MIRA INFORM REPORT

Report Date :

30.08.2011

IDENTIFICATION DETAILS

Name :	ABELLON CLEAN ENERGY LIMITED (w.e.f. January, 2009)
Formerly Known As :	ABELLON BIO ENERGY LIMITED
Registered Office :	10^th Floor, Sangeeta Complex Parimal Railway Crossing, Ellisbridge, Ahmedabad – 380 006, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.07.2008
Com. Reg. No.:	04-054425
Capital Investment / Paid-up Capital :	Rs.55.000 Millions
CIN No.: [Company Identification No.]	U40100GJ2008PLC054425
TAN No.: [Tax Deduction & Collection Account No.]	AHMA082058
PAN No.: [Permanent Account No.]	AAHCA1525G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Bio Fuel Pellets.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 496000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. The company has improved its performance in the year 2009-10. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.

INFORMATION PARTED BY (Partial Details)

Name :	Mr. Vivek Gupta
Designation :	Assistant Manager - Finance
Contact No.:	91-9925203121
Date :	26.08.2011

LOCATIONS

Registered Office/ Head Office :	10^th Floor, Sangeeta Complex Parimal Railway Crossing, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-66309332
Mobile No.:	91-9925203121 (Mr. Vivek Gupta)
Fax No.:	91-79-66309334
E-Mail :	abellon@abellomcleanenergy.com vivek.gupta@abelloncleanenergy.com secretarial.corp@abelloncleanenergy.com
Website :	http://www.abelloncleanenergy.com
Area :	8000 sq ft
Location :	Rented
Factory 1 :	Chancharwad Ashvamake Plot No.4, Near Changodhar Circle, Ahmedabad, Gujarat, India
Location :	Rented
Factory 2 :	DK Rathore Warehouse, Plot No.2, Survey No.253/1, Mithi River, Rohar, Gandhidham, Kutch, Gujarat, India
Area :	10000 sq ft
Location :	Rented
Overseas Office 1 :	US Office 133, Peachtree Street NE, Georgia Pacific Center, Suite # 4925, Atlanta, Georgia 30303, USA
Overseas Office 2 :	Ghana Office F 744/3 1^st Otswe Street, South La Estates, Osu – La Beach Road, P.O. Box, GP 18983, Accra, Ghana
Overseas Office 3 :	Italy Office Viale L. Majno 26, 20129 Milano, Italy

DIRECTORS

As on 31.08.2010

Name :	Mr. Aditya Sushilkumar Handa
Designation :	Managing Director
Address :	Sharanya, Judhes Bunglow Road, Opposite Ruchir Bunglows, Bodakdev, Ahmedabad - 380 054, Gujarat, India
Date of Birth/Age :	14.03.1985
Qualification :	B. Com, M.B.A.
Experience :	4 Years
Date of Appointment :	03.03.2009
DIN No.:	00308513
Name :	Mr. Chinubhai Ramanlal Shah
Designation :	Director
Address :	15, Aathithya, Flat 17, Patel Society, Gulbaitekra, Ahmedabad - 380 006, Gujarat, India
Date of Birth/Age :	04.06.1937
Date of Appointment :	23.11.2009
DIN No.:	00558310
Name :	Mr. Pankajkumar Kantibhai Patel
Designation :	Whole Time Director
Address :	8/2, Kalpana Society, Behind Post Office, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Date of Birth/Age :	10.07.1970
Qualification :	B.E. Mechanicals, M.B.A.
Experience :	Approximately 15 Years
Date of Appointment :	09.07.2008
DIN No.:	00189925
Name :	Mr. Harsh Wardhan Sukh Lal Bhatnagar
Designation :	Director
Address :	A-152A, Sushat Lok-I, Gurgaon - 122 002, Haryana, India
Date of Birth/Age :	12.02.1945
Date of Appointment :	23.11.2009
DIN No.:	01317848
Name :	Mr. Ramesh Shankar Deshpande
Designation :	Director
Address :	3A, Somaprabha Park, Ghatla Village Road, Chembur, Mumbai – 400 071, Maharashtra, India
Date of Birth/Age :	22.02.1945
Date of Appointment :	23.11.2009
DIN No.:	02610627
Name :	Mr. Nayankumar Mahadevprasad Adhyaru
Designation :	Director
Address :	Hare Krishna Society, Opposite APC, At V.V. Nagar, Anand - 388 120, Gujarat, India
Date of Birth/Age :	22.06.1975
Date of Appointment :	23.11.2009
DIN No.:	02357255
Name :	Mr. Dhaval Ramjibhai Parmar
Designation :	Whole Time Director
Address :	5, Sukirti Apartment, Opposite Jain Upashray, Bhaikakanagar, Thaltej, Ahmedabad – 380 059, Gujarat, India
Date of Birth/Age :	09.12.1980
Date of Appointment :	01.04.2010
DIN No.:	02211686

KEY EXECUTIVES

Name :	Mr. Vivek Gupta
Designation :	Assistant Manager - Finance
Name :	Mr. Kalpesh Jagdishbhai Oza
Designation :	Secretary
Address :	I-404, Shayam Apartments, Near Balaji Complex, Nehru Park Road, Vastrapur, Ahmedabad - 380 015, Gujarat, India
Date of Birth/Age :	11.01.1979
Date of Appointment :	01.08.2009
PAN No.:	AAHPO0235E
Name :	Mr. Rahul Danayak
Designation :	General Manager – International - B.D.
Date of Birth/Age :	47 Years
Qualification :	B. Com, L.L.B.
Experience :	25 Years
Date of Appointment :	18.06.2009
Date of Ceasing :	30.04.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.08.2010

Names of Shareholders	No. of Shares
Aditya Handa	1000
Pankaj Patel	10
Abellon Energy Limited, India	5498950
Nayan Adhyaru	10
Nilesh Mistry	10
Dhaval Parmar	10
Kalpesh Oza	10
Total	5500000

As on 31.03.2011

Names of Shareholders	No. of Shares
Abellon Energy Limited, India	10000000
Total	10000000

As on 17.03.2011

Names of Allottees	No. of Shares
Abellon Energy Limited, India	9500000
Total	9500000

As on 31.08.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.98
Directors or relatives of directors	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Bio Fuel Pellets.
Imports :
Products :	Machines
Countries :	Netherlands
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity*	Actual Production
Solid Bio Fuel	Tons	36000	4668

* Installed capacity is based on three shifts working for 300 days in a year.

GENERAL INFORMATION

No. of Employees :

400 (Approximately)

Bankers :

v Allahabad Bank, 2, Netaji Subhas Road, Kolkata – 700 001, West Bengal, India

v Corporation Bank, Branch Sarkhej Gandhinagar, Ahmedabad, Gujarat, India

v State Bank of India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Allahabad Bank:
Long Term Loan (Secured against hypothecation of plant and Machineries and other fixed assets financed by the Bank for the Changodar Plant)	22.649	22.811
Cash Credit (Secured against hypothecation of Stock and Debtors of the Changodar Plant)	2.563	0.000
Total	25.212	22.811

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From holding company	62.111	4.669
From a Company	0.000	2.342
Total	62.111	7.011

Banking Relations :	--
Financial Institutions :	v SREI Equipment Finance Private Limited, 'Vishwakarma', 86C, Topsia Road, Kolkata – 700 046, West Bengal, India v Tata Capital Limited, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400 001, Maharashtra, India v PTC India Financial Services Limited, 2^nd Floor, NBCC Tower, 15, Bhikaji Cama Place, New Delhi – 110 066, India
Auditors :
Name :	Shah and Shah Associates Chartered Accountants
Address :	702, Aniket, Near Municipal Market, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26465433
Fax No.:	91-79-26406983
E-Mail :	ca@shahandshah.co.in
Income-tax PAN of auditor or auditor's firm :	AAHFS7036F
Holding Company :	Abellon Energy Limited CIN No.: U40100GJ2008PLC054493 Address: 10^th Floor, Sangeeta Complex Parimal Railway Crossing, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Ultimate Holding Company:	Levana Financial Services Limited
Wholly Owned Subsidiaries :	v Abellon Energy Inc. (USA) v Abellon Cleanenergy Ghana Limited, Ghana
Fellow Subsidiary :	Abellon Agni One Limited
Associate Companies :	v Sarjan Financial Private Limited v Darshnil Financial Private Limited v Cygnus Laboratories Limited v Medical Technologies Limited v Claris Lifesciences Limited v Aventure Infrastructure Limited v Aventure Infrabuild Limited v Aventure Lifespace Limited v Abellon power Limited v Aventure Multipark Limited v Aventure Worldpark Limited v Abellon Windenergy Limited v Abellon Epc and Technologies Limited v Redbricks Education Limited v Redbricks Junior Education Limited v Xcellon Education Limited v Abellon Agrisciences Limited v Fifth Veda Education Limited v Creatrix Eduction Limited

CAPITAL STRUCTURE

After 31.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs.55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs.55.000 Millions

(Out of above, 5498950 shares are held by holding company Abellon Energy Limited)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		55.000	30.000
2] Share Application Money Pending Allotment		65.180	29.210
3] Reserves & Surplus		3.755	0.014
4] (Accumulated Losses)		0.000	0.000
NETWORTH		123.935	59.224
LOAN FUNDS
1] Secured Loans		25.212	22.811
2] Unsecured Loans		62.111	7.011
TOTAL BORROWING		87.323	29.822
DEFERRED TAX LIABILITIES		4.105	0.000
TOTAL		215.363	89.046
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.742	0.006
Capital work-in-progress		3.740	50.402
Preoperative Expenses (to be capitalized on completion of projects )		77.829	48.023
INVESTMENT		0.009	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.738	0.000
	Sundry Debtors	8.596	0.038
	Cash & Bank Balances	27.236	0.075
	Other Current Assets	0.000	0.000
	Loans & Advances	53.093	3.538
Total Current Assets		96.663	3.651
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35.679	4.801
	Other Current Liabilities	12.219	7.281
	Provisions	4.971	1.287
Total Current Liabilities		52.869	13.369
Net Current Assets		43.794	(9.718)
MISCELLANEOUS EXPENSES		0.249	0.333
TOTAL		215.363	89.046

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	138.819	3.173
		Other Income	0.000	0.000
		TOTAL (A)	138.819	3.173
Less	EXPENSES
		Material Cost	58.698	2.340
		Employment Cost	15.119	0.000
		Manufacturing, Selling and Administration Expenses	53.140	0.205
		Increase/ Decrease in stock	(6.679)	0.000
		TOTAL (B)	120.278	2.545
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.541	0.628
Less	INTEREST (D)		2.076	0.027
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		16.465	0.601
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.021	0.000
	PROFIT BEFORE TAX (E-F) (G)		10.444	0.601
Less	TAX (H)		6.060	0.587
	PROFIT AFTER TAX (G-H) (I)		4.384	0.014
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.014	--
Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	0.550	--
		Corporate Tax on Dividend	0.093	--
	BALANCE CARRIED TO THE B/S		3.755	0.014
	IMPORTS
		Capital Goods	0.678	0.122
	TOTAL IMPORTS		0.678	0.122
	Earnings Per Share (Rs.)		1.18	0.01

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	3.16	0.44
Net Profit Margin (PBT/Sales)	(%)	7.52	18.94
Return on Total Assets (PBT/Total Assets}	(%)	5.60	16.43
Return on Investment (ROI) (PBT/Networth)		0.08	0.01
Debt Equity Ratio (Total Liability/Networth)		1.13	0.73
Current Ratio (Current Asset/Current Liability)		1.83	0.27

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	35.679	4.801

Note: Registered office Address of the company has been shifted from 3^rd Floor, Sangeeta Complex, Near Parimal crossing, Ellisbridge, Ahmedabad – 380006, Gujarat, India to Present w.e.f. 30.03.2010.

REVIEW OF OPERATIONS:

During the financial year 2009-2010, the Company has achieved a Turnover of Rs.138.800 millions as against Rs.3.100 millions in the previous year.

The Profit Before Tax has increased to Rs.10.400 millions from Rs.0.600 million in the previous year. The Profit After Tax has increased from Rs.0.014 million to Rs.4.300 millions.

The company has also tied up with one of its sister concern.

FUTURE OUTLOOK:

The company is in advance talk with some of the prospective customer for supplying biomass as well as other agro residue.

The company has tied up during the year for carrying out R and D in order to expand its business activities. The Company has also filed many patents as a result of such R and D activities with Patent office for registration. Many of such Patents have been published also. The registration of such Patent will add lots of value to your company.

The company is also intending to enter into agri business. The company is in advance talk with some of the agricultural companies as well as agriculturist in order to carry out agricultural activities.

