1. Summary Information

		Country	India
Company Name	KARAN LETEX LIMITED	Principal Name 1	Mr. Deep Kumar Garg
Status	Satisfactory	Principal Name 2	Mr. Bharat Garg
		Registration #	20-15337
Street Address	13/386, Civil Lines, Kanpur - 208 001, Uttar Pradesh, India
Established Date	28.04.1993	SIC Code	--
Telephone#	91-512-2537011 / 2213454	Business Style 1	Manufacturer
Fax #	91-512-2537569 / 2534377	Business Style 2	--
Homepage	--	Product Name 1	Garments
# of employees	50 (Approximately)	Product Name 2	Leather Goods
Paid up capital	Rs.5,916,000/-	Product Name 3	--
Shareholders	Bodies corporate 59.63%, Directors or relatives of directors 40.37%	Banking	State Bank of India
Public Limited Corp.	NO	Business Period	18 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	49,643,000	Current Liabilities	84,503,000
Inventories	78,909,000	Long-term Liabilities	24,509,000
Fixed Assets	15,617,000	Other Liabilities	2,372,000
Deferred Assets	000	Total Liabilities	111,384,000
Invest& other Assets	1,902,000	Retained Earnings	28,771,000
		Net Worth	34,687,000
Total Assets	146,071,000	Total Liab. & Equity	146,071,000
Total Assets (Previous Year)	107,315,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	319,205,000	Net Profit	2,896,000
Sales(Previous yr)	269,044,000	Net Profit(Prev.yr)	2,211,000

MIRA INFORM REPORT

Report Date :

12.07.2011

IDENTIFICATION DETAILS

Name :	KARAN LETEX LIMITED
Formerly Known As :	KARAN LATEX PRIVATE LIMITED
Registered Office :	13/386, Civil Lines, Kanpur - 208 001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.04.1993
Com. Reg. No.:	20-15337
Capital Investment / Paid-up Capital :	Rs.5.916 Millions
CIN No.: [Company Identification No.]	U18101UP1993PLC015337
TAN No.: [Tax Deduction & Collection Account No.]	KNPK00246B
Legal Form :	A closely held Public Limited Liability Company.
Line of Business :	Manufacturer of Garments and Leather Goods.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an 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	A1	A1

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. Joseph
Designation :	Export manager

LOCATIONS

Registered Office :	13/386, Civil Lines, Kanpur - 208 001, Uttar Pradesh, India
Tel. No.:	91-512-2537011 / 2213454
Fax No.:	91-512-2537569 / 2534377
E-Mail :	deepgarg@karanlatex.com prasantit@rediffmail.com karanind@satyam.net.in info@karanindia.net kn.shridhar@yahoo.co.in prem.a.sinha@sbi.co.in issrivastava@yahoo.co.in
Area :	1400 Sq, ft
Location :	Rented
Factory 1 :	Panki Industrial Area, Kanpur - 208001, Uttar Pradesh, India
Area :	15000 Sq, ft
Factory 2 :	59 B, Dada Nagar, Kanpur – 208001, Uttar Pradesh, India

DIRECTORS

As on 30.09.2010

Name :	Mr. Deep Kumar Garg
Designation :	Whole Time Director
Address :	7/187-B, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India
Date of Birth/Age :	01.06.1958
Qualification :	B. Tech (Chem. Engg)
Date of Appointment:	03.03.2003
Name :	Mr. Bharat Garg
Designation :	Whole Time Director
Address :	15/79, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India
Date of Birth/Age :	04.09.1972
Qualification :	B.Com
Date of Appointment:	28.04.1993
Name :	Mr. Karan Garg
Designation :	Whole Time Director
Address :	7/187-B, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India
Date of Birth/Age :	17.01.1984
Date of Appointment:	01.04.2009
Name :	Mr. Vishal Garg
Designation :	Director
Address :	15/79, Civil Lines, Kanpur-208001, Uttar Pradesh, India
Date of Birth/Age :	08.05.1968
Date of Appointment :	01.05.1995
Date of Ceasing:	20.10.2009
Name :	Mr. David Buksh
Designation :	Director
Address :	324-A, Om, Purwa Chakeri Road, Kanpur-208007, Uttar Pradesh, India
Date of Birth/Age :	05.05.1954
Date of Appointment :	01.05.1995
Date of Ceasing:	20.10.2009
Name :	Mr. Santosh Kumar Srivastava
Designation :	Director
Address :	D-489, Defence Colony, Jajmau, Kanpur-208010, Uttar Pradesh, India
Date of Birth/Age :	24.07.1954
Date of Appointment :	25.05.2002

