MIRA INFORM REPORT

Report Date :

02.05.2012

IDENTIFICATION DETAILS

Name :	USHDEV INTERNATIONAL LIMITED
Registered Office :	New Harileela House, 6^th Floor, Mint Road, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.05.1994
Com. Reg. No.:	11-078468
Capital Investment / Paid-up Capital :	Rs.294.258 Millions
CIN No.: [Company Identification No.]	L40102MH1994PLC078468
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchange.
Line of Business :	Subject is engaged in power generation and trading of metals.
No. of Employees :	75 (Approximately) (In Office + In Factory )

RATING & COMMENTS

MIRA’s Rating :

A (59)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 12000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Ms. Payal
Designation :	Deputy General Manager
Contact No.:	91-22-66368888

LOCATIONS

Registered Office :	New Harileela House, 6^th Floor, Mint Road, Mumbai-400001, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ushdev@vsnl.com dgmfin1@ushdev.com
Website :	http://www.ushdev.com
Location :	Owned
Corporate Office:	6^th Floor, Apeejay House, 130 Mumbai Samachar Marg, Fort, Mumbai – 400006, Maharashtra, India
Tel. No.:	91-22-22672450/60/66368888
Fax No.:	91-22-22671931
Factory 1 :	Taluka Dharapuram, Periyaa District, Tamilnadu, India
Factory 2 :	Chinnapthur Village, Taluka Dharapuram, Tamilnadu, India
Factory 3 :	Gundikere Village, Halalkere Taluka, Chitradurga District, Karnataka, India
Factory 4 :	Bhu Village, Kita Village, Jaisalmer District, Rajasthan, India
Factory 5 :	Hadmatiya Village, Taluka Kalyanpur, Jamnagar District, Gujarat, India
Factory 6 :	Methan Village, Taluka Jamjodhpur, Jamnagar District, Gujarat, India
Factory 7 :	Andipatti Taluka, Theni District, Tamilnadu, India
Factory 8 :	Village Khabalwadi, Taluka Koregaon, District Satara, Maharashtra, India

DIRECTORS

AS ON 31.03.2011

Name :	Ms. Suman Gupta
Designation :	Chairperson
Name :	Mr. Prateek Gupta
Designation :	Managing Director
Name :	Mr. Narayan Hegde
Designation :	Non Executive Independent Director
Name :	Mr. Vinay Kamal
Designation :	Non Executive Independent Director
Name :	Mr. Suresh Lakhiani
Designation :	Non Executive Independent Director

KEY EXECUTIVES

Name :	Ms. Payal
Designation :	Deputy General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2012

Category of Shareholders	Total No. of Shares	a % of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9,300,281	31.61
Bodies Corporate	6,792,170	23.08
Sub Total	16,092,451	54.69
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	16,092,451	54.69
(B) Public Shareholding
(1) Institutions
Central Government / State Government(s)	14,000	0.05
Foreign Institutional Investors	1,758,628	5.98
Sub Total	1,772,628	6.02
(2) Non-Institutions
Bodies Corporate	1,517,540	5.16
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	173,681	0.59
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	8,113,679	27.57
Any Others (Specify)	1,755,821	5.97
Clearing Members	7,156	0.02
Non Resident Indians	1,748,665	5.94
Sub Total	11,560,721	39.29
Total Public shareholding (B)	13,333,349	45.31
Total (A)+(B)	29,425,800	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	29,425,800	-

BUSINESS DETAILS

Line of Business :

Subject is engaged in power generation and trading of metals.

