MIRA INFORM REPORT

Report Date :

13.03.2013

IDENTIFICATION DETAILS

Name :	ACTIS TECHNOLOGIES PRIVATE LIMITED (w.e.f. 24.10.2000)
Formerly Known As :	GE TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Plot No. A – 5, Cross Road ‘B’, MIDC, Industrial Area, Marol, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.04.2000
Com. Reg. No.:	11-125706
Capital Investment / Paid-up Capital :	Rs. 29.120 Millions
CIN No.: [Company Identification No.]	U99999MH2000PTC125706
TAN No.: [Tax Deduction & Collection Account No.]	MUMA14240C
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Multimedia Presentation.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 680000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financials are not made available with the government department. As per previous year’s, the performance capability appears to be satisfactory. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealing with slight caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 PARTED BY

Name :	Mr. Ramesh Mishra
Designation :	Account Head
Contact No.:	91-22-30808000
Date :	12.03.2013

LOCATIONS

Registered/ Head Office/ Factory :	Plot No. A – 5, Cross Road ‘B’, MIDC, Industrial Area, Marol, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-30808000/ 28340004
Fax No.:	91-22-28379609/ 30808111
E-Mail :	contact@actis.co.in ramesh_mishra@actic.co.in yogesh_devrukhakar@actis.co.in mufaddal_ahmedabadwala@actis.co.in mumbai@actis.co.in
Website:	www.actis.co.in
Locations :	Owned
Branch Office :	Located at: · Ahmedabad · Bangalore · Chennai · Gurgaon · New Delhi · Kolkata · Hyderabad · Pune

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Manmohan Harcharan Gupta
Designation :	Chairman cum Managing Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	12.12.1942
Date of Appointment :	10.04.2000
DIN No.:	00009465
Name :	Mrs. Bina Manmohan Gupta
Designation :	Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	02.12.1945
Date of Appointment :	10.04.2000
DIN No.:	00009440
Name :	Mrs. Mansi Abhimanyu Gupta
Designation :	Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	16.07.1979
Date of Appointment :	01.10.2003
DIN No.:	00009366
Name :	Mr. Abhimanyu Manmohan Gupta
Designation :	Director
Address :	601, Sea Spray, Janki Kutir, Juhu, Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	29.04.1975
Date of Appointment :	10.04.2000
DIN No.:	00009453

KEY EXECUTIVES

Name :	Mr. Ramesh Mishra
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Manmohan Harcharan Gupta	117000
Abhimanyu Manmohan Gupta	57200
Bina Manmohan Gupta	57200
Ashish Manmohan Gupta	31200
Anuradha Sunil Khandelwal	13000
Mansi Abhimanyu Gupta	13000
Master Keshav Abhimanyu Gupta	2600
Total	291200

AS ON 09.03.2012

Names of Allottee	No. of Shares Allotted
Manmohan Harcharan Gupta Bina Manmohan Gupta Abhimanyu Manmohan Gupta	18400
Total	18400

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	83.92
Other top fifty shareholders	16.08
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading in Multimedia Presentation.
Products :	· Multimedia Projectors · Plasma and LCD Displays · Front Projection Screens · Optical Projection Screens · Data and Video Walls · Visualizers · Motorised Projector Lifts and Drapes · Audio Viduo Conferencing · Conferencing Systems · Audio Processors · Power Amplifiers · Microphones · Lighting Controls · Cinema Equipment · CNC Machining · Accessories
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Film Editing Equipment	(Nos.)	2,000	394
Splicers	(Nos.)	--	394
Motorized Curtain	(Nos.)	NA	--
Motorized Lift	(Nos.)	NA	--
Sprockets	(Nos.)	2,000	--
Ceiling Mount Bracket	(Nos.)	NA	253

GENERAL INFORMATION

Customers :

Corporate

· Danish Interpretation Systems

· Avermedia AverTV Global

No. of Employees :

250 (Approximately)

Bankers :

Axis Bank Limited, Corporate Banking Branch, Axis House, Ground Floor, Bombay Dyeing Mills Compound, P.B. Marg, Worli, Mumbai – 400025, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working Capital limit from Axis Bank Limited	101.904	76.574
Buyers Credit Facility	24.906	10.370
Total	126.810	86.944
Note: (Both of the above limit is secured by hypothecation of entire current assets. The company has given its plant and machinery and Equitable Mortgage of Office Buildings at Mumbai, Pune and Hyderabad as Collateral Security)

