MIRA INFORM REPORT

Report Date :

06.04.2012

IDENTIFICATION DETAILS

Name :	VISWATEJA SPINNING MILLS LIMITED
Registered Office :	D.No.219, Boyapalem, Yadlapadu Mandal, Guntur – 522 233, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.06.2004
Com. Reg. No.:	01-043449
Capital Investment / Paid-up Capital :	Rs.102.000 millions
CIN No.: [Company Identification No.]	U18101AP2004PLC043449
TAN No.: [Tax Deduction & Collection Account No.]	HYDV02202E
PAN No.: [Permanent Account No.]	AABGV8759M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Cotton Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1373000
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 – 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

LOCATIONS

Registered Office/ Factory :	D.No.219, Boyapalem, Yadlapadu Mandal, Guntur – 522 233, Andhra Pradesh, India
Tel. No.:	91-863-2288607/ 2288212/ 181/ 2288252
Fax No.:	91-863-2288608
E-Mail :	viswatejaspinning@gmail.com viswateja_spinning@rediffmail.com dsc_director@rediffmail.com
Website :	http://www.viswatejaspinning.com

DIRECTORS

As on 05.05.2011

Name :

Mr. Dasari Seshagiri Rao

Designation :

Managing Director

Address :

D.No.4-125, Srinivasa Colony, Nagulapadu Village, Pedanandipadu Mandal, Guntur – 522 235, Andhra Pradesh, India

Date of Birth/Age :

13.08.2005

Date of Appointment :

10.06.2004

DIN No.:

00098841

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	U18100AP1983PTC003990	Nagulapadu Cottons Private Limited	Director	21-06-83	21-06-83	Active	NO
2	U01405AP1986PLC006251	Srinivasa Cotton and Oil Mills Limited	Managing director	21-03-86	21-03-86	Active	NO
3	U18101AP2004PLC043449	Viswateja Spinning Mills Limited	Managing director	10-06-04	10-06-04	Active	NO
4	U15320AP2011PLC075313	Viswateja Starch Products Limited	Director	01-07-11	01-07-11	Active	NO

Name :

Mr. Dasari Satyanarayana

Designation :

Director

Address :

D.No.4-126, Srinivasa Colony, Nagulapadu Village, Pedanandipadu Mandal, Guntur – 522 235, Andhra Pradesh, India

Date of Birth/Age :

15.06.1949

Date of Appointment :

10.06.2004

DIN No.:

00098846

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	U01405AP1986PLC006251	Srinivasa Cotton and Oil Mills Limited	Director	21-03-86	21-03-86	Active	NO
2	U18101AP2004PLC043449	Viswateja Spinning Mills Limited	Director	10-06-04	10-06-04	Active	NO
3	U18100AP1983PTC003990	Nagulapadu Cottons Private Limited	Managing director	02-09-05	02-09-05	Active	NO

Name :

Mr. Narra Subbaramaiah

Designation :

Director

Address :

D.No.4-27, Pedanandipadu Village, Pedanandipadu, Guntur – 522 235, Andhra Pradesh, India

Date of Birth/Age :

03.03.1928

Date of Appointment :

10.06.2004

DIN No.:

00098857

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	U01405AP1986PLC006251	Srinivasa Cotton and Oil Mills Limited	Director	21-03-86	21-03-86	Active	NO
2	U18101AP2004PLC043449	Viswateja Spinning Mills Limited	Director	10-06-04	10-06-04	Active	NO

Name :

Mr. Kakarparthy Seshagiri Rao

Designation :

Director

Address :

Idupulapadu Village, Inkollu Mandal, Prakasam – 526 190, Andhra Pradesh, India

Date of Birth/Age :

22.10.1935

Date of Appointment :

10.06.2004

DIN No.:

00098896

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	U18101AP2004PLC043449	Viswateja Spinning Mills Limited	Director	10-06-04	10-06-04	Active	NO
2	U51909AP2010PTC069997	Vihari Marketing Private Limited	Managing director	16-08-10	16-08-10	Active	NO

Name :

Mr. Kakarparthy Krishna Murthy

Designation :

Director

Address :

Idupulapadu Village, Inkollu Mandal, Prakasam – 526 190, Andhra Pradesh, India

Date of Birth/Age :

20.05.1951

Date of Appointment :

10.06.2004

DIN No.:

00098904

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	U18101AP2004PLC043449	Viswateja Spinning Mills Limited	Director	10-06-04	10-06-04	Active	NO
2	U51909AP2010PTC069997	Vihari Marketing Private Limited	Director	16-08-10	16-08-10	Active	NO

Name :

Mr. Kakarparthy Ramesh

Designation :

Director

Address :

Idupulapadu Village, Inkollu Mandal, Prakasam – 526 190, Andhra Pradesh, India

Date of Birth/Age :

02.06.1964

Date of Appointment :

10.07.2004

DIN No.:

00098912

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	U18101AP2004PLC043449	Viswateja Spinning Mills Limited	Director	10-07-04	10-07-04	Active	NO
2	U51909AP2010PTC069997	Vihari Marketing Private Limited	Director	16-08-10	16-08-10	Active	NO

Name :

Mr. Dasari Lakshmi Sivarama Prasad Murthy

Designation :

Director

Address :

D.No.4-125, Srinivasa Colony, Nagulapadu Village, Pedanandipadu Mandal, Guntur – 522 235, Andhra Pradesh, India

Date of Birth/Age :

15.06.1949

Date of Appointment :

10.07.2004

DIN No.:

00098929

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	U01405AP1986PLC006251	Srinivasa Cotton and Oil Mills Limited	Director	21-03-86	21-03-86	Active	NO
2	U18101AP2004PLC043449	Viswateja Spinning Mills Limited	Director	10-07-04	10-07-04	Active	NO
3	U51909AP2010PTC069997	Vihari Marketing Private Limited	Director	16-08-10	16-08-10	Active	NO
4	U15320AP2011PLC075313	Viswateja Starch Products Limited	Director	01-07-11	01-07-11	Active	NO

Name :

Mr. Dasari Chandra Sekhar

Designation :

Director

Address :

D.No.4-125, Srinivasa Colony, Nagulapadu Village, Pedanandipadu Mandal, Guntur – 522 235, Andhra Pradesh, India

Date of Birth/Age :

20.08.1967

Date of Appointment :

10.07.2004

DIN No.:

00098974

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	U18101AP2004PLC043449	Viswateja Spinning Mills Limited	Director	10-07-04	10-07-04	Active	NO
2	U15320AP2011PLC075313	Viswateja Starch Products Limited	Director	01-07-11	01-07-11	Active	NO

Name :

Mr. Kollipara Narasimha Rao

Designation :

Director

Address :

D.No.8-98, Pedanandipadu Village, Pedanandipadu, Guntur – 522 235, Andhra Pradesh, India

Date of Birth/Age :

01.06.1933

Date of Appointment :

10.06.2004

DIN No.:

02785019

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	U01405AP1986PLC006251	Srinivasa Cotton and Oil Mills Limited	Director	21-03-86	21-03-86	Active	NO
2	U18101AP2004PLC043449	Viswateja Spinning Mills Limited	Director	10-06-04	10-06-04	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.05.2011

Names of Shareholders (Equity Shares)	No. of Shares
Dasari Satyanarayana (HUF)	9500
Dasari Anasuya	7500
Kabala Narashimha Rao	5250
Dasari Lakshmi Sivaramaprasad (HUF)	11000
Dasari Venkata Padma Sujatha	7000
D. Chandrasekhar (HUF)	15000
Dasari Bhuvaneswari	12000
Muddana Ragavaiah	6250
Muddana Naga Raja Kumari	9000
Narra Balavenkata Ramakrishna	11000
Narra Vasantha	11500
Kothamasu Lakshmi Samrajyam	8000
D.Chandrasekhar	11500
Kalangi Ahalya	6350
Dasari Seshagiri Rao	7500