FUTURE PLAN OF ACTION:

Pilot scale set up for the following projects:

1] Pyrolysis - Designing of modular unit

2] Torrefaction - Designing of modular unit

3] Algae biodiesel plant

• R and D Scale design and development

• Designing of customized and efficient photo bioreactor

4] Bioethanol Pilot set up

• Pilot scale design and development

• Designing and evaluation of process parameters

5] Tissue Culture Laboratory - Laboratory Set up and protocol standardization Tissue culture raised bamboo plantlets for energy cropping. Major emphasis on production of energy and forestry crops like Bamboo, thornless, Prosopis etc.

FORM 8:

Corporate identity number of the company	U40100GJ2008PLC054425
Name of the company	ABELLON CLEAN ENERGY LIMITED
Address of the registered office or of the principal place of business in India of the company	10^th Floor, Sangeeta Complex Parimal Railway Crossing, Ellisbridge, Ahmedabad – 380 006, Gujarat, India E-Mail: secretarial.corp@abelloncleanenergy.com
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	CIN No.: U65990MH1991PLC060670 Tata Capital Limited, One Forbes, Dr. V.B. Gandhi Marg, Fort, Mumbai – 400 001, Maharashtra, India E-Mail: shailesh.rajadhyaksha@tatacapital.com
Nature of description of the instrument creating or modifying the charge	1. Deed of hypothecation dated 21.07.2011 2. Term loan agreement dated 21.07.2011
Date of instrument Creating the charge	21.07.2011
Amount secured by the charge	Rs.5.660 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Long Term Lending Rate (LTLR) @ 17% p.a. Rate of Interest @ 3.00% p.a. below LTLR, subject to a minimum of 14.00% p.a. Terms of Repayment: Amount to be repaid in 35 monthly installments of Rs.0.157 million and 36^th installment of Rs.0.154 million. Margin: Rs.0.441 million of the total cost for purchase of Fly Ash Bricks Plant Extent and Operation of the charge: As per deed of hypothecation and term loan agreement
Short particulars of the property charged	Fly Ash Bricks making plant with auto feeding system as well as automatic green products handling system Model No Neptune Lite 2000.

This form is for

Creation of charge

Corporate identity number of the company

U40100GJ2008PLC054425

Name of the company

ABELLON BIO ENERGY LIMITED

Address of the registered office or of the principal place of business in India of the company

Sydney House, Premchand Nagar road, Ahmedabad – 380054, Gujarat, India

Type of charge

Book Debts

Movable Property

Others

Particular of charge holder

Name :	Allahabad Bank,
Address :	2, Netaji Subhas Road, kolkata – 700001, West Bengal, India
Email :	br.ashram@allahabadbank.in

Nature of description of the instrument creating or modifying the charge

1. General Letter of Hypothecation for securing working capital limit of Rs. 2.600 millions
2. Term Loan Agreement (hypothecation of movables) for securing the term loan Rs. 28.000 millions

Date of instrument Creating the charge

05.09.2008

Amount secured by the charge

Rs. 30.600 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest :

14.50% (14% + 0.50%) where 14% id the Prime Lending rate of the bank.

Terms of Repayment :

20 quarterly installments of Rs. 1.400 millions after six months Moratorum.

Interest will be serviced on monthly basis as and when due.

Margin :

Term Loan -50% of cost of plant and machinery excluding building

Working capital -25% on stock and 50% on book debts.

Extent and Operation of the charge :

Term loan -28.000 millions

Working Capital – 2.600 millions

For setting up a New Bio Energy plant and Fulfilling the working capital Requirement of the company.

Others :

Nil

Short particulars of the property charged

Working capital : Hypothecation of stocks and debtors and all other Assets of Changodar 120TPD Plant

Term Loan : Hypothecation of Plant and Machinery Purchased out of term Loans of Allahabad bank

Location: Plot No.4, Ashwamegh Estate, Changodhar, Ahmedabad.

CONTINGENT LIABILITY: (AS ON 31.03.2010)

(a) Disputed liability for building rent: Rs.0.391 million.

(b) Guarantees issued to Government Department Rs.0.020 million.

(c) Estimated amount of contracts remaining to be executed on Capital account and Not provided for (net of advances): Rs.51.511 millions.

FIXED ASSETS:

Tangible Assets

v Freehold Land

v Leasehold Improvements

v Plant and Machinery

v Electric Installation

v Furniture and Fixture

v Office Equipments

v Computer and Printer

Intangible Assets

v 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 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.45.87
UK Pound	1	Rs.75.15
Euro	1	Rs.66.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.