MIRA INFORM REPORT

Report No. :	356535
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	PANNA TEXTILE INDUSTRIES PRIVATE LIMITED

Registered Office :	176, Jamunalal Bazaz Street, Kolkata-700007, West Bengal
Tel. No.:	91-33-22686945,22681081

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	12.11.1982

Com. Reg. No.:	21-035434

Capital Investment / Paid-up Capital :	Rs. 10.000 Million

CIN No.: [Company Identification No.]	U17297WB1982PTC035434

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCP5508J

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Exporter and Importer of Garments and Fabrics. (Confirmed by management)

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. The company manufactures and trades in fabric and garments and also processes grey fabric into finished fabrics. The company has registered healthy scale of operation marked by decent top line growth along with good profit earnings in the FY-15. The company has satisfactory financial base marked by low debt levels along with favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are slow but correct. In view of long business track, 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : B+
Rating Explanation	Risk-prone-credit-quality and carries very high credit risk.
Date	August, 2015

Rating Agency Name	CRISIL
Rating	Short term rating : A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	August, 2015

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Kamlesh Ambelkar
Designation :	Accounts Manager
Contact No.:	91-22-22061826
Date :	24.12.2015

LOCATIONS

Registered Office :	176, Jamunalal Bazaz Street, Kolkata-700007, West Bengal, India
Tel. No.:	91-33-22686945,22681081
Fax No.:	91-33-22687106
E-Mail :	pannatex@cal.vsnl.net.in rajkpcal@yahoo.co.in
Website :	www.pannatex.com

Factory :	A-159, MIDC, Phase 1, Dombivli, District Thane-421203, Maharashtra, India

Branch Office :	55 A, Queen's Road, Sethna Building, 3rd Floor, Marine Lines, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22010051,22068969,22061826
Fax No.:	91-22-22069293
E-Mail :	anilpoddar@mtnl.net.in dharam@pannatex.com

DIRECTORS

As on 31.03.2015

Name :

Mr. Rajkumar Poddar

Designation :

Director

Address :

110,Southern Avenue, 6th Floor, Kolkata-700029, West Bengal, India

Date of Birth/Age :

19.01.1958

Date of Appointment :

12.11.1982

DIN No.:

00674692

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	U17297WB1982PTC035434	PANNA TEXTILE INDUSTRIES PRIVATE LIMITED	Director	12/11/1982	12/11/1982	-	Active	NO
2	U51109WB2000PTC092739	GOKUL BUSINESS CENTRE PRIVATE LIMITED	Director	22/12/2000	22/12/2000	07/09/2015	Active	NO
3	U51909WB1996PTC079700	PANNALAL DHARAMPAL TEXTILES PRIVATE LIMITED	Director	12/09/2005	12/09/2005	-	Active	NO

Name :

Mr. Dharam Pal Poddar

Designation :

Director

Address :

20a Vaibhav Building, 80 Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India

Date of Birth/Age :

10.09.1961

Date of Appointment :

12.11.1982

DIN No.:

00689943

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	U17297WB1982PTC035434	PANNA TEXTILE INDUSTRIES PRIVATE LIMITED	Director	12/11/1982	12/11/1982	-	Active	NO
2	U51909WB1996PTC079700	PANNALAL DHARAMPAL TEXTILES PRIVATE LIMITED	Additional director	01/04/2013	01/04/2013	-	Active	NO
3	U51109WB2000PTC092739	GOKUL BUSINESS CENTRE PRIVATE LIMITED	Additional director	01/04/2013	01/04/2013	07/09/2015	Active	NO

Name :

Mr. Anilkumar Poddar

Designation :

Director

Address :

Flat No. 401, 4th Floor Bhima Worlisagar, CHS Plot No. 680/69, Sir Pochkanwala Road Worli, Mumbai-400030, Maharashtra, India

Date of Birth/Age :

11.08.1964

Date of Appointment :

12.11.1982

DIN No.:

00691063

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	U17297WB1982PTC035434	PANNA TEXTILE INDUSTRIES PRIVATE LIMITED	Director	12/11/1982	12/11/1982	-	Active	NO
2	U51909WB1996PTC079700	PANNALAL DHARAMPAL TEXTILES PRIVATE LIMITED	Additional director	01/04/2013	01/04/2013	-	Active	NO
3	U51109WB2000PTC092739	GOKUL BUSINESS CENTRE PRIVATE LIMITED	Additional director	01/04/2013	01/04/2013	07/09/2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Kamlesh Ambelkar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Names of Shareholders	No. of Shares	Percentage
Pannalal Agarwala and Sons HUF	240000	24.00
Dharam Pal Poddar	192800	19.28
Anilkumar Poddar	172400	17.24
Radhakishan Pannalal HUF	132400	13.24
Rajkumar Poddar	122000	12.20
Ramdularidevi Poddar	50000	5.00
Sahil Poddar	40400	4.04
Anju Poddar	20000	2.00
Neha Poddar	20000	2.00
Rajkumar Poddar HUF	10000	1.00
Total	1000000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Garments and Fabrics. (Confirmed by management)

Products :

Item Code No.	Product Description
52083900	100% Cotton Woven Fabrics
62052000	100% Cotton Woven Mens Shirts
52095900	100% Cotton Woven Printed Fabrics

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name	Central Bank of India
Branch	Mumbai Main Office , Documentation Cell, Central Bank Bldg. 2nd Floor, Fort, Mumbai - 400001,Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Kotak Mahindra Bank Limited

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Car Loan from Kotak Mahindra Prime Limited (Car Loan from Kotak Mahindra are secured by way hypothecation of respective cars )	0.903	1.608
Short-term borrowings
From Banks in foreign Currency	79.214	45.505
Total	80.117	47.113
Notes : Working capital loan and packing credit are secured by hypothecation of inventories and book dents and is also secured by change on fixed assets of the company and guarantee of two directors. Foreign bill purchase and foreign bill negotiation facility by CBI are secured against foreign Documentary demand bill

