MIRA INFORM REPORT

Report No. :	327956
Report Date :	18.06.2015

IDENTIFICATION DETAILS

Name :	SVG FASHIONS LIMITED
Registered Office :	719-Somnath Road, Nani Daman, Dadar Nagar Haveli, Daman - 396210, Maharashtra
Tel. No.:	91-22-26209952
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.06.1994
Com. Reg. No.:	11-000067
Capital Investment / Paid-up Capital :	Rs. 93.103 Million
CIN No.: [Company Identification No.]	U99999DN1994PLC000067
IEC No.:	0395058023
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACD1621KFT001
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Knitted Fabrics, Printed Fabrics, Furnishing and Yarns.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 380000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well - established private limited company incorporated in the year 1994, having good track. Rating takes into consideration the sound financial risk profile marked by strong net worth and strong profitability and liquidity profile. Rating also consider long experience of its promoters in textile industry. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. As per strong financial condition, the company can be considered for business dealings with usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	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	ICRS
Rating	Long term = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	Feb 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. D.M. Agarwal
Designation :	Accounts Department
Contact No.:	91-22-42509700
Date :	17.06.2015

LOCATIONS

Registered Office :	719-Somnath Road, Nani Daman, Dadar Nagar Haveli, Daman - 396210, Maharashtra
Tel. No.:	91-22-26209952
Fax No.:	91-22-26204411
E-Mail :	roc@bagariaco.com rajkumar.agarwal@svgindia.com hrd@svgindia.com
Website :	www.svgindia.com info@svgindia.com
Branch:	Located at: Mumbai Daman Gujarat

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sandeep Satyanarayan Agarwal

Designation :

Director

Address :

Simplex House, 44, Jai Hind Society, N.S. Road No. 11, JVPD, Mumbai, Maharashtra, India

Date of Birth/Age :

14.12.1977

Date of Appointment :

07.06.1994

PAN No.:

AABPA4939R

DIN No.:

00395348

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	U17119GJ1977PTC003058	DEEPAK SYNTHETICS PVT LTD	Director	14/09/1977	14/09/1977	-	Active	NO
2	U99999DN1994PLC000067	SVG FASHIONS LIMITED	Director	07/06/1994	07/06/1994	-	Active	NO
3	U99999MH1988PTC047368	SUNFLAG FILAMENTS LIMITED	Director	01/08/1994	01/08/1994	-	Under Process of Striking off	NO
4	L17119DN1988PLC000048	SUNFLAG FILAMENTS LIMITED	Director	01/08/1994	01/08/1994	-	Active	NO
5	U24110MH1999PTC120665	HONEST CHEMICALS PRIVATE LIMITED	Director	22/12/1999	22/12/1999	01/08/2014	Active	NO
6	U17119GJ1976PLC002918	BINAYKIA SYNTHETICS LIMITED	Director	23/12/2009	23/12/2009	-	Active	NO
7	U51109WB2007PTC119964	NOVELTY AGENCIES PRIVATE LIMITED	Director	18/11/2010	18/11/2010	-	Active	NO
8	U17121GJ2011PLC064312	SVG DENIMS LIMITED	Director	08/03/2011	08/03/2011	-	Active	NO

Name :

Mr. Rajkumar Satyanarayan Agarwal

Designation :

Director

Address :

Simplex House, 44, Jai Hind Society, N.S. Road No. 11, JVPD, Mumbai, Maharashtra, India

Date of Birth/Age :

14.10.1965

Date of Appointment :

18.07.2005

PAN No.:

AABPA5884H

DIN No.:

00395370

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	U17119GJ1976PLC002918	BINAYKIA SYNTHETICS LIMITED	Director	17/07/1976	17/07/1976	-	Active	NO
2	U17119GJ1977PTC003058	DEEPAK SYNTHETICS PVT LTD	Director	14/09/1977	14/09/1977	-	Active	NO
3	U99999MH1988PTC047368	SUNFLAG FILAMENTS LIMITED	Director	13/05/1988	13/05/1988	-	Under Process of Striking off	NO
4	L17119DN1988PLC000048	SUNFLAG FILAMENTS LIMITED	Director	13/05/1988	13/05/1988	-	Active	NO
5	U17100MH1987PTC045602	JAYRAVI TEXTURISING PRIVATE LIMITED	Director	01/04/1992	01/04/1992	-	Active	NO
6	U27100MH1983PTC031603	RAJWADA SILK MILLS PRIVATE LIMITED	Director	14/10/2000	14/10/2000	-	Active	NO
7	U99999DN1994PLC000067	SVG FASHIONS LIMITED	Director	18/07/2005	18/07/2005	-	Active	NO
8	U51109WB2007PTC119964	NOVELTY AGENCIES PRIVATE LIMITED	Director	18/11/2010	18/11/2010	-	Active	NO
9	U17121GJ2011PLC064312	SVG DENIMS LIMITED	Director	08/03/2011	08/03/2011	-	Active	NO

Name :

Mrs. Sapna Rajkumar Agarwal

Designation :

Director

Address :

Simplex House, 44, Jai Hind Society, N.S. Road No. 11, JVPD, Mumbai, Maharashtra, India

Date of Birth/Age :

02.11.1965

Date of Appointment :

01.10.1994

PAN No.:

AACPA8297M

DIN No.:

00437469

KEY EXECUTIVES

Name :	Mr. D.M. Agarwal
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Sandeep Agarwal	782512
Sapna Agarwal	640086
Rajkumar Agarwal	788433
Urmiladevi Agarwal	695778
Satyanarayan Agarwal	866299
Rajkumar Agarwal HUF	753224
S.N Agarwal HUF	600000
Richa Agarwal	640000
Yashovardhan Agarwal	380000
Priyansha S Agarwal	10000
Sandeep Agarwal HUF	172594
Jayravi Textuisinf Private Limited, India	9050
Rajwada Silk Mills Private Limited, India	9050
Binaykia Synthetics Limited, India	15604
Deepak Synthetics Private Limited, India	2857639
Total	9310269

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	31.06
Directors or relatives of Directors	68.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Knitted Fabrics, Printed Fabrics, Furnishing and Yarns.

Products :

Item Code No.	Product Description
6003	Knitted Fabrics and Embroidered Fabric

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Bank of Baroda
Branch	Jai Ambe House, 1^st Floor, Opposite M.J market, Mumbai, 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 Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan	185.288	40.964
SHORT TERM BORROWING
Working Capital Loans From Banks	134.196	120.146
Total	319.484	161.110

Auditors :
Name :	Bagaria and Company Chartered Accountants
Address :	101, Tripta Sadan, Santawadi Lane, near Bombay bazar, Andheri (West), Mumbai - 400058, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFB9902N
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Sunflag Filaments Limited, India CIN NO.: L17119DN1988PLC000048 Rajwada Silk Mills Private Limited, India CIN NO.: U27100MH1983PTC031603 Binaykia Synthetics Limited, India CIN NO.: U17119GJ1976PLC002918 Deepak Synthetics Private Limited, India CIN NO.: U17119GJ1977PTC003058 Jayravi Texturising Private Limited, India CIN NO.: U17100MH1987PTC045602 Novelty Agencies Private Limited, India CIN NO.: U51109WB2007PTC119964 SVG Denims Limited, India CIN NO.: U17121GJ2011PLC064312 Laxmi Technical Textile Private Limited, India CIN NO.: U17299MH1994PTC078064

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9310269	Equity Shares	Rs.10/- each	Rs. 93.103 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	93.103	93.103	93.103
(b) Reserves & Surplus	1266.210	1152.444	1039.002
(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)	1359.313	1245.547	1132.105
(3) Non-Current Liabilities
(a) long-term borrowings	185.288	40.964	123.650
(b) Deferred tax liabilities (Net)	103.931	93.278	83.176
(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)	289.219	134.242	206.826
(4) Current Liabilities
(a) Short term borrowings	134.196	120.146	142.397
(b) Trade payables	44.256	102.204	92.657
(c) Other current liabilities	53.882	95.156	135.136
(d) Short-term provisions	101.162	47.843	44.849
Total Current Liabilities (4)	333.496	365.349	415.039
TOTAL	1982.028	1745.138	1753.970
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	951.977	705.351	747.708
(ii) Intangible Assets	6.445	0.005	0.005
(iii) Capital work-in-progress	19.414	158.083	155.234
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	19.673	19.663	17.971
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	28.106	23.575	17.459
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1025.615	906.677	938.377
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	309.372	290.065	314.998
(c) Trade receivables	332.452	273.171	203.912
(d) Cash and cash equivalents	79.237	41.669	33.802
(e) Short-term loans and advances	235.352	233.556	262.881
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	956.413	838.461	815.593
TOTAL	1982.028	1745.138	1753.970

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1636.887	1383.927	1295.481
	Other Income	21.742	9.862	15.607
	TOTAL	1658.629	1393.789	1311.088
Less	EXPENSES
	Cost of Materials Consumed	980.331	793.989	771.993
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	10.426	32.756	(84.295)
	Employees benefits expense	103.300	91.627	65.949
	Other expenses	263.348	233.787	284.359
	TOTAL	1357.405	1152.159	1038.006
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	301.224	241.630	273.082
Less	FINANCIAL EXPENSES	33.818	35.844	46.827
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	267.406	205.786	226.255
Less/ Add	DEPRECIATION/ AMORTISATION	45.889	44.046	41.319
	PROFIT/ (LOSS) BEFORE TAX	221.517	161.740	184.936
Less	TAX	72.014	48.619	49.559
	PROFIT/ (LOSS) AFTER TAX	149.503	113.121	135.377
	Earnings / (Loss) Per Share (Rs.)	16.06	12.15	14.54

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	35.400	83.365	99.592
Cash generated from operations	N.A	N.A	N.A

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	9.13	8.17	10.45
Operating Profit Margin (PBIDT/Sales)	(%)	18.40	17.46	21.08
Return on Total Assets (PBT/Total Assets}	(%)	11.40	10.32	11.70
Return on Investment (ROI) (PBT/Networth)		0.16	0.13	0.16
Debt Equity Ratio (Total Debt /Networth)		0.26	0.20	0.32
Current Ratio (Current Asset/Current Liability)		2.87	2.29	1.97

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	93.103	93.103	93.103
Reserves & Surplus	1039.002	1152.444	1266.210
Net worth	1132.105	1245.547	1359.313
long-term borrowings	123.650	40.964	185.288
Short term borrowings	142.397	120.146	134.196
Total borrowings	365.639	244.475	354.884
Debt/Equity ratio	0.323	0.196	0.261

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1295.481	1383.927	1636.887
		6.827	18.278

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1295.481	1383.927	1636.887
Profit	135.377	113.121	149.503
	10.45%	8.17%	9.13%

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90096846	04/08/2003	78,712,000.00	BANK OF BARODA	M. J. MARKET BRANCH; JAL AMBER HOUSE, 1ST FLOOR;  CORNOR OF MIRZA STREET; OPP. M.J. MARKE, MUMBAI, MAHARASHTRA - 400003, INDIA	-
2	90096835	31/08/2013 *	1,183,200,000.00	Bank of Baroda	M. J. MARKET BRANCH,JAL AMBER HOUSE,1ST FLOOR, C  ORNOR OF MIRZA STREET; OPP. M.J. MARKET,, MUMBAI,  MAHARASHTRA - 400003, INDIA	B85072098
3	90096825	27/03/2003	51,975,000.00	BANK OF BARODA	M. J. MARKET BRANCH; JAI AMBER HOUSE, 1ST FLOOR;  CORNOR OF MIRZA STREET; OPP. M.J. MARKE, MUMBAI - 400003, M  AHARASHTRA, INDIA	-
4	90098704	31/08/2013 *	1,183,200,000.00	BANK OF BARODA	M. J. MARKET BRANCH; JAL AMBER HOUSE, 1ST FLOOR,  CORNOR OF MIRZA STREET; OPPOSITE. M.J. MARKET, MUMBAI - 400003,  MAHARASHTRA, INDIA	B85073989
5	90097045	11/12/1998 *	26,000,000.00	BANK OF BARODA	M. J. MARKET BRANCH, MUMBAI - 400002, MAHARASHTRA,  INDIA	-

FIXED ASSETS

• Land
• Building
• Vehicle
• Motor Vehicle Office Equipment
• Office Building
• Plant and Equipment
• furniture and fixture
• Computer

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.64.11
UK Pound	1	Rs.100.31
Euro	1	Rs.72.16

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.