MIRA INFORM REPORT

Report No. :	307443
Report Date :	17.02.2015

IDENTIFICATION DETAILS

Name :	SHRI ASHUTOSH STRUCTURES PRIVATE LIMITED SHRI ASHUTOSH ENGINEERING INDUSTRIES DIVISION OF SHRI ASHUTOSH STRUCTURES PRIVATE LIMITED
Registered Office :	434/9,431/6, Industrial Area, Village Jarwah Hirapur, Raipur – 492001, Chattisgarh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.12.2002
Com. Reg. No.:	015421
Capital Investment / Paid-up Capital :	Rs. 116.965 Millions
CIN No.: [Company Identification No.]	U40109CT2002PTC015421
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCM4817F
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of manufacturing fabrication and Galvanisation of steel structures, pipes tower parts, sub-station structures, electrification parts, communication tower and masts, railway structures etc.
No. of Employees :	700 (Approximately)

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 :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for normal 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 – 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	Have moderate risk of default.
Date	09.12.2014

Rating Agency Name	CARE
Rating	Short term Bank Facilities = A4+
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	09.12.2014

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. Rajesh Modh
Designation :	Account Manager
Contact No.:	91-9329320623
Date :	13.02.2015

LOCATIONS

Registered Office / Factory :	434/9,431/6, Industrial Area, Village Jarwah Hirapur, Raipur – 492001, Chattisgarh, India
Tel. No.:	91-771-2325566/4016218
Mobile No.:	91-9329320623 (Mr. Rajesh Modh) 91-9827163633 (Mr. Om Prakash)
Fax No.:	91-771-2327795/2325517
E-Mail :	soorajtiwari@rediffmail.com ashutoshei@yahoo.co.in
Area :	110000 Sq.ft.
Location :	Owned

DIRECTORS

AS ON 29.09.2014

Name :

Om Prakash Agrawal

Designation :

Director

Address :

H. No.44/1136, Plot No.6/28, Doongaji Colony, Raipur – 492001, Chhattisgarh, India

Date of Birth/Age :

30.04.1968

Date of Appointment :

02.12.2002

DIN No.:

00293247

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	U40109CT2002PTC015421	SHRI ASHUTOSH STRUCTURES PRIVATE LIMITED	Director	02/12/2002	02/12/2002	-	Active	NO
2	U51909CT2004PTC021978	MANGLAM ALLOYS & ISPAT PRIVATE LIMITED	Director	21/03/2013	21/03/2013	-	Active	NO

Name :

Virendra Kumar Agrawal

Designation :

Director

Address :

Infront of Atul Plywood, Village Jarway, Hirapur, Raipur – 492099, Chattisgarh, India

Date of Birth/Age :

21.04.1960

Date of Appointment :

02.12.2002

DIN No.:

00293367

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	U40300CT1996PTC011006	KHYATI ISPAT PRIVATE LIMITED	Director	12/07/1996	12/07/1996	-	Active	NO
2	U40109CT2002PTC015421	SHRI ASHUTOSH STRUCTURES PRIVATE LIMITED	Director	02/12/2002	02/12/2002	-	Active	NO
3	U51909CT2004PTC021978	MANGLAM ALLOYS & ISPAT PRIVATE LIMITED	Director	28/05/2008	28/05/2008	-	Active	NO
4	U51909WB1993PTC061208	SAMPURN IMPEX PVT LTD	Director	11/08/2008	11/08/2008	-	Active	NO
5	U01407CT2009PTC021191	MANGLAM AGRICULTURES & FARMS PRIVATE LIMITED	Director	25/05/2009	25/05/2009	-	Active	NO
6	U51109WB1995PTC072921	KHYATI INFRACON PRIVATE LIMITED	Director	01/05/2011	01/05/2011	-	Active	NO

Name :

Basant Kumar Agrawal

Designation :

Director

Address :

Behind Sitla Mata, Mandir, Dangania, Raipur – 492013, Chhattisgarh, India

Date of Birth/Age :

20.01.1961

Date of Appointment :

02.12.2002

DIN No.:

00293472

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	U40300CT1996PTC011006	KHYATI ISPAT PRIVATE LIMITED	Director	12/07/1996	12/07/1996	-	Active	NO
2	U40109CT2002PTC015421	SHRI ASHUTOSH STRUCTURES PRIVATE LIMITED	Director	02/12/2002	02/12/2002	-	Active	NO
3	U51909CT2004PTC021978	MANGLAM ALLOYS & ISPAT PRIVATE LIMITED	Director	28/05/2008	28/05/2008	-	Active	NO
4	U51909WB1993PTC061208	SAMPURN IMPEX PVT LTD	Director	11/08/2008	11/08/2008	-	Active	NO
5	U01407CT2009PTC021191	MANGLAM AGRICULTURES & FARMS PRIVATE LIMITED	Director	25/05/2009	25/05/2009	-	Active	NO
6	U51109WB1995PTC072921	KHYATI INFRACON PRIVATE LIMITED	Director	01/05/2011	01/05/2011	-	Active	NO

Name :

Kundan Lal Agrawal

Designation :

Director

Address :

Behind Sitla Mata, Mandir, Dangania, Raipur – 492013, Chhattisgarh, India

Date of Birth/Age :

19.09.196

Date of Appointment :

02.12.2002

DIN No.:

02400803

Name :

Sangeeta Agarwal

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Rajesh Modh
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Virendra Kumar Agrawal	2431248
Basant Kumar Agrawal	1375500
Om Prakash Agrawal	1497250
Kundan Lal Agrawal	147500
Babita Agrawal	952750
Sampurn Impex Private Limited, India	2340200
M I Agencies, India	1
Vinayaka Agencies, India	1
Cap Vanijya Private Limited, India	2952000
Total	11696450

AS ON 10.01.2015

Names of Allottee	No. of Shares
Cap Vanijya Private Limited, India	1048000
Total	1048000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Bodies corporate	45.00
Directors or relatives of Directors	55.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of manufacturing fabrication and Galvanisation of steel structures, pipes tower parts, sub-station structures, electrification parts, communication tower and masts, railway structures etc.

Products :

Item Code No.	Product Description
34010011	Fabrication and Galvanisation

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Khyati Ispat Private Limited
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 :	Punjab Electricity Board
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 :

700 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Commercial Branch, Raipur
Person Name (With Designation)	91-771-2445901/2445927
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)	Numbers not getting connected.

Punjab & Sind Bank 161, Mount Road, Chennai - 600002, Tamilnadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand from banks	347.775	413.614
Total	347.775	413.614

Banking Relations :	--
Auditors :
Name :	Sanjib Jain and Associates Chartered Accountants
Address :	243, 2^nd Floor, Reshabh Complex, M G Road, Raipur – 492001, Chhattisgarh, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABJFS9725J
Memberships :	--
Collaborators :	--
Enterprises over which key Management Personnel and their relatives exercise significate influence with whom transaction have taken place during the year :	Khyati Ispat Private Limited, Raipur [U40300CT1996PTC011006] Manglam Alloys and Ispat Private Limited, Raipur Manglam Agricultures and Farms Private Limited, Raipur Sampurn Impex Private Limited, Raipur Cap Vanijya Private Limited, Raipur Vimal Prakash Road Carrier, Raipur Khyati Steels, Raipur Rolling Mill Division

CAPITAL STRUCTURE

AFTER 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
13,000,000	Equity Shares	Rs.10/- each	Rs.130.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12744450	Equity Shares	Rs.10/- each	Rs.127.445 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
13,000,000	Equity Shares	Rs.10/- each	Rs.130.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,696,450	Equity Shares	Rs.10/- each	Rs.116.965 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	116.965	116.965	55.305
(b) Reserves & Surplus	361.102	302.314	219.133
(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)	478.067	419.279	274.438
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	1.771	18.943
(b) Deferred tax liabilities (Net)	9.398	6.045	5.759
(c) Other long term liabilities	249.858	14.513	31.084
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	259.256	22.329	55.786
(4) Current Liabilities
(a) Short term borrowings	347.775	413.614	361.297
(b) Trade payables	1.476	22.658	7.463
(c) Other current liabilities	44.064	321.388	138.777
(d) Short-term provisions	56.806	56.345	41.114
Total Current Liabilities (4)	450.121	814.005	548.651
TOTAL	1187.444	1255.613	878.875
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	201.868	122.864	100.473
(ii) Intangible Assets	0.270	0.210	0.120
(iii) Capital work-in-progress	2.941	17.442	9.656
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.423	17.566	17.560
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.563	98.405	57.973
(e) Other Non-current assets	1.291	9.378	10.864
Total Non-Current Assets	229.356	265.865	196.646
(2) Current assets
(a) Current investments	40.000	30.000	0.000
(b) Inventories	544.052	592.205	409.057
(c) Trade receivables	131.375	48.261	44.324
(d) Cash and cash equivalents	50.631	53.253	3.285
(e) Short-term loans and advances	163.025	261.022	221.766
(f) Other current assets	29.005	5.007	3.797
Total Current Assets	958.088	989.748	682.229
TOTAL	1187.444	1255.613	878.875

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Gross Income	2263.500	2252.800	NA
Less	EXPENSES
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	156.002	146.864	117.569
Less	FINANCIAL EXPENSES	51.380	50.349	41.501
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	104.622	96.515	76.068
Less/ Add	DEPRECIATION/ AMORTISATION	19.804	14.628	13.524
	PROFIT/ (LOSS) BEFORE TAX	84.818	81.887	62.544
Less	TAX	27.353	26.785	20.809
	PROFIT/ (LOSS) AFTER TAX	57.465	55.102	41.735
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	206.709	151.368	110.507
Add	ADJUSTMENT RELATING TO EARLIER YEAR	1.323	0.239	(0.874)
	BALANCE CARRIED TO THE B/S	265.497	206.709	151.368
	Earnings / (Loss) Per Share (Rs.)	4.91	8.43	---

Expected Sales ( 2014-2015 ) : Rs.2170.000 Millions

The above information has been parted / denied by Mr. Rajesh Modh.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	7.20	6.71	7.34
Return on Investment (ROI) (PBT/Networth)		0.18	0.20	0.23
Debt Equity Ratio (Total Debt /Networth)		0.73	0.99	1.39
Current Ratio (Current Asset/Current Liability)		2.13	1.22	1.24

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	55.305	116.965	116.965
Reserves & Surplus	219.133	302.314	361.102
Share Application money pending allotment	0.000	0.000	0.000
Net worth	274.438	419.279	478.067
long-term borrowings	18.943	1.771	0.000
Short term borrowings	361.297	413.614	347.775
Total borrowings	380.240	415.385	347.775
Debt/Equity ratio	1.386	0.991	0.727

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Gross Sales	2252.800	2263.500
		0.475

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Gross Sales	2252.800	2263.500
Profit	55.102	57.465
	2.45%	2.54%

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	Yes
18]	Major customers	Yes
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Loans repayable on demand	0.000	1.771
Total	0.000	1.771

FINANCIAL PERFORMANCE

During the year the company witnessed a marginal growth and its gross sales increased to Rs. 2263.500 Millions representing a increase of 0.47 % from the previous year. The net profit after taxes increased to Rs. 57.500 Millions from Rs. 55.100 Millions in the previous year .

CORPORATE INFORMATION

The company is a Private Company domiciled in India and incorporated under the provisions of the companies Act, 1956. The company is engaged in the business of manufacturing fabrication and Galvanisation of steel structures, pipes tower parts, sub-station structures, electrification parts, communication tower and masts, railway structures etc.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10548481	06/02/2015	3,000,000.00	UNION BANK OF INDIA	LIC INVESTMENT BUILDING PHASE - III, 3RD FLOOR, J  EEVAN BIMA MARG, PANDRI, RAIPUR, CHHATTISGARH - 49  2004, INDIA	C43216779
2	90209381	18/02/2013 *	645,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, 2ND FLOOR,, PUJARI CHAMBERS, P  ACHPEDI NAKA,, RAIPUR, CHHATTISGARH - 492001, INDI  A	B69728558

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Office Equipment
• Computer

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.96.00
Euro	1	Rs.71.00

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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.