MIRA INFORM REPORT

Report Date :

07.05.2014

IDENTIFICATION DETAILS

Name :	CBS STEEL PRIVATE LIMITED
Registered Office :	17/10, New Rohtak Road, Anand Parvat Industrial Area, New Delhi – 110005
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.11.2005
Com. Reg. No.:	55-142402
Capital Investment / Paid-up Capital :	Rs. 7.225 Millions
CIN No.: [Company Identification No.]	U27310DL2005PTC142402
TAN No.: [Tax Deduction & Collection Account No.]	DELC09290B
PAN No.: [Permanent Account No.]	AACCC7004P
Legal Form :	Private Limited Liability Company
Line of Business :	Importers and Processors of Flat Rolled Carbon steel like Cold rolled and its Coated products as Galvanised, Prepainted and especially in Tin Coated Products as Tinplates, Tinfree, Black Plates mainly used for Steel Packaging.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its financials with the government department after 2010. As per available financial 2010, External borrowings of the company seems to be increasing over year. However, business is active. Payment terms are unknown. The company can be considered for business dealing on safe and secured trade terms and conditions.

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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 DECLINED BY

Name :	Mr. Rahul Kapurwan
Designation :	Accountant
Contact No.:	91-11-27027028
Date :	03.05.2014

LOCATIONS

Registered Office :	17/10, New Rohtak Road, Anand Parvat Industrial Area, New Delhi – 110005, India
Tel. No. :	91-11-27027028
Mobile No.:	91-9321112630 (Mr. Sumit Singla)
Fax No. :	Not Available
E-Mail :	hpsharma1967@gmail.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Vikas Singla

Designation :

Director

Date of Birth/Age :

15.04.1975

Date of Appointment :

09.11.2005

DIN No. :

00520539

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	U27106DL2005PTC134579	RAKSHA TINPLATE PRIVATE LIMITED	Director	31/03/2005	31/03/2005	20/06/2011	Active	NO
2	U27310DL2005PTC142402	CBS STEEL PRIVATE LIMITED	Director	09/11/2005	09/11/2005	-	Active	NO
3	U72300DL2007PTC157463	STEELBAZAR E-SERVICES PRIVATE LIMITED	Director	05/01/2007	05/01/2007	05/03/2012	Active	NO
4	U40300DL2008PTC172456	CBS ENERGY SYSTEMS PRIVATE LIMITED	Director	09/01/2008	09/01/2008	-	Active	NO
5	U27100DL2008PTC175414	RAKSHA GLOBAL STEEL PRIVATE LIMITED	Director	14/03/2008	14/03/2008	20/01/2010	Active	NO
6	U67120DL2008PTC177120	CBS HOLDINGS PRIVATE LIMITED	Director	24/04/2008	24/04/2008	21/03/2012	Active	NO
7	U27310DL2008PTC178633	CBS STEEL SERVICES PRIVATE LIMITED	Director	27/05/2008	27/05/2008	-	Active	NO
8	U72100DL1997PTC087065	ACE UTILITIES PRIVATE LIMITED	Director	18/01/2011	18/01/2011	-	Active	NO

Name :

Mr. Yash Pal Singla

Designation :

Director

Date of Birth/Age :

26.11.1952

Date of Appointment :

09.11.2005

DIN No. :

00520564

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	U27310DL2005PTC142402	CBS STEEL PRIVATE LIMITED	Director	09/11/2005	09/11/2005	-	Active	NO
2	U40300DL2008PTC172456	CBS ENERGY SYSTEMS PRIVATE LIMITED	Director	09/01/2008	09/01/2008	-	Active	NO
3	U27310DL2008PTC178633	CBS STEEL SERVICES PRIVATE LIMITED	Director	27/05/2008	27/05/2008	01/07/2010	Active	NO
4	U27100DL2008PTC175414	RAKSHA GLOBAL STEEL PRIVATE LIMITED	Director	09/01/2010	09/01/2010	05/03/2012	Active	NO

Name :

Mr. Sumit Singla

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Rahul Kapurwan
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Vikas Singla	267000
Pardeep Singla	228000
Yashpal Singla	223507
CBS Holding Private Limited	40000
Bhawna Singla	1000
Manju Singla	1000
Tina Singla	1000
Urmila Singla	1000
Total	762507

