MIRA INFORM REPORT

Report No. :	329725
Report Date :	03.07.2015

IDENTIFICATION DETAILS

Name :	BAJRANG WIRE PRODUCTS (INDIA) PRIVATE LIMITED
Registered Office :	E – 762(A), Road No. 9-F-1, V.K.I. Area, Jaipur - 302013, Rajasthan
Tel. No.:	91-141-2300511
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.01.1993
Com. Reg. No.:	17-007184
Capital Investment / Paid-up Capital :	Rs. 25.000 Million
CIN No.: [Company Identification No.]	U31300RJ1993PTC007184
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACB9919N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Carbon Steel Wires and PVC Pipe Fittings.
No. of Employees :	300 (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 :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old and established company incorporated during the year 1993 having a satisfactory track record. Sales turnover and profit of the company has company has declined during FY 2014 however, net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 (BB+)
Rating Explanation	Moderate risk of default
Date	29.05.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Puran Gupta
Designation :	Finance Manager
Contact No.:	91-141-4151111
Date :	01.07.2015

LOCATIONS

Registered Office / Factory :	E – 762(A), Road No. 9-F-1, V.K.I. Area, Jaipur - 302013, Rajasthan, India
Tel. No.:	91-141-2300511 / 12 / 4151111 / 2332101
Mobile No.:	91-9414052722 (Mr. Ashish)
Fax No.:	91-141-2330125 / 4151111 / 2332101
E-Mail :	ashish@bajranggroup.com cstarachand@gmail.com pgupta@bajranggroup.com contact@bajranggroup.com
Website :	http://www.bajranggroup.com
Area :	6000 Sq. Ft.
Location:	Owned
Locality :	Industrial
Branch Office :	G15 to 28, Akera Industrial Estate, NearV.K.I. Area, Jaipur – 302013, Rajasthan, India
Area :	14000 Sq. Ft.
Location:	Owned
Locality :	Industrial

/DIRECTORS

As on 27.09.2014

Name :

Mr. Vijay Kumar Maheshwari

Designation :

Managing Director

Address :

E -94, Shastri Nagar, Jaipur – 302016, Rajasthan, India

Date of Appointment :

01.04.2014

DIN No. :

01143864

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	U27101RJ1989PTC004838	BAJRANG BALL INDUSTRIES PRIVATE LIMITED	Director	28/02/1989	28/02/1989	-	Active	NO
2	U29130RJ1989PTC004894	ACCURATE BALL INDUSTRIES P. LTD.	Director	31/03/1989	31/03/1989	-	Active	NO
3	U31300RJ1993PTC007184	BAJRANG WIRE PRODUCTS (INDIA) PRIVATE LIMITED	Whole-time director	01/04/2014	30/04/1993	-	Active	NO
4	U70101RJ2002PTC017631	ARG LAND DEVELOPERS PRIVATE LIMITED	Director	02/12/2002	02/12/2002	-	Active	NO
5	U45201RJ2005PTC020612	SATGURU PREMISES PRIVATE LIMITED	Director	20/02/2006	20/02/2006	-	Active	NO
6	U45201RJ2010PTC030980	SHREE SALASAR DHAM BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	15/02/2010	15/02/2010	-	Active	NO
7	U17290RJ2012PTC039966	FINE TEXFAB PRIVATE LIMITED	Director	27/09/2013	17/09/2012	-	Active	NO
8	U45201RJ2007PTC025115	KRISHANA BALDEVJI DEVELOPERS PRIVATE LIMITED	Director	03/09/2013	28/11/2012	-	Active	NO
9	U45201RJ2006PTC021857	JAIPUR LANDMARK PRIVATE LIMITED	Director	19/01/2013	19/01/2013	-	Active	NO
10	U70101RJ2013PTC041985	BAJRANG KRIPA DEVELOPERS PRIVATE LIMITED	Director	02/04/2013	02/04/2013	-	Converted to LLP and dissolved	NO
11	U45201RJ2006PTC021859	JAIPUR BUILDFARMS PRIVATE LIMITED	Director	31/07/2013	31/07/2013	-	Active	NO
12	AAC-6833	FORTUNEFIVE REALTY LLP	Designated Partner	08/09/2014	08/09/2014	03/02/2015	Active	NO
13	AAD-0025	BAJRANG KRIPA DEVELOPERS LLP	Designated Partner	02/12/2014	02/12/2014	-	Active	NO

Name :

Mr. Dhruv Maheshwari

Designation :

Whole Time Director

Address :

E -94, Shastri Nagar, Jaipur – 302016, Rajasthan, India

Date of Appointment :

01.04.2014

DIN No. :

00293860

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	U31300RJ1993PTC007184	BAJRANG WIRE PRODUCTS (INDIA) PRIVATE LIMITED	Whole-time director	01/04/2014	25/05/2006	-	Active	NO
2	U45201RJ2013PTC041191	JAGRATI PREMIUM HOMES PRIVATE LIMITED	Director	07/08/2013	07/08/2013	-	Active	NO
3	AAC-7930	BAJRANG POWER INDUSTRIES LLP	Designated Partner	08/10/2014	08/10/2014	-	Active	NO

Name :

Mr. Ashish Maheshwari

Designation :

Director

Address :

E -94, Shastri Nagar, Jaipur – 302016, Rajasthan, India

Date of Appointment :

01.04.2014

DIN No. :

01940549

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	U31300RJ1993PTC007184	BAJRANG WIRE PRODUCTS (INDIA) PRIVATE LIMITED	Whole-time director	01/04/2014	01/11/2007	-	Active	NO
2	U45201RJ2007PTC025099	ANAND BUILDESTATES PRIVATE LIMITED	Director	26/09/2011	03/10/2010	-	Active	NO
3	U70101RJ2013PTC041985	BAJRANG KRIPA DEVELOPERS PRIVATE LIMITED	Director	02/04/2013	02/04/2013	-	Converted to LLP and dissolved	NO
4	AAD-0025	BAJRANG KRIPA DEVELOPERS LLP	Designated Partner	02/12/2014	02/12/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Puran Gupta
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Vijay Kumar Maheshwari	683000	27.32
Usha Jakhotia	211000	8.44
Rameshwari Devi	208500	8.34
Dhruv Maheshwari	29000	1.16
Ashish Maheshwari	52000	2.08
Ajay Maheshwari	1165000	46.60
Deepa Maheshwari	95500	3.82
Ram Ballabh Jakhotia	50500	2.02
Siya Saran Katta	500	0.02
Kusum Lata Maheshwari	5000	0.20
Total	2500000	100.00

As on 04.10.2014

Names of Allottees	No. of Shares
Vijay Kumar Maheshwari	1366000
Usha Jakhotia	422000
Rameshwari Devi	417000
Dhruv Maheshwari	58000
Ashish Maheshwari	104000
Ajay Maheshwari	2330000
Deepa Maheshwari	191000
Ram Ballabh Jakhotia	101000
Siya Saran Katta	1000
Kusum Lata Maheshwari	10000
Total	5000000

As on 27.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Carbon Steel Wires and PVC Pipe Fittings.
Products :	Carbon Steel Wires PVC Pipe Fittings
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Bangladesh Bhutan Nepal Pakistan Srilanka
Imports :
Products :	Raw Material
Countries :	China Indonesia
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Rashtriya Ispat Nigam Limited
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 :

Reference :	Apar Industries Limited
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 :

300 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	V.K.I. Area, V.K.I. Jaipur – 302017, Rajasthan, India
Person Name (With Designation)	Mr. Dheeraj (Senior Manager)
Contact Number	91-141-2332413
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)	Mr. Dheeraj (Senior Manager) denied to provide his opinion about subject company.

