MIRA INFORM REPORT

Report No. :	316820
Report Date :	16.04.2015

IDENTIFICATION DETAILS

Name :	M S METALS AND STEELS PRIVATE LIMITED
Formerly Known As :	S.M. INDUSTRIAL SUPPLIERS PRIVATE LIMITED
Registered Office :	No. 62, New Timber Yard Layout, Mysore Road, Bangalore – 560026, Karnataka
Tel. No.:	91-80-26752271
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.06.2004
Com. Reg. No.:	08-034057
Capital Investment / Paid-up Capital :	Rs. 4.400 Million
CIN No.: [Company Identification No.]	U27320KA2004PTC034057
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRS15408B
PAN No.: [Permanent Account No.]	AAICS1940E
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in trading of ferrous and non-ferrous scrap, billets, TMT bars, HR and CR coils etc.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of MTC group. It is an established company having satisfactory track record. The company has performed well and achieved marginal increase in its profit margin during FY2014. The board of directors have also recommended dividend to its shareholders. The rating reflects company’s established market position in the steel trading industry in the steel trading industry in south India marked by healthy customer and supplier relationships. The rating also takes note of the favorable gap between trade receivables and payables marked by fair liquidity position during year under review. Trade relations reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL RATING
Rating	Long Term Rating = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 10, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DENIED BY

Name :	Mr. Shankar
Designation :	Accounts Manager
Contact No.:	91-80-26752271
Date :	11.04.2015

LOCATIONS

Registered Office :	No. 62, New Timber Yard Layout, Mysore Road, Bangalore – 560026, Karnataka, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	trskumar2@dataone.in
Warehouse :	No. 49/A, and 50, New Timber Yard, Layout, Mysore Road, Bangalore – 560026, Karnataka, India

DIRECTORS

AS ON 30.09.2014

Name :

Sheela Narendra Mehta

Designation :

Director

Address :

601-A, Jayshankar Krupa Chs., Old Nagar Das Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

07.11.1965

Date of Appointment :

04.05.2006

DIN No.:

00286474

Name :

Sanjay Maganlal Mehta

Designation :

Director

Address :

602-A, Jayshankar Krupa Chs., Old Nagar Das Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

14.05.1968

Date of Appointment :

01.06.2004

DIN No.:

00541528

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	U51420MH2000PTC130172	MTC BUSINESS PRIVATE LIMITED	Director	02/04/2001	02/04/2001	-	Active	NO
2	U27320KA2004PTC034057	M S METALS AND STEELS PRIVATE LIMITED	Director	01/06/2004	01/06/2004	-	Active	NO
3	U51502MH2004PTC146683	MADHUBAN MOTORS PRIVATE LIMITED	Director	01/06/2004	01/06/2004	-	Active	NO
4	U27320KA1992PTC013273	MEHTA INDUSTRIAL SUPPLIERS PRIVATE LIMITED	Director	21/04/2006	21/04/2006	-	Under Process of Striking off	NO
5	U37100MH2011NPL223543	METAL RECYCLING ASSOCIATION OF INDIA	Director	01/11/2011	01/11/2011	-	Active	NO

Name :

Narendra Maganlal Mehta

Designation :

Director

Address :

602-A, Jayshankar Krupa Chs., Old Nagar Das Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

10.12.1965

Date of Appointment :

06.03.2006

DIN No.:

00179992

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	U27320KA1992PTC013273	MEHTA INDUSTRIAL SUPPLIERS PRIVATE LIMITED	Director	22/06/1992	22/06/1992	-	Under Process of Striking off	NO
2	U51420MH2000PTC130172	MTC BUSINESS PRIVATE LIMITED	Director	21/12/2000	21/12/2000	-	Active	NO
3	U51502MH2004PTC146683	MADHUBAN MOTORS PRIVATE LIMITED	Managing director	01/06/2004	01/06/2004	-	Active	NO
4	U27320KA2004PTC034057	M S METALS AND STEELS PRIVATE LIMITED	Director	06/03/2006	06/03/2006	-	Active	NO
5	U50300MH2008PTC183718	M.S.MOTORS PRIVATE LIMITED	Director	14/01/2012	14/01/2012	-	Active	NO
6	U51909MH2014PTC257719	M M CERAMICS & FERRO ALLOYS PRIVATE LIMITED	Director	01/09/2014	01/09/2014	-	Active	NO
7	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	08/11/2014	08/11/2014	-	Active	NO

