MIRA INFORM REPORT

Report Date :

30.08.2013

IDENTIFICATION DETAILS

Name :	IL AND FS EDUCATION AND TECHNOLOGY SERVICES LIMITED
Registered Office :	3^rd Floor, Quadrant ‘D’, The IL and FS Financial Centre, Plot C-22, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.12.1997
Com. Reg. No.:	11-112535
Capital Investment / Paid-up Capital :	Rs.375.341 Millions
CIN No.: [Company Identification No.]	U80220MH1997PLC112535
TAN No.: [Tax Deduction & Collection Account No.]	MUM105436E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Provide Integrated Learning Program for School and Large Scale Training and Development Program for School, Government and Corporate, undertake various E – Governance Mandates under Agriculture, Health, IT, Infrastructure, Rural Development and Social Welfare Sector.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 7210000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are regular. The company can be considered for business dealing at usual trade terms and condition.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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

Management Non – Cooperative (91-22-67809292)

LOCATIONS

Registered/ Head Office :	3^rd Floor, Quadrant ‘D’, The IL and FS Financial Centre, Plot C-22, G-Block, Bandra - Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India
Tel. No.:	91-22-67809292/66947575
Fax No.:	91-22-66947700/66947700
E-Mail :	daisy.khanna@ilfsindia.com arvind.trivedi@ilfsets.com info@ilfsets.com varsha.sawant@ilfsets.com
Website :	www.ilfsets.com
Location :	Owned
Delhi Head Office :	3rd Floor, NTBCL Building, Toll Plaza, DND Flyway, Noida, India
Tel. No.:	91-120-2512823 / 2512267
Regional Offices:	Located at: Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Orissa Punjab Rajasthan Tamilnadu Uttar Pradesh Noida West Bengal Andhra Pradesh Bihar Assam Gujarat Jammu and Kashmir Srinagar

DIRECTORS

As on 28.09.2012

Name :	Mr. Hari Sankaran
Designation :	Director
Address :	29 B, Carter Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	19.02.1961
Date of Appointment :	21.01.2010
DIN No.:	00002386
Name :	Mr. Ravi Parthasarathy
Designation :	Director
Address :	Vinayak Angan, 12^th Floor, Near Bengal Chemicals, Opposite V.I.P Lounge, Old Prabhadevi Road, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	04.10.1952
Date of Appointment :	12.01.1998
DIN No.:	00002392
Name :	Mr. Ramireddy Chandra Mowleeswar Reddy
Designation :	Managing Director
Address :	186, 1^st Floor, Munrika Enclave, Opposite Vasant Vihar Police Station, Delhi – 110067, India
Date of Birth/Age :	20.10.1963
Date of Appointment :	21.01.2010
DIN No.:	00060073
Name :	Mr. Sudhir Gunvantray Mankad
Designation :	Director
Address :	Plot No. 192, Sector 8-C, Gandhinagar – 382007, Gujarat, India
Date of Birth/Age :	05.08.1947
Date of Appointment :	20.12.2007
DIN No.:	00086077
Name :	Mr. Alok Bhupendranath Bhargava
Designation :	Director
Address :	B-1201, Gulmohar Aprtments, Ceaser Road, Amboli, Andheri (West), Mumbai – 400048, Maharashtra, India
Date of Birth/Age :	23.11.1961
Date of Appointment :	02.08.2001
DIN No.:	00162746
Name :	Mr. Arvind Inder Malhotra
Designation :	Director
Address :	Plot No. 655, Shreenathji, Flat No. 703, 7^th Floor, 16^th Cross Road, Khar, Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	25.01.1947
Date of Appointment :	19.01.1998
DIN No.:	01312057
Name :	Mr. Abhishek Sharman
Designation :	Nominee Director
Address :	Flat C 204, Wasoodew Co- operative Housing Society Limited, Surya Apartments, 79 Hill Road, Opposite Holy Family Hospital, Bandra West, Mumbai, India
Date of Birth/Age :	03.08.1980
Date of Appointment :	21.01.2010
DIN No.:	01329800
Name :	Mr. Kumar Krishnan Iyer
Designation :	Nominee Director
Address :	Flat No. 2002, 20^th Floor, Odyssey II, Hiranandani Gardens, Powai, Mumbai – 400076, India
Date of Birth/Age :	28.05.1962
Date of Appointment :	21.01.2010
DIN No.:	01865617

