MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	HI-LINE PENS PRIVATE LIMITED
Registered Office :	229, Okhala Industrial Estate, Phase 3, New Delhi-110 020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.02.1996
Com. Reg. No.:	55-076070
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U3699DL1996PTC076070
TAN No.: [Tax Deduction & Collection Account No.]	DELH03764F
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Parker Pens.
No. of Employees :	No Available

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 440000
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 – 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 :	229, Okhala Industrial Estate, Phase 3, New Delhi-110 020, India
Tel. No.:	91-11-43117330/11
Fax No:	91-11-26847602
E-Mail :	sandeep.gupta@luxoroffice.com
Factory :	5, Okhala Industrial Estate, Phase 3, New Delhi-110 020, India

DIRECTORS

AS ON 18.07.2011

Name :	Mr. Vijay Kumar Jain
Designation :	Director
Address :	B-167, Sarita Vihar, New Delhi- 110 044, Delhi, India
Date of Birth/Age :	05.06.1936
Date of Appointment :	20.07.1999
Din No.:	00055376

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1981PTC012566	LUXOR PLASTCHEM PRIVATE LIMITED	Director	24-04-89	24-04-89	Active	NO
2	U74899DL1980PTC010659	LUXOR INTERNATIONAL PRIVATE LIMITED	Director	08-01-96	08-01-96	Active	NO
3	U74899DL1990PTC042066	INDEAL HI-TECH ENGINEERING EQUIPMENT PRIVATE LIMITED	Director	01-06-96	01-06-96	Active	NO
4	U74899DL1987PTC019042	LUXOR (INDIA) PRIVATE LIMITED	Director	01-04-99	01-04-99	Active	NO
5	U36991DL1996PTC076070	HI-LINE PENS PRIVATE LIMITED	Director	20-07-99	20-07-99	Active	NO
6	U74140DL2009PTC195033	LUXOR NANO TECHNOLOGY PRIVATE LIMITED	Director	14-09-10	17-03-10	Active	NO
7	U74899DL1995PTC073683	LUXOR WRITING INSTRUMENTS PRIVATE LIMITED	Director	30-09-11	01-04-11	Active	NO

Name :	Mr. Davinder Kumar Jain
Designation :	Director
Address :	D-19, Nizamuddin East, New Delhi – 110013, Delhi, India
Date of Birth/Age :	19.02.1943
Date of Appointment :	15.11.2009
Din No.:	00055350

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	U74899DL1987PTC019042	LUXOR (INDIA) PRIVATE LIMITED	Director	03-09-87	03-09-87	-	Active	NO
2	U74899DL1995PTC073683	LUXOR WRITING INSTRUMENTS PRIVATE LIMITED	Director	08-11-95	08-11-95	-	Active	NO
3	U67120DL1996PTC076128	JHPL HOLDINGS PRIVATE LIMITED	Director	07-02-96	07-02-96	-	Active	NO
4	U25199DL1957PTC002817	PROCESSORS CORPORATION PRIVATE LIMITED	Director	26-03-96	26-03-96	-	Active	NO
5	U72200DL2000PTC104496	LUXOR INFOTECH PRIVATE LIMITED	Director	16-03-00	16-03-00	-	Active	NO
6	U55101DL2001PTC110097	EDENPARK HOTELS PRIVATE LIMITED	Director	20-03-01	20-03-01	-	Active	YES
7	U65993DL2002PTC114412	LAGUNA HOLDINGS PRIVATE LIMITED	Director	28-02-02	28-02-02	-	Active	NO
8	U45201DL2003PTC123494	INDIA COLONISERS PRIVATE LIMITED	Director	05-01-04	05-01-04	-	Active	NO
9	U45202DL2001PTC112449	PROSPEROUS ESTATES PVT LTD	Director	02-06-04	02-06-04	-	Active	NO
10	U24232DL2005PTC132418	LUXOR BIOTEC PRIVATE LIMITED	Director	25-01-05	25-01-05	-	Active	NO
11	U51909DL2005PTC135882	LUXOR GLOBAL BRANDS MARKETING PRIVATE LIMITED	Director	06-05-05	06-05-05	-	Active	NO
12	U70102DL2005PTC132799	TANMAY REALTECH PRIVATE LIMITED	Director	09-05-05	09-05-05	14-06-07	Active	NO
13	U70102DL2002PTC117222	HARI REALTECH PRIVATE LIMITED	Director	09-05-05	09-05-05	14-06-07	Active	NO
14	U74999DL2004PTC131590	UPPALS INFO AND BIO TECHNOLOGIES PRIVATE LIMITED	Director	11-06-05	11-06-05	-	Active	NO
15	U45201DL2005PTC138745	LUXOR CYBER CITY PRIVATE LIMITED	Director	15-07-05	15-07-05	-	Active	NO
16	U51909DL2006PTC145517	LUXOR RETAIL PRIVATE LIMITED	Director	27-01-06	27-01-06	-	Active	NO
17	U92111AP2005PLC045256	APAKSH BROADBAND LIMITED	Director	24-05-06	24-05-06	05-02-08	Active	NO
18	U70109DL2006PTC149303	HAWKS TOWN PLANNERS PRIVATE LIMITED	Director	29-09-07	03-07-06	-	Active	NO
19	U67120DL2006PTC153576	DPK INVESTMENTS PRIVATE LIMITED	Director	12-09-06	12-09-06	-	Active	NO
20	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Director	11-12-10	03-04-07	-	Active	NO
21	U74140MH2006PLC163437	ATHERSTONE CAPITAL MARKETS LIMITED	Director	01-02-08	01-02-08	06-08-08	Active	NO
22	U70100DL2009PTC191360	LUXOR INFRATECH PRIVATE LIMITED	Director	18-06-09	18-06-09	-	Active	NO
23	U74140DL2009PTC195033	LUXOR NANO TECHNOLOGY PRIVATE LIMITED	Director	09-10-09	09-10-09	-	Active	NO
24	U36991DL1996PTC076070	HI-LINE PENS PRIVATE LIMITED	Director	30-09-10	15-11-09	-	Active	NO
25	U74899DL1980PTC010659	LUXOR INTERNATIONAL PRIVATE LIMITED	Managing director	16-11-09	15-11-09	-	Active	NO
26	U55101DL2010PTC201057	SUSHREE HOSPITALITY PRIVATE LIMITED	Director	01-04-10	01-04-10	-	Active	NO
27	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	23-12-11	23-12-11	-	Active	NO
28	U41000DL2007PTC163653	LUXOR AQUA PRIVATE LIMITED	Additional director	06-03-12	06-03-12	-	Active	NO
29	U74899DL1990PTC042066	INDEAL HI-TECH ENGINEERING EQUIPMENT PRIVATE LIMITED	Additional director	01-06-12	01-06-12	-	Active	NO

Name :	Mrs. Pooja Jain
Designation :	Director
Address :	D-19, Nizamuddin East, New Delhi – 110013, Delhi, India
Date of Birth/Age :	12.10.1974
Date of Appointment :	15.11.2009
Din No.:	00055375

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1981PTC012566	LUXOR PLASTCHEM PRIVATE LIMITED	Director	25-09-93	25-09-93	Active	NO
2	U74899DL1995PTC073683	LUXOR WRITING INSTRUMENTS PRIVATE LIMITED	Director	08-11-95	08-11-95	Active	NO
3	U64202DL2001PLC113348	AKSH BROADBAND LIMITED	Director	25-09-06	16-11-05	Amalgamated	NO
4	U51909DL2006PTC145517	LUXOR RETAIL PRIVATE LIMITED	Director	27-01-06	27-01-06	Active	NO
5	U36991DL1996PTC076070	HI-LINE PENS PRIVATE LIMITED	Director	30-09-10	15-11-09	Active	NO
6	U67120DL2006PTC153576	DPK INVESTMENTS PRIVATE LIMITED	Additional director	05-03-10	05-03-10	Active	NO
7	U74899DL1980PTC010659	LUXOR INTERNATIONAL PRIVATE LIMITED	Director	30-09-11	01-07-11	Active	NO
8	U72900DL2012PTC237409	LUXOS TECHNOLOGIES PRIVATE LIMITED	Director	12-06-12	12-06-12	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 18.07.2011

Names of Shareholders	No. of Shares
Luxor Writing Instruments Private Limited, India	499999
Luxor Writing Instruments Private Limited, Davinder Kumar Jain Nominee	1
TOTAL	500000

AS ON 18.07.2011

Equity Shares Break Up	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Parker Pens.

Products :

Item Code No. (ITC Code)	96.08
Product Description	Writing Instruments
Item Code No. (ITC Code)	32.15
Product Description	Ink
Item Code No. (ITC Code)	96.08
Product Description	Ink Cartridge

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Writing Instruments	Nos.	10970415
Ink Cartridge and Bottles	Nos.	843890

*It includes quantities of refills consumed in house and sold separately as writing instruments

**As certified by the management

GENERAL INFORMATION

Suppliers :

· B. R. Product (Private) Limited

· Capil and Sachin Alloys

· H.A.S. Plastic (Private) Limited

· Konar Engineering Services

· Plastotech

· R. S. Electronics Limited

· Ranul-Ion Tech Limited

· Sundram Dynacast (Private) Limited

· Wrapvel Packagers

No. of Employees :

Not Available

Bankers :

Kotak Mahindra Bank Limited, 15-16, UFG, Ambadeep Building, 14 K g Marg, Connaught Place, New Delhi-110001, Delhi, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
FROM OTHERS
Finance For Motor Cars	0.000	0.035
(Against hypothecation of cars) [Amount payable within one year Rs. Nil, Previous Year Rs. 0.036 Millions]
Total	0.000	0.035

Banking Relations :	--
Auditors :
Name :	S. Karla and Associates Chartered Accountants
Address :	24, Manak Vihar, I.P. Extension, New Delhi-110 092, Delhi, India
Tel. No.:	91-11-22151632
Fax No.:	91-11-22142850
E-Mail :	skalra4@vsnl.net skalra@hotmail.com
PAN No. :	AATPK1847J
Holding Company :	· Luxor Writing Instruments Private Limited
Associates :	· Luxor International Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 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		5.000	5.000	5.000
2] Share Application Money		47.100	55.000	0.000
3] Reserves & Surplus		59.753	54.980	48.997
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		111.853	114.980	53.997
LOAN FUNDS
1] Secured Loans		0.000	0.035	0.206
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.035	0.206
DEFERRED TAX LIABILITIES		3.048	2.822	3.472
TOTAL		114.901	117.837	57.675
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		113.363	19.098	22.490
Capital work-in-progress		82.607	63.633	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.104	56.458	58.105
	Sundry Debtors	6.987	16.155	0.011
	Cash & Bank Balances	0.902	1.455	1.270
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	17.877	14.198	15.361
Total Current Assets		83.870	88.266	74.747
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	52.579	36.624	14.357
	Other Current Liabilities	101.205	4.270	12.151
	Provisions	11.155	12.266	13.054
Total Current Liabilities		164.939	53.160	39.562
Net Current Assets		(81.069)	35.106	35.185
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		114.901	117.837	57.675

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	275.884	241.318	223.784
		Other Income	4.399	3.425	4.910
		TOTAL (A)	280.283	244.743	228.694
Less	EXPENSES
		Cost of Materials and Manufacturing Expenses	245.344	214.827	177.620
		Personnel, Administration and selling expenses	20.823	14.906	17.271
		Increase / Decrease in Stock	3.780	2.448	21.021
		TOTAL (B)	269.947	232.181	215.912
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.336	12.562	12.782
Less	FINANCIAL EXPENSES (D)		0.358	0.223	0.244
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.978	12.339	12.538
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.869	3.106	3.110
	PROFIT BEFORE TAX (E-F) (G)		7.109	9.233	9.428
Less	TAX (H)		2.336	3.250	3.539
	PROFIT AFTER TAX (G-H) (I)		4.773	5.983	5.889
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		54.980	48.997	43.108
	BALANCE CARRIED TO THE B/S		59.753	54.980	48.997
	IMPORTS
		Raw Materials	82.373	64.470	40.315
	TOTAL IMPORTS		82.373	64.470	40.315
	Earnings Per Share (Rs.)		9.55	11.96	11.77

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.70	2.44	2.57
Net Profit Margin (PBT/Sales)	(%)	2.58	3.82	4.21
Return on Total Assets (PBT/Total Assets}	(%)	3.60	8.59	9.69
Return on Investment (ROI) (PBT/Networth)		0.06	0.08	0.17
Debt Equity Ratio (Total Liability/Networth)		1.50	0.46	0.73
Current Ratio (Current Asset/Current Liability)		0.51	1.66	1.88

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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	No
10. Designation of contact person	No
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	No
19. Payments terms	No
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

OPERATIONS

The operations of the company during the period have resulted in a turnover of Rs. 280.283 Millions and a net profit before tax of Rs. 7.109 Millions during the year as compared to previous year’s turnover of Rs. 244.744 Millions and net profit before tax of Rs. 9.233 Millions.

During the year the company commenced the implementation of a new project for setting up a factory for manufacture of writing instruments at NOIDA in Uttar Pradesh.

FORM 8

Corporate identity number of the company	U36991DL1996PTC076070
Name of the company	HI-LINE PENS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	229 Okhla Industrial Estate Phase-III, New Delhi – 110020, Delhi, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Kotak Mahindra Bank Limited, 15-16, UGF, Ambadeep Building, 14 K G Marg, Connaught Place, New Delhi – 110001, Delhi, India
Nature of instrument creating charge	Memorandum Of Deposit Of Title Deeds Dated 27.01.2011
Date of instrument Creating the charge	27.01.2011
Amount secured by the charge	Rs. 537.200 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Per The Agreement Terms of repayment As Per The Agreement Margin As Per The Agreement Extent and operation of the charge As Per The Agreement Other The Security Is Provided For Financial Facilities Sanctioned To M/S Luxor Writing Instruments Private Limited .
Short particulars of the property charged (Including location of the property)	The Company has provided the Security to the bank on behalf of M/s Luxor Writing Instruments Private Limited to secure the credit facilities of Rs. 537.200 millions by way of equitable mortgage of All that piece and parcel of land bearing Industrial Plot No. 40, situated in Block A, Hosiery Complex, Phase-II, Extension, Noida, District Gautam Budh Nagar, Uttar Pradesh, and bounded as follows, On the North : Plot no. A-39 On the South : 18M wide road On the East : Plot no. A-41 and On the West : 18m wide road Together with all buildings, structures and plant and machinery, if any, affixed to the earth or permanently affixed to something attached to the earth.

FIXED ASSETS

• Plant and Machinery
• Moulds
• Motor Vehicles
• Furniture and Fixtures
• Electric Installation
• EDP Equipments
• Office Equipments
• Lease Hold 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 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. 56.05
UK Pound	1	Rs. 86.69
Euro	1	Rs. 69.98

INFORMATION DETAILS

Information Gathered by :	--
Report Prepared by :	DPT

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	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	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.