MIRA INFORM REPORT

Report Date :

26.04.2011

IDENTIFICATION DETAILS

Name :	ENNORE COKE LIMITED
Registered Office :	25, Flowers Road, 3^rd Floor, Egmore Benefit Society Building, Chennai-600084, Tamilnadu.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.02.1985
Com. Reg. No.:	18-070358
CIN No.: [Company Identification No.]	L65921TN1985PLC070358
TAN No.: [Tax Deduction & Collection Account No.]	CHEE04846C
PAN No.: [Permanent Account No.]	AAACK1631Q
Legal Form :	A Public Limited Liability Company. The company's shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of Coke.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mrs. Sonali
Designation :	C.O.
Date :	23.04.2011

LOCATIONS

Registered Office :	25, Flowers Road, 3^rd Floor, Egmore Benefit Society Building, Chennai-600084, Tamilnadu.
Tel. No.:	91-33-24851697/24192474
Fax No.:	91-33-24851698/24851699
E-Mail :	info@ennorecoke.com
Website :	http://www.ncoke.com
Corporate Office 1 :	85 A, Sarat Bose Road, Flat 38, 3^rd Floor, Kolkata-700026, West Bengal, India.
Corporate Office 2 :	36, College Road, Nungambakkam, Chennai-600006, Tamilnadu, India.
Tel. No.:	91-44-28272590
Fax No.:	91-44-28262416

DIRECTORS

As on : 31.03.2010

Name :	Mrs. Vatsala Ranganathan
Designation :	Managing Director
Name :	Mr. Amjad Shariff
Designation :	Director
Name :	Mr. Rajeev Agarwal
Designation :	Director
Name :	Mrs. Uma Karthikeyan
Designation :	Director
Name :	Mr. M.R. Rajagopal
Designation :	Director
Name :	Mr. R Ramakrishnan
Designation :	Additional Director
Name :	Mrs. Uma Karthikeyan
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. K. Rajagopal
Designation :	Company Secretary
Name :	Mr. Ganeshan Natarajan
Designation :	Chief Executive Officer
Mobile No :	91-9830743420

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2010

Category Code	Category of shareholder	Total Number of shares	Total shareholding as a percentage of total number of shares
(A)	Shareholding of Promoter and Promoter Group
(1)	Indian
(a)	Individuals / Hindu undivided family	120000	0.77
(b)	Bodies Corporate	9434000	60.86
	Sub Total	9434000	61.64
(2)	Foreign
(B)	Public shareholding
(1)	Institutions
(2)	Non-Institutions
(a)	Bodies Corporate	1644812	10.61
(b)	Individuals
	i. Individuals shareholders holding nominal share capital upto Rs. 0.100 million	1175959	7.59
	Ii. Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	2740647	17.68
(c)	Any other (specify)	384582	2.48
	i. Clearing Members	68802	0.44
	ii. Non-Resident Indians	148348	0.96
	iii. Hindu Undivided Families	167432	1.08
	GRAND TOTAL (A) + (B) + (C)	15500000	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Coke.

Products :

Item Code No. (ITC Code)	Product Description
270400	Coke

• Metallurgical Coke Plants
• Hard Coke Plants
• Power Plants, etc.

Exports :

Products :

Coke

Countries :

• USA
• Pakistan

Imports :

Products :

Cock

Countries :

• Australia

Terms :

Selling :

L/C / Cash / Credit

Purchasing :

L/C / Cash / Credit

Production Status : (As on 31.03.2010)

Licensed / Installed capacity:

The Installed capacity of the Non-Recovery Coke oven plant is 1,30,000 MT per annum. The capacity of co-generation power plant is 12MW and during the year power plant is not ready for commencing the operations.

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

70 (Approximately)

Bankers :

· Union Bank of India, IFB, Chennai - 600034

· State Bank of India, Overseas Branch, Kolkata - 700001

· State Bank of Hyderabad, IFB, Chennai - 600001

· Allahabad Bank, IFB, Chennai - 600002

· Axis Bank Limited, Haldia, West Bengal - 721602

· HDFC Bank, R.A.Puram, Chennai - 600028

Facilities :

Secured Loan (Rs. In Millions)	31.03.2010	31.03.2009
Term Loans from Banks*
State Bank of India	200.000	200.000
State Bank of Hyderabad	100.000	100.000
Union Bank of India	100.000	100.000
Allahabad Bank	90.500	90.500
Others (from Banks)
Line of Credit - State Bank of India	22.832	22.500
Cash Credit	70.613	9.993
Interest Accrued and Due	4.985	3.447
Total	588.930	526.440

* Amount repayable within a year is Rs. 122.625 millions Previous year Rs. 24.525 millions

Unsecured Loan (Rs. In Millions)	31.03.2010	31.03.2009
Loan from Affiliates	345.074	348.874
Others	30.000	0.000
Interest Accrued and Due	68.820	0.000
Total	443.895	348.874

** Amount repayable within a year is Rs. 375.074 millions, Previous year Rs. 348.874 millions.

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountant
Associates/Subsidiaries :	· Shriram EPC Limited · Shriram Auto Finance (Partnership firm)
Related Company :	· Wellman Coke India Limited · Haldia Coke and Chemicals Limited · Hamon Shriram Cottrell Private Limited · Shriram Leitwind Limited · Shriram SEPL Composites Private Limited · Blackstone Group Technologies Private Limited · Leitner Shriram Manufacturing Company Limited · Orient Green Power Company Limited · Chemproject Consulting Private Limited · Haldia Chemicals Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs.160.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15500000	Equity Shares	Rs.10/- each	Rs.155.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		155.000	155.000	155.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		285.310	127.400	150.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		440.310	282.400	305.300
LOAN FUNDS
1] Secured Loans		588.930	526.400	126.800
2] Unsecured Loans		443.895	348.900	0.000
TOTAL BORROWING		1032.825	875.300	126.800
DEFERRED TAX LIABILITIES		10.776	0.100	0.000
TOTAL		1483.913	1157.800	432.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		667.518	30.600	25.600
Capital work-in-progress		595.965	1021.600	648.200
INVESTMENT		0.000	7.300	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	592.281	325.800	0.000
	Sundry Debtors	1081.022	281.400	0.800
	Cash & Bank Balances	481.001	21.200	0.600
	Other Current Assets	3.925	0.000	0.000
	Loans & Advances	121.597	294.400	9.100
Total Current Assets		2279.826	922.800	10.500
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	2022.420	822.300	325.300
	Provisions	36.976	2.200	0.000
Total Current Liabilities		2059.396	824.500	325.300
Net Current Assets		220.430	98.300	(314.800)
MISCELLANEOUS EXPENSES		0.000	0.000	73.100
TOTAL		1483.913	1157.800	432.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Revenue	3869.146	1010.508	0.000
		Other Income	20.418	0.132	0.799
		TOTAL (A)	3889.564	1010.640	0.799
Less	EXPENSES
		Materials	3362.634	937.851	0.000
		Employees Cost	23.904	4.088	0.000
		Operating and Other Expenses	184.116	53.813	0.458
		TOTAL (B)	3570.654	995.752	0.458
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		318.910	14.888	0.341
Less	FINANCIAL EXPENSES (D)		125.987	11.534	0.005
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		192.923	3.354	0.336
Less/ Add	DEPRECIATION/ AMORTISATION (F)		51.475	0.992	0.212
	PROFIT BEFORE TAX (E-F) (G)		141.448	2.362	0.124
Less	TAX (I)		49.053	1.581	0.112
	PROFIT AFTER TAX (G-I) (J)		92.395	0.781	0.012
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.078	0.297	0.284
	BALANCE CARRIED TO THE B/S		93.474	1.078	0.297
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	63.049	0.000	Nil
	TOTAL EARNINGS		63.049	0.000	Nil
	IMPORTS
		Raw Materials	226.448	55.248	Nil
		Traded Goods	85.474	327.427	Nil
	TOTAL IMPORTS		311.922	382.675	Nil
	Earnings Per Share (Rs.)		5.96	0.05	0.001

QUARTERLY / SUMMARISED RESULTS

PARTICULARS	30.06.2010	30.09.2010	31.12.2010
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Sales Turnover	804.860	1888.880	1395.680
Total Expenditure	764.550	1893.020	1393.830
PBIDT (Excl OI)	40.310	(4.140)	1.850
Other Income	19.010	64.220	94.620
Operating Profit	59.320	60.090	96.470
Interest	18.410	26.540	37.590
Exceptional Items	0.000	0.000	0.000
PBDT	40.910	33.540	58.880
Depreciation	23.150	22.470	27.390
Profit Before Tax	17.760	11.080	31.500
Tax	5.070	3.620	10.460
Reported PAT	12.690	7.450	21.040
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	12.690	7.450	21.040

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.37	0.08	0.00
Net Profit Margin (PBT/Sales)	(%)	3.65	0.23	0.00
Return on Total Assets (PBT/Total Assets}	(%)	4.79	0.25	0.28
Return on Investment (ROI) (PBT/Networth)		0.32	0.01	0.00
Debt Equity Ratio (Total Liability/Networth)		7.02	6.02	1.48
Current Ratio (Current Asset/Current Liability)		1.10	1.12	0.03

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from 11/3, Ground Floor, Dhananmal Street, Chennai-600031, Tamilnadu, India to the present address.

OPERATIONS AND FUTURE PROSPECTS

During the year, the company commenced commercial production at Haldia in Battery no 1 and 2 during April 2009 equivalent to one third of the coke capacity. They are happy to state that the output parameters matched with the best in the Industry. In October 2009 Batteries 3 and 4 were commissioned augmenting another one third of the total coke capacity. Concurrently the Implementation of the Power Project was carried out in full swing and the Power plant is expected to be operational by the Third Quarter of 2010 as also Batteries 5 and 6. Further the operating capacities of the company galloped laterally to nearly 4,00,000 M.T. by end of the March 2010. This was possible through identification of units whose manufacturing capacities and process synergized evenly with that of the company.

During the year the company also carried out trading in Coal and Coke to keep in touch with the pulse of the Market which was volatile through out the year This has helped the company to scale a Turnover of Rs 3889.500 millions during 2009-10 from Rs 1010.600 millions in 2008-09 (an increase of 385 %). As on date the company has operating capacities in four states and Marketing activities in Seven States. Your Company is on the constant lookout for opportunities to laterally expand on capacity and hopes to achieve a Gross Capacity of Half a Million tonnes of coke during the forthcoming year. The Company hopes to focus on Exports during the forthcoming year. It has already signed annual Contracts for exports with Natural Resources Singapore, Mitshubushi Corporation Japan, Severstal Steel Inc USA as also continue the ongoing Export Orders with Pakistan and Durban. On the Domestic Front, the Company has successfully commenced supply to Tata Steel, IDCOL, Tata Metallicks as also foundries at Belguam and Coimbatore.

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS PERFORMANCE REVIEW

During the year the company continued the Implementation of Co generation Power Plant of 12mw capacity at Haldia as also continue the implementation of the coke project. The Coke project has now commenced operation on two thirds of its capacity and is expected to achieve full capacity by the forthcoming year. The Company has already signed a Power Purchase agreement with West Bengal State Electricity Board. On the Basis of performance and operating Capacity the State Bank of India Consortium enhanced the Working Capital limits to Rs. 1750.000 millions. The Company has successfully started utilizing four more third party manufacturing units in the states of Gujarat/ West Bengal/Orissa/Jharkhand. During the year, the Company had carried out significant volume of Exports to Pakistan and Durban as also USA. The Company has also commenced direct supplies to end users prominent amongst them are Tata Metalicks, Tata Steels, IDCOL Kalinga, Narasingh Ispat, Maheswari Ispat as also foundries at Coimbatore and Belguam.

Opportunity

a) Fully Integrated Coke and Power Plant means no input cost for power

b) Low Transmission Cost

c) Stamp Charging technique to improve yield

d) Export potential

DIRECTORS

Mr. Rajeev Agarwal and Mrs. Uma Karthikeyan retires by rotation at the ensuing Annual General Meeting and

being eligible, offer themselves for re-appointment.

SUBSIDIARY COMPANY

During the year, M/s. Haldia Coke and Chemicals Private Limited, have acquired the holding of M/s. Shriram EPC Limited, and M/s. Shriram Auto Finance, Chennai in their Company through an Inter - se transfer of shares amongst group (under Regulation 3(1)(e)(i) of the Takeover Regulations) and currently holds 60.86 % of the paid up capital of their Company. Haldia Coke is an integrated merchant met coke producer with met coke plants and captive coking coal mines. Haldia Coke owns an 80,000 metric ton per annum capacity met coke plant at Nergundi in Orissa through its wholly owned subsidiary Wellman Coke Limited. In addition, Haldia Coke owns a 130,000 metric ton per annum capacity met coke plant and a by-product power plant at Haldia in West Bengal. Haldia Coke also holds two coking coal mines in West Virginia and Arkansas, USA with combined production capacity of 423,000 ton per annum and extractable reserves of 25 million MT. Thus, by virtue of the above, the Company has become a subsidiary of M/s. Haldia Coke and Chemicals Private Limited, Chennai, during June 2010.

AS PER WEBSITE DETAILS:

Profile:

This company was incorporated as a public limited company on February 25, 1985 to carry out business of yarn, cloth, fibre and the business of leasing of moveable and immoveable properties. These activities were carried out till September 30, 2005.

Effective December 5, 2005 the controlling interest of the company was taken over by Shriram EPC Limited., and Mrs. Vatsala Ranganathan. The new management has discontinued the above businesses of the company and has now decided to enter the business of manufacturing met coke by purchasing the Proposed Coke Project from EPCPL situated at Haldia, West Bengal.

Ennore Coke Limited also plans to set up a power plant at the same location for generating 6 MW of power by utilizing the waste heat generated from the process of manufacturing met coke.

Their company has also proposed to expand the manufacturing capacity of the Proposed Coke Project from 100,000 TPA to 300,000 TPA and increasing the capacity of generation of power from 6 MW to 18 MW at Haldia, West Bengal.

Un-audited financial results for the period ended December 31, 2010

(Rs. In millions)

Particulars	3 months ended December 31, 2010	9 months ended December 31, 2010
(a) Net Sales/ Income from operation	1395.682
2. Expenditure
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P.	(147.293)	(281.056)
b. Consumption of Raw-Materials	348.444	1255.779
c. Purchase of Traded Goods	1022.858	2674.044
d. Employees Cost	10.199	27.000
e. Depreciation	27.385	73.005
f. Other Expenditure	159.621	375.628
g. Total	1421.214	4124.400
3. Profit(+)/ Loss(-) from Operations before other Income Interest and Exceptional Item(1-2)	(25.532)	(34.976)
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss)	94.619	177.842
5. Profit(+)/ Loss(-) before Interest and Exceptional Item	69.087	142.866
6. Interest	37.590	82.541
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6)	31.497	60.325
8. Exceptional Items	0.000	0.000
9. Profit(+)/ Loss (-) from ordinary activities before Tax (7-8)	31.497	60.325
10. Tax Expenses	10.459	19.147
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10)	21.038	41.178
12. Extraordinary Items	0.000	0.000
13. Net Profit (+)/ Loss(-) for the period (11-12)	21.038	41.178
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share)	1550.00	1550.00
15. Reserves excluding Revaluation Reserves as per Balance Sheet of Previous Accounting Year
16. Earning per Share (EPS)
a) Basic and diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualised)	1.36	2.66
b) Basic and diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not annualised)	1.36	2.66
17. Public Shareholding
Number of Shares	5946000	5946000
% of Share holding	38.36%	38.36%
18. Promoters and promoter group Shareholding
a) Pledged/Encumbered
- Number of shares	697000	697000
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	7.30%	7.30%
- Percentage of shares (as a % of the total share capital of the company)	4.50%	4.50%
b) Non-encumbered
- Number of shares	9554000	9554000
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100%	100%
- Percentage of shares (as a % of the total share capital of the company)	64.64%	64.64%

Note :

1. The above results were reviewed by Audit Committee and approved and taken on record by the board at its meeting held on 14 February, 2011

2. The Figures for the corresponding periods have been restarted wherever to make comparable.

3. There were no investor complaints pending redressal as on December 31, 2010. No Complaints were received during the quarter ended December 31, 2010

4. With reference to Auditors “Qualification, relating to other income, the company is in the process of collecting relevant information relating to certain transactions as required and will be available at the earliest. Also, with respect to pending reconciliation, the company is in the process of reconciling the balance outstanding interest charges upto and as at December 31, 2010 with certain related companies. The company is expected to complete the process by end of March 31, 2010 and adjustments, if any, arising as a result of reconcilator will be given effect in the following quarter.

5. The company operation release toi only one segment. Hence no separate segment information is provided.

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. 44.45
UK Pound	1	Rs. 73.35
Euro	1	Rs. 64.78

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.