MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	CELL COM TELESERVICES PRIVATE LIMITED

Registered Office :	SD - 442, Tower Apptsvishakha Enclave, Pitampura, New Delhi – 110088

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	27.11.2002

Com. Reg. No.:	55-117816

Capital Investment / Paid-up Capital :	Rs.10.324 Millions

CIN No.: [Company Identification No.]	U64201DL2002PTC117816

Legal Form :	Private Limited Liability Company

Line of Business :	Supplier and Manufacturer of Steel Structure for Hydro Power Project, Convener Steel Structure, Telecom Tower

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 710000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. 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

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 :	SD - 442, Tower Apptsvishakha Enclave, Pitampura, New Delhi – 110088, India
Tel. No.:	Not Available
Mobile No.:	91-9810310327 (Mr. Vivek Kaushik) 91-9810371138 (Mr. Puneet Gopal) 91-9810409256 (Mr. Vikas Sharma)
Fax No.:	Not Available
E-Mail :	sksharmacs@yahoo.co.in
Website :	http://www.cellcom.in

Head Office :	A-2/11, Sector 17, Kavinagar Industrial Area, Ghaziabad, Uttar Pradesh, India

Factory :	A-52, Upsidc Industrial Area, Sikandarabad, Uttar Pradesh, India

Project Office :	Located at : Delhi Uttar Pradesh Himanchal Uttarakhand Rajasthan Madhya Pradesh Jammu and Kashmir Punjab Haryana

DIRECTORS

As on 30.09.2011

Name :

Mr. Vikas Sharma

Designation :

Director

Address :

House No. 45, Sector - 6, Ansal Colony, Chiranjiv Vihar, Ghaziabad, Uttar Pradesh, India

Date of Appointment :

27.11.2012

DIN No.:

00202175

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	U64201DL2002PTC117816	CELL COM TELESERVICES PRIVATE LIMITED	Director	27/11/2002	27/11/2002	-	Active	NO
2	U64202UP2004PTC029185	CELL COM TELEVENTURE PRIVATE LIMITED	Director	29/09/2007	8/8/2007	-	Active	NO
3	U55101UR2010PTC033353	JANGALHILL RESORTS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO

Name :

Mr. Vivek Kaushik

Designation :

Director

Address :

House No. 4, Sector - 6, Ansal Colony, Chiranjiv Vihar, Ghaziabad, Uttar Pradesh, India

Date of Appointment :

26.07.2005

DIN No.:

00202197

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	U64202UP2004PTC029185	CELL COM TELEVENTURE PRIVATE LIMITED	Director	20/10/2004	20/10/2004	-	Active	NO
2	U64201DL2002PTC117816	CELL COM TELESERVICES PRIVATE LIMITED	Director	26/07/2005	26/07/2005	-	Active	NO
3	U55101UR2010PTC033353	JANGALHILL RESORTS PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Active	NO

Name :

Mr. Puneet Gopal

Designation :

Director

Address :

KM-37, Kavinagar, Ghaziabad, Uttar Pradesh, India

Date of Appointment :

26.07.2005

DIN No.:

01217540

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	U64202UP2004PTC029185	CELL COM TELEVENTURE PRIVATE LIMITED	Director	20/10/2004	20/10/2004	-	Active	NO
2	U64201DL2002PTC117816	CELL COM TELESERVICES PRIVATE LIMITED	Director	26/07/2005	26/07/2005	-	Active	NO

Name :

Mr. Madan Gopal Popli

Designation :

Director

Address :

KM-37, Kavinagar, Ghaziabad, Uttar Pradesh, India

Date of Appointment :

25.09.2004

DIN No.:

01610086

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Vikas Sharma		244750
Vivek Kaushik		349250
Nirmata Gopal		79200
Puneet Gopal		299200
Delhi Trade Com Private Limited, India		7000
Guru Udyog Private Limited, India		6000
Skand International Private Limited, India		8000
Vasudev Enterprises Private Limited, India		9000
Varun Sharma		4238
Prashant Sharma		4740
Dayanand Agarwal		3080
Dinesh Dutt Pathak		1450
Yogesh Dutt Pathak		22333
Ramkhilari Sharma		2794
AD Fabrication and Erection Private Limited, India		10500
Total		1051535

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	3.85
Directors or relatives of Directors	96.15
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier and Manufacturer of Steel Structure for Hydro Power Project, Convener Steel Structure, Telecom Tower

GENERAL INFORMATION

Suppliers :

A S Paints (India)
Abhijeet Logistics Private Limited
Anjli G.I Works
Arnani industries
Arhm Engineering Works
Arshad ali Siddiqui
Arun Sharma
Arya Enterprises
Asian Trading Corporation
Auto Service Equipment
B.M. Engineering Work
B.R.K. Industries
Bajaj Motors
Baliiya Contractors
Canon India Private Limited
G E Projects Private Limited
G.R Enterprises
Fast Engineers
Diana Product Private Limited
Chander Pal Contractor

Customers :

Vodafone
Idea
Bharti
XCEL
GTL
Airtel
Quippo
WTTL
TATA
Leadership with trust
Jharti Airlel Limited
Bharthi Infratel Limited
Indus Tower Limited
Qulppo telecom Infrastructure Limited
Vlom Network Limited
Wireeless TT Info Services Limited
Bharthi Hexacom Limited, Jaipur
Dyawati Punj Model School
Exicom telesystem Limited
Helly Electricals
Idea mobile Communications Limited, New Delhi
Jay Cee Steals Private Limited

No. of Employees :

Not Available

Bankers :

Canara Bank, Maliwara Chowk, Ghaziabad - 201001, Uttar Pradesh, India
ICICI Bank Limited
Punjab National Bank
IDBI Bank Limited
Indusind Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Canara Bank 1149603003266 (SKODA)	0.076	0.306
Canara Bank 1149603003943 (UP14AV2709)	0.664	0.841
Canara Bank 1149695003294 (BALERO)	0.034	0.215
Canara Bank 1149740003839 (Pickup)	0.232	0.387
Canara Bank 1149740003871 (Mobile Crane – II)	0.360	0.540
ICICI Loan 0007382069 and 2037 (Optra)	0.159	0.516
ICICI Loan 00004038216 (UP14Z2553)	0.000	0.049
ICICI Lone 00004176811 (Innova)	0.000	0.066
ICICI Loan 00012095169 (Car)	0.207	0.304
ICICI Lone 00012095175, 12095155, 171	0.000	0.243
Indusind Bank Limited (UP14AT-1325)	0.111	0.284
Punjab National Bank A/c I.C. 000015 CRANE	0.000	0.069
Punjab National Bank Loan Ac N G 01070896	0.205	0.359
Punjab National Bank Loan A/c Tata IC-24	0.287	0.481
Tata Capital Finance Limited	0.250	0.347
Total	2.585	5.007


Banking Relations :	--

Financial Institutions :	3i Infotech Trusteeship Services Limited, 36, Rani Jhansi Road, Ram Kumar Marg (Opposite Jhandewalan Mandir), New Delhi - 110055, India

Auditors :
Name :	Rajeev Sharma Chartered Accountant
Address :	30-A, E-Block Market, Ector-3, Noida – 201301, Uttar Pradesh, India
PAN.:	AFYPS3460D

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

1100000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1051535	Equity Shares	Rs.10/- each	Rs.10.515 Millions

As on 31.0.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

1100000	Equity Shares	Rs.10/- each	Rs.11.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1032400	Equity Shares	Rs.10/- each	Rs.10.324 Millions

Note:

546200 Equity Share @10/- each fully paid – up for consideration in cash
486200 Equity Share @10/- each as bonus shares

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		10.324	4.862	1.768
2] Share Application Money		0.106	0.106	0.106
3] Reserves & Surplus		168.227	73.726	63.240
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		178.657	78.694	65.114
LOAN FUNDS
1] Secured Loans		2.585	5.007	15.236
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2.585	5.007	15.236
DEFERRED TAX LIABILITIES		0.000	0.000	1.237

TOTAL		181.242	83.701	81.587

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		98.628	87.908	84.488
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.128	0.831	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	42.746	47.824	66.371
	Sundry Debtors	87.786	127.181	188.871
	Cash & Bank Balances	7.739	20.173	44.245
	Other Current Assets	13.141	15.055	20.424
	Loans & Advances	1.056	1.239	17.645
Total Current Assets		152.468	211.472	337.556
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	62.972	205.319	205.318
	Other Current Liabilities	5.590	6.647	119.844
	Provisions	2.421	4.546	15.298
Total Current Liabilities		70.983	216.512	340.460
Net Current Assets		81.485	(5.040)	2.904

MISCELLANEOUS EXPENSES		0.001	0.002	0.003

TOTAL		181.242	83.701	81.587

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	188.959	438.316	935.665
		Erection / Dismantling Charges	15.280	12.294	14.007
		G.I. Charges	0.012	0.000	0.363
		Interest Recd.	0.016	0.119	0.042
		Forwarding and Cartages Received	1.639	16.288	31.214
		Fine and Penalty	0.147	0.709	0.208
		Rebate and Discount	20.708	0.194	0.000
		Recd. Against Form C	0.000	0.216	0.000
		Profit on Sales of Fixed Assets	4.401	0.000	0.000
		Rent Recd.	0.070	0.000	0.000
		TOTAL	231.232	468.136	981.499

Less	EXPENSES
		Cost of Good Sold	153.062	316.753	709.273
		Consumable Stores	11.519	16.818	30.720
		Wages	6.449	9.126	10.921
		Fabrication	6.136	28.266	100.638
		Director’s Remuneration	4.800	4.800	3.600
		Freight and Cartage Outward	5.468	20.164	33.426
		Office Rent	1.584	1.561	0.484
		Vehicle Running and Maint.	1.192	1.073	1.442
		Other Expenses	22.405	46.516	33.626
		TOTAL	212.615	445.077	924.130

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		18.617	23.059	57.369

Less/ Add	DEPRECIATION/ AMORTISATION		6.531	6.495	6.331

	PROFIT BEFORE TAX		12.086	16.564	51.038

Less	TAX		6.985	6.078	16.695

	PROFIT AFTER TAX		5.101	10.486	34.343

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		73.726	63.240	28.897

	BALANCE CARRIED TO THE B/S		78.827	73.726	63.240

	Earnings Per Share (Rs.)		9.65	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.31	2.24	3.50

Net Profit Margin (PBT/Sales)	(%)	6.40	3.78	5.45

Return on Total Assets (PBT/Total Assets}	(%)	4.81	5.53	12.09

Return on Investment (ROI) (PBT/Networth)		0.07	0.21	0.78

Debt Equity Ratio (Total Liability/Networth)		0.41	2.81	5.46

Current Ratio (Current Asset/Current Liability)		2.15	0.98	0.99

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 three 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	No
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

FINANCIAL RESULTS

During the year the company has recorded a net profit of Rs. 12.087 Millions during the year as compared to Rs. 16.564 Millions (previous year) and after providing for income tax, deffered tax, income tax of earlier years, fringe benefit tax etc the net profit transferred to reserves and surplus was Rs.78.827 Millions during the year as compared to Rs.73.727 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U64201DL2002PTC117816
Name of the company	CELL COM TELESERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	SD - 442, Tower Apptsvishakha Enclave, Pitampura, New Delhi – 110088, India sksharmacs@yahoo.co.in
This form is for	Creation of charge
Type of charge	Immovable property Book debts Others (Entire Current Assets)
Particular of charge holder	3i Infotech Trusteeship Services Limited, 36, Rani Jhansi Road, Ram Kumar Marg (Opposite Jhandewalan Mandir), New Delhi - 110055, India prashant.joshi@3i-itsl.com
Nature of instrument creating charge	Deed of Hypothecation and Mortgage Declaration
Date of instrument Creating the charge	10.02.2010
Amount secured by the charge	Rs.30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Bank Guarantee: commission -1.00% p.a, Minimum Commission - Rs. 500 per guarantee Terms of Repayment Maximum period of BG (including claim period, if any) to be restricted to 18 months Margin Cash Margin : Guarantees Covering disputed liabilities-100% Performance Guarantee Margin - 10% Extent and Operation of the charge Exclusive charge by way of hypothecation of the company's entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future Exclusive charge by way of equitable mortgage on industrial property owned by subject situated at Plot No.A-52, Industrial area, Sikandrabad, Bulandshahar.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive charge by way of hypothecation of the company's entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, - bills whether documentary or clean, outstanding monies, receivables, both present and future. Location of assets charged is more particularly mentioned at schedule - II of attached DOH. Exclusive charge by way of equitable mortgage on industrial property owned by subject situated at Plot No.A-52, Industrial area, Sikandrabad, Bulandshahar.

FIXED ASSETS

Land
Factory Shed
Machinery
Office at Jaipur
Tools
G.L. Plant
Polution Treatment Plant
Generator
Electric Fitting
Lab Equipments
Mobile Crane
Weighing Bridge
Air Conditioner
Camera
Computer
Fax Machine
Mobile Phone
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 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.52.38
UK Pound	1	Rs.84.00
Euro	1	Rs.67.99

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

42.746

87.786

7.739

13.141

1.056

152.468

62.972

5.590

2.421

70.983

81.485

4.31

6.40

4.81

0.07

0.41

2.15

Unit