MIRA INFORM REPORT

Report Date :

14.12.2011

IDENTIFICATION DETAILS

Name :	MITCON CONSULTANCY AND ENGINEERING SERVICES LIMITED (w.e.f 15.10.2010)
Formerly Known As :	MITCON CONSULTANCY SERVICES LIMITED
Registered Office :	Kubera Chambers, Shivaji Nagar, Pune – 411002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.04.1982
Com. Reg. No.:	25-026933
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U74140MH1982PLC026933
TAN No.: [Tax Deduction & Collection Account No.]	PNEM00421B
PAN No.: [Permanent Account No.]	AABCM2681H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	· Project Consultancy (TEFR), Appraisal and Monitoring. · Energy Audits, Surveys, Pollution control and alternate sources of energy, Climate change Consultancy services to Co-gen Power Projects.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1460000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track records. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Kubera Chambers, Shivaji Nagar, Pune – 411055, Maharashtra, India
Tel. No.:	91-20-25534322/25533309
Fax No.:	91-20-25533206
E-Mail :	mitconmail@gmail.com
Mitcon Udyog Prabodhini (Trading Division) :	Behind DIC office, Agriculture Collage Campus, Shivajinagar, Pune – 411055, Maharashtra, India
Tel. No.:	91-20-25530308/09
Fax No.:	91-20-25530307
Branches :	Located at : · Mumbai · Delhi · Chennai · Ahmedabad · Nagpur · Aurangabad · Sangli · Kolhapur

DIRECTORS

As on 30.09.2011

Name :

Mr. Anand Trimbak Kusre

Designation :

Nominee Director

Address :

902, Yashowan, Plot No. 96-97^th, Kataria Marg, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

18.07.1949

Date of Appointment :

07.06.2002

DIN No.:

00818477

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74140MH1982PLC026933	Mitcon Consultancy and Engineering Services Limited	Nominee director	07-06-02	07-06-02	-	Active	NO
U91990GJ1978PLC003258	Gujarat Industrial and Technical Consultancy Organisation Limited	Director	20-12-02	20-12-02	-	Active	NO
U74210TN1979PLC007894	ITCOT Consultancy and Services Limited	Nominee director	21-06-04	21-06-04	-	Active	NO
U74130KA2006PTC059425	Loyalty Solutions and Research Private Limited	Director	28-02-06	28-02-06	28-05-10	Active	NO
U73100PN2007NPL129455	Entrepreneurship Development Center	Director	09-06-10	30-09-09	-	Active	NO
L24239MH1949PLC007837	IPCA Laboratories Limited	Director	29-07-10	21-01-10	-	Active	NO

Name :

Dr. Pradeep Raghunath Bavadekar

Designation :

Managing Director

Address :

Flat No 101, Wing B-2, Kumar Pride Park, S.B. Road, Pune, Maharashtra, India

Date of Birth/Age :

02.08.1956

Date of Appointment :

23.06.1995

DIN No.:

00879747

Name :

Mr. Harkesh Kumar Mittal

Designation :

Director

Address :

H 33, Nivedita Kunj, Sector 10, R K Puram, New Delhi – 110022, India

Date of Birth/Age :

19.08.1960

Date of Appointment :

06.06.2008

DIN No.:

02159322

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74140MH1982PLC026933	Mitcon Consultancy and Engineering Services Limited	Director	25-07-08	06-06-08	-	Active	NO
U73100PN2007NPL129455	Entrepreneurship Development Center	Director	09-06-10	30-09-09	-	Active	NO
U73100DL2011NPL228097	Global Innovation and Technology Alliance	Director	29-11-11	29-11-11	-	Active	NO

Name :

Mr. Ashok Dagadu Mahajan

Designation :

Nominee Director

Address :

304, Geetanjali Co-operative Housing Society, Opposite Patkar School, Ground Rajaji Road, Lane 2, Domibavli (East), Thane – 421201, Maharashtra, India

Date of Birth/Age :

04.07.1956

Date of Appointment :

24.09.2007

DIN No.:

02239716

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74140MH1982PLC026933	Mitcon Consultancy and Engineering Services Limited	Nominee director	24-09-07	24-09-07	-	Active	NO
U74999PN1997PTC108991	Sicom Trustee Company Private Limited	Nominee director	29-09-11	29-09-11	-	Active	NO

Name :

Mr. Dominuc Philip

Designation :

Director

Address :

103, Indira Apartment, Rahate Colony, Sardha Road, Nagpur – 440022, Maharashtra, India

Date of Birth/Age :

19.02.1955

Date of Appointment :

23.03.2009

DIN No.:

01898182

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51504MH1972SGC015583	Maharashtra State Powerlooms Corporation Limited	Director	06-11-06	06-11-06	20-06-08	Active	NO
U17120MH1966SGC013568	Maharashtra State Textile Corporation Limited	Director	26-12-06	26-12-06	20-06-08	Active	NO
U17100MH1906SGC000241	The Pratap Spinning Weaving and Manufacturing Company Limited	Director	26-12-06	26-12-06	20-06-08	Active	NO
U10100MH1973SGC017008	Maharashtra State Mining Corporation Limited	Director	05-09-07	05-09-07	17-02-09	Active	NO
U74999MH1962SGC012501	Maharashtra Small Scale Industries Development Corporation Limited	Managing director	27-02-09	27-02-09	16-05-11	Active In Progress	NO
U74140MH1982PLC026933	Mitcon Consultancy and Engineering Services Limited	Director	10-08-09	23-03-09	19-09-11	Active	NO

Name :

Mr. Chandrashekhar Damodar Kalkar

Designation :

Nominee Director

Address :

Flat No E – 5, 3^rd Floor, Mantri Park, Opposite Kpit House, Kothrud, Pune – 411029, Maharashtra, India

Date of Birth/Age :

24.09.1952

Date of Appointment :

22.09.2009

DIN No.:

02682227

Name :

Mr. Pillarisetti Satish

Designation :

Nominee Director

Address :

A2/1/12 Nabard Park, Khira Nagar, Santacruz (East), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

29.09.1957

Date of Appointment :

22.09.2009

DIN No.:

00194258

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U51909MH2002PLC135594	Multi Commodity Exchange of India Limited	Nominee director	20-05-09	20-05-09	04-09-09	Active	NO
U74140MH1982PLC026933	Mitcon Consultancy and Engineering Services Limited	Nominee director	20-08-10	22-09-09	19-09-11	Active	NO

Name :

Mr. Bundellu Venkatswamy Omprakash

Designation :

Nominee Director

Address :

Flat No 192, Jolly Maker Apartment, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

15.01.1950

Date of Appointment :

26.03.2010

DIN No.:

00032950

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U65990MH1993GOI075578	IDBI Capital Market Services Limited	Nominee director	30-03-98	30-03-98	04-08-07	Active	NO
U72200MH2000GOI124665	IDBI Intech Limited	Director	23-09-06	23-09-06	04-08-07	Active	NO
L65190MH2004GOI148838	IDBI Bank Limited	Whole-time director	04-12-06	04-12-06	31-01-10	Active	NO
U67120MH2006GOI166186	IDBI Gilts Limited	Nominee director	13-12-06	13-12-06	01-02-10	Amalgamated	NO
U65999DL2000PLC103177	IDBI Homefinance Limited	Director	17-08-07	17-08-07	09-02-10	Amalgamated	NO
U66010MH2007PLC167164	IDBI Federal Life Insurance Company Limited	Director	10-06-08	12-12-07	19-02-10	Active	NO
U67190MH1993PLC071691	Credit Analysis and Research Limited	Director	29-09-10	09-02-10	-	Active	NO
U74140MH1982PLC026933	Mitcon Consultancy and Engineering Services Limited	Nominee director	20-08-10	26-03-10	-	Active	NO
U67110MH2000PTC129483	Principal Trustee Company Private Limited	Director	28-09-10	10-08-10	-	Active	NO
U24200MH1989PLC051736	Laxmi Organic Industries Limited	Director	21-02-11	21-02-11	-	Active	NO

Name :

