MIRA INFORM REPORT

Report Date :

31.08.2012

IDENTIFICATION DETAILS

Name :	TRIBENI PROCESSORS PRIVATE LIMITED
Registered Office :	B No -75, Surat-Bardoli Road, Village Tantithhaya,  Taluka Palsana, District Surat – 394327, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.10.1998
Com. Reg. No.:	04-034822
Capital Investment / Paid-up Capital :	Rs.19.334 Millions
CIN No.: [Company Identification No.]	U17110GJ1998PTC034822
TAN No.: [Tax Deduction & Collection Account No.]	SRTT00331C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Manmade Fabrics
No. of Employees :	200 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 180000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company appears to be low during 2011. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Radheyshyam Ram Kishan Garg
Designation :	Director
Contact No.:	91-9974121000
Date :	30.08.2012

LOCATIONS

Registered Office / Factory :	B No -75, Surat-Bardoli Road, Village Tantithhaya,  Taluka Palsana, District Surat – 394327, Gujarat, India
Tel. No.:	91-2612-272395 / 273396
Mobile No.:	91-9974121000 (Mr. Radheyshyam Ram Kishan Garg)
Fax No.:	91-2612-273545
E-Mail :	tribeniprocessors@yahoo.in
Website :	www.Tribenigroup.com
Location :	Owned
Head Office :	B-66, L. B. Apartment, Office Floor, Ring Road, Surat - 394 305, Gujarat, India
Tel. No.:	91-261-3004746 / 3277746 / 3231573 / 2325905 / 2334480
Fax No.:	91-261-2329429
E-Mail :	contact@tribenigroup.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Shashikant Dayakant Tiwari
Designation :	Whole-Time Director
Address :	A/7, Kishore Park, Opposite Nandanvan, Ghod-Dod Road, Surat – 395007, Gujarat, India
Date of Birth/Age :	10.10.1970
Date of Appointment :	15.10.1998
DIN No.:	00436505
Voter ID No.:	THP3258829
Name :	Mr. Radheyshyam Ram Kishan Garg
Designation :	Managing Director
Address :	B. No. 39, Sangam Society, Parle Point, City Light Road, Surat – 395007, Gujarat, India
Date of Birth/Age :	24.05.1962
Date of Appointment :	15.10.1998
DIN No.:	00436560
Voter ID No.:	THP3290731

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Radheshyam Garg	79510
Shashikant Tiwari	106010
Pushpa Tiwari	131500
Shashikant Tiwari Re: S.D.Tiwari (HUF)	30000
Ravindrakumar Garg	63000
Master Ayush Garg	15000
Sanchita Garg	50500
Radheshyam Garg Re: Radheshyam Garg and Sons (HUF)	35000
Master Vimarsh Garg	24500
Sky Plus Creation Private Limited (Formerly Known As Khordia Technocom (Private) Limited, India	192300
Rajkumar Garg	60000
J.P.Garg Re: J.P.Garg and Sons (HUF)	22000
Raj J. Garg	9000
Deepa R. Garg	16000
Nisha Garg	40900
Abhinav Garg	7500
Ankit Tiwari	20000
D.K. Tripathi Re: D.K. Tripathi (HUF)	105000
Mulchand Agarwal	20000
Rameshwar Dass Jhakhar	27500
Shakuntala Agarwal	20000
Shashank Tiwari	20000
Snehlata Gupta	25000
Santosh Basia	6000
Anita Garg	20000
Champadevi D. Tripathi	75000
Dhaneshwar Tiwari	46000
Indira Dayakant Tripathi	82500
Om Prakash Mishra	7500
Tribeni Technocom Limited, India	285500
Ashutosh Mishra	20000
Rajeshkumar Dwivedi	42500
Rakesh Ranjan	20000
Ranjeet Sharma	21500
Sumit Syntex Private Limited, India	99800
Ramkishan Garg	9900
Ramkishan Radheshyam Garg Re: Ramkishan Radheshyam Garg (HUF)	77000
Total	1933420

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	45.69
Other top fifty shareholders	24.44
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Manmade Fabrics

Products :

Product Description	Item Code No.:
Dyed Fabrics	5407

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

· Colourtex Limited

Customers :

End Users

· Subhashri Apparels Private Limited

No. of Employees :

200 (Approximately) (In Office + In Factory)

Bankers :

· State Bank of India, Specialised Commercial Branch, 1st Floor, Kiran Chambers, Ring Road, Surat - 395002, Gujarat, India

