MIRA INFORM REPORT

Report Date :

11.10.2012

IDENTIFICATION DETAILS

Name :	TRANSRAIL LIGHTING LIMITED

Registered Office :	G-55, MIDC, Butibori, Nagpur – 441 108, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	18.02.2008

Com. Reg. No.:	11-179012

Capital Investment / Paid-up Capital :	Rs. 51.500 millions

CIN No.: [Company Identification No.]	U31506MH2008PLC179012

TAN No.: [Tax Deduction & Collection Account No.]	NGPT02035F

PAN No.: [Permanent Account No.]	AACCT8765G

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Designing, Manufacturing, Testing and Installation of Mono Poles, Lighting Poles and High Mast.

No. of Employees :	Not Available

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 15000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is subsidiary company of the Gammon Group, one of the largest Civil Engineering and Construction Company India. Even though the company was incorporated in 2008. They have started their activity in the years 2010. There appears huge accumulated loss in the first year of business operation. However, trade relations are reported to be slow. In view of strong holding company can be considered for business dealing with some caution.

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 :	G-55, MIDC, Butibori, Nagpur – 441 108, Maharashtra, India
Tel. No.:	91-7104-265761-64
Fax No.:	91-7104-265765
E-Mail :	contact@transrailltd.com

Head Office :	Beekalene House, F-21, Central Road, Near Seepz Bus Depot, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-40889696
Fax No.:	91-22-40889666

Factory 1 :	Survey No. 227, khanvel Kherdi Road, Village – Khardi (D and N. H.), Silvassa – 396 230, Gujarat, India
Tel. No.:	91-260-2641666
Fax No.:	91-260-2641646

Factory 2 :	A – 201 / 209, Boomerange Complex, Chandivali Farm Road, Andheri [E] Mumbai – 400072, Maharashtra, India

Branches :	3^rd Floor, Neptune tower, Productivity Road, Alkapuri, Baroda – 390 007, Guajrat, India
Tel. No.:	91-265-2338472/2334937
Fax No.:	91-265-2340887

DIRECTORS

As on 16.09.2011

Name :

Mr. Digambar Chunilal Bagde

Designation :

Director

Address :

6, Haridarshan Appatment, 16 Haribhakti Colony, Old Padra Road, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

05.01.1950

Qualification :

B.E. Civil Engineer

Date of Appointment :

18.02.2008

DIN No.:

00122564

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L63090GJ1993PLC019213	ASSOCIATED TRANSRAIL STRUCTURES LTD	Managing director	29/03/1993	29/03/1993	-	Amalgamated	NO
2	U45400MH2007PLC169995	ATSL INFRASTRUCTURE PROJECTS LIMITED	Director	16/04/2007	16/04/2007	-	Active	NO
3	U45200MH2006PLC159107	GAMMON PROJECTS DEVELOPERS LIMITED	Director	12/09/2008	28/12/2007	-	Active	NO
4	U31506MH2008PLC179012	TRANSRAIL LIGHTING LIMITED	Director	18/02/2008	18/02/2008	-	Active	NO
5	U45309MH2007PLC171578	GAMMON LOGISTICS LIMITED	Director	19/09/2009	18/06/2008	-	Active	NO
6	L74999MH1922PLC000997	GAMMON INDIA LIMITED	Whole-time director	14/10/2009	09/07/2009	-	Active	NO
7	U45204MH2009PLC195888	SAE TRANSMISSION INDIA LIMITED	Director	18/09/2009	18/09/2009	-	Active	NO
8	U45400MH2008PLC186002	TADA INFRA DEVELOPMENT COMPANY LIMITED	Director	29/09/2011	17/03/2011	-	Active	NO
9	U67120MH2004PLC149297	PATALIPUTRA HIGHWAY LIMITED	Director	29/09/2011	17/03/2011	-	Active	NO
10	U70102MH2008PLC185427	JAGUAR PROJECTS DEVELOPERS LIMITED	Director	29/09/2011	17/03/2011	-	Active	NO
11	U74120MH2011PTC220549	APARNA INFRAENERGY INDIA PRIVATE LIMITED	Director	04/08/2011	04/08/2011	-	Active	NO

Name :

Mr. Hasmukh Mulshanker Joshi

Designation :

Director

Address :

Flat No. 305, Savitri Nivas, New Sneh Nagar, Wardha Road, Nagpur – 440 015, Maharashtra, India

Date of Birth/Age :

25.05.1952

Qualification :

B.Com

Date of Appointment :

18.02.2008

DIN No.:

02011576

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31506MH2008PLC179012	TRANSRAIL LIGHTING LIMITED	Director	18/02/2008	18/02/2008	-	Active	NO
2	U45204MH2009PLC195888	SAE TRANSMISSION INDIA LIMITED	Director	18/09/2009	18/09/2009	-	Active	NO

Name :

Mr. Ghanshyam Dahyabhai Rathod

Designation :

Direcotr

Address :

1-A/905, NG Suncity, Phase – II, Thakur Village, Kadivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

20.09.1944

Qualification :

Diploma in Civil Engineering

Date of Appointment :

18.02.2008

DIN No.:

02017587

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31506MH2008PLC179012	TRANSRAIL LIGHTING LIMITED	Director	18/02/2008	18/02/2008	-	Active	NO
2	U45204MH2009PLC195888	SAE TRANSMISSION INDIA LIMITED	Director	18/09/2009	18/09/2009	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Ritu Hardeep Lamba
Designation :	Secretary
Address :	229, 2^nd Floor, Bajaj Nagar, Nagpur – 440 010, Maharashtra, India
Date of Birth/Age :	24.02.1985
Date of Appointment :	25.08.2008
PAN No.:	ADKPL7661F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.09.2011

Names of Shareholders		No. of Shares

Gammon India Limited, India		5149940
Digambar Chunnilal Bagde		10
Hasmukh M Joshi		10
Ghanshyam D Rathod		10
Subhasish D Mukhopadhyay		10
Hiren Patel		10
D Suryanarayana		10

TOTAL		5150000

As on 19.11.2011

Names of Shareholders		No. of Shares

Gammon India Limited, India		10850000

TOTAL		10850000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Designing, Manufacturing, Testing and Installation of Mono Poles, Lighting Poles and High Mast.

Products :

ITC Code	Product Descriptions

--	Transmission Line Towers and Parts

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production

Transmission Line Towers and Parts	MT p.a.	N.A.	12,000	1017

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

IDBI Bank Limited, IDBI Tower WTC Complex, Cuffee parade, Mumbai – 400 005, Maharashtra, India

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Rupee term loans banks secured

Working capital loans banks secured

343.793

81.453

311.013

0.000

Total

(A)425.246

311.013

NOTE:

(A)

Cash credit: secured by 1st charge over entire current asset of the company and 2nd charge over entire FA of the company and Corporate Guarantee by Gammon India Limited

Term loan: Secured by first charge on all Fixed Assets and Current Assets of the company and Corporate Guarantee of Gammon India Limited

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Other debt unsecured

(A)245.680

48.367

Total

245.680

48.367

NOTE:

(A) From Gammon India Limited


Banking Relations :	--

Auditors :
Name :	MG Shah and Associates Chartered Accountants
Address :	410, Gokul Building, 4^th Floor, 80A, Baroda Street, Carnac Bunder, Mumbai – 400 009
PAN No.:	AAAFM5743Q

Holding Company:	Gammon India Limited, India [CIN : L74999MH1922PLC000997]

CAPITAL STRUCTURE

As on 31.03.2011

Authorized Capital:

No. of Shares	Type	Value	Amount

20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

5150000	Equity Shares	Rs. 10/- each	Rs. 51.500 millions

After 16.09.2011

Authorized Capital:

No. of Shares	Type	Value	Amount

20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

16000000	Equity Shares	Rs. 10/- each	Rs. 160.000 millions

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		51.500	51.500	51.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(55.331)	(1.682)	(1.655)
NETWORTH		(3.831)	49.818	49.845
LOAN FUNDS
1] Secured Loans		425.246	311.013	30.000
2] Unsecured Loans		245.680	48.367	4.522
TOTAL BORROWING		670.926	359.380	34.522
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		667.095	409.198	84.367

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		476.835	27.002	26.209
Capital work-in-progress		21.377	342.342	43.606

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		24.614	(0.026)	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.286	0.000	0.000
	Sundry Debtors	92.652	0.000	0.000
	Cash & Bank Balances	34.034	68.642	10.703
	Other Current Assets	1.310	0.319	0.000
	Loans & Advances	21.445	10.074	8.990
Total Current Assets		280.727	79.035	19.693
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	119.426	38.138	0.000
	Other Current Liabilities	16.584	0.920	4.385
	Provisions	0.448	0.097	0.756
Total Current Liabilities		136.458	39.155	5.141
Net Current Assets		144.269	39.880	14.552

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		667.095	409.198	84.367

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	222.370	0.000	0.000
		Other Income	0.446	0.000	0.000
		TOTAL (A)	222.816	0.000	0.000

