MIRA INFORM REPORT

Report No. :	318953
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	RAIPUR POWER AND STEEL LIMITED
Registered Office :	D-128, Upper Ground Floor, New Rajinder Nagar, Near Post Office, Shankar Road, New Delhi - 110060
Tel No.:	91-11-28734580
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.10.2007
Com. Reg. No.:	55-222971
Capital Investment / Paid-up Capital :	Rs. 93.544 Million
CIN No.: [Company Identification No.]	U27310DL2007PLC222971
TIN No.:	Not Available
IEC No.:	0512025720
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCR8623E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Sponge Iron, Silicon Manganese, Power Generation and Trading of Steel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 3500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	The subject is an established company having satisfactory track record. The company has reported an increase in its Sales turnover and net profitability during FY 2014. The company possesses healthy net worth, adequate liquidity and debt protection measures. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January 2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	January 2015

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 :	D-128, Upper Ground Floor, New Rajinder Nagar, Near Post Office, Shankar Road, New Delhi – 110060, India
Tel. No.:	91-11-28734580
Fax No.:	Not Available
E-Mail :	secretarial.jsc@gmail.com rosidurg@yahoo.com raipurpower@gmail.com
Website :	http://rpsldurg.com
Factory :	Plot No. 75-76, Industrial Growth Center Borai, Rasmada, District Durg, Chhattisgarh, India
Tel. No.:	91-788-2617226 / 27 / 2112003 /4 / 5

DIRECTORS

As on 29.09.2014

Name :

Mr. Balraj Garg

Designation :

Director

Address :

7/3 Roop Nagar,, New Delhi - 110007, India

Date of Appointment :

22.10.2007

DIN No.:

00305006

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	U27106DL1991PLC222970	GARG INDUSTRIES LIMITED	Director	31/03/2008	22/06/1998	-	Active	NO
2	U55101DL1998PLC091852	BANKE BEHARI HOTELS LIMITED	Director	01/07/2002	01/07/2002	-	Active	NO
3	U15142PB1989PTC008934	ADHUNIK ALLOYS PRIVATE LIMITED	Director	24/02/2005	24/02/2005	-	Amalgamated	NO
4	U27310DL2007PLC222971	RAIPUR POWER AND STEEL LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO
5	U72200DL2004PTC130978	BANKE BEHARI COMPUTERS PRIVATE LIMITED	Director	08/07/2011	08/07/2011	-	Active	NO
6	U27107DL2013PLC256106	PARTH CONCAST LIMITED	Director	31/07/2013	31/07/2013	-	Active	NO
7	U27109CT2003PLC016284	CHHATTISGARH STEEL AND POWER LIMITED	Director	27/09/2014	27/09/2014	28/03/2015	Active	NO

Name :

Mr. Vinod Garg

Designation :

Director

Address :

7/3, Roop Nagar, New Delhi - 110007, India

Date of Appointment :

01.11.2011

DIN No.:

00305148

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	L27101PB1988PLC008025	NANDAN AUTO TECH LIMITED	Director	22/08/1988	22/08/1988	31/03/2011	Active	NO
2	U27310DL1990PLC222946	GARG CON CAST LIMITED	Director	22/12/1997	22/12/1997	31/03/2011	Active	NO
3	U27201PB1999PLC022845	SRG FORGE OVERSEAS LIMITED	Director	17/12/1999	17/12/1999	16/07/2011	Active	NO
4	U51909DL1991PLC222969	GARG IMPEX LIMITED	Director	03/10/2001	03/10/2001	31/03/2011	Active	NO
5	U72200DL2004PTC130978	BANKE BEHARI COMPUTERS PRIVATE LIMITED	Director	06/12/2004	06/12/2004	-	Active	NO
6	U55101DL1998PLC091852	BANKE BEHARI HOTELS LIMITED	Director	03/01/2005	03/01/2005	-	Active	NO
7	U45200CH2004PTC027205	GARG SONS ESTATE PROMOTERS PRIVATE LIMITED	Director	25/04/2007	25/04/2007	21/12/2007	Active	NO
8	U27310DL2007PLC222971	RAIPUR POWER AND STEEL LIMITED	Director	01/11/2011	29/10/2007	-	Active	NO
9	U27107DL2013PLC256106	PARTH CONCAST LIMITED	Director	31/07/2013	31/07/2013	-	Active	NO

Name :

Mr. Narsi Dass

Designation :

Director

Address :

577-B, Aggar Nagar,, Ludhiana - 141001, Punjab, India

Date of Appointment :

22.10.2007

DIN No.:

00400386

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	U27106DL1991PLC222970	GARG INDUSTRIES LIMITED	Director	22/06/1998	22/06/1998	-	Active	NO
2	U45200CH2004PTC027205	GARG SONS ESTATE PROMOTERS PRIVATE LIMITED	Director	25/04/2007	25/04/2007	21/12/2007	Active	NO
3	U27310DL2007PLC222971	RAIPUR POWER AND STEEL LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO
4	U27107DL2013PLC256106	PARTH CONCAST LIMITED	Director	31/07/2013	31/07/2013	-	Active	NO

Name :

Mr. Neeraj Sharma

Designation :

Director

Address :

Dhangidimuta (Part) G.P Town - Dhangidimuta P.S, Badampahar, Mayurbhanj - 757047, Orissa, India

Date of Appointment :

27.03.2015

DIN No.:

07140178

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares
Narsi Dass Garg	1864600
Balraj Garg	1505820
Vinod Garg	509834

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Sponge Iron, Silicon Manganese, Power Generation and Trading of Steel.
Products :	Sponge Iron Silicon Manganese Steel
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – 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
Remark :	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
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

• State Bank of India, Industrial Finance Branch, Golden Tower, Dholewa Chowk, GT Road, Ludhiana – 141003, Punjab, India
• Canara Bank, Main Branch, Near City kotwali, Malviya Road, Raipur – 492001, Chhattisgarh, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Rupee term loans from banks	881.020	779.331
Rupee term loans from others	14.778	25.759
Loans taken from vehicles	11.951	16.858
SHORT TERM BORROWING
Working capital loans from banks	545.559	443.798
Other loans and advances	111.839	104.494
Total	1565.147	1370.240

Auditors :
Name :	S Karan Sharma and Company Chartered Accountants
Address :	575, Main Road, Chirag, Delhi – 110001, India
PAN No.:	AAIFS9638N
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9354462	Equity Shares	Rs.10/- each	Rs. 93.545 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	93.545	87.126	80.788
(b) Reserves & Surplus	1,136.458	860.019	662.721
(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)	1,230.003	947.145	743.509
(3) Non-Current Liabilities
(a) long-term borrowings	932.459	833.628	767.172
(b) Deferred tax liabilities (Net)	73.830	89.340	29.156
(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)	1,006.289	922.968	796.328
(4) Current Liabilities
(a) Short term borrowings	657.398	548.292	338.137
(b) Trade payables	46.856	49.044	35.958
(c) Other current liabilities	74.388	49.752	23.259
(d) Short-term provisions	41.618	29.861	2.260
Total Current Liabilities (4)	820.260	676.949	399.614
TOTAL	3,056.552	2,547.062	1,939.451
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,642.073	1,381.956	1,107.301
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	149.037	131.030	199.532
(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	31.245	8.181	6.710
(e) Other Non-current assets	0.000	1.582	3.165
Total Non-Current Assets	1,822.355	1,522.749	1,316.708
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	826.680	586.554	190.991
(c) Trade receivables	143.159	207.941	231.149
(d) Cash and cash equivalents	21.973	21.505	11.745
(e) Short-term loans and advances	207.010	172.937	170.389
(f) Other current assets	35.375	35.376	18.469
Total Current Assets	1,234.197	1,024.313	622.743
TOTAL	3,056.552	2,547.062	1,939.451

