MIRA INFORM REPORT

Report Date :

26.04.2012

IDENTIFICATION DETAILS

Name :	MOHAN SPINTEX INDIA LIMITED
Registered Office :	D No. 11-40-1, S-1, Chitturi Complex, Pulipartivari, Street Vijaywada, Vijaywada – 520001, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	11.05.2005
Com. Reg. No.:	01-175665
Capital Investment / Paid-up Capital :	Rs.187.541 Millions
CIN No.: [Company Identification No.]	U18100AP2005PLC046188
TAN No.: [Tax Deduction & Collection Account No.]	HYDM03991B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of 100% Cotton Combed Yarn.
No. of Employees :	900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	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 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. Rambabu
Designation :	Account Manager
Contact No.:	91-9490163778
Date :	18.04.2012

LOCATIONS

Registered Office :	D No. 11-40-1, S-1, Chitturi Complex, Pulipartivari, Street Vijaywada, Vijaywada – 520001, Andhra Pradesh, India
Tel. No.:	91-866-2466266/ 2427113
Mobile No.:	91-9490163778 (Mr. Rambabu)
Fax No.:	91-866-2426527
E-Mail :	info@mohanspintex.com md@mohanspintex.com
Website :	www.mohanspintex.com
Area :	2500 Sq. ft
Location :	Owned
Corporate Office :	39-1-63, 3^rd Floor, Mohan Estates Building, Labbipet. M. G. Road, Vijayawada – 520010, Anhdra Pradesh, India
Factory :	Vattigudipadu, Agiripalli Mandalam, Krishna District – 521211, Andhra Pradesh, India
Tel. No.:	91-8656-250456/ 250565
Fax No.:	91-8656-250453
E-Mail :	mohanspintexind@rediffmail.com
Area :	8 Acre
Location :	Owned
Factory 2 :	Remalle Village,Bapulapadu Mandal, Krishna District – 521110, Andhra Pradesh, India
Tel. No.:	91-8656-239555
Fax No.:	91-8656-239556
E-Mail :	mohanspintexind@rediffmail.com
Area :	50 Acre
Location :	Owned

DIRECTORS

As on 28.09.2011

Name :

Mr. Sankar Rao Koneru

Designation :

Director

Address :

55-6-16, Krishna Mandir Road, Venkoji Palem, Visakhapatnam – 530022, Andhra Pradesh, India

Date of Birth/Age :

15.04.1960

Date of Appointment :

31.03.2006

DIN No.:

00133956

Name :

Bobba Venkateswararao

Designation :

Director

Address :

40-25-18/1, Netaji Street, Patamata, Vijayawada – 520010, Andhra Pradesh, India

Date of Birth/Age :

01.01.1960

Date of Appointment :

31.03.2006

DIN No.:

00161960

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	U01222AP1988PTC008154	KAMADHENU FEEDS PRIVATE LIMITED	Managing director	5/01/1988	5/01/1988	-	Active	NO
2	U40101KA2005PTC035803	SRI NIRMALA POWER PRIVATE LIMITED	Director	2/06/2005	2/06/2005	-	Dormant	NO
3	U18100AP2005PLC046188	MOHAN SPINTEX INDIA LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO

Name :

Mr. Ravi Kumar Gottimukkala

Designation :

Director

Address :

72-5-5, Lakshmi Nursing Home, St. Patamata, Vijayawada – 520010, Andhra Pradesh, India

Date of Birth/Age :

29.04.1970

Date of Appointment :

11.05.2005

DIN No.:

00295152

Name :

Mr. Mohan Rao Vallabhaneni

Designation :

Director

Address :

59-7-3A, Acharya Ranga Street, Ramachandra Nagar, Vijayawada – 520008, Andhra Pradesh, India

Date of Birth/Age :

19.10.1939

Date of Appointment :

11.05.2005

DIN No.:

00320520

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	U18100AP2005PLC046188	MOHAN SPINTEX INDIA LIMITED	Director	1/04/2008	11/05/2005	-	Active	NO

Name :

Mr. Sudhakar Chowdary Vallabhaneni

Designation :

Managing director

Address :

59-7-3A, Acharya Ranga Street, Ramachandra Nagar, Vijayawada – 520008, Andhra Pradesh, India

Date of Birth/Age :

06.06.1969

Date of Appointment :

11.05.2005

DIN No.:

00320555

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	U18100AP2005PLC046188	MOHAN SPINTEX INDIA LIMITED	Managing director	1/04/2008	11/05/2005	-	Active	NO
2	U24121DL2005PLC143452	KRIBHCO SHYAM FERTILIZERS LIMITED	Nominee director	8/12/2005	8/12/2005	10/09/2007	Active	NO
3	U70200DL2009PLC189405	KRIBHCO INFRASTRUCTURE LIMITED	Director	16/04/2009	16/04/2009	-	Active	NO

Name :

Venkatanjan Kakarala

Designation :

Whole-time director

Address :

