MIRA INFORM REPORT

Report Date :

23.02.2012

IDENTIFICATION DETAILS

Name :	GANGAKHED SUGAR AND ENERGY LIMITED

Registered Office :	Vijay Nagar, Makhani, Kodri Road, Gangakhed-431515, Maharashtra,

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	28.09.2007

Com. Reg. No.:	11-174599

Capital Investment / Paid-up Capital :	Rs.695.838 Millions

CIN No.: [Company Identification No.]	U15421MH2007PLC174599

TAN No.: [Tax Deduction & Collection Account No.]	JDHG07635F

PAN No.: [Permanent Account No.]	AADCG3075F

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Sugar, Power and Distillery products

No. of Employees :	550(Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2900000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. The company has incurred some losses in the current year. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some cautions.

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. Gayakwad
Designation :	Chief Accountant
Date :	21.02.2012

LOCATIONS

Registered Office / Factory :	Vijay Nagar, Kodri Road, Makhani, Gangakhed-431515, Maharashtra, India
Tel. No.:	91-245-3221455
Mobile No.:	91-9552555788 (Mr. Patel
Fax No.:	Not Available
E-Mail :	info@gangakhedicpp.com cs@gangakhedicpp.com
Website :	www.gangakhedicpp.com
Location :	Owned

Corporate Office 1 :	97, East High Court Road, Ramdaspeth, Nagpur-440010, Maharashtra, India
Tel. No.:	91-712-3045200 - 201 (300 lines)
Fax No.:	91-712-2562091

Corporate Office 2:	602, Trade Center, Bandra Kurla Complex, Opposite Bandra Kurla Telephone Exchange, Kural (West), Mumbai-400051, Maharashtra, India
Tel. No.:	91-22-67996004

DIRECTORS

As on 29.09.2011

Name :

Mr. Ratnakar M. Gutte

Designation :

Director

Address :

Plot No.1, Near MLA Hostel, Civill Lines, Nagpur, Maharashtra, India

Date of Appointment :

28.09.2007

DIN No.:

00165642

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	L28920MH1998PLC115155	SUNIL HITECH ENGINEERS LIMITED	Managing director	27/08/2010	8/6/1998	-	Active	NO
2	U28120MH2005PLC153364	SEAM INDUSTRIES LIMITED	Managing director	1/1/2009	19/05/2005	-	Active	NO
3	U45203MH1997PTC112700	SHANTI-LAXMI CONTRACTORS PRIVATE LIMITED	Director	10/6/2006	10/6/2006	25/03/2008	Active	NO
4	U45203MH1999PTC119073	SADODAY LAXMI INFRASTRUCTURE PRIVATE LIMITED	Additional director	13/11/2011	10/6/2006	-	Active	NO
5	U15421MH2007PLC174599	GANGAKHED SUGAR & ENERGY LIMITED	Director	28/09/2007	28/09/2007	-	Active	NO
6	U40109MH2008PTC178611	SUNIL HITECH ENERGY PRIVATE LIMITED	Director	7/2/2008	7/2/2008	21/04/2011	Active	NO
7	U40106MH2008PTC180046	S R MECHANICALS PRIVATE LIMITED	Director	13/03/2008	13/03/2008	25/03/2008	Active	NO
8	U40104MH2008PTC185795	SUDAMA MAHAVIR POWER PRIVATE LIMITED	Director	13/08/2008	13/08/2008	3/3/2009	Active	NO
9	U67190MH2008PTC185792	PURPLE HAZE MOTION PICTURES PRIVATE LIMITED	Director	13/08/2008	13/08/2008	-	Active	NO
10	U45202MH2009PTC195072	SHEL Investments Consultancy Private Limited	Director	20/08/2009	20/08/2009	21/04/2011	Active	NO
11	U01403MH2011PTC218473	YOGESHWARI HATCHERIES PRIVATE LIMITED	Director	9/6/2011	9/6/2011	-	Active	NO

Name :

Mrs.Sudhamati Ratnakar Gutte

Designation :

Director

Address :

Plot No.1, Near MLA Hostel, Civill Lines, Nagpur, Maharashtra, India

Date of Appointment :

01.01.2009

DIN No.:

01174733

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	L28920MH1998PLC115155	SUNIL HITECH ENGINEERS LIMITED	Whole-time director	27/08/2010	8/6/1998	-	Active	NO
2	U45203MH1997PTC112700	SHANTI-LAXMI CONTRACTORS PRIVATE LIMITED	Additional director	13/11/2011	10/6/2006	-	Active	NO
3	U45203MH1999PTC119073	SADODAY LAXMI INFRASTRUCTURE PRIVATE LIMITED	Whole-time director	10/6/2006	10/6/2006	25/03/2008	Active	NO
4	U15421MH2007PLC174599	GANGAKHED SUGAR & ENERGY LIMITED	Director	30/09/2009	28/09/2007	-	Active	NO
5	U40106MH2008PTC180046	S R MECHANICALS PRIVATE LIMITED	Director	29/03/2008	29/03/2008	-	Active	NO
6	U67190MH2008PTC185792	PURPLE HAZE MOTION PICTURES PRIVATE LIMITED	Director	13/08/2008	13/08/2008	16/09/2010	Active	NO
7	U45202MH2009PTC195072	SHEL Investments Consultancy Private Limited	Director	20/08/2009	20/08/2009	21/04/2011	Active	NO
8	U01403MH2011PTC218473	YOGESHWARI HATCHERIES PRIVATE LIMITED	Director	9/6/2011	9/6/2011	-	Active	NO

Name :

Mr. Sunil Ratnakar Gutte

Designation :

Director

Address :

Plot No.1, Near MLA Hostel, Civill Lines, Nagpur, Maharashtra, India

Date of Appointment :

25.03.2008

DIN No.:

00165822

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	U28120MH2005PLC153364	SEAM INDUSTRIES LIMITED	Director	19/05/2005	19/05/2005	-	Active	NO
2	L28920MH1998PLC115155	SUNIL HITECH ENGINEERS LIMITED	Whole-time director	1/9/2010	1/6/2005	-	Active	NO
3	U15421MH2007PLC174599	GANGAKHED SUGAR & ENERGY LIMITED	Director	30/09/2009	28/09/2007	-	Active	NO
4	U67190MH2008PTC178437	TRIMURTI TOWERS PRIVATE LIMITED	Director	1/2/2008	1/2/2008	-	Active	NO
5	U40109MH2008PTC178611	SUNIL HITECH ENERGY PRIVATE LIMITED	Director	7/2/2008	7/2/2008	-	Active	NO
6	U40106MH2008PTC180046	S R MECHANICALS PRIVATE LIMITED	Additional director	10/2/2010	13/03/2008	-	Active	NO
7	U40104MH2008PTC185795	SUDAMA MAHAVIR POWER PRIVATE LIMITED	Director	13/08/2008	13/08/2008	3/3/2009	Active	NO
8	U67190MH2008PTC185792	PURPLE HAZE MOTION PICTURES PRIVATE LIMITED	Director	13/08/2008	13/08/2008	-	Active	NO
9	U10200MH2010SGC200221	MSMC ADKOLI NATURAL RESOURCES LIMITED	Managing director	10/6/2010	18/02/2010	-	Active	NO
10	U45202MH2009PTC195072	SHEL INVESTMENTS CONSULTANCY PRIVATE LIMITED	Director	21/04/2011	21/04/2011	-	Active	NO
11	U80900MH2012NPL226677	INFRASTRUCTURE CONSTRUCTION & OPERATIONS MANAGEMENT INSTITUTE	Director	10/2/2012	10/2/2012	-	Active	NO

Name :

Mr. Radheshyam Tiwari

Designation :

Director

Address :

Flat No. 23, Plot No.4, Magh Complex, Dindayal, Nagar, Maharshtra, India

Date of Appointment :

25.03.2008

DIN No.:

02141127

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	U15421MH2007PLC174599	GANGAKHED SUGAR & ENERGY LIMITED	Director	25/03/2008	25/03/2008	-	Active	NO
2	U40106MH2008PTC180046	S R MECHANICALS PRIVATE LIMITED	Director	8/4/2008	8/4/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Nikita Jain
Designation :	Secretary
Address :	Raoka House, Near Digambar Jain Mothe Mandir, Bapuro Galli, Itwari Tanga Stand, Nagpur-440002, Maharashtra, India
Date of Appointment :	08.10.2010
PAN No.:	AKBPJ4187G

