MIRA INFORM REPORT

Report Date :

29.10.2012

IDENTIFICATION DETAILS

Name :	GEA COOLING TOWER TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	443, Anna Salai, (Guna Building), Teynampet, Chennai – 600018, Tamilnadu
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	22.04.1996
Com. Reg. No.:	18-035263
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U29191TN1996PTC035263
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in design, engineering, supply and commissioning of cooling towers and air cooled condensers as contractor.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (39)

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

Maximum Credit Limit :	USD 588000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject was established as a joint venture between Gea Energietechnik GmbH, Germany and BGR Group. It is an established company having moderate track. The latest financial of the company is not made available. However, trade relations are reported as decent. Business is active. Payment terms are unknown. The company can be considered for business dealings with slight 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	A1	A1

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 :	443, Anna Salai, (Guna Building), Teynampet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-24326171
Fax No.:	91-44-24364656
E-Mail :	compliance@bgrenergy.com
Delhi Regional Office :	48, Okhla Industrial Estate, Phase III, New Delhi – 110020, India
Tel. No.:	91-11-26932327/ 26932473
Fax No.:	91-11-26318019
E-Mail :	gctdelhi@gmail.com

DIRECTORS

AS ON 28.06.2012

Name :

Mr. Balkrishnan Govindaswamy Raghupathy

Designation :

Director

Address :

60 (Old No.100), Abhiramapuram, IV Street, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

28.09.1952

Date of Appointment :

22.04.1996

Din No.:

00174472

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	L40106AP1985PLC005318	BGR ENERGY SYSTEMS LIMITED	Managing director	11/10/2008	18/02/1985	-	Active	NO
2	U51103TN1991PTC020534	BOWN GRANITES COMPANY PRIVATE LIMITED	Director	25/03/1991	25/03/1991	02/07/2007	Active	NO
3	U70101TN1993PTC025438	SASIKALA ESTATE PRIVATE LIMITED	Director	14/07/1993	14/07/1993	-	Active	NO
4	U29141TN1994PLC026639	PROGEN SYSTEMS AND TECHNOLOGIES LIMITED	Director	27/01/1994	27/01/1994	-	Active	NO
5	U65991TN1994PTC027177	VANI SECURITIES PRIVATE LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
6	U65991TN1994PLC027174	BGR INVESTMENT HOLDINGS COMPANY LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
7	U65991TN1994PTC027175	PRIYA SECURITIES PRIVATE LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
8	U65991TN1994PTC027176	ARJUN SECURITIES PRIVATE LIMITED	Director	30/03/1994	30/03/1994	-	Active	NO
9	U30009PY1986PLC000437	PRAGATI COMPUTERS LIMITED	Director	22/03/1995	22/03/1995	02/07/2007	Active	NO
10	U29191TN1996PTC035263	GEA COOLING TOWER TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	22/04/1996	22/04/1996	-	Active	NO
11	U92199GA1996PTC002186	GOA OCEANARIUM PRIVATE LIMITED	Director	03/12/1996	03/12/1996	02/07/2007	Active	NO
12	U74999TN1997PTC038530	GERMANISCHER LLOYD INDUSTRIAL SERVICES INDIA PRIVATE LIMITED	Director	30/06/1997	30/06/1997	-	Active	NO
13	U45207TN1993PLC026243	CUDDALORE POWERGEN CORPORATION LIMITED	Director	22/01/2010	04/07/1997	-	Active	NO
14	U72300TN1997PTC038980	PRAGATI INFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	09/09/1997	09/09/1997	02/07/2007	Under Process of Striking off	NO
15	U40101TN1999PLC041895	ERODE POWER CORPORATION LIMITED	Director	15/02/1999	15/02/1999	02/07/2007	Strike off	NO
16	U45201TN1995PTC033737	ANI CONSTRUCTIONS PRIVATE LIMITED	Director	15/02/1999	15/02/1999	-	Active	NO
17	U40101TN1999PLC041896	BGR POWER LIMITED	Director	15/02/1999	15/02/1999	-	Active	NO
18	U25199TN1999PTC042481	SCHMITZ INDIA PRIVATE LIMITED	Director	06/12/1999	06/12/1999	-	Active	NO
19	U45201TN1996PLC036430	GOVIN ENGINEERING AND CONSTRUCTIONS LIMITED	Director	27/12/2000	27/12/2000	02/07/2007	Active	NO
20	U51909TN2004PTC052377	JOVE TRADEX PRIVATE LIMITED	Director	23/01/2004	23/01/2004	02/07/2007	Strike off	NO

