MIRA INFORM REPORT

Report Date :

19.09.2011

Tel. No.:	91-11-23653647/23653648/23653649/23653650
Fax No.:	91-11-23653647

IDENTIFICATION DETAILS

Name :	NEO HY-LAMINATES PRIVATE LIMITED
Registered Office :	1269, Katra Sant Nagar, Chandani Chowk, New Delhi-110006
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.07.1991
Com. Reg. No.:	55-44955
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U74899DL1991PTC044955
TAN No.: [Tax Deduction & Collection Account No.]	DELN06061G
PAN No.: [Permanent Account No.]	AAACN0890N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Decorative Laminates, HPB (High Pressure Laminates), Industrial Laminates Kitchen door panels and door skin.
No. of Employees :	50 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 101244
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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Sunil Kumar Jain
Designation :	Director
Contact No.:	91-9811161090
Date :	12.09.2011

LOCATIONS

Registered Office :	1269, Katra Sant Nagar, Chandani Chowk, Delhi-110006, India
Tel. No.:	91-11-23589350 / 27194200
Mobile No.:	91-9811161090 (Mr. Sunil Jain)
Fax No.:	91-11-27195879
E-Mail :	neo@neohy.com laminates@vsnl.com cagrbansal@gmail.com akfriends@indiatimes.com
Website :	http://www.neony.com
Area :	1000 sq.ft.
Location:	Owned
Administrative Office :	B-4/56A, Kesahav Purma, Lowrence Road, New Delhi-110035, India
Tel. No.:	91-11-27194200/ 27105879
Fax No.:	91-11-27195879
E-Mail :	neo@neohy.com laminates@vsnl.com
Factory :	Village Gandhra District, Rohtak, 15 K.M. Mile Stone, Haryana, India
Tel. No.:	91-1262-322985
Area :	Owned

DIRECTORS

AS ON 28.09.2010

Name :	Mr. Ajay Mahipal Singh Jain
Designation :	Director
Date of Appointment :	13.07.1991
DIN No.:	01287154

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	U74899DL1984PTC019308	Archna Fab Private Limited	Director	21/03/1991	21/03/1991	-	Active	NO
2	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Director	13/07/1991	13/07/1991	-	Active	NO
3	U20299GJ1985PLC008047	Milton Industries Limited	Director appointed in casual vacancy	22/11/2010	22/11/2010	-	Active	NO
4	U52100GJ2011PTC063641	Ratnajyoti Exim Private Limited	Director	12/01/2011	12/01/2011	-	Active

Name :	Ms. Jaya Jain
Designation :	Director
Date of Appointment :	08.03.1994
DIN No.:	00650185

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	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Director	08/03/1994	08/03/1994	-	Active	NO

Name :	Mr. Naveen Jain
Designation :	Director
Date of Appointment :	13.07.1991
DIN No.:	00650434

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	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Director	13/07/1991	13/07/1991	-	Active	NO

Name :	Mr. Saroj Kumar Jain
Designation :	Director
Date of Appointment :	13.07.1991
DIN No.:	00877558

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	U74899DL1984PTC019308	Archna Fab Private Limited	Director	21/02/1991	21/02/1991	30/09/2007	Active	NO
2	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Director	13/07/1991	13/07/1991	-	Active	NO

Name :	Ms. Sangeeta Jain
Designation :	Director
Date of Appointment :	08.03.1994
DIN No.:	00877747

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	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Director	08/03/1994	08/03/1994	-	Active	NO

Name :	Mr. Sunit Jain
Designation :	Director
Date of Appointment :	08.03.1994
DIN No.:	01287192

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	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Director	08/03/1994	08/03/1994	-	Active	NO

Name :	Mr. Vikas V Jain
Designation :	Director
Date of Appointment :	08.03.1994
DIN No.:	01287228

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	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Director	08/03/1994	08/03/1994	-	Active	NO

Name :	Mr. Sunil Kumar Jain
Designation :	Director
Date of Appointment :	08.03.1994
DIN No.:	01295060

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	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Director	08/03/1994	08/03/1994	28/02/2011	Active	NO

Name :	Mr. Sanjeev Jain
Designation :	Director
Date of Appointment :	08.03.1994
DIN No.:	00651085

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	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Director	08/03/1994	08/03/1994	28/02/2011	Active	NO

Name :	Mr. Praveen Kumar Jain
Designation :	Director
Date of Birth/Age :	06.11.1966
Date of Appointment :	01.03.2011
DIN No.:	03459082

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	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Additional director	01/03/2011	01/03/2011	-	Active	NO

Name :	Mr. Arvind Kumar Jain
Designation :	Director
Date of Birth/Age :	01.01.1953
Date of Appointment :	01.03.2011
DIN No.:	03459106

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	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Additional director	01/03/2011	01/03/2011	-	Active	NO

Name :	Mr. Himanshu Jain
Designation :	Director
Date of Birth/Age :	15.04.1983
Date of Appointment :	01.03.2011
DIN No.:	03459112

