MIRA INFORM REPORT

Report No. :	310722
Report Date :	03.03.2015

IDENTIFICATION DETAILS

Name :	AGARVANSHI ALUMINIUM LIMITED

Registered Office :	1-8-32/59, Agarvanshi House, Bapubagh, Minister Road, Secunderabad – 500003, Telangana

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	12.06.1995

Com. Reg. No.:	36-020663

Capital Investment / Paid-up Capital :	Rs. 53.577 Million

CIN No.: [Company Identification No.]	U27203TG1995PLC020663

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	HYDA01436B

PAN No.: [Permanent Account No.]	AABCA7440A

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Aluminium Sheets and Profiles.

No. of Employees :	170 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Management has filed form 20B for FY14, whereas failed to file any other documents, with the statutory authorities. As per available, the company possesses an acceptable financial profile marked by modest networth base along with acceptable debt protection metrics. Trade relations seem to be fair. Business is active. Payment terms are reported as unknown. In view of lack of updated financials, the company can be considered for business dealings with caution.

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

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-’’ (suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	17.10.2012

Rating Agency Name	CRISIL
Rating	Short Term Rating : “A3” (suspended)
Rating Explanation	Moderate degree of safety and very high credit risk.
Date	17.10.2012

Note : The ratings are being suspended as the subject was non-co-operative to part any information which would help CRISIL to rate the company in a better way.

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. Radhakrishna
Designation :	Finance Manager
Contact No.:	91-40-27816450
Date :	03.03.2015

LOCATIONS

Registered Office :	1-8-32/59, Agarvanshi House, Bapubagh, Minister Road, Secunderabad – 500003, Telangana, India
Tel. No.:	91-40-27816450 / 27816705 / 27892101
Fax No.:	91-40-27816497
E-Mail :	hyd1_agarvans@sancharnet.in contact@agarvanshi.com
Website :	www.agarvanshi.com

Factory :	44, Narapally, Ghatkesar Road, District Ranga Reddy – 501301, Telangana, India
Tel. No.:	91-8415-255661
Fax No.:	91-8415-255663
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Bharat Bhushan Aggarwal

Designation :

Managing Director

Address :

Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Telangana, India

Date of Birth/Age :

05.01.1952

Qualification :

Graduate

Date of Appointment :

01.04.2011

DIN No.:

01245117

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	U27203TG 1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Managing director	01-04-11	30-09-02	-	Active	NO
2	U70102TG 2005PTC046200	AGARVANSHI HOUSING PRIVATE LIMITED	Managing director	11-05-05	11-05-05	-	Active	NO
3	U28110TG 2009PTC063909	INDO FEATHERLITE ALUMINIUM SPECIALITIES PRIVATE LIMITED	Additional director	01-07-09	01-07-09	31-03-10	Active	NO

Name :

Mr. Rahul Aggarwal

Designation :

Whole-Time Director

Address :

Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Telangana, India

Date of Birth/Age :

07.11.1974

Qualification :

Graduate

Date of Appointment :

01.10.2010

DIN No.:

01245264

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	U72200TG2000PTC034048	MICROCOSM INFOTECH PRIVATE LIMITED	Director	27-03-00	27-03-00	-	Strike off	NO
2	U27203 TG 1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Whole-time director	01-10-10	30-09-02	-	Active	NO
3	U70102 TG 2005PTC046200	AGARVANSHI HOUSING PRIVATE LIMITED	Director	11-05-05	11-05-05	-	Active	NO
4	U28110 TG 2009PTC063909	INDO FEATHERLITE ALUMINIUM SPECIALITIES PRIVATE LIMITED	Additional director	01-07-09	01-07-09	31-03-10	Active	NO

Name :

Mrs. Nirmala Devi

Designation :

Director

Address :

Plot No: 244 Road No: 18, Jubilee Hills, Hyderabad – 500034, Telangana, India

Date of Birth/Age :

18.09.1953

Qualification :

Graduate

Date of Appointment :

30.09.2009

DIN No.:

02071386

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	U72200TG2000PTC034048	MICROCOSM INFOTECH PRIVATE LIMITED	Director	27/03/2000	27/03/2000	-	Strike off	NO
2	U27203TG1995PLC020663	AGARVANSHI ALUMINIUM LIMITED	Director	30/09/2009	27/06/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Radhakrishna
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders		No. of Shares
Harish Kumar Agarwal		252100
Bharath Bhushan Agarwal		2189100
Ajay Kumar Agarwal		100100
Sanjay Kumar Agarwal		110100
Rahul Agarwal		1096100
Pushpa Devi Agarwal		100
Nirmala Devi Agarwal		100100
Pooja Agarwal		60000
Ratan Kedia C/o Kedia India Limited, India		550000
Kedia Soft Solutions Limited, India		900000
TOTAL		5357700

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Aluminium Sheets and Profiles.

Products :

Item Code No. (ITC Code)	Product Description
76109030	Aluminium Extruded Profiles

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Good

Countries :

Egypt
European countries

Imports :

Products :

Raw Material

Countries :

Australia
Dubai

Terms :

Selling :

Cash and Credit, L/C

Purchasing :

Cash and Credit, L/C

GENERAL INFORMATION

Suppliers :

Reference :	Rakhi Agencies Private 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 :

Wholesalers, Retailers and Manufacturer

Reference :	L and T, Hyderabad
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 :

170 (Approximately)

Bankers :

Banker Name :	HDFC Bank Limited
Branch Address :	HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

The Karur Vysya Bank Limited, CPC (Loans), Chirag Ali Lane, ABIDS, Hyderabad-500001, Telangana, India
HDFC Bank, Vivekanand Nagar, Kokapalli, Telangana, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Million]	As on 31.03.2012 [Rs. in Million]
Long Term Borrowings
Term Loans	57.180	54.654
Loans taken for fixed assets	0.000	0.299

Short Term Borrowings
Working capital loans from banks	89.262	82.387
Other loans and advances	0.000	18.946
TOTAL	146.442	156.286

Auditors :
Name :	Luharuka and Associates Chartered Accountants
Address :	5-4-187/3/4, Soham Mansion, II Floor, Above Bank of Baroda, M.G. Road, Secunderabad-500003, Telangana, India
PAN No:	AAAFL6424D

Memberships :	Not Available

Collaborators :	Not Available

Associates :	Karnataka Metal Company, Secunderabad, Telangana, India Aluminium Sales Corporation, Secunderabad, Telangana, India

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5357700	Equity Shares	Rs.10/- each	Rs.53.577 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	53.577	53.577	53.577
(b) Reserves & Surplus	74.609	70.833	65.583
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.100	0.100	0.100
Total Shareholders’ Funds (1) + (2)	128.286	124.510	119.260

(3) Non-Current Liabilities
(a) long-term borrowings	132.676	122.981	98.666
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	132.676	122.981	98.666

(4) Current Liabilities
(a) Short term borrowings	89.262	101.333	43.951
(b) Trade payables	185.123	178.024	168.611
(c) Other current liabilities	54.607	49.419	37.464
(d) Short-term provisions	1.130	3.045	9.165
Total Current Liabilities (4)	330.122	331.821	259.191

TOTAL	591.084	579.312	477.117

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	187.363	215.320	109.859
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	25.018	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.143	7.790	2.143
(c) Deferred tax assets (net)	0.428	0.785	0.439
(d) Long-term Loan and Advances	96.425	90.615	77.817
(e) Other Non-current assets	1.710	1.710	1.710
Total Non-Current Assets	313.087	316.220	191.968

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	56.587	48.174	71.127
(c) Trade receivables	153.800	142.679	141.972
(d) Cash and cash equivalents	35.703	32.395	29.434
(e) Short-term loans and advances	31.204	32.208	34.341
(f) Other current assets	0.703	7.636	8.275
Total Current Assets	277.997	263.092	285.149

TOTAL	591.084	579.312	477.117

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	1072.823	1012.447	949.940
	Other Income	45.047	26.703	13.748
	TOTAL (A)	1117.870	1039.150	963.688

Less	EXPENSES
	Cost of Materials Consumed	847.075	782.506	716.605
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(15.096)	14.943	6.435
	Employees benefits expense	43.684	43.725	35.861
	Other expenses	141.120	120.173	125.568
	TOTAL (B)	1016.783	961.347	884.469

