MIRA INFORM REPORT

Report Date :

03.11.2011

IDENTIFICATION DETAILS

Name :	CLP POWER INDIA PRIVATE LIMITED
Registered Office :	6^th Floor, Chanakya, Off Ashram Road, Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.09.1995
Com. Reg. No.:	04-042939
Capital Investment/ Paid-up Capital:	Rs. 1394.231 Millions
CIN No.: [Company Identification No.]	U40100GJ1995PTC042939
TAN No.: [Tax Deduction & Collection Account No.]	AHMC01485B
PAN No.: [Permanent Account No.]	AAACP6900B
Legal Form :	Private Limited Liability Company.
Line of Business :	Operation and Maintenance of Power Projects.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 970000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some 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 – 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 :	6^th Floor, Chanakya, Off Ashram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26585969
Fax No.:	91-79-26583254
E-Mail :	jayant.patil@clipindia.in
Website :	http://www.clpindia.in

DIRECTORS

As on 30.09.2010

Name :

Mr. Rajiv Ranjan Mishra

Designation :

Managing Director

Address :

Flat No. 301, EVITA, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

01.01.1966

Date of Appointment :

22.03.2005

DIN No.:

00131207

Other Directorship:

S.No.	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
1	U40100GJ1995PTC042939	Clp Power India Private Limited	Managing director	28/08/2006	22/03/2005	-	Active	NO
2	U85110KA1994PLC015097	Mangalore Power Company (Un Limited Liability)	Director	24/06/2005	24/06/2005	-	Under liquidation	NO
3	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Managing director	01/07/2005	01/07/2005	-	Active	NO
4	U29100MH2005PTC154946	Clp Wind Farms (Khandke) Private Limited	Director	20/12/2006	20/12/2006	-	Active	NO
5	U40106GJ2008PTC054629	Clp Wind Farms (India) Private Limited	Director	29/07/2008	29/07/2008	-	Active	NO
6	U40104HR2008SGC037809	Jhajjar Power Limited.	Director	30/09/2009	07/08/2008	-	Active	NO
7	U40100GJ2010PTC059351	Clp Wind Farms (Theni - Project Iii) Private Limited	Director	28/01/2010	28/01/2010	-	Active	NO
8	U40100GJ2010PTC059347	Clp Wind Farms (Theni - Project Ii) Private Limited	Director	28/01/2010	28/01/2010	-	Active	NO
9	U40100GJ2010PTC059346	Clp Wind Farms (Theni - Project Iv) Private Limited	Director	28/01/2010	28/01/2010	-	Active	NO

Name :

Mr. Naveen Munjal

Designation :

Director

Address :

1313-15, B-Wing, Samartha Aangan, Phase-III, Off New Link Road, Oshiwara, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

05.12.1965

Date of Appointment :

18.09.2003

DIN No.:

00230313

Other Directorship:

S.No.	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
1	U85110KA1994PLC015097	Mangalore Power Company (Un Limited Liability)	Director	06/05/2003	06/05/2003	-	Under liquidation	NO
2	U40100GJ1995PTC042939	Clp Power India Private Limited	Director	18/09/2003	18/09/2003	-	Active	NO
3	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	05/02/2007	05/02/2007	19/08/2011	Active	NO
4	U40106GJ2008PTC054629	Clp Wind Farms (India) Private Limited	Director	29/07/2008	29/07/2008	-	Active	NO
5	U40104HR2008SGC037809	Jhajjar Power Limited.	Director	30/09/2009	07/08/2008	-	Active	NO
6	U40100GJ2010PTC059351	Clp Wind Farms (Theni - Project Iii) Private Limited	Director	28/01/2010	28/01/2010	-	Active	NO
7	U40100GJ2010PTC059347	Clp Wind Farms (Theni - Project Ii) Private Limited	Director	28/01/2010	28/01/2010	-	Active	NO
8	U40100GJ2010PTC059346	Clp Wind Farms (Theni - Project Iv) Private Limited	Director	28/01/2010	28/01/2010	-	Active	NO
9	U29100MH2005PTC154946	clp wind farms (khandke) private limited	Additional director	07/10/2011	07/10/2011	-	Active	NO

