MIRA INFORM REPORT

Report Date :

29.12.2014

IDENTIFICATION DETAILS

Name :	RIMJHIM STAINLESS LIMITED
Formerly Known As :	GLOBAL SMELTERS LIMITED w.e.f 21.12.2009
Registered Office :	123/360, Fazal Ganj (U.P.Rolling Mill Compound), Kanpur - 208012, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.10.2002
Com. Reg. No.:	20-031334
Capital Investment / Paid-up Capital :	Rs. 120.000 Millions
CIN No.: [Company Identification No.]	U27104UP2002PLC031334
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing Stainless Steel of AISI 200, 300 and 400 Series.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 2000000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational risk profile and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Not Available

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 DECLINED BY

Name :	Mr. Devendra
Designation :	Account Department
Contact No.:	91-512-2240980
Date :	27.12.2014

Name :	Mr. Harish
Designation :	Account Department
Contact No.:	91-11-27476877
Date :	27.12.2014

LOCATIONS

Registered Office :	123/360, Fazal Ganj (U.P.Rolling Mill Compound), Kanpur - 208012, Uttar Pradesh, India
Tel. No.:	91-512-2240980 – 85
Fax No.:	91-512-2295035
E-Mail :	mail@rimjhimispat.com
Corporate Office :	AN – 30A, Shalimar Bagh, New Delhi – 110088, India
Tel. No.:	91-11-27476877 -78

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Yogesh Agarwal

Designation :

Director

Address :

7/110 C, Swaroop Nagar, Kanpur – 208001, Uttar Pradesh, India

Date of Birth/Age :

29.10.1965

Date of Appointment :

16.08.2008

Qualification :

Graduate

DIN No.:

01023574

PAN No.:

ABEPA3466H

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	U27104UP1990PLC012078	JUHI ALLOYS LIMITED	Managing director	01-06-12	12-07-90	-	Active	NO
2	U27104UP2002PLC031334	RIMJHIM STAINLESS LIMITED	Director	16-08-08	28-10-02	-	Active	NO
3	U27109UP2003PTC059565	DIVYA FERRO PRIVATE LIMITED	Director	03-09-04	03-09-04	01-03-13	Active	NO
4	U15424UP2003PLC027697	NOVEL SUGAR LIMITED	Director	15-10-04	15-10-04	-	Active	NO
5	U00500UP2005PTC036427	RIMJHIM COLONIZERS PRIVATE LIMITED	Director	08-03-09	26-05-05	04-07-12	Active	NO
6	L51109UP1990PLC030032	J.M.B.COMMERICIAL AND CREDIT LIMITED	Director	31-03-06	31-03-06	16-11-11	Active	NO
7	U27101UP1991PLC012679	RIM JHIM ISPAT LIMTED	Managing director	01-06-12	22-01-09	-	Active	NO
8	U91110UP1932NPL000467	MERCHANT CHAMBER OF UTTAR PRADESH	Director	25-09-13	06-10-09	-	Active	NO
9	U27310UP2011PTC046184	BADRINATH METALS PRIVATE LIMITED	Director	16-08-11	16-08-11	-	Active	NO

Name :

Mr. Rajiv Kumar Goel

Designation :

Director

Address :

117/H – 0/19, Pandu Nagar, Kanpur – 208007, Uttar Pradesh, India

Date of Birth/Age :

20.06.1960

Date of Appointment :

1.06.2012

Qualification :

Graduate

DIN No.:

01684484

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	U27209UP2002PTC026589	P.R.FERRO-TECH PRIVATE LIMITED	Director	12-04-02	12-04-02	17-01-11	Active	NO
2	U27104UP2002PLC031334	RIMJHIM STAINLESS LIMITED	Managing director	01-06-12	27-09-04	-	Active	NO
3	U27101UP1991PLC012679	RIM JHIM ISPAT LIMTED	Director	15-03-05	15-03-05	-	Active	NO
4	U15424UP2003PLC027697	NOVEL SUGAR LIMITED	Director	25-05-05	25-05-05	10-11-05	Active	NO
5	U00500UP2005PTC036427	RIMJHIM COLONIZERS PRIVATE LIMITED	Director	04-10-10	04-10-10	04-07-12	Active	NO
6	U27104UP1990PLC012078	JUHI ALLOYS LIMITED	Director	30-09-11	18-12-10	-	Active	NO

