MIRA INFORM REPORT

Report No. :	336656
Report Date :	17.08.2015

IDENTIFICATION DETAILS

Name :	ARORA MATTHEY LIMITED
Registered Office :	166, Netaji Subhas Chandra Bose Road, Kolkata – 700040, West Bengal
Tel. No.:	91-33-24711974
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.03.1964
Com. Reg. No.:	21-026033
Capital Investment / Paid-up Capital :	Rs.19.920 Million
CIN No.: [Company Identification No.]	U51909WB1964PLC026033
IEC No.:	0288000714
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA4758N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of Precious Metals Chemicals, Platinum Fabricated Products etc.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behavior :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in 1964 and it is the manufacturer of precious metals, chemicals, platinum fabricated products, etc. It is an established company having satisfactory track record. For the financial year ended 2014, the company’s sales turnover has been declined to Rs. 639.300 Million as against previous year record of Rs. 711.000 million although it maintained sound profitability margin. Further, rating also takes into account of company’s healthy financial risk profile supported by adequate networth base and favourable gap between trade payables to its receivables. Trade relations re reported as fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered for business dealing 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Long term Bank Facilities = BB+
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	24.06.2015

Rating Agency Name	CRISIL
Rating	Short term Bank Facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	24.06.2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Abhjieet
Designation :	Accounts Department
Contact No.:	91-33-24711207
Date :	14.08.2015

LOCATIONS

Registered Office / Factory 1 :	166, Netaji Subhas Chandra Bose Road, Kolkata – 700040, West Bengal, India
Tel. No.:	91-33-24711974
Fax No.:	91-33-24711799
E-Mail :	info@arorathey.com catalyst@giascl.01.vsnl.net.in sales@aroramatthey.com aroramattheyvsp@gmail.com
Website :	http://www.aroramathey.com
Locality :	Owned
Location :	Commercial
Factory 2 :	58B, JNPC, Parawada Mandal, Visakhapatnam – 531019, Andhra Pradesh, India
Tel. No.:	91-8924-236103
Fax No.:	91-8924-236102

DIRECTORS

AS ON 22.09.2014

Name :

Vikram Arora

Designation :

Director

Address :

7B/1A Palm Avenue, Kolkata - 700019, West Bengal, India

Date of Appointment :

16.08.2012

Date of Birth/Age :

03.07.1983

DIN No.:

00355164

Name :

Suraj Prakash Arora

Designation :

Whole-Time Director

Address :

4, Swinhoe Street, 1st Floor, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

05.04.1975

Date of Appointment :

01.01.2013

DIN No.:

01179807

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	U70109WB1992PTC054161	DARJEELING TEA SERVICES PVT LTD	Director	21/01/2004	21/01/2004	-	Active	NO
2	U51909WB1964PLC026033	ARORA MATTHEY LTD	Whole-time director	01/01/2013	01/01/2007	-	Active	NO

Name :

Sarva Prakash Arora

Designation :

Managing Director

Address :

4 Swinehoe Street, Kolkata - 700019, West Bengal, India

Date of Birth/Age :

15.03.1939

Date of Appointment :

01.02.2013

DIN No.:

00354919

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	U51909WB1964PLC026033	ARORA MATTHEY LTD	Managing director	01/02/2013	01/02/1981	-	Active	NO
2	U70109WB1992PTC054161	DARJEELING TEA SERVICES PVT LTD	Director	30/08/2004	30/08/2004	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhjieet
Designation :	Accountant Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2014

Name of the Shareholders	No. of Shares
Kanta Arora and Asha Taneja	8468
Kanta Arora and Usha Munjhal	8468
Renu Verma, Vikram Arora and Arjun Arora	2504
Vikram Arora and Renu Verma	2500
Arjun Arora and Renu Verma	2500
Deepak Arora and Shobha Arora	16936
Rohit Arora, Karan Arora and Sushma Arora	16928
Sushma Arora and Rohit Arora	3584
Deepak Arora and Jayashree Arora	3584
Sarva Prakash Arora, Suraj Prakash Arora and Rita Arora	8464
Sarva Prakash Arora, Dhiraj Prakash Arora and Rita Arora	8464
Rita Arora, Suraj Prakash Arora and Sarva Prakash Arora	1792
Rita Arora, Dhiraj Prakash Arora and Sarva Prakash Arora	1792
Renu Arora, Dhruv Prakash Arora and Anand V P Arora	20512
Vikram Arora	6512
Arjun Arora	6512
Renu Arora, Dhruv Prakash Arora and Anand V P Arora	26560
Renu Verma	26560
Suraj Prakash Arora and Shweta Tibb Arora	13280
Dhiraj Prakash Arora and Priti Sen Arora	13280
Total	199200

AS ON 22.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	70.90
Other top fifty shareholders	29.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Precious Metals Chemicals, Platinum Fabricated Products etc.

Products :

ITEM CODE NO.	PRODUCT DESCRIPTION
38151210	5% palladium on carbon catalyst
85369090	Sliver contact
71159010	Articles of platinum
71069210	Sheets plates strips tubes and pipes of slvr
28432100	Silver nitrate
71101900	Platinum in other forms
30049047	l-asparaginase, cisplatin and carboplatin

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

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 :

Wholesalers and Retailers

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 :

70 (Approximately)

Bankers :

Bank Name	Axis Bank Limited
Branch	Corporate Banking Branch (CBB), 1, Shakespeare Sarani, AC Market, 3rd Floor, Kolkata – 700071, West Bengal, 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

• Allahabad Bank Limited, SSI Finance Branch, 3, Red Cross Place, Kolkata – 700001, West Bengal, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand from banks (Cash Credit / Buyer’s Credit / Overdraft) (Represents Working Capital facilities secured by first hypothecation charge over entire current assets (including stock, stores, spares, WIP, book debts, etc.)	122.884	117.341
Total	122.884	117.341

Auditors :
Name :	Anil Goenka and Company Chartered Accountants
Address :	10, G.C Avenue, Kolkata – 700013, West Bengal, India
PAN. No.:	AAQFA9769A
Memberships :	-----
Collaborators :	-----
An Enterprises over which (Mr. S. P. Arora and Mr. A.V.P. Arora) having significant influence	Ram Labhaya Arora and Sons

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs.10/- each	Rs. 25.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
199,200	Equity Shares	Rs.10/- each	Rs. 19.920 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	19.920	19.920	19.920
(b) Reserves & Surplus	159.592	154.210	161.466
(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)	179.512	174.130	181.386
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.324	2.938	4.201
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.728	3.169	5.322
Total Non-current Liabilities (3)	2.052	6.107	9.523
(4) Current Liabilities
(a) Short term borrowings	122.884	117.341	122.743
(b) Trade payables	39.786	44.702	13.154
(c) Other current liabilities	10.235	10.341	9.734
(d) Short-term provisions	4.142	3.901	1.101
Total Current Liabilities (4)	177.047	176.285	146.732
TOTAL	358.611	356.522	337.641
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	106.368	107.281	97.652
(ii) Intangible Assets	0.254	0.643	0.163
(iii) Capital work-in-progress	0.000	1.528	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	11.772	2.275	4.278
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	118.394	111.727	102.093
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	60.777	71.714	81.362
(c) Trade receivables	155.034	142.392	122.130
(d) Cash and cash equivalents	8.009	15.671	19.318
(e) Short-term loans and advances	16.397	15.018	12.738
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	240.217	244.795	235.548
TOTAL	358.611	356.522	337.641

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	639.357	711.046	648.215
	Other Income	0.987	3.004	2.064
	TOTAL	640.344	714.050	650.279
Less	EXPENSES
	Cost of Materials Consumed	472.327	547.848	487.090
	Purchases of Stock-in-Trade	0.655	1.036	0.581
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	9.674	12.641	7.826
	Employees benefits expense	32.271	31.221	27.533
	Other expenses	94.089	100.186	88.972
	TOTAL	609.016	692.932	612.002
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	31.328	21.118	38.277
Less	FINANCIAL EXPENSES	15.172	16.800	12.954
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	16.156	4.318	25.323
Less/ Add	DEPRECIATION/ AMORTISATION	13.842	12.836	11.488
	PROFIT/ (LOSS) BEFORE TAX	2.314	(8.518)	13.835
Less	TAX	(1.568)	(1.262)	5.108
	PROFIT/ (LOSS) AFTER TAX	3.882	(7.256)	8.727
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	124.687	131.943	123.216
	Balance Carried to the B/S	128.569	124.687	131.943
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.448	0.821	2.898
	Income from Technology Support Services	0.000	1.062	1.501
	TOTAL EARNINGS	0.448	1.883	4.399
	IMPORTS
	Raw Materials	49.175	30.145	44.996
	Components and Stores parts	0.000	11.370	4.826
	Traded Goods	0.187	0.453	0.268
	TOTAL IMPORTS	49.362	41.968	50.090
	Earnings / (Loss) Per Share (Rs.)	19.49	(36.42)	43.81

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.61	(1.02)	1.35
Operating Profit Margin (PBIDT/Sales)	(%)	4.90	2.97	5.90
Return on Total Assets (PBT/Total Assets}	(%)	0.65	(2.40)	4.10
Return on Investment (ROI) (PBT/Networth)		0.01	(0.05)	0.08
Debt Equity Ratio (Total Debt /Networth)		0.68	0.67	0.68
Current Ratio (Current Asset/Current Liability)		1.36	1.39	1.61

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	19.920	19.920	19.920
Reserves & Surplus	161.466	154.210	159.592
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	181.386	174.130	179.512
long-term borrowings	0.000	0.000	0.000
Short term borrowings	122.743	117.341	122.884
Total borrowings	122.743	117.341	122.884
Debt/Equity ratio	0.677	0.674	0.685

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	648.215	711.046	639.357
		9.693	(10.082)

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	648.215	711.046	639.357
Profit/Loss	8.727	(7.256)	3.882
	1.35%	(1.02%)	0.61%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10244437	02/07/2013 *	172,500,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB),, 1, SHAKESPEARE S  ARANI, AC MARKET, 3RD FLOOR,, KOLKATA, West Bengal - 700071, INDIA	B80440043
2	80044020	22/03/2013 *	172,500,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH (CBB),, 1, SHAKESPEARE S  ARANI, AC MARKET, 3RD FLOOR,, KOLKATA, West Bengal - 700071, INDIA	B72315815

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014	31.03.2013
	(Rs. in million)
Claims against the company not acknowledge as debts:
Disputed sales tax/value added tax for which appeals are pending	50.100	11.664
(Disputed income tax for which appeals are pending in respect of above, it is not practicable for the company to estimate the timing of cash outflow, if any, pending resolution of the respective proceeding. The company)
TOTAL	50.100	11.664

TURNOVER:

During the year the overall turnover of the company was Rs. 639.300 Million as against last year’s Rs. 711.000 Million, representing a decrease of 10.08%.

OPERATION:

Deposite decrease in turnover the company could manage to achieve a marginal profit of Rs. 3.881 million as a result of cost cutting measures undertaken by the management as also higher profits made by Vizag unit.

FIXED ASSETS

Tangible assets

• Freehold Land
• Factory Building
• Plant and Equipment
• Electrical Installation
• Office Equipment
• Furniture and Fixture
• Vehicles

Intangible assets

• Computer software-acquired

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.65.12
UK Pound	1	Rs.101.62
Euro	1	Rs.72.56

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	HNA
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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 unfavorable 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.