KEY EXECUTIVES

Name :	Mr. Joseph
Designation :	Export manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Deep Kumar Garg	44850
Kusum Rani Garg	3500
Sandhya Garg	12170
Karan Garg	12180
Deep Kumar Sadhya HUF	4000
Karan Holdings Private Limited, India	144300
Vipra Packs (India) Private Limited, India	74800
Bharat Garg	153620
Neetu Garg	2000
Saloni Garg	4000
Geetika Garg	2500
Unistar Multimedia Private Limited, India	20000
Impact Media Private Limited, India	95680
Kay Aar Fastners Limited, India	10000
M.B. Wire Products Private Limited, India	8000
Total	591600

As on 05.04.2011

List of Allottees:

Particular	No. of Shares
Deep Kumar Garg	10000
Kusum Rani Garg	29000
Impact Media Private Limited, India	19000
Apex Interior Solutions Private Limited, India	20000
Total	78000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	59.63
Directors or relatives of directors	40.37
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Garments and Leather Goods.

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

• State Bank of India, Overseas Branch, 15/54 – B, Virendra Smriti Compound, Civil Courts Road, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India
• ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Term Loan	3.239	4.637
Working Capital (Against hypothecation of entire current assets, 1^st charge on the entire fixed assets both present and future and personal guarantee of directors and pledge of S T D R’s)	21.270	22.552
Total	24.509	27.189

Banking Relations :	--
Auditors :
Name :	Prakash and Santosh Chartered Accountants
Address :	37/17, Rolland Complex, Westcott Building, The Mall, Kanpur – 208 001, Uttar Pradesh, India
Tel. No.:	91-512-2312981 / 2365114

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
591600	Equity Shares	Rs.10/- each	Rs.5.916 Millions

As on 30.09.2010

Authorised Capital : Rs.

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
669600	Equity Shares	Rs.10/- each	Rs.6.696 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		5.916	2.923	2.923
2] Share Application Money		0.000	8.300	0.000
3] Reserves & Surplus		28.771	13.903	11.693
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.687	25.126	14.616
LOAN FUNDS
1] Secured Loans		24.509	27.189	12.590
2] Unsecured Loans		0.000	0.000	0.380
TOTAL BORROWING		24.509	27.189	12.970
DEFERRED TAX LIABILITIES		0.225	0.124	0.038
TOTAL		59.421	52.439	27.624
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.617	12.103	8.349
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.902	1.848	1.752
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.909	47.048	22.794
	Sundry Debtors	26.602	29.972	20.283
	Cash & Bank Balances	9.300	5.067	4.650
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.741	11.277	8.370
Total Current Assets		128.552	93.364	56.097
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		46.520	29.325
	Other Current Liabilities	84.503	7.300	8.593
	Provisions	2.147	1.056	0.656
Total Current Liabilities		86.650	54.876	38.574
Net Current Assets		41.902	38.488	17.523
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		59.421	52.439	27.624

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	319.205	269.044	144.540
		Other Income	0.470	10.218	7.875
		TOTAL (A)	319.675	279.262	152.415
Less	EXPENSES
		Cost of Goods Sold		225.760	120.383
		Directors Remuneration		2.640	0.780
		Inward Freight and Charge	310.196	4.494	1.581
		Salary and Wages		2.544	1.126
		Selling and Other Expenses		13.443	8.462
		Other Expenses		23.358	15.994
		TOTAL (B)	310.196	272.239	148.326
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.479	7.023	4.089
Less	FINANCIAL EXPENSES (D)		2.857	1.689	1.089
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.622	5.334	3.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.438	1.937	1.146
	PROFIT BEFORE TAX (E-F) (G)		4.184	3.397	1.854
Less	TAX (H)		1.288	1.186	0.741
	PROFIT AFTER TAX (G-H) (I)		2.896	2.211	1.113
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	5.514	4.402
	BALANCE CARRIED TO THE B/S		NA	7.725	5.515
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	26.176	135.264
	IMPORTS
		Import Value	NA	54.449	22.574
	Earnings Per Share (Rs.)		4.90	7.56	3.97

