MIRA INFORM REPORT

Report Date :

10.01.2013

IDENTIFICATION DETAILS

Name :	ESJAY INTERNATIONAL PRIVATE LIMITED
Registered Office :	48-A, Laxmi Industrial Estate, Hanuman Gally, Shankar Rao Naram Path, Lower Parel (West), Mumbai – 400 013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.02.1993
Com. Reg. No.:	11-070656
Capital Investment / Paid-up Capital :	Rs.28.850 millions
CIN No.: [Company Identification No.]	U18101MH1993PTC070656
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Readymade Garments.
No. of Employees :	Approximately 1400 (In Office – 200 + In Factory – 1200)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 3793000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a fine track record. There appears some dip in the revenue earned from operations and profits during 2012. However, financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Ajay
Designation :	Accounts Department
Contact No.:	91-22-40329300
Date :	08.01.2013

LOCATIONS

Registered/ Corporate Office :	48-A, Laxmi Industrial Estate, Hanuman Gally, Shankar Rao Naram Path, Lower Parel (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-40329300
Fax No.:	91-22-24932627
E-Mail :	info@esjayintl.com ajayy@esjayintl.com esjay@vsnl.com
Website :	http://www.esjayintl.com
Area :	3500 sq ft
Location :	Owned
Factory 1 :	SARIGAM Plot 1243/44, G.I.D.C., Sarigam, Bhilad Station, District Valsad - 396 155, Gujarat, India
Tel. No.:	91-260-2781083/ 2780022
Fax No.:	91-260-2781083
Factory 2 :	KOPERKHAIRANE Plot A74/ 2, M.I.D.C. Area, Thane Belapur Road, Koparkhairane, Navi Mumbai -400 705, Maharashtra, India
Tel. No.:	91-22-27780592/ 94

DIRECTORS

As on 29.09.2012

Name :	Mr. Sunil Gobind Jhangiani
Designation :	Managing Director
Address :	Flat No.7, Laxmi Nivas, 3^rd Floor, Gamdevi, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	16.10.1957
Date of Appointment :	04.02.1993
DIN No.:	00077526
Name :	Mrs. Shaila Sunil Jhangiani
Designation :	Director
Address :	Flat No.7, Laxmi Nivas, 3^rd Floor, Gamdevi, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	05.07.1962
Date of Appointment :	01.04.2010
DIN No.:	00080002
Name :	Mr. Gobind Himatsing Jhangiani
Designation :	Director
Address :	124, Atur Terrace, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra, India
Date of Birth/Age :	12.07.1923
Date of Appointment :	24.04.1993
DIN No.:	00094277

KEY EXECUTIVES

Name :	Mr. Ajay
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Sunil Gobind Jhangiani	2749800
Shaila Sunil Jhangiani	52600
Gobind Himatsing Jhangiani	100
Padma Jhangiani	2500
Shernaz Jhangiani	5000
Dilip Jhangiani	75000
Total	2885000

As on 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Readymade Garments.
Exports :
Products :	v Finished Goods
Countries :	v USA v UK
Imports :
Products :	v Garments Accessories
Countries :	v China
Terms :
Selling :	L/C, Cash and Credit (60 days)
Purchasing :	L/C, Cash and Credit (60 days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Woven	Pcs	1150079
Knits	Pcs	1812330

GENERAL INFORMATION

Suppliers :

v Shah Fashion

Customers :

Wholesalers and Retailers

v Matalan, UK

No. of Employees :

Approximately 1400 (In Office – 200 + In Factory – 1200)

Bankers :

v Standard Chartered Bank, SME Credit, 23-25, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India

v Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, Ground Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India

v Kotak Mahindra Bank Limited

v ICICI Bank Limited

v Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra, Mumbai – 400 051, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long Term Borrowings
Term Loan from Bank	4.271	6.899
Vehicle Loan	1.190	2.987
Short Term Borrowings
Packing Credit/ Working Capital	381.008	286.858
Total	386.469	296.744

Notes:

LONG TERM BORROWINGS

a. The term loan is secured by mortgage of Sarigam Property, lien on other Current Assets and Plant and Machinery

b. Term loans from banks carry interest @ 12.50% (approximately). The loans are repayable in monthly installments each alongwith interest from the date of the loan.

c. The vehicle Loan is secured by Hypothecation of vehicle and Carries Interest 10% (approximately) p.a.

