MIRA INFORM REPORT

Report No. :	309376
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	MALWA INDUSTRIES LIMITED
Registered Office :	230, Industrial Area A, Ludhiana-141003, Punjab
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.1993
Com. Reg. No.:	16-013187
Capital Investment / Paid-up Capital :	Rs. 662.663 Millions
CIN No.: [Company Identification No.]	U17219PB1993PLC013187
TAN No.: [Tax Deduction & Collection Account No.]	JLDM02516D
PAN No.: [Permanent Account No.]	AABCM1287D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Fabric and Garments.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and Delayed
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has recorded accumulated losses during 2014 which has deteriorated its net worth. External borrowings are huge which has affected liquidity position of the company. However, business is active. Payments are reported to be slow and delayed. The subject can be considered for business dealings at safe and secured 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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	ICRA
Rating	Long Term Funds – D (Suspended)
Rating Explanation	Default or expected to be in default soon.
Date	December 2014

Rating Agency Name	ICRA
Rating	Short Term Funds – D (Suspended)
Rating Explanation	Default or expected to be default soon.
Date	December 2014

Reason for suspension: Ratings suspended due to absence of requisite information from the company.

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. Jyoti Prasad
Designation :	Accounts Manager
Contact No.:	91-161-2229146
Date :	23.02.2015

LOCATIONS

Registered Office :	230, Industrial Area A, Ludhiana-141003, Punjab, India
Tel. No.:	91-161-2229146
Fax No.:	91-161-2223603
E-Mail :	mktg.denim@malwagroup.com corporate@malwagroup.com ckvarshney@malwagroup.com
Website :	http://www.malwagroup.com
Location :	Owned
Factory :	Village Harian Kohara Machhiwara Road, Machhiwara
Area :	70 Acres
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Rishi Oswal
Designation :	Managing Director
Address :	B-83, The Mall, Ludhiana – 141 001, India
Date of Birth/Age :	26.11.1972
Qualification :	B.Com
Date of Appointment :	30.11.1996
PAN No.:	AABPO2487Q
DIN No.:	00202889

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	U65921PB1994PLC014688	MALWA CAPITAL AND FINANCE LIMITED	Director	09/06/1994	09/06/1994	-	Active	NO
2	L17115PB1976PLC003702	MALWA COTTON SPINNING MILLS LIMITED	Director	29/07/1994	29/07/1994	-	Active	NO
3	U17219PB1993PLC013187	MALWA INDUSTRIES LIMITED	Managing director	01/04/2013	30/11/1996	-	Active	NO
4	U72900PB1999PLC022121	OSWAL MULTIMEDIA K. I. D. LIMITED	Director	07/01/1999	07/01/1999	-	Active	NO
5	U18101PB2000PLC023834	OSWAL DREAMZ LIMITED	Director	14/07/2000	14/07/2000	03/09/2013	Active	NO
6	U00000PB2003PLC026431	MALWA CORP LIMITED	Director	07/10/2003	07/10/2003	-	Active	NO
7	U00000PB2003PLC026430	OSWAL CORP LIMITED	Director	07/10/2003	07/10/2003	-	Active	NO
8	U74899DL1991PTC043012	RISHI GROWTH FUND PRIVATE LIMITED	Director	16/01/2006	16/01/2006	-	Active	NO
9	U74899DL1991PTC043008	NEELAM GROWTH FUND PRIVATE LIMITED	Director	16/01/2006	16/01/2006	-	Active	NO
10	U67120DL1991PTC043009	JANGI GROWTH FUND PRIVATE LIMITED	Director	16/01/2006	16/01/2006	-	Active	NO
11	U13100PB2007PTC031394	R.N.A. ORES AND MINERALS PRIVATE LIMITED	Director	18/10/2007	18/10/2007	01/12/2013	Active	NO
12	U51310CH2009PTC031741	VASTRAM WORLDWIDE PRIVATE LIMITED	Director	07/09/2009	07/09/2009	31/03/2013	Active	NO
13	U17200PB2013PLC037062	OSWAL WOOL AND ALLIED LIMITED	Director	29/01/2013	29/01/2013	-	Active	NO
14	U15203PB1992PLC012647	OSWAL EXIM TRADE LIMITED	Director	15/06/2013	15/06/2013	-	Active	NO

Name :	Mr. Jangi Lal Oswal
Designation :	Non-Executive Chairman / Director
Address :	B-83, The Mall, Ludhiana – 141 001, India
Date of Birth/Age :	18.07.1951
Qualification :	U. Graduate
Date of Appointment :	30.11.1996
DIN No.:	00257644

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	L17115PB1976PLC003702	MALWA COTTON SPINNING MILLS LIMITED	Managing director	01/01/2014	09/04/1980	Active	NO
2	U67120MH1980PLC022409	OSWEGO TRADING AND INVESTMENT COMPANY LIMITED	Director	16/06/1980	16/06/1980	Active	NO
3	U74899DL1991PTC043034	S.A. GROWTH FUND PRIVATE LIMITED	Director	14/02/1991	14/02/1991	Active	NO
4	U74899DL1991PTC043012	RISHI GROWTH FUND PRIVATE LIMITED	Director	14/02/1991	14/02/1991	Active	NO
5	U74899DL1991PTC043008	NEELAM GROWTH FUND PRIVATE LIMITED	Director	14/02/1991	14/02/1991	Active	NO
6	U67120DL1991PTC043009	JANGI GROWTH FUND PRIVATE LIMITED	Director	14/02/1991	14/02/1991	Active	NO
7	U22219DL1976PTC008056	EXCELLENT PRINTERS PRIVATE LIMITED	Director	30/06/1993	30/06/1993	Active	NO
8	U00000DL1981PTC012375	OSWAL INTERMEDIATES PRIVATE LIMITED	Director	30/06/1993	30/06/1993	Active	NO
9	U74899DL1981PTC012376	OSWAL FIBRES PRIVATE LIMITED	Director	30/06/1993	30/06/1993	Active	NO
10	U74899DL1980PTC010157	NORTH INDIA CARPET COMPANY PRIVATE LIMITED	Director	30/06/1993	30/06/1993	Active	NO
11	U24232DL1981PTC012374	JAGDAMBA CHEMICALS PRIVATE LIMITED	Director	30/06/1993	30/06/1993	Active	NO
12	U17113PB1992PLC012689	OSWAL KNIT INDIA LIMITED	Director	10/09/1994	10/09/1994	Active	NO
13	U17219PB1993PLC013187	MALWA INDUSTRIES LIMITED	Director	30/11/1996	30/11/1996	Active	NO
14	U72900PB1999PLC022121	OSWAL MULTIMEDIA K. I. D. LIMITED	Director	07/01/1999	07/01/1999	Active	NO
15	U00000PB2003PLC026430	OSWAL CORP LIMITED	Director	07/10/2003	07/10/2003	Active	NO
16	U00000PB2003PLC026431	MALWA CORP LIMITED	Director	07/10/2003	07/10/2003	Active	NO
17	U15203PB1992PLC012647	OSWAL EXIM TRADE LIMITED	Director	03/04/2006	03/04/2006	Active	NO
18	U70101PB1994PTC014638	VIDYA SAGAR ESTATES PRIVATE LIMITED	Director	21/05/2012	21/05/2012	Active	NO
19	U65921PB1994PLC014688	MALWA CAPITAL AND FINANCE LIMITED	Director	09/06/2012	09/06/2012	Active	NO

Name :	Mr. Rahul Oswal
Designation :	Executive Director
Address :	B-83, The Mall, Ludhiana – 141 001, India
Date of Birth/Age :	07.01.1974
Qualification :	B.Com
Date of Appointment :	30.11.1996
PAN No.:	AAFPO1273N
DIN No.:	00257658

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	L17115PB1976PLC003702	MALWA COTTON SPINNING MILLS LIMITED	Director	29/07/1994	29/07/1994	-	Active	NO
2	U17219PB1993PLC013187	MALWA INDUSTRIES LIMITED	Director	01/04/2014	30/11/1996	-	Active	NO
3	U72900PB1999PLC022121	OSWAL MULTIMEDIA K. I. D. LIMITED	Director	07/01/1999	07/01/1999	-	Active	NO
4	U18101PB2000PLC023834	OSWAL DREAMZ LIMITED	Director	14/07/2000	14/07/2000	03/09/2013	Active	NO
5	U00000PB2003PLC026431	MALWA CORP LIMITED	Director	07/10/2003	07/10/2003	-	Active	NO
6	U00000PB2003PLC026430	OSWAL CORP LIMITED	Director	07/10/2003	07/10/2003	-	Active	NO
7	U15203PB1992PLC012647	OSWAL EXIM TRADE LIMITED	Director	03/04/2006	03/04/2006	15/06/2013	Active	NO
8	U18104PB2013PLC038197	OSWAL GRANDEUR LIMITED	Whole-time director	30/09/2014	17/12/2013	-	Active	NO

Name :	Dr. Prabal Ranjan Roy
Designation :	Non-Executive Director
Address :	36, Amaltas Bungalows, Vastra pur Road, Ahmedabad – 380 054, India
Date of Birth/Age :	11.07.1941
Date of Appointment :	27.04.2006
DIN No.:	00514330

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	U17219PB1993PLC013187	MALWA INDUSTRIES LIMITED	Director	04/09/2014	27/04/2006	-	Active	NO
2	U17110GJ1996PTC029824	SAN-BLUE ENTERPRISES PRIVATE LIMITED	Director	04/07/2009	04/07/2009	02/05/2012	Active	NO
3	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	17/06/2014	28/12/2009	-	Active	NO
4	U17110MH1986PLC039177	PEE VEE TEXTILES LIMITED	Additional director	01/11/2014	01/11/2014	-	Active	NO

Name :	Mr. Hemant Kalia
Designation :	Non-Executive Director
Address :	154-G, BRS Nagar, Ludhiana – 141 001, India
Date of Birth/Age :	17.12.1954
Date of Appointment :	30.06.1998
DIN No.:	00514357

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	U17219PB1993PLC013187	MALWA INDUSTRIES LIMITED	Director	04/09/2014	30/06/1998	Active	NO
2	U17113PB1992PLC012689	OSWAL KNIT INDIA LIMITED	Director	30/06/2014	28/02/2002	Active	NO
3	U18101PB1999PLC022120	MALWA MILLENNIUM DESIGNS LIMITED	Director	29/03/2004	29/03/2004	Active	NO

Name :	Mr. Raghubir Chand Singal
Designation :	Non-Executive Director
Address :	B-23/750, Street No. 5, Janakpuri, Ludhiana – 141 003, India
Date of Birth/Age :	27.01.1954
Date of Appointment :	30.06.1998
DIN No.:	00739667

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	L65921PB1992PLC012122	RCS FINANCIAL TECHNOLOGY LIMITED	Director	18/03/1992	18/03/1992	-	Active	NO
2	U91120PB1992PTC012161	RCS CONSULTANTS PRIVATE LIMITED	Director	31/03/1992	31/03/1992	-	Active	NO
3	U65921PB1993PLC013662	SPS INVESTMENTS A PVT CO WITH UNLIMITED LIABILITY	Director	27/08/1993	27/08/1993	-	Active	NO
4	L17115PB1993PLC013930	BHANDARI HOSIERY EXPORTS LIMITED	Director	04/06/1994	04/06/1994	04/10/2013	Active	NO
5	U65921PB1993PTC013661	RCS INVESTMENTS A PVT CO WITH UNLIMITED LIABILITY	Director	16/01/1995	16/01/1995	-	Active	NO
6	U67120PB1995PLC015643	RCS SHARE BROKERS LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
7	U51909PB1992PLC012274	BHANDARI EXPORT INDUSTRIES LIMITED	Director	01/02/1995	01/02/1995	25/06/2007	Active	NO
8	U27109PB1988PLC008108	NISHANT GLOBAL LIMITED	Director	27/03/1995	27/03/1995	-	Active	NO
9	L17219PB1995PLC016842	TITAN COMFINE LIMITED	Director	31/07/1995	31/07/1995	-	Amalgamated	NO
10	L17117PB1988PLC016933	SUPREME TEX MART LIMITED	Director	24/12/1995	24/12/1995	24/01/2014	Active	NO
11	L15149DL1990PLC040532	RAJ AGRO MILLS LIMITED	Director	24/10/1996	24/10/1996	-	Active	NO
12	U67120PB1997PTC019505	RCS SECURITIES PRIVATE LIMITED	Director	26/02/1997	26/02/1997	-	Active	NO
13	U17219PB1993PLC013187	MALWA INDUSTRIES LIMITED	Director	04/09/2014	30/06/1998	-	Active	NO
14	L17115PB1979PLC003994	SHREYANS INDUSTRIES LIMITED	Director	28/07/2000	28/07/2000	16/06/2014	Active	NO
15	U74999CH2003PLC026455	LUDHIANA COMMODITIES TRADING SERVICES LIMITED	Director	08/02/2014	16/10/2007	12/08/2014	Active	NO
16	L17111PB1955PLC001884	OSWAL SPINNING AND WEAVING MILLS LIMITED	Director	26/12/2008	14/04/2008	-	Active	NO

Name :	Mr. Deepak Gupta
Designation :	Non-Executive Director (Nominee IDBI)
Address :	B/231, Twin Towers, Prabhadevi, Mumbai, 400025, Maharashtra, India
Date of Birth/Age :	17.01.1966
Date of Appointment :	10.07.2012
Date of Cessation :	27.11.2014
DIN No.:	00549638

KEY EXECUTIVES

Name :	Mr. Jyoti Prasad
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders (Equity Share)	No. of Shares
Malwa Cotton SPG Mills Limited, India	9630700
Neelam Growth Fund Private Limited, India	11823000
Jangi Growth Fund Private Limited, India	13277600
Rishi Growth Fund Private Limited, India	13690000
S.A. Growth Fund Private Limited, India	435400
Alden Global (Mauritius) Limited, India	750000
Prime Holding Private Limited, India	150000
Divoja Investment And Finance Private Limited, India	47000
Vidya Sagar Oswal	45000
Jasbir Singh	100
Ram Kumar	100
Vinod Gupta	200
Mahesh Malwa Cotton SPG Mills Limited, India	100
Rajesh Kumar Verma	100
India 2020 Limited, India	1417000
TOTAL	51266300

AS ON 31.03.2014

Names of Allotees (1% Redeemable Non-Cumulative Preference Share)	No. of Shares
Oswal Dreamz Limited, India	15000000
TOTAL	15000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	4.22
Bodies corporate	95.68
Directors or relatives of Directors	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Fabric and Garments.

Products :

ITC Code	Product or Services
62034200	Denim Jeans
52094200	Denim Fabric
52051110	Cotton Yarn

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash

Purchasing :

Cash

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

--

No. of Employees :

2000 (Approximately)

Bankers :

• IDBI Bank Limited, Scb Branch, Feroz Gandhi Market, Ludhiana - 141001, Punjab, India
• Canara Bank, Bharat Nagar Chowk Branch, Ludhiana - 141001, Punjab, India
• Canara Bank-SBI-Sbop-IDBI Bank Limited and Standard Chartered Bank., Bharat Nagar Chowk Branch, Ludhiana - 141001, Punjab, India
• State Bank Of Patiala, Commercial Branch, Arati Complex, Miller Ganj,, Ludhiana - 141003, Punjab, India
• Jammu and Kashmir Bank Limited, (Corporate Headquarters), M. A. Road, Srinagar, Kashmir, Srinagar - 190001, Jammu And Kashmir, India
• IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• State Bank Of Hyderabad, Sme Branch, Sona Complex, G. T. Road, Miller Ganj, Ludhiana - 141003, Punjab, India
• State Bank Of India, IFB, Golden Tower, Miller Ganj, Dholewal Chowk, Ludhiana - 141003, Punjab, India
• Standard Charted Bank, 3^rd Floor, 7A SC Tower, DLF Building, Gurgaon-122002, Haryana, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Term Loans from Banks	1665.679	1860.439
Short-term borrowings
Loans Repayable on Demand from Banks	1038.285	992.271
Total	2703.964	2852.710

Banking Relations :
Auditors :
Name :	S.C. Vasudeva and Company Chartered Accountants
Address :	B-41, Panchseel Enclave, New Delhi-110017, India
Tel. No.:	91-161-2774527
Mobile No.:	91-9815420555
Fax No.:	91-161-2771618
E-Mail :	ludhiana@scvasudeva.com
PAN No.:	AADRS5902N
Memberships :	--
Collaborators :	--
Subsidiaries :	Sunny Croft Holdings Limited. Third Dimension Apparel LLC Emmetre Tintolavanderie Industriali S.r.l. Veneto Jeans Srl Vastram Worldwide Limited.
Associates :	Malwa Cotton Spinning Mills Limited CIN No.:- L17115PB1976PLC003702
Entities having significant influence :	Jangi Growth Fund Private Limited Neelam Growth Fund Private Limited Rishi Growth Fund Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs. 600.000 Millions
15000000	Preference Shares	Rs.10/- each	Rs. 150.000 Millions
	TOTAL		Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51266300	Equity Shares	Rs.10/- each	Rs. 512.663 Millions
15000000	1% Redeemable Non-Cumulative Preference Share	Rs.10/- each	Rs. 150.000 Millions
	TOTAL		Rs. 662.663 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	662.663	512.663	457.663
(b) Reserves & Surplus	(645.026)	(475.447)	(262.861)
(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)	17.637	37.216	194.802
(3) Non-Current Liabilities
(a) long-term borrowings	1719.679	1975.439	2064.205
(b) Deferred tax liabilities (Net)	0.000	0.000	9.046
(c) Other long term liabilities	1.531	1.185	1.084
(d) long-term provisions	20.814	22.676	17.262
Total Non-current Liabilities (3)	1742.024	1999.300	2091.597
(4) Current Liabilities
(a) Short term borrowings	1038.285	992.271	790.534
(b) Trade payables	346.647	282.524	271.389
(c) Other current liabilities	336.656	233.548	97.370
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1721.588	1508.343	1159.293
TOTAL	3481.249	3544.859	3445.692
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	994.205	1122.836	1236.539
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	3.910
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	346.547	346.547	346.547
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	62.931	63.403	62.112
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1403.683	1532.786	1649.108
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1079.615	1031.822	898.515
(c) Trade receivables	810.501	776.759	753.891
(d) Cash and cash equivalents	8.739	11.097	13.510
(e) Short-term loans and advances	178.711	192.395	130.668
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	2077.566	2012.073	1796.584
TOTAL	3481.249	3544.859	3445.692

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3332.857	2775.555	2428.307
	Other Income	2.034	26.712	4.419
	TOTAL (A)	3334.891	2802.267	2432.726
Less	EXPENSES
	Cost of Material Consumed	1802.980	1573.972	1309.317
	Prior period items before tax	0.000	0.000	(1.656)
	Purchases of Stock-in-Trade	118.955	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(56.132)	(165.596)	38.346
	Employees benefits expense	252.790	243.234	212.472
	Other expenses	912.253	899.616	761.091
	TOTAL (B)	3030.846	2551.226	2319.570
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	304.045	251.041	113.156
Less	FINANCIAL EXPENSES (D)	331.634	324.298	300.36
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(27.589)	(73.257)	(187.204)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	141.989	148.374	151.586
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(169.578)	(221.631)	(338.790)
Less	TAX (I)	0.000	(9.046)	(184.738)
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(169.578)	(212.585)	(154.052)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.000	0.000	7.604
	TOTAL EARNINGS	0.000	0.000	7.604
	Earnings / (Loss) Per Share (Rs.)	(3.31)	(4.64)	(3.86)

Expected Sales (2014-2015) : Rs. 3500.000 Millions

The above information has been parted by Mr. Jyoti Prasad

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(5.09)	(7.66)	(6.34)
Operating Profit Margin (PBITD/Sales)	(%)	9.12	9.04	4.66
Return on Total Assets (PBT/Total Assets}	(%)	(5.41)	(6.93)	(10.95)
Return on Investment (ROI) (PBT/Networth)		(9.61)	(5.96)	(1.74)
Debt Equity Ratio (Total Debt /Networth)		156.37	79.74	14.65
Current Ratio (Current Asset/Current Liability)		1.21	1.33	1.55

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	457.663	512.663	662.663
Reserves & Surplus	(262.861)	(475.447)	(645.026)
Net worth	194.802	37.216	17.637
long-term borrowings	2,064.205	1,975.439	1,719.679
Short term borrowings	790.534	992.271	1,038.285
Total borrowings	2,854.739	2,967.710	2,757.964
Debt/Equity ratio	14.655	79.743	156.374

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	2,428.307	2,775.555	3,332.857
		14.300	20.079

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR)	(INR)	(INR)
Sales	2,428.307	2,775.555	3,332.857
Profit	(154.052)	(212.585)	(169.578)
	(6.34)%	(7.66)%	(5.09)%

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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Deposits from Others	54.000	115.000
Total	54.000	115.000

CORPORATE INFORMATION

Malwa Industries Limited (the company) domiciled in India and incorporated under provisions of Companies Act,1956. The company is engaged in manufacturing and selling of Fabric and Garments

BUSINESS REVIEW

The Indian economy has been going through challenging times that culminated in lower than 5% growth in Gross Domestic Product (GDP) at factor costs, at constant prices, for last two years 2012-13 and 2013-14. Persistent uncertainty in global outlook, caused by crisis in Euro-area and general slowdown in global economy impacting the demand for export, compounding by structural constraints such as low manufacturing base, delay in project approvals among others, and inflationary pressures, has resulted in protracted slowdown. The world economy growth decelerated to 3% in 2013 compared to 3.2% in 2012.

Indian economy grew and improved marginally to 4.7% in 2013-14 as compared to 4.5% in 2012-13. This was mainly due to high growth in Agriculture and allied sectors, which grew at 4.7% compared to its long run average of 3% (during 1999-2000 and 2012-13), owning to favourable monsoons. Concerns around industrial growth persist as slowdown in the industry continued due to deceleration of mining and quarrying, and a disappointing performance of the manufacturing sector, with growth averaging 0.2% per annum in past 2 years. The service sector also recorded slow growth due to dismal performance of transport, trade, and storage.

Indian economy is projected to grow in the range between 5.4%-5.9% during 2014-15 with expectation of better performance in manufacturing, improved balance of payments and modest world growth revival. This is because the investment revival will happen gradually, still a elevated level of inflation limits the scope of RBI reducing the policy rates; along with expectation of below normal monsoon.

DENIM INDUSTRY OUTLOOK

From just over 35 million mtrs produced in India in 1987, they now have over 1000 million mtrs of denim production produced by about 35 mills which is expected to touch 1200 million mtrs by 2015. The Indian Denim Market is rapidly growing at CAGR of around 10-12 %. In the past two years, Indian denim industry has seen an increase in capacity of about 200-250 million meters. New players have come in, and existing players have expanded their operations. This has added to demand and supply mismatches temporarily.

India’s Denim Capacity Chart Share of Domestic and Export of India’s Denim production

India denim exports remain stagnant around 200 million. When they were producing 300 million meters per annum, they were exporting almost two thirds of its denim production due to lesser domestic demand. When the capacity of denim production was 600 million meters, India was still exporting 200 million meters of denim fabric. Even today the denim export from India is around 200 million mtrs out of 1000 million mtr capacities.

However approximately 150-200 million meters of exports are expected to be added to the Indian Denim as there has been a notable decline in the production of denim fabrics in US and China in last 12-18 months, and hence supplies from these countries have been declining.

As per Technopak Advisors Study, the denim market in India stood at Rs. 67000.000 Millions in 2012 and has a potential of doubling to Rs 130000.000 Millions by 2015 at CAGR of 15-18%. In terms of volumes the denim market is estimated at ~ 300 Mn pairs of jeans which are projected to grow to 550 – 600 Million pairs by 2015. While elsewhere in the world, Denim started as workwear apparel – The Denim story in India started as the youth

story, which found denim wear to be fashionable, comfortable to wear to most occasions and gave the necessary style quotient. The per capita Jeans consumption still very low at around 0.3 pairs as compared 8 pairs by USA and 1 pair by China

In 2012, the unbranded segment accounting for 58 per cent. While the mid-premium market commanded 15 per cent share, luxury comprised 16 per cent of the denim market in 2012. The main drivers for the domestic market growth are the favorable young demographic profile (approximate 50% population of India is in between 15-35 years), movement towards casual comfortable dressing, growth in the women / children segment, rapidly increasing incomes, more organized retail and penetration of brands into smaller towns and cities, the advent of international buying houses, more garment exports and other positive factors

The current denim market is largely skewed towards men’s segment which can be taken as about 80% of the total market. While the young girls have got addicted to wearing denim, a large portion of women still prefer wearing Indian wear like salwar suits at work and at leisure. Even with the above constraints, the women’s jeans market has been growing rapidly. The women’s wear market is projected to grow faster here onwards and will potentially account for about more that 25% of the total market by 2015.

Going forward, a large part of the growth of denim apparel shall be driven by deeper penetration in the smaller cities with increasing acceptance of denim within India. On comparing the current population spread and compare it with the contribution in the denim wear market, it becomes very evident on the largest market size between Metros and Mini metros.

The current market size of denim wear in India is largely skewed towards the Metros and mini metros. Metros and mini metros with about 7% of population contribute to about 50% of the market share in denim wear. The tier 2 and tier 3 cities - which again, constitute about 8% of the population, contribute only a 16% of the market share in denim wear.

The initial part of the lower contribution can also be attributed to the low presence of these brands in the tier 2 and tier 3 cities. In the initial phase of the expansion, most expansion of brands and retailers happened in the metros in the mini metros. However, today - most brands understand that the tier 2 and the tier 3 cities present a large opportunity

OPERATIONS

During the year the company has achieved gross revenue from operations of Rs. 3334.900 Millions registering a growth of 19% over the previous year. The performance would have been better if production capacity utilization has been better in denim division.

The Denim capacity utilization declined from previous year on account of working capital shortages. The overall exports increased marginally by 3.4% but the fabric export increase by 48% as India’s export competitiveness improved after Rupee fell to Rs 60/USD, however the jeans export declined due to loss of company’s main customer due to shifting of sourcing to another country. The company has been recently awarded “Gold Plaque” for the Highest Exports of Denim Fabrics in the Category I for 2013-14 by TEXTILE EXPORT PROMOTION COUNCIL OF INDIA (TEXPROCIL INDIA).

Garment capacity performance improved substantially and achieved break even as utilization was better than last year due to increased business from Levis though margin remained under pressure due to continuous increase in inputs cost mainly wages.

During the year the performance of Captive Power Plant (CPP) was also got impacted due to underutilization of fabric and garment capacity. It generated 255 lacs units against 288 lacs unit last year showing decline of 11.5% in generation due to lower off take. The generation cost remained higher than State Grid cost due to higher Husk prices and capacity underutilization.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10456126	29/08/2013	7,600,000.00	STANDARD CHARTERED BANK	IIIRD FLOOR, 7A SC TOWER,, DLF BUILDING, GURGAON,  HARYANA - 122002, INDIA	B87985149
2	10375037	29/08/2013 *	7,500,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH,, ARATI COMPLEX, MILLER GANJ,, LUDHIANA, PUNJAB - 141003, INDIA	B86283363
3	10376019	29/08/2013 *	7,500,000.00	IDBI BANK LIMITED	SCB BRANCH, FEROZ GANDHI MARKET, LUDHIANA, PUNJAB  - 141001, INDIA	B85194397
4	10376021	29/08/2013 *	28,700,000.00	IDBI BANK LIMITED	SCB BRANCH, FEROZ GANDHI MARKET, LUDHIANA, PUNJAB  - 141001, INDIA	B85181428
5	10365941	29/08/2013 *	37,115,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH,, ARATI COMPLEX, MILLER GANJ,, LUDHIANA, PUNJAB - 141003, INDIA	B86283173
6	10365868	21/07/2012 *	202,100,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH,, ARATI COMPLEX, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	B57491938
7	10344264	29/08/2013 *	3,835,000.00	THE JAMMU AND KASHMIR BANK LIMITED	(CORPORATE HEADQUARTERS),M.A.ROAD,SRINAGAR, KASHMIR, SRINAGAR, JAMMU AND KASHMIR - 190001, INDIA	B85840437
8	10344239	29/08/2013 *	7,300,000.00	STATE BANK OF HYDERABAD	SME BRANCH, SONA COMPLEX, G. T. ROAD, MILLER GANJ,  , LUDHIANA, PUNJAB - 141003, INDIA	B85839892
9	10343184	29/08/2013 *	10,000,000.00	STATE BANK OF INDIA	IFB, GOLDEN TOWER, MILLER GANJ, DHOLEWAL CHOWK, LUDHIANA, PUNJAB - 141003, INDIA	B87688073
10	10343182	29/08/2013 *	76,300,000.00	STATE BANK OF INDIA	IFB, GOLDEN TOWER, MILLER GANJ, DHOLEWAL CHOWK, LUDHIANA, PUNJAB - 141003, INDIA	B87688313
11	10343183	21/07/2012 *	310,000,000.00	STATE BANK OF INDIA	SCB MILLER GANJ,PAHWA HOSPITAL COMPLEX,, (MID COR PORATE SALES HUB), LUDHIANA, PUNJAB - 141003, INDIA	B45687340
12	10337671	21/07/2012 *	10,000,000.00	CANARA BANK	BHARAT NAGAR CHOWK BRANCH, LUDHIANA, PUNJAB - 141001, INDIA	B45694148
13	10337758	29/08/2013 *	90,700,000.00	CANARA BANK	BHARAT NAGAR CHOWK BRANCH, LUDHIANA, PUNJAB - 141001, INDIA	B85177038
14	10311211	21/07/2012 *	6,600,000.00	IDBI BANK LIMITED	SCB BRANCH, FEROZ GANDHI MARKET, LUDHIANA, PUNJAB  - 141001, INDIA	B57923278
15	10225151	01/05/2010	100,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A88139738
