MIRA INFORM REPORT

Report No. :	355081
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	SONA PRINTERS PRIVATE LIMITED
Registered Office :	F-86/1, Okhla Industrial Area, Phase-I, New Delhi – 110017
Tel. No.:	91-11-41616566
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	10.03.1986
Com. Reg. No.:	55-023580
Capital Investment / Paid-up Capital :	Rs.17.817 Million
CIN No.: [Company Identification No.]	U74899DL1986PTC023580
IEC No.:	0592040976
TAN No.: [Tax Deduction & Collection Account No.]	DELS06771C
PAN No.: [Permanent Account No.]	AAACS8479A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, exporter, importer and supplier of notebooks, workbooks, spiral practical notebooks, case bound practical notebooks, case bound spiral, PP notebooks. [Confirmed by management]
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 190000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an old and established company incorporated in the year 1986 having moderate track. As per 2015 financial, the company has reported some accumulated losses from its past few years. Further, rating remain constrained on account of company’s modest financial profile marked by moderate networth base along with huge debt recorded in the books. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Swadesh Kumar
Designation :	Accounts Head
Contact No.:	91-11-41616566
Date :	15.12.2015

LOCATIONS

Registered Office/ Factory :	F-86/1, Okhla Industrial Area, Phase-I, New Delhi – 110017, India
Tel. No.:	91-11-41616566 / 47219999
Mobile No.:	91-9711000847 (Mr. Ashish)
Fax No.:	91-11-26811317
E-Mail :	kkm@sona.in swadesh.kumar@sona.in info@sona.in
Website :	www.sona.in

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Kishore Kumar Mittal

Designation :

Director

Address :

C-137, Sarvodaya Enclave, New Delhi - 110017, India

Date of Appointment :

10.03.1986

DIN No.:

00237020

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	U74899DL1986PTC023580	SONA PRINTERS PRIVATE LTD	Director	10/03/1986	10/03/1986	Active	NO
2	U80902DL1993PTC053036	SONA EDUCATION PRIVATE LIMITED	Director	13/04/1993	13/04/1993	Active	NO
3	U55101DL1999PTC099924	SONA HOSPITALITY PRIVATE LIMITED	Director	30/09/2013	20/08/2012	Active	NO

Name :

Mr. Vijay Kumar Mittal

Designation :

Director

Address :

C-137, Sarvodaya Enclave, New Delhi - 110017, India

Date of Appointment :

10.03.1986

DIN No.:

00237103

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	U74899DL1986PTC023580	SONA PRINTERS PRIVATE LTD	Director	10/03/1986	10/03/1986	Active	NO
2	U80902DL1993PTC053036	SONA EDUCATION PRIVATE LIMITED	Director	13/04/1993	13/04/1993	Active	NO
3	U55101DL1999PTC099924	SONA HOSPITALITY PRIVATE LIMITED	Director	30/09/2013	20/08/2012	Active	NO

Name :

Mr. Ajay Kumar Mittal

Designation :

Director

Address :

C-137, Sarvodaya Enclave, New Delhi - 110017, India

Date of Appointment :

02.01.2007

DIN No.:

00237136

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	U80902DL1993PTC053036	SONA EDUCATION PRIVATE LIMITED	Director	13/04/1993	13/04/1993	Active	NO
2	U74899DL1986PTC023580	SONA PRINTERS PRIVATE LTD	Director	02/01/2007	02/01/2007	Active	NO
3	U55101DL1999PTC099924	SONA HOSPITALITY PRIVATE LIMITED	Director	30/09/2013	20/08/2012	Active	NO

Name :

Mr. Nikhil Mittal

Designation :

Director

Address :

C-137, Sarvodaya Enclave, New Delhi - 110017, India

Date of Appointment :

01.07.2005

DIN No.:

00237176

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	U74899DL1986PTC023580	SONA PRINTERS PRIVATE LTD	Director	01/07/2005	01/07/2005	Active	NO
2	U80902DL1993PTC053036	SONA EDUCATION PRIVATE LIMITED	Director	20/09/2005	20/09/2005	Active	NO
3	U55101DL1999PTC099924	SONA HOSPITALITY PRIVATE LIMITED	Director	30/09/2013	20/08/2012	Active	NO

