MIRA INFORM REPORT

Report No. :	357246
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	JAYPEE HEALTHCARE LIMITED

Registered Office :	Sector 128, Noida – 201304, Uttar Pradesh
Tel. No.:	91-120-2470800

Country :	India

Financials (as on) :	31.03.2015

Date of Incorporation :	30.10.2012

Com. Reg. No.:	20-053358

Capital Investment / Paid-up Capital :	Rs.4275.000 Million

CIN No.: [Company Identification No.]	U85191UP2012PLC053358

IEC No.:	0512077606

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AACCJ9811D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is providing healthcare and hospital services. (Registered Activity)

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (21)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow and Delayed

Litigation :	Clear

Comments :	Jaypee Healthcare Limited (JHL), is a 100% subsidiary of Jaypee Infratech Limited. It has set up a multi-specialty tertiary hospital with a capacity of 504 beds at Jaypee Wish Town, Noida, Uttar Pradesh. The rating assigned to the bank facilities of Jaypee Healthcare Limited (JHL) derives strength from the resourceful promoters, experienced management backed by a team of experienced doctors hired, significant progress achieved on setting up of a multi-specialty hospital. The rating is, however, constrained by net loss in the initial period of operations, and competition from a large number of hospitals in the National Capital Region (NCR) region. The rating is further constrained as company holding company i.e. “Jaypee Infrastructure Ltd” has defaulted on repayment of its loan and overall “Jaypee group” which is led by Mr. Manoj Gaur, is facing problem for repaying to investors in a bond issue. However, business is active. Payments terms are slow and delayed. In view of overall weak operational and financial profile of Jaypee group, the company can be considered for business dealing on safe and secure trade terms and condition.

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August 2014

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.

LOCATIONS

Registered Office :	Sector 128, Noida – 201304, Uttar Pradesh, India
Tel. No.:	91-120-2470800/4122222
Fax No.:	Not Available
E-Mail :	sectl.dept@jalindia.co.in

DIRECTORS

AS ON 31.03.2015

Name :	Rekha Dixit
Designation :	Whole-time director
Address :	A-13/1, Vasant Vihar, New Delhi, 110057, India
Date of Birth/Age :	09.08.1958
Date of Appointment :	30.10.2010
DIN No.:	00913685

Name :	Mr. Manoj Gaur
Designation :	Director
Address :	A-9/27 Vasant Vihar, New Delhi, 110057, India
Date of Birth/Age :	16.06.1964
Date of Appointment :	19.11.2012
DIN No.:	00008480

Name :	Mr. Sunil Kumar Sharma
Designation :	Director
Address :	E-9/14, Vasant Vihar, New Delhi, 110057, India
Date of Birth/Age :	01.07.1959
Date of Appointment :	30.10.2012
DIN No.:	00008125

Name :	Mr. Sunny Gaur
Designation :	Director
Address :	A-9/27 Vasant Vihar, New Delhi, 110057, India
Date of Birth/Age :	30.05.1969
Date of Appointment :	30.10.2012
DIN No.:	00008293

Name :	Mr. Sachin Gaur
Designation :	Director
Address :	A-1/7 Vasant Vihar, New Delhi, 110057, India
Date of Birth/Age :	10.08.1974
Date of Appointment :	30.10.2012
DIN No.:	00387718

Name :	Mr. Gyan Prakash Gaur
Designation :	Director
Address :	A-1/7 Vasant Vihar, New Delhi - 110057, India
Date of Birth/Age :	01.08.1947
Date of Appointment :	30.10.2012
DIN No.:	00918895

Name :	Mr. Sarat Kumar Jain
Designation :	Director
Address :	B-1/12 Vasant Vihar, New Delhi - 110057, India
Date of Birth/Age :	19.05.1938
Date of Appointment :	30.10.2012
DIN No.:	00010073

Name :	Mr. Sham Lal Mohan
Designation :	Director
Address :	S-10/3, DLF Phase III, Gurgaon - 122002, Haryana, India
Date of Appointment :	28.03.2015
DIN No.:	00028126

Name :	Atanu Sen
Designation :	Director
Address :	Flat 15C, Madhuban, Gen J Bhosle Marg, Nariman Point, Mumbai - 400021, Maharashtra, India
Date of Appointment :	28.03.2015
DIN No.:	05339535

KEY EXECUTIVES

Name :	Mr. Malvika Mall
Designation :	Secretary
Address :	LIG-154, W-Block, Keshav Nagar, Kanpur - 208014, Uttar Pradesh, India
Date of Appointment :	30.07.2015
PAN No:	CLBPM8814N

