MIRA INFORM REPORT

Report Date :

11.09.2014

IDENTIFICATION DETAILS

Name :	JBM CADMIUM PRIVATE LIMITED

Registered Office :	610, Hemkunt Chambers, 89, Nehru Place, New Delhi - 110019, Delhi

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	02.06.2009

Com. Reg. No.:	55-190802

Capital Investment / Paid-up Capital :	Rs.100.000 Millions

CIN No.: [Company Identification No.]	U80302DL2009PTC190802

Legal Form :	Private Limited Liability Company

Line of Business :	Provide engineering services to the automotive, aerospace and other engineering sectors.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 297000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to accumulated losses recorded by the company. However, trade relation are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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

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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years. China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies. A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 (91-124-4674500)

LOCATIONS

Registered Office :	610, Hemkunt Chambers, 89, Nehru Place, New Delhi - 110019, Delhi, India
Tel. No.:	91-11-26427104
Fax No.:	91-11-26427100
E-Mail :	raviarora@jbm.co.in
Website :	www.jbm-group.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Nishant Arya

Designation :

Director

Address :

Neelanchal No 7, Bandh Road, Chandanhulla, Mehrauli New Delhi – 110030, Delhi, India

Date of Birth/Age :

01.11.1986

Date of Appointment :

02.06.2009

DIN No.:

00004954

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	U74899DL1997PLC086432	NEEL METAL PRODUCTS LIMITED	Whole-time director	01/07/13	04/06/05	-	Active	NO
2	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	02/02/07	02/02/07	-	Active	NO
3	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	06/06/07	06/06/07	28/06/11	Active	NO
4	L29130DL1987PLC027342	JAY BHARAT MARUTI LIMITED	Director	30/08/08	09/10/07	-	Active	NO
5	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	12/12/07	12/12/07	-	Active	NO
6	U74140DL2008PTC172320	JBM ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Director	07/01/08	07/01/08	-	Active	NO
7	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Director	29/09/08	06/06/08	-	Active	NO
8	U28910DL2008PLC185040	JBM MOTORS LIMITED	Director	19/11/08	19/11/08	-	Active	NO
9	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	13/02/09	13/02/09	-	Active	NO
10	U80302DL2009PTC190802	JBM CADMIUM PRIVATE LIMITED	Director	02/06/09	02/06/09	-	Active	NO
11	L74899DL1996PLC083073	JBM AUTO LIMITED	Director	04/09/09	30/07/09	-	Active	NO
12	U34300DL2003PTC123285	Neel Auto Private Limited	Director	24/09/09	22/09/09	-	Active	NO
13	U45200DL2008PTC178619	JBM PROJECTS & INFRASTRUCTURE PRIVATE LIMITED	Director	02/08/11	22/07/11	-	Active	NO
14	U29253HR2012PTC046397	JBM Kanemitsu Pulleys Private Limited	Director	02/07/12	02/07/12	-	Active	NO
15	U29253HR2012PTC047407	JBM CORTUBI Exhaust Systems Private Limited	Director	11/10/12	11/10/12	-	Active	NO
16	U40300DL2013PTC249282	JBM Solar Private Limited	Director	11/03/13	11/03/13	-	Active	NO
17	U40106DL2013PTC250286	JBM Solar Power Private Limited	Director	04/04/13	04/04/13	-	Active	NO
18	U74140DL2011PTC227157	JBM Corporate Services Private Limited	Director	02/05/13	02/05/13	-	Active	NO
19	U74140DL2003PTC118916	K R CHAWLA CONSULTING PRIVATE LIMITED	Additional director	26/07/13	26/07/13	-	Active	NO
20	U70101DL2002PTC117107	HN PROPERTIES PRIVATE LIMITED	Additional director	26/07/13	26/07/13	-	Active	NO

Name :

Mr. Anand Swaroop Khandelwal

Designation :

Director

Address :

C-5A/14, 2^nd Floor, Janakpuri, New Delhi – 110030, Delhi, India

Date of Birth/Age :

07.10.1960

Date of Appointment :

02.06.2009

DIN No.:

00004816

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	U74899DL1995PLC067432	JBM INTERNATIONAL LIMITED	Director	18/04/95	18/04/95	-	Active	NO
2	U34300DL2003PTC123285	Neel Auto Private Limited	Director	24/03/14	15/12/03	-	Active	NO
3	U45201DL2003PTC120054	SATISH BUILDWELL PRIVATE LIMITED	Director	03/03/05	03/03/05	-	Active	NO
4	U45201DL2006PTC144716	SHREEAUMJI BUILDWELL PRIVATE LIMITED	Director	12/01/06	12/01/06	-	Active	NO
5	U45201DL2006PTC144715	SHREEAUMJI PROPERTIES PRIVATE LIMITED	Director	12/01/06	12/01/06	-	Active	NO
6	U45201DL2006PTC144717	SHREEAUMJI BUILDERS PRIVATE LIMITED	Director	12/01/06	12/01/06	-	Active	NO
7	U74899DL2006PTC144712	HICOM INFRASTUCTURE PRIVATE LIMITED	Director	12/01/06	12/01/06	-	Active	NO
8	U70109DL2006PTC149250	SHREEAUMJI BUILDTECH PRIVATE LIMITED	Director	27/05/06	27/05/06	-	Active	NO
9	U70109DL2006PTC150431	COMTECH INFRASTRUCTURE PRIVATE LIMIED.	Director	30/06/06	30/06/06	-	Active	NO
10	U35990DL1995PLC071596	JAYBHARAT BREED LIMITED	Director	30/09/08	09/12/06	-	Amalgamated	NO
11	U13203DL2007PLC164433	ANS STEEL TUBES LIMITED	Director	17/06/13	01/11/07	-	Active	NO
12	U29220DL2007PTC171360	JBM MA AUTOMOTIVE PRIVATE LIMITED	Director	14/05/09	12/03/08	-	Active	NO
13	U45200DL2008PTC178619	JBM PROJECTS & INFRASTRUCTURE PRIVATE LIMITED	Director	27/05/08	27/05/08	-	Active	NO
14	U28910DL2008PLC185040	JBM MOTORS LIMITED	Director	19/11/08	19/11/08	-	Active	NO
15	U34300TN1998PTC046810	JBM AUTO SYSTEM PRIVATE LIMITED	Director	04/08/11	23/02/09	-	Active	NO
16	U80302DL2009PTC190802	JBM CADMIUM PRIVATE LIMITED	Director	02/06/09	02/06/09	-	Active	NO
17	U28931DL2008PTC174381	INDO TOOLINGS PRIVATE LIMITED	Director	20/08/09	01/07/09	28/01/13	Active	NO
18	U27100DL2009PLC187584	JBM OGIHARA AUTOMOTIVE INDIA LIMITED	Director	28/07/10	21/09/09	-	Active	NO
19	U28900DL2010PLC211731	M J CASTING LIMITED	Director	23/12/10	23/12/10	-	Active	NO
20	U34201TN2011FTC079145	Yorozu JBM Automotive Tamil Nadu Private Limited	Director	10/02/11	10/02/11	-	Active	NO
21	U74140DL2011PTC227157	JBM Corporate Services Private Limited	Director	08/11/11	08/11/11	-	Active	NO
22	U28111DL2006PTC155129	ARCELOR NEEL TAILORED BLANK PRIVATE LIMITED	Alternate director	19/06/12	19/06/12	-	Active	NO
23	U29253HR2012PTC046397	JBM Kanemitsu Pulleys Private Limited	Alternate director	17/07/12	17/07/12	06/03/14	Active	NO
24	U74140DL2007PTC158597	NEEL METAL FANALCA ENVIRONMENT MANAGEMENT PRIVATE LIMITED	Nominee director	20/12/12	20/12/12	-	Active	NO
25	U40300DL2013PTC249282	JBM Solar Private Limited	Director	11/03/13	11/03/13	-	Active	NO
26	U40106DL2013PTC250286	JBM Solar Power Private Limited	Director	04/04/13	04/04/13	-	Active	NO
27	U74140DL2003PTC118916	K R CHAWLA CONSULTING PRIVATE LIMITED	Additional director	26/07/13	26/07/13	-	Active	NO
28	U70101DL2002PTC117107	HN PROPERTIES PRIVATE LIMITED	Additional director	26/07/13	26/07/13	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Mr. Anand Swaroop	10
Mr. Nishant Arya	9990
Neel Metal Products Limited, Delhi	9990000
Total	10000000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	99.90
Directors or relatives of Directors	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Provide engineering services to the automotive, aerospace and other engineering sectors.

