1. Summary Information

		Country	India
Company Name	INOX WIND LIMITED	Principal Name 1	Mr. Deepak Ranjit Asher
Status	Moderate	Principal Name 2	Mr. Siddharth Jain
		Registration #	06-031083
Street Address	Plot No. 1, Khasra No. 264 to 267, Industrial Area, Village Basal, Himachal Pradesh-174103, India
Established Date	09.04.2009	SIC Code	--
Telephone#	NA	Business Style 1	Manufacturer of Wind Turbine Generator
Fax #	NA	Business Style 2	-
Homepage	http://www.inoxwind.com	Product Name 1	Rotor Blades
# of employees	Not Available	Product Name 2	Turbine Tower
Paid up capital	Rs.300,000,000/-	Product Name 3	-
Shareholders	Bodies corporate- 100.00 %	Banking	Axis Bank Limited
Public Limited Corp.	NO	Business Period	3 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (31)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Gujarat Fluorochemicals Limited (GFL)	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	172,666,000	Current Liabilities	643,044,000
Inventories	636,176,000	Long-term Liabilities	1,014,938,000
Fixed Assets	1,043,897,000	Other Liabilities	11,400,000
Deferred Assets	19,788,000	Total Liabilities	1,669,382,000
Invest& other Assets	138,331,000	Retained Earnings	41,476,000
		Net Worth	341,476,000
Total Assets	2,010,858,000	Total Liab. & Equity	2,010,858,000
Total Assets (Previous Year)	1,074,481,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	719,207,000	Net Profit	53,915,000
Sales(Previous yr)	78,494,000	Net Profit(Prev.yr)	(12,439,000)

MIRA INFORM REPORT

Report Date :

02.03.2012

IDENTIFICATION DETAILS

Name :	INOX WIND LIMITED
Registered Office :	Plot No. 1, Khasra No. 264 to 267, Industrial Area, Village Basal, Himachal Pradesh-174103, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.04.2009
Com. Reg. No.:	06-031083
Capital Investment / Paid-up Capital :	Rs 300.000 Millions
CIN No.: [Company Identification No.]	U31901HP2009PLC031083
TAN No.: [Tax Deduction & Collection Account No.]	PTLI10831C
PAN No.: [Permanent Account No.]	AACC10597B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Wind Turbine Generators
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 1300000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. The company has been successful in wiping off the accumulated losses of previous year. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office/ Factory 1 :	Plot No. 1, Khasra No 264 to 267, Industrial Area, Village Basal, Himachal Pradesh- 174103, India
E-Mail :	contact@inoxwind.com siddomal@vsnl.net
Website :	http://www.inoxwind.com
Corporate Office :	Inox Tower, Plot No. 17, Sector 16-A, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-6149600/ 3063600/ 3063756
Fax No.:	91-120-6149610/ 3063610
E-Mail :	contact@inoxwind.com info@inoxwind.com scm@inoxwind.com
Factory 2 :	Blade Plant, Khasra No. 128, Ahmedabad- Rajkot Highway, Rohika, Ahmedabad-38220, Gujarat, India

DIRECTORS

As on 01.07.2007

Name :

Mr. Deepak Ranjit Asher

Designation :

Director

Address :

17/1 Utkanth Society, Behind Alkapuri Club Alkapuri, Vadodara, Gujarat

Date of Birth/Age :

15.01.1959

Date of Appointment :

09.04.2009

DIN No.:

00035371

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	L92199GJ1999PLC044045	INOX LEISURE LIMITED	Director	15-01-00	15-01-00	-	Active	NO
2	U65910MH1995PLC085703	INOX LEASING AND FINANCE LIMITED	Whole-time director	24-03-08	19-10-01	-	Active	NO
3	U74140DL2006PTC156453	INOX INTERNATIONAL PRIVATE LIMITED	Alternate director	14-12-06	14-12-06	09-05-09	Active	NO
4	U45200DL2007PTC159796	INOX INFRASTRUCTURE PRIVATE LIMITED	Director	27-02-07	27-02-07	-	Active	NO
5	U45400MH2007PTC170509	PRIME SKYLINE DEVELOPERS PRIVATE LIMITED	Director	28-08-07	28-08-07	-	Amalgamated	NO
6	L24110GJ1987PLC009362	GUJARAT FLUOROCHEMICALS LIMITED	Director	20-09-08	22-01-08	-	Active	NO
7	U92120MH2008PLC187231	INOX MOTION PICTURES LIMITED	Director	01-10-08	01-10-08	-	Active	NO
8	U31901HP2009PLC031083	INOX WIND LIMITED	Director	23-06-10	09-04-09	-	Active	NO
9	L92490MH1999PLC122381	Fame India Limited	Director	22-09-10	28-02-10	-	Active	NO
10	U40100GJ2010PLC062869	INOX RENEWABLES LIMITED	Director	25-06-11	11-11-10	-	Active	NO
11	U92100MH1999PLC119506	FAME MOTION PICTURES LIMITED	Director	13-07-11	21-01-11	-	Active	NO
12	U92110MH2004PTC148470	BIG PICTURES HOSPITALITY SERVICES PRIVATE LIMITED	Director	13-07-11	21-01-11	-	Active	NO
13	U92132MH2001PTC133639	SWANSTON MULTIPLEX CINEMAS PRIVATE LIMITED	Director	13-07-11	04-02-11	-	Active	NO
14	U92110MH2004PTC148469	Headstrong Films Private Limited	Director	13-07-11	14-03-11	-	Active	NO

Name :

Mr. Siddharth Jain

Designation :

Director

Address :

31 Benzer Terrance, A.G Khan Road, Worli, Mumbai-400018

Date of Birth/Age :

21.09.1978

Date of Appointment :

25.04.2009

DIN No.:

00030202

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	U74899DL1972PTC110957	INOX CHEMICALS PRIVATE LIMITED	Director	08-12-01	08-12-01	-	Active	NO
2	U74899DL1990PTC039312	SIDDHAPAVAN TRADING AND FINANCE PRIVATE LIMITED	Director	08-12-01	08-12-01	-	Active	NO
3	U74899DL1988PTC033823	RAJNI FARMS PRIVATE LIMITED	Director	28-03-03	28-03-03	-	Active	NO
4	U24111DL1996PTC081217	DEVANSH GASES PRIVATE LIMITED	Director	24-04-03	24-04-03	-	Active	NO
5	U24999MH1963PLC012625	INOX AIR PRODUCTS LIMITED	Whole-time director	01-04-11	20-05-03	-	Active	NO
6	U28120MH2003PLC140814	REFRON CYLINDERS LIMITED	Director	10-06-03	10-06-03	-	Dormant	NO
7	U65910MH1995PLC085703	INOX LEASING AND FINANCE LIMITED	Director	26-08-03	26-08-03	-	Active	NO
8	U99999GJ1976PLC018945	INOX INDIA LIMITED	Director	17-03-04	17-03-04	-	Active	NO
9	L92199GJ1999PLC044045	INOX LEISURE LIMITED	Director	10-09-04	10-09-04	-	Active	NO
10	U74999DL2004PTC131077	KINGSTON SMITH INOX - DC OUTSOURCING PRIVATE LIMITED	Director	10-01-05	10-01-05	-	Under Process of Striking off	NO
11	U45400MH2007PTC170509	PRIME SKYLINE DEVELOPERS PRIVATE LIMITED	Director	31-08-07	31-08-07	-	Amalgamated	NO
12	U45209MH2007PTC173174	MEGNASOLACE CITY PRIVATE LIMITED	Director	31-01-08	31-01-08	-	Active	NO
13	U31901HP2009PLC031083	INOX WIND LIMITED	Director	23-06-10	25-04-09	-	Active	NO

Name :

Mr. Devansh Jain

Designation :

Director

Address :

47 Golf Links, New Delhi

Date of Birth/Age :

13.10.1986

Date of Appointment :

25.04.2009

DIN No.:

01819331

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	U74899DL1990PTC039122	DEVANSH TRADING AND FINANCE PRIVATE LIMITED	Director	31-05-08	22-10-07	-	Active	NO
2	U74899DL1982PTC013707	SIDDHOMAL INVESTMENTS PRIVATE LIMITED	Director	31-05-08	22-10-07	-	Active	NO
3	U92120MH2008PLC187231	INOX MOTION PICTURES LIMITED	Director	01-10-08	01-10-08	-	Active	NO
4	U31901HP2009PLC031083	INOX WIND LIMITED	Director	23-06-10	25-04-09	-	Active	NO
5	U40100GJ2010PLC062869	INOX RENEWABLES LIMITED	Director	25-06-11	19-05-11	-	Active	NO

Name :

Mr. Rajeev Gupta

Designation :

Director

Address :

D10 Sectoe 41, Gautam Buddha Nagar, Noida, Uttar Pradesh

Date of Birth/Age :

15.12.1958

Date of Appointment :

26.11.2009

DIN No.:

01773304

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	U74140DL2007PTC169808	SCC CONSULTING INDIA PRIVATE LIMITED	Director	24-10-07	24-10-07	-	Active	NO
2	U31901HP2009PLC031083	INOX WIND LIMITED	Whole-time director	01-04-11	26-11-09	-	Active	NO

Name :

Mr. Vijay Kumar Soni

Designation :

Director

Address :

D1-5 Paschimi marg, Vasant Vihar, New Delhi

Date of Birth/Age :

04.04.1951

Date of Appointment :

27.05.2011

DIN No.:

01773253

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	U74140DL2007PTC169808	SCC CONSULTING INDIA PRIVATE LIMITED	Director	24-10-07	24-10-07	-	Active	NO
2	U31901HP2009PLC031083	INOX WIND LIMITED	Director	27-06-11	27-05-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.07.2007

Names of Shareholders	No. of Shares
Gujarat Fluorochemicals Limited, India	29999400
Vivek Kumar Jain	100
Devendra Kumar Jain	100
Devansh Jain	100
Pavan Kumar Jain	100
Siddharth Jain	100
Deepak Asher	100
TOTAL	30000000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wind Turbine Generators

Products :

ITC Number of Product	85023100
Description of Product or Service	Wind Power Electric Generating Sets Including Rotor Blades and Turbine Tower

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Installed Capacity (Sets)	Actual Production
Nacelle and Hub	400	10
Blade Set	120	6
Tower	120	4

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

1) Axis Bank Limited, B-2 and B-3, Sector 16, Noida -201301, Uttar Pradesh, India.

2) Indusind Bank Limited. 2401, Gen. Thimmayya Road, Cantonment, Pune- 411001, Maharashtra, India.

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans secured	166.127	0.000
Total	166.127	0.000
Unsecured Loan
Fully convertible debentures unsecured	(A)100.000	100.000
Other debt unsecured	(B)700.000	470.000
Interest accrued due debentures unsecured	6.611	0.293
Interest accrued due other debt unsecured	(C) 42.199	4.393
Total	848.810	574.686

Footnotes

(A) "10,00,000 7% Unsecured Fully Convertible Debentures of Rs.100 each (optionally convertible into paid equity shares at par after a period of three years from date of allotment viz. on 19.03.2013)"

(B) Inter corporate deposit from Holding Company

(C) Interest on Intercorporate deposit from holding company

Banking Relations :	--
Auditors :
Name :	Dewan. P.N. Chopra and Company Chartered Accountants
Address :	57H, Connaught Circus, New Delhi – 110 001
Tel. No.:	91.11-23322359, 233208 7 6 2332 1418
Fax No.:	91-11-2331 3246 91-11-2464 5893
E-Mail :	dpnc@dpncindia.com dpnccp@dpncindia.com
PAN.:	AAAFD1961D
Holding Company :	Gujarat Fluorochemicals Limited (GFL)
Fellow Subsidiary :	Inox Renewables Limited
Ultimate Holding Company:	Inox Leasing and Finance Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Million

Out of above 29999400 Shares are held by the Holding Company Gujarat Fluorochemicals Limited

