MIRA INFORM REPORT

Report Date :

08.01.2013

IDENTIFICATION DETAILS

Name :	L.S. MILLS LIMITED (w.e.f. 01.07.1992)
Formerly Known As :	L.S. MILLS PRIVATE LIMITED
Registered Office :	L S Mills Premises, Madurai Road, Theni – 625 531, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.04.1983
Com. Reg. No.:	18-009973
Capital Investment / Paid-up Capital :	Rs.263.210 Millions
CIN No.: [Company Identification No.]	U17111TN1983PLC009973
TAN No.: [Tax Deduction & Collection Account No.]	MRIL00200E
PAN No.: [Permanent Account No.]	AAACL3081D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Cotton Yarn, Fabrics and Home Furnishing Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 2040000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financials are not made available with the government department. As per previous year’s, the company was delayed in debt servicing due to liquidity pressure arising from delays in receivables. The profit margins are fluctuation due to competitive market. However, promoters are experience businessman, trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealings with some cautions.

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	ICRA
Rating	Term Loan: D
Rating Explanation	This rating are in default are expected to be in default soon.
Date	April, 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.

LOCATIONS

Registered Office :	L S Mills Premises, Madurai Road, Theni – 625531, Tamilnadu, India
Tel. No.:	91-4546-325001-05
Fax No.:	91-4546-252742
E-Mail :	info@lsmills.com
Website :	www.lsmills.com

DIRECTORS

(AS ON 29.06.2012)

Name :

Mr. Lakshmipathy Naicker Sundararajan Manivannan

Designation :

Managing Director

Address :

15, NRT, Road, NRT Nagar, Theni-625531, Tamilnadu, India

Date of Birth/Age :

16.05.1962

Date of Appointment :

07.07.2012

Election ID No :

CRN1498492

DIN No.:

01028324

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	Company/ LLP Status	Defaulting status
1	U17111TN1983PLC009973	L.S. MILLS LIMITED	Managing director	07/07/2012	07/07/2006	Active	NO

Name :

Mrs. Manivannan Aishwarya Devi

Designation :

Director

Address :

15, NRT, Road, NRT Nagar, Theni-625531, Tamilnadu, India

Date of Birth/Age :

16.05.1962

Date of Appointment :

03.12.2008

DIN No.:

02463799

Name :

Mr. Prabhakaran Harshavardhana

Designation :

Director

Address :

15, NRT, Road, NRT Nagar, Theni-625531, Tamilnadu, India

Date of Birth/Age :

06.10.1990

Date of Appointment :

03.12.2008

DIN No.:

02463851

Name :

Mr. Lakshmipathy Naicker Sundararajan Prabhaakaran

Designation :

Whole time-Director

Address :

15, NRT, Road, NRT Nagar, Theni-625531, Tamilnadu, India

Date of Birth/Age :

16.12.1965

Date of Appointment :

18.03.2010

Election ID No :

CRN1498500

DIN No.:

01028390

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	Company/ LLP Status	Defaulting status
1	U17111TN1983PLC009973	L.S. MILLS LIMITED	Whole-time director	18/03/2010	18/03/2005	Active	NO

Name :

Mr. Shanthi Manivannan

Designation :

Whole Time Director

Address :

15, NRT, Road, NRT Nagar, Theni-625531, Tamilnadu, India

Date of Birth/Age :

18.06.1963

Date of Appointment :

18.03.2010

Election ID No :

CRN1498518

DIN No.:

02817481

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	Company/ LLP Status	Defaulting status
1	U17111TN1983PLC009973	L.S. MILLS LIMITED	Whole-time director	18/03/2010	18/03/2007	Active	NO

Name :

Mrs. Prabhakaran Usha Devi

Designation :

Whole Time Director

Address :

15, NRT, Road, NRT Nagar, Theni-625531, Tamilnadu, India

Date of Birth/Age :

21.07.1965

Date of Appointment :

27.01.2003

Election ID No :

CRN1498526

DIN No.:

02777916

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	Company/ LLP Status	Defaulting status
1	U17111TN1983PLC009973	L.S. MILLS LIMITED	Whole-time director	07/07/2012	27/01/2003	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.06.2012)

Names of Shareholders	No. of Shares	Percentage of Holding
Sundararajan Manivannan	8771601	33.33
Lakshmipathy Naicker Sundararajan Prabhaakaran	8913560	33.86
Shanthi Manivannan	4330306	16.45
Prabhakaran Usha Devi	4246800	16.13
Manivannan Aishwarya Devi	58733	0.22
Total	26321000	100.00

(AS ON 30.06.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cotton Yarn, Fabrics and Home Furnishing Products.

Products :

Products Description	Item Code No.
Cotton Yarn	5205
Fabrics	5207
Bed Linen	6302

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Spindles	--	133672	--
Rotors	--	720	--
Looms	--	60	--
Sewing Mc	--	141	--
Cotton Yarn	Kgs	--	5294605
Fabric	Mtrs	--	4918869
Madeups	Sets	--	704914

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India,

Theni Branch, No.285, Periyakulam Road, Theni – 625531, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee Term Loans Secured
Rupee term loans banks secured	1480.377	1714.888
Foreign Currency Loans Secured
Foreign currency loans banks secured	263.524	211.813
Working Capital Loans Secured
Working capital loans banks secured	533.382	352.121
Loans Taken for Fixed Assets Secured
Loans taken for vehicles secured	6.375	9.428
Total	2283.658	2288.250
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Fixed deposits unsecured	45.340	41.507
Deposits related parties unsecured	30.440	30.441
Total	75.780	71.948

Banking Relations :	--
Financial Institution :	· Sundaram Finance Limited 21 Patullos Road, Chennai – 600002, Tamilnadu, India
Auditors :
Name :	Mr. G. Jeyaraman Chartered Accountant
Address :	No. 5-A, Gowshika Mansion, North Gate, S. S. Colony, Maduri – 625010, Tamilnadu, India
PAN No.:	AAWPJ2929D
Enterprises owned or significantly influenced by key management personnel/ Directors or their relatives :	· Akshaya Trading Agencies · L.S. Educational and Charity Trust

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
27000000	Equity Shares	Rs.10/- each	Rs.270.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26321000	Equity Shares	Rs.10/- each	Rs.263.210 Millions

NOTE:

26321000 Equity Shares of Rs.10/- each fully paid up of which 150000 equity shares of Rs.10/- each issued as bonus shares during 1991-92 out of reserves and surplus and 33800 Equity Shares of Rs.10/- each were issued for consideration other than cash for purchase of land during 1990-91.

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		263.210	203.010	188.010
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		247.379	175.210	299.771
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		510.589	378.220	487.781
LOAN FUNDS
1] Secured Loans		2283.658	2288.250	1999.896
2] Unsecured Loans		75.780	71.948	195.366
TOTAL BORROWING		2359.438	2360.198	2195.262
DEFERRED TAX LIABILITIES		157.000	109.297	0.000
TOTAL		3027.027	2847.715	2683.043
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2177.625	2305.849	2265.165
Capital work-in-progress		0.000	13.167	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	623.355	396.831	477.939
	Sundry Debtors	369.034	203.995	175.817
	Cash & Bank Balances	15.072	1.420	5.297
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	199.191	221.104	218.863
Total Current Assets		1206.652	823.350	877.916
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	321.620	291.148	387.269
	Other Current Liabilities	5.080	3.503	72.769
	Provisions	30.550	0.000	0.000
Total Current Liabilities		357.250	294.651	460.038
Net Current Assets		849.402	528.699	417.878
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3027.027	2847.715	2683.043

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2562.758	1749.768	1158.354
		Other Income	61.249	62.874	35.452
		TOTAL (A)	2624.007	1812.642	1193.806
Less	EXPENSES
		Raw Material Consumed	1410.733	906.766	457.650
		Manufacturing Service Cost	471.584	387.388	550.728
		Employee Related Expenses	127.331	107.908	0.000
		Administrative, Selling and Other Expenses	115.519	98.547	0.000
		Yarn Purchase	0.000	0.000	30.635
		Fabric Purchase	0.000	0.000	4.719
		(Increase)/ Decrease in Stock	0.000	0.000	4.122
		TOTAL (B)	2125.167	1500.609	1047.854
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		498.840	312.033	145.952
Less	FINANCIAL EXPENSES (D)		197.952	186.144	144.322
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		300.888	125.889	1.630
Less/ Add	DEPRECIATION/ AMORTISATION (F)		150.382	141.022	123.469
	PROFIT BEFORE TAX (E-F) (G)		150.506	(15.133)	(121.839)
Less	TAX (H)		78.337	(4.299)	0.099
	PROFIT AFTER TAX (G-H) (I)		72.169	(10.834)	(121.938)
Add	Deferred Tax		0.000	0.000	39.453
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(10.834)	NA	NA
	BALANCE CARRIED TO THE B/S		61.335	(10.834)	(82.485)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	893.088	921.330	556.728
	TOTAL EARNINGS		893.088	921.330	556.728
	IMPORTS
		Capital Goods	0.000	0.687	48.965
	TOTAL IMPORTS		0.000	0.687	48.965
	Earnings Per Share (Rs.)		2.74	(0.53)	(6.48)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.75	(0.60)	(10.21)
Net Profit Margin (PBT/Sales)	(%)	5.87	(0.86)	(10.52)
Return on Total Assets (PBT/Total Assets}	(%)	4.45	(0.48)	(3.88)
Return on Investment (ROI) (PBT/Networth)		0.29	(0.04)	(0.25)
Debt Equity Ratio (Total Liability/Networth)		5.63	7.31	5.44
Current Ratio (Current Asset/Current Liability)		3.38	2.79	1.91

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	Yes

CONTINGENT LIABILITY:

Particular	31.03.2011 (Rs. In Millions)
Bank Guarantee	0.250
Bills Discounted	51.595
Unexpired Letter of Credit	170.221

FORM 8

Corporate identity number of the company	U17111TN1983PLC009973
Name of the company	L.S. MILLS LIMITED
Address of the registered office or of the principal place of business in India of the company	L S Mills Premises, Madurai Road, Theni- 625531, Tamilnadu, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	State Bank of India Theni Branch, No.285, Periyakulam Road, Theni-625531, Tamilnadu, India
Nature of instrument creating charge	1) Agreement of Loan for Overall Limit 2) Agreement of Hypothecation of Goods and Assets 3) Agreement of Pledge of Goods and Assets 4) Letter regarding the grant of Individual Limits within the Overall Limit 5) Revival Letter
Date of instrument Creating the charge	11.10.2011
Amount secured by the charge	Rs. 1302.900 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Terms of repayment As per Agreement Margin Raw Materials : 10% Goods in Process : 10% Finished Goods : 10% Receivables (Book Debts) : 15% Receivables - Cover period 90 days Letter of Credit (WC) : 10% Bank Guarantee : 10% Cell: 5% (margin on face value of forward contracts booked.) Extent and operation of the charge As per Agreement
Short particulars of the property charged (Including location of the property)	Primary Security:- Cash Credit / SLC / Additional CC: Hypothecation of inventories spares, domestic receivables EPC: Hypothecation of inventories and Spares. FDBN (Non-LC): Documents of title to merchandise covered under the bills discounted / negotiated and extension of charge over entire current assets. LC (WC): Charge over merchandise covered under LC and extension of charge over entire current assets. BG (WC): Counter Guarantee and extension of charge over entire current assets. Cell: Extension of charge over entire current assets. Corporate Loan - I : (i) Pari passu first charge over the fixed assets (other than assets exclusively charged) with other CDR lenders (ii) Extension of charge over entire current assets. TL I and II : Pari passu first charge over the fixed assets (other than assets exclusively charged) with other CDR lenders. TL III : (i) EM over 2.00 acres of land in Surandai village, Tenkasi in S.No.287/2A, 2B, 3A, 3B, 4 and 343/2D, 2F, 2I, 2J, owned by the company. (ii) Hypothecation of the wind mill erected in the above land of 2 acres. TL IV (To Shore up NWC) : (i) Pari passu first charge over the fixed assets (other than assets exclusively charged) with other CDR lenders. (ii) Extension of charge over entire current assets. TL V (To set right liquidity mismatch): (i) Pari passu first charge over the fixed assets (other than assets exclusively charged) with other CDR lenders. (ii) Extension of charge over entire current assets.
Charge identification number of the charge to be modified	90290810
Date of instrument modifying the charge	16.03.2011
Particulars of the present modification	By the present modification, The various credit facilities enjoyed by the company now has been reduced to Rs.1302.900 millions.

FIXED ASSETS:

· Land

· Factory Building

· Non Factory Building

· General Machinery

· W.T.G.

· Electrical Machinery

· Furniture and Fixtures

· Computer

· Loose Tools

· Vehicles

· Well

· Lorries

· Misc. Assets

· Live Stock

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.54.98
UK Pound	1	Rs.88.11
Euro	1	Rs.71.67

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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
TOTAL		30

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.