GENERAL INFORMATION

Customers :

Traders

No. of Employees :

75 (Approximately) (In Office + In Factory )

Bankers :

· ICICI Bank Limited

· IDBI Bank Limited

· Indian Overseas Bank

· Oriental Bank of Commerce

· State Bank of India

· State Bank of Mysore

· State Bank of Bikaner and Jaipur

· State Bank of Travancore

· Federal Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Banks
Term Loan for Projects (Secured against Windmills) (Installment repayable within next 12 months Rs.65.153 millions Previous Year Rs.41.272 millions)	809.275	504.542
Term Loan for Others (Secured by shares of Promoters and Assets of the Companies in which promoters have control) (Installment repayable within next 12 months Rs. 625.000 millions Previous Year Rs. NIL)	625.000	700.000
Cash Credit (Secured against Book Debts)	791.183	0.000
Total	2225.458	1204.542
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Short Term Loans from Banks (Buyers Credit)	1374.821	367.653
Total	1374.821	367.653

Banking Relations :	--
Auditors :
Name :	M.P. Chitale and Company Chartered Accountants
Address :	Hamam House, Ambalal Doshi Marg, Fort, Mumbai-400001, Maharashtra, India
Associates :	· Ushdev Securities Limited · Ushdev Commercial Services Private Limited · Ushdev Trade Limited · Montex Trading Private Limited · Enshrine Property Management Private Limited · Vijay Gupta (HUF) · Ushdev Mercantile Private Limited · Ushdev Power Holdings Private Limited (Formerly Ushdev Exporters and Importers Private Limited) · P. G. Mercantile Private Limited · GG Trading Private Limited · Honest Trading Company · G G Corporation
Subsidiaries :	· UIL (Singapore) Pte. Limited · UIL Hongkong Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29425800	Equity Shares	Rs.10/- each	Rs. 294.258 Millions

Notes:

a) 20,000 equity shares issued on conversion of 19% optionally convertible redeemable preference shares in 1997-98

b) 57,42,900 equity shares allotted as fully paid up bonus shares by capitalization of Share Premium Account in 2007-08

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		294.258	294.258	276.258
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2728.533	2387.053	1656.985
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3022.791	2681.311	1933.243
LOAN FUNDS
1] Secured Loans		2225.458	1204.542	92.822
2] Unsecured Loans		1374.821	367.653	667.804
TOTAL BORROWING		3600.279	1572.195	760.626
DEFERRED TAX LIABILITIES		36.504	41.568	43.443
TOTAL		6659.574	4295.074	2737.312
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1472.432	1058.160	499.797
Capital work-in-progress		50.000	49.000	0.000
INVESTMENT		694.742	1.031	1.108
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	149.439	0.000	0.000
	Sundry Debtors	11096.851	5192.151	3178.160
	Cash & Bank Balances	1620.979	880.202	401.247
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2883.753	1608.404	1097.992
Total Current Assets		15751.022	7680.757	4677.399
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5146.401	1177.683	1926.405
	Other Current Liabilities	6090.164	3243.892	446.714
	Provisions	72.057	72.299	67.873
Total Current Liabilities		11308.622	4493.874	2440.992
Net Current Assets		4442.400	3186.883	2236.407
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6659.574	4295.074	2737.312

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Operation	25681.512	17359.818	13804.165
		Other Income	261.034	134.637	53.708
		TOTAL (A)	25942.546	17494.455	13857.873
Less	EXPENSES
		Cost of goods sold	24425.244	16684.104	13177.304
		Personnel cost	9.342	4.956	4.175
		Administration and other charges	73.514	19.976	24.241
		TOTAL (B)	24508.100	16709.036	13205.720
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1434.446	785.419	652.153
Less	FINANCIAL EXPENSES (D)		845.347	406.252	367.549
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		589.099	379.167	284.604
Less/ Add	DEPRECIATION/ AMORTISATION (F)		76.141	50.789	34.480
	PROFIT BEFORE TAX (E-F) (G)		512.958	328.378	250.124
Less	TAX (H)		97.236	55.525	34.963
	PROFIT AFTER TAX (G-H) (I)		415.722	272.853	215.161
Less	TAX FOR EARLIER YEARS		2.185	3.286	0.000
	NET PROFIT FOR THE YEAR		413.537	269.567	215.161
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		501.321	331.010	205.239
Less	APPROPRIATIONS
		Proposed dividend on equity shares	61.794	61.794	58.014
		Corporate distribution tax on above	10.263	10.505	9.860
		Transfer to general reserves	41.354	26.957	21.516
	BALANCE CARRIED TO THE B/S		801.447	501.321	331.010
	EARNINGS IN FOREIGN CURRENCY
		Sale of Steel	1619.249	300.585	1002.004
		Repayment of Loan by Subsidiaries	4.349	0.000	0.000
	TOTAL EARNINGS		1623.598	300.585	1002.004
	Earnings Per Share (Rs.)		14.05	9.72	16.97