Names of Shareholders (Preferences Shares)	No. of Shares
Dasari Seshagiri Rao	10500
Dasari Sathyanaryana	10000
Dasari Lakshmi Siva Ram Prasad	4400
Dasari Kishore Kumar	9150
D.V.P. Sujatha	6600
Dasari Bhuvaneswari	10800
Dasari Venkata Siva Naga Kumar	2000
Dasari Swathi	2000
Kollipara Narasimha Rao	3000
Kollipara Umamaheswara Rao	4500
Mamidipaka Srinivasa Rao HUF	5000
Dasari Surya Prakasha Rao	4000
Srinivasa Cotton and Oil Mills Limited, India	15000

As on 05.05.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Cotton Yarn.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v State Bank of Hyderabad, Kothapet, Guntur – 522 001, Andhra Pradesh, India

v State Bank of India, Mid Corporate Group Specilaised Commercial Branch, Guntur, Andhra Pradesh, India

v Punjab National Bank

v Indian Bank

v HDFC Bank Limited

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	368.082	436.290
Working capital loans banks secured	425.036	219.701
Other debt secured	0.000	0.117
Total	793.118	656.108

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans others unsecured	64.693	51.076
Loans directors unsecured	3.068	2.417
Other debt unsecured	51.575	35.951
Total	119.336	89.444

Banking Relations :	--
Auditors :
Name :	Manchukonda Srinivasa Rao and Company Chartered Accountants
Address :	Kothamasu Plaza, 3/1, Arundelpet, Guntur, Andhra Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AHEPS0744C

CAPITAL STRUCTURE

As on 05.05.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.100/- each	Rs.90.000 millions
135000	Preference Shares	Rs.100/- each	Rs.13.500 millions
	Total		Rs.103.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
885000	Equity Shares	Rs.100/- each	Rs.88.500 millions
135000	Preference Shares	Rs.100/- each	Rs.13.500 millions
	Total		Rs.102.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		102.000	102.000	88.500
2] Securities premium pending allotment		77.000	77.000	77.000
3] Share Application Money		0.000	0.000	0.000
4] Reserves & Surplus		164.352	39.698	15.233
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		343.352	218.698	180.733
LOAN FUNDS
1] Secured Loans		793.118	656.108	511.551
2] Unsecured Loans		119.336	89.444	106.793
TOTAL BORROWING		912.454	745.552	618.344
DEFERRED TAX LIABILITIES		18.608	44.016	40.957
TOTAL		1274.414	1008.266	840.034
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		629.102	663.446	679.233
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.100	0.100
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	557.889	269.294	76.806
	Sundry Debtors	30.011	32.450	27.554
	Cash & Bank Balances	4.330	17.155	17.496
	Other Current Assets	76.292	70.391	65.248
	Loans & Advances	20.097	5.437	2.875
Total Current Assets		688.619	394.727	189.979
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.691	0.000	31.345
	Other Current Liabilities	10.874	33.578
	Provisions	24.014	17.751
Total Current Liabilities		43.579	51.329	31.345
Net Current Assets		645.040	343.398	158.634
MISCELLANEOUS EXPENSES		0.272	1.322	2.067
TOTAL		1274.414	1008.266	840.034

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	1004.418	942.458	462.040
		Other Income	1.248	0.987	1.568
		TOTAL (A)	1005.666	943.445	463.608
Less	EXPENSES
		Consumption materials changes inventories	539.240	639.535	368.482
		Manufacturing service costs	138.918	100.110
		Employee related expenses	33.695	22.780
		Administrative selling other expenses	32.967	30.086
		TOTAL (B)	744.820	792.511	368.482
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		260.846	150.934	95.126
Less	INTEREST FINANCIAL CHARGES (D)		57.891	52.869	45.608
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		202.955	98.065	49.518
Less/ Add	DEPRECIATION/ AMORTISATION (F)		77.925	64.906	47.424
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		125.030	33.159	2.094
Less	TAX (H)		(25.783)	(8.693)	12.483
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		150.813	41.852	(10.389)
	EARNINGS IN FOREIGN CURRENCY		14.198	70.900	Nil
	Earnings/ (Loss) Per Share (Rs.)		147.86	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	15.00	4.44	(2.24)
Net Profit Margin (PBT/Sales)	(%)	12.45	3.52	0.45
Return on Total Assets (PBT/Total Assets}	(%)	9.49	3.13	0.24
Return on Investment (ROI) (PBT/Networth)		0.36	0.15	0.01
Debt Equity Ratio (Total Liability/Networth)		2.78	3.64	3.59
Current Ratio (Current Asset/Current Liability)		15.80	7.69	6.06

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

Production:

The Company has produced during the year 4205 MTs of Yarn as against 3630 MTs in 2009-10 resulting an increase in production by 16%.

