MIRA INFORM REPORT

Report Date :

20.09.2011

IDENTIFICATION DETAILS

Name :	NIKO RESOURCES LIMITED
Project Office :	4^th Floor, Landmark Race Course, Baroda – 390 007, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.08.1994
FCRN :	F014560
Capital Investment / Paid-up Capital :	Head Office Account – Rs. (6459.778) millions
Legal Form :	Foreign Registry Company
Line of Business :	Oil and Gas Exploration and Sell it to only Government Sector.
No. of Employees :	Approximately 135 (In Office - 45, In Factory - 90)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a Canada based Company. It is a well established and a reputed company having satisfactory track. 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.

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

Project Office :	4^th Floor, Landmark Race Course, Baroda – 390 007, Gujarat, India
Tel. No.:	91-265-2313620
Facsimile :	91-265-2313620
E-Mail :	nikogspc@nikoindia.com
Website :	http://www.nikoresources.com
Head Office :	4600, 400 – 3^rd Avenue S.W. Calgary, Alberta, Canada T2P 4H2
Tel. No.:	(403) 262-1020 (403) 874-5646 (Emergency Contact No.)
Facsimile :	(403) 263-2686
E-Mail :	niko@nikoresources.com
International Office :	Kurdistan Baharan Complex, Building C1-12, Gerdi Sarchinar, Sulaymaniyah, Kurdistan Region, Iraq Phone: +964 748 011 3909 Madagascar Immeuble Assist Ivandry, 1^st Floor (101) Antananarivo, Madagascar Telephone: +261 20 22 432 56 Facsimile: +261 20 22 432 53 Bangladesh 11, Mohakali C/A, 2^nd Floor, Dhaka, Bangladesh - 1212 Telephone: (880-2) 881 3498 / 3501 Facsimile:  (880-2) 988 5595 Indonesia Building C, 3^rd Floor, Beltway Office Park, Jl. TB. Simatupang No. 41, Jakarta 12550  Telephone: +62 21 782-1001 Facsimile: +62 21 782-2002 Pakistan 19, Faqir Aipee Road, I – 11/3, Islamabad, Pakistan Telephone: +92 51 843-8072/3 Facsimile: +92 51 831-4835 Trinidad Niko Resources (Trinidad and Tobago) Limited, Ansa Centre, 11 C, Maraval Road, Port of Spain, Trinidad, West Indies Telephone: (868) 622 4440 Facsimile: 868 622 4969

DIRECTORS

As on 31.03.2009

Name :	Edward S. Sampson
Designation :	Chairman of the Board, President and Chief Executive Officer
Name :	William T. Hornaday, B.Sc., P.ENG.
Designation :	Chief Operating Officer, Director
Name :	C. J. (Jim) Cummings, LLB
Designation :	Director
Name :	Walter De Boni, B.A.Sc., MBA, P.ENG.
Designation :	Director
Name :	Conrad P. Kathol, B.Sc., P.ENG.
Designation :	Director
Name :	Wendell W. Robinson, BBA, MA, CFA
Designation :	Director

KEY EXECUTIVES

Name :	Murray Hesje
Designation :	Vice President, Finance and Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :

Oil and Gas Exploration and Sell it to only Government Sector.

GENERAL INFORMATION

No. of Employees :	Approximately 135 (In Office - 45, In Factory - 90)
Bankers :	v Royal Bank of Canada, Calgary, Alberta v Barclays Bank, Nicosia, Cyprus v ABN Amro Bank v Citibank v ICICI Limited, Baroda, India v Société Générale Bank, Mumbai, India and London, United Kingdom

Banking Relations :	--
Financial Institution :	v International Finance Corporation, 2121, Pennsylvania Avenue N.M., Washington – 020433, United States of America v Societe Generale as Security Trustee (for Finance Parties), SG House, 41 Tower Hill, London - EC3N4SG, United Kingdom
Evaluation Engineers :	Ryder Scott Company Calgary, Alberta
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-30440800/ 39896000
Mobile No.:	91-22-30440900/ 39836000

CAPITAL STRUCTURE

Head Office Account – Rs. (6459.778) millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

(INDIA PROJECT OFFICE)

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
HEAD OFFICE FUNDS
1] Head Office Account		(6459.778)	(5146.230)	(3396.676)
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8327.003	7278.388	6446.485
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1867.225	2132.158	3049.809
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
Liability for Abandonment Cost		305.847	329.841	162.319
DEFERRED TAX LIABILITIES		98.568	0.000	0.000
TOTAL		2271.640	2461.999	3212.128
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		101.174	39.715	45.527
Capital work-in-progress		70.950	74.584	111.129
Producing Properties (net)		309.161	602.093	1014.965
Producing Properties–in–progress		89.398	86.008	86.008
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	134.923	62.242
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.447	58.272	44.717
	Sundry Debtors	172.927	186.499	176.715
	Cash & Bank Balances	359.638	713.177	274.911
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2965.036	2424.222	2778.309
Total Current Assets		3555.048	3382.170	3274.652
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors & Other Current Liabilities	319.123	505.173	286.495
	Provisions	1534.968	1352.321	1095.900
Total Current Liabilities		1854.091	1857.494	1382.395
Net Current Assets		1700.957	1524.676	1892.257
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2271.640	2461.999	3212.128

PROFIT & LOSS ACCOUNT

(INDIA PROJECT OFFICE)

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Net Sales	2473.788	1828.373	1688.981
		Other Income	151.499	220.105	8.673
		TOTAL	2625.287	2048.478	1697.654
Less	EXPENSES
		Production Expenses	525.603	211.879	210.421
		Geological and Geophysical Costs	2.849	113.371	3.070
		Administrative Expenses	109.844	190.192	186.283
		TOTAL	638.296	515.442	399.774
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1986.991	1533.036	1297.880
Less/ Add	DEPLETION AND DEPRECIATION		528.885	516.584	878.722
	PROFIT BEFORE TAX		1458.106	1016.452	419.158
Less	TAX		409.491	184.549	(109.391)
	PROFIT AFTER TAX		1048.615	831.903	528.549

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10121176
Corporate identity number (CIN) or foreign company registration number of the company	F01450
Name of the company	NIKO RESOURCES LIMITED
Address of the registered office or of the principal place of business in India of the company	4^th Floor, Landmark Race Course, Baroda – 390 007, Gujarat, India
Type of charge	Others
Particular of charge holder	Societe Generale as Security Trustee (for Finance Parties), SG House, 41 Tower Hill, London - EC3N4SG, United Kingdom E-Mail: john.hayes@sgcib.com
Nature of description of the instrument creating or modifying the charge	No modification of charge. Attached is the Deed of Confirmation to Deed of Charge confirming the continuation of first charge in favour of Security Trustee (for the Finance Parties) on rights, interest, benefits, privileges and entitlements, including the right to receivables, in respect of the Participating Interest.
Date of instrument Creating the charge	07.04.2009
Whether charge created or modified outside India	Yes
In case of charge created or modified outside India on the property situated outside India, the date of receipt of the document in India	20.04.2009
Amount secured by the charge	Rs.9719.480 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: (a) Margin; (b) LIBOR; and (c) Mandatory Cost, if any. Terms of Repayment: Each Borrower which has drawn a Loan shall repay that Loan on the last day of its Interest Period. All Loans and other amounts outstanding under the Facility shall be repaid on the Final Maturity Date. Margin: 400 bps Extent and Operation of the charge: The charge created under the Deed of Charge is to secure the Secured Obligations as defined in the attached Deed of Charge.
Short particulars of the property charged	“Participating Interest” with respect of the Chargor, shall mean undivided share expressed as a percentage of Chargor’s participation in the rights and obligations under the Production Sharing Contract; Production Sharing Contract” shall mean: the production sharing contract entered into between Government of India and Niko in respect of the Surat Field dated 17 July, 2001."
Particulars of the present modification	1. Amount secured by charge From-USD 550 Million i.e. Rs.21758.000 millions (1 USD = Rs.39.56) To-USD 193 Million i.e. Rs.9719.480 millions (1 USD = Rs.50.36) 2. Margin From-The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: (a) Margin (b) LIBOR and (c) Mandatory Cost, if any. To- 400 bps 3. Modification of definition of term "Security Period".

FIXED ASSETS:

v Land

v Building

v Plant and Machinery

v Office Equipments

v Computer

v Vehicles

WEBSITE DETAILS:

HISTORY:

Niko is a Calgary Canada based independent international oil and gas Company with operations in India, Bangladesh, Indonesia, Kurdistan, Trinidad, Madagascar and Pakistan.  The Company is one of the fastest growing companies in the industry with a market capitalization of over $5 billion trading on the Toronto Stock Exchange under the symbol NKO.  Niko is a member of the S and P/TSX Composite Index and the S and P/TSX Capped Energy Index.  

Founded in 1987, the Company’s first six years of operation were confined to the Western Canadian Basin where the Company drilled and participated in wells in Alberta and southern Saskatchewan.  In 1993, Niko made the decision to focus on international opportunities, primarily due to the president’s vast overseas experience, starting with India where the Company has over time become a major participant in the Indian oil and gas sector.  The first exploitation opportunity captured was the Hazira Gas Field near Surat in the southern portion of Gujarat State, shaping the overall business strategy of focusing on high-impact plays and providing the foundation that enabled Niko to expand its portfolio of international assets.

Over the ensuing years Niko continued to grow internationally both within India and elsewhere.  Most notably, in 2000 Niko secured a 10% interest in the D6 Block located offshore on the east coast in India where Niko and its partner, Reliance Industries Limited, have conducted successful exploration programs that resulted in the largest gas discovery in the world for the year 2002 with initial reserves of gas in place estimated to exceed 13 trillion cubic feet.  In 2006 oil was discovered in the D6 Block with oil production commencing in September 2008.

Today Niko is one of the largest exploration acreage holders in both Indonesia and Trinidad, has interests in 33 exploration blocks covering over 37 million acres (23 million net acres) in 7 countries and has production in India and Bangladesh.

MILESTONES

v September 1994 – Hazira gas field acquired (India)

v July 1995 – Hazira gas production commenced (India)

v April 2000 – D6 and NEC Blocks awarded (India)

v October 2002 – D6 gas discovery (India)

v March 2003 - Surat gas production commenced (India)

v June 2004 – 3 gas discoveries in NEC 25 (India)

v July 2005 – D4 Block awarded (India)

v June 2006 – D6 deepwater oil discovery (India)

v December 2006 – D6 field development plan secured (India)

v March 2008 – 4 Blocks awarded (Pakistan)

v May 2008 – Qara Dagh Block awarded (Kurdistan)

v September 2008 – D6 oil production commenced (India)

v October 2008 – Grand Prix Block secured (Madagascar)

v November 2008 – 4 new blocks awarded (Indonesia)

v April 2009 – D6 gas production commenced (India)

v May 2009 – 1 new block awarded (Indonesia)

v July 2009 – Block 2ab awarded (Trinidad)

v November 2009 – 4 new blocks awarded (Indonesia)

v December 2009 – acquisition of Black Gold (3 new Indonesia Blocks)

v March 2010 – acquisition of Voyager Energy (4 Trinidad Blocks)

v May 2010 – 4 new blocks awarded (Indonesia)

DIRECTORS:

Mr. Edward S. Sampson - Chairman of the Board, President and Chief Executive Officer

Mr. Edward Sampson has excelled in the field of business management during the past 37 years. He has initiated and managed a series of successful business operations focused primarily on oil and gas exploration and development. Mr. Sampson was instrumental in the growth and development of a number of mid-sized Canadian public companies.

Mr. William T. Hornaday - Chief Operating Officer, Director

Mr. William Hornaday is a professional engineer with over 33 years of industry experience. He has worked in North America, India, Indonesia and Australia. Mr. Hornaday has extensive experience in all aspects of operations including project management, production, facilities, drilling and business development. He was previously executive Director and Chief Operating Officer for a successful intermediate size international gas and power generating company.

Mr. Jim Cummings - Director

Mr. Jim Cummings has been involved in the petroleum industry for the past 34 years. He graduated from The University of Alberta with a degree in Law, has practiced in government, corporate and private roles, specializing in international oil and gas law. Jim has served as Senior Counsel with the Attorney General of Alberta in the Constitutional and Energy Law Department, Senior Counsel with Home Oil, Vice-President and General Counsel with Asamera and Bow Valley and was formerly a partner in Donahue and Company. He is currently a partner in International Energy Counsel LLP and a director in a number of private corporations. He is a past Chair of the Association of General Counsel of Alberta and is a member of the Steering Committee of the Canadian Chapter of the Association of International Petroleum Negotiators.

Mr. Walter DeBoni - Director

Mr. Walter DeBoni most recently held the position of VP, International Business for Husky Energy. Walt has held numerous top executive posts in the oil and gas industry. He holds a B.A.Sc. Chem. Eng. from the University of British Columbia, an MBA degree with a Major in Finance from the University of Calgary, is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta, and the Society of Petroleum Engineers. He is a past Chairman of the Petroleum Society, past director of the Society of Petroleum Engineers and has been a director of ARC Resources since 1996.

Mr. Conrad Kathol - Director and Corporate Secretary

Mr. Conrad Kathol is an engineering graduate of the University of Alberta and has worked in the oil and gas industry for the past 37 years. He has worked as an exploration geologist in Western Canada and the United States and has a strong background in all aspects of the industry including modern exploration technology, reservoir engineering and economic evaluation.

Mr. Wendell Robinson - Director

Wendell Robinson joined Global Environment Fund as Managing Director from Rockefeller and Co. where he was responsible for Rockefeller’s worldwide private equity program. Mr. Robinson oversaw the investment and successful sale of more than $300 million in private equity and venture capital positions throughout Southeast Asia, Europe, Latin America and the United States. Mr. Robinson has been the director of numerous corporations, as well as a member of investment advisory boards and investment committees for private investment funds and partnerships in Argentine, Brazil, China, Spain, France and the U.S. Mr. Robinson has over 44 years of experience in domestic and international financial, investment and company management.

OVERVIEW

Niko Resources has assembled a diversified asset base designed to provide access to multiple high impact plays, a key component of Niko’s proven strategy. Other elements of the strategy include growth through the drill bit along with growth through opportunistic acquisitions, striving to be the low-cost producer in every basin in which they operate, and finally, dominating core focus areas through maintaining a large land base and local area knowledge.

Niko’s large, balanced portfolio of assets provides exploration, production and development opportunities for both natural gas and crude oil. Their Indian and Bangladesh production provides strong cash flows enabling them to fund their exploration activities in India, Indonesia, Kurdistan, Madagascar, Pakistan and Trinidad.

India

India’s energy requirements are largely based on fossil fuels and with 1.2 billion inhabitants domestic energy resources are critical to India’s continued economic growth. India has been trying to reduce its dependence on imported oil and LNG by expanding domestic exploration and production.

Since 1997 the government has implemented the New Exploration Licensing Policy (NELP) that has provided a framework for companies to invest in India’s oil and gas potential. Subject has participated in most of the NELP rounds and has acquired working interests in 6 exploration blocks.  THree of these blocks are producing and comprise the majority of the Company's production.  Exploration and evaluation work continues on the other three blocks and one of the producing blocks.

Bangladesh

Bangladesh is located over a major portion of the Bengal Basin that has undergone tectonic deformation during the collision of the Indian and Eurasian Plate boundaries.

The basin has approximately 20km of Tertiary sediments that was shed from the emerging Himalayans and deposited in a spectrum of environments ranging from deep to shallow marine, to deltaic and fluvial settings.

As a consequence, this association of sandstones, source rocks and an assortment of trap configurations have created a region that is prospective for hydrocarbon exploration.

Indonesia

Indonesia is a vast area that comprises a large archipelagic region of five main islands and 300 smaller islands groups. The archipelago is located between the Pacific and Indian oceans, and it bridges the Asian and Australian continents for a total area of approximately 9.8M km2, 80% which is offshore.

Indonesia is a major producer of oil and gas and was a member of OPEC from 1962 to 2008, where they withdrew after they became a net importer of oil. Currently, 90% of Indonesia’s cumulative oil and gas production has come from onshore fields but the offshore basins are largely under-explored and are basically a geologic continuation of the onshore producing areas displaying many of the same reservoirs and trap configurations.

Furthermore, many of Indonesia’s onshore fields are proximal to surface oil seeps and this association appears to continue offshore with numerous seafloor oil seeps recently mapped. To date, Niko Resources has working interests ranging from 45% to 100% in 16 offshore exploration blocks.

Kurdistan

The Kurdistan region of northern Iraq is a part of the prolific Middle East petroleum province and specifically is a geologic extension of the Zagros Mountain Belt that runs from southern Iran to Eastern Turkey.

In Kurdistan, these mountains are large anticlinal structures that contain giant and supergiant oil accumulations. As a consequence of past regional and political conflicts much of Kurdistan’s oil potential has remained untapped and is estimated to range between 40-60 Billion barrels of oil.

Madagascar

The Morondava basin is located along the west coast of Madagascar and is a proven petroleum province with onshore discoveries of oil sands and subsurface heavy oil deposits exceeding 20 Billion barrels.

The offshore Morondava basin is considered to retain the same petroleum system that produced the onshore accumulations but extending into a deeper geologic setting will yield lighter oil discoveries. Offshore the Morondava Basin is largely under-developed with only five offshore exploration wells drilled since the 1970’s.

Pakistan

Pakistan’s Indus delta and offshore fan is one of the largest submarine fan system in the world. The Indus offshore region is largely unexplored with only nine wells drilled since the 1970’s with seven of those wells drilled in water depths less than 200m. The Indus fan has a sediment wedge that ranges to 12km in thickness and contains geologic characteristics similar to other prolific petroleum producing fan systems in the world.

Trinidad

The twin Caribbean islands of Trinidad and Tobago form part of the prolific Eastern Venezuela Basin. To date the country has produced over 2 billion barrels of oil, has substantial offshore gas reserves and is the largest exporter of LNG to the United States. With much of the country’s basins under explored and the potential for significant oil and gas discoveries, Niko considers Trinidad to fit well into its strategy of pursuing high impact plays.

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.47.79
UK Pound	1	Rs.75.05
Euro	1	Rs.65.35

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	5
--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		45

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.