MIRA INFORM REPORT

Report Date :

14.01.2014

IDENTIFICATION DETAILS

Name :	META ROLLS AND COMMODITIES PRIVATE LIMITED (17.08.2006)
Formerly Known As :	META ROLLS (JALNA) PRIVATE LIMITED
Registered Office :	Gut No. 48, Adjacent to MIDC, Phase II, Daregaon, Jalna – 431203, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.04.2002
Com. Reg. No.:	11-135427
Capital Investment / Paid-up Capital :	Rs.38.551 Millions
CIN No.: [Company Identification No.]	U27101MH2002PTC135427
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of TMT rebars and steel billets.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1600000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. General financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits - Term loan: BB+
Rating Explanation	Moderate risk of default and high credit risk.
Date	August 2013

Rating Agency Name	ICRA
Rating	Short term non fund based limits: A4+
Rating Explanation	Minimal degree at safety and very high credit risk.
Date	August 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 PARTED BY

Name :	Mr. Santosh Khawate
Designation :	Accounts Executive
Contact No.:	91-8888824481
Date :	10.01.2014

LOCATIONS

Registered Office / Factory:	Gut No. 48, Adjacent to MIDC, Phase II, Daregaon, Jalna – 431203, Maharashtra, India
Tel. No.:	91-2482-220036/220112
Mobile No.:	91-8888824481 (Mr. Santosh Khawate) 91-9850963952 (Mr. Nilesh - Export)
Fax No.:	91-2482-221132/220088
E-Mail :	ajbhala@gmail.com
Website :	www.rajuristeel.com
Location :	Owned
Branch Office:	203, Gokul Building, Baroda Street, Masjid East, Mumbai – 400009, Maharshtra, India

DIRECTORS

As on 16.08.2013

Name :

Mr. Ashish Jugalkishore Bhala

Designation :

Director

Address :

Mamata Hospital, Shivaji Statute Road, Jalna – 431203, Maharashtra, India

Date of Birth/Age :

25.03.1975

Date of Appointment :

15.09.2008

PAN No.:

AHMPB3683K

DIN No.:

00171086

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	U70109WB1993PTC058194	NEVERLOOSE PROPERTIES AND INVESTMENT PRIVATE LIMITED	Director	17/09/2007	17/09/2007	04/10/2007	Active	NO
2	U27300MH2004PTC147506	SAPTASHRUNGI ALLOY PRIVATE LIMITED	Director	04/01/2008	04/01/2008	01/02/2009	Active	NO
3	U27101MH2002PTC135427	META ROLLS AND COMMODITIES PRIVATE LIMITED C/N	Director	15/09/2008	15/09/2008	-	Active	NO
4	U52190MH2009PTC190773	D B S COMMERCE PRIVATE LIMITED	Director	06/03/2009	06/03/2009	-	Active	NO
5	U45400MH2009PTC191152	A J B REALTIES PRIVATE LIMITED	Director	23/03/2009	23/03/2009	-	Active	NO
6	U80900MH2010NPL198574	RISHI VIDYA EDUCATIONAL FOUNDATION	Director	06/01/2010	06/01/2010	-	Active	NO
7	U74900MH2006PTC165860	SUNEEM INDUSTRIES PRIVATE LIMITED	Director	30/09/2011	14/06/2011	02/04/2012	Active	NO
8	U27200MH2010PTC207037	KUBERLAXMI STEEL AND ALLOYS PRIVATE LIMITED	Director	25/09/2012	14/01/2012	-	Active	NO
9	U51109WB2007PTC119960	PARIJAT TIE-UP PRIVATE LIMITED	Director	10/02/2012	10/02/2012	-	Active	NO

Name :

Mr. Dwarkaprasad Bhikulalji Soni

Designation :

Director

Address :

H. No. 13, Manik Nagar, Near Sambhaji Nagar, Jalna – 431203, Maharashtra, India

Date of Birth/Age :

04.06.1966

Date of Appointment :

21.06.2004

DIN No.:

00349479

PAN No.:

AEOPS4005F

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	U27101MH2002PTC135427	META ROLLS AND COMMODITIES PRIVATE LIMITED C/N	Director	21/06/2004	21/06/2004	-	Active	NO
2	U30009MH2004PTC150226	MAMMADEVI STEEL ALLOYS PRIVATE LIMITED	Director	27/12/2004	27/12/2004	-	Active	NO
3	U17120MH2005PLC156866	LAXMI COTSPIN LIMITED	Director	08/05/2006	08/05/2006	06/10/2010	Active	NO
4	U52190MH2009PTC190773	D B S COMMERCE PRIVATE LIMITED	Director	06/03/2009	06/03/2009	-	Active	NO
5	U45400MH2009PTC191152	A J B REALTIES PRIVATE LIMITED	Director	23/03/2009	23/03/2009	-	Active	NO
6	U80900MH2010NPL198574	RISHI VIDYA EDUCATIONAL FOUNDATION	Director	06/01/2010	06/01/2010	-	Active	NO
7	U74900MH2006PTC165860	SUNEEM INDUSTRIES PRIVATE LIMITED	Director	30/09/2011	14/06/2011	20/01/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Santosh Khawate
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.08.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 16.08.2013

Category	Percentage
Bodies corporate	3.40
Directors or relatives of Directors	96.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of TMT rebars and steel billets.

Products :

Item Code No.	Product Description
72249091	MS billets

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

· End Users

· Exporters

No. of Employees :

150 (Approximately)

Bankers :

Bank Of India Mid Corporation Branch, 1162/6,Shivaji Nagar Near Hardikar Hospital, University Road, Shivaji Nagar,, Pune - 411005, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	21.724	0.000
Other loans and advances	0.823	10.009
Short-term borrowings
Rupee term loans from banks	129.941	104.095
Total	152.488	114.104

Banking Relations :	--
Auditors :
Name :	S M Bangad and Company Chartered Accountants
Address :	Tapdiya Terrec, Adalat Road , Aurangabad, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAMFS9561J
Sister Concern:	· Rajuri Steel Private Limited
Other Related Party :	· Mammadevi Steel Alloys Private Limited, India CIN: U30009MH2004PTC150226

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions
250000	Preference shares	Rs.100/- each	Rs. 25.000 Millions
	Total		Rs. 75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1355100	Equity Shares	Rs.10/- each	Rs. 13.551 Millions
250000	Preference shares	Rs.100/- each	Rs. 25.000 Millions
	Total		Rs. 38.551 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	38.551	37.817	37.817
(b) Reserves & Surplus	204.671	167.042	146.495
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	168.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	411.222	204.859	184.312
(3) Non-Current Liabilities
(a) long-term borrowings	76.762	87.086	29.316
(b) Deferred tax liabilities (Net)	13.930	10.824	10.175
(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)	90.692	97.910	39.491
(4) Current Liabilities
(a) Short term borrowings	129.941	104.095	98.185
(b) Trade payables	83.118	114.905	145.997
(c) Other current liabilities	60.864	33.758	39.879
(d) Short-term provisions	9.851	14.112	13.104
Total Current Liabilities (4)	283.774	266.870	297.165
TOTAL	785.688	569.639	520.968
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	209.982	95.541	102.500
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	92.936	48..761	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.539	7.139	4.339
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.220	1.220	1.220
(e) Other Non-current assets	0.000	0.106	0.141
Total Non-Current Assets	310.677	152.767	108.200
(2) Current assets
(a) Current investments	9.037	20.617	5.341
(b) Inventories	150.886	138.725	155.588
(c) Trade receivables	259.018	186.087	195.798
(d) Cash and cash equivalents	26.920	20.849	21.649
(e) Short-term loans and advances	29.150	50.594	34.392
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	475.011	416.872	412.768
TOTAL	785.688	569.639	520.968

