MIRA INFORM REPORT

Report Date :

02.01.2015

IDENTIFICATION DETAILS

Name :	JUPITER LAMINATORS PRIVATE LIMITED
Registered Office :	25/33, 3^rd Floor, East Patel Nagar, New Delhi – 1100088
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.03.2003
Com. Reg. No.:	119318
Capital Investment / Paid-up Capital :	Rs. 40.140 Millions
CIN No.: [Company Identification No.]	U21022DL2003PTC119318
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Flexible Laminated Packaging Material
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 670000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per available financial, 23 AC for the year 2014 Could not be made available from any source Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered 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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Rating Agency Name	CARE
Rating	Long Term Bank Facilities BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	December 10, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	December 10, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Raj
Designation :	Accountant
Contact No.:	91+11-42481111
Date :	29.12.2014

LOCATIONS

Registered Office/ Corporate Office :	25/33, 3^rd Floor, East Patel Nagar, New Delhi – 110 088, India
Tel. No.:	91-11-42481111/ 26913252
Fax No.:	91-11-42481126
E-Mail :	roc.anilashok@gmail.com jupiter@jupiterlaminators.com
Website :	http://www.jupiterlaminators.com
Location:	Owned
Factory :	Village Liwaspur, Near Bahalgarh Industrial Area, Bahalgarh, Sonepat – 131 021, Haryana, India
Tel. No.:	91-130-2380305/ 2380306/ 2380307/ 2380308 / 4001700
Fax No.:	91-130-2380308 / 2380307

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Sandeep Dharam Pal Bajaj

Designation :

Director

Address :

C-582, New Friends Colony, New Delhi – 110 065, India

Date of Birth/Age :

15.05.1968

Date of Appointment :

07.03.2003

Pan No.:

AEQPB9767B

DIN No.:

00058334

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	U55101DL1998PTC096453	PLAYWAY RESORTS PRIVATE LIMITED	Director	10/05/2001	10/05/2001	-	Active	NO
2	U51109DL1999PTC098930	SUPER GROWTH TRADERS PRIVATE LIMITED	Director	26/03/2002	26/03/2002	01/10/2006	Active	NO
3	U29299DL2002PTC115772	AKSS ENGINEERS PRIVATE LIMITED	Director	13/06/2002	13/06/2002	-	Active	NO
4	U51221DL2002PTC116299	JUPITER EXIM PRIVATE LIMITED	Director	23/07/2002	23/07/2002	-	Active	NO
5	U21022DL2003PTC119318	JUPITER LAMINATORS PRIVATE LIMITED	Director	07/03/2003	07/03/2003	-	Active	NO
6	U45201DL2005PTC136241	SIGNATURE BUILD-WELL PRIVATE LIMITED	Director	13/05/2005	13/05/2005	-	Active	NO
7	U29199DL2003PTC121437	PIONEER CONVERTING AND ALLIED MACHINERY PRIVATE LIMITED	Director	20/11/2006	20/11/2006	-	Active	NO
8	U74140DL1995PTC186071	TYFORT SALES PROMOTION PVT.LTD.	Director	10/08/2008	22/12/2007	-	Active	NO
9	U70101DL2006PTC146777	AVICHAL BUILDCON PRIVATE LIMITED	Whole-time director	01/08/2011	01/08/2008	31/07/2012	Active	NO
10	U51909WB1995PTC071874	SIGNET VYAPAAR PVT LTD	Director	05/04/2010	05/04/2010	-	Active	NO
11	U45200GJ2011PTC065406	J V CONBUILD PRIVATE LIMITED	Director	16/01/2013	16/01/2013	-	Active	NO
12	U25209GJ2013PTC077488	ADVANCED POLYFILMS PRIVATE LIMITED	Director	13/11/2013	13/11/2013	-	Active	NO
13	U28112DL2009PTC189534	VSA MANUFACTURING PRIVATE LIMITED	Additional director	05/12/2013	05/12/2013	-	Active	NO
14	U45200GJ2011PTC065483	SHILP REALTY PRIVATE LIMITED	Director	15/07/2014	15/07/2014	-	Active	NO
15	U51909WB2011PTC165064	DHANVARSHA SHOPPERS PRIVATE LIMITED	Additional director	10/11/2014	10/11/2014	-	Active	NO
16	U51909WB2011PTC165063	DHANSIDHI MERCHANTS PRIVATE LIMITED	Additional director	10/11/2014	10/11/2014	-	Active	NO
17	AAC-0568	SHINEINDIA PROCON LLP	Designated Partner	26/07/2014	26/07/2014	-	Active	NO

Name :

Mr. Brij Lal Choudhary

Designation :

Director

Address :

113, B. P. Amar Jyoti, Mayur Vihar, Phase – I, Delhi – 110 092, India

Date of Birth/Age :

01.05.1944

Date of Appointment :

29.03.2005

DIN No.:

00058514

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	U21022DL2003PTC119318	JUPITER LAMINATORS PRIVATE LIMITED	Director	29/03/2005	29/03/2005	-	Active	NO
2	U74140DL1995PTC186071	TYFORT SALES PROMOTION PVT.LTD.	Director	22/12/2007	22/12/2007	04/10/2008	Active	NO
3	U29199DL2003PTC121437	PIONEER CONVERTING AND ALLIED MACHINERY PRIVATE LIMITED	Director	17/08/2009	17/08/2009	-	Active	NO
4	U28112DL2009PTC189534	VSA MANUFACTURING PRIVATE LIMITED	Additional director	05/12/2013	05/12/2013	-	Active	NO

Name :

Mr. Rajinder Singh

Designation :

Director

Address :

Vill. Thana Kalan Sonipat – 131402, Haryana, India

Date of Birth/Age :

25.04.1962

Date of Appointment :

01.10.2014

DIN No. :

01636611

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	U74899DL2004PLC130270	SOM TOBACCO INDIA LIMITED	Director	01/11/2004	01/11/2004	-	Active	NO
2	U16008UP2006PTC032372	KAYS FRAGRANCE PRIVATE LIMITED	Director	02/07/2007	02/07/2007	-	Active	NO
3	U70102DL2008PTC184639	R.S.T. REALCON PRIVATE LIMITED	Director	04/11/2008	04/11/2008	-	Active	NO
4	U21022DL2003PTC119318	JUPITER LAMINATORS PRIVATE LIMITED	Additional director	01/10/2014	05/10/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Raj
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Sandeep Bajaj	1838000	45.79
Signet Vyapar Private Limited, India	1938000	48.28
Playway Resorts Private Limited, India	118000	2.94
Signature Build-Well Private Limited, India	120000	2.99
Total	4014000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	54.21
Directors or relatives of Directors	45.79
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Flexible Laminated Packaging Material
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished good
Countries :	Nepal
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	SNTO International, China
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Pratap Shacks, Indore
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	A- 5B, DDA Market, Paschim Vihar, New Delhi, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Banker Name	Punjab national Bank
Branch Address	Shalimar Bagh, New Delhi, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

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

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	19.060	25.823
SHORT TERM BORROWINGS
Loans repayable on demand from banks	419.536	305.945
Total	438.596	331.768

Auditors :
Name :	Mathur Nitin and Company Chartered Accountants
Address :	207, Gupta Arcade, Plot # 5, Local Shopping Centre, Mayur Vihar Phase – I Extension, Delhi – 110 091, India
Tel. No.:	91-11-22717886/ 22717887
E-Mail :	nitinmathur@vsnl.com
PAN No.:	AAJPM1168J
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4014000	Equity Shares	Rs.10/- each	Rs. 40.140 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	40.140	40.140	37.000
(b) Reserves & Surplus	197.082	160.284	122.154
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	30.000	0.000
Total Shareholders’ Funds (1) + (2)	237.222	230.424	159.154
(3) Non-Current Liabilities
(a) long-term borrowings	62.297	62.313	326.623
(b) Deferred tax liabilities (Net)	6.219	4.277	1.368
(c) Other long term liabilities	9.590	9.705	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	78.106	76.295	327.991
(4) Current Liabilities
(a) Short term borrowings	419.536	305.945	0.000
(b) Trade payables	58.360	150.329	118.755
(c) Other current liabilities	12.454	21.802	18.374
(d) Short-term provisions	7.000	1.750	0.000
Total Current Liabilities (4)	497.350	479.826	137.129
TOTAL	812.678	786.545	624.274
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	141.195	119.536	94.170
(ii) Intangible Assets	0.000	0.000	0.000
(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	4.545	4.125	4.125
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	145.740	123.661	98.295
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	259.387	168.526	145.873
(c) Trade receivables	360.504	467.901	351.664
(d) Cash and cash equivalents	8.973	4.622	4.384
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	38.074	21.835	24.058
Total Current Assets	666.938	662.884	525.979
TOTAL	812.678	786.545	624.274

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
TOTAL INCOME	3050.787	1797.287	1203.972
TOTAL EXPENSES	2977.267	1744.172	1163.138
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	73.520	53.115	40.834
DEPRECIATION/ AMORTISATION	19.808	14.877	14.242
PROFIT/ (LOSS) BEFORE TAX	53.712	38.238	26.592
TAX	16.914	12.669	0.610
PROFIT/ (LOSS) AFTER TAX	36.798	25.569	25.982
Earnings / (Loss) Per Share (Rs.)	9.17	6.37	6.47

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	6.65	4.89	4.29
Return on Investment (ROI) (PBT/Networth)		0.23	0.17	0.17
Debt Equity Ratio (Total Debt /Networth)		2.03	1.60	2.05
Current Ratio (Current Asset/Current Liability)		1.34	1.38	3.84

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	37.000	40.140	40.140
Reserves & Surplus	122.154	160.284	197.082
	0.000	30.000	0.000
Net worth	159.154	230.424	237.222
long-term borrowings	326.623	62.313	62.297
Short term borrowings	0.000	305.945	419.536
Total borrowings	326.623	368.258	481.833
Debt/Equity ratio	2.052	1.598	2.031

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1203.972	1797.287	3050.787
		49.280	69.744

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1203.972	1797.287	3050.787
Profit	25.982	25.569	36.798
	2.16%	1.42%	1.21%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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	Yes

PERFORMANCE:

The company could not make substantial improvement in business turnover and profits, but the directors will try to make better performance during the upcoming year.

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advances from directors	8.122	12.170
Loans and advances from others	35.115	24.320
Total	43.237	36.490

VIEW INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10332781	05/12/2011	4,000,000.00	PUNJAB NATIONAL BANK	SHALIMAR BAGH BRANCH, SHALIMAR BAGH, NEW DELHI, Delhi - 110052, INDIA	B30920094
2	10220569	13/02/2012 *	300,000,000.00	PUNJAB NATIONAL BANK	SHALIMAR BAGH BRANCH, SHALIMAR BAGH, NEW DELHI, Delhi - 110052, INDIA	B36676591
3	10221128	31/03/2010	42,000,000.00	Punjab National Bank	Shalimar Bagh, New Delhi, Delhi - 110088, INDIA	A85691673

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

• Computer equipments
• Other equipments

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. 63.32
UK Pound	1	Rs. 98.63
Euro	1	Rs. 76.59

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	TRU

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	6
--PROFITABILITY	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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.