MIRA INFORM REPORT

Report Date :

23.10.2012

IDENTIFICATION DETAILS

Name :	WEMBLEY LABORATORIES LIMITED
Registered Office :	Wembley House, A-4 LSC, Padam Nagar, Sarai Rohila, New Delhi -110007
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.10.1996
Com. Reg. No.:	55-082482
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U33125DL1996PLC082482
TAN No.: [Tax Deduction & Collection Account No.]	DELW01223F DELW01091G
PAN No.: [Permanent Account No.]	AAACW1190J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Laboratory Lab Equipment
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 89000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the profitability of the company. However, networth of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India 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.

LOCATIONS

Registered Office :	Wembley House, A-4 LSC, Padam Nagar, Sarai Rohila, New Delhi -110007, India
Tel. No.:	91-11-23699527 / 2369 8837
Fax No.:	91-11-23698765
E-Mail :	vinodbhalla@hotmail.com
Website :	http://wembleysquickfix.com
Factory :	191, SICOP industrial Estate, Kathua – 184101, Jammu and Kashmir, India

DIRECTORS

As on 28.09.2011

Name :

Mr. Sarabjit Singh Lamba

Designation :

Director

Address :

E-29, Balinagar, New Delhi – 110015, India

Date of Birth/Age :

29.12.1961

Date of Appointment :

08.10.1996

DIN No.:

01186886

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	U74899DL1994PTC057210	WEMBLY TRADING COMPANY PRIVATE LIMITED	Director	03-02-94	03-02-94	-	Active	NO
2	U74899DL1980PTC010800	DAFFODIL BUILDING INDUSTRIES PRIVATE LIMITED	Director	28-02-96	28-02-96	-	Active	NO
3	U33125DL1996PLC082482	WEMBLEY LABORATORIES LIMITED	Director	08-10-96	08-10-96	-	Active	NO
4	U70109DL2006PTC151276	WEMBLEY INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	26-07-06	26-07-06	-	Active	NO

Name :

Mr. Parvinder Singh Lamba

Designation :

Director

Address :

E-29, Balinagar, New Delhi – 110015, India

Date of Birth/Age :

16.06.1964

Date of Appointment :

17.04.2007

DIN No.:

01187195

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	U74899DL1994PTC057210	WEMBLY TRADING COMPANY PRIVATE LIMITED	Director	03-02-94	03-02-94	-	Active	NO
2	U74899DL1980PTC010800	DAFFODIL BUILDING INDUSTRIES PRIVATE LIMITED	Director	05-06-96	05-06-96	-	Active	NO
3	U70109DL2006PTC151276	WEMBLEY INFRASTRUCTURE AND DEVELOPERS PRIVATE LIMITED	Director	26-07-06	26-07-06	-	Active	NO
4	U33125DL1996PLC082482	WEMBLEY LABORATORIES LIMITED	Director	17-04-07	17-04-07	-	Active	NO

Name :

Mrs. Kanwalpreet Kaur Lamba

Designation :

Director

Address :

E-29, Balinagar, New Delhi – 110015, India

Date of Birth/Age :

12.11.1966

Date of Appointment :

08.10.1996

DIN No.:

01188803

Name :

Mr. Tanjit Singh Lamba

Designation :

Director

Address :

E-29, Balinagar, New Delhi – 110015, India

Date of Birth/Age :

02.04.1987

Date of Appointment :

25.07.2005

DIN No.:

01188752

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	U33125DL1996PLC082482	WEMBLEY LABORATORIES LIMITED	Director	25-07-05	25-07-05	-	Active	NO
2	U74899DL1994PTC057210	WEMBLY TRADING COMPANY PRIVATE LIMITED	Director	25-01-12	25-01-12	-	Active	NO

Name :

Mr. Arpan Singh Lamba

Designation :

Director

Address :

E-29, Balinagar, New Delhi – 110015, India

Date of Birth/Age :

27.06.1989

Date of Appointment :

28.12.2009

DIN No.:

02855391

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	U33125DL1996PLC082482	WEMBLEY LABORATORIES LIMITED	Director	28-12-09	28-12-09	-	Active	NO
2	U74899DL1994PTC057210	WEMBLY TRADING COMPANY PRIVATE LIMITED	Director	25-01-12	25-01-12	-	Active	NO

Name :

Mrs. Harprit Kaur Lamba

Designation :

Director

Address :

E-29, Balinagar, New Delhi – 110015, India

Date of Appointment :

17.12.2003

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Sarabjit Singh Lamba	225250
Kanwal Preet Kaur Lamba	47100
Parvinder Singh Lamba	217150
Harprit Kur Lamba	10100
Ajay Sahmi	100
Rajni Sahmi	100
Tanjit Singh Lamba	200
Total	500000

As on 28.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Laboratory Lab Equipment
Brand Names :	· Quickfix · Quickseal · QuickCol · Quicktite · SuperGlue · PV Fix · WemCol · QuickKarft · GluePen · QuickFixRubber

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Karnataka Bank Limited, West Patel Nagar Branch, New Delhi - 110008, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Karnataka Bank Limited, OD A/c	13.992	12.289
Karnataka Bank Limited, Term Loan A/c	0.000	0.927
Loan against Vehicles	0.423	0.661
Total	14.415	13.877
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans form Directors / Relatives of Directors
Sarabjit Singh Lamba	6.510	7.947
Parvinder Singh Lamba	4.871	3.986
Arpan Sing Lamba	0.086	0.086
Amarjit Sing Lamba (HUF)	0.474	0.474
Sarabjit Singh Lamba (HUF)	0.278	0.278
Parvinder Singh Lamba (HUF)	0.404	0.404
Waryan Sing Lamba	(0.200)	(0.200)
Loans form Firms in which Directors are Interested
Wembley Finance and Investment	0.707	0.707
Director Current A/c	4.429	4.135
Total	17.559	17.817

Banking Relations :	--
Auditors :
Name :	Vinod Bhall and Company Chartered Accountants
Address :	107 Harsha House Comm Complex, Karam Pura, New Delhi – 110015, India
Tel. No.:	91-11-25920564 / 25920565
Fax No.:	91-11-25920565
PAN.:	AAEPB1965F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 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		0.000	0.000	0.000
3] Reserves & Surplus		17.356	17.259	15.775
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.356	22.259	20.775
LOAN FUNDS
1] Secured Loans		14.415	13.877	27.893
2] Unsecured Loans		17.559	17.817	13.456
TOTAL BORROWING		31.974	31.694	41.349
DEFERRED TAX LIABILITIES		1.610	1.055	0.849
TOTAL		55.940	55.008	62.973
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.811	38.940	33.700
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	10.000	10.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.168	11.309	14.416
	Sundry Debtors	5.200	6.408	5.365
	Cash & Bank Balances	1.093	1.835	1.330
	Other Current Assets	1.379	1.406	1.053
	Loans & Advances	1.410	1.086	10.257
Total Current Assets		25.250	22.044	32.421
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.924	15.136	10.690
	Other Current Liabilities	1.197	0.837	2.332
	Provisions	0.000	0.003	0.126
Total Current Liabilities		9.121	15.976	13.148
Net Current Assets		16.129	6.068	19.273
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		55.940	55.008	62.973

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	44.067	39.069	22.174
		Other Income	0.008	4.096	4.232
		TOTAL (A)	44.075	43.165	26.406
Less	EXPENSES
		Cost of Sales	27.854	25.928	16.279
		Manufacturing Expenses	2.083	0.847	0.452
		Excise Duty	0.030	0.459	0.762
		Personnel Expenses	3.807	3.353	2.363
		Administrative Expenses	2.961	3.548	2.477
		Selling and Distribution Expenses	1.844	1.746	1.176
		Loss on sales of Assets	0.005	0.000	0.015
		Previous Years Expenses	0.000	0000	0.618
		TOTAL (B)	38.584	35.881	24.142
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.491	7.284	2.264
Less	FINANCIAL EXPENSES (D)		1.847	2.840	3.876
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.644	4.444	(1.612)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.992	2.752	2.458
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.652	1.692	(4.070)
Less	TAX (H)		0.555	0.208	(0.080)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.097	1.484	(3.990)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.259	15.775	19.765
	BALANCE CARRIED TO THE B/S		17.356	17.259	15.775
	Earnings Per Share (Rs.)		0.19	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.22	3.44	(15.11)
Net Profit Margin (PBT/Sales)	(%)	1.48	4.33	(15.41)
Return on Total Assets (PBT/Total Assets}	(%)	1.00	2.77	(6.16)
Return on Investment (ROI) (PBT/Networth)		0.03	0.08	(0.20)
Debt Equity Ratio (Total Liability/Networth)		1.84	2.14	2.62
Current Ratio (Current Asset/Current Liability)		2.77	1.38	2.47

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	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	No
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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BUSINESS:

During the year the company has made the turnover of Rs. 44.067 Millions as compared to Rs.39.069 Millions last year. The company has earned the profit of Rs.0.652 Million them compared to Rs.1.692 Millions last year. The Directors of the company are hopeful that the business of the company will also improve further in the coming year.

Note:

The registered office of the company has been shifted from E-2, Udyog Nagar, New Rohtak Road, New Delhi – 110041, India to present address w.e.f.18.08.2003

Bankers Charges Report as per Registry

Corporate identity number of the company	U33125DL1996PLC082482
Name of the company	WEMBLEY LABORATORIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Wembley House, A-4 LSC, Padam Nagar, Sarai Rohila, New Delhi -110007, India ca_pawanchadha@hotmail.com
This form is for	Creation of charge
Type of charge	· Immovable property · Book debts · Floating charge
Particular of charge holder	Karnataka Bank Limited, West Patel Nagar Branch, New Delhi - 110008, India ca_pawanchadha@hotmail.com
Nature of instrument creating charge	Hypothecation Agreement
Date of instrument Creating the charge	05.02.2011
Amount secured by the charge	Rs.12.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + 5.25% (Spread) = 14.25% P.A. Terms of Repayment Repayment on demand Margin 25% on stock and book debts Extent and Operation of the charge 100% Others To grant overdraft facility of Rs. 12.000 Millions @ 14.25% p.a. Repayable on demand. Other terms and conditions as per sanction letter dated 08.01.2011
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stock and book debts considered good and less than 90 days hypothecation of plant and machinery already held equitable mortgage of industrial property bearing No. 7P belonging to M/s Pritam Industries

FIXED ASSETS

· Land

· Office Building

· Factory Building

· Machinery

· Commercial Vehicles

· Vehicles

· Furniture

· Computer

· Office Equipment

AS PER WEBSITE

PROFILE

With the global capability to deliver outstanding product quality, Subject today is an enterprise with a unique advantage - the 50 year old Quickfix heritage. Fifty year ago, Amarjit Singh Lamba, a brilliant Indian entrepreneur pioneered Quickfix - India's first indigenous, multipurpose adhesive.

Quickfix become the most preferred adhesive countrywide, to the extent that today it's name is synonymous with the word adhesive. The next three decades and more saw Wembley consistently widen it's horizons in terms of product range as wells as distribution and marketing network.

The turning point for the company was in 1994, when the 8^th International Award for Quality was conferred on subject by the Editorial Office in Madrid, Sapin. Continuing the Quickfix tradition and relentlessly innovation. Wembley has consistently moved on to newer vistas and today is India's leading adhesive manufacturer.

They offer a vast and diverse range of high quality adhesives which find varied application in industry, hardware, home and office at competitive prices.

The adhesive are based on Nitrocellulose, rubber, epoxy, starch, polyvinyl alcohol and cyanoacrylate. The company also has in-house facilities for manufacture of alkyd resins used in nitrocellulose adhesives. Using superior materials, specialized processes, a commitment to quality production and delivery schedule, Wembley continues to surge ahead even after years of grueling performance.

R and D and upgradation of adhesive manufacturing technology has been given paramount importance. This has led to consequent upgradation of product characteristics. Hence a better and more effective product line year after year. They at Wembley believe that cardinal principle for achieving success is adoption of stringent quality measures, ensuring unmatched superiority of products. Samples of raw materials undergo chemical as well as physical test on preventative basis.

Each unit leaving the factory is subjected to rigorous testing and inspection. Owing to their strategy that centres around customer satisfaction, Wembley products had gained wide acceptance for reliability and commitment.

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.53.67
UK Pound	1	Rs.86.05
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.