MIRA INFORM REPORT

Report Date :

27.08.2012

IDENTIFICATION DETAILS

Name :	SUPREME NONWOVEN INDUSTRIES PRIVATE LIMITED (w.e.f.02.01.2008)
Formerly Known As :	BHILAD TEXTILE INDUSTRIES PRIVATE LIMITED
Registered Office :	Plot No.110, 8^th Floor, 16^th Road, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.06.1984
Com. Reg. No.:	11-033072
Capital Investment / Paid-up Capital :	Rs. 5.882 millions
CIN No.: [Company Identification No.]	U17120MH1984PTC033072
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Exporting of non – woven fabrics, non-woven interlinings non-woven filter fabrics, etc.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 2675000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management of the company has not filed its latest financial with the government department. However, from the financials of 2010 the company seems to have satisfactory track records. Trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealing 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB+ Stable (long term)
Rating Explanation	This ratings are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.
Date	24.04.2012

Rating Agency Name	CRISIL
Rating	A2 (Short Term)
Rating Explanation	This ratings are considered to have strong degree of safety regarding timely payment of financial obligations. Such instruments carry low risk.
Date	24.04.2012

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.

INFORMATION DENIED

Management Non Cooperative (91-260-2221706)

LOCATIONS

Registered Office :	Plot No.110, 8^th Floor, 16^th Road, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25208822
Fax No.:	91-22-25208092
E-Mail :	amit.kavrie@supremegroup.co.in
Factory 1 :	National Highway No.8, Bhilad, Dist. Valsad - 396105, Gujarat , India
Tel. No.:	91-260-2784169/4669
Fax No.:	91-260-2784170
Factory 2 :	Next to Dalwada Substation, Kadaiya Village, Airport Road, Daman – 396210, India
Tel. No.:	91-260-2221706 / 2220943 / 2220998
Fax No.:	91-260-2220706
Factory 3 :	Plot No. 83, Phase I, GIDC, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-2420441 / 3948420
Fax No.:	91-260-2401332

DIRECTORS

As on 30.09.2011

Name :	Mr. Mohan Mahadev Kavrie
Designation :	Whole Time Director
Address :	E/25, Matru Krupa, Nandadeep Everest Colony, Sahakar Nagar, Road no – 4, Chembur – 400071, Mumbai, Maharashtra, India
Date of Birth/Age :	24.09.1948
Date of Appointment :	02.05.2000
DIN No.:	00243269
Voter ID No.:	MT/07/047/0264230

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	Company/ LLP Status	Defaulting status
1	U51900MH1981PTC025149	SUPREME NONWOVENS PRIVATE LIMITED	Whole-time director	01/09/1986	01/09/1986	Active	NO
2	U34200MH1996PTC103764	SUPREME-TREVES PRIVATE LIMITED	Managing director	05/11/1996	05/11/1996	Active	NO
3	U17120MH1984PTC033072	SUPREME NONWOVEN INDUSTRIES PRIVATE LIMITED	Director	02/05/2000	02/05/2000	Active	NO
4	U28302MH1985PTC038122	MATRU FABRICS PRIVATE LIMITED	Director	25/01/2005	25/01/2005	Active	NO
5	U17123MH2007PTC170781	ERWO WOOLLENS PRIVATE LIMITED	Additional director	12/05/2007	12/05/2007	Strike off	NO
6	U17121MH2010NPL199093	INDIAN TECHNICAL TEXTILE ASSOCIATION	Director	20/01/2010	20/01/2010	Active	NO

Name :	Mr. Amit Mohan Kavrie
Designation :	Director
Address :	E/25, Matru Krupa, Nandadeep Everest Colony, Sahakar Nagar, Road no – 4, Chembur – 400071, Mumbai, Maharashtra, India
Date of Birth/Age :	21.08.1977
Date of Appointment :	10.07.2006
DIN No.:	00153017

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	Company/ LLP Status	Defaulting status
1	U51900MH1981PTC025149	SUPREME NONWOVENS PRIVATE LIMITED	Director	31/12/2003	31/12/2003	Active	NO
2	U34200MH1996PTC103764	SUPREME-TREVES PRIVATE LIMITED	Director	04/03/2005	04/03/2005	Active	NO
3	U34101MH2006PTC159745	CERA TECHNOLOGIES PRIVATE LIMITED	Director	15/02/2006	15/02/2006	Active	NO
4	U17120MH1984PTC033072	SUPREME NONWOVEN INDUSTRIES PRIVATE LIMITED	Director	10/07/2006	10/07/2006	Active	NO
5	U17123MH2007PTC170781	ERWO WOOLLENS PRIVATE LIMITED	Additional director	12/05/2007	12/05/2007	Strike off	NO
6	U28302MH1985PTC038122	MATRU FABRICS PRIVATE LIMITED	Director	14/09/2011	14/09/2011	Active	NO

