1. Summary Information

		Country	India
Company Name	KARAN LETEX LIMITED	Principal Name 1	Mr. Deep Kumar Garg
Status	Satisfactory	Principal Name 2	Mr. Bharat Garg
		Registration #	20-015337
Street Address	13/386, Civil Lines, Kanpur - 208 001, Uttar Pradesh, India
Established Date	28.04.1993	SIC Code	--
Telephone#	91-512-2537011 / 2213454	Business Style 1	Manufacturer
Fax #	91-512-2537569 / 2534377	Business Style 2	--
Homepage	--	Product Name 1	Garments
# of employees	50 (Approximately)	Product Name 2	Leather Goods
Paid up capital	Rs.5,916,000/-	Product Name 3	--
Shareholders	Bodies corporate 58.51%, Directors or relatives of directors 41.49%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	19 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	103,535,000	Current Liabilities	116,490,000
Inventories	82,105,000	Long-term Liabilities	45,151,000
Fixed Assets	24,751,000	Other Liabilities	2,716,000
Deferred Assets	0.000	Total Liabilities	164,357,000
Invest& other Assets	1,856,000	Retained Earnings	34,174,000
	0.000	Net Worth	47,890,000
Total Assets	212,247,000	Total Liab. & Equity	212,247,000
Total Assets (Previous Year)	146,071,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	497,554,000	Net Profit	5,402,000
Sales(Previous yr)	319,205,000	Net Profit(Prev.yr)	2,901,000

MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Name :	KARAN LETEX LIMITED
Formerly Known As :	KARAN LATEX PRIVATE LIMITED
Registered Office :	13/386, Civil Lines, Kanpur - 208 001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.04.1993
Com. Reg. No.:	20-015337
Capital Investment / Paid-up Capital :	Rs.5.916 Millions
CIN No.: [Company Identification No.]	U18101UP1993PLC015337
TAN No.: [Tax Deduction & Collection Account No.]	KNPK00246B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Garments and Leather Goods.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 190000
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 :	13/386, Civil Lines, Kanpur - 208 001, Uttar Pradesh, India
Tel. No.:	91-512-2537011 / 2213454
Fax No.:	91-512-2537569 / 2534377
E-Mail :	deepgarg@karanlatex.com prasantit@rediffmail.com karanind@satyam.net.in info@karanindia.net kn.shridhar@yahoo.co.in prem.a.sinha@sbi.co.in issrivastava@yahoo.co.in
Area :	1400 Sq, ft
Location :	Rented
Factory 1 :	Panki Industrial Area, Kanpur - 208001, Uttar Pradesh, India
Area :	15000 Sq, ft
Factory 2 :	59 B, Dada Nagar, Kanpur – 208001, Uttar Pradesh, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Deep Kumar Garg

Designation :

Whole Time Director

Address :

7/187-B, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India

Date of Birth/Age :

01.06.1958

Qualification :

B. Tech (Chem. Engg)

Date of Appointment :

03.03.2003

DIN No.:

00843372

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18101UP1993PLC015337	KARAN LETEX LIMITED	Whole-time director	28/04/1993	28/04/1993	-	Active	NO
2	U65993UP1995PTC017417	KARAN HOLDINGS PRIVATE LIMITED	Director	13/01/1995	13/01/1995	-	Active	NO
3	U74120UP2012PTC049727	GROWTEX CORPORATION PRIVATE LIMITED	Director	4/4/2012	4/4/2012	-	Active	NO

Name :

Mr. Bharat Garg

Designation :

Whole Time Director

Address :

15/79, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India

Date of Birth/Age :

04.09.1972

Qualification :

B.Com

Date of Appointment :

28.04.1993

DIN No.:

00792192

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18101UP1993PLC015337	KARAN LETEX LIMITED	Whole-time director	28/04/1993	28/04/1993	-	Active	NO
2	U35921UP1986PTC007673	IMPACT MEDIA PRIVATE LIMITED	Director	1/7/2004	1/7/2004	-	Active	NO
3	U45201UP2005PTC029984	DIVINITI HOMES PRIVATE LIMITED	Director	13/05/2005	13/05/2005	-	Active	NO
4	U70102UP2009PTC036893	APEX INTERIOR SOLUTIONS PRIVATE LIMITED	Director	27/02/2009	27/02/2009	-	Active	NO
5	U74120UP2012PTC049727	GROWTEX CORPORATION PRIVATE LIMITED	Director	4/4/2012	4/4/2012	-	Active	NO
6	U45400UP2012PTC049943	ANADI CORPORATION PRIVATE LIMITED	Director	18/04/2012	18/04/2012	-	Active	NO
7	U45400UP2012PTC049941	PRAKRITI CORPORATION PRIVATE LIMITED	Director	18/04/2012	18/04/2012	-	Active	NO