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	U74899DL1991PTC044955	Neo Hy-Laminates Private Limited	Additional director	01/03/2011	01/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2010

Names of Shareholders	No. of Shares
Ashwani Kumar Jain	1250
Malti Jain	750
Arvind Kumar Jain	1350
Jaya Jain	1500
Sushil Kumar Jain	1350
Naveen Kumar Jain	1100
Naveen Trading Company Jointly with partner Ashwani Kumar Jain	100
Amit Trading Company Jointly with Partner Ashwani Kumar Jain	100
Jai pal Singh Jain	85
Pardeep Kumar Jain	750
Parveen Kumar Jain	325
Usha Jain	225
Archana Jain	400
Sulochna Jain	400
Rajinder Prasad Jain	75
Sangeeta Jain	1750
Pardeep Kumar Jain (HUF)	375
Dharam Pal Jain (HUF) through Aneet Kumar Jain	400
Saroj Kumar Jain	1000
Sayawati Jain	400
Poonam Jain	300
Ajay Jain	10
Ajay Jain (HUF) through Ajay Kumar Jain	1000
Himanshu Jain	1150
Babita Jain	1055
Jai Pal Singh Jain (HUF) through Jaipal Singh Jain	400
Sandeep Kumar Jain	900
Jai Prakash Jain (HUF)	400
Kusum Jain	400
Gurjee Mal Ulfat Rai Jain through Partner Pardeep Kumar Jain	100
Asha Trading Company through partner Jain Pal singh Jain	100
Vikas Jain	800
Sunit Jain	950
Roopali Jain	450
Bela Jain	200
Sanjeev Jain	1300
Sunil Jain	1800
Total	25000

Equity Share Breakup (Percentage of Total Equity)

AS ON 28.09.2010

Category	Percentage of Holding
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Decorative Laminates, HPB (High Pressure Laminates), Industrial Laminates Kitchen door panels and door skin.
Exports :
Products :	Decorative Laminates
Countries :	Saudi Arabia UAE Kuwait
Imports :
Products :	Base Paper
Countries :	Middle East
Terms :
Selling :	L/C, Cash and Credit (30 Days)
Purchasing :	L/C, Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

• Shubhamc Chemical & solvents Limited
• Pahwa plastic Private Lidmited
• Parijat Paper Private Limited
• Jdc traders Private Limited
• Akashdeep Paper Private Limited
• B.k sales corporation
• Apcolite Polymers Private Ldimited
• G.d chemicals
• Sidmark Sales Private Ldimited
• Skd Impex Private Limited
• Saraf agencies
• Bharat traders
• Ensons enterprises
• Uflex Limited
• Yahoo printers

Customers :

End Users and OEM’s

· Jain Laminates House

· Shree Laminates

· Sagar Saeles

· Shyam Industries

· Vandna Ply Palace Private Limited

· Candalal Kalyanmal

· Forest Products

· Shri Plywood House

· Shrei Vartdhman Plywood Centre

· Swastik Laminates, Mumbai

· Shakti Laminator Works

· Al-Ebtekar Exhibhit For Kitchens

· Akashat Marketing

· NIHO Construction Limited

· Balaji Laminates and Plywood

No. of Employees :

50 Approximately

Bankers :

Punjab National Bank, Railway Road, Bahadurgarh-124507, Haryana, India

Facilities :

Rs. In Millions

SECURED LOANS	31.03.2010	31.03.2009
Term Loan
Punjab National Bank	2.128	2.797
Working Capital
From Punjab National Bank CC A/C 212	0.194	0.194
Car Loan From Bank	1.917	2.434
Punjab National Bank PC A/C	9.706	7.896
Punjab National Bank CC - 871	0.619	0.000
Total	14.564	13.321
Note: Term Loan secured against all existing and future assets of the company by way of hypothecation in favour of the Punjab National Bank. Cash Credit/ Packing Credit facility with Punjab National Bank is secured by hypothecation of raw materials, work in process, finished goods and book debts of the company, consumables stores and spares, inward RR/ GR and all other current assets, deposits of confirmed order and original irrevocable L/C of approved Foreign Bank open in favour of party. Car Loan from Banks is secured against hypothecation of vehicles only.
Unsecured Loans	31.03.2010	31.03.2009
From Directors	3.958	3.691
From Share Holders	13.691	14.269
Total	17.649	17.960

Banking Relations :	--
Auditors :
Name :	G R Bansal and Company Chartered Accountant
Address :	2941/3, 1^st Floor, Chuna Mandi, Paharganj, New Delhi-110055, India
Tel. No.:	91-11-23539350/ 23583279/ 27471026

