MIRA INFORM REPORT

Report No. :	307432
Report Date :	17.02.2015

IDENTIFICATION DETAILS

Name :	JSW STEEL (SALAV) LIMITED
Registered Office :	Welspun City, Village Versamedi, Taluka Anjar, Kutch Anjar – 370110, Gujarat
Country :	India
Financials (as on) :	31.03.2013 (Welspun Maxsteel Limited)
Date of Incorporation :	27.06.2008
Com. Reg. No.:	04-064145
Capital Investment / Paid-up Capital :	Rs. 1338.224 Millions
CIN No.: [Company Identification No.]	U27100GJ2008PLC064145
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited liability Company.
Line of Business :	Manufacturer of Sponge Iron.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of JSW Group w.e.f. August 18, 2014 on the date which JSW Steel announced to enter into an agreement to acquire sponge iron maker Welspun Maxsteel in a deal worth over Rs. 1,0000.000 Millions. It is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of strong parentage, the company can be considered 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Not Available

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. Satish Kunango
Designation :	Accounts Manager
Contact No.:	91-8805011377
Date :	12.02.2015

LOCATIONS

Registered Office :	Welspun City, Village Versamedi, Taluka Anjar, Kutch Anjar – 370110, Gujarat, India
Tel. No.:	91-02-44-260110-119
Mobile no. :	91-8805011377 (Mr. Satish Kunango)
Fax No.:	Not Available
E-Mail :	Lancy.varghese@jsw.in satish.kanungo@jsw.in
Website :	www.jsw.in

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Arun Maheshwari

Designation :

Additional director

Address :

1501 15^th Floor 3 Saket Tower, Kisan Koli Marg Thane, Thane – 400601, Maharashtra, India

Date of Appointment :

31/10/2014

DIN No. :

01380000

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	U52339MH2006PTC162483	AVAS TRADELINKS PRIVATE LIMITED	Director	31/05/2006	31/05/2006	26/07/2012	Active	NO
2	U27100GJ2008PLC064145	JSW Steel (Salav) Limited	Additional director	31/10/2014	31/10/2014	-	Active	NO

Name :

Mrs. Jyoti Kumar Agarwal

Designation :

Additional director

Address :

Flat 413 BPCL, Residential Colony, Aziz Baug Mahul Chembur, Mumbai – 400074, Maharashtra, India

Date of Appointment :

31/10/2014

DIN No. :

01911652

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	U74140MH1991PTC193610	Credit Suisse Finance (India) Private Limited	Director	15/05/2009	12/03/2009	09/12/2009	Active	NO
2	U27100GJ2008PLC064145	JSW Steel (Salav) Limited	Additional director	31/10/2014	31/10/2014	-	Active	NO

Name :

Bhushan lal dewangan

Designation :

Additional director

Address :

B 1301, La Vista, 13^th Floor, Plot No 256 & 257, Sector 10, Kharghar, Navi Mumbai – 410210, Maharashtra, India

Date of Appointment :

07.11.2014

DIN No. :

07011510

Name :

Sanjay agrawal

Designation :

Additional director

Address :

E- 901, Building No. 39 Raheja Vista Wing E, Chandivali Farm Road Raheja Vihar Vill.Tunga, Mumbai – 400072, Maharashtra, India

Date of Appointment :

27.11.2014

DIN No. :

07028183

KEY EXECUTIVES

Name :	Pradeep kumar gokhroo
Designation :	CFO
Address :	A-2 Welspun Baug, Village Salav, Raigad – 402202, Maharashtra, India
PAN No.:	AFEPG8956L
Name :	Mr. Satish Kunango
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 25.09.2014

Names of Equity Shareholders	No. of Shares
Welspun Enterprises Limited, India	672426576
Welspun Corp Limited, India	236749881
Grasim Industries Limited, India	1391600
Dwarka Dass Rathi	1400
Sanjeev Bafna	1400
Pavan Kumar Jain	1400
Ashok Malu	1400
Hemant Kadel	1400
Ravindra Kastia	1400
Devendra Patil	1
Shashikant Thorat	1
Pradeep Joshi	1
Ravindra More	1
Rashmi Mamtura	1
Saji Padmanabhan	1
Rajendra Sawant	1
Total	910576464

Names of Preference Shareholders	No. of Shares
Welspun Enterprises Limited, India	3740000
Total	3740000

As on 25.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sponge Iron.

Products :

Item Code No. (ITC Code)	Product Description
72031000	Sponge Iron

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit (30 Days)

Purchasing :

Cash and Credit (30 Days)

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 :

· End Users and OEMs

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 :

200 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	85, maker Tower, F Wing, 20^th Floor Cuff Parade, Mumbai – 400005, 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

Banker Name	IDBI Trusteeship Services Limited
Branch Address	Ballard Estate, Mumbai
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)	Cash Credit – Rs. 10940.000 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	9507.979	6575.756
SHORT TERM BORROWINGS
Working Capital loans from banks	42.279	302.458
Total	9550.258	6878.214

Financial Institute	IDBI Trusteeship Services Limited Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate,, MUMBAI – 400001, Maharashtra, India
Facilities :	Cash Credit = Rs. 10940.000 Millions (From IDBI Trusteeship Services Limited)
Auditors :
Name :	MGB and Company Chartered Accountants
Address :	Jolly Bhavan # 2, 1^st Floor, 7, New Marine Lines, Churchgat, Mumbai – 400020, Maharashtra, India
Tel. No.:	AAAFM5742R
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company :	Welspun Corp Limited Welspun Projects Limited Welspun Steel Limited Welspun Infratech Limited
Other Related Parties :	Welspun India Limited

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000000	Equity Shares	Rs.10/- each	Rs.12000.000 Millions
300000000	Preference Shares	Rs.10/- each	Rs. 3000.000 Millions
	Total		Rs.15000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
910576464	Equity Shares	Rs.10/- each	Rs. 9105.765 Millions
3740000	Preference Shares	Rs.10/- each	Rs. 37.400 Millions
	Total		Rs. 9143.165 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
268250000	Equity Shares	Rs.10/- each	Rs.2682.500 Millions
3750000	Preference Shares	Rs.10/- each	Rs. 37.500 Millions
	Total		Rs. 2720.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
130082352	Equity Shares	Rs.10/- each	Rs. 1300.824 Millions
3740000	Preference Shares	Rs.10/- each	Rs. 37.400 Millions
	Total		Rs. 1338.224 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

(WELSPUN MAXSTEEL LIMITED)

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1338.224	1300.824	1300.824
(b) Reserves & Surplus	5694.801	1137.262	1841.355
(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)	7033.025	2438.086	3142.179
(3) Non-Current Liabilities
(a) long-term borrowings	10101.777	7125.536	7167.511
(b) Deferred tax liabilities (Net)	0.000	301.865	301.865
(c) Other long term liabilities	0.050	0.050	0.050
(d) long-term provisions	34.563	34.603	42.627
Total Non-current Liabilities (3)	10136.390	7462.054	7512.053
(4) Current Liabilities
(a) Short term borrowings	42.279	2302.458	2395.330
(b) Trade payables	2534.313	2543.328	5120.100
(c) Other current liabilities	187.894	426.045	326.160
(d) Short-term provisions	36.230	33.760	6.544
Total Current Liabilities (4)	2800.716	5305.591	7848.134
TOTAL	19970.131	15205.731	18502.366
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14705.644	6392.670	5771.747
(ii) Intangible Assets	3.816	7.156	8.826
(iii) Capital work-in-progress	79.989	2093.245	1749.523
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	29.906	29.906	29.906
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1975.980	2021.030	2778.744
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16795.335	10544.007	10338.746
(2) Current assets
(a) Current investments	0.000	0.000	1294.573
(b) Inventories	2396.369	2368.616	3753.958
(c) Trade receivables	382.961	1472.360	2342.962
(d) Cash and cash equivalents	287.017	511.253	335.654
(e) Short-term loans and advances	107.447	287.964	322.309
(f) Other current assets	1.002	21.531	114.164
Total Current Assets	3174.796	4661.724	8163.620
TOTAL	19970.131	15205.731	18502.366

PROFIT & LOSS ACCOUNT

(WELSPUN MAXSTEEL LIMITED)

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	8948.369	7212.370	24227.575
	Other Income	263.361	318.049	356.360
	TOTAL (A)	9211.730	7530.419	24583.935
Less	EXPENSES
	Cost of Materials Consumed	8649.403	6362.932	20279.199
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(215.907)	332.966	(161.943)
	Employees benefits expense	346.990	149.057	437.548
	Exceptional Items	493.992	0.000	0.000
	Other expenses	1048.934	849.812	1861.172
	TOTAL (B)	10323.412	7694.767	22415.976
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(1111.682)	(164.348)	2167.959
Less	FINANCIAL EXPENSES (D)	829.841	357.098	1223.652
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(1941.523)	(521.446)	944.307
Less/ Add	DEPRECIATION/ AMORTISATION (F)	366.918	180.981	424.679
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(2308.441)	(702.427)	519.628
Less	TAX (H)	(301.865)	1.665	243.666
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(2006.576)	(704.092)	275.962
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	(322.381)	381.712	105.750
	Balance Carried to the B/S (I+J)	(2328.957)	(322.380)	381.712
	EARNINGS IN FOREIGN CURRENCY	935.497	755.775	3294.751
	Earnings / (Loss) Per Share (Rs.)	(15.43)	(5.41)	2.12

KEY RATIOS

(WELSPUN MAXSTEEL LIMITED)

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	(22.42)	(9.76)	1.14
Operating Profit Margin (PBDIT/Sales)	(%)	(12.42)	(2.28)	8.95
Return on Total Assets (PBT/Total Assets}	(%)	(11.62)	(5.37)	3.11
Return on Investment (ROI) (PBT/Networth)		(0.33)	(0.29)	0.17
Debt Equity Ratio (Total Debt /Networth)		1.44	3.87	3.04
Current Ratio (Current Asset/Current Liability)		1.13	0.88	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

(WELSPUN MAXSTEEL LIMITED)

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1300.824	1300.824	1338.224
Reserves & Surplus	1841.355	1137.262	5694.801
Net worth	3142.179	2438.086	7033.025
long-term borrowings	7167.511	7125.536	10101.777
Short term borrowings	2395.330	2302.458	42.279
Total borrowings	9562.841	9427.994	10144.056
Debt/Equity ratio	3.043	3.867	1.442

YEAR-ON-YEAR GROWTH

(WELSPUN MAXSTEEL LIMITED)

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	24227.575	7212.370	8948.369
		(70.231)	24.070

NET PROFIT MARGIN

(WELSPUN MAXSTEEL LIMITED)

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	24227.575	7212.370	8948.369
Profit	275.962	(704.092)	(2006.576)
	1.14%	(9.76%)	(22.42%)

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	No
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)	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	No
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	No

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Deferred payment liabilities	593.798	549.780
SHORT TERM BORROWINGS
Rupee term loans from banks	0.000	2000.000
Total	593.798	2549.780

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10263471	18/01/2011	1,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP - MUMBAI, NEVILLE HOUSE,  3RD FLOOR, J N HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B04883195
2	10184379	22/09/2009	4,840,000,000.00	State Bank of India	STATE BANK BHAVAN, MADAM KAMA ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A72998552
3	10162078	16/05/2011 *	6,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B13845516

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• 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 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. 62.20
UK Pound	1	Rs. 95.99
Euro	1	Rs. 71.00

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--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		47

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.