MIRA INFORM REPORT

Report Date :

10.02.2012

IDENTIFICATION DETAILS

Name :	CTM TECHNICAL TEXTILE LIMITED [w.e.f. 13.04.2007]
Formerly Known As :	CTM TECHNICAL TEXTILES LIMITED
Registered Office :	No. 205, New Cloth Market, O/S Raipur Gate, Ahmedabad-380002, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.09.2006
Com. Reg. No.:	04-04914
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U17121GJ2006PLC049014
TAN No.: [Tax Deduction & Collection Account No.]	AHMC02619B
PAN No.: [Permanent Account No.]	AACCC9379D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Shade Net, Mulching Film, Leno Bags etc.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 53000
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. The company can be considered normal for business dealings at usual trade terms and conditions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Mrs. Suman
Designation :	Business Development Manger
Contact No.:	91-9998880044
Date :	04.02.2012

LOCATIONS

Registered Office :	No. 205, New Cloth Market, O/S Raipur Gate, Ahmedabad-380002, Gujarat, India
Tel. No.:	91-79-22165163/22173574
Mobile No.:	91-9998880044 [Mrs. Suman]
Fax No.:	91-79-22169326
E-Mail :	info@ctmagrotextiles.com
Website :	http://www.ctmagrotextiles.com
Location :	Owned
Factory :	Located at Kalol, Mehsana, Gujarat, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Amitkumar Rameshchandra Agarwal

Designation :

Whole Time Director

Address :

7, Saurashtra Society, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

09.12.1970

Date of Appointment :

05.09.2006

Din No.:

00481676

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17119GJ1989PLC012325	CTM SYNTEX (INDIA) LIMITED	Director	06-06-89	06-06-89	Active	NO
2	U26109GJ1998PTC034876	NIPU AGROCHEMICALS PRIVATE LIMITED	Director	23-10-98	23-10-98	Active	NO
3	U72200GJ1999PTC035359	E-COMM OPPORTUNITIES PRIVATE LIMITED	Director	31-03-00	01-02-99	Active	NO
4	U17110GJ2005PTC046952	MARUTI COTSPIN PRIVATE LIMITED	Director	11-03-06	11-03-06	Active	NO
5	U17121GJ2006PLC049014	CTM TECHNICAL TEXTILES LIMITED	Whole-time director	01-04-09	05-09-06	Active	NO
6	U01403GJ2006PTC049265	CTM GREENHOUSE PRIVATE LIMITED	Director	19-10-06	19-10-06	Active	NO
7	U45204GJ2011PTC064093	HI-TECH TECHNICAL TEXTILE PARK ( INDIA ) PRIVATE LIMITED	Director	19-02-11	19-02-11	Active	NO

Name :

Mrs. Jyoti Amitkumar Agarwal

Designation :

Whole Time Director

Address :

7, Premkutir, Saurashtra Society, Paldi, Ahmedabad-380007, Gujarat, India

Date of Birth/Age :

25.05.1969

Date of Appointment :

05.09.2006

Din No.:

00481732

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U26109GJ1998PTC034876	NIPU AGROCHEMICALS PRIVATE LIMITED	Director	23-10-98	23-10-98	Active	NO
2	U17110GJ2005PTC046952	MARUTI COTSPIN PRIVATE LIMITED	Director	15-06-06	15-06-06	Active	NO
3	U17121GJ2006PLC049014	CTM TECHNICAL TEXTILES LIMITED	Whole-time director	01-04-09	05-09-06	Active	NO
4	U01403GJ2006PTC049265	CTM GREENHOUSE PRIVATE LIMITED	Director	29-06-07	29-06-07	Active	NO
5	U17119GJ1989PLC012325	CTM SYNTEX (INDIA) LIMITED	Director	29-09-09	25-07-09	Active	NO
6	U45204GJ2011PTC064093	HI-TECH TECHNICAL TEXTILE PARK ( INDIA ) PRIVATE LIMITED	Director	19-02-11	19-02-11	Active	NO

Name :

Mr. Ratindranath Kishorechandra Kanungo

Designation :

Director

Address :

A 404, Rosewood Estate, Near Prernatirth Bunglows, PT.I. Jodhpur, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

10.10.1943

Date of Appointment :

03.02.2007

Din No.:

01237790

KEY EXECUTIVES

Name :	Mrs. Suman
Designation :	Business Development Manger

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Amitkumar Rameshchandra Agarwal	180000
Jyoti Amitkumar Agarwal	160000
Ratindranath Kishorechandra Kanungo	80000
Premlata R. Agarwal	100000
Manojkumar S. Kediya	2500
Rani M. Kediya	1500
Ankush S. Kediya	1000
Nishika A. Agarwal	25000
Niharika R. Agarwal	25000
Kush A. Agarwal	35000
Nehal S. Shah	20000
Kinjal S. Shah	20000
Niranjan KR. D Agarwal	20000
Babubhai Khusalbhai Shah	20000
Mahavir Prasad Agrwal	25000
Nitinkumar Kantilal Shah	20000
Sunil KR. Jagdishprasad Bhartiya	16000
Satishchand Chandulal	20000
Sumitraben S. Shah	20000
Shreyans J. Jejani	5000
Dipal S. Jejani	5000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	62.00
Other top fifty shareholders	38.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Shade Net, Mulching Film, Leno Bags etc.
Exports :
Products :	Shade Net, Mulching Film
Countries :	· Europe · Gulf Countries · Africa
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reliance

Customers :

Wholesalers and Retailers

· Sainath Traders

No. of Employees :

100 [Approximately]

Bankers :

Bank of Baroda, Dudheshwar Road Branch, Dudheshwar, Ahmedabad-380004, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Bank of Baroda Cash Credit	9.345	4.562
Bank of Baroda Term Loan 1	2.780	4.364
Bank of Baroda Term Loan 2	0.390	0.647
Bank of Baroda Term Loan 3	1.641	0.000
Bank of Baroda Term Loan 4	0.729	0.000
Bank of Baroda Term Loan 5	4.569	0.000
Bank of Baroda Packing Credit	0.000	0.891
Bank of Baroda Car Loan [Alto]	0.189	0.234
Bank of Baroda Car Loan [Alto Xtreme]	0.231	0.000
Bank of Baroda Car Loan [Zylo]	0.451	0.508
Reliance Capital Limited [Car Loan]	0.000	0.046
Total	20.325	11.252
Unsecured Loan
From Directors	7.736	6.690
Total	7.736	6.690

NOTE:

· Secured by the hypothecation charge over stocks of raw material, semi finished goods, finished products and receivables of the company and further secured by first charge over company’s fixed assets. Further secured by the personal guarantee of the directors of the company viz Mr. Amit Agarwal and Mrs. Jyoti Amit Agarwal

· Equitable mortgage of factory land and building in the name of Maruti Cotspi Private Limited and residential house in the name of Mrs. Jyoti Agarwal.

Banking Relations :	--
Auditors :
Name :	ANS and Associates Chartered Accountants
Address :	F/11, Moonlight Complex, 2^nd Floor, Near Gurukul, Drive in Road, Ahmedabad-380052, Gujarat, India
Pan No.:	ABIPS3406M
Associates/Subsidiaries :	· Maruti Cotspin Private Limited · CTM Green House Private Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs.8.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.294	4.456	0.942
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.294	9.456	4.942
LOAN FUNDS
1] Secured Loans		20.325	11.252	12.391
2] Unsecured Loans		7.736	6.690	8.317
TOTAL BORROWING		28.061	17.942	20.708
DEFERRED TAX LIABILITIES		0.542	0.192	0.247
TOTAL		41.897	27.590	25.897
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.817	16.408	15.090
Capital work-in-progress		4.574	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.208	4.152	4.744
	Sundry Debtors	9.891	7.351	6.784
	Cash & Bank Balances	0.772	0.258	0.287
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.593	2.062	0.537
Total Current Assets		21.464	13.823	12.352
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.635	1.918	1.359
	Other Current Liabilities	0.360	0.041	0.183
	Provisions	2.103	0.849	0.170
Total Current Liabilities		10.098	2.808	1.712
Net Current Assets		11.366	11.015	10.640
MISCELLANEOUS EXPENSES		0.140	0.167	0.167
TOTAL		41.897	27.590	25.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	67.193	52.036	37.291
		Other Income	0.347	0.571	0.260
		TOTAL (A)	67.540	52.607	37.551
Less	EXPENSES
		Material Consumption and Manufacturing Expenses	52.057	35.968	28.619
		Payment to Employees	2.435	1.830	1.880
		Administrative Expenses	2.517	2.226	1.118
		Selling, Distribution and Marketing Expenses	3.250	3.835	1.971
		Preliminary Expenses Written Off	0.026	0.026	0.021
		Increase / Decrease in Finished Stocks	(2.571)	1.051	(0.554)
		TOTAL (B)	57.714	44.936	33.055
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.826	7.671	4.496
Less	FINANCIAL EXPENSES (D)		2.967	2.466	2.396
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.859	5.205	2.100
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.439	0.947	0.849
	PROFIT BEFORE TAX (E-F) (G)		5.420	4.258	1.251
Less	TAX (H)		1.437	0.745	0.370
	PROFIT AFTER TAX (G-H) (I)		3.983	3.513	0.881
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.455	0.942	0.061
Less	APPROPRIATIONS
		Transfer to General Reserve	0.125	0.000	0.000
		Proposed Dividend	0.125	0.000	0.000
		Corporate dividend distribution tax	0.019	0.000	0.000
	BALANCE CARRIED TO THE B/S		8.169	4.455	0.942
	Earnings Per Share (Rs.)		7.97	7.03	--

Expected Sales (2011-12) : Rs.75.000 Millions.

The above information has been parted by Mrs. Suman.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.90	6.68	2.35
Net Profit Margin (PBT/Sales)	(%)	8.07	8.18	3.35
Return on Total Assets (PBT/Total Assets}	(%)	11.46	14.08	4.55
Return on Investment (ROI) (PBT/Networth)		0.41	0.45	0.25
Debt Equity Ratio (Total Liability/Networth)		2.87	2.19	4.54
Current Ratio (Current Asset/Current Liability)		2.13	4.92	7.21

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FINANCIAL RESULTS:

During the year, the company has earned profit of Rs.3.982 millions after providing Rs.1.438 millions for depreciation, Rs.2.967 millions for financial expenses and making provision of Rs.1.154 millions for income tax and Rs.0.349 million for deferred tax. Taking into accounts of the previous years carried forward profit of Rs.3.713 millions, the total profit carried to balance sheet stands at Rs.4.455 millions.

OPERATIONAL REVIEW:

During the year the total turnover has gone up to Rs.67.193 millions as compared to Rs.52.036 millions in the previous year including domestic as well export income. The company has progressed during the current year as compared to the previous year. the management is hopeful to see continued growth trend in the current year too.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10103155
Corporate identity number of the company	U17121GJ2006PLC049014
Name of the company	CTM TECHNICAL TEXTILES LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 205, New Cloth Market, O/S Raipur Gate, Ahmedabad-380002, Gujarat, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property
Particular of charge holder	Bank of Baroda, Dudheshwar Road Branch, Dudheshwar, Ahmedabad-380004, Gujarat, India
Email	dudhes@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	1) Three Supplemental Composite Agreement of Hypothecation of Goods, Book-Debts, Moveable Machinery and Vehicles for i) Cash Credit-Rs.5.000 Millions, ii) Term Loan-VIII-Rs.5.200 Millions and iii) Term Loan-VII-Rs.16.500 Millions -all dated 08.06.2011. 2) Supplemental Memorandum of Entry for Extension of Mortgage on 08.06.2011. 3) Instrument of Extension relating to Deposit of Title Deeds dated 10.06.2011 confirming the Extension of Equitable Mortgage on 08.06.2011.
Date of instrument Creating the charge	08.06.2011
Amount secured by the charge	Rs.46.510 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rate of Interest @ 4.50% above Base Rate i.e. 10.00%+4.50%=14.50% p.a. payable at monthly rests. Terms of Repayment Term Loan VII (Fresh) : 60 months subject to annual review (excluding three months moratorium period). Payable in first 60 monthly installments of Rs.0.275 Millions and commencing -3 months after first disbursement. Term Loan VIII (Fresh) : 60 months subject to annual review (excluding three months moratorium period). Payable in first 60 monthly installments of Rs.0.086 Millions and commencing -3 months after first disbursement. Cash Credit (Hypo. of Stock and Book Debts) : Repayable on demand. Margin Term Loan VII (Fresh) : 25.24% Term Loan VIII (Fresh) : 25.11% Cash Credit (Hypo. of Stock and Book debts) : 25% on Raw Materials, SIP, Finished Goods and Book debts not exceeding -90- days. Extent and Operation of the charge The whole of stock both present and future such as Agro shade nets works in process and semi-finished goods, packing materials, stores, spare, book-debts, outstanding moneys and all the tangible movable machinery, plant and vehicles with tools and accessories at Survey No.61/1 (old R.S. No.61/1 and 61/2) situated, lying and being at Mouje Budasan, Taluka and Sub-Dist. : Kadi, Dist. : Mehsana and other godown and business places.
Short particulars of the property charged	All that immovable property being Leasehold land adm. 3924 sq.mtrs. together with construction adm. 1703 sq.mtrs. standing thereon on amalgamated S.No.61/1 situated at Mouje: Budasar, Taluka And Registration sub-district: Kadi and District: Mehsana together with building and other structures, fixed plant and machinery, fixtures, fittings erected or installed thereon both present and future. Hypothecation of plant and machineries, raw materials, finished goods, spares etc. and book-debts.
Date of latest modification prior to the present modification	16.09.2010
Particulars of the present modification	The charge created on immovable and movable assets of the Company to secure aggregate credit facility of Rs.21.968 Millions stands extended to secure Term Loan-VII (fresh) of Rs.16.500 Millions, Term Loan-VIII (fresh) of Rs.5.200 Millions and Cash Credit Limit increased from Rs.10.000 Millions to Rs.15.000 Millions making aggregate Credit facilities of Rs.46.510 Millions(comprising of Term Loan-I of Rs.2.652 Millions, Term Loan-II of Rs.0.368 Millions, Term Loan-III of Rs.1.609 Millions, Term Loan-IV of Rs.0.715 Millions, Term Loan-V of Rs.4.466 Millions).

FIXED ASSETS:

· Plant and Machinery

· Equipments

· Computer

· Furniture and Fixtures

· Vehicles

· Machinery Imported

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.49.29
UK Pound	1	Rs.78.10
Euro	1	Rs.65.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.