MIRA INFORM REPORT

Report Date :

20.03.2014

IDENTIFICATION DETAILS

Name :	NATURAL TEXTILES PRIVATE LIMITED (w.e.f.16.09.2002)
Formerly Known As :	NATURAL TEXTILES LIMITED
Registered Office :	No. 172/ 173/ 174, KIADB Industrial Area, Bommasandra Jigani Link Road, Hennagra Post, Bangalore – 562106, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.12.1994
Com. Reg. No.:	08-016848
Capital Investment / Paid-up Capital :	Rs. 120.000 Millions
CIN No.: [Company Identification No.]	U18101KA1994PTC016848
TAN No.: [Tax Deduction & Collection Account No.]	BLRN00462A
PAN No.: [Permanent Account No.]	AAACN4745L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Knit Fabrics and Garments.
No. of Employees :	Not Divulged

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 936700
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial with government department for the year 2012 and 2013. As per previous financial of 2011, there appears drastic dip in sales turnover of the company. However, trade relations are fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Krishna
Designation :	Accounts Manager
Contact No.:	91-9845185095
Date :	15.03.2014

LOCATIONS

Registered Office :	No. 172/ 173/ 174, KIADB Industrial Area, Bommasandra Jigani Link Road, Hennagra Post, Bangalore – 562106, Karnataka, India
Tel. No.:	91-80-27839877/ 66205400
Mobile No.:	91-9845185095 [Mr. Krishna]
Fax No.:	91-80-28521100
E-Mail :	krishnamurthyhn@gmail.com
Corporate Headquarters :	No. 5/2, 15^th Km, Hosur Main Road, Electronic City Post, Bangalore – 560100, Karnataka, India

DIRECTORS

AS ON 30.09.2010

Name :

Ms. Rashmi Navalkumar Thakeria

Designation :

Managing director

Address :

421, The Embassy, 15, Ali Asker Road, Bangalore – 560052, Karnataka, India

Date of Birth/Age :

18.05.1964

Date of Appointment :

20.06.2002

PAN No.:

AABPT6829P

DIN No.:

00562346

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	U74140KA2002PTC030551	VASUDHA CATALYSTS PRIVATE LIMITED	Director	27/05/2002	27/05/2002	-	Active	NO
2	U18101KA1994PTC016848	NATURAL TEXTILES PRIVATE LIMITED	Managing director	20/06/2002	20/06/2002	-	Active	NO
3	U18101KA2005PTC036442	NATURAL STREET PRIVATE LIMITED	Director	31/05/2005	31/05/2005	01/04/2008	Active	NO
4	U17111KA2007PTC041978	NATURAL INTIMA PRIVATE LIMITED	Director	05/03/2007	05/03/2007	-	Active	NO

Name :

Mr. Arun Ramachandran

Designation :

Additional director

Address :

G-A, Elgin Court, Eagle Street, Langford Town Landmark Agarwal Hospital Bangalore - 560025, Karnataka, India

Date of Birth/Age :

24.11.1975

Date of Appointment :

17.07.2013

DIN No.:

01443269

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	U74140KA2005PTC036995	IMPETUS BUSINESS CONSULTING PRIVATE LIMITED	Director	18/08/2005	18/08/2005	05/05/2008	Active	NO
2	U72900KA2007PTC042358	INPHO INTERACTIVE INDIA PRIVATE LIMITED	Director	03/04/2007	03/04/2007	25/07/2013	Active	NO
3	U92100KA2007PTC042830	BACKWATER MEDIA AND ENTERTAINMENT PRIVATE LIMITED	Director	16/05/2007	16/05/2007	29/03/2008	Active	NO
4	U72900KA2006PTC040207	EAGLE STREET BUSINESS ADVISORS PRIVATE LIMITED	Director	01/12/2007	01/12/2007	-	Active	NO
5	U72200KA2006PTC050574	BVP INPHO INTERACTIVE INDIA PRIVATE LIMITED	Director	04/09/2008	10/03/2008	-	Strike off	NO
6	U72200KA2010PTC052223	UPAVEDA LEARNING SOLUTIONS PRIVATE LIMITED	Director	19/01/2010	19/01/2010	-	Active	NO
7	U67190KA2010PTC053307	EAGLE STREET CAPITAL ADVISORS PRIVATE LIMITED	Director	20/04/2010	20/04/2010	-	Strike off	NO
8	U74300KA2011PTC059298	JUMP TALENT MANAGEMENT PRIVATE LIMITED	Director	23/06/2011	23/06/2011	-	Strike off	NO
9	U74900KA2010PTC053155	ASHA WELLNESS SERVICES PRIVATE LIMITED	Director	25/06/2013	25/06/2013	-	Active	NO
10	U18101KA1994PTC016848	NATURAL TEXTILES PRIVATE LIMITED	Additional director	17/07/2013	17/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Krishna
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Rashmi Navalkumar Thakeria	100
Vasudha Portfolio Private Limited, India	11999895
Parvathi N Thakeria	1
Ashok Navalkumar Thakeria	1
Kanchana Thakeria	1
Ram Madvani	1
Mahesh Samarth	1
Total	12000000

AS ON 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Knit Fabrics and Garments.

PRODUCTION STATUS (AS ON 31.03.2011)

Class of goods produced by the company	Licensed Capacity	Installed Capacity		Actual Production
	Qty.	No. of Shifts	Qty.	Qty.
Knit Fabrics Garments of all varieties for men, women & children	NA	1	9 million	839,721

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Corporation Bank

Industrial Finance Branch, No. 30, Mission Road, Bangalore - 560027, Karnataka, India

Facilities :

SECURED LOANS	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Rupee term loans banks	39.248	39.750
Working capital loans banks	79.743	77.409
Other debt	0.437	0.295
Total	119.428	117.454

Banking Relations :	--
Auditors :
Name :	Manian And Rao Chartered Accountants
Address :	No. 361, 1 Floor, 7th Cross, 1st Block, Jayanagar, Bangalore – 560011, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AAHFM0757B
Holding Company :	Vasudha Portfolios Private Limited [U74140KA2002PTC030551]
Subsidiaries :	· Natural Street Private Limited [U18101KA2005PTC036442] NTPL Europa AG
Joint Venture :	Natural Intima Private Limited [U17111KA2007PTC041978]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		120.000	120.000	120.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		139.092	139.092	0.000
4] (Accumulated Losses)		(24.906)	(27.127)	(28.942)
NETWORTH		234.186	231.965	91.058
LOAN FUNDS
1] Secured Loans		119.428	117.454	91.613
2] Unsecured Loans		38.397	33.797	23.797
TOTAL BORROWING		157.825	151.251	115.410
DEFERRED TAX LIABILITIES		0.000	0.000	0.527
TOTAL		392.011	383.216	206.995
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		196.531	202.546	68.431
Capital work-in-progress		65.608	35.023	8.362
INVESTMENT		17.100	24.621	24.620
DEFERRED TAX ASSETS		9.819	9.942	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.434	60.481	69.919
	Sundry Debtors	41.742	23.708	46.795
	Cash & Bank Balances	10.135	30.276	6.674
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	65.903	66.491	62.423
Total Current Assets		176.214	180.956	185.811
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	60.695	61.186	67.989
	Other Current Liabilities	7.050	1.946	6.936
	Provisions	5.516	6.740	5.304
Total Current Liabilities		73.261	69.872	80.229
Net Current Assets		102.953	111.084	105.582
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		392.011	383.216	206.995

