MIRA INFORM REPORT

Report Date :

17.11.2011

IDENTIFICATION DETAILS

Name :	TAJ TELEVISION (INDIA) PRIVATE LIMITED
Registered Office :	Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.02.2002
Com. Reg. No.:	11-135002
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U92190MH2002PTC135002
TAN No.: [Tax Deduction & Collection Account No.]	MUMT07656F
PAN No.: [Permanent Account No.]	AABCT5103D
Legal Form :	Private Limited Liability Company
Line of Business :	Distribution of T.V. Channel Like Ten Sports, Ten Cricket, Zee Sports, Ten Action.
No. of Employees :	120 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba [44]

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some losses being incurred by the company in the current year i.e. 2009-2010. However, networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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

INFORMATION PARTED BY

Name :	Mr. Gopinath
Designation :	Finance Executive
Contact No.:	91-22-66623101
Date :	17.11.2011

LOCATIONS

Registered Office :	Continental Building, 135, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66623101 / 24831234
Fax No.:	91-22-66626290 / 24900302
E-Mail :	Gopinath.shinde@tensports.com sanghavip@zeenetwork.com
Website :	http://www.tensports.com
Location :	Owned
Admin Office :	13/F, 1^st Floor, Prabhadevi Industrial Estate, Prabhadevi, Dadar [West], Mumbai, Maharashtra, India
Branch Office :	Located at Noida

DIRECTORS

As on 08.08.2011

Name :

Mr. Himanshu Pradeep Mody

Designation :

Director

Address :

1201b, Gardenia Building, vasant Valley, Film City Road, Malad [East], Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

28.12.1977

Date of Appointment :

28.12.2006

DIN :

00686830

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	U92132MH2001PTC130426	MEDIAVEST INDIA PRIVATE LIMITED	Director	23/04/2002	23/04/2002	-	Active	NO
2	U92130MH1996PTC100488	ASIAN SATELLITE BROADCAST PRIVATE LIMITED	Director	8/11/2002	8/11/2002	-	Active	NO
3	U70100MH1980PTC022852	JAY PROPERTIES PRIVATE LIMITED	Director	4/12/2002	4/12/2002	19/03/2010	Active	NO
4	U64200MH2004PLC148772	ZEE SPORTS LIMITED	Director	23/09/2004	23/09/2004	-	Active	NO
5	L80220MH1999PLC121505	ETC NETWORKS LIMITED	Director	30/09/2004	30/09/2004	28/01/2008	Amalgamated	NO
6	U22120MH2005PLC151377	DILIGENT MEDIA CORPORATION LIMITED	Director	18/09/2009	17/02/2005	-	Active	NO
7	U92190MH2002PTC135002	TAJ TELEVISION (INDIA )PRIVATE LIMITED	Director	28/09/2007	28/12/2006	-	Active	NO
8	U74140MH2002PTC136737	ESSEL CORPORATE RESOURCES PRIVATE LIMITED	Director	21/02/2007	21/02/2007	1/10/2008	Active	NO
9	U92412MH2007PTC171016	ESSEL SPORTS PRIVATE LIMITED	Director	30/05/2008	22/05/2007	-	Active	NO
10	U92412MH2008PTC183442	ESSEL CHAMPS PRIVATE LIMITED	Director	12/6/2008	12/6/2008	-	Amalgamated	NO
11	U92412MH2008PTC183874	ROYAL BENGAL SPORTS PRIVATE LIMITED	Director	23/06/2008	23/06/2008	-	Active	NO
12	U92412MH2008PTC183873	LAHORE BADSHAHS PRIVATE LIMITED	Director	23/06/2008	23/06/2008	-	Active	NO
13	U92412MH2008PTC183872	ICL SUPERSTARS SPORTS PRIVATE LIMITED	Director	23/06/2008	23/06/2008	-	Amalgamated	NO
14	U92412MH2008PTC183869	ICL LIONS PRIVATE LIMITED	Director	23/06/2008	23/06/2008	-	Active	NO
15	U92412MH2008PTC183999	ICL HEROES SPORTS PRIVATE LIMITED	Director	25/06/2008	25/06/2008	-	Active	NO
16	U92190MH2007PLC177148	ESSEL ENTERTAINMENT MEDIA LIMITED	Additional director	4/7/2008	4/7/2008	-	Amalgamated	NO
17	U92412MH2008PTC184715	ICL ROCKETS SPORTS PRIVATE LIMITED	Director	16/07/2008	16/07/2008	-	Amalgamated	NO
18	U92412MH2008PTC184712	ICL GIANTS SPORTS PRIVATE LIMITED	Director	16/07/2008	16/07/2008	-	Amalgamated	NO
19	U45200MH2000PTC128252	PAN INDIA INFRASTRUCTURES PRIVATE LIMITED	Additional director	10/10/2008	10/10/2008	15/02/2011	Active	NO
20	U92410MH2009PTC189362	DHAKA WARRIORS SPORTS PRIVATE LIMITED	Director	5/1/2009	5/1/2009	-	Active	NO
21	U45200MH2009PLC193950	ESSEL BHIND MIHONA GOPALPUR TOLL ROADS LIMITED	Director	9/7/2009	9/7/2009	10/11/2009	Active	NO
22	U45203MH2009PLC193949	ESSEL BINA KHIMLASA MALTHON TOLL ROADS LIMITED	Director	9/7/2009	9/7/2009	10/11/2009	Active	NO
23	U45203MH2009PLC193948	ESSEL DAMOH - JABALPUR TOLL ROADS LIMITED	Director	9/7/2009	9/7/2009	-	Active	NO
24	U45203MH2009PLC193947	ESSEL SAGAR DAMOH TOLL ROADS LIMITED	Director	9/7/2009	9/7/2009	-	Active	NO
25	U70100MH1987PTC042701	VASANT SAGAR PROPERTIES PVT LTD	Director	29/09/2010	1/10/2009	-	Active	NO
26	L80301MH2010PLC198405	ZEE LEARN LIMITED	Director	4/1/2010	4/1/2010	-	Active	NO
27	L51900MH1984PLC034501	SHIRPUR GOLD REFINERY LIMITED	Director	30/11/2010	18/01/2010	26/04/2011	Active	NO
28	U45203MH2005PTC153937	ESSEL AIRPORT INFRASTRUCTURE PRIVATE LIMITED	Director	28/05/2010	31/03/2010	-	Active	NO
29	U74990MH2010PTC198648	ITM DIGITAL PRIVATE LIMITED	Director	5/7/2011	15/04/2011	-	Active	NO
30	U90000MH2009PLC196399	TATVA GLOBAL ENVIRONMENT (DEONAR) LIMITED	Additional director	30/07/2011	30/07/2011	-	Active	NO

Name :

Mr. Hitesh Kantilal Vakil

Designation :

Director

Address :

802, Vasant Aradhana Tower, Near Mahavir Nagar, Kandivali [West], Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

16.09.1960

Date of Appointment :

28.12.2006

DIN :

00686877

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	L99999MH1964PLC013018	APLAB LIMITED	Director	30/10/1993	30/10/1993	1/11/2007	Active	NO
2	U92140MH1999PTC123025	PRATHAM MEDIA ENTERTAINMENT PRIVATE LIMITED	Director	17/11/2000	17/11/2000	-	Strike off	NO
3	L80220MH1999PLC121505	ETC NETWORKS LIMITED	Director	8/11/2005	8/11/2005	28/01/2008	Amalgamated	NO
4	U64200MH2004PLC148772	ZEE SPORTS LIMITED	Director	12/12/2005	12/12/2005	-	Active	NO
5	U92190MH2002PTC135002	TAJ TELEVISION (INDIA )PRIVATE LIMITED	Director	28/09/2007	28/12/2006	-	Active	NO
6	U92100MH2008PTC186578	ZEE MOTION PICTURES PRIVATE LIMITED	Director	9/9/2008	9/9/2008	-	Active	NO
7	U72900MH2006PTC164508	CYQUATOR MEDIA SERVICES PRIVATE LIMITED	Director	3/4/2009	3/4/2009	30/03/2010	Active	NO
8	U72900MH2010PTC201526	INDIA WEBPORTAL PRIVATE LIMITED	Director	31/03/2010	31/03/2010	-	Active	NO
9	U74899DL2001PLC113501	ZEE-TURNER LIMITED	Nominee director	21/05/2011	21/05/2011	-	Active	NO
10	U92412MH2006PTC164446	MEDIA PRO ENTERPRISE INDIA PRIVATE LIMITED	Director	29/09/2011	29/06/2011	-	Active	NO

