MIRA INFORM REPORT

Report No. :	306108
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	SONAL VYAPAR LIMITED
Registered Office :	110/2, Nattamangalam Main Road, Maniyanoor, Salem- 636010, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.1983
Com. Reg. No.:	18-001263
Capital Investment / Paid-up Capital :	Rs. 62.541 Millions
CIN No.: [Company Identification No.]	U05110TZ1983PLC001263
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCS0297D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacture and sale of iron and steel products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 660000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management of the company has failed to file its financials with government department for FY 2013-14. As per registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st march 2014 but the documents related to the financials for the year 2014 are not available from any sources. Profitability of the company is very low, as per available financials of 2012-13. However, trade relations 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 cation.

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	ICRA
Rating	Long Term Rating (BB+)
Rating Explanation	Inadequate credit quality and high credit risk
Date	November 2013
Rating Agency Name	ICRA
Rating	Short Term Rating (A4+)
Rating Explanation	Minimal degree of safety and very highest credit risk.
Date	November 2013

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 DENIED BY

Name :	Mr. R. Rajasekaran
Designation :	Director
Contact No.:	91-7867014484
Date :	05.02.2015

LOCATIONS

Registered Office :	110/2, Nattamangalam Main Road, Maniyanoor, Salem- 636010, Tamil Nadu, India
Tel. No.:	91-427-2271054
Mobile No.:	91-7867014484 (Mr. R. Rajasekaran)
Fax No.:	91-427-2271054
E-Mail :	svlsalem@hotmail.com solaioffice@yahoo.co.in

DIRECTORS

As on: 29.09.2014

Name :

Mr. Rajasekaran

Designation :

Director

Address :

Ammapet, Salem, 636003, Tamilnadu, India

Date of Birth/Age :

14.04.1971

Date of Appointment :

23.01.2012

DIN No.:

03617162

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	U05110TZ1983PLC001263	SONAL VYAPAR LIMITED	Director	28-09-2012	23-01-2012	-	Active	NO
2	U15311TN2004PLC052855	SALEM FOOD PRODUCTS LIMITED	Director	29-09-2012	09-04-2012	-	Active	NO
3	U27310KA2007PLC043017	APS STEELS LIMITED	Director	23-04-2012	23-04-2012	-	Active	NO
4	U01403KA2010PTC053517	MEENAKSHI AGRO AND FLOUR MILL PRIVATE LIMITED	Director	24-01-2013	24-01-2013	-	Active	NO

Name :

Mr. Naresh Jhunjhunwala

Designation :

Director

Address :

Yerritata Colony, 1sr Cross, Gurukrupa, Gandhi Nagar, Bellary-583103, Karnataka, India

Date of Birth/Age :

22.10.1967

Date of Appointment :

11.11.2013

DIN No.:

05278297

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	U31907KA2008PTC056312	RAVI POWER AND STEEL PRIVATE LIMITED	Director	30-07-2012	30-07-2012	26-11-2012	Active	NO
2	U27310KA2007PLC043017	APS STEELS LIMITED	Director	30-09-2013	30-09-2013	-	Active	NO
3	U05110TZ1983PLC001263	SONAL VYAPAR LIMITED	Additional director	11-11-2013	11-11-2013	-	Active	NO
4	U27100KA2007PTC042025	SRI SRI RUKMANI ROLLING MILL PRIVATE LIMITED	Additional director	13-06-2014	13-06-2014	-	Active	NO
5	U27310KA2008PTC046325	MAA DEVSAR INFRASTRUCTURE and STEELS PRIVATE LIMITED	Director	30-09-2014	05-09-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramanathan Balaji Ravi Gopal
Designation :	Company Secretary
Address :	19-9-29/1, Laksjmipuram, Tirupathi-517501, Andhra Pradesh, India
Date of Birth/Age :	19.03.1975
Date of Appointment :	13.06.2012
PAN No.:	AUHPR1807M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2014

Names of Shareholders	No. of Shares
Mr. Rajesh Gupta	1685
Ravi Kumar Gupta	397350
Mr. Arvind Kumar Gupta	25500
Gita Devi	5700
Sudha Gupta	65605
Alok Gupta	13100
Sonal Gupta	90450
Vandana Gupta	20000
Ravi Kuamr Gupta	25410
Omprakash Medical Research Trust	338000
Wantika Gupta	75000
Naviditha Gupta	80000
Delhi Steel Tubes Industries	637000
Poleman Steel Private Limited	30000
Madras Elastomers Limited	114700
Assam Mercantile Company	415000
Good Faith Vinney Private Limited	220000
Dhanvarsha Enterprises and Investments Private Limited	34000
Ravi Kumar Gupta	1120000
Hari Vallabha Enterprises and Investments Private Limited	15000
Oriental Construction	120000
Omprakash HUF	39000
Tamilnadu Properties Limited	75000
M. Beaviam	500
Aspire Mercantile Private Limited	140000
Chennai Material Recycling and Trading Company Private Limited	26000
OPG Infotech Private Limited	2114980
Total	6254095

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2014

Category	Percentage
Bodies corporate	65.47
Directors or relatives of Directors	24.67
Other top fifty shareholders	9.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacture and sale of iron and steel products.

Products :

Item Code No.	Product Description
72166900	M S Ingots, M S Angles, M S Channels

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Ø State Bank Of Mysore, 19, Car Street, Salem - 636001, Tamil Nadu, India

Ø State Bank of Indore, 115, Broadway, Madras, Tamil Nadu - 600108, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Working capital loans from banks	85.771	82.663
Total	85.771	82.663

Financial Institute:	Ø SBICAP Trustee Company Limited, 202, Maker Tower - East, Cuffe Parade, Mumbai, Maharashtra - 400005, India Ø Annamallai Finance Limited, 252, Mettupalayam Road, Coimbatore, Tamil Nadu - 641043, India
Auditors :
Name :	Chaturvedi and Company Chartered Accountants
Address :	No 14, Padmanabha Street, T. Nagar, Chennai- 600017, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFC9567F
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Ø OPG Metals Private Limited (U15499TN1996PTC036060) Ø OPG Industries Limited (U27104TN1996PLC036793) Ø Kanishk Steel Industries Limited (L27109TN1995PLC067863) Ø Sri Sri Rukmani Rolling Mill Private Limited (U27100KA2007PTC042025) Ø OPG Holdings India Private Limited (Previously OPG Infotech Private Limited) (U67120KA2005PTC038009) Ø OPG Renewable Energy Private Limited (U40105TN2006PTC060564) Ø OPG Energy Private Limited (U40101TN2000PTC045702) Ø OPG Power Generation Private Limited ( U40100TN2007GAT063498) Ø Maa Devsar Infrastructure and Steels Private Limited (U27310KA2008PTC046325)
Related Parties Enterprises:	Ø Ravi Energy Private Limited Ø South India Steel Industries Ø South India Steel and Starch Industries Ø OPG Agro Farms Ø OPG Power Maharashtra Ø Durga Rubber Works

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions
50000	Preference Share	Rs.100/- each	Rs. 5.000 Millions
	Total		Rs. 75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6254100	Equity Shares	Rs.10/- each	Rs. 62.541 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	62.541	62.541	62.541
(b) Reserves & Surplus	168.542	164.467	157.118
(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)	231.083	227.008	219.659
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.556	2.062	2.107
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.748	0.748	0.713
Total Non-current Liabilities (3)	2.304	2.810	2.820
(4) Current Liabilities
(a) Short term borrowings	85.771	90.163	78.582
(b) Trade payables	568.853	327.121	121.651
(c) Other current liabilities	9.122	76.253	46.948
(d) Short-term provisions	5.013	9.733	5.120
Total Current Liabilities (4)	668.759	503.270	252.301
TOTAL	902.146	733.088	474.780
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	45.490	48.146	46.324
(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	18.010	11.846	11.752
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	63.188	93.131	58.060
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	126.688	153.123	116.136
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	144.003	127.414	133.415
(c) Trade receivables	453.136	267.184	82.956
(d) Cash and cash equivalents	26.797	21.368	49.864
(e) Short-term loans and advances	151.522	163.999	92.409
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	775.458	579.965	358.644
TOTAL	902.146	733.088	474.780

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	1458.938	1702.310	627.272
		Other Income	64.214	45.814	32.614
		TOTAL (A)	1523.152	1748.124	659.886
Less	EXPENSES
		Cost of Materials Consumed	598.531	840.776	460.435
		Purchases of Stock-in-Trade	734.128	651.200	46.603
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.806)	(7.525)	(2.423)
		Employees benefits expense	6.121	6.091	4.221
		Other expenses	165.740	219.244	135.449
		TOTAL (B)	1496.714	1709.786	644.285
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		26.438	38.338	15.601
Less	FINANCIAL EXPENSES (D)		14.192	22.480	6.253
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.246	15.858	9.348
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.062	4.808	4.569
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		7.184	11.050	4.779
Less	TAX (H)		2.213	3.702	1.281
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		4.971	7.348	3.498
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)		52.247	44.899	41.401
	Balance Carried to the B/S (I+J)		57.218	52.247	44.899
	IMPORTS
		CIF Value	246.256	34.446	34.446
	TOTAL IMPORTS		246.256	34.446	34.446
	Earnings/ (Loss) Per Share (Rs.)		0.79	1.17	0.56

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.34	0.43	0.56
Operating Profit Margin (PBDIT/Sales)	(%)	1.81	2.25	2.49
Return on Total Assets (PBT/Total Assets}	(%)	0.81	1.53	1.03
Return on Investment (ROI) (PBT/Networth)		0.03	0.05	0.02
Debt Equity Ratio (Total Debt/Networth)		0.37	0.40	0.36
Current Ratio (Current Asset/Current Liability)		1.16	1.15	1.42

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	62.541	62.541	62.541
Reserves & Surplus	157.118	164.467	168.542
Net worth	219.659	227.008	231.083
long-term borrowings	0.000	0.000	0.000
Short term borrowings	78.582	90.163	85.771
Total borrowings	78.582	90.163	85.771
Debt/Equity ratio	0.358	0.397	0.371

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	627.272	1702.310	1458.938
		171.383	(14.297)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	627.272	1702.310	1458.938
Profit	3.498	7.348	4.971
	0.56%	0.43%	0.34%

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	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	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	No
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

UNSECURED LOAN

Unsecured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Term loans from others	0.000	7.500
Total	0.000	7.500

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2013
Claims against company not acknowledged as debt	13.618
Total	13.618

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10545998	18/06/2014	383,500,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, Maker Tower - E, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	C41576646
2	90001953	23/12/2013 *	264,300,000.00	State Bank of Mysore	No: 19/35-B, Car Street, Salem, Tamil Nadu - 636001, INDIA	B94064177
3	90000442	07/10/1995 *	71,000,000.00	STATE BANK OF INDORE	115; BROADWAY, MADRAS, Tamil Nadu -600108, INDIA	-
4	90000170	18/08/1987	209,094.00	ANNAMALLAI FINANCE LIMITED	252; METTUPALAYAM ROAD, COIMBATORE, Tamil Nadu - 641043, INDIA	-

* Date of charge modification

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Factory building

Ø Plant and equipment

Ø Factory equipments

Ø Emission reduction equipment

Ø Other pollution reduction equipment

Ø Other plant and equipment

Ø Furniture and fixtures

Ø Vehicles

Ø Motor vehicles

Ø Office equipment

Ø 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 records 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.61.36
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.