MIRA INFORM REPORT

Report Date :

03.12.2014

IDENTIFICATION DETAILS

Name :	SRI VENKATA SIVAPARAVATHI SPINNING MILLS PRIVATE LIMITED
Registered Office :	D. No. 19-8-97, Near Suryadevara Estate, Etukuru Road, Guntur-522003, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.05.2003
Com. Reg. No.:	01-040926
Capital Investment / Paid-up Capital :	Rs. 150.000 Millions
CIN No.: [Company Identification No.]	U17111AP2003PTC040926
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDS07572F
PAN No.: [Permanent Account No.]	AAICS0437N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cotton Yarn.
No. of Employees :	1000 (Approximately)

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 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can considered 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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Srinivasn
Designation :	Chief Executive Officer
Contact No.:	91-863-2220271
Date :	01.12.2014

LOCATIONS

Registered Office :	D. No. 19-8-97, Near Suryadevara Estate, Etukuru Road, Guntur-522003, Andhra Pradesh, India
Tel. No.:	91-863-2220271
Mobile No.:	91-9000992787 (Mr. Srinivasav)
Fax No.:	91-863-2228826
E-Mail :	vspspinning@yahoo.co.in
Location :	Owned
Mill :	GBC Road, Chebrole, Guntur-522212, Andhra Pradesh, India
Tel. No.:	91-8644-254110/ 254500
Fax No.:	91-8644-254710

DIRECTORS

As on 20.09.2013

Name :

Mr. Maddali Giridhara Rao

Designation :

Managing Director

Address :

Door No. 24-10-56, R. Agrahram, Guntur-522003, Andhra Pradesh, India

Date of Birth/Age :

21.03.1974

Date of Appointment :

01.05.2003

DIN No. :

00025695

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	U91990TG2002NPL039201	ANDHRA PRADESH SPINNING MILLS ASSOCIATION	Director	01-05-03	01-05-03	-	Active	NO
2	U17111AP2003PTC040926	SRI VENKATA SIVAPARVATHI SPINNING MILLS PRIVATE LIMITED	Managing director	01-05-03	01-05-03	-	Active	NO
3	U18100AP2005PTC046969	SRI VENKATA LAKSHMI NARASIMHA SPINNING MILLS PRIVATE LIMITED	Director	26-07-05	26-07-05	-	Active	NO
4	U17120AP2011PTC072528	VIRUPAKSHA WARPING & SIZING PRIVATE LIMITED	Director	07-02-11	07-02-11	-	Active	NO
5	U17200AP2011PTC072311	SRI MOULI TEXTILES PRIVATE LIMITED	Director	01-07-12	24-08-11	-	Active	NO
6	U17120AP2013PTC090520	GUNTUR TEXTILE PARK PRIVATE LIMITED	Director	22-10-14	22-10-14	-	Active	NO

Name :

Mr. Maddali Subba Rao

Designation :

Director

Address :

Door No. 24-10-56, R. Agrahram, Guntur-522003, Andhra Pradesh, India

Date of Birth/Age :

01.07.1946

Date of Appointment :

01.05.2003

DIN No. :

00025675

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	U17111AP2003PTC040926	SRI VENKATA SIVAPARVATHI SPINNING MILLS PRIVATE LIMITED	Director	01-05-03	01-05-03	-	Active	NO
2	U18100AP2005PTC046969	SRI VENKATA LAKSHMI NARASIMHA SPINNING MILLS PRIVATE LIMITED	Director	26-07-05	26-07-05	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Srinivasn
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS

As on 20.09.2013

Names of Shareholders	No. of Shares
Maddall Subba Rao	2708900
Maddalli Giridhar Rao	10850000
Maddali Siva Parvathi	121000
Maddali Naga Venkata Poornima	151000
Amaraneni Venkateswarlu	42500
Koyyuru Venkateswaru	40000
Manukonda Reenu	40000
Gangula Ramakotaiah	40000
Kongara Veeraiah	40000
Mekala Bhadraiah	40000
Muvva Radha Krishna	45000
Guntupalli Hanumantha Rao	40000
Narra Seetharamauah	40000
Dabaripati Venkateshwaru	40100
Maruthi Venkatewsarlu	45000
Immadi. Nrasiah	46000
Mekala Pothaiah	40000
Gatta Ramakrishnaih	42500
Vallabhaneni Sobjanababu	40000
Thotaguda Sudhakar	40000
Addagalla Srinivas Rao	45000
Reddyboina Styanarayana	45000
Kankanala Subba Rao	40000
Chutta China Subbaiah	40000
Konduru Appi Reddy	35000
Pasumarthi Mohan Rao	35000
Kunduri Govindha Reddy	40000
Venkuri Siva Nagi Reddy	35000
Venkuri Ganesh Reddy	43000
K. Sridevi	60000
K. Srinivasa Rao	90000
TOTAL	15000000

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Cotton Yarn.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	China
Imports :
Products :	Raw Cotton
Countries :	West Africa Egypt
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

Hong Kong Yarn Yarn Trading Limited, Hong Kong

Customers :

Plexus Cotton Limited, United Kingdom

No. of Employees :

1000 (Approximately)

Bankers :

• Tamilnadu Mercantile Bank, Patham Bazar Branch, Guntur, Andhra Pradesh, India
• ING Vyasa Bank Limited, Main Branch, Gold Shop Center, Guntur, Andhra Pradesh, India

Banker Name	State Bank of India
Branch Address	Guntur Commercial Branch, Andhra Pradesh, India
Person Name (With Designation)	Mr. Krishnamohan
Contact Number	91803-2212532
Name of Account Holder	Maddali Giridhara Rao
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	From 2008
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Working Capital – Rs. 500.000 Millions Term Loan – Rs. 500.000 Millions
Account Operation	Not Divulged
Remarks (If any)	He Informed that company having very good track with banker

Banking Relations :	---
Auditors :
Name :	Brahmayya and Company Chartered Accountant
Address :	10-3-21, Sambasivapeta, Guntur-522001, Andhar Pradesh, India
PAN No.:	AADFB8032G
Memberships :	-----
Collaborators :	-----
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 20.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

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	150.000	90.000	90.000
(b) Reserves & Surplus	228.444	172.215	144.203
(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)	378.444	262.215	234.203
(3) Non-Current Liabilities
(a) long-term borrowings	534.459	626.082	208.402
(b) Deferred tax liabilities (Net)	79.869	56.660	43.050
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.006	0.873	0.507
Total Non-current Liabilities (3)	615.334	683.615	251.959
(4) Current Liabilities
(a) Short term borrowings	359.664	230.280	199.547
(b) Trade payables	82.366	111.263	47.020
(c) Other current liabilities	133.446	81.785	60.708
(d) Short-term provisions	66.812	48.234	39.434
Total Current Liabilities (4)	642.288	471.562	346.709
TOTAL	1636.066	1417.392	832.871
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	809.629	665.430	367.716
(ii) Intangible Assets	0.918	0.748	0.873
(iii) Capital work-in-progress	33.983	102.818	8.574
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.187	87.855	30.377
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	868.717	856.851	407.540
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	378.159	300.382	231.836
(c) Trade receivables	93.811	29.126	28.771
(d) Cash and cash equivalents	21.012	14.722	9.492
(e) Short-term loans and advances	227.879	182.166	132.896
(f) Other current assets	46.488	34.145	22.336
Total Current Assets	767.349	560.541	425.331
TOTAL	1636.066	1417.392	832.871

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1417.500	697.500	660.200
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		257.763	125.177
Less	FINANCIAL EXPENSES (D)		117.216	56.605
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		140.547	68.572	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		54.152	26.918
	PROFIT BEFORE TAX (E-F) (G)		86.395	41.654	86.200
Less	TAX (H)		41.209	22.048	24.475
	PROFIT AFTER TAX (G-H) (I)		45.186	19.606	61.725
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		170.245	142.233	NA
Add	MAT CREDIT ENTITLEMENT		11.044	8.406	NA
	BALANCE CARRIED TO THE B/S		226.474	170.245	142.233
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS		495.653	87.808	NA
	Earnings Per Share (Rs.)		3.01	2.18	6.86

