MIRA INFORM REPORT

Report Date :

20.11.2013

IDENTIFICATION DETAILS

Name :	KANAM LATEX INDUSTRIES PRIVATE LIMITED
Registered Office :	Ooppoottil Buildings, K K Road, Kottayam - 686001, Kerala.
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.12.1974
Com. Reg. No.:	09-002650
Capital Investment / Paid-up Capital :	Rs. 4.680 Millions
CIN No.: [Company Identification No.]	U25199KL1974PTC002650
TAN No.: [Tax Deduction & Collection Account No.]	TVDK00867G
PAN No.: [Permanent Account No.]	AABCK0056E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Surgical Gloves ad Examination Gloves.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5010000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an old and well-established company having fine track record. Financial position of the company appears to be strong. Overall fundamentals of the company appears to be strong and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. Company can be considered good for normal 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 DECLINED BY

Name :	Mr. Abraham
Designation :	Finance Department
Contact No.:	91-481-2300342
Date :	19.11.2013

LOCATIONS

Registered Office :	Ooppoottil Buildings, K K Road, Kottayam - 686001, Kerala, India
Tel. No.:	91-481-2300343/ 2300342/ 2560108
Fax No.:	91-481-2563614
E-Mail :	kanam@md2.vsnl.net.in kanam@asianetindia.com kanam@vsnl.com
Website :	http://www.kanamlatex.com
Factory :	12/67 C, Ananthanandarkudy, Asaripallam Post, Nagercoil - 629003, Kanyakumari, Tamilnadu, India
Tel. No.:	91-4652-225651/ 229234
E-Mail :	kanamexports@gmail.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Ravi Abraham

Designation :

Managing Director

Address :

Ooppoottil Buildings, Old Bazar, Kottayam, Kerala-686001, India.

Date of Birth/Age :

19.12.1955

Date of Appointment :

28.06.1978

DIN No. :

00008701

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	U25199KL1974PTC002650	KANAM LATEX INDUSTRIES PRIVATE LIMITED	Managing director	28/06/1978	28/06/1978	Active	NO
2	U74999KL1944PTC000837	OOPPOOTTIL KURIAN COMPANY PRIVATE LIMITED	Director	25/11/1978	25/11/1978	Active	NO
3	L25191KL1944PLC001306	VELIMALAI RUBBER COMPANY LIMITED	Director	27/01/1979	27/01/1979	Active	NO
4	L01119KL1943PLC000221	COCHIN PLANTATIONS LIMITED	Director	09/05/1988	09/05/1988	Active	NO
5	U45202TN2001PTC047644	LOYALKA ESTATE PRIVATE LIMITED	Director	10/01/2007	10/01/2007	Active	NO

Name :

Mr. Abraham Cunnumpurathu Jacob

Designation :

Whole-time Director

Address :

Ooppoottil Buildings, Old Bazar, Kottayam, Kerala-686001, India

Date of Birth/Age :

30.08.1971

Date of Appointment :

30.10.2008

DIN No. :

00004918

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	U25199KL1994PLC008427	ASSOCIATED LATEX INDIA LIMITED	Director	28/09/2000	28/09/2000	Active	NO
2	U72200KL2002PTC015242	PARABOLIC SOFTWARE SYSTEMS PRIVATE LIMITED	Director	12/02/2002	12/02/2002	Dissolved	NO
3	U25191KL1979PTC003056	KURIAN ABRAHAM PRIVATE LIMITED	Director	01/10/2003	01/10/2003	Active	NO
4	U45202TN2001PTC047644	LOYALKA ESTATE PRIVATE LIMITED	Director	10/01/2007	10/01/2007	Active	NO
5	L01119KL1943PLC000221	COCHIN PLANTATIONS LIMITED	Director	30/10/2008	30/10/2008	Active	NO
6	U74999KL1944PTC000837	OOPPOOTTIL KURIAN CO PRIVATE LIMITED	Director	30/10/2008	30/10/2008	Active	NO
7	L25191KL1944PLC001306	VELIMALAI RUBBER COMPANY LIMITED	Director	30/10/2008	30/10/2008	Active	NO
8	U25199KL1974PTC002650	KANAM LATEX INDUSTRIES PRIVATE LIMITED	Whole-time director	30/10/2008	30/10/2008	Active	NO
9	U24131KL2004PTC017048	K.A.PREVULCANISED LATEX PRIVATE LIMITED	Director	31/08/2013	30/07/2012	Active	NO

