MIRA INFORM REPORT

Report No. :	321937
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	MYCHOICEE KNIT AND APPARELS PRIVATE LIMITED

Registered Office :	#26/18/11, 4^thMain Road, 1^st Cross Bagur Road, Bommanahalli, Bangalore-560068, Karnataka
Tel No :	91-80-25737474/76

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	12.03.2009

Com. Reg. No.:	08-049347

Capital Investment / Paid-up Capital :	Rs. 17.478 Million

CIN No.: [Company Identification No.]	U17299KA2009PTC049347

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	BLRM14906D

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Garments.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

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. Management of the company has not filed its latest financial with government department for FY2014. As per available financial of 2013, the company has low reserves and borrowings of the company are increasing. However, liquidity of the company is fair. Trade relations are fair. Business is active. Payment terms are slow but correct. In the view of aforesaid, subject can be considered for business dealings with some 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2014.

INFORMATION DENIED

Management non co-operative 91-80-25737474

LOCATIONS

Registered Office :	#26/18/11, 4^thMain Road, 1^st Cross Bagur Road, Bommanahalli, Bangalore-560068, Karnataka, India
Tel. No.:	91-80-25734247/25737474/76/77
Mobile No.:	Not Available
Fax No.:	91-80-25737475
E-Mail :	vishal@mychoice.com vishalkumar@mychoice.com
Website :	http://www.mychoice.com
Location :	Owned

DIRECTORS

As on : 30.09.2013

Name :

Mr. Vishal Kumar Boob

Designation :

Director

Address :

539, Akkithimmanahalli, Shanthinagar, Bangalore-560027, Karnataka, India.

Date of Birth/Age :

31.07.1976

Date of Appointment :

12.03.2009

DIN No.:

00199177

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	U29304KA1989PTC010291	VINOD MARKETING PRIVATE LIMITED	Director	31/12/1999	31/12/1999	-	Active	NO
2	U17114KA2001PTC029496	BHAGWAN COTTON GINNERS PRIVATE LIMITED	Director	05/09/2001	05/09/2001	-	Active	NO
3	U17299KA2009PTC049347	MYCHOICEE KNIT AND APPARELS PRIVATE LIMITED	Director	12/03/2009	12/03/2009	-	Active	NO

Name :

Mr. Vikas Boob

Designation :

Director

Address :

Krishna Krupa, Beroon Quilla, Raichur-584101, Karnataka, India

Date of Birth/Age :

17.09.1979

Date of Appointment :

12.03.2009

DIN No.:

00199327

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	U17114KA2001PTC029496	BHAGWAN COTTON GINNERS PRIVATE LIMITED	Director	01/08/2005	01/08/2005	-	Active	NO
2	U17111KA2002PTC030806	BANKATLAL BOOB COTTONS PRIVATE LIMITED	Director	01/10/2005	01/10/2005	-	Active	NO
3	U17120MH2005PTC154610	MAHALAXMI GINNING AND PRESSING PRIVATE LIMITED	Director	03/11/2008	03/11/2008	25/03/2013	Active	NO
4	U17299KA2009PTC049347	MYCHOICEE KNIT AND APPARELS PRIVATE LIMITED	Director	12/03/2009	12/03/2009	-	Active	NO
5	U52590KA2010PTC054841	Anshu Retail India Private Limited	Director	18/08/2010	18/08/2010	-	Active	NO

Name :

Mr. Bipin Kumar Boob

Designation :

Director

Address :

539 Vishal Deep AKT Halli, Bangiappa Garden, Shantinagar, Bangalore-560027, Karnataka, India

Date of Birth/Age :

14.08.1984

Date of Appointment :

01.12.2009

DIN No.:

02437475

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	U17120MH2005PTC154610	MAHALAXMI GINNING AND PRESSING PRIVATE LIMITED	Director	03/11/2008	03/11/2008	-	Active	NO
2	U17299KA2009PTC049347	MYCHOICEE KNIT AND APPARELS PRIVATE LIMITED	Director	01/12/2009	01/12/2009	08/04/2014	Active	NO
3	U52590KA2010PTC054841	Anshu Retail India Private Limited	Director	18/08/2010	18/08/2010	-	Active	NO

Name :

Mr. Balakishan Boob

Designation :

Director

Address :

539 Vishal Deep AKT Halli, Bangiappa Garden, Shantinagar, Bangalore-560027, Karnataka, India

Date of Birth/Age :

18.03.1952

Date of Appointment :

10.07.2010

DIN No.:

00140565

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	L85110MH1993PLC206012	RODIUM REALTY LIMITED	Director	14/11/2009	17/05/1993	26/03/2010	Active	NO
2	U67120KA1995PTC018343	VINOD SECURITIES AND INVESTMENTS PRIVATE LIMITED	Director	20/07/1995	20/07/1995	-	Active	YES
3	U17111KA1963PLC035322	MADANAPALLE SPINNING MILLS LIMITED	Director	28/06/2002	28/06/2002	30/12/2008	Active	NO
4	U29304KA1989PTC010291	VINOD MARKETING PRIVATE LIMITED	Director	01/09/2006	01/09/2006	-	Active	NO
5	U17114KA2001PTC029496	BHAGWAN COTTON GINNERS PRIVATE LIMITED	Director	30/09/2010	01/11/2009	-	Active	NO
6	U17299KA2009PTC049347	MYCHOICEE KNIT AND APPARELS PRIVATE LIMITED	Director	10/07/2010	10/07/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.03.2013

Note : Shareholding File Attached

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	0.12
Directors or relatives of Directors	99.60
Other top fifty shareholders	0.28
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Garments.

Products :	Not Available

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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 :

Not Divulged

Bankers :

Banker Name	Bank of Maharashtra
Branch Address	22^nd Cross, 3^rd Block, Jayanagar, Bangalore-560011, Karnataka, 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

Union Bank of India

Jayanagar Branch, No. 429/31, 30^th Cross, 4^th Block, Jayanagar, Bangalore-560011, Karnataka, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from bank	5.339	6.259
Term loans	0.472	1.354
Note : Term loan A/C 60092467695	1.462	0.711
Term Loan A/C No. 60083464800 (Car Loan)	0.208	0.368
Term Loan Machinery A/C No. 60047690559	3.669	5.180
Secured Loans (Vehicle) Axis Bank (120 Asta)	0.000	0.051
Axis Bank (Nandi Toyota)	0.000	0.030
Bajaj Auto Finance Limited	0.000	0.367
Kotak Mahindra Bank Limited	0.000	0.005
Tata Capital Limited	0.000	0.900
Total
SHORT TERM BORROWING
Bank Open Cash Credit Bank of Maharashtra : 6004703010	40.609	30.072
Bank of Maharashtra Inland Letter of Credit ICICI Bank A/C No. 004705001744	15.292	12.127
ICICI Bank A/C.No.004705001744	0.000	0.610
Total	61.712	50.422

Term of Repayment

Term Loan A/C 60092467695 repayable on a monthly installment spread over a period of 5 years with interest 1.

Term loan A/C No. 60083464800 (car loan) repayable on monthly installments spread over a period of 3 years and 2 months with interest @ 11.95% P.A. from Nov 2011

Term loan Machinery A/c No. 60047690559 Repayable on Monthly Installments spread over a period of 4 years and 10 months with interest @ 12.25% P.A. from Oct 2010

Tata Capital Ltd repayable monthly in 3 years with interest @ 12.30% P.A. from April 2011

Loans and advances from related parties

Out of the total loan of Rs. 19.902 Million a sum of Rs. 8.043 Million carry interest of 18%, sum of Rs. 0.992 Million carry rate of interest of 12% and for remaining balance of Rs. 10.866 Million loan there is no specific rate of interest.

