MIRA INFORM REPORT

Report No. :	302215
Report Date :	14.01.2015

IDENTIFICATION DETAILS

Name :	AMBA RIVER COKE LIMITED (w.e.f. 05.11.2007)
Formerly Known As :	GEETAPURAM COKE COMPANY LIMITED
Registered Office :	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.09.1997
Com. Reg. No.:	11-110901
Capital Investment / Paid-up Capital :	Rs.6622.698 Millions
CIN No.: [Company Identification No.]	U23100MH1997PLC110901
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACG5394G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Setting up Coke Oven Plant and Pellet Plant.
No. of Employees :	Information Declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 18000000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of JSW Steel Limited. It is an established company having satisfactory track record. Even though the company was incorporated during the year 1997, the company commenced its commercial operation from June 2014. The company has incurred some pre-operative expenses which has resulted into accumulated losses during March 2014 However, capital base of the company is strong. Trade relation are reported to be improving. Business is active. Payment terms are reported to be slow but correct. In view of strong holding, the company can be considered normal for business dealings at usual trade terms and condition.

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

Rating Agency Name	CARE
Rating	Long Term Bank Facilities (A)
Rating Explanation	Adequate degree of safety and low credit risk
Date	28.11.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities (A1)
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	28.11.2014

RBI DEFAULTER’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTER’ 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 DECLINED BY

Management Non Co – Operative (Tel No. 91-22-42861000)

LOCATIONS

Registered Office :	JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-42861000/ 42863000
Fax No.:	91-22-42863000
E-Mail :	arclvh01@rediffmail.com Rajeev.jain@jsw.in miteshjain@spatind.com anil.kavadiya@jsw.in
Manufacturing Unit.:	Located at – Karnataka Maharashtra Tamilnadu

DIRECTORS

As on. 18.08.2014

Name :

Mr. Pradeep Bhargava

Designation :

Nominee Director

Address :

House No. B-1402, Floor - 14, Building Simaran Residency, Plot No. - 21, Sector - 7, Kharghar, Navi Mumbai – 410210, Maharashtra, India

Date of Birth/Age :

30.03.1960

Date of Appointment :

18.09.2012

DIN No.:

03628767

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	U23201MH1997PLC110834	ISPAT ENERGY LIMITED	Director	25/09/2012	01/10/2011	-	Active	NO
2	U23100MH1997PLC110901	AMBA RIVER COKE LIMITED	Nominee director	18/09/2012	04/10/2011	-	Active	NO
3	U27100GJ2008PLC064145	JSW Steel (Salav) Limited	Additional director	31/10/2014	31/10/2014	01/12/2014	Active	NO

Name :

Mr. Ajit Kumar Karande

Designation :

Director

Address :

Flat No. 1404, A Wing, Sector No. 20, Giriraj Housing Society, Kharghar, Navi Mumbai – 410210, Maharashtra, India

Date of Birth/Age :

16.06.1961

Date of Appointment :

01.12.2013

DIN No.:

05134599

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	U23100MH1997PLC110901	AMBA RIVER COKE LIMITED	Whole-time director	01/12/2013	29/12/2011	-	Active	NO
2	U45200MH2002PTC137214	PEDDAR REALTY PRIVATE LIMITED	Director	30/07/2013	16/05/2012	-	Active	NO

Name :

Mr.Ashok Kumar Aggarwal

Designation :

Director

Address :

C1901, Patel Heritage Sector – 7, Khagghar, Navi Mumbai - 410210, Maharashtra, India

Date of Birth/Age :

24.03.1959

Date of Appointment :

23.12.2013

DIN No.:

03628781

Name :

Mr Sanjay Kumar Rath

Designation :

Director

Address :

45/801, Plot No. 455, NRI Complex, Sector – 54, Nerul, Navi Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

11.01.1969

Date of Appointment :

23.12.2013

DIN No.:

06763802

KEY EXECUTIVES

Name :	Mr.Rajeev Kumar Jain
Designation :	Company Secretary
Address :	D – 301, Mahavir Sadhana, Plot No, 18 E, 18 F, 18G, Sector 14, Sanpada, Navi Mumbai – 400705, Maharashtra, India
Date of Birth/Age :	04.02.1966
PAN No. :	ACPPJ1611B
Date of Appointment :	01.04.1913

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.08.2014

Names of Shareholders	No. of Shares
Pradeep Bhargava	10
Manoj Kumar Mishra	10
Ashok Kumar Aggarwal	10
JSW Steel Limited, India	748281868
Sunil Sharma	10
Ranganath Tirumala	20
Mr. Rajeev Madhusudan Pai	10
Total	748281938

As on 18.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Setting up Coke Oven Plant and Pellet Plant.
Products :	Ø Coke Ø Tar Ø Pellet
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information Declined by the management

Bankers :

Banker Name	ICICI Bank Limited
Branch Address
Person Name (With Designation)	Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	5750.000	1250.000
Foreign currency term loans from bank	2002.525	1849.236
Total	7752.525	3099.236

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Tower 3, 27th - 32^nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India
PAN No.:	AACFD4815A
Related Party :	Ø Jindal Steel and Power Limited CIN No.: L27105HR1979PLC00991 Ø Jindal Saw Limited CIN No.: L27104UP1984PLC023979 Ø JSW Cement Limited CIN No.: U26957MH2006PLC160839 Ø Jindal Pipes Limited CIN No.: U27101UP1970PLC020637 Ø Descon Limited CIN No.: U74120WB1995PLC069801 Ø JSW Severfield Structures Limited CIN No.: U28112MH2009PLC191045 Ø JSW Energy Limited CIN No.: L74999MH1994PLC077041 Ø Jindal Stainless Limited CIN No.: L26922HR1980PLC010901 Ø JSW Techno Projects Management Limited CIN No.: U74900MH2010PLC202725
Holding company:	Ø JSW Steel Limited CIN No.: L27102MH1994PLC152925
	Ø
Fellow Subsidiary Company :	Ø JSW Steel Coated Products Limited CIN No.: CIN No.: U27100MH1985PLC037346

CAPITAL STRUCTURE

After 18.08.2014

Authorised Capital : Rs.13000.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.8199.727 Millions

As on 18.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000000	Equity Shares	Rs. 10/- each	Rs.13000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
748281938	Equity Shares	Rs. 10/- each	Rs.7482.819 Millions

As on. 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs. 10/- each	Rs.10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
662269806	Equity Shares	Rs. 10/- each	Rs.6622.698 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	6622.698	1740.050	678.650
(b) Reserves & Surplus	(75.757)	(28.006)	(15.789)
(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)	6546.941	1712.044	662.861
(3) Non-Current Liabilities
(a) long-term borrowings	7752.525	3099.236	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	935.335	354.802	3.820
(d) long-term provisions	12.768	0.000	0.000
Total Non-current Liabilities (3)	8700.628	3454.038	3.820
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2703.653	0.505	1.831
(c) Other current liabilities	6963.704	4449.456	1271.163
(d) Short-term provisions	2.417	0.144	0.000
Total Current Liabilities (4)	9669.774	4450.105	1272.994
TOTAL	24917.343	9616.187	1939.675
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.303	6.480	4.268
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	19729.022	7024.169	1480.520
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	84.362	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	202.923	605.817	447.967
(e) Other Non-current assets	1979.991	312.257	0.000
Total Non-Current Assets	22004.601	7948.723	1932.755
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1626.883	0.000	0.000
(c) Trade receivables	9.858	0.000	0.000
(d) Cash and cash equivalents	302.431	1653.281	2.826
(e) Short-term loans and advances	969.658	4.339	4.094
(f) Other current assets	3.912	9.844	0.000
Total Current Assets	2912.742	1667.464	6.920
TOTAL	24917.343	9616.187	1939.675

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		Other Expenses	19.548	11.137	9.314
		TOTAL	19.548	11.137	9.314
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(19.548)	(11.137)	(9.314)
Less	FINANCIAL EXPENSES		10.739	0.020	0.000
	PROFIT BEFORE TAX		(30.287)	(11.157)	(9.314)
Less	TAX		17.464	1.061	0.000
	PROFIT AFTER TAX		(47.751)	(12.218)	(9.314)
	EARNINGS IN FOREIGN CURRENCY
		CIF value of imports of Capital goods	3529.140	2922.016	0.000
		Raw Materials	2037.189	0.000	0.000
	TOTAL EARNINGS		5566.329	2922.016	0.000
	Earnings Per Share (Rs.)		(0.12)	(0.12)	(2.23)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(0.59)	(0.43)	(2.03)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.01)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		1.18	1.81	0.00
Current Ratio (Current Asset/Current Liability)		0.30	0.37	0.01

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	678.650	1740.050	6622.698
Reserves & Surplus	(15.789)	(28.006)	(75.757)
Net worth	662.861	1712.044	6546.941
long-term borrowings	0.000	3099.236	7752.525
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	3099.236	7752.525
Debt/Equity ratio	0.000	1.810	1.184

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	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

NOTE: The registered office of the company has been shifted from The Enclave, 5th Floor, Behind Marathe Udyog Bhavan, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India to present address w.e.f. 01.08.2013.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10506578	09/10/2014 *	10,260,000,000.00	State Bank of India	Corporate Accounts Group BKC Branch, The Capital,,  16th Floor, Bandra Kurla Complex, Bandra (East),  Mumbai, Maharashtra - 400051, INDIA	C31380272
2	10457687	08/10/2013	6,000,000,000.00	State Bank of India	Neville House, J N Heredia Marg, Ballard Estate,  Mumbai, Maharashtra - 400001, INDIA	B88576806
3	10414222	02/01/2014 *	9,150,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	8, Khetan Bhavan, 5th Floor, 198, Jamshedji Tata  Road, Churchgate, Mumbai, Maharashtra - 400020, IN  DIA	B94495843
4	10337803	02/12/2013 *	9,150,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Guj  arat - 390015, INDIA	B90873993

* Date of charge modification

PROJECTS

The commissioning of Company’s 4 MTPA Pellet Plant and 1 MTPA Coke Oven Plant. Trial production in the Pellet Plant has commenced on 12 th February, 2014. Trial production in the Battery B and Battery A of the Coke Oven Plant has commenced on 14 th February, 2014 and 29 th March, 2014, respectively. The operating parameters of the plants as well as the quality of the pellet and coke, being produced in the respective plants, are in the process of stabilization. Commercial production would commence in the financial year 2014-15. The products would be supplied to Dolvi unit of JSW Steel Limited, the Holding Company, under respective long-term take or pay agreements.

The estimated cost of both the projects have been revised due to devaluation of INR against USD resulting in increase in the cost of imported equipment, addition of certain facilities not envisaged during project conceptualization, increase in certain project activities due to change in scope for technical reasons and trial run losses. The revised cost of the Pellet Plant and Coke Oven Plant has been estimated at Rs. 11780.000 Millions and Rs. 13960.000 Millions, respectively. Financial arrangements for the projects have been fully tied-up through debt financing from banks/financial institutions and equity contribution from JSW Steel Limited.

FINANCIAL RESULTS:

Since the commercial production has not commenced, there was no income during the year. After considering finance cost of Rs. 10.739 Millions (previous year Rs. 0.019 Millions), loss before tax was Rs. 30.286 Millions (previous year Rs.11.137 Millions). After providing for tax expense of Rs.17.464 Millions, loss for the year was Rs.47.750 Millions (previous year Rs. 12.217 Millions).

Capital work-in-progress as at 31st March, 2014 was Rs.19729.022 Millions (Previous year Rs.7024.169 Millions) and pre-operative and trial run expenses was Rs. 1891.444 Millions (previous year Rs. 259.606 Millions).

FIXED ASSETS:

• Buildings
• Plant and equipment
• Furniture and fixtures
• Office equipment

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.62.16
UK Pound	1	Rs.94.28
Euro	1	Rs.73.73

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--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		41

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.