· Central Bank of India, M. G. Road Branch, Kapith, Surat - 395003, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Central Bank of India
Cash Credit Account (Secured against Hypothecation of Stock and Book Debts)	9.601	10.452
Term Loan Account (Secured against Hypothecation of Plant and Machinery)	11.219	17.635
HDFC Bank ( Vehicle Loan-2)	0.000	0.045
Syndicate Bank ( Vehicle Loan)	0.000	0.143
Kotak Mahindra Prime Limited ( Vehicle - 1 - Accord )	0.900	1.437
Kotak Mahindra Prime Limited ( Vehicle - 2 - CRV )	1.053	1.722
Total	22.773	31.434
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors, Members and Relatives	9.307	11.322
Total	9.307	11.322

Banking Relations :	--
Auditors :
Name :	B. N. Kedia and Company Chartered Accountants
Address :	B-210, 21st Century Business Centre, Near Udhna Darwaja, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2345627 / 2302144 / 2351663 / 3231663 / 226906
Mobile No.:	91-374712689
E-Mail :	kedia_kedia@yahoo.com
PAN No.:	AAFBF4343G
Group Company :	· Suyog Synthetics and Tribeni Technocom (Import/Export House) · Shree Balaji Creation (Fabrics) · Shree Balaji Creation (Embroidery House) · Tribeni Processors Private Limited (Dyeing House) · Tribeni Fibre Private Limited (Fibre Sheets) · Artisian and Nirman Studio (Film Studio) · Tribeni Road lines and J. K. Express Private Limited (Logistics) · Om Namah Shivay Dal and Flour Mill

CAPITAL STRUCTURE

As on 31.03.2011

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
1933420	Equity Shares	Rs.10/- each	Rs.19.334 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2011	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		19.334	19.334	19.334
2] Share Application Money		10.525	5.325	7.325
3] Reserves & Surplus		15.450	14.661	13.940
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		45.309	39.320	40.599
LOAN FUNDS
1] Secured Loans		22.773	31.434	31.413
2] Unsecured Loans		9.307	11.322	11.023
TOTAL BORROWING		32.080	42.756	42.436
DEFERRED TAX LIABILITIES		4.627	4.909	4.814
TOTAL		82.016	86.985	87.849
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		54.179	57.901	58.728
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.140	4.140	4.140
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.501	13.042	9.680
	Sundry Debtors	11.228	12.851	13.258
	Cash & Bank Balances	1.003	0.924	0.634
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.355	11.028	12.668
Total Current Assets		43.087	37.845	36.240
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.670	12.577	10.286
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.720	0.342	1.004
Total Current Liabilities		19.390	12.919	11.290
Net Current Assets		23.697	24.926	24.950
MISCELLANEOUS EXPENSES		0.000	0.018	0.031
TOTAL		82.016	86.985	87.849

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	109.557	93.845	121.413
		Other Income	1.085	0.440	0.363
		TOTAL (A)	110.642	94.285	121.776
Less	EXPENSES
		Raw Material Consumed	31.964	22.942	33.437
		Manufacturing Expenses	50.991	48.037	58.259
		Administrative & Other Exp.	15.242	12.428	16.119
		Pre. Operative Expenses Written Off	0.018	0.000	0.004
		(Increase) / Decrease In Stock In Trade	0.147	(0.235)	(0.124)
		TOTAL (B)	98.362	83.172	107.695
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.280	11.113	14.081
Less	FINANCIAL EXPENSES (D)		4.542	3.779	5.151
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.738	7.334	8.930
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.511	6.117	6.296
	PROFIT BEFORE TAX (E-F) (G)		1.227	1.217	2.634
Less	TAX (H)		0.438	0.496	0.971
	PROFIT AFTER TAX (G-H) (I)		0.789	0.721	1.663
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		14.661	13.940	12.277
	BALANCE CARRIED TO THE B/S		15.450	14.661	13.940
	Earnings Per Share (Rs.)		0.41	0.86	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	125.000

Expected Sales (2012-2013) : Rs.130.000 Millions

The above information has been parted by Mr. Radheyshyam Ram Kishan Garg

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.71	0.76	1.37
Net Profit Margin (PBT/Sales)	(%)	1.12	1.30	2.17
Return on Total Assets (PBT/Total Assets}	(%)	1.26	1.27	2.77
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.06
Debt Equity Ratio (Total Liability/Networth)		1.14	1.33	1.32
Current Ratio (Current Asset/Current Liability)		2.22	2.93	3.21

