MIRA INFORM REPORT

Report Date :

06.07.2011

IDENTIFICATION DETAILS

Name :	RAI SAHEB REKH CHAND MOHOTA SPG AND WVG MILLS LIMITED

Registered Office :	Block No. 15, 3^rd Floor, Gate No. 2, Devkaran Mansion, 63 Princes Street, Mumbai-400002, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	10.10.1946

Com. Reg. No.:	11-005261

Capital Investment / Paid-up Capital :	Rs.71.487 Millions

CIN No.: [Company Identification No.]	L99999MH1946PLC005261

Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.

Line of Business :	Manufacturer of Cotton Yarn and Fabric.

No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

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

Satisfactory

Maximum Credit Limit :	USD 1100000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an old and well established company having satisfactory track. There appears some losses being incurred by the company in the year 2009-10. However, networth appears to be satisfactory. 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.

INFORMATION DECLINED BY

Name :	Mr. Benani
Designation :	Vice President Commercial Head
Contact No.:	91-9322284427
Date :	05.07.2011

LOCATIONS

Registered Office :	Block No. 15, 3^rd Floor, Gate No. 2, Devkaran Mansion, 63 Princes Street, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22084711
Mobile No.:	91-9322284427 (Mr. Benani)
Fax No.:	91-22-22081556
E-Mail :	finance@rsrmm.com

Export Office:	309, ACME Plaza, 3^rd Floor Andheri Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India
Tel. No.:	91-22-28388571
Fax No.:	91-22-28388572

Corporate Office/Factory :	Ram Mandir Ward, Post Box No. 1, Hinganghat-442301, Maharashtra, India
Tel. No.:	91-7153-244282
Fax No.:	91-7153-244753

DIRECTORS

As on 31.03.2010

Name :	Dr. Ranchhoddas Mohota
Designation :	Chairman

Name :	Mr. Vinodkumar Mohota
Designation :	Managing Director

Name :	Mr. Vinay Kumar Mohota
Designation :	Director

Name :	Mr. S. B. Singhvi
Designation :	Director

Name :	Mr. C. J. Thakar
Designation :	Director

Name :	Mr. G. G. Singhee
Designation :	Director

Name :	Mr. Pavan Poddar
Designation :	Director

Name :	Mr. Suresh Rathi
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Benani
Designation :	Vice President Commercial Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Names of Shareholders		No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1,117,307	26.80
Bodies Corporate	1,910,500	45.83
Sub Total	3,027,807	72.64
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3,027,807	72.64
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	687,006	16.48
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	255,107	6.12
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	198,510	4.76
Sub Total	1,140,623	27.36
Total Public shareholding (B)	1,140,623	27.36
Total (A)+(B)	4,168,430	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cotton Yarn and Fabric.

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity
Cloth Looms Shuttle	No.	192
Cloth Looms Airjet	No.	48
Yarn Spindles	No.	36096

Particulars	Actual Production Quantity
Cloth (Mtrs.)	16854286
Yarn (Kgs.)	3879263
Waste (Kgs.)	482906

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

State Bank of India
Bank of India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loan from Bank and Financial Institutions	477.018	488.491
Working Capital Loan from Banks	309.635	261.219
Total	786.653	749.710

Unsecured Loan
Others	89.773	78.460
Total	89.773	78.460


Banking Relations :	--

Auditors :
Name :	Batliboi and Purohit Chartered Accountant
Address :	Mumbai, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions
300000	Preferences Shares	Rs.100/- each	Rs.30.000 Millions
	Total		Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4168430	Equity Shares	Rs.10/- each	Rs.41.684 Millions
	Less: Calls in Arrears (by other than Directors) Allotment Money		Rs.0.008 Million
	Less: First and Final Call Money		Rs.0.011 Million
	Add : Forfeited Shares (Amount Originally paid)		Rs.0.222 Million
236000	10% Non-Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.23.600 Millions
60000	8% Non-Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.6.000 Millions
	Total		Rs.71.487 Millions

Note:

Of the above 204000 Equity shares of Rs. 10/- each fully paid have been issued to vendors without payment being received in cash and 2057420 Equity Shares allotted as fully paid up Bonus Shares out of capitalization of Revaluation Reserve.

