MIRA INFORM REPORT

Report Date :

10.10.2014

IDENTIFICATION DETAILS

Name :	METROCITY TILES PRIVATE LIMITED
Registered Office :	C/O Common Wealth Tiles, Sasar Plot, Opp Dr. Mankad Hospital, Morbi – 363641, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.01.2007
Com. Reg. No.:	04-049735
Capital Investment / Paid-up Capital :	Rs. 49.050 Millions
CIN No.: [Company Identification No.]	U26933GJ2007PTC049735
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of tiles.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

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 :	Clear
Comments :	Subject is an established company having moderate track record. Company has incurred loss from its operation in the year 2013. Rating also takes into consideration instances of delayed in its debt servicing. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a safe and secured trade terms and conditios.

NOTES :

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

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	ICRA
Rating	Term Loan : D
Rating Explanation	Lowest credit quality and very low prospects of recovery.
Date	February, 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. K Jadeja
Designation :	Export Department
Contact No.:	91-9925001455
Date :	09.10.2014

LOCATIONS

Registered Office :	C/O Common Wealth Tiles, Sasar Plot, Opp Dr. Mankad Hospital, Morbi – 363641, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9925001455
Fax No.:	Not Available
E-Mail :	export@groupofmetro.com exportmetrogroup@gmail.com metro@svtindia.com
Location :	Owned
Factory:	8 A, National Highway, Lakhdhirpur Road, Morbi, Gujarat, India
Branch Office:	3-Agrawal Mall, Gota Cross Road, Ahmedabad, Gujarat, India

DIRECTORS

As on 30.09.2013

Name :	Mr. Chandrashekhar Ratilal Adroja
Designation :	Director
Address :	Kayaji Plot, Morbi – 363641, Gujarat, India
Date of Birth/Age :	06.10.1979
Date of Appointment :	09.01.2007
DIN No.:	00700877
Name :	Mr. Dilip Ratilal Adroja
Designation :	Director
Address :	3- Umiya Apartment, 2^nd Floor, Kayaji Plot, Morbi – 363641, Gujarat, India
Date of Birth/Age :	06.04.1974
Date of Appointment :	09.01.2007
DIN No.:	00915853
Name :	Mr. Tribhovan Laljibhai Patel
Designation :	Director
Address :	Block No. 10, Parshuram Society, Morbi – 363642, Gujarat, India
Date of Birth/Age :	20.07.1964
Date of Appointment :	01.06.2011
DIN No.:	03373269
Name :	Mr. Ramjibhai Arjanbhai Adroja
Designation :	Director
Address :	501, Shravan Setu Apartment, Near Umiya Chowk, Morbi – 363641, Gujarat, India
Date of Birth/Age :	10.03.1966
Date of Appointment :	01.06.2011
DIN No.:	03373281
Name :	Mr. Bhanuben Tribhovanbhai Adroja
Designation :	Director
Address :	Parshuram Society, B No. 10, Nazarbag Road, Morbi – 363642, Gujarat, India
Date of Birth/Age :	01.09.1966
Date of Appointment :	01.06.2011
DIN No.:	03557979
Name :	Mr. Hiteshkumar Maganbhai Padaliya
Designation :	Director
Address :	Arjun, Gautam Society, Near Janta Society, Morbi – 363641, Gujarat, India
Date of Birth/Age :	16.10.1978
Date of Appointment :	01.06.2011
DIN No.:	03557995
Name :	Mr. Ritaben Dilipbhai Adroja
Designation :	Director
Address :	Block No. 10, Parshuram Society, Morbi – 363642, Gujarat, India
Date of Birth/Age :	23.10.1976
Date of Appointment :	01.06.2011
DIN No.:	03558008

KEY EXECUTIVES

Name :	Mr. K Jadeja
Designation :	Export Department
Name :	Mr. Dhara Patel
Designation :	Company Secretary
Address :	31, Raj Tower, SAtadhar Char Rasta, Sola Road, Ahmedabad – 380061, Gujarat, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	1.54
Directors or relatives of Directors	98.46
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of tiles.
Exports :
Products :	Finished Goods
Countries :	· Dubai · Saudi Arabia
Imports :
Products :	Raw Material
Countries :	· China · Australia
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit, Depend

GENERAL INFORMATION

Suppliers:

· Aashashree Freight Forwarders Private Limited.- Ahmedabad

· Alfa Chem-Morbi

· Amrut Tours and Travels-Morbi

· Amtulla Minerals-Jodhpur

· Anil Minerals-Bikaner

· Aron Impex- Morbi

· Arya Translogistics Private Limited.- Gandhidharn

· Ashok Electric Company-Morbi

· Balaji Sieel Corporation-Morbi

· Balh Interior Tiles-Ghaziabad

· Bhumi Trading Company- Morbi

· Capco Chem Industries -Morbi

· Casablance Sales and Trading Private Limited

· Clwbhuja Minchem Private Limited -Rajsamand

· Classic Sales Corporation-Vaaodara

· Commonwealth Minerals Inc.-Morbi.