Name :

Mr. Abhishek Mittal

Designation :

Director

Address :

C-137, Sarvodaya Enclave, New Delhi - 110017, India

Date of Appointment :

28.08.2014

DIN No.:

06799382

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	Defaulting status
	1	U74899DL1986PTC023580	SONA PRINTERS PRIVATE LTD	Director	28/08/2014	21/04/2014	Active
	2	U55101DL1999PTC099924	SONA HOSPITALITY PRIVATE LIMITED	Director	14/08/2014	21/04/2014	Active

KEY EXECUTIVES

Name :	Mr. Swadesh Kumar
Designation :	Accounts Head

MAJOR SHAREHOLDERS

AS ON 29.09.2015

Names of Shareholders	No. of Shares
Kishore Kumar Mittal	563479
Vijay Kumar Mittal	563479
Ajay Kumar Mittal	563479
Achala Mittal	15200
Usha Mittal	15200
Chitra Mittal	15200
Nikhil Mittal	15133
K.K. Mittal (HUF)	100
V.K. Mittal (HUF)	100
A.K. Mittal (HUF)	100
Ayush Mittal	15134
Abhishek Mittal	15133
Total	1781737

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	99.98
Other top fifty shareholders	00.02
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, exporter, importer and supplier of notebooks, workbooks, spiral practical notebooks, case bound practical notebooks, case bound spiral, PP notebooks. [Confirmed by management]
Products :	Notebooks Workbooks Spiral Practical Notebooks Case Bound Practical Notebooks Case Bound Spiral PP Notebooks
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	UK
Imports :	Raw Material
Products :	UK China
Countries :
Terms :
Selling :	Advance Payment
Purchasing :	Advance Payment

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Sona Commercial Private Limited – Delhi
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Wholesalers, Retailers

Company Name :	NIT Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

Banker Name :	Indian Overseas Bank
Branch :	Okhla Industrial Area Branch, B-226, Okhla Phase-I, New Delhi - 110020, India
Person Name (With Designation) :	Not Available
Contact Number :	91-11-26371313
Name of Account Holder :	Not Available
Account Number :	Not Available
Account Since (Date/Year of Account Opening) :	Not Available
Average Balance Maintained :	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Available
Account Operation :	Not Available
Remark :	Continuously ringing

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Loans repayable on demand
From bank overdraft (Secured against stock and debtors)	44.745	58.280
Total	44.745	58.280

Auditors :
Name :	Sekhri and Associates Chartered Accountants
Address :	Flat No. 104-105, 28 Feroze Gandhi Road, Lajpat Nagar-III, New Delhi – 110024, India
Tel. No.:	91-11-29845542 / 29840193
Fax No.:	91-11-41716516
E-Mail :	solutions@sekhriassociates.com
Website :	www.sekhriassociates.com
PAN No.:	AARFS7206F
Memberships :	Not Divulged
Collaborators :	Not Divulged
Related party where key managerial personnel exercise significant influence :	Sona Products Private Limited Sona Hospitality Private Limited Mittals Infotech (Partnership Firm)

CAPITAL STRUCTURE

AS ON 29.09.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1781737	Equity Shares	Rs.10/- each	Rs.17.817 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17.817	17.817	17.817
(b) Reserves & Surplus	48.143	51.977	58.227
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	65.960	69.794	76.044
(3) Non-Current Liabilities
(a) long-term borrowings	0.320	0.348	0.348
(b) Deferred tax liabilities (Net)	0.000	6.108	6.642
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.793	4.103	3.903
Total Non-current Liabilities (3)	5.113	10.559	10.893
(4) Current Liabilities
(a) Short term borrowings	316.031	252.331	223.279
(b) Trade payables	63.325	72.838	98.603
(c) Other current liabilities	15.400	17.586	11.708
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	394.756	342.755	333.590
TOTAL	465.829	423.108	420.527
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	110.083	133.669	153.107
(ii) Intangible Assets	0.323	13.997	17.405
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.860	0.000	0.000
(d) Long-term Loan and Advances	1.986	1.847	1.998
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	114.252	149.513	172.510
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	104.346	69.795	80.478
(c) Trade receivables	209.260	176.023	142.743
(d) Cash and cash equivalents	10.807	9.984	7.000
(e) Short-term loans and advances	14.874	13.849	14.033
(f) Other current assets	12.290	3.944	3.763
Total Current Assets	351.577	273.595	248.017
TOTAL	465.829	423.108	420.527

