MIRA INFORM REPORT

Report No. :	304100
Report Date :	28.01.2015

IDENTIFICATION DETAILS

Name :	AMARAVATHI TEXTILES PRIVATE LIMITED
Registered Office :	33-263, Kandimalla Road, Pandari Puram, Chilaka Luripet - 522616, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.08.1983
Com. Reg. No.:	01-004085
Capital Investment / Paid-up Capital :	Rs.16.000 Millions
CIN No.: [Company Identification No.]	U18100AP1983PTC004085
TAN No.: [Tax Deduction & Collection Account No.]	HYDS05761A
PAN No.: [Permanent Account No.]	AABCA8778P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporters of Cotton Yarn, Cotton Waste.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 3470000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is a well-established company having satisfactory track. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. 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	25.07.2014

Rating Agency Name	CRISIL
Rating	Short term rating = A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk
Date	25.07.2014

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.

LOCATIONS

Registered Office :	33-263, Kandimalla Road, Pandari Puram, Chilaka Luripet - 522616, Andhra Pradesh, India
Tel. No.:	91-8647-254630
Fax No.:	91-8404-271235 / 254630
E-Mail :	atplmrt@yahoo.com amaravathi@amaravathi.net dsc_director@rediffmail.com
Website :	http://www.amaravathitextiles.com
Corporate Office :	9D-5, Ramakrishnapuram, Karur-639001, Tamilnadu, India
Tel. No.:	91-4324-230620/230808
Fax No.:	91-4324-230005/230811
E-Mail :	amaravathi@amaravathi.net
Factory :	Martur Mandal, Pakasam-523301, Andhra Pradesh, India
Tel No.:	91-8404-271278/271215
Fax No.:	91-8404-271235
Gurgaon Office :	116, Second Floor, Udyog Vihar, Phase 4, Gurgaon, Haryana, India
Tel. No.:	91-124-4106213

DIRECTORS

AS ON 15.09.2014

Name :	Kandimalla Srinivasa Rao
Designation :	Managing Director
Address :	3-1-2, Stambalagaravu, Guntur-522006, Andhra Pradesh, India
Date of Birth/Age :	01.07.1942
Date of Appointment :	09.12.2014
Din No.:	00381090
Name :	Lakshmi Samrajyam Kandimalla
Designation :	Director
Address :	3-1-2, Stambalagaravu, Guntur - 522006, Andhra Pradesh, India
Date of Birth/Age :	14.12.1945
Date of Appointment :	09.09.2010
Din No.:	00598578
Name :	Geetha Kandimalla
Designation :	Director
Address :	3-1-2, Stambalagaravu, Guntur - 522006, Andhra Pradesh, India
Date of Birth/Age :	27.04.1972
Date of Appointment :	15.09.2014
Din No.:	00735969
Name :	Bhaskar Kandimalla
Designation :	Director
Address :	3-1-2, Stambalagaravu, Guntur - 522006, Andhra Pradesh, India
Date of Birth/Age :	27.06.1963
Date of Appointment :	05.05.2005
Din No.:	01778520

Name :

Hanumantha Rao Gorrepati

Designation :

Director

Address :

P 87/88, Ambikasakthi Avenue, 402, Phase – 3, Kalyannagar, Motinagar, Hyderabad – 500018, Telangana, India

Date of Birth/Age :

05.07.1949

Date of Appointment :

15.09.2014

DIN No.:

03618492

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	U18100AP1983PTC004085	AMARAVATHI TEXTILES PVT LTD	Director	15/09/2014	20/03/2014	-	Active	NO

Name :

Ramesh Babu Palutla

Designation :

Director

Address :

H.No.3-13-300/17, Babanagar Society, Mallapur, Hyderabad – 500076, Telangana, India

Date of Birth/Age :

17.07.1959

Date of Appointment :

15.09.2014

DIN No.:

06441818

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	U18100AP1983PTC004085	AMARAVATHI TEXTILES PVT LTD	Director	15/09/2014	20/03/2014	-	Active	NO
2	U01122AP1994PTC018609	PRASAD SEEDS PRIVATE LIMITED	Director	22/09/2014	24/05/2014	-	Active	NO
3	AAB-2968	MONETIUM FINANCIAL ADVISORY SERVICES LLP	Designated Partner	02/01/2013	02/01/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2014

