MIRA INFORM REPORT

Report Date :

07.07.2011

IDENTIFICATION DETAILS

Name :	IMAGE LOGISTICS PRIVATE LIMITED
Registered Office :	847/2 [Opposite JMD Cargo [Private] Limited], Mata Chowk, Vasant Kunj Road, Mahipalpur, New Delhi – 110037
Country :	India
Financials (as on) :	31.03.2011 – (Provisional)
Date of Incorporation :	10.11.2005
Com. Reg. No.:	55-142446
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U60231DL2005PTC142446
TAN No.: [Tax Deduction & Collection Account No.]	DELI06157E
PAN No.: [Permanent Account No.]	AABCI4376H
Legal Form :	Private Limited Liability Company
Line of Business :	Service provider of Freight Forwarding, Customs Handling, Logistics Management and Consolidations.
No. of Employees :	20 (Approximately) (Office – 15 and Branch – 5)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. However, it could be advisable to take adequate securities while dealing with the subject.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Ganesh Chandra Manuri
Designation :	Finance Manager
Contact No.:	91-9999884263
Date :	27.06.2011

LOCATIONS

Registered Office :	847/2 [Opposite JMD Cargo [P] Limited], Mata Chowk, Vasant Kunj Road, Mahipalpur, New Delhi – 110037, India
Tel. No.:	91-11-41687714/ 46062490/ 94/ 47301100-15
Mobile No.:	91-9312220151 (Mr. Amit Chakraborty) 91-9999884263 (Mr. Ganesh Chandra Manuri)
Fax No.:	91-11-26783033/ 41687714
E-Mail :	sales@ilplindia.in ganesh@ilplindia.in vijaykrishnkant@gmail.com amit@ilplindia.in
Website:	http://www.ilplindia.in
Location :	Rented
Delhi Office :	847/1,3,4, Mata Chowk, Vasant Kunj Road, Mahipalpur, New Delhi – 110037, India
Branches :	Located at: · Belapur, Mumbai · Kanpur · Lucknow · Kolkata · Ludhiana · Kandla · Chennai
Overseas Office:	Room 227-228l, 2/F, Metro Centre IIl, 21 Lam Hing Street, Kowloon Bayl, Hong Kong
Tel. No.:	+ 852-27560903

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Amit Kumar Chakrabarty
Designation :	Director
Address :	Q Extension 30, Phase – 1, New Palam Vihar, Gurgaon – 122017, Haryana, India
Date of Birth/ Age:	31.03.1979
Qualification:	MCA
Experience :	10 years
Date of Appointment :	10.11.2005
PAN No.:	AEWPC8996P
Name :	Mr. Santosh Kumar Chakrabarty
Designation :	Director
Address :	Q Extension 50, New Palam Vihar, Phase – 1, Gurgaon – 122015, Haryana, India
Date of Appointment :	10.11.2005
Name:	Mrs. Sima Chakraborty
Designation:	Director
Address :	Q Extension 30, Phase – 1, New Palam Vihar, Gurgaon – 122017, Haryana, India
Date of Birth/Age:	04.07.1959
Qualification:	Under Graduate
Experience :	5 years
PAN No.:	AHSPC5187B

KEY EXECUTIVES

Name :	Mr. Ganesh
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2011)

Names of Shareholders	No. of Shares
Amit Kumar Chakrabarty	5000
Sima Chakrabarty	5000
Total	10000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service provider of Freight Forwarding, Customs Handling, Logistics Management and Consolidations.
Products :	· Subject offer a wide spectrum of solutions to the clients that range from Freight, Forwarding, Customs Handling, Logistics Management and Consolidations. · Air Freight - Export and Import consolidation · Sea Freight - Export and Import consolidation · Multi-modal transportation: Door-Door/Air-Sea/Sea-Air · International Freight Management Services · Warehousing and Distribution · Quality Assurance and Inspection · Door Delivery and Pickup from any point in India to any destination in the world and vice versa.
Terms :
Selling :	Credit (30 days)
Purchasing :	Credit (30 days)

GENERAL INFORMATION

Suppliers :

§ All Theway Express Limited – HKG

§ Any Time Printer

§ Blue Bird Cargo Private Limited

§ CMA CGM Agencies India Private Limited

§ Complete Forwarders Private Limited

§ East West Freight Carriers Private Limited

§ Exim Multimedia (India) Private Limited

§ Jha Associates

§ LCL Agencies (India) Private Limited

§ Inter World Cargo Care Private Limited

§ Tripal Eagle Express Limited

§ Narendra Forwarders Private Limited

§ Seagull forwarders and Clearing

§ Team Global Logistics Private Limited

Customers :