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.91	0.79	0.76
Net Profit Margin (PBT/Sales)	(%)	1.31	1.26	1.28
Return on Total Assets (PBT/Total Assets}	(%)	2.90	3.22	2.88
Return on Investment (ROI) (PBT/Networth)		0.12	0.14	0.13
Debt Equity Ratio (Total Liability/Networth)		3.20	3.27	3.53
Current Ratio (Current Asset/Current Liability)		1.48	1.70	1.45

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE

This was the Seventeenth financial year of the company after incorporation. The turn over of the company is Rs. 319.205 Millions as compared to last year Rs. 269.044 Millions during the period the company has gain a net profit of Rs. 2.896 Millions as compared to last year Rs. 2.211 Millions. The directors expect that the performance of the company in the current financial year will be quite satisfactory. The directors will continue in their endeavor to improve the working of the Company.

Bankers Charges Report as per Registry

Name of the company	KARAN LETEX LIMITED
Presented By	State Bank of India, Overseas Branch, Civil Lines Kanpur
1) Date and description of instrument creating the change	Agreement dated 29.05.1998 and registered on 26.06.1998
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 7.700 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	Secured by hypothecation of entire assets including stocks of raw materials, consumables stores, spares, stocks in process, stock in transit, finished goods, receivables and all other current assets of the company including bills of exchange and documents of title to goods and goods covered by L.C./B.G./Trust Receipt, Book Debt and first charge over the entire assets of the company.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest at the rate of 16.5 % per annum
5) Name and Address and description of the person entitled to the charge.	State Bank of India, Overseas Branch, Civil Lines Kanpur
6) Date and brief description of instrument modifying the charge	(i) Agreement of Hypothecation of Goods and Assets (Form C-2) dated 20.01.2005 (ii) Letter regarding the grant of individual Limits with in the overall limit(Form C-5) dated 20.01.2005
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.	(i) On renewal, the aforesaid credit facility has now been enhanced / renewed upto Rs. 11.600 millions. Therefore the total amount of charge secured against hypothecation stocks, book debts and entire assets of the company etc. Mentioned in column number (3) above has now been enhanced / renewed upto Rs. 11.600 millions. The breakup of enhanced / renewed credit facilities are as under:
	Nature of Facilities	Amount (in Millions)	Rate of Interest
	Export Packing Credit Cash Credit (BD) FBP SLC LC BG FBP (LC) Total	2.500 @ (1.000) 3.000 1.100 1.000 1.000 3.000 116.000	For EPC and FBP – As applicable to State Bank of India Exporters Gold Card Schemes at monthly rests CC (BD) – As applicable to SB – 4 rates units at monthly rests.
	Interchangeability of Rs. 1.250 millions between EPC AND FBP # Interchangeability of Rs. 0.500 millions between LC and BG @Cash Credit (Book Debts) as sub Limit of FBP (II) The securities for the enhanced credit facilities aggregating to Rs.11.60 millions shall now also include the following: (a) Hypothecation of all present and future goods, book debts, and all other movable assets of the Borrower including documents at title to the goods, outstanding moneys receivables including receivables by way of cash assistance and /or cash incentives under the cash incentive Scheme or any other scheme claims including claims by way of refund of bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and the present machinery and other machinery belonging to or in the possession or under the control of the Borrower wherever lying stored and kept and whether in possession of the borrower or of the Bank or of any third party whether in India or elsewhere throughout the world (including all such goods, other movable assets as may be in course of shipment transit or delivery) (b) Hypothecation of entire plant and machinery installed in the unit. (iii) Margin on raw materials, finished goods, LC, BG – 25% Stocks in process -50% book debts / receivables Domestic (Cover – 60 days) -40% and Export Receivables – Nil

