MIRA INFORM REPORT

Report Date :

19.10.2012

IDENTIFICATION DETAILS

Name :	LAXMI SHUTTLELESS LOOMS PRIVATE LIMITED
Registered Office :	Sanghvi Estate, GST Road, Ranip, Ahmedabad – 382480, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.12.2003
Com. Reg. No.:	04-43321
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U29263GJ2003PTC043321
TAN No.: [Tax Deduction & Collection Account No.]	AHML00623A
PAN No.: [Permanent Account No.]	AAACL9508P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Semi Automatic and Automatic Looms
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 9000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. It has recorded an healthy growth in its sales turnover and profits during 2011 Financial position of the company appears to be improving. Trade relations are reported as fair. Business is active. Payments are reported as slow but correct. 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 3B
Rating Explanation	Moderate Performance Capability and Moderate Financial Strength
Date	22.06.2012

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 (GENERAL DETAILS)

Name :	Mr. Nimish Manmohandas Sanghvi
Designation :	Director
Contact No.:	91-9824083931
Date :	11.10.2012

LOCATIONS

Registered Office/ Factory 1 :	Sanghvi Estate, GST Road, Ranip, Ahmedabad – 382480, Gujarat, India
Tel. No.:	91-79-25624393/25620604
Mobile No.:	91-9824083931/9824083935 (Mr. Nimish Manmohandas Sanghvi)
Fax No.:	91-79-25622845
E-Mail :	sales@laxmilooms.com trshah2008@yahoo.co.in
Website :	http://laxmilooms.com
Location :	Owned
Factory 2 :	22/23, Punmaji Industrial Estate, Shahpur, Ahmedabad – 380004, Gujarat, India
Tel. No.:	91-79-25624393/25622510
Fax No.:	91-79-25622845
Sales Office	Located at : Address: 58, Ardeshir Dadi Street, Gopitha, C. P. Tank, Mumbai – 400004, Maharashtra, India Tel No. : 91-22-23863589 Fax No. : 91-22-23871790 Address : J. J. Gupta Complex, Opposite Citizen Hospita, Agra Road, Bhiwandi – 421302, Maharashtra, India Tel No. : 91-2522-225210 Fax No. : 91-2522-225264

DIRECTORS

As on: 30.09.2011

Name :

Mr. Nimish Manmohandas Sanghvi

Designation :

Director

Address :

7, Sadhana Colony Co-operative Society, Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

01.02.1962

Date of Appointment :

11.12.2003

PAN No.:

ACBPS8852

DIN No.:

00357168

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	U17119GJ1981PTC004592	SHANGHVI TEXTILE ENGINEERING PRIVATE LIMITED	Director	17-09-81	17-09-81	-	Active	NO
2	U29263GJ2003PTC043321	LAXMI SHUTTLELESS LOOMS PRIVATE LIMITED	Director	11-12-03	11-12-03	-	Active	NO

Name :

Mr. Hemang Manmohandas Shanghvi

Designation :

Director

Address :

7, Hatkesh Society, Near Sharada School, Navrangpura, Ahmedabad – 380009, Gujarat, India

Date of Birth/Age :

31.03.1966

Date of Appointment :

11.12.2003

PAN NO.:

ABVPS54D41

DIN No.:

00357157

Name :

Mr. Divyang Anantrai Shanghvi

Designation :

Director

Address :

6, Paritosh Co-operative Houseing Society, Navrangpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

26.07.1959

Date of Appointment :

11.12.2003

PAN NO.:

ABVPS536IC

DIN No.:

00357164

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	U17119GJ1981PTC004592	SHANGHVI TEXTILE ENGINEERING PRIVATE LIMITED	Managing director	02-09-81	02-09-81	-	Active	NO
2	U29263GJ2003PTC043321	LAXMI SHUTTLELESS LOOMS PRIVATE LIMITED	Director	11-12-03	11-12-03	-	Active	NO

Name :

Mr. Ketan Bhavanidas Sanghvi

Designation :

Director

Address :

Flat No. 121 12^th Floor, Kalpataru Royale Plot No. 110, Road No. 29, Sion (East), Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

23.12.1961

Date of Appointment :

11.12.2003

PAN NO.:

ADFPS9275

DIN No.:

00654701

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	U72100MH1997PTC108418	WANLAND DATACOM (INDIA) PRIVATE LIMITED	Director	30-05-97	30-05-97	-	Strike off	NO
2	U17119GJ1981PTC004592	SHANGHVI TEXTILE ENGINEERING PRIVATE LIMITED	Director	22-09-03	22-09-03	-	Active	NO
3	U29263GJ2003PTC043321	LAXMI SHUTTLELESS LOOMS PRIVATE LIMITED	Director	11-12-03	11-12-03	-	Active	NO
4	U99999MH1969NPL014319	INDIAN TEXTILE ACCESSORIES AND MACHINERY MANUFACTURERS' ASSOCIATION	Director	16-09-05	16-09-05	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Anantrai Manmohandas.Shanghvi	22500
Manmohandas Manmohandas .Shanghvi	22500
Bhavanidas Manmohandas.Shanghvi	22500
Manmohandas Manmohandas .Shanghvi	22500
Ketan Bhavanidas Shanghvi	5000
Divyang Anantrai Shanghvi	5000
Nimish Manmohandas Shanghvi	5000
Hemang Manmohandas Shanghvi	5000
Total	110000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Semi Automatic and Automatic Looms
Products :	Semi Automatic Automatic Looms
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	2010-11
Licensed Capacity	NA
Installed Capacity	NA
Actual Production	113

GENERAL INFORMATION

Suppliers :

Sanghavi Textiles Engineering Private Limited

Customers :

• Wholesalers
• Retailers

No. of Employees :

10 (Approximately)

Bankers :

· Bank of India, Shahibaug Branch 313 Ground Floor, Sahajanand Shoping Centre Shahibaug Road Shahibaug, Ahmedabad - 380004, Gujarat, India

• Bank of India, Delhi Chakla Branch, Ahmedabad, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
HDFC Motor Car Loan (Secured against hypothecation of Motor Car)	0.400	0.000
Bank of India, Bhadra Mair Buyer Credit Account (Secured against Equitable Mortgage on Land and Building of Shanghvi Textile Engineering Private Limited )	5.334	0.000
Bank of India – D.C. Account No. 523 (Secured against hypothecation of stock)	4.046	0.000
Total	9.780	0.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Hemang Manmohandas Shanghvi	0.115	2.095
Divyang Anantrai Shanghvi	0.135	1.975
Nimish Manmohandas Shanghvi	0.000	0.165
Total	0.250	4.235

Banking Relations :	--
Auditors :
Name :	Tushar R. Shah and Associates Chartered Accountants
Address :	8-G, Vardan Tower, Near Vimal House, Navrangpura, Ahmedabad – 380014, Gujarat, India
PAN No.:	AJHPS2590R
Sister Concern :	Laxmi Textiles Stores

CAPITAL STRUCTURE

Issued, Subscribed & Paid-up Capital: Rs. 0.900 Million

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2,400,00	Equity Shares	Rs.10/- each	Rs. 2.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,100,00	Equity Shares	Rs.10/- each	Rs. 1.100 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		1.100	1.100	1.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.350	0.000	0.000
4] (Accumulated Losses)		0.000	(0.881)	(1.156)
NETWORTH		2.450	0.219	(0.056)
LOAN FUNDS
1] Secured Loans		9.780	0.000	0.000
2] Unsecured Loans		0.250	4.235	2.315
TOTAL BORROWING		10.030	4.235	2.315
DEFERRED TAX LIABILITIES		0.060	0.054	0.055
TOTAL		12.540	4.508	2.314
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.734	2.368	2.587
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.041	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.230	0.223
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.695	13.617	12.118
	Sundry Debtors	1.571	1.281	2.369
	Cash & Bank Balances	0.259	5.772	2.753
	Other Current Assets	0.046	0.047	0.033
	Loans & Advances	4.391	2.623	2.052
Total Current Assets		13.962	23.340	19.325
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.517	7.429	10.277
	Other Current Liabilities	4.862	13.028	9.259
	Provisions	0.818	0.973	0.285
Total Current Liabilities		8.197	21.430	19.821
Net Current Assets		5.765	1.910	(0.496)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12.540	4.508	2.314

