MIRA INFORM REPORT

Report Date :

08.03.2014

IDENTIFICATION DETAILS

Name :	VIDHI MINERALS AND ALLOYS PRIVATE LIMITED
Registered Office :	Gandhi Chowk, Kanhan, Nagpur – 441 401, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.03.2007
Com. Reg. No.:	11-169017
Capital Investment / Paid-up Capital :	Rs.3.100 millions
CIN No.: [Company Identification No.]	U10300MH2007PTC169017
TAN No.: [Tax Deduction & Collection Account No.]	NGPV03644E
PAN No.: [Permanent Account No.]	AACCV4567G
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter and Importer of Manganese Ore and Ferroalloys, Like Elements, etc.
No. of Employees :	20 (Approximately)

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 150000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a part of the larger Shyamji Group, which is promoted by Mr. Ajay Khandelwal and Mr. Vijay Khandelwal. It is an established company having moderate track. Management of the company have failed to file its financial after 2010 with the government department. The rating takes into consideration below average financial risk profile marked by weak debt protection metrics, low net networth, moderate scale of operations and exposure to volatility in prices of manganese alloys. However, trade relation are fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB - (Long term rating)
Rating Explanation	Have moderate risk of default.
Date	10.01.2014

Rating Agency Name	CRISIL
Rating	A4+ (Short term rating)
Rating Explanation	Have Minimal degree of safety and very high credit risk
Date	10.01.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Rajesh
Designation :	Export Executive
Contact No.:	91-7102-236138
Date :	07.03.2014

LOCATIONS

Registered Office/ Factory :	Gandhi Chowk, Kanhan, Nagpur – 441 401, Maharashtra, India
Tel. No.:	91-7102-236167 / 138
Fax No.:	91-7102-236176
E-Mail :	shyamjiminerals@shyamjiminerals.com krishna076@rediffmail.com info@groupshyamji.com
Website :	http://www.groupshyamji.com
Location :	Owned
Corporate Office :	579, Tharsa Road, Kanhan, Nagpur – 441 401, Maharashtra, India
Tel. No.:	91-7102-236276 / 236138 / 236167
Fax No.:	91-7102-236176 / 236040
Warehouse:	Survey No. 218, S.V. Industries Compound, At-Chandrapura, Tehsil – Halol, District - Panchamahal, Gujarat, India
Factory 1:	Sur. No. 219, Village - Chandrapura, Taluka – Halol, District – Panchamahal - 389350, Gujarat, India

DIRECTORS

As on 29.09.2010

Name :

Mr. Ajay Ramesh Khandelwal

Designation :

Managing Director

Address :

Pandhan Road, Tarasa Road, Kanhan, Nagpur – 441 401, Maharashtra, India

Date of Birth/Age :

15.03.1967

Date of Appointment :

05.04.2009

DIN No.:

01784753

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	U10300MH2007PTC169017	VIDHI MINERALS AND ALLOYS PRIVATE LIMITED	Managing director	05/04/2009	21/03/2007	-	Active	NO
2	U74899DL1991PTC046240	SAUMYAA ALLOYS PRIVATE LIMITED	Director	04/01/2008	04/01/2008	13/02/2009	Active	NO
3	U40108MH2008PTC187498	SMTC POWER AND INDUSTRIES PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
4	U45400MH2008PTC185935	SMTC PROJECTS PRIVATE LIMITED	Managing director	01/04/2009	01/04/2009	-	Active	NO
5	U27200MH2003PTC142593	MICRON MINERALS PRIVATE LIMITED	Director	06/04/2009	06/04/2009	-	Active	NO
6	U14200MH2010PTC209172	SMTC MINES AND MINERALS PRIVATE LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO
7	U14220MH2010PTC209171	WORLD AGE RESOURCES PRIVATE LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO
8	U27104MH1999PLC120845	KRISHNAPING ALLOYS LIMITED	Director	26/12/2011	26/12/2011	-	Active	NO
9	U14220MH2012PTC225886	EXCELLON MINES AND MINERALS PRIVATE LIMITED	Additional director	04/12/2012	04/12/2012	-	Active	NO
10	U14220MH2012PTC225887	NEWPORT MINES AND MINERALS PRIVATE LIMITED	Additional director	04/12/2012	04/12/2012	-	Active	NO
11	U14200MH2012PTC225888	MANCHESTER MINES AND MINERALS PRIVATE LIMITED	Additional director	04/12/2012	04/12/2012	-	Active	NO

