1. Summary Information

		Country	India
Company Name	COTTON NATURALS (INDIA) PRIVATE LIMITED	Principal Name 1	Mr. Varun Sharma
Status	Moderate	Principal Name 2	Mr. Mukund Raghav Sharma
		Registration #	55-089938
Street Address	E-28, Connaught Place, New Delhi-110001, India
Established Date	30.09.1997	SIC Code	--
Telephone#	91-11-23326011/ 23350026/ 23416011	Business Style 1	Exporter
Fax #	91-11-23325720/2568314	Business Style 2	--
Homepage	http://www.jpc-india.com http://www.cottonnaturals.com	Product Name 1	Readymade Garments and other related products
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.19,999,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 100.00%	Banking	ICICI Bank Limited
Public Limited Corp.	No	Business Period	17 Years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (35)
Related Company
Relation	Country	Company Name	CEO
Related parties	India	Pegasus Equestrian Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets		Current Liabilities	40,855,000
Inventories	31,886,000	Long-term Liabilities	525,000
Fixed Assets	21,836,000	Other Liabilities	3,240,000
Deferred Assets	0,000	Total Liabilities	44,620,000
Invest& other Assets	327,223,000	Retained Earnings	316,326,000
		Net Worth	336,325,000
Total Assets	380,945,000	Total Liab. & Equity	380,945,000
Total Assets (Previous Year)	368,949,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Total Income	70,800,000	Net Profit	3,500,000
Total Income (Previous yr)	141,000,000	Net Profit(Prev.yr)	14,400,000

MIRA INFORM REPORT

Report Date :

01.03.2014

IDENTIFICATION DETAILS

Name :	COTTON NATURALS (INDIA) PRIVATE LIMITED
Registered Office :	E-28, Connaught Place, New Delhi-110001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.09.1997
Com. Reg. No.:	55-089938
Capital Investment / Paid-up Capital :	Rs.19.999 Millions
CIN No.: [Company Identification No.]	U18101DL1997PTC089938
TAN No.: [Tax Deduction & Collection Account No.]	DELC04552C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Readymade Garments.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (35)

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

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There is a sharp dip profitability of the company during the financial year 2013. However, trade relations are fair. Business is active. Payment terms are 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 – 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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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 DENIED

Management Non-Cooperative (Tel No.: 91-11-23416011)

LOCATIONS

Registered / Head Office :	E-28, Connaught Place, New Delhi-110001, India
Tel. No.:	91-11-23326011/23350026/23416011
Fax No.:	91-11-23325720/2568314
E-Mail :	sales@jpc-India.com sharmav@giasdl01.vsnl.net.in sharmav@jpc-india.com drc@drcifsr.com
Website :	http://www.jpc-india.com http://www.cottonnaturals.com
Location :	Owned
Corporate Office :	C-100, Sector 2, Noida-201 301, Uttar Pradesh, India
Tel. No.:	91-120-2530172/2553794/2332601/4316904/05
Fax No.:	91-120-2555180/23325720
Factory :	A-28, A-31, Sector 59, Noida-201301, Uttar Pradesh, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Varun Sharma

Designation :

Director

Address :

E-28, Connaught Place, New Delhi-110001, India

Date of Birth/Age :

17.08.1960

Date of Appointment :

26.07.1999

DIN No.:

00587194

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	U74899DL1975PTC007687	CONNAUGHT SERVICES PRIVATE LIMITED	Director	20/03/1979	20/03/1979	-	Active	NO
2	U74899DL1988PTC034439	CANNAUGHT LEASING PRIVATE LTD	Director	27/05/1994	27/05/1994	-	Active	NO
3	U74899DL1995PTC066361	J V M ENGINEERS AND TECHNOLOGISTS PRIVATE LIMITED	Director	28/09/1998	28/09/1998	-	Active	NO
4	U18101DL1998PTC091765	NKR SYNTEX PRIVATE LIMITED	Director	14/01/1999	14/01/1999	-	Active	NO
5	U18109DL1999PTC099062	JAIPUR POLO COMPANY PRIVATE LIMITED	Director	13/03/1999	13/03/1999	-	Active	NO
6	U18101DL1997PTC089938	COTTON NATURALS (INDIA) PRIVATE LIMITED	Director	26/07/1999	26/07/1999	-	Active	NO
7	U72900DL1999PTC101445	JPC INTERNET SOLUTIONS (PVT) LTD	Director	07/09/1999	07/09/1999	-	Active	NO
8	U01122DL2002PTC116800	MERIT FARMS PRIVATE LIMITED	Director	02/12/2002	02/12/2002	19/05/2011	Active	NO
9	U70101DL2003PTC119922	JPC FARMS PRIVATE LIMITED	Director	17/04/2003	17/04/2003	19/05/2011	Active	NO
10	U74899DL1983PTC016737	FLORA ENGINEERS PRIVATE LIMITED	Director	27/03/2004	27/03/2004	-	Active	NO
11	U74899DL2004PTC127942	C R FARMS PRIVATE LIMITED	Director	15/04/2005	15/04/2005	19/05/2011	Active	NO
12	U15331DL2008PTC177904	HIMALAYAN HORSE CARE PRODUCTS PRIVATE LIMITED	Director	09/05/2008	09/05/2008	19/05/2011	Active	NO
13	U18104DL2010PTC203641	PEGASUS EQUESTRIAN PRIVATE LIMITED	Director	04/06/2010	04/06/2010	-	Active	NO
14	U85100DL2010NPL206164	SALVATION TREE FOUNDATION	Director	22/07/2010	22/07/2010	-	Active	NO

Name :

Mr. Mukund Raghav Sharma

Designation :

Director

Address :

A 39, Vasant Marg, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

24.09.1992

Date of Appointment :