KEY EXECUTIVES

Name :	Varsha Shivaji Sawant
Designation :	Company Secretary
Address :	F/7-C, Viceroy Court, Thakar Village, Kandivali (East), Mumbai – 400101, India
Date of Birth/Age :	02.05.1966
Date of Appointment :	03.10.2002
PAN No.:	ARKPS2471E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	26.12
Other top fifty shareholders	73.88
Total	100.00

BUSINESS DETAILS

Line of Business :

Provide Integrated Learning Program for School and Large Scale Training and Development Program for School, Government and Corporate, undertake various E – Governance Mandates under Agriculture, Health, IT, Infrastructure, Rural Development and Social Welfare Sector.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Not Divulged

Facilities :

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT-TERM BORROWINGS
Loans repayable on demand from banks	590.660	374.710
Total	590.660	374.710

Banking Relations :
Financial Institution:	Infrastructure Leasing and Financial Services Limited, IL and FS Financial Centre Plot No. C 22, G Block Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7th Floor, Building 10, Tower B, DLF Cyber, City Complex, DLF City, Phase II , Gurgaon-122002, Haryana, India
PAN No.:	AABFD2095B
Associates :	Bihar e-Governance Services and Technologies Limited CIN No.: U72200BR2006PLC012666 IL and FS Technologies Limited CIN No.: U74999MH1993PLC070724 Wilbur Smith Associates Private Limited CIN No.: U74210KA2001PTC030670 ORIX Auto Infrastructure Services Limited CIN No.: U63032MH1995PLC086014 Pdcor Limited, India CIN No.: U74140RJ1997PLC014517 Odisha e-Governance Services Limited CIN No.: U72200OR2008PLC009813 Jharkhand e-Governance Solutions and Services Limited CIN No.: U72200JH2008PLC013151
Related Party :	Apptex Manpower Development Services Limited CIN No.: U80903DL2006PLC155825 Chenani Nashri Tunnelway Limited CIN No.: U45400MH2010PLC203614 IL and FS Cluster Development Initiative Limited CIN No.: U70109DL2006PLC153767 IL and FS Energy Development Company Limited CIN No.: U40300DL2007PLC163679 IL and FS Environmental Infrastructure and Services Limited CIN No.: U90001DL2007PLC166554 IL and FS Financial Services Limited CIN No.: U65990MH1995PLC093241 IL and FS Investment Managers Limited CIN No.: L65999MH1986PLC147981 IL and FS Maritime Infrastructure Company Limited CIN No.: U45201MH2006PLC165803 A2Z Infra Management and Services Limited CIN No.: U74999HR1991PLC043720 IL and FS Securities Services Limited CIN No.: U74992MH2006PLC163337 IL and FS Skills Development Corporation Limited CIN No.: U80904DL2011PLC213135 IL and FS Tamil Nadu Power Company Limited CIN No.: U72200TN2006PLC060330 IL and FS Township and Urban Assets Limited CIN No.: U70109MH1969PLC014184 IL and Fs Transportation Networks Limited CIN No.: L45203MH2000PLC129790 IL and FS Trust Company Limited CIN No.: U66020MH1995PLC095507 IL and FS Urban Infrastructure Managers Limited CIN No.: U67190MH2006PLC162433 IL and FS Wind Power Limited CIN No.: U40102MH2007PLC176369 Integrated Waste Management And Urban Services Company CIN No.: U74900TN2007PLC065176 Moradabad Bareilly Expressway Limited CIN No.: U45208MH2010PLC198737

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37534146	Equity Shares	Rs.10/- each	Rs. 375.341 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	375.341	357.468
(b) Reserves & Surplus	1428.887	1349.812
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1804.228	1707.280
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	7.905	9.545
Total Non-current Liabilities (3)	7.905	9.545
(4) Current Liabilities
(a) Short term borrowings	790.660	374.710
(b) Trade payables	1112.784	468.304
(c) Other current liabilities	125.425	77.508
(d) Short-term provisions	179.768	117.951
Total Current Liabilities (4)	2208.637	1038.473
TOTAL	4020.770	2755.298
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	219.916	167.464
(ii) Intangible Assets	99.318	100.436
(iii) Capital work-in-progress	1.794	0.000
(iv) Intangible assets under development	6.983	12.134
(b) Non-current Investments	658.135	600.499
(c) Deferred tax assets (net)	42.900	14.400
(d) Long-term Loan and Advances	99.236	130.429
(e) Other Non-current assets	1100.845	233.267
Total Non-Current Assets	2229.127	1258.629
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	43.735	54.371
(c) Trade receivables	993.632	1058.323
(d) Cash and cash equivalents	89.828	31.541
(e) Short-term loans and advances	217.371	250.077
(f) Other current assets	447.077	102.357
Total Current Assets	1791.643	1496.669
TOTAL	4020.770	2755.298

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		323.182
2] Share Application Money		0.000
3] Reserves & Surplus		712.834
4] (Accumulated Losses)		0.000
NETWORTH		1036.016
LOAN FUNDS
1] Secured Loans		600.000
2] Unsecured Loans		0.000
TOTAL BORROWING		600.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		1636.016
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		154.460
Capital work-in-progress		10.350
INVESTMENT		600.000
DEFERREX TAX ASSETS		44.200
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.911
	Sundry Debtors	812.556
	Cash & Bank Balances	80.404
	Other Current Assets	0.038
	Loans & Advances	215.473
Total Current Assets		1149.382
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	223.029
	Other Current Liabilities	58.457
	Provisions	40.890
Total Current Liabilities		322.376
Net Current Assets		827.006
MISCELLANEOUS EXPENSES		0.000
TOTAL		1636.016

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3442.774	1741.231	1163.807
		Other Income	2.177	58.452	37.693
		TOTAL (A)	3444.951	1799.683	1201.500
Less	EXPENSES
		Cost of materials consumed	1485.681	534.019
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	2.579	(1.668)
		Employee benefit expense	264.312	250.193
		Other expenses	1134.165	683.425
		TOTAL (B)	2886.737	1465.969	856.271
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		558.214	333.714	345.229
Less	FINANCIAL EXPENSES (D)		91.160	12.998	2.718
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		467.054	320.716	342.511
Less/ Add	DEPRECIATION/ AMORTISATION (F)		97.910	62.743	36.113
	PROFIT BEFORE TAX (E-F) (G)		369.144	257.973	306.398
Less	TAX (H)		116.122	70.100	103.900
	PROFIT AFTER TAX (G-H) (I)		253.022	187.873	202.498
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	260.456	57.994
Less	APPROPRIATIONS
		Tax on Dividend	NA	NA	0.036
	BALANCE CARRIED TO THE B/S		NA	NA	260.456
	Earnings Per Share (Rs.)		6.98	5.52	6.27

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.34	10.44	16.85
Net Profit Margin (PBT/Sales)	(%)	10.72	14.82	26.32
Return on Total Assets (PBT/Total Assets}	(%)	11.15	12.12	23.31
Return on Investment (ROI) (PBT/Networth)		0.20	15	0.29
Debt Equity Ratio (Total Debt/Networth)		0.44	0.22	0.58
Current Ratio (Current Asset/Current Liability)		0.81	1.44	3.56

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
SHORT-TERM BORROWINGS
Intercorporate borrowings	200.000	0.000
Total	200.000	0.000

YEAR IN RETROSPECT

The gross income for the financial year was Rs.3444.950 Millions as against Rs.1799.680 Millions for the previous financial year registering an increase of 91 %. The Profit before tax excluding extraordinary and exceptional items was Rs.369.140 Millions. and the Profit after tax excluding extraordinary and exceptional items was Rs.253.020 Millions for the financial year as against Rs.257.970 Millions and Rs. 187.870 Millions. respectively for the previous financial year, registering an increase of 430 % and 35 % respectively

FUTURE OUTLOOK

The organization, over the last one year, has witnessed significant level of increase in the number, complexity and scale of initiatives. Lead verticals have emerged which will propel the growth of the organization

Ongoing thrust of the Government on skills and education and enhanced allocations under Twelfth Five Year Plan would positively impact the offerings of the Company. Skill Development is becoming a critical component of inclusive growth agenda and increased focus on delivery through Private Sector offers immense opportunities for the Company in expanding its market share

FIXED ASSETS

Tangible assets

• Buildings
• Office building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments

Intangible assets

• 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 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.67.71
UK Pound	1	Rs.105.14
Euro	1	Rs.90.03

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.