MIRA INFORM REPORT

Report Date :

30.08.2014

IDENTIFICATION DETAILS

Name :	BHAWANI INDUSTRIES LIMITED. (w.e.f. 15.09.2004)
Formerly Known As	Bhawani Industries Private Limited
Registered Office :	G. T. Road, Ajnali, Mandi Gobindgarh-147301, Punjab.
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.02.1999
Com. Reg. No.:	16-022272
Capital Investment / Paid-up Capital :	Rs.97.535 Millions
CIN No.: [Company Identification No.]	U00000PB1999PLC022272
TAN No.: [Tax Deduction & Collection Account No.]	PTLB10048D
PAN No.: [Permanent Account No.]	AABCB5105H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Steel Billets, HR strips and steel Pipes.,
No. of Employees :	1100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred a heavy loss from its operations, borrowing of the company has also increased during 2013. However, trade relations are reported as fair. Business is active. Payment terms 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 – 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

N E W S

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 their 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 tat 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund Bases Limits = B
Rating Explanation	High risk of default
Date	July 2014

Rating Agency Name	ICRA
Rating	Non Fund Bases Limits = A4
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	July 2014

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 (GENERAL DETAILS)

Name :	Mr. Sanjeen Narang
Designation :	Finance Manager
Contact No.:	91-07837800110
Date :	28.08.2014

LOCATIONS

Registered Office / Work Office :	G. T. Road, Ajnali, Mandi Gobindgarh-147301, Punjab, India
Tel. No.:	91-1765-252811 / 12 / 326780/90
Mobile No.:	91-07837800110 (Mr. Sanjeen Narang)
Fax No.:	91-1765-251485
E-Mail :	mail@bhawanisteel.com
Website :	http://www.bhawanisteel.com
Factory :	Ganji Wada Main Road, Behind Ptc Ground, Rajkot – 360003, Gujrat, India
Tel. No.:	91-281-8018862
Fax No.:	91-281-2387665
Email:	marketing@bhavani.co.in
Corporate Office	411, Best Sky Tower, Netaji Subhash Place, Pitam Pura, New Delhi – 110034, India
Tel. No.:	91-11-47017402-03
Fax No.:	91-11-47017400
Email:	www.bhawanisteel.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Jai Parkash Goyal

Designation :

Managing Director

Address :

H.No.416, Sector - 4, Block-C, Shastri Nagar, Mandigobindgarh - 147301, Punjab, India

Date of Birth/Age :

20.10.1956

Date of Appointment :

01.09.2009

DIN No.:

00493511

PAN No.:

AFVPG8799J

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	U00000PB1999PLC022272	BHAWANI INDUSTRIES LIMITED	Managing director	01/09/2009	01/03/1999	-	Active	NO
2	U74899DL2005PTC143370	ZODIAC BUILDCONS PRIVATE LIMITED	Director	06/12/2005	06/12/2005	29/02/2012	Active	NO
3	U27105PB1994PTC015393	QUALITY MULTIMETALS PRIVATE LIMITED	Director	27/03/2007	27/03/2007	11/03/2011	Active	NO
4	U45400DL2007PTC171219	RED EYE INFOTECHS PRIVATE LIMITED	Director	25/07/2008	25/07/2008	-	Active	NO

Name :

Mr. Sarwan Goyal

Designation :

Whole-Time Director

Address :

H.No.353, Sector-5, Block-B, Shastri Nagar, Mandigobindgarh – 147301, Punjab, India

Date of Birth/Age :

05.10.1963

Date of Appointment :

01.06.2005

DIN No.:

00493573

PAN No.:

ACAPG9907E

Name :

Mr. Amit Goyal

Designation :

Whole-Time Director

Address :

H.No.416, Sector-4, Block-C, Shastri Nagar, Mandigobindgarh - 147301, Punjab, India

Date of Birth/Age :

20.11.1980

Date of Appointment :

01.09.2009

DIN No.:

02313274

PAN No.:

AIGPG3691R

Name :

Mr. Naveen Singhal

Designation :

Whole-Time Director

Address :

H.No.107, Block 2B, St.No.4, Adarsh Nagar, Mandigobindgarh – 147301, Punjab, India

Date of Birth/Age :

29.09.1975

Date of Appointment :

01.01.2011

DIN No.:

03405352

PAN No.:

AAYPK0767A

KEY EXECUTIVES

Name :	Mr. Sanjeen Narang
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on 30.09.2013

SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	12.92
Directors or relatives of Directors	84.85
Other top fifty shareholders	2.23
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Steel Billets, HR strips and steel Pipes.,
Products :	· Billets · Blooms · Ingots · Hot Rolled Products · ERW Galvanized and Black Pipes · Tubes · Heavy Castings
Exports :
Countries :	· UK · USA · Europe · Austria
Imports :
Products :	· Raw Material · Heavy Meeting Scrap
Countries :	· South Africa · Middle East
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

· Daimler

· Meritor

· Tata

· Mahindra

· Eicher

· FPT

· Flat

· Delphi

· Force

· Nissan

· Rane

· Maruti Suzuki

· John Deere Knorr – Bremse

· Hoerbiger

· New Holland

· GM

· Swaraj Mazda

· Dana

· Escorts

· Avtec Etn

· Cummins

No. of Employees :

1100 (Approximately)

Bankers :

· State Bank of India, SME Mandi Gobindgarh, Fatehgarh Sahib - 147301, Punjab, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· Punjab National Bank, Large Corporate Branch, Bhagwati Tower, R. K. Road, Cheema Chowk Ludhiana - 141001, Punjab, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loans from banks	540.990	447.463
Short Term Borrowings
Working capital loans from banks	628.081	451.266
Total	1169.071	898.729

Banking Relations :	--
Auditors :
Name :	Dutta Singla and Company Chartered Accountants
Address :	#34 Sector-4 D, Battan Lal Road, Mandi Gobindgarh – 147301, Punjab, India
PAN No.:	AAAFD8577H
Related Party :	Ridhi Industries Limited.