Mr. Ramabadran Parthasarathy

Designation :

Nominee Director

Address :

Phase CF 3, Millennium Encls, Pankajam Road, Saligramam, Chennai – 600093, Tamilnadu, India

Date of Birth/Age :

11.05.1955

Date of Appointment :

30.12.2010

DIN No.:

02170273

Other Directorship:

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U40100MH1995PLC094903	Vidarbha Power Limited	Nominee director	26-12-07	26-12-07	08-10-09	Active	NO
L27100MH1970PLC014621	Lloyds Steel Industries Limited	Nominee director	27-05-08	27-05-08	04-03-11	Active	NO
L24302RJ1976PLC001780	Modern Syntex (India) Limited	Nominee director	28-06-08	28-06-08	29-09-09	Active	NO
L17124RJ1977PLC001758	Modern Denim Limited	Nominee director	30-06-08	30-06-08	16-04-10	Active	NO
U24110MH1987PLC043127	Rama Industries Limited	Nominee director	15-12-10	15-12-10	-	Active	NO
U74140MH1982PLC026933	Mitcon Consultancy and Engineering Services Limited	Nominee director	19-08-11	30-12-10	-	Active	NO
U36941MH1996PLC185707	ABG Cement Limited	Nominee director	07-02-11	07-02-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
ICICI Bank Limited, India	9500
IFCI Limited, India	6250
Sicom Limited, India	5000
Maharashtra Industrial Development, India	1875
Bank of Maharashtra, India	1750
State Bank of India, India	1750
Maha Small Scale Industries Limited, India	1000
Development Corporation of Kokan Limited, India	500
Development Corporation of Vidarbha Limited, India	500
Marathawada Development Corporation Limited	750
Bank of India , India	1000
Central Bank of India , India	1000
Dena Bank, India	1000
Bank of Baroda, India	1000
Union Bank of India, India	1000
Canara Bank, India	1000
Maharashtra Electronics Company	500
Maharashtra State Financial	1875
Economic Dev Corporation of Goa, India	2000
Pradeep R. Bavadekar	3125
Sunil Natu	375
Ram Dhondiba Mapari	250
Rajan Ganesh Tanawade	250
Rajendra D. Ghorpada	125
Deepak M. Zade	125
Sanju Devis	250
Small Industrial Development Bank of India	6250
TOTAL	50000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Government Companies	28.00
Public Financial Companies	13.00
Nationalized and other Companies	50.00
Directors or relatives of Directors	1.00
Other top fifty shareholders	8.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· Project Consultancy (TEFR), Appraisal and Monitoring. · Energy Audits, Surveys, Pollution control and alternate sources of energy, Climate change Consultancy services to Co-gen Power Projects.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
ICICI Bank Limited – Car loans (Repayable within one year Rs. NIL Previous Year Rs. 0.294 Millions Secured by hypothecation of Vehicle)	0.000	0.294
Total	0.000	0.294

Banking Relations :	--
Auditors :
Name :	Sharad P. Joshi Chartered Accountant
Address :	209, Indulal Commercial Complex, L.B. Shastri Road, Navi Peth, Pune – 411030, Maharashtra, India
PAN.:	ABAOH19148D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		360.172	263.824	199.169
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		365.172	268.824	204.169
LOAN FUNDS
1] Secured Loans		0.000	0.294	0.000
2] Unsecured Loans		0.000	0.000	0.643
TOTAL BORROWING		0.000	0.294	0.643
DEFERRED TAX LIABILITIES		28.355	29.624	16.345
TOTAL		393.527	298.742	221.157
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		201.876	155.101	116.393
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		23.495	20.476	14.743
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	93.764	90.479	52.252
	Cash & Bank Balances	76.148	86.163	42.697
	Other Current Assets	70.486	36.771	59.256
	Loans & Advances	32.451	20.649	11.740
Total Current Assets		272.849	234.062	165.945
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	65.751	81.549	46.175
	Other Current Liabilities	36.442	27.598	28.249
	Provisions	2.500	1.750	1.500
Total Current Liabilities		104.693	110.897	75.924
Net Current Assets		168.156	123.165	90.021
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		393.527	298.742	221.157