Name :

Renu Jacob

Designation :

Director

Address :

Ooppoottil Buildings, Old Bazar, Kottayam, Kerala-686001, India

Date of Birth/Age :

03.02.1949

Date of Appointment :

28.06.1978

DIN No. :

00004940

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	U25199KL1974PTC002650	KANAM LATEX INDUSTRIES PVT LTD	Director	28/06/1978	28/06/1978	Active	NO
2	U20211KL1987PTC004917	COMORIN POLYMERS AND PLANTATIONS PRIVATE LIMITED	Director	23/05/1988	23/05/1988	Active	NO

Name :

Talita Susan Abraham

Designation :

Director

Address :

Ooppoottil Buildings, Old Bazar, Kottayam, Kerala-686001, India

Date of Birth/Age :

25.04.1964

Date of Appointment :

30.10.1989

DIN No. :

00009328

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	U20211KL1987PTC004917	COMORIN POLYMERS AND PLANTATIONS PRIVATE LIMITED	Director	23/05/1988	23/05/1988	Active	NO
2	U25199KL1974PTC002650	KANAM LATEX INDUSTRIES PRIVATE LIMITED	Director	30/10/1989	30/10/1989	Active	NO

Name :

Mary Kurian

Designation :

Director

Address :

Ooppoottil Buildings, Old Bazar, Kottayam, Kerala-686001, India

Date of Birth/Age :

23.04.1941

Date of Appointment :

28.06.1978

DIN No. :

00718366

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	U25199KL1974PTC002650	KANAM LATEX INDUSTRIES PRIVATE LIMITED	Director	28/06/1978	28/06/1978	Active	NO
2	U20211KL1987PTC004917	COMORIN POLYMERS AND PLANTATIONS PRIVATE LIMITED	Director	23/05/1988	23/05/1988	Active	NO

KEY EXECUTIVES

Name :	Mr. Abraham
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Abraham Jacob	636
Kurian Abraham	78
Mary Kurian	234
Jacob Abraham	112
Talita Abraham	234
Nazreen Kurian	312
Parveen Kurian	312
Philip C Jacob	144
Ravi Abraham	234
Renu Jacob	508
Abraham C Jacob	160
Shameem Kurian	312
Ray Stephanose	156
Samira Abraham	250
Sanjana Abraham	250
Arvind Kurian Abraham	592
Yasmin Kurian	156
Total	4680

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Surgical Gloves ad Examination Gloves.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	IDBI Bank Limited, Karthik Raja Complex, 1/1 Vinayaga Nagar, Mehur Road, K K Nagar, Madurai – 625020, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	Cheriyan and Cheriyan Chartered Accountants
Address :	Kallarackal Buildings, Baker Hill, Kottayam – 686001, Kerala, India
Tel. No. :	91-481-2562527/ 2563449/ 2565571
Fax No. :	91-481-2563449/ 2562495
E-Mail :	cheriyanandcheriyan@hotmail.com
Income-tax PAN of auditor or auditor's firm :	AABFC7312C
Enterprise over which the key management personnel and relatives are able to exercise influence:	· Kurian Abraham (Private) Limited Comorin Polymers and Plantations Limited The Velimalai Rubber Company Limited The Cochin Plantations Limited Ooppoottil Kurian and Compay Private Limited KA Prevulcanised Latex Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.1000/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4,680	Equity Shares	Rs.1000/- each	Rs. 4.680 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.680	4.680	4.680
(b) Reserves & Surplus	1248.826	1052.946	847.788
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1253.506	1057.626	852.468
(3) Non-Current Liabilities
(a) long-term borrowings	222.024	202.833	171.604
(b) Deferred tax liabilities (Net)	4.386	3.936	4.041
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	226.410	206.769	175.645
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	10.512
(b) Trade payables	46.538	57.808	53.822
(c) Other current liabilities	47.201	36.704	21.258
(d) Short-term provisions	0.187	67.877	309.284
Total Current Liabilities (4)	93.926	162.389	394.876
TOTAL	1573.842	1426.784	1422.989
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	294.340	251.979	207.484
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.441	1.285	8.022
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.347	0.347	0.347
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	49.687	50.659	26.103
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	347.815	304.270	241.956
(2) Current assets
(a) Current investments	503.137	383.543	270.640
(b) Inventories	274.234	269.880	218.867
(c) Trade receivables	256.938	276.807	240.747
(d) Cash and cash equivalents	154.314	141.413	117.409
(e) Short-term loans and advances	37.404	50.871	333.370
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1226.027	1122.514	1181.033
TOTAL	1573.842	1426.784	1422.989