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011
	1^st Quarter	2^ndQuarter	3^rd Quarter
Net Sales	7387.380	9228.730	9706.350
Total Expenditure	7134.750	9270.840	10078.150
PBIDT (Excl OI)	252.630	(42.110)	(371.800)
Other Income	180.780	470.530	859.900
Operating Profit	433.400	428.420	488.110
Interest	281.390	304.240	308.840
Exceptional Items	0.000	0.000	0.000
PBDT	162.010	124.180	179.270
Depreciation	23.040	23.210	23.100
Profit Before Tax	138.970	100.970	156.170
Tax	29.060	3.540	32.250
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	109.910	97.430	123.910
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	109.910	97.430	123.910

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.60	1.56	1.99
Net Profit Margin (PBT/Sales)	(%)	2.00	1.81	2.23
Return on Total Assets (PBT/Total Assets}	(%)	2.98	4.83	8.29
Return on Investment (ROI) (PBT/Networth)		0.17	0.13	0.21
Debt Equity Ratio (Total Liability/Networth)		4.94	1.66	1.54
Current Ratio (Current Asset/Current Liability)		1.39	1.92	1.43

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	--
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	No
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	Yes
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	Yes
20) Export / Import details (if applicable)	No
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	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	No

Note: Registered office of the company has been shifted from New Herileela House, 6^th Floor, Mint road, Fort Mumbai-400001, Maharashtra, India to the present address.

PERFORMANCE DURING THE YEAR

POWER SECTOR

The Company has carried out its expansion plan in the relevant year also and has invested an amount of Rs. 1738.800 millions in five states i.e. Tamil Nadu, Rajasthan, Karnataka, Gujarat and Maharashtra. They give the details of the Company projects as below:

Date of Installation	Location	No. of WEG’s	Installed Capacity	Investments Rs. in Millions
27.03.1997	Tamilnadu 1	11	2.53 MW	140.635
29.03.2005	Tamilnadu 2	2	1.60 MW	80.747
29.03.2006	Rajasthan	3	2.40 MW	117.848
29.03.2006	Karnataka	2	1.60 MW	78.565
30.03.2007	Gujarat 1	2	1.60 MW	74.000
10.07.2007	Gujarat 2	4	3.20 MW	148.000
26.09.2009	Tamilnadu 3	6	9.9 MW	609.000
27.11.2010	Maharashtra 1	4	8.0 MW	490.000
Total		34	30.83 MW	1738.794

STEEL SECTOR

The Company’s emphasis on core competencies has paid off multifold’s. The company has been successful in increasing its market share in the steel sector, thus in turn has been successful in increasing its presence in the this sector. This has resulted in an increase in top line income of 88%.

MANAGEMENT DISCUSSION AND ANALYSIS FORWARD LOOKING STATEMENTS:

INDUSTRY STRUCTURE AND DEVELOPMENT

The Industry is on a growth path in terms of capacities and global consumption with global demand and supply growing in tandem.

OUTLOOK

The Company is well respected in both aforesaid sectors i.e. Steel and Power generation. A detailed expansion is on an anvil especially in the Power generation sector to increase power generating capacity’s year on the most competitive terms.

DISCUSSIONS ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The financial performance with respect to the operational performance during the year was reasonably good. The Company is on expansion path and the Company has taken a proactive financing strategy to pursue this growth.

MATERIAL FINANCIAL AND COMMERCIAL TRANSACTIONS

During the financial year, there are no materially significant financial and commercial transactions with the related parties conflicting with the interest of the Company. The Promoters and the Directors are not dealing in the shares of the Company.

