MIRA INFORM REPORT

Report Date :

02.10.2012

IDENTIFICATION DETAILS

Name :	WEAVETTE TEXSTYLES LIMITED (w.e.f. 03.08.2006)
Formerly Known As :	WEAVETTE TEXSTYLES PRIVATE LIMITED
Registered Office :	11, YAC Industrial Estate, Kondivita Lane, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.12.1994
Com. Reg. No.:	11-083596
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U17100MH1994PLC083596
TAN No.: [Tax Deduction & Collection Account No.]	MUMW01399G MUMW02205A MUMW01077G
PAN No.: [Permanent Account No.]	AAACW3161F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Woven Fabrics
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears huge accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing on a safe and secured trade terms and condition.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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.

LOCATIONS

Registered Office :	11, YAC Industrial Estate, Kondivita Lane, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28397814 / 66938319 / 32945360
Fax No.:	91-22-28212788
E-Mail :	nchoudhary68@rediffmail.com weavette@vsnl.com
Factory 1 :	K-9, MIDC, Tarapur, District Thane, Maharashtra, India
Tel. No.:	91-22-272027 / 272667 / 395704
Fax No.:	91-22-271633
Factory 2 :	E-61/1, MIDC, Tarapur, District Thane, Maharashtra, India
Tel. No.:	91-22-272627 / 395571

DIRECTORS

As on 26.09.2011

Name :

Mr. Pankaj Ved Prakash Kapoor

Designation :

Director

Address :

A-704, Florentine, Hiranandanni Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

01.12.1963

Date of Appointment :

08.12.1994

DIN No.:

00800167

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	U17100MH1994PLC083596	WEAVETTE TEXSTYLES LIMITED	Director	8/12/1994	8/12/1994	-	Active	NO
2	U65910MH1995PTC089350	PATRON LEASING AND FINANCE PRIVATE LIMITED	Director	28/07/2004	28/07/2004	-	Active	NO

Name :

Mr. Neerja Pankaj Kapoor

Designation :

Director

Address :

A-704, Florentine, Hiranandanni Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

04.06.1971

Date of Appointment :

08.12.1994

DIN No.:

01065023

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	U17100MH1994PLC083596	WEAVETTE TEXSTYLES LIMITED	Director	8/12/1994	8/12/1994	-	Active	NO
2	U65910MH1995PTC089350	PATRON LEASING AND FINANCE PRIVATE LIMITED	Director	28/07/2004	28/07/2004	-	Active	NO

Name :

Mr. Anil Laxminarayan Biyani

Designation :

Director

Address :

305, Jeevan Vihar, Manav Mandir Road, Malbar Hill, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

13.12.1963

Date of Appointment :

28.02.2006

DIN No.:

00005834

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	U99999MH1987PLC044078	PIL INDUSTRIES LIMITED	Director	1/4/2010	1/10/1991	-	Active	NO
2	U70100MH2004PTC148033	NISHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
3	U70100MH2004PTC148031	NIYMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	22/04/2005	22/04/2005	-	Active	NO
4	U70100MH2005PTC153677	ANCHOR RESIDENCY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	-	Active	NO
5	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	1/9/2010	Active	NO
6	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	18/06/2012	Active	NO
7	U70100MH2005PTC155196	BLB MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	8/8/2005	8/8/2005	15/04/2009	Active	NO
8	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	10/8/2005	10/8/2005	3/7/2012	Active	NO
9	U70100MH2005PTC155102	SRISHTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	10/8/2005	10/8/2005	-	Active	NO
10	U74900MH1996PLC097943	FUTURE CORPORATE RESOURCES LIMITED	Director	30/09/2009	25/10/2005	-	Amalgamated	NO
11	L51900MH1981PLC025354	IDREAM FILM INFRASTRUCTURE COMPANY LIMITED	Director	22/11/2005	22/11/2005	31/03/2008	Active	NO
12	U17100MH1994PLC083596	WEAVETTE TEXSTYLES LIMITED	Director	28/02/2006	28/02/2006	-	Active	NO
13	U93000MH2002PLC135478	AHA PARKS LIMITED	Director	23/05/2006	23/05/2006	15/07/2008	Active	NO
14	U70100MH2005PTC151439	ISKRUPA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/06/2006	30/06/2006	29/03/2008	Active	NO
15	U28920MH2000PLC126290	STRIPES APPARELS LIMITED	Director	23/03/2007	23/03/2007	-	Amalgamated	NO
16	U18100MH2002PTC136468	BIBA APPARELS PRIVATE LIMITED	Nominee director	5/6/2007	5/6/2007	-	Active	NO
17	U52190RJ1999PTC015993	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Director	28/09/2007	27/07/2007	10/6/2010	Active	NO
18	U51909MH2004PTC144105	SANKALP RETAIL VALUE STORES PRIVATE LIMITED	Director	30/09/2008	26/10/2007	1/2/2010	Active	NO
19	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	22/12/2008	22/12/2007	-	Active	NO
20	U51101MH2010PTC207147	WHITE CIRCLE MERCANTILE PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Active	NO
21	U51101MH2010PTC207091	KAVI SALES AGENCY PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
22	U52100MH2010PTC207383	BRAHMABRATA TRADING PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
23	U45202MH2010PTC207319	GARGI DEVELOPERS PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
24	U55101MH2007PTC172953	FUTURE HOSPITALITY PRIVATE LIMITED	Director	29/09/2011	29/09/2011	-	Active	NO
25	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Additional director	1/10/2011	1/10/2011	-	Active	NO
26	U72900MH2007PLC174787	NUFUTURE DIGITAL (INDIA) LIMITED	Additional director	21/02/2012	21/02/2012	-	Active	NO
27	U74120MH2011PTC222266	RED BERRY CORPORATE SERVICES PRIVATE LIMITED	Director	21/02/2012	21/02/2012	-	Active	NO
28	L17120MH1987PLC042424	KAMADGIRI FASHION LIMITED	Additional director	29/05/2012	29/05/2012	-	Active	NO
29	AAA-6313	KAVI SALES AGENCY LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
30	AAA-6388	BRAHMABRATA TRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Pankaj Ved Prakash Kapoor	684980
Neerja Pankaj Kapoor	10
Sandeep Kapoor	10
Patron Leasing and Finance Private Limited, India	785000
Pantaloon Industrial Limited, India	1530000
Total	3000000

