MIRA INFORM REPORT

Report Date :

20.09.2014

IDENTIFICATION DETAILS

Name :	SRI SHYAM FASHION TEXTILES PRIVATE LIMITED
Registered Office :	37, Armenian Street, 1^st Floor, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.03.2003
Com. Reg. No.:	21-095976
Capital Investment / Paid-up Capital :	Rs. 24.870 Millions
CIN No.: [Company Identification No.]	U93010WB2003PTC095976
PAN No.: [Permanent Account No.]	AAHCS3729A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Dealer of Ready Made Garment Fabrics.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 773000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company is low. However, general financial position of the company seems to be decent. Liquidity position of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be 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. Manesh
Designation :	Accountant
Contact No.:	91-11-22070024
Date :	19.09.2014

LOCATIONS

Registered Office :	37, Armenian Street, 1^st Floor, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33-22719005/ 004
Fax No. :	91-33-22700962
E-Mail :	pks.mcaefiling@gmail.com
Website :	www.shyamfashion.com
Branch Office 1:	IX/6, Main Road, Kailash Nagar, Near Maszid, Gandhinagar, Delhi – 110031, India
Tel. No.:	91-11-22070023/ 22070024/ 22070025/ 22070026
E-Mail :	delhi@shyamfashion.com
Branch Office 2:	2B, Lalmani Building, 25/31, Dr Atmaram Merchant Road, Bhuleshwar, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22401842
E-Mail :	mumbai@shyamfashion.com
Branch Office 3 :	205, New Cloth Market, Ahmedabad – 380002, Gujarat, India
Tel. No.:	91-79-66053682
E-Mail :	ahmd@shyamfashion.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Saurav Jalan

Designation :

Director

Address :

83, Gola Ghata Road, 6^th Floor, Block F, Kolkata - 700048, West Bengal, India

Date of Birth/Age :

11.01.1982

Date of Appointment :

28.03.2005

PAN No.:

ACYPJ5263A

DIN No. :

00746075

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U65999WB1996PTC082198	AASHIRWAD FINTRADE PRIVATE LIMITED	Director	01-02-2001	01-02-2001	Strike off	NO
2	U51909WB1995PTC071303	TORRANT TRADING PRIVATE LIMITED	Director	16-01-2002	16-01-2002	Active	NO
3	U93010WB2003PTC095976	SRI SHYAM FASHION TEXTILES PRIVATE LIMITED	Director	28-03-2005	28-03-2005	Active	NO
4	U51109WB1995PTC070324	SURICHIT FABTRADE PRIVATE LIMITED	Director	03-02-2009	03-02-2009	Active	NO

Name :

Mr. Suresh Kumar Jalan

Designation :

Director

Address :

83, Gola Ghata Road, 6^th Floor, Block F, Kolkata - 700048, West Bengal, India

Date of Birth/Age :

11.05.1957

Date of Appointment :

28.03.2003

PAN No. :

ACQPJ9066P

DIN No. :

00688175

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51109WB1995PTC070324	SURICHIT FABTRADE PRIVATE LIMITED	Director	16-11-1999	16-11-1999	Active	NO
2	U51909WB1995PTC071303	TORRANT TRADING PRIVATE LIMITED	Director	16-01-2002	16-01-2002	Active	NO
3	U93010WB2003PTC095976	SRI SHYAM FASHION TEXTILES PRIVATE LIMITED	Director	28-03-2003	28-03-2003	Active	NO
4	U51109WB1995PTC070825	FANTASY TRADING COMPANY PRIVATE LIMITED	Director	12-04-2004	12-04-2004	Active	NO
5	U51109WB1995PTC070533	MALIKA SUPPLIERS PRIVATE LIMITED	Director	30-09-2011	30-06-2011	Active	NO

Name :

Mr. Vaibhav Jalan

Designation :

Director

Address :

83, Gola Ghata Road, 6^th Floor, Block F, Kolkata - 700048, West Bengal, India

Date of Birth/Age :

17.07.1984

Date of Appointment :

28.03.2003

PAN No. :

ACQPJ9069C

DIN No. :

00688188

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U93010WB2003PTC095976	SRI SHYAM FASHION TEXTILES PRIVATE LIMITED	Director	28-03-2003	28-03-2003	Active	NO
2	U17299WB2004PTC098404	SRI KESHAV FASHIONS PRIVATE LIMITED	Director	26-04-2004	26-04-2004	Active	NO
3	U51109WB1995PTC070533	MALIKA SUPPLIERS PRIVATE LIMITED	Director	29-12-2009	29-12-2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Manesh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Suresh Kumar Jalan	985000
Vaibhav Jalan	80000
Bishnu Kumar Jalan	100
Gita Devi Jalan	100
Khusboo Agarwal	100
Krishna Agarwal	100
Radhe Shyam Khaitan	100
Sarada Devi Jalan	100
Saurav Jalan	100
Sita Jalan	145100
Sushila Khaitan	100
Malika Suppliers Private Limited, India	539000
Gaurav Goenka	100
Shyam Sundar Ojha	20
Gopal Chand Ojha	20
Kavita Jalan	497000
Surichit Fabtrade Private Limited, India	240000
Total	2487040

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	31.32
Directors or relatives of Directors	68.67
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Dealer of Ready Made Garment Fabrics.
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Customers :

Retailers and Others

No. of Employees :

35 (Approximately)

Bankers :

· Standard Chartered Bank, Sme Banking, 19 N.S.Road, Kolkata - 700001, West Bengal, India

Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Bank of Baroda, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans taken for vehicles	0.772	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	88.472	66.162
Total	89.244	66.162

Banking Relations :	--
Auditors :
Name :	P K Sah and Associates Chartered Accountants
Address :	58-D, Netaji Subash Road, 3^rd Floor, Room No-316, Kolkata, West Bengal, India
Income-tax PAN of auditor or auditor's firm :	AAIFS8551L
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Surichit Fabtrade Private Limited CIN No.: U51109WB1995PTC070324 Malika Suppliers Private Limited CIN No.: U51109WB1995PTC070533 Sri Keshav Fashions Private Limited CIN No.: U17299WB2004PTC098404 Torrant Trading Private Limited CIN No.: U51909WB1995PTC071303 Fantasy Trading Company Private Limited CIN No.: U51109WB1995PTC070825 Sri Shyam Textiles

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,487,040	Equity Shares	Rs.10/- each	Rs. 24.870 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	24.870	24.870	19.870
(b) Reserves & Surplus	168.374	163.572	82.988
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	42.000
Total Shareholders’ Funds (1) + (2)	193.244	188.442	144.858
(3) Non-Current Liabilities
(a) long-term borrowings	0.772	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.475	1.332	1.227
Total Non-current Liabilities (3)	2.247	1.332	1.227
(4) Current Liabilities
(a) Short term borrowings	261.149	172.308	157.870
(b) Trade payables	358.134	302.053	243.267
(c) Other current liabilities	27.174	4.662	6.822
(d) Short-term provisions	0.342	0.397	0.663
Total Current Liabilities (4)	646.799	479.420	408.622
TOTAL	842.290	669.194	554.707
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.710	7.232	3.960
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.003	0.003	0.000
(c) Deferred tax assets (net)	0.610	0.563	0.484
(d) Long-term Loan and Advances	9.891	9.205	8.254
(e) Other Non-current assets	6.189	6.192	0.000
Total Non-Current Assets	25.403	23.195	12.698
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	450.693	385.619	281.062
(c) Trade receivables	334.921	244.476	241.558
(d) Cash and cash equivalents	16.377	11.252	10.688
(e) Short-term loans and advances	11.113	4.652	8.596
(f) Other current assets	3.783	0.000	0.105
Total Current Assets	816.887	645.999	542.009
TOTAL	842.290	669.194	554.707

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	2637.792	1978.597	1595.910
Less	EXPENSES
		TOTAL (B)	2630.381 (Including Financial Expenses and Depreciation)	1950.810	1577.144
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			27.787	18.766
Less	FINANCIAL EXPENSES (D)			21.215	14.827
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			6.572	3.939
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.785	0.728
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		7.411	5.787	3.211
Less	TAX (H)		2.319	1.824	1.097
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		5.092	3.963	2.114
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.526	6.942	5.406
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	0.249	0.325	0.497
		Proposed Dividend Tax	0.040	0.053	0.081
	BALANCE CARRIED TO THE B/S		15.329	10.527	6.942
	Earnings / (Loss) Per Share (Rs.)		2.05	1.59	1.06

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.19	0.20	0.13
Return on Total Assets (PBT/Total Assets}	(%)	0.88	0.87	0.58
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.02
Debt Equity Ratio (Total Debt/Networth)		1.36	0.91	1.09
Current Ratio (Current Asset/Current Liability)		1.26	1.35	1.33

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	19.870	24.870	24.870
Reserves & Surplus	82.988	163.572	168.374
Share Application money pending allotment	42.000	0.000	0.000
Net worth	144.858	188.442	193.244
long-term borrowings	0.000	0.000	0.772
Short term borrowings	157.870	172.308	261.149
Total borrowings	157.870	172.308	261.921
Debt/Equity ratio	1.090	0.914	1.355

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	1595.910	1978.597	2637.792
		23.979	33.316

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	1595.910	1978.597	2637.792
Profit	2.114	3.963	5.092
	0.13%	0.20%	0.19%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	Yes
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	10150301	15/05/2014 *	90,000,000.00	STANDARD CHARTERED BANK	SME BANKING, 19 N S ROAD, KOLKATA, WEST BENGAL - 700001, INDIA	C05757778

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand from others	142.284	74.911
Loans and advances from directors	0.000	1.003
Loans and advances from others	30.393	30.232
Total	172.677	106.146

PERPORMANCE REVIEW

During the year, the Company’s gross revenue is Rs. 2637.792 Millions as against Rs. 1978.597 Millions in the corresponding previous year, which shows a jump of approx 33.32%. Profit before tax is increased by 28.06% from Rs. 5.787 Millions to Rs. 7.411 Millions in the current financial year and Profit after tax is increased by 28.50% to Rs. 5.092 Millions as against Rs. 3.962 Millions in the corresponding previous year.

The Compnay is showing positive EPS of Rs. 2.05 as against Rs. 1.83 in the corresponding previous year.

FIXED ASSETS

Tangible Assets

· Land

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		43

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.