MIRA INFORM REPORT

Report Date :

02.04.2014

IDENTIFICATION DETAILS

Name :	DARSHAN CREATION PRIVATE LIMITED
Registered Office :	Flat No. A/082, Shantivan Building, Eksar Village, Near Aquaria Club, Devidas Lane, Borivli (West), Mumbai – 400103, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.12.2002
Com. Reg. No.:	11-138077
Capital Investment / Paid-up Capital :	Rs. 10.138 Millions
CIN No.: [Company Identification No.]	U17110MH2002PTC138077
TAN No.: [Tax Deduction & Collection Account No.]	MUMD10996G
PAN No.: [Permanent Account No.]	AABCD6658D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Textiles.
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 160000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company possesses on acceptable financial profile marked by modest net worth base. Management has reported an increase in its sales volume as well as net profitability during 2013. Whereas, the profit margin seems to be low. The ratings also take into consideration 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 :	Flat No. A/082, Shantivan Building, Eksar Village, Near Aquaria Club, Devidas Lane, Borivli (West), Mumbai – 400103, Maharashtra, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	darshancreation@yahoo.co.in
Factory :	Plot No. F-3/13 and F-3/14, Near B.T. Naka, M.I.D.C. Tarapur (Boisar), District Thane - 401506, Maharashtra, India
Tel. No.:	91-2525-271345

DIRECTORS

As on 30.09.2013

Name :

Mr. Rajanikant Devshanker Trivedi

Designation :

Director

Address :

1201, Raghunath Tower, Devidas Lane, Opposite BMC Garden, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Appointment :

02.12.2002

DIN No. :

00467180

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	U17110MH2002PTC138077	DARSHAN CREATION PRIVATE LIMITED	Director	02/12/2002	02/12/2002	Active	NO
2	U65991MH2004PTC144875	S J INVESTMENT AGENCIES PRIVATE LIMITED	Director	05/03/2004	05/03/2004	Active	NO
3	U17120MH2004PTC150088	DARSHAN FINE FAB PRIVATE LIMITED	Director	20/12/2004	20/12/2004	Active	NO

Name :

Mr. Pratap Devshanker Trivedi

Designation :

Director

Address :

Flat No. 301, Plot No. 38, Happy Home Society, Jaywant Sawant Marg, Dahisar (West), Mumbai – 400068, Maharashtra, India

Date of Appointment :

02.12.2002

DIN No. :

00467233

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	U17110MH2002PTC138077	DARSHAN CREATION PRIVATE LIMITED	Director	02/12/2002	02/12/2002	Active	NO
2	U67120MH2004PTC150074	S.J.INVESTMENT SERVICES PRIVATE LIMITED	Director	17/12/2004	17/12/2004	Active	NO
3	U67120MH2006PTC160570	DARSHAN TEXTILE MILLS PRIVATE LIMITED	Director	20/03/2006	20/03/2006	Active	NO
4	U51900MH1997PTC111158	MIKADO TRADING PRIVATE LIMITED	Director	10/09/2009	10/09/2009	Active	NO

Name :

Mr. Praful Devshankar Trivedi

Designation :

Managing Director

Address :

B-21, Arihant Apartment, L.T. Road, Dahisar (West), Mumbai – 400068, Maharashtra, India

Date of Appointment :

02.12.2002

DIN No. :

01018063

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	U17110MH2002PTC138077	DARSHAN CREATION PRIVATE LIMITED	Managing director	02/12/2002	02/12/2002	Active	NO
2	U17120MH2004PTC150088	DARSHAN FINE FAB PRIVATE LIMITED	Director	10/09/2009	10/09/2009	Active	NO
3	U67120MH2006PTC160570	DARSHAN TEXTILE MILLS PRIVATE LIMITED	Director	20/09/2011	20/09/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Praful Trivedi	400000	38.19
Ketki trivedi	384000	36.66
Pratap trivedi	98000	9.36
Rajanikant trivedi	98000	9.36
Access Tradelink Private Limited	6500*	0.62
Adarsh Dealtrade Private Limited	5000*	0.48
Deep commosales Private Limited	5000*	0.48
Bhushan Distribution Private Limited	5000*	0.48
Star Commosales Private Limited	10000*	0.96
Salasar Tracom Private Limited	7500*	0.72
Rupa tracom Private Limited	6500*	0.61
Innova Commercial Private Limited	9000*	0.86
Buniyad Vanijya Private Limited	6500*	0.61
Popular Mercantile Private Limited	6500*	0.61
Total	1047500	100.00

Note: * Indicates Partly Paid-up shares of Rs.5/- and calls in arrear of Rs.5/-

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	6.44
Directors or relatives of Directors	93.56
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Textiles.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Cosmos Co-op Bank Limited, Borivli Branch,Krishna Nagar, Chandavarkar Lane, Borivli (West), Mumbai - 400092, Maharashtra, India

· IDBI Bank Limited

· Kotak Mahindra Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan – From Banks
Cosmos Bank (0268)	11.217	17.161
Cosmos Bank (8073)	25.539	0.000
Cosmos Bank (8082)	4.612	0.000
Total	41.368	17.161