CAPITAL STRUCTURE

AS ON 28.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs. 100/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs. 100/- each	Rs. 2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.811	21.986	21.212
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.311	24.486	23.712
LOAN FUNDS
1] Secured Loans		14.564	13.321	15.244
2] Unsecured Loans		17.649	17.960	16.514
TOTAL BORROWING		32.213	31.281	31.758
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		57.524	55.767	55.470
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.666	25.791	19.606
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.478	0.367	0.302
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.206	27.765	27.142
	Sundry Debtors	9.208	8.659	16.827
	Cash & Bank Balances	0.163	0.547	0.403
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.890	10.389	11.066
Total Current Assets		49.467	47.360	55.438
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.269	12.331	17.478
	Other Current Liabilities	2.344	4.896	1.956
	Provisions	0.474	0.524	0.442
Total Current Liabilities		18.087	17.751	19.876
Net Current Assets		31.380	29.609	35.562
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		57.524	55.767	55.470

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
		TOTAL TURNOVER	85.652	81.704	84.801
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.054	2.034	2.006
Less/ Add	DEPRECIATION/ AMORTISATION		1.049	0.910	0.809
	PROFIT BEFORE TAX		1.005	1.124	1.197
Less	TAX		0.179	0.349	0.358
	PROFIT AFTER TAX		0.826	0.775	0.839
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		21.987	21.212	20.373
	BALANCE CARRIED TO THE B/S		22.813	21.987	21.212
	Earnings Per Share (Rs.)		33.04	31.00	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	1.33	1.54	1.60
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.05
Debt Equity Ratio (Total Liability/Networth)		1.98	2.00	2.18
Current Ratio (Current Asset/Current Liability)		2.73	2.67	2.79

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE:

During the year ended 2009-10, Total Turnover of Company was increased to Rs. 85.652 Millions as against turnover of Rs. 81.703 Millions during the previous year. However, after meeting various Administration charges and depreciation, A net profit of Rs. 0.825 Million was arrives as against Net profit of Rs. 0.774 Million during the previous year, which has been transferred to reserve and surplus.

Bankers Charges Report as per Registry

Name of the company	NEO HY-LAMINATES PRIVATE LIMITED
Presented By	Mr. Sunil Jain, Director and the Branch Manager, PNB Sampla, Haryana
1) Date and description of instrument creating the change	Hypothecation Agreement dated 25.08.2004 executed for Rs. 1.270 Millions to secured Term Loan
2) Amount secured by the charge/amount owing on the securities of charge	Term Loan of Rs. 1.270 Milions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of New Plant and Machinery
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of Interest BPLR + 0.50% + 1.5% i.l.e 12.75% compounded monthly. Penal interest @ 2% over and above the normal rate to be recovered for the amount/ period of default. Total term Loan principal amount of Rs. 1.270 Millions will be repayable in 28 quarterly installments of Rs. 0.045 Million plus interest accrued there upon will be recovered as and when due. Term loan will be repayable after 6 months of Disbursement or installation of the new machinery whichever is earlier. Other terms and conditions as per sanction letter like collaterally secured by first charge on block assets of the company valuing Rs. 23.134 Millions as per Balance sheet as at 31.03.2003 including IP of Rs. 8.965 Millions as per valuation report dated 11.02.2004 of Bank approved value Mr. V K Jain and enhancement of existing equitable mortgage of factory land and building.
5) Name and Address and description of the person entitled to the charge.	Punjab National Bank, Railway Road, Bahadurgarh-124507, Haryana, India

Corporate identity number of the company	U74899DL1991PTC044955
Name of the company	NEO HY-LAMINATES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1269, Katra Sant Nagar, Chandani Chowk, Delhi-110006, India
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property Others
Particular of charge holder	Punjab National Bank, Railway Road, Bahadurgarh-124507, Haryana, India
Nature of instrument creating charge	1. Hypothecation of current assets 2. Master agreement for inland document credit 3. Hypothecation of goods and book debts to secure cash credit facility 4. Packing credit agreement
Date of instrument Creating the charge	14.07.2009
Amount secured by the charge	Rs. 20.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC limit BPLR+1% PC limit BPLR-2.50% LC/FLC as per bank schedule of charges Terms of Repayment On demand Margin Cash Credit & Packing Credit---------25% ILC/FLC------------------------------------20% Extent and Operation of the charge 100%
Short particulars of the property charged	The whole of the current assets of the company including stocks, bills receivables, book debts and all other movables lying anywhere Property situated at Khwat No. 52 & Khatoni No. 59 & 63 rect & Killa No. 61/20(7-4), 21(6-8) measuring 13 Kanals 12 marlas Village Gandhra, Tehsil: Sampla Distt Rohtak in the name of company.

FIXED ASSETS:

· Land

· Building

· Machinery

· Office Furniture

· Type Writer

· EPABX (Intercom)

· Printer Table

· Computer

· Car

· Scooter/ Bike

· Refrigerator

· Fire Extinguisher

· Office Equipments

· Electric Meter

· Lab Equipments

· Tempo

TRADE REFERENCES:

· Parijat Paper Mills Limited

· Nidhi Laminates, Hyderabad

· Swastik Laminates, Mumbai

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.47.46
UK Pound	1	Rs.74.96
Euro	1	Rs.65.79

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
--BE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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	Be	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Be	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	Be	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.