Name :

Mr. Samir Ashta

Designation :

Additional Director

Address :

85, Siddhartha Enclave, Jangpura, New Delhi-110014, India

Date of Birth/Age :

26.06.1964

Date of Appointment :

07.12.2007

DIN No.:

01957618

Other Directorship:

S.No.	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
1	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	28/08/2008	07/12/2007	-	Active	NO
2	U40100GJ1995PTC042939	Clp Power India Private Limited	Additional director	07/12/2007	07/12/2007	-	Active	NO
3	U40106GJ2008PTC054629	Clp Wind Farms (India) Private Limited	Director	29/07/2008	29/07/2008	-	Active	NO
4	U40104HR2008SGC037809	Jhajjar power limited.	Director	30/09/2009	07/08/2008	-	Active	NO
5	U29100MH2005PTC154946	clp wind farms (khandke) private limited	Director	25/09/2009	19/06/2009	-	Active	NO
6	U40100GJ2010PTC059346	Clp Wind Farms (Theni - Project Iv) Private Limited	Director	28/01/2010	28/01/2010	-	Active	NO
7	U40100GJ2010PTC059351	Clp Wind Farms (Theni - Project Iii) Private Limited	Director	28/01/2010	28/01/2010	-	Active	NO
8	U40100GJ2010PTC059347	Clp Wind Farms (Theni - Project Ii) Private Limited	Director	28/01/2010	28/01/2010	-	Active	NO

Name :

Mr. Peter Albert Littlewood

Designation :

Director

Address :

No. 6 Kensington Path, The Royal Oaks, 8 Kam Tsin South Road, Sheung Shui, New Territories, Hong Kong

Date of Birth/Age :

06.03.1951

Date of Appointment :

20.02.2002

Date of Ceasing:

07.10.2011

DIN No.:

01265274

Other Directorship:

S.No.	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
1	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	20/02/2002	20/02/2002	-	Active	NO
2	U40100GJ1995PTC042939	Clp Power India Private Limited	Director	20/02/2002	20/02/2002	07/10/2011	Active	NO
3	U40104HR2008SGC037809	Jhajjar power limited.	Director	30/09/2009	07/08/2008	-	Active	NO

Name :

Mr. Ved Prakash Sharma

Designation :

Director

Address :

43B, Block-3, Royal Ascot 1, Tsun King Rd, Fotan, New Territories, Hong Kong

Date of Birth/Age :

30.01.1949

Date of Appointment :

20.02.2002

Date of Ceasing:

18.02.2011

DIN No.:

00624085

Other Directorship:

S.No.	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
1	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	20/02/2002	20/02/2002	14/02/2011	Active	NO
2	U40100GJ1995PTC042939	Clp Power India Private Limited	Director	20/02/2002	20/02/2002	18/02/2011	Active	NO

Name :

Mr. Pankaj Kantilal Shah

Designation :

Director

Address :

C-5, GPEC Township, Village Paguthan, Bharuch Palej Rod, Paguthan, Bharuch—392015, Gujarat, India

Date of Birth/Age :

23.08.1952

Date of Appointment :

10.12.2004

Date of Ceasing:

29.03.2011

DIN No.:

00059381

Other Directorship

S.No.	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
1	U40100GJ1995PTC042939	Clp Power India Private Limited	Director	10/12/2004	10/12/2004	29/03/2011	Active	NO
2	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	21/07/2005	21/07/2005	22/03/2011	Active	NO

Name :

Mr. John Stefan Robertsson

Designation :

Director

Address :

A2 Unicorn Garden, 11 Shouson Hill Road East, Shouson Hill, Hong Kong

Date of Birth/Age :

29.08.1951

Date of Appointment :

28.08.2006

Date of Ceasing:

23.08.2011

DIN No.:

01180027

Other Directorship

Top of Form

S.No.	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
1	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	13/02/2004	13/02/2004	23/08/2011	Active	NO
2	U40100GJ1995PTC042939	Clp Power India Private Limited	Director	28/08/2006	28/08/2006	07/10/2011	Active	NO

Bottom of Form

Name :

Mr. Lal Hing Virginla Wong

Designation :

Director

Address :

Flat E, 40/F, Tower 5, 9 Sham Shing Road, The Pacifica, Cheung Sha Wan, Kowloon Hong King

Date of Birth/Age :

24.06.1965

Date of Appointment :

18.03.2010

Date of Ceasing:

01.09.2011

DIN No.:

02937230

Other Directorship

S.No.	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
1	U40100GJ1992PTC018284	Gujarat Paguthan Energy Corporation Private Limited	Director	29/09/2010	21/01/2010	23/08/2011	Active	NO
2	U40104HR2008SGC037809	Jhajjar power limited.	Director	30/09/2010	28/01/2010	01/09/2011	Active	NO
3	U40106GJ2008PTC054629	Clp Wind Farms (India) Private Limited	Director	28/09/2010	29/01/2010	01/09/2011	Active	NO
4	U40100GJ2010PTC059346	Clp Wind Farms (Theni - Project Iv) Private Limited	Director	22/07/2011	16/02/2010	01/09/2011	Active	NO
5	U40100GJ2010PTC059351	Clp Wind Farms (Theni - Project Iii) Private Limited	Director	22/07/2011	16/02/2010	01/09/2011	Active	NO
6	U40100GJ2010PTC059347	Clp Wind Farms (Theni - Project Ii) Private Limited	Director	22/07/2011	16/02/2010	01/09/2011	Active	NO
7	U29100MH2005PTC154946	CLP WIND FARMS (KHANDKE) PRIVATE LIMITED	Director	28/09/2010	26/02/2010	01/09/2011	Active	NO
8	U40100GJ1995PTC042939	Clp Power India Private Limited	Director	30/09/2010	18/03/2010	01/09/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Jayant Manohar Patil
Designation :	Secretary
Address :	B-15, GPEC Township, Village Paguthan, Bharuch Palej Road, Paguthan, Bharuch-392015, Gujarat, India
Date of Birth/Age :	30.01.1971
Date of Appointment :	08.04.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
CLP Power (GPEC) Limited, Mauritius	139423038
CLP Power International Projects Limited, British Virgin Islands	20
Total	139423058

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Operation and Maintenance of Power Projects.

GENERAL INFORMATION

Bankers :

Not Available

Banking Relations :	--
Auditors :
Name :	V Nijhwan Price Waterhouse Chartered Accountant
Address :	Building 8, 7^th and 8^th Floor, Tower-B, Cyber City, Gurgaon-122002, Haryana, India
PAN No.:	AACPN5592L
Ultimate Holding Company:	CLP Holdings Limited, Hong Kong
Fellow Subsidiaries:	· CLP Power (GPEC) Limited, Mauritius (w.e.f. 31.03.2011) · CLP Wind Farms (Khandke) Private Limited · CLP Wind Farms (India) Private Limited · CLP Wind Farms (Theni-Project II) Private Limited · CLP Wind Farms (Theni- Project III) Private Limited · CLP Wind Farms (Theni- IV) Private Limited · CLP Power Projects, II Mauritius
Holding Company :	Gujarat Paguthan Energy Corporation Private Limited U40100GJ1992PTC018284
Subsidiaries :	Jhajjar Power Limited U40104HR2008SGC037809

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000000	Equity Shares	Rs. 10/- each	Rs. 12000.000 Millions
700000000	Redeemable Preference Shares	Rs. 10/- each	Rs. 7000.000 Millions
	Total		Rs. 19000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
139423058	Equity Shares	Rs. 10/- each	Rs. 1394.231 Millions

Notes:

Of the above 139423038 (Previous year 139423038) Equity share are held by Gujarat Paguthan Energy Corporation Private Limited, the Holding Company (Previous year 139423038 Equity shares held by CLP Power (GPEC) Limited, the holding company Limited) and 20 (Previous year 20) Equity Shares are held by Mr. Rajiv Mishra, Nominee of Gujarat Paguthan Energy Corporation Private Limited, which is subsidiary of CLP Holdings Limited, Hong Kong, the Ultimate Holding Company.

