MIRA INFORM REPORT

Report Date :

04.10.2011

IDENTIFICATION DETAILS

Name :	NSL SUGARS LIMITED [w.e.f. 10.07.2008]
Formerly Known As :	SCM SUGARS LIMITED
Registered Office :	60/1, 2^nd Cross, Residency Road, Bangalore-560025, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.12.1999
Com. Reg. No.:	08-026121
Capital Investment / Paid-up Capital :	Rs.324.443 Millions
CIN No.: [Company Identification No.]	U15429KA1999PLC026121
TAN No.: [Tax Deduction & Collection Account No.]	BLRS05405B
PAN No.: [Permanent Account No.]	AAGCS0938Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Sugar and Spirits.
No. of Employees :	400 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 7000000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having fine track. The company is doing well. 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. Navin
Designation :	Accounts Officer
Contact No.:	91-80-25593413
Date :	03.10.2011

LOCATIONS

Registered Office :	60/1, 2^nd Cross, Residency Road, Bangalore-560025, Karnataka, India
Tel. No.:	91-80-25593413/14/15
Fax No.:	91-80-25593415
E-Mail :	nslsugarbangalore@nslsugars.com info@nslsugars.com
Website :	http://www.nslsugars.com
Area :	Owned
Corporate Office :	NSL Icon, 4^th Floor, D. No. 8-2-684/2/A, Road No.12, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India
Tel. No.:	91-40-30514444/74/30514125
Fax No.:	91-40-23327919/30514125
Factory 1:	Kopa Village, Maddhur Taluka, District Mandya-571401, Karnataka, India
Tel. No.:	91-8232-248826/248499/248706
Fax No.:	91-8232-248666
Email:	nslsugarskoppa@yahoo.com
Factory 2:	Lessee of SSKN-Alland Bhusanoor Taluka, District Gulbarga-585302, Karnataka, India

DIRECTORS

As on 03.09.2010

Name :

Mr. M. Prabhakar Rao

Designation :

Chairman

Address :

Plot No. 543, Road No. 26, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India

Date of Birth/Age :

19.01.1959

Date of Appointment :

26.07.2001

Din No.:

00009650

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	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	01-07-10	04-01-85	-	Active	NO
2	U01112AP1992PLC014346	PRABHAT AGRI BIOTECH LIMITED	Director	09-06-92	09-06-92	-	Active	NO
3	L32101AP1990PLC011311	INCAP LIMITED	Director	28-06-92	28-06-92	18-02-10	Active	NO
4	U18100AP1995PLC022418	PRABHAT INDUSTRIAL CORPORATION LIMITED	Director	28-11-95	28-11-95	30-03-08	Amalgamated	NO
5	U74999AP1999PTC032118	MANDAVA COLD STORAGE PRIVATE LIMITED	Director	01-11-00	01-11-00	-	Active	NO
6	U99999AP1995PLC020845	PERPETUAL ENERGY SYSTEMS LIMITED	Director	23-07-01	23-07-01	30-03-08	Active	NO
7	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	01-04-10	26-07-01	-	Active	NO
8	U05005AP2001PTC037782	SREE KAMADHENU AQUATECH PRIVATE LIMITED	Director	11-09-01	11-09-01	-	Active	NO
9	U40109AP2001PTC037830	INDUR GREEN POWER PRIVATE LIMITED	Director	21-09-01	21-09-01	-	Active	NO
10	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	12-02-02	12-02-02	-	Active	NO
11	U24231AP2002PLC038964	SWADESHI BIO-TECHNICS LIMITED	Director	15-05-02	15-05-02	30-03-08	Active	NO
12	U24231AP2002PTC038984	SWARNABHARAT BIO-TECHNICS PRIVATE LIMITED	Director	17-05-02	17-05-02	-	Active	NO
13	U63023AP2003PTC040654	NSL POWER PRIVATE LIMITED	Director	11-03-03	11-03-03	-	Active	NO
14	U18101AP2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	14-09-04	14-09-04	-	Amalgamated	NO
15	U70102AP2004PTC044588	DIVYASREE NSL INFRASTRUCTURE PRIVATE LIMITED	Director	09-10-08	10-11-04	-	Active	NO
16	U45200AP2005PTC045511	NSL NAGAPATNAM POWER AND INFRATECH PRIVATE LIMITED	Director	02-03-05	02-03-05	-	Active	NO
17	U51225KA2005PTC036073	MADDURAMMA TRADERS PRIVATE LIMITED	Director	15-04-05	15-04-05	-	Strike off	NO
18	U45200AP2005PTC048066	NSL SEZ (HYDERABAD) PRIVATE LIMITED	Director	16-11-05	16-11-05	-	Active	NO
19	U45200AP2005PTC048067	ARENA INFRASTRUCTURE PRIVATE LIMITED	Director	16-11-05	16-11-05	15-12-07	Active	NO
20	U70102AP2004PTC043959	CENTURY AVENUES PRIVATE LIMITED	Director	16-11-05	16-11-05	01-12-07	Active	NO
21	U74210AP2006PTC048679	GLOBAL AGRIGENETICS INDIA PRIVATE LIMITED	Director	05-01-06	05-01-06	-	Active	NO
22	U45200AP2005PTC048287	ASCENDANT ESTATES PRIVATE LIMITED	Director	17-06-06	17-06-06	30-03-08	Active	NO
23	U18100AP1983PTC004121	KRISHNAGANGA SPINNING MILLS PRIVATE LIMITED	Director	29-07-06	29-07-06	01-08-11	Active	NO
24	U15421AP2006PLC050837	NSL KRISHNAVENI SUGARS LIMITED	Director	08-06-09	08-08-06	-	Active	NO
25	U10102AP2006PTC050899	SPLENDID MINERALS PRIVATE LIMITED	Director	14-08-06	14-08-06	-	Active	NO
26	U70102AP2006PTC050279	GOODDEAL DEVELOPERS PRIVATE LIMITED	Director	26-10-06	26-10-06	31-03-08	Active	NO
27	U40109AP2006PTC052129	REGEN POWERTECH PRIVATE LIMITED	Director	27-12-06	27-12-06	-	Active	NO
28	U70101AP2001PTC038151	NSL SEZ (CHENNAI) PRIVATE LIMITED	Director	12-03-07	12-03-07	-	Active	NO
29	U70101AP2007PTC053994	TOPNOTCH PROJECTS PRIVATE LIMITED	Director	14-05-07	14-05-07	-	Active	NO
30	U17121AP2007PTC054034	NSL COTTON CORPORATION PRIVATE LIMITED	Director	17-05-07	17-05-07	-	Active	NO
31	U70102AP2007PTC054777	NSL ESTATES PRIVATE LIMITED	Director	12-07-07	12-07-07	-	Active	NO
32	U45203AP2007PTC054784	NSL INFRATECH PRIVATE LIMITED	Director	12-07-07	12-07-07	-	Active	NO
33	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	18-10-07	18-10-07	-	Active	NO
34	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Director	12-03-08	12-03-08	-	Active	NO
35	U74120DL2008PTC175254	NSL REAL ESTATES PRIVATE LIMITED	Director	12-03-08	12-03-08	-	Active	NO
36	U74120DL2008PTC175259	NSL PROPERTIES PRIVATE LIMITED	Director	12-03-08	12-03-08	-	Active	NO
37	U74120AP2008PTC074583	NUZIVEEDU SEEDS PRIVATE LIMITED	Managing director	01-07-10	19-03-08	-	Active	NO
38	U45200AP2007PTC055909	GOLDEN TOWER INFRATECH PRIVATE LIMITED	Director	01-10-08	01-10-08	-	Active	NO
39	U01112AP1996PTC025622	YAAGANTI SEEDS SPRIVATE LIMITED	Director	14-09-09	03-01-09	-	Active	NO
40	U01119AP2008PTC061514	PRAVARDHAN SEEDS PRIVATE LIMITED	Director	30-09-10	01-01-10	-	Active	NO
41	U40109AP2008PTC059817	NSL ORISSA POWER AND INFRATECH PRIVATE LIMITED	Additional director	30-09-10	18-08-10	-	Active	NO
42	U14200DL2009PTC196457	CERES MINING PRIVATE LIMITED	Nominee director	02-10-10	02-10-10	-	Active	NO
43	U40101AP2008PTC057010	NSL ENERGY VENTURES PRIVATE LIMITED	Additional director	20-12-10	20-12-10	-	Active	NO
44	U45400AP2007PTC054029	NSL CONVENTIONAL POWER PRIVATE LIMITED	Additional director	05-01-11	05-01-11	-	Active	NO
45	U17124TN2007PTC061984	MAS FABRIC PARK (INDIA) PRIVATE LIMITED	Director	29-06-11	31-03-11	-	Active	NO
46	U15421OR2011PTC013452	NSL SUGAR ANDINDUSTRIES (ORISSA) PRIVATE LIMITED	Director	15-04-11	15-04-11	-	Active	NO
47	U40300AP2010PTC070092	SOLAR SEMICONDUCTOR POWER COMPANY (INDIA) PRIVATE LIMITED	Additional director	06-05-11	06-05-11	-	Active	NO
48	U15400AP2011PTC076567	SIMHAPURI MEGA FOOD PARK PRIVATE LIMITED	Director	16-09-11	16-09-11	-	Active	NO

Name :

Dr. D.G. Hapase

Designation :

Director

Address :

Dnyanasheel 67/70, B Rajashree Shahu Co-operative Housing Society, Natu Baug, Satara Road, Pune-411037, Maharashtra, India

Date of Birth/Age :

07.01.1939

Date of Appointment :

06.03.2010

Din No.:

02964533

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	03-09-10	06-03-10	Active	NO

Name :

Mr. P. Narasimha Ramulu

Designation :

Director

Address :

Flat No. 402, Garden Residency, Sai Enclave Colony, Habsiguda, Hyderabad-500007, Andhra Pradesh, India

Date of Birth/Age :

25.07.1945

Date of Appointment :

06.03.2010

Din No.:

00064196

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	U31909AP1980PLC002697	VIJAI ELECTRICALS LIMITED	Director	28-07-06	24-12-05	18-12-09	Active	NO
2	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	08-06-06	08-06-06	-	Active	NO
3	L45200AP1993PLC015545	LANCO INFRATECH LIMITED	Director	03-09-07	16-06-06	-	Active	NO
4	L74999RJ1938PLC019511	JK LAKSHMI CEMENT LIMITED	Nominee director	06-09-06	06-09-06	20-02-08	Active	NO
5	U40101AP2006PTC049472	KVK ENERGY AND INFRASTRUCTURE Private LIMITED	Director	28-10-06	28-10-06	11-10-07	Active	NO
6	U45200AP2005PTC045511	NSL NAGAPATNAM POWER AND INFRATECH PRIVATE LIMITED	Director	05-09-08	07-02-08	-	Active	NO
7	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	29-09-09	31-10-08	-	Active	NO
8	U40109AP2006PTC052129	REGEN POWERTECH PRIVATE LIMITED	Nominee director	23-09-09	19-06-09	-	Active	NO
9	U45200AP1992PLC014925	SHALIVAHANA GREEN ENERGY LIMITED	Director	27-09-10	26-09-09	-	Active	NO
10	U18101AP2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	05-07-10	28-12-09	-	Amalgamated	NO
11	U31200UP2006PLC031982	LANCO ANPARA POWER LIMITED	Director	24-08-10	21-01-10	-	Active	NO
12	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	03-09-10	06-03-10	-	Active	NO
13	U74120AP2008PTC074583	NUZIVEEDU SEEDS PRIVATE LIMITED	Additional director	17-08-10	17-08-10	-	Active	NO
14	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Additional director	29-12-10	29-12-10	-	Active	NO
15	U40109AP2008PTC059817	NSL ORISSA POWER AND INFRATECH PRIVATE LIMITED	Additional director	05-01-11	05-01-11	-	Active	NO
16	U45400AP2007PTC054029	NSL CONVENTIONAL POWER PRIVATE LIMITED	Additional director	05-01-11	05-01-11	-	Active	NO

Name :

M Asha Priya

Designation :

Director

Address :

Plot NO. 543, Road No. 26, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India

Date of Birth/Age :

19.09.1961

Date of Appointment :

26.07.2001

Din No.:

01199936

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	U18100AP1995PLC022418	PRABHAT INDUSTRIAL CORPORATION LIMITED	Director	28-11-95	28-11-95	-	Amalgamated	NO
2	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	18-10-97	18-10-97	-	Active	NO
3	U74999AP1999PTC032118	MANDAVA COLD STORAGE PRIVATE LIMITED	Managing director	01-09-10	16-07-99	-	Active	NO
4	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	26-07-01	26-07-01	-	Active	NO
5	U05005AP2001PTC037782	SREE KAMADHENU AQUATECH PRIVATE LIMITED	Director	11-09-01	11-09-01	-	Active	NO
6	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	12-02-02	12-02-02	-	Active	NO
7	U63023AP2003PTC040654	NSL POWER PRIVATE LIMITED	Director	11-03-03	11-03-03	-	Active	NO
8	U99999AP1995PLC020845	PERPETUAL ENERGY SYSTEMS LIMITED	Managing director	31-07-06	30-07-03	-	Active	NO
9	U45200AP2005PTC045511	NSL NAGAPATNAM POWER AND INFRATECH PRIVATE LIMITED	Director	02-03-05	02-03-05	-	Active	NO
10	U51225KA2005PTC036073	MADDURAMMA TRADERS PRIVATE LIMITED	Director	15-04-05	15-04-05	-	Strike off	NO
11	U70102AP2004PTC043959	CENTURY AVENUES PRIVATE LIMITED	Director	13-09-05	13-09-05	-	Active	NO
12	U45200AP2005PTC048066	NSL SEZ (HYDERABAD) PRIVATE LIMITED	Director	05-04-06	05-04-06	-	Active	NO
13	U15421AP2006PLC050837	NSL KRISHNAVENI SUGARS LIMITED	Director	08-08-06	08-08-06	-	Active	NO
14	U40109AP2006PTC052129	REGEN POWERTECH PRIVATE LIMITED	Director	27-12-06	27-12-06	19-06-09	Active	NO
15	U70101AP2007PTC053994	TOPNOTCH PROJECTS PRIVATE LIMITED	Director	14-05-07	14-05-07	-	Active	NO
16	U17121AP2007PTC054034	NSL COTTON CORPORATION PRIVATE LIMITED	Director	17-05-07	17-05-07	-	Active	NO
17	U70102AP2007PTC054777	NSL ESTATES PRIVATE LIMITED	Director	12-07-07	12-07-07	-	Active	NO
18	U45203AP2007PTC054784	NSL INFRATECH PRIVATE LIMITED	Director	12-07-07	12-07-07	-	Active	NO
19	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	14-09-07	14-09-07	-	Active	NO
20	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Director	12-03-08	12-03-08	-	Active	NO
21	U74120DL2008PTC175254	NSL REAL ESTATES PRIVATE LIMITED	Director	12-03-08	12-03-08	-	Active	NO
22	U74120DL2008PTC175259	NSL PROPERTIES PRIVATE LIMITED	Director	12-03-08	12-03-08	-	Active	NO
23	U74120AP2008PTC074583	NUZIVEEDU SEEDS PRIVATE LIMITED	Director	19-03-08	19-03-08	-	Active	NO
24	U45200AP2005PTC048287	ASCENDANT ESTATES PRIVATE LIMITED	Director	30-03-08	30-03-08	-	Active	NO
25	U40109AP2008PTC059817	NSL ORISSA POWER AND INFRATECH PRIVATE LIMITED	Director	23-06-08	23-06-08	-	Active	NO
26	U18101AP2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	05-07-10	28-12-09	-	Amalgamated	NO
27	U40100CH2005PTC027868	TANGNU ROMAI POWER GENERATION PRIVATE LIMITED	Director	30-09-10	19-04-10	-	Active	NO
28	U40103AP2010PTC068177	NSL ANDHRA POWER PRIVATE LIMITED	Director	29-04-10	29-04-10	-	Active	NO
29	U15421OR2011PTC013452	NSL SUGAR AND INDUSTRIES (ORISSA) PRIVATE LIMITED	Director	15-04-11	15-04-11	-	Active	NO
30	U40300AP2010PTC070092	SOLAR SEMICONDUCTOR POWER COMPANY (INDIA) PRIVATE LIMITED	Additional director	06-05-11	06-05-11	-	Active	NO
31	U40101AP2008PTC057010	NSL ENERGY VENTURES PRIVATE LIMITED	Additional director	22-05-11	22-05-11	-	Active	NO
32	U40300AP2005PTC047541	NSL WIND POWER COMPANY (PHOOLWADI) PRIVATE LIMITED	Director	29-07-11	24-06-11	-	Active	NO
33	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Additional director	25-06-11	25-06-11	-	Active	NO

Name :

Mr. K. Ramakoteswara Rao

Designation :

Managing Director

Address :

Flat No. 301, JVR Amrit Enclave, Opposite New MLA Quarters, Adarsh Nagar, Hyderabad-500063, Andhra Pradesh, India

Date of Birth/Age :

12.11.1956

Date of Appointment :

26.07.2001

Din No.:

00014649

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	L32101AP1990PLC011311	INCAP LIMITED	Director	09-09-91	09-09-91	22-12-09	Active	NO
2	U74120AP1993PTC016483	PARAMJYOTHI ENGINEERS PRIVATE LIMITED	Director	26-10-93	26-10-93	26-02-11	Active	NO
3	U15429KA1999PLC026121	NSL SUGARS LIMITED	Managing director	01-04-10	26-07-01	-	Active	NO
4	U40109AP2001PTC037830	INDUR GREEN POWER PRIVATE LIMITED	Director	16-01-02	16-01-02	-	Active	NO
5	U99999AP1995PLC020845	PERPETUAL ENERGY SYSTEMS LIMITED	Director	01-04-02	01-04-02	-	Active	NO
6	U45200AP2005PTC045511	NSL NAGAPATNAM POWER AND INFRATECH PRIVATE LIMITED	Director	02-03-05	02-03-05	-	Active	NO
7	U40300AP2005PTC047541	NSL WIND POWER COMPANY (PHOOLWADI) PRIVATE LIMITED	Director	21-09-05	21-09-05	-	Active	NO
8	U45203AP2005PTC048006	MARVEL INFRATECH PRIVATE LIMITED	Director	09-11-05	09-11-05	15-06-09	Active	NO
9	U15421AP2006PLC050837	NSL KRISHNAVENI SUGARS LIMITED	Director	08-08-06	08-08-06	-	Active	NO
10	U10102AP2006PTC050899	SPLENDID MINERALS PRIVATE LIMITED	Director	14-08-06	14-08-06	-	Active	NO
11	U40100CH2005PTC027868	TANGNU ROMAI POWER GENERATION PRIVATE LIMITED	Director	20-11-06	20-11-06	-	Active	NO
12	U70102AP2004PTC044588	DIVYASREE NSL INFRASTRUCTURE PRIVATE LIMITED	Director	07-03-07	07-03-07	29-03-10	Active	NO
13	U70101AP2001PTC038151	NSL SEZ (CHENNAI) PRIVATE LIMITED	Director	23-04-07	23-04-07	-	Active	NO
14	U51909TN2007PTC064763	NSL POWER EQUIPMENT TRADING PRIVATE LIMITED	Director	18-10-07	18-10-07	-	Active	NO
15	U18100AP2007PTC056006	MARIGOLD APPAREL INDUSTRIES PRIVATE LIMITED	Director	18-10-07	18-10-07	08-05-10	Active	NO
16	U40109AP2006PTC052129	REGEN POWERTECH PRIVATE LIMITED	Nominee director	24-10-07	24-10-07	-	Active	NO
17	U40109AP2008PTC059817	NSL ORISSA POWER AND INFRATECH PRIVATE LIMITED	Director	23-06-08	23-06-08	-	Active	NO
18	U45400AP2008PTC060090	NAGAPATNAM PORT AND INFRASTRUCTURE PRIVATE LIMITED	Director	10-07-08	10-07-08	-	Active	NO
19	U18101AP2004PLC044154	NSL TEXTILES (EDLAPADU) LIMITED	Director	08-08-08	14-07-08	28-12-09	Amalgamated	NO
20	U40108HP2008PTC030878	NSL MASLI POWER GENERATION PRIVATE LIMITED	Director	30-08-10	01-08-09	-	Active	NO
21	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	29-09-10	21-07-10	-	Active	NO
22	U40108HP2008PTC030877	NSL TIDONG POWER GENERATION PRIVATE LIMITED	Additional director	09-09-10	09-09-10	-	Active	NO
23	U45400AP2007PTC054029	NSL CONVENTIONAL POWER PRIVATE LIMITED	Director	30-09-10	09-09-10	-	Active	NO
24	U45400AP2007PTC054361	CITIZEN INFRATECH PRIVATE LIMITED	Director	09-09-10	09-09-10	-	Active	NO
25	U40108AP2008PTC060015	NSL WIND POWER COMPANY (SIRA-TUMKUR) PRIVATE LIMITED	Director	09-09-10	09-09-10	-	Active	NO
26	U40108AP2008PTC060017	NSL WIND POWER COMPANY (GUBBI-TUMKUR) PRIVATE LIMITED	Director	09-09-10	09-09-10	-	Active	NO
27	U40101AP2008PTC057010	NSL ENERGY VENTURES PRIVATE LIMITED	Whole-time director	10-05-11	20-12-10	-	Active	NO
28	U40300AP2006PTC050579	NSL NAGAPATNAM POWER VENTURES PRIVATE LIMITED	Additional director	05-01-11	05-01-11	-	Active	NO
29	U40300AP2010PTC070092	SOLAR SEMICONDUCTOR POWER COMPANY (INDIA) PRIVATE LIMITED	Additional director	06-05-11	06-05-11	-	Active	NO
30	U15421MH2000PLC130397	JAY MAHESH SUGAR INDUSTRIES LIMITED	Additional director	25-06-11	25-06-11	-	Active	NO

Name :

Mr. S. Basavaiah

Designation :

Whole Time Director

Address :

A-Quarters, NSL Sugars Limited, Tq. Maddur District Mandya Koppa-571425, Karnataka, India

Date of Birth/Age :

23.12.1935

Date of Appointment :

31.03.2010

Din No.:

03032158

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U15429KA1999PLC026121	NSL SUGARS LIMITED	Director	03-09-10	31-03-10	Active	NO

KEY EXECUTIVES

Name :	Mr. K. Ramakanth
Designation :	Company Secretary
Address :	Flat No. 102, Swamy Nilayam Apartments, Gananmahal Colony, Hyderabad-500029, Andhra Pradesh, India
Date of Birth/Age :	01.06.1971
Date of Appointment :	06.01.2010
Name :	Mr. Navin
Designation :	Accounts Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.09.2010

Names of Shareholders	No. of Shares
M. Prabhakara Rao	19003960
Mandava Holdings Private Limited, India	10000000
M. Venkatrama Chowdary	2239546
Srinivas Surapaneni	548040
M Asha Priya	251040
K. Ramakoteswara Rao	101000
K V Ramanamma	100000
K L Kartheek	100000
K Anuhya	100000
P Nageshwara Rao	100
A V V Siva Prasad	100
S Gopalakrishnan	100
G S Muralikrishna	100
Ch Appa Rao	100
S Basavaiah	100
M Narasimha Rao	100
Total	32444286

As on 03.12.2010

List of Allottees:

Particular	No. of Shares
Mandava Holdings Private Limited, India	13536514
K. Ramakoteswara Rao	42600
K V Ramanamma	42200
K L Kartheek	42200
K Anuhya	42200
Total	13705714

As on 03.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	1.69
Bodies corporate	30.82
Directors or relatives of directors	67.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Sugar and Spirits.

