MIRA INFORM REPORT

Report No. :	304274
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	DIVYANSH STEEL PRIVATE LIMITED
Registered Office :	183, Small Factory Area, Bagadganj, Nagpur – 440008, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.08.2006
Com. Reg. No.:	11-164127
Capital Investment / Paid-up Capital :	Rs. 70.000 Millions
CIN No.: [Company Identification No.]	U27109MH2006PTC164127
TAN No.: [Tax Deduction & Collection Account No.]	NGPD03629D
PAN No.: [Permanent Account No.]	AACCD4504B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Iron and Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company is performing well. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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

Rating Agency Name	CRISIL
Rating	Long Term Rating: “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	12.09.2012

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.

LOCATIONS

Registered Office :	183, Small Factory Area, Bagadganj, Nagpur – 440008, Maharashtra, India
Tel. No.:	91-712-2760894/ 2764239
Mob. No.:	91-9822228648 (Mr. Vishal Vimalkumar Agrawal)
Fax No.:	91-712-2760890
E-Mail :	divyansh_steel@rediffmail.com divyanshsteel@rediffmail.com mtcsteel_ngp@sancharnet.in acc@divyanshsteel.com
Location :	Owned
Factory :	60/62, Mouza Bhowari, 19 KM Stone, Bhandara Road, Nagapur, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Vishal Vimalkumar Agrawal

Designation :

Whole-time Director

Address :

House No.283, Geeta Sadan, Wardhaman Nagar, Nagpur – 440008, Maharashtra, India

Date of Birth/Age :

27.11.1979

Date of Appointment :

01.04.2013

PAN No.:

ABHPA7259D

DIN No.:

00498039

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	U13100MH2004PTC150048	HARIOM MINING PRIVATE LIMITED	Director	29-03-2005	29-03-2005	17-05-2011	Active	NO
2	U27109MH2006PTC164127	DIVYANSH STEEL PRIVATE LIMITED	Whole-time director	01-04-2013	28-08-2006	-	Active	NO
3	U27100MH1996PTC097969	SHREE HARIOM ENGINEERING COMPANY PRIVATE LIMITED	Director	25-12-2006	25-12-2006	-	Active	NO
4	U40109MH2007PTC172064	RAMKRISHNA ENERGY PRIVATE LIMITED	Director	29-06-2007	29-06-2007	-	Active	NO
5	U27200MH2007PTC172065	AVS METALS PRIVATE LIMITED	Director	29-06-2007	29-06-2007	-	Active	NO

Name :

Mr. Sandeep Vimalkumar Agrawal

Designation :

Whole-time Director

Address :

House No.283, Geeta Sadan, Wardhaman Nagar, Nagpur – 440008, Maharashtra, India

Date of Birth/Age :

01.03.1975

Date of Appointment :

01.04.2013

PAN No.:

ABHPA7169E

DIN No.:

00497998

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	U27109MH2006PTC164127	DIVYANSH STEEL PRIVATE LIMITED	Whole-time director	01-04-2013	28-08-2006	-	Active	NO
2	U27100MH1996PTC097969	SHREE HARIOM ENGINEERING COMPANY PRIVATE LIMITED	Director	25-12-2006	25-12-2006	-	Active	NO
3	U40109MH2007PTC172064	RAMKRISHNA ENERGY PRIVATE LIMITED	Director	29-06-2007	29-06-2007	-	Active	NO
4	U27200MH2007PTC172065	AVS METALS PRIVATE LIMITED	Director	29-06-2007	29-06-2007	-	Active	NO
5	U85110MH2005PLC150811	GANGA CARE HOSPITAL LIMITED	Additional director	02-02-2011	02-02-2011	26-09-2011	Active	NO

Name :

Mr. Alok Vimalkumar Agrawal

Designation :

Whole-time Director

Address :

House No.283, Geeta Sadan, Wardhaman Nagar, Nagpur – 440008, Maharashtra, India

Date of Birth/Age :

20.07.1982

Date of Appointment :

01.04.2013

PAN No.:

AEAPA7602J

DIN No.:

00498019

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	Company/ LLP Status	Defaulting status
1	U27109MH2006PTC164127	DIVYANSH STEEL PRIVATE LIMITED	Whole-time director	01-04-2013	28-08-2006	Active	NO
2	U27100MH1996PTC097969	SHREE HARIOM ENGINEERING COMPANY PRIVATE LIMITED	Director	25-12-2006	25-12-2006	Active	NO
3	U40109MH2007PTC172064	RAMKRISHNA ENERGY PRIVATE LIMITED	Director	29-06-2007	29-06-2007	Active	NO
4	U27200MH2007PTC172065	AVS METALS PRIVATE LIMITED	Director	29-06-2007	29-06-2007	Active	NO

Name :

Mr. Vimalkumar Prahladrai Agrawal

Designation :

Director

Address :

283, Geeta Sadan, Wardhaman Nagar, Nagpur – 440008, Maharashtra, India

Date of Birth/Age :

21.02.1954

Date of Appointment :

13.10.2008

PAN No.:

AAKPA1667R

DIN No.:

01430016

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	U27109MH1993PLC074950	TOPWORTH URJA AND METALS LIMITED	Director	16-08-2001	16-08-2001	28-02-2008	Active	NO
2	U65910MH1995PLC167801	PARAMSHAKTI STEELS LIMITED	Director	06-04-2007	06-04-2007	14-03-2008	Active	NO
3	U27109MH2006PTC164127	DIVYANSH STEEL PRIVATE LIMITED	Director	13-10-2008	13-10-2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Sandeep Vimalkumar Agrawal	1499970
Vishal Vimalkumar Agrawal	1600000
Alok Vimalkumar Agrawal	1500000
Naresh Kanhaiyalal Jaisinghani	10
Geetikadevi Harsh Agrawal	10
Naginadevi Brijkishor Agrawal	10
Vinita Atul Gupta	150000
Shobha Umesh Maheshwari	990
Sonal Sandeep Agrawal	50000
Rachnadevi Raju Agrawal	450000
Sarojdevi Vimalkumar Agrawal	709000
Vimalkumar Prahladrai Agrawal	750000
Deepshikha Vishal Agrawal	50000
Gopiram Bhaniram Agrawal	130000
Ashish Gopiram Agrawal	110000
Atul Sureshkumar Gupta	10
Total	7000000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	97.85
Other top fifty shareholders	2.15
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Iron and Steel.
Products :	Iron and Steel
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available

Bankers :

Punjab National Bank, MCB, Surya Nagar, Kalmana Road, Nagpur – 440035, 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	0.646	8.439
SHORT TERM BORROWINGS
Loans repayable on demand from banks	167.143	200.430
Total	167.789	208.869

NOTE

LONG TERM BORROWINGS

Nature of Security

Secured by first charge on Block of assets by way of hypothecation of Plant and Machinery, and other Assets and Equitable mortgage of Factory Land and Building. Above loan is further secured by way of collateral security in the form of equitable mortgage on land owned by the Directors of the company along with the personal guarantee given by them.

Terms of repayment of long-term loans and other long-term loans

The above Two Term Loans from Punjab National Bank carries a monthly floating rate of Interest. The balance amounts of same are repayable in monthly installments of Rs. 0.975 Million till the same are repaid.

SHORT TERM BORROWINGS

Nature of security

Secured by way of hypothecation of Stock of Raw Material, Stock in Process, semi-finished and finished goods, goods in transit, spares, tools etc. and Book Debts not older than 90 days. Above loan is further secured by way of collateral security in the form of equitable mortgage on land owned by the Directors of the company along with the personal guarantee given by them.

Banking Relations :	--
Auditors :
Name :	Loya Bagri and Company Chartered Accountants
Address :	Popular Market, Gandhi Bagh, Nagpur – 440002, Maharashtra, India
Tel. No. :	91-712-2762408/ 2766229/ (R) 2233359 (L), 2248894 (B)
E-Mail :	loyabagri_ngp@bsnl.in
Income-tax PAN of auditor or auditor's firm :	AAAFL2608P
Memberships :	--
Collaborators :	--
Related Parties :	· Shree Hariom Engineering Company Private Limited CIN No.: U27100MH1996PTC097969 · Mahalaxmi Trading Corporation

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs.10/- each	Rs. 70.000 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	70.000	70.000	70.000
(b) Reserves & Surplus	156.689	111.000	70.692
(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)	226.689	181.000	140.692
(3) Non-Current Liabilities
(a) Long-term borrowings	0.646	8.439	17.866
(b) Deferred tax liabilities (Net)	4.800	4.937	4.804
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.316	0.000	0.000
Total Non-current Liabilities (3)	5.762	13.376	22.670
(4) Current Liabilities
(a) Short term borrowings	267.048	290.084	232.984
(b) Trade payables	29.995	4.549	24.242
(c) Other current liabilities	18.810	28.090	29.181
(d) Short-term provisions	18.700	15.100	7.009
Total Current Liabilities (4)	334.553	337.823	293.416
TOTAL	567.004	532.199	456.778
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	84.100	88.682	92.664
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.744	4.812
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.805	2.171	2.337
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	86.905	92.597	99.813
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	189.501	209.605	202.641
(c) Trade receivables	171.746	169.353	60.437
(d) Cash and cash equivalents	90.332	23.964	41.120
(e) Short-term loans and advances	27.271	34.134	52.767
(f) Other current assets	1.249	2.546	0.000
Total Current Assets	480.099	439.602	356.965
TOTAL	567.004	532.199	456.778

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	827.068	1484.514	1147.136
Less	EXPENSES
		TOTAL (B)	717.399	1367.563	1062.985
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		109.669	116.951	84.151
Less	FINANCIAL EXPENSES (D)		40.575	57.489	49.458
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.094	59.462	34.693
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.056	13.070	10.487
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		57.038	46.392	24.206
Less	TAX (H)		18.943	15.238	7.795
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		38.095	31.154	16.411
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		98.830	67.677	51.266
	BALANCE CARRIED TO THE B/S		136.925	98.830	67.677
	Earnings / (Loss) Per Share (Rs.)		5.44	4.45	2.35

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	10.06	8.75	5.36
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.17
Debt Equity Ratio (Total Debt/Networth)		1.18	1.65	1.78
Current Ratio (Current Asset/Current Liability)		1.44	1.30	1.22

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	70.000	70.000	70.000
Reserves & Surplus	70.692	111.000	156.689
Net worth	140.692	181.000	226.689
long-term borrowings	17.866	8.439	0.646
Short term borrowings	232.984	290.084	267.048
Total borrowings	250.850	298.523	267.694
Debt/Equity ratio	1.783	1.649	1.181

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)
Total Income	1147.136	1484.514	827.068
		29.410	(44.287)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1147.136	1484.514	827.068
Profit	16.411	31.153	38.095
	1.43%	2.10%	4.61%

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	No
10]	Designation of contact person	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10141280	16/12/2008	100,000,000.00	PUNJAB NATIONAL BANK	MCB, SURYA NAGAR, KALMANA ROAD, NAGPUR, MAHARASHTRA - 440035, INDIA	A54045455
2	10086788	02/09/2013 *	300,000,000.00	PUNJAB NATIONAL BANK	MCB, SURYA NAGAR, KALAMNA ROAD, NAGPUR, MAHARASHTRA - 440035, INDIA	C05535042

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from others	12.839	5.000
Intercorporate borrowings	38.520	38.229
Loans and advances from directors	36.061	37.277
Loans and advances from others	12.485	9.148
Total	99.905	89.654

CONTINGENT LIABILITIES (AS ON 31.03.2014)

In respect of Bills Purchased is Rs. 306.700 Millions (Pr. Year Rs. 424.200 Millions)

Guarantee issued by Bank on our behalf not acknowledged as Debts Rs. 48.400 Millions (Pr. Year Rs. 11.000 Millions)

Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for as on 31st March, 2014 are Rs. Nil (Previous Year Rs.2.024 Millions).

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer

· Equipments

· 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 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.61.70
UK Pound	1	Rs.93.41
Euro	1	Rs.71.33

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		46

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.