This form is for	Modification of charge
Charge identification number of the modified	10078885
Corporate identity number of the company	U18101UP1993PLC015337
Name of the company	KARAN LETEX LIMITED
Address of the registered office or of the principal place of business in India of the company	13/386, Civil Lines, Kanpur - 208 001, Uttar Pradesh, India
Type of charge	Book Debts Movable Property (not being pledge) Others
Particular of charge holder	State Bank of India, Overseas Branch, 15/54 – B, Virendra Smriti Compound, Civil Courts Road, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India
Email	v1maheshwari@rediffmail.com
Nature of description of the instrument creating or modifying the charge	(i) Arrangement Letter (ii) Letter of Arrangement (SME-1) (iii) Supplemental Agreement of loan cum Hypothecation (SME-4)
Date of instrument Creating the charge	11.02.2011
Amount secured by the charge	Rs.48.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Working Capital - Interest at 1.25% above State Bank Base Rate with a minimum of 8% p.a, rising or falling therewith, on daily products with monthly rests. Present effective rate 9.25% p. a. Terms of Repayment Working Capital:- Repayable on demand. The facility which has been sanctioned on 05.02.2011 is available for 36 months from the date, subject to review every 12 months, when it may be cancelled / reduced depending upon the conduct and utilisation of the advance, or as per the Bank's Scheme. Margin 25 percent on Raw materials Imported 25 percent on Raw materials Indigenous 50 percent on Semi Finished Goods 25 percent on Finished Goods 25 percent on Letter of Credit 25 percent on Bank Guarantees Extent and Operation of the charge The Co's properties are Hypothecated to secure credit facilities aggregating to Rs. 48.400 Millions granted by the bank to the Borrower:- Fund Based Non Fund Based EPC* Rs.25.000 Millions LC** Rs.0.500 Millions FBP* Rs.15.000 Millions BG** Rs.0.500 Millions SLC***Rs. 5.000 Millions CEL Rs. 2.400 Millions Total Rs.48.400 Millions * Both ways I/c of Rs. 10.000 Millions between EPC and FBP limit. ** Both ways I/c of Rs. 0.500 Millions between LC and BG limits. *** SLC can be utilised for FB and NFB limits both.
Short particulars of the property charged	I) Primary Security:- (i) EPC- Hypothecation of entire current assets presents and future of the unit, consisting of, raw material, stock in process, finished goods, stores, spares, II) Consumable, goods in transit, book debts, document of title of goods and all other current assets (valued Rs. 105.400 Millions as per audited Balance Sheet 31.03.2010). III) (ii) FBP- Export documents evidencing the title to goods. (iii) LC- Goods received under Letter of Credit. (iv) BG- Omnibus Counter Guarantee. IV) Collateral Security:- (i) Lien on STDR worth Rs. 6.400 Millions. (ii) Lien on units of mutual funds NAV Rs. 1.500 Millions as on 23.11.2010. V) Collateral Security:- (i) Lien on STDR worth Rs. 6.400 Millions. (ii) Lien on units of mutual funds NAV Rs. 1.500 Millions as on 23.11.2010. VI) Name of directors of the company Shri Deep Kumar Garg and Shri Bharat Garg combined surrender value of both the policies is Rs. 5.400 Millions as on 24.11.2010.
Date of latest modification prior to the present modification	27.04.2010
Particulars of the present modification	Overall limit enhanced from Rs. 33.800 Millions to Rs. 48.400 Millions. Therefore, the total amount of charge secured against hypothecation of stocks, book debts and entire assets of the company etc. has now been enhanced from Rs. 33.800 Millions to Rs. 48.400 Millions

Fixed Assets

· Air Conditioner

· Computer

· Cycle

· Electric Equipment

· Fax machine

· Fire Equipment

· Furniture and Fixture

· Generator

· Machinery

· Motor Car

· Office Equipments

· Telecommunication Equipment

· Tube Well

· Electric Fittings

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.44.37
UK Pound	1	Rs.70.84
Euro	1	Rs.62.95

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.