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		351.722	364.945	114.758
Less	TAX		101.450	105.395	35.826
	PROFIT/ (LOSS) AFTER TAX		250.272	259.550	78.932
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		408.477	263.319	279.742
Less	APPROPRIATIONS
		Transfer to General Reserve	100.000	60.000	60.000
		Proposed Dividend	46.800	46.800	30.420
		Corporate Dividend Tax	7.592	7.592	4.935
	BALANCE CARRIED TO THE B/S		504.357	408.477	263.319
	EARNINGS IN FOREIGN CURRENCY		742.597	713.066	497.422
	Earnings / (Loss) Per Share (Rs.)		53476.92	55459.40	16865.81

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	22.40	25.61	8.11
Return on Investment (ROI) (PBT/Networth)		0.28	0.35	0.13
Debt Equity Ratio (Total Debt/Networth)		0.18	0.19	0.21
Current Ratio (Current Asset/Current Liability)		13.05	6.91	2.99

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
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	Yes
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90023037	01/07/2004	10,000,000.00	STATE BANK OF TRAVANCORE	KOTTAYAM MAIN BRANCH, KOTTAYAM, KERALA, INDIA	-
2	90022358	17/03/1998	20,000,000.00	STATE BANK OF INDIA	NAGERCOIL, NAGERCOIL, KERALA, INDIA	-
3	90022141	06/06/1995	3,200,000.00	TAMILNAD MERCANTILE BANK LIMITED	NAGERCOIL, NAGERCOIL, KERALA, INDIA	-
4	90021774	30/03/1988	2,230,000.00	STATE BANK OF INDIA	DISTILLARY ROAD, NEGERCOIL, KERALA, INDIA	-

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from directors	222.024	202.833
Total	222.024	202.833
Note: The loans from Related parties is from the directors and shareholders of the company and is unsecured. There is no stipulation as to the terms of repayment. Interest is paid regularly and there is no default.

LITIGATION DETAILS

KERALA HIGH COURT

CAS STATUS INFORMATION SYSTEM

Case Status : PENDING

Status of UNNUMBERED INCOME TA 1947 of 2009

COMMR. OF INCOME TAX Vs. M/S KANAM LATEX

INDUSTRIES PVT. LTD.

Pet’s Adv. : SRI.JOSE JOSEPH, SC, FOR

Res’s Adv. :

Last Listed On: Wedesday, Jue 24, 2009

Category : INCOME TAX APPEAL

CONNECTED APPLICATION (S)	CONNECTED MATTER (S)
No connected Application	No connected Cases.

Case Updated on : Wednesday, June 24, 2009

CONTINGENT LIABILITIES NOT PROVIDED FOR (AS ON 31.03.2013):

Bank Guarantee Rs.3.234 Millions.

FIXED ASSETS

· Land

Buildings

Factory Building

Other Building

Plant and Equipment

Factory Equipments

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

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 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.62.23
UK Pound	1	Rs.100.18
Euro	1	Rs.84.06

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.