Names of Shareholders	No. of Shares
Kandimalla Srinivasa Rao	57500
Kandimalla Bhaskar	245000
Gita Cotton Trading Company, India	250000
Muvva Venkateswarlu	200
Kandimalla Rajarajeswari	22500
Kavuri Geetha	433050
Nagandla Nageswara Rao Chowdary	200
Green Thumb Agro Private Limited, India	500000
Kandimalla Nageswaramma	34500
Lakshmi Samrajyam Kandimalla	56050
Muvva Srinivasa Rao	200
Muvva Ramesh	200
Nagandla Subba Rao	200
Komarneni Damodhara Rao	200
Komarneni	200
Total	1600000

AS ON 15.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	31.25
Directors or relatives of directors	68.75
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporters of Cotton Yarn, Cotton Waste.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Cotton Yarn	520710.00

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Available

Bankers :

State Bank of India, Specialised Commercial Branch, Kannavarithota, Guntur - 522004, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	748.578	973.441
Short-term borrowings
Working capital loans from banks	656.833	703.594
Total	1405.411	1677.035

Banking Relations :	--
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	D. No. 10-3-21, 3^rd Lane, Sambasivapet, Guntur, Andhra Pradesh, India
PAN No.:	ACPPK4838D
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Geetha Cotton Mills Private Limited [U17120AP1993PTC015528] Green Thumb Agro Private Limited [U01122TG1995PTC019503] Srinivasa Cotton Traders Gita Cotton Trading Company

CAPITAL STRUCTURE

AS ON 15.09.2014

Authorised Capital : Rs.450.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.16.000 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,600,000	Equity Shares	Rs.10/- each	Rs.16.000 Millions
10,000	Preferences Shares	Rs.100/- each	Rs.1.000 Million
	Total		Rs.17.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,600,000	Equity Shares	Rs.10/- each	Rs.16.000 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	16.000	16.000	16.000
(b) Reserves & Surplus	1195.592	956.823	840.926
(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)	1211.592	972.823	856.926
(3) Non-Current Liabilities
(a) long-term borrowings	748.578	973.441	1034.581
(b) Deferred tax liabilities (Net)	292.842	277.922	239.307
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	17.384	15.170	12.684
Total Non-current Liabilities (3)	1058.804	1266.533	1286.572
(4) Current Liabilities
(a) Short term borrowings	656.832	703.594	566.448
(b) Trade payables	291.777	116.208	198.286
(c) Other current liabilities	390.037	318.976	302.563
(d) Short-term provisions	135.342	150.219	110.126
Total Current Liabilities (4)	1473.988	1288.997	1177.423
TOTAL	3744.384	3528.353	3320.921
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2088.992	2148.758	2005.343
(ii) Intangible Assets	0.163	0.219	0.240
(iii) Capital work-in-progress	51.271	8.441	15.251
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.200	0.200	0.200
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	69.408	69.172	104.754
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2210.034	2226.790	2125.788
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	986.273	742.882	792.789
(c) Trade receivables	54.731	95.521	71.693
(d) Cash and cash equivalents	36.725	37.977	16.355
(e) Short-term loans and advances	446.095	418.755	310.149
(f) Other current assets	10.526	6.428	4.147
Total Current Assets	1534.350	1301.563	1195.133
TOTAL	3744.384	3528.353	3320.921

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3542.610	2927.219	2252.363
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES
	TOTAL	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	727.619	569.097	478.917
Less	FINANCIAL EXPENSES	234.206	250.133	257.307
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	493.413	318.964	221.610
Less/ Add	DEPRECIATION/ AMORTISATION	134.944	125.903	118.227
	PROFIT/ (LOSS) BEFORE TAX	358.469	193.061	103.383
Less	TAX	119.700	77.164	34.175
	PROFIT/ (LOSS) AFTER TAX	238.769	115.897	69.208
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	793.871	677.974	608.766
	BALANCE CARRIED TO THE B/S	1032.640	793.871	677.974
	Earnings / (Loss) Per Share (Rs.)	149.23	72.44	43.26

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	6.74	3.96	3.07
Operating Profit Margin (PBIDT/Sales)	(%)	20.54	19.44	21.26
Return on Total Assets (PBT/Total Assets}	(%)	9.71	5.49	3.13
Return on Investment (ROI) (PBT/Networth)		0.30	0.20	0.12
Debt Equity Ratio (Total Liability/Networth)		1.16	1.72	1.87
Current Ratio (Current Asset/Current Liability)		1.04	1.01	1.02

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	16.000	16.000	16.000
Reserves & Surplus	840.926	956.823	1195.592
Net worth	856.926	972.823	1211.592
long-term borrowings	1034.581	973.441	748.578
Short term borrowings	566.448	703.594	656.832
Total borrowings	1601.029	1677.035	1405.410
Debt/Equity ratio	1.868	1.724	1.160

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	2252.363	2927.219	3542.610
		29.962	21.023

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	2252.363	2927.219	3542.610
Profit	69.208	115.897	238.769
	3.07%	3.96%	6.74%

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	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS

CASE STATUS INFORMATION SYSTEM

ITTA 149 / 2010

ITTASR 1640 / 2008

CASE IS:PENDING

PETITIONER		RESPONDENT
THE COMMISSIONER OF INCOME TAX	VS	M/S.AMARAVATHI TEXTILES PVT LTD
PET.ADV. : NARASIMHA SARMA		RESP.ADV. : RAMASWAMI
SUBJECT: U/Sec. 143 Assessment		DISTRICT:  GUNTUR

FILING DATE:  09-06-2008	POSTING STAGE :  FOR ADMISSION
REG. DATE    :   23-02-2010	LISTING DATE :  05-07-2010	STATUS   :  ADMIT

HON'BLE JUDGE(S):

B.PRAKASH RAO

RAMESH RANGANATHAN

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10235107	24/11/2014 *	936,600,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, KANNAVARITHOTA, GU  NTUR, ANDHRA PRADESH - 522004, INDIA	C37075801
2	10041921	11/04/2008 *	272,500,000.00	STATE BANK OF MYSORE	5/1, ARUNDELPET, GUNTUR, ANDHRA PRADESH - 522002,  INDIA	A36200749
3	10023478	28/05/2008 *	318,000,000.00	STATE BANK OF HYDERABAD	KOTHAPET BRANCH, GUNTUR, ANDHRA PRADESH - 522001,  INDIA	A40191629
4	90121484	24/11/2014 *	2,137,500,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, KANNAVARITHOTA, GU  NTUR, ANDHRA PRADESH - 522004, INDIA	C37073137
5	90122936	15/03/2004 *	80,800,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KANNAVARITOTHA, GUNTUR, ANDHRA  PRADESH, INDIA	-
6	90121411	21/03/2006 *	49,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KANNAVARITHOTA, GUNTUR, ANDHRA  PRADESH - 522004, INDIA	-
7	90122869	30/03/2005 *	49,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, GUNTUR, ANDHRA PRADESH, INDIA	-
8	90120206	07/05/1987	2,706,000.00	STATE BANK OF INDIA	P. O. BOX. NO-28, GUNTUR, ANDHRA PRADESH, INDIA	-
9	90121938	24/02/2005 *	49,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, KANNAVARITOTHA, GUNTUR, ANDHRA  PRADESH, INDIA	-

* Date of charge modification

FINANCIAL RESULTS

The Company’s overall performance during the year is significant due to inflationary conditions in the market. During the year, the company has achieved turnover of Rs. 3542.661 Millions including merchant export of Rs. 1218.031 Millions as against the previous year of Rs. 2927.219 Millions including merchant export of Rs. 689.343 Millions. The Directors of the company are of the view that the performance of the company would further improve in the next financial year.

OPERATIONS

During the year, the production of cotton yarn was 1,44,59,750 Kgs as against the previous year 1,19,69,173 Kgs. The sales volume of cotton yarn during the year under review was 1,39,29,500 Kgs as against the previous year 1,20,43,809 Kgs.

EXPANSION

The demand for cotton products has been increasing enormously around the world. In view of the growth in demand, the Company has been expanding its plant capacity to effective usage resources. The Companys strategic plan for expansion is under processing, it will be implemented in future years. It will leads to the significant growth in production capacity of the Company.

FIXED ASSETS:

• Land
• Non Factory Building
• Factory Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fixtures
• Laboratory Equipments
• Vehicles
• Library

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 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.61.46
UK Pound	1	Rs.92.77
Euro	1	Rs.69.03

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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	YES
--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		47

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.