FINANCIAL DATA

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		300.000	300.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		41.476	(12.439)
4] (Accumulated Losses)		0.000	0.000
NETWORTH		341.476	287.561
LOAN FUNDS
1] Secured Loans		166.128	0.000
2] Unsecured Loans		848.810	574.686
TOTAL BORROWING		1014.938	574.686
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		1356.414	862.247
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1043.897	361.437
Capital work-in-progress		138.331	426.315
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		19.788	0.074
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	636.176	115.887
	Sundry Debtors	0.000	86.441
	Cash & Bank Balances	14.231	47.686
	Other Current Assets	0.000	0.000
	Loans & Advances	158.435	36.641
Total Current Assets		808.842	286.655
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	391.972	176.226
	Other Current Liabilities	251.072	34.444
	Provisions	11.400	1.564
Total Current Liabilities		654.444	212.234
Net Current Assets		154.398	74.421
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		1356.414	862.247

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	719.207	78.494
		Other Income	15.834	0.055
		TOTAL	735.041	78.549
Less	EXPENSES
		Consumption materials changes inventories	523.854	71.133
		Manufacturing service costs	24.118	1.029
		Contract cost	3.266	1.085
		Employee related expenses	37.613	3.239
		Administrative selling other expenses	26.128	10.835
		TOTAL	614.979	87.321
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		120.062	(8.772)
Less	FINANCIAL EXPENSES		37.434	1.951
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		82.628	(10.723)
Less/ Add	DEPRECIATION/ AMORTISATION		39.428	1.790
	PROFIT BEFORE TAX (E-F)		43.200	(12.513)
Less	TAX		(10.715)	(0.074)
	PROFIT AFTER TAX		53.915	(12.439)
	IMPORTS
		Raw Materials	489.294	100.476
		Capital Goods	65.466	91.777
	Total Imports		554.760	192.253
	Earnings Per Share (Rs.)		1.80	(20.64)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	7.33	(15.84)
Net Profit Margin (PBT/Sales)	(%)	6.01	(15.94)
Return on Total Assets (PBT/Total Assets}	(%)	2.33	(1.93)
Return on Investment (ROI) (PBT/Networth)		0.13	(0.04)
Debt Equity Ratio (Total Liability/Networth)		4.89	2.74
Current Ratio (Current Asset/Current Liability)		1.24	1.35

LOCAL AGENCY FURTHER INFORMATION

Form 8:

Corporate identity number of the company	U31901HP2009PLC031083
Name of the company	INOX WIND LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot no 1, Khasra No 264 to 267, Industrial Area, Village Basal, Himachal Pradesh-174103, India
This form is for	Creation of charge
Type of charge	Book debts Movable property Others
Particular of charge holder	Indusind Bank Limited. 2401, Gen. Thimmayya Road, Cantonment, Pune- 411001, Maharashtra. Email- manish.samant@indusind.com
Nature of instrument creating charge	Agreement for hypothecation dated 26^th September to secure working capital facilities.
Date of instrument Creating the charge	26.09.2011
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + 1.50%p.a. payable monthly Currently the base rate of IBL 10.75%p.a. WCLD: To be decided at the time of disbursement. Terms of repayment As per stipulations in the sanction letter no IBL/CAD/670/2011-12 dated 05.08.2011 Margin As per stipulations in the sanction letter no IBL/CAD/670/2011-12 dated 05.08.2011 Extent and operation of the charge First pari passu charge by hypothecation of the entire current assets comprising of stocks of raw material, work in progress, finished goods, current assets, book debts and receivables as also all movable assets and plant and machinery both existing and future of the Company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The Company's entire current assets existing and future, comprising, inter alia of stocks of raw material, work in progress, finished goods and other current assets. The Company's entire book debts and receivables, existing and future. Movable assets and Plant and Machinery.

CONTINGENT LIABILITIES:

1. Counter Guarantees for Bank Guarantees & Letters of Credits issued by the Bankers of the Company for performance of contractual obligations Rs.345.256 Millions. (P.Y. Rs.17.993 Millions)

2. Estimated amounts of contracts remaining to be executed on capital account and not provided for, net of advances - Rs.6.880 Millions (P.Y.Rs.151.427 Millions)

FIXED ASSETS

• Tangible Assets
• Freehold Land
• Leasehold land
• Building
• Plant and Machinery
• Office Equipments
• Computers
• Furniture and Fixtures
• 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.49.15
UK Pound	1	Rs.78.24
Euro	1	Rs.65.56

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		31

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.