MIRA INFORM REPORT

Report No. :	306313
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	NOBLE TECH INDUSTRIES PRIVATE LIMITED (w.e.f. 13.07.2009)
Formerly Known As :	V.K.G. STEEL AND ENERGY PRIVATE LIMITED
Registered Office :	6/9, Kasturi Estate, 3^rd Street, Poes Garden, Chennai – 600 086, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.09.2004
Com. Reg. No.:	18-054213
Capital Investment / Paid-up Capital :	Rs.198.408 millions
CIN No.: [Company Identification No.]	U72300TN2004PTC054213
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCV9111H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is primarily engaged in the business of manufacture and sale of iron and steel products and also engaged in generation and supply of power (used mainly for captive consumption).
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There seems a significant growth in the profit of the company during FY 2014. However, profit margin of the company is low. Borrowings of the company has also increased. However, trade relations are reported as fair. Business is active. Payment terms 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	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	CARE
Rating	Long-Term Bank Facilities: BB
Rating Explanation	Moderate risk of default.
Date	15.04.2014

Rating Agency Name	CARE
Rating	Short-Term Bank Facilities: A4
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	15.04.2014

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. Tangamani
Designation :	General Manager
Contact No.:	91-9444020965
Date :	04.02.2015

LOCATIONS

Registered Office/ Factory :	6/9, Kasturi Estate, 3^rd Street, Poes Garden, Chennai – 600 086, Tamilnadu, India
Tel. No. :	91-44-24672501/ 25249501
Mobile No. :	91-9444020965 (Mr. Tangamani)
Fax No. :	Not Available
E-Mail :	powerprojectfa@noblesteels.co.in gmm@noblesteels.co.in
Website :	www.noblesteels.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Mohammed Iqbal

Designation :

Whole-time Director

Address :

2B, Old No.17, New No.6, Jagadambal Street, T. Nagar, Chennai – 600 017, Tamilnadu, India

Date of Birth/Age :

20.01.1950

Date of Appointment :

30.09.2013

DIN No. :

06519131

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	U72300TN2004PTC054213	NOBLE TECH INDUSTRIES PRIVATE LIMITED	Whole-time director	30/09/2013	01/02/2013	-	Active	NO

Name :

Mr. Radhakrishnan Ramesh

Designation :

Director

Address :

1, Shyam Court, 19/26, Judge Jambulingam Street, Mylapore, Chennai – 600 004, Tamilnadu, India

Date of Birth/Age :

28.01.1973

Date of Appointment :

30.09.2014

DIN No. :

00792977

PAN No.:

AGJPR9146B

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	U70101TN2005PTC055573	NOBLE PROMOTORS PRIVATE LIMITED	Director	07/03/2005	07/03/2005	-	Active	NO
2	U24231TN2005PTC055220	S.V. CHEM INTERMEDIATES PRIVATE LIMITED	Director	06/07/2005	06/07/2005	-	Active	NO
3	U28112TN2007PTC065672	LAWRIE NOBLE OIL FIELD SUPPLIES PRIVATE LIMITED	Director	10/12/2007	10/12/2007	-	Active	NO
4	U51909TN1995PTC082354	NAPRAAJ COMMERCIAL PRIVATE LIMITED	Director	30/09/2008	05/07/2008	-	Active	NO
5	U55101TN2009PTC070590	PENNAZHAGI HOTELS PRIVATE LIMITED	Director	29/01/2009	29/01/2009	-	Active	NO
6	U71210TN2010PTC077619	GULF HEAVY EQUIPMENTS RENTAL PRIVATE LIMITED	Director	08/10/2010	08/10/2010	14/12/2012	Active	NO
7	U40102TN2011PTC080290	VS POWER ENGINEERING PRIVATE LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
8	U72200TN2004PTC052438	OKAY SOFT AND DEVELOPERS PRIVATE LIMITED	Director	28/05/2011	28/05/2011	-	Active	NO
9	U45400TN2012PTC088998	SHEER PROMOTERS PRIVATE LIMITED	Director	14/12/2012	14/12/2012	-	Active	NO
10	U45400TN2013PTC092019	RRBM PROMOTERS PRIVATE LIMITED	Director	05/07/2013	05/07/2013	-	Active	NO
11	U51909TN2011PTC080426	AAAPLUS TRADING PRIVATE LIMITED	Additional director	09/07/2013	09/07/2013	-	Active	NO
12	U27109AP1992PTC014111	SHANTI ALLOYS PRIVATE LIMITED	Director	06/08/2013	06/08/2013	20/02/2014	Active	NO
13	U72300TN2004PTC054213	NOBLE TECH INDUSTRIES PRIVATE LIMITED	Director	30/09/2014	01/10/2013	-	Active	NO
14	U45206TN2014PTC095970	RB PROMOTORS PRIVATE LIMITED	Director	29/05/2014	29/05/2014	-	Active	NO
15	AAA-0079	CASCUD AGENCIES LLP	Designated Partner	27/07/2009	27/07/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Tangamani
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Sameena Begum	12712800
Radhakrishnan Ramesh	100000
Mohamed Ismail Mohamed Abdulla	100000
Naprajraaj Commercial Private Limited, India	6828000
Mohamed Ebrahim Basheer Mohamed	100000
Total	19840800

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	34.41
Directors or relatives of Directors	65.09
Other top fifty shareholders	0.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the business of manufacture and sale of iron and steel products and also engaged in generation and supply of power (used mainly for captive consumption).

Products :

Item Code No. (ITC Code)	Product Description
72031000	Sponge Iron
72071920	Mild Steel Billets
73089010	Mild Steel Structurals
72041000	Scrap and Other

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

• Steel Products

Countries :

• Sri Lanka
• UAE

Imports :

Products :

• Raw Material

Countries :

• Germany
• UK
• UAE
• South Africa

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

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 :

Wholesalers, Retailers and End Users

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 :

800 (Approximately)

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	Chennai, Tamilnadu, 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

· State Bank of India, Industrail Finance Branch, 155, Anna Salai, Chennai – 600 002, Tamilnadu, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	57.954	103.197
Loans taken for vehicles [Vehicle Loan and Equipment Finance Loan (against hypothecation of Assets financed)]	9.208	3.679
SHORT TERM BORROWINGS
Working capital loans from banks	1221.860	1074.938
Total	1289.022	1181.814

Banking Relations :	--
Financial Institutions :	SREI Infrastructure Finance Limited, Vishwakarma, 86C, Topsia Road (South), Kolkata – 700 046, West Bengal, India
Auditors :
Name :	A. Krishnamoorthy and Company Chartered Accountants
Address :	Old No.16/3, New No.43, Ramaswamy Street, T. Nagar, Chennai – 600 017, Tamilnadu, India
PAN No.:	AGHPK4186E
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Okay Soft and Developers Private Limited, India (CIN No.: U72200TN2004PTC052438) Rahmat Steels, India Halima Steels, India

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19840800	Equity Shares	Rs.10/- each	Rs.198.408 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	198.408	198.408	198.408
(b) Reserves & Surplus	673.266	662.836	659.976
(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)	871.674	861.244	858.384
(3) Non-Current Liabilities
(a) Long-term borrowings	929.278	759.520	619.069
(b) Deferred tax liabilities (Net)	104.873	107.069	101.836
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1034.151	866.589	720.905
(4) Current Liabilities
(a) Short term borrowings	1221.860	1074.938	1003.724
(b) Trade payables	1619.141	1472.965	756.490
(c) Other current liabilities	347.043	244.953	164.921
(d) Short-term provisions	0.393	0.199	0.073
Total Current Liabilities (4)	3188.437	2793.055	1925.208
TOTAL	5094.262	4520.888	3504.497
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	902.754	960.192	1017.115
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.869	2.474	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.959	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	41.738	43.352	48.778
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	948.320	1006.018	1065.893
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2963.553	2687.493	1733.410
(c) Trade receivables	567.144	315.343	250.322
(d) Cash and cash equivalents	6.798	3.494	5.622
(e) Short-term loans and advances	530.817	387.887	369.184
(f) Other current assets	77.630	120.653	80.066
Total Current Assets	4145.942	3514.870	2438.604
TOTAL	5094.262	4520.888	3504.497

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4703.040	4381.357	5344.462
		Other Income
		TOTAL	4703.040	4381.357	5344.462
Less	EXPENSES
		TOTAL	4692.747	4371.314	5273.067
	PROFIT/ (LOSS) BEFORE TAX		10.293	10.043	71.395
Less	TAX		(0.137)	7.183	20.538
	PROFIT/ (LOSS) AFTER TAX		10.430	2.860	50.857
	Earnings / (Loss) Per Share (Rs.)		0.52	0.14	NA

Expected Sales (2014-2015): Rs.5000.000 millions

The above information has been parted by Mr. Tangamani (General Manager).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.20	0.22	2.04
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.08
Debt Equity Ratio (Total Debt/Networth)		2.47	2.13	1.89
Current Ratio (Current Asset/Current Liability)		1.30	1.26	1.27

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	198.408	198.408	198.408
Reserves & Surplus	659.976	662.836	673.266
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	858.384	861.244	871.674
Long Term borrowings	619.069	759.520	929.278
Short Term borrowings	1003.724	1074.938	1221.860
Total borrowings	1622.793	1834.458	2151.138
Debt/Equity ratio	1.891	2.130	2.468

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	5,344.462	4,381.357	4,703.040
		(18.021)	7.342

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	5,344.462	4,381.357	4,703.040
Profit	50.857	2.860	10.430
	0.95%	0.07%	0.22%

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 three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The registered address of the company has been shifted from No.163/1, Prakasam Salaii Floor, K. Sons Complex, Broadway, Chennai – 600 108, Tamilnadu to the present address w.e.f. 09.03.2009.

FINANCIAL PERFORMANCE

The Company has achieved turnover of Rs.4703.040 millions for the year 2013-14. The turnover has reduced by 7.34% compared to the turnover of Rs.4381.357 millions during the previous year. The net profit after tax also declined to Rs.10.430 millions during the year as against Rs.2.860 millions for the previous year. Continued sluggish market conditions, lack of infrastructure growth and higher input costs are the major reasons for the stagnant business development. Despite adverse conditions prevailing in the country the company could achieve a positive figure in the bottom line. The Board is confident of showing a growth in the current year (2014-15) inspite of the continued adverse market conditions and dwindled margins.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from directors	862.116	652.644
Total	862.116	652.644

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10432719	26/04/2013	100,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	B77797892
2	10344411	29/03/2012	246,500,000.00	BANK OF BARODA	MID CORPORATE BRANCH, 1ST FLOOR, 74, THEAGARAYA ROAD, T. NAGAR, CHENNAI, TAMILNADU - 600017, INDIA	B35860089
3	10286216	01/04/2011	2,450,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	B12720603
4	10169806	22/09/2008	3,190,000.00	SREI INFRASTRUCTURE FINANCE LIMITED	VISHWAKARMA, 86C, TOPSIA ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA	A59692756
5	10059006	30/05/2014 *	2,170,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	C05439146
6	90298004	19/02/2013 *	123,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	B70458286
7	90288318	11/01/2007 *	235,200,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 155, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA	-

* Date of charge modification

FIXED ASSETS

· Buildings

· 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.61.87
UK Pound	1	Rs.94.07
Euro	1	Rs.70.19

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.