Allottees as on 20.02.2011

Names of Allottees	No. of Shares
Vikas Singla	7400
Bhawna Singla	6600
Total	14000

Allottees as on 20.02.2011

Names of Allottees	No. of Shares
Vijay Kumar HUF	18000
Suresh Kumar HUF	16000
Anup Garg	14000
Anju Garg	12000
Suman Garg	6000
Total	66000

Allottees as on 15.02.2011

Names of Allottees	No. of Shares
Vikas Singla	274400
Pardeep Singla	228000
Yashpal Singla	223507
CBS Holding Private Limited	70000
Bhawna Singla	7600
Manju Singla	1000
Tina Singla	1000
Urmila Singla	1000
Total	806507

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	5.25
Directors or relatives of Directors	94.75
Total	100.00

BUSINESS DETAILS

Line of Business :

Importers and Processors of Flat Rolled Carbon steel like Cold rolled and its Coated products as Galvanised, Prepainted and especially in Tin Coated Products as Tinplates, Tinfree, Black Plates mainly used for Steel Packaging.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Shearing	M.T.	25000	25000
Blanking	M.T.	12000	12000

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

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

· Oriental Bank of Commerce, Ground Floor Harsha Bhawan, E Block, Connaught Place Lace, New Delh – 110001, India

Facilities :

SECURED LOANS	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
UBI A/C No. 130117 (CC Hyp.)	165.206	109.295
UBI A/C No. 130056 (Current A/c)	1.198	6.400
UBI Car Loan (Honda City)	0.000	0.347
UBI Car Loan (Loura)	0.254	0.599
ICICI Bank Car Loan (Innova)	0.000	0.058
Reliance Capital Limited (Machinery Loan)	4.135	0.000
Total	170.793	116.699

Banking Relations :	--
Auditors :
Name :	Man Mohan Gupta and Company Chartered Accountants
Address :	Kirpal Cottage, Sant Nagar, Rohtak – 124001, Haryana, India
Income-tax PAN of auditor or auditor's firm :	AAPPG8373H

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 97.441 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
722,507	Equity Shares	Rs.10/- each	Rs. 7.225 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		7.225	6.835	1.770
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		76.780	45.106	16.431
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		84.005	51.941	18.201
LOAN FUNDS
1] Secured Loans		170.793	116.699	29.137
2] Unsecured Loans		73.436	25.500	9.239
TOTAL BORROWING		244.229	142.199	38.376
DEFERRED TAX LIABILITIES		0.718	0.253	0.253
TOTAL		328.952	194.393	56.830
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.530	8.379	6.251
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	213.051	76.373	23.568
	Sundry Debtors	244.326	175.772	39.646
	Cash & Bank Balances	26.429	10.570	2.125
	Other Current Assets	28.294	14.123	2.481
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		512.100	276.838	67.820
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	182.411	87.477	16.556
	Other Current Liabilities	14.267	3.360	0.711
	Provisions	0.000	0.000	0.000
Total Current Liabilities		196.678	90.837	17.267
Net Current Assets		315.422	186.001	50.553
MISCELLANEOUS EXPENSES		0.000	0.013	0.026
TOTAL		328.952	194.393	56.830

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1340.651	751.600
		Other Income	1.567	1.777
		TOTAL (A)	1342.218	753.377	190.597
Less	EXPENSES
		Purchases	1240.878	713.738
		Direct Expenses	5.097	4.584
		Personal Expenses	7.716	2.435
		Administrative and Selling Expenses	8.868	4.527
		Selling and Distribution Expenses	2.487	1.353
		TOTAL (B)	1265.046	726.637	189.395 (Including Financial Expenses and Depreciation )
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		77.172	26.740
Less	FINANCIAL EXPENSES (D)		41.198	20.877
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		35.974	5.863
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.788	1.221
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		34.186	4.642	1.202
Less	TAX (H)		11.407	1.528	0.297
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		22.779	3.114	0.905
Less	Deferred Tax Liability		0.465	0.000	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.440	1.326	NA
	BALANCE CARRIED TO THE B/S		26.754	4.440	NA
	IMPORTS
		Raw Materials	157.607	NA	NA
	TOTAL IMPORTS		157.607	NA	NA
	Earnings / (Loss) Per Share (Rs.)		31.53	4.56	5.11

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10391303	13/12/2012	108,300,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B63876783
2	10391305	13/12/2012	145,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B63877146
3	10387610	28/09/2012	14,700,000.00	ORIENTAL BANK OF COMMERCE	GROUND FLOOR HARSHA BHAWAN, E BLOCK, CONNAUGHT PLACE LACE, NEW DELH, DELHI - 110001, INDIA	B62397344
4	10387612	28/09/2012	110,000,000.00	ORIENTAL BANK OF COMMERCE	GROUND FLOOR HARSHA BHAWAN, E BLOCK, CONNAUGHT PLACE LACE, NEW DELH, DELHI - 110001, INDIA	B62398300
5	10338214	31/01/2012	10,000,000.00	S. E. INVESTMENTS LIMITED	S-547IIND FLOOR MAIN ROAD, SHAKAR PUR, NEW DELHI, DELHI - 110092, INDIA	B33237918
6	10318305	28/09/2012 *	130,000,000.00	ORIENTAL BANK OF COMMERCE	GROUND FLOOR HARSHA BHAWAN, E BLOCK, CONNAUGHT PLACE LACE, NEW DELH, DELHI - 110001, INDIA	B62395041
7	10297308	12/01/2012 *	590,000,000.00	UNION BANK OF INDIA ( LEAD BANK )	BQ BLOCK, SHALIMAR BAGH, NEW DELHI, DELHI - 110088, INDIA	B29855822
8	10303153	30/06/2011	50,000,000.00	UNION BANK OF INDIA	BQ BLOCK, SHALIMAR BAGH, NEW DELHI, DELHI - 110088, INDIA	B19158948
9	10289649	10/06/2011	13,800,000.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B14066203
10	10288476	04/06/2011	7,650,000.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B13558184
11	10287932	31/05/2011	9,469,000.00	INTEC CAPITAL LIMITED	701,MANJUSHA, 57 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	B13335351
12	10289246	12/04/2011	10,000,000.00	S. E. INVESTMENTS LIMITED	S-547IIND FLOOR MAIN ROAD, SHAKAR PUR, NEW DELHI, DELHI - 110092, INDIA	B13856273
13	10251457	16/11/2010	30,000,000.00	UNION BANK OF INDIA	BQ BLOCK, SHALIMAR BAGH, NEW DELHI, DELHI - 110088, INDIA	A99171001
14	10226629	30/06/2010	240,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A88575113
15	10223728	07/06/2010	50,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	A87219424
16	10217537	27/04/2010	8,000,000.00	S. E. INVESTMENTS LIMITED	S-547IIND FLOOR MAIN ROAD, SHAKAR PUR, NEW DELHI, DELHI - 110092, INDIA	A84594829
17	10207884	13/03/2010	20,000,000.00	UNION BANK OF INDIA	BQ BLOCK MARKET, SHALIMAR BAGH, NEW DELHI, DELHI - 110088, INDIA	A81336109
18	10172137	03/07/2009	4,722,875.00	RELIANCE CAPITAL LTD	"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE C ITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA	A68323294
19	10147224	16/03/2009	10,000,000.00	UNION BANK OF INDIA	SHALIMAR BAGH, NEW DELHI, DELHI - 110088, INDIA	A58710583
20	10144585	15/01/2009	1,000,000.00	UNION BANK OF INDIA	SHALIMAR BAGH, NEW DELHI, DELHI - 110088, INDIA	A57618696
21	10087325	20/11/2012 *	414,700,000.00	UNION BANK OF INDIA	BQ BLOCK MARKET, SHALIMAR BAGH, NEW DELHI, DELHI - 110088, INDIA	B63466734

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Director/ Relative of Directors	23.840	20.550
Corporate	46.088	1.663
Others	3.508	3.287
Total	73.436	25.500

CHANGE OF ADDRESS:

The registered office of the company has been shifted from 710, 7th Floor, Ring Road Mall, Plot No.21, Sector – 3, Manglam Palace, Rohini, New Delhi – 110085, India to the present address w.e.f. 14.12.2011.

OPERATIONS:

The company earned a net Profit of Rs. 22.314 Millions. The company is in the process of expanding its range of products.

FUTURE PROSPECTS:

The company is expected to achieve desired level of turnover in the coming year.

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.60.20
UK Pound	1	Rs.101.68
Euro	1	Rs.83.55

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	MRI

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.