LLP Status	Defaulting status
1	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Managing director	01-04-2009	02-12-2003	Active	NO
2	U27310PB2008PTC031601	ALLIED MULTIMETALS & ALLOYS PRIVATE LIMITED	Managing director	11-05-2010	21-01-2008	Active	NO
3	U45209PB2012PTC036580	CHOPRA DEVELOPERS PRIVATE LIMITED	Director	22-08-2012	22-08-2012	Active	NO

Name :

Mr. Hitesh Abrol

Designation :

Director

Address :

H. No. 773-B, Aggar Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

19.07.1985

Date of Appointment :

02.12.2003

Din No.:

00718015

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	Company/ LLP Status	Defaulting status
1	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Whole-time director	03-04-2010	02-12-2003	Active	NO
2	U27310PB2008PTC031601	ALLIED MULTIMETALS & ALLOYS PRIVATE LIMITED	Whole-time director	11-05-2010	21-01-2008	Active	NO

Name :

Mr. Santosh Abrol

Designation :

Director

Address :

H. No. 773-B, Aggar Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

27.12.1954

Date of Appointment :

02.12.2003

Din No.:

00687824

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	Company/ LLP Status	Defaulting status
1	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Whole-time director	10-06-2010	02-12-2003	Active	NO
2	U27310PB2008PTC031601	ALLIED MULTIMETALS & ALLOYS PRIVATE LIMITED	Whole-time director	11-05-2010	21-01-2008	Active	NO

Name :

Mr. Savinay Garg

Designation :

Joint Managing Director

Address :

JX VII 49/14, Sandeep Nagar, Behind Gulmohar Hotel, DT-Ludhiana, Punjab, India

Date of Birth/Age :

01.01.1967

Date of Appointment :

23.04.2004

Din No.:

00717935

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	Company/ LLP Status	Defaulting status
1	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Whole-time director	03-04-2010	23-04-2004	Active	NO
2	U27310PB2008PTC031600	KRISHAN MULTIMETALS & ALLOYS PRIVATE LIMITED	Whole-time director	11-05-2010	21-01-2008	Active	NO

Name :

Mr. Sanjay Garg

Designation :

Director

Address :

44, Overlock Road, Miller Ganj, Ludhiana, Punjab, India

Date of Birth/Age :

25.07.1969

Date of Appointment :

23.04.2004

Din No.:

00717958

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	Company/ LLP Status	Defaulting status
1	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Whole-time director	03-04-2010	23-04-2004	Active	NO
2	U27310PB2008PTC031600	KRISHAN MULTIMETALS & ALLOYS PRIVATE LIMITED	Managing director	11-05-2010	21-01-2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Vijay Abrol	354000
Hitesh Abrol	655000
Santosh Abrol	307500
Surinder Kumar	535000
Savinay Garg	783000
Sanjay Garg	685000
Bandana Garg	650000
Sanjay Garg and Sons HUF	30000
Puja Garg	550000
Raj Rani	95000
Sita Rani Abrol	317000
Vandana Chopra	1023000
Krishan Vallabh Garg	100000
Vijay Abrol and Sons HUF	14000
Surinder Garg and Sons HUF	17000
Lajjya Steels Limited, India	1120000
Krishan Multimetals and Alloys Private Limited, India	455000
Allied Multimetals and Alloys Private Limited, India	400000
TOTAL	8090500

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	24.41
Directors or relatives of directors	75.59
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Billets and Wired Rods.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

State Bank of India, Mid Corporate Sales Hub SCB, Pahwa Hospital Complex, Miller Ganj, Ludhiana-141003, Punjab, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term loans from banks	81.305	106.434
Term loans from others	7.931	11.939
	89.236	118.373
Short Term Borrowings
Working capital loans from banks	205.578	201.128
TOTAL	294.814	319.501

