MIRA INFORM REPORT

Report Date :

10.01.2011

IDENTIFICATION DETAILS

Name :	TEXPORT INDUSTRIES PRIVATE LIMITED

Formerly Known As :	TEXPORT GARMENTS PRIVATE LIMITED

Registered Office :	Plot No.88, Road No.15, M.I.D.C., Andheri (East), Mumbai - 400 093, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	13.12.1979

Com. Reg. No.:	11-021996

CIN No.: [Company Identification No.]	U18101MH1979PTC021996

TAN No.: [Tax Deduction & Collection Account No.]	MUMM22206C

PAN No.: [Permanent Account No.]	AAACT5016A

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Garments.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 2533000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION PARTED BY

Name :	Mr. Doshi
Designation :	Finance Department
Date :	08.01.2011

LOCATIONS

Registered/ Corporate Office/ Factory :	Plot No.88, Road No.15, M.I.D.C., Andheri (East), Mumbai - 400 093, Maharashtra, India
Tel. No.:	91-22-30882000
Fax No.:	91-22-30882005
E-Mail :	doshi@texportgarments.com mail@texportgarments.com
Website :	www.texportgarments.com
Area :	2000 sq ft
Location :	Owned

Branch Office 1 :	154, 3^rd Cross, 5^th Main, Yeshwanthpur Industrial Sub., Bangalore - 560 022, Karnataka, India
Tel. No.:	91-80-39284500
Fax No.:	91-80-39284095

Branch Office 2 :	11, Sowdambika Nagar, Poolvapatti Post, PN Road, Tirupur - 641 602, Tamilnadu, India
Tel. No.:	91-421-2481640
Fax No.:	91-421-2471436

Branch Office 3 :	31, Karangalpatti, Street No. 4, Gugai, Salem - 636 006, Tamilnadu, India
Tel. No.:	91-427-2464548
Fax No.:	91-427-2467053

Overseas Office :	New York, USA: 14^th Floor, 264 West, 40^th Street, New York, NY – 10018, USA
Tel. No.:	+1 212 869 8001
Fax No.:	+1 212 869 5965

DIRECTORS

As on 30.09.2010

Name :	Mr. Narendra Kumar Deviprasad Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Birth/Age :	30.06.1957
Date of Appointment :	25.07.1981
DIN No.:	01234889

Name :	Mr. Suresh Deviprasad Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Birth/Age :	06.06.1953
Date of Appointment :	02.04.1990
DIN No.:	01181788

Name :	Mr. Arun Kumar Sajjan Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Birth/Age :	17.08.1967
Date of Appointment :	06.03.1996
DIN No.:	01230401

Name :	Mr. Sekhar Sashi Edayath
Designation :	Director
Address :	201, Jyoti Sparkle, Plot No.81, Shere-Punjab Soc Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Date of Birth/Age :	25.05.1955
Date of Appointment :	18.01.1998
DIN No.:	01760123

Name :	Mr. Shailesh Suresh Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Birth/Age :	05.06.1979
Date of Appointment :	18.02.2003
Din No.:	01230273

Name :	Mr. Sajjankumar Chandi Prasad Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Appointment :	14.10.2005
DIN No.:	01230354

Name :	Mr. Neeraj Sajjan Goenka
Designation :	Director
Address :	4^th Shivkunj, 11^th Road, J.V.P.D., Vile Parle (West), Mumbai, Maharastra-400 049, Maharashtra, India
Date of Birth/Age :	24.06.1972
Date of Appointment :	30.09.2010
DIN No.:	00745541

KEY EXECUTIVES

Name :	Mr. Doshi
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders (Equity Shares)		No. of Shares
Goenka Deviprasad Narendra		2632
Goenka Sajjan Chandra Kala		2662
Goenka Narendra Sarita Devi		2986
Goenka Suresh Sashi Devi		3014
Goenka Chandi Prasad Radhadevi		850
Goenka Deviprasad Suresh		2700
Sajjan Kumar Goenka – HUF		300
Goenka Sajjan Arun		2885
Goenka Narendra Sakshi		271
Goenka Suresh Shailesh		2821
Goenka Suresh Neeti		326
Goenka Arun Vinita		2986
Goenka Narendra Nupur		71
Goenka Chandi Prasad Sajjan		152
Goenka Sajjan Neeraj		2000
Suresh Goenka (HUF)		1
Goenka Shailesh Nishita		3000
Goenka Neeraj Sushma		3100
Total		32757

Names of Shareholders (Preference Shares)		No. of Shares
Goenka Deviprasad Narendra		2020
Goenka Sajjan Chandra Kala		360
Goenka Narendra Sarita Devi		6620
Goenka Suresh Sashi Devi		2640
Goenka Deviprasad Suresh		500
Goenka Sajjan Arun		2600
Goenka Suresh Shailesh		340
Goenka Arun Vinita		6100
Goenka Chandi Prasad Sajjan		460
Goenka Shailesh Nishita		480
Goenka Neeraj Sushma		3480
Total		25600

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 of Garments.

Products :

Item Code No. (ITC Code)	62052000
Product Description	Readymade Garments

Terms :

Selling :

Cash and Credit (30 / 60 / 90)

Purchasing :

Cash and Credit (30 /60 / 90)

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Actual Production
Garments	Nos.	10202912

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

50 (Approximately)

Bankers :

IndusInd Bank Limited, Bangalore
ICICI Bank
Exim Bank
Canara Bank (Leader), Prime Corporate Branch, Shankaranarayan Building, No.25, M.G. Road, Bangalore – 560 001, Karnataka, India
HSBC
Corporation Bank

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loans
Canara Bank	12.141	18.578
Exim Bank	210.838	199.840
ICICI Bank Limited (Secured by equitable mortgage of land and building and hypothecation of plant and machinery and other assets and guaranteed by Directors)	28.998	49.139
Vehicle Loans:
ICICI Bank Limited (Secured by Hypothecation of motor cars)	0.768	1.459
Against Bill Discount/ Purchased/ Negotiated (Secured against Book Debts)
With Canara Bank	461.675	484.047
With IndusInd Bank	53.289	30.877
With Corporation Bank	76.082	3.149
Against Packing Credit (Secured against Stock)
With Canara Bank	0.000	404.515
With Corporation Bank	0.000	46.600
With IndusInd Bank Limited	0.000	29.403
With HSBC Bank Limited	0.000	25.317
With IndusInd Bank Limited (in foreign currency)	34.716	0.000
With Corporation Bank (in foreign currency)	33.280	0.000
With Canara Bank (in foreign currency)	364.029	0.000
Total	1275.816	1292.924

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	47.543	7.760
From Share Holders		38.702
From Others		13.974
Total	47.543	60.436

Banking Relations :	--

Auditors :
Name :	B. Choraria and Mates Chartered Accountants
Address :	94, 16^th Cross, 35^th Main, J. P. Nagar, 6^th Phase, Bangalore – 560 078, Karnataka, India
Tel. No.:	91-80-22440331
Fax No.:	91-80-26911458
E-Mail :	bcmates@vsnl.net
Pan No.:	AAJPC4940N

Associates/Subsidiaries :	Rebound Export Private Limited (CIN No.: U52322MH1987PTC044533) JBC Garments Private Limited (CIN No.: U18101MH1995PTC091687) Dubin Devices Private Limited (CIN No.: U34300KA1995PTC018106) Alphanso Holdings Limited Texport Garments Texport Garments Private Limited JBC International Private Limited Texport Technologies Private Limited D.G. Goenka Equities Private Limited D.G. Goenka Commodities Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Share	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32757	Equity Share	Rs.100/- each	Rs.3.276 Millions
25600	Preference Share	Rs.100/- each	Rs.2.560 Millions
	Total		Rs.5.836 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		5.836	5.836	5.836
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		627.455	493.113	629.320
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		633.291	498.949	635.156
LOAN FUNDS
1] Secured Loans		1275.816	1292.924	1063.960
2] Unsecured Loans		47.543	60.436	0.426
TOTAL BORROWING		1323.359	1353.360	1064.385
DEFERRED TAX LIABILITIES		37.725	58.212	57.296

TOTAL		1994.375	1910.521	1756.837

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		670.866	763.114	669.455
Capital work-in-progress		0.000	0.000	10.907

INVESTMENT		17.774	18.446	35.201
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	560.888	602.990	490.654
	Sundry Debtors	821.067	661.266	595.141
	Cash & Bank Balances	73.774	47.678	120.564
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	310.618	336.024	318.808
Total Current Assets		1766.347	1647.958	1525.167
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	216.799	188.253	246.292
	Other Current Liabilities	173.296	241.666	175.192
	Provisions	70.517	89.078	62.409
Total Current Liabilities		460.612	518.997	483.893
Net Current Assets		1305.735	1128.961	1041.274

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1994.375	1910.521	1756.837

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	3238.020	3248.365	3545.560
		Other Income
		TOTAL	3238.020	3248.365	3545.560

Less	EXPENSES
		Office Expenses	3131.703	3381.009	3436.409
		Administrative Expenses
		Advertising Expenses
		TOTAL	3131.703	3381.009	3436.409

	PROFIT BEFORE TAX		106.317	(132.644)	109.151

Less	TAX		(20.486)	3.546	24.574

	PROFIT AFTER TAX		126.803	(136.190)	84.577

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	2944.368	2820.636	3296.532
		Other Earnings	0.000	27.252	3.148
	TOTAL EARNINGS		2944.368	2847.888	3299.680

	IMPORTS
		Stores and Spares	132.114	135.702	163.178
		Capital Goods	4.196	55.596	68.666
		Others	0.000	1.873	0.573
		Raw material	330.753	408.569	512.442
	TOTAL IMPORTS		467.063	601.740	744.859

	Earnings Per Share (Rs.)		3777.00	(2333.74)	1450.000

Expected Sales (2010-2011): Rs.4000.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	3.92	(4.19)	2.39

Return on Total Assets (PBT/Total Assets}	(%)	4.36	(5.50)	4.97

Return on Investment (ROI) (PBT/Net worth)		0.17	(0.26)	0.17

Debt Equity Ratio (Total Liability/Net worth)		2.82	3.75	2.44

Current Ratio (Current Asset/Current Liability)		3.83	3.18	3.15

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

216.799

188.253

246.292

Note:

Registered Office of the company has been shifted from Laxmi Woodllen Mills, Dr. E Moses Road, Mahalaxmi, Mumbai - 400 011, Maharashtra to the present address w.ef. 01.01.2008

OPERATIONS:

During the year, the Company has incurred a profit of Rs 126.803 millions compared to the loss of Rs.136.190 millions earned during the previous year. The company has earned Rs.3238.020 millions out of which Rs.2993.024 millions was from export sales, Rs.70.196 millions was from domestic sales, Rs.196.111 millions as incentives and Rs.13.862 millions as other Income.

Name of the company	TEXPORT INDUSTRIES PRIVATE LIMITED
Presented By	Canara Bank, Fort Market Branch, Fort, Mumbai-400 038, Maharashtra, India
1) Date and description of instrument creating the change	Hypothecation Agreement for Packing Credit Advances dated 22.11.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.10.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of all present and future, stock of Raw material, Stock in progress, Semi-finished goods, consumable stores lying or stored at factories/ god owns/ yards/ premise of the company situated at Mumbai, Bangalore, Tirupur in the states of Maharashtra, Karnataka, Tamilnadu respectively or wherever else the same may be held by any party to the order or disposition of the company or in respect of which the company can make or effect or purport to make any deposit, hypothecation or charge, or whether in courses of transit or delivery stock lying with clearing Agents/ processors/ Job workers at the ports awaiting shipments howsoever and whatsoever in the possession, control or power of the company either by way of substitution or addition, more particularly described in schedule to the Agreement.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest on PC at such rate as prescribed by RBI from time to time.
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Fort Market Branch, Frere Road, Fort, Mumbai-400 038, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

This form is for	Modification of charge
Charge identification number of the modified	90219095
Corporate identity number of the company	U18101MH1979PTC021996
Name of the company	TEXPORT INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 88, 15^th Street, MIDC, Andheri (East), Mumbai-400093, Maharashtra, India
Type of charge	Book Debts Immovable Property Movable Property Floating Charge
Particular of charge holder	Canara Bank (Leader), Prime Corporate Branch, Shankaranarayan Building, No.25, M.G. Road, Bangalore – 560 001, Karnataka, India E-mail: blr2636@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental WC consortium agreement, Supplemental Joint Deed of Hypothecation, Memorandum of Entry
Date of instrument Creating the charge	03.06.2009
Amount secured by the charge	Rs.1901.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be prescribed by the respective banks from time to time. Terms of Repayment As applicable respective credit limits sanctioned by the consortium banks. Margin As per banks norms Extent and Operation of the charge The charge shall operate to the extend of Rs. 1901.500 Millions plus interest, commission, costs, expenses and other charges thereon. Secured by immovable properties of the company more fully described in Part A1, C1, D1, E1 and Part F1 of the MOE. The charge on the above properties shall rank as first charge in far of term lenders and second charge in far. Of working capital lenders. Others The term lenders comprise Canara Bank Rs.57.900 Millions; ICICI Bank Limited. Rs. 97.500 Millions; Export Import Bank of India Rs. 252.500 Millions. The working capital lenders Canara Bank Rs.1120.000 Millions; Indusind Bank Limited Rs.133.600 Millions; Corporation Bank Rs.240.000 Millions.
Short particulars of the property charged	Working capital lenders shall have first pari passu charge on present and future current assets including stocks book debts, and other current assets Pari Passu second charge on fixed assets both present and future stored/ installed at company divisions at Mumbai, Bang lore, Tirupur, Trivandrum or at any other place. Term Lenders will have first charge on present and future fixed assets and second charge on current assets of the company. Further the credit limits are additionally.
Date of latest modification prior to the present modification	01.06.2009

CONTINGENT LIABILITIES: (As on 31.03.2010)

a) Outstanding Letter of Credit issued by Canara Bank, Bangalore is Rs.22.310 millions.

b) Provident fund liability under appeal as on 31.03.2010 is Rs.0.654 million.

FIXED ASSETS

· Land and Building

· Building

· Plant and Machinery

· Motor Car

· Furniture and Fixture

· Office Equipment

· Electrical Installation

· Generator

· Software

· Laundry

WEBSITE DETAILS:

PROFILE:

Subject is a major player in the readymade garment industry across the globe. They have a heritage of leadership to honor and preserve.

· Incorporated in 1978, based in India

· One of India's largest manufacturer / exporter

· Annual revenue of USD 80 million

· 19 directly owned, fully equipped, modern, manufacturing facilities

· The facilities are engineered by the renowned Kurt Salmon Associates in association with Technopak

· Specializes in manufacture of Mens' / Womens' / Childrens' tops and bottoms

· An ISO 9001:2000 certification by Underwriters Laboratories

· Capacity to produce and export 1.6 million garments a month

· 15,000 + employees

· 6000 + machines

· A full fledged in-house design team creating and developing exciting collections each season

· Presence in NYC, USA

Subject is a major player in the readymade garment industry across the globe. They have a heritage of leadership to honor and preserve.

In House Facilities

· A state-of-the-art Laundry fully equipped with automatic machinery and a processing capacity of over 40,000 garments a day, complete with sand blasting and grinding stations

· 240 heads of computerized Embroidery machines producing simple and complex embroideries

· 100 stations of complex hand embroidery

· Automatic garment crushing

· Computerized Fabric Cutting System

· Laser Cutting

· Circular and Flat Knitting machines making special knit fabrics

· Automated panel printing

AWARDS:

· Texport has been recognized by the Indian Government Authorities for its contribution to exports from India

· Customer Admirations for outstanding performances and creativity

· Recognition from National Association of the Blind

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.45.37
UK Pound	1	Rs.70.04
Euro	1	Rs.58.93

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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