MIRA INFORM REPORT

Report Date :

22.02.2013

IDENTIFICATION DETAILS

Name :	PRADEEP FIBERS PRIVATE LIMITED
Registered Office :	Plot No.100, CIDCO, N-4/F-1, Manuprabha, Guru Sahani Nagar, Garkheda, Aurangabad – 431003, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.08.2004
Com. Reg. No.:	11-148174
Capital Investment / Paid-up Capital :	Rs.28.000 Millions
CIN No.: [Company Identification No.]	U17110MH2004PTC148174
TAN No.: [Tax Deduction & Collection Account No.]	NSKP02294F
PAN No.: [Permanent Account No.]	AADCP3567F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Exporter and Importer of Cotton, Cotton Seed and Oil Cakes.
No. of Employees :	215 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 370000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company 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 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

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	CARE
Rating	Long Term Bank Facilities: BB
Rating Explanation	Moderate risk of default
Date	23.03.2012

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

Name :	Mr. Shantilal
Designation :	Export Manager
Contact No.:	91-240-2453285
Date :	06.02.2013

LOCATIONS

Registered Office :	Plot No.100, CIDCO, N-4/F-1, Manuprabha, Guru Sahani Nagar, Garkheda, Aurangabad – 431003, Maharashtra, India
Tel. No.:	91-240-2453285-287
Fax No.:	91-240-2453288
E-Mail :	pradeepfibers@yahoo.co.in
Website :	www.pradeepfibers.in
Location :	Owned
Factory 1/ Branch:	Gate No. 449, Dongargaon, Sillod, District Aurangabad, Maharashtra, India
Tel. No.:	91-2430-222159
Fax No.:	91-2430-222159
Area :	3 Hector
Location :	Leased
Factory 2 :	Gate No. 241, 242, Chikani, Georai, District Beed, Maharashtra, India
Area :	3.20 Hector
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Ashish Mohanlal Tayal
Designation :	Director
Address :	Plot No. 21, N-3, CIDCO, Aurangabad, Maharashtra, India
Date of Appointment :	24.08.2004
DIN No.:	01877032
Name :	Mr. Govind Maganlal Tayal
Designation :	Director
Address :	Warla Road, Sendhwa, Madhya Pradesh, India
Date of Appointment :	24.08.2004
DIN No.:	01877025
Name :	Mr. Mohanlal Maganlal Tayal
Designation :	Director
Address :	Warla Road, Sendhwa, Madhya Pradesh, India
Date of Appointment :	24.08.2004
DIN No.:	01877027
Name :	Mr. Rishabh Kishor Tayal
Designation :	Director
Address :	Jawahar Ganj, Sendhwa, Madhya Pradesh, India
Date of Appointment :	24.08.2004
DIN No.:	01877036
Name :	Mr. Abhishek Tayal
Designation :	Director
Address :	Warla Road, Sendhwa, Madhya Pradesh, India
Date of Appointment :	24.08.2004
DIN No.:	05201291
Name :	Mr. Pradeep Kumar Tayal
Designation :	Director
Address :	Plot No 21, N-3, CIDCO, Aurangabad, Maharashtra, India
Date of Appointment :	24.08.2004
DIN No.:	01560810
Name :	Mr. Sunil Kumar Tayal
Designation :	Director
Address :	Plot No 21, N-3, CIDCO, Aurangabad, Maharashtra, India
Date of Appointment :	24.08.2004
DIN No.:	02251244

KEY EXECUTIVES

Name :	Mr. Shantilal
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Pradeep Pushalal Tayal	180250
Mohanlal Maganlal Tayal	267750
Govind Maganlal Tayal	180250
Ashish Mohanlal Tayal	5250
Rishabh Kishor Tayal	3500
Sunilkumar Pushalal Tayal	5250
Abhishek Govind Tayal	5250
Manudevi Pushalal Tayal	217000
Shashi Govind Tayal	245000
Anju Sunil Tayal	245000
Veena Pradeep Tayal	245000
Chanda Kishor Tayal	245000
Sharmila Girish Tayal	245000
Vidya Mohan Tayal	245000
Mohanlal Maganlal Agrawal HUF	3500
Govind Maganlal Agrawal HUF	3500
Girish Maganlal HUF	3500
Kishor Pushalal HUF	3500
Praddep Pushalal HUF	3500
Sunil Pushalal Tayal HUF	3500
Pushalal Sarbulal Tayal HUF	3500
Sarbulal Gangashay HUF	3500
Girish Maganlal Agrawal	262500
Kishor Pushalal Tayal	175000
Total	2800000

AS ON 30.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturers, Exporter and Importer of Cotton, Cotton Seed and Oil Cakes.

Products :

Products Description	Item Code No
Cotton	47061000

Exports :

Products :

Finished Goods

Countries :

Ø Pakistan

Ø Bangladesh

Ø Indonesia

Ø China

Imports :

Products :

Cotton

Countries :

Ø South Africa

Ø Pakistan

Terms :

Selling :

Cash

Purchasing :

Cash

PRODUCTION STATUS (AS ON 31.03.2012)

Products	Actual Production
Cotton Ginning and Pressing :
Electricity	170.06
Oil and Lubricant	10.78
Stores and Spares	39.95

GENERAL INFORMATION

Supplier :

v Jai Hind Spinning Mills Limited

Customer :

Others (Textile Mills)

v Super Spinning Mills Limited

v Premier Spinning Mills Private Limited

No. of Employees :

215 [Approximately]

Bankers :

· State Bank of India

Industrial Finance Branch, Jaggi’s Building, Jalna Road, Aurangabad – 431005, Maharashtra, India

· State Bank of Indore

Kranti Chowk Branch, Aurangabad – 431001, Maharashtra, India

· IDBI Bank Limited,

IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· State Bank of Maharashtra

· State Bank of Hyderabad

· Buildcang Urban Credit Co-operative Society Limited

· Siddeshwar Urban Co-operative Bank

· Merchant Co-operative Bank

· The Vaijapur Merchant Co-operative Bank

· The Chatisgahar People Co-operative Bank Limited

· Indian Bank

· HDFC Bank

· Axis Bank

Facilities :

Secured Loan	31.03.2012	31.03.2011
	(Rs. In Millions)
Working Capital Loans from Banks (Hypothecation of movable assets and collaterally secured of equitable mortgage of Immovable Property and Pledge of FDRs)	143.572	151.354
Term Loans from Banks (Hypothecation of Car)	1.443	0.000
Total	145.015	151.354

Banking Relations :	--
Auditors :
Name :	Mandovra and Associates Chartered Accountants
Address :	2, White Church Colony, Opposite Aaykar Bhavan, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2701600-603
PAN No.:	AAGFM7993L
Other Related Parties :	· Kunal Cotton Industries Praddep Cottons Private Limited Praddep Cotex Industries Praddep Cotton Corporation Godavari Cotton Industries Pradeep Fibers

CAPITAL STRUCTURE

AS ON 29.09.2012

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
2800000	Equity Shares	Rs.10/- each	Rs.28.000 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		28.000	28.000	28.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		63.405	56.354	43.415
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		91.405	84.354	71.415
LOAN FUNDS
1] Secured Loans		145.015	151.354	181.424
2] Unsecured Loans		166.339	141.645	238.543
TOTAL BORROWING		311.354	292.999	419.967
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		402.759	377.353	491.382
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.231	31.077	26.672
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.003	0.003	8.438
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	256.072	185.473	171.633
	Sundry Debtors	134.699	128.100	259.116
	Cash & Bank Balances	7.528	5.331	13.919
	Other Current Assets	3.385	4.195	0.000
	Loans & Advances	39.038	100.103	89.653
Total Current Assets		440.722	423.202	534.321
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	61.230	49.585	65.002
	Other Current Liabilities	7.967	27.344	13.010
	Provisions	0.000	0.000	0.037
Total Current Liabilities		69.197	76.929	78.049
Net Current Assets		371.525	346.273	456.272
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		402.759	377.353	491.382

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2024.064	2070.010	5137.729
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		14.435	24.328	24.338
Less/ Add	DEPRECIATION/ AMORTISATION		4.537	4.047	3.635
	PROFIT BEFORE TAX		9.898	20.281	20.703
Less	TAX		3.986	7.343	5.967
	PROFIT AFTER TAX		5.912	12.938	14.736
	EARNINGS IN FOREIGN CURRENCY		NA	NA	663.645
	Earnings Per Share (Rs.)		2.11	4.62	5.26

Expected Sales (2012-2013): Rs.3000.000 Millions

The above information has been parted by Mr. Shantilal (Export Manager)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	0.49	0.98	0.40
Return on Total Assets (PBT/Total Assets}	(%)	2.10	4.46	3.69
Return on Investment (ROI) (PBT/Networth)		0.11	0.24	0.29
Debt Equity Ratio (Total Debt/Networth)		3.41	3.47	0.29
Current Ratio (Current Asset/Current Liability)		6.37	5.50	6.85

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	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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2010
	(Rs. In Millions)
Interoperate	5.000	4.000
Loans and Advance from Others	161.339	137.645
Total	166.339	141.645

NOTE:

The Registered office of the company has been shifted from, Plot No.133, N-3, CIDCO, Near High Court, Aurangabad – 431003, Maharashtra, India, to the present address w.e.f. 01.10.2010.

OPERATIONS

During the year, the turnover of the company has slightly gone down by 2.22%, and also profits for the year has been gone down by 45.69% due to lower margin, price widely fluctuation and under realization of product of the Company. But in the highly fluctuating market, your company has been able to sustain its turnover. The export turnover has been increased to 204% as compared to previous year and earned foreign currency for the country. The directors are taking action and hoping for the increase in turnover and also profitability and will become successful in taking advantage of the bullish trend going on in the cotton textile industry throughout the world.

TRADE REFERENCES

Ø Super Spinning Mills Limited

Ø Premier Spinning Mills Private Limited

Ø Jai Hind Spinning Mills Limited

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90365555
Corporate identity number of the company	U17110MH2004PTC148174
Name of the company	PRADEEP FIBERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 100, Cidco, N-4/F-1, Manuprabha, Guru Sahani Nagar, Garkheda, Aurangabad – 431003, Maharashtra, India pradeepfibers@yahoo.co.in
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India Industrial Finance Branch, Jaggi's Building, Jalna Road, Aurangabad – 431005, Maharashtra, India bhagwan.d@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Letter of Arrangement 2. Supplemental Agreement of loan cum hypothecation
Date of instrument Creating the charge	25/05/2012
Amount secured by the charge	Rs.180.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Working Capital - Interest @ 4.75% margin above the base rate which is presently 10% pa. Present effective rate 14.75% pa. Repayable on demand Terms of Repayment Margin Indigenous raw materials - 25.00% Semi finished goods - 33.33% Finished goods - 33.33% Domestic receivables - 40.00% Extent and Operation of the charge The charge shall remain operative till repayment of the loan in full along-with interest, costs, expenses etc
Short particulars of the property charged	Primary-Hypothecation of stocks of raw materials such as raw cotton, chhad patti, stocks in process, consumable stores such as packing material and finished goods viz kapas, lint cotton, FP cotton bales etc and Hypothecation of book debts. Collateral- 1)First charge by way of EM of factory land and building and hypothecation of movable fixed assets of M/s Pradeep Fibers on Gut No 449, Dongargaon, Sillod, Aurangabad. 2) First charge by way of EM of factory land and building and hypothecation of movable fixed assets of M/s Godavari Cotton Industries on Gut no 543 at Shivoor Bunglow. 3) EM of godown on part of Survey No 273/5, PH No 18, Kelodahala, Behind Lasudia Mori Police Station, A.B. Road, Indore owned by Vidya Tayal and Shashi Tayal 4) EM of godown on Survey No 314/9, PH No 18, Kelodahala, Behind Lasudia Mori Police Station, A.B. Road, Indore owned by Sharmial Tayal and Veena Tayal 5) EM of residential Plot No 327, A/D, Sector A, Scheme No 74C, Indore owned by Kishore Kumar Agrawal 6) EM of godown on Survey No 273/5 & 277/2, PH No 18, Kelodahala, Behind Lasudia Mori Police Station, A.B. Road, Indore owned by Chanda Tayal and Anju Tayal 7) EM of factory land and building at Gut No 241 at Georai, Beed 8) EM of factory land and building at Gut No 242/2 at Georai, Beed
Date of latest modification prior to the present modification	20/03/2010
Particulars of the present modification	Earlier, the Bank had granted additional short term loan of Rs.30.000 Millions beyond Rs.120.000 Millions totaling Rs.150.000 Millions and the charge was registered with ROC. The original loan was given by State Bank of Indore, (Now merged with State Bank of India). Now the Cash Credit facilities have been enhanced by Rs.60.000 Millions from existing Rs. 120.000 Millions aggregating to Rs.180.000 Millions.

FIXED ASSETS:

Ø Land

Ø Testing Machine

Ø Bycycle

Ø Inverters

Ø Furniture

Ø Land

Ø Tanker

Ø Tippal

Ø Generator Set

Ø Machinery

Ø Mobile

Ø Empty Drum

Ø Motor Cycle

Ø Transformer

Ø Inventor

Ø Furniture and Fixture

Ø Plant and Machinery

Ø Weighing System

Ø Vaijapur Branch

Ø Fire fighting equipments

Ø D T O Scooter

Ø Office Equipments

Ø Air Conditioners

Ø Maruti Car

Ø Firex

Ø Water Purifire

Ø Bag Sstiching Machine

Ø Factory Bhavan Nirman

Ø Eclectic Fitting

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 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.54.48
UK Pound	1	Rs.82.71
Euro	1	Rs.72.23

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.