MIRA INFORM REPORT

Report Date :

16.09.2014

IDENTIFICATION DETAILS

Name :	METAL CRAFT ENGINEERING PRIVATE LIMITED
Registered Office :	1B, Elgin Road, 1st Floor, Kolkata – 700020, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.10.2003
Com. Reg. No.:	21-097116
Capital Investment / Paid-up Capital :	Rs.14.088 Millions
CIN No.: [Company Identification No.]	U51503WB2003PTC097116
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of structural fabrications mechanical engineers fabricators.
No. of Employees :	160 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 350000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating is constrained on account of low profitability. 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	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 : B+ (Suspended)
Rating Explanation	Risk prone credit quality and very high credit risk.
Date	12.09.2014

Rating Agency Name	CRISIL
Rating	Short term rating : A4 (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	12.09.2014

Reason for suspension: Non Co-Operation by the company.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Subhasish Pal
Designation :	Accounts Head
Contact No.:	91-33-22689854
Date :	16.09.2014

LOCATIONS

Registered Office :	1B, Elgin Road, 1st Floor, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-22901911/22901912
Fax No.:	91-33-22901913
E-Mail :	stodi@metalcraft.co.in
Website :	www.metalcrat.co.in (Under Construction)
Factory 1 :	Shipla Industrial Area, Baltikuri Area, Howrah – 711101, West Bengal, India
Factory 2 :	Howrah Amta Road, Domjur Mouza, Dakshin Jhapordaha, Howrah – 711405, West Bengal, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Sanjay Kumar Todi

Designation :

Managing director

Address :

8, Elgin Road, 5^th floor, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

21.06.1968

Date of Appointment :

15.10.2003

DIN No.:

00780385

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	U51503WB2003PTC097116	METAL CRAFT ENGINEERING PRIVATE LIMITED	Managing director	18/12/2006	15/10/2003	-	Active	NO
2	U51909WB1996PTC080412	METLON POLYMER PVT.LTD.	Director	20/07/2005	20/07/2005	15/02/2008	Active	NO
3	U45201WB2003PTC095590	MOODY CREATIONS PRIVATE LIMITED	Director	02/03/2009	02/03/2009	-	Active	NO
4	U28992WB2010PTC152168	METAL CRAFT INDUSTRIES PRIVATE LIMITED	Director	11/08/2010	11/08/2010	-	Active	NO
5	U74140WB2011PTC159567	SPARKLE MAINTENANCE SOLUTIONS PRIVATE LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO
6	U24232WB2011PTC162194	CHEMCRAFT CHEMICALS PRIVATE LIMITED	Director	02/05/2011	02/05/2011	-	Active	NO
7	U70109WB2011PTC171336	A G NIRMAN PRIVATE LIMITED	Director	27/12/2011	27/12/2011	08/03/2013	Active	NO
8	U70109WB2012PTC172126	METAL CRAFT ESTATES PRIVATE LIMITED	Director	13/01/2012	13/01/2012	-	Active	NO
9	U51101WB2012PTC177768	MOONNIGHT TRADECOMM PRIVATE LIMITED	Director	23/03/2013	23/03/2013	-	Active	NO
10	U51103WB2012PTC177690	KESHAVAH COMMOTRADE PRIVATE LIMITED	Director	23/03/2013	23/03/2013	-	Active	NO

Name :

Mr. Mahabir Prasad Todi

Designation :

Director

Address :

8, Elgin Road, 5^th floor, Kolkata – 700020, West Bengal, India

Date of Birth/Age :

01.07.1935

Date of Appointment :

15.10.2003

DIN No.:

00685179

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	U70109WB1978PTC031345	SELENE PVT LTD	Director	26/08/1989	26/08/1989	-	Active	NO
2	U51503WB2003PTC097116	METAL CRAFT ENGINEERING PRIVATE LIMITED	Director	15/10/2003	15/10/2003	-	Active	NO
3	U28992WB2010PTC152168	METAL CRAFT INDUSTRIES PRIVATE LIMITED	Director	11/08/2010	11/08/2010	-	Active	NO
4	U24232WB2011PTC162194	CHEMCRAFT CHEMICALS PRIVATE LIMITED	Director	02/05/2011	02/05/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subhasish Pal
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Mahabir Prasad Todi	50000
Sanjay Kumar Todi	10239000
Srawan Kumar Todi	3590000
Anita Todi	5000
Geeta Devi Todi	1000
Kaygee Projects Private Limited, India	138000
Gangotri Sales Private Limited, India	25000
Lagan Suppliers Private Limited, India	10000
Natraj Mercantile Private Limited, India	15000
Swarnalaxmi Delcom Private Limited, India	5000
Subh Vyapaar Private Limited, India	10000
Total	14088000

As on 31.03.2014

Names of Allottees	No. of Shares
Punctual Vincom Private Limited, India	500000
Powerful Suppliers Private Limited, India	500000
Majority Dealer Private Limited, India	500000
Fairlink Projects Advisory Private Limited, India	500000
Solty Vincom Private Limited, India	500000
Sanjay Kuamr Todi	500000
Total	3000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	1.44
Directors or relatives of Directors	98.56
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of structural fabrications mechanical engineers fabricators.
Terms :
Selling :	Cash, Advance Payment and Credit
Purchasing :	Cash, Advance Payment and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· Jsgee Heavy Engineering Limited, Noida, Uttar Pradesh, India

· Paharpur Cooling Tower Limited

No. of Employees :

160 (Approximately)

Bankers :