25.07.2011

DIN No.:

03268506

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	U18101DL1997PTC089938	COTTON NATURALS (INDIA) PRIVATE LIMITED	Director	25/07/2011	24/09/2010	-	Active	NO
2	U01122DL2002PTC116800	MERIT FARMS PRIVATE LIMITED	Director	16/09/2011	24/09/2010	07/01/2014	Active	NO
3	U74899DL2004PTC127942	C R FARMS PRIVATE LIMITED	Director	15/09/2011	24/09/2010	07/01/2014	Active	NO
4	U70101DL2003PTC119922	JPC FARMS PRIVATE LIMITED	Director	24/09/2010	24/09/2010	07/01/2014	Active	NO
5	U18101DL1998PTC091765	NKR SYNTEX PRIVATE LIMITED	Director	25/07/2011	24/09/2010	-	Active	NO
6	U74899DL1995PTC066361	J V M ENGINEERS AND TECHNOLOGISTS PRIVATE LIMITED	Director	25/07/2011	24/09/2010	-	Active	NO
7	U72900DL1999PTC101445	JPC INTERNET SOLUTIONS (PVT) LTD	Director	25/07/2011	24/09/2010	-	Active	NO
8	U18109DL1999PTC099062	JAIPUR POLO COMPANY PRIVATE LIMITED	Director	25/07/2011	24/09/2010	-	Active	NO
9	U74899DL1983PTC016737	FLORA ENGINEERS PRIVATE LIMITED	Director	25/07/2011	24/09/2010	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares	% of Holding
Varun Sharma	1990000	99.50
Mukund Raghav Sharma	9910	0.50
Total	1999910	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporting readymade garments and other related products.

GENERAL INFORMATION

No. of Employees :	Information denied by management
Bankers :	· Citi Bank · ICICI Bank Limited

Banking Relations :	--
Auditors :
Name :	Dharam Raj and Company Chartered Accountants
Address :	R-24/10, 1^st Floor, Rita Block, Vikas Marg, Shakarpur, New Delhi – 110092, India
Tel. No.:	91-11-22469410/55374331/22014726
Mobile No.:	91-9811327272
Fax No.:	91-11-22525118/22014728
PAN No.:	AAAFD5330N
Related Parties :	· Pegasus Equestrian Private Limited · JPC Equestrian INC. · JPC · JVM Engineers and Technologies Private Limited · Flora Engineers Private Limited · NKR Syntex Private Limited · Salvation Tree

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1999910	Equity Shares	Rs.10/- each	Rs.19.999 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19.999
(b) Reserves & Surplus	316.326
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	336.325
(3) Non-Current Liabilities
(a) long-term borrowings	0.525
(b) Deferred tax liabilities (Net)	0.698
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	1.223
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	0.000
(c) Other current liabilities	2.542
(d) Short-term provisions	40.855
Total Current Liabilities (4)	43.397
TOTAL	380.945
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.836
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	133.038
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.675
Total Non-Current Assets	155.549
(2) Current assets
(a) Current investments	0.000
(b) Inventories	41.279
(c) Trade receivables	30.868
(d) Cash and cash equivalents	1.018
(e) Short-term loans and advances	0.000
(f) Other current assets	152.231
Total Current Assets	225.396
TOTAL	380.945

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		19.999	19.999
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		312.926	298.546
4] (Accumulated Losses)		0.000	0.000
NETWORTH		332.925	318.545
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.525	0.525
TOTAL BORROWING		0.525	0.525
DEFERRED TAX LIABILITIES		0.589	0.750
TOTAL		334.039	319.820
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.528	98.051
Capital work-in-progress		0.000	0.000
INVESTMENT		77.561	77.561
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	38.673	47.878
	Sundry Debtors	50.794	104.001
	Cash & Bank Balances	16.174	7.111
	Other Current Assets	164.219	1.237
	Loans & Advances	0.000	23.247
Total Current Assets		269.860	183.474
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.726	(79.118)
	Other Current Liabilities	23.184	113.857
	Provisions	0.000	4.527
Total Current Liabilities		34.910	39.266
Net Current Assets		234.950	144.208
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		334.039	319.820

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL		70.800	141.000	179.100
Less	EXPENSES			64.300	105.000	142.400
	PROFIT/(LOSS) BEFORE TAX			6.500	36.000	36.700
Less	TAX			3.000	21.600	0.300
	PROFIT/(LOSS) AFTER TAX			3.500	14.400	36.400
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	63.800	97.400	176.100
			Interest Income	0.000	0.000	0.400
	TOTAL EARNINGS			63.8000	97.400	176.500
	Earnings Per Share (Rs.)			1.75	7.20	18.20

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.94	10.21	20.32
Return on Total Assets (PBT/Total Assets}	(%)	2.62	12.35	13.04
Return on Investment (ROI) (PBT/Networth)		0.02	0.11	0.12
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		5.19	7.73	4.67

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	19.999	19.999	19.999
Reserves & Surplus	298.546	312.926	316.326
Net worth	318.545	332.925	336.325
Secured Loan	0.000	0.000	0.000
Unsecured Loan	0.525	0.525	0.525
Total borrowings	0.525	0.525	0.525
Debt/Equity ratio	0.002	0.002	0.002

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
Total Income	179.100	141.000	70.800
		(21.273)	(49.787)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	179.100	141.000	70.800
Profit	36.400	14.400	3.500
	20.32%	10.21%	4.94%

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	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	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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From Directors	0.525	0.525
Total	0.525	0.525

OVERVIEW

The company is a Private limited Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company is 100% EOU in the field of exporting readymade garments and other related products.

NOTE: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.07
UK Pound	1	Rs.103.61
Euro	1	Rs.85.03

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		35

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.