Name :

Mr. Laxminarayan Mahadevan

Designation :

Director

Address :

Flat No.201, 2^nd Floor, Subodh Park CHS., 17t Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

20.05.1962

Date of Appointment :

28.12.2006

DIN :

00682223

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	U72900MH2006PTC165215	DIGITAL VENTURES PRIVATE LIMITED	Director	20/10/2006	20/10/2006	24/12/2009	Active	NO
2	U92190MH2002PTC135002	TAJ TELEVISION (INDIA )PRIVATE LIMITED	Director	28/09/2007	28/12/2006	-	Active	NO
3	U30006MH2006PLC160095	DIGITAL MEDIA CONVERGENCE LIMITED	Director	2/4/2007	2/4/2007	7/5/2009	Amalgamated	NO
4	U72900MH2010PTC201526	INDIA WEBPORTAL PRIVATE LIMITED	Director	31/03/2010	31/03/2010	15/09/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Gopinath
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.08.2011

Names of Shareholders	No. of Shares
Zee Entertainment Enterprises Limited, India Joint Himanshu Pradeep Mody	1
Zee Entertainment Enterprises Limited, India Joint Hitesh Kantilal Vakil	1
Zee Entertainment Enterprises Limited, India Joint Laxminarayan Mahadevan	1
Zee Entertainment Enterprises Limited, India Joint Anand Chalwade	1
Zee Entertainment Enterprises Limited, India Joint Pushpal Sanghvi	1
Zee Entertainment Enterprises Limited, India Joint Vinod Thakur Desai	1
Zee Entertainment Enterprises Limited, India	9994
Total	10000

As on 08.08.2011

Equity Share Break Up Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distribution of T.V. Channel Like Ten Sports, Ten Cricket, Zee Sports, Ten Action.
Terms :
Selling :	Cash / Credit [30 Days]
Purchasing :	Cash / Credit [30 Days]

GENERAL INFORMATION

Customers :	Multi Media Companies
No. of Employees :	120 [Approximately]
Bankers :	HDFC Bank, Noida, Uttar Pradesh, India

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Lodha Excelus, 1st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-39836000
Fax No.:	91-22-39836000
PAN :	AAIFB4734C
Holding Company :	Zee Entertainment Enterprises Limited, India CIN : L92132MH1982PLC028767
Fellow Subsidiaries :	Taj TV Limited, Mauritius ZeeTurner Limited, India Dish TV Limited Wire and Wireless India Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.100/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.100/- each	Rs.1.000 million

Of the above

5,000 equity shares of Rs.100 each fully paid up are held by Zee Entertainment Enterprises Limited controlling parent company.

Zee Entertainment Enterprises Limited has received approval from Reserve Bank of India [RBI] on 24.08.2010 for acquiring balance 5,000 shares of the company from tower holding

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		31.516	34.390	24.773
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		32.516	35.390	25.773
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		32.516	35.390	25.773
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.828	53.624	20.679
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.192	0.325	6.455
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	226.741	449.392	238.980
	Cash & Bank Balances	217.808	8.336	9.047
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	104.571	102.089	63.937
Total Current Assets		549.120	559.817	311.964
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.001	7.633	21.190
	Other Current Liabilities	538.709	565.375	265.907
	Provisions	2.914	5.368	26.228
Total Current Liabilities		562.624	578.376	313.325
Net Current Assets		[13.504]	[18.559]	[1.361]
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		32.516	35.390	25.773