SHORT TERM BORROWINGS

The Loans are secured by mortgage of Commercial Galas, Hypothecation of Stock Book Debts, Other Current Assets, the Loans Carry interest @ LIBOR + 350 bps.

Banking Relations :	--
Auditors :
Name :	T A M and Company Chartered Accountants
Address :	B-3, 1^st Floor, Gandhi Mansion, Bomanji Master Lane, Kalbadevi, Mumbai – 400 002, Maharashtra, India
Tel. No.:	91-22-22003905
Mobile No.:	91-9223442044
E-Mail :	info@tamindia.com
Income-tax PAN of auditor or auditor's firm :	AAHFK6772G
Subsidiary Companies :	v Chemistry India Private Limited (Formerly known as Shree J.K. Glass and Chemicals Private Limited) CIN No.: U18204MH1995PTC094342 v Essupply Limited
Enterprises under Common Control :	v Equest Breeding LLP v Technique Clothing LLP v Equest (India) Private Limited v Merit International

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5750000	Equity Shares	Rs.10/- each	Rs.57.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2885000	Equity Shares	Rs.10/- each	Rs.28.850 millions

Reconciliation of the shares outstanding:

Particulars	No. of Shares
Number of equity shares at the beginning of the year	2885000
Add: Issued during the year	--
Number of equity shares at the end of the year	2885000

Term/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share with a right to receive per share dividend by the Company, when declared. In the event of liquidation, the of equity shareholders will be entitled to receive remaining assets of the Company after distribution of all preferential amounts in the proportion to the number of equity shares held by them.

Details of shareholders holding more than 5% of the aggregate shares in the company

Name of the shareholder	As at 31^st March, 2012
	No. of Equity Shares	% of total holding
Sunil Gobind Jhangiani	2749800	95%

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		28.850	28.850	28.850
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		919.306	912.062	873.922
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		948.156	940.912	902.772
LOAN FUNDS
1] Secured Loans		386.469	296.744	230.496
2] Unsecured Loans		1.842	6.534	7.873
TOTAL BORROWING		388.311	303.278	238.369
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1336.467	1244.190	1141.141
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		232.489	235.739	247.540
Capital work-in-progress		3.286	0.000	2.761
INVESTMENT		708.690	630.865	581.211
DEFERRED TAX ASSETS		28.373	23.994	16.312
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	189.523	162.531	112.765
	Sundry Debtors	144.176	228.992	158.908
	Cash & Bank Balances	20.231	19.338	43.822
	Other Current Assets	8.491	8.467	20.463
	Loans & Advances	150.141	154.336	91.858
Total Current Assets		512.562	573.664	427.816
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	60.408	99.924	105.244
	Other Current Liabilities	81.710	110.432	23.582
	Provisions	6.815	9.716	5.673
Total Current Liabilities		148.933	220.072	134.499
Net Current Assets		363.629	353.592	293.317
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1336.467	1244.190	1141.141

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations (Net)	883.533	947.603	795.877
		Other Income	65.625	51.396	22.106
		TOTAL	949.158	998.999	817.983
Less	EXPENSES
		Cost of Raw Material Consumed	264.100	346.786	720.352
		Purchase of Traded Goods	15.740	14.307
		(Increase)/ Decrease in Inventories of Finished Goods, Work-in-Progress and Traded Goods	(46.022)	(26.430)
		Employee benefits Expenses	206.577	197.313
		Other Expenses	450.409	377.034
		TOTAL	890.804	909.010	720.352
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		58.354	89.989	97.631
Less	FINANCIAL EXPENSES		33.334	26.577	24.272
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		25.020	63.412	73.359
Less/ Add	DEPRECIATION/ AMORTISATION		19.822	20.632	21.155
	PROFIT BEFORE TAX		5.198	42.780	52.204
Less	TAX		(4.058)	0.617	8.659
	PROFIT AFTER TAX		9.256	42.163	43.545
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		809.379	773.740	733.565
Less	Adjustment in respect of prior years		NA	0.000	0.006
Less	APPROPRIATIONS
	- Transfer to General Reserve		NA	2.500	0.000
	- Proposed Dividend		NA	3.462	2.885
	- Tax on Proposed Dividend		NA	0.562	0.479
	BALANCE CARRIED TO THE B/S		NA	809.379	773.740
	EARNINGS IN FOREIGN CURRENCY
		Exports of Goods and Services, etc. (FOB)	561.353	687.038	597.383
		Sampling Export Sales	3.056	2.051	1.716
		Foreign Dividends	5.525	0.000	6.006
	TOTAL EARNINGS		569.934	689.089	605.105
	IMPORTS
		Capital Goods Import of Plant and Machinery	0.273	2.669	4.683
		Accessories	19.818	20.917	14.052
		Fabrics	28.425	21.423	11.818
		Garments	11.209	9.197	0.000
	TOTAL IMPORTS		59.725	54.206	30.553
	Earnings Per Share (Rs.)		1.80	14.61	15.83