Products :

Product Description	Item Code
Centrifugal Sugar Extra Neutral Alcohol	170199.09
Power	220710.00

Terms :

Selling :

L/C / Cash / Credit (30 days / 60 days)

Purchasing :

L/C / Cash / Credit (30 days / 60 days)

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity
Sugar	TCD	3500	3500
Power	MW	26	26
Ethanol	KLPD	45	45

ACTUAL PRODUCTION:

Particular	Unit	Actual Production
Sugar ^	Qtls.	646200
Molasses #	MT	33642
Bagasse *	MT	183751
Power @	KWH	168222000
ENA and others	Ltrs.	8856105

NOTE:

• @ Captive consumption of power is 35848470 KWH
• # Includes molasses purchased 3000 MT
• ^ Includes quantity traded nil
• * Bagasses is captively consumed in generation of power in the Co-gen plant.

GENERAL INFORMATION

Suppliers :

Spray Engineer Devices Limited

Customers :

Metro Cash and Carries

No. of Employees :

400 [Approximately]

Bankers :

Canara Bank (Leader), Prime Corporate Branch, Shankarnarayana Building, No. 25, M G Road, Bangalore-560001, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Term Loans
From Banks	1147.232	842.039
From Other [Sugar Development Fund]	395.589	316.439
Working capital loans	155.141	362.840
Interest accrued	69.623	53.419
Total	1767.585	1574.737
Unsecured Loan
Purchase tax deferment [Repayable within one year nil (March 31, 2009 nil)]	159.291	150.694
Finance lease obligation	138.916	0.000
Total	298.207	150.694

Banking Relations :	--
Statutory Auditors :
Name :	T Gandhi and Company Chartered Accountant
Address :	# 4916, 10^th Floor, High Point IV, 45, Palace Road, Bangalore-560001, Karnataka, India
E-Mail :	catchgandhi@yahoo.com catcgandhi@gmail.com
Internal Auditors :
Name :	M. Bhaskara Rao and Company Chartered Accountant
Address :	Hyderabad, Andhra Pradesh, India
Auditors :
Name :	Batliboi and Company Chartered Accountant
Subsidiaries :	Krishnaveni Sugars Limited [U15421AP2006PLC050837]

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
130000000	Equity Shares	Rs.10/- each	Rs.1300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32444286	Equity Shares	Rs.10/- each	Rs.324.443 Millions

As on 03.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
130000000	Equity Shares	Rs.10/- each	Rs.1300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
46150000	Equity Shares	Rs.10/- each	Rs.461.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		324.443	324.443	324.443
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1446.384	1194.345	766.928
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1770.827	1518.788	1091.371
LOAN FUNDS
1] Secured Loans		1767.585	1574.737	1442.213
2] Unsecured Loans		298.207	150.694	120.578
TOTAL BORROWING		2065.792	1725.431	1562.791
DEFERRED TAX LIABILITIES		123.315	0.000	0.000
TOTAL		3959.934	3244.219	2654.162
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1547.611	1369.863	1444.146
Capital work-in-progress		15.162	5.811	20.575
INVESTMENT		1157.208	350.593	70.933
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	680.058	443.362	355.574
	Sundry Debtors	77.508	171.144	113.574
	Cash & Bank Balances	42.807	11.339	55.461
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	750.713	1152.762	855.042
Total Current Assets		1551.086	1778.607	1379.651
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	247.533	234.793
	Other Current Liabilities	37.081	7.699	220.335
	Provisions	36.606	18.163	41.089
Total Current Liabilities		321.220	260.655	261.424
Net Current Assets		1229.866	1517.952	1118.227
MISCELLANEOUS EXPENSES		10.087	0.000	0.281
TOTAL		3959.934	3244.219	2654.162

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2455.209	2139.408	2040.865
		Other Income	34.757	192.447	102.952
		TOTAL (A)	2489.966	2331.855	2143.817
Less	EXPENSES
		Raw material consumed	1753.620	1461.746
		Purchase of sugar	0.000	29.593
		Personnel expenses	100.599	80.014
		Operating, administrative and selling expense	168.684	159.171	1656.641
		Preliminary expenses written off	0.000	0.281
		Prior period adjustments	1.298	4.228
		Increase / decrease in inventories	(232.764)	(98.753)
		TOTAL (B)	1791.437	1636.280	1656.641
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		698.529	695.575	487.176
Less	FINANCIAL EXPENSES (D)		142.277	160.259	155.563
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		556.252	535.316	331.613
Less/ Add	DEPRECIATION/ AMORTISATION (F)		121.987	133.868	112.207
	PROFIT BEFORE TAX (E-F) (G)		434.265	401.448	219.406
Less	TAX (H)		182.225	(25.968)	0.094
	PROFIT AFTER TAX (G-H) (I)		252.040	427.416	219.312
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1194.344	766.928	NA
	BALANCE CARRIED TO THE B/S		1446.384	1194.344	NA
	EARNINGS IN FOREIGN CURRENCY		NA	82.832	NA
	IMPORTS		NA	NA	NA
	Earnings Per Share (Rs.)		7.77	13.17	--

Particulars	31.03.2011
Sales Turnover [Approximately]	3000.000

Expected Sales (2011-12) : Rs.3500.000 Millions.