Banking Relations :	--
Auditors :
Name :	Agarwal Garg and Company Chartered Accountants
Address :	638/80, and 31 Thapar Market, Industrial Area, B Miller Ganj, Ludhiana, Punjab, India
PAN No:	AABFA9648R
Other Related Parties :	Krishan Multimetal and Alloys Private Limited Allied Multimetal and Alloys Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
8500000	Equity Shares	Rs.10/- each	Rs.85.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8090500	Equity Shares	Rs.10/- each	Rs.80.905 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	80.905	80.905	80.905
(b) Reserves & Surplus	106.454	95.378	64.177
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	187.359	176.283	145.082
(3) Non-Current Liabilities
(a) long-term borrowings	89.236	122.073	125.950
(b) Deferred tax liabilities (Net)	13.323	11.255	5.539
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.640	1.640	0.000
Total Non-current Liabilities (3)	104.199	134.968	131.489
(4) Current Liabilities
(a) Short term borrowings	205.578	211.128	148.096
(b) Trade payables	86.982	62.214	28.075
(c) Other current liabilities	167.543	148.575	104.281
(d) Short-term provisions	14.668	11.357	7.195
Total Current Liabilities (4)	474.771	433.274	287.647
TOTAL	766.329	744.525	564.218
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	216.442	241.542	251.467
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	2.307	4.124
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.886	16.911	16.919
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	233.328	260.760	272.510
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	157.286	171.160	137.485
(c) Trade receivables	336.983	278.136	115.007
(d) Cash and cash equivalents	9.068	5.148	6.951
(e) Short-term loans and advances	27.683	28.270	32.265
(f) Other current assets	1.981	1.051	0.000
Total Current Assets	533.001	483.765	291.708
TOTAL	766.329	744.525	564.218

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	1718.793	1690.122	890.363
	Other Income	4.424	3.981	1.613
	TOTAL (A)	1723.217	1694.103	891.976
Less	EXPENSES
	Cost of Materials Consumed	1007.937	948.478	349.941
	Purchases of Stock-in-Trade	343.968	400.696	405.665
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.242)	(29.580)	(23.914)
	Employees benefits expense	13.526	13.565	7.059
	Exceptional items	0.000	(30.000)	0.000
	Other expenses	273.237	271.815	105.219
	TOTAL (B)	1628.426	1574.974	843.970
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	94.791	119.129	48.006
Less	FINANCIAL EXPENSES (D)	50.534	46.937	22.244
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	44.257	72.192	25.762
Less/ Add	DEPRECIATION/ AMORTISATION (F)	27.637	26.041	9.864
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	16.620	46.151	15.898
Less	TAX (H)	5.543	14.950	5.513
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	11.077	31.201	10.385
	Earnings / (Loss) Per Share (Rs.)	1.37	3.86	1.28

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.64	1.84	1.16
Net Profit Margin (PBT/Sales)	(%)	0.97	2.73	1.79
Return on Total Assets (PBT/Total Assets}	(%)	2.17	6.22	2.84
Return on Investment (ROI) (PBT/Networth)		0.09	0.26	0.11
Debt Equity Ratio (Total Debt/Networth)		1.57	1.89	1.89
Current Ratio (Current Asset/Current Liability)		1.12	1.12	1.01

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	80.905	80.905	80.905
Reserves & Surplus	64.177	95.378	106.454
Net worth	145.082	176.283	187.359
long-term borrowings	125.950	122.073	89.236
Short term borrowings	148.096	211.128	205.578
Total borrowings	274.046	333.201	294.814
Debt/Equity ratio	1.889	1.890	1.574

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	890.363	1690.122	1718.793
		89.824	1.696

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	890.363	1690.122	1718.793
Profit	10.385	31.201	11.077
	1.17%	1.85%	0.64%

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 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 to 43, Krishna Market, Overlock Road, Ludhiana-141003, Punjab, India the present address.

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10346750	24/02/2012	260,000,000.00	STATE BANK OF INDIA	MID CORPORATE SALES HUB SCB, PAHWA HOSPITAL COMPLEX, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA	B36716587
2	90176211	12/06/2010 *	329,800,000.00	STATE BANK OF INDIA	SCB, MILLER GANJ, LUDHIANA - 141003, PUNJAB, INDIA	A93233294

* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Inter-corporate borrowings	0.000	3.700
Short Term Borrowings
Inter-corporate borrowings	0.000	10.000
TOTAL	0.000	13.700

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.34
UK Pound	1	Rs.101.41
Euro	1	Rs.83.38

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		16

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.