Wholesalers and End Users

§ A G Engineers

§ ABB Limited

§ Apex Intnl

§ A. P. Hosiery Industries

§ Bilton Export (Private) Limited

§ Bright Point India Private Limited

§ Caldron Impex Private Limited

§ Cermica Industries

§ Decent Logistics India

§ Danisco India Private Limited

§ Durga Das Publications Private Limited

§ Galaxy Printers

§ Green Fiesta Private Limited

§ Imperial Tiles Private Limited

§ Jai Overseas

§ Kirat International

§ Kraft Line Appliances private Limited

§ Nakamichi Techno Private Limited

§ Pro Exports

§ Rishab Cargo Movers

§ Sab Logistics Private Limited

§ Seven Hills Shipping Private Limited

§ Shri Sai Engineering

§ Shubham Sales Corporation

No. of Employees :

20 (Approximately) (Office – 15 and Branch – 5)

Bankers :

· ICICI Bank, Vasant Vihar, C Block Market, New Delhi, India

· IDBI Bank, Mahipalpur, New Delhi

· HDFC Bank, Vasant Vihar, D Block Market, New Delhi, India

· Corporation Bank

· Standard Chartered Bank

· ABN Amro Bank

· Barclays Bank

· Kotak Mahindra Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
HDFC Bank Car Loan – Alto	0.222	0.000
HDFC Bank Car Loan – Aria	0.876	0.000
Total	1.098	0.000
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
ICICI Bank – OD	1.152	0.000
ABN Amro Bank	0.504	0.735
Barclays Bank	0.507	1.142
Citi Financial	0.448	0.600
Kotak Mahindra Bank	0.211	0.487
Magma Fincorp Limited	1.281	0.000
Religare Finvest Limited	1.246	0.000
Standard Chartered Bank	0.689	1.171
OD A/c No.054705000188	0.000	0.758
Total	6.038	4.893

Banking Relations :	--
Auditors :
Name :	Anil Renu and Associates Chartered Accountant
Address :	184, 3^rd Floor, Kakrola Housing Complex, New Delhi – 110078, India
Email :	caanilrenu@gmail.com

CAPITAL STRUCTURE

(AS ON 31.03.2011 – PROVISIONAL)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 Provisional	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		4.834	2.846	1.030	1.020
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		4.934	2.946	1.130	1.120
LOAN FUNDS
1] Secured Loans		1.098	0.000	0.000	0.000
2] Unsecured Loans		6.039	4.893	4.060	0.360
TOTAL BORROWING		7.137	4.893	4.060	0.360
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		12.071	7.839	5.190	1.480
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.497	0.612	0.727	0.655
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.000
DEFERREX TAX ASSETS		0.011	0.011	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000	0.000
	Sundry Debtors	17.947	12.047	7.566	10.120
	Cash & Bank Balances	3.221	1.533	0.772	0.157
	Other Current Assets	0.000	0.000	0.000	0.000
	Loans & Advances	5.452	6.275	3.513	1.591
Total Current Assets		26.620	19.855	11.851	11.868
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	15.613	11.560	7.128	9.808
	Other Current Liabilities	0.000	0.222	0.227	0.869
	Provisions	1.451	0.864	0.041	0.376
Total Current Liabilities		17.064	12.646	7.396	11.053
Net Current Assets		9.556	7.209	4.455	0.815
MISCELLANEOUS EXPENSES		0.007	0.007	0.008	0.010
TOTAL		12.071	7.839	5.190	1.480

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 Provisional	31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL INCOME	102.527	92.885	71.275	68.763
Less	EXPENSES
		Freight, Shipping Line and Other Charges	87.969	81.956	62.670	62.112
		Administrative Expenses	11.463	0.000	0.000	0.000
		Advertisement	0.000	0.263	0.245	0.090
		Insurance	0.000	0.487	0.504	0.051
		Office Expenses	0.000	0.151	0.150	0.222
		Office Rent	0.000	0.431	0.197	0.292
		Salary	0.000	2.282	2.033	1.510
		Telephone Expenses	0.000	0.155	0.176	0.164
		Other Expenses	0.000	4.365	65.975	2.932
		TOTAL	99.432	90.090	70.948	67.373
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.095	2.795	0.327	1.390
Less/ Add	DEPRECIATION/ AMORTISATION		0.214	0.167	0.194	0.118
	PROFIT BEFORE TAX		2.881	2.628	0.133	1.272
Less	TAX		0.893	0.812	0.041	0.376
	PROFIT AFTER TAX		1.988	1.816	0.092	0.896
	Earnings Per Share (Rs.)		19.88	--	--	--