Name :

Mr. Karan Garg

Designation :

Whole Time Director

Address :

7/187-B, Swaroop Nagar, Kanpur – 208 002, Uttar Pradesh, India

Date of Birth/Age :

17.01.1984

Date of Appointment :

28.01.2008

DIN No.:

02630106

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18101UP1993PLC015337	KARAN LETEX LIMITED	Whole-time director	1/4/2009	1/4/2009	-	Active	NO
2	U45400UP2012PTC049941	PRAKRITI CORPORATION PRIVATE LIMITED	Director	18/04/2012	18/04/2012	-	Active	NO
3	U45400UP2012PTC049943	ANADI CORPORATION PRIVATE LIMITED	Director	18/04/2012	18/04/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Deep Kumar Garg	54850
Kusum Rani Garg	32500
Sandhya Garg	12170
Karan Garg	12180
Deep Kumar Sadhya HUF	4000
Karan Holdings Private Limited, India	144300
Vipra Packs (India) Private Limited, India	74800
Bharat Garg	153620
Neetu Garg	2000
Saloni Garg	4000
Geetika Garg	2500
Unistar Multimedia Private Limited, India	20000
Impact Media Private Limited, India	114680
Kay Aar Fastners Limited, India	10000
M.B. Wire Products Private Limited, India	8000
Apex Interior Solutions Private Limited, India	20000
Total	669600

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	58.51
Directors or relatives of Directors	41.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Garments and Leather Goods.

GENERAL INFORMATION

No. of Employees :

50 (Approximately)

Bankers :

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

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan	5.788	3.239
Working Capital (Against hypothecation of entire current assets, 1^st charge on the entire fixed assets both present and future and personal guarantee of directors and pledge of S T D R’s)	39.363	21.270
Total	45.151	24.509

Banking Relations :	--
Auditors :
Name :	Prakash and Santosh Chartered Accountants
Address :	37/17, Rolland Complex, Westcott Building, The Mall, Kanpur – 208 001, Uttar Pradesh, India
Tel. No.:	91-512-2312981 / 2365114
PAN.:	AABFP0422C

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
669600	Equity Shares	Rs.10/- each	Rs.6.696 Millions

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

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		5.916	5.916	2.923
2] Share Application Money		7.800	0.000	8.300
3] Reserves & Surplus		34.174	28.771	13.903
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		47.890	34.687	25.126
LOAN FUNDS
1] Secured Loans		45.151	24.509	27.189
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		45.151	24.509	27.189
DEFERRED TAX LIABILITIES		0.541	0.225	0.124
TOTAL		93.582	59.421	52.439
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.751	15.617	12.103
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.856	1.902	1.848
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	82.105	78.909	47.048
	Sundry Debtors	67.491	26.602	29.972
	Cash & Bank Balances	18.169	9.300	5.067
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.875	13.741	11.277
Total Current Assets		185.640	128.552	93.364
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	107.119	73.982	46.520
	Other Current Liabilities	9.371	10.520	7.300
	Provisions	2.175	2.148	1.056
Total Current Liabilities		118.665	86.650	54.876
Net Current Assets		66.975	41.902	38.488
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		93.582	59.421	52.439

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	497.554	319.205	269.044
		Other Income	0.889	0.359
		Export Incentive	16.334	11.493
		Interest	0.208	0.322	10.218
		Income from Mutual Funds	0.075	0.054
		Profit on Sales of Assets	0.000	0.056
		Profit on Foreword Currency	0.315	0.000
		TOTAL (A)	515.375	331.489	279.262
Less	EXPENSES
		Cost of Goods Sold	412.613	260.367	225.760
		Inward Freight and Charges	14.826	8.452	4.494
		Packing and Stores Consumed	9.128	6.401	6.021
		Director Remuneration	5.700	4.200	2.640
		Selling and Other Expenses	23.415	16.615	13.443
		Other Expenses	35.431	25.978	19.881
		TOTAL (B)	501.113	322.013	272.239
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.262	9.476	7.023
Less	FINANCIAL EXPENSES (D)		2.690	2.857	1.689
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.572	6.619	5.334
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.679	2.436	1.937
	PROFIT BEFORE TAX (E-F) (G)		7.893	4.183	3.397
Less	TAX (H)		2.491	1.282	1.186
	PROFIT AFTER TAX (G-H) (I)		5.402	2.901	2.211
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.626	7.725	5.514
	BALANCE CARRIED TO THE B/S		16.028	10.626	7.725
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.193	0.590	26.176
	TOTAL EARNINGS		1.193	0.590	26.176
	IMPORTS
		Capital Goods	105.259	68.370	54.449
	TOTAL IMPORTS		105.259	68.370	54.449
	Earnings Per Share (Rs.)		9.13	4.90	7.56