Name :

Sachin Berumal Rathod

Designation :

Director

Address :

No. 62, 6^th Floor, 5^th Cross, Gandhinagar, Bangalore Central Range, Bangalore – 560002, Karnataka, India

Date of Birth/Age :

14.10.1977

Date of Appointment :

03.04.2007

DIN No.:

01919691

Name :

Chintan Dhariwal

Designation :

Director

Address :

2, Nareilo Pole, Pali Marwar – 306401, Rajasthan, India

Date of Birth/Age :

24.12.1981

Date of Appointment :

26.09.2011

DIN No.:

03628872

KEY EXECUTIVES

Name :	Mr. Shankar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Meganlal Moolchand Mehta	30000
Narendra Maganlal Mehta	140000
Sanjay Maganlal Mehta	145000
Manoj Maganlal Mehta	30000
Sheela Narendra Mehta	30000
Sangeeta Sanjay Mehta	30000
Neeru Manoj Mehta	30000
Lalit Baliya	4000
Anil Jain	1000
Total	440000

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in trading of ferrous and non-ferrous scrap, billets, TMT bars, HR and CR coils etc.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

• Axis Bank Limited, "Trishul', 3rd Floor, Opp To Samartheshwar Temple, 
  Law Garden, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
• ING Vysya Bank Limited, Foundation House No.- 40,2nd Main Road, 2nd Floor, CKC Garden Near Mission Road, Bangalore – 560027, Karnataka, India
• ICICI Bank Limited
• State Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loan from banks	24.303	35.191
Loans and advances from related parties	0.119	0.000
Term loan from others	0.000	1.811
SHORT TERM BORROWINGS
Loans repayable on demand from banks	757.892	1024.173
Total	782.314	1061.175

Auditors :
Name :	Singhvi, Dev and Unni Chartered Accountants
Address :	6^th Floor, Trade Centre, No. 29/4, Race Cource Road, Bangalore – 560001, Karnataka, India
PAN No.:	0038675
Memberships :	Not Available
Collaborators :	Not Available
Associates :	MTC Business Private Limited Madhuban Trade-Steels Private Limited Madhuban Motors Private Limited Mehta Trading Narendhra Mehta HUF

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
440000	Equity Shares	Rs. 10/- each	Rs. 4.400 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.400	4.400	4.400
(b) Reserves & Surplus	743.585	581.168	449.535
(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)	747.985	585.568	453.935
(3) Non-Current Liabilities
(a) long-term borrowings	115.711	156.663	127.842
(b) Deferred tax liabilities (Net)	1.627	0.944	0.000
(c) Other long term liabilities	0.000	0.000	0.725
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	117.338	157.607	128.567
(4) Current Liabilities
(a) Short term borrowings	823.066	1089.173	815.213
(b) Trade payables	115.844	30.730	53.014
(c) Other current liabilities	61.343	58.861	38.808
(d) Short-term provisions	0.256	0.255	1.164
Total Current Liabilities (4)	1000.509	1179.019	908.199
TOTAL	1865.832	1922.194	1490.701
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	283.316	306.167	186.055
(ii) Intangible Assets	0.339	0.452	0.073
(iii) Capital work-in-progress	92.901	82.428	112.730
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.001	0.001	0.000
(c) Deferred tax assets (net)	0.000	0.000	10.643
(d) Long-term Loan and Advances	88.918	72.030	76.586
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	465.475	461.078	386.087
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	147.198	162.418	168.173
(c) Trade receivables	1009.556	1091.166	782.603
(d) Cash and cash equivalents	48.447	49.634	40.300
(e) Short-term loans and advances	187.395	154.522	74.857
(f) Other current assets	7.761	3.376	38.681
Total Current Assets	1400.357	1461.116	1104.614
TOTAL	1865.832	1922.194	1490.701