Name :

Mr. Chetan Prakash Arya

Designation :

Director

Address :

503, Anand Vatika Apartments, 8/10 Arya Nagar, Kanpur – 208002, Uttar Pradesh

Date of Birth/Age :

30.09.2011

Date of Appointment :

18.12.2010

Qualification :

Graduate

DIN No.:

01024875

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	U27101UP1991PLC012679	RIM JHIM ISPAT LIMTED	Whole-time director	01-06-12	05-07-05	-	Active	NO
2	U00500UP2005PTC036427	RIMJHIM COLONIZERS PRIVATE LIMITED	Additional director	04-10-10	04-10-10	04-07-12	Active	NO
3	U27104UP2002PLC031334	RIMJHIM STAINLESS LIMITED	Director	30-09-11	18-12-10	-	Active	NO
4	U27104UP1990PLC012078	JUHI ALLOYS LIMITED	Director	30-09-11	18-12-10	04-07-12	Active	NO

Name :

Mr. Manish Mittal

Designation :

Director

Address :

66 MD, Kayasthan, Manglaur, Haridwar 247656, Uttarakhand, India

Date of Birth/Age :

30.06.1976

Date of Appointment :

11.06.2012

Qualification :

Graduate

DIN No.:

05138884

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	L51109UP1990PLC030032	J.M.B.COMMERICIAL AND CREDIT LIMITED	Additional director	12-11-11	12-11-11	-	Active	NO
2	U27104UP2002PLC031334	RIMJHIM STAINLESS LIMITED	Additional director	11-06-12	11-06-12	-	Active	N

Name :

Mr. Nehal Ahad

Designation :

Director

Address :

PNB Circle Office Birthana Road, Kanpur – 208001, Uttar Pradesh, India

Date of Birth/Age :

29.11.1960

Date of Appointment :

15.07.2013

DIN No.:

06624164

KEY EXECUTIVES

Name :	Mr. Devendra
Designation :	Account Department
Name :	Mr. Harish
Designation :	Account Department

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Neha Agarwal	56950
Amrish Bansal	151270
Kshitiz Agarwal	260930
Chetan Prakash Arya	469150
Nand Kishore Agarwal	161150
Nishi Agarwal	8000
Sanjeev Kumar Agarwal	9000
Sanjeev Kumar Agarwal HUF	272500
Seema Agarwal	8500
Rajeev Agarwal	7000
Rajeev Agarwal HUF	3000
Rajiv Agarwal Goel	469150
Yogesh Agarwal	1471330
Heema Agarwal	638050
Navin Kumar Tayal	372300
Navin Kumar Tayal Sons And HUF	3000
M/s Divya Ferro Private Limited, India	5801720
M/s Carry Fast Roadways (India) Private Limited, India	1107000
Yogesh Agarwal and Son HUF	730000
Total	12000000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	57.57
Directors or relatives of Directors	42.43
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing Stainless Steel of AISI 200,300 and 400 Series.
Products :	v Stainless Steel Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name	Bank of Baroda
Branch Address	The Mall, Kanpur – 208001, Uttar Pradesh , India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

