MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	OPC ASSET SOLUTIONS PRIVATE LIMITED (w.e.f 16.01.2009)
Formerly Known As :	ONE POINT CONTACT SERVICES PRIVATE LIMITED
Registered Office :	Level 4, MPL Silicon Towers, 23/1, Velachery Tambaram Main Road, Pallikarnai, Chennai – 601 302, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.06.2005
Com. Reg. No.:	18-056584
Capital Investment/ Paid-up Capital:	Rs.23.515 millions
CIN No.: [Company Identification No.]	U72900TN2005PTC056584
TAN No.: [Tax Deduction & Collection Account No.]	CHEO03392E
PAN No.: [Permanent Account No.]	AAACO7555K
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of Asset Life Cycle Management (ALCM) and as part of ALCM acquires and deals in residuary interest in assets rented to the customers by the company.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1275000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Winvest Holdings (India) Private Limited, India. Subject is an established company having satisfactory track. The company has improved its performance in the year 2011-2012. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Level 4, MPL Silicon Towers, 23/1, Velachery Tambaram Main Road, Pallikarnai, Chennai – 601 302, Tamilnadu, India.
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rvenkat@opc.co.in jaishankar@opc.co.in sampath@opc.co.in
Website :	www.opc.co.in
Corporate Office :	303 A, Silver Metropolis, 3^rd Floor, Jai Coach Compound, Opposite Bimbisar Nagar, Goregaon (East), Mumbai - 400 063, Maharashtra, India
Tel. No.:	91-22-40750800

DIRECTORS

As on 29.09.2012

Name :

Mr. Venkatesan Rajagopalan

Designation :

Managing Director

Address :

Flat No.407, 408, 409, 4^th Floor, Samartha Aangan-21, Inderdarshan Complex, Lokhandwala, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

22.05.1968

Qualification :

Chartered Accountant

Experience :

22 Years

Date of Appointment :

30.05.2011

DIN No :

00646225

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72100TN2005PTC057463	PRIZM PAYMENT SERVICES PRIVATE LIMITED	Director	07/11/2005	07/11/2005	18/04/2008	Active	NO
2	U72900TN2005PTC056584	OPC ASSET SOLUTIONS PRIVATE LIMITED	Managing director	30/05/2011	07/11/2005	-	Active	NO
3	U65993TN2008PTC066061	WINVEST HOLDINGS ( INDIA ) PRIVATE LIMITED	Director	14/01/2008	14/01/2008	-	Active	NO

Name :

Mr. Parag Ranjit Kapasi

Designation :

Director

Address :

1203, Everest Apartment, J.P. Road, Versova, Andheri, Mumbai – 400 061, Maharashtra, India

Date of Birth/Age :

28.03.1975

Qualification :

MBA

Experience :

16 Years

Date of Appointment :

30.09.2011

DIN No :

03556361

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72900TN2005PTC056584	OPC ASSET SOLUTIONS PRIVATE LIMITED	Director	30/09/2011	30/05/2011	-	Active	NO

Name :

Mr. Venkatakrishnan Nagarajan

Designation :

Director

Address :

No.7 (Old No.4), 2^nd Cross Street, 1^st Main Road, Indira Nagar, Adyar, Chennai – 600 020, Tamilnadu, India

Date of Birth/Age :

03.03.1957

Date of Appointment :

30.09.2008

DIN No :

00042047

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74220TN2001PTC047647	QADIT SYSTEMS AND SOLUTIONS PRIVATE LIMITED	Director	27/08/2001	27/08/2001	-	Active	NO
2	U65110TN1973PLC006435	BHARAT OVERSEAS BANK LIMITED	Director	20/06/2002	20/06/2002	-	Strike off	NO
3	U85110TN2003PTC050563	UTOPIAN HEALTHCARE PRIVATE LIMITED	Director	24/03/2003	24/03/2003	14/08/2010	Active	NO
4	U72900TN2005PTC056584	OPC ASSET SOLUTIONS PRIVATE LIMITED	Director	30/09/2008	27/05/2008	-	Active	NO
5	U65929TN2009PTC073003	FINGRID BUSINESS SOLUTIONS PRIVATE LIMITED	Director	24/09/2009	24/09/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep Divakaran
Designation :	Chief Financial Officer
Name :	Mr. Siddharth Manel
Designation :	National Sales Manager
Name :	Mr. Rajan C. Shah
Designation :	Head Asset Life Cycle Management
Name :	Mr. Venkateswaran
Designation :	Vice President and Head South