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		1394.231	1394.231	1200.887
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		[1152.841]	[1051.147]	(928.795)
NETWORTH		241.390	343.084	272.092
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		241.390	343.084	272.092
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.704	53.361	27.435
Capital work-in-progress		1.667	0.000	0.138
INVESTMENT		200.000	200.000	91.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	10.507	10.123
	Cash & Bank Balances	17.588	51.009	132.347
	Other Current Assets	0.000	0.017	0.063
	Loans & Advances	79.946	69.123	34.990
Total Current Assets		97.534	130.656	177.523
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	82.353	28.186	16.765
	Other Current Liabilities	8.592	5.479	3.564
	Provisions	11.570	7.268	3.675
Total Current Liabilities		102.515	40.933	24.004
Net Current Assets		[4.981]	89.723	153.519
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		241.390	343.084	272.092

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operations and Maintenance Fees	136.377	122.959	118.980
		Other Income	0.070	1.667	12.795
		TOTAL	136.447	124.626	131.775
Less	EXPENSES
		Personnel Expenses	144.705	124.913	73.205
		Administrative and other Expenses	81.336	112.375	68.376
		TOTAL	226.041	237.288	141.581
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		[89.594]	[112.662]	[9.806]
Less/ Add	DEPRECIATION/ AMORTISATION		12.100	9.690	7.012
	PROFIT/ LOSS BEFORE TAX		[101.694]	[122.352]	[16.818]
Less	TAX		0.000	0.000	[1.827]
	PROFIT/LOSS AFTER TAX		[101.694]	[122.352]	[14.991]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[1051.147]	[928.795]	[913.804]
	BALANCE CARRIED TO THE B/S		[1152.841]	[1051.147]	[928.795]
	Earnings Per Share (Rs.)		[0.73]	[0.98]	[0.12]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	[74.53]	[98.18]	[11.38]
Net Profit Margin (PBT/Sales)	(%)	[74.57]	[99.51]	[14.14]
Return on Total Assets (PBT/Total Assets}	(%)	[71.50]	[66.49]	[8.21]
Return on Investment (ROI) (PBT/Networth)		[0.42]	[0.36]	[0.06]
Debt Equity Ratio (Total Liability/Networth)		0.42	0.12	7.40
Current Ratio (Current Asset/Current Liability)		0.95	3.19	7.40

LOCAL AGENCY FURTHER INFORMATION

Operations:

The total revenue during the year ended on March 31, 2011 was Rs. 136.447 Millions. The profits earned during the year stand at Rs. (101.694 Millions) (after provision of tax)

Contingent Liabilities:

a) Bank guarantee aggregating Rs. 495.750 Millions (Previous year Rs. 495.750 Millions) issued by the bank on behalf of the company in favour of Uttar Haryana Bijli Vitran Nigam Limited and Rs. 495.750 Millions) issued by the bank on behalf of the company in favour of Dakshin Haryana Bijli Vitran Nigam Limited for setting up the power station of capacity of 1320 MW at Matenhall, District Jhajjar, Haryana for supply of power there from on the long term basis.

b) Disputed income tax demands Rs. 28.661 Millions (Previous year Rs. 23.142 Millions) against which the company has preferred appeals.

Fixed Assets:

· Leasehold Improvements

· Tools and Equipments

· Office Equipments

· Computers

· Vehicles

· Computer Software

CMT REPORT (Corruption, Money Laundering & T9errorism]

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.49.25
UK Pound	1	Rs.78.73
Euro	1	Rs.67.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		26

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.