MIRA INFORM REPORT

Report Date :

13.10.2014

IDENTIFICATION DETAILS

Name :	ALOK INGOTS (MUMBAI) PRIVATE LIMITED
Registered Office :	119, Dadiseth Agiary Lane, 1st Floor, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	08.07.2004
Com. Reg. No.:	11-147383
Capital Investment / Paid-up Capital :	Rs.41.201 Millions
CIN No.: [Company Identification No.]	U27100MH2004PTC147383
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Steel, Billets / Rounds.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Sloe but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. 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 – 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 slowly 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 DENIED

Management Non Co-Operative (Tel No.: 91-22-22080815)

LOCATIONS

Registered Office :	119, Dadiseth Agiary Lane, 1st Floor, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22080813 / 22080815
Mobile No.:	91-9987770333 (Mr. Ramesh)
Fax No.:	91-22-22080813
E-Mail :	mumbai@alokindia.com
Website :	http://www.alokindia.com
Corporate Office :	2F, Court Chambers, 35 New Marine Lines, Mumbai – 400020, Maharashtra, India
Factory :	95/3/2, Vijaypur Village, Taluka Wada, District Thane - 421303, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	91-251-2432200
E-Mail :	wada@alokindia.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Deendayal Hariprasad Garodia

Designation :

Director

Address :

54, Dariya Mahal, 80-A, Nepeansea Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

09.12.1957

Date of Appointment :

08.07.2004

DIN No.:

00244170

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	U17120MH1982PTC027055	ALOK DYEING AND BLEACHING MILLS BOMBAY PRIVATE LIMITED	Director	13/04/1982	13/04/1982	-	Active	NO
2	U24100MH1974PTC017122	JAY INDUSTRIAL CHEMICALS PRIVATE LIMITED	Director	23/07/1991	23/07/1991	-	Active	NO
3	U74999MH1997NPL110212	DOMBIVLI BETTER ENVIRONMENT SYSTEM ASSOCIATION	Director	13/11/1998	13/11/1998	17/09/2008	Active	NO
4	U27100MH2004PTC147383	ALOK INGOTS (MUMBAI) PRIVATE LIMITED	Director	08/07/2004	08/07/2004	-	Active	NO

Name :

Mr. Ashokkumar Hariprasad Garodia

Designation :

Director

Address :

10, Dariya Mahal, 80-A, Nepeansea Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

02.10.1956

Date of Appointment :

08.07.2004

DIN No.:

00244236

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	U17120MH1982PTC027055	ALOK DYEING AND BLEACHING MILLS BOMBAY PRIVATE LIMITED	Director	13/04/1982	13/04/1982	-	Active	NO
2	U24100MH1974PTC017122	JAY INDUSTRIAL CHEMICALS PRIVATE LIMITED	Director	23/07/1991	23/07/1991	-	Active	NO
3	U27100MH2004PTC147383	ALOK INGOTS (MUMBAI) PRIVATE LIMITED	Director	08/07/2004	08/07/2004	-	Active	NO
4	U17120MH2008NPL189079	MAHARASHTRA TEXTILE PROCESSORS ASSOCIATION	Director	22/12/2008	22/12/2008	-	Active	NO

Name :

Mr. Alok Ashok Garodia

Designation :

Director

Address :

10, Dariya Mahal, 80-A, Nepeansea Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

14.01.1981

Date of Appointment :

30.09.2005

DIN No.:

00244293

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
	U17200MH1987PTC044162	NIRMALA PROCESS (BOMBAY) PRIVATE LIMITED	Director	14/08/2000	14/08/2000	-	Active	NO
2	U27100MH2004PTC147383	ALOK INGOTS (MUMBAI) PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO

Name :

Mr. Rameshchandra Tolaram Indoria

Designation :

Director

Address :

Daya Nand Marg, Churu - 331001, Rajasthan, India

Date of Birth/Age :

18.08.1956

Date of Appointment :

30.09.2006

DIN No.:

01498217

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders (Equity Shares)	No. of Shares
Garodia Hariprasad Ashokkumar	75500
Garodia Hariprasad Deendayal	223000
Garodia Nawalram Hariprasad	339900
Garodia Hariprasad Geetadevi	63300
Garodia Ashokkumar Premlata	300000
Garodia Deendayal Nirmaladevi	208400
Garodia Deendayal Varun	153450
Garodia Ashokkumar Alokkumar	189350
Sirsewala Sitaram Vijayalaxmi	27100
Indoria Tolaram Ramesh	100
Jay Industrial Chemicals Private Limited, India	420000
Nirmala Process (Bombay) Private Limited, India	100000
Mr. Ashokkumar Garodia – Karta of Ashokkumar Hariprasad – HUF	20000
Total	2120100

Names of Shareholders (Preference Shares)	No. of Shares
Jay Industrial Chemicals Private Limited, India	1900000
Garodia Nawalram Hariprasad	100000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	24.52
Directors or relatives of Directors	75.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Steel, Billets / Rounds.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

State Bank of India, Industrial Finance Branch, 'The Arcade', 2nd Floor, World Trade Centre, Cuffe Parade,, Mumbai - 400005, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Term Loan from SBI	10.057	24.290
SHORT TERM BORROWINGS
Cash Credit from SBI	90.772	91.804
Export Packing Credit	0.000	4.151
Packing Credit (Foreign currency A/C)	3.100	0.000
Total	103.929	120.245

Notes:

LONG TERM BORROWINGS

Particulars	31.03.2013	31.03.2012
Details of terms of repayment and security provided in respect of the secured long term borrowings:
Term Loan from State Bank of India secured by equitable mortgage by way of lst charge on Land, Building, Plant and Machinery and entire Fixed Assets (present and future) at company's factory at Wada, District Thane. Repayable in monthly installment of Rs.1.100 Millions plus interest)	0.000	8.177
Term Loan from State Bank of India secured by equitable mortgage by way of lst charge on Land, Building, Plant and Machinery and entire Fixed Assets (present and future) at company's factory at Wada, District Thane. Repayable in monthly installment of Rs.1.150 Millions plus interest)	24.173	30.698
Details of long term borrowings guaranteed by some of the directors or others:
Term loans from banks	24.173	30.698

SHORT TERM BORROWINGS

Particulars	31.03.2013	31.03.2012
Cash credit from Stale Bank of India secured by hypothecation of all current assets of the company consisting of stocks of raw materials, semi-finished goods, finished goods, stores and spares and receivables and further secured by 2nd equitable mortgage on company’s land and building, plant and machinery and entire fixed assets (present and future) at company's factory at wada	90.772	91.804
Export packing trading within the overall limit at cash credit as above on the same terms and conditions.	0.000	4.151
Packing Credit (F/C Alc) wilh State bank of India within the overallllmil of cash credit as above on the same terms and conditions.	3.100	0.000
Total	93.872	95.955

