MIRA INFORM REPORT

Report Date :

15.06.2013

IDENTIFICATION DETAILS

Name :	KESHAR MULTIYARN MILL LIMITED
Registered Office :	6H, NICCO House, 2, Hare Street, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.05.2007
Com. Reg. No.:	21-115735
Capital Investment / Paid-up Capital :	Rs.5.000 millions
CIN No.: [Company Identification No.]	U17120WB2007PLC115735
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Cotton and Synthetic Yarn.
No. of Employees :	Not Divulged

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 213000
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 external borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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	CRISIL
Rating	CRISIL has suspended its rating A4+ due to lack of information.
Date	April, 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.

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-33-22313924)

LOCATIONS

Registered Office :	6H, NICCO House, 2, Hare Street, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22101781/ 22313924/ 22313925
Fax No.:	91-33-22313927/ 22430234
E-Mail :	kmml.sales@keshargroup.com amml.sales@keshargroup.com export@keshargroup.com kmml.ho@keshargroup.com
Website :	http://www.keshargroup.com
Factory :	Vidyasagar University Road, Tantigena, Paschim Midnapore – 721 102, West Bengal, India
Tel. No.:	91-3222-263964/ 275714/ 646160
Fax No.:	91-3222-275528
E-Mail :	kmml.plant@keshargroup.com

DIRECTORS

As on 28.09.2012

Name :

Mr. Prateek Pawan Kumar Patodia

Designation :

Whole-time Director

Address :

3, Moira Street Kolkata – 700 017, West Bengal, India

Date of Birth/ Age :

07.08.1985

Date of Appointment :

01.06.2010

DIN No.:

00654252

PAN No.:

AKSPP3890P

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	L51109WB1983PLC036646	PRIYANKA MARKETING LIMITED	Director	07/07/2006	07/07/2006	-	Active	NO
2	U17120WB2007PLC115735	KESHAR MULTIYARN MILL LIMITED	Whole-time director	01/06/2010	22/05/2007	-	Active	NO
3	U26952WB1987PTC043281	THE BURMA STONE AND LIME CO. PRIVATE LIMITED	Director	27/12/2007	27/12/2007	-	Active	NO
4	U74900WB2011PTC159237	KESHAR INTERNATIONAL PRIVATE LIMITED	Director	28/09/2012	11/06/2011	-	Active	NO
5	U24304RJ1979PLC001892	ASHOKA MULTIYARN MILLS LIMITED	Director	29/09/2012	01/05/2012	-	Active	NO

Name :

Mr. Mayank Pawan Kumar Patodia

Designation :

Director

Address :

3, Moira Street Kolkata – 700 017, West Bengal, India

Date of Birth/ Age :

19.10.1977

Date of Appointment :

15.10.2007

DIN No.:

00601715

PAN No.:

AFVPP3058B

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	U24304RJ1979PLC001892	ASHOKA MULTIYARN MILLS LIMITED	Managing director	01/11/2012	01/11/2003	-	Active	NO
2	U17299WB2005PLC106036	RAJSHREE MULTIFIBRE MILLS LIMITED	Director	28/11/2006	28/11/2006	-	Active	NO
3	U45201WB1995PLC071278	ASHOKA FARMS LIMITED	Director	20/05/2007	20/05/2007	-	Active	NO
4	U17120WB2007PLC115735	KESHAR MULTIYARN MILL LIMITED	Director	15/10/2007	15/10/2007	-	Active	NO
5	U70101WB1995PTC075108	MAYANK NIKETAN PRIVATE LIMITED	Director	14/08/2008	14/08/2008	-	Active	NO
6	U74900WB2011PTC159237	KESHAR INTERNATIONAL PRIVATE LIMITED	Director	28/09/2012	11/06/2011	-	Active	NO

Name :

Mrs. Shikha Mayank Patodia

Designation :

Director

Address :

3, Moira Street Kolkata – 700 017, West Bengal, India

Date of Birth/ Age :

10.09.1979

Date of Appointment :

16.07.2009

DIN No.:

02762081

PAN No.:

AMOPS5018C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Prateek Patodia	10000
Mayank Patodia	10000
Pawan Kumar Patodia	384700
Prakash Agarwal	100
Vedant Prakash Agarwal	100
Alka Prakash Agarwal	100
Shikha Patodia	15000
Liberal Spinners Limited, India	3000
Pushker Trading and Holding Private Limited, India	7000
Vikrant Constructions Private Limited, India	4000
Chanda Cast Iron Industries Private Limited, India	2000
Kavery Trading and Holding Private Limited, India	4000
Anuraj Securities Private Limited, India	5000
Bhaneswari Dealcomm Private Limited, India	2000
Matribhumi Dealers Private Limited, India	5000
Tulshan Socks Limited	3000
Vandana Dealers Private Limited, India	17000
Gracious Distributors Private Limited, India	8000
Neptune Credit Company Private Limited, India	5000
Sanmukh Vincom Private Limited, India	7000
Sargam Vincom Private Limited, India	8000
Total	500000

As on 25.03.2013

Names of Allottees	No. of Shares
Prateek Patodia	650000
Shikha Patodia	550000
Daya Patodia	300000
Total	1500000

As on 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	16.00
Directors or relatives of directors	84.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cotton and Synthetic Yarn.

Products :

Item Code No. (ITC Code)	55.11
Product Description	Synthetic Yarn

PRODUCTION STATUS [AS ON 31.03.2011]

Licensed Capacity: 16008 Spindles

Installed Capacity: 15648 Spindles

Particulars	Unit	Actual Production
Yarn	MT	3650.120

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Indian Overseas Bank, Strand Road Branch, 2, Church Lane, Kolkata – 700 001, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Indian Overseas bank
Term Loan (Note No 1)	61.197	54.332
Working Capital Loan	73.227	79.279
Packing Credit	8.193	0.000
Foreign Documentary Bill Purchase (Note No. 2)	5.467	0.000
Total	148.084	133.611

(Note No.1): secured against hypothecation of Land and Building, Plant and Machinery and other fixed assets both current and future and Guaranteed by Directors.

(Note No.2): secured against hypothecation of Stock and Book Debts and Guaranteed by Directors.

Banking Relations :	--
Auditors :
Name :	S.K. Singhania and Company Chartered Accountants
Address :	19A, Chowringhee Road, Kolkata – 700 087, West Bengal, India
PAN No:	AADFM7398A
Associate Companies :	Ashoka Multiyarn Mills Limited

CAPITAL STRUCTURE

After 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions

As on 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	4.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		48.137	43.593	2.169
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.137	48.593	6.369
LOAN FUNDS
1] Secured Loans		148.084	133.611	69.553
2] Unsecured Loans		134.556	85.505	121.014
TOTAL BORROWING		282.640	219.116	190.567
DEFERRED TAX LIABILITIES		6.932	3.775	2.114
TOTAL		342.709	271.484	199.050
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		137.518	106.801	82.705
Capital work-in-progress		7.531	1.527	4.687
INVESTMENT		0.134	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	173.759	126.085	87.878
	Sundry Debtors	52.092	13.937	19.531
	Cash & Bank Balances	8.210	7.026	5.082
	Other Current Assets	12.384	3.124	0.949
	Loans & Advances	33.895	43.830	22.871
Total Current Assets		280.340	194.002	136.311
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	77.639	28.254	21.244
	Other Current Liabilities	2.269	1.509	1.916
	Provisions	2.930	1.130	1.564
Total Current Liabilities		82.838	30.893	24.724
Net Current Assets		197.502	163.109	111.587
MISCELLANEOUS EXPENSES		0.024	0.047	0.071
TOTAL		342.709	271.484	199.050

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	589.053	454.833	332.143
		Income from Job Work	0.000	6.262	3.555
		Other Income	12.626	11.019	2.643
		TOTAL (A)	601.679	472.114	338.341
Less	EXPENSES
		Increase (Decrease) in Stocks	(72.254)	0.342	(3.743)
		Raw materials Consumed	397.433	271.428	196.471
		Traded Goods Purchases	32.147	6.305	9.411
		Store & Spare Parts	20.671	26.386	10.238
		Power & Fuel	81.238	59.398	45.987
		Employees' Cost	54.583	45.860	40.393
		Administrative, Selling & General Expenses	36.448	27.952	16.653
		TOTAL (B)	550.266	437.671	315.410
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.413	34.443	22.931
Less	INTEREST (D)		28.654	22.130	16.598
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.759	12.313	6.333
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.258	8.658	5.005
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		9.501	3.655	1.328
Less	TAX (H)		4.957	2.231	1.223
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		4.544	1.424	0.105
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.593	2.169	2.064
	BALANCE CARRIED TO THE B/S		8.137	3.593	2.169
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	161.336	103.827	22.531
	TOTAL EARNINGS		161.336	103.827	22.531
	Earnings / (Loss) Per Share (Rs.)		9.09	2.84	0.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.76	0.30	0.03
Net Profit Margin (PBT/Sales)	(%)	1.61	0.80	0.40
Return on Total Assets (PBT/Total Assets}	(%)	2.27	1.22	0.61
Return on Investment (ROI) (PBT/Networth)		0.18	0.08	0.21
Debt Equity Ratio (Total Debt/Networth)		5.32	4.51	29.92
Current Ratio (Current Asset/Current Liability)		3.38	6.28	5.51

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Directors	10.010	5.110
From Body Corporates	119.500	77.000
Interest Accrued and Due	5.046	3.395
Total	134.556	85.505

Note:

The registered office of the company has been shifted from 2, Hare Street, NICCO House, Kolkata – 700 001, West Bengal to the present address w.e.f. 07.04.2011.