KEY RATIOS

PARTICULARS		31.03.2011 Provisional	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.94	1.96	0.13	1.30
Net Profit Margin (PBT/Sales)	(%)	2.81	2.83	0.19	1.85
Return on Total Assets (PBT/Total Assets}	(%)	9.89	12.84	1.06	10.16
Return on Investment (ROI) (PBT/Networth)		0.58	0.89	0.12	1.14
Debt Equity Ratio (Total Liability/Networth)		4.90	5.95	10.14	10.19
Current Ratio (Current Asset/Current Liability)		1.56	1.57	1.60	1.07

LOCAL AGENCY FURTHER INFORMATION

PROFIT AND LOSS ACCOUNT

(RS. IN MILLIONS)

Particulars	2012	2013
	(Estimated)	(Projected)
Gross Sales
Domestic Sales	112.800	124.100
Export Sales	0.000	0.000
Other Operating/ Revenue Income	0.000	0.000
Total	112.800	124.100
Less : Excise Duty	0.000	0.000
Net Sales	112.800	124.100
% rise [+] or fall [-] in net sales as compared to previous year	10.05	10.02
Cost of Sales
Purchases	0.000	0.000
Other Direct Expenses (Salaries, Travelling Exp etc)	0.000	0.000
Depreciation	0.200	0.100
Sub Total	0.200	0.100
Add: Opening Stock-In-Process	0.000	0.000
Less: Closing Stock-In-Process	0.000	0.000
Cost of Production	0.200	0.100
Add: Opening Stock of Finished Goods	0.000	0.000
Deduct: Closing Stock of Finished Goods	0.000	0.000
SUB TOTAL (Total cost of sales)	0.200	0.100
Selling, General and Administrative Expenses	108.000	118.700
Operating Profit before interests	4.600	5.300
Interests	0.900	1.000
Operating Profit After Interests	3.700	4.300
Other Non Operating Income	0.000	0.000
Other Non Operating Expenses	0.000	0.000
Net of Non-operating Income and Expenses	0.000	0.000
Profit before Tax/ Loss [PBT]	3.700	4.300
Provision for taxes	1.100	1.300
Net Profit / Loss [PAT]	2.600	3.000
Retained Profit	2.600	3.000
Cash Accruals	2.800	3.100

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BALANCE SHEET

(RS. IN MILLIONS)

Particulars	2012	2013
	(Estimated)	(Projected)
Short Term Borrowing from Bank
i. From Application Bank	5.000	6.500
ii. From Other Banks	0.000	0.000
iii. Of which BP and BD	0.000	0.000
SUB TOTAL	5.000	6.500
Short Term Borrowings From Others	0.000	0.000
Sundry Creditors (Trader)	16.700	17.400
Advances Payment from customers	0.000	0.000
Provision For Taxes	1.700	1.900
Creditor for Expenses	0.000	0.000
Dividend Payable	0.000	0.000
Other Statutory Liabilities (due within one years)	0.000	0.000
Installments of term loans and Deferred Payment Credits	0.000	0.000
Other current Liabilities and Provisions (due within one years)	0.000	0.000
TOTAL CURRENT LIABILITIES	23.400	25.800
TERM LIABILITIES
Debentures	0.000	0.000
Redeemable Preference Shares	0.000	0.000
Term Liability	0.000	0.000
Deferred Payment Credits	0.000	0.000
Vehicles Loan	0.000	0.000
Term Loan HDFC Limited (Repayable after one year)	0.000	0.000
Unsecured Loans	0.000	0.000
Term Deposit	0.000	0.000
Deferred Tax Liability	0.000	0.000
Other Term Liabilities	0.900	0.700
TOTAL TERM LIABILITIES	0.900	0.700
TOTAL OF OUTSIDE LIABILITIES	24.300	26.500
NET WORTH
Ordinary Shares Capital	1.000	1.000
General Reserve	7.200	10.000
Deferred Tax Liabilities	0.000	0.000
Share Application Money	0.000	0.000
Other Reserve (Excluding Provision)	0.000	0.000
Revolution Reserve	0.000	0.000
Reserves and Surplus	0.000	0.000
Unsecured Loans	0.000	0.000
Share Premium Account	0.000	0.000
Surplus (+) or deficit (-) in Profit and Loss Account	0.000	0.000
Share Premium	0.000	0.000
Other (Specify) – Securities Premium and Share Application	0.000	0.000
Other (Specify) – Deferred Tax Liabilities	0.000	0.000
TOTAL NET WORTH	8.200	11.000
TOTAL LIABILITIES	32.500	37.500
ASSETS
CURRENT ASSETS
Cash and Bank Balance	2.400	2.500
Investments [Other than long term investments]	0.000	0.000
Receivables other than deferred and exports	22.100	27.100
Export receivables	0.000	0.000
Installments of deferred receivable	0.000	0.000
INVENTORY
Raw Materials
- Imported	0.000	0.000
- Indigenous	0.000	0.000
Stock in Process	0.000	0.000
Finished Goods	0.000	0.000
Other Consumable Spares	0.000	0.000
Advances to suppliers	0.000	0.000
Advance Payment of Taxes	0.000	0.000
Other Current Assets	5.500	5.500
TOTAL CURRENT ASSETS	30.000	35.100
FIXED ASSETS
Gross Block (Land and Building Machinery)	3.400	3.400
Depreciation to date	0.900	1.000
NET BLOCK	2.500	2.400
OTHER NON CURRENT ASSETS
Investments in sub Cos./ Affiliates	0.000	0.000
Advances suppliers of Capital goods and contractors	0.000	0.000
Investment in Others	0.000	0.000
Other Non-Current Investment	0.000	0.000
Loans and Advance	0.000	0.000
TOTAL OTHER NON CURRENT ASSETS	0.000	0.000
Intangible Assets	0.000	0.000
TOTAL ASSETS	32.500	37.500
Tangible Networth	8.200	11.000

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COMPUTATION OF TAXABLE INCOME AND TAX THERE OF FOR ASSESSMENT

(RS. IN MILLIONS)

ASSESSABLE INCOME	2010-2011
Income from Business and Profession
Net Income	2.628
Add: Depreciation (As per companies Act)	0.167
Total Income	2.795
Less: Depreciation as per Income tax act	0.131
Net Taxable Income (R/o)	2.663
Tax due on above	0.799
Add: Surcharge	--
Total Tax and Surcharge Payable	0.799
Add: Education Cess	0.024
Total Tax, Surcharge and E Cess Payable	0.823
Less: Tax Deducted at Sources	1.418
Refund Due	0.595

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NET WORTH STATEMENT

(MRS. CHAKARABORTI)

(RS. IN MILLIONS)

Particulars	Amount
ASSETS
Movable Properties
Cash Balance (Physically Verified by C.A.)	0.200
House Property (30, Q Extension, New Palam, Vihar, Gurgaon – 120001, Haryana, India)	12.500
Property (Vacant Land) (Jhalda, District-Purliam, West Bengal – 723202)	0.500
Jewellery	0.500
TOTAL ASSETS	13.700

NET WORTH

Rs.13.700 Millions

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NET WORTH STATEMENT

(MR. AMIT KUMAR CHAKARABORTI)

(RS. IN MILLIONS)

Particulars	Amount
ASSETS
Movable Properties
Cash Balance (Physically Verified by C.A.)	0.175
Mobile	0.035
Car (Swift)	0.500
House Property (Wing –A, 3^rd Floor, Balaji Bhawan, Belapur, Navi Mumbai – 400614)	7.000
Jewellery	0.500
TOTAL ASSETS	8.210

LIABILITIES
Less: Loan	0.050
TOTAL LIABILITIES	0.050

NET WORTH

RS.8.160 MILLIONS

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NOTE:

The Registered office of the company has been shifted from Mohan Bhawan, 144/9, S1, Kishanagarh, Vasant Kunj, New Delhi – 110070, India to the present address w.e.f. 04.12.2006.

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WORKING AND FINANCIAL RESULTS

the company was in the process to obtain the contracts of Import and Started the Business of the Import and in the process of obtain the business of Export as well as Import so that company will Started full capacity of expertise of the director and its resources. Company is in the process to appoint agents in different country to execute the business and expand the business and make proper platform to execute the work, Current year company doing good Business earn good profit. Directors are full effort to grow the company and establish good market reputation. Directors are hopefully that coming Year Company achieve good transaction and profit as well.

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TRADE REFERENCE:

· Jaina Marketing and Associates

· Caldron Graphics

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FIXED ASSETS:

§ Air Conditioner

§ Computer

§ Furniture and Fixture

§ Invertor

§ Mobile

§ Motor Cycle

§ Motor Car

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.44.38
UK Pound	1	Rs.71.24
Euro	1	Rs.64.16

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	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
TOTAL		44

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.