MIRA INFORM REPORT

Report No. :	318227
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	ALLIED RECYCLING LIMITED

Registered Office :	Chandighar Budhewal Road, VPO Budhewal, Ludhiana-141112, Punjab
Tel. No.:	91-161-2843119

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	02.12.2003

Com. Reg. No.:	16-026583

Capital Investment / Paid-up Capital :	Rs. 85.225 Million

CIN No.: [Company Identification No.]	U27100PB2003PLC026583

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Billets and Wired Rods.

No. of Employees :	250 (Approximately)

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 580000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	The subject is an established company having moderate track record. The company has reported low profitability during the year financial year 2013-2014. Also, there has been a considerable decline in profitability of the company. The rating further gets constrained due to company’s average financial risk profile marked by moderate liquidity, high-gearing and inadequate debt protection measures. 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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	Long term rating: B-
Rating Explanation	Risk prone credit quality and carries very high credit risk.
Date	May 2014

Rating Agency Name	CRISIL
Rating	Short term rating: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	May 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Santosh Kumar
Designation :	Accountant
Contact No.:	91-161-2843119
Date :	21.04.2015

LOCATIONS

Registered Office / Factory :	Chandighar Budhewal Road, VPO Budhewal, Ludhiana-141112, Punjab, India
Tel. No.:	91-161-2843119/3230519
Fax No.:	91-161-2848535
E-Mail :	info@alliedrecycling.in agco912@yahoo.in
Location:	Owned
Locality:	Industrial

DIRECTORS

As on 29.09.2014

Name :

Mr. Surinder Kumar

Designation :

Director

Address :

H. No. 441, Overlock Road, Miller Ganj, Ludhiana, Punjab, India

Date of Birth/Age :

14.15.1945

Date of Appointment :

30.09.2014

Din No.:

00758496

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	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Director	30-09-14	23-04-04	-	Active	NO
2	U27310PB2008PTC031600	KRISHAN MULTIMETALS & ALLOYS PRIVATE LIMITED	Whole-time director	30-09-14	21-01-08	-	Active	NO

Name :

Mr. Vijay Abrol

Designation :

Managing Director

Address :

H. No. 773-B, Aggar Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

19.05.1953

Date of Appointment :

30.09.2014

Din No.:

00758557

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	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Managing director	30-09-14	02-12-03	-	Active	NO
2	U27310PB2008PTC031601	ALLIED MULTIMETALS & ALLOYS PRIVATE LIMITED	Managing director	30-09-14	21-01-08	-	Active	NO
3	U45209PB2012PTC036580	CHOPRA DEVELOPERS PRIVATE LIMITED	Director	22-08-12	22-08-12	26-06-14	Active	NO

Name :

Mr. Hitesh Abrol

Designation :

Managing director

Address :

H. No. 773-B, Aggar Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

19.07.1985

Date of Appointment :

30.09.2014

Din No.:

00718015

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	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Managing director	30-09-14	02-12-03	-	Active	NO
2	U27310PB2008PTC031601	ALLIED MULTIMETALS & ALLOYS PRIVATE LIMITED	Managing director	30-09-14	21-01-08	-	Active	NO

Name :

Mr. Santosh Abrol

Designation :

Managing director

Address :

H. No. 773-B, Aggar Nagar, Ludhiana, Punjab, India

Date of Birth/Age :

27.12.1954

Date of Appointment :

30.09.2014

Din No.:

00687824

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	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Managing director	30-09-14	02-12-03	-	Active	NO
2	U27310PB2008PTC031601	ALLIED MULTIMETALS & ALLOYS PRIVATE LIMITED	Director	30-09-14	21-01-08	-	Active	NO

Name :

Mr. Savinay Garg

Designation :

Managing director

Address :

JX VII 49/14, Sandeep Nagar, Behind Gulmohar Hotel, DT-Ludhiana, Punjab, India

Date of Birth/Age :

01.01.1967

Date of Appointment :

30.09.2014

Din No.:

00717935

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	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Managing director	30-09-14	23-04-04	-	Active	NO
2	U27310PB2008PTC031600	KRISHAN MULTIMETALS & ALLOYS PRIVATE LIMITED	Managing director	30-09-14	21-01-08	-	Active	NO

Name :

Mr. Sanjay Garg

Designation :

Managing director

Address :

44, Overlock Road, Miller Ganj, Ludhiana, Punjab, India

Date of Birth/Age :

25.07.1969

Date of Appointment :

30.09.2014

Din No.:

00717958

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	U27100PB2003PLC026583	ALLIED RECYCLING LIMITED	Managing director	30-09-14	23-04-04	-	Active	NO
2	U27310PB2008PTC031600	KRISHAN MULTIMETALS & ALLOYS PRIVATE LIMITED	Managing director	30-09-14	21-01-08	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Santosh Kumar
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders		No. of Shares
Vijay Abrol		354000
Hitesh Abrol		1069700
Santosh Abrol		307500
Surinder Kumar		535000
Savinay Garg		783000
Sanjay Garg		685000
Bandana Garg		650000
Sanjay Garg and Sons HUF		30000
Puja Garg		550000
Raj Rani		95000
Sita Rani Abrol		317000
Vandana Chopra		1023000
Krishan Vallabh Garg		100000
Vijay Abrol and Sons HUF		14000
Surinder Garg and Sons HUF		17000
Lajjya Steels Limited, India		1120000
Krishan Multimetals and Alloys Private Limited, India		455000
Allied Multimetals and Alloys Private Limited, India		400000
Hitesh Abrol and Vijay Abrol		17280
TOTAL		8522480

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Bodies corporate	23.17
Directors or relatives of Directors	76.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Billets and Wired Rods.

Products :

Item Code No.	Product Description
72249091	Steel Billets

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Products :

Scrap

Countries :

UAE
UK
Taiwan

Terms :

Selling :

Cash and Cheque

Purchasing :

Cash and Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

250 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Mid Corporate Sales Hub SCB, Pahwa Hospital Complex, Miller Ganj, Ludhiana-141003, Punjab, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Loan Term: Rs. 100.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	90.351	81.305
Term loans from others	0.000	7.931
Short-term borrowings
Working capital loans from banks	273.297	205.578
Total	363.648	294.814

Auditors :
Name :	Agarwal Garg and Company Chartered Accountants
Address :	638/80, and 31 Thapar Market, Industrial Area, B Miller Ganj, Ludhiana, Punjab, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFA9648R

Memberships :	--

Collaborators :	--

Other Related Parties :	Krishan Multimetal and Alloys Private Limited Allied Multimetal and Alloys Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

8600000	Equity Shares	Rs.10/- each	Rs. 86.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

8522480	Equity Shares	Rs.10/- each	Rs. 85.225 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	85.225	80.905	80.905
(b) Reserves & Surplus	117.427	106.454	95.378
(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)	202.652	187.359	176.283

(3) Non-Current Liabilities
(a) long-term borrowings	90.351	89.236	122.073
(b) Deferred tax liabilities (Net)	13.236	13.323	11.255
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.665	1.640	1.640
Total Non-current Liabilities (3)	105.252	104.199	134.968

(4) Current Liabilities
(a) Short term borrowings	275.297	205.578	211.128
(b) Trade payables	202.910	86.982	62.214
(c) Other current liabilities	33.432	167.543	148.575
(d) Short-term provisions	16.477	14.668	11.357
Total Current Liabilities (4)	528.116	474.771	433.274

TOTAL	836.020	766.329	744.525

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	196.131	216.442	241.542
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	2.307
(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	23.057	16.886	16.911
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	219.188	233.328	260.760

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	110.791	157.286	171.160
(c) Trade receivables	421.964	336.983	278.136
(d) Cash and cash equivalents	50.936	9.068	5.148
(e) Short-term loans and advances	31.113	27.683	28.270
(f) Other current assets	2.028	1.981	1.051
Total Current Assets	616.832	533.001	483.765

TOTAL	836.020	766.329	744.525

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1998.496	1718.793	1690.122
	Other Income	4.889	4.424	3.981
	TOTAL (A)	2003.385	1723.217	1694.103

Less	EXPENSES
	Cost of Materials Consumed	914.716	1007.937	948.478
	Purchases of Stock-in-Trade	661.562	343.968	400.696
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	70.855	(10.242)	(29.580)
	Employees benefits expense	9.957	13.526	13.565
	Exceptional items	0.000	0.000	(30.000)
	Other expenses	262.373	273.237	271.815
	TOTAL (B)	1919.463	1628.426	1574.974

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	83.922	94.791	119.129

Less	FINANCIAL EXPENSES (D)	50.088	50.534	46.937

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	33.834	44.257	72.192

Less/ Add	DEPRECIATION/ AMORTISATION (F)	26.295	27.637	26.041

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	7.539	16.620	46.151

Less	TAX (H)	5.199	5.543	14.950

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	2.340	11.077	31.201

	Earnings / (Loss) Per Share (Rs.)	0.65	1.37	3.86

Particulars

31.03.2015

Sales Turnover (Approximately)

1600.000

The above information has been parted by Mr. Santosh Kumar

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.12	0.64	1.85

Operating Profit Margin (PBIDT/Sales)	(%)	4.20	5.51	7.05

Return on Total Assets (PBT/Total Assets}	(%)	0.90	2.17	6.22

Return on Investment (ROI) (PBT/Networth)		0.04	0.09	0.26

Debt Equity Ratio (Total Debt /Networth)		1.80	1.57	1.89

Current Ratio (Current Asset/Current Liability)		1.17	1.12	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	80.905	80.905	85.225
Reserves & Surplus	95.378	106.454	117.427
Net worth	176.283	187.359	202.652

long-term borrowings	122.073	89.236	90.351
Short term borrowings	211.128	205.578	275.297
Total borrowings	333.201	294.814	365.648
Debt/Equity ratio	1.890	1.574	1.804

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1690.122	1718.793	1998.496
		1.696	16.273

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1690.122	1718.793	1998.496
Profit	31.201	11.077	2.340
	1.85%	0.64%	0.12%

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE: Registered office of the company has been shifted from 43, Krishna Market, Overlock Road, Ludhiana-141003, Punjab, India to the present address w.e.f. 18.10.2013

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Intercorporate borrowings	2.000	0.000

Total	2.000	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10346750	24/02/2012	260,000,000.00	STATE BANK OF INDIA	MID CORPORATE SALES HUB SCB,, PAHWA HOSPITAL COMP LEX, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	B36716587
2	90176211	12/06/2010 *	329,800,000.00	STATE BANK OF INDIA	SCB, MILLER GANJ,, LUDHIANA, PUNJAB - 141003, INDIA	A93233294

* Date of charge modification

FIXED ASSETS

Tangible assets

Land
Buildings
Office building
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer 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.62.92
UK Pound	1	Rs.93.57
Euro	1	Rs.67.34

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	SUC

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	3
--PROFITABILITY	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	YES
--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

INDEX OF CHARGES

Unit