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	178.631	146.319	81.740
Less	EXPENSES
		Office Expenses
		Administrative Expenses	173.105	124.778	101.333
		Advertising Expenses
		TOTAL	173.105	124.778	101.333
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		Including Depreciation	21.541	[19.593]
Less/ Add	DEPRECIATION/ AMORTISATION			[4.545]	[3.517]
	PROFIT / [LOSS] BEFORE TAX		5.526	16.996	[23.110]
Less	TAX		8.399	7.380	6.373
	PROFIT / [LOSS] AFTER TAX		[2.873]	9.616	[16.737]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	24.773	41.510
	BALANCE CARRIED TO THE B/S		NA	34.389	24.773
	IMPORTS
		Capital Goods	3.125	34.040	NA
	TOTAL IMPORTS		3.125	34.040	NA
	Earnings/[Loss] Per Share (Rs.)		[287.36]	961.69	[1673.74]

Particulars	31.03.2011
Sales Turnover [Approximately]	200.000

Expected Sales (2011-2012) : Rs.250.000 millions

The above information has been parted by Mr. Gopinath [Finance Executive].

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	[1.61]	6.57	[20.47]
Return on Total Assets (PBT/Total Assets}	(%)	0.93	2.77	[6.95]
Return on Investment (ROI) (PBT/Networth)		0.17	0.48	[0.89]
Debt Equity Ratio (Total Liability/Networth)		17.30	16.34	12.16
Current Ratio (Current Asset/Current Liability)		0.97	0.97	0.99

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Dues to Micro Small and Medium Enterprises Units	0.000	0.000	21.190
Due to Others	21.001	7.633
Total	21.001	7.633	21.190

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	No
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	-
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	-
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Note : Registered office address of the company has been shifted from 403, Manish Commercial Centre, 4^th Floor, Dr. A. B. Road, Worli – 400025, Mumbai, Maharashtra, India to the present address w.e.f. 01.11.2010.

Background :

Subject was incorporated on 25.02.2002. the company has executive rights to distribute various channels owned by Taj TV Limited, Mauritius including agency for on-air advertisement on various channels.

The company has commenced distributing Zee Sports channel owned by Zee Entertainment Enterprises Limited from February 2010 onwards.

Financial Highlights:

The Year, witnessed an increase in the operating revenue from Rs. 145.138 millions in 2008-09 to Rs. 174.220 millions in 2009-10. However due to increased expenditures the operations during the year resulted increased in the net profits before tax from Rs.16.995 millions in 2008-09 to Rs. 5.526 millions in 2009-10.

Review of Operations

During the year, Zee Entertainment Enterprises Limited, the holding company of the Company approved acquisition of the balance 50% equity stake held by the other shareholder Tower Holdings, Mauritius and upon completion of the said acquisition, the Company shall become 100% subsidiary of Zee Entertainment Enterprises Limited.

Effective February 2010, the Company has started on it own distribution of its Channel Ten Sports and also of Zee Sports under a separate arrangement with the parent Company.

CONTINGENT LIABILITY:

Particular	31.03.2010 (Rs. In Millions)	As on 31.03.2011 (Rs. In Millions)
Claims against the company not acknowledged as debts	0.042	1.542
Claim against the Company not acknowledged as Debt A music company sent a letter for claim of Rs. 1.500 millions for compensation for use of a song during a Live match. In response 10 the same, the Company has informed the music company in the previous year that they are not producer of the event and hence can not he held responsible for the same.
Claim against the Company not acknowledged as Debt Disttrict Consumer Disputes redressal forum, Sirmour ordered for compensation of Rs. 0.042 million in favour of a cable operator against which Company has obtained stay from State Consumer Redressal Commission Simla. The final decision is pending. Management is of the view that the claim has no merit and as such no provision is necessary.

FIXED ASSETS :

Furniture and Fixtures

Computer

Office Equipments

Vehicles

Satellite Receiver

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.50.90
UK Pound	1	Rs.80.30
Euro	1	Rs.68.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		44

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.