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	8264.362	7407.945	5354.696
Less	EXPENSES
		TOTAL	7986.622	7166.131	5129.606
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		277.740	241.814	225.090
Less/ Add	DEPRECIATION/ AMORTISATION		33.142	29.780	20.731
	PROFIT/ (LOSS) BEFORE TAX		244.598	212.034	204.359
Less	TAX		81.923	80.145	57.407
	PROFIT/ (LOSS) AFTER TAX		162.675	131.889	146.952
	Earnings / (Loss) Per Share (Rs.)		369.72	299.75	333.98

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.96	1.78	2.74
Operating Profit Margin (PBDIT/Sales)	(%)	3.36	96.74	95.79
Return on Total Assets (PBT/Total Assets}	(%)	13.80	11.53	14.95
Return on Investment (ROI) (PBT/Networth)		0.33	0.36	0.45
Debt Equity Ratio (Total Debts/Networth)		1.26	2.13	2.08
Current Ratio (Current Asset/Current Liability)		1.40	1.24	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.400	4.400	4.400
Reserves & Surplus	449.535	581.168	743.585
Net worth	453.935	585.568	747.985
long-term borrowings	127.842	156.663	115.711
Short term borrowings	815.213	1089.173	823.066
Total borrowings	943.055	1245.836	938.777
Debt/Equity ratio	2.078	2.128	1.255

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	5354.696	7407.945	8264.362
		38.345	11.561

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Revenue	5354.696	7407.945	8264.362
Profit	146.952	131.889	162.675
	2.74%	1.78%	1.97%

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	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	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	Yes

Note: Registered office of the company has been shifted from 12, Race Course Road, Second Floor, Madhava Nagar, Bangalore – 560001, Karnataka, India to the present address w.e.f. 01.05.2006.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10544283	22/12/2014	2,742,000.00	Axis Bank Limited	"Trishul', 3rd Floor, Opp to Samartheshwar Temple,  Law Garden, Ellis Bridge, Ahmedabad, Gujarat - 380006, INDIA	C41023607
2	10489763	09/10/2014 *	650,000,000.00	Indian Overseas Bank	MID CORPORATE BRANCH, NAVEEN PLAZA, 1ST FLOOR, NO  .581, ANNA SALAI, TEYNAMPET, CHENNAI, Tamil Nadu - 600006, INDIA	C27607571
3	10472002	11/01/2014	5,913,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B94178332
4	10391088	24/11/2012	6,318,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B63784169
5	10363950	25/05/2012	2,200,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	B42980284
6	10363949	22/05/2012	2,340,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	B42977256
7	10339532	25/01/2012	3,661,000.00	ING VYSYA BANK LIMITED	Foundation House No.- 40,2nd Main Road, 2nd Floor, CKC Garden Near Mission Road, Bangalore, Karnataka - 560027, INDIA	B33843988
8	10308381	30/07/2013 *	603,700,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B81778466
9	10296809	17/11/2012 *	353,300,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, 1ST FLOOR, KRISHI  BHAVAN, HUDSON CIRCLE, BANGALORE, Karnataka - 560001, INDIA	B63949812

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Rupee term loan from banks	0.741	1.912
Loans and advances from others	90.548	117.749
SHORT TERM BORROWINGS
Loans repayable on demand from others	65.174	65.000
Total	156.463	184.661

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments

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. 62.39
UK Pound	1	Rs. 91.06
Euro	1	Rs. 66.16

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUM
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.