54-14/1-6-1, Srinivasa Nagar, Vijayawada – 520008, Andhra Pradesh, India

Date of Birth/Age :

08.02.1962

Date of Appointment :

18.08.2006

DIN No.:

00680580

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	U74210AP1987PTC007283	MAGNA ENGINEERING PRODUCTS PRIVATE LIMITED	Whole-time director	16/08/1988	16/08/1988	-	Active	NO
2	U18100AP2005PLC046188	MOHAN SPINTEX INDIA LIMITED	Director	28/09/2011	18/08/2006	-	Active	NO

Name :

Mr. Yantrapragada Bhaskara Rao

Designation :

Alternate director

Address :

3-7-10, Rama Nagar, Nidadavole – 534301

Date of Birth/Age :

07.07.1939

Date of Appointment :

08.07.2005

DIN No.:

01777661

Name :

Mr. Mohana Kumari Ravella

Designation :

Director

Address :

9-63-69, Hameed Street, Vijayawada – 520001, Andhra Pradesh, India

Date of Birth/Age :

04.05.1959

Date of Appointment :

08.08.2008

DIN No.:

02303947

Name :

Padmini Vallabhaneni

Designation :

Director

Address :

59-7-3A, Acharya Ranga Street, Ramachandra Nagar, Vijayawada – 520008, Andhra Pradesh, India

Date of Birth/Age :

13.06.1970

Date of Appointment :

08.08.2008

DIN No.:

02317647

Name :

Mr. Yantrapragada Subba Rao

Designation :

Director

Address :

20990, Valey Green Drive Apartment Cupertno, CA 95014, USA

Date of Birth/Age :

11.07.1965

Date of Appointment :

08.07.2005

DIN No.:

03560766

Name :

Mr. Pemmasani Prudhvi

Designation :

Director

Address :

29-19-64, Sree Hasa IVF Hospital Dornakal Road, Suryarao Pet, Vijayawada – 520002, Andhra Pradesh, India

Date of Birth/Age :

18.07.1963

Date of Appointment :

28.09.2011

DIN No.:

01744681

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	U85110AP1996PTC024646	VIJAYAWADA INSTITUTE OF ONCOLOGY PRIVATE LIMITED	Managing director	15/07/1996	15/07/1996	-	Active	NO
2	U18100AP2005PLC046188	MOHAN SPINTEX INDIA LIMITED	Director	28/09/2011	28/09/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Vallabhaneni Mohan Rao	1689700
Vallabhaneni Sudhakar Chowdary	2997618
Gottimukkala Ravi Kumar	524123
Vallabheneni Padmini	869000
Gottimukkala Krishna Rao	114000
Yerneni Naveen	195401
Edara Srinivasa Rao	542249
Yantrapragada Subba Rao	1121351
Paruchuri Taranidhar	150645
Gottimukkala Hima Bindu	259000
Chalasani Asha	160970
Bobba Komala	376295
Yantrapragada Jaya Lakshmi	294486
R. Sudha Rani	110000
Bobba Venkateswara Rao	2033515
Koneru Sankar Rao	240000
Kakarala Venkatanjan	109500
Koneru Omkaram	120000
Nalamotu Prabhakara Rao	323973
Gottimukkala Samrajyam	245200
Maganti Sridhar Prasad	250000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	18.18
Directors or relatives of Directors	81.82
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of 100% Cotton Combed Yarn.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Cotton Yarn	5205

Exports :

Products :

100% Cotton Combed Yarn

Imports :

Products :

Raw Material

Countries :

Egypt

Terms :

Selling :

Cash/ Credit

Purchasing :

Cash/ Credit

GENERAL INFORMATION

Customers :

· Wholesalers

· End Users

· Manufacturer

No. of Employees :

900 (Approximately)

Bankers :

· Andhra Bank, R. R. Appa Rao, P. B. No. 22, Andhra Bank Buidlings, Vijayawada – 520001, Andhra Pradesh, India

· State Bank of India, Patamata Branch

· Indian Overseas Branch, Ring Road

· HDFC Bank

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Andhra Bank Against Plant and Machinery, Land and Buildings	31.598	0.000
HDFC Bank against Motor vehicles	2.089	0.000
ICICI Bank against Motor vehicle	0.072	0.638
State Bank of India:
Against Plant and Machinery, Land and Buildings	309.245	313.846
Corporate Loan Against Excise Duty	0.000	17.085
Cash Credit Against Stock and Book debts	114.346	130.761
Total	457.350	462.330
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors and Relatives of the Directors	12.491	11.901
Total	12.491	11.901

Banking Relations :	--
Auditors :
Name :	Prasad and Company Chartered Accountants
Address :	29-13-46, Kaleswara Rao Road, Suryarao Pet, Vijayawada – 520002, Andhra Pradesh, India
PAN.:	ACHPP4796K

