MIRA INFORM REPORT

Report Date :

29.11.2011

IDENTIFICATION DETAILS

Name :	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED
Registered Office :	Sarvodaya Cloth Market Gandhibag, Nagpur – 440002, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.10.1996
Com. Reg. No.:	11-103127
Capital Investment / Paid-up Capital :	Rs.18.500 Millions
CIN No.: [Company Identification No.]	U51900Mh1996PTC103127
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Polyester and Viscose Yarn, Raw Ginned Cotton
No. of Employees :	75 (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 350000
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 – 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 PARTED BY

Name :	Mr. Pramod
Designation :	Finance Manager
Contact No.:	91-712-2760007
Date :	28.11.2011

LOCATIONS

Registered Office / Factory :	Sarvodaya Cloth Market Gandhibag, Nagpur – 440002, Maharashtra, India
Tel. No.:	91-712-2769035/ 2760007
Fax No.:	91-712-2765845
E-Mail :	info@shrigopalngp.com sggandhi_co@yahoo.co.in pramod@shrigopalngp.com
Location :	Owned

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Praveen Madhusudan Rander

Designation :

Director

Address :

Sarvodaya Cloth Market, Gandhibag, Nagpur – 440002, Maharashtra, India

Date of Birth/Age :

29.05.1983

Date of Appointment :

26.11.2007

DIN No.:

00577879

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	U45200MH2006PTC161413	NIRMITIGAURAV INFRASTRUCTURE PRIVATE LIMITED	Director	27/04/2006	27/04/2006	Active	NO
2	U17100MH1991PLC060542	SRI BHAGIRATH TEXTILES LIMITED	Director	6/11/2007	6/11/2007	Active	NO
3	U17121GJ2007PTC051184	ALLIANCE TEXTILES PRIVATE LIMITED	Director	10/11/2007	10/11/2007	Active	NO
4	U51900MH1996PTC103127	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED	Director	26/11/2007	26/11/2007	Active	NO
5	U15100MH1951PTC010577	MADHYA PRADESH MERCHANTS CHAMBER OF COMMERCE PRIVATE LIMITED	Director	3/7/2008	3/7/2008	Active	NO

Name :

Mr. Ramesh Bhagirath Rander

Designation :

Director

Address :

Sarvodaya Cloth Market, Gandhibag, Nagpur – 440002, Maharashtra, India

Date of Birth/Age :

17.12.1961

Date of Appointment :

07.10.1996

DIN No.:

00290726

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U17100MH1991PLC060542	SRI BHAGIRATH TEXTILES LIMITED	Managing director	27/02/1991	27/02/1991	-	Active	NO
2	U51900MH1996PTC103127	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED	Managing director	7/10/1996	7/10/1996	-	Active	NO
3	U65999MH1997PTC106249	SRI BHAGIRATH COTTON COMPANY PRIVATE LIMITED	Director	28/02/1997	28/02/1997	-	Active	NO
4	U14102TZ1988PTC002162	SRI MAHESHWARY GRANITES PRIVATE LIMITED	Director	31/03/2001	31/03/2001	-	Active	NO
5	U45200MH2004PTC146408	ANJANEYA CONSTRUCTION PRIVATE LIMITED	Director	25/07/2005	25/07/2005	10/2/2009	Active	NO
6	U45203MH2003PTC140181	ANUKAVI CONSTRUCTIONS PRIVATE LIMITED	Director	16/10/2006	16/10/2006	-	Active	NO
7	U85110MH2005PLC150811	GANGA CARE HOSPITAL LIMITED	Additional director	17/01/2007	17/01/2007	22/10/2008	Active	NO
8	U45203MH2007PTC172575	MULTIURBAN INFRA SERVICES PRIVATE LIMITED	Director	24/07/2007	24/07/2007	6/2/2009	Active	NO
9	U45208TZ2006PTC012464	THE GREAT INDIAN LINEN AND TEXTILE INFRASTRUCTURE COMPANY PRIVATE LIMITED	Nominee director	29/09/2007	29/09/2007	15/12/2009	Active	NO
10	U15100MH1951PTC010577	MADHYA PRADESH MERCHANTS CHAMBER OF COMMERCE PRIVATE LIMITED	Director	3/7/2008	3/7/2008	-	Active	NO