· Cringe Graphics-Wakaner

· Dev Products-Bhavnagar

· Dhl Express India Private Limited (Mumbai)

Customers :

Retailers

· Advanto Tiles Private Limited -Morbi

· Aggaiwal Trading Company-Baraut

· Aggarwal Trading Co-Mukerian

· A.G.Traders-Wadsa

· Anand Tiies (Gorakhapur)

· Anand Tiles and Sanitary Ware (Luckncw)

· Anna Stone Tranding-Aurangabad

· Anhant Marketing-Banglore

· Balaji Enterprise-Thane

· Balan Floor Wall Tiles-Vellore

· Balaji Tiles and Sanitary Wares-NepE I

· Balaji Tiles (Una)

· Bath and Sanitary World- Lucknow

· Bhagwati Enterprises-Jalandhar

· Bhagwati Sales Corporation-Gahiziabad

· Chandrasing Madliavsing-Bhavnagar

· Chopra Marble Industry (Hamirpjr)

· Chopra Trading Company-Hamirpur

No. of Employees :

500 (Approximately)

Bankers :

State Bank of India, Para Bazar Branch, Nr. G.P.O, Morbi - 363641, Gujarat, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
State Bank of India -Morbi Branch Term Loan-I A/c. No.66019318933 Against Hypo, of Plant and machinery and E. M. of Factory Land S. Building of the Company.	0.000	3.863
State Bank of India-Morbi Branch Term Loan-ll A/c No.32283228301 Against Hypo, of Plant and machinery and E M. of Factory Land and Building of the Company.	6.560	0.000
State Bank of India-Morbi Branch Term Loan-Ill A/c.No.32699740033 Against Hypo, of Plant S machinery and E. M. of Factory Land and Building of the Company.	12.908	0.000
HDFC Bank Limited. Auto Loan A/c Against Hypothecation of Car	0.000	0.112
Short-term borrowings
From Banks
State Bank of India /C A/c- Parabazar Branch Against Hypothecation of Stock and Book Debts	4.910	68.065
State Bank of India C/C A/c- Lalpar Brach (Part Limit) Against Hypothecation of Stock and Book Debts Part Limit With Parabazar Branch	72.583	0.000
Total	96.961	72.040
NOTE: The term loans are repayable in installments as per the terms of the respective agreements generally over a period of Five to ten years after a moratorium period of one to four years. There has been no default in repayment of any of the loans or interest thereon as at the end of the year. Installment of Term Loan A/c No.32283228301 Due in Within 12 months have not been separated in current Liability as the LC(Part Limit) has not been converted to in to Term Loan As per Sanction Terms and Condition.,

Banking Relations :
Auditors :
Name :	Pratik Rajdev and Associates Chartered Accountants
Address :	201, 'JE Bhagwan' Complex, Ram Chowk, Savsar Plot Main Road, Morbi – 363641, Gujarat, India
Mobile No.:	91-8866270004
PAN N Income-tax PAN of auditor or auditor’s firm :	AZEPR9432N
Sister Concern :	· Metro World · Metro Ceramics