Auditors :
Name :	C. K. Mehta and Company Chartered Accountants
Address :	C-307 Raj Tara Cooperative Housing Society, Azad Road Vile Parle (East) Mumbai-400057, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAUPM3649R

Memberships :	--

Collaborators :	--

Enterprise in which key management personnel have significant influence :	Pannalal Dharampal Textile Private Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	69.462	66.251	65.089
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	79.462	76.251	75.089

(3) Non-Current Liabilities
(a) long-term borrowings	0.903	25.071	14.166
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.903	25.071	14.166

(4) Current Liabilities
(a) Short term borrowings	79.214	45.505	18.070
(b) Trade payables	52.547	26.411	7.168
(c) Other current liabilities	(0.715)	(0.046)	0.657
(d) Short-term provisions	0.000	0.585	1.170
Total Current Liabilities (4)	131.046	72.455	27.065

TOTAL	211.411	173.777	116.320

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.480	22.311	17.442
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.517	0.532	0.049
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	21.997	22.843	17.491

(2) Current assets
(a) Current investments	2.577	2.577	2.577
(b) Inventories	35.705	24.030	21.812
(c) Trade receivables	104.229	54.964	31.127
(d) Cash and cash equivalents	23.295	23.930	38.755
(e) Short-term loans and advances	23.608	45.433	4.558
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	189.414	150.934	98.829

TOTAL	211.411	173.777	116.320

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	280.800	200.646	128.640
		Other Income	6.198	7.048	NA
		TOTAL (A)	286.998	207.694	NA

Less	EXPENSES
		Cost of Materials Consumed	206.939	144.455
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(11.676)	(2.217)
		Employees benefits expense	11.728	9.941
		Other expenses	67.893	48.073
		TOTAL (B)	274.884	200.252	NA

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)		12.114	7.442	NA

Less	FINANCIAL EXPENSES (D)		4.768	2.848	NA

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.346	4.594	4.318

Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.000	2.741	1.801

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.346	1.853	2.517

Less	TAX (H)		(1.280)	0.106	0.943

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2.626	1.747	1.574

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		43.185	42.023	41.619

Less	APPROPRIATIONS
		Transfer to General Reserve	(0.585)	0.000	0.000
		Dividend	0.000	0.500	1.000
		Tax on Dividend	0.000	0.085	0.170
	BALANCE CARRIED TO THE B/S		46.396	43.185	42.023

	IMPORTS
		Finished Goods	54.749	31.946	22.726
	TOTAL IMPORTS		54.749	31.946	22.726

	Earnings / (Loss) Per Share (Rs.)		2.63	1.75	1.57

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.041	0.111	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.94	0.87	1.22

Operating Profit Margin (PBIDT/Sales)	(%)	4.31	3.71	NA

Return on Total Assets (PBT/Total Assets}	(%)	0.64	1.07	2.16

Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.03

Debt Equity Ratio (Total Debt /Networth)		1.01	0.93	0.43

Current Ratio (Current Asset/Current Liability)		1.45	2.08	3.65

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	65.089	66.251	69.462
Net worth	75.089	76.251	79.462

long-term borrowings	14.166	25.071	0.903
Short term borrowings	18.070	45.505	79.214
Current maturities of long-term debts	0.000	0.111	0.041
Total borrowings	32.236	70.687	80.158
Debt/Equity ratio	0.429	0.927	1.009

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	128.640	200.646	280.800
		55.975	39.948

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	128.640	200.646	280.800
Profit	1.574	1.747	2.626
	1.22%	0.87%	0.94%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of establishment	Yes
2]	Constitution of the entity Incorporation details	Yes
3]	Locality of the entity	Yes
4]	Premises details	No
5]	Buyer visit details	--
6]	Contact numbers	Yes
7]	Name of the person contacted	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
12]	Voter Id Card No. of Proprietor / Partners	No
13]	Type of business	Yes
14]	Line of Business	Yes
15]	Export/import details (if applicable)	No
16]	No. of employees	No
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
22]	Conduct of the banking account	--
23]	Financials, if provided	Yes
24]	Capital in the business	Yes
25]	Last accounts filed at ROC, if applicable	Yes
26]	Turnover of firm for last three years	Yes
27]	Reasons for variation <> 20%	--
28]	Estimation for coming financial year	No
29]	Profitability for last three years	Yes
30]	Major shareholders, if available	Yes
31]	External Agency Rating, if available	Yes
32]	Litigations that the firm/promoter involved in	--
33]	Market information	--
34]	Payments terms	No
35]	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Loans From Shareholders	0.000	23.463
Total	0.000	23.463

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10107318	14/09/2015 *	80,000,000.00	Central Bank of India	M. G. Road, Fort, Mumbai, Maharashtra - 400023, INDIA	C64479959
2	90252496	07/07/2005	4,000,000.00	UENTRAD BANK OF INDIA	MUMBAI MAIN OFFICE CENTRAL BANK, BLDG DOCUMENTATION, MUMBAI, Maharashtra - 400001, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Other money for which the company is contingent liabilities
Bills discounted with banks remaining outstanding (Foreign LC)	16.224	33.237
Income tax matter under dispute for AY.04-05 demanded by IT	0.626	0.626

FIXED ASSETS

Land
Building
Office Premises
Electrical installation
Computer
Furniture and fixture
Motor car
Flat at worli
Machinery

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.66.20
UK Pound	1	Rs.98.29
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	TRI

Report Prepared by :	JYTK

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
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--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		42

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit