MIRA INFORM REPORT

Report Date :

29.09.2012

IDENTIFICATION DETAILS

Name :	EMMVEE PHOTOVOLTAIC POWER PRIVATE LIMITED (w.e.f. 10.11.2010)
Formerly Known As :	EMMVEE TOUGHENED GLASS AND PHOTOVOLTAICS PRIVATE LIMITED
Registered Office :	55, Solar Tower, 6 Main, 11 Cross, Lakashmaiah Block, Ganganagar, Bangalore - 560024, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.03.2007
Com. Reg. No.:	08-042197
Capital Investment / Paid-up Capital :	Rs.107.918 Millions
CIN No.: [Company Identification No.]	U26101KA2007PTC042197
TAN No.: [Tax Deduction & Collection Account No.]	BLRE04624E
PAN No.: [Permanent Account No.]	AABCE7342P
Legal Form :	Private Limited Liability Company
Line of Business :	Producer of high quality photovoltaic-modules.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 2330000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having s track. The company has recorded a better growth in its sales turnover and profits during 2011. 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB (Long Term)
Rating Explanation	Moderate degree of safety and moderate credit risk
Rating	A3+ (Short Term)
Rating Explanation	Moderate degree of safety and higher credit risk
Date	October, 2011

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.

INFORMATION DECLINED BY

Name :	Mr. Vishwanath
Designation :	Manager In Accounts
Contact No.:	91-80-43233511
Date :	27.09.2012

LOCATIONS

Registered Office :	55, Solar Tower, 6 Main, 11 Cross, Lakashmaiah Block, Ganganagar, Bangalore - 560024, Karnataka, India
Tel. No.:	91-80-43233311/ 43233310/ 23638380/ 81
Fax No.:	91-80-28467808/ 23332060
E-Mail :	mahabaleshwar.b@emmvee.in info@emmvee.in jgspy@emmvee.in
Website :	http://www.emmveetuffglass.com http://www.emmveephotovltaic.com http://www.emmveelightings.com
Factory :	# 13/1, Ballary Road, Jala Hobli, Sonnappanahalli, Bellahalasur Post, Bangalore-562157, Karnataka, India
Tel. No.:	91-80-43233511/ 28477022/ 501
Fax No.:	91-80-28467808/ 28477502

DIRECTORS

As on: 28.09.2011

Name :

Mr. Manjunatha Donthi Venkatarathnaiah

Designation :

Managing Director

Address :

B 22, Shubha Nilaya, 5 Main 10 Cross Housing Layout, Bangalore-560032, Karnataka, India

Date of Birth/Age :

08.08.1967

Qualification :

B.Com

Date of Appointment :

26.03.2007

PAN No.:

ABQPM7504G

DIN No.:

00249495

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	U85110KA1996PTC021190	EMMVEE SOLAR SYSTEMS PRIVATE LIMITED	Managing director	01/04/1997	01/04/1997	-	Active	NO
2	U26101KA2007PTC042197	EMMVEE PHOTOVOLTAIC POWER PRIVATE LIMITED	Managing director	26/03/2007	26/03/2007	-	Active	NO
3	U31506KA2008PTC046011	EMMVEE ENERGY PRIVATE LIMITED	Director	10/04/2008	10/04/2008	-	Active	NO
4	U26100KA2010PTC053034	EMMVEE TOUGHENED GLASS PRIVATE LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO

Name :

Mrs. Shubha Donthi Manjunatha

Designation :

Director

Address :

B 22, Shubha Nilaya, 5 Main 10 Cross Housing Layout, Bangalore-560032, Karnataka, India

Date of Birth/Age :

22.03.1972

Qualification :

B.Com

Date of Appointment :

26.03.2007

PAN No.:

AMJPS7541K

DIN No.:

00249559

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	U85110KA1996PTC021190	EMMVEE SOLAR SYSTEMS PRIVATE LIMITED	Director	01/04/1997	01/04/1997	20/04/2007	Active	NO
2	U26101KA2007PTC042197	EMMVEE PHOTOVOLTAIC POWER PRIVATE LIMITED	Director	26/03/2007	26/03/2007	-	Active	NO
3	U31506KA2008PTC046011	EMMVEE ENERGY PRIVATE LIMITED	Director	10/04/2008	10/04/2008	-	Active	NO
4	U26100KA2010PTC053034	EMMVEE TOUGHENED GLASS PRIVATE LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO

Name :

Mr. Srinath Thippe Gowda

Designation :

Whole Time Director

Address :

# 1701, 17 Cross, MC Layout, Vijayanagar, Bangalore-560040, Karnataka, India

Date of Birth/Age :

13.04.1964

Date of Appointment :

27.09.2010

DIN No.:

01508121

Name :

Fabienne Cuisinier

Designation :

Director

Address :

# 03-03 The Hillside, 345, Upper Bukit Timah Road, 588197, Singapore

Date of Birth/Age :

09.02.1972

Date of Appointment :

28.09.2011

DIN No.:

03543294

KEY EXECUTIVES

Name :	Mr. Mahabaleshwar Bhat
Designation :	Secretary
Address :	# 843 18 Cross, 5 Main, HMT Layout, Vidyaranya, Bangalore-560097, Karnataka, India
Date of Birth/Age :	05.04.1975
Date of Appointment :	20.10.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2011

Names of Shareholders	No. of Shares
Donthi Venkatharathnaia Manjunatha	5200000
Manjunatha Shubha	5200000
D V Manjunath HUF Represented by D V Manjunath	391810
Total	10791810

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Producer of high quality photovoltaic-modules.

Products :

Product Description	ITC Code
Safety / Toughened Glass.	70071900
Solar Photovoltaic Modules	85414011

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Ing Vysya Bank Limited, G-2, No. 19 (old No. 86), Lower Palace Orchards, II Main Road, Sankey Road, Sadashivanagar, Bangalore-560003, Karnataka, India
• State Bank of India, Specialised Mid Corporate Branch, No. 97, Railway Parallel Road, Kumarapark West, Bangalore - 560020, Karnataka, India
• Axis Bank Limited, No.1, Second Floor, Queens Road, Bangalore - 560001, Karnataka, India
• Axis Bank Limited, M G Road, Bangalore - 560001, Karnataka, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	465.316
Foreign currency loans others secured	241.054
Working capital loans banks secured	950.582	615.984
Total	1656.952	615.984
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans others unsecured	8.000	36.847
Total	8.000	36.847

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountant
Address :	Maruthi Info – Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore-560071, Karnataka, India
Tel. No.:	91-80-39806000
Fax No.:	91-80-39806999
PAN No.:	AAIFB0630K

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10791810	Equity Shares	Rs.10/- each	Rs.107.918 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		107.918	104.000	104.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		476.840	184.762	103.539
4] (Accumulated Losses)		0.000	0.000	[12.391]
NETWORTH		584.758	288.762	195.148
LOAN FUNDS
1] Secured Loans		1656.952	615.983	535.797
2] Unsecured Loans		8.000	36.847	6.784
TOTAL BORROWING		1664.952	652.830	542.581
DEFERRED TAX LIABILITIES		104.000	91.697	26.114
TOTAL		2353.710	1033.289	763.843
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		516.062	564.363	232.263
Capital work-in-progress		263.885	0.686	187.510
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	451.297	187.288	168.034
	Sundry Debtors	1172.611	432.062	166.427
	Cash & Bank Balances	122.512	16.285	48.272
	Other Current Assets	96.452	0.000	0.000
	Loans & Advances	74.611	81.742	49.398
Total Current Assets		1917.483	717.377	432.131
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	286.635	204.970	71.530
	Other Current Liabilities	33.782	17.876	12.485
	Provisions	23.303	26.291	4.046
Total Current Liabilities		343.720	249.137	88.061
Net Current Assets		1573.763	468.240	344.070
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2353.710	1033.289	763.843

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4359.254	1607.782	1230.074
		Other Income	6.696	6.533	16.059
		TOTAL (A)	4365.950	1614.315	1246.133
Less	EXPENSES
		Cost of goods Sold		1192.403	1022.179
		Personnel Cost		36.923	30.327
		Operating and Administrative expenses		128.234	114.440
		TOTAL (B)	3906.087	1357.56	1166.946
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		459.863	256.755	79.187
Less	FINANCIAL EXPENSES (D)			58.137	32.127
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		139.066 (Including Financial Expenses and Depreciation)	198.618	47.060
Less/ Add	DEPRECIATION/ AMORTISATION (F)			37.689	19.205
	PROFIT BEFORE TAX (E-F) (G)		320.797	160.929	27.855
Less	TAX (I)		12.931	67.314	4.230
	PROFIT AFTER TAX (G-I) (J)		307.866	93.615	23.625
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		81.224	(12.391)	(36.016)
Less	APPROPRIATIONS
		Transfer to General Reserve	40.000	0.000	0.000
		Dividend	26.980	0.000	0.000
		Tax on Dividend	4.481	0.000	0.000
	BALANCE CARRIED TO THE B/S		317.629	81.224	(12.391)
	Basic/ Diluted Earnings Per Share (Rs.)		28.53	9.00	4.68

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.05	5.80	1.90
Net Profit Margin (PBT/Sales)	(%)	7.36	10.01	2.26
Return on Total Assets (PBT/Total Assets}	(%)	13.18	12.56	4.19
Return on Investment (ROI) (PBT/Networth)		0.55	0.56	0.14
Debt Equity Ratio (Total Liability/Networth)		3.44	3.12	3.23
Current Ratio (Current Asset/Current Liability)		5.58	2.88	4.91

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	Yes
10]	Designation of contact person	Yes
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	Yes

TURNOVER AND PROFITS:

For the year 2010-11 the Company has achieved the turnover of Rs. 4359.255 Millions. Total profit of Rs.307.866 Millions.

BACKGROUND:

Subject was incorporated on 21 March 2007, as a Private Limited Company under the Companies Act, 1956 (the Act). The name has been changed to Emmvee Photovoltaic Power Private Limited w.e.f. 10 November 2010. The Company is majorly owned by Mrs. Shubha Manjunatha Dhonti and Mr. Manjunatha Dhonti Venkatarathnaiah. The Company manufactures and sells toughened glass and photovoltaic modules.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular	31.03.2011	31.03.2010
Bank guarantees	174.397	76.929
Letters of credit	39.959	62.434

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U26101KA2007PTC042197
Name of the company	Emmvee Photovoltaic Power Private Limited
Address of the registered office or of the principal place of business in India of the company	55, Solar Tower, 6 Main, 11 Cross, Lakashmaiah Block, Ganganagar, Bangalore - 560024, Karnataka, India E-mail: mahabaleshwar.b@emmvee.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10239424
Type of charge	· Immovable property · Movable property (not being pledge) · Others (Plant and Machineries, etc)
Particular of charge holder	State Bank of India, Specialised Mid Corporate Branch, No. 97, Railway Parallel Road, Kumarapark West, Bangalore - 560020, Karnataka, India E-mail: h.jsurya@gmail.com
Nature of instrument creating charge	Inter Se Pari Passu Agreement In Multiple Banking
Date of instrument Creating the charge	05.01.2012
Amount secured by the charge	Rs.2162.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Terms of Repayment Repayable on demand Margin As applicable Extent and Operation of the charge Charge extends on all the assets throughout the period of sanctioned limits on first pari passu basis between State Bank of India and Axis Bank Limited State Bank of India : Rs. 1182.400 Millions and AXIS Bank : Rs. 980.00 Millions Others Industrial Land situated at Sy. No. 13/1, Sonnnapanahalli Village, Jala Hobli, bettahalasur, Bangalore North Taluka measuring 43,560 Sft land and building area belonging to the Smt. Shubha Manjunatha, Director.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary Security : Pari passu first charge on all the current assets (present and future) belonging to the company Hypothecation of plant and machinery belonging to the company. Pari passu first charge on the following collateral security with State Bank of India : EM on Industrial Land situated at Sy No. 13/1, Katha No. 121 at Sonnappanahalli Village, Jalahobli, Bettahalsur, Bangalore North measuring 43560 Sft land and building area (Ground, First and Second Floor) measuring 42775.78 Sft) belonging to Mrs. Subha Manjunatha First charge on Land and Building situated at Sy No. 13/1 at Sonnappanahalli, Jala Hobli, Bangalore North land measuring 26135.92 Sft with building in the name of company First charge on Land and Building at Site No. 10-A, Sy. No. 37/2 at No. 55, 11th Cross, 4th Main, Laxmaiah Block, Ganganagar, Bangalore, in the name of the company consisting of Ground + Upper Two Floors measuring 5560 Sft The total limits sanctioned under the multiple banking system is as under : State Bank of India: Rs. 1182.400 Millions and Axis Bank Limited Rs. 980.000 Millions.
Date of instrument modifying the charge	18.06.2011
Particulars of the present modification	Total limits enhanced to Rs. 2162.400 Millions. Full particulars of primary and collateral securities between State Bank of India and Axis Bank towards WC and TL is as per Annexure enclosed. All other terms, conditions and existing securities to continue.

Fixed Assets:

· Freehold Land

· Building

· Plant and Machinery

· Computers

· Furniture and Fixtures

· Electrical Fittings

· Office Equipments

· Vehicles

· 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 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.52.70
UK Pound	1	Rs.85.71
8Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--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		46

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.