MIRA INFORM REPORT

Report Date :

23.02.2012

IDENTIFICATION DETAILS

Name :	INSTA EXHIBITIONS PRIVATE LIMITED
Registered Office :	306, Garg Plaza, Local Shopping Centre, Sindhora Kalan, New Delhi – 110 052, Delhi
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.01.2003
Com. Reg. No.:	55-118523
Capital Investment / Paid-up Capital :	Rs.13.126 Millions
CIN No.: [Company Identification No.]	U92199DL2003PTC118523
TAN No.: [Tax Deduction & Collection Account No.]	DELI03966E
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider for Exhibition, Seminar, Fashion Show and Promotional Show.
No. of Employees :	500 Approximately (Contractual Worker include)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 996000
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 tarde 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	306, Garg Plaza, Local Shopping Centre, Sindhora Kalan, New Delhi – 110 052, Delhi, India
Tel. No.:	91-11-23643339 / 23646305 / 8589
Mobile No.:	91-9167995197 (Mr. Kriti Thokchom)
Fax No.:	91-11-23643375
E-Mail :	kritidas.thokchom@insta-group.com finance@insta-group.com royjacobandco@rediffmail.com
Website :	http://www.insta-group.com
Location :	Owned
Head Office/ Corporate office :	B-602, Pramukh Plaza, Cardinal Gracious Road, Chakala, Andheri (East), Mumbai-400099, India
Tel. No.:	91-22-28251806 / 27/ 38 / 74 / 40649200
Fax No.:	91-22-28251836
E-Mail :	info@insta-group.com
Branch Office :	Pune Lloyds Chambers, Block - III, Office No: 309/310, Mangalwar Peth, Pune – 411011, Maharashtra, India Tel: 91-20-41209410 Gurgaon Plot No. 373, Sector - 37, Pace City - II, Gurgaon – 122001, Haryana, India Tel: 91-124-2210741/42/43/45 Fax: 91-124-2210746 Email:delhi@insta-group.com Kolkata B161/1, M.G. Road, Room No. 63, 3rd Floor, Kolkata – 700007, West Bengal, India Tel: 91-33-22738991/8992 Fax:91-33-22738992 Email:kolkata@insta-group.com Ahmedabad 103, ARTH Complex, Near Meethakali Circle, Navrangpura, Ahmedabad 380009, Gujarat, India Tel: 91-79-26442390 Ext. 000 Fax: 91-79-26442396 Secunderabad 312, Mittal Chambers, 3^rd Floor, M.G. Road, Secunderabad – 500003, Andhra Pradesh, India Tel: 91-40-66333128/3129 Fax: 91-40-66333128 Email:secunderabad@insta-group.com Chennai No. 42 Montieth Road, No. 04, 4th Floor, Sindhur Plaza, Egmore, Chennai - 600008 Tel: 91-44-42148543/65244978 Fax: 91-44-42148543 Email:chennai@insta-group.com Bangalore 103, ARTH Complex, No. 313, Insta House, 15th Cross, JP Nagar, 5th Phase, 100 Ft. Road, Ring Road, Bangalore - 560078,Karnataka, India. Tel: 91-80-91-80-41404100/41132178 Fax: 91-80-41517717
Works :	· Plot No. 14, Sector 8-A, Integrated Industrial Estate, SIDCUL, BHEL, Ranipur, District Haridwar, (Uttaranchal), India. E-mail: haridwar@insta-group.com · Insta House, 1-A K. T. Industrial Estate, Billalpada, Vasai Road (East), Thane, Maharashtra, India.
Overseas Office :	Located at · Europe · UAE · USA

DIRECTORS

As on 30.09.2011

Name :

Mr. Ved Prakash Kedia

Designation :

Director

Address :

BFH-90, Shalimar Bagh (W), Delhi – 110 088, India

Date of Birth/Age :

28.07.1981

Date of Appointment :

16.01.2003

DIN No.:

00293412

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U92199DL2003PTC118523	Insta Exhibitions Private Limited	Director	16-01-03	16-01-03	Active	NO
2	U74999MH2007PTC171979	Insta Retail Solutions Private Limited	Director	25-06-07	25-06-07	Active	NO

Name :

Mr. Sharwan Kumar Kedia

Designation :

Director

Address :

B-603, Laksh Chandi Apartment, Gokul Dham, Goregaon (E), Mumbai – 400 063, Maharashtra, India

Date of Birth/Age :

20.01.1950

Date of Appointment :

16.01.2003

DIN No.:

00293485

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74140MH1998PTC115541	Insta Vat Reclaim Private Limited	Director	26-11-01	26-11-01	Active	NO
2	U92199DL2003PTC118523	Insta Exhibitions Private Limited	Director	16-01-03	16-01-03	Active	NO
3	U74999MH2007PTC171979	Insta Retail Solutions Private Limited	Director	25-06-07	25-06-07	Active	NO

Name :

Mr. Rajnikant Sharawan Kedia

Designation :

Director

Address :

B-603, Laksh Chandi Apartment, Gokul Dham, Goregaon (E), Mumbai – 400 063, Maharashtra, India

Date of Birth/Age :

06.01.1975

Date of Appointment :

16.01.2003

DIN No.:

00712396

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74140MH1998PTC115541	Insta Vat Reclaim Private Limited	Director	29-06-98	29-06-98	Active	NO
2	U92199DL2003PTC118523	Insta Exhibitions Private Limited	Director	16-01-03	16-01-03	Active	NO
3	U74999MH2007PTC171979	Insta Retail Solutions Private Limited	Director	25-06-07	25-06-07	Active	NO

Name :

Mr. Mahesh Sharwankumar Kedia

Designation :

Director

Address :

B-603, Laksh Chandi Apartment, Gokul Dham, Goregaon (E), Mumbai – 400 063, Maharashtra, India

Date of Appointment :

16.01.2006

DIN No.:

00321944

Other Directorship:

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	U92199DL2003PTC118523	Insta Exhibitions Private Limited	Director	16-01-06	16-01-06	-	Active	NO
2	U74999MH2007PTC171979	Insta Retail Solutions Private Limited	Director	25-06-07	25-06-07	-	Active	NO

Name :

Mr. Surender Kedia

Designation :

Director

Address :

37, Jawahar Nagar Colony, P.G. Road, Near Ram Mandir, Secundrabad – 500003, Andhra Pradesh, India

Date of Appointment :

25.01.2005

DIN No.:

00964902

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rajnikant Kedia	275300
Rajnikant Kedia HUF	100720
Mahesh Kedia	55910
Sharwan Kumar Kedia	135150
Sharwan Kumar Kedia HUF	25000
Ved Prakash Kedia	464790
Sanjay Singhaniya	45000
Preeti Kedia	2000
Insta Vat Reclaim Private Limited	134500
Insta Retail Solutions Private Limited	34500
Anand Agarwal	4800
Chivas Capital Limited	4000
Deepak Modi	1000
Life Style Products Private Limited	2500
Pcb Consultants	4000
Poonam Bansali	1500
Range Trading and Investment Private Limited	2000
Varinda Hosiery Industries Limited	1500
TOTAL	1294170

As on 02.05.2011

Names of Allottee	No. of Shares Allotted
Rajnikant Kedia	22000
Insta Vat Reclaim Private Limited, India	16000
Mehesh Kedia	910
Rajnikant Kedia HUF	720
Ved Prakash Kedia	440
TOTAL	40070

As on 02.05.2011

Names of Allottee	No. of Shares Allotted
Sangeeta Kedia	740
Insta Retail Solutions Private Limited, India	4000
Mahesh Kedia	800
Rajnikant Kedia	4800
Sharwankumar Kedia	2630
Ved Prakash Kedia	4192
Priti Kedia	450
Santosh Kedia	770
TOTAL	18382

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	14.51
Directors or relatives of Directors	71.94
Other top fifty shareholders	13.55
Total	100.00

BUSINESS DETAILS

Line of Business :	Service Provider for Exhibition, Seminar, Fashion Show and Promotional Show.
Products :	· Exhibit Solutions · Portable Solutions · Modular Solutions · Custom Built Exhibit · Display Solutions · Solutions for Activation

