MIRA INFORM REPORT

Report Date :

24.09.2014

IDENTIFICATION DETAILS

Name :	SVARN TEX PRINTS PRIVATE LIMITED (w.e.f 10.12.2007)
Formerly Known As :	SVARN TELELINKS PRIVATE LIMITED
Registered Office :	34 G, Ashoka Avenue, Sainik Farms, New Delhi – 110062, Delhi, India
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.04.2007
Com. Reg. No.:	55-162072
Capital Investment / Paid-up Capital :	Rs. 47.300 Millions
CIN No.: [Company Identification No.]	U64204DL2007PTC162072
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Trader of Printed Fabric, Dyed Fabric etc.
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 490000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Reserves of the company seems to be low during 2013. However, trade relations are reported as fair. Business is active. Payment terms are reported slow but correct. 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit = B
Rating Explanation	Have high risk of default
Date	May 2014

Rating Agency Name	ICRA
Rating	Non Fund based limits = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	May 2014

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 DENIED BY

Name :	Mr. Vijay Gupta
Designation :	Director
Contact No.:	91-9711139435
Date :	23.09.2014

LOCATIONS

Registered Office :	34 G, Ashoka Avenue, Sainik Farms, New Delhi – 110062, Delhi, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	finance@svarn.com
Website :	www.svarntex.com
Factory :	D-25 and 26,Kosi Kotwan Industrial Area, Kosi Kalan – 281403, District Mathura, Uttar Pradesh, India
Tel. No.:	91-5662-293374 / 293375
E-Mail :	accounts@svarn.com
Corporate Office :	Plot No 1, site No. 1, 14/3, Mathura Road, Faridabad – 121003, Haryana, India
Tel. No.:	91-1294294200
Fax No.:	91-1294113996
E-Mail :	sales@svarntex.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Vijay Kumar Gupta

Designation :

Director

Address :

H. No. 1266 Sector – 15, Faridabad – 121007, Haryana, India

Date of Birth/Age :

26.06.1975

Date of Appointment :

29.09.2008

DIN No.:

0044767

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	U28910DL2004PLC129444	SUNSTAR PRECISION FORGE LIMITED	Whole-time director	01/09/2007	27/09/2004	20/10/2008	Active	NO
2	U65923DL2006PTC149161	SADHUSONS INFOTECH PRIVATE LIMITED	Director	25/05/2006	25/05/2006	-	Active	NO
3	U64204DL2007PTC162072	SVARN TEX PRINTS PRIVATE LIMITED	Director	29/09/2008	15/12/2007	-	Active	NO
4	U32109DL2008PLC173698	SVARN TELECOM LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
5	U32109DL2009PTC188400	SVARN INFRATEL PRIVATE LIMITED	Director	13/03/2009	13/03/2009	-	Active	NO

Name :

Mr. Sadhu Ram Gupta

Designation :

Director

Address :

H. No. 1266 Sector – 15, Faridabad – 121007, Haryana, India

Date of Birth/Age :

26.06.1945

Date of Appointment :

06.02.2008

DIN No.:

00042352

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	U74899DL1978PLC009164	SADHU FORGING LTD	Whole-time director	01/04/2010	05/08/1978	-	Active	NO
2	U28910DL2004PLC129444	SUNSTAR PRECISION FORGE LIMITED	Director	04/07/2005	04/07/2005	18/08/2008	Active	NO
3	U65923DL2006PTC149161	SADHUSONS INFOTECH PRIVATE LIMITED	Director	25/05/2006	25/05/2006	-	Active	NO
4	U32109DL2008PLC173698	SVARN TELECOM LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
5	U32109DL2009PTC188400	SVARN INFRATEL PRIVATE LIMITED	Additional director	02/12/2010	02/12/2010	-	Active	NO
6	U64204DL2007PTC162072	SVARN TEX PRINTS PRIVATE LIMITED	Additional director	15/12/2010	15/12/2010	-	Active	NO

Name :

Mr. Ajay Kumar Gupta

Designation :

Director

Address :

H. No. 1266, Sector – 15, Faridabad – 121007, Haryana, India

Date of Birth/Age :

24.10.1976

Date of Appointment :

16.04.2007

DIN No.:

01360804

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	U64204DL2007PTC162072	SVARN TEX PRINTS PRIVATE LIMITED	Director	16/04/2007	16/04/2007	-	Active	NO
2	U32109DL2008PLC173698	SVARN TELECOM LIMITED	Director	06/02/2008	06/02/2008	-	Active	NO
3	U32109DL2009PTC188400	SVARN INFRATEL PRIVATE LIMITED	Director	13/03/2009	13/03/2009	-	Active	NO
4	U74900MH2012PTC233162	REFREECOOL SYSTEMS PRIVATE LIMITED	Director	09/07/2012	09/07/2012	01/09/2014	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

SHAREHOLDING DETAILS FILE ATTACHED

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	7.00
Directors or relatives of Directors	93.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Trader of Printed Fabric, Dyed Fabric etc.
Products and Services :	· Dyed Fabric · Printed Fabric · Voiles · Cambrics · Fabric Dyeing Services · Fabric Printing Services

PRODUCTION STATUS

Particulars	Unit	Installed Capacity
Fabric Dying and printing	Mtrs	18000000

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of Patiala, MID Corporate Branch, Shubham complex, Neelam Bata Road, NIT, Faridabad – 121002, Haryana, India

· DCB Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
From Banks
Term Loan State bank of Patiala	30.163	57.550
Term Loan DCB Bank Limited	27.600	0.000
SHORT TERM BORROWING
From Banks
Cash Credit	78.557	71.274
Acceptances	40.524	16.187
Total	176.844	145.011