2010-11 IN RETROSPECT:

The year in retrospect has shown a very significant growth in terms of turnover and gross profit. Industrial relations remained very good and utilization of the plant also remained satisfactory during the year but there remained a further scope. Capacity expansion of 9,120 spindles last year during the year contributed significantly for improved performance in the full year. The Company made significant progress on the export front and Government of India accredition of Export House has been received.

2011-12 PROSPECTS:

The market conditions have adverse significantly in the current year. PV yarns and Sewing Thread yarns two major thrust products are in poor demand. However the company has introduced certain new yarns for which good market has been established in CHINA.

CONTINGENT LIABILITIES:

Particulars	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Letter of Credit	7.500	6.000
Bank Guarantee	1.360	1.262

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17120WB2007PLC115735
Name of the company	KESHAR MULTIYARN MILL LIMITED
Address of the registered office or of the principal place of business in India of the company	6H, NICCO House, 2, Hare Street, Kolkata – 700 001, West Bengal, India E-Mail:
This form is for	Modification of charge
Charge identification number of the modified	10108548
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Floating Charge Others (Entire Fixed and Current Assets of the company.)
Particular of charge holder	Indian Overseas Bank, Strand Road Branch, 2, Church Lane, Kolkata – 700 001, West Bengal, India E-Mail: stranbr@calmsco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	F 110E (Letter of Hypothecation for securing Machineries/ Vehicles/ Goods/ Book Debts). F 379C (Letter of Confirmation for creation of Supplemental Mortgage). F 110i (Letter of Hypothecation - Agricultural Advances).
Date of instrument Creating the charge	16.03.2013
Amount secured by the charge	Rs.318.700 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Term Loan under IOB Horticulture Scheme: Base Rate + 2.25% i.e. 12.50% (presently) at monthly rests. All other terms and conditions as already filed and charged will remain unchanged. Terms of Repayment: The Term Loan is to be repaid in 36 EMIs of Rs.0.084 million each commencing from next month of disbursal. All other terms and conditions as already filed and charged will remain unchanged. Margin: Term Loan under IOB Horticulture Scheme: 15%. All other terms and conditions as already filed and charged will remain unchanged. Extent and Operation of the charge: The Charge extends on the entire Fixed and Current Assets, including immovable property of the company and operates till the limits mentioned herein are satisfied in full.
Short particulars of the property charged	Term Loan I, II and III: Exclusive charge on Plant and Machinery and all other Fixed Assets of the company, both present and future AND Equitable Mortgage on factory land/shed. Cash Credit: Exclusive charge on entire Current Assets of the company, both present and future. LG: General Counter Guarantee of the company/documents of title to goods. Corporate Loan: 1^st charge on the residual value of fixed assets. Term Loan under IOB Horticulture Scheme: Hypothecation of crop cultivated through bank finance and extension of exclusive charge Block Assets, both present and future. Continuation of Equitable mortgage of property at Mouza: Tantigeria and Phulpahaul, Midnapore, West Bengal as security for the overall limit. Collateral Security: Primary Security of one facility is to be treated as collateral for other facilities.
Date of latest modification prior to the present modification	04.02.2013
Particulars of the present modification	By this modification the overall limit stands modified and enhanced from Rs.316.200 millions to Rs.318.700 millions with details as hereinbelow :- TL I: Rs.45.000 millions (from Rs.45.000 millions). TL II: Rs.30.000 millions (from Rs.30.000 millions). TL III: Rs.11.200 millions (from Rs.11.200 millions). Corp. Loan: Rs.60.000 millions (from Rs.60.000 millions). CC: Rs.115.000 millions (from Rs.115.000 millions). LG, LC and Bills: Rs.55.000 millions (from Rs.55.000 millions). TL - Agri.: Rs.2.500 millions (fresh). Overall Limit: Rs.318.700 millions (from Rs.316.200 millions). [Incl. sub limits].

FIXED ASSETS:

· Land (Leasehold)

· Goodwill

· Residential and Administrative Building

· Factory Building

· Plant and Machinery

· Furniture

· Office Equipment

· Air Conditioner

· Motor Vehicle

· Electrical Installation

· 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 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.57.74
UK Pound	1	Rs.90.64
Euro	1	Rs.77.02

INFORMATION DETAILS

Information Gathered by :	PDT
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	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	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.