Banking Relations :	--
Auditors :
Name :	Pansari and Dalmia Chartered Accountants
Address :	5/98, Nityanand Nagar - IV, Swami Nityanand Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-2684269 / 26848327
PAN No.:	AAAFP1570E
Other related parties where transaction have taken place :	Jay Industrial Chemical Private Limited Nirmala Process (Bam) Private Limited Alok Dyeing and Bleaching (Bom) Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions
2000000	Preference Shares	Rs.10/- each	Rs.20.000 Millions
	Total		Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2120100	Equity Shares	Rs.10/- each	Rs.21.201 Millions
2000000	Preference Shares	Rs.10/- each	Rs.20.000 Millions
	Total		Rs.41.201 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	41.201	21.201	21.201
(b) Reserves & Surplus	25.653	66.431	79.637
(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)	66.854	87.632	100.838
(3) Non-Current Liabilities
(a) long-term borrowings	59.407	70.090	68.556
(b) Deferred tax liabilities (Net)	0.000	0.000	4.462
(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)	59.407	70.090	73.018
(4) Current Liabilities
(a) Short term borrowings	118.856	118.104	96.991
(b) Trade payables	60.251	98.870	34.892
(c) Other current liabilities	28.785	29.268	23.063
(d) Short-term provisions	0.000	0.000	0.090
Total Current Liabilities (4)	207.892	246.242	155.036
TOTAL	334.153	403.964	328.892
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	127.026	135.101	139.045
(ii) Intangible Assets	0.141	0.716	1.432
(iii) Capital work-in-progress	0.000	0.141	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	5.464	5.553	2.391
(e) Other Non-current assets	0.113	0.007	0.021
Total Non-Current Assets	132.744	141.518	142.889
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	98.728	96.064	79.368
(c) Trade receivables	83.975	105.238	59.310
(d) Cash and cash equivalents	6.672	6.979	2.752
(e) Short-term loans and advances	22.034	54.165	41.105
(f) Other current assets	0.000	0.000	3.468
Total Current Assets	211.409	262.446	186.003
TOTAL	344.153	403.964	328.892

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		760.451	877.990	847.712
		Other Income		NA	NA	NA
		TOTAL (A)		NA	NA	NA
	EXPENSES
		TOTAL (B)		NA	NA	NA
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			9.624	19.887	38.587
Less	FINANCIAL EXPENSES (D)			30.634	27.933	23.587
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(21.010)	(8.046)	15.000
Less	DEPRECIATION/ AMORTISATION (F)			9.769	9.605	13.150
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(30.779)	(17.651)	1.850
Less	TAX (H)			0.000	(4.445)	0.520
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(30.779)	(13.206)	1.330
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			22.931	36.137	34.807
	BALANCE CARRIED TO THE B/S			(7.848)	22.931	36.137
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	39.885	54.001	5.957
	TOTAL EARNINGS			39.885	54.001	5.957
	IMPORTS
			Raw Materials	205.023	205.730	174.818
			Stores & Spares	0.000	0.434	1.057
			Traded Goods	7.482	8.337	109.599
	TOTAL IMPORTS			212.505	214.501	285.474
	Earnings / (Loss) Per Share (Rs.)			(7.47)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	(4.05)	(2.01)	0.22
Return on Total Assets (PBT/Total Assets}	(%)	(8.94)	(4.37)	0.56
Return on Investment (ROI) (PBT/Networth)		(0.46)	(0.200	0.02
Debt Equity Ratio (Total Debt /Networth)		2.67	2.15	1.64
Current Ratio (Current Asset/Current Liability)		1.02	1.07	1.20

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	21.201	21.201	41.201
Reserves & Surplus	79.637	66.431	25.653
Net worth	100.838	87.632	66.854
long-term borrowings	68.556	70.090	59.407
Short term borrowings	96.991	118.104	118.856
Total borrowings	165.547	188.194	178.263
Debt/Equity ratio	1.642	2.148	2.666

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	847.712	877.990	760.451
		3.572	(13.387)

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	847.712	877.990	760.451
Profit	1.330	(13.206)	(30.779)
	0.16%	(1.50%)	(4.05%)

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	Yes
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	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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
LONG TERM BORROWINGS
Loans from related parties	49.350	45.800
SHORT TERM BORROWINGS
From Related Parties	9.455	10.115
From Others	15.529	12.034
Total	74.334	67.949

CORPORATE INFORMATION

Subject is engaged in manufacturing activity of producing Steel, Billets / Rounds. Its manufacturing unit is situated at Wada, District Thane. Registered office of the company is located at Mumbai.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80013459	19/07/2011 *	216,000,000.00	State Bank of India	Industrial Finance Branch, 2nd Floor, The Arcade, World Trade Centre, Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, India	B20300174

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.16
UK Pound	1	Rs.98.62
Euro	1	Rs.77.67

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--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
--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
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.