MIRA INFORM REPORT

Report No. :	302330
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	ARUN TEXTILES PRIVATE LIMITED
Registered Office :	80, Perumal Koil Street, Tirupur - 641604, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.03.1989
Com. Reg. No.:	18-002372
Capital Investment / Paid-up Capital :	Rs. 22.500 Millions
CIN No.: [Company Identification No.]	U17115TZ1989PTC002372
TIN No.:	33322421084
TAN No.: [Tax Deduction & Collection Account No.]	CHBA04029E
PAN No.: [Permanent Account No.]	AABCA8982D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Hosiery Yarn and Cloth and Windmill Power Generation.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per Registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct and as per commitments. The company can be considered normal 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 – 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: “BBB”
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	11.08.2014

Rating Agency Name	CRISIL
Rating	Short term rating: “A3+”
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	11.08.2014

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 DECLINED BY

Name :	Mr. Bala Subramaniam
Designation :	Accounts Manager
Contact No.:	91-9843247575
Date :	07.01.2015
Name :	Mr. Karthik
Designation :	Chief Executive Officer
Contact No.:	91-421-2242537
Date :	07.01.2015

LOCATIONS

Registered Office :	80, Perumal Koil Street, Tirupur - 641604, Tamilnadu, India
Tel. No.:	91-421-2241365/ 2242537
Fax No.:	91-421-2248686
E-Mail :	aruntex@vsnl.com mail@aruntex.com
Website :	www.aruntexeng.com
Factory:	SF No. 1132, Thasampalsayam, Polavakkalipalayam, P O Gobichettipalayam - 638476, India
Tel. No.:	91-4285-246959
Fax No.:	91-4285-246456
Wind Mill – I & II	SUZLON / ENERCON Dhanakkarkulam Village, Radhapuram Taluka, Tirunelveri District, Tamilnadu, India
Wind Mill – III	SUZLON Palladam, Tirupur, Tamilnadu, India
Wind Mill - IV	SUZLON Mannur Palayam, Dharpuram, Tamilnadu, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Subbannagounder Palaniswamy

Designation :

Managing Director

Address :

80, Perumal Koil Street, Tirupur - 641604, Tamilnadu, India

Date of Birth/Age :

01.02.1954

Date of Appointment :

11.05.2005

PAN No.:

AGSPP3918J

DIN No. :

01116283

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	U17111TZ2003PTC010458	ARUNKARTHIK TEXTILES PRIVATE LIMITED	Director	29-01-2003	29-01-2003	15-12-2011	Active	NO
2	U17115TZ1989PTC002372	ARUN TEXTILES PRIVATE LIMITED	Managing director	11-05-2005	11-05-2005	-	Active	NO

Name :

A. Deivanai

Designation :

Director

Address :

3, Karuvampalayam, ABT Road, Tirupur - 641604, Tamilnadu, India

Date of Birth/Age :

13.09.1950

Date of Appointment :

11.05.2005

PAN No. :

AOPPD6286K

DIN No. :

02555679

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	U17111TZ2003PTC010458	ARUNKARTHIK TEXTILES PRIVATE LIMITED	Director	29-01-2003	29-01-2003	Active	NO
2	U17115TZ1989PTC002372	ARUN TEXTILES PRIVATE LIMITED	Director	11-05-2005	11-05-2005	Active	NO

KEY EXECUTIVES

Name :	Mr. Bala Subramaniam
Designation :	Accounts Manager
Name :	Mr. Karthik
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
S. Palaniswamy	130000	57.78
A. Deivanai	14000	6.22
S. Kavitha Senthil Kumar	20000	8.89
C. Sujatha Carthic	61000	27.11
Total	225000	100.00

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Hosiery Yarn and Cloth and Windmill Power Generation.