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9753500	Equity Shares	Rs.10/- each	Rs.97.535 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	97.535	97.535	95.745
(b) Reserves & Surplus	462.394	604.302	590.854
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	2.500
Total Shareholders’ Funds (1) + (2)	559.929	701.837	689.099
(3) Non-Current Liabilities
(a) long-term borrowings	668.187	650.920	502.117
(b) Deferred tax liabilities (Net)	0.000	67.924	58.119
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.051	3.656	1.580
Total Non-current Liabilities (3)	673.238	722.500	561.816
(4) Current Liabilities
(a) Short term borrowings	628.081	451.266	416.762
(b) Trade payables	1020.418	964.507	682.179
(c) Other current liabilities	171.900	70.187	42.457
(d) Short-term provisions	4.807	48.725	20.227
Total Current Liabilities (4)	1825.206	1534.685	1161.625
TOTAL	3058.373	2959.022	2412.540
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1152.559	719.560	634.364
(ii) Intangible Assets	3.629	1.307	0.118
(iii) Capital work-in-progress	66.695	309.953	189.792
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.387	0.000	0.000
(c) Deferred tax assets (net)	238.792	0.000	0.000
(d) Long-term Loan and Advances	1.687	59.991	37.598
(e) Other Non-current assets	0.000	4.139	2.656
Total Non-Current Assets	1465.749	1094.950	864.528
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	783.516	951.959	678.277
(c) Trade receivables	412.552	357.904	384.625
(d) Cash and cash equivalents	81.012	111.016	73.169
(e) Short-term loans and advances	315.544	443.193	411.941
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1592.624	1864.072	1548.012
TOTAL	3058.373	2959.022	2412.540

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		5109.264	4477.480	4089.790
		Other Income		63.183	99.562	84.833
		TOTAL (A)		5172.447	4577.042	4174.623
Less	EXPENSES
		Cost of Materials Consumed		4163.861	3594.052	3214.120
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(39.431)	(163.877)	(8.764)
		Employee Benefits Expenses		85.703	79.126	61.271
		Other Expenses		874.678	812.402	658.898
		TOTAL (B)		5084.811	4321.703	3925.525
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			87.636	255.339	249.098
Less	FINANCIAL EXPENSES (D)			234.064	191.577	112.568
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(146.428)	63.762	136.530
Less	DEPRECIATION/ AMORTISATION (F)			61.996	49.911	40.023
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(208.424)	13.851	96.507
Less	TAX (H)			(70.304)	12.652	30.381
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(138.120)	1.199	66.126
Less	APPROPRIATIONS
			Transfer to General Reserve	NA	0.961	0.455
			Dividend	NA	0.000	20.000
	BALANCE CARRIED TO THE B/S			NA	0.238	45.671
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	209.755	253.116	483.876
	TOTAL EARNINGS			209.755	253.116	483.876
	IMPORTS
			Raw Materials	2003.820	1554.007	1083.522
			Stores & Spares	14.067	12.440	4.420
			Capital Goods	17.448	7.904	85.917
	TOTAL IMPORTS			2035.335	1483.167	1173.859
	Earnings Per Share (Rs.)			8.65	0.12	6.91

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(2.67)	0.03	1.58
Net Profit Margin (PBT/Sales)	(%)	(4.08)	0.31	2.36
Return on Total Assets (PBT/Total Assets}	(%)	(7.58)	0.52	4.34
Return on Investment (ROI) (PBT/Networth)		(0.37)	0.02	0.14
Debt Equity Ratio (Total Debt /Networth)		2.32	1.57	1.33
Current Ratio (Current Asset/Current Liability)		0.87	1.21	1.33

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	95.745	97.535	97.535
Reserves & Surplus	590.854	604.302	462.394
Share Application money pending allotment	2.500	0.000	0.000
Net worth	689.099	701.837	559.929
long-term borrowings	502.117	650.920	668.187
Short term borrowings	416.762	451.266	628.081
Total borrowings	918.879	1102.186	1296.268
Debt/Equity ratio	1.333	1.570	2.315

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	4,089.790	4,477.480	5,109.264
		9.479	14.110

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	4,089.790	4,477.480	5,109.264
Profit	66.126	1.199	-138.120
	1.62%	0.03%	-2.70%

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	No
18]	Major customers	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Intercorporate borrowing	69.378	65.545
Loans and advances from directors	38.130	31.817
Other loans and advances	19.688	27.894
Total	127.196	125.256

PERFORMANCE REVIEW

During the year the Company has achieved net sales and other income of Rs.5172.447 Millions, as compared to Rs.4577.042 Millions in the previous year. The Company Incurred a Loss (before Tax) of Rs.208.524 Millions, as compared to Rs.13.851 Millions in the previous year. After making provision of income tax and other adjustments, the accumulated surplus of Rs.30.817 Million is being carried over to balance sheet as at 31.03.2013.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10334314	12/12/2011	10,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA	B31581754
2	10218664	31/03/2010	105,000,000.00	STATE BANK OF INDIA	G.T. ROAD, MANDI GOBINDGARH, PUNJAB - 147301, INDI A	A85849156
3	10013499	30/09/2013 *	2,557,200,000.00	STATE BANK OF INDIA	SME MANDI GOBINDGARH,FATEHGARH SAHIB, PUNJAB - 14 7301, INDIA	B87983631

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.47
UK Pound	1	Rs.100.15
Euro	1	Rs.79.65

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	VNT

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	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		27

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.