Name :	Mr. Sachin Gaur
Designation :	Chief Finance officer
Address :	A-1/7 Vasant Vihar, New Delhi, 110057, India
Date of Appointment :	25.02.2015
PAN No:	AANPG5142N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.04.2014

Names of Shareholders		No. of Shares
Jaypee Infratech Limited, India		249999400
Manoj Gaur		100
Rekha Dixit		100
Sunil Kumar Sharma		100
Sunny Gaur		100
Suren Jain		100
Sachin Gaur		100

Total		250000000

AS ON 25.02.2015

Names of Allottees		No. of Shares

Jaypee Infratech Limited, India		52500000

Total		52500000

Equity Share Break up (Percentage of Total Equity)

AS ON 28.04.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is providing healthcare and hospital services. (Registered Activity)

Products :

Item Code No.	Product Description
94029010	Hospital
70169000	Pharmacy

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark:	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Not Available
Branch Address	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Rupee term loans from banks	2873.426	2386.119
Term loans from others	360.405	0.000
Total	3233.831	2386.119

Financial Institute:	SREI Equipment Finance Limited, 'vishwakarma', 86C, Topsia Road, Kolkata - 700046, West Bengal, India

Auditors :
Name :	Awatar and Company Chartered Accountants
Address :	1203, Rohit House, 3,Tolstoy Marg, New Delhi – 110001, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFA4251H

Memberships :	Not Available

Collaborators :	Not Available

Holding Company:	Jaypee Infratech Limited (JIL)

Ultimate Holding Company:	Jaiprakash Associates Limited (JAL)

Fellow Subsidiary Companies:	Jaiprakash Power Ventures Limited (JPVL) (subsidiary of JAL) Jaypee Powergrid Limited (JV subsidiary of JPVL) Jaypee Arunachal Power Limited (JV subsidiary of JPVL) Sangam Power Generation Company Limited (subsidiary of JPVL) Prayagraj Power Generation Company Limited (subsidiary of JPVL) Jaypee Meghalaya Power Limited (subsidiary of JPVL) Himachal Baspa Power Company Limited (subsidiary of JPVL w.e.f 14.03.14) Himachal Karcham Power Company Limited (subsidiary of JPVL w.e.f 14.03.2014) Bhilai Jaypee Cement Limited (JV subsidiary of JAL) Himalayan Expressway Limited (JV subsidiary of JAL) Gujarat Jaypee Cement and Infrastructure Limited (JV subsidiary of JAL) Jaypee Sports International Limited (JPSI) (subsidiary of JAL) Jaypee Ganga Infrastructure Corporation Limited (subsidiary of JAL) Jaypee Agra Vikas Limited (subsidiary of JAL) Jaypee Fertilizers and Industries Limited (subsidiary of JAL) Jaypee Cement Corporation Limited (subsidiary of JAL) Himalayaputra Aviation Limited (subsidiary of JAL) Jaypee Assam Cement Limited (subsidiary of JAL) Jaypee Cement Cricket (India) Limited (subsidiary of JAL) Jaypee Cement Hockey (India) Limited (subsidiary of JAL) Jaiprakash Agri Initiatives Company Limited (subsidiary of JCCL)
NOTE : Bokaro Jaypee Cement Limited ceased to be a subsidiary of the JAL w.e.f 29th November 2014, consequent to sale of JAL’s entire 74% stake in it.)

Associates Companies:	MP Jaypee Coal Limited MP Jaypee Coal Fields Limited Madhya Pradesh Jaypee Minerals Limited Jaypee Uttar Bharat Vikas Private Limited Kanpur Fertilizers and Cement Limited Jaypee Infra Ventures (A Private Company With Unlimited Liability) (JIV) Jaypee Development Corporation Limited (JDCL) (Subsidiary of JIV) Andhra Cements Limited (subsidiary of JDCL) JIL Information Technology Limited (JILIT) (Subsidiary of JIV) Gaur and Nagi Limited(Subsidiary of JILIT) Jaypee International Logistics Company Private Limited (subsidiary of JIV) Tiger Hills Holiday Resort Private Limited (subsidiary of JDCL) Anvi Hotels Private Limited (subsidiary of JIV) RPJ Minerals Private Limited (RPJMPL) Sarveshwari Stone Products Private Limited (subsidiary of RPJMPL) Rock Solid Cement Limited (subsidiary of RPJMPL) Sonebhadra Minerals Private Limited Jaiprakash Kashmir Energy Limited Indesign Enterprises Private Limited (subsidiary of JIV) Jaypee Hotels Limited (KMP based associate company) Jaypee Mining Ventures Private Limited (KMP based associate company) Ceekay Estates Private Limited (KMP based associate company) Jaiprakash Exports Private Limited (KMP based associate company) Bhumi Estate developers Private Limited (KMP based associate company) Pac Pharma Drugs and Chemicals Private Limited (KMP based associate company) Jaypee Technical Consultants Private Limited (KMP based assocate company) Jaypee Jan Sewa Sansthan ('Not for Profit Private Limited Company) (KMP based assocate company) Think Different Enterprises Private Limited (KMP based associate company) OHM Products Private Limited (KMP based associat company) Sparton Growth Fund Private Limited (KMP based associate company) iValue Advisors Private Limited JC World Hospitality Private Limited

