MIRA INFORM REPORT

Report Date :

02.07.2014

IDENTIFICATION DETAILS

Name :	AMIN STEEL PRIVATE LIMITED
Registered Office :	B/13, Sona Park Complex, Opposite Sneh Plaza, I.O.C. Road, Chandkheda, Ahmedabad – 382424, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.05.2012
Com. Reg. No.:	04-070344
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U27109GJ2012PTC070344
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Seamless Stainless Steel Tubes, Welded Tubes, Pipes and U-Tubes in Austenitic, Ferritic and Duplex Grade.
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Yet to commence its business activities
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated on 15.05.2012, the company is yet to commence its business activities. Mr. Raviraja, Chartered Accountant provided general details and also informed that business activity will start from January, 2015. There are pre-operative expenses incurred by the company during financial year 2013. Payment terms are unknown. The company can be considered for business dealing with great 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. Raviraja
Designation :	Chartered Accountant
Contact No.:	91-9913610812
Date :	01.07.2014

LOCATIONS

Registered Office :	B/13, Sona Park Complex, Opposite Sneh Plaza, I.O.C. Road, Chandkheda, Ahmedabad – 382424, Gujarat, India
Tel. No.:	91-79-25850069
Mobile No.:	91-9913610812 (Mr. Raviraja) 91-9974013993 (Mr. Jayesh)
Fax No.:	Not Available
E-Mail :	aminsteelcompany@gmail.com info@aminsteelcompany.com casrn2013@gmail.com kotharisangawat12@gmail.com ravidhi_1963@hotmail.com
Website :	http://www.aminsteelcompany.com
Factory	Block No.231, Village: Mudarada, Near O.N.G.C. GGS, Taluka and District Mehsana, Gujarat, India

DIRECTORS

(AS ON 30.09.2013)

Name :	Mr. Sunil Premshanker Joshi
Designation :	Director
Address :	C/23, Kirti Appartment, Shankerda Hall, Ranna Park, Ghatlodia, Ahmedabad – 380061, Gujarat, India
Date of Birth/Age :	15.10.1976
Date of Appointment :	15.05.2012
DIN No.:	03337014
Name :	Mr. Jayeshkumar Hiralal Amin
Designation :	Director
Address :	63, Shyam Sarthi Bunglows, Behind Sarthi Bungalows, Near Kalol, Highway Road, Chandkheda, Ahmedabad – 382424, Gujarat, India
Date of Birth/Age :	04.07.1977
Date of Appointment :	15.05.2012
DIN No.:	05268462
Email :	jayesh_amin2002@yahoo.com

KEY EXECUTIVES

Name :	Mr. Raviraja
Designation :	Chartered Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2013)

Name of Shareholders	No of Shares	Percentage
Sunil Premshanker Joshi	2000	20.00
Jayeshkumar Hiralal Amin	8000	80.00
Total	10000	100.00

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Seamless Stainless Steel Tubes, Welded Tubes, Pipes and U-Tubes in Austenitic, Ferritic and Duplex Grade.
Terms :
Selling :	L/C, Advance Payment and Cash
Purchasing :	L/C, Advance Payment and Cash

GENERAL INFORMATION

Customers :	Retailers and End Users and OEM’s
No. of Employees :	7 (Approximately)
Bankers :	· Bank of India SME City Centre, India
Facilities :	Total Limit = Rs.26.000 Millions/ Cash Credit = Rs.10.000 Millions from Bank of India

Banking Relations :	--
Auditors :
Name :	Sangawat Raja Nimbark and Associates Chartered Accountants
Address :	FF/01, Rajshree Complex, CTM Char Rasta, Ramol Road, Ahmedabad – 380026, Gujarat, India
Mobile No.:	91-7925850069/ 8128886032
PAN No.:	ACJFS4979B

CAPITAL STRUCTURE

(AS ON 18.07.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

(AS ON 18.07.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100
(b) Reserves & Surplus	(0.061)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1)+(2)	0.039
(3) Non-Current Liabilities
(a) long-term borrowings	0.565
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.565
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	0.249
(c) Other current liabilities	0.005
(d) Short-term provisions	0.000
Total Current Liabilities (4)	0.254
TOTAL	0.858
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.009
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.020
Total Non-Current Assets	0.029
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.283
(c) Trade receivables	0.000
(d) Cash and cash equivalents	0.172
(e) Short-term loans and advances	0.374
(f) Other current assets	0.000
Total Current Assets	0.829
TOTAL	0.858

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Revenue from Operations	0.000
		Other Income	0.000
		TOTAL	0.000
Less	EXPENSES
		Factory and Administrative Expenses	0.035
		Preliminary and Preoperative Expenses Written off	0.034
		TOTAL	0.069
	PROFIT/(LOSS) BEFORE TAX		(0.069)
Less	TAX		0.008
	PROFIT/(LOSS) AFTER TAX		(0.061)
	Earnings Per Share (Rs.)		--

KEY RATIOS

PARTICULARS		31.03.2013
PAT / Total Income	(%)	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(8.13)
Return on Investment (ROI) (PBT/Networth)		(1.77)
Debt Equity Ratio (Total Debt/Networth)		14.49
Current Ratio (Current Asset/Current Liability)		3.26

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 one years	Yes
12]	Profitability for last one years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)
Long Term Borrowings
Loans and Advance from Related Parties
Loans from Directors	0.565
Total	0.565

------------------------------------------------------------------------------------------------------------------------------

ASSESSMENT OF WORKING CAPITAL REQUIREMENT

OPERATING STATEMENT

(RS. IN MILLIONS)

Particulars	Estimated 2014-15	Projection 2015-16	Projection 2016-17	Projection 2017-18	Projection 2018-19
GROSS SALES
Sales
a) Domestic Sales	29.702	143.710	155.711	167.712	179.713
b) Export Sales	--	--	--	--	--
c) Sub-total [a+b]	29.702	143.710	155.711	167.712	179.713
Less: Excise Duty	2.483	12.010	13.012	14.015	15.019
Net Sales	27.219	131.700	142.699	153.697	164.694
d) %age rise (+) or fall (-) in net sales as compared to previous year	--	383.85%	8.35%	7.71%	6.68%
COST OF SALES
Raw Materials (Including Stores and Other Items under in the process of manufacturer)
Imported	--	--	--	--	--
Indigenous	21.733	93.816	101.633	109.449	117.265
Other Spares	--	--	--	--	--
Power and Fuel	0.382	3.750	3.888	4.025	4.163
Direct Labour (Factory Wages and Salaries)	0.917	5.960	6.290	6.620	6.950
Other Manufacturing Expenses	0.179	0.990	1.073	1.155	1.238
Depreciation	1.221	4.491	3.878	3.350	2.897
Sub-total	24.432	109.007	116.762	124.599	132.513
Add: Opening stock in process	0.000	0.258	0.291	0.314	0.338
Sub-total	24.432	109.265	117.053	124.913	132.851
Less: Closing Stock in process	0.258	0.291	0.314	0.338	0.361
COST OF PRODUCTION	24.174	108.974	116.739	124.575	132.490
Add: Opening stock of finished Goods	0.000	2.295	2.669	2.88	3.103
Sub-total	24.174	111.269	119.408	127.463	135.593
Deduct: closing Stock Finished goods	2.295	2.669	2.888	3.103	3.317
Sub Total (Cost of Sales)	21.879	108.600	116.520	124.360	132.276
Selling, General & Administrative Expenses (including bonus payments)	0.696	4.359	5.638	5.919	6.199
Sub Total	22.575	112.959	122.158	130.279	138.475
Operating Profit before interest	0.696	4.359	5.638	5.919	6.199
Interest	2.911	4.685	4.533	4.031	3.528
Operating profit after interest	1.733	14.056	16.008	19.387	22.691
(i) Add other non-operating income	0.000	0.000	0.000	0.000	0.000
Sub-total (income)	0.000	0.000	0.000	0.000	0.000
(ii) Deduct other non-operating expense	0.000	0.000	0.000	0.000	0.000
Sub-total (expenses)	0.000	0.000	0.000	0.000	0.000
(iii) Net of other non-operating incomes/expenses	0.000	0.000	0.000	0.000	0.000
Profit before tax/loss (7+8(iii))	1.733	14.056	16.008	19.387	22.691
Provision for tax	0.635	4.201	4.789	5.804	6.798
Net profit / (loss)	1.098	9.855	11.219	13.583	15.893
(i) Equity dividend paid/ Drawings	--	--	--	--	--
(ii) Dividend Rate	--	--	--	--	--
Retained Profit[11-12]	1.098	9.855	11.219	13.583	15.893
Retained profit / Net Profit (%age)	100.00%	100.00%	100.00%	100.00%	100.00%