The above information has been parted by Mr. Navin.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	10.12	18.33	10.23
Net Profit Margin (PBT/Sales)	(%)	17.69	18.76	10.75
Return on Total Assets (PBT/Total Assets}	(%)	14.01	12.75	7.77
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.20
Debt Equity Ratio (Total Liability/Networth)		1.35	1.31	1.67
Current Ratio (Current Asset/Current Liability)		4.83	6.82	5.27

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors
Total outstanding dues to micro and small enterprises	2.666	0.000	NA
Total outstanding dues to other than micro and small enterprises	244.867	234.793
Total	247.533	234.793	NA

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Note: The registered office of the company has been shifted from # 17, 1^st Floor, 7^th Main, 13^th Cross, 2^nd Stage, Indiranagar, Bangalore-560038, Karnataka, India to the present address w.e.f. 15.02.2007.

NATURE OF OPERATIONS:

Subject is an integrated sugar company focused on manufacturer of sugar, value added products such as power, ethanol and bio-fertilizers.

REVIEW OF OPERATIONS:

During the year, the company achieved a net profit of Rs.252.040 Millions as against Rs.427.416 Millions. The decrease in profit is mainly due to provision of deferred tax liability of earlier years amounting to 120.990 Millions provided in this year. The actual performance of the year is better reflected by Profit before Tax, where will find marginal increase of 7.37%.

THE PERFORMANCES OF THE VARIOUS SEGMENTS ARE AS FOLLOWS:

SUGAR DIVISION:

During the year, the Company has crushed 6,74,257 tons of sugar cane and produced 6,46,200 quintals of sugar as against crushing of 7,64,786 tons of sugar cane and production of 7,38,886 quintals of sugar in the previous year. The decrease in crushing is due to the general decrease in Sugar cane plantation in the country. Earnings in this segment improved owing to much improved realizations. The Company sold 5,60,412 Quintals of Sugar this year as against 7,95,402 Quintals last year. Average realization has increased to Rs. 28.05 per kg of Sugar compared to Rs.17.21 per kg last year. This segment has contributed to 46% of their overall EBITDA.

POWER

During the year, the Company has generated 16,82,22,000 KWH of power and exported 13,23,73,530 KWH at an average realization of Rs. 4.46 per unit and consumed captively 3,58,48,470 KWH. As in the past this division will add to the overall earnings in good times and also provide a sustained cushion to offset the cyclicality of the Sugar business. The EBITDA contribution from this division stood at 48.50%.

DISTILLERY:

The Distillery business marginally contributed to the balance EBITDA of 5.50%. Earnings in this division were subdued on account of higher molasses prices. The fundamental reason was shortage of Sugarcane availability, which resulted in shortage of molasses and its prices rising further.

Their focus in this division is to produce ENA, Ethanol or Rectified Spirit that offers better margins.

On an overall basis they are enthused by their strong performance. Given the integrated nature of their business they now relay on contributions from Sugar, Co-gen, and Distillery to drive their business. They believe that they have built a strong operating platform making us well placed to deliver sustainable results and their outlook for the future remains optimistic.

EXPANSION PLANS:

In pursuit of its objectives of growth of the Company in the business of sugar, co-gen, distillery / ethanol in Karnataka in particular, the expansion of crushing capacity at NSL Sugars Limited, Koppa to 5000 TCD and cogen capacity to 30 MW and distillery/ethanol 120 KLPD have been planned. As a first step in this direction, action has been initiated for expansion of sugar plant capacity. Already measures have been taken for installation of additional mill, falling film evaporator and spray continuous vertical pan. It is expected that these equipments will be operative in the short course of time.

Expansion of Distillery and Cogen will be taken up in due course of time.

SUBSIDIARIES:

KRISHNAVENI SUGARS LIMITED:

Commissioning of Sugar and Co-gen plants is almost over except erection of some minor equipment and the Company is expected to commence power generation from September 2010 and sugar production from November 20 10.

NSL SUGARS (TUNGABHADRA) LIMITED:

The expansion works of sugar plant from 1750 TCD to 3500 TCD along with installation of 28 MW co-gen plant are under progress and the completion and commissioning of cogen plant is expected in December 2010 and expanded capacity of sugar plant are expected to be completed in November 2011.

