MIRA INFORM REPORT

Report Date :

21.03.2012

NOTE:

The Registered Office of the company has been shifted from, 12, Dargah Road, 4^th Floor, Kolkata – 700 017, West Bengal, India, to the present address w.e.f. 29.03.2011.

IDENTIFICATION DETAILS

Name :	CREATIVE TANNERY LIMITED (w.e.f. 06.04.2009)
Formerly Known As :	CREATIVE TANNERY PRIVATE LIMITED
Registered Office :	P-73A, Lake Road, Kolkata – 700029, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.07.2005
Com. Reg. No.:	21-104328
Capital Investment / Paid-up Capital :	Rs.9.540 Millions
CIN No.: [Company Identification No.]	U19129WB2005PLC104328
TAN No.: [Tax Deduction & Collection Account No.]	CALC06707B
PAN No.: [Permanent Account No.]	AACCC6365M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Leather.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1200000
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

LOCATIONS

Registered Office :	P-73A, Lake Road, Kolkata – 700029, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	mpdamani@creativetannery.com mpdamani@gmail.com
Factory :	No.1, Survey No.67, KMA Gardens, Near Kannadaswan Nagar Bus Depot, Kodungaiyur, Chennai – 600118, Tamilnadu, India
Tel. No.:	91-44-25556192/ 25556256
Fax No.:	91-44-25557582

DIRECTORS

(AS ON 27.09.2011)

Name :

Mr. Tridip Kumar Dugar

Designation :

Director

Address :

Ashray Apartments, Block-B, Flat No.5A and 5B, 12, Sunny Park, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

13.07.1953

Date of Appointment :

22.07.2005

DIN No.:

01158733

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U19129WB1991PLC053780	CREATIVE LIMITED	Director	10-12-91	10-12-91	31-03-11	Active	NO
2	U65999WB1993PTC057964	TRIANSU CREDITS PRIVATE LIMITED	Director	02-03-93	02-03-93	-	Active	NO
3	U65910WB1994PTC061748	TRIANSU RESOURCES PRIVATE LIMITED	Director	08-02-94	08-02-94	-	Active	NO
4	U70101WB1996PTC080291	CREATIVE PROPERTY DEVELOPERS PRIVATE LIMITED	Director	01-07-96	01-07-96	22-03-10	Active	NO
5	U91017WB2000PTC091017	CREATIVE REALITY PRIVATE LIMITED	Director	27-01-00	27-01-00	22-03-10	Active	NO
6	U45201WB2000PTC091015	CREATIVE NIRMAAN PRIVATE LIMITED	Director	27-01-00	27-01-00	22-03-10	Active	NO
7	U45201WB2000PTC091016	CREATIVE PROMOTERS PRIVATE LIMITED	Director	27-01-00	27-01-00	22-03-10	Active	NO
8	U51909DL1986PLC023384	ADITYA EXPORTS LIMITED	Director	28-07-00	28-07-00	-	Active	NO
9	U51909WB2002PTC095452	TRIANSU DEALERS PRIVATE LIMITED	Director	29-11-02	29-11-02	-	Active	NO
10	U51909WB2002PTC095446	TRIANSU TRADERS PRIVATE LIMITED	Director	29-11-02	29-11-02	-	Active	NO
11	U19129WB2005PLC104328	CREATIVE TANNERY LIMITED	Director	22-07-05	22-07-05	-	Active	NO
12	L18209AP1976PLC002007	AVANTI LEATHERS LIMITED	Director	17-05-08	26-03-08	-	Active	NO
13	U51909TN2008PTC069993	INTAN EXIM PRIVATE LIMITED	Director	25-11-08	25-11-08	-	Active	NO
14	U51909WB2008PTC131192	WELLMAN COMMODEAL PRIVATE LIMITED	Director	25-02-09	25-02-09	-	Active	NO
15	U51109WB2008PTC130664	VISTA TRADELINKS PRIVATE LIMITED	Director	25-02-09	25-02-09	-	Active	NO
16	U74140WB2009PTC133817	CINDRELLA MANAGEMENT SERVICES PRIVATE LIMITED	Director	06-08-10	06-08-10	-	Active	NO
17	U74140WB2009PTC133898	MAHIMA MANAGEMENT SERVICES PRIVATE LIMITED	Director	06-08-10	06-08-10	-	Active	NO
18	U19115WB2011PTC171034	ORBIT POLYMERS AND LEATHER CRAFTS INDUSTRIES PRIVATE LIMITED	Director	21-12-11	21-12-11	-	Active	NO