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditor
- For Goods	15.323	9.172	6.167
- For Expenses	2.377	1.981	1.867
- For Capital Goods	0.513	0.214	0.260
- For Others	0.457	1.210	1.992
Total	18.670	12.577	10.286

Sr. No.	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	No
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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

PERFORMANCE AND FUTURE OUTLOOK:

During the year, the graph of turnover of the company has shown an upward movement and the company has achieved turnover of Rs.109.557 Millions and has earned reasonable net profit of Rs.0.789 Millions. The directors have adopted various effective measures regarding operational restructuring and cost reduction so as to translate the operational efficiency of the company into profitability of the company. Further, director’s efforts in the direction of efficient management, reliable decision making and dedication to work have brought the company so far on the way of progress.

Moreover, to sustain the growth in the competitive age, the company has given their maximum emphasize on quality and cost control aspects of the finished products and the directors are confident that the Company will grow in much faster pace in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17110GJ1998PTC034822
Name of the company	TRIBENI PROCESSORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B No -75, Surat-Bardoli Road, Village Tantithhaya,  Taluka Palsana, District Surat – 394327, Gujarat, India E-Mail Id : mcafiling@yahoo.co.in
This form is for	Creation of charge Mo
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Specialised Commercial Branch, 1st Floor, Kiran Chambers, Ring Road, Surat - 395002, Gujarat, India E-mail id : sbi.04083@sbi.co.in
Nature of instrument creating charge	Memorandum relating to Deposit of Title Deeds for Creation of Charge for Term Loan / Overall Limit (Registered with the office of Sub - Registrar with vide Document No. 2526 dated: 19.07.2011 at S.R.O. - Palsana)
Date of instrument Creating the charge	19.07.2011
Amount secured by the charge	Rs.33.543 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: at 4.75% above SBBR (BR - 8.50% w.e.f 25.04.2011) present effective rate is 13.25% pa TL(All) : at 5.25% above SBBR (BR - 8.50% w.e.f 25.04.2011) present effective rate is 13.75% pa Terms of Repayment CC: Repayable on Demand (subject to review every 12 months) TL: after a moratorium period 6 months. 65 installments of Rs. 91,000 and last installment of Rs. 85,000.Repayment to start from; October 2011 and will end on December 2017. interest on Term loan will be paid as and when due Margin CC: Raw materials - 25% Book Debts - 40% (cover period 90 days) TL : Plant and Machinery - 27.88% Extent and Operation of the charge The charge will first and exclusive charge and operate as continuing security for the entire amount of credit facility Rs. 335.43 Lacs outstanding in Cash Credit and Term loan credit facilities account including interest, additional interest, penal interest and other charges. Others A. FUND BASED LIMITS: Working capital : Rs. 15.000 Millions Term loan (Fresh) : Rs. 6.000 Millions Term loan (Take over) : Rs. 7.267 Millions Term loan (Take Over : Rs. 0.505 Million Term loan (Take Over : Rs. 4.771 Millions ------------------------ Total Rs. 33.543 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(1) All the Piece and parcel of the property bearing Plot No. 1 to 12 total admeasuring about 2028 Sq. Mtrs. situated towards the eastern side of Land bearing Block No. 78 paiki of Village Tantithaiya, Taluka: Palsana, District: Surat (2) All the Piece and parcel of the property bearing Plot No. 3 to 9 admeasuring about 884 Sq. Mtrs. of Land bearing Block No. 74 to 79 paiki of Village: Tantithaiya, Taluka: Palsana, District: Surat (3) All the Piece and parcel of the property bearing Plot No. 10 to 16 admeasuring about 1226 Sq. Mtrs. of Land bearing Block No. 74 to 79 paiki of Village: Tantithaiya, Taluka: Palsana, District: Surat (4) All the Piece and parcel of the non Agricultural Land bearing Revenue Survey No. 121 i.e. Block No. 75 admeasuring 4638 Sq. Mtrs. of Village: Tantithaiya, Taluka: Palsana, District: Surat

FIXED ASSETS

· Land

· Air Conditioner

· Computer

· Generator Set

· Electrification

· Factory Building

· Furniture and Fixtures

· Gas Generator Set

· Measuring Equipments

· Office Equipments

· Plant and Machinery

· Residential Flat (Staff)

· Steam Boiler

· Vehicle

TRADE REFERENCES:

· Colourtex Limited

· Subhashri Apparels Private Limited

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.55.65
UK Pound	1	Rs.88.10
Euro	1	Rs.69.84

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		35

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.