Particulars	31.03.2014
Sales Turnover (Approximately)	2500.000

Expected Sales (2014-15) : Rs. 2500.000 Millions

The above information has been parted by Mr. Srinivasan (Chief Executive Officer).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	3.19	2.81	NA
Operating Profit Margin (PBIDT/Sales)	(%)	18.18	17.95	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.39	3.17	10.46
Return on Investment (ROI) (PBT/Networth)		0.23	0.16	0.37
Debt Equity Ratio (Total Debt /Networth)		2.36	3.27	1.74
Current Ratio (Current Asset/Current Liability)		1.19	1.19	1.23

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	90.000	90.000	150.000
Reserves & Surplus	144.203	172.215	228.444
Net worth	234.203	262.215	378.444
long-term borrowings	208.402	626.082	534.459
Short term borrowings	199.547	230.280	359.664
Total borrowings	407.949	856.362	894.123
Debt/Equity ratio	1.742	3.266	2.363

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	660.200	697.500	1417.500
		5.650	103.226

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	660.200	697.500	1417.500
Profit	61.725	19.606	45.186
	9.35%	2.81%	3.19%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	No
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	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10484083	22/02/2014	80,000,000.00	THE KARUR VYSYA BANK LIMITED	GUNTUR BRANCH, DOOR NO. 22-4-105, HEMA SUDERSANA  COMPLEX, NEAR JINNAH TOWER, GUNTUR, ANDHRA PRADESH - 522003, INDIA	C00149955
2	10472060	07/01/2014	100,000,000.00	THE KARUR VYSYA BANK LIMITED	DOOR NO. 22-4-105, HEMA SUDERSANA COMPLEX, NEAR JINNAH TOWER, GUNTUR, ANDHRA PRADESH - 522003, INDIA	B94197225
3	10387408	30/10/2012	27,000,000.00	TAMILNAD MERCANTILE BANK LIMITED	CHUNDURU MANSION, 24-2-49, CHAPARALAVARI STREET,  PATNAM BAZAAR, GUNTUR, ANDHRA PRADESH - 522003, INDIA	B62316294
4	10345946	07/11/2014 *	380,000,000.00	TAMILNAD MERCANTILE BANK LIMITED	D.NO.24-2-49, CHUNDURU MANSIONS, CHAPARALAVARI ST  REET, GUNTUR, ANDHRA PRADESH - 522003, INDIA	C34065896
5	10316725	21/10/2011	465,430,000.00	TAMILNAD MERCANTILE BANK LIMITED	CHUNDURU MANSION, 24-2-49, CHAPARALAVARI STREET,  PATNAM BAZAAR, GUNTUR, ANDHRA PRADESH - 522003, INDIA	B24958159
6	10316055	16/09/2011	120,000,000.00	TAMILNAD MERCANTILE BANK LIMITED	CHUNDURU MANSION, 24-2-49, CHAPARALAVARI STREET,  PATNAM BAZAAR, GUNTUR, ANDHRA PRADESH - 522003, INDIA	B24692345
7	90128822	07/02/2013 *	564,700,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, KANNAVARITHOTA, GUNTUR, ANDHRA PRADESH - 522004, INDIA	B67932749

* Date of charge modification

FIXED ASSETS

· Land

· Factory Building

· Non Factory Building

· Plant and Machinery

· Bobbins, Cans and Crates

· Furniture and Office Equipments

· Electrical Installations

· Well and Water Works

· Lab Equipments

· Electrical Substation

· Vehicles

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. 61.92
UK Pound	1	Rs. 97.39
Euro	1	Rs. 77.21

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	RAS
Report Prepared by :	ASH

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.