MIRA INFORM REPORT

Report No. :	319720
Report Date :	30.04.2015

IDENTIFICATION DETAILS

Name :	KATARIA INDUSTRIES PRIVATE LIMITED

Registered Office :	34 – 34, Industrial Estate, Ratlam – 457001, Madhya Pradesh
Tel No. :	91-7412-261141

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	11.05.2004

Com. Reg. No.:	10-029530

Capital Investment / Paid-up Capital :	Rs. 38.531 Million

CIN No.: [Company Identification No.]	U27300MP2004PTC029530

IEC No.:	Not Available

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

PAN No.: [Permanent Account No.]	AACCK4830H

Legal Form :	Private Limited Liability Company

Line of Business :	Company is engaged in the business of manufacturing and sale of steel wire, Plastic Products, Cables and Conductors.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 350000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate record. The rating is constrained on account of company’s moderate operational risk profile and losses that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business 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 – 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 Bank facilities = “BB”
Rating Explanation	Inadequate- credit- quality and high credit risk.
Date	06.04.2015

Rating Agency Name	CARE
Rating	Short Term Bank facilities = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	06.04.2015

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.

LOCATIONS

Registered Office :	34 – 34, Industrial Estate, Ratlam – 457001, Madhya Pradesh, India
Tel. No.:	91-7412-261141
Fax No.:	91-7412-261154
E-Mail :	katariawires@rediffmail.com
Website :	http://www.katariaworld.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Madan Lal Kataria

Designation :

Whole-time Director

Address :

10 – 12 Ghass Bazar, Ratlam – 457001, Madhya Pradesh, India

Date of Birth/Age :

29.03.1951

Date of Appointment :

01.04.2012

DIN No. :

00088902

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	U65921MP1994PTC008433	SONIC FISCAL SERVICES PRIVATE LIMITED	Director	30/09/2000	30/09/2000	-	Active	NO
2	U24248MP1993PTC007692	SAN INDUSTRIES PVT LTD	Director	01/12/2000	01/12/2000	-	Active	NO
3	U51505MP1994PTC008434	SONIC OVERSEAS (INDIA)PRIVATE LIMITED	Director	01/11/2001	01/11/2001	09/10/2014	Active	NO
4	U27300MP2004PTC029530	KATARIA INDUSTRIES PRIVATE LIMITED	Whole-time director	01/04/2012	01/01/2005	-	Active	NO
5	U45201MP1996PLC033544	UTKARSH LAND DEVELOPERS LIMITED	Director	02/02/2009	02/02/2009	-	Active	NO

Name :

Mr. Arun Kataria

Designation :

Whole-time Director

Address :

10 – 12 Ghass Bazar, Ratlam – 457001, Madhya Pradesh, India

Date of Birth/Age :

16.12.1981

Date of Appointment :

01.04.2012

DIN No. :

00088999

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	U13200MP1950PTC031617	SHREE HANUMAN MINING CORPORATION Private Limited	Director	20/01/2004	20/01/2004	26/09/2014	Active	NO
2	U27300MP2004PTC029530	KATARIA INDUSTRIES PRIVATE LIMITED	Whole-time director	01/04/2012	11/05/2004	-	Active	NO
3	U99999MP1994PTC033500	SHREE JALARAM METALS PRIVATE LIMITED	Director	09/12/2006	09/12/2006	-	Active	NO
4	U45201MP1996PLC033544	UTKARSH LAND DEVELOPERS LIMITED	Director	16/01/2009	16/01/2009	-	Active	NO
5	U65921MP1997PTC012040	HIMSAGAR REAL ESTATE AND TRADERS PRIVATE LIMITED	Additional director	09/10/2014	09/10/2014	-	Active	NO
6	U51505MP1994PTC008434	SONIC OVERSEAS (INDIA)PRIVATE LIMITED	Additional director	09/10/2014	09/10/2014	-	Active	NO

Name :

Mr. Praveen Kataria

Designation :

Whole-time Director

Address :

63 Choumukhipul Ratlam – 457001, Madhy Pradesh, India

Date of Birth/Age :

05.09.1973

Date of Appointment :

01.04.2012

DIN No. :

00088633

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	U24248MP1993PTC007692	SAN INDUSTRIES PVT LTD	Director	01/12/2000	01/12/2000	-	Active	NO
2	U65921MP1994PTC008433	SONIC FISCAL SERVICES PRIVATE LIMITED	Director	01/12/2000	01/12/2000	09/10/2014	Active	NO
3	U27300MP2004PTC029530	KATARIA INDUSTRIES PRIVATE LIMITED	Whole-time director	01/04/2012	01/01/2005	-	Active	NO
4	U45201MP1996PLC033544	UTKARSH LAND DEVELOPERS LIMITED	Director	02/02/2009	02/02/2009	-	Active	NO
5	U25199MH2010PTC205372	D.P. POLYPLAST INDUSTRIES PRIVATE LIMITED	Director	09/07/2010	09/07/2010	01/12/2014	Active	NO
6	U74140GJ2007PTC050785	NIRMAL ADVISORY PRIVATE LIMITED	Additional director	15/09/2010	15/09/2010	30/03/2011	Active	NO
7	U24100MH2010PTC206526	TROPHIC WELLNESS PRIVATE LIMITED	Director	30/09/2011	21/10/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Arun Kataria	5000
Sunil Kataria	188940
Anokhilal Pannalalji HUF	238600
Manoharlal Pannalalji HUF	138600
Kantilal Pannalalji HUF	352800
Madanlal Pannalalji HUF	277200
Ashok Kumar Pannalalji HUF	272200
Madanlal Kataria	41800
Praveen Kataria	165631
Arvind Kataria	165631
Anll Kataria	195210
Ashok kataria	99550
Asha Devi Kataria	174130
Anoop Kataria	348615
Mansarowar Developers Private Limited, India	725000
Nagina Devi Kataria	62855
Rakhi Kataria	290865
Sonic Biochem Extractions Limited, India	93500
Suman Devl Kataria	3641
Sushila Devi Kataria	6676
Chanda Devi Katakai	6676
Total	3853120

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	21.00
Directors or relatives of Directors	79.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Company is engaged in the business of manufacturing and sale of steel wire, Plastic Products, Cables and Conductors.

Products :	Steel wire Plastic Products Cables and Conductors

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

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
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 :

Not Divulged

Bankers :

Banker Name	State Bank of India
Branch Address	SME Branch, Mitra Niwas Road, Ratlam – 457001, Madhya Pradesh, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In )

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capital loans from banks	131.648	294.630

Total	131.648	294.630

Auditors :
Name :	P. D. Nagar and Company Chartered accountants
Address :	403, city plaza, 564, M.G. Road, Indore, Madhya Pradesh, India
Tel. No.:	AASPN6728J

Memberships :	Not Available

Collaborators :	Not Available

Other Related Parties :	Amkam Industries Private Limited Daulatram Metal Private Limited D.P. Plastic D.P. Wires Private Limited Gulab Resources Private Limited Himsagar Real Estate Private Limited Kataria Construction Company Kataria Steel and Alloys Private Limited Kataria wires Private Limited Nirmal Advisory Private Limited Panna Resources Private Limited Ratlam Wires Private Limited San Industries Private Limited Shree Sugan Infrastructure Private Limited Shri Hanuman Minning corporation Private Limited Shri Jalram Metal Private Limited Sonic Fiscal Services Private Limited Sonic Overseas Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

5500000	Equity Shares	Rs.10/- each	Rs.55.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3853120	Equity Shares	Rs.10/- each	Rs.38.531 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	38.531	38.531	38.531
(b) Reserves & Surplus	84.234	124.049	155.741
(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)	122.765	162.580	194.272

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	3.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	2.043	1.239	0.731
(d) long-term provisions	0.000	1.599	0.392
Total Non-current Liabilities (3)	2.043	2.838	4.123

(4) Current Liabilities
(a) Short term borrowings	459.622	698.707	729.724
(b) Trade payables	42.490	77.728	31.984
(c) Other current liabilities	115.692	149.065	83.350
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	617.804	925.500	845.058

TOTAL	742.612	1090.918	1043.453

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	86.510	188.247	220.528
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	1.403	0.071
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	86.510	189.650	220.599

