MIRA INFORM REPORT

Report Date :

14.04.2014

IDENTIFICATION DETAILS

Name :	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED
Registered Office :	Namaskar Building, 24-A, Anil Roy Road, Ground Floor, Kolkata – 700 029, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.09.1981
Com. Reg. No.:	21-034151
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U17232WB1981PTC034151
IEC No. :	0298003902
TAN No.: [Tax Deduction & Collection Account No.]	RCHC00043B CALC08521C
PAN No.: [Permanent Account No.]	AABCC2153J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Fiber Ropes made from Sisal, Jute, and Jute Yarn.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 240000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has not filed its latest financial i.e.2013 with the government department. Mr. Siddharth Director provided with us all information however 2013 financial seems to be un-audited as the financials didn’t carry audited stamp. As per the available financials the company seems to be performing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 (GENERAL DETAILS)

Name :	Mr. Siddharth Arun Kumar Jhawar
Designation :	Director
Contact No.:	91-9234668881
Date :	07.04.2014

LOCATIONS

Registered Office :	Namaskar Building, 24-A, Anil Roy Road, Ground Floor, Kolkata – 700 029, West Bengal, India
Tel. No.:	91-33-24661654/ 24666607/ 24655005
Mobile No. :	91-9234668881/ 9431170124 (Mr. Siddharth Jhawar) 91-9798510945 (Mr. Deepak)
Fax No.:	91-33-24644631/ 24754857/ 24661654/ 24644631
E-Mail :	crw/ranchi@dartmail.dartnet.com crwcores@hotmail.com corerope@dte.vsnl.net.in reh-corerope@sancharnet.in anuragjhawar@yahoo.com rch_corerope@bsnl.in rch_crwcores@bsnl.in anuragjhawar@yahoo.com
Website :	www.coreropes.com
Area :	800 sq. ft.
Location :	Rented
Factory/ Corporate Office/ Branch Office :	P.O. Mahilong, Ranchi – 835 103, Jharkhand, India
Tel. No.:	91-651-2265124/ 2265832/ 6570978
Fax No.:	91-651-2233475/ 2265421
Area :	20000 sq. ft. (Factory) 22500 sq. ft. (Corporate Office) 10000 sq. ft. (Branch Office)
Location :	Owned (Factory and Corporate Office) Rented (Branch Office)

DIRECTORS

As on 29.09.2012

Name :

Mr. Siddharth Arun Kumar Jhawar

Designation :

Director

Address :

51/C, Gariahat Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

19.11.1954

Qualification :

B. Com (Hns.)

Experience :

40 Years

Date of Appointment :

24.09.1981

DIN No.:

00919664

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U17232WB1981PTC034151	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED	Director	24/09/1981	24/09/1981	-	Active	NO
2	U51109WB1982PTC034614	CENTURY CORDAGE PRODUCTS PRIVATE LIMITED	Director	04/04/1988	04/04/1988	-	Under Process of Striking off	NO

Name :

Mr. Anurag Arun Kumar Jhawar

Designation :

Director

Address :

51/C, Gariahat Road, Kolkata – 700 019, West Bengal, India

Date of Birth/Age :

01.03.1958

Qualification :

B. Sc. (Hns)

Experience :

36 Years

Date of Appointment :

24.09.1981

DIN No.:

00919656

Voter ID No.:

WB/23/149/090360

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U17232WB1981PTC034151	CHHOTANAGPUR ROPE WORKS PRIVATE LIMITED	Director	24/09/1981	24/09/1981	-	Active	NO
2	U51109WB1982PTC034614	CENTURY CORDAGE PRODUCTS PRIVATE LIMITED	Director	15/03/1993	15/03/1993	-	Under Process of Striking off	NO

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Siddharth Arun Kumar Jhawar	86320
Vaijayanti Siddharth Jhawar	13680
Anurag Arun Kumar Jhawar	86320
Pallavi Anurag Jhawar	13680
Total	200000

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Fiber Ropes made from Sisal, Jute, and Jute Yarn.
Products :	Sisal and Twine Yarn CRW Cores Yarn Manufacturing Plant Sisal, Manila and Polypropylene Rope Sisal Mat Manila Rope Twine Yarn Steel Wire Ropes Polypropylene Rope Helideck Nets Cargo Nets Rodent Proof Rope Nets
Exports :
Products :	Fiber Ropes
Countries :	Australia Japan USA UK Turkey Dubai, etc.
Imports :
Products :	Raw Materials
Countries :	Kenya Tanzania Brazil, etc.
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	2010-2011
Jute, Sisal, Manila and P.P. Ropes
Installed Capacity (Annual) (As certified by the Management)	2952.00 MT
Actual Production (Including work done on Job Work Basis)	2629.58 MT