Name :	Mr. Gayakwad
Designation :	Chief Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

As on 29.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	40.73
Directors or relatives of Directors	57.52
Other top fifty shareholders	1.75
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Sugar, Power and Distillery products

Terms :
Selling :	L/C / Advance

Purchasing :	L/C / Advance

GENERAL INFORMATION

Customers :

Manufacturer and Trader

No. of Employees :

550(Approximately)

Bankers :

UCO Bank, Mumbai, Mid Corporate Branch, 9 Ramakrishna Nagar, Wardha Road, Nagpur - 440015, Maharashtra, India
Bank of India
Andhra Bank
Union Bank of India
Oriented Bank of Commerce
IDBI Bank
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Debentures secured	300.000	300.000
Rupee term loans secured	567.584	357.003
Working capital loans secured	1066.152	274.723
Loans taken for fixed assets secured	2902.529	3076.182
Total	4836.265	4007.908


Banking Relations :	--

Financial Instruction:	Indian Renewable Energy Development Agency Limited, India Habitat Centre1st Floor East Court Core, 4 A Lodhi Road, New Delhi - 110003, Delhi, India

Auditors :
Name :	K.K. Mankeshwar and Company Chartered Accountants
Address :	Kingswat, Nagpur-440001, Maharashtra, India
PAN.:	AABFK1156A

Sister Concerns :	Sunil Hitesh Engineers Limited Address: Nagpur Tel No: 91-712-560287 / 2562088 Mobile No.: 91-9552555496 (Mr. Jhade ) (Accounted)

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

105000000	Equity Shares	Rs.10/- each	Rs.1050.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

69569388	Equity Shares	Rs.10/- each	Rs.695.694 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

105000000	Equity Shares	Rs.10/- each	Rs.1050.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

65983800	Equity Shares	Rs.10/- each	Rs.659.838 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.12.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		659.838	649.215	0.125
2] Share Application Money		9.040	19.500	608.490
3] Reserves & Surplus		78.727	3.960	2.450
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		747.605	672.675	611.065
LOAN FUNDS
1] Secured Loans		4836.265	4007.908	1836.761
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		4836.265	4007.908	1836.761
DEFERRED TAX LIABILITIES		36.448	0.000	0.000

TOTAL		5620.318	4680.583	2447.826

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		4392.241	0.000	0.000
Capital work-in-progress		0.000	3172.698	774.003

INVESTMENT		0.000	0.000	0.00
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1419.258	130.877	20.450
	Sundry Debtors	49.934	2.133	0.000
	Cash & Bank Balances	346.893	626.885	643.556
	Other Current Assets	0.000	0.000	42.360
	Loans & Advances	290.894	902.630	1116.882
Total Current Assets		2106.979	1662.525	1823.248
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	239.655	108.046	237.982
m	Other Current Liabilities	634.973	51.967
	Provisions	4.274	0.000	6.979
Total Current Liabilities		878.902	160.013	244.961
Net Current Assets		1228.077	1502.512	1578.287

MISCELLANEOUS EXPENSES		0.000	5.373	95.536

TOTAL		5620.318	4680.583	2447.826

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.12.2010	31.03.2009
	SALES
		Income	1130.021	NA	66.050
		Other Income	8.931	NA	2.943
		TOTAL (A)	1138.952	NA	68.993

Less	EXPENSES
		Consumption materials changes inventories	469.729	NA	48.629
		Manufacturing service costs	116.234	NA	15.205
		Employee related expenses	47.326	NA	0.000
		Administrative selling other expenses	93.956	NA	1.588
		TOTAL (B)	727.245	NA	65.422

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		411.705	NA	3.571

Less	FINANCIAL EXPENSES (D)		282.569	NA	0.353

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		129.136	NA	3.218

Less/ Add	DEPRECIATION/ AMORTISATION (F)		109.254	NA	0.000

	PROFIT BEFORE TAX (E-F) (G)		19.882	NA	3.218

Less	TAX (I)		40.721	NA	0.768

	PROFIT AFTER TAX (G-I) (J)		(20.839)	NA	2.450

	Earnings Per Share (Rs.)			--	--

Expected Sales (2011-12) : Rs.5000.000 Millions

The above information has been parted by Mr. Gayakwad

KEY RATIOS

PARTICULARS		31.03.2011	31.12.2010	31.03.2009
PAT / Total Income	(%)	(1.83)	NA	3.55

