MIRA INFORM REPORT

Report Date :

13.05.2011

Tel. No.:

91-9706818399

IDENTIFICATION DETAILS

Name :	VODAFONE ESSAR SPACETEL LIMITED (w.e.f. 04.07.2007)
Formerly Known As :	TREK SOFTWARE PRIVATE LIMITED ESSAR SPACETEL PRIVATE LIMITED
Registered Office :	C -48, Okhla Industrial Area, Phase – II, New Delhi – 110 020
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.03.1997
Com. Reg. No.:	55-85764
Capital Investment / Paid-up Capital :	Rs.255.000 millions
CIN No.: [Company Identification No.]	U72200DL1997PLC085764
TAN No.: [Tax Deduction & Collection Account No.]	MUME04818C
PAN No.: [Permanent Account No.]	AABCE2207R
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	To design and develop computer software and programmes for educational, commercial and industrial use.

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a well established company having moderate track. Profitability of the company is under severe pressure. There appears to be huge accumulated losses recorded by the company. However trade relations are fair. Business is active. Payments are reported to be slow. In view of strong promoters company can be considered for business dealings with slight caution.

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

LOCATIONS

Registered Office :	C -48, Okhla Industrial Area, Phase – II, New Delhi – 110 020, India
Fax No.:	91-26388730
E-Mail :	sundeep.kathuria@hutch.in jitesh.dhingra@hutch.in jitesh.dhingra@vodafone.com pushkaraj.joshi@vodafone.com
Corporate Office :	21, Feroz Gandhi Road, Lajpatnagar –III, New Delhi – 110 024, India
E-Mail :	sunil.ranka@hutch.in
Circle Office :	Module – 2A, Fortune Towers, Chandrasekharpur, Bhubaneshwar, Orissa
Branch Office:	North East Circle In 68 Vodafone House, Building B Corporate Road, Ahmedabad 38005, Gujarat, India

DIRECTORS

As on : 27.09.2010

Name :	Mr. Vikash Saraf
Designation :	Director
Address :	2B, Saker Apartment, 71Pochkhanwala Road, Worli, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	18.12.1968
Date of Appointment :	03.10.2006
Name :	Mr. Robert Nicolas Barr
Designation :	Director
Address :	Lindfield , Faringdon Road, Abingdon, Oxfordshire OX 14 IBD, Abingdon
Date of Birth/Age :	06.06.1958
Date of Appointment :	08.05.2007
Name :	Mr. Gavin Joihn Darby
Designation :	Director
Address :	Rodona House, Rodona, Weybridge, Surrey, Weybeidge KT 130NP
Date of Birth/Age :	15.02.1956
Date of Appointment :	08.05.2007
Name :	Mr. Krishnan S. Iyer
Designation :	Director appointed in casual vacancy
Address :	79, Tejal, Road No.2, Hindu Colony, Dadar, Mumbai – 400 014, Maharashtra, India
Date of Birth/Age :	09.08.1968
Name :	Mr. Prem Kalra
Designation :	Director Appointed in casual vecancy
Address :	B/506, Cottage Land, Plot No. 16/A, Sector 19/A, Nerul, Navi Mumbai-400706, Maharashtra, India
Date of Birth/Age :	03.10.1947
Date of Appointment :	11.06.2009
Name :	Mr. John William Lorimer Otty
Designation :	Director
Address :	1, Harvest Place, Wargrave, Reading, Berkshire, United Kingdom
Date of Birth/Age :	13.01.1964
Date of Appointment :	07.01.2009
Name :	Mr. Ian Locke
Designation :	Alternate Director
Address :	38 St Margarets Road, Swindon – SN 31RX
Date of Birth/Age :	18.02.1970
Date of Appointment :	07.07.2009
Name :	Mr. Thakar Ravinder
Designation :	Director
Address :	Villa No. 111, Laburnum Condominium Complex, Sushant Lok, Gurgaon- 122001, Haryana, India
Date of Birth/Age :	05.07.1968
Date of Appointment :	10.02.2010
Name :	Mr. Rijk Jacobus Antonius Erik De
Designation :	Director
Address :	Eisenhowerlaan 47, , Gravenhage, Netherlands, India
Date of Birth/Age :	05.03.1960
Date of Appointment :	08.12.2009
Date of Ceasing :	24.12.2009
Name :	Mr. Thomas Eric Hargreaves
Designation :	Director
Address :	Desmonds Barns, Howe Farm, Howe Road, Watlington , Oxfordshire, Ox 49 5EY, Watlington
Date of Birth/Age :	13.02.1970
Date of Appointment :	08.05.2007
Date of Ceasing :	18.12.2007
Name :	Mr. Mukerjee Sanjoy
Designation :	Managing Director
Address :	B-1, Maharani Bagh, New Delhi – 110065, Delhi, India
Date of Birth/Age :	07.11.1963
Date of Appointment :	09.07.2010
Name :	Mr. Rabindra Kumar Purohit
Designation :	Secretary
Address :	J-1, Mahavir Kunj, Khiriki Extn. Malviya Nagar, New Delhi – 110017, Delhi, India
Date of Birth/Age :	20.05.1974
Date of Appointment :	09.02.2010