Products :

Item Code No. (ITC Code)	Product Description
52051110	Yarn
52021000	Cotton and Yarn Waste

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS (AS ON 31.03.2012)

PARTICULARS	Unit	Licensed Capacity
Licensed		De-Licensed
Installed Capacity	Spindles	36000 Spindles
Windmill Division	KW	8500 KW

PARTICULARS	Unit	Production
Yarn	Qty Kgs	2479076

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

Not Divulged

Bankers :

Bank Name:	NOT DIVULGED
Branch:
Name of the Person (with Designation):
Contact Number:
Name of Account Holder:
Account Number:
Account Since (Date/ Year of A/c Opening):
Average Balance Maintained (Optional):
Credit Facilities Enjoyed (CC/OD/Term Loan):
Account Operation:
Remarks:

· State Bank of India, Specialised Commercial Branch, Old No.24, New No 44, Stanes Road, 4th Street, Tirupur - 641602, Tamilnadu, India

· Indian Bank, 83 , Court Street, Tirupur, Tirupur - 641604, Tamilnadu, India

· The Karnataka Bank Limited, 184 Easwarnkoil Street, Tirupur Main, Coimbatore - 641604, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Equitable Mortgage of Land and Building and Hypothecation of plant and machineries purchased out of term loan)	97.915	118.469
Borrowing from government semi-government bodies (Equitable Mortgage of Land and Building and Hypothecation of plant and machineries purchased out of term loan)	14.228	28.209
SHORT TERM BORROWINGS
Working capital loans from banks (Secured by all current assets)	196.978	240.276
Total	309.121	386.954

Auditors :
Name :	T. Kumaaravelu Chartered Accountants
Address :	No.10, Doctor's Colony, Radhakrishna Road, Coimbatore – 641012, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AEKPK0665F
Associates/ Subsidiaries :	--

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
225,000	Equity Shares	Rs. 100/- each	Rs. 22.500 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
225,000	Equity Shares	Rs. 100/- each	Rs. 22.500 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	22.500	22.500	22.500
(b) Reserves & Surplus	528.231	460.629	458.355
(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)	550.731	483.129	480.855
(3) Non-Current Liabilities
(a) Long-term borrowings	112.143	146.678	131.313
(b) Deferred tax liabilities (Net)	14.743	25.532	23.862
(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)	126.886	172.210	155.175
(4) Current Liabilities
(a) Short term borrowings	196.978	240.276	220.395
(b) Trade payables	103.433	25.498	108.166
(c) Other current liabilities	75.872	58.482	41.140
(d) Short-term provisions	12.095	2.790	22.021
Total Current Liabilities (4)	388.378	327.046	391.722
TOTAL	1065.995	982.385	1027.752
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	360.635	390.850	389.531
(ii) Intangible Assets	0.735	0.881	0.000
(iii) Capital work-in-progress	5.033	5.033	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	146.032	146.032	146.032
(e) Other Non-current assets	2.801	2.501	0.900
Total Non-Current Assets	515.236	545.297	536.463
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	328.839	300.664	279.146
(c) Trade receivables	76.713	66.839	66.062
(d) Cash and cash equivalents	56.170	15.597	78.704
(e) Short-term loans and advances	38.264	32.261	59.327
(f) Other current assets	50.773	21.727	8.050
Total Current Assets	550.759	437.088	491.289
TOTAL	1065.995	982.385	1027.752

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1007.113	805.175	734.625
		Other Income	NA	NA	108.080
		TOTAL (A)	NA	NA	842.705
Less	EXPENSES
		TOTAL (B)	NA	NA	674.977
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		196.148	128.590	167.728
Less	FINANCIAL EXPENSES (D)		51.259	48.509	26.663
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		144.889	80.081	141.065
Less/ Add	DEPRECIATION/ AMORTISATION (F)		78.285	76.138	68.641
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		66.604	3.943	72.424
Less	TAX (H)		9.790	0.000	19.914
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		56.814	3.943	52.510
	EARNINGS IN FOREIGN CURRENCY
		Export of Yarn	NA	34.458	65.209
	TOTAL EARNINGS		NA	34.458	65.209
	Earnings / (Loss) Per Share (Rs.)		252.51	17.52	281.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	5.64	0.49	7.15
Operating Profit Margin (PBDIT/Sales)	(%)	19.48	15.97	22.83
Return on Total Assets (PBT/Total Assets}	(%)	6.28	0.40	7.05
Return on Investment (ROI) (PBT/Networth)		0.12	0.01	0.15
Debt Equity Ratio (Total Debt/Networth)		0.56	0.80	0.73
Current Ratio (Current Asset/Current Liability)		1.42	1.34	1.25

