MIRA INFORM REPORT

Report No. :	324112
Report Date :	23.05.2015

IDENTIFICATION DETAILS

Name :	BALBIR ALLOYS PRIVATE LIMITED
Registered Office :	207, Steel Centre, Ahmedabad Street, Carnac Bunder, Masjid (East), Mumbai – 400 009, Maharashtra
Tel. No. :	91-22-23482260
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.01.1991
Com. Reg. No.:	11-191940
Capital Investment / Paid-up Capital :	Rs. 33.000 Million
CIN No.: [Company Identification No.]	U27104MH1991PTC191940
TAN No.: [Tax Deduction & Collection Account No.]	MUMB09942C MUMB06320G
PAN No.: [Permanent Account No.]	AAACB2172M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Alloys, Steel Castings, Steel Ingots etc.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 720000
Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track. Management has reported a significant decline in its revenue as well as has witnessed a low profit margin during FY14. Profit margin of the company seems to be low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some 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 – 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	ICRA
Rating	Long Term Rating “BB”
Rating Explanation	Moderate risk of default and high credit risk.
Date	January 08, 2015

Rating Agency Name	ICRA
Rating	Short Term Rating “A4”
Rating Explanation	Moderate risk of default and high credit risk.
Date	January 08, 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.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (TEL No. 91-22-23483688)

LOCATIONS

Registered Office :	207, Steel Centre, Ahmedabad Street, Carnac Bunder, Masjid (East), Mumbai – 400 009, Maharashtra, India
Tel. No. :	91-22-23482260
Fax No. :	Not Available
E-Mail :	bapl@balbir.in
Factory :	K – 10, ADDL. MIDC, Murbad, District Thane, Maharashtra, India
Tel. No. :	91-2524-645161

DIRECTORS

As on: 29.09.2014

Name :

Mr. Vishal Bhushan

Designation :

Director

Address :

901, Cliff Tower, Mount Mary Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

12.02.1971

PAN

AFCPB4904M

Date of Appointment :

18.05.1992

DIN No. :

00141870

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	U27104MH1991PTC191940	BALBIR ALLOYS PRIVATE LIMITED	Director	18-05-1992	18-05-1992	-	Active	NO
2	U27104MH1991PTC193858	BALBIR CASTINGS PRIVATE LIMITED	Director	26-09-1994	26-09-1994	02-03-2015	Active	NO
3	U29142MH1999PTC122521	BALBIR PROFILES PRIVATE LIMITED	Director	03-11-1999	03-11-1999	04-01-2011	Active	NO
4	U21029GA2003PTC003284	GURUKRUPA STEEL AND ROLLING MILLS PRIVATE LIMITED	Director	15-06-2006	15-06-2006	13-08-2012	Active	NO
5	U27310MH2007PTC166989	BALBIR METALS AND POWER PRIVATE LIMITED	Director	19-03-2007	19-03-2007	31-03-2012	Active	NO
6	U27107MH2007PTC173295	BALBIR ISPAT PRIVATE LIMITED	Director	20-08-2007	20-08-2007	-	Active	NO
7	U40102MH2007PTC174729	BALBIR POWER PRIVATE LIMITED	Director	04-10-2007	04-10-2007	26-03-2015	Active	NO
8	U28910MH2010PTC211344	I B STEEL COMPANY PRIVATE LIMITED	Director	24-12-2010	24-12-2010	-	Active	NO
9	U28931MH2011PTC213072	V.K.I. STEEL INDUSTRIES PRIVATE LIMITED	Director	05-02-2011	05-02-2011	15-12-2014	Active	NO
10	U28991MH2011PTC213071	PURE AURA METALS PRIVATE LIMITED	Director	05-02-2011	05-02-2011	-	Active	NO

Name :

Mr. Rakesh Kumar Sharma

Designation :

Director

Address :

C – 14/ 103, Madhav Shrusti, Near Godrej Hill, Kalyan, Thane – 421 301, Maharashtra, India

Date of Birth/Age :

06.09.1951

Date of Appointment :

29.09.2007

DIN No. :