Name :

Mr. Ramanujam Ramesh Kumar

Designation :

Director

Address :

14 (Old No.W-3), North Main Road, Anna Nagar West Extension, Chennai – 600101, Tamilnadu, India

Date of Birth/Age :

15.05.1962

Date of Appointment :

20.05.1999

Din No.:

00176265

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	U93090TN1995PLC030467	MEGA FUNDS INDIA LIMITED	Director	10/03/1995	10/03/1995	-	Active	NO
2	U45201TN1996PLC036430	GOVIN ENGINEERING AND CONSTRUCTIONS LIMITED	Director	28/08/1996	28/08/1996	-	Active	NO
3	U45207TN1993PLC026243	CUDDALORE POWERGEN CORPORATION LIMITED	Director	24/02/1998	24/02/1998	-	Active	NO
4	U29141TN1994PLC026639	PROGEN SYSTEMS AND TECHNOLOGIES LIMITED	Director	30/03/1998	30/03/1998	-	Active	NO
5	U30009PY1986PLC000437	PRAGATI COMPUTERS LIMITED	Director	04/09/1998	04/09/1998	-	Active	NO
6	U92199GA1996PTC002186	GOA OCEANARIUM PRIVATE LIMITED	Director	05/09/1998	05/09/1998	26/08/2011	Active	NO
7	U72300TN1997PTC038980	PRAGATI INFORMATION TECHNOLOGIES PRIVATE LIMITED	Director	21/09/1998	21/09/1998	-	Under Process of Striking off	NO
8	U45201TN1995PTC033737	ANI CONSTRUCTIONS PRIVATE LIMITED	Director	15/02/1999	15/02/1999	-	Active	NO
9	U40101TN1999PLC041895	ERODE POWER CORPORATION LIMITED	Director	15/02/1999	15/02/1999	-	Strike off	NO
10	U40101TN1999PLC041896	BGR POWER LIMITED	Director	15/02/1999	15/02/1999	-	Active	NO
11	U29191TN1996PTC035263	GEA COOLING TOWER TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	20/05/1999	20/05/1999	-	Active	NO
12	U25199TN1999PTC042481	SCHMITZ INDIA PRIVATE LIMITED	Director	06/12/1999	06/12/1999	-	Active	NO
13	U51909TN2004PTC052377	JOVE TRADEX PRIVATE LIMITED	Director	23/01/2004	23/01/2004	-	Strike off	NO
14	U74999TN1997PTC038530	GERMANISCHER LLOYD INDUSTRIAL SERVICES INDIA PRIVATE LIMITED	Director	25/08/2006	25/08/2006	-	Active	NO
15	U40105TN2007PLC064141	GEA BGR ENERGY SYSTEM INDIA LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
16	U40300TN2009PTC070541	BGR TURBINES COMPANY PRIVATE LIMITED	Director	08/09/2011	30/09/2010	-	Active	NO

Name :

Constantis Michael Klokkaris

Designation :

Nominee Director

Date of Appointment :

22.06.2011

Din No.:

03580954

Name :

Per Andersen

Designation :

Director

Address :

Dusseldorf, Germany

Date of Birth/Age :

19.02.1968

Date of Appointment :

22.06.2011

Name :

Antonios Klokkaris

Designation :

Director

Address :

Wipfelweg No. 8, Dortmund, Germany 44265

Date of Birth/Age :

15.06.1975

Date of Appointment :

22.06.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.06.2012

Names of Shareholders	No. of Shares
Gea Energietechnik GmbH, Germany	510000
BGR Energy Systems Limited, India	10000
Swarna Leasing Private Limited, India	120000
Priya Securities Private Limited, India	120000
Vani Securities Private Limited, India	120000
Arjun Securities Private Limited, India	120000
TOTAL	1000000

AS ON 28.06.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	51.00
Bodies corporate	49.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in design, engineering, supply and commissioning of cooling towers and air cooled condensers as contractor.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ABN Amro Bank, 19/1, Haddows Road, Chennai – 600006, Tamilnadu, India

Facilities :

Secured Loan	As on 31.12.2010 [Rs. in Millions]	As on 31.12.2009 [Rs. in Millions]
From Bank
Overdraft	0.724	21.071
TOTAL	0.724	21.071