As on 26.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	77.17
Directors or relatives of Directors	22.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Woven Fabrics

Products :

Product / Service Description	Item Code No.
Woven Fabrics	54071011

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Fabrics	MTS	2200000	1494691.45
Fabrics – Job Works	MTS	--	15581.00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Corporation Bank, Veena Chamber, 21 Dalal Street, Fort, Mumbai - 400021, Maharashtra, India
• HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loans
Corporation Bank. FORT. Mumbai (Repayable within one year Rs.13.500 Millions, Previous Year Rs.13.500 Millions) (Secured by Mortgage of land and building plant and machinery and all other fixed assets)	0.000	27.000
HDFC Bank Limited (Repayable within one year Rs.0.090 Million, Previous Year Rs.0.107 Million) (Secured by mortgage of motor car )	0.000	0.090
Kotak Mahindra Preime Limited. (Repayable within one year Rs.0.123 Million, Previous Year Rs.0.389 Million) (Secured by mortgage of motor car)	0.000	0.123
Working Capital Loans
Corporation Bank. FORT. Mumbai (Secured by Hypothecation of all current assets)	0.000	51.655
Total	0.000	78.868
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Pankaj Kapoor		0.200
Pantaloon Industries Limited A/C-I	33.866	5.058
Pantaloon Industries Limited A/C-II		6.186
Total	33.866	11.444

Banking Relations :	--
Auditors :
Name :	Narendra S Choudhary and Associates Chartered Accountants
Address :	26, YAC Industrial Estate, Kondivita Lane, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-66938299
Fax No.:	91-22-66938980
PAN.:	AACPC9504F
Holding Company :	PIL Industries Limited CIN No.: U99999MH1987PLC044078

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 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		30.000	30.000	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(42.358)	(12.169)	(8.027)
NETWORTH		(12.358)	17.831	21.973
LOAN FUNDS
1] Secured Loans		0.000	78.868	100.630
2] Unsecured Loans		33.866	11.444	14.110
TOTAL BORROWING		33.866	90.312	114.740
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		21.508	108.143	136.713
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.382	59.727	86.479
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	5.286	3.262
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.427	67.848	75.462
	Sundry Debtors	7.917	41.883	54.361
	Cash & Bank Balances	0.196	4.240	3.542
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.465	2.921	4.410
Total Current Assets		32.005	116.892	137.775
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		64.544	84.407
	Other Current Liabilities	12.879	8.885	5.959
	Provisions	0.000	0.333	0.437
Total Current Liabilities		12.879	73.762	90.803
Net Current Assets		19.123	43.130	46.972
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		21.508	108.143	136.713

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	129.939	248.339	329.211
		Other Income
		TOTAL (A)	129.939	248.339	329.211
Less	EXPENSES
		Cost of Goods Sold / Consumed	110.012	177.359	247.889
		Personnel Cost	9.728	17.746	19.751
		Manufacturer and Others Expenses	15.895	31.315	38.311
		Loss on Sale of Fixed Assets	4.664	1.621	0.000
		TOTAL (B)	140.299	228.041	305.951
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(10.360)	20.298	23.260
Less	FINANCIAL EXPENSES (D)		10.999	21.453	32.512
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(21.359)	(1.155)	(9.252)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.544	5.013	6.143
	PROFIT BEFORE TAX (E-F) (G)		(24.903)	(6.169)	(15.395)
Less	TAX (H)		5.286	(2.024)	1.059
	PROFIT AFTER TAX (G-H) (I)		(30.189)	(4.145)	(16.454)
Less/ Add	Adjustment		0.000	0.003	18.132
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(12.169)	(80.027)	(9.705)
	BALANCE CARRIED TO THE B/S		(42.358)	(12.169)	(80.027)
	EARNINGS IN FOREIGN CURRENCY		NA	23.114	26.066
	Earnings Per Share (Rs.)		(10.06)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(23.23)	(1.67)	(5.00)
Return on Total Assets (PBT/Total Assets}	(%)	(72.42)	(3.49)	(6.86)
Return on Investment (ROI) (PBT/Networth)		2.02	(0.35)	(0.70)
Debt Equity Ratio (Total Liability/Networth)		(3.78)	9.20	9.35
Current Ratio (Current Asset/Current Liability)		2.49	1.58	1.52

LOCAL AGENCY FURTHER INFORMATION

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	No
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 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	No
34]	External Agency Rating, if available	No

Fixed Assets

• Computer
• Furniture and Fixtures
• Plant and Machineries
• Building
• Land

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 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 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 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.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.79

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		18

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.