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders (Equity Shares)	No. of Shares
Winvest Holdings (India) Private Limited, India	1598099
Winvest Holdings (India) Private Limited, India Jointly with R. Venkatesan	1
Sandeep Divakarn	75650
R. Venkatesan	113470
Parag Kapasi	94560
Total	1881780

Names of Shareholders (Preference Shares)	No. of Shares
Crispat Singapore Pte Limited, Singapore	469700
Total	469700

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	84.92
Directors or relatives of directors	11.06
Other top fifty shareholders	4.02
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Asset Life Cycle Management (ALCM) and as part of ALCM acquires and deals in residuary interest in assets rented to the customers by the company.

Products/ Services :

Product Description	ITC Code
Asset Life Cycle Management	853

v Asset planning and strategic advisory services

v Equipment sourcing and procurement assistance

v Physical inventory and auditing

v Onsite moves and redeployment

v Hardware upgrades

v Refurbishment

v Environmentally-friendly computer disposal

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Induslnd Bank Limited, 2401, Gen thimmayya Road, Cantonment, Pune – 411 001, Maharashtra, India.
Facilities :	--

Financial Institution :	Reliance Capital Limited, “H” Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai – 400 710, Maharashtra, India
Auditors :
Name :	PKF Sridhar and Santhanam Chartered Accountants
Address :	“KRD Gee Gee Crystal”, No.91/92, 7^th Floor, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004, Tamilnadu, India
Tel. No.:	91-44-28112985-88
Fax No.:	91-44-28112989
E-Mail :	sands@pkfindia.in.web
Website :	www.pkfindia.com
Income-tax PAN of auditor or auditor’s firm :	AAOFS2783G
Holding Company :	Winvest Holdings Private Limited CIN No.: U65993TN2008PTC066061
Fellow Subsidiary :	Prizm Payment Services Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions
500000	0.001% Compulsorily Convertible Preference Shares	Rs.10/- each	Rs.5.000 millions
	Total		Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1881780	Equity Shares [Out of the above 1598100 shares are held by Windwest Holdings (India) Private Limited, the holding company and its nominee]	Rs.10/- each	Rs.18.818 millions
469700	0.001% Compulsorily Convertible Preference Shares	Rs.10/- each	Rs.4.697 millions
	Total		Rs.23.515 millions

The Details of Share holding more than 5% Shares:

Name of the shareholder	As at 31^st March, 2012
	No. of Shares	% of Held
Winwest Holdings (India) Private Limited	1598100	85%
R. Venkatesan	113470	6%
Parag Kapasi	94560	5%

The reconciliation of number of shares outstanding is set out below:

Particulars	31^st March, 2012 No. of Shares
Equity Shares at the beginning of the year	1881780
Add: Shares issued to employees	--
Equity Shares at the end of the year	1881780

Terms and Rights attached to Equity Shares:

The Company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity share is entitled to one Vote per share held by him. Dividend proposed if any by board of directors is subject to approval of share holder in Annual general meeting. In the event of Liquidation, equity share holders of the company are eligible to receive any of the remaining assets of the company after distribution of all preferential amounts in proportion to their share holding.

Terms of conversion/ Redemption of Preference Share:

The Company has only one class of Preference Shares having par value of Rs.10 per share. These shares are convertible into equity shares at the end of 9 Year from the date of allotment (28.11.2007) as per the terms, from the date of allotment (28.11.2007)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		23.515	23.515	21.122
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		295.211	92.390	6.101
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		318.726	115.905	27.223
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	0.090
TOTAL		318.726	115.905	27.313
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.518	5.486	8.927
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1750.304	1009.818	390.848
DEFERRED TAX ASSETS		1.707	1.243	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	70.549	37.651	2.806
	Cash & Bank Balances	507.125	594.481	284.634
	Other Current Assets	2.851	8.006	0.000
	Loans & Advances	402.183	319.472	166.138
Total Current Assets		982.708	959.610	453.578
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	217.595	129.500	18.945
	Other Current Liabilities	2174.407	1709.851	807.095
	Provisions	27.509	20.901	0.000
Total Current Liabilities		2419.511	1860.252	826.040
Net Current Assets		(1436.803)	(900.642)	(372.462)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		318.726	115.905	27.313

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	314.112	104.737
		Other Income
		TOTAL	NA	314.112	104.737
Less	EXPENSES
		Office Expenses	NA	182.837	97.269
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	182.837	97.269
	PROFIT BEFORE TAX		NA	131.275	7.468
Less	TAX		NA	44.986	2.107
	PROFIT AFTER TAX		202.822	86.289	5.361
	EARNINGS IN FOREIGN CURRENCY
		Release of Security Deposit	1.285	0.000	0.000
	TOTAL EARNINGS		1.285	0.000	0.000
	Earnings Per Share (Rs.)		107.78	49.15	3.31

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	27.47	5.12
Return on Total Assets (PBT/Total Assets}	(%)	NA	13.60	1.61
Return on Investment (ROI) (PBT/Networth)		NA	1.13	0.27
Debt Equity Ratio (Total Liability/Networth)		7.59	16.05	30.34
Current Ratio (Current Asset/Current Liability)		0.41	0.52	0.56

LOCAL AGENCY FURTHER INFORMATION

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	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

Note:

Registered office of the company is shifted from 45, Veerabhadran Street, Nungabakkam, Chennai – 600 034, Tamilnadu, India to the present address with effect from 10.12.2008.

COMPANY BACKGROUND & OPERATIONS

The Company was originally incorporated as One Point Contact Services Private Limited on 13^th June, 2005 and the name change was effective from 16^th January 2009 with the issue of a fresh Certificate of Incorporation. The Company is a subsidiary of Winvest Holdings India Private Limited.

The Company is engaged in the business of Asset Life Cycle Management (ALCM) and as part of ALCM acquires and deals in residuary interest in assets rented to the customers by the company. As the Company is engaged in the business of ALCM, and has only a residuary interest in assets which is in the nature of investments, it is not entitled to claim depreciation. The company has insurable interest in assets to protect its residuary investment in assets.

The company enters into rental agreements with customers (Renters) who take assets on rent for a mutually agreed period. The renter enjoys quiet possession of the rented asset till the end of the rental period except in the event of a default. The asset is invoiced by the supplier to the company and delivered to the renter.

The receivables under the rental schedule are sold to a funder who makes the payment against the right to receive future rentals. The funder has no recourse to the Company and can only enforce his dues against the renter. The company pays the supplier from the payment received from the funder and deploys its own resources for balance amount to meet the cost of the asset. Customer remits the rentals into an escrow account to the funder. At the end of the rental period, the asset reverts to the Company and it has the right to deal with the assets in any way as it deems fit.

CONTINGENT LIABILITIES

Particulars	As on 31.03.2012 (Rs. in millions)	As on 31.03.2011 (Rs. in millions)
Estimated amount of contracts remaining to be executed on capital account and not provided for	Nil	Nil
Counter guarantees given to be Bank for guarantees issued	0.985	0.985

FORM 8:

Corporate identity number of the company	U72900TN2005PTC056584
Name of the company	OPC ASSET SOLUTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Level 4, MPL Silicon Towers, 23/1, Velachery Tambaram Main Road, Pallikarnai, Chennai-601302, Tamilnadu, India Email Id- rvenkat@opc.co.in
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	IndusInd Bank Limited, 2401, Gen Thinnayya Road, Cantonment, Pune – 411 001, Maharashtra, India. Email Id : manish.samant@indusind.com
Nature of instrument creating charge	Sale of Receivables Agreement dated 11.10.2011 Agreement Of Hypothecation dated 11.10.2011
Date of instrument Creating the charge	11.10.2011
Amount secured by the charge	Rs.12.171 millions
Brief of the principal terms an conditions and extent and operation of the charge	a) Rate of Interest Nil b) Terms of Repayment The company has sold its quarterly rental receivables to Induslnd Bank Limited and all Equitable and Beneficial right, Title and Interest on the receivables. An amount of Rs.0.845 million paid quarterly for 19 quarters. c) Margin Not Applicable d) Extent and operation of the charge Nil
Short Particulars of the property charged	Furniture, Fixture and Office Equipments at various states.

FIXED ASSETS:

Tangible Assets

v Computers

v Office Equipments

v Plant and Machinery

v Furniture and Fittings

v Vehicles

Intangible Assets

v Software

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 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.54.57
UK Pound	1	Rs.87.90
Euro	1	Rs.71.53

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		49

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.