Auditors :
Name :	P.K. Subramaniam and Company Chartered Accountants
Address :	No. 1010, 1^st Floor, 26^th Main, 14^th “T” Block, Jayanagar, Bangalore – 560041, Karnataka, India
Tel No :	91-80-41107485
Fax No :	91-80-26536404/05
PAN No.:	AAQPP5479E

Memberships :	Not Available

Collaborators :	Not Available

Associate :	Vinod Marketing Private Limited Vinod Securities and Investments Private Limited Bhagwan Cotton Ginners Private Limited Bankatlal Boob Cottons Private Limited Vanadana Associates

CAPITAL STRUCTURE

As on : 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

1750000	Equity Shares	Rs.10/- each	Rs. 17.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1747800	Equity Shares	Rs.10/- each	Rs. 17.478 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	17.478	14.222	13.060
(b) Reserves & Surplus	4.516	3.222	2.415
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.600	0.600
Total Shareholders’ Funds (1) + (2)	21.994	18.044	16.075

(3) Non-Current Liabilities
(a) long-term borrowings	25.413	25.015	48.218
(b) Deferred tax liabilities (Net)	0.000	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)	25.413	25.015	48.218

(4) Current Liabilities
(a) Short term borrowings	55.901	42.199	7.930
(b) Trade payables	8.991	8.318	13.299
(c) Other current liabilities	8.683	6.453	5.062
(d) Short-term provisions	1.999	0.835	0.905
Total Current Liabilities (4)	75.574	57.805	27.196

TOTAL	122.981	100.864	91.489

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.020	20.369	20.172
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.331	0.180	0.078
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	19.351	20.549	20.250

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	47.127	43.120	42.847
(c) Trade receivables	39.110	24.305	16.227
(d) Cash and cash equivalents	0.630	0.468	0.796
(e) Short-term loans and advances	16.562	12.065	11.239
(f) Other current assets	0.201	0.357	0.130
Total Current Assets	103.630	80.315	71.239

TOTAL	122.981	100.864	91.489

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		147.483	146.945
		Other Income		0.502	0.097
		TOTAL	175.005	147.985	147.042

Less	EXPENSES
		Purchases of Stock-in-Trade		79.318	71.262
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(0.274)	(19.745)
		Employees benefits expense		23.001	24.451
		Other expenses		31.183	60.502
		TOTAL	172.699	133.228	136.470

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(Including Financial and Depreciation Expenses)	14.757	10.572

Less	FINANCIAL EXPENSES			9.508	5.453

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			5.249	5.119

Less/ Add	DEPRECIATION/ AMORTISATION			3.706	2.277

	PROFIT/(LOSS) BEFORE TAX		2.306	1.542	2.842

Less	TAX		1.012	0.734	0.906

	PROFIT/(LOSS) AFTER TAX		1.294	0.808	1.936

	Earnings Per Share (Rs.)		0.74	0.57	1.48

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.74	0.55	1.32

Operating Profit Margin (PBDIT / Sales)	(%)	100.00	10.01	7.19

Return on Total Assets (PBT/Total Assets}	(%)	1.88	1.53	3.11

Return on Investment (ROI) (PBT/Networth)		0.10	0.09	0.18

Debt Equity Ratio (Total Debt /Networth)		3.70	3.73	3.49

Current Ratio (Current Asset/Current Liability)		1.37	1.39	2.62

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	13.060	14.222	17.478
Reserves & Surplus	2.415	3.222	4.516
Share Application money pending allotment	0.000	0.600	0.600
Net worth	15.475	17.444	21.994

long-term borrowings	48.218	25.015	25.413
Short term borrowings	7.930	42.199	55.901
Total borrowings	56.148	67.214	81.314
Debt/Equity ratio	3.628	3.853	3.697

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	147.042	147.985	175.005
		0.641	18.259

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	147.042	147.985	175.005
Profit	147.042	147.985	175.005
	100.00%	100.00%	100.00%

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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related parties	19.602	16.792
Total	19.602	16.792

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10232625	09/05/2012 *	78,895,000.00	BANK OF MAHARASHTRA	22ND CROSS, 3RD BLOCK JAYANAGAR, BANGALORE, BANGA LORE, Karnataka - 560011, INDIA	B40618985

* Date of charge modification

FIXED ASSETS

Plant and Machinery
Computer
Office Equipments
Furniture and Fixtures
Vehicles

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 records 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.63.84
UK Pound	1	Rs.98.46
Euro	1	Rs.71.51

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	SUM

Report Prepared by :	RNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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	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		27

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

Unit