FUTURE OUTLOOK FOR SUGAR INDUSTRY:

Though the closing stock of sugar for the year 2008-09 was very low at 32 lakh tons compared to last 2 years of surplus situation, with the production of around 19 lakh tons and imports of both raw and white combined ranging to around 60 lakh tonnes the total availability of sugar during 2009-10 (ending September, 2010) is estimated in the range of 280 - 290 lakh tons and after estimated off take for internal consumption of over 225 lakh tons, the closing balance of sugar is estimated at 59 Lakh tons by end September 2010. With projected production during 2010-11 to be as high as 250 lakh tons inclusive of processed raw sugar, the total availability during 2010 - 11 would be around 309 lakh tons. After meeting the internal consumption of around 230 lakh tons, it is estimated that the carry-over stocks at the end of 2010 - 11 i.e., September 2011 would be in the range of 79 lakh tons.

Thus the coming year 2010 -11 would bring once again a surplus sugar market situation, the advance impact of which is felt now itself through the fall in sugar prices and sluggish market.

This reversal of situation is once again attributed to the cyclic nature of the Industry coupled with Govt. Policies. With the higher sugar availability estimated in the time ahead, the sugar prices are further expected to fall.

With this present and further anticipated surplus sugar situation it is anticipated that Govt. of India is inclined to relax restrictions on export of sugar or even may take a decision of decontrolling the Industry while imports may be levied with duty initially and abandoned ultimately.

However the surplus sugarcane availability will help in the improved performance of cogeneration and distillery units in terms of physical volume of production but it is feared that, the prices of distillery products may also come down as a result of surplus production all over. The comfortable bagasse availability would be encouraging for cogeneration in terms of lower he1 costs.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80003950
Corporate identity number of the company	U15429KA1999PLC026121
Name of the company	NSL SUGARS LIMITED
Address of the registered office or of the principal place of business in India of the company	60/1, 2^nd Cross, Residency Road, Bangalore-560025, Karnataka, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Canara Bank (Leader), Prime Corporate Branch, Shankarnarayana Building, No. 25, M G Road, Bangalore-560001, Karnataka, India
Email	advcb2636@canarabank.com
Nature of description of the instrument creating or modifying the charge	Supplemental Joint Deed of Hypothecation Supplemental Working Capital Consortium Agreement (both the above pertain to the same charge)
Date of instrument Creating the charge	23.07.2011
Amount secured by the charge	Rs.1189.900 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CB - BR+5.25% p.a. floating, SBI - 4.5% p.a. above BR AB - BR+5.25% p.a. or ROI in line with Leader Bank or any member bank whichever is higher, Axis Bank - BR+3.25% p.a. for CC Terms of Repayment CC - Running account repayable on demand LC/BG - As detailed in the sanction terms of the bank enumerated in schedule to the working capital consortium agreement Margin CC - CB/AB/Axis Bank - Sugar Division - 15% for non levy sugar, 10% for levy sugar, 25% for stores/spares, 75% for molasses, 40% for book debts - Cogeneration Division - 25%, Ethanol Division - Spirit - 25%, Molasses - 75% , stores and spares - 25% and Book debts - 40% SBI - As per bank norms LC/BG - CB/SBI/AB - 10%, Axis Bank - 5% Extent and Operation of the charge The charge shall operate The charge shall operate to the extent of the loan amount plus interest commission costs liquidated damages expenses and other charges thereon Others The said amount of Rs.1189.900 millions comprises fund based (CC) limit of Rs.839.900 millions (CB Rs.235.000 millions , SBI Rs.201.600 millions , Axis Bank Limited Rs.201.500 millions and Andhra Bank Rs.201.800 millions ) and LC/BG Rs.350.000 millions (CB Rs.105.000 millions , SBI Rs.155.000 millions , Axis Bank Limited 45.000 millions and Andhra Bank Rs.45.000 millions )
Short particulars of the property charged	I) First pari passu charge on stocks of raw materials, semi finished goods, finished goods, stores, spares, book debts and other current assets present and future of Sugar, Co-Gen and Ethanol II) Divisions and third charge on the entire movable and immovable assets of the Sugar, Co-Gen and Ethanol Divisions (excluding vehicles) (first charge held by term lenders and second charge held by SDF)
Date of latest modification prior to the present modification	29.09.2010
Particulars of the present modification	By the above, the amount secured by charge stands revised from Rs.16.801 millions to Rs.1189.900 millions (all other terms and conditions remain unchanged)

CONTINGENT LIABILITIES:

Particular	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Claims against the company not acknowledged as debts	0.000	0.269
Direct taxes	3.106	0.000
Indirect taxes #	16.995	16.995
Total Note: # Bank guarantee issued for Rs.11.800 millions (March 31, 2009: Rs.11.800 millions.)	20.101	17.264

TRADE REFERENCES:

• Spray Engineer Devices Limited
• Metro Cash and Carries

FIXED ASSETS:

• Freehold Land
• Leasehold Land
• Freehold Building
• Leasehold Building
• Plant and Machinery
• Furniture and Fixtures
• Data Processing Equipments
• Vehicles

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.49.23
UK Pound	1	Rs.76.07
Euro	1	Rs.65.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		50

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.