MIRA INFORM REPORT

Report Date :

25.07.2014

IDENTIFICATION DETAILS

Name :	JAGRUTI SYNTHETICS LIMITED
Registered Office :	28, Y.A. Chunawala Industrial Estate, Kondivita Lane, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.03.1988
Com. Reg. No.:	11-0.46527
Capital Investment / Paid-up Capital :	Rs.27.000 Millions
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and supplier of yarns.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 98000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and continuous accumulated losses incurred by the company over a year. However, trade relations are fair, Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. Murlidhar Bohra
Designation :	Director
Contact No.:	91-9223399142
Date :	22.07.2014

LOCATIONS

Registered Office :	28, Y.A. Chunawala Industrial Estate, Kondivita Lane, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91- 22-67313140
Mobile No.:	91-9223399142 (Mr. Murli Bohra)
Fax No.:	91- 22-67313199
E-Mail :	cs@kflindia.com pkg@kflindia.com murli.bohra@kfindia.com
Area :	1200 Sq ft
Location :	Rented
Factory :	118/119, Dhanudhog Sahkari Sangh Limited, Po Piparia, Unit No. 3, Silvassa – 396230, Gujarat, India

DIRECTORS

As on 30.09.2013

Name :

Asha Devi Pradip Kumar Goenka

Designation :

Whole-time director

Address :

502, Raheja Princess Apartment, SK Bole Road, Near Siddhivinayak Temple, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

22.03.1963

Date of Appointment :

10.06.2008

DIN No.:

00516292

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	U51900MH1986PTC039250	ANANDDEEP CONSULTANCY SERVICES PRIVATE LIMITED	Director	07/09/2002	07/09/2002	-	Active	NO
2	U17100MH1991PTC060064	SPINDRAW FIBRES PRIVATE LIMITED	Director	14/01/2006	14/01/2006	-	Active	NO
3	U24306MH1988PLC046527	JAGRUTI SYNTHETICS LIMITED	Whole-time director	01/10/2010	10/06/2008	-	Active	NO

Name :

Mr. Pradip Kumar Narayan Prasad Goenka

Designation :

Director

Address :

502, Raheja Princess Apartment, SK Bole Road, Near Siddhivinayak Temple, Prabhadevi, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

21.09.1959

Date of Appointment :

09.01.2001

DIN No.:

00516381

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	L17120MH1987PLC042424	KAMADGIRI FASHION LIMITED	Managing director	26/08/2012	04/02/1987	-	Active	NO
2	U17100MH1991PTC060064	SPINDRAW FIBRES PRIVATE LIMITED	Director	29/03/1993	29/03/1993	-	Active	NO
3	U24306MH1988PLC046527	JAGRUTI SYNTHETICS LIMITED	Director	09/01/2001	09/01/2001	-	Active	NO
4	U51900MH1986PTC039250	ANANDDEEP CONSULTANCY SERVICES PRIVATE LIMITED	Director	26/09/2009	03/11/2008	-	Active	NO

Name :

Mr. Murlidhar Bohra

Designation :

Director

Address :

1705, Yogi Tower, 17^th Floor, Yogi Nagar, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

02.07.1956

Date of Appointment :

27.03.1996

DIN No.:

01716759

Name :

Mr. Chandubhai Mathurdas Patel

Designation :

Director

Date of Appointment :

09.01.2001

DIN No.:

00516318

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	U24306MH1988PLC046527	JAGRUTI SYNTHETICS LIMITED	Director	09/01/2001	09/01/2001	-	Active	NO
2	U17119GJ2003PTC042652	RAJA NATURAL FIBERS PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	55.90
Directors or relatives of Directors	21.09
Other top fifty shareholders	21.00
Other	2.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and supplier of yarns.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

· Retailers

· End Users

No. of Employees :

200 (Approximately)

Bankers :

· Bombay Mercantile Co- Operative Bank Limited, Om Chambers, August Kranti Marg, Mumbai - 400036,Maharashtra, India

· Bombay Mercantile Co-Operative Bank Limited, Kemps Corner Branch, Om Chambers, Kemp's Corner, Mumbai - 400036, Maharashtra, India

· The Shamrao Vithal

· Co-Operative Bank Limited, Sanskriti Park, Opposite Cannossa High School, Mahakali Caves Road, Andheri (East),, Mumbai - 400093, Maharashtra, India

· Bombay Mercantile Co-operative Bank Limited, 78, Mohamedali Road,

· Mumbai - 400003,Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Term loans from banks	19.628	10.570
Short-term borrowings
Working capital loan from bank	48.467	25.175
Total	68.095	35.745
Note: Working capital loan is secured by hypothecation of stock and book debts. Working capital loan is collaterally secured by the hypothecation of plant and machinery and registered equitable mortgage of land and building Working capital loan is personally guaranteed by three directors of the company.