Banking Relations :	--
Auditors :
Name :	Fraser and Ross Chartered Accountant
Address :	ASV N Ramana Tower, 52, Venkatnarayana Road, T Nagar, Chennai – 600017, Tamilnadu, India
Tel. No.:	91-44-66885000
Fax No.:	91-44-66885050
PAN No:	AAAFF0644F
Holding Company :	Gea Energietechnik GmbH, Germany
Associates/Subsidiaries :	BGR Energy Systems Limited

CAPITAL STRUCTURE

AS ON 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		137.115	75.969	53.066
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		147.115	85.969	63.066
LOAN FUNDS
1] Secured Loans		0.724	21.071	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.724	21.071	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		147.839	107.040	63.066
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.839	7.490	8.378
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		12.395	8.435	4.522
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	17.837
	Sundry Debtors	743.272	561.454	453.991
	Cash & Bank Balances	125.705	94.725	128.026
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	93.086	77.173	78.714
Total Current Assets		962.063	733.352	678.568
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	270.107	244.397	238.534
	Other Current Liabilities	412.090	280.732	315.697
	Provisions	151.261	117.108	74.171
Total Current Liabilities		833.458	642.237	628.402
Net Current Assets		128.605	91.115	50.166
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		147.839	107.040	63.066

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	1466.298	1186.145
		Other Income	10.457	4.859
		TOTAL (A)	1476.755	1191.004	927.010
Less	EXPENSES
		Material and Project Related Goods	1254.788	1023.931
		Personnel Cost	55.034	40.099	869.230
		Administration, Selling and General Expenses	18.042	26.567
		TOTAL (B)	1327.864	1090.597	869.230
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		148.891	100.407	57.780
Less	FINANCIAL EXPENSES (D)		0.427	3.277	2.260
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		148.464	97.130	55.520
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.296	1.307	1.110
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		147.168	95.823	54.410
Less	TAX (H)		51.039	37.823	20.610
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		96.129	58.000	33.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		58.218	41.216	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	9.700	5.900	NA
		Proposed Dividend	30.000	30.000	NA
		Corporate Dividend Tax	4.983	5.098	NA
	BALANCE CARRIED TO THE B/S		109.664	58.218	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	36.847	81.357	NA
	TOTAL EARNINGS		36.847	81.357	NA
	IMPORTS VALUE		136.091	272.850	359.701
	Earnings / (Loss) Per Share (Rs.)		96.13	58.00	33.80

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	6.51	4.87	3.65
Net Profit Margin (PBT/Sales)	(%)	10.04	8.08	NA
Return on Total Assets (PBT/Total Assets}	(%)	15.19	12.93	7.92
Return on Investment (ROI) (PBT/Networth)		1.00	1.11	0.86
Debt Equity Ratio (Total Liability/Networth)		5.67	7.72	9.96
Current Ratio (Current Asset/Current Liability)		1.15	1.14	1.08

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	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

REVIEW OF OPERATIONS:

During the financial year 2010, the company's operations continued its growth trajectory by registering all round growth in turnover and profitability. The company's total income has risen to an all-time high of Rs.1476.750 millions and the operating profit was Rs.148.890 millions. The total income rose by 24% and the profit after tax registered a growth of 66% over the previous year. The directors after taking into account the financial results of the company curing the year recommend a dividend of Rs.30/- per equity share.

During the year, the company has successfully booked orders for Rs.2003.380 millions. Significant amongst these are Dry Cooling order from SBQ Steels for Rs.200.000 millions, Welspun Captive Power Generation for Rs.200.000 millions, Century Cements Group for Rs.181.500 millions, Chettinad Cement Corporation for Rs.191.000 millions and a large Mechanical Draught Cooling Tower order for Rs.174.600 millions from RKM Powergen Private Limited for 4 x 360 MW coal based power project. The Company has received repeat orders from Chettinad Cements, Century Cements, and other customers. The Company has also successfully completed contracts for Ambuja Cements and Chettinad Cements.

FUTURE OUTLOOK:

The company carries over an order book of Rs.2115.000 Millions. The outlook in the Indian Power and process sector, despite global challenges, continues to be promising and capacity addition and new projects are taking off. The company continues to focus on captive power and cement / steel sectors as well as retrofitting of wet and dry cooled systems.

FIXED ASSETS:

· Building

· Air conditioner

· Genset

· Office Equipments

· Furniture and Fixtures

· Electrical Equipments

· Mould

· 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.53.63
UK Pound	1	Rs.86.17
Euro	1	Rs.69.75

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		39

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.