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		71.487	71.487	71.487
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		227.720	260.308	306.037
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		299.207	331.795	377.524
LOAN FUNDS
1] Secured Loans		786.653	749.710	651.857
2] Unsecured Loans		89.773	78.460	135.564
TOTAL BORROWING		876.426	828.170	787.421
DEFERRED TAX LIABILITIES		29.579	24.077	37.736

TOTAL		1205.212	1184.042	1202.681

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		650.412	701.995	665.901
Capital work-in-progress		0.000	0.000	51.720

INVESTMENT		14.774	24.409	24.409
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	440.197	371.524	335.399
	Sundry Debtors	296.650	239.168	251.137
	Cash & Bank Balances	3.090	4.967	6.520
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	104.514	82.806	116.696
Total Current Assets		844.451	698.465	709.752
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	277.553	231.031	237.361
	Other Current Liabilities	28.947	14.909	19.446
	Provisions	5.215	4.750	4.730
Total Current Liabilities		311.715	250.690	261.537
Net Current Assets		532.736	447.775	448.215

MISCELLANEOUS EXPENSES		7.290	9.863	12.436

TOTAL		1205.212	1184.042	1202.681

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1869.115	1532.834	1548.216
		Other Income	10.584	0.818	6.077
		TOTAL (A)	1879.699	1533.652	1554.293

Less	EXPENSES
		Manufacturing Expenses	952.488	954.833	858.302
		Cost of Traded Goods	542.009	344.505	392.791
		Payments and Benefits to Employees	149.877	144.894	138.359
		Repairs & Maintenance	4.070	5.029	8.780
		Administrative, Selling and Other Expenses	96.182	78.393	90.181
		VRS Expenses Written-off	2.573	2.573	0.429
					1488.842
		Increase/Decrease) in Stocks	21.835	(67.401)	(19.856)
		Prior Years Adjustment	(0.746)	0.000	0.000
		TOTAL (B)	1768.288	1462.826	1468.986

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		111.411	70.826	85.307

Less	FINANCIAL EXPENSES (D)		70.148	65.760	44.907

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		41.263	5.066	40.400

Less/ Add	DEPRECIATION/ AMORTISATION (F)		58.021	55.784	50.051

	PROFIT BEFORE TAX (E-F) (G)		(16.758)	(50.718)	(9.651)

Less	TAX (H)		5.502	(13.409)	2.800

	PROFIT AFTER TAX (G-H) (I)		(22.260)	(37.309)	(12.451)

Less	APPROPRIATIONS
		Transfer to General Reserve	(22.260)	(37.309)	(12.451)

	EARNINGS IN FOREIGN CURRENCY
		Manufacturing Export	198.311	446.671	NA
		Trading Export	531.036		NA
	TOTAL EARNINGS		729.347	446.671	NA

	IMPORTS
		Stores & Spares	1.205	5.197	NA
		Capital Goods	0.000	28.883	NA
	TOTAL IMPORTS		1.205	34.080	NA

	Earnings Per Share (Rs.)		(5.34)	(8.94)	NA

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010	31.03.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	557.300	460.300	561.500	788.200
Total Expenditure	525.400	426.600	529.500	752.900
PBIDT (Excl OI)	31.900	33.700	32.000	35.300
Other Income	4.700	1.400	1.100	0.500
Operating Profit	36.600	35.100	33.100	35.800
Interest	13.500	15.000	14.500	14.400
PBDT	23.100	20.100	18.600	21.400
Depreciation	14.500	14.500	14.600	10.200
Profit Before Tax	8.600	5.600	4.000	11.200
Tax	0.000	0.000	0.000	18.600
Profit After Tax	8.600	5.600	4.000	(7.400)
Net Profit	8.600	5.600	4.000	(7.400)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(1.18)	(2.43)	(0.80)

Net Profit Margin (PBT/Sales)	(%)	(0.90)	(3.31)	(0.62)

Return on Total Assets (PBT/Total Assets}	(%)	(1.12)	(3.62)	(0.70)

Return on Investment (ROI) (PBT/Networth)		(0.06)	(0.15)	(0.02)

Debt Equity Ratio (Total Liability/Networth)		3.97	3.25	2.78

Current Ratio (Current Asset/Current Liability)		2.71	2.79	2.71

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
Raw material and other purchases	241.592	198.207	202.523
Store purchases	9.918	11.638	10.781
Capital goods	0.000	0.137	0.293
Expenses	26.043	21.049	23.764
Total	277.553	231.031	237.361

HISTORY:

The Rai Saheb Rekhchand Mohota Spg and Wvg Mills, Fax No. 022 -2081556 was established as early as 1898, as a proprietory concern by Mr. Rekhchand Mohota which was convened into partnership firm over a period of time. To professionalise the management and to obtain a corporate status the Mill was converted into Private Limited Company on 10/10/1946.