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	58.469	27.442	43.232
		Other Income	0.484	0.838	0.373
		TOTAL	58.953	28.280	43.605
Less	EXPENSES
		Raw Material Consumption	41.036	17.466	31.201
		Custom Duty	4.929	2.377	4.181
		Job Works Charges	2.011	1.591	0.641
		Director s Remuneration	1.061	0.794	0.068
		Commission	1.195	0.175	1.254
		Other Expenses	5.279
		TOTAL	55.511	27.622	43.290
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.442	0.658	0.315
Less/ Add	DEPRECIATION/ AMORTISATION		0.342	0.356	0.352
	PROFIT/ LOSS BEFORE TAX		3.100	0.302	(0.037)
Less	TAX		0.868	0.027	0.040
	PROFIT/ LOSS AFTER TAX		2.232	0.275	(0.077)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.881)	(1.156)	(1.079)
	BALANCE CARRIED TO THE B/S		1.351	(0.881)	(1.156)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	1.224
	TOTAL EARNINGS		0.000	0.000	1.224
	IMPORTS
		Raw Materials
		Stores & Spares
	TOTAL IMPORTS		22.311	8.457	24.188
	Earnings Per Share (Rs.)		20.30	2.51	(0.70)

Not Divulged

The above information has been parted by Mr. Nimish Manmohandas Sanghvi

Note: Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.78	0.97	0.17
Net Profit Margin (PBT/Sales)	(%)	5.30	1.100	(0.08)
Return on Total Assets (PBT/Total Assets}	(%)	18.56	1.17	(0.17)
Return on Investment (ROI) (PBT/Networth)		1.26	1.38	0.66
Debt Equity Ratio (Total Liability/Networth)		7.44	117.19	(395.28)
Current Ratio (Current Asset/Current Liability)		1.70	1.09	0.97

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29263GJ2003PTC043321
Name of the company	LAXMI SHUTTLELESS LOOMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sanghvi Estates Gst Roadkaligam Ranip Ahmedabad - 382480, Gujarat, India trshah2008@yahoo.co.in
This form is for	Creation of charge
Type of charge	Books debts Movable Property Floating Charge
Particular of charge holder	Bank of India Shahibaug Branch 313 Ground Floor, Sahajanand Shoping Centre Shahibaug Road Shahibaug, Ahmedabad - 380004, Gujarat, India shahibaug.ahmedabad@bankofindia.co.in
Nature of instrument creating charge	Hypothecation Cum Loan Agreement (Plant and Machinery, Stocks And Book Debts) Executed by the company to secure fund based and non fund based credit facilities aggregate limits of Rs. 30.000 Millions
Date of instrument Creating the charge	21.10.2011
Amount secured by the charge	Rs. 30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC stock - 4% over br pres 14.25% p. a. with monthly rest or such other rate as may be prescribed by bank from time to time lc / buyers credit - as per bank's rules Terms of repayment CC Stock - On Demand / Annual Review LC (F) DP/DA 90 Days - On Demand / Annual Review Buyers' Credit 90 Days - On Demand / Annual Review Margin CC Stock - 25% LC (F) DP/DA 90 Days / Buyers' Credit 90 Days - 15% Extent and operation of the charge First and exclusive hypothecation charge on all the tangible movable properties like plant & machinery, stocks of materials and book debts of the company to secure the fund based & non fund based aggregate limits of Rs. 30.000 Millions along with interest, additional interest , penal interest, cost, charges, liquidated damages, penalty and commission and all such other amount due to bank from time to time of what so ever nature Others Amount Rs. in Millions CC Stock – 10.000 LC (F) DP/DA 90 Days / Buyers' Credit – 20.000 Total Max FB + NFB – 30.000
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All tan movable Plant and Machinery, Furniture, Fixtures, Equipments and other movable assets of company whether installed or not & whether lying loose or in cases at Shanghvi east GST Road Ranip ahd 382 470 or else. All stocks of raw material spare parts tools, sfg, fin goods like looms, spares etc both present and future lying or stored at Shanghvi east GST Road Ranip ahd 382 470 or else All the Book Debts, Outstanding, Money Receivables, Claims Bills Both Present and Future Details as per annexure

TRADE REFERENCES

• Sanghavi Textiles Engineering Private Limited

FIXED ASSESTS

• Plant and Machinery
• Building
• Land
• Electric Fitting
• Furniture and Fixture
• Computer System
• Cycle
• Motor Car

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. 52.97
UK Pound	1	Rs. 85.45
Euro	1	Rs. 69.46

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		41

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.