State Bank of India, SME Branch, Howrah, 9, G.T. Road (South), Howrah - 711101, West Bengal, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term loans – State Bank of India	0.000	5.708
HDFC bank – Car Loan	0.343	00.891
Short-term borrowings
Loans repayable on demand	95.292	77.741
Total	95.635	84.340

Banking Relations :
Auditors :
Name :	H R Agarwal and Associates Chartered Accountants
Address :	219-C, Old China Bazar Street, 1^st Floor, Room No. B-6, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22486561/30226561
Fax No.:	91-33-22303207
E-Mail :	Gk.sons@hotail.com

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.1/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17088000	Equity Shares	Rs.1/- each	Rs. 17.088 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1408800	Equity Shares	Rs.10/- each	Rs. 14.088 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	14.088	14.088	14.023
(b) Reserves & Surplus	60.304	57.853	37.799
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	13.075	24.975	0.800
Total Shareholders’ Funds (1) + (2)	87.467	96.916	52.622
(3) Non-Current Liabilities
(a) long-term borrowings	5.642	7.599	12.325
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	5.642	7.599	12.325
(4) Current Liabilities
(a) Short term borrowings	95.326	77.806	64.252
(b) Trade payables	73.303	27.678	33.911
(c) Other current liabilities	10.122	30.558	17.244
(d) Short-term provisions	2.625	1.256	0.904
Total Current Liabilities (4)	181.376	137.298	116.311
TOTAL	274.485	241.813	181.258
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.138	33.666	23.939
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.087	0.058	0.000
(d) Long-term Loan and Advances	1.621	1.521	1.461
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	33.846	35.245	25.400
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	121.460	85.482	94.858
(c) Trade receivables	93.230	97.990	26.625
(d) Cash and cash equivalents	4.643	4.147	3.044
(e) Short-term loans and advances	5.562	4.359	16.049
(f) Other current assets	15.744	14.590	15.282
Total Current Assets	240.639	206.568	155.858
TOTAL	274.485	241.813	181.258

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Total Revenue	469.583	421.335	337.792
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	4.340	3.887	2.931
Less	TAX	1.341	1.215	0.913
	PROFIT/ (LOSS) AFTER TAX	2.999	2.672	2.018
	Earnings / (Loss) Per Share (Rs.)	2.14	1.90	1.44

Particulars	31.03.2014
Sales Turnover (Approximately)	460.000

The above information has been parted by Mr. Subhasish Pal (Accounts Head)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	1.58	1.61	1.62
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.06
Debt Equity Ratio (Total Debt /Networth)		1.15	0.88	1.46
Current Ratio (Current Asset/Current Liability)		1.33	1.50	1.34

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	14.023	14.088	14.088
Reserves & Surplus	37.799	57.853	60.304
Share Application money pending allotment	0.800	24.975	13.075
Net worth	52.622	96.916	87.467
long-term borrowings	12.325	7.599	5.642
Short term borrowings	64.252	77.806	95.326
Total borrowings	76.577	85.405	100.968
Debt/Equity ratio	1.455	0.881	1.154

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 Revenue	337.792	421.335	469.583
		24.732	11.451

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 Revenue	337.792	421.335	469.583
Profit	2.018	2.672	2.999
	0.60%	0.63%	0.64%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	Yes
19]	Payments terms	Yes
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

NOTE: Registered office of the company has been shifted from 205, Rabindra Sarani, 2^nd Floor, Kolkata – 700007, West Bengal, India to the present address w.e.f. 14.08.2012

FUTURE PROSPECTS

In India, the steel industry plays a significant role in the economic growth. The outlook for 2013 looks very bright and strong. The report reveals that, steel consumption in India is expected to grow significantly in coming years as per capita finished steel consumption is far less than its regional counterparts. This is a good positive outlook for the company as well. Fabrication industry in India has witnessed rapid progress during the past few years. Even in the tough times of economic slowdown, the industry succeeded to sustain its positive growth morf1entum. Usually metals, especially steel, has a major contribution in speeding up the economic development of the country.

Subject has a strong client base which includes players like Power Generation (Thermal, Captive), Cooling Tower$, Water Treatment plant and Steel Plant and thus, the potential for growth of this sector is enormous. Even if a slowdown of one sector with help the company to maintain its profit from the out performance of their sector as the company has a diversified client base which are well renowned in their own industries.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Other loans and advance	5.299	1.000
Short-term borrowings
Loans and Advance from related partiers Sanjay Kumar Todi	0.034	0.065
Total	5.333	1.065

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10143574	09/02/2013 *	102,229,000.00	STATE BANK OF INDIA	SME BRANCH, HOWRAH, 9, G.T.ROAD (SOUTH), HOWRAH, WEST BENGAL - 711101, INDIA	B68711910
2	10036105	11/05/2007 *	45,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, HOWRAH, 9, G. T. ROAD (SOUTH), HOWRAH, WEST BENGAL - 711101, INDIA	A15361413
3	90384165	23/11/2005	15,000,000.00	UNITED BANK OF INDIA	9 G.T. ROAD, HOWRAH, WEST BENGAL, INDIA	-
4	90370952	13/11/2005	15,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 9 G.T. ROAD, HOWRAH, WEST BENGAL, INDIA	-

* Date of charge modification

FIXED ASSETS

· Domjur- Factory Shed and Building

· Office Premises

· Plant and Machinery

· Electrical Installations

· Computers Peripherals

· Motor Cycles

· Motor Car

· Air-condition Machine

· Furniture and Fixtures

· Other Office Assets

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 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.60.99
UK Pound	1	Rs.99.10
Euro	1	Rs.79.03

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	KVT

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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		31

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.