Name :

Mr. Vijay Babulal Khandelwal

Designation :

Managing Director

Address :

Sham Kuti, Hanuman Nagar, Tharsa Road, Kanhan B-12, Khandelwal Colony, Nagpur – 441 401, Maharashtra, India

Date of Birth/Age :

27.05.1972

Date of Appointment :

05.04.2009

DIN No.:

01775995

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	U10300MH2007PTC169017	VIDHI MINERALS AND ALLOYS PRIVATE LIMITED	Managing director	05/04/2009	21/03/2007	-	Active	NO
2	U40108MH2008PTC187498	SMTC POWER AND INDUSTRIES PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
3	U45400MH2008PTC185935	SMTC PROJECTS PRIVATE LIMITED	Managing director	01/04/2009	01/04/2009	-	Active	NO
4	U27200MH2003PTC142593	MICRON MINERALS PRIVATE LIMITED	Director	06/04/2009	06/04/2009	-	Active	NO
5	U14200MH2010PTC209172	SMTC MINES AND MINERALS PRIVATE LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO
6	U14220MH2010PTC209171	WORLD AGE RESOURCES PRIVATE LIMITED	Director	19/10/2010	19/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Export Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Ajay Ramesh Khandelwal	25000
Vijay Babulal Khandelwal	55000
Sunita Khandelwal	30000
Shivani Khandelwal	60000
Meena Khandelwal	40000
Praddum Trading Company Limited, India	100000
Total	310000

As on 29.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	67.70
Directors or relatives of directors	32.30
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter and Importer of Manganese Ore and Ferroalloys, Like Elements, etc.
Products :	· Alloying Elements · Heavy Metal · Light Metal · Nrecious Metal
Exports :
Products :	Manganese Ore Ferroalloys
Countries :	Pakistan Europe African Countries Mexico Korea Indonesia Turkey Philippines
Imports :
Products :	Raw material (Alloys)
Countries :	China Indonesia
Terms :
Selling :	L/C
Purchasing :	L/C

GENERAL INFORMATION

Suppliers :

· Active Cargo Solution Private Limited

· Bhagawati Travels

· Deepak Ferro Alloys Limited

· Innova Remedies Private Limited

· Sai Chemicals Private Limited

· Punjab Mill Stores

· S.G.S.India Private Limited Nagpur

· Sai Chemicals Private Limited

· Saumyaa Alloys (Private) Limited

· Sikkim Ferro Alloys Limited

· Worldage Limited

· Aditya and Group

· Devesh Enterprises

· Hitaishi Enterprises

· K.P. Smart Consultant

· K.P. Trademark Private Limited

· Krishnaping Alloys Private Limited

· Manganese Ore India Limited

· Sachin Enterprises

· Tolu Tours

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

20 (Approximately)

Bankers :

Union Bank of India, Dhantoli Branch, “Shriman Palace”, Lokmat Square, Wardha Road, Nagpur – 440 012, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
HDFC Bank – Loan	0.337	0.000
UBI CC A/c No.3660050100000308	25.134	34.894
UBI EPC A/c No.366007220000012	34.654	0.000
Total	60.125	34.894

Banking Relations :	--
Auditors :
Name :	K P R K and Associates Chartered Accountants
Address :	181, Chitle Marg, Dhantoli, Near State Bank of Travancore, Nagpur – 440 012, Maharashtra, India
Tel. No.:	91-712-2451533
PAN No.:	AAGFG6923Q
Associates :	· SMTC Power and Industries Private Limited · SMTC Projects Private Limited · Micron Minerals Private Limited · Manganese Products Corporation · Shyamji Minerals Trading Corporation · Krishnaping Alloys Private Limited · Vidhi Khandelwal Trust · Chaitanya Khandelwal Trust · Khandelwal Transport · Worldage Resources B.V.