CAPITAL STRUCTURE

As on 28.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
31590000	Equity Shares	Rs.10/- each	Rs.315.900 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29057746	Equity Shares	Rs.10/- each	Rs.290.577 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
18990000	Equity Shares	Rs.10/- each	Rs.189.900 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18554088	Equity Shares	Rs.10/- each	Rs.185.541 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		185.541	135.900	129.666
2] Share Application Money		1.999	7.200	3.734
3] Reserves & Surplus		87.257	34.576	16.189
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		274.797	177.676	149.589
LOAN FUNDS
1] Secured Loans		457.350	462.330	375.704
2] Unsecured Loans		12.491	11.901	2.500
TOTAL BORROWING		469.841	474.231	378.204
DEFERRED TAX LIABILITIES		13.887	11.786	9.951
TOTAL		758.525	663.693	537.744
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		445.695	439.040	375.175
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	183.798	125.838	117.320
	Sundry Debtors	131.610	19.323	43.114
	Cash & Bank Balances	4.833	21.054	1.134
	Other Current Assets	9.023	7.412	5.199
	Loans & Advances	0.000	57.400	0.005
Total Current Assets		329.264	231.027	166.772
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.813	8.146	6.236
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		17.813	8.146	6.236
Net Current Assets		311.451	222.881	160.536
MISCELLANEOUS EXPENSES		1.379	1.772	2.033
TOTAL		758.525	663.693	537.744

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	516.267	383.889	177.333
		Other Income	2.591	0.542	0.359
		TOTAL (A)	518.858	384.431	177.692
Less	EXPENSES
		Cost of Materials	299.040	215.767	82.186
		Manufacturing, Administrative, Selling and Distribution expenses	100.394	87.112	42.778
		Miscellaneous Expenses	0.392	0.392	0.355
		TOTAL (B)	399.826	303.271	125.319
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		119.032	81.160	52.373
Less	FINANCIAL EXPENSES (D)		30.175	44.014	14.210
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		88.857	37.146	38.163
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.858	14.072	10.414
	PROFIT BEFORE TAX (E-F) (G)		65.999	23.074	27.749
Less	TAX (H)		13.318	4.688	12.598
	PROFIT AFTER TAX (G-H) (I)		52.681	18.386	15.151
	Earnings Per Share (Rs.)		2.84	--	--

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	1900.000	841.500

Expected Sales (2012-13) : Rs.2000.000 Millions

The above information has been parted by Mr. Rambabu.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	10.15	4.78	8.53
Net Profit Margin (PBT/Sales)	(%)	12.78	6.01	15.65
Return on Total Assets (PBT/Total Assets}	(%)	8.52	3.44	5.12
Return on Investment (ROI) (PBT/Networth)		0.24	0.13	0.19
Debt Equity Ratio (Total Liability/Networth)		2.91	3.97	3.64
Current Ratio (Current Asset/Current Liability)		18.48	28.36	26.74

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	No
30) Major Shareholders, if available	Yes

OPERATIONAL PERFORMANCE

The Company is in the process of setting up Unit-II with a capacity of 41760 Spindles, 1664 Rotors, 10 TFO Machines for Spinning and Ginning.

Bankers Charges Report as per Registry

Corporate identity number of the company	U18100AP2005PLC046188
Name of the company	MOHAN SPINTEX INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	D No. 11-40-1 S-1 Chitturi Complex, Pulipartivari Street, Vijaywada -520001, Andhra Pradesh, India Email : md@mohanspintex.com
This form is for	Creation of charge
Type of charge	Immovable property Book Debts Movable Property
Particular of charge holder	Andhra Bank, R. R. Appa Rao, P. B. No. 22, Andhra Bank Buidlings, Vijayawada – 520001, Andhra Pradesh, India Email : bmvwd606@andhrabank.co.in
Nature of instrument creating charge	R.F.210 Composite Agreement R.F.255 B Sanction Letter
Date of instrument Creating the charge	30.11.2011
Amount secured by the charge	Rs.273.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + 3.25% i.e., 14.00% per annum Terms of Repayment Repayable on demand Margin OCC - 25.00% on Inventory, 30.00% on Receivables Packing Credit - 10.00% on stock Extent and Operation of the charge Charge operates full on securities
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Stocks and Receivables Export Bill: Foreign Documentary Bills covering period of FG drawn under irrecoverable LCs from Prime Banks/ with tenor not exceeding 180 days. First Charge on current assets (both existing and future) of Unit II the Company pari passu basis with IOB for working capital limits sanctioned by IOB and Andhra Bank Extension of Charge on the fixed assets (both existing and proposed) of Unit II the Company pari passu basis with IOB for working capital limits sanctioned by IOB and Andhra Bank Equitable Mortgage of vacant site admeasuring 2325 sq yds situated in R. S. No. 44/28 at Crombay Road, Bhavanipuram, Vijayawada, Andhra Pradesh, India

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Motor Vehicles

· Computers

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.52.49
UK Pound	1	Rs.84.66
Euro	1	Rs.69.25

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	CTI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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		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.