Banking Relations :	---
Auditors :
Name :	Sensons Chartered Accountant
Address :	667, Sector 28, Faridabad – 121003, Haryana, India
PAN No.:	AADFS6389K
Enterprises over which key management Persons or their Relative having Significant influence :	· Svarn Telecom · Svarn Tex Prints Private Limited · Svarn Telecom Limited · Svarn Infratel Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4730000	Equity Shares	Rs.10/- each	Rs. 47.300 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	47.300	40.352	40.353
(b) Reserves & Surplus	23.307	30.422	24.510
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	52.815	64.429	63.320
Total Shareholders’ Funds (1) + (2)	123.422	135.203	128.183
(3) Non-Current Liabilities
(a) long-term borrowings	82.402	80.981	103.058
(b) Deferred tax liabilities (Net)	22.093	20.046	16.348
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	104.495	101.027	119.406
(4) Current Liabilities
(a) Short term borrowings	119.082	87.460	54.480
(b) Trade payables	110.872	121.546	73.585
(c) Other current liabilities	44.393	51.476	47.628
(d) Short-term provisions	1.026	1.249	1.020
Total Current Liabilities (4)	275.373	261.731	176.713
TOTAL	503.290	497.961	424.302
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	223.315	228.827	238.854
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	1.724	0.106
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.751	1.751	1.727
(e) Other Non-current assets	3.689	1.858	0.082
Total Non-Current Assets	228.755	234.160	240.769
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	174.531	156.566	108.346
(c) Trade receivables	81.590	88.839	56.991
(d) Cash and cash equivalents	8.558	6.070	4.643
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	9.856	12.326	13.553
Total Current Assets	274.535	263.801	183.533
TOTAL	503.290	497.961	424.302

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	494.590	451.577	361.764
		Other Income	8.224	9.510	2.502
		TOTAL (A)	502.814	461.087	364.266
Less	EXPENSES
		Cost of Materials Consumed	277.704	225.801	71.854
		Purchases of Stock-in-Trade	0.000	0.000	7.380
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(20.159)	(61.253)	(8.530)
		Employees benefits expense	29.158	27.512	23.595
		Other expenses	185.099	211.866	222.590
		Preliminary Expenses Written off	0.020	0.020	0.020
		TOTAL (B)	471.822	403.946	316.909
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.992	57.141	47.357
Less	FINANCIAL EXPENSES (D)		32.198	30.869	23.433
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1.206)	26.272	23.924
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.198	16.663	14.344
	PROFIT / (LOSS BEFORE TAX (E-F) (G)		(13.404)	9.609	9.580
Less	TAX (H)		2.046	3.698	5.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(15.450)	5.911	4.580
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	39.099	20.191	9.209
	TOTAL EARNINGS		39.099	20.191	9.209
	TOTAL IMPORTS		6.185	1.260	Nil
	Earnings Per Share (Rs.)		3.27	1.46	1.14

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(3.07)	1.28	1.26
Net Profit Margin (PBT/Sales)	(%)	(2.71)	2.13	2.65
Return on Total Assets (PBT/Total Assets}	(%)	(2.66)	1.94	2.26
Return on Investment (ROI) (PBT/Networth)		(0.11)	0.07	0.07
Debt Equity Ratio (Total Debt /Networth)		1.63	1.25	1.23
Current Ratio (Current Asset/Current Liability)		1.00	1.01	1.04

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	40.353	40.352	47.300
Reserves & Surplus	24.510	30.422	23.307
Share Application money pending allotment	63.320	64.429	52.815
Net worth	128.183	135.203	123.442
long-term borrowings	103.058	80.981	82.402
Short term borrowings	54.480	87.460	119.082
Total borrowings	157.538	168.441	201.484
Debt/Equity ratio	1.229	1.246	1.632

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	361.764	451.577	494.590
		24.826	9.525

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	361.764	451.577	494.590
Profit	4.580	5.911	(15.450)
	1.27%	1.31%	(3.12)%

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	----------------------
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	Yes

Note:

Registered office of the company has been shifted from F-72, Preet Vihar, New Delhi - 110092, Delhi, India to the present address w.e.f.01.07.2009

UNSECURED LOAN

(Rs. In Millions)

	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
From Directors	17.232	16.421
From Shareholders	7.407	7.009
Total	24.640	23.43

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10429347	20/05/2013 *	137,500,000.00	STATE BANK OF PATIALA	MID CORPORATE BRANCH,, SHUBHAM COMPLEX, NEELAM BA TA ROAD, NIT, FARIDABAD, Haryana - 121002, INDIA	B76995315
2	10277954	19/04/2012 *	295,000,000.00	STATE BANK OF PATIALA	MID CORPORATE BRANCH,, SHUBHAM COMPLEX, NEELAM BA TA ROAD, NIT, FARIDABAD, Haryana - 121002, INDIA	B39231022
3	10119103	17/12/2009 *	60,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH,, OM SHUBHAM TOWER, 69-70-71, N EELAM BATA ROAD, FARIDABAD, Haryana - 121001, INDIA	A75506618
4	10119104	17/12/2009 *	144,100,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH,, OM SHUBHAM TOWER, 69-70-71, N EELAM BATA ROAD, FARIDABAD, Haryana - 121001, INDIA	A75506717

* Date of charge modification

FIXED ASSETS

· Leasehold Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· Lab Testing Equipment

· Office Equipment

· Vehicles

· Computers

· Furniture and Fixture

· Fire Extinguisher

· Pattern and Dies

· Generator

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.60.87
UK Pound	1	Rs.99.63
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	ART

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	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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.