MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	RADHA SMELTERS LIMITED
Registered Office :	5-4-92/1A, 2nd Floor, Ranigunj, M.G Road, Alkarim Trade Centre Annexure Building, Secunderabad-500003, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.06.2007
Com. Reg. No.:	01-054660
Capital Investment / Paid-up Capital :	Rs. 88.660 Millions
CIN No.: [Company Identification No.]	U27205TG2007PLC054660
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AADCR6508A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The subject is engaged in Manufacturing of Steel and Steel Products.
No. of Employees :	Information decline by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (22)

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 :	Slow and delayed
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of delay by RSL in servicing its debts, the delay have been caused by RSL’S weak Liquidity resulting from its large working capital requirements. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = D
Rating Explanation	Instrument with this rating are in default or expected to be in default on maturity
Date	20.11.2014

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 31-03-2014.

INFORMATION DENIED

Management non-cooperative (Tel. No. : 91-40-27540719)

LOCATIONS

Registered Office :	5-4-92/1A, 2nd Floor, Ranigunj, M.G Road, Alkarim Trade Centre Annexure Building, Secunderabad-500003, Telangana, India
Tel. No.:	91-40-27540719
Mobile No.:	91-8978477789( Mr. Amit Gupta)
Fax No.:	91-40-40140015
E-Mail :	cs@radhasteel.com marketing@radhasteel.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Sunil Kumar Saraf

Designation :

Whole-time director

Address :

43, Gunrock Enclave, Kharkana, Secunderabad -500009, Telangana, India

Date of Appointment :

01.10.2009

DIN No.:

00062021

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	U27100TG1999PTC031332	NAVNEETA STEELS PRIVATE LIMITED	Director	13-05-00	13-05-00	25-03-08	Active	NO
2	U18100TG1992PTC014150	SUNIL CASTINGS PRIVATE LIMITED	Director	15-02-05	15-02-05	-	Active	NO
3	U45200TG2005PTC046995	BHAGYA ESTATE VENTURES PRIVATE LIMITED	Director	28-07-05	28-07-05	-	Active	NO
4	U27205TG2007PLC054660	RADHA SMELTERS LIMITED	Whole-time director	01-10-09	28-06-07	-	Active	NO
5	U70100TG2014PTC095188	RADHAKRISHNA HOUSING (I) PRIVATE LIMITED	Director	08-08-14	08-08-14	-	Active	NO
6	U70100AP2014PTC095410	RADHAKRISHNA HOUSING PRIVATE LIMITED	Director	30-09-14	30-09-14	-	Active	NO

Name :

Mr. Suman Kumar Saraf

Designation :

Whole-time director

Address :

H. No. 5-4-92/1, 2^nd Floor, Sandeep Towers, Ranigunj, Hyderabad-50003, Telangana, India

Date of Appointment :

28.06.2007

DIN No.:

01646988

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	U18100TG1992PTC014150	SUNIL CASTINGS PRIVATE LIMITED	Director	28-03-03	28-03-03	-	Active	NO
2	U27205TG2007PLC054660	RADHA SMELTERS LIMITED	Whole-time director	01-10-09	28-06-07	-	Active	NO
3	U15400TG2010PTC068607	MARINO FOOD PRODUCTS PRIVATE LIMITED	Director	26-05-10	26-05-10	27-05-10	Active	NO
4	U51909TG2010PTC068606	FAIRDEAL TRADE AND SECURITIES (INDIA) PRIVATE LIMITED	Director	26-05-10	26-05-10	27-05-10	Active	NO

Name :

Mr. Dhirendra Kumar Jain

Designation :

Director

Address :

Shop No. 5, Chandra Complex, Ramgopal Pet Road, Near Mahakali Police Station, M. K. Street Road, Secundarabad-500003, Telangana, India

Date of Appointment :

01.03.2012

DIN No.:

02202084

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	L29309AP1992PLC014177	MATRA KAUSHAL ENTERPRISE LIMITED	Additional director	02-06-08	02-06-08	27-05-14	Active	NO
2	L29309TG1985PLC005417	PARTANI APPLIANCES LIMITED	Director	04-06-10	04-06-10	27-05-14	Active	NO
3	U27205TG2007PLC054660	RADHA SMELTERS LIMITED	Director	01-03-12	01-03-12	-	Active	NO

Name :

Mr. Veera Swamy Meka

Designation :

Director

Address :

8-2-468/1/B, Banjarahils, Hyderabad-500034, Telangana, India

Date of Appointment :

01.03.2012

DIN No.:

05223222

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	U27205TG2007PLC054660	RADHA SMELTERS LIMITED	Director	01-03-12	01-03-12	-	Active	NO
2	L99999TG1992PLC058124	SONPAL CEMENT AND INFRASTRUCTURE LIMITED	Additional director	22-07-13	22-07-13	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.06.2013

Names of Shareholders	No. of Shares
Albatross Share Registry Private Limited	40000
Arbilegence Bo Innovation Limited	100000
BSL Infotech Limited	20000
Clifton Securities Private Limited	62500
Computer Points Limited	10000
Gayatri Devi Saraf	250
Gyaneshwar Trading Finance Limited	150000
Kamini Saraf	500
M. N. Tiwari	100
Novelty Traders Limited	34000
One2E Solutions India Private Limited	30000
Oehin Investments and Finance Private Limited	142500
P. Hanumanth Rao	100
P. T. Sundharajan	50
Sidhi Housing Devlopements Limited	228500
Stocknet International Limited	100000
Suman Kumar Saraf	505000
Sunil Casting Private Limited	4367500
Sunil Saraf	845000
Surkshit Dealers Private Limited	2230000
TOTAL	8866000

Equity Share Break up (Percentage of Total Equity)