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5750000	Equity Shares	Rs.10/- each	Rs. 57.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4905000	Equity Shares	Rs.10/- each	Rs. 49.050 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	49.050	41.550	35.900
(b) Reserves & Surplus	34.646	40.623	31.876
(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)	83.696	82.173	67.776
(3) Non-Current Liabilities
(a) long-term borrowings	40.163	12.333	11.321
(b) Deferred tax liabilities (Net)	1.342	1.272	1.372
(c) Other long term liabilities	28.967	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	70.472	13.605	12.693
(4) Current Liabilities
(a) Short term borrowings	77.493	68.065	48.049
(b) Trade payables	75.288	69.527	64.484
(c) Other current liabilities	29.654	18.040	14.948
(d) Short-term provisions	0.000	1.700	2.350
Total Current Liabilities (4)	182.435	157.332	129.831
TOTAL	336.603	253.110	210.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	112.554	72.218	83.650
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	37.167	9.995	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	14.964	11.711	7.988
(e) Other Non-current assets	0.000	0.000	0.014
Total Non-Current Assets	164.685	93.924	91.652
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	89.007	61.688	42.716
(c) Trade receivables	65.856	88.863	57.143
(d) Cash and cash equivalents	1.785	3.626	1.293
(e) Short-term loans and advances	15.270	2.759	15.935
(f) Other current assets	0.000	2.250	1.561
Total Current Assets	171.918	159.186	118.648
TOTAL	336.603	253.110	210.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	183.510	339.977	351.409
		Other Income	11.806	0.552	1.572
		TOTAL	195.316	340.529	352.981
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	188.331	324.150	335.585
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.985	16.379	17.396
Less/ Add	DEPRECIATION/ AMORTISATION		12.893	11.432	11.456
	PROFIT / (LOSS) BEFORE TAX		(5.908)	4.947	5.940
Less	TAX		0.069	1.600	2.559
	PROFIT / (LOSS) AFTER TAX		(5.977)	3.347	3.381
	Earnings / (Loss) Per Share (Rs.)		(1.22)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(3.60)	0.98	0.96
Net Profit Margin (PBT/Sales)	(%)	(3.22)	1.46	1.69
Return on Total Assets (PBT/Total Assets}	(%)	(1.97)	2.03	2.82
Return on Investment (ROI) (PBT/Networth)		(0.07)	0.06	0.09
Debt Equity Ratio (Total Debt /Networth)		1.41	0.98	0.88
Current Ratio (Current Asset/Current Liability)		0.94	1.01	0.91

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	35.900	41.550	49.050
Reserves & Surplus	31.876	40.623	34.646
Net worth	67.776	82.173	83.696
long-term borrowings	11.321	12.333	40.163
Short term borrowings	48.049	68.065	77.493
Total borrowings	59.370	80.398	117.656
Debt/Equity ratio	0.876	0.978	1.406

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	351.409	339.977	183.510
		(3.253)	(46.023)

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	351.409	339.977	183.510
Profit	3.381	3.347	(5.977)
	0.96%	0.98%	(3.26%)

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Current Maturities of Long Term Debts
State Bank of India – Morbi Branch – Term Loans - I	3.864	5.213	4.654
State Bank of India – Morbi Branch – Term Loans - II	4.200	0.000	0.098
HDFC Bank Loan – Auto Car Loan	0.000	0.424	0.387
Total

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	Yes
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	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	Yes

COMPANY PERFORMANCE:

The company has reported income from operation during the year of Rs. 183.510 Millions as compared to the previous year’s income from operation of Rs.339.977 Millions and the company has incurred net loss of Rs. 5.977 Millions as compared to the previous year’s profit of Rs. 3.347 Millions. In a view of loss, the director do not recommend any dividend.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
From Director
Chandrashekharbhai Ratilal Adroja	0.370	0.420
Dilipbhai Ratilal Adroja	0.025	0.575
Ritaben Dilipbhai Adroja	0.000	2.000
From Share Headers S Relatives
Jayaben Maganlal	0.300	0.300
Chandrakanibhdi Karshanbhai Detroja	1.000	0.000
From Others
Lexus Ceramic Private Limited	0.500	0.500
Melro Ceramic	13.350	0.000
Adinath Impex (Dealer's Deposit)	0.000	1.563
Kag India Private Limited.	0.000	3.000
Krishna Magnet and Vibro	0.150	0.000
S. B. Enterprise	3.325	0.000
Shree Ambaji Enterprise	1.675	0.000
Total	20.695	8.358

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10102748	12/11/2012 *	186,200,000.00	STATE BANK OF INDIA	PARA BAZAR BRANCH, NR. G.P.O, MORBI, GUJARAT - 36 3641, INDIA	B62740907

Note: * Date of charge modification

FIXED ASSETS

· Factory Land

· Factory Land (New

· Machinery

· Import Machinery

· Plant and Machinery

· Spray Dryer

· D G Set

· Electric Fittings

· Motor Car Innova

· Computer

· Office Equipment

· Office Furniture

· Motor Car Cruze

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.61.04
UK Pound	1	Rs.98.64
Euro	1	Rs.77.74

INFORMATION DETAILS

Information Gathered by :	GYT
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.