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2015	31.03.2014	31.03.2013
	SALES
			Income	436.185	356.608
			Other Income	3.301	3.904
			TOTAL (A)	439.486	360.512	316.606
Less	EXPENSES
			Cost of Materials Consumed	318.973	237.989
			Changes in Inventory	(16.847)	10.188
			Employee Benefits Expenses	37.553	35.471
			Other Expenses	59.004	49.649
			Fixed asset write off	2.907	0.000
			Exceptional Items	0.000	1.284
			TOTAL (B)	401.590	334.581	329.566
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			37.896	25.931	[Including financial & depreciation expenses]
Less	FINANCIAL EXPENSES (D)			7.896	8.336
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			30.000	17.595
Less	DEPRECIATION/ AMORTISATION (F)			42.162	24.379
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(12.162)	(6.784)	(12.960)
Less	TAX (H)			(7.968)	(0.534)	(0.582)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(4.194)	(6.250)	(12.378)
	EARNINGS IN FOREIGN CURRENCY
		Export Realization in Foreign Exchange		49.545	24.058	NA
	Earnings / (Loss) Per Share (Rs.)			(2.35)	(3.51)	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operating Activities	(50.868)	(23.790)	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	(0.96)	(1.75)	NA
Operating Profit Margin (PBDIT/Sales)	(%)	8.69	7.27	NA
Return on Total Assets (PBT/Total Assets)	(%)	(2.62)	(1.60)	(3.08)
Return on Investment (ROI) (PBT/Networth)		(0.18)	(0.10)	(0.17)
Debt Equity Ratio (Total Debt /Networth)		4.80	3.62	2.94
Current Ratio (Current Asset/Current Liability)		0.89	0.80	0.74

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	17.817	17.817	17.817
Reserves & Surplus	58.227	51.977	48.143
Net worth	76.044	69.794	65.960
long-term borrowings	0.348	0.348	0.320
Short term borrowings	223.279	252.331	316.031
Total borrowings	223.627	252.679	316.351
Debt/Equity ratio	2.941	3.620	4.796

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	316.606	360.512	439.486
		13.868	21.906

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	316.606	360.512	439.486
Profit	(12.378)	(6.250)	(4.194)
	(3.91%)	(1.73%)	(0.95%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOANS:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Deposits
Security deposits received	0.320	0.348
Short Term Borrowings
Loans and advances from related parties
From directors	190.735	114.509
From shareholders	19.331	18.201
From corporates	61.220	61.341
Total	271.606	194.399

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10288528	04/05/2011	400,000,000.00	INDIAN OVERSEAS BANK	OKHLA INDUSTRIAL AREA BRANCH, B-226, OKHLA PHASE-I, NEW DELHI, DELHI - 110020, INDIA	B13590013
2	10152170	24/09/2012 *	60,000,000.00	INDIAN OVERSEAS BANK	OKHLA INDUSTRIAL AREA BRANCH, B-226, OKHLA PHASE-I, NEW DELHI, DELHI - 110020, INDIA	B61651451
3	10125093	25/08/2008	114,600,000.00	THE INDIAN OVERSEAS BANK	B-266, OKHLA BRANCH, OKHLA PHASE - I, NEW DELHI - 110020, INDIA	A47955919

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Blower

· Paper Drilling Machine

· Transformers

· Air Conditioner

· Air Compressor Plant

· Water Cooler and Fridge

· CCTV Camera

· Electrical Fittings and Panel

· Generator and Stabilizers

· Twin Boo Press

· Cartons Strapping Machine

· Lift

· Projector

· License

· Web CRM

· Computer Software

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.66.65
UK Pound	1	Rs.99.61
Euro	1	Rs.72.33

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	HNA
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.