MIRA INFORM REPORT

Report No. :	337525
Report Date :	20.08.2015

IDENTIFICATION DETAILS

Name :	AJS IMPEX PRIVATE LIMITED (w.e.f. 07.05.2009)

Formerly Known As :	A JAYDEV STEEL PRIVATE LIMITED

Registered Office :	108, 1^st Floor, Arihant Building, Ahmedabad Street, Carnac Bunder, Mumbai – 400 009, Maharashtra
Tel. No.:	91-22-23480888

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	08.05.2006

Com. Reg. No.:	11-161680

Capital Investment / Paid-up Capital :	Rs.69.250 million

CIN No.: [Company Identification No.]	U74900MH2006PTC161680

IEC No.:	0306062593

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

PAN No.: [Permanent Account No.]	AAFCA9734M

Legal Form :	Private Limited Liability Company

Line of Business :	Importer, Stockist and Dealer of iron and steel products like hot roll plates, coils, high pressure plate and boiler quality plates.

No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Profit margin of the company is low. However, networth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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: BB+
Rating Explanation	Moderate risk of default.
Date	12.06.2014

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 31-03-2013.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-22-61391116)

LOCATIONS

Registered Office :	108, 1^st Floor, Arihant Building, Ahmedabad Street, Carnac Bunder, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-23480888/ 30297636/ 30297880/ 7881/ 32930888
Fax No.:	91-22-23488889
E-Mail :	accounts@ajslgroup.com corporate@ajslgroup.com
Website:	www.ajslgroup.com

Corporate Office :	211, Hub Town Solaris, N.S. Phadke Marg, Near Hotel Regency, Andheri (East), Mumbai – 400 069, Maharashtra, India

Branch Office :	103/104, 1^st Floor, Arihant Building, Ahmedabad Street, Carnac Bunder, Mumbai – 400 009, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Jayesh Amulakh Mehta

Designation :

Managing Director

Address :

A/10, Gautamdham, Bajaj Road, Dadabhai Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

04.09.1968

Date of Appointment :

11.03.2010

PAN No.:

AACPM6405B

DIN No.:

01584717

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	U74900MH2006PTC161680	AJS IMPEX PRIVATE LIMITED	Managing director	11/03/2010	08/05/2006	-	Active	NO
2	U25199MH2006PTC161869	TRUMP IMPEX PRIVATE LIMITED	Director	18/05/2006	18/05/2006	31/03/2009	Active	NO
3	U51909MH2004PTC146415	SHREE VALLABH MARKETING PRIVATE LIMITED	Director	01/03/2008	01/03/2008	-	Active	NO
4	U45201MH2008PTC182438	JK INFRACON PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Strike off	NO
5	L65990MH1983PLC029350	SUBWAY FINANCE AND INVESTMENT CO LIMITED	Director	29/09/2011	18/04/2011	07/08/2014	Active	NO
6	AAA-2673	AJS ENTERPRISES LLP	Designated Partner	01/11/2010	01/11/2010	-	Active	NO
7	AAA-2703	AJS NIRMAN LLP	Designated Partner	02/11/2010	02/11/2010	-	Active	NO

Name :

Mr. Amulakh Bhupatray Mehta

Designation :

Director

Address :

A/10, Gautamdham, Bajaj Road, Dadabhai Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

14.09.1938

Date of Appointment :

08.05.2006

PAN No.:

AAEPM3461D

DIN No.:

01584664

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	U74900MH2006PTC161680	AJS IMPEX PRIVATE LIMITED	Director	08/05/2006	08/05/2006	-	Active	NO
2	U25199MH2006PTC161869	TRUMP IMPEX PRIVATE LIMITED	Director	18/05/2006	18/05/2006	01/10/2009	Active	NO
3	U51909MH2004PTC146415	SHREE VALLABH MARKETING PRIVATE LIMITED	Director	01/03/2008	01/03/2008	-	Active	NO
4	L65990MH1983PLC029350	SUBWAY FINANCE AND INVESTMENT CO LIMITED	Director	29/09/2011	18/04/2011	07/08/2014	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders		No. of Shares
Amulakh B. Mehta		5000
Pasad Impaex Private Limited, India		675000
Jayesh A. Mehta		3960300
Jayesh A. Mehta (HUF)		1020000
Piyush V. Bhuva		3675
Ram Ganesh M. Gupta		3675
Vinayak Kanade		3675
Popat Shete		3675
Mehta Trade, India		1000000
Shree Vallabh Marketing Private Limited, India		250000
Total		6925000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	13.36
Directors or relatives of Directors	57.26
Other top fifty shareholders	29.38
Total	100.00

BUSINESS DETAILS

Line of Business :	Importer, Stockist and Dealer of iron and steel products like hot roll plates, coils, high pressure plate and boiler quality plates.

Products :	Iron and Steel Products

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	Standard Chartered Bank
Branch Address	Standard Chartered Tower, 201, B/1, Western Express Highway, Goregaon (East), Mumbai – 400 063, Maharashtra, 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

Union Bank of India (Lead Bank), Bhat Bazar Branch, Anand Deep Chambers, 273/277, Narsi Natha Street, Mumbai – 400 009, Maharashtra, India
Bank of Maharashtra, 45/47, Janmangal Building, Bombay Samachar Marg, Fort, Mumbai, Maharashtra – 400 023, Maharashtra, India
Barclays Bank Plc, 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Rupee term loans from banks (Against Office Property)	35.862	0.000
Loans taken for fixed assets	2.150	4.356
SHORT-TERM BORROWINGS
Working capital loans from banks (Against stock and debtors)	153.289	494.049
Total	191.301	498.405

Auditors :
Name :	Vinod K. Mehta and Company Chartered Accountants
Address :	B-5, Satyam Shopping Centre, M.G. Road, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFV6947N

Memberships :	Not Available

Collaborators :	Not Available

Other Related Parties :	Mehta Trade, India AJS Enterprise LLP, India A J S Nirman LLP, India

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs.85.000 million

Issued, Subscribed & Paid-up Capital : Rs.81.400 million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs.75.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6925000	Equity Shares	Rs.10/- each	Rs.69.250 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	69.250	62.500	62.500
(b) Reserves & Surplus	761.568	498.214	492.567
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	139.923	70.000	75.000
Total Shareholders’ Funds (1) + (2)	970.741	630.714	630.067

(3) Non-Current Liabilities
(a) Long-term borrowings	437.212	227.858	465.926
(b) Deferred tax liabilities (Net)	0.434	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.307	0.245	0.179
Total Non-current Liabilities (3)	437.953	228.103	466.105

(4) Current Liabilities
(a) Short term borrowings	153.289	494.049	0.000
(b) Trade payables	3134.204	1304.864	1381.723
(c) Other current liabilities	0.000	0.000	76.247
(d) Short-term provisions	10.864	53.669	59.701
Total Current Liabilities (4)	3298.357	1852.582	1517.671

TOTAL	4707.051	2711.399	2613.843

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	351.091	105.458	51.556
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.667	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	12.500	37.131
(c) Deferred tax assets (net)	0.000	0.687	0.609
(d) Long-term Loan and Advances	145.433	133.431	0.467
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	501.191	252.076	89.763

(2) Current assets
(a) Current investments	0.669	0.000	0.000
(b) Inventories	959.932	724.280	652.252
(c) Trade receivables	1718.377	1073.057	1054.653
(d) Cash and cash equivalents	1115.763	423.792	511.685
(e) Short-term loans and advances	411.041	238.194	305.461
(f) Other current assets	0.078	0.000	0.029
Total Current Assets	4205.860	2459.323	2524.080

TOTAL	4707.051	2711.399	2613.843

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	8050.978	5895.901	5638.113
		Other Income			35.402
		TOTAL	8050.978	5895.901	5673.515