Name :

Mr. Raju Muthu Kumar

Designation :

Director

Address :

A-47, Fifth Street, Anna Nagar (East), Chennai – 600102, Tamilnadu, India

Date of Birth/Age :

17.03.1952

Date of Appointment :

01.10.2009

DIN No.:

00864673

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U19119TN1997PTC038849	INNOVATIVE LEATHERCRAFTS (INDIA) PRIVATE LIMITED	Director	31-10-05	31-10-05	-	Strike off	NO
2	U19129TN2002PTC048692	CONCEPT LEATHERCRAFT PRIVATE LIMITED	Whole-time director	31-10-05	31-10-05	-	Active	YES
3	U19119TN1997PTC038813	INTERTAN EXPORTS PRIVATE LIMITED	Whole-time director	01-04-08	31-10-05	02-11-09	Active	YES
4	U19116TN2008PTC070343	TANSTYLE LEATHER PRODUCTS PRIVATE LIMITED	Director	31-12-08	31-12-08	01-10-11	Active	YES
5	U51909WB2008PTC131192	WELLMAN COMMODEAL PRIVATE LIMITED	Director	25-02-09	25-02-09	-	Active	NO
6	U51109WB2008PTC130664	VISTA TRADELINKS PRIVATE LIMITED	Director	25-02-09	25-02-09	-	Active	NO
7	U51909TN2008PTC069993	INTAN EXIM PRIVATE LIMITED	Director	30-06-09	30-06-09	-	Active	NO
8	U19129WB2005PLC104328	CREATIVE TANNERY LIMITED	Director	01-10-09	01-10-09	-	Active	NO

Name :

Mr. Mahavir Prasad Damani

Designation :

Director

Address :

Narayan Tala (West), Manali House Flat V 19-20, Kolkata – 700059, west Bengal, India

Date of Birth/Age :

28.06.1971

Date of Appointment :

31.03.2011

DIN No.:

01253214

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70109WB1994PTC063020	MANALI PROPERTIES AND FINANCE PRIVATE LIMITED	Director	17-01-07	17-01-07	31-05-08	Active	NO
2	U55101WB1997PLC084156	BHARTIYA HOTELS LIMITED	Director	18-07-07	08-03-07	25-05-08	Active	NO
3	U45200WB2007PTC113663	DUNLOP PROPERTIES PRIVATE LIMITED	Director	18-07-07	06-04-07	25-05-08	Active	NO
4	U45200WB2007PTC113710	DUNLOP ESTATES PRIVATE LIMITED	Director	18-07-07	06-04-07	25-05-08	Active	NO
5	U45200WB2007PTC113664	DUNLOP INFRASTRUCTURE PRIVATE LIMITED	Director	18-07-07	06-04-07	25-05-08	Active	NO
6	U67120WB1985PLC038539	DUNLOP INVESTMENTS LIMITED	Additional director	06-04-07	06-04-07	25-05-08	Active	NO
7	U45400WB2008PTC122311	NATURAL RESIDENCY PRIVATE LIMITED	Director	05-03-08	05-03-08	-	Active	NO
8	U45400WB2008PTC124156	PALAK DEVELOPERS PRIVATE LIMITED	Director	24-03-08	24-03-08	-	Active	NO
9	U51909WB2008PTC124224	UMR AGENCIES PRIVATE LIMITED	Director	24-03-08	24-03-08	-	Active	NO
10	U51909WB2008PTC127705	ANJANIPUTRA DISTRIBUTORS PRIVATE LIMITED	Director	21-07-08	21-07-08	-	Active	NO
11	U51109WB2008PTC127704	ALKA VINIMAY PRIVATE LIMITED	Director	21-07-08	21-07-08	-	Active	NO
12	U51109WB2008PTC127703	LOTUS DEAL COM PRIVATE LIMITED	Director	21-07-08	21-07-08	-	Active	NO
13	U51909WB2008PTC127702	EKLAVYA COMMERCIAL PRIVATE LIMITED	Director	21-07-08	21-07-08	-	Active	NO
14	U70109WB2008PTC127860	CORNFLOWER REALTY PRIVATE LIMITED	Director	25-07-08	25-07-08	-	Active	NO
15	U70109WB2008PTC127937	HEARTLAND REALTY PRIVATE LIMITED	Director	28-07-08	28-07-08	-	Active	NO
16	U70109WB2008PTC127932	SKYLINE HEIGHTS PRIVATE LIMITED	Director	28-07-08	28-07-08	-	Active	NO
17	U70109WB2008PTC127925	SILICA REALTY PRIVATE LIMITED	Director	28-07-08	28-07-08	-	Active	NO
18	U74120WB2008PTC128058	ALKA ADVISORY SERVICES PRIVATE LIMITED	Director	31-07-08	31-07-08	-	Active	NO
19	U74140WB2009PTC137475	SUDSAR CONSULTANTS PRIVATE LIMITED	Director	04-08-09	04-08-09	-	Active	NO
20	U74900WB2009PTC136615	UPHAR VINTRADE PRIVATE LIMITED	Director	27-01-10	27-01-10	29-04-11	Active	NO
21	U74900WB2009PTC136618	ULTIMATE AGENCY PRIVATE LIMITED	Director	27-01-10	27-01-10	29-04-11	Active	NO
22	U74900WB2010PTC142675	PRERNA AGENCY PRIVATE LIMITED	Director	25-02-10	25-02-10	29-04-11	Active	NO
23	U19129WB2005PLC104328	CREATIVE TANNERY LIMITED	Director	31-03-11	31-03-11	-	Active	NO
24	U19129WB2011PTC163432	VISION LEATHER STYLE PRODUCTS PRIVATE LIMITED	Director	06-06-11	06-06-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 27.09.2011)