Banking Relations :	--
Auditors :
Name :	Dalal Doctor and Associates Chartered Accountants
Address :	305 T.V. Industrial Estate, 24-A S.K, Ahire Marg, Worli, Mumbai – 400025, Maharashtra, India
Tel. No.:	91-22-66625050
Mobile No.:	91-9867555050
Fax No.:	91-22-66627890
E-Mail :	sp@dalaldoctor.com
Website :	http://www.dalaldoctor.com
Income-tax PAN of auditor or auditor's firm :	AACCA8778N
Associates :	GE Visual Private Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
309600	Equity Shares	Rs.10/- each	Rs. 3.096 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs. 10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
291200	Equity Shares	Rs.100/- each	Rs. 29.120 Millions

Note: (Of the above Shares 17,92,000 (P.Y 1,79,200 of Rs. 100 each) Shares of Rs. 10 each are alloted as fully paid up by way of Bonus Shares by Capitalising Capital Reserve, Securities Premium, Account General Reserve and Balance in Profit and Loss Account)

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		29.120	29.120	29.120
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		142.260	104.748	91.443
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		171.380	133.868	120.563
LOAN FUNDS
1] Secured Loans		126.810	86.944	56.918
2] Unsecured Loans		44.757	27.437	26.518
TOTAL BORROWING		171.567	114.381	83.436
DEFERRED TAX LIABILITIES		5.206	5.115	5.027
TOTAL		348.153	253.364	209.026
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.393	39.321	48.113
Capital work-in-progress		9.425	20.723	8.742
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	65.295	54.929	41.525
	Sundry Debtors	269.100	147.638	158.410
	Cash & Bank Balances	14.037	32.379	8.154
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	21.844	15.557	53.864
Total Current Assets		370.276	250.503	261.953
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.708	28.246	34.035
	Other Current Liabilities	41.336	24.386	21.811
	Provisions	7.897	4.551	53.950
Total Current Liabilities		81.941	57.183	109.796
Net Current Assets		288.335	193.320	152.157
MISCELLANEOUS EXPENSES		0.000	0.000	0.014
TOTAL		348.153	253.364	209.026

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Gross Income	826.089	532.858	549.403
		Other Income	N.A.	N.A.	N.A.
		TOTAL	N.A.	N.A.	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	N.A.
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		69.764	30.669	34.947
Less/ Add	DEPRECIATION/ AMORTISATION		4.704	4.193	4.428
	PROFIT BEFORE TAX		65.060	26.476	30.519
Less	TAX		20.779	9.775	11.542
	PROFIT AFTER TAX		44.281	16.701	18.977
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		101.148	89.543	76.554
Less	APPROPRIATIONS
		Transfer to General Reserve	4.430	1.700	1.900
		Proposed Dividend	5.824	2.912	3.494
		Tax on Dividend	0.945	0.484	0.594
	BALANCE CARRIED TO THE B/S		134.230	101.148	89.543
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	0.000	2.257	11.739
		Commission Earnings	0.000	0.486	5.222
	TOTAL EARNINGS		0.000	2.743	16.961
	C.I.F. VALUE OF IMPORTS		265.800	222.089	153.803
	Earnings Per Share (Rs.)		15.00	57.00	65.00

Particulars	31.03.2012
Sales Turnover (Approximately)	900.000

The above information has been parted by Mr. Ramesh Mishra.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	15.47	9.14	9.84
Return on Investment (ROI) (PBT/Networth)		0.38	0.20	0.25
Debt Equity Ratio (Total Liability/Networth)		1.48	1.28	1.60
Current Ratio (Current Asset/Current Liability)		4.52	4.38	2.39

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
-For Goods and Fixed Assets	25.093	17.311	20.435
-For Expenses	7.615	11.115	13.600
Sundry Creditors	32.708	28.426	34.035

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Rs. In Millions

Particular	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	30.759	20.660
From Shareholder and their Relatives	13.998	6.777
Total	44.757	27.437

TRADE REFERENCES

· Danish Interpretation Systems

· Avermedia AverTV Global

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

a) Bank Guarantee as on 31st March 2011 is Rs.12.675 Millions (Previous year Rs. 22.923 Millions).

b) The Customs department has filed an appeal against the relief granted to the Company of Rs. 5.798 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U99999MH2000PTC125706
Name of the company	ACTIS TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. A – 5, Cross Road ‘B’, MIDC, Industrial Area, Marol, Andheri (East), Mumbai – 400093, Maharashtra, India Email: mufaddal_ahmedabadwala@actis.co.in
This form is for	Modification of charge
Charge identification number of the modified	80004801
Type of charge	Immovable Property Book Debts Movable Property Others (Stocks of RM,SIP, FG, P&M etc)
Particular of charge holder	Axis Bank Limited, Corporate Banking Branch, Axis House, Ground Floor, Bombay Dyeing Mills Compound, P.B. Marg, Worli, Mumbai – 400025, Maharashtra, India Email: suryashri@vsnl.com
Nature of description of the instrument creating or modifying the charge	No Instrument. Memorandum Of Entry (MOE) by constructive delivery and deposit of title deeds on 21.07.2012
Date of instrument Creating the charge	21.07.2012
Amount secured by the charge	Rs. 200.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction letter No. AXIS/ SME/ Mumbai-II/ 11-12, dated 28.01.12 and AXISB/ SME/ Mumbai-II/ 1510A/ 11-12, dated 22.03.12 or as stipulated by bank from time to time Terms of Repayment As per sanction letter No. AXIS/ SME/ Mumbai-II/ 11-12, dated 28.01.12 and AXISB/ SME/ Mumbai-II/ 1510A/ 11-12, dated 22.03.12 or as stipulated by bank from time to time Margin As per sanction letter No. AXIS/ SME/ Mumbai-II/ 11-12, dated 28.01.12 and AXISB/ SME/ Mumbai-II/ 1510A/ 11-12, dated 22.03.12 or as stipulated by bank from time to time Extent and Operation of the charge Security of Immovable Properties being Plot no A-5 in Marol Industrial Area, Andheri, Mumbai together with factory building, Flat no 201, 2nd Floor, alongwith car parking area at Srinagar Colony, Hyderabad and Off no.102, Siddhivinayak Auram, Viman Nagar, Pune, given earlier to secure limits upto Rs.145.000 Millions, extended as security by way of constructive delivery and deposit of title deeds to secure enhanced Credit facilities of Rs.200.000 Millions. (detailed in MOE) granted by Bank.
Short particulars of the property charged	Present and future P&M, Fixtures, Fittings, other installations, Computers, other Accessories, Vehicles together with spare tools and accessories etc, lying at Co's premises or godown or elsewhere Present and future Moveable goods and assets including RM, WIP, Semi FG,FG, packing materials, consumable stores and spares lying at Co's premises or godown or elsewhere Present and future book-debts outstanding monies receivables, claims, bills, contracts, engagements and securities etc. due and owing to the Company in course of its Business. Equi. Mortgage by deposit of Title Deeds relating to immovable property of the Company viz. Plot A-5, Cross Road B, MIDC, Andheri (East) Mumbai-93, Maharashtra, India EM by deposit of title deeds by const. delivery of immovable property of Company viz. flat No. 201 adm.1550 sq. ft. with car parking area at Srinagar Colony, Hyderabad and Off. No.102, Siddhivinayak Aurum, Pune, Maharashtra, India
Date of latest modification prior to the present modification	22.03.2012
Particulars of the present modification	Security of Immovable Properties being Plot no A-5 in Marol Indl. Area, Andheri, Mumbai together with factory building, Flat no 201, 2nd Floor, alongwith car parking area at Srinagar Colony, Hyderabad and Off no. 102, Siddhivinayak Auram, Viman Nagar, Pune, given earlier to secure limits upto Rs.145.000 Millions, extended as security by way of constructive delivery and deposit of title deeds to secure enhanced Credit facilities of Rs.200.000 Millions. (detailed in MOE) granted by Bank.

FIXED ASSETS:

· Land – Freehold/ Leasehold

· Building – Factory

· Building – Office

· Furniture and Fixture

· Plant and Machinery

· Computers

· Motor Cars

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 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. 54.34
UK Pound	1	Rs. 80.90
Euro	1	Rs. 70.73

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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		38

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.