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3,315.463	2,128.601	1,801.058
		Other Income	3.523	4.106	0.274
		TOTAL (A)	3,318.986	2,132.707	1,801.332
Less	EXPENSES
		Cost of Materials Consumed	2,596.344	1,623.232	1,488.079
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(20.842)	(2.808)	(7.657)
		Employee Benefits Expenses	76.224	40.735	0.512
		Other Expenses	223.672	123.239	88.499
		TOTAL (B)	2,875.398	1,784.398	1,569.433
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		443.588	348.309	231.899
Less	FINANCIAL EXPENSES (D)		164.799	133.647	65.501
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		278.789	214.662	166.398
Less	DEPRECIATION/ AMORTISATION (F)		97.718	79.222	37.091
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		181.071	135.440	129.307
Less	TAX (H)		26.584	90.254	41.179
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		154.487	45.186	88.128
	Earnings / (Loss) Per Share (Rs.)		16.51	5.19	10.91

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	4.66	2.12	4.89
Operating Profit Margin (PBDIT/Sales)	(%)	13.38	16.36	12.88
Return on Total Assets (PBT/Total Assets}	(%)	6.23	5.61	7.43
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.17
Debt Equity Ratio (Total Debt /Networth)		1.29	1.46	1.49
Current Ratio (Current Asset/Current Liability)		1.50	1.51	1.56

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	80.788	87.126	93.545
Reserves & Surplus	662.721	860.019	1136.458
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	743.509	947.145	1230.003
Long Term borrowings	767.172	833.628	932.459
Short Term borrowings	338.137	548.292	657.398
Total borrowings	1105.309	1381.920	1589.857
Debt/Equity ratio	1.487	1.459	1.293

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	1,801.058	2,128.601	3,315.463
		18.186	55.758

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	1,801.058	2,128.601	3,315.463
Profit	88.128	45.186	154.487
	4.89%	2.12%	4.66%

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	No
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	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Other loans and advances	24.710	11.680
Total	24.710	11.680

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10541512	10/12/2014	52,758,000.00	INDIABULLS HOUSING FINANCE LIMITED	M - 62 & 63, FIRST FLOOR, CONNAUGHT PLACE, NEW DE  LHI, DELHI - 110001, INDIA	C39700950
2	10541428	09/12/2014	15,450,000.00	INDIABULLS HOUSING FINANCE LIMITED	M - 62 & 63, FIRST FLOOR, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA	C39655634
3	10476508	15/12/2014 *	100,000,000.00	IDBI BANK LIMITED	SPECIALISED CORPORATE BRANCH, IST FLOOR, SIMRAN TOWER, PANDRI, RAIPUR, CHHATTISGARH - 492001, INDIA	C38519708
4	10476509	16/01/2014	110,000,000.00	IDBI BANK LIMITED	SPECIALISED CORPORATE BRANCH, IST FLOOR, SIMRAN T  OWER, PANDRI, RAIPUR, CHHATTISGARH - 400005, INDIA	B95902839
5	10477427	16/01/2014	250,000,000.00	BANK OF BARODA	MID CORPORATE BRANCH, 2ND FLOOR, LIC INVESTMENT BUILDING, PANDRI, RAIPUR, CHHATTISGARH - 492001, INDIA	B96249644
6	10397254	29/11/2012	180,000,000.00	IDBI BANK LIMITED	1ST FLOOR, SIMRAN TOWER, OPP LIC, PANDRI, RAIPUR, CHHATTISGARH - 492004, INDIA	B65984999
7	10365829	05/06/2012	5,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B43751239
8	10337386	26/07/2013 *	140,000,000.00	CANRA BANK	MAIN BRANCH, NEAR CITY KOTWALI, MALVIYA ROAD, RAIPUR, CHHATTISGARH - 492001, INDIA	B83627570
9	10311893	03/10/2011	2,017,766.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B23181811
10	10291373	06/06/2011	1,200,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B14690465

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.