MIRA INFORM REPORT

Report Date :

29.04.2013

IDENTIFICATION DETAILS

Name :	SRI JAYA JOTHI TEXTILE MILLS PRIVATE LIMITED
Registered Office :	154, R. Reddiaapatti Road, Sri Jayavilas Subburaj Nagar, Keelarajakularaman, Rajapalayam (T.K.), District Virudhunagar – 626 136, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.02.1996
Com. Reg. No.:	18-034526
Capital Investment / Paid-up Capital :	Rs.2.500 millions
CIN No.: [Company Identification No.]	U17111TN1996PTC034526
TIN No.:	33726061953
PAN No.: [Permanent Account No.]	AABCS5352B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cotton Yarn.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (37)

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

Maximum Credit Limit :	USD 1803000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: B+
Rating Explanation	High risk of default.
Date	February 15, 2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February 15, 2013

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/ Factory :	154, R. Reddiaapatti Road, Sri Jayavilas Subburaj Nagar, Keelarajakularaman, Rajapalayam (T.K.), District Virudhunagar – 626 136, Tamilnadu, India
Tel. No.:	91-4563-257266/ 257990/ 258955/ 258701/ 258711/ 258005
Fax No.:	91-4563-257282/ 258600
E-Mail :	sjitmill@sancharnet.in smrajunaidu@gmail.com srijjothitex@vsnl.com

DIRECTORS

As on 28.09.2012

Name :

Mr. Thathi Ramasamy Naicker Jayaraman

Designation :

Director

Address :

51, Pillaimar Street, Aruppukottai, Virudhunagar, Tamilnadu, India

Date of Birth/Age :

15.05.1935

Date of Appointment :

15.02.1996

PAN No.:

ACOPJ4044M

DIN No.:

00600336

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	U17111TN1951PLC002746	SHRI RAMALINGA MILLS LIMITED	Director	04/05/1962	04/05/1962	-	Active	NO
2	U27104TN1961PTC004402	KOVILPATTI STEEL ROLLING INDUSTRIES PRIVATE LIMITED	Director	07/05/1979	07/05/1979	-	Active	NO
3	U65191TN1980PTC008152	ARUPPUKOTTAI SRI JAYAVILAS FINANCE PRIVATE LIMITED	Director	01/03/1980	01/03/1980	-	Active	NO
4	U51102TN1981PLC008702	SRI JAYAJOTHI AND COMPANY LIMITED	Director	07/04/1981	07/04/1981	24/03/2011	Active	NO
5	U27104TN1982PTC009175	SREE JAYA VILAS MALLEABLE CASTINGS PRIVATE LIMITED	Director	18/01/1982	18/01/1982	05/10/2011	Active	NO
6	U27200TN1984PTC011013	ARUPPUKOTTAI SRI JAYAVILAS INVESTMENTS PRIVATE LIMITED	Director	12/07/1984	12/07/1984	-	Active	NO
7	U25199TN1987PTC014565	SUNLITE RUBBERS PRIVATE LIMITED	Director	23/06/1987	23/06/1987	-	Active	NO
8	U17111TN1989PTC017318	JAI JAGADHAMBIGA TEXTILE MILLS PRIVATE LIMITED	Director	27/04/1989	27/04/1989	-	Active	NO
9	U35111TN1983PTC010041	JESUDASONS PRIVATE LIMITED	Director	27/11/1991	27/11/1991	-	Active	NO
10	U17111TN1992PTC022526	SHRI JAYAVARTHAN SPINNING MILL PRIVATE LIMITED	Director	22/04/1992	22/04/1992	05/10/2011	Active	NO
11	U17111TN1996PTC034526	SRI JAYA JOTHI TEXTILE MILLS PRIVATE LIMITED	Director	15/02/1996	15/02/1996	-	Active	NO
12	U18101TN1996PTC035925	SREE ISWARYA TEXTILES PRIVATE LIMITED	Director	01/07/1996	01/07/1996	-	Active	NO
13	U17111TN1983PLC009973	L.S. MILLS LIMITED	Director	10/06/2005	10/06/2005	05/02/2011	Active	NO

Name :

Mr. J. Rajasekaran

Designation :

Director

Address :

51, Pillaimar Street, Aruppukottai, Virudhunagar, Tamilnadu, India

Date of Birth/Age :

21.08.1960

Date of Appointment :

31.10.1996

PAN No.:

AFXPR4581D

DIN No.:

00600339

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	U25199TN1987PTC014565	SUNLITE RUBBERS PRIVATE LIMITED	Director	23/06/1987	23/06/1987	-	Active	NO
2	U17111TN1989PTC017318	JAI JAGADHAMBIGA TEXTILE MILLS PRIVATE LIMITED	Director	27/04/1989	27/04/1989	-	Active	NO
3	U17111TN1992PTC022984	SRI SATHU SPINNING MILLS PRIVATE LIMITED	Director	01/07/1992	01/07/1992	05/10/2011	Active	NO
4	L17111TN1989PLC018267	TAMILNADU JAI BHARATH MILL LIMITED	Director	28/11/1995	28/11/1995	01/08/2012	Active	NO
5	U18101TN1996PTC035925	SREE ISWARYA TEXTILES PRIVATE LIMITED	Director	31/10/1996	31/10/1996	-	Active	NO
6	U17111TN1996PTC034526	SRI JAYA JOTHI TEXTILE MILLS PRIVATE LIMITED	Director	31/10/1996	31/10/1996	-	Active	NO

Name :

Mrs. Jayaraman Seethalakshmi

Designation :

Director

Address :

51, Pillaimar Street, Aruppukottai, Virudhunagar, Tamilnadu, India

Date of Birth/Age :

05.03.1938

Date of Appointment :

31.10.1996

PAN No.:

AJGPS1003E

DIN No.:

00600352

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	U60201TN1979PTC007795	SRI VENKATACHALAPATHY TRANSPORTS PRIVATE LIMITED	Director	16/04/1979	16/04/1979	20/01/2008	Active	NO
2	U17112TN1980PLC008155	SHRI GOVINDARAJA MILLS LIMITED	Director	01/04/1987	01/04/1987	15/10/2011	Active	NO
3	U25199TN1987PTC014565	SUNLITE RUBBERS PRIVATE LIMITED	Director	23/06/1987	23/06/1987	-	Active	NO
4	U51102TN1981PLC008702	SRI JAYAJOTHI AND COMPANY LIMITED	Director	20/03/1995	20/03/1995	24/03/2011	Active	NO
5	U17111TN1989PTC017318	JAI JAGADHAMBIGA TEXTILE MILLS PRIVATE LIMITED	Director	28/09/1996	28/09/1996	-	Active	NO
6	U18101TN1996PTC035925	SREE ISWARYA TEXTILES PRIVATE LIMITED	Director	31/10/1996	31/10/1996	-	Active	NO
7	U17111TN1996PTC034526	SRI JAYA JOTHI TEXTILE MILLS PRIVATE LIMITED	Director	31/10/1996	31/10/1996	-	Active	NO

Name :

Mrs. Gita Rajasekaran

Designation :

Director

Address :

51, Pillaimar Street, Aruppukottai, Virudhunagar, Tamilnadu, India

Date of Birth/Age :

29.07.1966

Date of Appointment :

31.10.1996

PAN No.:

AAMPG7837M

DIN No.:

00707417

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	U18101TN1996PTC035925	SREE ISWARYA TEXTILES PRIVATE LIMITED	Director	31/10/1996	31/10/1996	-	Active	NO
2	U17111TN1996PTC034526	SRI JAYA JOTHI TEXTILE MILLS PRIVATE LIMITED	Director	31/10/1996	31/10/1996	-	Active	NO
3	U17111TN1989PTC017318	JAI JAGADHAMBIGA TEXTILE MILLS PRIVATE LIMITED	Director	26/09/1998	26/09/1998	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
T.R. Jayaraman	11475
J. Rajasekaran	6275
Githa Rajaasekaran	4750
T.R. Dhinakaran	2500
Total	25000

As on 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cotton Yarn.

Products :

Product Description	ITC Code
Cotton Yarn	5205
Cotton Grey Cloth	5207

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	31.03.2010
Licenced capacity (in spindles)	125000
Installed capacity (in spindles)	100704
Production of Finished Goods Cotton Yarn	6004317 Kgs.
Cotton Grey Fabrics - Production	4154775 Mtrs.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• City Union Bank Limited, 149, Big Street, Kumbakonam, Tanjore – 612 001, Tamilnadu, India
• IDBI Bank Limited, 115; Anna Salai, Saidapet, Chennai – 600 015, Tamilnadu, India
• The South Indian Bank Limited, Anut Complex, Pandalgudi Road Junction, Aruppukottai – 626 101, Tamilnadu, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	647.336	838.125
SHORT-TERM BORROWINGS
Working capital loans from banks	152.395	146.266
Total	799.731	984.391

Banking Relations :	--
Financial Institute:	Sundaram Finance Limited, 21, Patullos Road, Chennai – 600 002, Tamilnadu, India
Auditors :
Name :	K.V. Raman Chartered Accountant
Address :	42, Sevalpatti South Street, Rajapalayam – 626 117, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AASPR3952L
Other Related Parties :	Jai Jagadhambiga Textile Mills (Private) Limited, Aruppukottai Sree Iswarya Textiles (Private) Limited, Keelarajakularaman

CAPITAL STRUCTURE

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		448.172	442.642	425.049
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		450.672	445.142	427.549
LOAN FUNDS
1] Secured Loans		799.731	984.391	802.977
2] Unsecured Loans		0.000	0.000	9.163
TOTAL BORROWING		799.731	984.391	812.140
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1250.403	1429.533	1239.689
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		592.141	604.460	600.052
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	51.389
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	160.564	380.339	311.607
	Sundry Debtors	195.130	252.886	281.493
	Cash & Bank Balances	64.227	145.539	17.777
	Other Current Assets	632.800	490.438	0.000
	Loans & Advances	114.892	68.236	450.812
Total Current Assets		1167.613	1337.438	1061.689
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	304.602	308.863	350.221
	Other Current Liabilities	70.459	70.737	0.000
	Provisions	134.290	132.765	123.220
Total Current Liabilities		509.351	512.365	473.441
Net Current Assets		658.262	825.073	588.248
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1250.403	1429.533	1239.689

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income (Gross Turnover)	1780.934	2004.958	1661.419
		Other Income	7.070	8.828	12.219
		TOTAL (A)	1788.004	2013.786	1673.638
Less	EXPENSES
		Office Expenses	1552.660	1803.704	1490.217
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1552.660	1803.704	1490.217
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		235.344	210.082	183.421
Less	INTEREST (D)		136.548	104.577	90.402
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		98.796	105.505	93.019
Less/ Add	DEPRECIATION/ AMORTISATION (F)		91.741	78.367	82.290
	PROFIT BEFORE TAX (E-F) (G)		7.055	27.138	10.729
Less	TAX (H)		1.525	9.545	4.416
	PROFIT AFTER TAX (G-H) (I)		5.530	17.593	6.313
	EARNINGS IN FOREIGN CURRENCY		10.593	7.408	1.156
	IMPORTS
		Raw Materials	111.811	47.495	276.867
	TOTAL IMPORTS		111.811	47.495	276.867
	Earnings Per Share (Rs.)		221.00	704.00	429.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.31	0.87	0.38
Net Profit Margin (PBT/Sales)	(%)	0.40	1.35	0.65
Return on Total Assets (PBT/Total Assets}	(%)	0.40	1.40	0.65
Return on Investment (ROI) (PBT/Networth)		1.57	0.06	0.03
Debt Equity Ratio (Total Debt/Networth)		1.77	2.21	1.90
Current Ratio (Current Asset/Current Liability)		2.29	2.61	2.24

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	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	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

OPERATIONAL RESULTS

The performance of the Company during the period has been satisfactory despite difficult textile industry conditions coupled with higher cost of production and global financial situation. The Gross Turnover achieved was Rs.1780.934 millions and after charging all expenses but before providing interest and depreciation, the operating profit stands at Rs.235.345 millions. After charging interest amounting to Rs.136.548 millions and providing depreciation for Rs.91.741 millions, the working had resulted in a Net Profit for Rs.7.054 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U17111TN1996PTC034526
Name of the company	SRI JAYA JOTHI TEXTILE MILLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	154, R. Reddiaapatti Road, Sri Jayavilas Subburaj Nagar, Keelarajakularaman, Rajapalayam (T.K.), District Virudhunagar – 626 136, Tamilnadu, India E-Mail: sjjtmill@sancharnet.in
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	City Union Bank Limited, 149, Big Street, Kumbakonam, Tanjore – 612 001, Tamilnadu, India E-Mail: cub077@cityunionbank.com
Nature of description of the instrument creating or modifying the charge	1. Agreement of Loan cum Hypothecation 2. Deposit of Title Deeds
Date of instrument Creating the charge	22.03.2013
Amount secured by the charge	Rs.100.000 millions
Brief particulars of the principal terms a conditions and extent and operation of the charge	Rate of Interest: Rate of Interest 15% p.a. Terms of Repayment: Payment Terms 36 Monthly Equal Installments Margin: Nil Extent and Operation of the charge: On machinery term loan of Rs.50.000 millions (Cost Rs.62.000 millions), Property at 36, 36/2, 36/3 P.S.K. Nagar, Rajapalayam Property at Door Nos.2, 3 Dr. Radhakrishnan Salai, 5^th Street, Mylapore, Chennai Others: Nil
Short particulars of the property charged	Second charge on entire current assets of the Company from the South Indian Bank Limited and IDBI

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Office Equipments

· Computer

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 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.54.29
UK Pound	1	Rs.83.88
Euro	1	Rs.70.68

INFORMATION DETAILS

Report Prepared by :

SMN

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	4
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		37

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.