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	468.122	369.614	268.240
		Other Income	10.074	13.795	10.910
		TOTAL (A)	478.196	383.409	279.150
Less	EXPENSES
		Payments to and Provisions for Employees	95.752	68.560	53.441
		Professional Fees to Associates	65.298	67.107	45.683
		Vocational Training Expenses	90.749	53.412	30.529
		IT Training Expenses	6.808	10.543	10.984
		Administrative and General Expenses	46.760	40.926	30.735
		Travelling Expenses	20.418	17.192	15.337
		TOTAL (B)	325.785	257.740	186.709
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		152.411	125.669	92.441
Less	FINANCIAL EXPENSES (D)		0.535	1.249	0.589
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		151.876	124.420	91.852
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.377	8.789	7.877
	PROFIT BEFORE TAX (E-F) (G)		143.499	115.631	83.975
Less	TAX (H)		44.230	48.279	29.630
	PROFIT AFTER TAX (G-H) (I)		99.269	67.352	54.345
Add/ Less	EXCESS/ (SHORT) PROVISION FOR TAX OF PREVIOUS YEARS		0.406	0.567	(0.127)
	NET PROFIT AFTER TAXES FOR PREVIOUS YEARS C/F TO APPROPRIATION A/C		99.675	67.918	54.218
	EARNINGS IN FOREIGN CURRENCY
		Professional Fees and Expenses	13.070	3.007	8.627
	TOTAL EARNINGS		13.070	3.007	8.627
	Earnings Per Share (Rs.)		1985.38	1347.04	1086.90

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	20.75	17.56	19.46
Net Profit Margin (PBT/Sales)	(%)	30.65	31.28	31.31
Return on Total Assets (PBT/Total Assets}	(%)	30.22	29.71	29.74
Return on Investment (ROI) (PBT/Networth)		0.39	0.43	0.29
Debt Equity Ratio (Total Liability/Networth)		0.28	0.41	0.37
Current Ratio (Current Asset/Current Liability)		2.60	2.11	2.18

LOCAL AGENCY FURTHER INFORMATION

COMPANY’S PERFORMANCE

During the year, the Company achieved a gross turnover of Rs.478.196 Millions (previous year Rs.383.409 Millions) which represents 24.72% increase over the previous year. Profit after tax is Rs.99.676 Millions (Previous year Rs.67.918 Millions) represents 46.76% increase over the previous year.

Provisions, Contingent Liabilities and Contingent Assets

As per accounting Standard (AS-29) 'Provisions, Contingent Liabilities, and Contingent Assets" the Company recognizes provisions only when:

i) it has a present obligation as a result of a past event ,

ii) it is possible that an out flow of resources embodying economic benefits will be required to settle the obligation

iii) the amount of the obligation can be reliably estimated contingent liability is disclosed in case where no provision is made

a) Bank guarantees issued and outstanding Rs.15.100 Millions (Previous Year Rs.11.720 Millions)

b) A corporate guarantee of Rs.78.800 Millions given by the Company to Bank of Baroda in respect of term loan availed by MITCON Foundation for its project at Balewadi. (Previous Year Rs.78.800 Millions)

c) Estimated amount of contracts remaining to be executed on capital account and not provided for as on balance sheet date is amounting to Rs.3.120 Millions (Previous year 28.500 Millions) .The advances given on capital account amounts to Rs.0.893 Million.

d) Company has executed a security bond amounting to Rs.0.401 Million for the capital grant received from Ministry of food processing industry.

The 'Provisions, Contingent Liabilities, and Contingent Assets" are reviewed at each Balance Sheet date. Contingent Assets are neither recognized nor disclosed as it may result in the recognition of income that may never be realized.

FIXED ASSETS

· Office Premises

· Furniture and Fixtures

· Electrical Installation

· Office Equipments and Computers

· Energy Audit Instruments

· Vehicles

· Environment/ BT Equipments

· Land

· Wind Turbine

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] 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.53.40
UK Pound	1	Rs.83.32
Euro	1	Rs.70.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.