MIRA INFORM REPORT

Report No. :	326913
Report Date :	12.06.2015

IDENTIFICATION DETAILS

Name :	VINIT FABRICS LIMITED

Registered Office :	143/145, Dadaiseth Agiary Lane, Room No. 11 To 14, 1^st Floor, Mumbai – 400002, Maharashtra
Tel No.:	91-22-22085713

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	14.07.2010

Com. Reg. No.:	11-228542

Capital Investment / Paid-up Capital :	Rs.30.700 Million

CIN No.: [Company Identification No.]	U17120MH2010PLC228542

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 of Textiles.

No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 85900

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Even though the company was incorporated on 14^th July 2010, it has commenced its business activities from November 2013. The company have incurred losses from its business operation and also it has reported negative reserves during the years. Ratings are constrained on limited track record of the company. However, trade relations are fair. Business is active. Payments are slow. The company can be considered for business dealings with some cautions.

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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 PARTED BY

Name :	Mr. Atul Kumar
Designation :	Account Assistant
Contact No.:	91-22-22085713
Date :	11.06.2015

LOCATIONS

Registered Office :	143/145, Dadaiseth Agiary Lane, Room No. 11 To 14, 1st Floor, Mumbai – 400002, Maharashtra, India
Tel. No. :	91-22-22085713
Fax No. :	Not Available
E-Mail :	viveklenegroup@rediffmail.com
Area :	1000 Sq. ft
Location :	Rented
Locality :	Commercial

Factory :	B – 21, Gujarat Eco Tex Park, Palsana, Surat – 394315, Gujarat, India
Location :	Owned
Locality :	Industrial

DIRECTORS

As on 30.09.2014

Name :

Mr. Vishwanath Mungilal Agarwal

Designation :

Director

Address :

Flat No.502, Paradise Heights Station Road, Thane - 400602, Maharashtra, India

Date of Birth/Age :

19.09.1930

Date of Appointment :

14.07.2010

DIN No. :

00208113

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	U99999MH1992PLC068374	VIVEKLENE TEXTILES LTD	Director	02-09-1992	02-09-1992	-	Active	NO
2	U67120MH1994PLC076258	VIVEKLENE INDUSTRIES LIMITED	Director	27-01-1994	27-01-1994	-	Active	NO
3	U17120MH2010PLC228542	VINIT FABRICS LIMITED	Director	14-07-2010	14-07-2010	-	Active	NO

Name :

Ms. Sushila Devi Agarwal

Designation :

Director

Address :

R. No 11 To 14, 1^st Floor, 143/145, Dadyseth Agiary Lane, Mumbai - 400002, Maharashtra, India

Date of Appointment :

01.01.2015

DIN No. :

00222655

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	U67120MH1994PLC076258	VIVEKLENE INDUSTRIES LIMITED	Director	06-11-2001	06-11-2001	-	Active	NO
2	U17120MH2010PLC228542	VINIT FABRICS LIMITED	Director	01-01-2015	01-01-2015	-	Active	NO

Name :

Mr. Vimal Kumar Agarwal

Designation :

Director

Address :

R. No 11 To 14, 1st Floor, 143/145, Dadyseth Agiary Lane, Mumbai - 400002, Maharashtra, India

Date of Birth/Age :

01.01.1965

Date of Appointment :

14.07.2010

DIN No. :

00222868

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	U99999MH1992PLC068374	VIVEKLENE TEXTILES LTD	Director	02-09-1992	02-09-1992	-	Active	NO
2	U67120MH1994PLC076258	VIVEKLENE INDUSTRIES LIMITED	Director	27-01-1994	27-01-1994	-	Active	NO
3	U17120MH2010PLC228542	VINIT FABRICS LIMITED	Director	14-07-2010	14-07-2010	-	Active	NO

Name :

Ms. Pratima Devi Agarwal

Designation :

Director

Address :

R. No 11 To 14, 1st Floor, 143/145, Dadyseth Agiary Lane, Mumbai - 400002, Maharashtra, India

Date of Birth/Age :

01.07.1966

Date of Appointment :

14.07.2010

DIN No. :

00222944

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	U99999MH1992PLC068374	VIVEKLENE TEXTILES LTD	Director	30-09-1996	30-09-1996	-	Active	NO
2	U17120MH2010PLC228542	VINIT FABRICS LIMITED	Director	14-07-2010	14-07-2010	-	Active	NO
3	U67120MH1994PLC076258	VIVEKLENE INDUSTRIES LIMITED	Additional director	19-05-2015	19-05-2015	-	Active	NO

Name :

Mr. Vivek Vimalkumar Agrawal

Designation :

Director

Address :

502, Paradise Height, Shivaji Path, Thane (West), Thane - 400602, Maharashtra, India

Date of Birth/Age :

19.07.1989

Date of Appointment :

30.06.2012

DIN No. :

05004554

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	U17120MH2010PLC228542	VINIT FABRICS LIMITED	Director	30-06-2012	30-06-2012	-	Active	NO
2	U67120MH1994PLC076258	VIVEKLENE INDUSTRIES LIMITED	Additional director	19-05-2015	19-05-2015	-	Active	NO

Name :

Mr. Vinit Vimal Kumar Agarwal

Designation :

Director

Address :

502, Paradise Height, Shivaji Path, Thane (West), Thane - 400602, Maharashtra, India

Date of Appointment :

01.01.2015

DIN No. :

07059167

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	U17120MH2010PLC228542	VINIT FABRICS LIMITED	Director	01-01-2015	01-01-2015	-	Active	NO
2	U67120MH1994PLC076258	VIVEKLENE INDUSTRIES LIMITED	Additional director	19-05-2015	19-05-2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Atul Kumar
Designation :	Account Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Vishwanath Mungilal Agarwal	834500	27.18
Shushila Devi Vishwanath Agarwal	670500	21.84
Pratimadevi VimalKumar Agarwal	107000	3.49
Vimal Kumar Vishwanath Agarwal	407000	13.26
Vivek VimalKumar Agarwal	407000	13.26
Vinit VimalKumar Agarwal	7000	0.23
VimalKumar V Agarwal HUF	277000	9.02
Vishwanath M. Agarwal HUF	360000	11.73

Total	3070000	100.00

As on 30.09.2014

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 :	Manufacturer of Textiles.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

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 :	--

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 :	--

No. of Employees :

200 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	Kalbadevi Branch, A. M. V. N. Foundation Building, 32, Dadi Seth Agiary Lane, Kalbadevi Road, Mumbai - 400002, 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)	CC Rs. 15.000 Million Term Loan Rs. 50.100 Million
Account Operation	Not Divulged
Remarks (If any)	--

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Term Loans
From Bank	47.317	29.171

Total	47.317	29.171

Auditors :
Name :	N. K. Mittal Chartered Accountants
Address :	817, Navjivan Commercial Premises No.3, Lamington Road, Mumbai – 400008, Maharashtra, India
Tel No.	91-22-23096121
Mobile No. :	91-9892640589
Email :	Ca_mittal@rediffmail.com nkmittalandassociates@gmail.com
PAN No. :	AACPM4127E

Memberships :	--

Collaborators :	--

Associates / Subsidiaries :	Not Available

CAPITAL STRUCTURE

After 30.09.2014

Authorised Capital : Rs. 100.00 Million

Issued, Subscribed & Paid-up Capital : Rs. 49.000 Million

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3070000	Equity Shares	Rs.10/- each	Rs.30.700 Million

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	30.700	30.700	0.500
(b) Reserves & Surplus	(0.623)	(0.510)	(0.182)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	18.029
Total Shareholders’ Funds (1) + (2)	30.077	30.190	18.347

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	2.776	0.000	0.000
(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)	2.776	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	136.091	61.775	1.950
(b) Trade payables	18.830	0.000	0.124
(c) Other current liabilities	10.154	4.402	0.000
(d) Short-term provisions	0.627	0.000	0.000
Total Current Liabilities (4)	165.702	66.177	2.074

TOTAL	198.555	96.367	20.421

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	114.879	77.692	16.279
(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	8.000	8.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.115	0.153	0.000
(e) Other Non-current assets	0.000	0.000	0.204
Total Non-Current Assets	122.994	85.845	16.483

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4.452	0.000	0.000
(c) Trade receivables	46.048	0.000	0.000
(d) Cash and cash equivalents	23.021	3.781	3.299
(e) Short-term loans and advances	1.295	6.712	0.610
(f) Other current assets	0.745	0.029	0.029
Total Current Assets	75.561	10.522	3.938

TOTAL	198.555	96.367	20.421

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	107.561	0.000	0.000
		Other Income	0.000	0.000	0.036
		TOTAL	107.561	0.000	0.036

Less	EXPENSES
		Purchases of Stock-in-Trade	74.529	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.452)	0.000	0.000
		Employees benefits expense	0.591	0.000	0.000
		Other expenses	23.714	0.328	0.194
		TOTAL	94.382	0.328	0.194

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		13.179	(0.328)	(0.158)

Less	FINANCIAL EXPENSES		2.546	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.633	(0.328)	(0.158)

Less/ Add	DEPRECIATION/ AMORTISATION		7.342	0.000	0.000

	PROFIT/ (LOSS) BEFORE TAX		3.291	(0.328)	(0.158)

Less	TAX		3.404	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX		(0.113)	(0.328)	(0.158)

	Earnings / (Loss) Per Share (Rs.)		(0.04)	(6.56)	(3.147)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(0.11)	NA	NA

Operating Profit Margin (PBDIT/ Sales)	(%)	12.25	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	1.73	(0.37)	(0.77)

Return on Investment (ROI) (PBT/Networth)		0.11	(0.01)	(0.01)

Debt Equity Ratio (Total Liability /Networth)		4.52	2.05	0.11

Current Ratio (Current Asset/Current Liability)		0.46	0.16	1.90

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	0.000	30.700	30.700
Reserves & Surplus	(0.182)	(0.510)	(0.623)
Net worth	(0.182)	30.190	30.077

long-term borrowings	0.000	0.000	0.000
Short term borrowings	1.950	61.775	136.091
Total borrowings	1.950	61.775	136.091
Debt/Equity ratio	(10.714)	2.046	4.525

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	No
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	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	Yes
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	No
32	Litigations that the firm/promoter involved in	No
33	Market information	No
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTE

The registered address of the company has been shifted from 406, Metro Tower, 4^th Floor, Ring Road, Surat- 395002, Gujarat, India to the present address w.e.f 16.02.2012

UNSECURED LOAN

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
From Directors	57.924	0.000
From Shareholders	30.850	0.000
From Others	0.000	32.604

Total	88.774	32.604

INDEX OF CHARGED

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10394846	06/12/2012	65,100,000.00	UNION BANK OF INDIA	KALBADEVI BRANCH, A. M. V. N. FOUNDATION BLDG., 32, DADI SETH AGIARY LANE, KALBADEVI ROAD, MUMBAI, Maharashtra - 400002, INDIA	B65119232
2	10393527	27/11/2012	15,000,000.00	UNION BANK OF INDIA	KALBADEVI BRANCH, A. M. V. N. FOUNDATION BLDG., 32, DADI SETH AGIARY LANE, KALBADEVI ROAD, MUMBAI, Maharashtra - 400002, INDIA	B64678915
3	10393525	27/11/2012	50,100,000.00	UNION BANK OF INDIA	KALBADEVI BRANCH, A. M. V. N. FOUNDATION BLDG., 32, DADI SETH AGIARY LANE, KALBADEVI ROAD, MUMBAI, Maharashtra - 400002, INDIA	B64677552

FIXED ASSETS

v Land at Palsana

v Building

v Computer

v Air Conditioner

v Electric Fitting and Fixture

v Office Equipment

v Plant & Machinery

v Fitting & Fixture

v Water Cooler

v Tea Coffee Machine

v Vehicle

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.63.89
UK Pound	1	Rs.98.90
Euro	1	Rs.72.31

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KAS

Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	--
--CREDIT LINES	1~10	4
--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		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.

MIRA INFORM REPORT

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