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

Particulars	Estimated 2014-15	Projection 2015-16	Projection 2016-17	Projection 2017-18	Projection 2018-19
CURRENT LIABILITIES
Short term borrowings from bank (incl. Bills purchased, discounted and excess borrowings placed on repayment basis)
(i) From applicant bank	5.000	10.000	12.500	12.500	12.500
(ii) From other banks	--	--	--	--	--
(iii) of which EP & BD	--	--	--	--	--
Sub Total (A)	5.000	10.000	12.500	12.500	12.500
Short term borrowings from others	--	--	--	--	--
Sundry Creditors - Trade	--	2.486	2.556	2.752	2.947
Advance payments from customers/ deposits from dealers	--	--	--	--	--
Provision for Taxation	--	--	--	--	--
Dividend Payable	--	--	--	--	--
Other statutory liabilities (due within one year)	--	--	--	--	--
Deposits/Instalments of term loan/DPGs/ Debentures etc.(due within one year)	3.715	3.715	3.715	3.715	3.715
Other current liabilities and Provisions (due within one year)	0.168	0.269	0.306	0.322	0.328
Sub Total (B)	3.883	6.470	6.577	6.789	7.000
TOTAL CURRENT LIABILITIES	8.883	16.470	19.077	19.289	19.500
TERM LIABILITIES
Debentures (not maturing within one year)	--	--	--	--	--
Preference Shares (redeemable after one year)	--	--	--	--	--
Term loans (excluding instalments payable within one year)	22.285	18.570	14.855	11.140	7.425
Differed Payment Credits (excl. instalments due within one year)	--	--	--	--	--
Term deposits (Repayable after one year)	3.860	3.860	3.860	3.860	3.860
Other term liabilities	--	--	--	--	--
TOTAL TERM LIABILITIES	26.145	22.430	18.715	15.000	11.285
TOTAL OUTSIDE LIABILITIES	35.028	38.900	37.792	34.289	30.785
NET WORTH
Ordinary Share Capital	8.000	8.000	8.000	8.000	8.000
Introduction	--	--	--	--	--
Withdrawals	--	--	--	--	--
Other reserves (excluding provisions)	--	--	--	--	--
Surplus (+) or deficit (-) in Profit & Loss Account	0.962	10.818	22.037	35.619	51.514
Net worth	8.962	18.818	30.037	43.619	59.514
TOTAL LIABILITIES [18+24]	43.990	57.718	67.829	77.908	90.299
CURRENT ASSETS
Cash & Bank Balances	2.320	9.434	21.860	33.748	47.479
Fixed Deposits	--	--	--	--	--
Receivables	2.970	8.024	8.694	9.364	10.034
Inventories
(i) Raw materials (including stores and other items in process of manufacture)
(a) Imported	--	--	--	--	--
(b) Indigenous	2.173	7.816	8.467	9.118	9.769
(ii) Stock-in-process	0.258	0.291	0.314	0.338	0.361
(iii) Other consumable stores
(a) Imported	--	--	--	--	--
(b) Indigenous	--	--	--	--	--
(iv) Finished Goods	--	--	--	--	--
Advance to suppliers of Raw materials and stores/spares	--	--	--	--	--
Advance payment of taxes	--	--	--	--	--
Other current assets	(0.001)	--	--	0.001	--
TOTAL CURRENT ASSET	10.015	28.234	42.223	55.672	70.960
FIXED ASSETS
Gross Block (Land and Building Machinery Vehicles work-in-progress)	35.176	35.176	35.176	35.176	35.176
Depreciation to date	1.221	5.712	9.590	12.940	15.837
NET BLOCK (35-36)	33.955	29.464	25.586	22.236	19.339
Investments/book debts /advances deposits which are not current assets	--	--	--	--	--
i.(a)Investments in subsidiary companies/ affiliates	--	--	--	--	--
(b)Others	0.020	0.020	0.020	--	--
ii. Advances to suppliers of capital goods and contractors	--	--	--	--	--
iii. Deferred receivables (Maturity exceeding one year)	--	--	--	--	--
iv. Others	--	--	--	--	--
Non consumables stores & spare	--	--	--	--	--
Other non-current assets (incl. Dues from director)	--	--	--	--	--
TOTAL OTHER NON-CURRENT ASSETS	0.020	0.020	0.020	--	--
Intangible assets (patents, goodwill, prelim, expenses, bad/ doubtful debts not provided for etc.)	--	--	--	--	--
TOTAL ASSETS	43.990	57.718	67.829	77.908	90.299
Tangible net worth	8.962	18.818	30.037	43.619	59.514
NET WORKING CAPITAL	1.132	11.764	23.146	36.383	51.460
CURRENT RATIO	1.13	1.71	2.21	2.89	3.64
Total Outside Liabilities / Net Worth	3.91	2.07	1.26	0.79	0.52
ADDITIONAL INFORMATION
A. Arrears of depreciation
B. Contingent Liabilities
(a)Arrears of cumulative dividends	--	--	--	--	--
(b)Gratuity liability not provided for	--	--	--	--	--
(c)Disputed excise/ customs/tax liabilities	--	--	--	--	--
(d)Other liabilities not provided for	--	--	--	--	--

------------------------------------------------------------------------------------------------------------------------------

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

(RS. IN MILLIONS)