Name :	Christine Marieluise Kogler
Designation :	Director
Address :	Wernher – Von – Braun – STR 23, Oberkotzau, Germany, Europe
Date of Birth/Age :	06.01.1964
Date of Appointment :	14.10.2010
DIN No.:	03269542
Name :	Mr. Harald Lothar Stini
Designation :	Director
Address :	Neue Plauensche Str 92, Plauen Ot Oderlosa, Germany, Europe
Date of Birth/Age :	29.03.1958
Date of Appointment :	26.06.2006
DIN No.:	02864818

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mohan Mahadev Kavrie and Jaya Mohan Kavrie	14254
Jaya Mohan Kavrie	2001
Leela Mahadev Kavrie	2000
Mahadev Satnamma Naik	2995
Supreme Nonwovens Private Limited, India	3750
Eswegee Vilesstoff Gmbh, Germany	28824
Amit Kavrie	2500
Smita Kavrie	2500
TOTAL	58824

Equity Share Break up (Percentage of Total Equity)\

As on 29.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.00
Bodies corporate	6.38
Directors or relatives of Directors	44.62
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Exporting of non – woven fabrics, non - woven interlinings non-woven filter fabrics, etc.
Products :	· Hygiene Non Woven Fabric · Non Woven Carpet · Non Woven Fabric · Non Woven Filter Fabric · Non Woven Geotextile · Non Woven Interlining · Non Woven Shoe Lining

PRODUCTION STATUS

AS ON 31.03.2009

Particulars	Unit	Licensed Capacity(*)	Registered Capacity (@)	Installed Capacity (#)	Actual Production
Fabrics	Mtrs.	---	84233330	60688200	23626415
Automobile Parts (Roofliner)	Nos.	--	3160000	1920000	369333

* All the products manufactured by the company have been delicensed under the New Industrial Policy, 1991 by Virtue of the Government of India’s Notification No 477 (E) of 25^th July 1991.

@ Registered Capacity is registered with the Ministry of Industry, Secretariat for Industrial Approvals.

# Installed Capacity is certified by the Whole time Director of the Company and accepted by the auditors, as this is a technical matter.

GENERAL INFORMATION

No. of Employees :

Information Denied by management

Bankers :

The Shamrao Vitthal Co-operative Bank Limited, Chembur 913 Branch, Natasha Plaza, D.K. Sandhu Marg, Chembur, Mumbai – 400071, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Banks
a) Term Loan (Against equitable mortgage of Land and Building and hypothecation of Plant and Machinery and personally guaranteed by the directors) (Amount due within a year Rs. 133.226 Millions Previous Year Rs. 88.840 Millions)	558.727	455.918
b) Cash Credit (Against hypothecation of inventories and book debts on pari-passu basis and personally guaranteed by the directors)		119.537
c) Term Loans (Secured against hypothecation of vehicles purchased under the scheme) (Amount due within a year Rs. 0.166 Millions Previous year Rs. 0.408 Millions)		0.807
From Financial Institution
a) Term Loan (Against hypothecation of Keymen Insurance Policy)		1.089
From Others
a) From a Finance Company (Secured against hypothecation of vehicles purchased under the scheme) (Amount due within a year Rs.0.386 Millions Previous year Rs. 0.360 Millions)		2.109
Interest Accrued and Due		4.165
Total	558.727	583.625
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors / Shareholders	2.028	0.000
From Bank		2.342
Total	2.028	2.342

Banking Relations :	--
Auditors :
Name :	Kalyaniwala and Mistry Chartered Accountants
Address :	Kalpataru Heritage, 127, Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India
PAN No.:	AAAFK7554R
Related Parties (As on 31.03.2009):	i) Enterprises with substantial interest in the Company: · Eswegee Vlisstoff GMBH (holds 44.87% of the equity share capital of the Company) ii) Enterprises over which the Company’s Directors were excise significant influence: · Supreme Nonwoven Private Limited · Supreme Treves Private Limited · Supreme Poly Fibers Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs. 100/- each	Rs. 6.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58824	Equity Shares	Rs. 100/- each	Rs. 5.882 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		5.442	5.442	4.818
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		663.360	608.235	476.642
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		668.802	613.677	481.460
LOAN FUNDS
1] Secured Loans		558.727	583.625	579.980
2] Unsecured Loans		2.028	2.342	8.678
TOTAL BORROWING		560.755	585.967	588.658
DEFERRED TAX LIABILITIES		68.484	70.501	41.637
TOTAL		1298.041	1270.145	1111.755
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		867.834	836.209	742.697
Capital work-in-progress		35.608	68.835	57.633
INVESTMENT		1.068	1.069	1.069
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	184.938	174.901	170.755
	Sundry Debtors	276.339	202.141	168.333
	Cash & Bank Balances	20.913	20.728	30.243
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	111.669	107.638	100.352
Total Current Assets		593.859	505.408	469.683
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		123.383	101.680
	Other Current Liabilities	170.301	14.445	54.845
	Provisions	30.027	3.548	2.802
Total Current Liabilities		200.328	141.376	159.327
Net Current Assets		393.531	364.032	310.356
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1298.041	1270.145	1111.755