Name :

Mr. Madhusudan Bhagirath Rander

Designation :

Director

Address :

111/112, Shastri Nagar, Chittorgarh 312 001, Rajasthan , India

Date of Birth/Age :

12.03.1958

Date of Appointment :

07.10.1996

DIN No.:

00571513

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	U14101RJ1984PTC002981	MAHESHWARI MARBLES PRIVATE LIMITED	Director	6/4/1992	6/4/1992	Active	NO
2	U17100MH1991PLC060542	SRI BHAGIRATH TEXTILES LIMITED	Director	1/7/1995	1/7/1995	Active	NO
3	U51900MH1996PTC103127	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED	Director	7/10/1996	7/10/1996	Active	NO
4	U14101RJ2002PTC017755	MAHESHWARI MARMO PRIVATE LIMITED	Director	5/8/2002	5/8/2002	Active	NO
5	U70101RJ2010PTC032478	HARMONY ARCADES PRIVATE LIMITED	Director	29/07/2010	29/07/2010	Active	NO

Name :

Mr. Rohit Rander

Designation :

Director

Address :

Sarvodaya Cloth Market, Gandhibag, Nagpur – 440002, Maharashtra, India

Date of Birth/Age :

15.01.1989

Date of Appointment :

01.09.2010

DIN No.:

02187354

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15100MH1951PTC010577	MADHYA PRADESH MERCHANTS CHAMBER OF COMMERCE PRIVATE LIMITED	Director	3/7/2008	3/7/2008	-	Active	NO
2	U45203MH2007PTC172575	MULTIURBAN INFRA SERVICES PRIVATE LIMITED	Director	6/2/2009	6/2/2009	10/2/2009	Active	NO
3	U17121GJ2007PTC051184	ALLIANCE TEXTILES PRIVATE LIMITED	Director	16/09/2009	16/09/2009	-	Active	NO
4	U74120MH2009PTC193894	DEYAAN VENTURES PRIVATE LIMITED	Director	1/5/2010	1/5/2010	-	Active	NO
5	U51900MH1996PTC103127	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED	Director	1/9/2010	1/9/2010	-	Active	NO
6	U45203MH2003PTC140181	ANUKAVI CONSTRUCTIONS PRIVATE LIMITED	Director	15/07/2011	15/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pramod
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Ramesh Bhagirath Rander	164000
Madhusudan Bhagirath Rander	106500
Shrigopal Bhagirath Rander	52000
Praveen Madhsudan Rander	65000
Anurag Shrigopal Rander	80000
Saroj Ramesh Rander	180000
Anirudh Anirudha R Rander	175000
Navin Madhusudan Rander	85000
Rohit Ramesh Rander	175000
Bharti Rander	20000
Ushadevi M Rander	100000
Bhagirath Rander HUF	45000
Madhusudan Rander HUF	35000
Omprakash Babulal Agrawal	100
Shyam Rambilas Lahoti	100
Chetan Sawla	100
Rajesh G. Kedia	100
Chhaganlal G. Sawla	100
Ramesh BHAGIRATH Rander HUF	170000
Jugal Kishore Bajaj	100
Shivbhagwan Saboo	100
Nanda Pramod Saboo	100
Sobha Mantri	100
Pooja Praveen Rander	146400
Indumati Pramod Agrawal	100
Chandraprakash Beharilal Sarda	100
Anjaneya Construction Private Limited, India	250000
Total	1850000

(AS ON 30.09.2010)

Equity Shares Break-up

Category	Percentage
Bodies corporate	14.00
Directors or relatives of directors	86.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Polyester and Viscose Yarn, Raw Ginned Cotton
Exports :
Products :	· Polyester · Yarn
Countries :	· Pakistan · China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Spentech Industries

Customers :

Retailers and End Users

· K. G. Danim Limited

No. of Employees :

75 (Approximately)

Bankers :

· Bank of India,

Nagpur MID Corporate Branch, BOI Building, Mezzanine Floor, S V Patel Marg, Nagpur – 440 001, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Working Capital Loan
Bank of India (Cash Credit)	194.751	179.646
Bank of India (Export Packing Credit)	33.125	25.577
Bank of India (WC Term Loan)	55.000	0.000
Bank of India (STDL)	400.514	0.000
(Secured by hypothecation of stocks, Book Debts, Collaterals of Guarantee)
Total	683.390	205.223
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Companies	6.510	64.829
From Others	24.114	48.235
Total	30.623	113.063

Banking Relations :	--
Auditors :
Name :	C L Nathani and Company Chartered Accountants
Address :	Sadodaya Complex, C A Road, Near Darodkar Chowk, Nagpur – 440 002, Maharashtra, India
PAN No.:	AAQPN4444B

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1850000	Equity Shares	Rs. 10/- each	Rs.18.500 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		18.500	18.500	18.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		69.111	31.886	59.097
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		87.611	50.386	77.597
LOAN FUNDS
1] Secured Loans		683.390	205.223	250.336
2] Unsecured Loans		30.623	113.063	21.385
TOTAL BORROWING		714.013	318.286	271.721
DEFERRED TAX LIABILITIES		0.382	0.000	0.000
TOTAL		802.006	368.672	349.318
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.051	3.270	1.924
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		5.000	5.000	5.000
DEFERREX TAX ASSETS		0.000	0.049	0.049
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	453.062	41.430	58.164
	Sundry Debtors	263.105	375.940	266.154
	Cash & Bank Balances	6.266	3.565	41.462
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	260.677	252.713	101.650
Total Current Assets		983.110	673.648	467.430
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	85.381	65.618	63.943
	Other Current Liabilities	96.149	247.627	56.541
	Provisions	7.625	0.050	4.601
Total Current Liabilities		189.155	313.295	125.085
Net Current Assets		793.955	360.353	342.345
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		802.006	368.672	349.318

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	TOTAL ICOME		4427.712	1042.009	1954.772
Less	EXPENSES
		TOTAL	4382.421	1069.130	1941.940
	PROFIT/ (LOSS) BEFORE TAX		45.291	(27.121)	12.832
Less	TAX		8.068	0.141	4.324
	PROFIT/ (LOSS) AFTER TAX		37.223	(27.262)	8.508
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.886	45.097	36.726
	(Less)/ Add Deferred Tax of earlier year		--	--	--
	Add: Earlier year excess tax provision		0.003	0.052	0.022
	(Less) earlier year short Frindge Tax provision		(0.001)	(0.001)	(0.159)
	BALANCE CARRIED TO THE B/S		55.111	17.886	45.097
	EARNINGS IN FOREIGN CURRENCY		139.615	64.597	571.118
	Earnings/ (Loss) Per Share (Rs.)		20.12	--	--

Particulars	31.03.2011
Sales Turnover (Approximately)	4500.000

Expected Sales (2011-12): Rs.4600.000 Millions

The above information has been parted by Mr. Pramod.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.84	(2.62)	0.44
Return on Total Assets (PBT/Total Assets}	(%)	4.59	(4.01)	2.70
Return on Investment (ROI) (PBT/Networth)		0.52	(0.54)	0.17
Debt Equity Ratio (Total Liability/Networth)		10.31	12.53	5.11
Current Ratio (Current Asset/Current Liability)		5.20	2.15	3.74

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	-------
Reasons for variation <> 20%	-------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	-------
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-------
Litigations that the firm/ Promoters Involved in	-------
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-------
Buyer visit details	-------
Financials, if provided	No
Incorporation details is applicable	-------
Last Accounts filed at ROC	-------
Major Shareholders, if available	-------

TRADE REFERENCES:

· Spentech Industries

· K. G. Danim Limited

FORM 8:-

Name of the company

SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED

Presented By

Bank of India, Nagpur Corporate Banking Branch, S V Patel Marg, Nagpur

1) Date and description of instrument creating the change

Agreement of hypothecation of plant and machinery stocks and Book Debts Dated 04.12.2007

Agreement dated 04.12.2003

2) Amount secured by the charge/amount owing on the securities of charge

Particulars	Rs. In Millions
Cash Credit – Stock	10.000
Cash Credit – Book Debts	15.000
Letter of Credit	20.000
Total (Maximum)	45.000

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 the stocks of raw materials, finished goods, stores, good in process and book debts.

4) Gist of the terms and conditions and extent and operation of the charge.

For Cash Credit :

Interest: 25.6% over BOIPLR i.e. 14.10 p.a

Margin ; Stock -25%

Book Debts - 40%

For Letter of credit ;

Interest ; 9.5%

5) Name and Address and description of the person entitled to the charge.

Bank of India , Nagpur Corporate Banking Branch, S V Patel, Nagpur

6) Date and brief description of instrument modifying the charge

Supplemental deed of hypothecation

Dated 14.12.2005

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.

By this modification the bank has sanctioned additional EPC/FBN limit of RS. 50.000 millions

The bifurcation of limit are as under:

Cash Credit Limit Rs. 35.000 millions

EPC/FBN/Lc Bills Discounting Rs. 200.000 millions

Total Rs. 235.000 millions

This form is for	Modification of Charge
Charge Identification (ID) Numbers of the charge to be modified	90243655
Corporate identity number of the company	U51900Mh1996PTC103127
Name of the company	SHRIGOPAL RAMESHKUMAR SALES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sarvodaya Cloth Market Gandhibag, Nagpur – 440 002, Maharashtra, India
Type of charge	· Book Debts · Movable Property (not being pledge) · Floating Charge
Particular of charge holder	· Bank of India, Nagpur Corporate Banking Branch, S V Patel Marg, Kingsway, Nagpur – 440 001, Maharashtra, India E-Mail: mca21@in.com
Nature of instrument creating charge	Supplemental deed of hypothecation
Date of instrument Creating the charge	08.06.2009
Amount secured by the charge	Rs.335.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: WCTL: At BPLR Presently 12% p.a. Cash Credit: 1% Below BPLR Maximum 11% p.a. CPC/ FBP/ FBD: Normal Rate Bank Guarantee: Normal Rate Terms of repayment: Cash Credit : On demand WCLT: 12 Quarterly Installment of 4.600 Million starting from April 2010. Margin: Cash Credit : 30% Export packing Credit :15% Bank Guarantee : 15% FBP/ FBP: Nil Extent and Operation of Charge: The charge operate as a security on the properties of the company
Short particulars of the property charged (Including location of the property)	Hypothecation of Book Debts, Other Current Assets, cotton Bales Purchased by the company at various centres in Maharashtra, Gujarat, Punjab, Orissa etc. and in transit/ at purchase site etc and wherever situate.
Particulars of the present modification	By Present modification working capital term loan of Rs.55.000 Millions was sanctioned thus total limit stand at Rs.335.000 Millions. The bifurcation of Credit facilities are as under. WCTL: Rs.55.000 Millions Cash Credit: Rs.275.000 Millions Bank Guarantee: Rs.5.000 Millions Total : Rs.335.000 Millions

Fixed assets:-

· Computer

· Motor Car

· Xerox Machine

· Jeep

· Air Conditioners

· Generator

· Furniture

· Office Equipment

· Scooters

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.52.17
UK Pound	1	Rs.80.64
Euro	1	Rs.69.43

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.