MIRA INFORM REPORT

Report Date :

24.12.2012

Tel. No.:

91 022 30613500

IDENTIFICATION DETAILS

Name :	YASHRAJ FILMS PRIVATE LIMITED
Registered Office :	5, Shah Industrial Estate, Off. Veera Desai Road, Andheri (West), Mumbai - 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.08.1973
Com. Reg. No.:	11-016788
Capital Investment / Paid-up Capital :	Rs.10.100 millions
CIN No.: [Company Identification No.]	U92110MH1973PTC016788
TAN No.: [Tax Deduction & Collection Account No.]	MUMY00459E
PAN No.: [Permanent Account No.]	AAACY1176E
Legal Form :	Private Limited Liability Company
Line of Business :	Production and Distribution of Films.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 6052000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and a reputed company having fine track record. The financial position of the company appears to be sound and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good 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.

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 DECLINED BY

Name :	Mr. Rajesh Punjabi
Designation :	Senior Accountant
Contact No.:	91-22-30613500
Date :	21.12.2012

LOCATIONS

Registered/ Corporate Office :	5, Shah Industrial Estate, Off. Veera Desai Road, Andheri (West), Mumbai - 400 059, Maharashtra, India
Tel. No.:	91-22-30613500
Fax No.:	91-22-30613599
E-Mail :	yash@yashrajfilms.com helpdesk@yashrajfilms.com
Website :	http://www.yashrajfilms.com
Location :	Owned
Overseas Office :	Located at: v USA (New York) v UK (London) v UAE (Dubai)

DIRECTORS

As on 29.09.2011

Name :	Mr. Yashraj Wilayatiram Chopra
Designation :	Managing Director
Address :	21, Adityodaya, 12 Road, JVPD Scheme, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	27.09.1932
Date of Appointment :	06.09.1999
DIN No.:	00202589
Name :	Mr. Uday Yashraj Chopra
Designation :	Director
Address :	21, Adityodaya, 12 Road, JVPD Scheme, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	05.01.1973
Date of Appointment :	06.09.1999
DIN No.:	01290703
Name :	Mr. Aditya Yashraj Chopra
Designation :	Director
Address :	21, Adityodaya, 12 Road, JVPD Scheme, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	21.05.1971
Date of Appointment :	06.09.1999
DIN No.:	01290728
Name :	Mrs. Pamela Yashraj Copra
Designation :	Director
Address :	21, Adityodaya, 12 Road, JVPD Scheme, Juhu, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	29.07.1948
Date of Appointment :	30.08.1973
DIN No.:	02073452
Name :	Mr. Sanjeev Madanmohan Kohli
Designation :	Director
Address :	52, Makani Manor, Peddar Road, Mumbai - 400 026, Maharashtra, India
Date of Birth/Age :	16.10.1956
Date of Appointment :	06.09.1999
DIN No.:	01061122

KEY EXECUTIVES

Name :	Mr. Rajesh Punjabi
Designation :	Senior Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Yashraj W. Chopra	8080
Pamela Yashraj Copra	5050
Aditya Yashraj Chopra	6060
Uday Yashraj Chopra	6060
Yashraj Sons Enterprises Private Limited, India	75750
Total	101000

As on 14.10.2011

Names of Allottees	No. of Shares
Yashraj W. Chopra	80800
Pamela Yashraj Copra	50500
Aditya Yashraj Chopra	60600
Uday Yashraj Chopra	60600
Yashraj Sons Private Limited, India	757500
Total	1010000

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	75.00
Directors or relatives of directors	25.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Production and Distribution of Films.

GENERAL INFORMATION

No. of Employees :

200 (Approximately)

Bankers :

v Export Import Bank of India Centre One Building, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

v Yes Bank, 9^th Floor, Nehru Center, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400 018, Maharashtra, India

v Bank of Baroda, Andheri, Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured (Secured against current assets and FD)	275.265	9.273
Total	275.265	9.273

Unsecured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans directors unsecured	68.139	5.221
Total	68.139	5.221