UNAUDITED CONSOLIDATED FINANCIAL RESULT FOR THE QUARTER ENDED 30.06.2011

Rs. in Millions

Sr. No.	Particulars	3 Months ended
		30.06.2011
		Consolidated
		Reviewed /Unaudited
1	Net Sales	11725.855
	Other Operating Income	28.716
2	Total Expenditure	11333.207
	a) Decrease/(Increase) in Stock-in-trade	122.967
	b) Purchase of Traded Goods	11161.105
	c) Employee Cost	6.060
	d) Depreciation	23.055
	e) Other Expenditure	20.021
3	Profit from Operations before Other Income, Interest and Exceptional Item	421.364
4	Other Income	27.935
5	Profit before-Interest and Exceptional Hems	449.299
6	Interest	289.688
7	Profit after Interest but before exceptional items	159.612
8	Exceptional Items	-
9	Profit/(Loss) from Ordinary Activities before tax	159.612
10	Tax Expenses-Current year	30.544
	Earlier Years	-
	Deferred tax (Asset)/Liability	1.256
11	Net Profit/(Loss) from Ordinary Activities after lax	127.811
12	Extraordinary Item (Net of tax expense)	-
13	Net Profit/(Loss) for the period	127.811
14	Paid up equity share capital Face Value of Rs. 10/- each Share Application Money ( Promoters Contribution)	294.258
15	Reserves excluding revaluation reserves (as per Balance Sheet)	-
16	Basic EPS-Non Annualized (in Rs.)	4.34
	Diluted EPS-Non Annualized (in Rs.)	4.34
17	Public Shareholding
	-Number of Shares	15739,649
	-Percentage of shareholding in %	53.49%
18	Promoters and promoter group shareholding a) Pledged
	-Number of Shares	9,758,706
	-Percentage of Shares( as a % of the total shareholding	71.30%
	of promoter & promoter group)
	-Percentage of Shares (as a % of the total share Capital of the company)	33.16%
	b) Non-encumbered
	-Number of Shares	3,927,445
	-Percentage of Shares( as a % of the total shareholding of promoter & promoter group)	28.70%
	-Percentage of Shares (as a % of the total share Capital of (the company)	13.35%

NOTES:

1. The unaudited accounts for the quarter ended 30th June, 2011 have been taken on record in the meeting of the Board of Directors held on 11th August, 2011.

2. The figures of the previous year/ period have been regrouped/ reclassified wherever necessary.

3. There were no investor complaints pending as at the beginning of the quarter. No complaint was received by the company during the quarter ended 30th June, 2011.

4. The above results have been subjected to a Limited Review by the Statutory Auditors.

5. The above mentioned pledged equity shares by (he promoters of the Company are collateral security for Company's borrowing,

6. Purchases are net of Exchange Fluctuation Gain of Rs. 72.291 Millions and Sales are net of Exchange Fluctuation Gain of Rs. 82.719 Millions

7. The Consolidated Financial results incorporate the Results of UIL (Singapore) Pte. Limited and UH Hong Kong Limited

SEGMENT INFORMATION AS PER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER ENDED 30TH JUNE, 2011

Rs. in Millions

Particulars	Quarter ended
	30.06.2011
	Consolidated
	(Unaudited)
Segment Revenue- Net Sales
Metal	11670.008
Power Generation	55.847
Total Segment Revenue	11725.855
Segment Results
Profit/ (Loss)before tax, interest & extraordinary items
Metal	413.410
Power Generation	32.411
Total	445.821
Less : Interest & Financial Charges	289.688
Add : Other Unallocated Income	27.935
Less : Other Unallocated Expenses	24.457
Profit Before Tax	159.612
Less: Provision for Tax
-Current Year	30.544
-Earlier Years
-Deferred Tax Liability /(Asset)	1.256
Net Prof / (Loss)	127.811
Capital Employed
Metal	2035.765
Power Generation	789.509
Unallocated Assets	2152.677
Unallocated Liabilities	1824.406

FIXED ASSETS:

• Freehold Land
• Office Premises
• Building
• Leased Plant and Machinery
• Office Equipments
• Computer Equipments
• Furniture and Fixture

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.52.52
UK Pound	1	Rs.85.59
Euro	1	Rs.69.61

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		59

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.