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	224.611	321.705	327.214
Less	EXPENSES
		TOTAL	222.267	330.359	362.298
	PROFIT/ (LOSS) BEFORE TAX		2.344	(8.654)	(35.084)
Less	TAX		0.123	(10.470)	0.000
	PROFIT/ (LOSS) AFTER TAX		2.221	1.816	(35.084)
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	179.291	281.208	277.317
		Exchange gain (net)	1.695	5.752	0.000
	TOTAL EARNINGS		180.986	286.960	277.317
	IMPORTS
		Raw Materials and accessories	8.711	23.031	34.199
	Earnings/ (Loss) Per Share (Rs.)
	Basic		0.19	0.15	(2.92)
	Diluted		0.16	0.14	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.99	0.56	(10.72)
Return on Total Assets (PBT/Total Assets}	(%)	0.63	(2.26)	(13.80)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.04)	(0.39)
Debt Equity Ratio (Total Debt/Networth)		0.67	0.65	1.27
Current Ratio (Current Asset/Current Liability)		2.41	2.59	2.32

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	120.000	120.000	120.000
Share Application Money	0.000	0.000	0.000
Reserves & Surplus	0.000	139.092	139.092
(Accumulated Losses)	(28.942)	(27.127)	(24.906)
Net worth	91.058	231.965	234.186
Secured Loans	91.613	117.454	119.428
Unsecured Loans	23.797	33.797	38.397
Total borrowings	115.410	151.251	157.825
Debt/Equity ratio	0.962	1.260	1.315

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	327.214	321.705	224.611
		(1.684)	(30.181)

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	327.214	321.705	224.611
Profit/ (Loss)	(35.084)	1.816	2.221
	(10.72%)	0.56%	0.99%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS

CASE PENDING

High Court of Karnataka -Bangalore Bench

COP 117/2013

Petitioner/Appnt. Name	M/S PANCHAJANYA CONSTRUCTIONS		Respondent/ Defnt. Name	M/S NATURAL TEXTILES PVT LTD
Petnr./Appnt. Advocate	H R SREEPADA & PRASANNA B R		Respnt./ Defnt. Advocate	JAMES P ARUN KUMAR
Date Filed	17/06/2013	Classification	District	Bangalore City

Stage	PENDING FOR ADMISSON	Last Posted For	ADMISSION
Last Action Taken	ADJOURNED	Last Date of Action	14/03/2014	Next Hearing Date
Latest Order	ONE WEEKS
Before Hon'ble Judge/s	ANAND BYRAREDDY

Details of the Daily Order
(Click on date of order to get full order)

Sl No	Honble Judge	Date of Order
1	HONBLE SANJ	29/08/2013
2	HONBLE SANJ	06/09/2013

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90192569	05/12/2013 *	165,418,885.21	PHOENIX ARC PRIVATE LIMITED	DANI CORPORATE PARK, 7TH FLOOR, 158 CST ROAD, KA LINA, SANTACRUZ (E), MUMBAI - 400098, MAHARASHTRA,  INDIA	B92878842
2	90191885	05/12/2013 *	165,418,885.21	PHOENIX ARC PRIVATE LIMITED	DANI CORPORATE PARK, 7TH FLOOR, 158 CST ROAD, KA LINA, SANTACRUZ (E), MUMBAI - 400098, MAHARASHTRA,  INDIA	B92872712
3	90191877	05/12/2013 *	165,418,885.21	PHOENIX ARC PRIVATE LIMITED	DANI CORPORATE PARK, 7TH FLOOR, 158 CST ROAD, KA LINA, SANTACRUZ (E), MUMBAI - 400098, MAHARASHTRA,  INDIA	B92873447
4	90191542	05/12/1996 *	25,500,000.00	GLOBAL TRUST BANK LTD	NO. 21/15; M.G ROAD, BANGALORE, KARNATAKA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Fully convertible debentures	16.797	16.797
Loans directors	7.000	7.000
Other debt	14.600	10.000
Total	38.397	33.797

CHANGE OF ADDRESS:

The Registered office of the company has been shifted from 5/2, 1-4 Beratana Agrahara, 15th Km Hosur Main Road, Electronic City Post, Bangalore - 560100, Karnataka, India to the present address w.e.f.18.11.2010.

FIXED ASSETS:

· Land

Plant and machinery

Computer equipments

Furniture and fixtures

Vehicles

Leasehold properties

Computer 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 records 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. 61.10
UK Pound	1	Rs. 101.41
Euro	1	Rs. 85.08

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--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.