MIRA INFORM REPORT

Report Date :

08.08.2012

IDENTIFICATION DETAILS

Name :	CREATIVE LIMITED
Registered Office :	12, Dargah Road, Kolkata – 700 017, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.12.1991
Com. Reg. No.:	21-053780
Capital Investment / Paid-up Capital :	Rs.9.040 millions
CIN No.: [Company Identification No.]	U19129WB1991PLC053780
TAN No.: [Tax Deduction & Collection Account No.]	CALC02342E
PAN No.: [Permanent Account No.]	AABCC0665R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Leather and Leather Finished Goods.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 681000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has failed to file its financials with the government department after 2010. However, trade relations are reported as fair. Business is active. Payment terms are unknown. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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 31-03-2012.

LOCATIONS

Registered Office :	12, Dargah Road, Kolkata – 700 017, West Bengal, India
Tel. No.:	91-33-22871690/ 3758/ 22903450/ 0514
Fax No.:	91-33-22870098
E-Mail :	creative@giasc101.vsnl.net.in hq@creativelimited.com rakesh@creativelimited.com
Factory :	Miajan Ostagar Lane, Kolkata – 700 017, West Bengal, India

DIRECTORS

As on 23.08.2010

Name :

Mr. Pradip Kumar Bothra

Designation :

Director

Address :

7/1A, Sunny Park, Flat No.303, Block-B, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

24.06.1950

Date of Appointment :

10.12.1991

DIN No :

01116079

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	U19129WB1991PLC053780	CREATIVE LIMITED	Director	10/12/1991	10/12/1991	-	Active	NO
2	U65922WB1992PTC056705	JUPITER CREDITS PRIVATE LIMITED	Director	29/09/1992	29/09/1992	-	Active	NO
3	U70109WB1993PTC057624	JUPITER PROJECTS PRIVATE LIMITED	Director	01/02/1993	01/02/1993	-	Active	NO
4	U70101WB1996PTC080291	CREATIVE PROPERTY DEVELOPERS PRIVATE LIMITED	Director	01/07/1996	01/07/1996	-	Active	NO
5	U70109WB1999PTC089552	JESSORE PROPERTIES PRIVATE LIMITED	Director	04/06/1999	04/06/1999	-	Active	NO
6	U70101WB1999PTC089995	JUPITER ENCLAVE PRIVATE LIMITED	Director	03/08/1999	03/08/1999	-	Active	NO
7	U45201WB2000PTC091015	CREATIVE NIRMAAN PRIVATE LIMITED	Director	27/01/2000	27/01/2000	26/03/2012	Active	NO
8	U45201WB2000PTC091019	JUPITER NIRMAN PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
9	U45201WB2000PTC091016	CREATIVE PROMOTERS PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
10	U91017WB2000PTC091017	CREATIVE REALITY PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
11	U19129WB2005PLC104328	CREATIVE TANNERY LIMITED	Director	22/07/2005	22/07/2005	31/03/2011	Active	NO
12	L18209AP1976PLC002007	AVANTI LEATHERS LIMITED	Director	17/05/2008	26/03/2008	09/07/2008	Active	NO
13	U74930WB2005PTC106658	RAI ENCLAVE FACILITIES MANAGEMENT PRIVATE LIMITED	Additional director	22/08/2008	22/08/2008	-	Active	NO

Election Commission Identity Card No.:

WB/23/152/108668

Name :

Mr. Aloke Kumar De

Designation :

Director

Address :

295, Vivekananda Road, Near Children Park, Kolkata – 743 276, West Bengal, India

Date of Birth/Age :

13.04.1957

Date of Appointment :

01.04.2012

DIN No.:

01119771

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	U70101WB1918PTC003036	BHOWANIPUR ESTATES PRIVATE LIMITED	Director	25/03/2002	25/03/2002	-	Active	NO
2	U19129WB1991PLC053780	CREATIVE LIMITED	Director	01/04/2012	01/04/2012	-	Active	NO

Name :

Mr. Raj Kumar Dhan Raj Sharma

Designation :

Director

Address :

25, Jelia Para, 1^st Bye Lane, Howrah – 711 101, West Bengal, India

Date of Birth/Age :

25.08.1962

Date of Appointment :

31.03.2012

DIN No.:

05277079

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.08.2010

Names of Shareholders	No. of Shares
Pradip Kumar Bothra	620
Tridip Kumar Dugar	620
P.K. Bothra (HUF)	2500
T.K. Dugar (HUF)	2500
Jupiter Credits Private Limited, India	600
Jupiter Projects Private Limited, India	600
Preetam Bothra	200
Triansu Credits Private Limited, India	600
Triansu Resources Private Limited, India	600
Anu Dugar	200
Total	9040

As on 23.08.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	26.55
Directors or relatives of directors	73.45
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Leather and Leather Finished Goods.