01545079

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	U27310UP1987PTC008947	BALBIR STEELS PRIVATE Limited	Director	25-08-1987	25-08-1987	06-08-2012	Active	NO
2	U27104MH1991PTC191940	BALBIR ALLOYS PRIVATE LIMITED	Director	29-09-2007	19-03-2007	-	Active	NO
3	U29142MH1999PTC122521	BALBIR PROFILES PRIVATE LIMITED	Director	28-09-2007	19-03-2007	-	Active	NO
4	U27107MH2007PTC173295	BALBIR ISPAT PRIVATE LIMITED	Director	20-08-2007	20-08-2007	10-02-2009	Active	NO
5	U27310MH2007PTC166989	BALBIR METALS AND POWER PRIVATE LIMITED	Director	01-11-2011	01-11-2011	-	Active	NO
6	U28112MH2010PTC211691	V B STEEL PRIVATE LIMITED	Additional director	05-11-2014	05-11-2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2014

Category	Percentage
Bodies corporate	59.30
Directors or relatives of Directors	40.06
Other top fifty shareholders	0.64
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Alloys, Steel Castings, Steel Ingots etc.

Products :

Item Code No. (ITC Code)	Product Description
72071010	Mild Steel Billet
72071010	Mild Steel Ingot

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information denied by management

Bankers :

• Union Bank of India, Kaprubavadi Branch, Dhan Laxmi Industrial Estate, Lal Bahadur Shastri Marg, Kapurbavadi, Thane – 400 601, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	4.637	20.637
Short-term borrowings
Rupee term loans from banks	183.322	0.000
Working capital loans from banks	0.000	174.257
Total	187.959	194.894

Auditors :
Name :	Kamal Kumar and Associates Chartered Accountants
Address :	Shop No.18, Block 1, Emerald Plaza, Hiranandani Estate, Thane 400610, Maharashtra, India
PAN No. :	AAXPK6869J
Memberships :	Not Available
Collaborators :	Not Available
Associates	Balbir Ispat Private Limited, India

CAPITAL STRUCTURE

As on 29.09.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3,300,000	Equity Shares	Rs.10/- each	Rs. 33.000 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	33.000	31.500	25.761
(b) Reserves & Surplus	217.952	197.298	155.796
(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)	250.952	228.798	181.557
(3) Non-Current Liabilities
(a) long-term borrowings	5.684	22.664	53.615
(b) Deferred tax liabilities (Net)	9.397	7.751	7.775
(c) Other long term liabilities	2.928	2.928	2.928
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	18.009	33.343	64.318
(4) Current Liabilities
(a) Short term borrowings	186.822	177.796	186.106
(b) Trade payables	9.271	10.550	10.698
(c) Other current liabilities	28.820	25.089	25.479
(d) Short-term provisions	28.193	28.661	23.374
Total Current Liabilities (4)	253.106	242.096	245.657
TOTAL	522.067	504.237	491.532
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	123.545	132.139	143.542
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.560	3.576	3.053
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	13.288	13.288	13.288
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	18.753	10.783	4.500
Total Non-Current Assets	158.146	159.786	164.383
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	251.870	229.681	197.125
(c) Trade receivables	37.203	31.938	52.148
(d) Cash and cash equivalents	7.543	6.551	10.887
(e) Short-term loans and advances	67.305	76.281	66.989
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	363.921	344.451	327.149
TOTAL	522.067	504.237	491.532

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	1547.800	2323.104	2264.520
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1487.692	2273.178	2212.197
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		60.108	49.926	52.323
Less	FINANCIAL EXPENSES		32.500	29.799	30.692
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		27.608	20.127	21.631
Less/ Add	DEPRECIATION/ AMORTISATION		11.545	11.420	11.407
	PROFIT/ (LOSS) BEFORE TAX		16.063	8.707	10.224
Less	TAX		4.860	1.635	3.793
	PROFIT/ (LOSS) AFTER TAX		11.203	7.072	6.431
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		50.079	43.007	36.576
	BALANCE CARRIED TO THE B/S		61.282	50.079	43.007
	Earnings / (Loss) Per Share (Rs.)		3.39	2.24	2.04

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	16.280	16.980	16.975
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.17	1.79	2.15
Return on Investment (ROI) (PBT/Networth)		0.06	0.04	0.06
Debt Equity Ratio (Total Debt /Networth)		0.83	0.95	1.41
Current Ratio (Current Asset/Current Liability)		1.44	1.42	1.33

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	25.761	31.500	33.000
Reserves & Surplus	155.796	197.298	217.952
Net worth	181.557	228.798	250.952
long-term borrowings	53.615	22.664	5.684
Short term borrowings	186.106	177.796	186.822
Current Maturities of Long Term Debt	16.975	16.980	16.280
Total borrowings	256.696	217.440	208.786
Debt/Equity ratio	1.414	0.950	0.832

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)
Total Income	2264.520	2323.104	1547.800
		2.587	(33.374)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	2264.520	2323.104	1547.800
Profit	6.431	7.072	11.203
	0.28%	0.30%	0.72%

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	No
5	Buyer visit details	No
6	Contact numbers	No
7	Name of the person contacted	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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%	No
28	Estimation for coming financial year	No
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	Yes
33	Market information	No
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date:- 05.07.2013

Lodging No.:- WPST/1844/2013 Filing Date:- 05.07.2013 Reg. No.:- WP/6332/2013 Reg. Date:- 17.07.2013

Petitioner: MAHARASHTRA STATE ELECTRICITY DISTRICT Respondent: BALBIR ALLOYS PRIVATE

LIMITED

Petn. Adv : M. V. KINI AND COMPANY (841)

District: THANE

Bench: SINGLE

Status: Admission (Unready)

Last Date: 03.10.2013 Stage: FOR ORDERS (CIVIL SIDE MATTERS)

Last Coram: HON’BLE SHRI JUSTICE R.V. MORE

Act: Electricity Supplies Act, 1948

PERFORMANCE

The Company has achieved a turnover of Rs.1547.800 Million during the year against the previous year turnover of Rs.2323.104 Million and earned profit after tax of Rs.11.203 Million during the year, against the Profit after tax of Rs.7.072 million during the previous year

NOTE:

The registered office of the company has been shifted from 122/235, Fazal Ganjguru Teg, Bahadur Marg, Kanpur – 208 012, Uttar Pradesh to the present address w.e.f. 27.01.2009.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deferred sales tax	1.047	0.000
Borrowing from Government semi-government bodies	0.000	2.027
Short-term borrowings
Intercorporate borrowings	3.500	0.000
Loans and advances from related parties	0.000	3.539
Total	4.547	5.566

INDEX OF CAHREGS:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10394594	27/12/2012	10,000,000.00	UNION BANK OF INDIA	KAPRUBAVADI BRANCH, DHAN LAXMI INDUSTRIAL ESTATE, GOKUL NAGAR,OLD AGRA ROAD, THANE (W), THANE, Maharashtra - 400601, INDIA	B65030173
2	10129918	27/10/2008	100,000,000.00	UNION BANK OF INDIA	KAPRUBAVADI BRANCH, DHAN LAXMI INDUSTRIAL ESTATE, GOKUL NAGAR,OLD AGRA ROAD, THANE (W), THANE, Maharashtra - 400601, INDIA	A50772748
3	10011211	27/12/2012 *	170,000,000.00	UNION BANK OF INDIA	KAPRUBAVADI BRANCH, DHAN LAXMI INDUSTRIAL ESTATE, GOKUL NAGAR,OLD AGRA ROAD, THANE (W), THANE, Maharashtra - 400601, INDIA	B65029829
4	10011197	06/07/2006	15,000,000.00	UNION BANK OF INDIA LIMITED	KAPRUBAVADI BRANCH, DHAN LAXMI INDUSTRIAL ESTATE, GOKUL NAGAR,OLD AGRA ROAD, THANE (W), THANE, Maharashtra - 400601, INDIA	A02759207
5	90281253	28/12/2012 *	249,600,000.00	UNION BANK OF INDIA	KAPRUBAVADI BRANCH, DHAN LAXMI INDUSTRIAL ESTATE, GOKUL NAGAR,OLD AGRA ROAD, THANE (W), THANE, Maharashtra - 400601, INDIA	B65030728
6	90275034	24/02/1999 *	11,500,000.00	UNION BANK OF INDIA	KAPRUBAVADI BRANCH, DHAN LAXMI INDUSTRIAL ESTATE, GOKUL NAGAR,OLD AGRA ROAD, THANE (W), THANE, Maharashtra - 400601, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Claims against company not acknowledged as debt	2.612
Guarantees	24.003
Total	26.615

FIXED ASSETS

Ø Land

Ø Buildings

Ø Plant and equipment

Ø Factory equipments

Ø Emission reduction equipment

Ø Vehicles

Ø Office equipment

Ø Computer 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 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.63.61
UK Pound	1	Rs.96.56
Euro	1	Rs.69.18

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUB
Report Prepared by :	MTN

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	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		34

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.