GENERAL INFORMATION

No. of Employees :	Not Divulged

Bankers :	Not Divulged

Banking Relations :	--

Auditors :
Name :	Mehra Goel and Company Chartered Accountant
Address :	505, Chiranjiv Towers, 43 Nehru Place, New Delhi – 110019, India
PAN No. :	AAACM7589F

Holding company :	Neel Metal Products Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital : Rs. 155.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 154.034 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs.100.000 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	100.000	100.000	50.000
(b) Reserves & Surplus	(25.667)	(12.528)	(19.655)
(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)	74.333	87.472	30.345

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.296	0.221	0.000
Total Non-current Liabilities (3)	0.296	0.221	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.500
(b) Trade payables	12.677	28.543	12.788
(c) Other current liabilities	39.017	2.207	2.854
(d) Short-term provisions	0.906	0.150	0.000
Total Current Liabilities (4)	52.600	30.900	16.142

TOTAL	127.229	118.593	46.487

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.120	0.161	0.189
(ii) Intangible Assets	19.216	12.165	16.649
(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	48.323	48.323	0.000
(c) Deferred tax assets (net)	11.338	5.486	0.000
(d) Long-term Loan and Advances	37.807	28.947	27.557
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	116.804	95.082	44.395

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.487	0.502	0.748
(c) Trade receivables	7.601	14.693	0.016
(d) Cash and cash equivalents	0.751	7.286	0.252
(e) Short-term loans and advances	1.586	1.030	1.024
(f) Other current assets	0.000	0.000	0.052
Total Current Assets	10.425	23.511	2.092

TOTAL	127.229	118.593	46.487

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	19.542	32.029	4.955

Less	EXPENSES
		TOTAL	38.534	30.388	22.630

	PROFIT/ (LOSS) BEFORE TAX		(18.992)	1.641	(17.675)

Less	TAX		(5.853)	(5.486)	0.000

	PROFIT/ (LOSS) AFTER TAX		(13.139)	7.127	(17.675)

	Earnings / (Loss) Per Share (Rs.)		(1.31)	0.71	(1.77)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(67.23)	22.25	(356.71)

Return on Total Assets (PBT/Total Assets}	(%)	(28.11)	2.53	(38.02)

Return on Investment (ROI) (PBT/Networth)		(0.26)	0.02	(0.58)

Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.02

Current Ratio (Current Asset/Current Liability)		0.20	0.76	0.13

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	50.000	100.000	100.000
Reserves & Surplus	(19.655)	(12.528)	(25.667)
Net worth	30.345	87.472	74.333

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.500	0.000	0.000
Total borrowings	0.500	0.000	0.000
Debt/Equity ratio	0.016	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)
Total Income	4.955	32.029	19.542
		546.398	(38.987)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	4.955	32.029	19.542
Profit	(17.675)	7.127	(13.139)
	(356.71%)	22.25%	(67.23%)

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

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

œ Plant and Equipment

œ Office Equipment

œ Computer Equipment’s

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.82
UK Pound	1	Rs.98.15
Euro	1	Rs.78.66

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	SUM

Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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	YES
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.

MIRA INFORM REPORT

Unit