MIRA INFORM REPORT

Report Date :

20.12.2011

IDENTIFICATION DETAILS

Name :	GOPINATH SPINNING PRIVATE LIMITED
Registered Office :	“Yogin Flats”, Ground Floor, 63, Suvarnapuri Society, Chikuwadi, Jetalpur Road, Vadodara-390007, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.12.2003
Com. Reg. No.:	04-054454
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U17111GJ2003PTC054454
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Combed Cotton Yarn and Blended Yarn.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (17)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for any business dealing on a safe and secured 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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Jitu
Designation :	Office Executive
Date :	14.12.2011

LOCATIONS

Registered Office :	“Yogin Flats”, Ground Floor, 63, Suvarnapuri Society, Chikuwadi, Jetalpur Road, Vadodara-390007, Gujarat, India
Tel. No.:	91-265-2321353 91-260-2669016
Fax No.:	91-265-2331945 91-260-2669017
E-Mail :	info@gopinathspinnig.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Yogin Ashokkumar Patel

Designation :

Managing Director

Address :

B-4, Laxmi Colony, Urmi Char Rasta, Akota, Broda-390007, Gujarat, India

Date of Birth/Age :

11.03.1980

Date of Appointment :

26.12.2003

Din No.:

00459140

Name :

Mr. Kamlesh Vitthalbhai Patel

Designation :

Managing Director

Address :

102, Pramukh Complex, Sahajanand Kutir, Munjmuhada, Baroda-390020, Gujarat, India

Date of Birth/Age :

17.01.1973

Date of Appointment :

27.01.2005

Din No.:

01942712

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Managing director	27-01-05	27-01-05	Active	NO
2	U17119GJ1994PTC021505	KRISHNA INTERTEX PRIVATE LIMITED	Additional director	20-08-11	20-08-11	Active	NO

Name :

Mr. Bharatbhai Shantilal Shah

Designation :

Director

Address :

401, Guru Ashish, Bapubhai Vasi Road, Vile Parle (West), Mumbai-400057, Maharashtra, India

Date of Birth/Age :

03.03.1947

Date of Appointment :

21.03.2005

Din No.:

01439910

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Director	30-09-05	21-03-05	Active	NO

Name :

Mr. Mahendrabhai Ottamchand Avlani

Designation :

Director

Address :

1001, Kalindi Nilkanth Valley, Mumbai-400077, Maharashtra, India

Date of Birth/Age :

20.07.1939

Date of Appointment :

21.03.2005

Din No.:

01440010

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Director	30-09-05	21-03-05	Active	NO

Name :

Mr. Paresh Babubhai Patel

Designation :

Director

Address :

1000, Shanudeep Building, 10^th Floor, Altamound Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

04.04.1978

Date of Appointment :

26.12.2003

Din No.:

00940633

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1997PTC105648	SHREEJI ALUMINIUM PRIVATE LIMITED	Director	02-04-97	02-04-97	Dormant	NO
2	U70200DN1999PTC000135	SHREEJI ALUMINIUM PRIVATE LIMITED (TR.FROM MAHARASTRA TOGUJ)	Director	10-05-99	10-05-99	Active	NO
3	U51909GJ1991PTC015067	SHIV ENTERPRISES EXIMP PRIVATE LIMITED	Director	01-04-00	01-04-00	Active	NO
4	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Director	26-12-03	26-12-03	Active	NO
5	U27109DN2011PTC000367	SWAMI NARAYAN HARE METALS PRIVATE LIMITED	Director	28-04-11	28-04-11	Active	NO

Name :

Mr. Babubhai Kanjibhai Patel

Designation :

Director

Address :

401, Guru Ashish, Bapubhai Vasi Road, Vile Parle (West), Mumbai-400057, Maharashtra , India

Date of Birth/Age :

04.01.1947

Date of Appointment :

01.06.20005

Din No.:

00940767

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909GJ1991PTC015067	SHIV ENTERPRISES EXIMP PRIVATE LIMITED	Director	15-02-91	15-02-91	Active	NO
2	U99999MH1997PTC105648	SHREEJI ALUMINIUM PRIVATE LIMITED	Director	02-04-97	02-04-97	Dormant	NO
3	U70200DN1999PTC000135	SHREEJI ALUMINIUM PRIVATE LIMITED (TR.FROM MAHARASTRA TOGUJ)	Director	10-05-99	10-05-99	Active	NO
4	U17111GJ2003PTC054454	GOPINATH SPINNING PRIVATE LIMITED	Director	30-09-05	01-06-05	Active	NO
5	U27109DN2011PTC000367	SWAMI NARAYAN HARE METALS PRIVATE LIMITED	Director	28-04-11	28-04-11	Active	NO

Name :

Mr. Jinesh Mahendrabhai Avlani

Designation :

Director

Address :

1001, Kalindi Nilkanth Valley, Mumbai-400077, Maharashtra, India

Date of Birth/Age :

06.11.1970

Date of Appointment :

21.03.2005

Din No.:

01683618

KEY EXECUTIVES

Name :	Mr. Jitu
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Yogin Ashokkumar Patel	5000
Paresh Babubhai Patel	5000
Bharatbhai Shantilal Shah joint with Induben Shah and Amee Panchal	270000
Bharatbhai Shantilal Shah joint with Induben Shah	270000
Mahendrabhai Ottamchand Avlani joint with Kalpana Avlani and Jinesh Avlani	252000
Kalpana Avlani joint with Mahendrabhai Ottamchand Avlani and Jinesh Avlani	108000
Yogin Ashokkumar Patel joint with Umaben Patel	295000
Umaben Patel joint with Yogin Ashokkumar Patel	300000
Kinnerben Patel joint with Umaben Patel	150000
Falguniben Patel joint with Umaben Patel	150000
Paresh Babubhai Patel joint with Chetanbhai Patel	295000
Babubhai Patel joint with Chetanbhai Patel	300000
Chetanbhai Patel joint with Babubhai Patel	300000
Kamlesh Patel joint with Nita Patel and Yogin Ashokkumar Patel	100000
Kamlesh Patel joint with Nita Patel and Chetanbhai Patel	100000
Kamlesh Patel joint with Nita Patel and Bharatbhai Patel	60000
Kamlesh Patel joint with Nita Patel and Mahendrabhai Avlani	40000
Total	3000000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Combed Cotton Yarn and Blended Yarn.

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Yarn [Including cotton yarn, blended yarn and polyester yarn]	MTs	3500	3000	796.498

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Bank of Baroda, Khand Bazar Branch, Masjid Bunder, Mumbai-400003, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Term Loan [Deferred L/C Buyers Credit]	0.000	0.000
Term Loan [Domestic]	81.370	97.612
Cash Credit [Both the above loans are secured by equitable mortgage of fixed assets of the company i.e. land and building situated at Dadra (UT) bearing S. No. 259, 23/1 and 22/2 and further secured y hypothecation of plant and machinery, equipments tools and other movable assets excluding inventory. Both the above loans are further guaranteed by directors in their personal capacity and by equitable mortgage on some of their personal assets offered as collateral security.]	13.966	10.286
Total	95.336	107.898
Unsecured Loan
From Directors	147.397	126.466
From Members	34.960	28.127
From Others	67.775	48.469
Total	250.132	203.062

Banking Relations :	--
Auditors :
Name :	Divyakant Zaveri and Company Chartered Accountants
Address :	101, Nyota Apartments, 6, Country Side Estate, Near Reliance Petrol Pump, Gotri, Vadodara-390021, Gujarat, India
Pan No.:	AABPZ5582H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(101.713)	(62.556)	(20.808)
NETWORTH		(71.713)	(32.556)	9.192
LOAN FUNDS
1] Secured Loans		95.336	107.898	112.358
2] Unsecured Loans		250.132	203.062	163.213
TOTAL BORROWING		345.468	310.960	275.571
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		273.755	278.404	284.763
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		256.278	263.808	266.984
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.486	12.404	6.744
	Sundry Debtors	10.182	5.559	4.249
	Cash & Bank Balances	3.437	3.942	39.056
	Other Current Assets	0.575	0.365	3.138
	Loans & Advances	5.510	7.794	7.142
Total Current Assets		39.190	30.064	60.329
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.896	10.786	40.536
	Other Current Liabilities	0.008	0.033	0.187
	Provisions	3.087	4.958	2.137
Total Current Liabilities		21.991	15.777	42.860
Net Current Assets		17.199	14.287	17.469
MISCELLANEOUS EXPENSES		0.278	0.309	0.310
TOTAL		273.755	278.404	284.763

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	102.789	66.948	14.931
		Trading Profit	0.000	0.118	0.000
		Other Income	1.199	2.093	2.310
		TOTAL (A)	103.988	69.159	17.241
Less	EXPENSES
		Raw Material Consumed	71.758	47.667	14.211
		Employees Remuneration	10.950	8.598	3.289
		Manufacturing Expenses	30.717	22.989	4.977
		Administrative Expenses	3.667	2.967	1.645
		Selling and Distribution Expenses	2.717	1.267	0.220
		Preliminary Expenses Written Off	0.031	0.000	0.000
		Increase / Decrease in Stocks	(7.370)	(3.293)	(5.928)
		TOTAL (B)	112.470	80.195	18.414
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(8.482)	(11.036)	(1.173)
Less	FINANCIAL EXPENSES (D)		17.059	17.668	10.269
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(25.541)	(28.704)	(11.442)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.616	13.044	8.829
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(39.157)	(41.748)	(20.271)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(39.157)	(41.748)	(20.271)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(62.556)	(20.808)	(0.537)
	BALANCE CARRIED TO THE B/S		(101.713)	(62.556)	(20.808)
	Earnings / (Loss) Per Share (Rs.)		(13.05)	(13.92)	(6.75)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(37.65)	(60.37)	(117.57)
Net Profit Margin (PBT/Sales)	(%)	(38.09)	(62.36)	(135.76)
Return on Total Assets (PBT/Total Assets}	(%)	(13.25)	(14.21)	(6.19)
Return on Investment (ROI) (PBT/Networth)		0.55	1.28	2.21
Debt Equity Ratio (Total Liability/Networth)		5.12	10.04	34.64
Current Ratio (Current Asset/Current Liability)		1.78	1.91	1.41

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

During the period the company has earned total income of Rs.111.358 millions as compared to Rs.72.451 millions in the previous year. However, due to increase in manufacturing, administration and interest cost the company has incurred net loss of Rs.39.156 millions as compared to loss of Rs. 41.747 millions in previous year.

During the FY 2009-10, the company continued to face various challenges at different fronts including power, production, finance, raw materials and personnel.

To cope up with its power requirement, the company installed second hand DG Set at its factory site. However, due to shortage of working capital, skill man power and power supply, the company could operate with 14 ring frame machines, which constitutes about 40 to 50% of its installed capacity. In fact, two more machines are ready to put to use as soon as the desired power is connected. However, on brighter side, the demand for company’s both the products viz Polyster Viscose (PV) and Polyster Cotton remained encouraging throughout the year and it is expected that with the desired level of power, finance and man power, the company would perform better in the coming period.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10104613
Corporate identity number of the company	U17111GJ2003PTC054454
Name of the company	GOPINATH SPINNING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	“Yogin Flats”, Ground Floor, 63, Suvarnapuri Society, Chikuwadi, Jetalpur Road, Vadodara-390007, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Khand Bazar Branch, Masjid Bunder, Mumbai-400003, Maharashtra, India
Email	shirishshetye@gmail.com
Nature of description of the instrument creating or modifying the charge	First supplemental memorandum of deposit of title deeds dated 12.11.2008
Date of instrument Creating the charge	12.11.2008
Amount secured by the charge	Rs.130.600 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1. Rupee term loan (existing): 2.75% over BPLR i.e. 16.75% p.a. (floating) with monthly rests. 2. New term loan - ii : 2.75% over BPLR i.e. 16.75% p.a. with monthly rests subject to change . In PLR / rating of the company. 3. Cash credit (hp of stock and BD) cum packing credit cum FBP/FBD for 90 days: 1.50 % over BPLR i.e. 15.50% p.a. (floating) with monthly rests. 4. inland / foreign guarantee : commission as per bank's guidelines Terms of Repayment 1. Rupee term loan (existing): 16 quarterly installments of Rs. 2.907 millions each, last installment of Rs. 2.895 millions. First installment to start from April, 2009 2. New term loan - ii : 16 quarterly installments of Rs. 3.195 millions each, starting from April, 2009. Last installment will be of Rs. 3.187 millions. 3. Cash credit (hp of stock and BD) cum packing credit cum FBP/FBD for 90 days: 12 months, 4. Inland / foreign guarantee : 12 months Margin 1. Rupee term loan (existing): 27.55% original when buyers credit was availed. 2. New term loan - ii: 35%. 3. Cash credit (hp of stock and BD) cum packing credit cum FBP/FBD for 90 days: 25% on stock, 40% on book debts not exceeding 90 days, packing credit -25% and FBP/UFBP- nil 4. Inland / foreign guarantee :25% cash margin Extent and Operation of the charge the company has created / extended the equitable mortgage by depositing the tile deeds of its immovable properties situated at survey no. 259/22/2, admeasuring about 8000 square meters and survey no. 259/23/1, admeasuring about 8000 square meters, both situated in the village Dadra in the union territory of Dadra and Nagar Haveli for the purpose of securing the various credit facilities aggregating to Rs. 130.600 millions as Sanctioned by the bank. Others The bank's sanctioned letter bearing no. KBB: adv:2008:496 dated 11.09.2008. The breakup of various limits, aggregating to Rs. 130.600 millions is as under: 1. Rupee term loan (existing) : Rs. 46.500 millions 2. New term loan - ii ( conversion of existing L/C cum buyers credit into t/l) : 51.100 millions 3. Cash credit (hp of stock and BD) cum packing credit cum FBP/FBD for 90 days: Rs.20.000 millions 4. Inland / foreign guarantee : Rs.13.000 millions
Short particulars of the property charged	Equitable mortgage by depositing the tile deeds of company's immovable properties situated at survey no. 259/22/2, admeasuring about 8000 square meters and survey no. 259/23/1, admeasuring about 8000 square meters, both situated in the village Dadra in the union territory of Dadra and Nagar Haveli together with building / structure standing thereon belonging to the company.
Particulars of the present modification	At the request of the company, the bank has modified its existing credit facilities by converting existing L/C cum buyer’s credit facility of Rs. 80.000 millions into term loan ii of Rs. 51.100 millions. Accordingly, the total limits now stands modified from existing Rs. 173.800 millions to Rs. 130.600 millions. Thus, the equitable mortgage as created by the company on 16.10.2006 is now modified and extended to secure the revised facilities of Rs. 130.600 millions.

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· DG Set

· Furniture and Fixtures

· Computer

· Safety Equipments

· Office Equipments

· Motor Cars

· Mobile Phones

· Vehicles

· Air Conditioners

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.52.95
UK Pound	1	Rs.82.04
Euro	1	Rs.68.91

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--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
TOTAL		17

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.