Banking Relations :	--
Auditors :
Name :	Chandabhoy and Jassoobhoy Chartered Accountants
Address :	208, Phoenix House A Wing, 2^nd Floor, 462, Senapati Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India
Tel. No.:	91-22-24981516/ 24960045/ 24961356
Fax No.:	91-22-24981718
E-Mail :	mail@cnj.in
Income-tax PAN of auditor or auditor's firm :	AAAFC5274C
Associate Companies and Joint Ventures :	v Yash Raj PP Associates Private Limited, India (CIN No.: U92111DL2000PTC108196) v Yash Raj Jai Pictures Private Limited, India (CIN No.: U92112RJ2000PTC016577) v Yash Raj and Puri Co Private Limited, India (CIN No.: U92112PB2001PTC024814) v Yash Raj Kushagra Arts Private Limited, India (CIN No.: U92111WB2007PTC115067) v Yapu Entertainment Private Limited, India (CIN No.: U92100MH2008PTC181794) v Yash Raj Films (UAE) L.L.C., United Arab Emirates
Subsidiary Companies :	v Yash Raj Films International Limited – UK v Yash Raj Films USA Inc, United States v YRF Television Private Limited, India (CIN No.: U92100MH2008PTC179491)
Companies / Firms in which directors are interested :	v Yash Raj Pal Films Distributors B’lore Private Limited v Yash Raj Vandana Films Distributors Private Limited v Aditya Films Private Limited v YRF Studios Private Limited v Yash Raj Sons Private Limited v Forging and Stamping Private Limited v Yash Raj Films

CAPITAL STRUCTURE

After 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1115000	Equity Shares	Rs.100/- each	Rs.111.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1111000	Equity Shares	Rs.100/- each	Rs.111.100 millions

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1115000	Equity Shares	Rs.100/- each	Rs.111.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
101000	Equity Shares	Rs.100/- each	Rs.10.100 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
105000	Equity Shares	Rs.100/- each	Rs.10.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
101000	Equity Shares	Rs.100/- each	Rs.10.100 millions

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		10.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1502.917	1391.783	1564.976
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1513.017	1391.883	1565.076
LOAN FUNDS
1] Secured Loans		275.265	9.273	226.630
2] Unsecured Loans		68.139	5.221	44.140
TOTAL BORROWING		343.404	14.494	270.770
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1856.421	1406.377	1835.846
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		195.504	219.293	207.145
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		215.004	297.820	280.402
DEFERREX TAX ASSETS		7.943	5.595	2.721
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	261.599	345.408	11.278
	Sundry Debtors	436.024	131.886	845.779
	Cash & Bank Balances	446.492	249.209	71.554
	Other Current Assets	11.809	59.271	392.418
	Loans & Advances	954.610	773.219	895.406
Total Current Assets		2110.534	1558.993	2216.435
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.362	64.602	73.552
	Other Current Liabilities	107.920	68.122	83.228
	Provisions	539.282	542.600	714.077
Total Current Liabilities		672.564	675.324	870.857
Net Current Assets		1437.970	883.669	1345.578
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1856.421	1406.377	1835.846

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1240.641	1047.902	NA
		Other Income
		TOTAL	1240.641	1047.902	NA
Less	EXPENSES
		Office Expenses	1126.434	1222.069	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	1126.434	1222.069	NA
	PROFIT/ (LOSS) BEFORE TAX		114.207	(174.167)	77.848
Less	TAX		(2.448)	(2.873)	32.539
	PROFIT/ (LOSS) AFTER TAX		116.655	(171.294)	45.309
	Short Provision for earlier years		NA	1.898	--
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1268.155	1441.347	1396.039
	BALANCE CARRIED TO THE B/S		NA	1268.155	1441.347
	EARNINGS IN FOREIGN CURRENCY
		From sale of DVDs, ACDs and VCDs	18.450	49.240	35.410
		Theatricals and Prints Income	39.906	153.019	340.334
		Satellite Broadcast/ Terresterial	48.646	64.745	65.378
		Reimbursement of Expenses	0.413	0.561	0.000
		Synchronization	0.000	0.091	0.000
		Vat Refund	0.000	0.000	6.699
	TOTAL EARNINGS		107.415	267.656	447.821
	Earnings/ (Loss) Per Share (Rs.)		1199.34	(173192.23)	46333.14

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.40	(16.35)	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.95	(9.79)	3.21
Return on Investment (ROI) (PBT/Networth)		0.08	(0.13)	0.05
Debt Equity Ratio (Total Liability/Networth)		0.67	0.50	0.73
Current Ratio (Current Asset/Current Liability)		3.14	2.31	2.55

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors - Creditors due others	25.362	64.602	73.552

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	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	No
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

Note:

The registered office of the company has been shifted from Girnar Apartments Block No. A, 5^th Floor, Pali Hill Road, Bandra, Mumbai – 400 050, Maharashtra, India to the present address w.e.f. 21.05.2007.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Guarantees given by Bank on behalf of the Company	1.384	1.173

i. During the course of the survey conducted by the Sales Tax Department, the Company had paid VAT on theatricals amounting to Rs.5.646 millions “under protest”. The Company through its association has made a representation to the Government of Maharashtra to withdraw the VAT from the theatrical rights on film since it was already burdened with various taxes like Entertainment Tax, MST, I.N.R Charges etc which are recovered by the Government. However the matter to this date is neither resolved nor are the assessment proceedings initiated for the above survey by the Sales Tax department. In view of the above the company has not provided any sum towards VAT liability.

ii. No forward contracts for foreign exchange transaction are outstanding as on 31st March 2011.

iii Disputed Income Tax Dues:

Nature of Dues	Amount (Rs.)	Period	Forum where Dispute is pending
I. Income Tax	12.141	A.Y. 2006-07	ITAT
	89.919	A.Y. 2006-07	CIT(Appeals)
	47.270	A.Y. 2007-08	CIT(Appeals)
	18.972	A.Y. 2008-09	CIT(Appeals)
II. Income Tax (TDS)	0.038	A.Y. 2004-05	CIT(Appeals) -TDS
	2.168	A.Y. 2008-09	CIT(Appeals) -TDS
	1.323	A.Y. 2009-10	CIT(Appeals) -TDS
	65.472	A.Y. 2010-11	CIT(Appeals) -TDS
	39.851	A.Y. 2011-12	CIT(Appeals) -TDS

Note:

In respect of A.Y. 2004-05, A.Y. 2005-06 and A.Y. 2006-07 the Income Tax department has reopened the assessment u/s 147 of the I.T. Act. The Company has filed writ petition before Hon’ble High Court, Mumbai challenging the aforesaid decision of I. Tax Department.

The hearing for A.Y. 2004-05 is completed and it was decided in the favour of Company whereas in respect of A.Y. 2005-06 and A.Y. 2006-07 the hearing date is not fixed as yet.

Apart from the above there are no other tax dues which are demanded by the Income Tax and which are outstanding as on 31^st March 2011 whether disputed or not.

The company has preferred an appeal as indicated in the above table against the demand raised by the Income Tax department and consequently no provision has been made for the same.

Further the company has been advised by their consultants that it will get a favorable verdict in the above cases.

Bankers Charges Report as per Registry

Corporate identity number of the company	U92110MH1973PTC016788
Name of the company	YASHRAJ FILMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5, Shah Industrial Estate, Off. Veera Desai Road, Andheri (West), Mumbai - 400 059, Maharashtra, India E-Mail: yash@yashrajfilms.com
This form is for	Modification of charge
Charge identification number of the modified	10162338
Type of charge	Book Debts Floating Charge
Particular of charge holder	CIN No.: L65190MH2003PLC143249 Yes Bank, 9^th Floor, Nehru Center, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400 018, Maharashtra, India E-Mail: shareholders@yesbank.in
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	23.07.2012
Amount secured by the charge	Rs.1800.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: OD: 1.75% over the YES Bank base rate WCDL: To be decided at the time of disbursement LC/SBLC/BG: 0.70%p.a. Terms of Repayment: OD: Tenor:12 months WCDL: Tenor: 12 months LC: Validity: 12 months, Usance: Maximum 180 days SBLC/BG: Tenor: 24 months OD: Tenor: 12 months Margin: NA Extent and Operation of the charge: Exclusive Charge on the whole of the current assets of the Company more particularly describe in the schedule of Supplemental Deed of Hypothecation dated 23.07.2012.
Short particulars of the property charged	Exclusive Charge on the whole of the current assets of the Company more particularly describe in the schedule of Supplemental Deed of Hypothecation dated 23.07.2012.
Particulars of the present modification	By this modification following facilities are enhanced : 1. Letter of Credit (Sight/ Usance) enhanced to Rs.1500.000 millions 2.Stand by Letter of Credit (Sub limit of LC-sight/Usance) enhanced to Rs.850.000 millions Following new facility is provided by the Bank: 1. Financial Bank Guarantee (Sub limit of LC-sight/Usance) Rs.850.000 millions

FIXED ASSETS:

v Bunglow

v Plant and Machinery

v Vehicles

v Furniture and Fittings

v Computers

v Leasehold Improvements

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.55.09
UK Pound	1	Rs.89.54
Euro	1	Rs.72.77

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		62

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.