CAPITAL STRUCTURE

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.10/- each	Rs.3.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
310000	Equity Shares	Rs.10/- each	Rs.3.100 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		3.100	2.100	1.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34.287	21.211	5.163
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		37.387	23.311	6.263
LOAN FUNDS
1] Secured Loans		60.125	34.894	0.000
2] Unsecured Loans		2.500	0.035	34.355
TOTAL BORROWING		62.625	34.929	34.355
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		100.012	58.240	40.618
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.477	0.024	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.222	0.000	0.000
DEFERREX TAX ASSETS		0.029	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.102	4.738	0.000
	Sundry Debtors	51.346	(6.430)	11.604
	Cash & Bank Balances	0.269	1.240	0.500
	Other Current Assets	28.839	19.764	2.143
	Loans & Advances	49.619	48.297	27.641
Total Current Assets		156.175	67.609	41.888
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	58.768	6.891	0.359
	Other Current Liabilities	0.000	0.000	0.324
	Provisions	1.138	2.524	0.617
Total Current Liabilities		59.906	9.415	1.300
Net Current Assets		96.269	58.194	40.588
MISCELLANEOUS EXPENSES		0.015	0.022	0.030
TOTAL		100.012	58.240	40.618

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	369.843	441.128	31.500
		Other Income	4.537	3.028	0.018
		TOTAL (A)	374.380	444.156	31.518
Less	EXPENSES
		Purchase and Direct Expenses	337.230	404.525	29.017
		Administrative and Other Expenses	15.869	19.610	0.651
		TOTAL (B)	353.099	424.135	29.668
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.281	20.021	1.850
Less	INTEREST AND BANK CHARGES (D)		7.246	1.587	0.068
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.035	18.434	1.782
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.157	0.001	0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		13.878	18.433	1.782
Less	TAX (H)		4.802	6.385	0.619
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		9.076	12.048	1.163
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.211	1.163	0.000
	BALANCE CARRIED TO THE B/S		22.287	13.211	1.163
	EARNINGS IN FOREIGN CURRENCY
		High Seas Sales	60.262	411.906	$441776
		Export Sales	89.691
	TOTAL EARNINGS		149.953	411.906	$441776
	Earnings Per Share (Rs.)		29.28	57.37	10.57

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.42	2.71	3.69
Net Profit Margin (PBT/Sales)	(%)	3.75	4.18	5.66
Return on Total Assets (PBT/Total Assets}	(%)	8.75	27.25	4.25
Return on Investment (ROI) (PBT/Networth)		0.37	0.79	0.28
Debt Equity Ratio (Total Debt/Networth)		0.00	1.50	5.48
Current Ratio (Current Asset/Current Liability)		2.61	7.18	32.22

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2008	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	31.500	441.128	369.843
		1,300.406	-16.160

NET PROFIT MARGIN

Net Profit Margin	31.03.2008	31.03.2009	31.03.2010
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	31.500	441.128	369.843
Profit	1.163	12.048	9.076
	3.69%	2.73%	2.45%

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOANS

(Rs. In Millions)

Particular	As on 31.03.2010	As on 31.03.2009
From Directors	0.000	0.035
From Corporate	2.500	0.000
Total	2.500	0.035

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10152195	26/06/2010 *	90,000,000.00	UNION BANK OF INDIA	DHANTOLI BRANCH, "SHRIMAN PALACE" LOKMAT SQUARE,  WARDHA ROAD, NAGPUR, Maharashtra - 440012, INDIA	A89964183

Note: * Date of charge modification

CONTINGENT LIABILITIES NOT RECORDED IN RESPECT OF (As on 31.03.2010)

· Balance of Sundry debtors, sundry creditors are subject to confirmation.

· Provision for Income Tax is made as per Income Tax, 1961.

· Estimated amount of contract remaining to be executed on capital account not provided for Rs. Nil.

· Claim not acknowledged by the company Rs. Nil

· Contingent liability for LC Bill discounting Rs.15.000 millions.

· Bank guarantee Rs.5.000 millions.

FIXED ASSETS

· Land

· Factory (WIP Halol)

· Furniture

· Plant and Machinery (WIP Halol)

· Air Conditioner

· Vehicles

· Vehicles (Halol)

· Computer

· Computer (Gujarat Depot)

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.99
UK Pound	1	Rs.102.08
Euro	1	Rs.84.52

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	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	YES
--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.