Subsequently on 15/09/1988 it became a Deemed Public Limited Company under Section 43(IA) of the Companies Act and it was converted into full fledged Public Company vide Special Resolution passed on 26.09.1994. The Company set-up a Spinning, Weaving and Processing Unit at Hinganghat (Maharashtra State) . Since inception the company is run by members of Mohota family till date.

The Mill started its operations with an installed capacity of 12,000 Spindles and 200 Looms for manufacturing of cotton yarn and fabric and over decades efforts were made to modernise the Mill or Works in order to gear up the qualitative standards of its output to match with the International Standard. For last 14 years, the Company has been constantly upgrading its Mills under different modernisation schemes and the installed capacity of the Unit has been gradually increased to the present level of 46,688 Spindles and 455 Looms. The Company has established its sales through its Agents in various parts of India in order to eater directly to the domestic consumers. The fabrics and yarn are well received by the domestic consumers. The company has established its depots at various prominent centres of textile trade i.e. at Bhiwandi, Bombay and at Ichalkaranji.

The company's proposed modernisation project involves a capital outlay of Rs.158.800 millions which is being financed by IDBI, under it's Asset Credit Scheme, public issue and internal accruals. This would result in increasing the product mix capacity and also enlarge the facilities tor value addition.

2005 Chairman of the Company Shri Girdhardasji Mohota expired on May 10, 2005.

2008 Rai Saheb Rekhchand Mohota Spinning and Weaving Mills Limited has appointed Shri. Pavan Poddar and Shri. Sudhir Rathi, as an Additional Directors of the Company with effect from August 28, 2008.

OPERATIONS:

During the financial year, the Company’s turnover has increased to Rs.1869.116 millions from Rs.1532.834 millions in the corresponding previous year mainly on account of increase in export of yarn as Merchant Exporter. However, company has incurred Net loss of Rs.22.260 millions due to substantial increase in raw material price mainly VSF, Cotton, Stores spares cost and interest on Working capital and Term loan and higher labour cost due to hike in VDA because of high inflation rate and also power cost increased by MSEDCL.

EXPORTS:

The Company's export during the year calculated on FOB basis amounted to Rs.729.300 millions as against Rs.483.900 millions in the immediate preceding year, registering increase in turn over by 34% due to high demand of Cotton yarn and PV yarn in Export Market.

CURRENT AND FUTURE OUTLOOK

The global economy is showing signs of a turnaround with Asian Economies experiencing a relatively stronger rebound. The global economic performance improved during the latter half of the calendar year 2009, prompting the I MF to reduce the projected rate of economic contraction in 2009 from 1.1 per cent to 0.8 per cent in January2010. Consequently, the IMF also revised the projection of global growth for 2010 from 3.1 per cent to 3.9 per cent. However, significant risks remain: (1) in many Economies, the recovery is largely driven by government spending whilst consumer sentiments remain fragile: (2) high levels of global liquidity have led to steep increases in commodity prices; (3) emerging markets are likely to face increased inflationary pressures and (4) developed economies are facing large budget deficits.

There are concerns that the global recovery phase may be fragile, as economies of developed countries, particularly USA and Europe, continue to be set with the problems of high unemployment, low consumer spending and depressed housing markets. Besides, the recent crisis in Portugal, Ireland, Spain and Greece indicate that there would be many pitfalls along the road to recovery and that normalcy is still some time away. India’s growth-inflation dynamics are in contrast to the overall global scenario. The Indian Economy is recovering steadily from the growth slowdown, but inflationary pressures, triggered by the supply side factors, have developed into a wider inflationary cycle.

