MIRA INFORM REPORT

Report Date :

04.11.2014

IDENTIFICATION DETAILS

Name :	STAINLESS INTERNATIONAL PRIVATE LIMITED
Registered Office :	5A, N C Dutta Sarani, Ground Floor, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.11.2008
Com. Reg. No.:	21-130687
Capital Investment / Paid-up Capital :	Rs.10.000 Million
CIN No.: [Company Identification No.]	U27100WB2008PTC130687
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Iron, Stainless steel.
No. of Employees :	12 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 140000
Status :	Small Business
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are fair. Business is active. Payment terms are reported as slow bur correct. The company can be considered for small business dealings at usual 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Manish
Designation :	Director
Contact No.:	91-9867681548
Date :	27.10.2014

LOCATIONS

Registered Office :	5A, N C Dutta Sarani, Ground Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	Not Available
Mobile No.:	91-9867681548 (Mr. Manish)
Fax No.:	Not Available
E-Mail :	stainlessinternational@ymail.com
Corporate Office :	21, 1^st Panjrapole lane, Mumbai – 400004, Maharashtra, India
Warehouse :	New Bombay, Kalamboli

DIRECTORS

Name :

Mr. Manish Gupta

Designation :

Director

Address :

W 3A, Rangtarang Apartments, 53 Ram tanu lahiri srni, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

06.11.1977

Date of Appointment :

19.11.2008

DIN No.:

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	U27107WB2001PTC093862	STAINLESS EMPORIUM PRIVATE LIMITED	Director	20/10/2001	20/10/2001	-	Active	NO
2	U51909WB2001PTC093564	MICKLE COMMERCIALS PRIVATE LIMITED	Director	10/12/2001	10/12/2001	-	Active	NO
3	U51909WB1996PTC079241	JACKSON MARKETING PVT LTD	Director	20/10/2003	20/10/2003	-	Active	NO
4	U52190WB1994PTC062098	OLIVER SALES PRIVATE LIMITED	Director	20/10/2003	20/10/2003	-	Active	NO
5	U51226WB1989PTC046028	JEEVAN PRAKASH TRADE ASSOCIATES PVT LTD.	Director	20/10/2003	20/10/2003	-	Active	NO
6	U27100WB2008PTC130687	STAINLESS INTERNATIONAL PRIVATE LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO
7	U74900WB2009PTC137818	PROPELLO INNOVATIONS PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Active	NO

Name :

Mr. Mahesh Gupta

Designation :

Director

Address :

W 3A, Rangtarang Apartments, 53 Ram tanu lahiri srni, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

06.05.1972

Date of Appointment :

19.11.2008

DIN No.:

00562734

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	U27107WB2001PTC093862	STAINLESS EMPORIUM PRIVATE LIMITED	Director	18/10/2001	18/10/2001	-	Active	NO
2	U51909WB2001PTC093564	MICKLE COMMERCIALS PRIVATE LIMITED	Director	10/12/2001	10/12/2001	-	Active	NO
3	U51909WB1996PTC079241	JACKSON MARKETING PVT LTD	Director	20/10/2003	20/10/2003	-	Active	NO
4	U52190WB1994PTC062098	OLIVER SALES PRIVATE LIMITED	Director	20/10/2003	20/10/2003	-	Active	NO
5	U51226WB1989PTC046028	JEEVAN PRAKASH TRADE ASSOCIATES PVT LTD.	Director	20/10/2003	20/10/2003	-	Active	NO
6	U28991WB1966NPL026948	TOOL & ALLOY STEELS ASSOCIATION	Director	29/06/2007	29/06/2007	25/11/2010	Active	NO
7	U27100WB2008PTC125056	STAINLESS FABCON PRIVATE LIMITED	Director	22/04/2008	22/04/2008	-	Active	NO
8	U27100WB2008PTC130687	STAINLESS INTERNATIONAL PRIVATE LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO

Name :

Mr. Shree Niwas Gupta

Designation :

Director

Address :

W 3A, Rangtarang Apartments, 53 Ram tanu lahiri srni, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

19.04.1946

Date of Appointment :

19.11.2008

DIN No.:

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	U52190WB1994PTC062098	OLIVER SALES PRIVATE LIMITED	Director	04/03/1994	04/03/1994	-	Active	NO
2	U67120WB1994PTC065174	MLG STOCK BROKING PRIVATE LIMITED	Director	19/09/1994	19/09/1994	29/08/2009	Active	NO
3	U51909WB1996PTC079241	JACKSON MARKETING PVT LTD	Director	09/04/1996	09/04/1996	-	Active	NO
4	U51226WB1989PTC046028	JEEVAN PRAKASH TRADE ASSOCIATES PVT LTD.	Director	18/11/1997	18/11/1997	-	Active	NO
5	U51909WB2001PTC093564	MICKLE COMMERCIALS PRIVATE LIMITED	Director	07/08/2001	07/08/2001	-	Active	NO
6	U27107WB2001PTC093862	STAINLESS EMPORIUM PRIVATE LIMITED	Director	18/10/2001	18/10/2001	-	Active	NO
7	U51909WB2001PTC094052	JAHNVI TRADING PRIVATE LIMITED	Director	26/12/2001	26/12/2001	29/08/2009	Active	NO
8	U51909WB2001PTC094046	SUFALAM TRADING PRIVATE LIMITED	Director	26/12/2001	26/12/2001	29/08/2009	Active	NO
9	U51909WB2001PTC094048	SHRAWAN COMMERCIAL PRIVATE LIMITED	Director	26/12/2001	26/12/2001	29/08/2009	Active	NO
10	U51909WB2001PTC094049	ADYA TRADING PRIVATE LIMITED	Director	26/12/2001	26/12/2001	29/08/2009	Active	NO
11	U51909WB2001PTC094050	ASHWINI BINIMAY PRIVATE LIMITED	Director	26/12/2001	26/12/2001	29/08/2009	Active	NO
12	U51909WB2001PTC094051	RITWIK TRADING PRIVATE LIMITED	Director	26/12/2001	26/12/2001	29/08/2009	Active	NO
13	U51909WB2002PTC094407	NIPUN COMMERCIALS PRIVATE LIMITED	Director	21/03/2002	21/03/2002	29/08/2009	Active	NO
14	U27100WB2008PTC125056	STAINLESS FABCON PRIVATE LIMITED	Director	22/04/2008	22/04/2008	-	Active	NO
15	U27100WB2008PTC130687	STAINLESS INTERNATIONAL PRIVATE LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Shree Niwas Gupta	2500
Mahesh Gupta	5000
Manish Gupta	2500
Alankar Plastics Private Ltd.	106000
Alluminate Alluminium Pvt. Ltd.	50000
Auxilium Leasing Financial Ltd.	44000
Bargain Credit Capital Pvt. Ltd.	62000
Complex Financial Consultancy Pvt. Ltd.	60000
Constant Financial Consultants Pvt. Ltd.	60000
Countless Leas Financial Pvt. Ltd.	50000
Hindustan Instrumentation and Inds Pvt. Ltd.	50000
Induja Niryat Pvt. Ltd.	30000
Lifeline Foods Ltd.	50000
Meera Merchandise Pvt. Ltd.	40000
Meghana Niryat Pvt. Ltd.	50000
Narmada Niryat Pvt. Ltd.	58000
Neorob Polymer Inds Pvt. Ltd.	40000
Parmanand Niryat Pvt. Ltd.	60000
Pigeon Barter Pvt. Ltd.	20000
Pyar Vinimay Pvt. Ltd.	50000
Shree Ram Niryat Pvt. Ltd.	70000
Woodburn Niketan Pvt. Ltd.	40000
Total	1000000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	99.00
Directors or relatives of Directors	01.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Iron, Stainless steel.
Products :	Stainless Steel Sheets Stainless Steel Plates Stainless Steel Rod Stainless Steel Bar Stainless Steel Pipes Stainless Steel Tubes Stainless Steel Coils Stainless Steel Flanges: o Long Weld Neck Flange o Socket Weld Flange Stainless Steel Pipe Fitting Stainless Steel Angle Stainless Steel Channel Stainless Steel Wire
Exports :
Products :	Finished Goods
Countries :	Nepal Bangladesh
Imports :
Products :	Finished Goods
Countries :	UK Japan Europe
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

No. of Employees :	12 (Approximately)
Bankers :	Bank of Baroda, Gulalwadi, Charni Road, Mumbai – 400004, Maharashtra, India

Banking Relations :	---
Auditors :
Name :	Kamani S.K. and Company Chartered Accountant
Address :	22 Strand Road, Kolkata – 700001, West Bengal, India
PAN No.:	AADFK0998E
Tel No. :	91-22303208 / 22434364 / 30283208 / 30283209
E-Mail. :	Kamani_14@satyam.net.in
Membership :	MASSMA

CAPITAL STRUCTURE

As On 31.03.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	40.726	40.459	40.226
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	50.726	50.459	50.226
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.185
(b) Deferred tax liabilities (Net)	0.003	0.001	0.001
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.003	0.001	0.186
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	5.277	13.849	21.557
(d) Short-term provisions	0.118	0.115	0.199
Total Current Liabilities (4)	5.395	13.964	21.756
TOTAL	56.124	64.424	72.168
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.250	0.059	0.068
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.901	13.604	10.610
(e) Other Non-current assets	0.000	0.033	0.067
Total Non-Current Assets	15.151	13.696	10.745
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.569	17.008	25.772
(c) Trade receivables	10.243	23.852	15.724
(d) Cash and cash equivalents	3.481	0.967	3.620
(e) Short-term loans and advances	8.470	8.726	16.294
(f) Other current assets	0.210	0.175	0.013
Total Current Assets	40.973	50.728	61.423
TOTAL	56.124	64.424	72.168

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	46.382	67.591	198.405
	Other Income	1.564	0.285	19.212
	TOTAL (A)	47.946	67.876	217.617
Less	EXPENSES
	Purchases of Stock-in-Trade	46.322	56.561	215.491
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	8.764	0.000
	Employees benefits expense	0.300	0.198	0.368
	Other expenses	0.768	0.923	0.789
	TOTAL (B)	47.390	66.446	216.648
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	0.556	1.430	0.969
Less	FINANCIAL EXPENSES (D)	0.101	1.074	0.317
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	0.455	0.356	0.652
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.069	0.009	0.008
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.386	0.347	0.644
Less	TAX (I)	0.120	0.115	0.199
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.266	0.232	0.445
	Earnings / (Loss) Per Share (Rs.)	0.27	0.23	0.44

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.55	0.34	0.20
Net Profit Margin (PBT/Sales)	(%)	0.83	0.51	0.32
Return on Total Assets (PBT/Total Assets}	(%)	0.69	0.54	0.89
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.01
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		7.59	3.63	2.82

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	40.226	40.459	40.726
Net worth	50.226	50.459	50.726
long-term borrowings	0.185	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.185	0.000	0.000
Debt/Equity ratio	0.004	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	198.405	67.591	46.382
		(65.933)	(31.378)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	198.405	67.591	46.382
Profit	0.445	0.232	0.266
	0.22%	0.34%	0.57%

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	No
17]	Major suppliers	No
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	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

• Air Conditioner
• Television
• Cell Phone
• Motor Car
• Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.46
UK Pound	1	Rs.98.21
Euro	1	Rs.77.45

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.