As on

Category	Percentage
Bodies corporate	89.70
Directors or relatives of Directors	10.30
Total	100.00

BUSINESS DETAILS

Line of Business :	The subject is engaged in Manufacturing of Steel and Steel Products.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	(Approximately)
Bankers :	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India

Banking Relations :	---
Auditors :
Name :	Mahender Kumar Chartered Accountant
Address :	5-4-92/1, Second Floor, Ranigunj, Secunderabad-500003, Telangana, India
PAN No.:	ADOPA7064R
Memberships :	-----
Collaborators :	-----
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8866000	Equity Shares	Rs.10/- each	Rs. 88.660 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	88.660	88.660	88.660
(b) Reserves & Surplus	181.872	152.209	128.321
(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)	270.532	240.869	216.981
(3) Non-Current Liabilities
(a) long-term borrowings	110.766	117.224	147.990
(b) Deferred tax liabilities (Net)	45.475	39.688	23.572
(c) Other long term liabilities	30.132	50.121	11.042
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	186.373	207.033	182.604
(4) Current Liabilities
(a) Short term borrowings	346.433	360.000	214.055
(b) Trade payables	135.490	74.707	112.165
(c) Other current liabilities	104.500	103.271	90.414
(d) Short-term provisions	3.567	1.582	1.969
Total Current Liabilities (4)	589.990	539.560	418.603
TOTAL	1046.895	987.462	818.188
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	387.279	364.285	222.912
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	118.019
(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	67.372	45.991	51.064
(e) Other Non-current assets	0.000	0.118	0.235
Total Non-Current Assets	454.651	410.394	392.230
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	192.816	244.702	152.640
(c) Trade receivables	370.304	281.929	230.224
(d) Cash and cash equivalents	9.021	13.944	22.466
(e) Short-term loans and advances	12.022	32.235	11.072
(f) Other current assets	8.081	4.258	9.556
Total Current Assets	592.244	577.068	425.958
TOTAL	1046.895	987.462	818.188

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	2552.298	2398.606	1743.883
		Other Income	8.079	5.282	6.091
		TOTAL (A)	2560.377	2403.888	1749.974
Less	EXPENSES
		Cost of Materials Consumed	1320.632	1239.263	739.582
		Purchases of Stock-in-Trade	529.666	600.586	609.464
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.280)	(56.115)	57.269
		Employees benefits expense	13.533	10.799	4.902
		Other expenses	560.588	476.165	239.255
		TOTAL (B)	2414.139	2270.698	1650.472
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		146.238	133.190	99.502
Less	FINANCIAL EXPENSES (D)		73.753	67.893	42.153
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		72.485	65.297	57.349
Less/ Add	DEPRECIATION/ AMORTISATION (F)		30.672	25.501	19.340
	PROFIT BEFORE TAX (E-F) (G)		41.813	39.796	38.009
Less	TAX (H)		12.150	16.457	12.860
	PROFIT AFTER TAX (G-H) (I)		29.663	23.339	25.149
	Earnings Per Share (Rs.)		3.346	2.63	2.84

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	1.16	0.97	1.44
Operating Profit Margin (PBIDT/Sales)	(%)	5.73	5.55	5.71
Return on Total Assets (PBT/Total Assets}	(%)	3.99	4.03	5.43
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.18
Debt Equity Ratio (Total Debt /Networth)		1.69	1.98	1.67
Current Ratio (Current Asset/Current Liability)		1.00	1.07	1.02

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	88.660	88.660	88.660
Reserves & Surplus	128.321	152.209	181.872
Net worth	216.981	240.869	270.532
long-term borrowings	147.990	117.224	110.766
Short term borrowings	214.055	360.000	346.433
Total borrowings	362.045	477.224	457.199
Debt/Equity ratio	1.669	1.981	1.690

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	1743.883	2398.606	2552.298
		37.544	6.408

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	1743.883	2398.606	2552.298
Profit	25.149	23.339	29.663
	1.44%	0.97%	1.16%

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	No
10]	Designation of contact person	No
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	Yes
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	No
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

LATIGATION DETAILS

CASE STATUS IN

WA 474 / 2014	WASR 5159 / 2014	CASE IS : PENDING
PETITIONER	RESPONDENT
MD, THE CENTRAL POWER DISTRIBUTION CO. OF A.P.LTD, HYD AND OTHE	VS DIRECTOR, M/S RADH SMELTERS LIMITED, RR DISTRICT AND ANOTHER
PET.ADV. : MANOHER REDDY	RESP.ADV.:	NAGARJUNA BABU
SUBJET : APSEB (MISC.MATTERS)	DISTRICT :	HYDERABAD
FILLING DATE : 18.01.2014	POSING STAGE : FOR ADMISION
REG.DATE : 15.03.2014	LISTING DATE : 09.04.2014	STATUS : NOTICES
HON’BLE JUJDGE(S) :	G.ROHINI	T.SUNIL CHOWDARY

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10305376	04/05/2012 *	20,000,000.00	ANDHRA PRASESH STATE FINANCIAL CORPORATION LIMITED	5-9-194,CHIRAG ALI LANE, ABIDS, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	B39188180
2	10184209	28/03/2014 *	522,100,000.00	STATE BANK OF HYDERABAD	OVERSEAR BRANCH, 6-3-652, " KAUTILYA", SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA	C03972023
3	10156838	04/05/2012 *	180,900,000.00	ANDHRA PRASESH STATE FINANCIAL CORPORATION	5-9-194,CHIRAG ALI LANE, ABIDS, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	B39189329

* Date of charge modification

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. 61.86
UK Pound	1	Rs. 97.22
Euro	1	Rs. 77.21

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRT
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		22

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.