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		Income	844.811	822.882
		Other Income	7.027	4.503
		TOTAL (A)	851.838	827.385
Less	EXPENSES
		Material Cost	481.315	475.540
		Employee Cost	85.256	70.418
		Manufacturing, Administration and Selling Expenses	138.738	163.551
		Revaluation Reserve	(5.460)	(5.576)
		(Decrease)/Increase in Inventory	2.194	(2.897)
		TOTAL (B)	702.043	701.036
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		149.795	126.349
Less	FINANCIAL / INTEREST EXPENSES (D)		54.169	63.057
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		95.626	63.292
Less/ Add	DEPRECIATION/ AMORTISATION (F)		53.335	49.468
	PROFIT BEFORE TAX (E-F) (G)		42.291	13.824
Less	TAX (H)		29.675	2.330
	PROFIT AFTER TAX (G-H) (I)		12.616	11.494
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		68.345	56.851
	BALANCE CARRIED TO THE B/S		80.961	68.345
	IMPORTS
		Raw Materials	134.499	135.247
		Stores & Spares	6.981	6.993
		Capital Goods
		- Plant and Machinery (Including WIP)	48.931	69.573
	TOTAL IMPORTS		190.411	211.813
	Earnings Per Share (Rs.)		233.58	275.75

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	1.48	1.39
Net Profit Margin (PBT/Sales)	(%)	NA	5.01	1.67
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.15	1.14
Return on Investment (ROI) (PBT/Networth)		NA	0.07	0.02
Debt Equity Ratio (Total Liability/Networth)		1.14	1.19	1.55
Current Ratio (Current Asset/Current Liability)		2.96	3.57	2.94

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 two years	Yes
12]	Profitability for last two 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	No
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	Yes

NOTE:

Registered office of the company has been shifted from Centre Point 7^th Floor 18^th Road, Chembur – 400071, Mumbai, Maharashtra, India to the present Office address with effect from 29.11.2012

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17120MH1984PTC033072
Name of the company	Supreme Nonwoven Industries Private Limited
Address of the registered office or of the principal place of business in India of the company	Plot No 110, 8th Floor, 16th Road Chembur – 400071, Mumbai, Maharashtra, India e-mail: amit.kavrie@supremegroup.co.in
This form is for	Creation of charge
Type of charge	Book debts Movable Property (not being pledge)
Particular of charge holder	The Shamrao Vithal Co-operative Bank Limited Chembur 913 Branch, Natasha Plaza, D.K. Sandhu Marg, Chembur – 400071, Mumbai, Maharashtra, India e-mail: legaldept@svcbank.com
Nature of instrument creating charge	Joint Deed of Hypothecation for Term Loan
Date of instrument Creating the charge	06.01.2012
Amount secured by the charge	Rs. 11.613 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest SVC (TL: 5.813 Millions): @PLR-3.25% p.a. Saraswat (TL: 0.580 Millions): @PLR-1.75% p.a. Terms of Repayment SVC: Repayable in 84 EMI of Rs.0.107 Million per month Saraswat: Repayable in 83 Principal monthly inst. of Rs.0.069 million per month (Moratorium of 12 months & 1st installment of Rs.0.0730) Margin As maybe decided by the Banks, from time to time. Extent and Operation of the charge The charge shall operate to secure due repayment of the Credit facilities aggregating Rs.11.613 millions, together with interest, costs, charges and expenses thereon, granted by the Banks to the Company. Others Facilities Granted ---------------------------- SVC Bank: Term Loan of Rs.5.813 millions Saraswat Bank: Term Loan of Rs.5.800 millions --------------------------------------------------------------- Total Facility: Rs.11.613 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1st pari passu charge on the fixed assets of the Borrower being the Plant and Machinery, other assets, etc. installed at Borrower's factory at Daman (UT), Bhilad and Vapi (Gujarat), Ranjangaon(M.S) Rudrapur (Uttaranchal), Bawal (Haryana), Bidadi – Bangalore 2nd pari passu charge on the current assets of the Borrower being stocks of raw materials, semi-finished and finished goods, stores and spares, etc. stored or to be in about of the Borrower's factories, premises, godowns situated at Daman (UT), Bhilad and Vapi (Gujarat), Ranjangaon (M.S), Rudrapur (Uttaranchal), Bawal (Haryana), Bidadi-Bangalore

FIXED ASSETS:

• Goodwill
• Technical Know-how
• Land
• Leasehold
• Factory Building
• Office Premises
• Residential Premises
• Plant and Machinery
• Electrical Installation
• Office Equipments
• Computers
• 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.55.38
UK Pound	1	Rs.87.80
Euro	1	Rs.69.48

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	2
--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		30

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.