MIRA INFORM REPORT

Report Date :

16.08.2014

IDENTIFICATION DETAILS

Name :	G. M. ALLOYS PRIVATE LIMITED
Registered Office :	275, IIIrd Floor, Rajdhani Enclave , Pitampura, New Delhi – 110 034
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.10.2007
Com. Reg. No.:	55-169855
Capital Investment / Paid-up Capital :	Rs.39.950 millions
CIN No.: [Company Identification No.]	U74120DL2007PTC169855
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Decorative Laminated Aluminium Board, Aluminium Composite Panels, Plastic Coatings, Aluminium Sheets.
No. of Employees :	More than 30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 245000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserves of the company seems to be low during 2013. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes that many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20%! Equities came in second with annualized return of 15.5%! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs.10000 mn.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Shriprasad Srivastav
Designation :	Accounts Manager
Contact No.:	91-11-47487700
Date :	14.08.2014

LOCATIONS

Registered Office :	275, IIIrd Floor, Rajdhani Enclave , Pitampura, New Delhi – 110 034, India
Tel. No.:	91-11-47015959/ 47487700
Fax No.:	91-11-45024275
E-Mail :	cs@sigmalegal.in
Factory :	B-26, RIICO Industrial Area, Behror Area, Behror Road, District Alwar, Rajasthan, India
Warehouse :	Plot No.143/471, Kanjhawla Industrial Area (Opposite Police Station), New Delhi – 110 081, India

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Vijay Chhabil Dass Mittal

Designation :

Director

Address :

97, Sharda Niketan, Saraswati Vihar, Pitampura, New Delhi – 110 034, India

Date of Birth/Age :

14.02.1969

Date of Appointment :

30.09.2009

DIN No.:

00049504

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	U27203DL2004PLC130420	SHRI LAKSHMI ALUBOARD LIMITED	Director	05-12-2004	05-12-2004	-	Active	NO
2	U55101DL2004PTC127878	RELAX MOTEL PRIVATE LIMITED	Director	14-10-2005	14-10-2005	07-11-2009	Active	NO
3	U72200DL2005PTC133568	MAHALAXMI TELECOME PRIVATE LIMITED	Director	01-04-2006	01-04-2006	28-03-2008	Active	NO
4	U74120DL2007PTC169855	G. M. ALLOYS PRIVATE LIMITED	Director	30-09-2009	25-10-2007	-	Active	NO

Name :

Mr. Vikas Mittal

Designation :

Director

Address :

97, Sharda Niketan, Saraswati Vihar, Pitampura, New Delhi – 110 034, India

Date of Birth/Age :

03.07.1975

Date of Appointment :

01.12.2008

DIN No.:

02449181

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	U74120DL2007PTC169855	G. M. ALLOYS PRIVATE LIMITED	Director	01-12-2008	01-12-2008	-	Active	NO
2	U72200DL1997PTC085882	TRANSPACIFIC TRADELINK PRIVATE LIMITED	Director	30-09-2009	25-07-2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shriprasad Srivastav
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Vijay Mittal	200000
Vidhya Shankar Investment Private Limited, India	37500
GDR Finance and Leasing Private Limited, India	175000
Bar Investments and Finance Private Limited, India	115000
M J Finvest Private Limited, India	35000
Sainger Capital and Securities Private Limited, India	520000
Gogia Leasing Limited	800000
Kanahiya Impex Limited	75000
Prabhash Motor Finance Co. Private Limited	180000
Mangal Kalas Services Private Limited	100000
Ranchor Electronics Private Limited	100000
Deejay Promoters Private Limited, India	50000
Champa Commercials Private Limited, India	30000
Lordbihari Fashions Private Limited, India	20000
Swift Relocations Private Limited, India	20000
Nand Lal Aluminium Private Limited, India	30000
Twinkle Designer Wears Private Limited, India	30000
Sushil Kumar Mittal	50000
Vikas Mittal	50000
Upvan Leasing Private Limited, India	660000
Ganesh Ganga Investment Private Limited, India	585000
Trans Pacific Tradelink Private Limited, India	232500
Sirmour Financial Services Limited, India	250000
Total	4345000

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	93.00
Directors or relatives of directors	7.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Decorative Laminated Aluminium Board, Aluminium Composite Panels, Plastic Coatings, Aluminium Sheets.
Exports :
Products :	Finished Goods
Countries :	Nepal
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

· Keshav Enterprises, Delhi

· Litong Aluminium Industries Company Limited

Customers :

· Alpolyco Trade Link, Mumbai

· Alpha Wonder Tradelink, Ahmedabad

No. of Employees :

More than 30 (Approximately)

Bankers :

· Canara Bank, Rani Bagh, Delhi – 110 034, India

· State Bank of India, Neemaran

· The Bank of Rajasthan

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Canara Bank OCC A/c	33.405	23.166
Canara Bank T/L A/c	3.333	22.897
SBI Car Loan	0.283	0.554
Canara Bank Car Loan	0.562	0.786
Total	37.583	47.403

Notes:

The loans taken from Canara Bank, Rani Bagh, Delhi against the Hypothecation of stock and book debts. In addition, personal guarantee of all directors as well as collateral security of land and building of factory in the name of company. The interest is payable at base rate + and other terms and conditions as per Bank Agreement.