Net Profit Margin (PBT/Sales)	(%)	1.76	NA	4.87

Return on Total Assets (PBT/Total Assets}	(%)	0.31	NA	0.18

Return on Investment (ROI) (PBT/Networth)		0.03	NA	0.01

Debt Equity Ratio (Total Liability/Networth)		7.64	6.20	3.41

Current Ratio (Current Asset/Current Liability)		2.40	10.40	7.44

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particular	31.03.2011	31.12.2010	31.03.2009
Creditors due others	239.655	108.046	NA
Sundry Creditors	239.655	108.046	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 two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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	--

PERFORMANCE REVIEW

This is the first year of operation of there three segments. The financial period is of fifteen months from 01.01.2010 and ended on 31.03.2011. During the said period the Company has started commercial production in three segments / divisions (the Sugar, Power and Distillery segment). The details of the commencement of commercial productions in divisions are as follows:

(i) Power 1st July, 2010

(ii) Sugar 1st November, 2010

(iii) Distillery 15th January, 2011

FUTURE PROSPECTS

For the year 2011-2012, cane availability is expected to be slightly better than the year 2010-2011 on account of increase in planting of sugarcane and better crushing season and thereby the country’s production of sugar during the season 2011-2012 is estimated to be higher. Government policies, the global demand supply trends will also have an impact in the financial performance of the Indian sugar Industry.

Sugar Industry in India is growing at a steady pace, boasting of a consumer base of over billions of people. India is the second largest producer of sugar over the globe. The sugar Industry is one of the largest agriculture industry followed by textile industry.

CONTINGENT LIABILTIES

1. The details of disputed dues as per clause 9(b) of Section 227(4A) of the Companies Act, 1956 is Rs.1.758 Millions being claims against the Company by The Provident Fund Office Aurangabad.

2. Corporate guarantee given by the Company.

Company had given corporate guarantee on behalf of farmers to IDBI and UCO Bank amounting to Rs.273.584 Millions.

3. Guarantee given by bankers on behalf of the company, remaining outstanding to Rs.0.660 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15421MH2007PLC174599
Name of the company	GANGAKHED SUGAR AND ENERGY LIMITED
Address of the registered office or of the principal place of business in India of the company	Vijay Nagar, Makhani, Kodri Road, Gangakhed-431515, Maharashtra cs@gangakhedicpp.com
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Indian Renewable Energy Development Agency Limited, India Habitat Centre, 1st Floor, East Court Core, 4 A lodhi Road, New Delhi-110003, India cmd@ireda.gov.in
Nature of instrument creating charge	Unattested Deed of Hypothecation dated 29.08.2011
Date of instrument Creating the charge	29.08.2011
Amount secured by the charge	Rs.1000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the Loan Agreement dated 29.08.2011 as amended form time to time. Terms of repayment The loan is repayable in 40 quarterly installments starting from 30.06.2012, together with interest and other monies as stipulated in the Loan Agreement dated 29.08.2011 as amended/as may be amended from time to time at the sole discretion of IREDA in terms of the said Loan Agreement. Margin As stipulated in the Loan Agreement dated 29.08.2011. Extent and operation of the charge 1^st charge on all movables of the Company wherever situate including 30 MW Bagasse based Cogeneration, Sugar and Distilleries Projects at Vijaynagar-Makhani, Gangakhed, District Parbhani, in the State of Maharashtra (Project No. 1967) and elsewhere both present and future ranking pari passu with charge of term lenders of Sugar and Distilleries projects thereon and 2^nd charge on the current assets of the Borrower. Others As stipulated in the Loan Agreement dated 29.08.2011 as amended from time to time.

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.49.25
UK Pound	1	Rs.76.75
Euro	1	Rs.65.16

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.

MIRA INFORM REPORT

1419.258

49.934

346.893

0.000

290.894

2106.979

239.655

634.973

4.274

878.902

1228.077

(1.83)

1.76

0.31

0.03

7.64

2.40

Unit