Particulars	Estimated 2014-15	Projection 2015-16	Projection 2016-17	Projection 2017-18	Projection 2018-19
A. CURRENT ASSETS:
Raw materials (Including stores and other items used in the process of manufacture)
Imported	0.000	0.000	0.000	0.000	0.000
Months' consumption	--	--	--	--	--
Indigenous	2.173	7.816	8.467	9.118	9.769
Months' consumption	(0.30)	(1.00)	(1.00)	(1.00)	(1.00)
Other consumable spares
Imported	0.000	0.000	0.000	0.000	0.000
Months' consumption	--	--	--	--	--
Indigenous	0.000	0.000	0.000	0.000	0.000
Months' consumption	--	--	--	--	--
Stocks-in-process	0.258	0.291	0.314	0.338	0.361
Months' cost of production	(0.03)	(0.03)	(0.03)	(0.03)	(0.03)
Finished goods	2.295	2.669	2.888	3.103	3.317
Months' cost of sales	(0.30)	(0.31)	(0.31)	(0.31)	(0.31)
Receivables other than export and deferred receivables (including bills purchased and discounted by bankers)	2.970	8.024	8.694	9.364	10.034
Months' domestic sales	(0.30)	(0.67)	(0.67)	(0.67)	(0.67)
Exports Receivable (Including bills purchased and discounted)	0.000	0.000	0.000	0.000	0.000
Months' export sales	--	--	--	--	--
Advances to supplier of raw materials and stores/ spares, Consumables	0.000	0.000	0.000	0.000	0.000
Other current assets incl. cash and bank balance and deferred receivables due within 1 year	2.319	9.434	21.860	33.749	47.479
(Specify major items)
TOTAL CURRENT ASSETS (To agree with item 34 in Annexure III )	10.015	28.234	42.223	55.672	70.960
CURRENT LIABILITIES
(Other than bank borrowing for WC)
Creditors for purchase of raw materials, stores and consumable spares	0.000	0.000	0.000	0.000	0.000
Months' purchases	--	(0.30)	(0.30)	(0.30)	(0.30)
Advances from customers	0.000	0.000	0.000	0.000	0.000
Statutory Liabilities	0.000	0.000	0.000	0.000	0.000
Other current liabilities - Short Term Borrowings, Unsecured Loans, Dividend Payable, Instalments of TL, DPG, Public Deposits, Debentures etc.)	3.883	3.984	4.021	4.053	4.070
TOTAL CURRENT LIABILITIES	3.883	6.470	6.577	6.789	7.000
(To agree with Sub-total B in Annexure III )

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS. IN MILLIONS)

PARTICULARS	Estimated 2014-15	Projection 2015-16	Projection 2016-17	Projection 2017-18	Projection 2018-19
1. Total Current Assets	10.015	28.234	42.223	55.672	70.960
2. Other Current Liabilities	3.883	6.470	6.577	6.789	7.000
(Other than bank borrowing)
3. Working Capital Gap (WCG)	9.847	25.479	39.361	52.598	67.675
4. Min. stipulated net working Capital i.e. 25% of WCG/25% of total current assets as the case may be depending upon the method of lending being applied (Export receivables to be excluded under both methods)	2.462	6.370	9.840	13.150	16.919
5. Actual/Projected net working Capital (45 in Form III)	4.847	15.479	26.861	40.098	55.175
6. Item 3 minus Item 4	7.385	19.109	29.521	39.449	50.756
7. Item 3 minus item 5	5.000	10.000	12.500	12.500	12.500
8. Maximum permissible bank finance (Item 6 or 7 whichever is lower)	5.000	10.000	12.500	12.500	12.500
9. Excess borrowings representing Short fall in NWC (4 - 5)	--	--	--	--	--

------------------------------------------------------------------------------------------------------------------------------

FUND FLOW STATEMENT

(RS. IN MILLIONS)

Particulars	Estimated 2014-15	Projection 2015-16	Projection 2016-17	Projection 2017-18	Projection 2018-19
1. SOURCES
a. Net Profit (after tax)	1.098	9.855	11.219	13.583	15.893
b. Depreciation	1.221	4.491	3.878	3.350	2.897
c. Increase in capital	7.900	--	--	--	--
d. Increase in Term Liabilities (Including Public Deposits)	24.423	--	--	--	--
e) Decrease in
i) Fixed Assets	--	--	--	--	--
ii) Other non-current assets	--	--	--	0.020	--
f) Others misc. exps. w/off	0.001	0.001	0.000	0.000	0.002
g) TOTAL	34.643	14.347	15.097	16.953	18.792
2. USES
a) Net Loss	--	--	--	--	--
b) Decrease in Term Liabilities (Including public deposits)	--	3.715	3.715	3.715	3.715
c) Increase in :
i) Fixed Assets	34.416	--	--	--	--
ii) Other non-current assets (Investible Surplus)	--	--	--	--	--
iii) Non tangible assets	--	--	--	--	--
d) Dividend Payment / Withdrawals	--	--	--	--	--
e) Other Payments	--	--	--	--	--
f) TOTAL	34.416	3.715	3.715	3.715	3.715
3. Long Term Surplus (+)/Deficit (-) (1-2)	0.227	10.632	11.382	13.238	15.077
4. Increase/decrease in Current assets	9.095	18.219	13.989	13.449	15.288
(as per details given below)
5. Increase/decrease in Current Liabilities other than Bank borrowings	3.868	2.587	0.107	0.212	0.211
6. Increase/decrease in working capital gap	5.227	15.632	13.882	13.237	15.077
7. Net Surplus (+)/deficit (-) (Difference of 3 & 6)	(5.000)	(5.000)	(2.500)	0.001	--
8. Increase/Decrease in Bank borrowings	5.000	5.000	2.500	--	--
BREAK-UP (4)
[i] Increase/ Decrease in Raw material	1.890	5.643	8.467	0.651	0.651
[ii] Increase/ Decrease in Stock in process	0.258	0.033	0.023	0.024	0.023
[iii] Increase/ Decrease in finished goods	2.295	0.374	0.219	0.215	0.214
[iv] Increase/ Decrease in Receivables
[a] Domestic	2.970	5.054	0.670	0.670	0.670
[b] Export	--	--	--	--	--
[iii] Increase/ Decrease in stores & spares	--	--	--	--	--
[iii] Increase/ Decrease in other Current Assets	1.682	7.115	12.426	11.889	13.730

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NETWORTH STATEMENT OF

MR. SUNIL PREMSHANKAR JOSHI

(RS. IN MILLIONS)

PARTICULARS	AMOUNT
House at Ahmedabad A/36, Shivanand Flats, Near Mandakini Society, Ghatlodia, Ahmedabad	3.000
Car Maruti 800 2009 Model	0.200
Bike Hero Honda	0.020
Laptop	0.050
Loans and Advance/ Capital Contribution Amin Steel Private Limited Capital	0.020
Jewellery	1.250
Total	4.540

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NETWORTH STATEMENT OF

MR. SUNIL PREMSHANKAR JOSHI

(RS. IN MILLIONS)

PARTICULARS	AMOUNT
House at Ahmedabad A/24, Nandanvan Bunglows, Kalol – Ahmedabad Highway, Chandkheda, Ahmedabad	7.800
Car Maruti A star 2014 Model	0.435
Bike Hero Honda	0.020
Laptop	0.040
Loans and Advance/ Capital Contribution Amin Steel Private Limited Capital Loans and Advances	0.080 1.722
Jewellery	1.500
Total	11.597

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VALUATION REPORT

PART - I

Purpose for which valuation is made

To Ascertain fair market value of property for Bank loan from Bank of India, Chandkheda Branch, Ahmedabad

Date on which valuation is made

As on 24.02.2014

Name of the owner/ Owners Name of buyer

Mr. Sunil P. Joshi

If the Property is under Joint Ownership/ Co-ownership, share of each such owner. Are the shares undivided?

Single Ownership

Brief Description of the Property

The Property is a residential flat of 1 BHK in a low rise apartment.

Location, Street, ward No.

Flat No.A-36, Shivanand Apartment, Near Global Mission School, Behind Mandini Society, K. K. Nagar Row, Ghatlodia, Ahmedabad

Survey / Plot No. of Land

R. S. No.275/2+274/2, T.P.S. No.02, F. P. No.23, Mouje, Ghatlodia, District Ahmedabad

Is the Property situated in Residential/ Commercial/ Mixed Area/ Industrial Area

Residential Area

Classification of Locality – High Class/ Middle Class etc.

Higher – Middle Class Locality

Proximity to civic amenities like Schools, Hospitals, Banks. Market etc.

Available within Nearby Area.

Means and Proximity to surface Communication by which the locality is served.

Served by ST Bus Services, AMTS Buses Scooters, Auto Rickshaws etc.

LAND

Area of Land Supported by documentary proof, shape, dimensions and physical features.

NA as composite rate method is adopted for valuation purpose

Roads, Streets or Lanes on which the land

K. K. Nagar Road

Is Freehold or Leasehold Land?

Freehold Land

If leasehold, the name of lesser/ lessee Nature of lease, date of commencement and termination of lease of renewal of lease

NA

Is there any restrictive covenant in regard to use of land?

NA

Does the land fall in an area included in any town planning scheme or any development plan of governments or Statutory body? If so, give particulars

No

IMPROVEMENTS

Is the Building Owner – Occupied/ Tenanted/ Both

Owner

RENTS

Give details of water and electricity to be born by the owner

NA

What is the amount of property tax? Which is the bear it?

As per AMC Tax Bill Paid by Owner

SALES

Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property registration No. sale price and area lf land sold.

Sales instances are not available discussed in valuation statement. Jantri rate is the guide line rate for collecting the stamp duty registration it does not reflect on Market value of the property.

Land rate adopted in this valuation or built up area rate.

Composite rate adopted Rs.3,000/- per sq. ft.

If sale instance are not available or not the basis of arriving at the land rate

Prevailing Market rate in Vicinity.

CONSTRUCTION

Year of commencement of construction Year of completion

2003

What was the method of construction-by Contract! by employing labour directly/ Both?

Labor Contract

FORM – 1

No. of Floors and height of each floor

Ground floor

9’-6”

Plinth area floor - wise (As per IS 3861 -:- 1966)

First Floor

720 sq. ft. (80 sq. yd BA as per Title Report)

Year of construction

2003

Estimated future life

11 years with regular and preventive maintenance

Type of construction -load bearing Walls/ R.C.C. Frame/ Steel frame

RCC frame structure

Type of foundation

Wall Footings

Walls

Basement or Plinth

1’-6”, 1’-2”, 0’-9”, 0’-6” Thick Brick Masonry walls in C.M.

Partitions

First Floor

0’-6” Thick brick masonry walls in cement Mortar.

Flooring

Second Floor

Ground Floor

First Floor

Ceramic Tiles Flooring

Wooden Flush Door with Wooden Frame

Wooden Windows with Wooden Frame

Finishing (Floor Wise)

Second Floor

Excellent

Roofing and Terracing

RCC Slab

Special architectural or decorative features, if any

Aesthetic Outlook

(i) Internal wiring - Surface or conduit

(ii) Class of fittings: Superior/Ordinary/Poor

Concealed copper electrical wiring with sufficient

light and plug points

Sanitary installation

No of water Closets - Common bath and W.C.

No of bath tubs – Wash Basin

1 Nos

1 Nos

Class of fittings superior colored/ superior white. Ordinary

Superior Coloured

Compound wall

-Height and length

9” thick masonry compound wall

Underground Sump, capacity and Type if construction

Underground Water Tank

Overhead Tank

Where located

Of required capacity

Pump No and their horse power

Of required capacity

Roads and paving within the compound

Paved Compound etc.

Sewage disposal - whether connected to public sewers. If septic tanks provided, No. and capacity.

Connected to Public Sewer line.

PART – II VALUATION

It is surrounded by following boundaries as per site

North: Internal Road

South: Stair Case and Lift and Flat No.A-31

East: Internal Road

West: Passage and Flat No.A-33

BUILDING VALUE

Sr. No.	Description	Super Built up Area in sq. ft.	Built up Area rate per sq. ft. in Rs.	Total Value in Rs. In Millions
1.	Flat No. A/36, Shivanand Apartment	720	3000/-	2.160
TOTAL VALUE				2.160

Market Value

Rs.2.160 Millions

Realization Value

Rs.1.404 Millions

Distress sale of the property

Rs.1.728 Millions (20% less)

Jantri Price

Rs.0.636 Million (@ Rs.9,500/- per sq. mt. for flat)