GENERAL INFORMATION

No. of Employees :

500 Approximately (Contractual Worker include)

Bankers :

• Axis Bank, Andheri (East) Branch
• Small Industries Development Bank of India, 11-13, Atlanta Building, 209, 1^st Floor, VK Shah Marg, Nariman Point, Mumbai – 400021, Maharasahtra, India
• 11-13, Atlanta Building, 209, First Floor, VK Shah Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India
• HDFC Bank
• Citi Bank, 2413, Parmar House, East Street Camp, Pune – 411001, Maharasahtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Vehicle Loans (Secured against hypothecation of the vehicle financed)	0.771	0.543
Term Loans
Axis Bank Limited – Term Loan	6.965	13.950
Axis Bank Limited – Foreign Currency Term Loan (FCTL)	46.815	72.655
Citibank Term Loan	27.815	36.068
SIDBI Term Loan	47.800	27.850
Cash Credit Account
Axis Bank Limited (Secured against hypothecation of stocks and book debts)	98.000	92.178
Packing Credit
Axis Bank Limited (Secured against hypothecation of stocks and book debts)	0.000	4.960
Post Shipment Credit
Axis Bank Limited	0.123	0.000
HP Finance Service Private Limited	3.380	0.000
Total	230.898	248.204
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	18.500	19.200
Form Bodies Corporate	37.985	0.000
From Shareholder	0.980	0.980
Total	57.465	20.180

Banking Relations :	--
Auditors :
Name :	Chachan and Lath Chartered Accountant
Address :	303 and 307 Garg Plaza, Near Gulabi Bagh, Telephone Exchange, Gulabi Bagh, Delhi – 110 052, India
Tel. No.:	91-11-23654483 / 23655495
Fax No.:	91-11-23655495
E-Mail :	chachanlath@gmail.com
PAN.:	AABFC7580J
Subsidiaries :	· Expo Display Holding AG, Bauma, Switzerland · US Insta group Inc.
Fellow Subsidiaries :	· Expo Display Holding AG, Bauma, Switzerland · Expo Display Service GmbH, Germany · Expo Display Service, S.A., France · Expo Display and Graphic Service BV, Holland · Expo Display Service Handelsges, MBH, Austria · Exhibition Solution, Belgium
Joint Venture :	E.D.S. Middle East (L.L.C.), Dubai, UAE
Associates :	· Insta Vat Reclaim Private Limited · Insta Retail Solutions Private Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1312552	Equity Shares	Rs.10/- each	Rs.13.126 millions

As On 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1294170	Equity Shares	Rs.10/- each	Rs.12.942 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1254100	Equity Shares	Rs.10/- each	Rs.12.541 millions

Note

Share Capital includes 886500 Equity Shares of Rs.10/- each allotted as fully paid bonus shares by capitalization out of reserves.)

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		12.541	12.541	12.541
2] Share Application Money		11.300	0.200	0.000
3] Reserves & Surplus		225.227	177.414	125.191
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		249.068	190.155	137.732
LOAN FUNDS
1] Secured Loans		230.898	248.204	207.668
2] Unsecured Loans		57.465	20.180	0.180
TOTAL BORROWING		288.363	268.384	207.848
DEFERRED TAX LIABILITIES		7.677	6.979	4.412
TOTAL		545.108	465.518	349.992
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		111.265	107.548	101.594
Capital work-in-progress		0.401	1.119	1.019
INVESTMENT		95.133	95.133	53.706
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.379	53.028	36.813
	Sundry Debtors	155.403	103.773	55.897
	Cash & Bank Balances	10.281	5.627	3.725
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	264.760	173.530	177.427
Total Current Assets		491.823	335.958	273.862
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	66.742	34.546	19.723
	Other Current Liabilities	57.290	23.472	26.709
	Provisions	29.523	16.302	33.880
Total Current Liabilities		153.555	74.320	80.312
Net Current Assets		338.268	261.638	193.550
MISCELLANEOUS EXPENSES		0.041	0.080	0.123
TOTAL		545.108	465.518	349.992

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	610.337	469.701	440.418
		Other Income	NA	12.452	7.429
		TOTAL (A)	NA	482.153	447.847
Less	EXPENSES
		Cost of Materials and Stand Construction		216.407	195.201
		Direct Expenses		20.471	12.822
		Administrative Expenses		34.723	30.817
		Personnel Expenses		78.146	84.170
		Selling Expenses		32.365	40.579
		Amortization of Miscellaneous Expenses		0.041	0.041
		Increase / (Decrease) in Stock		(2.215)	0.348
		TOTAL (B)		379.938	363.978
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			102.215	83.869
Less	FINANCIAL EXPENSES (D)			28.508	22.076
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			73.707	61.793
Less/ Add	DEPRECIATION/ AMORTISATION (F)			7.548	9.568
	PROFIT BEFORE TAX (E-F) (G)		NA	66.159	52.225
Less	TAX (H)			13.567	12.974
	PROFIT AFTER TAX (G-H) (I)			52.592	39.251
Less	PROVISION FOR GRATUITY / LEAVE ENCASHMENT			0.000	3.771
Less	SHORT/EXCESS PROVISION ON INCOME / DEFERRED TAX			0.370	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			39.838	24.358
Less	APPROPRIATIONS
		Transfer to General Reserve		20.000	20.000
	BALANCE CARRIED TO THE B/S			72.060	39.838
	EARNINGS IN FOREIGN CURRENCY
		Service Charges – Exhibitions	228.263	62.917	41.640
		Value of Exports	84.785	45.183	15.934
		Interest Received	16.040	9.759	5.859
	TOTAL EARNINGS		329.088	117.859	63.433
	IMPORTS
		Raw Materials	11.289	8.668	3.688
		Finished Products	8.228	7.503	14.255
		Print and Other items	3.452	3.035	1.856
	TOTAL IMPORTS		22.969	19.206	19.799
	Earnings Per Share (Rs.)		NA	41.94	31.30

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	10.91	8.76
Net Profit Margin (PBT/Sales)	(%)	NA	14.09	11.86
Return on Total Assets (PBT/Total Assets}	(%)	NA	14.92	13.91
Return on Investment (ROI) (PBT/Networth)		NA	0.35	0.38
Debt Equity Ratio (Total Liability/Networth)		1.77	1.81	2.09
Current Ratio (Current Asset/Current Liability)		3.20	4.51	3.41

INFORMATION

FORM 8

Corporate identity number of the company	U92199DL2003PTC118523
Name of the company	INSTA EXHIBITIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	306, Garg Plaza, Local Shopping Centre, Sindhora Kalan, New Delhi – 110 052, Delhi, India
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Others o Current Assets
Particular of charge holder	Small Industries Development Bank of India 11-13, Atlanta Building, 209, First Floor, VK Shah Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India
Nature of instrument creating charge	Deed of Hypothecation dated 24/02/2011, POA dated 24/02/2011
Date of instrument Creating the charge	24.02.2011
Amount secured by the charge	Rs.20.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 13.5% p.a. with monthly rests, on the principal amount of the OCD outstanding from time to time. Terms of Repayment repayment in 48 monthly installments commencing 24 months from date of first disbursement Margin as per hypothecation deed. Extent and Operation of the charge The Assistance, together with interest, costs, expenses, penal interest and all other monies dues and payable by the borrower shall be secured by charge on the movable assets (including current assets) of the company which would be subservient to all the existing and prospective charges created / to be created on such assets. The company shall furnish an 'Irrevocable Power of attorney' (POA) in favour of SIDBI as per terms and condition
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The Assistance, together with interest, costs, exps., penal interest and all other monies dues and payable by the borrower shall be secured by charge on the movable assets(including current assets)... ..of the company which would be subservient to all the existing and prospective charges created / to be created on such assets. The company shall furnish an 'Irrevocable Power of attorney' (POA) in favour of SIDBI as per terms and condition

FIXED ASSETS

· Computer and Allied Equipments

· Furniture and Fixtures

· Motor Vehicles

· Plant and Machineries

· Office Equipments

· Office Building

· Factory Building

· Land

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.49.25
UK Pound	1	Rs.76.75
Euro	1	Rs.65.16

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.