Names of Shareholders	No. of Shares
Tridip Kumar Dugar	174000
T.K. Dugar HUF	500000
Triansu Credits Private Limited, India	120000
Triansu Resources Private Limited, India	120000
Anu Dugar	30000
Triansu Dealers Private Limited, India	5000
Triansu Traders Private Limited, India	5000
Total	954000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	26.21
Directors or relatives of directors	73.79
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Leather.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Hong Kong and Shanghai Banking Corporation Limited,

Hong Kong House, 31, B.B.D. Bag, Kolkata – 700 001, West Bengal, India

· Allahabad Bank,

International Branch, 119, Park Street, Kolkata – 700 017, West Bengal, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit Account	93.280	98.913
Buyers Credit	48.022	0.000
Car Loans	0.576	0.934
Total	141.878	99.847
NOTES: 1) Buyers Credit/Cash Credit Secured by hypothecation of Stocks and Book Debts, with the Charge Created on the Fixed assets of the Company and by personal guarantee of the Directors. 2) Car Loan Secured by hypothecation of car bought under the scheme.

Banking Relations :	--
Auditors :
Name :	M. R. Singhwi and Company Chartered Accountants
Address :	34A, Metcalfe Street, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-22119606/ 4366
Fax No.:	91-33-22111697
PAN No.:	AAFFM3549K
Associates/ Joint Venture Concerns :	· Creative Limited · Intan Exim Private Limited · Avanti Leather Limited
Enterprise owned or significantly influenced by Key Management Personnel and their relatives	· Triansu Credits Private Limited · Triansu Resources Private Limited · Vista Tradelink Private Limited · Wellman Commodeal Private Limited · Triansu Traders Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

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
954000	Equity Shares	Rs.10/- each	Rs.9.540 Millions

NOTE:

Out of above 904000 Equity shares issue for consideration other than Cash on Demerger

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		9.540	9.540	0.100
2] Share Application Money		0.000	0.000	0.000
3] Share Suspense		0.000	0.000	9.040
4] Reserves & Surplus		287.877	278.312	270.851
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		297.417	287.852	279.991
LOAN FUNDS
1] Secured Loans		141.878	99.847	70.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		141.878	99.847	70.000
DEFERRED TAX LIABILITIES		9.721	10.381	9.486
TOTAL		449.016	398.080	359.477
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		79.017	77.537	80.182
Capital work-in-progress		0.000	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	327.129	320.533	258.245
	Sundry Debtors	68.428	40.225	50.544
	Cash & Bank Balances	7.116	4.579	0.844
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.483	28.955	18.346
Total Current Assets		430.156	394.292	327.979
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	54.017	69.975	47.254
	Other Current Liabilities	0.051	0.735	0.953
	Provisions	6.089	3.039	0.567
Total Current Liabilities		60.157	73.749	48.774
Net Current Assets		369.999	320.543	279.205
MISCELLANEOUS EXPENSES		0.000	0.000	0.090
TOTAL		449.016	398.080	359.477

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	696.492	578.956	188.576
		Other Income	0.847	0.195	0.174
		TOTAL (A)	697.339	579.151	188.750
Less	EXPENSES
		Raw Materials and Components Consumed	563.16	442.511	98.547
		Manufacturing Expenses	60.079	64.083	38.646
		Payments to and Provisions for Employees	5.549	7.698	2.476
		Selling and Administrative Expenses	36.006	34.967	38.398
		Preliminary Expenses W/off	0.000	0.091	0.000
		TOTAL (B)	664.794	549.35	178.067
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		32.545	29.801	10.683
Less	FINANCIAL EXPENSES (D)		14.937	13.597	3.454
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.608	16.204	7.229
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.653	5.376	3.077
	PROFIT BEFORE TAX (E-F) (G)		11.955	10.828	4.152
Less	TAX (H)		2.390	3.367	1.377
	PROFIT AFTER TAX (G-H) (I)		9.565	7.461	2.775
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		92.277	84.816	82.041
	BALANCE CARRIED TO THE B/S		101.842	92.277	84.816
	Earnings Per Share (Rs.)		10.03	7.82	3.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.37	1.29	1.47
Net Profit Margin (PBT/Sales)	(%)	1.72	1.87	2.20
Return on Total Assets (PBT/Total Assets}	(%)	2.35	2.29	1.02
Return on Investment (ROI) (PBT/Networth)		0.04	0.04	0.01
Debt Equity Ratio (Total Liability/Networth)		0.68	0.60	0.42
Current Ratio (Current Asset/Current Liability)		7.15	5.35	6.72

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

Corporate identity number of the company	U19129WB2005PLC104328
Name of the company	CREATIVE TANNERY LIMITED
Address of the registered office or of the principal place of business in India of the company	12, Dargah Road, 4^th Floor, Kolkata – 700017, West Bengal, India E-Mail: mpdamani@creativetannery.com
This form is for	Modification of charge
Charge identification (ID) Number of the charge to be modified	10215646
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Allahabad Bank, International Branch, 119, Park Street, Kolkata – 700 017, West Bengal, India E-Mail: mmsaraf@icai.org
Nature of description of the instrument creating or modifying the charge	General Letter of Hypothecation applicable in case of Limited Liability Companies (ADV 32)
Date of instrument Creating the charge	25.10.2010
Amount secured by the charge	Rs.187.500 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: Cash Credit -PLR (Floating)-1% p.a. with monthly rests Additional Cash Credit – Base Rate + 4% Packing Credit- PLR-2.50% Terms of Repayment: On Demand Margin: CC - 25% on stocks and book debts upto 90 days PC - 25% on stocks meant for eventual exports FLC- 10% Cash Extent and Operation of the charge: The company's moveable goods and assets both present and future including but without prejudice to the generally of the foregoing words, all stocks of raw materials, work in progress, semi finished goods and finished goods as per last stock statement wheresoever’s situated and/or in transit whether now belonging to or that may at any time during the continuance of these securities belong to the company. Others: All tangible movable machineries, plant, machinery, fittings, other installations, cranes, furniture. computers and other accessories, vehicles together with spares lying at KMA Gardens, Kodungaiyur, Chennai- 600118 or 44, T.H Road, Chennai or in any godown of the company or in custody of any person who are mercantile agents of the company or in transit.
Short particulars of the property charged	First Hypothecation charge over entire stocks, book debts and other current assets of the company both present and future. Exclusive hypothecation charge over moveable fixed assets of the company at office both present and future.
Particulars of the present modification	Overall limit increased to Rs 187.500 Millions Cash Credit Rs 100.000 Millions Packing Credit (Within CC) Rs 30.000 Millions FBN/FBP (Within C.C.) Rs 30.000 Millions Cash Credit (adhoc) (for 90 days) Rs 25.000 Millions FLC Rs 50.000 Millions FLC (ad hoc) (for 90 days) Rs 12.500 Millions

FIXED ASSETS:

· Building

· Furniture and Fixture

· Office Equipment

· Plant and Machinery

· 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.50.25
UK Pound	1	Rs.79.76
Euro	1	Rs.66.52

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
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	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.