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	101.087	77.803	79.219

Less	FINANCIAL EXPENSES (D)	66.179	54.157	37.337

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	34.908	23.646	41.882

Less/ Add	DEPRECIATION/ AMORTISATION (F)	30.774	16.489	17.433

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	4.134	7.157	24.449

Less	TAX (H)	0.358	2.480	8.344

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	3.776	4.677	16.105

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	16.356	19.047	N.A
	TOTAL EARNINGS	16.356	19.047	N.A

	IMPORTS	110.548	45.743	NA

	Earnings / (Loss) Per Share (Rs.)	0.70	0.87	3.01

Particulars

31.03.2014

Sales Turnover (Approximately)

1070.000

Expected Sales (2014-15) : Rs.1500.000 million

The above information has been parted by Mr. Radhakrishan (Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.35	0.46	1.70

Operating Profit Margin (PBDIT/Sales)	(%)	9.42	7.68	8.34

Return on Total Assets (PBT/Total Assets}	(%)	0.73	1.25	5.15

Return on Investment (ROI) (PBT/Networth)		0.03	0.06	0.21

Debt Equity Ratio (Total Debt/Networth)		1.73	1.80	1.20

Current Ratio (Current Asset/Current Liability)		0.84	0.79	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	53.577	53.577	53.577
Reserves & Surplus	65.583	70.833	74.609
Share Application money pending allotment	0.100	0.100	0.100
Net worth	119.260	124.510	128.286

long-term borrowings	98.666	122.981	132.676
Short term borrowings	43.951	101.333	89.262
Total borrowings	142.617	224.314	221.938
Debt/Equity ratio	1.196	1.802	1.730

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	949.940	1012.447	1072.823
		6.580	5.963

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	949.940	1012.447	1072.823
Profit	16.105	4.677	3.776
	1.70%	0.46%	0.35%

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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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	10357081	09/07/2014 *	372,809,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C18901520
2	10287383	28/03/2011	350,000.00	THE CARUR VYSYA BANK LIMITED	R.P.ROAD BRANCH, SECUNDERABAD, Telangana - 500003, INDIA	B12900387
3	90121456	27/07/2000	32,000,000.00	THE KARUR VYSYA BANK LIMITED	6544; RP ROAD, SECUNDERABAD, Telangana, INDIA	-
4	90121114	04/04/2012 *	440,100,000.00	THE KARUR VYSYA BANK LIMITED	CPC(LOANS), CHIRAG ALI LANE, ABIDS, HYDERABAD, Telangana - 500001, INDIA	B38708020
5	90121104	25/07/1997	527,025.00	THE KARUR VYSYA BANK LIMITED	RP ROAD, SECUNDERABAD, Telangana - 500003, INDIA	-
6	90121028	03/04/1997 *	50,000,000.00	IDBI BANK	5-9-89/1 & 2; CHAPEL ROAD, HYDERABAD, Telangana - 500001, INDIA	-
7	90120553	05/10/2004 *	59,000,000.00	THE KARUR VYSYA BANK LIMITED	NO. 6549; R. P. ROAD, SECUNDERABAD, Telangana, INDIA	-

* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Million]	As on 31.03.2012 [Rs. in Million]
Long Term Borrowings
Rupee term loans from others	19.913	4.683
Deferred payment liabilities	55.583	61.964
Rupee term loan from banks	0.000	1.381
TOTAL	75.496	68.028

OPERATIONS:

During the year, the company has achieved sales turnover and other income of Rs. 11117.871 Million as against Rs. 1012.446 Million made during the previous year. The company earned net profit of Rs. 3.776 Million for the current year as against that of Rs. 4.677 Million earned in the previous year.

PERFORMANCE AND BUSINESS PROSPECTS:

The performance of the company in the current financial year was encouraging and the company expected to continue the same trend in the future also.

FIXED ASSETS:

Office Building
Factory Building
Air Conditioner
Computer
Furniture and Fixtures
Handling Systems
Plant and Machinery
Tools and Spares
Office Equipments
Vehicles
Dies

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 records 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.61.82
UK Pound	1	Rs.95.26
Euro	1	Rs.69.13

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	SUB

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		33

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.

MIRA INFORM REPORT

Unit