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

PART - I

Purpose for which valuation is made	To Ascertain fair market value of property for Bank loan from Bank of India, Chandkheda Branch, Ahmedabad
Date on which valuation is made	As on 21.02.2014
Name of the owner/ Owners Name of buyer	Mr. Jayeshbhai Hiralal Amin
If the Property is under Joint Ownership/ Co-ownership, share of each such owner. Are the shares undivided?	Single Ownership
Brief Description of the Property	The Property as indicated by client is an open leveled plot situated Near Village: Mudarada i.e. within limits of mehsana and Block No.231 (Old Survey No242/1) of Village: Mudarada, Ta- Mehsana, District Mehsana
Location, Street, ward No.	Block No.231 (Old Survey No242/1) of Village: Mudarada, Ta- Mehsana, District Mehsana
Survey / Plot No. of Land	Block No.231 (Old Survey No242/1) of Village: Mudarada, Ta- Mehsana, District Mehsana
Is the Property situated in Residential/ Commercial/ Mixed Area/ Industrial Area	Residential - Industrial Mixed Area (Open Plot)
Classification of Locality – High Class/ Middle Class etc.	Middle Class
Proximity to civic amenities like Schools, Hospitals, Banks. Market etc.	At reachable distance
Means and Proximity to surface Communication by which the locality is served.	By means of any vehicle wither private or public
LAND
Area of Land Supported by documentary proof, shape, dimensions and physical features.	Block No.231 is admeasuring land area 46,035 sq. ft. (5115 sq. yd.)
Roads, Streets or Lanes on which the land	Ahmedabad to Mehsana Highway
Is Freehold or Leasehold Land?	Freehold Land
If leasehold, the name of lesser/ lessee Nature of lease, date of commencement and termination of lease of renewal of lease	NA
Is there any restrictive covenant in regard to use of land?	Details are not available
Does the land fall in an area included in any town planning scheme or any development plan of governments or Statutory body? If so, give particulars	Not Applicable
IMPROVEMENTS
Attach a dimensioned site	N.A. Permission is issued vide No.: N.A/B.P/MUDARADA/MEHSANA/1685 Dated 20.05.2013
Is the Building Owner – Occupied/ Tenanted/ Both	N.A. Vacant Open Plot
What is the floor space index permissible and percentage	N.A. as A Open Plot
RENTS
Give details of water and electricity to be born by the owner	NA
What is the amount of property tax? Which is the bear it?	N.A. as vacant open plot and Revenue tax paid by owner
SALES
Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property registration No. sale price and area lf land sold.	Sales instances are not available Discussed in valuation statement. Jantri is only the guide line rate for collecting the stamp duty registration. It does not reflect on Market value of the property.
Land rate adopted in this valuation or built up area rate.	Land area rate adopted Rs.450/- per sq. ft. considerate with common facilities like paved roads, street light connection, club house and common plots etc.
If sale instance are not available or not the basis of arriving at the land rate	Prevailing Market rate in Vicinity.
CONSTRUCTION
Year of commencement of construction Year of completion	N.A. as a open plot
PART – II VALUATION Plot is bounded by flowing boundaries as per sale deed North: Block No.233 East: Block No.232 and 258 South: Block No.231 West: Block No 230 Land area rate adopted for the purpose of valuation. As per general inquiry the land is ranging from Rs.400/- to 500/- per sq. ft. depending upon the size, situation, development of surrounding area, use of plot, etc. they have considered the land rate @ Rs.450/- per sq. ft. including land development cost. LAND VALUE Considering the situation and locality of property, development of surrounding area, development nearby area, accessibility, marketability, prevailing rate of land in vicinity such other factor affecting to land value, development of land and purpose of valuation etc. evaluate the market of land at Rs.450/- per sq. ft. Land Value = Land area X Rate per sq. ft. = 46,035 sq. ft. x Rs.450/- =Rs.20.716 Millions
Market Value	Rs.20.716 Millions
Realization Value	Rs.18.644 Millions (About 10% less then M.V)
Distress sale of the property	Rs.14.501 Millions (About 30% less then M.V)
Jantri Value	Rs.1.857 Millions (as per sale deed No. MSN 9286 Dated 07.10.2013)

------------------------------------------------------------------------------------------------------------------------------

VALUATION REPORT

PART - I

Purpose for which valuation is made

To Ascertain fair market value of property for Bank loan from Bank of India, Chandkheda Branch, Ahmedabad

Date on which valuation is made

As on 21.02.2014

Name of the owner/ Owners Name of buyer

Mr. Jayeshkumar Hiralal Amin

If the Property is under Joint Ownership/ Co-ownership, share of each such owner. Are the shares undivided?

Single Ownership Property

Brief Description of the Property

Property is Residential Tenement. It is load bearing wall structure with R.C.C. slab, beams, columns and brick masonry walls.

Location, Street, ward No.

Bungalow No.63, Shyam Sarthi Bungalow, Behind Sarthi Bungalow, Near Satyamev Hospital, Kalol – Gandhinagar Highway, Chandkheda, Ahmedabad

Survey / Plot No. of Land

R. S. No.264/1, 265, 266/1 and 267/1, Mouje: Zundal, District: Gandhinagar.

Is the Property situated in Residential/ Commercial/ Mixed Area/ Industrial Area

Residential Area

Classification of Locality – High Class/ Middle Class etc.

Higher – Middle Class

Proximity to civic amenities like Schools, Hospitals, Banks. Market etc.

Available within nearby distance.

Means and Proximity to surface Communication by which the locality is served.

Served by Scooters, auto rickshaws, cars etc.

LAND

Area of Land Supported by documentary proof, shape, dimensions and physical features.

990 sq. ft. (91.97 sq. mtr. As per agreement to sale – net plot area)

Roads, Streets or Lanes on which the land

On Internal Village Road

Is Freehold or Leasehold Land?

Freehold Land

If leasehold, the name of lesser/ lessee Nature of lease, date of commencement and termination of lease of renewal of lease

NA

Is there any restrictive covenant in regard to use of land?

NA

Does the land fall in an area included in any town planning scheme or any development plan of governments or Statutory body? If so, give particulars

NA

IMPROVEMENTS

Attach plan and elevations of all structures standing on the land and a layout plan

Yes, Plans are approved by AUDA Vide No. PRM/109/04/2006/00661

Date: 10.01.2007

Is the Building Owner – Occupied/ Tenanted/ Both

Owner

RENTS

Give details of water and electricity to be born by the owner

Born by Owner

Who has to bear the cost of electricity

Born by Owner

What is the amount of property tax? Which is the bear it?

As per AMC Tax Bill Paid by Owner

SALES

Give instances of sales of immovable property in the locality on a separate sheet, indicating the name and address of the property registration No. sale price and area lf land sold.

Sales instances are not available discussed in valuation statement. Jantri rate is the guide line rate for collecting the stamp duty registration it does not reflect on Market value of the property.

Land rate adopted in this valuation or built up area rate.

Land area rate adopted @ Rs.3,100/- per sq. ft. as net plot area and it includes land development cost like earth filling, leveling etc. as developed plot in society area.

If sale instance are not available or not the basis of arriving at the land rate

Prevailing Market rate in Vicinity and Experience

CONSTRUCTION

Year of commencement of construction Year of completion

About 2007 years

What was the method of construction-by Contract! by employing labour directly/ Both?

By Organizers

FORM – 1

No. of Floors and height of each floor

Ground Floor

First Floor

9’-6”

9’-6”

Plinth area floor - wise (As per IS 3861 -:- 1966)

First Floor

1440 sq. ft. (160 sq. yds. G.F. + F.F. BA as per document)

Year of construction

It is under construction building

Estimated future life

About 46 years with regular and preventive maintenance

Type of construction -load bearing Walls/ R.C.C. Frame/ Steel frame

Load bearing wall structure

Type of foundation

Wall Footings

Walls

Basement or Plinth

1’-6”, 1’-2”, 0’-9”, 0’-6” Thick Brick Masonry walls in C.M.

Partitions

First Floor

0’-6” Thick brick masonry walls in cement Mortar.

Flooring

Ground Floor

Vitrified and Ceramic Flooring

Door and Windows

Ground Floor

First Floor

Wooden Door with wooden Frame and Wooden

Window with M. S. Safety Grill

Finishing (Floor Wise)

First Floor

Second Floor

Inside Smooth Cement Plaster to interior walls

And outside double coat sand face plaster

Roofing and Terracing

RCC Slab

Special architectural or decorative features, if any

Good Outlook

(i) Internal wiring - Surface or conduit

(ii) Class of fittings: Superior/Ordinary/Poor

Concealed copper electrical wiring with sufficient

light and plug points

Sanitary installation

No of water Closets

No of bath tubs – Wash Basin

Bath 3 No. and W/c 1 No

1 No.

Class of fittings superior colored/ superior white. Ordinary

Good

Compound wall

-Height and length

9” thick masonry compound wall

Underground Sump, capacity and Type if construction

Overhead Water Tank

Overhead Tank

Where located

Of required capacity

Pump No and their horse power

Common water connection from Local Bodies

Roads and paving within the compound

Paved Compound etc.

Sewage disposal - whether connected to public sewers. If septic tanks provided, No. and capacity.

Connected to Public Sewer line.

PART – II VALUATION

It is surrounded by following boundaries as per site

North: Bungalow No.64

South: Bungalow No.62

East: Bungalow No.66

West: Internal Road

Land Value

Considering the situation, locality of property, development of surrounding area, development accessibility, marketability, topography of land, prevailing rate of land in vicinity development of land etc. the market rate of this land at Rs.3,100/- per sq. ft. per sq. ft. as net plot area and including land development cost etc on valuation date

Land value – Land area in sq. ft. x Rate per sq. ft.

= 990 sq. ft. x Rs.3,100/- per sq. ft.

= Rs.3.069 Millions

BUILDING VALUE

Sr. No.	Description	Super Built up Area in sq. ft.	Built up Area rate per sq. ft. in Rs.	Total Value in Rs. In Millions
1.	Bungalow No.63, Shyam Sarthi Bungalow, Behind Sarthi Bungalow, Near Satyamev Hospital, Kalol to Gandhi Nagar Highway, Chandkheda, Ahmedabad, Gujarat, India	1440 sq. ft.	Rs.1,750/-	Rs.2.520 Millions
TOTAL VALUE				2.160

SUMMARY

Land Value

Rs.3.069 Millions

Building Value

Rs.2.520 Millions

Total Value

Rs.5.589 Millions

Market Value

Rs.5.589 Millions

Realization Value

Rs.5.030 Millions

Distress sale of the property

Rs.3.912 Millions

Jantri Price

Rs.0.897 Million (Land and Constructio)

------------------------------------------------------------------------------------------------------------------------------

NOTE:

The Registered office of the company has been shifted from, 63, Shyam Sarthi Bungalows, Behind Sarthi Bungalows, Near Kalol Highway Road, Chandkheda, Ahmedabad- 382424, Gujarat, India, to the present address w.e.f. 10.09.2012.

------------------------------------------------------------------------------------------------------------------------------

FINANCIAL RESULTS:

The company in its first year of Operation has affected NIL sales. And Company has write off preliminary expenses to the extent of Rs.0.034 Million, the company has suffer a net loss of Rs.0.061 Million.

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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.60.10
UK Pound	1	Rs.102.40
Euro	1	Rs.81.88

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	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		26

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.