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	134.509	226.563	180.654
(c) Trade receivables	276.768	394.836	299.333
(d) Cash and cash equivalents	20.263	27.473	32.830
(e) Short-term loans and advances	145.243	243.294	301.401
(f) Other current assets	79.319	9.102	8.636
Total Current Assets	656.102	901.268	822.854

TOTAL	742.612	1090.918	1043.453

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL INCOME (A)	2019.136	2275.342	3051.063

Less	EXPENSES
	TOTAL (B)	1941.524	2164.843	2892.506

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	77.612	110.499	158.557

Less	FINANCIAL EXPENSES (D)	87.368	95.159	101.702

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(9.756)	15.340	56.855

Less/ Add	DEPRECIATION/ AMORTISATION (F)	30.006	47.032	56.077

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(39.762)	(31.692)	0.778

Less	TAX (I)	0.000	0.000	0.478

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(39.762)	(31.692)	0.300

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	3.059	34.751	29.968

	Deferred Tax Assets / Liabilities	0.000	0.000	4.591

	Prior Period Income / Expenses	0.164	0.000	0.108

	Balance Carried to the B/S (J+K+L-M)	(36.755)	3.059	34.751

	Earnings / (Loss) Per Share (Rs.)	(10.32)	(8.23)	0.08

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/ Total Income)	(%)	(1.97)	(1.39)	0.01

Operating Profit Margin (PBDIT / Sales)	(%)	3.84	4.86	5.20

Return on Total Assets (PBT/Total Assets}	(%)	(5.35)	(2.91)	0.07

Return on Investment (ROI) (PBT/Networth)		(0.32)	(0.19)	0.00

Debt Equity Ratio (Total Debt /Networth)		3.74	4.30	3.77

Current Ratio (Current Asset/Current Liability)		1.06	0.97	0.97

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In )	(Rs. In )	(Rs. In )
Share Capital	38.531	38.531	38.531
Reserves & Surplus	155.741	124.049	84.234
Net worth	194.272	162.580	122.765

long-term borrowings	3.000	0.000	0.000
Short term borrowings	729.724	698.707	459.622
Total borrowings	732.724	698.707	459.622
Debt/Equity ratio	3.772	4.298	3.744

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In )	(Rs. In )	(Rs. In )
Total Income	3051.063	2275.342	2019.136
		(25.425)	(11.260)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In )	(Rs. In )	(Rs. In )
Total Income	3051.063	2275.342	2019.136
Profit	0.300	(31.692)	(39.762)
	0.01%	(1.39%)	(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	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	Yes

Note:

The Registered office of the company has been shifted 72 Gandhi Nagar Draingechannel Road Opposite Municipal Ind. Estate, Worli, Mumbai – 400018, India to the present address w.e.f. 23.10.2012

OVERVIEW

Company is engaged in the business of manufacturing and sale of steel wire, Plastic Products, Cables and Conductors. In addition, the Company has Wind Mills located in India for generation and supply of electricity.

REVIEW OF THE WORKING:

Besides over Industrial recession resulting into cut throat competition, the company also faced power problem. However the turnover crossed to Rs. 2205.516 Million against the previous year Rs.2498.891 Million and Loss after tax Rs. 39.814 Million against the previous year Loss of Rs. 31.692 Million. The results of the Company for the current year ended 31st March, 2014 are after giving effect to the Scheme of arrrangement and demerger approved by the honourable high court of Madhya Pradesh Bench at Indore on 11^th September 2014, whereby the Plastic and Windmill Division have been Demerged with appointed date of 1st October 2013 and accordingly its previous year's figures are not comparable with current year.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Intercorporate borrowing	327.974	404.077

Total	327.974	404.077

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10057082	16/04/2013 *	686,000,000.00	STATE BANK OF INDIA	SME BRANCH, MITRA NIWAS ROAD, RATLAM, Madhya Pradesh - 457001, INDIA	B75010520

* Date of charge modification

FIXED ASSETS

Land
Buildings
Factory building
Other building
Plant and equipment
Factory equipments
Other plant and equipment
Furniture and fixtures
Vehicles
Motor 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.63.33
UK Pound	1	Rs.96.51
Euro	1	Rs.68.93

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	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		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Unit