Products :

Item Code No. (ITC Code)	420221.01
Product Description	Leather Handbags
Item Code No. (ITC Code)	420221.02
Product Description	Leather Wallets

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Leather Goods (Wallets, Bags and others)	Nos.	860,953.00

Notes:

i. Licensed capacity is not applicable in terms of the Government of India Notification No. 477(E) dated 25th July, 1991.

ii. Installed capacity, being technical matter, is as certified by the management.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Allahabad Bank, International Branch, 119, Park Street, Kolkata – 700 016, West Bengal, India

v The Hongkong and Shanghai Banking Corporation Limited, Hongkong House, 31, B.B.D. Bag, Kolkata – 700 001, West Bengal, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Packing Credit from Non schedule bank	77.707	189.488
FBP facilities from Non scheduled bank	39.500	0.000
Total	117.207	189.488

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From the Bodies Corporate	45.760	0.000
From the Directors	18.411	0.000
Total	64.171	0.000

Export Packing Credit /Export Bill Purchase secured by hypothecation of Stock of Raw Materials, Work in Progress and Finished Goods and by equitable Mortgage on Buildings owned by he Company and personal guarantee of Directors.

Banking Relations :	--
Auditors :
Name :	M.R. Singhwi and Company Chartered Accountants
Address :	34A, Metcalfe Street, Kolkata – 700 013, West Bengal, India
Tel. No.:	91-33-22119606/ 4366
Fax No.:	91-33-22111697
Income-tax PAN of auditor or auditor's firm :	AAFFM3549K
Associate /Joint Venture Concerns :	v Creative (UK) Limited v Creative Tannery Limited
Enterprise owned or significantly influenced by Key Management Personnel and their relatives :	v Creative Nirman Private Limited v Jupiter Credits Private Limited v Jupiter Projects Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4000	A Class Equity Shares	Rs.1000/- each	Rs.4.000 millions
16000	B Class Equity Shares	Rs.1000/- each	Rs.16.000 millions
100000	C Class Equity Shares	Rs.1000/- each	Rs.100.000 millions
	Total		Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1040	A Class Equity Shares	Rs.1000/- each	Rs.1.040 millions
8000	B Class Equity Shares	Rs.1000/- each	Rs.8.000 millions
	Total		Rs.9.040 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.040	9.040	18.080
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		161.133	146.474	426.668
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		170.173	155.514	444.748
LOAN FUNDS
1] Secured Loans		117.207	189.488	183.417
2] Unsecured Loans		64.171	0.000	0.000
TOTAL BORROWING		181.378	189.488	183.417
DEFERRED TAX LIABILITIES		4.943	4.836	11.902
TOTAL		356.494	349.838	640.067
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.468	60.733	155.524
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		13.606	13.606	13.606
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	140.087	120.565	315.702
	Sundry Debtors	154.223	120.430	160.728
	Cash & Bank Balances	2.370	15.996	12.079
	Other Current Assets	3.189	6.148	8.990
	Loans, Advances & Deposits	119.693	134.140	131.609
Total Current Assets		419.562	397.279	629.108
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.336	77.618	95.515
	Other Current Liabilities	22.973	20.423	39.752
	Provisions	31.103	24.076	22.904
Total Current Liabilities		138.412	122.117	158.171
Net Current Assets		281.150	275.162	470.937
MISCELLANEOUS EXPENSES		0.270	0.337	0.000
TOTAL		356.494	349.838	640.067

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	545.009	803.025	996.344
		Other Income	13.875	31.377	42.069
		TOTAL (A)	558.884	834.402	1038.413
Less	EXPENSES
		Cost of goods sold	286.377	431.335	659.023
		Personnel Expenses	30.294	29.750	29.689
		Manufacturing, Administrative, Selling & Distribution Expenses	201.081	347.470	280.861
		TOTAL (B)	517.752	808.555	969.573
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41.132	25.847	68.840
Less	INTEREST & FINANCIAL EXPENSES (D)		13.771	8.048	16.068
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.361	17.799	52.772
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.771	6.680	9.039
	PROFIT BEFORE TAX (E-F) (G)		23.590	11.119	43.731
Less	TAX (H)		7.133	3.397	15.373
	PROFIT AFTER TAX (G-H) (I)		16.457	7.722	28.358
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		66.752	160.911	161.152
	Sundry Balances Written off		(1.798)	(19.840)	0.000
	Transfer Due to December		0.000	(82.041)	0.000
Less	APPROPRIATIONS
		Dividend	0.000	0.000	18.080
		Tax on Proposed Dividend	0.000	0.000	3.073
		Transfer to General Reserve	0.000	0.000	7.446
	BALANCE CARRIED TO THE B/S		81.411	66.752	160.911
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	475.701	591.783	717.705
		Interest Received from Debtors	5.664	7.119	3.423
	TOTAL EARNINGS		481.365	598.902	721.128
	IMPORTS
		Stores & Spares	19.153	33.824	4.763
		Trading Goods-Raw Materials	17.658	231.215	217.762
		Capital Goods	3.148	0.343	10.124
	TOTAL IMPORTS		39.959	265.382	232.649
	Earnings Per Share (Rs.)		1820.44	854.21	285.14

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.94	0.93	2.73
Net Profit Margin (PBT/Sales)	(%)	4.33	1.38	4.39
Return on Total Assets (PBT/Total Assets}	(%)	4.90	2.43	5.57
Return on Investment (ROI) (PBT/Networth)		0.14	0.07	0.09
Debt Equity Ratio (Total Liability/Networth)		1.88	2.00	0.79
Current Ratio (Current Asset/Current Liability)		3.03	3.25	3.98

LOCAL AGENCY FURTHER INFORMATION

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	No
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	Yes
34) External Agency Rating, if available	No

OPERATIONS REVIEW:

The turnover from operations for the year was Rs.545.009 millions as against Rs.803.026 millions in the previous year. Profit before tax for the year was Rs.23.590 millions as against Rs.11.118 millions in the previous year.

Company’s Subsidiary in UK, Creative (UK) Limited, has achieved Turnover of GBP 6.75 Millions as against GBP 15.72 Millions in the previous year. This Company made a profit before tax of GBP 0.33 Millions as against GBP 0.02 Millions in the previous year.

FUTURE OUTLOOK:

As reported in their previous reports, they believe that investments made in human resources, machines, research and development and technology will enable the Company to achieve steady growth and maintain its leadership position.

Contingent liabilities not provided for in respect of:

Particulars	31.03.2010 (Rs. in millions)
a. Demands contested by the company
i. Income-tax	30.211
b. Bills discounted with banks	77.707
c. Guarantee given by bank on behalf of the company	--
d. Guarantee given by the company on behalf of others	--

Bankers Charges Report as per Registry

Corporate identity number of the company	U19129WB1991PLC053780
Name of the company	CREATIVE LIMITED
Address of the registered office or of the principal place of business in India of the company	12, Dargah Road, Kolkata – 700 017, West Bengal, India E-Mail: rakesh@creativelimited.com
This form is for	Modification of charge
Charge identification number of the modified	10268675
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Others (Stock and Other Current Assets)
Particular of charge holder	Allahabad Bank, International Branch, 119, Park Street, Kolkata – 700 016, West Bengal, India E-Mail: abibcal@cal.vsnl.net.in
Nature of description of the instrument creating or modifying the charge	Letter of Mortgagor confirming deposit of Title Deeds
Date of instrument Creating the charge	05.12.2011
Amount secured by the charge	Rs.150.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Interest and other charges shall be paid as per sanction terms however the same is subject to change from time to time as per bank/RBI Guidelines. Terms of Repayment: Working Capital shall be repayable on demand. Margin: The borrower shall maintain stipulated margin as mentioned in the sanction letter of the bank. Extent and Operation of the charge: The security created under said Hypothecation shall operate by way of First Charge in favour of bank and as continuing security. The charged assets property be kept at the Company risk and expense in good condition and fully insured against loss or damage by fire, lighting etc. in the joint names of the Bank and the Company. Others: The Company hereby declares that all the charged property now existing are absolute property of and at the sole disposal of the Company and free from any prior charge or encumbrance and undertakes that all future property shall like wise be the unencumbered and absolute and disposable property of the Company. Other terms and conditions are as per terms and conditions of above referred Hypothecation, Mortgage Paper and Sanction Terms of the bank.
Short particulars of the property charged	The borrower hereby hypo. and charges by way of first charge a) all stocks of RM, WIP and finished products now being and lying in the Borrower's premises in the state of West Bengal or any where else b) all book-debts, other receivables etc. c) Plant and Machinery of the Company. Holding No. 521/48, P.S. Beniapukur, Ward No. 60, Kolkata -700014. - All that plot of land admeasuring 1.285 Acre situated at Mouza Gangapur , J.L. No. 35, R.S. Plot No.240P (V) and 338(P), Zone-9 CLC Plot No. 1645 (A), Calcutta Leather Complex, P.S. Kolkata Leather Complex , 24 Parganas (S) within the limit of Tardah Gram Pamchayet. - All that plot of land admeasuring 1.366 Acre situated at Mouza Gangapur , J.L. No. 35, R.S. Plot No.236P (V) and 240(P), 244(P), 246(P), 244/356(P), 236/378(P) Zone -9 CLC Plot No.1645, Calcutta Leather Complex, P.S. Kolkata Leather Complex, 24 Parganas (S) within the limit of Tardah Gram Pamchayet. along with superstructure and immovable P&M thereon both present and future
Particulars of the present modification	By present modification overall limit secured by charge has been remained unchanged i.e. 150.000 millions, however Co. created EMTD in respect of - Land and Building admeasuring 3 Cottahs at 21, Linton Street, Kolkata -700014 - Land admeasuring 1.285 Acres CLC Plot No.1645(A) at Kolkata Leather Complex, Tardah - Land admeasuring 1.366 Acres CLC Plot No.1645 at Kolkata Leather Complex, Tardah

FIXED ASSTES:

v Land-Freehold

v Buildings

v Plant and Machinery

v Furniture and Fixtures

v Office and Other Equipments

v 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.55.50
UK Pound	1	Rs.86.40
Euro	1	Rs.68.70

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.