Banking Relations :	--
Auditors :
Name :	R. S. Agrawal and Associates Chartered Accountants
Address :	309/310, 3rd Floor, Gundecha Industrial Complex, Near Big Bazar, Akruli Road, Kandivali (East), Mumbai - 400101, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFR5770L
Associates:	· Ananddeep Consultancy Services Private Limited
Enterprises over which parties mentioned in (a) and (b) above are exercising significant influence.	· Kamadgiri Synthetics Limited · Splndraw Fibers Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4950000	Equity Shares	Rs.10/- each	Rs.49.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2700000	Equity Shares	Rs.10/- each	Rs. 2.700 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	27.000	27.000	27.000
(b) Reserves & Surplus	(2.397)	(3.465)	(4.331)
(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)	24.603	23.535	22.669
(3) Non-Current Liabilities
(a) long-term borrowings	35.120	23.543	38.419
(b) Deferred tax liabilities (Net)	4.846	4.415	5.094
(c) Other long term liabilities	4.200	4.200	4.000
(d) long-term provisions	0.045	0.023	0.050
Total Non-current Liabilities (3)	44.211	32.181	47.563
(4) Current Liabilities
(a) Short term borrowings	48.467	25.175	29.858
(b) Trade payables	23.181	10.437	5.062
(c) Other current liabilities	6.764	5.500	7.881
(d) Short-term provisions	0.005	0.003	0.000
Total Current Liabilities (4)	78.417	41.115	42.801
TOTAL	147.231	96.831	113.033
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	52.498	38.785	49.028
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.253
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.698	3.921	3.921
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.191	3.599	4.319
(e) Other Non-current assets	1.727	1.230	1.229
Total Non-Current Assets	62.114	47.535	58.750
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.981	20.592	17.360
(c) Trade receivables	57.892	28.472	33.877
(d) Cash and cash equivalents	0.317	0.071	0.814
(e) Short-term loans and advances	0.927	0.161	1.052
(f) Other current assets	0.000	0.000	1.180
Total Current Assets	85.117	49.296	54.283
TOTAL	147.231	96.831	113.033

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	306.751	207.407	239.589
	Other Income	3.527	3.898	2.867
	TOTAL (A)	310.278	211.305	242.456
Less	EXPENSES
	Cost of Materials Consumed	261.140	163.578	197.849
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.803)	2.556	(2.944)
	Employees benefits expense	8.308	2.694	2.990
	Other expenses	28.253	26.834	28.590
	Prior Period Expenses	0.000	0.000	0.008
	TOTAL (B)	293.898	195.662	226.493
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	16.380	15.643	15.963
Less	FINANCIAL EXPENSES (D)	9.452	8.218	9.148
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	6.928	7.425	6.815
Less/ Add	DEPRECIATION/ AMORTISATION (F)	5.313	5.982	5.113
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	1.615	1.443	1.702
Less	TAX (I)	0.547	0.577	0.585
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	1.068	0.866	1.117
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	(5.965)	(6.831)	(7.948)
	Balance Carried to the B/S (J+K+L-M)	(4.897)	(5.965)	(6.831)
	IMPORTS
	Components and Stores parts	0.711	0.000	0.000
	TOTAL IMPORTS	0.711	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)	0.40	0.32	0.41

Particulars	31.03.2014
Sales Turnover (Approximately)

The above information has been parted by Mr. Murlidhar Bohra (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.34	0.41	0.46
Net Profit Margin (PBT/Sales)	(%)	0.53	0.70	0.71
Return on Total Assets (PBT/Total Assets}	(%)	1.12	1.55	1.56
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	0.08
Debt Equity Ratio (Total Debt /Networth)		3.40	2.07	3.01
Current Ratio (Current Asset/Current Liability)		1.09	1.20	1.27

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	27.000	27.000	27.000
Reserves & Surplus	(4.331)	(3.465)	(2.397)
Net worth	22.669	23.535	24.603
long-term borrowings	38.419	23.543	35.120
Short term borrowings	29.858	25.175	48.467
Total borrowings	68.277	48.718	83.587
Debt/Equity ratio	3.012	2.070	3.397

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	239.589	207.407	306.751
		(13.432)	47.898

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	239.589	207.407	306.751
Profit	1.117	0.866	1.068
	0.47%	0.42%	0.35%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Inter corporate term loan	7.500	7.500
Loans from related parties	7.992	5.474
Total	15.492	12.974

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10380868	11/09/2012	8,500,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SANSKRITI PARK,OPP CANNOSSA HIGH SCHOOL, MAHAKALI CAVES ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400093, INDIA	B59811844
2	10373825	11/09/2012 *	58,500,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SANSKRITI PARK,OPP CANNOSSA HIGH SCHOOL, MAHAKALI CAVES ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400093, INDIA	B59810176
3	10365026	01/06/2012	50,000,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	SANSKRITI PARK,OPP CANNOSSA HIGH SCHOOL, MAHAKALI CAVES ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400093, INDIA	B43422864

* Date of charge modification

FIXED ASSETS

· Land

· Factory Building

· Computer

· Plant Machinery

· Office Equipment

· Furniture and Fixtures

· 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 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.60.00
UK Pound	1	Rs.102.19
Euro	1	Rs.80.68

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--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		27

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.