Less	EXPENSES
		Contract cost	214.703	0.000	0.000
		Employee related expenses	19.941	0.000	0.000
		Administrative selling other expenses	7.306	0.000	0.000
		Establishment Expenses	0.000	0.000	0.000
		TOTAL (B)	241.950	0.000	1.596

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(19.134)	0.000	(1.596)

Less	FINANCIAL EXPENSES (D)		46.390	0.000	0.000

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(65.524)	0.000	(1.596)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.766	0.000	0.000

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(78.290)	0.000	(1.596)

Less	TAX (I)		(24.640)	0.026	0.006

	PROFIT/(LOSS) AFTER TAX (G-I) (J)		(53.650)	(0.026)	(1.602)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1.681)	(1.655)	(0.053)

	BALANCE CARRIED TO THE B/S		(55.331)	(1.681)	(1.655)

	IMPORTS
		Capital Goods	NA	114.522	0.000
	TOTAL IMPORTS		NA	114.522	0.000

	Earnings/(Loss) Per Share (Rs.)		(10.41)	(0.01)	(0.65)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(24.07)	0.00	0.00

Net Profit Margin (PBT/Sales)	(%)	(35.20)	0.00	0.00

Return on Total Assets (PBT/Total Assets}	(%)	(10.33)	0.00	(5.09)

Return on Investment (ROI) (PBT/Networth)		20.43	0.00	0.03

Debt Equity Ratio (Total Liability/Networth)		(210.75)	8.80	0.79

Current Ratio (Current Asset/Current Liability)		2.05	2.01	3.83

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

OPERATIONS

They have set up a state-of-the-art manufacturing facility for High Mast Lighting Systems for area lighting, monopoles for distribution and transmission, galvanized Polygonal Street Light Poles for street lighting and for special applications like Telecom Masts, CCTV and surveillance Masts, Navigational Masts, Signage Masts, Stadium Masts at Silvassa, additionally they market their own brand luminaries and lamps.

CONTINGENT LIABILITY

Contingent Liability not provided for, in respect of: -

(Rs. in millions)

PARTICULARS	31.03.2011

Estimated amount of contracts remaining to be executed on capital account	2.705
Bank Guarantee	15.168

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31506MH2008PLC179012
Name of the company	TRANSRAIL LIGHTING LIMITED
Address of the registered office or of the principal place of business in India of the company	G-55, MIDC, Butibori, Nagpur - 441108, Maharashtra, India e-mail: dcb@transrailltd.com
This form is for	Modification of charge
Charge identification number of the modified	10150637
Type of charge	Immovable Property
Particular of charge holder	IDBI Bank Limited, IDBI Tower WTC Complex, Cuffee parade, Mumbai – 400 005, Maharashtra, India e-mail: sg.joshi@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Modification of the existing charge by first supplemental memorandum of constructive deposit of title deeds in respect of release and redeposit of title deeds for creation of mortgage - the first schedule executed on 24.09.2010 and enhancement of the limit from 370.000 millions to 970.000 millions
Date of instrument Creating the charge	24.09.2010
Amount secured by the charge	Rs. 970.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated in sanction letter/s no. MCG/TLL/2010-11/19 dated 03.05.2010 Terms of Repayment As stipulated in sanction letter/s no. MCG/TLL/2010-11/19 dated 03.05.2010 Margin As stipulated in sanction letter/s no. MCG/TLL/2010-11/19 dated 03.05.2010 Extent and Operation of the charge As stipulated in sanction letter/s no. MCG/TLL/2010-11/19 dated 03.05.2010
Short particulars of the property charged	Memorandum of constructive deposit of title deeds in respect of release and redeposit of title deeds for creation of mortgage - 1st schedule
Date of latest modification prior to the present modification	20.08.2010
Particulars of the present modification	Modification of the existing charge by first supplemental memorandum of constructive deposit of title deeds in respect of release and redeposit of title deeds for creation of mortgage - the first schedule executed on 24.09.2010 and enhancement of the limit from 370.000 millions to 970.000 millions

FIXED ASSETS:

Freehold land
Leasehold land
Office building
Factory building
Vehicles
Plant and Machinery
Equipment
Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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 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.53.04
UK Pound	1	Rs.84.83
Euro	1	Rs.68.21

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	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		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

131.286

92.652

34.034

1.310

21.445

280.727

119.426

16.584

0.448

136.458

144.269

(24.07)

(35.20)

(10.33)

20.43

(210.75)

2.05

Unit