Banking Relations :	--
Auditors :
Name :	Salgia and Company Chartered Accountants
Address :	3, Suresh Sadan, Daulat Nagar, Road No. 4, Borivali (East), Mumbai – 400066, Maharashtra, India
Tel. No. :	91-22-28918689
E-Mail :	mail@salgia.in
Income-tax PAN of auditor or auditor's firm :	AAKPS8848J
Enterprise over which key management personnel has significant influence:	· Mikado Trading Private Limited · Darshan Fine Fab Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,300,000	Equity Shares	Rs.10/- each	Rs. 13.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,047,500	Equity Shares	Rs.10/- each	Rs. 10.475 Millions
	Less: *67500 partly paid up shares	Rs. 5/- each	Rs. 0.337 Million
	Total		Rs. 10.138 Millions

Note: * Indicates Partly Paid-up shares of Rs.5/- and calls in arrear of Rs.5/-

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.138	10.138	9.800
(b) Reserves & Surplus	29.998	27.219	12.702
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	40.136	37.357	22.502
(3) Non-Current Liabilities
(a) long-term borrowings	53.359	25.556	29.512
(b) Deferred tax liabilities (Net)	0.668	1.039	1.529
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.495	2.397	1.668
Total Non-current Liabilities (3)	57.522	28.992	32.709
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	37.983	16.027	15.572
(c) Other current liabilities	1.162	0.643	1.613
(d) Short-term provisions	6.787	3.089	1.100
Total Current Liabilities (4)	45.932	19.759	18.285
TOTAL	143.590	86.108	73.496
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	63.497	26.059	31.160
(ii) Intangible Assets	0.044	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.300	0.300	0.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.604	6.444	4.401
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	69.445	32.803	35.661
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.441	10.802	7.676
(c) Trade receivables	55.235	37.826	30.054
(d) Cash and cash equivalents	2.966	4.109	0.089
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	4.503	0.568	0.016
Total Current Assets	74.145	53.305	37.835
TOTAL	143.590	86.108	73.496

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	352.045	222.718	158.181
		Other Income	7.998	0.673	0.286
		TOTAL (A)	360.043	223.391	158.467
Less	EXPENSES
		Cost of Materials Consumed	268.608	172.538	116.851
		Purchases (Grey)	0.517	1.973	1.040
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.736)	(1.663)	1.214
		Employees benefits expense	24.973	14.971	11.139
		Other expenses	46.915	23.402	17.344
		Prior Period Items	0.000	0.001	0.022
		TOTAL (B)	340.277	211.222	147.610
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.766	12.169	10.857
Less	FINANCIAL EXPENSES (D)		5.922	3.720	3.004
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.844	8.449	7.853
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.230	6.060	5.541
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5.614	2.389	2.312
Less	TAX (H)		2.629	1.010	0.794
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2.985	1.379	1.518
	EARNINGS IN FOREIGN CURRENCY		0.000	0.000	1.628
	IMPORTS
		Stores	NA	0.000	0.150
		Capital Goods	NA	0.000	0.005
	TOTAL IMPORTS		NA	0.000	0.155
	Earnings / (Loss) Per Share (Rs.)		2.85	1.41	15.49

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.83	0.62	0.96
Net Profit Margin (PBT/Sales)	(%)	1.59	1.07	1.46
Return on Total Assets (PBT/Total Assets}	(%)	3.92	2.78	3.15
Return on Investment (ROI) (PBT/Networth)		0.14	0.06	0.10
Debt Equity Ratio (Total Debt/Networth)		1.33	0.68	1.31
Current Ratio (Current Asset/Current Liability)		1.61	2.70	2.07

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.800	10.138	10.138
Reserves & Surplus	12.702	27.219	29.998
Net worth	22.502	37.357	40.136
long-term borrowings	29.512	25.556	53.359
Short term borrowings	0.000	0.000	0.000
Total borrowings	29.512	25.556	53.359
Debt/Equity ratio	1.312	0.684	1.329

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	158.181	222.718	352.045
		40.799	58.068

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	158.181	222.718	352.045
Profit	1.518	1.379	2.985
	0.96%	0.62%	0.85%

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	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	No
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	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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10379525	14/09/2012	63,400,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	BORIVLI BRANCH, KRISHNA NAGAR, CHANDAVARKAR LANE, BORIVLI (WEST), MUMBAI - 400092, MAHARASHTRA, INDIA	B59304725
2	10191618	20/10/2009	28,900,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	BORIVLI BRANCH,3-4 KRISHNA NAGAR, CHANDAVARKAR LANE, BORIVLI (WEST), MUMBAI - 400092, MAHARASHTRA, INDIA	A74745837
3	90145376	16/08/2007 *	32,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	BORIVLI BRANCH, BORIVLI (WEST), MUMBAI - 400092, MAHARASHTRA, INDIA	A35697143
4	90149560	01/09/2004	11,300,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	BORIVALI WEST BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
5	90144419	25/03/2003	8,200,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	BORIVALI WEST BRANCH; 3/4, KRISHNA NAGAR; CHANDAV ARKAR ROAD, MUMBAI - 400092, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From related parties	11.991	8.395
Total	11.991	8.395

CHANGE OF ADDRESS

The registered office of the company has been shifted from B-21, Arihant Apartment, L T Road, Dahisar (West), Mumbai – 400068, Maharashtra, India to the present address w.e.f. 09.02.2011.

FIXED ASSETS

v Tangible Assets

· Land and Building

· Plant and Machinery

· Electrical Installation

· Furniture

· Computer

· Motor Vehicles

· Office Equipment

v Intangible Assets

· Software

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.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Report Prepared by :

MRI

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	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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
DEFAULTER
--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.