Banking Relations :	--
Auditors :
Name :	Jinesh Manoj and Company Chartered Accountants
Address :	222, Vardhman Plaza, Plot No.12, Road No.44, Opposite Rani Bagh, New Delhi – 110 034, India
PAN No.:	AATPG1419N
Other Related Parties :	· Wonder Aluboard Overseas · Sirmour Financial Private Limited

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4900000	Equity Shares	Rs.10/- each	Rs.49.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4345000	Equity Shares	Rs.10/- each	Rs.43.450 millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4900000	Equity Shares	Rs.10/- each	Rs.49.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3995000	Equity Shares	Rs.10/- each	Rs.39.950 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	39.950	37.650	17.650
(b) Reserves & Surplus	17.692	15.878	11.858
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	3.500	2.300	10.000
Total Shareholders’ Funds (1) + (2)	61.142	55.828	39.508
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.804	0.863	0.927
(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)	0.804	0.863	0.927
(4) Current Liabilities
(a) Short term borrowings	46.670	57.648	67.277
(b) Trade payables	12.289	8.606	9.309
(c) Other current liabilities	1.267	0.535	0.425
(d) Short-term provisions	0.885	1.241	0.232
Total Current Liabilities (4)	61.111	68.030	77.243
TOTAL	123.057	124.721	117.678
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	48.902	55.792	63.567
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	48.902	55.792	63.567
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	22.362	18.846	14.088
(c) Trade receivables	42.046	46.983	33.014
(d) Cash and cash equivalents	0.157	0.020	0.036
(e) Short-term loans and advances	9.455	1.398	3.368
(f) Other current assets	0.135	1.682	3.605
Total Current Assets	74.155	68.929	54.111
TOTAL	123.057	124.721	117.678

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	117.347	139.550	64.492
		Other Income	0.347	0.817
		TOTAL (A)	117.694	140.367	64.492
Less	EXPENSES
		Cost of materials consumed	93.003	110.807	72.814
		Employee benefit expenses	2.707	2.694
		Preliminary expenses	0.049	0.049
		Other expenses	5.990	5.175
		TOTAL (B)	101.749	118.725	72.814 (including financial and depreciation)
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.945	21.642
Less	FINANCIAL EXPENSES (D)		6.847	8.641
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.098	13.001
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.890	8.025
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2.208	4.976	(8.322)
Less	TAX (H)		0.394	0.956	0.029
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.814	4.020	(8.351)
	IMPORTS
		Raw Materials	US $ 825817.56	US $ 1083359.51	NA
	Earnings / (Loss) Per Share (Rs.)		0.45	1.07	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	194.000

The above information has been parted by Mr. Shriprasad Srivastav (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.54	2.86	(12.95)
Net Profit Margin (PBT/Sales)	(%)	1.88	3.57	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.79	3.99	(7.07)
Return on Investment (ROI) (PBT/Networth)		0.04	0.09	(0.21)
Debt Equity Ratio (Total Debt/Networth)		0.76	1.03	1.70
Current Ratio (Current Asset/Current Liability)		1.21	1.01	0.70

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	17.650	37.650	39.950
Reserves & Surplus	11.858	15.878	17.692
Share Application money pending allotment	10.000	2.300	3.500
Net worth	39.508	55.828	61.142
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	67.277	57.648	46.670
Total borrowings	67.277	57.648	46.670
Debt/Equity ratio	1.703	1.033	0.763

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	64.492	140.367	117.694
		117.650	(16.153)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR)	(INR)	(INR)
Total Income	64.492	140.367	117.694
Profit	(8.351)	4.020	1.814
	(12.95%)	2.86%	1.54%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	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	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10455246	30/09/2013	14,800,000.00	CANARA BANK	RANI BAGH, DELHI, DELHI - 110034, INDIA	B87612842
2	10200671	29/12/2009	1,250,000.00	CANARA BANK	RANI BAGH, NEW DELHI, DELHI - 110034, INDIA	A78617842
3	10184793	30/09/2013 *	40,000,000.00	CANARA BANK	RANI BAGH, DELHI, DELHI - 110034, INDIA	B87612180
4	10184797	30/09/2013 *	40,000,000.00	CANARA BANK	RANI BAGH, DELHI, DELHI - 110034, INDIA	B87611455
5	10184766	30/09/2013 *	94,800,000.00	CANARA BANK	RANI BAGH, DELHI, DELHI - 110034, INDIA	B87610192
6	10184817	30/09/2013 *	94,800,000.00	CANARA BANK	RANI BAGH, DELHI, DELHI - 110034, INDIA	B87610853
7	10184807	01/10/2009	5,000,000.00	CANARA BANK	RANI BANK, DELHI, DELHI - 110034, INDIA	A73144461

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Sudesh Mittal	2.452	1.441
Vijay Mittal HUF	6.423	2.623
Trans Pacific Tradelink Private Limited	0.000	0.143
Nisha Goel	0.000	0.505
Sushma Goel	0.000	0.505
Sirmour Financial Private Limited	0.212	5.028
Total	9.087	10.245

Note:

The registered office of the company has been shifted from Y-23, 1^st Floor, Naraina Loha Mandi, New Delhi – 110 028 to the present address w.e.f. 26.11.2012.

FIXED ASSETS:

· Land

· Building

· Air Dryer

· Fire Instruments

· Furniture and Fixture

· Air Conditioner

· Printer

· D.G. Set

· Electricity Fitting

· Weighing Machine

· Crane

· Plant and Machinery

· Computer

· UPS

· Inkjet Printer

· Office Equipment

· Exhaust Fans

· RO Plant

· Car

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 records 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.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.56

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.