16	10172416	21/07/2012 *	69,000,000.00	STATE BANK OF INDIA	SCB MILLER GANJ,PAHWA HOSPITAL COMPLEX,, (MID COR  PORATE SALES HUB), LUDHIANA, PUNJAB - 141003, INDIA	B45686797
17	10167770	21/07/2012 *	23,600,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, ARATI COMPLEX,MILLER GANJ,, LUDHIANA, PUNJAB - 141003, INDIA	B57477887
18	10167661	21/07/2012 *	88,600,000.00	CANARA BANK	BHARAT NAGAR CHOWK BRANCH, LUDHIANA, PUNJAB - 141001, INDIA	B45693587
19	10130008	21/07/2012 *	250,000,000.00	STATE BANK OF INDIA	SCB MILLER GANJ,PAHWA HOSPITAL COMPLEX,, (MID CORPORATE SALES HUB), LUDHIANA, PUNJAB - 141003, INDIA	B45686425
20	10078742	21/07/2012 *	300,000,000.00	CANARA BANK	BHARAT NAGAR CHOWK BRANCH, LUDHIANA, PUNJAB - 141001, INDIA	B45693389
21	10064081	21/07/2012 *	200,000,000.00	STATE BANK OF INDIA	SCB MILLER GANJ,PAHWA HOSPITAL COMPLEX,, (MID CORPORATE SALES HUB), LUDHIANA, PUNJAB - 141003, INDIA	B45686128
22	10050847	21/07/2012 *	80,300,000.00	STATE BANK OF HYDERABAD	SME BRANCH, SONA COMPLEX, G. T. ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	B45650710
23	10046741	21/07/2012 *	40,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, ARATI COMPLEX,MILLER GANJ,, LU  DHIANA, PUNJAB - 141003, INDIA	B57492332
24	10021264	21/07/2012 *	131,200,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, ARATI COMPLEX,MILLER GANJ,, LU  DHIANA, PUNJAB - 141003, INDIA	B57491573
25	80019195	21/07/2012 *	115,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, ARATI COMPLEX,MILLER GANJ,, LU  DHIANA, PUNJAB - 141003, INDIA	B57477093
26	80019199	21/07/2012 *	100,000,000.00	CANARA BANK	BHARAT NAGAR CHOWK BRANCH, LUDHIANA, PUNJAB - 141001, INDIA	B45694528
27	80014156	21/07/2012 *	240,000,000.00	IDBI BANK LIMITED	SCB BRANCH, FEROZ GANDHI MARKET, LUDHIANA, PUNJAB  - 141001, INDIA	B57924243
28	90309711	21/07/2012 *	200,000,000.00	CANARA BANK	BHARAT NAGAR CHOWK BRANCH, LUDHIANA, PUNJAB - 141001, INDIA	B45693165
29	90174517	21/07/2012 *	300,000,000.00	STATE BANK OF INDIA	SCB MILLER GANJ,PAHWA HOSPITAL COMPLEX,, (MID CORPORATE SALES HUB), LUDHIANA, PUNJAB - 141003, INDIA	B45690799
30	90174495	22/02/2005	100,000,000.00	STATE BANK OF INDIA	SALEB HUB MID CORPORATE, SCB MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	-
31	90174478	21/07/2012 *	128,900,000.00	THE JAMMU AND KASHMIR BANK LIMITED	(CORPORATE HEADQUARTERS),M.A.ROAD,SRINAGAR,KASHMIR  , SRINAGAR, JAMMU AND KASHMIR - 190001, INDIA	B45645819
32	90174929	27/03/2000 *	66,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER ; CUFFE TOWER, MUMBAI, MAHARASHTRA, INDIA	-
33	90173549	07/10/2006 *	50,000,000.00	IFCI LIMITED	IFCI TOWER61 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	-
34	90173496	29/08/2013 *	1,188,900,000.00	CANARA BANK-SBI-SBOP-IDBI BANK LTD AND STANDARD CHAR  TERED BANK.	BHARAT NAGAR CHOWK BRANCH, LUDHIANA, PUNJAB - 141001, INDIA	B85176782
35	90173412	21/07/2012 *	58,000,000.00	IDBI BANK LIMITED	SCB BRANCH, FEROZ GANDHI MARKET, LUDHIANA, PUNJAB  - 141001, INDIA	B57922908

* Date of charge modification

FIXED ASSETS

• Freehold Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Computer
• Vehicles
• Patents
• ERP

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.62.18
UK Pound	1	Rs.95.70
Euro	1	Rs.70.75

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	SUC
Report Prepared by :	DPT

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	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--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		15

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.