---

Auditors :
Name :	Sanjay Ram Kishore and Company Chartered Account
Address :	543/102 K Block, Kidwai Nagar, Kanpur - 208007, Uttar Pradesh, India
PAN No.:	ABGFS5370J
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Shares	Rs.10/- each	Rs. 125.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs. 120.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	120.000	120.000	106.619
(b) Reserves & Surplus	575.885	628.480	740.472
(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)	695.885	748.480	847.091
(3) Non-Current Liabilities
(a) long-term borrowings	1852.860	1910.265	1882.554
(b) Deferred tax liabilities (Net)	0.000	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)	1852.860	1910.265	1882.554
(4) Current Liabilities
(a) Short term borrowings	388.009	370.204	410.606
(b) Trade payables	169.111	220.539	90.772
(c) Other current liabilities	43.674	78.814	27.159
(d) Short-term provisions	0.809	0.809	0.809
Total Current Liabilities (4)	601.603	670.366	529.346
TOTAL	3150.348	3329.111	3258.991
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets
(ii) Intangible Assets	1775.218	1897.015	1717.711
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	280.312
(b) Non-current Investments	15.427	15.427	1.600
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.627	0.860	0.768
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1791.272	1913.302	2000.391
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	451.029	757.571	480.351
(c) Trade receivables	600.063	498.475	623.342
(d) Cash and cash equivalents	5.504	5.660	60.629
(e) Short-term loans and advances	302.480	154.103	94.278
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1359.076	1415.809	1258.600
TOTAL	3150.348	3329.111	3258.991

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1957.568	2605.286	2444.658
		Other Income	38.377	30.557	19.950
		TOTAL	1995.945	2635.843	2464.608
Less	EXPENSES
		Cost of Materials Consumed	701.497	1542.106	1497.970
		Purchases of Stock-in-Trade	263.779	266.842	215.042
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	103.300	(88.286)	(111.370)
		Employees benefits expense	8.653	8.300	11.913
		Other expenses	477.514	553.936	456.518
		TOTAL (B)	1554.743	2282.898	2070.073
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		441.202	352.945	394.535
Less	FINANCIAL EXPENSES		238.739	238.794	270.325
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		202.463	114.151	124.210
Less/ Add	DEPRECIATION/ AMORTISATION		255.058	226.142	219.440
	PROFIT BEFORE TAX		(52.595)	(111.991)	(95.230)
Less	TAX		0.000	0.000	0.078
	PROFIT AFTER TAX		(52.595)	(111.991)	(95.308)
	Earnings Per Share (Rs.)		(4.38)	(9.33)	(7.94)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(2.69)	(4.30)	(3.90)
Operating Profit Margin (PBITD/Sales)	(%)	22.54	13.55	16.14
Return on Total Assets (PBT/Total Assets}	(%)	(1.68)	(3.38)	(3.20)
Return on Investment (ROI) (PBT/Networth)		(0.08)	(0.15)	(0.11)
Debt Equity Ratio (Total Debt /Networth)		3.22	3.05	2.71
Current Ratio (Current Asset/Current Liability)		2.26	2.11	2.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	106.619	120.000	120.000
Reserves & Surplus	740.472	628.480	575.885
Net worth	847.091	748.480	695.885
long-term borrowings	1882.554	1910.265	1852.860
Short term borrowings	410.606	370.204	388.009
Total borrowings	2293.160	2280.469	2240.869
Debt/Equity ratio	2.707	3.047	3.220

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2444.658	2605.286	1957.568
		6.571	(24.862)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2444.658	2605.286	1957.568
Profit	(95.308)	(111.991)	(52.595)
	(3.90%)	(4.30%)	(2.69%)

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	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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term loans from banks	1608.398	1673.023
Term loans from others	244.462	237.242
SHORT TERM BORROWINGS
Loans repayable on demand from others	388.009	370.204
Total	2240.869	2280.469

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10247775	25/09/2010	29,000,000.00	BANK OF BARODA	THE MALL, KANPUR, Uttar Pradesh - 208001, INDIA	A97979801
2	10229148	22/06/2010 *	100,000,000.00	BANK OF BARODA	THE MALL, KANPUR, Uttar Pradesh - 208001, INDIA	A90723354
3	10174064	18/05/2012 *	367,400,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	MALL ROAD, KANPUR, Uttar Pradesh - 208001, INDIA	B40898611
4	10170715	08/07/2009	108,525,000.00	BANK OF BARODA	THE MALL, KANPUR, Uttar Pradesh - 208001, INDIA	A67764175
5	10060772	18/05/2012 *	1,677,900,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	MALL ROAD, KANPUR, Uttar Pradesh - 208001, INDIA	B40854069

* Date of charge modification

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] 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.63.63
UK Pound	1	Rs.98.97
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KRN
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.