Sales:

The company achieved a turnover of Rs.1004.417 millions has compare to 673.032 millions (excluding lint sales of 269.425 millions) for the year ending 2010-11 representing an increase of around 49%.

Expansion and Moderisation:

During the period 2010-11 the company has increased the spindle capacity by 528 spindles, automatic waste collecting and bale pressing system, canteen, 22 staff quarters and 25 rooms for male workers with a capital expenditure of Rs.43.580 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U18101AP2004PLC043449
Name of the company	VISWATEJA SPINNING MILLS LIMITED
Address of the registered office or of the principal place of business in India of the company	Boyapalem, Yadlapadu Mandal, Guntur – 522 233, Andhra Pradesh, India E-Mail: dsc_director@rediffmail.com
This form is for	Modification of charge
Charge identification number of the modified	10058764
Type of charge	Immovable property Any interest in immovable property Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	State Bank of Hyderabad, Kothapet, Guntur – 522 001, Andhra Pradesh, India E-Mail: kothapet_gnt@sbhyd.co.in
Nature of description of the instrument creating or modifying the charge	1. Form C.1-A: Supplemental Agreement of loan for increase in the overall limit 2. Form C.2-A: Supplemental Agreement of hypothecation of goods and assets for increase in the overall limit 3. Form C.5: Letter regarding the grant of individual limits within the overall limit 4. Paripassu Agreement between SBI and SBH 5. Sanction Letter 6. Board Resolution
Date of instrument Creating the charge	07.04.2011
Amount secured by the charge	Rs.159.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Term Loan: 4.50% above SBH Base Rate Presently at 13.50% p.a. (floating) with reset after every two years. Cash Credit: 4.75% above SBH Base Rate Presently at 13.75% p.a. (floating) Terms of Repayment: Term Loan - III shall be repayable in 24 quarterly installments commencing from September, 2011 Cash Credit is repayable on demand Margin: Term Loan: on land and buildings / plant and machinery: 33.33% Cash Credit: on Raw Materials/SIP/FG: 25% Receivables (Cover 90 Days) : 50% FLC: 25% Bank Guarantee: 15% Extent and Operation of the charge: The charge operates as paripassu charge (Hypothecation) on inventory, receivables and all other current assets and the entire fixed assets both present and future of the Company along with SBI. Extension of EM of land measuring 15.80 acres at Survey No.219, Vankayalapadu (V), Guntur (Dist) including all buildings constructed and plant and machinery erected therein on paripassu with SBI.
Short particulars of the property charged	First charge on entire fixed and current assets of the Company on paripassu basis with SBI Extension of EM of land measuring 15.80 acres at Survey No. 219, Vankayalapadu (V), Guntur (District) including all buildings constructed and plant and machinery erected therein on paripassu with SBI
Date of latest modification prior to the present modification	05.11.2009
Particulars of the present modification	The credit facilities has been enhanced from Rs.147.000 millions to Rs.159.000 millions as detailed below: a) Term Loan-I: Rs.82.500 millions (No change) b) Cash Credit: Rs.27.500 millions (Renewal) c) Term Loan-II: Rs.33.000 millions (No change) c) Term Loan-III: Rs.16.000 millions (fresh limit) d) FLC (Sub-limit of TL-III): Rs.13.000 millions e) Onetime BG(EPCG): Rs.4.000 millions (Cancelled) Hence the total mortgage debts after the present modification is Rs.159.000 millions.

FIXED ASSETS:

Tangible Assets

v Land Improvements

v Building

v Plant and Machinery

v Furniture and Fixtures

v Vehicles

Intangible Assets

v Computer Software

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

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	4
--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		44

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.