GENERAL INFORMATION

Suppliers :	· Wigglesworth and Company Limited, UK
Customers :	Wholesalers and Others · Usha Martin Industries Limited
No. of Employees :	200 (Approximately)
Bankers :	· State Bank of India, S.M.E. (Commercial) Branch, Mecon Campus, Doranda, Ranchi – 834 002, Jharkhand, India (Tel. No.: 91-651-2482676/ 2482677) · State Bank of India, 38B, Chowringhee Road, Kolkata, West Bengal, India · ICICI Bank Limited, Kolkata, West Bengal, India · Standard Chartered Bank, Kolkata, West Bengal, India · The Hongkong and Shanghai Banking Corporation Limited, Kolkata, West Bengal, India · The Hongkong and Shanghai Banking Corporation Limited (Singapore) · Allahabad Bank · HDFC Bank Limited · State Bank of India, Goregaon, Mumbai, Maharashtra, India · Citibank, Chowringhee Road, Kolkata, West Bengal, India
Facilities :	Working Capital Limit: Rs.56.000 millions, Letter of Credit and Bank Guarantee: Rs.8.500 millions – From State Bank of India, S.M.E. (Commercial) Branch
Banking Relations :	--
Auditors :
Name :	R.K. Garodia and Company Chartered Accountants
Address :	202, Sai Apartment, Kutchery Road, Ranchi – 834 001, Jharkhand, India
Tel. No.:	91-651-2203343/ 4837
Fax No.:	91-651-2207744
E-Mail :	rkgco@icai.org
Income-tax PAN of auditor or auditor's firm :	AADFR6274J
Memberships :	ASSOCHAM,  J.S.I.A., F.J.C.C. and I and O.I.P.E.E.C. (Switzerland), Indo-German Chamber of Commerce (Germany), C.I.I., and F.I.C.C.I
Associates :	Chhotanagpur Lube Specialists Address: P.O. Mahilong, Ranchi – 835 103, Jharkhand, India Lines of Business: Manufacturer of Lubricants. Chhotanagpur Poly Products Address: P.O. Mahilong, Rachi – 835 103, Jharkhand, India Line of Business: Manufacturer of P.P. Tapes/ Films etc. Jharkhand Rope

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 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	20.000	13.362	13.362
(b) Reserves & Surplus	40.231	36.855	33.471
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	2.000	0.000
Total Shareholders’ Funds (1) + (2)	60.231	52.217	46.833
(3) Non-Current Liabilities
(a) Long-term borrowings	1.656	2.472	6.373
(b) Deferred tax liabilities (Net)	0.689	0.638	0.564
(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)	2.345	3.110	6.937
(4) Current Liabilities
(a) Short term borrowings	49.557	48.030	39.191
(b) Trade payables	24.576	32.973	33.187
(c) Other current liabilities	7.812	9.002	10.667
(d) Short-term provisions	2.376	1.790	1.891
Total Current Liabilities (4)	84.321	91.795	84.936
TOTAL	146.897	147.122	138.706
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.052	33.772	35.958
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.398	1.368	0.300
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.256	0.087	0.087
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.712	1.403	1.231
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	34.418	36.630	37.576
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	60.488	81.645	61.853
(c) Trade receivables	23.693	6.529	16.058
(d) Cash and cash equivalents	7.686	2.536	1.616
(e) Short-term loans and advances	0.069	0.190	0.231
(f) Other current assets	20.543	19.592	21.372
Total Current Assets	112.479	110.492	101.130
TOTAL	146.897	147.122	138.706

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	289.038	248.555	215.912
		Other Income	3.210	3.220	3.658
		TOTAL (A)	292.248	251.775	219.570
Less	EXPENSES
		Cost of materials consumed	181.063	160.701	133.613
		Other Direct Expenses	33.717	24.288	19.734
		Changes in inventories of finished goods, work in progress and Stock-in-Trade	2.277	(1.197)	(0.614)
		Employee benefits expense	19.537	19.483	18.383
		Other Expenses	35.882	31.155	31.386
		TOTAL (B)	272.476	234.430	202.502
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.772	17.345	17.068
Less	FINANCIAL EXPENSES (D)		6.724	5.408	5.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.048	11.937	11.668
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.218	5.911	6.173
	PROFIT BEFORE TAX (E-F) (G)		7.830	6.026	5.495
Less	TAX (H)		2.427	1.865	1.752
	PROFIT AFTER TAX (G-H) (I)		5.403	4.161	3.743
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.934	14.549	11.585
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	1.000	0.668	0.668
		Corporate Tax on Dividend	0.155	0.108	0.111
	BALANCE CARRIED TO THE B/S		22.182	17.934	14.549
	EARNINGS IN FOREIGN CURRENCY		NA	174.392	143.418
	IMPORT VALUE		NA	120.389	NA
	Earnings Per Share (Rs.)		27.71	31.14	28.01

Expected Sales (2013-2014): Rs.320.000 millions

The above information has been parted by Mr. Siddharth Arun Kumar Jhawar (Director).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.85	1.65	1.70
Net Profit Margin (PBT/Sales)	(%)	2.71	2.42	2.55
Return on Total Assets (PBT/Total Assets}	(%)	5.39	4.14	3.97
Return on Investment (ROI) (PBT/Networth)		0.13	0.12	0.12
Debt Equity Ratio (Total Debt/Networth)		0.85	0.97	0.97
Current Ratio (Current Asset/Current Liability)		1.33	1.20	1.19

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.362	13.362	20.000
Reserves & Surplus	33.471	36.855	40.231
Share Application money pending allotment	0.000	2.000	0.000
Net worth	46.833	52.217	60.231
long-term borrowings	6.373	2.472	1.656
Short term borrowings	39.191	48.030	49.557
Total borrowings	45.564	50.502	51.213
Debt/Equity ratio	0.973	0.967	0.850

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	215.912	248.555	289.038
		15.119	16.287

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	215.912	248.555	289.038
Profit	3.743	4.161	5.403
	1.73%	1.67%	1.87%

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	Yes
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	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	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	80032773	29/03/2013 *	74,120,000.00	STATE BANK OF INDIA	SME BRANCH, MECON CAMPUS,DORANDA, RANCHI, JHARKHAND - 834002, INDIA	B75502112

* Date of charge modification

TRADE REFERENCES:

· Usha Martin Industries Limited

· Wigglesworth and Company Limited, UK

FIXED ASSETS

v Land

v Building

v Plant and Equipment

v Furniture and Fixtures

v Vehicles

v Office Equipment

v Others

- Tube well

- Tools and Tackles

- Security System

- Computer System

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.60.27
UK Pound	1	Rs.101.10
Euro	1	Rs.83.75

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NTH

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	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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.