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	2354.579	2438.615	2083.121
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	2287.034	2366.487	2009.439
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		67.545	72.128	73.682
Less	FINANCIAL EXPENSES (D)		12.984	20.696	19.302
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		54.561	51.432	54.380
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.841	8.908	8.490
	PROFIT BEFORE TAX (E-F) (G)		44.720	42.524	45.890
Less	TAX (H)		14.197	14.565	16.172
	PROFIT AFTER TAX (G-H) (I)		30.523	27.959	29.718
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		108.526	91.778	71.044
	PRIOR PERIOD INCOME		0.955	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	3.800	4.500
		Preference Share Dividend	1.250	1.250	0.000
		Proposed Equity Dividend	2.563	5.127	3.845
		Tax on Dividend	0.619	1.034	0.639
	BALANCE CARRIED TO THE B/S		133.072	108.526	91.778
	Earnings Per Share (Rs.)		23.08	20.84	23.19

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.30	1.15	1.43
Return on Total Assets (PBT/Total Assets}	(%)	6.52	8.28	8.88
Return on Investment (ROI) (PBT/Networth)		0.11	0.21	0.25
Debt Equity Ratio (Total Debt /Networth)		0.50	0.93	0.69
Current Ratio (Current Asset/Current Liability)		1.67	1.56	1.39

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)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATION:

FY2012-13 proved to be a challenging year. In these constraints and challenging environment, the Company performed reasonably well in comparison with previous year.

The company has recorded a turnover of Rs.2389.355 Millions, as compared to the previous year’s figures of Rs.2438.615 Millions. The company has earned Cash Profit of Rs.54.561 Millions as compared to previous year’s cash profit of Rs.51.432 Millions. The company has earned a Profit before taxation of Rs.447.20 Lacs as compared to the previous year Profit of Rs.42.524 Millions.

FUTURE OUTLOOK

The Company expands her existing manufacturing capacity from 90000MTPA to 138000MTPA in during the year. In line with our corporate philosophy to expand our product range to offer a complete product basket to the customer, company has proposed to set-up Re-rolling mill and Wire rod mill continuous with exiting MS Billet plant. Company use hot billets re-rolling technology at MIDC, Jalna. In new development the hot billet coming out of continuous caster in steel melt shop is directly fed into the rolling stand thus avoiding cooling and reheating of billet. The reheating of billet involves the fuel cost and scale loss. The proposed expansion will save cost of power and fuel, Labor cost and integration steel unit. The hot billets manufactured which will be used in house (Captive) consumption in manufacturing of TMT Bars and Wire rod. Construction industry is one of the biggest consumers of M. S Billets, TMT Bars, Wire rod and other steel product. Industrial and Engineering Industry, Mechanical and Electrical Engineering works, Forgings Industry etc are some of the areas where M. S Billets are used. The Proposed Unit will be a fully automated unit requiring low labour and will be producing good quality TMT Bars. The Company plan that produced MS Billet used 90% for achieve for production of TMT bar and Wire rod and balance 10% cold billet is sold to conventional rolling mill.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Intercorporate deposits	50.807	77.078
Loans and advances from related parties	3.408	0.000
Total	54.215	77.078

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10397176	13/12/2012	180,000,000.00	BANK OF INDIA MID CORP BRANCH	1162/6, NEAR HARDIKAR HOSPITAL, UNIVERSITY ROAD, SHIVAJI NAGAR, PUNE, MAHARASHTRA - 411005, INDIA	B65958498
2	10331037	16/01/2012	390,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, JAGGI'S BUILDING, KRANTI CHOWK, AURANGABAD, MAHARASHTRA - 431005, INDIA	B30330930
3	10332462	13/01/2012	390,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, JAGGI'S BUILDING, KRA NTI CHOWK, AURANGABAD, MAHARASHTRA - 431005, INDIA	B30783971
4	10188247	13/12/2012 *	380,000,000.00	BANK OF INDIA MID CORP BRANCH	1162/6,SHIVAJI NAGAR NEAR HARDIKAR HOSPITAL, UNIVERSITY ROAD,SHIVAJI NAGAR, PUNE, MAHARASHTRA - 411005, INDIA	B65960981

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Office equipment

· Computer equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		42

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.