KEY EXECUTIVES

Name :	Mr. Jitesh Dhingra
Designation :	Secretary
Address :	B 101, Sheri Kaveri Co-operative Housing Society Limited, Rawal Pada, Borivali East, Mumbai – 400 068, Maharashtra, India
Date of Birth/Age :	27.11.1977
Date of Appointment :	04.10.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 As on : 27.09.2010

Names of Shareholders		No. of Shares
Central Depositary Services (India) Limited – Beneficiary – Vodafone Essar Gujarat Limited, Maharashtra		25499900
Vodafone Essar Gujarat Limited, Gujarat		40
Vodafone Essar Limited Jointly with Vodafone Essar Gujarat Limited, Maharashtra		10
Vodafone Essar Mobile Services Limited Jointly with Vodafone Essar Gujarat Limited, Delhi		10
Vodafone Essar South Limited Jointly with Vodafone Essar Gujarat Limited, Delhi		10
Vodafone Essar Digilink Limited Jointly with Vodafone Essar Gujarat Limited, Delhi		10
Vodafone Essar Eat Limited Jointly with Vodafone Essar Gujarat Limited, Kolkata		10
Vodafone Essar Cellular Limited Jointly with Vodafone Essar Gujarat Limited, Tamilnadu		10
	Total	25500000

Equity Shares Breakup (Percentage of Total Equity):

As on : 27.09.2010

Sr No.	Category	Percentage
1	Bodies Corporate (not mentioned above)	100.00

BUSINESS DETAILS

Line of Business :

To design and develop computer software and programmes for educational, commercial and industrial use.

GENERAL INFORMATION

Bankers :

NA

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Banks	12715.300	7812.000
Total	12715.300	7812.000
Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Banks
Short Term	4218.000	500.000
From Others
Short Term	39343.400	23760.431
Total	43561.400	24260.431

Banking Relations :	--
Financial Institutions :	IL and FS Trust Company Limited, IL and FS Financial Centre, Plot No. C22, G Block, Bandra, Kurla Complex, Bandra East, Mumbai – 400 051, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-22854330
Fax No.:	91-22-22024499/ 22024337
Holding Company :	Vodafone Essar Gujarat Limited CIN No.: U32100GJ1995PLC035282
Ultimate Holding Company:	· Vodafone Group Plc
Intermediate Holding Company:	· Vodafone International Holdings B.V. · Vodafone Essar Limited
Subsidiaries :	· Vodafone Essar Limited · Vodafone Essar East Limited · Vodafone Essar Mobile Services Limited · Vodafone Essar Cellular Limited · Vodafone Essar Digilink Limited · Vodafone Essar Gujarat Limited · Vodafone Essar South Limited · Vodafone Essar Shared Services Limited · Vodafone Ireland Marketing Limited · Vodafone India Services Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
26000000	Equity Shares	Rs.10/- each	Rs.260.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25500000	Equity Shares	Rs.10/- each	Rs.255.000 millions

Note:

Of the above shares, 25,499,940

(March 31, 2009: 25,499,940) equity shares are held by the holding company, Vodafone Essar Gujarat Limited (VEGL) individually and 60 ( March 31, 2009 : 60) equity shares jointly with its nominees. VEGL is a subsidiary of Vodafone Essar Limited)

1956 Vodafone Essar Limited is a subsidiary of Vodafone Essar Group Plc, the ultimate holding Company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010 12 Months	31.03.2009 12 Months	31.03.2008 15 Months
SHAREHOLDERS FUNDS
1] Share Capital		255.000	255.000	255.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		20.181	6.787	0.000
4] (Accumulated Losses)		(24883.747)	(9576.786)	(1098.306)
NETWORTH		(24608.566)	(9314.999)	(843.306)
LOAN FUNDS
1] Secured Loans		12715.280	7812.000	0.000
2] Unsecured Loans		43561.403	24260.431	4943.501
TOTAL BORROWING		56276.683	32072.431	4943.501
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		31668.117	22757.432	4100.195
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31604.645	21847.417	488.944
Capital work-in-progress		3651.484	5733.796	7489.197
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	734.283	102.303	0.000
	Cash & Bank Balances	469.641	661.514	511.270
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7153.552	4113.121	467.661
Total Current Assets		8357.476	4876.938	978.931
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	11417.935	9286.304	4802.077
	Provisions	527.553	414.415	54.800
Total Current Liabilities		11945.488	9700.719	4856.877
Net Current Assets		(3588.012)	(4823.781)	(3877.946)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		31668.117	22757.432	4100.195

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010 12 Months	31.03.2009 12 Months	31.03.2008 15 Months
	SALES
		Income from Operations	6553.900	764.323	0.000
		Other Income	455.000	71.750	9.210
		TOTAL (A)	7008.900	836.073	9.210
Less	EXPENSES
		Cost of SIM Sold	160.200	96.529	0.000
		Access and regulatory charges	2459.400	304.834	0.000
		Network Operating Expenditure	6132.600	1601.723	51.457
		Personnel Expenses	1238.600	931.993	219.928
		Advertisement, Marketing, Sales and Distribution Expenses	2278.300	1024.622	89.058
		Administrative, General and Other Expenses	2588.600	1822.546	204.136
		TOTAL (B)	14857.700	5782.247	564.579
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(7848.800)	(4946.171)	(555.369)
Less	FINANCIAL EXPENSES (D)		3410.300	2462.759	158.234
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(11259.100)	(7408.930)	(713.603)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4046.900	1053.405	17.291
	PROFIT BEFORE TAX (E-F) (G)		(15306.000)	(8462.335)	(730.894)
Less	TAX (I)		0.900	16.145	2.312
	PROFIT AFTER TAX (G-I) (J)		(15306.900)	(8478.480)	(733.204)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(9576.800)	(1098.300)	(365.101)
	BALANCE CARRIED TO THE B/S		(24883.700)	(9576.800)	(1098.300)
	Earnings Per Share (Rs.)		(600.3)	(332.5)	(28.8)

KEY RATIOS

PARTICULARS		31.03.2010 12 Months	31.03.2009 12 Months	31.03.2008 15 Months
PAT / Total Income	(%)	(218.39)	(1014.08)	(7960.96)
Net Profit Margin (PBT/Sales)	(%)	(233.54)	(1107.17)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(38.30)	(31.67)	(8.16)
Return on Investment (ROI) (PBT/Networth)		(0.62)	(0.91)	(0.87)
Debt Equity Ratio (Total Liability/Networth)		2.77	(4.48)	(11.62)
Current Ratio (Current Asset/Current Liability)		0.69	0.50	0.20

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from 21-Feroz Gandhi Road, Lajpat Nagar III, New Delhi – 110 024 to the present address w.e.f. 04.10.2006.

OPERATIONS:

The year ended March 2010 finally saw the impact of lower tariffs and increased competition visibly in statistical terms. The company’s customer base grew to 7.728 million subscribers with a growth rate of 311% on a year on year basis. The Company continues to be the leading operator, having a market share of 7% as at 31 March 2010 in a very competitive 10 players market.

During the year 2009-10 which was only the second year of operations of the Company, the Company has further expanded its network to increase its coverage and networks continue to perform better against acceptable thresholds for the major performance parameters. During the year the Company added 6,214 cell sites to enhance its network coverage, closing with 14,377 cell sites as at 31 March 2010.

OUTLOOK FOR 2010-11

The strategy for 2010-11 will be focused on gaining market share. It is expected that this shall be achieved through subscriber relevant market propositions, customer service and a reliable network. The Company will continue to focus on costs. Intense competition activity is expected to continue in FY 2010-11. However, the Company is confident of meeting these challenges given its brand strength coupled with the experience and expertise in other telecom markets across the country.