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.05	0.88	0.79
Net Profit Margin (PBT/Sales)	(%)	1.59	1.31	1.26
Return on Total Assets (PBT/Total Assets}	(%)	3.75	2.90	3.22
Return on Investment (ROI) (PBT/Networth)		0.16	0.12	0.14
Debt Equity Ratio (Total Liability/Networth)		3.42	3.20	3.27
Current Ratio (Current Asset/Current Liability)		1.56	1.48	1.70

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	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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	Yes
30) Major Shareholders, if available	Yes

PERFORMANCE

This was the Eighteenth financial year of the company after incorporation. The turnover of the company is Rs.497.554 Millions as compared to last year Rs. 319.205 Millions during the period the company has gain a net profit of Rs.16.023 Millions as compared to last year Rs.10.620 Millions. The directors expect that the performance of the company in the current financial year will be quite satisfactory. The directors will continue in their endeavor to improve the working of the Company.

Bankers Charges Report as per Registry

Corporate identity number of the company	U18101UP1993PLC015337
Name of the company	KARAN LETEX LIMITED
Address of the registered office or of the principal place of business in India of the company	13/386, Civil Lines, Kanpur - 208 001, Uttar Pradesh, India lawadvisor7@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10078885
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge · Others (Current Assets and Fixed Assets.)
Particular of charge holder	State Bank of India, Overseas Branch, 15/54 – B, Virendra Smriti Compound, Civil Courts Road, Civil Lines, Kanpur – 208 001, Uttar Pradesh, India v1maheshwari@rediffmail.com
Nature of instrument creating charge	(i) Arrangement Letter (ii) Letter of Arrangement (SME-1) (iii) Supplemental Agreement of Loan Cum Hypothecation (SME-4) (iv) Link Letter
Date of instrument Creating the charge	05/12/2011
Amount secured by the charge	Rs.68.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest EPC/FBP- As applicable to Exporters Gold Card scheme, presently 1.50 percent above Base Rate i.e. 11.50 percent per annum. Terms of Repayment FBWC- Repayable on Demand. SLC- Within 6 months from the date of draw down. Margin 25 percent on Raw Materials Imported 25 percent on Raw Materials Indigenous 50 percent on Semi Finished Goods 25 percent on Finished Goods 25 percent on Letter of Credit 25 percent on Bank Guarantee Extent and Operation of the charge The Co's assets are Hypothecated to secure credit facility agg. to Rs.68.400 Millions granted by the Bank to the Borrowers:- Export Packing Credit* Rs.40.000 Millions Foreign Bill Purchase* Rs.20.000 Millions Letter of Credit** Rs. 0.005 Millions Bank Guarantee** Rs. 0.005 Millions CEL Rs. 2.400 Millions SLC Rs. 5.000 Millions Total Rs. 68.400 Millions * Bothway I/C of Rs.10.000 Millions between EPC and FBP. ** Both way I/C of Rs. 0.500 Million. between LC and BG.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary:- 1- Export Packing Credit- Hypothecation of the unit entire current assets present and future, consisting of raw material, stock in process, finished goods, stores, spares, consumable, goods in transit, book debts, document of title and goods and all other current assets. 2- Foreign Bill Purchase- Export documents evidencing the title to goods. 3- Letter of Credit- Goods received under Letter of Credit. 4- Bank Guarantee- Omnibus Counter Guarantee. Collateral- 1- Lien on STDR worth Rs.6.200 Millions. 2- Lien on units of mutual funds NAV Rs.1.600 Millions as on 21.10.2011. 3- Hypothecation of entire fixed assets of the Company. 4- Equitable mortgage of land at Panki, Kanpur admeasuring 18000 square yards in the name of the company purchased by the company during FY 2011-12. 5- Assignment of Key man policies from Kotak Mahindra insurance in the name of directors of the company Shri Deep Kumar Garg and Shri Bharat Garg Combined surrender value of both the policies is Rs.6.000 Millions.
Date of instrument modifying the charge	11.02.2011
Particulars of the present modification	Overall limit enhanced from Rs.48.400 Millions to Rs.68.400 Millions. Therefore, the total amount of charge secured against hypothecation of stocks, book debts and entire assets of the company etc. has now been enhanced from Rs.48.400 Millions to Rs. 68.400 Millions

Fixed Assets

· Air Conditioner

· Computer

· Cycle

· Electric Equipment

· Fax machine

· Fire Equipment

· Furniture and Fixture

· Generator

· Machinery

· Motor Car

· Office Equipments

· Telecommunication Equipment

· Tube Well

· Electric Fittings

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.42
UK Pound	1	Rs.88.45
Euro	1	Rs.71.52

INFORMATION DETAILS

Report Prepared by :

NTH

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.