CAPITAL STRUCTURE

AFTER 29.09.2015

Authorised Capital : Rs. 900.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 382.396 Million

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount

600000000	Equity Shares	Rs.10/- each	Rs. 6000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

427500000	Equity Shares	Rs.10/- each	Rs. 4275.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4275.000	2500.000
(b) Reserves & Surplus	(58.259)	(12.638)
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4216.741	2487.362

(3) Non-Current Liabilities
(a) long-term borrowings	3233.831	2386.119
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	2.000	0.000
(d) long-term provisions	5.754	1.832
Total Non-current Liabilities (3)	3241.585	2387.951

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	152.937	40.766
(c) Other current liabilities	826.386	340.380
(d) Short-term provisions	0.190	0.046
Total Current Liabilities (4)	979.513	381.192

TOTAL	8437.839	5256.505

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	644.825	250.979
(ii) Intangible Assets	2.921	0.000
(iii) Capital work-in-progress	6393.757	4746.023
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	67.835	77.888
(e) Other Non-current assets	0.000	62.705
Total Non-Current Assets	7109.338	5137.595

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	62.838	0.000
(c) Trade receivables	12.543	0.000
(d) Cash and cash equivalents	680.665	88.137
(e) Short-term loans and advances	552.143	29.652
(f) Other current assets	20.312	1.121
Total Current Assets	1328.501	118.910

TOTAL	8437.839	5256.505

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income	70.512	0.000
	Other Income	32.166	0.000
	TOTAL (A)	102.678	0.000

Less	EXPENSES
	Cost of Materials Consumed	26.379	0.000
	Employees benefits expense	42.668	0.000
	Other expenses	41.216	12.638
	TOTAL (B)	110.263	12.638

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	(7.585)	(12.638)

Less	FINANCIAL EXPENSES (D)	17.734	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(25.319)	(12.638)

Less/ Add	DEPRECIATION/ AMORTISATION (F)	20.302	0.000

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(45.621)	(12.638)

Less	TAX (H)	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(45.621)	(12.638)

	Earnings / (Loss) Per Share (Rs.)	(0.14)	(0.80)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014
Current Maturities of Long term debt	256.822	0.000
Cash generated from operations	NA	NA
Net cash flows from (used in) operations	(132.462)	287.715

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	(64.70)	0.00

Operating Profit Margin (PBIDT/Sales)	(%)	(10.76)	0.00

Return on Total Assets (PBT/Total Assets}	(%)	(2.23)	(2.48)

Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.01)

Debt Equity Ratio (Total Debt /Networth)		0.83	0.96

Current Ratio (Current Asset/Current Liability)		1.36	0.31

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	2500.000	4275.000
Reserves & Surplus	(12.638)	(58.259)
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	2487.362	4216.741

long-term borrowings	2386.119	3233.831
Short term borrowings	0.000	0.000
Current maturities of long-term debts	0.000	256.822
Total borrowings	2386.119	3490.653
Debt/Equity ratio	0.959	0.828

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	0.000	70.512

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	0.000	70.512
Profit	(12.638)	(45.621)
		(64.70%)

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

STATUS OF THE PROJECT

Subject was incorporated on 30th October, 2012 as a wholly owned subsidiary of Jaypee Infratech Limited (JIL) for establishing institution of excellence in healthcare with a vision for providing world class healthcare affordable to the society and for promoting research.

The Flagship hospital of Jaypee Group Noida, built across a sprawling 25 acre campus comprising of 504 Beds, is partially operational from April, 2014 with various facilities like OPD operation for Internal Medicine, Radiology, Lab and Executive Health Check up in its first phase of operations.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10503297	03/05/2014	660,000,000.00	SREI EQUIPMENT FINANCE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BE NGAL - 700046, INDIA	C06796668
2	10434041	09/10/2014 *	3,250,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	C34021667

* Date of charge modification

FIXED ASSETS

Tangible assets

Land
Furniture and fixtures
Vehicles
Computer equipments
Office equipment

Intangible assets

Computer software

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 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.63.37
UK Pound	1	Rs.98.91
Euro	1	Rs.72.85

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		21

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit