MIRA INFORM REPORT

Report Date :

03.01.2015

IDENTIFICATION DETAILS

Name :	DELUXE FABRICS LIMITED
Registered Office :	Village Bholapur Chandigarh Road, Ludhiana – 141123, Punjab
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.05.1983
Com. Reg. No.:	16 - 005432
Capital Investment / Paid-up Capital :	Rs. 24.300 Millions
CIN No.: [Company Identification No.]	U17121PB1983PLC005432
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Garments and Knitted Cloth.
No. of Employees :	Information Declined by Management

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The ratings take into consideration modest capital structure along with working capital intensive operations during Fy14. However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters, albeit modest scale of operations, the company can be considered for business dealings with 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	CRISIL
Rating	Long Term Rating “B”
Rating Explanation	High Risk of default regarding timely servicing of financial obligations.
Date	15.12.2014

RBI DEFAULTER’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTER’ 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. Shripal Jain
Designation :	Director
Contact No.:	91-9872652200
Date :	29.12.2014

LOCATIONS

Registered Office :	Village Bholapur Chandigarh Road, Ludhiana – 141123, Punjab
Tel. No.:	91-161-2685392
Mobile No.:	91-9872652200 (Mr. Shripal Jain)
Fax No.:	Not Available
E-Mail :	rcsingal54@yahoo.com

SOLE PROPRIETOR/PARTNERS/DIRECTORS

As on. 30.09.2014

Name :

Mr. Shripal Jian

Designation :

Managing Director

Address :

57 – Basant Road, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

01.02.1938

Date of Appointment :

07.05.1983

DIN No.:

00130459

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	U17121PB1983PLC005432	DELUXE FABRICS LIMITED	Managing director	07/05/1983	07/05/1983	-	Active	NO
2	U21029PB1990PTC010651	SANKESHWAR PACKAGING PVT LTD	Director	30/07/1991	30/07/1991	-	Active	NO
3	U45202PB1992PLC012023	KALPTARU APPARELS LIMITED	Director	30/06/1992	30/06/1992	-	Active	YES

Name :

Mr. Darshanlal Sharma

Designation :

Director

Address :

B – XX – 770/2, Gurdev Nagar, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

10.11.1948

Date of Appointment :

20.08.1993

DIN No.:

00727581

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	L17111PB1973PLC003345	VARDHMAN TEXTILES LIMITED	Director	01/04/2008	08/05/1985	-	Active	NO
2	L51491PB1990PLC019212	VARDHMAN ACRYLICS LIMITED	Director	24/12/1990	24/12/1990	-	Active	NO
3	U17121PB1983PLC005432	DELUXE FABRICS LIMITED	Director	20/08/1993	20/08/1993	-	Active	NO
4	U17117PB1990PLC014070	VMT SPINNING COMPANY LIMITED	Director	30/12/1993	30/12/1993	-	Active	NO
5	U17231PB1994PLC014256	VTL INVESTMENTS LIMITED	Director	23/02/1994	23/02/1994	-	Active	NO
6	U17121PB1996PTC017569	SANGAM WEAVERS PRIVATE LIMITED	Director	06/12/1997	06/12/1997	01/03/2013	Active	NO
7	U17230PB2005PLC027936	VARDHMAN YARNS AND THREADS LIMITED	Managing director	01/06/2014	24/02/2005	-	Active	NO
8	U85110CH2007PTC030750	ARCS INDIA DIALYSIS CENTERS PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Strike off	NO
9	U18100PB2009PLC032764	VARDHMAN NISSHINBO GARMENTS COMPANY LIMITED	Whole-time director	01/02/2013	17/04/2009	-	Active	NO
10	U91110MH1954NPL009385	THE COTTON TEXTILES EXPORT PROMOTION COUNCIL	Director	30/09/2013	30/09/2013	-	Active	NO
11	U51909DL1974PLC042836	RALSON (INDIA) LIMITED	Director	24/09/2014	24/09/2014	-	Active	NO

Name :

Ms. Manisha Jain

Designation :

Director

Address :

57 – Basant Road, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

21.05.1975

Date of Appointment :

04.07.2009

DIN No.:

00738646

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	U45202PB1992PLC012023	KALPTARU APPARELS LIMITED	Director	20/07/2004	20/07/2004	-	Active	YES
2	U17121PB1983PLC005432	DELUXE FABRICS LIMITED	Director	04/07/2009	04/07/2009	-	Active	NO

Name :

Mr. Sandeep Jain

Designation :

Director

Address :

57 – Basant Road, Civil Lines, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

18.01.1968

Date of Appointment :

20.11.1993

DIN No.:

00130425

Other Directorship.:

S.No.	CIN/LLPIN	Name of the Company/ LLPs	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	U17111PB1987PTC007436	PRIYA FABRICS PRIVATE LIMITED	Director	30/09/1988	30/09/1988	-	Active	NO
2	U17117PB1985PTC006404	SAMBHAVJEE FABRICS PRIVATE LIMITED	Managing director	28/09/1989	28/09/1989	-	Active	YES
3	U45202PB1992PLC012023	KALPTARU APPARELS LIMITED	Director	30/06/1992	30/06/1992	-	Active	YES
4	U17121PB1983PLC005432	DELUXE FABRICS LIMITED	Director	20/11/1993	20/11/1993	-	Active	NO

Name :

Mr. Sudesh Kumar Punni

Designation :

Director

Address :

68/1, New Lajpat Nagar, Pakhowal Road, Ludhiana – 141001, Punjab, India

Date of Birth/Age :

31.03.1942

Date of Appointment :

03.01.1984

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Shareholding Details Filed Attached

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	17.33
Directors or relatives of Directors	76.82
Other top fifty shareholders	5.85
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Garments and Knitted Cloth.
Products :	Wooltops Worsted Yarn Woollen Yarn Cotton Yarn synthetic Yarn other allied woolen textile products.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers, Retailers, End Users, OEM’s and Others

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

No. of Employees :

Information Declined By Management

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	Brown Road, Ludhiana – 141008, Punjab, 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

Banker Name	IDBI Bank Limited
Branch Address	IDBI Towerwtc Complex, Cuffe Parade, Mumbai – 400005, 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

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term Loans From Bank	6.695	9.744
Short Term Borrowing
Loans Repayable On Demand From Banks	88.842	86.529
Total	95.537	96.273

Auditors :
Name :	Dass Khanna and Company Chartered Accountant
Address :	B – xx – 2815, Pakhowal Road, Gurdev Nagar, Ludhiana – 141001, Punjab, India
PAN No.:	AABFD5151G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on. 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs. 10 per Share	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2430000	Equity Shares	Rs. 10 per Share	Rs.24.300 Millions

As on.31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3203125	Equity Shares	Rs. 10 per Share	Rs.32.031 Millions
250000	5% Redeemable Non-Cumulative Preference Shares	Rs. 10 per Share	Rs. 2.500 Millions
		Total	Rs. 34.531Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3203125	Equity Shares	Rs. 10 per Share	Rs.32.031 Millions
250000	5% Redeemable Non-Cumulative Preference Shares	Rs. 10 per Share	Rs. 2.500 Millions
3453125		Total	Rs. 34.531Millions

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	34.531	34.531	34.531
(b) Reserves & Surplus	29.048	26.746	26.429
(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)	63.579	61.277	60.960
(3) Non-Current Liabilities
(a) long-term borrowings	24.757	25.111	27.734
(b) Deferred tax liabilities (Net)	3.289	3.667	4.044
(c) Other long term liabilities	3.500	3.500	3.500
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	31.546	32.278	35.278
(4) Current Liabilities
(a) Short term borrowings	89.145	88.033	80.581
(b) Trade payables	65.734	53.408	46.404
(c) Other current liabilities	20.886	15.891	12.425
(d) Short-term provisions	3.153	2.580	2.652
Total Current Liabilities (4)	178.918	159.912	142.062
TOTAL	274.043	253.467	238.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.779	42.513	42.570
(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	0.250	0.250	0.250
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.215	0.107	0.096
Total Non-Current Assets	45.244	42.870	42.916
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	128.970	129.483	115.206
(c) Trade receivables	82.258	70.285	72.267
(d) Cash and cash equivalents	1.522	0.478	0.572
(e) Short-term loans and advances	11.867	8.571	6.758
(f) Other current assets	4.182	1.780	0.581
Total Current Assets	228.799	210.597	195.384
TOTAL	274.043	253.467	238.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	279.643	224.311	217.481
		Other Income	1.017	1.922	0.727
		TOTAL	280.660	226.233	218.208
Less	EXPENSES
		Cost of Materials Consumed	104.353	96.601	109.442
		Purchases of Stock-in-Trade	12.396	0.463	0.094
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4.486	(15.312)	(15.101)
		Employees benefits expense	38.551	32.624	23.409
		Other expenses	95.116	88.500	76.869
		TOTAL	254.902	202.876	194.713
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		25.758	23.357	23.495
Less	FINANCIAL EXPENSES		19.819	18.267	16.599
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.939	5.090	6.896
Less/ Add	DEPRECIATION/ AMORTISATION		4.232	4.590	4.415
	PROFIT BEFORE TAX		1.707	0.500	2.481
Less	TAX		(0.595)	0.124	0.401
	PROFIT AFTER TAX		2.302	0.376	2.080
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	75.203	59.062	12.263
	TOTAL EARNINGS		75.203	59.062	12.263
	Earnings Per Share		0.72	0.10	0.65

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.82	0.17	0.96
Operating Profit Margin (PBDIT/ Sales)	(%)	9.21	10.41	10.80
Return on Total Assets (PBT/Total Assets}	(%)	0.62	0.20	1.04
Return on Investment (ROI) (PBT/Networth)		0.03	0.01	0.04
Debt Equity Ratio (Total Debt /Networth)		1.79	1.85	1.78
Current Ratio (Current Asset/Current Liability)		1.28	1.32	1.38

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	34.531	34.531	34.531
Reserves & Surplus	26.429	26.746	29.048
Net worth	60.960	61.277	63.579
long-term borrowings	27.734	25.111	24.757
Short term borrowings	80.581	88.033	89.145
Total borrowings	108.315	113.144	113.902
Debt/Equity ratio	1.777	1.846	1.792

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	217.481	224.311	279.643
		3.141	24.668

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	217.481	224.311	279.643
Profit	2.080	0.376	2.302
	0.96%	0.17%	0.82%

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	No
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	No
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
ICICI Bank Limited	10.910	11.934
ICICI Bank (Car Loan)	3.511	0.000
Term Loan From Other Parties Volkswagen Finance Private Limited	1.113	1.892
Deposits From Public (Repayable in the year 2014 – 2015)	2.250	5.200
(Repayable In the year 2015 -2016)	4.500	0.000
(Repayable In the year 2016 -2017)	2.200	0.000
Loans and Advances from Related Parties	0.000	1.183
Less – Current Maturities of Long Term Borrowing	(6.423)	(4.842)
Short Term Borrowing
Others Loans and Advances From Directors	0.304	1.504
Total	18.365	16.871

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10326462	18/07/2014 *	107,600,000.00	Indian Overseas Bank	BROWN ROAD, LUDHIANA, Punjab - 141008, INDIA	C20165742

* Date of charge modification

FIXED ASSETS

• Leasehold Land
• Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipments

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.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	SPR

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	Yes
--LITIGATION	YES/NO	No
--OTHER ADVERSE INFORMATION	YES/NO	No
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	No
--EXPORT ACTIVITIES	YES/NO	Yes
--AFFILIATION	YES/NO	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
DEFAULTER
RBI	YES/NO	No
EPF	YES/NO	No
TOTAL		28

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.