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Other loans and advances	0.461	1.356
SHORT TERM BORROWINGS
Loans repayable on demand from banks	249.505	285.125
Total	249.966	286.481

Auditors :
Name :	Ashok Holani and Company Chartered Accountants
Address :	B – 15/16, Shiv Marg, Bani Park, Jaipur, Rajasthan, India
PAN No.:	AACPH3674D
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Bajrang Ball Industries Private Limited Bajarang International Bajarang Industries Bajarang Steels Accurate Ball Industries Private Limited

CAPITAL STRUCTURE

After 27.09.2014

Authorised Capital : Rs. 90.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 88.335 Million

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	Rs. 75.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs. 25.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	25.000	25.000	25.000
(b) Reserves & Surplus	193.054	181.928	161.420
(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)	218.054	206.928	186.420
(3) Non-Current Liabilities
(a) long-term borrowings	69.289	48.105	50.282
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.545	0.546	0.392
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	69.834	48.651	50.674
(4) Current Liabilities
(a) Short term borrowings	249.505	285.125	301.323
(b) Trade payables	35.714	91.270	21.878
(c) Other current liabilities	36.083	11.209	25.977
(d) Short-term provisions	2.908	3.238	2.065
Total Current Liabilities (4)	324.210	390.842	351.243
TOTAL	612.098	646.421	588.337
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	153.467	105.566	121.608
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	17.645	25.336	2.153
(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)	0.924	4.252	5.597
(d) Long-term Loan and Advances	16.284	13.222	13.262
(e) Other Non-current assets	10.973	11.507	23.721
Total Non-Current Assets	199.293	159.883	166.341
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	107.624	150.733	118.621
(c) Trade receivables	216.799	268.400	248.545
(d) Cash and cash equivalents	(0.656)	0.275	0.219
(e) Short-term loans and advances	89.038	67.130	54.611
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	412.805	486.538	421.996
TOTAL	612.098	646.421	588.337

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1608.377	2198.739	1710.610
	Other Income	3.998	3.721	3.129
	TOTAL	1612.375	2202.460	1713.739
Less	TOTAL EXPENSES	1594.307	2172.110	1727.154
	PROFIT/ (LOSS) BEFORE TAX	18.068	30.350	(13.415)
Less	TAX	6.942	9.842	(1.829)
	PROFIT/ (LOSS) AFTER TAX	11.126	20.508	(11.586)
	Earnings / (Loss) Per Share (Rs.)	4.45	8.20	(4.63)

Expected Sales (2014-2015): Rs. 2110.000 Million

The above information has been parted by Mr. Puran Gupta

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.178	2.271	13.474
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.69	0.93	-0.68
Return on Total Assets (PBT/Total Assets}	(%)	3.04	4.92	-2.31
Return on Investment (ROI) (PBT/Networth)		0.08	0.15	-0.07
Debt Equity Ratio (Total Liability/Networth)		1.47	1.62	1.96
Current Ratio (Current Asset/Current Liability)		1.27	1.24	1.20

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	25.000	25.000	25.000
Reserves & Surplus	161.420	181.928	193.054
Share Application money pending allotment	0.000	0.000	0.000
Net worth	186.420	206.928	218.054
long-term borrowings	50.282	48.105	69.289
Short term borrowings	301.323	285.125	249.505
Current Maturities of Long Term Debt	13.474	2.271	1.178
Total borrowings	365.079	335.501	319.972
Debt/Equity ratio	1.958	1.621	1.467

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1710.610	2198.739	1608.377
		28.535	(26.850)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1710.610	2198.739	1608.377
Profit	(11.586)	20.508	11.126
	(0.68%)	0.93%	0.69%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10509638	23/06/2014	115,000,000.00	PUNJAB NATIONAL BANK	SSI BRANCH, V K I AREA, JAIPUR, RAJASTHAN - 302017, INDIA	C11762762
2	10018359	06/09/2006	75,000,000.00	PUNJAB NATIONAL BANK	VKI AREA, JAIPUR, RAJASTHAN - 302013, INDIA	A04401840
3	90113546	20/10/2014 *	520,000,000.00	PUNJAB NATIONAL BANK	SPECIALISED MSME BRANCH, V K I AREA, JAIPUR, RAJASTHAN - 302017, INDIA	C32363533

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advances from directors	54.726	22.855
Loans and advances from others	14.102	23.894
Total	68.828	46.749

FIXED ASSETS

• Land
• Buildings
• Office building
• Factory building
• Other building
• Plant and equipment
• Factory equipments
• Other pollution reduction 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 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] 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. 63.57
UK Pound	1	Rs. 99.10
Euro	1	Rs. 70.35

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

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