Expected Sales (2012-2013): Rs.1000.000 millions

The above information has been parted by Mr. Ajay (Accounts Department).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.98	4.22	5.32
Net Profit Margin (PBT/Sales)	(%)	0.59	4.51	6.56
Return on Total Assets (PBT/Total Assets}	(%)	0.70	5.29	7.73
Return on Investment (ROI) (PBT/Networth)		0.01	0.05	0.06
Debt Equity Ratio (Total Liability/Networth)		0.57	0.56	0.41
Current Ratio (Current Asset/Current Liability)		3.44	2.61	3.18

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry Creditors	60.408	99.924	105.244

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

Unsecured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short Term Borrowings
From Director	1.842	6.534
Total	1.842	6.534

CONTINGENT LIABILITIES:

Contingent Liabilities not provided for

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)
Guarantee issued by the Bank in favour of Apparels Export Promotion Council and Others	1.325	3.329
Income tax matters in appeals/ pending rectifications	4.610	4.718
Claim paid to AEPC pending in appeal	1.718	2.484

Bankers Charges Report as per Registry

Corporate identity number of the company	U18101MH1993PTC070656
Name of the company	ESJAY INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	48-A, Laxmi Industrial Estate, Hanuman Gally, Shankar Rao Naram Path, Lower Parel (West), Mumbai – 400 013, Maharashtra, India E-Mail: esjay@vsnl.com
This form is for	Modification of charge
Charge identification number of the modified	10106933
Type of charge	Immovable Property
Particular of charge holder	Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No.C-38 and 39, G Block, Bandra Kurla Complex, Bandra, Mumbai – 400 051, Maharashtra, India E-Mail: sme.form8@sc.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry (Supplemental)
Date of instrument Creating the charge	26.08.2011
Amount secured by the charge	Rs.378.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As agreed by and with the Bank from time to time. Terms of Repayment: As agreed by and with the Bank from time to time. Margin: As applicable, if any. Extent and Operation of the charge: The Bank is having first charge on security given by the Company.
Short particulars of the property charged	First and exclusive charge on Mortgage on A) Gala No. 11, 14, 14A, 18, 24, 32, 43 and 44 at Laxmi Industrial Estate, Hanuman Gully, Shankarrao Naram Path, Lower Parel West, Mumbai 400 013 and Industrial Property located at Plot No.1243 and 1244, Sarigam Industrial Estate, Umbergaon via, Bhilad, District Valsad, Gujarat. (Owned by Esjay international Private Limited) B) Unit No.45, 46 and 48A, Laxmi Industrial Premises, Lower Parel West, Mumbai 13. (Owned by Technique Clothing Company LLP)
Date of latest modification prior to the present modification	01.07.2010
Particulars of the present modification	The existing charge amount of Rs.338.000 millions enhanced to Rs.378.000 millions against the security of first and exclusive charge on Mortgage on A) Gala No. 11, 14, 14A, 18, 24, 32, 43 and 44 at Laxmi Industrial Estate, Hanuman Gully, Shankarrao Naram Path, Lower Parel West, Mumbai 400 013 and Industrial Property located at plot no. 1243 and 1244, Sarigam Industrial Estate, Umbergaon via, Bhilad, District Valsad, Gujarat. B) Unit No.45, 46 and 48A, Laxmi Industrial Premises, Lower Parel West, Mumbai 13.

TRADE REFERENCES:

v Matalan, UK

v Shah Fashion

FIXED ASSETS:

Tangible Assets

v Leasehold Land

v Factory Premises

v Plant and Machinery

v Electrical Installations

v Office Equipment

v Furniture and Fixtures

v Vehicles

v Computers

Intangible Assets

v Trademark

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.54.97
UK Pound	1	Rs.88.23
Euro	1	Rs.71.92

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.