FORM : 8

Bankers Charges Report as per Registry

Corporate identity number of the company	U72200DL1997PLC085764
Name of the company	VODAFONE ESSAR SPACETEL LIMITED
Address of the registered office or of the principal place of business in India of the company	C -48, Okhla Industrial Area, Phase – II, New Delhi – 110 020
This form is for	Modification of Charge
Charge identification number of the modified	10143502
Type of charge	Others
Particular of charge holder	IL and FS Trust Company Limited, IL and FS Financial Centre, Plot No. C22, G Block, Bandra, Kurla Complex, Bandra East, Mumbai – 400 051, Maharashtra, India
Nature of instrument creating charge	Notification to the department of Telecommunications, Government of India dated 20.07.2009 in respect to Tripartite Agreements relating to 7 Circles of Assam, Bihar, Himachal Pradesh, Jammu and Kashmir, Orissa, Madhya Pradesh and Morth East Pursuant to the Amendment Dated 25.05.2009 to the Amended and restated intercreditor Agreement
Date of instrument Creating the charge	20.07.2009
Amount secured by the charge	Rs. 280000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Rate of interest to be fixed under the terms of the individual facility agreements in respect to debt secured under this charge. Terms of Repayment Terms of Repayment are to be defined in the individual facility agreement in respect to debt secured by this charge. Margin Margin is to be defined in the individual facility agreement in respect to debt secured by this charge. Extent and operation of the charge Original charges were created on the 7 Telecom Licenses of the company fro Assam, Bihar, Himachal Pradesh, Jammu and Kashmir, Orissa, Madhya Pradesh and North East to Secure an amount of Aggregate Debt of Rs. 140000.000 Milions
Short particulars of the property charged	Telecom Licenses of the company in respect to Assam, Bihar, Himachal Pradesh, Jammu and Kashmir, Orissa, Madhya Pradesh, And North East
Particulars of the present modification	Original charges were created on the 7 Telecom licenses of the company for Assam, Bihar, Himachal Pradesh, Jammu and Kashmir, Orissa, Madhya Pradesh and North east to secure and amount of aggregate debt of Rs. 140000.0000 Millions The amount secured is increased to Rs. 280000.000 Millions pursuant to the amendment dated 25 May 2009 to the amended and Restated Intercreditor Agreement

This form is for	Creation of charge
Corporate identity number of the company	U72200DL1997PLC085764
Name of the company	VODAFONE ESSAR SPACETEL LIMITED
Address of the registered office or of the principal place of business in India of the company	C -48, Okhla Industrial Area, Phase – II, New Delhi – 110 020
Type of charge	Others (Tripartite Agreement on Licenses)
Particular of charge holder	CIN No.: U66020MH1995PLC095507 IL and FS Trust Company Limited, IL and FS Financial Centre, Plot No. C22, G Block, Bandra, Kurla Complex, Bandra East, Mumbai – 400 051, Maharashtra, India E-Mail: itclroc@ilfsindia.com
Nature of description of the instrument creating or modifying the charge	Tripartite Agreement dated 14^th January, 2009 between company, State Bank of India as agent of security trustee representing lenders and department of telecommunications, Government of India.
Date of instrument Creating the charge	14.01.2009
Amount secured by the charge	Rs.140000.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Rate of interest to be fixed under the terms of the individual facility agreements in respect to debt secured under this charge. Terms of Repayment: Terms of repayment are to be defined in the individual facility agreements in respect to debt secured by this charge. Margin: Margin is to be defined in the individual facility agreements in respect to debt secured by this charge. Extent and Operation of the charge: Charge in created by execution of Tripartite Agreements on the telecom licences of the company.
Short particulars of the property charged	Telecom Licences of the company in respect to the service areas of Assam, North East, Orissa, Madhya Pradesh, Himachal Pradesh, Bihar and Jammu and Kashmir.

FIXED ASSETS:

• Licence Fees
• Computer Software
• Plant and Machinery
• Computer Hardware
• Office Equipments
• Furniture and Fixtures
• Vehicles

WEBSITE DETAILS:

NEWS:

Vodafone Essar to Launch Greenfield Cellular Networks in Six New Circles

08/16/2007

Vodafone Essar Limited has quietly begun the groundwork in the run-up to launching greenfield cellular networks in six new circles - Orissa, Bihar, Assam, North East, Himachal Pradesh and Jammu and Kashmir. The licences to these circles are held through its wholly owned subsidiary Vodafone Essar Spacetel. Team leaders of Vodafone Essar are assessing the appetite for cellular services in these markets, which are presently serviced by Bharti Airtel, BSNL-CellOne, Reliance Telecom and Dishnet Wireless. Dedicated teams are conducting market studies and detailed cellular network planning in Orissa, Bihar and Assam Circles. They are looking to subtly build greater awareness about the Vodafone brand in these circles.

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. 44.79
UK Pound	1	Rs. 73.19
Euro	1	Rs. 63.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.