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	22.500	22.500	22.500
Reserves & Surplus	458.355	460.629	528.231
Net worth	480.855	483.129	550.731
long-term borrowings	131.313	146.678	112.143
Short term borrowings	220.395	240.276	196.978
Total borrowings	351.708	386.954	309.121
Debt/Equity ratio	0.731	0.801	0.561

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	734.625	805.175	1007.113
		9.604	25.080

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	734.625	805.175	1007.113
Profit	52.510	3.943	56.814
	7.15%	0.49%	5.64%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10331961	22/03/2014 *	280,000,000.00	STATE BANK OF INDIA	SPL COMMERCIAL BRANCH, 4TH STREET, TIRUPUR, TAMILNADU - 641602, INDIA	C04395166
2	10270710	08/02/2011	57,000,000.00	THE KARNATAKA BANK LIMITED	184 EASWARNKOIL STREET, TIRUPUR MAIN, COIMBATORE, TAMILNADU - 641604, INDIA	B07105273
3	10255126	19/11/2010	20,000,000.00	KARNATAKA BANK LTD	184, EASWARAN KOIL STREET, TIRUPUR MAIN, COIMBATORE, TAMILNADU - 641604, INDIA	B00640714
4	10195256	08/12/2009	8,500,000.00	KARNATAKA BANK LIMITED	NO-184, ESWARAN KOIL STREET, MAIN BRANCH, TIRUPUR, COIMBATORE, TAMILNADU - 641604, INDIA	A76712496
5	10125235	25/08/2008	56,000,000.00	INDIAN BANK	83, COURT STREET,, TIRUPUR, COIMBATORE, TAMILNADU - 641604, INDIA	A47885181
6	10053967	16/05/2007	109,800,000.00	THE KARNATAKA BANK LIMITED	184,EASWARN KOIL STREET, TIRUPUR, TIRUPUR, TAMILNADU - 641604, INDIA	A16140899
7	80017423	10/09/2003	55,000,000.00	THE KARNATAKA BANK LTD.	184 ISWARAN KOIL STREET, TIRUPUR, TAMILNADU - 641604, INDIA	-
8	80017422	04/09/2003 *	67,000,000.00	INDIAN BANK	8 COURT STREET, TIRUPUR, TAMILNADU - 641001, INDIA	-
9	80006018	28/03/2014 *	445,500,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, OLD NO.24, NEW NO. 44, STANES ROAD, 4TH STREET, TIRUPUR, TAMILNADU - 641602, INDIA	C05159371
10	80017426	29/03/2011 *	40,000,000.00	THE KARNATAKA BANK LIMITED	184, EASWARNKOIL STREET, TIRUPUR MAIN, TIRUPUR, TAMILNADU - 641604, INDIA	B11045879
11	80017421	29/03/2011 *	155,000,000.00	INDIAN BANK	83 , COURT STREET , TIRUPUR, TIRUPUR, TAMILNADU - 641604, INDIA	B13025150

* Date of charge modifications

GENERAL INFORMATION ABOUT COMPANY

The Company was incorporated on 3^rd March 1989 and presently engaged in Manufacturing of Hosiery Yarn and Cloth and Windmill Power Generation. The company’s major segment of business falls within the Textile Generation of Power through wind energy

FINANCIAL RESULTS

During the year, the company has achieved a Sales Turnover of Rs.1007.113 Millions and has earned a Net Profit of Rs.56.814 Millions. The company’s Windmill divisions have generated 19717917 Units. Despite the recessionery trend, the company maintained and improved its performances by manufacturing the compact yarn, the value added product which has very good reception in the market. However with the impact on of Net profit was on account of severe recession in the Textile Industry, like wild fluctuation of Cotton Price, Change of Government Policy on Cotton and Yarn Export, Unprecedented Power cut of 40% in the Tamilnadu. Further due severe economic crisis and recession in the overseas market has adverse impact on producers of Garments, resulting in reduction of demand for yarn and fabric, which affects the unit performance.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Other Equipments

Intangible Assets

· Computer Software

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.63.45
UK Pound	1	Rs.95.99
Euro	1	Rs.75.28

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.