Less	EXPENSES
		Office Expenses	8034.091	5885.689	5513.749
		Administrative Expenses
		Advertising Expenses
		TOTAL	8034.091 (including interest, tax, depreciation & exceptional items)	5885.689 (including interest, tax, depreciation & exceptional items)	5513.749

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION & EXCEPTIONAL ITEMS				159.766

Less	FINANCIAL EXPENSES				99.893

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION & EXCEPTIONAL ITEMS				59.873

Less/ Add	DEPRECIATION/ AMORTISATION				6.781

	PROFIT/ (LOSS) BEFORE TAX & EXCEPTIONAL ITEMS				53.092

Less	EXCEPTIONAL ITEMS				0.070

	PROFIT/ (LOSS) BEFORE TAX		16.887	10.212	53.022

Less	TAX		7.871	4.565	17.456

	PROFIT/ (LOSS) AFTER TAX		9.016	5.647	35.566

	Earnings/ (Loss) Per Share (Rs.)		1.30	0.90	5.69

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 flows from (used in) operations	414.421	(164.655)	285.911
Net cash flows from (used in) operating activities	414.421	(164.655)	285.911

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	0.63

Operating Profit Margin (PBDIT/ Sales)	(%)	NA	NA	2.83

Return on Total Assets (PBT/Total Assets}	(%)	0.36	0.38	2.06

Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.08

Debt Equity Ratio (Total Debt/Networth)		0.61	1.14	0.74

Current Ratio (Current Asset/Current Liability)		1.28	1.33	1.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. in million)	(Rs. in million)	(Rs. in million)
Share Capital	62.500	62.500	69.250
Reserves & Surplus	492.567	498.214	761.568
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	75.000	70.000	139.923
Net worth	630.067	630.714	970.741

Long Term borrowings	465.926	227.858	437.212
Short Term borrowings	0.000	494.049	153.289
Total borrowings	465.926	721.907	590.501
Debt/Equity ratio	0.739	1.145	0.608

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)
Total Income	5673.515	5,895.901	8,050.978
		3.920	36.552

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. in million)	(Rs. in million)	(Rs. in million)
Total Income	5673.515	5,895.901	8,050.978
Profit	35.566	5.647	9.016
	0.63%	0.10%	0.11%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS AND OUTLOOK:

During the year the company earned an income by way of revenue from operations and other income of Rs.8050.978 million as against Rs.5895.901 million achieved during the corresponding period of previous year. After offsetting the expenses the company made during the year a Profit (Profit before tax) of Rs.16.887 million as against Rs.10.212 million achieved during the corresponding period of previous year. The directors are optimistic about the future of the company.

UNSECURED LOANS

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Loans and advances from directors	14.716	52.928
Other loans and advances	384.484	170.574
Total	399.2	223.502

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10429078	20/05/2013	37,300,000.00	STANDARD CHARTERED BANK	STANDARD CHARTERED TOWER, 201, B/1, WESTERN EXPRESS HIGHWAY, GOREGAON (EAST), MUMBAI, MAHARASHTRA - 400063, INDIA	B76296870
2	10181113	20/09/2010 *	100,000,000.00	UNION BANK OF INDIA	BHAT BAZAR BRANCH, ANANT DEEP CHAMBERS, 273/277, NARSINATHA STREET, MUMBAI, MAHARASHTRA - 400009, INDIA	A96819735
3	10181118	29/04/2014 *	3,000,000,000.00	UNION BANK OF INDIA (LEAD BANK)	BHAT BAZAR BRANCH, ANAND DEEP CHAMBERS,, 273/277, NARSI NATHA STREET, MUMBAI, MAHARASHTRA - 400009, INDIA	C05641311

* Date of charge modification

FIXED ASSETS

Tangible assets

· Buildings

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other 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.65.25
UK Pound	1	Rs.102.25
Euro	1	Rs.72.19

INFORMATION DETAILS

Information Gathered by :	SPR

Analysis Done by :	DIV

Report Prepared by :	SMN

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	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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

NA

NA

NA

NA

Unit