Although the growth momentum of the Indian economy was substantially impacted with the onset of the global economic slowdown, the severity of the impact was considerably less when compared to most developed economies. The fiscal and monetary policies implemented by the Government of India helped the economy to weather the downturn phase. The outlook of the Indian economy turned positive towards the end of 2009, driven by the uptrend in industrial production and re-cuperating consumption and investment demand. The Reserve Bank of India has projected the final real GDP growth for 2009-10 in the range of 7.2 per cent to 7.5 per cent with a forecast of 8.0 per cent for 2010-11.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE, DEVELOPMENT AND OUTLOOK

The Indian Textiles is one of the leading textile industries in the world. The textile and apparels sector is a major contributor to the Indian economy in terms of GDP, Industrial Production and the country’s total export earning. India earns about 27 per cent of total foreign exchange through textile exports besides the Indian textiles industries contribute 14 per cent of the total industrial production of the country. This sector provide employment to over 35 million people and it is expected that the textile industry will generate 12 million new jobs during ensuing years.

The Industry went through a challenging FY 2010, with global meltdown ravaging economies. The collapse in consumer sentiments, weak exports, noteworthy drop in discretionary spending in textile/apparels and down trading by the consumers put immense pressure on both top line and bottom line of textile companies.

The government has announced the release of a subsidy of US$ 533.87 million for the textile industry under the TUFs. The Government extends 10 per cent capital subsidy and 5 per cent interest subsidy on installation of machineries and for processing machinery under the TUFs. The textile Committee has also been reconstituted in order to ensure standard quality of textiles both for internal marketing as well as exports. The committee will also establish laboratories and test houses for testing of textiles.

Moreover, the Ministry of Textiles is considering setting up textile parks at Vidarbha and Marathwada, the largest cotton growing regions in Maharashtra. Currently seven textile parks are already in various stages of completion in Maharashtra.

India offers cheaper production and marketing costs and enormous opportunities that have tempted Taiwanese companies to work on joint ventures with Indian companies, especially for the manufacture of manmade fabrics. Several European textile companies have shown interest in sourcing garments from India. Textile companies were keen to set up base in India due to the cheap labour available here. India offers various incentives like low-cost labour and intellectual right protection to foreign investors. The country allows 100 per cent FDI in the textiles sector.

According to the Textile Ministry around US$ 5.14 billion of foreign investment is expected to be made in India in the textile sector over the next five years.

Synthetic and Rayon Textile Export Promotion Council (SRTEPC) has set a target to more than double the export of man-made textile from the country. Presently, the global man-made fibre (MMF) trade accounts for 60 per cent of total trade in textiles and India accounts for less than three per cent at US$ 3.41 billion. SRTEPC plans to increase eports to US$6.2 billion by capturing four per cent market share by 2011-12.

The organized sector contributes more than 95 per cent of spinning, but hardly 5 per cent of weaving fabric, SSls perform the bulk of weaving and processing operations.

CONTINGENT LIABILITY NOT PROVIDED FOR:

Particular	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
For bills discounted with bankers	0.000	2.867
For bank guarantee issued	11.642	8.100
Total	11.642	10.967

Fixed Assets:

Land
Factory Building
Non Factory Building
Plant and Machinery
Furniture and Fixtures
Vehicles

STATEMENT OF ASSETS AND LIABILITIES FOR THE YEAR ENDING 31^ST MARCH, 2011

Rs. in Millions

Particular	As on 31.03.2011

SHARE HOLDERS FUNDS
Capital	71.487
Reserves and Surplus	221.050

Loan Funds	921.591

Total	1214.128

Fixed Assets	605.938

Investment	43.556

Current Assets, Loans and Advances
Inventories	538.087
Sundry Debtors	352.838
Cash and Bank Balances	3.302
Loans and Advances	124.687

Less: Current Liabilities and Provisions
Liabilities	442.997
Provision	5.215

Miscellaneous Expenditure	4.717
Profit and Loss Account	(10.785)

Total	1214.128

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.44.50
UK Pound	1	Rs.71.25
Euro	1	Rs.64.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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

440.197

296.650

3.090

0.000

104.514

844.451

28.947

5.215

311.715

532.736

(1.18)

(0.90)

(1.12)

(0.06)

3.97

2.71

Unit